附錄99.1
Paycom Software, Inc.公布2024年第三季度業績報告
第三季營收達45200萬美元，比去年同期增長11%。
第三季度按照通用會計原則計算的凈利潤為7300萬美元，佔總收入的16％，每股1.31美元（稀釋後）
第三季度非依據通用會計準則的凈利潤為9300萬美元，或每股1.67美元（稀釋后）
第三季調整後的EBITDA為17100萬美元，佔總收入的38%。
2024年10月30日—(業務線)—Paycom軟體公司（「Paycom」、「我們」和「我們的」）（紐交所: PAYC）是領先的綜合云端人力資本管理軟體提供商，今日宣佈截至2024年9月30日的季度財務業績。
Paycom創始人、首席執行官兼主席查德·里奇森表示：“我們取得了穩固的第三季度業績成果，並持續朝著全面自動化的目標邁進。我們已經擁有行業板塊中最自動化的解決方案，並持續為我們的客戶提供更強大的回報率。”
2024年第三季度財務亮點
總收益 45190萬美元的總收入比去年同期的40630萬美元增加了11.2%。44500萬美元的固定收入較去年同期增長11.6%，佔總收入的98.5%。
GAAP凈利潤 為7330萬美元，每股稀釋後1.31美元，較去年同期的7520萬美元，每股稀釋後1.30美元的GAAP凈利潤稍低。
非依舊報表計算之凈利潤1 凈利潤為9340萬美元，每股稀釋收益為1.67美元，較去年同期的10240萬美元，或每股稀釋收益1.77美元來看，有所下降。
調整後的稅前利潤減除折舊及攤銷後的費用1 金額為17130萬美元，與去年同期的16560萬美元相比。
現金及現金等價物 截至2024年9月30日，現金及現金等價物為32580萬美元，而截至2023年12月31日則為29400萬美元。在截至2024年9月30日的季度中，Paycom支付了2100萬美元的現金分紅，並回購了303,245股普通股，金額為4400萬美元。
總負債 截至2024年9月30日和2023年12月31日，金額為0美元。
1調整後的EBITDA、非普適會計準則凈利潤以及每股摊薄非普適會計準則凈利潤為非普適財務指標。請參閱下文項目“使用非普適會計準則財務信息”中的討論，以及本公告末尾的對這些及其他非普適財務指標的調解，以獲得有關該等指標的其他信息。
財務展望
Paycom提供以下預期的財務指引，截至2024年12月31日季度和年結束。
2024年12月31日季結束：
總收入 在47700萬到48400萬的區間內。
調整後的EBITDA 在$18450萬至$19150萬的區間內。
2024年12月31日止：
總收入 在18.66億到18.73億美元的範圍內。
調整後的EBITDA 在74500萬美元到75200萬美元的區間內。
我們尚未將上述提出並在電話會議中討論的前瞻調整後的EBITDA範圍調和為凈利潤，也未將在電話會議上討論的前瞻調整後的EBITDA利潤率和前瞻非GAAP有效所得稅率調和為可比GAAP措施，因為未來時期的相關資訊，這些調和將以其為基礎，由於不確定性和折舊及攤銷、利息費用、稅收、非現金股份報酬費用和其他項目的潛在變動性，目前並不容易獲得，因此當前瞻調整後的EBITDA範圍與淨利潤的調和，前瞻調整後的EBITDA利潤率與淨利潤率的調和及前瞻非GAAP有效所得稅率與GAAP有效所得稅率的調和現階段無法取得而無法合理運作。
使用非依照通用會計原則財務資訊
為了補充我們按照美國通用會計原則（“GAAP”）呈現的財務信息，我們在本新聞稿和相關的電話會議中提供了某些非GAAP財務指標，包括調整後的EBITDA、非GAAP淨利潤、調整後的毛利、調整後的毛利率、調整後的銷售與營銷費用、調整後的總行政費用、調整後的研發費用、調整後的總研發成本、調整後的EBITDA 毛利率以及非GAAP有效所得稅率。管理層使用這些非GAAP財務指標作為補充性指標來檢閱和評估我們核心業務運營的表現以及規劃目的。我們將（i）調整後的EBITDA定義為凈利潤加上利息費用、稅項、折舊和攤銷、非現金股份報酬費用、某些不屬於我們運營範疇的特定交易費用（如果有的話）以及債務抹銷損失，（ii）非GAAP淨利潤定義為凈利潤加上非現金股份報酬費用、某些不屬於我們運營範疇的特定交易費用（如果有的話）以及債務抹銷損失，所有這些調整均考慮所得稅的影響，（iii）調整後的毛利定義為毛利加上相應的非現金股份報酬費用，（iv）調整後的毛利率定義為毛利加上相應的非現金股份報酬費用，除以總收入，（v）每個調整後的費用項目定義為GAAP費用金額減去相應的非現金股份報酬費用，（vi）調整後的總研發成本定義為總研發成本（包括資本化部分）減去相應的非現金股份報酬（包括資本化部分），（vii）調整後的EBITDA 毛利率定義為調整後的EBITDA（如條款（i）所述）除以總收入，以及（viii）非GAAP有效所得稅率定義為所得稅負債加上非GAAP調整的所得稅影響，除以非GAAP淨利潤（按照條款(ii)所述計算），再加上所得稅負債和非GAAP調整所得稅影響。本新聞稿中提出的非GAAP財務指標以及在相關的電話會議中討論的內容，使投資者更透明地瞭解管理層在財務和營運決策中使用的信息。我們認為這些指標對投資者有用，因為它們便於在一致的基礎上跨期比較我們核心業務運營，以及與同行公司的結果作比較，其中許多公司也使用類似的非GAAP財務指標來補充GAAP結果。此外，調整後的EBITDA是提供給管理層有關用於企業再投資的現金數額、支付分紅、回購普通股以及其他用途的有用信息。管理層認為，結合我們按照GAAP準備的結果一起查看的本新聞稿中提出的非GAAP措施以及在相關的電話會議中討論的內容，有助於更全面地瞭解影響我們業務和表現的因素和趨勢。
本新聞稿中所提及的非依照普通會計準則（GAAP）編製的財務指標並在相關電話會議中討論的內容，不屬於GAAP下的財務表現指標，不應視為凈利潤、毛利潤、毛利率、研發費用、銷售及市場營銷費用、行政費用、總研發成本及GAAP生效所得稅率的替代品。非GAAP財務指標作為分析工具具有局限性，在評估我們的營運績效時，您不應僅以這些非GAAP財務指標為依據，或將其視為根據GAAP編製的綜合損益表數據的替代品。我們提供的非GAAP財務指標可能與其他公司的相應指標不可比，並且其他公司可能不以我們的方式計算這些指標。
電話會議詳細資訊
與此公告同時，Paycom將於今天，2024年10月30日，東部時間下午5:00舉行一次會議看漲，討論其財務結果。要參加這次看漲，請撥打(833) 470-1428(國內)或(404) 975-4839(國際)，並提供167182作為進入密碼。Paycom網站的投資者關係頁面上將提供現場網路轉播以及會議看漲的重播。 investors.paycom.com.
關於 Paycom
在過去25年中，Paycom Software, Inc.（紐交所：PAYC）通過易於使用的人資和薪資軟體簡化企業和員工的生活，以便透過直接存取數據實現透明度的增強。 由於其行業首創的解決方案，Beti感謝此，員工現在可以自行處理自己的薪資，並在提交薪資之前指導他們找出並修復昂貴的錯誤。 從入職和福利登記到人才管理等，Paycom的軟體簡化流程，推動效率並讓員工控制自己的人資信息，一切都在一個應用程序中。 Paycom因其技術和工作文化在全國范圍內受到認可，現在可以為美國和國際各種規模的企業提供服務。®員工現在可以自行處理自己的薪資，並在提交薪資之前被引導找到並修復昂貴的錯誤。 從入職和福利登記到人才管理等，Paycom的軟體簡化流程，推動效率並讓員工控制自己的人資信息，一切都在一個應用程序中。以其技術和工作文化在全國范圍內受到認可，Paycom現在可以為所有規模的美國和國際企業提供服務。
前瞻性陳述
本新聞稿中的某些陳述，以及相關電話會議中的某些陳述可能屬於前瞻性聲明，依據1995年《私人證券訴訟改革法》的定義。前瞻性聲明是指任何提及Paycom估計或預期結果、其他非歷史事實或未來事件的聲明，包括但不限於我們的業務策略；預期的未來營運結果和營業費用、現金流、資本資源、分紅派息和流動性；競爭；影響我們業務、行業和財務結果的趨勢、機遇和風險；未來擴展或增長計劃及未來增長的潛力，包括國際上；我們吸引新客戶購買我們解決方案的能力；我們保留客戶並誘使他們購買其他應用程序的能力；我們準確預測未來收入並適當規劃支出的能力；市場對我們解決方案和應用程序的接受程度；我們對某些應用程序未來收入的預期；我們解決方案用戶的投資回報；我們吸引和留住合格員工和關鍵人員的能力；未來的監管、司法和立法變化；影響我們績效的某些因素如何與勞動力市場的改善或惡化相關；我們計劃開設額外的銷售辦事處以及有效執行此計劃的能力；我們現有現金及現金等價物的充足性，以滿足未來12個月的運營資本和資本支出需求；我們在業務增長方面的資本支出和投資活動計劃，包括研發和擴展設施；我們支付現金分紅的計劃；我們通過股票回購計劃回購我們普通股的計劃；以及我們未來期間預期的所得稅率。此外，前瞻性聲明還包括涉及趨勢分析的聲明和包含“預期”、“相信”、“可能”、“估計”、“期望”、“打算”、“可能”、“計劃”、“潛在”、“應該”、“將”、“將”等表達或同類表達的聲明，或這些術語的否定形式或其他相類術語。這些前瞻性聲明僅根據我們目前掌握的信息，截至本日期，並且受到業務和經濟風險的影響。因此，我們的實際結果可能會因我們向證券交易委員會提交的檔案中討論的因素有所不同，包括但不限於我們最近的年度第10-K表上討論的因素。我們不承擔任何更新或修改前瞻性聲明的義務，以反映在發表此等聲明後發生的事件或存在的情況，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.