Business
Paylocity Announces Third Quarter Fiscal Year 2020 Financial Results
Q3 2020 Recurring and Other Revenue of $167.1 million, up 25% year-over-yearQ3 2020 Total Revenue of $171.6 million, up 23% year-over-year SCHAUMBURG, Ill.,
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q3 2020 Recurring and Other Revenue of $167.1 million, up 25% year-over-yearQ3 2020 Total Revenue of $171.6 million, up 23% year-over-year SCHAUMBURG, Ill., May 07, 2020 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HR and payroll software solutions, today announced financial results for the third quarter of fiscal year 2020, which ended March 31, 2020.\n “We had a strong third quarter, with recurring and other revenue of $167.1 million, representing 25% growth over the third quarter of last fiscal year, as our sales team continued to perform at a high level,” said Steve Beauchamp, Chief Executive Officer of Paylocity. “In response to the COVID-19 crisis, our teams quickly mobilized to digest the new legislation, including the CARES Act and the FFCRA legislation, add functionality to our systems to address these changes in an automated fashion, and worked proactively with clients through these challenging times. In Q3 we also continued to realize the benefits of our commitment to product development, as Paylocity earned multiple spots on G2's Best Software Companies of 2020 Report, including a top 10 ranking in the Best Products for HR, Top 50 Products for Mid-Market and Highest Satisfaction Product categories.” Third Quarter Fiscal 2020 Financial Highlights Revenue: Total recurring and other revenue was $167.1 million, representing 97% of total revenue and an increase of 25% from the third quarter of fiscal year 2019.Total revenue was $171.6 million, an increase of 23% from the third quarter of fiscal year 2019. Operating Income: GAAP operating income was $47.7 million in the third quarter of fiscal year 2020 versus $36.2 million in the third quarter of fiscal year 2019.Non-GAAP operating income was $58.7 million in the third quarter of fiscal year 2020 versus $46.4 million in the third quarter of fiscal year 2019. Net Income: GAAP net income was $40.1 million or $0.72 per share for the three months ended March 31, 2020 based on 56.0 million diluted weighted average common shares outstanding versus $28.0 million or $0.51 per share for the three months ended March 31, 2019 based on 55.5 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $68.2 million in the third quarter of fiscal year 2020 versus $54.8 millio...