Paychex
22 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Customers
Temporary staffing industry
insures or lends tonamed as a riskOur wholly owned subsidiary, Paychex Advance, LLC, provides a portfolio of solutions to the temporary staffing industry, including payroll funding (via the purchase of accounts receivable).Business (Item 1)
Suppliers
JPMorgan Chase Bank, N.A.
depends on · maximum leverage ratio of 3.5:1.0named as a riskThe credit agreements providing for our credit facilities with JP Morgan Chase Bank, N.A., contain similar financial covenants which also require us not to exceed a maximum leverage ratio of 3.5:1.0.Risk factors (Item 1A)
Banks (funds transfer providers)
depends onnamed as a riskThese third-party service providers include, but are not limited to, banks used to electronically transfer funds from clients to their employees, information technology vendors servicing cloud-based platforms, and other third-party providers supporting customer interactions.Risk factors (Item 1A)
Partners and platforms
Referral channels (CPAs, benefit brokers, banks)
depends on · More than 50% of our payroll clientsMore than 50% of our payroll clients come from these referral sources.Business (Item 1)
American Institute of Certified Public Accountants (AICPA)
depends onWe have a long-standing partnership with the American Institute of Certified Public Accountants (“AICPA”) as the preferred payroll provider for its AICPA Business Solutions™ Program.Business (Item 1)
Other companies
Paycor HCM, Inc.
$4.2 billion aggregate principal amount of fixed rate corporate debtnamed as a riskWe used the net proceeds from this offering to fund our acquisition of Paycor.Risk factors (Item 1A)
Funds held for clients investment portfolio
exposed to its price · approximately $4.5 million to $5.0 million, after taxesnamed as a riskUnder normal financial market conditions, the impact to earnings from a 25-basis-point change in short-term interest rates would be approximately $4.5 million to $5.0 million, after taxes, for a twelve-month period.Market risk (Item 7A)
Hazards
Commodities and inputs
Workers' compensation insurance
exposed to its pricenamed as a riskThe insurance costs are impacted by claims experience and are a significant portion of our PEO costs.Risk factors (Item 1A)
Also named by WRB
Health insurance
exposed to its pricenamed as a riskWe may be adversely impacted by changes in health insurance and workers’ compensation rates and underlying claims trends.Risk factors (Item 1A)
Regulators
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskWe are required to comply with regulations administered by multi-national bodies and governmental agencies worldwide including, but not limited to, the economic sanctions and embargo programs administered by the Office of Foreign Assets Control (“OFAC”), and the Foreign Corrupt Practices Act (“FCPA”).Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Federal Trade Commission
subject tonamed as a riskIn the U.S., we are or may be subject to, oversight by various regulatory authorities, including but not limited to the Federal Trade Commission and Department of labor.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
U.S. Department of Labor
subject tonamed as a riskIn the U.S., we are or may be subject to, oversight by various regulatory authorities, including but not limited to the Federal Trade Commission and Department of labor.Risk factors (Item 1A)
Also named by ADP, AMG, BBSI, FLO, HCC, MRSH, PFG, TROW and 1 more
Laws and programs
Note Purchase and Guarantee Agreement (2019)
subject to · maximum leverage ratio of 3.5:1.0 and a minimum interest coverage ratio of 2.0:1.0named as a riskThe Agreement also contains financial covenants, which require us not to exceed a maximum leverage ratio of 3.5:1.0 and a minimum interest coverage ratio of 2.0:1.0, and limits certain of our indebtedness to not exceed 20% of our consolidated stockholders’ equity.Risk factors (Item 1A)
California Consumer Privacy Act
subject tonamed as a riskAdditionally, we must also comply with federal and state labor and employment laws, and state data breach notification and data privacy laws, such as the California Consumer Privacy Act, and biometric information privacy laws all as amended.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
EU General Data Protection Regulation (GDPR)
subject tonamed as a riskOur European operations are subject to the European Union’s General Data Privacy Regulation.Risk factors (Item 1A)
Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more
Bank Secrecy Act
subject tonamed as a riskFailure to comply with anti-money laundering laws and regulations, including but not limited to the Bank Secrecy Act of 1970 (as amended), which require us to develop and implement risk-based anti-money laundering programs, and maintain transaction records, could result in civil and criminal penalties and adversely impact our business reputation.Risk factors (Item 1A)
Also named by AUB, BAC, CASH, CPAY, CUBI, EFSC, EWBC, EZPW and 10 more
Health Insurance Portability and Accountability Act (HIPAA)
subject tonamed as a riskWe must also comply with such laws as the Health Insurance Portability and Accountability Act of 1996, the Family Medical Leave Act of 1993, and the Patient Protection and Affordable Care Act of 2010 (as amended).Risk factors (Item 1A)
Also named by ADI, BBY, BR, BWIN, CART, CTSH, DGX, IQV and 8 more
Affordable Care Act
subject tonamed as a riskWe must also comply with such laws as the Health Insurance Portability and Accountability Act of 1996, the Family Medical Leave Act of 1993, and the Patient Protection and Affordable Care Act of 2010 (as amended).Risk factors (Item 1A)
Also named by ABBV, ABT, ADP, AFL, BBSI, BRO, BWIN, COR and 8 more
SECURE Act 2.0
subject tonamed as a riskOur services are subject to various laws and regulations, including, but not limited to, the SECURE Act 2.0, data privacy regulations, and anti-money laundering rules.Risk factors (Item 1A)
Tax withholding and remittance regulations
subject tonamed as a riskA change in regulations either decreasing the amount of taxes to be withheld or allowing less time to remit taxes to applicable tax or regulatory agencies could adversely impact our interest income.Risk factors (Item 1A)
Small Business Efficiency Act
subject toWe are certified under the Small Business Efficiency Act to provide PEO solutions.Business (Item 1)