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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Paycor HCM
Paycor HCM (PYCR) investor relations material
Paycor HCM has been acquired by Paychex Inc
Paycor HCM Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Feb, 2025
Executive summary
Entered into a definitive agreement to be acquired by Paychex for $22.50 per share in cash, valuing the deal at $4.1 billion and representing a 19% premium over the 30-day VWAP as of January 3, 2025.
Q2 FY2025 total revenues were $180.4M, up 13% year-over-year, driven by higher effective PEPM and customer employee growth.
Net loss for the quarter was $2.0M, a significant improvement from a $26.2M net loss in the prior year period.
Adjusted operating income rose to $31.8M (17.6%-18% margin), up from $23.3M (14.6%-15% margin) year-over-year.
Net cash from operating activities improved to $37.1M, and adjusted free cash flow more than doubled to $28.5M.
Financial highlights
Recurring and other revenue was $167.4M, up 14% year-over-year; interest income on client funds was $13.1M, up 6%.
Gross profit increased 13% to $118.3M, with gross margin stable at 65.5%.
Operating profit was $1.2M, reversing a $26.2M loss in Q2 FY24.
Adjusted net income for the quarter was $25.0M, up from $18.7M year-over-year.
Adjusted free cash flow: $28.5M vs. $14.8M year-over-year.
Outlook and guidance
Merger with Paychex expected to close in the first half of 2025, after which Paycor will become a privately held subsidiary and delist from Nasdaq.
Management expects continued revenue growth from customer and product expansion, with recurring revenue as the primary driver.
Financial guidance for FY25 and Q3 FY25 suspended due to pending acquisition.
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Paycor HCM
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Paycor HCM Inc. offers cloud-based human capital management software for small and medium-sized businesses. Its platform includes solutions for payroll, workforce management, talent acquisition, and employee engagement. The company is headquartered in Cincinnati, Ohio, and its shares are listed on the NASDAQ.