Paychex 2015 Annual Report Download

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PERSONAL
SERVICE
AND TECHNOLOGY
INTERSECT
2015 ANNUAL
REPORT

Table of contents

  • Page 1
    2 0 1 5 A N N U A L R E P O R T PERSONAL SERVICE AND TECHNOLOGY INTERSECT

  • Page 2
    ...Clients 10 Million Employees Paid #1 Small Business (1-50 Employees) #2 Midmarket (50-500 Employees) HR SERVICES 31,000 Clients 858,000 Worksite Employees RETIREMENT SERVICES 70,000 Plans #1 Recordkeeper (By Number of Plans) INSUR ANCE SERVICES 142,000 H&B Covered Lives #23 Top 100 Agencies

  • Page 3
    ... Rate 2013 2014 2015 * Refer to discussion of Non-GAAP Financial Measure included in Item 7 of our Annual Report for further information. SERVICE REVENUE NET INCOME 9 + + % 8 + % FI N A NCI A L POS ITIO N ($M) as of May 31, 2015 Cash and Total Corporate INVESTMENTS $ 936.4 DEBT DIVIDENDS...

  • Page 4
    ... history. I am proud of the performance of our 13,000 employees and confident in our future. Accelerated investment in our technologyenabled service is at the core of our growth. The combination of our innovative, leading-edge technology and flexible, choice-driven service I 2015 ANNUAL REPORT

  • Page 5
    ... or acquired and a service model that lets clients choose when, where, and how they want to be served. F O U N D AT I O N FOR GROWTH With that foundation for growth, we reached two impressive milestones in 2015, hitting $1 billion in both operating income and Human Resource Services (HRS) revenue...

  • Page 6
    ... service, Paychex Flex gives our clients capabilities such as online time and attendance Jobs Index, a measure of small-business hiring that we launched just over a year ago. With our and HR administration through our industryleading technology - and it gives them flexibility 4 I 2015 ANNUAL...

  • Page 7
    ...care reform. Paychex is in a unique position because we have both clients' payroll data and our nationally ranked Paychex Insurance Agency, and we can leverage those to help our clients understand what's required under employer shared responsibility provisions of the Affordable 2015 ANNUAL REPORT...

  • Page 8
    ... requirements affect their business. We also grew our key sales channels, adding new bank and franchise referral relationships, in addition to our long-time CPA referral relationships. Paychex the number one 401(k) recordkeeper with nearly 70,000 plans. The Paychex Insurance Agency is nationally...

  • Page 9
    ...clients' ever-evolving needs. Fiscal 2015 was a very successful year. We look forward to an even greater year in fiscal 2016. My sincere thanks to the Paychex shareholders, Board of Directors, clients, and employees for their support. Sincerely, Martin Mucci President and CEO 2015 ANNUAL REPORT...

  • Page 10

  • Page 11
    ... now leans on Paychex for help with HR and employee benefits - including writing job descriptions, creating custom employee handbooks, and administering its 401(k) plan - and Paychex Insurance Agency to administer the salon's group health plan. A Paychex HR specialist, Rebecca, works with Julie on...

  • Page 12
    ... generate reports from job sites. Paychex HR Online also enables Conalvias' project managers to easily add new employees while giving employees selfservice access to pay stubs and tax documents, saving office staff invaluable time and effort. "It used to be that everyone had to come to me to request...

  • Page 13
    2015 ANNUAL REPORT I 11

  • Page 14
    ... from manual tasks and making processes quicker and less prone to error allows them to work on the other business-office functions." Though it's only been in place several months, Paychex Flex has already made an enormous difference in how staff members work. Employees 12 I 2015 ANNUAL REPORT

  • Page 15
    ... timesheets and can access payroll information and tax documents online instead of asking HR. Paychex Flex integrates with the system Holy Childhood uses to track billable hours, increasing accuracy and reducing time spent on data entry. The agency is now in the process of integrating Paychex Flex...

  • Page 16
    ... EXTENSIVE MENU OF SERVICES hen Josh and Jenna Miles need assistance with an administrative aspect of one of their restaurants - whether it's payroll, state unemployment insurance, or even employee health benefits - they contact the same small Paychex team dedicated to their account. That simplicity...

  • Page 17
    ...a number of services allows Josh and Jenna to work with a small, dedicated team that supports their account across multiple products, rather than having to call a different company for each service they need assistance with. View this and other client stories at: payx.me/clientstories 2015 ANNUAL...

  • Page 18
    ... level of flexibility for managing their payroll thanks to the new Dedicated Service Center (DSC), a team of Paychex employees who work afterhour shifts to provide 24/7 coverage for clients needing support. Clients reach the DSC when they call their branch after business hours and select...

  • Page 19

  • Page 20
    ..., D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2015 Commission file number 0-11330 Paychex, Inc. 911 Panorama Trail South Rochester, New York 14625-2396 (585) 385-6666 A Delaware Corporation IRS Employer...

  • Page 21
    ... on Accounting and Financial Disclosure ...Item 9A Controls and Procedures ...Item 9B Other Information ...PART III Item 10 Directors, Executive Officers and Corporate Governance ...Item 11 Executive Compensation ...Item 12 Security Ownership of Certain Beneficial Owners and Management and Related...

  • Page 22
    ... those supporting our technology and product development; • changes in the laws regulating collection and payment of payroll taxes, professional employer organizations, and employee benefits, including retirement plans, workers' compensation, health insurance (including health care reform...

  • Page 23
    ..., and single sign-on, including self-service options and mobility applications. The HCM product suite integrates recruiting and applicant tracking, employee onboarding, payroll, employee benefits and human resource administration, time and attendance, performance management, and retirement services...

  • Page 24
    ... suite of HCM solutions tied together by the Paychex Flex platform, or through our traditional mid-market platform. Clients using Paychex Flex Enterprise are offered a SaaS solution that integrates payroll processing with human resource management, employee benefits administration, time and labor...

  • Page 25
    ... reporting, participant and employer online access, electronic funds transfer, and other administrative services. Auto enrollment is an optional plan feature that allows employers to automatically enroll employees in their company's 401(k) plan and increase overall plan participation. Clients...

  • Page 26
    ... process for companies of all sizes. • Other human resource services and products: We offer the outsourcing of plan administration under section 125 of the Internal Revenue Code, allowing employees to use pre-tax dollars to pay for certain health insurance benefits and health and dependent care...

  • Page 27
    ... business community and provide a monthly regulatory update. Our Paychex Accountant Knowledge Center is a free online resource available through our website that brings valuable information and time-saving online tools to accounting professionals. The BuildMyBiz® website, which is available at www...

  • Page 28
    ... we also compete with other national, regional, local, and online service providers, all of which we believe have significantly fewer clients than us. In addition to traditional payroll processing and human resource service providers, we compete with in-house payroll and human resource systems and...

  • Page 29
    ... SEC. Also, copies of our Annual Report to Stockholders and Proxy Statement, to be issued in connection with our 2015 Annual Meeting of Stockholders, will be made available, free of charge, upon written request submitted to Paychex, Inc., c/o Corporate Secretary, 911 Panorama Trail South, Rochester...

  • Page 30
    ... the accurate and timely provision of services to our clients. This information includes bank account numbers, credit card numbers, tax return information, social security numbers, health care information, retirement account information, payroll information, and Paychex system passwords. In addition...

  • Page 31
    ...able to secure replacement contracts on competitive terms. Also, as a co-employer in the PEO, we assume or share many of the employerrelated responsibilities associated with health care reform, which may result in increased costs. Increases in costs not incorporated into service fees timely or fully...

  • Page 32
    ... Paychex, Inc. Employee Stock Purchase Plan and 5,043 participants in the Paychex, Inc. Employee Stock Ownership Plan. The high and low sale prices for our common stock as reported on the NASDAQ Global Select Market and dividends for fiscal 2015 and the fiscal year ended May 31, 2014 ("fiscal 2014...

  • Page 33
    ... is a group of companies with comparable revenue and net income, who are in a comparable industry, or who are direct competitors of Paychex (as detailed on the following page). STOCK PRICE PERFORMANCE GRAPH $300 $250 $200 $150 $100 $50 $0 2010 2011 2012 2013 2014 2015 Fiscal Year Ended May...

  • Page 34
    ...(direct competitor) Fiserv, Inc. The Western Union Company Total Systems Services, Inc. Global Payments Inc. The Brink's Company DST System, Inc. The Dun & Bradstreet Corporation Item 6. Selected Financial Data In millions, except per share amounts Year ended May 31, 2015 2014 (1) 2013 (2) 2012 2011...

  • Page 35
    .... Our SaaS solution through Paychex Flex Enterprise integrates payroll processing with human resource management, employee benefits administration, time and labor management, and applicant tracking and onboarding solutions. We offer a suite of complementary Human Resource Services ("HRS") products...

  • Page 36
    ..., financial advisors, and accounting partners. All Paychex services, including payroll, time and attendance, HR, benefits, training, and performance management, are accessible on a single cloudbased platform with Paychex Single Sign-On. The mobile apps within Paychex Flex give employers access to...

  • Page 37
    .... Paychex Time provides a mobile time punch app that offers the quickest mobile punch possible. The mobile interface for expense management provides clients and their employees with anytime, anywhere accessibility to view, review, and analyze expense reports, upload receipt images, and check on...

  • Page 38
    ...the Fiscal Years Ended May 31: In millions, except per share amounts 2015 Change 2014 Change 2013 Revenue: Payroll service revenue ...HRS revenue ...Total service revenue ...Interest on funds held for clients ...Total revenue ...Combined operating and SG&A expenses ...Operating income ...Investment...

  • Page 39
    ...client base for fiscal 2014. Human Resource Services revenue: HRS revenue was $1.0 billion for fiscal 2015 and $878.9 million for fiscal 2014, reflecting growth of 18% compared to each of the respective prior fiscal year periods. This growth was positively impacted by the minimum premium plan health...

  • Page 40
    ...: $ in billions As of May 31, 2015 Change 2014 Change 2013 Paychex HR Services client worksite employees ...Paychex HR Services clients ...Health and benefits services applicants ...Retirement services plans ...Asset value of retirement services participants' funds ... 858,000 31,000 142,000 70...

  • Page 41
    ... such as non-capital equipment, delivery, forms and supplies, communications, travel and entertainment, professional services, and other costs incurred to support our business. Other expenses increased due to costs relating to the new minimum premium plan health care offering in the PEO. In addition...

  • Page 42
    ... Lenders may require that collateral be transferred from the pooled account into segregated accounts for the benefit of such individual Lenders. The primary uses of the lines of credit would be to meet short-term funding requirements related to deposit account overdrafts and client fund obligations...

  • Page 43
    ... are not able to reasonably estimate the timing of future cash flows related to this liability and have excluded it from the table above. Certain deferred compensation plan obligations and other long-term liabilities reported in our Consolidated Balance Sheets amounting to $62.4 million are excluded...

  • Page 44
    ... functions, while Paychex and Advantage provide all centralized back-office payroll processing and payroll tax administration services. Under these arrangements, Advantage pays the Associates commissions based on processing activity for the related clients. When we acquired Advantage, there were...

  • Page 45
    ... primarily relate to timing of purchases, sales, or maturities of investments. The amount of funds held for clients will vary based upon the timing of collection of client funds, and the related remittance of funds to applicable tax or regulatory agencies for payroll tax administration services and...

  • Page 46
    ... million shares, and 2.4 million shares for fiscal years 2015, 2014, and 2013, respectively. Refer to Note D of the Notes to Consolidated Financial Statements, contained in Item 8 of this Form 10-K, for additional disclosures on our stock-based compensation plans. Other Recently adopted accounting...

  • Page 47
    ... benefit premiums. In fiscal 2014, with the addition of a new health care offering within the PEO, direct costs related to certain benefit plans where the Company retains risk were classified as operating expenses rather than as a reduction in service revenue. Interest on funds held for clients is...

  • Page 48
    ...award. Refer to Note D of the Notes to Consolidated Financial Statements, contained in Item 8 of this Form 10-K, for further discussion of our stock-based compensation plans. Income taxes: We account for deferred taxes by recognition of deferred tax assets and liabilities for the expected future tax...

  • Page 49
    ...value is less sensitive to interest rate changes. We manage the available-for-sale securities to a benchmark duration of two and one-half to three and three-quarters years. During fiscal 2015, our primary short-term investment vehicles were bank demand deposit accounts and VRDNs. We have no exposure...

  • Page 50
    ... an average duration of two and one-half to three and three-quarters years. The combined funds held for clients and corporate available-for-sale securities reflected a net unrealized gain of $13.6 million as of May 31, 2015, compared with an unrealized gain of $34.5 million as of May 31, 2014. Refer...

  • Page 51
    ... of available-for-sale securities as of May 31, 2015, would be in...required to sell these investments prior to that time. Our assessment that an investment is not other-than-temporarily impaired could change in the future due to new developments or changes in our strategies or assumptions related...

  • Page 52
    ... Description Page Report on Management's Assessment of Internal Control Over Financial Reporting ...Reports of Independent Registered Public Accounting Firms ...Consolidated Statements of Income and Comprehensive Income for the Years Ended May 31, 2015, 2014, and 2013 ...Consolidated Balance Sheets...

  • Page 53
    ... has audited the Consolidated Financial Statements included in this Annual Report on Form 10-K and the effectiveness of the Company's internal control over financial reporting as of May 31, 2015, and as a part of their integrated audit, has issued their report, included herein, on the effectiveness...

  • Page 54
    ... on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material...

  • Page 55
    ... of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the...

  • Page 56
    PAYCHEX, INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME In millions, except per share amounts Year ended May 31, 2015 2014 2013 Revenue: Service revenue ...Interest on funds held for clients ...Total revenue ...Expenses: Operating expenses ...Selling, general and administrative ...

  • Page 57
    PAYCHEX, INC. CONSOLIDATED BALANCE SHEETS In millions, except per share amount As of May 31, 2015 2014 Assets Cash and cash equivalents ...Corporate investments ...Interest receivable ...Accounts receivable, net of allowance for doubtful accounts ...Deferred income taxes ...Prepaid income taxes ......

  • Page 58
    ... Balance as of May 31, 2013 ...365.4 Net income ...Unrealized losses on securities, net of tax ...Cash dividends declared ...Repurchases of common shares ...(6.2) Stock-based compensation ...Stock-based award transactions ...3.8 Balance as of May 31, 2014 ...363.0 Net income ...Unrealized losses...

  • Page 59
    ... of businesses, net of cash acquired ...Purchases of other assets ...Net cash (used in)/provided by investing activities ...Financing activities Net change in client fund obligations ...Dividends paid ...Repurchases of common shares ...Equity activity related to stock-based awards ...Net cash used...

  • Page 60
    ... Paychex HR Essentials is an ASO product that provides support to the Company's clients over the phone or online to help manage employee-related topics. In connection with the automated payroll tax administration services, the Company electronically collects payroll taxes from clients' bank accounts...

  • Page 61
    ... impact on total accounts receivable, service revenue, or results of operations. Funds held for clients and corporate investments: Marketable securities included in funds held for clients and corporate investments consist primarily of securities classified as available-for-sale and are recorded...

  • Page 62
    ... payments for set-up fees from its clients. The Company defers revenue associated with these advance payments, recognizing the revenue and related expenses costs over the expected life of its clients. PEO revenue is included in service revenue and is reported net of certain direct pass-through costs...

  • Page 63
    ... not reported, and estimates of certain expenses associated with processing and settling the claims. The Company's maximum individual claims liability is $0.3 million under both its calendar 2015 and 2014 minimum premium health insurance plan policies. Amounts accrued related to the health insurance...

  • Page 64
    ...In November 2014, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2014-17, "Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force)." This guidance provides the option for an acquired entity...

  • Page 65
    ... value per share practical expedient and removes certain related disclosure requirements. This guidance is effective for annual reporting periods, including interim periods, beginning after December 15, 2015, and is applicable to the Company's fiscal year beginning June 1, 2016. Early adoption is...

  • Page 66
    ... Recognition." In addition, there are disclosure requirements related to the nature, amount, timing, and uncertainty of revenue recognition. This guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods, as recently amended, and...

  • Page 67
    ..., 2015 2014 2013 Interest income on corporate funds ...Interest expense ...Net loss from equity-method investments ...Investment income, net ...Note D - Stock-Based Compensation Plans $ 7.8 (0.7) (0.7) $ 6.4 $ 6.9 (1.1) (0.4) $ 5.4 $ 6.7 (0.1) - $ 6.6 The Paychex, Inc. 2002 Stock Incentive Plan...

  • Page 68
    ... pricing model. There were no performance stock options granted in fiscal 2015. The weighted-average assumptions used for valuation under the Black-Scholes model are as follows: Year ended May 31, 2014 2013 2015 2014 2013 Performance stock options Stock options Risk-free interest rate ...Dividend...

  • Page 69
    ... and the total grant-date fair value of performance stock options vested was $2.6 million. Restricted stock units: The Board grants restricted stock units ("RSUs") to non-officer management. An RSU is an agreement to issue shares at the time of vesting with no associated exercise cost. For each...

  • Page 70
    ... stock awards to the Company's officers and outside directors. All shares underlying awards of restricted stock are restricted in that they are not transferable until they vest. The recipients of the restricted stock have voting rights and earn dividends, which are paid to the recipient at the time...

  • Page 71
    ...occur directly through the Company's transfer agent and no brokerage fees are charged to employees, except for when stock is sold. The plan has been deemed non-compensatory and therefore, no stock-based compensation costs have been recognized for fiscal years 2015, 2014, or 2013 related to this plan...

  • Page 72
    ...31, 2015 Gross Gross unrealized unrealized gains losses Fair value In millions Type of issue: Funds held for clients money market securities and other cash equivalents ...Available-for-sale securities: General obligation municipal bonds ...Pre-refunded municipal bonds(1) ...Revenue municipal bonds...

  • Page 73
    ...Balance Sheets is as follows: May 31, In millions 2015 2014 Funds held for clients ...Corporate investments ...Long-term corporate investments ...Total funds held for clients and corporate investments ... $4,273.4 366.6 399.8 $5,039.8 $4,198.6 398.7 385.6 $4,982.9 The Company's available-for-sale...

  • Page 74
    ... future due to new developments or changes in the Company's strategies or assumptions related to any particular investment. Realized gains and losses from the sale of available-for-sale securities were as follows: In millions Year ended May 31, 2015 2014 2013 Gross realized gains ...Gross realized...

  • Page 75
    ... in funds held for clients and corporate investments consist primarily of securities classified as available-for-sale and are recorded at fair value on a recurring basis. The Company's financial assets and liabilities measured at fair value on a recurring basis were as follows: May 31, 2015 Quoted...

  • Page 76
    ...securities. The Company has not adjusted the prices obtained from the independent pricing service. Assets included as other are mutual fund investments, consisting of participants' eligible deferral contributions under the Company's non-qualified and unfunded deferred compensation plans. The related...

  • Page 77
    ...240.9 2.6 243.5 202.9 $ 40.6 During fiscal 2015, the Company acquired intangible assets with weighted-average amortization periods as follows: customer lists - 8.0 years; other intangible assets - 3.0 years; and total - 7.6 years. Amortization expense relating to intangible assets was $14.5 million...

  • Page 78
    ...forward ...Depreciation ...Stock-based compensation ...Other ...Gross deferred tax assets ...Deferred tax liabilities: Capitalized software ...Depreciation ...Goodwill and intangible assets ...Revenue not subject to current taxes ...Unrealized gains on available-for-sale securities ...Other ...Gross...

  • Page 79
    PAYCHEX, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The components of the provision for income taxes are as follows: In millions 2015 Year ended May 31, 2014 2013 Current: Federal ...State ...Total current ...Deferred: Federal ...State ...Total deferred ...Income taxes ... $341.4...

  • Page 80
    ...of applicable taxes, related to available-for-sale securities is the primary component reported in accumulated other comprehensive income in the Consolidated Balance Sheets. The changes in accumulated other comprehensive income are as follows: In millions Year ended May 31, 2015 2014 2013 Beginning...

  • Page 81
    ... fiscal years 2015, 2014, and 2013, respectively. Note L - Employee Benefit Plans 401(k) plan: The Company maintains a contributory savings plan that qualifies under section 401(k) of the Internal Revenue Code. The Paychex, Inc. 401(k) Incentive Retirement Plan (the "Plan") allows all employees to...

  • Page 82
    ... Lenders may require that collateral be transferred from the pooled account into segregated accounts for the benefit of such individual Lenders. The primary uses of the lines of credit would be to meet short-term funding requirements related to deposit account overdrafts and client fund obligations...

  • Page 83
    ... million, respectively, of data processing equipment and software from EMC Corporation. The Chairman, President, and Chief Executive Officer of EMC Corporation is a member of the Company's Board. During fiscal years 2015, 2014, and 2013, the Company purchased approximately $1.7 million, $1.3 million...

  • Page 84
    PAYCHEX, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Note O - Quarterly Financial Data (Unaudited) In millions, except per share amounts Fiscal 2015 August 31 Three Months Ended November 30 February 28 May 31 Full Year Service revenue ...Interest on funds held for clients ...Total...

  • Page 85
    ... gains on the combined funds held for clients and corporate investment portfolios. (3) With the introduction of the new health insurance offering within the PEO during fiscal 2014, the Company began classifying PEO direct costs related to certain benefit plans where the Company retains risk as...

  • Page 86
    ... the objective of ensuring that information required to be disclosed in the Company's reports filed under the Exchange Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures are also...

  • Page 87
    ..., Mr. Bottini served in a variety of sales leadership and field management roles. Mr. Gibson joined Paychex in May 2013 as Senior Vice President of Service. Prior to joining the Company, Mr. Gibson served as President and Chief Executive Officer for AlphaStaff, a national provider of human resource...

  • Page 88
    ...set forth below and in the Company's Definitive Proxy Statement for its 2015 Annual Meeting of Stockholders, anticipated to be held on or about October 14, 2015, under the section "BENEFICIAL OWNERSHIP OF PAYCHEX COMMON STOCK," and under "Equity Compensation Plan Information" within "PROPOSAL 3 - TO...

  • Page 89
    ... from Exhibit 10.18 to the Company's Form 10-K filed with the Commission on July 16, 2010. (10.8) Paychex, Inc. 2002 Stock Incentive Plan (as amended and restated effective October 12, 2005) Form of Non-Qualified Stock Option Award Agreement (Officer), incorporated herein by reference from Exhibit...

  • Page 90
    ....25 to the Company's Form 10-K filed with the Commission on July 15, 2011. Form of Indemnity Agreement for Directors and Officers, incorporated herein by reference from Exhibit 10.1 to the Company's Form 10-Q filed with the Commission on March 28, 2012. Paychex, Inc. Board Deferred Compensation Plan...

  • Page 91
    ... requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on July 21, 2015. PAYCHEX, INC. By: /s/ Martin Mucci Martin Mucci President and Chief Executive Officer...

  • Page 92
    PAYCHEX, INC. ELEVEN-YEAR SUMMARY OF SELECTED FINANCIAL DATA In millions, except per share amounts Year ended May 31, 2015 2014 2013 2012 2011 Results of operations Revenue: Service revenue ...Interest on funds held for clients ...Total revenue ...Total expenses ...Operating income ...Investment ...

  • Page 93
    2010 2009 2008 2007 2006 2005 $1,945.8 55.0 2,000.8 1,276.0 724.8 4.5 $ 729.3 $ 477.0 $ 1.32 $ 1.32 361.4 361.7 $ 1.24 $ 61.3 $ 656.9 $5,226.3 $ - $1,402.0 34% $2,007.3 75.5 2,082.8 1,277.6 805.2 6.9 $ 812.1 $ 533.5 $ 1....

  • Page 94
    ... Paychex Investor Relations, please contact: Paychex Investor Relations 911 Panorama Trail South Rochester, NY 14625-2396 or call 1-800-828-4411 Paychex, Inc. financial materials can be accessed at http://investor.paychex.com. Locations Information about our locations throughout the U.S. and Germany...

  • Page 95
    ...of EMC Corporation • Joseph M. Velli Retired financial services and technology executive OFFICERS • Martin Mucci President and Chief Executive Officer • Efrain Rivera Senior Vice President, Chief Financial Officer, and Treasurer • Mark A. Bottini Senior Vice President, Sales • John Gibson...

  • Page 96
    ... partner with America's businesses. We act with uncompromising integrity. We provide outstanding service and build trusted relationships. We drive innovation in products and services and continually improve processes. We work in partnership and support each other. We are personally accountable and...

  • Page 97
    ....com 911 Panorama Trail South, Rochester, New York 14625 twitter.com/paychex facebook.com/paychex linkedin.com/company/paychex Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining...