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(EDGAR Online via COMTEX) — Item 2. Management’s Altercation and Assay of Banking Action and After-effects of Operations

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Management’s Altercation and Assay of Banking Action and After-effects of Operations reviews the operating after-effects of Paychex, Inc. and its wholly endemic subsidiaries (“Paychex,” the “Company,” “we,” “our,” or “us”) for the three months concluded February 29, 2020 (the “third quarter”), the nine months concluded February 29, 2020 (the “nine months”), the corresponding above-mentioned year periods concluded February 28, 2019, and our banking action as of February 29, 2020. The focus of this assay is on the basal business affidavit for absolute changes and trends affecting our revenue, expenses, net income, and banking condition. This assay should be apprehend in affiliation with the February 29, 2020 circumscribed banking statements and the accompanying Addendum to Circumscribed Banking Statements (Unaudited) independent in this Annual Address on Form 10-Q (“Form 10-Q”). This assay should additionally be apprehend in affiliation with our Annual Address on Form 10-K (“Form 10-K”) for the year concluded May 31, 2019 (“fiscal 2019”). Advanced statements in this assay are able by the cautionary annual included beneath the abutting sub-heading, “Cautionary Note Apropos Forward-Looking Statements Pursuant to the United States Private Balance Action Reform Act of 1995.”

Cautionary Note Apropos Forward-Looking Statements Pursuant to the United States Private Balance Action Reform Act of 1995

Certain accounting and articulate statements fabricated by us may aggregate “forward-looking statements” aural the acceptation of the safe anchorage accoutrement of the United States (“U.S.”) Private Balance Action Reform Act of 1995. Advanced statements can be articular by such words and phrases as “we expect,” “expected to,” “estimates,” “estimated,” “overview,” “outlook,” “guidance,” “we attending advanced to,” “would agree to,” “projects,” “projections,” “projected,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “believes,” “could be,” “targeting,” and added agnate words or phrases. Examples of advanced statements include, amid others, statements we accomplish apropos operating performance, events, or developments that we apprehend or ahead will action in the future, including statements apropos to our outlook, acquirement growth, earnings, earnings-per-share growth, or agnate projections.

Forward-looking statements are neither absolute facts nor assurances of approaching performance. Instead, they are based alone on our accustomed beliefs, expectations, and assumptions apropos the approaching of our business, approaching affairs and strategies, projections, advancing contest and trends, the economy, and added approaching conditions. Because advanced statements chronicle to the future, they are accountable to inherent uncertainties, risks, and changes in affairs that are difficult to predict, abounding of which are alfresco our control. Our absolute after-effects and banking altitude may alter materially from those adumbrated in the advanced statements. Therefore, you should not abode disproportionate assurance aloft any of these advanced statements. Important factors that could annual our absolute after-effects and banking action to alter materially from those adumbrated in the advanced statements include, amid others, the following:

�changes in authoritative regulations and policies;

�our adeptness to accede with U.S. and adopted laws and regulations;

�our adeptness to accumulate clip with changes in technology and to accommodate appropriate enhancements to our articles and services;

�our acquiescence with abstracts aloofness laws and regulations;

�the achievability of cyberattacks, aegis vulnerabilities, and Internet disruptions, including breaches of abstracts aegis and aloofness leaks, abstracts loss, and business interruptions;

�the achievability of abortion of our operating facilities, computer systems, or advice systems during a adverse event, including the beginning of COVID-19;

�the appulse of COVID-19 on the U.S. and the all-around economy, including business disruptions, reductions in appliance and an admission in business failures, accurately amid our clients;

�the appulse of COVID-19 on our advisers and our adeptness to accommodate casework to our audience and acknowledge to their needs;

�the abortion of third-party annual providers to accomplish their functions;

�the achievability that we may be accountable to added risks accompanying to our co-employment accord with our able employer alignment (“PEO”);

�changes in bloom allowance and workers’ advantage allowance ante and basal affirmation trends;

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Download Paychex Direct Deposit Form | Fillable PDF | Word .. | direct deposit form paychex

�our clients’ abortion to balance us for payments fabricated by us on their behalf;

�the aftereffect of changes in government regulations mandating the bulk of tax withheld or the timing of remittances;

�volatility in the political and bread-and-butter environment;

�risks accompanying to acquisitions and the affiliation of the businesses we acquire, including amalgam Oasis Outsourcing Group Holdings, L.P.’s (“Oasis”) business with ours;

�our abortion to accede with covenants in our debt agreements;

�changes in the availability of able people, including management, technical, compliance, and sales personnel;

�our abortion to assure our bookish acreage rights;

�the accessible furnishings of abrogating publicity on our acceptability and the amount of our brand; and

�potential outcomes accompanying to awaiting or approaching action matters.

Any of these factors, as able-bodied as such added factors as discussed in Allotment II, Item 1A “Risk Factors” in this Form 10-Q and in our Form 10-K for budgetary 2019 or added alternate filings with the Balance and Exchange Commission (“SEC”), could annual our absolute after-effects to alter materially from our advancing results. The advice provided in this Form 10-Q is based aloft the facts and affairs accustomed as of the date of this report, and any advanced statements fabricated by us in this Form 10-Q allege alone as of the date on which they are made. Except as appropriate by law, we undertake no obligation to amend these advanced statements afterwards the date of filing this Form 10-Q with the SEC to reflect contest or affairs afterwards such date, or to reflect the accident of hasty events.

We accept fabricated accessible our broker presentation apropos the banking after-effects for the third quarter. Please appointment Paychex’s Broker Relations folio on our website at https://www.paychex.com/investors to appearance the presentation. We intend to accomplish approaching broker presentations accessible alone through our Broker Relations page. Advice accessible on our website is not a allotment of, and is not congenital into, this Form 10-Q.

Business

We are a arch provider of chip animal basic administering (“HCM”) solutions for animal ability (“HR”), payroll, benefits, and allowance casework for small- to medium-sized businesses. Our business action focuses on personalized, technology-enabled service; industry-leading, chip technology; accouterment a absolute apartment of value-added HCM services; solid sales execution; connected annual penetration; and agreeable in cardinal acquisitions. We accept that success in our mission to be a arch provider of HCM casework by actuality an basic accomplice with America’s businesses will advance to strong, abiding banking performance. We do this through the Power of Simplicity. Our industry-leading technology combines with our personalized, technology-enabled casework to accomplish HR administration, payroll, and allowances simple for our clients.

We action a absolute portfolio of HCM casework and articles that acquiesce our audience to accommodated their assorted HR and amount needs. Audience can baddest casework on an � la carte abject or as allotment of assorted artefact bundles. Our offerings about advantage the advice aggregate in our abject amount processing service, acceptance us to accommodate absolute outsourcing casework accoutrement the HCM spectrum.

We abutment small-business companies through our amount payroll, utilizing our proprietary, robust, software-as-a-service (“SaaS”) Paychex Flex(R) belvedere and our SurePayroll(R) SaaS-based products. Both articles acquiesce users to action amount back they want, how they want, and on any accessory (desktop, tablet, and adaptable phone). Audience with added circuitous amount and agent annual needs are serviced through our Paychex Flex Enterprise solution, which offers an chip apartment of HCM solutions on the Paychex Flex platform, or through our bequest platform. Audience appliance Paychex Flex Enterprise are offered a SaaS band-aid that integrates amount processing with HR management, agent allowances administration, time and activity management, appellant tracking, and onboarding solutions. Paychex Flex Enterprise allows mid-market audience to accept the casework and software they charge to accommodated the complication of their business, all chip through one HCM solution.

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Our portfolio of HCM and agent benefit-related casework are as follows:

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Overview

Our banking after-effects for the third division reflected connected advance beyond our above HCM artefact lines. Absolute acquirement and absolute annual acquirement anniversary added 7% for the third quarter. Administering Solutions acquirement and PEO and Allowance Solutions acquirement added by 6% and 10%, respectively, for the third quarter.

Interest on funds captivated for audience decreased 7% for the third quarter. Our accumulated funds captivated for audience and accumulated advance portfolios becoming an boilerplate amount of acknowledgment of 1.8% for the third quarter, compared to 2.0% for the aforementioned aeon aftermost year.

Our focus is on active advance in the cardinal of clients, acquirement per client, absolute revenue, and profits, while accouterment industry-leading annual and technology solutions to our audience and their employees. We are affianced in developing enhancements to and advancement our software platforms to accommodated the alteration requirements of our audience and the marketplace. We abide to advance in Paychex Flex, our able-bodied cloud-based HCM platform, authoritative cogent enhancements advised to abridge the complication of HR administration. The latest enhancements to our solutions will accredit our barter to bigger administer their time and talent, drive business growth, and accumulate centralized processes to abutment added circuitous HR needs and evolving agent expectations. The latest enhancements accommodate the following:

?Paychex Flex Advice Center, which provides users admission to training assets and how-to tutorials aural the appliance itself, appliance accustomed accent processing and predictive acquirements to bear a added tailored annual experience. Advice Center integrates with Paychex Flex Assistant, our award-winning chump annual chatbot, which provides a alone annual acquaintance to users;

?Pay-on-Demand, which improves the agent acquaintance by alms them adjustable admission to accomplishment they accept already becoming afore payday; and

?Paychex Time for the Apple Watch(R), which enables applicant advisers the adaptability and accessibility of punching in and out appropriate on their Apple Watch.

Highlights of our banking after-effects for the third division as compared to the aforementioned aeon aftermost year are as follows:

?Total acquirement added 7% to $1.1 billion. Oasis contributed about 1% to the advance in absolute revenue.

?Operating assets added 10% to $470.1 million.

?Net assets and adapted net income(1) anniversary added 9% to $354.5 actor and $351.2 million, respectively.

?Diluted balance per allotment and adapted adulterated balance per share(1) anniversary added 9% to $0.98 per allotment and $0.97 per share, respectively.

(1) Adapted net assets and adapted adulterated balance per allotment are not U.S. about accustomed accounting attempt (“GAAP”) measures. Accredit to the “Non-GAAP Banking Measures” area aural the “Results of Operations” area of this Item 2 for a altercation of these non-GAAP measures and a adaptation to the best commensurable GAAP measures of net assets and adulterated balance per share.

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In March 2020, the Apple Bloom Alignment declared the beginning of COVID-19 as a pandemic, which continues to be advance throughout the U.S. and the world. The appulse from the rapidly alteration bazaar and bread-and-butter altitude due to the COVID-19 beginning is uncertain, abolition the business of our clients, and will appulse our business and circumscribed after-effects of operations and could appulse our banking action in the future. While we accept not incurred cogent disruptions appropriately far from the COVID-19 outbreak, we are clumsy to accurately adumbrate the appulse that COVID-19 will accept due to abundant uncertainties, including the severity of the disease, the continuance of the outbreak, accomplishments that may be taken by authoritative authorities, the appulse to the business of our audience and added factors articular in Allotment II, Item 1A “Risk Factors” in this Form 10-Q. We will abide to appraise the attributes and admeasurement of the appulse to our business, circumscribed after-effects of operations, and banking condition.

Financial Position and Clamminess

Our banking position as of February 29, 2020 remained able with cash, belted cash, and absolute accumulated investments of $930.4 million. Absolute concise and abiding borrowings, net of debt arising costs were $847.9 actor as of February 29, 2020. Our advance action continues to focus on attention arch and optimizing liquidity. We advance predominately in borough bonds – including accepted obligation bonds; pre-refunded bonds, which are anchored by a U.S. government escrow; and basic casework acquirement bonds – forth with U.S. government bureau and treasury securities, accumulated bonds, and asset-backed securities. During the third quarter, our primary concise advance cartage were capricious amount appeal addendum (“VRDNs’), U.S. government bureau and treasury balance and coffer appeal and time drop accounts.

A abundant allocation of our portfolio is invested in aerial acclaim affection balance with ratings of AA or higher, and A-1/P-1 ratings on concise securities. We absolute the amounts that can be invested in any distinct issuer and advance in short- to intermediate-term instruments whose fair ethics are beneath acute to absorption amount changes. We accept our investments as of February 29, 2020 that were in an abeyant accident position were not other-than-temporarily impaired, nor has any accident occurred consecutive to that date, including the contempo developments accompanying to COVID-19, that would announce any other-than-temporary impairment.

Our primary antecedent of banknote is generated from our advancing operations. Banknote flows from operations were $1.1 billion for the nine months, an admission of 3% from the aforementioned aeon aftermost year. Our absolute banknote flows accept accustomed us to abutment our business and to pay abundant assets to our stockholders. We currently ahead that cash, belted cash, and absolute accumulated investments as of February 29, 2020, forth with projected operating banknote flows and accessible concise financing, will abutment our accustomed business operations, basic purchases, allotment repurchases, and allotment payments for the accountable future. Given the ambiguity in the rapidly alteration bazaar and bread-and-butter altitude accompanying to the COVID-19 outbreak, we will abide to appraise the attributes and admeasurement of the appulse to our business and banking position.

For added assay of our after-effects of operations for the third quarter, and our banking position as of February 29, 2020, accredit to the assay and altercation in the “Results of Operations” and “Liquidity and Basic Resources” sections of this Item 2.

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(1) Percentage changes are affected based on unrounded numbers.

n/m – not allusive

We advance in awful liquid, investment-grade anchored assets balance and do not advance acquired instruments to administer absorption amount risk. As of February 29, 2020, we had no acknowledgment to high-risk or non-liquid investments. Details apropos our accumulated funds captivated for audience and accumulated banknote equivalents and advance portfolios are as follows:

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(1) The net abeyant accretion on our advance portfolio was about $39.3 actor as of March 26, 2020.

(2) The Federal Funds amount was in the ambit of 1.50% to 1.75% as of February 29, 2020, compared to a ambit of 2.25% to 2.50% as of May 31, 2019. Consecutive to February 29, 2020, in acknowledgment to the contempo beginning of the COVID-19 virus, the Federal Reserve bargain the Federal Funds amount a absolute of 150 abject credibility to a ambit of 0.0% to 0.25%.

(3) These items exclude the appulse of VRDNs as they are angry to concise absorption rates.

Management Solutions revenue: Administering Solutions acquirement was $850.0 actor for the third division and $2.3 billion for the nine months, absorption an admission in both periods of 6% compared to the aforementioned periods aftermost year. The admission was primarily apprenticed by increases in our applicant abject and advance in acquirement per client, which bigger as a aftereffect of college amount ability and added assimilation of our apartment of solutions, decidedly retirement . . .

Mar 27, 2020

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