Paycom Software, Inc. Files 2023 Annual Report on Form 10-K

Ticker: PAYC · Form: 10-K · Filed: Feb 15, 2024 · CIK: 1590955

Paycom Software, Inc. 10-K Filing Summary
FieldDetail
CompanyPaycom Software, Inc. (PAYC)
Form Type10-K
Filed DateFeb 15, 2024
Risk Levelmedium
Pages15
Reading Time17 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Paycom Software, PAYC, Financials

TL;DR

<b>Paycom Software, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Paycom Software, Inc. (PAYC) filed a Annual Report (10-K) with the SEC on February 15, 2024. Paycom Software, Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. Key dates mentioned include February 5, 2025, for a long-term incentive plan. The company's principal business address is 7501 W. Memorial Road, Oklahoma City, OK 73142. The filing references various financial instruments and accounting standards, including the July 2022 Revolving Credit Agreement.

Why It Matters

For investors and stakeholders tracking Paycom Software, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Paycom's financial performance, operational activities, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed information within the filing, including financial statements, executive compensation, and risk disclosures, allows stakeholders to make informed investment decisions and understand the company's strategic direction and potential challenges.

Risk Assessment

Risk Level: medium — Paycom Software, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not present immediate, significant positive or negative news that would drastically alter the company's risk profile on its own. The risk level is medium due to the inherent risks associated with any publicly traded software company, as detailed within the filing itself.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Paycom's performance and potential challenges in the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
  • 2024-02-15 — Filing Date (Date the 10-K was filed)
  • 7501 W. Memorial Road — Business Street (Company's primary business location)
  • Oklahoma City, OK — Business City/State (Company's primary business location)
  • 73142 — Business Zip Code (Company's primary business location)
  • 001-36393 — SEC File Number (Official SEC filing number)
  • 24643796 — Film Number (Internal SEC processing number)
  • 2025-02-05 — Key Date (Date related to incentive plans)

Key Players & Entities

  • Paycom Software, Inc. (company) — Filer name
  • PAYC (company) — Ticker symbol
  • 2024-02-15 (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • 7501 W. Memorial Road, Oklahoma City, OK 73142 (address) — Business address
  • 1934 Act (regulation) — SEC Act referenced
  • July 2022 Revolving Credit Agreement (financial_instrument) — Mentioned financial agreement
  • 2025-02-05 (date) — Key date related to incentive plan

FAQ

When did Paycom Software, Inc. file this 10-K?

Paycom Software, Inc. filed this Annual Report (10-K) with the SEC on February 15, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Paycom Software, Inc. (PAYC).

Where can I read the original 10-K filing from Paycom Software, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Paycom Software, Inc..

What are the key takeaways from Paycom Software, Inc.'s 10-K?

Paycom Software, Inc. filed this 10-K on February 15, 2024. Key takeaways: Paycom Software, Inc. filed its 2023 Form 10-K on February 15, 2024.. The filing covers the fiscal year ending December 31, 2023.. Key dates mentioned include February 5, 2025, for a long-term incentive plan..

Is Paycom Software, Inc. a risky investment based on this filing?

Based on this 10-K, Paycom Software, Inc. presents a moderate-risk profile. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not present immediate, significant positive or negative news that would drastically alter the company's risk profile on its own. The risk level is medium due to the inherent risks associated with any publicly traded software company, as detailed within the filing itself.

What should investors do after reading Paycom Software, Inc.'s 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand Paycom's performance and potential challenges in the upcoming fiscal year. The overall sentiment from this filing is neutral.

Risk Factors

  • Financial Risks [medium — financial]: The company is subject to various financial risks, including those related to its debt agreements and market fluctuations.
  • Operational Risks [medium — operational]: Risks associated with the company's operations, including the ability to attract and retain employees and manage growth.
  • Market Risks [medium — market]: The company operates in a competitive market and is subject to economic conditions that could impact its business.

Filing Stats: 4,368 words · 17 min read · ~15 pages · Grade level 15.7 · Accepted 2024-02-15 16:05:45

Key Financial Figures

  • $0.01 — nge on which registered Common Stock, $0.01 par value PAYC New York Stock Excha

Filing Documents

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 33 Item 1C . Cybersecurity 34 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. Reserved 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 82 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 PART III Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 84 Item 14. Principal Accounting Fees and Services 84 Item 15. Exhibits, Financial Statement Schedules 85 Item 16. Form 10-K Summary 88

Signatures

Signatures 89 3 Unless we state otherwise or the context otherwise requires, the terms "Paycom," "we," "us," "our" and the "Company" refer to Paycom Software, Inc., a Delaware corporation, and its consolidated subsidiaries. CAUTIONARY STATEMENTS Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (this "Form 10-K") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are any statements that refer to our estimated or anticipated results, other non-historical facts or 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; competition; trends, opportunities and risks affecting our business, industry and financial results; future expansion or growth plans and potential for future growth, including internationally; 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 revenues generated by certain applications; the return on investment for users of our solution; our ability to attract and retain qualified employees and key personnel; future regulatory, judicial and 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; o

B usiness

Item 1. B usiness Overview We are a leading provider of a comprehensive, cloud-based human capital management ("HCM") solution delivered as Software-as-a-Service ("SaaS"). We provide functionality and data analytics that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Our solution requires virtually no customization and is based on a core system of record maintained in a single database for all HCM functions, including talent acquisition, time and labor management, payroll, talent management and human resources ("HR") management applications. Our user-friendly software allows for easy adoption of our solution by employees, enabling self-management of their HCM activities in the cloud, which reduces the administrative burden on employers and increases employee productivity. We were founded in 1998 and became a publicly traded company through our initial public offering in 2014. Since our founding, we have focused on providing an innovative SaaS HCM solution. Organizations need sophisticated, flexible and intuitive applications that can quickly adapt to their evolving HCM requirements, streamline their HR processes and systems and enable them to control costs. We believe the HCM needs of most organizations are currently served by multiple providers in an attempt to replicate a comprehensive SaaS product. This approach often results in challenges with system integration and data integrity, low scalability, high costs and extended delivery times. Because our solution was developed in-house and is based on a single platform, there is no need for our clients to integrate, update or access multiple databases, which are common issues with competitor offerings that use multiple third-party systems in order to link together their HCM offerings. Additionally, our solution maintains data integrity for accurate, actionable and real-time analytics and business intelligence and helps clients minimize the risks of compliance erro

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