0001839439-24-000051 | 10-K | XBRL Viewer

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 795,513	$ 786,675
Accumulated amortization:	(624,020)	(526,203)
Intangible assets, net	171,493	260,472
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	153,562	151,855
Accumulated amortization:	(144,870)	(141,309)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	469,583	462,452
Accumulated amortization:	(431,101)	(348,123)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,670	105,670
Accumulated amortization:	(39,932)	(32,889)
Naming rights
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	66,698	66,698
Accumulated amortization:	$ (8,117)	$ (3,882)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ (58,942)	$ (93,215)	$ (119,638)

- Definition

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

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+ Details

REVENUE

12 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE:

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



	Fiscal Year Ended June 30,
		2024		2023		2022
Recurring fees		$	587,023	$	506,131	$	414,677
Implementation services and other		15,363		12,743		12,355
Recurring and other revenue		$	602,386	$	518,874	$	427,032

Deferred revenue

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

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

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


	Fiscal Year Ended June 30,
		2024		2023
Balance, beginning of period		$	18,697	$	17,046
Deferred revenue acquired		—		1,049
Deferral of revenue		20,699		20,556
Revenue recognized		(20,040)		(19,883)
Impact of foreign exchange		(38)		(71)
Balance, end of period		$	19,318	$	18,697

Deferred revenue is recorded within deferred revenue and other long-term liabilities on the consolidated balance sheets. The Company will recognize deferred revenue of $13,601 in fiscal year 2025, $5,466 in fiscal year 2026, and $251 in fiscal year 2027.

Deferred contract costs


	As of and for the Fiscal Year Ended June 30, 2024
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	93,317	$	42,815	$	(27,549)	$	108,583
Costs to fulfill a contract	123,788		64,540		(36,708)		151,620
Total	$	217,105	$	107,355	$	(64,257)	$	260,203


	As of and for the Fiscal Year Ended June 30, 2023
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	72,342	$	41,325	$	(20,350)	$	93,317
Costs to fulfill a contract	91,132		58,746		(26,090)		123,788
Total	$	163,474	$	100,071	$	(46,440)	$	217,105

The Company capitalizes costs associated with obtaining and fulfilling revenue contracts. Deferred contract costs are recorded within deferred contract costs and long-term deferred contract costs on the consolidated balance sheets and amortized over the expected period of benefit of six years, which the Company has determined to be the estimated average client life. Amortization of costs to fulfill a contract and costs to obtain a contract are recorded in cost of revenues and sales and marketing expenses in the consolidated statements of operations, respectively. The Company regularly reviews its deferred costs for impairment and did not recognize an impairment loss during any period presented.

- 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.

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+ Details

CAPITALIZED SOFTWARE, NET - Schedule of Components of Capitalized Software (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 176,519	$ 125,707
Accumulated amortization	(109,143)	(71,724)
Capitalized software, net	$ 67,376	$ 53,983

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jun. 30, 2024	Aug. 21, 2024	Dec. 31, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-40640
Entity Registrant Name	PAYCOR HCM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1813909
Entity Address, Address Line One	4811 Montgomery Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45212
City Area Code	800
Local Phone Number	381-0053
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYCR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,480
Entity Common Stock, Shares Outstanding		178,822,115
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement on Schedule 14A to be prepared in connection with its 2024 Annual Meeting of Stockholders (the “Proxy Statement”) are incorporated by reference in Part III of this Annual Report on Form 10-K. The registrant intends to file the definitive Proxy Statement with the Securities and Exchange Commission not later than 120 days following June 30, 2024.
Entity Central Index Key	0001839439
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the year	$ 469	$ 381
Subtractions for tax positions of prior periods	(21)	0
Additions for tax positions taken during the current period	995	88
Unrecognized tax benefits at the end of the year	$ 1,443	$ 469

NET LOSS PER SHARE (Tables)

12 Months Ended

Jun. 30, 2024

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:


	Fiscal Year Ended June 30,
(in thousands, except per share data)		2024		2023		2022
Net loss		$	(58,942)	$	(93,215)	$	(119,638)
Weighted average common shares outstanding:
Basic and diluted		177,667,036		176,039,651		172,636,523
Basic and diluted net loss per share		$	(0.33)	$	(0.53)	$	(0.69)

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 5,888	$ 4,790	$ 6,457

PROFIT SHARING PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
PROFIT SHARING PLAN (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Percent of employer matching contribution	65.00%
Percent of employee's eligible wages	6.00%
Define contribution plan costs	$ 8,232	$ 7,232	$ 6,073

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 47,161
2026	19,154
2027	12,440
2028	12,244
2029	12,244
Thereafter	68,250
Intangible assets, net	$ 171,493	$ 260,472

EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

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


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

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


	June 30, 2024	June 30, 2023
Number of options granted	713,191	938,717
Weighted average exercise price per option	$19.44 - $22.83	$29.56
Expected volatility range of stock	42.5%	45.0%
Expected life of option (in years)	5.85	5.85
Risk-free interest rate	3.86% - 4.60%	4.02%
Expected dividend yield on stock	0%	0%
Fair value per option	$9.10 - $10.85	$14.27

Share-based Payment Arrangement, Activity

The following table presents the MEP incentive unit activity:


	Time-Based Incentive Units					Modified MEP Incentive Units
In thousands, except unit and per unit data	Number of Units	Weighted Average Floor Price		Weighted Average Fair Value		Number of Units	Weighted Average Floor Price		Weighted Average Fair Value



Outstanding at June 30, 2023	36,937	$	561	$	443	34,264	$	593	$	1,419
Granted	—	—		—		—	—		—
Forfeited	(218)	1,674		296		(26)	359		1,652
Outstanding at June 30, 2024	36,719	$	554	$	444	34,238	$	593	$	1,418

Share-based Payment Arrangement, Option, Activity

The following table summarizes option activity for the fiscal year ended June 30, 2024:


In thousands, except unit and per unit data	Options Outstanding	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Outstanding at June 30, 2023	2,036,496	$	26.12	$	11.68	8.63	$	719
Granted	713,191	22.71		10.78		9.27	—
Exercised	—	—		—		—	—
Forfeited and cancelled	(74,038)	25.14		11.31		—	—
Outstanding at June 30, 2024	2,675,649	$	25.24	$	11.45	8.05	$	—
Exercisable as of June 30, 2024	1,535,437	$	25.27	$	11.03	7.45	$	—

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


In thousands, except unit and per unit data	Number of Units	Weighted Average Grant Price
Outstanding, unvested at June 30, 2023	2,659,120	$	29.05

Granted	2,956,961	22.67
Vested	(1,396,342)	29.20
Forfeited	(435,979)	25.41
Outstanding, unvested grants at June 30, 2024	3,783,760	$	24.43

LEASES - Schedule of Leased Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Assets
Operating lease right-of-use assets	$ 14,417	$ 16,834
Finance lease assets	2,815	530
Total leased assets	17,232	17,364
Current:
Current operating lease liability	4,043	4,615
Current finance lease liability	1,113	298
Non-current:
Long-term operating leases	13,447	16,061
Noncurrent finance lease liability	1,825	331
Total leased liabilities	$ 20,428	$ 21,305
Property and equipment, net	Property and equipment, net	Property and equipment, net
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Other long-term liabilities	Other long-term liabilities	Other long-term liabilities

FUNDS HELD FOR CLIENTS

12 Months Ended

Jun. 30, 2024

Funds Held For Clients [Abstract]

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS:

Funds held for clients are as follows:


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	792,622	$	—	$	—	$	792,622
U.S. Treasury and direct obligations of U.S. government agencies	91,378		18		(413)		90,983
Corporate bonds	206,981		123		(1,178)		205,926

Other securities	19,783		9		(187)		19,605
	$	1,110,764	$	150	$	(1,778)	$	1,109,136


	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 municipal obligations.

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 June 30, 2024.

Expected maturities as of June 30, 2024 for client fund assets are as follows:


Due within fiscal year 2025	$	857,334
Due within fiscal year 2026	122,006
Due within fiscal year 2027	94,667
Due within fiscal year 2028	26,288
Due within fiscal year 2029	8,841
Thereafter	—
Total	$	1,109,136

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

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2024

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, 2022	$	750,155
Talenya Acquisition	14,627
Verb Acquisition	3,386
Foreign currency translation	(430)
Balance at June 30, 2023	$	767,738
Talenya Acquisition	—
Verb Acquisition	(591)
Foreign currency translation	(494)
Balance at June 30, 2024	$	766,653

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, home to the Cincinnati Bengals. 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 consolidated balance sheets 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 expenses. The liability is included within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheets.

Components of intangible assets were as follows:


	June 30, 2024		June 30, 2023
Cost:
Technology	$	153,562	$	151,855
Customer relationships	469,583		462,452
Trade name	105,670		105,670
Naming rights	66,698		66,698
Total cost	$	795,513	$	786,675
Accumulated amortization:
Technology	$	(144,870)	$	(141,309)
Customer relationships	(431,101)		(348,123)
Trade name	(39,932)		(32,889)
Naming rights	(8,117)		(3,882)
Total accumulated amortization	$	(624,020)	$	(526,203)
Intangible assets, net	$	171,493	$	260,472

Amortization expense for intangible assets was approximately $97,819, $98,248, and $101,959 for the fiscal years ended June 30, 2024, 2023, and 2022 respectively.

The following is a schedule of future amortization expense as of June 30, 2024:


2025	$	47,161
2026	19,154
2027	12,440
2028	12,244
2029	12,244
Thereafter	68,250
	$	171,493

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of presentation and consolidation

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

Use of estimates

The preparation of the 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.

Concentrations of risk

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

Cash and cash equivalents

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

Funds held for clients

The Company generally collects substantially all funds from clients in advance of performing payroll and payroll tax filing services on behalf of those clients. Funds held for clients consist of cash and cash equivalents and debt-security investments. Debt-security investments are classified as available-for-sale and are recorded at fair value, and consist of U.S. Treasury Notes, direct obligations of U.S. government agencies such as the Federal Home Loan Bank, the Federal National Mortgage Association and the Federal Farm Credit Bank, high grade corporate bonds, FDIC insured certificates of deposit, and other short-term and long-term investments. At June 30, 2024 and 2023, all the Company’s corporate bond investments are rated investment grade or better. The Company has classified funds held for clients as a current asset since these funds are held solely for the purposes of satisfying client obligations to remit funds relating to payroll and payroll tax filing services. Unrealized gains and losses, net of applicable income taxes, are reported as other comprehensive (loss) income, net of tax in the consolidated statements of comprehensive loss. Realized gains and losses on the sale of securities are determined by specific identification of the security’s cost basis.

Client fund obligations

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

Accounts receivable, net of allowance for credit losses

Accounts receivable balances are shown on the consolidated balance sheets net of the allowance for credit losses of $6,358 and $7,032 as of June 30, 2024 and June 30, 2023, respectively. The allowance for credit losses 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 credit losses is adjusted periodically based on management’s consideration of past due accounts as well as current and forecasted economic conditions. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted.

The following table presents activity in the allowance for credit losses related to accounts receivables:


	Fiscal Years Ended
	June 30,
(in thousands)	2024		2023		2022
Balance, beginning of period	$	7,032	$	3,268	$	2,402
Modified retrospective adoption adjustment	—		891		—
Write-offs	(7,619)		(1,842)		(1,219)
Bad debt expense	6,945		4,715		2,085
Balance, end of period	$	6,358	$	7,032	$	3,268

Property and equipment, net

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


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

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

Goodwill and intangible assets, net

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

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

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

The Company elected to perform a qualitative assessment during both fiscal years 2024 and 2023 and determined for both periods that no indicators of impairment existed.

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

Capitalized software, net

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

Revenue recognition

Revenues are recognized when control of the promised goods or services is transferred to clients in an amount that reflects the consideration the Company is entitled to for those goods or services. The Company derives its revenue from contracts predominantly from recurring and non-recurring service fees. The majority of its agreements are generally cancellable within 60 days’ notice.

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

Non-recurring service fees consist mainly of nonrefundable implementation fees. The implementation activities involve setting the client up and loading data into the Company’s cloud-based modules. The Company has determined that the nonrefundable upfront fees provide certain clients with a material right to renew the contract beyond the normal 60-day contractual period without payment of an additional upfront implementation fee. Implementation fees are deferred and recognized as revenue over the period to which the material right exists, which is the period the client is expected to benefit from not having to pay an additional nonrefundable implementation fee upon renewal of the service.

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

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

Cost of revenues

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

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

Sales and marketing

Sales and marketing expenses consist of costs associated with the Company’s direct and indirect 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 expenses totaled approximately $34,343, $29,960, and $22,130 for the fiscal years ended June 30, 2024, 2023 and 2022, respectively.

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

General and administrative

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

Research and development

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

The Company capitalizes a portion of its development costs related to internal-use software, which are amortized over a period of three years into cost of revenues. The timing of the Company’s capitalized development projects may affect the amount of development costs expensed in any given period. The table below sets forth the amounts of capitalized and expensed research and development costs for the fiscal years ended June 30, 2024, 2023 and 2022:


	Fiscal Years Ended
	June 30,
(in thousands)	2024		2023		2022
Capitalized software	$	48,283	$	39,981	$	29,831
Research and development expenses	$	61,419	$	54,263	$	43,140

Interest expense

Interest expense consists primarily of interest payments and accruals relating to outstanding borrowings as well as accretion expense associated with the Naming Rights liability.

Other (expense) income

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

Stock-based compensation

The Company recognizes all employee and director stock-based compensation as a cost in the consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award.

For periods prior to the IPO, the Company estimated grant date fair value using a Monte Carlo simulation model. As the Company's equity was not publicly traded, there was no history of market prices for the Company's equity. Thus, estimating grant date fair value required the Company to make assumptions, including the value of the Company's equity, expected volatility, expected term and the expected risk-free rate of return.

For periods subsequent to the IPO, the Company establishes grant date fair value of RSUs based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. See Note 14 to our Consolidated Financial Statements - “Equity Compensation Plans” for additional information on the Company’s stock-based compensation plans.

Income taxes

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

The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent results of operations.

When uncertain tax positions exist, the Company recognizes the benefit of tax positions to the extent that the benefit will be more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based

upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. Interest associated with uncertain tax positions are recognized as a component of income tax expense.

Loss per share

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

Segments

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

Recently issued accounting standards

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires entities to further enhance their income tax disclosures, primarily through the standardization and disaggregation of information within an entity’s effective tax rate reconciliation categories and income taxes paid by jurisdiction. The guidance will be effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The guidance is required to be applied on a prospective basis with the option to apply the guidance retrospectively. The Company is currently evaluating whether it will adopt the guidance prospectively or retroactively and the impact the guidance will have on its financial statement disclosures.

NET LOSS PER SHARE

12 Months Ended

Jun. 30, 2024

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 attributable to Paycor HCM, Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the fiscal years ended June 30, 2024, 2023, and 2022 included RSUs, stock options, Series A Preferred Stock and ESPP purchase rights. Due to the net loss for the fiscal years ended June 30, 2024, 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 representing membership interest units in Pride Aggregator, L.P. for the fiscal years ended June 30, 2024, 2023, and 2022.

Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share:


	Fiscal Year Ended June 30,
(in thousands, except per share data)		2024		2023		2022
Net loss		$	(58,942)	$	(93,215)	$	(119,638)
Weighted average common shares outstanding:
Basic and diluted		177,667,036		176,039,651		172,636,523
Basic and diluted net loss per share		$	(0.33)	$	(0.53)	$	(0.69)

INCOME TAXES - Schedule of Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Federal:
Current provision	$ 545	$ 0	$ 1
Deferred benefit	(3,570)	(14,642)	(29,547)
Federal tax benefit	(3,025)	(14,642)	(29,546)
State:
Current provision	567	246	51
Deferred provision (benefit)	1,769	988	(1,344)
State tax provision (benefit)	2,336	1,234	(1,293)
Foreign:
Current provision (benefit)	704	(25)	314
Deferred (benefit) provision	(788)	1,985	(49)
Foreign tax (benefit) provision	(84)	1,960	265
Total tax benefit	$ (773)	$ (11,448)	$ (30,574)

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	May 02, 2023	Oct. 27, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Liabilities assumed:
Goodwill			$ 766,653	$ 767,738	$ 750,155
Verb
Business Acquisition [Line Items]
Fair value of total consideration	$ 5,677
Cash acquired	(295)
Net purchase price	5,382
Assets acquired:
Accounts receivable	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680
Other non-current assets	586
Total identifiable assets acquired	3,551
Liabilities assumed:
Accounts payable	(49)
Accrued expenses	(96)
Deferred revenue	(749)
Total identifiable liabilities assumed	(894)
Goodwill	2,725
Fair value of total consideration transferred	$ 5,382
Talenya
Business Acquisition [Line Items]
Fair value of total consideration		$ 23,240
Cash acquired		(172)
Net purchase price		23,068
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		14,627
Fair value of total consideration transferred		$ 23,068

LEASES (Tables)

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Leased Assets and Liabilities

The table below presents the Company’s leased assets and related lease liabilities:


Leases	Classification	June 30, 2024		June 30, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	14,417	$	16,834
Finance leases	Property and equipment, net	2,815		530
Total leased assets		$	17,232	$	17,364
Liabilities
Current:
Operating	Accrued expenses and other current liabilities	$	4,043	$	4,615
Finance	Accrued expenses and other current liabilities	1,113		298
Non-current:
Operating	Long-term operating leases	13,447		16,061
Finance	Other long-term liabilities	1,825		331
Total leased liabilities		$	20,428	$	21,305

The table below summarizes the weighted average remaining lease term and weighted average discount rate used by lease type:

Lease Term and Discount Rate

June 30,
2024

June 30,
2023

Weighted average remaining lease term:

Operating leases

6.2 years

6.6 years

Finance leases

2.8 years

2.1 years

Weighted average discount rate:

Operating leases

3.5

4.1

Finance leases

5.0

Schedule of Lease Costs and Cash Flows Impact

The table below presents the costs associated with the leased assets:


Leases	Classification	Fiscal Year Ended June 30, 2024		Fiscal Year Ended June 30, 2023
Operating lease cost:
Short-term	General and administrative	$	21	$	15
Long-term	Cost of revenues, Sales and marketing and General and administrative	2,769		5,202
Finance lease cost:
Amortization of leased assets	Cost of revenues, Sales and marketing, General and administrative and Research and development	1,108		260
Interest on lease liabilities	Interest expense	175		39
Total lease cost		$	4,073	$	5,516
Sublease income	General and administrative	$	529	$	857

The table below summarizes the impact to cash flows related to leases:


	Fiscal Year Ended June 30, 2024		Fiscal Year Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	6,205	10,261
Operating cash flows used for finance leases	175		39
Financing cash flows used for finance leases	1,084		284
Leased assets obtained in exchange for new finance lease liabilities	3,393		—
Leased assets obtained in exchange for new operating lease liabilities	—		6,359

Schedule of Maturity of Operating Leases

The future minimum lease payments required under all leases and the present value of net minimum lease payments as of June 30, 2024 are as follows:


Maturity of Lease Liabilities	Operating		Finance
2025	$	5,205	$	1,233
2026	4,338		982
2027	3,930		937
2028	1,288		—
2029	887		—
Thereafter	5,415		—
Total minimum lease payments	21,063		3,152
Less: Amount representing interest	(3,573)		(214)
Present value of minimum lease payments	$	17,490	$	2,938

Schedule of Maturity of Finance Leases

The future minimum lease payments required under all leases and the present value of net minimum lease payments as of June 30, 2024 are as follows:


Maturity of Lease Liabilities	Operating		Finance
2025	$	5,205	$	1,233
2026	4,338		982
2027	3,930		937
2028	1,288		—
2029	887		—
Thereafter	5,415		—
Total minimum lease payments	21,063		3,152
Less: Amount representing interest	(3,573)		(214)
Present value of minimum lease payments	$	17,490	$	2,938

Restructuring and Related Costs

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



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

The total exit cost obligation at June 30, 2022 was $6,387, which is included within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheet, respectively, as follows:



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

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Aug. 07, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Partnership agreement	16 years
Amortization of intangible assets, excluding software		$ 97,819	$ 98,248	$ 101,959

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Recurring and other revenue	$ 602,386	$ 518,874	$ 427,032
Interest income on funds held for clients	52,562	33,818	2,355
Total revenues	654,948	552,692	429,387
Cost of revenues	223,235	187,140	168,188
Gross profit	431,713	365,552	261,199
Operating expenses:
Sales and marketing	223,049	212,094	170,629
General and administrative	202,696	203,850	187,050
Research and development	61,419	54,263	43,140
Total operating expenses	487,164	470,207	400,819
Loss from operations	(55,451)	(104,655)	(139,620)
Other (expense) income:
Interest expense	(4,682)	(4,638)	(541)
Other	418	4,630	1,570
Loss before benefit for income taxes	(59,715)	(104,663)	(138,591)
Income tax expense (benefit)	(773)	(11,448)	(30,574)
Net loss	(58,942)	(93,215)	(108,017)
Less: Accretion of redeemable noncontrolling interests	0	0	11,621
Net loss attributable to Paycor HCM, Inc.	$ (58,942)	$ (93,215)	$ (119,638)
Basic net loss (in dollars per share)	$ (0.33)	$ (0.53)	$ (0.69)
Diluted net loss (in dollars per share)	$ (0.33)	$ (0.53)	$ (0.69)
Weighted average common shares outstanding:
Basic (in shares)	177,667,036	176,039,651	172,636,523
Diluted (in shares)	177,667,036	176,039,651	172,636,523

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income (loss)	$ (58,942)	$ (93,215)	$ (119,638)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net cash provided by operating activities	89,995	48,115	24,351
Investing Activities:
Net cash used in investing activities	(108,920)	(192,962)	(84,550)
Financing Activities:
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount	0	0	454,915
Withholding taxes paid related to net share settlements	(2,830)	(2,459)	0
Proceeds from exercise of stock options	0	345	0
Proceeds from employee stock purchase plan	7,861	8,285	3,187
Net cash provided by (used in) financing activities	50,468	(659,048)	1,183,031
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	31,534	(803,877)	1,122,923
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	879,046	1,682,923	560,000
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	910,580	879,046	1,682,923
Parent Company
Operating Activities:
Net income (loss)	(58,942)	(93,215)	(119,638)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net loss of subsidiary	59,212	93,370	119,638
Net cash provided by operating activities	270	155	0
Investing Activities:
Net cash used in investing activities	0	0	0
Financing Activities:
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount	0	0	454,915
Contributions to subsidiaries	(5,031)	(6,081)	(453,102)
Withholding taxes paid related to net share settlements	(2,830)	(2,549)	0
Proceeds from exercise of stock options	0	345	0
Proceeds from employee stock purchase plan	7,861	8,285	3,187
Net cash provided by (used in) financing activities	0	0	5,000
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	270	155	5,000
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	5,155	5,000	0
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	$ 5,425	$ 5,155	$ 5,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table presents activity in the allowance for credit losses related to accounts receivables:


	Fiscal Years Ended
	June 30,
(in thousands)	2024		2023		2022
Balance, beginning of period	$	7,032	$	3,268	$	2,402
Modified retrospective adoption adjustment	—		891		—
Write-offs	(7,619)		(1,842)		(1,219)
Bad debt expense	6,945		4,715		2,085
Balance, end of period	$	6,358	$	7,032	$	3,268

Property, Plant and Equipment

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


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

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


	June 30, 2024		June 30, 2023
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	23,824		18,702
Furniture and fixtures	2,249		2,250
Office equipment	2,902		2,880
Leasehold improvements	5,205		4,114
Construction in progress	174		—
	61,789		55,381
Accumulated depreciation and amortization	(26,569)		(20,808)
Property and equipment, net	$	35,220	$	34,573

Research and Development

The table below sets forth the amounts of capitalized and expensed research and development costs for the fiscal years ended June 30, 2024, 2023 and 2022:


	Fiscal Years Ended
	June 30,
(in thousands)	2024		2023		2022
Capitalized software	$	48,283	$	39,981	$	29,831
Research and development expenses	$	61,419	$	54,263	$	43,140

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and June 30, 2023:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	792,622	$	—	$	—	$	792,622
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		90,983		—		90,983
Corporate bonds	—		205,926		—		205,926

Other securities	—		19,605		—		19,605
	$	792,622	$	316,514	$	—	$	1,109,136


	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

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations, 2025	$ 40,373
Purchase obligations, 2026	42,650
Purchase obligations, 2027	42,650
Purchase obligations, 2028	24,190
Purchase obligations, 2029	24,190
Purchase obligations, thereafter	$ 80,731

CAPITAL STOCK - Narrative (Details) - $ / shares	Mar. 06, 2024	Dec. 06, 2023	Dec. 06, 2022	Sep. 09, 2022	Oct. 19, 2021	Jul. 23, 2021	Jun. 30, 2024	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)							178,210,263	176,535,236
Preferred stock, shares outstanding (in shares)							0	0
Number of shares issued in transaction (in shares)	8,000,000	5,000,000
IPO
Class of Stock [Line Items]
Common stock, par value (in dollars per share)						$ 0.001
Number of shares issued in transaction (in shares)			6,000,000	5,000,000	12,000,000	21,275,000
Offering price per share (in dollars per share)	$ 20.05	$ 20.65	$ 28.60	$ 27.35	$ 32.00	$ 23.00
Over-Allotment Option
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)					1,800,000
Sale of stock, purchase period					30 days
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)							0	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Net (Details)	Jun. 30, 2024
Computer, equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer, equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years

LEASES - Narrative (Details) $ in Thousands	12 Months Ended
LEASES - Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
Loss on lease exit	$ 9,055
Write-off of carrying value of assets	4,910
Deferred rent	$ 3,250

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (58,942)	$ (93,215)	$ (108,017)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	5,888	4,790	6,457
Amortization of intangible assets and software	135,238	126,357	124,016
Amortization of deferred contract costs	64,257	46,440	31,471
Stock-based compensation expense	65,443	78,225	71,376
Deferred tax benefit	(2,588)	(11,669)	(30,940)
Bad debt expense	6,945	4,715	2,085
(Gain) loss on sale of investments	(306)	217	(2)
(Gain) on installment sale	0	0	(1,359)
Loss on foreign currency exchange	272	237	309
(Gain) loss on lease exit	(16)	1,010	9,112
Naming rights accretion expense	4,072	4,228	0
Change in fair value of deferred consideration	4,326	0	(138)
Other	80	(809)	88
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(19,597)	(14,592)	(7,133)
Prepaid expenses and other assets	(122)	5,081	(2,745)
Accounts payable	(1,207)	13,091	2,015
Accrued liabilities and other	(7,051)	(16,575)	12,195
Deferred revenue	658	655	(4,877)
Deferred contract costs	(107,355)	(100,071)	(79,562)
Net cash provided by operating activities	89,995	48,115	24,351
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(263,042)	(421,690)	(211,473)
Proceeds from sale and maturities of client funds available-for-sale securities	217,222	319,668	166,372
Purchase of property and equipment	(3,460)	(5,041)	(1,986)
Proceeds from note receivable on installment sale	0	0	3,040
Acquisition of intangible assets	(8,840)	(19,516)	(9,706)
Acquisition of businesses, net of cash acquired	12	(24,126)	0
Internally developed software costs	(50,812)	(42,257)	(30,797)
Net cash used in investing activities	(108,920)	(192,962)	(84,550)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	50,211	(664,235)	1,037,543
Payment of deferred consideration	0	0	(2,752)
Payment of capital expenditure financing	(3,689)	0	0
Proceeds from line-of-credit	0	0	3,500
Repayments of line-of-credit	0	0	(52,600)
Repayments of debt and finance lease obligations	(1,085)	(284)	(323)
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount	0	0	454,915
Redemption of Redeemable Series A Preferred Stock (acquisition of noncontrolling interest)	0	0	(260,044)
Withholding taxes paid related to net share settlements	(2,830)	(2,459)	0
Proceeds from exercise of stock options	0	345	0
Proceeds from employee stock purchase plan	7,861	8,285	3,187
Other financing activities	0	(700)	(395)
Net cash provided by (used in) financing activities	50,468	(659,048)	1,183,031
Impact of foreign exchange on cash and cash equivalents	(9)	18	91
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	31,534	(803,877)	1,122,923
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	879,046	1,682,923	560,000
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	910,580	879,046	1,682,923
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	48	167	5
Capital expenditures purchased via financing arrangements	3,393	3,544	0
Cash paid for interest	145	0	154
Right-of-use assets obtained in exchange for operating lease liabilities	0	6,359	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	117,958	95,233	133,041
Funds held for clients	792,622	783,813	1,549,882
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 910,580	$ 879,046	$ 1,682,923

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($)			12 Months Ended
	May 02, 2023	Oct. 27, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Verb
Business Acquisition [Line Items]
Percentage of business acquired	100.00%
Cash consideration	$ 6,000,000
Contingent consideration	2,000,000
Business acquisition, goodwill, expected tax deductible amount	$ 0
Acquired finite-lived intangible assets, weighted average useful life	3 years
Business acquisition, transaction costs			$ 0	$ 368,000
Talenya
Business Acquisition [Line Items]
Percentage of business acquired		100.00%
Cash consideration		$ 20,000,000
Contingent consideration		10,000,000
Business acquisition, goodwill, expected tax deductible amount		$ 0
Acquired finite-lived intangible assets, weighted average useful life		7 years
Business acquisition, transaction costs			$ 0	1,174,000
Earnouts period		2 years
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life			3 years
Asset acquisition, consideration transferred			$ 0	13,725,000	$ 9,300,000
Asset acquisition, contingent consideration			$ 6,932,000	$ 4,259,000	$ 6,688,000
Finite-lived intangible assets, remaining amortization period			1 year 8 months 12 days

LEASES

12 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

LEASES:

The Company determines if an arrangement contains a lease at inception. The Company recognizes right-of-use (“ROU”) assets and liabilities associated with leases based on the present value of the future minimum lease payments over the lease term at the commencement date of the lease. The Company uses its incremental borrowing rate at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate. Lease terms reflect options to extend or terminate the lease when it is reasonably certain that the option will be exercised. ROU assets and obligations for short-term leases (leases with an initial term of 12 months or less) are not recognized in the consolidated balance sheets. The

Company has agreements that contain lease and non-lease components. Generally, the Company accounts for the lease and non-lease components in the contract as a single lease component.

The Company has various lease agreements for office space and other leases which are classified as operating leases and for equipment which are classified as finance leases. Lease terms may include options to extend or terminate the lease, which are factored into the recognition of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise that option. Lease costs for operating leases, including short-term leases, are recognized over the lease term on a straight-line basis.

The table below presents the Company’s leased assets and related lease liabilities:


Leases	Classification	June 30, 2024		June 30, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	14,417	$	16,834
Finance leases	Property and equipment, net	2,815		530
Total leased assets		$	17,232	$	17,364
Liabilities
Current:
Operating	Accrued expenses and other current liabilities	$	4,043	$	4,615
Finance	Accrued expenses and other current liabilities	1,113		298
Non-current:
Operating	Long-term operating leases	13,447		16,061
Finance	Other long-term liabilities	1,825		331
Total leased liabilities		$	20,428	$	21,305

The table below presents the costs associated with the leased assets:


Leases	Classification	Fiscal Year Ended June 30, 2024		Fiscal Year Ended June 30, 2023
Operating lease cost:
Short-term	General and administrative	$	21	$	15
Long-term	Cost of revenues, Sales and marketing and General and administrative	2,769		5,202
Finance lease cost:
Amortization of leased assets	Cost of revenues, Sales and marketing, General and administrative and Research and development	1,108		260
Interest on lease liabilities	Interest expense	175		39
Total lease cost		$	4,073	$	5,516
Sublease income	General and administrative	$	529	$	857

The future minimum lease payments required under all leases and the present value of net minimum lease payments as of June 30, 2024 are as follows:


Maturity of Lease Liabilities	Operating		Finance
2025	$	5,205	$	1,233
2026	4,338		982
2027	3,930		937
2028	1,288		—
2029	887		—
Thereafter	5,415		—
Total minimum lease payments	21,063		3,152
Less: Amount representing interest	(3,573)		(214)
Present value of minimum lease payments	$	17,490	$	2,938

The table below summarizes the weighted average remaining lease term and weighted average discount rate used by lease type:

Lease Term and Discount Rate

June 30,
2024

June 30,
2023

Weighted average remaining lease term:

Operating leases

6.2 years

6.6 years

Finance leases

2.8 years

2.1 years

Weighted average discount rate:

Operating leases

3.5

4.1

Finance leases

5.0

The table below summarizes the impact to cash flows related to leases:


	Fiscal Year Ended June 30, 2024		Fiscal Year Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	6,205	10,261
Operating cash flows used for finance leases	175		39
Financing cash flows used for finance leases	1,084		284
Leased assets obtained in exchange for new finance lease liabilities	3,393		—
Leased assets obtained in exchange for new operating lease liabilities	—		6,359

Exit or Disposal Activities

In the third quarter of fiscal year 2022, as a result and in consideration of the changing use of office space by the workforce amid the impacts of the novel coronavirus pandemic (“COVID-19 pandemic”), the Company evaluated its existing real estate lease portfolio. This evaluation included the establishment of a formal plan to exit certain leased office spaces that are no longer utilized, which was finalized in the third quarter of fiscal year 2022. The Company recognized a loss on exit of certain leases of $9,055, which was included in general and administrative expenses in the accompanying statement of operations for the fiscal year ended June 30, 2022.

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

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



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



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

The total exit cost obligation at June 30, 2022 of $6,387 was subsumed upon the adoption of ASC 842 on July 1, 2022.

LEASES

LEASES:

Company has agreements that contain lease and non-lease components. Generally, the Company accounts for the lease and non-lease components in the contract as a single lease component.

The table below presents the Company’s leased assets and related lease liabilities:


Leases	Classification	June 30, 2024		June 30, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	14,417	$	16,834
Finance leases	Property and equipment, net	2,815		530
Total leased assets		$	17,232	$	17,364
Liabilities
Current:
Operating	Accrued expenses and other current liabilities	$	4,043	$	4,615
Finance	Accrued expenses and other current liabilities	1,113		298
Non-current:
Operating	Long-term operating leases	13,447		16,061
Finance	Other long-term liabilities	1,825		331
Total leased liabilities		$	20,428	$	21,305

The table below presents the costs associated with the leased assets:


Leases	Classification	Fiscal Year Ended June 30, 2024		Fiscal Year Ended June 30, 2023
Operating lease cost:
Short-term	General and administrative	$	21	$	15
Long-term	Cost of revenues, Sales and marketing and General and administrative	2,769		5,202
Finance lease cost:
Amortization of leased assets	Cost of revenues, Sales and marketing, General and administrative and Research and development	1,108		260
Interest on lease liabilities	Interest expense	175		39
Total lease cost		$	4,073	$	5,516
Sublease income	General and administrative	$	529	$	857

The future minimum lease payments required under all leases and the present value of net minimum lease payments as of June 30, 2024 are as follows:


Maturity of Lease Liabilities	Operating		Finance
2025	$	5,205	$	1,233
2026	4,338		982
2027	3,930		937
2028	1,288		—
2029	887		—
Thereafter	5,415		—
Total minimum lease payments	21,063		3,152
Less: Amount representing interest	(3,573)		(214)
Present value of minimum lease payments	$	17,490	$	2,938

The table below summarizes the weighted average remaining lease term and weighted average discount rate used by lease type:

Lease Term and Discount Rate

June 30,
2024

June 30,
2023

Weighted average remaining lease term:

Operating leases

6.2 years

6.6 years

Finance leases

2.8 years

2.1 years

Weighted average discount rate:

Operating leases

3.5

4.1

Finance leases

5.0

The table below summarizes the impact to cash flows related to leases:


	Fiscal Year Ended June 30, 2024		Fiscal Year Ended June 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	6,205	10,261
Operating cash flows used for finance leases	175		39
Financing cash flows used for finance leases	1,084		284
Leased assets obtained in exchange for new finance lease liabilities	3,393		—
Leased assets obtained in exchange for new operating lease liabilities	—		6,359

Exit or Disposal Activities

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



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



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

The total exit cost obligation at June 30, 2022 of $6,387 was subsumed upon the adoption of ASC 842 on July 1, 2022.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	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)	178,210,263	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

FUNDS HELD FOR CLIENTS (Tables)

12 Months Ended

Jun. 30, 2024

Funds Held For Clients [Abstract]

Schedule of Investments

Funds held for clients are as follows:


	June 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Demand deposit accounts and other cash equivalents	$	792,622	$	—	$	—	$	792,622
U.S. Treasury and direct obligations of U.S. government agencies	91,378		18		(413)		90,983
Corporate bonds	206,981		123		(1,178)		205,926

Other securities	19,783		9		(187)		19,605
	$	1,110,764	$	150	$	(1,778)	$	1,109,136


	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 June 30, 2024 for client fund assets are as follows:


Due within fiscal year 2025	$	857,334
Due within fiscal year 2026	122,006
Due within fiscal year 2027	94,667
Due within fiscal year 2028	26,288
Due within fiscal year 2029	8,841
Thereafter	—
Total	$	1,109,136

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET:

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


	June 30, 2024		June 30, 2023
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	23,824		18,702
Furniture and fixtures	2,249		2,250
Office equipment	2,902		2,880
Leasehold improvements	5,205		4,114
Construction in progress	174		—
	61,789		55,381
Accumulated depreciation and amortization	(26,569)		(20,808)
Property and equipment, net	$	35,220	$	34,573

Depreciation and amortization of property and equipment was approximately $5,888, $4,790, and $6,457 for the fiscal years ended June 30, 2024, 2023, and 2022 respectively.

DEBT AGREEMENTS AND LETTERS OF CREDIT	12 Months Ended
DEBT AGREEMENTS AND LETTERS OF CREDIT	Jun. 30, 2024
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. Borrowings under the Revolving Credit Facility, if any, have variable interest rates. The variable interest rates equal, at the Company’s option, either, (i) in the case of ABR borrowings, the highest of (a) the PNC prime rate, (b) the Federal Funds Rate plus 0.50%, and (c) the adjusted London interbank offered rate (“LIBOR”) with a maturity of one month, plus 1.00% (“ABR”) or (ii) in the case of Eurocurrency borrowings, the LIBOR or Benchmark Replacement Secured Overnight Financing Rate (“SOFR”) based rate, plus, in each case, an applicable margin of (A) prior to the IPO, (i) in the case of ABR borrowings, 0.95% per annum and (ii) in the case of Eurocurrency borrowings, 1.95% per annum or (B) following the IPO, (i) in the case of ABR borrowings, 0.375% per annum or (ii) in the case of Eurocurrency borrowings, 1.375% per annum, in each case, with step downs based on achievement of certain total leverage ratios. In accordance with the Credit Agreement, on June 30, 2023, our benchmark reference rate changed from LIBOR to SOFR as a result of LIBOR ceasing publication. The Credit Agreement requires the Company to pay a quarterly unused fee of between 0.10% per annum and 0.175% per annum based on its total leverage ratio (as defined in the Credit Agreement). Borrowings under the Revolving Credit Facility are guaranteed by a subsidiary of the Company, Pride Guarantor, Inc. and certain other subsidiaries. These borrowings are secured by liens and security interests on substantially all of the assets of existing and future material domestic subsidiaries of Pride Guarantor, Inc. The Credit Agreement contains financial covenants, which are reviewed for compliance on a quarterly basis, including a total leverage ratio financial covenant of 3.50 to 1.00 and an interest coverage ratio financial covenant of 3.00 to 1.00. As of June 30, 2024, the Company was in compliance with all of the covenants under the Credit Agreement. The Company had no outstanding borrowings under the Revolving Credit Facility as of June 30, 2024 and June 30, 2023. Additionally, the Company had no outstanding letters of credit as of June 30, 2024 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (b)
-Publisher FASB
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
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-Publisher FASB
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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

EQUITY COMPENSATION PLANS - Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares)	713,191	938,717
Weighted average exercise price per option (in dollars per share)		$ 29.56
Expected volatility range of stock	42.50%	45.00%
Expected life of option (in years)	5 years 10 months 6 days	5 years 10 months 6 days
Risk-free interest rate, minimum	3.86%
Risk-free interest rate, maximum	4.60%
Risk-free interest rate		4.02%
Expected dividend yield on stock	0.00%	0.00%
Fair value per option (in dollars per share)		$ 14.27
Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	0.09%
Risk-free interest rate, maximum	0.12%
Expected dividend yield on stock	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price per option (in dollars per share)	$ 19.44
Fair value per option (in dollars per share)	$ 9.10
Minimum \| Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility range of stock	60.00%
Expected life of option (in years)	8 months 1 day
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price per option (in dollars per share)	$ 22.83
Fair value per option (in dollars per share)	$ 10.85
Maximum \| Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility range of stock	65.00%
Expected life of option (in years)	9 months

INCOME TAXES

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

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


	Fiscal Year Ended June 30,
	2024		2023		2022
U.S.	$	(57,340)	$	(111,885)	$	(140,021)
Foreign	(2,375)		7,222		1,430
Loss before income taxes	$	(59,715)	$	(104,663)	$	(138,591)

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


	Fiscal Year Ended June 30,
	2024		2023		2022
Federal:
Current provision	$	545	$	—	$	1
Deferred benefit	(3,570)		(14,642)		(29,547)
Federal tax benefit	(3,025)		(14,642)		(29,546)
State:
Current provision	567		246		51
Deferred provision (benefit)	1,769		988		(1,344)
State tax provision (benefit)	2,336		1,234		(1,293)
Foreign:
Current provision (benefit)	704		(25)		314
Deferred (benefit) provision	(788)		1,985		(49)
Foreign tax (benefit) provision	(84)		1,960		265
Total tax benefit	$	(773)	$	(11,448)	$	(30,574)

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


	June 30, 2024		June 30, 2023
Deferred tax assets:
Stock-based compensation	$	7,163	$	6,400
Accrued expenses	1,824		2,565
Net operating loss carryforwards	38,630		63,466


Deferred revenue	4,802		4,434
Unrealized gain	398		1,033
Section 174 and internally developed software	12,216		—
Lease liability	4,245		5,105
Tax credits	13,794		12,742
Other items	1,208		1,699
Total deferred tax assets	84,280		97,444
Valuation allowance	(7,456)		(3,750)
Net deferred tax assets	76,824		93,694
Deferred tax liabilities:
Software development costs	—		(9,970)
Deferred contract costs	(63,645)		(53,982)
Property and equipment	(3,981)		(4,034)

Operating lease right-of-use assets	(3,523)		(4,179)
Other intangibles	(20,429)		(38,890)

Total deferred liabilities	(91,578)		(111,055)
Net deferred tax liabilities	$	(14,754)	$	(17,361)

For the year ended June 30, 2024, the Company aggregated internally developed software tax assets and liabilities of $28,696 and $16,480, respectively related to Section 174 of the Internal Revenue Code for a net total of $12,216 in deferred tax assets.

The Company is in a cumulative three-year loss position. The realization of deferred tax assets is dependent upon the generation of future taxable income. After giving appropriate consideration to the sources of taxable income through the scheduled reversal of deferred tax liabilities, the Company concluded that valuation allowances were required on a portion of its net operating losses (“NOLs”) and Section 174. The valuation allowance on NOLs of $3,423, relates primarily to acquired NOLs whose future utilization is limited by Internal Revenue Code Section 382, as well as a small portion of state and local NOLs. The valuation allowance related to Section 174 is $4,033.

The Company has U.S. federal NOL carryforwards as of June 30, 2024 and 2023 of approximately $160,280 and $266,165, respectively. The Company has state NOL carryforwards as of June 30, 2024 and 2023 of approximately $100,748 and $148,212, respectively. The Company has foreign NOL carryforwards as of June 30, 2024 and 2023 of approximately $5,489 and $2,962, respectively. As of June 30, 2024, the U.S. federal NOLs not subject to expiration total $155,098 and $5,182 will expire by 2034. The state NOL carryforwards generally expire from 2024 to 2044, except for some states for which NOLs do not expire. The foreign NOL carryforwards are not subject to expiration. The Company also has gross U.S. federal research and development tax credit carryforwards as of June 30, 2024 and 2023 of approximately $14,433 and $12,251, respectively, which begin expiring in 2033. The Company has gross state research and development tax credit carryforwards as of June 30, 2024 and 2023 of approximately $956 and $1,118, respectively, which begin expiring in 2033.

On June 30, 2024, the Company’s liabilities for unrecognized tax benefits, which would impact the Company’s effective tax rate if recognized, are presented below. The Company will include applicable penalties and interest when the benefit is recognized. The Company does not expect material adjustments to the total amount of uncertain tax positions within the next 12 months, but the outcome of tax matters is uncertain and unforeseen results can occur.

The Company continues to follow its policy of recognizing interest and penalties accrued on tax positions as a component of income tax benefit on the consolidated statements of operations and comprehensive loss. The amount of accrued interest and

penalties associated with the Company’s tax positions is immaterial to the consolidated balance sheets. The amount of interest and penalties recognized for the year ended June 30, 2024 and 2023 was immaterial to the Company’s consolidated statements of operations and comprehensive loss.


	June 30, 2024		June 30, 2023
Unrecognized tax benefits at the beginning of the year	$	469	$	381
Subtractions for tax positions of prior periods	(21)		—
Additions for tax positions taken during the current period	995		88
Unrecognized tax benefits at the end of the year	$	1,443	$	469

The Company files income tax returns with the U.S. federal government, various state jurisdictions and other foreign international jurisdictions. Certain tax years remain open for federal, state and foreign reporting jurisdictions in which the Company does business due to net operating loss carryforwards and tax credits utilized from such years or utilized in a period remaining open for audit under normal statute of limitations relating to income tax liabilities. The Company, including its domestic subsidiaries, files a consolidated federal income tax return. For years before fiscal year ended June 30, 2020, the Company is no longer subject to U.S. federal examination. The Internal Revenue Service has the ability to review years prior to fiscal year 2020 to the extent the Company utilized tax attributes carried forward from those prior years. The statute of limitations on state filings is generally three to four years. Various foreign income tax returns are also under examination by the applicable taxing authorities.

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


	Fiscal Year Ended June 30,
	2024		2023		2022
Consolidated Worldwide Pretax Book Income	21.0	%	21.0	%	21.0	%
Research tax credits	3.4	%	2.7	%	3.6	%
State income taxes, net of federal tax	(3.0	%)	(0.9	%)	1.7	%
Foreign rate differential	0.7	%	(2.0	%)	—	%
Stock-based compensation	(12.7	%)	(8.7	%)	(4.6	%)
Transaction costs	—	%	(0.2	%)	2.2	%
Other	(1.5	%)	(0.7	%)	(1.4	%)
Valuation allowance	(6.6	%)	(0.3	%)	(0.4	%)
Effective income tax rate	1.3	%	10.9	%	22.1	%

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets:
Stock-based compensation	$ 7,163	$ 6,400
Accrued expenses	1,824	2,565
Net operating loss carryforwards	38,630	63,466
Deferred revenue	4,802	4,434
Unrealized gain	398	1,033
Section 174 and internally developed software	12,216	0
Lease liability	4,245	5,105
Tax credits	13,794	12,742
Other items	1,208	1,699
Total deferred tax assets	84,280	97,444
Valuation allowance	(7,456)	(3,750)
Net deferred tax assets	76,824	93,694
Deferred tax liabilities:
Software development costs	0	(9,970)
Deferred contract costs	(63,645)	(53,982)
Property and equipment	(3,981)	(4,034)
Operating lease right-of-use assets	(3,523)	(4,179)
Other intangibles	(20,429)	(38,890)
Total deferred liabilities	(91,578)	(111,055)
Net deferred tax liabilities	$ (14,754)	$ (17,361)

REVENUE - Narrative (Details) $ in Thousands	Jun. 30, 2024 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]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 13,601
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 5,466
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 251

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of the Company’s loss before income taxes are as follows:


	Fiscal Year Ended June 30,
	2024		2023		2022
U.S.	$	(57,340)	$	(111,885)	$	(140,021)
Foreign	(2,375)		7,222		1,430
Loss before income taxes	$	(59,715)	$	(104,663)	$	(138,591)

Schedule of Components of Income Tax Expense (Benefit)

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


	Fiscal Year Ended June 30,
	2024		2023		2022
Federal:
Current provision	$	545	$	—	$	1
Deferred benefit	(3,570)		(14,642)		(29,547)
Federal tax benefit	(3,025)		(14,642)		(29,546)
State:
Current provision	567		246		51
Deferred provision (benefit)	1,769		988		(1,344)
State tax provision (benefit)	2,336		1,234		(1,293)
Foreign:
Current provision (benefit)	704		(25)		314
Deferred (benefit) provision	(788)		1,985		(49)
Foreign tax (benefit) provision	(84)		1,960		265
Total tax benefit	$	(773)	$	(11,448)	$	(30,574)

Schedule of Deferred Tax Assets and Liabilities

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


	June 30, 2024		June 30, 2023
Deferred tax assets:
Stock-based compensation	$	7,163	$	6,400
Accrued expenses	1,824		2,565
Net operating loss carryforwards	38,630		63,466


Deferred revenue	4,802		4,434
Unrealized gain	398		1,033
Section 174 and internally developed software	12,216		—
Lease liability	4,245		5,105
Tax credits	13,794		12,742
Other items	1,208		1,699
Total deferred tax assets	84,280		97,444
Valuation allowance	(7,456)		(3,750)
Net deferred tax assets	76,824		93,694
Deferred tax liabilities:
Software development costs	—		(9,970)
Deferred contract costs	(63,645)		(53,982)
Property and equipment	(3,981)		(4,034)

Operating lease right-of-use assets	(3,523)		(4,179)
Other intangibles	(20,429)		(38,890)

Total deferred liabilities	(91,578)		(111,055)
Net deferred tax liabilities	$	(14,754)	$	(17,361)

Schedule of Unrecognized Tax Benefits Roll Forward


	June 30, 2024		June 30, 2023
Unrecognized tax benefits at the beginning of the year	$	469	$	381
Subtractions for tax positions of prior periods	(21)		—
Additions for tax positions taken during the current period	995		88
Unrecognized tax benefits at the end of the year	$	1,443	$	469

Schedule of Effective Income Tax Rate Reconciliation

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


	Fiscal Year Ended June 30,
	2024		2023		2022
Consolidated Worldwide Pretax Book Income	21.0	%	21.0	%	21.0	%
Research tax credits	3.4	%	2.7	%	3.6	%
State income taxes, net of federal tax	(3.0	%)	(0.9	%)	1.7	%
Foreign rate differential	0.7	%	(2.0	%)	—	%
Stock-based compensation	(12.7	%)	(8.7	%)	(4.6	%)
Transaction costs	—	%	(0.2	%)	2.2	%
Other	(1.5	%)	(0.7	%)	(1.4	%)
Valuation allowance	(6.6	%)	(0.3	%)	(0.4	%)
Effective income tax rate	1.3	%	10.9	%	22.1	%

CAPITALIZED SOFTWARE, NET (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Capitalized Software

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


	June 30, 2024		June 30, 2023
Capitalized software	$	176,519	$	125,707
Accumulated amortization	(109,143)		(71,724)
Capitalized software, net	$	67,376	$	53,983

Components of intangible assets were as follows:


	June 30, 2024		June 30, 2023
Cost:
Technology	$	153,562	$	151,855
Customer relationships	469,583		462,452
Trade name	105,670		105,670
Naming rights	66,698		66,698
Total cost	$	795,513	$	786,675
Accumulated amortization:
Technology	$	(144,870)	$	(141,309)
Customer relationships	(431,101)		(348,123)
Trade name	(39,932)		(32,889)
Naming rights	(8,117)		(3,882)
Total accumulated amortization	$	(624,020)	$	(526,203)
Intangible assets, net	$	171,493	$	260,472

Schedule of Future Amortization Expense

The following is a schedule of future amortization expense as of June 30, 2024:


2025	$	35,884
2026	23,845
2027	7,647


	$	67,376

The following is a schedule of future amortization expense as of June 30, 2024:


2025	$	47,161
2026	19,154
2027	12,440
2028	12,244
2029	12,244
Thereafter	68,250
	$	171,493

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 18,697	$ 17,046
Deferred revenue acquired	0	1,049
Deferral of revenue	20,699	20,556
Revenue recognized	(20,040)	(19,883)
Impact of foreign exchange	(38)	(71)
Balance, end of period	$ 19,318	$ 18,697

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: The Company is subject to various claims, litigation and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. The resolution of these claims, litigation and regulatory compliance matters, individually or in the aggregate, is not expected to have a material adverse impact on the Company’s consolidated statements of operations, balance sheets or statements of cash flows. These matters are subject to inherent uncertainties and management’s view of these matters may change in the future. The Company has contractual obligations to purchase certain goods or services and legally binding contractual arrangements with future payment obligations. These obligations primarily include the Naming Rights Agreement, sponsorship agreements, software licensing, and support services. The Company’s purchase obligations are expected to be approximately $40,373 in 2025, $42,650 in total for 2026 and 2027, $24,190 in total for 2028 and 2029, and $80,731 in total for years thereafter.

EQUITY COMPENSATION PLANS - MEP Unit Incentive Activity (Details)	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Time-Based Incentive Units
Number of Units
Beginning balance (in shares) \| shares	36,937
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(218)
Ending balance (in shares) \| shares	36,719
Weighted Average Floor Price
Beginning balance (in dollars per share)	$ 561
Granted (in dollars per share)	0
Forfeited (in dollars per share)	1,674
Ending balance (in dollars per share)	554
Weighted Average Fair Value
Beginning balance (in dollars per share)	443
Granted (in dollars per share)	0
Forfeited (in dollars per share)	296
Ending balance (in dollars per share)	$ 444
Modified MEP Units
Number of Units
Beginning balance (in shares) \| shares	34,264
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(26)
Ending balance (in shares) \| shares	34,238
Weighted Average Floor Price
Beginning balance (in dollars per share)	$ 593
Granted (in dollars per share)	0
Forfeited (in dollars per share)	359
Ending balance (in dollars per share)	593
Weighted Average Fair Value
Beginning balance (in dollars per share)	1,419
Granted (in dollars per share)	0
Forfeited (in dollars per share)	1,652
Ending balance (in dollars per share)	$ 1,418

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Capitalized software	$ 48,283	$ 39,981	$ 29,831
Research and development expenses	$ 61,419	$ 54,263	$ 43,140

EQUITY COMPENSATION PLANS - Narrative (Details)			12 Months Ended
EQUITY COMPENSATION PLANS - Narrative (Details)	Jul. 23, 2021 tradingDay shares	Jul. 20, 2021 USD ($)	Jun. 30, 2024 USD ($) plan installment $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost			$ 65,443,000	$ 78,225,000	$ 71,376,000
Income tax benefits			$ 7,728,000	$ 8,708,000	$ 4,352,000
Number of plans \| plan			3
Number of installments \| installment			12
Options granted in period (in shares) \| shares			713,191	938,717
Expected dividend yield on stock			0.00%	0.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost						$ 0
Award vesting rights, percentage	20.00%
Trading day period \| tradingDay	10
Unrecognized compensation expense, weighted average period	2 years		1 year 10 months 24 days
Unrecognized compensation expense			$ 66,043,000
Number of vested units (in shares) \| shares			1,396,342
Award requisite service period			2 years
Granted (in dollars per share) \| $ / shares			$ 22.67	$ 29.01	$ 29.97
Weighted average grant date fair value of units			$ 40,771,000	$ 37,700,000	$ 18,971,000
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	6 months
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	12 months
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	18 months
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	24 months
Restricted Stock Units (RSUs) \| 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period			3 years
Restricted Stock Units (RSUs) \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of preferred stock, net (in shares) \| shares	1,761,578
Time-Based Incentive Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Award vesting period	6 months		6 months
Unrecognized compensation expense, weighted average period			3 months 18 days
Award vesting rights, percentage vesting based on service time			50.00%
Unrecognized compensation expense			$ 76,000
Number of vested units (in shares) \| shares			36,350	32,571	25,310
Weighted average grant date fair value of units (in dollars per share) \| $ / shares			$ 296	$ 386	$ 417
Expected dividend yield on stock			0.00%
Time-Based Incentive Units \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25.00%
Time-Based Incentive Units \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100.00%
Time-Based Incentive Units \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			24 months
Modified MEP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 0
Number of vested units (in shares) \| shares			34,238	25,998	9,009
Weighted average grant date fair value of units (in dollars per share) \| $ / shares			$ 1,412	$ 1,410	$ 1,428
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average period			1 year 8 months 12 days
Intrinsic value of options exercised			$ 0	$ 136,000	$ 0
Unrecognized compensation cost related to unvested stock options			$ 11,400,000
Share-based Payment Arrangement, Option \| 2021 Omnibus Incentive Plan \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period (in shares) \| shares	1,135,144
Stock Options \| 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent		85.00%
Maximum contribution per employee		$ 25,000
ESPP offering period		4 months
Stock Options \| 2021 Employee Stock Purchase Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of eligible pay		1.00%
Stock Options \| 2021 Employee Stock Purchase Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of eligible pay		10.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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 - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 767,738	$ 750,155
Foreign currency translation	(494)	(430)
Goodwill, ending balance	766,653	767,738
Talenya
Goodwill [Roll Forward]
Acquisitions	0	14,627
Verb
Goodwill [Roll Forward]
Acquisitions	$ (591)	$ 3,386

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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INCOME TAXES - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S.	$ (57,340)	$ (111,885)	$ (140,021)
Foreign	(2,375)	7,222	1,430
Loss before benefit for income taxes	$ (59,715)	$ (104,663)	$ (138,591)

- Definition

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

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-Subparagraph (SX 210.9-04(15))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (58,942)	$ (93,215)	$ (119,638)
Weighted average common shares outstanding:
Basic (in shares)	177,667,036	176,039,651	172,636,523
Diluted (in shares)	177,667,036	176,039,651	172,636,523
Basic net loss (in dollars per share)	$ (0.33)	$ (0.53)	$ (0.69)
Diluted net loss (in dollars per share)	$ (0.33)	$ (0.53)	$ (0.69)

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- 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
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Income Tax Examination [Line Items]
Internally developed software, deferred tax assets	$ 28,696
Internally developed software, deferred tax liabilities	16,480
Section 174 and internally developed software	12,216	$ 0
NOL carryforward, valuation allowance	3,423
Valuation allowance	7,456	3,750
Operating loss carryforwards not subject to expiration	155,098
Operating loss carryforwards subject to expiration	5,182
Research and development tax credit carryforwards	14,433	12,251
Section 174
Income Tax Examination [Line Items]
Valuation allowance	4,033
TEXAS
Income Tax Examination [Line Items]
Research and development tax credit carryforwards	956	1,118
Domestic Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	160,280	266,165
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss carryforwards	100,748	148,212
Foreign Tax Authority
Income Tax Examination [Line Items]
Operating loss carryforwards	$ 5,489	$ 2,962

REVENUE (Tables)

12 Months Ended

Jun. 30, 2024

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:



	Fiscal Year Ended June 30,
		2024		2023		2022
Recurring fees		$	587,023	$	506,131	$	414,677
Implementation services and other		15,363		12,743		12,355
Recurring and other revenue		$	602,386	$	518,874	$	427,032

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


	Fiscal Year Ended June 30,
		2024		2023
Balance, beginning of period		$	18,697	$	17,046
Deferred revenue acquired		—		1,049
Deferral of revenue		20,699		20,556
Revenue recognized		(20,040)		(19,883)
Impact of foreign exchange		(38)		(71)
Balance, end of period		$	19,318	$	18,697

Schedule of Capitalized Contract Costs


	As of and for the Fiscal Year Ended June 30, 2024
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	93,317	$	42,815	$	(27,549)	$	108,583
Costs to fulfill a contract	123,788		64,540		(36,708)		151,620
Total	$	217,105	$	107,355	$	(64,257)	$	260,203


	As of and for the Fiscal Year Ended June 30, 2023
	Beginning Balance		Capitalization of Costs		Amortization		Ending Balance
Costs to obtain a contract	$	72,342	$	41,325	$	(20,350)	$	93,317
Costs to fulfill a contract	91,132		58,746		(26,090)		123,788
Total	$	163,474	$	100,071	$	(46,440)	$	217,105

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

12 Months Ended

Jun. 30, 2024

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY):

Paycor HCM, Inc. and Subsidiaries

Parent Company Only

Condensed Balance Sheets

(in thousands)


	June 30, 2024		June 30, 2023
Assets
Cash and cash equivalents	$	5,425	$	5,155
Investment in subsidiary	1,281,501		1,268,529
Total assets	$	1,286,926	$	1,273,684
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Total stockholders’ equity	1,286,926		1,273,684
Total liabilities and stockholders’ equity	$	1,286,926	$	1,273,684

Paycor HCM, Inc. and Subsidiaries

Parent Company Only

Condensed Statements of Operations and Comprehensive Loss

(in thousands)


	Fiscal Year Ended June 30,
	2024		2023		2022
Other income	$	270	$	155	$	—
Equity in net loss of subsidiary	$	(59,212)	$	(93,370)	$	(119,638)
Net loss attributable to Paycor HCM, Inc.	$	(58,942)	$	(93,215)	$	(119,638)
Other comprehensive income (loss), net of tax:
Subsidiaries’ other comprehensive income (loss)	$	1,709	$	(1,337)	$	(2,980)
Total other comprehensive income (loss)	1,709		(1,337)		(2,980)
Comprehensive loss attributable to Paycor HCM, Inc.	$	(57,233)	$	(94,552)	$	(122,618)

Paycor HCM, Inc. and Subsidiaries

Parent Company Only

Condensed Statements of Cash Flows

(in thousands)


	Fiscal Year Ended June 30,
	June 30, 2024		June 30, 2023		June 30, 2022
Operating Activities:
Net loss attributable to Paycor HCM, Inc.	$	(58,942)	$	(93,215)	$	(119,638)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net loss of subsidiaries	59,212		93,370		119,638
Net cash provided by operating activities	270		155		—
Investing Activities:
Net cash provided by investing activities	—		—		—
Financing Activities:


Proceeds from the issuance of common stock sold in IPO, net of offering costs and underwriting discount	—		—		454,915
Contributions to subsidiaries	(5,031)		(6,081)		(453,102)
Withholding taxes paid related to net share settlements	(2,830)		(2,549)		—
Proceeds from exercise of stock options	—		345		—
Proceeds from employee stock purchase plan	7,861		8,285		3,187
Net cash provided by financing activities	—		—		5,000
Net increase in cash and cash equivalents	270		155		5,000
Cash and cash equivalents-beginning of period	5,155		5,000		—
Cash and cash equivalents-end of period	$	5,425	$	5,155	$	5,000

Description of Business

Paycor HCM, which is controlled by Pride Aggregator L.P., is the indirect principal stockholder of Paycor. Pride Aggregator L.P. is controlled by the Apax Funds.

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

Basis of Presentation

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

EQUITY COMPENSATION PLANS

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS:

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

The Company recognized stock-based compensation costs and costs relating to liability awards for the fiscal years ended June 30, 2024, 2023, and 2022 of $65,443, $78,225, and $71,376 respectively. Related income tax benefits recognized were $7,728, $8,708 and $4,352 for the fiscal years ended June 30, 2024, 2023, and 2022.

The 2019 Plans

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

Long Term Incentive Plan Units converted to Restricted Stock Units

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

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

Management Equity Plan Units

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

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

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

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

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


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

The following table presents the MEP incentive unit activity:


	Time-Based Incentive Units					Modified MEP Incentive Units
In thousands, except unit and per unit data	Number of Units	Weighted Average Floor Price		Weighted Average Fair Value		Number of Units	Weighted Average Floor Price		Weighted Average Fair Value



Outstanding at June 30, 2023	36,937	$	561	$	443	34,264	$	593	$	1,419
Granted	—	—		—		—	—		—
Forfeited	(218)	1,674		296		(26)	359		1,652
Outstanding at June 30, 2024	36,719	$	554	$	444	34,238	$	593	$	1,418

As of June 30, 2024, there was $76 of unrecognized compensation expense for the unvested time-based incentive units that will be recognized over a weighted average period of 0.3 years. At June 30, 2024, 2023, and 2022, the number of vested time-based incentive units were 36,350, 32,571, and 25,310, respectively. The weighted average grant date fair value of time-based incentive units that vested during the fiscal years ended June 30, 2024, 2023, and 2022, was $296, $386, and $417, respectively.

As of June 30, 2024, the unrecognized compensation expense related to the unvested Modified MEP Incentive Units was $—. At June 30, 2024, 2023, and 2022, the number of vested Modified MEP Incentive Units were 34,238, 25,998, and 9,009, respectively. The weighted average grant date fair value of the Modified MEP Incentive Units vested during the fiscal years ended June 30, 2024, 2023, and 2022 was $1,412, $1,410, and $1,428, respectively.

2021 Omnibus Incentive Plan

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

Stock Options

In connection with the Company’s IPO, the Company granted awards under the 2021 Plan to certain executives consisting of an aggregate of 1,135,144 options to purchase shares of its common stock. Additionally, options are generally granted in October in connection with the Company’s annual grant program. All stock options are non-qualified stock options and expire on the tenth anniversary of the grant date. The following table summarizes option activity for the fiscal year ended June 30, 2024:


In thousands, except unit and per unit data	Options Outstanding	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
Outstanding at June 30, 2023	2,036,496	$	26.12	$	11.68	8.63	$	719
Granted	713,191	22.71		10.78		9.27	—
Exercised	—	—		—		—	—
Forfeited and cancelled	(74,038)	25.14		11.31		—	—
Outstanding at June 30, 2024	2,675,649	$	25.24	$	11.45	8.05	$	—
Exercisable as of June 30, 2024	1,535,437	$	25.27	$	11.03	7.45	$	—

The total intrinsic value of options exercised as of June 30, 2024, 2023, and 2022 was $—, $136, and $—, respectively. Total unrecognized compensation cost related to the unvested stock options is $11,400, which is expected to be recognized over a weighted average period of 1.7 years.

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


	June 30, 2024	June 30, 2023
Number of options granted	713,191	938,717
Weighted average exercise price per option	$19.44 - $22.83	$29.56
Expected volatility range of stock	42.5%	45.0%
Expected life of option (in years)	5.85	5.85
Risk-free interest rate	3.86% - 4.60%	4.02%
Expected dividend yield on stock	0%	0%
Fair value per option	$9.10 - $10.85	$14.27

The expected option life represents the period of time the stock options are expected to be outstanding and is based on the “simplified method” allowed under SEC guidance. The Company used the “simplified method” due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. The expected volatility was based on an implied volatility calculation for the Company that closely approximated the average historical and implied volatility of the Company’s peer group since the Company had either limited or no publicly traded stock history as of the grant date. The Company does not intend to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The risk-free interest rate was based on the U.S. Treasury yield curve at the time of the grant.

Restricted Stock Units

The following table summarizes information related to RSUs granted by the Company. These include grants of LTIP Units that were converted to RSUs as described above, as well as grants made in connection with the Company’s IPO and annual grant program.

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


In thousands, except unit and per unit data	Number of Units	Weighted Average Grant Price
Outstanding, unvested at June 30, 2023	2,659,120	$	29.05

Granted	2,956,961	22.67
Vested	(1,396,342)	29.20
Forfeited	(435,979)	25.41
Outstanding, unvested grants at June 30, 2024	3,783,760	$	24.43

As of June 30, 2024, total unrecognized compensation expense related to the RSUs is $66,043, which is expected to be recognized over a weighted average period of 1.9 years. The weighted-average grant date fair value of restricted stock units granted during the fiscal years ended June 30, 2024, 2023 and 2022 was $22.67, $29.01 and $29.97, respectively. The total grant date fair value of RSUs vested during the fiscal years ended June 30, 2024, 2023 and 2022 was $40,771, $37,700 and $18,971, respectively.

Employee Stock Purchase Plan

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

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

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

EQUITY COMPENSATION PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Options Outstanding
Beginning balance (in shares)	2,036,496
Granted (in shares)	713,191	938,717
Exercised (in shares)	0
Forfeited and cancelled (in shares)	(74,038)
Ending balance (in shares)	2,675,649	2,036,496
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 26.12
Granted (in dollars per share)	22.71
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	25.14
Ending balance (in dollars per share)	25.24	$ 26.12
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	11.68
Granted (in dollars per share)	10.78
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	11.31
Ending balance (in dollars per share)	$ 11.45	$ 11.68
Weighted Average Remaining Contractual Term (In Years)
Beginning balance, Weighted Average Remaining Contractual Term (In Years)	8 years 18 days	8 years 7 months 17 days
Granted, Weighted Average Remaining Contractual Term	9 years 3 months 7 days
Ending balance, Weighted Average Remaining Contractual Term (In Years)	8 years 18 days	8 years 7 months 17 days
Aggregate Intrinsic Value
Beginning balance, Aggregate Intrinsic Value	$ 719
Ending balance, Aggregate Intrinsic Value	$ 0	$ 719
Stock Options Additional Disclosures
Options exercisable (in shares)	1,535,437
Options exercisable, Weighted average exercise price (in dollars per share)	$ 25.27
Options exercisable, Weighted average grant date fair value (in dollars per share)	$ 11.03
Options exercisable, Weighted average remaining contractual term	7 years 5 months 12 days
Options exercisable, Aggregate intrinsic value	$ 0

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Assets
Cash and cash equivalents	$ 117,958	$ 95,233	$ 133,041
Total assets	2,609,393	2,541,175
Liabilities and Stockholders’ Equity
Total liabilities	1,322,467	1,267,491
Total stockholders’ equity	1,286,926	1,273,684
Total liabilities and stockholders' equity	2,609,393	2,541,175
Parent Company
Assets
Cash and cash equivalents	5,425	5,155
Investment in subsidiary	1,281,501	1,268,529
Total assets	1,286,926	1,273,684
Liabilities and Stockholders’ Equity
Total liabilities	0	0
Total stockholders’ equity	1,286,926	1,273,684
Total liabilities and stockholders' equity	$ 1,286,926	$ 1,273,684

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

EQUITY COMPENSATION PLANS - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Number of Units
Beginning balance (in shares)	2,659,120
Granted (in shares)	2,956,961
Vested (in shares)	(1,396,342)
Forfeited (in shares)	(435,979)
Ending balance (in shares)	3,783,760	2,659,120
Weighted Average Grant Price
Beginning balance (in dollars per share)	$ 29.05
Granted (in dollars per share)	22.67	$ 29.01	$ 29.97
Vested (in dollars per share)	29.20
Forfeited (in dollars per share)	25.41
Ending balance (in dollars per share)	$ 24.43	$ 29.05

PROFIT SHARING PLAN	12 Months Ended
PROFIT SHARING PLAN	Jun. 30, 2024
Retirement Benefits [Abstract]
PROFIT SHARING PLAN	PROFIT SHARING PLAN:The Company has a 401(k)-profit sharing plan for the benefit of its employees, substantially all of whom are eligible to participate after meeting minimum age and service requirements. The Company makes matching contributions to the 401(k) plan on behalf of participating employees up to 65% of the first 6% of eligible wages. For the fiscal years ended June 30, 2024, 2023, and 2022, the Company expensed contributions to the plan of approximately $8,232, $7,232, and $6,073, respectively.

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (58,942)	$ (93,215)	$ (108,017)
Other comprehensive loss, net of tax:
Unrealized loss on foreign currency translation	(206)	(120)	(297)
Unrealized gain (loss) on available-for-sale securities, net of tax	1,915	(1,217)	(2,683)
Other comprehensive income (loss), net of tax	1,709	(1,337)	(2,980)
Comprehensive loss	(57,233)	(94,552)	(110,997)
Less: Comprehensive income attributable to redeemable noncontrolling interests	0	0	11,621
Comprehensive loss attributable to Paycor HCM, Inc.	$ (57,233)	$ (94,552)	$ (122,618)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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

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+ Details

LEASES - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating lease cost:
Short-term	$ 21	$ 15
Long-term	2,769	5,202
Finance lease cost:
Amortization of leased assets	1,108	260
Interest on lease liabilities	175	39
Total lease cost	4,073	5,516
Sublease income	$ 529	$ 857

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 117,958	$ 95,233
Accounts receivable, net allowance for credit losses	48,164	30,820
Deferred contract costs	70,377	54,448
Prepaid expenses	12,749	10,448
Other current assets	3,458	2,581
Current assets before funds held for clients	252,706	193,530
Funds held for clients	1,109,136	1,049,156
Total current assets	1,361,842	1,242,686
Property and equipment, net	35,220	34,573
Operating lease right-of-use assets	14,417	16,834
Goodwill	766,653	767,738
Intangible assets, net	171,493	260,472
Capitalized software, net	67,376	53,983
Long-term deferred contract costs	189,826	162,657
Other long-term assets	2,566	2,232
Total assets	2,609,393	2,541,175
Current liabilities:
Accounts payable	27,309	28,350
Accrued expenses and other current liabilities	26,450	24,119
Accrued payroll and payroll related expenses	44,923	43,858
Deferred revenue	13,600	13,083
Current liabilities before client fund obligations	112,282	109,410
Client fund obligations	1,111,373	1,053,926
Total current liabilities	1,223,655	1,163,336
Deferred income taxes	16,019	18,047
Long-term operating leases	13,447	16,061
Other long-term liabilities	69,346	70,047
Total liabilities	1,322,467	1,267,491
Commitments and contingencies (Note 18)
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 178,210,263 shares outstanding at June 30, 2024 and 176,535,236 shares outstanding at June 30, 2023	178	177
Treasury stock, at cost, 10,620,260 shares at June 30, 2024 and June 30, 2023	(245,074)	(245,074)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at June 30, 2024 and June 30, 2023	0	0
Additional paid-in capital	2,081,668	2,011,194
Accumulated deficit	(548,437)	(489,495)
Accumulated other comprehensive loss	(1,409)	(3,118)
Total stockholders' equity	1,286,926	1,273,684
Total liabilities and stockholders' equity	$ 2,609,393	$ 2,541,175
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001

FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS:

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

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

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

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

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

The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of June 30, 2024 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 June 30, 2024 and June 30, 2023:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$	792,622	$	—	$	—	$	792,622
Funds held for clients—available-for-sale:
U.S. Treasury and direct obligations of U.S. government agencies	—		90,983		—		90,983
Corporate bonds	—		205,926		—		205,926

Other securities	—		19,605		—		19,605
	$	792,622	$	316,514	$	—	$	1,109,136


	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

Cash and cash equivalents 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.

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (f)
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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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-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (d)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Consolidated Worldwide Pretax Book Income	21.00%	21.00%	21.00%
Research tax credits	3.40%	2.70%	3.60%
State income taxes, net of federal tax	(3.00%)	(0.90%)	1.70%
Foreign rate differential	0.70%	(2.00%)	0.00%
Stock-based compensation	(12.70%)	(8.70%)	(4.60%)
Transaction costs	0.00%	(0.20%)	2.20%
Other	(1.50%)	(0.70%)	(1.40%)
Valuation allowance	(6.60%)	(0.30%)	(0.40%)
Effective income tax rate	1.30%	10.90%	22.10%

CAPITALIZED SOFTWARE, NET

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET:

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


	June 30, 2024		June 30, 2023
Capitalized software	$	176,519	$	125,707
Accumulated amortization	(109,143)		(71,724)
Capitalized software, net	$	67,376	$	53,983

Amortization expense for capitalized software was approximately $37,419, $28,109, and $22,057 for the fiscal years ended June 30, 2024, 2023, and 2022 respectively.

The following is a schedule of future amortization expense as of June 30, 2024:


2025	$	35,884
2026	23,845
2027	7,647


	$	67,376

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Cincinnati, Ohio

LEASES - Lease Information (Details)	Jun. 30, 2024	Jun. 30, 2023
Weighted average remaining lease term:
Operating leases	6 years 2 months 12 days	6 years 7 months 6 days
Finance leases	2 years 9 months 18 days	2 years 1 month 6 days
Weighted average discount rate:
Operating leases	3.50%	4.10%
Finance leases	5.00%	5.00%

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 602,386	$ 518,874	$ 427,032
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	587,023	506,131	414,677
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 15,363	$ 12,743	$ 12,355

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: 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 7: 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 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: 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

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 117,958	$ 95,233	$ 133,041
Funds held for clients, Amortized Cost	1,110,764	1,053,309
Funds held for clients, Gross Unrealized Gains	150	93
Funds held for clients, Gross Unrealized Losses	(1,778)	(4,246)
Funds held for clients	1,109,136	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	91,378	72,173
Debt securities, available-for-sale, Gross Unrealized Gains	18	0
Debt securities, available-for-sale, Gross Unrealized Losses	(413)	(776)
Debt securities, available-for-sale, Fair Value	90,983	71,397
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	206,981	172,570
Debt securities, available-for-sale, Gross Unrealized Gains	123	91
Debt securities, available-for-sale, Gross Unrealized Losses	(1,178)	(3,049)
Debt securities, available-for-sale, Fair Value	205,926	169,612
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost		2,977
Debt securities, available-for-sale, Gross Unrealized Gains		0
Debt securities, available-for-sale, Gross Unrealized Losses		(3)
Debt securities, available-for-sale, Fair Value		2,974
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	19,783	21,776
Debt securities, available-for-sale, Gross Unrealized Gains	9	2
Debt securities, available-for-sale, Gross Unrealized Losses	(187)	(418)
Debt securities, available-for-sale, Fair Value	19,605	21,360
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	792,622	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	$ 792,622	$ 783,813

REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) - USD ($) $ in Thousands			10 Months Ended	12 Months Ended
	Jul. 23, 2021	Nov. 02, 2018	Jul. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Payments of stock issuance costs	$ 30,583
Preferred stock, dividend, payment in cash (in percentage)			50.00%
Redemption of outstanding shares	$ 260,044
Apax Acquisition \| Redeemable Preferred Stock
Class of Stock [Line Items]
Issuance of preferred stock, net (in shares)		200,000
Proceeds from issuance of preferred stock, net of offering costs		$ 194,745
Payments of stock issuance costs		$ 5,255
Preferred stock, dividend, increase under unmet requirements per year (in percentage)		2.00%
Preferred stock, dividend, increase under unmet requirements per semester (in percentage)		1.00%
Preferred stock, dividend, increase under unmet requirements, period		6 months
Preferred stock, redemption price (in percentage)	101.00%	101.00%
Accretion of redeemable noncontrolling interests				$ 0	$ 0	$ 11,621
Apax Acquisition \| Redeemable Preferred Stock \| Minimum
Class of Stock [Line Items]
Preferred stock, dividend rate (in percentage)		1.00%
Apax Acquisition \| Redeemable Preferred Stock \| Second to third anniversary of issuance date
Class of Stock [Line Items]
Preferred stock, dividend, payment in cash (in percentage)		50.00%
Preferred stock, basis spread on variable rate (in percentage)		8.875%
Apax Acquisition \| Redeemable Preferred Stock \| After Third Anniversary Of Issuance Date
Class of Stock [Line Items]
Preferred stock, dividend, payment in cash (in percentage)		100.00%
Preferred stock, basis spread on variable rate (in percentage)		8.375%
Apax Acquisition \| Redeemable Preferred Stock \| May 2, 2020 To November 2, 2020
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)		102.00%
Apax Acquisition \| Redeemable Preferred Stock \| November 2, 2021 And Thereafter
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)		100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 6,358,000	$ 7,032,000	$ 3,268,000	$ 2,402,000
Impairment of tangible assets	0	0	4,910,000
Impairment of finite-lived intangible assets	$ 0	0	0
Capitalized computer software, amortization period	3 years
Cancellation notice period	60 days
Implementation activities, contractual period	60 days
Capitalized contract cost, amortization period	6 years
Advertising and promotion expense	$ 34,343,000	$ 29,960,000	$ 22,130,000

BUSINESS COMBINATION AND ASSET ACQUISITION

12 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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 micro-learning 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 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 final purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	May 2, 2023



Fair value of total consideration	$	5,677
Cash acquired	(295)
Net purchase price	$	5,382
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	586
Total identifiable assets acquired	3,551
Liabilities assumed:
Accounts payable	(49)
Accrued expenses	(96)
Deferred revenue	(749)
Total identifiable liabilities assumed	(894)
Goodwill	2,725
Fair value of total consideration transferred	$	5,382

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 consolidated balance sheets.

The Company incurred transaction costs of $— and $368 related to the Verb Acquisition for the fiscal year ended June 30, 2024 and 2023, respectively. These costs were expensed as incurred in general and administrative expenses within the accompanying consolidated statements of operations.

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.

The acquisition was accounted for as a business combination. The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value 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 Talenya 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 final purchase price for the Talenya Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	23,240
Cash acquired	(172)
Net purchase price	$	23,068
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	14,627
Fair value of total consideration transferred	$	23,068

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 consolidated balance sheets.

The Company incurred transaction costs of $— and $1,174 related to the Talenya Acquisition for the fiscal years ended June 30, 2024 and 2023, respectively. These costs were expensed as incurred in general and administrative expenses within the accompanying consolidated statements of operations.

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. During the fiscal years ended June 30, 2024, 2023, and 2022, the Company initially paid approximately $—, $13,725, and $9,300, respectively, to purchase these customer relationships. Contingent payments made for the fiscal years ended June 30, 2024, 2023, and 2022 were $6,932, $4,259, and $6,688, respectively.

The acquired customer relationships are recorded within intangible assets on the consolidated balance sheets and are being amortized on a straight-line basis over three years. As of June 30, 2024, the weighted average remaining amortization period for these intangible assets was approximately 1.7 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	$	5,677
Cash acquired	(295)
Net purchase price	$	5,382
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	586
Total identifiable assets acquired	3,551
Liabilities assumed:
Accounts payable	(49)
Accrued expenses	(96)
Deferred revenue	(749)
Total identifiable liabilities assumed	(894)
Goodwill	2,725
Fair value of total consideration transferred	$	5,382

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

Acquisition of Talenya Ltd.

The acquisition was accounted for as a business combination. The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value 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 Talenya 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 final purchase price for the Talenya Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	23,240
Cash acquired	(172)
Net purchase price	$	23,068
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	14,627
Fair value of total consideration transferred	$	23,068

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

Asset Acquisitions

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Jun. 30, 2024
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 acquisition, 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. Initial Public Offering On July 23, 2021, the Company completed an initial public offering (“IPO”) of 21,275,000 shares of its common stock, $0.001 par value per share, at an offering price of $23.00 per share (the “IPO Price”). In aggregate, proceeds from the IPO were approximately $454,147, which is net of approximately $30,583 in underwriters’ discount and $4,595 of offering costs. During the fiscal year ended June 30, 2022, $3,827 of offering costs were paid. Additionally, upon the closing of the IPO: •all of the Company’s outstanding shares of Series A Preferred Stock were automatically converted into 11,705,039 shares of the Company’s common stock; •the Company used a portion of the proceeds to effect the redemption of all of the outstanding shares of the Series A Redeemable Preferred Stock (acquisition of noncontrolling interest) (“Series A Redeemable Preferred Stock” or “Redeemable Noncontrolling Interest”) at a redemption price of 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, for a total of $260,044; •the outstanding Long Term Incentive Plan Units (“LTIP Units”) converted to 1,761,578 restricted stock units (“RSUs”) and the Company began recognizing compensation expense equal to the aggregate dollar value over the requisite two-year service period; and •the performance-based incentive units granted under the Pride Aggregator, L.P. Management Equity Plan (“MEP”) converted to time-based incentive units, with 25% vesting upon successive 6-month anniversary dates for the 24 months beginning on the date of the Company’s IPO. In connection with the Company’s IPO, the Company executed a 1,517.18 for 1 share stock split (“IPO Stock Split”) relating to its common stock. All share and per share amounts have been retroactively adjusted to reflect the IPO Stock Split for all periods presented within the consolidated financial statements.

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	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	$ 90,983	$ 71,397
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	205,926	169,612
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale		2,974
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	19,605	21,360
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,109,136	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	90,983	71,397
Fair Value, Recurring \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	205,926	169,612
Fair Value, Recurring \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale		2,974
Fair Value, Recurring \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	19,605	21,360
Fair Value, Recurring \| Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	792,622	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
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	316,514	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	90,983	71,397
Fair Value, Recurring \| Level 2 \| Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	205,926	169,612
Fair Value, Recurring \| Level 2 \| Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale		2,974
Fair Value, Recurring \| Level 2 \| Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	19,605	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
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	792,622	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	792,622	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	792,622	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

CAPITAL STOCK	12 Months Ended
CAPITAL STOCK	Jun. 30, 2024
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: The Company’s Second Amended and Restated Certificate of Incorporation authorizes 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 June 30, 2024 and June 30, 2023, there were 178,210,263 and 176,535,236 shares of common stock outstanding, respectively, and no shares of preferred stock outstanding. On March 6, 2024, a secondary offering took place in which certain selling stockholders, including the Apax Funds, sold 8,000,000 shares of the Company’s common stock at a public offering price of $20.05 per share. The Company did not receive any proceeds from this sale. On December 6, 2023, a secondary offering took place in which certain selling stockholders, including the Apax Funds, sold 5,000,000 shares of the Company’s common stock at a public offering price of $20.65 per share. The Company did not receive any proceeds from this sale. On December 6, 2022, a secondary offering took place in which certain selling stockholders, including the Apax Funds, sold 6,000,000 shares of the Company’s common stock at a public offering price of $28.60 per share. The Company did not receive any proceeds from this sale. On September 9, 2022, a secondary offering took place in which certain selling stockholders, including the Apax Funds, sold 5,000,000 shares of the Company’s common stock at a public offering price of $27.35 per share. The Company did not receive any proceeds from this sale. On October 19, 2021, a secondary offering took place in which certain selling stockholders, including the Apax Funds, sold 12,000,000 shares of the Company’s common stock at a public offering price of $32.00 per share. In addition, the selling stockholders granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of the Company’s common stock at the same per share prices, which was exercised in full on October 26, 2021. The Company did not receive any proceeds from this sale.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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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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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

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

12 Months Ended

Jun. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets


	June 30, 2024		June 30, 2023
Assets
Cash and cash equivalents	$	5,425	$	5,155
Investment in subsidiary	1,281,501		1,268,529
Total assets	$	1,286,926	$	1,273,684
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Total stockholders’ equity	1,286,926		1,273,684
Total liabilities and stockholders’ equity	$	1,286,926	$	1,273,684

Condensed Statements of Operations and Comprehensive Loss


	Fiscal Year Ended June 30,
	2024		2023		2022
Other income	$	270	$	155	$	—
Equity in net loss of subsidiary	$	(59,212)	$	(93,370)	$	(119,638)
Net loss attributable to Paycor HCM, Inc.	$	(58,942)	$	(93,215)	$	(119,638)
Other comprehensive income (loss), net of tax:
Subsidiaries’ other comprehensive income (loss)	$	1,709	$	(1,337)	$	(2,980)
Total other comprehensive income (loss)	1,709		(1,337)		(2,980)
Comprehensive loss attributable to Paycor HCM, Inc.	$	(57,233)	$	(94,552)	$	(122,618)

Condensed Statement of Cash Flows


	Fiscal Year Ended June 30,
	June 30, 2024		June 30, 2023		June 30, 2022
Operating Activities:
Net loss attributable to Paycor HCM, Inc.	$	(58,942)	$	(93,215)	$	(119,638)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in net loss of subsidiaries	59,212		93,370		119,638
Net cash provided by operating activities	270		155		—
Investing Activities:
Net cash provided by investing activities	—		—		—
Financing Activities:


Proceeds from the issuance of common stock sold in IPO, net of offering costs and underwriting discount	—		—		454,915
Contributions to subsidiaries	(5,031)		(6,081)		(453,102)
Withholding taxes paid related to net share settlements	(2,830)		(2,549)		—
Proceeds from exercise of stock options	—		345		—
Proceeds from employee stock purchase plan	7,861		8,285		3,187
Net cash provided by financing activities	—		—		5,000
Net increase in cash and cash equivalents	270		155		5,000
Cash and cash equivalents-beginning of period	5,155		5,000		—
Cash and cash equivalents-end of period	$	5,425	$	5,155	$	5,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts balance, beginning of period	$ 7,032	$ 3,268	$ 2,402
Write-offs	(7,619)	(1,842)	(1,219)
Bad debt expense	6,945	4,715	2,085
Allowance for doubtful accounts balance, end of period	$ 6,358	7,032	3,268
Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts balance, beginning of period		$ 891
Allowance for doubtful accounts balance, end of period			$ 891

LEASES - Schedule of Impact to Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 6,205	$ 10,261
Operating cash flows used for finance leases	175	39
Financing cash flows used for finance leases	1,084	284
Leased assets obtained in exchange for new finance lease liabilities	3,393	0
Right-of-use assets obtained in exchange for operating lease liabilities	$ 0	$ 6,359	$ 0

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Condensed Income Statements, Captions [Line Items]
Net loss attributable to Paycor HCM, Inc.	$ (58,942)	$ (93,215)	$ (119,638)
Other comprehensive loss, net of tax:
Subsidiaries’ other comprehensive income (loss)	1,709	(1,337)	(2,980)
Comprehensive loss attributable to Paycor HCM, Inc.	(57,233)	(94,552)	(122,618)
Parent Company
Condensed Income Statements, Captions [Line Items]
Other income	270	155	0
Equity in net loss of subsidiary	(59,212)	(93,370)	(119,638)
Net loss attributable to Paycor HCM, Inc.	(58,942)	(93,215)	(119,638)
Other comprehensive loss, net of tax:
Subsidiaries’ other comprehensive income (loss)	1,709	(1,337)	(2,980)
Total other comprehensive income (loss)	1,709	(1,337)	(2,980)
Comprehensive loss attributable to Paycor HCM, Inc.	$ (57,233)	$ (94,552)	$ (122,618)

- Definition

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Preferred Stock	Preferred Stock Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Total Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment
Preferred stock, beginning balance (in shares) at Jun. 30, 2021			0	7,715
Stockholders' equity, beginning balance at Jun. 30, 2021			$ 0	$ 262,772	$ 141	$ (245,074)	$ 1,133,399	$ (275,751)		$ 3,152	$ 878,639
Common stock, beginning balance (in shares) at Jun. 30, 2021					141,097,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	$ (119,638)							(119,638)			(119,638)
Stock-based compensation expense							71,376				71,376
Issuance of common stock sold in the initial public offering, net of offering costs and underwriting discount (in shares)					21,275,000
Issuance of common stock sold in the initial public offering, net of offering costs and underwriting discount					$ 21		454,126				454,147
Conversion of Series A Preferred Stock to common stock upon initial public offering (in shares)				(7,715)	11,705,039
Conversion of Series A Preferred Stock to common stock upon initial public offering				$ (262,772)	$ 12		262,760				0
Issuance of common stock upon vesting of restricted stock units at initial public offering (in shares)					352,124
Issuance of common stock under employee stock plans (in shares)					479,636
Issuance of common stock under employee stock plans					$ 1		3,186				3,187
Other comprehensive income (loss)	$ (2,980)									(2,980)	(2,980)
Other							1,953			(1,953)	0
Preferred stock, ending balance (in shares) at Jun. 30, 2022			0	0
Stockholders' equity, ending balance at Jun. 30, 2022			$ 0	$ 0	$ 175	(245,074)	1,926,800	(395,389)	$ (891)	(1,781)	1,284,731	$ (891)
Common stock, ending balance (in shares) at Jun. 30, 2022					174,909,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Net loss attributable to Paycor HCM, Inc.	$ (93,215)							(93,215)			(93,215)
Stock-based compensation expense							78,225				78,225
Net settlement for taxes							(2,459)				(2,459)
Issuance of common stock under employee stock plans (in shares)					1,625,697
Issuance of common stock under employee stock plans					$ 2		8,628				8,630
Other comprehensive income (loss)	$ (1,337)									(1,337)	(1,337)
Preferred stock, ending balance (in shares) at Jun. 30, 2023	0	0	0	0
Stockholders' equity, ending balance at Jun. 30, 2023			$ 0	$ 0	$ 177	(245,074)	2,011,194	(489,495)		(3,118)	1,273,684
Common stock, ending balance (in shares) at Jun. 30, 2023	176,535,236				176,535,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	$ (58,942)							(58,942)			(58,942)
Stock-based compensation expense							65,443				65,443
Net settlement for taxes							(2,830)				(2,830)
Issuance of common stock under employee stock plans (in shares)					1,675,027
Issuance of common stock under employee stock plans					$ 1		7,861				7,862
Other comprehensive income (loss)	$ 1,709									1,709	1,709
Preferred stock, ending balance (in shares) at Jun. 30, 2024	0	0	0	0
Stockholders' equity, ending balance at Jun. 30, 2024			$ 0	$ 0	$ 178	$ (245,074)	$ 2,081,668	$ (548,437)		$ (1,409)	$ 1,286,926
Common stock, ending balance (in shares) at Jun. 30, 2024	178,210,263				178,210,263

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of presentation and consolidation

Use of estimates

Concentrations of risk

Cash and cash equivalents

Funds held for clients

Client fund obligations

Accounts receivable, net of allowance for credit losses

Property and equipment, net

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


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

Goodwill and intangible assets, net

The Company elected to perform a qualitative assessment during both fiscal years 2024 and 2023 and determined for both periods that no indicators of impairment existed.

Capitalized software, net

Revenue recognition

Cost of revenues

Sales and marketing

General and administrative

Research and development

Interest expense

Interest expense consists primarily of interest payments and accruals relating to outstanding borrowings as well as accretion expense associated with the Naming Rights liability.

Other (expense) income

Stock-based compensation

Income taxes

Loss per share

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

Segments

Recently issued accounting standards

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 37,419	$ 28,109	$ 22,057

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment at Cost and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	$ 61,789	$ 55,381
Accumulated depreciation and amortization	(26,569)	(20,808)
Property and equipment, net	35,220	34,573
Land
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	3,680	3,680
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	910	910
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	22,845	22,845
Computer, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	23,824	18,702
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	2,249	2,250
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	2,902	2,880
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	5,205	4,114
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	$ 174	$ 0

REDEEMABLE NONCONTROLLING INTERESTS	12 Months Ended
REDEEMABLE NONCONTROLLING INTERESTS	Jun. 30, 2024
Equity [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: In connection with the Apax Acquisition, a subsidiary of the Company issued 200,000 shares of Series A Redeemable Preferred Stock (“Redeemable Preferred Stock”) to certain institutional investors, including the Apax Funds, a related party, and received proceeds of approximately $194,745, net of $5,255 in issuance costs. Dividends associated with the Redeemable Preferred Stock began accruing daily at the issuance date and were payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. From the issuance date to the second anniversary of the issuance date, the Company had the option to pay the accrued dividends in cash on the applicable dividend payment date or to have such dividends accrue and be added to the then prevailing liquidation preference. Additionally, from the day after the second anniversary of the issuance date through the third anniversary of the issuance date, the Company was required to pay at least 50% of the accrued dividends for the applicable dividend payment period in cash. Further, from the day after the third anniversary of the issuance date, the Company was required to pay 100% of the accrued dividends for the applicable dividend payment period in cash. There was a noncompliance penalty if the Company did not meet certain requirements resulting in the prevailing dividend rate automatically increasing by 2% per year and increasing by 1% each six months thereafter until all of the issued and outstanding shares of Redeemable Preferred Stock was redeemed or the event of noncompliance ceases. The dividends accrued based on a prevailing dividend rate, which was 3-month LIBOR plus a margin and adjusted accordingly. At any point in time, 3-month LIBOR could not be less than 1%. The dividend rate was 3-month LIBOR plus 8.875% from the day after the issuance date to the third anniversary of the issuance date. From the day after the third anniversary of the issuance date until there are no shares of Redeemable Preferred Stock outstanding, the dividend rate was 3-month LIBOR plus 8.375%. In the event that from the day after the second anniversary of the issuance date through the third anniversary of the issuance date the Company elected to pay 100% of the accrued dividend for the applicable dividend payment in cash, the prevailing dividend rate would have been 3-month LIBOR plus 8.375%. The Redeemable Preferred Stock was redeemable by the Company at any point in time, although payment of a premium was required under certain circumstances. Additionally, the Company could, at its option, redeem for cash any or all of the then outstanding Redeemable Preferred Stock, in whole at any time or in part from time to time, on or after May 2, 2020, at (i) a redemption price per share equal to 102.0% for the period of May 2, 2020 – November 1, 2020; 101.0% for the period November 2, 2020 – November 1, 2021; and 100.0% for the period November 2, 2021 and thereafter, plus (ii) the amount of all accrued dividends for the then current and all prior dividend payment periods. The holders of the Redeemable Preferred Stock had the ability to redeem the stock upon the occurrence of certain events such as a change in control, an IPO, on or after the sixth anniversary of the issue date, or a trigger event, etc. often involving a premium. The Company analyzed the embedded call and put options and concluded they are closely associated with the debt host and therefore do not require bifurcation. Outside of the events mentioned, there is not a mandatory redemption date for the Redeemable Preferred Stock and as a result, the Company concluded that the sixth anniversary of the issuance date was the most probable redemption date prior to the redemption discussed below. The Company fully redeemed the Series A Redeemable Preferred Stock using a portion of the cash received in its IPO. The redemption price per share was equal to 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, or $260,044. As of June 30, 2024 and 2023, there were no longer any holders of the Company’s Series A Redeemable Preferred Stock and all of the Company’s subsidiaries are wholly-owned. Measurement Accretion of Redeemable Noncontrolling Interests for the fiscal years ended June 30, 2024, 2023, and 2022 includes $—, $—, and $11,621 of adjustments, respectively, relating to the redemption accretion value adjustments for each reportable period. The Company elected to pay the distributions for the dividend payment date for the three months ended September 30, 2020 in-kind to preferred stock, while 50% of the required distributions for the remaining fiscal year 2021 dividend payment dates were paid in cash with the remaining 50% in-kind to preferred stockholders. These in-kind distributions increase the liquidation preference on each preferred share.

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2025	$ 857,334
Due within fiscal year 2026	122,006
Due within fiscal year 2027	94,667
Due within fiscal year 2028	26,288
Due within fiscal year 2029	8,841
Thereafter	0
Total	$ 1,109,136

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2024

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, 2022	$	750,155
Talenya Acquisition	14,627
Verb Acquisition	3,386
Foreign currency translation	(430)
Balance at June 30, 2023	$	767,738
Talenya Acquisition	—
Verb Acquisition	(591)
Foreign currency translation	(494)
Balance at June 30, 2024	$	766,653

Schedule of Components of Intangible Assets

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


	June 30, 2024		June 30, 2023
Capitalized software	$	176,519	$	125,707
Accumulated amortization	(109,143)		(71,724)
Capitalized software, net	$	67,376	$	53,983

Components of intangible assets were as follows:


	June 30, 2024		June 30, 2023
Cost:
Technology	$	153,562	$	151,855
Customer relationships	469,583		462,452
Trade name	105,670		105,670
Naming rights	66,698		66,698
Total cost	$	795,513	$	786,675
Accumulated amortization:
Technology	$	(144,870)	$	(141,309)
Customer relationships	(431,101)		(348,123)
Trade name	(39,932)		(32,889)
Naming rights	(8,117)		(3,882)
Total accumulated amortization	$	(624,020)	$	(526,203)
Intangible assets, net	$	171,493	$	260,472

Schedule of Future Amortization Expense

The following is a schedule of future amortization expense as of June 30, 2024:


2025	$	35,884
2026	23,845
2027	7,647


	$	67,376

The following is a schedule of future amortization expense as of June 30, 2024:


2025	$	47,161
2026	19,154
2027	12,440
2028	12,244
2029	12,244
Thereafter	68,250
	$	171,493

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

CAPITALIZED SOFTWARE, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 35,884
2026	23,845
2027	7,647
Capitalized software, net	$ 67,376	$ 53,983

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	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
Leverage ratio	3.50
Interest coverage ratio	3.00
Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Credit facility unused fee, after IPO (in percentage)	0.0010
Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Credit facility unused fee, after IPO (in percentage)	0.00175
Revolving Credit Facility \| Line of Credit \| ABR Borrowings \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	0.50%
Revolving Credit Facility \| Line of Credit \| ABR Borrowings \| Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	1.00%
Revolving Credit Facility \| Line of Credit \| ABR Borrowings Prior to IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	0.95%
Revolving Credit Facility \| Line of Credit \| Eurocurrency Borrowings Prior to IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	1.95%
Revolving Credit Facility \| Line of Credit \| ABR Borrowings After IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	0.375%
Revolving Credit Facility \| Line of Credit \| Eurocurrency Borrowings After IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)	1.375%

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment at Cost and Accumulated Depreciation

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


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

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


	June 30, 2024		June 30, 2023
Land	$	3,680	$	3,680
Land improvements	910		910
Building and improvements	22,845		22,845
Computer, equipment and software	23,824		18,702
Furniture and fixtures	2,249		2,250
Office equipment	2,902		2,880
Leasehold improvements	5,205		4,114
Construction in progress	174		—
	61,789		55,381
Accumulated depreciation and amortization	(26,569)		(20,808)
Property and equipment, net	$	35,220	$	34,573

LEASES - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating
2025	$ 5,205
2026	4,338
2027	3,930
2028	1,288
2029	887
Thereafter	5,415
Total minimum lease payments	21,063
Less: Amount representing interest	(3,573)
Present value of minimum lease payments	17,490
Finance
2025	1,233
2026	982
2027	937
2028	0
2029	0
Thereafter	0
Total minimum lease payments	3,152
Less: Amount representing interest	(214)
Present value of minimum lease payments	$ 2,938

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

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 217,105	$ 163,474
Capitalization of Costs	107,355	100,071
Amortization	(64,257)	(46,440)	$ (31,471)
Ending Balance	$ 260,203	217,105	163,474
Capitalized contract cost, amortization period	6 years
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 93,317	72,342
Capitalization of Costs	42,815	41,325
Amortization	(27,549)	(20,350)
Ending Balance	108,583	93,317	72,342
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	123,788	91,132
Capitalization of Costs	64,540	58,746
Amortization	(36,708)	(26,090)
Ending Balance	$ 151,620	$ 123,788	$ 91,132

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)

12 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The final purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	May 2, 2023



Fair value of total consideration	$	5,677
Cash acquired	(295)
Net purchase price	$	5,382
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	586
Total identifiable assets acquired	3,551
Liabilities assumed:
Accounts payable	(49)
Accrued expenses	(96)
Deferred revenue	(749)
Total identifiable liabilities assumed	(894)
Goodwill	2,725
Fair value of total consideration transferred	$	5,382

The final purchase price for the Talenya Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	23,240
Cash acquired	(172)
Net purchase price	$	23,068
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	14,627
Fair value of total consideration transferred	$	23,068

Schedule of Acquisitions

The final purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	May 2, 2023



Fair value of total consideration	$	5,677
Cash acquired	(295)
Net purchase price	$	5,382
Assets acquired:
Accounts receivable	$	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680

Other non-current assets	586
Total identifiable assets acquired	3,551
Liabilities assumed:
Accounts payable	(49)
Accrued expenses	(96)
Deferred revenue	(749)
Total identifiable liabilities assumed	(894)
Goodwill	2,725
Fair value of total consideration transferred	$	5,382

The final purchase price for the Talenya Acquisition was allocated to individual assets acquired and liabilities assumed as follows:


	October 27, 2022



Fair value of total consideration	$	23,240
Cash acquired	(172)
Net purchase price	$	23,068
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	14,627
Fair value of total consideration transferred	$	23,068

ORGANIZATION AND DESCRIPTION OF BUSINESS - Narrative (Details) $ / shares in Units, $ in Thousands								1 Months Ended	12 Months Ended
	Mar. 06, 2024 $ / shares shares	Dec. 06, 2023 $ / shares shares	Dec. 06, 2022 $ / shares shares	Sep. 09, 2022 $ / shares shares	Oct. 19, 2021 $ / shares shares	Jul. 23, 2021 USD ($) $ / shares shares	Nov. 02, 2018 USD ($) shares	Jul. 31, 2021	Jun. 30, 2024 $ / shares	Jun. 30, 2023 $ / shares	Jun. 30, 2022 USD ($)
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) \| shares	8,000,000	5,000,000
Common stock, par value (in dollars per share) \| $ / shares									$ 0.001	$ 0.001
Payments of stock issuance costs						$ 30,583
Offering costs											$ 3,827
Redemption of outstanding shares						$ 260,044
Stock split conversion ratio								1,517.18
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period						2 years			1 year 10 months 24 days
Award vesting rights, percentage						20.00%
Time-Based Incentive Units
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period									3 months 18 days
Award vesting rights, percentage						25.00%
Award vesting period						6 months			6 months
Apax Acquisition \| Redeemable Preferred Stock
Subsequent Event [Line Items]
Payments of stock issuance costs							$ 5,255
Preferred stock, redemption price (in percentage)						101.00%	101.00%
Issuance of preferred stock, net (in shares) \| shares							200,000
IPO
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) \| shares			6,000,000	5,000,000	12,000,000	21,275,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.001
Offering price per share (in dollars per share) \| $ / shares	$ 20.05	$ 20.65	$ 28.60	$ 27.35	$ 32.00	$ 23.00
Aggregate net proceeds from stock offering						$ 454,147
Offering costs						$ 4,595
Issuance of preferred stock, net (in shares) \| shares						11,705,039
IPO \| Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Issuance of preferred stock, net (in shares) \| shares						1,761,578
IPO \| Time-Based Incentive Units
Subsequent Event [Line Items]
Award vesting period									24 months