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Stock Analysis on Net

Paycom Software Inc. (NYSE:PAYC)

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Paycom Software Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable 0.41 0.18 0.26 0.20 0.41
Accrued commissions and bonuses 0.73 0.70 0.53 0.50 0.70
Accrued payroll and vacation 1.15 1.07 0.94 0.60 0.71
Deferred revenue 0.51 0.51 0.52 0.45 0.59
Current portion of long-term debt 0.00 0.06 0.07 0.07 0.12
Accrued expenses and other current liabilities 1.54 1.97 1.69 1.83 1.47
Current liabilities before client funds obligation 4.34% 4.47% 4.01% 3.65% 4.00%
Client funds obligation 56.57 57.43 61.87 66.86 63.59
Current liabilities 60.91% 61.91% 65.88% 70.51% 67.59%
Deferred income tax liabilities, net 3.61 4.53 4.32 3.67 4.61
Long-term deferred revenue 2.50 2.65 2.81 2.62 3.66
Net long-term debt, less current portion 0.74 0.85 1.12 1.24 2.14
Other long-term liabilities 1.93 2.27 0.74 0.79 0.00
Long-term liabilities 8.79% 10.30% 8.98% 8.31% 10.41%
Total liabilities 69.70% 72.20% 74.86% 78.82% 78.00%
Common stock, $0.01 par value 0.02 0.02 0.02 0.02 0.04
Additional paid-in capital 14.78 14.48 13.72 10.35 13.38
Retained earnings 30.67 28.48 27.59 23.17 25.99
Accumulated other comprehensive loss -0.09 0.00 0.00 0.00 0.00
Treasury stock, at cost -15.06 -15.18 -16.20 -12.37 -17.42
Stockholders’ equity 30.30% 27.80% 25.14% 21.18% 22.00%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The capital structure exhibits a gradual shift from a liability-dominant position toward increased equity financing between 2018 and 2022. Total liabilities decreased from 78.00% to 69.70% of total liabilities and stockholders' equity, while total stockholders' equity increased from 22.00% to 30.30% over the same period.

Current Liability Trends
Current liabilities decreased from 67.59% in 2018 to 60.91% in 2022. This decline is primarily driven by a reduction in client funds obligations, which fell from 63.59% to 56.57%. Other current liabilities, such as accounts payable and accrued payroll, remain relatively immaterial, collectively representing a small fraction of the total balance sheet. Specifically, accrued payroll and vacation showed a slight upward trend, rising from 0.71% to 1.15%.
Long-Term Obligation Analysis
A consistent reduction in long-term leverage is observed. Net long-term debt, less current portion, declined from 2.14% in 2018 to 0.74% in 2022. Total long-term liabilities remained relatively stable, ending at 8.79% in 2022 compared to 10.41% in 2018. Deferred income tax liabilities remained a significant component of long-term obligations, fluctuating between 3.61% and 4.61%.
Equity Composition and Shareholder Returns
The increase in total stockholders' equity is largely supported by the growth of retained earnings, which rose from 25.99% in 2018 to 30.67% in 2022. This growth is countered by substantial treasury stock activity, which consistently reduced the equity base by between 12.37% and 17.42% throughout the period, indicating an aggressive share repurchase strategy. Additional paid-in capital remained stable, ending the period at 14.78%.

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