Paycom Software Reports Strong Q3 2024 Results

Paycom Software ( (PAYC) ) has realeased its Q3 earnings. Here is a breakdown of the information Paycom Software presented to its investors.

Paycom Software, Inc. is a leading provider of cloud-based human capital management software, streamlining HR and payroll processes for businesses across the U.S. and internationally. In its third-quarter 2024 earnings report, Paycom announced a revenue increase to $452 million, marking an 11% rise from the previous year. The company also reported a GAAP net income of $73 million, equating to $1.31 per diluted share. Non-GAAP net income was reported at $93 million, or $1.67 per diluted share, with an adjusted EBITDA of $171 million. Key financial highlights include a noteworthy increase in recurring revenues, which now make up 98.5% of total revenues, as well as a robust cash position with $325.8 million in cash and cash equivalents. During the quarter, Paycom also returned value to shareholders with $21 million in cash dividends and $44 million in share repurchases. Looking ahead, Paycom’s management remains optimistic, projecting revenues between $477 million and $484 million for the next quarter, and up to $1.873 billion for the full year 2024, signaling continued growth and stability in its market position.