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Paycor HCM, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $167,476,000 from $143,588,000 in the same quarter the previous year. This increase is attributed to a rise in effective per-employee-per-month revenue and customer employees.
Recurring and other revenue accounted for $153,999,000 of total revenues, while interest income on funds held for clients contributed $13,477,000.
Cost of revenues for the quarter was $59,217,000, representing 35% of total revenues, compared to 36% in the same quarter of the previous year.
The company reported a gross profit of $108,259,000 for the quarter, compared to $92,210,000 in the previous year.
Sales and marketing expenses increased to $56,789,000 from $52,778,000, primarily due to higher employee-related costs and increased amortization of costs to obtain contracts.
General and administrative expenses were $48,296,000, slightly down from $48,749,000 in the previous year.
Research and development expenses rose to $17,428,000 from $14,055,000, driven by increased employee-related costs.
Net loss for the quarter was $7,284,000, compared to a net loss of $20,596,000 in the previous year.
Cash used in operating activities was $8,311,000, while cash used in investing and financing activities was $19,846,000 and $143,160,000, respectively.
As of September 30, 2024, Paycor had cash and cash equivalents totaling $97,618,000 and no outstanding borrowings under its revolving credit facility.
The filing also details various financial metrics, including adjusted operating income of $22,800,000, reflecting a margin of 13.6%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Paycor HCM Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.