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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) will release its first-quarter earnings for the period ending March 31, 2023, after market close on May 2, 2023. A conference call to discuss the results will take place at 5 p.m. Eastern on the same day, with dial-in numbers provided for participants. The call will also be available via webcast on their investor relations site, where a replay can be accessed from May 2 to May 9. For nearly 25 years, Paycom has been a leader in cloud-based human capital management technology, offering a single app that empowers employees with direct access to their payroll and HR data, thereby enhancing transparency and reducing errors.
Paycom Software, Inc. (NYSE:PAYC) has launched Global HCM, a comprehensive human capital management solution designed for international businesses. This product allows employers and employees to manage HR needs in over 180 countries, supporting 15 languages. Global HCM integrates features such as Employee Self-Service and Manager on-the-Go, enhancing workforce engagement for teams across various locations. CEO Chad Richison highlighted that this launch follows two years of development, with plans to introduce Paycom's payroll functionality, Beti, globally in the forthcoming months. The solution aims to streamline HR processes, reducing reliance on multiple systems for efficient management.
Paycom Software reported impressive financial results for the year ended December 31, 2022, achieving total revenues of $1,375 million, a 30% increase year-over-year. The GAAP net income reached $281 million, equating to $4.84 per diluted share, with an adjusted EBITDA of $580 million, representing 42% of total revenues. In Q4 2022, revenues of $371 million marked a 30% growth compared to the previous year. Recurring revenues accounted for 98.2% of total revenues, demonstrating strong client retention. Looking ahead, Paycom anticipates Q1 2023 revenues between $443 million and $445 million, and expects 2023 total revenues to be $1.700 billion to $1.702 billion.
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