- Paylocity delivered a solid fourth quarter of fiscal 2024 with recurring revenue of $324.7 million, up 15% year over year, and total quarterly revenue of $357.3 million, up 16% year over year. For FY2024, recurring revenue rose 17% and total revenue rose 19% to about $1.40 billion, underscoring durable top-line growth driven by client additions, higher ARPU, and stronger product attach rates.
- Management highlighted meaningful product expansion and R&D investment as key growth levers, noting the introduction of premium offerings (Recognition & Rewards, Employee Voice, Advanced Scheduling, Market Pay) and AI-enabled capabilities, as well as a mobile-first product experience. The company continued to see high client engagement (retention above 92%), rising client count (39,050 at year-end 2024, up from 36,200), and meaningful cross-sell into existing clients.
- Looking ahead, Paylocity provided cautious but constructive guidance for fiscal 2025, with recurring and other revenue of $1.405–$1.420 billion and total revenue of $1.512–$1.527 billion, supported by adjusted EBITDA of $533–$543 million. Management flagged a headwind from transitioning to full cash taxation in FY2025, but remains confident in expanding free cash flow margin and delivering durable, double-digit top-line growth while pursuing a long-term target of $2 billion in total revenue.