$PCTY
Paylocity Holding Corp

2020 Q1 Form 10-Q Financial Statement

#000155837020005936 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $171.6M $139.6M $107.2M
YoY Change 23.0% 23.06% 24.66%
Cost Of Revenue $48.08M $39.75M $38.07M
YoY Change 20.97% 2.7% 3.45%
Gross Profit $123.6M $99.81M $69.13M
YoY Change 23.8% 33.43% 40.52%
Gross Profit Margin 71.99% 71.52% 64.49%
Selling, General & Admin $60.21M $50.91M $49.31M
YoY Change 18.28% 12.63% 23.89%
% of Gross Profit 48.73% 51.01% 71.32%
Research & Development $15.61M $12.69M $12.80M
YoY Change 23.05% 39.43% 37.61%
% of Gross Profit 12.63% 12.71% 18.51%
Depreciation & Amortization $4.082M $3.626M $3.588M
YoY Change 12.58% -49.64% -46.45%
% of Gross Profit 3.3% 3.63% 5.19%
Operating Expenses $75.82M $63.60M $62.11M
YoY Change 19.23% 17.33% 26.49%
Operating Profit $47.74M $36.21M $7.027M
YoY Change 31.84% 75.79% 6927.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $435.0K $540.0K $346.0K
YoY Change -19.44% 170.0% 246.0%
Pretax Income $48.18M $36.75M $7.373M
YoY Change 31.08% 77.55% 2357.67%
Income Tax $8.044M $8.726M $1.669M
% Of Pretax Income 16.7% 23.74% 22.64%
Net Earnings $40.13M $28.03M $5.704M
YoY Change 43.2% -28.51% 1326.0%
Net Earnings / Revenue 23.38% 20.08% 5.32%
Basic Earnings Per Share $0.75 $0.53 $0.11
Diluted Earnings Per Share $0.72 $0.51 $0.10
COMMON SHARES
Basic Shares Outstanding 53.63M 52.93M 52.84M
Diluted Shares Outstanding 55.95M 55.47M 55.08M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.6M $139.0M $104.0M
YoY Change 29.95% 7.34% -6.31%
Cash & Equivalents $114.3M $90.86M $84.11M
Short-Term Investments $66.31M $48.20M $19.90M
Other Short-Term Assets $1.743B $1.744B $1.271B
YoY Change -0.1% 27.84% -6.04%
Inventory
Prepaid Expenses
Receivables $5.761M $24.90M $21.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.958B $1.908B $1.397B
YoY Change 2.61% 27.43% -4.74%
LONG-TERM ASSETS
Property, Plant & Equipment $68.70M $64.90M $62.70M
YoY Change 5.85% 28.77% 29.55%
Goodwill $9.590M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.50M $2.800M $11.20M
YoY Change 453.57% -85.93% 918.18%
Total Long-Term Assets $298.9M $186.9M $183.1M
YoY Change 59.94% 64.67% 122.21%
TOTAL ASSETS
Total Short-Term Assets $1.958B $1.908B $1.397B
Total Long-Term Assets $298.9M $186.9M $183.1M
Total Assets $2.257B $2.095B $1.580B
YoY Change 7.73% 30.05% 2.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.626M $5.300M $3.500M
YoY Change -31.58% 120.83% 94.44%
Accrued Expenses $64.00M $43.20M $43.20M
YoY Change 48.15% 21.69% 48.45%
Deferred Revenue $8.308M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.797B $1.776B $1.306B
YoY Change 1.17% 28.19% -5.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.668M $31.80M $23.90M
YoY Change -94.75% 51.43% 68.31%
Total Long-Term Liabilities $1.668M $31.80M $23.90M
YoY Change -94.75% 51.43% 68.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.797B $1.776B $1.306B
Total Long-Term Liabilities $1.668M $31.80M $23.90M
Total Liabilities $1.883B $1.809B $1.329B
YoY Change 4.08% 28.62% -4.44%
SHAREHOLDERS EQUITY
Retained Earnings $159.3M
YoY Change
Common Stock $54.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $374.4M $286.2M $250.9M
YoY Change
Total Liabilities & Shareholders Equity $2.257B $2.095B $1.580B
YoY Change 7.73% 30.05% 2.01%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $40.13M $28.03M $5.704M
YoY Change 43.2% -28.51% 1326.0%
Depreciation, Depletion And Amortization $4.082M $3.626M $3.588M
YoY Change 12.58% -49.64% -46.45%
Cash From Operating Activities $50.70M $44.90M $27.00M
YoY Change 12.92% 27.92% 3.85%
INVESTING ACTIVITIES
Capital Expenditures -$9.300M -$7.300M -$9.600M
YoY Change 27.4% 28.07% 10.34%
Acquisitions
YoY Change
Other Investing Activities -$20.40M -$21.50M -$9.000M
YoY Change -5.12% -106.71% -97.8%
Cash From Investing Activities -$29.60M -$28.80M -$18.60M
YoY Change 2.78% -109.15% -95.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -123.3M 460.7M 92.10M
YoY Change -126.76% -38491.67% -77.23%
NET CHANGE
Cash From Operating Activities 50.70M 44.90M 27.00M
Cash From Investing Activities -29.60M -28.80M -18.60M
Cash From Financing Activities -123.3M 460.7M 92.10M
Net Change In Cash -102.2M 476.8M 100.5M
YoY Change -121.43% 36.7% 638.97%
FREE CASH FLOW
Cash From Operating Activities $50.70M $44.90M $27.00M
Capital Expenditures -$9.300M -$7.300M -$9.600M
Free Cash Flow $60.00M $52.20M $36.60M
YoY Change 14.94% 27.94% 5.48%

Facts In Submission

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0.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
59291000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
43743000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52934000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53629000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52880000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53486000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55465000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55953000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55280000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55760000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
250937000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9972000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1483000
CY2019Q1 pcty Net Settlement For Taxes And Exercise Price Related To Equity Awards
NetSettlementForTaxesAndExercisePriceRelatedToEquityAwards
4354000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
161000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
28026000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
286225000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
331564000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10051000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1318000
CY2020Q1 pcty Net Settlement For Taxes And Exercise Price Related To Equity Awards
NetSettlementForTaxesAndExercisePriceRelatedToEquityAwards
8508000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-182000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
40132000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
374375000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
212824000
CY2019Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
52672000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
30817000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4140000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2824000
pcty Net Settlement For Taxes And Exercise Price Related To Equity Awards
NetSettlementForTaxesAndExercisePriceRelatedToEquityAwards
25804000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
34991000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
161000
us-gaap Net Income Loss
NetIncomeLoss
43582000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
286225000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
307964000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
36191000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1707000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
3961000
pcty Net Settlement For Taxes And Exercise Price Related To Equity Awards
NetSettlementForTaxesAndExercisePriceRelatedToEquityAwards
34739000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-214000
us-gaap Net Income Loss
NetIncomeLoss
59505000
pcty Increase Decrease In Capitalized Contract Cost
IncreaseDecreaseInCapitalizedContractCost
37829000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1485000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-68000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
596000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
863000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
374375000
us-gaap Profit Loss
ProfitLoss
43582000
us-gaap Profit Loss
ProfitLoss
59505000
us-gaap Share Based Compensation
ShareBasedCompensation
28837000
us-gaap Share Based Compensation
ShareBasedCompensation
34348000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
25213000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
27832000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4584000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1544000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
220000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
232000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1607000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
1673000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
113000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-399000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-331000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1904000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1635000
pcty Increase Decrease In Capitalized Contract Cost
IncreaseDecreaseInCapitalizedContractCost
25359000
pcty Increase Decrease In Accrued Liabilities And Other Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities
5299000
pcty Increase Decrease In Accrued Liabilities And Other Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherLiabilities
3096000
pcty Increase Decrease In Lease Allowance For Tenant Improvements
IncreaseDecreaseInLeaseAllowanceForTenantImprovements
-784000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
79159000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
86795000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
210374000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
400343000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
161306000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
250791000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
14706000
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
19213000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9621000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14578000
pcty Payments For Improvements To Leased Property
PaymentsForImprovementsToLeasedProperty
784000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-74179000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-183343000
pcty Increase Decrease In Client Funds Obligation
IncreaseDecreaseInClientFundsObligation
-496695000
pcty Increase Decrease In Client Funds Obligation
IncreaseDecreaseInClientFundsObligation
-334707000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
34991000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
85000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
2824000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
3961000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
21749000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
33136000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
675000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
442864000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
304857000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
447844000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
208309000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1239731000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1426143000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1687575000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1634452000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3529000
us-gaap Interest Paid Net
InterestPaidNet
115000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
375000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
24000
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
90856000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
114325000
CY2019Q1 pcty Funds Held For Clients Cash And Cash Equivalents
FundsHeldForClientsCashAndCashEquivalents
1596719000
CY2020Q1 pcty Funds Held For Clients Cash And Cash Equivalents
FundsHeldForClientsCashAndCashEquivalents
1520127000
CY2019Q1 pcty Cash Cash Equivalents Funds Held For Clients Cash And Cash Equivalents
CashCashEquivalentsFundsHeldForClientsCashAndCashEquivalents
1687575000
CY2020Q1 pcty Cash Cash Equivalents Funds Held For Clients Cash And Cash Equivalents
CashCashEquivalentsFundsHeldForClientsCashAndCashEquivalents
1634452000
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">(1)  Organization and Description of Business</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="white-space:pre-wrap;">Paylocity Holding Corporation (the “Company”) is a cloud-based provider of payroll and human capital management software solutions for medium-sized organizations. Services are provided in a Software-as-a-Service (“SaaS”) delivery model utilizing the Company’s cloud-based platform. The Company’s comprehensive product suite delivers a unified platform that allows clients to make strategic decisions in the areas of payroll, core HR, workforce management, talent and benefits. </span></p>
pcty Period Of Term Arrangement
PeriodOfTermArrangement
P2Y
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
133355000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
167095000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
333096000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
416948000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8960000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3623000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6853000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6289000
CY2019Q1 pcty Contract With Customer Liability Increase Decrease
ContractWithCustomerLiabilityIncreaseDecrease
4730000
CY2020Q1 pcty Contract With Customer Liability Increase Decrease
ContractWithCustomerLiabilityIncreaseDecrease
6099000
pcty Contract With Customer Liability Increase Decrease
ContractWithCustomerLiabilityIncreaseDecrease
10243000
pcty Contract With Customer Liability Increase Decrease
ContractWithCustomerLiabilityIncreaseDecrease
12342000
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2354000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-3992000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-4244000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-9671000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5999000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5999000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8960000
CY2020Q1 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P7Y
CY2018Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
82263000
CY2019Q1 pcty Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
16127000
CY2019Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
-4924000
CY2019Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
93466000
CY2019Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
125533000
CY2020Q1 pcty Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
22624000
CY2020Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
-7229000
CY2020Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
140928000
CY2018Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
68107000
pcty Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
38723000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
-13364000
CY2019Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
93466000
CY2019Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
103099000
pcty Capitalized Contract Cost Additions
CapitalizedContractCostAdditions
57375000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
-19546000
CY2020Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
140928000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
47673000
CY2020Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2020Q1 us-gaap Depreciation
Depreciation
4082000
us-gaap Depreciation
Depreciation
10671000
us-gaap Depreciation
Depreciation
12071000
CY2019Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
63505000
CY2020Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
77489000
CY2019Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
27486000
CY2020Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
34067000
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
473000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
232000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
116000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
589000
CY2019Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
90991000
CY2020Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
111556000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
108422000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
116609000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38366000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47911000
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
70056000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68698000
CY2019Q1 us-gaap Depreciation
Depreciation
3626000
CY2019Q2 pcty Funds Held For Clients Cash And Cash Equivalents Amortized Cost
FundsHeldForClientsCashAndCashEquivalentsAmortizedCost
1293673000
CY2019Q2 pcty Funds Held For Clients Cash And Cash Equivalents Gross Unrealized Losses
FundsHeldForClientsCashAndCashEquivalentsGrossUnrealizedLosses
6000
CY2019Q2 pcty Funds Held For Clients Cash And Cash Equivalents
FundsHeldForClientsCashAndCashEquivalents
1293667000
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
130665000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9353000
CY2019Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
57625000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
18730000
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
18730000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7979000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9667000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10751000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9063000
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
562000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
563000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1688000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1688000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
563000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2251000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2232000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2118000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1356000
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
543000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9063000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
39095000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
38386000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7955000
CY2019Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5572000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8308000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
12958000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
64002000
CY2019Q2 pcty Cash And Cash Equivalents Amortized Cost
CashAndCashEquivalentsAmortizedCost
132478000
CY2019Q2 pcty Cash And Cash Equivalents Gross Unrealized Losses
CashAndCashEquivalentsGrossUnrealizedLosses
2000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
132476000
CY2020Q1 pcty Funds Held For Clients Cash And Cash Equivalents Amortized Cost
FundsHeldForClientsCashAndCashEquivalentsAmortizedCost
1520105000
CY2020Q1 pcty Funds Held For Clients Cash And Cash Equivalents Gross Unrealized Gains
FundsHeldForClientsCashAndCashEquivalentsGrossUnrealizedGains
23000
CY2020Q1 pcty Funds Held For Clients Cash And Cash Equivalents Gross Unrealized Losses
FundsHeldForClientsCashAndCashEquivalentsGrossUnrealizedLosses
1000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
168000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
130824000
CY2019Q2 pcty Investments Amortized Cost
InvestmentsAmortizedCost
1556816000
CY2019Q2 pcty Investments Accumulated Gross Unrealized Gain Before Tax
InvestmentsAccumulatedGrossUnrealizedGainBeforeTax
168000
CY2019Q2 pcty Investments Accumulated Gross Unrealized Loss Before Tax
InvestmentsAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2019Q2 us-gaap Investments
Investments
1556967000
CY2020Q1 pcty Cash And Cash Equivalents Amortized Cost
CashAndCashEquivalentsAmortizedCost
114323000
CY2020Q1 pcty Cash And Cash Equivalents Gross Unrealized Gains
CashAndCashEquivalentsGrossUnrealizedGains
3000
CY2020Q1 pcty Cash And Cash Equivalents Gross Unrealized Losses
CashAndCashEquivalentsGrossUnrealizedLosses
1000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
114325000
CY2020Q1 pcty Funds Held For Clients Cash And Cash Equivalents
FundsHeldForClientsCashAndCashEquivalents
1520127000
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29314000
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Investments
1556967000
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Investments
1916180000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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4000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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20941000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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5000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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6659000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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9000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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27600000
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1000
us-gaap Short Term Lease Cost
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15000
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848000
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Investments
1556967000
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3207000
us-gaap Lease Cost
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9318000
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CashAndCashEquivalentsAtCarryingValue
114325000
CY2020Q1 pcty Funds Held For Clients Cash And Cash Equivalents
FundsHeldForClientsCashAndCashEquivalents
1520127000
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
448000
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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72872000
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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448000
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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us-gaap Operating Lease Cost
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6995000
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244939000
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245004000
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36950000
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36724000
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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281889000
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281728000
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132476000
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1293667000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
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281728000
CY2020Q1 us-gaap Investments
Investments
1916180000
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P10Y5M8D
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7716000
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2755000
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10890000
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9609000
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9229000
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9210000
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60026000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q1 us-gaap Operating Lease Liability
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CY2020Q1 pcty Lessee Operating Lease Liability Amount Excluded
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us-gaap Operating Leases Rent Expense Net
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7059000
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10449000
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11150000
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9500000
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8840000
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense
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9313000
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9516000
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28837000
us-gaap Allocated Share Based Compensation Expense
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34348000
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659000
CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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535000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1980000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1843000
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.50
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.08
CY2019Q1 us-gaap Defined Contribution Plan Cost Recognized
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1604000
CY2020Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
2176000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4138000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
5947000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.237
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EffectiveIncomeTaxRateContinuingOperations
0.167
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.095
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.025
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
28026000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40132000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
43582000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
59505000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52934000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53629000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52880000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53486000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2531000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2324000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2400000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2274000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55465000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55953000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55280000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55760000
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2018Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
34991000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
114325000

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