Paycor HCM, Inc. (NASDAQ:PYCR) Q4 2023 Earnings Call Transcript August 16, 2023 5:00 PM ET

Company Participants

Rachel White - Vice President of Investor Relations

Raul Villar - Chief Executive Officer

Adam Ante - Chief Financial Officer

Conference Call Participants

Arti Vula - JP Morgan

Kevin Kumar - Goldman Sachs

Samad Samana - Jefferies

Bhavin Shah - Deutsche Bank

Terry Tillman - Truist Securities

Bryan Bergin - TD Cowen

Michael Rackers - Needham

Brad Reback - Stifel

Brian Peterson - Raymond James

Mark Marcon - Robert W. Baird

Daniel Jester - BMO Capital Markets

Kevin McVeigh - Credit Suisse

Steve Enders - Citi

Robert Simmons - D.A. Davidson

Jackson Ader - MoffettNathanson

Matt Pfau - William Blair

Siti Panigrahi - Mizuho

Owen Hobbs - JMP Securities

Operator

Ladies and gentlemen, thank you for standing by and welcome to Paycor's Fourth Quarter and Fiscal Year 2023 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instruction] As a reminder, this conference is being recorded.

I would now like to turn the call over to Rachel White, Vice President of Investor Relations.

Rachel White

Good afternoon and welcome to Paycor’s earnings call for the fourth quarter and fiscal year 2023, which ended on June 30. On the call with me today Raul Villar, Jr., Paycor’s Chief Executive Officer, and Adam Ante, Paycor’s Chief Financial Officer. Our financial results can be found in our press release issued today, which is available on the investor relations section of our website. Today's call is being recorded and a replay will be available on our website following the conclusion of the call.

Statements made in this call include forward-looking statements related to our financial results, products, customer demand, operations, and other matters. These statements are subject to risks, uncertainties, and assumptions and are based on management's current expectations as of today and may not be updated in the future. Therefore, these statements should not be relied upon as representing our views as of any subsequent date.

We also will refer to certain non-GAAP financial measures and key business metrics to provide additional information to investors. Definitions of non-GAAP measures and key business metrics and a reconciliation of non-GAAP to GAAP measures is provided in our press release on our website.

With that, I'll turn the call over to Raul.

Raul Villar

Thank you, Rachel, and thank you all for joining us to discuss Paycor’s fourth quarter and full year results. Revenue grew 26% for the quarter and 29% for the year, driven by solid execution against our strategic growth levers, namely expanding our sales coverage and increasing PEPM. We're also expanding margins as we scale and deliver nearly 400 basis points of improvement year-over-year, while investing in capabilities that further differentiate Paycor in the market. I would like to take this opportunity to thank each of our associates for their role in contributing to these outstanding results.