Company: PAYC
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000950170-25-024136
Chunk: 83

Company: Paycom Software, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1B
Chunk 83
---
 expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We recognize a valuation allowance to reduce deferred tax assets to the net amount we believe is more likely than not to be realized. 

43

Results of Operations

The following table sets forth selected consolidated statements of income data and such data as a percentage of total revenues for each of the periods indicated, as well as year-over-year changes with respect to each line item. Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, for a discussion of results for the year ended December 31, 2022, including a discussion of the changes in our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022.

    Year Ended December 31,

    2024

    2023

    % Change

    Revenues

    Recurring and other
     
    $
    1,758.3

    93.4
    %
     
    $
    1,585.7

    93.6
    %
     
    10.9%

    Interest on funds held for clients

    124.9

    6.6
    %

    108.0

    6.4
    %
     
    15.7%

    Total revenues

    1,883.2

    100.0
    %

    1,693.7

    100.0
    %
     
    11.2%

    Cost of revenues

    Operating expenses

    267.4

    14.2
    %

    223.7

    13.2
    %
     
    19.5%

    Depreciation and amortization

    67.2

    3.6
    %

    52.6

    3.1
    %
     
    27.8%

    Total cost of revenues

    334.6

    17.8
    %

    276.3

    16.3
    %
     
    21.1%

    Administrative expenses