Business combination (Tables)

9 Months Ended

Oct. 31, 2020

The following table summarizes the Company's allocation of the consideration paid in the Acquisition:


(in millions)	Initial Allocation		Adjustments		Updated Allocation
Cash and cash equivalents	$	406.8	$	(14.5)	$	392.3
Other current assets	56.5		2.5		59.0
Property, plant, and equipment	26.6		—		26.6
Operating lease right-of-use assets	42.5		—		42.5
Intangible assets	715.3		—		715.3
Goodwill	1,330.5		(8.4)		1,322.1
Other assets	5.9		—		5.9
Client-held funds obligation	(237.5)		17.2		(220.3)
Other current liabilities	(69.1)		(3.3)		(72.4)
Other long-term liabilities	(26.7)		—		(26.7)
Deferred tax liability	(128.7)		6.5		(122.2)
Total consideration paid	$	2,122.1	$	—	$	2,122.1

Business Acquisition, Pro Forma Information

The unaudited pro forma results presented below include the effects of the Acquisition as if it had been consummated as of February 1, 2018, with adjustments to give effect to pro forma events that are directly attributable to the Acquisition, which include adjustments related to the amortization of acquired intangible assets, interest income and expense, and depreciation.

The unaudited pro forma results do not reflect any operating efficiencies or potential cost savings from the integration of WageWorks. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations. The estimated pro forma revenue and net income (loss) include the alignment of accounting policies, the effect of fair value adjustments related to the Acquisition, associated tax effects and the impact of the borrowings to finance the Acquisition and related expenses.


(in thousands)	Three months ended October 31, 2019		Nine months ended October 31, 2019
Revenue	$	194,450	$	598,815
Net income (loss)	$	(3,286)	$	34,559