CINCINNATI, Aug. 16, 2023 -- Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (“HCM”) software, announced financial results for the fourth quarter and full fiscal year 2023, which ended June 30, 2023.

“Paycor delivered strong revenue growth of 26% for the quarter and 29% for the year, driven by continued robust demand for our open, modern HCM solution,” said Raul Villar, Jr., Chief Executive Officer of Paycor. “Our team executed exceptionally well against our strategic growth initiatives, namely increasing Tier 1 sales coverage to 36% and expanding effective PEPM by 11% this year.”

“We are proud of the operational performance across the business, which delivered nearly 400 basis points of margin expansion year-over-year and positive adjusted free cash flow while continuing to invest in innovative technologies that empower frontline leaders. We are demonstrating the scalability of our business model and believe there is significant opportunity to drive further leverage.”

Fourth Quarter Fiscal Year 2023 Financial Highlights

Total revenues were $140.0 million, compared to $111.0 million for the fourth quarter of fiscal year 2022.

Operating loss was $31.7 million, compared to $30.1 million for the fourth quarter of fiscal year 2022.

Adjusted operating income was $15.4 million, compared to $9.2 million for the fourth quarter of fiscal year 2022.

Net loss attributable to Paycor HCM was $29.4 million, compared to $23.8 million for the fourth quarter of fiscal year 2022.

Adjusted net income attributable to Paycor HCM was $13.4 million, compared to $6.9 million for the fourth quarter of fiscal year 2022.

Fiscal Year 2023 Financial Highlights

Total revenues were $552.7 million, compared to $429.4 million for the fiscal year 2022.

Operating loss was $104.7 million, compared to $139.6 million for fiscal year 2022.

Adjusted operating income was $82.6 million, compared to $47.5 million for fiscal year 2022.

Net loss attributable to Paycor HCM was $93.2 million, compared to $119.6 million for fiscal year 2022.

Adjusted net income attributable to Paycor HCM was $66.8 million, compared to $35.9 million for fiscal year 2022.

Business Outlook

Based on information as of today, August 16, 2023, Paycor is issuing the following financial guidance:

First Quarter Ending September 30, 2023:

Total revenues in the range of $138 - $140 million.

Adjusted operating income in the range of $9 - $10 million.

Fiscal Year Ending June 30, 2024:

Total revenues in the range of $644 - $650 million.

Adjusted operating income in the range of $97 - $100 million.

About Paycor

Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding, and payroll to career development and retention, but what really sets Paycor apart is its focus on leaders. For more than 30 years, Paycor has been listening to and partnering with leaders, so it knows what they need; a unified HR platform, easy integration with third party apps, powerful analytics, talent development tools, and configurable technology that supports specific industry needs. That’s why more than 30,000 customers trust Paycor to help them solve problems and achieve their goals.

SOURCE Paycor