0001839439-22-000013 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-40640
Entity Registrant Name	PAYCOR HCM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1813909
Entity Address, Address Line One	4811 Montgomery Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45212
City Area Code	800
Local Phone Number	381-0053
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		174,909,539
Entity Central Index Key	0001839439
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 134,004	$ 2,634
Accounts receivable, net	20,194	16,472
Deferred contract costs	34,247	24,503
Prepaid expenses	12,417	6,586
Other current assets	1,214	1,516
Current assets before funds held for clients	202,076	51,711
Funds held for clients	1,880,485	670,315
Total current assets	2,082,561	722,026
Property and equipment, net	32,751	41,080
Goodwill	750,655	750,802
Intangible assets, net	280,414	355,323
Capitalized software, net	37,921	31,310
Long-term deferred contract costs	117,256	90,880
Other long-term assets	25,080	19,532
Total assets	3,326,638	2,010,953
Current liabilities:
Accounts payable	11,741	11,978
Accrued expenses and other current liabilities	14,317	15,782
Accrued payroll and payroll related expenses	38,144	32,305
Deferred revenue	11,764	11,948
Current liabilities before client fund obligations	75,966	72,013
Client fund obligations	1,882,450	669,960
Total current liabilities	1,958,416	741,973
Deferred income taxes	62,671	76,138
Other long-term liabilities	11,886	16,680
Long-term debt, net	0	49,100
Total liabilities	2,032,973	883,891
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest	0	248,423
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 174,903,005 shares outstanding at March 31, 2022 and 141,097,740 outstanding at June 30, 2021, respectively	175	141
Treasury stock, at cost, 10,620,260 shares at March 31, 2022 and June 30, 2021	(245,074)	(245,074)
Additional paid-in capital	1,910,745	1,133,399
Accumulated deficit	(371,570)	(275,751)
Accumulated other comprehensive (loss) income	(611)	3,152
Total stockholders' equity	1,293,665	878,639
Total liabilities, redeemable noncontrolling interest and stockholders' equity	3,326,638	2,010,953
Preferred Stock
Stockholders' equity:
Preferred stock	0	0
Series A Preferred Stock
Stockholders' equity:
Preferred stock	$ 0	$ 262,772

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Jun. 30, 2021	Dec. 29, 2020
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	174,903,005	141,097,740
Treasury stock (in shares)	10,620,260	10,620,260	10,620,260
Preferred stock, shares outstanding (in shares)	0
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	0	7,715

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Recurring and other revenue	$ 122,189	$ 99,405	$ 317,334	$ 263,372
Interest income on funds held for clients	408	434	1,062	1,392
Total revenues	122,597	99,839	318,396	264,764
Cost of revenues	41,157	41,189	127,850	112,506
Gross profit	81,440	58,650	190,546	152,258
Operating expenses:
Sales and marketing	41,487	26,044	127,957	75,864
General and administrative	54,090	38,441	141,963	106,914
Research and development	9,324	8,833	30,120	26,507
Total operating expenses	104,901	73,318	300,040	209,285
Loss from operations	(23,461)	(14,668)	(109,494)	(57,027)
Other (expense) income:
Interest expense	(101)	(688)	(448)	(1,847)
Other	(12)	80	1,540	320
Loss before benefit for income taxes	(23,574)	(15,276)	(108,402)	(58,554)
Income tax benefit	(6,876)	(3,215)	(24,204)	(12,344)
Net loss	(16,698)	(12,061)	(84,198)	(46,210)
Less: Accretion of redeemable noncontrolling interests	0	6,379	11,621	17,900
Net loss attributable to Paycor HCM, Inc.	$ (16,698)	$ (18,440)	$ (95,819)	$ (64,110)
Basic net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.10)	$ (0.13)	$ (0.56)	$ (0.43)
Diluted net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.10)	$ (0.13)	$ (0.56)	$ (0.43)
Weighted average common shares outstanding:
Basic (in shares)	174,819,649	141,097,740	171,881,617	148,113,313
Diluted (in shares)	174,819,649	141,097,740	171,881,617	148,113,313
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]	Service [Member]	Service [Member]

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,698)	$ (12,061)	$ (84,198)	$ (46,210)
Other comprehensive loss, net of tax:
Unrealized gain (loss) on foreign currency translation	97	71	(74)	335
Unrealized loss on available-for-sale securities, net of tax	(1,291)	(285)	(1,736)	(347)
Other comprehensive loss, net of tax	(1,194)	(214)	(1,810)	(12)
Comprehensive loss	(17,892)	(12,275)	(86,008)	(46,222)
Less: Comprehensive income attributable to redeemable noncontrolling interests	0	6,379	11,621	17,900
Comprehensive loss attributable to Paycor HCM, Inc.	$ (17,892)	$ (18,654)	$ (97,629)	$ (64,122)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Unaudited Condensed Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Preferred Stock Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive  Income
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2020		0	151,718,000
Stockholders' equity, beginning balance at Jun. 30, 2020	$ 953,325	$ 0	$ 152	$ 0	$ 1,129,216	$ (178,813)	$ 2,770
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(64,110)					(64,110)
Stock-based compensation expense	5,308				5,308
Other comprehensive (loss) income	(12)						(12)
Issuance of preferred stock, net (in shares)		7,715
Issuance of stock	262,772	$ 262,772
Repurchase of common stock, at cost (in shares)			(10,620,260)
Repurchase of common stock, at cost	(245,074)		$ (11)	(245,074)	11
Stockholders' equity, ending balance at Mar. 31, 2021	912,209	$ 262,772	$ 141	(245,074)	1,134,535	(242,923)	2,758
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2021		7,715	141,097,740
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2020		5,143	141,097,740
Stockholders' equity, beginning balance at Dec. 31, 2020	841,362	$ 175,146	$ 141	(245,074)	1,132,660	(224,483)	2,972
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(18,440)					(18,440)
Stock-based compensation expense	1,875				1,875
Other comprehensive (loss) income	(214)						(214)
Issuance of preferred stock, net (in shares)		2,572
Issuance of stock	87,626	$ 87,626
Stockholders' equity, ending balance at Mar. 31, 2021	$ 912,209	$ 262,772	$ 141	(245,074)	1,134,535	(242,923)	2,758
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2021		7,715	141,097,740
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2021	141,097,740	7,715	141,097,740
Stockholders' equity, beginning balance at Jun. 30, 2021	$ 878,639	$ 262,772	$ 141	(245,074)	1,133,399	(275,751)	3,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(95,819)					(95,819)
Stock-based compensation expense	55,321				55,321
Issuance of common stock under employee stock plans (in shares)			473,102
Issuance of common stock under employee stock plans	3,187		$ 1		3,186
Other comprehensive (loss) income	(1,810)						(1,810)
Issuance of common stock sold in the initial public offering, net of offering costs and underwriting discount (in shares)			21,275,000
Issuance of stock	454,147		$ 21		454,126
Conversion of Series A Preferred Stock to common stock upon initial public offering (in shares)		7,715	11,705,039
Conversion of Series A Preferred Stock to common stock upon initial public offering		$ (262,772)	$ 12		262,760
Issuance of common stock upon vesting of restricted stock units at initial public offering (in shares)			352,124
Other	0				1,953		(1,953)
Stockholders' equity, ending balance at Mar. 31, 2022	$ 1,293,665	$ 0	$ 175	(245,074)	1,910,745	(371,570)	(611)
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022	174,903,005	0	174,903,005
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021		0	174,429,903
Stockholders' equity, beginning balance at Dec. 31, 2021	$ 1,292,070	$ 0	$ 174	(245,074)	1,891,259	(354,872)	583
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(16,698)					(16,698)
Stock-based compensation expense	16,294				16,294
Issuance of common stock under employee stock plans (in shares)			473,102
Issuance of common stock under employee stock plans	3,187		$ 1		3,186
Other comprehensive (loss) income	(1,194)						(1,194)
Other	6				6
Stockholders' equity, ending balance at Mar. 31, 2022	$ 1,293,665	$ 0	$ 175	$ (245,074)	$ 1,910,745	$ (371,570)	$ (611)
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022	174,903,005	0	174,903,005

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (84,198)	$ (46,210)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation	5,113	5,073
Amortization of intangible assets and software	95,556	103,091
Amortization of deferred contract costs	22,330	13,641
Stock-based compensation expense	55,321	5,308
Amortization of debt acquisition costs	66	511
Deferred tax benefit	(24,227)	(12,344)
Bad debt expense	1,655	1,005
Gain on sale of investments	(9)	(70)
Gain on installment sale	(1,359)	0
Loss (gain) on foreign currency exchange	101	(571)
Loss on lease exit	9,055	0
Change in fair value of deferred consideration	(138)	0
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(5,391)	(5,144)
Prepaid expenses and other current assets	(5,529)	(526)
Other long-term assets	334	868
Accounts payable	(160)	(2,159)
Accrued liabilities	6,151	9,453
Deferred revenue	943	(826)
Other long-term liabilities	(5,533)	243
Deferred contract costs	(58,450)	(45,158)
Net cash provided by operating activities	11,631	26,185
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(178,362)	(174,962)
Proceeds from sale and maturities of client funds available-for-sale securities	127,603	174,561
Purchase of property and equipment	(1,861)	(2,141)
Proceeds from note receivable on installment sale	3,040	0
Acquisition of intangible assets	(4,640)	(9,252)
Acquisition of Paltech Solutions, Inc., net of cash acquired	0	(16,592)
Internally developed software costs	(22,667)	(15,424)
Net cash used in investing activities	(76,887)	(43,810)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	1,204,091	172,311
Payment of contingent consideration	0	(1,000)
Payment of deferred consideration	(2,752)	0
Proceeds from promissory note with related party	0	64,989
Repayment of promissory note with related party	0	(64,989)
Proceeds from line-of-credit	3,500	56,217
Repayments of line-of-credit	(52,600)	(60,828)
Proceeds from debt	0	25,000
Repayments of debt	0	(758)
Proceeds from issuance of preferred stock, net of offering costs	0	262,772
Purchase of treasury stock at cost	0	(245,074)
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount	454,915	0
Payments of ordinary dividends, noncontrolling interest	(260,044)	(6,194)
Proceeds from employee stock purchase plan	3,186	0
Other financing activities	(395)	(397)
Net cash provided by financing activities	1,349,901	202,049
Impact of foreign exchange on cash and cash equivalents	18	(35)
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	1,284,663	184,389
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	560,000	546,448
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	1,844,663	730,837
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	25	28
Cash paid during the year for interest	154	510
Reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	134,004	19,364
Restricted cash and short-term investments	0	6,076
Funds held for clients	1,710,659	705,397
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 1,844,663	$ 730,837

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS: Paycor HCM, Inc. (“Paycor HCM” or “the Company”) and its subsidiaries is a cloud-based provider of human capital management (“HCM”) software solutions for small and medium-sized employers located primarily in the United States (“U.S.”). Solutions provided include payroll, workforce management and human resources (“HR”) related services such as talent management, reporting and analytics and other payroll-related services. Services are generally provided in a Software-as-a-Service (“SaaS”) delivery model utilizing a cloud-based platform. Paycor HCM is a holding company with no material operating assets or operations that was formed on August 24, 2018 to effect the acquisition of Paycor, Inc. and its subsidiaries (“Paycor”). On September 7, 2018, Paycor HCM, through its subsidiary companies, entered into the Agreement and Plan of Merger to acquire Paycor (the “Apax Acquisition”). The Apax Acquisition closed on November 2, 2018. Paycor HCM is controlled by Pride Aggregator, L.P. which is controlled by a syndication led by Apax Partners L.P. (“Apax”), a private equity firm. As a result of the Apax Acquisition, Paycor is an indirect controlled subsidiary of Paycor HCM. Initial Public Offering On July 20, 2021, the Company priced the initial public offering (“IPO”) of 18,500,000 shares of its common stock (the “Firm Shares”), $0.001 par value per share, at an offering price of $23.00 per share (the “IPO Price”). The underwriters were granted a 30-day option to purchase up to an additional 2,775,000 shares of common stock from the Company (the “Option Shares”), which was exercised by the underwriters in whole. The IPO closed and both the Firm Shares and the Option Shares were delivered on July 23, 2021. In aggregate, the IPO shares issued generated approximately $454,915, which is net of approximately $30,583 in underwriters’ discount and $3,827 of offering costs paid during the nine months ended March 31, 2022. Upon completion of the IPO, $4,595 of offering costs, $3,827 of which were paid during the nine months ended March 31, 2022, were recorded to additional paid-in capital and accounted for as a reduction of the IPO proceeds in the condensed consolidated balance sheets. Additionally, upon the closing of the IPO: •all of the Company’s outstanding shares of Series A Preferred Stock were automatically converted into 11,705,039 shares of the Company’s common stock; •the Company used a portion of the proceeds to effect the redemption of all of the outstanding shares of the Series A Redeemable Preferred Stock (acquisition of non-controlling interest) (“Series A Redeemable Preferred Stock” or “Redeemable Noncontrolling Interest”) at a redemption price of 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, for a total of $260,044; •the outstanding Long Term Incentive Plan Units (“LTIP Units”) converted to 1,761,578 restricted stock units (“RSUs”) and the Company began recognizing compensation expense equal to the aggregate dollar value over the requisite two-year service period; and •the performance-based incentive units granted under the Pride Aggregator, L.P. Management Equity Plan (“MEP”) converted to time-based incentive units, with 25% vesting upon successive 6-month anniversary dates for the 24 months beginning on the date of the Company’s IPO. In connection with the Company’s IPO, the Company executed a 1,517.18 for 1 share stock split (“IPO Stock Split”) relating to its common stock. All share and per share amounts have been retroactively adjusted to reflect the IPO Stock Split for all periods presented within the unaudited condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2021 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 2, 2021. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for the future interim periods and the full fiscal year. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recognition of revenue, evaluation of potential impairment of goodwill and intangible assets, and the valuation of stock-based compensation. The Company’s results of operations and financial condition can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and their resulting economic impact, including the impact from the COVID-19 pandemic. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on the Company’s results of operations and financial condition. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings. Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. For periods prior to the IPO, the Company estimated grant date fair value using a Monte Carlo simulation model. As the Company's equity was not publicly traded, there was no history of market prices for the Company's equity. Thus, estimating grant date fair value required the Company to make assumptions, including the value of the Company's equity, expected volatility, expected term and the expected risk-free rate of return. For periods subsequent to the IPO, the Company establishes grant date fair value of RSUs based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. See Note 13 - “Equity Compensation Plans” for additional information on the Company’s stock-based compensation plans. Accounts receivable, net Accounts receivable balances are shown on the condensed consolidated balance sheets net of the allowance for doubtful accounts of $3,683 and $2,402 as of March 31, 2022 and June 30, 2021, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a customer’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted. Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $5,354 and $4,223 for the three months ended March 31, 2022 and 2021, respectively. Advertising and promotion expense totaled approximately $15,229 and $11,520 for the nine months ended March 31, 2022 and 2021, respectively. Income taxes Income tax benefit for the three months ended March 31, 2022 and 2021 was $6,876 and $3,215, respectively, reflecting an effective tax rate of 29.2% and 21.0% for the three month periods ended March 31, 2022 and 2021, respectively. Income tax benefit for the nine months ended March 31, 2022 and 2021 was $24,204 and $12,344, respectively, reflecting an effective tax rate of 22.3% and 21.1% for the nine month periods ended March 31, 2022 and 2021, respectively. Pending accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842). This update amends existing accounting standards for lease accounting and requires lessees to recognize virtually all their leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short-term leases). The Company has formed a project team to review contracts to determine which qualify as a lease and then evaluate the impact of the adoption of this principle on the Company’s consolidated financial statements. The Company is evaluating, designing, and implementing new processes and internal controls to meet the requirements to report and disclose financial information relating to the Company’s leases. In addition, the Company is designing a process to perform the necessary calculations to derive the right-of-use assets and liabilities associated with each lease to support the requirements of the new standard. The Company anticipates that the adoption of this standard will materially affect its condensed consolidated balance sheets. The Company will adopt this ASU on July 1, 2022 using the modified retrospective approach. The Company plans to apply the package of practical expedients in the guidance which, among other things, includes carrying forward the historical lease classification. The Company plans to make accounting policy elections not to apply the new guidance to leases with a term of less than 12 months, as well as to derive the incremental borrowing rate at the July 1, 2022 adoption date based on the remaining lease term as of the adoption date. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326). This update establishes a new approach to estimate credit losses on certain types of financial instruments. The update requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The amended standard will also update the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on any such securities is a credit loss. The Company is currently evaluating this standard and the potential effects of these changes to its condensed consolidated financial statements and expects to adopt this new standard in the fiscal year beginning July 1, 2023 if the Company continues to qualify as an emerging growth company.

REVENUE

9 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE:

The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Recurring fees	$	119,108	$	95,767	$	307,873	$	252,743
Implementation services and other	3,081		3,638		9,461		10,629
Recurring and other revenue	$	122,189	$	99,405	$	317,334	$	263,372

Deferred revenue

The Company recognizes deferred revenue for nonrefundable upfront fees as well as for subscription services related to certain ancillary products invoiced prior to the satisfaction of the performance obligation.

The nonrefundable upfront fees related to implementation services are typically included on the client’s first invoice. Implementation fees are deferred and recognized as revenue over an estimated 24-month period to which the material right exists, which is the period the client is expected to benefit from not having to pay an additional nonrefundable implementation fee upon renewal of the service.

The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Balance, beginning of period	$	15,289	$	16,746	$	16,047	$	15,916
Deferred revenue acquired	—		—		—		1,374
Deferral of revenue	6,467		3,792		15,868		9,767
Revenue recognized	(4,816)		(3,979)		(14,926)		(10,582)
Impact of foreign exchange	32		(10)		(17)		74
Balance, end of period	$	16,972	$	16,549	$	16,972	$	16,549

Deferred revenue is recorded within deferred revenue and other long-term liabilities on the condensed consolidated balance sheets. The Company will recognize deferred revenue of $4,359 in fiscal year 2022, $8,835 in fiscal year 2023, $2,912 in fiscal year 2024, and $866 thereafter.

Deferred contract costs

The following table presents the deferred contract costs balance and related amortization expense for these deferred contract costs.


	As of and for the Three Months Ended March 31, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	62,471	$	9,076	$	(3,713)	$	67,834
Costs to fulfill a contract	76,543		11,681		(4,555)		83,669
Total	$	139,014	$	20,757	$	(8,268)	$	151,503


	As of and for the Three Months Ended March 31, 2021
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	42,010	$	7,433	$	(2,351)	$	47,092
Costs to fulfill a contract	50,620		8,535		(2,808)		56,347
Total	$	92,630	$	15,968	$	(5,159)	$	103,439


	As of and for the Nine Months Ended March 31, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	52,926	$	25,006	$	(10,098)	$	67,834
Costs to fulfill a contract	62,457		33,444		(12,232)		83,669
Total	$	115,383	$	58,450	$	(22,330)	$	151,503


	As of and for the Nine Months Ended March 31, 2021
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	32,233	$	21,069	$	(6,210)	$	47,092
Costs to fulfill a contract	39,689		24,089		(7,431)		56,347
Total	$	71,922	$	45,158	$	(13,641)	$	103,439

Deferred contract costs are recorded within deferred contract costs and long-term deferred contract costs on the condensed consolidated balance sheets. Amortization of costs to fulfill a contract and costs to obtain a contract are recorded in cost of revenues and sales and marketing expense in the unaudited condensed consolidated statements of operations, respectively. The Company regularly reviews its deferred costs for impairment and did not recognize an impairment loss during any period presented in this report.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

BUSINESS COMBINATION AND ASSET ACQUISITION

9 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION AND ASSET ACQUISITION

BUSINESS COMBINATION AND ASSET ACQUISITION:

Acquisition of Paltech Solutions, Inc.

On September 24, 2020, the Company entered into a share purchase agreement with Paltech Solutions, Inc. (doing business as “7Geese”), a performance management SaaS application, to acquire 100% of the equity interests (the “7Geese Acquisition”). The acquisition enabled the Company to expand its current service offerings. The cash consideration was funded using proceeds from the issuance of a term loan.

The acquisition was accounted for as a business combination. The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, $1,661 of which is deductible for tax purposes. Goodwill consists primarily of the acquired workforce, synergistic benefits, and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the 7Geese Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of Company products. The final purchase price allocation is as follows:


	7Geese Acquisition
Cash consideration	$	16,847
Contingent consideration	3,000
Deferred consideration	2,900
Fair value of total consideration	22,747
Cash acquired	(107)
Net purchase price	$	22,640
Assets acquired:
Accounts receivable	$	477
Other current assets	295
Property and equipment	64
Technology intangible assets	9,040
Other intangible assets	100
Other non-current assets	9
Total identifiable assets acquired	9,985
Liabilities assumed:
Accounts payable	(34)
Accrued expenses	(1,730)
Deferred revenue	(1,374)
Total identifiable liabilities assumed	(3,138)
Goodwill	15,793
Fair value of total consideration transferred	$	22,640

The technology intangible assets have a weighted average useful life of 3 years.

The contingent consideration related to the 7Geese Acquisition consisted of a maximum of $3,000 in payments based on the achievement of operational milestones within a three-year period. The contingent consideration was initially measured at fair value at the acquisition date and recorded as a liability. The liability at fair value was based on the estimated future payments. The Company made payments of $1,000 in March 2021 and $2,000 in May 2021 to fully satisfy the contingent payment obligation.

The deferred consideration related to the 7Geese Acquisition consisted of a one-time payment due and paid in the second quarter of fiscal year 2022.

The Company incurred transaction costs of approximately $500 related to the 7Geese Acquisition for the nine months ended March 31, 2021, of which none relates to the three months ended March 31, 2021. These costs were expensed as incurred in general and administrative expenses on the accompanying unaudited condensed consolidated statements of operations.

Asset Acquisition

On February 4, 2021, the Company acquired payroll, timekeeping and HCM service customer relationships from another large provider of HCM services for an initial purchase price of approximately $9,300, which included approximately $50 of transaction costs. As part of this asset purchase, the Company is required to make quarterly contingent payments and a final payment to the seller based on the revenue generated by the acquired clients over a 12-month period. Contingent payments made for the three and nine months ended March 31, 2022 were $1,453 and $3,890, respectively.

The acquired customer relationships are recorded as an intangible asset and are being amortized on a straight-line basis over three years. As of March 31, 2022, the weighted average amortization period for these intangible assets was approximately 2.0 years. The contingent payments are recognized when each contingency is resolved and the consideration is paid or becomes payable as an increase to the acquired intangible asset, amortized on a straight-line basis over the remaining period of the initial acquired intangible asset.

BUSINESS COMBINATION AND ASSET ACQUISITION

BUSINESS COMBINATION AND ASSET ACQUISITION:

Acquisition of Paltech Solutions, Inc.


	7Geese Acquisition
Cash consideration	$	16,847
Contingent consideration	3,000
Deferred consideration	2,900
Fair value of total consideration	22,747
Cash acquired	(107)
Net purchase price	$	22,640
Assets acquired:
Accounts receivable	$	477
Other current assets	295
Property and equipment	64
Technology intangible assets	9,040
Other intangible assets	100
Other non-current assets	9
Total identifiable assets acquired	9,985
Liabilities assumed:
Accounts payable	(34)
Accrued expenses	(1,730)
Deferred revenue	(1,374)
Total identifiable liabilities assumed	(3,138)
Goodwill	15,793
Fair value of total consideration transferred	$	22,640

The technology intangible assets have a weighted average useful life of 3 years.

The deferred consideration related to the 7Geese Acquisition consisted of a one-time payment due and paid in the second quarter of fiscal year 2022.

Asset Acquisition

FUNDS HELD FOR CLIENTS

9 Months Ended

Mar. 31, 2022

Funds Held For Clients [Abstract]

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS:

Funds held for clients are as follows:


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	1,710,659	$	—	$	—	$	1,710,659
U.S. Treasury and direct obligations of U.S. government agencies	35,422		1		(171)		35,252
Corporate bonds	90,740		5		(938)		89,807
Commercial paper	22,802		—		(6)		22,796
Other securities	22,136		6		(171)		21,971
	$	1,881,759	$	12	$	(1,286)	$	1,880,485


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	557,366	$	—	$	—	$	557,366
U.S. Treasury and direct obligations of U.S. government agencies	28,757		92		(11)		28,838
Corporate bonds	50,188		1,900		(189)		51,899
Commercial paper	21,831		11		(6)		21,836
Other securities	9,821		629		(74)		10,376
	$	667,963	$	2,632	$	(280)	$	670,315

Other securities are primarily comprised of collateralized and other mortgage obligations, municipal obligations, and certificates of deposit.

Proceeds from sales and maturities of investment securities for the three months March 31, 2022 and 2021, were approximately $52,694 and $55,246, respectively. Proceeds from sales and maturities of investment securities for the nine months ended March 31, 2022 and 2021, were approximately $127,603 and $174,561, respectively.

The Company is exposed to interest rate risk as rate volatility will cause fluctuations in the earnings potential of future investments. The Company does not utilize derivative financial instruments to manage interest rate risk.

The Company reviews its investments on an ongoing basis to determine if any are other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. The Company has no material individual securities that have been in a continuous unrealized loss position greater than twelve months. The Company believes these unrealized losses result from changes in interest rates rather than credit risk, and therefore does not believe the related investments are other-than-temporarily impaired.

Expected maturities as of March 31, 2022 for client fund assets are as follows:


Due within fiscal year 2022	$	1,739,564
Due within fiscal year 2023	71,821
Due within fiscal year 2024	35,105
Due after fiscal year 2024	33,995
Total	$	1,880,485

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET:

A summary of the Company’s property and equipment, net is as follows:


	March 31, 2022		June 30, 2021
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	14,861		13,427
Furniture and fixtures	2,286		4,596
Office equipment	2,330		2,337
Leasehold improvements	1,462		8,227

	48,374		56,022
Accumulated depreciation and amortization	(15,623)		(14,942)
Property and equipment, net	$	32,751	$	41,080

Depreciation and amortization of property and equipment was approximately $1,665 and $1,718 for the three months ended March 31, 2022 and 2021, respectively. Depreciation and amortization of property and equipment was approximately $5,113 and $5,073 for the nine months ended March 31, 2022 and 2021, respectively.

CAPITALIZED SOFTWARE, NET

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET:

A summary of the Company’s capitalized software, net is as follows:


	March 31, 2022		June 30, 2021
Capitalized software	$	75,551	$	52,945
Accumulated amortization	(37,630)		(21,635)
Capitalized software, net	$	37,921	$	31,310

Amortization expense for capitalized software was approximately $5,767 and $3,690 for the three months ended March 31, 2022 and 2021, respectively. Amortization expense for capitalized software was approximately $16,008 and $9,538 for the nine months ended March 31, 2022 and 2021, respectively.

The following is a schedule of future amortization expense as of March 31, 2022:


2022 (remaining three months)	$	5,603
2023	18,289
2024	11,425
2025	2,604
2026	—
	$	37,921

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS:

Goodwill represents the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired.

Changes in the carrying amount of goodwill are presented below:






Balance at July 1, 2021	$	750,802
Foreign currency translation	(147)
Balance at March 31, 2022	$	750,655

Components of intangible assets were as follows:


	March 31, 2022		June 30, 2021
Cost:
Technology	$	141,415	$	140,665
Customer relationships	438,872		434,983
Trade name	105,672		105,672
Total cost	$	685,959	$	681,320
Accumulated amortization:
Technology	$	(134,686)	$	(116,669)
Customer relationships	(246,779)		(190,538)
Trade name	(24,080)		(18,790)
Total accumulated amortization	$	(405,545)	$	(325,997)
Intangible assets, net	$	280,414	$	355,323

Amortization expense for intangible assets was approximately $22,136 and $31,782 for the three months ended March 31, 2022 and 2021, respectively. Amortization expense for intangible assets was approximately $79,548 and $93,553 for the nine months ended March 31, 2022 and 2021, respectively.

The following is a schedule of future amortization expense as of March 31, 2022:


2022 (remaining three months)	$	21,976
2023	87,162
2024	81,692
2025	30,890
2026	7,043
Thereafter	51,651
	$	280,414

DEBT AGREEMENTS AND LETTERS OF CREDIT

9 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT AGREEMENTS AND LETTERS OF CREDIT

DEBT AGREEMENTS AND LETTERS OF CREDIT:

The Company’s long-term debt consists of the following:



	March 31, 2022		June 30, 2021
2021 Credit Facility	$	—	$	49,100
Less: Unamortized debt issuance costs	—		—
Total long-term debt (including current portion)	—		49,100
Less: Current portion	—		—
Total long-term debt, net	$	—	$	49,100

2021 Credit Agreement

On June 11, 2021, Paycor, Inc. entered into a new credit agreement (the “2021 Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders, providing a $100,000 senior secured revolving credit facility (the “2021 Credit Facility”). The 2021 Credit Facility includes an “accordion feature” that allows the Company, under certain circumstances, to increase the size of the 2021 Credit Facility by an additional principal amount of up to $300,000, with a resulting maximum principal amount of $400,000, subject to the participating lenders electing to increase their commitments or new lenders being added to the 2021 Credit Agreement.

On September 3, 2021, the Company entered into an amendment (the “2021 Amendment”) to the 2021 Credit Agreement which increased the size of the 2021 Credit Facility from $100,000 to $200,000. No other significant terms of the 2021 Credit Agreement were changed in connection with the 2021 Amendment.

Borrowings under the 2021 Credit Facility, if any, have variable interest rates. The variable interest rates equal, at the Company’s option, either, (i) in the case of ABR borrowings, the highest of (a) the PNC prime rate, (b) the Federal Funds Rate plus 0.50%, and (c) the adjusted London interbank offered rate (“LIBOR”) with a maturity of one month, plus 1.00% (“ABR”) or (ii) in the case of LIBOR borrowings, the LIBOR rate, plus, in each case, an applicable margin of (A) prior to the IPO, (i) in the case of ABR borrowings, 0.95% per annum and (ii) in the case of LIBOR borrowings, 1.95% per annum or (B) following the IPO, (i) in the case of ABR borrowings, 0.375% per annum or (ii) in the case of LIBOR borrowings, 1.375% per annum, in each case, with step downs based on achievement of certain total leverage ratios.

The 2021 Credit Facility requires the Company to pay a quarterly unused fee of (i) prior to an initial public offering, 0.25% and (ii) following an initial public offering, between 0.10% per annum and 0.175% per annum based on our total leverage ratio.

Any borrowings under the 2021 Credit Facility will mature on June 11, 2026.

Borrowings under the 2021 Credit Agreement are guaranteed by a subsidiary, Pride Guarantor, Inc. and certain other subsidiaries. These borrowings are secured by liens and security interests on substantially all of the assets of existing and future material domestic subsidiaries of Pride Guarantor, Inc.

The 2021 Credit Agreement contains financial covenants, which are reviewed for compliance on a quarterly basis, including a total leverage ratio financial covenant of 3.50 to 1.00 and an interest coverage ratio financial covenant of 3.00 to 1.00. As of March 31, 2022, the Company was in compliance with all covenants.

On July 15, 2021 and August 9, 2021, the Company repaid $4,600 and $44,500, respectively, of revolver borrowings under the 2021 Credit Facility. As of March 31, 2022, there were no outstanding revolver borrowings under the 2021 Credit Facility.

As a result of the Company entering into the 2021 Amendment, the Company expensed approximately $35 primarily consisting of third party costs. Amounts expensed relating to the 2021 Amendment are recorded as other (expense) income - other within the unaudited condensed consolidated statement of operations for the nine months ended March 31, 2022.

Additionally, the Company capitalized approximately $100 of deferred financing fees for the nine months ended March 31, 2022 in connection with the 2021 Amendment, which are included in other long-term assets within the condensed consolidated balance sheets.

The Company had no outstanding letters of credit as of March 31, 2022 or June 30, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS:

U.S. GAAP defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access.

Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability and rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The fair value of certain assets, such as nonfinancial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets, are recognized or disclosed in connection with impairment evaluations. All non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.

The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of March 31, 2022 and June 30, 2021, because of the relatively short maturity of these instruments. Additionally, the Company believes the fair value of the amounts outstanding under the Company’s 2021 Credit Facility as of June 30, 2021, approximate carrying value because their variable interest rate terms correspond to the current market terms.

The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and June 30, 2021:


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	1,710,659	$	—	$	—	$	1,710,659
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		35,252		—		35,252
Corporate bonds	—		89,807		—		89,807
Commercial paper	—		22,796		—		22,796
Other securities	—		21,971		—		21,971
	$	1,710,659	$	169,826	$	—	$	1,880,485


	June 30, 2021
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	557,366	$	—	$	—	$	557,366
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		28,838		—		28,838
Corporate bonds	—		51,899		—		51,899
Commercial paper	—		21,836		—		21,836
Other securities	—		10,376		—		10,376
	$	557,366	$	112,949	$	—	$	670,315

Available-for-sale securities included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Available-for-sale securities included in Level 2 are valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REDEEMABLE NONCONTROLLING INTERESTS

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

REDEEMABLE NONCONTROLLING INTERESTS

REDEEMABLE NONCONTROLLING INTERESTS:The Company fully redeemed the Series A Redeemable Preferred Stock using a portion of the cash received in its IPO. The redemption price per share was equal to 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, or $260,044. As of March 31, 2022, there are no holders of the Company’s Series A Redeemable Preferred Stock and all of the Company’s subsidiaries are wholly-owned.

Measurement

Accretion of Redeemable Noncontrolling Interests for the three and nine months ended March 31, 2022 includes $— and $11,621 of adjustments, respectively, relating to the redemption accretion value adjustments for each reportable period. Accretion of Redeemable Noncontrolling Interests for the three and nine months ended March 31, 2021 includes $6,379 and $17,900 of adjustments, respectively, relating to the redemption accretion value adjustments for each reportable period. The Company elected to pay the distributions for the dividend payment date for the three months ended September 30, 2020 in-kind to preferred shareholders, while 50% of the required distributions for the remaining fiscal year 2021 dividend payment dates were paid in cash with the remaining 50% in-kind to preferred shareholders. These in-kind distributions increased the liquidation preference on each preferred share.

The following table shows the change in the Company’s Redeemable Noncontrolling Interests during the periods presented:



Balance at July 1, 2021	$	248,423
Accretion of Series A Redeemable Preferred Stock	11,621
Redemption of outstanding shares	(260,044)
Balance at March 31, 2022	$	—

CAPITAL STOCK	9 Months Ended
CAPITAL STOCK	Mar. 31, 2022
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: Effective following the IPO, the Company amended and restated its certificate of incorporation to effectuate the IPO Stock Split, which authorized the Company to issue 500,000,000 shares of common stock with a par value of $0.001 per share. The Company also authorized 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of March 31, 2022 and June 30, 2021, there were 174,903,005 and 141,097,740 shares of common stock outstanding, respectively, and no preferred stock outstanding. On October 19, 2021, a secondary offering took place in which certain selling shareholders, including Apax or its affiliates, sold 12,000,000 shares of the Company’s common stock at a public offering price of $32.00 per share. In addition, the selling shareholders granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of the Company’s common stock at the same per share price, which was exercised in full on October 26, 2021. The Company did not receive any proceeds from these sales. On December 29, 2020, the Company completed a private placement of 5,143 shares of Series A Preferred Stock with certain institutional investors, which generated proceeds of approximately $180,005. Each share of Series A Preferred Stock had an initial liquidation preference of $35,000, subject to adjustment. On December 29, 2020, subsequent to the Company’s Series A Preferred Stock issuance, the Company used the proceeds from the Series A Preferred Stock issuance and an intercompany promissory note of $64,989 with Pride Aggregator L.P. to repurchase 10,620,260 shares of its common stock at a price of $23.07 per share for approximately $245,000. On January 20, 2021, the Company completed a follow-on private placement of 2,572 shares of Series A Preferred Stock with certain institutional investors, which generated proceeds of approximately $90,020. The Company incurred approximately $7,253 of expenses associated with both the December 2020 and January 2021 private placements, which were netted against the $270,025 of proceeds received. The Series A Preferred Stock automatically converted into 11,705,039 shares of the Company’s common stock upon the closing of the Company’s IPO in July 2021, adjusted for the 1,517.18 for 1 IPO Stock Split.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EQUITY COMPENSATION PLANS

9 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS:

All stock-based awards to employees are recognized as compensation costs in the unaudited condensed consolidated financial statements based on fair value measured as of the date of grant. These costs are recognized as an expense in the unaudited condensed consolidated statements of operations over the requisite service period and increase additional paid-in capital.

The Company recognized stock-based compensation costs and costs relating to liability awards for the three months ended March 31, 2022 and 2021 of $16,294 and $1,882, respectively. The Company recognized stock-based compensation costs and costs relating to liability awards for the nine months ended March 31, 2022 and 2021 of $55,321 and $5,378, respectively.

Long Term Incentive Plan Units converted to Restricted Stock Units

In connection with the Company’s IPO, the LTIP Units converted to 1,761,578 RSUs, of which 20% of the aggregate dollar value vested upon conversion and was recognized as compensation expense. The remaining aggregate dollar value is being recognized as compensation expense over the requisite two-year service period relating to the LTIP units.

Management Equity Plan Units

Under the terms of the Company’s MEP, one-half of the MEP incentive units vest based on an associate’s service time. Vesting for the second half of the MEP incentive units is established based on the Company’s performance relative to Apax’s original invested amount, with the performance calculations defined in the plan triggered by the Company’s IPO (implied performance condition). The MEP incentive units are subject to a floor amount established at the grant date, which acts as a participation threshold and permits the award to participate in distributions only to the extent the distribution amount for the units exceed the floor amount. The Company estimated the fair value of the MEP incentive units using the Monte Carlo simulation method.

The MEP time-based incentive units vest 25% on the first anniversary after the vesting commencement date and thereafter in twelve equal installments on each subsequent quarterly anniversary of the vesting commencement date, with 100% vesting of the MEP time-based incentive units occurring on the fourth anniversary of the vesting commencement date. The MEP time-based incentive units are accounted for as equity awards and the compensation expense calculated based upon the fair market value of the MEP time-based incentive units at the grant date is recognized as the MEP time-based incentive units vest.

As a result of the Company’s IPO, and due to an election by Apax, the MEP performance-based incentive units converted to time-based incentive units (“Modified MEP Incentive Units”), with 25% vesting upon successive six month anniversary dates for the 24 months beginning on the date of the IPO. The conversion was treated as a modification for accounting purposes, and accordingly, the Company estimated fair value as of the modification date.

The Modified MEP Incentive Units are accounted for as equity awards and the compensation expense calculated based upon the fair value of the Modified MEP Incentive Units at the modification date is recognized as the Modified MEP Incentive Units vest. The Company estimated the fair value of the Modified MEP Incentive Units based upon the IPO Price adjusted for a floor amount established at the grant date and other liquidation preferences in accordance with the terms of the MEP.

The following table presents the MEP incentive unit activity:


	Time-Based Incentive Units					Modified MEP Incentive Units
In thousands, except unit and per unit data	Number of Units	Weighted Average Floor Price		Weighted Average Fair Value		Number of Units	Weighted Average Floor Price		Weighted Average Fair Value
Outstanding at June 30, 2021	38,079	$	578	$	442	36,879	$	593	$	379
Granted	—	—		—		—	—		—
Forfeited	(915)	1,186		409		(1,853)	691		1,321
Outstanding at March 31, 2022	37,164	$	563	$	443	35,026	$	588	$	1,424

As of March 31, 2022, there was $4,653 of unrecognized compensation expense for the unvested time-based incentive units that will be recognized over a weighted average period of 1.5 years. The weighted average grant date fair value of time-based incentive units that vested during the nine months ended March 31, 2022 and 2021 was $414 and $455, respectively.

As of March 31, 2022, the unrecognized compensation expense related to the unvested Modified MEP Incentive Units was $32,649 that will be recognized over a weighted average period of 1.3 years. The weighted average grant date fair value of the Modified MEP Incentive Units vested during the nine months ended March 31, 2022 and 2021 was $1,429 and $—, respectively.

2021 Omnibus Plan

On July 20, 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”). The Company has reserved 13,800,000 shares of common stock for future issuance under the 2021 Plan pursuant to which employees, consultants and directors of the Company and its affiliates performing services for the Company, including the Company’s executive officers, are eligible to receive awards. The 2021 Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards and performance awards intended to align the interests of participants with those of the Company’s shareholders.

Stock Options

In connection with the Company’s IPO, the Company granted awards under the 2021 Plan to certain executives consisting of 1,135,144 options to purchase shares of its common stock. Additionally, options were granted in October 2021 in connection with the Company’s annual grant. All stock options are non-qualified stock options and expire on the tenth anniversary of the grant date. The following table summarizes option activity for the nine months ended March 31, 2022:


In thousands, except unit and per unit data	Options Outstanding	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Outstanding at June 30, 2021	—	$	—	$	—	—	$	—
Granted	1,143,759	23.09		9.40		9.30	—
Exercised	—	—		—		—	—
Forfeited and cancelled	(46,741)	23.00		9.36		—	—
Outstanding at March 31, 2022	1,097,018	$	23.10	$	9.40	9.30	$	6,650
Exercisable as of March 31, 2022	—	$	—	$	—	—	$	—

None of the stock options were exercised during the period ended March 31, 2022. Total unrecognized compensation cost related to the unvested stock options is $7,925, which is expected to be recognized over a weighted average period of 2.3 years.

The weighted average grant date fair value was estimated by the Company using the Black-Scholes option pricing model with the assumptions below:


Weighted average exercise price per option			$23.00 - $35.16
Expected volatility range of stock			42.5%
Expected life of option (in years)			5.85
Risk-free interest rate			0.81% - 1.12%
Expected dividend yield on stock			0%
Fair value per option			$9.36 - $14.51

The expected option life represents the period of time the stock options are expected to be outstanding and is based on the “simplified method” allowed under SEC guidance. The Company used the “simplified method” due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options.

The expected volatility was based on the average historical and implied volatility of the Company’s peer group since the Company had either limited or no publicly traded stock history as of the grant date. The Company does not intend to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the U.S. Treasury yield curve at the time of the grant.

Restricted Stock Units

The following table summarizes information related to RSUs granted by the Company. These include grants of LTIP Units that were converted to RSUs as described above, as well as grants made in connection with the Company’s IPO and other grants. In connection with the Company’s IPO, the Company primarily granted RSUs to its executives, its independent directors, members of its IPO transaction team and senior employees of the Company.

RSUs that were granted as a result of the conversion of the LTIP Units vest over a two-year period, whereas RSUs that were granted at and subsequent to the time of the Company’s IPO generally vest over a three-year period.


In thousands, except unit and per unit data	Number of Units	Weighted Average Grant Price
Outstanding, unvested at June 30, 2021	—	$	—
Conversion of LTIP Units	1,761,578	27.01
Granted	1,586,424	29.98
Vested	(695,104)	27.03
Forfeited	(168,432)	28.64
Outstanding, unvested grants at March 31, 2022	2,484,466	$	28.79

As of March 31, 2022, total unrecognized compensation expense related to the RSUs is $59,031, which is expected to be recognized over a weighted average period of 2.0 years. The total fair value of RSUs vested during the nine months ended March 31, 2022 was $18,791.

Employee Stock Purchase Plan

On July 20, 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“ESPP”). The Company has reserved 3,100,000 shares of its common stock for future issuance under the ESPP. The ESPP provides eligible employees with a means of acquiring equity in the Company at a discounted price using their own accumulated payroll deductions. Under the terms of the ESPP, employees can elect to have amounts of their annual compensation withheld, up to a maximum set by the Board of Directors, to purchase shares of Company common stock for a purchase price equal to 85% of the lower of the fair market value per share of Company common stock on (i) the offering date or (ii) the respective purchase date.

The ESPP grants participating employees the right to acquire Company common stock in increments of 1% to 10% of eligible pay, with a maximum contribution of $25 of eligible pay, subject to applicable annual Internal Revenue Service limitations. The first offering period of the Company’s ESPP commenced on September 1, 2021 and was four months in duration. Subsequent offering periods will be January 1 through June 30 and July 1 through December 31 of a given year.

The Company records stock-based compensation expense within cost of goods sold, sales and marketing expense, general and administrative expense and research and development expense related to the discount given to the Company’s participating employees.

NET LOSS PER SHARE

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NET LOSS PER SHARE:Basic net loss per share is calculated by dividing net loss attributable to Paycor HCM, Inc. by the weighted average shares of common stock outstanding during the period.Diluted net loss per share is computed by dividing net loss attributable to Paycor HCM, Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the three and nine months ended March 31, 2022 and 2021 included RSUs, stock options, Series A Preferred Stock and ESPP purchase rights. Due to the net loss for the three and nine months ended March 31, 2022 and 2021, any potentially dilutive securities were excluded from the denominator in calculating diluted net loss per share because including them would have had an anti-dilutive effect. Additionally, the Company also excluded stock-based compensation awards representing membership interest units in Pride Aggregator, L.P. for the three and nine months ended March 31, 2022 and 2021, respectively. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,				Nine Months Ended March 31,
(in thousands, except per share data)	2022		2021		2022		2021
Net loss attributable to Paycor HCM, Inc.	$	(16,698)	$	(18,440)	$	(95,819)	$	(64,110)
Weighted average outstanding shares:
Basic and diluted	174,819,649		141,097,740		171,881,617		148,113,313
Basic and diluted net loss per share	$	(0.10)	$	(0.13)	$	(0.56)	$	(0.43)

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES:

The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. The resolution of these claims, litigation and regulatory compliance matters, individually or in the aggregate, is not expected to have a material adverse impact on the Company’s unaudited condensed consolidated statements of operations, balance sheets or statements of cash flows. These matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

Exit or Disposal Activities

During the three months ended March 31, 2022, as a result and in consideration of the changing nature regarding the use of office space by the workforce amid the impacts of the COVID-19 pandemic, the Company evaluated its existing real estate lease portfolio. This evaluation included the establishment of a formal plan to exit certain leased office spaces that are no longer utilized.

As a result of the evaluation, the Company recognized a loss on exit of certain leases of $9,055, which is included in general and administrative expenses in the accompanying statement of operations for the three and nine months ended March 31, 2022.

The loss included the present value of the remaining lease obligation on the cease-use date, net of estimated sublease income, as well as the write-off of $4,910 of the carrying value of abandoned furniture, fixtures, equipment and leasehold improvements offset by $3,250 of deferred rent.

The total exit cost obligation at March 31, 2022 is $7,395, which is included within Accrued expenses and other current liabilities and Other long-term liabilities on the consolidated balance sheets, respectively, as follows:



Accrued expenses and other current liabilities	$	3,756
Other long-term liabilities	3,639
Total exit cost obligation	$	7,395

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2021 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 2, 2021. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for the future interim periods and the full fiscal year. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recognition of revenue, evaluation of potential impairment of goodwill and intangible assets, and the valuation of stock-based compensation.The Company’s results of operations and financial condition can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and their resulting economic impact, including the impact from the COVID-19 pandemic. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on the Company’s results of operations and financial condition. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings.
Stock-based compensation	Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. For periods prior to the IPO, the Company estimated grant date fair value using a Monte Carlo simulation model. As the Company's equity was not publicly traded, there was no history of market prices for the Company's equity. Thus, estimating grant date fair value required the Company to make assumptions, including the value of the Company's equity, expected volatility, expected term and the expected risk-free rate of return. For periods subsequent to the IPO, the Company establishes grant date fair value of RSUs based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. See Note 13 - “Equity Compensation Plans” for additional information on the Company’s stock-based compensation plans.
Accounts receivable, net	Accounts receivable, net Accounts receivable balances are shown on the condensed consolidated balance sheets net of the allowance for doubtful accounts of $3,683 and $2,402 as of March 31, 2022 and June 30, 2021, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a customer’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted.
Sales and marketing	Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $5,354 and $4,223 for the three months ended March 31, 2022 and 2021, respectively. Advertising and promotion expense totaled approximately $15,229 and $11,520 for the nine months ended March 31, 2022 and 2021, respectively.
Income taxes	Income taxes Income tax benefit for the three months ended March 31, 2022 and 2021 was $6,876 and $3,215, respectively, reflecting an effective tax rate of 29.2% and 21.0% for the three month periods ended March 31, 2022 and 2021, respectively. Income tax benefit for the nine months ended March 31, 2022 and 2021 was $24,204 and $12,344, respectively, reflecting an effective tax rate of 22.3% and 21.1% for the nine month periods ended March 31, 2022 and 2021, respectively.
Pending accounting pronouncements	Pending accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842). This update amends existing accounting standards for lease accounting and requires lessees to recognize virtually all their leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short-term leases). The Company has formed a project team to review contracts to determine which qualify as a lease and then evaluate the impact of the adoption of this principle on the Company’s consolidated financial statements. The Company is evaluating, designing, and implementing new processes and internal controls to meet the requirements to report and disclose financial information relating to the Company’s leases. In addition, the Company is designing a process to perform the necessary calculations to derive the right-of-use assets and liabilities associated with each lease to support the requirements of the new standard. The Company anticipates that the adoption of this standard will materially affect its condensed consolidated balance sheets. The Company will adopt this ASU on July 1, 2022 using the modified retrospective approach. The Company plans to apply the package of practical expedients in the guidance which, among other things, includes carrying forward the historical lease classification. The Company plans to make accounting policy elections not to apply the new guidance to leases with a term of less than 12 months, as well as to derive the incremental borrowing rate at the July 1, 2022 adoption date based on the remaining lease term as of the adoption date. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326). This update establishes a new approach to estimate credit losses on certain types of financial instruments. The update requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The amended standard will also update the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on any such securities is a credit loss. The Company is currently evaluating this standard and the potential effects of these changes to its condensed consolidated financial statements and expects to adopt this new standard in the fiscal year beginning July 1, 2023 if the Company continues to qualify as an emerging growth company.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

REVENUE (Tables)

9 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of Revenue

The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue:



	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Recurring fees	$	119,108	$	95,767	$	307,873	$	252,743
Implementation services and other	3,081		3,638		9,461		10,629
Recurring and other revenue	$	122,189	$	99,405	$	317,334	$	263,372

The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2022		2021		2022		2021
Balance, beginning of period	$	15,289	$	16,746	$	16,047	$	15,916
Deferred revenue acquired	—		—		—		1,374
Deferral of revenue	6,467		3,792		15,868		9,767
Revenue recognized	(4,816)		(3,979)		(14,926)		(10,582)
Impact of foreign exchange	32		(10)		(17)		74
Balance, end of period	$	16,972	$	16,549	$	16,972	$	16,549

Capitalized Contract Cost

The following table presents the deferred contract costs balance and related amortization expense for these deferred contract costs.


	As of and for the Three Months Ended March 31, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	62,471	$	9,076	$	(3,713)	$	67,834
Costs to fulfill a contract	76,543		11,681		(4,555)		83,669
Total	$	139,014	$	20,757	$	(8,268)	$	151,503


	As of and for the Three Months Ended March 31, 2021
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	42,010	$	7,433	$	(2,351)	$	47,092
Costs to fulfill a contract	50,620		8,535		(2,808)		56,347
Total	$	92,630	$	15,968	$	(5,159)	$	103,439


	As of and for the Nine Months Ended March 31, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	52,926	$	25,006	$	(10,098)	$	67,834
Costs to fulfill a contract	62,457		33,444		(12,232)		83,669
Total	$	115,383	$	58,450	$	(22,330)	$	151,503


	As of and for the Nine Months Ended March 31, 2021
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	32,233	$	21,069	$	(6,210)	$	47,092
Costs to fulfill a contract	39,689		24,089		(7,431)		56,347
Total	$	71,922	$	45,158	$	(13,641)	$	103,439

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)

9 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The final purchase price allocation is as follows:


	7Geese Acquisition
Cash consideration	$	16,847
Contingent consideration	3,000
Deferred consideration	2,900
Fair value of total consideration	22,747
Cash acquired	(107)
Net purchase price	$	22,640
Assets acquired:
Accounts receivable	$	477
Other current assets	295
Property and equipment	64
Technology intangible assets	9,040
Other intangible assets	100
Other non-current assets	9
Total identifiable assets acquired	9,985
Liabilities assumed:
Accounts payable	(34)
Accrued expenses	(1,730)
Deferred revenue	(1,374)
Total identifiable liabilities assumed	(3,138)
Goodwill	15,793
Fair value of total consideration transferred	$	22,640

Schedule of Business Acquisitions, by Acquisition

The final purchase price allocation is as follows:


	7Geese Acquisition
Cash consideration	$	16,847
Contingent consideration	3,000
Deferred consideration	2,900
Fair value of total consideration	22,747
Cash acquired	(107)
Net purchase price	$	22,640
Assets acquired:
Accounts receivable	$	477
Other current assets	295
Property and equipment	64
Technology intangible assets	9,040
Other intangible assets	100
Other non-current assets	9
Total identifiable assets acquired	9,985
Liabilities assumed:
Accounts payable	(34)
Accrued expenses	(1,730)
Deferred revenue	(1,374)
Total identifiable liabilities assumed	(3,138)
Goodwill	15,793
Fair value of total consideration transferred	$	22,640

FUNDS HELD FOR CLIENTS (Tables)

9 Months Ended

Mar. 31, 2022

Funds Held For Clients [Abstract]

Investment

Funds held for clients are as follows:


	March 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	1,710,659	$	—	$	—	$	1,710,659
U.S. Treasury and direct obligations of U.S. government agencies	35,422		1		(171)		35,252
Corporate bonds	90,740		5		(938)		89,807
Commercial paper	22,802		—		(6)		22,796
Other securities	22,136		6		(171)		21,971
	$	1,881,759	$	12	$	(1,286)	$	1,880,485


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	557,366	$	—	$	—	$	557,366
U.S. Treasury and direct obligations of U.S. government agencies	28,757		92		(11)		28,838
Corporate bonds	50,188		1,900		(189)		51,899
Commercial paper	21,831		11		(6)		21,836
Other securities	9,821		629		(74)		10,376
	$	667,963	$	2,632	$	(280)	$	670,315

Investments Classified by Contractual Maturity Date

Expected maturities as of March 31, 2022 for client fund assets are as follows:


Due within fiscal year 2022	$	1,739,564
Due within fiscal year 2023	71,821
Due within fiscal year 2024	35,105
Due after fiscal year 2024	33,995
Total	$	1,880,485

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment at cost and accumulated depreciation

A summary of the Company’s property and equipment, net is as follows:


	March 31, 2022		June 30, 2021
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	14,861		13,427
Furniture and fixtures	2,286		4,596
Office equipment	2,330		2,337
Leasehold improvements	1,462		8,227

	48,374		56,022
Accumulated depreciation and amortization	(15,623)		(14,942)
Property and equipment, net	$	32,751	$	41,080

CAPITALIZED SOFTWARE, NET (Tables)

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of components of capitalized software

A summary of the Company’s capitalized software, net is as follows:


	March 31, 2022		June 30, 2021
Capitalized software	$	75,551	$	52,945
Accumulated amortization	(37,630)		(21,635)
Capitalized software, net	$	37,921	$	31,310

Components of intangible assets were as follows:


	March 31, 2022		June 30, 2021
Cost:
Technology	$	141,415	$	140,665
Customer relationships	438,872		434,983
Trade name	105,672		105,672
Total cost	$	685,959	$	681,320
Accumulated amortization:
Technology	$	(134,686)	$	(116,669)
Customer relationships	(246,779)		(190,538)
Trade name	(24,080)		(18,790)
Total accumulated amortization	$	(405,545)	$	(325,997)
Intangible assets, net	$	280,414	$	355,323

Schedule of future amortization expense

The following is a schedule of future amortization expense as of March 31, 2022:


2022 (remaining three months)	$	5,603
2023	18,289
2024	11,425
2025	2,604
2026	—
	$	37,921

The following is a schedule of future amortization expense as of March 31, 2022:


2022 (remaining three months)	$	21,976
2023	87,162
2024	81,692
2025	30,890
2026	7,043
Thereafter	51,651
	$	280,414

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

Changes in the carrying amount of goodwill are presented below:






Balance at July 1, 2021	$	750,802
Foreign currency translation	(147)
Balance at March 31, 2022	$	750,655

Schedule of components of intangible assets

A summary of the Company’s capitalized software, net is as follows:


	March 31, 2022		June 30, 2021
Capitalized software	$	75,551	$	52,945
Accumulated amortization	(37,630)		(21,635)
Capitalized software, net	$	37,921	$	31,310

Components of intangible assets were as follows:


	March 31, 2022		June 30, 2021
Cost:
Technology	$	141,415	$	140,665
Customer relationships	438,872		434,983
Trade name	105,672		105,672
Total cost	$	685,959	$	681,320
Accumulated amortization:
Technology	$	(134,686)	$	(116,669)
Customer relationships	(246,779)		(190,538)
Trade name	(24,080)		(18,790)
Total accumulated amortization	$	(405,545)	$	(325,997)
Intangible assets, net	$	280,414	$	355,323

Schedule of future amortization expense

The following is a schedule of future amortization expense as of March 31, 2022:


2022 (remaining three months)	$	5,603
2023	18,289
2024	11,425
2025	2,604
2026	—
	$	37,921

The following is a schedule of future amortization expense as of March 31, 2022:


2022 (remaining three months)	$	21,976
2023	87,162
2024	81,692
2025	30,890
2026	7,043
Thereafter	51,651
	$	280,414

DEBT AGREEMENTS AND LETTERS OF CREDIT (Tables)

9 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s long-term debt consists of the following:



	March 31, 2022		June 30, 2021
2021 Credit Facility	$	—	$	49,100
Less: Unamortized debt issuance costs	—		—
Total long-term debt (including current portion)	—		49,100
Less: Current portion	—		—
Total long-term debt, net	$	—	$	49,100

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and June 30, 2021:


	March 31, 2022
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	1,710,659	$	—	$	—	$	1,710,659
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		35,252		—		35,252
Corporate bonds	—		89,807		—		89,807
Commercial paper	—		22,796		—		22,796
Other securities	—		21,971		—		21,971
	$	1,710,659	$	169,826	$	—	$	1,880,485


	June 30, 2021
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	557,366	$	—	$	—	$	557,366
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		28,838		—		28,838
Corporate bonds	—		51,899		—		51,899
Commercial paper	—		21,836		—		21,836
Other securities	—		10,376		—		10,376
	$	557,366	$	112,949	$	—	$	670,315

REDEEMABLE NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of redeemable noncontrolling interest

The following table shows the change in the Company’s Redeemable Noncontrolling Interests during the periods presented:



Balance at July 1, 2021	$	248,423
Accretion of Series A Redeemable Preferred Stock	11,621
Redemption of outstanding shares	(260,044)
Balance at March 31, 2022	$	—

Compensation Related Costs, Share Based Payments (Tables)

9 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Activity

The following table presents the MEP incentive unit activity:


	Time-Based Incentive Units					Modified MEP Incentive Units
In thousands, except unit and per unit data	Number of Units	Weighted Average Floor Price		Weighted Average Fair Value		Number of Units	Weighted Average Floor Price		Weighted Average Fair Value
Outstanding at June 30, 2021	38,079	$	578	$	442	36,879	$	593	$	379
Granted	—	—		—		—	—		—
Forfeited	(915)	1,186		409		(1,853)	691		1,321
Outstanding at March 31, 2022	37,164	$	563	$	443	35,026	$	588	$	1,424

Share-based Payment Arrangement, Option, Activity

The following table summarizes option activity for the nine months ended March 31, 2022:


In thousands, except unit and per unit data	Options Outstanding	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Outstanding at June 30, 2021	—	$	—	$	—	—	$	—
Granted	1,143,759	23.09		9.40		9.30	—
Exercised	—	—		—		—	—
Forfeited and cancelled	(46,741)	23.00		9.36		—	—
Outstanding at March 31, 2022	1,097,018	$	23.10	$	9.40	9.30	$	6,650
Exercisable as of March 31, 2022	—	$	—	$	—	—	$	—

Fair Value Measurement Inputs and Valuation Techniques

The weighted average grant date fair value was estimated by the Company using the Black-Scholes option pricing model with the assumptions below:


Weighted average exercise price per option			$23.00 - $35.16
Expected volatility range of stock			42.5%
Expected life of option (in years)			5.85
Risk-free interest rate			0.81% - 1.12%
Expected dividend yield on stock			0%
Fair value per option			$9.36 - $14.51

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity


In thousands, except unit and per unit data	Number of Units	Weighted Average Grant Price
Outstanding, unvested at June 30, 2021	—	$	—
Conversion of LTIP Units	1,761,578	27.01
Granted	1,586,424	29.98
Vested	(695,104)	27.03
Forfeited	(168,432)	28.64
Outstanding, unvested grants at March 31, 2022	2,484,466	$	28.79

NET LOSS PER SHARE (Tables)

9 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,				Nine Months Ended March 31,
(in thousands, except per share data)	2022		2021		2022		2021
Net loss attributable to Paycor HCM, Inc.	$	(16,698)	$	(18,440)	$	(95,819)	$	(64,110)
Weighted average outstanding shares:
Basic and diluted	174,819,649		141,097,740		171,881,617		148,113,313
Basic and diluted net loss per share	$	(0.10)	$	(0.13)	$	(0.56)	$	(0.43)

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Restructuring and Related Costs



Accrued expenses and other current liabilities	$	3,756
Other long-term liabilities	3,639
Total exit cost obligation	$	7,395

ORGANIZATION AND DESCRIPTION OF BUSINESS - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	9 Months Ended
	Oct. 26, 2021 shares	Oct. 19, 2021 $ / shares shares	Jul. 23, 2021 USD ($) shares	Jul. 20, 2021 $ / shares	Nov. 02, 2018	Jul. 31, 2021	Mar. 31, 2022 USD ($) $ / shares shares	Jun. 30, 2021 $ / shares shares
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares							$ 0.001	$ 0.001
Payments of stock issuance costs			$ 30,583
Offering costs			$ 3,827
Preferred stock, liquidation preference							$ 260,044
Stock split conversion ratio						1,517.18
Common stock, shares authorized (in shares) \| shares							500,000,000	500,000,000
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period			2 years	2 years			2 years
Award vesting rights, percentage					20.00%
Share-based Payment Arrangement
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period							1 year 6 months
Award vesting rights, percentage			25.00%
Award vesting period			6 months
Apax Acquisition \| Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, liquidation preference			$ 260,044
November 2, 2020 To November 1, 2021 \| Apax Acquisition \| Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, redemption price (in percentage)			1.01%
IPO
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) \| shares		12,000,000	18,500,000
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001
Offering price per share (in dollars per share) \| $ / shares		$ 32.00		$ 23.00
Aggregate net proceeds from stock offering			$ 454,915
Offering costs			$ 4,595
Issuance of preferred stock, net (in shares) \| shares			11,705,039
IPO \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Issuance of preferred stock, net (in shares) \| shares			1,761,578
IPO \| Share-based Payment Arrangement
Subsequent Event [Line Items]
Award vesting period			24 months
Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) \| shares	1,800,000		2,775,000
Sale of stock, purchase period		30 days	30 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 3,683		$ 3,683		$ 2,402
Advertising and promotion expense	5,354	$ 4,223	15,229	$ 11,520
Income tax benefit	$ 6,876	$ 3,215	$ 24,204	$ 12,344
Effective income tax rate	29.20%	21.00%	22.30%	21.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Recurring and other revenue	$ 122,189	$ 99,405	$ 317,334	$ 263,372
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	119,108	95,767	307,873	252,743
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 3,081	$ 3,638	$ 9,461	$ 10,629

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 15,289	$ 16,746	$ 16,047	$ 15,916
Deferred revenue acquired	0	0	0	1,374
Deferral of revenue	6,467	3,792	15,868	9,767
Revenue recognized	(4,816)	(3,979)	(14,926)	(10,582)
Impact of foreign exchange	32	(10)	(17)	74
Balance, end of period	$ 16,972	$ 16,549	$ 16,972	$ 16,549

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 139,014	$ 92,630	$ 115,383	$ 71,922
Capitalization of Costs	20,757	15,968	58,450	45,158
Amortization	(8,268)	(5,159)	(22,330)	(13,641)
Ending Balance	151,503	103,439	151,503	103,439
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	62,471	42,010	52,926	32,233
Capitalization of Costs	9,076	7,433	25,006	21,069
Amortization	(3,713)	(2,351)	(10,098)	(6,210)
Ending Balance	67,834	47,092	67,834	47,092
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	76,543	50,620	62,457	39,689
Capitalization of Costs	11,681	8,535	33,444	24,089
Amortization	(4,555)	(2,808)	(12,232)	(7,431)
Ending Balance	$ 83,669	$ 56,347	$ 83,669	$ 56,347

REVENUE - Narrative (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation fee recognition period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	3 months
Revenue, remaining performance obligation, amount	$ 4,359
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 8,835
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 2,912
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period
Revenue, remaining performance obligation, amount	$ 866

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($)			1 Months Ended		3 Months Ended	9 Months Ended
	Feb. 04, 2021	Sep. 24, 2020	May 31, 2021	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Business acquisition, transaction costs				$ 0
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years
Asset acquisition, consideration transferred	$ 9,300,000
Asset acquisition, transaction cost	$ 50,000
Revenue period for contingent payment	12 months
Asset acquisition, contingent consideration					$ 1,453,000	$ 3,890,000
Finite-lived intangible assets, remaining amortization period						2 years
7Geese
Business Acquisition [Line Items]
Percentage of business acquired		100.00%
Business acquisition, goodwill, expected tax deductible amount		$ 1,661,000
Acquired finite-lived intangible assets, weighted average useful life		3 years
Contingent consideration		$ 3,000,000
Milestone payment period		3 years
Milestone payment for contingent consideration			$ 2,000,000	1,000,000
Business acquisition, transaction costs				$ 500,000

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	Sep. 24, 2020	Mar. 31, 2022	Jun. 30, 2021
Liabilities assumed:
Goodwill		$ 750,655	$ 750,802
7Geese
Business Acquisition [Line Items]
Cash consideration	$ 16,847
Contingent consideration	3,000
Deferred consideration	2,900
Fair value of total consideration	22,747
Cash acquired	(107)
Net purchase price	22,640
Assets acquired:
Accounts receivable	477
Other current assets	295
Property and equipment	64
Technology intangible assets	9,040
Other intangible assets	100
Other non-current assets	9
Total identifiable assets acquired	9,985
Liabilities assumed:
Accounts payable	(34)
Accrued expenses	(1,730)
Deferred revenue	(1,374)
Total identifiable liabilities assumed	(3,138)
Goodwill	15,793
Fair value of total consideration transferred	$ 22,640

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 134,004	$ 2,634	$ 19,364
Funds held for clients, Amortized Cost	1,881,759	667,963
Funds held for clients, Gross Unrealized Gains	12	2,632
Funds held for clients, Gross Unrealized Losses	(1,286)	(280)
Funds held for clients	1,880,485	670,315
U.S. Treasury and direct obligations of U.S. government agencies
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	35,422	28,757
Debt securities, available-for-sale, Gross Unrealized Gains	1	92
Debt securities, available-for-sale, Gross Unrealized Losses	(171)	(11)
Debt securities, available-for-sale, Fair Value	35,252	28,838
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	90,740	50,188
Debt securities, available-for-sale, Gross Unrealized Gains	5	1,900
Debt securities, available-for-sale, Gross Unrealized Losses	(938)	(189)
Debt securities, available-for-sale, Fair Value	89,807	51,899
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	22,802	21,831
Debt securities, available-for-sale, Gross Unrealized Gains	0	11
Debt securities, available-for-sale, Gross Unrealized Losses	(6)	(6)
Debt securities, available-for-sale, Fair Value	22,796	21,836
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	22,136	9,821
Debt securities, available-for-sale, Gross Unrealized Gains	6	629
Debt securities, available-for-sale, Gross Unrealized Losses	(171)	(74)
Debt securities, available-for-sale, Fair Value	21,971	10,376
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	1,710,659	557,366
Demand deposit accounts and other cash equivalents, Gross Unrealized Gains	0	0
Demand deposit accounts and other cash equivalents, Gross Unrealized Losses	0	0
Demand deposit accounts and other cash equivalents, Fair Value	$ 1,710,659	$ 557,366

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 52,694	$ 55,246	$ 127,603	$ 174,561

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2022	$ 1,739,564
Due within fiscal year 2023	71,821
Due within fiscal year 2024	35,105
Due after fiscal year 2024	33,995
Total	$ 1,880,485

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment at cost and accumulated depreciation (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 48,374	$ 56,022
Accumulated depreciation and amortization	(15,623)	(14,942)
Property and equipment, net	32,751	41,080
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,680	3,680
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	910	910
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,845	22,845
Computer, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,861	13,427
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,286	4,596
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,330	2,337
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,462	$ 8,227

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,665	$ 1,718	$ 5,113	$ 5,073

CAPITALIZED SOFTWARE, NET - Schedule of components of capitalized software (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 75,551	$ 52,945
Accumulated amortization	(37,630)	(21,635)
Capitalized software, net	$ 37,921	$ 31,310

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 5,767	$ 3,690	$ 16,008	$ 9,538

CAPITALIZED SOFTWARE, NET - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remaining three months)	$ 21,976
2023	87,162
2024	81,692
2025	30,890
2026	7,043
Intangible assets, net	280,414	$ 355,323
Computer Software, Intangible Asset
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remaining three months)	5,603
2023	18,289
2024	11,425
2025	2,604
2026	0
Intangible assets, net	$ 37,921

GOODWILL AND INTANGIBLE ASSETS - Schedule of changes in goodwill (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 750,802
Foreign currency translation	(147)
Goodwill, ending balance	$ 750,655

GOODWILL AND INTANGIBLE ASSETS - Schedule of components of intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 685,959	$ 681,320
Accumulated amortization:	(405,545)	(325,997)
Intangible assets, net	280,414	355,323
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	141,415	140,665
Accumulated amortization:	(134,686)	(116,669)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	438,872	434,983
Accumulated amortization:	(246,779)	(190,538)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,672	105,672
Accumulated amortization:	$ (24,080)	$ (18,790)

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets, excluding software	$ 22,136	$ 31,782	$ 79,548	$ 93,553

GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining three months)	$ 21,976
2023	87,162
2024	81,692
2025	30,890
2026	7,043
Thereafter	51,651
Intangible assets, net	$ 280,414	$ 355,323

DEBT AGREEMENTS AND LETTERS OF CREDIT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ 0	$ 0
Total long-term debt (including current portion)	0	49,100
Less: Current portion	0	0
Total long-term debt, net	0	49,100
2021 Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 49,100

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details)				1 Months Ended	5 Months Ended	9 Months Ended
	Aug. 09, 2021 USD ($)	Jul. 15, 2021 USD ($)	Jun. 11, 2021 USD ($)	Jul. 22, 2021	Dec. 31, 2021	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Sep. 03, 2021 USD ($)	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Repayments of line-of-credit	$ 44,500,000	$ 4,600,000				$ 52,600,000	$ 60,828,000
Legal fees						35,000
Payments of deferred financing fees						100,000
Letters of credit outstanding, amount						0			$ 0
Revolving Credit Facility \| 2021 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 100,000,000					$ 200,000,000
Line of credit, maximum increase			300,000,000
Line of credit, maximum borrowing capacity			$ 400,000,000
Credit facility unused fee, prior to IPO (in percentage)				0.25%
Leverage ratio			3.50
Interest coverage ratio			3.00
Borrowings on line of credit						$ 0
Revolving Credit Facility \| 2021 Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit facility unused fee, after IPO (in percentage)					0.10%
Revolving Credit Facility \| 2021 Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit facility unused fee, after IPO (in percentage)					0.175%
Revolving Credit Facility \| 2021 Credit Facility \| ABR Borrowings \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						0.50%
Revolving Credit Facility \| 2021 Credit Facility \| ABR Borrowings \| Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						1.00%
Revolving Credit Facility \| 2021 Credit Facility \| ABR Borrowings prior to IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						0.95%
Revolving Credit Facility \| 2021 Credit Facility \| LIBOR Borrowings prior to IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						1.95%
Revolving Credit Facility \| 2021 Credit Facility \| ABR Borrowings after IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						0.375%
Revolving Credit Facility \| 2021 Credit Facility \| LIBOR Borrowings after IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						1.375%

FAIR VALUE MEASUREMENTS - Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	$ 35,252	$ 28,838
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	89,807	51,899
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	22,796	21,836
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,971	10,376
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,880,485	670,315
Fair Value, Recurring \| U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	35,252	28,838
Fair Value, Recurring \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	89,807	51,899
Fair Value, Recurring \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	22,796	21,836
Fair Value, Recurring \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,971	10,376
Fair Value, Recurring \| Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,710,659	557,366
Fair Value, Recurring \| Level 1 \| U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 1 \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 1 \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 1 \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 2
Funds held for clients—available-for-sale:
Assets, fair value disclosure	169,826	112,949
Fair Value, Recurring \| Level 2 \| U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	35,252	28,838
Fair Value, Recurring \| Level 2 \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	89,807	51,899
Fair Value, Recurring \| Level 2 \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	22,796	21,836
Fair Value, Recurring \| Level 2 \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,971	10,376
Fair Value, Recurring \| Level 3
Funds held for clients—available-for-sale:
Assets, fair value disclosure	0	0
Fair Value, Recurring \| Level 3 \| U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 3 \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 3 \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring \| Level 3 \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Demand deposit accounts and other cash equivalents
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,710,659	557,366
Demand deposit accounts and other cash equivalents \| Fair Value, Recurring
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,710,659	557,366
Demand deposit accounts and other cash equivalents \| Fair Value, Recurring \| Level 1
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,710,659	557,366
Demand deposit accounts and other cash equivalents \| Fair Value, Recurring \| Level 2
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	0	0
Demand deposit accounts and other cash equivalents \| Fair Value, Recurring \| Level 3
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$ 0	$ 0

REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
	Jul. 23, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Preferred stock, liquidation preference		$ 260,044			$ 260,044
Preferred stock, dividend, payment in cash (in percentage)				50.00%
Preferred stock, dividend, in-kind, percentage				50.00%
Apax Acquisition \| Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference	$ 260,044
Accretion of redeemable noncontrolling interests		$ 0	$ 6,379		$ 11,621	$ 17,900
Apax Acquisition \| Redeemable Preferred Stock \| November 2, 2020 To November 1, 2021
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)	1.01%

REDEEMABLE NONCONTROLLING INTERESTS - Schedule of redeemable noncontrolling interest (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2022 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable noncontrolling interest at beginning of period	$ 248,423
Accretion of Series A Redeemable Preferred Stock	11,621
Redemption of outstanding shares	(260,044)
Redeemable noncontrolling interest at ending of period	$ 0

CAPITAL STOCK - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 26, 2021 shares	Oct. 19, 2021 $ / shares shares	Jul. 23, 2021 USD ($) shares	Jan. 20, 2021 USD ($) shares	Dec. 29, 2020 USD ($) $ / shares shares	Jul. 31, 2021	Mar. 31, 2021 shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($) shares	Dec. 31, 2021 shares	Jul. 20, 2021 $ / shares	Jun. 30, 2021 $ / shares shares	Dec. 31, 2020 shares	Jun. 30, 2020 shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)								500,000,000				500,000,000
Common stock, par value (in dollars per share) \| $ / shares								$ 0.001				$ 0.001
Common stock, shares outstanding (in shares)								174,903,005				141,097,740
Preferred stock, shares outstanding (in shares)								0
Proceeds from issuance of preferred stock, net of offering costs \| $				$ 90,020	$ 180,005			$ 0	$ 262,772
Preferred stock, initial liquidation (in dollars per share) \| $ / shares					$ 35,000
Proceeds from promissory note with related party \| $					$ 64,989			$ 0	64,989
Treasury stock (in shares)					10,620,260			10,620,260				10,620,260
Treasury stock acquired, average cost per share (in dollars per share) \| $ / shares					$ 23.07
Payments for repurchase of common Stock \| $					$ 245,000
Payments of stock issuance costs \| $			$ 30,583
Stock split conversion ratio						1,517.18
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								10,000				10,000
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.001				$ 0.001
Preferred stock, shares outstanding (in shares)								0				7,715
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)								50,000,000				50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.001				$ 0.001
Preferred stock, shares outstanding (in shares)								0				0
IPO
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares											$ 0.001
Number of shares issued in transaction (in shares)		12,000,000	18,500,000
Offering price per share (in dollars per share) \| $ / shares		$ 32.00									$ 23.00
Issuance of preferred stock, net (in shares)			11,705,039
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	1,800,000		2,775,000
Sale of stock, purchase period		30 days	30 days
Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock, net (in shares)				2,572	5,143
Proceeds from issuance of preferred stock, net of offering costs \| $									$ 270,025
Payments of stock issuance costs \| $				$ 7,253
Preferred Stock \| Series A Preferred Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)							7,715	0	7,715	0		7,715	5,143	0
Issuance of preferred stock, net (in shares)							2,572		7,715

EQUITY COMPENSATION PLANS - Narrative (Details)				3 Months Ended		9 Months Ended
EQUITY COMPENSATION PLANS - Narrative (Details)	Jul. 23, 2021 shares	Jul. 20, 2021 USD ($) shares	Nov. 02, 2018 installment	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement expense (benefit)				$ 16,294,000	$ 1,882,000	$ 55,321,000	$ 5,378,000
Number of installments \| installment			12
Options granted in period (in shares) \| shares						1,143,759
Expected dividend yield on stock						0.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			20.00%
Unrecognized compensation expense, weighted average period	2 years	2 years				2 years
Award requisite service period						2 years
Unrecognized compensation expense				59,031,000		$ 59,031,000
Weighted average grant date fair value of units						$ 18,791,000
Number of vested units (in shares) \| shares						695,104
Restricted Stock Units (RSUs) \| 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period						3 years
Restricted Stock Units (RSUs) \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of preferred stock, net (in shares) \| shares	1,761,578
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Unrecognized compensation expense, weighted average period						1 year 6 months
Award vesting period	6 months
Unrecognized compensation expense				4,653,000		$ 4,653,000
Weighted average grant date fair value of units						$ 414	$ 455
Share-based Payment Arrangement \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25.00%
Share-based Payment Arrangement \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100.00%
Share-based Payment Arrangement \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	24 months
Employee Stock \| 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares		13,800,000
Employee Stock \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares		3,100,000
Purchase price of common stock, percent		85.00%
Maximum contribution per employee		$ 25,000
Employee Stock \| 2021 Employee Stock Purchase Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of eligible pay		1.00%
Employee Stock \| 2021 Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of eligible pay		10.00%
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period						2 years 3 months 18 days
Unrecognized compensation expense				7,925,000		$ 7,925,000
Share-based Payment Arrangement, Option \| 2021 Omnibus Incentive Plan \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares) \| shares		1,135,144
Modified MEP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period						1 year 3 months 18 days
Unrecognized compensation expense				32,649,000		$ 32,649,000
Weighted average grant date fair value of units				$ 1,429	$ 0

EQUITY COMPENSATION PLANS - MEP Unit Incentive Activity (Details)	9 Months Ended
	Mar. 31, 2022 USD ($) shares
Share-based Payment Arrangement
Number of Units
Beginning balance (in shares) \| shares	38,079
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(915)
Ending balance (in shares) \| shares	37,164
Weighted Average Floor Price
Beginning balance	$ 578
Granted	0
Forfeited	1,186
Ending balance	563
Weighted Average Fair Value
Beginning balance	442
Granted	0
Forfeited	409
Ending balance	$ 443
Modified MEP Units
Number of Units
Beginning balance (in shares) \| shares	36,879
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(1,853)
Ending balance (in shares) \| shares	35,026
Weighted Average Floor Price
Beginning balance	$ 593
Granted	0
Forfeited	691
Ending balance	588
Weighted Average Fair Value
Beginning balance	379
Granted	0
Forfeited	1,321
Ending balance	$ 1,424

EQUITY COMPENSATION PLANS - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Options Outstanding
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	1,143,759
Exercised (in shares) \| shares	0
Forfeited and cancelled (in shares) \| shares	(46,741)
Ending balance (in shares) \| shares	1,097,018
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	23.09
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	23.00
Ending balance (in dollars per share)	23.10
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	0
Granted (in dollars per share)	9.40
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	9.36
Ending balance (in dollars per share)	$ 9.40
Stock Options Additional Disclosures
Granted, Weighted Average Remaining Contractual Term	9 years 3 months 18 days
Outstanding at September 30, 2021, Weighted Average Remaining Contractual Term	9 years 3 months 18 days
Options outstanding, aggregate intrinsic value \| $	$ 6,650
Options exercisable (in shares) \| shares	0
Options exercisable, Weighted average exercise price (in dollars per share)	$ 0
Options exercisable, Weighted average grant date fair value (in dollars per share)	$ 0
Options exercisable, Aggregate intrinsic value \| $	$ 0

EQUITY COMPENSATION PLANS - Valuation Assumptions (Details)	9 Months Ended
	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility range of stock	42.50%
Expected life of option (in years)	5 years 10 months 6 days
Expected dividend yield on stock	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price per option (in dollars per share)	$ 23.00
Risk-free interest rate	0.81%
Fair value per option (in dollars per share)	$ 9.36
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price per option (in dollars per share)	$ 35.16
Risk-free interest rate	1.12%
Fair value per option (in dollars per share)	$ 14.51

EQUITY COMPENSATION PLANS - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Units
Beginning balance (in shares) \| shares	0
Conversion of LTIP Units (in shares) \| shares	1,761,578
Granted (in shares) \| shares	1,586,424
Vested (in shares) \| shares	(695,104)
Forfeited (in shares) \| shares	(168,432)
Ending balance (in shares) \| shares	2,484,466
Weighted Average Grant Price
Beginning balance (in dollars per share) \| $ / shares	$ 0
Conversion of LTIP Units (in dollars per share) \| $ / shares	27.01
Granted (in dollars per share) \| $ / shares	29.98
Vested (in dollars per share) \| $ / shares	27.03
Forfeited (in dollars per share) \| $ / shares	28.64
Ending balance (in dollars per share) \| $ / shares	$ 28.79

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to Paycor HCM, Inc.	$ (16,698)	$ (18,440)	$ (95,819)	$ (64,110)
Weighted average outstanding shares:
Basic (in shares)	174,819,649	141,097,740	171,881,617	148,113,313
Diluted (in shares)	174,819,649	141,097,740	171,881,617	148,113,313
Basic net loss per share (in dollars per share)	$ (0.10)	$ (0.13)	$ (0.56)	$ (0.43)
Diluted net loss per share (in dollars per share)	$ (0.10)	$ (0.13)	$ (0.56)	$ (0.43)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Loss on lease exit	$ 9,055	$ 9,055	$ 0
Write-off of carrying value of lease	4,910
Deferred rent	3,250	3,250
Exit cost obligation	$ 7,395	$ 7,395

COMMITMENTS AND CONTINGENCIES - Exit Cost Obligation (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Accrued expenses and other current liabilities	$ 3,756
Other long-term liabilities	3,639
Total exit cost obligation	$ 7,395