Here's a version that gets the most recent file from each subdirectory
List<string> reports = new List<string>();
DirectoryInfo directory = new DirectoryInfo(ReportsRoot);
directory.GetFiles("*.xlsx", SearchOption.AllDirectories).GroupBy(fl => fl.DirectoryName)
.ForEach(g => reports.Add(g.OrderByDescending(fi => fi.LastWriteTime).First().FullName));