Paylocity Holding(US:PCTY)2024-08-02 19:14Financial Performance & Growth - Paylocity's total revenue has grown significantly, from $853 million in FY22 to $1.403 billion in FY24, and is projected to reach $1.520 billion in FY25 [5] - The company targets long-term revenue exceeding $2 billion [26] - Adjusted EBITDA has increased from $238 million in FY22 to $506 million in FY24, with a projected $538 million in FY25 [5, 27] - Paylocity has achieved approximately 900 basis points of adjusted EBITDA margin leverage since FY21 [28] - Approximately 25% of new client revenue originates from channel referrals [18] Market & Strategy - Paylocity estimates a realized total addressable market (TAM) of approximately $19.5 billion [6] - The company's target market includes approximately 1.3 million businesses with 10-5,000 employees [7, 10] - Paylocity has penetrated approximately 3% of its addressable market [7] - The company's client base consists of 39,050 clients as of June 30, 2024 [5, 7] - Paylocity maintains a client revenue retention rate of over 92% [15, 24]