Paylocity (PCTY) FY 2025 Conference May 29, 2025 01:50 PM ET Speaker0 Awesome. Well, today we have Toby Williams, CEO of Paylase, with us. First, thanks for joining us, Toby. Speaker1 Yeah. Thanks for having us. Speaker0 So let's start with the current state of the demand environment. It's a key investor focus here. How would you characterize it? Speaker1 Yeah. I think the demand environment that we've seen really starting in, call it, probably Q4 of last fiscal year, so roughly a year ago now, has been fai ...