← PAYCHEX INC
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Available to Common Stockholders, Basic | $756.8m | $817.3m | $933.7m | $1.0b | $1.1b | $1.1b | $1.4b | $1.6b | $1.7b | $1.7b | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | — | — | — | — | — | — | — | $1.7b | $1.7b | |
| Depreciation, Depletion and Amortization | $115.1m | $126.9m | $138.0m | $181.5m | $209.7m | $192.0m | $191.8m | $176.6m | $176.5m | $209.5m | |
| Amortization of Intangible Assets | $15.9m | $18.1m | $21.1m | $55.8m | $81.9m | $68.6m | $58.1m | $48.2m | $49.0m | $90.7m | |
| Depreciation | $99.2m | $108.8m | $116.9m | $125.7m | $127.8m | $123.4m | $133.7m | $128.4m | $127.5m | $118.8m | |
| Amortization of premiums and discounts on AFS securities, net | $75.7m | $72.5m | $65.4m | $49.0m | $40.8m | $35.8m | $28.9m | $18.2m | ($7.0m) | $23.4m | |
| Amortization of deferred contract costs | — | $169.4m | $174.7m | $180.2m | $186.1m | $191.4m | $202.1m | $219.1m | $231.7m | $236.5m | |
| Deferred Income Tax Expense (Benefit) | $7.1m | $17.4m | $19.2m | $4.7m | ($4.0m) | ($21.0m) | $2.3m | ($44.0m) | ($29.8m) | ($15.8m) | |
| Benefit from deferred income taxes | $7.1m | $17.4m | $19.2m | $4.7m | ($4.0m) | ($21.0m) | $2.3m | ($44.0m) | ($29.8m) | ($15.8m) | |
| Share-based Payment Arrangement, Noncash Expense | $34.6m | $35.4m | $44.6m | $46.2m | $47.4m | $52.5m | $52.8m | $62.6m | $61.1m | $111.8m | |
| Share-based Payment Arrangement, Expense | $34.6m | $35.4m | $44.6m | $46.2m | $47.4m | $52.5m | $52.8m | $62.6m | $61.1m | $111.8m | |
| Goodwill and Intangible Asset Impairment | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | |
| Goodwill, Impairment Loss | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | |
| Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | |
| Operating Lease, Impairment Loss | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | — | — | — | — | — | $3.8m | $1.2m | $16.7m | ($32.8m) | ($3.7m) | |
| Income (Loss) from Equity Method Investments | ($2.8m) | ($2.2m) | $600k | $1.0m | — | — | — | — | — | — | |
| Income Tax Expense (Benefit) | $394.3m | $427.5m | $362.4m | $333.6m | $339.0m | $336.7m | $431.8m | $490.9m | $527.6m | $518.6m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | — | $105.4m | |
| Other Nonoperating Income (Expense) | — | — | — | — | $3.1m | $7.0m | $18.3m | $2.7m | ($1.5m) | $800k | |
| Net change in operating lease right-of-use assets and liabilities | — | — | — | — | $400k | ($900k) | ($3.9m) | ($4.3m) | ($3.5m) | ($2.1m) | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $37.5m | $103.7m | ($13.6m) | $117.2m | ($55.1m) | $272.9m | $277.0m | $123.6m | ($113.0m) | $130.7m | |
| Accounts Receivable, Credit Loss Expense (Reversal) | $2.5m | $4.9m | $3.6m | $3.3m | $7.8m | $8.0m | $10.5m | $17.7m | $19.8m | $24.2m | |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | — | — | — | — | — | — | $200k | ($9.8m) | ($2.6m) | ($400k) | |
| Foreign Currency Transaction Gain (Loss), Realized | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Goodwill | $657.1m | $657.1m | $814.0m | $1.8b | $1.8b | $1.8b | $1.8b | $1.8b | $1.9b | $4.5b | |
| Nonoperating Income (Expense) | — | — | — | — | — | — | — | — | — | $73.6m | |
| Operating Costs and Expenses | $857.1m | $919.6m | $1.0b | $1.2b | — | — | — | — | — | — | |
| Operating Expenses | $1.8b | $1.9b | $2.1b | $2.4b | — | — | — | — | — | — | |
| Stock-based compensation costs | $34.6m | $35.4m | $44.6m | $46.2m | $47.4m | $52.5m | $52.8m | $62.6m | $61.1m | $111.8m | |
| Provision for credit losses | $2.5m | $4.9m | $3.6m | $3.3m | $7.8m | $8.0m | $10.5m | $17.7m | $19.8m | $24.2m | |
| Net realized losses on sales of AFS securities | — | — | — | — | — | — | ($200k) | $9.8m | $2.6m | $400k | |
| Net realized losses on disposal of assets | — | — | — | — | — | — | $400k | $1.3m | $32.8m | $3.7m | |
| Premium paid on cash flow hedges | — | — | — | — | — | — | — | $0 | $0 | ($19.2m) | |
| Interest receivable | $1.8m | $200k | $3.7m | $4.8m | $1.2m | $1.8m | $2.1m | ($2.1m) | $1.1m | ($3.8m) | |
| Accounts receivable and PEO unbilled receivables, net | ($37.5m) | ($103.7m) | $13.6m | ($117.2m) | $55.1m | ($272.9m) | ($277.0m) | ($123.6m) | $113.0m | ($130.7m) | |
| Prepaid expenses and other current assets | ($5.0m) | ($34.1m) | $17.7m | $1.0m | ($1.6m) | ($15.8m) | ($7.7m) | ($17.8m) | ($25.2m) | ($12.0m) | |
| Accounts payable and other current liabilities | $63.3m | $39.1m | $42.6m | $77.5m | ($4.9m) | $169.0m | $151.8m | $67.4m | ($127.0m) | $42.3m | |
| Deferred costs | — | ($185.6m) | ($181.8m) | ($188.5m) | ($196.6m) | ($208.0m) | ($267.1m) | ($269.4m) | ($244.9m) | ($246.5m) | |
| Net change in other long-term assets and liabilities | $3.9m | ($15.4m) | ($5.6m) | ($5.4m) | $12.7m | $32.1m | $26.3m | $31.9m | $6.1m | $21.9m | |
| Purchases of AFS securities | — | — | — | — | ($25.2b) | ($6.1b) | ($17.8b) | ($14.6b) | ($6.9b) | ($14.3b) | |
| Proceeds from sales and maturities of AFS securities | $12.0b | $49.9b | $51.6b | $34.6b | $26.1b | $5.8b | $16.6b | $14.9b | $7.2b | $14.3b | |
| Net change in purchased receivables | — | — | — | — | — | — | ($84.2m) | ($6.8m) | ($153.8m) | ($157.3m) | |
| Purchases of other assets | ($9.0m) | ($8.6m) | ($39.8m) | ($5.3m) | ($9.8m) | ($8.7m) | ($10.6m) | ($10.4m) | ($30.1m) | ($29.8m) | |
| Net change in client fund obligations | ($304.8m) | $317.3m | $462.4m | ($950.6m) | ($453.3m) | $340.0m | $143.2m | $474.8m | ($425.3m) | ($290.7m) | |
| Net proceeds from short-term borrowings | — | — | — | — | $5.1m | $2.3m | $1.3m | $2.0m | $9.0m | $0 | |
| Proceeds from issuance of corporate bonds | — | — | — | — | — | — | — | $0 | $0 | $4.2b | |
| Repurchases of common shares | ($107.9m) | ($166.2m) | ($143.1m) | ($56.9m) | ($171.9m) | ($155.7m) | ($145.2m) | $0 | ($169.2m) | ($104.5m) | |
| Contingent consideration paid for acquisitions | — | — | — | — | — | — | ($1.6m) | ($2.8m) | $0 | $0 | |
| Activity related to equity-based plans | $25.6m | $28.5m | ($3.4m) | $29.5m | $21.3m | $85.7m | $22.6m | ($10.4m) | $26.1m | $3.8m | |
| Net Cash Provided by (Used in) Operating Activities | $1.0b | $960.4m | $1.3b | $1.3b | $1.4b | $1.3b | $1.5b | $1.7b | $1.9b | $1.9b | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $97.7m | $94.3m | $154.0m | $123.8m | $127.0m | $114.6m | $132.6m | $143.0m | $161.4m | $191.8m | |
| Payments to Acquire Businesses, Net of Cash Acquired | $296.1m | — | $180.4m | $992.2m | $6.1m | $19.5m | $24.9m | $2.7m | $208.3m | $3.0b | |
| Acquisition of businesses, net of cash acquired | ($296.1m) | — | ($180.4m) | ($992.2m) | ($6.1m) | ($19.5m) | ($24.9m) | ($2.7m) | ($208.3m) | ($3.0b) | |
| Net cash (used in)/provided by investing activities | ($63.1m) | ($424.6m) | ($679.0m) | ($1.6b) | $771.9m | ($460.6m) | ($1.4b) | $218.5m | ($260.9m) | ($3.4b) | |
| Net Cash Provided by (Used in) Investing Activities | — | — | ($679.0m) | ($1.6b) | $771.9m | ($460.6m) | ($1.4b) | $218.5m | ($260.9m) | ($3.4b) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | — | — | — | $796.3m | — | — | — | — | — | — | |
| Debt issuance costs | — | — | — | — | — | — | — | $0 | $0 | ($47.8m) | |
| Payments for Repurchase of Common Stock | $107.9m | $166.2m | $143.1m | $56.9m | $171.9m | $155.7m | $145.2m | — | $169.2m | $104.5m | |
| Payments of Ordinary Dividends, Common Stock | $606 | $662 | $740 | $827 | $889 | $909 | $1,000 | $1k | $1k | $1k | |
| Dividends paid | $606 | $662 | $740 | $827 | $889 | $909 | $1,000 | $1k | $1k | $1k | |
| Net Cash Provided by (Used in) Financing Activities | ($993.6m) | ($482.7m) | ($423.8m) | ($1.0b) | ($1.5b) | ($636.4m) | ($979.3m) | ($711.4m) | ($1.9b) | $2.3b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | ($1.4b) | $724.6m | $163.3m | ($894.7m) | $1.2b | ($237.9m) | $837.3m | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $935.2m | $1.7b | $1.8b | $928.4m | $2.1b | $1.9b | $2.7b | |
| Net change in cash, restricted cash, and equivalents | — | ($184.5m) | $1.9b | ($1.4b) | $724.6m | $163.3m | ($894.7m) | $1.2b | ($237.9m) | $837.3m | |
| Cash, restricted cash, and equivalents, beginning of fiscal year | — | $449.4m | $2.3b | $935.2m | $1.7b | $1.8b | $928.4m | $2.1b | $1.9b | $2.7b | |
| Cash and cash equivalents | $131.5m | $184.6m | $358.2m | $673.6m | $905.2m | $995.2m | $370.0m | $1.2b | $1.5b | $1.6b | |
| Restricted cash | — | — | — | $57.1m | $71.1m | $88.3m | $75.8m | $49.8m | $47.8m | $47.9m | |
| Restricted cash and restricted cash equivalents included in funds held for clients | — | $264.8m | $1.9b | $204.5m | $683.5m | $739.6m | $482.6m | $863.1m | $380.3m | $1.1b | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | — | — | — | — | $35.5m | $35.7m | $36.2m | $37.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.