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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