Paychex (PAYX) FY2014 results: revenue $2.5 billion, up 8.3% on the year
Paychex Inc. (PAYX) reported revenue of $2.5 billion for fiscal 2014, the year ended 31 May 2014, up 8.3% on the year before. Net income was $628 million, up 10.3%, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 22 July 2014.
Revenue
$2.5 billion
+8.3% on the year
FY2008FY2014
Operating margin
39.0%
38.9% a year earlier
FY2008FY2014
Net income
$628 million
+10.3% on the year
FY2008FY2014
Diluted EPS
$1.71
+9.6% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,519
2,326
2,230
+8.3%
Selling, general and administrative
804
750
706
+7.1%
Operating income
983
905
854
+8.6%
Operating margin
39.0%
38.9%
38.3%
Interest expense
1.1
n/a
n/a
Pre-tax income
988
911
860
+8.4%
Income tax
361
342
312
+5.3%
Effective tax rate
36.5%
37.6%
36.3%
Net income
628
569
548
+10.3%
Net margin
24.9%
24.5%
24.6%
Diluted EPS
$1.71
$1.56
$1.51
+9.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
881
675
707
+30.4%
Capital expenditure
84.1
98.7
89.6
-14.8%
Free cash flow
797
577
617
+38.2%
Free cash flow margin
31.6%
24.8%
27.7%
Cash from investing
-316
182
-1,244
Cash from financing
-520
-858
528
Depreciation and amortisation
105
98.2
97.8
+6.9%
Share-based compensation
26.3
22.8
22.9
+15.4%
Buybacks
250
0.0
0.0
Dividends paid
511
477
460
+7.1%
Dividend per share
$1.40
$1.31
$1.27
+6.9%
Diluted shares, weighted
366m
365m
363m
+0.4%
Shares outstanding at period end
363m
365m
363m
-0.7%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,777
1,774
1,604
+0.2%
Debt
0.0
0.0
0.0
Other liabilities
4,593
4,390
4,875
+4.6%
Total liabilities and equity
6,370
6,164
6,480
+3.3%
Fixed assets
342
346
324
-1.1%
Goodwill
540
534
517
+1.2%
Intangible assets
40.6
45.2
55.8
-10.2%
Investments
784
767
681
+2.2%
Cash and equivalents
152
107
109
+42.1%
Receivables
149
133
142
+12.0%
Other assets
4,361
4,231
4,650
+3.1%
Total assets
6,370
6,164
6,480
+3.3%
10-K for the year ended 31 May 2014, filed 22 July 2014: the filing.