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Mar 31, 2024
Paycom Q1 2024 Earnings Report
Paycom reported first quarter results with revenue up 11% year-over-year and GAAP net income representing 49% of total revenues.
Key Takeaways
Paycom's first quarter 2024 results showed a revenue increase of 10.7% to $499.9 million. GAAP net income was $247.2 million, or $4.37 per diluted share, while non-GAAP net income was $146.6 million, or $2.59 per diluted share. Adjusted EBITDA was $229.5 million.
Total revenues increased by 10.7% year-over-year, reaching $499.9 million.
GAAP net income was $247.2 million, or $4.37 per diluted share.
Non-GAAP net income was $146.6 million, or $2.59 per diluted share.
Adjusted EBITDA totaled $229.5 million.
Paycom
Paycom
Paycom Revenue by Segment
Revenue by Segment
Recurring and Other Revenues Revenue
CapyFin.comInterest on Funds Held for Clients Revenue
CapyFin.com Forward Guidance
Paycom provides financial guidance for the quarter ending June 30, 2024, and the year ending December 31, 2024.
Positive Outlook
- Total Revenues in the range of $434 million to $438 million for Q2 2024.
- Adjusted EBITDA in the range of $151 million to $155 million for Q2 2024.
- Total Revenues in the range of $1.860 billion to $1.885 billion for FY 2024.
- Adjusted EBITDA in the range of $720 million to $730 million for FY 2024.
- Focus on expanding solution automation capabilities.
Challenges Ahead
- Uncertainty regarding depreciation and amortization.
- Uncertainty regarding interest expense.
- Uncertainty regarding taxes.
- Uncertainty regarding non-cash stock-based compensation expense.
- Reconciliations of forward-looking adjusted EBITDA ranges to net income are not available at this time without unreasonable effort.
Revenue & Expenses
Visualization of income flow from segment revenue to net income