Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Paycom Software Inc., consolidated balance sheet: assets (quarterly data)

US$ in thousands

		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
	Cash and cash equivalents
	Accounts receivable
	Prepaid expenses
	Inventory
	Income tax receivable
	Derivative asset
	Deferred contract costs
	Current assets before funds held for clients
	Funds held for clients
	Current assets
	Property and equipment, net
	Intangible assets, net
	Goodwill
	Long-term derivative asset
	Long-term deferred contract costs
	Other assets
	Noncurrent assets
	Total assets

The financial data reveals several important trends and patterns for the periods under review.

Liquidity and Cash Resources: Cash and cash equivalents have generally increased over the years, beginning from approximately $68 million in March 2018 and reaching over $484 million by September 2023. Despite some fluctuations, including a notable dip in mid-2020 and mid-2022, the overall trend indicates improved liquidity and stronger cash reserves.
Accounts Receivable: Accounts receivable showed variability without a consistent trend. Values rose from $2.3 million in early 2018 to peaks above $22 million during 2023, though periods like late 2021 and late 2022 show declines. This suggests fluctuating sales or collection cycles impacting receivable balances.
Prepaid Expenses: Prepaid expenses steadily increased from around $7 million in early 2018 to over $40 million by mid-2023, suggesting expanded prepayments for services or insurance, possibly reflecting increased operations or contractual commitments requiring upfront payments.
Inventory: Inventory levels remained relatively low and stable, fluctuating modestly between $420,000 and $1.6 million with no clear upward or downward long-term trend. This indicates inventory does not play a significant role in the company’s asset structure.
Income Tax Receivable: The income tax receivable values fluctuate markedly, with periods showing no values, which may indicate timing differences in tax payments or refunds. When present, values reach up to $16 million, reflecting significant recoverable tax amounts at times.
Deferred Contract Costs: Deferred contract costs consistently increased over time from $28.9 million in early 2018 to approximately $112 million by late 2023. This suggests growing investments in contract-related expenditures, supporting revenue recognition patterns tied to long-term contracts.
Current Assets (Excluding Funds Held for Clients): Current assets before funds held for clients demonstrate growth overall, from around $110 million in early 2018 to over $663 million by the latest period. The growth trend aligns with expanded business activities and increasing asset bases.
Funds Held for Clients: Funds held for clients vary widely across the quarters, moving between about $835 million and almost $4 billion. The sizeable variations may relate to client-related cash flows and fiduciary responsibilities, reflecting high transactional volumes but fluctuating balances.
Total Current Assets: Total current assets generally increased, paralleling increases in cash, receivables, prepaid expenses, and deferred costs. An initial value near $1.2 billion in 2018 grew significantly, peaking above $3.3 billion in March 2021 before experiencing fluctuations thereafter.
Property and Equipment, Net: Net property and equipment steadily increased from approximately $160 million in 2018 to nearly $468 million by late 2023. This consistent growth suggests ongoing capital investments in fixed assets supporting operational capacity expansion.
Intangible Assets, Net and Goodwill: Intangible assets exhibit a declining trend after peak values around 2018, decreasing gradually from $905,000 to nearly $51 million by 2023, potentially reflecting amortization or impairment. Goodwill remains stable at around $52 million throughout the periods, indicating no recorded impairment or significant acquisitions affecting goodwill.
Long-term Deferred Contract Costs: These costs increased consistently from $188 million in 2018 to over $645 million by 2023, indicating increasing deferrals related to contract costs over the long term in line with revenue recognition over contract duration.
Other Assets and Noncurrent Assets: Other assets show moderate growth from approximately $2 million to about $76 million, while total noncurrent assets have grown steadily from $403 million in early 2018 to $1.29 billion by late 2023, reflecting ongoing investments in balanced asset categories across the firm.
Total Assets: Total assets increased from roughly $1.6 billion in early 2018, with some fluctuations over the quarters, reaching around $3.86 billion by the last reported period. The asset base shows phases of rapid expansion and contraction that may be linked to large movements in client funds and capital expenditures.

Assets: Selected Items

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Current Assets: Selected Items