$PCTY
Paylocity Holding Corp

2024 Q2 Form 10-Q Financial Statement

#000159169824000100 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $357.3M $401.3M
YoY Change 15.83% 18.07%
Cost Of Revenue $116.9M $116.0M
YoY Change 20.86% 21.18%
Gross Profit $240.4M $285.3M
YoY Change 13.54% 16.86%
Gross Profit Margin 67.29% 71.1%
Selling, General & Admin $133.3M $135.6M
YoY Change 9.4% 11.68%
% of Gross Profit 55.45% 47.54%
Research & Development $44.20M $43.39M
YoY Change 9.01% 2.51%
% of Gross Profit 18.39% 15.21%
Depreciation & Amortization $20.65M $5.220M
YoY Change 26.01% 12.67%
% of Gross Profit 8.59% 1.83%
Operating Expenses $177.5M $179.0M
YoY Change 9.3% 9.31%
Operating Profit $62.91M $106.3M
YoY Change 27.47% 32.24%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $5.573M $4.324M
YoY Change 112.95% 279.63%
Pretax Income $68.48M $110.6M
YoY Change 31.77% 35.69%
Income Tax $19.66M $25.30M
% Of Pretax Income 28.71% 22.87%
Net Earnings $48.82M $85.31M
YoY Change 31.04% 48.07%
Net Earnings / Revenue 13.66% 21.26%
Basic Earnings Per Share $1.51
Diluted Earnings Per Share $0.86 $1.50
COMMON SHARES
Basic Shares Outstanding 56.43M shares 56.33M shares
Diluted Shares Outstanding 57.05M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $401.8M $492.7M
YoY Change 39.15% 110.83%
Cash & Equivalents $401.8M $492.7M
Short-Term Investments
Other Short-Term Assets $2.992B $3.628B
YoY Change 12.62% 12.27%
Inventory
Prepaid Expenses
Receivables $33.00M $33.71M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.524B $4.247B
YoY Change 15.62% 19.08%
LONG-TERM ASSETS
Property, Plant & Equipment $60.64M $60.77M
YoY Change -43.92% 1.18%
Goodwill $108.9M $108.5M
YoY Change 6.74% 6.34%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.89M $26.56M
YoY Change 12.25% 8.25%
Total Long-Term Assets $721.0M $706.5M
YoY Change 11.39% 12.59%
TOTAL ASSETS
Total Short-Term Assets $3.524B $4.247B
Total Long-Term Assets $721.0M $706.5M
Total Assets $4.245B $4.953B
YoY Change 14.88% 18.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.638M $5.181M
YoY Change 40.39% -34.98%
Accrued Expenses $158.3M $170.6M
YoY Change 33.32% 18.22%
Deferred Revenue $25.95M $27.54M
YoY Change 5.75% 17.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.117B $3.765B
YoY Change 12.35% 12.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.398M $6.008M
YoY Change -90.34% 56.87%
Total Long-Term Liabilities $6.398M $6.008M
YoY Change -90.34% 56.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.117B $3.765B
Total Long-Term Liabilities $6.398M $6.008M
Total Liabilities $3.212B $3.854B
YoY Change 12.6% 12.52%
SHAREHOLDERS EQUITY
Retained Earnings $673.5M $624.6M
YoY Change 44.3% 45.46%
Common Stock $56.00K $56.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.033B $1.099B
YoY Change
Total Liabilities & Shareholders Equity $4.245B $4.953B
YoY Change 14.88% 18.11%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $48.82M $85.31M
YoY Change 31.04% 48.07%
Depreciation, Depletion And Amortization $20.65M $5.220M
YoY Change 26.01% 12.67%
Cash From Operating Activities $79.93M $167.5M
YoY Change 4.33% 31.55%
INVESTING ACTIVITIES
Capital Expenditures $22.55M $20.58M
YoY Change -17.75% 57.17%
Acquisitions
YoY Change
Other Investing Activities -$2.929M $6.354M
YoY Change -102.76% -104.14%
Cash From Investing Activities -$25.48M -$14.22M
YoY Change -132.42% -91.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -785.9M 297.6M
YoY Change 37.22% 125.62%
NET CHANGE
Cash From Operating Activities 79.93M 167.5M
Cash From Investing Activities -25.48M -14.22M
Cash From Financing Activities -785.9M 297.6M
Net Change In Cash -731.5M 450.9M
YoY Change 75.19% 386.51%
FREE CASH FLOW
Cash From Operating Activities $79.93M $167.5M
Capital Expenditures $22.55M $20.58M
Free Cash Flow $57.38M $147.0M
YoY Change 16.63% 28.61%

Facts In Submission

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1155853000 usd
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2838850000 usd
CY2024Q1 pcty Cash Cash Equivalents And Funds Held For Clients Cash And Cash Equivalent
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us-gaap Nature Of Operations
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(1) Organization and Description of Business</span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Paylocity Holding Corporation (the “Company”) is a cloud-based provider of human capital management and payroll software solutions that deliver a comprehensive platform for the modern workforce. Services are provided in a Software-as-a-Service (“SaaS”) delivery model. The Company’s comprehensive product suite delivers a unified platform that helps businesses attract and retain talent, build culture and connection with their employees, and streamline and automate HR and payroll processes.
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CY2023Q1 us-gaap Contract With Customer Liability
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117165000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2888000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
3470000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
8984000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
11435000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
161800000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.293
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.229
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 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
0.029
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
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
57616000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
85314000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
103568000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
157947000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55788000 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56369000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55653000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56216000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
767000 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
679000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
907000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
759000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56555000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57048000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56560000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56975000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.03
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.86
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.81
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.02
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.50
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
45000 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
588000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28000 shares
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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