Paylocity Announces First Quarter Fiscal Year 2026 Financial Results

Q1 2026 Recurring & Other Revenue of $378.9 million, up 14% year-over-yearQ1 2026 Total Revenue of $408.2 million, up 12% year-over-yearRepurchased $200 million or 1.2 million shares in Q1 Fiscal Year 2026; $500 million or 3.0 million shares repurchased since May 2024Announcing updated long-term financial targets, including increased Adjusted EBITDA and Free Cash Flow margin targets SCHAUMBURG, Ill., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HR, Finance, and IT solutions, today announced financial results for the first quarter of fiscal year 2026, which ended September 30, 2025. “Fiscal 26 is off to a strong start, with recurring & other revenue growth of 14% in the first quarter, combined with a significant increase in profitability, as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace. Additionally, our AI strategy has continued to progress - delivering predictive and actionable insights, generative AI functionality and a growing number of autonomous agents across the platform to drive productivity through task and workflow automation that goes beyond the basic search capabilities that are considered table stakes in today’s evolving AI landscape. We are also very pleased with the early positive response to our Paylocity for Finance solution, as the value proposition of managing all spend and key business workflows is resonating with both clients and prospects,” said Toby Williams, President and Chief Executive Officer of Paylocity. First Quarter Fiscal 2026 Financial Highlights Revenue: Total revenue was $408.2 million, an increase of 12% from the first quarter of fiscal year 2025.Recurring & other revenue was $378.9 million, an increase of 14% from the first quarter of fiscal year 2025. Operating Income: GAAP operating income was $74.2 million and non-GAAP operating income was $121.2 million in the first quarter of fiscal year 2026 compared to GAAP operating income of $64.1 million and non-GAAP operating income of $104.9 million in the first quarter of fiscal year 2025. Net Income: GAAP net income was $48.0 million or $0.86 per share in the first quarter of fiscal year 2026 based on 55.9 million diluted weighted average common shares outstanding compared to $49.6 million or $0.88 per share in the first quarter of fiscal year 2025 based on 56.3 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $146.4 million in the first quarter of fiscal year 2026 compared to $129.0 million in the first quarter of fiscal year 2025.Adjusted EBITDA excluding interest income on funds held for clients, a non-GAAP measure, was $117.1 million in the first quarter of fiscal year 2026 as compared to $99.2 million in the first quarter of fiscal year 2025. Balance Sheet and Cash Flow: Cash and cash equivalents totaled $165.2 million as of September 30, 2025.Long-term debt totaled $81.3 million as of September 30, 2025, representing borrowings under our credit facility to fund the acquisition of Airbase on October 1, 2024. This reflects approximately $81.3 million repaid on our outstanding balance during the first quarter of fiscal year 2026.Net cash provided by operations for the first three months of fiscal year 2026 was $86.5 million compared to $91.5 million for the first three months of fiscal year 2025. A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release in the accompanying tables. Additional information regarding these measures can be found below under the headings “Non-GAAP Financial Measures” and “Definitions of our Non-GAAP Measures.” Long-Term Financial Targets Updated financial targets given sustained revenue growth, increasing profitability and scale: Long-Term Financial Targets(1)(2) Previous Target Updated TargetTotal revenue$2Bn + $3BnAdjusted gross profit75 - 80% 80%+Non-GAAP total research and development10 - 15% 10 - 15%Non-GAAP sales and marketing20 - 25% 15 - 20%Non-GAAP general and administrative5 - 10% 5 - 7%Adjusted EBITDA35 - 40% 40 - 45%Free Cash Flow20 - 25% 25 - 30%Stock-based Compensation<10% 5% (1) Financial targets based on percentage of total revenue.(2) We are unable to reconcile forward-looking non-GAAP long-term financial targets to their directly comparable GAAP financial measures because the information which is needed to complete the reconciliations is unavailable at this time without unreasonable effort. Business Outlook Based on information available as of November 4, 2025, Paylocity is issuing guidance for the second quarter and full fiscal year 2026 as indicated below. Second Quarter 2026: Recurring and other revenue is expected to be in the range of $378.5 million to $383.5 million, which represents approximately 10% growth over fiscal year 2025 second quarter recurring and other revenue.Total revenue is expected to be in the range of $405.5 million to $410.5 million, which represents approximately 8% growth over fiscal year 2025 second quarter total revenue.Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $131.5 million to $135.5 million.Adjusted EBITDA excluding interest income on funds held for clients, a non-GAAP measure, is expected to be in the range of $104.5 million to $108.5 million. Fiscal Year 2026: Recurring and other revenue is expected to be in the range of $1.605 billion to $1.620 billion, which represents approximately 10% growth over fiscal year 2025 recurring and other revenue.Total revenue is expected to be in the range of $1.715 billion to $1.730 billion, which represents approximately 8% growth over fiscal year 2025 total revenue.Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $615.0 million to $625.0 million.Adjusted EBITDA excluding interest income on funds held for clients, a non-GAAP measure, is expected to be in the range of $505.0 million to $515.0 million. We are unable to reconcile the forward-looking non-GAAP measures set forth above to their directly comparable GAAP financial measures because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort. Conference Call Details Paylocity will host a conference call to discuss its first quarter fiscal year 2026 results at 4:00 p.m. Central Time today (5:00 p.m. Eastern Time). A live audio webcast of the conference call along with detailed financial information can be accessed through https://investors.paylocity.com/events-and-presentations where dial in details are provided. A replay of the call will be available and archived via webcast at https://investors.paylocity.com/. About Paylocity Headquartered in Schaumburg, IL, Paylocity is an award-winning provider of HR, finance, and IT software solutions through ONE unified platform. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses automate and streamline HR and payroll processes, attract and retain talent, and build culture and connection with their employees. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help all employees achieve their best. For more information, visit www.paylocity.com. Non-GAAP Financial Measures The company uses certain non-GAAP financial measures when reporting and discussing its financial results, including the financial measures in this release that are designated as being “non-GAAP.” Management presents certain non-GAAP financial measures in this release because it considers them to be important supplemental measures of performance, as they provide investors with the company’s view of its financial performance. Management uses non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operational performance, including comparisons of current results to prior periods’ results by excluding items the company does not believe reflect fundamental business performance and are not representative or indicative of its results of operations. Non-GAAP financial measures have limitations as an analytical tool and other companies may define their non-GAAP financial measures differently than we do. Investors are encouraged to review the reconciliation of the non-GAAP measures to their most directly comparable GAAP measures provided in the accompanying tables to this release, as well as the definitions of those non-GAAP measures following such tables. Safe Harbor/Forward Looking Statements This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included herein regarding Paylocity’s future operations, future financial position and performance, anticipated results of operations, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “seek” and similar expressions (or the negative of these terms) are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include statements about management's estimates regarding future revenues and financial performance, and other statements about management’s beliefs, intentions or goals and are expressed in good faith and believed to be reasonable at the time such statements are made. Paylocity may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on such statements. These forward-looking statements involve risks and uncertainties, many of which are beyond Paylocity’s control, that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include, but are not limited to, the general economic conditions in regions in which Paylocity does business, changes in interest rates, business disruptions, reductions in employment and increases in business failures that have occurred or may occur in the future; Paylocity’s ability to leverage AI Assist and other forms of artificial intelligence and machine learning in its technology, which may be constrained by current and future laws, regulations, interpretive positions or standards governing new and evolving technologies and ethical considerations that could restrict or impose burdensome and costly requirements on its ability to continue to leverage data in innovative ways; Paylocity’s ability to retain existing clients and to attract new clients to enter into subscriptions for its services; the challenges associated with a growing company’s ability to effectively service clients in a dynamic and competitive market; challenges associated with expanding and evolving a sales organization to effectively address new geographies and products and services; challenges related to cybersecurity threats and evolving cybersecurity regulations; Paylocity’s reliance on and ability to expand its referral network of third parties; Paylocity’s reliance on third party payroll partners in foreign jurisdictions in its Blue Marble business; difficulties associated with accurately forecasting revenue and appropriately planning expenses; challenges with managing growth effectively; risks related to acquisitions and investments in other businesses and technologies; risks related to regulatory, legislative and judicial uncertainty in Paylocity’s markets; Paylocity’s ability to protect and defend its intellectual property and its use of open source software in its products; the risk that Paylocity’s security measures are compromised or a threat actor gains unauthorized access to customer data; unexpected events in the market for Paylocity’s solutions; changes in the competitive environment in Paylocity’s industry and the markets in which it operates; adverse changes in general economic or market conditions; changes in the employment rates of Paylocity’s clients and the resultant impact on revenue; the possibility that Paylocity may be adversely affected by other economic, business, and/or competitive factors; and other risks and potential factors that could affect Paylocity’s business and financial results that are identified in Paylocity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on August 6, 2025, as well as any revisions or supplements to the information in subsequent reports filed or furnished to the SEC. These forward-looking statements represent Paylocity’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and unless legally required, Paylocity disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise. PAYLOCITY HOLDING CORPORATIONUnaudited Consolidated Balance Sheets(in thousands, except per share data) June 30,2025 September 30,2025Assets Current assets: Cash and cash equivalents$398,070 $165,192Accounts receivable, net 41,642 41,721Deferred contract costs 117,177 121,050Prepaid expenses and other 50,943 59,416Total current assets before funds held for clients 607,832 387,379Funds held for clients 2,704,137 2,775,579Total current assets 3,311,969 3,162,958Capitalized internal-use software, net 132,317 133,721Property and equipment, net 54,210 51,723Operating lease right-of-use assets 35,997 35,413Intangible assets, net 92,671 87,410Goodwill 343,100 343,158Long-term deferred contract costs 393,671 400,418Long‑term prepaid expenses and other 7,739 7,202Deferred income tax assets 17,754 14,129Total assets$4,389,428 $4,236,132 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable$17,347 $6,012Accrued expenses 193,081 174,181Total current liabilities before client fund obligations 210,428 180,193Client fund obligations 2,694,842 2,765,135Total current liabilities 2,905,270 2,945,328Long-term debt 162,500 81,250Long-term operating lease liabilities 46,772 46,238Other long-term liabilities 8,580 8,487Deferred income tax liabilities 32,559 51,350Total liabilities$3,155,681 $3,132,653Stockholders’ equity: Preferred stock, $0.001 par value, 5,000 authorized, no shares issued and outstanding at June 30, 2025 and September 30, 2025$— $—Common stock, $0.001 par value, 155,000 shares authorized at June 30, 2025 and September 30, 2025; 55,366 shares issued and outstanding at June 30, 2025 and 54,376 shares issued and outstanding at September 30, 2025 55 54Additional paid-in capital 327,518 148,581Retained earnings 900,583 948,574Accumulated other comprehensive income 5,591 6,270Total stockholders' equity$1,233,747 $1,103,479Total liabilities and stockholders’ equity$4,389,428 $4,236,132 PAYLOCITY HOLDING CORPORATIONUnaudited Consolidated Statements of Operations and Comprehensive Income(in thousands, except per share data) Three Months EndedSeptember 30, 2024 2025Revenues: Recurring and other revenue$333,105 $378,858Interest income on funds held for clients 29,851 29,314Total revenues 362,956 408,172Cost of revenues 114,960 128,380Gross profit 247,996 279,792Operating expenses: Sales and marketing 88,431 96,368Research and development 47,260 55,607General and administrative 48,161 53,606Total operating expenses 183,852 205,581Operating income 64,144 74,211Other income 4,742 702Income before income taxes 68,886 74,913Income tax expense 19,313 26,922Net income$49,573 $47,991Other comprehensive income, net of tax 6,811 679Comprehensive income$56,384 $48,670 Net income per share: Basic$0.89 $0.87Diluted$0.88 $0.86 Weighted-average shares used in computing net income per share: Basic 55,640 55,013Diluted 56,266 55,859 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises for each of the three months ended September 30 are included in the above line items: Three Months EndedSeptember 30, 2024 2025Cost of revenues$4,923 $4,547Sales and marketing 9,752 9,196Research and development 10,311 9,887General and administrative 10,674 16,294Total stock-based compensation expense and employer payroll taxes related to stock releases and option exercises$35,660 $39,924 PAYLOCITY HOLDING CORPORATIONUnaudited Consolidated Statements of Cash Flows(in thousands) Three Months EndedSeptember 30, 2024 2025 Cash flows from operating activities: Net income$49,573 $47,991 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation expense 33,540 37,846 Depreciation and amortization expense 21,552 27,453 Deferred income tax expense (benefit) (2,556) 22,101 Provision for credit losses 221 332 Net accretion of discounts on available-for-sale securities (662) (405)Other 304 355 Changes in operating assets and liabilities: Accounts receivable (903) (73)Deferred contract costs (13,081) (10,424)Prepaid expenses and other (773) (9,833)Accounts payable 7,885 (10,530)Accrued expenses and other (3,645) (18,357)Net cash provided by operating activities 91,455 86,456 Cash flows from investing activities: Purchases of available-for-sale securities (20,174) (30,456)Proceeds from sales and maturities of available-for-sale securities 25,022 32,358 Capitalized internal-use software costs (15,210) (15,460)Purchases of property and equipment (2,328) (3,797)Other investing activities (638) (338)Net cash used in investing activities (13,328) (17,693)Cash flows from financing activities: Net change in client fund obligations (621,746) 70,293 Borrowings under credit facility 325,000 — Repayment of credit facility — (81,250)Repurchases of common shares — (200,000)Taxes paid related to net share settlement of equity awards (21,536) (18,723)Other financing activities (11) (12)Net cash used in financing activities (318,293) (229,692)Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents (240,166) (160,929)Cash, cash equivalents and funds held for clients' cash and cash equivalents—beginning of period 2,845,669 2,482,526 Cash, cash equivalents and funds held for clients' cash and cash equivalents—end of period$2,605,503 $2,321,597 Supplemental Disclosure of Non-Cash Investing and Financing Activities Purchases of property and equipment and capitalized internal-use software, accrued but not paid$960 $278 Supplemental Disclosure of Cash Flow Information Cash paid for interest$123 $2,325 Cash paid for income taxes$6,194 $7,226 Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets Cash and cash equivalents$778,549 $165,192 Funds held for clients' cash and cash equivalents 1,826,954 2,156,405 Total cash, cash equivalents and funds held for clients' cash and cash equivalents$2,605,503 $2,321,597 Paylocity Holding CorporationReconciliation of GAAP to non-GAAP Financial Measures(In thousands except per share data) Three Months Ended September 30, 2024 2025Reconciliation from Gross profit to Adjusted gross profit: Gross profit$247,996 $279,792Amortization of capitalized internal-use software costs 13,777 17,250Amortization of certain acquired intangibles 2,064 4,601Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 4,923 4,547Other items (1) (78) 475Adjusted gross profit$268,682 $306,665 Three Months Ended September 30, 2024 2025Reconciliation from Operating income to Non-GAAP Operating income: Operating income$64,144 $74,211Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 35,660 39,924Amortization of acquired intangibles 2,547 5,261Other items (2) 2,528 1,764Non-GAAP Operating income$104,879 $121,160 Three Months Ended September 30, 2024 2025Reconciliation from Net income to Non-GAAP Net income: Net income$49,573 $47,991Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 35,660 39,924Amortization of acquired intangibles 2,547 5,261Other items (2) 2,528 1,764Income tax effect on adjustments (3) 3,308 2,720Non-GAAP Net income$93,616 $97,660 Three Months Ended September 30, 2024 2025Calculation of Non-GAAP Net income per share: Non-GAAP Net income$93,616 $97,660Diluted weighted-average number of common shares 56,266 55,859Non-GAAP Net income per share$1.66 $1.75 Three Months Ended September 30, 2024 2025 Reconciliation from Net income to Adjusted EBITDA and Adjusted EBITDA excluding interest income on funds held for clients Net income$49,573 $47,991 Interest expense 400 2,355 Income tax expense 19,313 26,922 Depreciation and amortization expense 21,552 27,453 EBITDA 90,838 104,721 Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 35,660 39,924 Other items (2) 2,528 1,764 Adjusted EBITDA$129,026 $146,409 Interest income on funds held for clients (29,851) (29,314)Adjusted EBITDA excluding interest income on funds held for clients$99,175 $117,095 Three Months Ended September 30, 2024 2025Reconciliation of Non-GAAP sales and marketing: Sales and marketing$88,431 $96,368Less: Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 9,752 9,196Less: Other items (2) 109 116Non-GAAP sales and marketing$78,570 $87,056 Three Months Ended September 30, 2024 2025Reconciliation of Non-GAAP total research and development: Research and development$47,260 $55,607Add: Capitalized internal-use software costs 15,210 15,460Less: Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 10,311 9,887Less: Other items (2) 121 586Non-GAAP total research and development$52,038 $60,594 Three Months Ended September 30, 2024 2025Reconciliation of Non-GAAP general and administrative: General and administrative$48,161 $53,606Less: Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 10,674 16,294Less: Amortization of certain acquired intangibles 483 660Less: Other items (2) 2,376 587Non-GAAP general and administrative$34,628 $36,065 Three Months EndedSeptember 30, 2024 2025 Reconciliation of Free cash flow, Free cash flow excluding interest income on funds held for clients and Adjusted free cash flow excluding interest income on funds held for clients: Net cash provided by operating activities$91,455 $86,456 Capitalized internal-use software costs (15,210) (15,460)Purchases of property and equipment (2,328) (3,797)Free cash flow$73,917 $67,199 Less: Interest income on funds held for clients (29,851) (29,314)Free cash flow excluding interest income on funds held for clients$44,066 $37,885 Cash paid for other items (4) 1,465 1,381 Adjusted free cash flow excluding interest income on funds held for clients$45,531 $39,266 (1) Represents acquisition-related costs and severance cost adjustments related to certain roles that have been eliminated. We exclude one-off severance costs that we incur as part of the normal course of our business operations. (2) Represents acquisition and transaction-related costs and severance costs related to certain roles that have been eliminated. We exclude one-off severance costs that we incur as part of the normal course of our business operations. (3) 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, which include acquisition and transaction-related costs and severance costs related to certain roles that have been eliminated. We exclude one-off severance costs that we incur as part of the normal course of our business operations. (4) Represents cash paid for acquisition and transaction-related costs and severance costs related to certain roles that have been eliminated. Definitions of our Non-GAAP Measures Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Excluding Interest Income on Funds Held for Clients, and Adjusted EBITDA Excluding Interest Income on Funds Held for Clients Margin Adjusted EBITDA is calculated as net income before interest expense, income tax expense, and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described above in this release. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenues. Adjusted EBITDA excluding interest income on funds held for clients is calculated in the same manner as Adjusted EBITDA and is further adjusted to eliminate interest income on funds held for clients. Adjusted EBITDA excluding interest income on funds held for clients margin is Adjusted EBITDA excluding interest income on funds held for clients divided by recurring and other revenue. Adjusted Gross Profit and Adjusted Gross Profit Margin Adjusted gross profit is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of capitalized internal-use software costs and certain acquired intangibles and other items as described above in this release. Adjusted gross profit margin is calculated as adjusted gross profit as described in the preceding sentence divided by total revenues. Non-GAAP Operating Income, Non-GAAP Net Income, and Non-GAAP Income Per Share Non-GAAP operating income is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and other items as described above in this release. Non-GAAP net income and non-GAAP net income per share are adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and other items as described above in this release, including the income tax effect on these items. Non-GAAP Sales and Marketing Expense, Non-GAAP Sales and Marketing Expense Margin, Non-GAAP Total Research and Development, Non-GAAP Total Research and Development Margin, Non-GAAP General and Administrative Expense, and Non-GAAP General and Administrative Expense Margin Non-GAAP sales and marketing expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described above in this release. Non-GAAP sales and marketing margin is calculated by dividing non-GAAP sales and marketing by total revenues. Non-GAAP total research and development is adjusted for capitalized internal-use software costs paid and to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described above in this release. Non-GAAP total research and development margin is calculated by dividing non-GAAP total research and development by total revenues. Non-GAAP general and administrative expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of certain acquired intangibles and other items as described above in this release. Non-GAAP general and administrative margin is calculated by dividing non-GAAP general and administrative expense by total revenues. Free Cash Flow, Free Cash Flow Margin, Free Cash Flow Excluding Interest on Funds Held for Clients, Free Cash Flow Excluding Interest on Funds Held for Clients Margin, Adjusted Free Cash Flow Excluding Interest Income on Funds Held for Clients and Adjusted Free Cash Flow Excluding Interest Income on Funds Held for Clients Margin Free cash flow is defined as net cash provided by operating activities less capitalized internal-use software costs and purchases of property and equipment. Free cash flow margin is calculated by dividing free cash flow by total revenues. Free cash flow excluding interest income on funds held for clients is defined in the same manner as free cash flow but also excludes interest income on funds held for clients. Free cash flow margin excluding interest income on funds held for clients is calculated by dividing free cash flow excluding interest income on funds held for clients by recurring and other revenue. Adjusted free cash flow excluding interest income on funds held for clients is defined in the same manner as free cash flow excluding interest income on funds held for clients plus cash paid for other items as described above in this release. Adjusted free cash flow margin excluding interest income on funds held for clients is calculated by dividing adjusted free cash flow excluding interest income on funds held for clients by recurring and other revenue.

Paylocity Announces First Quarter Fiscal Year 2026 Financial Results

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