Feb. 4, 2020, 4:05 p.m. EST

Paylocity Announces Second Quarter Fiscal Year 2020 Financial Results

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SCHAUMBURG, Ill., Feb 04, 2020 (GLOBE NEWSWIRE via COMTEX) -- Paylocity Holding Corporation /zigman2/quotes/206986696/composite PCTY +6.77% , a leading provider of payroll and human capital management software solutions, today announced financial results for the second quarter of fiscal year 2020, which ended December 31, 2019.

"We had a nice second quarter, led by $128.0 million and 25% recurring and other revenue growth over the second quarter of last fiscal year," said Steve Beauchamp, Chief Executive Officer of Paylocity. "Our sales team had a very strong quarter throughout our target market, continuing the sales momentum from Q1, and are off to their best start in quite some time. We are also pleased with our momentum in product development, which continues to pay dividends in the marketplace as Paylocity has once again been named an Overall Leader in 10 product categories in G2's Winter 2020 Grid Report, including being named a leader in payroll for the enterprise segment for the first time."

Second Quarter Fiscal 2020 Financial Highlights

Revenue:

-- Total revenue was $132.4 million, an increase of 23% from the second quarter of fiscal year 2019.

-- Total recurring and other revenue was $128.0 million, representing 97% of total revenue and an increase of 25% from the second quarter of fiscal year 2019.

Operating Income:

-- GAAP operating income was $6.1 million in the second quarter of fiscal year 2020 versus $7.0 million in the second quarter of fiscal year 2019.

-- Non-GAAP operating income was $21.1 million in the second quarter of fiscal year 2020 versus $17.7 million in the second quarter of fiscal year 2019.

Net Income:

-- GAAP net income was $5.5 million or $0.10 per share for the three months ended December 31, 2019 based on 55.8 million diluted weighted average common shares outstanding versus $5.7 million or $0.10 per share for the three months ended December 31, 2018 based on 55.1 million diluted weighted average common shares outstanding.

Adjusted EBITDA:

-- Adjusted EBITDA, a non-GAAP measure, was $30.3 million in the second quarter of fiscal year 2020 versus $26.1 million in the second quarter of fiscal year 2019.

Balance Sheet and Cash Flow:

-- Cash, cash equivalents and invested corporate cash totaled $152.4 million as of the end of the quarter.

-- Cash flow from operations for the second quarter of fiscal year 2020 was $27.8 million compared to $27.0 million for the second quarter of fiscal year 2019.

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 Measures."

Business Outlook

Based on information available as of February 4, 2020, Paylocity is issuing guidance for the third quarter and full fiscal year 2020 as indicated below.

Third Quarter 2020:

-- Total revenue is expected to be in the range of $168.5 million to $169.5 million, which represents 21% growth over the third quarter of fiscal 2019 total revenue.

-- Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $63.8 million to $64.8 million.

Fiscal Year 2020:

-- Total revenue is expected to be in the range of $572.5 million to $573.5 million, which represents 23% growth over fiscal 2019 total revenue.

-- Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $163.5 million to $165.5 million.

We are unable to reconcile these forward-looking non-GAAP financial measures to their directly comparable GAAP financial measures because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

/zigman2/quotes/206986696/composite
US : U.S.: Nasdaq
$ 100.08
+6.35 +6.77%
Volume: 285,923
April 9, 2020 10:59a
P/E Ratio
95.95
Dividend Yield
N/A
Market Cap
$5.02 billion
Rev. per Employee
$160,666
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