Paychex completes Paycor acquisition; pro forma shows diluted EPS of $2.08 for H1 FY2025

PAYCHEX INC

Pro forma revenue $2.98B for six months ended Nov 30, 2024; combined net income $764.1M.
Pro forma diluted EPS $2.08 vs Paychex standalone $2.32; annual EPS $3.84 vs $4.67.
Merger consideration $22.50/share in cash; funded via $4.2B notes offering (5.100%, 5.350%, 5.600% due 2030-2035).
Goodwill increases to $4.48B; intangible assets $1.59B from fair value adjustments.
Paycor had net loss of $9.3M in its H1 ended Dec 31, 2024 and $58.9M loss in FY2024.

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