#1Q1 FY'22 Results Paycor TECH+#2Disclaimer Paycor HCM, Inc.'s (together with its subsidiaries, "Paycor" or the "Company") fiscal year ends on June 30. References to "fiscal 2022" or "FY'22" refer to the fiscal year ended June 30, 2022. References to "fiscal 2021" or "FY'21" refer to the fiscal year ended June 30, 2021. References to "fiscal 2020" or "FY'20" refer to the fiscal year ended June 30, 2020. References to "fiscal 2019" or "FY'19" refer to the arithmetic sum of the results of (i) Paycor, Inc., the Company's accounting predecessor, for the period of July 1, 2018 through November 1, 2018 and (ii) the Company for the period of November 2, 2018 to June 30, 2019. These FY'19 figures do not represent "pro forma" amounts prepared in accordance with SEC rules and regulations, including Article 11 of Regulation S-X. Any references to a year not preceded by fiscal or FY refers to a calendar year. 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. Confidential: Not for reproduction or distribution without express written consent from Paycor. 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 are, 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 factors include, but are not limited to: our ability to manage our growth effectively; 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; our ability to innovate and deliver high-quality, technologically advanced products and services; our relationships with third parties; the proper operation of our software; future acquisitions of other companies' businesses, technologies, or customer portfolios; the impact of COVID-19 on our business; and those risks described in our prospectus, as well as in our other filings with the Securities and Exchange Commission. There is no assurance that the Company will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way the Company expects. The forward-looking statements included in this prospectus are made only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as otherwise 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, and Adjusted Research and Development Expense, 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, and Adjusted Research and Development Expense 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, and Adjusted Research and Development to the most directly comparable GAAP financial measure can be found at the end of this presentation. 2#3Paycor Note: Please see Appendix for GAAP to non-GAAP reconciliation. (1) As of September 30, 2021. (2) For the three months ended September 30, 2021. We Empower Leaders to Develop Winning Teams 28.7K Total Customers (1) S $92.7M Total Revenue (²) Confidential: Not for reproduction or distribution without express written consent from Paycor. 6 75.1% Adj. Gross Profit Margin Excluding D&A (2) 99.7% Recurring Revenue S +17% Revenue Growth (2) 3 3.7% Adj. Operating Income Margin (2) 3#4Significant Progress Across All Key Growth Initiatives Focus on Tier 1 Markets is Driving Success Strong headcount expansion ▪ Outsized bookings performance Her 14 冒 KI Continued Strong Performance in Broker Channel ▪ Outsized contribution Expanded to five national partnerships Industry Focus is Resonating with Customers Purpose-built solutions and integrations ▪ Strong results in target segments Confidential: Not for reproduction or distribution without express written consent from Paycor. Expansion of the Product Suite and PEPM ▪ Launched OnDemand Pay Strong adoption of Talent Management 4#5Our Winning Formula Disruptive SaaS Platform Purpose Built for Leaders Massive Underserved Market Proven Growth Strategy Confidential: Not for reproduction or distribution without express written consent from Paycor. Paycor Medical CDHP UnitedHealthcare (UnitedHealth Group) SHSA High Deductible Show more plan information View plan details Your Cost per pay period $19.38 Tier Employer Spouse Select Medical PPO United Healthcare (UnitedHealth Group) PPO +Show more plan information View plan details 5#6Our Disruptive Saas Platform is Purpose-Built for SMB Leaders WORKFORCE MANAGEMENT Workforce Management PAYCOR TIME SCHEDULING Bot EMPLOYEE EXPERIENCE Employee Engagement LEARNING MANAGEMENT CAREER MANAGEMENT PAYCOR PULSE HCM Cor for Leaders ONBOARDING.HR PAYROLL. ACA. REPORTING ANALYTICS MOBILE Benefits Administration BENEFITS ADVISOR BENEFITS ADMINISTRATION B Talent Management RECRUITING COMPENSATION PERFORMANCE GOALS & OKRS 1-ON-1 COACHING TALENT MANAGEMENT is Easy to Use Confidential: Not for reproduction or distribution without express written consent from Paycor. Open and Interoperable 4040 (+0 2:3 Unrivaled Product Depth Tailored for Industry 6#7● ● ● ● We Believe That Leaders Drive Engagement, Engagement Drives Results Paycor empowers leaders to modernize every aspect of people management... Intuitive UX enables quick onboarding and rapid time-to-value Approve time, pay, shift changes and other requests via mobile Pip Pre-built dashboards Automatic shift scheduling Self-serve onboarding Ben-Admin decision support www3-22 ww Bam MOS ● or 10²4 TOM www term A Poker A24 mi TATTEST W Torbei ha Maintain Compliance LEY 220 - vt MC BE w.. X n Real-time payroll and tax engine improves accuracy and speed X SA Unified platform provides real-time reporting and security Work Anywhere Gudan q PURPOSE-BUILT FOR Leaders Automate Workflows ...so they can focus on what really matters: building winning teams Drive Confidential: Not for reproduction or distribution without express written consent from Paycor. Set Goals ● ● Goals incorporated into 1-on-1s and reviews to help leaders drive focus Advanced OKR capabilities to drive mission alignment Coach Employees Out-of-the-box, configurable templates to guide leaders Performance Al-powered surveys make employee feedback actionable Fully integrated compensation and performance management Integrated capabilities empower leaders to hire, develop, and reward top performers Lagkak|_ & FOO IT 2 - 94 PAR WEB K..P.. FER O APULA 7#8SMB Opportunity is Massive and Growing $37B Future TAM # of U.S. employees at firms with 10-1,000 employees x $50 Future List PEPM $29B Current TAM # of U.S employees at firms with 10-1,000 employees x $39 List PEPM (1) (2) $353M 2 Paycor's current penetration Source: U.S. Bureau of Labor Statistics, National Business Employment Dynamics Data by Firm Size Class: 2021. (1) Refers to our list per-employee per-month ("PEPM") rate as of 6/30/2021 for our full suite of products. (2) Represents our Total Revenue for the fiscal year ended June 30, 2021. Confidential: Not for reproduction or distribution without express written consent from Paycor. 8#9We are In-Flight with Proven and Actionable Growth Levers Expand Sales Coverage 71 Broaden Broker Channel 2 8 Increase Vertical Differentiation 3 Confidential: Not for reproduction or distribution without express written consent from Paycor. Accelerate Product Penetration 4 OP Innovate New Solutions 5 9#10Strong Revenue Performance Y/Y Growth $328 $291 il FY'19 18% Total Revenue 13% $353 FY'20 FY'21 8% $79 Q1 FY¹21 4% $93 Q1 FY'22 17% Adjusted Gross Profit Excluding D & A Adjusted Gross Profit Margin Excluding Depreciation & Amortization 77% Confidential: Not for reproduction or distribution without express written consent from Paycor. FY¹19 76% III FY'20 $224 77% $248 FY'21 $272 78% Q1 FY¹21 $61 75% Q1 FY¹22 $70 Note: FY'19 actuals are the sum of the GAAP Successor Period (period from November 2, 2018 to June 30, 2019) and GAAP Predecessor Period (period from July 1, 2018 to November 1, 2018), and are reported in such a manner throughout this presentation. $ in millions. 10#11Operating Structure Built to Drive Growth G&A R&D S&M Adjusted Operating Expenses as % of Revenue 58% 15% 14% 29% FY'19 57% 15% 13% 29% FY'20 56% 16% 10% 29% FY¹21 I I I 54% 14% 10% 30% Q1 FY'21 62% 18% 9% 35% Q1 FY¹22 Adjusted Operating Income Note: $ in millions. Please see Appendix for GAAP to non-GAAP reconciliation. Amounts may not foot due to rounding. 14% Adjusted Operating Income Margin || FY¹19 $42 14% FY'20 Confidential: Not for reproduction or distribution without express written consent from Paycor. $46 14% || FY¹21 $48 16% Q1 FY'21 $13 4% Q1 FY¹22 $3 11#12Adjusted Gross Profit 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 E Adjusted Gross Profit Margin, excluding D & A Note: $ in millions. Amounts may not foot due to rounding. FY'19 $291.5 $182.0 62.4% $28.1 $0.4 $0.3 $210.7 72.3% $5.8 $5.5 $2.3 $224.4 77.0% FY'20 $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% FY'21 $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% Confidential: Not for reproduction or distribution without express written consent from Paycor. Q1 FY'21 $79.1 $44.6 56.4% $11.0 $0.2 $0.0 $55.8 70.5% $2.2 $2.7 $0.7 $61.3 77.5% Q1 FY'22 $92.7 $47.1 50.8% $11.7 $1.7 $0.0 $60.5 65.2% $3.6 $4.8 $0.7 $69.6 75.1% 12#13Q2 & FY'22 Guidance Total Revenue Year-over-year Growth Adjusted Operating Income Adjusted Operating Income Margin Q2 FY'22 $99 to $100 15.3% to 16.5% $5.0 to $6.0 5.1% to 6.0% Confidential: Not for reproduction or distribution without express written consent from Paycor. FY'22 $402 to $406 14.0% to 15.1% $32 to $34 8.0% to 8.4% 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 award and liability incentive award expenses and corporate adjustments. $ in millions. 13#14Appendix Confidential: Not for reproduction or distribution without express written consent from Paycor. Paycor#15Key Definitions Confidential: Not for reproduction or distribution without express written consent from Paycor. "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. "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. 15#16Confidential: Not for reproduction or distribution without express written consent from Paycor. Non-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 expenses, and 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 expenses, certain corporate expenses and depreciation and amortization, in each case that are included in costs of recurring 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, stock-based award and liability incentive award compensation expenses, and other certain corporate expenses, such as costs related to acquisitions. 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 stock-based award and liability incentive award compensation expenses, 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 award and liability incentive award compensation expenses, and other certain corporate expenses. We define Adjusted Research and Development expense as research and development expenses before stock-based award and liability incentive award compensation expenses, and other certain corporate expenses. 16#17GAAP to non-GAAP Reconciliation Loss from Operations Operating Margin Amortization of intangible assets Stock-based compensation expense Liability incentive award compensation expense Corporate adjustments Adjusted Operating Income Adjusted Operating Income Margin Note: $ in millions. Amounts may not foot due to rounding. Three Months Ended September 30, 2021 ($52.3) (56.4%) $32.1 $21.8 $0.0 $1.8 $3.4 3.7% Reconciliation to Adjusted Operating Income Three Months Ended September 30, 2020 ($21.5) (27.2%) $30.5 $1.7 $0.0 $1.9 $12.7 16.0% Fiscal Year Ended June 30, 2021 Confidential: Not for reproduction or distribution without express written consent from Paycor. ($89.3) (25.3%) $125.6 $4.2 ($0.2) $7.7 $48.0 13.6% Fiscal Year Ended June 30, 2020 ($94.7) (28.9%) $120.9 $4.9 $3.1 $12.1 $46.3 14.1% Fiscal Year Ended June 30, 2019 ($105.2) (36.1%) $80.1 $6.6 $29.0 $31.5 $41.9 14.4% 17#18GAAP to Non-GAAP Reconciliation (cont'd) Sales and Marketing Expense 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 Corporate adjustments Adjusted General and Administrative Expense % of Revenue Research and Development Expense Stock-based compensation expense Liability incentive award 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, 2021 $45.8 ($13.6) $0.0 ($0.1) $32.1 34.6% $43.4 ($20.3) ($5.0) $0.0 ($1.7) $16.3 17.6% $10.2 ($1.5) $0.0 $0.0 $8.7 9.3% Reconciliation of Adjusted Operating Expenses Three Months Ended September 30, 2020 $24.3 ($0.5) $0.0 ($0.3) $23.5 29.7% $33.4 ($19.5) ($0.9) ($0.0) ($1.6) $11.3 14.3% $8.3 ($0.0) $0.0 $0.0 $8.2 10.4% Fiscal Year Ended June 30, 2021 $106.1 ($1.4) $0.1 ($1.1) $103.7 29.4% $145.5 ($79.5) ($2.2) $0.0 ($6.5) $57.3 16.3% $36.0 ($0.1) $0.0 Confidential: Not for reproduction or distribution without express written consent from Paycor. ($0.1) $35.9 10.2% Fiscal Year Ended June 30, 2020 $100.0 ($1.7) $0.0 ($2.5) $95.8 29.2% $137.1 ($78.0) ($1.9) ($3.1) ($6.5) $47.7 14.5% $45.9 ($0.8) $0.0 ($1.5) $43.6 13.3% Fiscal Year Ended June 30, 2019 $87.1 ($2.3) $0.0 $0.0 $84.9 29.1% $158.9 ($52.0) ($3.0) ($29.0) ($30.8) $44.2 15.1% $41.1 ($1.0) $0.0 ($0.4) $39.7 13.6% 18