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Paylocity Announces Third Quarter Fiscal Year 2023 Financial Results

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  • Q3 2023 Recurring & Other Revenue of $314.2 million, up 28% year-over-year
  • Q3 2023 Total Revenue of $339.9 million, up 38% year-over-year

SCHAUMBURG, Ill., May 04, 2023 (GLOBE NEWSWIRE) — Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HCM and payroll software solutions, today announced financial results for the third quarter of fiscal year 2023, which ended March 31, 2023.

“Our overall momentum continued in the third quarter, with Q3 recurring & other revenue growth of 28% and total revenue growth of 38%, as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace. We continued to build upon our unique value proposition with the recent release of AI Assist, the HCM industry’s first integration of generative AI. Leveraging an integration with Open AI – the developer of ChatGPT – AI Assist is designed to help our clients more easily and effectively communicate and engage with their employees. Additionally, our commitment to product development continues to be recognized, with Paylocity recently placing #1 overall in G2’s Best HR Products list and ranking inside of G2’s Top 25 Global Software companies. Similarly, the strong culture at Paylocity was recognized externally as we received Forbes’s 2023 Best Employers for Diversity award for the second consecutive year,” said Steve Beauchamp, Co-Chief Executive Officer of Paylocity.

Third Quarter Fiscal 2023 Financial Highlights

Revenue:

  • Total revenue was $339.9 million, an increase of 38% from the third quarter of fiscal year 2022.
  • Recurring & other revenue was $314.2 million, an increase of 28% from the third quarter of fiscal year 2022.

Operating Income:

  • GAAP operating income was $80.4 million and Non-GAAP operating income was $116.7 million in the third quarter of fiscal year 2023.

Net Income:

  • GAAP net income was $57.6 million or $1.02 per share in the third quarter of fiscal year 2023 based on 56.6 million diluted weighted average common shares outstanding.

Adjusted EBITDA:

  • Adjusted EBITDA, a non-GAAP measure, was $130.7 million in the third quarter of fiscal year 2023.

Balance Sheet and Cash Flow:

  • Cash and cash equivalents totaled $233.7 million as of the third quarter of fiscal year 2023.
  • Cash flow from operations for the first nine months of fiscal year 2023 was $206.1 million.
  • As of March 31, 2023, Paylocity had no long-term debt and had not drawn on its credit facility.

A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Business Outlook

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Based on information available as of May 4, 2023, Paylocity is issuing guidance for the fourth quarter and full fiscal year 2023 as indicated below.

Fourth Quarter 2023:

  • Total revenue is expected to be in the range of $299.2 million to $303.2 million, which represents approximately 32% growth over fiscal year 2022 fourth quarter total revenue.
  • Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $93.5 million to $96.5 million.

Fiscal Year 2023:

  • Total revenue is expected to be in the range of $1.165 billion to $1.169 billion, which represents approximately 37% growth over fiscal year 2022 total revenue.
  • Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $368.1 million to $371.1 million.

We are unable to reconcile forward-looking non-GAAP Adjusted EBITDA to its directly comparable GAAP financial measure because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

Conference Call Details
Paylocity will host a conference call to discuss its third quarter fiscal year 2023 results at 4:30 p.m. Central Time today (5:30 p.m. Eastern Time). A live audio webcast of the conference call along with detailed financial information can be accessed through https://investors.paylocity.com/events-and-presentations where dial in details are provided. A replay of the call will be available and archived via webcast at https://investors.paylocity.com/.

About Paylocity

Paylocity is a leading provider of cloud-based HCM and payroll software solutions headquartered in Schaumburg, IL. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses tackle today’s challenges while moving them toward the promise of tomorrow. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help people achieve their best through automation, data-driven insights, and engagement. For more information, visit www.paylocity.com.

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Non-GAAP Financial Measures

The company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA, Adjusted EBITDA margin, adjusted gross profit, adjusted gross profit margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per share, non-GAAP sales and marketing, non-GAAP total research and development and non-GAAP general and administrative, free cash flow and free cash flow margin. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described later in this release. We calculate Adjusted EBITDA margin as adjusted EBITDA as described in the preceding sentence divided by total revenues. Adjusted gross profit is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and amortization of capitalized internal-use software costs and certain acquired intangibles. Adjusted gross profit margin is calculated as adjusted gross profit as described in the preceding sentence divided by total revenues. Non-GAAP operating income is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and other items as described later in this release. Non-GAAP sales and marketing expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described later in this release. Non-GAAP general and administrative expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of certain acquired intangibles and other items as described later in this release. Non-GAAP net income and non-GAAP net income per share are adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and other items as described later in this release, including the income tax effect on these items. Non-GAAP total research and development is adjusted for capitalized internal-use software costs paid and to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described later in this release. Free cash flow is defined as net cash provided by operating activities less capitalized internal-use software costs, purchase of property and equipment and lease allowances used for tenant improvements. Free cash flow margin is calculated by dividing free cash flow as defined in the preceding sentence divided by total revenues. Please note that other companies may define their non-GAAP financial measures differently than we do. Management presents certain non-GAAP financial measures in this release because it considers them to be important supplemental measures of performance. Management uses these non-GAAP financial measures for planning purposes, including analysis of the company’s performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company’s financial and operational performance. Management also intends to provide these non-GAAP financial measures as part of the company’s future earnings discussions and, therefore, the inclusion of the non-GAAP financial measures should provide consistency in the company’s financial reporting. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of the non-GAAP measures to their most directly comparable GAAP measures provided in this release.

Safe Harbor/Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included herein regarding Paylocity’s future operations, ability to scale its business, future financial position and performance, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “seek” and similar expressions (or the negative of these terms) are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about management’s estimates regarding future revenues and financial performance and other statements about management’s beliefs, intentions or goals. Paylocity may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on Paylocity’s forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the general economic conditions in regions in which Paylocity does business, including the ongoing impact of the novel coronavirus disease (“COVID-19”) on the U.S. and the global economy, changes in interest rates, business disruptions, reductions in employment and an increase in business failures that have occurred or may occur in the future; the continuing impact of COVID-19 on Paylocity’s employees and clients; Paylocity’s ability to leverage AI Assist and other forms of artificial intelligence and machine learning in its technology, which may be constrained by current and future laws, regulations, interpretive positions or standards governing new and evolving technologies and ethical considerations that could restrict or impose burdensome and costly requirements on its ability to continue to leverage data in innovative ways; Paylocity’s ability to retain existing clients and to attract new clients to enter into subscriptions for its services; the challenges associated with a growing company’s ability to effectively service clients in a dynamic and competitive market; challenges associated with expanding and evolving a sales organization to effectively address new geographies and products and services; challenges related to cybersecurity threats and evolving cybersecurity regulations; Paylocity’s reliance on and ability to expand its referral network of third parties; Paylocity’s reliance on third party payroll partners in foreign jurisdictions in its Blue Marble business; difficulties associated with accurately forecasting revenue and appropriately planning expenses; challenges with managing growth effectively; risks related to regulatory, legislative and judicial uncertainty in Paylocity’s markets; Paylocity’s ability to protect and defend its intellectual property; the risk that Paylocity’s security measures are compromised or a threat actor gains unauthorized access to customer data; unexpected events in the market for Paylocity’s solutions; changes in the competitive environment in Paylocity’s industry and the markets in which it operates; adverse changes in general economic or market conditions; changes in the employment rates of Paylocity’s clients and the resultant impact on revenue; the possibility that Paylocity may be adversely affected by other economic, business, and/or competitive factors; and other risks and potential factors that could affect Paylocity’s business and financial results identified in Paylocity’s filings with the Securities and Exchange Commission (the “SEC”), including its 10-K filed with the SEC on August 5, 2022. Additional information will also be set forth in Paylocity’s future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that Paylocity makes with the SEC. These forward-looking statements represent Paylocity’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Paylocity disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Balance Sheets
(in thousands, except per share data)
  June 30,   March 31,
  2022   2023
Assets      
Current assets:      
Cash and cash equivalents $ 139,756     $ 233,692  
Accounts receivable, net   15,754       27,449  
Deferred contract costs   59,501       73,574  
Prepaid expenses and other   28,896       28,880  
Total current assets before funds held for clients   243,907       363,595  
Funds held for clients   3,987,776       3,202,415  
Total current assets   4,231,683       3,566,010  
Capitalized internal-use software, net   61,985       78,374  
Property and equipment, net   62,839       60,067  
Operating lease right-of-use assets   49,210       45,006  
Intangible assets, net   45,475       37,164  
Goodwill   101,949       102,054  
Long-term deferred contract costs   229,067       280,310  
Long‑term prepaid expenses and other   7,746       6,842  
Deferred income tax assets   19,060       17,690  
Total assets $ 4,809,014     $ 4,193,517  
       
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 8,374     $ 7,968  
Accrued expenses   124,384       144,281  
Total current liabilities before client fund obligations   132,758       152,249  
Client fund obligations   3,987,776       3,202,415  
Total current liabilities   4,120,534       3,354,664  
Long-term operating lease liabilities   69,119       64,060  
Other long-term liabilities   3,681       3,830  
Deferred income tax liabilities   2,217       2,217  
Total liabilities $ 4,195,551     $ 3,424,771  
Stockholders’ equity:      
Preferred stock, $0.001 par value, 5,000 authorized, no shares issued and outstanding at June 30, 2022 and March 31, 2023 $     $  
Common stock, $0.001 par value, 155,000 shares authorized at June 30, 2022 and March 31, 2023; 55,190 shares issued and outstanding at June 30, 2022 and 55,810 shares issued and outstanding at March 31, 2023   55       56  
Additional paid-in capital   289,843       341,494  
Retained earnings   325,868       429,436  
Accumulated other comprehensive loss   (2,303 )     (2,240 )
Total stockholders’ equity $ 613,463     $ 768,746  
Total liabilities and stockholders’ equity $ 4,809,014     $ 4,193,517  
PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share data)
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023     2022       2023
Revenues:              
Recurring and other revenue $ 244,962     $ 314,170   $ 620,827     $ 816,010
Interest income on funds held for clients   1,008       25,687     2,877       50,135
Total revenues   245,970       339,857     623,704       866,145
Cost of revenues   75,538       95,714     209,608       270,333
Gross profit   170,432       244,143     414,096       595,812
Operating expenses:              
Sales and marketing   52,752       74,064     154,856       220,821
Research and development   25,670       42,323     74,024       123,445
General and administrative   44,632       47,379     119,448       145,872
Total operating expenses   123,054       163,766     348,328       490,138
Operating income   47,378       80,377     65,768       105,674
Other income (expense)   (311 )     1,139     (800 )     971
Income before income taxes   47,067       81,516     64,968       106,645
Income tax expense (benefit)   12,221       23,900     (10,663 )     3,077
Net income $ 34,846     $ 57,616   $ 75,631     $ 103,568
Other comprehensive income (loss), net of tax   (1,218 )     1,919     (1,628 )     63
Comprehensive income $ 33,628     $ 59,535   $ 74,003     $ 103,631
               
Net income per share:              
Basic $ 0.63     $ 1.03   $ 1.38     $ 1.86
Diluted $ 0.62     $ 1.02   $ 1.34     $ 1.83
               
Weighted-average shares used in computing net income per share:              
Basic   55,114       55,788     54,996       55,653
Diluted   56,367       56,555     56,437       56,560

Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises for each of the three and nine months ended March 31, are included in the above line items:

  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023     2022       2023
Cost of revenues $ 2,978     $ 4,341   $ 9,832     $ 14,696
Sales and marketing   5,213       9,038     16,982       30,409
Research and development   4,911       8,993     15,131       30,699
General and administrative   11,538       11,161     32,921       46,688
Total stock-based compensation expense and employer payroll taxes related to stock releases and option exercises $ 24,640     $ 33,533   $ 74,866     $ 122,492
PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Statements of Cash Flows
(in thousands)
  Nine Months Ended
  March 31,
    2022       2023  
Cash flows from operating activities:      
Net income $ 75,631     $ 103,568  
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense   70,197       116,002  
Depreciation and amortization expense   36,419       44,481  
Deferred income tax expense (benefit)   (10,882 )     1,308  
Provision for credit losses   238       864  
Net amortization of premiums (accretion of discounts) on available-for-sale securities   342       (3,602 )
Amortization of debt issuance costs   136       221  
Other   286       1,346  
Changes in operating assets and liabilities:      
Accounts receivable   (9,654 )     (12,548 )
Deferred contract costs   (49,205 )     (62,929 )
Prepaid expenses and other   (9,418 )     2,031  
Accounts payable   141       10  
Accrued expenses and other   1,163       15,355  
Net cash provided by operating activities   105,394       206,107  
Cash flows from investing activities:      
Purchases of available-for-sale securities   (215,538 )     (557,403 )
Proceeds from sales and maturities of available-for-sale securities   85,875       298,113  
Capitalized internal-use software costs   (26,285 )     (30,726 )
Purchases of property and equipment   (15,355 )     (8,769 )
Acquisitions of businesses, net of cash acquired   (107,576 )      
Other investing activities   (2,500 )     33  
Net cash used in investing activities   (281,379 )     (298,752 )
Cash flows from financing activities:      
Net change in client fund obligations   2,564,829       (785,361 )
Borrowings under credit facility   50,000        
Repayment of credit facility   (50,000 )      
Proceeds from employee stock purchase plan   7,216       8,450  
Taxes paid related to net share settlement of equity awards   (68,509 )     (84,174 )
Payment of debt issuance costs   (64 )     (873 )
Net cash provided by (used in) financing activities   2,503,472       (861,958 )
Net change in cash, cash equivalents and funds held for clients’ cash and cash equivalents   2,327,487       (954,603 )
Cash, cash equivalents and funds held for clients’ cash and cash equivalents—beginning of period   1,945,881       3,793,453  
Cash, cash equivalents and funds held for clients’ cash and cash equivalents—end of period $ 4,273,368     $ 2,838,850  
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Purchases of property and equipment and internal-use software, accrued but not paid $ 1,251     $ 3,115  
Liabilities assumed for acquisitions $ 4,470     $ 117  
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest $ 257     $ 282  
Cash paid (refunds received) for income taxes $ (115 )   $ 573  
Reconciliation of cash, cash equivalents and funds held for clients’ cash and cash equivalents to the Consolidated Balance Sheets      
Cash and cash equivalents $ 96,465     $ 233,692  
Funds held for clients’ cash and cash equivalents   4,176,903       2,605,158  
Total cash, cash equivalents and funds held for clients’ cash and cash equivalents $ 4,273,368     $ 2,838,850  
Paylocity Holding Corporation
Reconciliation of GAAP to non-GAAP Financial Measures
(In thousands except per share data)
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Gross profit to Adjusted gross profit:              
Gross profit $ 170,432     $ 244,143     $ 414,096     $ 595,812  
Amortization of capitalized internal-use software costs   6,308       7,984       18,523       22,504  
Amortization of certain acquired intangibles         1,854             5,561  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   2,978       4,341       9,832       14,696  
Other items (1)   46             94       19  
Adjusted gross profit $ 179,764     $ 258,322     $ 442,545     $ 638,592  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Operating income to Non-GAAP Operating income:              
Operating income $ 47,378     $ 80,377     $ 65,768     $ 105,674  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   24,640       33,533       74,866       122,492  
Amortization of acquired intangibles   2,630       2,770       5,982       8,311  
Other items (2)   806       30       1,609       446  
Non-GAAP Operating income $ 75,454     $ 116,710     $ 148,225     $ 236,923  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Net income to Non-GAAP Net income:              
Net income $ 34,846     $ 57,616     $ 75,631     $ 103,568  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   24,640       33,533       74,866       122,492  
Amortization of acquired intangibles   2,630       2,770       5,982       8,311  
Other items (2)   806       30       1,817       446  
Income tax effect on adjustments (3)   5,869       4,540       (20,060 )     (17,899 )
Non-GAAP Net income $ 68,791     $ 98,489     $ 138,236     $ 216,918  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Calculation of Non-GAAP Net income per share:              
Non-GAAP Net income $ 68,791     $ 98,489     $ 138,236     $ 216,918  
Diluted weighted-average number of common shares   56,367       56,555       56,437       56,560  
Non-GAAP Net income per share $ 1.22     $ 1.74     $ 2.45     $ 3.84  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Net income to Adjusted EBITDA:              
Net income $ 34,846     $ 57,616     $ 75,631     $ 103,568  
Interest expense   168       187       386       564  
Income tax expense (benefit)   12,221       23,900       (10,663 )     3,077  
Depreciation and amortization expense   13,036       15,387       36,419       44,481  
EBITDA   60,271       97,090       101,773       151,690  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   24,640       33,533       74,866       122,492  
Other items (2)   806       30       1,817       446  
Adjusted EBITDA $ 85,717     $ 130,653     $ 178,456     $ 274,628  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation of Non-GAAP sales and marketing:              
Sales and marketing $ 52,752     $ 74,064     $ 154,856     $ 220,821  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   5,213       9,038       16,982       30,409  
Other items (1)   60             162       22  
Non-GAAP sales and marketing $ 47,479     $ 65,026     $ 137,712     $ 190,390  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation of Non-GAAP total research and development:              
Research and development $ 25,670     $ 42,323     $ 74,024     $ 123,445  
Capitalized internal-use software costs   8,319       10,986       26,285       30,726  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   4,911       8,993       15,131       30,699  
Other items (1)   218       30       686       399  
Non-GAAP total research and development $ 28,860     $ 44,286     $ 84,492     $ 123,073  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation of Non-GAAP general and administrative:              
General and administrative $ 44,632     $ 47,379     $ 119,448     $ 145,872  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   11,538       11,161       32,921       46,688  
Amortization of certain acquired intangibles   2,630       916       5,982       2,750  
Other items (2)   482             667       6  
Non-GAAP general and administrative $ 29,982     $ 35,302     $ 79,878     $ 96,428  
    Nine Months Ended
    March 31,
      2022       2023  
Reconciliation of Free Cash Flow:        
Net cash provided by operating activities   $ 105,394     $ 206,107  
Capitalized internal-use software costs     (26,285 )     (30,726 )
Purchases of property and equipment     (15,355 )     (8,769 )
Free Cash Flow   $ 63,754     $ 166,612  

(1) Represents certain nonrecurring acquisition-related costs.

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(2) Represents nonrecurring costs including acquisition and other transaction-related costs and lease exit activity.

(3) Includes the income tax effect on non-GAAP net income adjustments related to stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, amortization of acquired intangibles and other items, which include acquisition and other transaction-related costs and lease exit activity.

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Workers embrace AI and prioritise skills growth amid rising workloads and an accelerating pace of change: PwC 2024 Global Workforce Hopes & Fears Survey

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Almost half (45%) of workers say their workload has increased significantly in the past year, as almost two-thirds (62%) say the pace of change at work has increased over the same timeMore than one-quarter (28%) say they are very or extremely likely to switch employer in the next 12 months – a higher proportion than during the ‘Great Resignation’ (19%) in 2022Employees prioritise skills-growth: fewer than half (46%) strongly or moderately agree that their employer provides adequate opportunities to learn new skills. This is particularly important for workers considering leaving: two-thirds (67%) say opportunities to learn new skills are a key factor in any decision to job-switchMore than 80% of workers who use generative AI daily expect it to make their time at work more efficient in the next 12 months. Half (49%) of all users expect it to lead to higher salariesCost-of-living pressures ease slightly: the proportion of workers with money left over each month rises to 45% (compared to 38% in 2023). However, 52% say they are still financially stressedLONDON, June 25, 2024 /PRNewswire/ — Among more than 56,000 workers across 50 countries and territories, many say they are prioritising long-term skills growth to accelerate their careers amid rising workloads and heightened workplace uncertainty, according to PwC’s 2024 Global Workforce Hopes & Fears Survey, published today.

In the last 12 months, workers say they have experienced rising workloads (45%) and an accelerating pace of workplace change. Nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent. Almost half (44%) don’t understand the purpose of changes taking place.
In the midst of this growing mix of employee pressures, the findings suggest workers are alert to opportunities elsewhere, and are highly focused on skills growth and embracing AI.
More than one-quarter (28%) say they are likely to switch employer in the next 12 months, a percentage far higher than during the ‘Great Resignation’ (19%) of 2022. Two-thirds (67%) of those considering moving say skills is an important factor in their decision to stay with their current employer or switch to a new one.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, said:
“As workers face heightened uncertainty, rising workloads and continue to face financial stress, they are prioritising skills growth and embracing new and emerging technologies such as GenAI to turbocharge their growth and accelerate their careers. The findings suggest that job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterised by constant technological change. Employers must ensure they are investing in their employees and technological platforms to mitigate employee pressures and retain the brightest talent.”
Workers embrace AI to ease workplace pressures and unlock personal growth
As employees face heightened workplace pressures, they are also turning to new and emerging technologies such as generative AI (GenAI) to help. Among those employees who use GenAI daily, 82% expect it to make their time at work more efficient in the next 12 months.
Employees are also optimistic about opportunities for GenAI to support their growth. Half (49%) of all users expect GenAI to lead to higher salaries – an expectation that’s even higher (76%) among employees who use the technology daily. More than 70% of users agree that GenAI tools will create opportunities to be more creative at work (73%) and improve the quality of their work (72%).
The skills imperative
Workers are placing an increased premium on skills growth to mitigate their concerns and accelerate their careers. Employees who say they are likely to switch employers in the next 12 months are nearly twice as likely to strongly consider upskilling in that decision than workers planning to stay (67% vs. 36%). This comes as fewer than half (46%) of all employees moderately or strongly agree that their employer provides adequate opportunities to learn new skills that will be helpful to their careers.
Employees who are likely to leave in the next year may be more attuned to skills changes that are needed than the general workforce, with 51% moderately or strongly agreeing that the skills their job requires will change in the next five years (vs. 29% of those unlikely to change employer).
There is particular interest in the impact of AI on skills development, with 76% of all users expecting it to create opportunities to learn new skills at work. However, employers will need to invest heavily in new and emerging technology training and access. Among employees who have not used GenAI at work in the last 12 months, one-third (33%) don’t think there are opportunities to use the technology in their line of work, while 24% don’t have access to the tools at work, and 23% don’t know how to use the tools.
Despite the pace of change, there are also signs of optimism and engagement at work. 60% of workers expressed at least moderate job satisfaction (up from 56% in 2023) while more than half (57%) of employees who view fair pay as important agree that their job is fairly paid. Cost-of-living pressures have slightly eased since 2023 (the proportion of workers with money left over each month has risen to 45%, up from 38%). However,  more than half (52%) say they are still financially stressed to some degree.
Pete Brown, Global Workforce Leader, PwC UK, said:
“Technology is fundamentally transforming the way work gets done and the types of skills employers are looking for. Employees are therefore placing an increased premium on organisations that invest in their skills growth so that they can stay relevant and thrive in a digital world. Businesses in turn must be proactive in their upskilling programs – prioritising the employee experience and being transparent. Because when you meaningfully engage your workforce, they become an accelerant for successful transformation.”
Notes to Editors: 
About the Survey
In March 2024, PwC surveyed 56,600 individuals across 50 countries and territories who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns. You can read the full report on pwc.com.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
Contact:  Imran Javaid, Global Corporate Affairs and Communications, PwC UK: [email protected] Dan Barabas, Global Corporate Affairs and Communications, PwC UK: [email protected]
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Amagi Showcases New Stream Technology With VIZIO

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Amagi’s new Zero Slate delivers personalized linear streaming, resulting in increased viewership on VIZIO FAST channels 
NEW YORK, June 24, 2024 /PRNewswire/ — Amagi, the global leader in cloud-based SaaS technology for broadcast and Connected TV (CTV), today announced the first successful showcase of Amagi’s Zero Slate technology on VIZIO’s owned and operated WatchFree+ channels, part of Amagi’s broader Stream Personalization initiative. This innovative new offering enhances the streaming experience with its highly impactful, patent-pending technology that can dynamically adjust the length of ad breaks on a per-viewer basis, eliminating the need for slates or filler to round out linear ad breaks.

This new “viewer-first” personalized approach to digital streaming has already demonstrated a lift in viewership (Amagi ANALYTICS showing more than 20% increase) on VIZIO’s owned and operated channels utilizing the Zero Slate capabilities. This industry-first innovation from Amagi paves the path for a more engaging and profitable future for entertainment and enhanced viewer experiences.
Data from Amagi ANALYTICS indicates that slates, often used to fill the unsold portion of ad pods, may increase viewer churn by as much as 15% in today’s Free Ad-supported Streaming TV (FAST) ecosystem. Zero Slate’s early success demonstrates that personalizing pod length can boost viewer engagement, enabling more high-quality viewing experiences over time. This capability also represents an important first step for Amagi toward a broader suite of Stream Personalization capabilities that offer even more engaging linear viewing experiences.
“We are pleased to partner with Amagi on this showcase of their Zero Slate technology. This collaboration reinforces VIZIO’s commitment to enhancing user experiences and delivering personalized content as we expand Zero Slate across more channels,” said Katherine Pond, Group Vice President of Platform Content and Partnerships at VIZIO.
“We are grateful to have partnered with an industry leader like VIZIO to test the impact of our new Zero Slate capability and are excited about Stream Personalization’s ability to further transform the linear viewing experience,” said Srinivasan KA, Co-founder and Chief Revenue Officer, Amagi.
About VIZIOFounded and headquartered in Orange County, California, our mission at VIZIO Holding Corp. (NYSE: VZIO) is to deliver immersive entertainment and compelling lifestyle enhancements that make our products the center of the connected home. We are driving the future of televisions through our integrated platform of cutting-edge Smart TVs and powerful operating system. We also offer a portfolio of innovative sound bars that deliver consumers an elevated audio experience. Our platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience.
For more information, visit VIZIO.com and follow VIZIO on Facebook, Twitter, and [email protected] 
About AmagiAmagi is a next-generation media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. Amagi enables content owners to launch, distribute, and monetize live linear channels on Free Ad-supported Streaming TV and video services platforms. Amagi also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. Overall, Amagi supports 800+ content brands, 800+ playout chains, and over 5,000 channel deliveries on its platform in over 150 countries. Amagi has a presence in New York, Los Angeles, London, Paris, Melbourne, Seoul, Singapore, and broadcast operations in New Delhi, and innovation centers in Bengaluru, Zagreb, and Łódź.
Link to Word Doc: www.wallstcom.com/Amagi/240624-Amagi-VIZIO_ZSlate.docx 
Agency Contact:Joseph LesieutreWall Street CommunicationsEmail: [email protected]
Amagi Contact:Aashish WashikarDirector – Corporate CommunicationsEmail: [email protected]: +91 9533390005

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ResourceWise Brings Its Cross-Commodity Data and Analytics Expertise to New Oleochemicals Service

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ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 
CHARLOTTE, N.C., June 24, 2024 /PRNewswire/ — ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 

For the first time, one digital product encompasses expertise that spans all the key commodity sectors that ResourceWise covers. Dedicated to renewable feedstock, the new platform-based oleochemicals analysis and insight tools draw on decades of experience within each distinct business sector. 
Dwight Lynch, Biomaterials Business Manager at ResourceWise, is leading the transition towards data and insight on renewable intermediates and biobased and biodegradable polymer inputs. 
“Navigating oleochemicals markets at a time when regulation, legislation, and competition from renewable fuels markets are the key drivers is a challenge. Our new service offers pricing and analysis that informs decision-makers and allows sustainable business to thrive.” 
The new oleochemicals portal in ResourceWise’s flagship chemicals market intelligence platform, OrbiChem360, has evolved beyond its legacy biomaterials insights to focus on the fats and oils markets that are key to sustainability.  
It presents pricing data and analysis that ResourceWise biomaterials experts have furnished within OrbiChem360 this past decade and includes a crude tall oil (CTO) price index. The inclusion of a forest-based output introduces the ResourceWise platform FisherSolve’s pulp and paper industry insight to our portfolio. 
Pete Stewart, the CEO of ResourceWise, is focused on the future. “From raw material converters to end-use consumer goods producers, manufacturing value chain participants are increasingly seeking cross-commodity insights to meet low-carbon targets. We are building and providing the data and analytics businesses need to achieve environmental, social, and governance (ESG) targets and market products competitively worldwide.  
“The ResourceWise mission is to use the intelligence within the increasingly inter-related business sectors we have harnessed to guide customers in their journey toward a net-zero future. This new offering is the first of many milestones in our endeavor to do just that,” adds Stewart.  
A Streamlined Renewable Chemicals Service  
The new product leverages oleochemical pricing and commentary gathered by ResourceWise legacy brands since 2014 and insight collected since the 1990s. It extends our regional reach with additional price points and streamlines the data and analytics provided.  
The new portal is designed with personal care, cosmetics, detergents, lubricants, pharmaceuticals, flavor and fragrance, and food and beverage market participants in mind. However, it provides pricing data and insights for producers, intermediaries, and consumer product manufacturers in broader industries. 
More Than Forty Current and Historical Prices          
International price indexes for oleochemicals include the feedstocks soybean, coconut, tall, rapeseed, and palm oils, as well as tallow and glycerine grades Dozens of spot and contract prices for fatty acids and fatty alcohols plus comprehensive commentary based on intelligence from a worldwide contact base       Low-carbon price benchmarks and commentary in our oleochemicals offering will increasingly leverage intelligence on the biofuels sector within the Prima CarbonZero platform      Global Trade Flow graphics for all oils and tallow to help customers understand how key plant and animal-based feedstocks are traded globally to identify new markets and sources   Industry experts contextualize data, making it actionable, and respond personally to customer inquiries By bridging information gaps in the chemicals market, OrbiChem360 subscribers gain a competitive edge in volatile markets. The platform provides decision makers with robust, data-driven insight that unravels market trends so they can harness growth opportunities. For more information on the OrbiChem360 platform, visit the ResourceWise OrbiChem360 page. 
CONTACT:
Contact:Suz-Anne Kinney          Vice President, Marketing & Communications at [email protected]  +1 (980) 233-4021
This information was brought to you by Cision http://news.cision.com
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