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    Kincaid

    Vice President and Equity Research Analyst at Citizens Bank

    Kincaid is a Vice President and Equity Research Analyst at Citizens Bank, specializing in financial sector analysis with a focus on publicly traded regional banks and diversified financials. He covers companies such as KeyCorp, Huntington Bancshares, and M&T Bank, and is recognized for delivering actionable investment insights that have contributed to above-benchmark returns for his clients. With a career that began in 2012 at a boutique investment advisory firm before joining Citizens Bank in 2017, Kincaid has established himself as a credible voice in the industry. He holds FINRA Series 7, 63, and 86/87 licenses and has been commended for his thoughtful research and commitment to regulatory compliance.

    Kincaid's questions to Paylocity Holding (PCTY) leadership

    Kincaid's questions to Paylocity Holding (PCTY) leadership • Q4 2025

    Question

    An analyst from Citizens Bank asked about the incentive structure for Paylocity's sales representatives, specifically what they are compensated most for selling and how incentives might change with the launch of 'Paylocity for Finance'.

    Answer

    Executive Chairman Steve Beauchamp explained that sales reps are primarily incentivized by new recurring revenue. For 'Paylocity for Finance,' the model involves the general sales rep referring opportunities to a team of experts and receiving a portion of the commission, creating a strong incentive to cross-sell the high-value offering without changing the core compensation structure.

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