The following is a summary of the Paylocity Holding Corporation (PCTY) Q3 2024 Earnings Call Transcript:
Financial Performance:
Paylocity reported Q3 total revenue of $401.3 million, up by 18.1% year-over-year, exceeding expectations by $2.3 million.
Adjusted EBITDA stands at $167.9 million or 41.8% margin, higher than anticipated.
The company forecast Q4 Fiscal 2024 revenue to be between $347.8 million and $351.8 million, indicating an approximate 13% growth.
Predicted full fiscal 2024 total revenue ranges from $1.393 billion to $1.397 billion, representing about a 19% y-o-y growth.
A $500 million share repurchase program has been authorized.
Adjusted and GAAP gross profits for Q3 reported at 75.9% and $285.3 million, respectively.
Business Progress:
Sales and operational execution met expectations for the quarter and continued product development is speeding up growth and profitability.
The company maintains investment in research and development and go-to-market activities.
Product enhancements in talent acquisition suite were released, featuring text to scan and two-way texting.
Paylocity gained recognition as a leader across ten categories in G2 Spring 2024 Grid reports and achieved the second spot in TrustRadius' 2024 Most Loved List.
Long-term sales cycles have been improved especially for larger market segments by effectively monitoring and facilitating the sales funnel.
Plans are in motion to accelerate go-to-market strategies and optimize sales headcount planning while also prioritizing growth and productivity.
More details: Paylocity IR
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