Paylocity Holding Corporation

Good day, and thank you for standing by. Welcome to Paylocity's Holdings Corporation's first quarter 2025 fiscal year results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised, today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ryan Glenn, Chief Financial Officer. Please go ahead.

Good afternoon, and welcome to Paylocity's earnings results call for the first quarter of fiscal 25, which ended on September 30, 2024. I'm Ryan Glenn, Chief Financial Officer, and joining me on the call today are Steve Beauchamp, Executive Chairman, and Toby Williams, President and CEO of Paylocity. Today, we will be discussing the results announced in our press release issued after the market closed. A webcast replay of this call will be available for the next 45 days on our website under the Investor Relations tab. Before beginning, we must caution you that today's remarks, including statements made during the question and answer session, contain forward-looking statements. These statements are subject to numerous important factors, risks, and uncertainties, which could cause actual results to differ from the results implied by these or other forward-looking statements. Also, these statements are based solely on the present information and are subject to risks and uncertainties that can cause actual results to differ materially from those projected in the forward-looking statements. For additional information, please refer to our filings with the Securities and Exchange Commission for the risk factors contained therein and other disclosures. We do not undertake any duty to update any forward-looking statements. Also, during the course of today's call, we will refer to certain non-GAAP financial measures. We believe that non-GAAP measures are more representative of how we internally measure the business and there is a reconciliation schedule detailing these results currently available in our press release, which is located on our website at paylocity.com under the Investor Relations tab and filed with the Securities and Exchange Commission. Please note that we are unable to reconcile any forward-looking non-GAAP financial measure to the directly comparable GAAP financial measure because information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort. In regard to our upcoming conference schedule, I will attend the Needham Virtual SAS One-on-One Conference on November 21st. the Cowen Virtual Human Capital Management Summit on December 9th, and the Barclays Global Technology Conference in San Francisco on December 12th. And Toby will attend the Needham Growth Conference in New York on January 14th. Please let me know if you'd like to schedule time with us at any of these events. With that, let me turn the call over to Steve.

Thank you, Ryan, and thanks to all of you for joining us on our first quarter fiscal 25 earnings call. We started off fiscal 25 with strong financial results with recurring and other revenue growth of 14.2%. as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace. Total revenue was 363 million, or 14.3% growth over Q1 of last year. Our growth continues to be fueled by our ongoing commitment to driving innovation and providing the most modern software platform in the industry, highlighted by our recent acquisition of Airbase, a modern finance and spend management software solution that combines bill pay, accounts payable automation, expense management, corporate cards, and procurement capabilities. The integration of Airbase's finance solutions within our existing HCM platform will allow our clients to manage all payroll and non-payroll spend through a single pane of glass, allowing for real-time visibility, faster financial close, improved planning, and stronger financial controls. Our innovation also continues to be recognized by third parties, as Paylocity was recently named an overall leader in 10 HCM product categories in G2's fall 2024 grid reports, marking 24 straight quarters of leading the HCMPAC. I would now like to pass the call to Toby to provide further color on the quarter.