An "intangible asset" is an asset that has a significant value but no physical presence and provides a company with long-term financial value. Intangible assets that can be individually marketed by the business can be separated from other assets and can be identified are known to as identifiable intangible assets. Intellectual property, such as patents, trademarks, and copyrights, as well as non-cash government grants, like airport landing rights or broadcasting licenses, are examples of identifiable intangible assets. A trademark is a sign that can be used to distinguish one company's goods or services from those of other businesses. For trademarks, intellectual property rights offer protection. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
In FY2021, the company's net value of intangible assets was $58.0 million. Paycom Software's gross intangible asset value was $3.2 million in FY2021, remaining constant over the previous four years. The company's amortization expense for intangible assets was $2.5 million and $0.2 million for the years 2021 and 2020 respectively.
As of December 31, 2021, the company had recorded a total of $51.9 million of goodwill and $58.0 million of other intangible assets, net. Amortization expenses of capitalized software costs were $36.5 million, $27.1 million, and $19.0 million for the years 2021, 2020, and 2019, respectively. The company continues to develop new applications and improve existing applications which will enable them to increase revenues in the future, and the number of new applications adopted by its clients has been a significant factor in its revenue growth.
Paycom Software Inc (Paycom) designs and develops software solutions. It offers payroll, cloud-based human resources technology services, and software-as-a-service (SaaS) applications. Its services are offered via a system of records maintained in a single database for all human capital management (HCM) functions. Paycom also provides payroll, talent acquisition, time and labor management, and human resource management applications. It offers a candidate tracker application, onboarding application, labor management reports application, and COBRA administration application. The company’s solutions offer to industries such as manufacturing, retail, healthcare, hospitality, technology, and education.
United States of America
United States of America
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United States of America
United States of America
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