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Third Quarter Revenues of $175.0 million, up 31% from the prior year period

Third Quarter GAAP Net Income of $39.2 million, or $0.67 per diluted share, up 36% from the prior year period

Third Quarter Non-GAAP Net Income of $41.1 million, or $0.70 per diluted share, up 34% from the prior year period

Third Quarter Adjusted EBITDA of $66.6 million, up 35% from the prior year period

OKLAHOMA CITY–(BUSINESS WIRE)–Paycom Software, Inc. (“Paycom”) (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software, today announced its financial results for the quarter ended September 30, 2019.

“We had a particularly strong quarter with robust new client additions and strong demand for our employee-friendly, easy-to-use Human Capital Management (HCM) solutions,” said Paycom’s founder and CEO, Chad Richison. “We continue to expand our market share from a small base in a very large and growing HCM market by delivering tremendous value to our clients through innovative tools and a focus on employee usage. With these strong results and the momentum we are carrying into the fourth quarter, we are again in a position to raise our outlook for the full year.”

Financial Highlights for the Third Quarter of 2019

Total Revenues of $175.0 million represented a 31% increase compared to total revenues of $133.3 million in the same period last year. Recurring revenues of $171.4 million also increased 31% from the comparable prior year period, and constituted 98% of total revenues.

GAAP Net Income was $39.2 million, or $0.67 per diluted share, compared to GAAP net income of $28.8 million, or $0.49 per diluted share, in the same period last year.

Non-GAAP Net Income1 was $41.1 million, or $0.70 per diluted share, compared to $30.6 million, or $0.52 per diluted share, in the same period last year.

Adjusted EBITDA1 was $66.6 million, compared to $49.2 million in the same period last year.

Cash and Cash Equivalents were $108.1 million as of September 30, 2019, compared to $45.7 million as of December 31, 2018.

Total Debt, Net was $33.1 million as of September 30, 2019, compared to $34.4 million as of December 31, 2018.

1 Adjusted 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 year ending December 31, 2019:

Quarter Ending December 31, 2019

Total Revenues in the range of $188.5 million to $190.5 million.

Adjusted EBITDA in the range of $72.0 million to $74.0 million.

Year Ending December 31, 2019

Total Revenues in the range of $733 million to $735 million.

Adjusted EBITDA in the range of $311 million to $313 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 discussed on the teleconference call to a comparable GAAP measure, 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, change in fair value of our interest rate swap and other items. Further, we have not reconciled the forward-looking adjusted gross margin range discussed on the teleconference call to GAAP gross margin because applicable information for future periods, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, cost of revenues, including non-cash stock-based compensation expense. Accordingly, reconciliations of these adjusted EBITDA ranges to net income, the adjusted EBITDA margins to a comparable GAAP measure and the adjusted gross margin range to gross margin 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 administrative expenses, adjusted research and development expenses and adjusted research and development costs. 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) and the change in fair value of our interest rate swap, (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) and the change in fair value of our interest rate swap, 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 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) and (vii) adjusted EBITDA margin as adjusted EBITDA (calculated as described in clause (i)) divided by total revenues. 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 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 similar 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 29, 2019, at 5:00 p.m. Eastern time to discuss its financial results. To access this call, dial (866) 362-4443 (domestic) or (412) 317-5229 (international) and announce Paycom as the conference name to the operator. 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. A replay of this conference call can also be accessed by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) until November 5, 2019. The replay passcode is 10135481.

About Paycom

As a leader in payroll and HR technology, Oklahoma City-based Paycom redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment. Its cloud-based software solution is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Paycom has the ability to serve businesses of all sizes and in every industry. As one of the leading human capital management providers, Paycom serves clients in all 50 states from offices across the country.

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; 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 impact of future regulatory, judicial, or 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; the timeline for construction of our new Texas operations facility; new job creation at our new Texas operations facility; our plans regarding our capital expenditures and investment activity as our business grows; our expected income tax rate for future periods; and our plans to purchase shares of our common stock through a stock repurchase plan. In addition, forward-looking statements also consist of statements involving trend analyses and statements including such words as “anticipate,” “believe,” “could,” “expect,” “may,” “might,” “plan,” “possible,” “potential,” “project,” “should,” “would,” and similar expressions or the negative of such terms or other comparable terminology. These forward-looking statements 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. We do not undertake any obligation to update or revise the forward-looking statements to reflect events or circumstances that exist after the date on which such statements were made, except to the extent required by law.

Paycom Software, Inc.

Consolidated Balance Sheets

(in thousands, except per share amounts)

 

September 30, 2019

 

December 31, 2018

(unaudited)

 

 

Assets
Current assets:
Cash and cash equivalents

$

108,127

 

$

45,718

 

Accounts receivable

 

2,609

 

 

3,414

 

Prepaid expenses

 

12,724

 

 

7,658

 

Inventory

 

700

 

 

797

 

Income tax receivable

 

9,512

 

 

3,962

 

Deferred contract costs

 

43,385

 

 

35,286

 

Current assets before funds held for clients

 

177,057

 

 

96,835

 

Funds held for clients

 

835,918

 

 

967,787

 

Total current assets

 

1,012,975

 

 

1,064,622

 

Property and equipment, net

 

224,035

 

 

176,962

 

Goodwill

 

51,889

 

 

51,889

 

Long-term deferred contract costs

 

272,783

 

 

225,459

 

Other assets

 

30,345

 

 

2,994

 

Total assets

$

1,592,027

 

$

1,521,926

 

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable

$

4,693

 

$

6,288

 

Accrued commissions and bonuses

 

8,432

 

 

10,671

 

Accrued payroll and vacation

 

17,672

 

 

10,741

 

Deferred revenue

 

10,634

 

 

8,980

 

Current portion of long-term debt

 

1,775

 

 

1,775

 

Accrued expenses and other current liabilities

 

39,354

 

 

22,440

 

Current liabilities before client funds obligation

 

82,560

 

 

60,895

 

Client funds obligation

 

835,918

 

 

967,787

 

Total current liabilities

 

918,478

 

 

1,028,682

 

Deferred income tax liabilities, net

 

85,921

 

 

70,206

 

Long-term deferred revenue

 

62,731

 

 

55,671

 

Net long-term debt, less current portion

 

31,293

 

 

32,614

 

Other long-term liabilities

 

18,706

 

Total long-term liabilities

 

198,651

 

 

158,491

 

Total liabilities

 

1,117,129

 

 

1,187,173

 

Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value (100,000 shares authorized, 61,346 and 60,747 shares issued at September 30, 2019 and December 31, 2018, respectively; 57,657 and 57,277 shares outstanding at September 30, 2019 and December 31, 2018, respectively)

 

612

 

 

607

 

Additional paid-in capital

 

250,853

 

 

203,680

 

Retained earnings

 

530,786

 

 

395,590

 

Treasury stock, at cost (3,688 and 3,470 shares at September 30, 2019 and December 31, 2018, respectively)

 

(307,353

)

 

(265,124

)

Total stockholders’ equity

 

474,898

 

 

334,753

 

Total liabilities and stockholders’ equity

$

1,592,027

 

$

1,521,926

 

Paycom Software, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Revenues
Recurring

$

171,405

 

$

130,830

 

$

534,267

 

$

409,324

 

Implementation and other

 

3,601

 

 

2,458

 

 

9,995

 

 

6,680

 

Total revenues

 

175,006

 

 

133,288

 

 

544,262

 

 

416,004

 

Cost of revenues
Operating expenses

 

21,088

 

 

18,158

 

 

66,153

 

 

56,403

 

Depreciation and amortization

 

5,304

 

 

3,967

 

 

14,796

 

 

10,258

 

Total cost of revenues

 

26,392

 

 

22,125

 

 

80,949

 

 

66,661

 

Administrative expenses
Sales and marketing

 

47,060

 

 

37,183

 

 

128,280

 

 

101,182

 

Research and development

 

19,605

 

 

11,526

 

 

54,869

 

 

33,507

 

General and administrative

 

25,728

 

 

22,048

 

 

98,386

 

 

73,700

 

Depreciation and amortization

 

5,665

 

 

4,161

 

 

15,848

 

 

10,652

 

Total administrative expenses

 

98,058

 

 

74,918

 

 

297,383

 

 

219,041

 

Total operating expenses

 

124,450

 

 

97,043

 

 

378,332

 

 

285,702

 

Operating income

 

50,556

 

 

36,245

 

 

165,930

 

 

130,302

 

Interest expense

 

(260

)

 

(384

)

 

(794

)

 

(418

)

Other income (expense), net

 

195

 

 

583

 

 

(168

)

 

2,128

 

Income before income taxes

 

50,491

 

 

36,444

 

 

164,968

 

 

132,012

 

Provision for income taxes

 

11,339

 

 

7,675

 

 

29,772

 

 

26,361

 

Net income

$

39,152

 

$

28,769

 

$

135,196

 

$

105,651

 

Earnings per share, basic

$

0.68

 

$

0.50

 

$

2.35

 

$

1.83

 

Earnings per share, diluted

$

0.67

 

$

0.49

 

$

2.31

 

$

1.80

 

Weighted average shares outstanding:
Basic

 

57,654

 

 

57,727

 

 

57,528

 

 

57,785

 

Diluted

 

58,383

 

 

58,545

 

 

58,403

 

 

58,724

 

Paycom Software, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 

Nine Months Ended September 30,

2019

 

2018(1)

Cash flows from operating activities
Net income

$

135,196

 

$

105,651

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

30,644

 

 

20,910

 

Accretion of discounts on available-for-sale securities

 

(646

)

 

(860

)

Amortization of debt issuance costs

 

26

 

 

24

 

Stock-based compensation expense

 

41,122

 

 

31,508

 

Cash paid for derivative settlement

 

(26

)

 

(168

)

(Gain)/loss on derivative

 

1,789

 

 

(1,259

)

Deferred income taxes, net

 

15,715

 

 

15,077

 

Changes in operating assets and liabilities:
Accounts receivable

 

805

 

 

(637

)

Prepaid expenses

 

(5,066

)

 

(2,952

)

Inventory

 

(181

)

 

(56

)

Other assets

 

(2,367

)

 

(111

)

Deferred contract costs

 

(53,654

)

 

(39,881

)

Accounts payable

 

(970

)

 

1,789

 

Income taxes, net

 

(5,550

)

 

591

 

Accrued commissions and bonuses

 

(2,239

)

 

(3,131

)

Accrued payroll and vacation

 

6,931

 

 

5,922

 

Deferred revenue

 

8,714

 

 

9,190

 

Accrued expenses and other current liabilities

 

6,176

 

 

4,242

 

Net cash provided by operating activities

 

176,419

 

 

145,849

 

Cash flows from investing activities
Purchase of short-term investments from funds held for clients

 

(61,268

)

 

(137,614

)

Proceeds from maturities of short-term investments from funds held for clients

 

54,200

 

 

95,500

 

Purchases of property and equipment

 

(71,080

)

 

(44,264

)

Net cash used in investing activities

 

(78,148

)

 

(86,378

)

Cash flows from financing activities
Repurchases of common stock

 

(42,857

)

Withholding taxes paid related to net share settlement

 

(42,229

)

 

(20,115

)

Payments on long-term debt

 

(1,331

)

 

(444

)

Net change in client funds obligation

 

(131,869

)

 

(186,454

)

Payment of debt issuance costs

 

(16

)

 

(58

)

Net cash used in financing activities

 

(175,445

)

 

(249,928

)

Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents

 

(77,174

)

 

(190,457

)

Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

 

986,464

 

 

1,098,860

 

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

$

909,290

 

$

908,403

 

 
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents
Cash and cash equivalents

 

108,127

 

 

85,048

 

Restricted cash included in funds held for clients

 

801,163

 

 

823,355

 

Total cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

$

909,290

 

$

908,403

 

 

1Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18.

Paycom Software, Inc.

Reconciliations of GAAP to Non-GAAP Financial Measures

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income to adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

39,152

 

 

$

28,769

 

 

$

135,196

 

 

$

105,651

 

Interest expense

 

 

260

 

 

 

384

 

 

 

794

 

 

 

418

 

Provision for income taxes

 

 

11,339

 

 

 

7,675

 

 

 

29,772

 

 

 

26,361

 

Depreciation and amortization

 

 

10,969

 

 

 

8,128

 

 

 

30,644

 

 

 

20,910

 

EBITDA

 

 

61,720

 

 

 

44,956

 

 

 

196,406

 

 

 

153,340

 

Non-cash stock-based compensation expense

 

 

4,454

 

 

 

4,509

 

 

 

41,122

 

 

 

31,485

 

Change in fair value of interest rate swap

 

 

391

 

 

 

(285

)

 

 

1,763

 

 

 

(1,427

)

Adjusted EBITDA

 

$

66,565

 

 

$

49,180

 

 

$

239,291

 

 

$

183,398

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income to non-GAAP net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

39,152

 

 

$

28,769

 

 

$

135,196

 

 

$

105,651

 

Non-cash stock-based compensation expense

 

 

4,454

 

 

 

4,509

 

 

 

41,122

 

 

 

31,485

 

Change in fair value of interest rate swap

 

 

391

 

 

 

(285

)

 

 

1,763

 

 

 

(1,427

)

Income tax effect on non-GAAP adjustments

 

 

(2,875

)

 

 

(2,374

)

 

 

(23,974

)

 

 

(14,512

)

Non-GAAP net income

 

$

41,122

 

 

$

30,619

 

 

$

154,107

 

 

$

121,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

57,654

 

 

 

57,727

 

 

 

57,528

 

 

 

57,785

 

Diluted

 

 

58,383

 

 

 

58,545

 

 

 

58,403

 

 

 

58,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic

 

$

0.68

 

 

$

0.50

 

 

$

2.35

 

 

$

1.83

 

Earnings per share, diluted

 

$

0.67

 

 

$

0.49

 

 

$

2.31

 

 

$

1.80

 

Non-GAAP net income per share, basic

 

$

0.71

 

 

$

0.53

 

 

$

2.68

 

 

$

2.10

 

Non-GAAP net income per share, diluted

 

$

0.70

 

 

$

0.52

 

 

$

2.64

 

 

$

2.06

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Earnings per share to non-GAAP net income per share, basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic

 

$

0.68

 

 

$

0.50

 

 

$

2.35

 

 

$

1.83

 

Non-cash stock-based compensation expense

 

 

0.08

 

 

 

0.08

 

 

 

0.71

 

 

 

0.54

 

Change in fair value of interest rate swap

 

 

0.01

 

 

 

(0.01

)

 

 

0.03

 

 

 

(0.02

)

Income tax effect on non-GAAP adjustments

 

 

(0.06

)

 

 

(0.04

)

 

 

(0.41

)

 

 

(0.25

)

Non-GAAP net income per share, basic

 

$

0.71

 

 

$

0.53

 

 

$

2.68

 

 

$

2.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Earnings per share to non-GAAP net income per share, diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, diluted

 

$

0.67

 

 

$

0.49

 

 

$

2.31

 

 

$

1.80

 

Non-cash stock-based compensation expense

 

 

0.08

 

 

 

0.08

 

 

 

0.70

 

 

 

0.54

 

Change in fair value of interest rate swap

 

 

0.01

 

 

 

(0.01

)

 

 

0.03

 

 

 

(0.03

)

Income tax effect on non-GAAP adjustments

 

 

(0.06

)

 

 

(0.04

)

 

 

(0.40

)

 

 

(0.25

)

Non-GAAP net income per share, diluted

 

$

0.70

 

 

$

0.52

 

 

$

2.64

 

 

$

2.06

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Adjusted gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

175,006

 

 

$

133,288

 

 

$

544,262

 

 

$

416,004

 

Less: Total cost of revenues

 

 

(26,392

)

 

 

(22,125

)

 

 

(80,949

)

 

 

(66,661

)

Total gross profit

 

 

148,614

 

 

 

111,163

 

 

 

463,313

 

 

 

349,343

 

Plus: Non-cash stock-based compensation expense

 

 

750

 

 

 

332

 

 

 

3,955

 

 

 

3,591

 

Total adjusted gross profit

 

$

149,364

 

 

$

111,495

 

 

$

467,268

 

 

$

352,934

 

Total gross margin

 

 

84.9

%

 

 

83.4

%

 

 

85.1

%

 

 

84.0

%

Total adjusted margin

 

 

85.3

%

 

 

83.6

%

 

 

85.9

%

 

 

84.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Adjusted sales and marketing expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

$

47,060

 

 

$

37,183

 

 

$

128,280

 

 

$

101,182

 

Less: Non-cash stock-based compensation expense

 

 

(344

)

 

 

(1,976

)

 

 

(5,453

)

 

 

(5,332

)

Total adjusted sales and marketing expenses

 

$

46,716

 

 

$

35,207

 

 

$

122,827

 

 

$

95,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

175,006

 

 

$

133,288

 

 

$

544,262

 

 

$

416,004

 

Total adjusted sales and marketing expenses as a % of revenues

 

 

26.7

%

 

 

26.4

%

 

 

22.6

%

 

 

23.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Adjusted administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

 

$

98,058

 

 

$

74,918

 

 

$

297,383

 

 

$

219,041

 

Less: Non-cash stock-based compensation expense

 

 

(3,704

)

 

 

(4,177

)

 

 

(37,167

)

 

 

(27,894

)

Total adjusted administrative expenses

 

$

94,354

 

 

$

70,741

 

 

$

260,216

 

 

$

191,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

175,006

 

 

$

133,288

 

 

$

544,262

 

 

$

416,004

 

Total adjusted administrative expenses as a % of revenues

 

 

53.9

%

 

 

53.1

%

 

 

47.8

%

 

 

45.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contacts

Paycom Software, Inc.

Investor Relations Contact:

James Samford, 800-580-4505

[email protected]

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