Business
Paylocity Announces Third Quarter Fiscal Year 2024 Financial Results
Q3 2024 Recurring & Other Revenue of $366.8 million, up 17% year-over-yearQ3 2024 Total Revenue of $401.3 million, up 18% year-over-yearBoard of Directors
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q3 2024 Recurring & Other Revenue of $366.8 million, up 17% year-over-yearQ3 2024 Total Revenue of $401.3 million, up 18% year-over-yearBoard of Directors approves a $500 million share repurchase program SCHAUMBURG, Ill., May 02, 2024 (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 2024, which ended March 31, 2024. “Our solid results continued into the third quarter of fiscal 2024, with total revenue growth of 18% and recurring & other revenue growth of 17% as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the market. In Q3, we announced a series of enhancements to our talent acquisition suite to help clients more effectively recruit, train, and retain the newest entrants to the workforce, including AI-driven features that will help new hires automatically integrate and collaborate with their teams. This ongoing commitment to product innovation was recently recognized in the market, with Paylocity placing as an overall leader in 10 product categories in the G2 Spring 2024 Grid Reports. Additionally, because of our strong profitability and cash flows, our Board of Directors has approved a $500 million share repurchase program,” said Toby Williams, President and Co-Chief Executive Officer of Paylocity. Third Quarter Fiscal 2024 Financial Highlights Revenue: Total revenue was $401.3 million, an increase of 18% from the third quarter of fiscal year 2023.Recurring & other revenue was $366.8 million, an increase of 17% from the third quarter of fiscal year 2023. Operating Income: GAAP operating income was $106.3 million and non-GAAP operating income was $145.9 million in the third quarter of fiscal year 2024 compared to GAAP operating income of $80.4 million and non-GAAP operating income of $116.7 million in the third quarter of fiscal year 2023. Net Income: GAAP net income was $85.3 million or $1.50 per share in the third quarter of fiscal year 2024 based on 57.0 million diluted weighted average common shares outstanding compared to $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...