Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Paycom Software, Inc. | d278880d8k.htm |
Exhibit 99.1
Paycom Software, Inc. Reports Third Quarter 2016 Results
Third Quarter Revenue of $77.3 million, up 40% from comparable prior year period
Third Quarter GAAP Net Income of $6.2 million, up 61% from comparable prior year period, or $0.10 per diluted share
Third Quarter Adjusted EBITDA of $18.2 million, up 68% from comparable prior year period
Third Quarter non-GAAP Net Income of $9.0 million, or $0.15 per diluted share
OKLAHOMA CITY – (BUSINESS WIRE) – Paycom Software, Inc. (“Paycom”) (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software, today announced its financial results for the quarter ended September 30, 2016.
“We are pleased to once again report very strong revenue and adjusted EBITDA growth, as the Paycom solution continues to remain top-of-mind with C-suite and HR leaders across the country,” said Chad Richison, Paycom founder and CEO. “We continue to drive value for our clients – with our best-in-class, single-database payroll and human capital management solution – and also for our shareholders by repurchasing over 525,000 shares over the past five months under our stock repurchase plan.”
Financial Highlights for the Third Quarter of 2016
Total Revenues of $77.3 million represented a 40% increase compared to total revenues of $55.3 million in the same period last year. Recurring revenues of $75.9 million increased 40% from the comparable prior year period, and constituted 98% of total revenues.
GAAP Net Income was $6.2 million, or $0.10 per diluted share, compared to GAAP net income of $3.8 million, or $0.07 per diluted share, in the same period last year.
Adjusted EBITDA1 was $18.2 million, compared to $10.8 million in the same period last year.
Non-GAAP Net Income1 was $9.0 million, or $0.15 per diluted share, compared to $4.7 million, or $0.08 per diluted share, in the same period last year.
Cash and Cash Equivalents were $74.5 million as of September 30, 2016.
Total Debt was $30.1 million as of September 30, 2016. This debt consisted solely of debt on our corporate headquarters.
| 1 | Adjusted EBITDA and non-GAAP net income are non-GAAP financial measures. Please see the discussion below under the heading “Use of Non-GAAP Financial Information” and the reconciliations at the end of this release for additional information concerning these non-GAAP financial measures. |
Financial Outlook
Paycom provides the following expected financial guidance for the quarter and year ending December 31, 2016:
Quarter Ending December 31, 2016
Total Revenues in the range of $85 million to $87 million.
Adjusted EBITDA in the range of $14 million to $16 million.
Year Ending December 31, 2016
Total Revenues in the range of $326.5 million to $328.5 million.
Adjusted EBITDA in the range of $88 million to $90 million.
We have not reconciled the Adjusted EBITDA ranges for the quarter or year ending December 31, 2016 to net income because applicable information for future periods, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, depreciation and amortization, interest expense, taxes, non-cash stock-based compensation expense and other items. Accordingly, a reconciliation of these Adjusted EBITDA ranges to net income is not available at this time without unreasonable effort.
Use of Non-GAAP Financial Information
To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we consider and have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA and non-GAAP net income. We use Adjusted EBITDA and non-GAAP net income as supplemental measures to review and assess our performance before gains, losses or other changes that our management considers to be outside of our core business operating results and for planning purposes. We define: (i) Adjusted EBITDA as net income plus interest expense, taxes, depreciation and amortization, non-cash stock-based compensation expense and certain transaction expenses that are not core to our operations; and (ii) non-GAAP net income as net income plus non-cash stock-based compensation expense and certain transaction expenses that are not core to our operations, each of which is adjusted for the effect of income taxes. Adjusted EBITDA and non-GAAP net income are metrics that provide investors with greater transparency to the information used by our management in its financial and operational decision-making. We believe these metrics are useful to investors because they provide period-to-period comparisons of the results of our continuing operations, and facilitate comparison with other peer companies, many of which use similar non-GAAP financial measures to supplement results under GAAP. In addition, Adjusted EBITDA is a measure that provides useful information to management about the amount of cash available for reinvestment in our business, repurchasing common stock and other purposes.
Adjusted EBITDA and non-GAAP net income are not measures of financial performance under GAAP and should not be considered a substitute for net income, which we consider to be the most directly comparable GAAP measure. Adjusted EBITDA and non-GAAP net income have limitations as analytical tools, and when assessing our operating performance, you should not consider Adjusted EBITDA or non-GAAP net income in isolation, or as a substitute for net income or other consolidated statements of income data prepared in accordance with GAAP. Adjusted EBITDA and non-GAAP net income may not be comparable to similar titled measures of other companies and other companies may not calculate such measures in the same manner as we do.
Conference Call Details:
In conjunction with this announcement, Paycom will host a conference call today, November 1, 2016, at 5:00 p.m. Eastern time to discuss its financial results. To access this call, dial (877) 201-0168 (domestic) or (647) 788-4901 (international) and enter conference ID 83692288. A live webcast as well as the replay of the conference call will be available on the Investor Relations page of Paycom’s website at investors.paycom.com. A replay of this conference call can also be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) until November 8, 2016. The replay passcode is 83692288.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment. Its cloud-based software is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Paycom has the ability to serve businesses of all sizes and in every industry. As one of the leading human capital management providers, Paycom has sales offices across the country and serves clients in all 50 states.
Forward-Looking Statements
Certain statements in this press release are, and certain statements on the related teleconference call may be, forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are any statements that look to future events and include, but are not limited to, statements regarding our business strategy; anticipated future operating results and operating expenses, cash flows, capital resources, dividends and liquidity; trends, opportunities and risks affecting our business, industry and financial results; future expansion or growth plans and potential for future growth; our ability to attract new clients to purchase our solution; our ability to retain clients and induce them to purchase additional applications; our ability to accurately forecast future revenues and appropriately plan our expenses; market acceptance of our solution and applications; our expectations regarding future revenue generated by certain applications; the impact of future regulatory, judicial, or legislative changes; how certain factors affecting our performance correlate to improvement or deterioration in the labor market; our plan to open additional sales offices and our ability to effectively execute such plan; the sufficiency of our existing cash and cash equivalents to meet our working capital and capital expenditure needs over the next 12 months; our ability to create additional jobs at our corporate headquarters; our ability to expand our corporate headquarters within an expected timeframe; our expectation of increasing our capital expenditures and investment activity as our business grows; and our plans to purchase shares of our common stock through a stock repurchase plan. In addition, forward-looking statements also consist of statements involving trend analyses and statements including such words as “may,” “believe,” “could,” “anticipate,” “should,” “would,” “might,” “plan,” “expect,” “potential,” “possible,” “project,” and similar expressions or the negative of such terms or other comparable terminology. These forward-looking statements speak only as of the date hereof and are subject to business and economic risks. As such, our actual results may differ materially from those set forth in the forward-looking statements as a result of the factors discussed in our filings with the Securities and Exchange Commission, including those discussed in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 and our Annual Report on Form 10-K for the year ended December 31, 2015. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Paycom Software, Inc.
Consolidated Balance Sheets
(in thousands, except share amounts)
(unaudited)
| September 30, 2016 |
December 31, 2015 |
|||||||
| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 74,496 | $ | 50,714 | ||||
| Accounts receivable |
1,479 | 2,354 | ||||||
| Prepaid expenses |
3,991 | 3,531 | ||||||
| Inventory |
355 | 1,093 | ||||||
| Income tax receivable |
4,316 | 6,743 | ||||||
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|
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| Current assets before funds held for clients |
84,637 | 64,435 | ||||||
| Funds held for clients |
593,041 | 696,703 | ||||||
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| Total current assets |
677,678 | 761,138 | ||||||
| Property and equipment, net |
87,285 | 58,858 | ||||||
| Deposits and other assets |
1,010 | 1,286 | ||||||
| Goodwill |
51,889 | 51,889 | ||||||
| Intangible assets, net |
2,274 | 3,484 | ||||||
| Deferred income tax assets, net |
859 | – | ||||||
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|
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| Total assets |
$ | 820,995 | $ | 876,655 | ||||
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| Liabilities and Stockholders’ Equity |
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| Current liabilities: |
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| Accounts payable |
$ | 4,850 | $ | 4,899 | ||||
| Accrued commissions and bonuses |
5,381 | 8,687 | ||||||
| Accrued payroll and vacation |
6,680 | 2,898 | ||||||
| Deferred revenue |
4,821 | 3,726 | ||||||
| Current portion of long-term debt |
1,090 | 886 | ||||||
| Accrued expenses and other current liabilities |
13,031 | 9,735 | ||||||
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| Current liabilities before client funds obligation |
35,853 | 30,831 | ||||||
| Client funds obligation |
593,041 | 696,703 | ||||||
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|
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| Total current liabilities |
628,894 | 727,534 | ||||||
| Deferred income tax liabilities, net |
– | 641 | ||||||
| Long-term deferred revenue |
32,064 | 25,310 | ||||||
| Net long-term debt, less current portion |
29,000 | 24,856 | ||||||
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|
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| Total long-term liabilities |
61,064 | 50,807 | ||||||
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| Commitments and contingencies |
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| Stockholders’ equity: |
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| Common stock, $0.01 par value (100,000,000 shares authorized, 58,386,260 and 57,119,873 shares issued at September 30, 2016 and December 31, 2015, respectively; 57,898,505 and 57,119,873 shares outstanding at September 30, 2016 and December 31, 2015, respectively) |
584 | 571 | ||||||
| Additional paid-in capital |
91,413 | 71,135 | ||||||
| Retained earnings |
61,815 | 26,608 | ||||||
| Treasury stock, at cost (487,755 and 0 shares at September 30, 2016 and December 31, 2015, respectively) |
(22,775 | ) | – | |||||
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| Total stockholders’ equity |
131,037 | 98,314 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 820,995 | $ | 876,655 | ||||
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Paycom Software, Inc.
Consolidated Statements of Income
(in thousands, except per share and share amounts)
(unaudited)
| Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenues |
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| Recurring |
$ | 75,857 | $ | 54,233 | $ | 237,253 | $ | 156,404 | ||||||||
| Implementation and other |
1,468 | 1,107 | 4,078 | 3,131 | ||||||||||||
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| Total revenues |
77,325 | 55,340 | 241,331 | 159,535 | ||||||||||||
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| Cost of revenues |
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| Operating expenses |
13,227 | 7,964 | 34,491 | 22,569 | ||||||||||||
| Depreciation and amortization |
1,521 | 945 | 4,093 | 2,642 | ||||||||||||
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| Total cost of revenues |
14,748 | 8,909 | 38,584 | 25,211 | ||||||||||||
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| Administrative expenses |
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| Sales and marketing |
29,274 | 23,774 | 82,702 | 61,744 | ||||||||||||
| Research and development |
6,232 | 2,349 | 14,294 | 6,123 | ||||||||||||
| General and administrative |
24,457 | 11,996 | 54,883 | 34,076 | ||||||||||||
| Depreciation and amortization |
2,032 | 1,457 | 5,578 | 4,180 | ||||||||||||
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| Total administrative expenses |
61,995 | 39,576 | 157,457 | 106,123 | ||||||||||||
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| Total operating expenses |
76,743 | 48,485 | 196,041 | 131,334 | ||||||||||||
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| Operating income |
582 | 6,855 | 45,290 | 28,201 | ||||||||||||
| Interest expense |
(252 | ) | (343 | ) | (733 | ) | (1,067 | ) | ||||||||
| Other income (expense), net |
(213 | ) | 98 | (63 | ) | 150 | ||||||||||
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| Income before income taxes |
117 | 6,610 | 44,494 | 27,284 | ||||||||||||
| (Benefit) provision for income taxes |
(6,081 | ) | 2,763 | 9,287 | 11,496 | |||||||||||
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| Net income |
$ | 6,198 | $ | 3,847 | $ | 35,207 | $ | 15,788 | ||||||||
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| Earnings per share, basic |
$ | 0.11 | $ | 0.07 | $ | 0.61 | $ | 0.28 | ||||||||
| Earnings per share, diluted |
$ | 0.10 | $ | 0.07 | $ | 0.59 | $ | 0.27 | ||||||||
| Weighted average shares outstanding: |
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| Basic |
57,819,734 | 57,050,684 | 57,515,846 | 56,287,979 | ||||||||||||
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| Diluted |
58,907,281 | 58,367,830 | 58,793,479 | 57,771,680 | ||||||||||||
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Paycom Software, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Nine Months Ended September 30, | ||||||||
| 2016 | 2015 | |||||||
| Cash flows from operating activities |
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| Net income |
$ | 35,207 | $ | 15,788 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation and amortization |
9,671 | 6,822 | ||||||
| Amortization of debt issuance costs |
96 | 108 | ||||||
| Net loss on disposition of property and equipment |
230 | 15 | ||||||
| Stock-based compensation expense |
18,742 | 1,807 | ||||||
| Deferred income taxes, net |
(1,500 | ) | (1,514 | ) | ||||
| Changes in operating assets and liabilities: |
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| Accounts receivable |
875 | (592 | ) | |||||
| Prepaid expenses |
(460 | ) | (474 | ) | ||||
| Inventory |
963 | 245 | ||||||
| Deposits and other assets |
276 | (336 | ) | |||||
| Accounts payable |
(3,658 | ) | (850 | ) | ||||
| Income taxes, net |
2,427 | 2,543 | ||||||
| Accrued commissions and bonuses |
(3,306 | ) | (571 | ) | ||||
| Accrued payroll and vacation |
3,782 | 2,524 | ||||||
| Deferred revenue |
7,849 | 6,649 | ||||||
| Accrued expenses and other current liabilities |
3,241 | 1,965 | ||||||
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| Net cash provided by operating activities |
74,435 | 34,129 | ||||||
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| Cash flows from investing activities |
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| Decrease in funds held for clients |
103,662 | 44,662 | ||||||
| Decrease in restricted cash |
– | 371 | ||||||
| Purchases of property and equipment |
(32,130 | ) | (10,150 | ) | ||||
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| Net cash provided by investing activities |
71,532 | 34,883 | ||||||
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| Cash flows from financing activities |
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| Proceeds from issuance of long-term debt |
5,000 | – | ||||||
| Repurchases of common stock |
(8,379 | ) | – | |||||
| Withholding taxes paid related to net share settlements |
(14,396 | ) | – | |||||
| Principal payments on long-term debt |
(702 | ) | (897 | ) | ||||
| Decrease in client funds obligation |
(103,662 | ) | (44,662 | ) | ||||
| Payment of debt issuance costs |
(46 | ) | (50 | ) | ||||
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| Net cash used in financing activities |
(122,185 | ) | (45,609 | ) | ||||
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| Change in cash and cash equivalents |
23,782 | 23,403 | ||||||
| Cash and cash equivalents |
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| Beginning of period |
50,714 | 25,144 | ||||||
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| End of period |
$ | 74,496 | $ | 48,547 | ||||
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Paycom Software, Inc.
Breakout of Non-Cash Stock-Based Compensation Expense
(in thousands)
(unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Non-cash stock-based compensation expense: |
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| Operating expenses |
$ | 1,311 | $ | 112 | $ | 1,725 | $ | 120 | ||||||||
| Sales and marketing |
1,654 | 276 | 2,723 | 282 | ||||||||||||
| Research and development |
496 | 129 | 676 | 135 | ||||||||||||
| General and administrative |
10,774 | 915 | 13,733 | 1,184 | ||||||||||||
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| Total Non-cash stock-based compensation expense |
$ | 14,235 | $ | 1,432 | $ | 18,857 | $ | 1,721 | ||||||||
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| Paycom Software, Inc. Reconciliation of GAAP to non-GAAP Financial Measures (in thousands) (unaudited) |
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| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net income to Adjusted EBITDA: |
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| Net income |
$ | 6,198 | $ | 3,847 | $ | 35,207 | $ | 15,788 | ||||||||
| Interest expense |
252 | 343 | 733 | 1,067 | ||||||||||||
| (Benefit) provision for income taxes |
(6,081 | ) | 2,763 | 9,287 | 11,496 | |||||||||||
| Depreciation and amortization expense |
3,553 | 2,402 | 9,671 | 6,822 | ||||||||||||
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| EBITDA |
3,922 | 9,355 | 54,898 | 35,173 | ||||||||||||
| Non-cash stock-based compensation expense |
14,235 | 1,432 | 18,857 | 1,721 | ||||||||||||
| Transaction expenses |
– | – | – | 685 | ||||||||||||
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| Adjusted EBITDA |
$ | 18,157 | $ | 10,787 | $ | 73,755 | $ | 37,579 | ||||||||
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| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Net income to non-GAAP net income |
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| Net income |
$ | 6,198 | $ | 3,847 | $ | 35,207 | $ | 15,788 | ||||||||
| Non-cash stock-based compensation expense |
14,235 | 1,432 | 18,857 | 1,721 | ||||||||||||
| Transaction expenses |
– | – | – | 685 | ||||||||||||
| Income tax effect on non-GAAP adjustments |
(11,472 | ) | (563 | ) | (13,234 | ) | (779 | ) | ||||||||
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| Non-GAAP net income |
$ | 8,961 | $ | 4,716 | $ | 40,830 | $ | 17,415 | ||||||||
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| Non-GAAP net income per share, basic |
$ | 0.15 | $ | 0.08 | $ | 0.71 | $ | 0.31 | ||||||||
| Non-GAAP net income per share, diluted |
$ | 0.15 | $ | 0.08 | $ | 0.69 | $ | 0.30 | ||||||||
| Weighted average shares outstanding: |
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| Basic |
57,819,734 | 57,050,684 | 57,515,846 | 56,287,979 | ||||||||||||
| Diluted |
58,907,281 | 58,367,830 | 58,793,479 | 57,771,680 | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Adjusted gross profit: |
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| Total revenues |
$ | 77,325 | $ | 55,340 | $ | 241,331 | $ | 159,535 | ||||||||
| Less: Total cost of revenues |
(14,748 | ) | (8,909 | ) | (38,584 | ) | (25,211 | ) | ||||||||
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| Total gross profit |
62,577 | 46,431 | 202,747 | 134,324 | ||||||||||||
| Plus: Non-cash stock-based compensation expense |
1,311 | 112 | 1,725 | 120 | ||||||||||||
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| Total adjusted gross profit |
$ | 63,888 | $ | 46,543 | $ | 204,472 | $ | 134,444 | ||||||||
| Total gross profit % |
81 | % | 84 | % | 84 | % | 84 | % | ||||||||
| Total adjusted gross profit % |
83 | % | 84 | % | 85 | % | 84 | % | ||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Adjusted sales and marketing expenses: |
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| Sales and marketing expenses |
$ | 29,274 | $ | 23,774 | $ | 82,702 | $ | 61,744 | ||||||||
| Less: Non-cash stock-based compensation expense |
(1,654 | ) | (276 | ) | (2,723 | ) | (282 | ) | ||||||||
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| Total adjusted sales and marketing expenses |
$ | 27,620 | $ | 23,498 | $ | 79,979 | $ | 61,462 | ||||||||
| Three months ended September 30, |
Nine months ended September 30, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Adjusted administrative expenses: |
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| Administrative expenses |
$ | 61,995 | $ | 39,576 | $ | 157,457 | $ | 106,123 | ||||||||
| Less: Transaction expenses |
– | – | – | (685 | ) | |||||||||||
| Less: Non-cash stock-based compensation expense |
(12,924 | ) | (1,320 | ) | (17,132 | ) | (1,601 | ) | ||||||||
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| Total adjusted administrative expenses |
$ | 49,071 | $ | 38,256 | $ | 140,325 | $ | 103,837 | ||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Adjusted research and development expenses: |
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| Research and development expenses |
$ | 6,232 | $ | 2,349 | $ | 14,294 | $ | 6,123 | ||||||||
| Less: Non-cash stock-based compensation expense |
(496 | ) | (129 | ) | (676 | ) | (135 | ) | ||||||||
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| Total adjusted research and development expenses |
$ | 5,736 | $ | 2,220 | $ | 13,618 | $ | 5,988 | ||||||||
| Three months ended September 30, |
Nine months ended September 30, |
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| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Total research and development costs: |
||||||||||||||||
| Capitalized research and development costs |
$ | 2,898 | $ | 1,091 | $ | 6,605 | $ | 2,733 | ||||||||
| Research and development expenses |
6,232 | 2,349 | 14,294 | 6,123 | ||||||||||||
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|
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| Total research and development costs |
$ | 9,130 | $ | 3,440 | $ | 20,899 | $ | 8,856 | ||||||||
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| Total revenues |
$ | 77,325 | $ | 55,340 | $ | 241,331 | $ | 159,535 | ||||||||
| Total research and development costs as a % of total revenues |
11.8 | % | 6.2 | % | 8.7 | % | 5.6 | % | ||||||||
| Adjusted total research and development costs: |
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| Total research and development costs |
$ | 9,130 | $ | 3,440 | $ | 20,899 | $ | 8,856 | ||||||||
| Less: Capitalized non-cash stock-based compensation |
(1,074 | ) | (1 | ) | (1,434 | ) | (4 | ) | ||||||||
| Less: non-cash stock-based compensation expense |
(496 | ) | (129 | ) | (676 | ) | (135 | ) | ||||||||
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| Total adjusted research and development costs |
$ | 7,560 | $ | 3,310 | $ | 18,789 | $ | 8,717 | ||||||||
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| Total revenues |
$ | 77,325 | $ | 55,340 | $ | 241,331 | $ | 159,535 | ||||||||
| Total adjusted research and development costs as a % of total revenues |
9.8 | % | 6.0 | % | 7.8 | % | 5.5 | % | ||||||||
Contacts
Paycom Software, Inc.
Media Contact:
Kathy Oden-Hall, 800-580-4505
CMO
media@paycom.com
or
Investor Relations Contact:
David Niederman, 855-603-1620
investors@paycom.com
Source: Paycom Software, Inc.