$25.8 B

PAYX Mkt cap, 16-Aug-2018

$866.5 M

Paychex Revenue Q3, 2018
Paychex Gross profit (Q3, 2018)595.8 M
Paychex Gross profit margin (Q3, 2018), %68.8%
Paychex Net income (Q3, 2018)260.4 M
Paychex EBIT (Q3, 2018)292.5 M

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

2.5 b2.7 b3 b3.2 b

Revenue growth, %

9%8%7%

Cost of goods sold

732.5 m808 m857.1 m919.6 m

Gross profit

1.8 b1.9 b2.1 b2.2 b

Gross profit Margin, %

71%71%71%71%

General and administrative expense

803.7 m878 m948.2 m992.1 m

Operating expense total

803.7 m878 m948.2 m992.1 m

EBIT

982.7 m1.1 b1.1 b1.2 b

EBIT margin, %

39%38%39%39%

Investment income

5.4 m6.4 m4.5 m5.2 m

Pre tax profit

988.1 m1.1 b1.2 b1.2 b

Income tax expense

360.6 m385.1 m394.3 m427.5 m

Net Income

627.5 m674.9 m756.8 m817.3 m

Paychex Balance Sheet

Annual

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

Cash

152.5 m170 m131.5 m184.6 m

Accounts Receivable

36.3 m37.9 m36.1 m507.5 m

Prepaid Expenses

46.7 m50.8 m58.8 m58.3 m

Current Assets

5 b5.1 b4.9 b5.3 b

PP&E

342.2 m353.9 m353 m337.2 m

Goodwill

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

Total Assets

6.4 b6.5 b6.4 b6.8 b

Accounts Payable

48.8 m51.7 m56.7 m57.2 m

Current Liabilities

4.4 b4.6 b4.4 b4.3 b

Total Liabilities

4.6 b4.7 b4.5 b4.9 b

Common Stock

3.6 m3.6 m3.6 m3.6 m

Additional Paid-in Capital

794.4 m880.1 m952.7 m1 b

Retained Earnings

957.5 m894.3 m926.2 m901.7 m

Total Equity

1.8 b1.8 b1.9 b2 b

EPS

1.7 1.9 2.1 2.3

Financial Leverage

3.6 x3.6 x3.4 x3.5 x

Quarterly

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

Cash

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

Accounts Receivable

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

Prepaid Expenses

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

Current Assets

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

PP&E

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

Goodwill

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

Total Assets

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

Accounts Payable

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

Short-term debt

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

Current Liabilities

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

Total Debt

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

Total Liabilities

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

Common Stock

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

Additional Paid-in Capital

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

Retained Earnings

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

Total Equity

1.8 b1.8 b1.9 b1.8 b1.9 b1.9 b2 b1.8 b1.9 b1.9 b2 b2 b

EPS

0.5 0.5 0.5 0.6 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.7

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 x

Paychex Cash Flow

Annual

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

Net Income

627.5 m674.9 m756.8 m817.3 m

Depreciation and Amortization

105 m106.6 m115.1 m126.9 m

Accounts Receivable

(18 m)(28 m)(38 m)(103.7 m)

Accounts Payable

45.1 m51.1 m63.3 m39.1 m

Cash From Operating Activities

880.9 m895.2 m1 b960.4 m

Purchases of PP&E

(84.1 m)(102.8 m)(97.7 m)(94.3 m)(154 m)

Cash From Investing Activities

(316.1 m)(285 m)(63.1 m)(424.6 m)(679 m)

Dividends Paid

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

Cash From Financing Activities

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

Net Change in Cash

45.2 m17.5 m(38.5 m)53.1 m

Quarterly

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

Net Income

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

Depreciation and Amortization

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

Accounts Receivable

(19.1 m)(56.3 m)500 k(30.1 m)(65.1 m)18.6 m(78.1 m)(123 m)(24.6 m)(56.5 m)(6.2 m)

Accounts Payable

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

Cash From Operating Activities

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

Purchases of PP&E

(24.9 m)(45.6 m)(72 m)(21.2 m)(48.5 m)(70 m)(20.3 m)(46.8 m)(66.8 m)(95.5 m)(122 m)

Cash From Investing Activities

358.9 m54.7 m(1 b)759.9 m748.7 m(563.6 m)380.3 m697.9 m(947.1 m)(751.1 m)24.4 m

Dividends Paid

(138.3 m)(276.2 m)(414.4 m)(151.9 m)(303.6 m)(455 m)(166.3 m)(331.5 m)(496.9 m)(358.9 m)(538.7 m)

Cash From Financing Activities

(311.9 m)(471.5 m)447.2 m(752.3 m)(926.3 m)(144.5 m)(676.5 m)(1.1 b)236.2 m304.3 m(874 m)

Net Change in Cash

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