Paylocity Holding Corp. Files 2024 10-K

TL;DR

Paylocity's 2024 10-K is in. Full financials and biz ops detailed.

AI Summary

Paylocity Holding Corp. filed its 10-K for the fiscal year ending June 30, 2024. The company, headquartered in Schaumburg, IL, reported its financial performance and business operations. Key financial data and disclosures for the period are detailed within the filing, providing stakeholders with a comprehensive overview of the company's status.

Why It Matters

This filing provides investors and analysts with the official financial health and operational details of Paylocity Holding Corp. for the fiscal year 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags apparent in the provided metadata.

Key Numbers

• 20240630 — Fiscal Year End (The end date of the reporting period.)
• 20240802 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Paylocity Holding Corp. (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end date
• 1400 AMERICAN LANE SCHAUMBURG IL 60173 (address) — Company business and mailing address
• 800-520-2687 (phone_number) — Company business phone number
• Andrew Cappotelli (person) — Member associated with financial reporting periods

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share PCTY The NASDAQ Global Select
• $852.7 million — 2024. Our total revenues increased from $852.7 million in fiscal 2022 to $1,174.6 million in f
• $1,174.6 million — d from $852.7 million in fiscal 2022 to $1,174.6 million in fiscal 2023, representing a 38% year
• $1,402.5 million — g a 38% year-over-year increase, and to $1,402.5 million in fiscal 2024, representing a 19% year
• $550 — prices, they would spend approximately $550 per employee annually. We believe our r
• $19.5 billion — get addressable market is approximately $19.5 billion as clients, on average, purchase 50% or

Filing Documents

• pcty-20240630.htm (10-K) — 1778KB
• pcty-20240630xexx42.htm (EX-4.2) — 11KB
• pcty-20240630xexx1010.htm (EX-10.10) — 62KB
• pcty-20240630xexx191.htm (EX-19.1) — 106KB
• pcty-20240630xexx211.htm (EX-21.1) — 4KB
• pcty-20240630xexx231.htm (EX-23.1) — 2KB
• pcty-20240630xexx311.htm (EX-31.1) — 9KB
• pcty-20240630xexx312.htm (EX-31.2) — 9KB
• pcty-20240630xexx313.htm (EX-31.3) — 9KB
• pcty-20240630xexx321.htm (EX-32.1) — 5KB
• pcty-20240630xexx322.htm (EX-32.2) — 5KB
• pcty-20240630xexx323.htm (EX-32.3) — 5KB
• pcty-20240630xexx971.htm (EX-97.1) — 24KB
• pcty-20240630_g1.jpg (GRAPHIC) — 848KB
• pcty-20240630_g2.jpg (GRAPHIC) — 103KB
• 0001591698-24-000151.txt ( ) — 12094KB
• pcty-20240630.xsd (EX-101.SCH) — 64KB
• pcty-20240630_cal.xml (EX-101.CAL) — 109KB
• pcty-20240630_def.xml (EX-101.DEF) — 323KB
• pcty-20240630_lab.xml (EX-101.LAB) — 858KB
• pcty-20240630_pre.xml (EX-101.PRE) — 599KB
• pcty-20240630_htm.xml (XML) — 1385KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 47 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.

Executive Compensation

Executive Compensation 48 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 48 Item 13. Certain Relationships and Related Transactions and Director Independence 48 Item 14. Principal Accounting Fees and Services 48 PART IV Item 15. Exhibits and Financial Statement Schedules 49 Item 16. Form 10-K Summary 49

Signatures

Signatures 53 _____________________________________________ Table of Contents PART I

Forward Looking Statements

Forward Looking Statements Except for the historical financial information contained herein, the matters discussed in this report on Form 10-K (as well as documents incorporated herein by reference) may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including, but not limited to, statements regarding our future financial position, business strategy and plans and objectives of management for future operations. When used in this Annual Report, the words "believe," "may," "could," "will," "estimate," "continue," "intend," "expect," "anticipate," "plan," "project" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this report, and in particular, the risks discussed under Part 1, Item 1A: "Risk Factors" and those discussed in other documents we file with the Securities and Exchange Commission. Except as required by law, we do not intend to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. In light of

Business

Item 1. Business. Overview We are a leading cloud-based provider of human capital management, or HCM, and payroll software solutions that deliver a comprehensive platform for the modern workforce. Our HCM and payroll platform offers an intuitive, easy-to-use product suite that helps businesses attract and retain talent, build culture and connection with their employees, and streamline and automate HR and payroll processes. Excluding clients acquired through acquisitions, as of June 30, 2024, we provided our software-as-a-service, or SaaS, solutions to approximately 39,050 clients across the U.S., which on average had over 150 employees. Effective management of human capital is a core function in all organizations and requires a significant commitment of resources. Organizations are faced with an ever-changing employment landscape, including numerous federal, state and local regulations across multiple jurisdictions, the complexity of increasingly geographically dispersed employees, and managing hybrid workplaces. At the same time, employees' expectations are rising, and organizations need to prioritize communication, connection, and collaboration among their employees to differentiate how they attract and retain talent and build a culture of loyalty. Many companies also are operating without the infrastructure, expertise or personnel to implement or support large and complex systems in today's dynamic environment. Existing solutions offered by third-party payroll service providers can have limited capabilities and configurability while other enterprise-focused software vendors can be prohibitively expensive and time-consuming to implement and manage. We believe that modern organizations are better served by SaaS solutions designed to meet their unique needs, delivering fast time to value, and providing their employees with the most engaging experience available. 1 Table of Contents Our HCM and payroll software solutions provide the following key benefits t

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View this 10-K filing on SEC EDGAR