Boston, MA 08/15/2014 (wallstreetpr) – Provider of cloud-based payroll and human capital management Paylocity Holding Corp (NASDAQ:PCTY) disclosed that it could achieve 24% growth in clients to reach 8.5K clients at the end of the fiscal year 2014 compared to the last year. The company had also expanded its broker referral channel for providing leads.
CEO Comments
The company’s president and CEO, Steve Beauchamp. said that its broker referral channel expanded to more than one thousand partners, who were assigned the task of providing leads to creating new business. As a result, it could witness 25% more new business revenue during the fiscal year 2014.
The CEO also said that the fourth quarter witnessed 40% uptick in revenue fueled by robust sales execution and retention of best in class revenue. He added that his company had boosted research and development investments in its HCM platform and announced its availability recently.
Outlook
Paylocity Holding Corp (NASDAQ:PCTY) expects total revenue to be $29 – $30 million for the first quarter and projects adjusted net loss of $5 – $4 million or a loss of 10 – 8 cents a share for the same period. On average, Wall Street analysts’ predict the company to report a loss of five cents a share on revenues of $26.71 million.
For the fiscal year 2015, the company predicts an adjusted net loss of $8 – $6 million or a loss of 16 – 12 cents a share on revenues of $139 – $143 million. While the revenue projection is higher than the Street analysts’ estimation of $106.74 million, the company’s loss expectation is wider than the analysts’ predictions of four cents a share.
4Q Results
Paylocity Holding Corp (NASDAQ:PCTY) suffered a net loss of $6.3 million or a loss of $372K in the year-ago quarter. On a Non-GAAP basis, it incurred a net loss of $2.44 million or a loss of five cents a share, wider than a loss of $292K or a loss of one cent a share in the same quarter last year.
The company’s total recurring revenues increased to $27.12 million from $19.23 million in the previous year quarter. The loss per share was in line with the Street analysts’ estimations while revenue came in above their predictions.
