The following is a summary of the Paycom Software, Inc. (PAYC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Paycom reported Q1 2024 revenue of $500 million, marking an 11% increase year-over-year.

• The company's GAAP net income stood at $247 million or $4.37 per diluted share.

• Recurring revenue grew by 11% to $492 million, accounting for 98% of the total revenue.

• Paycom also reported $21 million in cash dividends for the quarter.

• Adjusted R&D expense was $45 million, making up 9% of total revenues.

• The company ended the quarter with $371 million in cash and no debt, with $796 million remaining under its buyback authorization.

Business Progress:

• Paycom continues to make strides with Beti, their automated HR service, contributing to reducing payroll processing time for clients.

• The company successfully launched its native payroll solution in Ireland, marking significant progress in its international growth efforts.

• Paycom secured a large international sports organization as a client for its Beti payroll processing service.

• The company reaffirms the advantages of its single database payroll system.

• Paycom's ongoing investments are predominantly on research and development, with a focus on automation and product enhancements.

• The company's international expansion strategy is reflected in its extension of global HCM product and native payroll services to multiple countries.

More details: Paycom Software IR

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