Company: PAYX
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0000950170-25-045216
Chunk: 49

Company: PAYCHEX INC
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 8
Chunk 49
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 challenging workforce environment. Our ongoing investments in our platforms have prepared us well for the demands of the current business and regulatory environments, allowing us to adapt while maintaining strong solutions and support delivery, resulting in high levels of client satisfaction and retention.

On January 7, 2025, we entered into an agreement to acquire Paycor, a leading provider of HCM, payroll and talent software, in an all-cash transaction for $22.50 per eligible share, representing an enterprise value of approximately $4.1 billion. This acquisition will extend our upmarket position and expand our suite of HR technology and advisory solutions. This acquisition is expected to close in April 2025, subject to customary closing conditions. Refer to the “Liquidity and Capital Resources” section of this Item 2 for additional information.

21 

Third Quarter and Year to Date Business Highlights

Highlights compared to the prior year periods are as follows:

    For the three months ended

    For the nine months ended

    February 28,
     
    February 29,

    February 28,
     
    February 29,

    In millions, except per share amounts
     
    2025
     
    2024
     
    Change(2)
     
    2025
     
    2024
     
    Change(2)

    Total service revenue
     
    $
     
    1,466.1

    $
     
    1,395.4

    5
     
    %
     
    $
     
    4,027.9

    $
     
    3,875.1

    4
     
    %

    Total revenue
     
    $
     
    1,509.0

    $
     
    1,439.3

    5
     
    %
     
    $
     
    4,144.4

    $
     
    3,983.2

    4
     
    %

    Operating income
     
    $
     
    691.8

    $
     
    649.8

    6
     
    %
     
    $
     
    1,776.6

    $
     
    1,692.3

    5
     
    %

    Adjusted operating income(1)
     
    $
     
    708.5

    $