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Sep 30, 2023
Paylocity Q1 2024 Earnings Report
Paylocity's Q1 2024 financial performance reflected strong revenue growth and strategic investments in innovation.
Key Takeaways
Paylocity announced strong Q1 2024 results, with total revenue increasing by 25% year-over-year to $317.6 million and recurring revenue growing by 19% year-over-year. The company's adjusted EBITDA reached $104.9 million, highlighting its continued growth and profitability.
Total revenue increased by 25% year-over-year to $317.6 million.
Recurring and other revenue grew by 19% year-over-year to $291.7 million.
GAAP operating income was $41.2 million and non-GAAP operating income was $86.9 million.
Adjusted EBITDA reached $104.9 million.
Paylocity
Paylocity
Paylocity Revenue by Segment
Revenue by Segment
Recurring & Other Revenue
CapyFin.com Forward Guidance
Paylocity provided guidance for Q2 2024 and full fiscal year 2024. Total revenue for Q2 is expected to be in the range of $322.5 million to $326.5 million, representing approximately 19% growth. Adjusted EBITDA is expected to be in the range of $100.0 million to $103.0 million. For the full fiscal year 2024, total revenue is expected to be in the range of $1.405 billion to $1.410 billion, representing approximately 20% growth, and adjusted EBITDA is expected to be in the range of $474.0 million to $478.0 million.
Positive Outlook
- Total revenue is expected to grow approximately 19% in Q2 2024.
- Full fiscal year 2024 total revenue is projected to grow approximately 20%.
- Adjusted EBITDA is expected to be strong in both Q2 and full fiscal year 2024.
- Guidance reflects continued confidence in Paylocity's market position.
- The company's differentiated value proposition continues to resonate.
Challenges Ahead
- Unable to reconcile forward-looking non-GAAP Adjusted EBITDA to its directly comparable GAAP financial measure.
- Guidance is based on information available as of November 2, 2023, and is subject to change.
- Achieving the expected revenue and adjusted EBITDA depends on various economic and market conditions.
- The company's ability to achieve these expectations involves risks and uncertainties.
- Future results could differ materially from the expectations disclosed.