Company: PAYX
Filing Date: 2025-03-26
Form Type: 10-Q
Source: 0000950170-25-045216
Chunk: 15

Company: PAYCHEX INC
Filing Date: 2025-03-26
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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    $
     
    498.6

    4
     
    %
     
    $
     
    1,360.1

    $
     
    1,310.5

    4
     
    %

    Non-GAAP adjustments:

    Interest expense/(income), net

    6.0

    (9.4
    )

    (10.6
    )

    (33.3
    )

    Income taxes

    166.5

    160.6

    426.5

    415.7

    Depreciation and amortization expense

    43.1

    44.8

    123.8

    130.9

    EBITDA
     
    $
     
    734.9

    $
     
    694.6

    6
     
    %
     
    $
     
    1,899.8

    $
     
    1,823.8

    4
     
    %

    Non-GAAP adjustments:

    Acquisition-related costs(1)

    16.7

    —

    16.7

    —

    Adjusted EBITDA
     
    $
     
    751.6

    $
     
    694.6

    8
     
    %
     
    $
     
    1,916.5

    $
     
    1,823.8

    5
     
    %

(1)Acquisition-related costs recognized related to the pending Paycor acquisition, including (i) $16.7 million for the third quarter and nine months primarily reflecting third-party professional service fees included in Selling, general, and administrative expenses and (ii) $13.2 million for the third quarter and nine months reflecting the amortization of financing fees related to debt instruments associated with the financing of the pending Paycor acquisition and the excluded component of the initial fair value of the interest rate swaption contracts ("Swaption Contracts") that are included in Other (expense)/income, net in the Company's Consolidated Statements of Income.

(2)Excess tax benefits related to employee stock-based compensation payments recognized in income taxes. This item is subject to volatility and will vary based on employee decisions on exercising employee stock options and fluctuations in our stock price, neither of which is within the control of management.

26 

(3