Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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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., consolidated cash flow 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).
- Net Income
- Net income exhibits significant volatility throughout the periods. Initial growth from 2018 into early 2019 is followed by a steep decline around mid-2020. Subsequently, net income recovers strongly, peaking notably at the end of the first quarter of 2023, reflecting increased profitability in recent quarters despite intermediate fluctuations.
- Depreciation and Amortization
- Depreciation and amortization consistently increase over time, indicating ongoing capital investment in depreciable and amortizable assets. This upward trend reflects either expansion in fixed assets or acquisition of intangible assets.
- Stock-based Compensation Expense
- The stock-based compensation expense shows considerable fluctuations but trended upwards overall, especially from 2020 onwards. This suggests that equity-based incentives have increased, potentially to attract or retain talent.
- Operating Activities
- Net cash provided by operating activities demonstrates strong growth, with notable peaks such as early 2023, signifying improved operational cash generation despite variability in net income. Adjustments reconciling net income to cash flow show large positive contributions, stabilizing operational cash flows.
- Working Capital Components
- Accounts receivable, prepaid expenses, and other current assets/liabilities exhibit pronounced swings, indicating dynamic management of working capital. Deferred contract costs and accrued commissions and bonuses fluctuate irregularly, reflecting seasonal or contractual variations.
- Investing Activities
- Purchases of property and equipment remain consistently significant and occasionally increase sharply, suggesting a strategic commitment to infrastructure. The net cash used in investing activities fluctuates widely, influenced by proceeds from sales and purchases of investments, indicative of active portfolio management or investment strategy changes.
- Financing Activities
- Financing cash flows experience extreme variability, with large inflows and outflows corresponding to issuance or repayment of debt, repurchases of common stock, and withholding taxes related to net share settlements. Several quarters show massive inflows or outflows, likely due to large capital restructuring or share buyback programs. Dividends appear late in the data, representing a new policy phase.
- Changes in Client Funds Obligations
- This liability item is highly volatile, with large positive and negative swings. These fluctuations likely relate to client fund activities, reflecting the company's operational model or client asset management activities.
- Income Taxes and Deferred Taxes
- Income taxes payable show large positive and negative movements, which may stem from varying taxable income and tax payments or refunds. Deferred income taxes show episodes of sharp increases and decreases, underlining possible changes in tax positions or timing differences in accounting.
- Overall Cash Position
- The net change in cash and equivalents shows intense volatility. There are quarters with large cash inflows followed by steep cash outflows. This suggests the company manages cash actively, balancing between investing, financing, and operating requirements, with sporadic large cash movements likely due to capital restructuring or investment activity.
- Summary
- The financial data reveal a company undergoing substantial changes across multiple dimensions: escalating operational cash flow, robust but fluctuating net income, increasing capital expenditures, active capital structure management through debt and equity transactions, and dynamic working capital adjustments. The variability in client funds obligations and large swings in investing and financing cash flows suggest complexity in cash and asset management reflective of business growth, strategic investments, and capital financing decisions over the periods analyzed.