Welcome to our dedicated page for Paycom Software news (Ticker: PAYC), a resource for investors and traders seeking the latest updates and insights on Paycom Software stock.
Paycom Software, Inc. (NYSE:PAYC) is a leading provider of cloud-based human capital management (HCM) technology, revolutionizing payroll and HR processes for businesses across the United States. Founded in 1998, Paycom has been at the forefront of online payroll innovation, offering comprehensive software-as-a-service (SaaS) solutions that liberate companies from traditional software constraints.
Headquartered in Oklahoma City, Paycom serves approximately 19,500 clients with employee counts ranging from 50 to 10,000. The company's core offering includes a robust payroll processing system seamlessly integrated with a wide array of HCM tools. These tools encompass time and attendance tracking, talent acquisition, HR management, and talent management, all within a single, easy-to-use online application.
Paycom's technology is designed to streamline and simplify complex HR tasks, improving efficiency and accuracy for businesses of all sizes. The company's growth trajectory has been impressive, fueled by its commitment to providing cutting-edge technology and superior customer service. With 36 sales teams spread across the country, Paycom has a significant presence in all 50 states, enabling it to cater to diverse business needs.
Recent achievements include the launch of new features and enhancements that further integrate and automate HR processes. Paycom is well-positioned for continued growth, thanks to its focus on innovation and customer satisfaction. The company's financial performance has been strong, reflecting its ability to attract and retain a growing client base.
In addition to its core business, Paycom actively forms strategic partnerships and collaborations to expand its offerings and market reach. These partnerships enable Paycom to stay ahead in a competitive landscape and continually deliver value to its customers.
Overall, Paycom Software, Inc. stands as a beacon of innovation in the HCM industry, helping businesses navigate the complexities of payroll and HR management with ease and efficiency.
Paycom Software, Inc. (NYSE:PAYC) has updated its cost estimates for manual data entry and HR tasks via its Direct Data Exchange (DDX) tool, showing an increase from $4.51 to $4.70 per entry according to Ernst & Young. DDX, launched in 2019, helps businesses track HR technology usage and ROI, indicating a continuing rise in HR task costs since 2018. The cost can reach up to $19.77 for specific entries. DDX empowers clients to optimize employee engagement with HR technology, enhancing overall efficiency.
Paycom Software, Inc. (NYSE:PAYC), a leader in cloud-based human capital management software, will participate in the Jefferies Virtual Software Conference on September 15 at 3:30 p.m. Eastern. A live webcast of the presentation can be accessed at investors.paycom.com. The replay will be available for 90 days after the event. Paycom serves clients across all 50 states, providing comprehensive solutions for the entire employment life cycle.
Paycom Software (NYSE:PAYC) will present at the Oppenheimer 24th Annual Technology, Internet & Communications Conference on August 10, 2021, at 2:55 p.m. Eastern Time. The virtual presentation aims to showcase Paycom's cloud-based human capital management software, which supports businesses through the entire employment life cycle. A live webcast will be available at investors.paycom.com, with replays accessible for 90 days post-event. Paycom serves clients across all 50 states, offering solutions tailored for various industries.
Paycom Software (NYSE: PAYC) reported strong Q2 2021 results, with total revenues of $242.1 million, a 33.3% increase year-over-year. Recurring revenues reached $237.6 million, constituting 98.1% of total revenues. GAAP net income was $52.3 million or $0.90 per diluted share, up from $28.6 million in the prior year. Non-GAAP net income stood at $56.5 million with Adjusted EBITDA at $87.0 million. As of June 30, 2021, cash and cash equivalents were $202.4 million with total debt of $30.0 million. Guidance for Q3 2021 revenues is $249 million to $251 million.
Paycom and the Oklahoma City Thunder have entered into a 15-year naming rights partnership, renaming the Thunder's home arena to Paycom Center. Effective immediately, the name change will enhance community engagement and visibility for Paycom, one of Oklahoma's largest companies with a market cap of approximately $23 billion. The agreement includes prominent signage placements throughout the arena, with updates expected ahead of the 2021-22 season. Paycom’s commitment to supporting local initiatives and the Thunder's fan experience is emphasized by both parties.
The Oklahoma Sports Hall of Fame and the Jim Thorpe Association announced the 2021 Paycom Jim Thorpe Award Preseason Watch List, featuring 40 top defensive backs from 10 conferences and one independent. The selection process involves a committee that may adjust the list as the season progresses based on player performance. Key dates include the announcement of semifinalists on October 25, 2021, and the award presentation at the Home Depot College Football Awards Show. The Paycom Jim Thorpe Award honors the best defensive back in college football, with a strong legacy since its inception in 1986.
Paycom Software, Inc. (NYSE:PAYC) will announce its second-quarter results on August 3, 2021, after market close. A conference call is scheduled for 5:00 p.m. Eastern Time to discuss the findings. Investors can access the call through dial-in numbers: 1 (833) 233-4461 or for international callers, 1 (647) 689-4140. The replay will be available until August 10, 2021. With its cloud-based human capital management solutions, Paycom serves clients across various industries in all 50 states, streamlining processes from recruitment to retirement.
Paycom Software (NYSE:PAYC) has launched Beti, the first self-service payroll technology that enables employees to manage their own payroll. This innovation enhances data accuracy, improves oversight, and streamlines the payroll process by empowering employees to handle all aspects of their paychecks. According to CEO Chad Richison, this shift in responsibility facilitates a more efficient payroll experience. A pilot client described Beti as the most revolutionary payroll product they have encountered, underscoring its potential impact on both employers and employees.
Paycom Software, a leader in cloud-based human capital management, will participate in two major investor events. The Cowen 49th Annual Technology, Media & Telecom Conference is scheduled for June 1, 2021, at 2:30 p.m. Eastern time, followed by the Baird 2021 Global Consumer, Technology and Services Conference on June 10, 2021, at 2:00 p.m. Eastern time. Live webcasts of both presentations will be accessible at investors.paycom.com. Paycom offers comprehensive solutions to manage the employment lifecycle.
Paycom Software, Inc. (NYSE:PAYC) has announced an increase and extension of its stock repurchase plan, allowing for $300 million in repurchases from May 14, 2021, to May 13, 2023. This decision reflects Paycom's robust recurring revenue model and strong balance sheet. CEO Chad Richison emphasized the company's long-term growth prospects, noting only a 5% market share in its addressable market, with high demand for its innovative software. Shares may be repurchased in various ways at the Board's discretion, influenced by market conditions and corporate considerations.
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