Paylocity Holding Corporation (NASDAQ:PCTY) Q3 2018 Earnings Conference Call - Preliminary Transcript
May 03, 2019 • 05:00 pm ET
[Operator Instructions] Our first question comes from a line of Justin Furby with William Blair. Your line is now open.
Thanks for taking my questions, guys and congrats on a nice quarter. I just had two questions. I guess both for the Steve. First, could you give an update on sort of last quarter you mentioned you wanted to pull forward some sales hiring? Can you give a sense on where that stand versus a year ago? And then I've got one quick follow up. Thanks.
Yeah, so if you remember, we typically start our hiring process in the spring for next fiscal year. Last quarter, I call it the fact that we'd like to get a little bit of a jump on that. Call it a month or a matter of a few extra weeks, which is always helpful for us. I think, overall, I think the important point is we feel good about where we are today from a hiring perspective, going into next year and we'll get more color in terms of number of reps on our next call.
Okay, and then I guess just more big picture I was wondering if you think about today and sort of your growth rates in the mid 20s. And you compare it to a few years ago, before ECA when you were sort of high 30%, 40% grow or on a much smaller base. Because I was wondering, do you think it's any harder easier to grow today versus a few years ago? And I guess some of the factors I'm thinking about when I asked that are competitive changes, your product evolved and any other things that come into play? Thanks.
Yeah, so I think it's always been a competitive environment so there's no difference from my perspective today, in terms of we've always competing on deals is never typically been just us in a deal. So I don't think that's really a lot different, certainly with size and scale. It from a percentage perspective, it does get harder to grow at the same rate over time, but we feel really good that there's a big enough market opportunity, we've got the right product, and that we can stay focused on growing 20% plus, which has ultimately been our long term model and, well, you know, we've actually posted you know, three quarters in a row with 25% growth, which is also makes us feel good. So big enough opportunity to write products and so we feel we'll stay focused on 20% Plus, as we move forward.
Got it. Thanks very much.
Our next question comes from line of Scott Berg with Needham and Company. Your line is now open.
Hey, Steven, Toby, congrats on the next quarter as well. Two brief ones for me. First of all, Steve, can you talk about maybe the benefit acquisition a little bit now that you've had in your hands, you have a chance to look at the operations under the cover