Strong Revenue Growth
Total revenue for Q1 was $408.2 million, an increase of 12% over the previous year, with recurring and other revenue up 14%.
AI-Driven Platform Success
The launch of Paylocity for Finance and the next generation AI assistant contributed to strong financial results and positive market reception.
Increased Financial Targets
Long-term financial targets were raised, including a revenue target from $2 billion to $3 billion and adjusted EBITDA margin target from 35%-40% to 40%-45%.
Improved Profitability
Adjusted EBITDA for Q1 was $146.4 million, exceeding the top end of guidance by $11.4 million, with a margin of 35.9%.
Broker Channel Success
Broker channel delivered more than 25% of new business in Q1, driven by strong partnerships and a modern platform.