SPY389.58+9.22 2.42%
DIA315.59+6.14 1.98%
IXIC13,588.83+396.48 3.01%

Press Release: Paylocity Announces Second Quarter -4-

· 02/04/2021 16:05
Net income $ 5,467 $ 9,642 $ 19,373 $ 22,102 Interest expense 103 351 188 691 Income tax expense (benefit) 932 (3,670) (6,500) (12,938) Depreciation and amortization expense 9,328 10,836 18,261 21,071 ------ ------- ------- ------- EBITDA 15,830 17,159 31,322 30,926 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 12,829 17,086 26,858 33,823 Other items (1) 1,606 725 2,562 1,085 ------ ------- ------- ------- Adjusted EBITDA $30,265 $ 34,970 $ 60,742 $ 65,834 ====== ======= ======= ======= Three Months Six Months Ended Ended December 31, December 31, ------------------ --------------------- 2019 2020 2019 2020 -------- --------- --------- ----------- Reconciliation of Non-GAAP Sales and Marketing: Sales and marketing $37,293 $ 37,775 $ 74,250 $ 75,449 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 3,393 4,019 7,737 8,367 ------ ------- ------- ------- Non-GAAP Sales and Marketing $33,900 $ 33,756 $ 66,513 $ 67,082 ====== ======= ======= ======= Three Months Six Months Ended Ended December 31, December 31, ------------------ --------------------- 2019 2020 2019 2020 -------- --------- --------- ----------- Reconciliation of Non-GAAP Total Research and Development: Research and Development $15,410 $ 19,338 $ 29,804 $ 37,985 Capitalized internal-use software costs 5,425 6,948 12,139 14,832 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 1,783 2,765 3,583 5,616 Other items (3) -- 230 -- 385 Non-GAAP Total Research and Development $19,052 $ 23,291 $ 38,360 $ 46,816 ====== ======= ======= ======= Three Months Six Months Ended Ended December 31, December 31, ------------------ --------------------- 2019 2020 2019 2020 -------- --------- --------- ----------- Reconciliation of Non-GAAP General and Administrative: General and Administrative $28,133 $ 29,323 $ 54,872 $ 55,967 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 6,188 8,300 12,341 15,435 Amortization of acquired intangibles 562 940 1,125 1,784 Other items (1) 1,606 495 2,562 700 ------ ------- Non-GAAP General and Administrative $19,777 $ 19,588 $ 38,844 $ 38,048 ====== ======= ======= ======= (1) Represents nonrecurring costs including acquisition-related and lease exit costs. Also includes the settlement of a certain legal matter and related litigation costs of $1.6 million and $2.0 million for the three and six months ended December 31, 2019, respectively. (2) Income tax effect on adjustments: Includes the income tax effect on non-GAAP net income adjustments related to stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, amortization of acquired intangibles and other items. (3) Represents certain nonrecurring acquisition-related costs.

CONTACT:

Ryan Glenn

investors@paylocity.com

www.paylocity.com

(END) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)