Business

Paylocity fiscal 1Q revenues up 44 percent

Posted November 04, 2016 1:00 am

Globe Newswire

ARLINGTON HEIGHTS - Paylocity Holding Corp. reported a 44 percent increase in revenue for the first quarter of fiscal year 2016, supported primarily through its repeat customer base.

The cloud-based provider of payroll and human capital management software said total revenue for the quarter was $65 million, the company said. Total recurring revenue was $62.6 million, representing 96 percent of total revenue and an increase of 46 percent from the first quarter of fiscal year 2016.

"Fiscal 2017 is off to a nice start," said Paylocity President and Chief Executive Officer Steve Beauchamp, "In October we saw record attendance at our 8th annual Client Conference, where we had the opportunity to interact with clients from across the country and announce several new product features,

"I was also pleased that Paylocity was once again named to the list of Top 100 Digital Companies in Chicago ranking number 13 on the list," he added.

The company expects second quarter earnings to be on par with the first, around $66 million to $67 million, with total revenue fro the year to be in the range of $296 million to $298 million.

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