Paylocity Holding Corp 2024年度报告

Message fromOur Presidentand Chief Executive Officer In fiscal 2025, Paylocity delivered significant growth at scale. Our recurring and other revenuewas $1.5B, a 15% year-over-year increase, and our total revenue was $1.6B, a 14% year-over-yearincrease, as our focus on providing the most complete platform for the modern workforce continuedto differentiate us from competitors and resonate with clients and prospects. We also increasedprofitability in fiscal 2025, with adjusted EBITDA of $583.0M or 36.5% margin, adjusted EBITDAexcluding interest income on funds held for clients of $459.6M or 31.2% margin, free cash flow of$342.8M or 21.5% margin, and free cash flow excluding interest income on funds held for clients of$219.3M or 14.9% margin.* Our focus on innovation and operational excellence with a client-centered approach haspositioned us for sustained success in a rapidly changing world of work. This year we deliveredcontinued innovation and expanded our HCM suite, while also broadening our platform with spendmanagement capabilities to better serve HR and finance leaders — increasing Paylocity’s totaladdressable market beyond HCM and further into the Office of the CFO. Fiscal 2025 also marked key product milestones that are pivotal to driving our strategy as the mostmodern platform provider in the industry. We introduced the Paylocity AI Assistant to simplify HRtasks with real-time conversational support; launched enhancements to our Recruiting platformto streamline hiring and improve candidate quality; and unveiled Benefits Decision Support toguide employees through personalized benefits enrollment. And in spend management, Paylocityfor Finance (formerly known as Airbase by Paylocity) was recognized as a Visionary in the 2025Gartner® Magic Quadrant™ for Accounts Payable Applications, validating the strength of ourfinance solutions. We also continue to invest in our go-to-market initiatives, expanding our sales force, strengtheningreferral channels, and further growing our brand presence. These efforts contributed to a 7% increasein our client base, ending fiscal 2025 with 41,650 clients. We also maintained revenue retention ofgreater than 92%, which is a testament to the strength of our client service and the strategic valuewe deliver. Looking ahead, we see significant opportunities to extend our market leadership. Companiesincreasingly demand unified business platforms that can adapt to the shifting needs of the modernworkforce while helping to drive business results. With ongoing investments in our market-leadingproduct innovation and world-class client service, Paylocity is well positioned to deliver lasting valueto our clients, growth in our business, and opportunity for our employees. Thank you to our employees, clients, and partners for your trust and collaboration. We remaincommitted to moving forward together — shaping the future of work with vision and purpose. Toby WilliamsPresident and Chief Executive Officer Fiscal Year 2025 Highlights Innovation A Modern Platform thatEvolves with Your Business We deliver first-to-market innovations that solve complex challenges and drive business outcomes forour more than 41,650 clients. Building on our award-winning HCM suite, we’re unifying work acrossHR and finance so organizations can stop piecing things together and start moving forward faster.With a focus on the future, our solutions push the boundaries of traditional HR and finance technologyto streamline processes, boost efficiency, simplify spend management, and deliver seamless, intuitiveexperiences to make leaders, administrators, and employees more productive. Single Platform with Flexible DataThe foundation of our platform is a single employee system of record, with end-to-end HR and finance capabilities that ensure efficiency and compliance across the employee lifecycle. We also make it easyto connect Paylocity with other business systems through hundreds of integrations with benefits, 401(k),and other providers with open APIs. This comprehensive platform serves as a single pane of glass,empowering HR and finance leaders to consolidate data and gain a holistic view of their business. Insights, Recommendations, and AIStandard reporting for compliance meets the needs of some companies, but we takeit a step further. AI is woven intentionallythroughout our platform to deliver valueevery day with intelligent automation,tailored insights, and embeddedexperiences that provide real-timeguidance to administrators and employees. Employee ExperienceWhen employees feel engaged, they’re more likely to stay — and to do their bestwork. Paylocity offers tools like native video,collaboration, recognition and rewards,chat, and automated surveys that enableemployers to engage with and retain theirtop talent. Unmatched Client ServiceWe build deep, long-lasting partnerships with clients. From initial implementation toongoing service, we have a track record ofgoing beyond the transactional to movec