Paycom Software (PAYC) FY2020 results: revenue $841 million, up 14.1% on the year
Paycom Software, Inc. (PAYC) reported revenue of $841 million for fiscal 2020, the year ended 31 December 2020, up 14.1% on the year before. Net income was $143 million, down 20.6%, and diluted earnings per share $2.46. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$841 million
+14.1% on the year
FY2013FY2020
Operating margin
22.1%
30.7% a year earlier
FY2013FY2020
Net income
$143 million
-20.6% on the year
FY2013FY2020
Diluted EPS
$2.46
-20.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
841
738
566
+14.1%
Cost of revenue
124
110
90.8
+12.6%
Gross profit
718
628
476
+14.3%
Gross margin
85.3%
85.1%
84.0%
Research and development
90.2
73.1
46.2
+23.5%
Selling, general and administrative
532
402
302
+32.4%
Operating income
186
226
174
-17.7%
Operating margin
22.1%
30.7%
30.7%
Interest expense
0.0
0.9
0.8
-98.0%
Pre-tax income
186
226
175
-17.8%
Income tax
42.5
45.5
37.6
-6.7%
Effective tax rate
22.8%
20.1%
21.5%
Net income
143
181
137
-20.6%
Net margin
17.0%
24.5%
24.2%
Diluted EPS
$2.46
$3.09
$2.34
-20.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
227
224
185
+1.3%
Capital expenditure
94.1
92.9
59.9
+1.3%
Free cash flow
133
131
125
+1.4%
Free cash flow margin
15.8%
17.8%
22.1%
Cash from investing
-118
-220
-49.4
Cash from financing
-166
651
-248
Depreciation and amortisation
53.4
42.2
29.7
+26.4%
Share-based compensation
90.1
47.3
36.6
+90.6%
Buybacks
52.0
n/a
105
Diluted shares, weighted
58m
58m
59m
-0.2%
Shares outstanding at period end
58m
58m
57m
+0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
656
527
335
+24.5%
Debt
30.9
32.6
34.4
-5.3%
Operating lease liabilities
n/a
18.4
n/a
Other liabilities
1,921
1,909
1,153
+0.6%
Total liabilities and equity
2,608
2,487
1,522
+4.9%
Fixed assets
285
238
177
+19.6%
Goodwill
51.9
51.9
51.9
0.0%
Intangible assets
0.3
0.5
0.7
-40.0%
Cash and equivalents
152
134
45.7
+13.5%
Receivables
9.1
9.3
3.4
-1.8%
Inventory
1.2
1.2
0.8
-0.6%
Other assets
2,108
2,052
1,242
+2.8%
Total assets
2,608
2,487
1,522
+4.9%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.