Paychex Inc Q4 2022 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst : I wanted to follow up on that last comment you made, Efrain. Maybe spend a bit more time, if you could on the flexibility of the expense base in a more challenging economic environment, where are some of the areas where you have a bit more leeway to manage that bottom line relative to an environment that you've been in here over the past year or 2 where margins are at very strong levels?

Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst : Great. No, that's all very helpful. And then for the fourth quarter, just a quick question there that I want to clean up. Can you talk a little bit more on kind of the performance of the PEO business specifically relative to the insurance within that segment?

Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst : Yes, the latter.

Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst : Yes. I guess I'm just -- within that segment, if you could just kind of break down the PEO business relative to the insurance business on a stand-alone basis. That would be helpful.

Question: Andrew Owen Nicholas - William Blair & Company L.L.C., Research Division - Analyst : No, that's helpful. You did a much better job answering it than I did asking it. So I appreciate it.