EXHIBIT 99.1

PRESS RELEASE OF PAYCHEX, INC. DATED JULY 7, 2020

 

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Paychex, Inc. Reports Fourth Quarter and Fiscal 2020 Results



July 7, 2020 



Full Year Fiscal 2020 Highlights

·

Total revenue increased 7% to $4.0 billion.

·

Operating income increased 7% to $1.5 billion.

·

Net income increased 6% to $1.1 billion.  Adjusted net income(1) increased 5% to $1.1 billion.

·

Diluted earnings per share and adjusted diluted earnings per share(1) each increased 6% to $3.04 per share and  $3.00 per share, respectively.



Fourth Quarter Fiscal 2020 Highlights

·

Total revenue decreased 7% to $915.1 million.

·

Operating income decreased 5% to $299.6 million.

·

Net income decreased 4% to $220.7 million.  Adjusted net income(1) decreased 3% to $220.6 million.

·

Diluted earnings per share decreased 5% to $0.61 per share. Adjusted diluted earnings per share(1) decreased 3% to $0.61 per share.

(1) Adjusted net income and adjusted diluted earnings per share are not United States (“U.S.”) generally accepted accounting principles (“GAAP”) measures.  Please refer to the “Non-GAAP Financial Measures” section on page 5 of this press release for a discussion of these non-GAAP measures and a reconciliation to the most comparable U.S. GAAP measures of net income and diluted earnings per share.

Rochester, N.Y., (July 7, 2020) — Paychex, Inc. (“Paychex,” “we,” “our,” or “us”) (Nasdaq:PAYX) today announced its results of operations for the three months ended May 31, 2020 (the “fourth quarter”), and for the fiscal year ended May 31, 2020 (“fiscal 2020” or the “fiscal year”).  Total revenue decreased 7% for the fourth quarter to $915.1 million.  For the fiscal year, total revenue increased 7% to $4.0 billion.  Oasis Outsourcing Group Holdings, L.P. (“Oasis”), acquired in December 2018, contributed approximately 4% to the growth in total revenue for the fiscal year.  For the fourth quarter,  net income and diluted earnings per share decreased 4% and 5%, respectively, to $220.7 million and $0.61 per share, respectively.  For the fiscal year, net income and diluted earnings per share each increased 6% to $1.1 billion and $3.04 per share, respectively.  

Martin Mucci, President and Chief Executive Officer, commented, “Fiscal 2020 was on track to be a solid year, reflecting growth across our business.  As we began the fourth quarter, COVID-19 caused worldwide business shutdowns directly affecting small and medium-sized businesses, which impacted our business sales and financial performance. Since the end of April, we have seen sequential improvement in our key business metrics across our lines of business.


The following information was filed by Paychex Inc (PAYX) on Tuesday, July 7, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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