Paycor HCM, Inc. (NASDAQ:PYCR) Q1 2023 Results Conference Call November 2, 2022 5:00 PM ET

Company Participants

Rachel White - VP, IR

Raul Villar, Jr. - CEO

Adam Ante - CFO

Conference Call Participants

Robert Dee - Truist Securities

Jared Levine - Cowen

Arti Vula - JP Morgan

Bhavin Shah - Deutsche Bank

Scott Berg - Needham

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Paycor’s First Quarter Fiscal Year 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

I’d like to turn the call over to Rachel White, Vice President of Investor Relations. Please go ahead, ma’am.

Rachel White

Good afternoon, and welcome to Paycor’s earnings call for the first quarter of fiscal year 2023, which ended on September 30. On the call with me today are 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 on this call include forward-looking statements related to our financial results, products, customer demand, operations, the impact of COVID-19 on our business 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, Jr.

Thank you, Rachel, and thank you all for joining us to discuss Paycor’s fiscal first quarter results. Revenue growth reached 28%, the highest level in over 5 years as we expand our go-to-market motion. We also continue to scale our operations and delivered more than 500 basis points of margin improvement year-over-year. Based on this strong momentum, we are once again raising our guidance, which Adam will cover in more detail.

We are executing against our go-to-market strategy and continue to make significant progress expanding our sales coverage and growing [platform].