Paylocity Holding(US:PCTY)2024-10-30 20:07Financial Performance - Q1 2025 total revenue reached $363.0 million, reflecting a 14% year-over-year increase[3] - Recurring and other revenue for Q1 2025 was $333.1 million, also up 14% year-over-year[3] - GAAP net income for Q1 2025 was $49.6 million, or $0.88 per share, compared to $34.5 million, or $0.61 per share in Q1 2024[4] - Adjusted EBITDA for Q1 2025 was $129.0 million, an increase from $104.9 million in Q1 2024[5] - Cash flow from operations for Q1 2025 was $91.5 million, up from $62.1 million in Q1 2024[7] - For Q2 2025, recurring and other revenue is expected to be between $337.5 million and $342.5 million, indicating approximately 14% growth[8] - Total revenue for Q2 2025 is projected to be between $364.0 million and $369.0 million, representing about 12% growth[8] - For the full fiscal year 2025, total revenue is expected to range from $1.535 billion to $1.550 billion, indicating approximately 10% growth[10] - Adjusted EBITDA for the full fiscal year 2025 is anticipated to be between $530.0 million and $540.0 million[10] Year-over-Year Comparisons - Total revenues increased from $317,586 thousand in September 2023 to $362,956 thousand in September 2024, representing a growth of 14.2%[18] - Net income rose from $34,517 thousand in September 2023 to $49,573 thousand in September 2024, an increase of 43.7%[18] - Operating income improved from $41,189 thousand in September 2023 to $64,144 thousand in September 2024, reflecting a growth of 55.7%[18] - Basic net income per share increased from $0.62 in September 2023 to $0.89 in September 2024, a growth of 43.5%[18] - Gross profit for September 2023 was $216,119, increasing to $247,996 for September 2024, representing a growth of approximately 14.7%[21] - Non-GAAP Operating income rose from $41,189 in September 2023 to $64,144 for September 2024, reflecting a growth of about 55.7%[22] - Net income increased from $34,517 in 2023 to $49,573 in 2024, marking a growth of approximately 43.6%[23] - Non-GAAP Net income per share improved from $1.40 in September 2023 to $1.66 for September 2024, an increase of about 18.6%[24] - Adjusted EBITDA grew from $104,886 in September 2023 to $129,026 for September 2024, indicating a growth of approximately 23.0%[25] Cash and Assets - Cash and cash equivalents increased from $401,811 thousand as of June 30, 2024, to $778,549 thousand as of September 30, 2024, a rise of 93.6%[17] - Total current assets before funds held for clients grew from $572,432 thousand to $955,862 thousand, an increase of 67.0%[17] - Funds held for clients decreased from $2,952,060 thousand to $2,340,411 thousand, a decline of 20.7%[17] - Total liabilities increased from $3,212,396 thousand to $2,918,869 thousand, a decrease of 9.1%[17] Operating Expenses - Total operating expenses rose from $174,930 thousand to $183,852 thousand, an increase of 5.5%[18] - Non-GAAP total research and development expenses increased from $47,706 in September 2023 to $52,038 for September 2024, a rise of about 9.8%[26] - Non-GAAP sales and marketing expenses rose from $70,532 in 2023 to $78,570 in 2024, reflecting an increase of approximately 11.4%[27] Cash Flow - Cash provided by operating activities increased from $62,142 thousand in 2023 to $91,455 thousand in 2024, a growth of 47.2%[20] - Free Cash Flow improved from $44,495 in September 2023 to $73,917 for September 2024, representing a growth of about 66.1%[29] - Free cash flow excluding interest income on funds held for clients increased from $18,594 in September 2023 to $44,066 for September 2024, a growth of approximately 137.5%[29] - The company reported a significant increase in net cash provided by operating activities, from $62,142 in September 2023 to $91,455 for September 2024, an increase of about 47.1%[29] Acquisition - The acquisition of Airbase was completed on October 1, 2024, expanding the company's addressable market[2]