Paychex (PAYX) FY2012 results: revenue $2.2 billion, up 7.0% on the year
Paychex Inc. (PAYX) reported revenue of $2.2 billion for fiscal 2012, the year ended 31 May 2012, up 7.0% on the year before. Net income was $548 million, up 6.3%, and diluted earnings per share $1.51. The figures are the company's own, from the 10-K it filed with the SEC on 20 July 2012.
Revenue
$2.2 billion
+7.0% on the year
FY2008FY2012
Operating margin
38.3%
37.7% a year earlier
FY2008FY2012
Net income
$548 million
+6.3% on the year
FY2008FY2012
Diluted EPS
$1.51
+6.3% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,230
2,084
2,001
+7.0%
Selling, general and administrative
706
646
622
+9.2%
Operating income
854
786
725
+8.6%
Operating margin
38.3%
37.7%
36.2%
Pre-tax income
860
792
729
+8.6%
Income tax
312
277
252
+12.8%
Effective tax rate
36.3%
35.0%
34.6%
Net income
548
515
477
+6.3%
Net margin
24.6%
24.7%
23.8%
Diluted EPS
$1.51
$1.42
$1.32
+6.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
707
715
611
-1.2%
Capital expenditure
89.6
100
61.3
-10.8%
Free cash flow
617
615
550
+0.4%
Free cash flow margin
27.7%
29.5%
27.5%
Cash from investing
-1,244
-410
-401
Cash from financing
528
-471
-398
Depreciation and amortisation
97.8
88.7
86.5
+10.3%
Share-based compensation
22.9
24.8
25.6
-7.7%
Buybacks
0.0
n/a
n/a
Dividends paid
460
449
449
+2.6%
Dividend per share
$1.27
$1.24
$1.24
+2.4%
Diluted shares, weighted
363m
362m
362m
+0.2%
Shares outstanding at period end
363m
362m
361m
+0.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,604
1,496
1,402
+7.2%
Debt
0.0
0.0
n/a
Other liabilities
4,875
3,898
3,824
+25.1%
Total liabilities and equity
6,480
5,394
5,226
+20.1%
Fixed assets
324
309
269
+5.1%
Goodwill
517
514
422
+0.7%
Intangible assets
55.8
77.2
61.6
-27.7%
Investments
681
552
373
+23.3%
Cash and equivalents
109
119
284
-8.6%
Receivables
142
161
187
-11.6%
Other assets
4,650
3,662
3,630
+27.0%
Total assets
6,480
5,394
5,226
+20.1%
10-K for the year ended 31 May 2012, filed 20 July 2012: the filing.