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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
Quarterly Data

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

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Accounts payable 0.18 0.21 0.24 0.41 0.31 0.28 0.22 0.18 0.22 0.29 0.36 0.26 0.37 0.19 0.25 0.20 0.29 0.20 0.20 0.41 0.42 0.35 0.21
Income tax payable 0.00 0.00 0.46 0.00 0.00 0.00 0.43 0.00 0.00 0.00 0.38 0.00 0.00 0.00 0.69 0.00 0.00 0.00 0.17 0.00 0.00 0.00 0.00
Accrued commissions and bonuses 0.53 0.55 0.41 0.73 0.57 0.30 0.22 0.70 0.29 0.31 0.20 0.53 0.32 0.34 0.25 0.50 0.53 0.43 0.22 0.70 0.44 0.31 0.16
Accrued payroll and vacation 1.07 1.26 0.85 1.15 1.09 0.85 0.79 1.07 0.86 0.89 0.96 0.94 1.12 0.99 0.92 0.60 1.11 0.63 0.70 0.71 0.88 0.63 0.70
Deferred revenue 0.59 0.54 0.48 0.51 0.59 0.37 0.31 0.51 0.38 0.46 0.42 0.52 0.56 0.64 0.50 0.45 0.67 0.55 0.47 0.59 0.57 0.55 0.46
Current portion of long-term debt 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.06 0.04 0.05 0.05 0.07 0.07 0.09 0.08 0.07 0.11 0.10 0.09 0.12 0.12 0.13 0.08
Accrued expenses and other current liabilities 2.00 2.00 1.65 1.54 1.77 1.12 1.05 1.97 1.19 1.71 1.33 1.69 1.81 2.11 1.89 1.83 2.47 2.16 1.95 1.47 1.34 1.32 1.25
Current liabilities before client funds obligation 4.36% 4.57% 4.10% 4.34% 4.33% 2.92% 3.06% 4.47% 2.99% 3.71% 3.70% 4.01% 4.24% 4.36% 4.57% 3.65% 5.19% 4.08% 3.79% 4.00% 3.77% 3.30% 2.87%
Client funds obligation 49.32 50.77 56.38 56.57 52.92 70.03 72.48 57.43 70.17 62.65 67.50 61.87 61.26 53.79 60.28 66.86 52.51 61.70 68.13 63.59 61.49 63.45 68.10
Current liabilities 53.68% 55.34% 60.47% 60.91% 57.25% 72.95% 75.53% 61.91% 73.17% 66.35% 71.20% 65.88% 65.50% 58.14% 64.85% 70.51% 57.69% 65.78% 71.93% 67.59% 65.26% 66.74% 70.97%
Deferred income tax liabilities, net 3.77 3.62 3.29 3.61 4.20 2.77 2.48 4.53 2.97 3.68 3.39 4.32 4.12 5.13 4.01 3.67 5.40 4.36 3.58 4.61 4.37 4.18 3.32
Long-term deferred revenue 2.74 2.60 2.36 2.50 2.85 1.86 1.61 2.65 1.94 2.40 2.20 2.81 2.88 3.57 2.89 2.62 3.94 3.28 2.80 3.66 3.57 3.48 2.89
Long-term debt, less current portion 0.75 0.73 0.68 0.74 0.87 0.59 0.49 0.85 0.66 0.87 0.84 1.12 1.19 1.56 1.32 1.24 1.97 1.74 1.56 2.14 2.25 2.36 2.11
Other long-term liabilities 2.20 2.10 1.72 1.93 2.34 1.51 1.35 2.27 1.70 2.19 0.50 0.74 0.87 1.11 0.96 0.79 1.17 1.03 0.81 0.00 0.00 0.00 0.00
Long-term liabilities 9.46% 9.06% 8.06% 8.79% 10.27% 6.73% 5.93% 10.30% 7.26% 9.14% 6.92% 8.98% 9.05% 11.37% 9.18% 8.31% 12.48% 10.41% 8.75% 10.41% 10.19% 10.02% 8.32%
Total liabilities 63.14% 64.40% 68.54% 69.70% 67.53% 79.68% 81.47% 72.20% 80.43% 75.50% 78.12% 74.86% 74.55% 69.51% 74.03% 78.82% 70.17% 76.19% 80.68% 78.00% 75.45% 76.76% 79.29%
Common stock, $0.01 par value 0.02 0.02 0.01 0.02 0.02 0.01 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.02 0.04 0.03 0.03 0.04 0.04 0.04 0.04
Additional paid-in capital 17.83 16.45 14.36 14.78 16.60 10.58 9.01 14.48 10.47 12.68 11.26 13.72 12.97 15.63 11.94 10.35 15.76 13.47 11.63 13.38 13.50 13.62 11.77
Retained earnings 36.58 34.37 31.03 30.67 33.70 21.77 18.50 28.48 20.55 25.87 23.02 27.59 27.98 34.75 27.67 23.17 33.34 26.92 21.47 25.99 24.80 23.64 18.64
Accumulated other comprehensive loss -0.06 -0.08 -0.07 -0.09 -0.12 -0.03 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Treasury stock, at cost -17.52 -15.16 -13.88 -15.06 -17.73 -12.01 -8.97 -15.18 -11.47 -14.07 -12.41 -16.20 -15.52 -19.93 -13.67 -12.37 -19.31 -16.62 -13.81 -17.42 -13.80 -14.06 -9.74
Stockholders’ equity 36.86% 35.60% 31.46% 30.30% 32.47% 20.32% 18.53% 27.80% 19.57% 24.50% 21.88% 25.14% 25.45% 30.49% 25.97% 21.18% 29.83% 23.81% 19.32% 22.00% 24.55% 23.24% 20.71%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure exhibits a progressive shift from a liability-dominant position toward a stronger equity base. Total liabilities, which stood at 79.29% of total liabilities and stockholders’ equity in March 2018, declined to 63.14% by September 2023. Conversely, stockholders’ equity increased from 20.71% during the same starting period to 36.86% by the end of the analysis period, indicating a strengthened solvency profile and reduced reliance on external obligations.

Current Liabilities and Client Obligations
Current liabilities represent the most volatile and significant portion of the balance sheet, driven primarily by the client funds obligation. This specific item fluctuates significantly, peaking at 72.48% in March 2022 before trending downward to 49.32% by September 2023. Other current liabilities, such as accrued payroll and vacation and accrued expenses, remain relatively small and stable, generally staying below 2.5% each.
Long-term Debt and Obligations
A consistent reduction in leverage is observed in the long-term debt profile. Long-term debt, net of the current portion, decreased from 2.11% in March 2018 to 0.75% in September 2023. The current portion of long-term debt also trended downward before becoming negligible in the later quarters. Total long-term liabilities remained relatively stable, oscillating between approximately 6% and 12% of the total balance sheet.
Equity Growth and Retained Earnings
The increase in total stockholders' equity is largely attributed to the growth of retained earnings. Retained earnings rose from 18.64% in March 2018 to 36.58% in September 2023, suggesting strong cumulative profitability and a strategy of reinvesting earnings back into the company.
Treasury Stock and Capital Management
A significant and consistent negative component of equity is Treasury stock, which fluctuates between -8.97% and -19.93%. The persistence of these values indicates a sustained corporate strategy of share repurchases, which offsets a portion of the growth in retained earnings and additional paid-in capital.

The overall financial trend reflects a transition toward a more conservative balance sheet. The reduction in the relative weight of client funds obligations and long-term debt, coupled with the substantial increase in retained earnings, suggests an improving equity-to-liability ratio and enhanced long-term financial stability.

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