EXHIBIT 99.1

PRESS RELEASE OF PAYCHEX, INC. DATED JUNE 25, 2021

Picture 1

Paychex, Inc. Reports Fourth Quarter and Full Year 2021 Results

Fourth Quarter Service Revenue Grew  14% to $1.0 Billion

Fourth Quarter Diluted Earnings Per Share Grew 20%

Full Year Service Revenue Ended Above Prior Year

Rochester, N.Y. - (June 25, 2021)  -  Paychex, Inc. (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended May 31, 2021 (the “fourth quarter”) and fiscal year ended May 31, 2021 (“fiscal year”), as compared to the corresponding prior-year periods:



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Fourth Quarter

 

 

 

 

 

Fiscal Year

 

 

 

 

In millions, except per share amounts

 

2021

 

2020

 

Change(2)

 

2021

 

2020

 

Change(2)

Total service revenue

 

$

1,014.7 

 

$

889.8 

 

14 

 

%

 

$

3,997.5 

 

$

3,953.6 

 

 

%

Total revenue

 

$

1,029.2 

 

$

915.1 

 

12 

 

%

 

$

4,056.8 

 

$

4,040.5 

 

 —

 

%

Operating income

 

$

353.8 

 

$

299.6 

 

18 

 

%

 

$

1,460.7 

 

$

1,460.5 

 

 —

 

%

Diluted earnings per share

 

$

0.73 

 

$

0.61 

 

20 

 

%

 

$

3.03 

 

$

3.04 

 

 —

 

%

Adjusted diluted earnings per share(1)

 

$

0.72 

 

$

0.61 

 

18 

 

%

 

$

3.04 

 

$

3.00 

 

 

%



(1)

Adjusted diluted earnings per share is not a  United States (“U.S.”) generally accepted accounting principle (“GAAP”) measure. Adjusted diluted earnings per share includes adjustments  for one-time non-recurring cost-saving initiatives in the first half of our 2021 fiscal year and net tax windfall benefits related to employee stock-based compensation payments. Please refer to the “Non-GAAP Financial Measures” section on page 4 of this press release for a discussion of non-GAAP measures and a reconciliation to the U.S. GAAP measure of diluted earnings per share.

(2)Percentage changes are calculated based on unrounded numbers.

Martin Mucci, president and chief executive officer, commented, “We ended this year with strong momentum having navigated through a fiscal year of unprecedented challenges. Our fourth quarter results were driven by record client retention levels, record sales results, and stronger checks per client, which were driven by improving macroeconomic conditions and gains in employment. Client base growth was strong and we ended the fiscal year with over 710,000 clients. We are proud to finish the year with positive service revenue growth which is a testament to the resiliency, innovation, and commitment of our employees and the strength of our business model. Having navigated through the uncertain environment of the pandemic, we are well-positioned with the continued innovation of our technology and product suite to meet the continuing needs of businesses and help them succeed and thrive as they begin to bring employees back to work and adjust to the changes of how, where, and when work gets done.”

Mucci added, “Earlier this month, we hosted our Paychex Business Conference which brought together experts, insights, and resources to provide the solutions clients are seeking to build a better workplace, team, and business that will thrive in 2021 and beyond. The virtual event featured HR and business experts, workplace visionaries, and demonstration of the technology and service options that Paychex brings to our markets. This conference also provided an important way for us to thank our clients for their tremendous loyalty as shown in our record levels of client retention.”


The following information was filed by Paychex Inc (PAYX) on Friday, June 25, 2021 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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