Paycor HCM (PYCR) 10-Q 10 Feb 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2022	Jan. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-40640
Entity Registrant Name	PAYCOR HCM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1813909
Entity Address, Address Line One	4811 Montgomery Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45212
City Area Code	800
Local Phone Number	381-0053
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		176,438,082
Entity Central Index Key	0001839439
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 72,277	$ 133,041
Accounts receivable, net	31,912	21,511
Deferred contract costs	45,691	37,769
Prepaid expenses	12,990	9,421
Other current assets	3,956	1,874
Current assets before funds held for clients	166,826	203,616
Funds held for clients	1,183,474	1,715,916
Total current assets	1,350,300	1,919,532
Property and equipment, net	31,989	31,675
Operating lease right-of-use assets	22,553	0
Goodwill	770,120	750,155
Intangible assets, net	305,547	263,069
Capitalized software, net	45,355	40,002
Long-term deferred contract costs	144,214	125,705
Other long-term assets	2,794	1,179
Total assets	2,672,872	3,131,317
Current liabilities:
Accounts payable	20,284	13,945
Accrued expenses and other current liabilities	24,862	13,907
Accrued payroll and payroll related expenses	32,350	44,592
Deferred revenue	11,449	11,742
Current liabilities before client fund obligations	88,945	84,186
Client fund obligations	1,187,532	1,719,047
Total current liabilities	1,276,477	1,803,233
Deferred income taxes	22,222	31,895
Long-term operating leases	22,310	0
Other long-term liabilities	83,867	11,458
Total liabilities	1,404,876	1,846,586
Commitments and contingencies (Note 15)
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 175,856,650 shares outstanding at December 31, 2022 and 174,909,539 shares outstanding at June 30, 2022	176	175
Treasury stock, at cost, 10,620,260 shares at December 31, 2022 and June 30, 2022	(245,074)	(245,074)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at December 31, 2022 and June 30, 2022	0	0
Additional paid-in capital	1,967,352	1,926,800
Accumulated deficit	(451,904)	(395,389)
Accumulated other comprehensive loss	(2,554)	(1,781)
Total stockholders' equity	1,267,996	1,284,731
Total liabilities and stockholders' equity	$ 2,672,872	$ 3,131,317

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	175,856,650	174,909,539
Treasury stock (in shares)	10,620,260	10,620,260
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Recurring and other revenue	$ 124,982	$ 102,729	$ 239,151	$ 195,145
Interest income on funds held for clients	7,882	338	12,016	654
Total revenues	132,864	103,067	251,167	195,799
Cost of revenues	46,184	41,082	89,369	86,693
Gross profit	86,680	61,985	161,798	109,106
Operating expenses:
Sales and marketing	51,913	40,682	100,108	86,470
General and administrative	52,461	44,462	100,372	87,873
Research and development	13,875	10,605	26,277	20,796
Total operating expenses	118,249	95,749	226,757	195,139
Loss from operations	(31,569)	(33,764)	(64,959)	(86,033)
Other (expense) income:
Interest expense	(404)	(112)	(1,491)	(347)
Other	66	328	511	1,552
Loss before benefit for income taxes	(31,907)	(33,548)	(65,939)	(84,828)
Income tax benefit	(4,444)	(8,084)	(9,424)	(17,328)
Net loss	(27,463)	(25,464)	(56,515)	(67,500)
Less: Accretion of redeemable noncontrolling interests	0	0	0	11,621
Net loss attributable to Paycor HCM, Inc.	$ (27,463)	$ (25,464)	$ (56,515)	$ (79,121)
Basic net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.16)	$ (0.15)	$ (0.32)	$ (0.46)
Diluted net loss attributable to Paycor HCM, Inc. per share (in dollars per share)	$ (0.16)	$ (0.15)	$ (0.32)	$ (0.46)
Weighted average common shares outstanding:
Basic (in shares)	175,830,554	174,429,903	175,671,565	170,444,536
Diluted (in shares)	175,830,554	174,429,903	175,671,565	170,444,536
Recurring and other revenue	Service [Member]	Service [Member]	Service [Member]	Service [Member]

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (27,463)	$ (25,464)	$ (56,515)	$ (67,500)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency translation	116	(18)	(307)	(171)
Unrealized gain (loss) on available-for-sale securities, net of tax	1,234	(384)	(466)	(445)
Other comprehensive income (loss), net of tax	1,350	(402)	(773)	(616)
Comprehensive loss	(26,113)	(25,866)	(57,288)	(68,116)
Less: Comprehensive income attributable to redeemable noncontrolling interests	0	0	0	11,621
Comprehensive loss attributable to Paycor HCM, Inc.	$ (26,113)	$ (25,866)	$ (57,288)	$ (79,737)

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock Series A Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2021		7,715
Stockholders' equity, beginning balance at Jun. 30, 2021	$ 878,639	$ 262,772	$ 141	$ (245,074)	$ 1,133,399	$ (275,751)	$ 3,152
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2021			141,097,740
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(79,121)					(79,121)
Stock-based compensation expense	39,027				39,027
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	0	$ (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) income	(616)						(616)
Other	(6)				1,947		(1,953)
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2021		0
Stockholders' equity, ending balance at Dec. 31, 2021	1,292,070	$ 0	$ 174	(245,074)	1,891,259	(354,872)	583
Common stock, shares outstanding, ending balance (in shares) at Dec. 31, 2021			174,429,903
Preferred stock, shares outstanding, beginning balance (in shares) at Sep. 30, 2021		0
Stockholders' equity, beginning balance at Sep. 30, 2021	1,300,717	$ 0	$ 174	(245,074)	1,874,040	(329,408)	985
Common stock, shares outstanding, beginning balance (in shares) at Sep. 30, 2021			174,429,903
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(25,464)					(25,464)
Stock-based compensation expense	17,215				17,215
Other comprehensive (loss) income	(402)						(402)
Other	4				4		0
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2021		0
Stockholders' equity, ending balance at Dec. 31, 2021	$ 1,292,070	$ 0	$ 174	(245,074)	1,891,259	(354,872)	583
Common stock, shares outstanding, ending balance (in shares) at Dec. 31, 2021			174,429,903
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022	0	0
Stockholders' equity, beginning balance at Jun. 30, 2022	$ 1,284,731	$ 0	$ 175	(245,074)	1,926,800	(395,389)	(1,781)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022	174,909,539		174,909,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	$ (56,515)					(56,515)
Stock-based compensation expense	37,635				37,635
Net settlement for taxes	(1,727)				(1,727)
Issuance of common stock under employee stock plans (in shares)			947,111
Issuance of common stock under employee stock plans	4,645		$ 1		4,644
Other comprehensive (loss) income	$ (773)						(773)
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022	0	0
Stockholders' equity, ending balance at Dec. 31, 2022	$ 1,267,996	$ 0	$ 176	(245,074)	1,967,352	(451,904)	(2,554)
Common stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022	175,856,650		175,856,650
Preferred stock, shares outstanding, beginning balance (in shares) at Sep. 30, 2022		0
Stockholders' equity, beginning balance at Sep. 30, 2022	$ 1,273,859	$ 0	$ 176	(245,074)	1,947,102	(424,441)	(3,904)
Common stock, shares outstanding, beginning balance (in shares) at Sep. 30, 2022			175,643,109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss attributable to Paycor HCM, Inc.	(27,463)					(27,463)
Stock-based compensation expense	20,684				20,684
Net settlement for taxes	(434)				(434)
Issuance of common stock under employee stock plans (in shares)			213,541
Issuance of common stock under employee stock plans	0		$ 0		0
Other comprehensive (loss) income	$ 1,350						1,350
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022	0	0
Stockholders' equity, ending balance at Dec. 31, 2022	$ 1,267,996	$ 0	$ 176	$ (245,074)	$ 1,967,352	$ (451,904)	$ (2,554)
Common stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022	175,856,650		175,856,650

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (56,515)	$ (67,500)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,396	3,448
Amortization of intangible assets and software	61,094	67,653
Amortization of deferred contract costs	21,094	14,062
Stock-based compensation expense	37,635	39,027
Amortization of debt acquisition costs	44	44
Deferred tax benefit	(9,533)	(17,340)
Bad debt expense	2,023	1,086
Loss (gain) on sale of investments	209	(9)
Gain on installment sale	0	(1,359)
Loss on foreign currency exchange	376	216
Loss on lease exit	818	0
Naming rights accretion expense	1,314	0
Change in fair value of deferred consideration	0	(138)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(12,184)	(4,469)
Prepaid expenses and other assets	(3,474)	(6,404)
Accounts payable	5,715	14
Accrued liabilities and other	(21,783)	(8,653)
Deferred revenue	(202)	(709)
Deferred contract costs	(47,525)	(37,693)
Net cash used in operating activities	(18,498)	(18,724)
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(320,191)	(75,173)
Proceeds from sale and maturities of client funds available-for-sale securities	214,017	74,909
Purchase of property and equipment	(2,621)	(1,454)
Proceeds from note receivable on installment sale	0	3,040
Acquisition of intangible assets	(5,074)	(3,187)
Acquisition of Talenya Ltd., net of cash acquired	(18,791)	0
Internally developed software costs	(18,672)	(14,170)
Net cash used in investing activities	(151,332)	(16,035)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	(527,738)	270,717
Payment of deferred consideration	0	(2,752)
Proceeds from line-of-credit	0	3,500
Repayments of line-of-credit	0	(52,600)
Repayments of debt and capital lease obligations	(140)	0
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount	0	454,915
Redemption of Redeemable Series A Preferred Stock (acquisition of noncontrolling interest)	0	(260,044)
Withholding taxes paid related to net share settlements	(1,727)	0
Proceeds from exercise of stock options	345	0
Proceeds from employee stock purchase plan	4,300	0
Other financing activities	0	(395)
Net cash (used in) provided by financing activities	(524,960)	413,341
Impact of foreign exchange on cash and cash equivalents	(6)	63
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	(694,796)	378,645
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	1,682,923	560,000
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	988,127	938,645
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	68	18
Cash paid for interest	0	154
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	72,277	111,087
Funds held for clients	915,850	827,558
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 988,127	$ 938,645

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS: Paycor HCM, Inc. (“Paycor HCM” or “the Company”) is a leading provider of human capital management (“HCM”) software located primarily in the United States (“U.S.”). Paycor’s solutions target small and medium-sized businesses with 10-1,000 employees. Solutions provided include payroll, human resources (“HR”) services, talent management, workforce management, benefits administration, reporting and analytics, and other payroll-related services. Services are generally provided in a Software-as-a-Service (“SaaS”) delivery model utilizing a cloud-based platform. Paycor HCM is a holding company with no material operating assets or operations that was formed on August 24, 2018 to effect the acquisition of Paycor, Inc. and its subsidiaries (“Paycor”) by certain investment funds advised by Apax Partners LLP, a leading global private equity advisory firm (“Apax Partners”). On September 7, 2018, Paycor HCM, through its subsidiary companies, entered into the Agreement and Plan of Merger to acquire Paycor (the “Apax Acquisition”). The Apax Acquisition closed on November 2, 2018. As a result of the Apax Acquisition, Paycor is an indirect controlled subsidiary of Paycor HCM. Initial Public Offering On July 23, 2021, the Company completed an initial public offering (“IPO”) of 21,275,000 shares of its common stock, $0.001 par value per share, at an offering price of $23.00 per share (the “IPO Price”). In aggregate, proceeds from the IPO were approximately $454,147, which is net of approximately $30,583 in underwriters’ discount and $4,595 of offering costs. During the six months ended December 31, 2021, $3,827 of offering costs were paid. Additionally, upon the closing of the IPO: • all of the Company’s outstanding shares of Series A Preferred Stock were automatically converted into 11,705,039 shares of the Company’s common stock; • the Company used a portion of the proceeds to effect the redemption of all of the outstanding shares of the Series A Redeemable Preferred Stock (acquisition of noncontrolling interest) (“Series A Redeemable Preferred Stock” or “Redeemable Noncontrolling Interest”) at a redemption price of 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, for a total of $260,044; • the outstanding Long Term Incentive Plan Units (“LTIP Units”) converted to 1,761,578 restricted stock units (“RSUs”) and the Company began recognizing compensation expense equal to the aggregate dollar value over the requisite two-year service period; and • the performance-based incentive units granted under the Pride Aggregator, L.P. Management Equity Plan (“MEP”) converted to time-based incentive units, with 25% vesting upon successive 6-month anniversary dates for the 24 months beginning on the date of the Company’s IPO. In connection with the Company’s IPO, the Company executed a 1,517.18 for 1 share stock split (“IPO Stock Split”) relating to its common stock. All share and per share amounts have been retroactively adjusted to reflect the IPO Stock Split for all periods presented within the unaudited condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2022 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 24, 2022. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for any future interim periods and the full fiscal year ending June 30, 2023. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recognition of revenue, evaluation of potential impairment of goodwill and intangible assets, and the valuation of stock-based compensation. The Company’s results of operations and financial condition can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and their resulting economic impact. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on the Company’s results of operations and financial condition. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings. Accounts receivable, net Accounts receivable balances are shown on the condensed consolidated balance sheets net of the allowance for doubtful accounts of $5,270 and $3,268 as of December 31, 2022 and June 30, 2022, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a client’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted. Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $7,483 and $4,889 for the three months ended December 31, 2022 and 2021, respectively. Advertising and promotion expense totaled approximately $13,401 and $9,875 for the six months ended December 31, 2022 and 2021, respectively. Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. The Company establishes 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. The Company recognized stock-based compensation cost for the three months ended December 31, 2022 and 2021 of $20,684 and $17,215, respectively. The Company recognized stock-based compensation expense for the six months ended December 31, 2022 and 2021 of $37,635 and $39,027, respectively. Leases The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASC 842”), as subsequently amended, on July 1, 2022, through the modified retrospective method applied to those contracts that were not completed as of that date. ASC 842 requires entities to recognize lease assets and lease liabilities and disclose key information about leasing arrangements for certain leases. Results for reporting periods beginning after July 1, 2022 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting treatment. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. Adoption of the new Pending accounting pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326). This update establishes a new approach to estimate credit losses on certain types of financial instruments. The update requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The amended standard will also update the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on any such securities is a credit loss. The Company is currently evaluating this standard and the potential effects of these changes to its unaudited condensed consolidated financial statements, but does not expect adoption of this new standard on July 1, 2023 to have a material impact.

REVENUE

REVENUE	6 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE: The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Recurring fees $ 121,873 $ 99,556 $ 232,935 $ 188,765 Implementation services and other 3,109 3,173 6,216 6,380 Recurring and other revenue $ 124,982 $ 102,729 $ 239,151 $ 195,145 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 December 31, Six Months Ended December 31, 2022 2021 2022 2021 Balance, beginning of period $ 16,490 $ 14,811 $ 17,046 $ 16,047 Deferred revenue acquired 293 — 293 — Deferral of revenue 5,637 5,789 9,907 9,401 Revenue recognized (5,394) (5,311) (10,103) (10,110) Impact of foreign exchange 11 — (106) (49) Balance, end of period $ 17,037 $ 15,289 $ 17,037 $ 15,289 Deferred revenue is recorded within deferred revenue and other long-term liabilities on the unaudited condensed consolidated balance sheets. The Company will recognize deferred revenue of $6,991 in fiscal year 2023, $7,281 in fiscal year 2024, $2,017 in fiscal year 2025 and $748 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 December 31, 2022 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 76,894 $ 10,397 $ (4,868) $ 82,423 Costs to fulfill a contract 98,322 15,358 (6,198) 107,482 Total $ 175,216 $ 25,755 $ (11,066) $ 189,905 As of and for the Three Months Ended December 31, 2021 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 57,977 $ 7,856 $ (3,362) $ 62,471 Costs to fulfill a contract 69,110 11,499 (4,066) 76,543 Total $ 127,087 $ 19,355 $ (7,428) $ 139,014 As of and for the Six Months Ended December 31, 2022 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 72,342 $ 19,390 $ (9,309) $ 82,423 Costs to fulfill a contract 91,132 28,135 (11,785) 107,482 Total $ 163,474 $ 47,525 $ (21,094) $ 189,905 As of and for the Six Months Ended December 31, 2021 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 52,926 $ 15,930 $ (6,385) $ 62,471 Costs to fulfill a contract 62,457 21,763 (7,677) 76,543 Total $ 115,383 $ 37,693 $ (14,062) $ 139,014

BUSINESS COMBINATION AND ASSET

BUSINESS COMBINATION AND ASSET ACQUISITION	6 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATION AND ASSET ACQUISITION	BUSINESS COMBINATION AND ASSET ACQUISITION: Acquisition of Talenya Ltd. On October 27, 2022 the Company acquired 100% of the equity interests of Talenya Ltd., an Israeli-based provider of an artificial intelligence-driven solution for talent sourcing and recruiting employees (the “Talenya Acquisition”) for an initial cash purchase price of $20,000, plus up to a maximum of $10,000 in additional cash payments based on the achievement of established earnouts over a two-year period. The acquisition was funded with cash on hand. The acquisition was accounted for as a business combination. The preliminary purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the total consideration transferred at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is deductible for tax purposes. Goodwill consists primarily of the synergistic benefits and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the Talenya Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of Company products. The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows: October 27, 2022 Fair value of total consideration $ 27,965 Cash acquired (174) Net purchase price $ 27,791 Assets acquired: Accounts receivable $ 192 Other current assets 105 Property and equipment 13 Technology intangible assets 7,160 Other intangible assets 50 Other non-current assets 979 Total identifiable assets acquired 8,499 Liabilities assumed: Accounts payable (243) Accrued expenses (917) Deferred revenue (293) Total identifiable liabilities assumed (1,453) Goodwill 20,745 Fair value of total consideration transferred $ 27,791 The technology intangible assets acquired have a weighted average useful life of 7 years. The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability on the unaudited condensed consolidated balance sheet. The Company incurred transaction costs of approximately $1,174 related to the Talenya Acquisition for the three and six months ended December 31, 2022. These costs were expensed as incurred in general and administrative expenses within the accompanying unaudited condensed consolidated statements of operations. Asset Acquisition On February 4, 2021, the Company acquired payroll, timekeeping and HCM service customer relationships from another large provider of HCM services for an initial purchase price of approximately $9,300, which included approximately $50 of transaction costs. As part of this asset purchase, the Company was required to make quarterly contingent payments and a final payment to the seller based on the revenue generated by the acquired clients over a 12-month period. Contingent payments made for the three months ended December 31, 2022 and 2021 were $— and $2,242, respectively. Contingent payments made for the six months ended December 31, 2022 and 2021 were $4,259 and $2,437, respectively. As of September 30, 2022, all contingent payments have been made.
BUSINESS COMBINATION AND ASSET ACQUISITION	BUSINESS COMBINATION AND ASSET ACQUISITION: Acquisition of Talenya Ltd. On October 27, 2022 the Company acquired 100% of the equity interests of Talenya Ltd., an Israeli-based provider of an artificial intelligence-driven solution for talent sourcing and recruiting employees (the “Talenya Acquisition”) for an initial cash purchase price of $20,000, plus up to a maximum of $10,000 in additional cash payments based on the achievement of established earnouts over a two-year period. The acquisition was funded with cash on hand. The acquisition was accounted for as a business combination. The preliminary purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the total consideration transferred at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is deductible for tax purposes. Goodwill consists primarily of the synergistic benefits and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the Talenya Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of Company products. The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows: October 27, 2022 Fair value of total consideration $ 27,965 Cash acquired (174) Net purchase price $ 27,791 Assets acquired: Accounts receivable $ 192 Other current assets 105 Property and equipment 13 Technology intangible assets 7,160 Other intangible assets 50 Other non-current assets 979 Total identifiable assets acquired 8,499 Liabilities assumed: Accounts payable (243) Accrued expenses (917) Deferred revenue (293) Total identifiable liabilities assumed (1,453) Goodwill 20,745 Fair value of total consideration transferred $ 27,791 The technology intangible assets acquired have a weighted average useful life of 7 years. The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability on the unaudited condensed consolidated balance sheet. The Company incurred transaction costs of approximately $1,174 related to the Talenya Acquisition for the three and six months ended December 31, 2022. These costs were expensed as incurred in general and administrative expenses within the accompanying unaudited condensed consolidated statements of operations. Asset Acquisition On February 4, 2021, the Company acquired payroll, timekeeping and HCM service customer relationships from another large provider of HCM services for an initial purchase price of approximately $9,300, which included approximately $50 of transaction costs. As part of this asset purchase, the Company was required to make quarterly contingent payments and a final payment to the seller based on the revenue generated by the acquired clients over a 12-month period. Contingent payments made for the three months ended December 31, 2022 and 2021 were $— and $2,242, respectively. Contingent payments made for the six months ended December 31, 2022 and 2021 were $4,259 and $2,437, respectively. As of September 30, 2022, all contingent payments have been made.

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS	6 Months Ended
	Dec. 31, 2022
Funds Held For Clients [Abstract]
FUNDS HELD FOR CLIENTS	FUNDS HELD FOR CLIENTS: Funds held for clients are as follows: December 31, 2022 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 915,850 $ — $ — $ 915,850 U.S. Treasury and direct obligations of U.S. government agencies 72,400 93 (505) 71,988 Corporate bonds 183,182 46 (2,454) 180,774 Commercial paper — — — — Other securities 15,184 2 (324) 14,862 $ 1,186,616 $ 141 $ (3,283) $ 1,183,474 June 30, 2022 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 1,549,882 $ — $ — $ 1,549,882 U.S. Treasury and direct obligations of U.S. government agencies 29,367 — (290) 29,077 Corporate bonds 112,753 4 (1,894) 110,863 Commercial paper 6,642 2 (3) 6,641 Other securities 19,817 2 (366) 19,453 $ 1,718,461 $ 8 $ (2,553) $ 1,715,916 Other securities are primarily comprised of collateralized and other mortgage obligations, municipal obligations, and certificates of deposit. 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, to the extent they exist, generally result from changes in interest rates rather than credit risk, and therefore does not believe the related investments are other-than-temporarily impaired. Additionally, the Company believes it will recover its cost basis in the securities with unrealized losses and has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2022. Expected maturities as of December 31, 2022 for client fund assets are as follows: Due within fiscal year 2023 $ 972,519 Due within fiscal year 2024 111,055 Due within fiscal year 2025 54,355 Due within fiscal year 2026 44,127 Due within fiscal year 2027 1,418 Total $ 1,183,474

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET: A summary of the Company’s property and equipment, net is as follows: December 31, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 15,977 14,951 Furniture and fixtures 2,248 2,246 Office equipment 2,526 2,538 Leasehold improvements 1,435 1,430 Construction in progress 1,032 — 50,653 48,600 Accumulated depreciation and amortization (18,664) (16,925) Property and equipment, net $ 31,989 $ 31,675

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
CAPITALIZED SOFTWARE, NET	CAPITALIZED SOFTWARE, NET: A summary of the Company’s capitalized software, net is as follows: December 31, June 30, Capitalized software $ 102,122 $ 83,682 Accumulated amortization (56,767) (43,680) Capitalized software, net $ 45,355 $ 40,002 The following is a schedule of future amortization expense as of December 31, 2022: 2023 (remaining six months) $ 12,717 2024 20,281 2025 11,032 2026 1,325 2027 — $ 45,355

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS: Changes in the carrying amount of goodwill are presented below: Balance at June 30, 2022 $ 750,155 Talenya Acquisition 20,745 Foreign currency translation (780) Balance at December 31, 2022 $ 770,120 On August 7, 2022, the Company entered into a 16-year partnership with the Cincinnati Bengals of the National Football League that grants the Company the exclusive naming rights to Paycor Stadium, home to the Cincinnati Bengals since 2000. Contractual payments under the naming rights agreement began in August 2022 and end in 2038. The naming rights have been recorded as an intangible asset within the unaudited condensed consolidated balance sheet in an amount equal to the present value of the future contractual cash flows with an offsetting liability for payments to be made in the future. The intangible asset reflects the naming rights to the Bengals stadium including co-branding and shared promotion, along with the right for the Company to place its logo on and around the stadium. The discount between the offsetting liability and overall payment obligation is amortized to interest expense over the term of the agreement using the effective interest method. The intangible asset is being amortized over the life of the agreement on a straight-line basis through sales and marketing expense. The liability is included in accrued expenses and other current liabilities and other long-term liabilities within the unaudited condensed consolidated balance sheets. Components of intangible assets were as follows: December 31, June 30, Cost: Technology $ 149,328 $ 142,165 Customer relationships 448,258 443,187 Trade name 105,720 105,672 Naming rights 78,135 — Total cost $ 781,441 $ 691,024 Accumulated amortization: Technology $ (138,409) $ (135,982) Customer relationships (306,048) (266,129) Trade name (29,370) (25,844) Naming rights (2,067) — Total accumulated amortization $ (475,894) $ (427,955) Intangible assets, net $ 305,547 $ 263,069 The following is a schedule of future amortization expense as of December 31, 2022: 2023 (remaining six months) $ 49,414 2024 91,516 2025 37,751 2026 13,100 2027 13,028 Thereafter 100,738 $ 305,547

DEBT AGREEMENTS AND LETTERS OF

DEBT AGREEMENTS AND LETTERS OF CREDIT	6 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT AGREEMENTS AND LETTERS OF CREDIT	DEBT AGREEMENTS AND LETTERS OF CREDIT: Credit Agreement Paycor, Inc. is party to a credit agreement (as amended, the “Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders, providing a $200,000 senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility includes an “accordion feature” that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional principal amount of up to $200,000, with a resulting maximum principal amount of $400,000, subject to the participating lenders electing to increase their commitments or new lenders being added to the Credit Agreement. The Revolving Credit Facility will mature on June 11, 2026. The Company had no outstanding borrowings under the Revolving Credit Facility as of December 31, 2022 or June 30, 2022. Additionally, the Company had no outstanding letters of credit as of December 31, 2022 or June 30, 2022.

LEASES

LEASES	6 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES: The Company determines if an arrangement contains a lease at inception. The Company recognizes right-of-use (“ROU”) assets and liabilities associated with leases based on the present value of the future minimum lease payments over the lease term at the later of the commencement date of the lease or July 1, 2022. The Company uses its incremental borrowing rate at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate. Lease terms reflect options to extend or terminate the lease when it is reasonably certain that the option will be exercised. ROU assets and obligations for short-term leases (leases with an initial term of 12 months or less) are not recognized in the consolidated balance sheet. The Company has agreements that contain lease and non-lease components. Generally, the Company accounts for the lease and non-lease components in the contract as a single lease component. The Company has various lease agreements for office space and other leases which are classified as operating leases and for equipment which is classified as finance leases. Lease terms may include options to extend or terminate the lease, which are factored into the recognition of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise that option. Lease costs for operating leases, including short-term leases, are recognized over the lease term on a straight-line basis. The table below presents the Company’s leased assets and related lease liabilities: Leases Classification December 31, Assets Operating leases Operating lease right-of-use assets $ 22,553 Finance lease assets Property and equipment, net 660 Liabilities Current: Operating Accrued expenses and other current liabilities $ 5,789 Finance Accrued expenses and other current liabilities 291 Non-current: Operating Long-term operating leases 22,310 Finance Other long-term liabilities 482 The table below presents the costs associated with the leased assets: Leases Classification Three Months Ended Six Months Ended Operating lease cost: Short-term General and administrative $ 2 $ 11 Long-term Cost of revenues, Sales and marketing and General and administrative 944 2,329 Finance lease cost: Amortization of leased assets Cost of revenues, Sales and marketing, General and administrative and Research and development 65 130 Interest on lease liabilities Interest expense 10 21 Total lease cost $ 1,021 $ 2,491 Sublease income General and administrative $ 219 $ 451 The future minimum lease payments required under all leases and the present value of net minimum lease payments as of December 31, 2022 are as follows: Maturity of Lease Liabilities Operating Finance 2023 (remaining six months) $ 3,703 $ 162 2024 5,687 323 2025 4,853 296 2026 4,644 45 2027 4,315 — Thereafter 9,372 — Total minimum lease payments 32,574 826 Less: Amount representing interest (4,475) (53) Present value of minimum lease payments $ 28,099 $ 773 The table below summarizes the weighted average remaining lease term and weighted average discount rate used by lease type: Lease Term and Discount Rate December 31, Weighted average remaining lease term: Operating leases 7.1 years Finance leases 2.6 years Weighted average discount rate: Operating leases 3.6 % Finance leases 5.0 % The table below summarizes the impact to cash flows related to leases: Six Months Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,178 Operating cash flows used for finance leases 21 Financing cash flows used for finance leases 140 Leased assets obtained in exchange for new finance lease liabilities — Leased assets obtained in exchange for new operating lease liabilities 6,417
LEASES	LEASES: The Company determines if an arrangement contains a lease at inception. The Company recognizes right-of-use (“ROU”) assets and liabilities associated with leases based on the present value of the future minimum lease payments over the lease term at the later of the commencement date of the lease or July 1, 2022. The Company uses its incremental borrowing rate at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate. Lease terms reflect options to extend or terminate the lease when it is reasonably certain that the option will be exercised. ROU assets and obligations for short-term leases (leases with an initial term of 12 months or less) are not recognized in the consolidated balance sheet. The Company has agreements that contain lease and non-lease components. Generally, the Company accounts for the lease and non-lease components in the contract as a single lease component. The Company has various lease agreements for office space and other leases which are classified as operating leases and for equipment which is classified as finance leases. Lease terms may include options to extend or terminate the lease, which are factored into the recognition of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise that option. Lease costs for operating leases, including short-term leases, are recognized over the lease term on a straight-line basis. The table below presents the Company’s leased assets and related lease liabilities: Leases Classification December 31, Assets Operating leases Operating lease right-of-use assets $ 22,553 Finance lease assets Property and equipment, net 660 Liabilities Current: Operating Accrued expenses and other current liabilities $ 5,789 Finance Accrued expenses and other current liabilities 291 Non-current: Operating Long-term operating leases 22,310 Finance Other long-term liabilities 482 The table below presents the costs associated with the leased assets: Leases Classification Three Months Ended Six Months Ended Operating lease cost: Short-term General and administrative $ 2 $ 11 Long-term Cost of revenues, Sales and marketing and General and administrative 944 2,329 Finance lease cost: Amortization of leased assets Cost of revenues, Sales and marketing, General and administrative and Research and development 65 130 Interest on lease liabilities Interest expense 10 21 Total lease cost $ 1,021 $ 2,491 Sublease income General and administrative $ 219 $ 451 The future minimum lease payments required under all leases and the present value of net minimum lease payments as of December 31, 2022 are as follows: Maturity of Lease Liabilities Operating Finance 2023 (remaining six months) $ 3,703 $ 162 2024 5,687 323 2025 4,853 296 2026 4,644 45 2027 4,315 — Thereafter 9,372 — Total minimum lease payments 32,574 826 Less: Amount representing interest (4,475) (53) Present value of minimum lease payments $ 28,099 $ 773 The table below summarizes the weighted average remaining lease term and weighted average discount rate used by lease type: Lease Term and Discount Rate December 31, Weighted average remaining lease term: Operating leases 7.1 years Finance leases 2.6 years Weighted average discount rate: Operating leases 3.6 % Finance leases 5.0 % The table below summarizes the impact to cash flows related to leases: Six Months Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,178 Operating cash flows used for finance leases 21 Financing cash flows used for finance leases 140 Leased assets obtained in exchange for new finance lease liabilities — Leased assets obtained in exchange for new operating lease liabilities 6,417

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: U.S. GAAP defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access. Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of certain assets, such as nonfinancial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets, are recognized or disclosed in connection with impairment evaluations. All non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of December 31, 2022 and June 30, 2022, because of the relatively short maturity of these instruments. The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and June 30, 2022: December 31, 2022 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 915,850 $ — $ — $ 915,850 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 71,988 — 71,988 Corporate bonds — 180,774 — 180,774 Commercial paper — — — — Other securities 1,499 13,363 — 14,862 $ 917,349 $ 266,125 $ — $ 1,183,474 June 30, 2022 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 1,549,882 $ — $ — $ 1,549,882 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 29,077 — 29,077 Corporate bonds — 110,863 — 110,863 Commercial paper — 6,641 — 6,641 Other securities — 19,453 — 19,453 $ 1,549,882 $ 166,034 $ — $ 1,715,916 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	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: In July 2021, the Company fully redeemed its outstanding Series A Redeemable Preferred Stock using a portion of the IPO proceeds. The redemption price per share was equal to 101% of the liquidation preference, plus the amount of all accrued dividends for the then current and all prior dividend payment periods, or $ 260,044. As of December 31, 2022 , there are no holders of the Company’s Series A Redeemable Preferred Stock and all of the Company’s subsidiaries are wholly-owned .

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Dec. 31, 2022
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: The Company’s Second Amended and Restated Certificate of Incorporation authorized the issuance of up to 500,000,000 shares of common stock with a par value of $0.001 per share and 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of December 31, 2022 and June 30, 2022, there were 175,856,650 and 174,909,539 shares of common stock outstanding, respectively, and no preferred stock outstanding. On September 9, 2022, investment funds advised by Apax Partners completed an underwritten public offering of 5,000,000 shares of the Company’s common stock at a price to the public of $27.35 per share. The Company did not receive any proceeds from this sale.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE: Basic net loss per share is calculated by dividing net loss attributable to Paycor HCM , Inc. by the weighted average shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss attributable to Paycor HCM , Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the three and six months ended December 31, 2022 and 2021 included RSUs, stock options, Series A Preferred Stock and ESPP purchase rights. Due to the net loss for the three and six months ended December 31, 2022 and 2021, any potentially dilutive securities were excluded from the denominator in calculating diluted net loss per share because including them would have had an anti-dilutive effect. Additionally, the Company also excluded stock-based compensation awards representing membership interest units in Pride Aggregator, L.P. for the three and six months ended December 31, 2022 and 2021, respectively. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (in thousands, except per share data) 2022 2021 2022 2021 Net loss attributable to Paycor HCM , Inc. $ (27,463) $ (25,464) $ (56,515) $ (79,121) Weighted average outstanding shares: Basic and diluted 175,830,554 174,429,903 175,671,565 170,444,536 Basic and diluted net loss per share $ (0.16) $ (0.15) $ (0.32) $ (0.46)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES:The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. The resolution of these claims, litigation and regulatory compliance matters, individually or in the aggregate, is not expected to have a material adverse impact on the Company’s unaudited condensed consolidated statements of operations, balance sheets or statements of cash flows. These matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2022 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 24, 2022. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for any future interim periods and the full fiscal year ending June 30, 2023. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the recognition of revenue, evaluation of potential impairment of goodwill and intangible assets, and the valuation of stock-based compensation.The Company’s results of operations and financial condition can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and their resulting economic impact. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on the Company’s results of operations and financial condition. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings.
Accounts receivable, net	Accounts receivable, net Accounts receivable balances are shown on the condensed consolidated balance sheets net of the allowance for doubtful accounts of $5,270 and $3,268 as of December 31, 2022 and June 30, 2022, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a client’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted.
Sales and marketing	Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $7,483 and $4,889 for the three months ended December 31, 2022 and 2021, respectively. Advertising and promotion expense totaled approximately $13,401 and $9,875 for the six months ended December 31, 2022 and 2021, respectively.
Stock-based compensation	Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award.
Leases	Leases The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (“ASC 842”), as subsequently amended, on July 1, 2022, through the modified retrospective method applied to those contracts that were not completed as of that date. ASC 842 requires entities to recognize lease assets and lease liabilities and disclose key information about leasing arrangements for certain leases. Results for reporting periods beginning after July 1, 2022 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historical accounting treatment. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. Adoption of the new
Pending accounting pronouncements	Pending accounting pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (Topic 326). This update establishes a new approach to estimate credit losses on certain types of financial instruments. The update requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. The amended standard will also update the impairment model for available-for-sale debt securities, requiring entities to determine whether all or a portion of the unrealized loss on any such securities is a credit loss. The Company is currently evaluating this standard and the potential effects of these changes to its unaudited condensed consolidated financial statements, but does not expect adoption of this new standard on July 1, 2023 to have a material impact.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of Revenue	The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Recurring fees $ 121,873 $ 99,556 $ 232,935 $ 188,765 Implementation services and other 3,109 3,173 6,216 6,380 Recurring and other revenue $ 124,982 $ 102,729 $ 239,151 $ 195,145 The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services: Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Balance, beginning of period $ 16,490 $ 14,811 $ 17,046 $ 16,047 Deferred revenue acquired 293 — 293 — Deferral of revenue 5,637 5,789 9,907 9,401 Revenue recognized (5,394) (5,311) (10,103) (10,110) Impact of foreign exchange 11 — (106) (49) Balance, end of period $ 17,037 $ 15,289 $ 17,037 $ 15,289
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 December 31, 2022 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 76,894 $ 10,397 $ (4,868) $ 82,423 Costs to fulfill a contract 98,322 15,358 (6,198) 107,482 Total $ 175,216 $ 25,755 $ (11,066) $ 189,905 As of and for the Three Months Ended December 31, 2021 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 57,977 $ 7,856 $ (3,362) $ 62,471 Costs to fulfill a contract 69,110 11,499 (4,066) 76,543 Total $ 127,087 $ 19,355 $ (7,428) $ 139,014 As of and for the Six Months Ended December 31, 2022 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 72,342 $ 19,390 $ (9,309) $ 82,423 Costs to fulfill a contract 91,132 28,135 (11,785) 107,482 Total $ 163,474 $ 47,525 $ (21,094) $ 189,905 As of and for the Six Months Ended December 31, 2021 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 52,926 $ 15,930 $ (6,385) $ 62,471 Costs to fulfill a contract 62,457 21,763 (7,677) 76,543 Total $ 115,383 $ 37,693 $ (14,062) $ 139,014

BUSINESS COMBINATION AND ASSE_2

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)	6 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows: October 27, 2022 Fair value of total consideration $ 27,965 Cash acquired (174) Net purchase price $ 27,791 Assets acquired: Accounts receivable $ 192 Other current assets 105 Property and equipment 13 Technology intangible assets 7,160 Other intangible assets 50 Other non-current assets 979 Total identifiable assets acquired 8,499 Liabilities assumed: Accounts payable (243) Accrued expenses (917) Deferred revenue (293) Total identifiable liabilities assumed (1,453) Goodwill 20,745 Fair value of total consideration transferred $ 27,791
Schedule of Business Acquisitions, by Acquisition	The preliminary purchase price for the Talenya Acquisition has been allocated to individual assets acquired and liabilities assumed as follows: October 27, 2022 Fair value of total consideration $ 27,965 Cash acquired (174) Net purchase price $ 27,791 Assets acquired: Accounts receivable $ 192 Other current assets 105 Property and equipment 13 Technology intangible assets 7,160 Other intangible assets 50 Other non-current assets 979 Total identifiable assets acquired 8,499 Liabilities assumed: Accounts payable (243) Accrued expenses (917) Deferred revenue (293) Total identifiable liabilities assumed (1,453) Goodwill 20,745 Fair value of total consideration transferred $ 27,791

FUNDS HELD FOR CLIENTS (Tables)

FUNDS HELD FOR CLIENTS (Tables)	6 Months Ended
	Dec. 31, 2022
Funds Held For Clients [Abstract]
Investment	Funds held for clients are as follows: December 31, 2022 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 915,850 $ — $ — $ 915,850 U.S. Treasury and direct obligations of U.S. government agencies 72,400 93 (505) 71,988 Corporate bonds 183,182 46 (2,454) 180,774 Commercial paper — — — — Other securities 15,184 2 (324) 14,862 $ 1,186,616 $ 141 $ (3,283) $ 1,183,474 June 30, 2022 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 1,549,882 $ — $ — $ 1,549,882 U.S. Treasury and direct obligations of U.S. government agencies 29,367 — (290) 29,077 Corporate bonds 112,753 4 (1,894) 110,863 Commercial paper 6,642 2 (3) 6,641 Other securities 19,817 2 (366) 19,453 $ 1,718,461 $ 8 $ (2,553) $ 1,715,916
Investments Classified by Contractual Maturity Date	Expected maturities as of December 31, 2022 for client fund assets are as follows: Due within fiscal year 2023 $ 972,519 Due within fiscal year 2024 111,055 Due within fiscal year 2025 54,355 Due within fiscal year 2026 44,127 Due within fiscal year 2027 1,418 Total $ 1,183,474

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of property and equipment at cost and accumulated depreciation	A summary of the Company’s property and equipment, net is as follows: December 31, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 15,977 14,951 Furniture and fixtures 2,248 2,246 Office equipment 2,526 2,538 Leasehold improvements 1,435 1,430 Construction in progress 1,032 — 50,653 48,600 Accumulated depreciation and amortization (18,664) (16,925) Property and equipment, net $ 31,989 $ 31,675

CAPITALIZED SOFTWARE, NET (Tabl

CAPITALIZED SOFTWARE, NET (Tables)	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of capitalized software	A summary of the Company’s capitalized software, net is as follows: December 31, June 30, Capitalized software $ 102,122 $ 83,682 Accumulated amortization (56,767) (43,680) Capitalized software, net $ 45,355 $ 40,002 Components of intangible assets were as follows: December 31, June 30, Cost: Technology $ 149,328 $ 142,165 Customer relationships 448,258 443,187 Trade name 105,720 105,672 Naming rights 78,135 — Total cost $ 781,441 $ 691,024 Accumulated amortization: Technology $ (138,409) $ (135,982) Customer relationships (306,048) (266,129) Trade name (29,370) (25,844) Naming rights (2,067) — Total accumulated amortization $ (475,894) $ (427,955) Intangible assets, net $ 305,547 $ 263,069
Schedule of future amortization expense	The following is a schedule of future amortization expense as of December 31, 2022: 2023 (remaining six months) $ 12,717 2024 20,281 2025 11,032 2026 1,325 2027 — $ 45,355 The following is a schedule of future amortization expense as of December 31, 2022: 2023 (remaining six months) $ 49,414 2024 91,516 2025 37,751 2026 13,100 2027 13,028 Thereafter 100,738 $ 305,547

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	Changes in the carrying amount of goodwill are presented below: Balance at June 30, 2022 $ 750,155 Talenya Acquisition 20,745 Foreign currency translation (780) Balance at December 31, 2022 $ 770,120
Schedule of components of intangible assets	A summary of the Company’s capitalized software, net is as follows: December 31, June 30, Capitalized software $ 102,122 $ 83,682 Accumulated amortization (56,767) (43,680) Capitalized software, net $ 45,355 $ 40,002 Components of intangible assets were as follows: December 31, June 30, Cost: Technology $ 149,328 $ 142,165 Customer relationships 448,258 443,187 Trade name 105,720 105,672 Naming rights 78,135 — Total cost $ 781,441 $ 691,024 Accumulated amortization: Technology $ (138,409) $ (135,982) Customer relationships (306,048) (266,129) Trade name (29,370) (25,844) Naming rights (2,067) — Total accumulated amortization $ (475,894) $ (427,955) Intangible assets, net $ 305,547 $ 263,069
Schedule of future amortization expense	The following is a schedule of future amortization expense as of December 31, 2022: 2023 (remaining six months) $ 12,717 2024 20,281 2025 11,032 2026 1,325 2027 — $ 45,355 The following is a schedule of future amortization expense as of December 31, 2022: 2023 (remaining six months) $ 49,414 2024 91,516 2025 37,751 2026 13,100 2027 13,028 Thereafter 100,738 $ 305,547

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of leased assets and liabilities	The table below presents the Company’s leased assets and related lease liabilities: Leases Classification December 31, Assets Operating leases Operating lease right-of-use assets $ 22,553 Finance lease assets Property and equipment, net 660 Liabilities Current: Operating Accrued expenses and other current liabilities $ 5,789 Finance Accrued expenses and other current liabilities 291 Non-current: Operating Long-term operating leases 22,310 Finance Other long-term liabilities 482 Lease Term and Discount Rate December 31, Weighted average remaining lease term: Operating leases 7.1 years Finance leases 2.6 years Weighted average discount rate: Operating leases 3.6 % Finance leases 5.0 %
Lease Costs and Cash Flows Impact	The table below presents the costs associated with the leased assets: Leases Classification Three Months Ended Six Months Ended Operating lease cost: Short-term General and administrative $ 2 $ 11 Long-term Cost of revenues, Sales and marketing and General and administrative 944 2,329 Finance lease cost: Amortization of leased assets Cost of revenues, Sales and marketing, General and administrative and Research and development 65 130 Interest on lease liabilities Interest expense 10 21 Total lease cost $ 1,021 $ 2,491 Sublease income General and administrative $ 219 $ 451 The table below summarizes the impact to cash flows related to leases: Six Months Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating leases $ 4,178 Operating cash flows used for finance leases 21 Financing cash flows used for finance leases 140 Leased assets obtained in exchange for new finance lease liabilities — Leased assets obtained in exchange for new operating lease liabilities 6,417
Schedule of maturity of operating leases	The future minimum lease payments required under all leases and the present value of net minimum lease payments as of December 31, 2022 are as follows: Maturity of Lease Liabilities Operating Finance 2023 (remaining six months) $ 3,703 $ 162 2024 5,687 323 2025 4,853 296 2026 4,644 45 2027 4,315 — Thereafter 9,372 — Total minimum lease payments 32,574 826 Less: Amount representing interest (4,475) (53) Present value of minimum lease payments $ 28,099 $ 773
Schedule of maturity of finance leases	The future minimum lease payments required under all leases and the present value of net minimum lease payments as of December 31, 2022 are as follows: Maturity of Lease Liabilities Operating Finance 2023 (remaining six months) $ 3,703 $ 162 2024 5,687 323 2025 4,853 296 2026 4,644 45 2027 4,315 — Thereafter 9,372 — Total minimum lease payments 32,574 826 Less: Amount representing interest (4,475) (53) Present value of minimum lease payments $ 28,099 $ 773

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis	The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and June 30, 2022: December 31, 2022 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 915,850 $ — $ — $ 915,850 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 71,988 — 71,988 Corporate bonds — 180,774 — 180,774 Commercial paper — — — — Other securities 1,499 13,363 — 14,862 $ 917,349 $ 266,125 $ — $ 1,183,474 June 30, 2022 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 1,549,882 $ — $ — $ 1,549,882 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 29,077 — 29,077 Corporate bonds — 110,863 — 110,863 Commercial paper — 6,641 — 6,641 Other securities — 19,453 — 19,453 $ 1,549,882 $ 166,034 $ — $ 1,715,916

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (in thousands, except per share data) 2022 2021 2022 2021 Net loss attributable to Paycor HCM , Inc. $ (27,463) $ (25,464) $ (56,515) $ (79,121) Weighted average outstanding shares: Basic and diluted 175,830,554 174,429,903 175,671,565 170,444,536 Basic and diluted net loss per share $ (0.16) $ (0.15) $ (0.32) $ (0.46)

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Dec. 06, 2022 $ / shares shares	Sep. 09, 2022 $ / shares shares	Jul. 23, 2021 USD ($) $ / shares shares	Jul. 31, 2021	Sep. 30, 2021 USD ($)	Dec. 31, 2022 employee $ / shares	Jun. 30, 2022 $ / shares	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) | $ / shares						$ 0.001	$ 0.001
Payments of stock issuance costs			$ 30,583
Offering costs								$ 3,827
Redemption of outstanding shares					$ 260,044
Stock split conversion ratio				1,517.18
Minimum
Subsequent Event [Line Items]
Number of employees | employee						10
Maximum
Subsequent Event [Line Items]
Number of employees | employee						1,000
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Unrecognized compensation expense, weighted average period			2 years
Time-Based Incentive Units
Subsequent Event [Line Items]
Award vesting rights, percentage			25%
Award vesting period			6 months
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	6,000,000	5,000,000	21,275,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.001
Offering price per share (in dollars per share) | $ / shares	$ 28.60	$ 27.35	$ 23
Aggregate net proceeds from stock offering			$ 454,147
Offering costs			$ 4,595
Issuance of preferred stock, net (in shares) | shares			11,705,039
IPO | Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Issuance of preferred stock, net (in shares) | shares			1,761,578
IPO | Time-Based Incentive Units
Subsequent Event [Line Items]
Award vesting period			24 months

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2022	Jun. 30, 2022
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 5,270		$ 5,270			$ 3,268
Advertising and promotion expense	7,483	$ 4,889	13,401	$ 9,875
Stock-based compensation cost	20,684	$ 17,215	37,635	$ 39,027
Operating lease right-of-use assets	22,553		22,553		$ 17,457	$ 0
Operating lease liability	$ 28,099		$ 28,099		$ 24,626

REVENUE - Contract with Custome

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Recurring and other revenue	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Recurring and other revenue	$ 124,982	$ 102,729	$ 239,151	$ 195,145
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	121,873	99,556	232,935	188,765
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 3,109	$ 3,173	$ 6,216	$ 6,380

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation fee recognition period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	6 months
Revenue, remaining performance obligation, amount	$ 6,991
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 7,281
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 2,017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period
Revenue, remaining performance obligation, amount	$ 748

REVENUE - Deferred Revenue (Det

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 16,490	$ 14,811	$ 17,046	$ 16,047
Deferred revenue acquired	293	0	293	0
Deferral of revenue	5,637	5,789	9,907	9,401
Revenue recognized	(5,394)	(5,311)	(10,103)	(10,110)
Impact of foreign exchange	11	0	(106)	(49)
Balance, end of period	$ 17,037	$ 15,289	$ 17,037	$ 15,289

REVENUE - Deferred Contract Cos

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 175,216	$ 127,087	$ 163,474	$ 115,383
Capitalization of Costs	25,755	19,355	47,525	37,693
Amortization	(11,066)	(7,428)	(21,094)	(14,062)
Ending Balance	189,905	139,014	189,905	139,014
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	76,894	57,977	72,342	52,926
Capitalization of Costs	10,397	7,856	19,390	15,930
Amortization	(4,868)	(3,362)	(9,309)	(6,385)
Ending Balance	82,423	62,471	82,423	62,471
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	98,322	69,110	91,132	62,457
Capitalization of Costs	15,358	11,499	28,135	21,763
Amortization	(6,198)	(4,066)	(11,785)	(7,677)
Ending Balance	$ 107,482	$ 76,543	$ 107,482	$ 76,543

BUSINESS COMBINATION AND ASSE_3

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Oct. 27, 2022	Feb. 04, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Talenya
Business Acquisition [Line Items]
Percentage of business acquired	100%
Cash consideration	$ 20,000
Contingent consideration	$ 10,000
Earnouts period	2 years
Acquired finite-lived intangible assets, weighted average useful life	7 years
Business acquisition, transaction costs			$ 1,174		$ 1,174
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life		3 years
Asset acquisition, consideration transferred		$ 9,300
Asset acquisition, transaction cost		$ 50
Revenue period for contingent payment		12 months
Asset acquisition, contingent consideration			$ 0	$ 2,242	$ 4,259	$ 2,437
Finite-lived intangible assets, remaining amortization period					1 year 1 month 6 days

BUSINESS COMBINATION AND ASSE_4

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	Oct. 27, 2022	Dec. 31, 2022	Jun. 30, 2022
Liabilities assumed:
Goodwill		$ 770,120	$ 750,155
Talenya
Business Acquisition [Line Items]
Cash consideration	$ 20,000
Fair value of total consideration	27,965
Cash acquired	(174)
Net purchase price	27,791
Assets acquired:
Accounts receivable	192
Other current assets	105
Property and equipment	13
Technology intangible assets	7,160
Other intangible assets	50
Other non-current assets	979
Total identifiable assets acquired	8,499
Liabilities assumed:
Accounts payable	(243)
Accrued expenses	(917)
Deferred revenue	(293)
Total identifiable liabilities assumed	(1,453)
Goodwill	20,745
Fair value of total consideration transferred	$ 27,791

FUNDS HELD FOR CLIENTS - Schedu

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 72,277	$ 133,041	$ 111,087
Funds held for clients, Amortized Cost	1,186,616	1,718,461
Funds held for clients, Gross Unrealized Gains	141	8
Funds held for clients, Gross Unrealized Losses	(3,283)	(2,553)
Funds held for clients	1,183,474	1,715,916
U.S. Treasury and direct obligations of U.S. government agencies
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	72,400	29,367
Debt securities, available-for-sale, Gross Unrealized Gains	93	0
Debt securities, available-for-sale, Gross Unrealized Losses	(505)	(290)
Debt securities, available-for-sale, Fair Value	71,988	29,077
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	183,182	112,753
Debt securities, available-for-sale, Gross Unrealized Gains	46	4
Debt securities, available-for-sale, Gross Unrealized Losses	(2,454)	(1,894)
Debt securities, available-for-sale, Fair Value	180,774	110,863
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	0	6,642
Debt securities, available-for-sale, Gross Unrealized Gains	0	2
Debt securities, available-for-sale, Gross Unrealized Losses	0	(3)
Debt securities, available-for-sale, Fair Value	0	6,641
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	15,184	19,817
Debt securities, available-for-sale, Gross Unrealized Gains	2	2
Debt securities, available-for-sale, Gross Unrealized Losses	(324)	(366)
Debt securities, available-for-sale, Fair Value	14,862	19,453
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	915,850	1,549,882
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	$ 915,850	$ 1,549,882

FUNDS HELD FOR CLIENTS - Narrat

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 70,910	$ 34,977	$ 214,017	$ 74,909

FUNDS HELD FOR CLIENTS - Sche_2

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2023	$ 972,519
Due within fiscal year 2024	111,055
Due within fiscal year 2025	54,355
Due within fiscal year 2026	44,127
Due within fiscal year 2027	1,418
Total	$ 1,183,474

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of property and equipment at cost and accumulated depreciation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 50,653	$ 48,600
Accumulated depreciation and amortization	(18,664)	(16,925)
Property and equipment, net	31,989	31,675
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,680	3,680
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	910	910
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,845	22,845
Computer, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,977	14,951
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,248	2,246
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,526	2,538
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,435	1,430
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,032	$ 0

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,196	$ 1,730	$ 2,396	$ 3,448

CAPITALIZED SOFTWARE, NET - Sch

CAPITALIZED SOFTWARE, NET - Schedule of components of capitalized software (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 102,122	$ 83,682
Accumulated amortization	(56,767)	(43,680)
Capitalized software, net	$ 45,355	$ 40,002

CAPITALIZED SOFTWARE, NET - Nar

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 6,745	$ 5,421	$ 13,151	$ 10,241

CAPITALIZED SOFTWARE, NET - S_2

CAPITALIZED SOFTWARE, NET - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remaining six months)	$ 49,414
2024	91,516
2025	37,751
2026	13,100
2027	13,028
Intangible assets, net	305,547	$ 263,069
Computer Software, Intangible Asset
Acquired Finite-Lived Intangible Assets [Line Items]
2023 (remaining six months)	12,717
2024	20,281
2025	11,032
2026	1,325
2027	0
Intangible assets, net	$ 45,355

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of changes in goodwill (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 750,155
Talenya Acquisition	20,745
Foreign currency translation	(780)
Goodwill, ending balance	$ 770,120

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 07, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Partnership agreement	16 years
Amortization of intangible assets, excluding software		$ 24,673	$ 25,362	$ 47,943	$ 57,412

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of components of intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 781,441	$ 691,024
Accumulated amortization:	(475,894)	(427,955)
Intangible assets, net	305,547	263,069
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	149,328	142,165
Accumulated amortization:	(138,409)	(135,982)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	448,258	443,187
Accumulated amortization:	(306,048)	(266,129)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,720	105,672
Accumulated amortization:	(29,370)	(25,844)
Naming rights
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	78,135	0
Accumulated amortization:	$ (2,067)	$ 0

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of future amortization expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining six months)	$ 49,414
2024	91,516
2025	37,751
2026	13,100
2027	13,028
Thereafter	100,738
Intangible assets, net	$ 305,547	$ 263,069

DEBT AGREEMENTS AND LETTERS O_2

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Long-term debt, net	$ 0	$ 0
Letters of credit outstanding, amount	0	$ 0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	200,000,000
Line of credit, maximum increase	200,000,000
Line of credit, maximum borrowing capacity	$ 400,000,000

LEASES - Schedule of leased ass

LEASES - Schedule of leased assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 01, 2022	Jun. 30, 2022
Assets
Operating lease right-of-use assets	$ 22,553	$ 17,457	$ 0
Finance lease assets	660
Current:
Current operating lease liability	5,789
Current finance lease liability	291
Non-current:
Long-term operating leases	22,310		$ 0
Noncurrent finance lease liability	$ 482
Property and equipment, net	Property and equipment, net
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Other long-term liabilities	Other long-term liabilities

LEASES - Schedule of lease cost

LEASES - Schedule of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Operating lease cost:
Short-term	$ 2	$ 11
Long-term	944	2,329
Finance lease cost:
Amortization of leased assets	65	130
Interest on lease liabilities	10	21
Total lease cost	1,021	2,491
Sublease income	$ 219	$ 451

LEASES - Schedule of maturity o

LEASES - Schedule of maturity of lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 01, 2022
Operating
2023 (remaining six months)	$ 3,703
2024	5,687
2025	4,853
2026	4,644
2027	4,315
Thereafter	9,372
Total minimum lease payments	32,574
Less: Amount representing interest	(4,475)
Present value of minimum lease payments	28,099	$ 24,626
Finance
2023 (remaining six months)	162
2024	323
2025	296
2026	45
2027	0
Thereafter	0
Total minimum lease payments	826
Less: Amount representing interest	(53)
Present value of minimum lease payments	$ 773

LEASES - Lease information (Det

LEASES - Lease information (Details)	Dec. 31, 2022
Weighted average remaining lease term:
Operating leases	7 years 1 month 6 days
Finance leases	2 years 7 months 6 days
Weighted average discount rate:
Operating leases	3.60%
Finance leases	5%

LEASES - Schedule of impact to

LEASES - Schedule of impact to cash flows (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2022 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$ 4,178
Operating cash flows used for finance leases	21
Financing cash flows used for finance leases	140
Leased assets obtained in exchange for new finance lease liabilities	0
Leased assets obtained in exchange for new operating lease liabilities	$ 6,417

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	Dec. 31, 2022	Jun. 30, 2022
U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	$ 71,988	$ 29,077
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	180,774	110,863
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	6,641
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	14,862	19,453
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,183,474	1,715,916
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	71,988	29,077
Fair Value, Recurring | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	180,774	110,863
Fair Value, Recurring | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	6,641
Fair Value, Recurring | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	14,862	19,453
Fair Value, Recurring | Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	917,349	1,549,882
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	1,499	0
Fair Value, Recurring | Level 2
Funds held for clients—available-for-sale:
Assets, fair value disclosure	266,125	166,034
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	71,988	29,077
Fair Value, Recurring | Level 2 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	180,774	110,863
Fair Value, Recurring | Level 2 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	6,641
Fair Value, Recurring | Level 2 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	13,363	19,453
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	915,850	1,549,882
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	915,850	1,549,882
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	915,850	1,549,882
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_2

REDEEMABLE NONCONTROLLING INTERESTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 23, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Redemption of outstanding shares		$ (260,044)
Apax Acquisition | Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, redemption price (in percentage)	1.01%
Accretion of redeemable noncontrolling interests			$ 0	$ 11,621

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - $ / shares	Dec. 06, 2022	Sep. 09, 2022	Jul. 23, 2021	Dec. 31, 2022	Jun. 30, 2022
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				500,000,000	500,000,000
Common stock, par value (in dollars per share)				$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)				50,000,000	50,000,000
Preferred stock, par value (in dollars per share)				$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)				175,856,650	174,909,539
Preferred stock, shares outstanding (in shares)				0	0
IPO
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.001
Number of shares issued in transaction (in shares)	6,000,000	5,000,000	21,275,000
Offering price per share (in dollars per share)	$ 28.60	$ 27.35	$ 23

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to Paycor HCM, Inc.	$ (27,463)	$ (25,464)	$ (56,515)	$ (79,121)
Weighted average outstanding shares:
Basic (in shares)	175,830,554	174,429,903	175,671,565	170,444,536
Diluted (in shares)	175,830,554	174,429,903	175,671,565	170,444,536
Basic net loss per share (in dollars per share)	$ (0.16)	$ (0.15)	$ (0.32)	$ (0.46)
Diluted net loss per share (in dollars per share)	$ (0.16)	$ (0.15)	$ (0.32)	$ (0.46)