Paychex, Inc. (NASDAQ:PAYX) Q2 2024 Earnings Conference Call December 21, 2023 9:30 AM ET

Company Participants

John Gibson - President and Chief Executive Officer

Bob Schrader - Chief Financial Officer

Conference Call Participants

Kevin McVeigh - UBS

Andrew Nicholas - William Blair

Ramsey El-Assal - Barclays

Bryan Bergin - TD Cowen

Jason Kupferberg - Bank of America

Peter Christiansen - Citi

Kartik Mehta - Northcoast Research

Samad Samana - Jefferies

Bryan Keane - Deutsche Bank

James Faucette - Morgan Stanley

Mark Marcon - Baird

Scott Wurtzel - Wolfe Research

David Paige - RBC Capital Markets

Tien-Tsin Huang - JPMorgan

Operator

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

It is now my pleasure to turn today's program over to John Gibson.

John Gibson

Thanks, Chelsea. Thank you, everyone, for joining us for our discussion of the Paychex second quarter fiscal 2024 earnings release.

Joining me today is Bob Schrader, our Chief Financial Officer.

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

I'm going to start today with a brief update on the business highlights for the second quarter, and then I'll turn it over to Bob for a financial update, and then, of course, we'll take your questions.

We had solid results in the second quarter and for the first half of the fiscal year with particularly strong performance in the PEO, mid-market HCM, and retirement. Revenue for the first half was up 6% year-over-year and our adjusted diluted earnings per share was up 10%, double digits.

The demand for our HR technology and advisory solutions remained strong as business leaders continue to face a very challenging small and mid-sized business environment. The tight labor market and rising healthcare and benefits costs are forcing many to rethink their HR and benefit strategies, and they can turn to Paychex as a trusted business partner in these times.