Paychex
Q4 2022 Earnings Call
Jun 29, 2022, 9:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to today's Paychex fourth quarter and fiscal year-end earnings conference call. [Operator instructions] Please note that this call is being recorded. [Operator instructions] It is now my pleasure to turn today's program over to Mr. Martin Mucci, chairman and chief executive officer.
Sir, please begin.
Marty Mucci -- President and Chief Executive Officer
Thank you, and thank you for joining us for our discussion of the Paychex fourth quarter and fiscal year 2022 earnings release. Joining me today are: Efrain Rivera, our chief financial officer; and John Gibson, our president and chief operating officer. This morning, before the market opened, we released our financial results for the fourth quarter and full year ended May 31, 2022. You can access our earnings release on the Investor Relations website and our Form 10-K will be filed with the SEC before the end of July.
This teleconference is being broadcast over the Internet and will be archived and available on the website for about 90 days. We will start today's call with an update on business highlights for fourth quarter and the fiscal year. Efrain will review our financial results and outlook for fiscal 2023, and we will then open it up for your questions or comments. We are very pleased to close on our fiscal year with yet another strong quarter.
Our successful fiscal 2022 results reflect strong execution across the company. This includes our sales teams highlighting our value proposition, our service teams in retaining clients, our cross-functional partnership to get new products in front of clients quickly and a solid success in HR outsourcing and in the mid-market. Our adjusted diluted earnings-per-share growth of 24% reflects both strong revenue growth and margin expansion to an operating margin of approximately 40% for fiscal 2022. Our focus on cost control, lower discretionary spend, and operating efficiencies has allowed us to both invest in our business and expand operating margins.
Macroeconomic trends have been positive this year, but with inflation at a 40-year high, there are concerns for potential of a recession in the near future. We continue to monitor key leading indicators for any signs of a change in the macroeconomic environment, but have not seen any signs of deterioration at this time. Typically, the first signs of a macroeconomic recession would be a decline in employment levels at existing clients and uptick in non-processing clients or a slowdown in sales activities. These indicators continue to trend in a positive direction.