OKLAHOMA CITY, August 1, 2023-- Paycom Software, Inc. (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software, announced its financial results for the quarter ended June 30, 2023.

“We delivered another strong quarter, which was highlighted by strong revenue growth and margin expansion as demand for our differentiated HR and payroll solution continues to increase,” said Paycom’s founder, chairman and CEO, Chad Richison. “We strengthened our product set with innovative developments and expanded our TAM to include larger North American organizations with both domestic and foreign employees.”

Financial Highlights for the Second Quarter of 2023

Total Revenues of $401.1 million represented a 26.6% increase compared to total revenues of $316.9 million in the same period last year. Recurring revenues of $394.5 million increased 26.6% from the comparable prior year period, and constituted 98.4% of total revenues.

GAAP Net Income was $64.5 million, or $1.11 per diluted share, compared to GAAP net income of $57.4 million, or $0.99 per diluted share, in the same period last year.

Non-GAAP Net Income was $94.3 million, or $1.62 per diluted share, compared to $73.0 million, or $1.26 per diluted share, in the same period last year.

Adjusted EBITDA was $156.6 million, compared to $119.6 million in the same period last year.

Cash and Cash Equivalents were $536.5 million as of June 30, 2023, compared to $400.7 million as of December 31, 2022. During the quarter ended June 30, 2023, Paycom paid $21.7 million in cash dividends.

Total Debt was $29.0 million as of June 30, 2023 and December 31, 2022.

About Paycom

For nearly 25 years, Paycom Software has simplified businesses and the lives of their employees through easy-to-use HR and payroll technology to empower transparency through direct access to their data. And thanks to its industry-first solution, Beti®, employees now do their own payroll and are guided to find and fix costly errors before payroll submission. From onboarding and benefits enrollment to talent management and more, Paycom’s software streamlines processes, drives efficiencies and gives employees power over their own HR information, all in a single app. Recognized nationally for its technology and workplace culture, Paycom can now serve businesses of all sizes in the U.S. and internationally.

SOURCE Paycom Software