Company Quick10K Filing
Paychex
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 2020-05-19 Regulation FD, Exhibits
8-K 2020-05-01 Amend Bylaw, Exhibits
8-K 2020-03-25 Earnings, Exhibits
8-K 2020-02-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-12-18 Earnings, Exhibits
8-K 2019-10-17
8-K 2019-10-02 Earnings, Exhibits
8-K 2019-07-31 Enter Agreement
8-K 2019-07-10 Officers
8-K 2019-06-26 Earnings, Exhibits
8-K 2019-05-03 Amend Bylaw, Other Events, Exhibits
8-K 2019-03-27 Earnings, Exhibits
8-K 2019-01-09 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-12-19 Earnings, Exhibits
8-K 2018-11-26 Enter Agreement, Regulation FD, Exhibits
8-K 2018-10-11
8-K 2018-10-02 Earnings, Exhibits
8-K 2018-06-27 Earnings, Exhibits
8-K 2018-06-27 Regulation FD, Exhibits
8-K 2018-04-26 Officers, Exhibits
8-K 2018-03-26 Earnings, Exhibits
8-K 2018-03-01 Regulation FD, Exhibits

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 1A. Risk Factors
EX-31.1 payx-20200229xex31_1.htm
EX-31.2 payx-20200229xex31_2.htm
EX-32.1 payx-20200229xex32_1.htm
EX-32.2 payx-20200229xex32_2.htm

Paychex Earnings 2020-02-29

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 February 29, 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.

911 Panorama Trail South

Rochester, NY 14625-2396

(585) 385-6666

A Delaware Corporation

IRS Employer Identification Number: 16-1124166

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

Title of each class

Trading Symbol(s)

Name of each exchange of which registered

Common Stock, $0.01 par value

PAYX

NASDAQ

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  x    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  x    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 x

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  x

As of February 29, 2020, 358,715,435 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 nine months ended

February 29,

February 28,

February 29,

February 28,

2020

2019

2020

2019

Revenue:

Management Solutions

$

850.0

$

801.6

$

2,301.2

$

2,174.7

PEO and Insurance Solutions

271.5

245.8

762.6

559.0

Total service revenue

1,121.5

1,047.4

3,063.8

2,733.7

Interest on funds held for clients

21.2

23.0

61.6

58.4

Total revenue

1,142.7

1,070.4

3,125.4

2,792.1

Expenses:

Operating expenses

340.3

325.3

989.1

855.7

Selling, general and administrative expenses

332.3

315.8

975.4

879.6

Total expenses

672.6

641.1

1,964.5

1,735.3

Operating income

470.1

429.3

1,160.9

1,056.8

Other (expense)/income, net

(5.9)

(3.7)

(15.4)

0.7

Income before income taxes

464.2

425.6

1,145.5

1,057.5

Income taxes

109.7

101.0

268.1

253.5

Net income

$

354.5

$

324.6

$

877.4

$

804.0

Other comprehensive income, net of tax

33.6

28.1

45.1

16.9

Comprehensive income

$

388.1

$

352.7

$

922.5

$

820.9

Basic earnings per share

$

0.99

$

0.90

$

2.45

$

2.24

Diluted earnings per share

$

0.98

$

0.90

$

2.43

$

2.22

Weighted-average common shares outstanding

358.5

359.2

358.5

359.1

Weighted-average common shares outstanding, assuming dilution

361.0

361.6

361.1

361.6

See Notes to Consolidated Financial Statements.

1


PAYCHEX, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

In millions, except per share amounts

February 29,

May 31,

2020

2019

Assets

Cash and cash equivalents

$

780.0

$

673.6

Restricted cash

59.3

50.6

Corporate investments

73.8

39.0

Interest receivable

26.1

27.4

Accounts receivable, net of allowance for doubtful accounts

436.3

420.5

PEO unbilled receivables, net of advance collections

384.6

406.3

Prepaid income taxes

23.6

22.6

Prepaid expenses and other current assets

250.0

233.9

Current assets before funds held for clients

2,033.7

1,873.9

Funds held for clients

4,355.7

3,803.8

Total current assets

6,389.4

5,677.7

Long-term restricted cash

7.1

6.5

Long-term corporate investments

10.2

10.2

Property and equipment, net of accumulated depreciation

403.8

408.7

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

124.3

Intangible assets, net of accumulated amortization

348.0

399.1

Goodwill

1,789.8

1,782.6

Long-term deferred costs

366.5

366.3

Other long-term assets

27.8

24.9

Total assets

$

9,466.9

$

8,676.0

Liabilities

Accounts payable

$

67.7

$

75.9

Accrued corporate compensation and related items

115.0

146.4

Accrued worksite employee compensation and related items

567.9

578.6

Short-term borrowings

51.2

Deferred revenue

38.8

40.3

Other current liabilities

277.1

219.5

Current liabilities before client fund obligations

1,117.7

1,060.7

Client fund obligations

4,272.0

3,784.3

Total current liabilities

5,389.7

4,845.0

Accrued income taxes

32.6

27.3

Deferred income taxes

232.7

223.1

Long-term borrowings, net of debt issuance costs

796.7

796.4

Operating lease liabilities

105.1

13.0

Other long-term liabilities

150.3

151.7

Total liabilities

6,707.1

6,056.5

Commitments and contingencies — Note N

 

 

Stockholders’ equity

Common stock, $0.01 par value; Authorized: 600.0 shares;
   Issued and outstanding: 358.7 shares as of February 29, 2020
   and 359.3 shares as of May 31, 2019

3.6

3.6

Additional paid-in capital

1,277.7

1,206.3

Retained earnings

1,433.3

1,409.5

Accumulated other comprehensive income

45.2

0.1

Total stockholders’ equity

2,759.8

2,619.5

Total liabilities and stockholders’ equity

$

9,466.9

$

8,676.0

See Notes to Consolidated Financial Statements. 


2


PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

In millions, except per share amounts

For the nine months ended February 29, 2020

Accumulated

Additional

other

Common stock

paid-in

Retained

comprehensive

Shares

Amount

capital

earnings

income/(loss)

Total

Balance as of May 31, 2019

359.3

$

3.6

$

1,206.3

$

1,409.5

$

0.1

$

2,619.5

Net income

877.4

877.4

Unrealized gains on securities, net of reclassification adjustment and tax

48.4

48.4

Cash dividends declared ($1.86 per share)

(666.8)

(666.8)

Repurchases of common shares

(2.0)

(3.7)

(168.2)

(171.9)

Stock-based compensation costs

36.5

36.5

Foreign currency translation adjustment

(3.3)

(3.3)

Activity related to equity-based plans

1.4

38.6

(18.6)

20.0

Balance as of February 29, 2020

358.7

$

3.6

$

1,277.7

$

1,433.3

$

45.2

$

2,759.8

For the three months ended February 29, 2020

Balance as of November 30, 2019

358.4

$

3.6

$

1,252.8

$

1,301.4

$

11.6

$

2,569.4

Net income

354.5

354.5

Unrealized gains on securities, net of reclassification adjustment and tax