$PYCR
PAYCOR HCM, INC.

2024 Q2 Form 10-Q Financial Statement

#000183943924000016 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $164.8M $187.0M $161.5M
YoY Change 17.68% 15.81% 31.72%
Cost Of Revenue $58.00M $58.74M $49.32M
YoY Change 19.71% 19.08% 19.84%
Gross Profit $106.8M $128.3M $112.2M
YoY Change 16.6% 14.38% 37.72%
Gross Profit Margin 64.81% 68.59% 69.46%
Selling, General & Admin $82.69M $105.8M $106.5M
YoY Change -24.09% -0.72% 11.46%
% of Gross Profit 77.42% 82.44% 94.98%
Research & Development $15.63M $15.07M $13.66M
YoY Change 9.1% 10.32% 46.48%
% of Gross Profit 14.64% 11.75% 12.18%
Depreciation & Amortization $34.79M $1.467M $1.175M
YoY Change -0.17% 24.85% -29.43%
% of Gross Profit 32.57% 1.14% 1.05%
Operating Expenses $119.7M $120.8M $120.2M
YoY Change -2.92% 0.53% 14.57%
Operating Profit -$12.85M $7.456M -$8.031M
YoY Change -59.41% -192.84% -65.77%
Interest Expense -$1.139M $1.146M $1.970M
YoY Change -3.23% -41.83% 1850.5%
% of Operating Profit 15.37%
Other Income/Expense, Net $99.00K $1.133M $2.003M
YoY Change -95.32% -43.43% -16791.67%
Pretax Income -$14.40M $7.443M -$7.998M
YoY Change -53.13% -193.06% -66.07%
Income Tax $3.890M $1.250M -$658.0K
% Of Pretax Income 16.79%
Net Earnings -$18.29M $6.193M -$7.340M
YoY Change -37.7% -184.37% -56.04%
Net Earnings / Revenue -11.1% 3.31% -4.55%
Basic Earnings Per Share $0.03 -$0.04
Diluted Earnings Per Share -$0.10 $0.03 -$0.04
COMMON SHARES
Basic Shares Outstanding 178.2M shares 178.0M shares 176.4M shares
Diluted Shares Outstanding 178.0M shares 176.3M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.0M $90.10M $82.86M
YoY Change 23.86% 8.74% -38.17%
Cash & Equivalents $118.0M $90.10M $82.86M
Short-Term Investments
Other Short-Term Assets $3.458M $7.772M $3.533M
YoY Change -99.69% 119.98% 191.02%
Inventory
Prepaid Expenses $12.75M $16.99M $17.26M
Receivables $48.16M $43.99M $30.51M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.362B $1.644B $1.442B
YoY Change 9.59% 13.99% -30.74%
LONG-TERM ASSETS
Property, Plant & Equipment $49.64M $35.78M $31.40M
YoY Change -3.44% 13.93% -4.11%
Goodwill $766.7M $766.7M $761.4M
YoY Change -0.14% 0.7% 1.43%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.566M $3.344M $3.991M
YoY Change -98.44% -16.21% -84.09%
Total Long-Term Assets $1.248B $1.261B $1.301B
YoY Change -3.92% -3.04% 4.54%
TOTAL ASSETS
Total Short-Term Assets $1.362B $1.644B $1.442B
Total Long-Term Assets $1.248B $1.261B $1.301B
Total Assets $2.609B $2.905B $2.743B
YoY Change 2.68% 5.92% -17.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.31M $20.01M $20.99M
YoY Change -3.67% -4.68% 78.75%
Accrued Expenses $70.26M $61.84M $55.47M
YoY Change 3.36% 11.49% 5.73%
Deferred Revenue $13.60M $14.02M $12.72M
YoY Change 3.95% 10.16% 8.16%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.113M $294.0K
YoY Change 273.49%
Total Short-Term Liabilities $1.224B $1.516B $1.349B
YoY Change 5.19% 12.36% -31.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $69.35M $70.25M $70.01M
YoY Change -19.47% 0.35% 488.97%
Total Long-Term Liabilities $69.35M $70.25M $70.01M
YoY Change -19.47% 0.35% 488.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.224B $1.516B $1.349B
Total Long-Term Liabilities $69.35M $70.25M $70.01M
Total Liabilities $1.322B $1.614B $1.458B
YoY Change 4.34% 10.72% -28.3%
SHAREHOLDERS EQUITY
Retained Earnings -$548.4M -$530.1M -$459.2M
YoY Change 12.04% 15.44% 23.6%
Common Stock $178.0K $178.0K $176.0K
YoY Change 0.56% 1.14% 0.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $245.1M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $1.287B $1.291B $1.285B
YoY Change
Total Liabilities & Shareholders Equity $2.609B $2.905B $2.743B
YoY Change 2.68% 5.92% -17.54%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$18.29M $6.193M -$7.340M
YoY Change -37.7% -184.37% -56.04%
Depreciation, Depletion And Amortization $34.79M $1.467M $1.175M
YoY Change -0.17% 24.85% -29.43%
Cash From Operating Activities $50.30M $39.66M $34.88M
YoY Change 58.51% 13.7% 14.92%
INVESTING ACTIVITIES
Capital Expenditures $17.44M $14.16M $26.36M
YoY Change 23.79% -46.27% -354.51%
Acquisitions
YoY Change
Other Investing Activities $2.895M -$189.0K $73.00K
YoY Change -330.49% -358.9% -100.14%
Cash From Investing Activities -$14.54M -$14.35M -$26.29M
YoY Change -5.21% -45.4% -56.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -314.6M 96.36M 77.54M
YoY Change 48.63% 24.27% -91.72%
NET CHANGE
Cash From Operating Activities 50.30M 39.66M 34.88M
Cash From Investing Activities -14.54M -14.35M -26.29M
Cash From Financing Activities -314.6M 96.36M 77.54M
Net Change In Cash -278.8M 121.7M 86.14M
YoY Change 42.8% 41.25% -90.49%
FREE CASH FLOW
Cash From Operating Activities $50.30M $39.66M $34.88M
Capital Expenditures $17.44M $14.16M $26.36M
Free Cash Flow $32.86M $25.50M $8.523M
YoY Change 86.23% 199.18% -79.07%

Facts In Submission

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of estimates </span><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>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.
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