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Mar 31, 2024
Paylocity Q3 2024 Earnings Report
Reported solid results with total revenue growth and recurring revenue growth, driven by a differentiated value proposition and product innovation.
Key Takeaways
Paylocity announced its Q3 2024 financial results, demonstrating strong performance with an 18% increase in total revenue and a 17% increase in recurring and other revenue. The company's commitment to product innovation was highlighted by enhancements to its talent acquisition suite and recognition in the G2 Spring 2024 Grid Reports. The Board of Directors approved a $500 million share repurchase program due to strong profitability and cash flows.
Total revenue increased by 18% year-over-year, reaching $401.3 million.
Recurring and other revenue grew by 17% year-over-year, totaling $366.8 million.
GAAP operating income was $106.3 million, while non-GAAP operating income reached $145.9 million.
The Board of Directors approved a $500 million share repurchase program.
Revenue by Segment
Forward Guidance
Paylocity provided guidance for the fourth quarter and full fiscal year 2024.
Positive Outlook
- Total revenue is expected to be in the range of $347.8 million to $351.8 million for Q4 2024, representing approximately 13% growth over fiscal year 2023 fourth quarter total revenue.
- Adjusted EBITDA is expected to be in the range of $104.1 million to $107.1 million for Q4 2024.
- Total revenue is expected to be in the range of $1.393 billion to $1.397 billion for fiscal year 2024, representing approximately 19% growth over fiscal year 2023 total revenue.
- Adjusted EBITDA is expected to be in the range of $489.5 million to $492.5 million for fiscal year 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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