Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2014
- Operating Profit Margin since 2014
- Return on Assets (ROA) since 2014
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Paycom Software Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Recurring Revenue
- Recurring revenue as a percentage of total revenues remained consistently high over the periods analyzed, maintaining a level around 98%. Minor fluctuations observed are within a narrow range, indicating stable revenue streams from recurring sources.
- Implementation and Other Revenue
- This component generally oscillated between 1.3% and 2%, showing slight volatility but no persistent upward or downward trend. A moderate increase towards the later periods is noted, with peaks reaching approximately 1.9%.
- Operating Expenses
- Operating expenses measured as a percentage of revenue showed variability across quarters. After a decrease from approximately -13.5% in early periods to as low as about -9.95%, it trended upward again to roughly -13.7% in recent quarters, reflecting fluctuating cost management efficiency.
- Depreciation and Amortization
- Depreciation and amortization expenses fluctuated moderately, mostly ranging between -1.9% and -3.8% of revenues. Although some quarters exhibited sharper increases, the overall pattern suggests relatively stable non-cash expense impacts on operating results.
- Cost of Revenues
- The cost of revenues as a percent of revenue showed variation, dipping as low as -12.4% and rising to highs near -16.9%. These fluctuations impacted gross profit margins but did not demonstrate a consistent directional trend over the entire timeframe.
- Gross Profit
- Gross profit margins predominantly ranged from about 83% to 87.6%. Notable is the peak reaching 87.6% followed by some declines to the lower 83% range, indicating periods of both improved and pressured margin conditions.
- Sales and Marketing Expenses
- Sales and marketing costs exhibited significant volatility, ranging from approximately -19.8% to over -31%. Several quarters showed sharp increases, particularly around mid-2020, suggesting heightened investment or promotional costs during those periods, followed by partial retrenchment.
- Research and Development Expenses
- Research and development expenses as a proportion of revenues increased over time, moving from around -7.3% to peaks exceeding -12%, indicating increased focus on product or service development expenditures.
- General and Administrative Expenses
- General and administrative expenses ranged widely, from about -14.7% to over -25%, with several abrupt increases and decreases. This variability points to episodic changes in administrative spending impacting the operational cost structure.
- Administrative Expenses (Aggregate)
- Aggregate administrative expenses fluctuated significantly between approximately -50% to nearly -69% during the periods, with notable spikes indicating phases of higher overhead or fixed costs relative to revenues.
- Operating Income
- Operating income as a percentage of revenues saw a wide range, with highs near 36.8% and lows around 14.6%. The data reflects periods of robust profitability interspersed with quarters of reduced operating margins, suggesting varying operational leverage effects.
- Interest Expense
- Interest expenses remained low throughout the periods, generally hovering near zero to -0.3%, implying limited debt-related costs or favorable financing conditions.
- Other Income (Expense), Net
- Other income and expenses demonstrated variability, with occasional positive spikes reaching up to 2.46%, potentially reflecting non-operating income gains or one-time items influencing overall profitability.
- Income Before Income Taxes
- Income before tax largely mirrored operating income trends, showing a broad range from approximately 14.7% to 36.7%, indicating the primary driver of pre-tax earnings was operational performance with minor influence from interest and other net income components.
- Provision for Income Taxes
- The provision for income taxes as a percentage of revenues displayed a mixed pattern, including some negative or very low values in certain quarters, likely due to tax credits, losses carried forward, or timing differences. Variability suggests fluctuating effective tax rates across periods.
- Net Income
- Net income margins varied between approximately 11% and 27%, displaying a pattern consistent with fluctuations in operating income and tax provisions. Periods of strong profitability were evident, though some quarters reflected compressions possibly related to increased expenses or tax effects.