Cover
| Cover | 12 Months Ended |
| Jun. 30, 2023 | |
| Document Information [Line Items] | |
| Document Type | PRE 14A |
| Amendment Flag | false |
| Entity Information [Line Items] | |
| Entity Registrant Name | Paylocity Holding Corporation |
| Entity Central Index Key | 0001591698 |
Pay vs Performance Disclosure
| Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
| Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Pay vs Performance Disclosure | |||
| Pay vs Performance Disclosure, Table | The following table provides information regarding the relationship between executive compensation for our principal executive officers ("PEOs") and our other named executive officers ("non-PEO NEOs") and Company performance as required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K for the fiscal years ended June 30, 2023, 2022 and 2021. Value of initial fixed $100 investment based on: Fiscal Summary Compensation Table Total for PEO Beauchamp (1) Summary Compensation Table Total for PEO Williams (1) Compensation Actually Paid to PEO Beauchamp (2) Compensation Actually Paid to PEO Williams (2) Average Summary Compensation Table Total for Non-PEO NEOs (3) Average Compensation Actually Paid to Non-PEO NEOs (2)(3) Total Shareholder Return (4) Peer Group Total Shareholder Return (5) Net Income Recurring and Other Revenue 2023 $21,583,365 $21,672,572 $20,565,161 $16,000,336 $5,495,940 $4,271,028 $126.49 $119.86 $140.8 $1,098.0 2022 $15,292,725 $8,422,470 $11,093,807 $7,958,073 $7,666,070 $3,705,009 $119.56 $99.81 $90.8 $847.7 2021 $14,980,789 $— $26,967,690 $— $4,745,488 $8,479,678 $130.78 $153.99 $70.8 $631.7 | ||
| Named Executive Officers, Footnote | Mr. Beauchamp was a PEO for all fiscal years presented, and Mr. Williams was a PEO for fiscal 2023 and 2022. | ||
| Adjustment To PEO Compensation, Footnote | The reconciliation of the amount of PEO and Average Non-PEO Summary Compensation Table totals to Compensation Actually Paid ("CAP") is summarized in the following table: 2023 2022 2021 PEO Beauchamp PEO Average Non - PEO NEOs PEO Beauchamp PEO Average Non - PEO NEOs PEO Beauchamp Average Non - PEO NEOs Summary Compensation Table Total $21,583,365 $21,672,572 $5,495,940 $15,292,725 $8,422,470 $7,666,070 $14,980,789 $4,745,488 Adjustments Equity Awards $(19,975,163) $(19,975,163) $(4,658,442) $(13,853,776) $(7,301,187) $(6,873,897) $(13,555,625) $(3,953,324) Fair Value of Equity Awards Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year $10,048,059 $10,048,059 $2,586,683 $8,826,708 $5,286,300 $2,786,294 $13,448,885 $4,221,777 Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Prior Year* $(774,129) $(62,324) $34,758 $(2,671,264) $(970,465) $(562,286) $13,394,227 $3,882,932 Change in Fair Value of Prior Year Equity Awards Vested in the Covered Year $8,566,579 $3,200,742 $426,904 $3,499,414 $2,520,955 $688,828 $(1,300,586) $(417,195) Fair Value on Vesting Date of Equity Awards Granted and Vested in the Covered Year $1,116,450 $1,116,450 $385,185 $— $— $— $— $— Total Adjustments for Fair Value of Equity Awards* $(1,018,204) $(5,672,236) $(1,224,912) $(4,198,918) $(464,397) $(3,961,061) $11,986,901 $3,734,190 Compensation Actually Paid $20,565,161 $16,000,336 $4,271,028 $11,093,807 $7,958,073 $3,705,009 $26,967,690 $8,479,678 | ||
| Non-PEO NEO Average Total Compensation Amount | $ 5,495,940 | $ 7,666,070 | $ 4,745,488 |
| Non-PEO NEO Average Compensation Actually Paid Amount | $ 4,271,028 | 3,705,009 | 8,479,678 |
| Adjustment to Non-PEO NEO Compensation Footnote | The reconciliation of the amount of PEO and Average Non-PEO Summary Compensation Table totals to Compensation Actually Paid ("CAP") is summarized in the following table: 2023 2022 2021 PEO Beauchamp PEO Average Non - PEO NEOs PEO Beauchamp PEO Average Non - PEO NEOs PEO Beauchamp Average Non - PEO NEOs Summary Compensation Table Total $21,583,365 $21,672,572 $5,495,940 $15,292,725 $8,422,470 $7,666,070 $14,980,789 $4,745,488 Adjustments Equity Awards $(19,975,163) $(19,975,163) $(4,658,442) $(13,853,776) $(7,301,187) $(6,873,897) $(13,555,625) $(3,953,324) Fair Value of Equity Awards Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year $10,048,059 $10,048,059 $2,586,683 $8,826,708 $5,286,300 $2,786,294 $13,448,885 $4,221,777 Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Prior Year* $(774,129) $(62,324) $34,758 $(2,671,264) $(970,465) $(562,286) $13,394,227 $3,882,932 Change in Fair Value of Prior Year Equity Awards Vested in the Covered Year $8,566,579 $3,200,742 $426,904 $3,499,414 $2,520,955 $688,828 $(1,300,586) $(417,195) Fair Value on Vesting Date of Equity Awards Granted and Vested in the Covered Year $1,116,450 $1,116,450 $385,185 $— $— $— $— $— Total Adjustments for Fair Value of Equity Awards* $(1,018,204) $(5,672,236) $(1,224,912) $(4,198,918) $(464,397) $(3,961,061) $11,986,901 $3,734,190 Compensation Actually Paid $20,565,161 $16,000,336 $4,271,028 $11,093,807 $7,958,073 $3,705,009 $26,967,690 $8,479,678 | ||
| Compensation Actually Paid vs. Total Shareholder Return | The following graph shows the relationship between compensation actually paid to our PEOs and the average compensation actually paid to our non-PEO named executive officers to total shareholder return for both Paylocity and the S&P Software & Services Select Industry Index for the years ended June 30, 2021, 2022 and 2023: | ||
| Compensation Actually Paid vs. Net Income | The following graph shows the relationship between compensation actually paid to our PEOs and the average compensation actually paid to our non-PEO named executive officers to net income for the years ended June 30, 2021, 2022 and 2023: | ||
| Compensation Actually Paid vs. Company Selected Measure | The following graph shows the relationship between compensation actually paid to our PEOs and the average compensation actually paid to our non-PEO named executive officers to recurring and other revenue for the years ended June 30, 2021, 2022 and 2023: | ||
| Total Shareholder Return Vs Peer Group | The peer group used for calculating Peer Group Total Shareholder Return is the S&P Software & Services Select Industry Index as of June 30 of each year presented, assuming an initial fixed $100 investment on June 30, 2020. For the year ended June 30, 2022 and 2021, we used the S&P 1500 Application Software Index as our published industry or line-of-business index for purposes of the performance graph required under Item 201(e) of Regulation S-K. In our Form 10-K for the year ended June 30, 2023, for purposes of the performance graph required under Item 201(e) of Regulation S-K, we replaced the S&P 1500 Application Software Index with the S&P Software & Services Select Industry Index as our published industry or line-of-business index, as we believe the S&P Software & Services Select Industry Index represents a more appropriate peer group. Set forth below are comparisons of our cumulative TSR to the cumulative TSR of the S&P Software & Services Select Industry Index and the S&P 1500 Application Software Index as of June 30 of each year presented, assuming an initial fixed $100 investment on June 30, 2020. Year Company S&P Software & Services Select Industry Index TSR S&P 1500 Application Software Index 2023 $126.49 $119.86 $126.30 2022 $119.56 $99.81 $96.62 2021 $130.78 $153.99 $134.85 | ||
| Tabular List, Table | The table below lists the financial performance measures we believe represent the most important financial performance measures used to link compensation actually paid to our named executive officers for the year ended June 30, 2023 to company performance. Most Important Financial Performance Measures Recurring and Other Revenue Adjusted EBITDA* Total Shareholder Return ("Company TSR") Relative TSR Against the Russell 3000 Index *Adjusted EBITDA is a non-GAAP financial measure. For information on Adjusted EBITDA, as defined by the Company, please see "Appendix A: Non-GAAP Financial Measures". | ||
| Total Shareholder Return Amount | $ 126.49 | 119.56 | 130.78 |
| Peer Group Total Shareholder Return Amount | 119.86 | 99.81 | 153.99 |
| Net Income (Loss) | $ 140,800,000 | $ 90,800,000 | $ 70,800,000 |
| Company Selected Measure Amount | 1,098,000,000 | 847,700,000 | 631,700,000 |
| Additional 402(v) Disclosure | For the fiscal year ended June 30, 2021, includes the change in fair value of PRSUs granted to our named executive officers on August 15, 2019 that were modified on August 10, 2020. | ||
| Peer Group Total Shareholder Return Amount, Two | $ 126.30 | $ 96.62 | $ 134.85 |
| Measure:: 1 | |||
| Pay vs Performance Disclosure | |||
| Name | Recurring and Other Revenue | ||
| Measure:: 2 | |||
| Pay vs Performance Disclosure | |||
| Name | Adjusted EBITDA* | ||
| Non-GAAP Measure Description | *Adjusted EBITDA is a non-GAAP financial measure. For information on Adjusted EBITDA, as defined by the Company, please see "Appendix A: Non-GAAP Financial Measures". | ||
| Measure:: 3 | |||
| Pay vs Performance Disclosure | |||
| Name | Total Shareholder Return ("Company TSR") | ||
| Non-GAAP Measure Description | The amounts reported in this column reflect the Company’s cumulative total shareholder return ("TSR") as of June 30 of each year presented, assuming an initial fixed $100 investment on June 30, 2020. | ||
| Measure:: 4 | |||
| Pay vs Performance Disclosure | |||
| Name | Relative TSR Against the Russell 3000 Index | ||
| Beauchamp [Member] | |||
| Pay vs Performance Disclosure | |||
| PEO Total Compensation Amount | $ 21,583,365 | 15,292,725 | 14,980,789 |
| PEO Actually Paid Compensation Amount | $ 20,565,161 | $ 11,093,807 | $ 26,967,690 |
| PEO Name | Mr. Beauchamp | Mr. Beauchamp | Mr. Beauchamp |
| Beauchamp [Member] | Equity Awards from Summary Compensation Table [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | $ (19,975,163) | $ (13,853,776) | $ (13,555,625) |
| Beauchamp [Member] | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 10,048,059 | 8,826,708 | 13,448,885 |
| Beauchamp [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Prior Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | (774,129) | (2,671,264) | 13,394,227 |
| Beauchamp [Member] | Change in Fair Value of Prior Year Equity Awards Vested in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 8,566,579 | 3,499,414 | (1,300,586) |
| Beauchamp [Member] | Fair Value of Vesting Date of Equity Awards Granted and Vested in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 1,116,450 | 0 | 0 |
| Beauchamp [Member] | Total Adjustments for Fair Value of Equity Awards [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | (1,018,204) | (4,198,918) | 11,986,901 |
| Williams [Member] | |||
| Pay vs Performance Disclosure | |||
| PEO Total Compensation Amount | 21,672,572 | 8,422,470 | 0 |
| PEO Actually Paid Compensation Amount | $ 16,000,336 | $ 7,958,073 | 0 |
| PEO Name | Mr. Williams | Mr. Williams | |
| Williams [Member] | Equity Awards from Summary Compensation Table [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | $ (19,975,163) | $ (7,301,187) | |
| Williams [Member] | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 10,048,059 | 5,286,300 | |
| Williams [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Prior Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | (62,324) | (970,465) | |
| Williams [Member] | Change in Fair Value of Prior Year Equity Awards Vested in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 3,200,742 | 2,520,955 | |
| Williams [Member] | Fair Value of Vesting Date of Equity Awards Granted and Vested in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 1,116,450 | 0 | |
| Williams [Member] | Total Adjustments for Fair Value of Equity Awards [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | (5,672,236) | (464,397) | |
| Non-PEO NEO | Equity Awards from Summary Compensation Table [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | (4,658,442) | (6,873,897) | (3,953,324) |
| Non-PEO NEO | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 2,586,683 | 2,786,294 | 4,221,777 |
| Non-PEO NEO | Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Prior Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 34,758 | (562,286) | 3,882,932 |
| Non-PEO NEO | Change in Fair Value of Prior Year Equity Awards Vested in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 426,904 | 688,828 | (417,195) |
| Non-PEO NEO | Fair Value of Vesting Date of Equity Awards Granted and Vested in the Covered Year [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment To Compensation Amount, Equity Awards | 385,185 | 0 | 0 |
| Non-PEO NEO | Total Adjustments for Fair Value of Equity Awards [Member] | |||
| Pay vs Performance Disclosure | |||
| Adjustment to Compensation, Amount | $ (1,224,912) | $ (3,961,061) | $ 3,734,190 |