Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of
human capital management (“HCM”) software, today announced
financial results for the first quarter fiscal year 2024, which
ended September 30, 2023.
“We had a strong start to the year driven by a continued healthy
demand environment for our modern HCM solution that powers people
and performance,” said Raul Villar, Jr., Chief Executive Officer of
Paycor. “We are delivering compelling value, empowering leaders to
enhance business decisions, attract and retain top talent, and
achieve their organizational objectives.”
“During the first quarter, we continued to invest in
differentiating our platform while expanding margins over 200 basis
points year-over-year, demonstrating the scalability of our
business model. We see a significant opportunity to invest in
additional solutions that will increase the value of our HCM suite
to our customers and increase our future PEPM opportunity.”
First Quarter Fiscal Year
2024 Financial Highlights
- Total revenues were $143.6 million, compared
to $118.3 million for the first quarter of fiscal year 2023.
- Operating loss was $23.4 million, compared to
$33.4 million for the first quarter of fiscal year 2023.
- Adjusted operating income* was $15.9 million,
compared to $10.4 million for the first quarter of fiscal year
2023.
- Net loss was $20.6 million, compared to $29.1
million for the first quarter of fiscal year 2023.
- Adjusted net income* was $12.8 million,
compared to $8.2 million for the first quarter of fiscal year
2023.
*Adjusted operating income and adjusted net income are non-GAAP
financial measures. Please see the discussion below under the
heading "Non-GAAP Financial Measures" and the reconciliations at
the end of this press release for information concerning these and
other non-GAAP financial measures.
First Quarter and Recent Business
Highlights
- Unveiled an Embedded HCM Solution, enabling technology partners
to integrate Paycor’s award-winning HCM suite into their software
platforms. Our industry-leading interoperability engine expands our
go to market approach and the mutually beneficial business model
provides a premium HCM offering in the market for technology
partners.
- Introduced a generative AI Analytics Digital Assistant, powered
by Visier. The innovative offering empowers leaders to quickly and
easily consume people-focused analytics in a conversational chat
interface.
Business Outlook
Based on information as of today, November 8, 2023, Paycor
is issuing the following financial guidance:
Second Quarter Ending December 31, 2023:
- Total revenues in the range of $154.5 - $156.5
million.
- Adjusted operating income* in the range of
$19.5 - $20.5 million.
Fiscal Year Ending June 30, 2024:
- Total revenues in the range of $648 - $654
million.
- Adjusted operating income* in the range of
$102 - $106 million.
*We are unable to reconcile forward-looking adjusted operating
income to forward-looking loss from operations, the most closely
comparable GAAP financial measure, because the information needed
to provide a complete reconciliation is unavailable at this time
without unreasonable effort.
Conference Call Information
Paycor will host a conference call today, November 8, 2023,
at 5:00 p.m. Eastern Time to discuss its financial results and
guidance. To access this call, dial 1-877-407-4018 (domestic) or
1-201-689-8471 (international). The access code is 13736725. A live
webcast and replay of the event will be available on the Paycor
Investor Relations website at investors.paycor.com.
About Paycor
Paycor’s human capital management (HCM) platform modernizes
every aspect of people management, from recruiting, onboarding, and
payroll to career development and retention, but what really sets
us apart is our focus on leaders. For more than 30 years, we’ve
been listening to and partnering with leaders, so we know what they
need: a unified HR platform, easy integration with third party
apps, powerful analytics, talent development tools, and
configurable technology that supports specific industry needs.
That’s why more than 30,000 customers trust Paycor to help them
solve problems and achieve their goals.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical fact, including statements
regarding our future results of operations and financial position,
our business outlook, our business strategy and plans, our
objectives for future operations, and any statements of a general
economic or industry specific nature, are forward-looking
statements. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
Words such as “anticipate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,”
“likely,” “outlook,” “potential,” “targets,” “contemplates,” or the
negative or plural of these words and similar expressions are
intended to identify forward-looking statements.
These forward-looking statements are subject to a number of
risks, uncertainties and assumptions, including those described in
our most recent Annual Report on Form 10-K, as well as in our other
filings with the Securities and Exchange Commission. We believe
that these risks include, but are not limited to: our ability to
manage our growth effectively; the potential unauthorized access to
our customers’ or their employees’ personal data as a result of a
breach of our or our vendors’ security measures; the expansion and
retention of our direct sales force with qualified and productive
persons and the related effects on the growth of our business; the
impact on customer expansion and retention if implementation, user
experience, customer service, or performance relating to our
solutions is not satisfactory; the timing of payments made to
employees and taxing authorities relative to the timing of when a
customer’s electronic funds transfers are settled to our account;
future acquisitions of other companies’ businesses, technologies,
or customer portfolios; the continued service of our key
executives; our ability to innovate and deliver high-quality,
technologically advanced products and services; our ability to
attract and retain qualified personnel; the proper operation of our
software; our relationships with third parties; the ongoing effects
of inflation, supply chain disruptions, labor shortages and other
adverse macroeconomic conditions in the market in which we and our
customers operate; and the impact of an economic downturn or
recession in the United States or global economy. You should not
rely upon forward-looking statements as predictions of future
events. The events and circumstances reflected in the
forward-looking statements may not be achieved or occur. Although
we believe that the expectations and assumptions reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance, or achievements.
We undertake no obligation to publicly update any forward-looking
statement after the date of this report, whether as a result of new
information, future developments or otherwise, or to conform these
statements to actual results or revised expectations, except as may
be required by law.
Non-GAAP Financial Measures
To supplement our financial information presented in accordance
with generally accepted accounting principles in the United States
(“GAAP”), we present the following non-GAAP financial measures in
this press release and on the related teleconference call: adjusted
gross profit, adjusted gross profit margin, adjusted operating
income, adjusted operating income margin, adjusted sales and
marketing expense, adjusted general and administrative expense,
adjusted research and development expense, adjusted net income,
adjusted net income per share, adjusted free cash flow and adjusted
free cash flow margin. Management believes these non-GAAP measures
are useful in evaluating our core operating performance and trends
to prepare and approve our annual budget, and to develop short-term
and long-term operating plans. Management believes that non-GAAP
financial information, when taken collectively, may be helpful to
investors because it provides consistency and comparability with
past financial performance and assists in comparisons with other
companies, some of which use similar non-GAAP financial information
to supplement their GAAP results. We define (i) adjusted gross
profit as gross profit before amortization of intangible assets,
stock-based compensation expense, and other certain corporate
expenses, in each case that are included in costs of recurring
revenues, (ii) adjusted gross profit margin as adjusted gross
profit divided by total revenues, (iii) adjusted operating income
as loss from operations before amortization of acquired intangible
assets and naming rights, stock-based compensation expense, exit
costs due to exiting leases of certain facilities and other certain
corporate expenses, such as costs related to acquisitions, (iv)
adjusted operating income margin as adjusted operating income
divided by total revenues, (v) adjusted sales and marketing expense
as sales and marketing expenses before amortization of naming
rights, stock-based compensation expense and other certain
corporate expenses, (vi) adjusted general and administrative
expense as general and administrative expenses before amortization
of acquired intangible assets, stock-based compensation expense,
exit costs due to exiting leases of certain facilities and other
certain corporate expenses, (vii) adjusted research and development
expense as research and development expenses before stock-based
compensation expense and other certain corporate expenses, (viii)
adjusted net income as loss before benefit for income taxes after
adjusting for amortization of acquired intangible assets and naming
rights, accretion expense associated with the naming rights,
stock-based compensation expense, gain or loss on the
extinguishment of debt, exit costs due to exiting leases of certain
facilities and other certain corporate expenses, such as costs
related to acquisitions, all of which are tax effected by applying
an adjusted effective income tax rate, (ix) adjusted net income per
share as adjusted net income divided by adjusted shares
outstanding, which includes potentially dilutive securities
excluded from the GAAP dilutive net loss per share calculation, (x)
adjusted free cash flow as cash provided (used) by operating
activities less the purchase of property and equipment and
internally developed software costs, excluding other certain
corporate expenses, which are included in cash provided (used) by
operating activities and (xi) adjusted free cash flow margin as
adjusted free cash flow divided by total revenues.
Other certain corporate expenses presented include one-time
costs related to secondary offerings, restructuring costs,
professional, consulting and other costs, transaction expenses and
other costs and costs associated with the implementation of a new
enterprise-resource planning system.
The non-GAAP financial measures presented in this press release
and discussed on the related teleconference call are not measures
of financial performance under GAAP and should not be considered a
substitute for gross profit, gross margin, operating income,
operating income margin, sales and marketing expense, general and
administrative expense, research and development expense, net
income, diluted net income per share and cash provided (used) by
operating activities. Non-GAAP financial measures have limitations
as analytical tools, and when assessing our operating performance,
you should not consider them in isolation, or as a substitute for
analysis of our results as reported under GAAP. The non-GAAP
financial measures that we present may not be comparable to
similarly titled measures used by other companies. A reconciliation
is provided below under “Reconciliations of Non-GAAP Measures to
GAAP Measures,” for each non-GAAP financial measure to the most
directly comparable financial measure stated in accordance with
GAAP.
Investor Relations: Rachel
White513-954-7388IR@paycor.com
Media Relations: Carly
Pennekamp513-954-7282PR@paycor.com
Paycor HCM, Inc. and Subsidiaries |
Condensed Consolidated Balance Sheets |
(in thousands, except share amounts) |
|
|
September 30,2023 |
|
June 30,2023 |
Assets |
(Unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
54,277 |
|
|
$ |
95,233 |
|
Accounts receivable, net |
|
34,736 |
|
|
|
30,820 |
|
Deferred contract costs |
|
58,963 |
|
|
|
54,448 |
|
Prepaid expenses |
|
13,196 |
|
|
|
10,448 |
|
Other current assets |
|
6,630 |
|
|
|
2,581 |
|
Current assets before funds held for clients |
|
167,802 |
|
|
|
193,530 |
|
Funds held for clients |
|
1,033,180 |
|
|
|
1,049,156 |
|
Total current assets |
|
1,200,982 |
|
|
|
1,242,686 |
|
Property and equipment, net |
|
37,722 |
|
|
|
34,573 |
|
Operating lease right-of-use
assets |
|
15,921 |
|
|
|
16,834 |
|
Goodwill |
|
764,619 |
|
|
|
767,738 |
|
Intangible assets, net |
|
234,773 |
|
|
|
260,472 |
|
Capitalized software, net |
|
58,764 |
|
|
|
53,983 |
|
Long-term deferred contract
costs |
|
170,862 |
|
|
|
162,657 |
|
Other long-term assets |
|
2,987 |
|
|
|
2,232 |
|
Total assets |
$ |
2,486,630 |
|
|
$ |
2,541,175 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
20,340 |
|
|
$ |
28,350 |
|
Accrued expenses and other current liabilities |
|
21,032 |
|
|
|
24,119 |
|
Accrued payroll and payroll related expenses |
|
23,575 |
|
|
|
43,858 |
|
Deferred revenue |
|
13,096 |
|
|
|
13,083 |
|
Current liabilities before client fund obligations |
|
78,043 |
|
|
|
109,410 |
|
Client fund obligations |
|
1,038,327 |
|
|
|
1,053,926 |
|
Total current liabilities |
|
1,116,370 |
|
|
|
1,163,336 |
|
Deferred income taxes |
|
14,374 |
|
|
|
18,047 |
|
Long-term operating leases |
|
15,203 |
|
|
|
16,061 |
|
Other long-term liabilities |
|
71,268 |
|
|
|
70,047 |
|
Total liabilities |
|
1,217,215 |
|
|
|
1,267,491 |
|
Commitments and
contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Common stock $0.001 par value per share, 500,000,000 shares
authorized, 177,104,017 shares outstanding at September 30,
2023 and 176,535,236 shares outstanding at June 30, 2023 |
|
177 |
|
|
|
177 |
|
Treasury stock, at cost, 10,620,260 shares at September 30,
2023 and June 30, 2023 |
|
(245,074 |
) |
|
|
(245,074 |
) |
Preferred stock, $0.001 par value, 50,000,000 shares authorized, —
shares outstanding at September 30, 2023 and June 30,
2023 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
2,027,863 |
|
|
|
2,011,194 |
|
Accumulated deficit |
|
(510,091 |
) |
|
|
(489,495 |
) |
Accumulated other comprehensive loss |
|
(3,460 |
) |
|
|
(3,118 |
) |
Total stockholders' equity |
|
1,269,415 |
|
|
|
1,273,684 |
|
Total liabilities and stockholders' equity |
$ |
2,486,630 |
|
|
$ |
2,541,175 |
|
Paycor HCM, Inc. and Subsidiaries |
Condensed Consolidated Statements of Operations
(Unaudited) |
(in thousands, except share amounts) |
|
|
Three Months Ended |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
Recurring and other revenue |
$ |
132,708 |
|
|
$ |
114,169 |
|
Interest income on funds held for clients |
|
10,880 |
|
|
|
4,134 |
|
Total revenues |
|
143,588 |
|
|
|
118,303 |
|
Cost of revenues |
|
51,378 |
|
|
|
43,185 |
|
Gross profit |
|
92,210 |
|
|
|
75,118 |
|
Operating expenses: |
|
|
|
Sales and marketing |
|
52,778 |
|
|
|
48,195 |
|
General and administrative |
|
48,749 |
|
|
|
47,911 |
|
Research and development |
|
14,055 |
|
|
|
12,402 |
|
Total operating expenses |
|
115,582 |
|
|
|
108,508 |
|
Loss from operations |
|
(23,372 |
) |
|
|
(33,390 |
) |
Other (expense) income: |
|
|
|
Interest expense |
|
(1,244 |
) |
|
|
(1,087 |
) |
Other |
|
931 |
|
|
|
445 |
|
Loss before benefit for income
taxes |
|
(23,685 |
) |
|
|
(34,032 |
) |
Income tax benefit |
|
(3,089 |
) |
|
|
(4,980 |
) |
Net loss |
$ |
(20,596 |
) |
|
$ |
(29,052 |
) |
Basic and diluted net loss per
share |
$ |
(0.12 |
) |
|
$ |
(0.17 |
) |
Weighted average common shares
outstanding: |
|
|
|
Basic and diluted |
|
176,953,395 |
|
|
|
175,512,577 |
|
|
|
|
|
Paycor HCM, Inc. and Subsidiaries |
Condensed Consolidated Statements of Cash Flows
(Unaudited) |
(in thousands) |
|
|
Three Months Ended |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(20,596 |
) |
|
$ |
(29,052 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation |
|
1,511 |
|
|
|
1,200 |
|
Amortization of intangible assets and software |
|
34,183 |
|
|
|
29,676 |
|
Amortization of deferred contract costs |
|
14,366 |
|
|
|
10,028 |
|
Stock-based compensation expense |
|
12,915 |
|
|
|
16,951 |
|
Deferred tax benefit |
|
(3,098 |
) |
|
|
(5,000 |
) |
Bad debt expense |
|
1,291 |
|
|
|
562 |
|
Loss on sale of investments |
|
61 |
|
|
|
47 |
|
Loss on foreign currency exchange |
|
184 |
|
|
|
424 |
|
(Gain) loss on lease exit |
|
(144 |
) |
|
|
509 |
|
Naming rights accretion expense |
|
1,030 |
|
|
|
893 |
|
Other |
|
23 |
|
|
|
23 |
|
Changes in assets and liabilities, net of effects from
acquisitions: |
|
|
|
Accounts receivable |
|
(5,228 |
) |
|
|
(2,450 |
) |
Prepaid expenses and other assets |
|
(6,393 |
) |
|
|
(1,841 |
) |
Accounts payable |
|
(7,877 |
) |
|
|
1,358 |
|
Accrued liabilities and other |
|
(21,314 |
) |
|
|
(25,220 |
) |
Deferred revenue |
|
43 |
|
|
|
(439 |
) |
Deferred contract costs |
|
(27,086 |
) |
|
|
(21,770 |
) |
Net cash used in operating activities |
|
(26,129 |
) |
|
|
(24,101 |
) |
Cash flows from investing
activities: |
|
|
|
Purchases of client funds available-for-sale securities |
|
(22,542 |
) |
|
|
(247,927 |
) |
Proceeds from sale and maturities of client funds
available-for-sale securities |
|
23,652 |
|
|
|
143,107 |
|
Purchase of property and equipment |
|
(1,435 |
) |
|
|
(331 |
) |
Acquisition of intangible assets |
|
(12 |
) |
|
|
(4,713 |
) |
Internally developed software costs |
|
(13,254 |
) |
|
|
(9,096 |
) |
Net cash used in investing activities |
|
(13,591 |
) |
|
|
(118,960 |
) |
Cash flows from financing
activities: |
|
|
|
Net change in cash and cash equivalents held to satisfy client
funds obligations |
|
(16,270 |
) |
|
|
(775,923 |
) |
Payment of capital expenditure financing |
|
(3,689 |
) |
|
|
— |
|
Repayments of debt and finance lease obligations |
|
(266 |
) |
|
|
(70 |
) |
Withholding taxes paid related to net share settlements |
|
(418 |
) |
|
|
(1,293 |
) |
Proceeds from exercise of stock options |
|
— |
|
|
|
345 |
|
Proceeds from employee stock purchase plan |
|
4,172 |
|
|
|
4,300 |
|
Net cash used in financing activities |
|
(16,471 |
) |
|
|
(772,641 |
) |
Impact of foreign exchange on
cash and cash equivalents |
|
1 |
|
|
|
(14 |
) |
Net change in cash, cash
equivalents, restricted cash and short-term investments, and funds
held for clients |
|
(56,190 |
) |
|
|
(915,716 |
) |
Cash, cash equivalents,
restricted cash and short-term investments, and funds held for
clients, beginning of period |
|
879,046 |
|
|
|
1,682,923 |
|
Cash, cash equivalents,
restricted cash and short-term investments, and funds held for
clients, end of period |
$ |
822,856 |
|
|
$ |
767,207 |
|
Supplemental disclosure of
non-cash investing, financing and other cash flow information: |
|
|
|
Capital expenditures in accounts payable |
$ |
11 |
|
|
$ |
9 |
|
Cash paid for interest |
$ |
145 |
|
|
$ |
— |
|
Right-of-use assets obtained in exchange for operating lease
liabilities |
$ |
— |
|
|
$ |
6,612 |
|
Capital lease asset obtained in exchange for capital lease
liabilities |
$ |
3,393 |
|
|
$ |
— |
|
Reconciliation of cash, cash
equivalents, restricted cash and short-term investments, and funds
held for clients to the Consolidated Balance Sheets |
|
|
|
Cash and cash equivalents |
$ |
54,277 |
|
|
$ |
98,161 |
|
Funds held for clients |
|
768,579 |
|
|
|
669,046 |
|
Total cash, cash equivalents,
restricted cash and short-term investments, and funds held for
clients |
$ |
822,856 |
|
|
$ |
767,207 |
|
Reconciliations of Non-GAAP Measures to GAAP
Measures
Adjusted Gross Profit and Adjusted Gross Profit Margin
(Unaudited)
|
Three Months Ended |
(in thousands) |
September 30, 2023 |
|
September 30, 2022 |
Gross Profit* |
$ |
92,210 |
|
|
$ |
75,118 |
|
Gross Profit Margin |
|
64.2 |
% |
|
|
63.5 |
% |
Amortization of intangible
assets |
|
1,375 |
|
|
|
1,128 |
|
Stock-based compensation
expense |
|
1,595 |
|
|
|
2,210 |
|
Adjusted Gross Profit* |
$ |
95,180 |
|
|
$ |
78,456 |
|
Adjusted Gross Profit Margin |
|
66.3 |
% |
|
|
66.3 |
% |
* |
|
Gross Profit and Adjusted Gross Profit were burdened by
depreciation expense of $0.6 million and $0.4 million for the three
months ended September 30, 2023 and 2022, respectively. Gross
Profit and Adjusted Gross Profit were burdened by amortization of
capitalized software of $8.5 million and $6.4 million for the three
months ended September 30, 2023 and 2022, respectively. Gross
Profit and Adjusted Gross Profit were burdened by amortization of
deferred contract costs of $8.1 million and $5.6 million for the
three months ended September 30, 2023 and 2022,
respectively. |
Adjusted Operating Income (Unaudited)
|
Three Months Ended |
(in thousands) |
September 30, 2023 |
|
September 30, 2022 |
Loss from Operations |
$ |
(23,372 |
) |
|
$ |
(33,390 |
) |
Operating Margin |
(16.3 |
)% |
|
(28.2 |
)% |
Amortization of intangible
assets |
|
25,710 |
|
|
|
23,270 |
|
Stock-based compensation
expense |
|
12,915 |
|
|
|
16,951 |
|
(Gain) loss on lease
exit* |
|
(144 |
) |
|
|
509 |
|
Corporate adjustments** |
|
811 |
|
|
|
3,073 |
|
Adjusted Operating Income |
$ |
15,920 |
|
|
$ |
10,413 |
|
Adjusted Operating Income Margin |
|
11.1 |
% |
|
|
8.8 |
% |
* |
|
Represents exit costs due to exiting leases of certain
facilities. |
** |
|
Corporate adjustments for the
three months ended September 30, 2023 relate to professional,
consulting, and other costs of $0.8 million. Corporate adjustments
for the three months ended September 30, 2022 relate to costs
associated with a secondary offering completed in September 2022
(“September 2022 Secondary Offering”) of $1.5 million,
professional, consulting, and other costs of $1.0 million and
transaction expenses and other costs of $0.6 million. |
Adjusted Operating Expenses (Unaudited)
|
Three Months Ended |
(in thousands) |
September 30, 2023 |
|
September 30, 2022 |
Sales and Marketing expense |
$ |
52,778 |
|
|
$ |
48,195 |
|
Amortization of intangible
assets |
|
(1,059 |
) |
|
|
(827 |
) |
Stock-based compensation
expense |
|
(4,318 |
) |
|
|
(7,434 |
) |
Adjusted Sales and Marketing expense |
$ |
47,401 |
|
|
$ |
39,934 |
|
General and Administrative
expense |
$ |
48,749 |
|
|
$ |
47,911 |
|
Amortization of intangible
assets |
|
(23,276 |
) |
|
|
(21,315 |
) |
Stock-based compensation
expense |
|
(5,072 |
) |
|
|
(5,336 |
) |
Gain (loss) on lease
exit* |
|
144 |
|
|
|
(509 |
) |
Corporate adjustments** |
|
(811 |
) |
|
|
(3,073 |
) |
Adjusted General and Administrative expense |
$ |
19,734 |
|
|
$ |
17,678 |
|
Research and Development
expense |
$ |
14,055 |
|
|
$ |
12,402 |
|
Stock-based compensation
expense |
|
(1,930 |
) |
|
|
(1,971 |
) |
Adjusted Research and Development expense |
$ |
12,125 |
|
|
$ |
10,431 |
|
* |
|
Represents exit costs due to exiting leases of certain
facilities. |
** |
|
Corporate adjustments for the three months ended September 30,
2023 relate to professional, consulting, and other costs of $0.8
million. Corporate adjustments for the three months ended
September 30, 2022 relate to costs associated with the
September 2022 Secondary Offering of $1.5 million, professional,
consulting, and other costs of $1.0 million and transaction
expenses and other costs of $0.6 million. |
Adjusted Net Income and Adjusted Net Income Per Share
(Unaudited)
|
Three Months Ended |
(in thousands) |
September 30, 2023 |
|
September 30, 2022 |
Net loss before benefit for income taxes |
$ |
(23,685 |
) |
|
$ |
(34,032 |
) |
Amortization of intangible
assets |
|
25,710 |
|
|
|
23,270 |
|
Naming rights accretion
expense |
|
1,030 |
|
|
|
893 |
|
Stock-based compensation
expense |
|
12,915 |
|
|
|
16,951 |
|
(Gain) loss on lease
exit* |
|
(144 |
) |
|
|
509 |
|
Corporate adjustments** |
|
811 |
|
|
|
3,073 |
|
Non-GAAP adjusted income before applicable income taxes |
|
16,637 |
|
|
|
10,664 |
|
Income tax effect on
adjustments*** |
|
(3,827 |
) |
|
|
(2,453 |
) |
Adjusted Net Income |
$ |
12,810 |
|
|
$ |
8,211 |
|
|
|
|
|
Adjusted Net Income Per Share |
$ |
0.07 |
|
|
$ |
0.05 |
|
Adjusted shares outstanding**** |
|
177,334,568 |
|
|
|
175,933,418 |
|
|
|
|
|
* |
|
Represents exit costs due to exiting leases of certain
facilities. |
** |
|
Corporate adjustments for the
three months ended September 30, 2023 relate to costs
associated with professional, consulting, and other costs of $0.8
million. Corporate adjustments for the three months ended
September 30, 2022 relate to costs associated with the
September 2022 Secondary Offering of $1.5 million, professional,
consulting, and other costs of $1.0 million and transaction
expenses and other costs of $0.6 million. |
*** |
|
Non-GAAP adjusted income before
applicable income taxes is tax effected using an adjusted effective
tax rate of 23.0% for the three months ended September 30,
2023 and 2022, respectively. |
**** |
|
The adjusted shares outstanding
for the three months ended September 30, 2023 and 2022,
respectively, are based on the if-converted method and include
potentially dilutive securities that are excluded from the U.S.
GAAP dilutive net income per share calculation because including
them would have an anti-dilutive effect. |
Adjusted Free Cash Flow and Adjusted Free Cash Flow
Margin (Unaudited)
|
Three Months Ended |
(in thousands) |
September 30, 2023 |
|
September 30, 2022 |
Net cash used in operating activities |
$ |
(26,129 |
) |
|
$ |
(24,101 |
) |
Purchase of property and
equipment |
|
(1,435 |
) |
|
|
(331 |
) |
Internally developed software
costs |
|
(13,254 |
) |
|
|
(9,096 |
) |
Corporate adjustments* |
|
811 |
|
|
|
3,073 |
|
Adjusted Free Cash Flow |
$ |
(40,007 |
) |
|
$ |
(30,455 |
) |
Adjusted Free Cash Flow Margin |
|
(27.9 |
)% |
|
|
(25.7 |
)% |
* |
|
Corporate adjustments for the three months ended September 30,
2023 relate to professional, consulting, and other costs of $0.8
million. Corporate adjustments for the three months ended
September 30, 2022 relate to costs associated with the
September 2022 Secondary Offering of $1.5 million, professional,
consulting, and other costs of $1.0 million and transaction
expenses and other costs of $0.6 million. |
Paycor HCM (NASDAQ:PYCR)
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Paycor HCM (NASDAQ:PYCR)
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