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Paychex (PAYX) Q2 FY2022 earnings: revenue $1.1 billion, up 12.7% on the year

Paychex Inc. (PAYX) reported revenue of $1.1 billion for Q2 FY2022, the quarter ended 30 November 2021, up 12.7% on the same quarter a year earlier as this quarter's filing gives it. Net income was $332 million, up 21.9% on the year as this quarter's filing gives it, and diluted earnings per share $0.91. The figures are the company's own, from the 10-Q it filed with the SEC on 22 December 2021.

Revenue
$1.1 billion
+12.7% on the year · +2.4% on the quarter
Q3 FY2020Q2 FY2022
Operating margin
39.7%
36.0% a year earlier
Q3 FY2020Q2 FY2022
Net income
$332 million
+21.9% on the year · -0.4% on the quarter
Q3 FY2020Q2 FY2022
Diluted EPS
$0.91
+21.3% on the year · -1.1% on the quarter
Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Revenue1,1081,083984+2.4%+12.7%
Cost of revenue332n/an/a
Gross profit777n/an/a
Gross margin70.1%n/an/a
Selling, general and administrative337n/an/a
Operating income440443354-0.6%+24.3%
Operating margin39.7%40.9%36.0%
Interest expense9.3n/an/a
Pre-tax income438n/an/a
Income tax106n/an/a
Effective tax rate24.1%n/an/a
Net income332334272-0.4%+21.9%
Net margin30.0%n/an/a
Diluted EPS$0.91$0.92$0.75-1.1%+21.3%
$ 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

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Operating cash flow170n/an/a
Capital expenditure34.2n/an/a
Free cash flow136n/an/a
Free cash flow margin12.2%n/an/a
Cash from investing-429n/an/a
Cash from financing-91.2n/an/a
Depreciation and amortisation48.645.748.6+6.3%0.0%
Share-based compensation14.0n/an/a
Dividends paid238n/an/a
Dividend per share$0.66n/an/a
Diluted shares, weighted363m363m362m+0.1%+0.3%
Shares outstanding at period end361m361m361m+0.1%+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Shareholders' equity3,1203,0442,890+2.5%+8.0%
Debt806804797+0.2%+1.2%
Operating lease liabilities86.7n/an/a
Other liabilities5,675n/an/a
Total liabilities and equity9,688n/an/a
Fixed assets399n/an/a
Goodwill1,832n/an/a
Intangible assets246n/an/a
Securities held for sale or to maturity3,317n/an/a
Cash and equivalents6361,102694-42.3%-8.3%
Other assets3,258n/an/a
Total assets9,688n/an/a

Questions

What was Paychex's revenue in Q2 FY2022?

Paychex (PAYX) reported revenue of $1.1 billion for Q2 FY2022, the quarter ended 30 November 2021, up 12.7% on the same quarter a year earlier as the company restated it.

How much did Paychex earn in Q2 FY2022?

Net income for Q2 FY2022 was $332 million, up 21.9% on the year, and diluted earnings per share $0.91.

When did Paychex report Q2 FY2022 results?

Paychex filed its 10-Q for the quarter ended 30 November 2021 with the SEC on 22 December 2021.

Quarterly results, the last 20 quarters

Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027
Revenue1,1081,2761,1441,2061,1901,3811,2301,2861,2581,4391,2951,3181,3171,5091,4271,5401,5581,8091,6061,630
Cost of revenue332352360351359373370360364380375380379387394414412431417430
Gross profit7779247848558311,0088609268941,0609209389381,1221,0331,1261,1451,3781,1881,200
Gross margin70%72%69%71%70%73%70%72%71%74%71%71%71%74%72%73%74%76%74%74%
SG&A337361390360359396406390388410438392400430602584574586584581
Operating income440563394496472612453536506650482547538692431542572792605619
Operating margin40%44%34%41%40%44%37%42%40%45%37%41%41%46%30%35%37%44%38%38%
Interest expense9.39.09.19.19.29.09.49.48.59.99.59.69.522.663.768.268.568.164.765.1
Pre-tax income438554389492475617464549518659492557544686389498520739554565
Tax rate24%22%24%23%24%24%24%24%24%24%23%23%24%24%24%23%24%24%24%24%
Net income332431296379360467350419393499380427413519297384395560421430
Net margin30%34%26%31%30%34%28%33%31%35%29%32%31%34%21%25%25%31%26%26%
Diluted EPS$0.91$1.19$0.82$1.05$0.99$1.29$0.97$1.16$1.08$1.38$1.05$1.18$1.14$1.43$0.82$1.06$1.10$1.56$1.17$1.21
Operating cash flow170613337364322604409693348672222546295716344718445812581414
Capital expenditure34.234.733.330.635.331.146.038.740.740.741.335.647.048.760.555.962.151.065.956.1
Free cash flow136578304334286573363654308631180510248667283662383762515357
Buybacksn/an/an/an/an/an/an/an/an/a0.0n/a1040.50.00.016012675.02490.0
Dividends paid238238285285285285321322320320353353353353389389388388425424
Shares outstanding361m361m360m360m360m360m360m361m360m360m360m360m360m360m360m360m359m358m356m356m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 November 2021, filed 22 December 2021: the filing.