Paycor HCM Inc(NASDAQ:PYCR) 
Paycor HCM, Inc. is a provider of human capital management (HCM) software in the United States. The Company offers solutions, such as payroll, human resources (HR) services, talent management, workforce management, benefits administration, reporting and analytics, and other payroll-related services.
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | |||||||||||||||
recurring and other revenue | 167,388,000 | 153,999,000 | 150,473,000 | 171,973,000 | 147,232,000 | 132,708,000 | 128,966,000 | 150,757,000 | 124,982,000 | 114,169,000 | 109,698,000 | 122,189,000 | 102,729,000 | 92,416,000 | |
interest income on funds held for clients | 13,050,000 | 13,477,000 | 14,327,000 | 15,046,000 | 12,309,000 | 10,880,000 | 11,077,000 | 10,725,000 | 7,882,000 | 4,134,000 | 1,293,000 | 408,000 | 338,000 | 316,000 | |
total revenues | 180,438,000 | 167,476,000 | 164,800,000 | 187,019,000 | 159,541,000 | 143,588,000 | 140,043,000 | 161,482,000 | 132,864,000 | 118,303,000 | 110,991,000 | 122,597,000 | 103,067,000 | 92,732,000 | |
yoy | 13.10% | 16.64% | 17.68% | 15.81% | 20.08% | 21.37% | 26.18% | 31.72% | 28.91% | 27.58% | |||||
qoq | 7.74% | 1.62% | -11.88% | 17.22% | 11.11% | 2.53% | -13.28% | 21.54% | 12.31% | 6.59% | -9.47% | 18.95% | 11.15% | ||
cost of revenues | 62,186,000 | 59,217,000 | 57,996,000 | 58,736,000 | 55,125,000 | 51,378,000 | 48,448,000 | 49,323,000 | 46,184,000 | 43,185,000 | 40,338,000 | 41,157,000 | 41,082,000 | 45,611,000 | |
gross profit | 118,252,000 | 108,259,000 | 106,804,000 | 128,283,000 | 104,416,000 | 92,210,000 | 91,595,000 | 112,159,000 | 86,680,000 | 75,118,000 | 70,653,000 | 81,440,000 | 61,985,000 | 47,121,000 | |
yoy | 13.25% | 17.40% | 16.60% | 14.38% | 20.46% | 22.75% | 29.64% | 37.72% | 39.84% | 59.42% | |||||
qoq | 9.23% | 1.36% | -16.74% | 22.86% | 13.24% | 0.67% | -18.33% | 29.39% | 15.39% | 6.32% | -13.25% | 31.39% | 31.54% | ||
gross margin % | 65.54% | 64.64% | 64.81% | 68.59% | 65.45% | 64.22% | 65.40% | 69.46% | 65.24% | 63.50% | 63.66% | 66.43% | 60.14% | 50.81% | |
operating expenses: | |||||||||||||||
sales and marketing | 60,137,000 | 56,789,000 | 56,679,000 | 55,839,000 | 57,753,000 | 52,778,000 | 56,487,000 | 55,499,000 | 51,913,000 | 48,195,000 | 42,672,000 | 41,487,000 | 40,682,000 | 45,788,000 | |
general and administrative | 38,554,000 | 48,296,000 | 47,853,000 | 49,921,000 | 56,173,000 | 48,749,000 | 52,445,000 | 51,033,000 | 52,461,000 | 47,911,000 | 45,087,000 | 54,090,000 | 44,462,000 | 43,411,000 | |
research and development | 18,369,000 | 17,428,000 | 15,632,000 | 15,067,000 | 16,665,000 | 14,055,000 | 14,328,000 | 13,658,000 | 13,875,000 | 12,402,000 | 13,020,000 | 9,324,000 | 10,605,000 | 10,191,000 | |
total operating expenses | 117,060,000 | 122,513,000 | 120,164,000 | 120,827,000 | 130,591,000 | 115,582,000 | 123,260,000 | 120,190,000 | 118,249,000 | 108,508,000 | 100,779,000 | 104,901,000 | 95,749,000 | 99,390,000 | |
income from operations | 1,192,000 | -14,254,000 | -13,360,000 | 7,456,000 | -26,175,000 | -23,372,000 | -31,665,000 | -8,031,000 | -31,569,000 | -33,390,000 | -30,126,000 | -23,461,000 | -33,764,000 | -52,269,000 | |
yoy | -104.55% | -39.01% | -57.81% | -192.84% | -17.09% | -30.00% | 5.11% | -65.77% | -6.50% | -36.12% | |||||
qoq | -108.36% | 6.69% | -279.18% | -128.49% | 11.99% | -26.19% | 294.28% | -74.56% | -5.45% | 10.83% | 28.41% | -30.51% | -35.40% | ||
operating margin % | 0.66% | -8.51% | -8.11% | 3.99% | -16.41% | -16.28% | -22.61% | -4.97% | -23.76% | -28.22% | -27.14% | -19.14% | -32.76% | -56.37% | |
other income: | |||||||||||||||
interest expense | -1,135,000 | -1,138,000 | -1,139,000 | -1,146,000 | -1,153,000 | -1,244,000 | -1,177,000 | -1,970,000 | -404,000 | -1,087,000 | -93,000 | -101,000 | -112,000 | -235,000 | |
other | 780,000 | 1,670,000 | 99,000 | 1,133,000 | -1,745,000 | 931,000 | 2,116,000 | 2,003,000 | 66,000 | 445,000 | 30,000 | -12,000 | 328,000 | 1,224,000 | |
income before benefit for income taxes | 837,000 | -13,722,000 | -14,400,000 | 7,443,000 | -29,073,000 | -23,685,000 | -30,726,000 | -7,998,000 | -31,907,000 | -34,032,000 | -30,189,000 | -23,574,000 | -33,548,000 | -51,280,000 | |
income tax benefit | 2,885,000 | -6,438,000 | 3,890,000 | 1,250,000 | -2,824,000 | -3,089,000 | -1,366,000 | -658,000 | -4,444,000 | -4,980,000 | -6,370,000 | -6,876,000 | -8,084,000 | -9,244,000 | |
net income | -2,048,000 | -7,284,000 | -18,290,000 | 6,193,000 | -26,249,000 | -20,596,000 | -29,360,000 | -7,340,000 | -27,463,000 | -29,052,000 | -23,819,000 | -16,698,000 | -25,464,000 | -42,036,000 | |
yoy | -92.20% | -64.63% | -37.70% | -184.37% | -4.42% | -29.11% | 23.26% | -56.04% | 7.85% | -30.89% | |||||
qoq | -71.88% | -60.17% | -395.33% | -123.59% | 27.45% | -29.85% | 300.00% | -73.27% | -5.47% | 21.97% | 42.65% | -34.43% | -39.42% | ||
net income margin % | -1.14% | -4.35% | -11.10% | 3.31% | -16.45% | -14.34% | -20.96% | -4.55% | -20.67% | -24.56% | -21.46% | -13.62% | -24.71% | -45.33% | |
basic and diluted net income per share | -0.01 | -0.04 | -0.1 | 0.03 | -0.15 | -0.12 | |||||||||
weighted-average common shares outstanding: | |||||||||||||||
basic and diluted | 179,592,666 | 178,729,710 | 177,667,036 | 177,968,744 | 177,567,397 | 176,953,395 | 176,039,651 | 176,306,017 | 175,830,554 | 175,512,577 | 172,636,523 | 174,819,649 | 174,429,903 | 166,459,168 | |
less: accretion of redeemable noncontrolling interests | 11,621,000 | ||||||||||||||
net income attributable to paycor hcm, inc. | -29,360,000 | -7,340,000 | -27,463,000 | -29,052,000 | -23,819,000 | -16,698,000 | -25,464,000 | -53,657,000 | |||||||
basic and diluted net income attributable to paycor hcm, inc. per share | -0.17 | -0.04 | -0.16 | -0.17 | -0.13 | -0.1 | -0.15 | -0.32 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||
current assets: | |||||||||||||||
cash and cash equivalents | 114,569,000 | 97,618,000 | 117,958,000 | 90,098,000 | 61,719,000 | 54,277,000 | 95,233,000 | 82,858,000 | 72,277,000 | 98,161,000 | 133,041,000 | 134,004,000 | 111,087,000 | 125,787,000 | 2,634,000 |
accounts receivable, net allowance for credit losses | 58,252,000 | 47,957,000 | 48,164,000 | ||||||||||||
deferred contract costs | 75,440,000 | 73,128,000 | 70,377,000 | 67,156,000 | 63,290,000 | 58,963,000 | 54,448,000 | 49,982,000 | 45,691,000 | 41,398,000 | 37,769,000 | 34,247,000 | 30,785,000 | 27,559,000 | 24,503,000 |
prepaid expenses | 13,284,000 | 14,693,000 | 12,749,000 | 16,985,000 | 12,861,000 | 13,196,000 | 10,448,000 | 17,256,000 | 12,990,000 | 10,954,000 | 9,421,000 | 12,417,000 | 13,783,000 | 10,663,000 | 6,586,000 |
other current assets | 9,397,000 | 8,673,000 | 3,458,000 | 7,772,000 | 9,307,000 | 6,630,000 | 2,581,000 | 3,533,000 | 3,956,000 | 2,490,000 | 1,874,000 | 1,214,000 | 977,000 | 1,559,000 | 1,516,000 |
current assets before funds held for clients | 270,942,000 | 242,069,000 | 252,706,000 | 226,000,000 | 192,122,000 | 167,802,000 | 193,530,000 | 184,135,000 | 166,826,000 | 176,362,000 | 203,616,000 | 202,076,000 | 176,478,000 | 181,551,000 | 51,711,000 |
funds held for clients | 1,333,368,000 | 967,189,000 | 1,109,136,000 | 1,418,233,000 | 1,325,163,000 | 1,033,180,000 | 1,049,156,000 | 1,258,249,000 | 1,183,474,000 | 933,307,000 | 1,715,916,000 | 1,880,485,000 | 940,157,000 | 1,578,052,000 | 670,315,000 |
total current assets | 1,604,310,000 | 1,209,258,000 | 1,361,842,000 | 1,644,233,000 | 1,517,285,000 | 1,200,982,000 | 1,242,686,000 | 1,442,384,000 | 1,350,300,000 | 1,109,669,000 | 1,919,532,000 | 2,082,561,000 | 1,116,635,000 | 1,759,603,000 | 722,026,000 |
property and equipment | 34,087,000 | 34,871,000 | 35,220,000 | 35,780,000 | 36,893,000 | 37,722,000 | 34,573,000 | 31,404,000 | 31,989,000 | 30,789,000 | 31,675,000 | 32,751,000 | 38,935,000 | 40,055,000 | 41,080,000 |
operating lease right-of-use assets | 14,308,000 | 14,021,000 | 14,417,000 | 14,968,000 | 15,346,000 | 15,921,000 | 16,834,000 | 17,500,000 | 22,553,000 | 22,732,000 | |||||
goodwill | 765,904,000 | 766,832,000 | 766,653,000 | 766,739,000 | 767,193,000 | 764,619,000 | 767,738,000 | 761,425,000 | 770,120,000 | 749,221,000 | 750,155,000 | 750,655,000 | 750,397,000 | 750,394,000 | 750,802,000 |
intangible assets | 137,327,000 | 147,925,000 | 171,493,000 | 190,818,000 | 214,081,000 | 234,773,000 | 260,472,000 | 282,956,000 | 305,547,000 | 322,645,000 | 263,069,000 | 280,414,000 | 301,097,000 | 323,467,000 | 355,323,000 |
capitalized software | 72,046,000 | 70,173,000 | 67,376,000 | 64,987,000 | 61,652,000 | 58,764,000 | 53,983,000 | 49,819,000 | 45,355,000 | 42,696,000 | 40,002,000 | 37,921,000 | 35,192,000 | 33,966,000 | 31,310,000 |
long-term deferred contract costs | 199,450,000 | 194,941,000 | 189,826,000 | 184,480,000 | 177,843,000 | 170,862,000 | 162,657,000 | 153,519,000 | 144,214,000 | 133,818,000 | 125,705,000 | 117,256,000 | 108,229,000 | 99,528,000 | 90,880,000 |
other long-term assets | 2,770,000 | 2,853,000 | 2,566,000 | 3,344,000 | 2,921,000 | 2,987,000 | 2,232,000 | 3,991,000 | 2,794,000 | 1,662,000 | 1,179,000 | 25,080,000 | 21,867,000 | 18,352,000 | 19,532,000 |
total assets | 2,830,202,000 | 2,440,874,000 | 2,609,393,000 | 2,905,349,000 | 2,793,214,000 | 2,486,630,000 | 2,541,175,000 | 2,742,998,000 | 2,672,872,000 | 2,413,232,000 | 3,131,317,000 | 3,326,638,000 | 2,372,352,000 | 3,025,365,000 | 2,010,953,000 |
liabilities and stockholders' equity | |||||||||||||||
current liabilities: | |||||||||||||||
accounts payable | 21,327,000 | 20,419,000 | 27,309,000 | 20,005,000 | 25,510,000 | 20,340,000 | 28,350,000 | 20,987,000 | 20,284,000 | 15,512,000 | 13,945,000 | 11,741,000 | 11,946,000 | 12,822,000 | 11,978,000 |
accrued expenses and other current liabilities | 24,851,000 | 29,535,000 | 26,450,000 | 25,088,000 | 29,290,000 | 21,032,000 | 24,119,000 | 18,954,000 | 24,862,000 | 18,837,000 | 13,907,000 | 14,317,000 | 10,235,000 | 13,347,000 | 15,782,000 |
accrued payroll and payroll related expenses | 36,190,000 | 22,006,000 | 44,923,000 | 36,754,000 | 32,521,000 | 23,575,000 | 43,858,000 | 36,515,000 | 32,350,000 | 25,873,000 | 44,592,000 | 38,144,000 | 29,523,000 | 24,530,000 | 32,305,000 |
deferred revenue | 13,395,000 | 13,124,000 | 13,600,000 | 14,017,000 | 13,361,000 | 13,096,000 | 13,083,000 | 12,724,000 | 11,449,000 | 11,333,000 | 11,742,000 | 11,764,000 | 10,697,000 | 10,821,000 | 11,948,000 |
current liabilities before client fund obligations | 95,763,000 | 85,084,000 | 112,282,000 | 95,864,000 | 100,682,000 | 78,043,000 | 109,410,000 | 89,180,000 | 88,945,000 | 71,555,000 | 84,186,000 | 75,966,000 | 62,401,000 | 61,520,000 | 72,013,000 |
client fund obligations | 1,333,944,000 | 963,998,000 | 1,111,373,000 | 1,420,159,000 | 1,325,792,000 | 1,038,327,000 | 1,053,926,000 | 1,260,057,000 | 1,187,532,000 | 938,836,000 | 1,719,047,000 | 1,882,450,000 | 940,387,000 | 1,577,642,000 | 669,960,000 |
total current liabilities | 1,429,707,000 | 1,049,082,000 | 1,223,655,000 | 1,516,023,000 | 1,426,474,000 | 1,116,370,000 | 1,163,336,000 | 1,349,237,000 | 1,276,477,000 | 1,010,391,000 | 1,803,233,000 | 1,958,416,000 | 1,002,788,000 | 1,639,162,000 | 741,973,000 |
deferred income taxes | 10,726,000 | 11,197,000 | 16,019,000 | 13,696,000 | 12,940,000 | 14,374,000 | 18,047,000 | 21,848,000 | 22,222,000 | 26,222,000 | 31,895,000 | 62,671,000 | 66,651,000 | 70,846,000 | 76,138,000 |
long-term operating leases | 12,765,000 | 12,653,000 | 13,447,000 | 14,009,000 | 14,602,000 | 15,203,000 | 16,061,000 | 16,644,000 | 22,310,000 | 23,180,000 | |||||
other long-term liabilities | 67,986,000 | 68,309,000 | 69,346,000 | 70,251,000 | 70,937,000 | 71,268,000 | 70,047,000 | 70,005,000 | 83,867,000 | 79,580,000 | 11,458,000 | 11,886,000 | 10,843,000 | 14,640,000 | 16,680,000 |
total liabilities | 1,521,184,000 | 1,141,241,000 | 1,322,467,000 | 1,613,979,000 | 1,524,953,000 | 1,217,215,000 | 1,267,491,000 | 1,457,734,000 | 1,404,876,000 | 1,139,373,000 | 1,846,586,000 | 2,032,973,000 | 1,080,282,000 | 1,724,648,000 | 883,891,000 |
commitments and contingencies | |||||||||||||||
stockholders' equity: | |||||||||||||||
common stock 0.001 par value per share... | 181,000 | 179,000 | 178,000 | 178,000 | 178,000 | 177,000 | 177,000 | 176,000 | 176,000 | 176,000 | 175,000 | 175,000 | 174,000 | 174,000 | 141,000 |
treasury stock | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 | -245,074,000 |
preferred stock, 0.001 par value... | 262,772,000 | ||||||||||||||
additional paid-in capital | 2,111,961,000 | 2,097,454,000 | 2,081,668,000 | 2,067,497,000 | 2,049,501,000 | 2,027,863,000 | 2,011,194,000 | 1,991,298,000 | 1,967,352,000 | 1,947,102,000 | 1,926,800,000 | 1,910,745,000 | 1,891,259,000 | 1,874,040,000 | |
accumulated deficit | -557,769,000 | -555,721,000 | -548,437,000 | -530,147,000 | -536,340,000 | -510,091,000 | -489,495,000 | -459,244,000 | -451,904,000 | -424,441,000 | -395,389,000 | -371,570,000 | -354,872,000 | -329,408,000 | -275,751,000 |
accumulated other comprehensive loss | -281,000 | -1,409,000 | -1,084,000 | -4,000 | -3,460,000 | -3,118,000 | -1,892,000 | -2,554,000 | -3,904,000 | ||||||
total stockholders' equity | 1,309,018,000 | 1,299,633,000 | 1,286,926,000 | 1,291,370,000 | 1,268,261,000 | 1,269,415,000 | 1,273,684,000 | 1,285,264,000 | 1,267,996,000 | 1,273,859,000 | 1,284,731,000 | 1,293,665,000 | 1,292,070,000 | 1,300,717,000 | |
total liabilities and stockholders' equity | 2,830,202,000 | 2,440,874,000 | 2,609,393,000 | 2,905,349,000 | 2,793,214,000 | 2,486,630,000 | 2,541,175,000 | 2,742,998,000 | 2,672,872,000 | 2,413,232,000 | |||||
accumulated other comprehensive income | 2,795,000 | -1,781,000 | -611,000 | 583,000 | 985,000 | 3,152,000 | |||||||||
accounts receivable | 43,989,000 | 44,945,000 | 34,736,000 | 30,820,000 | 30,506,000 | 31,912,000 | 23,359,000 | 21,511,000 | 20,194,000 | 19,846,000 | 15,983,000 | 16,472,000 | |||
liabilities, redeemable noncontrolling interest and stockholders' equity | |||||||||||||||
long-term debt | 49,100,000 | ||||||||||||||
redeemable noncontrolling interest | 248,423,000 | ||||||||||||||
series a preferred stock, 0.001 par value... | |||||||||||||||
total liabilities, redeemable noncontrolling interest and stockholders' equity | 3,131,317,000 | 3,326,638,000 | 2,372,352,000 | 3,025,365,000 | |||||||||||
restricted cash and short-term investments | |||||||||||||||
liabilities, redeemable noncontrolling interest and stockholder’s equity | |||||||||||||||
liability incentive awards | |||||||||||||||
revolving line-of-credit | |||||||||||||||
current portion of long-term debt | |||||||||||||||
stockholder’s equity: | |||||||||||||||
additional paid in capital | 1,133,399,000 | ||||||||||||||
total stockholder’s equity | 878,639,000 | ||||||||||||||
total liabilities, redeemable noncontrolling interest and stockholder’s equity | 2,010,953,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||
net income | -2,048,000 | -7,284,000 | -18,290,000 | 6,193,000 | -26,249,000 | -20,596,000 | -29,360,000 | -7,340,000 | -27,463,000 | -29,052,000 | -23,819,000 | -16,698,000 | -25,464,000 | -42,036,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
depreciation | 1,397,000 | 1,451,000 | 1,424,000 | 1,467,000 | 1,486,000 | 1,511,000 | 1,219,000 | 1,175,000 | 1,196,000 | 1,200,000 | 1,344,000 | 1,665,000 | 1,730,000 | 1,718,000 |
amortization of intangible assets and software | 23,192,000 | 34,341,000 | 33,366,000 | 33,560,000 | 34,129,000 | 34,183,000 | 33,630,000 | 31,633,000 | 31,418,000 | 29,676,000 | 28,460,000 | 27,903,000 | 30,783,000 | 36,870,000 |
amortization of deferred contract costs | 19,804,000 | 18,834,000 | 17,733,000 | 16,648,000 | 15,510,000 | 14,366,000 | 13,194,000 | 12,152,000 | 11,066,000 | 10,028,000 | 9,141,000 | 8,268,000 | 7,428,000 | 6,634,000 |
stock-based compensation expense | 16,141,000 | 12,665,000 | 14,630,000 | 14,849,000 | 23,049,000 | 12,915,000 | 20,206,000 | 20,384,000 | 20,684,000 | 16,951,000 | 16,055,000 | 16,294,000 | 17,215,000 | 21,812,000 |
deferred tax benefit | 755,000 | -6,795,000 | 2,082,000 | 1,267,000 | -2,839,000 | -3,098,000 | -1,382,000 | -754,000 | -4,533,000 | -5,000,000 | -6,713,000 | -6,887,000 | -8,087,000 | -9,253,000 |
bad debt expense | 2,571,000 | 730,000 | 2,008,000 | 2,067,000 | 1,579,000 | 1,291,000 | 1,482,000 | 1,210,000 | 1,461,000 | 562,000 | 430,000 | 569,000 | 292,000 | 794,000 |
loss on sale of investments | 64,000 | 83,000 | 138,000 | 81,000 | 61,000 | |||||||||
loss on foreign currency exchange | 86,000 | 182,000 | -180,000 | 184,000 | 5,000 | -48,000 | 424,000 | 222,000 | ||||||
gain on lease exit | 6,000 | |||||||||||||
naming rights accretion expense | 1,006,000 | 1,006,000 | 1,006,000 | 1,005,000 | 1,031,000 | 1,030,000 | 1,030,000 | 1,884,000 | 421,000 | 893,000 | ||||
change in fair value of deferred consideration | 0 | -112,000 | 0 | 0 | ||||||||||
other | 21,000 | 23,000 | 14,000 | 22,000 | 21,000 | 23,000 | 121,000 | |||||||
changes in assets and liabilities, net of effects from acquisitions: | ||||||||||||||
accounts receivable | -11,211,000 | -478,000 | -1,473,000 | -1,121,000 | -11,775,000 | -5,228,000 | -2,529,000 | 121,000 | -9,734,000 | -2,450,000 | -1,742,000 | -922,000 | -4,153,000 | -316,000 |
prepaid expenses and other assets | 586,000 | -6,641,000 | 9,445,000 | -2,080,000 | -1,094,000 | -6,393,000 | 11,591,000 | -3,036,000 | -1,633,000 | -1,841,000 | ||||
accounts payable | 1,024,000 | -6,848,000 | 7,271,000 | -5,271,000 | 4,670,000 | -7,877,000 | 6,862,000 | 514,000 | 4,357,000 | 1,358,000 | 2,175,000 | -174,000 | -787,000 | 801,000 |
accrued liabilities and other | 9,157,000 | -21,914,000 | 6,893,000 | -3,052,000 | 10,422,000 | -21,314,000 | 3,027,000 | 2,181,000 | 3,437,000 | -25,220,000 | ||||
deferred revenue | 738,000 | -626,000 | -532,000 | 935,000 | 212,000 | 43,000 | -464,000 | 1,321,000 | 237,000 | -439,000 | 134,000 | 1,652,000 | 476,000 | -1,185,000 |
deferred contract costs | -26,625,000 | -26,700,000 | -26,300,000 | -27,151,000 | -26,818,000 | -27,086,000 | -26,798,000 | -25,748,000 | -25,755,000 | -21,770,000 | -21,112,000 | -20,757,000 | -19,355,000 | -18,338,000 |
net cash from operating activities | 37,060,000 | -8,311,000 | 50,295,000 | 39,663,000 | 26,166,000 | -26,129,000 | 31,730,000 | 34,883,000 | 5,603,000 | -24,101,000 | 12,720,000 | 30,355,000 | -1,479,000 | -17,245,000 |
capital expenditures | -587,000 | -1,169,000 | -1,009,000 | -383,000 | -633,000 | -1,435,000 | -1,756,000 | -664,000 | -2,290,000 | -331,000 | -125,000 | -407,000 | -651,000 | -803,000 |
free cash flows | 36,473,000 | -9,480,000 | 49,286,000 | 39,280,000 | 25,533,000 | -27,564,000 | 29,974,000 | 34,219,000 | 3,313,000 | -24,432,000 | 12,595,000 | 29,948,000 | -2,130,000 | -18,048,000 |
cash flows from investing activities: | ||||||||||||||
purchases of client funds available-for-sale securities | -30,918,000 | -83,244,000 | -36,123,000 | -74,980,000 | -129,397,000 | -22,542,000 | -56,494,000 | -45,005,000 | -72,264,000 | -247,927,000 | -33,111,000 | -103,189,000 | -35,465,000 | -39,708,000 |
proceeds from sale and maturities of client funds available-for-sale securities | 27,917,000 | 78,135,000 | 39,088,000 | 74,681,000 | 79,801,000 | 23,652,000 | 60,571,000 | 45,080,000 | 70,910,000 | 143,107,000 | 38,769,000 | 52,694,000 | 34,977,000 | 39,932,000 |
purchase of property and equipment | -587,000 | -1,169,000 | -1,009,000 | -383,000 | -633,000 | -1,435,000 | -1,756,000 | -664,000 | -2,290,000 | -331,000 | -125,000 | -407,000 | -651,000 | -803,000 |
acquisition of intangible assets | -1,426,000 | -127,000 | -3,886,000 | -821,000 | -4,121,000 | -12,000 | -674,000 | -13,768,000 | -361,000 | -4,713,000 | -5,066,000 | -1,453,000 | -2,992,000 | -195,000 |
acquisition of businesses, net of cash acquired | -70,000 | 110,000 | ||||||||||||
internally developed software costs | -13,043,000 | -13,441,000 | -12,544,000 | -12,960,000 | -12,054,000 | -13,254,000 | -11,657,000 | -11,928,000 | -9,576,000 | -9,096,000 | -8,130,000 | -8,497,000 | -6,646,000 | -7,524,000 |
net cash from investing activities | -18,057,000 | -19,846,000 | -14,544,000 | -14,353,000 | -66,432,000 | -13,591,000 | -15,343,000 | -26,287,000 | -32,372,000 | -118,960,000 | -7,663,000 | -60,852,000 | -10,777,000 | -5,258,000 |
cash flows from financing activities: | ||||||||||||||
net change in cash and cash equivalents held to satisfy client funds obligations | 367,946,000 | -145,984,000 | -313,817,000 | 93,488,000 | 286,810,000 | -16,270,000 | -210,550,000 | 74,053,000 | 248,185,000 | -775,923,000 | -166,548,000 | 933,374,000 | -635,909,000 | 906,626,000 |
payment of contingent consideration | ||||||||||||||
payment of capital expenditure financing | 0 | 0 | 0 | -3,689,000 | ||||||||||
repayments of debt and finance lease obligations | -300,000 | -297,000 | -276,000 | -273,000 | -270,000 | -266,000 | ||||||||
withholding taxes paid related to net share settlements | -1,634,000 | -323,000 | -457,000 | -544,000 | -1,411,000 | -418,000 | -309,000 | -423,000 | -434,000 | -1,293,000 | ||||
proceeds from employee stock purchase plan | 0 | 3,444,000 | -3,000 | 3,692,000 | 0 | 4,172,000 | 0 | 3,985,000 | 0 | 4,300,000 | 1,000 | |||
net cash from financing activities | 364,683,000 | -143,160,000 | -314,553,000 | 96,363,000 | 285,129,000 | -16,471,000 | -211,632,000 | 77,544,000 | 247,681,000 | -772,641,000 | -166,870,000 | 936,560,000 | -638,786,000 | 1,052,127,000 |
impact of foreign exchange on cash and cash equivalents | 23,000 | -2,000 | -6,000 | -14,000 | 10,000 | 1,000 | 33,000 | -9,000 | 8,000 | -14,000 | 73,000 | -45,000 | 66,000 | -3,000 |
net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients | 383,709,000 | -171,319,000 | -278,808,000 | 121,659,000 | 244,873,000 | -56,190,000 | -195,212,000 | 86,131,000 | 220,920,000 | -915,716,000 | -161,740,000 | 906,018,000 | -650,976,000 | 1,029,621,000 |
cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period | 0 | 910,580,000 | 0 | 0 | 0 | 879,046,000 | 0 | 0 | 0 | 1,682,923,000 | 0 | |||
cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period | 383,709,000 | 739,261,000 | -278,808,000 | 121,659,000 | 244,873,000 | 822,856,000 | -195,212,000 | 86,131,000 | 220,920,000 | 767,207,000 | -161,740,000 | |||
supplemental disclosure of non-cash investing, financing and other cash flow information: | ||||||||||||||
capital expenditures in accounts payable | 42,000 | 12,000 | 28,000 | -19,000 | 28,000 | 11,000 | 165,000 | -66,000 | 59,000 | 9,000 | -20,000 | 7,000 | -30,000 | 48,000 |
cash paid for interest | 0 | 0 | 0 | 145,000 | ||||||||||
capital lease asset obtained in exchange for capital lease liabilities | 0 | 0 | 3,393,000 | |||||||||||
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 | 16,951,000 | 97,618,000 | 27,860,000 | 28,379,000 | 7,442,000 | 54,277,000 | 12,375,000 | 10,581,000 | -25,884,000 | 98,161,000 | -963,000 | 22,917,000 | -14,700,000 | 125,787,000 |
funds held for clients | 366,758,000 | 641,643,000 | -306,668,000 | 93,280,000 | 237,431,000 | 768,579,000 | -207,587,000 | 75,550,000 | 246,804,000 | 669,046,000 | -160,777,000 | 883,101,000 | -636,276,000 | 1,463,834,000 |
total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients | 383,709,000 | 739,261,000 | -278,808,000 | 121,659,000 | 244,873,000 | 822,856,000 | -195,212,000 | 86,131,000 | 220,920,000 | 767,207,000 | -161,740,000 | 906,018,000 | -650,976,000 | 1,589,621,000 |
(gain) loss on foreign currency exchange | -52,000 | |||||||||||||
(gain) loss on sale of investments | ||||||||||||||
(gain) on installment sale | ||||||||||||||
(gain) loss on lease exit | 8,000 | 5,000 | 115,000 | -144,000 | ||||||||||
proceeds from note receivable on installment sale | 0 | 0 | 0 | 3,040,000 | ||||||||||
payment of deferred consideration | 0 | 0 | ||||||||||||
proceeds from line-of-credit | 0 | 0 | 0 | 3,500,000 | ||||||||||
repayments of line-of-credit | 0 | 0 | 0 | -52,600,000 | ||||||||||
proceeds from the issuance of common stock sold in the ipo, net of offering costs and underwriting discount | 0 | 0 | ||||||||||||
redemption of redeemable series a preferred stock | 0 | 0 | 0 | -260,044,000 | ||||||||||
proceeds from exercise of stock options | 0 | 0 | 0 | 345,000 | ||||||||||
other financing activities | 0 | 0 | 0 | -395,000 | ||||||||||
capital expenditures purchased via financing arrangements | ||||||||||||||
right-of-use assets obtained in exchange for operating lease liabilities | ||||||||||||||
change in fair value of contingent consideration | 0 | |||||||||||||
gain on sale of investments | -15,000 | 23,000 | 162,000 | 47,000 | 7,000 | 0 | -3,000 | -6,000 | ||||||
gain on installment sale | 0 | 0 | 0 | -1,359,000 | ||||||||||
gain on foreign currency exchange | 208,000 | -115,000 | ||||||||||||
loss on lease exit | 60,000 | 132,000 | 309,000 | 509,000 | 57,000 | |||||||||
loss on extinguishment of debt | ||||||||||||||
proceeds from promissory note with related party | ||||||||||||||
repayment of promissory note with related party | ||||||||||||||
proceeds from debt | ||||||||||||||
proceeds from issuance of preferred stock, net of offering costs | ||||||||||||||
purchase of treasury stock at cost | ||||||||||||||
dividends paid to noncontrolling interests | ||||||||||||||
acquisition of talenya ltd., net of cash acquired | -2,000 | |||||||||||||
repayments of debt and capital lease obligations | -71,000 | -70,000 | -70,000 | |||||||||||
amortization of debt acquisition costs | 21,000 | 23,000 | 22,000 | 22,000 | 24,000 | 20,000 | ||||||||
cash paid during the year for interest | 0 | 0 | 4,000 | 150,000 | ||||||||||
gain on extinguishment of debt | ||||||||||||||
prepaid expenses and other current assets | 2,336,000 | 1,129,000 | -2,538,000 | -4,120,000 | ||||||||||
other long-term assets | 114,000 | 80,000 | 472,000 | -218,000 | ||||||||||
accrued liabilities | 6,044,000 | 9,821,000 | 5,030,000 | -8,700,000 | ||||||||||
other long-term liabilities | -421,000 | -550,000 | -4,398,000 | -585,000 | ||||||||||
acquisition of paltech solutions, inc., net of cash acquired | ||||||||||||||
capital contribution in apax transaction | ||||||||||||||
restricted cash and short-term investments | ||||||||||||||
adjustments to reconcile net income to net cash from operating activities | ||||||||||||||
repayments of debt | ||||||||||||||
reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the condensed consolidated balance sheets | ||||||||||||||
cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of year | 0 | 560,000,000 | ||||||||||||
cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of year | -650,976,000 | 1,589,621,000 | ||||||||||||
proceeds from the issuance of common stock sold in the ipo, net of offering costs | 455,040,000 | |||||||||||||
adjustments to reconcile net income to net cash provided / (used) by operating activities: | ||||||||||||||
net cash provided / (used) by operating activities | ||||||||||||||
acquisition of paycor, inc. | ||||||||||||||
acquisition of nimble software systems, inc., net of cash acquired | ||||||||||||||
net cash (used) / provided by investing activities | ||||||||||||||
capital contribution (to)/ from apax transaction | ||||||||||||||
proceeds from issuance of preferred stock | ||||||||||||||
proceeds from issuance of noncontrolling interest | ||||||||||||||
net cash provided / (used) by financing activities |