Paylocity holding corporation (PCTY)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13
Cash flows from operating activities:
Net income

40,132

5,467

13,906

10,241

28,026

5,704

9,852

-1,553

39,177

431

543

-3,844

14,801

-1,671

-2,568

-5,412

6,161

-1,165

-3,435

-4,429

1,752

-6,420

-4,875

-6,704

1,150

-1,512

-44

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

9,516

12,770

12,062

9,928

9,313

10,099

9,425

8,463

7,467

7,818

6,606

8,039

6,247

6,635

5,813

4,351

4,720

4,780

3,712

2,497

3,535

3,854

3,283

3,215

1,365

168

181

Depreciation and amortization expense

9,571

9,328

8,933

9,351

8,412

8,569

8,232

9,562

7,202

6,765

6,673

6,342

5,582

4,835

4,268

3,998

3,720

3,436

2,719

2,364

2,085

2,229

1,931

1,792

1,620

1,533

1,391

Deferred income tax expense

8,044

931

-7,431

-450

8,723

1,670

-5,809

-3,267

-18,510

-130

37

25

25

24

78

37

-38

67

84

32

20

19

20

399

1,181

-878

-361

Provision for doubtful accounts

-

-

-

63

108

82

30

147

73

72

4

66

-13

63

-3

69

15

50

25

1

18

29

42

-17

73

-9

15

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

621

567

485

623

714

486

407

209

93

33

108

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

40

40

33

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of equipment

-81

-165

-85

-55

-42

-116

-241

-67

-54

-75

-31

-28

-128

-69

-28

-411

-133

-102

-66

-211

-3

-12

-30

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

1,582

505

-452

-716

978

1,357

-431

216

503

246

529

-71

97

373

73

25

272

190

238

46

58

260

85

-52

180

-144

94

Deferred contract costs

15,395

12,447

9,987

9,633

11,203

6,987

7,169

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other

705

-862

89

-1,874

2,120

-1,488

853

463

3,261

-1,888

305

272

2,647

444

-1,289

201

2,178

252

639

-288

1,849

-175

368

-497

914

20

695

Accounts payable

602

222

39

-671

449

562

-415

311

517

13

-101

364

-191

-39

85

678

-1,259

520

133

-545

-338

942

-245

-482

169

606

172

Accrued expenses and other

865

11,484

-9,253

-

4,272

7,241

-6,214

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses

-

-

-

-

-

-

-

9,879

3,052

5,014

-6,304

4,981

4,110

4,408

-7,034

20

7,251

488

551

531

4,184

469

67

272

2,721

562

-267

Tenant improvement allowance

-

-

-

-

-

-

-

-5,802

0

-4,296

-1,656

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

50,717

27,813

8,265

35,873

44,863

26,952

7,344

28,523

35,175

25,965

8,203

18,645

27,945

13,507

1,883

3,926

18,253

7,836

2,978

904

9,352

1,049

-200

-878

7,185

594

298

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

146,393

190,329

63,621

40,311

93,321

41,246

75,807

70,532

30,858

36,363

58,844

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

126,011

79,626

45,154

84,937

72,427

32,433

56,446

21,752

28,111

22,760

421

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-390,079

59,001

-

-77,870

-321,523

468,674

-1,480,160

539,839

340,525

-48,607

-140,397

-126,523

425,914

14,964

-124,462

49,960

200,204

-64,346

Capitalized internal-use software costs

7,074

5,425

6,714

5,436

5,281

4,424

5,001

4,196

4,296

3,395

3,751

3,568

3,794

3,392

2,887

2,584

2,032

1,732

2,043

1,671

965

667

912

1,430

1,060

835

1,024

Purchases of property and equipment

2,180

4,365

8,033

1,659

2,089

5,104

2,428

12,302

1,376

5,305

2,693

7,422

3,878

7,086

2,952

4,337

4,881

5,277

1,588

2,689

2,166

1,666

2,499

1,713

2,167

1,375

1,412

Lease allowances used for tenant improvements

-

-

-

-

-

-

-

4,668

1,134

4,486

1,466

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

300

0

183

8,994

400

200

2,385

-

-

-

-

Net cash used in investing activities

-29,636

-120,493

-33,214

30,835

-28,797

-18,592

-26,790

-69,946

314,867

-416,868

-7,332

-83,116

-85,542

-332,001

462,835

176,433

-547,052

-347,534

44,793

127,043

122,992

-428,447

-20,760

114,869

-53,187

-202,414

61,910

Net change in client fund obligations

116,118

-690,767

239,942

327,840

-463,536

-90,617

57,458

121,908

-132

-403,713

470

227,882

-77,870

-321,523

468,674

183,354

-539,839

-340,525

48,607

140,397

126,523

-425,914

-14,964

124,462

-49,960

-200,204

64,346

Repurchases of common shares

-

-

-

0

0

312

34,679

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,250

156

157

Payments on initial public offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

75

-

-

-

-

Proceeds from exercise of stock options

-

-

-

0

0

0

85

-

-

-

-

-

-

-

-

0

0

0

137

0

66

115

66

-

-

-

-

Taxes paid related to net share settlement of equity awards

7,182

1,205

24,749

2,458

2,871

998

17,880

1,494

1,363

1,227

6,470

5,127

1,080

593

4,542

1,804

357

1,897

1,868

-

-

-

-

-

-

-

-

Payment of debt issuance costs

0

6

669

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-123,300

693,517

-265,360

-328,140

460,665

92,131

-109,932

-121,143

-1,231

404,531

-6,940

-230,674

76,790

322,753

-473,216

-183,570

539,482

340,031

-50,338

-139,916

-128,597

444,035

14,955

-124,087

132,117

199,350

-64,503

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

-102,219

600,837

-290,309

-261,432

476,731

100,491

-129,378

-162,566

348,811

13,628

-6,069

-295,145

19,193

4,259

-8,498

-3,211

10,683

333

-2,567

-11,969

3,747

16,637

-6,005

-10,096

86,115

-2,470

-2,295

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,833

-320

375

-

-

-

-

-

-

-

-

Purchases of property and equipment, accrued but not paid

-

-

1,249

731

3,277

-812

1,064

-2,173

2,350

-3,835

4,317

-1,047

-458

391

1,781

-76

-848

686

845

-491

-665

878

488

112

25

689

70

Repurchases of common shares, accrued but not paid

-

-

-

-

-

-

313

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes

5

8

11

37

18

6

351

-70

-43

7

53

-13

15

10

16

-17

-2

6

16

134

2

24

2

-96

7

0

195

Cash paid for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

22

23

25