Paychex (PAYX) FY2015 results: revenue $2.7 billion, up 8.8% on the year
Paychex Inc. (PAYX) reported revenue of $2.7 billion for fiscal 2015, the year ended 31 May 2015, up 8.8% on the year before. Net income was $675 million, up 7.6%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 21 July 2015.
Revenue
$2.7 billion
+8.8% on the year
FY2008FY2015
Operating margin
38.5%
39.0% a year earlier
FY2008FY2015
Net income
$675 million
+7.6% on the year
FY2008FY2015
Diluted EPS
$1.85
+8.2% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,740
2,519
2,326
+8.8%
Selling, general and administrative
878
804
750
+9.2%
Operating income
1,054
983
905
+7.2%
Operating margin
38.5%
39.0%
38.9%
Interest expense
0.7
1.1
n/a
-36.4%
Pre-tax income
1,060
988
911
+7.3%
Income tax
385
361
342
+6.8%
Effective tax rate
36.3%
36.5%
37.6%
Net income
675
628
569
+7.6%
Net margin
24.6%
24.9%
24.5%
Diluted EPS
$1.85
$1.71
$1.56
+8.2%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
895
881
675
+1.6%
Capital expenditure
103
84.1
98.7
+22.2%
Free cash flow
792
797
577
-0.6%
Free cash flow margin
28.9%
31.6%
24.8%
Cash from investing
n/a
-316
182
Cash from financing
n/a
-520
-858
Depreciation and amortisation
107
105
98.2
+1.5%
Share-based compensation
31.4
26.3
22.8
+19.4%
Buybacks
182
250
0.0
-27.0%
Dividends paid
552
511
477
+8.1%
Dividend per share
$1.52
$1.40
$1.31
+8.6%
Diluted shares, weighted
365m
366m
365m
-0.4%
Shares outstanding at period end
361m
363m
365m
-0.5%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,786
1,777
1,774
+0.5%
Debt
0.0
0.0
0.0
Other liabilities
4,682
4,593
4,390
+1.9%
Total liabilities and equity
6,468
6,370
6,164
+1.5%
Fixed assets
354
342
346
+3.4%
Goodwill
562
540
534
+3.9%
Intangible assets
32.4
40.6
45.2
-20.2%
Investments
766
784
767
-2.3%
Cash and equivalents
170
152
107
+11.5%
Receivables
177
149
133
+18.2%
Other assets
4,407
4,361
4,231
+1.1%
Total assets
6,468
6,370
6,164
+1.5%
10-K for the year ended 31 May 2015, filed 21 July 2015: the filing.