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Paycom Software, Inc. Reports Record Second Quarter 2016 Revenue Growth

OKLAHOMA CITY--(BUSINESS WIRE)--

Paycom Software, Inc. (“Paycom”) (PAYC), a leading provider of comprehensive, cloud-based human capital management software, today announced its financial results for the quarter ended June 30, 2016.

“We once again achieved record second quarter revenue growth of 51% as our sales teams continued to execute, helping companies run more efficiently and better manage their workforces all through the Paycom solution,” said Chad Richison, Paycom founder and CEO. “This strong sales performance, coupled with cost efficiencies across our organization, drove increased cash flow and earnings. With our ability to quickly evolve our solution to meet complex regulatory requirements and the continued maturity of our professional sales representatives, we believe we are well positioned to sustain our momentum in the second half of 2016.”

Financial Highlights for the Second Quarter of 2016

Total Revenue of $73.9 million represented a 51% increase compared to total revenue of $49.0 million in the same period last year. Recurring revenues of $72.5 million increased 52% from the comparable prior year period, and constituted 98% of total revenues.

GAAP Net Income was $10.4 million, or $0.18 per diluted share, compared to GAAP net income of $5.9 million, or $0.10 per diluted share, in the same period last year.

Adjusted EBITDA1 was $22.6 million, compared to $13.1 million in the same period last year.

Non-GAAP Net...


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