Paycom Software
Q3 2022 Earnings Call
Nov 01, 2022, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good afternoon. Thank you for attending today's Paycom Software third quarter 2022 quarterly results. My name is Hannah, and I will be your moderator for today's call. [Operator instructions] I would now like to pass the conference over to our host, James Samford, head of investor relations.
Please go ahead.
James Samford -- Head of Investor Relations
Thank you, and welcome to Paycom's third quarter 2022 earnings conference call. Certain statements made on this call that are not historical facts, including those related to our future plans, objectives and expected performance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this conference call. While we believe any forward-looking statements made on this call are reasonable, actual results may differ materially because the statements are based on our current expectations and subject to risks and uncertainties.
These risks and uncertainties are discussed in our filings with the SEC, including our most recent annual report on Form 10-K. You should refer to and consider these factors when relying on such forward-looking information. Any forward-looking statement made speaks only as of the date on which it is made, and we do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Also during today's call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income, adjusted gross profit, adjusted gross margin and certain adjusted expenses.
We use these non-GAAP financial measures to review and assess our performance and for planning purposes. A reconciliation schedule showing GAAP versus non-GAAP results is included in the press release that we issued after the close of the market today and is available on our website at investors.paycom.com And now I'll turn the call over to Chad Richison, Paycom's president and chief executive officer. Chad?
Chad Richison -- President and Chief Executive Officer
Thanks, James, and thank you to everyone joining our call today. We delivered another very strong quarter with a focus on high-quality revenue growth that produces world-class margins. I'll spend a few minutes on the highlights and then turn it over to Craig to review our financials and our guidance, and then we'll take questions. Our third quarter 2022 revenue of approximately $334 million came in very strong, up 30% year over year, with rapid recurring revenue growth driven by new business sales.