Paychex (PAYX) Financial Statements

Financials

all figures in US$ Millions except per share data

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Actual

10 year cagr

Fiscal

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Average (A)

Fiscal period end dates

Expand all rows

01Earnings per share

2.1

2.3

2.6

2.9

3.8

4.3

4.7

4.6

4.9

8.9%

02Free cash flow per share

2.5

2.4

3.1

3.2

3.6

3.2

3.8

4.3

4.8

4.9

6.4

9.8%

03Dividends per share

1.7

1.8

2.1

2.3

2.5

2.8

3.3

3.7

4.4

10.2%

04Dividends payout, %

80.1%

81%

79.2%

79.9%

81%

82.8%

71.8%

75.5%

77.8%

87.4%

90.3%

1.2%

PROFIT AND LOSS STATEMENT

05Revenue

2,952

3,151

3,381

3,773

4,041

4,057

4,612

5,007

5,278

5,572

6,512

8.2%

06% Change

8.2%

07Cost of revenue

(857.1)

(919.6)

(1,018)

(1,178)

(1,281)

(1,271)

(1,356)

(1,453)

(1,479)

(1,540)

(1,675)

6.9%

08Gross profit

2,095

2,232

2,363

2,595

2,760

2,786

3,255

3,554

3,799

4,031

4,838

8.7%

09% Margin

71%

70.8%

69.9%

68.8%

68.3%

68.7%

70.6%

71%

72%

72.4%

74.3%

70.7% A

10Operating expenses

(948.2)

(992.1)

(1,076)

(1,223)

(1,299)

(1,325)

(1,415)

(1,521)

(1,625)

(1,824)

(2,327)

9.4%

11% of Revenue

(32.1)%

(31.5)%

(31.8)%

(32.4)%

(32.2)%

(32.7)%

(30.7)%

(30.4)%

(30.8)%

(32.7)%

(35.7)%

(32.1)% A

12Operating Income

1,147

1,240

1,288

1,371

1,461

1,840

2,033

2,174

2,208

2,511

8.2%

13Income tax expense

(394.3)

(427.5)

(362.4)

(333.6)

(339)

(336.7)

(431.8)

(490.9)

(527.6)

(518.6)

(550.8)

3.4%

14Net Income

756.8

817.3

933.7

1,034

1,098

1,393

1,557

1,690

1,657

1,760

8.8%

15% Margin

25.6%

25.9%

27.6%

27.4%

27.2%

27.1%

30.2%

31.1%

32%

29.7%

27%

28.3% A

16Shares Outstanding

362.5

362.6

361.5

361.8

361

362.1

363.1

362.3

362.1

362

360

(0.1)%

17EPS Basic

2.1

2.3

2.6

2.9

3.1

3.9

4.3

4.7

4.6

4.9

8.8%

18EPS Diluted

2.1

2.3

2.6

2.9

3.8

4.3

4.7

4.6

4.9

8.9%

19EBITDA

1,257

1,381

1,430

1,558

1,670

1,662

2,053

2,262

2,432

2,491

3,015

9.1%

% Margin

42.6%

43.8%

42.3%

41.3%

41%

44.5%

45.2%

46.1%

44.7%

46.3%

43.6% A

20Net Interest Income (expense)

7.3

7.4

(4.3)

(26.5)

(33.5)

(33.7)

12.4

45.4

(32.6)

(206.1)

21Net Debt / EBITDA

(0.1)

(0.3)

0.1

0.2

(0.2)

1.4

1.2

0.2 A

BALANCE SHEET

ASSETS

Current Assets

22Cash & equivalents

131.5

184.6

358.2

673.6

905.2

995.2

370

1,222

1,469

1,629

1,141

24.1%

23Short-term investments

220.6

138.8

27.2

36.7

853.9

373.4

33.9

34.5

36.3

(16.5)%

24Accounts receivable

444.7

543.4

524.6

854.2

790.3

1,054

1,318

1,426

1,625

1,975

2,208

17.4%

25Other current assets

4,067

4,405

4,977

4,111

3,742

4,084

4,040

4,507

4,123

5,278

5,228

2.5%

26Inventory

27Total Current Assets

4,864

5,272

5,784

5,678

5,465

6,170

6,582

7,528

7,252

8,917

8,613

5.9%

Non-Current Assets

28Net property, plant & equipment

353

337.2

393.5

408.7

522.2

498.8

480

457.8

458.6

575.3

652.8

6.3%

29Long-term investments

441.1

454

295.5

18.3

10.2

7.1

3.8

3.7

(45)%

30Other non-current assets

783.1

770.5

990.3

2,579

2,554

2,552

2,569

2,557

2,669

7,072

6,908

24.3%

31Total Non-Current Assets

1,577

1,562

1,679

3,006

3,086

3,058

3,054

3,018

3,132

7,648

7,561

17%

Total Assets

6,441

6,834

7,464

8,683

8,551

9,227

9,635

10,546

10,383

16,564

16,175

9.7%

LIABILITIES

Current Liabilities

32Accounts payable

56.7

57.2

73.7

75.9

79.4

105.7

84.7

104.3

129.8

154.8

10.6%

33Short-term debt

5.1

36.3

8.7

10.2

18.7

418.4

27.6%

34Other current liabilities

4,309

4,668

5,223

4,769

4,342

4,813

5,155

5,711

5,186

6,408

6,664

4.5%

35Total Current Liabilities

4,366

4,725

5,297

4,845

4,427

4,938

5,269

5,805

5,309

6,956

6,841

4.6%

Non-Current Liabilities

36Long-term debt

809.4

893.7

889.7

872.5

855.5

847.6

4,604

4,608

28.2%

37Other non-current liabilities

163.2

153.3

261.9

402.1

448.7

451.3

408.3

392.3

425.4

875.9

990.5

19.8%

38Total Non-Current Liabilities

163.2

153.3

261.9

1,212

1,342

1,341

1,281

1,248

1,273

5,480

5,599

42.4%

39Total Liabilities

4,529

4,878

5,559

6,063

5,769

6,279

6,550

7,053

6,582

12,436

12,439

10.6%

SHAREHOLDERS` EQUITY

40Common stock

3.6

41Retained earnings / (deficit)

926.2

901.7

930.3

1,410

1,431

1,446

1,670

2,023

2,213

2,277

1,806

6.9%

42Accumulated other comprehensive income / (loss)

29.2

(36.2)

0.1

56.5

51.8

(133.9)

(159.9)

(145.1)

(53.7)

(49.9)

43Noncontrolling interests

44Total shareholders' equity

1,912

1,955

2,025

2,620

2,781

2,948

3,085

3,493

3,801

4,128

3,735

6.9%

45Total Liabilities and shareholders' Equity

6,441

6,834

7,464

8,683

8,551

9,227

9,635

10,546

10,383

16,564

16,175

9.7%

46Total Debt

809.4

898.8

926

881.2

865.7

866.3

5,022

4,630

28.3%

47Net Debt

(131.5)

(184.6)

(358.2)

135.8

(6.4)

(69.2)

511.2

(356.3)

(602.6)

3,394

3,489

CASH FLOW STATEMENT

CASH FLOWS FROM OPERATING ACTIVITIES

48Net income (loss)

756.8

817.3

933.7

1,034

1,098

1,393

1,557

1,690

1,657

1,760

8.8%

49Depreciation & amortization

115.1

126.9

138

181.5

209.7

192

191.8

176.6

176.5

209.5

442.6

14.4%

50Share-based compensation expense

34.6

35.4

44.6

46.2

47.4

52.5

52.8

62.6

61.1

111.8

96.1

10.8%

51Changes in working capital and other assets

111.7

(19.2)

160.1

9.4

85.7

(81.7)

(131.9)

(97.1)

(30.3)

(27.5)

257.9

8.7%

52Net cash flows from operating activities

1,018

960.4

1,276

1,272

1,441

1,260

1,506

1,699

1,898

1,951

2,557

9.6%

CASH FLOWS FROM INVESTING ACTIVITIES

53Purchases of property, plant and equipment

(97.7)

(94.3)

(154)

(123.8)

(127)

(114.6)

(132.6)

(143)

(191.5)

(191.8)

(234.9)

9.2%

54Purchases of investments / marketable securities

(12,572)

(50,462)

(50,220)

(35,146)

(25,218)

(6,090)

(17,808)

(14,585)

(6,869)

(14,303)

(12,226)

(0.3)%

55Proceeds from maturities of marketable securities

11,984

49,903

51,593

34,639

26,133

5,772

16,555

14,943

7,161

14,293

11,518

(0.4)%

56Other investing activities

622.5

229

(1,898)

(997.5)

(15.9)

(28.2)

(35.5)

3.6

(362.1)

(3,475)

(208.9)

57Net cash flows from investing activities

(63.1)

(424.6)

(679)

(1,628)

771.9

(460.6)

(1,421)

218.5

(260.9)

(3,677)

(1,152)

33.7%

CASH FLOWS FROM FINANCING ACTIVITIES

58Issuance (repurchases) of common stock, net

(107.9)

(166.2)

(143.1)

(56.9)

(171.9)

(155.7)

(145.2)

(10.4)

(169.2)

(100.7)

(663)

19.9%

59Dividends paid, net

(606.5)

(662.3)

(739.7)

(826.8)

(889.4)

(908.7)

(999.6)

(1,175)

(1,315)

(1,449)

(1,590)

10.1%

60Debt issuance (repayments), net

796.3

5.1

2.3

1.3

4,133

(418.8)

61Other financing activities

(279.2)

345.8

459

(921.1)

(432)

425.7

164.2

472

(399.2)

(21)

17.6

62Net cash flows from financing activities

(993.6)

(482.7)

(423.8)

(1,009)

(1,488)

(636.4)

(979.3)

(711.4)

(1,875)

2,563

(2,654)

10.3%

63Increase (decrease) in cash and cash equivalents

(38.5)

53.1

173.6

(1,365)

724.6

163.3

(894.7)

1,207

(237.9)

837.3

(1,250)

41.6%

64Cash and equivalents, ending balance

131.5

184.6

358.2

935.2

1,660

1,823

928.4

2,135

1,897

2,734

1,485

27.4%

65Free Cash Flow to the Firm (FCFF)

920.5

866.1

1,122

1,148

1,314

1,146

1,373

1,556

1,706

1,759

2,322

9.7%

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