Subtext

Paycom Software, Inc. PAYC

SectorIndustrials
Transcripts21
Date range2020-04-28 – 2025-05-07
Calls charted21

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-21-11+0+11+212020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · Overall: -0.62020 Q2 · Overall: +5.12020 Q3 · Overall: +8.72020 Q4 · Overall: +8.52021 Q1 · Overall: +9.52021 Q2 · Overall: +13.62021 Q3 · Overall: +18.52021 Q4 · Overall: +12.02022 Q1 · Overall: +15.72022 Q2 · Overall: +9.32022 Q3 · Overall: +7.82022 Q4 · Overall: +7.42023 Q1 · Overall: +5.42023 Q2 · Overall: +5.42023 Q3 · Overall: +0.62023 Q4 · Overall: +11.02024 Q1 · Overall: +12.22024 Q2 · Overall: +10.32024 Q3 · Overall: +8.42024 Q4 · Overall: +13.92025 Q1 · Overall: +6.2
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-30-15+0+15+302020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · CEO: +0.82020 Q2 · CEO: +4.72020 Q3 · CEO: +11.22020 Q4 · CEO: +11.62021 Q1 · CEO: +13.12021 Q2 · CEO: +18.22021 Q3 · CEO: +26.42021 Q4 · CEO: +19.12022 Q1 · CEO: +18.92022 Q2 · CEO: +15.82022 Q3 · CEO: +9.02022 Q4 · CEO: +11.52023 Q1 · CEO: +11.62023 Q2 · CEO: +10.12023 Q3 · CEO: +12.72023 Q4 · CEO: +19.62024 Q2 · CEO: +20.22024 Q3 · CEO: +16.62025 Q1 · CEO: +9.92024 Q4 · CFO: +14.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-31-15+0+15+312020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1 · Prepared remarks: +11.02020 Q2 · Prepared remarks: +10.12020 Q3 · Prepared remarks: +10.32020 Q4 · Prepared remarks: +12.12021 Q1 · Prepared remarks: +19.52021 Q2 · Prepared remarks: +24.82021 Q3 · Prepared remarks: +23.82021 Q4 · Prepared remarks: +22.12022 Q1 · Prepared remarks: +26.82022 Q2 · Prepared remarks: +16.12022 Q3 · Prepared remarks: +19.52022 Q4 · Prepared remarks: +12.72023 Q1 · Prepared remarks: +21.72023 Q2 · Prepared remarks: +17.62023 Q3 · Prepared remarks: +10.42023 Q4 · Prepared remarks: +20.92024 Q1 · Prepared remarks: +18.82024 Q2 · Prepared remarks: +15.82024 Q3 · Prepared remarks: +11.62024 Q4 · Prepared remarks: +16.32025 Q1 · Prepared remarks: +7.72020 Q1 · Q&A responses: -1.82020 Q2 · Q&A responses: +3.42020 Q3 · Q&A responses: +9.42020 Q4 · Q&A responses: +10.02021 Q1 · Q&A responses: +11.02021 Q2 · Q&A responses: +12.12021 Q3 · Q&A responses: +20.42021 Q4 · Q&A responses: +11.12022 Q1 · Q&A responses: +14.42022 Q2 · Q&A responses: +10.52022 Q3 · Q&A responses: +6.82022 Q4 · Q&A responses: +8.32023 Q1 · Q&A responses: +7.72023 Q2 · Q&A responses: +8.22023 Q3 · Q&A responses: +4.82023 Q4 · Q&A responses: +14.12024 Q1 · Q&A responses: +15.92024 Q2 · Q&A responses: +14.32024 Q3 · Q&A responses: +13.52024 Q4 · Q&A responses: +21.42025 Q1 · Q&A responses: +10.9
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.54$6.38$9.222020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1: $4.452020 Q2: $4.042020 Q3: $3.942020 Q4: $4.202021 Q1: $4.502021 Q2: $4.882021 Q3: $5.302021 Q4: $5.632022 Q1: $5.842022 Q2: $6.252022 Q3: $6.822022 Q4: $7.302023 Q1: $7.922023 Q2: $8.452023 Q3: $8.832023 Q4: $8.162024 Q1: $7.962024 Q2: $8.322024 Q3: $8.57

Forward P/E

10.3058.89107.482020 Q12020 Q42021 Q32022 Q22023 Q12023 Q42024 Q32020 Q1: 43.212020 Q2: 76.492020 Q3: 71.302020 Q4: 100.782021 Q1: 85.582021 Q2: 68.202021 Q3: 89.542021 Q4: 73.692022 Q1: 56.052022 Q2: 43.812022 Q3: 53.402022 Q4: 44.892023 Q1: 35.062023 Q2: 37.882023 Q3: 31.632023 Q4: 24.282024 Q1: 23.662024 Q2: 17.002024 Q3: 19.95

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2020 Q2 tone ↑ +5.7 fwd EPS ↓ -0.41 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↑ +3.6 fwd EPS ↓ -0.10 Tone rose while the forward EPS estimate was cut.
  • 2021 Q4 tone ↓ -6.5 fwd EPS ↑ +0.33 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -6.4 fwd EPS ↑ +0.41 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -4.8 fwd EPS ↑ +0.39 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q4 tone ↑ +10.4 fwd EPS ↓ -0.67 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-07+6.2——View →
2024 Q42025-02-12+13.9——View →
2024 Q32024-10-30+8.4$8.5719.9View →
2024 Q22024-07-31+10.3$8.3217.0View →
2024 Q12024-05-01+12.2$7.9623.7View →
2023 Q42024-02-07+11.0$8.1624.3View →
2023 Q32023-10-31+0.6$8.8331.6View →
2023 Q22023-08-01+5.4$8.4537.9View →