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  "documentTitle": "Paycor | Investor Presentation Deck | 22 slides",
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  "authorName": "Paycor",
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  "presentationDate": "2023-08-01 00:00:00",
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  "pageNumber": 13,
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      "text": "Adjusted Operating Expenses as % of Revenue FY'19-Q4 FY'23 for G&A, R&D, and S&M. G&A: 15% (FY'19), 15% (FY'20), 16% (FY'21), 16% (FY'22), 14% (FY'23), 16% (Q4 FY'22), 15% (Q4 FY'23). R&D: 14% (FY'19), 13% (FY'20), 10% (FY'21), 8% (FY'22), 8% (FY'23), 9% (Q4 FY'22), 8% (Q4 FY'23). S&M: 29% (FY'19), 29% (FY'20), 29% (FY'21), 31% (FY'22), 32% (FY'23), 33% (Q4 FY'22), 34% (Q4 FY'23). Total Operating Expenses: 58% (FY'19), 57% (FY'20), 56% (FY'21), 56% (FY'22), 54% (FY'23), 58% (Q4 FY'22), 57% (Q4 FY'23).",
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      "text": "Adjusted Operating Income Margin FY'19-Q4 FY'23. FY'19: 14%, FY'20: 14%, FY'21: 11%, FY'22: 15%, FY'23: 8%, Q4 FY'22: 8%, Q4 FY'23: 11%.",
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      "text": "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. Please see Appendix for GAAP to non-GAAP reconciliation. Amounts may not foot due to rounding.",
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      "text": "Adjusted Operating Income: $42 (FY'19), $46 (FY'20), $48 (FY'21), $47 (FY'22), $83 (FY'23), $9 (Q4 FY'22), $15 (Q4 FY'23).",
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      "text": "Operating Structure Built to Drive Growth",
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