Press release
Paychex, Inc. Reports First Quarter Results: Revenue Grew 16% and Diluted Earnings Per Share Grew 56%; Company Raises Business Outlook for the Year
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Paychex, Inc. (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended
About this update from Paychex, Inc.
[{"type":"text","content":" ROCHESTER, N.Y.--(BUSINESS WIRE)--\nPaychex, Inc. (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended August 31, 2021 (the “first quarter”), as compared to the corresponding prior-year period:\n\n\n\n \n\n\n\n \n\n\n\nFor the three months ended\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nAugust 31,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nIn millions, except per share amounts\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\nChange(2)\n\n\n\n\n\nTotal service revenue\n\n\n\n \n\n\n\n$\n\n\n\n1,068.4\n\n\n\n \n\n\n\n$\n\n\n\n917.3\n\n\n\n \n\n\n\n16\n\n\n\n%\n\n\n\n\n\nTotal revenue\n\n\n\n \n\n\n\n$\n\n\n\n1,082.9\n\n\n\n \n\n\n\n$\n\n\n\n932.2\n\n\n\n \n\n\n\n16\n\n\n\n%\n\n\n\n\n\nOperating income\n\n\n\n \n\n\n\n$\n\n\n\n442.9\n\n\n\n \n\n\n\n$\n\n\n\n284.0\n\n\n\n \n\n\n\n56\n\n\n\n%\n\n\n\n\n\nDiluted earnings per share\n\n\n\n \n\n\n\n$\n\n\n\n0.92\n\n\n\n \n\n\n\n$\n\n\n\n0.59\n\n\n\n \n\n\n\n56\n\n\n\n%\n\n\n\n\n\nAdjusted diluted earnings per share(1)\n\n\n\n \n\n\n\n$\n\n\n\n0.89\n\n\n\n \n\n\n\n$\n\n\n\n0.63\n\n\n\n \n\n\n\n41\n\n\n\n%\n\n\n\n\n\n(1)\n\n\nAdjusted diluted earnings per share is not a United States (“U.S.”) generally accepted accounting principle (“GAAP”) measure. Adjusted diluted earnings per share in both periods included an adjustment for net tax windfall benefits related to employee stock-based compensation payments. In the prior year period, adjusted diluted earnings per share included an adjustment for one-time non-recurring cost saving initiatives. Please refer to the “Non-GAAP Financial Measures” section on page 3 of this press release for a discussion of non-GAAP measures and a reconciliation to the U.S. GAAP measure of diluted earnings per share.\n\n\n\n\n(2)\n\n\nPercentage changes are calculated based on unrounded numbers.\n\n\n\n\nMartin Mucci, President and Chief Executive Officer, commented, “Fiscal 2022 is off to a strong start as we achieved double-digit growth in both revenue and earnings. These results reflected improvement in the economy, continued momentum in sales, and strong levels of client retention. Our sales performance was driven by ongoing strength in both digital and HR Outsourcing sales and solid growth in the mid-market space. Our client retention was a function of the resilience of small businesse...