Paycor HCM (PYCR) 10-Q 12 Nov 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40640
Entity Registrant Name	PAYCOR HCM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1813909
Entity Address, Address Line One	4811 Montgomery Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45212
City Area Code	800
Local Phone Number	381-0053
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		174,429,903
Entity Central Index Key	0001839439
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 125,787	$ 2,634
Accounts receivable, net	15,983	16,472
Deferred contract costs	27,559	24,503
Prepaid expenses	10,663	6,586
Other current assets	1,559	1,516
Current assets before funds held for clients	181,551	51,711
Funds held for clients	1,578,052	670,315
Total current assets	1,759,603	722,026
Property and equipment, net	40,055	41,080
Goodwill	750,394	750,802
Intangible assets, net	323,467	355,323
Capitalized software, net	33,966	31,310
Long-term deferred contract costs	99,528	90,880
Other long-term assets	18,352	19,532
Total assets	3,025,365	2,010,953
Current liabilities:
Accounts payable	12,822	11,978
Accrued expenses and other current liabilities	13,347	15,782
Accrued payroll and payroll related expenses	24,530	32,305
Deferred revenue	10,821	11,948
Current liabilities before client fund obligations	61,520	72,013
Client fund obligations	1,577,642	669,960
Total current liabilities	1,639,162	741,973
Deferred income taxes	70,846	76,138
Other long-term liabilities	14,640	16,680
Long-term debt, net	0	49,100
Total liabilities	1,724,648	883,891
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest	0	248,423
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 174,429,903 shares outstanding at September 30, 2021 and 141,097,740 outstanding at June 30, 2021, respectively	174	141
Treasury stock, at cost, 10,620,260 shares at September 30, 2021 and June 30, 2021	(245,074)	(245,074)
Additional paid-in capital	1,874,040	1,133,399
Accumulated deficit	(329,408)	(275,751)
Accumulated other comprehensive income	985	3,152
Total stockholders' equity	1,300,717	878,639
Total liabilities, redeemable noncontrolling interest and stockholders' equity	3,025,365	2,010,953
Preferred Stock
Stockholders' equity:
Preferred stock	0	0
Series A Preferred Stock
Stockholders' equity:
Preferred stock	$ 0	$ 262,772

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	174,429,903	141,097,740
Treasury stock (in shares)	10,620,260	10,620,260
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	0	7,715
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Recurring and other revenue	$ 92,416	$ 78,551
Interest income on funds held for clients	316	510
Total revenues	92,732	79,061
Cost of revenues	45,611	34,484
Gross profit	47,121	44,577
Operating expenses:
Sales and marketing	45,788	24,343
General and administrative	43,411	33,417
Research and development	10,191	8,284
Total operating expenses	99,390	66,044
Loss from operations	(52,269)	(21,467)
Other (expense) income:
Interest expense	(235)	(486)
Other	1,224	196
Loss before benefit for income taxes	(51,280)	(21,757)
Income tax benefit	(9,244)	(4,425)
Net loss	(42,036)	(17,332)
Less: Accretion of redeemable noncontrolling interests	11,621	5,050
Net loss attributable to Paycor HCM, Inc.	$ (53,657)	$ (22,382)
Basic net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.32)	$ (0.15)
Diluted net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.32)	$ (0.15)
Weighted-average common shares outstanding:
Basic (in shares)	166,459,168	151,718,000
Diluted (in shares)	166,459,168	151,718,000
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service [Member]	Service [Member]

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (42,036)	$ (17,332)
Other comprehensive loss, net of tax:
Unrealized loss on foreign currency translation	(153)	(7)
Unrealized losses on available-for-sale securities, net of tax	(61)	(59)
Other comprehensive loss, net of tax	(214)	(66)
Comprehensive loss	(42,250)	(17,398)
Less: Comprehensive income attributable to redeemable noncontrolling interests	11,621	5,050
Comprehensive loss attributable to Paycor HCM, Inc.	$ (53,871)	$ (22,448)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands	Total	Preferred StockSeries A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2020			151,718,000
Stockholders' equity, beginning balance at Jun. 30, 2020	$ 953,325		$ 152		$ 1,129,216	$ (178,813)	$ 2,770
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(22,382)					(22,382)
Stock-based compensation expense	1,697				1,697
Other comprehensive loss	(66)						(66)
Stockholders' equity, ending balance at Sep. 30, 2020	$ 932,574		$ 152		1,130,913	(201,195)	2,704
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2020			151,718,000
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2021	141,097,740	7,715	141,097,740
Stockholders' equity, beginning balance at Jun. 30, 2021	$ 878,639	$ 262,772	$ 141	$ (245,074)	1,133,399	(275,751)	3,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(53,657)					(53,657)
Stock-based compensation expense	21,812				21,812
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	454,147		$ 21		454,126
Conversion of Series A Preferred Stock to common stock upon initial public offering (in shares)		7,715	11,705,039
Conversion of Series A Preferred Stock to common stock upon initial public offering		$ (262,772)	$ 12		262,760
Issuance of common stock upon vesting of restricted stock units at initial public offering (in shares)			352,124
Other comprehensive loss	(214)						(214)
Other	(10)				1,943		(1,953)
Stockholders' equity, ending balance at Sep. 30, 2021	$ 1,300,717		$ 174	$ (245,074)	$ 1,874,040	$ (329,408)	$ 985
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2021	174,429,903		174,429,903

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (42,036)	$ (17,332)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	1,718	1,621
Amortization of intangible assets and software	36,870	33,236
Amortization of deferred contract costs	6,634	3,922
Stock-based compensation expense	21,812	1,697
Amortization of debt acquisition costs	20	155
Deferred tax benefit	(9,253)	(4,425)
Bad debt expense	794	366
Gain on sale of investments	(6)	(39)
Gain on installment sale	(1,359)	0
Loss on foreign currency exchange	222	14
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(316)	(1,428)
Prepaid expenses and other current assets	(4,120)	(1,736)
Other long-term assets	(218)	91
Accounts payable	801	643
Accrued liabilities	(8,700)	(5,710)
Deferred revenue	(1,185)	(456)
Other long-term liabilities	(585)	2,321
Deferred contract costs	(18,338)	(14,850)
Net cash used in operating activities	(17,245)	(1,910)
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(39,708)	(91,116)
Proceeds from sale and maturities of client funds available-for-sale securities	39,932	91,090
Purchase of property and equipment	(803)	(546)
Proceeds from note receivable on installment sale	3,040	0
Acquisition of intangible assets	(195)	0
Acquisition of Paltech Solutions, Inc., net of cash acquired	0	(16,511)
Internally developed software costs	(7,524)	(5,017)
Net cash used in investing activities	(5,258)	(22,100)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	906,626	(81,509)
Proceeds from line-of-credit	3,500	28,500
Repayments of line-of-credit	(52,600)	(33,501)
Proceeds from debt	0	25,000
Repayments of debt	0	(207)
Proceeds from the issuance of common stock sold in the IPO, net of offering costs	455,040	0
Redemption of Redeemable Series A Preferred Stock (acquisition of non-controlling interest)	(260,044)	0
Other financing activities	(395)	(345)
Net cash provided by (used in) financing activities	1,052,127	(62,062)
Impact of foreign exchange on cash and cash equivalents	(3)	(1)
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	1,029,621	(86,073)
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of year	560,000	546,448
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of year	1,589,621	460,375
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	48	754
Cash paid during the year for interest	150	177
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	125,787	1,978
Restricted cash and short-term investments	0	6,726
Funds held for clients	1,463,834	451,671
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 1,589,621	$ 460,375

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS: Paycor HCM, Inc. (“Paycor HCM” or “the Company”) and its subsidiaries is a cloud-based provider of human capital management (“HCM”) software solutions for small and medium-sized employers located primarily in the United States (“U.S.”). Solutions provided include payroll, workforce management and human resources (“HR”) related services such as talent management, reporting and analytics and other payroll-related services. Services are generally provided in a Software-as-a-Service (“SaaS”) delivery model utilizing a cloud-based platform. Paycor HCM is a holding company with no operating assets or operations that was formed on August 24, 2018 to effect the acquisition of Paycor, Inc. and its subsidiaries (“Paycor”). On September 7, 2018, Paycor HCM, through its subsidiary companies, entered into the Agreement and Plan of Merger to acquire Paycor (the “Apax Acquisition”). The Apax Acquisition closed on November 2, 2018. Paycor HCM is owned and controlled by Pride Aggregator, L.P. which is controlled by a syndication led by Apax Partners L.P. (“Apax”), a private equity firm, with a noncontrolling interest of a subsidiary company held by accredited individuals (as defined by U.S. Securities and Exchange Commission (“SEC”) rules and regulations). As a result of the Apax Acquisition, Paycor is an indirect controlled subsidiary of Paycor HCM. Initial Public Offering On July 20, 2021, the Company priced the initial public offering (“IPO”) of 18,500,000 shares of its common stock (the “Firm Shares”), $0.001 par value per share, at an offering price of $23.00 per share (the “IPO Price”). The underwriters were granted a 30-day option to purchase up to an additional 2,775,000 shares of common stock from the Company (the “Option Shares”), which was exercised by the underwriters in whole. The IPO closed and both the Firm Shares and the Option Shares were delivered on July 23, 2021. In aggregate, the IPO shares issued generated approximately $455,040, which is net of approximately $30,583 in underwriters’ discount and $3,702 of offering costs paid during the three months ended September 30, 2021. These costs were recorded to additional paid-in capital and accounted for as a reduction of the IPO proceeds in the condensed consolidated balance sheets. Upon the closing of the IPO: • all of the Company’s outstanding shares of Series A Preferred Stock were automatically converted into 11,705,039 shares of the Company’s common stock; • the Company used a portion of the proceeds to effect the redemption of all of the outstanding shares of the Series A Redeemable Preferred Stock (acquisition of non-controlling interest) (“Series A Redeemable Preferred Stock” or “Redeemable Noncontrolling Interest”) at a redemption price of 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, for a total of approximately $260,000; • 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 • the performance-based units under the Pride Aggregator, L.P. Management Equity Plan (“MEP”) converted to time-based vesting units, with 25% vesting upon successive 6-month anniversary dates for the 24 months following the Company’s IPO. Upon completion of the IPO, $4,595 of offering costs, $3,702 of which were paid during the three months ended September 30, 2021, were recorded to additional paid-in capital and accounted for as a reduction of the IPO proceeds in the condensed consolidated balance sheets. 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. In connection with the IPO Stock Split, the Company increased its common stock authorization from 200,000 to 500,000,000 shares. All share and per share amounts have been retroactively adjusted to reflect the IPO Stock Split for all periods presented within the unaudited condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2021 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 2, 2021. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for the full year. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recognition of revenue, evaluation of potential impairment of goodwill and intangible assets, and the valuation of stock-based compensation. The Company’s results can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and the resulting economic impact, including the impact from the COVID-19 pandemic. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings. Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. For periods prior to the July 2021 IPO, the Company estimated grant date fair value using the 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 July 2021, IPO, the Company estimates grant date fair value of RSUs based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. See Note 13 - “Equity Compensation Plans” for additional information on the Company’s stock-based compensation plans. Accounts receivable, net Accounts receivable balances are shown on the condensed consolidated balance sheets net of the allowance for doubtful accounts of $3,185 and $2,402 as of September 30, 2021 and June 30, 2021, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a customer’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted. Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $4,986 and $3,403 for the three months ended September 30, 2021 and 2020, respectively. Income taxes Income tax benefit for the three months ended September 30, 2021 and 2020 was $9,244 and $4,425, respectively, reflecting an effective tax rate of 18.0% and 20.3% for the three month periods ended September 30, 2021 and 2020, respectively. Pending accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842). This update amends existing accounting standards for lease accounting and requires lessees to recognize virtually all their leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short term leases). The Company has formed a project team to review contracts to determine which qualify as a lease and then evaluate the impact of the adoption of this principle on the Company’s consolidated financial statements. The Company anticipates that the adoption of this standard will materially affect the condensed consolidated balance sheet and may require changes to the processes used to account for leases. The Company is evaluating the transition methods and expects to adopt this new standard in the fiscal year beginning July 1, 2022.

REVENUE

REVENUE	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE: The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended September 30, 2021 2020 Recurring fees $ 89,209 $ 75,066 Implementation services and other 3,207 3,485 Recurring and other revenue $ 92,416 $ 78,551 Deferred revenue The Company recognizes deferred revenue for nonrefundable upfront fees as well as for subscription services related to certain ancillary products invoiced prior to the satisfaction of the performance obligation. The nonrefundable upfront fees related to implementation services are typically included on the client’s first invoice. Implementation fees are deferred and recognized as revenue over an estimated 24-month period to which the material right exists, which is the period the client is expected to benefit from not having to pay an additional nonrefundable implementation fee upon renewal of the service. The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services: Three Months Ended September 30, 2021 2020 Balance, beginning of period $ 16,047 $ 15,916 Deferred revenue acquired — 1,374 Deferral of revenue 3,612 2,304 Revenue recognized (4,799) (2,814) Impact of foreign exchange (49) 51 Balance, end of period $ 14,811 $ 16,831 Deferred revenue is recorded within deferred revenue and other long-term liabilities on the condensed consolidated balance sheets. The Company will recognize deferred revenue of $9,126 in fiscal year 2022, $4,596 in fiscal year 2023, $770 in fiscal year 2024, and $319 thereafter. Deferred contract costs The following table presents the deferred contract costs balance and related amortization expense for these deferred contract costs. As of and for the Three Months Ended September 30, 2021 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 52,926 $ 8,074 $ (3,023) $ 57,977 Costs to fulfill a contract 62,457 10,264 (3,611) 69,110 Total $ 115,383 $ 18,338 $ (6,634) $ 127,087 As of and for the Three Months Ended September 30, 2020 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 32,233 $ 7,101 $ (1,770) $ 37,564 Costs to fulfill a contract 39,689 7,749 (2,152) 45,286 Total $ 71,922 $ 14,850 $ (3,922) $ 82,850

BUSINESS COMBINATION AND ASSET

BUSINESS COMBINATION AND ASSET ACQUISITION	3 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATION AND ASSET ACQUISITION	BUSINESS COMBINATION AND ASSET ACQUISITION: Acquisition of Paltech Solutions, Inc. On September 24, 2020, the Company entered into a share purchase agreement with Paltech Solutions, Inc. (doing business as “7Geese”), a performance management SaaS application, to acquire 100% of the equity interests (the “7Geese Acquisition”). The acquisition enabled the Company to expand its current service offerings. The cash consideration was funded using proceeds from the issuance of a term loan. The acquisition was accounted for as a business combination. The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, $1,661 of which is deductible for tax purposes. Goodwill consists primarily of the acquired workforce, synergistic benefits, and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the 7Geese Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of Company products. The final purchase price is as follows: 7Geese Acquisition Cash consideration $ 16,847 Contingent consideration 3,000 Deferred consideration 2,900 Fair value of total consideration 22,747 Cash acquired (107) Net purchase price $ 22,640 Assets acquired: Accounts receivable $ 477 Other current assets 295 Property and equipment 64 Technology intangible assets 9,040 Other intangible assets 100 Other non-current assets 9 Total identifiable assets acquired 9,985 Liabilities assumed: Accounts payable (34) Accrued expenses (1,730) Deferred revenue (1,374) Total identifiable liabilities assumed (3,138) Goodwill 15,793 Fair value of total consideration transferred $ 22,640 The technology intangible assets have a weighted average useful life of 3 years. The contingent consideration related to the 7Geese Acquisition is up to a maximum of $3,000 in payments relating to the achievement of operational milestones within a three The deferred consideration related to the 7Geese Acquisition consisted of a one-time payment due and paid in the second quarter of fiscal year 2022. The Company incurred transaction costs of approximately $500 related to the 7Geese Acquisition, of which approximately $400 relates to the three months ended September 30, 2020. These costs were expensed as incurred in general and administrative expenses on the accompanying unaudited condensed consolidated statements of operations. Asset Acquisition On February 4, 2021, the Company acquired payroll, timekeeping and HCM service customer relationships from another large provider of HCM services for an initial payment of approximately $9,300, which included approximately $50 of transaction costs. As part of this asset purchase, the Company is required to make quarterly contingent payments and a final payment to the seller based on the revenue generated by the acquired clients over a 12-month period.
BUSINESS COMBINATION AND ASSET ACQUISITION	BUSINESS COMBINATION AND ASSET ACQUISITION: Acquisition of Paltech Solutions, Inc. On September 24, 2020, the Company entered into a share purchase agreement with Paltech Solutions, Inc. (doing business as “7Geese”), a performance management SaaS application, to acquire 100% of the equity interests (the “7Geese Acquisition”). The acquisition enabled the Company to expand its current service offerings. The cash consideration was funded using proceeds from the issuance of a term loan. The acquisition was accounted for as a business combination. The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, $1,661 of which is deductible for tax purposes. Goodwill consists primarily of the acquired workforce, synergistic benefits, and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the 7Geese Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of Company products. The final purchase price is as follows: 7Geese Acquisition Cash consideration $ 16,847 Contingent consideration 3,000 Deferred consideration 2,900 Fair value of total consideration 22,747 Cash acquired (107) Net purchase price $ 22,640 Assets acquired: Accounts receivable $ 477 Other current assets 295 Property and equipment 64 Technology intangible assets 9,040 Other intangible assets 100 Other non-current assets 9 Total identifiable assets acquired 9,985 Liabilities assumed: Accounts payable (34) Accrued expenses (1,730) Deferred revenue (1,374) Total identifiable liabilities assumed (3,138) Goodwill 15,793 Fair value of total consideration transferred $ 22,640 The technology intangible assets have a weighted average useful life of 3 years. The contingent consideration related to the 7Geese Acquisition is up to a maximum of $3,000 in payments relating to the achievement of operational milestones within a three The deferred consideration related to the 7Geese Acquisition consisted of a one-time payment due and paid in the second quarter of fiscal year 2022. The Company incurred transaction costs of approximately $500 related to the 7Geese Acquisition, of which approximately $400 relates to the three months ended September 30, 2020. These costs were expensed as incurred in general and administrative expenses on the accompanying unaudited condensed consolidated statements of operations. Asset Acquisition On February 4, 2021, the Company acquired payroll, timekeeping and HCM service customer relationships from another large provider of HCM services for an initial payment of approximately $9,300, which included approximately $50 of transaction costs. As part of this asset purchase, the Company is required to make quarterly contingent payments and a final payment to the seller based on the revenue generated by the acquired clients over a 12-month period.

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS	3 Months Ended
	Sep. 30, 2021
Funds Held For Clients [Abstract]
FUNDS HELD FOR CLIENTS	FUNDS HELD FOR CLIENTS: Funds held for clients are as follows: September 30, 2021 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 1,463,834 $ — $ — $ 1,463,834 U.S. Treasury and direct obligations of U.S. government agencies 29,495 40 (3) 29,532 Corporate bonds 51,490 789 (127) 52,152 Commercial paper 21,133 6 — 21,139 Other securities 11,164 265 (34) 11,395 $ 1,577,116 $ 1,100 $ (164) $ 1,578,052 June 30, 2021 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 557,366 $ — $ — $ 557,366 U.S. Treasury and direct obligations of U.S. government agencies 28,757 92 (11) 28,838 Corporate bonds 50,188 1,900 (189) 51,899 Commercial paper 21,831 11 (6) 21,836 Other securities 9,821 629 (74) 10,376 $ 667,963 $ 2,632 $ (280) $ 670,315 Other securities are primarily comprised of collateralized and other mortgage obligations, municipal obligations, and certificates of deposit. Proceeds from sales and maturities of investment securities for the three months ended September 30, 2021 and 2020, were approximately $39,932 and $91,090, respectively. The Company is exposed to interest rate risk as rate volatility will cause fluctuations in the earnings potential of future investments. The Company does not utilize derivative financial instruments to manage interest rate risk. The Company reviews its investments on an ongoing basis to determine if any are other-than-temporarily impaired due to changes in credit risk or other potential valuation concerns. The Company has no material individual securities that have been in a continuous unrealized loss position greater than twelve months. The Company believes these unrealized losses result from changes in interest rates rather than credit risk, and therefore does not believe these unrealized losses are other-than-temporarily impaired. Due within one year $ 1,511,593 Due after one year to two years 34,595 Due after two years to three years 19,538 Due after three years 12,326 Total $ 1,578,052

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	3 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET: Property and equipment at cost and accumulated depreciation were as follows: September 30, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 14,142 13,427 Furniture and fixtures 4,562 4,596 Office equipment 2,334 2,337 Leasehold improvements 8,200 8,227 56,673 56,022 Accumulated depreciation and amortization (16,618) (14,942) Property and equipment, net $ 40,055 $ 41,080

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
CAPITALIZED SOFTWARE, NET	CAPITALIZED SOFTWARE, NET: Components of capitalized software was as follows: September 30, 2021 June 30, Capitalized software $ 60,408 $ 52,945 Accumulated amortization (26,442) (21,635) Capitalized software, net $ 33,966 $ 31,310 Amortization expense for capitalized software was approximately $4,820 and $2,732 for the three months ended September 30, 2021 and 2020, respectively. The following is a schedule of future amortization expense as of September 30, 2021: 2022 (remaining nine months) $ 14,119 2023 13,246 2024 6,382 2025 219 2026 — $ 33,966

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS: Goodwill represents the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired. The following details the changes in goodwill during the three months ended September 30, 2021: Balance at July 1, 2021 $ 750,802 Impact of foreign exchange (408) Balance at September 30, 2021 $ 750,394 Components of intangible assets were as follows: September 30, 2021 June 30, Cost: Technology $ 140,665 $ 140,665 Customer relationships 435,177 434,983 Trade name 105,672 105,672 Total cost $ 681,514 $ 681,320 Accumulated amortization: Technology $ (128,391) $ (116,669) Customer relationships (209,102) (190,538) Trade name (20,554) (18,790) Total accumulated amortization $ (358,047) $ (325,997) Intangible assets, net $ 323,467 $ 355,323 Amortization expense for intangible assets was approximately $32,050 and $30,504 for the three months ended September 30, 2021 and 2020, respectively. The following is a schedule of future amortization expense as of September 30, 2021: 2022 (remaining nine months) $ 68,508 2023 85,189 2024 80,437 2025 30,639 2026 7,043 Thereafter 51,651 $ 323,467

DEBT AGREEMENTS AND LETTERS OF

DEBT AGREEMENTS AND LETTERS OF CREDIT	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT AGREEMENTS AND LETTERS OF CREDIT	DEBT AGREEMENTS AND LETTERS OF CREDIT: The Company’s long-term debt consists of the following: September 30, 2021 June 30, 2021 Credit Facility $ — $ 49,100 Less: Unamortized debt issuance costs — — Total long-term debt (including current portion) — 49,100 Less: Current portion — — Total long-term debt, net $ — $ 49,100 2021 Credit Agreement On June 11, 2021, Paycor, Inc. entered into a new credit agreement (the “2021 Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders party thereto, providing a $100,000 senior secured revolving credit facility (the “2021 Credit Facility” and the loans thereunder, the “2021 Loans”). The 2021 Credit Facility includes an “accordion” feature that allows the Company, under certain circumstances, to increase the size of the 2021 Credit Facility in a principal amount up to $300,000, with a resulting maximum principal amount of $400,000. On September 3, 2021, the Company entered into an amendment (the “2021 Amendment”) to the 2021 Credit Agreement which provides for an increase in the size of the 2021 Credit Agreement from $100,000 to $200,000. No other significant terms of the 2021 Credit Agreement were changed in connection with the 2021 Amendment. The 2021 Loans have variable interest rates. The interest rate on the 2021 Loans equals, at the Company’s option, either, (i) in the case of ABR borrowings, the highest of (a) the PNC prime rate, (b) the Federal Funds Rate plus 0.50%, and (c) the adjusted London interbank offered rate (“LIBOR”) with a maturity of one month, plus 1.00% (“ABR”) or (ii) in the case of LIBOR borrowings, the LIBOR rate, plus, in each case, an applicable margin of (A) prior to the IPO, (i) in the case of ABR borrowings, 0.95% per annum and (ii) in the case of LIBOR borrowings, 1.95% per annum or (B) following the IPO, (i) in the case of ABR borrowings, 0.375% per annum or (ii) in the case of LIBOR borrowings, 1.375% per annum, in each case, with step downs based on achievement of certain total leverage ratios. The 2021 Credit Facility requires the Company to pay a quarterly unused fee of (i) prior to an initial public offering, 0.25% and (ii) following an initial public offering, between 0.10% per annum and 0.175% per annum based on our total leverage ratio. The 2021 Credit Facility commitments will mature on June 11, 2026. Borrowings under the 2021 Credit Agreement are guaranteed by our subsidiary, Pride Guarantor, Inc. and certain of our other subsidiaries. These borrowings are secured by liens and security interests on substantially all of the assets of existing and future material domestic subsidiaries of Pride Guarantor, Inc. The 2021 Credit Facility 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 September 30, 2021, the Company was in compliance with all covenants. On July 15, 2021 and August 9, 2021, the Company repaid $4,600 and $44,500, respectively, of revolver borrowings under its 2021 Credit Facility. As a result of the Company entering into the 2021 Amendment, the Company expensed approximately $35 primarily consisting of third party costs. Amounts expensed relating to the 2021 Amendment are recorded as other (expense) income - other on the unaudited condensed consolidated statement of operations for three months ended September 30, 2021. Additionally, the Company capitalized approximately $100 of deferred financing fees for the three months ended September 30, 2021 in connection with the 2021 Amendment, which are included in other long-term assets within the condensed consolidated balance sheets.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: U.S. GAAP defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access. Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of certain assets, such as nonfinancial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets, are recognized or disclosed in connection with impairment evaluations. All non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of September 30, 2021 and June 30, 2021, because of the relatively short maturity of these instruments. Additionally, the Company believes the fair value of the amounts outstanding under the Company’s 2021 Credit Facility as of June 30, 2021, approximate carrying value because their variable interest rate terms correspond to the current market terms. The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and June 30, 2021: September 30, 2021 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 1,463,834 $ — $ — $ 1,463,834 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S government agencies — 29,532 — 29,532 Corporate bonds — 52,152 — 52,152 Commercial paper — 21,139 — 21,139 Other securities — 11,395 — 11,395 $ 1,463,834 $ 114,218 $ — $ 1,578,052 June 30, 2021 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 557,366 $ — $ — $ 557,366 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S government agencies — 28,838 — 28,838 Corporate bonds — 51,899 — 51,899 Commercial paper — 21,836 — 21,836 Other securities — 10,376 — 10,376 $ 557,366 $ 112,949 $ — $ 670,315 Available-for-sale securities included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Available-for-sale securities included in Level 2 are valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: The Company fully redeemed the Series A Redeemable Preferred Stock using a portion of the cash received in its July 2021 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 approximately $260,000. As of September 30, 2021 , there are no holders of the Company’s Series A Redeemable Preferred Stock and all of the Company’s subsidiaries are wholly-owned . Measurement Accretion of Redeemable Noncontrolling Interests for the three months ended September 30, 2021 and 2020 includes $11,621 and $5,050 of adjustments, respectively, relating to the redemption accretion value adjustments for each reportable period. The Company elected to pay the distributions for the dividend payment date for the three months ended September 30, 2020 in-kind to preferred shareholders, while 50% of the required distributions for the remaining fiscal year 2021 dividend payment dates were paid in cash with the remaining 50% in-kind to preferred shareholders. These in-kind distributions increase the liquidation preference on each preferred share. The following table shows the change in the Company’s Redeemable Noncontrolling Interests from July 1, 2021 to September 30, 2021: Balance at July 1, 2021 $ 248,423 Accretion of Series A Redeemable Preferred Stock 11,621 Redemption of outstanding shares (260,044) Balance at September 30, 2021 $ —

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: Following the IPO Stock Split, the Company is now authorized to issue 500,000,000 shares of common stock with a par value of $0.001 per share. The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared from time-to-time by the Board of Directors out of funds legally available for that purpose. In the event of liquidation, dissolution or winding up, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. As of September 30, 2021 and June 30, 2021, there were 174,429,903 and 141,097,740 shares of common stock outstanding, respectively. The Board of Directors is authorized, subject to any limitations prescribed by law, without further vote or action by the stockholders, to issue from time to time shares of preferred stock in one or more series. Each such series of preferred stock will have such number of shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as determined by the Board of Directors, which may include, among others, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights and preemptive rights. In July 2021, the Company amended and restated its certificate of incorporation and authorized 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of September 30, 2021, there was no preferred stock outstanding.

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
EQUITY COMPENSATION PLANS	EQUITY COMPENSATION PLANS: All stock-based awards to employees are recognized as compensation costs in the unaudited condensed consolidated financial statements based on fair value measured as of the date of grant. These costs are recognized as an expense in the unaudited condensed consolidated statements of operations over the requisite service period and increase additional paid-in capital. The Company recognized stock-based compensation costs for the three months ended September 30, 2021 and 2020 of $21,812 and $1,740, respectively. The total income tax expense recognized in the unaudited consolidated statement of operations for stock-based compensation arrangements was $2,517 and $356 for the three months ended September 30, 2021 and 2020, respectively Long Term Incentive Plan Units converted to Restricted Stock Units In connection with the Company’s IPO, the LTIP Units converted to 1,761,578 RSUs, of which 20% of the aggregate dollar value vested upon conversion and was recognized as compensation expense. The remaining aggregate dollar value is being recognized as compensation expense over the requisite two Management Equity Plan Units Under the terms of the Company’s MEP, one-half of the profits interest units vest based on an associate’s service time. The time-vesting units vest 25% on the first anniversary after the vesting commencement date and thereafter in twelve equal installments on each subsequent quarterly anniversary of the vesting commencement date, with 100% vesting of the time-vesting units occurring on the fourth anniversary of the vesting commencement date. MEP incentive units are subject to a floor amount established at the grant date, which acts as a participation threshold and permits the award to participate in distributions only to the extent the distribution amount for the units exceed the floor amount. The MEP incentive time-vesting units are accounted for as equity awards and the compensation expense calculated based upon the fair market value of the MEP incentive units at the grant date is recognized as the incentive units vest. The Company estimated the fair value of the MEP incentive units using the Monte Carlo simulation method. Vesting for the second half of the MEP incentive units is established based on the Company’s performance relative to Apax Partners’ original invested amount, with the performance calculations defined in the plan triggered by the Company’s IPO (implied performance condition). As a result of the Company’s July 2021 IPO, and due to an election by Apax Partners, the performance-vesting incentive units converted to time-based vesting units, with 25% vesting upon successive six The modified MEP incentive awards are accounted for as equity awards and the compensation expense calculated based upon the fair value of the modified MEP incentive awards at the modification date is recognized as the incentive units vest. The Company estimated the fair value of the modified MEP incentive awards based upon the IPO price adjusted for a floor amount established at the grant date and other liquidation preferences in accordance with the terms of the MEP. The following table presents the MEP unit incentive activity: Time-Based Units Modified MEP Units In thousands, except unit and per unit data Number of Units Weighted Average Floor Price Weighted Average Fair Value Number of Units Weighted Average Floor Price Weighted Average Fair Value Outstanding at June 30, 2021 38,079 $ 578 $ 442 36,879 $ 593 $ 379 Granted — — — — — — Forfeited (141) 1,204 412 (232) 779 1,232 Outstanding at September 30, 2021 37,938 $ 576 $ 442 36,647 $ 592 $ 1,420 As of September 30, 2021, there was $6,701 of unrecognized compensation expense for the unvested time-based awards that will be recognized over a weighted average period of 1.9 years. The weighted average grant date fair value of time-based units vested during the three months ended September 30, 2021 and 2020 was $397 and $533, respectively. As of September 30, 2021, the unrecognized compensation expense related to the unvested modified MEP awards was $47,035 that will be recognized over a weighted average period of 1.8 years. No modified MEP units vested during the three months ended September 30, 2021 or 2020. 2021 Omnibus Plan On July 20, 2021, the Company adopted the 2021 Omnibus Incentive Plan (the “2021 Plan”). The Company has reserved 13,800,000 shares of common stock for future issuance under the 2021 Plan pursuant to which employees, consultants and directors of the Company and its affiliates performing services for the Company, including the Company’s executive officers, are eligible to receive awards. The 2021 Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards and performance awards intended to align the interests of participants with those of the Company’s shareholders. Stock Options In connection with the Company’s IPO, the Company granted awards under the 2021 Plan to certain executives consisting of 1,135,144 options to purchase shares of common stock. 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 three month ended September 30, 2021: In thousands, except unit and per unit data Options Outstanding Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at June 30, 2021 — $ — $ — — $ — Granted 1,135,144 23.00 9.36 9.8 — Exercised — — — — — Forfeited and cancelled — — — — — Outstanding at September 30, 2021 1,135,144 $ 23.00 $ 9.36 9.8 $ 13,803 Exercisable as of September 30, 2021 — $ — $ — — $ — None of the stock options were exercised during the period ended September 30, 2021. Total unrecognized compensation cost related to the unvested stock options is $9,921, which is expected to be recognized over a weighted-average period of 2.8 years. The weighted average grant date fair value was estimated by the Company using the Black-Scholes option pricing model with the assumptions below: Weighted-average exercise price per option $23.00 Expected volatility range of stock 42.5% Expected life of option (in years) 5.85 Risk-free interest rate 0.81% Expected dividend yield on stock 0% Fair value per option $9.36 The expected option life represents the period of time the stock options are expected to be outstanding and is based on the “simplified method” allowed under SEC guidance. The Company used the “simplified method” due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected life of the stock options. The expected volatility was based on the average historical and implied volatility of the Company’s peer group since the Company had 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 around RSUs in 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. In connection with the Company’s IPO, the Company primarily granted RSUs to executives, its independent directors, members of its IPO transaction team and senior employees of the Company. RSUs that were granted as a result of the conversion of LTIP Units vest over a two In thousands, except unit and per unit data Number of Units Weighted Average Grant Price Outstanding, unvested at June 30, 2021 — $ — Conversion of LTIP Units 1,761,578 27.01 Granted 979,390 27.01 Vested (352,124) 27.01 Forfeited (24,085) 27.01 Outstanding, unvested grants at September 30, 2021 2,364,759 $ 27.01 As of September 30, 2021, total unrecognized compensation expense related to the RSUs is $58,490, which is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of RSUs vested during the three months ended September 30, 2021 was $9,511. Employee Stock Purchase Plan On July 20, 2021, the Company adopted the 2021 Employee Stock Purchase Plan (“ESPP”). The Company has reserved 3,100,000 shares of common stock for future issuance under the ESPP. The ESPP provides eligible employees with a means of acquiring equity in the Company at a discounted price using their own accumulated payroll deductions. Under the terms of the ESPP employees can elect to have amounts of their annual compensation withheld, up to a maximum set by the board, 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 (“IRS”) limitations. The first offering period of the Company’s ESPP commenced on September 1, 2021 and is four months in duration. During the three months ended September 30, 2021, there were no shares purchased under the ESPP.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE: Basic net loss per share is calculated by dividing net loss attributable to Paycor HCM , Inc. by the weighted-average shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss attributable to Paycor HCM , Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted-average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the three months ended included RSUs, stock options, Series A Preferred Stock and ESPP purchase rights. Due to the net loss for the three months ended September 30, 2021 and 2020 any potentially dilutive securities were excluded from the denominator in calculating diluted net loss per share because including them would have had an anti-dilutive effect. Additionally, the Company also excluded stock-based compensation awards representing membership interest units in Pride Aggregator, L.P. at September 30, 2021 and September 30, 2020. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, (in thousands, except per share data) 2021 2020 Net loss attributable to Paycor HCM , Inc. $ (53,657) $ (22,382) Weighted-average outstanding shares: Basic and diluted 166,459,168 151,718,000 Basic and diluted net loss per share $ (0.32) $ (0.15)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2021
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, will not have a material adverse impact on the unaudited condensed consolidated results of operation, financial condition or cash flows. These matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT:On October 19, 2021, a secondary offering took place in which certain selling shareholders, including Apax or its affiliates, sold 12,000,000 shares of the Company’s common stock at a public offering price of $32.00 per share. In addition, the selling shareholders granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of the Company’s common stock at the same per share price, which was exercised in full on October 26, 2021. The Company did not receive any proceeds from these sales.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2021 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 2, 2021. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for the full year. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recognition of revenue, evaluation of potential impairment of goodwill and intangible assets, and the valuation of stock-based compensation.The Company’s results can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and the resulting economic impact, including the impact from the COVID-19 pandemic. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings.
Stock-based compensation	Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for each separately vesting portion of the award. For periods prior to the July 2021 IPO, the Company estimated grant date fair value using the 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 July 2021, IPO, the Company estimates grant date fair value of RSUs based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. See Note 13 - “Equity Compensation Plans” for additional information on the Company’s stock-based compensation plans.
Accounts receivable, net	Accounts receivable, net Accounts receivable balances are shown on the condensed consolidated balance sheets net of the allowance for doubtful accounts of $3,185 and $2,402 as of September 30, 2021 and June 30, 2021, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a customer’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted.
Sales and marketing	Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $4,986 and $3,403 for the three months ended September 30, 2021 and 2020, respectively.
Income taxes	Income taxes Income tax benefit for the three months ended September 30, 2021 and 2020 was $9,244 and $4,425, respectively, reflecting an effective tax rate of 18.0% and 20.3% for the three month periods ended September 30, 2021 and 2020, respectively.
Pending accounting pronouncements	Pending accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases” (Topic 842). This update amends existing accounting standards for lease accounting and requires lessees to recognize virtually all their leases on the balance sheet by recording a right-of-use asset and a lease liability (for other than short term leases). The Company has formed a project team to review contracts to determine which qualify as a lease and then evaluate the impact of the adoption of this principle on the Company’s consolidated financial statements. The Company anticipates that the adoption of this standard will materially affect the condensed consolidated balance sheet and may require changes to the processes used to account for leases. The Company is evaluating the transition methods and expects to adopt this new standard in the fiscal year beginning July 1, 2022.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of Revenue	The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended September 30, 2021 2020 Recurring fees $ 89,209 $ 75,066 Implementation services and other 3,207 3,485 Recurring and other revenue $ 92,416 $ 78,551 The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services: Three Months Ended September 30, 2021 2020 Balance, beginning of period $ 16,047 $ 15,916 Deferred revenue acquired — 1,374 Deferral of revenue 3,612 2,304 Revenue recognized (4,799) (2,814) Impact of foreign exchange (49) 51 Balance, end of period $ 14,811 $ 16,831
Capitalized Contract Cost	The following table presents the deferred contract costs balance and related amortization expense for these deferred contract costs. As of and for the Three Months Ended September 30, 2021 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 52,926 $ 8,074 $ (3,023) $ 57,977 Costs to fulfill a contract 62,457 10,264 (3,611) 69,110 Total $ 115,383 $ 18,338 $ (6,634) $ 127,087 As of and for the Three Months Ended September 30, 2020 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 32,233 $ 7,101 $ (1,770) $ 37,564 Costs to fulfill a contract 39,689 7,749 (2,152) 45,286 Total $ 71,922 $ 14,850 $ (3,922) $ 82,850

BUSINESS COMBINATION AND ASSE_2

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)	3 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The final purchase price is as follows: 7Geese Acquisition Cash consideration $ 16,847 Contingent consideration 3,000 Deferred consideration 2,900 Fair value of total consideration 22,747 Cash acquired (107) Net purchase price $ 22,640 Assets acquired: Accounts receivable $ 477 Other current assets 295 Property and equipment 64 Technology intangible assets 9,040 Other intangible assets 100 Other non-current assets 9 Total identifiable assets acquired 9,985 Liabilities assumed: Accounts payable (34) Accrued expenses (1,730) Deferred revenue (1,374) Total identifiable liabilities assumed (3,138) Goodwill 15,793 Fair value of total consideration transferred $ 22,640
Schedule of Business Acquisitions, by Acquisition	The final purchase price is as follows: 7Geese Acquisition Cash consideration $ 16,847 Contingent consideration 3,000 Deferred consideration 2,900 Fair value of total consideration 22,747 Cash acquired (107) Net purchase price $ 22,640 Assets acquired: Accounts receivable $ 477 Other current assets 295 Property and equipment 64 Technology intangible assets 9,040 Other intangible assets 100 Other non-current assets 9 Total identifiable assets acquired 9,985 Liabilities assumed: Accounts payable (34) Accrued expenses (1,730) Deferred revenue (1,374) Total identifiable liabilities assumed (3,138) Goodwill 15,793 Fair value of total consideration transferred $ 22,640

FUNDS HELD FOR CLIENTS (Tables)

FUNDS HELD FOR CLIENTS (Tables)	3 Months Ended
	Sep. 30, 2021
Funds Held For Clients [Abstract]
Investment	Funds held for clients are as follows: September 30, 2021 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 1,463,834 $ — $ — $ 1,463,834 U.S. Treasury and direct obligations of U.S. government agencies 29,495 40 (3) 29,532 Corporate bonds 51,490 789 (127) 52,152 Commercial paper 21,133 6 — 21,139 Other securities 11,164 265 (34) 11,395 $ 1,577,116 $ 1,100 $ (164) $ 1,578,052 June 30, 2021 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 557,366 $ — $ — $ 557,366 U.S. Treasury and direct obligations of U.S. government agencies 28,757 92 (11) 28,838 Corporate bonds 50,188 1,900 (189) 51,899 Commercial paper 21,831 11 (6) 21,836 Other securities 9,821 629 (74) 10,376 $ 667,963 $ 2,632 $ (280) $ 670,315
Investments Classified by Contractual Maturity Date	Expected maturities as of September 30, 2021 for client fund assets are as follows: Due within one year $ 1,511,593 Due after one year to two years 34,595 Due after two years to three years 19,538 Due after three years 12,326 Total $ 1,578,052

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	3 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment at cost and accumulated depreciation	Property and equipment at cost and accumulated depreciation were as follows: September 30, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 14,142 13,427 Furniture and fixtures 4,562 4,596 Office equipment 2,334 2,337 Leasehold improvements 8,200 8,227 56,673 56,022 Accumulated depreciation and amortization (16,618) (14,942) Property and equipment, net $ 40,055 $ 41,080

CAPITALIZED SOFTWARE, NET (Tabl

CAPITALIZED SOFTWARE, NET (Tables)	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of capitalized software	Components of capitalized software was as follows: September 30, 2021 June 30, Capitalized software $ 60,408 $ 52,945 Accumulated amortization (26,442) (21,635) Capitalized software, net $ 33,966 $ 31,310 Components of intangible assets were as follows: September 30, 2021 June 30, Cost: Technology $ 140,665 $ 140,665 Customer relationships 435,177 434,983 Trade name 105,672 105,672 Total cost $ 681,514 $ 681,320 Accumulated amortization: Technology $ (128,391) $ (116,669) Customer relationships (209,102) (190,538) Trade name (20,554) (18,790) Total accumulated amortization $ (358,047) $ (325,997) Intangible assets, net $ 323,467 $ 355,323
Schedule of future amortization expense	The following is a schedule of future amortization expense as of September 30, 2021: 2022 (remaining nine months) $ 14,119 2023 13,246 2024 6,382 2025 219 2026 — $ 33,966 The following is a schedule of future amortization expense as of September 30, 2021: 2022 (remaining nine months) $ 68,508 2023 85,189 2024 80,437 2025 30,639 2026 7,043 Thereafter 51,651 $ 323,467

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The following details the changes in goodwill during the three months ended September 30, 2021: Balance at July 1, 2021 $ 750,802 Impact of foreign exchange (408) Balance at September 30, 2021 $ 750,394
Schedule of components of intangible assets	Components of capitalized software was as follows: September 30, 2021 June 30, Capitalized software $ 60,408 $ 52,945 Accumulated amortization (26,442) (21,635) Capitalized software, net $ 33,966 $ 31,310 Components of intangible assets were as follows: September 30, 2021 June 30, Cost: Technology $ 140,665 $ 140,665 Customer relationships 435,177 434,983 Trade name 105,672 105,672 Total cost $ 681,514 $ 681,320 Accumulated amortization: Technology $ (128,391) $ (116,669) Customer relationships (209,102) (190,538) Trade name (20,554) (18,790) Total accumulated amortization $ (358,047) $ (325,997) Intangible assets, net $ 323,467 $ 355,323
Schedule of future amortization expense	The following is a schedule of future amortization expense as of September 30, 2021: 2022 (remaining nine months) $ 14,119 2023 13,246 2024 6,382 2025 219 2026 — $ 33,966 The following is a schedule of future amortization expense as of September 30, 2021: 2022 (remaining nine months) $ 68,508 2023 85,189 2024 80,437 2025 30,639 2026 7,043 Thereafter 51,651 $ 323,467

DEBT AGREEMENTS AND LETTERS O_2

DEBT AGREEMENTS AND LETTERS OF CREDIT (Tables)	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s long-term debt consists of the following: September 30, 2021 June 30, 2021 Credit Facility $ — $ 49,100 Less: Unamortized debt issuance costs — — Total long-term debt (including current portion) — 49,100 Less: Current portion — — Total long-term debt, net $ — $ 49,100

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis	The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and June 30, 2021: September 30, 2021 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 1,463,834 $ — $ — $ 1,463,834 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S government agencies — 29,532 — 29,532 Corporate bonds — 52,152 — 52,152 Commercial paper — 21,139 — 21,139 Other securities — 11,395 — 11,395 $ 1,463,834 $ 114,218 $ — $ 1,578,052 June 30, 2021 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 557,366 $ — $ — $ 557,366 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S government agencies — 28,838 — 28,838 Corporate bonds — 51,899 — 51,899 Commercial paper — 21,836 — 21,836 Other securities — 10,376 — 10,376 $ 557,366 $ 112,949 $ — $ 670,315

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of redeemable noncontrolling interest	The following table shows the change in the Company’s Redeemable Noncontrolling Interests from July 1, 2021 to September 30, 2021: Balance at July 1, 2021 $ 248,423 Accretion of Series A Redeemable Preferred Stock 11,621 Redemption of outstanding shares (260,044) Balance at September 30, 2021 $ —

Compensation Related Costs, Sha

Compensation Related Costs, Share Based Payments (Tables)	3 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Activity	The following table presents the MEP unit incentive activity: Time-Based Units Modified MEP Units In thousands, except unit and per unit data Number of Units Weighted Average Floor Price Weighted Average Fair Value Number of Units Weighted Average Floor Price Weighted Average Fair Value Outstanding at June 30, 2021 38,079 $ 578 $ 442 36,879 $ 593 $ 379 Granted — — — — — — Forfeited (141) 1,204 412 (232) 779 1,232 Outstanding at September 30, 2021 37,938 $ 576 $ 442 36,647 $ 592 $ 1,420
Share-based Payment Arrangement, Option, Activity	The following table summarizes option activity for the three month ended September 30, 2021: In thousands, except unit and per unit data Options Outstanding Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Outstanding at June 30, 2021 — $ — $ — — $ — Granted 1,135,144 23.00 9.36 9.8 — Exercised — — — — — Forfeited and cancelled — — — — — Outstanding at September 30, 2021 1,135,144 $ 23.00 $ 9.36 9.8 $ 13,803 Exercisable as of September 30, 2021 — $ — $ — — $ —
Fair Value Measurement Inputs and Valuation Techniques	The weighted average grant date fair value was estimated by the Company using the Black-Scholes option pricing model with the assumptions below: Weighted-average exercise price per option $23.00 Expected volatility range of stock 42.5% Expected life of option (in years) 5.85 Risk-free interest rate 0.81% Expected dividend yield on stock 0% Fair value per option $9.36
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	In thousands, except unit and per unit data Number of Units Weighted Average Grant Price Outstanding, unvested at June 30, 2021 — $ — Conversion of LTIP Units 1,761,578 27.01 Granted 979,390 27.01 Vested (352,124) 27.01 Forfeited (24,085) 27.01 Outstanding, unvested grants at September 30, 2021 2,364,759 $ 27.01

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, (in thousands, except per share data) 2021 2020 Net loss attributable to Paycor HCM , Inc. $ (53,657) $ (22,382) Weighted-average outstanding shares: Basic and diluted 166,459,168 151,718,000 Basic and diluted net loss per share $ (0.32) $ (0.15)

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS - Narrative (Details) $ / shares in Units, $ in Thousands	Jul. 23, 2021USD ($)shares	Jul. 20, 2021$ / sharesshares	Nov. 02, 2018	Jul. 31, 2021	Sep. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021$ / sharesshares
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares					$ 0.001	$ 0.001
Payments of stock issuance costs	$ 30,583
Offering costs	$ 3,702
Preferred stock, liquidation preference					$ 260,044
Unrecognized compensation expense, weighted average period					1 year 10 months 24 days
Stock split conversion ratio				1,517.18
Common stock, shares authorized (in shares) | shares		200,000			500,000,000	500,000,000
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period	2 years	2 years			2 years 2 months 12 days
Award vesting rights, percentage			20.00%
Share-based Payment Arrangement
Subsequent Event [Line Items]
Award vesting rights, percentage	25.00%
Award vesting period	6 months
Apax Acquisition | Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, liquidation preference	$ 260,000
November 2, 2020 To November 1, 2021 | Apax Acquisition | Redeemable Preferred Stock
Subsequent Event [Line Items]
Preferred stock, redemption price (in percentage)	1.01%
IPO
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	18,500,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.001
Offering price per share (in dollars per share) | $ / shares		$ 23
Aggregate net proceeds from stock offering	$ 455,040
Offering costs	$ 4,595
Conversion of stock, shares converted (in shares) | shares	11,705,039
IPO | Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Issuance of preferred stock, net (in shares) | shares	1,761,578
IPO | Share-based Payment Arrangement
Subsequent Event [Line Items]
Award vesting period	24 months
Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares) | shares	2,775,000
Sale of stock, purchase period	30 days

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 3,185		$ 2,402
Advertising and promotion expense	4,986	$ 3,403
Income tax benefit	$ (9,244)	$ (4,425)
Effective income tax rate	18.00%	20.30%

REVENUE - Contract with Custome

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 92,416	$ 78,551
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	89,209	75,066
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 3,207	$ 3,485

REVENUE - Deferred Revenue (Det

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 16,047	$ 15,916
Deferred revenue acquired	0	1,374
Deferral of revenue	3,612	2,304
Revenue recognized	(4,799)	(2,814)
Impact of foreign exchange	(49)	51
Balance, end of period	$ 14,811	$ 16,831

REVENUE - Deferred Contract Cos

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 115,383	$ 71,922
Capitalization of Costs	18,338	14,850
Amortization	(6,634)	(3,922)
Ending Balance	127,087	82,850
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	52,926	32,233
Capitalization of Costs	8,074	7,101
Amortization	(3,023)	(1,770)
Ending Balance	57,977	37,564
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	62,457	39,689
Capitalization of Costs	10,264	7,749
Amortization	(3,611)	(2,152)
Ending Balance	$ 69,110	$ 45,286

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	Sep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	9 months
Revenue, remaining performance obligation, amount	$ 9,126
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 4,596
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	2 years
Revenue, remaining performance obligation, amount	$ 770
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period
Revenue, remaining performance obligation, amount	$ 319

BUSINESS COMBINATION AND ASSE_3

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($) $ in Thousands	Feb. 04, 2021	Sep. 24, 2020	May 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Business acquisition, transaction costs					$ 500	$ 400
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	3 years
Asset Acquisition, Consideration Transferred	$ 9,300
Asset acquisition, transaction cost	$ 50
Revenue period for contingent payment	12 months
Finite-lived intangible assets, remaining amortization period					2 years 3 months 18 days
7Geese
Business Acquisition [Line Items]
Percentage of business acquired		100.00%
Business acquisition, goodwill, expected tax deductible amount		$ 1,661
Acquired finite-lived intangible assets, weighted average useful life		3 years
Contingent consideration		$ 3,000
Milestone payment period		3 years
Milestone payment for contingent consideration			$ 2,000	$ 1,000

BUSINESS COMBINATION AND ASSE_4

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	Sep. 24, 2020	Sep. 30, 2021	Jun. 30, 2021
Liabilities assumed:
Goodwill		$ 750,394	$ 750,802
7Geese
Business Acquisition [Line Items]
Cash consideration	$ 16,847
Contingent consideration	3,000
Deferred consideration	2,900
Fair value of total consideration	22,747
Cash acquired	(107)
Net purchase price	22,640
Assets acquired:
Accounts receivable	477
Other current assets	295
Property and equipment	64
Technology intangible assets	9,040
Other intangible assets	100
Other non-current assets	9
Total identifiable assets acquired	9,985
Liabilities assumed:
Accounts payable	(34)
Accrued expenses	(1,730)
Deferred revenue	(1,374)
Total identifiable liabilities assumed	(3,138)
Goodwill	15,793
Fair value of total consideration transferred	$ 22,640

FUNDS HELD FOR CLIENTS - Schedu

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 125,787	$ 2,634	$ 1,978
Funds held for clients, Amortized Cost	1,577,116	667,963
Funds held for clients, Gross Unrealized Gains	1,100	2,632
Funds held for clients, Gross Unrealized Losses	(164)	(280)
Total	1,578,052	670,315
U.S. Treasury and direct obligations of U.S government agencies
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	29,495	28,757
Debt securities, available-for-sale, Gross Unrealized Gains	40	92
Debt securities, available-for-sale, Gross Unrealized Losses	(3)	(11)
Debt securities, available-for-sale, Fair Value	29,532	28,838
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	51,490	50,188
Debt securities, available-for-sale, Gross Unrealized Gains	789	1,900
Debt securities, available-for-sale, Gross Unrealized Losses	(127)	(189)
Debt securities, available-for-sale, Fair Value	52,152	51,899
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	21,133	21,831
Debt securities, available-for-sale, Gross Unrealized Gains	6	11
Debt securities, available-for-sale, Gross Unrealized Losses	0	(6)
Debt securities, available-for-sale, Fair Value	21,139	21,836
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	11,164	9,821
Debt securities, available-for-sale, Gross Unrealized Gains	265	629
Debt securities, available-for-sale, Gross Unrealized Losses	(34)	(74)
Debt securities, available-for-sale, Fair Value	11,395	10,376
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	1,463,834	557,366
Demand deposit accounts and other cash equivalents, Gross Unrealized Gains	0	0
Demand deposit accounts and other cash equivalents, Gross Unrealized Losses	0	0
Demand deposit accounts and other cash equivalents, Fair Value	$ 1,463,834	$ 557,366

FUNDS HELD FOR CLIENTS - Narrat

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 39,932	$ 91,090

FUNDS HELD FOR CLIENTS - Sche_2

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Funds Held For Clients [Abstract]
Due within one year	$ 1,511,593
Due after one year to two years	34,595
Due after two years to three years	19,538
Due after three years	12,326
Total	$ 1,578,052

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment at cost and accumulated depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 56,673	$ 56,022
Accumulated depreciation and amortization	(16,618)	(14,942)
Property and equipment, net	40,055	41,080
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,680	3,680
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	910	910
Building and Building Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,845	22,845
Computer, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,142	13,427
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,562	4,596
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,334	2,337
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 8,200	$ 8,227

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,718	$ 1,621

CAPITALIZED SOFTWARE, NET - Sch

CAPITALIZED SOFTWARE, NET - Schedule of components of capitalized software (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 60,408	$ 52,945
Accumulated amortization	(26,442)	(21,635)
Capitalized software, net	$ 33,966	$ 31,310

CAPITALIZED SOFTWARE, NET - Nar

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 4,820	$ 2,732

CAPITALIZED SOFTWARE, NET - S_2

CAPITALIZED SOFTWARE, NET - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remaining nine months)	$ 68,508
2023	85,189
2024	80,437
2025	30,639
2026	7,043
Intangible assets, net	323,467	$ 355,323
Computer Software, Intangible Asset
Acquired Finite-Lived Intangible Assets [Line Items]
2022 (remaining nine months)	14,119
2023	13,246
2024	6,382
2025	219
2026	0
Intangible assets, net	$ 33,966

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of changes in goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 750,802
Impact of foreign exchange	(408)
Goodwill, ending balance	$ 750,394

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of components of intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 681,514	$ 681,320
Accumulated amortization:	(358,047)	(325,997)
Intangible assets, net	323,467	355,323
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	140,665	140,665
Accumulated amortization:	(128,391)	(116,669)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	435,177	434,983
Accumulated amortization:	(209,102)	(190,538)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,672	105,672
Accumulated amortization:	$ (20,554)	$ (18,790)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets, excluding software	$ 32,050	$ 30,504

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining nine months)	$ 68,508
2023	85,189
2024	80,437
2025	30,639
2026	7,043
Thereafter	51,651
Intangible assets, net	$ 323,467	$ 355,323

DEBT AGREEMENTS AND LETTERS O_3

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

DEBT AGREEMENTS AND LETTERS O_4

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details)	Aug. 09, 2021USD ($)	Jul. 15, 2021USD ($)	Jun. 11, 2021USD ($)	Jul. 22, 2021	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 03, 2021USD ($)	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Repayments of line-of-credit	$ 44,500,000	$ 4,600,000				$ 52,600,000	$ 33,501,000
Legal fees						(35,000)
Payments of deferred financing fees						100,000
Letters of credit outstanding, amount					$ 0	$ 0			$ 0
Revolving Credit Facility | 2021 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity			$ 100,000,000					$ 200,000,000
Line of credit, maximum increase			300,000,000
Line of credit, maximum borrowing capacity			$ 400,000,000
Credit facility unused fee, prior to IPO (in percentage)				0.25%
Leverage ratio			3.50
Interest coverage ratio			3
Revolving Credit Facility | 2021 Credit Facility | Minimum
Debt Instrument [Line Items]
Credit facility unused fee, after IPO (in percentage)					0.10%
Revolving Credit Facility | 2021 Credit Facility | Maximum
Debt Instrument [Line Items]
Credit facility unused fee, after IPO (in percentage)					0.175%
Revolving Credit Facility | 2021 Credit Facility | ABR Borrowings | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						0.50%
Revolving Credit Facility | 2021 Credit Facility | ABR Borrowings | Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						1.00%
Revolving Credit Facility | 2021 Credit Facility | ABR Borrowings prior to IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						0.95%
Revolving Credit Facility | 2021 Credit Facility | LIBOR Borrowings prior to IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						1.95%
Revolving Credit Facility | 2021 Credit Facility | ABR Borrowings after IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						0.375%
Revolving Credit Facility | 2021 Credit Facility | LIBOR Borrowings after IPO
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percentage)						1.375%

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of financial assets and financial liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
U.S. Treasury and direct obligations of U.S government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	$ 29,532	$ 28,838
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	52,152	51,899
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,139	21,836
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	11,395	10,376
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,578,052	670,315
Fair Value, Recurring | U.S. Treasury and direct obligations of U.S government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	29,532	28,838
Fair Value, Recurring | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	52,152	51,899
Fair Value, Recurring | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,139	21,836
Fair Value, Recurring | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	11,395	10,376
Fair Value, Recurring | Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,463,834	557,366
Fair Value, Recurring | Level 1 | U.S. Treasury and direct obligations of U.S government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 1 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 1 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 1 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 2
Funds held for clients—available-for-sale:
Assets, fair value disclosure	114,218	112,949
Fair Value, Recurring | Level 2 | U.S. Treasury and direct obligations of U.S government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	29,532	28,838
Fair Value, Recurring | Level 2 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	52,152	51,899
Fair Value, Recurring | Level 2 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,139	21,836
Fair Value, Recurring | Level 2 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	11,395	10,376
Fair Value, Recurring | Level 3
Funds held for clients—available-for-sale:
Assets, fair value disclosure	0	0
Fair Value, Recurring | Level 3 | U.S. Treasury and direct obligations of U.S government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 3 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 3 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 3 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Demand deposit accounts and other cash equivalents
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,463,834	557,366
Demand deposit accounts and other cash equivalents | Fair Value, Recurring
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,463,834	557,366
Demand deposit accounts and other cash equivalents | Fair Value, Recurring | Level 1
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,463,834	557,366
Demand deposit accounts and other cash equivalents | Fair Value, Recurring | Level 2
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	0	0
Demand deposit accounts and other cash equivalents | Fair Value, Recurring | Level 3
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$ 0	$ 0

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) - USD ($) $ in Thousands	Jul. 23, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Class of Stock [Line Items]
Preferred stock, liquidation preference		$ 260,044
Accretion of redeemable noncontrolling interests		11,621
Apax Acquisition | Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference	$ 260,000
Accretion of redeemable noncontrolling interests		$ 11,621	$ 5,050
Preferred stock, dividend, payment in cash (in percentage)				50.00%
Preferred stock, dividend, in-kind, percentage				50.00%
Apax Acquisition | Redeemable Preferred Stock | November 2, 2020 To November 1, 2021
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)	1.01%

REDEEMABLE NONCONTROLLING INT_4

REDEEMABLE NONCONTROLLING INTERESTS - Schedule of redeemable noncontrolling interest (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Redeemable noncontrolling interest at beginning of period	$ 248,423
Accretion of Series A Redeemable Preferred Stock	11,621
Redemption of outstanding shares	(260,044)
Redeemable noncontrolling interest at ending of period	$ 0

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - $ / shares	Sep. 30, 2021	Jul. 20, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	200,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, shares outstanding (in shares)	174,429,903		141,097,740

EQUITY COMPENSATION PLANS - Nar

EQUITY COMPENSATION PLANS - Narrative (Details)	Jul. 23, 2021shares	Jul. 20, 2021USD ($)shares	Nov. 02, 2018installment	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement expense (benefit) | $				$ 21,812,000	$ 1,740,000
Income tax benefit | $				(9,244,000)	(4,425,000)
Unrecognized compensation expense | $				$ 6,701,000
Number of installments | installment			12
Unrecognized compensation expense, weighted average period				1 year 10 months 24 days
Weighted average grant date fair value of units | $				$ (397)	(533)
Options granted in period (in shares)				1,135,144
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $				$ 58,490,000
Award vesting rights, percentage			20.00%
Unrecognized compensation expense, weighted average period	2 years	2 years		2 years 2 months 12 days
Weighted average grant date fair value of units | $				$ (9,511,000)
Number of vested units (in shares)				352,124
Granted (in shares)				979,390
Restricted Stock Units (RSUs) | 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, weighted average 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)	1,761,578
Share-based Payment Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit | $				$ 2,517,000	$ 356,000
Award vesting rights, percentage	25.00%
Award vesting period	6 months
Granted (in shares)				0
Share-based Payment Arrangement | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25.00%
Share-based Payment Arrangement | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			100.00%
Share-based Payment Arrangement | IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	24 months
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased under ESPP (in shares)				0
Employee Stock | 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		13,800,000
Employee Stock | 2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		3,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Maximum contribution per employee | $		$ 25,000
Employee Stock | 2021 Employee Stock Purchase Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of eligible pay		1.00%
Employee Stock | 2021 Employee Stock Purchase Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of eligible pay		10.00%
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $				$ 9,921,000
Unrecognized compensation expense, weighted average period				2 years 9 months 18 days
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)		1,135,144
Modified MEP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $				$ 47,035,000
Unrecognized compensation expense, weighted average period				1 year 9 months 18 days
Number of vested units (in shares)				0	0
Granted (in shares)				0

EQUITY COMPENSATION PLANS - MEP

EQUITY COMPENSATION PLANS - MEP Unit Incentive Activity (Details)	3 Months Ended
	Sep. 30, 2021USD ($)shares
Share-based Payment Arrangement
Number of Units
Beginning balance (in shares) | shares	38,079
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(141)
Ending balance (in shares) | shares	37,938
Weighted Average Floor Price
Beginning balance	$ 578
Granted	0
Forfeited	1,204
Ending balance	576
Weighted Average Fair Value
Beginning balance	442
Granted	0
Forfeited	412
Ending balance	$ 442
Modified MEP Units
Number of Units
Beginning balance (in shares) | shares	36,879
Granted (in shares) | shares	0
Forfeited (in shares) | shares	(232)
Ending balance (in shares) | shares	36,647
Weighted Average Floor Price
Beginning balance	$ 593
Granted	0
Forfeited	779
Ending balance	592
Weighted Average Fair Value
Beginning balance	379
Granted	0
Forfeited	1,232
Ending balance	$ 1,420

EQUITY COMPENSATION PLANS - Sto

EQUITY COMPENSATION PLANS - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Options Outstanding
Beginning balance (in shares) | shares	0
Granted (in shares) | shares	1,135,144
Exercised (in shares) | shares	0
Forfeited and cancelled (in shares) | shares	0
Ending balance (in shares) | shares	1,135,144
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	23
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	0
Ending balance (in dollars per share)	23
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	0
Granted (in dollars per share)	9.36
Exercised (in dollars per share)	0
Forfeited and cancelled (in dollars per share)	0
Ending balance (in dollars per share)	$ 9.36
Stock Options Additional Disclosures
Granted, Weighted Average Remaining Contractual Term	9 years 9 months 18 days
Outstanding at September 30, 2021, Weighted Average Remaining Contractual Term	9 years 9 months 18 days
Options outstanding, aggregate intrinsic value | $	$ 13,803
Options exercisable (in shares) | shares	0
Options exercisable, Weighted average exercise price (in dollars per share)	$ 0
Options exercisable, Weighted average grant date fair value (in dollars per share)	$ 0
Options exercisable, Aggregate intrinsic value | $	$ 0

EQUITY COMPENSATION PLANS - Val

EQUITY COMPENSATION PLANS - Valuation Assumptions (Details)	3 Months Ended
	Sep. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average exercise price per option (in dollars per share)	$ 23
Expected volatility range of stock	42.50%
Expected life of option (in years)	5 years 10 months 6 days
Risk-free interest rate	0.81%
Expected dividend yield on stock	0.00%
Fair value per option (in dollars per share)	$ 9.36

EQUITY COMPENSATION PLANS - Res

EQUITY COMPENSATION PLANS - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Sep. 30, 2021$ / sharesshares
Number of Units
Beginning balance (in shares) | shares	0
Conversion of LTIP Units (in shares) | shares	1,761,578
Granted (in shares) | shares	979,390
Number of vested units (in shares) | shares	(352,124)
Forfeited (in shares) | shares	(24,085)
Ending balance (in shares) | shares	2,364,759
Weighted Average Grant Price
Beginning balance (in dollars per share) | $ / shares	$ 0
Conversion of LTIP Units (in dollars per share) | $ / shares	27.01
Granted (in dollars per share) | $ / shares	27.01
Vested (in dollars per share) | $ / shares	27.01
Forfeited (in dollars per share) | $ / shares	27.01
Ending balance (in dollars per share) | $ / shares	$ 27.01

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss attributable to Paycor HCM, Inc.	$ (53,657)	$ (22,382)
Weighted-average outstanding shares:
Basic (in shares)	166,459,168	151,718,000
Diluted (in shares)	166,459,168	151,718,000
Diluted net loss per share (in dollars per share)	$ (0.32)	$ (0.15)
Basic net loss per share (in dollars per share)	$ (0.32)	$ (0.15)

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - $ / shares	Oct. 26, 2021	Oct. 19, 2021	Jul. 23, 2021	Jul. 20, 2021
IPO
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			18,500,000
Offering price per share (in dollars per share)				$ 23
Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)			2,775,000
Sale of stock, purchase period			30 days
Subsequent Event | IPO
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)		12,000,000
Offering price per share (in dollars per share)		$ 32
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Number of shares issued in transaction (in shares)	1,800,000
Sale of stock, purchase period		30 days