Paycom software, inc. (PAYC)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Cash flows from operating activities
Net income

63,015

45,380

39,152

48,762

47,282

31,414

28,769

35,722

41,160

48,866

20,910

20,016

33,694

35,214

6,198

10,421

18,588

5,157

3,847

5,946

5,995

2,506

2,690

-593

1,060

-1,964

-424

360

2,635

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

12,215

11,567

10,969

10,328

9,347

8,747

8,128

6,713

6,069

5,497

4,905

4,707

4,286

3,961

3,553

3,209

2,909

2,599

2,402

2,287

2,133

1,964

1,797

1,680

1,721

1,450

1,453

1,288

1,295

Accretion of discount on available-for-sale securities

467

294

279

202

165

252

367

316

177

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

9

-

9

8

9

-

9

9

6

-

33

36

23

-

33

31

32

-

23

72

13

-

-

-

6

-

-

-

-

Amortization of debt discount and debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

66

-7

10

64

80

62

59

57

Stock-based compensation expense

15,811

6,146

4,454

5,597

31,071

5,068

4,587

3,699

23,222

6,413

13,357

12,963

3,343

1,979

13,925

3,594

1,223

1,412

1,518

35

254

350

88

181

93

9

81

122

722

Cash paid for derivative settlement

69

55

23

2

1

20

37

52

79

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain)/loss on derivative

-

-

-

-

-

-780

249

272

738

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on derivative

1,644

-

-

-

540

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in derivative liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-472

-635

-917

258

345

-346

Deferred income taxes, net

1,392

5,296

6,279

5,714

3,722

6,000

4,843

5,962

4,272

-16,848

6,254

1,628

1,285

16,840

3,436

-1,292

-3,644

493

-1,284

-129

-101

845

1,026

-189

577

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

-1,239

6,689

-241

-985

421

1,201

-201

64

774

132

-359

-44

508

-140

-1,296

195

226

-1,032

834

868

-1,110

1,326

562

169

-968

998

148

84

-147

Prepaid expenses

4,292

837

1,459

2,109

1,498

-276

-91

1,024

2,019

-723

-32

324

938

484

-145

-657

1,262

1,105

-786

168

1,092

371

-38

-593

725

47

286

-224

691

Inventory

-254

222

-67

237

11

250

113

-250

193

-537

509

-258

-176

545

-311

-229

-423

469

-376

-392

523

-72

-136

67

-126

-257

208

-117

30

Other assets

1,801

1,188

-112

1,777

702

651

-42

-412

565

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deposits and other assets

-

-

-

-

-

-

-

-

-

-

15

-43

154

205

74

70

-420

474

-37

254

119

87

52

-17

110

-9

-20

57

16

Deferred contract costs

27,630

22,550

16,063

14,177

23,414

20,849

12,394

9,775

17,712

16,595

9,694

8,767

13,563

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

200

-170

-1,241

Accounts payable

408

749

314

-33

-1,251

-710

1,196

1,303

-710

1,542

-1,144

1,030

-1,349

2,087

-6,277

3,789

-1,170

419

120

-455

-515

658

-644

-690

-1,710

2,826

476

-224

-411

Income taxes, net

19,973

5,492

1,104

-14,142

7,488

2,494

-854

-2,568

4,013

2,200

-5,700

-20,124

17,269

3,624

-9,687

-1,211

13,325

-8,351

-323

-1,422

4,288

-420

163

-254

389

-

-

-

-

Accrued commissions and bonuses

-6,681

3,911

532

3,347

-6,118

4,217

2,013

1,836

-6,980

2,803

1,546

2,510

-5,277

2,622

2,329

1,268

-6,903

4,178

1,970

971

-3,512

2,512

989

594

-2,613

1,815

-432

940

-678

Accrued payroll and vacation

6,289

-2,802

6,112

-2,946

3,765

-2,196

4,042

-2,427

4,307

-2,081

3,239

-1,831

2,919

-1,911

142

1,301

2,339

-1,208

-858

1,804

1,578

-1,083

-827

1,316

-911

-

-

-

-

Accrued commissions and bonuses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

208

-2

-1,401

Deferred revenue

2,211

2,879

3,361

2,493

2,860

3,837

3,625

3,412

2,153

3,257

3,363

2,838

2,455

2,826

3,174

2,892

1,783

3,050

2,951

2,259

1,439

2,103

1,943

1,725

994

1,388

1,131

994

650

Accrued expenses and other current liabilities

-1,490

1,385

-1,644

-103

7,923

2,256

2,453

-443

2,232

516

170

41

-3,436

655

1,150

-20

2,111

2,061

619

-842

2,188

1,247

630

-3,565

2,437

-285

1,199

130

1,350

Net cash provided by operating activities

82,030

47,844

53,651

42,342

80,426

38,968

45,985

42,377

57,487

38,100

36,756

15,068

40,225

24,383

19,881

24,606

29,948

8,843

11,350

9,643

13,136

9,036

7,408

4,162

1,731

4,888

3,190

4,382

4,524

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

177,903

134,543

14,843

29,625

16,800

7,397

36,712

33,270

67,632

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

20,000

15,000

20,000

19,700

14,500

60,000

24,000

49,000

22,500

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in funds held for clients

-

-

-

-

-

-

-

-

-39,350

-

67,728

-163,965

92,736

167,411

-441,273

-91,305

428,916

80,808

73,088

-48,756

-68,994

266,924

78,004

-93,589

-46,561

213,807

-43,526

-64,798

26,030

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-371

-

-

-

-

-

-

-

-

Purchases of property and equipment

25,726

21,854

36,375

19,816

14,889

15,642

12,391

13,165

18,708

16,463

21,017

12,773

9,136

11,675

7,790

15,977

8,363

6,399

5,228

2,420

2,502

2,322

2,670

4,118

5,160

10,933

3,404

1,612

1,227

Net cash used in investing activities

-183,629

-141,397

-31,218

-29,741

-17,189

36,961

-25,103

-36,785

-24,490

-7,374

-26,365

151,192

-101,872

-276,448

433,483

75,328

-437,279

-87,207

-78,316

46,336

66,863

-269,249

-80,674

89,472

41,401

-224,482

40,122

63,185

-27,257

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

-

-

-

-

-

-

-

-

-

35,500

0

3,347

2,093

-

-

-

-

-

-

-

-

-1

0

2,148

4,391

-

-

-

-

Repurchases of common stock

7,998

-

-

-

-

62,331

1,168

36,690

4,999

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Withholding taxes paid related to net share settlements

170

299

3,800

18,760

19,669

133

1,929

6,315

11,871

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on long-term debt

444

444

443

444

444

-

-

-

-

34,492

281

280

282

262

254

224

224

221

215

218

464

208

235

65,312

-105

-

-1,947

97

100

Net change in client funds obligation

-270,399

826,860

-290,890

-278,657

437,678

65,040

2,460

-194,873

5,959

296,467

5,719

-163,965

92,736

265,203

-441,273

-91,305

428,916

80,808

73,088

-48,756

-68,994

266,924

78,004

-93,589

-46,561

213,807

-43,526

-64,798

26,030

Payments of deferred offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,556

911

-

-

-

-

Capital impact of reorganization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

183

-

-

-

-

Payment of debt issuance costs

-

-

-

-

-

0

2

14

42

201

0

0

143

-

-

-

-

56

27

11

12

-

-

-

-

-

-

-

-

Incentive awards redeemed

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,008

Distributions received from members

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,083

1,603

Net cash (used in) provided by financing activities

-279,011

826,117

-295,133

-297,877

417,565

2,132

-1,083

-237,892

-10,953

254,217

-11,898

-191,058

94,404

237,727

-459,761

-91,116

428,692

80,531

72,846

-48,985

-69,470

266,884

77,771

-92,791

-43,369

211,818

-39,950

-67,018

26,525

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

-380,610

732,564

-272,700

-285,276

480,802

78,061

19,799

-232,300

22,044

284,943

-1,507

-24,798

32,757

-14,338

-6,397

8,818

21,361

2,167

5,880

6,994

10,529

6,671

4,505

843

-237

-7,776

3,362

549

3,792

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

8,251

-

-

-

3,384

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation for capitalized software

1,601

-

-

-

3,329

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-