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Paycom Software, Inc. Reports Record Financial Results For Third Quarter 2015

The following excerpt is from the company's SEC filing.

Record Third Quarter Revenue of $55.3 Million, up 51% year-over-year

Record Third Quarter ANRR of $31.8 Million, up 113% year-over-year

Paycom Software, Inc. (Paycom) (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software delivered as Software-as-a-Service, today announced its financial results for the quarter ended September 30, 2015.

Paycom experienced continued strong demand in the third quarter, said Chad Richison, Paycom founder and CEO. Our robust, cloud-based payroll and human capital management solution is helping businesses across the country drive efficiencies and better serve their employees. Our solution continued to gain traction in the marketplace in the third quarter, and drove record revenue growth of 51 percent from the comparable prior year period, our strongest ever as a public company.

Financial Highlights for the Third Quarter of 2015

Total Revenue

of $55.3 million represented a 51% increase compared to total revenue of $36.6 million in the same period last year. Recurring revenues of $54.2 million increased 51% from the comparable prior year period, and constituted 98% of total revenues.

GAAP Net Income

was $3.8 million, or $0.07 per diluted share, compared to GAAP net income of $2.7 million, or $0.05 per diluted share, in the same period last year.

Adjusted EBITDA

was $10.8 million, compared to $6.6 million in the same period last year.

Non-GAAP Net Income

was $4.7 million, or $0.08 per diluted share, compared to $2.7 million, or $0.05 per diluted share, in the same period last year.

Annualized New Recurring Revenue (ANRR)

was $31.8 million, up from $14.9 million for the same period last year, representing 113% growth.

Cash and Cash Equivalents

were $48.5 million as of September 30, 2015.

Total Debt

was $26.1 million as of September 30, 2015. This debt consisted solely of debt on the corporate headquarters.

Adjusted EBITDA and non-GAAP net income are non-GAAP financial measures. Please see the discussion below under the heading Use of Non-GAAP Financial Information and the reconciliations at the end of this release for additional information concerning these non-GAAP financial measures.

Financial Outlook

Paycom provides the following expected financial guidance for the quarter ending December 31, 2015 and year ending December 31, 2015:

Fourth Quarter 2015

Total Revenues

in the range of $59.5 million to $61.5 million.

in the range of $9 million to $11 million.

Fiscal Year 2015

Total Revenues

in the range of $219 million to $221 million.

in the range of $46.5 million to $48.5 million.

We have not reconciled the Adjusted EBITDA range for the quarter or the year ending December 31, 2015 to net income because applicable information for future periods, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, depreciation and amortization, interest expense, taxes, stock-based compensation expense and other items. Accordingly, a reconciliation of these Adjusted EBITDA ranges to net income is not available at this time without unreasonable effort.

Use of Non-GAAP Financial Information

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), we consider and have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA and non-GAAP net income. We use Adjusted EBITDA and non-GAAP net income as supplemental measures to review and assess our performance and for planning purposes. We define: (i) Adjusted EBITDA as net income plus interest expense, taxes, depreciation and amortization, stock-based compensation expense, certain transaction expenses that are not core to our operations and net loss on early repayment of debt and (ii) non-GAAP net income as net income plus tax adjusted stock-based compensation expense, certain tax adjusted transaction...


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