- Q4 Total revenue of $111.0 million, an increase of 26% year-over-year, with expanding margins
- FY’22 Total revenue of $429.4 million, an increase of 22% year-over-year
- FY’23 revenue guidance of $510-$516 million, an increase of 20% year-over-year at the top end of the range
Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (“HCM”) software, today announced financial results for the fourth quarter and full fiscal year 2022, which ended June 30, 2022.
“We completed our first year as a public company with accelerated revenue growth of 26% for the quarter and 22% for the year,” said Raul Villar, Jr., Chief Executive Officer of Paycor. “Our strategy of designing technology for leaders, configuring by industry, and providing the most open HCM platform is driving revenue growth to the highest levels on recent record. I am incredibly proud of our associates’ exceptional execution against our strategic growth initiatives as we increased sales headcount by 23% and expanded PEPM by 8% this year. We are in great position to continue capturing market share as the multi-billion-dollar HCM market shifts to the cloud.”
“We are excited about the operational performance across the business, accelerating revenue growth above 20% while expanding margins and driving free cash flow during the fourth quarter,” stated Adam Ante, Chief Financial Officer of Paycor. “We continue to invest in our HCM platform and expand our go-to-market team to deliver strong, profitable growth.”
Fourth Quarter Fiscal Year 2022 Financial Highlights
- Total revenue was $111.0 million, compared to $88.0 million for the fourth quarter of fiscal year 2021.
- Operating loss was $30.1 million, compared to $32.3 million for the fourth quarter of fiscal year 2021.
- Adjusted operating income* was $9.2 million, compared to $0.2 million for the fourth quarter of fiscal year 2021.
- Net loss attributable to Paycor HCM was $23.8 million, compared to $32.8 million for the fourth quarter of fiscal year 2021.
- Adjusted net income (loss) attributable to Paycor HCM* was $6.9 million, compared to $0.0 million for the fourth quarter of fiscal year 2021.
*Adjusted operating income and adjusted net income attributable to Paycor HCM are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Financial Measures” and the reconciliations at the end of this press release for information concerning these and other non-GAAP financial measures.
Fourth Quarter and Recent Business Highlights
- Announced 16-year naming rights to the Cincinnati Bengals stadium, which will now be called Paycor Stadium. Given the powerful viewership of the NFL, we will be able to showcase the Paycor brand on a national scale.
- Introduced a new tagline, “Empowering Leaders,” reinforcing our commitment to empower frontline leaders to be more effective so they can deliver enhanced business results for their organizations. Given the disproportionate impact direct managers have on employee engagement and retention, we provide insights and tools so leaders can optimally coach and develop their employees.
- Gained significant traction with the Developer Portal since its launch in February with partner integrations growing by 26% this year. This investment is enabling greater connectivity and integration for our customers with API usage increasing 148% since February, reinforcing the value of our industry-leading interoperability platform.
Fiscal Year 2022 Financial Highlights
- Total revenue was $429.4 million for fiscal year 2022, compared to $352.8 million for fiscal year 2021.
- Operating loss was $139.6 million for fiscal year 2022, compared to $89.3 million for fiscal year 2021.
- Adjusted operating income* was $47.5 million for fiscal year 2022, compared to $48.0 million for fiscal year 2021.
- Net loss attributable to Paycor HCM was $119.6 million for fiscal year 2022, compared to $96.9 million for fiscal year 2021.
- Adjusted net income attributable to Paycor HCM* was $35.9 million for fiscal year 2022, compared to $35.6 million for fiscal year 2021.
*Adjusted operating income and adjusted net income attributable to Paycor HCM are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Financial Measures” and the reconciliations at the end of this press release for information concerning these and other non-GAAP financial measures.
Business Outlook
Based on information as of today, August 23, 2022, Paycor is issuing the following financial guidance:
First Quarter Ending September 30, 2022:
- Total revenue in the range of $112-$114 million.
- Adjusted operating income* in the range of $4.5-$6.0 million.
Fiscal Year Ending June 30, 2023:
- Total revenue in the range of $510-$516 million.
- Adjusted operating income* in the range of $58-$61 million.
*We are unable to reconcile forward-looking adjusted operating income to forward-looking loss from operations, the most closely comparable GAAP financial measure because the information needed to provide a complete reconciliation is unavailable at this time without unreasonable effort.
2022 Annual Meeting of Stockholders
The Company will hold its 2022 Annual Meeting of Stockholders virtually on Wednesday, October 26, 2022. Details about the virtual annual meeting, including how stockholders can log into the virtual meeting, vote and submit questions, will be disclosed in the Company’s definitive proxy statement to be filed with the Securities and Exchange Commission.
Any stockholder seeking to bring business before the Annual Meeting or to nominate a director must provide written notice that complies with the specific requirements set forth in the Company’s bylaws. To be considered timely, the written notice must be delivered to the Company’s Secretary no later than the close of business on September 2, 2022.
Conference Call Information
Paycor will host a conference call today, August 23, 2022, at 5:00 p.m. Eastern Time to discuss its financial results and guidance. To access this call, dial 1-877-407-4018 (domestic) or 1-201-689-8471 (international). The access code is 13729701. A live webcast and replay of the event will be available on the Paycor Investor Relations website at investors.paycor.com.
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