Paycom Software, Inc. Reports Fourth Quarter and Year-End 2019 Results

Full Year Revenues of $737.7 million, up 30% from the prior year


Full Year GAAP Net Income of $180.6 million, or 24% of total revenues, or $3.09 per diluted share

Full Year Adjusted EBITDA of $317.9 million, or 43% of total revenues

Fourth Quarter Revenues of $193.4 million, up 29% from the prior year period

OKLAHOMA CITY--(BUSINESS WIRE)--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, 2019.

“2019 was another exceptional year for Paycom. We strengthened our position in the human capital management industry with new product innovations, unparalleled service and an unrelenting focus on adding value for our clients,” said Paycom’s founder and CEO, Chad Richison. “Our differentiated product strategy is driving rapid revenue growth, and high employee usage is driving higher annual revenue retention. Based on the strong momentum we are seeing, we believe we are well positioned to deliver an enviable combination of high revenue growth and high margins for years to come.”

Financial Highlights for the Fourth Quarter of 2019

Total Revenues of $193.4 million represented a 29% increase compared to total revenues of $150.3 million in the same period last year. Recurring revenues of $190.2 million increased 29% from the comparable prior year period, and constituted 98% of total revenues.

GAAP Net Income was $45.4 million, or $0.78 per diluted share, compared to GAAP net income of $31.4 million, or $0.54 per diluted share, in the same period last year.

Non-GAAP Net Income(1) was $50.5 million, or $0.86 per diluted share, compared to $35.4 million, or $0.61 per diluted share, in the same period last year.

Adjusted EBITDA(1) was $78.6 million, compared to $57.5 million in the same period last year.

Cash and Cash Equivalents were $133.7 million as of December 31, 2019, compared to $45.7 million as of December 31, 2018.

Total Debt, Net was $32.6 million as of December 31, 2019, compared to $34.4 million as of December 31, 2018.

Financial Highlights for the Full Year 2019

Total Revenues of $737.7 million represented a 30% increase compared to total revenues of $566.3 million last year. Recurring revenues of $724.4 million increased 30% from the prior year, and constituted 98% of total revenues.

GAAP Net Income was $180.6 million, or $3.09 per diluted share, compared to GAAP net income of $137.1 million, or $2.34 per diluted share, last year.

Non-GAAP Net Income(1) was $204.6 million, or $3.50 per diluted share, compared to $156.6 million, or $2.67 per diluted share last year.

Adjusted EBITDA(1) was $317.9 million, compared to $240.9 million last year.

(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.

Business Highlights

  • Paycom increased its annual revenue retention rate to 93%, up from 92% in 2018 and 91% for each of the preceding six years.
  • Paycom introduced several differentiated new products including Direct Data ExchangeTM (an industry first), Ask HereTM and Manager on-the-GoTM, all of which focus on greater employee usage and efficiency.
  • Paycom earned Best Places to Work in the U.S. honors from Glassdoor for 2020, and the Wall Street Journal listed Paycom as one of the Best Managed Companies in the U.S.
  • Paycom was included in the S&P 500 index on January 28, 2020.

Financial Outlook

Paycom provides the following expected financial guidance for the year ending December 31, 2020 and the quarter ending March 31, 2020:

Year Ending December 31, 2020

Total Revenues in the range of $911 million to $913 million.

Adjusted EBITDA in the range of $384 million to $386 million.

Quarter Ending March 31, 2020(2)

Total Revenues in the range of $240 million to $242 million.

Adjusted EBITDA in the range of $113 million to $115 million.

(2) Paycom receives approximately half of its weekly recurring revenue on Wednesday. Because January 1, 2020 fell on a Wednesday, there are only twelve banking Wednesdays in the first quarter ending March 31, 2020 instead of the usual thirteen. Additionally, in the third quarter ending September 30, 2020, there are fourteen banking Wednesdays instead of the usual thirteen. As a result, Paycom expects recurring revenue and, consequently, adjusted EBITDA, to be impacted by approximately a half week of recurring revenue and adjusted EBITDA in the first quarter of 2020, while the third quarter of 2020 will gain approximately one additional half week of recurring revenue and adjusted EBITDA. In the year ending December 31, 2021, each quarter contains thirteen banking Wednesdays.

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, 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, the non-GAAP effective income tax rate to the GAAP effective income tax rate 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 total administrative expenses, adjusted research and development expenses and adjusted total 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 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) 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 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 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, February 5, 2020, 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 February 12, 2020. The replay passcode is 10138137.

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.

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

(unaudited)

 

 

December 31,

 

 

 

2019

 

 

 

2018

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

133,667

 

 

$

 

45,718

 

Accounts receivable

 

 

9,298

 

 

 

3,414

 

Prepaid expenses

 

 

13,561

 

 

 

7,658

 

Inventory

 

 

1,158

 

 

 

797

 

Income tax receivable

 

 

4,020

 

 

 

3,962

 

Deferred contract costs

 

 

46,618

 

 

 

35,286

 

Current assets before funds held for clients

 

 

208,322

 

 

 

96,835

 

Funds held for clients

 

 

1,662,778

 

 

 

967,787

 

Total current assets

 

 

1,871,100

 

 

 

1,064,622

 

Property and equipment, net

 

 

238,458

 

 

 

176,962

 

Goodwill

 

 

51,889

 

 

 

51,889

 

Long-term deferred contract costs

 

 

292,134

 

 

 

225,459

 

Other assets

 

 

33,336

 

 

 

2,994

 

Total assets

 

$

 

2,486,917

 

 

$

 

1,521,926

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

 

5,051

 

 

$

 

6,288

 

Accrued commissions and bonuses

 

 

12,343

 

 

 

10,671

 

Accrued payroll and vacation

 

 

14,870

 

 

 

10,741

 

Deferred revenue

 

 

11,105

 

 

 

8,980

 

Current portion of long-term debt

 

 

1,775

 

 

 

1,775

 

Accrued expenses and other current liabilities

 

 

45,600

 

 

 

22,440

 

Current liabilities before client funds obligation

 

 

90,744

 

 

 

60,895

 

Client funds obligation

 

 

1,662,778

 

 

 

967,787

 

Total current liabilities

 

 

1,753,522

 

 

 

1,028,682

 

Deferred income tax liabilities, net

 

 

91,217

 

 

 

70,206

 

Long-term deferred revenue

 

 

65,139

 

 

 

55,671

 

Net long-term debt, less current portion

 

 

30,858

 

 

 

32,614

 

Other long-term liabilities

 

 

19,553

 

 

 

 

Total long-term liabilities

 

 

206,767

 

 

 

158,491

 

Total liabilities

 

 

1,960,289

 

 

 

1,187,173

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

Common stock, $0.01 par value (100,000 shares authorized, 61,350 and 60,747 shares issued at December 31, 2019 and 2018, respectively; 57,660 and 57,277 shares outstanding at December 31, 2019 and 2018, respectively)

 

 

613

 

 

 

607

 

Additional paid in capital

 

 

257,501

 

 

 

203,680

 

Retained earnings

 

 

576,166

 

 

 

395,590

 

Treasury stock, at cost (3,689 and 3,470 shares at December 31, 2019 and 2018, respectively)

 

 

(307,652

)

 

 

(265,124

)

Total stockholders' equity

 

 

526,628

 

 

 

334,753

 

Total liabilities and stockholders' equity

 

$

 

2,486,917

 

 

$

 

1,521,926

 

 

 

 

 

 

 

 

 

Paycom Software, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

$

 

190,161

 

 

$

 

147,931

 

 

$

 

724,428

 

 

$

 

557,255

Implementation and other

 

 

3,248

 

 

 

2,401

 

 

 

13,243

 

 

 

9,081

Total revenues

 

 

193,409

 

 

 

150,332

 

 

 

737,671

 

 

 

566,336

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

23,183

 

 

 

19,828

 

 

 

89,336

 

 

 

76,231

Depreciation and amortization

 

 

5,615

 

 

 

4,274

 

 

 

20,411

 

 

 

14,532

Total cost of revenues

 

 

28,798

 

 

 

24,102

 

 

 

109,747

 

 

 

90,763

Administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

51,006

 

 

 

42,699

 

 

 

179,286

 

 

 

143,881

Research and development

 

 

18,211

 

 

 

12,740

 

 

 

73,080

 

 

 

46,247

General and administrative

 

 

29,148

 

 

 

22,905

 

 

 

127,534

 

 

 

96,605

Depreciation and amortization

 

 

5,952

 

 

 

4,473

 

 

 

21,800

 

 

 

15,125

Total administrative expenses

 

 

104,317

 

 

 

82,817

 

 

 

401,700

 

 

 

301,858

Total operating expenses

 

 

133,115

 

 

 

106,919

 

 

 

511,447

 

 

 

392,621

Operating income

 

 

60,294

 

 

 

43,413

 

 

 

226,224

 

 

 

173,715

Interest expense

 

 

(146

)

 

 

(348

)

 

 

(940

)

 

 

(766)

Other income (expense), net

 

 

971

 

 

 

(366

)

 

 

803

 

 

 

1,762

Income before income taxes

 

 

61,119

 

 

 

42,699

 

 

 

226,087

 

 

 

174,711

Provision for income taxes

 

 

15,739

 

 

 

11,285

 

 

 

45,511

 

 

 

37,646

Net income

 

$

 

45,380

 

 

$

 

31,414

 

 

$

 

180,576

 

 

$

 

137,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic

 

$

 

0.79

 

 

$

 

0.55

 

 

$

 

3.14

 

 

$

 

2.37

Earnings per share, diluted

 

$

 

0.78

 

 

$

 

0.54

 

 

$

 

3.09

 

 

$

 

2.34

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

57,659

 

 

 

57,491

 

 

 

57,561

 

 

 

57,711

Diluted

 

 

58,378

 

 

 

58,238

 

 

 

58,395

 

 

 

58,582

Paycom Software, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

Year Ended December 31,

 

 

2019

 

2018(1)

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

 

 

180,576

 

 

$

 

 

137,065

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

42,211

 

 

 

29,657

 

Accretion of discount on available-for-sale securities

 

 

(940

)

 

 

(1,112

)

Amortization of debt discount and debt issuance costs

 

 

35

 

 

 

32

 

Stock-based compensation expense

 

 

47,268

 

 

 

36,576

 

Cash paid for derivative settlement

 

 

(81

)

 

 

(188

)

(Gain)/loss on derivative

 

 

1,456

 

 

 

(479

)

Deferred income taxes, net

 

 

21,011

 

 

 

21,077

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(5,884

)

 

 

(1,838

)

Prepaid expenses

 

 

(5,903

)

 

 

(2,676

)

Inventory

 

 

(403

)

 

 

(306

)

Other assets

 

 

(3,555

)

 

 

(762

)

Deferred contract costs

 

 

(76,204

)

 

 

(60,730

)

Accounts payable

 

 

(221

)

 

 

1,079

 

Income taxes, net

 

 

(58

)

 

 

3,085

 

Accrued commissions and bonuses

 

 

1,672

 

 

 

1,086

 

Accrued payroll and vacation

 

 

4,129

 

 

 

3,726

 

Deferred revenue

 

 

11,593

 

 

 

13,027

 

Accrued expenses and other current liabilities

 

 

7,561

 

 

 

6,498

 

Net cash provided by operating activities

 

 

224,263

 

 

 

184,817

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of short-term investments from funds held for clients

 

 

(195,811

)

 

 

(145,011

)

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

 

 

69,200

 

 

 

155,500

 

Purchases of property and equipment

 

 

(92,934

)

 

 

(59,906

)

Net cash used in investing activities

 

 

(219,545

)

 

 

(49,417

)

Cash flows from financing activities:

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

(105,188

)

Withholding taxes paid related to net share settlements

 

 

(42,528

)

 

 

(20,248

)

Payments on long-term debt

 

 

(1,775

)

 

 

(888

)

Net change in client funds obligation

 

 

694,991

 

 

 

(121,414

)

Payment of debt issuance costs

 

 

(16

)

 

 

(58

)

Net cash provided by (used in) financing activities

 

 

650,672

 

 

 

(247,796

)

Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

 

 

655,390

 

 

 

(112,396

)

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

 

$

 

 

1,641,854

 

 

$

 

 

986,464

 

(1)Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).”

Paycom Software, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018(1)

 

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

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

133,667

 

$

 

45,718

 

Restricted cash included in funds held for clients

 

 

1,508,187

 

 

940,746

 

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

 

$

 

1,641,854

 

$

 

986,464

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid for interest, net of amounts capitalized

 

$

 

891

 

$

 

708

 

Cash paid for income taxes

 

$

 

24,566

 

$

 

13,511

 

 

 

 

 

 

 

 

Noncash investing and financing activities:

 

 

 

 

 

 

Purchases of property and equipment, accrued but not paid

 

$

 

7,451

 

$

 

1,759

 

Stock-based compensation for capitalized software

 

$

 

4,757

 

$

 

3,722

 

(1)Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).”

Paycom Software, Inc.

Reconciliations of GAAP to Non-GAAP Financial Measures

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Net income to adjusted EBITDA:
Net income

$

45,380

 

$

31,414

 

$

180,576

 

$

137,065

 

Interest expense

 

146

 

 

348

 

 

940

 

 

766

 

Provision for income taxes

 

15,739

 

 

11,285

 

 

45,511

 

 

37,646

 

Depreciation and amortization

 

11,567

 

 

8,747

 

 

42,211

 

 

29,657

 

EBITDA

 

72,832

 

 

51,794

 

 

269,238

 

 

205,134

 

Non-cash stock-based compensation expense

 

6,146

 

 

4,926

 

 

47,268

 

 

36,411

 

Change in fair value of interest rate swap

 

(388

)

 

760

 

 

1,375

 

 

(667

)

Adjusted EBITDA

$

78,590

 

$

57,480

 

$

317,881

 

$

240,878

 

Net income margin

 

23.5

%

 

20.9

%

 

24.5

%

 

24.2

%

Adjusted EBITDA margin

 

40.6

%

 

38.2

%

 

43.1

%

 

42.5

%

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Net income to non-GAAP net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 

45,380

 

 

$

 

31,414

 

 

$

 

180,576

 

 

$

 

137,065

 

Non-cash stock-based compensation expense

 

 

6,146

 

 

 

4,926

 

 

 

47,268

 

 

 

36,411

 

Change in fair value of interest rate swap

 

 

(388

)

 

 

760

 

 

 

1,375

 

 

 

(667

)

Income tax effect on non-GAAP adjustments

 

 

(673

)

 

 

(1,685

)

 

 

(24,647

)

 

 

(16,197

)

Non-GAAP net income

 

$

 

50,465

 

 

$

 

35,415

 

 

$

 

204,572

 

 

$

 

156,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

57,659

 

 

 

57,491

 

 

 

57,561

 

 

 

57,711

 

Diluted

 

 

58,378

 

 

 

58,238

 

 

 

58,395

 

 

 

58,582

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic

 

$

 

0.79

 

 

$

 

0.55

 

 

$

 

3.14

 

 

$

 

2.37

 

Earnings per share, diluted

 

$

 

0.78

 

 

$

 

0.54

 

 

$

 

3.09

 

 

$

 

2.34

 

Non-GAAP net income per share, basic

 

$

 

0.88

 

 

$

 

0.62

 

 

$

 

3.55

 

 

$

 

2.71

 

Non-GAAP net income per share, diluted

 

$

 

0.86

 

 

$

 

0.61

 

 

$

 

3.50

 

 

$

 

2.67

 


Contacts

Paycom Software, Inc.
Investor Relations Contact:
James Samford, 800-580-4505
investors@paycom.com


Read full story here