Paycom Software (PAYC) FY2019 results: revenue $738 million, up 30.3% on the year
Paycom Software, Inc. (PAYC) reported revenue of $738 million for fiscal 2019, the year ended 31 December 2019, up 30.3% on the year before. Net income was $181 million, up 31.7%, and diluted earnings per share $3.09. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$738 million
+30.3% on the year
FY2012FY2019
Operating margin
30.7%
30.7% a year earlier
FY2012FY2019
Net income
$181 million
+31.7% on the year
FY2012FY2019
Diluted EPS
$3.09
+32.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
738
566
433
+30.3%
Cost of revenue
110
90.8
72.0
+20.9%
Gross profit
628
476
361
+32.0%
Gross margin
85.1%
84.0%
83.4%
Research and development
73.1
46.2
30.4
+58.0%
Selling, general and administrative
402
302
231
+33.1%
Operating income
226
174
130
+30.2%
Operating margin
30.7%
30.7%
30.0%
Interest expense
0.9
0.8
0.9
+22.7%
Pre-tax income
226
175
128
+29.4%
Income tax
45.5
37.6
4.2
+20.9%
Effective tax rate
20.1%
21.5%
3.3%
Net income
181
137
123
+31.7%
Net margin
24.5%
24.2%
28.5%
Diluted EPS
$3.09
$2.34
$2.10
+32.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
224
185
130
+21.3%
Capital expenditure
92.9
59.9
59.4
+55.1%
Free cash flow
131
125
70.8
+5.1%
Free cash flow margin
17.8%
22.1%
16.3%
Cash from investing
-220
-49.4
15.6
Cash from financing
651
-248
146
Depreciation and amortisation
42.2
29.7
19.4
+42.3%
Share-based compensation
47.3
36.6
36.1
+29.2%
Buybacks
n/a
105
56.9
Diluted shares, weighted
58m
59m
59m
-0.3%
Shares outstanding at period end
58m
57m
58m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
527
335
281
+57.3%
Debt
32.6
34.4
35.3
-5.1%
Operating lease liabilities
18.4
n/a
n/a
Other liabilities
1,909
1,153
1,234
+65.6%
Total liabilities and equity
2,487
1,522
1,550
+63.4%
Fixed assets
238
177
148
+34.8%
Goodwill
51.9
51.9
51.9
0.0%
Intangible assets
0.5
0.7
1.0
-28.6%
Cash and equivalents
134
45.7
46.1
+192.4%
Receivables
9.3
3.4
1.6
+172.3%
Inventory
1.2
0.8
1.0
+45.3%
Other assets
2,052
1,242
1,301
+65.2%
Total assets
2,487
1,522
1,550
+63.4%
10-K for the year ended 31 December 2019, filed 13 February 2020: the filing.