XML 40 R6.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 131 $ 146
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30 21
Amortization of ROU asset, lease modification, impairment, and abandonment 2 3
Stock based compensation 11 12
Deferred income taxes 0 2
Provision for doubtful accounts 1 0
Other 0 2
Changes in operating assets and liabilities:    
Accounts receivable, net 3 8
Unbilled revenue, net 5 7
Other assets and prepaid expenses, net (24) 5
Other payroll assets (180) (16)
Accounts payable and other liabilities 30 10
Client deposits and other client liabilities 25 28
Accrued wages (21) 188
Accrued health insurance costs, net (5) (8)
Accrued workers' compensation costs, net (1) 1
Payroll taxes payable and other payroll withholdings (80) (191)
Operating lease liabilities (4) (4)
Net cash provided by (used in) operating activities (77) 214
Investing activities    
Purchases of marketable securities (82) (91)
Proceeds from sale and maturity of marketable securities 76 72
Acquisitions of property and equipment (17) (11)
Acquisition of subsidiary, net of cash acquired 0 (183)
Net cash used in investing activities (23) (213)
Financing activities    
Repurchase of common stock (91) (350)
Revolver drawdown 495 0
Revolver repayment (200) 0
Awards effectively repurchased for required employee withholding taxes (4) (3)
Net cash provided by (used in) financing activities 200 (353)
Net increase (decrease) in cash and cash equivalents, unrestricted and restricted 100 (352)
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,537 1,738
End of period 1,637 1,386
Supplemental disclosures of cash flow information    
Interest paid 11 9
Income taxes (refund) paid, net 4 (12)
Supplemental schedule of noncash investing and financing activities    
Payable for purchase of property and equipment $ 5 $ 4