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. provides cloud-based human capital management software for payroll, HR management, talent acquisition, talent management, and time and labor functions. Its platform is built on a single database and uses employee-first automation to manage employment life cycle workflows for organizations in the U.S. and internationally.
Paycom news commonly covers quarterly results, recurring revenue trends, cash dividends, share repurchase activity, product releases, and updates to automation tools such as IWant, Beti, GONE, and Career and Succession Planning. Company updates also include third-party HCM software recognition, client ROI studies, executive appointments, and governance actions tied to its cloud payroll and HR software business.
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.
Paycom Software, Inc. (NYSE: PAYC) has announced that its Board of Directors rejected the resignation of Frederick C. Peters II, who faced more "withheld" votes than "for" votes during his election at the 2021 Annual Meeting. The nominating committee, after evaluating Peters' seven years on the Board, including his role as lead independent director, recommended retaining him, citing his financial expertise and valuable contributions. Consequently, Peters will continue his role as a Class II director and maintain his positions on various committees, reinforcing leadership continuity at Paycom.
Paycom Software reported strong financial results for Q1 2021, with total revenues of $272.2 million, marking a 12.3% year-over-year increase. Recurring revenues constituted 98.4% of total revenues at $267.8 million. GAAP net income rose to $64.6 million ($1.11 per diluted share), an increase from $63.0 million ($1.08 per diluted share) in Q1 2020. Non-GAAP net income was $85.9 million ($1.47 per diluted share). As of March 31, Paycom maintained $215.1 million in cash, with total debt at $30.5 million. Guidance for Q2 suggests revenues between $231 million and $233 million.
Paycom Software, Inc. (NYSE:PAYC) will announce its first-quarter results on May 4, 2021, after market close. A conference call will follow at 5:00 p.m. ET to discuss the financial results. A replay will be accessible from May 4 to May 11, 2021. Paycom is a leader in cloud-based human capital management software, offering solutions that cover the employment lifecycle from recruitment to retirement, serving clients across all 50 states.