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Paylocity (PCTY) Q4 Earnings Lag, Revenues Top Estimates
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Paylocity Holding (PCTY - Free Report) reported fourth-quarter fiscal 2018 results, wherein the top line surpassed the Zacks Consensus Estimate but the bottom line missed the same.
The company reported non-GAAP earnings of 11 cents per share, missing the Zacks Consensus Estimate of 12 cents. The figure, however, increased 22.2% from the year-ago quarter.
Paylocity’s quarterly revenues of $96.6 million increased 27% year over year. The figure topped the Zacks Consensus Estimate of $93 million. Notably, revenues came above the guided range of $92.6-$93.6 million, driven by a 26.7% rise in recurring revenues (96.2% of total revenues) and a 36.2% increase in implementation and other revenues.
During full-fiscal 2018, the company generated $377.5 million in revenues and 75 cents in non-GAAP earnings per share.
Paylocity Holding Corporation Price, Consensus and EPS Surprise
The company’s non-GAAP gross profit came in at $62.9 million, up 33.5% year over year. Non-GAAP gross margin expanded 310 basis points year over year to 65.1%.
Adjusted EBITDA increased 36.5% from the year-ago quarter to $15.7 million.
Non-GAAP operating income was $8.1 million compared with $5.5 million a year ago.
Balance Sheet and Cash Flow
Paylocity exited fiscal 2018 with cash and cash equivalents of $137.2 million compared with $129.5 million in the previous fiscal.
It generated $97.9 million of cash flow from operational activities during the fiscal compared with $62 million a year ago. Free cash flow was $48.8 million for fiscal 2018.
Paylocity announced the approval of stock repurchase worth $35 million through Aug 14, 2018.
Guidance
The company provided guidance for the fiscal first quarter and fiscal 2019. For the fiscal first quarter, Paylocity expects revenues in the range of $97.5-$98.5 million. Adjusted EBITDA is projected in the band of $20-$21 million.
For fiscal 2019, it anticipates revenues in the range of $451-$453 million. Adjusted EBITDA is projected to be $126.5-$128.5 million.
Zacks Rank and Stocks to Consider
Paylocity currently carries a Zacks Rank #3 (Hold).
Long-term earnings growth for Paycom, Qualys and Fortinet is projected to be 24.82%, 8% and 16.75%, respectively.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Paylocity (PCTY) Q4 Earnings Lag, Revenues Top Estimates
Paylocity Holding (PCTY - Free Report) reported fourth-quarter fiscal 2018 results, wherein the top line surpassed the Zacks Consensus Estimate but the bottom line missed the same.
The company reported non-GAAP earnings of 11 cents per share, missing the Zacks Consensus Estimate of 12 cents. The figure, however, increased 22.2% from the year-ago quarter.
Paylocity’s quarterly revenues of $96.6 million increased 27% year over year. The figure topped the Zacks Consensus Estimate of $93 million. Notably, revenues came above the guided range of $92.6-$93.6 million, driven by a 26.7% rise in recurring revenues (96.2% of total revenues) and a 36.2% increase in implementation and other revenues.
During full-fiscal 2018, the company generated $377.5 million in revenues and 75 cents in non-GAAP earnings per share.
Paylocity Holding Corporation Price, Consensus and EPS Surprise
Paylocity Holding Corporation Price, Consensus and EPS Surprise | Paylocity Holding Corporation Quote
Quarter Details
The company’s non-GAAP gross profit came in at $62.9 million, up 33.5% year over year. Non-GAAP gross margin expanded 310 basis points year over year to 65.1%.
Adjusted EBITDA increased 36.5% from the year-ago quarter to $15.7 million.
Non-GAAP operating income was $8.1 million compared with $5.5 million a year ago.
Balance Sheet and Cash Flow
Paylocity exited fiscal 2018 with cash and cash equivalents of $137.2 million compared with $129.5 million in the previous fiscal.
It generated $97.9 million of cash flow from operational activities during the fiscal compared with $62 million a year ago. Free cash flow was $48.8 million for fiscal 2018.
Paylocity announced the approval of stock repurchase worth $35 million through Aug 14, 2018.
Guidance
The company provided guidance for the fiscal first quarter and fiscal 2019. For the fiscal first quarter, Paylocity expects revenues in the range of $97.5-$98.5 million. Adjusted EBITDA is projected in the band of $20-$21 million.
For fiscal 2019, it anticipates revenues in the range of $451-$453 million. Adjusted EBITDA is projected to be $126.5-$128.5 million.
Zacks Rank and Stocks to Consider
Paylocity currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader Computer and Technology sector are Paycom Software, Inc. (PAYC - Free Report) , Qualys, Inc. (QLYS - Free Report) and Fortinet, Inc. (FTNT - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth for Paycom, Qualys and Fortinet is projected to be 24.82%, 8% and 16.75%, respectively.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>