Paychex (PAYX) FY2013 results: revenue $2.3 billion, up 4.3% on the year
Paychex Inc. (PAYX) reported revenue of $2.3 billion for fiscal 2013, the year ended 31 May 2013, up 4.3% on the year before. Net income was $569 million, up 3.8%, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 22 July 2013.
Revenue
$2.3 billion
+4.3% on the year
FY2008FY2013
Operating margin
38.9%
38.3% a year earlier
FY2008FY2013
Net income
$569 million
+3.8% on the year
FY2008FY2013
Diluted EPS
$1.56
+3.3% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,326
2,230
2,084
+4.3%
Selling, general and administrative
750
706
646
+6.3%
Operating income
905
854
786
+6.0%
Operating margin
38.9%
38.3%
37.7%
Pre-tax income
911
860
792
+5.9%
Income tax
342
312
277
+9.6%
Effective tax rate
37.6%
36.3%
35.0%
Net income
569
548
515
+3.8%
Net margin
24.5%
24.6%
24.7%
Diluted EPS
$1.56
$1.51
$1.42
+3.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
675
707
715
-4.4%
Capital expenditure
98.7
89.6
100
+10.2%
Free cash flow
577
617
615
-6.5%
Free cash flow margin
24.8%
27.7%
29.5%
Cash from investing
182
-1,244
-410
Cash from financing
-858
528
-471
Depreciation and amortisation
98.2
97.8
88.7
+0.4%
Share-based compensation
22.8
22.9
24.8
-0.4%
Buybacks
0.0
0.0
n/a
Dividends paid
477
460
449
+3.5%
Dividend per share
$1.31
$1.27
$1.24
+3.1%
Diluted shares, weighted
365m
363m
362m
+0.5%
Shares outstanding at period end
365m
363m
362m
+0.8%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,774
1,604
1,496
+10.5%
Debt
0.0
0.0
0.0
Other liabilities
4,390
4,875
3,898
-10.0%
Total liabilities and equity
6,164
6,480
5,394
-4.9%
Fixed assets
346
324
309
+6.7%
Goodwill
534
517
514
+3.2%
Intangible assets
45.2
55.8
77.2
-19.0%
Investments
767
681
552
+12.6%
Cash and equivalents
107
109
119
-1.4%
Receivables
133
142
161
-6.3%
Other assets
4,231
4,650
3,662
-9.0%
Total assets
6,164
6,480
5,394
-4.9%
10-K for the year ended 31 May 2013, filed 22 July 2013: the filing.