Chad Richison
Co-Chief Executive Officer, President and Chairman at Paycom Software
Thanks, James, and thank you to everyone joining our call today. I'll kick off the call with a few highlights from the quarter, and then I'll turn it over to Chris to discuss client trends and recent awards. Craig will then review our financials and our guidance before taking questions. Our product vision centers around eliminating redundant HR work, eliminating cost and allowing users to recoup valuable time in their day to add value to their organizations. In addition to our single database, which simplifies the client experience and reduces integration costs, another key Paycom differentiator is that employees input and validate their data directly into our HCM solution. With Paycom, employees do their own payroll, fixing errors before they become problems.
On our last call, we highlighted three key focus areas in 2024: solution automation, client ROI achievement and world-class service. Led by Beti, our solution automation initiatives continue to generate tremendous opportunities for our clients. We released more product enhancements in the first quarter than in the previous two quarters combined. We are leveraging AI and decisioning logic across our solution, adding more value and eliminating mundane nonrevenue-generating activities for our clients. A recent new client told us that prior to implementing Beti, it would take over two days to process payroll. With Beti, they complete the process in only 90 minutes.
We've also automated time-off decisioning, allowing managers across the country to focus on value-added activities. With GONE, our time-off product leverages decisioning logic to automatically approve, deny or warehouse time-off requests by employees. This is a better experience for employees and delivers both time savings and efficiencies for workforce management and scheduling. On the client ROI achievement front, our success with Beti results in increased client ROI and is resonating with more and more businesses in the marketplace. Our clients already receive industry-leading ROI, and we are focused on accelerating our product road map to drive even more value.
Now with Beti, clients regularly tell us that their company runs much smoother when their employees do their own payroll, and I know this sentiment is shared across the client base of Beti users. We are changing the way payroll is done, and our clients are telling us we're right. On the world-class service front, we are meeting clients where they live to help identify and close any gaps they might be seeing between their respective total available ROI and where they stand today. We are strengthening our client relationships with service and value achievement, and I want to thank our employees for their incredible efforts on this front. It is working.
Our go-to-market strategy continues to emphasize the differentiated nature of our offering and the significant benefits of doing your own payroll with Paycom. We are getting more leads, thanks to Beti, and we are seeing solid demand for our solution. At our recent sales incentive trip, we recognized our first sales rep to sell over $4 million in annual new business. It wasn't that long ago that we celebrated the first sales rep to sell $1 million in annual new business.
We believe our unique value proposition separates us from the other disparate offerings in the market that require complex integrations and manual entry activities. We continue to make meaningful progress on the international front, as we build on the momentum we achieved in 2023 and early 2024, when we released our global HCM product and announced the launch of native payroll in Canada, Mexico and the United Kingdom.
Today, we are pleased to announce that we have developed and are launching our native payroll solution in Ireland. In less than a year since we announced our international journey, we are already seeing U.S.-based companies with an international presence look to Paycom as a global provider. While still early, I'm pleased to see that all the work on our international strategy is paying off. In fact, we recently won a large international sports organization, thanks to our multicountry payroll and HCM offering. This client will process payroll with Beti in multiple countries, and this win represents another proof point for our international strategy.
While this is a great win for Paycom, I want to be sure to note that we remain highly focused on our U.S. growth, as we still have only an estimated 5% of the total addressable market. To sum up, I'm pleased with the progress we are making on our strategic initiatives, and I look forward to building on the momentum we are seeing.
With that, let me turn the call over to Chris.
