Paychex Inc. /zigman2/quotes/202030365/composite PAYX -0.51% said in a Tuesday release that it is seeing "early signs of moderation and stabilization" in its key business metrics despite the "severe" effects of COVID-19 on the U.S. economy. "We believe our strong balance sheet and operational flexibility will allow us to successfully manage through the current situation while protecting our cash flow and liquidity," the company said. It expects that it will have enough cash to support normal business operations, share repurchases, and dividends "for the foreseeable future." Paychex is working with governments to understand the requirements of new programs impacting its clients, per the release. Shares have fallen 26% over the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.18% has declined 13%.