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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 230 $ 192
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46 45
Stock based compensation 30 24
Amortization of ROU asset, lease modification and impairment 6 6
Other 3 2
Changes in operating assets and liabilities:    
Accounts receivable, net 8 10
Unbilled revenue, net 16 (100)
Other assets and prepaid expenses, net (17) (37)
Accounts payable and other liabilities 2 26
Client deposits and other client liabilities (23) (2)
Accrued wages 196 197
Accrued health insurance costs, net (23) (17)
Accrued workers' compensation costs, net (9) (7)
Payroll taxes payable and other payroll withholdings (332) (523)
Operating lease liabilities (8) (6)
Net cash provided by (used in) operating activities 125 (190)
Investing activities    
Purchases of marketable securities (157) (267)
Proceeds from sale and maturity of marketable securities 175 149
Purchases of property and equipment (26) (17)
Acquisition of Zenefits, net of cash acquired (183) 0
Net cash used in investing activities (191) (135)
Financing activities    
Repurchase of common stock (382) (74)
Proceeds from issuance of common stock 5 5
Awards effectively repurchased for required employee withholding taxes (8) (9)
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 (385) 43
Net decrease in cash and cash equivalents, unrestricted and restricted (451) (282)
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,738 1,643
End of period 1,287 1,361
Supplemental disclosures of cash flow information    
Interest paid 9 2
Income taxes (refund) paid, net $ 37 $ 45