Paychex Inc - PAYX STOCK NEWS

The latest Paychex | IHS Markit Small Business Employment Watch reports a continued slowdown in hiring at U.S. small businesses, marking the fifth consecutive month of decline. The Small Business Jobs Index dropped by 0.66% to 100.14. Average hourly earnings growth has also eased to 5.08% from 5.13% in June. Despite the overall slowdown, demand for workers remains strong, particularly in the South, which leads in job growth and earnings. The report highlights North Carolina as the top state for job growth, while Florida leads in hourly earnings.

Paychex, a leader in human capital management solutions, released research on employee retention, highlighting job stability and meaningful work as key factors influencing employees' decisions to stay with companies. The study surveyed over 600 U.S. workers, revealing that 30% prioritize job stability, while 45% value meaningful work. It also noted a significant need for flexible work arrangements, with 35% of respondents ranking flexibility as their top reason for remaining at an organization. Health insurance and retirement plans are crucial for long-term retention, with the importance of mental health benefits rising among younger employees.

Aircall announces the appointment of Michael Haske as CEO effective September 2, 2022, succeeding co-founder Olivier Pailhes. Haske, with extensive experience in cloud software from his role at Paylocity, takes the helm as Aircall reaches $100 million in Annual Recurring Revenue (ARR) and a valuation exceeding $1 billion. Pailhes will remain on the board as a strategic advisor. Haske aims to leverage his experience to drive global growth and enhance Aircall’s cloud communications solutions, continuing its mission to empower professional conversations.

Paychex, Inc. (NASDAQ:PAYX) announced a quarterly dividend of $.79 per share, payable on August 25, 2022, to shareholders recorded by August 11, 2022. This reflects the company's ongoing commitment to returning value to shareholders. With over 730,000 payroll clients, Paychex continues to provide integrated human capital management solutions across the U.S. and Europe, demonstrating resilience and growth in its operational services.

In June 2022, small businesses showed positive job growth with the Small Business Jobs Index at 100.81, a 2.32% increase year-over-year, though it declined 0.06% from May. The average hourly earnings growth remained strong at 5.10%, slightly down from 5.16% in May. The South led in job and earnings growth, particularly in Texas and Dallas. The leisure and hospitality sector maintained the highest hourly earnings growth for 16 consecutive months, with construction also achieving record-level growth.

Paychex reported strong financial results for the fourth quarter and fiscal year 2022, with total service revenue increasing by 11% to $1.13 billion and total revenue rising by 11% to $1.14 billion. Fiscal year revenue reached $4.61 billion, a 14% increase. Key metrics include operating income of $394 million, a 26% increase year-over-year, and diluted earnings per share of $3.84, up 27%. The company maintains a robust financial position with cash and investments totaling $1.3 billion. For fiscal 2023, Paychex anticipates revenue growth of 7% to 8% and adjusted diluted EPS growth of 9% to 10%.

Paychex has reached a significant milestone by serving over 100,000 401(k) clients, administering plans for 103,595 as of April 2022. The company has maintained its position as the largest 401(k) recordkeeper in the U.S. for 11 consecutive years. This growth is partly attributed to the introduction of the Pooled Employer Plan (PEP) in early 2021, offering business owners a simple and cost-effective 401(k) option. Paychex's services include efficient integration, participant accessibility, fee transparency, and a mobile-first approach, catering to small and mid-sized businesses.

Paychex, Inc. (Nasdaq: PAYX) is set to release its financial results for the fourth quarter and full year ending May 31, 2022, before the markets open on June 29, 2022. A conference call will follow at 9:30 a.m. ET to discuss the results, featuring CEO Martin Mucci and other executives. Paychex provides integrated human capital management solutions, serving over 710,000 payroll clients in the U.S. and Europe as of May 31, 2021.