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Joshua Riley

Managing Director and Senior Analyst at Wolfe Research

Joshua Riley is a Managing Director and Senior Analyst at Wolfe Research, specializing in the coverage of internet and digital advertising companies. He provides in-depth analysis and research on major names such as Alphabet (Google), Meta Platforms (Facebook), Snap, and Pinterest, building a track record of accurate calls and delivering actionable insights for institutional investors. Riley joined Wolfe Research in 2021 after previously serving as an equity research analyst at firms including Goldman Sachs, where he focused on technology and internet sectors. He holds FINRA Series 7, 63, 86, and 87 licenses, and is recognized for his thorough analytical approach and sector expertise.

Joshua Riley's questions to Paycom Software (PAYC) leadership

Joshua Riley's questions to Paycom Software (PAYC) leadership • Q1 2025

Question

Joshua Riley of Wolfe Research, via Ian Black, asked how gross retention is trending, considering the improvements in customer satisfaction (NPS) and the company lapping any churn related to the Beti transition.

Answer

CEO Chad Richison stated that Paycom reports retention annually but noted that rising Net Promoter Scores and increased product utilization are positive early indicators. He explained that these improvements are intended to have a positive impact on retention, which is reflected in the company's current results and future guidance.

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