Paylocity Holding (PCTY) Misses Q1 EPS by 10c, Beats on Revenues; Offers FY18 EPS/Revenue Guidance

Paylocity Holding (NASDAQ: PCTY) reported Q1 EPS of $0.01, $0.10 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $81.5 million versus the consensus estimate of $80.89 million.

Business Outlook

Based on information available as of November 2, 2017, Paylocity is issuing guidance for the second quarter and full fiscal year 2018 as indicated below.

Second Quarter 2018:

• Total revenue is expected to be in the range of $84.3 million to $85.3 million.
• Adjusted EBITDA is expected to be in the range of $12.5 million to $13.5 million.
• Non-GAAP net income is expected to be in the range of $6.0 million to $7.0 million, or $0.11 to $0.13 per share, based on approximately 55 million diluted weighted average common shares outstanding.

Fiscal Year 2018:

• Total revenue is expected to be in the range of $368.5 million to $370.5 million.
• Adjusted EBITDA is expected to be in the range of $74.0 million to $75.0 million.
• Non-GAAP net income is expected to be in the range of $46.0 million to $47.0 million, or $0.84 to $0.85 per share, based on approximately 55 million diluted weighted average common shares outstanding.

First Quarter Fiscal 2018 Financial Highlights

Revenue:

• Total revenue was $81.5 million, an increase of 25% from the first quarter of fiscal year 2017.
• Total recurring revenue was $78.9 million, representing 97% of total revenue and an increase of 26% from the first quarter of fiscal year 2017.

GUIDANCE:

Paylocity Holding sees FY2018 EPS of $0.84-$0.85, versus the consensus of $0.81. Paylocity Holding sees FY2018 revenue of $368.5-370.5 million, versus the consensus of $369.92 million.

For earnings history and earnings-related data on Paylocity Holding (PCTY) click here.

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