Paylocity Holding (PCTY) Q3 FY2024 earnings: revenue $401 million, up 18.1% on the year

Paylocity Holding Corp. (PCTY) reported revenue of $401 million for Q3 FY2024, the quarter ended 31 March 2024, up 18.1% on the same quarter a year earlier. Net income was $85 million, up 48.1% on the year, and diluted earnings per share $1.50. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$401 millionup 18.1%

Net income$85 millionup 48.1%

Diluted EPS$1.50

QuarterQ3 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Revenue	401	326	n/a	n/a
Cost of revenue	116	107	n/a	n/a
Gross profit	285	219	n/a	n/a
Gross margin	71.1%	67.1%	n/a
Research and development	43.4	46.1	n/a	n/a
Operating income	106	49.7	n/a	n/a
Operating margin	26.5%	15.2%	n/a
Pre-tax income	111	53.5	n/a	n/a
Income tax	25.3	15.4	n/a	n/a
Effective tax rate	22.9%	28.8%	n/a
Net income	85.3	38.1	n/a	n/a
Net margin	21.3%	11.7%	n/a
Diluted EPS	$1.50	$0.67	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Operating cash flow	168	75.1	n/a	n/a
Capital expenditure	5.6	2.7	n/a	n/a
Free cash flow	162	72.4	n/a	n/a
Free cash flow margin	40.4%	22.2%	n/a
Cash from investing	-14.2	-52.8	n/a	n/a
Cash from financing	298	752	n/a	n/a
Depreciation and amortisation	8.0	7.7	n/a	n/a
Share-based compensation	35.0	43.2	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Diluted shares, weighted	57m	57m	n/a	n/a
Shares outstanding at period end	56m	56m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	A year earlier	Change on the year
Shareholders' equity	1,099	987	n/a	n/a
Operating lease liabilities	48.9	51.0	n/a	n/a
Other liabilities	3,805	3,455	n/a	n/a
Total liabilities and equity	4,953	4,493	n/a	n/a
Fixed assets	60.8	63.1	n/a	n/a
Goodwill	109	110	n/a	n/a
Intangible assets	30.9	32.5	n/a	n/a
Securities held for sale or to maturity	507	512	n/a	n/a
Cash and equivalents	493	367	n/a	n/a
Receivables	33.7	32.5	n/a	n/a
Other assets	3,720	3,376	n/a	n/a
Total assets	4,953	4,493	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	318	326	401	357	363	377	455	401	408	416	502	445
Cost of revenue	101	107	116	117	115	125	130	129	128	134	139	144
Gross profit	216	219	285	240	248	252	325	272	280	282	363	300
Gross margin	68%	67%	71%	67%	68%	67%	71%	68%	69%	68%	72%	68%
R&D	44.6	46.1	43.4	44.2	47.3	56.2	51.4	51.0	55.6	57.7	52.5	55.5
Operating income	41.2	49.7	106	62.9	64.1	46.6	127	66.2	74.2	70.4	157	84.4
Operating margin	13%	15%	26%	18%	18%	12%	28%	17%	18%	17%	31%	19%
Pre-tax income	44.4	53.5	111	68.5	68.9	46.8	127	66.8	74.9	70.2	157	85.2
Tax rate	22%	29%	23%	29%	28%	20%	28%	27%	36%	28%	29%	29%
Net income	34.5	38.1	85.3	48.8	49.6	37.5	91.5	48.6	48.0	50.2	111	60.3
Net margin	11%	12%	21%	14%	14%	10%	20%	12%	12%	12%	22%	14%
Diluted EPS	$0.61	$0.67	$1.50	$0.86	$0.88	$0.66	$1.61	$0.86	$0.86	$0.92	$2.05	$1.12
Operating cash flow	62.1	75.1	168	79.9	91.5	54.2	186	86.6	86.5	117	218	112
Capital expenditure	3.5	2.7	5.6	6.3	2.3	3.0	2.3	5.4	3.8	3.4	8.4	20.6
Free cash flow	58.7	72.4	162	73.6	89.1	51.2	184	81.1	82.7	114	210	91.3
Buybacks	n/a	n/a	0.0	n/a	0.0	8.4	82.7	58.6	200	100	50.0	48.1
Shares outstanding	56m	56m	56m	56m	56m	56m	56m	55m	54m	54m	54m	53m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0001591698-24-000100: the filing on EDGAR. All of Paylocity Holding Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install