Paycor HCM (PYCR) 10-Q 7 Nov 24 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		179,658,817
Entity Central Index Key	0001839439
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 97,618	$ 117,958
Accounts receivable, net allowance for credit losses	47,957	48,164
Deferred contract costs	73,128	70,377
Prepaid expenses	14,693	12,749
Other current assets	8,673	3,458
Current assets before funds held for clients	242,069	252,706
Funds held for clients	967,189	1,109,136
Total current assets	1,209,258	1,361,842
Property and equipment, net	34,871	35,220
Operating lease right-of-use assets	14,021	14,417
Goodwill	766,832	766,653
Intangible assets, net	147,925	171,493
Capitalized software, net	70,173	67,376
Long-term deferred contract costs	194,941	189,826
Other long-term assets	2,853	2,566
Total assets	2,440,874	2,609,393
Current liabilities:
Accounts payable	20,419	27,309
Accrued expenses and other current liabilities	29,535	26,450
Accrued payroll and payroll related expenses	22,006	44,923
Deferred revenue	13,124	13,600
Current liabilities before client fund obligations	85,084	112,282
Client fund obligations	963,998	1,111,373
Total current liabilities	1,049,082	1,223,655
Deferred income taxes	11,197	16,019
Long-term operating leases	12,653	13,447
Other long-term liabilities	68,309	69,346
Total liabilities	1,141,241	1,322,467
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 178,821,615 shares outstanding at September 30, 2024 and 178,210,263 shares outstanding at June 30, 2024	179	178
Treasury stock, at cost, 10,620,260 shares at September 30, 2024 and June 30, 2024	(245,074)	(245,074)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at September 30, 2024 and June 30, 2024	0	0
Additional paid-in capital	2,097,454	2,081,668
Accumulated deficit	(555,721)	(548,437)
Accumulated other comprehensive income (loss)	2,795	(1,409)
Total stockholders' equity	1,299,633	1,286,926
Total liabilities and stockholders' equity	$ 2,440,874	$ 2,609,393
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares outstanding (in shares)	178,821,615	178,210,263
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
	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Recurring and other revenue	$ 153,999	$ 132,708
Interest income on funds held for clients	13,477	10,880
Total revenues	167,476	143,588
Cost of revenues	59,217	51,378
Gross profit	108,259	92,210
Operating expenses:
Sales and marketing	56,789	52,778
General and administrative	48,296	48,749
Research and development	17,428	14,055
Total operating expenses	122,513	115,582
Loss from operations	(14,254)	(23,372)
Other (expense) income:
Interest expense	(1,138)	(1,244)
Other	1,670	931
Loss before benefit for income taxes	(13,722)	(23,685)
Income tax benefit	(6,438)	(3,089)
Net loss	$ (7,284)	$ (20,596)
Basic net loss (in dollars per share)	$ (0.04)	$ (0.12)
Diluted net loss (in dollars per share)	$ (0.04)	$ (0.12)
Weighted average common shares outstanding:
Basic (in shares)	178,729,710	176,953,395
Diluted (in shares)	178,729,710	176,953,395

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (7,284)	$ (20,596)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on foreign currency translation	110	(168)
Unrealized gain (loss) on available-for-sale securities, net of tax	4,094	(174)
Total other comprehensive income (loss)	4,204	(342)
Comprehensive loss	$ (3,080)	$ (20,938)

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 (Loss) Income
Preferred stock, beginning balance (in shares) at Jun. 30, 2023		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, beginning balance (in shares) at Jun. 30, 2023			176,535,236
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(20,596)					(20,596)
Stock-based compensation expense	12,915				12,915
Net settlement for taxes	(418)				(418)
Issuance of common stock under employee stock plans (in shares)			568,781
Issuance of common stock under employee stock plans	4,172				4,172
Other comprehensive income (loss)	(342)						(342)
Preferred stock, ending balance (in shares) at Sep. 30, 2023		0
Stockholders' equity, ending balance at Sep. 30, 2023	$ 1,269,415	$ 0	$ 177	(245,074)	2,027,863	(510,091)	(3,460)
Common stock, ending balance (in shares) at Sep. 30, 2023			177,104,017
Preferred stock, beginning balance (in shares) at Jun. 30, 2024	0	0
Stockholders' equity, beginning balance at Jun. 30, 2024	$ 1,286,926	$ 0	$ 178	(245,074)	2,081,668	(548,437)	(1,409)
Common stock, beginning balance (in shares) at Jun. 30, 2024	178,210,263		178,210,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (7,284)					(7,284)
Stock-based compensation expense	12,665				12,665
Net settlement for taxes	(323)				(323)
Issuance of common stock under employee stock plans (in shares)			611,352
Issuance of common stock under employee stock plans	3,445		$ 1		3,444
Other comprehensive income (loss)	$ 4,204						4,204
Preferred stock, ending balance (in shares) at Sep. 30, 2024	0	0
Stockholders' equity, ending balance at Sep. 30, 2024	$ 1,299,633	$ 0	$ 179	$ (245,074)	$ 2,097,454	$ (555,721)	$ 2,795
Common stock, ending balance (in shares) at Sep. 30, 2024	178,821,615		178,821,615

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (7,284)	$ (20,596)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,451	1,511
Amortization of intangible assets and software	34,341	34,183
Amortization of deferred contract costs	18,834	14,366
Stock-based compensation expense	12,665	12,915
Deferred tax benefit	(6,795)	(3,098)
Bad debt expense	730	1,291
Loss on sale of investments	83	61
(Gain) loss on foreign currency exchange	(52)	184
Loss (gain) on lease exit	6	(144)
Naming rights accretion expense	1,006	1,030
Change in fair value of deferred consideration	(112)	0
Other	23	23
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	(478)	(5,228)
Prepaid expenses and other assets	(6,641)	(6,393)
Accounts payable	(6,848)	(7,877)
Accrued liabilities and other	(21,914)	(21,314)
Deferred revenue	(626)	43
Deferred contract costs	(26,700)	(27,086)
Net cash used in operating activities	(8,311)	(26,129)
Cash flows from investing activities:
Purchases of client funds available-for-sale securities	(83,244)	(22,542)
Proceeds from sale and maturities of client funds available-for-sale securities	78,135	23,652
Purchase of property and equipment	(1,169)	(1,435)
Acquisition of intangible assets	(127)	(12)
Internally developed software costs	(13,441)	(13,254)
Net cash used in investing activities	(19,846)	(13,591)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations	(145,984)	(16,270)
Payment of capital expenditure financing	0	(3,689)
Repayments of debt and finance lease obligations	(297)	(266)
Withholding taxes paid related to net share settlements	(323)	(418)
Proceeds from employee stock purchase plan	3,444	4,172
Net cash used in financing activities	(143,160)	(16,471)
Impact of foreign exchange on cash and cash equivalents	(2)	1
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	(171,319)	(56,190)
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period	910,580	879,046
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	739,261	822,856
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	12	11
Cash paid for interest	0	145
Capital lease asset obtained in exchange for capital lease liabilities	0	3,393
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	97,618	54,277
Funds held for clients	641,643	768,579
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$ 739,261	$ 822,856

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS: Paycor HCM, Inc. (“Paycor HCM” or “the Company”) is a leading provider of human capital management (“HCM”) software located primarily in the United States (“U.S.”). Paycor’s solutions target mid-market 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	3 Months Ended
	Sep. 30, 2024
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, 2024 in the Company’s Annual Report on Form 10-K filed with the SEC on August 22, 2024. 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, 2025. 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. Recently issued accounting standards In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires entities to further enhance their income tax disclosures, primarily through the standardization and disaggregation of information within an entity’s effective tax rate reconciliation categories and income taxes paid by jurisdiction. The guidance will be effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The guidance is required to be applied on a prospective basis with the option to apply the guidance retrospectively. The Company is currently evaluating whether it will adopt the guidance prospectively or retroactively and the impact the guidance will have on its financial statement disclosures. 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 of allowance for credit losses Accounts receivable balances are shown on the unaudited condensed consolidated balance sheets net of the allowance for credit losses of $6,797 and $6,358 as of September 30, 2024 and June 30, 2024, respectively. The allowance for credit losses considers factors such as historical experience, credit quality, age of the accounts receivable balance and current and forecasted economic conditions that may affect a client’s ability to pay. The Company performs ongoing credit evaluations and generally requires no collateral from clients. Management reviews individual accounts as they become past due to determine collectability. The allowance for credit losses is adjusted periodically based on management’s consideration of past due accounts as well as current and forecasted economic conditions. Individual accounts are charged against the allowance when all reasonable collection efforts have been exhausted. 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 $8,480 and $7,831 for the three months ended September 30, 2024 and 2023, 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 expense for the three months ended September 30, 2024 and 2023 of $12,665 and $12,915, respectively.

REVENUE

REVENUE	3 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE: The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended September 30, 2024 2023 Recurring fees $ 149,555 $ 129,181 Implementation services and other 4,444 3,527 Recurring and other revenue $ 153,999 $ 132,708 The Company recognizes deferred revenue for nonrefundable upfront fees as well as for subscription services related to certain ancillary products invoiced prior to the satisfaction of the performance obligation. The nonrefundable upfront fees related to implementation services are typically included on the client’s first invoice. Implementation fees are deferred and recognized as revenue over an estimated 24-month period to which the material right exists, which is the period the client is expected to benefit from not having to pay an additional nonrefundable implementation fee upon renewal of the service. The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services: Three Months Ended September 30, 2024 2023 Balance, beginning of period $ 19,318 $ 18,697 Deferral of revenue 4,164 4,888 Revenue recognized (4,789) (4,844) Impact of foreign exchange 8 (29) Balance, end of period $ 18,701 $ 18,712 Deferred revenue is recorded within deferred revenue and other long-term liabilities on the unaudited condensed consolidated balance sheets. The Company will recognize deferred revenue of $10,684 in fiscal year 2025, $7,102 in fiscal year 2026, and $915 in fiscal year 2027. Deferred contract costs As of and for the Three Months Ended September 30, 2024 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 108,583 $ 11,052 $ (8,019) $ 111,616 Costs to fulfill a contract 151,620 15,648 (10,815) 156,453 Total $ 260,203 $ 26,700 $ (18,834) $ 268,069 As of and for the Three Months Ended September 30, 2023 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 93,317 $ 10,653 $ (6,221) $ 97,749 Costs to fulfill a contract 123,788 16,433 (8,145) 132,076 Total $ 217,105 $ 27,086 $ (14,366) $ 229,825

FUNDS HELD FOR CLIENTS

FUNDS HELD FOR CLIENTS	3 Months Ended
	Sep. 30, 2024
Funds Held For Clients [Abstract]
FUNDS HELD FOR CLIENTS	FUNDS HELD FOR CLIENTS: Funds held for clients are as follows: September 30, 2024 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 641,643 $ — $ — $ 641,643 U.S. Treasury and direct obligations of U.S. government agencies 70,221 1,221 (20) 71,422 Corporate bonds 230,102 2,940 (500) 232,542 Other securities 21,424 244 (86) 21,582 $ 963,390 $ 4,405 $ (606) $ 967,189 June 30, 2024 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 792,622 $ — $ — $ 792,622 U.S. Treasury and direct obligations of U.S. government agencies 91,378 18 (413) 90,983 Corporate bonds 206,981 123 (1,178) 205,926 Other securities 19,783 9 (187) 19,605 $ 1,110,764 $ 150 $ (1,778) $ 1,109,136 Other securities are primarily comprised of municipal obligations. Proceeds from sales and maturities of investment securities for the three months ended September 30, 2024 and 2023, were approximately $78,135 and $23,652, respectively. The Company is exposed to interest rate risk as rate volatility will cause fluctuations in the earnings potential of future investments. The Company does not utilize derivative financial instruments to manage interest rate risk. The Company reviews its investments on an ongoing basis to determine if any allowance for credit loss is warranted due to changes in credit risk or other potential valuation concerns. The Company has no material individual securities that have been in a continuous unrealized loss position greater than twelve months. The Company believes unrealized losses, to the extent they exist, generally result from changes in interest rates rather than credit risk, and therefore does not believe the related investments need to be assessed to determine whether an allowance for the credit loss is warranted. Additionally, the Company believes it will recover its cost basis in the securities with unrealized losses and has the ability to hold the securities until they recover in value and had no intent to sell them at September 30, 2024. Expected maturities as of September 30, 2024 for client fund assets are as follows: Due within fiscal year 2025 $ 686,358 Due within fiscal year 2026 89,683 Due within fiscal year 2027 112,231 Due within fiscal year 2028 48,595 Due within fiscal year 2029 16,374 Thereafter 13,948 Total $ 967,189

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	3 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	PROPERTY AND EQUIPMENT, NET: A summary of the Company’s property and equipment, net is as follows: September 30, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 24,700 23,824 Furniture and fixtures 2,253 2,249 Office equipment 2,913 2,902 Leasehold improvements 5,261 5,205 Construction in progress 329 174 62,891 61,789 Accumulated depreciation and amortization (28,020) (26,569) Property and equipment, net $ 34,871 $ 35,220

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET	3 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
CAPITALIZED SOFTWARE, NET	CAPITALIZED SOFTWARE, NET: A summary of the Company’s capitalized software, net is as follows: September 30, June 30, Capitalized software $ 189,961 $ 176,519 Accumulated amortization (119,788) (109,143) Capitalized software, net $ 70,173 $ 67,376 Amortization expense for capitalized software was approximately $10,645 and $8,473 for the three months ended September 30, 2024 and 2023, respectively. The following is a schedule of future amortization expense as of September 30, 2024: 2025 (remaining nine months) $ 29,350 2026 28,326 2027 12,127 2028 370 $ 70,173

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS: Changes in the carrying amount of goodwill are presented below: Balance at June 30, 2024 $ 766,653 Foreign currency translation 179 Balance at September 30, 2024 $ 766,832 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 expenses. The liability is included within accrued expenses and other current liabilities and other long-term liabilities on the unaudited condensed consolidated balance sheets. Components of intangible assets were as follows: September 30, June 30, Cost: Technology $ 153,690 $ 153,562 Customer relationships 469,583 469,583 Trade name 105,670 105,670 Naming rights 66,698 66,698 Total cost $ 795,641 $ 795,513 Accumulated amortization: Technology $ (145,745) $ (144,870) Customer relationships (451,103) (431,101) Trade name (41,693) (39,932) Naming rights (9,175) (8,117) Total accumulated amortization $ (647,716) $ (624,020) Intangible assets, net $ 147,925 $ 171,493 Amortization expense for intangible assets was approximately $23,696 and $25,710 for the three months ended September 30, 2024 and 2023, respectively. The following is a schedule of future amortization expense as of September 30, 2024: 2025 (remaining nine months) $ 23,550 2026 19,187 2027 12,456 2028 12,244 2029 12,244 Thereafter 68,244 $ 147,925

DEBT AGREEMENTS AND LETTERS OF

DEBT AGREEMENTS AND LETTERS OF CREDIT	3 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT AGREEMENTS AND LETTERS OF CREDIT	DEBT AGREEMENTS AND LETTERS OF CREDIT: Credit Agreement Paycor, Inc. is party to a credit agreement (as amended, the “Credit Agreement”) with PNC Bank, National Association (“PNC”), Fifth Third, National Association, and other lenders, providing a $200,000 senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility includes an “accordion feature” that allows the Company, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional principal amount of up to $200,000, with a resulting maximum principal amount of $400,000, subject to the participating lenders electing to increase their commitments or new lenders being added to the Credit Agreement. The Revolving Credit Facility will mature on June 11, 2026. The Company had no outstanding borrowings under the Revolving Credit Facility as of September 30, 2024 and June 30, 2024. Additionally, the Company had no outstanding letters of credit as of September 30, 2024 and June 30, 2024.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: U.S. GAAP defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access. Level 2 inputs are inputs (other than quoted prices included within Level 1) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and rely on management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of certain assets, such as nonfinancial assets, primarily long-lived assets, goodwill, intangible assets and certain other assets, are recognized or disclosed in connection with impairment evaluations. All non-recurring valuations use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy. The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, and accounts payable approximated fair value as of September 30, 2024 and June 30, 2024, because of the relatively short maturity of these instruments. The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and June 30, 2024: September 30, 2024 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 641,643 $ — $ — $ 641,643 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 71,422 — 71,422 Corporate bonds — 232,542 — 232,542 Other securities — 21,582 — 21,582 $ 641,643 $ 325,546 $ — $ 967,189 June 30, 2024 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 792,622 $ — $ — $ 792,622 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 90,983 — 90,983 Corporate bonds — 205,926 — 205,926 Other securities — 19,605 — 19,605 $ 792,622 $ 316,514 $ — $ 1,109,136 Cash and cash equivalents included in Level 1 are valued using closing prices for identical instruments that are traded on active exchanges. Available-for-sale securities included in Level 2 are valued by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset.

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Sep. 30, 2024
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK: The Company’s Second Amended and Restated Certificate of Incorporation authorizes the issuance of up to 500,000,000 shares of common stock with a par value of $0.001 per share and 50,000,000 shares of preferred stock with a par value of $0.001 per share. As of September 30, 2024 and June 30, 2024, there were 178,821,615 and 178,210,263 shares of common stock outstanding, respectively, and no shares of preferred stock outstanding.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE: Basic net loss per share is calculated by dividing net loss by the weighted average shares of common stock outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) adjusted as necessary for the impact of potentially dilutive securities, by the weighted average shares outstanding during the period and the impact of securities that would have a dilutive effect. Potentially dilutive securities during the three months ended September 30, 2024 and 2023 included RSUs, stock options and ESPP purchase rights. Due to the net loss for both the three months ended September 30, 2024 and 2023, 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 both the three months ended September 30, 2024 and 2023. Basic and diluted net loss per share was the same for each period presented, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, (in thousands, except per share data) 2024 2023 Net loss $ (7,284) $ (20,596) Weighted average common shares outstanding: Basic and diluted 178,729,710 176,953,395 Basic and diluted net loss per share $ (0.04) $ (0.12)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: The Company is subject to various claims, litigation and regulatory compliance matters in the normal course of business. When a loss is considered probable and reasonably estimable, the Company records a liability in the amount of its best estimate for the ultimate loss. The resolution of these claims, litigation and regulatory compliance matters, individually or in the aggregate, is not expected to have a material adverse impact on the Company’s 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.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENT: On October 1, 2024, the Company granted performance-based restricted stock units (“PSUs”) to certain executive officers and other employees. The PSUs are subject to both time-based and performance-based vesting and are eligible to performance-vest based on the achievement of specific revenue and net retention performance goals, each as measured over a one-year performance period commencing on the grant date. One-third of the PSUs that performance-vest at the end of such one-year performance period will be deemed fully vested, subject to continued employment through such date, and the remaining performance-vested PSUs will be subject to continued time-vesting, with such performance-vested PSUs time-vesting quarterly over the two-year period following the performance period, subject to continued employment through each such time-vesting date. The total number of shares underlying the PSUs granted on October 1, 2024 was 806,455, with a target grant date fair value of $11,444 which was based on the Company’s stock price as of September 30, 2024. The Company will recognize compensation expense related to the PSUs granted over the three-year vesting period.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (7,284)	$ (20,596)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation and 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.
Recently issued accounting standards	Recently issued accounting standards In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires entities to further enhance their income tax disclosures, primarily through the standardization and disaggregation of information within an entity’s effective tax rate reconciliation categories and income taxes paid by jurisdiction. The guidance will be effective for fiscal years beginning after December 15, 2024 with early adoption permitted. The guidance is required to be applied on a prospective basis with the option to apply the guidance retrospectively. The Company is currently evaluating whether it will adopt the guidance prospectively or retroactively and the impact the guidance will have on its financial statement disclosures.
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 of allowance for credit losses	Accounts receivable, net of allowance for credit losses
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.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	The following table disaggregates revenue from contracts by recurring fees and implementation services and other, which the Company believes depicts the nature, amount and timing of its revenue: Three Months Ended September 30, 2024 2023 Recurring fees $ 149,555 $ 129,181 Implementation services and other 4,444 3,527 Recurring and other revenue $ 153,999 $ 132,708 The following table summarizes the changes in deferred revenue related to the nonrefundable upfront fees and recurring subscription services: Three Months Ended September 30, 2024 2023 Balance, beginning of period $ 19,318 $ 18,697 Deferral of revenue 4,164 4,888 Revenue recognized (4,789) (4,844) Impact of foreign exchange 8 (29) Balance, end of period $ 18,701 $ 18,712
Schedule of Capitalized Contract Costs	As of and for the Three Months Ended September 30, 2024 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 108,583 $ 11,052 $ (8,019) $ 111,616 Costs to fulfill a contract 151,620 15,648 (10,815) 156,453 Total $ 260,203 $ 26,700 $ (18,834) $ 268,069 As of and for the Three Months Ended September 30, 2023 Beginning Balance Capitalization of Costs Amortization Ending Balance Costs to obtain a contract $ 93,317 $ 10,653 $ (6,221) $ 97,749 Costs to fulfill a contract 123,788 16,433 (8,145) 132,076 Total $ 217,105 $ 27,086 $ (14,366) $ 229,825

FUNDS HELD FOR CLIENTS (Tables)

FUNDS HELD FOR CLIENTS (Tables)	3 Months Ended
	Sep. 30, 2024
Funds Held For Clients [Abstract]
Schedule of Investments	Funds held for clients are as follows: September 30, 2024 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 641,643 $ — $ — $ 641,643 U.S. Treasury and direct obligations of U.S. government agencies 70,221 1,221 (20) 71,422 Corporate bonds 230,102 2,940 (500) 232,542 Other securities 21,424 244 (86) 21,582 $ 963,390 $ 4,405 $ (606) $ 967,189 June 30, 2024 Amortized Gross Gross Fair Demand deposit accounts and other cash equivalents $ 792,622 $ — $ — $ 792,622 U.S. Treasury and direct obligations of U.S. government agencies 91,378 18 (413) 90,983 Corporate bonds 206,981 123 (1,178) 205,926 Other securities 19,783 9 (187) 19,605 $ 1,110,764 $ 150 $ (1,778) $ 1,109,136
Schedule of Investments Classified by Contractual Maturity Date	Expected maturities as of September 30, 2024 for client fund assets are as follows: Due within fiscal year 2025 $ 686,358 Due within fiscal year 2026 89,683 Due within fiscal year 2027 112,231 Due within fiscal year 2028 48,595 Due within fiscal year 2029 16,374 Thereafter 13,948 Total $ 967,189

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	3 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment at Cost and Accumulated Depreciation	A summary of the Company’s property and equipment, net is as follows: September 30, June 30, Land $ 3,680 $ 3,680 Land improvements 910 910 Building and improvements 22,845 22,845 Computer, equipment and software 24,700 23,824 Furniture and fixtures 2,253 2,249 Office equipment 2,913 2,902 Leasehold improvements 5,261 5,205 Construction in progress 329 174 62,891 61,789 Accumulated depreciation and amortization (28,020) (26,569) Property and equipment, net $ 34,871 $ 35,220

CAPITALIZED SOFTWARE, NET (Tabl

CAPITALIZED SOFTWARE, NET (Tables)	3 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Capitalized Software	A summary of the Company’s capitalized software, net is as follows: September 30, June 30, Capitalized software $ 189,961 $ 176,519 Accumulated amortization (119,788) (109,143) Capitalized software, net $ 70,173 $ 67,376 Components of intangible assets were as follows: September 30, June 30, Cost: Technology $ 153,690 $ 153,562 Customer relationships 469,583 469,583 Trade name 105,670 105,670 Naming rights 66,698 66,698 Total cost $ 795,641 $ 795,513 Accumulated amortization: Technology $ (145,745) $ (144,870) Customer relationships (451,103) (431,101) Trade name (41,693) (39,932) Naming rights (9,175) (8,117) Total accumulated amortization $ (647,716) $ (624,020) Intangible assets, net $ 147,925 $ 171,493
Schedule of Future Amortization Expense	The following is a schedule of future amortization expense as of September 30, 2024: 2025 (remaining nine months) $ 29,350 2026 28,326 2027 12,127 2028 370 $ 70,173 The following is a schedule of future amortization expense as of September 30, 2024: 2025 (remaining nine months) $ 23,550 2026 19,187 2027 12,456 2028 12,244 2029 12,244 Thereafter 68,244 $ 147,925

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Goodwill	Changes in the carrying amount of goodwill are presented below: Balance at June 30, 2024 $ 766,653 Foreign currency translation 179 Balance at September 30, 2024 $ 766,832
Schedule of Components of Intangible Assets	A summary of the Company’s capitalized software, net is as follows: September 30, June 30, Capitalized software $ 189,961 $ 176,519 Accumulated amortization (119,788) (109,143) Capitalized software, net $ 70,173 $ 67,376 Components of intangible assets were as follows: September 30, June 30, Cost: Technology $ 153,690 $ 153,562 Customer relationships 469,583 469,583 Trade name 105,670 105,670 Naming rights 66,698 66,698 Total cost $ 795,641 $ 795,513 Accumulated amortization: Technology $ (145,745) $ (144,870) Customer relationships (451,103) (431,101) Trade name (41,693) (39,932) Naming rights (9,175) (8,117) Total accumulated amortization $ (647,716) $ (624,020) Intangible assets, net $ 147,925 $ 171,493
Schedule of Future Amortization Expense	The following is a schedule of future amortization expense as of September 30, 2024: 2025 (remaining nine months) $ 29,350 2026 28,326 2027 12,127 2028 370 $ 70,173 The following is a schedule of future amortization expense as of September 30, 2024: 2025 (remaining nine months) $ 23,550 2026 19,187 2027 12,456 2028 12,244 2029 12,244 Thereafter 68,244 $ 147,925

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information on the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and June 30, 2024: September 30, 2024 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 641,643 $ — $ — $ 641,643 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 71,422 — 71,422 Corporate bonds — 232,542 — 232,542 Other securities — 21,582 — 21,582 $ 641,643 $ 325,546 $ — $ 967,189 June 30, 2024 Level 1 Level 2 Level 3 Total Funds held for clients—cash and cash equivalents: Demand deposit accounts and other cash equivalents $ 792,622 $ — $ — $ 792,622 Funds held for clients—available-for-sale: U.S. Treasury and direct obligations of U.S. government agencies — 90,983 — 90,983 Corporate bonds — 205,926 — 205,926 Other securities — 19,605 — 19,605 $ 792,622 $ 316,514 $ — $ 1,109,136

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, (in thousands, except per share data) 2024 2023 Net loss $ (7,284) $ (20,596) Weighted average common shares outstanding: Basic and diluted 178,729,710 176,953,395 Basic and diluted net loss per share $ (0.04) $ (0.12)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Accounting Policies [Abstract]
Accounts receivable, allowance for credit loss	$ 6,797		$ 6,358
Advertising and promotion expense	8,480	$ 7,831
Stock-based compensation expense	$ 12,665	$ 12,915

REVENUE - Contract with Custome

REVENUE - Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 153,999	$ 132,708
Recurring fees
Disaggregation of Revenue [Line Items]
Recurring and other revenue	149,555	129,181
Implementation services and other
Disaggregation of Revenue [Line Items]
Recurring and other revenue	$ 4,444	$ 3,527

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation fee recognition period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	9 months
Revenue, remaining performance obligation, amount	$ 10,684
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 7,102
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Implementation services, remaining performance obligation, period	1 year
Revenue, remaining performance obligation, amount	$ 915

REVENUE - Deferred Revenue (Det

REVENUE - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract with Customer, Liability Activity [Roll Forward]
Balance, beginning of period	$ 19,318	$ 18,697
Deferral of revenue	4,164	4,888
Revenue recognized	(4,789)	(4,844)
Impact of foreign exchange	8	(29)
Balance, end of period	$ 18,701	$ 18,712

REVENUE - Deferred Contract Cos

REVENUE - Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 260,203	$ 217,105
Capitalization of Costs	26,700	27,086
Amortization	(18,834)	(14,366)
Ending Balance	$ 268,069	229,825
Capitalized contract cost, amortization period	6 years
Costs to obtain a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	$ 108,583	93,317
Capitalization of Costs	11,052	10,653
Amortization	(8,019)	(6,221)
Ending Balance	111,616	97,749
Costs to fulfill a contract
Capitalized Contract Cost, Activity [Roll Forward]
Beginning Balance	151,620	123,788
Capitalization of Costs	15,648	16,433
Amortization	(10,815)	(8,145)
Ending Balance	$ 156,453	$ 132,076

FUNDS HELD FOR CLIENTS - Schedu

FUNDS HELD FOR CLIENTS - Schedule of Funds Held for Clients (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	$ 97,618	$ 117,958	$ 54,277
Funds held for clients, Amortized Cost	963,390	1,110,764
Funds held for clients, Gross Unrealized Gains	4,405	150
Funds held for clients, Gross Unrealized Losses	(606)	(1,778)
Funds held for clients	967,189	1,109,136
U.S. Treasury and direct obligations of U.S. government agencies
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	70,221	91,378
Debt securities, available-for-sale, Gross Unrealized Gains	1,221	18
Debt securities, available-for-sale, Gross Unrealized Losses	(20)	(413)
Debt securities, available-for-sale, Fair Value	71,422	90,983
Corporate bonds
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	230,102	206,981
Debt securities, available-for-sale, Gross Unrealized Gains	2,940	123
Debt securities, available-for-sale, Gross Unrealized Losses	(500)	(1,178)
Debt securities, available-for-sale, Fair Value	232,542	205,926
Other securities
Schedule of Investments [Line Items]
Debt securities, available-for-sale, Amortized Cost	21,424	19,783
Debt securities, available-for-sale, Gross Unrealized Gains	244	9
Debt securities, available-for-sale, Gross Unrealized Losses	(86)	(187)
Debt securities, available-for-sale, Fair Value	21,582	19,605
Demand deposit accounts and other cash equivalents
Schedule of Investments [Line Items]
Demand deposit accounts and other cash equivalents, Amortized Cost	641,643	792,622
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	$ 641,643	$ 792,622

FUNDS HELD FOR CLIENTS - Narrat

FUNDS HELD FOR CLIENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Funds Held For Clients [Abstract]
Proceeds from sales and maturities of investment securities	$ 78,135	$ 23,652

FUNDS HELD FOR CLIENTS - Sche_2

FUNDS HELD FOR CLIENTS - Schedule of Expected Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Funds Held For Clients [Abstract]
Due within fiscal year 2025	$ 686,358
Due within fiscal year 2026	89,683
Due within fiscal year 2027	112,231
Due within fiscal year 2028	48,595
Due within fiscal year 2029	16,374
Thereafter	13,948
Total	$ 967,189

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment at Cost and Accumulated Depreciation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	$ 62,891	$ 61,789
Accumulated depreciation and amortization	(28,020)	(26,569)
Property and equipment, net	34,871	35,220
Land
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	3,680	3,680
Land improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	910	910
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	22,845	22,845
Computer, equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	24,700	23,824
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	2,253	2,249
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	2,913	2,902
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	5,261	5,205
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment and finance lease right-of-use asset, gross	$ 329	$ 174

PROPERTY AND EQUIPMENT, NET - N

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,451	$ 1,511

CAPITALIZED SOFTWARE, NET - Sch

CAPITALIZED SOFTWARE, NET - Schedule of Components of Capitalized Software (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized software	$ 189,961	$ 176,519
Accumulated amortization	(119,788)	(109,143)
Capitalized software, net	$ 70,173	$ 67,376

CAPITALIZED SOFTWARE, NET - Nar

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized computer software, amortization	$ 10,645	$ 8,473

CAPITALIZED SOFTWARE, NET - S_2

CAPITALIZED SOFTWARE, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining nine months)	$ 29,350
2026	28,326
2027	12,127
2028	370
Capitalized software, net	$ 70,173	$ 67,376

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Goodwill (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 766,653
Foreign currency translation	179
Goodwill, ending balance	$ 766,832

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 07, 2022	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Partnership agreement	16 years
Amortization of intangible assets, excluding software		$ 23,696	$ 25,710

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Components of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 795,641	$ 795,513
Accumulated amortization:	(647,716)	(624,020)
Intangible assets, net	147,925	171,493
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	153,690	153,562
Accumulated amortization:	(145,745)	(144,870)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	469,583	469,583
Accumulated amortization:	(451,103)	(431,101)
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	105,670	105,670
Accumulated amortization:	(41,693)	(39,932)
Naming rights
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	66,698	66,698
Accumulated amortization:	$ (9,175)	$ (8,117)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining nine months)	$ 23,550
2026	19,187
2027	12,456
2028	12,244
2029	12,244
Thereafter	68,244
Intangible assets, net	$ 147,925	$ 171,493

DEBT AGREEMENTS AND LETTERS O_2

DEBT AGREEMENTS AND LETTERS OF CREDIT - Narrative (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
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	Sep. 30, 2024	Jun. 30, 2024
U.S. Treasury and direct obligations of U.S. government agencies
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	$ 71,422	$ 90,983
Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	232,542	205,926
Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,582	19,605
Fair Value, Recurring
Funds held for clients—available-for-sale:
Assets, fair value disclosure	967,189	1,109,136
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	71,422	90,983
Fair Value, Recurring | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	232,542	205,926
Fair Value, Recurring | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,582	19,605
Fair Value, Recurring | Level 1
Funds held for clients—available-for-sale:
Assets, fair value disclosure	641,643	792,622
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 | 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	325,546	316,514
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	71,422	90,983
Fair Value, Recurring | Level 2 | Corporate bonds
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	232,542	205,926
Fair Value, Recurring | Level 2 | Other securities
Funds held for clients—available-for-sale:
Debt securities, available-for-sale	21,582	19,605
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 | 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	641,643	792,622
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	641,643	792,622
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	641,643	792,622
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	Sep. 30, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares outstanding (in shares)	178,821,615	178,210,263
Preferred stock, shares outstanding (in shares)	0	0
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	0	0

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (7,284)	$ (20,596)
Weighted average common shares outstanding:
Basic (in shares)	178,729,710	176,953,395
Diluted (in shares)	178,729,710	176,953,395
Basic net loss (in dollars per share)	$ (0.04)	$ (0.12)
Diluted net loss (in dollars per share)	$ (0.04)	$ (0.12)

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - Subsequent Event - Performance Shares $ in Thousands	Oct. 01, 2024 USD ($) shares
Subsequent Event [Line Items]
Award performance period	1 year
Award vesting period	3 years
Granted (in shares) | shares	806,455
Shares granted, target value | $	$ 11,444
Share-based Payment Arrangement, Tranche One
Subsequent Event [Line Items]
Award vesting rights, percentage	33.33%
Share-based Payment Arrangement, Tranche Two
Subsequent Event [Line Items]
Award vesting period	2 years