Third Quarter Revenues of $406 million, up 22% from the
comparable prior year period
Third Quarter GAAP Net Income of $75 million, representing 19%
of total revenues, or $1.30 per diluted share
Third Quarter Non-GAAP Net Income of $102 million, of $1.77 per
diluted share
Third Quarter Adjusted EBITDA of $166 million, representing 41%
of total revenues
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 ended September 30, 2023.
“Our third quarter fundamentals were strong with solid revenue
and earnings growth,” said Paycom’s founder, chairman and CEO, Chad
Richison. “Our innovations have transformed the payroll and HCM
industry for 25 years, and we’re excited to deliver even stronger
value to our clients for years to come.”
Financial Highlights for the Third
Quarter of 2023
Total Revenues of $406.3 million represented a 21.6%
increase compared to total revenues of $334.2 million in the same
period last year. Recurring revenues of $398.8 million increased
21.5% from the comparable prior year period, and constituted 98.1%
of total revenues.
GAAP Net Income was $75.2 million, or $1.30 per diluted
share, compared to GAAP net income of $52.2 million, or $0.90 per
diluted share, in the same period last year.
Non-GAAP Net Income1 was $102.4 million, or $1.77 per
diluted share, compared to $73.4 million, or $1.27 per diluted
share, in the same period last year.
Adjusted EBITDA1 was $165.6 million, compared to $126.0
million in the same period last year.
Cash and Cash Equivalents were $484.0 million as of
September 30, 2023, compared to $400.7 million as of December 31,
2022. During the quarter ended September 30, 2023, Paycom paid
$21.6 million in cash dividends and repurchased 263,824 shares of
common stock for a total of $76.5 million.
Total Debt was $29.0 million as of September 30, 2023 and
December 31, 2022.
1Adjusted EBITDA and non-GAAP net income 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.
Financial Outlook
Paycom provides the following expected financial guidance for
the quarter and the year ending December 31, 2023.
Quarter Ending December 31, 2023:
Total Revenues in the range of $420
million to $425 million.
Adjusted EBITDA in the range of $169
million to $174 million.
Year Ending December 31, 2023:
Total Revenues in the range of $1.679
billion to $1.684 billion.
Adjusted EBITDA in the range of $712
million to $717 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. During the teleconference call, we also refer
to a forward-looking estimate of our implied revenue growth rate
plus adjusted EBITDA margin, or the “Rule of 65”. Because we are
unable to reconcile forward-looking adjusted EBITDA margin to net
income margin without unreasonable effort, we are unable to
reconcile the “Rule of 65” to a comparable GAAP measure 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 “Rule of 65”. 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 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 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) “Rule of 65”
as revenue growth rate (expressed as a percentage) plus adjusted
EBITDA margin (calculated as described in clause (vii)) and (ix)
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, 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 and total research and development costs. 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.
Conference Call Details:
In conjunction with this announcement, Paycom will host a
conference call today, October 31, 2023, at 5:00 p.m. Eastern time
to discuss its financial results. To access this call, dial (833)
470-1428 (domestic) or (929) 526-1599 (international) and provide
539600 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; 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; 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)
September 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
484,028
$
400,730
Accounts receivable
15,548
22,843
Prepaid expenses
40,561
34,056
Inventory
836
1,607
Income tax receivable
10,770
5,583
Deferred contract costs
111,877
96,378
Current assets before funds held for
clients
663,620
561,197
Funds held for clients
1,899,346
2,202,975
Total current assets
2,562,966
2,764,172
Property and equipment, net
468,282
402,448
Intangible assets, net
51,088
54,017
Goodwill
51,889
51,889
Long-term deferred contract costs
645,611
567,974
Other assets
76,265
62,013
Total assets
$
3,856,101
$
3,902,513
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
6,889
$
16,054
Accrued commissions and bonuses
20,423
28,439
Accrued payroll and vacation
41,160
45,023
Deferred revenue
22,730
19,825
Accrued expenses and other current
liabilities
77,065
59,990
Current liabilities before client funds
obligation
168,267
169,331
Client funds obligation
1,901,643
2,207,706
Total current liabilities
2,069,910
2,377,037
Deferred income tax liabilities, net
145,465
141,033
Long-term deferred revenue
105,588
97,591
Long-term debt
29,000
29,000
Other long-term liabilities
84,829
75,245
Total long-term liabilities
364,882
342,869
Total liabilities
2,434,792
2,719,906
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value (100,000
shares authorized, 62,655 and 62,518 shares issued at September 30,
2023 and December 31, 2022, respectively; 57,700 and 57,867 shares
outstanding at September 30, 2023 and December 31, 2022,
respectively)
627
625
Additional paid-in capital
687,723
576,622
Retained earnings
1,410,659
1,196,968
Accumulated other comprehensive earnings
(loss)
(2,181
)
(3,703
)
Treasury stock, at cost (4,955 and 4,651
shares at September 30, 2023 and December 31, 2022,
respectively)
(675,519
)
(587,905
)
Total stockholders’ equity
1,421,309
1,182,607
Total liabilities and stockholders’
equity
$
3,856,101
$
3,902,513
Paycom Software, Inc.
Unaudited Consolidated
Statements of Comprehensive Income
(in thousands, except per share
amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenues
Recurring
$
398,763
$
328,150
$
1,237,706
$
987,848
Implementation and other
7,540
6,017
21,373
16,762
Total revenues
406,303
334,167
1,259,079
1,004,610
Cost of revenues
Operating expenses
55,600
44,169
163,302
122,265
Depreciation and amortization
13,341
10,935
38,299
31,405
Total cost of revenues
68,941
55,104
201,601
153,670
Administrative expenses
Sales and marketing
101,162
91,114
311,171
253,834
Research and development
51,864
40,366
143,651
108,774
General and administrative
71,827
60,693
213,397
179,109
Depreciation and amortization
15,608
12,625
44,660
36,378
Total administrative expenses
240,461
204,798
712,879
578,095
Total operating expenses
309,402
259,902
914,480
731,765
Operating income
96,901
74,265
344,599
272,845
Interest expense
(222
)
(1,018
)
(1,661
)
(1,587
)
Other income (expense), net
5,362
2,041
17,549
4,331
Income before income taxes
102,041
75,288
360,487
275,589
Provision for income taxes
26,822
23,135
101,456
74,151
Net income
$
75,219
$
52,153
$
259,031
$
201,438
Earnings per share, basic
$
1.30
$
0.90
$
4.48
$
3.48
Earnings per share, diluted
$
1.30
$
0.90
$
4.46
$
3.46
Weighted average shares
outstanding:
Basic
57,825
57,865
57,871
57,949
Diluted
57,966
58,033
58,056
58,193
Comprehensive earnings (loss):
Net income
$
75,219
$
52,153
$
259,031
$
201,438
Unrealized net gains (losses) on
available-for-sale securities
1,232
(2,705
)
2,047
(4,881
)
Tax effect
(420
)
492
(525
)
1,068
Other comprehensive income (loss), net of
tax
812
(2,213
)
1,522
(3,813
)
Comprehensive earnings (loss)
$
76,031
$
49,940
$
260,553
$
197,625
Paycom Software, Inc.
Unaudited Consolidated
Statements of Cash Flows
(in thousands)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities
Net income
$
259,031
$
201,438
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
82,959
67,783
Accretion of discount on
available-for-sale securities
(387
)
(872
)
Non-cash marketing expense
1,263
1,320
Gain on disposition of property and
equipment
(33
)
—
Amortization of debt issuance costs
946
532
Stock-based compensation expense
96,383
70,815
Loss on extinguishment of debt
1,222
—
Cash paid for derivative settlement
—
205
Gain on derivative
—
(1,559
)
Deferred income taxes, net
3,889
(4,841
)
Other
18
(227
)
Changes in operating assets and
liabilities:
Accounts receivable
7,295
(5,406
)
Prepaid expenses
(8,845
)
(11,203
)
Inventory
375
27
Other assets
(15,773
)
(10,104
)
Deferred contract costs
(87,604
)
(86,634
)
Accounts payable
(8,131
)
4,159
Income taxes, net
(5,187
)
1,245
Accrued commissions and bonuses
(8,016
)
(3,320
)
Accrued payroll and vacation
(3,863
)
1,810
Deferred revenue
10,902
12,585
Accrued expenses and other current
liabilities
24,125
(1,106
)
Net cash provided by operating
activities
350,569
236,647
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
328,731
Purchases of property and equipment
(135,709
)
(92,041
)
Proceeds from sale of property and
equipment
67
—
Net cash used in investing activities
(135,642
)
(32,028
)
Cash flows from financing
activities
Proceeds from the issuance of debt
—
29,000
Repurchases of common stock
(74,994
)
(94,652
)
Withholding taxes paid related to net
share settlements
(12,620
)
(5,017
)
Payments on long-term debt
—
(29,287
)
Dividends paid
(43,367
)
—
Net change in client funds obligation
(306,063
)
(92,478
)
Payment of debt issuance costs
(649
)
(6,437
)
Net cash used in financing activities
(437,693
)
(198,871
)
(Decrease) increase in cash, cash
equivalents, restricted cash and restricted cash equivalents
(222,766
)
5,748
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
$
2,186,329
$
1,818,439
Paycom Software, Inc.
Unaudited Consolidated
Statements of Cash Flows
(in thousands)
Nine Months Ended September
30,
2023
2022
Reconciliation of cash, cash
equivalents, restricted cash and restricted cash
equivalents
Cash and cash equivalents
$
484,028
$
317,163
Restricted cash included in funds held for
clients
1,702,301
1,501,276
Total cash, cash equivalents, restricted
cash and restricted cash equivalents, end of period
$
2,186,329
$
1,818,439
Supplemental disclosures of cash flow
information:
Non-cash investing and financing
activities:
Purchases of property and equipment,
accrued but not paid
$
8,011
$
3,355
Stock-based compensation for capitalized
software
$
11,529
$
6,545
Right of use assets obtained in exchange
for operating lease liabilities
$
21,023
$
14,385
Paycom Software, Inc. Unaudited
Reconciliations of GAAP to Non-GAAP Financial Measures (in
thousands, except per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net income to adjusted EBITDA:
Net income
$
75,219
$
52,153
$
259,031
$
201,438
Interest expense
222
1,018
1,661
1,587
Provision for income taxes
26,822
23,135
101,456
74,151
Depreciation and amortization
28,949
23,560
82,959
67,783
EBITDA
131,212
99,866
445,107
344,959
Non-cash stock-based compensation
expense
33,198
24,492
96,383
70,815
Loss on extinguishment of debt
1,222
—
1,222
—
Change in fair value of interest rate
swap
—
1,668
—
—
Adjusted EBITDA
$
165,632
$
126,026
$
542,712
$
415,774
Net income margin
18.5
%
15.6
%
20.6
%
20.1
%
Adjusted EBITDA margin
40.8
%
37.7
%
43.1
%
41.4
%
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net income to non-GAAP net
income:
Net income
$
75,219
$
52,153
$
259,031
$
201,438
Non-cash stock-based compensation
expense
33,198
24,492
96,383
70,815
Loss on extinguishment of debt
1,222
—
1,222
—
Change in fair value of interest rate
swap
—
1,668
—
—
Income tax effect on non-GAAP
adjustments
(7,263
)
(4,882
)
(17,347
)
(15,180
)
Non-GAAP net income
$
102,376
$
73,431
$
339,289
$
257,073
Weighted average shares outstanding:
Basic
57,825
57,865
57,871
57,949
Diluted
57,966
58,033
58,056
58,193
Earnings per share, basic
$
1.30
$
0.90
$
4.48
$
3.48
Earnings per share, diluted
$
1.30
$
0.90
$
4.46
$
3.46
Non-GAAP net income per share, basic
$
1.77
$
1.27
$
5.86
$
4.44
Non-GAAP net income per share, diluted
$
1.77
$
1.27
$
5.84
$
4.42
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Earnings per share to non-GAAP net
income per share, basic:
Earnings per share, basic
$
1.30
$
0.90
$
4.48
$
3.48
Non-cash stock-based compensation
expense
0.57
0.42
1.67
1.22
Loss on extinguishment of debt
0.02
—
0.02
—
Change in fair value of interest rate
swap
—
0.03
—
—
Income tax effect on non-GAAP
adjustments
(0.12
)
(0.08
)
(0.31
)
(0.26
)
Non-GAAP net income per share, basic
$
1.77
$
1.27
$
5.86
$
4.44
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Earnings per share to non-GAAP net
income per share, diluted:
Earnings per share, diluted
$
1.30
$
0.90
$
4.46
$
3.46
Non-cash stock-based compensation
expense
0.57
0.42
1.66
1.22
Loss on extinguishment of debt
0.02
—
0.02
—
Change in fair value of interest rate
swap
—
0.03
—
—
Income tax effect on non-GAAP
adjustments
(0.12
)
(0.08
)
(0.30
)
(0.26
)
Non-GAAP net income per share, diluted
$
1.77
$
1.27
$
5.84
$
4.42
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Adjusted gross profit:
Total revenues
$
406,303
$
334,167
$
1,259,079
$
1,004,610
Less: Total cost of revenues
(68,941
)
(55,104
)
(201,601
)
(153,670
)
Total gross profit
337,362
279,063
1,057,478
850,940
Plus: Non-cash stock-based compensation
expense
2,868
1,396
8,606
3,725
Total adjusted gross profit
$
340,230
$
280,459
$
1,066,084
$
854,665
Gross margin
83.0
%
83.5
%
84.0
%
84.7
%
Adjusted gross margin
83.7
%
83.9
%
84.7
%
85.1
%
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Adjusted sales and marketing
expenses:
Sales and marketing expenses
$
101,162
$
91,114
$
311,171
$
253,834
Less: Non-cash stock-based compensation
expense
(6,851
)
(5,280
)
(18,367
)
(13,186
)
Adjusted sales and marketing expenses
$
94,311
$
85,834
$
292,804
$
240,648
Total revenues
$
406,303
$
334,167
$
1,259,079
$
1,004,610
Sales and marketing expenses as a % of
revenues
24.9
%
27.3
%
24.7
%
25.3
%
Adjusted sales and marketing expenses as a
% of revenues
23.2
%
25.7
%
23.3
%
24.0
%
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Adjusted total administrative
expenses:
Total administrative expenses
$
240,461
$
204,798
$
712,879
$
578,095
Less: Non-cash stock-based compensation
expense
(30,330
)
(23,096
)
(87,777
)
(67,090
)
Adjusted total administrative expenses
$
210,131
$
181,702
$
625,102
$
511,005
Total revenues
$
406,303
$
334,167
$
1,259,079
$
1,004,610
Total administrative expenses as a % of
revenues
59.2
%
61.3
%
56.6
%
57.5
%
Adjusted total administrative expenses as
a % of revenues
51.7
%
54.4
%
49.6
%
50.9
%
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Adjusted research and development
expenses:
Research and development expenses
$
51,864
$
40,366
$
143,651
$
108,774
Less: Non-cash stock-based compensation
expense
(5,617
)
(3,039
)
(17,514
)
(8,115
)
Adjusted research and development
expenses
$
46,247
$
37,327
$
126,137
$
100,659
Total revenues
$
406,303
$
334,167
$
1,259,079
$
1,004,610
Research and development expenses as a %
of revenues
12.8
%
12.1
%
11.4
%
10.8
%
Adjusted research and development expenses
as a % of revenues
11.4
%
11.2
%
10.0
%
10.0
%
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Total research and development
costs:
Capitalized research and development
costs
$
26,578
$
16,995
$
70,809
$
48,835
Research and development expenses
51,864
40,366
143,651
108,774
Total research and development costs
$
78,442
$
57,361
$
214,460
$
157,609
Total revenues
$
406,303
$
334,167
$
1,259,079
$
1,004,610
Total research and development costs as a
% of revenues
19.3
%
17.2
%
17.0
%
15.7
%
Adjusted total research and development
costs:
Total research and development costs
$
78,442
$
57,361
$
214,460
$
157,609
Less: Capitalized non-cash stock-based
compensation
(3,777
)
(2,365
)
(11,529
)
(6,545
)
Less: Non-cash stock-based compensation
expense
(5,617
)
(3,039
)
(17,514
)
(8,115
)
Adjusted total research and development
costs
$
69,048
$
51,957
$
185,417
$
142,949
Total revenues
$
406,303
$
334,167
$
1,259,079
$
1,004,610
Adjusted total research and development
costs as a % of revenues
17.0
%
15.5
%
14.7
%
14.2
%
Paycom Software, Inc.
Unaudited Components of
Non-Cash Stock-Based Compensation Expense
(in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Non-cash stock-based compensation
expense:
Operating expenses
$
2,868
$
1,396
$
8,606
$
3,725
Sales and marketing
6,851
5,280
18,367
13,186
Research and development
5,617
3,039
17,514
8,115
General and administrative
17,862
14,777
51,896
45,789
Total non-cash stock-based compensation
expense
$
33,198
$
24,492
$
96,383
$
70,815
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231031405721/en/
Paycom Software, Inc. Investor Relations Contact: James Samford,
800-580-4505 investors@paycom.com
Paycom Software (NYSE:PAYC)
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