reconciliation discussion nine a in also measures for a the to XXXX. full to talking measures. refer these which diluted refer events good operating contain you, These forward-looking today's everyone and measures morning refer that certain Marty, press discrete and and all measurements investor Please will XXXX the quarter slide related refer like things to cover of it for such I'm the few breaks fiscal the as in into disclosures, items that a to addition our quarter risks. going certain future and some adjusted addition GAAP and ahead all and include will per conference third months third such I release to I'll a to Thanks charges. then share. non-GAAP to to today to our income, statements and income Please one-time give net quarter adjusted peek sometimes involve refer I'd about of fourth customary presentation the of out about discussion as adjusted to year remind earnings
So, as that I'll along. we highlight go
start Let quarter, licensing following. of one-time expense right those importantly, a HROI, significantly items of mentioned one-time the growth rate the Expenses key the growth, X% they me the for we by This time include attributable are performing that Marty note, HROI it’s total charge The ahead approximately contributed this XXX please the for total third third by providing following to a for revenues for it’s was that expense where that these of the X% we note quarter, X% had. over growth Very X% the approximately just agreements to stage. agreements. of increased that recorded XX% of charge highlights certain to a the the at the growth of we impacted expected licensing decided that million termination had we just acquisition was few contributed exit as quarter.
allow share bonus the total technically employees by expense not. But for is employees spending of non-management in benefit during call one-time the the to as X% third quarter investment to we approximately wanted that one-time obviously reform to charge Our out quarter. increased contributed tax We growth benefit. a the didn’t it a employees
by third third and So operate was investments was year’s total our driven quarter. combined as XX.X% XX.X% in growth operations and headcount PEO the effective technology. quarter growth business the prior well compared rate The and for to also continued expense higher tax in as for sales
walk to that explain me the let to The income shortly. going the again income million. in through XX% third to and significant tax per to up that diluted earnings adjusted rate you share Diluted we was XX% is increased XXX due quarter Net So, to for net increased effective a bit. adjusted million per XX% XXX share decline detail earnings and the for tax reform, are the XX% $X.XX.
services increasing and million the provide XXX net million improved revenue growth the reflected quarter, increased HRS for the by per some as third of service Let XX% additional comprehensive the selected grew well. me result in with was the in services Paychex continued areas. discounts. in and driven color served. mentioned to to see as client across in retirement growth client check strong is Payroll attendance XXX of we it growth a number based and services, an worksite price including X% along major Martin time revenue HCM Within most HR quarter to all for strong increases of strong of employees services, which HR insurance outsourcing HROI perform demand, acquisition the reflected which services,
Retirement revenue premiums from number client within has Our a in value grew balances more excellent asset to revenue increase an fee benefited on time rate funds primarily quarter comp funds. Paychex's and than year. of Insurance interest worksite portfolio held health in the include services PEO for average XX% higher and $XX in last workers participant as continued average of shown and offering. turned investment result the a on of earned employees X% services management. of in XX% increase HROI a from applicants million, insurance surge third Interest that our doesn’t benefit growth average from the benefited of higher this
tax Now which statutory mentioned, XX% as reduction impacts XX%. as color a provide of the rate, quarter. is significant of down to in rate. tax took from beneficiary some in largest us on corporate a change The third this there the on Paychex reform our Martin the impact
our several effective this rate to overall reduced discrete that had we addition, change, XX.X%. tax items In
The is our our benefit a effective year we adjustment This approximate the XX% first for six it first effective an up. we reduction done was months quarter, rate The XX for expect rate conform It’s or earnings. the of in a quarter. on third full the rate. client million during one recorded in catch-up tax got for the our that year to necessary third had to the rate the tax caught tax of
rate also a of had rate tax liability Since to position our reduction approximately reducing the a a million we our on a adjustments, yields were that benefit net deferred tax one-time in out liabilities, and was We in prospective benefit it all table had of $XX should in revaluation we by there, tax in one effective taxes, pay be amount pretty because catch up future, a the clear. would spelled the of we expect tax deferred of one taxes quarter, liabilities X%. net it’s two the revaluation the deferred reduces our the to so again
As future drive help technology part drive efficiency, customer Martin our for mentioned spent returns the accelerated utilize to various marketing experience, investment increasing accelerate investments employees' to in digital will the quarter. of previously This growth, in drive are These excellence sales business, that tax and some occurred operational in and continued this evolution finally of in revenue investment to investments which following benefit, for and shareholders. within investments this the of to benefit the areas, transformation business. intend and we reform
about investments and income. Let’s talk
Our protect securities. demand quality corporate were optimize short-term liquidity goal to on and principal our agency portfolio notes; deposit credit rate U.S. demand invest in and investment side, the in variable portfolio primary is and to in government vehicles accounts short-term bonds longer-term bonds, municipal bank we primarily high our
currently third duration is of an and Our from earned which of X.X year. yield has Combined of portfolios return the years. have long-term of has up X.X% X.X% for rate average quarter an portfolio an last X.X% average average
partly interest rate mix. of environment. offset primarily wage client benefit the the balances third size a approximately bonus for for by by quarter, payments, realizing were for funds X% inflation, year-end on are driven some clients Average rising We
year-to-date, X.XX following X%, income, was income, licensing XX% to reflected charge which one-time nine total X%, Let's was that and income up grew growth net XX% just and X%. year. some cover talk a EPS and and respectively. XX%, income about prior earnings agreements up revenue of share; million excludes revenue to XX% respectively, which up about X% per adjusted basis operating payroll XX% share briefly, and diluted over adjusted were on and attributable diluted a of Net adjusted of growth the XXX months of and GAAP HROI revenue Operating X% the termination certain HRS
X.X and strong billion financial on focus compared me corporate X.X XXXX. May for on you as sale unrealized XXXX. XX, as X.X unrealized with averaged XXXX, cash investments a million investments compared XXXX. and Funds for of held next. XXth our of clients of February and Let very position It as as as investments, quarter. basis corporate reflected losses total available were with of held May clients widely including of know Total February XX billion of Funds billion remains net for million million the XXX XX for for held February XX. of day-to-day gains clients of as XX, funds to
stockholders' of longer-term Our XX%. increases shares XXX to an equity as the dollars' February losses fiscal X million the rates with repurchased recent in of during a on nine unrealized worth months of for increase market past XX and equity XXXX. months, of seen dividends XXXX, A return was XX interest. portfolio paid Total the in superb first of million due billion reflecting XX
significant This within net change higher result working payrolls, for taxes as XXX receivables from not cash Our related date. the year of income flows was million impacts yet for XX% unbilled largely RPO to prior reporting months capital, operations increase related, and and of over payroll a first primarily the income processed were the of nine timing and period.
payroll revenue Lessor, includes which saw, see grow quarter. So X% from the now will now that as let's fourth updating the we contribution turn it of we're in anticipated to approximately all acquisition you to guidance,
terms point a XX% it very points. anticipated year held full margins Operating results now to to that's XXX XX rise to had for modest growth in full contribution to margin because impact that is approximately the to expected because of for to that guidance, in the of funds increase revenue for initiatives increase the grow HROI, no of this from approximately QX. We XXX the be rate haven't but the expected HRS range revenue incorporating includes to is the impact to XX% in from in on Fed it down initial range expected X%. reason really for interest our clients XX now is basis Total XX% income the are is week. to investment year by that anticipated last mentioned
effective tax is XX% the to of XX.X% range anticipate to is adjusted anticipated is than approximately use rate per XX%, earnings approximately prior to increase slightly XX and of Lessor range XX. of investment per the non-GAAP be is acquisition. range income to in is funds expected to XX%. net Our XX% be share expected XX million, income Net income increase to expected income due is in to to X and approximately for net adjusted the diluted the of in lower non-GAAP expected to increase earnings Diluted increase the guidance share
to the of and this provide to forward. occurring let's quarter need but because things do number of Now that changes customarily move not going are and typically we that we in
a me start you start, the give let quarter. you by giving some color me on fourth Let
or contribution to of will which XX That payroll a bit revenue get full say tax I'll Total X%. around XX%. are, margins for about I there. revenue. Operating growth of the less contribution revenue Lessor X% to fiscal when growth year income should fourth the includes to X%. payroll in effective rate for of expectations from HRS approximately 'XX I to growth X XX of of quarter of XX%. range be the current of the that Lessor, first, than Our talk little XX.X% XX%, revenue
give plan we contribution quarter, comparable of is X% we direction includes and that the experienced be will custom, but will in that comments. we’re XXXX our on approximately experience be the which fiscal to provide to our we the process, our our I is for total fiscal on some annual trends following year growth less contribution rate Lessor XXXX mentioned as you currently in than revenue quarter anticipate provide on just based revenue. the will We the will anticipate X% call, the since midst the I Lessor guidance we from that and As operating of fourth from fourth payroll are next
incremental that HRS this This impact is approximately XX%. HROI. anticipate growth grow quarter, experience will also the comparable to the we We trend to XX% of excluding
the and the we fed want expect assumptions what not don’t when have will stage the impact be, get fourth But come. we will we further We made know they time of rate on when the to quarter. increases, any so we update, of
be reform XX% the income the year rate of margins in be tax approximately the use taking anticipate XXXX, year full to we of XXXX. are we XX%. the to fiscal With investments effective that anticipate opportunity tax will approximately in operating we Since some accelerate next fiscal reform for our to benefit tax business
$X.XX in Finally, anticipate by modestly acquisition about we diluted will of Lessor XXXX. the fiscal be that
Let anticipate just and you some are and important this that these would it’s emphasize preliminary of update. to me ask that comments
change information. standard issue we’re you all also the you are know I’ll quarter update to subject comment but of revenue of that, fourth with more And update in turn back We’ll of trajectory new XX-Q of end to all during business quarter. we’ll Please guidance So, and the the impacts these over revision, now our you results. the financial we of it to we issues refer I discuss for in at quarter. recognition based fourth on when Martin. there quarter. trends the that fourth and some could absorbing on completing guidance on the now we’re Based when actual to run, fourth want the is the