Paychex 2016 Annual Report Download - page 19

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PART I
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS PURSUANT TO THE
UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain written and oral statements made by management of Paychex, Inc. and its wholly owned
subsidiaries (“we,” “our,” “us,” “Paychex,” or the “Company”) 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 “we expect,”
“expected to,” “estimates,” “estimated,” “current outlook,” “we look forward to,” “would equate to,” “projects,”
“projections,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “believe,” “could be,” and other
similar 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 conditions 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 following:
• general market and economic conditions including, among others, changes in U.S. employment and wage
levels, changes to new hiring trends, legislative changes to stimulate the economy, changes in short- and
long-term interest rates, changes in the fair value and the credit rating of securities held by us, and
accessibility of financing;
• changes in demand for our services and products, ability to develop and market new services and products
effectively, pricing changes and the impact of competition;
• changes in the availability of skilled workers, in particular 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 legislation), state unemployment, and section 125 plans;
• changes in health insurance and workers’ compensation rates and underlying claim trends;
• changes in technology that adversely affect our services and products and impact our ability to provide
timely enhancements to services and products;
• the possibility of a security breach that disrupts operations or exposes client confidential data;
• the possibility of failure of our operating facilities, computer systems, and communication systems during
a catastrophic event;
• the possibility of third-party service providers failing to perform their functions;
• the possibility of a failure of internal controls or our inability to implement business processing
improvements;
• the possibility that we may be subject to liability for violations of employment or discrimination laws by
our clients and acts or omissions of client employees who may be deemed to be our agents, even if we do
not participate in any such acts or violations; and
• potentially unfavorable outcomes related to pending or future (possible) legal matters.
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