Paycom (NYSE:PAYC) Software's third quarter financials for 2023, under the helm of CEO Chad Richison, showcased a strong performance with revenues rising by 21.6% year-over-year to total $406.3 million. The lion's share of these revenues, $398.8 million or 98.1%, was attributed to recurring revenues.
The company's GAAP and non-GAAP net incomes also saw impressive growth as compared to the previous year. The GAAP net income stood at $75.2 million, translating to $1.30 per share, while the Non-GAAP net income was reported at $102.4 million or $1.77 per share.
In addition, Paycom recorded an adjusted EBITDA of $165.6 million for the third quarter of 2023. As of the end of September 2023, the firm held cash and cash equivalents totaling $484 million.
In a strategic move aimed at returning value to its shareholders, Paycom disbursed $21.6 million in cash dividends and repurchased 263,824 shares during the same quarter. This decision underscores the company's commitment to share its financial success with its stakeholders and continues to reinforce its position in the market.
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