Paylocity holding corporation (PCTY)
CashFlow / TTM
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

69,746

57,640

57,877

53,823

42,029

53,180

47,907

38,598

36,307

11,931

9,829

6,718

5,150

-3,490

-2,984

-3,851

-2,868

-7,277

-12,532

-13,972

-16,247

-16,849

-11,941

-7,110

0

0

0

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

44,276

44,073

41,402

38,765

37,300

35,454

33,173

30,354

29,930

28,710

27,527

26,734

23,046

21,519

19,664

17,563

15,709

14,524

13,598

13,169

13,887

11,717

8,031

4,929

0

0

0

Depreciation and amortization expense

37,183

36,024

35,265

34,564

34,775

33,565

31,761

30,202

26,982

25,362

23,432

21,027

18,683

16,821

15,422

13,873

12,239

10,604

9,397

8,609

8,037

7,572

6,876

6,336

0

0

0

Deferred income tax expense

1,094

1,773

2,512

4,134

1,317

-25,916

-27,716

-21,870

-18,578

-43

111

152

164

101

144

150

145

203

155

91

458

1,619

722

341

0

0

0

Provision for doubtful accounts

-

-

-

283

367

332

322

296

215

129

120

113

116

144

131

159

91

94

73

90

72

127

89

62

0

0

0

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

2,296

2,389

2,308

2,230

1,816

1,195

742

443

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of equipment

-386

-347

-298

-454

-466

-478

-437

-227

-188

-262

-256

-253

-636

-641

-674

-712

-512

-382

-292

-256

0

0

0

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

919

315

1,167

1,188

2,120

1,645

534

1,494

1,207

801

928

472

568

743

560

725

746

532

602

449

351

473

69

78

0

0

0

Deferred contract costs

47,462

43,270

37,810

34,992

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses and other

-1,942

-527

-1,153

-389

1,948

3,089

2,689

2,141

1,950

1,336

3,668

2,074

2,003

1,534

1,342

3,270

2,781

2,452

2,025

1,754

1,545

610

805

1,132

0

0

0

Accounts payable

192

39

379

-75

907

975

426

740

793

85

33

219

533

-535

24

72

-1,151

-230

192

-186

-123

384

48

465

0

0

0

Accrued expenses and other

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses

-

-

-

-

-

-

-

11,641

6,743

7,801

7,195

6,465

1,504

4,645

725

8,310

8,821

5,754

5,735

5,251

4,992

3,529

3,622

3,288

0

0

0

Tenant improvement allowance

-

-

-

-

-

-

-

-11,754

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

122,668

116,814

115,953

115,032

107,682

97,994

97,007

97,866

87,988

80,758

68,300

61,980

47,261

37,569

31,898

32,993

29,971

21,070

14,283

11,105

9,323

7,156

6,701

7,199

0

0

0

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

440,654

387,582

238,499

250,685

280,906

218,443

213,560

196,597

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

335,728

282,144

234,951

246,243

183,058

138,742

129,069

73,044

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

0

-112,510

-

-1,410,879

-793,170

-131,122

-648,403

691,360

24,998

110,387

173,958

189,893

366,376

140,666

61,356

0

0

0

Capitalized internal-use software costs

24,649

22,856

21,855

20,142

18,902

17,917

16,888

15,638

15,010

14,508

14,505

13,641

12,657

10,895

9,235

8,391

7,478

6,411

5,346

4,215

3,974

4,069

4,237

4,349

0

0

0

Purchases of property and equipment

16,237

16,146

16,885

11,280

21,923

21,210

21,411

21,676

16,796

19,298

21,079

21,338

18,253

19,256

17,447

16,083

14,435

11,720

8,109

9,020

8,044

8,045

7,754

6,667

0

0

0

Lease allowances used for tenant improvements

-

-

-

-

-

-

-

11,754

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

483

9,477

9,577

9,777

11,979

0

0

0

-

-

-

-

Net cash used in investing activities

-152,508

-151,669

-49,768

-43,344

-144,125

199,539

-198,737

-179,279

-192,449

-592,858

-507,991

-37,824

221,725

-239,785

-255,318

-673,360

-722,750

-52,706

-133,619

-199,172

-211,346

-387,525

-161,492

-78,822

0

0

0

Net change in client fund obligations

-6,867

-586,521

13,629

-168,855

-374,787

88,617

-224,479

-281,467

-175,493

-253,231

-171,041

297,163

252,635

-209,334

-228,336

-648,403

-691,360

-24,998

-110,387

-173,958

-189,893

-366,376

-140,666

-61,356

0

0

0

Repurchases of common shares

-

-

-

34,991

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on long-term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,563

0

0

0

Payments on initial public offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

75

0

0

0

-

-

-

-

Proceeds from exercise of stock options

-

-

-

85

0

0

0

-

-

-

-

-

-

-

-

137

137

203

318

247

0

0

0

-

-

-

-

Taxes paid related to net share settlement of equity awards

35,594

31,283

31,076

24,207

23,243

21,735

21,964

10,554

14,187

13,904

13,270

11,342

8,019

7,296

8,600

5,926

0

0

0

-

-

-

-

-

-

-

-

Payment of debt issuance costs

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-23,283

560,682

-40,704

114,724

321,721

-140,175

172,225

275,217

165,686

243,707

161,929

-304,347

-257,243

205,449

222,727

645,605

689,259

21,180

125,184

190,477

206,306

467,020

222,335

142,877

0

0

0

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

-53,123

525,827

25,481

186,412

285,278

157,358

70,495

193,804

61,225

-268,393

-277,762

-280,191

11,743

3,233

-693

5,238

-3,520

-10,456

5,848

2,410

4,283

86,651

67,544

71,254

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,888

0

0

0

-

-

-

-

-

-

-

-

Purchases of property and equipment, accrued but not paid

-

-

4,445

4,260

1,356

429

-2,594

659

1,785

-1,023

3,203

667

1,638

1,248

1,543

607

192

375

567

210

813

1,503

1,314

896

0

0

0

Repurchases of common shares, accrued but not paid

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes

61

74

72

412

305

244

245

-53

4

62

65

28

24

7

3

3

154

158

176

162

-68

-63

-87

106

0

0

0

Cash paid for interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

70

0

0

0