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Update: Paylocity's Q2 Indicates That Growth Acceleration Should Be Near

Paylocity Holding Corp (PCTY) continues to put out huge numbers and continues to confirm my long-term bull thesis. Shares are up 60% since initiation of coverage and have been up as much as 100% at 52-week highs. PCTY reported yet another strong quarter in which it showed further consistency in its model, further demand, and further stickiness as its retention figures remained at all-time highs.

PCTY posted 44% FQ2 Y/Y revenue growth, recurring revenue growth of 44% Y/Y - this is to be expected as PCTY's model is subscription based, total revenues were comprised of 95% recurring revenues, and a C&CE balance of $89.5 million inclusive of funds raised in a follow-on offering in mid-December.

With "business as usual" continuing to take place, I see no reason to change my long-term bull thesis and I may actually be more bullish now than I ever have been since owning… Read More …