Every material Form 8-K Paylocity filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Paylocity reported fiscal first-quarter 2025 results for the three months ended September 30, 2024, with total revenue up 14% and GAAP net income up to $49.6 million, or $0.88 per diluted share, from $34.5 million, or $0.61, a year earlier. The company also issued fiscal 2025 guidance, expecting total revenue of $1.535 billion to $1.550 billion, and said it completed its Airbase acquisition on October 1, 2024, funded in part by $325.0 million borrowed under its credit facility.
Total revenue was $363.0 million, up 14% from the prior-year quarter; recurring and other revenue was $333.1 million, also up 14%.
GAAP operating income rose to $64.1 million from $41.2 million; non-GAAP operating income was $104.9 million.
Fiscal 2025 guidance: total revenue of $1.535 billion to $1.550 billion, about 10% growth; Adjusted EBITDA of $530.0 million to $540.0 million.
Long-term debt was $325.0 million at quarter end, borrowed to fund the Airbase acquisition.
Paylocity director Jeffrey T. Diehl told the board on October 7, 2024, that he will not stand for reelection at the company's 2025 annual meeting. He will serve through the rest of his current term, and the company said his decision did not stem from any disagreement over operations, policies or practices.
Jeffrey T. Diehl notified the board on October 7, 2024, of his decision not to seek reelection.
Diehl will continue to serve through the remainder of his current term.
The company said the decision involved no disagreement on operations, policies or practices.
Diehl, Managing Partner & Head of Investments at Adams Street Partners, joined the board in 2008 with Adams Street's investment in the company and served 16 years.
Paylocity said its Chief Technology Officer, Rachit Lohani, notified the company on September 11, 2024, that he will leave. He will remain as a Senior Vice President until December 2, 2024, and the company has started searching for a successor, so shareholders will see a technology leadership change in the coming months.
Rachit Lohani, Senior Vice President and Chief Technology Officer, notified Paylocity of his decision to depart on September 11, 2024.
Lohani will remain with the company as a Senior Vice President until December 2, 2024.
Paylocity said it will immediately begin a search for a successor; no successor is named in the filing.
Paylocity agreed on August 29, 2024 to acquire Airbase Inc., a spend management software provider, for about $325 million in cash through a merger, and announced the deal on September 4, 2024. The company expects the deal to be funded by revolving credit facility borrowings and to dilute adjusted EBITDA margin by about 100 basis points in fiscal 2025, which matters to shareholders because it adds debt-funded spending and lower near-term margins while expanding the company's product range.
Purchase price of approximately $325 million in cash, subject to customary adjustments, funded by revolving credit facility borrowings
Expected to represent about 1% of total revenue in fiscal 2025 and dilute adjusted EBITDA margin by about 100 basis points in fiscal 2025
Paylocity had $401.8 million of cash and cash equivalents as of June 30, 2024, and has $350 million remaining under its share repurchase authorization
Closing expected in the first or second quarter of fiscal 2025, subject to Hart-Scott-Rodino waiting period expiration and Airbase stockholder approval
Paylocity reported fiscal 2024 results for the year ended June 30, 2024, with total revenue of $1,402.5 million, up 19%, and GAAP net income of $206.8 million, up 47%. It also issued fiscal 2025 total revenue guidance of $1.512 billion to $1.527 billion, about 8.3% growth, and announced that co-CEO Steven Beauchamp will become Executive Chairman on August 5, 2024, leaving Toby Williams as sole CEO.
Q4 fiscal 2024 total revenue was $357.3 million, up 16% year over year, with GAAP net income of $48.8 million, or $0.86 per diluted share, versus $0.66 a year earlier.
Fiscal 2024 GAAP diluted EPS was $3.63, up from $2.49 in fiscal 2023.
Fiscal 2025 total revenue is guided to $1.512 billion to $1.527 billion, about 8.3% growth over fiscal 2024.
Beauchamp's base salary will be $322,903 as Executive Chairman, a 40% decrease, effective August 5, 2024; Steve Sarowitz steps down as Chairman but remains a director.
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