Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Oct. 28, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
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		56,269,005
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

Unaudited Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 375.0	$ 402.0
Accounts receivable	50.4	39.2
Prepaid expenses	63.0	44.4
Inventory	1.8	1.4
Income tax receivable	77.3	11.9
Deferred contract costs	154.6	140.4
Current assets before funds held for clients	722.1	639.3
Funds held for clients	1,819.9	3,665.5
Total current assets	2,542.0	4,304.8
Property and equipment, net	659.8	561.4
Intangible assets, net	40.9	46.2
Goodwill	51.9	51.9
Long-term deferred contract costs	838.3	783.6
Operating lease right-of-use assets	79.7	80.6
Other assets	32.6	31.4
Total assets	4,245.2	5,859.9
Current liabilities:
Accounts payable	20.4	23.9
Accrued commissions and bonuses	24.3	33.0
Accrued payroll and vacation	54.6	59.0
Deferred revenue	29.9	30.0
Operating lease liabilities	23.4	20.4
Accrued expenses and other current liabilities	106.0	74.8
Current liabilities before client funds obligation	258.6	241.1
Client funds obligation	1,819.9	3,665.7
Total current liabilities	2,078.5	3,906.8
Deferred income tax liabilities, net	259.3	149.7
Long-term deferred revenue	121.2	114.6
Long-term operating lease liabilities	61.1	63.0
Other long-term liabilities	15.7	49.9
Total long-term liabilities	457.3	377.2
Total liabilities	2,535.8	4,284.0
Commitments and contingencies (Note 12 "Commitments and Contingencies")
Stockholders' equity:
Common stock, $0.01 par value (100.0 shares authorized, 63.5 and 63.0 shares issued at September 30, 2025 and December 31, 2024, respectively; 55.3 and 55.9 shares outstanding at September 30, 2025 and December 31, 2024, respectively)	0.6	0.6
Additional paid-in capital	843.3	724.8
Retained earnings	2,162.5	1,887.5
Accumulated other comprehensive earnings (loss)	0.4	(0.6)
Treasury stock, at cost (8.2 and 7.1 shares at September 30, 2025 and December 31, 2024, respectively)	(1,297.4)	(1,036.4)
Total stockholders’ equity	1,709.4	1,575.9
Total liabilities and stockholders’ equity	$ 4,245.2	$ 5,859.9

Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
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	63,500,000	63,000,000
Common stock, shares outstanding	55,300,000	55,900,000
Treasury stock, shares	8,200,000	7,100,000

Unaudited Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Total revenues	$ 493.3	$ 451.9	$ 1,507.4	$ 1,389.3
Cost of revenues
Operating expenses	64.1	70.8	198.8	201.9
Depreciation and amortization	21.3	17.5	58.8	48.9
Total cost of revenues	85.4	88.4	257.6	250.9
Administrative expenses
Sales and marketing	125.7	104.5	352.6	326.9
Research and development	74.1	63.0	211.2	175.9
General and administrative	71.9	70.6	207.8	92.6
Depreciation and amortization	23.6	20.5	68.1	57.2
Total administrative expenses	295.3	258.7	839.7	652.6
Total operating expenses	380.7	347.1	1,097.3	903.5
Operating income	112.6	104.9	410.1	485.8
Interest expense	(1.1)	(0.8)	(2.7)	(2.4)
Other income (expense), net	41.3	4.2	52.9	14.0
Income before income taxes	152.8	108.3	460.3	497.5
Provision for income taxes	42.1	35.0	120.7	109.1
Net income	$ 110.7	$ 73.3	$ 339.6	$ 388.4
Earnings per share, basic	$ 1.97	$ 1.31	$ 6.06	$ 6.9
Earnings per share, diluted	$ 1.96	$ 1.31	$ 6.02	$ 6.89
Weighted average shares outstanding:
Basic	56,113	55,929	56,068	56,307
Diluted	56,427	55,964	56,382	56,365
Comprehensive earnings:
Net income	$ 110.7	$ 73.3	$ 339.6	$ 388.4
Unrealized net gains on available-for-sale securities	0.4	0.1	0.9	1.3
Tax effect	(0.2)		0.1	(0.4)
Other comprehensive income, net of tax	0.2	0.1	1.0	0.9
Comprehensive earnings:	110.9	73.4	340.6	389.3
Recurring and Other [Member]
Revenues
Total revenues	466.5	421.8	1,421.6	1,293.4
Interest on Funds Held for Clients [Member]
Revenues
Total revenues	$ 26.8	$ 30.1	$ 85.8	$ 95.9

Unaudited Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Earnings (Loss) [Member]	Treasury Stock [Member]
Beginning balance, value at Dec. 31, 2023		$ 0.6	$ 724.4	$ 1,470.0	$ (1.0)	$ (891.0)
Beginning balance, shares at Dec. 31, 2023		62,700,000
Treasury Stock, beginning balance, shares at Dec. 31, 2023						6,100,000
Vesting of restricted stock, shares		200,000
Stock-based compensation			(26.6)
Net income	$ 388.4			388.4
Dividends declared				(62.9)
Repurchases of common stock						$ (138.1)
Repurchases of common stock, shares						900,000
Other comprehensive earnings (loss), net of tax					0.9
Treasury Stock, ending balance, shares at Sep. 30, 2024						7,000,000
Ending balance, value at Sep. 30, 2024	$ 1,464.7	$ 0.6	697.9	1,795.5	(0.2)	$ (1,029.2)
Ending balance, shares at Sep. 30, 2024	55,900,000	62,900,000
Beginning balance, value at Jun. 30, 2024		$ 0.6	667.2	1,743.6	(0.3)	$ (984.6)
Beginning balance, shares at Jun. 30, 2024		62,900,000
Treasury Stock, beginning balance, shares at Jun. 30, 2024						6,700,000
Stock-based compensation			30.7
Net income	$ 73.3			73.3
Dividends declared				(21.4)
Repurchases of common stock						$ (44.6)
Repurchases of common stock, shares						300,000
Other comprehensive earnings (loss), net of tax					0.1
Treasury Stock, ending balance, shares at Sep. 30, 2024						7,000,000
Ending balance, value at Sep. 30, 2024	$ 1,464.7	$ 0.6	697.9	1,795.5	(0.2)	$ (1,029.2)
Ending balance, shares at Sep. 30, 2024	55,900,000	62,900,000
Beginning balance, value at Dec. 31, 2024	$ 1,575.9	$ 0.6	724.8	1,887.5	(0.6)	$ (1,036.4)
Beginning balance, shares at Dec. 31, 2024		63,000,000
Treasury Stock, beginning balance, shares at Dec. 31, 2024	7,100,000					7,100,000
Vesting of restricted stock, shares		500,000
Stock-based compensation			117.3
Net income	$ 339.6			339.6
Dividends declared				(64.6)
Repurchases of common stock						$ (263.3)
Repurchases of common stock, shares						1,200,000
Employee stock purchase program			1.2			$ 2.3
Employee stock purchase program, shares	35,284
Other comprehensive earnings (loss), net of tax					1.0
Treasury Stock, ending balance, shares at Sep. 30, 2025	8,200,000					8,200,000
Ending balance, value at Sep. 30, 2025	$ 1,709.4	$ 0.6	843.3	2,162.5	0.4	$ (1,297.4)
Ending balance, shares at Sep. 30, 2025	55,300,000	63,500,000
Beginning balance, value at Jun. 30, 2025		$ 0.6	801.9	2,073.3	0.2	$ (1,074.1)
Beginning balance, shares at Jun. 30, 2025		63,500,000
Treasury Stock, beginning balance, shares at Jun. 30, 2025						7,200,000
Stock-based compensation			40.2
Net income	$ 110.7			110.7
Dividends declared				(21.5)
Repurchases of common stock						$ (225.6)
Repurchases of common stock, shares						1,000,000
Employee stock purchase program			1.2			$ 2.3
Other comprehensive earnings (loss), net of tax					0.2
Treasury Stock, ending balance, shares at Sep. 30, 2025	8,200,000					8,200,000
Ending balance, value at Sep. 30, 2025	$ 1,709.4	$ 0.6	$ 843.3	$ 2,162.5	$ 0.4	$ (1,297.4)
Ending balance, shares at Sep. 30, 2025	55,300,000	63,500,000

Unaudited Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared per share	$ 0.375	$ 0.375	$ 0.375	$ 0.375
Number of common stock shares issued from treasury shares			15,529

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 339.6	$ 388.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	126.9	106.2
Stock-based compensation expense	91.8	(45.5)
Amortization of debt issuance costs	1.1	0.8
Gain on disposition of property and equipment	(0.1)
Accretion of discount on available-for-sale securities	(9.2)	(0.1)
Non-cash marketing expense	0.9	1.2
Deferred income taxes, net	109.6	(3.8)
Gain on modification of naming rights agreement	(35.6)
Other	0.5	(0.1)
Changes in operating assets and liabilities:
Accounts receivable	(11.2)	(4.1)
Prepaid expenses	(16.9)	(8.0)
Inventory	(0.4)	0.9
Other assets	(2.3)	(1.7)
Deferred contract costs	(65.5)	(84.4)
Income taxes, net	(65.4)	8.1
Accounts payable	(2.8)	13.1
Accrued commissions and bonuses	(8.7)	(7.1)
Accrued payroll and vacation	(4.4)	(6.6)
Deferred revenue	6.5	11.8
Accrued expenses and other current liabilities	26.5	3.9
Net change in operating right-of-use assets and operating lease liabilities	1.9	0.6
Net cash provided by operating activities	482.8	373.5
Cash flows from investing activities
Purchases of investments from funds held for clients	(711.9)	(24.9)
Proceeds from investments from funds held for clients	250.0	200.0
Purchases of property and equipment	(197.4)	(141.5)
Proceeds from sale of property and equipment	0.1
Net cash (used in) provided by investing activities	(659.2)	33.5
Cash flows from financing activities
Repurchases of common stock	(218.9)	(122.8)
Withholding taxes paid related to net share settlements	(42.4)	(14.4)
Dividends paid	(64.1)	(63.7)
Proceeds from employee stock purchase plan	3.0
Net change in client funds obligation	(1,845.8)	(888.4)
Net cash (used in) provided by financing activities	(2,168.2)	(1,089.3)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(2,344.6)	(682.3)
Cash, cash equivalents, restricted cash and restricted cash equivalents
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period	4,042.8	2,422.8
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	1,698.2	1,740.5
Cash and cash equivalents	375.0	325.8
Restricted cash included in funds held for clients	1,323.2	1,414.7
Total cash, cash equivalents, restricted cash and restricted cash equivalents, end of period	1,698.2	1,740.5
Non-cash investing and financing activities:
Purchases of property and equipment, accrued but not paid	6.0	3.6
Stock-based compensation for capitalized software	20.4	13.9
Right of use assets obtained in exchange for operating lease liabilities	$ 13.2	$ 17.5

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 110.7	$ 73.3	$ 339.6	$ 388.4

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Arrangements During the quarter ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted, modified, or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408(a) of Regulation S-K).
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Organization and Description of Business

9 Months Ended

Sep. 30, 2025

Organization And Description Of Business Abstract

Organization and Description of Business

1.

ORGANIZATION AND DESCRIPTION OF BUSINESS

Paycom Software, Inc. (“Software”), together with its wholly owned subsidiaries (collectively, the “Company”), is a leading provider of a comprehensive, cloud-based human capital management (“HCM”) solution 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 payroll, talent acquisition, talent management, human resources (“HR”) management and time and labor management applications.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
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, 2024 (the “Form 10-K”) filed with the Securities and Exchange Commission (“SEC”) on February 20, 2025. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the financial results of Software and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial statements that permit reduced disclosure for interim periods. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for the fair presentation of our results for the interim periods presented. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes presented in the Form 10-K. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results expected for the full year. In 2024, the Office of the Comptroller of the Currency (the “OCC”) issued final approval to Paycom National Trust Bank, National Association (the “Paycom National Trust Bank”), our wholly owned subsidiary, to operate as a national trust bank pursuant to the National Bank Act and relevant OCC regulations. Paycom National Trust Bank is the primary trustee of Paycom Client Trust, our grantor trust (the “Client Trust”), which now holds substantially all client payroll and related funds and is responsible for the oversight and management of those client funds. We have determined that the Client Trust is a variable interest entity that meets the criteria established for consolidation in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidation”. We are the sole beneficial owner of the Client Trust, and we have the power to direct its activities and a controlling financial interest in its economic performance. For the year ended December 31, 2024, we changed the presentation of revenues on the consolidated statements of comprehensive income to disaggregate interest on funds held for clients and combine recurring and other revenues. Prior period amounts have been reclassified to conform to this presentation. Reclassifications for the presentation of revenue did not have a material impact on previously reported amounts or change total revenues. In the fourth quarter of 2024, we adopted the presentation of dollar amounts in millions, except amounts per share. As a result, amounts presented for prior periods may differ immaterially from those reported in previous filings and some amounts may not sum due to rounding. All percentages have been calculated using unrounded amounts. Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands reportable segment disclosure requirements for public business entities by requiring disclosures of significant reportable segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment’s profit or loss. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this ASU retrospectively on December 31, 2024. See Note 14 “Segment Reporting” for further information. 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 lives 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. In the third quarter of 2025, we completed an assessment of the useful lives of our servers and network equipment. Based on this assessment, we increased the estimated useful lives of these assets from three years to six years, effective as of the beginning of the third quarter of 2025. This change in accounting estimate has been applied prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three and nine months ended September 30, 2025. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful lives for the full year. Seasonality Our revenues are seasonal in nature. Generally, we expect our first and fourth quarter recurring revenues to be higher than other quarters during the year because payroll tax filing forms and Affordable Care Act (“ACA”) forms are typically processed in the first quarter, and unscheduled payroll runs (such as bonuses) for our clients are typically concentrated in the fourth quarter. In addition, these seasonal fluctuations in recurring revenues impact operating income. Historical results impacted by these seasonal trends should not be considered a reliable indicator of our future results of operations. Segment Information We operate in a single operating segment and a single reporting segment. Operating segments are defined as components of an enterprise about which separate financial information is regularly evaluated by the CODM function (which is fulfilled by our Chief Executive Officer) in deciding how to allocate resources and in assessing performance. Our Chief Executive Officer allocates resources and assesses performance based upon financial information at the consolidated level. See Note 14 “Segment Reporting” for additional information. Funds Held for Clients and Client Funds Obligation As part of our payroll and payroll tax filing services, we collect funds from our clients for employment taxes and payroll obligations, which we remit to the appropriate tax agencies and accounts designated by our clients. We typically invest these funds and earn interest income during the period between receipt and disbursement of such funds. These investments are shown in our consolidated balance sheets as funds held for clients, and the associated liability for the tax filings is shown as client funds obligation. The liability is recorded 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. We typically invest funds held for clients in money market funds, demand deposit accounts, certificates of deposit, commercial paper and U.S. treasury securities. Short-term investments in instruments with an original maturity of less than three months are classified as cash and cash equivalents within funds held for clients in the consolidated balance sheets. Investments in instruments with an original maturity greater than three months are classified as available-for-sale securities and are also included within funds held for clients in the consolidated balance sheets. These available-for-sale securities are recorded at fair value, with the difference between the amortized cost and fair value of these available-for-sale securities recorded as unrealized net gains (losses) on available-for-sale securities, and are included within comprehensive earnings (loss) in the consolidated statements of comprehensive income. 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. Additionally, the funds held for clients is classified as restricted cash and restricted cash equivalents and presented within the reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents on the consolidated statements of cash flows. We report the cash flows related to the purchases of investments from funds held for clients and related to the proceeds from the maturities of investments from funds held for clients on a gross basis in the cash flows from investing activities section of the consolidated statements of cash flows. Additionally, we report cash flows related to cash received from and paid on behalf of clients on a net basis within net change in client funds obligation in the cash flows from financing activities section of the consolidated statements of cash flows. 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 July 2024, our Board of Directors authorized the repurchase of up to $1.5 billion of our common stock. As of September 30, 2025, there was $1.22 billion available for repurchases under our stock repurchase plan. 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 equity incentive awards and other corporate considerations. The current stock repurchase plan will expire on August 15, 2026. During the nine months ended September 30, 2025, we repurchased an aggregate of 1,176,494 shares of our common stock at an average cost of $222.05 per share, including 172,642 shares withheld to satisfy tax withholding obligations for certain employees upon the vesting of equity incentive awards. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance allows for adoption using either a prospective or retrospective transition method. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires public businesses disclose additional information about specific expense categories in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3.

REVENUE RECOGNITION

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 derived from contracts with clients. Sales and other applicable taxes are excluded from revenues.

Recurring and Other Revenues

Recurring revenues are derived primarily from our payroll, talent acquisition, talent management, HR management and time and labor management applications, fees charged for form ﬁlings and delivery of client payroll checks and reports, and revenues associated with background checks and income and employment verification services. Payroll includes Beti®, Payroll and Payroll Tax Management, Vault, Everyday®, Paycom Pay®, Client Action Center, Expense Management, Garnishment Administration and GL Concierge applications. Talent acquisition includes our Applicant Tracking, Enhanced Background Checks®, Onboarding, E-Verify® and Tax Credits applications. Talent management includes our Employee Self-Service®, Compensation Budgeting, Performance Management, Position Management and Paycom Learning applications. HR management includes our Manager on-the-Go®, Direct Data Exchange®, Ask Here, Documents and Checklists, Government and Compliance, Beneﬁts Administration, COBRA Administration, Personnel Action Forms and Performance Discussion Forms, Paycom Surveys, Enhanced ACA and Clue® applications. Time and labor management includes Time and Attendance, Scheduling, Time-Off Requests featuring GONE®, and Labor Allocation applications. In addition, with Global HCM™, a number of our HCM applications and tools are available in 15 languages and dialects and are accessible to users in more than 190 countries. Enhancing the value of our comprehensive product suite is IWant™, our industry-first command driven AI engine empowering users to navigate and access their information within our unified database.

We consider our commitment in our customer contracts to be a series of distinct services that together constitute a single performance obligation that is generally satisfied over time and recognized during each client’s payroll period. The agreed-upon fee is variable consideration that is determined by client usage, billed and collected as part of our processing of the client’s payroll. The client’s use of our applications routinely fluctuates based upon factors that include the number of payrolls run and changes in the client’s employee population. These usage-based fluctuations do not change our core performance obligation to stand ready to provide the customer with services for the remainder of the contractual term. Collectability is reasonably assured as the fees are generally 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 the majority of contracts associated with these revenues is one month due to the fact that both we and the client typically have the unilateral right to terminate a wholly unperformed contract without compensating the other party by providing 30 days’ notice of termination. 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, which we periodically assess for price adjustments. Because the variable consideration in our client contracts is allocated entirely to a wholly unsatisfied promise to transfer a series of distinct services forming a single performance obligation, we are not required to disclose the value of unsatisfied performance obligations.

Other revenues consist of nonrefundable implementation fees, which are charged upfront 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 time and attendance application. Although these revenues are related to our recurring revenues, they represent distinct performance obligations. 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 renew at the end of the contract period. The nonrefundable upfront fee is typically collected upon contract inception and is deferred and recognized ratably over the period that our client realizes the benefits from the material right (i.e., 10-year estimated client life). We conduct an annual analysis of client retention data to support our client life estimate. A change in our client life estimate could have a material impact on the timing and amounts recognized as revenue for nonrefundable upfront fees.

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.

For additional information, see Note 14 “Segment Reporting”.

Interest on Funds Held for Clients

Interest income on funds held for clients is earned on funds that are collected from clients in advance of either the applicable due date for payroll tax submissions or the applicable disbursement date for employee payment services. The interest earned on these funds is included in revenues in the consolidated statements of comprehensive income as the collection, holding, and remittance of these funds are essential components of providing these services.

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 generally do not recognize a contract asset or liability resulting from the timing of revenue recognition and invoicing.

Changes in deferred revenue for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Balance, beginning of period	$	149.7		$	142.4		$	144.6		$	130.5
Recognition of revenue included in beginning of period balance		(11.1	)		(11.6	)		(32.5	)		(27.6	)
Contract balance, net of revenue recognized during the period		12.5			11.5			39.0			39.4
Balance, end of period	$	151.1		$	142.3		$	151.1		$	142.3

We expect to recognize $10.5 million of deferred revenue in the remainder of 2025, $26.2 million in 2026, and $114.4 million 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, “Other Assets and Deferred Costs”. 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 ratably over the expected period of benefit, which we have determined to be the estimated life of the client relationship of 10 years, primarily because we incur no new costs to obtain, or costs to fulfill, a contract upon renewal. A change in our client life estimate could have a material impact on the timing and amounts recognized as amortization expense.

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.

The assets related to both costs to obtain, and costs to fulfill, contracts with customers 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 is included in sales and marketing expenses and general and administrative expenses in the accompanying consolidated statements of comprehensive income. We regularly review our assets recognized from the costs to obtain and costs to fulfill client contracts for potential impairment and did not recognize an impairment loss during the nine months ended September 30, 2025 or 2024.

The following tables present the asset balances and related amortization expense for these contract costs:


	As of and for the Three Months Ended September 30, 2025
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	444.7	$	28.3	$	(18.5	)	$	454.5
Costs to fulfill a contract	$	527.7	$	30.8	$	(20.1	)	$	538.4

	As of and for the Three Months Ended September 30, 2024
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	397.0	$	27.2	$	(16.2	)	$	407.9
Costs to fulfill a contract	$	459.7	$	36.8	$	(16.8	)	$	479.7


	As of and for the Nine Months Ended September 30, 2025
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	425.7	$	83.0	$	(54.2	)	$	454.5
Costs to fulfill a contract	$	498.3	$	98.1	$	(58.0	)	$	538.4

	As of and for the Nine Months Ended September 30, 2024
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	378.5	$	76.9	$	(47.4	)	$	407.9
Costs to fulfill a contract	$	420.0	$	107.7	$	(48.0	)	$	479.7

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

4.

PROPERTY AND EQUIPMENT

Property and equipment and accumulated depreciation and amortization were as follows:


	September 30, 2025			December 31, 2024
Property and equipment
Software and capitalized software development costs	$	628.7		$	497.2
Buildings		300.1			275.6
Computer equipment		275.5			203.2
Rental clocks		51.5			48.0
Furniture, fixtures and equipment		42.8			41.9
Other		20.9			20.7
		1,319.5			1,086.6
Less: accumulated depreciation and amortization		(697.4	)		(576.4	)
		622.1			510.2
Construction in progress		1.2			14.7
Land		36.5			36.5
Property and equipment, net	$	659.8		$	561.4

We capitalize software development costs related to software developed or obtained for internal use in accordance with ASC 350-40, “Other Assets and Deferred Costs”. For the three and nine months ended September 30, 2025, we capitalized $43.5 million and $114.2 million, respectively, of software development costs related to software developed or obtained for internal use. For the three and nine months ended September 30, 2024, we capitalized $33.4 million and $94.4 million, respectively, of software development costs related to software developed or obtained for internal use.

Rental clocks included in property and equipment, net in the consolidated balance sheets, 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.

Prior to the repayment of our debt on November 21, 2023, we capitalized interest costs incurred for indebtedness related to construction in progress. For the three and nine months ended September 30, 2025, we incurred interest costs of $1.1 million and $2.7 million, respectively, none of which was capitalized. For the three and nine months ended September 30, 2024, we incurred interest costs of $0.8 million and $2.4 million, respectively, none of which was capitalized.

Depreciation and amortization expense for property and equipment was $41.5 million and $121.5 million for the three and nine months ended September 30, 2025, respectively. Depreciation and amortization expense for property and equipment was $37.1 million and $103.2 million for the three and nine months ended September 30, 2024, respectively.

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

5.

GOODWILL AND INTANGIBLE ASSETS, NET

As of both September 30, 2025 and December 31, 2024, goodwill was $51.9 million. We have selected June 30 as our annual goodwill impairment testing date. We performed a qualitative impairment test of our goodwill and concluded that, as of June 30, 2025, it was more likely than not that the fair value exceeded the carrying value and, therefore, goodwill was not impaired. As of September 30, 2025 and December 31, 2024, there were no indicators of impairment.

In June 2021, in connection with our marketing initiatives, we purchased the naming rights to the downtown Oklahoma City arena that is currently home to the Oklahoma City Thunder National Basketball Association franchise. Under the terms of the naming rights agreement, we committed to make escalating annual sponsorship fee payments from 2021 to 2035. In July 2025, the naming rights agreement was amended to provide, among other things, that the agreement and our obligation to make the previously disclosed annual sponsorship fee payments thereunder will terminate on the earlier of (i) September 30, 2028 or (ii) the date of the last event hosted or presented at the current arena (subject to earlier termination in certain limited circumstances), with a reduction in the sponsorship fee if the term of the agreement ends prior to September 30, 2028 and in certain other limited circumstances. The amendment did not otherwise impact our obligation to make the previously disclosed annual sponsorship fee payments for the remainder of the amended agreement term. The cost of the naming rights has been recorded as an intangible asset with an offsetting liability as of the date of the contract. The intangible asset is being amortized over the remainder of the agreement term on a straight-line basis. The difference between the present value of the offsetting liability and actual cash payments is being relieved through sales and marketing expense using the effective interest method over the remainder of the agreement term.

As a result of the amendment to the naming rights agreement, the Company recognized a $35.6 million gain with respect to the released portion of the liability. The gain is included in other income (expense), net in the consolidated statements of comprehensive income.

All of our intangible assets other than goodwill are considered to have definite lives and, as such, are subject to amortization. The following tables present the components of intangible assets within our consolidated balance sheets:


	September 30, 2025
	Weighted Average Remaining Useful Life	Gross		Accumulated Amortization			Net
	(Years)
Intangibles:
Naming rights	3.0	$	60.2	$	(19.3	)	$	40.9
Total		$	60.2	$	(19.3	)	$	40.9


	December 31, 2024
	Weighted Average Remaining Useful Life	Gross		Accumulated Amortization			Net
	(Years)
Intangibles:
Naming rights	11.8	$	60.2	$	(14.0	)	$	46.2
Total		$	60.2	$	(14.0	)	$	46.2

Amortization of intangible assets for the three and nine months ended September 30, 2025 was $3.4 million and $5.4. million, respectively. Amortization of intangible assets for the three and nine months ended September 30, 2024 was $1.0 million and $2.9 million, respectively. We estimate the aggregate amortization expense will be $3.4 million for the remainder of 2025, $13.6 million for each of 2026 and 2027, and $10.3 million for 2028.

Long-Term Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

6.

LONG-TERM DEBT

Paycom Payroll, LLC, Software, and certain other subsidiaries of Software (collectively, the “Loan Parties”) are party to a credit agreement (as amended from time to time, the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as a lender, swingline lender and issuing bank, the lenders from time to time party thereto (collectively with JPMorgan Chase Bank, N.A., the “Lenders”), and JPMorgan Chase Bank, N.A., as the administrative agent.

The Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) in the aggregate principal amount of up to $1.0 billion, and the ability to request an incremental facility of up to an additional $500.0 million, subject to obtaining additional lender commitments and certain approvals and satisfying certain other conditions. The Credit Agreement includes a $25.0 million sublimit for swingline loans and a $6.5 million sublimit for letters of credit. All loans under the Credit Agreement will mature on July 29, 2027 (the “Scheduled Maturity Date”). Unamortized debt issuance costs of $1.7 million as of September 30, 2025 are included in other assets on our consolidated balance sheets.

As of September 30, 2025, there was no debt outstanding under the Revolving Credit Facility.

Subject to certain conditions set forth in the Credit Agreement, we may borrow, prepay and reborrow under the Revolving Credit Facility and terminate or reduce the Lenders’ commitments at any time prior to the Scheduled Maturity Date. We are required to pay a quarterly commitment fee on the daily amount of the undrawn portion of the revolving commitments under the Revolving Credit Facility at a rate per annum of (i) 0.20% if the Company’s consolidated leverage ratio is less than 1.0 to 1.0; (ii) 0.225% if the Company’s consolidated leverage ratio is greater than or equal to 1.0 to 1.0 but less than 2.0 to 1.0; (iii) 0.25% if the Company’s consolidated leverage ratio is greater than or equal to 2.0 to 1.0 but less than 3.0 to 1.0; or (iv) 0.275% if the Company’s consolidated leverage ratio is greater than or equal to 3.0 to 1.0.

Under the Credit Agreement, we are required to maintain as of the end of each fiscal quarter a consolidated interest coverage ratio of not less than 3.0 to 1.0 and a consolidated leverage ratio of not greater than 3.25 to 1.0, stepping down to 3.0 to 1.0 as of December 31, 2025 and thereafter. Additionally, the 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 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. As of September 30, 2025, we were in compliance with these covenants. Our obligations under the Credit Agreement are secured by a senior security interest in all personal property of the Loan Parties.

Corporate Investments and Funds Held for Clients

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Corporate Investments and Funds Held For Clients

7.

CORPORATE INVESTMENTS AND FUNDS HELD FOR CLIENTS

The tables below present our cash and cash equivalents, the funds held for clients cash and cash equivalents as well as the investments that were included within funds held for clients on the consolidated balance sheets:


	September 30, 2025
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	375.0	$	—	$	—		$	375.0
Funds held for clients cash and cash equivalents		1,323.2		—		—			1,323.2
Available-for-sale securities(1):
U.S. treasury securities		496.0		0.7		—			496.7
Total investments	$	2,194.2	$	0.7	$	—		$	2,194.9


	December 31, 2024
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	402.0	$	—	$	—		$	402.0
Funds held for clients cash and cash equivalents		3,640.8		—		—			3,640.8
Available-for-sale securities(1):
U.S. treasury securities		24.9		—		(0.2	)		24.7
Total investments	$	4,067.7	$	—	$	(0.2	)	$	4,067.5

(1)

All available-for-sale securities were included within the funds held for clients.

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of September 30, 2025, are as follows:


	September 30, 2025
	Securities in unrealized loss position for less than 12 months				Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value
U.S. treasury securities	$	—	$	24.9	$	—	$	—	$	—	$	24.9
Total	$	—	$	24.9	$	—	$	—	$	—	$	24.9

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2024, are as follows:


	December 31, 2024
	Securities in unrealized loss position for less than 12 months					Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses			Fair value
U.S. treasury securities	$	(0.2	)	$	24.7	$	—	$	—	$	(0.2	)	$	24.7
Total	$	(0.2	)	$	24.7	$	—	$	—	$	(0.2	)	$	24.7

We did not make any reclassification adjustments out of accumulated other comprehensive income for realized gains or losses on the sale or maturity of available-for-sale securities for the nine months ended September 30, 2025 or 2024. There were no realized gains or losses on the sale of available-for-sale securities for the nine months ended September 30, 2025 or 2024.

We regularly review the composition of our investment portfolio and did not recognize any credit impairment losses during the nine months ended September 30, 2025 or 2024. We believe it is probable that the principal and interest will be

collected in accordance with contractual terms and that the unrealized losses on these securities were due to changes in interest rates and were not due to increased credit risk. As of September 30, 2025, our U.S. treasury securities held a rating of AA+.

Expected maturities of available-for-sale securities at September 30, 2025 are as follows:


Expected maturity	Amortized cost		Fair value
One year or less	$	454.2	$	454.5
One year to five years		41.8		42.2
Total available-for-sale securities	$	496.0	$	496.7

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

8.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, funds held for clients and client funds obligation. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, funds held for clients and client funds obligation approximates fair value.

Our corporate investments consist primarily of money market funds and demand deposit accounts and are classified as cash and cash equivalents on the consolidated balance sheets.

As discussed in Note 2 “Summary of Significant Accounting Policies”, we typically invest the funds held for clients in money market funds, demand deposit accounts, certificates of deposit, commercial paper and U.S. treasury securities. Short-term investments in instruments with an original maturity of less than three months are classified as cash and cash equivalents within funds held for clients in the consolidated balance sheets. Investments in instruments with an original maturity greater than three months are classified as available-for-sale securities and are also included within funds held for clients in the consolidated balance sheets. These available-for-sale securities are recognized at fair value, with the difference between the amortized cost and fair value of these available-for-sale securities recorded as unrealized net gains (losses) within comprehensive earnings (loss) in our consolidated statements of comprehensive income. See Note 7 “Corporate Investments and Funds Held for Clients” for additional information.

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 September 30, 2025 and December 31, 2024:


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
U.S. treasury securities	$	—	$	496.7	$	—	$	496.7


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
U.S. treasury securities	$	—	$	24.7	$	—	$	24.7

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Employee Savings Plan and Employee Stock Purchase Plan

9 Months Ended

Sep. 30, 2025

Employee Savings Plan and Employee Stock Purchase Plan

9.

EMPLOYEE SAVINGS PLAN AND EMPLOYEE STOCK PURCHASE PLAN

Employees over the age of 18 who have completed 30 days of service are eligible to participate in our employee savings plan (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 $5.3 million and $15.7 million for the three and nine months ended September 30, 2025, respectively. Matching contributions were $4.7 million and $14.7 million for the three and nine months ended September 30, 2024, respectively.

The Paycom Software, Inc. Employee Stock Purchase Plan (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 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. During the nine months ended September 30, 2025, eligible employees purchased 50,813 shares of common stock under the ESPP, consisting of 35,284 shares purchased in the open market and 15,529 shares issued from treasury stock. During the nine months ended September 30, 2024, eligible employees purchased 74,466 shares of common stock under the ESPP, all of which were purchased in the open market. Compensation expense related to the ESPP is recognized on a straight-line basis over the requisite service period.

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

10.

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by 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 equity incentive awards using the treasury stock method.

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	110.7	$	73.3	$	339.6	$	388.4
Denominator:
Basic weighted average shares outstanding (in thousands)		56,113		55,929		56,068		56,307
Dilutive effect of unvested restricted stock and restricted stock units (in thousands)		314		35		314		58
Diluted weighted average shares outstanding (in thousands)		56,427		55,964		56,382		56,365
Earnings per share:
Basic	$	1.97	$	1.31	$	6.06	$	6.90
Diluted	$	1.96	$	1.31	$	6.02	$	6.89

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11.

STOCK-BASED COMPENSATION

The Company recognizes stock-based compensation expense related to awards of (i) restricted stock subject to time-based or no vesting conditions (“Time-Based Restricted Stock Awards”), (ii) restricted stock subject to market-based vesting conditions (“Market-Based Restricted Stock Awards”), (iii) restricted stock units subject to time-based vesting conditions (“RSUs”) and (iv) restricted stock units subject to performance-based vesting conditions (“PSUs”). During the three and nine months ended September 30, 2025, awards were granted pursuant to the Paycom Software, Inc. 2023 Long-Term Incentive Plan.

The following table summarizes restricted stock awards activity for the nine months ended September 30, 2025:


	Time-Based					Market-Based
	Restricted Stock Awards					Restricted Stock Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
	(in thousands)			(in dollars)		(in thousands)			(in dollars)
Unvested shares of restricted stock outstanding at December 31, 2024		1,140.3		$	230.10		195.7		$	244.14
Granted		656.7		$	221.42		188.4		$	203.53
Vested		(337.0	)	$	248.49		(159.8	)	$	187.98
Forfeited		(232.7	)	$	231.39		(44.6	)	$	236.02
Unvested shares of restricted stock outstanding at September 30, 2025		1,227.3		$	220.15		179.7		$	253.54

The following table summarizes PSU and RSU activity for the nine months ended September 30, 2025:


	RSUs					PSUs
	Units			Weighted Average Grant Date Fair Value Per Unit		Units			Weighted Average Grant Date Fair Value Per Unit
	(in thousands)			(in dollars)		(in thousands)			(in dollars)
Unvested restricted stock units outstanding at December 31, 2024		23.6		$	198.54		23.7		$	181.24
Granted		80.1		$	213.06		80.1		$	213.06
Vested		(8.4	)	$	203.82		(23.7	)	$	181.24
Forfeited		(6.2	)	$	212.70		—		$	—
Unvested restricted stock units outstanding at September 30, 2025		89.1		$	210.11		80.1		$	213.06

The following table presents the non-cash stock-based compensation expense that is included within the specified line items in our consolidated statements of comprehensive income:


	Nine Months Ended September 30,
	2025		2024
Non-cash stock-based compensation expense:
Operating expenses	$	12.7	$	11.0
Sales and marketing		19.1		13.6
Research and development		29.4		20.7
General and administrative		30.6		(90.9	)	(1)
Total non-cash stock-based compensation expense	$	91.8	$	(45.5	)

(1)

The change in Chad Richison’s position from Chief Executive Officer to Co-Chief Executive Officer, effective February 7, 2024, triggered the forfeiture of 1,610,000 shares of restricted stock granted to him on November 23, 2020, in accordance with the terms of the award. As a result, $117.5 million of previously recognized compensation costs that were recorded in reporting periods prior to 2024 were reversed to additional paid-in capital in the consolidated balance sheets and to general and administrative expenses in the consolidated statements of comprehensive income.

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested restricted stock unit awards (including RSUs and PSUs) as of September 30, 2025:


	Restricted Stock		Restricted Stock
	Awards		Units
Unrecognized compensation cost	$	208.6	$	19.7
Weighted average period for recognition (years)		2.5		1.4

We capitalized stock-based compensation costs related to software developed for internal use of $6.6 million and $20.4 million for the three and nine months ended September 30, 2025, respectively. We capitalized stock-based compensation costs related to software developed for internal use of $5.1 million and $13.9 million for the three and nine months ended September 30, 2024, respectively.

In May 2023, our Board of Directors adopted a dividend policy under which we intend to pay quarterly cash dividends on our common stock. All unvested shares of restricted stock, RSUs and PSUs currently outstanding are entitled to receive dividends or dividend equivalents, provided that such dividends or dividend equivalents are withheld by the Company and distributed to the applicable holder upon the release of restrictions on such shares of restricted stock, RSUs or PSUs (i.e., upon vesting).

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. COMMITMENTS AND CONTINGENCIES 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

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

13.

INCOME TAXES

The Company’s effective income tax rate was 26.2% and 21.9% for the nine months ended September 30, 2025 and 2024, respectively. The higher effective tax rate for the nine months ended September 30, 2025 was primarily attributable to the tax benefit related to the forfeiture of a restricted stock award upon Chad Richison’s transition to Co-Chief Executive Officer in February 2024.

In July 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, making permanent key provisions of the Tax Cuts and Jobs Act. As a result of this enactment, our deferred tax balances as of September 30, 2025 reflect the new law, resulting in the deferral of a significant portion of current federal tax over future periods. As a reclassification between current and deferred taxes, the net impact of the legislation for the three and nine months ended September 30, 2025 was not material to our effective tax rate. We are continuing to monitor developments and evaluate potential future impact.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

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+ Details

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

14.

SEGMENT REPORTING

The Company conducts business as a single operating segment, which is based upon the Company’s current organizational and management structure, as well as information used by the CODM to allocate resources. The Company derives revenues from customers by providing a cloud-based HCM solution delivered as Software-as-a-Service. Our solution is based on a core system of record to maintain a single database for all HCM functions, and all of our clients are required to utilize our payroll application. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis. No individual client represents 10% or more of total revenues.

The accounting policies of the segment are the same as those described in Note 2 “Summary of Significant Accounting Policies”. The Company’s CODM is our Chief Executive Officer. The CODM assesses performance for the segment and decides how to allocate resources based on net income, as reported on the consolidated statements of comprehensive income. Net income is used monthly to monitor budget versus actual results. The CODM manages the business using consolidated expense information as well as regularly provided budgeted or forecasted expense information for the single operating segment. The total assets of the segment are reported on the consolidated balance sheets. Significant non-cash items including expenditures for purchases of long-lived assets and non-cash stock-based compensation expense of the segment are reported on the consolidated statements of cash flows.

The Company does not have any intra-entity sales or transfers.

The table below highlights the Company’s revenues, expenses and net income for our single reportable segment, which are consistent with amounts reported on the consolidated statements of comprehensive income for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Recurring	$	459.9		$	415.7		$	1,402.4		$	1,275.4
Implementation and other		6.6			6.1			19.2			18.1
Interest on funds held for clients		26.8			30.1			85.8			95.9
Total revenues		493.3			451.9			1,507.4			1,389.3
Cost of revenues
Operating expenses		64.1			70.8			198.8			201.9
Depreciation and amortization		21.3			17.5			58.8			48.9
Total cost of revenues		85.4			88.4			257.6			250.9
Gross profit		407.9			363.6			1,249.8			1,138.5
Administrative expenses
Sales and marketing		125.7			104.5			352.6			326.9
Research and development		74.1			63.0			211.2			175.9
General and administrative		71.9			70.6			207.8			92.6
Depreciation and amortization		23.6			20.5			68.1			57.2
Total administrative expenses		295.3			258.7			839.7			652.6
Total operating expenses		380.7			347.1			1,097.3			903.5
Operating income		112.6			104.9			410.1			485.8
Interest expense		(1.1	)		(0.8	)		(2.7	)		(2.4	)
Other income (expense), net		41.3			4.2			52.9			14.0
Income before income taxes		152.8			108.3			460.3			497.5
Provision for income taxes		42.1			35.0			120.7			109.1
Net income	$	110.7		$	73.3		$	339.6		$	388.4

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	15. SUBSEQUENT EVENTS On October 1, 2025, we announced a workforce reduction affecting approximately 540 employees, representing a reduction of approximately 8% of our workforce as of September 30, 2025. Consequently, we expect to incur non-recurring charges in the fourth quarter of 2025 of approximately $13.3 million, consisting of severance payments, employee benefits and related costs.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements include the financial results of Software and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the SEC regarding interim financial statements that permit reduced disclosure for interim periods. Intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for the fair presentation of our results for the interim periods presented. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes presented in the Form 10-K. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results expected for the full year. In 2024, the Office of the Comptroller of the Currency (the “OCC”) issued final approval to Paycom National Trust Bank, National Association (the “Paycom National Trust Bank”), our wholly owned subsidiary, to operate as a national trust bank pursuant to the National Bank Act and relevant OCC regulations. Paycom National Trust Bank is the primary trustee of Paycom Client Trust, our grantor trust (the “Client Trust”), which now holds substantially all client payroll and related funds and is responsible for the oversight and management of those client funds. We have determined that the Client Trust is a variable interest entity that meets the criteria established for consolidation in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidation”. We are the sole beneficial owner of the Client Trust, and we have the power to direct its activities and a controlling financial interest in its economic performance. For the year ended December 31, 2024, we changed the presentation of revenues on the consolidated statements of comprehensive income to disaggregate interest on funds held for clients and combine recurring and other revenues. Prior period amounts have been reclassified to conform to this presentation. Reclassifications for the presentation of revenue did not have a material impact on previously reported amounts or change total revenues. In the fourth quarter of 2024, we adopted the presentation of dollar amounts in millions, except amounts per share. As a result, amounts presented for prior periods may differ immaterially from those reported in previous filings and some amounts may not sum due to rounding. All percentages have been calculated using unrounded amounts.
Recently Adopted / Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 expands reportable segment disclosure requirements for public business entities by requiring disclosures of significant reportable segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment’s profit or loss. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this ASU retrospectively on December 31, 2024. See Note 14 “Segment Reporting” for further information. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information on income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance allows for adoption using either a prospective or retrospective transition method. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires public businesses disclose additional information about specific expense categories in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
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 lives 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. In the third quarter of 2025, we completed an assessment of the useful lives of our servers and network equipment. Based on this assessment, we increased the estimated useful lives of these assets from three years to six years, effective as of the beginning of the third quarter of 2025. This change in accounting estimate has been applied prospectively and resulted in an immaterial decrease to depreciation and amortization expense for the three and nine months ended September 30, 2025. Further, we expect an immaterial decrease to depreciation and amortization expense related to the change in estimated useful lives for the full year.
Seasonality	Seasonality Our revenues are seasonal in nature. Generally, we expect our first and fourth quarter recurring revenues to be higher than other quarters during the year because payroll tax filing forms and Affordable Care Act (“ACA”) forms are typically processed in the first quarter, and unscheduled payroll runs (such as bonuses) for our clients are typically concentrated in the fourth quarter. In addition, these seasonal fluctuations in recurring revenues impact operating income. Historical results impacted by these seasonal trends should not be considered a reliable indicator of our future results of operations.
Segment Information	Segment Information We operate in a single operating segment and a single reporting segment. Operating segments are defined as components of an enterprise about which separate financial information is regularly evaluated by the CODM function (which is fulfilled by our Chief Executive Officer) in deciding how to allocate resources and in assessing performance. Our Chief Executive Officer allocates resources and assesses performance based upon financial information at the consolidated level. See Note 14 “Segment Reporting” for additional information.
Funds Held for Clients and Client Funds Obligation	Funds Held for Clients and Client Funds Obligation As part of our payroll and payroll tax filing services, we collect funds from our clients for employment taxes and payroll obligations, which we remit to the appropriate tax agencies and accounts designated by our clients. We typically invest these funds and earn interest income during the period between receipt and disbursement of such funds. These investments are shown in our consolidated balance sheets as funds held for clients, and the associated liability for the tax filings is shown as client funds obligation. The liability is recorded 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. We typically invest funds held for clients in money market funds, demand deposit accounts, certificates of deposit, commercial paper and U.S. treasury securities. Short-term investments in instruments with an original maturity of less than three months are classified as cash and cash equivalents within funds held for clients in the consolidated balance sheets. Investments in instruments with an original maturity greater than three months are classified as available-for-sale securities and are also included within funds held for clients in the consolidated balance sheets. These available-for-sale securities are recorded at fair value, with the difference between the amortized cost and fair value of these available-for-sale securities recorded as unrealized net gains (losses) on available-for-sale securities, and are included within comprehensive earnings (loss) in the consolidated statements of comprehensive income. 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. Additionally, the funds held for clients is classified as restricted cash and restricted cash equivalents and presented within the reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents on the consolidated statements of cash flows. We report the cash flows related to the purchases of investments from funds held for clients and related to the proceeds from the maturities of investments from funds held for clients on a gross basis in the cash flows from investing activities section of the consolidated statements of cash flows. Additionally, we report cash flows related to cash received from and paid on behalf of clients on a net basis within net change in client funds obligation in the cash flows from financing activities section of the consolidated statements of cash flows.
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 July 2024, our Board of Directors authorized the repurchase of up to $1.5 billion of our common stock. As of September 30, 2025, there was $1.22 billion available for repurchases under our stock repurchase plan. 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 equity incentive awards and other corporate considerations. The current stock repurchase plan will expire on August 15, 2026. During the nine months ended September 30, 2025, we repurchased an aggregate of 1,176,494 shares of our common stock at an average cost of $222.05 per share, including 172,642 shares withheld to satisfy tax withholding obligations for certain employees upon the vesting of equity incentive awards.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Changes in Deferred Revenue

Changes in deferred revenue for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Balance, beginning of period	$	149.7		$	142.4		$	144.6		$	130.5
Recognition of revenue included in beginning of period balance		(11.1	)		(11.6	)		(32.5	)		(27.6	)
Contract balance, net of revenue recognized during the period		12.5			11.5			39.0			39.4
Balance, end of period	$	151.1		$	142.3		$	151.1		$	142.3

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 September 30, 2025
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	444.7	$	28.3	$	(18.5	)	$	454.5
Costs to fulfill a contract	$	527.7	$	30.8	$	(20.1	)	$	538.4

	As of and for the Three Months Ended September 30, 2024
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	397.0	$	27.2	$	(16.2	)	$	407.9
Costs to fulfill a contract	$	459.7	$	36.8	$	(16.8	)	$	479.7


	As of and for the Nine Months Ended September 30, 2025
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	425.7	$	83.0	$	(54.2	)	$	454.5
Costs to fulfill a contract	$	498.3	$	98.1	$	(58.0	)	$	538.4

	As of and for the Nine Months Ended September 30, 2024
	Beginning		Capitalization					Ending
	Balance		of Costs		Amortization			Balance
Costs to obtain a contract	$	378.5	$	76.9	$	(47.4	)	$	407.9
Costs to fulfill a contract	$	420.0	$	107.7	$	(48.0	)	$	479.7

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Accumulated Depreciation and Amortization

Property and equipment and accumulated depreciation and amortization were as follows:


	September 30, 2025			December 31, 2024
Property and equipment
Software and capitalized software development costs	$	628.7		$	497.2
Buildings		300.1			275.6
Computer equipment		275.5			203.2
Rental clocks		51.5			48.0
Furniture, fixtures and equipment		42.8			41.9
Other		20.9			20.7
		1,319.5			1,086.6
Less: accumulated depreciation and amortization		(697.4	)		(576.4	)
		622.1			510.2
Construction in progress		1.2			14.7
Land		36.5			36.5
Property and equipment, net	$	659.8		$	561.4

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule 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 present the components of intangible assets within our consolidated balance sheets:


	September 30, 2025
	Weighted Average Remaining Useful Life	Gross		Accumulated Amortization			Net
	(Years)
Intangibles:
Naming rights	3.0	$	60.2	$	(19.3	)	$	40.9
Total		$	60.2	$	(19.3	)	$	40.9


	December 31, 2024
	Weighted Average Remaining Useful Life	Gross		Accumulated Amortization			Net
	(Years)
Intangibles:
Naming rights	11.8	$	60.2	$	(14.0	)	$	46.2
Total		$	60.2	$	(14.0	)	$	46.2

Corporate Investments and Funds Held For Clients (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Cash and Cash Equivalents and Investments

The tables below present our cash and cash equivalents, the funds held for clients cash and cash equivalents as well as the investments that were included within funds held for clients on the consolidated balance sheets:


	September 30, 2025
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	375.0	$	—	$	—		$	375.0
Funds held for clients cash and cash equivalents		1,323.2		—		—			1,323.2
Available-for-sale securities(1):
U.S. treasury securities		496.0		0.7		—			496.7
Total investments	$	2,194.2	$	0.7	$	—		$	2,194.9


	December 31, 2024
Type of issue	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
Cash and cash equivalents	$	402.0	$	—	$	—		$	402.0
Funds held for clients cash and cash equivalents		3,640.8		—		—			3,640.8
Available-for-sale securities(1):
U.S. treasury securities		24.9		—		(0.2	)		24.7
Total investments	$	4,067.7	$	—	$	(0.2	)	$	4,067.5

(1)

All available-for-sale securities were included within the funds held for clients.

Summary of Unrealized Losses and Fair Values of Available-for-Sale Securities that have been in Unrealized Loss Position for Period of Less than and Greater than 12 Months

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of September 30, 2025, are as follows:


	September 30, 2025
	Securities in unrealized loss position for less than 12 months				Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses		Fair value		Gross unrealized losses		Fair value		Gross unrealized losses		Fair value
U.S. treasury securities	$	—	$	24.9	$	—	$	—	$	—	$	24.9
Total	$	—	$	24.9	$	—	$	—	$	—	$	24.9

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2024, are as follows:


	December 31, 2024
	Securities in unrealized loss position for less than 12 months					Securities in unrealized loss position for greater than 12 months				Total
Type of issue	Gross unrealized losses			Fair value		Gross unrealized losses		Fair value		Gross unrealized losses			Fair value
U.S. treasury securities	$	(0.2	)	$	24.7	$	—	$	—	$	(0.2	)	$	24.7
Total	$	(0.2	)	$	24.7	$	—	$	—	$	(0.2	)	$	24.7

Summary of Expected Maturities of Available for Sale Securities

Expected maturities of available-for-sale securities at September 30, 2025 are as follows:


Expected maturity	Amortized cost		Fair value
One year or less	$	454.2	$	454.5
One year to five years		41.8		42.2
Total available-for-sale securities	$	496.0	$	496.7

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 and December 31, 2024:


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
U.S. treasury securities	$	—	$	496.7	$	—	$	496.7


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
U.S. treasury securities	$	—	$	24.7	$	—	$	24.7

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income	$	110.7	$	73.3	$	339.6	$	388.4
Denominator:
Basic weighted average shares outstanding (in thousands)		56,113		55,929		56,068		56,307
Dilutive effect of unvested restricted stock and restricted stock units (in thousands)		314		35		314		58
Diluted weighted average shares outstanding (in thousands)		56,427		55,964		56,382		56,365
Earnings per share:
Basic	$	1.97	$	1.31	$	6.06	$	6.90
Diluted	$	1.96	$	1.31	$	6.02	$	6.89

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Summary of Restricted Stock Unit and PSU Activity

The following table summarizes restricted stock awards activity for the nine months ended September 30, 2025:


	Time-Based					Market-Based
	Restricted Stock Awards					Restricted Stock Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
	(in thousands)			(in dollars)		(in thousands)			(in dollars)
Unvested shares of restricted stock outstanding at December 31, 2024		1,140.3		$	230.10		195.7		$	244.14
Granted		656.7		$	221.42		188.4		$	203.53
Vested		(337.0	)	$	248.49		(159.8	)	$	187.98
Forfeited		(232.7	)	$	231.39		(44.6	)	$	236.02
Unvested shares of restricted stock outstanding at September 30, 2025		1,227.3		$	220.15		179.7		$	253.54

The following table summarizes PSU and RSU activity for the nine months ended September 30, 2025:


	RSUs					PSUs
	Units			Weighted Average Grant Date Fair Value Per Unit		Units			Weighted Average Grant Date Fair Value Per Unit
	(in thousands)			(in dollars)		(in thousands)			(in dollars)
Unvested restricted stock units outstanding at December 31, 2024		23.6		$	198.54		23.7		$	181.24
Granted		80.1		$	213.06		80.1		$	213.06
Vested		(8.4	)	$	203.82		(23.7	)	$	181.24
Forfeited		(6.2	)	$	212.70		—		$	—
Unvested restricted stock units outstanding at September 30, 2025		89.1		$	210.11		80.1		$	213.06

Summary of Non-cash Stock-based Compensation

The following table presents the non-cash stock-based compensation expense that is included within the specified line items in our consolidated statements of comprehensive income:


	Nine Months Ended September 30,
	2025		2024
Non-cash stock-based compensation expense:
Operating expenses	$	12.7	$	11.0
Sales and marketing		19.1		13.6
Research and development		29.4		20.7
General and administrative		30.6		(90.9	)	(1)
Total non-cash stock-based compensation expense	$	91.8	$	(45.5	)

(1)

The change in Chad Richison’s position from Chief Executive Officer to Co-Chief Executive Officer, effective February 7, 2024, triggered the forfeiture of 1,610,000 shares of restricted stock granted to him on November 23, 2020, in accordance with the terms of the award. As a result, $117.5 million of previously recognized compensation costs that were recorded in reporting periods prior to 2024 were reversed to additional paid-in capital in the consolidated balance sheets and to general and administrative expenses in the consolidated statements of comprehensive income.

Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested Restricted Stock Units

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested restricted stock unit awards (including RSUs and PSUs) as of September 30, 2025:


	Restricted Stock		Restricted Stock
	Awards		Units
Unrecognized compensation cost	$	208.6	$	19.7
Weighted average period for recognition (years)		2.5		1.4

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Company 's Revenues Expenses and Net (Loss) for Each Reportable Segment Consistant with Net Income (Loss) As Reported On Consolidated Statements of Comprehensive Income

The table below highlights the Company’s revenues, expenses and net income for our single reportable segment, which are consistent with amounts reported on the consolidated statements of comprehensive income for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Recurring	$	459.9		$	415.7		$	1,402.4		$	1,275.4
Implementation and other		6.6			6.1			19.2			18.1
Interest on funds held for clients		26.8			30.1			85.8			95.9
Total revenues		493.3			451.9			1,507.4			1,389.3
Cost of revenues
Operating expenses		64.1			70.8			198.8			201.9
Depreciation and amortization		21.3			17.5			58.8			48.9
Total cost of revenues		85.4			88.4			257.6			250.9
Gross profit		407.9			363.6			1,249.8			1,138.5
Administrative expenses
Sales and marketing		125.7			104.5			352.6			326.9
Research and development		74.1			63.0			211.2			175.9
General and administrative		71.9			70.6			207.8			92.6
Depreciation and amortization		23.6			20.5			68.1			57.2
Total administrative expenses		295.3			258.7			839.7			652.6
Total operating expenses		380.7			347.1			1,097.3			903.5
Operating income		112.6			104.9			410.1			485.8
Interest expense		(1.1	)		(0.8	)		(2.7	)		(2.4	)
Other income (expense), net		41.3			4.2			52.9			14.0
Income before income taxes		152.8			108.3			460.3			497.5
Provision for income taxes		42.1			35.0			120.7			109.1
Net income	$	110.7		$	73.3		$	339.6		$	388.4

Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2025 USD ($) Segment $ / shares shares	Jul. 31, 2024 USD ($)
Summary Of Significant Accounting Policy [Line Items]
Number of operating segments \| Segment	1
Number of reportable segments \| Segment	1
Stock Repurchase Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Available authorized repurchase amount \| $	$ 1,220,000,000
Stock repurchase plan expiration date	Aug. 15, 2026
Stock repurchased, average costs per share \| $ / shares	$ 222.05
Stock Repurchase Plan [Member] \| Certain Employees [Member]
Summary Of Significant Accounting Policy [Line Items]
Repurchases of common stock, shares \| shares	1,176,494
Shares withheld to satisfy tax withholding obligations \| shares	172,642
Maximum [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful life	6 years
Maximum [Member] \| Stock Repurchase Plan [Member]
Summary Of Significant Accounting Policy [Line Items]
Stock repurchase plan, authorized amount \| $		$ 1,500,000,000
Minimum [Member]
Summary Of Significant Accounting Policy [Line Items]
Estimated useful life	3 years

Revenue Recognition - Summary of Changes in Deferred Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Balance, beginning of period	$ 149.7	$ 142.4	$ 144.6	$ 130.5
Recognition of revenue included in beginning of period balance	(11.1)	(11.6)	(32.5)	(27.6)
Contract balance, net of revenue recognized during the period	12.5	11.5	39.0	39.4
Balance, end of period	$ 151.1	$ 142.3	$ 151.1	$ 142.3

Revenue Recognition - Additional Information (Detail)	9 Months Ended
Revenue Recognition - Additional Information (Detail)	Sep. 30, 2025
Revenue from Contract with Customer [Abstract]
Deferred revenue expect to recognize description	We expect to recognize $10.5 million of deferred revenue in the remainder of 2025, $26.2 million in 2026, and $114.4 million thereafter.

Revenue Recognition - Additional Information (Detail 1) $ in Millions	Sep. 30, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 10.5
Deferred revenue expect to recognize period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 26.2
Deferred revenue expect to recognize period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue expect to recognize amount	$ 114.4
Deferred revenue expect to recognize period	1 year

Revenue Recognition - Summary of Asset Balances and Related Amortization Expense For Contract Costs (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Costs to Obtain a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	$ 444.7	$ 397.0	$ 425.7	$ 378.5
Capitalization of Costs	28.3	27.2	83.0	76.9
Amortization	(18.5)	(16.2)	(54.2)	(47.4)
Ending Balance	454.5	407.9	454.5	407.9
Costs to Fulfill a Contract [Member]
Capitalized Contract Cost [Line Items]
Beginning Balance	527.7	459.7	498.3	420.0
Capitalization of Costs	30.8	36.8	98.1	107.7
Amortization	(20.1)	(16.8)	(58.0)	(48.0)
Ending Balance	$ 538.4	$ 479.7	$ 538.4	$ 479.7

Property and Equipment - Schedule of Property and Equipment and Accumulated Depreciation and Amortization (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Property and Equipment [Line Items]
Property and equipment, gross	$ 1,319.5	$ 1,086.6
Less: accumulated depreciation and amortization	(697.4)	(576.4)
Software And Capitalized Software Development Costs [Member]
Property and Equipment [Line Items]
Property and equipment, gross	628.7	497.2
Buildings [Member]
Property and Equipment [Line Items]
Property and equipment, gross	300.1	275.6
Computer Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	275.5	203.2
Rental Clocks [Member]
Property and Equipment [Line Items]
Property and equipment, gross	51.5	48.0
Furniture, Fixtures and Equipment [Member]
Property and Equipment [Line Items]
Property and equipment, gross	42.8	41.9
Other [Member]
Property and Equipment [Line Items]
Property and equipment, gross	20.9	20.7
Property and Equipment, net, Excluding Land and Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	622.1	510.2
Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	1.2	14.7
Land [Member]
Property and Equipment [Line Items]
Property and equipment, net	36.5	36.5
Property and Equipment, net, Including Land and Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment, net	$ 659.8	$ 561.4

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property and Equipment [Line Items]
Software development costs capitalized	$ 43,500,000	$ 33,400,000	$ 114,200,000	$ 94,400,000
Interest costs incurred	1,100,000	800,000	2,700,000	2,400,000
Interest costs capitalized	0	0	0	0
Depreciation and amortization	23,600,000	20,500,000	68,100,000	57,200,000
Property and Equipment [Member]
Property and Equipment [Line Items]
Depreciation and amortization	$ 41,500,000	$ 37,100,000	$ 121,500,000	$ 103,200,000

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill	$ 51,900,000		$ 51,900,000		$ 51,900,000
Goodwill impairment amount			0
Amortization of intangible assets	3,400,000	$ 1,000,000	5,400,000	$ 2,900,000
Estimated remaining amortization expense for remainder of 2025	3,400,000		3,400,000
Estimated remaining amortization expense in 2026	13,600,000		13,600,000
Estimated remaining amortization expense in 2027	13,600,000		13,600,000
Estimated remaining amortization expense in 2028	10,300,000		10,300,000
Naming Rights [Member]
Goodwill and Intangible Assets Disclosure [Line Items]
Gain on modification of liability			35,600,000
Goodwill [Member]
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill	$ 51,900,000		$ 51,900,000		$ 51,900,000

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Gross	$ 60.2	$ 60.2
Accumulated Amortization	(19.3)	(14.0)
Net	40.9	46.2
Naming Rights [Member]
Finite Lived Intangible Assets [Line Items]
Gross	60.2	60.2
Accumulated Amortization	(19.3)	(14.0)
Net	$ 40.9	$ 46.2
Weighted average remaining useful life	3 years	11 years 9 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Long-Term Debt - Additional Information (Detail)	9 Months Ended
Long-Term Debt - Additional Information (Detail)	Sep. 30, 2025 USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt outstanding	$ 0
Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	1,000,000,000
Unamortized debt issuance cost	$ 1,700,000
Line of credit facility, maturity date	Jul. 29, 2027
Additional credit facility capacity, subject to certain conditions	$ 500,000,000
Revolving Credit Agreement [Member] \| Swingline Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	25,000,000
Revolving Credit Agreement [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 6,500,000
Leverage Ratio Is Less Than 1.0 To 1.0 [Member] \| Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Quarterly commitment fee	0.20%
Leverage Ratio Is Greater Than Or Equal To One Point Zero To One Point Zero But Less Than Two Point Zero To One Point Zero [Member] \| Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Quarterly commitment fee	0.225%
Leverage Ratio Is Greater Than Or Equal To Two Pont Zero To One Point Zero But Less Than Three Point Zero To One Point Zero [Member] \| Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowings basis spread on variable rate	0.25%
Leverage Ratio Is Greater Than Or Equal To Three Point Zero To One Point Zero [Member] \| Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Borrowings basis spread on variable rate	0.275%

Corporate Investments and Funds Held For Clients - Cash and Cash Equivalents and Investments (Details) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

Sep. 30, 2024

Corporate Investments and Funds Held for Clients [Line Items]

Cash and cash equivalents, amortized cost

$ 375.0

$ 402.0

Funds held for clients cash and cash equivalents, amortized cost

1,323.2

3,640.8

Total investments, amortized cost

2,194.2

4,067.7

Gross unrealized gains

0.7

Gross unrealized losses

(0.2)

Cash and cash equivalents, fair value

375.0

402.0

$ 325.8

Funds held for clients cash and cash equivalents, fair value

1,323.2

3,640.8

Total investments, fair value

2,194.9

4,067.5

Available-for-sale Securities [Member] | U.S. Treasury Securities [Member]

Corporate Investments and Funds Held for Clients [Line Items]

Amortized cost

^[1]

496.0

24.9

Gross unrealized gains

^[1]

0.7

Gross unrealized losses

^[1]

(0.2)

Fair value

^[1]

$ 496.7

$ 24.7

[1]	All available-for-sale securities were included within the funds held for clients.

Corporate Investments and Funds Held For Clients - Summary of Unrealized Losses and Fair Values of Available-for-Sale Securities that have been in Unrealized Loss Position for Period of Less than and Greater than 12 Months (Details) - Available-for-sale Securities [Member] - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Corporate Investments And Funds Held For Clients [Line Items]
Securities in unrealized loss position for less than 12 months, Gross unrealized losses		$ (0.2)
Securities in unrealized loss position for less than 12 months, Fair value	$ 24.9	24.7
Gross unrealized losses		(0.2)
Fair value	24.9	24.7
U.S. Treasury Securities [Member]
Corporate Investments And Funds Held For Clients [Line Items]
Securities in unrealized loss position for less than 12 months, Gross unrealized losses		(0.2)
Securities in unrealized loss position for less than 12 months, Fair value	24.9	24.7
Gross unrealized losses		(0.2)
Fair value	$ 24.9	$ 24.7

Corporate Investments and Funds Held For Clients - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Debt securities, Available-for-sale, Realized Gain (Loss)	$ 0	$ 0
Investment credit impairment losses	$ 0	$ 0

Corporate Investments and Funds Held For Clients - Summary of Expected Maturities of Available for Sale Securities (Details) $ in Millions	Sep. 30, 2025 USD ($)
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract]
Amortized cost, One year or less	$ 454.2
Amortized cost, One year to five years	41.8
Amortized cost	496.0
Fair value, One year or less	454.5
Fair value, One year to five years	42.2
Fair value	$ 496.7

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] - U.S. Treasury Securities [Member] - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets:
Assets	$ 496.7	$ 24.7
Level 2 [Member]
Assets:
Assets	$ 496.7	$ 24.7

Employee Savings Plan and Employee Stock Purchase Plan - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Defined Contribution Plan Disclosure [Line Items]
401(k) minimum age of eligibility for participation			18 years
401(k) eligibility minimum service period			30 days
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	$ 5,300,000	$ 4,700,000	$ 15,700,000	$ 14,700,000
Employee stock purchase plan overlapping offering period			24 months
Purchase of shares of common stock			35,284
Purchase of shares of treasury stock			15,529,000,000
Compensation expense related to ESPP			$ 91,800,000	$ (45,500,000)
Treasury Stock [Member]
Defined Contribution Plan Disclosure [Line Items]
Purchase of shares of treasury stock			15,529
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
Purchase price of common stock expressed as a percentage of its fair market value			85.00%
Maximum number of shares that may be purchased by a participant			2,000
Share of common stock purchase maximum			2,000,000.0
Purchase of shares of common stock			50,813	74,466
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] \| 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] \| 50% Matching Contribution [Member]
Defined Contribution Plan Disclosure [Line Items]
Percentage of salary deferrals			6.00%

Earnings Per Share - Computation of Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income	$ 110.7	$ 73.3	$ 339.6	$ 388.4
Denominator:
Basic weighted average shares outstanding	56,113	55,929	56,068	56,307
Diluted weighted average shares outstanding	56,427	55,964	56,382	56,365
Earnings per share:
Earnings per share, basic	$ 1.97	$ 1.31	$ 6.06	$ 6.9
Earnings per share, diluted	$ 1.96	$ 1.31	$ 6.02	$ 6.89
Restricted Stock Units [Member]
Denominator:
Dilutive effect of unvested restricted stock and restricted stock units	314	35	314	58

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Non-cash stock-based compensation expense (benefit)			$ 91.8	$ (45.5)
Capitalized compensation cost			20.4	13.9
Software and Capitalized Software Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Capitalized compensation cost	$ 6.6	$ 5.1	$ 20.4	$ 13.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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+ Details

Stock-Based Compensation - Summary of Restricted Stock Unit and PSU Activity (Detail) - $ / shares		9 Months Ended
	Nov. 23, 2020	Sep. 30, 2025
Time-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and restricted stock units outstanding at beginning of period		1,140,300
Restricted Stock Awards and restricted stock units, Granted		656,700
Restricted Stock Awards and restricted stock units, Vested		(337,000)
Restricted Stock Awards and restricted stock units, Forfeited		(232,700)
Unvested shares of restricted stock and restricted stock units outstanding at end of period		1,227,300
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period		$ 230.1
Granted, Weighted Average Grant Date Fair Value Per Share		221.42
Vested, Weighted Average Grant Date Fair Value Per Share		248.49
Forfeited, Weighted Average Grant Date Fair Value Per Share		231.39
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period		$ 220.15
Market-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and restricted stock units outstanding at beginning of period		195,700
Restricted Stock Awards and restricted stock units, Granted	1,610,000	188,400
Restricted Stock Awards and restricted stock units, Vested		(159,800)
Restricted Stock Awards and restricted stock units, Forfeited		(44,600)
Unvested shares of restricted stock and restricted stock units outstanding at end of period		179,700
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period		$ 244.14
Granted, Weighted Average Grant Date Fair Value Per Share		203.53
Vested, Weighted Average Grant Date Fair Value Per Share		187.98
Forfeited, Weighted Average Grant Date Fair Value Per Share		236.02
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period		$ 253.54
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and restricted stock units outstanding at beginning of period		23,600
Restricted Stock Awards and restricted stock units, Granted		80,100
Restricted Stock Awards and restricted stock units, Vested		(8,400)
Restricted Stock Awards and restricted stock units, Forfeited		(6,200)
Unvested shares of restricted stock and restricted stock units outstanding at end of period		89,100
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period		$ 198.54
Granted, Weighted Average Grant Date Fair Value Per Share		213.06
Vested, Weighted Average Grant Date Fair Value Per Share		203.82
Forfeited, Weighted Average Grant Date Fair Value Per Share		212.7
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period		$ 210.11
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unvested shares of restricted stock and restricted stock units outstanding at beginning of period		23,700
Restricted Stock Awards and restricted stock units, Granted		80,100
Restricted Stock Awards and restricted stock units, Vested		(23,700)
Unvested shares of restricted stock and restricted stock units outstanding at end of period		80,100
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at beginning of period		$ 181.24
Granted, Weighted Average Grant Date Fair Value Per Share		213.06
Vested, Weighted Average Grant Date Fair Value Per Share		181.24
Unvested shares of restricted stock and restricted stock units outstanding, Weighted Average Grant Date Fair Value Per Share, at end of period		$ 213.06

Stock-based Compensation - Summary of Non-cash Stock-based Compensation Expense (Details) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Non-cash stock-based compensation expense (benefit)

$ 91.8

$ (45.5)

Operating Expenses [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Non-cash stock-based compensation expense (benefit)

12.7

11.0

Sales and Marketing Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Non-cash stock-based compensation expense (benefit)

19.1

13.6

Research and Development Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Non-cash stock-based compensation expense (benefit)

29.4

20.7

General and Administrative Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]

Non-cash stock-based compensation expense (benefit)

$ 30.6

$ (90.9)

^[1]

[1]

The change in Chad Richison’s position from Chief Executive Officer to Co-Chief Executive Officer, effective February 7, 2024, triggered the forfeiture of 1,610,000 shares of restricted stock granted to him on November 23, 2020, in accordance with the terms of the award. As a result, $117.5 million of previously recognized compensation costs that were recorded in reporting periods prior to 2024 were reversed to additional paid-in capital in the consolidated balance sheets and to general and administrative expenses in the consolidated statements of comprehensive income.

Stock-Based Compensation - Summary of Non-cash Stock-based Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Millions		9 Months Ended
	Nov. 23, 2020	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated share based compensation expense		$ 91.8	$ (45.5)
Market-Based Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted shares of common stock issued	1,610,000	188,400
Allocated share based compensation expense	$ 117.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation - Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested Restricted Stock Units (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized compensation cost	$ 208.6
Weighted average period for recognition (years)	2 years 6 months
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized compensation cost	$ 19.7
Weighted average period for recognition (years)	1 year 4 months 24 days

- Definition

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+ Details

Income Taxes - Additional Information (Detail)	9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 30, 2025	Sep. 30, 2024
Income Tax Examination [Line Items]
Effective income tax rate	26.20%	21.90%

Segment Reporting - Additional Information (Detail)	9 Months Ended
Segment Reporting - Additional Information (Detail)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM assesses performance for the segment and decides how to allocate resources based on net income, as reported on the consolidated statements of comprehensive income. Net income is used monthly to monitor budget versus actual results.
Segment Reporting, Expense Information Used by CODM, Description	The CODM manages the business using consolidated expense information as well as regularly provided budgeted or forecasted expense information for the single operating segment.

Segment Reporting - Schedule of Company 's Revenues Expenses and Net (Loss) for Each Reportable Segment Consistant with Net Income (Loss) As Reported On Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Total revenues	$ 493.3	$ 451.9	$ 1,507.4	$ 1,389.3
Cost of revenues
Operating expenses	64.1	70.8	198.8	201.9
Depreciation and amortization	21.3	17.5	58.8	48.9
Total cost of revenues	85.4	88.4	257.6	250.9
Gross profit	407.9	363.6	1,249.8	1,138.5
Administrative expenses
Sales and marketing	125.7	104.5	352.6	326.9
Research and development	74.1	63.0	211.2	175.9
General and administrative	71.9	70.6	207.8	92.6
Depreciation and amortization	23.6	20.5	68.1	57.2
Total administrative expenses	295.3	258.7	839.7	652.6
Total operating expenses	380.7	347.1	1,097.3	903.5
Operating income	112.6	104.9	410.1	485.8
Interest expense	(1.1)	(0.8)	(2.7)	(2.4)
Other income (expense), net	41.3	4.2	52.9	14.0
Income before income taxes	152.8	108.3	460.3	497.5
Provision for income taxes	42.1	35.0	120.7	109.1
Net income	110.7	73.3	339.6	388.4
Recurring [Member]
Revenues
Total revenues	459.9	415.7	1,402.4	1,275.4
Implementation and Other [Member]
Revenues
Total revenues	6.6	6.1	19.2	18.1
Interest on Funds Held for Clients [Member]
Revenues
Total revenues	$ 26.8	$ 30.1	$ 85.8	$ 95.9

Subsequent Events - Additional Information (Details) $ in Millions		3 Months Ended
	Oct. 01, 2025 Employee	Dec. 31, 2025 USD ($)
Scenario Forecast [Member]
Subsequent Event [Line Items]
Non-recurring charges \| $		$ 13.3
Subsequent Event [Member]
Subsequent Event [Line Items]
Announced date	Oct. 01, 2025
Number of employees affected \| Employee	540
Workforce reduction percentage	8.00%