Paychex, Inc. (PAYX) · 37 Years of Financial statements

Income Statement

Revenue

51

64

79

101

120

137

161

190

224

267

325

735

993

1,175

728

870

955

1,046

1,294

1,445

1,675

1,887

2,066

2,007

1,946

2,036

2,230

2,326

2,519

2,740

2,952

3,151

3,381

3,773

4,041

4,057

4,612

COGS

15

18

28

30

38

42

43

50

57

68

83

429

604

697

137

200

221

258

303

330

560

615

661

681

654

681

671

733

808

857

920

1,018

1,178

1,281

1,271

1,356

Gross Profit

36

46

52

72

83

96

118

140

167

200

242

306

389

478

591

670

734

788

991

1,116

1,114

1,271

1,406

1,327

1,292

1,383

1,549

1,655

1,786

1,932

2,095

2,232

2,363

2,595

2,760

2,786

3,255

Gross Profit Ratio

70.02%

71.36%

65.37%

70.75%

68.64%

69.66%

73.09%

73.68%

74.61%

74.70%

74.52%

41.66%

39.18%

40.68%

81.18%

76.97%

76.89%

75.37%

76.56%

77.20%

66.54%

67.38%

68.02%

66.10%

66.41%

67.90%

69.47%

71.14%

70.92%

70.51%

70.96%

70.82%

69.90%

68.78%

68.30%

68.66%

70.59%

Operating Expenses

28

36

41

57

70

82

99

113

130

149

175

210

255

291

332

333

371

387

558

582

465

570

577

597

622

644

695

750

804

878

948

992

1,076

1,223

1,299

1,325

1,415

R&D Expenses

- -

Selling, G&A Exp.

25

32

41

52

63

74

89

103

119

138

161

188

227

258

296

333

371

440

558

582

465

570

577

597

622

644

695

750

804

878

948

992

1,076

1,223

1,299

1,325

1,415

General and Admin. Exp.

- -

138

161

188

227

258

296

333

371

440

558

582

465

570

577

597

622

644

695

750

804

878

948

992

1,076

1,223

- -

Selling and Marketing Exp.

- -

Other Expenses

3

0

6

7

8

10

11

14

21

27

33

36

- -

(53)

- -

(0)

- -

COGS and Expenses

43

54

69

87

108

124

142

163

187

216

258

638

859

988

469

533

591

645

861

911

1,025

1,185

1,238

1,278

1,276

1,298

1,376

1,421

1,536

1,686

1,805

1,912

2,093

2,401

2,580

2,596

2,772

Interest Income

- -

75

55

48

- -

7

8

10

12

13

12

2

3

Interest Expense

- -

1

3

4

18

39

36

37

Depreciation and Amortization

- -

7

8

10

11

14

21

27

33

36

39

47

65

83

92

94

97

100

86

89

98

105

107

115

127

138

182

210

192

EBITDA

8

10

11

15

21

22

29

39

50

65

87

125

172

233

312

403

442

496

533

638

769

840

954

898

816

881

958

1,010

1,094

1,167

1,267

1,374

1,438

1,567

1,686

1,662

2,053

EBITDA ratio

15.38%

15.96%

14.11%

14.72%

17.05%

16.34%

18.16%

20.42%

22.40%

24.44%

26.62%

17.03%

17.26%

19.82%

42.83%

46.34%

46.33%

47.43%

41.15%

44.15%

45.93%

44.53%

46.19%

44.73%

41.92%

43.26%

42.97%

43.40%

43.44%

42.61%

42.93%

43.61%

42.53%

41.54%

41.72%

40.97%

44.52%

Operating Income

8

10

11

14

12

13

19

27

37

51

68

97

135

188

259

337

364

401

433

534

650

702

828

805

725

786

854

905

983

1,054

1,147

1,240

1,288

1,371

1,461

1,840

Operating Income ratio

15.19%

15.81%

13.60%

14.03%

10.15%

9.70%

11.72%

14.00%

16.42%

19.09%

20.75%

13.15%

13.55%

15.95%

35.56%

38.71%

38.09%

38.34%

33.48%

36.94%

38.80%

37.18%

40.08%

40.11%

37.25%

38.62%

38.29%

38.90%

39.01%

38.46%

38.84%

39.34%

38.08%

36.35%

36.15%

36.01%

39.90%

Total Other Income Exp.(Gains)

0

1

2

3

5

7

10

13

16

27

31

16

12

25

42

27

7

5

6

7

5

6

5

9

(3)

(23)

(27)

(15)

Income Before Tax

8

10

11

15

13

14

20

28

39

54

73

104

144

200

275

364

395

432

450

546

675

743

855

812

729

792

860

911

988

1,060

1,151

1,245

1,296

1,368

1,437

1,434

1,825

Income Before Tax ratio

15.38%

15.96%

14.11%

14.72%

10.98%

10.21%

12.09%

14.79%

17.40%

20.32%

22.35%

14.11%

14.52%

17.02%

37.82%

41.84%

41.37%

41.26%

34.75%

37.79%

40.29%

39.39%

41.37%

40.46%

37.48%

38.91%

38.58%

39.18%

39.23%

38.69%

39.00%

39.50%

38.34%

36.26%

35.57%

35.35%

39.56%

Income Tax Expense (Gain)

4

5

4

6

5

4

6

8

11

15

20

29

42

61

85

109

120

138

147

177

210

228

279

252

277

312

342

361

385

394

428

362

334

339

337

432

Net Income

4

5

7

9

10

14

20

28

39

52

75

102

139

190

255

275

293

303

369

465

515

576

534

477

515

548

569

628

675

757

817

934

1,034

1,098

1,393

Net Income Ratio

8.28%

7.98%

8.69%

9.29%

7.15%

7.00%

8.49%

10.53%

12.54%

14.60%

16.08%

10.24%

10.29%

11.83%

26.10%

29.30%

28.75%

28.05%

23.41%

25.52%

27.76%

27.32%

27.88%

26.58%

24.51%

25.31%

24.58%

24.46%

24.91%

24.63%

25.64%

25.94%

27.62%

27.42%

27.18%

27.05%

30.20%

EPS

0.00

0.01

0.11

0.15

0.21

0.28

0.38

0.51

0.68

0.73

0.78

0.80

0.97

1.23

1.35

1.56

1.48

1.32

1.42

1.51

1.56

1.72

1.86

2.10

2.27

2.60

2.88

3.06

3.05

3.86

EPS Diluted

0.00

0.01

0.11

0.15

0.21

0.28

0.37

0.51

0.68

0.73

0.78

0.80

0.97

1.22

1.35

1.56

1.48

1.32

1.42

1.51

1.56

1.71

1.85

2.09

2.25

2.58

2.86

3.04

3.03

3.84

Weighted Avg. Shares Outs.

327

333

330

332

333

337

338

340

341

346

365

367

368

371

373

375

376

377

378

379

381

368

361

362

364

365

363

361

360

359

360

361

Weighted Avg. Shares Outs. Dil.

327

333

330

332

333

337

338

340

341

346

365

371

373

375

378

380

381

383

370

361

362

363

365

366

365

363

362

361

362

363

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

- -

13

15

50

36

53

47

46

62

80

219

281

137

79

164

473

284

119

109

107

153

170

132

185

358

674

905

995

370

Short-Term Investments

- -

301

304

427

440

512

229

20

82

345

208

398

399

367

221

139

66

39

27

37

854

Cash & Short-Term Investments

- -

13

15

50

36

53

47

46

62

381

524

708

577

591

393

492

367

464

316

506

551

537

352

323

424

713

932

1,032

1,224

Net Receivables

- -

38

45

56

68

81

110

129

135

141

158

193

228

240

219

206

215

191

173

166

186

215

445

543

564

854

790

1,054

1,318

Inventory

- -

Other Current Assets

- -

74

105

1,035

1,375

1,659

2,205

2,617

2,618

2,510

2,598

2,789

3,639

4,030

3,854

3,542

3,577

3,603

4,587

4,161

4,275

4,352

4,067

4,405

4,797

4,111

3,742

4,084

4,040

Total Current Assets

- -

124

165

1,141

1,479

1,793

2,363

2,791

2,815

3,033

3,280

3,689

4,444

4,861

4,466

4,240

4,159

4,258

5,076

4,833

5,011

5,103

4,864

5,272

5,784

5,678

5,465

6,170

6,582

PP&E

- -

44

50

54

65

66

75

96

122

159

171

205

235

256

275

268

309

324

346

342

354

353

337

394

409

522

499

480

Goodwill

- -

406

408

433

422

514

517

534

540

562

657

814

1,783

1,791

1,821

1,832

Intangible Assets

- -

6

10

9

492

490

477

61

67

75

77

63

77

56

45

41

32

70

58

141

399

331

276

225

Goodwill and Intangible Assets

- -

6

10

9

492

490

477

467

475

508

510

485

591

573

579

581

594

727

715

955

2,182

2,122

2,097

2,056

Investments

- -

404

384

633

42

82

290

207

474

369

386

400

441

454

296

10

7

5

Tax Assets

- -

2

1

- -

13

15

14

16

21

25

29

34

37

- -

Other Non-Current Assets

- -

1

5

6

14

10

9

8

7

8

(397)

7

6

5

4

3

13

32

57

56

35

398

432

455

513

Total Non-Current Assets

- -

44

55

61

71

80

93

116

139

658

670

690

1,105

1,385

844

888

1,067

1,136

1,404

1,331

1,359

1,379

1,577

1,562

1,679

2,998

3,086

3,058

3,054

Other Assets

- -

Total Assets

- -

168

220

1,201

1,550

1,873

2,456

2,907

2,953

3,691

3,950

4,379

5,549

6,247

5,310

5,127

5,226

5,394

6,480

6,164

6,370

6,483

6,441

6,834

7,464

8,676

8,551

9,227

9,635

Accounts Payable

- -

4

6

11

10

17

16

14

22

23

30

47

40

37

45

70

43

49

52

57

75

76

79

89

106

Short-Term Debt

- -

0

- -

45

- -

5

7

9

Tax Payable

- -

51

- -

Deferred Revenue

- -

5

4

6

8

10

3

5

7

- -

26

23

24

40

39

38

Other Current Liabilities

- -

23

24

940

1,205

1,422

1,865

2,123

2,005

2,562

2,696

2,907

3,786

4,183

3,987

3,610

3,701

3,740

4,673

4,220

4,383

4,521

4,283

4,645

5,188

4,729

4,253

4,804

5,116

Total Current Liabilities

- -

27

28

946

1,216

1,432

1,887

2,144

2,023

2,588

2,722

2,942

3,838

4,237

4,037

3,702

3,742

3,788

4,746

4,268

4,439

4,573

4,366

4,725

5,287

4,845

4,427

4,938

5,269

Long-Term Debt

- -

1

- -

46

- -

796

894

890

873

Deferred Revenue

- -

Deferred Tax Liabilities

- -

1

0

- -

7

14

18

15

10

13

8

23

41

53

69

17

22

34

49

223

241

218

166

Other Non-Current Liabilities

- -

1

4

5

6

19

14

34

41

47

66

26

74

86

89

69

85

107

141

119

103

192

208

233

243

Total Non-Current Liabilities

- -

2

1

4

5

6

26

28

52

56

57

76

84

82

109

129

122

154

124

163

153

152

1,212

1,342

1,341

1,281

Other Liabilities

- -

Capital Lease Obligations

- -

3,480

- -

97

92

75

Total Liabilities

- -

29

950

1,220

1,437

1,892

2,149

2,029

2,613

2,750

2,993

3,894

4,294

4,113

3,786

3,824

3,898

4,875

4,390

4,593

4,697

4,529

4,878

5,439

6,057

5,769

6,279

6,550

Preferred Stock

- -

Common Stock

- -

4

Retained Earnings

- -

122

160

213

278

362

469

601

718

846

972

1,148

1,381

1,595

745

830

856

920

1,002

1,089

958

894

926

902

930

1,410

1,431

1,446

1,670

Other Compreh. Income(Loss)

- -

(45)

(60)

(72)

(87)

(103)

(117)

(138)

(152)

(178)

(209)

(6)

(14)

(10)

16

42

38

22

8

29

20

(36)

(866)

57

52

(134)

Other Total Stockhold. Equity

- -

63

91

111

139

176

208

291

354

405

433

240

284

363

432

466

500

535

561

660

794

880

953

1,030

1,127

2,073

1,290

1,447

1,546

Total Stockholders Equity

- -

140

191

252

330

436

563

758

924

1,077

1,200

1,386

1,655

1,952

1,197

1,341

1,402

1,496

1,605

1,774

1,777

1,786

1,912

1,955

2,025

2,620

2,781

2,948

3,085

Total Liab.&Stockhold. Equity

- -

168

220

1,201

1,550

1,873

2,456

2,907

2,953

3,691

3,950

4,379

5,549

6,247

5,310

5,127

5,226

5,394

6,480

6,164

6,370

6,483

6,441

6,834

7,464

8,676

8,551

9,227

9,635

Minority Interest

- -

Total Liabilities & Equity

- -

168

220

1,201

1,550

1,873

2,456

2,907

2,953

3,691

3,950

4,379

5,549

6,247

5,310

5,127

5,226

5,394

6,480

6,164

6,370

6,483

6,441

6,834

7,464

8,676

8,551

9,227

9,635

SEC Link

Link

Cash Flow Statement

Net Income

- -

9

10

14

20

28

39

52

75

102

139

190

255

275

293

303

369

465

515

576

534

477

515

548

569

628

675

757

817

934

1,034

1,098

1,393

Depreciation and Amortization

- -

7

8

10

11

14

21

27

33

36

39

47

65

83

92

94

97

100

86

89

98

105

107

115

127

138

182

210

192

Deferred Income Tax

- -

(0)

(1)

- -

(2)

(1)

(0)

(3)

3

4

10

(8)

10

(8)

(16)

4

- -

(4)

14

12

5

(5)

(4)

7

17

19

5

(4)

(21)

2

Stock Based Compensation

- -

26

25

23

26

31

35

45

46

47

53

Change in Working Capital

- -

(2)

(3)

(1)

(5)

(3)

(7)

6

8

4

20

14

(31)

16

(20)

(9)

5

(29)

23

21

(27)

34

(17)

(77)

55

9

27

(114)

72

(228)

(134)

(295)

(376)

Accounts Receivable

- -

4

(10)

24

18

8

(18)

(28)

(38)

(104)

14

(117)

55

(273)

(277)

Inventory

- -

Accounts Payable

- -

(10)

(15)

- -

(27)

(17)

45

51

63

39

43

78

(5)

169

152

Other Working Capital

- -

98

137

195

263

361

476

0

791

6

559

747

7

5

7

12

1

7

3

(21)

9

(4)

4

(15)

(6)

(194)

(184)

(177)

(245)

Other Non-Cash Items

- -

1

0

1

(1)

6

(6)

10

(10)

32

6

13

64

22

23

53

39

43

57

72

78

77

69

233

223

234

241

Cash Provided by Operating Activities

- -

15

16

24

29

34

48

60

102

137

174

249

305

304

374

390

468

569

631

725

689

611

715

707

675

881

895

1,018

960

1,276

1,272

1,441

1,260

1,506

CAPEX

- -

(15)

(17)

(13)

(9)

(11)

(12)

(17)

(18)

(28)

(22)

(33)

(45)

(54)

(60)

(51)

(71)

(81)

(79)

(82)

(65)

(73)

(101)

(90)

(99)

(84)

(103)

(98)

(94)

(154)

(124)

(127)

(115)

(133)

Acquisitions Net

- -

(1)

(3)

(33)

(6)

13

(126)

(6)

(21)

(9)

(27)

(296)

- -

(180)

(992)

(6)

(20)

(25)

Purchases of Investments

- -

(13)

(4)

(12)

(32)

(27)

(51)

(135)

(517)

(689)

(811)

(1,302)

(921)

(1,213)

(816)

(1,237)

(3,231)

(91,072)

(109,642)

(80,502)

(16,366)

(1,555)

(6,229)

(10,181)

(28,333)

(29,851)

(34,020)

(12,572)

(50,462)

(50,220)

(35,146)

(25,218)

(6,090)

(17,808)

Sales/Maturities of Investments

- -

15

9

7

14

20

22

104

187

346

520

731

594

1,054

1,029

1,210

2,887

90,228

108,929

81,569

17,959

1,152

6,049

9,817

27,620

30,081

33,720

11,984

49,903

51,593

34,639

26,133

5,772

16,555

Other Investing Activities

- -

(0)

- -

(0)

(1)

293

254

205

420

174

62

(351)

(14)

192

617

355

(19)

(1,118)

62

(3)

(786)

1,014

(453)

146

919

229

(1,718)

(6)

(10)

(9)

(11)

Cash Used for Investing Activities

- -

(14)

(13)

(18)

(27)

(19)

(42)

(48)

(55)

(117)

(108)

(184)

(198)

(151)

(198)

(91)

(222)

(310)

(441)

933

404

(401)

(410)

(1,244)

182

(316)

(285)

(63)

(425)

(679)

(1,628)

772

(461)

(1,421)

Debt Repayment

- -

(346)

42

(35)

981

- -

Common Stock Issued

- -

0

2

- -

2

6

11

15

21

8

18

9

32

43

59

- -

Common Stock Repurchased

- -

(1,000)

- -

(250)

(182)

(108)

(166)

(143)

(57)

(172)

(156)

(145)

Dividends Paid

- -

(2)

(3)

(4)

(7)

(10)

(15)

(24)

(36)

(54)

(82)

(123)

(157)

(165)

(177)

(193)

(232)

(301)

(442)

(448)

(449)

(461)

(477)

(511)

(552)

(607)

(662)

(740)

(827)

(889)

(909)

(1,000)

Other Financing Activities

- -

(1)

(0)

(1)

(0)

5

8

(0)

- -

(0)

- -

10

(190)

9

8

13

8

(382)

241

142

(279)

346

459

(125)

(427)

428

166

Cash Used/Provided by Financing Activities

- -

(2)

(3)

(1)

(3)

(5)

(8)

(10)

(17)

(34)

(49)

(70)

(109)

(136)

(157)

(159)

(184)

(199)

(248)

(1,573)

(785)

(398)

(471)

528

(859)

(520)

(593)

(994)

(483)

(424)

(1,009)

(1,488)

(636)

(979)

Effect of Forex Changes on Cash

- -

Net Change In Cash

- -

(2)

(3)

(1)

(3)

(5)

- -

(6)

(1)

16

18

140

61

60

(58)

85

309

(188)

(165)

(10)

(2)

45

18

(39)

53

174

(1,365)

725

163

(895)

Cash at the End of Period

- -

47

46

62

80

219

281

137

79

164

473

284

119

109

107

153

170

132

185

358

935

1,660

1,823

928

Cash at the Beginning of Period

- -

2

1

5

15

14

20

50

36

53

47

46

62

80

219

78

137

79

164

473

284

119

109

107

153

170

132

185

2,301

935

1,660

1,823

Free Cash Flow

- -

(1)

(2)

11

21

23

36

43

84

109

152

216

260

249

313

340

397

488

552

642

624

538

615

617

577

797

792

921

866

1,122

1,148

1,314

1,146

1,373

SEC Link

Link

Forex Rate

- -

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