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Paychex, Inc. Reports Third Quarter Results
Third Quarter Fiscal 2018 Highlights
- Total revenue increased 9% to $866.5 million.
- Payroll service revenue increased 2% to $455.0 million.
- Human Resource Services revenue increased 17% to $393.4 million.
- Interest on funds held for clients increased 37% to $18.1 million.
- Operating income decreased 5% to $292.5 million and adjusted operating income(1) increased 6% to $325.1 million.
- Net income increased 29% to $260.4 million and adjusted net income(1) increased 14% to $227.5 million.
- Diluted earnings per share increased 29% to $0.72 per share and adjusted diluted earnings per share(1) increased 15% to $0.63 per share.
- Adjusted operating income, adjusted net income, and adjusted diluted earnings per share are not United States (“U.S.”) generally accepted accounting principles (“GAAP”) measures. Please refer to the “Non-GAAP Financial Measures” section starting on page 5 of this press release for a discussion of these non-GAAP measures and a reconciliation to the most comparable GAAP measures of operating income, net income, and diluted earnings per share.
Rochester, N.Y., (March 26, 2018) — Paychex, Inc. today announced total revenue of $866.5 million for the three months ended February 28, 2018, an increase of 9% from $795.8 million for the same period last year. The acquisition of HR Outsourcing Holdings, Inc., completed during August 2017, contributed approximately 3% to the total revenue growth for the third quarter. Net income and diluted earnings per share each increased 29% to $260.4 million and $0.72 per share, respectively, for the third quarter.