Paylocity Holding Corp
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Paylocity Holding Corp
In the competitive world of human capital management, Paylocity Holding Corp. has carved out a distinctive niche by seamlessly blending technology with tailored client solutions. Founded in 1997 by Steve Sarowitz, Paylocity emerged with a singular vision: to revolutionize payroll and human resources processes through cloud-based solutions. Its pioneering spirit gave rise to a platform that not only manages payroll with ease but integrates a wide array of HR functionalities, including talent management, time and labor tracking, and benefits administration. This integration allows businesses of various sizes to streamline their operations, enhance employee engagement, and gain valuable data-driven insights. Paylocity’s commitment to innovation reflects in its agile product development and the way it leverages artificial intelligence to predict trends and simplify complex HR tasks, helping customers save time and reduce costs.
Paylocity earns its revenue by offering subscription-based services to its clientele, which span a diverse range of industries. Clients typically pay based on the number of employees using the platform and the specific features they select. This recurring revenue model offers a stable financial foundation for the company, allowing it to invest continually in product enhancement and customer support. By focusing on the transformation of HR functions from a mundane obligation into a strategic driver of business success, Paylocity nurtures long-term relationships with its clients, who value the productivity gains and operational clarity provided by the company’s comprehensive software solutions. This strategic approach underscores Paylocity’s role as not just a vendor, but a trusted partner in its clients’ growth journeys.
In the competitive world of human capital management, Paylocity Holding Corp. has carved out a distinctive niche by seamlessly blending technology with tailored client solutions. Founded in 1997 by Steve Sarowitz, Paylocity emerged with a singular vision: to revolutionize payroll and human resources processes through cloud-based solutions. Its pioneering spirit gave rise to a platform that not only manages payroll with ease but integrates a wide array of HR functionalities, including talent management, time and labor tracking, and benefits administration. This integration allows businesses of various sizes to streamline their operations, enhance employee engagement, and gain valuable data-driven insights. Paylocity’s commitment to innovation reflects in its agile product development and the way it leverages artificial intelligence to predict trends and simplify complex HR tasks, helping customers save time and reduce costs.
Paylocity earns its revenue by offering subscription-based services to its clientele, which span a diverse range of industries. Clients typically pay based on the number of employees using the platform and the specific features they select. This recurring revenue model offers a stable financial foundation for the company, allowing it to invest continually in product enhancement and customer support. By focusing on the transformation of HR functions from a mundane obligation into a strategic driver of business success, Paylocity nurtures long-term relationships with its clients, who value the productivity gains and operational clarity provided by the company’s comprehensive software solutions. This strategic approach underscores Paylocity’s role as not just a vendor, but a trusted partner in its clients’ growth journeys.
Revenue Beat: Paylocity reported Q1 total revenue of $408.2 million, up 12% year-over-year, exceeding the top end of guidance by $5.7 million.
Strong Recurring Revenue: Recurring and other revenue grew 14% year-over-year, leading the company's growth.
Margin Expansion: Adjusted gross margin improved to 75.1% (up 110 bps YoY) and adjusted EBITDA was $146.4 million, surpassing guidance by $11.4 million.
Guidance Raised: Management raised full-year fiscal '26 revenue and profitability guidance, reflecting confidence in ongoing business momentum and AI-driven differentiation.
AI Strategy: Paylocity highlighted strong adoption of new AI features, including an advanced AI assistant, which is driving product adoption and operational efficiency.
Platform Expansion: The launch of Paylocity for Finance and investments in IT solutions are showing early positive traction, expanding the company’s total addressable market.
Broker Channel Strength: Broker referrals remained robust, accounting for over 25% of new business in Q1.
Long-Term Targets Increased: Paylocity raised its long-term targets, including revenue to $3 billion, adjusted gross margin to 80%+, and free cash flow margin to 25–30%.
