Paylocity (PCTY) Q4 Loss Lower Than Expected, Offers View
Zacks Investment Research | Aug 09, 2016 10:07PM ET
Paylocity Holding Corporation (NASDAQ:PCTY) reported better-than-expected results for the fourth quarter of fiscal 2016. The company incurred adjusted loss (excluding all one-time income and expenses but including stock-based compensation) of 10 cents per share, narrower than the Zacks Consensus Estimate of loss of 12 cents. However, reported loss was wider from the year-ago quarter figure of 8 cents.
On GAAP basis, Paylocity posted a loss of 11 cents per share, which was wider than the year-ago quarter tally of 9 cents.
On the other hand, the company’s revenues came in at $58.9 million, up 49.6% year over year, and beat the Zacks Consensus Estimate of $57 million. The year-over-over increase was driven by solid sales and operational implementation.
The top line was also backed by a 51% surge in recurring revenues and a 13% increase in implementation and other revenues.
The company’s gross margin expanded 90 basis points (bps) year over year to 55.6%. A higher revenue base, along with ACA enhanced product, drove margin expansion.
Paylocity reported operating loss of $5 million, which was wider than the loss of $4.3 million in the year-ago quarter mainly due to a 46.4% rise in operating expenses. Consequently, net loss amounted to $5.4 million, compared with $4.4 million in the year-ago period.
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