Paychex (PAYX) FY2017 results: revenue $3.2 billion, up 6.8% on the year
Paychex Inc. (PAYX) reported revenue of $3.2 billion for fiscal 2017, the year ended 31 May 2017, up 6.8% on the year before. Net income was $826 million, up 9.2%, and diluted earnings per share $2.28. The figures are the company's own, from the 10-K it filed with the SEC on 21 July 2017.
Revenue
$3.2 billion
+6.8% on the year
FY2010FY2017
Operating margin
39.8%
38.8% a year earlier
FY2010FY2017
Net income
$826 million
+9.2% on the year
FY2010FY2017
Diluted EPS
$2.28
+9.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,151
2,952
2,740
+6.8%
Selling, general and administrative
980
948
878
+3.3%
Operating income
1,254
1,147
1,054
+9.4%
Operating margin
39.8%
38.8%
38.5%
Interest expense
2.5
1.1
0.7
+127.3%
Pre-tax income
1,259
1,151
1,060
+9.4%
Income tax
433
394
385
+9.8%
Effective tax rate
34.4%
34.3%
36.3%
Net income
826
757
675
+9.2%
Net margin
26.2%
25.6%
24.6%
Diluted EPS
$2.28
$2.09
$1.85
+9.1%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
960
1,018
895
-5.7%
Capital expenditure
94.3
97.7
103
-3.5%
Free cash flow
866
920
792
-5.9%
Free cash flow margin
27.5%
31.2%
28.9%
Cash from investing
-662
-63.1
n/a
Cash from financing
-483
-994
n/a
Depreciation and amortisation
127
115
107
+10.3%
Share-based compensation
35.4
34.6
31.4
+2.3%
Buybacks
166
108
182
+54.0%
Dividends paid
662
606
552
+9.2%
Dividend per share
$1.84
$1.68
$1.52
+9.5%
Diluted shares, weighted
363m
362m
365m
+0.0%
Shares outstanding at period end
359m
360m
361m
-0.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,227
1,912
1,786
+16.5%
Debt
0.0
0.0
0.0
Other liabilities
4,606
4,529
4,682
+1.7%
Total liabilities and equity
6,834
6,441
6,468
+6.1%
Fixed assets
337
353
354
-4.5%
Goodwill
657
657
562
0.0%
Intangible assets
57.6
69.5
32.4
-17.1%
Investments
593
662
766
-10.4%
Cash and equivalents
185
132
170
+40.4%
Receivables
n/a
n/a
177
Other assets
5,004
4,568
4,407
+9.6%
Total assets
6,834
6,441
6,468
+6.1%
10-K for the year ended 31 May 2017, filed 21 July 2017: the filing.