Paycom Q2 2023 Earnings Report
Key Takeaways
Paycom Software, Inc. announced its financial results for the quarter ended June 30, 2023, with total revenues of $401 million, a 27% increase from the prior year period. GAAP net income was $65 million, or $1.11 per diluted share, while non-GAAP net income was $94 million, or $1.62 per diluted share. Adjusted EBITDA was $157 million, representing 39% of total revenues.
Total revenues of $401.1 million, a 26.6% increase compared to the same period last year.
Recurring revenues of $394.5 million, a 26.6% increase year-over-year, constituting 98.4% of total revenues.
GAAP net income was $64.5 million, or $1.11 per diluted share, compared to $57.4 million, or $0.99 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.
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Paycom Revenue by Segment
Forward Guidance
Paycom provides the following expected financial guidance for the quarter ending September 30, 2023 and the year ending December 31, 2023.
Positive Outlook
- Total Revenues in the range of $410 million to $412 million for the quarter ending September 30, 2023.
- Adjusted EBITDA in the range of $156 million to $158 million for the quarter ending September 30, 2023.
- Total Revenues in the range of $1.715 billion to $1.717 billion for the year ending December 31, 2023.
- Adjusted EBITDA in the range of $722 million to $724 million for the year ending December 31, 2023.