Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2014
- Net Profit Margin since 2014
- Price to Earnings (P/E) since 2014
- Price to Operating Profit (P/OP) since 2014
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Paycom Software Inc., consolidated income statement (quarterly data)
US$ in thousands
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).
- Revenue Trends
- Revenues exhibited a generally increasing trend over the reviewed periods, rising from approximately $154 million in March 2018 to $406 million by September 2023. Notable fluctuations occurred, with temporary declines particularly in mid-2020, likely reflecting broader economic impacts. Recurring revenue forms the bulk of total revenues, growing substantially from around $152 million in early 2018 to $399 million in late 2023, indicating solid customer retention and recurring business strength. Implementation and other revenues increased steadily but remain a smaller portion of total revenues.
- Gross Profit and Cost of Revenues
- Gross profit increased consistently in line with revenues, rising from about $130 million in early 2018 to over $337 million by late 2023. The cost of revenues also grew but at a somewhat proportional rate. Gross margins appear stable given the parallel trends in revenue and cost of revenues, reflecting efficient cost management in delivering products and services.
- Operating Expenses
- Operating expenses increased across all categories. Sales and marketing expenses rose substantially from approximately $32 million to over $100 million, reflecting significant investment in promoting products and market expansion. Research and development expenses also increased significantly, from around $11 million to $52 million, indicating a commitment to innovation and product development. General and administrative expenses grew markedly from about $33 million to over $71 million, which may reflect scaling of administrative functions to support business growth. Depreciation and amortization under operating expenses showed a steady increase, consistent with capital investments and asset base expansion.
- Operating Income and Profitability
- Operating income showed strong growth overall, rising from around $51 million in early 2018 to peaks over $160 million in early 2023, though with some volatility including a notable drop in mid-2020 coinciding with global economic challenges. This positive trend reflects effective control over costs relative to revenue growth, although the volatility suggests sensitivity to external conditions. After accounting for interest expense and other income, income before taxes mirrored operating income trends closely and demonstrated robust profitability gains.
- Income Taxes and Net Income
- The provision for income taxes demonstrated considerable variability, including some quarters with negative values indicating tax benefits or credits, especially around 2020-2021. Net income followed the general positive trajectory of income before taxes but exhibited quarter-to-quarter volatility. The lowest net income points correspond with quarters that had higher tax provisions or reduced operating income, while peak net income periods coincide with strong operating performance. Overall, net income increased significantly, reaching over $75 million in late 2023 compared to approximately $41 million in early 2018.
- Summary of Financial Health and Growth
- The data depicts a company experiencing strong revenue growth driven by recurring revenues, accompanied by increasing gross profit and scalable but growing operating expenses. Investments in sales, marketing, and researchR&D highlight a focus on both market expansion and product development. Profitability improved considerably over time despite some volatility linked to external factors, likely including the pandemic impact. The tax provisions suggest some variability in the effective tax rate, possibly influenced by timing or jurisdictional factors. Overall, financial performance over the periods analyzed points to expanding business operations with improving profitability and sustained investment in growth areas.