Paychex, Inc. (NASDAQ:PAYX) reported its Q2 results, with EPS coming in at $0.91, beating the consensus estimate of $0.80. Quarterly revenue grew 13% year-over-year to $1.09 billion, above the consensus estimate of $1.05 billion.

The beat was helped by full employment levels, SMB formation strength, effective monetization initiatives (cross-selling insurance, back office as well as professional services) as well as a more favorable float income outcome.

The company provided its full 2022-year outlook, expecting EPS growth of 18-20% (up from prior guidance of 12-14%) and total revenue growth of 10-11% (up from prior guidance of 8%).