Paychex, Inc. (PAYX) financial statements (2022 and earlier)
Company profile
| Business Address |
911 PANORAMA TRAIL S ROCHESTER, NY 14625-0397 |
| State of Incorp. | DE |
| Fiscal Year End | May 31 |
| SIC | 87 - Engineering, Accounting, Research, Management, And Related Services (benchmarking) |
| More info | Complete financial analysis Financial benchmarking |
Balance sheet (Statement of financial position) ($ in millions)
| 2/28/2022 TTM | 11/30/2021 TTM | 5/31/2021 | 5/31/2020 | 5/31/2019 | 5/31/2018 | 5/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 268 | 636 | 1,032 | 932 | 713 | 424 | 323 | ||
| Cash and cash equivalents | 268 | 636 | 995 | 905 | 674 | 358 | 185 | ||
| Short-term investments | 37 | 27 | 39 | 66 | 139 | ||||
| Restricted cash and investments | 56 | 53 | 51 | 50 | 51 | ||||
| Receivables | 1,205 | 1,372 | 1,054 | 790 | 854 | 564 | 543 | ||
| Prepaid expense | 42 | 57 | 34 | 17 | 23 | 17 | 45 | ||
| Funds held for clients | 4,304 | 3,875 | 3,750 | 3,431 | 3,804 | 4,704 | 4,302 | ||
| Other undisclosed current assets | 1,364 | 640 | 249 | 245 | 234 | 76 | 58 | ||
| Total current assets: | 7,237 | 6,632 | 6,170 | 5,465 | 5,678 | 5,784 | 5,272 | ||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 84 | 97 | 103 | 115 | ✕ | ✕ | ✕ | ||
| Property, plant and equipment | 400 | 399 | 396 | 407 | 409 | 394 | 337 | ||
| Long-term investments and receivables | 296 | 454 | |||||||
| Long-term investments | 296 | 454 | |||||||
| Intangible assets, net (including goodwill) | 2,067 | 2,078 | 2,097 | 2,122 | 2,182 | 955 | 715 | ||
| Goodwill | 1,832 | 1,832 | 1,821 | 1,791 | 1,783 | 814 | 657 | ||
| Intangible assets, net (excluding goodwill) | 235 | 246 | 276 | 331 | 399 | 141 | 58 | ||
| Capitalized contract cost, net | 414 | 394 | 384 | 373 | 366 | ✕ | ✕ | ||
| Restricted cash and investments | 26 | 30 | 37 | 21 | 7 | ||||
| Other noncurrent assets | 52 | 51 | 34 | 38 | 25 | 35 | 31 | ||
| Other undisclosed noncurrent assets | 5 | 7 | 7 | 10 | 10 | 25 | |||
| Total noncurrent assets: | 3,046 | 3,056 | 3,058 | 3,086 | 2,998 | 1,679 | 1,562 | ||
| TOTAL ASSETS: | 10,284 | 9,688 | 9,227 | 8,551 | 8,676 | 7,464 | 6,834 | ||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 289 | 256 | 299 | 262 | 222 | 395 | 338 | ||
| Accounts payable | 111 | 86 | 89 | 79 | 76 | 75 | 57 | ||
| Employee-related liabilities | 177 | 170 | 210 | 132 | 146 | 321 | 281 | ||
| Taxes payable | 51 | ||||||||
| Deferred revenue | 37 | 40 | 38 | 39 | ✕ | ✕ | ✕ | ||
| Debt | 9 | 9 | 7 | 42 | |||||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | ✕ | 24 | 23 | ||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | 40 | ✕ | ✕ | ||
| Other liabilities | 382 | 408 | 337 | 278 | 220 | 133 | 92 | ||
| Other undisclosed current liabilities | 4,971 | 4,509 | 4,257 | 3,806 | 4,363 | 4,735 | 4,273 | ||
| Total current liabilities: | 5,688 | 5,222 | 4,938 | 4,427 | 4,845 | 5,287 | 4,725 | ||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 877 | 884 | 890 | 894 | 796 | ||||
| Long-term debt, excluding current maturities | 798 | 798 | 797 | 797 | 796 | ||||
| Operating lease, liability | 79 | 87 | 92 | 97 | ✕ | ✕ | ✕ | ||
| Liabilities, other than long-term debt | 433 | 462 | 451 | 449 | 415 | 152 | 153 | ||
| Accounts payable and accrued liabilities | 57 | 45 | 26 | 34 | 27 | 18 | 46 | ||
| Deferred tax liabilities, net | ✕ | ✕ | ✕ | ✕ | 223 | 49 | 34 | ||
| Deferred income tax liabilities | 189 | 208 | 218 | 241 | ✕ | ✕ | ✕ | ||
| Other liabilities | 188 | 210 | 208 | 174 | 165 | 85 | 74 | ||
| Total noncurrent liabilities: | 1,310 | 1,346 | 1,341 | 1,342 | 1,212 | 152 | 153 | ||
| Total liabilities: | 6,998 | 6,568 | 6,279 | 5,769 | 6,057 | 5,439 | 4,878 | ||
| Stockholders' equity | |||||||||
| Stockholders' equity attributable to parent | 3,286 | 3,120 | 2,948 | 2,781 | 2,620 | 2,025 | 1,955 | ||
| Common stock | 4 | 4 | 4 | 4 | 4 | 4 | 4 | ||
| Additional paid in capital | 1,531 | 1,506 | 1,447 | 1,290 | 1,206 | 1,127 | 1,030 | ||
| Accumulated other comprehensive income (loss) | (47) | 4 | 52 | 57 | 0 | (36) | 20 | ||
| Retained earnings | 1,799 | 1,607 | 1,446 | 1,431 | 1,410 | 930 | 902 | ||
| Total stockholders' equity: | 3,286 | 3,120 | 2,948 | 2,781 | 2,620 | 2,025 | 1,955 | ||
| TOTAL LIABILITIES AND EQUITY: | 10,284 | 9,688 | 9,227 | 8,551 | 8,676 | 7,464 | 6,834 | ||
Income statement (P&L) ($ in millions)
| 2/28/2022 TTM | 11/30/2021 TTM | 5/31/2021 | 5/31/2020 | 5/31/2019 | 5/31/2018 | 5/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 4,497 | 4,332 | 4,057 | 4,041 | 3,773 | 3,381 | 3,151 | |
| Revenue, net | ✕ | ✕ | ✕ | ✕ | ✕ | 3,317 | 3,101 | |
| Cost of revenue | (1,312) | (1,288) | (1,271) | (1,281) | (7,900) | (5,900) | ||
| Cost of goods and services sold | (7,900) | (5,900) | ||||||
| Gross profit: | 3,185 | 3,044 | 2,786 | 2,760 | 3,773 | (4,519) | (2,749) | |
| Operating expenses | (1,385) | (1,338) | (1,325) | (1,299) | (2,401) | (2,093) | (1,912) | |
| Other undisclosed operating income | 7,900 | 5,900 | ||||||
| Operating income: | 1,800 | 1,706 | 1,461 | 1,461 | 1,371 | 1,288 | 1,240 | |
| Nonoperating income | 18 | 21 | 9 | 15 | 13 | 12 | 10 | |
| Investment income, nonoperating | 2 | 2 | 2 | 12 | 13 | 12 | 10 | |
| Other nonoperating income | 16 | 19 | 7 | 3 | ||||
| Interest and debt expense | (37) | (36) | (36) | (39) | (18) | (4) | (3) | |
| Income from continuing operations before equity method investments, income taxes: | 1,782 | 1,690 | 1,434 | 1,437 | 1,367 | 1,296 | 1,247 | |
| Income (loss) from equity method investments | 1 | 1 | (2) | |||||
| Income from continuing operations before income taxes: | 1,782 | 1,690 | 1,434 | 1,437 | 1,368 | 1,296 | 1,245 | |
| Income tax expense | (422) | (411) | (337) | (339) | (334) | (362) | (428) | |
| Net income available to common stockholders, diluted: | 1,359 | 1,279 | 1,098 | 1,098 | 1,034 | 934 | 817 | |
Comprehensive Income ($ in millions)
| 2/28/2022 TTM | 11/30/2021 TTM | 5/31/2021 | 5/31/2020 | 5/31/2019 | 5/31/2018 | 5/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 1,359 | 1,279 | 1,098 | 1,098 | 1,034 | 934 | 817 | |
| Comprehensive income: | 1,359 | 1,279 | 1,098 | 1,098 | 1,034 | 934 | 817 | |
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | (104) | (69) | (5) | 56 | 36 | (56) | (9) | |
| Comprehensive income, net of tax, attributable to parent: | 1,255 | 1,210 | 1,093 | 1,155 | 1,071 | 878 | 808 | |
Statements sources
The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.