0001839439-23-000038 | 10-Q | XBRL Viewer

REVENUE

3 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE:

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



	Three Months Ended September 30,
		2023		2022
Recurring fees		$	129,181	$	111,062
Implementation services and other		3,527		3,107
Recurring and other revenue		$	132,708	$	114,169

Deferred revenue

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

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

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


	Three Months Ended September 30,
		2023		2022
Balance, beginning of period		$	18,697	$	17,046

Deferral of revenue		4,888		4,270
Revenue recognized		(4,844)		(4,709)
Impact of foreign exchange		(29)		(117)
Balance, end of period		$	18,712	$	16,490

Deferred revenue is recorded within deferred revenue and other long-term liabilities on the unaudited condensed consolidated balance sheets. The Company will recognize deferred revenue of $10,646 in fiscal year 2024, $7,126 in fiscal year 2025, and $940 in fiscal year 2026.

Deferred contract costs


	As of and for the Three Months Ended September 30, 2023
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	93,317	$	10,653	$	(6,221)	$	97,749
Costs to fulfill a contract	123,788		16,433		(8,145)		132,076
Total	$	217,105	$	27,086	$	(14,366)	$	229,825


	As of and for the Three Months Ended September 30, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	72,342	$	8,993	$	(4,441)	$	76,894
Costs to fulfill a contract	91,132		12,777		(5,587)		98,322
Total	$	163,474	$	21,770	$	(10,028)	$	175,216

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

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of changes in goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 767,738
Foreign currency translation	(381)
Goodwill, ending balance	764,619
Talenya
Goodwill [Roll Forward]
Goodwill	(2,300)
Verb
Goodwill [Roll Forward]
Goodwill	$ (438)

- 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

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended
	May 02, 2023	Oct. 27, 2022	Sep. 30, 2023	Sep. 30, 2022
Verb
Business Acquisition [Line Items]
Percentage of business acquired	100.00%
Cash consideration	$ 6,000
Contingent consideration	$ 2,000
Acquired finite-lived intangible assets, weighted average useful life	3 years
Talenya
Business Acquisition [Line Items]
Percentage of business acquired		100.00%
Cash consideration		$ 20,000
Contingent consideration		$ 10,000
Acquired finite-lived intangible assets, weighted average useful life		7 years
Earnouts period		2 years
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			3 years
Asset acquisition, contingent consideration			$ 0	$ 4,259
Finite-lived intangible assets, remaining amortization period			1 year 2 months 12 days

FUNDS HELD FOR CLIENTS

3 Months Ended

Sep. 30, 2023

Funds Held For Clients [Abstract]

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS:

Funds held for clients are as follows:


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	768,579	$	—	$	—	$	768,579
U.S. Treasury and direct obligations of U.S. government agencies	74,248		—		(779)		73,469
Corporate bonds	176,016		46		(3,219)		172,843
Commercial paper	1,499		—		(1)		1,498
Other securities	17,232		—		(441)		16,791
	$	1,037,574	$	46	$	(4,440)	$	1,033,180


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	783,813	$	—	$	—	$	783,813
U.S. Treasury and direct obligations of U.S. government agencies	72,173		—		(776)		71,397
Corporate bonds	172,570		91		(3,049)		169,612
Commercial paper	2,977		—		(3)		2,974
Other securities	21,776		2		(418)		21,360
	$	1,053,309	$	93	$	(4,246)	$	1,049,156

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

Proceeds from sales and maturities of investment securities for the three months ended September 30, 2023 and 2022, were approximately $23,652 and $143,107, 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 allowance for credit loss is warranted 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 unrealized losses, to the extent they exist, generally result from changes in interest rates rather than credit risk, and therefore does not believe the related investments need to be assessed to determine whether an allowance for the credit loss is warranted. Additionally, the Company believes it will recover its cost basis in the securities with unrealized losses and has the ability to hold the securities until they recover in value and had no intent to sell them at September 30, 2023.

Expected maturities as of September 30, 2023 for client fund assets are as follows:


Due within fiscal year 2024	$	844,269
Due within fiscal year 2025	71,140
Due within fiscal year 2026	73,867
Due within fiscal year 2027	21,699
Due within fiscal year 2028	20,639
Thereafter	1,566
Total	$	1,033,180

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2023 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 28, 2023. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for any future interim periods and the full fiscal year ending June 30, 2024. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the 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. 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. Accounts receivable, net Accounts receivable balances are shown on the unaudited condensed consolidated balance sheets net of the allowance for doubtful accounts of $8,296 and $7,032 as of September 30, 2023 and June 30, 2023, 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. 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 $7,831 and $5,918 for the three months ended September 30, 2023 and 2022, respectively. Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. The Company establishes the grant date fair value of restricted stock units (“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. The Company recognized stock-based compensation cost for the three months ended September 30, 2023 and 2022 of $12,915 and $16,951, respectively.

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 54,277	$ 95,233	$ 98,161
Funds held for clients, Amortized Cost	1,037,574	1,053,309
Funds held for clients, Gross Unrealized Gains	46	93
Funds held for clients, Gross Unrealized Losses	(4,440)	(4,246)
Funds held for clients	1,033,180	1,049,156
U.S. Treasury and direct obligations of U.S. government agencies
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	74,248	72,173
Debt securities, available-for-sale, Gross Unrealized Gains	0	0
Debt securities, available-for-sale, Gross Unrealized Losses	(779)	(776)
Debt securities, available-for-sale, Fair Value	73,469	71,397
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	176,016	172,570
Debt securities, available-for-sale, Gross Unrealized Gains	46	91
Debt securities, available-for-sale, Gross Unrealized Losses	(3,219)	(3,049)
Debt securities, available-for-sale, Fair Value	172,843	169,612
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	1,499	2,977
Debt securities, available-for-sale, Gross Unrealized Gains	0	0
Debt securities, available-for-sale, Gross Unrealized Losses	(1)	(3)
Debt securities, available-for-sale, Fair Value	1,498	2,974
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	17,232	21,776
Debt securities, available-for-sale, Gross Unrealized Gains	0	2
Debt securities, available-for-sale, Gross Unrealized Losses	(441)	(418)
Debt securities, available-for-sale, Fair Value	16,791	21,360
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	768,579	783,813
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	$ 768,579	$ 783,813

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022		0
Stockholders' equity, beginning balance at Jun. 30, 2022	$ 1,284,731	$ 0	$ 175	$ (245,074)	$ 1,926,800	$ (395,389)	$ (1,781)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022			174,909,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(29,052)					(29,052)
Stock-based compensation expense	16,951				16,951
Net settlement for taxes	(1,293)				(1,293)
Issuance of common stock under employee stock plans (in shares)			733,570
Issuance of common stock under employee stock plans	4,645		$ 1		4,644
Other comprehensive loss	(2,123)						(2,123)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022		0
Stockholders' equity, ending balance at Sep. 30, 2022	$ 1,273,859	$ 0	$ 176	(245,074)	1,947,102	(424,441)	(3,904)
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022			175,643,109
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2023	0	0
Stockholders' equity, beginning balance at Jun. 30, 2023	$ 1,273,684	$ 0	$ 177	(245,074)	2,011,194	(489,495)	(3,118)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2023	176,535,236		176,535,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (20,596)					(20,596)
Stock-based compensation expense	12,915				12,915
Net settlement for taxes	(418)				(418)
Issuance of common stock under employee stock plans (in shares)			568,781
Issuance of common stock under employee stock plans	4,172				4,172
Other comprehensive loss	$ (342)						(342)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023	0	0
Stockholders' equity, ending balance at Sep. 30, 2023	$ 1,269,415	$ 0	$ 177	$ (245,074)	$ 2,027,863	$ (510,091)	$ (3,460)
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023	177,104,017		177,104,017

BUSINESS COMBINATION AND ASSET ACQUISITION

3 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATION AND ASSET ACQUISITION

BUSINESS COMBINATION AND ASSET ACQUISITION:

Acquisition of Verb, Inc.

On May 2, 2023, the Company acquired 100% of the equity interests of Verb, Inc., a modern behavioral science-based microlearning solution to develop frontline leaders and their teams (the “Verb Acquisition”), for an initial cash purchase price of $6,000, plus up to a maximum of $2,000 in additional cash payments based on the achievement of an established earnout. The acquisition was funded with cash on hand.

The acquisition was accounted for as a business combination. The preliminary purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the total consideration transferred at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is deductible for tax purposes. Goodwill consists primarily of the 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 Verb Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of the Company’s products. The preliminary purchase price for the Verb Acquisition has been allocated to individual assets acquired and liabilities assumed as follows:


	May 2, 2023



Fair value of total consideration	$	5,763
Cash acquired	(294)
Net purchase price	$	5,469
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	502
Total identifiable assets acquired	3,467
Liabilities assumed:
Accounts payable	(66)
Accrued expenses	(131)
Deferred revenue	(749)
Total identifiable liabilities assumed	(946)
Goodwill	2,948
Fair value of total consideration transferred	$	5,469

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

The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability within other long-term liabilities on the unaudited condensed consolidated balance sheets.

Acquisition of Talenya Ltd.

On October 27, 2022, the Company acquired 100% of the equity interests of Talenya Ltd., an Israeli-based provider of an artificial intelligence-driven solution for talent sourcing and recruiting employees (the “Talenya Acquisition”), for an initial cash purchase price of $20,000, plus up to a maximum of $10,000 in additional cash payments based on the achievement of established earnouts over a two-year period. The acquisition was funded with cash on hand.

Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of the Company’s products. The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	20,940
Cash acquired	(172)
Net purchase price	$	20,768
Assets acquired:
Accounts receivable	$	217
Other current assets	34
Property and equipment	13
Technology intangible assets	6,760

Other non-current assets	2,222
Total identifiable assets acquired	9,246
Liabilities assumed:
Accounts payable	(211)
Accrued expenses	(294)
Deferred revenue	(300)
Total identifiable liabilities assumed	(805)
Goodwill	12,327
Fair value of total consideration transferred	$	20,768

The technology intangible assets acquired have a weighted average useful life of 7 years.

The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability within accrued expenses and other current liabilities and other long-term liabilities on the unaudited condensed consolidated balance sheets.

Asset Acquisitions

The Company periodically acquires customer relationships from other HCM providers. The asset purchase agreements usually provide for an initial payment as well as contingent payments to the seller based on revenue generated by the acquired clients over a defined timeframe. Contingent payments made under such agreements for the three months ended September 30, 2023 and 2022 were $— and $4,259, respectively.

The acquired customer relationships are recorded within intangible assets on the unaudited condensed consolidated balance sheets and are being amortized on a straight-line basis over three years. As of September 30, 2023, the weighted average remaining amortization period for these intangible assets was approximately 1.2 years. The contingent payments were recognized when each contingency was resolved and the consideration was paid or became 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 Verb, Inc.


	May 2, 2023



Fair value of total consideration	$	5,763
Cash acquired	(294)
Net purchase price	$	5,469
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	502
Total identifiable assets acquired	3,467
Liabilities assumed:
Accounts payable	(66)
Accrued expenses	(131)
Deferred revenue	(749)
Total identifiable liabilities assumed	(946)
Goodwill	2,948
Fair value of total consideration transferred	$	5,469

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

Acquisition of Talenya Ltd.


	October 27, 2022



Fair value of total consideration	$	20,940
Cash acquired	(172)
Net purchase price	$	20,768
Assets acquired:
Accounts receivable	$	217
Other current assets	34
Property and equipment	13
Technology intangible assets	6,760

Other non-current assets	2,222
Total identifiable assets acquired	9,246
Liabilities assumed:
Accounts payable	(211)
Accrued expenses	(294)
Deferred revenue	(300)
Total identifiable liabilities assumed	(805)
Goodwill	12,327
Fair value of total consideration transferred	$	20,768

The technology intangible assets acquired have a weighted average useful life of 7 years.

Asset Acquisitions

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Sep. 30, 2023

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:


	September 30, 2023		June 30, 2023
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	22,245		18,702
Furniture and fixtures	2,247		2,250
Office equipment	2,902		2,880
Leasehold improvements	5,202		4,114

	60,031		55,381
Accumulated depreciation and amortization	(22,309)		(20,808)
Property and equipment, net	$	37,722	$	34,573

Depreciation and amortization of property and equipment was approximately $1,511 and $1,200 for the three months ended September 30, 2023 and 2022, respectively.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
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)	177,104,017	176,535,236
Treasury stock (in shares)	10,620,260	10,620,260
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

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2023

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 September 30, 2023 and June 30, 2023:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	768,579	$	—	$	—	$	768,579
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		73,469		—		73,469
Corporate bonds	—		172,843		—		172,843
Commercial paper	—		1,498		—		1,498
Other securities	—		16,791		—		16,791
	$	768,579	$	264,601	$	—	$	1,033,180


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	783,813	$	—	$	—	$	783,813
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		71,397		—		71,397
Corporate bonds	—		169,612		—		169,612
Commercial paper	—		2,974		—		2,974
Other securities	—		21,360		—		21,360
	$	783,813	$	265,343	$	—	$	1,049,156

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 132,708	$ 114,169
Recurring and other revenue	Service [Member]	Service [Member]
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 129,181	$ 111,062
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 3,527	$ 3,107

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (20,596)	$ (29,052)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,511	1,200
Amortization of intangible assets and software	34,183	29,676
Amortization of deferred contract costs	14,366	10,028
Stock-based compensation expense	12,915	16,951
Deferred tax benefit	(3,098)	(5,000)
Bad debt expense	1,291	562
Loss on sale of investments	61	47
Loss on foreign currency exchange	184	424
(Gain) loss on lease exit	(144)	509
Naming rights accretion expense	1,030	893
Other	23	23
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(5,228)	(2,450)
Prepaid expenses and other assets	(6,393)	(1,841)
Accounts payable	(7,877)	1,358
Accrued liabilities and other	(21,314)	(25,220)
Deferred revenue	43	(439)
Deferred contract costs	(27,086)	(21,770)
Net cash used in operating activities	(26,129)	(24,101)
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(22,542)	(247,927)
Proceeds from sale and maturities of client funds available-for-sale securities	23,652	143,107
Purchase of property and equipment	(1,435)	(331)
Acquisition of intangible assets	(12)	(4,713)
Internally developed software costs	(13,254)	(9,096)
Net cash used in investing activities	(13,591)	(118,960)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	(16,270)	(775,923)
Payment of capital expenditure financing	(3,689)	0
Repayments of debt and finance lease obligations	(266)	(70)
Withholding taxes paid related to net share settlements	(418)	(1,293)
Proceeds from exercise of stock options	0	345
Proceeds from employee stock purchase plan	4,172	4,300
Net cash used in financing activities	(16,471)	(772,641)
Impact of foreign exchange on cash and cash equivalents	1	(14)
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	(56,190)	(915,716)
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	879,046	1,682,923
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	822,856	767,207
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	11	9
Cash paid for interest	145	0
Right-of-use assets obtained in exchange for operating lease liabilities	0	6,612
Capital lease asset obtained in exchange for capital lease liabilities	3,393	0
Reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the Consolidated Balance Sheets
Cash and cash equivalents	54,277	98,161
Funds held for clients	768,579	669,046
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 822,856	$ 767,207

DEBT AGREEMENTS AND LETTERS OF CREDIT	3 Months Ended
DEBT AGREEMENTS AND LETTERS OF CREDIT	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT AGREEMENTS AND LETTERS OF CREDIT	DEBT AGREEMENTS AND LETTERS OF CREDIT: Credit Agreement Paycor, Inc. is party to a credit agreement (as amended, the “Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders, providing a $200,000 senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility includes an “accordion feature” that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional principal amount of up to $200,000, 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 Credit Agreement. The Revolving Credit Facility will mature on June 11, 2026.The Company had no outstanding borrowings under the Revolving Credit Facility as of September 30, 2023 and June 30, 2023. Additionally, the Company had no outstanding letters of credit as of September 30, 2023 and June 30, 2023.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

NET LOSS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

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


	Three Months Ended September 30,
(in thousands, except per share data)		2023		2022
Net loss		$	(20,596)	$	(29,052)
Weighted average outstanding shares:
Basic and diluted		176,953,395		175,512,577
Basic and diluted net loss per share		$	(0.12)	$	(0.17)

REVENUE - Narrative (Details) $ in Thousands	Sep. 30, 2023 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]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	9 months
Revenue, remaining performance obligation, amount	$ 10,646
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 7,126
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 940
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40640
Entity Registrant Name	PAYCOR HCM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1813909
Entity Address, Address Line One	4811 Montgomery Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45212
City Area Code	800
Local Phone Number	381-0053
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,588,921
Entity Central Index Key	0001839439
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2023 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 28, 2023. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for any future interim periods and the full fiscal year ending June 30, 2024. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the 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. 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.
Accounts receivable, net	Accounts receivable, net Accounts receivable balances are shown on the unaudited condensed consolidated balance sheets net of the allowance for doubtful accounts of $8,296 and $7,032 as of September 30, 2023 and June 30, 2023, 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.
Sales and marketing	Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $7,831 and $5,918 for the three months ended September 30, 2023 and 2022, respectively.
Stock-based compensation	Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. The Company establishes the grant date fair value of restricted stock units (“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. The Company recognized stock-based compensation cost for the three months ended September 30, 2023 and 2022 of $12,915 and $16,951, respectively.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//718/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	May 02, 2023	Oct. 27, 2022	Sep. 30, 2023	Jun. 30, 2023
Liabilities assumed:
Goodwill			$ 764,619	$ 767,738
Verb
Business Acquisition [Line Items]
Fair value of total consideration	$ 5,763
Cash acquired	(294)
Net purchase price	5,469
Assets acquired:
Accounts receivable	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680
Other non-current assets	502
Total identifiable assets acquired	3,467
Liabilities assumed:
Accounts payable	(66)
Accrued expenses	(131)
Deferred revenue	(749)
Total identifiable liabilities assumed	(946)
Goodwill	2,948
Fair value of total consideration transferred	$ 5,469
Talenya
Business Acquisition [Line Items]
Fair value of total consideration		$ 20,940
Cash acquired		(172)
Net purchase price		20,768
Assets acquired:
Accounts receivable		217
Other current assets		34
Property and equipment		13
Technology intangible assets		6,760
Other non-current assets		2,222
Total identifiable assets acquired		9,246
Liabilities assumed:
Accounts payable		(211)
Accrued expenses		(294)
Deferred revenue		(300)
Total identifiable liabilities assumed		(805)
Goodwill		12,327
Fair value of total consideration transferred		$ 20,768

FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2023

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 September 30, 2023 and June 30, 2023, because of the relatively short maturity of these instruments.

The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and June 30, 2023:


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	768,579	$	—	$	—	$	768,579
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		73,469		—		73,469
Corporate bonds	—		172,843		—		172,843
Commercial paper	—		1,498		—		1,498
Other securities	—		16,791		—		16,791
	$	768,579	$	264,601	$	—	$	1,033,180


	June 30, 2023
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	783,813	$	—	$	—	$	783,813
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		71,397		—		71,397
Corporate bonds	—		169,612		—		169,612
Commercial paper	—		2,974		—		2,974
Other securities	—		21,360		—		21,360
	$	783,813	$	265,343	$	—	$	1,049,156

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

NET LOSS PER SHARE

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

NET LOSS PER SHARE:Basic net loss per share is calculated by dividing net loss by the weighted average shares of common stock outstanding during the period.Diluted net loss per share is computed by dividing net loss adjusted as necessary for the impact of potentially dilutive securities, by the weighted average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the three months ended September 30, 2023 and 2022 included RSUs, stock options and ESPP purchase rights. Due to the net loss for the three months ended September 30, 2023 and 2022, 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 held by certain employees representing membership interest units in Pride Aggregator, L.P., the investment vehicle controlled by the Apax Funds through which the Apax Funds acquired their interest in the Company, for the three months ended September 30, 2023 and 2022, respectively. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended September 30,
(in thousands, except per share data)		2023		2022
Net loss		$	(20,596)	$	(29,052)
Weighted average outstanding shares:
Basic and diluted		176,953,395		175,512,577
Basic and diluted net loss per share		$	(0.12)	$	(0.17)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 8,296		$ 7,032
Advertising and promotion expense	7,831	$ 5,918
Stock-based compensation expense	$ 12,915	$ 16,951

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)

3 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary purchase price for the Verb Acquisition has been allocated to individual assets acquired and liabilities assumed as follows:


	May 2, 2023



Fair value of total consideration	$	5,763
Cash acquired	(294)
Net purchase price	$	5,469
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	502
Total identifiable assets acquired	3,467
Liabilities assumed:
Accounts payable	(66)
Accrued expenses	(131)
Deferred revenue	(749)
Total identifiable liabilities assumed	(946)
Goodwill	2,948
Fair value of total consideration transferred	$	5,469

The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	20,940
Cash acquired	(172)
Net purchase price	$	20,768
Assets acquired:
Accounts receivable	$	217
Other current assets	34
Property and equipment	13
Technology intangible assets	6,760

Other non-current assets	2,222
Total identifiable assets acquired	9,246
Liabilities assumed:
Accounts payable	(211)
Accrued expenses	(294)
Deferred revenue	(300)
Total identifiable liabilities assumed	(805)
Goodwill	12,327
Fair value of total consideration transferred	$	20,768

Schedule of Acquisitions

The preliminary purchase price for the Verb Acquisition has been allocated to individual assets acquired and liabilities assumed as follows:


	May 2, 2023



Fair value of total consideration	$	5,763
Cash acquired	(294)
Net purchase price	$	5,469
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	502
Total identifiable assets acquired	3,467
Liabilities assumed:
Accounts payable	(66)
Accrued expenses	(131)
Deferred revenue	(749)
Total identifiable liabilities assumed	(946)
Goodwill	2,948
Fair value of total consideration transferred	$	5,469

The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	20,940
Cash acquired	(172)
Net purchase price	$	20,768
Assets acquired:
Accounts receivable	$	217
Other current assets	34
Property and equipment	13
Technology intangible assets	6,760

Other non-current assets	2,222
Total identifiable assets acquired	9,246
Liabilities assumed:
Accounts payable	(211)
Accrued expenses	(294)
Deferred revenue	(300)
Total identifiable liabilities assumed	(805)
Goodwill	12,327
Fair value of total consideration transferred	$	20,768

FUNDS HELD FOR CLIENTS (Tables)

3 Months Ended

Sep. 30, 2023

Funds Held For Clients [Abstract]

Schedule of Investments

Funds held for clients are as follows:


	September 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	768,579	$	—	$	—	$	768,579
U.S. Treasury and direct obligations of U.S. government agencies	74,248		—		(779)		73,469
Corporate bonds	176,016		46		(3,219)		172,843
Commercial paper	1,499		—		(1)		1,498
Other securities	17,232		—		(441)		16,791
	$	1,037,574	$	46	$	(4,440)	$	1,033,180


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	783,813	$	—	$	—	$	783,813
U.S. Treasury and direct obligations of U.S. government agencies	72,173		—		(776)		71,397
Corporate bonds	172,570		91		(3,049)		169,612
Commercial paper	2,977		—		(3)		2,974
Other securities	21,776		2		(418)		21,360
	$	1,053,309	$	93	$	(4,246)	$	1,049,156

Schedule of Investments Classified by Contractual Maturity Date

Expected maturities as of September 30, 2023 for client fund assets are as follows:


Due within fiscal year 2024	$	844,269
Due within fiscal year 2025	71,140
Due within fiscal year 2026	73,867
Due within fiscal year 2027	21,699
Due within fiscal year 2028	20,639
Thereafter	1,566
Total	$	1,033,180

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS:

Changes in the carrying amount of goodwill are presented below:




Balance at June 30, 2023	$	767,738
Talenya Acquisition	(2,300)
Verb Acquisition	(438)
Foreign currency translation	(381)
Balance at September 30, 2023	$	764,619

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 exclusive naming rights to Paycor Stadium (the “Naming Rights”), home to the Cincinnati Bengals since 2000. Contractual payments under the naming rights agreement (the “Naming Rights Agreement”) began in August 2022 and end in 2038.

The Naming Rights have been recorded within intangible assets on the unaudited condensed consolidated balance sheet in an amount equal to the present value of the future contractual cash flows with an offsetting liability for payments to be made in the future. The intangible asset reflects the Naming Rights to the Bengals stadium including co-branding and shared promotion, along with the right for the Company to place its logo on and around the stadium.

The discount between the offsetting liability and overall payment obligation is amortized to interest expense over the term of the Naming Rights Agreement using the effective interest method. The intangible asset is being amortized over the life of the Naming Rights Agreement on a straight-line basis through sales and marketing expense. The liability is included within accrued expenses and other current liabilities and other long-term liabilities on the unaudited condensed consolidated balance sheets.

Components of intangible assets were as follows:


	September 30, 2023		June 30, 2023
Cost:
Technology	$	151,867	$	151,855
Customer relationships	462,450		462,452
Trade name	105,670		105,670
Naming rights	66,698		66,698
Total cost	$	786,685	$	786,675
Accumulated amortization:
Technology	$	(142,683)	$	(141,309)
Customer relationships	(369,639)		(348,123)
Trade name	(34,649)		(32,889)
Naming rights	(4,941)		(3,882)
Total accumulated amortization	$	(551,912)	$	(526,203)
Intangible assets, net	$	234,773	$	260,472

Amortization expense for intangible assets was approximately $25,710 and $23,270 for the three months ended September 30, 2023 and 2022, respectively.

The following is a schedule of future amortization expense as of September 30, 2023:


2024 (remaining nine months)	$	70,825
2025	42,734
2026	16,232
2027	12,244
2028	12,244
Thereafter	80,494
	$	234,773

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Sep. 30, 2023
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”) is a leading provider of human capital management (“HCM”) software located primarily in the United States (“U.S.”). Paycor’s solutions target small and medium-sized businesses with tens to thousands of employees. Solutions provided include payroll, human resources (“HR”) services, talent management, workforce management, benefits administration, 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”) by certain investment funds (the “Apax Funds”) advised by Apax Partners LLP, a leading global private equity advisory firm (“Apax Partners”). 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. As a result of the Apax Acquisition, Paycor became an indirect controlled subsidiary of Paycor HCM.

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt, net	$ 0	$ 0
Letters of credit outstanding, amount	0	$ 0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	200,000,000
Line of credit, maximum increase	200,000,000
Line of credit, maximum borrowing capacity	$ 400,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,511	$ 1,200

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 23,652	$ 143,107

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 07, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Partnership agreement	16 years
Amortization of intangible assets, excluding software		$ 25,710	$ 23,270

GOODWILL AND INTANGIBLE ASSETS - Schedule of components of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 786,685	$ 786,675
Accumulated amortization:	(551,912)	(526,203)
Intangible assets, net	234,773	260,472
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	151,867	151,855
Accumulated amortization:	(142,683)	(141,309)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	462,450	462,452
Accumulated amortization:	(369,639)	(348,123)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,670	105,670
Accumulated amortization:	(34,649)	(32,889)
Naming rights
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	66,698	66,698
Accumulated amortization:	$ (4,941)	$ (3,882)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 54,277	$ 95,233
Accounts receivable, net	34,736	30,820
Deferred contract costs	58,963	54,448
Prepaid expenses	13,196	10,448
Other current assets	6,630	2,581
Current assets before funds held for clients	167,802	193,530
Funds held for clients	1,033,180	1,049,156
Total current assets	1,200,982	1,242,686
Property and equipment, net	37,722	34,573
Operating lease right-of-use assets	15,921	16,834
Goodwill	764,619	767,738
Intangible assets, net	234,773	260,472
Capitalized software, net	58,764	53,983
Long-term deferred contract costs	170,862	162,657
Other long-term assets	2,987	2,232
Total assets	2,486,630	2,541,175
Current liabilities:
Accounts payable	20,340	28,350
Accrued expenses and other current liabilities	21,032	24,119
Accrued payroll and payroll related expenses	23,575	43,858
Deferred revenue	13,096	13,083
Current liabilities before client fund obligations	78,043	109,410
Client fund obligations	1,038,327	1,053,926
Total current liabilities	1,116,370	1,163,336
Deferred income taxes	14,374	18,047
Long-term operating leases	15,203	16,061
Other long-term liabilities	71,268	70,047
Total liabilities	1,217,215	1,267,491
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 177,104,017 shares outstanding at September 30, 2023 and 176,535,236 shares outstanding at June 30, 2023	177	177
Treasury stock, at cost, 10,620,260 shares at September 30, 2023 and June 30, 2023	(245,074)	(245,074)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at September 30, 2023 and June 30, 2023	0	0
Additional paid-in capital	2,027,863	2,011,194
Accumulated deficit	(510,091)	(489,495)
Accumulated other comprehensive loss	(3,460)	(3,118)
Total stockholders' equity	1,269,415	1,273,684
Total liabilities and stockholders' equity	$ 2,486,630	$ 2,541,175

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment at cost and accumulated depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 60,031	$ 55,381
Accumulated depreciation and amortization	(22,309)	(20,808)
Property and equipment, net	37,722	34,573
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	22,245	18,702
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,247	2,250
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,902	2,880
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,202	$ 4,114

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (20,596)	$ (29,052)

- Definition

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

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Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (20,596)	$ (29,052)
Other comprehensive loss, net of tax:
Unrealized loss on foreign currency translation	(168)	(423)
Unrealized loss on available-for-sale securities, net of tax	(174)	(1,700)
Other comprehensive loss, net of tax	(342)	(2,123)
Comprehensive loss	$ (20,938)	$ (31,175)

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

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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES:The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. The resolution of these claims, litigation and regulatory compliance matters, individually or in the aggregate, is not expected to have a material adverse impact on the Company’s unaudited condensed consolidated statements of operations, balance sheets or statements of cash flows. These matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining nine months)	$ 70,825
2025	42,734
2026	16,232
2027	12,244
2028	12,244
Thereafter	80,494
Intangible assets, net	$ 234,773	$ 260,472

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

Changes in the carrying amount of goodwill are presented below:




Balance at June 30, 2023	$	767,738
Talenya Acquisition	(2,300)
Verb Acquisition	(438)
Foreign currency translation	(381)
Balance at September 30, 2023	$	764,619

Schedule of Components of Intangible Assets

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


	September 30, 2023		June 30, 2023
Capitalized software	$	138,961	$	125,707
Accumulated amortization	(80,197)		(71,724)
Capitalized software, net	$	58,764	$	53,983

Components of intangible assets were as follows:


	September 30, 2023		June 30, 2023
Cost:
Technology	$	151,867	$	151,855
Customer relationships	462,450		462,452
Trade name	105,670		105,670
Naming rights	66,698		66,698
Total cost	$	786,685	$	786,675
Accumulated amortization:
Technology	$	(142,683)	$	(141,309)
Customer relationships	(369,639)		(348,123)
Trade name	(34,649)		(32,889)
Naming rights	(4,941)		(3,882)
Total accumulated amortization	$	(551,912)	$	(526,203)
Intangible assets, net	$	234,773	$	260,472

Schedule of Future Amortization Expense

The following is a schedule of future amortization expense as of September 30, 2023:


2024 (remaining nine months)	$	23,720
2025	23,312
2026	11,356
2027	376

	$	58,764

The following is a schedule of future amortization expense as of September 30, 2023:


2024 (remaining nine months)	$	70,825
2025	42,734
2026	16,232
2027	12,244
2028	12,244
Thereafter	80,494
	$	234,773

- Definition

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

+ References

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+ Details

CAPITAL STOCK	3 Months Ended
CAPITAL STOCK	Sep. 30, 2023
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: The Company’s Second Amended and Restated Certificate of Incorporation authorized the issuance of up to 500,000,000 shares of common stock with a par value of $0.001 per share and 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of September 30, 2023 and June 30, 2023, there were 177,104,017 and 176,535,236 shares of common stock outstanding, respectively, and no preferred stock outstanding

- Definition

The entire disclosure for equity.

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+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment at Cost and Accumulated Depreciation

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


	September 30, 2023		June 30, 2023
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	22,245		18,702
Furniture and fixtures	2,247		2,250
Office equipment	2,902		2,880
Leasehold improvements	5,202		4,114

	60,031		55,381
Accumulated depreciation and amortization	(22,309)		(20,808)
Property and equipment, net	$	37,722	$	34,573

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 8,473	$ 6,406

CAPITALIZED SOFTWARE, NET (Tables)

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Capitalized Software

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


	September 30, 2023		June 30, 2023
Capitalized software	$	138,961	$	125,707
Accumulated amortization	(80,197)		(71,724)
Capitalized software, net	$	58,764	$	53,983

Components of intangible assets were as follows:


	September 30, 2023		June 30, 2023
Cost:
Technology	$	151,867	$	151,855
Customer relationships	462,450		462,452
Trade name	105,670		105,670
Naming rights	66,698		66,698
Total cost	$	786,685	$	786,675
Accumulated amortization:
Technology	$	(142,683)	$	(141,309)
Customer relationships	(369,639)		(348,123)
Trade name	(34,649)		(32,889)
Naming rights	(4,941)		(3,882)
Total accumulated amortization	$	(551,912)	$	(526,203)
Intangible assets, net	$	234,773	$	260,472

Schedule of Future Amortization Expense

The following is a schedule of future amortization expense as of September 30, 2023:


2024 (remaining nine months)	$	23,720
2025	23,312
2026	11,356
2027	376

	$	58,764

The following is a schedule of future amortization expense as of September 30, 2023:


2024 (remaining nine months)	$	70,825
2025	42,734
2026	16,232
2027	12,244
2028	12,244
Thereafter	80,494
	$	234,773

CAPITAL STOCK - Narrative (Details) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
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)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)	177,104,017	176,535,236
Preferred stock, shares outstanding (in shares)	0	0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

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+ Details

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 217,105	$ 163,474
Capitalization of Costs	27,086	21,770
Amortization	(14,366)	(10,028)
Ending Balance	229,825	175,216
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	93,317	72,342
Capitalization of Costs	10,653	8,993
Amortization	(6,221)	(4,441)
Ending Balance	97,749	76,894
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	123,788	91,132
Capitalization of Costs	16,433	12,777
Amortization	(8,145)	(5,587)
Ending Balance	$ 132,076	$ 98,322

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (20,596)	$ (29,052)
Weighted average outstanding shares:
Basic (in shares)	176,953,395	175,512,577
Diluted (in shares)	176,953,395	175,512,577
Basic net loss per share (in dollars per share)	$ (0.12)	$ (0.17)
Diluted net loss per share (in dollars per share)	$ (0.12)	$ (0.17)

- Definition

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

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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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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CAPITALIZED SOFTWARE, NET - Schedule of components of capitalized software (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 138,961	$ 125,707
Accumulated amortization	(80,197)	(71,724)
Capitalized software, net	$ 58,764	$ 53,983

REVENUE (Tables)

3 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues

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



	Three Months Ended September 30,
		2023		2022
Recurring fees		$	129,181	$	111,062
Implementation services and other		3,527		3,107
Recurring and other revenue		$	132,708	$	114,169

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


	Three Months Ended September 30,
		2023		2022
Balance, beginning of period		$	18,697	$	17,046

Deferral of revenue		4,888		4,270
Revenue recognized		(4,844)		(4,709)
Impact of foreign exchange		(29)		(117)
Balance, end of period		$	18,712	$	16,490

Schedule of Capitalized Contract Costs


	As of and for the Three Months Ended September 30, 2023
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	93,317	$	10,653	$	(6,221)	$	97,749
Costs to fulfill a contract	123,788		16,433		(8,145)		132,076
Total	$	217,105	$	27,086	$	(14,366)	$	229,825


	As of and for the Three Months Ended September 30, 2022
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	72,342	$	8,993	$	(4,441)	$	76,894
Costs to fulfill a contract	91,132		12,777		(5,587)		98,322
Total	$	163,474	$	21,770	$	(10,028)	$	175,216

CAPITALIZED SOFTWARE, NET - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remaining nine months)	$ 70,825
2025	42,734
2026	16,232
2027	12,244
Intangible assets, net	234,773	$ 260,472
Computer Software, Intangible Asset
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remaining nine months)	23,720
2025	23,312
2026	11,356
2027	376
Intangible assets, net	$ 58,764

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Recurring and other revenue	$ 132,708	$ 114,169
Interest income on funds held for clients	10,880	4,134
Total revenues	143,588	118,303
Cost of revenues	51,378	43,185
Gross profit	92,210	75,118
Operating expenses:
Sales and marketing	52,778	48,195
General and administrative	48,749	47,911
Research and development	14,055	12,402
Total operating expenses	115,582	108,508
Loss from operations	(23,372)	(33,390)
Other (expense) income:
Interest expense	(1,244)	(1,087)
Other	931	445
Loss before benefit for income taxes	(23,685)	(34,032)
Income tax benefit	(3,089)	(4,980)
Net loss	$ (20,596)	$ (29,052)
Basic net loss per share (in dollars per share)	$ (0.12)	$ (0.17)
Diluted net loss per share (in dollars per share)	$ (0.12)	$ (0.17)
Weighted average common shares outstanding:
Basic (in shares)	176,953,395	175,512,577
Diluted (in shares)	176,953,395	175,512,577
Recurring and other revenue	Service [Member]	Service [Member]

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2024	$ 844,269
Due within fiscal year 2025	71,140
Due within fiscal year 2026	73,867
Due within fiscal year 2027	21,699
Due within fiscal year 2028	20,639
Thereafter	1,566
Total	$ 1,033,180

CAPITALIZED SOFTWARE, NET

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET:

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


	September 30, 2023		June 30, 2023
Capitalized software	$	138,961	$	125,707
Accumulated amortization	(80,197)		(71,724)
Capitalized software, net	$	58,764	$	53,983

Amortization expense for capitalized software was approximately $8,473 and $6,406 for the three months ended September 30, 2023 and 2022, respectively.

The following is a schedule of future amortization expense as of September 30, 2023:


2024 (remaining nine months)	$	23,720
2025	23,312
2026	11,356
2027	376

	$	58,764

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 18,697	$ 17,046
Deferral of revenue	4,888	4,270
Revenue recognized	(4,844)	(4,709)
Impact of foreign exchange	(29)	(117)
Balance, end of period	$ 18,712	$ 16,490

FAIR VALUE MEASUREMENTS - Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	$ 73,469	$ 71,397
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	172,843	169,612
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	1,498	2,974
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	16,791	21,360
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,033,180	1,049,156
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	73,469	71,397
Fair Value, Recurring \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	172,843	169,612
Fair Value, Recurring \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	1,498	2,974
Fair Value, Recurring \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	16,791	21,360
Fair Value, Recurring \| Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	768,579	783,813
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	264,601	265,343
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	73,469	71,397
Fair Value, Recurring \| Level 2 \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	172,843	169,612
Fair Value, Recurring \| Level 2 \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	1,498	2,974
Fair Value, Recurring \| Level 2 \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	16,791	21,360
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	768,579	783,813
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	768,579	783,813
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	768,579	783,813
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