In this note, we are reviewing Paychex (PAYX) latest earnings results, which came out on March 25. Recall that Paychex is a provider of human capital management ("HCM") solutions for payroll, benefits, and human resource insurance services for small-to medium-sized businesses, with an outreach to nearly 700,000 clients. The company offers a wide array of services: from payroll processing and tax administration to regulatory compliance and HR solutions. We view PAYX results particularly interesting this time around, for two reasons: first, this is one of the first companies in the payments sector to