Paychex, Inc. (“Paychex,” “we,” “our,” or “us”) will provide a business update in response to the impact from COVID-19 and an update to our outlook for the fiscal year ending May 31, 2020 (“fiscal 2020”).
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Martin Mucci, President and Chief Executive Officer, commented, “As the COVID-19 situation continues to evolve, our primary focus continues to be the health and safety of our employees and supporting our clients and communities. We are committed to helping businesses navigate the impacts of COVID-19 and proactively supporting our clients with the highest level of service and technology. Our service levels and client satisfaction remain strong as we work to help our clients and their employees with changes to their business model and position them with products to be successful as their businesses reopen. We have a team of compliance professionals working with federal, state, and local officials to advocate for the interests of our clients and ensure we are well positioned to help them meet the requirements of any new support programs and regulations.”
Mucci added, “Our blend of technology and service provides valuable tools and resources to assist our clients and their employees during this critical time. The technology investments we have made in our Paychex Flex payroll and human resource suite of products positioned us to service our clients well and support them in managing a remote workforce. We have also experienced a significant increase in the utilization of our five-star rated mobile app. While the impact on the economy of COVID-19 is severe, we are pleased to see early signs of moderation and stabilization in our key business metrics.”
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Outlook
Our outlook for fiscal 2020 has been updated and incorporates known and anticipated impacts resulting from the COVID-19 pandemic based on current assumptions and market conditions. As this situation continues to evolve, future developments could alter our guidance. Please visit Paychex’s Investor Relations Page on our website to view the updated outlook for fiscal 2020, which will be included in the investor presentation at the time of our conference call.
Financial Position and Liquidity
Our financial position remains strong and we continue to anticipate that cash, restricted cash, and total corporate investments, along with projected operating cash flows and available short-term financing, will support our normal business operations, capital purchases, share repurchases, and dividend payments for the foreseeable future. We will continue to evaluate the nature and extent of changing market and economic conditions related to COVID-19 and the impact to our business and financial position. We believe our strong balance sheet and operational flexibility will allow us to successfully manage through the current situation while protecting our cash flow and liquidity.
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