0001839439-22-000021 | 10-K | XBRL Viewer

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jun. 30, 2022	Aug. 19, 2022	Dec. 31, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--06-30
Document Period End Date	Jun. 30, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 1,350
Entity Common Stock, Shares Outstanding		175,643,109
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive Proxy Statement on Schedule 14A to be prepared in connection with its 2022 Annual Meeting of Stockholders to be held on October 26, 2022 are incorporated by reference in Part III of this Annual Report on Form 10-K. The registrant intends to file the definitive Proxy Statement with the Securities and Exchange Commission not later than 120 days following June 30, 2022.
Entity Central Index Key	0001839439
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Cincinnati, Ohio

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 133,041	$ 2,634
Accounts receivable, net	21,511	16,472
Deferred contract costs	37,769	24,503
Prepaid expenses	9,421	6,586
Other current assets	1,874	1,516
Current assets before funds held for clients	203,616	51,711
Funds held for clients	1,715,916	670,315
Total current assets	1,919,532	722,026
Property and equipment, net	31,675	41,080
Goodwill	750,155	750,802
Intangible assets, net	263,069	355,323
Capitalized software, net	40,002	31,310
Long-term deferred contract costs	125,705	90,880
Other long-term assets	1,179	19,532
Total assets	3,131,317	2,010,953
Current liabilities:
Accounts payable	13,945	11,978
Accrued expenses and other current liabilities	13,907	15,782
Accrued payroll and payroll related expenses	44,592	32,305
Deferred revenue	11,742	11,948
Current liabilities before client fund obligations	84,186	72,013
Client fund obligations	1,719,047	669,960
Total current liabilities	1,803,233	741,973
Deferred income taxes	31,895	76,138
Other long-term liabilities	11,458	16,680
Long-term debt, net	0	49,100
Total liabilities	1,846,586	883,891
Commitments and contingencies (Note 18)
Redeemable noncontrolling interest	0	248,423
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 174,909,539 shares outstanding at June 30, 2022 and 141,097,740 shares outstanding at June 30, 2021	175	141
Treasury stock, at cost, 10,620,260 shares at June 30, 2022 and June 30, 2021	(245,074)	(245,074)
Additional paid-in capital	1,926,800	1,133,399
Accumulated deficit	(395,389)	(275,751)
Accumulated other comprehensive (loss) income	(1,781)	3,152
Total stockholders' equity	1,284,731	878,639
Total liabilities, redeemable noncontrolling interest and stockholders' equity	3,131,317	2,010,953
Preferred Stock
Stockholders' equity:
Preferred stock	0	0
Series A Preferred Stock
Stockholders' equity:
Preferred stock	$ 0	$ 262,772

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Jun. 30, 2021
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)	174,909,539	141,097,740
Treasury stock (in shares)	10,620,260	10,620,260
Preferred stock, shares outstanding (in shares)	0	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

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Recurring and other revenue	$ 427,032	$ 350,956	$ 317,620
Interest income on funds held for clients	2,355	1,821	10,289
Total revenues	429,387	352,777	327,909
Cost of revenues	168,188	154,487	139,683
Gross profit	261,199	198,290	188,226
Operating expenses:
Sales and marketing	170,629	106,123	99,998
General and administrative	187,050	145,480	137,071
Research and development	43,140	36,020	45,866
Total operating expenses	400,819	287,623	282,935
Loss from operations	(139,620)	(89,333)	(94,709)
Other (expense) income:
Interest expense	(541)	(2,541)	(1,780)
Other	1,570	(1,420)	9,004
Loss before benefit for income taxes	(138,591)	(93,294)	(87,485)
Income tax benefit	(30,574)	(20,812)	(20,182)
Net loss	(108,017)	(72,482)	(67,303)
Less: Accretion of redeemable noncontrolling interests	11,621	24,438	22,890
Net loss attributable to Paycor HCM, Inc.	$ (119,638)	$ (96,920)	$ (90,193)
Basic net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.69)	$ (0.66)	$ (0.59)
Diluted net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.69)	$ (0.66)	$ (0.59)
Weighted average common shares outstanding:
Basic (in shares)	172,636,523	146,364,225	151,718,000
Diluted (in shares)	172,636,523	146,364,225	151,718,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]	Service [Member]

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (108,017)	$ (72,482)	$ (67,303)
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on foreign currency translation	(297)	425	0
Unrealized (loss) gain on available-for-sale securities, net of tax	(2,683)	(43)	104
Other comprehensive (loss) income, net of tax	(2,980)	382	104
Comprehensive loss	(110,997)	(72,100)	(67,199)
Less: Comprehensive income attributable to redeemable noncontrolling interests	11,621	24,438	22,890
Comprehensive loss attributable to Paycor HCM, Inc.	$ (122,618)	$ (96,538)	$ (90,089)

- 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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Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Total Stockholders' Equity before Noncontrolling Interest	Preferred Stock Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2019				0
Stockholders' equity, beginning balance at Jun. 30, 2019	$ 1,038,570		$ 1,038,610	$ 0	$ 152	$ 0	$ 1,124,310	$ (88,518)	$ 2,666	$ (40)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2019					151,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(90,193)		(90,193)					(90,193)
Stock-based compensation expense	4,906		4,906				4,906
Other comprehensive (loss) income	104		104						104
Other	(62)		(102)					(102)		40
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2020				0
Stockholders' equity, ending balance at Jun. 30, 2020	953,325		953,325	$ 0	$ 152	0	1,129,216	(178,813)	2,770	0
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2020					151,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(96,920)		(96,920)					(96,920)
Stock-based compensation expense	4,172		4,172				4,172
Issuance of preferred stock, net (in shares)				7,715
Issuance of stock	262,772		262,772	$ 262,772
Repurchase of common stock, at cost (in shares)					(10,620,260)
Repurchase of common stock, at cost	(245,074)		(245,074)		$ (11)	(245,074)	11
Other comprehensive (loss) income	382		382						382
Other	$ (18)		(18)					(18)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2021	0	7,715		7,715
Stockholders' equity, ending balance at Jun. 30, 2021	$ 878,639		878,639	$ 262,772	$ 141	(245,074)	1,133,399	(275,751)	3,152	0
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2021	141,097,740				141,097,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	$ (119,638)		(119,638)					(119,638)
Stock-based compensation expense	71,376		71,376				71,376
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		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
Issuance of common stock under employee stock plans (in shares)					479,636
Issuance of common stock under employee stock plans	3,187		3,187		$ 1		3,186
Other comprehensive (loss) income	$ (2,980)		(2,980)						(2,980)
Other							1,953		(1,953)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022	0	0		0
Stockholders' equity, ending balance at Jun. 30, 2022	$ 1,284,731		$ 1,284,731	$ 0	$ 175	$ (245,074)	$ 1,926,800	$ (395,389)	$ (1,781)	$ 0
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022	174,909,539				174,909,539

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (108,017)	$ (72,482)	$ (67,303)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	6,457	6,947	5,462
Amortization of intangible assets and software	124,016	139,354	127,755
Amortization of deferred contract costs	31,471	19,501	10,206
Stock-based compensation expense	71,376	4,172	4,906
Amortization of debt acquisition costs	88	637	620
Deferred tax benefit	(30,940)	(21,022)	(20,181)
Bad debt expense	2,085	1,791	1,812
Gain on sale of investments	(2)	(127)	(2,513)
Gain on installment sale	(1,359)	0	0
Loss (gain) on foreign currency exchange	309	(755)	0
Loss on lease exit	9,112	0	0
Change in fair value of deferred consideration	(138)	0	0
Loss (gain) on extinguishment of debt	0	1,806	(6,240)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(7,133)	(7,731)	(2,584)
Prepaid expenses and other current assets	(3,193)	962	1,238
Other long-term assets	448	(1,726)	(240)
Accounts payable	2,015	(244)	(1,407)
Accrued liabilities	12,195	5,430	(13,973)
Deferred revenue	1,077	(1,350)	5,500
Other long-term liabilities	(5,954)	(1,428)	8,808
Deferred contract costs	(79,562)	(62,962)	(51,778)
Net cash provided by operating activities	24,351	10,773	88
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(211,473)	(237,054)	(571,385)
Proceeds from sale and maturities of client funds available-for-sale securities	166,372	235,768	722,588
Purchase of property and equipment	(1,986)	(3,335)	(7,833)
Proceeds from note receivable on installment sale	3,040	0	0
Acquisition of intangible assets	(9,706)	(9,252)	(2,995)
Acquisition of Paltech Solutions, Inc., net of cash acquired	0	(16,740)	0
Internally developed software costs	(30,797)	(21,968)	(18,846)
Net cash (used in) provided by investing activities	(84,550)	(52,581)	121,529
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	1,037,543	25,983	(29,803)
Capital contribution in Apax Transaction	0	0	(63)
Payment of contingent consideration	0	(3,000)	0
Payment of deferred consideration	(2,752)	0	0
Proceeds from promissory note with related party	0	64,989	0
Repayment of promissory note with related party	0	(64,989)	0
Proceeds from line-of-credit	3,500	107,020	114,127
Repayments of line-of-credit	(52,600)	(62,921)	(109,126)
Proceeds from debt	0	25,000	20,000
Repayments of debt and capital lease obligations	(323)	(44,517)	(15,886)
Proceeds from issuance of preferred stock, net of offering costs	0	262,772	0
Purchase of treasury stock at cost	0	(245,074)	0
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount	454,915	0	0
Payments of ordinary dividends, noncontrolling interest	(260,044)	(9,350)	0
Proceeds from employee stock purchase plan	3,187	0	0
Other financing activities	(395)	(597)	(129)
Net cash provided by (used in) financing activities	1,183,031	55,316	(20,880)
Impact of foreign exchange on cash and cash equivalents	91	44	0
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	1,122,923	13,552	100,737
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	560,000	546,448	445,711
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	1,682,923	560,000	546,448
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	5	129	1,032
Cash paid during the year for interest	154	1,347	823
Reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the Consolidated Balance Sheets
Cash and cash equivalents	133,041	2,634	828
Restricted cash and short-term investments	0	0	12,017
Funds held for clients	1,549,882	557,366	533,603
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 1,682,923	$ 560,000	$ 546,448

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Jun. 30, 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 fiscal year ended June 30, 2022. Upon completion of the IPO, $4,595 of offering costs, $3,827 of which were paid during the fiscal year ended June 30, 2022, were recorded to additional paid-in capital and accounted for as a reduction of the IPO proceeds in the 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 consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying financial statements are presented on a consolidated basis for all periods presented. All intercompany transactions and balances have been eliminated in consolidation.

Use of estimates

The preparation of 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.

Concentrations of risk

The Company regularly maintains deposits in banks which may, at times, exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (“FDIC”). The Company mitigates exposure to credit risk by placing cash and cash equivalents with highly rated financial institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on its cash and cash equivalents. No individual client represents more than 1% of total revenues. The majority of all revenues are generated by clients in the United States.

Cash and cash equivalents

For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original issue maturity of three months or less and money market funds to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value given the short-term maturity of those instruments.

Restricted cash and short-term investments

The Company designated a portion of cash received from the Apax Acquisition as restricted within the consolidated balance sheets since the cash and short-term investments are being held for the settlement of the cash-based compensation awards by the employees upon vesting. The short-term investments consist of U.S. Treasury Notes, direct obligations of U.S. government agencies and high-grade corporate bonds. As of June 30, 2021, all restricted cash received in the Apax Acquisition has been liquidated through the settlement of cash-based liability compensation awards.

Funds held for clients

The Company generally collects substantially all funds from clients in advance of performing payroll and payroll tax filing services on behalf of those clients. Funds held for clients consist of cash and cash equivalents and debt-security investments. Debt-security investments are classified as available-for-sale and are recorded at fair value, and consist of U.S. Treasury Notes, direct obligations of U.S. government agencies such as the Federal Home Loan Bank, the Federal National Mortgage Association and the Federal Farm Credit Bank, high grade corporate bonds, FDIC insured certificates of deposit, and other short-term and long-term investments. At June 30, 2022 and 2021, all the Company’s corporate bond investments are rated investment grade or better. The Company has classified funds held for clients as a current asset since these funds are held solely for the purposes of satisfying client obligations to remit funds relating to payroll and payroll tax filing services. Unrealized gains and losses, net of applicable income taxes, are reported as other comprehensive (loss) income, net of tax in the consolidated statements of comprehensive loss. Realized gains and losses on the sale of securities are determined by specific identification of the security’s cost basis.

Client fund obligations

Client fund obligations represent the Company’s contractual obligations to remit funds to satisfy clients’ payroll and tax payment obligations and are recorded in the accompanying consolidated balance sheets at the time the Company obtains the funds from clients. The client fund obligations represent the liabilities that will be remitted to the appropriate client employees, taxing authorities and other parties within one year of the balance sheet date.

Accounts receivable, net

Accounts receivable balances are shown on the consolidated balance sheets net of the allowance for doubtful accounts of $3,268 and $2,402 as of June 30, 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 client’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.

Property and equipment, net

Property and equipment are recorded at cost. Depreciation and amortization on the property and equipment is computed using the straight-line method over the following estimated useful lives:


Computers, equipment and software			3 to 5 years
Office equipment			5 to 7 years
Furniture and fixtures			7 years
Leasehold improvements			Over lease term
Land improvements			15 years
Building			30 years

Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for impairment, the Company first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques. In accordance with the decision to exit certain leases of facilities in fiscal year 2022, the carrying value of ceased-use furniture, fixtures, equipment and leasehold improvements was written off, resulting in an impairment charge of $4,910. No impairment was recorded for any other period presented.

Goodwill and intangible assets, net

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company performs an annual impairment review of goodwill in its fiscal fourth quarter and additional impairment reviews when events and circumstances indicate it is more likely than not that an impairment may have occurred. The Company assesses goodwill for impairment at the consolidated level, which represents its single reporting unit.

In evaluating goodwill for impairment, the Company has the option to first perform a qualitative assessment to determine whether further impairment testing is necessary or to perform a quantitative assessment by comparing the fair value of its single reporting unit to its carrying amount, including goodwill. Under the qualitative assessment, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors, and overall financial performance, among others.

Under a quantitative assessment, fair value of the Company’s single reporting unit is estimated using a weighted methodology considering the output from both the income and market approaches. The income approach incorporates the use of a discounted cash flow (“DCF”) analysis. A number of judgments are involved in the application of the DCF model, including projections of business performance, weighted average cost of capital, and terminal values. The market approach is performed using the Guideline Public Companies method which is based on earnings multiple data derived from publicly traded peer group companies.

The Company elected to perform a qualitative assessment during both fiscal years 2022 and 2021, and determined for both periods that no indicators of impairment existed, and the fair value of the Company significantly exceeded its carrying amount.

Other intangible assets principally consist of acquired software, customer relationships and trade names and are carried at cost, less accumulated amortization. These intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests intangible assets for potential impairment in a manner consistent with other long-lived assets when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. No impairment was recorded for any periods presented.

Capitalized software, net

The Company has developed payroll and human resources software to provide its clients with the Company’s services. Capitalized costs include external direct costs of materials and services associated with developing or obtaining internal-use computer software and certain payroll and payroll-related costs for employees who are directly associated with internal-use computer software projects. Expenditures for software purchases and software developed or obtained for internal-use are capitalized and amortized on a straight-line basis over the estimated product life, which is generally three years. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

Revenue recognition

Revenues are recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company is entitled to for those goods or services. The Company derives its revenue from contracts predominantly from recurring and non-recurring service fees. The majority of its agreements are generally cancellable by the client on 30 days’ notice.

Recurring fees are derived from payroll, workforce management, and HR-related cloud-based computing services. The majority of the Company’s recurring fees are satisfied over time as the services are provided during each client’s payroll period, and the timing of revenue recognition for these fees is consistent with the timing of invoicing as they occur simultaneously upon the client payroll processing period or by month. The performance obligations related to payroll services are delivered based upon the payroll frequency of the client with the fee charged and collected based on a per-employee-per-month or per-employee-per-payroll basis. The performance obligations related to workforce management and HR-related services are generally satisfied each month with the fee charged and collected based on a per-employee-per-month basis. For subscription-based fees, which can include payroll, workforce management, and HR-related services, the Company recognizes the applicable recurring fees each month with the fee charged and collected based on a per-employee-per-month basis.

Non-recurring service fees consist mainly of nonrefundable implementation fees. The implementation activities involve setting the client up and loading data into the Company’s cloud-based modules. The Company has determined that the nonrefundable upfront fees provide certain clients with a material right to renew the contract beyond the normal 30-day contractual period without payment of an additional upfront implementation fee. Implementation fees are deferred and recognized as revenue over the 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.

Sales taxes collected from clients and remitted to governmental authorities where applicable are accounted for on a net basis and therefore are excluded from revenues in the consolidated statements of operations.

Interest on funds held for clients is earned primarily on funds that are collected from clients before due dates for payroll tax administration services and for employee payment services and invested until remittance to the applicable tax or regulatory agencies or client employees. The interest earned on these funds is included in total revenue within the consolidated statements of operations because the collecting, holding, and remitting of these funds are components of providing these services.

Cost of revenues

Cost of revenues includes costs relating to the provision of ongoing customer support and implementation activities, payroll tax filing, distribution of printed checks and other materials providing the Company’s payroll and other HCM solutions. These costs primarily consist of expenses relating to associates who service customers, including employee-related costs, as well as third-party processing fees, delivery costs, hosting costs, and bank fees associated with client fund transfers.

The Company capitalizes costs to fulfill a contract related to its products if they are identifiable, generate or enhance resources used to satisfy future performance obligations and are expected to be recovered. The Company utilizes the portfolio approach based on the period in which the costs are incurred to account for the cost of fulfilling a contract. Capitalized costs to fulfill a contract are amortized over the expected period of benefit, which is generally six years based on the Company’s average client life, derived from analyzing client attrition rates using historical data as well as other qualitative factors, including rate of technological changes. The expected period of benefit has been determined to be the average client life primarily because the Company does not incur any additional costs to fulfill contracts upon renewal. The Company recognizes fulfillment costs when an existing client purchases additional services. The additional costs only relate to the additional services purchased and do not relate to the renewal of previous services. The Company continues to expense certain costs to fulfill a contract if those costs do not meet the capitalization criteria.

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 $22,130, $17,964, and $14,874 for the fiscal years ended June 30, 2022, 2021 and 2020, respectively.

The Company defers certain commission costs that meet the capitalization criteria. The Company utilizes the portfolio approach based on the period in which the commissions are incurred to account for the cost of obtaining a contract. Capitalized costs to obtain a contract are amortized over the expected period of benefit, which is generally six years based on the Company’s average client life, derived from analyzing client attrition rates using historical data as well as other qualitative factors, including rate of technological changes. The expected period of benefit approximates the average client life primarily because the Company does not incur any additional costs to obtain contracts upon renewal.

General and administrative

General and administrative expenses consist primarily of employee-related costs, including employee-related costs for the Company’s administrative, finance, accounting, legal, enterprise technology and human resources departments. Additional expenses include consulting and professional fees, occupancy costs, insurance, and other corporate expenses.

Research and development

Research and development expenses consist primarily of employee-related expenses for the Company’s software development and product management staff. Additional expenses include costs related to the development, maintenance, quality assurance and testing of new technologies, and ongoing refinement of the Company’s existing solutions. Research and development expenses, other than internal-use software costs qualifying for capitalization, including costs associated with preliminary project stage activities, training, maintenance, and all other post-implementation stage activities are expensed as incurred.

The Company capitalizes a portion of its development costs related to internal-use software, which are amortized over a period of three years into cost of revenues. The timing of the Company’s capitalized development projects may affect the amount of development costs expensed in any given period. The table below sets forth the amounts of capitalized and expensed research and development costs for the fiscal years ended June 30, 2022, 2021 and 2020:


	Fiscal Years Ended
	June 30,
(in thousands)	2022		2021		2020
Capitalized software	$	29,831	$	21,228	$	18,846
Research and development expenses	$	43,140	$	36,020	$	45,866

Interest expense

Interest expense consists primarily of interest payments and accruals relating to outstanding borrowings.

Other (expense) income

Other (expense) income generally consists of other income and expense items outside of the Company’s normal operations, such as realized gains or losses on the sale of certain positions of funds held for clients, gains or losses on the extinguishment of debt and expenses relating to the Company’s financing arrangements.

Stock-based compensation

The Company recognizes all employee and director stock-based compensation as a cost in the 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 14 - “Equity Compensation Plans” for additional information on the Company’s stock-based compensation plans.

Income taxes

The Company accrues income taxes payable or refundable and recognizes deferred tax assets and liabilities based on differences between the book and tax basis of assets and liabilities. The Company measures deferred tax assets and liabilities using enacted rates in effect for the years in which the differences are expected to reverse and recognizes the effect of a change in enacted rates in the period of enactment.

When uncertain tax positions exist, the Company recognizes the benefit of tax positions to the extent that the benefit will be more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. Interest associated with uncertain tax positions are recognized as a component of income tax expense.

Loss per share

Basic loss per share is computed by dividing net loss attributable to Paycor HCM, Inc. by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss attributable to Paycor HCM, Inc. by the weighted-average number of common shares outstanding during the period and the impact of securities that would have a dilutive effect, if any. See Note 15 - “Net Loss Per Share” for further discussion.

Deferred IPO issuance costs

Deferred issuance costs, which primarily consist of direct incremental legal and accounting fees relating to the IPO of the Company’s common stock, were capitalized. The deferred issuance costs were offset against IPO proceeds upon the consummation of the offering, which closed on July 23, 2021. The Company capitalized and deferred approximately $2,423 in IPO issuance costs as of June 30, 2021, which are included within other long-term assets within the consolidated balance sheets.

Segments

Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business as a single operating segment at the consolidated level.

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 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 the 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. As of July 1, 2022, the Company expects to record a right-of-use asset in the range of $15 million - $19 million and a lease liability in the range of $22 million - $26 million based on the current portfolio of leases, which primarily consist of real estate operating leases.

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 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

12 Months Ended

Jun. 30, 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:



	Fiscal Year Ended June 30,
		2022		2021		2020
Recurring fees		$	414,677	$	337,012	$	309,948
Implementation services and other		12,355		13,944		7,672
Recurring and other revenue		$	427,032	$	350,956	$	317,620

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:


	Fiscal Year Ended June 30,
		2022		2021
Balance, beginning of period		$	16,047	$	15,916
Deferred revenue acquired		—		1,374
Deferral of revenue		20,552		17,781
Revenue recognized		(19,468)		(19,033)
Impact of foreign exchange		(85)		9
Balance, end of period		$	17,046	$	16,047

Deferred revenue is recorded within deferred revenue and other long-term liabilities on the consolidated balance sheets. The Company will recognize deferred revenue of $11,742 in fiscal year 2023, $4,100 in fiscal year 2024, and $1,204 in fiscal year 2025.

Deferred contract costs


	As of and for the Fiscal Year Ended June 30, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	52,926	$	33,569	$	(14,153)	$	72,342
Costs to fulfill a contract	62,457		45,993		(17,318)		91,132
Total	$	115,383	$	79,562	$	(31,471)	$	163,474


	As of and for the Fiscal Year Ended June 30, 2021
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	32,233	$	29,568	$	(8,875)	$	52,926
Costs to fulfill a contract	39,689		33,394		(10,626)		62,457
Total	$	71,922	$	62,962	$	(19,501)	$	115,383

Deferred contract costs are recorded within deferred contract costs and long-term deferred contract costs on the 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 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Subparagraph (a)
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

BUSINESS COMBINATION AND ASSET ACQUISITION

12 Months Ended

Jun. 30, 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 fiscal year ended June 30, 2021. These costs were expensed as incurred in general and administrative expenses on the accompanying 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 fiscal years ended June 30, 2022 and 2021 were $6,688 and $—, 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 June 30, 2022, the weighted average amortization period for these intangible assets was approximately 1.6 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

12 Months Ended

Jun. 30, 2022

Funds Held For Clients [Abstract]

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS:

Funds held for clients are as follows:


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	1,549,882	$	—	$	—	$	1,549,882
U.S. Treasury and direct obligations of U.S. government agencies	29,367		—		(290)		29,077
Corporate bonds	112,753		4		(1,894)		110,863
Commercial paper	6,642		2		(3)		6,641
Other securities	19,817		2		(366)		19,453
	$	1,718,461	$	8	$	(2,553)	$	1,715,916


	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 fiscal years ended June 30, 2022, 2021, and 2020 were approximately $166,372, $235,768, and $722,588, 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 June 30, 2022 for client fund assets are as follows:


Due within fiscal year 2023	$	1,632,317
Due within fiscal year 2024	37,050
Due within fiscal year 2025	35,092
Due after fiscal year 2025	11,457
Total	$	1,715,916

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Jun. 30, 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:


	June 30, 2022		June 30, 2021
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	14,951		13,427
Furniture and fixtures	2,246		4,596
Office equipment	2,538		2,337
Leasehold improvements	1,430		8,227

	48,600		56,022
Accumulated depreciation and amortization	(16,925)		(14,942)
Property and equipment, net	$	31,675	$	41,080

Depreciation and amortization of property and equipment was approximately $6,457, $6,947, and $5,462 for the fiscal years ended June 30, 2022, 2021, and 2020 respectively.

CAPITALIZED SOFTWARE, NET

12 Months Ended

Jun. 30, 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:


	June 30, 2022		June 30, 2021
Capitalized software	$	83,682	$	52,945
Accumulated amortization	(43,680)		(21,635)
Capitalized software, net	$	40,002	$	31,310

Amortization expense for capitalized software was approximately $22,057, $13,764, and $6,893 for the fiscal years ended June 30, 2022, 2021, and 2020 respectively.

The following is a schedule of future amortization expense as of June 30, 2022:


2023	$	21,006
2024	14,135
2025	4,861


	$	40,002

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 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, 2020	$	733,801
7Geese Acquisition	15,793
Foreign currency translation	1,208
Balance at June 30, 2021	$	750,802

Foreign currency translation	(647)
Balance at June 30, 2022	$	750,155

Components of intangible assets were as follows:


	June 30, 2022		June 30, 2021
Cost:
Technology	$	142,165	$	140,665
Customer relationships	443,187		434,983
Trade name	105,672		105,672
Total cost	$	691,024	$	681,320
Accumulated amortization:
Technology	$	(135,982)	$	(116,669)
Customer relationships	(266,129)		(190,538)
Trade name	(25,844)		(18,790)
Total accumulated amortization	$	(427,955)	$	(325,997)
Intangible assets, net	$	263,069	$	355,323

Amortization expense for intangible assets was approximately $101,959, $125,590, and $120,862 for the fiscal years ended June 30, 2022, 2021, and 2020 respectively.

The following is a schedule of future amortization expense as of June 30, 2022:


2023	$	89,516
2024	83,380
2025	31,478
2026	7,043
2027	7,043
Thereafter	44,609
	$	263,069

DEBT AGREEMENTS AND LETTERS OF CREDIT

12 Months Ended

Jun. 30, 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:



	June 30, 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.

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 June 30, 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 June 30, 2022, there were no outstanding revolver borrowings under the 2021 Credit Facility.

As a result of the Company entering into the 2021 Credit Facility, the Company expensed approximately $2,195 primarily consisting of write-offs of previously deferred unamortized deferred financing fees and certain third-party costs. Amounts expensed are recorded as other (expense) income - other on the consolidated statement of operations for the fiscal year ended June 30, 2021.

Additionally, the Company capitalized approximately $342 of deferred financing fees for the year ended June 30, 2021 in connection with entering into the 2021 Credit Facility, which are included in other long-term assets within the consolidated balance sheets.

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 consolidated statement of operations for the fiscal year ended June 30, 2022.

Additionally, the Company capitalized approximately $100 of deferred financing fees for the fiscal year ended June 30, 2022 in connection with the 2021 Amendment, which are included in other long-term assets within the consolidated balance sheets.

Promissory Note with Related Party

In December 2020, in connection with the share repurchase discussed further in Note 13 - “Capital Stock,” the Company entered into a promissory note for $64,989 with Pride Aggregator L.P. (the “Intercompany Promissory Note”). The Intercompany Promissory Note was payable on-demand and accrued interest at a rate of 0.15% per annum. The Company repaid the Intercompany Promissory Note in full in January 2021, concurrent with the closing of the January 2021 issuance of preferred stock.

The Company had no outstanding letters of credit as of June 30, 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 https://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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+ Details

LEASES

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

LEASES:

Capital Leases

The Company has several lease agreements for equipment that are classified as capital leases. The cost and accumulated depreciation of equipment under capital leases included in the accompanying Consolidated Statements of Financial Position within property and equipment, net were $1,249 and $460, respectively, as of June 30, 2022. Depreciation expense associated with capital leases for the fiscal year ended June 30, 2022 was $284.

The future minimum lease payments under capital leases and the present value of net minimum lease payments as of June 30, 2022 are as follows:


2023	$	323
2024	323
2025	296
2026	44
2027	—
Total minimum lease payments	986
Less: Amount representing interest	(74)
Present value of minimum lease payments	912
Less: Current maturities of capital lease obligations	(283)
Long-term capital lease obligations	$	629

Current maturities of capital lease obligations and long-term capital lease obligations are recorded within accrued expenses and other current liabilities and other long-term liabilities, respectively, within the consolidated balance sheets.

Operating Leases

The Company leases office space (except for its headquarters) and equipment under operating leases expiring on various dates through June 2030, with voluntary renewal options that can extend the term at the Company’s discretion. The following is a schedule of future annual minimum lease payments required under operating leases as of June 30, 2022:


2023	$	6,678
2024	5,132
2025	4,257
2026	4,031
2027	3,721
Thereafter	2,890
Total minimum lease payments	26,709
Less sublease income of leased properties (1)	(7,212)
Net minimum lease payments	$	19,497

(1) Represents receipts for noncancellable subleases at June 30, 2022.

Rent expense for operating leases is accounted for on a straight-line basis. To the extent the rent expense exceeds actual rent payments, the Company records a deferred rent liability. Once the rent payments exceed the straight-line rent expense, the liability is reduced. At June 30, 2022 and 2021, the deferred rent liability was approximately $520 and $5,330, respectively, which is included in accrued expenses and other current liabilities and other long-term liabilities within the consolidated balance sheets. Rent expense for the fiscal years ending June 30, 2022, 2021, and 2020 was approximately $5,452, $5,411, $5,285, respectively.

Exit or Disposal Activities

In the third quarter of fiscal year 2022, as a result and in consideration of the changing 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, which was finalized in the third quarter of fiscal year 2022. 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 fiscal year ended June 30, 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 ceased-use furniture, fixtures, equipment and leasehold improvements offset by $3,250 of deferred rent.

A summary of the exit cost obligation and related activity for the fiscal year ended June 30, 2022 is as follows:



Exit cost obligation at cease-use date in fiscal year 2022	$	7,395
Accretion during fiscal year 2022	57
Net payments made during fiscal year 2022	(1,065)
Exit cost obligation at June 30, 2022	$	6,387

The total exit cost obligation at June 30, 2022 is $6,387, 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	$	3,037
Other long-term liabilities	3,350
Total exit cost obligation	$	6,387

FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2022 and June 30, 2021:


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	1,549,882	$	—	$	—	$	1,549,882
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		29,077		—		29,077
Corporate bonds	—		110,863		—		110,863
Commercial paper	—		6,641		—		6,641
Other securities	—		19,453		—		19,453
	$	1,549,882	$	166,034	$	—	$	1,715,916


	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

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

REDEEMABLE NONCONTROLLING INTERESTS

REDEEMABLE NONCONTROLLING INTERESTS:

In connection with the Apax Acquisition, a subsidiary of the Company issued 200,000 shares of Series A Redeemable Preferred Stock (“Redeemable Preferred Stock”) to certain institutional investors, including Apax Partners and its affiliates, a related party, and received proceeds of approximately $194,745, net of $5,255 in issuance costs. Dividends associated with the Redeemable Preferred Stock began accruing daily at the issuance date and were payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. From the issuance date to the second anniversary of the issuance date, the Company had the option to pay the accrued dividends in cash on the applicable dividend payment date or to have such dividends accrue and be added to the then prevailing liquidation preference. Additionally, from the day after the second anniversary of the issuance date through the third anniversary of the issuance date, the Company was required pay at least 50% of the accrued dividends for the applicable dividend payment period in cash. Further, from the day after the third anniversary of the issuance date, the Company was required to pay 100% of the accrued dividends for the applicable dividend payment period in cash. There was a noncompliance penalty if the Company did not meet certain requirements resulting in the prevailing dividend rate automatically increasing by 2% per year and increasing by 1% each six months thereafter until all of the issued and outstanding shares of Redeemable Preferred Stock was redeemed or the event of noncompliance ceases.

The dividends accrued based on a prevailing dividend rate, which was 3-month LIBOR plus a margin and adjusts accordingly. At any point in time, 3-month LIBOR could not be less than 1%. The dividend rate was 3-month LIBOR plus 8.875% from the day after the issuance date to the third anniversary of the issuance date. From the day after the third anniversary of the issuance date until there are no shares of Redeemable Preferred Stock outstanding, the dividend rate was 3-month LIBOR plus 8.375%. In the event that from the day after the second anniversary of the issuance date through the third anniversary of the issuance date the Company elected to pay 100% of the accrued dividend for the applicable dividend payment in cash, the prevailing dividend rate would have been 3-month LIBOR plus 8.375%.

The Redeemable Preferred Stock was redeemable by the Company at any point in time, although payment of a premium was required under certain circumstances. Additionally, the Company could, at its option, redeem for cash any or all of the then outstanding Redeemable Preferred Stock, in whole at any time or in part from time to time, on or after May 2, 2020, at (i) a redemption price per share equal to 102.0% for the period of May 2, 2020 – November 1, 2020; 101.0% for the period November 2, 2020—November 1, 2021; and 100.0% for the period November 2, 2021 and thereafter, plus (ii) the amount of all accrued dividends for the then current and all prior dividend payment periods.

The holders of the Redeemable Preferred Stock had the ability to redeem the stock upon the occurrence of certain events such as a change in control, an IPO, on or after the sixth anniversary of the issue date, or a trigger event, etc. often involving a premium. The Company analyzed the embedded call and put options and concluded they are closely associated with the debt host and therefore do not require bifurcation. Outside of the events mentioned, there is not a mandatory redemption date for the Redeemable Preferred Stock and as a result, the Company concluded that the sixth anniversary of the issuance date was the most probable redemption date prior to the redemption discussed below.

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 June 30, 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 fiscal years ended June 30, 2022, 2021, and 2020 includes $11,621, $24,438, and $22,890 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 fiscal year 2020 and 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 increase 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 June 30, 2020	$	233,335
Accretion of Redeemable Preferred Stock	24,438
Dividends paid	(9,350)
Balance at June 30, 2021	$	248,423
Accretion of Redeemable Preferred Stock	11,621
Redemption of outstanding shares	(260,044)
Balance at June 30, 2022	$	—

CAPITAL STOCK	12 Months Ended
CAPITAL STOCK	Jun. 30, 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. The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared from time-to-time by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. As of June 30, 2022 and June 30, 2021, there were 174,909,539 and 141,097,740 shares of common stock outstanding, respectively, and no preferred stock outstanding. The Board of Directors is authorized, subject to any limitations prescribed by law, without further vote or action by the stockholders, to issue from time to time shares of preferred stock in one or more series. Each such series of preferred stock will have such number of shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as determined by the Board of Directors, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights. 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 that same date, 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.3-04)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EQUITY COMPENSATION PLANS

12 Months Ended

Jun. 30, 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 consolidated financial statements based on fair value measured as of the date of grant. These costs are recognized as an expense in the 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 fiscal years ended June 30, 2022, 2021, and 2020 of $71,376, $3,983, and $7,961 respectively. Related income tax benefits recognized were $4,352, $43 and $536 for the fiscal years ended June 30, 2022, 2021, and 2020.

Liability incentive awards

Prior to the Apax Acquisition, the Company had issued stock-based compensation awards to employees and outside directors under a plan that provided for the granting of stock options, stock appreciation rights, restricted stock, restricted share units, incentive stock options and other stock-based awards to attract and retain directors, consultants and employees. As part of the Apax Acquisition, vested awards were settled after the closing date at fair value. Unvested awards were cancelled and replaced with cash-based liability awards. Under the terms of the new awards, 50% of the unvested awards were accelerated to vest as of the Apax Acquisition and were paid after the closing date. The remaining 50% of unvested awards are earned and paid to holders according to the vesting dates of the replacement awards. During the fiscal years ended June 30, 2022, 2021, and 2020, $—, $11,605, and $8,957 was paid, respectively.

The Company accounted for the cancellation and replacement of the unvested stock-based compensation awards as a modification, as the classification of the awards was changed from equity to a liability. This modification required an assessment of the fair value of the replacement awards based upon the settlement value. The settlement value of the unvested awards was allocated between the Apax Acquisition purchase price and future compensation expense based upon the pre-acquisition service as a percentage of the greater of the total service period or the original service period of the acquiree’s replaced award. Amounts allocated for future compensation are recognized as compensation costs over the remaining requisite service period and are recorded to general and administrative expense on the consolidated statement of operations.

At June 30, 2022 and 2021, the Company maintained no liability for these awards, and there is no unamortized compensation expense as of June 30, 2022.

The 2019 Plans

Subsequent to the Apax Acquisition, the Company established three stock-based compensation plans (the “2019 Plans”) which provided for grants of incentive units to persons who are associates, officers or directors of the Company or any of its subsidiaries. The 2019 Plans included two cash Long Term Incentive Plans (“LTIPs”) and the Pride Aggregator, L.P. Management Equity Plan (“MEP”).

Long Term Incentive Plan Units converted to Restricted Stock Units

The Company has granted LTIP Units under its Pride Aggregator, L.P. Top Talent Incentive Plan and Sales Top Talent Incentive Plan (“LTIP Participants”). The LTIP Units are phantom awards providing for, at the Company’s discretion, a cash or stock payment (“LTIP Payment”) to participants on certain determination dates, if an IPO occurs and if the LTIP Participant remains employed by the Company on such date. An IPO transaction results in a determination date, for which each LTIP Participant becomes entitled to an LTIP Payment with respect to 20% of the LTIP Participant’s LTIP Units as of the IPO date and 20% on each of four subsequent determination dates six, twelve, eighteen and 24 months following the IPO date. The LTIP Payment is calculated based on the average closing price per IPO Company share for the 10-day trading period ending on the day prior to the applicable payment date. Units of both LTIP plans vest only upon a liquidity event and therefore no compensation expense was recognized for any fiscal year prior to the Company’s IPO.

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.

Key inputs and assumptions used to estimate the fair value of the MEP time-based incentive units include the exercise price, the option term, the risk-free interest rate over the option’s expected term, and the expected volatility. The Company’s expected stock price volatility assumption was determined based upon the historical volatility of publicly traded companies similar in nature to the Company. The risk-free interest rate is based on the market yield for a U.S. Treasury security over the expected life. The expected life of the MEP incentive units was an estimated time to a liquidity event. Estimates of fair value are not intended to predict actual future events or the value realized by persons who receive option awards. The assumptions used in the Monte Carlo simulation method are set forth in the following table.


			Time-Based Incentive Units
Expected volatility range of stock			60.0%–65.0%
Expected life of option, range in years			0.67–0.75
Risk-free interest range rate			0.09%–0.12%
Expected dividend yield on stock			0%

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	(1,023)	1,131		406		(2,144)	665		1,346
Outstanding at June 30, 2022	37,056	$	563	$	443	34,735	$	589	$	1,423

As of June 30, 2022, there was $3,619 of unrecognized compensation expense for the unvested time-based incentive units that will be recognized over a weighted average period of 1.3 years. At June 30, 2022 and 2021, the number of vested time-based incentive units were 19,965 and 10,142, respectively. The weighted average grant date fair value of time-based incentive units that vested during the fiscal years ended June 30, 2022 and 2021 was $417 and $445, respectively.

As of June 30, 2022, the unrecognized compensation expense related to the unvested Modified MEP Incentive Units was $26,201 that will be recognized over a weighted average period of 1.1 years. At June 30, 2022 and 2021, the number of vested Modified MEP Incentive Units were 9,009 and —, respectively. The weighted average grant date fair value of the Modified MEP Incentive Units vested during the fiscal years ended June 30, 2022 and 2021 was $1,428 and $—, respectively.

2021 Omnibus Incentive 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 and in April 2022. 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 fiscal year ended June 30, 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	1,159,520	23.17		9.45		9.07	—
Exercised	—	—		—		—	—
Forfeited and cancelled	(46,741)	23.00		9.36		—	—
Outstanding at June 30, 2022	1,112,779	$	23.18	$	9.45	9.07	$	3,265
Exercisable as of June 30, 2022	—	$	—	$	—	—	$	—

None of the stock options were exercised during the period ended June 30, 2022. Total unrecognized compensation cost related to the unvested stock options is $7,281, which is expected to be recognized over a weighted average period of 2.1 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% - 2.41%
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 an implied volatility calculation for the Company that closely approximated 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	1,605,666	29.97
Vested	(701,638)	27.04
Forfeited	(260,122)	28.82
Outstanding, unvested grants at June 30, 2022	2,405,484	$	28.78

As of June 30, 2022, total unrecognized compensation expense related to the RSUs is $49,218, which is expected to be recognized over a weighted average period of 1.8 years. The total grant date fair value of RSUs vested during the fiscal years ended June 30, 2022 was $18,971.

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

12 Months Ended

Jun. 30, 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 fiscal years ended June 30, 2022, 2021, and 2020 included RSUs, stock options, Series A Preferred Stock and ESPP purchase rights. Due to the net loss for the fiscal years ended June 30, 2022, 2021, and 2020, 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 fiscal years ended June 30, 2022, June 30, 2021, and 2020. 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:


	Fiscal Year Ended June 30,
(in thousands, except per share data)		2022		2021		2020
Net loss attributable to Paycor HCM, Inc.		$	(119,638)	$	(96,920)	$	(90,193)
Weighted average outstanding shares:
Basic and diluted		172,636,523		146,364,225		151,718,000
Basic and diluted net loss per share		$	(0.69)	$	(0.66)	$	(0.59)

PROFIT SHARING PLAN	12 Months Ended
PROFIT SHARING PLAN	Jun. 30, 2022
Retirement Benefits [Abstract]
PROFIT SHARING PLAN	PROFIT SHARING PLAN:The Company has a 401(k)-profit sharing plan for the benefit of its employees, substantially all of whom are eligible to participate after meeting minimum age and service requirements. The Company makes matching contributions to the 401(k) plan on behalf of participating employees up to 65% of the first 6% of eligible wages. For the fiscal years ended June 30, 2022, 2021, and 2020, the Company expensed contributions to the plan of approximately $6,073, $2,505, and $3,907, respectively.

INCOME TAXES

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

The Company’s benefit for income tax includes U.S. federal, state, and foreign income taxes. The domestic and foreign components of our loss before income taxes is as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
U.S.	$	(140,021)	$	(94,223)	$	(87,485)
Foreign	1,430		929		—
Loss before income taxes	$	(138,591)	$	(93,294)	$	(87,485)

The components of the Company’s income tax benefit for the following periods are as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
Federal:
Current provision	$	1	$	9	$	—
Deferred benefit	(29,547)		(18,570)		(16,950)
Federal tax benefit	(29,546)		(18,561)		(16,950)
State:
Current provision (benefit)	51		140		(1)
Deferred benefit	(1,344)		(2,655)		(3,231)
State tax benefit	(1,293)		(2,515)		(3,232)
Foreign:
Current provision	314		61		—
Deferred (benefit) provision	(49)		203		—
Foreign tax provision	265		264		—
Total tax benefit	$	(30,574)	$	(20,812)	$	(20,182)

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities are as follows:


	June 30, 2022		June 30, 2021
Deferred tax assets:
Stock-based compensation	$	4,497	$	—
Accrued expenses	2,360		1,849
Net operating loss carryforwards	56,089		43,009
Deferred rent	1,093		1,277
Deferred revenue	4,023		4,204
Unrealized gain (loss)	618		(245)
Tax credits	8,457		3,724
Other items	1,279		1,177
Total deferred tax assets	78,416		54,995
Valuation allowance	(744)		(117)
Net deferred tax assets	77,672		54,878
Deferred tax liabilities:
Software development costs	(9,718)		(7,514)
Deferred contract costs	(39,786)		(27,694)
Property and equipment	(3,432)		(4,883)

Other intangibles	(56,530)		(78,171)
Other	(101)		(302)
Total deferred liabilities	(109,567)		(118,564)
Net deferred tax liabilities	$	(31,895)	$	(63,686)

The Company is in a cumulative three-year loss position. The realization of deferred tax assets is dependent upon the generation of future taxable income. After giving appropriate consideration to the sources of taxable income through the scheduled reversal of deferred tax liabilities, the Company concluded that valuation allowances were only required on a portion of its state and local net operating losses. There is a valuation allowance on state net operating losses (“NOL”) of $744.

The Company has federal NOL carryforwards as of June 30, 2022 and 2021 of approximately $234,806 and $181,686 respectively. The Company has state NOL carryforwards as of June 30, 2022 and 2021 of approximately $211,795 and $156,603, respectively. The federal NOLs not subject to expiration total $181,033 as of June 30, 2022 with the remainder of $53,773 beginning to expire in 2034. The state NOL carryforwards generally expire from 2022 to 2040, except for some states for which NOLs do not expire. The Company also has gross federal research and development tax credit carryforwards as of June 30, 2022 and 2021 of approximately $7,982 and $3,724, respectively, which begin expiring in 2033. The Company has gross state research and development tax credit carryforwards as of June 30, 2022 and 2021 of approximately $982 and $261, respectively, which begin expiring in 2033.

On June 30, 2022, the Company’s liabilities for unrecognized tax benefits, which would impact the Company’s effective tax rate if recognized, are presented below. The Company will include applicable penalties and interest when the benefit is recognized. On June 30, 2022, the unrecognized tax benefits related to uncertain tax positions for state research and development tax credits. The Company does not expect material adjustments to the total amount of uncertain tax positions within the next 12 months, but the outcome of tax matters is uncertain and unforeseen results can occur.

The Company continues to follow its policy of recognizing interest and penalties accrued on tax positions as a component of income tax benefit on the consolidated statements of operations and comprehensive loss. The amount of accrued interest and penalties associated with the Company’s tax positions is immaterial to the consolidated balance sheets. The amount of interest and penalties recognized for the year ended June 30, 2022 was immaterial to the Company’s consolidated statements of operations and comprehensive loss.


	June 30, 2022
Unrecognized tax benefits at the beginning of the year	$	—
Additions for tax positions	97
Additions for tax positions of prior periods	284
Unrecognized tax benefits at the end of the year	$	381

The Company files income tax returns with the United States federal government and various state jurisdictions. Certain tax years remain open for federal and state tax reporting jurisdictions in which the Company does business due to NOL carryforwards and tax credits utilized from such years or utilized in a period remaining open for audits under normal statute of limitations relating to income tax liabilities. The Company, including its domestic subsidiaries, files a consolidated federal income tax return. For years before fiscal year ended June 30, 2018, the Company is no longer subject to U.S. federal examination. The Internal Revenue Service (“IRS”) has the ability to review years prior to fiscal year 2018 to the extent the Company utilized tax attributes carried forward from those prior years. The statute of limitations on state filings is generally three to four years.

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate for the following periods is presented below:


	Fiscal Year Ended June 30,
	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Research tax credits	3.6	%	—	%	—	%
State income taxes, net of federal tax benefit	1.7	%	2.7	%	2.9	%
Stock-based compensation	(4.6	%)	(0.9	%)	(1.3	%)
Transaction costs	2.2	%	—	%	—	%
Other permanent differences	(1.4	%)	(0.5	%)	(0.2	%)
Valuation allowance	(0.4	%)	—	%	0.7	%
Effective income tax rate	22.1	%	22.3	%	23.1	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 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.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

12 Months Ended

Jun. 30, 2022

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY):

Paycor HCM, Inc. and Subsidiaries

Parent Company Only

Condensed Balance Sheets

(in thousands)


	June 30, 2022		June 30, 2021
Assets
Cash and cash equivalents	$	5,000	$	—
Investment in subsidiary	1,279,731		878,639
Total assets	$	1,284,731	$	878,639
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Total stockholders’ equity	1,284,731		878,639
Total liabilities and stockholders’ equity	$	1,284,731	$	878,639

Paycor HCM, Inc. and Subsidiaries

Parent Company Only

Condensed Statements of Operations and Comprehensive Loss

(in thousands)


	Fiscal Year Ended June 30,
	2022		2021		2020
Equity in net loss of subsidiary	$	(119,638)	$	(96,920)	$	(90,193)
Net loss attributable to Paycor HCM, Inc.	$	(119,638)	$	(96,920)	$	(90,193)
Other comprehensive (loss) income, net of tax:
Subsidiaries’ other comprehensive (loss) income	$	(2,980)	$	382	$	104
Total other comprehensive (loss) income	(2,980)		382		104
Comprehensive loss attributable to Paycor HCM, Inc.	$	(122,618)	$	(96,538)	$	(90,089)

Paycor HCM, Inc. and Subsidiaries

Parent Company Only

Condensed Statements of Cash Flows

(in thousands)


	Fiscal Year Ended June 30,
	June 30, 2022		June 30, 2021		June 30, 2020
Operating Activities:
Net loss attributable to Paycor HCM, Inc.	$	(119,638)	$	(96,920)	$	(90,193)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net loss of subsidiaries	119,638		96,920		90,193
Net cash provided by operating activities	—		—		—
Investing Activities:
Net cash provided by investing activities	—		—		—
Financing Activities:
Proceeds from issuance of preferred stock, net of offering costs	—		262,772		—
Purchase of treasury stock at cost	—		(245,074)		—
Proceeds from the issuance of common stock sold in IPO, net of offering costs and underwriting discount	454,915		—		—
Contributions to subsidiaries	(453,102)		(17,698)		—
Proceeds from employee stock purchase plan	3,187		—		—
Net cash provided by financing activities	5,000		—		—
Net increase in cash and cash equivalents	5,000		—		—
Cash and cash equivalents-beginning of period	—		—		—
Cash and cash equivalents-end of period	$	5,000	$	—	$	—

Description of Business

Paycor HCM, which is controlled by Pride Aggregator L.P., is the indirect controlling shareholder of Paycor. Pride Aggregator L.P. is controlled by a syndication led by Apax.

Paycor HCM was incorporated in Delaware in 2018 and became the ultimate parent of Paycor through the Apax Acquisition. Paycor HCM is a holding company and conducts substantially all of its activities through its subsidiaries and has no operations or significant assets or liabilities other than its investment in its subsidiaries, including Paycor. Accordingly, Paycor HCM is dependent upon distributions from Paycor and other subsidiaries to fund its limited, non-significant activities. However, Paycor’s ability to pay dividends or lend to Paycor HCM is limited under the terms of its 2021 Credit Agreement. All obligations under the 2021 Credit Agreement are guaranteed by Pride Guarantor, Inc. and by Paycor. The 2021 Credit Agreement contains covenants limiting Pride Guarantor, Inc.’s and its subsidiaries’, including Paycor, ability to, among other things: incur additional indebtedness or other contingent obligations; create liens; make investments, acquisitions, loans and advances; consolidate, merge, liquidate or dissolve; sell, transfer or otherwise dispose of its assets, including capital stock of its subsidiaries; pay dividends on its equity interests or make other payments in respect of capital stock; engage in transactions with affiliates; make payments in respect of subordinated debt; modify organizational documents in a manner that is materially adverse to the lenders under the applicable 2021 Credit Agreement; enter into certain agreements with negative pledge clauses. These covenants are subject to certain customary exceptions and qualifications as described in the 2021 Credit Agreement. For a discussion of the 2021 Credit Agreement, see Note 9 - “Debt Agreements and Letters of Credit.”

Basis of Presentation

These condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, Paycor HCM’s investments in subsidiaries are presented under the equity method of accounting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. As such, these parent-only statements should be read in conjunction with the accompanying consolidated financial statements for the Company.

SUBSEQUENT EVENT	12 Months Ended
SUBSEQUENT EVENT	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT:On August 7, 2022, the Company entered into a 16-year partnership with the Cincinnati Bengals of the National Football League that grants the Company the exclusive naming rights to Paycor Stadium, home to the Cincinnati Bengals since 2000.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of presentation and consolidation

Basis of presentation and consolidationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying financial statements are presented on a consolidated basis for all periods presented. All intercompany transactions and balances have been eliminated in consolidation.

Use of estimates

Use of estimates The preparation of 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.

Concentrations of risk

Cash and cash equivalents

Cash and cash equivalents For purposes of the consolidated statements of cash flows, the Company considers all highly liquid debt instruments purchased with an original issue maturity of three months or less and money market funds to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value given the short-term maturity of those instruments.

Restricted cash and short-term investments

Restricted cash and short-term investments The Company designated a portion of cash received from the Apax Acquisition as restricted within the consolidated balance sheets since the cash and short-term investments are being held for the settlement of the cash-based compensation awards by the employees upon vesting. The short-term investments consist of U.S. Treasury Notes, direct obligations of U.S. government agencies and high-grade corporate bonds.

Funds held for clients

Funds held for clients The Company generally collects substantially all funds from clients in advance of performing payroll and payroll tax filing services on behalf of those clients. Funds held for clients consist of cash and cash equivalents and debt-security investments. Debt-security investments are classified as available-for-sale and are recorded at fair value, and consist of U.S. Treasury Notes, direct obligations of U.S. government agencies such as the Federal Home Loan Bank, the Federal National Mortgage Association and the Federal Farm Credit Bank, high grade corporate bonds, FDIC insured certificates of deposit, and other short-term and long-term investments. At June 30, 2022 and 2021, all the Company’s corporate bond investments are rated investment grade or better. The Company has classified funds held for clients as a current asset since these funds are held solely for the purposes of satisfying client obligations to remit funds relating to payroll and payroll tax filing services. Unrealized gains and losses, net of applicable income taxes, are reported as other comprehensive (loss) income, net of tax in the consolidated statements of comprehensive loss. Realized gains and losses on the sale of securities are determined by specific identification of the security’s cost basis.

Client fund obligations

Client fund obligations Client fund obligations represent the Company’s contractual obligations to remit funds to satisfy clients’ payroll and tax payment obligations and are recorded in the accompanying consolidated balance sheets at the time the Company obtains the funds from clients. The client fund obligations represent the liabilities that will be remitted to the appropriate client employees, taxing authorities and other parties within one year of the balance sheet date.

Accounts receivable, net

Accounts receivable, net Accounts receivable balances are shown on the consolidated balance sheets net of the allowance for doubtful accounts of $3,268 and $2,402 as of June 30, 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 client’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.

Property and equipment, net

Property and equipment are recorded at cost. Depreciation and amortization on the property and equipment is computed using the straight-line method over the following estimated useful lives:


Computers, equipment and software			3 to 5 years
Office equipment			5 to 7 years
Furniture and fixtures			7 years
Leasehold improvements			Over lease term
Land improvements			15 years
Building			30 years

Goodwill and intangible assets, net

Capitalized software, net

Capitalized software, net The Company has developed payroll and human resources software to provide its clients with the Company’s services. Capitalized costs include external direct costs of materials and services associated with developing or obtaining internal-use computer software and certain payroll and payroll-related costs for employees who are directly associated with internal-use computer software projects. Expenditures for software purchases and software developed or obtained for internal-use are capitalized and amortized on a straight-line basis over the estimated product life, which is generally three years. Costs associated with preliminary project stage activities, training, maintenance and all other post-implementation stage activities are expensed as incurred.

Revenue recognition

Cost of revenues

Sales and marketing

General and administrative

General and administrative General and administrative expenses consist primarily of employee-related costs, including employee-related costs for the Company’s administrative, finance, accounting, legal, enterprise technology and human resources departments. Additional expenses include consulting and professional fees, occupancy costs, insurance, and other corporate expenses.

Research and development

Interest expense

Interest expense Interest expense consists primarily of interest payments and accruals relating to outstanding borrowings.

Other (expense) income

Other (expense) income Other (expense) income generally consists of other income and expense items outside of the Company’s normal operations, such as realized gains or losses on the sale of certain positions of funds held for clients, gains or losses on the extinguishment of debt and expenses relating to the Company’s financing arrangements.

Stock-based compensation

Income taxes

The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations.When uncertain tax positions exist, the Company recognizes the benefit of tax positions to the extent that the benefit will be more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. Interest associated with uncertain tax positions are recognized as a component of income tax expense.

Loss per share

Loss per share Basic loss per share is computed by dividing net loss attributable to Paycor HCM, Inc. by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss attributable to Paycor HCM, Inc. by the weighted-average number of common shares outstanding during the period and the impact of securities that would have a dilutive effect, if any. See Note 15 - “Net Loss Per Share” for further discussion.

Deferred IPO issuance costs

Deferred IPO issuance costsDeferred issuance costs, which primarily consist of direct incremental legal and accounting fees relating to the IPO of the Company’s common stock, were capitalized. The deferred issuance costs were offset against IPO proceeds upon the consummation of the offering, which closed on July 23, 2021.

Segments

Segments Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business as a single operating segment at the consolidated level.

Pending accounting pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment

Depreciation and amortization on the property and equipment is computed using the straight-line method over the following estimated useful lives:


Computers, equipment and software			3 to 5 years
Office equipment			5 to 7 years
Furniture and fixtures			7 years
Leasehold improvements			Over lease term
Land improvements			15 years
Building			30 years

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


	June 30, 2022		June 30, 2021
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	14,951		13,427
Furniture and fixtures	2,246		4,596
Office equipment	2,538		2,337
Leasehold improvements	1,430		8,227

	48,600		56,022
Accumulated depreciation and amortization	(16,925)		(14,942)
Property and equipment, net	$	31,675	$	41,080

Schedule of Research and Development Assets Acquired Other than Through Business Combination

The table below sets forth the amounts of capitalized and expensed research and development costs for the fiscal years ended June 30, 2022, 2021 and 2020:


	Fiscal Years Ended
	June 30,
(in thousands)	2022		2021		2020
Capitalized software	$	29,831	$	21,228	$	18,846
Research and development expenses	$	43,140	$	36,020	$	45,866

REVENUE (Tables)

12 Months Ended

Jun. 30, 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:



	Fiscal Year Ended June 30,
		2022		2021		2020
Recurring fees		$	414,677	$	337,012	$	309,948
Implementation services and other		12,355		13,944		7,672
Recurring and other revenue		$	427,032	$	350,956	$	317,620

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


	Fiscal Year Ended June 30,
		2022		2021
Balance, beginning of period		$	16,047	$	15,916
Deferred revenue acquired		—		1,374
Deferral of revenue		20,552		17,781
Revenue recognized		(19,468)		(19,033)
Impact of foreign exchange		(85)		9
Balance, end of period		$	17,046	$	16,047

Capitalized Contract Cost


	As of and for the Fiscal Year Ended June 30, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	52,926	$	33,569	$	(14,153)	$	72,342
Costs to fulfill a contract	62,457		45,993		(17,318)		91,132
Total	$	115,383	$	79,562	$	(31,471)	$	163,474


	As of and for the Fiscal Year Ended June 30, 2021
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	32,233	$	29,568	$	(8,875)	$	52,926
Costs to fulfill a contract	39,689		33,394		(10,626)		62,457
Total	$	71,922	$	62,962	$	(19,501)	$	115,383

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)

12 Months Ended

Jun. 30, 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)

12 Months Ended

Jun. 30, 2022

Funds Held For Clients [Abstract]

Investment

Funds held for clients are as follows:


	June 30, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	1,549,882	$	—	$	—	$	1,549,882
U.S. Treasury and direct obligations of U.S. government agencies	29,367		—		(290)		29,077
Corporate bonds	112,753		4		(1,894)		110,863
Commercial paper	6,642		2		(3)		6,641
Other securities	19,817		2		(366)		19,453
	$	1,718,461	$	8	$	(2,553)	$	1,715,916


	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 June 30, 2022 for client fund assets are as follows:


Due within fiscal year 2023	$	1,632,317
Due within fiscal year 2024	37,050
Due within fiscal year 2025	35,092
Due after fiscal year 2025	11,457
Total	$	1,715,916

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of property and equipment at cost and accumulated depreciation

Depreciation and amortization on the property and equipment is computed using the straight-line method over the following estimated useful lives:


Computers, equipment and software			3 to 5 years
Office equipment			5 to 7 years
Furniture and fixtures			7 years
Leasehold improvements			Over lease term
Land improvements			15 years
Building			30 years

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


	June 30, 2022		June 30, 2021
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	14,951		13,427
Furniture and fixtures	2,246		4,596
Office equipment	2,538		2,337
Leasehold improvements	1,430		8,227

	48,600		56,022
Accumulated depreciation and amortization	(16,925)		(14,942)
Property and equipment, net	$	31,675	$	41,080

CAPITALIZED SOFTWARE, NET (Tables)

12 Months Ended

Jun. 30, 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:


	June 30, 2022		June 30, 2021
Capitalized software	$	83,682	$	52,945
Accumulated amortization	(43,680)		(21,635)
Capitalized software, net	$	40,002	$	31,310

Components of intangible assets were as follows:


	June 30, 2022		June 30, 2021
Cost:
Technology	$	142,165	$	140,665
Customer relationships	443,187		434,983
Trade name	105,672		105,672
Total cost	$	691,024	$	681,320
Accumulated amortization:
Technology	$	(135,982)	$	(116,669)
Customer relationships	(266,129)		(190,538)
Trade name	(25,844)		(18,790)
Total accumulated amortization	$	(427,955)	$	(325,997)
Intangible assets, net	$	263,069	$	355,323

Schedule of future amortization expense

The following is a schedule of future amortization expense as of June 30, 2022:


2023	$	21,006
2024	14,135
2025	4,861


	$	40,002

The following is a schedule of future amortization expense as of June 30, 2022:


2023	$	89,516
2024	83,380
2025	31,478
2026	7,043
2027	7,043
Thereafter	44,609
	$	263,069

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 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, 2020	$	733,801
7Geese Acquisition	15,793
Foreign currency translation	1,208
Balance at June 30, 2021	$	750,802

Foreign currency translation	(647)
Balance at June 30, 2022	$	750,155

Schedule of components of intangible assets

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


	June 30, 2022		June 30, 2021
Capitalized software	$	83,682	$	52,945
Accumulated amortization	(43,680)		(21,635)
Capitalized software, net	$	40,002	$	31,310

Components of intangible assets were as follows:


	June 30, 2022		June 30, 2021
Cost:
Technology	$	142,165	$	140,665
Customer relationships	443,187		434,983
Trade name	105,672		105,672
Total cost	$	691,024	$	681,320
Accumulated amortization:
Technology	$	(135,982)	$	(116,669)
Customer relationships	(266,129)		(190,538)
Trade name	(25,844)		(18,790)
Total accumulated amortization	$	(427,955)	$	(325,997)
Intangible assets, net	$	263,069	$	355,323

Schedule of future amortization expense

The following is a schedule of future amortization expense as of June 30, 2022:


2023	$	21,006
2024	14,135
2025	4,861


	$	40,002

The following is a schedule of future amortization expense as of June 30, 2022:


2023	$	89,516
2024	83,380
2025	31,478
2026	7,043
2027	7,043
Thereafter	44,609
	$	263,069

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

DEBT AGREEMENTS AND LETTERS OF CREDIT (Tables)

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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



	June 30, 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

LEASES (Tables)

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of future minimum lease payments required under capital lease and the present value of net minimum lease payments

The future minimum lease payments under capital leases and the present value of net minimum lease payments as of June 30, 2022 are as follows:


2023	$	323
2024	323
2025	296
2026	44
2027	—
Total minimum lease payments	986
Less: Amount representing interest	(74)
Present value of minimum lease payments	912
Less: Current maturities of capital lease obligations	(283)
Long-term capital lease obligations	$	629

Schedule of future annual minimum lease payments required under operating leases

The following is a schedule of future annual minimum lease payments required under operating leases as of June 30, 2022:


2023	$	6,678
2024	5,132
2025	4,257
2026	4,031
2027	3,721
Thereafter	2,890
Total minimum lease payments	26,709
Less sublease income of leased properties (1)	(7,212)
Net minimum lease payments	$	19,497

(1) Represents receipts for noncancellable subleases at June 30, 2022.

Restructuring and Related Costs

A summary of the exit cost obligation and related activity for the fiscal year ended June 30, 2022 is as follows:



Exit cost obligation at cease-use date in fiscal year 2022	$	7,395
Accretion during fiscal year 2022	57
Net payments made during fiscal year 2022	(1,065)
Exit cost obligation at June 30, 2022	$	6,387



Accrued expenses and other current liabilities	$	3,037
Other long-term liabilities	3,350
Total exit cost obligation	$	6,387

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 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 June 30, 2022 and June 30, 2021:


	June 30, 2022
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	1,549,882	$	—	$	—	$	1,549,882
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		29,077		—		29,077
Corporate bonds	—		110,863		—		110,863
Commercial paper	—		6,641		—		6,641
Other securities	—		19,453		—		19,453
	$	1,549,882	$	166,034	$	—	$	1,715,916


	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)

12 Months Ended

Jun. 30, 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 June 30, 2020	$	233,335
Accretion of Redeemable Preferred Stock	24,438
Dividends paid	(9,350)
Balance at June 30, 2021	$	248,423
Accretion of Redeemable Preferred Stock	11,621
Redemption of outstanding shares	(260,044)
Balance at June 30, 2022	$	—

EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The assumptions used in the Monte Carlo simulation method are set forth in the following table.


			Time-Based Incentive Units
Expected volatility range of stock			60.0%–65.0%
Expected life of option, range in years			0.67–0.75
Risk-free interest range rate			0.09%–0.12%
Expected dividend yield on stock			0%

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% - 2.41%
Expected dividend yield on stock			0%
Fair value per option			$9.36 - $14.51

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	(1,023)	1,131		406		(2,144)	665		1,346
Outstanding at June 30, 2022	37,056	$	563	$	443	34,735	$	589	$	1,423

Share-based Payment Arrangement, Option, Activity

The following table summarizes option activity for the fiscal year ended June 30, 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	1,159,520	23.17		9.45		9.07	—
Exercised	—	—		—		—	—
Forfeited and cancelled	(46,741)	23.00		9.36		—	—
Outstanding at June 30, 2022	1,112,779	$	23.18	$	9.45	9.07	$	3,265
Exercisable as of June 30, 2022	—	$	—	$	—	—	$	—

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	1,605,666	29.97
Vested	(701,638)	27.04
Forfeited	(260,122)	28.82
Outstanding, unvested grants at June 30, 2022	2,405,484	$	28.78

NET LOSS PER SHARE (Tables)

12 Months Ended

Jun. 30, 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:


	Fiscal Year Ended June 30,
(in thousands, except per share data)		2022		2021		2020
Net loss attributable to Paycor HCM, Inc.		$	(119,638)	$	(96,920)	$	(90,193)
Weighted average outstanding shares:
Basic and diluted		172,636,523		146,364,225		151,718,000
Basic and diluted net loss per share		$	(0.69)	$	(0.66)	$	(0.59)

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of our loss before income taxes is as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
U.S.	$	(140,021)	$	(94,223)	$	(87,485)
Foreign	1,430		929		—
Loss before income taxes	$	(138,591)	$	(93,294)	$	(87,485)

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s income tax benefit for the following periods are as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
Federal:
Current provision	$	1	$	9	$	—
Deferred benefit	(29,547)		(18,570)		(16,950)
Federal tax benefit	(29,546)		(18,561)		(16,950)
State:
Current provision (benefit)	51		140		(1)
Deferred benefit	(1,344)		(2,655)		(3,231)
State tax benefit	(1,293)		(2,515)		(3,232)
Foreign:
Current provision	314		61		—
Deferred (benefit) provision	(49)		203		—
Foreign tax provision	265		264		—
Total tax benefit	$	(30,574)	$	(20,812)	$	(20,182)

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities are as follows:


	June 30, 2022		June 30, 2021
Deferred tax assets:
Stock-based compensation	$	4,497	$	—
Accrued expenses	2,360		1,849
Net operating loss carryforwards	56,089		43,009
Deferred rent	1,093		1,277
Deferred revenue	4,023		4,204
Unrealized gain (loss)	618		(245)
Tax credits	8,457		3,724
Other items	1,279		1,177
Total deferred tax assets	78,416		54,995
Valuation allowance	(744)		(117)
Net deferred tax assets	77,672		54,878
Deferred tax liabilities:
Software development costs	(9,718)		(7,514)
Deferred contract costs	(39,786)		(27,694)
Property and equipment	(3,432)		(4,883)

Other intangibles	(56,530)		(78,171)
Other	(101)		(302)
Total deferred liabilities	(109,567)		(118,564)
Net deferred tax liabilities	$	(31,895)	$	(63,686)

Schedule of Unrecognized Tax Benefits Roll Forward


	June 30, 2022
Unrecognized tax benefits at the beginning of the year	$	—
Additions for tax positions	97
Additions for tax positions of prior periods	284
Unrecognized tax benefits at the end of the year	$	381

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate for the following periods is presented below:


	Fiscal Year Ended June 30,
	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
Research tax credits	3.6	%	—	%	—	%
State income taxes, net of federal tax benefit	1.7	%	2.7	%	2.9	%
Stock-based compensation	(4.6	%)	(0.9	%)	(1.3	%)
Transaction costs	2.2	%	—	%	—	%
Other permanent differences	(1.4	%)	(0.5	%)	(0.2	%)
Valuation allowance	(0.4	%)	—	%	0.7	%
Effective income tax rate	22.1	%	22.3	%	23.1	%

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Jun. 30, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of condensed balance sheet


	June 30, 2022		June 30, 2021
Assets
Cash and cash equivalents	$	5,000	$	—
Investment in subsidiary	1,279,731		878,639
Total assets	$	1,284,731	$	878,639
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Total stockholders’ equity	1,284,731		878,639
Total liabilities and stockholders’ equity	$	1,284,731	$	878,639

Schedule of condensed statements of operations and comprehensive loss


	Fiscal Year Ended June 30,
	2022		2021		2020
Equity in net loss of subsidiary	$	(119,638)	$	(96,920)	$	(90,193)
Net loss attributable to Paycor HCM, Inc.	$	(119,638)	$	(96,920)	$	(90,193)
Other comprehensive (loss) income, net of tax:
Subsidiaries’ other comprehensive (loss) income	$	(2,980)	$	382	$	104
Total other comprehensive (loss) income	(2,980)		382		104
Comprehensive loss attributable to Paycor HCM, Inc.	$	(122,618)	$	(96,538)	$	(90,089)

Schedule of condensed statements of cash flows


	Fiscal Year Ended June 30,
	June 30, 2022		June 30, 2021		June 30, 2020
Operating Activities:
Net loss attributable to Paycor HCM, Inc.	$	(119,638)	$	(96,920)	$	(90,193)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net loss of subsidiaries	119,638		96,920		90,193
Net cash provided by operating activities	—		—		—
Investing Activities:
Net cash provided by investing activities	—		—		—
Financing Activities:
Proceeds from issuance of preferred stock, net of offering costs	—		262,772		—
Purchase of treasury stock at cost	—		(245,074)		—
Proceeds from the issuance of common stock sold in IPO, net of offering costs and underwriting discount	454,915		—		—
Contributions to subsidiaries	(453,102)		(17,698)		—
Proceeds from employee stock purchase plan	3,187		—		—
Net cash provided by financing activities	5,000		—		—
Net increase in cash and cash equivalents	5,000		—		—
Cash and cash equivalents-beginning of period	—		—		—
Cash and cash equivalents-end of period	$	5,000	$	—	$	—

ORGANIZATION AND DESCRIPTION OF BUSINESS - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	2 Months Ended	12 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	Nov. 01, 2018 USD ($) shares	Jun. 30, 2022 USD ($) $ / 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				1 year 9 months 18 days
Award vesting rights, percentage					20.00%
Time-Based Incentive Units
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period								1 year 3 months 18 days
Award vesting rights, percentage			25.00%
Award vesting period			6 months
Apax Acquisition \| Redeemable Preferred Stock
Subsequent Event [Line Items]
Payments of stock issuance costs							$ 5,255
Preferred stock, liquidation preference			$ 260,044
Issuance of preferred stock, net (in shares) \| shares							200,000
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 \| Time-Based Incentive Units
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 ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jul. 01, 2022
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss		$ 3,268,000	$ 2,402,000
Write-off of carrying value of assets	$ 4,910,000
Impairment of tangible assets		0	0	$ 0
Impairment of finite-lived intangible assets		$ 0	0	0
Capitalized computer software, amortization period		3 years
Cancellation notice period		30 days
Implementation activities, contractual period		30 days
Capitalized contract cost, amortization period		6 years
Advertising and promotion expense		$ 22,130,000	17,964,000	$ 14,874,000
Deferred issuance costs			$ 2,423,000
Minimum \| Forecast \| Cumulative Effect, Period of Adoption, Adjustment
Lessee, Lease, Description [Line Items]
Right-of-use asset					$ 15,000,000
Operating lease liability					22,000,000
Maximum \| Forecast \| Cumulative Effect, Period of Adoption, Adjustment
Lessee, Lease, Description [Line Items]
Right-of-use asset					19,000,000
Operating lease liability					$ 26,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Net (Details)	12 Months Ended
	Jun. 30, 2022
Computer, equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer, equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Accounting Policies [Abstract]
Capitalized software	$ 29,831	$ 21,228	$ 18,846
Research and development expenses	$ 43,140	$ 36,020	$ 45,866

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]	Service [Member]
Recurring and other revenue	$ 427,032	$ 350,956	$ 317,620
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	414,677	337,012	309,948
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 12,355	$ 13,944	$ 7,672

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 16,047	$ 15,916
Deferred revenue acquired	0	1,374
Deferral of revenue	20,552	17,781
Revenue recognized	(19,468)	(19,033)
Impact of foreign exchange	(85)	9
Balance, end of period	$ 17,046	$ 16,047

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 115,383	$ 71,922
Capitalization of Costs	79,562	62,962
Amortization	(31,471)	(19,501)	$ (10,206)
Ending Balance	163,474	115,383	71,922
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	52,926	32,233
Capitalization of Costs	33,569	29,568
Amortization	(14,153)	(8,875)
Ending Balance	72,342	52,926	32,233
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	62,457	39,689
Capitalization of Costs	45,993	33,394
Amortization	(17,318)	(10,626)
Ending Balance	$ 91,132	$ 62,457	$ 39,689

REVENUE - Narrative (Details) $ in Thousands	Jun. 30, 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]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 11,742
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	$ 4,100
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	1 year
Revenue, remaining performance obligation, amount	$ 1,204
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
	Feb. 04, 2021	Sep. 24, 2020	May 31, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years
Asset acquisition, consideration transferred	$ 9,300
Asset acquisition, transaction cost	$ 50
Revenue period for contingent payment	12 months
Asset acquisition, contingent consideration					$ 6,688	$ 0
Finite-lived intangible assets, remaining amortization period					1 year 7 months 6 days
7Geese
Business Acquisition [Line Items]
Percentage of business acquired		100.00%
Business acquisition, goodwill, expected tax deductible amount		$ 1,661
Acquired finite-lived intangible assets, weighted average useful life		3 years
Contingent consideration		$ 3,000
Milestone payment period		3 years
Milestone payment for contingent consideration			$ 2,000	$ 1,000
Business acquisition, transaction costs						$ 500

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	Sep. 24, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Liabilities assumed:
Goodwill		$ 750,155	$ 750,802	$ 733,801
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	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 133,041	$ 2,634	$ 828
Funds held for clients, Amortized Cost	1,718,461	667,963
Funds held for clients, Gross Unrealized Gains	8	2,632
Funds held for clients, Gross Unrealized Losses	(2,553)	(280)
Funds held for clients	1,715,916	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	29,367	28,757
Debt securities, available-for-sale, Gross Unrealized Gains	0	92
Debt securities, available-for-sale, Gross Unrealized Losses	(290)	(11)
Debt securities, available-for-sale, Fair Value	29,077	28,838
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	112,753	50,188
Debt securities, available-for-sale, Gross Unrealized Gains	4	1,900
Debt securities, available-for-sale, Gross Unrealized Losses	(1,894)	(189)
Debt securities, available-for-sale, Fair Value	110,863	51,899
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	6,642	21,831
Debt securities, available-for-sale, Gross Unrealized Gains	2	11
Debt securities, available-for-sale, Gross Unrealized Losses	(3)	(6)
Debt securities, available-for-sale, Fair Value	6,641	21,836
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	19,817	9,821
Debt securities, available-for-sale, Gross Unrealized Gains	2	629
Debt securities, available-for-sale, Gross Unrealized Losses	(366)	(74)
Debt securities, available-for-sale, Fair Value	19,453	10,376
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	1,549,882	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	$ 1,549,882	$ 557,366

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 166,372	$ 235,768	$ 722,588

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2023	$ 1,632,317
Due within fiscal year 2024	37,050
Due within fiscal year 2025	35,092
Due after fiscal year 2025	11,457
Total	$ 1,715,916

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment at cost and accumulated depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 48,600	$ 56,022
Accumulated depreciation and amortization	(16,925)	(14,942)
Property and equipment, net	31,675	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	14,951	13,427
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,246	4,596
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,538	2,337
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,430	$ 8,227

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 6,457	$ 6,947	$ 5,462

CAPITALIZED SOFTWARE, NET - Schedule of components of capitalized software (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 83,682	$ 52,945
Accumulated amortization	(43,680)	(21,635)
Capitalized software, net	$ 40,002	$ 31,310

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 22,057	$ 13,764	$ 6,893

CAPITALIZED SOFTWARE, NET - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
2023	$ 89,516
2024	83,380
2025	31,478
Intangible assets, net	263,069	$ 355,323
Computer Software, Intangible Asset
Acquired Finite-Lived Intangible Assets [Line Items]
2023	21,006
2024	14,135
2025	4,861
Intangible assets, net	$ 40,002

GOODWILL AND INTANGIBLE ASSETS - Schedule of changes in goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 750,802	$ 733,801
Foreign currency translation	(647)	1,208
Goodwill, ending balance	$ 750,155	750,802
7Geese
Goodwill [Roll Forward]
7Geese Acquisition		$ 15,793

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of components of intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 691,024	$ 681,320
Accumulated amortization:	(427,955)	(325,997)
Intangible assets, net	263,069	355,323
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	142,165	140,665
Accumulated amortization:	(135,982)	(116,669)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	443,187	434,983
Accumulated amortization:	(266,129)	(190,538)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,672	105,672
Accumulated amortization:	$ (25,844)	$ (18,790)

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets, excluding software	$ 101,959	$ 125,590	$ 120,862

GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 89,516
2024	83,380
2025	31,478
2026	7,043
2027	7,043
Thereafter	44,609
Intangible assets, net	$ 263,069	$ 355,323

DEBT AGREEMENTS AND LETTERS OF CREDIT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 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, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details)				1 Months Ended	5 Months Ended	12 Months Ended
	Aug. 09, 2021 USD ($)	Jul. 15, 2021 USD ($)	Jun. 11, 2021 USD ($)	Jul. 22, 2021	Dec. 31, 2021	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Sep. 03, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Repayments of line-of-credit	$ 44,500,000	$ 4,600,000				$ 52,600,000	$ 62,921,000	$ 109,126,000
Write-off, unamortized financing fees							2,195,000
Legal fees						35,000
Payments of deferred financing fees						100,000	342,000
Letters of credit outstanding, amount						0	$ 0
Intercompany Promissory Note \| Pride Aggregator L.P. \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Notes payable, related parties										$ 64,989,000
Promissory note, interest rate (in percentage)										0.15%
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%

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Capital lease cost		$ 1,249
Capital leases, accumulated depreciation		460
Capital leases, depreciation expense		284
Deferred rent		520	$ 5,330
Operating leases, rent expense		$ 5,452	$ 5,411	$ 5,285
Loss on lease exit	$ 9,055
Write-off of carrying value of leases	4,910
Deferred rent	$ 3,250

LEASES - Schedule of future minimum lease payments under capital leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2023	$ 323
2024	323
2025	296
2026	44
2027	0
Total minimum lease payments	986
Less: Amount representing interest	(74)
Present value of minimum lease payments	912
Less: Current maturities of capital lease obligations	(283)
Long-term capital lease obligations	$ 629

LEASES - Schedule of future annual minimum lease payments required under operating leases (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($)
Leases [Abstract]
2023	$ 6,678
2024	5,132
2025	4,257
2026	4,031
2027	3,721
Thereafter	2,890
Total minimum lease payments	26,709
Less sublease income of leased properties	(7,212)
Net minimum lease payments	$ 19,497

LEASES - Exit cost rollforward (Details) $ in Thousands	12 Months Ended
LEASES - Exit cost rollforward (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Exit cost obligation at cease-use date in fiscal year 2022	$ 7,395
Accretion during fiscal year 2022	57
Net payments made during fiscal year 2022	(1,065)
Exit cost obligation at June 30, 2022	$ 6,387

LEASES - Exit cost obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Accrued expenses and other current liabilities	$ 3,037
Other long-term liabilities	3,350
Total exit cost obligation	$ 6,387	$ 7,395

FAIR VALUE MEASUREMENTS - Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 29,077	$ 28,838
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	110,863	51,899
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	6,641	21,836
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	19,453	10,376
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,715,916	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	29,077	28,838
Fair Value, Recurring \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	110,863	51,899
Fair Value, Recurring \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	6,641	21,836
Fair Value, Recurring \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	19,453	10,376
Fair Value, Recurring \| Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,549,882	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	166,034	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	29,077	28,838
Fair Value, Recurring \| Level 2 \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	110,863	51,899
Fair Value, Recurring \| Level 2 \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	6,641	21,836
Fair Value, Recurring \| Level 2 \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	19,453	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	1,549,882	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	1,549,882	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	1,549,882	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				2 Months Ended	3 Months Ended	12 Months Ended
	Jul. 23, 2021	Jan. 20, 2021	Dec. 29, 2020	Nov. 01, 2018	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Proceeds from issuance of preferred stock, net of offering costs		$ 90,020	$ 180,005			$ 0	$ 262,772	$ 0
Payments of stock issuance costs	$ 30,583
Preferred stock, dividend, payment in cash (in percentage)					50.00%
Preferred stock, liquidation preference						260,044
Preferred stock, dividend, in-kind, percentage					50.00%
Apax Acquisition \| Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock, net (in shares)				200,000
Proceeds from issuance of preferred stock, net of offering costs				$ 194,745
Payments of stock issuance costs				$ 5,255
Preferred stock, dividend, increase under unmet requirements per year (in percentage)				2.00%
Preferred stock, dividend, increase under unmet requirements per semester (in percentage)				1.00%
Preferred stock, dividend, increase under unmet requirements, period				6 months
Preferred stock, liquidation preference	$ 260,044
Accretion of redeemable noncontrolling interests						$ 11,621	$ 24,438	$ 22,890
Apax Acquisition \| Redeemable Preferred Stock \| London Interbank Offered Rate (LIBOR) \| Minimum
Class of Stock [Line Items]
Preferred stock, dividend rate (in percentage)				1.00%
Apax Acquisition \| Redeemable Preferred Stock \| Second to third anniversary of issuance date
Class of Stock [Line Items]
Preferred stock, dividend, payment in cash (in percentage)				50.00%
Apax Acquisition \| Redeemable Preferred Stock \| Second to third anniversary of issuance date \| London Interbank Offered Rate (LIBOR)
Class of Stock [Line Items]
Preferred stock, basis spread on variable rate (in percentage)				8.875%
Apax Acquisition \| Redeemable Preferred Stock \| After Third Anniversary Of Issuance Date
Class of Stock [Line Items]
Preferred stock, dividend, payment in cash (in percentage)				100.00%
Apax Acquisition \| Redeemable Preferred Stock \| After Third Anniversary Of Issuance Date \| London Interbank Offered Rate (LIBOR)
Class of Stock [Line Items]
Preferred stock, basis spread on variable rate (in percentage)				8.375%
Apax Acquisition \| Redeemable Preferred Stock \| May 2, 2020 To November 2, 2020
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)				1.02%
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%
Apax Acquisition \| Redeemable Preferred Stock \| November 2, 2021 And Thereafter
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)				1.00%

REDEEMABLE NONCONTROLLING INTERESTS - Schedule of redeemable noncontrolling interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable noncontrolling interest at beginning of period	$ 248,423	$ 233,335
Accretion of Redeemable Preferred Stock	11,621	24,438
Dividends paid		(9,350)
Redemption of outstanding shares	(260,044)
Redeemable noncontrolling interest at ending of period	$ 0	$ 248,423

CAPITAL STOCK - Narrative (Details) $ / shares in Units, $ in Thousands						1 Months Ended	12 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	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) shares	Jul. 20, 2021 $ / shares	Jun. 30, 2019 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)							174,909,539	141,097,740
Preferred stock, shares outstanding (in shares)							0	0
Proceeds from issuance of preferred stock, net of offering costs \| $				$ 90,020	$ 180,005		$ 0	$ 262,772	$ 0
Preferred stock, initial liquidation (in dollars per share) \| $ / shares					$ 35,000
Proceeds from promissory note with related party \| $					$ 64,989		$ 0	$ 64,989	$ 0
Treasury stock (in shares)					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]
Preferred stock, shares outstanding (in shares)							0	7,715	0		0
Issuance of preferred stock, net (in shares)								7,715

EQUITY COMPENSATION PLANS - Narrative (Details)				12 Months Ended
EQUITY COMPENSATION PLANS - Narrative (Details)	Jul. 23, 2021 shares	Jul. 20, 2021 USD ($) shares	Nov. 02, 2018 tradingDay installment	Jun. 30, 2022 USD ($) plan shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement expense (benefit)				$ 71,376,000	$ 3,983,000	$ 7,961,000
Income tax benefits				$ 4,352,000	43,000	536,000
Number of plans \| plan				3
Number of installments \| installment			12
Options granted in period (in shares) \| shares				1,159,520
Expected dividend yield on stock				0.00%
Liability Incentive Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of unvested awards accelerated to vest			50.00%
Percentage of unvested awards earned and paid			50.00%
Unvested awards earned and paid, amount				$ 0	11,605,000	8,957,000
Liability incentive award				0	0
Unamortized compensation expense				$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement expense (benefit)					$ 0	$ 0
Award vesting rights, percentage			20.00%
Trading day period \| tradingDay			10
Unrecognized compensation expense, weighted average period	2 years	2 years		1 year 9 months 18 days
Unrecognized compensation expense				$ 49,218,000
Award requisite service period				2 years
Number of vested units (in shares) \| shares				701,638
Weighted average grant date fair value of units				$ 18,971,000
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			6 months
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			12 months
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			18 months
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			24 months
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
Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Award vesting period	6 months
Unrecognized compensation expense, weighted average period				1 year 3 months 18 days
Unrecognized compensation expense				$ 3,619,000
Number of vested units (in shares) \| shares				19,965	10,142
Weighted average grant date fair value of units				$ 417	$ 445
Expected dividend yield on stock				0.00%
Time-Based Incentive Units \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25.00%
Time-Based Incentive Units \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100.00%
Time-Based Incentive Units \| 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 1 month 6 days
Unrecognized compensation expense				$ 7,281,000
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 1 month 6 days
Unrecognized compensation expense				$ 26,201,000
Number of vested units (in shares) \| shares				9,009	0
Weighted average grant date fair value of units				$ 1,428	$ 0

EQUITY COMPENSATION PLANS - Valuation Assumptions (Details)	12 Months Ended
	Jun. 30, 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%
Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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
Minimum \| Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility range of stock	60.00%
Expected life of option (in years)	8 months 1 day
Risk-free interest rate	0.09%
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	2.41%
Fair value per option (in dollars per share)	$ 14.51
Maximum \| Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility range of stock	65.00%
Expected life of option (in years)	9 months
Risk-free interest rate	0.12%

EQUITY COMPENSATION PLANS - MEP Unit Incentive Activity (Details)	12 Months Ended
	Jun. 30, 2022 USD ($) shares
Time-Based Incentive Units
Number of Units
Beginning balance (in shares) \| shares	38,079
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(1,023)
Ending balance (in shares) \| shares	37,056
Weighted Average Floor Price
Beginning balance	$ 578
Granted	0
Forfeited	1,131
Ending balance	563
Weighted Average Fair Value
Beginning balance	442
Granted	0
Forfeited	406
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	(2,144)
Ending balance (in shares) \| shares	34,735
Weighted Average Floor Price
Beginning balance	$ 593
Granted	0
Forfeited	665
Ending balance	589
Weighted Average Fair Value
Beginning balance	379
Granted	0
Forfeited	1,346
Ending balance	$ 1,423

EQUITY COMPENSATION PLANS - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Options Outstanding
Beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	1,159,520
Exercised (in shares) \| shares	0
Forfeited and cancelled (in shares) \| shares	(46,741)
Ending balance (in shares) \| shares	1,112,779
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	23.17
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	23.00
Ending balance (in dollars per share)	23.18
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	0
Granted (in dollars per share)	9.45
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	9.36
Ending balance (in dollars per share)	$ 9.45
Stock Options Additional Disclosures
Granted, Weighted Average Remaining Contractual Term	9 years 25 days
Outstanding at September 30, 2021, Weighted Average Remaining Contractual Term	9 years 25 days
Options outstanding, aggregate intrinsic value \| $	$ 3,265
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 - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Jun. 30, 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	1,605,666
Vested (in shares) \| shares	(701,638)
Forfeited (in shares) \| shares	(260,122)
Ending balance (in shares) \| shares	2,405,484
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	29.97
Vested (in dollars per share) \| $ / shares	27.04
Forfeited (in dollars per share) \| $ / shares	28.82
Ending balance (in dollars per share) \| $ / shares	$ 28.78

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss attributable to Paycor HCM, Inc.	$ (119,638)	$ (96,920)	$ (90,193)
Weighted average outstanding shares:
Basic (in shares)	172,636,523	146,364,225	151,718,000
Diluted (in shares)	172,636,523	146,364,225	151,718,000
Basic net loss per share (in dollars per share)	$ (0.69)	$ (0.66)	$ (0.59)
Diluted net loss per share (in dollars per share)	$ (0.69)	$ (0.66)	$ (0.59)

- 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 https://asc.fasb.org/extlink&oid=126732423&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 https://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 https://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 https://asc.fasb.org/extlink&oid=126958026&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 https://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 https://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 https://asc.fasb.org/extlink&oid=126958026&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
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
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- Definition

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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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PROFIT SHARING PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
PROFIT SHARING PLAN (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Percent of employer matching contribution	65.00%
Percent of employee's eligible wages	6.00%
Define contribution plan costs	$ 6,073	$ 2,505	$ 3,907

INCOME TAXES - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
U.S.	$ (140,021)	$ (94,223)	$ (87,485)
Foreign	1,430	929	0
Loss before benefit for income taxes	$ (138,591)	$ (93,294)	$ (87,485)

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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INCOME TAXES - Schedule of Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Federal:
Current provision	$ 1	$ 9	$ 0
Deferred benefit	(29,547)	(18,570)	(16,950)
Federal tax benefit	(29,546)	(18,561)	(16,950)
State:
Current provision (benefit)	51	140	(1)
Deferred benefit	(1,344)	(2,655)	(3,231)
State tax benefit	(1,293)	(2,515)	(3,232)
Foreign:
Current provision	314	61	0
Deferred (benefit) provision	(49)	203	0
Foreign tax provision	265	264	0
Total tax benefit	$ (30,574)	$ (20,812)	$ (20,182)

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Deferred tax assets:
Stock-based compensation	$ 4,497	$ 0
Accrued expenses	2,360	1,849
Net operating loss carryforwards	56,089	43,009
Deferred rent	1,093	1,277
Deferred revenue	4,023	4,204
Unrealized gain (loss)	618
Unrealized gain (loss)		(245)
Tax credits	8,457	3,724
Other items	1,279	1,177
Total deferred tax assets	78,416	54,995
Valuation allowance	(744)	(117)
Net deferred tax assets	77,672	54,878
Deferred tax liabilities:
Software development costs	(9,718)	(7,514)
Deferred contract costs	(39,786)	(27,694)
Property and equipment	(3,432)	(4,883)
Other intangibles	(56,530)	(78,171)
Other	(101)	(302)
Total deferred liabilities	(109,567)	(118,564)
Net deferred tax liabilities	$ (31,895)	$ (63,686)

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Income Tax Examination [Line Items]
Valuation allowance	$ 744	$ 117
Operating loss carryforwards not subject to expiration	181,033
Operating loss carryforwards, subject to expiration	53,773
Research and development tax credit carryforwards	7,982	3,724
TEXAS
Income Tax Examination [Line Items]
Research and development tax credit carryforwards	982	261
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	234,806	181,686
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 211,795	$ 156,603

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2022 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the year	$ 0
Additions for tax positions	97
Additions for tax positions of prior periods	284
Unrecognized tax benefits at the end of the year	$ 381

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
Research tax credits	3.60%	0.00%	0.00%
State income taxes, net of federal tax benefit	1.70%	2.70%	2.90%
Stock-based compensation	(4.60%)	(0.90%)	(1.30%)
Transaction costs	2.20%	0.00%	0.00%
Other permanent differences	(1.40%)	(0.50%)	(0.20%)
Valuation allowance	(0.40%)	0.00%	0.70%
Effective income tax rate	22.10%	22.30%	23.10%

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Schedule of condensed balance sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Assets
Cash and cash equivalents	$ 133,041	$ 2,634	$ 828
Total assets	3,131,317	2,010,953
Liabilities and Stockholders’ Equity
Total liabilities	1,846,586	883,891
Total liabilities, redeemable noncontrolling interest and stockholders' equity	3,131,317	2,010,953
Parent Company
Assets
Cash and cash equivalents	5,000	0
Investment in subsidiary	1,279,731	878,639
Total assets	1,284,731	878,639
Liabilities and Stockholders’ Equity
Total liabilities	0	0
Total stockholders’ equity	1,284,731	878,639
Total liabilities, redeemable noncontrolling interest and stockholders' equity	$ 1,284,731	$ 878,639

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

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CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Schedule of condensed income statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Condensed Income Statements, Captions [Line Items]
Net loss attributable to Paycor HCM, Inc.	$ (119,638)	$ (96,920)	$ (90,193)
Other comprehensive (loss) income, net of tax:
Subsidiaries’ other comprehensive (loss) income	(2,980)	382	104
Comprehensive loss attributable to Paycor HCM, Inc.	(122,618)	(96,538)	(90,089)
Parent Company
Condensed Income Statements, Captions [Line Items]
Equity in net loss of subsidiary	(119,638)	(96,920)	(90,193)
Net loss attributable to Paycor HCM, Inc.	(119,638)	(96,920)	(90,193)
Other comprehensive (loss) income, net of tax:
Subsidiaries’ other comprehensive (loss) income	(2,980)	382	104
Total other comprehensive (loss) income	(2,980)	382	104
Comprehensive loss attributable to Paycor HCM, Inc.	$ (122,618)	$ (96,538)	$ (90,089)

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

- Definition

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

+ References

+ Details

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Schedule of condensed cash flows statement (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 20, 2021	Dec. 29, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net loss attributable to Paycor HCM, Inc.			$ (119,638)	$ (96,920)	$ (90,193)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net cash provided by operating activities			24,351	10,773	88
Investing Activities:
Net cash (used in) provided by investing activities			(84,550)	(52,581)	121,529
Financing Activities:
Proceeds from issuance of preferred stock, net of offering costs	$ 90,020	$ 180,005	0	262,772	0
Purchase of treasury stock at cost			0	(245,074)	0
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount			454,915	0	0
Proceeds from employee stock purchase plan			3,187	0	0
Net cash provided by (used in) financing activities			1,183,031	55,316	(20,880)
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients			1,122,923	13,552	100,737
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period			560,000	546,448	445,711
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period			1,682,923	560,000	546,448
Parent Company
Operating Activities:
Net loss attributable to Paycor HCM, Inc.			(119,638)	(96,920)	(90,193)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net loss of subsidiaries			119,638	96,920	90,193
Net cash provided by operating activities			0	0	0
Investing Activities:
Net cash (used in) provided by investing activities			0	0	0
Financing Activities:
Proceeds from issuance of preferred stock, net of offering costs			0	262,772	0
Purchase of treasury stock at cost			0	(245,074)	0
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount			454,915	0	0
Contributions to subsidiaries			(453,102)	(17,698)	0
Proceeds from employee stock purchase plan			3,187	0	0
Net cash provided by (used in) financing activities			5,000	0	0
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients			5,000	0	0
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period			0	0	0
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period			$ 5,000	$ 0	$ 0

SUBSEQUENT EVENT (Details)	Aug. 07, 2022
Subsequent Event
Subsequent Event [Line Items]
Partnership agreement	16 years