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Sep 30, 2024
Paylocity Q1 2025 Earnings Report
Paylocity's Q1 2025 financial results were announced, demonstrating strong growth and increased profitability.
Key Takeaways
Paylocity reported a strong start to fiscal year 2025, with a 14% increase in both recurring & other revenue and total revenue. The company's profitability also significantly increased year-over-year. Paylocity completed the acquisition of Airbase, expanding its total addressable market.
Recurring & Other Revenue and Total Revenue grew by 14% year-over-year.
GAAP operating income increased to $64.1 million, and non-GAAP operating income reached $104.9 million.
GAAP net income was $49.6 million, or $0.88 per share.
The acquisition of Airbase was completed on October 1, 2024, expanding Paylocity's offerings into finance and spend management.
Revenue by Segment
Forward Guidance
Paylocity provided guidance for the second quarter and full fiscal year 2025.
Positive Outlook
- Recurring and other revenue is expected to be in the range of $337.5 million to $342.5 million for Q2 2025, representing approximately 14% growth.
- Total revenue is expected to be in the range of $364.0 million to $369.0 million for Q2 2025, representing approximately 12% growth.
- Adjusted EBITDA is expected to be in the range of $116.0 million to $120.0 million for Q2 2025.
- Adjusted EBITDA excluding interest income on funds held for clients is expected to be in the range of $89.5 million to $93.5 million for Q2 2025.
- Recurring and other revenue is expected to be in the range of $1.427 billion to $1.442 billion for fiscal year 2025, representing approximately 12% growth.
Challenges Ahead
- Total revenue is expected to be in the range of $1.535 billion to $1.550 billion for fiscal year 2025, representing approximately 10% growth.
- Adjusted EBITDA is expected to be in the range of $530.0 million to $540.0 million for fiscal year 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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