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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 146 $ 101
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21 19
Stock based compensation 12 11
Amortization of ROU asset, lease modification and impairment 3 3
Deferred income taxes 2 0
Other 2 2
Changes in operating assets and liabilities:    
Accounts receivable, net 8 13
Unbilled revenue, net 7 (94)
Other assets and prepaid expenses, net (11) (19)
Accounts payable and other liabilities 10 29
Client deposits and other client liabilities 28 17
Accrued wages 188 179
Accrued health insurance costs, net (8) (7)
Accrued workers' compensation costs, net 1 0
Payroll taxes payable and other payroll withholdings (191) (426)
Operating lease liabilities (4) (3)
Net cash provided by (used in) operating activities 214 (175)
Investing activities    
Purchases of marketable securities (91) (82)
Proceeds from sale and maturity of marketable securities 72 84
Purchases of property and equipment (11) (5)
Acquisition of Zenefits, net of cash acquired (183) 0
Net cash used in investing activities (213) (3)
Financing activities    
Repurchase of common stock (350) (60)
Awards effectively repurchased for required employee withholding taxes (3) (5)
Payment of long-term financing fees and debt issuance costs 0 (9)
Proceeds from issuance of 2029 Notes 0 500
Repayment of debt 0 (370)
Net cash provided by (used in) financing activities (353) 56
Net decrease in cash and cash equivalents, unrestricted and restricted (352) (122)
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,738 1,643
End of period 1,386 1,521
Supplemental disclosures of cash flow information    
Interest paid 9 2
Income taxes (refund) paid, net $ (12) $ 2