Earnings Review and Free Research Report: Paycom Announces Record Revenue, Net Income, and Adjusted EBITDA
Research Desk Line-up: Nuance Communications Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 17, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Paycom Software, Inc. (NYSE: PAYC), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PAYC, following the Company's posting of its second quarter fiscal 2017 operating results on August 01, 2017. The leading provider of comprehensive, cloud-based human capital management software reported a 33% gain in revenue while net income jumped 36%, both surpassing market estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Application Software industry. Pro-TD has currently selected Nuance Communications, Inc. (NASDAQ: NUAN) for due-diligence and potential coverage as the Company announced on August 08, 2017, its financial results for Q3 FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Nuance Communications when we publish it.
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For Q2 2017, Paycom's total revenue surged 33% to a record $98.2 million compared to total revenue of $73.9 million in Q2 2016, primarily driven by strong new business wins. The Company's revenue numbers surpassed analysts' estimates of $96.1 million.
During Q2 2017, Paycom's recurring revenues was $96.4 million, constituting 98% of total revenues and growing 33% on a y-o-y basis.
Paycom's total adjusted gross profit for Q2 2017 was $81.6 million, representing an adjusted gross margin of 83%. For FY17, the Company is forecasting adjusted gross margin to be in the range of 82% to 84%. Paycom's adjusted R&D was $7.5 million in the reported quarter. The Company is anticipating adjusted R&D expense in Q3 2017 to increase by approximately 100 basis points as a percentage of revenue compared to Q3 2016.
For Q2 2017, Paycom's GAAP net income was $14.2 million, or $0.24 per diluted share, compared to GAAP net income of $10.4 million, or $0.18 per diluted share, in Q2 2016. The Company's non-GAAP net income was $15.2 million, or $0.26 per diluted share, for the reported quarter compared to $12.4 million, or $0.21 per diluted share, in the year ago same period. Paycom's earnings exceeded Wall Street's expectation of $0.20 per share.
Paycom's adjusted EBITDA was $27.8 million, or 28% of total revenues, in Q2 2017 compared to $22.6 million, or 31% of total revenues, in Q2 2016.
As of June 30, 2017, Paycom's cash and cash equivalents were $68.1 million, while the Company's total debt was $34.6 million as of June 30, 2017. This debt consisted solely of debt on its corporate headquarters. During Q2 2017, Paycom repurchased approximately 460,000 shares as part of its $50 million share repurchase plan, including 235,000 shares in the open market purchases. This is the Company's second $50 million repurchase plan in the past 13 months as it completed the first $50 million share repurchase plan in December 2016.
Paycom's cash from operations was $15.1 million for Q2 2017. The average daily balance of funds held on behalf of clients was approximately $802 million in the reported quarter which increased approximately 27% on a y-o-y basis.
For the quarter ending September 30, 2017, Paycom is forecasting total revenues in the range of $99 million to $101 million and adjusted EBITDA in the band of $21 million to $23 million.
For the year ending December 31, 2017, Paycom is projecting total revenues in the range of $429.5 million to $431.5 million and adjusted EBITDA in the range of $122.5 million to $124.5 million.
On Wednesday, August 16, 2017, the stock closed the trading session at $71.41, slightly down 0.17% from its previous closing price of $71.53. A total volume of 275.36 thousand shares have exchanged hands. Paycom Software's stock price soared 12.99% in the last three months, 35.27% in the past six months, and 40.82% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have skyrocketed 56.98%. The stock is trading at a PE ratio of 76.95. At Wednesday's closing price, the stock's net capitalization stands at $4.20 billion.
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