Paychex will weather the threat from SaaS offerings.
Wide-moat-rated Paychex posted third-quarter results that were below our near-term expectations. Specifically, sales growth has begun to decelerate, with year-over-year growth of only 5.7%. This is the slowest revenue growth since 2013. We had been anticipating sales growth of 7.5%. Growth in operating income came in slightly ahead of our expectations, as Paychex is starting to realize greater interest income on client cash balances. While we will be trimming our fiscal 2017 sales outlook, we do...Paychex is a provider of integrated human capital management (HCM) solutions for payroll, benefits, human resource (HR), and insurance services for small- to medium-sized businesses. The company's portfolio of HCM and employee benefit-related services include: payroll processing services; payroll tax administration services; employee payment services; regulatory compliance services (new-hire reporting and garnishment processing); HR Solutions Administrative Services Organization; retirement services administration; HR administration services, including time and attendance; other HR services and products; business services; Professional Employer Organization services; and insurance services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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