$PCTY
Paylocity Holding Corp

2021 Q2 Form 10-Q Financial Statement

#000155837021006389 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $167.5M $186.1M $171.6M
YoY Change 28.23% 8.39% 23.0%
Cost Of Revenue $59.05M $57.33M $48.08M
YoY Change 28.65% 19.23% 20.97%
Gross Profit $108.4M $128.7M $123.6M
YoY Change 27.96% 4.18% 23.8%
Gross Profit Margin 64.74% 69.19% 71.99%
Selling, General & Admin $79.04M $71.13M $60.21M
YoY Change 31.29% 18.13% 18.28%
% of Gross Profit 72.91% 55.25% 48.73%
Research & Development $20.26M $18.46M $15.61M
YoY Change 16.46% 18.23% 23.05%
% of Gross Profit 18.69% 14.34% 12.63%
Depreciation & Amortization $10.87M $3.966M $4.082M
YoY Change 7.64% -2.84% 12.58%
% of Gross Profit 10.03% 3.08% 3.3%
Operating Expenses $99.30M $89.58M $75.82M
YoY Change 27.97% 18.15% 19.23%
Operating Profit $9.100M $39.14M $47.74M
YoY Change 44.08% -18.01% 31.84%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$96.00K -$207.0K $435.0K
YoY Change -52.0% -147.59% -19.44%
Pretax Income $9.004M $38.94M $48.18M
YoY Change 47.61% -19.18% 31.08%
Income Tax -$2.879M $2.102M $8.044M
% Of Pretax Income -31.97% 5.4% 16.7%
Net Earnings $11.88M $36.83M $40.13M
YoY Change 140.06% -8.22% 43.2%
Net Earnings / Revenue 7.1% 19.8% 23.38%
Basic Earnings Per Share $0.68 $0.75
Diluted Earnings Per Share $211.4K $0.65 $0.72
COMMON SHARES
Basic Shares Outstanding 54.48M 54.42M shares 53.63M
Diluted Shares Outstanding 56.41M shares 55.95M

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.7M $182.3M $180.6M
YoY Change -27.56% 0.91% 29.95%
Cash & Equivalents $202.3M $175.5M $114.3M
Short-Term Investments $4.456M $6.823M $66.31M
Other Short-Term Assets $1.776B $2.066B $1.743B
YoY Change 32.46% 18.57% -0.1%
Inventory
Prepaid Expenses
Receivables $6.267M $9.211M $5.761M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.033B $2.298B $1.958B
YoY Change 22.23% 17.38% 2.61%
LONG-TERM ASSETS
Property, Plant & Equipment $59.84M $62.19M $68.70M
YoY Change -10.34% -9.48% 5.85%
Goodwill $33.65M $33.18M $9.590M
YoY Change 55.39% 246.03%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.83M $11.00M $15.50M
YoY Change 59.85% -29.03% 453.57%
Total Long-Term Assets $382.0M $365.2M $298.9M
YoY Change 18.45% 22.18% 59.94%
TOTAL ASSETS
Total Short-Term Assets $2.033B $2.298B $1.958B
Total Long-Term Assets $382.0M $365.2M $298.9M
Total Assets $2.415B $2.664B $2.257B
YoY Change 21.62% 18.02% 7.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.230M $3.319M $3.626M
YoY Change 141.03% -8.47% -31.58%
Accrued Expenses $103.1M $83.14M $64.00M
YoY Change 29.08% 29.9% 48.15%
Deferred Revenue $9.442M $9.620M $8.308M
YoY Change 7.58% 15.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.867B $2.138B $1.797B
YoY Change 32.51% 19.01% 1.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.958M $1.910M $1.668M
YoY Change 12.08% 14.51% -94.75%
Total Long-Term Liabilities $1.958M $1.910M $1.668M
YoY Change 12.08% 14.51% -94.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.867B $2.138B $1.797B
Total Long-Term Liabilities $1.958M $1.910M $1.668M
Total Liabilities $1.938B $2.209B $1.883B
YoY Change 21.67% 17.34% 4.08%
SHAREHOLDERS EQUITY
Retained Earnings $235.1M $223.2M $159.3M
YoY Change 43.11% 40.1%
Common Stock $55.00K $54.00K $54.00K
YoY Change 1.85% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $476.9M $454.6M $374.4M
YoY Change
Total Liabilities & Shareholders Equity $2.415B $2.664B $2.257B
YoY Change 21.62% 18.02% 7.73%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $11.88M $36.83M $40.13M
YoY Change 140.06% -8.22% 43.2%
Depreciation, Depletion And Amortization $10.87M $3.966M $4.082M
YoY Change 7.64% -2.84% 12.58%
Cash From Operating Activities $39.05M $66.10M $50.70M
YoY Change 50.77% 30.37% 12.92%
INVESTING ACTIVITIES
Capital Expenditures -$8.255M -$8.900M -$9.300M
YoY Change -2.88% -4.3% 27.4%
Acquisitions
YoY Change
Other Investing Activities $18.97M $23.50M -$20.40M
YoY Change -86.74% -215.2% -5.12%
Cash From Investing Activities $10.72M $14.60M -$29.60M
YoY Change -92.03% -149.32% 2.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -298.5M -259.3M -123.3M
YoY Change -1.41% 110.3% -126.76%
NET CHANGE
Cash From Operating Activities 39.05M 66.10M 50.70M
Cash From Investing Activities 10.72M 14.60M -29.60M
Cash From Financing Activities -298.5M -259.3M -123.3M
Net Change In Cash -248.8M -178.6M -102.2M
YoY Change 74.69% 74.76% -121.43%
FREE CASH FLOW
Cash From Operating Activities $39.05M $66.10M $50.70M
Capital Expenditures -$8.255M -$8.900M -$9.300M
Free Cash Flow $47.31M $75.00M $60.00M
YoY Change 37.51% 25.0% 14.94%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';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>
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175453000
CY2021Q1 pcty Funds Held For Clients Cash And Cash Equivalents
FundsHeldForClientsCashAndCashEquivalents
2019089000
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
39648000
CY2021Q1 us-gaap Investments
Investments
2234190000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9516000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16011000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34348000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46947000
CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
535000
CY2021Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
652000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1843000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1949000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.167
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.054
CY2021Q1 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
0.025
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.225
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
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40132000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
36834000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
59505000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
58936000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53629000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54415000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53486000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54244000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2324000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1999000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2274000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2094000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55953000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56414000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55760000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56338000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.75
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.68
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.05

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