Business
Paylocity Announces Third Quarter Fiscal Year 2021 Financial Results
Q3 2021 Recurring & Other Revenue of $184.9 million, up 11% year-over-yearQ3 2021 Total Revenue of $186.1 million, up 8% year-over-year SCHAUMBURG, Ill., May
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q3 2021 Recurring & Other Revenue of $184.9 million, up 11% year-over-yearQ3 2021 Total Revenue of $186.1 million, up 8% year-over-year SCHAUMBURG, Ill., May 06, 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 third quarter of fiscal year 2021, which ended March 31, 2021. “Despite the continued challenges of the COVID-19 pandemic, we had a strong third quarter, with 11% growth in recurring & other revenue. Our sales team had a strong selling season as they continue to execute well in a digital selling environment, while we also remain optimistic about the potential to return to a more normalized sales environment as state restrictions ease gradually across the U.S. From a product perspective, our sustained investment in R&D continues to help us differentiate in the marketplace, as we recently announced the release of our Modern Workforce Index or MWI, a proprietary algorithm that analyzes, scores, and tracks a company’s progress in delivering more efficient HR processes to employees. We leverage the data we have from more than 25,000 clients on our platform to deliver best practices that can improve a client’s MWI score and increase employee engagement,” said Steve Beauchamp, Chief Executive Officer of Paylocity. Third Quarter Fiscal 2021 Financial Highlights Revenue: Total revenue was $186.1 million, an increase of 8% from the third quarter of fiscal year 2020.Recurring & other revenue was $184.9 million, representing 99% of total revenue and an increase of 11% from the third quarter of fiscal year 2020. Operating Income: GAAP operating income was $39.1 million and Non-GAAP operating income was $57.0 million in the third quarter of fiscal year 2021. Net Income: GAAP net income was $36.8 million or $0.65 per share for the three months ended March 31, 2021 based on 56.4 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $66.9 million in the third quarter of fiscal year 2021. Balance Sheet and Cash Flow: Cash, cash equivalents and invested corporate cash totaled $182.3 million as of the end of the quarter.Cash flow from operations for the third quarter of fiscal year 2021 was $66.1 million compared to $50.7 million for the third quar...