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Dec 31, 2023
Paylocity Q2 2024 Earnings Report
Paylocity's financial performance for Q2 2024 reflected growth in total revenue and recurring revenue, driven by positive client feedback and product innovation.
Key Takeaways
Paylocity announced its Q2 2024 financial results, showcasing a 20% increase in total revenue to $326.4 million and a 16% increase in recurring revenue to $298.4 million compared to the previous year. The company's GAAP net income was $38.1 million, or $0.67 per share, and adjusted EBITDA reached $112.6 million. Paylocity is issuing guidance for Q3 and full fiscal year 2024.
Total revenue increased by 20% year-over-year, reaching $326.4 million.
Recurring and other revenue grew by 16% year-over-year, amounting to $298.4 million.
GAAP operating income was $49.7 million, while non-GAAP operating income was $92.8 million.
Adjusted EBITDA reached $112.6 million.
Paylocity
Paylocity
Paylocity Revenue by Segment
Revenue by Segment
Recurring & Other Revenue
CapyFin.com Forward Guidance
Paylocity provided guidance for Q3 2024 and the full fiscal year 2024.
Positive Outlook
- Total revenue for Q3 2024 is expected to be in the range of $395.0 million to $399.0 million, representing approximately 17% growth over fiscal year 2023 third quarter total revenue.
- Adjusted EBITDA for Q3 2024 is expected to be in the range of $153.5 million to $156.5 million.
- Total revenue for fiscal year 2024 is expected to be in the range of $1.384 billion to $1.389 billion, representing approximately 18% growth over fiscal year 2023 total revenue.
- Adjusted EBITDA for fiscal year 2024 is expected to be in the range of $474.0 million to $478.0 million.