Cash flow Paychex, Inc.

Equities

PAYX

US7043261079

Employment Services

Market Closed - Nasdaq Other stock markets 16:00:00 2024-09-13 EDT			5-day change	1st Jan Change
135.09 ^USD	+0.67%		+4.41%	+13.42%

09-12	TD Cowen Raises Price Target on Paychex to $126 From $121	MT
08-20	JPMorgan Adjusts Price Target on Paychex to $128 From $120, Maintains Underweight	MT

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Published financial data: PAYCHEX, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: May	2020	2021	2022	2023	2024
Revenues	3.95B	4B	4.55B	4.91B	5.13B
Interest And Invest. Income (Rev)	86.9M	59.3M	57.7M	99.8M	146M
Total Revenues	4.04B	4.06B	4.61B	5.01B	5.28B
Cost of Goods Sold, Total	1.28B	1.27B	1.36B	1.45B	1.48B
Gross Profit	2.76B	2.79B	3.26B	3.55B	3.8B
Selling General & Admin Expenses, Total	1.3B	1.32B	1.42B	1.52B	1.62B
Other Operating Expenses, Total	1.3B	1.32B	1.42B	1.52B	1.62B
Operating Income	1.46B	1.46B	1.84B	2.03B	2.17B
Interest Expense, Total	-38.8M	-35.8M	-36.6M	-36.7M	-37.3M
Interest And Investment Income	12.3M	2.3M	2.9M	49.1M	82.7M
Net Interest Expenses	-26.5M	-33.5M	-33.7M	12.4M	45.4M
Income (Loss) On Equity Invest.	-	-	-	-	-
Other Non Operating Income (Expenses)	-8.2M	5.8M	18.1M	12.5M	1.1M
EBT, Excl. Unusual Items	1.43B	1.43B	1.82B	2.06B	2.22B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	11.3M	1.2M	200K	-9.8M	-2.6M
EBT, Incl. Unusual Items	1.44B	1.43B	1.82B	2.05B	2.22B
Income Tax Expense	339M	337M	432M	491M	528M
Earnings From Continuing Operations	1.1B	1.1B	1.39B	1.56B	1.69B
Net Income to Company	1.1B	1.1B	1.39B	1.56B	1.69B
Net Income - (IS)	1.1B	1.1B	1.39B	1.56B	1.69B
Net Income to Common Incl Extra Items	1.1B	1.1B	1.39B	1.56B	1.69B
Net Income to Common Excl. Extra Items	1.1B	1.1B	1.39B	1.56B	1.69B
Per Share Items
Net EPS - Basic	3.06	3.05	3.86	4.32	4.69
Basic EPS - Continuing Operations	3.06	3.05	3.86	4.32	4.69
Basic Weighted Average Shares Outstanding	358M	360M	361M	360M	360M
Net EPS - Diluted	3.04	3.03	3.84	4.3	4.67
Diluted EPS - Continuing Operations	3.04	3.03	3.84	4.3	4.67
Diluted Weighted Average Shares Outstanding	361M	362M	363M	362M	362M
Normalized Basic EPS	2.49	2.49	3.16	3.57	3.85
Normalized Diluted EPS	2.47	2.47	3.14	3.55	3.83
Dividend Per Share	2.48	2.52	2.77	3.26	3.65
Payout Ratio	80.99	82.8	71.77	75.45	77.81
Supplemental Items
EBITDA	1.67B	1.65B	2.03B	2.21B	2.35B
EBITA	1.54B	1.53B	1.9B	2.08B	2.22B
EBIT	1.46B	1.46B	1.84B	2.03B	2.17B
EBITDAR	1.72B	1.7B	2.07B	2.24B	2.39B
Total Revenues (As Reported)	4.04B	4.06B	4.61B	5.01B	5.28B
Effective Tax Rate - (Ratio)	23.59	23.48	23.67	23.97	23.79
Current Domestic Taxes	343M	358M	430M	535M	551M
Current Foreign Taxes	-	-	-1M	-300K	6.5M
Total Current Taxes	343M	358M	430M	535M	557M
Deferred Domestic Taxes	-4M	-21M	1.8M	-41.6M	-23.2M
Deferred Foreign Taxes	-	-	500K	-2.4M	-6.6M
Total Deferred Taxes	-4M	-21M	2.3M	-44M	-29.8M
Normalized Net Income	891M	896M	1.14B	1.29B	1.39B
Supplemental Operating Expense Items
Net Rental Expense, Total	47M	43M	34.1M	27M	34.5M
Imputed Operating Lease Interest Expense	16.84M	13.23M	10.9M	8.85M	11.62M
Imputed Operating Lease Depreciation	30.16M	29.77M	23.2M	18.15M	22.88M
Stock-Based Comp., Other (Total)	47.4M	52.5M	52.8M	62.6M	61.1M
Total Stock-Based Compensation	47.4M	52.5M	52.8M	62.6M	61.1M

Fiscal Period: May	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	905M	995M	370M	1.22B	1.47B
Short Term Investments	27.2M	36.7M	854M	373M	33.9M
Total Cash And Short Term Investments	932M	1.03B	1.22B	1.6B	1.5B
Accounts Receivable, Total	764M	1.03B	1.3B	1.4B	1.6B
Other Receivables	26.2M	24.4M	22.3M	24.4M	23.3M
Total Receivables	790M	1.05B	1.32B	1.43B	1.63B
Prepaid Expenses	245M	249M	83.1M	87.1M	113M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	49.8M	51.3M	50.3M	49.8M	47.8M
Other Current Assets, Total	3.45B	3.78B	3.91B	4.37B	3.96B
Total Current Assets	5.46B	6.17B	6.58B	7.53B	7.25B
Gross Property Plant And Equipment	1.48B	1.46B	1.54B	1.54B	1.59B
Accumulated Depreciation	-957M	-966M	-1.06B	-1.08B	-1.13B
Net Property Plant And Equipment	522M	499M	480M	458M	459M
Long-term Investments	10.2M	7.1M	5M	3.8M	3.7M
Goodwill	1.79B	1.82B	1.83B	1.83B	1.88B
Other Intangibles, Total	331M	276M	225M	187M	194M
Deferred Charges Long-Term	372M	384M	433M	470M	477M
Other Long-Term Assets, Total	59.5M	71.2M	79.2M	65.2M	115M
Total Assets	8.55B	9.23B	9.64B	10.55B	10.38B
Liabilities
Accounts Payable, Total	79.4M	89M	106M	84.7M	104M
Accrued Expenses, Total	644M	796M	909M	974M	797M
Short-term Borrowings	5.1M	7.4M	8.7M	10.2M	18.7M
Current Portion of Leases	37.2M	28.9M	25.1M	20.3M	19.2M
Current Income Taxes Payable	50.5M	-	-	-	-
Unearned Revenue Current, Total	39.2M	37.9M	38.4M	47.3M	50.2M
Other Current Liabilities	3.57B	3.98B	4.18B	4.67B	4.32B
Total Current Liabilities	4.43B	4.94B	5.27B	5.81B	5.31B
Long-Term Debt	797M	797M	798M	798M	799M
Long-Term Leases	96.9M	92.4M	74.8M	57.3M	49M
Unearned Revenue Non Current	3.4M	2.3M	10.5M	14.7M	24.7M
Deferred Tax Liability Non Current	241M	218M	166M	112M	86M
Other Non Current Liabilities	204M	231M	232M	266M	315M
Total Liabilities	5.77B	6.28B	6.55B	7.05B	6.58B
Common Stock, Total	3.6M	3.6M	3.6M	3.6M	3.6M
Additional Paid In Capital	1.29B	1.45B	1.55B	1.63B	1.73B
Retained Earnings	1.43B	1.45B	1.67B	2.02B	2.21B
Comprehensive Income and Other	56.5M	51.8M	-134M	-160M	-145M
Total Common Equity	2.78B	2.95B	3.09B	3.49B	3.8B
Total Equity	2.78B	2.95B	3.09B	3.49B	3.8B
Total Liabilities And Equity	8.55B	9.23B	9.64B	10.55B	10.38B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	359M	360M	360M	361M	360M
ECS Total Common Shares Outstanding	359M	360M	360M	360M	360M
Book Value / Share	7.75	8.19	8.57	9.69	10.56
Tangible Book Value	660M	852M	1.03B	1.47B	1.72B
Tangible Book Value Per Share	1.84	2.37	2.86	4.08	4.79
Total Debt	936M	926M	906M	886M	886M
Net Debt	3.6M	-106M	-318M	-709M	-617M
Debt Equivalent of Unfunded Proj. Benefit Obligation	26.8M	32.6M	29.9M	28.3M	33.9M
Debt Equivalent Oper. Leases	376M	344M	273M	216M	276M
Account Code - Inventory Valuation	3	3	3	-	3
Land - (BS)	10.8M	10.3M	10.3M	9M	9M
Buildings, Total	166M	158M	157M	130M	131M
Machinery, Total	339M	311M	315M	292M	285M
Full Time Employees	15.6K	15K	16K	16.6K	16.5K
Part Time Employees	200	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	12.5M	16M	18.2M	20.5M	21.3M

Fiscal Period: May	2020	2021	2022	2023	2024
Net Income	1.1B	1.1B	1.39B	1.56B	1.69B
Depreciation & Amortization - CF	162M	153M	156M	128M	128M
Amortization of Goodwill and Intangible Assets - (CF)	81.9M	68.6M	58.1M	48.2M	49M
Depreciation & Amortization, Total	244M	221M	214M	177M	176M
Amortization of Deferred Charges, Total - (CF)	186M	191M	202M	219M	232M
(Gain) Loss From Sale Of Asset	-	-	-	-	32.8M
(Gain) Loss on Sale of Investments - (CF)	29.5M	34.6M	28.7M	28M	-4.4M
Stock-Based Compensation (CF)	47.4M	52.5M	52.8M	62.6M	61.1M
Provision and Write-off of Bad Debts	7.8M	8M	10.5M	17.7M	19.8M
Other Operating Activities, Total	-38.4M	-50.2M	-20.4M	-44M	-29.8M
Change In Accounts Receivable	55.1M	-273M	-277M	-124M	113M
Change In Accounts Payable	-4.9M	169M	152M	67.4M	-127M
Change in Other Net Operating Assets	-184M	-191M	-250M	-262M	-266M
Cash from Operations	1.44B	1.26B	1.51B	1.7B	1.9B
Capital Expenditure	-127M	-115M	-133M	-143M	-161M
Sale of Property, Plant, and Equipment	-	-	-	16.7M	-
Cash Acquisitions	-6.1M	-19.5M	-24.9M	-2.7M	-208M
Investment in Marketable and Equity Securities, Total	915M	-318M	-1.25B	358M	293M
Other Investing Activities, Total	-9.8M	-8.7M	-10.6M	-10.4M	-184M
Cash from Investing	772M	-461M	-1.42B	218M	-261M
Short Term Debt Issued, Total	5.1M	2.3M	1.3M	2M	9M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	5.1M	2.3M	1.3M	2M	9M
Issuance of Common Stock	21.3M	85.7M	22.6M	-	26.1M
Repurchase of Common Stock	-172M	-156M	-145M	-	-169M
Common Dividends Paid	-889M	-909M	-1B	-1.18B	-1.32B
Common & Preferred Stock Dividends Paid	-889M	-909M	-1B	-1.18B	-1.32B
Other Financing Activities, Total	-453M	340M	142M	462M	-425M
Cash from Financing	-1.49B	-636M	-979M	-711M	-1.87B
Net Change in Cash	725M	163M	-895M	1.21B	-238M
Supplemental Items
Cash Interest Paid	38M	34.9M	35.5M	35.7M	36.2M
Cash Income Tax Paid (Refund)	299M	421M	398M	526M	540M
Levered Free Cash Flow	1.21B	1.15B	1.58B	1.53B	1.32B
Unlevered Free Cash Flow	1.24B	1.18B	1.6B	1.55B	1.35B
Change In Net Working Capital	27.5M	88.1M	-113M	35.5M	320M
Net Debt Issued / Repaid	5.1M	2.3M	1.3M	2M	9M

Fiscal Period: May	2020	2021	2022	2023	2024
Profitability
Return on Assets	10.6	10.27	12.19	12.59	12.98
Return on Total Capital	25.59	24.05	29.24	30.36	29.98
Return On Equity %	40.66	38.31	46.17	47.35	46.35
Return on Common Equity	40.66	38.31	46.17	47.35	46.35
Margin Analysis
Gross Profit Margin %	68.3	68.66	70.59	70.98	71.97
SG&A Margin	32.15	32.66	30.69	30.38	30.78
EBITDA Margin %	41.34	40.74	44.06	44.13	44.53
EBITA Margin %	38.17	37.7	41.16	41.57	42.12
EBIT Margin %	36.15	36.01	39.9	40.6	41.19
Income From Continuing Operations Margin %	27.18	27.05	30.2	31.1	32.03
Net Income Margin %	27.18	27.05	30.2	31.1	32.03
Net Avail. For Common Margin %	27.18	27.05	30.2	31.1	32.03
Normalized Net Income Margin	22.05	22.08	24.73	25.69	26.29
Levered Free Cash Flow Margin	29.99	28.42	34.2	30.51	25.08
Unlevered Free Cash Flow Margin	30.59	28.97	34.7	30.97	25.52
Asset Turnover
Asset Turnover	0.47	0.46	0.49	0.5	0.5
Fixed Assets Turnover	8.68	7.95	9.42	10.68	11.52
Receivables Turnover (Average Receivables)	4.97	4.46	3.92	3.64	3.42
Short Term Liquidity
Current Ratio	1.23	1.25	1.25	1.3	1.37
Quick Ratio	0.39	0.42	0.48	0.52	0.59
Operating Cash Flow to Current Liabilities	0.33	0.26	0.29	0.29	0.36
Days Sales Outstanding (Average Receivables)	73.64	81.87	93.18	100.33	107.11
Average Days Payable Outstanding	22.19	24.18	26.2	23.91	23.38
Long Term Solvency
Total Debt/Equity	33.65	31.41	29.38	25.36	23.3
Total Debt / Total Capital	25.18	23.9	22.71	20.23	18.89
LT Debt/Equity	32.13	30.18	28.28	24.49	22.3
Long-Term Debt / Total Capital	24.04	22.97	21.86	19.54	18.09
Total Liabilities / Total Assets	67.47	68.05	67.98	66.88	63.39
EBIT / Interest Expense	37.64	40.8	50.27	55.4	58.29
EBITDA / Interest Expense	44.26	47.37	56.45	60.95	63.94
(EBITDA - Capex) / Interest Expense	40.98	44.16	52.82	57.05	59.62
Total Debt / EBITDA	0.55	0.55	0.44	0.4	0.37
Net Debt / EBITDA	0	-0.06	-0.15	-0.32	-0.26
Total Debt / (EBITDA - Capex)	0.59	0.59	0.47	0.42	0.4
Net Debt / (EBITDA - Capex)	0	-0.07	-0.16	-0.34	-0.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.1	0.4	13.68