Paycom software, inc. (PAYC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12
Cash flows from operating activities
Net income

180,576

137,065

123,486

70,421

20,945

5,663

607

-406

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

42,211

29,657

19,395

13,632

9,421

7,162

5,486

5,522

Accretion of discount on available-for-sale securities

940

1,112

451

135

-

-

-

-

Loss on disposition of property and equipment

-

-

-21

64

-15

-

248

-

Amortization of debt discount and debt issuance costs

35

32

117

124

157

133

258

162

Write off of debt discount, net

-

-

-

-

-

4,051

-

-

Stock-based compensation expense

47,268

36,576

36,076

20,721

3,219

712

934

503

Loss on early repayment of debt

-

-

-923

-

-

-

-

-

Cash paid for derivative settlement

81

188

24

-

-

-

-

-

(Gain)/loss on derivative

-1,456

479

-673

-

-

-

-

-

Net change in derivative liability

-

-

-

-

-

-1,107

-660

-333

Deferred income taxes, net

21,011

21,077

-7,681

15,340

-1,021

2,259

517

-

Changes in operating assets and liabilities:
Accounts receivable

5,884

1,838

237

-1,015

-440

1,089

1,083

133

Prepaid expenses

5,903

2,676

507

944

1,579

465

800

395

Inventory

403

306

-462

-418

224

-267

-136

-8

Other assets

3,555

762

241

-

-

-

-

-

Deposits and other assets

-

-

-

-71

810

232

44

75

Deferred contract costs

76,204

60,730

48,619

42,019

-

-

-

-

Deferred tax assets

-

-

-

-

-

-

-

323

Deferred tax liabilities

-

-

-

-

-

-

-

159

Accounts payable

-221

1,079

79

-1,571

-431

-2,386

2,667

1,157

Income taxes, net

-58

3,085

-6,355

6,051

-5,808

-122

-150

-

Accrued commissions and bonuses

1,672

1,086

1,582

-684

3,607

1,482

1,645

1,461

Accrued payroll and vacation

4,129

3,726

2,246

1,871

1,316

-1,505

1,162

351

Deferred revenue

11,593

13,027

11,913

10,675

9,699

6,765

4,163

2,778

Accrued expenses and other current liabilities

7,561

6,498

-2,709

3,896

4,026

749

2,394

538

Net cash provided by operating activities

224,263

184,817

130,149

98,818

42,972

22,337

16,984

10,974

Cash flows from investing activities
Purchase of short-term investments from funds held for clients

195,811

145,011

66,235

113,792

-

-

-

-

Proceeds from maturities of short-term investments from funds held for clients

69,200

155,500

141,205

16,135

-

-

-

-

Net change in funds held for clients

-

-

-

63,749

36,146

204,778

131,513

71,001

Decrease in restricted cash

-

-

-

-

-371

2

1

117

Purchases of property and equipment

92,934

59,906

59,389

43,805

16,549

14,270

17,176

5,971

Proceeds from sale of property and equipment

-

-

-

295

-

-

258

106

Net cash used in investing activities

-219,545

-49,417

15,581

-204,916

-52,324

-219,050

-148,432

-76,983

Cash flows from financing activities
Proceeds from issuance of long-term debt

-

-

40,940

5,000

-

6,538

6,979

1,750

Repurchases of common stock

-

105,188

56,880

35,561

-

-

-

-

Withholding taxes paid related to net share settlements

42,528

20,248

32,850

14,396

-

-

-

-

Payments on long-term debt

1,775

888

35,335

964

1,118

65,650

-

-401

Proceeds from issuance of long-term debt to related party

-

-

-

-

-

-

-

16,398

Net change in client funds obligation

694,991

-121,414

230,957

161,541

36,146

204,778

131,513

71,001

Debt extinguishment costs

-

-

823

-

-

-

-

-

Proceeds from initial public offering, net of offering costs

-

-

-

-

-

62,840

-

-

Proceeds from issuance of common shares

-

-

-

-

-

-

-

2,409

Distributions paid to stockholders as return of capital

-

-

-

-

-

-

-

18,807

Incentive units redeemed

-

-

-

-

-

-

1,061

-

Payments of deferred offering costs

-

-

-

-

-

-

647

-

Distributions paid to stockholders

-

-

-

-

-

-

5,409

158

Payment of debt issuance costs

16

58

344

78

106

11

-

-

Net cash (used in) provided by financing activities

650,672

-247,796

145,665

115,542

34,922

208,495

131,375

72,192

(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

655,390

-112,396

291,395

9,444

25,570

11,782

-73

6,183

Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized

891

708

791

938

1,271

3,482

9,298

6,834

Cash paid for income taxes

24,566

13,511

18,332

9,323

19,205

2,013

378

74

Non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid

7,451

1,759

6,686

4,651

1,613

408

368

167

Stock-based compensation for capitalized software

4,757

3,722

3,285

1,784

220

4

229

-

Issuance of common stock as return of capital

-

-

-

-

-

-

-

46,193