Paycom Software (PAYC) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 25, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	PAYC
Entity Registrant Name	Paycom Software, Inc.
Entity Central Index Key	0001590955
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,420,664
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Entity File Number	001-36393
Entity Tax Identification Number	80-0957485
Entity Address, Address Line One	7501 W. Memorial Road
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Incorporation, State or Country Code	DE
Entity Address, Postal Zip Code	73142
City Area Code	405
Local Phone Number	722-6900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 94,814	$ 45,718
Accounts receivable	2,850	3,414
Prepaid expenses	11,264	7,658
Inventory	767	797
Income tax receivable	10,615	3,962
Deferred contract costs	40,868	35,286
Current assets before funds held for clients	161,178	96,835
Funds held for clients	1,126,808	967,787
Total current assets	1,287,986	1,064,622
Property and equipment, net	196,371	176,962
Goodwill	51,889	51,889
Long-term deferred contract costs	259,241	225,459
Other assets	30,705	2,994
Total assets	1,826,192	1,521,926
Current liabilities:
Accounts payable	3,622	6,288
Accrued commissions and bonuses	7,901	10,671
Accrued payroll and vacation	11,560	10,741
Deferred revenue	10,082	8,980
Current portion of long-term debt	1,775	1,775
Accrued expenses and other current liabilities	39,530	22,440
Current liabilities before client funds obligation	74,470	60,895
Client funds obligation	1,126,808	967,787
Total current liabilities	1,201,278	1,028,682
Deferred income tax liabilities, net	79,642	70,206
Long-term deferred revenue	59,922	55,671
Net long-term debt, less current portion	31,727	32,614
Other long-term liabilities	18,861
Total long-term liabilities	190,152	158,491
Total liabilities	1,391,430	1,187,173
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value (100,000 shares authorized, 61,302 and 60,747 shares issued at June 30, 2019 and December 31, 2018, respectively; 57,629 and 57,277 shares outstanding at June 30, 2019 and December 31, 2018, respectively)	612	607
Additional paid-in capital	246,069	203,680
Retained earnings	491,634	395,590
Treasury stock, at cost (3,672 and 3,470 shares at June 30, 2019 and December 31, 2018, respectively)	(303,553)	(265,124)
Total stockholders' equity	434,762	334,753
Total liabilities and stockholders' equity	$ 1,826,192	$ 1,521,926

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	61,302,000	60,747,000
Common stock, shares outstanding	57,629,000	57,277,000
Treasury stock, shares	3,672,000	3,470,000

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 169,313	$ 128,800	$ 369,256	$ 282,716
Cost of revenues
Operating expenses	20,289	17,677	45,065	38,245
Depreciation and amortization	4,950	3,254	9,492	6,291
Total cost of revenues	25,239	20,931	54,557	44,536
Administrative expenses
Sales and marketing	41,575	31,647	81,220	63,999
Research and development	16,775	10,731	35,264	21,981
General and administrative	27,460	18,995	72,658	51,652
Depreciation and amortization	5,378	3,459	10,183	6,491
Total administrative expenses	91,188	64,832	199,325	144,123
Total operating expenses	116,427	85,763	253,882	188,659
Operating income	52,886	43,037	115,374	94,057
Interest expense	(258)	(34)	(534)	(34)
Other income (expense), net	(263)	515	(363)	1,545
Income before income taxes	52,365	43,518	114,477	95,568
Provision for income taxes	3,603	7,796	18,433	18,686
Net income	$ 48,762	$ 35,722	$ 96,044	$ 76,882
Earnings per share, basic	$ 0.85	$ 0.62	$ 1.67	$ 1.33
Earnings per share, diluted	$ 0.83	$ 0.61	$ 1.64	$ 1.31
Weighted average shares outstanding:
Basic	57,569	57,837	57,464	57,815
Diluted	58,410	58,721	58,396	58,767
Recurring [Member]
Revenues
Total revenues	$ 165,998	$ 126,609	$ 362,862	$ 278,494
Implementation and Other [Member]
Revenues
Total revenues	$ 3,315	$ 2,191	$ 6,394	$ 4,222

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Beginning balance, value at Dec. 31, 2017	$ 281,247	$ 601	$ 161,809	$ 258,525	$ (139,688)
Beginning balance, shares at Dec. 31, 2017		60,149,000			2,361,000
Vesting of restricted stock		$ 3	(3)
Vesting of restricted stock, shares		298,000
Stock-based compensation	27,496		27,496
Repurchases of common stock	(16,870)				$ (16,870)
Repurchases of common stock, shares					169,000
Net income	41,160			41,160
Ending balance, value at Mar. 31, 2018	333,033	$ 604	189,302	299,685	$ (156,558)
Ending balance, shares at Mar. 31, 2018		60,447,000			2,530,000
Beginning balance, value at Dec. 31, 2017	281,247	$ 601	161,809	258,525	$ (139,688)
Beginning balance, shares at Dec. 31, 2017		60,149,000			2,361,000
Net income	76,882
Ending balance, value at Jun. 30, 2018	329,738	$ 606	193,288	335,407	$ (199,563)
Ending balance, shares at Jun. 30, 2018		60,639,000			2,938,000
Beginning balance, value at Mar. 31, 2018	333,033	$ 604	189,302	299,685	$ (156,558)
Beginning balance, shares at Mar. 31, 2018		60,447,000			2,530,000
Vesting of restricted stock		$ 2	(2)
Vesting of restricted stock, shares		192,000
Stock-based compensation	3,988		3,988
Repurchases of common stock	(43,005)				$ (43,005)
Repurchases of common stock, shares					408,000
Net income	35,722			35,722
Ending balance, value at Jun. 30, 2018	329,738	$ 606	193,288	335,407	$ (199,563)
Ending balance, shares at Jun. 30, 2018		60,639,000			2,938,000
Beginning balance, value at Dec. 31, 2018	334,753	$ 607	203,680	395,590	$ (265,124)
Beginning balance, shares at Dec. 31, 2018		60,747,000			3,470,000
Vesting of restricted stock		$ 2	(2)
Vesting of restricted stock, shares		280,000
Stock-based compensation	36,187		36,187
Repurchases of common stock	(19,669)				$ (19,669)
Repurchases of common stock, shares					110,000
Net income	47,282			47,282
Ending balance, value at Mar. 31, 2019	398,553	$ 609	239,865	442,872	$ (284,793)
Ending balance, shares at Mar. 31, 2019		61,027,000			3,580,000
Beginning balance, value at Dec. 31, 2018	334,753	$ 607	203,680	395,590	$ (265,124)
Beginning balance, shares at Dec. 31, 2018		60,747,000			3,470,000
Net income	96,044
Ending balance, value at Jun. 30, 2019	434,762	$ 612	246,069	491,634	$ (303,553)
Ending balance, shares at Jun. 30, 2019		61,302,000			3,672,000
Beginning balance, value at Mar. 31, 2019	398,553	$ 609	239,865	442,872	$ (284,793)
Beginning balance, shares at Mar. 31, 2019		61,027,000			3,580,000
Vesting of restricted stock		$ 3	(3)
Vesting of restricted stock, shares		275,000
Stock-based compensation	6,207		6,207
Repurchases of common stock	(18,760)				$ (18,760)
Repurchases of common stock, shares					92,000
Net income	48,762			48,762
Ending balance, value at Jun. 30, 2019	$ 434,762	$ 612	$ 246,069	$ 491,634	$ (303,553)
Ending balance, shares at Jun. 30, 2019		61,302,000			3,672,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income		$ 96,044	$ 76,882	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		19,675	12,782	[1]
Accretion of discounts on available-for-sale securities		(367)	(493)	[1]
Amortization of debt issuance costs		17	15	[1]
Stock-based compensation expense		36,668	26,921	[1]
Cash paid for derivative settlement		(3)	(131)	[1]
(Gain)/loss on derivative		1,376	(1,010)	[1]
Deferred income taxes, net		9,436	10,234	[1]
Changes in operating assets and liabilities:
Accounts receivable		564	(838)	[1]
Prepaid expenses		(3,607)	(3,043)	[1]
Inventory		(248)	57	[1]
Other assets		(2,479)	(153)	[1]
Deferred contract costs		(37,591)	(27,487)	[1]
Accounts payable		(1,284)	593	[1]
Income taxes, net		(6,654)	1,445	[1]
Accrued commissions and bonuses		(2,771)	(5,144)	[1]
Accrued payroll and vacation		819	1,880	[1]
Deferred revenue		5,353	5,565	[1]
Accrued expenses and other current liabilities		7,820	1,789	[1]
Net cash provided by operating activities		122,768	99,864	[1]
Cash flows from investing activities
Purchase of short-term investments from funds held for clients		(46,425)	(100,902)	[1]
Proceeds from maturities of short-term investments from funds held for clients		34,200	71,500	[1]
Purchases of property and equipment		(34,705)	(31,873)	[1]
Net cash used in investing activities		(46,930)	(61,275)	[1]
Cash flows from financing activities
Repurchases of common stock	[1]		(41,689)
Withholding taxes paid related to net share settlement		(38,429)	(18,186)	[1]
Payments on long-term debt		(888)
Net change in client funds obligation		159,021	(188,914)	[1]
Payment of debt issuance costs		(16)	(56)	[1]
Net cash provided by (used in) financing activities		119,688	(248,845)	[1]
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		195,526	(210,256)	[1]
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period		986,464	1,098,860	[1]
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period		1,181,990	888,604	[1]
Cash and cash equivalents		94,814	54,630	[1]
Restricted cash included in funds held for clients		$ 1,087,176	$ 833,974	[1]
[1]	Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” See Note 2 for summary of adjustments.

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Organization and Description of Business	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Paycom Software, Inc. (“Software”) and its wholly owned subsidiaries (collectively, the “Company”) is a leading provider of comprehensive, cloud-based human capital management (“HCM”) software delivered as Software-as-a-Service. Unless we state otherwise or the context otherwise requires, the terms “we,” “our,” “us” and the “Company” refer to Software and its consolidated subsidiaries. We provide functionality and data analytics that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Our solution requires virtually no customization and is based on a core system of record maintained in a single database for all HCM functions, including talent acquisition, time and labor management, payroll, talent management and human resources (“HR”) management applications.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our significant accounting policies are discussed in “Note 2. Summary of Significant Accounting Policies” in the notes to our audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 (the “Form 10-K”). Basis of Presentation The accompanying unaudited interim consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial statements that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for the fair presentation of our consolidated balance sheets as of June 30, 2019 and our consolidated statements of income, stockholders’ equity and cash flows for the three and six months ended June 30, 2019 and 2018. Such adjustments are of a normal recurring nature. The information in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the Form 10-K. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results expected for the full year. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported net income and did not result in any material change to operating cash flows. In the consolidated balance sheets, we combined the line items “Intangible assets, net” and “Other assets” in the prior period in order to conform to the current period presentation. In addition to these adjustments, certain prior period amounts have been reclassified in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-18, “Restricted Cash” (“ASU 2016-18”) as discussed below. Recently Adopted Accounting Pronouncements In January 2019, we adopted ASU No. 2016-02, “Leases (Topic 842)” using the modified retrospective approach. Under this adoption method, we have not restated comparative prior periods and have carried forward the assessment of whether our contracts are or contain leases, the classification of our leases and the remaining lease terms. See Note 6 for a discussion of our adoption of this standard. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, to eliminate or modify certain disclosure rules that are redundant, outdated, or duplicative of U.S. GAAP or other regulatory requirements. In addition, the amendments provide that disclosure requirements related to the analysis of stockholders' equity are expanded for interim financial statements. An analysis of the changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement, as well as the amount of dividends per share for each class of shares. During the three months ended June 30, 2019, we adopted ASU 2016-18, which was effective on January 1, 2018. This guidance requires that the consolidated statements of cash flows explain the change during the reporting period of the totals of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. Accordingly, we applied the guidance using the retrospective transition method to each period presented which adjusted the consolidated statements of cash flows to include restricted cash held to satisfy client funds obligations, as a component of cash, cash equivalents, restricted cash and restricted cash equivalents. Impact on Previously Reported Results As noted above, we adopted ASU 2016-18 during the three months ending June 30, 2019. We assessed the materiality of this presentation on prior periods’ consolidated financial statements in accordance with the SEC Staff Accounting Bulletin No. 99, “Materiality”, codified in Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections.” Based on this assessment, we concluded that the correction is not material to any previously issued interim financial statements. The correction had no impact on our consolidated statements of income or consolidated balance sheets in previously issued consolidated financial statements. We will conform presentation of previously reported consolidated statements of cash flow information in future filings. The following tables present the unaudited consolidated statements of cash flows line items after giving effect to the adoption of ASU 2016-18: Three Months Ended March 31, 2019 As previously reported ASU 2016-18 adjustments As adjusted Cash flows from operating activities Net cash provided by operating activities $ 80,426 $ — $ 80,426 Cash flows from investing activities Purchase of short-term investments from funds held for clients (16,800 ) — (16,800 ) Proceeds from maturities of short-term investments from funds held for clients 14,500 — 14,500 Net change in funds held for clients (435,213 ) 435,213 — Purchases of property and equipment (14,889 ) — (14,889 ) Net cash provided by investing activities (452,402 ) 435,213 (17,189 ) Cash flows from financing activities Net cash used in financing activities 417,565 — 417,565 Total increase in cash, cash equivalents, restricted cash and restricted cash equivalents 45,589 435,213 480,802 Cash, cash equivalents, restricted cash and restricted cash equivalents Beginning of period 45,718 940,746 986,464 End of period $ 91,307 $ 1,375,959 $ 1,467,266 Six Months Ended June 30, 2018 As previously reported ASU 2016-18 adjustments As adjusted Cash flows from operating activities Net cash provided by operating activities $ 99,864 $ — $ 99,864 Cash flows from investing activities Purchase of short-term investments from funds held for clients (100,902 ) — (100,902 ) Proceeds from maturities of short-term investments from funds held for clients 71,500 — 71,500 Net change in funds held for clients 218,809 (218,809 ) — Purchases of property and equipment (31,873 ) — (31,873 ) Net cash provided by investing activities 157,534 (218,809 ) (61,275 ) Cash flows from financing activities Net cash used in financing activities (248,845 ) — (248,845 ) Total increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 8,553 (218,809 ) (210,256 ) Cash, cash equivalents, restricted cash and restricted cash equivalents Beginning of period 46,077 1,052,783 1,098,860 End of period $ 54,630 $ 833,974 $ 888,604 Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include income taxes, loss contingencies, the useful life of property and equipment and intangible assets, the life of our client relationships, the fair value of our stock-based awards and the fair value of our financial instruments, intangible assets and goodwill. These estimates are based on historical experience where applicable and other assumptions that management believes are reasonable under the circumstances. Actual results could materially differ from these estimates. Seasonality Our revenues are seasonal in nature. Recurring revenues include revenues relating to the annual processing of payroll forms, such as Form W-2, Form 1099, and Form 1095 and revenues from processing unscheduled payroll runs (such as bonuses) for our clients. As payroll forms are typically processed in the first quarter of the year, first quarter revenues and margins are generally higher than in subsequent quarters. These seasonal fluctuations in revenues can also have an impact on gross profits. Historical results impacted by these seasonal trends should not be considered a reliable indicator of our future results of operations. Employee Stock Purchase Plan An award issued under the Paycom Software, Inc. Employee Stock Purchase Plan (the “ESPP”) is classified as a share-based liability and recognized at the fair value of the award. Expense is recognized, net of estimated forfeitures, on a straight-line basis over the requisite service period. Funds Held for Clients and Client Funds Obligation As part of our payroll and tax filing application, we (i) collect client funds to satisfy their respective federal, state and local employment tax obligations, (ii) remit such funds to the appropriate taxing authorities and accounts designated by our clients, and (iii) manage client tax filings and any related correspondence with taxing authorities. Amounts collected by us from clients for their federal, state and local employment taxes are invested by us, and we earn interest on these funds during the interval between receipt and disbursement. These investments are shown in our consolidated balance sheets as funds held for clients, and the offsetting liability for the tax filings is shown as client funds obligation. The liability is recognized in the accompanying consolidated balance sheets at the time we obtain the funds from clients. The client funds obligation represents liabilities that will be repaid within one year of the consolidated balance sheet date. As of June 30, 2019 and December 31, 2018, the funds held for clients were invested in money market funds, demand deposit accounts, commercial paper with a maturity duration less than three months and certificates of deposit. Short-term investments in commercial paper and certificates of deposit with an original maturity duration greater than three months are classified as available-for-sale securities, and are also included within the funds held for clients line item in the consolidated balance sheets. These available-for-sale securities are recognized in the consolidated balance sheets at fair value, which approximates the amortized cost of the securities. Funds held for clients are classified as a current asset in the consolidated balance sheets because the funds are held solely to satisfy the client funds obligation. Stock Repurchase Plan In May 2016, our Board of Directors authorized a stock repurchase plan allowing for the repurchase of shares of our common stock in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 programs. Since the initial authorization of the stock repurchase plan, our Board of Directors has amended and extended and authorized new stock repurchase plans from time to time. Most recently, in November 2018, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. As of June 30, 2019, there was $123.5 million available for repurchases. Our stock repurchase plan may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased depends on a number of factors, including the market price of our common stock, general market and economic conditions, shares withheld for taxes associated with the vesting of restricted stock and other corporate considerations. The current stock repurchase plan will expire on November 19, 2020. During the six months ended June 30, 2019, we repurchased an aggregate of 202,492 shares of our common stock at an average cost of $189.78 per share to satisfy tax withholding obligations for certain employees upon the vesting of restricted stock. Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effects of this guidance on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements in Topic 820, “Fair Value Measurement,” based on the FASB Concepts Statement, “Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements,” including consideration of costs and benefits. This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effects of this guidance on its consolidated financial statements.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue	3. REVENUE Revenues are recognized when control of the promised goods or services is transferred to our clients in an amount that reflects the consideration we expect to be entitled to for those goods or services. Substantially all of our revenues are comprised of revenue from contracts with clients. Sales and other applicable taxes are excluded from revenues. Recurring Revenues Recurring revenues are derived primarily from our talent acquisition, time and labor management, payroll, talent management and HR management applications as well as fees charged for form filings and delivery of client payroll checks and reports. Talent acquisition includes our applicant tracking, candidate tracker, background check, on-boarding, e-verify and tax credit services applications. Time and labor management includes time and attendance, scheduling/schedule exchange, time-off requests, labor allocation, labor management reports/push reporting and geofencing/geotracking. Payroll includes our payroll and tax management, Paycom Pay, expense management, garnishment management and GL Concierge applications. Talent management includes our employee self-service, compensation budgeting, performance management, executive dashboard and Paycom learning and course content applications. HR management includes our document and task management, government and compliance, benefits administration, COBRA administration, personnel action forms, surveys and enhanced Affordable Care Act applications. The performance obligations related to recurring revenues are satisfied during each client’s payroll period, with the agreed-upon fee being charged and collected as part of our processing of the client’s payroll. Recurring revenues are recognized at the conclusion of processing of each client’s payroll period, when each respective payroll client is billed. Collectability is reasonably assured as the fees are collected through an automated clearing house as part of the client’s payroll cycle or through direct wire transfer, which minimizes the default risk. The contract period for substantially all contracts associated with these revenues is one month due to the fact that both we and the client have the unilateral right to terminate a wholly unperformed contract without compensating the other party by providing 30 days’ notice of termination. Our payroll application is the foundation of our solution, and all of our clients are required to utilize this application in order to access our other applications. For clients who purchase multiple applications, due to the short-term nature of our contracts, we do not believe it is meaningful to separately assess and identify whether or not each application potentially represents its own, individual, performance obligation as the revenue generated from each application is recognized within the same month as the revenue from the core payroll application. Similarly, we do not believe it is meaningful to individually determine the standalone selling price for each application. We consider the total price charged to a client in a given period to be indicative of the standalone selling price, as the total amount charged is within a reasonable range of prices typically charged for our goods and services for comparable classes of client groups. Implementation and Other Revenues Implementation and other revenues consist of nonrefundable upfront conversion fees which are charged to new clients to offset the expense of new client set-up as well as revenues from the sale of time clocks as part of our employee time and attendance services. Although these revenues are related to our recurring revenues, they represent distinct performance obligations. Implementation activities primarily represent administrative activities that allow us to fulfill future performance obligations for our c lients and do not represent services transferred to the client. However, the nonrefundable upfront fee charged to our clients results in an implied performance obligation in the form of a material right to the client related to the client’s option to rene w at the end of each 30-day contract period. Further, given that all other services within the contract are sold at a total price indicative of the standalone selling price, coupled with the fact that the upfront fees are consistent with upfront fees charg ed in similar contracts that we have with clients, the standalone selling price of the client’s option to renew the contract approximates the dollar amount of the nonrefundable upfront fee. The nonrefundable upfront fee is typically included on the client ’s first invoice, and is deferred and recognized ratably over the estimated renewal period (i.e., ten-year estimated client life). Revenues from the sale of time clocks are recognized when control is transferred to the client upon delivery of the product. We estimate the standalone selling price for the time clocks by maximizing the use of observable inputs such as our specific pricing practices for time clocks. Contract Balances The timing of revenue recognition for recurring services is consistent with the invoicing of clients as they both occur during the respective client payroll period for which the services are provided. Therefore, we do not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing. Changes in deferred revenue related to material right performance obligations as of June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 67,511 $ 53,777 $ 64,651 $ 51,624 Deferral of revenue 5,459 5,316 11,020 9,259 Recognition of unearned revenue (2,966 ) (1,904 ) (5,667 ) (3,694 ) Balance, end of period $ 70,004 $ 57,189 $ 70,004 $ 57,189 We expect to recognize $5.1 million of deferred revenue related to material right performance obligations in the remainder of 2019, $9.9 million of such deferred revenue in 2020, and $55.0 million of such deferred revenue thereafter. Assets Recognized from the Costs to Obtain and Costs to Fulfill Revenue Contracts We recognize an asset for the incremental costs of obtaining a contract with a client if we expect the amortization period to be longer than one year. We also recognize an asset for the costs to fulfill a contract with a client if such costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. We have determined that substantially all costs related to implementation activities are administrative in nature and also meet the capitalization criteria under ASC 340-40. These capitalized costs to fulfill principally relate to upfront direct costs that are expected to be recovered through margin and that enhance our ability to satisfy future performance obligations. The assets related to both costs to obtain, and costs to fulfill, contracts with clients are accounted for utilizing a portfolio approach, and are capitalized and amortized over the expected period of benefit, which we have determined to be the estimated client relationship of ten years. The expected period of benefit has been determined to be the estimated life of the client relationship primarily because we incur no new costs to obtain, or costs to fulfill, a contract upon renewal of such contract. Additional commission costs may be incurred when an existing client purchases additional applications; however, these commission costs relate solely to the additional applications purchased and are not related to contract renewal. Furthermore, additional fulfillment costs associated with existing clients purchasing additional applications are minimized by our seamless single-database platform. These assets are presented as deferred contract costs in the accompanying consolidated balance sheets. Amortization expense related to costs to obtain and costs to fulfill a contract are included in the “sales and marketing” and “general and administrative” line items in the accompanying consolidated statements of income. The following tables present the asset balances and related amortization expense for these contract costs: As of and for the Three Months Ended June 30, 2019 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 172,655 $ 11,811 $ (6,021 ) $ 178,445 Costs to fulfill a contract $ 113,291 $ 12,286 $ (3,913 ) $ 121,664 As of and for the Three Months Ended June 30, 2018 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 136,911 $ 7,848 $ (4,640 ) $ 140,119 Costs to fulfill a contract $ 80,589 $ 9,382 $ (2,772 ) $ 87,199 As of and for the Six Months Ended June 30, 2019 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 158,989 $ 31,198 $ (11,742 ) $ 178,445 Costs to fulfill a contract $ 101,756 $ 27,291 $ (7,383 ) $ 121,664 As of and for the Six Months Ended June 30, 2018 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 126,207 $ 22,970 $ (9,058 ) $ 140,119 Costs to fulfill a contract $ 72,061 $ 20,425 $ (5,287 ) $ 87,199

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	4. PROPERTY AND EQUIPMENT Property and equipment and accumulated depreciation and amortization were as follows: June 30, 2019 December 31, 2018 Property and equipment Buildings $ 101,630 $ 101,421 Software and capitalized software costs 83,005 66,634 Computer equipment 49,918 39,492 Rental clocks 18,688 16,950 Furniture, fixtures and equipment 17,326 16,474 Other 6,079 1,348 276,646 242,319 Less: accumulated depreciation and amortization (102,521 ) (82,969 ) 174,125 159,350 Construction in progress 12,442 8,589 Land 9,804 9,023 Property and equipment, net $ 196,371 $ 176,962 We capitalize computer software development costs related to software developed for internal use in accordance with ASC 350-40. For the three and six months ended June 30, 2019, we capitalized $6.7 million and $15.6 million, respectively, of computer software development costs related to software developed for internal use. For the three and six months ended June 30, 2018, we capitalized $4.6 million and $11.2 million, respectively, of computer software developments costs related to software developed for internal use. Rental clocks included in property and equipment, net represent time clocks issued to clients under month-to-month operating leases. As such, these items are transferred from inventory to property and equipment and depreciated over their estimated useful lives. Included in the construction in progress balance at June 30, 2019 and December 31, 2018 is $0.5 million and $0.1 million in retainage, respectively. We capitalize interest incurred for indebtedness related to construction in progress. For the three and six months ended June 30, 2019, we incurred interest costs of $0.4 million and $0.8 million, respectively, of which we capitalized $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2018, we incurred interest costs of Depreciation and amortization expense for property and equipment was $10.3 million and $19.6 million, respectively, for the three and six months ended June 30, 2019. Depreciation and amortization expense for property and equipment was $6.7 million and $12.7 million, respectively, for the three and six months ended June 30, 2018.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	5. GOODWILL AND INTANGIBLE ASSETS, NET As of both June 30, 2019 and December 31, 2018, goodwill was $51.9 million. We have selected June 30 as our annual goodwill impairment testing date. We have elected to perform a qualitative analysis of the fair value of our goodwill and determined there was no impairment as of June 30, 2019. As of June 30, 2019 and December 31, 2018, there were no indicators of impairment. All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following tables provide the components of intangible assets, which are included in Other assets in our consolidated balance sheets: June 30, 2019 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 3.0 $ 3,194 $ (2,555 ) $ 639 Total $ 3,194 $ (2,555 ) $ 639 December 31, 2018 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 3.5 $ 3,194 $ (2,449 ) $ 745 Total $ 3,194 $ (2,449 ) $ 745 The weighted average remaining useful life of our intangible assets was 3.0 years as of June 30, 2019. Amortization of intangible assets for the three and six months ended June 30, 2019 was less than $0.1 million and $0.1 million, respectively. Amortization of intangible assets for the three and six months ended June 30, 2018 was less than $0.1 million and $0.1 million, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	6. LEASES In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The purpose of this new guidance is to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities in the consolidated balance sheets as well as providing additional disclosure requirements related to leasing arrangements. The new guidance was effective for us beginning January 1, 2019, which we adopted using a modified retrospective method and the transition relief guidance provided by the FASB in ASU 2018-11. Under this adoption method, we have not restated comparative prior periods and have carried forward the assessment of whether our contracts are or contain leases, the classification of our leases and the remaining lease terms. Based on our portfolio of leases at January 1, 2019, $21.6 million of lease assets and liabilities were recognized in our consolidated balance sheets, which related to operating leases for real estate. Under the transition relief guidance, we have elected the lease vs. non-lease components practical expedient relating to the asset class of real estate, the short-term lease exemption practical expedient and the package of practical expedients. In connection with the adoption of this standard, we updated our control framework and implemented changes to our existing controls to account for leases. The Company’s leases primarily consist of noncancellable operating leases for office space with contractual terms expiring from 2019 to 2025. All of our leases are operating leases and, as a lessee, we have not entered into any sublease agreements. The lease term is defined as the fixed noncancellable term of the lease plus all periods, if any, for which failure to renew the lease imposes a penalty on us in an amount that appears, at the inception of the lease, to be reasonably assured. While some of our leases include an option to extend the lease up to five years, it is not reasonably certain that any such options will be exercised due, in part, to the dynamic nature of our sales force and rate of growth. Some of our leases contain termination options that are not reasonably certain to be exercised. However, if a termination option is exercised, we remeasure the lease asset in the consolidated balance sheets using the updated lease period. None of our leases contain residual value guarantees, substantial restrictions or covenants. Lease assets of $25.5 million as of June 30, 2019 were included in Other assets in our consolidated balance sheets, which included a $1.5 million reduction to Other Assets for deferred rent. When a lease contains a predetermined fixed escalation of the minimum rent, we recognize the related lease expense on a straight-line basis and record the difference between the lease expense and the amount payable under the lease as an adjustment to the right-of-use asset. Short-term lease liabilities of $9.3 million as of June 30, 2019 were included in Accrued expenses and other current liabilities in our consolidated balance sheets. In addition, long-term lease liabilities of $17.7 million as of June 30, 2019 were recognized in Other long-term liabilities in our consolidated balance sheets. Rent expense associated with operating leases for the three and six months ended June 30, 2019 was $2.4 million and $4.8 million, respectively. Rent expense associated with operating leases for the three and six months ended June 30, 2018 was $1.8 million and $3.6 million, respectively. Cash paid for amounts included in the measurement of our operating lease liabilities was $2.5 million and $4.7 million for the three and six months ended June 30, 2019, respectively. Because no implicit discount rates for our leases could be readily determined, the Company elected to use an estimated incremental borrowing rate to determine the present value of our leases. The weighted average discount rate related to our portfolio of leases at June 30, 2019 was 4.2%. The average remaining lease term for our leases was 2.8 years as of June 30, 2019. The undiscounted cash flows for the future annual maturities of our operating lease liabilities and the reconciliation of those total undiscounted cash flows to our lease liabilities as of June 30, 2019 were as follows: 2019 $ 4,990 2020 8,968 2021 5,838 2022 5,023 2023 3,368 Thereafter 1,067 Total undiscounted cash flows $ 29,254 Present value discount (2,228 ) Lease liabilities $ 27,026 The table above does not include any legally binding minimum lease payments for leases signed but not yet commenced. As of June 30, 2019, the present value of the operating lease liabilities that had not yet commenced was $3.5 million.

Long-Term Debt, Net

Long-Term Debt, Net	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt, Net	7. LONG-TERM DEBT, NET Long-term debt consisted of the following: June 30, 2019 December 31, 2018 Net term note to bank due September 7, 2025 $ 33,502 $ 34,389 Total long-term debt, net (including current portion) 33,502 34,389 Less: Current portion (1,775 ) (1,775 ) Total long-term debt, net $ 31,727 $ 32,614 On December 7, 2017, we entered into a senior secured term credit agreement (as amended from time to time, the “Term Credit Agreement”), pursuant to which JPMorgan Chase Bank, N.A., Bank of America, N.A. and Kirkpatrick Bank made certain term loans to us (the “Term Loans”). Our obligations under the Term Loans are secured by a mortgage and first priority security interest in our headquarters property. The Term Loans mature on September 7, 2025 and bear interest, at our option, at either (a) a prime rate plus 1.0% or (b) an adjusted LIBOR rate for the interest period in effect for such Term Loan plus 1.5%. As of June 30, 2019, our indebtedness of $31.7 million consisted solely of Term Loans made under the Term Credit Agreement. Unamortized debt issuance costs of $0.2 million as of both June 30, 2019 and December 31, 2018 are presented as a direct deduction from the carrying amount of the debt liability. Under the Term Credit Agreement, we are subject to two material financial covenants, which require us to maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0. As of June 30, 2019, we were in compliance with these covenants. On February 12, 2018, we entered into a senior secured revolving credit agreement (the “Revolving Credit Agreement”) with JPMorgan Chase Bank, N.A. and Bank of America, N.A. that provided for a senior secured revolving credit facility (the “Facility”) in the aggregate principal amount of $50.0 million (the “Revolving Commitment”), which could be increased to up to $100.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions. The Facility includes a $5.0 million sublimit for swingline loans and a $2.5 million sublimit for letters of credit. The Facility was scheduled to mature on February 12, 2020. On April 15, 2019, we entered into the First Amendment to Revolving Credit Agreement (the “First Amendment”). Pursuant to the First Amendment, Wells Fargo Bank, N.A., was added as a lender and the Revolving Commitment was increased to $75.0 million, which may be further increased to $125.0 million subject to obtaining additional lender commitments and certain approvals and satisfying other conditions. The scheduled maturity date of the Facility was extended to April 15, 2022. Borrowings under the Facility will generally bear interest at a prime rate plus 1.0% or, at our option, an adjusted LIBOR rate for the interest period in effect for such borrowing plus 1.5%. The proceeds of the loans and letters of credit under the Facility are to be used only for our general business purposes and working capital. Letters of credit are to be issued only to support our business operations. As of June 30, 2019, we did not have any borrowings outstanding under the Facility. Under the Revolving Credit Agreement, we are required to maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0. Additionally, the Revolving Credit Agreement contains customary affirmative and negative covenants, including covenants limiting our ability to, among other things, grant liens, incur debt, effect certain mergers, make certain investments, dispose of assets, enter into certain transactions, including swap agreements and sale and leaseback transactions, pay dividends or distributions on our capital stock, and enter into transactions with affiliates, in each case subject to customary exceptions for a facility of the size and type of the Facility. As of June 30, 2019, we were in compliance with all covenants related to the Revolving Credit Agreement. As of June 30, 2019 and December 31, 2018, the carrying value of our total long-term debt approximated its fair value as of such date. The fair value of our long-term debt is estimated based on the borrowing rates currently available to us for bank loans with similar terms and maturities.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	8. DERIVATIVE INSTRUMENTS In December 2017, we entered into a floating-to-fixed interest rate swap agreement to limit the exposure to floating interest rate risk related to the Term Loans. We do not hold derivative instruments for trading or speculative purposes. The interest rate swap agreement effectively converts a portion of the variable interest rate payments to fixed interest rate payments. We account for our derivatives under ASC Topic 815, “Derivatives and Hedging,” and recognize all derivative instruments in the consolidated balance sheets at fair value as either short-term or long-term assets or liabilities based on their anticipated settlement date. See Note 9, “Fair Value of Financial Instruments”. We have elected not to designate our interest rate swap as a hedge; therefore, changes in the fair value of the derivative instrument are recognized in our consolidated statements of income within Other income (expense), net. The objective of the interest rate swap is to reduce the variability in the forecasted interest payments of the Term Loans, which is based on a one-month LIBOR rate versus a fixed interest rate of 2.54% on a notional value of $35.5 million. Under the terms of the interest rate swap agreement, we will receive quarterly variable interest payments based on the LIBOR rate and will pay interest at a fixed rate. The interest rate swap agreement has a maturity date of September 7, 2025. For the three and six months ended June 30, 2019, we recorded a loss of $0.8 million and $1.4 million, respectively, for the change in fair value of the interest rate swap. For the three and six months ended June 30, 2018, we recognized a gain of $0.3 million and $1.1 million, respectively, for the change in fair value of the interest rate swap.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	9. FAIR VALUE OF FINANCIAL INSTRUMENTS Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, funds held for clients, client funds obligation and long-term debt. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, funds held for clients and client funds obligation approximates fair value due to the short-term nature of the instruments. See Note 7 for discussion of the fair value of our debt. As discussed in Note 2, we invest the funds held for clients in money market funds, demand deposit accounts, commercial paper with a maturity duration less than three months and certificates of deposit, and classify as cash and cash equivalents within the funds held for clients line item in the consolidated balance sheets. Short-term investments in commercial paper and certificates of deposit with an original maturity duration greater than three months are classified as available-for-sale securities, and are also included within the funds held for clients line item. These available-for-sale securities are recognized in the consolidated balance sheets at fair value, which approximates the amortized cost of the securities. As of June 30, 2019 and December 31, 2018, all available-for-sale securities and certificates of deposit were due in one year or less. As discussed in Note 8, during the year ended December 31, 2017, we entered into an interest rate swap. The interest rate swap is measured on a recurring basis based on quoted prices for similar financial instruments and other observable inputs recognized at fair value. The accounting standard for fair value measurements establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 – Observable inputs such as quoted prices in active markets • Level 2 – Inputs other than quoted prices in active markets for identical assets or liabilities that are observable either directly or indirectly or quoted prices that are not active • Level 3 – Unobservable inputs in which there is little or no market data Included in the following tables are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018: June 30, 2019 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 39,632 $ — $ 39,632 Liabilities: Interest rate swap $ — $ 1,356 $ — $ 1,356 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 21,041 $ — $ 21,041 Certificates of deposit $ — $ 6,000 $ — $ 6,000 Interest rate swap $ — $ 17 $ — $ 17

Employee Savings Plan and Emplo

Employee Savings Plan and Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2019
Compensation Related Costs [Abstract]
Employee Savings Plan and Employee Stock Purchase Plan	10. EMPLOYEE SAVINGS PLAN AND EMPLOYEE STOCK PURCHASE PLAN Employees over the age of 18 who have completed ninety days of service are eligible to participate in our 401(k) plan. We have made a Qualified Automatic Contribution Arrangement (“QACA”) election, whereby the Company matches the contribution of our employees equal to 100% of the first 1% of salary deferrals and 50% of salary deferrals between 2% and 6%, up to a maximum matching contribution of 3.5% of an employee’s salary each plan year. We are allowed to make additional discretionary matching contributions and discretionary profit sharing contributions. Employees are 100% vested in amounts attributable to salary deferrals and rollover contributions. The QACA matching contributions as well as the discretionary matching and profit sharing contributions vest 100% after two years of employment from the date of hire. Matching contributions were $1.7 million and $3.3 million for the three and six months ended June 30, 2019, respectively. Matching contributions were $1.3 million and $2.7 million for the three and six months ended June 30, 2018, respectively. The ESPP has overlapping offering periods, with each offering period lasting approximately 24 months. At the beginning of each offering period, eligible employees may elect to contribute, through payroll deductions, up to 10% of their compensation, subject to an annual per-employee maximum of $25,000. Eligible employees purchase shares of the Company’s common stock at a price equal to 85% of the fair market value of the shares on the exercise date. The maximum number of shares that may be purchased by a participant during each offering period is 2,000 shares, subject to limits specified by the Internal Revenue Service. The shares reserved for purposes of the ESPP are shares we purchase in the open market. The maximum aggregate number of shares of the Company’s common stock that may be purchased by all participants under the ESPP is 2.0 million shares. Eligible employees purchased 28,475 and 33,584 shares of the Company’s common stock under the ESPP during the six months ended June 30, 2019 and 2018, respectively. Compensation expense related to the ESPP is recognized on a straight-line basis over the requisite service period. Our compensation expense related to the ESPP was $0.3 million and $0.9 million for the three and six months ended June 30, 2019, respectively. Our compensation expense related to the ESPP was $0.3 million and $0.5 million for the three and six months ended June 30, 2018, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	11. EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share is computed in a similar manner to basic earnings per share after assuming the issuance of shares of common stock for all potentially dilutive shares of restricted stock whether or not they are vested. In accordance with ASC Topic 260, “Earnings Per Share,” the two-class method determines earnings for each class of common stock and participating securities according to an earnings allocation formula that adjusts the income available to common stockholders for dividends or dividend equivalents and participation rights in undistributed earnings. Certain unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing earnings per share pursuant to the two-class method. The unvested shares of restricted stock granted in 2015 are considered participating securities, while all other unvested shares of restricted stock are not considered participating securities. The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 48,762 $ 35,722 $ 96,044 $ 76,882 Less: income allocable to participating securities (54 ) (83 ) (107 ) (179 ) Income allocable to common shares $ 48,708 $ 35,639 $ 95,937 $ 76,703 Add back: undistributed earnings allocable to participating securities $ 54 $ 83 $ 107 $ 179 Less: undistributed earnings reallocated to participating securities (54 ) (82 ) (105 ) (176 ) Numerator for diluted earnings per share $ 48,708 $ 35,640 $ 95,939 $ 76,706 Denominator: Basic weighted average shares outstanding 57,569 57,837 57,464 57,815 Dilutive effect of unvested restricted stock 841 884 932 952 Diluted weighted average shares outstanding 58,410 58,721 58,396 58,767 Earnings per share: Basic $ 0.85 $ 0.62 $ 1.67 $ 1.33 Diluted $ 0.83 $ 0.61 $ 1.64 $ 1.31

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	12. STOCK-BASED COMPENSATION The following table summarizes restricted stock awards activity for the six months ended June 30, 2019: Time-Based Market-Based Restricted Stock Awards Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested shares of restricted stock outstanding at December 31, 2018 806.5 $ 67.54 — $ — Granted 337.2 150.66 281.0 102.76 Vested (274.5 ) 67.74 (280.4 ) 102.76 Forfeited (55.9 ) 88.60 (0.6 ) 102.57 Unvested shares of restricted stock outstanding at June 30, 2019 813.3 $ 100.48 — $ — In January 2019, we issued an aggregate of 520,069 restricted shares of common stock to our executive officers, certain non-executive, non-sales employees and non-executive sales management employees under the Paycom Software, Inc. 2014 Long-Term Incentive Plan (the “LTIP”), consisting of 280,960 shares subject to market-based vesting conditions (“Market-Based Shares”) and 239,109 shares subject to time-based vesting conditions (“Time-Based Shares”). Market-Based Shares vested 50% on the first date that the Company’s total enterprise value (“TEV”) (calculated as defined in the applicable restricted stock award agreement) equaled or exceeded $8.65 billion and 50% on the first date that the Company’s TEV equaled or exceeded $9.35 billion, in each case provided that (i) such date occurred on or before the sixth anniversary of the grant date and (ii) the recipient was employed by, or providing services to, the Company on the applicable vesting date. As shown in the table below, all Market-Based Shares issued in January 2019 have vested. On April 23, 2019, we issued an aggregate of 65,255 restricted shares of common stock to certain non-executive employees under the LTIP consisting of Time-Based Shares that will vest On April 29, 2019, we issued an aggregate of 6,816 restricted shares of common stock under the LTIP to the non-employee members of our Board of Directors. Such shares of restricted stock will cliff-vest on the seventh day following the first anniversary of the date of grant, provided that such director is providing services to the Company through the applicable vesting date. In May 2019, we issued an aggregate of 26,000 restricted shares of common stock to certain non-executive employees under the LTIP consisting of Time-Based Shares that will vest over periods ranging from two to four years, provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date. The following table summarizes vesting activity for Market-Based Shares during the six months ended June 30, 2019, the associated compensation cost recognized in connection with each vesting event and the number of shares withheld to satisfy tax withholding obligations: Vesting Condition Date Vested Number of Shares Vested Compensation Cost Recognized Upon Vesting Shares Withheld for Taxes 1 Market-based (TEV = $8.65 billion) February 13, 2019 140.2 $14,900 54.5 Market-based (TEV = $9.35 billion) February 22, 2019 140.2 $13,900 55.5 1 All shares withheld to satisfy tax withholding obligations are held as treasury stock. Time-Based Shares granted to certain non-executive employees in January 2019 will vest 25% on a specified initial vesting date and 25% on each of the first three anniversaries of such initial vesting date, provided that the recipient is employed by, or providing services to, the Company or a subsidiary on the applicable vesting date. Time-Based Shares granted to executive officers, sales management employees and certain non-executive employees will generally vest over periods ranging from two to four years beginning on a specified initial vesting date and thereafter on the anniversaries of such date, provided that the executive officer or employee is employed by, or providing services to, the Company on the applicable vesting date. For the three and six months ended June 30, 2019, our total compensation expense related to restricted stock was $5.6 million and $36.7 million, respectively. For the three and six months ended June 30, 2018, our total compensation expense related to restricted stock was $3.5 million and $27.0 million, respectively. There was $72.8 million of unrecognized compensation cost, net of estimated forfeitures, related to unvested shares of restricted stock outstanding as of June 30, 2019. The unrecognized compensation cost for the unvested shares is expected to be recognized over a weighted average period of 1.8 years as of June 30, 2019. We capitalized stock-based compensation costs related to software developed for internal use of $0.7 million and $4.0 million for the three and six months ended June 30, 2019, respectively. We capitalized stock-based compensation costs related to software developed for internal use of $0.4 million and $2.9 million for the three and six months ended June 30, 2018, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are involved in various legal proceedings in the ordinary course of business. Although we cannot predict the outcome of these proceedings, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of these matters could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	14. INCOME TAXES The Company’s effective income tax rate was 16.1% and 19.6% for the six months ended June 30, 2019 and 2018, respectively. The lower effective tax rate for the six months ended June 30, 2019 is primarily related to an increase in excess tax benefits from stock-based compensation related to vesting events.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial statements that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for the fair presentation of our consolidated balance sheets as of June 30, 2019 and our consolidated statements of income, stockholders’ equity and cash flows for the three and six months ended June 30, 2019 and 2018. Such adjustments are of a normal recurring nature. The information in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the Form 10-K. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results expected for the full year.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported net income and did not result in any material change to operating cash flows. In the consolidated balance sheets, we combined the line items “Intangible assets, net” and “Other assets” in the prior period in order to conform to the current period presentation. In addition to these adjustments, certain prior period amounts have been reclassified in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-18, “Restricted Cash” (“ASU 2016-18”) as discussed below.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In January 2019, we adopted ASU No. 2016-02, “Leases (Topic 842)” using the modified retrospective approach. Under this adoption method, we have not restated comparative prior periods and have carried forward the assessment of whether our contracts are or contain leases, the classification of our leases and the remaining lease terms. See Note 6 for a discussion of our adoption of this standard. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, to eliminate or modify certain disclosure rules that are redundant, outdated, or duplicative of U.S. GAAP or other regulatory requirements. In addition, the amendments provide that disclosure requirements related to the analysis of stockholders' equity are expanded for interim financial statements. An analysis of the changes in each caption of stockholders' equity presented in the balance sheet must be provided in a note or separate statement, as well as the amount of dividends per share for each class of shares. During the three months ended June 30, 2019, we adopted ASU 2016-18, which was effective on January 1, 2018. This guidance requires that the consolidated statements of cash flows explain the change during the reporting period of the totals of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts for restricted cash and restricted cash equivalents are to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. Accordingly, we applied the guidance using the retrospective transition method to each period presented which adjusted the consolidated statements of cash flows to include restricted cash held to satisfy client funds obligations, as a component of cash, cash equivalents, restricted cash and restricted cash equivalents. Impact on Previously Reported Results As noted above, we adopted ASU 2016-18 during the three months ending June 30, 2019. We assessed the materiality of this presentation on prior periods’ consolidated financial statements in accordance with the SEC Staff Accounting Bulletin No. 99, “Materiality”, codified in Accounting Standards Codification (“ASC”) Topic 250, “Accounting Changes and Error Corrections.” Based on this assessment, we concluded that the correction is not material to any previously issued interim financial statements. The correction had no impact on our consolidated statements of income or consolidated balance sheets in previously issued consolidated financial statements. We will conform presentation of previously reported consolidated statements of cash flow information in future filings. The following tables present the unaudited consolidated statements of cash flows line items after giving effect to the adoption of ASU 2016-18: Three Months Ended March 31, 2019 As previously reported ASU 2016-18 adjustments As adjusted Cash flows from operating activities Net cash provided by operating activities $ 80,426 $ — $ 80,426 Cash flows from investing activities Purchase of short-term investments from funds held for clients (16,800 ) — (16,800 ) Proceeds from maturities of short-term investments from funds held for clients 14,500 — 14,500 Net change in funds held for clients (435,213 ) 435,213 — Purchases of property and equipment (14,889 ) — (14,889 ) Net cash provided by investing activities (452,402 ) 435,213 (17,189 ) Cash flows from financing activities Net cash used in financing activities 417,565 — 417,565 Total increase in cash, cash equivalents, restricted cash and restricted cash equivalents 45,589 435,213 480,802 Cash, cash equivalents, restricted cash and restricted cash equivalents Beginning of period 45,718 940,746 986,464 End of period $ 91,307 $ 1,375,959 $ 1,467,266 Six Months Ended June 30, 2018 As previously reported ASU 2016-18 adjustments As adjusted Cash flows from operating activities Net cash provided by operating activities $ 99,864 $ — $ 99,864 Cash flows from investing activities Purchase of short-term investments from funds held for clients (100,902 ) — (100,902 ) Proceeds from maturities of short-term investments from funds held for clients 71,500 — 71,500 Net change in funds held for clients 218,809 (218,809 ) — Purchases of property and equipment (31,873 ) — (31,873 ) Net cash provided by investing activities 157,534 (218,809 ) (61,275 ) Cash flows from financing activities Net cash used in financing activities (248,845 ) — (248,845 ) Total increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 8,553 (218,809 ) (210,256 ) Cash, cash equivalents, restricted cash and restricted cash equivalents Beginning of period 46,077 1,052,783 1,098,860 End of period $ 54,630 $ 833,974 $ 888,604
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates include income taxes, loss contingencies, the useful life of property and equipment and intangible assets, the life of our client relationships, the fair value of our stock-based awards and the fair value of our financial instruments, intangible assets and goodwill. These estimates are based on historical experience where applicable and other assumptions that management believes are reasonable under the circumstances. Actual results could materially differ from these estimates.
Seasonality	Seasonality Our revenues are seasonal in nature. Recurring revenues include revenues relating to the annual processing of payroll forms, such as Form W-2, Form 1099, and Form 1095 and revenues from processing unscheduled payroll runs (such as bonuses) for our clients. As payroll forms are typically processed in the first quarter of the year, first quarter revenues and margins are generally higher than in subsequent quarters. These seasonal fluctuations in revenues can also have an impact on gross profits. Historical results impacted by these seasonal trends should not be considered a reliable indicator of our future results of operations.
Employee Stock Purchase Plan	Employee Stock Purchase Plan An award issued under the Paycom Software, Inc. Employee Stock Purchase Plan (the “ESPP”) is classified as a share-based liability and recognized at the fair value of the award. Expense is recognized, net of estimated forfeitures, on a straight-line basis over the requisite service period.
Funds Held for Clients and Client Funds Obligation	Funds Held for Clients and Client Funds Obligation As part of our payroll and tax filing application, we (i) collect client funds to satisfy their respective federal, state and local employment tax obligations, (ii) remit such funds to the appropriate taxing authorities and accounts designated by our clients, and (iii) manage client tax filings and any related correspondence with taxing authorities. Amounts collected by us from clients for their federal, state and local employment taxes are invested by us, and we earn interest on these funds during the interval between receipt and disbursement. These investments are shown in our consolidated balance sheets as funds held for clients, and the offsetting liability for the tax filings is shown as client funds obligation. The liability is recognized in the accompanying consolidated balance sheets at the time we obtain the funds from clients. The client funds obligation represents liabilities that will be repaid within one year of the consolidated balance sheet date. As of June 30, 2019 and December 31, 2018, the funds held for clients were invested in money market funds, demand deposit accounts, commercial paper with a maturity duration less than three months and certificates of deposit. Short-term investments in commercial paper and certificates of deposit with an original maturity duration greater than three months are classified as available-for-sale securities, and are also included within the funds held for clients line item in the consolidated balance sheets. These available-for-sale securities are recognized in the consolidated balance sheets at fair value, which approximates the amortized cost of the securities. Funds held for clients are classified as a current asset in the consolidated balance sheets because the funds are held solely to satisfy the client funds obligation.
Stock Repurchase Plan	Stock Repurchase Plan In May 2016, our Board of Directors authorized a stock repurchase plan allowing for the repurchase of shares of our common stock in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws, including Rule 10b5-1 programs. Since the initial authorization of the stock repurchase plan, our Board of Directors has amended and extended and authorized new stock repurchase plans from time to time. Most recently, in November 2018, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock. As of June 30, 2019, there was $123.5 million available for repurchases. Our stock repurchase plan may be suspended or discontinued at any time. The actual timing, number and value of shares repurchased depends on a number of factors, including the market price of our common stock, general market and economic conditions, shares withheld for taxes associated with the vesting of restricted stock and other corporate considerations. The current stock repurchase plan will expire on November 19, 2020. During the six months ended June 30, 2019, we repurchased an aggregate of 202,492 shares of our common stock at an average cost of $189.78 per share to satisfy tax withholding obligations for certain employees upon the vesting of restricted stock.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effects of this guidance on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements in Topic 820, “Fair Value Measurement,” based on the FASB Concepts Statement, “Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements,” including consideration of costs and benefits. This guidance is effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential effects of this guidance on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Newly Adopted Standards in Unaudited Consolidated Statement of Cash Flows	The following tables present the unaudited consolidated statements of cash flows line items after giving effect to the adoption of ASU 2016-18: Three Months Ended March 31, 2019 As previously reported ASU 2016-18 adjustments As adjusted Cash flows from operating activities Net cash provided by operating activities $ 80,426 $ — $ 80,426 Cash flows from investing activities Purchase of short-term investments from funds held for clients (16,800 ) — (16,800 ) Proceeds from maturities of short-term investments from funds held for clients 14,500 — 14,500 Net change in funds held for clients (435,213 ) 435,213 — Purchases of property and equipment (14,889 ) — (14,889 ) Net cash provided by investing activities (452,402 ) 435,213 (17,189 ) Cash flows from financing activities Net cash used in financing activities 417,565 — 417,565 Total increase in cash, cash equivalents, restricted cash and restricted cash equivalents 45,589 435,213 480,802 Cash, cash equivalents, restricted cash and restricted cash equivalents Beginning of period 45,718 940,746 986,464 End of period $ 91,307 $ 1,375,959 $ 1,467,266 Six Months Ended June 30, 2018 As previously reported ASU 2016-18 adjustments As adjusted Cash flows from operating activities Net cash provided by operating activities $ 99,864 $ — $ 99,864 Cash flows from investing activities Purchase of short-term investments from funds held for clients (100,902 ) — (100,902 ) Proceeds from maturities of short-term investments from funds held for clients 71,500 — 71,500 Net change in funds held for clients 218,809 (218,809 ) — Purchases of property and equipment (31,873 ) — (31,873 ) Net cash provided by investing activities 157,534 (218,809 ) (61,275 ) Cash flows from financing activities Net cash used in financing activities (248,845 ) — (248,845 ) Total increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 8,553 (218,809 ) (210,256 ) Cash, cash equivalents, restricted cash and restricted cash equivalents Beginning of period 46,077 1,052,783 1,098,860 End of period $ 54,630 $ 833,974 $ 888,604

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Summary of Changes in Deferred Revenue Related to Material Right Performance Obligations	Changes in deferred revenue related to material right performance obligations as of June 30, 2019 and 2018 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Balance, beginning of period $ 67,511 $ 53,777 $ 64,651 $ 51,624 Deferral of revenue 5,459 5,316 11,020 9,259 Recognition of unearned revenue (2,966 ) (1,904 ) (5,667 ) (3,694 ) Balance, end of period $ 70,004 $ 57,189 $ 70,004 $ 57,189
Summary of Asset Balances and Related Amortization Expense For Contract Costs	The following tables present the asset balances and related amortization expense for these contract costs: As of and for the Three Months Ended June 30, 2019 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 172,655 $ 11,811 $ (6,021 ) $ 178,445 Costs to fulfill a contract $ 113,291 $ 12,286 $ (3,913 ) $ 121,664 As of and for the Three Months Ended June 30, 2018 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 136,911 $ 7,848 $ (4,640 ) $ 140,119 Costs to fulfill a contract $ 80,589 $ 9,382 $ (2,772 ) $ 87,199 As of and for the Six Months Ended June 30, 2019 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 158,989 $ 31,198 $ (11,742 ) $ 178,445 Costs to fulfill a contract $ 101,756 $ 27,291 $ (7,383 ) $ 121,664 As of and for the Six Months Ended June 30, 2018 Beginning Capitalization Ending Balance of Costs Amortization Balance Costs to obtain a contract $ 126,207 $ 22,970 $ (9,058 ) $ 140,119 Costs to fulfill a contract $ 72,061 $ 20,425 $ (5,287 ) $ 87,199

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment and Associated Accumulated Depreciation and Amortization	Property and equipment and accumulated depreciation and amortization were as follows: June 30, 2019 December 31, 2018 Property and equipment Buildings $ 101,630 $ 101,421 Software and capitalized software costs 83,005 66,634 Computer equipment 49,918 39,492 Rental clocks 18,688 16,950 Furniture, fixtures and equipment 17,326 16,474 Other 6,079 1,348 276,646 242,319 Less: accumulated depreciation and amortization (102,521 ) (82,969 ) 174,125 159,350 Construction in progress 12,442 8,589 Land 9,804 9,023 Property and equipment, net $ 196,371 $ 176,962

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Components of Intangible Assets	All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following tables provide the components of intangible assets, which are included in Other assets in our consolidated balance sheets: June 30, 2019 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 3.0 $ 3,194 $ (2,555 ) $ 639 Total $ 3,194 $ (2,555 ) $ 639 December 31, 2018 Weighted Average Remaining Accumulated Useful Life Gross Amortization Net (Years) Intangibles: Trade name 3.5 $ 3,194 $ (2,449 ) $ 745 Total $ 3,194 $ (2,449 ) $ 745

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Undiscounted Cash Flows for Future Annual Maturities of Operating Lease Liabilities	The undiscounted cash flows for the future annual maturities of our operating lease liabilities and the reconciliation of those total undiscounted cash flows to our lease liabilities as of June 30, 2019 were as follows: 2019 $ 4,990 2020 8,968 2021 5,838 2022 5,023 2023 3,368 Thereafter 1,067 Total undiscounted cash flows $ 29,254 Present value discount (2,228 ) Lease liabilities $ 27,026

Long-Term Debt, Net (Tables)

Long-Term Debt, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: June 30, 2019 December 31, 2018 Net term note to bank due September 7, 2025 $ 33,502 $ 34,389 Total long-term debt, net (including current portion) 33,502 34,389 Less: Current portion (1,775 ) (1,775 ) Total long-term debt, net $ 31,727 $ 32,614

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on Recurring Basis	Included in the following tables are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018: June 30, 2019 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 39,632 $ — $ 39,632 Liabilities: Interest rate swap $ — $ 1,356 $ — $ 1,356 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Commercial paper $ — $ 21,041 $ — $ 21,041 Certificates of deposit $ — $ 6,000 $ — $ 6,000 Interest rate swap $ — $ 17 $ — $ 17

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Earnings Per Share	The following is a reconciliation of net income and the shares of common stock used in the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income $ 48,762 $ 35,722 $ 96,044 $ 76,882 Less: income allocable to participating securities (54 ) (83 ) (107 ) (179 ) Income allocable to common shares $ 48,708 $ 35,639 $ 95,937 $ 76,703 Add back: undistributed earnings allocable to participating securities $ 54 $ 83 $ 107 $ 179 Less: undistributed earnings reallocated to participating securities (54 ) (82 ) (105 ) (176 ) Numerator for diluted earnings per share $ 48,708 $ 35,640 $ 95,939 $ 76,706 Denominator: Basic weighted average shares outstanding 57,569 57,837 57,464 57,815 Dilutive effect of unvested restricted stock 841 884 932 952 Diluted weighted average shares outstanding 58,410 58,721 58,396 58,767 Earnings per share: Basic $ 0.85 $ 0.62 $ 1.67 $ 1.33 Diluted $ 0.83 $ 0.61 $ 1.64 $ 1.31

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Nonvested Restricted Stock Awards Activity	The following table summarizes restricted stock awards activity for the six months ended June 30, 2019: Time-Based Market-Based Restricted Stock Awards Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested shares of restricted stock outstanding at December 31, 2018 806.5 $ 67.54 — $ — Granted 337.2 150.66 281.0 102.76 Vested (274.5 ) 67.74 (280.4 ) 102.76 Forfeited (55.9 ) 88.60 (0.6 ) 102.57 Unvested shares of restricted stock outstanding at June 30, 2019 813.3 $ 100.48 — $ —
Market-Based Shares [Member]
Summary of Market-Based Shares Vesting Activity	The following table summarizes vesting activity for Market-Based Shares during the six months ended June 30, 2019, the associated compensation cost recognized in connection with each vesting event and the number of shares withheld to satisfy tax withholding obligations: Vesting Condition Date Vested Number of Shares Vested Compensation Cost Recognized Upon Vesting Shares Withheld for Taxes 1 Market-based (TEV = $8.65 billion) February 13, 2019 140.2 $14,900 54.5 Market-based (TEV = $9.35 billion) February 22, 2019 140.2 $13,900 55.5 1 All shares withheld to satisfy tax withholding obligations are held as treasury stock.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Newly Adopted Standards in Unaudited Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net cash provided by operating activities		$ 122,768	$ 99,864	[1]
Cash flows from investing activities
Purchase of short-term investments from funds held for clients		(46,425)	(100,902)	[1]
Proceeds from maturities of short-term investments from funds held for clients		34,200	71,500	[1]
Purchases of property and equipment		(34,705)	(31,873)	[1]
Net cash used in investing activities		(46,930)	(61,275)	[1]
Cash flows from financing activities
Net cash provided by (used in) financing activities		119,688	(248,845)	[1]
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		195,526	(210,256)	[1]
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	$ 986,464	986,464	1,098,860	[1]
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period		1,181,990	888,604	[1]
As Previously Reported [Member]
Cash flows from operating activities
Net cash provided by operating activities	80,426		99,864
Cash flows from investing activities
Purchase of short-term investments from funds held for clients	(16,800)		(100,902)
Proceeds from maturities of short-term investments from funds held for clients	14,500		71,500
Net change in funds held for clients	(435,213)		218,809
Purchases of property and equipment	(14,889)		(31,873)
Net cash used in investing activities	(452,402)		157,534
Cash flows from financing activities
Net cash provided by (used in) financing activities	417,565		(248,845)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	45,589		8,553
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	45,718	45,718	46,077
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	91,307		54,630
ASU 2016-18 [Member]
Cash flows from operating activities
Net cash provided by operating activities	80,426		99,864
Cash flows from investing activities
Purchase of short-term investments from funds held for clients	(16,800)		(100,902)
Proceeds from maturities of short-term investments from funds held for clients	14,500		71,500
Purchases of property and equipment	(14,889)		(31,873)
Net cash used in investing activities	(17,189)		(61,275)
Cash flows from financing activities
Net cash provided by (used in) financing activities	417,565		(248,845)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	480,802		(210,256)
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	986,464	986,464	1,098,860
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	1,467,266		888,604
ASU 2016-18 [Member] | Adjustments [Member]
Cash flows from investing activities
Net change in funds held for clients	435,213		(218,809)
Net cash used in investing activities	435,213		(218,809)
Cash flows from financing activities
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	435,213		(218,809)
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	940,746	$ 940,746	1,052,783
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	$ 1,375,959		$ 833,974
[1]	Amounts have been adjusted to reflect the adoption of Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” See Note 2 for summary of adjustments.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - Stock Repurchase Plan [Member] - USD ($)	6 Months Ended
	Jun. 30, 2019	Nov. 30, 2018
Summary Of Significant Accounting Policy [Line Items]
Available authorized repurchase amount	$ 123,500,000
Stock repurchase plan expiration date	Nov. 19, 2020
Number of common stocks repurchased during the period	202,492,000
Stock repurchased, average costs per share	$ 189.78
Maximum [Member]
Summary Of Significant Accounting Policy [Line Items]
Stock repurchase plan, authorized amount		$ 150,000,000

Revenue - Summary of Changes in

Revenue - Summary of Changes in Deferred Revenue Related to Material Right Performance Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Balance, beginning of period	$ 67,511	$ 53,777	$ 64,651	$ 51,624
Deferral of revenue	5,459	5,316	11,020	9,259
Recognition of unearned revenue	(2,966)	(1,904)	(5,667)	(3,694)
Balance, end of period	$ 70,004	$ 57,189	$ 70,004	$ 57,189

Revenue - Additional Informatio

Revenue - Additional Information (Detail 1) $ in Millions	Jun. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 5.1
Deferred revenue expect to recognize period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 9.9
Deferred revenue expect to recognize period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 55
Deferred revenue expect to recognize period

Revenue - Additional Informat_2

Revenue - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Deferred revenue expect to recognize description	We expect to recognize $5.1 million of deferred revenue related to material right performance obligations in the remainder of 2019, $9.9 million of such deferred revenue in 2020, and $55.0 million of such deferred revenue thereafter.

Revenue - Summary of Asset Bala

Revenue - Summary of Asset Balances and Related Amortization Expense For Contract Costs (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Costs to Obtain a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	$ 172,655	$ 136,911	$ 158,989	$ 126,207
Capitalization of Costs	11,811	7,848	31,198	22,970
Amortization	(6,021)	(4,640)	(11,742)	(9,058)
Ending Balance	178,445	140,119	178,445	140,119
Costs to Fulfill a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	113,291	80,589	101,756	72,061
Capitalization of Costs	12,286	9,382	27,291	20,425
Amortization	(3,913)	(2,772)	(7,383)	(5,287)
Ending Balance	$ 121,664	$ 87,199	$ 121,664	$ 87,199

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment and Associated Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property and Equipment [Line Items]
Property and equipment, gross	$ 276,646	$ 242,319
Less: accumulated depreciation and amortization	(102,521)	(82,969)
Property and equipment, net	196,371	176,962
Buildings [Member]
Property and Equipment [Line Items]
Property and equipment, gross	101,630	101,421
Software and Capitalized Software Costs [Member]
Property and Equipment [Line Items]
Property and equipment, gross	83,005	66,634
Computer Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	49,918	39,492
Rental Clocks [Member]
Property and Equipment [Line Items]
Property and equipment, gross	18,688	16,950
Furniture, Fixtures and Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	17,326	16,474
Other [Member]
Property and Equipment [Line Items]
Property and equipment, gross	6,079	1,348
Excluded Land and Construction in Process [Member]
Property and Equipment [Line Items]
Property and equipment, net	174,125	159,350
Land [Member]
Property and Equipment [Line Items]
Property and equipment, net	9,804	9,023
Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	$ 12,442	$ 8,589

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Property and Equipment [Line Items]
Computer software development costs capitalized	$ 6,700,000	$ 4,600,000	$ 15,600,000	$ 11,200,000
Retainage amount included in construction in progress	500,000		500,000		$ 100,000
Interest cost Paid	400,000	400,000	800,000	800,000
Interest Costs Capitalized	100,000	300,000	200,000	700,000
Depreciation and amortization	5,378,000	3,459,000	10,183,000	6,491,000
Property and Equipment [Member]
Property and Equipment [Line Items]
Depreciation and amortization	$ 10,300,000	$ 6,700,000	$ 19,600,000	$ 12,700,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 51,889,000		$ 51,889,000		$ 51,889,000
Goodwill impairment amount			$ 0		$ 0
Weighted average remaining useful life			3 years
Amortization of intangible assets			$ 100,000	$ 100,000
Maximum [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 100,000	$ 100,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Components of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Gross	$ 3,194	$ 3,194
Accumulated Amortization	(2,555)	(2,449)
Net	$ 639	745
Weighted average remaining useful life	3 years
Trade Name [Member]
Finite Lived Intangible Assets [Line Items]
Gross	$ 3,194	3,194
Accumulated Amortization	(2,555)	(2,449)
Net	$ 639	$ 745
Weighted average remaining useful life	3 years	3 years 6 months

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019
Lessee Lease Description [Line Items]
Operating lease, option to extend			true
Deferred rent	$ 1.5		$ 1.5
Lease assets	$ 25.5		$ 25.5
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherNoncurrentAssetsMember		us-gaap:OtherNoncurrentAssetsMember
Short-term lease liabilities	$ 9.3		$ 9.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesAndOtherLiabilities		us-gaap:AccruedLiabilitiesAndOtherLiabilities
Long-term lease liabilities	$ 17.7		$ 17.7
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent		us-gaap:OtherLiabilitiesNoncurrent
Operating lease rent expense	$ 2.4	$ 1.8	$ 4.8	$ 3.6
Cash paid of measurement of operating lease liabilities	$ 2.5		$ 4.7
Weighted average discount rate of operating leases	4.20%		4.20%
Average remaining operating lease term	2 years 9 months 18 days		2 years 9 months 18 days
Operating lease liabilities, lease not yet commenced	$ 3.5		$ 3.5
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease expiration year			2019
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease expiration year			2025
Operating lease option to extend lease term			five years
Accounting Standards Update 2016-02 [Member]
Lessee Lease Description [Line Items]
Estimated operating lease assets and liabilities to be recognized upon adoption					$ 21.6

Leases - Schedule of Undiscount

Leases - Schedule of Undiscounted Cash Flows for Future Annual Maturities of Operating Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 4,990
2020	8,968
2021	5,838
2022	5,023
2023	3,368
Thereafter	1,067
Total undiscounted cash flows	29,254
Present value discount	(2,228)
Lease liabilities	$ 27,026

Long-Term Debt, Net - Schedule

Long-Term Debt, Net - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Capitalization Longterm Debt [Line Items]
Total long-term debt, net (including current portion)	$ 33,502	$ 34,389
Less: Current portion	(1,775)	(1,775)
Total long-term debt, net	31,727	32,614
2025 Consolidated Loan [Member]
Schedule Of Capitalization Longterm Debt [Line Items]
Term note to bank	$ 33,502	$ 34,389

Long-Term Debt, Net - Additiona

Long-Term Debt, Net - Additional Information (Detail) - USD ($)	Apr. 15, 2019	Feb. 12, 2018	Dec. 07, 2017	Jun. 30, 2019	Dec. 31, 2018
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, restrictive covenants				maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0
Line of credit facility agreement date		Feb. 12, 2018
Line of credit facility, maximum borrowing capacity		$ 50,000,000
Line of credit facility, maximum borrwoing capacity may increased subject to obtaining additional lender commitments and certain approvals and other conditions		$ 100,000,000
Line of credit facility, maturity date		Feb. 12, 2020
Line of credit facility, interest rate description				Borrowings under the Facility will generally bear interest at a prime rate plus 1.0% or, at our option, an adjusted LIBOR rate for the interest period in effect for such borrowing plus 1.5%.
Line of credit facility, borrowings outstanding				$ 0
Revolving Credit Agreement [Member] | Wells Fargo Bank, N.A. [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Line of credit facility, maximum borrwoing capacity may increased subject to obtaining additional lender commitments and certain approvals and other conditions	$ 125,000,000
Line of credit facility, maturity date	Apr. 15, 2022
Revolving Credit Agreement [Member] | Swingline Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 5,000,000
Revolving Credit Agreement [Member] | Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000
Revolving Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio required by covenants				125.00%
Revolving Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Funded indebtedness to EBITDA ratio required by covenants				100.00%
Revolving Credit Agreement [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding borrowings interest				1.00%
Revolving Credit Agreement [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Line of credit facility, outstanding borrowings interest				1.50%
New Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, restrictive covenants				maintain a fixed charge coverage ratio of not less than 1.25 to 1.0 and a funded indebtedness to EBITDA ratio of not greater than 2.0 to 1.0.
New Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio required by covenants				125.00%
New Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Funded indebtedness to EBITDA ratio required by covenants				100.00%
New Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument maturity date			Sep. 7, 2025
Term loan, maturity date description				The Term Loans mature on September 7, 2025 and bear interest, at our option, at either (a) a prime rate plus 1.0% or (b) an adjusted LIBOR rate for the interest period in effect for such Term Loan plus 1.5%.
New Credit Agreement [Member] | Term Loan [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			1.00%
New Credit Agreement [Member] | Term Loan [Member] | Adjusted London Interbank Offered Rate LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate			1.50%
New Credit Agreement [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Indebtedness, term loans				$ 31,700,000
Unamortized debt issuance cost				$ 200,000	$ 200,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - Term Loan [Member] - Interest Rate Swap [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Debt instrument maturity date			Sep. 7, 2025
Description of variable rate basis			one-month LIBOR
Debt Instrument, Interest Rate, Stated Percentage	2.54%		2.54%
Derivative Instrument, notional value	$ 35.5		$ 35.5
Interest rate payment description			The objective of the interest rate swap is to reduce the variability in the forecasted interest payments of the Term Loans, which is based on a one-month LIBOR rate versus a fixed interest rate of 2.54% on a notional value of $35.5 million.  Under the terms of the interest rate swap agreement, we will receive quarterly variable interest payments based on the LIBOR rate and will pay interest at a fixed rate
Derivative instrument gain (loss) under fair value	$ (0.8)	$ 0.3	$ (1.4)	$ 1.1

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Available-for-sale Securities [Member] | Certificates of Deposit [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial instruments maturity period	1 year	1 year

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Major Categories of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Commercial Paper [Member]
Assets:
Assets	$ 39,632	$ 21,041
Certificates of Deposit [Member]
Assets:
Assets		6,000
Level 2 [Member] | Commercial Paper [Member]
Assets:
Assets	39,632	21,041
Level 2 [Member] | Certificates of Deposit [Member]
Assets:
Assets		6,000
Interest Rate Swap [Member]
Assets:
Assets		17
Liabilities:
Liabilities	1,356
Interest Rate Swap [Member] | Level 2 [Member]
Assets:
Assets		$ 17
Liabilities:
Liabilities	$ 1,356

Employee Savings Plan and Emp_2

Employee Savings Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Contribution Plan Disclosure [Line Items]
401(k) eligibility minimum service period			90 days
401(k) description of plan contributions			contribution of our employees equal to 100% of the first 1% of salary deferrals and 50% of salary deferrals between 2% and 6%, up to a maximum matching contribution of 3.5% of an employee’s salary each plan year.
Employee vested percentage in salary deferrals and roll over contributions			100.00%
Minimum period for vesting 100% contributions			2 years
Minimum period for vesting of discretionary contributions			2 years
Matching contribution	$ 1,700,000	$ 1,300,000	$ 3,300,000	$ 2,700,000
Employee stock purchase plan overlapping offering period			24 months
Employee Stock Purchase Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Employees Company's common stock shares purchase limit percentage	10.00%		10.00%
Employees Company's common stock shares purchase limit amount			$ 25,000,000
Maximum number of shares that may be purchased by a participant			2,000
Share of common stock purchase maximum			2,000,000
Purchase of shares of common stock			28,475	33,584
Compensation expense related to ESPP	$ 300,000	$ 300,000	$ 900,000	$ 500,000
After Two Years Of Employment [Member]
Defined Contribution Plan Disclosure [Line Items]
Matching contributions, vesting percentage			100.00%
One Hundred Percent Match For Percent Of Participants Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percentage			100.00%
Percentage of salary deferrals			1.00%
50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Employer contribution percentage			50.00%
Minimum [Member]
Defined Contribution Plan Disclosure [Line Items]
401(k) eligible age of employee			18 years
Minimum [Member] | 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			2.00%
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			3.50%
Maximum [Member] | Employee Stock Purchase Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Purchase price of common stock expressed as a percentage of its fair market value			85.00%
Maximum [Member] | 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			6.00%

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income	$ 48,762	$ 47,282	$ 35,722	$ 41,160	$ 96,044	$ 76,882
Less: income allocable to participating securities	(54)		(83)		(107)	(179)
Income allocable to common shares	48,708		35,639		95,937	76,703
Add back: undistributed earnings allocable to participating securities	54		83		107	179
Less: undistributed earnings reallocated to participating securities	(54)		(82)		(105)	(176)
Numerator for diluted earnings per share	$ 48,708		$ 35,640		$ 95,939	$ 76,706
Denominator:
Basic weighted average shares outstanding	57,569		57,837		57,464	57,815
Dilutive effect of unvested restricted stock	841		884		932	952
Diluted weighted average shares outstanding	58,410		58,721		58,396	58,767
Earnings per share:
Earnings per share, basic	$ 0.85		$ 0.62		$ 1.67	$ 1.33
Earnings per share, diluted	$ 0.83		$ 0.61		$ 1.64	$ 1.31

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Nonvested Restricted Stock Awards Activity (Detail)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock outstanding at beginning of period | shares	806,500
Restricted Stock Awards, Granted | shares	337,200
Restricted Stock Awards, Vested | shares	(274,500)
Restricted Stock Awards, Forfeited | shares	(55,900)
Unvested shares of restricted stock outstanding at end of period | shares	813,300
Unvested shares of restricted stock outstanding, Weighted Average Grant Date Fair Value, at beginning of period | $ / shares	$ 67.54
Granted, Weighted Average Grant Date Fair Value | $ / shares	150.66
Vested, Weighted Average Grant Date Fair Value | $ / shares	67.74
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	88.60
Unvested shares of restricted stock outstanding, Weighted Average Grant Date Fair Value, at end of period | $ / shares	$ 100.48
Market-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted Stock Awards, Granted | shares	281,000
Restricted Stock Awards, Vested | shares	(280,400)
Restricted Stock Awards, Forfeited | shares	(600)
Granted, Weighted Average Grant Date Fair Value | $ / shares	$ 102.76
Vested, Weighted Average Grant Date Fair Value | $ / shares	102.76
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	$ 102.57

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	May 31, 2019	Apr. 29, 2019	Apr. 23, 2019	Jan. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Software and Capitalized Software Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized compensation cost					$ 0.7	$ 0.4	$ 4	$ 2.9
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Compensation expense related to ESPP					5.6	$ 3.5	36.7	$ 27
Total unrecognized compensation cost related to unvested restricted stock					$ 72.8		$ 72.8
Unrecognized compensation expected for unvested shares to be recognized							1 year 9 months 18 days
Restricted Stock [Member] | Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights			Time-Based Shares that will vest in either three or four equal tranches annually, generally beginning on the first anniversary of the grant date,  provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date	first three anniversaries
Restricted Stock [Member] | Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights				over periods ranging from two to four years beginning on a specified initial vesting date and thereafter on the anniversaries
Restricted Stock [Member] | Executive Officers [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
Restricted Stock [Member] | Executive Officers [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Restricted Stock [Member] | Market-based Vesting Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares vested				280,960
Restricted Stock [Member] | Vested 50% on the first date that the Company's total enterprise value ("TEV") (calculated as defined in the applicable restricted stock award agreement) equaled or exceeded $8.65 billion [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares				50.00%
Total enterprise value				$ 8,650
Restricted Stock [Member] | Time-based Vesting Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of shares vested				239,109
Restricted Stock [Member] | Vest 50% on the first date that the Company's TEV equaled or exceeded $9.35 billion [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares				50.00%
Total enterprise value				$ 9,350
Restricted Stock [Member] | Tranche One [Member] | Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares				25.00%
Restricted Stock [Member] | Tranche Two [Member] | Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Market-based vesting percentage, restricted shares				25.00%
Restricted Stock [Member] | LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued				520,069
Restricted Stock [Member] | LTIP [Member] | Non Executive Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued	26,000		65,255
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights	Time-Based Shares that will vest over periods ranging from two to four years, provided that the recipient is employed by, or providing services to, the Company on the applicable vesting date.
Restricted Stock [Member] | LTIP [Member] | Non Executive Employees [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Restricted Stock [Member] | LTIP [Member] | Non Executive Employees [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Restricted Stock [Member] | LTIP [Member] | Non Employee Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued		6,816
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		shares of restricted stock will cliff-vest on the seventh day following the first anniversary of the date of grant, provided that such director is providing services to the Company through the applicable vesting date

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Market-Based Shares Vesting Activity (Detail) - Market-Based Shares [Member] - Market-based [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)shares
Vest Date February 13, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Date Vested	Feb. 13, 2019
Number of Shares Vested	140,200
Compensation Cost Recognized Upon Vesting | $	$ 14,900
Shares Withheld for Taxes	54,500
Vest Date February 22, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Date Vested	Feb. 22, 2019
Number of Shares Vested	140,200
Compensation Cost Recognized Upon Vesting | $	$ 13,900
Shares Withheld for Taxes	55,500

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Market-Based Shares Vesting Activity (Parenthetical) (Detail) - Market-Based Shares [Member] - Market-based [Member] $ in Millions	Jun. 30, 2019USD ($)
Vest Date February 13, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
TEV	$ 8,650
Vest Date February 22, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
TEV	$ 9,350

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	16.10%	19.60%