#1RA 1972.360 EXESSO as Paycor Investor Presentation Presentation Q1 FY'24#2Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that reflect the Company's current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely," outlook," "potential," "targets," "project," "contemplates" and the negatives thereof and other words and terms of similar meaning. All statements other than statements of historical fact are forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by the Company, or any other person that the future plans, estimates, or expectations contemplated by the Company will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relations to the Company's operations, financial results, financial condition, business, prospects, growth strategy, and liquidity. Accordingly, there or will be, important factors that could cause the Company's actual results to differ materially from those indicated in these statements. We believe that these risks include, but are not limited to: our ability to manage our growth effectively; the potential breach of our security measures or unauthorized access to our customers' or their employees' personal data; the expansion and retention of our direct sales force with qualified and productive persons and the related effects on the growth of our business; the impact on customer expansion and retention if implementation, user experience, customer service, or performance relating to our solutions is not satisfactory; the timing of payments made to employees and taxing authorities relative to the timing of when a customer's electronic funds transfers are settled to our account; future acquisitions of other companies' businesses, technologies, or customer portfolios; the continued service of our key executives; our ability to innovate and deliver high-quality, technologically advanced products and services; our ability to attract and retain qualified personnel; the proper operation of our software; our relationships with third parties; the ongoing effects of inflation, supply chain disruptions, labor shortages and other adverse macroeconomic conditions in the market in which we and our customers operate; the impact of an economic downturn or recession in the United States or global economy; and the other risks described in our Annual Report on Form 10-K for the year ended June 30, 2022, as well as in our other filings with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations and assumptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We undertake no obligation to publicly update any forward-looking statement after the date of this presentation, whether as a result of new information, future developments or otherwise, or to conform these statements to actual results or revised expectations, except as may be required by law. Market and Industry Data Unless otherwise indicated, information in this presentation concerning economic conditions, the Company's industry, the Company's markets, and the Company's competitive position is based on a variety of sources, including information from independent industry analysts and publications, as well as the Company's own estimates and research. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While the Company believes the information presented is generally reliable, forecasts, assumptions, expectations, beliefs, estimates, and projections involve risk and uncertainties and are subject to change based on various factors. Non-GAAP Financial Measures This presentation contains financial measures, such as Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Gross Profit Excluding Depreciation and Amortization, Adjusted Gross Profit Margin Excluding Depreciation and Amortization, Adjusted Sales and Marketing Expense, Adjusted General and Administrative Expense, Adjusted Research and Development Expense, and Adjusted Free Cash Flow, which are not recognized under generally accepted accounting principles in the United States ("GAAP"). The Company believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Gross Profit Excluding Depreciation and Amortization, Adjusted Gross Profit Margin Excluding Depreciation and Amortization, Adjusted Sales and Marketing Expense, Adjusted General and Administrative Expense, Adjusted Research and Development Expense, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin have limitations as an analytical tool, and you should not consider this measure either in isolation or as a substitute for other methods of analyzing the results as reported under GAAP. A reconciliation of Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Gross Profit Excluding Depreciation and Amortization, Adjusted Gross Profit Margin Excluding Depreciation and Amortization, Adjusted Sales and Marketing Expense, Adjusted General and Administrative Expense, Adjusted Research and Development, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin to the most directly comparable GAAP financial measure can be found at the end of this presentation. 2#3Paycor Investment Highlights $38B underserved market with strong growth potential $553M FY'23 revenue 29% revenue growth 22% sales force growth G Leader Mid-Market SUMMER 2023 Software Advice FRONT RUNNERS 2023 Top 50 HR Products BEST SOFTWARE AWARDS 2023 30+ years in business 30,000+ clients with 2.5m+ employees on the platform. Subscription-based business model with 94% FY'23 recurring revenue Capterra SHORTLIST 2023 TOP WORK PLACES 2023 USA TOP WORK PLACES 2023 DE&I PRACTICES Award-winning software and culture TOP WORK PLACES 2023 INNOVATION Who We Are As a leading provider of Human Capital Management (HCM) software for SMBs, we empower leaders to build winning teams by modernizing people management. Puyux Good Aftemoon, Michael Alerts 9 Cr works Trends 20 A AN M ANSLAR any News k wal Fundig vi Triedny *8.70% = v •4 GRATUR a 2003 E wer B Mida k Terim www. -- s 3#4SMB Opportunity is massive and Growing $45B Projected TAM -62M U.S. SMB 10-1000 employees x $60 Future List PEPM $38B Current TAM -62M U.S. SMB 10-1000 employees x $51 List PEPM (¹) <2% PYCR market share(2²) Modern HCM platforms comprise a small portion of the market Source: U.S. Bureau of Labor Statistics, National Business Employment Dynamics Data by Firm Size Class: November 2023. (1) Sources: BLS data, # of U.S. employees at firms with 10-1000 employees through Q1 2023 multiplied by our list per-employee per-month ("PEPM") rate as of November 8, 2023 for our full suite of products. (2) Represents Paycor revenue for the fiscal year ended June 30, 2023. 4#5We are Laser Focused on Employees 5,000+ 1,000 IDD 10 ENTERPRISE MID-MARKET SMALL MICRO Average employees per company paycom Modern paylocity Winning Paycor Share in the SMB Segment AP Vantage HCM Workforce Now run Legacy PAYCHEX REGIONAL & IN-HOUSE Paycor Advantage (8) 8 Designed for leaders Configured by industry Cloud-based Unified, extensible platform. Modern user experience 5#6Our Paycor Good Evening, Michael. Profile Summary My Tasks My Stubs W2 Manage People Customize Homepage Alerts 9 Compliance Warnings Disruptive SaaS Platform is Differentiated Single Pane of Glass Missing Employes Info Company News & My Team (5) Employee Spotlight Since joining the company, Michele Patterson has exemplified our corporate values. She ways gives 100% and is willing to help her peers When not at work, Michele bu Dep 20 Pending New Hires Welcome to your employee portal! Published 7 months ago Here you find copies of your paystubs, important company messages, documents, and tasks you need Show More Connie Allen Ⓡ Server Manage Company News Phil Harveye General Manager -1 Pending Time Offe Manage Engloyees Liz Baxter O Sales Executives Judy Persia 0 Operations Specialit Time Insights Today 5 Unschede . Q PRE Contact Us 11 of 0 Current Pay Period Punch Clock View Time Card 9a 10:52:07 PM USE T Create Punch View Al WORKFORCE 30 WORKFORCE Management TIME SCHEDULING Unrivaled Product Depth TALENT Acquisition PAYCOR SMART SOURCING RECRUITING EMPLOYEE EXPERIENCE Paycor HCM Cor for Leaders Payroll HR Onboarding. ACA COR Leadership Dashboard Engage Pulse Mobile & Wallet Comp Planning Expense Management Analytics & Reporting BENEFITS Administration BENEFITS ADVISOR OPEN ENROLLMENT CARRIER INTEGRATION BENEFITS TALENT 30 TALENT Management TALENT DEVELOPMENT CAREER MANAGEMENT PATHS GOALS & OKRS LEARNING MANAGEMENT Open, Unified and Interoperable Platform 9.2 Ben Admin ERP Paycard General Ledger Job Board 300+ Partner Ecosystem 401k Extensive API Library Enables Rapid, Deep Integrations Interoperability Engine Paycor HCM Data Model Cloud Agnostic Data Storage POS 6#7Leaders Drive Engagement and Engagement Drives Results Paycor modernizes people management, so leaders can focus on what really matters: Building winning teams that deliver results. Talent Management Onboard, Motivate, Develop Benefits Administration Wellness as an Advantage IMPR 41200 Lis PURPOSE-BUILT FOR Leaders Workforce Management Optimize Labor Spend Employee Experience Build Inclusive Cultures 7#8Our Robust Industry Program Paycor GUIDE elite Welcome to Guide Elite Overview THE Serbato CORNER by Paycor Community Robust user network with industry-specific thought leadership, user groups and online community OF BBB + d@ Paycor Good Evening, Michael. Alerts 9 Warings Company News Mi Infa Employee Spotlight the Michel Pecore 10% and is willing to falp her pen Wannet at wok Metab 20 Pending New Hires Welcome to your employee portalt Ha comanda d Industry Show Customer Experience Industry-skilled implementation and service experts providing a seamless transition and ongoing support a foo Today Co Time Insights 001 0 > View Al View a Product Differentiation Customized organic software with key partner integrations designed for industry leaders Healthcare Recruit and hire skilled nurses, scheduling, and reporting to meet PBJ requirements Restaurants Attract employees with quick hire capabilities and retain them with On Demand Pay Manufacturing. Optimize shift coverage with flexible time collection options and easily claim hiring credits Professional Services Engage employees with Talent Management and analyze company performance with robust Analytics Key Integrations Scheduling Compliance Ben Admin Key Integrations POS OnDemand Pay ATS Key Integrations ERP Certified Payroll WOTC Key Integrations Job Boards Benefits 401K 8#9Powered by a Scalable and Efficient Go-to-Market Engine Sales Expansion Focused on Tier 1 Markets ● • Deepening coverage across all major U.S. cities 22% sales force growth to >550 sales associates in FY'23 ● 18% FY'20 Tier 1 Sales Coverage 20% FY'21 (1) For period ended June 30, 2023. 28% FY'22 36% FY¹23 >50% SMB TAM in Top 50 Cities 33% of the US population is in Tier 1 Markets Source of Bookings 75% from legacy incumbents (1) Expansive broker channel ● In-house Regional ADP PAYCHEX New Cloud 9#10Expanding our $35 Workforce Management Benefits Administration Talent Management HCM Cor our Product Portfolio and PEPM Opportunity FY'21 $51 Workforce Management Benefits Administration Talent Acquisition & Management HCM Cor Current (1) Building an Unrivaled Talent Management Suite Framework and tools to transform frontline managers into leaders that drive results. By learning to more effectively Coach, Optimize, and Retain their associates, leaders can unlock the potential of their people and performance. Applicant Tracking, Paycor Smart Sourcing, Micro Learning, OKRS Expanding HCM (or Universal Functionality Comprehensive suite of HCM tools that automate routine tasks, mitigate compliance risks and drive efficiencies spanning HR, onboarding, payroll, compensation, surveys, expenses, reporting and analytics. Pulse Surveys, Advanced Analytics, OnDemand Pay, Paycor Engage (1) Represents our list per-employee per-month ("PEPM") rate as of November 8, 2023 for our full suite of products. 10#11QI FY 24 Highlights 18 Revenue Growth Delivered 21% revenue growth for the quarter, driven primarily by strong new client growth and continued PEPM expansion. HCM Suite & PEPM Expansion Effective PEPM increased 6% year-over-year, driven by cross-sales, pricing initiatives, and higher bundle adoption at the point of sale. O Sales Coverage Expansion Targeting approximately 20% sales force growth for the fiscal year to continue expanding sales coverage. Margin & FCF Expansion Expanded adjusted operating income margins >220 bps this quarter and plan to generate greater adjusted free cash flow this fiscal year. 11#12Strong Revenue Performance Y/Y Growth $328 $353 FY'20 FY'21 13% 8% Total Revenue $429 $553 FY'22 FY'23 22% 29% $118 Q1 FY¹23 28% $144 Q1 FY'24 21% Note$ in millions. Please see Appendix for GAAP to non-GAAP reconciliation. Amounts may not foot due to rounding. Adjusted Gross Profit Excluding D&A Adjusted Gross Profit Margin Excluding Depreciation & Amortization 76% 77% $248 77% FY'20 FY'21 FY'22 $272 2 F 79% $329 FY¹23 $436 77% I Q1 FY¹23 $91 78% Q1 FY¹24 $112 12#13Operating Structure Built to Drive Growth G&A R&D S&M Adjusted Operating Expenses as % of Revenue 57% 15% 13% 29% FY'20 56% 16% 10% 29% FY¹21 56% 16% 8% 31% FY¹22 54% 14% 8% 32% FY¹23 58% 15% 9% 34% Q1 FY¹23 55% 14% 8% 33% Q1 FY¹24 Note: $ in millions. Please see Appendix for GAAP to non-GAAP reconciliation. Amounts may not foot due to rounding. Adjusted Operating Income 14% FY'20 $46 Adjusted Operating Income Margin 14% 11% FY'21 FY'22 $48 $47 15% FY¹23 $83 9% Q1 FY¹23 $10 11% Q1 FY'24 $16 13#14Q2 & FY'24 Guidance Total Revenue Year-over-year Growth Adjusted Operating Income Adjusted Operating Income Margin Q2 FY'24 $154.5 to $156.5 16.3% to 17.8% $19.5 to $20.5 12.6% to 13.1% FY'24 $648 to $654 17.2% to 18.3% $102 to $106 15.7% to 16.2% Note: We are unable to reconcile forward-looking adjusted operating income to forward-looking loss from operations, the most closely comparable GAAP financial measure, because the information needed to provide forward-looking loss from operations and to complete a reconciliation is unavailable at this time without unreasonable effort as the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact loss from operations for these periods but would not impact adjusted operating income. Such items include stock-based and liability incentive expenses and corporate adjustments. $ in millions. 14#15Paycor Is Positioned for Significant. Growth Massive, growing & still underserved market Unified, disruptive HCM platform for SMB leaders BE Multiple, proven growth strategies Attractive subscription model & strong financial profile 15#16Appendix Paycor#17Key Definitions "We," "us," "our," "the Company," "Paycor," and similar references refer to Paycor HCM, Inc., and unless otherwise stated, all of its subsidiaries. "Apax Partners," "Apax," or "our Sponsor" refers to Apax Partners L.P., a global private equity firm, collectively, with its affiliates. "Metropolitan statistical areas" refers to the metropolitan statistical areas delineated by the United States Office of Management and Budget as in effect as of the date of this prospectus. "Net revenue retention" refers to the current quarterly period recurring revenue for the cohort of customers at the beginning of the prior year quarterly period, divided by the recurring revenue in the prior year reporting period for that same cohort. In calculating the net revenue retention for a period longer than a quarter, such as a fiscal year, we use the weighted average of the retention rates (calculated in accordance with the preceding sentence) for each applicable quarter included in such period. "Gross Revenue Retention" is calculated as one minus the prior year respective period recurring revenue for the cohort of customers at the beginning of the prior year respective period who have processed a CLR within the last twelve months, divided by the recurring revenue in the prior year reporting period for the cohort of customers at the beginning of the prior year. "Recurring revenue" refers to, with respect to any period, all recurring service revenues attributable to payroll, workforce management, and HR-related cloud-based computing services. "Tier 1 markets" refers to the 15 most populous metropolitan statistical areas in the United States. "Tier 2 markets" refers to the 15 most populous metropolitan statistical areas in the United States other than Tier 1 markets. "Tier 3 markets" refers to the 20 most populous metropolitan statistical areas in the United States other than Tier 1 markets and Tier 2 markets. "Total bookings" with respect to any period is defined as the aggregate year-one values of all new customer contracts acquired during such period, including new sales to existing clients. Total bookings includes both recurring fees and implementation services. "Total customers" refers to a parent company grouping, which may include multiple subsidiary client accounts with separate taxpayer identification numbers. "Enterprise Segment" customers with 1,000+ EEs "Mid-Market Segment" or "MM Segment" customers with 100-999 EES "Small Market Segment" or "SM Segment" customers with 10-99 EEs "Micro Segment" customers with 1-9 EES "PEPM" refers to per-employee-per-month, whereby our revenue is derived from the number of employees of a given customer, and the amount, type, and timing of products provided to a customer's employees 17#18Non-GAAP Financial Measures Adjusted Gross Profit and Adjusted Gross Profit Margin: We define Adjusted Gross Profit as gross profit before amortization of intangible assets, stock-based compensation expense, and other certain corporate expenses, in each case that are included in costs of recurring revenues. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by total revenues. Adjusted Gross Profit Excluding D&A and Adjusted Gross Profit Margin Excluding D&A: We define Adjusted Gross Profit Excluding D&A as gross profit before amortization of intangible assets, stock-based compensation expense, other certain corporate expenses and depreciation and amortization, in each case that are included in costs of revenues. We define Adjusted Gross Profit Margin Excluding D&A as Adjusted Gross Profit Excluding D&A divided by total revenues. Adjusted Operating Income and Adjusted Operating Income Margin: We define Adjusted Operating Income as loss from operations before amortization of acquired intangible assets and naming rights, stock-based compensation expense, exit cost due to exiting leases of certain facilities, and other certain corporate expenses. We define Adjusted Operating Income Margin as Adjusted Operating Income divided by total revenues. Adjusted Operating Expenses: We define Adjusted Sales and Marketing expense as sales and marketing expenses before amortization of naming rights, stock-based compensation expense, and other certain corporate expenses. We define Adjusted General and Administrative expense as general and administrative expenses before amortization of acquired intangible assets, stock-based compensation expense, exit cost due to exiting leases of certain facilities and other certain corporate expenses. We define Adjusted Research and Development expense as research and development expenses before stock-based compensation expense and other certain corporate expenses. Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin: We define Adjusted Free Cash Flow as cash provided (used) by operating activities less the purchase of property and equipment and internally developed software costs, excluding other certain corporate expenses, which are included in cash provided (used) by operating activities. We define Adjusted Free Cash Flow Margin as Adjusted Free Cash Flow divided by total revenues. Note: Other certain corporate expenses presented include one-time costs related to acquisitions, including the Apax acquisition, restructuring costs, professional, consulting and other costs, secondary offering costs, transition of the new executive leadership team, closure of a standalone facility, costs associated with becoming a public company, implementation of a new enterprise-resource planning system, and implementing certain expense saving initiatives as a result of the COVID-19 pandemic. 18#19GAAP to Non-GAAP Reconciliation Revenue Gross Profit Gross Profit Margin Amortization of intangible assets Stock-based compensation expense Corporate adjustments Adjusted Gross Profit Adjusted Gross Profit Margin Amortization of deferred contract costs Amortization of capitalized software Depreciation Adjusted Gross Profit, Excluding D & A Adjusted Gross Profit Margin, Excluding D&A Three Months Ended September 30, 2023 Note: $ in millions. Amounts may not foot due to rounding. $143.6 $92.2 64.2% $1.4 $1.6 $0.0 $95.2 66.3% $8.1 $8.5 $0.6 $112.4 78.3% Reconciliation to Adjusted Gross Profit Excluding D & A Three Months Ended September 30, 2022 $118.3 $75.1 63.5% $1.1 $2.2 $0.0 $78.5 66.3% $5.6 $6.4 $0.4 $90.9 76.8% Fiscal Year Ended June 30, 2023 $552.7 $365.6 66.1% $5.3 $9.1 $0.0 $380.0 68.7% $26.1 $28.1 $1.8 $435.9 78.9% Fiscal Year Ended June 30, 2022 $429.4 $261.2 60.8% $19.3 $6.6 $0.0 $287.2 66.9% $17.3 $22.1 $2.6 $329.2 76.6% Fiscal Year Ended June 30, 2021 $352.8 $198.3 56.2% $46.1 $0.5 $0.0 $244.9 69.4% $10.6 $13.8 $2.6 $271.9 77.1% Fiscal Year Ended June 30, 2020 $327.9 $188.2 57.4% $42.9 $0.6 $1.7 $233.4 71.2% $5.7 $6.9 $2.5 $248.4 75.8% 19#20GAAP to Non-GAAP Reconciliation (cont'd) Loss from Operations Operating Margin Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense (Gain) loss on lease exit Corporate adjustments Adjusted Operating Income Adjusted Operating Income Margin Note: $ in millions. Amounts may not foot due to rounding. Three Months Ended September 30, 2023 ($23.4) (16.3%) $25.7 $12.9 $0.0 ($0.1) $0.8 $15.9 11.1% Three Months Ended September 30, 2022 ($33.4) (28.2%) $23.3 $17.0 $0.0 $0.5 $3.1 $10.4 8.8% Reconciliation to Adjusted Operating Income Fiscal Year Ended June 30, 2023 ($104.7) (18.9%) $98.2 $78.2 $0.0 $1.8 $9.0 $82.6 14.9% Fiscal Year Ended June 30, 2022 ($139.6) (32.5%) $102.0 $71.4 $0.0 $9.1 $4.7 $47.5 11.1% Fiscal Year Ended June 30, 2021 ($89.3) (25.3%) $125.6 $4.2 ($0.2) $0.0 $7.7 $48.0 13.6% Fiscal Year Ended June 30, 2020 ($94.7) (28.9%) $120.9 $4.9 $3.1 $0.0 $12.1 $46.3 14.1% 20#21GAAP to non-GAAP Reconciliation (cont'd) Sales and Marketing Expense Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense Corporate adjustments Adjusted Sales and Marketing Expense % of Revenue General and Administrative Expense Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense Gain (loss) on lease exit Corporate adjustments Adjusted General and Administrative Expense % of Revenue Research and Development Expense Stock-based compensation expense Corporate adjustments Adjusted Research and Development Expense % of Revenue Note: $ in millions. Amounts may not foot due to rounding. Three Months Ended September 30, 2023 $52.8 ($1.1) ($4.3) $0.0 $0.0 $47.4 33.0% $48.7 ($23.3) ($5.1) $0.0 $0.1 ($0.8) $19.7 13.7% $14.1 ($1.9) $0.0 $12.1 8.4% Three Months Ended September 30, 2022 $48.2 ($0.8) ($7.4) $0.0 $0.0 $39.9 33.8% $47.9 ($21.3) ($5.3) $0.0 ($0.5) ($3.1) $17.7 14.9% $12.4 ($2.0) $0.0 $10.4 8.8% Reconciliation of Adjusted Operating Expenses Fiscal Year Ended June 30, 2023 $212.1 ($3.9) ($32.4) $0.0 $0.0 $175.8 31.8% $203.9 ($89.0) ($27.1) $0.0 ($1.8) ($9.0) $77.0 13.9% $54.3 ($9.6) $0.0 $44.6 8.1% Fiscal Year Ended June 30, 2022 $170.6 $0.0 ($35.5) $0.0 ($0.1) $135.1 31.5% $187.0 ($82.6) ($22.5) $0.0 ($9.1) ($4.6) $68.2 15.9% $43.1 ($6.8) $0.0 $36.4 8.5% Fiscal Year Ended June 30, 2021 $106.1 $0.0 ($1.4) $0.1 ($1.1) $103.7 29.4% $145.5 ($79.5) ($2.2) $0.0 $0.0 ($6.5) $57.3 16.3% $36.0 ($0.1) ($0.1) $35.9 10.2% Fiscal Year Ended June 30, 2020 $100.0 $0.0 ($1.7) $0.0 ($2.5) $95.8 29.2% $137.1 ($78.0) ($1.9) ($3.1) $0.0 ($6.5) $47.7 14.5% $45.9 ($0.8) ($1.5) $43.6 13.3% 21#22GAAP to non-GAAP Reconciliation (cont'd) Net cash provided (used) by operating activities Purchase of property and equipment Internally developed software costs Corporate adjustments Adjusted Free Cash Flow Adjusted Free Cash Flow Margin Three Months Ended September 30, 2023 Note: $ in millions. Amounts may not foot due to rounding. ($26.1) ($1.4) ($13.3) $0.8 ($40.0) (27.9)% Three Months Ended September 30, 2022 ($24.1) ($0.3) ($9.1) $3.1 ($30.5) (25.7)% Reconciliation to Adjusted Free Cash Flow Fiscal Year Ended June 30, 2023 $48.1 ($5.0) ($42.3) $9.0 $9.8 1.8% Fiscal Year Ended June 30, 2022 $24.4 ($2.0) ($30.8) $4.7 ($3.8) (0.9)% Fiscal Year Ended June 30, 2021 $10.8 ($3.3) ($22.0) $7.7 ($6.8) (1.9)% Fiscal Year Ended June 30, 2020 $0.1 ($7.8) ($18.8) $12.1 ($14.4) (4.4)% 22