Paychex (PAYX) FY2021 results: revenue $4.1 billion, up 0.4% on the year
Paychex Inc. (PAYX) reported revenue of $4.1 billion for fiscal 2021, the year ended 31 May 2021, up 0.4% on the year before. Net income was $1.1 billion, down 0.1%, and diluted earnings per share $3.03. The figures are the company's own, from the 10-K it filed with the SEC on 16 July 2021.
Revenue
$4.1 billion
+0.4% on the year
FY2014FY2021
Operating margin
36.0%
36.1% a year earlier
FY2014FY2021
Net income
$1.1 billion
-0.1% on the year
FY2014FY2021
Diluted EPS
$3.03
-0.3% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
4,057
4,040
3,772
+0.4%
Cost of revenue
1,271
1,281
1,178
-0.7%
Gross profit
2,786
2,760
2,595
+0.9%
Gross margin
68.7%
68.3%
68.8%
Selling, general and administrative
1,325
1,299
1,223
+2.0%
Operating income
1,461
1,460
1,371
+0.0%
Operating margin
36.0%
36.1%
36.3%
Interest expense
35.8
38.8
17.6
-7.7%
Pre-tax income
1,434
1,437
1,368
-0.2%
Income tax
337
339
334
-0.7%
Effective tax rate
23.5%
23.6%
24.4%
Net income
1,098
1,098
1,034
-0.1%
Net margin
27.1%
27.2%
27.4%
Diluted EPS
$3.03
$3.04
$2.86
-0.3%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,260
1,441
1,272
-12.5%
Capital expenditure
118
127
124
-6.8%
Free cash flow
1,142
1,314
1,148
-13.1%
Free cash flow margin
28.1%
32.5%
30.4%
Cash from investing
-461
772
-1,628
Cash from financing
-636
-1,488
-1,008
Depreciation and amortisation
192
210
182
-8.4%
Share-based compensation
52.5
47.4
46.2
+10.8%
Buybacks
156
172
56.9
-9.4%
Dividends paid
909
889
827
+2.2%
Dividend per share
$2.52
$2.48
$2.30
+1.6%
Diluted shares, weighted
362m
361m
362m
+0.3%
Shares outstanding at period end
360m
359m
359m
+0.3%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,948
2,781
2,620
+6.0%
Debt
805
802
796
+0.3%
Operating lease liabilities
92.4
96.9
13.0
-4.6%
Other liabilities
5,382
4,870
5,247
+10.5%
Total liabilities and equity
9,227
8,551
8,676
+7.9%
Fixed assets
396
407
409
-2.8%
Goodwill
1,821
1,791
1,783
+1.7%
Intangible assets
276
331
399
-16.6%
Investments
43.8
37.4
49.2
+17.1%
Cash and equivalents
995
905
674
+9.9%
Other assets
5,696
5,079
5,363
+12.1%
Total assets
9,227
8,551
8,676
+7.9%
10-K for the year ended 31 May 2021, filed 16 July 2021: the filing.