The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
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?
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JUNE 29, 2022 / 1:30PM, PAYX.OQ - Q4 2022 Paychex Inc Earnings Call
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.
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