Subtext

Paychex, Inc. PAYX

SectorIndustrials
Transcripts72
Date range2007-03-29 – 2025-03-26
Calls charted72

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-16-8+0+8+162007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Overall: +3.52007 Q4 · Overall: +3.22008 Q1 · Overall: +2.02008 Q2 · Overall: +3.42008 Q3 · Overall: -3.42008 Q4 · Overall: +1.22009 Q1 · Overall: +2.82009 Q2 · Overall: -8.22009 Q4 · Overall: -1.82010 Q1 · Overall: +2.32010 Q2 · Overall: -2.42010 Q3 · Overall: +3.82010 Q4 · Overall: +0.12011 Q1 · Overall: -0.72011 Q2 · Overall: +12.32011 Q3 · Overall: +4.82011 Q4 · Overall: +6.82012 Q1 · Overall: +8.62012 Q2 · Overall: +7.42012 Q3 · Overall: +5.62012 Q4 · Overall: +5.82013 Q1 · Overall: +10.92013 Q2 · Overall: +4.62013 Q3 · Overall: +9.62013 Q4 · Overall: +8.12014 Q1 · Overall: +10.12014 Q2 · Overall: +13.72014 Q3 · Overall: +8.72014 Q4 · Overall: +7.82015 Q1 · Overall: +12.12015 Q2 · Overall: +9.92015 Q3 · Overall: +6.72015 Q4 · Overall: +8.32016 Q1 · Overall: +13.62016 Q2 · Overall: +12.62016 Q3 · Overall: +11.72016 Q4 · Overall: +9.02017 Q1 · Overall: +7.92017 Q2 · Overall: +2.92017 Q3 · Overall: +4.52017 Q4 · Overall: +7.02018 Q1 · Overall: +6.72018 Q2 · Overall: +12.72018 Q3 · Overall: +10.72018 Q4 · Overall: +8.72019 Q1 · Overall: +4.42019 Q2 · Overall: +10.22019 Q3 · Overall: +6.82019 Q4 · Overall: +7.02020 Q1 · Overall: +6.52020 Q2 · Overall: +7.22020 Q3 · Overall: -2.62020 Q4 · Overall: +1.62021 Q1 · Overall: +8.02021 Q2 · Overall: +12.02021 Q3 · Overall: +7.62021 Q4 · Overall: +10.72022 Q1 · Overall: +12.02022 Q2 · Overall: +12.72022 Q3 · Overall: +14.02022 Q4 · Overall: +9.72023 Q1 · Overall: +10.22023 Q2 · Overall: +7.62023 Q3 · Overall: +5.62023 Q4 · Overall: +5.22024 Q1 · Overall: +10.72024 Q2 · Overall: +10.42024 Q3 · Overall: +7.52024 Q4 · Overall: +5.52025 Q1 · Overall: +8.62025 Q2 · Overall: +9.32025 Q3 · Overall: +8.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · CEO: +7.12007 Q4 · CEO: +7.62008 Q1 · CEO: +2.72008 Q2 · CEO: +9.92008 Q3 · CEO: -4.72008 Q4 · CEO: +1.12009 Q1 · CEO: +6.12009 Q2 · CEO: -3.62009 Q4 · CEO: +3.22010 Q1 · CEO: +5.82010 Q2 · CEO: -0.22010 Q3 · CEO: +8.22010 Q4 · CEO: +3.02011 Q2 · CEO: +24.02011 Q3 · CEO: +13.72011 Q4 · CEO: +12.82012 Q1 · CEO: +15.22012 Q2 · CEO: +13.52012 Q3 · CEO: +18.02012 Q4 · CEO: +15.22013 Q1 · CEO: +23.02013 Q2 · CEO: +14.92013 Q3 · CEO: +16.62013 Q4 · CEO: +17.02014 Q1 · CEO: +23.62014 Q2 · CEO: +20.72014 Q3 · CEO: +14.12014 Q4 · CEO: +14.32015 Q1 · CEO: +20.32015 Q2 · CEO: +15.52015 Q3 · CEO: +11.52015 Q4 · CEO: +18.72016 Q1 · CEO: +15.72016 Q2 · CEO: +22.82016 Q3 · CEO: +17.12016 Q4 · CEO: +20.52017 Q1 · CEO: +13.52017 Q2 · CEO: +7.22017 Q3 · CEO: +9.32017 Q4 · CEO: +11.72018 Q1 · CEO: +9.92018 Q2 · CEO: +20.12018 Q3 · CEO: +18.82018 Q4 · CEO: +16.32019 Q1 · CEO: +10.12019 Q2 · CEO: +15.12019 Q3 · CEO: +14.52019 Q4 · CEO: +14.32020 Q1 · CEO: +11.12020 Q3 · CEO: +4.32020 Q4 · CEO: +1.92021 Q1 · CEO: +12.02021 Q4 · CEO: +15.02022 Q1 · CEO: +16.32022 Q2 · CEO: +16.02022 Q3 · CEO: +20.22022 Q4 · CEO: +17.12023 Q1 · CEO: +16.02023 Q2 · CEO: +12.62023 Q4 · CEO: +15.72024 Q3 · CEO: +10.22024 Q4 · CEO: +10.02025 Q1 · CEO: +9.22025 Q2 · CEO: +11.02025 Q3 · CEO: +13.22007 Q3 · CFO: +6.22007 Q4 · CFO: +1.72008 Q1 · CFO: +5.32008 Q2 · CFO: +1.52008 Q3 · CFO: +3.12008 Q4 · CFO: +3.92009 Q1 · CFO: +0.02009 Q2 · CFO: -5.82009 Q4 · CFO: -3.32010 Q1 · CFO: -0.22010 Q2 · CFO: +0.02010 Q3 · CFO: +4.62010 Q4 · CFO: -0.52011 Q2 · CFO: +9.42011 Q3 · CFO: +3.02011 Q4 · CFO: +8.52012 Q1 · CFO: +6.02012 Q2 · CFO: +6.22012 Q3 · CFO: +2.82012 Q4 · CFO: +3.12013 Q1 · CFO: +8.62013 Q2 · CFO: +1.22013 Q3 · CFO: +8.72013 Q4 · CFO: +10.62014 Q1 · CFO: +4.82014 Q2 · CFO: +10.12014 Q3 · CFO: +9.02014 Q4 · CFO: +2.82015 Q1 · CFO: +11.72015 Q2 · CFO: +9.42015 Q3 · CFO: +7.22015 Q4 · CFO: +6.42016 Q1 · CFO: +16.32016 Q2 · CFO: +9.02016 Q3 · CFO: +8.02016 Q4 · CFO: +5.22017 Q1 · CFO: +6.82017 Q2 · CFO: +2.32017 Q3 · CFO: +4.22017 Q4 · CFO: +7.72018 Q1 · CFO: +7.12018 Q2 · CFO: +11.12018 Q3 · CFO: +10.12018 Q4 · CFO: +6.32019 Q1 · CFO: +2.72019 Q2 · CFO: +8.72019 Q3 · CFO: +4.02019 Q4 · CFO: +5.52020 Q1 · CFO: +2.72020 Q2 · CFO: +5.42020 Q3 · CFO: -3.32020 Q4 · CFO: +8.32021 Q1 · CFO: +7.62021 Q2 · CFO: +8.42021 Q3 · CFO: +5.92021 Q4 · CFO: +7.92022 Q1 · CFO: +8.32022 Q2 · CFO: +14.32022 Q3 · CFO: +12.52022 Q4 · CFO: +5.12023 Q1 · CFO: +7.62023 Q2 · CFO: +8.32023 Q3 · CFO: +7.72023 Q4 · CFO: -2.62024 Q1 · CFO: +8.52024 Q2 · CFO: +8.52024 Q3 · CFO: +7.42024 Q4 · CFO: +5.22025 Q1 · CFO: +8.12025 Q2 · CFO: +8.62025 Q3 · CFO: +10.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-26-13+0+13+262007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q3 · Prepared remarks: +12.12007 Q4 · Prepared remarks: +7.32008 Q1 · Prepared remarks: +6.92008 Q2 · Prepared remarks: +7.92008 Q3 · Prepared remarks: +2.42008 Q4 · Prepared remarks: +6.02009 Q1 · Prepared remarks: +14.52009 Q2 · Prepared remarks: -3.92009 Q4 · Prepared remarks: +0.62010 Q1 · Prepared remarks: -5.32010 Q2 · Prepared remarks: -2.12010 Q3 · Prepared remarks: +5.02010 Q4 · Prepared remarks: +3.02011 Q1 · Prepared remarks: +6.12011 Q2 · Prepared remarks: +15.32011 Q3 · Prepared remarks: +11.62011 Q4 · Prepared remarks: +15.92012 Q1 · Prepared remarks: +13.22012 Q2 · Prepared remarks: +11.62012 Q3 · Prepared remarks: +10.62012 Q4 · Prepared remarks: +14.62013 Q1 · Prepared remarks: +17.22013 Q2 · Prepared remarks: +11.62013 Q3 · Prepared remarks: +18.82013 Q4 · Prepared remarks: +22.72014 Q1 · Prepared remarks: +17.02014 Q2 · Prepared remarks: +18.32014 Q3 · Prepared remarks: +14.22014 Q4 · Prepared remarks: +13.42015 Q1 · Prepared remarks: +20.62015 Q2 · Prepared remarks: +15.62015 Q3 · Prepared remarks: +14.52015 Q4 · Prepared remarks: +15.12016 Q1 · Prepared remarks: +22.62016 Q2 · Prepared remarks: +21.82016 Q3 · Prepared remarks: +19.92016 Q4 · Prepared remarks: +17.82017 Q1 · Prepared remarks: +12.02017 Q2 · Prepared remarks: +7.82017 Q3 · Prepared remarks: +16.62017 Q4 · Prepared remarks: +14.62018 Q1 · Prepared remarks: +12.82018 Q2 · Prepared remarks: +17.12018 Q3 · Prepared remarks: +15.32018 Q4 · Prepared remarks: +9.42019 Q1 · Prepared remarks: +6.92019 Q2 · Prepared remarks: +11.12019 Q3 · Prepared remarks: +10.62019 Q4 · Prepared remarks: +7.62020 Q1 · Prepared remarks: +10.22020 Q2 · Prepared remarks: +15.32020 Q3 · Prepared remarks: +10.02020 Q4 · Prepared remarks: +5.22021 Q1 · Prepared remarks: +9.72021 Q2 · Prepared remarks: +6.22021 Q3 · Prepared remarks: +5.52021 Q4 · Prepared remarks: +15.42022 Q1 · Prepared remarks: +15.32022 Q2 · Prepared remarks: +17.72022 Q3 · Prepared remarks: +18.62022 Q4 · Prepared remarks: +18.62023 Q1 · Prepared remarks: +21.22023 Q2 · Prepared remarks: +14.42023 Q3 · Prepared remarks: +9.52023 Q4 · Prepared remarks: +12.92024 Q1 · Prepared remarks: +16.72024 Q2 · Prepared remarks: +13.32024 Q3 · Prepared remarks: +13.32024 Q4 · Prepared remarks: +13.42025 Q1 · Prepared remarks: +13.32025 Q2 · Prepared remarks: +14.22025 Q3 · Prepared remarks: +20.22007 Q3 · Q&A responses: +4.42007 Q4 · Q&A responses: +4.62008 Q1 · Q&A responses: +2.82008 Q2 · Q&A responses: +1.82008 Q3 · Q&A responses: -2.22008 Q4 · Q&A responses: -0.32009 Q1 · Q&A responses: +1.52009 Q2 · Q&A responses: -5.82009 Q4 · Q&A responses: -2.02010 Q1 · Q&A responses: +7.22010 Q2 · Q&A responses: +0.72010 Q3 · Q&A responses: +5.72010 Q4 · Q&A responses: +0.42011 Q1 · Q&A responses: +2.52011 Q2 · Q&A responses: +13.22011 Q3 · Q&A responses: +3.22011 Q4 · Q&A responses: +7.32012 Q1 · Q&A responses: +7.92012 Q2 · Q&A responses: +10.42012 Q3 · Q&A responses: +8.12012 Q4 · Q&A responses: +7.32013 Q1 · Q&A responses: +13.32013 Q2 · Q&A responses: +3.72013 Q3 · Q&A responses: +10.22013 Q4 · Q&A responses: +7.82014 Q1 · Q&A responses: +14.02014 Q2 · Q&A responses: +14.02014 Q3 · Q&A responses: +11.72014 Q4 · Q&A responses: +6.72015 Q1 · Q&A responses: +14.82015 Q2 · Q&A responses: +11.22015 Q3 · Q&A responses: +7.52015 Q4 · Q&A responses: +10.02016 Q1 · Q&A responses: +14.22016 Q2 · Q&A responses: +14.42016 Q3 · Q&A responses: +9.32016 Q4 · Q&A responses: +11.32017 Q1 · Q&A responses: +10.42017 Q2 · Q&A responses: +3.02017 Q3 · Q&A responses: +2.12017 Q4 · Q&A responses: +7.92018 Q1 · Q&A responses: +7.32018 Q2 · Q&A responses: +15.82018 Q3 · Q&A responses: +14.32018 Q4 · Q&A responses: +12.42019 Q1 · Q&A responses: +6.52019 Q2 · Q&A responses: +13.42019 Q3 · Q&A responses: +9.62019 Q4 · Q&A responses: +10.72020 Q1 · Q&A responses: +6.52020 Q2 · Q&A responses: +7.92020 Q3 · Q&A responses: -3.42020 Q4 · Q&A responses: +3.92021 Q1 · Q&A responses: +10.42021 Q2 · Q&A responses: +12.82021 Q3 · Q&A responses: +12.92021 Q4 · Q&A responses: +10.72022 Q1 · Q&A responses: +12.42022 Q2 · Q&A responses: +12.12022 Q3 · Q&A responses: +15.32022 Q4 · Q&A responses: +9.82023 Q1 · Q&A responses: +10.22023 Q2 · Q&A responses: +9.42023 Q3 · Q&A responses: +7.82023 Q4 · Q&A responses: +5.52024 Q1 · Q&A responses: +10.22024 Q2 · Q&A responses: +10.52024 Q3 · Q&A responses: +7.22024 Q4 · Q&A responses: +5.32025 Q1 · Q&A responses: +7.52025 Q2 · Q&A responses: +9.22025 Q3 · Q&A responses: +9.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.54$3.48$5.422007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $1.812014 Q2: $1.852014 Q3: $1.892014 Q4: $1.942015 Q1: $1.982015 Q2: $2.032015 Q3: $2.072015 Q4: $2.132016 Q1: $2.192016 Q2: $2.242016 Q3: $2.272016 Q4: $2.332017 Q1: $2.372017 Q2: $2.402017 Q3: $2.432017 Q4: $2.502018 Q1: $2.742018 Q2: $2.792018 Q3: $2.932018 Q4: $2.992019 Q1: $3.052019 Q2: $3.122019 Q3: $3.172019 Q4: $3.242020 Q1: $3.242020 Q2: $2.802020 Q3: $2.842020 Q4: $2.962021 Q1: $3.122021 Q2: $3.232021 Q3: $3.452021 Q4: $3.602022 Q1: $3.852022 Q2: $4.092022 Q3: $4.232022 Q4: $4.372023 Q1: $4.482023 Q2: $4.622023 Q3: $4.792023 Q4: $4.892024 Q1: $4.962024 Q2: $5.002024 Q3: $5.082024 Q4: $5.16

Forward P/E

18.3227.1736.022007 Q32010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 23.542014 Q2: 22.362014 Q3: 22.512014 Q4: 24.282015 Q1: 25.872015 Q2: 23.592015 Q3: 22.362015 Q4: 25.342016 Q1: 24.342016 Q2: 24.382016 Q3: 25.682016 Q4: 26.012017 Q1: 26.502017 Q2: 24.992017 Q3: 23.852017 Q4: 27.562018 Q1: 24.022018 Q2: 24.892018 Q3: 25.282018 Q4: 21.632019 Q1: 25.662019 Q2: 27.912019 Q3: 26.082019 Q4: 26.162020 Q1: 19.542020 Q2: 27.132020 Q3: 28.082020 Q4: 31.872021 Q1: 31.452021 Q2: 32.132021 Q3: 31.772021 Q4: 34.802022 Q1: 32.312022 Q2: 28.862022 Q3: 28.622022 Q4: 28.102023 Q1: 23.882023 Q2: 24.142023 Q3: 24.922023 Q4: 26.222024 Q1: 24.622024 Q2: 25.102024 Q3: 26.082024 Q4: 26.35

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -5.1 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q2 tone ↓ -2.2 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -3.1 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↓ -2.8 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -5.0 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q3 tone ↓ -2.0 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -4.3 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -3.4 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q3 tone ↓ -9.7 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -4.5 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -4.3 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -2.6 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q3 tone ↓ -2.9 fwd EPS ↑ +0.08 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q32025-03-26+8.5——View →
2025 Q22024-12-19+9.3——View →
2025 Q12024-10-01+8.6——View →
2024 Q42024-06-26+5.5$5.1626.4View →
2024 Q32024-04-02+7.5$5.0826.1View →
2024 Q22023-12-21+10.4$5.0025.1View →
2024 Q12023-09-27+10.7$4.9624.6View →
2023 Q42023-06-29+5.2$4.8926.2View →