Q4 2019

Fourth Quarter and Full Year Fiscal 2019 Highlights

Total revenue increased 16% to $980.4 million for the fourth quarter; 12% to $3.8 billion for fiscal
2019.

Total service revenue increased 16% to $958.2 million for the fourth quarter; 11% to
$3.7 billion for fiscal 2019.

Interest on funds held for clients increased 25% to $22.2 million for the fourth quarter; 27%
to $80.6 million for fiscal 2019.

Operating income increased 4% to $314.5 million for the fourth quarter; 6% to $1.4 billion for
fiscal 2019. Adjusted operating income(1) increased 4% for fiscal 2019 to $1.4 billion.

Net income increased 6% to $230.4 million for the fourth quarter; 4% to $1.0 billion for fiscal
2019. Adjusted net income(1) increased 10% to $228.1 million for the fourth quarter; 11% to
$1.0 billion for fiscal 2019.

Diluted earnings per share increased 7% to $0.64 per share for the fourth quarter; 4% to $2.86
per share for fiscal 2019. Adjusted diluted earnings per share(1) increased 9% to $0.63 per share for the fourth quarter; 11% to $2.84 per share for fiscal 2019.

https://www.paychex.com/sites/default/files/2019-06/investors-2019-4q.pdf

Paychex, Inc. (NASDAQ:PAYX) released its quarterly earnings results on Wednesday, June, 26th. The business services provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.65 by $0.02. The business services provider earned $980.40 million during the quarter, compared to analysts' expectations of $978.94 million. Paychex had a return on equity of 43.20% and a net margin of 28.19%. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS.

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