Paylocity Holding IPO Info
Company Name: Paylocity Holding
Stock Symbol: PCTY
Exchange: NASDAQ
Status: Priced
IPO Date: 3/19/2014
IPO Price:
17.00 (
53.59%)
Underwriters
Deutsche Bank Securities Inc., Merrill Lynch, and William Blair & Company, L.L.C
Amount of Offering: N/A
Number of Shares Offered: 7.045 Mil
Shares Outstanding After Offering: N/A
Valuation: N/A
Company Description
Paylocity is a provider of cloud-based payroll and human capital management, or HCM, software solutions for medium-sized organizations. Paylocity's comprehensive and easy-to-use solutions enable its clients to manage their workforces more effectively. Paylocity's solutions help drive strategic human capital decision-making and improve employee engagement by enhancing the human resource, payroll and finance capabilities of its clients.
Financial Data
Financial Information from the Company:
We have experienced significant growth in recent years. Our total revenues increased from $39.5 million in fiscal 2011 to $55.1 million in fiscal 2012, representing a 39% year-over-year increase, and to $77.3 million in fiscal 2013, representing a 40% year-over-year increase. Our recurring revenues increased from $37.5 million in fiscal 2011 to $52.5 million in fiscal 2012, representing a 40% year-over-year increase, and to $72.8 million in fiscal 2013, representing a 39% year-over-year increase. Our annual revenue retention rate was greater than 92% in each of fiscal years 2011, 2012 and 2013. Although we do not have long-term contracts with our clients and our agreements with clients are generally terminable on 60 days or less notice, our recurring revenue model and our high annual revenue retention rates provide significant visibility into our future operating results. As of June 30, 2013, we had approximately 6,850 clients. For more information about our key operating metrics, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics."
News Headlines
