Paycom reports solid quarterly, annual growth
Oklahoma City-based Paycom Software this week reported solid financial growth numbers for the fourth quarter and year.
It said its revenue for the fourth quarter was $114 million, up 30 percent compared to the same quarter in 2017, and that its annual 2017 revenue of $433 million was up 32 percent compared to the previous year's.
It reported a fourthquarter net income of $12.9 million, up 49 percent compared to the same quarter in 2016, and said its annual 2017 net income of $66.8 million was up 52 percent compared to the previous year.
Adjusted fourthquarter earnings before interest, taxes, depreciation and amortization was $31.8 million, compared to $20.7 million the same quarter in 2017, and adjusted 2017 earnings before interest, taxes, depreciation and amortization was $137 million, compared to $94.5 million in 2016.
“I’m proud of our accomplishments in 2017 ... we achieved our goals,” Paycom’s founder and CEO, Chad Richison, stated in the company's earnings release.
“Our profitable business model also allowed us to continue to return value to our stockholders, as we repurchased over 1.2 million shares in 2017.”
Paycom, which provides its customers with cloud-based human capital management software, also predicts it will do well this year.
It provided first-quarter and 2018 financial guidance to investors as part of its earnings release, noting that the guidance reflects the company's adoption of revised accounting standards issued by the Financial Accounting Standards Board that deal with revenue from contracts with customers and other assets and deferred costs.
The company said it expects its revenue to be between $150 million and $152 million in the first quarter, and between $541 million and $543 million in 2018.
It expects its adjusted earnings before interest, taxes, depreciation and amortization to be $74 million to $76 million in the first quarter, and to be $213 million to $215 million in 2018.