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Paylocity lifts FY'16 guidance

PaylocityHolding Corp. raised its guidance for fiscal year 2016, saying itnow projects non-GAAP net income to be between $13.6 million and $14.6 million,or 25 cents per share and 27 cents per share.

The S&P Capital IQ consensus normalized EPS estimate forthe fiscal year ending June 30 is 21 cents.

Paylocity had earlier guided to non-GAAP net income of $9.5 million to$10.5 million, or 18 cents per share to 19 cents per share.

For fiscal year 2016, the company now expects total revenueto range between $227.9 million and $228.9 million, compared to previousguidance of $223.0 million to $225.0 million. Adjusted EBITDA is now expectedto be between $26.1 million and $27.1 million, versus the earlier range of$22.0 million to $23.0 million.

The company also issued guidance for the fiscal fourthquarter, saying it expects to report a non-GAAP net loss of $1.7 million to$2.7 million, or 3 cents per share to 5 cents per share, for the quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter is a loss of 4 cents.

Total revenue for the fiscal fourth quarter is expected tobe in the range of $57.0 million to $58.0 million, while adjusted EBITDA is expectedto be between $1.0 million and $2.0 million.

Paylocity reported non-GAAP net income of $11.3 million, or21 cents per share, for the quarter ended March 31, up from $5.6 million, or 11cents per share, for the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 14 cents.