Paycom Software Inc · Q1 2023 earnings

Briefing

Reported excellent first quarter results with robust revenue growth driven by new clients and expanding margins.

Paycom Software, Inc. reported strong financial results for the first quarter of 2023. Total revenues reached $451.6 million, a 27.8% increase compared to the same period last year. GAAP net income was $119.3 million, or $2.06 per diluted share, while non-GAAP net income was $142.7 million, or $2.46 per diluted share. Adjusted EBITDA was $220.5 million, representing 49% of total revenues.

• Total revenues increased by 27.8% year-over-year, reaching $451.6 million.
• GAAP net income was $119.3 million, or $2.06 per diluted share.
• Non-GAAP net income was $142.7 million, or $2.46 per diluted share.
• Adjusted EBITDA reached $220.5 million, representing 49% of total revenues.

Headline financials

Revenue & EPS history

Paycom provides the following expected financial guidance for the quarter ending June 30, 2023 and the year ending December 31, 2023. Quarter Ending June 30, 2023: Total Revenues in the range of $397 million to $399 million. Adjusted EBITDA in the range of $152 million to $154 million. Year Ending December 31, 2023: Total Revenues in the range of $1.713 billion to $1.715 billion. Adjusted EBITDA in the range of $717 million to $719 million.