• Paylocity Announces Fourth Quarter and Full Fiscal Year 2022 Financial Results

    Source: Nasdaq GlobeNewswire / 04 Aug 2022 15:05:24   America/Chicago

    • Q4 2022 Recurring & Other Revenue of $226.9 million, up 36% year-over-year
    • Q4 2022 Total Revenue of $228.9 million, up 37% year-over-year
    • FY 2022 Recurring & Other Revenue of $847.7 million, up 34% year-over-year
    • FY 2022 Total Revenue of $852.7 million, up 34% year-over-year

    SCHAUMBURG, Ill., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HCM and payroll software solutions, today announced financial results for the fourth quarter and full fiscal year 2022, which ended June 30, 2022.

    “Recurring & other revenue grew 34% in fiscal 22 as our value proposition of providing the most modern software in the industry continues to resonate in the marketplace. Our products focused on the Modern Workforce have all seen significant increases in utilization, including Community, where monthly users has grown by more than 40% and video creation increased by over 80% in fiscal 22,” said Steve Beauchamp, Co-Chief Executive Officer of Paylocity.

    Key Recent Achievements

    • FY 2022 Recurring & Other Revenue of $847.7 million, up 34% year-over-year.
    • FY 2022 Total Revenue of $852.7 million, up 34% year-over-year.
    • FY 2022 GAAP net income of $90.8 million and $1.61 per diluted share.
    • FY 2022 Adjusted EBITDA, a non-GAAP measure, of $237.8 million or 27.9% of revenue.
    • Ending FY 2022 cash and cash equivalents balance of $139.8 million.

    Fourth Quarter Fiscal 2022 Financial Highlights

    Revenue:

    • Total revenue was $228.9 million, an increase of 37% from the fourth quarter of fiscal year 2021.
    • Recurring & other revenue was $226.9 million, an increase of 36% from the fourth quarter of fiscal year 2021.

    Operating Income:

    • GAAP operating income was $18.8 million and Non-GAAP operating income was $48.4 million in the fourth quarter of fiscal year 2022.

    Net Income:

    • GAAP net income was $15.1 million or $0.27 per share in the fourth quarter of fiscal year 2022 based on 56.4 million diluted weighted average common shares outstanding.

    Adjusted EBITDA:

    • Adjusted EBITDA, a non-GAAP measure, was $59.3 million in the fourth quarter of fiscal year 2022.

    Fiscal Year 2022 Financial Highlights

    Revenue:

    • Total revenue was $852.7 million, an increase of 34% from fiscal year 2021.
    • Recurring & other revenue was $847.7 million, representing 99% of total revenue and an increase of 34% from fiscal year 2021 recurring & other revenue.

    Operating Income:

    • GAAP operating income was $84.6 million and non-GAAP operating income was $196.6 million in fiscal year 2022.

    Net Income:

    • GAAP net income was $90.8 million or $1.61 per share for fiscal year 2022, based on 56.4 million diluted weighted average common shares outstanding.

    Adjusted EBITDA:

    • Adjusted EBITDA, a non-GAAP measure, was $237.8 million for fiscal year 2022.

    Balance Sheet and Cash Flow:

    • Cash and cash equivalents totaled $139.8 million at the end of fiscal year 2022.
    • Cash flow from operations for the fiscal year 2022 was $155.1 million compared to $124.9 million for fiscal year 2021.
    • Free cash flow, a non-GAAP measure, was $102.5 million or 12% of total revenue for fiscal year 2022.

    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

    Based on information available as of August 4, 2022, Paylocity is issuing guidance for the first quarter and full fiscal year 2023 as indicated below.

    First Quarter 2023:

    • Total revenue is expected to be in the range of $237.3 million to $241.3 million, which represents approximately 32% growth over fiscal year 2022 first quarter total revenue.
    • Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $55.0 million to $58.0 million.

    Fiscal Year 2023:

    • Total revenue is expected to be in the range of $1.087 billion to $1.092 billion, which represents approximately 28% growth over fiscal year 2022 total revenue.
    • Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $314.5 million to $318.5 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 fourth quarter and full fiscal year 2022 results at 4:30 p.m. Central Time today (5:30 Eastern Time). A live audio webcast of the conference call, together with detailed financial information, can be accessed through https://investors.paylocity.com/events-and-presentations where you will be provided with dial in details. 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.

    Non-GAAP Financial Measures

    The company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA, adjusted gross profit, 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 and free cash flow. 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. 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. 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 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 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. 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 possibility that the anticipated synergies of the unified solution through Paylocity’s acquisitions of Blue Marble and Cloudsnap may not be achieved and the combined operations may not be successfully integrated in a timely manner, if at all; 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 and Paylocity’s ability to provide services to its clients and respond to their needs; Paylocity’s ability to retain existing clients and to attract new clients to enter into subscriptions for its services; Paylocity’s ability to sell new products and retain subscriptions for its existing products to its new and existing clients; 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; difficulties in forecasting Paylocity’s tax position; risks related to regulatory, legislative and judicial uncertainty in Paylocity’s markets; continued acceptance of SaaS as an effective method for delivery of payroll and HCM solutions; 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 6, 2021. 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, including events relating to the COVID-19 pandemic and its severity, duration and ultimate impact, 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
    Consolidated Balance Sheets
    (in thousands, except per share data)
     
     June 30,
     2021 2022
    Assets   
    Current assets:   
    Cash and cash equivalents$202,287 $139,756 
    Corporate investments 4,456   
    Accounts receivable, net 6,267  15,754 
    Deferred contract costs 44,230  59,501 
    Prepaid expenses and other 15,966  28,896 
    Total current assets before funds held for clients 273,206  243,907 
    Funds held for clients 1,759,677  3,987,776 
    Total current assets 2,032,883  4,231,683 
    Capitalized internal-use software, net 45,018  61,985 
    Property and equipment, net 59,835  62,839 
    Operating lease right-of-use assets 43,984  49,210 
    Intangible assets, net 13,027  45,475 
    Goodwill 33,650  101,949 
    Long-term deferred contract costs 170,663  229,067 
    Long‑term prepaid expenses and other 4,223  7,746 
    Deferred income tax assets 11,602  19,060 
    Total assets$2,414,885 $4,809,014 
        
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Accounts payable$4,230 $8,374 
    Accrued expenses 103,109  124,384 
    Total current liabilities before client fund obligations 107,339  132,758 
    Client fund obligations 1,759,677  3,987,776 
    Total current liabilities 1,867,016  4,120,534 
    Long-term operating lease liabilities 67,201  69,119 
    Other long-term liabilities 1,958  3,681 
    Deferred income tax liabilities 1,780  2,217 
    Total liabilities$1,937,955 $4,195,551 
    Stockholders’ equity:   
    Preferred stock, $0.001 par value, 5,000 authorized, no shares issued and outstanding at June 30, 2021 and June 30, 2022$ $ 
    Common stock, $0.001 par value, 155,000 shares authorized at June 30, 2021 and June 30, 2022; 54,594 shares issued and outstanding at June 30, 2021 and 55,190 shares issued and outstanding at June 30, 2022 55  55 
    Additional paid-in capital 241,718  289,843 
    Retained earnings 235,091  325,868 
    Accumulated other comprehensive income (loss) 66  (2,303)
    Total stockholders' equity$476,930 $613,463 
    Total liabilities and stockholders’ equity$2,414,885 $4,809,014 


    PAYLOCITY HOLDING CORPORATION
    Consolidated Statements of Operations and Comprehensive Income
    (in thousands, except per share data)
     
     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021
     2022
     2021
     2022
    Revenues:       
    Recurring and other revenue$166,530  $226,867  $631,725  $847,694 
    Interest income on funds held for clients 921   2,080   3,902   4,957 
    Total revenues 167,451   228,947   635,627   852,651 
    Cost of revenues 59,050   77,394   219,298   287,002 
    Gross profit 108,401   151,553   416,329   565,649 
    Operating expenses:       
    Sales and marketing 46,304   59,599   161,808   214,455 
    Research and development 20,264   28,884   76,707   102,908 
    General and administrative 32,733   44,244   119,771   163,692 
    Total operating expenses 99,301   132,727   358,286   481,055 
    Operating income 9,100   18,826   58,043   84,594 
    Other expense (96)  (197)  (939)  (997)
    Income before income taxes 9,004   18,629   57,104   83,597 
    Income tax expense (benefit) (2,879)  3,483   (13,715)  (7,180)
    Net income$11,883  $15,146  $70,819  $90,777 
    Other comprehensive loss, net of tax (73)  (741)  (609)  (2,369)
    Comprehensive income$11,810  $14,405  $70,210  $88,408 
            
    Net income per share:       
    Basic$0.22  $0.27  $1.30  $1.65 
    Diluted$0.21  $0.27  $1.26  $1.61 
            
    Weighted-average shares used in computing net income per share:       
    Basic 54,533   55,157   54,318   55,036 
    Diluted 56,351   56,432   56,305   56,445 
                    

    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises for each of the three and twelve months ended June 30 are included in the above line items:

     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Cost of revenues$1,947 $2,778 $8,348 $12,610
    Sales and marketing 4,057  5,947  16,425  22,929
    Research and development 2,745  4,814  11,022  19,945
    General and administrative 7,977  12,704  31,264  45,625
    Total stock-based compensation expense and employer payroll taxes related to stock releases and option exercises$16,726 $26,243 $67,059 $101,109


    PAYLOCITY HOLDING CORPORATION
    Consolidated Statements of Cash Flows
    (in thousands)
     
     Year Ended June 30,
     2020 2021 2022
    Cash flows from operating activities:     
    Net income$64,455  $70,819  $90,777 
    Adjustments to reconcile net income to net cash provided by operating activities     
    Stock-based compensation expense 47,493   63,052   96,202 
    Depreciation and amortization expense 37,913   42,972   50,218 
    Deferred income tax expense (benefit) 2,754   (13,642)  (7,180)
    Provision for credit losses 309   316   311 
    Net accretion of discounts and amortization of premiums on available-for-sale securities (1,836)  347   381 
    Amortization of debt issuance costs 154   171   185 
    Other 395   632   318 
    Changes in operating assets and liabilities:     
    Accounts receivable (732)  (1,654)  (7,605)
    Deferred contract costs (54,944)  (56,850)  (73,263)
    Prepaid expenses and other (196)  (4,004)  (14,767)
    Accounts payable (806)  2,394   2,553 
    Accrued expenses and other 17,696   20,297   16,923 
    Net cash provided by operating activities 112,655   124,850   155,053 
    Cash flows from investing activities:     
    Purchases of available-for-sale securities and other (400,343)     (433,962)
    Proceeds from sales and maturities of available-for-sale securities 410,593   101,467   116,848 
    Capitalized internal-use software costs (25,715)  (28,594)  (34,515)
    Purchases of property and equipment (16,578)  (9,461)  (18,069)
    Acquisitions of businesses, net of cash acquired (16,714)  (14,992)  (107,576)
    Other investing activities       (2,500)
    Net cash provided by (used in) investing activities (48,757)  48,420   (479,774)
    Cash flows from financing activities:     
    Net change in client fund obligations (67,165)  432,373   2,228,038 
    Borrowings under credit facility 100,000      50,000 
    Repayment of credit facility    (100,000)  (50,000)
    Proceeds from exercise of stock options    146    
    Proceeds from employee stock purchase plan 8,901   12,214   14,103 
    Taxes paid related to net share settlement of equity awards (38,943)  (64,191)  (69,761)
    Payment of debt issuance costs (701)  (64)  (87)
    Net cash provided by financing activities 2,092   280,478   2,172,293 
    Net change in cash, cash equivalents and funds held for clients' cash and cash equivalents 65,990   453,748   1,847,572 
    Cash, cash equivalents and funds held for clients' cash and cash equivalents—beginning of year 1,426,143   1,492,133   1,945,881 
    Cash, cash equivalents and funds held for clients' cash and cash equivalents—end of year$1,492,133  $1,945,881  $3,793,453 
    Supplemental Disclosure of Non-Cash Investing and Financing Activities     
    Purchases of property and equipment and internal-use software, accrued but not paid$164  $581  $2,052 
    Liabilities assumed for acquisitions$674  $281  $4,581 
    Supplemental Disclosure of Cash Flow Information     
    Cash paid for interest$438  $870  $311 
    Cash paid (refunds received) for income taxes$84  $(136) $11 
    Reconciliation of cash, cash equivalents and funds held for clients' cash and cash equivalents to the Consolidated Balance Sheets     
    Cash and cash equivalents$250,851  $202,287  $139,756 
    Funds held for clients' cash and cash equivalents 1,241,282   1,743,594   3,653,697 
    Total cash, cash equivalents and funds held for clients' cash and cash equivalents$1,492,133  $1,945,881  $3,793,453 


    Paylocity Holding Corporation
    Reconciliation of GAAP to non-GAAP Financial Measures
    (In thousands except per share data) 
     
     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation from Gross profit to Adjusted gross profit:       
    Gross profit$108,401 $151,553 $416,329 $565,649
    Amortization of capitalized internal-use software costs and certain acquired intangibles 5,954  8,597  23,227  27,120
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 1,947  2,778  8,348  12,610
    Other items (1)   27    121
    Adjusted gross profit$116,302 $162,955 $447,904 $605,500


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation from Operating income to Non-GAAP Operating income:       
    Operating income$9,100 $18,826 $58,043 $84,594
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 16,726  26,243  67,059  101,109
    Amortization of acquired intangibles 1,028  2,770  3,840  8,752
    Other items (2) 514  561  1,891  2,170
    Non-GAAP Operating income$27,368 $48,400 $130,833 $196,625


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation from Net income to Non-GAAP Net income:       
    Net income$11,883  $15,146 $70,819  $90,777 
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 16,726   26,243  67,059   101,109 
    Amortization of acquired intangibles 1,028   2,770  3,840   8,752 
    Other items (2) 514   561  1,891   2,378 
    Income tax effect on adjustments (3) (4,212)  662  (24,814)  (19,398)
    Non-GAAP Net income$25,939  $45,382 $118,795  $183,618 


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Calculation of Non-GAAP Net income per share:       
    Non-GAAP Net income$25,939 $45,382 $118,795 $183,618
    Diluted weighted-average number of common shares 56,351  56,432  56,305  56,445
    Non-GAAP Net income per share$0.46 $0.80 $2.11 $3.25


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation from Net income to Adjusted EBITDA       
    Net income$11,883  $15,146 $70,819  $90,777 
    Interest expense 107   112  1,002   498 
    Income tax expense (benefit) (2,879)  3,483  (13,715)  (7,180)
    Depreciation and amortization expense 10,902   13,799  42,972   50,218 
    EBITDA 20,013   32,540  101,078   134,313 
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 16,726   26,243  67,059   101,109 
    Other items (2) 514   561  1,891   2,378 
    Adjusted EBITDA$37,253  $59,344 $170,028  $237,800 


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation of Non-GAAP sales and marketing:       
    Sales and marketing$46,304 $59,599 $161,808 $214,455
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 4,057  5,947  16,425  22,929
    Other items (1)   32    194
    Non-GAAP sales and marketing$42,247 $53,620 $145,383 $191,332


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation of Non-GAAP total research and development:       
    Research and development$20,264 $28,884 $76,707 $102,908
    Capitalized internal-use software costs 6,930  8,230  28,594  34,515
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 2,745  4,814  11,022  19,945
    Other items (1) 159  204  759  890
    Non-GAAP total research and development$24,290 $32,096 $93,520 $116,588


     Three Months Ended
    June 30,
     Year Ended
    June 30,
     2021 2022 2021 2022
    Reconciliation of Non-GAAP general and administrative:       
    General and administrative$32,733 $44,244 $119,771 $163,692
    Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises 7,977  12,704  31,264  45,625
    Amortization of acquired intangibles 1,028  917  3,840  6,899
    Other items (2) 355  298  1,132  965
    Non-GAAP general and administrative$23,373 $30,325 $83,535 $110,203


     Year Ended
    June 30,
     2021 2022
    Reconciliation of Free Cash Flow:   
    Net cash provided by operating activities$124,850  $155,053 
    Capitalized internal-use software costs (28,594)  (34,515)
    Purchases of property and equipment (9,461)  (18,069)
    Free Cash Flow$86,795  $102,469 

    (1) Represents certain nonrecurring acquisition-related costs.

    (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.

    CONTACT:
    Ryan Glenn
    investors@paylocity.com


    Primary Logo

Share on,