Full Year Revenues of $1,694 million, up 23% year-over-year
Full Year GAAP Net Income of $341 million, representing 20% of
total revenues, or $5.88 per diluted share
Full Year Adjusted EBITDA of $719 million, representing 42% of
total revenues
Fourth Quarter Revenues of $435 million, up 17%
year-over-year
Paycom Software, Inc. (“Paycom,” “we” and “our”) (NYSE: PAYC), a
leading provider of comprehensive, cloud-based human capital
management software, today announced its financial results for the
quarter and year ended December 31, 2023.
"I am proud of the way we closed 2023 with better-than-expected
results, capping a year of outstanding product innovation and
employee engagement," said Paycom's founder, Co-CEO and Chairman,
Chad Richison. "Our goals for 2024 are primarily focused on three
key areas: providing world-class service, solution automation, and
client ROI achievement. Through the execution of these initiatives,
we will be well-positioned for 2024 and beyond."
Financial Highlights for the Fourth
Quarter of 2023
Total Revenues of $434.6 million represented a 17.3%
increase compared to total revenues of $370.6 million in the same
period last year. Recurring revenues of $427.3 million increased
17.4% from the comparable prior year period, and constituted 98.3%
of total revenues.
GAAP Net Income was $81.8 million, or $1.43 per diluted
share, compared to GAAP net income of $80.0 million, or $1.38 per
diluted share, in the same period last year.
Non-GAAP Net Income1 was $110.2 million, or $1.93 per
diluted share, compared to $100.2 million, or $1.73 per diluted
share, in the same period last year.
Adjusted EBITDA1 was $176.6 million, compared to $163.9
million in the same period last year.
Cash and Cash Equivalents were $294.0 million as of
December 31, 2023, compared to $400.7 million as of December 31,
2022. During the quarter ended December 31, 2023, Paycom paid $21.5
million in cash dividends and repurchased 1,192,351 shares of
common stock for $212.9 million.
Total Debt was $0 as of December 31, 2023, compared to
$29.0 million as of December 31, 2022.
Financial Highlights for the Full Year
2023
Total Revenues of $1,693.7 million represented a 23.2%
increase compared to total revenues of $1,375.2 million last year.
Recurring revenues of $1,665.0 million increased 23.2% from last
year, and constituted 98.3% of total revenues.
GAAP Net Income was $340.8 million, or $5.88 per diluted
share, compared to GAAP net income of $281.4 million, or $4.84 per
diluted share, last year.
Non-GAAP Net Income1 was $449.5 million, or $7.75 per
diluted share, compared to $357.2 million, or $6.14 per diluted
share, last year.
Adjusted EBITDA1 was $719.3 million, compared to $579.7
million last year.
1Adjusted EBITDA, non-GAAP net income and non-GAAP net income
per diluted share are non-GAAP financial measures. Please see the
discussion below under the heading “Use of Non-GAAP Financial
Information” and the reconciliations at the end of this release for
additional information concerning these and other non-GAAP
financial measures.
Business Highlights
Paycom earned multiple workplace awards, including Newsweek’s
Greatest Workplaces for Parents and Families, Newsweek’s Greatest
Workplaces for Diversity, Top Workplaces Oklahoma, and Top
Workplaces Dallas/Fort Worth.
Paycom expanded globally with Global HCM™ and native payroll
processing in Mexico and Canada.
Paycom released new products Everyday™ and GONE™.
Total client count increased to 36,820 as of December 31, 2023,
up 1% from the prior year-end. On a parent company grouping basis,
client count as of December 31, 2023 increased to 19,481, up 2%
from the prior year-end.
Annual revenue retention rate for the year ended December 31,
2023 was 90%2, down from 91% for the prior year.
Paycom stored data for over 6.8 million persons employed by its
clients during the year ended December 31, 2023, up 5%
year-over-year.
2During the year ended December 31, 2023, we modified the
methodology for our annual revenue retention rate calculation. See
the discussion below under the heading “Annual Revenue Retention
Rate Calculation.”
Financial Outlook
Paycom provides the following expected financial guidance for
the quarter ending March 31, 2024 and the year ending December 31,
2024.
Quarter Ending March 31, 2024:
Total Revenues in the range of $494
million to $497 million.
Adjusted EBITDA in the range of $218
million to $222 million.
Year Ending December 31, 2024:
Total Revenues in the range of $1.860
billion to $1.885 billion.
Adjusted EBITDA in the range of $720
million to $730 million.
We have not reconciled the forward-looking adjusted EBITDA
ranges presented above and discussed on the teleconference call to
net income, nor the forward-looking adjusted EBITDA margins and
forward-looking non-GAAP effective income tax rate discussed on the
teleconference call to comparable GAAP measures, because applicable
information for future periods, on which these reconciliations
would be based, is not readily available due to uncertainty
regarding, and the potential variability of, depreciation and
amortization, interest expense, taxes, non-cash stock-based
compensation expense and other items. Accordingly, reconciliations
of the forward-looking adjusted EBITDA ranges to net income, the
forward-looking adjusted EBITDA margins to net income margin, and
the forward-looking non-GAAP effective income tax rate to the GAAP
effective income tax rate are not available at this time without
unreasonable effort.
Use of Non-GAAP Financial
Information
To supplement our financial information presented in accordance
with generally accepted accounting principles in the United States
(“GAAP”), we present certain non-GAAP financial measures in this
press release and on the related teleconference call, including
adjusted EBITDA, non-GAAP net income, adjusted gross profit,
adjusted gross margin, adjusted sales and marketing expenses,
adjusted total administrative expenses, adjusted research and
development expenses, adjusted total research and development
costs, adjusted EBITDA margin and non-GAAP effective income tax
rate. Management uses these non-GAAP financial measures as
supplemental measures to review and assess the performance of our
core business operations and for planning purposes. We define (i)
adjusted EBITDA as net income plus interest expense, taxes,
depreciation and amortization, non-cash stock-based compensation
expense, certain transaction expenses that are not core to our
operations (if any), the change in fair value of our interest rate
swap (if any) and any loss on the extinguishment of debt, (ii)
non-GAAP net income as net income plus non-cash stock-based
compensation expense, certain transaction expenses that are not
core to our operations (if any), the change in fair value of our
interest rate swap (if any) and any loss on the extinguishment of
debt, all of which are adjusted for the effect of income taxes,
(iii) adjusted gross profit as gross profit plus applicable
non-cash stock-based compensation expense, (iv) adjusted gross
margin as gross profit plus applicable non-cash stock-based
compensation expense, divided by total revenues, (v) each adjusted
expense item as the GAAP expense amount less applicable non-cash
stock-based compensation expense, (vi) adjusted total research and
development costs as total research and development costs
(including the capitalized portion) less applicable non-cash
stock-based compensation (including the capitalized portion), (vii)
adjusted EBITDA margin as adjusted EBITDA (calculated as described
in clause (i)) divided by total revenues, and (viii) non-GAAP
effective income tax rate as the provision for income taxes plus
the income tax effect on non-GAAP adjustments divided by non-GAAP
net income (calculated as described in clause (ii)) plus the
provision for income taxes and the income tax effect on non-GAAP
adjustments. The non-GAAP financial measures presented in this
press release and discussed on the related teleconference call
provide investors with greater transparency to the information used
by management in its financial and operational decision-making. We
believe these metrics are useful to investors because they
facilitate comparisons of our core business operations across
periods on a consistent basis, as well as comparisons with the
results of peer companies, many of which use similar non-GAAP
financial measures to supplement results under GAAP. In addition,
adjusted EBITDA is a measure that provides useful information to
management about the amount of cash available for reinvestment in
our business, paying dividends, repurchasing common stock and other
purposes. Management believes that the non-GAAP measures presented
in this press release and discussed on the related teleconference
call, when viewed in combination with our results prepared in
accordance with GAAP, provide a more complete understanding of the
factors and trends affecting our business and performance.
The non-GAAP financial measures presented in this press release
and discussed on the related teleconference call are not measures
of financial performance under GAAP and should not be considered a
substitute for net income, gross profit, gross margin, research and
development expenses, sales and marketing expenses, administrative
expenses, total research and development costs and GAAP effective
income tax rate. Non-GAAP financial measures have limitations as
analytical tools, and when assessing our operating performance, you
should not consider these non-GAAP financial measures in isolation,
or as a substitute for the consolidated statements of income data
prepared in accordance with GAAP. The non-GAAP financial measures
that we present may not be comparable to similarly titled measures
of other companies and other companies may not calculate such
measures in the same manner as we do.
Annual Revenue Retention Rate
Calculation
Historically, we calculated annual revenue retention rate as
total revenues minus revenue attrition, divided by total revenues.
Revenue attrition is equal to the actual recurring fees paid by
clients during the 12 months preceding the respective dates on
which they last processed payroll with us. Throughout 2023, as we
increased our engagement efforts with clients and our efforts to
reduce attrition, it was important for us to identify revenue
attrition more quickly. In July 2023, we implemented operational
changes related to how we mobilize our services department to
manage relationships with clients that have missed a payroll, as
well as a contemporaneous change to our standard services
agreement. These strategic operational and contractual changes
accelerate the point at which a client is deemed “lost” for
purposes of our annual revenue retention rate calculation. Further,
we are now excluding interest earned on funds held for clients from
the calculation, which has been immaterial to date. Based on the
new methodology, the annual revenue retention rates for the years
ended December 31, 2023, 2022 and 2021 were 90%, 91% and 94%,
respectively, with losses concentrated primarily among smaller
clients. These changes to the annual revenue retention rate
calculation had no impact on reported financial results. We believe
these increased engagement efforts and operational changes
contributed to an increase in the revenue retention rate in the
month of January 2024 compared to the same period in the prior
year.
Conference Call Details
In conjunction with this announcement, Paycom will host a
conference call today, February 7, 2024, at 5:00 p.m. Eastern time
to discuss its financial results. To access this call, dial (833)
470-1428 (domestic) or (404) 975-4839 (international) and provide
791144 as the access code. A live webcast as well as the replay of
the conference call will be available on the Investor Relations
page of Paycom’s website at investors.paycom.com.
About Paycom
For 25 years, Paycom Software, Inc. (NYSE:PAYC) has simplified
businesses and the lives of their employees through easy-to-use HR
and payroll technology to empower transparency through direct
access to their data. And thanks to its industry-first solution,
Beti®, employees now do their own payroll and are guided to find
and fix costly errors before payroll submission. From onboarding
and benefits enrollment to talent management and more, Paycom’s
software streamlines processes, drives efficiencies and gives
employees power over their own HR information, all in a single app.
Recognized nationally for its technology and workplace culture,
Paycom can now serve businesses of all sizes in the U.S. and
internationally.
Forward-Looking
Statements
Certain statements in this press release are, and certain
statements on the related teleconference call may be,
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are any statements that refer to Paycom’s estimated or
anticipated results, other non-historical facts or future events
and include, but are not limited to, statements regarding our
business strategy; anticipated future operating results and
operating expenses, cash flows, capital resources, dividends and
liquidity; competition; trends, opportunities and risks affecting
our business, industry and financial results; future expansion or
growth plans and potential for future growth, including
internationally; our ability to attract new clients to purchase our
solution; our ability to retain clients and induce them to purchase
additional applications; our ability to accurately forecast future
revenues and appropriately plan our expenses; market acceptance of
our solution and applications; our expectations regarding future
revenues generated by certain applications; the return on
investment for users of our solutions; our ability to attract and
retain qualified employees and key personnel; future regulatory,
judicial and legislative changes; how certain factors affecting our
performance correlate to improvement or deterioration in the labor
market; our plan to open additional sales offices and our ability
to effectively execute such plan; the sufficiency of our existing
cash and cash equivalents to meet our working capital and capital
expenditure needs over the next 12 months; our plans regarding our
capital expenditures and investment activity as our business grows,
including with respect to research and development and the
expansion of our corporate headquarters and other facilities; our
plans to pay cash dividends; our plans to repurchase shares of our
common stock through a stock repurchase plan; and our expected
income tax rate for future periods. In addition, forward-looking
statements also consist of statements involving trend analyses and
statements including such words as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“potential,” “should,” “will,” “would,” and similar expressions or
the negative of such terms or other comparable terminology. These
forward-looking statements are based only on information currently
available to us, speak only as of the date hereof and are subject
to business and economic risks. As such, our actual results could
differ materially from those set forth in the forward-looking
statements as a result of the factors discussed in our filings with
the Securities and Exchange Commission, including but not limited
to those discussed in our most recent Annual Report on Form 10-K
and Quarterly Report on Form 10-Q. We do not undertake any
obligation to update or revise the forward-looking statements to
reflect events that occur or circumstances that exist after the
date on which such statements were made, except to the extent
required by law.
Paycom Software, Inc.
Unaudited Consolidated Balance
Sheets
(in thousands, except per share
amounts)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
294,025
$
400,730
Accounts receivable
16,442
22,843
Prepaid expenses
37,613
34,056
Inventory
1,383
1,607
Income tax receivable
18,391
5,583
Deferred contract costs
118,206
96,378
Current assets before funds held for
clients
486,060
561,197
Funds held for clients
2,327,366
2,202,975
Total current assets
2,813,426
2,764,172
Property and equipment, net
498,197
402,448
Intangible assets, net
50,112
54,017
Goodwill
51,889
51,889
Long-term deferred contract costs
680,272
567,974
Other assets
103,643
62,013
Total assets
$
4,197,539
$
3,902,513
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
13,875
$
16,054
Accrued commissions and bonuses
30,492
28,439
Accrued payroll and vacation
56,086
45,023
Deferred revenue
22,812
19,825
Accrued expenses and other current
liabilities
83,302
59,990
Current liabilities before client funds
obligation
206,567
169,331
Client funds obligation
2,328,076
2,207,706
Total current liabilities
2,534,643
2,377,037
Deferred income tax liabilities, net
143,750
141,033
Long-term deferred revenue
107,657
97,591
Long-term debt
—
29,000
Other long-term liabilities
108,453
75,245
Total long-term liabilities
359,860
342,869
Total liabilities
2,894,503
2,719,906
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value (100,000
shares authorized, 62,675 and 62,518 shares issued at December 31,
2023 and December 31, 2022, respectively; 56,528 and 57,867 shares
outstanding at December 31, 2023 and December 31, 2022,
respectively)
627
625
Additional paid-in capital
724,493
576,622
Retained earnings
1,469,981
1,196,968
Accumulated other comprehensive earnings
(loss)
(1,039
)
(3,703
)
Treasury stock, at cost (6,147 and 4,651
shares at December 31, 2023 and December 31, 2022,
respectively)
(891,026
)
(587,905
)
Total stockholders’ equity
1,303,036
1,182,607
Total liabilities and stockholders’
equity
$
4,197,539
$
3,902,513
Paycom Software, Inc.
Unaudited Consolidated
Statements of Comprehensive Income
(in thousands, except per share
amounts)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Revenues
Recurring
$
427,270
$
364,008
$
1,664,976
$
1,351,856
Implementation and other
7,325
6,600
28,698
23,362
Total revenues
434,595
370,608
1,693,674
1,375,218
Cost of revenues
Operating expenses
60,397
47,541
223,699
169,806
Depreciation and amortization
14,292
11,530
52,591
42,935
Total cost of revenues
74,689
59,071
276,290
212,741
Administrative expenses
Sales and marketing
106,446
92,727
417,617
346,561
Research and development
55,300
39,569
198,951
148,343
General and administrative
74,740
60,021
288,137
239,130
Depreciation and amortization
16,697
13,386
61,357
49,764
Total administrative expenses
253,183
205,703
966,062
783,798
Total operating expenses
327,872
264,774
1,242,352
996,539
Operating income
106,723
105,834
451,322
378,679
Interest expense
(266
)
(949
)
(1,927
)
(2,536
)
Other income (expense), net
5,455
9,104
23,004
13,435
Income before income taxes
111,912
113,989
472,399
389,578
Provision for income taxes
30,155
34,038
131,611
108,189
Net income
$
81,757
$
79,951
$
340,788
$
281,389
Earnings per share, basic
$
1.43
$
1.38
$
5.91
$
4.86
Earnings per share, diluted
$
1.43
$
1.38
$
5.88
$
4.84
Weighted average shares
outstanding:
Basic
57,229
57,867
57,707
57,928
Diluted
57,229
58,037
57,974
58,175
Comprehensive earnings (loss):
Net income
$
81,757
$
79,951
$
340,788
$
281,389
Unrealized net gains (losses) on
available-for-sale securities
1,454
124
3,501
(4,757
)
Tax effect
(312
)
(14
)
(837
)
1,054
Other comprehensive income (loss), net of
tax
1,142
110
2,664
(3,703
)
Comprehensive earnings (loss)
$
82,899
$
80,061
$
343,452
$
277,686
Paycom Software, Inc.
Unaudited Consolidated
Statements of Cash Flows
(in thousands)
Year Ended December
31,
2023
2022
Cash flows from operating
activities
Net income
$
340,788
$
281,389
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
113,948
92,699
Accretion of discount on
available-for-sale securities
(520
)
(1,020
)
Non-cash marketing expense
1,658
1,734
Loss (Gain) on disposition of property and
equipment
23
(150
)
Amortization of debt issuance costs
1,225
847
Stock-based compensation expense
129,806
94,898
Loss on extinguishment of debt
1,222
—
Cash paid for derivative settlement
—
205
Gain on derivative
—
(1,559
)
Deferred income taxes, net
2,557
(3,210
)
Other
122
(206
)
Changes in operating assets and
liabilities:
Accounts receivable
6,401
(13,353
)
Prepaid expenses
(6,617
)
(6,497
)
Inventory
224
(224
)
Other assets
(43,431
)
(13,907
)
Deferred contract costs
(127,657
)
(122,440
)
Accounts payable
(5,155
)
11,676
Income taxes, net
(12,808
)
10,830
Accrued commissions and bonuses
2,053
6,082
Accrued payroll and vacation
11,063
10,764
Deferred revenue
13,053
15,990
Accrued expenses and other current
liabilities
57,082
555
Net cash provided by operating
activities
485,037
365,103
Cash flows from investing
activities
Purchases of investments from funds held
for clients
(25,000
)
(268,718
)
Proceeds from investments from funds held
for clients
25,000
382,230
Purchases of intangible assets
(4,244
)
(4,120
)
Purchases of property and equipment
(192,587
)
(132,678
)
Proceeds from sale of property and
equipment
119
—
Net cash used in investing activities
(196,712
)
(23,286
)
Cash flows from financing
activities
Proceeds from the issuance of debt
—
29,000
Repurchases of common stock
(286,618
)
(94,652
)
Withholding taxes paid related to net
share settlements
(13,927
)
(5,171
)
Payments on long-term debt
(29,000
)
(29,287
)
Dividends paid
(64,838
)
—
Net change in client funds obligation
120,370
361,133
Payment of debt issuance costs
(647
)
(6,436
)
Net cash (used in) provided by financing
activities
(274,660
)
254,587
Increase in cash, cash equivalents,
restricted cash and restricted cash equivalents
13,665
596,404
Cash, cash equivalents, restricted cash
and restricted cash equivalents
Cash, cash equivalents, restricted cash
and restricted cash equivalents, beginning of period
2,409,095
1,812,691
Cash, cash equivalents, restricted cash
and restricted cash equivalents, end of period
$
2,422,760
$
2,409,095
Paycom Software, Inc.
Unaudited Consolidated
Statements of Cash Flows
(in thousands)
Year Ended December
31,
2023
2022
Reconciliation of cash, cash
equivalents, restricted cash and restricted cash
equivalents
Cash and cash equivalents
$
294,025
$
400,730
Restricted cash included in funds held for
clients
2,128,735
2,008,365
Total cash, cash equivalents, restricted
cash and restricted cash equivalents, end of period
$
2,422,760
$
2,409,095
Supplemental disclosures of cash flow
information:
Cash paid for interest, net of amounts
capitalized
$
985
$
507
Cash paid for income taxes
$
139,914
$
100,578
Non-cash investing and financing
activities:
Purchases of property and equipment,
accrued but not paid
$
9,025
$
5,899
Stock-based compensation for capitalized
software
$
14,657
$
8,965
Right of use assets obtained in exchange
for operating lease liabilities
$
50,315
$
21,467
Paycom Software, Inc.
Unaudited Reconciliations of
GAAP to Non-GAAP Financial Measures
(in thousands, except per share
amounts)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net income to adjusted EBITDA:
Net income
$
81,757
$
79,951
$
340,788
$
281,389
Interest expense
266
949
1,927
2,536
Provision for income taxes
30,155
34,038
131,611
108,189
Depreciation and amortization
30,989
24,916
113,948
92,699
EBITDA
143,167
139,854
588,274
484,813
Non-cash stock-based compensation
expense
33,423
24,083
129,806
94,898
Loss on extinguishment of debt
—
—
1,222
—
Adjusted EBITDA
$
176,590
$
163,937
$
719,302
$
579,711
Net income margin
18.8
%
21.6
%
20.1
%
20.5
%
Adjusted EBITDA margin
40.6
%
44.2
%
42.5
%
42.2
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net income to non-GAAP net
income:
Net income
$
81,757
$
79,951
$
340,788
$
281,389
Non-cash stock-based compensation
expense
33,423
24,083
129,806
94,898
Loss on extinguishment of debt
—
—
1,222
—
Income tax effect on non-GAAP
adjustments
(4,984
)
(3,873
)
(22,331
)
(19,053
)
Non-GAAP net income
$
110,196
$
100,161
$
449,485
$
357,234
Weighted average shares outstanding:
Basic
57,229
57,867
57,707
57,928
Diluted
57,229
58,037
57,974
58,175
Earnings per share, basic
$
1.43
$
1.38
$
5.91
$
4.86
Earnings per share, diluted
$
1.43
$
1.38
$
5.88
$
4.84
Non-GAAP net income per share, basic
$
1.93
$
1.73
$
7.79
$
6.17
Non-GAAP net income per share, diluted
$
1.93
$
1.73
$
7.75
$
6.14
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Earnings per share to non-GAAP net
income per share, basic:
Earnings per share, basic
$
1.43
$
1.38
$
5.91
$
4.86
Non-cash stock-based compensation
expense
0.58
0.42
2.25
1.64
Loss on extinguishment of debt
—
—
0.02
—
Income tax effect on non-GAAP
adjustments
(0.08
)
(0.07
)
(0.39
)
(0.33
)
Non-GAAP net income per share, basic
$
1.93
$
1.73
$
7.79
$
6.17
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Earnings per share to non-GAAP net
income per share, diluted:
Earnings per share, diluted
$
1.43
$
1.38
$
5.88
$
4.84
Non-cash stock-based compensation
expense
0.58
0.41
2.24
1.63
Loss on extinguishment of debt
—
—
0.02
—
Income tax effect on non-GAAP
adjustments
(0.08
)
(0.06
)
(0.39
)
(0.33
)
Non-GAAP net income per share, diluted
$
1.93
$
1.73
$
7.75
$
6.14
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Adjusted gross profit:
Total revenues
$
434,595
$
370,608
$
1,693,674
$
1,375,218
Less: Total cost of revenues
(74,689
)
(59,071
)
(276,290
)
(212,741
)
Total gross profit
359,906
311,537
1,417,384
1,162,477
Plus: Non-cash stock-based compensation
expense
2,007
946
10,613
4,671
Total adjusted gross profit
$
361,913
$
312,483
$
1,427,997
$
1,167,148
Gross margin
82.8
%
84.1
%
83.7
%
84.5
%
Adjusted gross margin
83.3
%
84.3
%
84.3
%
84.9
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Adjusted sales and marketing
expenses:
Sales and marketing expenses
$
106,446
$
92,727
$
417,617
$
346,561
Less: Non-cash stock-based compensation
expense
(5,503
)
(5,473
)
(23,870
)
(18,659
)
Adjusted sales and marketing expenses
$
100,943
$
87,254
$
393,747
$
327,902
Total revenues
$
434,595
$
370,608
$
1,693,674
$
1,375,218
Sales and marketing expenses as a % of
revenues
24.5
%
25.0
%
24.7
%
25.2
%
Adjusted sales and marketing expenses as a
% of revenues
23.2
%
23.5
%
23.2
%
23.8
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Adjusted total administrative
expenses:
Total administrative expenses
$
253,183
$
205,703
$
966,062
$
783,798
Less: Non-cash stock-based compensation
expense
(31,416
)
(23,137
)
(119,193
)
(90,227
)
Adjusted total administrative expenses
$
221,767
$
182,566
$
846,869
$
693,571
Total revenues
$
434,595
$
370,608
$
1,693,674
$
1,375,218
Total administrative expenses as a % of
revenues
58.3
%
55.5
%
57.0
%
57.0
%
Adjusted total administrative expenses as
a % of revenues
51.0
%
49.3
%
50.0
%
50.4
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Adjusted research and development
expenses:
Research and development expenses
$
55,300
$
39,569
$
198,951
$
148,343
Less: Non-cash stock-based compensation
expense
(4,759
)
(2,948
)
(22,273
)
(11,063
)
Adjusted research and development
expenses
$
50,541
$
36,621
$
176,678
$
137,280
Total revenues
$
434,595
$
370,608
$
1,693,674
$
1,375,218
Research and development expenses as a %
of revenues
12.7
%
10.7
%
11.7
%
10.8
%
Adjusted research and development expenses
as a % of revenues
11.6
%
9.9
%
10.4
%
10.0
%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Total research and development
costs:
Capitalized research and development
costs
$
25,935
$
17,572
$
96,744
$
66,407
Research and development expenses
55,300
39,569
198,951
148,343
Total research and development costs
$
81,235
$
57,141
$
295,695
$
214,750
Total revenues
$
434,595
$
370,608
$
1,693,674
$
1,375,218
Total research and development costs as a
% of revenues
18.7
%
15.4
%
17.5
%
15.6
%
Adjusted total research and development
costs:
Total research and development costs
$
81,235
$
57,141
$
295,695
$
214,750
Less: Capitalized non-cash stock-based
compensation
(3,128
)
(2,420
)
(14,657
)
(8,965
)
Less: Non-cash stock-based compensation
expense
(4,759
)
(2,948
)
(22,273
)
(11,063
)
Adjusted total research and development
costs
$
73,348
$
51,773
$
258,765
$
194,722
Total revenues
$
434,595
$
370,608
$
1,693,674
$
1,375,218
Adjusted total research and development
costs as a % of revenues
16.9
%
14.0
%
15.3
%
14.2
%
Paycom Software, Inc.
Unaudited Components of
Non-Cash Stock-Based Compensation Expense
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Non-cash stock-based compensation
expense:
Operating expenses
$
2,007
$
946
$
10,613
$
4,671
Sales and marketing
5,503
5,473
23,870
18,659
Research and development
4,759
2,948
22,273
11,063
General and administrative
21,154
14,716
73,050
60,505
Total non-cash stock-based compensation
expense
$
33,423
$
24,083
$
129,806
$
94,898
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207705297/en/
Paycom Software, Inc. Investor Relations Contact: James Samford,
800-580-4505 investors@paycom.com
Paycom Software (NYSE:PAYC)
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