附录99.1
Paycom Software, Inc.公布2024年第三季度业绩报告
第三季营收达45200万美元，比去年同期增长11%。
第三季度按照通用会计原则计算的净利润为7300万美元，占总收入的16％，每股1.31美元（稀释后）
第三季度非依据通用会计准则的净利润为9300万美元，或每股1.67美元（稀释后）
第三季调整后的EBITDA为17100万美元，占总收入的38%。
2024年10月30日—(业务线)—Paycom软体公司（「Paycom」、「我们」和「我们的」）（纽交所: PAYC）是领先的综合云端人力资本管理软体提供商，今日宣布截至2024年9月30日的季度财务业绩。
Paycom创始人、首席执行官兼主席查德·里奇森表示：“我们取得了稳固的第三季度业绩成果，并持续朝著全面自动化的目标迈进。我们已经拥有行业板块中最自动化的解决方案，并持续为我们的客户提供更强大的回报率。”
2024年第三季度财务亮点
总收益 45190万美元的总收入比去年同期的40630万美元增加了11.2%。44500万美元的固定收入较去年同期增长11.6%，占总收入的98.5%。
GAAP净利润 为7330万美元，每股稀释后1.31美元，较去年同期的7520万美元，每股稀释后1.30美元的GAAP净利润稍低。
非依旧报表计算之净利润1 净利润为9340万美元，每股稀释收益为1.67美元，较去年同期的10240万美元，或每股稀释收益1.77美元来看，有所下降。
调整后的税前利润减除折旧及摊销后的费用1 金额为17130万美元，与去年同期的16560万美元相比。
现金及现金等价物 截至2024年9月30日，现金及现金等价物为32580万美元，而截至2023年12月31日则为29400万美元。在截至2024年9月30日的季度中，Paycom支付了2100万美元的现金分红，并回购了303,245股普通股，金额为4400万美元。
总负债 截至2024年9月30日和2023年12月31日，金额为0美元。
1调整后的EBITDA、非普适会计准则净利润以及每股摊薄非普适会计准则净利润为非普适财务指标。请参阅下文项目“使用非普适会计准则财务信息”中的讨论，以及本公告末尾的对这些及其他非普适财务指标的调解，以获得有关该等指标的其他信息。
财务展望
Paycom提供以下预期的财务指引，截至2024年12月31日季度和年结束。
2024年12月31日季结束：
总收入 在47700万到48400万的区间内。
调整后的EBITDA 在$18450万至$19150万的区间内。
2024年12月31日止：
总收入 在18.66亿到18.73亿美元的范围内。
调整后的EBITDA 在74500万美元到75200万美元的区间内。
我们尚未将上述提出并在电话会议中讨论的前瞻调整后的EBITDA范围调和为净利润，也未将在电话会议上讨论的前瞻调整后的EBITDA利润率和前瞻非GAAP有效所得税率调和为可比GAAP措施，因为未来时期的相关资讯，这些调和将以其为基础，由于不确定性和折旧及摊销、利息费用、税收、非现金股份报酬费用和其他项目的潜在变动性，目前并不容易获得，因此当前瞻调整后的EBITDA范围与净利润的调和，前瞻调整后的EBITDA利润率与净利润率的调和及前瞻非GAAP有效所得税率与GAAP有效所得税率的调和现阶段无法取得而无法合理运作。
使用非依照通用会计原则财务资讯
为了补充我们按照美国通用会计原则（“GAAP”）呈现的财务信息，我们在本新闻稿和相关的电话会议中提供了某些非GAAP财务指标，包括调整后的EBITDA、非GAAP净利润、调整后的毛利、调整后的毛利率、调整后的销售与营销费用、调整后的总行政费用、调整后的研发费用、调整后的总研发成本、调整后的EBITDA 毛利率以及非GAAP有效所得税率。管理层使用这些非GAAP财务指标作为补充性指标来检阅和评估我们核心业务运营的表现以及规划目的。我们将（i）调整后的EBITDA定义为净利润加上利息费用、税项、折旧和摊销、非现金股份报酬费用、某些不属于我们运营范畴的特定交易费用（如果有的话）以及债务抹销损失，（ii）非GAAP净利润定义为净利润加上非现金股份报酬费用、某些不属于我们运营范畴的特定交易费用（如果有的话）以及债务抹销损失，所有这些调整均考虑所得税的影响，（iii）调整后的毛利定义为毛利加上相应的非现金股份报酬费用，（iv）调整后的毛利率定义为毛利加上相应的非现金股份报酬费用，除以总收入，（v）每个调整后的费用项目定义为GAAP费用金额减去相应的非现金股份报酬费用，（vi）调整后的总研发成本定义为总研发成本（包括资本化部分）减去相应的非现金股份报酬（包括资本化部分），（vii）调整后的EBITDA 毛利率定义为调整后的EBITDA（如条款（i）所述）除以总收入，以及（viii）非GAAP有效所得税率定义为所得税负债加上非GAAP调整的所得税影响，除以非GAAP净利润（按照条款(ii)所述计算），再加上所得税负债和非GAAP调整所得税影响。本新闻稿中提出的非GAAP财务指标以及在相关的电话会议中讨论的内容，使投资者更透明地了解管理层在财务和营运决策中使用的信息。我们认为这些指标对投资者有用，因为它们便于在一致的基础上跨期比较我们核心业务运营，以及与同行公司的结果作比较，其中许多公司也使用类似的非GAAP财务指标来补充GAAP结果。此外，调整后的EBITDA是提供给管理层有关用于企业再投资的现金数额、支付分红、回购普通股以及其他用途的有用信息。管理层认为，结合我们按照GAAP准备的结果一起查看的本新闻稿中提出的非GAAP措施以及在相关的电话会议中讨论的内容，有助于更全面地了解影响我们业务和表现的因素和趋势。
本新闻稿中所提及的非依照普通会计准则（GAAP）编制的财务指标并在相关电话会议中讨论的内容，不属于GAAP下的财务表现指标，不应视为净利润、毛利润、毛利率、研发费用、销售及市场营销费用、行政费用、总研发成本及GAAP生效所得税率的替代品。非GAAP财务指标作为分析工具具有局限性，在评估我们的营运绩效时，您不应仅以这些非GAAP财务指标为依据，或将其视为根据GAAP编制的综合损益表数据的替代品。我们提供的非GAAP财务指标可能与其他公司的相应指标不可比，并且其他公司可能不以我们的方式计算这些指标。
电话会议详细资讯
与此公告同时，Paycom将于今天，2024年10月30日，东部时间下午5:00举行一次会议看涨，讨论其财务结果。要参加这次看涨，请拨打(833) 470-1428(国内)或(404) 975-4839(国际)，并提供167182作为进入密码。Paycom网站的投资者关系页面上将提供现场网路转播以及会议看涨的重播。 investors.paycom.com.
关于 Paycom
在过去25年中，Paycom Software, Inc.（纽交所：PAYC）通过易于使用的人资和薪资软体简化企业和员工的生活，以便透过直接存取数据实现透明度的增强。 由于其行业首创的解决方案，Beti感谢此，员工现在可以自行处理自己的薪资，并在提交薪资之前指导他们找出并修复昂贵的错误。 从入职和福利登记到人才管理等，Paycom的软体简化流程，推动效率并让员工控制自己的人资信息，一切都在一个应用程序中。 Paycom因其技术和工作文化在全国范围内受到认可，现在可以为美国和国际各种规模的企业提供服务。®员工现在可以自行处理自己的薪资，并在提交薪资之前被引导找到并修复昂贵的错误。 从入职和福利登记到人才管理等，Paycom的软体简化流程，推动效率并让员工控制自己的人资信息，一切都在一个应用程序中。以其技术和工作文化在全国范围内受到认可，Paycom现在可以为所有规模的美国和国际企业提供服务。
前瞻性陈述
本新闻稿中的某些陈述，以及相关电话会议中的某些陈述可能属于前瞻性声明，依据1995年《私人证券诉讼改革法》的定义。前瞻性声明是指任何提及Paycom估计或预期结果、其他非历史事实或未来事件的声明，包括但不限于我们的业务策略；预期的未来营运结果和营业费用、现金流、资本资源、分红派息和流动性；竞争；影响我们业务、行业和财务结果的趋势、机遇和风险；未来扩展或增长计划及未来增长的潜力，包括国际上；我们吸引新客户购买我们解决方案的能力；我们保留客户并诱使他们购买其他应用程序的能力；我们准确预测未来收入并适当规划支出的能力；市场对我们解决方案和应用程序的接受程度；我们对某些应用程序未来收入的预期；我们解决方案用户的投资回报；我们吸引和留住合格员工和关键人员的能力；未来的监管、司法和立法变化；影响我们绩效的某些因素如何与劳动力市场的改善或恶化相关；我们计划开设额外的销售办事处以及有效执行此计划的能力；我们现有现金及现金等价物的充足性，以满足未来12个月的运营资本和资本支出需求；我们在业务增长方面的资本支出和投资活动计划，包括研发和扩展设施；我们支付现金分红的计划；我们通过股票回购计划回购我们普通股的计划；以及我们未来期间预期的所得税率。此外，前瞻性声明还包括涉及趋势分析的声明和包含“预期”、“相信”、“可能”、“估计”、“期望”、“打算”、“可能”、“计划”、“潜在”、“应该”、“将”、“将”等表达或同类表达的声明，或这些术语的否定形式或其他相类术语。这些前瞻性声明仅根据我们目前掌握的信息，截至本日期，并且受到业务和经济风险的影响。因此，我们的实际结果可能会因我们向证券交易委员会提交的档案中讨论的因素有所不同，包括但不限于我们最近的年度第10-K表上讨论的因素。我们不承担任何更新或修改前瞻性声明的义务，以反映在发表此等声明后发生的事件或存在的情况，除非法律要求。
Paycom Software, Inc.
Unaudited Consolidated Balance Sheets
(in thousands, except per share amounts)
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
325,757 |
|
|
$ |
294,025 |
|
Accounts receivable |
|
|
20,576 |
|
|
|
16,442 |
|
Prepaid expenses |
|
|
45,979 |
|
|
|
37,613 |
|
Inventory |
|
|
1,331 |
|
|
|
1,383 |
|
Income tax receivable |
|
|
10,341 |
|
|
|
18,391 |
|
Deferred contract costs |
|
|
134,270 |
|
|
|
118,206 |
|
Current assets before funds held for clients |
|
|
538,254 |
|
|
|
486,060 |
|
Funds held for clients |
|
|
1,439,651 |
|
|
|
2,327,366 |
|
Total current assets |
|
|
1,977,905 |
|
|
|
2,813,426 |
|
Property and equipment, net |
|
|
553,597 |
|
|
|
498,197 |
|
Intangible assets, net |
|
|
47,183 |
|
|
|
50,112 |
|
Goodwill |
|
|
51,889 |
|
|
|
51,889 |
|
Long-term deferred contract costs |
|
|
753,290 |
|
|
|
680,272 |
|
Operating lease right-of-use assets |
|
|
77,958 |
|
|
|
73,762 |
|
Other assets |
|
|
30,708 |
|
|
|
29,881 |
|
Total assets |
|
$ |
3,492,530 |
|
|
$ |
4,197,539 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
35,044 |
|
|
$ |
13,875 |
|
Accrued commissions and bonuses |
|
|
23,377 |
|
|
|
30,492 |
|
Accrued payroll and vacation |
|
|
49,495 |
|
|
|
56,086 |
|
Deferred revenue |
|
|
28,885 |
|
|
|
22,812 |
|
Operating lease liabilities |
|
|
20,124 |
|
|
|
19,236 |
|
Accrued expenses and other current liabilities |
|
|
63,110 |
|
|
|
64,066 |
|
Current liabilities before client funds obligation |
|
|
220,035 |
|
|
|
206,567 |
|
Client funds obligation |
|
|
1,439,648 |
|
|
|
2,328,076 |
|
Total current liabilities |
|
|
1,659,683 |
|
|
|
2,534,643 |
|
Deferred income tax liabilities, net |
|
|
140,228 |
|
|
|
143,750 |
|
Long-term deferred revenue |
|
|
113,371 |
|
|
|
107,657 |
|
Long-term operating lease liabilities |
|
|
60,660 |
|
|
|
56,713 |
|
Other long-term liabilities |
|
|
53,936 |
|
|
|
51,740 |
|
Total long-term liabilities |
|
|
368,195 |
|
|
|
359,860 |
|
Total liabilities |
|
|
2,027,878 |
|
|
|
2,894,503 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock, $0.01 par value (100,000 shares authorized, 62,924 and 62,675 shares issued at September 30, 2024 and December 31, 2023, respectively; 55,885 and 56,528 shares outstanding at September 30, 2024 and December 31, 2023, respectively) |
|
|
629 |
|
|
627 |
|
|
Additional paid-in capital |
|
|
697,892 |
|
|
|
724,493 |
|
Retained earnings |
|
|
1,795,476 |
|
|
|
1,469,981 |
|
Accumulated other comprehensive earnings (loss) |
|
|
(180 |
) |
|
|
(1,039 |
) |
Treasury stock, at cost (7,039 and 6,147 shares at September 30, 2024 and December 31, 2023, respectively) |
|
|
(1,029,165 |
) |
|
|
(891,026 |
) |
Total stockholders’ equity |
|
|
1,464,652 |
|
|
|
1,303,036 |
|
Total liabilities and stockholders’ equity |
|
$ |
3,492,530 |
|
|
$ |
4,197,539 |
|
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, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Recurring |
|
$ |
445,002 |
|
|
$ |
398,763 |
|
|
$ |
1,367,298 |
|
|
$ |
1,237,706 |
|
Implementation and other |
|
|
6,932 |
|
|
|
7,540 |
|
|
|
22,029 |
|
|
|
21,373 |
|
Total revenues |
|
|
451,934 |
|
|
|
406,303 |
|
|
|
1,389,327 |
|
|
|
1,259,079 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
70,818 |
|
|
|
55,600 |
|
|
|
201,939 |
|
|
|
163,302 |
|
Depreciation and amortization |
|
|
17,535 |
|
|
|
13,341 |
|
|
|
48,929 |
|
|
|
38,299 |
|
Total cost of revenues |
|
|
88,353 |
|
|
|
68,941 |
|
|
|
250,868 |
|
|
|
201,601 |
|
Administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing |
|
|
104,477 |
|
|
|
101,162 |
|
|
|
326,865 |
|
|
|
311,171 |
|
Research and development |
|
|
63,047 |
|
|
|
51,864 |
|
|
|
175,927 |
|
|
|
143,651 |
|
General and administrative |
|
|
70,642 |
|
|
|
71,827 |
|
|
|
92,610 |
|
|
|
213,397 |
|
Depreciation and amortization |
|
|
20,541 |
|
|
|
15,608 |
|
|
|
57,229 |
|
|
|
44,660 |
|
Total administrative expenses |
|
|
258,707 |
|
|
|
240,461 |
|
|
|
652,631 |
|
|
|
712,879 |
|
Total operating expenses |
|
|
347,060 |
|
|
|
309,402 |
|
|
|
903,499 |
|
|
|
914,480 |
|
Operating income |
|
|
104,874 |
|
|
|
96,901 |
|
|
|
485,828 |
|
|
|
344,599 |
|
Interest expense |
|
|
(789 |
) |
|
|
(222 |
) |
|
|
(2,353 |
) |
|
|
(1,661 |
) |
Other income (expense), net |
|
|
4,229 |
|
|
|
5,362 |
|
|
|
14,025 |
|
|
|
17,549 |
|
Income before income taxes |
|
|
108,314 |
|
|
|
102,041 |
|
|
|
497,500 |
|
|
|
360,487 |
|
Provision for income taxes |
|
|
35,036 |
|
|
|
26,822 |
|
|
|
109,065 |
|
|
|
101,456 |
|
Net income |
|
$ |
73,278 |
|
|
$ |
75,219 |
|
|
$ |
388,435 |
|
|
$ |
259,031 |
|
Earnings per share, basic |
|
$ |
1.31 |
|
|
$ |
1.30 |
|
|
$ |
6.90 |
|
|
$ |
4.48 |
|
Earnings per share, diluted |
|
$ |
1.31 |
|
|
$ |
1.30 |
|
|
$ |
6.89 |
|
|
$ |
4.46 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
55,929 |
|
|
|
57,825 |
|
|
|
56,307 |
|
|
|
57,871 |
|
Diluted |
|
|
55,964 |
|
|
|
57,966 |
|
|
|
56,365 |
|
|
|
58,056 |
|
Comprehensive earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
73,278 |
|
|
$ |
75,219 |
|
|
$ |
388,435 |
|
|
$ |
259,031 |
|
Unrealized net gains on available-for-sale securities |
|
|
101 |
|
|
|
1,232 |
|
|
|
1,256 |
|
|
|
2,047 |
|
Tax effect |
|
|
24 |
|
|
|
(420 |
) |
|
|
(397 |
) |
|
|
(525 |
) |
Other comprehensive income, net of tax |
|
|
125 |
|
|
|
812 |
|
|
|
859 |
|
|
|
1,522 |
|
Comprehensive earnings: |
|
$ |
73,403 |
|
|
$ |
76,031 |
|
|
$ |
389,294 |
|
|
$ |
260,553 |
|
Paycom Software, Inc.
Unaudited Consolidated Statements of Cash Flows
(in thousands)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
388,435 |
|
|
$ |
259,031 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
106,158 |
|
|
|
82,959 |
|
Accretion of discount on available-for-sale securities |
|
|
(112 |
) |
|
|
(387 |
) |
Non-cash marketing expense |
|
|
1,202 |
|
|
|
1,263 |
|
Gain on disposition of property and equipment |
|
|
(12 |
) |
|
|
(33 |
) |
Amortization of debt issuance costs |
|
|
831 |
|
|
|
946 |
|
Stock-based compensation expense |
|
|
(45,514 |
) |
|
|
96,383 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
1,222 |
|
Deferred income taxes, net |
|
|
(3,827 |
) |
|
|
3,889 |
|
Other |
|
|
(97 |
) |
|
|
18 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(4,134 |
) |
|
|
7,295 |
|
Prepaid expenses |
|
|
(7,970 |
) |
|
|
(8,845 |
) |
Inventory |
|
|
869 |
|
|
|
375 |
|
Other assets |
|
|
(1,657 |
) |
|
|
(8,262 |
) |
Deferred contract costs |
|
|
(84,413 |
) |
|
|
(87,604 |
) |
Accounts payable |
|
|
13,088 |
|
|
|
(8,131 |
) |
Income taxes, net |
|
|
8,050 |
|
|
|
(5,187 |
) |
Accrued commissions and bonuses |
|
|
(7,115 |
) |
|
|
(8,016 |
) |
Accrued payroll and vacation |
|
|
(6,591 |
) |
|
|
(3,863 |
) |
Deferred revenue |
|
|
11,787 |
|
|
|
10,902 |
|
Net change in operating right-of-use assets and operating lease liabilities |
|
|
639 |
|
|
|
882 |
|
Accrued expenses and other current liabilities |
|
|
3,896 |
|
|
|
15,732 |
|
Net cash provided by operating activities |
|
|
373,513 |
|
|
|
350,569 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Purchases of investments from funds held for clients |
|
|
(24,926 |
) |
|
|
(25,000 |
) |
Proceeds from investments from funds held for clients |
|
|
200,000 |
|
|
|
25,000 |
|
Purchases of property and equipment |
|
|
(141,549 |
) |
|
|
(135,709 |
) |
Proceeds from sale of property and equipment |
|
|
13 |
|
|
|
67 |
|
Net cash provided by (used in) investing activities |
|
|
33,538 |
|
|
|
(135,642 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Repurchases of common stock |
|
|
(122,801 |
) |
|
|
(74,994 |
) |
Withholding taxes paid related to net share settlements |
|
|
(14,415 |
) |
|
|
(12,620 |
) |
Dividends paid |
|
|
(63,687 |
) |
|
|
(43,367 |
) |
Net change in client funds obligation |
|
|
(888,428 |
) |
|
|
(306,063 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
(649 |
) |
Net cash used in financing activities |
|
|
(1,089,331 |
) |
|
|
(437,693 |
) |
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents |
|
|
(682,280 |
) |
|
|
(222,766 |
) |
Cash, cash equivalents, restricted cash and restricted cash equivalents |
|
|
|
|
|
|
||
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period |
|
|
2,422,760 |
|
|
|
2,409,095 |
|
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period |
|
$ |
1,740,480 |
|
|
$ |
2,186,329 |
|
Paycom Software, Inc.
Unaudited Consolidated Statements of Cash Flows, continued
(in thousands)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
325,757 |
|
|
$ |
484,028 |
|
Restricted cash included in funds held for clients |
|
|
1,414,723 |
|
|
|
1,702,301 |
|
Total cash, cash equivalents, restricted cash and restricted cash equivalents, end of period |
|
$ |
1,740,480 |
|
|
$ |
2,186,329 |
|
|
|
|
|
|
|
|
||
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
||
Non-cash investing and financing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment, accrued but not paid |
|
$ |
3,640 |
|
|
$ |
8,011 |
|
Stock-based compensation for capitalized software |
|
$ |
13,850 |
|
|
$ |
11,529 |
|
Right of use assets obtained in exchange for operating lease liabilities |
|
$ |
17,507 |
|
|
$ |
21,023 |
|
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, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
73,278 |
|
|
$ |
75,219 |
|
|
$ |
388,435 |
|
|
$ |
259,031 |
|
Interest expense |
|
|
789 |
|
|
|
222 |
|
|
|
2,353 |
|
|
|
1,661 |
|
Provision for income taxes |
|
|
35,036 |
|
|
|
26,822 |
|
|
|
109,065 |
|
|
|
101,456 |
|
Depreciation and amortization |
|
|
38,076 |
|
|
|
28,949 |
|
|
|
106,158 |
|
|
|
82,959 |
|
EBITDA |
|
|
147,179 |
|
|
|
131,212 |
|
|
|
606,011 |
|
|
|
445,107 |
|
Non-cash stock-based compensation expense |
|
|
24,156 |
|
|
|
33,198 |
|
|
|
(45,514 |
) |
|
|
96,383 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
1,222 |
|
|
|
— |
|
|
|
1,222 |
|
Adjusted EBITDA |
|
$ |
171,335 |
|
|
$ |
165,632 |
|
|
$ |
560,497 |
|
|
$ |
542,712 |
|
Net income margin |
|
|
16.2 |
% |
|
|
18.5 |
% |
|
|
28.0 |
% |
|
|
20.6 |
% |
Adjusted EBITDA margin |
|
|
37.9 |
% |
|
|
40.8 |
% |
|
|
40.3 |
% |
|
|
43.1 |
% |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income to non-GAAP net income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
|
$ |
73,278 |
|
|
$ |
75,219 |
|
|
$ |
388,435 |
|
|
$ |
259,031 |
|
Non-cash stock-based compensation expense |
|
|
24,156 |
|
|
|
33,198 |
|
|
|
(45,514 |
) |
|
|
96,383 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
1,222 |
|
|
|
— |
|
|
|
1,222 |
|
Income tax effect on non-GAAP adjustments |
|
|
(4,016 |
) |
|
|
(7,263 |
) |
|
|
(11,020 |
) |
|
|
(17,347 |
) |
Non-GAAP net income |
|
$ |
93,418 |
|
|
$ |
102,376 |
|
|
$ |
331,901 |
|
|
$ |
339,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
55,929 |
|
|
|
57,825 |
|
|
|
56,307 |
|
|
|
57,871 |
|
Diluted |
|
|
55,964 |
|
|
|
57,966 |
|
|
|
56,365 |
|
|
|
58,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share, basic |
|
$ |
1.31 |
|
|
$ |
1.30 |
|
|
$ |
6.90 |
|
|
$ |
4.48 |
|
Earnings per share, diluted |
|
$ |
1.31 |
|
|
$ |
1.30 |
|
|
$ |
6.89 |
|
|
$ |
4.46 |
|
Non-GAAP net income per share, basic |
|
$ |
1.67 |
|
|
$ |
1.77 |
|
|
$ |
5.89 |
|
|
$ |
5.86 |
|
Non-GAAP net income per share, diluted |
|
$ |
1.67 |
|
|
$ |
1.77 |
|
|
$ |
5.89 |
|
|
$ |
5.84 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Earnings per share to non-GAAP net income per share, basic: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share, basic |
|
$ |
1.31 |
|
|
$ |
1.30 |
|
|
$ |
6.90 |
|
|
$ |
4.48 |
|
Non-cash stock-based compensation expense |
|
|
0.43 |
|
|
|
0.57 |
|
|
|
(0.81 |
) |
|
|
1.67 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
Income tax effect on non-GAAP adjustments |
|
|
(0.07 |
) |
|
|
(0.12 |
) |
|
|
(0.20 |
) |
|
|
(0.31 |
) |
Non-GAAP net income per share, basic |
|
$ |
1.67 |
|
|
$ |
1.77 |
|
|
$ |
5.89 |
|
|
$ |
5.86 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Earnings per share to non-GAAP net income per share, diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share, diluted |
|
$ |
1.31 |
|
|
$ |
1.30 |
|
|
$ |
6.89 |
|
|
$ |
4.46 |
|
Non-cash stock-based compensation expense |
|
|
0.43 |
|
|
|
0.57 |
|
|
|
(0.81 |
) |
|
|
1.66 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
Income tax effect on non-GAAP adjustments |
|
|
(0.07 |
) |
|
|
(0.12 |
) |
|
|
(0.19 |
) |
|
|
(0.30 |
) |
Non-GAAP net income per share, diluted |
|
$ |
1.67 |
|
|
$ |
1.77 |
|
|
$ |
5.89 |
|
|
$ |
5.84 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
451,934 |
|
|
$ |
406,303 |
|
|
$ |
1,389,327 |
|
|
$ |
1,259,079 |
|
Less: Total cost of revenues |
|
|
(88,353 |
) |
|
|
(68,941 |
) |
|
|
(250,868 |
) |
|
|
(201,601 |
) |
Total gross profit |
|
|
363,581 |
|
|
|
337,362 |
|
|
|
1,138,459 |
|
|
|
1,057,478 |
|
Plus: Non-cash stock-based compensation expense |
|
|
3,873 |
|
|
|
2,868 |
|
|
|
11,027 |
|
|
|
8,606 |
|
Total adjusted gross profit |
|
$ |
367,454 |
|
|
$ |
340,230 |
|
|
$ |
1,149,486 |
|
|
$ |
1,066,084 |
|
Gross margin |
|
|
80.5 |
% |
|
|
83.0 |
% |
|
|
81.9 |
% |
|
|
84.0 |
% |
Adjusted gross margin |
|
|
81.3 |
% |
|
|
83.7 |
% |
|
|
82.7 |
% |
|
|
84.7 |
% |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted sales and marketing expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sales and marketing expenses |
|
$ |
104,477 |
|
|
$ |
101,162 |
|
|
$ |
326,865 |
|
|
$ |
311,171 |
|
Less: Non-cash stock-based compensation expense |
|
|
(3,303 |
) |
|
|
(6,851 |
) |
|
|
(13,599 |
) |
|
|
(18,367 |
) |
Adjusted sales and marketing expenses |
|
$ |
101,174 |
|
|
$ |
94,311 |
|
|
$ |
313,266 |
|
|
$ |
292,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
451,934 |
|
|
$ |
406,303 |
|
|
$ |
1,389,327 |
|
|
$ |
1,259,079 |
|
Sales and marketing expenses as a % of revenues |
|
|
23.1 |
% |
|
|
24.9 |
% |
|
|
23.5 |
% |
|
|
24.7 |
% |
Adjusted sales and marketing expenses as a % of revenues |
|
|
22.4 |
% |
|
|
23.2 |
% |
|
|
22.5 |
% |
|
|
23.3 |
% |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted total administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total administrative expenses |
|
$ |
258,707 |
|
|
$ |
240,461 |
|
|
$ |
652,631 |
|
|
$ |
712,879 |
|
Less: Non-cash stock-based compensation expense |
|
|
(20,283 |
) |
|
|
(30,330 |
) |
|
|
56,541 |
|
|
|
(87,777 |
) |
Adjusted total administrative expenses |
|
$ |
238,424 |
|
|
$ |
210,131 |
|
|
$ |
709,172 |
|
|
$ |
625,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
451,934 |
|
|
$ |
406,303 |
|
|
$ |
1,389,327 |
|
|
$ |
1,259,079 |
|
Total administrative expenses as a % of revenues |
|
|
57.2 |
% |
|
|
59.2 |
% |
|
|
47.0 |
% |
|
|
56.6 |
% |
Adjusted total administrative expenses as a % of revenues |
|
|
52.8 |
% |
|
|
51.7 |
% |
|
|
51.0 |
% |
|
|
49.6 |
% |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Adjusted research and development expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development expenses |
|
$ |
63,047 |
|
|
$ |
51,864 |
|
|
$ |
175,927 |
|
|
$ |
143,651 |
|
Less: Non-cash stock-based compensation expense |
|
|
(7,571 |
) |
|
|
(5,617 |
) |
|
|
(20,716 |
) |
|
|
(17,514 |
) |
Adjusted research and development expenses |
|
$ |
55,476 |
|
|
$ |
46,247 |
|
|
$ |
155,211 |
|
|
$ |
126,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
451,934 |
|
|
$ |
406,303 |
|
|
$ |
1,389,327 |
|
|
$ |
1,259,079 |
|
Research and development expenses as a % of revenues |
|
|
14.0 |
% |
|
|
12.8 |
% |
|
|
12.7 |
% |
|
|
11.4 |
% |
Adjusted research and development expenses as a % of revenues |
|
|
12.3 |
% |
|
|
11.4 |
% |
|
|
11.2 |
% |
|
|
10.0 |
% |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Total research and development costs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capitalized research and development costs |
|
$ |
33,362 |
|
|
$ |
26,578 |
|
|
$ |
94,394 |
|
|
$ |
70,809 |
|
Research and development expenses |
|
|
63,047 |
|
|
|
51,864 |
|
|
|
175,927 |
|
|
|
143,651 |
|
Total research and development costs |
|
$ |
96,409 |
|
|
$ |
78,442 |
|
|
$ |
270,321 |
|
|
$ |
214,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
451,934 |
|
|
$ |
406,303 |
|
|
$ |
1,389,327 |
|
|
$ |
1,259,079 |
|
Total research and development costs as a % of revenues |
|
|
21.3 |
% |
|
|
19.3 |
% |
|
|
19.5 |
% |
|
|
17.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted total research and development costs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total research and development costs |
|
$ |
96,409 |
|
|
$ |
78,442 |
|
|
$ |
270,321 |
|
|
$ |
214,460 |
|
Less: Capitalized non-cash stock-based compensation |
|
|
(5,053 |
) |
|
|
(3,777 |
) |
|
|
(13,850 |
) |
|
|
(11,529 |
) |
Less: Non-cash stock-based compensation expense |
|
|
(7,571 |
) |
|
|
(5,617 |
) |
|
|
(20,716 |
) |
|
|
(17,514 |
) |
Adjusted total research and development costs |
|
$ |
83,785 |
|
|
$ |
69,048 |
|
|
$ |
235,755 |
|
|
$ |
185,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
$ |
451,934 |
|
|
$ |
406,303 |
|
|
$ |
1,389,327 |
|
|
$ |
1,259,079 |
|
Adjusted total research and development costs as a % of revenues |
|
|
18.5 |
% |
|
|
17.0 |
% |
|
|
17.0 |
% |
|
|
14.7 |
% |
Paycom Software, Inc.
Unaudited Components of Non-Cash Stock-Based Compensation Expense
(in thousands)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Non-cash stock-based compensation expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
$ |
3,873 |
|
|
$ |
2,868 |
|
|
$ |
11,027 |
|
|
$ |
8,606 |
|
Sales and marketing |
|
|
3,303 |
|
|
|
6,851 |
|
|
|
13,599 |
|
|
|
18,367 |
|
Research and development |
|
|
7,571 |
|
|
|
5,617 |
|
|
|
20,716 |
|
|
|
17,514 |
|
General and administrative |
|
|
9,409 |
|
|
|
17,862 |
|
|
|
(90,856 |
) |
|
|
51,896 |
|
Total non-cash stock-based compensation expense |
|
$ |
24,156 |
|
|
$ |
33,198 |
|
|
$ |
(45,514 |
) |
|
$ |
96,383 |
|
Contact
Paycom Software, Inc.
Investor Relations Contact:
James Samford, 800-580-4505
investors@paycom.com
Source: Paycom Software, Inc.