Business
Paylocity Announces Second Quarter Fiscal Year 2021 Financial Results
Q2 2021 Recurring & Other Revenue of $145.4 million, up 14% year-over-yearQ2 2021 Total Revenue of $146.3 million, up 11% year-over-year SCHAUMBURG, Ill.,
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q2 2021 Recurring & Other Revenue of $145.4 million, up 14% year-over-yearQ2 2021 Total Revenue of $146.3 million, up 11% year-over-year SCHAUMBURG, Ill., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HR and payroll software solutions, today announced financial results for the second quarter of fiscal year 2021, which ended December 31, 2020. “Despite the challenges of the COVID-19 pandemic, we had a strong second quarter, with 14% growth in recurring & other revenue and 11% total revenue growth. The momentum our sales team developed during the Fall selling season translated into a strong January, and we continue to be pleased with how our team is performing in a virtual selling environment. We also remain excited about our product momentum in delivering the most modern platform. Our recent acquisition of Samepage, an all-in-one team collaboration solution, is another recent proofpoint,” said Steve Beauchamp, Chief Executive Officer of Paylocity. Second Quarter Fiscal 2021 Financial Highlights Revenue: Total revenue was $146.3 million, an increase of 11% from the second quarter of fiscal year 2020.Recurring & other revenue was $145.4 million, representing 99% of total revenue and an increase of 14% from the second quarter of fiscal year 2020. Operating Income: GAAP operating income was $6.4 million and Non-GAAP operating income was $25.1 million in the second quarter of fiscal year 2021. Net Income: GAAP net income was $9.6 million or $0.17 per share for the three months ended December 31, 2020 based on 56.3 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $35.0 million in the second quarter of fiscal year 2021. Balance Sheet and Cash Flow: Cash, cash equivalents and invested corporate cash totaled $232.3 million as of the end of the quarter.$100 million outstanding at the end of the quarter under our credit facility.Cash flow from operations for the second quarter of fiscal year 2021 was $21.2 million compared to $27.8 million for the second quarter of fiscal year 2020. A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial M...