Paychex Inc. Files 2024 Annual Report

TL;DR

PAYX filed its 2024 10-K. All systems go.

AI Summary

Paychex Inc. filed its 10-K for the fiscal year ending May 31, 2024, detailing its financial performance and business operations. The company, headquartered in Rochester, NY, operates within the services sector, focusing on engineering, accounting, research, and management. Key financial data and operational aspects are presented for the reporting period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Paychex's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 33.3 — Percentage (Indicates a 33.3% value related to financial metrics or growth over four years.)
• 20 — Number (Likely represents a count or a specific metric within the filing.)

Key Players & Entities

• PAYCHEX INC (company) — Filer of the 10-K
• 20240531 (date) — Fiscal year end
• Rochester, NY (location) — Company headquarters
• 911 PANORAMA TRAIL S (address) — Company street address
• 161124166 (identifier) — IRS Number

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value PAYX NASDAQ Global Select

Filing Documents

• payx-20240531.htm (10-K) — 4099KB
• payx-ex19_1.htm (EX-19.1) — 71KB
• payx-ex21_1.htm (EX-21.1) — 37KB
• payx-ex23_1.htm (EX-23.1) — 3KB
• payx-ex24_1.htm (EX-24.1) — 62KB
• payx-ex31_1.htm (EX-31.1) — 18KB
• payx-ex31_2.htm (EX-31.2) — 18KB
• payx-ex32_1.htm (EX-32.1) — 12KB
• payx-ex32_2.htm (EX-32.2) — 12KB
• payx-ex97_1.htm (EX-97.1) — 63KB
• img60497024_0.jpg (GRAPHIC) — 181KB
• 0000950170-24-082958.txt ( ) — 17894KB
• payx-20240531.xsd (EX-101.SCH) — 1839KB
• payx-20240531_htm.xml (XML) — 4099KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 11 Item 1B Unresolved Staff Comments 16 Item 1C Cybersecurity 17 Item 2

Properties

Properties 18 Item 3

Legal Proceedings

Legal Proceedings 18 Item 4 Mine Safety Disclosures 18 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6 [Reserved] 21 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A

Controls and Procedures

Controls and Procedures 72 Item 9B Other Information 72 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 72 PART III Item 10 Directors, Executive Officers and Corporate Governance 73 Item 11

Executive Compensation

Executive Compensation 74 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13 Certain Relationships and Related Transactions, and Director Independence 75 Item 14 Principal Accounting Fees and Services 75 PART IV Item 15 Exhibits and Financial Statement Schedules 76 Item 16 Form 10-K Summary 78

Signatures

Signatures 79 i Table of Contents PA RT I CAU TIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain written and oral statements made by management of Paychex, Inc. and its wholly owned subsidiaries ("Paychex," the "Company," "we," "our," or "us") may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States ("U.S.") Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as "expect," "estimate," "intend," "intent," "outlook," "will," "would," "projections," "strategy," "mission," "anticipate," "believe," "could," "may," "target," "potential," "purpose," "design," "might,"and other similar words or phrases. Examples of forward-looking statements include, among others, statements we make regarding operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to our outlook, revenue growth, earnings, earnings-per-share growth, or similar projections. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the fol

Business

Item 1. Business Unless we state otherwise or the context otherwise requires, the terms "Paychex," "we," "us," "our" and the "Company" refer to Paychex, Inc., a Delaware corporation, and its consolidated subsidiaries. Overview We are an industry-leading human capital management ("HCM") company delivering a full suite of technology and advisory services in human resources ("HR"), employee benefit solutions, insurance, and payroll processing. As of May 31, 2024, we served greater than 745,000 small- to medium-sized businesses and their employees across the U.S. and parts of Europe. Paychex was incorporated in Delaware in 1979, maintains a corporate headquarters in Rochester, New York, and has a fiscal year that ends on May 31st. For any organization, a key function is effective HCM, which requires both resources and expertise. Organizations are faced with continuous evolution in employer-employee relations including: an increasing number and complexity of federal, state, and local regulations; changing workforce dynamics; and challenges attracting and retaining talent. The workplace is rapidly changing as employees increasingly become mobile, work remotely, and expect a user experience similar to consumer-oriented applications. We specialize in helping small- to medium-sized businesses who do not have the resources or expertise to adapt to the constantly evolving environment. Paychex offers a full range of integrated HCM solutions from hire to retire for businesses and their employees that allows us to customize our offering to the client's business, whether it is small or large, simple or complex. We believe that we have the breadth of solutions to cover the spectrum of the employee life cycle, but we also allow integrations with popular HR, accounting, point-of-sale, and productivity applications. The key features of our solutions are: Comprehensive cloud-based platform optimized to meet the HR and payroll needs of small- and medium-sized organizations

View Full Filing

View this 10-K filing on SEC EDGAR