Paychex, Inc. Reports Third Quarter Fiscal 2019 Results
Rochester, N.Y. — Paychex, Inc. today announced total revenue of $1.1 billion for the three months ended February 28, 2019, an increase of 14% from $0.9 billion for the same period last year. Excluding the acquisition of Oasis Outsourcing Group Holdings, L.P., completed during December 2018, total revenue increased approximately 7% compared to the same period last year. Net income decreased 12% to $324.6 million and diluted earnings per share decreased 11% to $0.90 per share for the third quarter. Adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, each increased 3% to $322.4 million and $0.89 per share, respectively, for the third quarter. Adjusted net income and adjusted diluted earnings per share for the three months ended February 28, 2018 exclude the impact of the termination of certain license agreements and certain one-time net tax benefits recognized as a result of the Tax Act enacted in December 2017 related to the revaluation of net deferred tax liabilities. In addition, adjusted net income and adjusted diluted earnings per share for both the third quarter and the three months ended February 28, 2018 exclude the impact of excess tax benefits related to employee stock-based compensation payments. See the “Non-GAAP Financial Measures” section starting on page 5 of this press release for further discussion of these non-GAAP measures. View the full news release.