Company Quick10K Filing
Paychex
10-Q 2020-11-30 Filed 2020-12-23
10-Q 2020-08-31 Filed 2020-10-09
10-K 2020-05-31 Filed 2020-07-17
10-Q 2020-02-29 Filed 2020-03-27
10-Q 2019-11-30 Filed 2019-12-20
10-Q 2019-08-31 Filed 2019-10-04
10-K 2019-05-31 Filed 2019-07-24
10-Q 2019-02-28 Filed 2019-03-29
10-Q 2018-11-30 Filed 2018-12-21
10-Q 2018-08-31 Filed 2018-10-05
10-K 2018-05-31 Filed 2018-07-20
10-Q 2018-02-28 Filed 2018-03-28
10-Q 2017-11-30 Filed 2017-12-21
10-Q 2017-08-31 Filed 2017-10-06
10-K 2017-05-31 Filed 2017-07-21
10-Q 2017-02-28 Filed 2017-03-31
10-Q 2016-11-30 Filed 2016-12-23
10-Q 2016-08-31 Filed 2016-09-30
10-K 2016-05-31 Filed 2016-07-22
10-Q 2016-02-29 Filed 2016-03-30
10-Q 2015-11-30 Filed 2015-12-23
10-Q 2015-08-31 Filed 2015-09-30
10-K 2015-05-31 Filed 2015-07-21
10-Q 2015-02-28 Filed 2015-03-25
10-Q 2014-11-30 Filed 2014-12-19
10-Q 2014-08-31 Filed 2014-09-24
10-K 2014-05-31 Filed 2014-07-22
10-Q 2014-02-28 Filed 2014-03-26
10-Q 2013-08-31 Filed 2013-09-30
10-Q 2013-02-28 Filed 2013-03-27
10-Q 2012-11-30 Filed 2012-12-20
10-Q 2012-08-31 Filed 2012-09-24
10-K 2012-05-31 Filed 2012-07-20
10-Q 2012-02-29 Filed 2012-03-28
10-Q 2011-11-30 Filed 2011-12-20
10-Q 2011-08-31 Filed 2011-09-27
10-K 2011-05-31 Filed 2011-07-15
10-Q 2011-02-28 Filed 2011-03-23
10-Q 2010-11-30 Filed 2010-12-20
10-Q 2010-08-31 Filed 2010-09-27
10-K 2010-05-31 Filed 2010-07-16
10-Q 2010-02-28 Filed 2010-03-24
8-K 2020-10-15
8-K 2020-10-06
8-K 2020-07-07
8-K 2020-05-19
8-K 2020-05-01
8-K 2020-03-25
8-K 2020-02-06
8-K 2019-12-18
8-K 2019-10-17
8-K 2019-10-02
8-K 2019-07-31
8-K 2019-07-10
8-K 2019-06-26
8-K 2019-05-03
8-K 2019-03-27
8-K 2019-01-09
8-K 2018-12-19
8-K 2018-11-26
8-K 2018-10-11
8-K 2018-10-02
8-K 2018-06-27
8-K 2018-06-27
8-K 2018-04-26
8-K 2018-03-26
8-K 2018-03-01

PAYX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Part II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
EX-31.1 payx-20201130xex31_1.htm
EX-31.2 payx-20201130xex31_2.htm
EX-32.1 payx-20201130xex32_1.htm
EX-32.2 payx-20201130xex32_2.htm

Paychex Earnings 2020-11-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.10.90.70.40.20.02012201420172020
Rev, G Profit, Net Income
1.71.00.2-0.5-1.3-2.02012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549 

_________________________________________

FORM 10-Q

_________________________________________

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2020

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from __________to __________

Commission file number 0-11330

__________________________________________________

Paychex, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

16-1124166

(I.R.S. Employer Identification No.)

911 Panorama Trail South

Rochester, NY

(Address of principal executive offices)

14625-2396

(Zip Code)

Registrant's telephone number, including area code: (585) 385-6666

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

PAYX

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  

As of November 30, 2020, 360,631,164 shares of the registrant’s common stock, $.01 par value, were outstanding.


PAYCHEX, INC.

Table of Contents

 


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

In millions, except per share amounts

For the three months ended

For the six months ended

November 30,

November 30,

2020

2019

2020

2019

Revenue:

Management Solutions

$

732.8

$

726.7

$

1,420.2

$

1,451.2

PEO and Insurance Solutions

236.1

244.1

466.0

491.1

Total service revenue

968.9

970.8

1,886.2

1,942.3

Interest on funds held for clients

14.8

19.9

29.7

40.4

Total revenue

983.7

990.7

1,915.9

1,982.7

Expenses:

Cost of service revenue

319.9

323.4

627.0

648.8

Selling, general and administrative expenses

309.5

325.6

650.6

643.1

Total expenses

629.4

649.0

1,277.6

1,291.9

Operating income

354.3

341.7

638.3

690.8

Other expense, net

(4.7)

(4.7)

(12.6)

(9.5)

Income before income taxes

349.6

337.0

625.7

681.3

Income taxes

77.2

78.3

141.7

158.4

Net income

$

272.4

$

258.7

$

484.0

$

522.9

Other comprehensive (loss)/income, net of tax

(6.4)

(14.9)

16.6

11.5

Comprehensive income

$

266.0

$

243.8

$

500.6

$

534.4

Basic earnings per share

$

0.76

$

0.72

$

1.35

$

1.46

Diluted earnings per share

$

0.75

$

0.72

$

1.34

$

1.45

Weighted-average common shares outstanding

360.0

358.1

359.5

358.4

Weighted-average common shares outstanding, assuming dilution

362.0

360.6

361.6

361.1

See Notes to Consolidated Financial Statements.

1


PAYCHEX, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

In millions, except per share amounts

November 30,

May 31,

2020

2020

Assets

Cash and cash equivalents

$

693.5

$

905.2

Restricted cash

59.0

49.8

Corporate investments

174.9

27.2

Interest receivable

24.8

26.2

Accounts receivable, net of allowance for doubtful accounts

519.0

384.1

PEO unbilled receivables, net of advance collections

448.0

380.0

Prepaid income taxes

38.8

16.8

Prepaid expenses and other current assets

241.3

244.8

Current assets before funds held for clients

2,199.3

2,034.1

Funds held for clients

3,393.1

3,430.5

Total current assets

5,592.4

5,464.6

Long-term restricted cash

25.9

21.3

Long-term corporate investments

10.1

10.2

Property and equipment, net of accumulated depreciation

392.4

407.4

Operating lease right-of-use assets, net of accumulated amortization

99.6

114.8

Intangible assets, net of accumulated amortization

297.2

330.6

Goodwill

1,798.9

1,791.1

Long-term deferred costs

367.7

372.5

Other long-term assets

31.2

38.2

Total assets

$

8,615.4

$

8,550.7

Liabilities

Accounts payable

$

70.4

$

79.4

Accrued corporate compensation and related items

149.3

131.7

Accrued worksite employee compensation and related items

518.3

512.4

Short-term borrowings

6.9

5.1

Accrued income taxes

50.5

Deferred revenue

40.6

39.2

Other current liabilities

309.9

277.6

Current liabilities before client fund obligations

1,095.4

1,095.9

Client fund obligations

3,284.6

3,331.0

Total current liabilities

4,380.0

4,426.9

Accrued income taxes

13.6

33.5

Deferred income taxes

240.4

240.8

Long-term borrowings, net of debt issuance costs

797.0

796.8

Operating lease liabilities

92.2

96.9

Other long-term liabilities

202.5

174.4

Total liabilities

5,725.7

5,769.3

Commitments and contingencies — Note H

 

 

Stockholders’ equity

Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 360.6 shares as of November 30, 2020
and 358.8 shares as of May 31, 2020

3.6

3.6

Additional paid-in capital

1,394.1

1,289.9

Retained earnings

1,418.9

1,431.4

Accumulated other comprehensive income

73.1

56.5

Total stockholders’ equity

2,889.7

2,781.4

Total liabilities and stockholders’ equity

$

8,615.4

$

8,550.7

See Notes to Consolidated Financial Statements. 

2


PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

In millions, except per share amounts

For the six months ended November 30, 2020

Accumulated

Additional

other

Common stock

paid-in

Retained

comprehensive

Shares

Amount

capital

earnings

income

Total

Balance as of May 31, 2020

358.8

$

3.6

$

1,289.9

$

1,431.4

$

56.5

$

2,781.4

Net income

484.0

484.0

Unrealized gains on securities, net of $2.4 million in tax expense

7.3

7.3

Reclassification adjustment for realized gains on securities, net of $0.2 million in tax expense (1)

(0.5)

(0.5)

Cash dividends declared ($1.24 per share)

(446.7)

(446.7)

Repurchases of common shares (2)

(0.4)

(0.7)

(28.1)

(28.8)

Stock-based compensation costs

25.5

25.5

Foreign currency translation adjustment

9.8

9.8

Activity related to equity-based plans

2.2

79.4

(21.7)

57.7

Balance as of November 30, 2020

360.6

$

3.6

$

1,394.1

$

1,418.9

$

73.1

$

2,889.7

For the three months ended November 30, 2020

Accumulated

Additional

other

Common stock

paid-in

Retained

comprehensive

Shares

Amount

capital

earnings

income

Total

Balance as of August 31, 2020

359.5

$

3.6

$

1,325.3

$

1,370.2

$

79.5

$

2,778.6

Net income

272.4

272.4

Unrealized losses on securities, net of $1.8 million in tax benefit

(5.7)

(5.7)

Reclassification adjustment for realized gains on securities, net of $0.1 million in tax expense (1)

(0.3)

(0.3)

Cash dividends declared ($0.62 per share)

(223.5)

(223.5)

Stock-based compensation costs

12.2