Paycom Software, Inc. (NYSE:PAYC) Q1 2024 Earnings Call Transcript

Daniel Jester: Okay. Great. And then I apologize if this came up earlier, I joined a little bit late. But on sort of the globalization of Paycom, I think, you are in four countries from a payroll perspective now. Is there any way that you can sort of quantify the amount of penetration that you’ve gotten? And I know, Ireland is brand new, but can you help us think about sort of what the uptake has been thus far as you’ve gone more global? Or is there a certain threshold that you need to see before you’ll be able to share some more context with us about that opportunity? Thanks.

Chad Richison: Sure. And so separating two things. First, I would want to separate our global HCM product from the native payroll developments that we’ve done. So from a global HCM product perspective, we have clients that are utilizing that product globally on the HCM side that are not running international payroll through our system, but they’re getting value through the HR side of our system by using our global HCM product. Now in regards to that, you also have clients that are utilizing the native payroll and Beti that we have in the countries of Canada, Mexico, the U.K. and now Ireland. I believe we’ve put out Canada, I say, July of last year maybe. And so that was the very first one that we’ve done. And I would say, well inside of 12 months, we’ve completed three more.

We didn’t start with the easiest. And there is still a couple of hard ones out there. I can tell you that. We are developing the areas where our US-based clients have the largest number of employees and then kind of as we look internationally, we’re able to really look at — if you look at it from a whole, we believe that 20 or so countries. I believe it is actually around 18 represent over 80% of the opportunity available to us. And so we’ve continued to focus on those.

Operator: Thank you. This concludes the question-and-answer portion of today’s call. I will now turn the call back to Mr. Chad Richison for closing remarks.

Chad Richison: All right. Thank you for joining our call today. I do want to acknowledge and celebrate our 10th anniversary as a publicly-traded company. I want to thank all employees who have contributed to our success and set us up for the next decade of innovation and growth. Over the next couple of months, we’ll be attending the Needham Conference in New York on May 14, the Jefferies Conference in Newport on May 29 and presenting at the Baird Conference in New York on June 6. We look forward to engaging with many of you again soon. Operator, you may end the call. Thank you all.

Operator: Thank you. This concludes today’s conference call. You may now disconnect.