Paycor HCM (PYCR) 10-Q 8 Feb 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2023	Jan. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-40640
Entity Registrant Name	PAYCOR HCM, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1813909
Entity Address, Address Line One	4811 Montgomery Road
Entity Address, City or Town	Cincinnati
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45212
City Area Code	800
Local Phone Number	381-0053
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PYCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		178,030,054
Entity Central Index Key	0001839439
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 61,719	$ 95,233
Accounts receivable, net	44,945	30,820
Deferred contract costs	63,290	54,448
Prepaid expenses	12,861	10,448
Other current assets	9,307	2,581
Current assets before funds held for clients	192,122	193,530
Funds held for clients	1,325,163	1,049,156
Total current assets	1,517,285	1,242,686
Property and equipment, net	36,893	34,573
Operating lease right-of-use assets	15,346	16,834
Goodwill	767,193	767,738
Intangible assets, net	214,081	260,472
Capitalized software, net	61,652	53,983
Long-term deferred contract costs	177,843	162,657
Other long-term assets	2,921	2,232
Total assets	2,793,214	2,541,175
Current liabilities:
Accounts payable	25,510	28,350
Accrued expenses and other current liabilities	29,290	24,119
Accrued payroll and payroll related expenses	32,521	43,858
Deferred revenue	13,361	13,083
Current liabilities before client fund obligations	100,682	109,410
Client fund obligations	1,325,792	1,053,926
Total current liabilities	1,426,474	1,163,336
Deferred income taxes	12,940	18,047
Long-term operating leases	14,602	16,061
Other long-term liabilities	70,937	70,047
Total liabilities	1,524,953	1,267,491
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 177,634,296 shares outstanding at December 31, 2023 and 176,535,236 shares outstanding at June 30, 2023	178	177
Treasury stock, at cost, 10,620,260 shares at December 31, 2023 and June 30, 2023	(245,074)	(245,074)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at December 31, 2023 and June 30, 2023	0	0
Additional paid-in capital	2,049,501	2,011,194
Accumulated deficit	(536,340)	(489,495)
Accumulated other comprehensive loss	(4)	(3,118)
Total stockholders' equity	1,268,261	1,273,684
Total liabilities and stockholders' equity	$ 2,793,214	$ 2,541,175

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	177,634,296	176,535,236
Treasury stock (in shares)	10,620,260	10,620,260
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Recurring and other revenue	$ 147,232	$ 124,982	$ 279,940	$ 239,151
Interest income on funds held for clients	12,309	7,882	23,189	12,016
Total revenues	159,541	132,864	303,129	251,167
Cost of revenues	55,125	46,184	106,503	89,369
Gross profit	104,416	86,680	196,626	161,798
Operating expenses:
Sales and marketing	57,753	51,913	110,531	100,108
General and administrative	56,173	52,461	104,922	100,372
Research and development	16,665	13,875	30,720	26,277
Total operating expenses	130,591	118,249	246,173	226,757
Loss from operations	(26,175)	(31,569)	(49,547)	(64,959)
Other (expense) income:
Interest expense	(1,153)	(404)	(2,397)	(1,491)
Other	(1,745)	66	(814)	511
Loss before benefit for income taxes	(29,073)	(31,907)	(52,758)	(65,939)
Income tax benefit	(2,824)	(4,444)	(5,913)	(9,424)
Net loss	$ (26,249)	$ (27,463)	$ (46,845)	$ (56,515)
Basic net loss per share (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.26)	$ (0.32)
Diluted net loss per share (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.26)	$ (0.32)
Weighted average common shares outstanding:
Basic (in shares)	177,567,397	175,830,554	177,260,396	175,671,565
Diluted (in shares)	177,567,397	175,830,554	177,260,396	175,671,565

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (26,249)	$ (27,463)	$ (46,845)	$ (56,515)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency translation	183	116	15	(307)
Unrealized gain (loss) on available-for-sale securities, net of tax	3,273	1,234	3,099	(466)
Other comprehensive income (loss), net of tax	3,456	1,350	3,114	(773)
Comprehensive loss	$ (22,793)	$ (26,113)	$ (43,731)	$ (57,288)

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022		0
Stockholders' equity, beginning balance at Jun. 30, 2022	$ 1,284,731	$ 0	$ 175	$ (245,074)	$ 1,926,800	$ (395,389)	$ (1,781)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2022			174,909,539
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(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 income (loss)	(773)						(773)
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022		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
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	(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
Other comprehensive income (loss)	1,350						1,350
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022		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
Preferred stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2023	0	0
Stockholders' equity, beginning balance at Jun. 30, 2023	$ 1,273,684	$ 0	$ 177	(245,074)	2,011,194	(489,495)	(3,118)
Common stock, shares outstanding, beginning balance (in shares) at Jun. 30, 2023	176,535,236		176,535,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (46,845)					(46,845)
Stock-based compensation expense	35,964				35,964
Net settlement for taxes	(1,829)				(1,829)
Issuance of common stock under employee stock plans (in shares)			1,099,060
Issuance of common stock under employee stock plans	4,173		$ 1		4,172
Other comprehensive income (loss)	$ 3,114						3,114
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023	0	0
Stockholders' equity, ending balance at Dec. 31, 2023	$ 1,268,261	$ 0	$ 178	(245,074)	2,049,501	(536,340)	(4)
Common stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023	177,634,296		177,634,296
Preferred stock, shares outstanding, beginning balance (in shares) at Sep. 30, 2023		0
Stockholders' equity, beginning balance at Sep. 30, 2023	$ 1,269,415	$ 0	$ 177	(245,074)	2,027,863	(510,091)	(3,460)
Common stock, shares outstanding, beginning balance (in shares) at Sep. 30, 2023			177,104,017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26,249)					(26,249)
Stock-based compensation expense	23,049				23,049
Net settlement for taxes	(1,411)				(1,411)
Issuance of common stock under employee stock plans (in shares)			530,279
Issuance of common stock under employee stock plans	1		$ 1
Other comprehensive income (loss)	$ 3,456						3,456
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023	0	0
Stockholders' equity, ending balance at Dec. 31, 2023	$ 1,268,261	$ 0	$ 178	$ (245,074)	$ 2,049,501	$ (536,340)	$ (4)
Common stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023	177,634,296		177,634,296

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (46,845)	$ (56,515)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	2,997	2,396
Amortization of intangible assets and software	68,312	61,094
Amortization of deferred contract costs	29,876	21,094
Stock-based compensation expense	35,964	37,635
Deferred tax benefit	(5,937)	(9,533)
Bad debt expense	2,870	2,023
Loss on sale of investments	142	209
Loss on foreign currency exchange	4	376
(Gain) loss on lease exit	(29)	818
Naming rights accretion expense	2,061	1,314
Change in fair value of deferred consideration	2,816	0
Other	44	44
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(17,003)	(12,184)
Prepaid expenses and other assets	(7,487)	(3,474)
Accounts payable	(3,207)	5,715
Accrued liabilities and other	(10,892)	(21,783)
Deferred revenue	255	(202)
Deferred contract costs	(53,904)	(47,525)
Net cash provided by (used in) operating activities	37	(18,498)
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(151,939)	(320,191)
Proceeds from sale and maturities of client funds available-for-sale securities	103,453	214,017
Purchase of property and equipment	(2,068)	(2,621)
Acquisition of intangible assets	(4,133)	(5,074)
Acquisition of businesses, net of cash acquired	(28)	(18,791)
Internally developed software costs	(25,308)	(18,672)
Net cash used in investing activities	(80,023)	(151,332)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	270,540	(527,738)
Payment of capital expenditure financing	(3,689)	0
Repayments of debt and finance lease obligations	(536)	(140)
Withholding taxes paid related to net share settlements	(1,829)	(1,727)
Proceeds from exercise of stock options	0	345
Proceeds from employee stock purchase plan	4,172	4,300
Net cash provided by (used in) financing activities	268,658	(524,960)
Impact of foreign exchange on cash and cash equivalents	11	(6)
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	188,683	(694,796)
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	879,046	1,682,923
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	1,067,729	988,127
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	1,067,729	988,127
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	39	68
Cash paid for interest	145	0
Right-of-use assets obtained in exchange for operating lease liabilities	0	6,417
Capital lease asset obtained in exchange for capital lease liabilities	3,393	0
Reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the Consolidated Balance Sheets
Cash and cash equivalents	61,719	72,277
Funds held for clients	$ 1,006,010	$ 915,850

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS: Paycor HCM, Inc. (“Paycor HCM” or “the Company”) is a leading provider of human capital management (“HCM”) software located primarily in the United States (“U.S.”). Paycor’s solutions target small and medium-sized businesses with tens to thousands of employees. Solutions provided include payroll, human resources (“HR”) services, talent acquisition, talent management, workforce management, benefits administration, reporting and analytics, and other payroll-related services. Services are generally provided in a Software-as-a-Service (“SaaS”) delivery model utilizing a cloud-based platform.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2023 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 28, 2023. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for any future interim periods and the full fiscal year ending June 30, 2024. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the evaluation of potential impairment of goodwill and intangible assets and the valuation of stock-based compensation. The Company’s results of operations and financial condition can also be affected by economic, political, legislative, regulatory and legal actions, including but not limited to health epidemics and pandemics and their resulting economic impact. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, and government fiscal policies can have a significant effect on the Company’s results of operations and financial condition. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings. Accounts receivable, net Accounts receivable balances are shown on the unaudited condensed consolidated balance sheets net of the allowance for doubtful accounts of $9,852 and $7,032 as of December 31, 2023 and June 30, 2023, respectively. The allowance for doubtful accounts considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a client’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for doubtful accounts is adjusted periodically based on management’s consideration of past due accounts. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted. Sales and marketing Sales and marketing expenses consist of costs associated with the Company’s direct sales and marketing staff, including employee-related costs, marketing, advertising and promotion expenses, and other related costs. Advertising and promotion costs are expensed as incurred. Advertising and promotion expense totaled approximately $8,440 and $7,483 for the three months ended December 31, 2023 and 2022, respectively. Advertising and promotion expense totaled approximately $16,271 and $13,401 for the six months ended December 31, 2023 and 2022, respectively. Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. The Company establishes the grant date fair value of restricted stock units (“RSUs”) based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. The Company recognized stock-based compensation cost for the three months ended December 31, 2023 and 2022 of $23,049 and $20,684, respectively. The Company recognized stock-based compensation cost for the six months ended December 31, 2023 and 2022 of $35,964 and $37,635, respectively.

REVENUE

REVENUE	6 Months Ended
	Dec. 31, 2023
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, 2023 2022 2023 2022 Recurring fees $ 143,330 $ 121,873 $ 272,511 $ 232,935 Implementation services and other 3,902 3,109 7,429 6,216 Recurring and other revenue $ 147,232 $ 124,982 $ 279,940 $ 239,151 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, 2023 2022 2023 2022 Balance, beginning of period $ 18,712 $ 16,490 $ 18,697 $ 17,046 Deferred revenue acquired — 293 — 293 Deferral of revenue 5,165 5,637 10,053 9,907 Revenue recognized (4,950) (5,394) (9,794) (10,103) Impact of foreign exchange 25 11 (4) (106) Balance, end of period $ 18,952 $ 17,037 $ 18,952 $ 17,037 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 $7,650 in fiscal year 2024, $9,240 in fiscal year 2025, and $2,062 in fiscal year 2026. 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, 2023 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 97,749 $ 10,152 $ (6,666) $ 101,235 Costs to fulfill a contract 132,076 16,666 (8,844) 139,898 Total $ 229,825 $ 26,818 $ (15,510) $ 241,133 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 Six Months Ended December 31, 2023 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 93,317 $ 20,805 $ (12,887) $ 101,235 Costs to fulfill a contract 123,788 33,099 (16,989) 139,898 Total $ 217,105 $ 53,904 $ (29,876) $ 241,133 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 Deferred contract costs are recorded within deferred contract costs and long-term deferred contract costs on the unaudited condensed consolidated balance sheets. Amortization of costs to fulfill a contract and costs to obtain a contract are recorded in

BUSINESS COMBINATION AND ASSET

BUSINESS COMBINATION AND ASSET ACQUISITION	6 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATION AND ASSET ACQUISITION	BUSINESS COMBINATION AND ASSET ACQUISITION: Acquisition of Verb, Inc. On May 2, 2023, the Company acquired 100% of the equity interests of Verb, Inc., a modern behavioral science-based microlearning solution to develop frontline leaders and their teams (the “Verb Acquisition”), for an initial cash purchase price of $6,000, plus up to a maximum of $2,000 in additional cash payments based on the achievement of an established earnout. The acquisition was funded with cash on hand. The acquisition was accounted for as a business combination. The preliminary purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the total consideration transferred at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is deductible for tax purposes. Goodwill consists primarily of the synergistic benefits and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the Verb Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of the Company’s products. The preliminary purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows: May 2, 2023 Fair value of total consideration $ 5,677 Cash acquired (295) Net purchase price $ 5,382 Assets acquired: Accounts receivable $ 144 Other current assets 119 Property and equipment 22 Technology intangible assets 2,680 Other non-current assets 586 Total identifiable assets acquired 3,551 Liabilities assumed: Accounts payable (49) Accrued expenses (151) Deferred revenue (749) Total identifiable liabilities assumed (949) Goodwill 2,780 Fair value of total consideration transferred $ 5,382 The technology intangible assets acquired have a weighted average useful life of 3 years. The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability within other long-term liabilities on the unaudited condensed consolidated balance sheets. Acquisition of Talenya Ltd. On October 27, 2022, the Company acquired 100% of the equity interests of Talenya Ltd., an Israeli-based provider of an artificial intelligence-driven solution for talent sourcing and recruiting employees (the “Talenya Acquisition”), for an initial cash purchase price of $20,000, plus up to a maximum of $10,000 in additional cash payments based on the achievement of established earnouts over a two-year period. The acquisition was funded with cash on hand. 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 the Company’s products. The final purchase price for the Talenya Acquisition was allocated to individual assets acquired and liabilities assumed as follows: October 27, 2022 Fair value of total consideration $ 23,240 Cash acquired (172) Net purchase price $ 23,068 Assets acquired: Accounts receivable $ 217 Other current assets 34 Property and equipment 13 Technology intangible assets 6,760 Other non-current assets 2,222 Total identifiable assets acquired 9,246 Liabilities assumed: Accounts payable (211) Accrued expenses (294) Deferred revenue (300) Total identifiable liabilities assumed (805) Goodwill 14,627 Fair value of total consideration transferred $ 23,068 The technology intangible assets acquired have a weighted average useful life of 7 years. The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability within accrued expenses and other current liabilities and other long-term liabilities on the unaudited condensed consolidated balance sheets. The Company incurred transaction costs of approximately $— and $1,174 related to the Talenya Acquisition for the three months ended December 31, 2023 and 2022, respectively, and $— and $1,174 related to the Talenya Acquisition for the six months ended December 31, 2023 and 2022, respectively. These costs were expensed as incurred in general and administrative expenses within the accompanying unaudited condensed consolidated statements of operations. Asset Acquisitions The Company periodically acquires customer relationships from other HCM providers. The asset purchase agreements usually provide for an initial payment as well as contingent payments to the seller based on revenue generated by the acquired clients over a defined timeframe. Contingent payments made under such agreements for the three months ended December 31, 2023 and 2022 were $3,596 and $—, respectively. Contingent payments made under such agreements for the six months ended December 31, 2023 and 2022 were $3,596 and $4,259, respectively. The acquired customer relationships are recorded within intangible assets on the unaudited condensed consolidated balance sheets and are being amortized on a straight-line basis over three years. As of December 31, 2023, the weighted average remaining amortization period for these intangible assets was approximately 0.9 years. The contingent payments were
BUSINESS COMBINATION AND ASSET ACQUISITION	BUSINESS COMBINATION AND ASSET ACQUISITION: Acquisition of Verb, Inc. On May 2, 2023, the Company acquired 100% of the equity interests of Verb, Inc., a modern behavioral science-based microlearning solution to develop frontline leaders and their teams (the “Verb Acquisition”), for an initial cash purchase price of $6,000, plus up to a maximum of $2,000 in additional cash payments based on the achievement of an established earnout. The acquisition was funded with cash on hand. The acquisition was accounted for as a business combination. The preliminary purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair value of the total consideration transferred at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is deductible for tax purposes. Goodwill consists primarily of the synergistic benefits and growth opportunities. The factors contributing to the recognition of goodwill were based on strategic benefits that are expected to be realized from the Verb Acquisition. The benefits include acquiring a software technology tailored to small and medium-sized businesses that can be integrated into the current suite of the Company’s products. The preliminary purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows: May 2, 2023 Fair value of total consideration $ 5,677 Cash acquired (295) Net purchase price $ 5,382 Assets acquired: Accounts receivable $ 144 Other current assets 119 Property and equipment 22 Technology intangible assets 2,680 Other non-current assets 586 Total identifiable assets acquired 3,551 Liabilities assumed: Accounts payable (49) Accrued expenses (151) Deferred revenue (749) Total identifiable liabilities assumed (949) Goodwill 2,780 Fair value of total consideration transferred $ 5,382 The technology intangible assets acquired have a weighted average useful life of 3 years. The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability within other long-term liabilities on the unaudited condensed consolidated balance sheets. Acquisition of Talenya Ltd. On October 27, 2022, the Company acquired 100% of the equity interests of Talenya Ltd., an Israeli-based provider of an artificial intelligence-driven solution for talent sourcing and recruiting employees (the “Talenya Acquisition”), for an initial cash purchase price of $20,000, plus up to a maximum of $10,000 in additional cash payments based on the achievement of established earnouts over a two-year period. The acquisition was funded with cash on hand. 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 the Company’s products. The final purchase price for the Talenya Acquisition was allocated to individual assets acquired and liabilities assumed as follows: October 27, 2022 Fair value of total consideration $ 23,240 Cash acquired (172) Net purchase price $ 23,068 Assets acquired: Accounts receivable $ 217 Other current assets 34 Property and equipment 13 Technology intangible assets 6,760 Other non-current assets 2,222 Total identifiable assets acquired 9,246 Liabilities assumed: Accounts payable (211) Accrued expenses (294) Deferred revenue (300) Total identifiable liabilities assumed (805) Goodwill 14,627 Fair value of total consideration transferred $ 23,068 The technology intangible assets acquired have a weighted average useful life of 7 years. The fair value of the contingent consideration was measured at the acquisition date based on management’s estimate of future payments and recorded as a liability within accrued expenses and other current liabilities and other long-term liabilities on the unaudited condensed consolidated balance sheets. The Company incurred transaction costs of approximately $— and $1,174 related to the Talenya Acquisition for the three months ended December 31, 2023 and 2022, respectively, and $— and $1,174 related to the Talenya Acquisition for the six months ended December 31, 2023 and 2022, respectively. These costs were expensed as incurred in general and administrative expenses within the accompanying unaudited condensed consolidated statements of operations. Asset Acquisitions The Company periodically acquires customer relationships from other HCM providers. The asset purchase agreements usually provide for an initial payment as well as contingent payments to the seller based on revenue generated by the acquired clients over a defined timeframe. Contingent payments made under such agreements for the three months ended December 31, 2023 and 2022 were $3,596 and $—, respectively. Contingent payments made under such agreements for the six months ended December 31, 2023 and 2022 were $3,596 and $4,259, respectively. The acquired customer relationships are recorded within intangible assets on the unaudited condensed consolidated balance sheets and are being amortized on a straight-line basis over three years. As of December 31, 2023, the weighted average remaining amortization period for these intangible assets was approximately 0.9 years. The contingent payments were

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS	6 Months Ended
	Dec. 31, 2023
Funds Held For Clients [Abstract]
FUNDS HELD FOR CLIENTS	FUNDS HELD FOR CLIENTS: Funds held for clients are as follows: December 31, 2023 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 1,006,010 $ — $ — $ 1,006,010 U.S. Treasury and direct obligations of U.S. government agencies 86,840 7 (4) 86,843 Corporate bonds 213,445 18 (29) 213,434 Commercial paper 612 — — 612 Other securities 18,268 1 (5) 18,264 $ 1,325,175 $ 26 $ (38) $ 1,325,163 June 30, 2023 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 783,813 $ — $ — $ 783,813 U.S. Treasury and direct obligations of U.S. government agencies 72,173 — (776) 71,397 Corporate bonds 172,570 91 (3,049) 169,612 Commercial paper 2,977 — (3) 2,974 Other securities 21,776 2 (418) 21,360 $ 1,053,309 $ 93 $ (4,246) $ 1,049,156 Other securities are primarily comprised of municipal obligations and certificates of deposit. Proceeds from sales and maturities of investment securities for the three months December 31, 2023 and 2022 were approximately $79,801 and $70,910, respectively. Proceeds from sales and maturities of investment securities for the six months ended December 31, 2023 and 2022 were approximately $103,453 and $214,017, respectively. The Company is exposed to interest rate risk as rate volatility will cause fluctuations in the earnings potential of future investments. The Company does not utilize derivative financial instruments to manage interest rate risk. The Company reviews its investments on an ongoing basis to determine if any allowance for credit loss is warranted due to changes in credit risk or other potential valuation concerns. The Company has no material individual securities that have been in a continuous unrealized loss position greater than twelve months. The Company believes unrealized losses, to the extent they exist, generally result from changes in interest rates rather than credit risk, and therefore does not believe the related investments need to be assessed to determine whether an allowance for the credit loss is warranted. Additionally, the Company believes it will recover its cost basis in the securities with unrealized losses and has the ability to hold the securities until they recover in value and had no intent to sell them at December 31, 2023. Expected maturities as of December 31, 2023 for client fund assets are as follows: Due within fiscal year 2024 $ 1,058,834 Due within fiscal year 2025 80,096 Due within fiscal year 2026 112,546 Due within fiscal year 2027 50,062 Due within fiscal year 2028 21,397 Thereafter 2,228 Total $ 1,325,163

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET: A summary of the Company’s property and equipment, net is as follows: December 31, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 22,799 18,702 Furniture and fixtures 2,251 2,250 Office equipment 2,907 2,880 Leasehold improvements 5,215 4,114 60,607 55,381 Accumulated depreciation and amortization (23,714) (20,808) Property and equipment, net $ 36,893 $ 34,573

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET	6 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
CAPITALIZED SOFTWARE, NET	CAPITALIZED SOFTWARE, NET: A summary of the Company’s capitalized software, net is as follows: December 31, June 30, Capitalized software $ 151,015 $ 125,707 Accumulated amortization (89,363) (71,724) Capitalized software, net $ 61,652 $ 53,983 Amortization expense for capitalized software was approximately $9,166 and $6,745 for the three months ended December 31, 2023 and 2022, respectively. Amortization expense for capitalized software was approximately $17,639 and $13,151 for the six months ended December 31, 2023 and 2022, respectively. The following is a schedule of future amortization expense as of December 31, 2023: 2024 (remaining six months) $ 17,263 2025 27,330 2026 15,374 2027 1,685 $ 61,652

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS: Changes in the carrying amount of goodwill are presented below: Balance at June 30, 2023 $ 767,738 Verb Acquisition (551) Foreign currency translation 6 Balance at December 31, 2023 $ 767,193 On August 7, 2022, the Company entered into a 16-year partnership with the Cincinnati Bengals of the National Football League that grants the Company exclusive naming rights to Paycor Stadium (the “Naming Rights”), home to the Cincinnati Bengals since 2000. Contractual payments under the naming rights agreement (the “Naming Rights Agreement”) began in August 2022 and end in 2038. The Naming Rights have been recorded within intangible assets on the unaudited condensed consolidated balance sheet in an amount equal to the present value of the future contractual cash flows with an offsetting liability for payments to be made in the future. The intangible asset reflects the Naming Rights to the Bengals stadium including co-branding and shared promotion, along with the right for the Company to place its logo on and around the stadium. The discount between the offsetting liability and overall payment obligation is amortized to interest expense over the term of the Naming Rights Agreement using the effective interest method. The intangible asset is being amortized over the life of the Naming Rights Agreement on a straight-line basis through sales and marketing expense. The liability is included within accrued expenses and other current liabilities and other long-term liabilities on the unaudited condensed consolidated balance sheets. Components of intangible assets were as follows: December 31, June 30, Cost: Technology $ 152,391 $ 151,855 Customer relationships 466,199 462,452 Trade name 105,670 105,670 Naming rights 66,698 66,698 Total cost $ 790,958 $ 786,675 Accumulated amortization: Technology $ (143,317) $ (141,309) Customer relationships (391,150) (348,123) Trade name (36,411) (32,889) Naming rights (5,999) (3,882) Total accumulated amortization $ (576,877) $ (526,203) Intangible assets, net $ 214,081 $ 260,472 Amortization expense for intangible assets was approximately $24,963 and $24,673 for the three months ended December 31, 2023 and 2022, respectively. Amortization expense for intangible assets was approximately $50,673 and $47,943 for the six months ended December 31, 2023 and 2022, respectively. The following is a schedule of future amortization expense as of December 31, 2023: 2024 (remaining six months) $ 46,797 2025 44,591 2026 17,623 2027 12,332 2028 12,244 Thereafter 80,494 $ 214,081

DEBT AGREEMENTS AND LETTERS OF

DEBT AGREEMENTS AND LETTERS OF CREDIT	6 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT AGREEMENTS AND LETTERS OF CREDIT	DEBT AGREEMENTS AND LETTERS OF CREDIT: Credit Agreement Paycor, Inc. is party to a credit agreement (as amended, the “Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders, providing a $200,000 senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility includes an “accordion feature” that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional principal amount of up to $200,000, with a resulting maximum principal amount of $400,000, subject to the participating lenders electing to increase their commitments or new lenders being added to the Credit Agreement. The Revolving Credit Facility will mature on June 11, 2026. The Company had no outstanding borrowings under the Revolving Credit Facility as of December 31, 2023 and June 30, 2023. Additionally, the Company had no outstanding letters of credit as of December 31, 2023 and June 30, 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: U.S. GAAP defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access. Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of certain assets, such as nonfinancial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets, are recognized or disclosed in connection with impairment evaluations. All non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of December 31, 2023 and June 30, 2023, because of the relatively short maturity of these instruments. The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and June 30, 2023: December 31, 2023 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 1,006,010 $ — $ — $ 1,006,010 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 86,843 — 86,843 Corporate bonds — 213,434 — 213,434 Commercial paper — 612 — 612 Other securities — 18,264 — 18,264 $ 1,006,010 $ 319,153 $ — $ 1,325,163 June 30, 2023 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 783,813 $ — $ — $ 783,813 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 71,397 — 71,397 Corporate bonds — 169,612 — 169,612 Commercial paper — 2,974 — 2,974 Other securities — 21,360 — 21,360 $ 783,813 $ 265,343 $ — $ 1,049,156 Available-for-sale securities included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Available-for-sale securities included in Level 2 are valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Dec. 31, 2023
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: The Company’s Second Amended and Restated Certificate of Incorporation authorized the issuance of up to 500,000,000 shares of common stock with a par value of $0.001 per share and 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of December 31, 2023 and June 30, 2023, there were 177,634,296 and 176,535,236 shares of common stock outstanding, respectively, and no preferred stock outstanding. On December 6, 2023, our principal stockholder, Pride Aggregator, LP (“Pride Aggregator”), which is the investment vehicle controlled by certain funds advised by Apax Partners LLP, completed a secondary underwritten public offering of 5,000,000 shares of the Company’s common stock. The Company did not receive any proceeds from this sale.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE: Basic net loss per share is calculated by dividing net loss by the weighted average shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss adjusted as necessary for the impact of potentially dilutive securities, by the weighted average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the three and six months ended December 31, 2023 and 2022 included RSUs, stock options and ESPP purchase rights. Due to the net loss for the three and six months ended December 31, 2023 and 2022, any potentially dilutive securities were excluded from the denominator in calculating diluted net loss per share because including them would have had an anti-dilutive effect. Additionally, the Company excluded the impact of stock-based compensation awards held by certain employees consisting of membership interest units in Pride Aggregator for the three and six months ended December 31, 2023 and 2022, respectively. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (in thousands, except per share data) 2023 2022 2023 2022 Net loss $ (26,249) $ (27,463) $ (46,845) $ (56,515) Weighted average outstanding shares: Basic and diluted 177,567,397 175,830,554 177,260,396 175,671,565 Basic and diluted net loss per share $ (0.15) $ (0.16) $ (0.26) $ (0.32)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: The Company is subject to various claims, litigation, and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. The resolution of these claims, litigation and regulatory compliance matters, individually or in the aggregate, is not expected to have a material adverse impact on the Company’s unaudited condensed consolidated statements of operations, balance sheets or statements of cash flows. These matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (26,249)	$ (27,463)	$ (46,845)	$ (56,515)

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement			Insider Trading Arrangements On November 13, 2023, Jeremy Rishel, a member of our Board of Directors, adopted a trading plan which is intended to satisfy the affirmative defense conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Rishel’s trading plan provides for the sale of up to 6,473 shares of our common stock at specified price limits and expires on the earlier of the date all of the shares under the plan are sold and November 30, 2024. None of the Company’s other directors or officers (as defined in Section 16 of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and (c) of Regulation S-K) during the Company’s fiscal quarter ended December 31, 2023. In addition, in Item 5 of Part II of our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, we inadvertently omitted the disclosure of trading plans adopted by Adam Ante, our Chief Financial Officer, Alice Geene, our Chief Legal Officer, and Jonathan Corr, a member of our Board of Directors, during the Company’s fiscal quarter ended September 30, 2023. Each of the trading plans is intended to satisfy the affirmative defense conditions under Rule 10b5-1(c) of the Exchange Act. Mr. Ante’s trading plan, which was adopted on August 30, 2023, provides for the sale of up to 20,000 shares of our common stock at specified price limits and expires on the earlier of the date all of the shares under the plan are sold and July 1, 2024. Ms. Geene’s trading plan, which was adopted on August 23, 2023, provides for the exercise of up to 44,000 employee stock options (including the sale of shares of our common stock acquired upon exercise of such options), at specified price limits, as well as the sale of up to 9,000 shares of our common stock acquired upon vesting of restricted stock units previously granted to Ms. Geene, and expires on the earlier of the date all of the shares under the plan are sold and July 15, 2024. Mr. Corr’s trading plan, which was adopted on August 21, 2023, provides for the sale of up to 16,309 shares of our common stock and expires on the earlier of the date all of the shares under the plan are sold and April 1, 2025.
Non-Rule 10b5-1 Arrangement Adopted	false	false
Rule 10b5-1 Arrangement Terminated	false	false
Non-Rule 10b5-1 Arrangement Terminated	false	false
Jeremy Rishel [Member]
Trading Arrangements, by Individual
Name	Jeremy Rishel
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 13, 2023
Arrangement Duration	383 days
Aggregate Available	6,473		6,473
Adam Ante [Member]
Trading Arrangements, by Individual
Name		Adam Ante
Title		Chief Financial Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		August 30, 2023
Arrangement Duration		306 days
Aggregate Available		20,000
Jonathan Corr [Member]
Trading Arrangements, by Individual
Name		Jonathan Corr
Title		Board of Directors
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		August 21, 2023
Arrangement Duration		589 days
Aggregate Available		16,309
Alice Geene [Member]
Trading Arrangements, by Individual
Name		Alice Geene
Title		Chief Legal Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		August 23, 2023
Arrangement Duration		327 days
Ms. Geene Trading Arrangement, Employee Stock Options [Member] | Alice Geene [Member]
Trading Arrangements, by Individual
Aggregate Available		44,000
Ms. Geene Trading Arrangement, Common Stock [Member] | Alice Geene [Member]
Trading Arrangements, by Individual
Aggregate Available		9,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying interim unaudited condensed consolidated financial statements of the Company were prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and include all of the information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim reporting. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2023 in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on August 28, 2023. The unaudited condensed consolidated financial statements for interim periods do not include all disclosures required by U.S. GAAP for annual financial statements and are not necessarily indicative of results for any future interim periods and the full fiscal year ending June 30, 2024. Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation.
Consolidation	Adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of the unaudited condensed consolidated financial position, results of operations and cash flows at the dates and for the periods presented have been included. All intercompany transactions and balances have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the evaluation of potential impairment of goodwill and intangible assets and the valuation of stock-based compensation.
Accounts receivable, net	Accounts receivable, net
Sales and marketing	Sales and marketing
Stock-based compensation	Stock-based compensation The Company recognizes all employee and director stock-based compensation as a cost in the unaudited condensed consolidated financial statements. Equity-classified awards are measured at the grant date fair value of the award and expense is recognized, net of actual forfeitures, on a straight-line basis over the requisite service period for the award. The Company establishes the grant date fair value of restricted stock units (“RSUs”) based on the fair value of the Company's underlying common stock. The Company estimates the grant date fair value of stock options, including common stock purchased as a part of the Company's Employee Stock Purchase Plan ("ESPP"), using the Black-Scholes option pricing model, which requires management to make assumptions with respect to the fair value of the Company's award on the grant date, including the expected term of the award, the expected volatility of the Company's stock calculated based on a period of time generally commensurate with the expected term of the award, the expected risk-free rate of return, and expected dividend yields of the Company's stock. The Company recognized stock-based compensation cost for the three months ended December 31, 2023 and 2022 of $23,049 and $20,684, respectively. The Company recognized stock-based compensation cost for the six months ended December 31, 2023 and 2022 of $35,964 and $37,635, respectively.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Recurring fees $ 143,330 $ 121,873 $ 272,511 $ 232,935 Implementation services and other 3,902 3,109 7,429 6,216 Recurring and other revenue $ 147,232 $ 124,982 $ 279,940 $ 239,151 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, 2023 2022 2023 2022 Balance, beginning of period $ 18,712 $ 16,490 $ 18,697 $ 17,046 Deferred revenue acquired — 293 — 293 Deferral of revenue 5,165 5,637 10,053 9,907 Revenue recognized (4,950) (5,394) (9,794) (10,103) Impact of foreign exchange 25 11 (4) (106) Balance, end of period $ 18,952 $ 17,037 $ 18,952 $ 17,037
Schedule of Capitalized 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, 2023 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 97,749 $ 10,152 $ (6,666) $ 101,235 Costs to fulfill a contract 132,076 16,666 (8,844) 139,898 Total $ 229,825 $ 26,818 $ (15,510) $ 241,133 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 Six Months Ended December 31, 2023 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 93,317 $ 20,805 $ (12,887) $ 101,235 Costs to fulfill a contract 123,788 33,099 (16,989) 139,898 Total $ 217,105 $ 53,904 $ (29,876) $ 241,133 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

BUSINESS COMBINATION AND ASSE_2

BUSINESS COMBINATION AND ASSET ACQUISITION (Tables)	6 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows: May 2, 2023 Fair value of total consideration $ 5,677 Cash acquired (295) Net purchase price $ 5,382 Assets acquired: Accounts receivable $ 144 Other current assets 119 Property and equipment 22 Technology intangible assets 2,680 Other non-current assets 586 Total identifiable assets acquired 3,551 Liabilities assumed: Accounts payable (49) Accrued expenses (151) Deferred revenue (749) Total identifiable liabilities assumed (949) Goodwill 2,780 Fair value of total consideration transferred $ 5,382 October 27, 2022 Fair value of total consideration $ 23,240 Cash acquired (172) Net purchase price $ 23,068 Assets acquired: Accounts receivable $ 217 Other current assets 34 Property and equipment 13 Technology intangible assets 6,760 Other non-current assets 2,222 Total identifiable assets acquired 9,246 Liabilities assumed: Accounts payable (211) Accrued expenses (294) Deferred revenue (300) Total identifiable liabilities assumed (805) Goodwill 14,627 Fair value of total consideration transferred $ 23,068
Schedule of Acquisitions	The preliminary purchase price for the Verb Acquisition was allocated to individual assets acquired and liabilities assumed as follows: May 2, 2023 Fair value of total consideration $ 5,677 Cash acquired (295) Net purchase price $ 5,382 Assets acquired: Accounts receivable $ 144 Other current assets 119 Property and equipment 22 Technology intangible assets 2,680 Other non-current assets 586 Total identifiable assets acquired 3,551 Liabilities assumed: Accounts payable (49) Accrued expenses (151) Deferred revenue (749) Total identifiable liabilities assumed (949) Goodwill 2,780 Fair value of total consideration transferred $ 5,382 October 27, 2022 Fair value of total consideration $ 23,240 Cash acquired (172) Net purchase price $ 23,068 Assets acquired: Accounts receivable $ 217 Other current assets 34 Property and equipment 13 Technology intangible assets 6,760 Other non-current assets 2,222 Total identifiable assets acquired 9,246 Liabilities assumed: Accounts payable (211) Accrued expenses (294) Deferred revenue (300) Total identifiable liabilities assumed (805) Goodwill 14,627 Fair value of total consideration transferred $ 23,068

FUNDS HELD FOR CLIENTS (Tables)

FUNDS HELD FOR CLIENTS (Tables)	6 Months Ended
	Dec. 31, 2023
Funds Held For Clients [Abstract]
Schedule of Investments	Funds held for clients are as follows: December 31, 2023 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 1,006,010 $ — $ — $ 1,006,010 U.S. Treasury and direct obligations of U.S. government agencies 86,840 7 (4) 86,843 Corporate bonds 213,445 18 (29) 213,434 Commercial paper 612 — — 612 Other securities 18,268 1 (5) 18,264 $ 1,325,175 $ 26 $ (38) $ 1,325,163 June 30, 2023 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 783,813 $ — $ — $ 783,813 U.S. Treasury and direct obligations of U.S. government agencies 72,173 — (776) 71,397 Corporate bonds 172,570 91 (3,049) 169,612 Commercial paper 2,977 — (3) 2,974 Other securities 21,776 2 (418) 21,360 $ 1,053,309 $ 93 $ (4,246) $ 1,049,156
Schedule of Investments Classified by Contractual Maturity Date	Expected maturities as of December 31, 2023 for client fund assets are as follows: Due within fiscal year 2024 $ 1,058,834 Due within fiscal year 2025 80,096 Due within fiscal year 2026 112,546 Due within fiscal year 2027 50,062 Due within fiscal year 2028 21,397 Thereafter 2,228 Total $ 1,325,163

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment at Cost and Accumulated Depreciation	A summary of the Company’s property and equipment, net is as follows: December 31, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 22,799 18,702 Furniture and fixtures 2,251 2,250 Office equipment 2,907 2,880 Leasehold improvements 5,215 4,114 60,607 55,381 Accumulated depreciation and amortization (23,714) (20,808) Property and equipment, net $ 36,893 $ 34,573

CAPITALIZED SOFTWARE, NET (Tabl

CAPITALIZED SOFTWARE, NET (Tables)	6 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Capitalized Software	A summary of the Company’s capitalized software, net is as follows: December 31, June 30, Capitalized software $ 151,015 $ 125,707 Accumulated amortization (89,363) (71,724) Capitalized software, net $ 61,652 $ 53,983 Components of intangible assets were as follows: December 31, June 30, Cost: Technology $ 152,391 $ 151,855 Customer relationships 466,199 462,452 Trade name 105,670 105,670 Naming rights 66,698 66,698 Total cost $ 790,958 $ 786,675 Accumulated amortization: Technology $ (143,317) $ (141,309) Customer relationships (391,150) (348,123) Trade name (36,411) (32,889) Naming rights (5,999) (3,882) Total accumulated amortization $ (576,877) $ (526,203) Intangible assets, net $ 214,081 $ 260,472
Schedule of Future Amortization Expense	The following is a schedule of future amortization expense as of December 31, 2023: 2024 (remaining six months) $ 17,263 2025 27,330 2026 15,374 2027 1,685 $ 61,652 The following is a schedule of future amortization expense as of December 31, 2023: 2024 (remaining six months) $ 46,797 2025 44,591 2026 17,623 2027 12,332 2028 12,244 Thereafter 80,494 $ 214,081

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	Changes in the carrying amount of goodwill are presented below: Balance at June 30, 2023 $ 767,738 Verb Acquisition (551) Foreign currency translation 6 Balance at December 31, 2023 $ 767,193
Schedule of Components of Intangible Assets	A summary of the Company’s capitalized software, net is as follows: December 31, June 30, Capitalized software $ 151,015 $ 125,707 Accumulated amortization (89,363) (71,724) Capitalized software, net $ 61,652 $ 53,983 Components of intangible assets were as follows: December 31, June 30, Cost: Technology $ 152,391 $ 151,855 Customer relationships 466,199 462,452 Trade name 105,670 105,670 Naming rights 66,698 66,698 Total cost $ 790,958 $ 786,675 Accumulated amortization: Technology $ (143,317) $ (141,309) Customer relationships (391,150) (348,123) Trade name (36,411) (32,889) Naming rights (5,999) (3,882) Total accumulated amortization $ (576,877) $ (526,203) Intangible assets, net $ 214,081 $ 260,472
Schedule of Future Amortization Expense	The following is a schedule of future amortization expense as of December 31, 2023: 2024 (remaining six months) $ 17,263 2025 27,330 2026 15,374 2027 1,685 $ 61,652 The following is a schedule of future amortization expense as of December 31, 2023: 2024 (remaining six months) $ 46,797 2025 44,591 2026 17,623 2027 12,332 2028 12,244 Thereafter 80,494 $ 214,081

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and June 30, 2023: December 31, 2023 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 1,006,010 $ — $ — $ 1,006,010 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 86,843 — 86,843 Corporate bonds — 213,434 — 213,434 Commercial paper — 612 — 612 Other securities — 18,264 — 18,264 $ 1,006,010 $ 319,153 $ — $ 1,325,163 June 30, 2023 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 783,813 $ — $ — $ 783,813 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 71,397 — 71,397 Corporate bonds — 169,612 — 169,612 Commercial paper — 2,974 — 2,974 Other securities — 21,360 — 21,360 $ 783,813 $ 265,343 $ — $ 1,049,156

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	6 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (in thousands, except per share data) 2023 2022 2023 2022 Net loss $ (26,249) $ (27,463) $ (46,845) $ (56,515) Weighted average outstanding shares: Basic and diluted 177,567,397 175,830,554 177,260,396 175,671,565 Basic and diluted net loss per share $ (0.15) $ (0.16) $ (0.26) $ (0.32)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 9,852		$ 9,852		$ 7,032
Advertising and promotion expense	8,440	$ 7,483	16,271	$ 13,401
Stock-based compensation expense	$ 23,049	$ 20,684	$ 35,964	$ 37,635

REVENUE - Contract with Custome

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 147,232	$ 124,982	$ 279,940	$ 239,151
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	143,330	121,873	272,511	232,935
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 3,902	$ 3,109	$ 7,429	$ 6,216

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation fee recognition period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	6 months
Revenue, remaining performance obligation, amount	$ 7,650
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	$ 9,240
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 2,062
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period

REVENUE - Deferred Revenue (Det

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 18,712	$ 16,490	$ 18,697	$ 17,046
Deferred revenue acquired	0	293	0	293
Deferral of revenue	5,165	5,637	10,053	9,907
Revenue recognized	(4,950)	(5,394)	(9,794)	(10,103)
Impact of foreign exchange	25	11	(4)	(106)
Balance, end of period	$ 18,952	$ 17,037	$ 18,952	$ 17,037

REVENUE - Deferred Contract Cos

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 229,825	$ 175,216	$ 217,105	$ 163,474
Capitalization of Costs	26,818	25,755	53,904	47,525
Amortization	(15,510)	(11,066)	(29,876)	(21,094)
Ending Balance	241,133	189,905	241,133	189,905
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	97,749	76,894	93,317	72,342
Capitalization of Costs	10,152	10,397	20,805	19,390
Amortization	(6,666)	(4,868)	(12,887)	(9,309)
Ending Balance	101,235	82,423	101,235	82,423
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	132,076	98,322	123,788	91,132
Capitalization of Costs	16,666	15,358	33,099	28,135
Amortization	(8,844)	(6,198)	(16,989)	(11,785)
Ending Balance	$ 139,898	$ 107,482	$ 139,898	$ 107,482

BUSINESS COMBINATION AND ASSE_3

BUSINESS COMBINATION AND ASSET ACQUISITION - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended
	May 02, 2023	Oct. 27, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Business acquisition, transaction costs			$ 0	$ 1,174,000	$ 0	$ 1,174,000
Verb
Business Acquisition [Line Items]
Percentage of business acquired	100%
Cash consideration	$ 6,000,000
Contingent consideration	2,000,000
Business acquisition, goodwill, expected tax deductible amount	$ 0
Acquired finite-lived intangible assets, weighted average useful life	3 years
Talenya
Business Acquisition [Line Items]
Percentage of business acquired		100%
Cash consideration		$ 20,000,000
Contingent consideration		10,000,000
Business acquisition, goodwill, expected tax deductible amount		$ 0
Acquired finite-lived intangible assets, weighted average useful life		7 years
Earnouts period		2 years
HCM Assets Acquisition
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life					3 years
Asset acquisition, contingent consideration			$ 3,596,000	$ 0	$ 3,596,000	$ 4,259,000
Finite-lived intangible assets, remaining amortization period			10 months 24 days		10 months 24 days

BUSINESS COMBINATION AND ASSE_4

BUSINESS COMBINATION AND ASSET ACQUISITION - Preliminary Purchase Price (Details) - USD ($) $ in Thousands	May 02, 2023	Oct. 27, 2022	Dec. 31, 2023	Jun. 30, 2023
Liabilities assumed:
Goodwill			$ 767,193	$ 767,738
Verb
Business Acquisition [Line Items]
Fair value of total consideration	$ 5,677
Cash acquired	(295)
Net purchase price	5,382
Assets acquired:
Accounts receivable	144
Other current assets	119
Property and equipment	22
Technology intangible assets	2,680
Other non-current assets	586
Total identifiable assets acquired	3,551
Liabilities assumed:
Accounts payable	(49)
Accrued expenses	(151)
Deferred revenue	(749)
Total identifiable liabilities assumed	(949)
Goodwill	2,780
Fair value of total consideration transferred	$ 5,382
Talenya
Business Acquisition [Line Items]
Fair value of total consideration		$ 23,240
Cash acquired		(172)
Net purchase price		23,068
Assets acquired:
Accounts receivable		217
Other current assets		34
Property and equipment		13
Technology intangible assets		6,760
Other non-current assets		2,222
Total identifiable assets acquired		9,246
Liabilities assumed:
Accounts payable		(211)
Accrued expenses		(294)
Deferred revenue		(300)
Total identifiable liabilities assumed		(805)
Goodwill		14,627
Fair value of total consideration transferred		$ 23,068

FUNDS HELD FOR CLIENTS - Schedu

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 61,719	$ 95,233	$ 72,277
Funds held for clients, Amortized Cost	1,325,175	1,053,309
Funds held for clients, Gross Unrealized Gains	26	93
Funds held for clients, Gross Unrealized Losses	(38)	(4,246)
Funds held for clients	1,325,163	1,049,156
U.S. Treasury and direct obligations of U.S. government agencies
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	86,840	72,173
Debt securities, available-for-sale, Gross Unrealized Gains	7	0
Debt securities, available-for-sale, Gross Unrealized Losses	(4)	(776)
Debt securities, available-for-sale, Fair Value	86,843	71,397
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	213,445	172,570
Debt securities, available-for-sale, Gross Unrealized Gains	18	91
Debt securities, available-for-sale, Gross Unrealized Losses	(29)	(3,049)
Debt securities, available-for-sale, Fair Value	213,434	169,612
Commercial paper
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	612	2,977
Debt securities, available-for-sale, Gross Unrealized Gains	0	0
Debt securities, available-for-sale, Gross Unrealized Losses	0	(3)
Debt securities, available-for-sale, Fair Value	612	2,974
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	18,268	21,776
Debt securities, available-for-sale, Gross Unrealized Gains	1	2
Debt securities, available-for-sale, Gross Unrealized Losses	(5)	(418)
Debt securities, available-for-sale, Fair Value	18,264	21,360
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	1,006,010	783,813
Demand deposit accounts and other cash equivalents, Gross Unrealized Gains	0	0
Demand deposit accounts and other cash equivalents, Gross Unrealized Losses	0	0
Demand deposit accounts and other cash equivalents, Fair Value	$ 1,006,010	$ 783,813

FUNDS HELD FOR CLIENTS - Narrat

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 79,801	$ 70,910	$ 103,453	$ 214,017

FUNDS HELD FOR CLIENTS - Sche_2

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2024	$ 1,058,834
Due within fiscal year 2025	80,096
Due within fiscal year 2026	112,546
Due within fiscal year 2027	50,062
Due within fiscal year 2028	21,397
Thereafter	2,228
Total	$ 1,325,163

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, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 60,607	$ 55,381
Accumulated depreciation and amortization	(23,714)	(20,808)
Property and equipment, net	36,893	34,573
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,680	3,680
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	910	910
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,845	22,845
Computer, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,799	18,702
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,251	2,250
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,907	2,880
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,215	$ 4,114

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,486	$ 1,196	$ 2,997	$ 2,396

CAPITALIZED SOFTWARE, NET - Sch

CAPITALIZED SOFTWARE, NET - Schedule of Components of Capitalized Software (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 151,015	$ 125,707
Accumulated amortization	(89,363)	(71,724)
Capitalized software, net	$ 61,652	$ 53,983

CAPITALIZED SOFTWARE, NET - Nar

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 9,166	$ 6,745	$ 17,639	$ 13,151

CAPITALIZED SOFTWARE, NET - S_2

CAPITALIZED SOFTWARE, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remaining six months)	$ 46,797
2025	44,591
2026	17,623
2027	12,332
Intangible assets, net	214,081	$ 260,472
Computer Software, Intangible Asset
Acquired Finite-Lived Intangible Assets [Line Items]
2024 (remaining six months)	17,263
2025	27,330
2026	15,374
2027	1,685
Intangible assets, net	$ 61,652

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Goodwill (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 767,738
Foreign currency translation	6
Goodwill, ending balance	767,193
Verb
Goodwill [Roll Forward]
Verb Acquisition	$ (551)

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, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Partnership agreement	16 years
Amortization of intangible assets, excluding software		$ 24,963	$ 24,673	$ 50,673	$ 47,943

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 790,958	$ 786,675
Accumulated amortization:	(576,877)	(526,203)
Intangible assets, net	214,081	260,472
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	152,391	151,855
Accumulated amortization:	(143,317)	(141,309)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	466,199	462,452
Accumulated amortization:	(391,150)	(348,123)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,670	105,670
Accumulated amortization:	(36,411)	(32,889)
Naming rights
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	66,698	66,698
Accumulated amortization:	$ (5,999)	$ (3,882)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining six months)	$ 46,797
2025	44,591
2026	17,623
2027	12,332
2028	12,244
Thereafter	80,494
Intangible assets, net	$ 214,081	$ 260,472

DEBT AGREEMENTS AND LETTERS O_2

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Long-term debt, net	$ 0	$ 0
Letters of credit outstanding, amount	0	$ 0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	200,000,000
Line of credit, maximum increase	200,000,000
Line of credit, maximum borrowing capacity	$ 400,000,000

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, 2023	Jun. 30, 2023
U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	$ 86,843	$ 71,397
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	213,434	169,612
Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	612	2,974
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	18,264	21,360
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,325,163	1,049,156
Fair Value, Recurring | U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	86,843	71,397
Fair Value, Recurring | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	213,434	169,612
Fair Value, Recurring | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	612	2,974
Fair Value, Recurring | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	18,264	21,360
Fair Value, Recurring | Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	1,006,010	783,813
Fair Value, Recurring | Level 1 | U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 1 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 1 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 1 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 2
Funds held for clients—available-for-sale:
Assets, fair value disclosure	319,153	265,343
Fair Value, Recurring | Level 2 | U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	86,843	71,397
Fair Value, Recurring | Level 2 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	213,434	169,612
Fair Value, Recurring | Level 2 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	612	2,974
Fair Value, Recurring | Level 2 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	18,264	21,360
Fair Value, Recurring | Level 3
Funds held for clients—available-for-sale:
Assets, fair value disclosure	0	0
Fair Value, Recurring | Level 3 | U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 3 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 3 | Commercial paper
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Fair Value, Recurring | Level 3 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	0	0
Demand deposit accounts and other cash equivalents
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,006,010	783,813
Demand deposit accounts and other cash equivalents | Fair Value, Recurring
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,006,010	783,813
Demand deposit accounts and other cash equivalents | Fair Value, Recurring | Level 1
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	1,006,010	783,813
Demand deposit accounts and other cash equivalents | Fair Value, Recurring | Level 2
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	0	0
Demand deposit accounts and other cash equivalents | Fair Value, Recurring | Level 3
Funds held for clients—cash and cash equivalents:
Demand deposit accounts and other cash equivalents	$ 0	$ 0

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - $ / shares	Dec. 06, 2023	Dec. 31, 2023	Jun. 30, 2023
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)		177,634,296	176,535,236
Preferred stock, shares outstanding (in shares)		0	0
Number of shares issued in transaction (in shares)	5,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		0	0

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (26,249)	$ (27,463)	$ (46,845)	$ (56,515)
Weighted average outstanding shares:
Basic (in shares)	177,567,397	175,830,554	177,260,396	175,671,565
Diluted (in shares)	177,567,397	175,830,554	177,260,396	175,671,565
Basic net loss per share (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.26)	$ (0.32)
Diluted net loss per share (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.26)	$ (0.32)