Click Paychex Flex on the left side of the page. And what are you seeing on the ROI front? 10. 40% of Bond Premium Per … So the short answer Ramsey is that, no, it doesn’t include the impacts of any stimulus, it’s a little bit tough to gauge, but it would be a net positive. 1. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. To become more efficient, the fastest-growing companies were most likely to use new technology to improve customer service (47%), communicate and collaborate more effectively (45%), improve recordkeeping (34%), and boost sales (32%).1, Employees face a new reality as well. Just thinking about their — the size of that installed customer base is probably similar in scale to your installed base. I wonder, Marty or Efrain, is part — just, it feels like based on the transition to the cloud that part of that is clearly structural. Is a Beat in the Cards for Paychex (PAYX) in Q2 Earnings? Diluted earnings per share increased 6% to $3.04 per share. So that’s — I think it’s going to be record breaking through the year, but it could be closed depending on what happens with the stimulus. Our HR innovations are helping clients support employees, whether they’re in the office or working remotely, by managing critical communications, keeping them engaged, and helping them stay productive. We wanted to see what macro environment we’re in. This is going to lower their cost, allow it to be much more accessible to those who didn’t quite step up to it. Thank you. At this point, we will close the call. We’re hopeful, obviously, over time that in the relationship with Paychex, we can nurture them. And then, hate to ask this, but just any sort of commentary with regards to solar wins and what your checks have shown thus far? Our COVID-19 Help Center on Paychex.com provides timely information to businesses dealing with this evolving situation, including detailed webinars, podcasts, reports, and articles on essential topics related to the recovery. Do you want to just move your payroll data and everything right to Biz2Credit so that they can approve your loan probably the same day? This reflected our long-term growth as a leading provider of human resources (HR) outsourcing and consulting, payroll, retirement and employee benefits, and insurance. The forgiveness is going to be even better than before, particularly if you’re on the low end. They can also administer self, peer, and manager self-service options, workflows, and approvals, as well as review and approve HR changes, capture e-signatures for direct deposit and Forms W-4, and access reports, check stubs, tax documents, employee profiles, and time-off balances. And then, when I think about how we modeled it out, at least we have a little bit lower now a third quarter, but a stronger fourth quarter. Hi, good morning. I think what you’re finding is both people shifting in the pandemic to new business opportunities and those starting new businesses. Net income increased 5% to $272 million and adjusted net income increased 4% to $265 million for the quarter. So while we’ve had presentations and there has been some hesitancy to kind of close the deal from the client perspective, I think they’re a little concerned probably waiting to see what Congress does, what kind of stimulus there is, what’s happening with demand. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And so, we have benefited from the fact that we not only have been able to increase unit sales, but also increase penetration of services within the base. Paychex, Inc. is a recognized leader in the payroll, human resource, and benefits outsourcing industry, with a steadfast commitment to success and a record … If I think about the strong bookings commentary for the last several quarters, I know you’ve mentioned that digital sales have been a big contributor. Now, let me talk about the third quarter. So obviously, the stimulus, the first one made a big difference for holding clients over and until things pick back up and I think the second one will do the same thing and it’s very targeted to small and — kind of on the smaller end of mid-sized businesses, which is even better and has better parameters from what we can see, at least that was signed or approved by Congress for forgiveness for loans as well. The decrease was driven by lower net income and fluctuations in working capital, including an increase in accounts receivable, which drove most of that, and that is parallel to our recovery in our revenue. earnings Paychex currently receives 10bps multiplied by the daily average balance of funds in the Master Custody Account from the bank in which the funds are held. Let’s talk about financial position. Efrain will review our second quarter financial results and provide an update on our outlook for fiscal 2021 and then we’ll open it up for your questions. Categories Earnings Call Transcripts, Technology, Paychex, Inc. (NASDAQ: PAYX) Q2 2021 earnings call dated Dec. 23, 2020, Martin Mucci — President, Chief Executive Officer and Director, Efrain Rivera — Senior Vice President, Chief Financial Officer and Treasurer, Jason Kupferberg — Bank of America — Analyst, Andrew Nicholas — William Blair — Analyst, Kartik Mehta — Northcoast Research — Analyst, Jeff Silber — BMO Capital Markets — Analyst, Matthew O’Neill — Goldman Sachs — Analyst. Another significant way we helped businesses respond to the COVID-19 pandemic was by sharing the latest information about changing federal and state laws and regulations. We also set a record with operating income of Thanks again. I would say, Jeff, the other thing that I called out probably when in response to someone’s answer. First, it’s a referral relationship. Thank you. — Laurie Zaucha, Paychex vice president of human resources and organizational development, 1. We previously guided to a decline in the range of 1% to 3% with a bias toward the high end of that range. How can they stay compliant with changing laws and regulations depending on the state(s) where they operate? "- Lisa Jewell, Crown Jewell. Hi. We’re personally accountable and deliver on our commitments. Paychex. Our Apple Watch and Google Assistant device integration now allows employees to access their HR and payroll information easily without even logging on to their phone or PC. Remarks. I guess when you think about all the discussion around business formations, working with a platform like Clover, small business start-ups, and again if you talked about this in prior calls, I apologize, but just sort of thinking about the platform concept and the ease of which people can start a business and who they sort of go-to for maybe some of those initial critical functions, should we think about more Clover-like partnerships? We went up a little bit in head count, low single digits for overall sales and we’ve continued to mix — while pre-pandemic, we continued to mix and plan for in-house sales, telephonic sales and online sales versus feet on the street. Paychex assumes responsibility for tracking, reporting, and paying a client's federal, state and local tax … There is always a risk of some cannibalization of single-employer plans, but I think there is going to be a world for both of them that are out there and we may capture a lot more customers, prospects that have not had a 401(k) but now will jump in. And I suspect we’ll have more to say when we get to third quarter [Technical Issues] season. Thank you, Marty. Total revenue declined 1% to $984 million, that basically is the impact of further declines in interest on funds held for clients. You may have seen we’ve also gotten into TV advertising even for the brand and getting the brand out there. Just had one question on sort of the structural positioning for the long term. We monitor changes to federal and state laws and regulations, provide resources through our COVID-19 Help Center, and update our interactive state guidance tool on a daily basis. New … Have a blessed holiday guys. I don’t know, too early to call on them, Steven. Adjusted diluted earnings per share increased 10% to $2.03 per share. And also we prefer to be a little bit more conservative on underwriting as we get into the back half of the year and we see what the environment looks like. So yeah, we’re seeing it. Thanks for squeezing me and I know the call is getting long and happy holidays as well. I think one of the things that the pandemic has done for us and our clients is, they’ve been able to see the full value of being with Paychex. For Paychex and our clients, the future of work is here now. Adjusted operating margin is expected to be in the range of 37% to 38%. Thank you. Thank you. All of those, all of those products are doing very well. Net income rose 5% to $272.4 million while EPS rose Total revenue decreased 1% year-over-year to $983.7 million. Have a happy holiday season. Thank you. We’re making of it what all of us can make of it to make it a good time. Just maybe one follow-up to, I think something that Ramsey had asked about, the sort of baking in a stimulus and other factors. Paychex employees adapted to new ways of working by communicating the way clients preferred — over the phone, through chat, or in online meetings when that was most effective. So, we have been a bit tighter than we have. Shareholders received $899 million in dividends, or $2.48 per share, in fiscal 2020, representing 82% of net income. Under Custom Options, find Select Employee (s) and click All Employees. Paychex Dividend Safety. We couldn’t be prouder to be Paychex — right here, right now — and we’re excited to see what our people will continue to accomplish in the future. Employee earnings statements complete with current pay period and year-to-date wages, taxes, and adjustments. Great. Paychex was the first to provide clients with a Paycheck Protection Program (PPP) payroll report, available directly through their Paychex Flex login, that simplified the loan application process by automatically uploading their payroll data. The second thing is, I called out in my comments, what we’re seeing is much lower workers’ comp and SUI rates. Adjusted net income excludes one-time costs in the tax benefit from stock-based comp payments. And then for sales, I also think that’s going to help us. Marty will take the second. We drive innovation in our products and services and continually improve our processes. For example, an employee has 20 other wage hours. To help clients quickly access employee data and make informed business decisions, our new live reports provide improved visibility on important topics ranging from job costing and labor distribution to workers’ compensation, employee change history, OSHA documentation, and HR requests through our conversations feature. Jun 12, 2007 9:00am EDT. We continue to see an opportunity for growth in HR services far into the future, particularly in our PEO. Sign in to your Paychex Payroll account.. Click Paychex Flex on the left side of the page.. From here, click on Dashboard > Analytics & Reports > All Reports.. Once All Reports is selected, click on Employee Earnings Records.. Operating income increased 6% from 2018. The issue really is the non-processing clients. We’ve seen a lot of other new upstart businesses get started or change what they were doing and create a new business. Great. So it really has helped and so there has been a very high energy in the sales force, an opportunity for them all to sell HR and it was perfect timing. So if you look at our worksite employees across all of our platforms that provides HR support, our worksite employees [Indecipherable]. First, I wanted to clarify on client retention, are you assuming that it’s going to remain at record levels in your second half outlook? They improved sequentially from first quarter. Yeah. While HR trends such as remote work and employee self-service were slowly becoming part of the workplace, the effects of the COVID-19 pandemic accelerated the shift. Our HR professionals helped clients apply for vital funding through sources like the federal Paycheck Protection Program (PPP), worked with clients to transition employees to work from home, and continue to provide clarity on how their employees can work safely and in compliance with federal, state, and local guidelines. Digital, as Efrain mentioned to the question a little bit earlier, digital has worked very well from us where it’s going to get completely to the point of sale setup is available, you can search, demo the product and sign yourself up, that’s already available with our SurePayroll platform and Flex is moving that way as well. Sure enough a new report from the payroll company Paychex shows continued wage growth for small business employees as 2019 comes to a close. That strength of digital — strength of digital sales, marketing and a lot of the efforts that we put into the platform over the last several years, that’s part one. — Mike Gioja, Paychex SVP of IT and product development, Paychex has been recognized by the Ethisphere Institute as one of the World’s Most Ethical Companies 12 times, and consecutively since 2012. It’s funny, it’s like you were looking over my shoulder when I was scribbling notes this morning before the call. Paychex, Inc.'s Business Is … Seeing the need for assistance with applying for PPP loans, we quickly enhanced Paychex Flex to be the first first human capital management (HCM) platform to provide clients with a detailed PPP payroll report. So the economics we feel are still going to be very good. Net income for the fourth quarter was $911.3 million, or $4.10 per, Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. Thank you. We were able to pre-populate all their reports, the forgiveness application was pre-populated and signature ready with adding just a few bits and now that’s even easier that we’re going to tie them into the fintech lenders as well. Easy-to-Understand Payroll Reports 10 11. So, just maybe help us understand how our relationship like that — Is that more of a technology partnership or does that — is there an economic relationship there as well? Appreciate it. Management Solutions revenue year-over-year is expected to be in the range of a decline of 1% to growth of 1%. The Payroll API provides all the capabilities needed to integrate pay data with Paychex Flex. [Operator Instructions]. Happy holidays to you. Total revenue increased 7% from 2016. So they could handle — they could improve productivity, they could have better retention of their employees, they could still develop them, train them, onboard them, they can do — they can handle all kinds of time and attendance measures. So the short answer to your question on Management Solutions is that, Management Solutions has a HR outsourcing and the ASO model in that revenue stream has got retirement services in that stream, other modules of Flex including and very importantly, time and attendance in that revenue stream and then some other items. Maybe first one, I think the announcement with Fiserv Clover was interesting. Yeah. Turning to the second half of the fiscal year. Schedules First Quarter Fiscal 2021 Earnings Release Conference Call for October 6, 2020 vendredi, 11 septembre 2020 yahoo. Interest on funds held for clients were down 25% for the quarter to $15 million due to lower average interest rates, average investment balances and realized gains. Adjusted diluted earnings per share increased 6% to $3.00 per share. So I think a good ROI return of our investment there. Thanks to our continuing focus on product and service innovation, our clients are making a smooth transition to the new workplace demanded by the state of business today. Years ago, we recognized a shift — and an opportunity — occurring in the workplace. Net income increased 5% to $272 million and adjusted net income increased 4% to $265 million for the quarter. Hey, thanks, good morning guys. Diluted earnings per share increased 13% to $2.09 per share. We’ve gotten positive feedback from the employees on the support and I think there will be continued productivity gains to get there. Your next question is from Tim Willi of Wells Fargo. If one of the positives, there can be a positive in this environment for businesses was that they could see the full value of Paychex and the service that we bring. So I think you’re seeing — we’re seeing the typical same number of months free upfront or over the first year kind of thing. Martin also commented on client retention in light of the pandemic. We also introduced new live reports in fiscal 2020 that are easily searchable online. We also see strong demand for HR Solutions and HR Outsourcing, which we deliver through both our ASO and PEO models. I just wanted to see how you were thinking about it. And I know you had characterized it as, the next six months are not going to be quite as robust as the last six months, but if I think about the sensitivity to the upside and downside if stimulus added in, as you see it is a slight net benefit. We hope you’ll join us as we continue delivering the future of work, today. And then also just how conducive is the market right now for starting a brand new PEO relationship? Great. Key highlights from Autodesk (ADSK) Q4 2021 earnings results, Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%, Virgin Galactic stock tanks on delayed test flight. Our investments in iris recognition technology are more important than ever during the COVID-19 pandemic. Connecting with Clover moved us back in the decision making a little bit earlier, which we’ve always been looking at, which says that, hey, I might not be ready for payroll yet when one of our sales reps directly goes to someone, but what it does is say that, hey, I did get my merchant processing and wow, now I see Paychex show up on the Clover platform that I’m used to. Will it go the other way? Next on capital allocation. We’re — obviously, there is the cross-selling right off the bat, so yes, Clover is reaching out to their client base immediately and letting them know when they’ve already started issuing emails to their client base to say, hey, we’re connected to Paychex, this is an easy set up to go to Paychex, we will transfer data back and forth, you have Flex and Clover in sync. These investments have proved valuable in helping our clients transition employees to a work-from-home environment and prepare them for the future of the workplace. The first thing is, our sales unit or our volumes in — on HCM have been up this — the first six months. For Paychex and our clients, the future of work is here now. Currently, 96% of HR leaders have said they’re involved with ensuring regulatory compliance.1 On April 2, 2020, we launched an online COVID-19 Help Center to support HR managers and business owners with the invaluable input of our compliance, risk, and legal teams, as well as our subsidiaries Oasis and SurePayroll. … It’s just nice to have someone who’s reading up, does their research, and helps make sure you’re in compliance with all the rules, regulations, laws — and that’s something that’s been a big help.”. Anything you can say about kind of the growth rate in that business over the past couple of quarters? Yeah, sure. Good morning, guys, and happy holidays. For businesses to be allowed to operate, they need to understand and comply with complex federal, state, and local guidelines — sometimes in multiple states with conflicting rules. How should we think about — are there any interesting dynamics that you’ve seen on the cohorts that have been coming through digital versus direct sales? Obviously, the second quarter was better than expected. It remains strong with cash, restricted cash and total corporate investments of $963 million and total borrowings of $804 million as of November 30, 2020. Address Line 2. Total revenue expected to be in the range of a decline of 3% to flat or even with last year, we previously guided to a decline in the range of 2% to 4%. Have a great holiday. So, while the cost to set up and serve maybe slightly what will be maybe more, the revenue opportunity is more. We followed that achievement by providing direct client access to third-party lenders, creating one of the most comprehensive PPP loan forgiveness estimators in the industry, and generating a signature-ready PPP Loan Forgiveness Application to simplify the loan forgiveness process for our clients. Where can they find help with financing? Thank you for your continued investment in Paychex. So I think it’s going to be positive. So Marty, I was just — how are you thinking about the absolute level of go-to-market spending relative to other periods? And then on the revenue side, are you seeing more sustainable opportunities may be for more sticky revenue to lift the based on the other side of the pandemic? Ladies and gentlemen, thank you for standing by, and welcome to the Paychex’s Q2 FY ’21 Earnings Conference Call. Paychex has made sure clients are prepared for this trend with our mobile-first Paychex Flex platform. And this, instead of telling the client, hey, we’re going to be a record keeper but here is — you’re going to go to a financial advisor to do this or that, we can now say, look, we’ll set up basically the whole thing for you with some partnerships and we can take care of all of it at a lower cost. The COVID-19 pandemic has had a serious effect on businesses across the country, with ramifications that will change the future of work. Total revenue decreased 1% year-over-year to $983.7 million. ", Providing Client Service in Challenging Times, Paychex Pulse of HR Survey: Stepping Up to Lead, Peer Insights for Rebuilding Your Team: Tips and tools from 300 business leaders for bringing staff back together safely and efficiently, Peer Insights to Help SMBs Get Back to Business: How small and medium-sized businesses are retooling, rebuilding, and returning to work. As a result, more than 110,000 of its clients (over one in six) have been with the company for over 10 years, and client retention remained over 80% last … We’d still have a very strong retention number, but it wouldn’t be record-breaking. Paychex is well-positioned to meet these demands and many others thanks to our leading positions in HR, payroll, time and attendance, and insurance, as well as our strong financial position and nearly 50 years of experience.
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