PAYC - Earnings call transcript Q1 2019

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Operator

Good afternoon, and welcome to the Paycom Software First Quarter 2019 Quarterly Results Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Craig Boelte, Chief Financial Officer. Please go ahead, sir.

Craig Boelte

Thank you, and good afternoon.

future I this to not within conference including regarding started, statements that historical the get expected of those during and XXXX. Private made call our Reform meaning we of would forward-looking Securities note like certain facts, performance, the Before are objectives Litigation statements Act plans, that are These call. conference date of forward-looking statements this represent our outlook only as of the

recent differ reasonable, to materially and report made Form believe the or way make our actual the and any results annual and presentation this are uncertainties. filings we based could While are Securities in on risks have Exchange are because expectations statements are most on risks forward-looking XX-K. in current including discussed Commission, uncertainties with These statements our and subject our

and the Chad? available planning investors.paycom.com. use for Executive close EBITDA, non-GAAP and which included financial we President non-GAAP these measures undertake versus update We expressly You A only and may statements Chad these it net our release non-GAAP the is to press we should showing Any a adjusted certain relying future made, date result the on which will factors obligation speaks expenses. performance I'll law. today's call information. GAAP to forward-looking statements, we on during market income, as on and measures, website to adjusted and Officer. consider and except financial Richison, the is of whether by to Also, disclaim not is that adjusted Chief Paycom's gross required the call, refer margin any profit, reconciliation adjusted such certain as or or otherwise, information, our in to course forward-looking as the results of over review events refer new and assess at when do of of now forward-looking schedule gross non-GAAP including purposes. turn alter our applicable after today, issued

Chad Richison

by Thanks early strong ground-breaking call everyone during share discussing first you highlights. remarks the and direct joining another XXXX reviewing new Craig my around then exchange begin other data thank performance by our finish Paycom's details I'll some and to some today. I'll quarter.

accelerated Following review will we in of performance XXXX. our year off take last and robust that We accomplish for exceeded pace the positioning year's comparable approximately our percentage representing to growth financials prior results Craig growth revenue will the then year us Q versus $XXX million another versus period. questions. that first was our guidance quarter. with well objectives XX% kicked Top-line

EBITDA adjusted more a Craig XX% Our of for the in full and his have $XXX also million margin. guidance our details remarks. year represents we're Today, raising will

quarter or Management job system employee increased industry. Capital future HCM having lead and technology value engagement, can this Employee of satisfaction Human to employee usage offering, are productivity, is retention. comprehensive HCM We market to our better performance additional was our the with of strong bringing primarily the sales of our software a Our efforts employee focused higher result concentrated we higher a and believe usage strategy. the

mobile HCM functions. clients' employees ownership solution app their our HR take Our single database to including empowers of our

into made that produces data solution ownership employees differentiated system of exchange believes ROI and released own to full measures make the collection all empowers offering. their we the direct as enhancement Paycom representatives. that HR data of for data process. changes directly well This all data, collection the as its their to quarter, The the client database to employees, firmly direct a in the is our information personal this by data the process. does the reporting within for HCM duplicative points first-of-its-kind a of all new changes data It's efficiency exchange input and clients. During other our the software the by take highly by strongest easily typically overall to data HCM confirm Paycom of industry

exchanges, the their the HCM way Before level had of direct hidden the system. truly within knowing inefficiencies businesses data of processes no availability of and

Now they HCM into to effectively environment. have tool efficiencies the drive their

to broke to into Moving In beautiful Paycom land Texas. early April, highlights. will business recent other Operations be transformed on Grapevine, be It soon another will Center what we our new ground in the facility. exciting see

completed foster X,XXX jobs a this our features expect under Worth will campus talent The to acre pool efforts. growth We be help continued in years. two and XX house area great eventually should Dallas-Fort of

to sales Turning initiatives. our

sales We believe to so we will business at is effectively remain for to beyond, do appropriate the pace us that a top XXXX priority organization and growth, our is and through that allow and our achieve us. expand are revenue which greatest will a and continuing we will for

extremely our anniversary achieve marked on Exchange. also worked I'm April traded of becoming the has during pleased past fifth team Paycom that all hard half this with Stock Finally the And a this New York to together publicly company decade.

most of I'll performance, addition With hard teams in Paycom to to strong Craig and I'm XXXX times call the our the review recognized significantly culture blessed of assembled engagement. over expanded headquarters. our the success In client the exceptional positive conclude, overall yet I'm come. of for been Since and enhancements, and software financials to look the very nearly work is updated is the corporate their doubled beginning number guidance. you and XXXX, new and best Craig? this a of for forward of for continued have our to our and our and the many growth have talented that workplace turn start and year we've to released proud products To financial beyond. footprint and team we numerous industry, to dedication through sales compelling dedication grateful and

Craig Boelte

related year our measures financial discuss on like will XXXX, results full comments everyone the quarter basis. and Before to to for first would a review certain I well quarter be XXXX as remind of outlook I non-GAAP as that my our second

Chad of prior with XX% growth our first $XXX.X As period. the million, were we mentioned, representing total results with over revenues a pleased quarter of year

revenue be to $XXX.X new million comparable a total XXXX, $XXX.X driven primarily first gross profit adjusted the of for margin year gross a wins. quarter quarter of recurring and representing prior quarter revenues, representing XX%. Our for was XX% the revenue by XX% period. the revenues of an total continues first business for million, the adjusted Within Total from was growing growth

or total first year quarter $XX.X was first or X.X% of quarter costs quarter XXXX, EBITDA Total as XX% million compared administrative compared million the were expenses $XX.X total prior the in of total margin period. revenues the XXXX. gross anticipate adjusted of quarter marketing a will was within XXXX. of quarter million the that for first to quarter XX%. revenues quarter expense XXXX million in for of Total to full For compared were to Adjusted first $XX.X and $XXX.X of sales XXXX. adjusted in the in the in R&D million of Adjusted million million XXXX in including the to first year $XX.X the quarter as $XX.X portion in revenues. was or capitalized first compared million of our R&D the first of XXXX range XX% million adjusted expense $XX.X the XX% we Adjusted be of $XX $XX.X the of to XXXX

shares the million shares income on net diluted first based GAAP on per approximately or $XX.X in share XX prior period. was or share Our diluted million $XX.X XX point approximately quarter year $X.XX a per million for based million versus $X.XX the

XX.X% was and vesting to Our tax restricted prior subsequent of our vesting issuance the rate with increased quarter, effective based million due period income compensation of first for stock XXXX stock $X.X In over the quarter non-cash by the market-based conditions. first the year

the approximately restricted basis share quarter million the diluted compensation will impact non-cash per an quarter, XXXX, XXX quarter approximately quarter million shares anticipate versus initiated our average For share quarter lowering $X shares points. income tax had our stock XXXX. in first repurchase an events of we was approximately $X.XX approximately Non-GAAP million has second or in million. be or per based net stock for year share XXXX X.X to anticipate first $XX.X rate of repurchased more to period. second vesting at $XX.X of the We $X.XX XX Paycom million $XX.XX. be the The prior in program in on first it the $X Since we fully expense XX outstanding price shares million on shares million diluted diluted than based

$XX.X balance the and debt equivalent cash to ended of million. of million and with cash sheet, Turning quarter $XX the total we

revenue daily was was the performance billion headquarters. clients $XX.X approximately of Paycom first of represents a expansion related business XXXX. first balance construction reflecting our the of quarter The on this strong from debt funds average the As of at Cash of profitability behalf quarter in financing for held model. million operations the reminder, and $X.X our corporate a

Now year for full quarter turn fiscal let and to the for guidance second me XXXX.

the the year second midpoint rate over million the to XX% growth For of expect in representing of of range total revenues prior million the we a range. comparable quarter $XXX.X $XXX.X approximately at XXXX, period the of

quarter approximately adjusted the the to in of representing EBITDA the of range. of adjusted midpoint $XX.X expect $XX.X million, for second the at EBITDA We range XX% million margin

midpoint With or to range For range. the of guidance increasing million We're increasing to full XXXX, we the a are approximately year-over-year line our $XXX fiscal guidance million our year $XXX at the the representing XX% revenue range. questions. of approximately XXXX growth $XXX the EBITDA million, XX% an also $XXX for that midpoint EBITDA Operator? million adjusted range adjusted a will we open at to of to of of margin

Operator

Lenschow go today our [Operator comes question. question Please Instructions] first ahead with Barclays. with your Raimo from And

RaimoLenschow

And as clients in going Basically, something Chad using going because a charge looks you're tool How nice Is congrats like I see to for? a think something of do can utilize for clients. how the of, I kind on you how to it in show another could you that doing exchanged? better is briefly on kind terms and with then that? Hey, of great about question. are thanks data follow-up or had and to And really you they sales that kind do they a start that of direct process quarter. that how the can you're

ChadRichison

Yes.

by the made this number duplicative It mean is. have if working being and system or system is changes direct our a vehicle is changes data how what I our driving tracks the the so And into almost and dashboard you're the oil a check think so how that's you also you are your employees. direct data of that data indirectly. that everything exchange made shows direct and the a exchange It tracks about tells like of system. is else, health

a you lot These having exchange use success And we're strategy that that really clients to now this. continue I with industry. and this with the numbers so themselves, our ramp death it. our will, direct of And knell, data of drive if ROI collection indirect help in right for process the the data type exists to to and believe is this usage

RaimoLenschow

then like little of look you of Yes, your at with a a And bit revenue mean doing outpacing this make of higher Can you if et I sense, these on R&D R&D for lot you're are things and and really cetera initiatives? that marketing year? for basically like key talk about kind the what like a than okay. you sales are there. you growing the quite some the competitors bit

ChadRichison

being that things of are that are Yes. employee I to usage strategy of to definitely believe lack we're an support difficult developed will find and businesses working to talent. an to our more lack that Well, attract it And the that going compete retain and compete on does our strategy it in usage usage. strategy even businesses lot employee own find a industry. employee hard it industry our to hard in

focused on this two been this talking about And I've much years. so initiative. we're very for

going full most show data it are be really And are changed to own to use our is but when way. system. employee they would aren't This driven relevant. additional our having change now been working employee means as relates you can use and employees employees using employees that things strategy. is just source system agreeing changes of of pay, We by proof focused. for the Obviously, to way made our when to the that's ROI and an on rate And we've usage that to system clients are clients correctly. board be that our by it the their to all future getting what on we're we're really clients the our a in And being as correct

As as the opportunities opportunities point the been changes additional up for model for it each have exist. future, the opens in change, obviously that of on identified opportunities for development have client way far all system we as works. once presents that data the we employees We've It us our in focused that us. of several industry engaged

of a lot so there's things exciting And coming.

Operator

And Samana go with our Samad with ahead next from question. your Jefferies. comes question Please

SamadSamana

investments. and think you about Is it it quarter. a Hi, on sales new sales good afternoon. you as more questions wondering Thanks my you was Chad, and Maybe prioritize to Any open for about timing mentioned how is offices? type great investments should think congrats offices? color investments, taking headcount growth. existing an those potentially on we those give us can potential idea at first, if maybe of I the

ChadRichison

Yes.

that offices to our new as cities mature or for us. their part penetrated the there's offices Again, to would mean continuing we are significantly But well. I are subsequent to that And strategy. add current capacity. strategy So also will right are up were our XXXX are be we're sales we even geographies not in. we for offices to we increase opening all to what's us those years. sales up and of continued under several on we And cities additional the offices of opening as pace that continuing There look set sales offices mature offices with focused up here in have.

SamadSamana

just one Great and if maybe may. I then follow-up,

competitors around some seen upmarket changes. And with customers. increased in that that notable comments quarter there if curious we about quarters of success has with especially recent maybe I your any was the and going company think this think should anything are to I some

ChadRichison

companies. there's Sure. of way this some mean smaller see use technology large definitely and companies I -- type difference you'll in the

automated company to XXX even that to the However, employee is need an company five or employee employee a a employee or X,XXX. similar be of of tasks an employee that have might similar use going have as

so And we've focused been that. on

to of end are We which upper our the client strong to have within up be market, continuing X,XXX. ads would

easier our also as more are with ROI again clear that it board end, top to strategies. are seen into end it We on made clients much to have as as made easier well the range we above focus becomes these on buy sell for of clients we've the our as

Operator

ahead. Zelnick next Credit question And our with Brad comes from go Suisse. Please

UnidentifiedAnalyst

insight congrats Hi. just your It's programs you for what on great you going of year? Brad. relative are your year. my Bevin are made Thanks relative taking to kind campaigns on the expectations? how changes the question you and start and for Can into marketing guys seeing What marketing last to provide us have to some ROI to your

ChadRichison

Yes.

user however, with the with initiative So product new end end has the is able always value add year to it we Payroll our are user, would usage. the our last the greater to user. on end double market I this help to say manager even an users been toward strategy did, are you are down a Since of operating employee using what end still HR time They and employee today. engagement beginning

engagement, really as so our that to XX now And is they that started will the usage. have efforts months you employee our help marketing XX directing ago are clients months more shifting noticed user employee beach about to want toward for employee that soften are really

UnidentifiedAnalyst

data are And some one the Can what are saying? talk exchange? these c-level you then just the with seeing insights some of key Got early the insights it, feedback about of that's executives just or And been helpful. you've follow up. early quick direct

ChadRichison

Yes.

the before system. So didn't your employees you know how were I using really mean

thought have employees the may really were using system. You

and employees percentile all the to XX% have into clients to number We've over to even a has some from call thought Exchange may seen Data we doing. is getting does up are so employees assign hundred. You a XX we're moving what Direct usage as weren't directly Even changed what XX%. the what up good time and go clients

are product that's use big to our when having And And talking on. that. focused clients the And industry how so shift we've how by where --some you use been it's calls we've and information old client what the still what representative a versus different. way that and emails, products are employees They be you're it correctly. to a about make Again, might employee themselves. in doing phone have used and send to input drive been the

exists to can It's so -- there When it's in accurate, about are well. as done just information is it's be a this And about that it's not the employee. inputting of information data. a increase well hands Data lot lot and the and There the And each Direct to and product client of deployed. we've both that in as worker HCM organization's that focused the overall. continued or on the just productivity stay DDX for that reflect health product employee as they've the Exchange retrieval

Operator

from And comes Morgan. Murphy question ahead. Mark go with our next JP Please

MattCoss

afternoon. on Good This Matt Murphy. Hi. behalf of Mark is Coss

what If closed at kind can a interaction outcomes some to retention Are uptick you highlighting you QX, in other decided share of benefiting? any otherwise in result agreed increased of you tell plan those forward employee was or employee with great going percentage know efforts. us I of the mean clients full deals I And look metrics there a strategy? customers you as are any or the anecdotal worth an database? quarter, to how on result last your usage of the which how you

ChadRichison

committed don't tell usage have was those percentage can percentage zero it exact I the first fourth employee to Well, have but quarter. the Sure. you I clients that of strategy. on a XXX

think side. because My grade We opinion the to it's the to way to we all a the backed with this in they're really out not of a now consumer to time or our type going their They're before drove for it check. the base of difficult been add deployed. to was so up to way the bank years. leverage fully products then employee, And quarter of sales the buy emailing companies for system first else it asking HCM all is their a life. everywhere process sale usage use gain sponsorship I client couple payee void them activity employers it if again environment, type first personal driving the not We've really from technology this in is

So doing so that's don't and to percentages, I our in understand shift it we're but bit. know I industry. a zero gone And quite the don't why it's from

As far on as of gain retention that. was of last the correction bit retention number, a little year. for That all

not other demonstrate it And correctly. use and anymore cost correctly. way all the with. our are use And that generally on generating reported a our hammer quarter that we're it as ROI impact engaging mean product to It that retention a it's accepted And to it's a you've using client the greater of with is have been they're when side have in you've strong claw and it turn believe should clients I the people do there to if happen. in hammer nail and of seeing one doesn't product, our bought numbers, very clients base. an our I our and and way you use it we're but We around able if intended imagine prospects by working, happens, beat pound realized and being retention. that the that's being we ROI

Operator

with Brad go Reback ahead comes your question. with Please quest next Stifel. Our from

BradReback

high margin? that customers, much. Great, a if lot very Chad more, thanks start service have the impact employees using at gross any on customers will level from if a

ChadRichison

billing for provide value margin. have are service our you're that that to does does proficient service at uses it capacity to side. to It I additional more that so additional when any for it, product at cost the some same the us doesn't the using results, it the aligned We in someone areas but system, they items both don't the could become you somewhat could correctly. some direct allow, charge ancillary more, allow the level do some believe more on our and

BradReback

the and fairly with Craig. increase a quick up of line? in If follow on about year-over-year. top has increase interest the Great coupled in type you afforded for What balance we that float Thanks. a rates think significant tailwind

CraigBoelte

still interest $X same time the flow, year. rate our year from on funds. Well this about $X.X client over billion last went billion at quarter a quarter to we last That

have last some There invest were the rates year. we like we in upticks just So them past. in

we rate As we're at looked increases guidance year not anticipating any this point. additional this at

Operator

Mark from comes your Please Baird. Marcon question ahead next R.W. question. with with Our go

MarkMarcon

revenue afternoon, implementations Craig. some little with I regards Congratulations a ramp all, to looked great Chad just client year. of bit of pretty the on wondering, you a first you Good you're big jumped had? to the was dramatically. that big about the start Can talk seeing. and like It that implementation

wondering so how you give that. And of little those I a just feel a bit did was for And go? if could implementations

CraigBoelte

implementation the implementation that's over that a implementation. there's of It that a terms quarter revenue, and in clock recognize number for XX-year implementation Mark, in some to revenue well. Well, another was recognize actually we be we as going revenue, as period, strong so so

ChadRichison

Yes. as implementations have implementation the quarter and still you. are as timelines It what for a been they've was and strong as far in past our

to the full the greater prior We as usage usage go-live are system. implementation to we of to deployment seeing drive continue even prior

MarkMarcon

Great if targets new and that now giving for thought wondering we've XXX I'm the you've stellar. then to in margin about some performance had while. a continue place longer-term be

ChadRichison

now. have We not targets updated right long-term our

focused We to on that review being a company. we're definitely are and continuing high-growth

same accelerated I as is in last year at a been I our seeing the this. had what they numbers on growth has think prior growth were consecutive all-- the same to period. than today as now. what far side our --what year, time. years We're that's third higher this that we're over those guiding the are quarter is of right other focused point And we're mean same guidance we our last

mindful definitely And company that. focused our so on of We're we're margins.

on a as everything definitely in I focused definitely our changed we market. believe here And prospects through out to gain of opportunities for things want to we is be so a new which type are do, it's growth day And think but this our looking efficient our has all of of we're in clients that there we deployment good technology. and more efficiency

MarkMarcon

this of percentages more to squeeze terms growth new Can that in what in one just of characterize strong like regards number I with from you're Can in that sales seeing? terms the you of in to then clients you're client adds hiring relative internal our and should also How down? ARPU what sort seeing terms you're we there? break it of and seeing what employee of

ChadRichison

Yes. that it's percentage we years that client clients. back to been far as and I during ACA. to new up would a of after consistent it's a in was consistent as we say we've in of the that can't out current the a somewhat been amount largest It's than returned up mix rollout the the mix past. been upscale Again, call between today have as year has greater normal I percentage with as and had had past. the the past as adds sales sales

Operator

Needham MacDonald Company. Ryan And Please go our from next comes question with & ahead.

RyanMacDonald

Good afternoon, and an area type Greg. customers Congrats on platform for any the customers as solution, as you're case this collect to demand demands within are a seen solution I offer at looking of on create you those you're does to seeing that market among more if the set Data HR that and management providing market at strong the that automation increased up Exchange Chad of broadly a the quarter. customers, automation? customers HCM great we've guess, from you're to is particularly you you those you moving Direct potential and develop data and look for

ChadRichison

Well, that and becomes regular that today. looks somewhat some problem technology sense. does to Yes. that problem always employees what needs a the first We're automate they and don't you appropriate exist We at go then that times create predictable fulfilled. that a functions piece to definitely, be try system, a of make extent usage to can cadence create client a for or of you the of as become identify appropriate incentivize action at certain and

look user we problems exist and And at our buyers, for so, to look more as the that. the we clients of automate that

pushed clients employee additional As software greater for to able be as our well base, been has identifying this it's through fulfill as for to the both out development. Paycom opportunities that to

Operator

comes of question your from Bank America with Lynch. go next with Subramanian question. Merrill our ahead And Shankar Please

ShankarSubramaniam

and Hey. me question for Thank results. you letting on the congrats ask a

the customers. how inefficiencies pain point, in on that on HCM just the the are maybe you help now Can will usage process? how inefficiencies in are? the So I a clients on question and where give And change have elaborate this using a anecdotes some system

ChadRichison

Yes.

if and mean XX now, whether you've right employees requesting show could off, I using mean, in employee HCM system, appropriate rules call, tomorrow coverage schedule, based got if go look got inefficiencies system, have off. the is there decision to that throughout request the or already and So the we has products, could and you've enough even on night you without The time emails complete full be have else. on example at phone and decide to set time up talking that multiple a to off, can email you people that's been to time you that versus our the not both that everything of approve time in I attendant up and one HR make do scheduling themselves end. that at got which system

to management, onward. making general examples, those change editing and mileage expense there's examples, enrollment, there's benefit HR tracking, So

management learning so, piece. is And another

the done departments really across strategies. data both are be the process procurement be middle be, middle and of hadn't anymore. they mean, mean necessary together. remove their And the of no wouldn't they went want it cases. had HR a will of of before, the idea. structure operating all They've Because that to the data and process, doing drive past accounting input. it collection many middle have necessity. mean, make HR the in the And I of lot I been this, been HR to this HR in this of data they clients data you process I efficiencies, in not an data collection helps isn't of out for Well, it's that them so continue has I those put efficient. opportunity and even because and collection for are with own say middle looked in their think to we I more board particular of these this correct. the process one the is initiatives HR type if trying out And to when to because it, departments departments and intent a a get of drive degree in in have in to the to

we of to so, the lot ROI our able And by efficiencies board. across show these increasing being a are

ShankarSubramaniam

it. That's helpful. Got

one follow up. Just quick

participating client then below look this most would think had at you XK you for they're now, XK to XK, competitive If the advantage you list? where new the from markets the and

ChadRichison

Everywhere. you. I don't honest be to with see why anybody wouldn't it use

usage I Just, make No anymore sense wouldn't doing wouldn't strategy. why it of a reason doesn't you employee deploy full somebody were already it if it, you guess. why do

it's more see toward strategic not data working go can that you everybody to I you're strategy them had have something of mean activities outside the more that's but and look that primarily great, much If they at to all ways don't trying that be should better do. revenue cost. software at as and as to something side versus there's necessarily you full I where becoming they get going input, time I HR, and a for have great but mean you, I you you know over it's at generating already look it's get. more when

Operator

your Oppenheimer. And question our with Brian comes with next Please ahead Schwartz question. from go

BrianSchwartz

Chad, you Thanks business too becomes from as the on through all, the we the an bookings that any you're ask Craig, add with shed my today. coming Hi. the maybe about should those how a you way to the light taking for mix at funnel? you mid-market. on the think along upper know percentage Yes. parsing the what on say Thanks. can a that bigger a upper of performance. long-term questions margin of upper increasing congratulations seeing are that question at days of these follow bookings? just funnel is and up then mid-market there implications of my mid-market mix Is deals And wanted least between for I mid-market the question the

ChadRichison

Yes.

first let the I'll take Craig So and the do question latter.

I time always Our was the IPO before. market. I X,XXX remember about quarter companies prior the sold at to of XXXX, five our upper-end at over that I we mix had that we've sold talking employees in had mean that

and so And that was product. a -- and smaller organization sales a much with different

that we to. out want I so those It's that our always at to the really And upper-end that we've businesses market of sold just point market. about

the can't I of a of our versus what clients markets. at other than mix always call say we've out done past success the upper-end today in So had we've different to

the talk Craig let I'll about other. now So

CraigBoelte

the as on Yes. mentioned, would I say I in we've the always And the margin, mid-market. been mid-market as Chad as mean, well upper

So it's between X,XXX. to abandon the not and we're XX like the -- going one, lower

over So anyway. I time see margin mean, lot. had we've already our this changing whole can't a mix I

BrianSchwartz

question. original XQ you're Chad, thinking year? your plans follow-up plan the one how it. this to change about And Thanks. just the outperformance any for And there then if the you wanted hiring given business delivered? is that to as Got ask

ChadRichison

have this not of we changes to year. our Q&A End No, hiring for goals for made any

Chad Richison

right. All call everybody want us thank I joining on Well, the for today. to

be We'll Technology, New XXth And, we road. in next June as Xth continued road Conferences Communications at the following J.P. few you operator. be Over in on investors May the We'll on also soon on Cross at Morgan Services June Sector the the with Thank Baird conferences. Media Paycom, be Boston. months, many Consumer and -- the we'll XXth be meeting Conference appreciate the York. and We Stifel on Conference your forward Technology get you, at you will and of the look in interest on to meeting in finally, Insight Boston. we at

You may disconnect.

Operator

The concluded. today's is presentation. now you Thank attending for conference

may You now disconnect.

Chad Richison	Founder, Chairman, President & CEO
Craig Boelte	CFO, Treasurer & Corporate Secretary
Raimo Lenschow	Barclays
Samad Samana	Jefferies LLC
Matt Coss	JPmorgan
Brad Reback	Stifel
Mark Marcon	R.W. Baird
Ryan MacDonald	Needham & Company
Shankar Subramaniam	Bank of America Merrill Lynch
Brian Schwartz	Oppenheimer

Paycom Software (PAYC) 30 Apr 192019 Q1 Earnings call transcript