The following is a summary of the Paycor HCM, Inc. (PYCR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Paycor reported Q3 2024 revenue growth at 16% year-over-year. Recurring revenue grew by 20% year-over-year.

• The adjusted operating margins expanded by 130 basis points over the previous year.

• The total Q3 revenue was $187 million, with future quarterly revenue forecasted to be between $160 and $162 million.

• The anticipated adjusted operating income stands between $21 and $22 million.

• The company's financial position is solid holding $90 million in cash with no debt in its current ledger.

• Despite slower revenue recognition from the processing of payment by clients for forms, underlying portfolio saw a growth of 20% for the quarter, up from 18% in Q2.

Business Progress:

• Paycor has seen an upward trend in the demand for its Human Capital Management (HCM) solution, with consistent expansions in its go-to-market strategies.

• The company signed three new partners, and saw a 20% year-on-year growth, reaching $53 per quarter in the third quarter alone.

• Launch of two product innovations - COR Space and Paycor Skills, targeting cross-functional collaboration and addressing skill gaps.

• The company is building on the momentum in the HCM market with its embedded HCM solution.

• Paycor was recognized by Nucleus Research.

• The company is expecting more partnerships in future with their new product capabilities and customer success workflows.

• The company plans for expansion into tier one markets and growing the direct sales organization in 2025.

• Paycor plans to further improve their indirect sales organization through an embedded channel.

More details: Paycor HCM IR

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