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Mar 31, 2023
Paylocity Q3 2023 Earnings Report
Reported a robust Q3 2023 with significant revenue growth and strategic advancements in AI integration.
Key Takeaways
Paylocity announced strong financial results for Q3 2023, with total revenue reaching $339.9 million, a 38% increase year-over-year, and recurring & other revenue growing by 28% to $314.2 million. The company highlighted its focus on innovative product development, including the launch of AI Assist, and its recognition as a top employer.
Total revenue increased by 38% year-over-year, reaching $339.9 million.
Recurring & other revenue grew by 28% year-over-year, totaling $314.2 million.
GAAP operating income was $80.4 million and Non-GAAP operating income was $116.7 million.
The company launched AI Assist, integrating generative AI to enhance client-employee communication.
Revenue by Segment
Forward Guidance
Paylocity provided guidance for Q4 2023 and the full fiscal year 2023, expecting continued revenue growth and strong Adjusted EBITDA performance.
Positive Outlook
- Total revenue for Q4 2023 is expected to be in the range of $299.2 million to $303.2 million, representing approximately 32% growth over fiscal year 2022 fourth quarter total revenue.
- Adjusted EBITDA for Q4 2023 is expected to be in the range of $93.5 million to $96.5 million.
- Total revenue for fiscal year 2023 is expected to be in the range of $1.165 billion to $1.169 billion, representing approximately 37% growth over fiscal year 2022 total revenue.
- Adjusted EBITDA for fiscal year 2023 is expected to be in the range of $368.1 million to $371.1 million.
- The company continues to innovate with AI Assist, enhancing its HCM platform.
Challenges Ahead
- Guidance is based on information available as of May 4, 2023, and is subject to change.
- The company is unable to reconcile forward-looking non-GAAP Adjusted EBITDA to its directly comparable GAAP financial measure because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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