Paylocity holding corporation (PCTY)
CashFlow / Yearly
Jun'19Jun'18Jun'17Jun'16Jun'15Jun'14Jun'13Jun'12
Cash flows from operating activities:
Net income

53,823

38,598

6,718

-3,851

-13,972

-7,110

617

1,688

Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense

38,765

30,354

26,734

17,563

13,169

4,929

523

203

Depreciation and amortization expense

34,564

30,202

21,027

13,873

8,609

6,336

5,571

4,624

Deferred income tax expense

4,134

-21,870

152

150

91

341

-822

838

Provision for doubtful accounts

283

296

113

159

90

62

60

60

Net accretion of discounts and amortization of premiums on available-for-sale securities

2,230

443

-

-

-

-

-

-

Net realized losses on sales of available-for-sale securities

-

2

-

-

-

-

-

-

Loss on disposal of equipment

-454

-227

-253

-712

-256

-98

-

-

Changes in operating assets and liabilities:
Accounts receivable

1,188

1,494

472

725

449

78

295

-287

Deferred contract costs

34,992

-

-

-

-

-

-

-

Prepaid expenses and other

-389

2,141

2,074

3,270

1,754

1,132

1,061

247

Accounts payable

-75

740

219

72

-186

465

138

102

Accrued expenses

13,625

11,641

6,465

8,310

5,251

3,288

1,497

1,009

Tenant improvement allowance

-7,480

-11,754

-2,845

-

-

-

-

-

Net cash provided by operating activities

115,032

97,866

61,980

32,993

11,105

7,199

6,228

8,564

Cash flows from investing activities:
Purchases of available-for-sale securities and other

250,685

196,597

-

-

-

-

-

-

Proceeds from sales and maturities of available-for-sale securities

246,243

73,044

-

-

-

-

-

-

Net change in funds held for clients' cash and cash equivalents

-

-

-

-648,403

173,958

61,356

92,650

-35,724

Capitalized internal-use software costs

20,142

15,638

13,641

8,391

4,215

4,349

1,967

3,716

Purchases of property and equipment

11,280

21,676

21,338

16,083

9,020

6,667

3,987

3,446

Lease allowances used for tenant improvements

7,480

11,754

2,845

-

-

-

-

-

Acquisition of business, net of cash and funds held for clients' cash and cash equivalents

-

6,658

-

483

11,979

6,450

-

-

Net cash used in investing activities

-43,344

-179,279

-37,824

-673,360

-199,172

-78,822

-98,604

28,562

Net change in client fund obligations

-168,855

-281,467

297,163

-648,403

-173,958

-61,356

-92,650

35,724

Payment of contingent consideration

1,000

-

-

-

-

-

-

-

Repurchases of common shares

34,991

-

-

-

-

-

162

27,371

Principal payments on long-term debt

-

-

-

-

-

1,563

1,625

312

Proceeds from initial public offering, net of issuance costs

-

-

-

-

-

82,032

-

-

Proceeds from follow-on offering, net of issuance costs

-

-

-

-

18,367

-

-

-

Payments on initial public offering costs

-

-

-

-

75

-

-

-

Capital contribution

-

-

-

-

-

1,052

-

-

Proceeds from issuance of Redeemable Convertible Preferred Series B Shares

-

-

-

-

-

-

-

27,234

Proceeds from exercise of stock options

85

-

34

137

247

-

76

88

Proceeds from employee stock purchase plan

5,982

4,304

3,677

2,991

1,773

-

-

-

Taxes paid related to net share settlement of equity awards

24,207

10,554

11,342

5,926

3,793

-

-

-

Excess tax benefits from stock-based compensation

-

-

447

-

-

-

-

-

Net cash provided by financing activities

114,724

275,217

-304,347

645,605

190,477

142,877

90,939

-36,085

Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents

186,412

193,804

-280,191

5,238

2,410

71,254

-1,437

1,041

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Build-out allowances received from landlords

1,264

1,956

-

1,888

-

1,162

325

333

Purchases of property and equipment, accrued but not paid

4,260

659

667

607

210

896

27

392

Unpaid initial offering costs

-

-

-

-

-

75

-

-

Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes

412

-53

28

3

162

106

69

7

Cash paid for interest

-

-

-

-

-

70

385

161