Paylocity Holding (PCTY) Tops Q3 EPS by 21c, Revenues Beat; Offers 4Q & FY21 Revenues Guidance Above Consensus

Paylocity Holding (NASDAQ: PCTY) reported Q3 EPS of $0.88, $0.21 better than the analyst estimate of $0.67. Revenue for the quarter came in at $186.1 million versus the consensus estimate of $185.25 million.

“Despite the continued challenges of the COVID-19 pandemic, we had a strong third quarter, with 11% growth in recurring & other revenue. Our sales team had a strong selling season as they continue to execute well in a digital selling environment, while we also remain optimistic about the potential to return to a more normalized sales environment as state restrictions ease gradually across the U.S. From a product perspective, our sustained investment in R&D continues to help us differentiate in the marketplace, as we recently announced the release of our Modern Workforce Index or MWI, a proprietary algorithm that analyzes, scores, and tracks a company’s progress in delivering more efficient HR processes to employees. We leverage the data we have from more than 25,000 clients on our platform to deliver best practices that can improve a client’s MWI score and increase employee engagement,” said Steve Beauchamp, Chief Executive Officer of Paylocity.

GUIDANCE:

Paylocity Holding sees Q4 2021 revenue of $164.3-167.3 million, versus the consensus of $159.44 million.

Paylocity Holding sees FY2021 revenue of $627.7-631.7 million, versus the consensus of $626.78 million.

Based on information available as of May 6, 2021, Paylocity is issuing guidance for the fourth quarter and full fiscal year 2021 as indicated below.

Fourth Quarter 2021:

• Total revenue is expected to be in the range of $159.5 million to $163.5 million, which represents approximately 22% – 25% growth over fiscal 2020 fourth quarter revenue.
• Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $31.5 million to $34.5 million.

Fiscal Year 2021:

• Total revenue is expected to be in the range of $627.7 million to $631.7 million, which represents approximately 12% growth over fiscal year 2020 revenue.
• Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $164.3 million to $167.3 million.

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

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