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✪ paylocity Paylocity Announces Third Quarter Fiscal Year 2021 Financial Results May 6 , 2021 • Q3 2021 Recurring & Other Revenue of $ 184.9 million , up 11 % year - over - year • Q3 2021 Total Revenue of $ 186.1 million , up 8 % year - over - year SCHAUMBURG , III . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Paylocity Holding Corporation ( Nasdaq : PCTY ) , a leading provider of cloud - based HR and payroll software solutions , today announced financial results for the third quarter of fiscal year 2021 , which ended March 31 , 2021 . " Despite the continued challenges of the COVID - 19 pandemic , we had a strong third quarter , with 11 % growth in recurring & other revenue . Our sales team had a strong selling season as they continue to execute well in a digital selling environment , while we also remain optimistic about the potential to return to a more normalized sales environment as state restrictions ease gradually across the U.S. From a product perspective , our sustained investment in R & D continues to help us differentiate in the marketplace , as we recently announced the release of our Modern Workforce Index or MWI , a proprietary algorithm that analyzes , scores , and tracks a company's progress in delivering more efficient HR processes to employees . We leverage the data we have from more than 25,000 clients on our platform to deliver best practices that can improve a client's MWI score and increase employee engagement , " said Steve Beauchamp , Chief Executive Officer of Paylocity . Third Quarter Fiscal 2021 Financial Highlights Revenue : • Total revenue was $ 186.1 million , an increase of 8 % from the third quarter of fiscal year 2020 . • Recurring & other revenue was $ 184.9 million , representing 99 % of total revenue and an increase of 11 % from the third quarter of fiscal year 2020 . Operating Income : • GAAP operating income was $ 39.1 million and Non - GAAP operating income was $ 57.0 million in the third quarter of fiscal year 2021 . Net Income : • GAAP net income was $ 36.8 million or $ 0.65 per share for the three months ended March 31 , 2021 based on 56.4 million diluted weighted average common shares outstanding . Adjusted EBITDA : Adjusted EBITDA , a non - GAAP measure , was $ 66.9 million in the third quarter of fiscal year 2021 . Balance Sheet and Cash Flow : ● • Cash , cash equivalents and invested corporate cash totaled $ 182.3 million as of the end of the quarter . • Cash flow from operations for the third quarter of fiscal year 2021 was $ 66.1 million compared to $ 50.7 million for the third quarter of fiscal year 2020 . A reconciliation of GAAP to non - GAAP financial measures has been provided in this press release , including the accompanying tables . An explanation of these measures is also included below under the heading " Non - GAAP Financial Measures . " Business Outlook Based on information available as of May 6 , 2021 , Paylocity is issuing guidance for the fourth quarter and full fiscal year 2021 as indicated below . Fourth Quarter 2021 : • Total revenue is expected to be in the range of $ 159.5 million to $ 163.5 million , which represents approximately 22 % 25 % growth over fiscal 2020 fourth quarter revenue . • Adjusted EBITDA , a non - GAAP measure , is expected to be in the range of $ 31.5 million to $ 34.5 million . Fiscal Year 2021 :