Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), an $11.35 billion provider of cloud-based payroll and human capital management software solutions, announced the results of its recent annual meeting held on Thursday.
The company, which is headquartered in Schaumburg, Illinois and maintains impressive gross profit margins of 68.7%, confirmed the election of its board of directors and the ratification of KPMG LLP as its independent registered public accounting firm for the fiscal year ending June 30, 2025. According to InvestingPro analysis, Paylocity demonstrates great financial health with strong cash flows and solid balance sheet metrics.
During the annual meeting, a significant majority of shareholders cast their votes. Of the 55,746,768 shares entitled to vote, 53,729,287 shares were represented in person or by proxy, marking a 96.4% turnout. The election of directors saw each nominee receive a substantial number of votes for their appointment.
The directors elected are Steven R. Beauchamp, Linda M. Breard, Virginia G. Breen, Craig A. Conway, Robin L. Pederson, Andres D. Reiner, Kenneth B. Robinson, Steven I. Sarowitz, Ronald V. Waters (NYSE:WAT) III, and Toby J. Williams. These directors will oversee a company that has achieved 16.9% revenue growth over the past year, with revenue reaching $1.45 billion.
In addition to the election of directors, shareholders voted overwhelmingly in favor of ratifying KPMG LLP as the company's independent auditor, with 53,434,647 votes for, 279,535 against, and 15,105 abstaining.
The advisory vote on the compensation of Paylocity's named executive officers also passed, with 48,411,725 votes for, 2,240,828 against, and 21,642 abstentions, indicating shareholder approval of the company's executive compensation approach.
The results of the annual meeting are based on a press release statement and confirm the company's leadership and financial oversight for the upcoming fiscal year. Paylocity, listed on the NASDAQ Global Select Market, continues to position itself in the competitive prepackaged software industry with this affirmation of its corporate governance and accounting practices. The company's stock has shown strong momentum with a 47.5% return over the past six months. InvestingPro subscribers can access detailed valuation metrics, 15+ additional ProTips, and a comprehensive Pro Research Report that provides deep insights into Paylocity's financial position and growth prospects.
In other recent news, Paylocity Holding Corporation has been making significant strides. The company has reported robust financial results for the first quarter of fiscal year 2025, with total revenue reaching $363 million, marking a 14.3% increase compared to the same period last year. This growth was attributed to ongoing innovation and a unique value proposition in the human capital management (HCM) software solutions market.
Additionally, Paylocity has raised its full-year revenue guidance following the acquisition of Airbase and the launch of its AI Assistant. The company projects fiscal year 2025 recurring and other revenue to be between $1.427 and $1.442 billion.
In other developments, TD Cowen, a financial services firm, has updated its outlook on Paylocity. The firm's analyst has increased the price target for Paylocity's shares to $235 from the previous target of $208, maintaining a Buy rating on the stock. This adjustment reflects the latest federal funds rate expectations and considerations for the company's forthcoming second-quarter financial report.
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