Paycor HCM, Inc. (NASDAQ:PYCR) Q3 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Rachel White – Vice President of Investor Relations

Raul Villar, Jr. – Chief Executive Officer

Adam Ante – Chief Financial Officer

Conference Call Participants

Jeremy Sahler – Jefferies

Brad Reback – Stifel

Terry Tillman – Truist Securities

Bhavin Shah – Deutsche Bank

Kevin McVeigh – Credit Suisse

Jared Levine – Cowen

Michael Rackers – Needham

Mark Marcon – Baird

Mark Murphy – JPMorgan

Robert Simmons – D.A. Davidson

Operator

Ladies and gentlemen, thank you for standing by, and welcome to Paycor’s Third Quarter Fiscal Year 2022 Earnings Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. [Operator Instructions] 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 third quarter of fiscal year 2022 which ended on March 31. 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 may include forward-looking statements related to our financial results, products, customer demand, operations, and 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 third quarter results. We delivered robust revenue growth, up 23% year-over-year, driven by continued client growth. It was our highest recurring revenue growth quarter in more than five years. Total revenue was a record $123 million, exceeding the top end of our guidance by 4%.