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Paycom Software , Inc. Reports Second Quarter 2021 Results Second Quarter Revenues of $ 242.1 million , up 33.3 % from the comparable prior year period Second Quarter GAAP Net Income of $ 52.3 million , representing 21.6 % of total revenues , or $ 0.90 per diluted share Second Quarter Non - GAAP Net Income of $ 56.5 million , or $ 0.97 per diluted share Second Quarter Adjusted EBITDA of $ 87.0 million , representing 35.9 % 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 June 30 , 2021 . Exhibit 99.1 " The fundamentals of our business continue to strengthen , as demonstrated by our very strong second quarter results , " said Paycom's founder and CEO , Chad Richison . " The only way businesses win with Human Capital Management solutions is for the employees to have a direct relationship with their data . With Beti ™ , employees can now do their own payroll . This is the way it should have always been done and now with Paycom , the technology exists to do it . " Financial Highlights for the Second Quarter of 2021 Total Revenues of $ 242.1 million represented a 33.3 % increase compared to total revenues of $ 181.6 million in the same period last year . Recurring revenues of $ 237.6 million increased 33.5 % from the comparable prior year period , and constituted 98.1 % of total revenues . GAAP Net Income was $ 52.3 million , or $ 0.90 per diluted share , compared to GAAP net income of $ 28.6 million , or $ 0.49 per diluted share , in the same period last year . Non - GAAP Net Income1 was $ 56.5 million , or $ 0.97 per diluted share , compared to $ 35.9 million , or $ 0.62 per diluted share , in the same period last year . Adjusted EBITDA1 was $ 87.0 million , compared to $ 61.2 million in the same period last year . Cash and Cash Equivalents were $ 202.4 million as of June 30 , 2021 , compared to $ 151.7 million as of December 31 , 2020 . Total Debt , Net was $ 30.0 million as of June 30 , 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 Paycom provides the following expected financial guidance for the quarter ending September 30 , 2021 and the year ending December 31 , 2021 : Quarter Ending September 30 , 2021 : Total Revenues in the range of $ 249 million to $ 251 million . Adjusted EBITDA in the range of $ 87 million to $ 89 million . Year Ending December 31 , 2021 : Total Revenues in the range of $ 1.036 billion to $ 1.038 billion . Adjusted EBITDA in the range of $ 410 million to $ 412 million . We have not reconciled the forward - looking adjusted EBITDA ranges presented above and discussed on the teleconference call to net income , nor the forward - looking adjusted EBITDA margins discussed on the teleconference call to comparable GAAP measures , because applicable information for future periods , on which these reconciliations would be based , are not readily available due to uncertainty regarding , and the potential variability of , depreciation and amortization , interest expense , taxes , non - cash stock - based compensation expense , change in fair value of our interest rate swap and other items . Further , we have not reconciled the forward - looking adjusted gross margin range discussed on the teleconference call to GAAP gross margin because applicable information for future periods , on which this reconciliation would be based , is not readily available due to uncertainty regarding , and the potential variability of , cost of revenues , including non - cash stock - based compensation expense . Accordingly , reconciliations of the forward - looking adjusted EBITDA ranges to net income , the forward - looking adjusted EBITDA margins to net income margin and the forward - looking adjusted gross margin range to gross margin are not available at this time without unreasonable effort . During the teleconference call , we also refer to a forward - looking estimate of our implied revenue growth plus adjusted EBITDA margin for 2021 , or the " Rule of 60. " Because we are unable to reconcile forward - looking adjusted EBITDA margin to net income margin without unreasonable effort , we are unable to reconcile the " Rule of 60 " to a comparable GAAP measure without unreasonable effort .