Paylocity: Underappreciated Durable Growth

There is no question that AI companies are currently delivering impressive hyper growth, and that the high growth Paylocity offers might seem unremarkable compared to NVIDIA, for example, which at times has delivered triple digit revenue growth. What investors seem to forget is that growth durability is just as important, if not more, than just the magnitude of the revenue growth. Semiconductors tend to be a relatively cyclical industry, with companies adjusting their capex spending depending on economic co ...