$24.4 B

PAYX Mkt cap, 15-Oct-2018

Paychex Revenue

Paychex revenue was $3.15 b in FY, 2017 which is a 6.8% year over year increase from the previous period.

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Paychex Revenue Breakdown

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Paychex revenue breakdown by business segment: 41.9% from HRS, 56.5% from Payroll Service and 1.6% from Other

Paychex Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.5b2.7b3.0b3.2b

Revenue growth, %

9%8%7%

Cost of goods sold

732.5m808.0m857.1m919.6m

Gross profit

1.8b1.9b2.1b2.2b

Gross profit Margin, %

71%71%71%71%

General and administrative expense

803.7m878.0m948.2m992.1m

Operating expense total

803.7m878.0m948.2m992.1m

EBIT

982.7m1.1b1.1b1.2b

EBIT margin, %

39%38%39%39%

Investment income

5.4m6.4m4.5m5.2m

Pre tax profit

988.1m1.1b1.2b1.2b

Income tax expense

360.6m385.1m394.3m427.5m

Net Income

627.5m674.9m756.8m817.3m

Paychex Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

152.5m170.0m131.5m184.6m

Accounts Receivable

36.3m37.9m36.1m507.5m

Prepaid Expenses

46.7m50.8m58.8m58.3m

Current Assets

5.0b5.1b4.9b5.3b

PP&E

342.2m353.9m353.0m337.2m

Goodwill

540.3m561.5m657.1m657.1m814.0m

Total Assets

6.4b6.5b6.4b6.8b

Accounts Payable

48.8m51.7m56.7m57.2m

Current Liabilities

4.4b4.6b4.4b4.3b

Total Liabilities

4.6b4.7b4.5b4.9b

Common Stock

3.6m3.6m3.6m3.6m

Additional Paid-in Capital

794.4m880.1m952.7m1.0b

Retained Earnings

957.5m894.3m926.2m901.7m

Total Equity

1.8b1.8b1.9b2.0b

EPS

1.71.92.12.3

Financial Leverage

3.6 x3.6 x3.4 x3.5 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018Q3, 2018Q1, 2019

Cash

462.6m140.4m265.3m455.9m412.3m253.1m130.0m165.0m189.9m234.4m257.2m323.9m

Accounts Receivable

168.9m205.6m148.4m206.6m241.1m353.4m485.6m528.9m429.9m538.6m595.2m550.5m

Prepaid Expenses

47.4m48.8m54.0m63.4m62.7m64.4m62.7m65.1m68.0m81.6m73.4m77.9m

Current Assets

487.2m4.9b6.0b4.6b4.6b5.5b4.5b4.2b5.8b6.0b6.0b5.0b

PP&E

346.6m344.4m347.7m350.1m352.7m350.0m348.4m349.3m341.6m328.6m377.1m397.2m

Goodwill

563.4m563.8m563.8m561.5m561.5m656.2m657.1m657.1m657.1m698.0m698.1m827.4m

Total Assets

6.3b6.3b7.3b6.0b6.0b7.1b6.1b5.8b7.3b7.6b7.7b6.8b7.1b

Accounts Payable

40.1m39.8m40.1m43.0m47.4m55.8m51.2m48.6m55.9m74.6m58.4m71.9m

Short-term debt

51.3m103.1m55.4m57.2m133.4m57.7m

Current Liabilities

4.3b4.3b5.3b4.0b4.0b5.0b3.9b3.8b5.3b5.5b5.5b142.2m

Total Debt

51.3m103.1m55.4m57.2m133.4m57.7m

Total Liabilities

4.5b4.4b5.5b4.2b4.2b5.2b4.1b4.0b5.4b5.7b5.7b4.8b4.7b

Common Stock

3.6m3.6m3.6m3.6m3.6m3.6m3.6m3.6m3.6m3.6m3.6m3.6m

Additional Paid-in Capital

812.3m844.0m868.3m897.0m920.5m933.4m986.4m993.9m1.0b1.1b1.1b1.1b

Retained Earnings

943.7m964.3m978.3m876.4m913.9m899.6m958.9m834.9m871.9m843.7m881.0m961.4m

Total Equity

1.8b1.8b1.9b1.8b1.9b1.9b2.0b1.8b1.9b1.9b2.0b2.0b2.4b

EPS

0.50.50.50.60.50.50.60.60.60.60.60.7

Debt to Equity Ratio

0 x0.1 x0 x0 x0.1 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x

Financial Leverage

3.5 x3.4 x3.9 x3.3 x3.2 x3.8 x3.1 x3.2 x3.9 x3.9 x3.9 x3.3 x3 x

Paychex Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

627.5m674.9m756.8m817.3m

Depreciation and Amortization

105.0m106.6m115.1m126.9m

Accounts Receivable

(18.0m)(28.0m)(38.0m)(103.7m)

Accounts Payable

45.1m51.1m63.3m39.1m

Cash From Operating Activities

880.9m895.2m1.0b960.4m

Purchases of PP&E

(84.1m)(102.8m)(97.7m)(94.3m)(154.0m)

Cash From Investing Activities

(316.1m)(285.0m)(63.1m)(424.6m)(679.0m)

Dividends Paid

(510.6m)(551.8m)(606.5m)(662.3m)

Cash From Financing Activities

(519.6m)(592.7m)(993.6m)(482.7m)

Net Change in Cash

45.2m17.5m(38.5m)53.1m

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018Q3, 2018Q1, 2019

Net Income

171.3m344.3m513.7m209.1m398.3m578.7m217.4m419.5m622.0m444.8m705.2m

Depreciation and Amortization

26.5m52.5m79.1m27.0m54.7m85.1m29.7m59.7m90.7m65.7m102.3m

Accounts Receivable

(19.1m)(56.3m)500.0k(30.1m)(65.1m)18.6m(78.1m)(123.0m)(24.6m)(56.5m)(6.2m)(43.0m)

Accounts Payable

40.4m600.0k28.2m6.8m(4.2m)28.4m60.9m5.8m37.5m(34.3m)80.9m

Cash From Operating Activities

263.1m404.7m692.8m278.3m419.9m791.2m294.7m413.4m769.3m519.4m988.9m

Purchases of PP&E

(24.9m)(45.6m)(72.0m)(21.2m)(48.5m)(70.0m)(20.3m)(46.8m)(66.8m)(95.5m)(122.0m)

Cash From Investing Activities

358.9m54.7m(1.0b)759.9m748.7m(563.6m)380.3m697.9m(947.1m)(751.1m)24.4m

Dividends Paid

(138.3m)(276.2m)(414.4m)(151.9m)(303.6m)(455.0m)(166.3m)(331.5m)(496.9m)(358.9m)(538.7m)

Cash From Financing Activities

(311.9m)(471.5m)447.2m(752.3m)(926.3m)(144.5m)(676.5m)(1.1b)236.2m304.3m(874.0m)

Net Change in Cash

310.1m(12.1m)112.8m285.9m242.3m83.1m(1.5m)33.5m58.4m72.6m139.3m

Paychex Ratios

USDY, 2018

Financial Leverage

3 x
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Paychex Operating Metrics

Paychex's Enterprise Customers was reported to be 12 m in FY, 2017.
FY, 2014FY, 2015FY, 2016May, 2017FY, 2017

Paying Customers

590 k605 k605 k605 k605 k

Enterprise Customers

12 m10 m11 m12 m

Facilities

3.03 m3.04 m2.94 m2.92 m

Locations

100
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