Business
Paylocity Announces Third Quarter Fiscal Year 2023 Financial Results
Q3 2023 Recurring & Other Revenue of $314.2 million, up 28% year-over-yearQ3 2023 Total Revenue of $339.9 million, up 38% year-over-year SCHAUMBURG, Ill., May
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q3 2023 Recurring & Other Revenue of $314.2 million, up 28% year-over-yearQ3 2023 Total Revenue of $339.9 million, up 38% year-over-year SCHAUMBURG, Ill., May 04, 2023 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HCM and payroll software solutions, today announced financial results for the third quarter of fiscal year 2023, which ended March 31, 2023. \"Our overall momentum continued in the third quarter, with Q3 recurring & other revenue growth of 28% and total revenue growth of 38%, as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace. We continued to build upon our unique value proposition with the recent release of AI Assist, the HCM industry’s first integration of generative AI. Leveraging an integration with Open AI – the developer of ChatGPT – AI Assist is designed to help our clients more easily and effectively communicate and engage with their employees. Additionally, our commitment to product development continues to be recognized, with Paylocity recently placing #1 overall in G2’s Best HR Products list and ranking inside of G2’s Top 25 Global Software companies. Similarly, the strong culture at Paylocity was recognized externally as we received Forbes’s 2023 Best Employers for Diversity award for the second consecutive year,” said Steve Beauchamp, Co-Chief Executive Officer of Paylocity. Third Quarter Fiscal 2023 Financial Highlights Revenue: Total revenue was $339.9 million, an increase of 38% from the third quarter of fiscal year 2022.Recurring & other revenue was $314.2 million, an increase of 28% from the third quarter of fiscal year 2022. Operating Income: GAAP operating income was $80.4 million and Non-GAAP operating income was $116.7 million in the third quarter of fiscal year 2023. Net Income: GAAP net income was $57.6 million or $1.02 per share in the third quarter of fiscal year 2023 based on 56.6 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $130.7 million in the third quarter of fiscal year 2023. Balance Sheet and Cash Flow: Cash and cash equivalents totaled $233.7 million as of the third quarter of fiscal year 2023.Cash flow from operations for the first nine months of fiscal year 2023 was $206.1 mil...