Paycom Software Inc. (PAYC) stock soared 5.04% in Thursday's intraday trading session, outperforming the broader market. The rally was driven by the company's impressive financial performance in the fourth quarter of 2024 and a robust outlook for the future.
In its Q4 2024 earnings report, Paycom reported a 14% year-over-year increase in revenue to $494 million. The company's full-year revenue for 2024 stood at $1.88 billion, reflecting an 11% organic growth compared to the previous year. Paycom's profitability also remained strong, with a GAAP net income of $502 million or $8.92 per diluted share for the full year.
Investors were particularly impressed by Paycom's operational efficiency and the success of its automated solutions, such as Beti and GONE. These solutions have significantly improved client ROI and reduced payroll processing time by up to 85% for some clients. Additionally, the company maintained a high annual revenue retention rate of 90%, consistent with 2023, indicating strong customer loyalty.
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