Paycor HCM(US:PYCR)2024-11-06 21:12Financial Performance - Q1 total revenues reached $167.5 million, marking a 17% year-over-year increase[1] - Q1 recurring revenues were $154.0 million, reflecting a 16% year-over-year growth[1] - Adjusted operating income for Q1 was $22.8 million, up 43% from $15.9 million in Q1 FY 2024, representing 14% of total revenues[3] - Net loss improved to $7.3 million from $20.6 million in Q1 FY 2024[4] - Adjusted free cash flow improved to ($22.2) million from ($40.0) million in Q1 FY 2024[4] - FY 2025 revenue guidance is set between $726.0 million and $733.0 million, indicating a 12% year-over-year increase at the top end[1] - Q2 revenue guidance is projected between $176.0 million and $178.0 million[8] - Adjusted operating income for FY 2025 is expected to be in the range of $127.0 million to $130.0 million[8] - Total revenues for September 2024 reached $167.476 million, a 16.6% increase from $143.588 million in September 2023[19] - Gross profit for the same period was $108.259 million, up from $92.210 million, reflecting a gross margin improvement[19] - The net loss for September 2024 was $7.284 million, significantly improved from a net loss of $20.596 million in September 2023[19] - The company reported a basic and diluted net loss per share of $0.04, an improvement from $0.12 in the prior year[19] - Adjusted Gross Profit for the three months ended September 30, 2024, was $110,657,000, compared to $95,180,000 for the same period in 2023, reflecting a year-over-year increase of 16.3%[22] - Adjusted Operating Income increased to $22,800,000 for the three months ended September 30, 2024, up from $15,920,000 in 2023, representing a growth of 43.3%[23] - Adjusted Net Income attributable to Paycor HCM, Inc. was $18,654,000 for the three months ended September 30, 2024, compared to $12,810,000 in 2023, marking an increase of 45.5%[25] - Adjusted Free Cash Flow improved to $(22,234,000) for the three months ended September 30, 2024, compared to $(40,007,000) in 2023, indicating a reduction in cash outflow[26] - Operating Margin improved to (8.5)% for the three months ended September 30, 2024, compared to (16.3)% in 2023, showing a significant reduction in operational losses[23] - The company reported a net loss before benefit for income taxes of $(13,722,000) for the three months ended September 30, 2024, an improvement from $(23,685,000) in 2023[25] Expenses and Liabilities - Operating expenses totaled $122.513 million, compared to $115.582 million, with research and development expenses increasing to $17.428 million from $14.055 million[19] - Total current assets decreased to $1.209 billion from $1.362 billion in the previous quarter[18] - Total liabilities decreased to $1.141 billion from $1.322 billion, indicating improved financial health[18] - Funds held for clients were $967.189 million, down from $1.109 billion in the previous quarter[18] - Research and Development expenses increased to $17,428,000 for the three months ended September 30, 2024, up from $14,055,000 in 2023, reflecting a growth of 23.1%[24] - Sales and Marketing expenses rose to $56,789,000 for the three months ended September 30, 2024, compared to $52,778,000 in 2023, an increase of 7.6%[24] Product Development - Launched Paycor Assistant, an AI-powered HR companion aimed at enhancing productivity[6] - Introduced the Paycor Integration Platform, providing pre-built connections to over 320 technology partners[7] Equity and Cash Position - Cash and cash equivalents at the end of the period were $97.618 million, down from $117.958 million at the end of June 2024[20] - The total stockholders' equity increased to $1.300 billion from $1.287 billion, reflecting a positive trend in equity position[18] - Adjusted Gross Profit Margin for the three months ended September 30, 2024, was 66.1%, slightly down from 66.3% in 2023[22] - Adjusted shares outstanding increased to 177,912,794 for the three months ended September 30, 2024, compared to 177,334,568 in 2023[25]