Paychex, Inc. (NASDAQ:PAYX) Q1 2024 Earnings Conference Call September 27, 2023 9:30 AM ET

Company Participants

John Gibson - President and Chief Executive Officer

Bob Schrader - Vice President of Finance and Investor Relations

Efrain Rivera - Chief Financial Officer

Conference Call Participants

Ramsey El-Assal - Barclays

Daniel Maxwell - William Blair

Bryan Bergin - TD Cowen

Ashish Sabadra - RBC Capital Markets

Scott Wurtzel - Wolfe Research

Tien-Tsin Huang - JPMorgan

Peter Christiansen - Citigroup

Bryan Keane - Deutsche Bank

Samad Samana - Jefferies

Eugene Simuni - Moffettnathanson

Mark Marcon - Baird

James Faucette - Morgan Stanley

Operator

Good day, everyone, and welcome to today's Paychex First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, this call is being recorded, and I will be standing by if you should need any assistance.

It is now my pleasure to turn the conference over to John Gibson.

John Gibson

Thank you, Shelby. Thank you, everyone, for joining us for our discussion of the Paychex first quarter fiscal year '24 earnings release.

Joining me today is Efrain Rivera, our Chief Financial Officer; and Bob Schrader, Vice President of Finance and Investor Relations.

This morning before the market opened, we released our financial results for the first quarter. You can access our earnings release on our Investor Relations website. Our Form 10-Q will be filed with the SEC within the next day. The teleconference is being broadcast online and will be archived and available on our website for approximately 90 days.

I will start the call with an update on the business highlights for the first quarter. I'll then turn it over to Efrain and Bob for a financial update, and then, we'll open it up for your questions.

But before getting into the discussion of our earnings results, I want to take a brief moment here to make a few brief comments to acknowledge Efrain Rivera, who announced his intention to retire as CFO effective October 12, 2023; though he will remain as a Senior Advisor at least through the end of the calendar year.

Efrain has been a valuable member of this senior leadership team at Paychex for the past 12 years. He has provided strong financial stewardship, but more importantly, great strategic leadership as well. During his time with Paychex, the company has transformed into a technology-enabled services company and we significantly expanded our HR Solutions and capabilities. Efrain has been a key strategic advisor and a catalyst for this transformation.