Paycom Software Inc (NYSE: PAYC) rose sharply Wednesday following a second-quarter earnings beat. The company issued strong third-quarter and FY18 sales guidance.
Paycom, based in Oklahoma City, reported total revenues of $128.8 million, which represented a 31% increase over $98.2 million in the same period last year. Recurring revenues of $126.6 million increased 31% from the comparable prior year period and constituted 98% of total revenues.
GAAP Net Income was $35.7 million, or $0.61 per diluted share, compared to GAAP net income of $20.0 million, or $0.34 per diluted share, in the same period last year, as adjusted.
Adjusted EBITDA was $53.5 million, compared to $36.6 million in the same period last year, as adjusted.
Said CEO Chad Richison, "Paycom continued its momentum, driving strong revenue and profits while also returning solid value to our stockholders with the repurchase of more than 400,000 shares in the second quarter.
"We expanded our sales reach by opening two new offices and also completed construction of a fourth building at our campus headquarters in Oklahoma City."
On its website, Paycom says it "redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment.
"Its cloud-based software solution is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment life-cycle, from recruitment to retirement.”
Shares moved skyward $18.29, or 17.2%, to $124.54.
