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Paycor Announces Third Quarter Fiscal Year 2023 Financial Results

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  • Q3 Total revenues of $161.5 million, an increase of 32% year-over-year, while expanding margins
  • Q3 Recurring revenue of $150.8 million, an increase of 23% year-over-year, and the sixth consecutive quarter of achieving 20%+ revenue growth
  • Raises FY’23 revenue and Adjusted operating income guidance $5 million and $3 million, respectively, year-over-year at the top end of the range

CINCINNATI , May 10, 2023 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (“HCM”) software, today announced financial results for the third quarter of fiscal year 2023, which ended March 31, 2023.

“Paycor posted robust 32% revenue growth year-over-year, reflecting continued strong demand for our innovative HCM suite and consistent execution of our go to market strategy as we expand nationally,” said Raul Villar, Jr., Chief Executive Officer of Paycor. “Paycor’s ability to invest in differentiated cloud technology that enables all leaders to be more effective while expanding margins for the fourth consecutive quarter demonstrates the scalability of our business model.”

“This quarter we launched powerful new analytics and automation capabilities that empower frontline leaders to drive business results. We continue to advance the platform with leading-edge capabilities, such as leveraging artificial intelligence to optimize sentiment in performance reviews and acquiring a behavioral science-based microlearning platform that will enable leaders to develop their employees more effectively.”

Third Quarter Fiscal Year 2023 Financial Highlights

  • Total revenues were $161.5 million, compared to $122.6 million for the third quarter of fiscal year 2022.
  • Operating loss was $8.0 million, compared to $23.5 million for the third quarter of fiscal year 2022.
  • Adjusted operating income* was $39.1 million, compared to $24.7 million for the third quarter of fiscal year 2022.
  • Net loss attributable to Paycor HCM was $7.3 million, compared to $16.7 million for the third quarter of fiscal year 2022.
  • Adjusted net income attributable to Paycor HCM* was $31.6 million, compared to $18.6 million for the third quarter of fiscal year 2022.

*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.

Third Quarter and Recent Business Highlights

  • Acquired Verb, a modern behavioral science-based microlearning solution to develop frontline leaders and their teams. Paycor plans to integrate Verb into its HCM platform to help organizations inspire positive, sustainable behavioral change through personalized development journeys.
  • Building on artificial intelligence-driven innovation such as Paycor Smart Sourcing and Predictive Resignation, Paycor introduced its existing natural language processing and sentiment analysis engines into Performance Reviews to provide frontline leaders real time feedback on the language used in evaluations to foster a more humanized, engaging work culture.
  • To further support frontline leaders, we deployed Industry Reports to provide quick access to important insights about their business.
  • Won six Titan Business Intelligence Awards spanning Paycor’s best-in-class Talent Management solution, Paycor Smart Sourcing, and insightful analytics that help frontline leaders optimize business decisions.

Business Outlook

Based on information as of today, May 10, 2023, Paycor is issuing the following financial guidance:

Fourth Quarter Ending June 30, 2023:

  • Total revenues in the range of $135-$137 million.
  • Adjusted operating income* in the range of $13-$14 million.

Fiscal Year Ending June 30, 2023:

  • Total revenues in the range of $548-$550 million.
  • Adjusted operating income* in the range of $80-$81 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.

Conference Call Information

Paycor will host a conference call today, May 10, 2023, 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 13735321. A live webcast and replay of the event will be available on the Paycor Investor Relations website at investors.paycor.com.

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 us apart is our focus on leaders. For more than 30 years, we’ve been listening to and partnering with leaders, so we know 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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including statements regarding our future results of operations and financial position, our business outlook, our business strategy and plans, our objectives for future operations, and any statements of a general economic or industry specific nature, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” “outlook,” “potential,” “targets,” “contemplates,” or the negative or plural of these words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022, as well as in our other filings with the Securities and Exchange Commission. We believe that these risks include, but are not limited to: our ability to manage our growth effectively; the potential breach of our security measures or unauthorized access to our customers’ or their employees’ personal data; the expansion and retention of our direct sales force with qualified and productive persons and the related effects on the growth of our business; the impact on customer expansion and retention if implementation, user experience, customer service, or performance relating to our solutions is not satisfactory; the timing of payments made to employees and taxing authorities relative to the timing of when a customer’s electronic funds transfers are settled to our account; future acquisitions of other companies’ businesses, technologies, or customer portfolios; the continued service of our key executives; our ability to innovate and deliver high-quality, technologically advanced products and services; our ability to attract and retain qualified personnel; the proper operation of our software; our relationships with third parties; the ongoing effects of inflation, supply chain disruptions, labor shortages and other adverse macroeconomic conditions in the market in which we and our customers operate; the impact of an economic downturn or recession in the United States or global economy; and the other risks described in our Annual Report on Form 10-K for the year ended June 30, 2022, as well as in our other filings with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations and assumptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We undertake no obligation to publicly update any forward-looking statement after the date of this report, whether as a result of new information, future developments or otherwise, or to conform these statements to actual results or revised expectations, except as may be required by law.

Non-GAAP Financial Measures

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present the following non-GAAP financial measures in this press release and on the related teleconference call: adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted sales and marketing expense, adjusted general and administrative expense, adjusted research and development expense, adjusted net income attributable to Paycor HCM, Inc. and adjusted net income attributable to Paycor HCM, Inc. per share. Management believes these non-GAAP measures are useful in evaluating our core operating performance and trends to prepare and approve our annual budget, and to develop short-term and long-term operating plans. Management believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. We define (i) adjusted gross profit as gross profit before amortization of intangible assets, stock-based compensation expense, and other certain corporate expenses, in each case that are included in costs of recurring revenues, (ii) adjusted gross profit margin as adjusted gross profit divided by total revenues, (iii) adjusted operating income as loss from operations before amortization of acquired intangible assets and naming rights, stock-based compensation expense, exit cost due to exiting leases of certain facilities and other certain corporate expenses, such as costs related to acquisitions, (iv) adjusted operating income margin as adjusted operating income divided by total revenues, (v) adjusted sales and marketing expense as sales and marketing expenses before amortization of naming rights, stock-based compensation expense and other certain corporate expenses, (vi) adjusted general and administrative expense as general and administrative expenses before amortization of acquired intangible assets, stock-based compensation expense, exit cost due to exiting leases of certain facilities and other certain corporate expenses, (vii) adjusted research and development expense as research and development expenses before stock-based compensation expense and other certain corporate expenses, (viii) adjusted net income attributable to Paycor HCM, Inc. as loss before benefit for income taxes after adjusting for amortization of acquired intangible assets and naming rights, accretion expense associated with the naming rights, stock-based compensation expense, gain or loss on the extinguishment of debt, exit costs due to exiting leases of certain facilities and other certain corporate expenses, such as costs related to acquisitions, all of which are tax effected by applying an adjusted effective income tax rate and (ix) adjusted net income attributable to Paycor HCM, Inc. per share as adjusted net income attributable to Paycor HCM, Inc. divided by adjusted shares outstanding. Adjusted shares outstanding includes potentially dilutive securities excluded from the GAAP dilutive net loss per share calculation.

Other certain corporate expenses presented include one-time costs related to secondary offerings, restructuring costs, professional, consulting and other costs, transaction expenses and other costs, costs associated with becoming a public company and implementation of a new enterprise-resource planning system.

The non-GAAP financial measures presented in this press release and discussed on the related teleconference call are not measures of financial performance under GAAP and should not be considered a substitute for gross profit, gross margin, operating income, operating income margin, sales and marketing expense, general and administrative expense, research and development expense, net income attributable to Paycor HCM, Inc. and diluted net income attributable to Paycor HCM, Inc. per share. Non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. The non-GAAP financial measures that we present may not be comparable to similarly titled measures used by other companies. A reconciliation is provided below under “Reconciliations of Non-GAAP Measures to GAAP Measures,” for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.

Investor Relations:
Rachel White
513-954-7388
[email protected]

Media Relations:
Carly Pennekamp
513-954-7282
[email protected]

Paycor HCM, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)  

  March 31,
2023
  June 30,
2022
Assets (Unaudited)    
Current assets:      
Cash and cash equivalents $ 82,858     $ 133,041  
Accounts receivable, net   30,506       21,511  
Deferred contract costs   49,982       37,769  
Prepaid expenses   17,256       9,421  
Other current assets   3,533       1,874  
   Current assets before funds held for clients   184,135       203,616  
Funds held for clients   1,258,249       1,715,916  
   Total current assets   1,442,384       1,919,532  
Property and equipment, net   31,404       31,675  
Operating lease right-of-use assets   17,500        
Goodwill   761,425       750,155  
Intangible assets, net   282,956       263,069  
Capitalized software, net   49,819       40,002  
Long-term deferred contract costs   153,519       125,705  
Other long-term assets   3,991       1,179  
   Total assets $ 2,742,998     $ 3,131,317  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 20,987     $ 13,945  
Accrued expenses and other current liabilities   18,954       13,907  
Accrued payroll and payroll related expenses   36,515       44,592  
Deferred revenue   12,724       11,742  
   Current liabilities before client fund obligations   89,180       84,186  
Client fund obligations   1,260,057       1,719,047  
   Total current liabilities   1,349,237       1,803,233  
Deferred income taxes   21,848       31,895  
Long-term operating leases   16,644        
Other long-term liabilities   70,005       11,458  
   Total liabilities   1,457,734       1,846,586  
Commitments and contingencies      
Stockholders’ equity:      
Common stock $0.001 par value per share, 500,000,000 shares authorized, 176,440,422 shares outstanding at March 31, 2023 and 174,909,539 shares outstanding at June 30, 2022   176       175  
Treasury stock, at cost, 10,620,260 shares at March 31, 2023 and June 30, 2022   (245,074 )     (245,074 )
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at March 31, 2023 and June 30, 2022          
Additional paid-in capital   1,991,298       1,926,800  
Accumulated deficit   (459,244 )     (395,389 )
Accumulated other comprehensive loss   (1,892 )     (1,781 )
   Total stockholders’ equity   1,285,264       1,284,731  
   Total liabilities and stockholders’ equity $ 2,742,998     $ 3,131,317  

 Paycor HCM, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share amounts)

  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2023       2022       2023       2022  
Revenues:              
Recurring and other revenue $ 150,757     $ 122,189     $ 389,908     $ 317,334  
Interest income on funds held for clients   10,725       408       22,741       1,062  
   Total revenues   161,482       122,597       412,649       318,396  
Cost of revenues   49,323       41,157       138,692       127,850  
   Gross profit   112,159       81,440       273,957       190,546  
Operating expenses:              
Sales and marketing   55,499       41,487       155,607       127,957  
General and administrative   51,033       54,090       151,405       141,963  
Research and development   13,658       9,324       39,935       30,120  
   Total operating expenses   120,190       104,901       346,947       300,040  
   Loss from operations   (8,031 )     (23,461 )     (72,990 )     (109,494 )
Other (expense) income:              
Interest expense   (1,970 )     (101 )     (3,461 )     (448 )
Other   2,003       (12 )     2,514       1,540  
Loss before benefit for income taxes   (7,998 )     (23,574 )     (73,937 )     (108,402 )
Income tax benefit   (658 )     (6,876 )     (10,082 )     (24,204 )
Net loss   (7,340 )     (16,698 )     (63,855 )     (84,198 )
Less: Accretion of redeemable noncontrolling interests                     11,621  
Net loss attributable to Paycor HCM, Inc. $ (7,340 )   $ (16,698 )   $ (63,855 )   $ (95,819 )
Basic and diluted net loss attributable to Paycor HCM, Inc. per share $ (0.04 )   $ (0.10 )   $ (0.36 )   $ (0.56 )
Weighted average common shares outstanding:              
Basic and diluted   176,306,017       174,819,649       175,879,962       171,881,617  
               

Paycor HCM, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

  Nine Months Ended  
  March 31,  
    2023       2022    
Cash flows from operating activities:        
Net loss $ (63,855 )   $ (84,198 )  
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation   3,571       5,113    
Amortization of intangible assets and software   92,727       95,556    
Amortization of deferred contract costs   33,246       22,330    
Stock-based compensation expense   58,019       55,321    
Deferred tax benefit   (10,287 )     (24,227 )  
Bad debt expense   3,233       1,655    
Loss (gain) on sale of investments   232       (9 )  
Gain on installment sale         (1,359 )  
Loss on foreign currency exchange   381       101    
Loss on lease exit   950       9,055    
Naming rights accretion expense   3,198          
Change in fair value of deferred consideration         (138 )  
Other   (930 )     66    
Changes in assets and liabilities, net of effects from acquisitions:        
Accounts receivable   (12,063 )     (5,391 )  
Prepaid expenses and other assets   (6,510 )     (5,195 )  
Accounts payable   6,229       (160 )  
Accrued liabilities and other   (19,602 )     618    
Deferred revenue   1,119       943    
Deferred contract costs   (73,273 )     (58,450 )  
Net cash provided by operating activities   16,385       11,631    
Cash flows from investing activities:        
Purchases of client funds available-for-sale securities   (365,196 )     (178,362 )  
Proceeds from sale and maturities of client funds available-for-sale securities   259,097       127,603    
Purchase of property and equipment   (3,285 )     (1,861 )  
Proceeds from note receivable on installment sale         3,040    
Acquisition of intangible assets   (18,842 )     (4,640 )  
Acquisition of Talenya Ltd., net of cash acquired   (18,793 )        
Internally developed software costs   (30,600 )     (22,667 )  
Net cash used in investing activities   (177,619 )     (76,887 )  
Cash flows from financing activities:        
Net change in cash and cash equivalents held to satisfy client funds obligations   (453,685 )     1,204,091    
Payment of deferred consideration         (2,752 )  
Proceeds from line-of-credit         3,500    
Repayments of line-of-credit         (52,600 )  
Repayments of debt and capital lease obligations   (211 )        
Proceeds from the issuance of common stock sold in the IPO, net of offering costs and underwriting discount         454,915    
Redemption of Redeemable Series A Preferred Stock (acquisition of noncontrolling interest)         (260,044 )  
Withholding taxes paid related to net share settlements   (2,150 )        
Proceeds from exercise of stock options   345          
Proceeds from employee stock purchase plan   8,285       3,186    
Other financing activities         (395 )  
Net cash (used in) provided by financing activities   (447,416 )     1,349,901    
Impact of foreign exchange on cash and cash equivalents   (15 )     18    
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients   (608,665 )     1,284,663    
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period   1,682,923       560,000    
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period $ 1,074,258     $ 1,844,663    
Supplemental disclosure of non-cash investing, financing and other cash flow information:        
Capital expenditures in accounts payable $ 2     $ 25    
Cash paid for interest         154    
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 $ 82,858     $ 134,004    
Funds held for clients   991,400       1,710,659    
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients $ 1,074,258     $ 1,844,663    

Reconciliations of Non-GAAP Measures to GAAP Measures

Adjusted Gross Profit and Adjusted Gross Profit Margin (Unaudited)

  Three Months Ended   Nine Months Ended
(in thousands) March 31, 2023   March 31, 2022   March 31, 2023   March 31, 2022
Gross Profit* $ 112,159     $ 81,440     $ 273,957     $ 190,546  
Gross Profit Margin   69.5 %     66.4 %     66.4 %     59.8 %
Amortization of intangible assets   1,358       1,433       3,786       18,017  
Stock-based compensation expense   2,440       1,710       6,755       5,205  
Adjusted Gross Profit* $ 115,957     $ 84,583     $ 284,498     $ 213,768  
Adjusted Gross Profit Margin   71.8 %     69.0 %     68.9 %     67.1 %

*    Gross Profit and Adjusted Gross Profit are burdened by depreciation expense of $0.4 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively, and $1.3 million and $2.0 million for the nine months ended March 31, 2023 and 2022, respectively. Gross Profit and Adjusted Gross Profit are burdened by amortization of capitalized software of $7.2 million and $5.8 million for the three months ended March 31, 2023 and 2022, respectively, and $20.3 million and $16.0 million for the nine months ended March 31, 2023 and 2022, respectively. Gross Profit and Adjusted Gross Profit are burdened by amortization of deferred contract costs of $6.8 million and $4.6 million for the three months ended March 31, 2023 and 2022, respectively, and $18.6 million and $12.2 million for the nine months ended March 31, 2023 and 2022, respectively.

Adjusted Operating Income (Unaudited)

  Three Months Ended   Nine Months Ended
(in thousands) March 31, 2023   March 31, 2022   March 31, 2023   March 31, 2022
Loss from Operations $ (8,031 )   $ (23,461 )   $ (72,990 )   $ (109,494 )
Operating Margin (5.0)%   (19.1)%   (17.7)%   (34.4)%
Amortization of intangible assets   24,467       22,136       72,410       79,548  
Stock-based compensation expense   20,384       16,294       58,019       55,321  
Loss on lease exit*   915       9,055       1,733       9,055  
Corporate adjustments**   1,372       626       7,991       3,871  
Adjusted Operating Income $ 39,107     $ 24,650     $ 67,163     $ 38,301  
Adjusted Operating Income Margin   24.2 %     20.1 %     16.3 %     12.0 %

*    Represents exit costs due to exiting leases of certain facilities.
**    Corporate adjustments for the three and nine months ended March 31, 2023 relate to costs associated with secondary offerings completed in December 2022 (“December 2022 Secondary Offering”) and September 2022 (“September 2022 Secondary Offering”) of $— million and $2.2 million, respectively, professional, consulting, and other costs of $1.0 million and $3.5 million, respectively, and transaction expenses and other costs of $0.4 million and $2.3 million, respectively. Corporate adjustments for the three and nine months ended March 31, 2022 relate to certain restructuring costs of $0.2 million and $0.4 million, respectively, as well as costs associated with becoming a public company, including the implementation of a new enterprise-resource planning system and professional, consulting, and other costs of $0.4 million and $2.5 million, respectively, and costs associated with a secondary offering completed in October 2021 (“October 2021 Secondary Offering”) of $— million and $1.0 million, respectively.

Adjusted Operating Expenses (Unaudited)

  Three Months Ended   Nine Months Ended
(in thousands) March 31, 2023   March 31, 2022   March 31, 2023   March 31, 2022
Sales and Marketing expense $ 55,499     $ 41,487     $ 155,607     $ 127,957  
Amortization of intangible assets   (756 )           (2,823 )      
Stock-based compensation expense   (8,311 )     (7,634 )     (24,408 )     (29,390 )
Corporate adjustments*                     (53 )
Adjusted Sales and Marketing expense $ 46,432     $ 33,853     $ 128,376     $ 98,514  
General and Administrative expense $ 51,033     $ 54,090     $ 151,405     $ 141,963  
Amortization of intangible assets   (22,353 )     (20,703 )     (65,801 )     (61,531 )
Stock-based compensation expense   (7,168 )     (5,846 )     (19,765 )     (16,947 )
Loss on lease exit**   (915 )     (9,055 )     (1,733 )     (9,055 )
Corporate adjustments***   (1,372 )     (626 )     (7,991 )     (3,818 )
Adjusted General and Administrative expense $ 19,225     $ 17,860     $ 56,115     $ 50,612  
Research and Development expense $ 13,658     $ 9,324     $ 39,935     $ 30,120  
Stock-based compensation expense   (2,465 )     (1,104 )     (7,091 )     (3,779 )
Adjusted Research and Development expense $ 11,193     $ 8,220     $ 32,844     $ 26,341  

*    Corporate adjustments for the nine months ended March 31, 2022 relate to costs associated with becoming a public company.
**    Represents exit costs due to exiting leases of certain facilities.        
***    Corporate adjustments for the three and nine months ended March 31, 2023 relate to costs associated with the December 2022 Secondary Offering and the September 2022 Secondary Offering of $— million and $2.2 million, respectively, professional, consulting, and other costs of $1.0 million and $3.5 million, respectively, and transaction expenses and other costs of $0.4 million and $2.3 million, respectively. Corporate adjustments for the three and nine months ended March 31, 2022 relate to certain restructuring costs of $0.2 million and $0.4 million, respectively, as well as costs associated with becoming a public company, including the implementation of a new enterprise-resource planning system and professional, consulting, and other costs of $0.4 million and $2.4 million, respectively, and costs associated with the October 2021 Secondary Offering of $— million and $1.0 million, respectively.

Adjusted Net Income Attributable to Paycor HCM, Inc. and Adjusted Net Income Attributable to Paycor HCM, Inc. Per Share (Unaudited)

  Three Months Ended   Nine Months Ended
(in thousands) March 31, 2023   March 31, 2022   March 31, 2023   March 31, 2022
Net loss before benefit for income taxes $ (7,998 )   $ (23,574 )   $ (73,937 )   $ (108,402 )
Loss on debt amendment                     35  
Amortization of intangible assets   24,467       22,136       72,410       79,548  
Naming rights accretion expense   1,884             3,198        
Gain on installment sale                     (1,359 )
Stock-based compensation expense   20,384       16,294       58,019       55,321  
Loss on lease exit*   915       9,055       1,733       9,055  
Corporate adjustments**   1,372       626       7,991       3,871  
Non-GAAP adjusted income before applicable income taxes   41,024       24,537       69,414       38,069  
Income tax effect on adjustments***   (9,435 )     (5,889 )     (15,965 )     (9,137 )
Adjusted Net Income Attributable to Paycor HCM, Inc. $ 31,589     $ 18,648     $ 53,449     $ 28,932  
               
Adjusted Net Income Attributable to Paycor HCM, Inc. Per Share $ 0.18     $ 0.11     $ 0.30     $ 0.17  
Adjusted shares outstanding****   176,499,160       175,116,109       176,211,488       173,269,703  
               

*    Represents exit costs due to exiting leases of certain facilities.
**    Corporate adjustments for the three and nine months ended March 31, 2023 relate to costs associated with the December 2022 Secondary Offering and the September 2022 Secondary Offering of $— million and $2.2 million, respectively, professional, consulting, and other costs of $1.0 million and $3.5 million, respectively, and transaction expenses and other costs of $0.4 million and $2.3 million, respectively. Corporate adjustments for the three and nine months ended March 31, 2022 relate to certain restructuring costs of $0.2 million and $0.4 million, respectively, as well as costs associated with becoming a public company, including the implementation of a new enterprise-resource planning system and professional, consulting, and other costs of $0.4 million and $2.5 million, respectively, and costs associated with the October 2021 Secondary Offering of $— million and $1.0 million, respectively.
***    Non-GAAP adjusted income before applicable income taxes is tax effected using an adjusted effective income tax rate of 23.0% for the three and nine months ended March 31, 2023, respectively, and 24.0% for the three and nine months ended March 31, 2022, respectively.
****    The adjusted shares outstanding for the three and nine months ended March 31, 2023 are based on the if-converted method and include potentially dilutive securities that are excluded from the U.S. GAAP dilutive net income per share calculation because including them would have an anti-dilutive effect. The adjusted shares outstanding for the three months ended March 31, 2022 are based on the if-converted method and include potentially dilutive securities that are excluded from the U.S. GAAP dilutive net income per share calculation because including them would have an anti-dilutive effect. The adjusted shares outstanding for the nine months ended March 31, 2022 assume the conversion of the Series A Preferred Stock as if it would have occurred on July 1, 2021, based on the if-converted method and include potentially dilutive securities that are excluded from the U.S. GAAP dilutive net income per share calculation because including them would have an anti-dilutive effect.

 

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Artificial Intelligence

Aurionpro Solutions acquires Arya.ai, to power next generation Enterprise AI platforms for Financial Institutions

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SINGAPORE, April 20, 2024 /PRNewswire/ — Aurionpro Solutions Limited (BSE: 532668) (NSE: AURIONPRO) announces the acquisition of Banking and Insurance focused PaaS startup, Arya.ai. With Arya.ai, Aurionpro will enhance its portfolio of enterprise fintech offerings to expedite adoption of AI that is responsible, accurate, and auditable.

 
 
Aurionpro Solutions Ltd. will acquire a majority stake (67%) in Arya.ai. This acquisition will bring products and expertise in Artificial Intelligence, Deep Learning, Intelligent Automation, PaaS, Autonomous AI Platforms, and more, to complement and strengthen Aurionpro’s industry leading portfolio.
The transaction comprises acquisition of shares held by the existing shareholders and subscription of new equity capital in the company. This will be an all-cash deal. The aggregate investment including  secondary acquisition and fund infusion is approximately 16.5 MN USD.
By integrating Arya.ai’s cutting-edge AI cloud platform, with Aurionpro’s comprehensive suite of offerings, the company will create an industry leading Enterprise AI platform focused on creating value for financial institutions globally. 
Commenting on the acquisition, Ashish Rai, CEO of Aurionpro Solutions, stated, “The acquisition of Arya.ai marries Aurionpro’s portfolio of industry leading enterprise software with one of the most mature Enterprise AI platforms focused on Banks and Insurers. We are incredibly excited about working with Arya.ai and our wider ecosystem partners to build out the leading Enterprise AI platform, for the financial industry worldwide.”
“Our decade long experience in building tools/platform for deep learning helped us to build a truly verticalized AI Operating System for Banking and Insurance.” Says Vinay Kumar CEO/Founder of Arya.ai. “Together with Aurionpro, we are going to build a new generation of Enterprise AI software for Banks and Insurers that truly embeds AI, augmenting a task or Autonomous Agents that can take over entire transactions”. 
Founded in 2013 by Vinay Kumar and Deekshith Marla, Arya.ai has been one of the first ‘AI’ startups to use Deep Learning and deploy in enterprises. Arya.ai’s BFSI PaaS offerings include Arya API with 80+ ML models, Libra for fine-tuning SOTA ML models, and AryaXAI for AI governance.
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Artificial Intelligence

Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.

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NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform.  QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.

 
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR  HUD screen, when having some down time. 
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
HIGH RES IMAGE: https://we.tl/t-epx2syiuaRWATCH VIDEO: https://www.youtube.com/watch?v=2v_Pli2pAM8&t=164s
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Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.

The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™.  Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=210662258
Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
 
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies.  GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance.  Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Procurement Analytics Market- Global Forecast to 2026
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Insight: https://www.marketsandmarkets.com/ResearchInsight/risk-analytics-market.aspVisit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/risk-analytics.asp
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