Paychex 2014 Annual Report Download - page 83

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
(1) The amounts reported for service revenue and total revenue for the first through third quarters of fiscal 2014
differ from that reported in the Company’s Quarterly Reports on Form 10-Q (“Form 10-Q”), as a result of
the PEO direct cost adjustment. There was no impact to operating income from this change. The correction
for the PEO direct cost adjustment was not material to any prior interim period in fiscal 2014. Service
revenue, as reported in the Company’s Form 10-Qs was $597.9 million, $600.5 million, and $626.0 million
for the first, second, and third fiscal quarters of fiscal 2014, respectively. Total revenue, as reported in the
Company’s Form 10-Qs was $607.9 million, $610.5 million, and $636.5 million for the first, second, and
third fiscal quarters of fiscal 2014, respectively.
(2) Each quarter is a discrete period and the sum of the four quarters’ basic and diluted earnings per share
amounts may not equal the full year amount.
(3) Total net realized gains on the combined funds held for clients and corporate investment portfolios.
(4) In the fourth quarter of fiscal 2013, the Company increased its tax provision related to the settlement of a
state income tax matter. This reduced diluted earnings per share by approximately $0.04 per share.
(5) In fiscal 2013, the Company accelerated the payment of dividends to December 2012. These dividends
would have normally been paid in February 2013 and May 2013.
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