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Paycom Software , Inc. Reports First Quarter 2021 Results 05/04/2021 First Quarter Revenues of $ 272.2 million , up 12.3 % from the comparable prior year period First Quarter GAAP Net Income of $ 64.6 million , representing 23.7 % of total revenues , or $ 1.11 per diluted share First Quarter Non - GAAP Net Income of $ 85.9 million , or $ 1.47 per diluted share First Quarter Adjusted EBITDA of $ 133.0 million , representing 48.9 % of total revenues OKLAHOMA CITY -- ( BUSINESS WIRE ) -- Paycom Software , Inc. ( " Paycom , ” “ we ” and “ our ” ) ( NYSE : PAYC ) , a leading provider of comprehensive , cloud - based human capital management software , today announced its financial results for the quarter ended March 31 , 2021 . “ Our momentum continued with robust first quarter results . Beginning with the second quarter , cleaner year - over - year comparisons will provide a better reflection of our strong revenue growth profile , ” said Paycom's founder and CEO , Chad Richison . “ The digital transformation has accelerated the need for employees to have easy and direct access to their data the same way they do with every other software product in their life . Paycom uses its single database solution to leverage employee usage patterns for the benefit of both the employer and the employee . With less than 5 % market share , I believe we are very well positioned for sustained long - term growth . " Financial Highlights for the First Quarter of 2021 Total Revenues of $ 272.2 million represented a 12.3 % increase compared to total revenues of $ 242.4 million in the same period last year . Recurring revenues of $ 267.8 million increased 12.3 % from the comparable prior year period , and constituted 98.4 % of total revenues . GAAP Net Income was $ 64.6 million , or $ 1.11 per diluted share , compared to GAAP net income of $ 63.0 million , or $ 1.08 share , in the same period last year . per diluted Non - GAAP Net Income¹ was $ 85.9 million , or $ 1.47 per diluted share , compared to $ 77.9 million , or $ 1.33 per diluted share , in the same period last year . Adjusted EBITDA¹ was $ 133.0 million , compared to $ 117.9 million in the same period last year . Cash and Cash Equivalents were $ 215.1 million as of March 31 , 2021 , compared to $ 151.7 million as of December 31 , 2020 . Total Debt , Net was $ 30.5 million as of March 31 , 2021 , compared to $ 30.9 million as of December 31 , 2020 . 1 Adjusted EBITDA and non - GAAP net income are non - GAAP financial measures . Please see the discussion below under the heading " Use of Non - GAAP Financial Information " and the reconciliations at the end of this release for additional information concerning these and other non - GAAP financial measures . Financial Outlook