PAYX Stock Cash Flow Statements

Paychex Quarterly Cash Flow Statements Chart

Quarterly

Annual

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Paychex Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-08-31	2025-05-31	2025-02-28	2024-11-30	2024-08-31	2024-05-31	2024-02-29	2023-11-30	2023-08-31	2023-05-31	2023-02-28	2022-11-30	2022-08-31	2022-05-31	2022-02-28	2021-11-30	2021-08-31	2021-05-31	2021-02-28	2020-11-30	2020-08-31	2020-05-31	2020-02-29	2019-11-30	2019-08-31	2019-05-31	2019-02-28	2018-11-30	2018-08-31	2018-05-31	2018-02-28	2017-11-30	2017-08-31	2017-05-31	2017-02-28	2016-11-30	2016-08-31	2016-05-31	2016-02-29	2015-11-30	2015-08-31	2015-05-31	2015-02-28	2014-11-30	2014-08-31	2014-05-31	2014-02-28	2013-11-30	2013-08-31	2013-02-28	2011-08-31	2011-05-31	2011-02-28	2010-11-30	2010-08-31	2010-05-31	2010-02-28	2009-11-30	2009-08-31	2009-05-31	2009-02-28	2008-11-30	2008-08-31	2008-05-31	2008-02-29	2007-11-30	2007-08-31	2006-11-30	2006-08-31	2006-05-31	2006-02-28	2005-11-30	2005-08-31	2005-05-31	2005-02-28	2004-11-30	2004-08-31	2004-05-31	2004-02-29	2003-11-30	2003-08-31	2003-05-31	2003-02-28	2002-11-30	2002-08-31

operating activities
net income	383,800,000	297,200,000	519,300,000	413,400,000	427,400,000	379,900,000	498,600,000	392,700,000	419,200,000	350,400,000	467,400,000	360,300,000	379,200,000	296,400,000	430,700,000	332,100,000	333,600,000	263,000,000	350,500,000	272,400,000	211,600,000	220,700,000	354,500,000	258,700,000	264,200,000	230,400,000	324,600,000	235,800,000	243,600,000	228,500,000	260,400,000	217,000,000	227,800,000	195,300,000	202,500,000	202,100,000	217,400,000	178,100,000	180,400,000	189,200,000	209,100,000	161,200,000	169,400,000	173,000,000	171,300,000	145,900,000	160,100,000	158,700,000	162,800,000	144,500,000	148,900,000	118,900,000	130,600,000	133,900,000	131,900,000	115,522,000	112,007,000	125,850,000	123,620,000	113,804,000	130,790,000	140,242,000	148,709,000	135,484,000	142,474,000	147,112,000	151,075,000	132,666,000	135,081,000	122,740,000	114,534,000	112,612,000	115,028,000	101,481,000	92,782,000	86,865,000	87,721,000	61,405,000	80,518,000	80,684,000	80,343,000	71,340,000	71,521,000	74,651,000	75,940,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	109,300,000	85,700,000	43,100,000	41,700,000	39,000,000	45,600,000	44,800,000	44,900,000	41,200,000	44,100,000	44,200,000	44,300,000	44,000,000	49,100,000	48,400,000	48,600,000	45,700,000	47,400,000	46,400,000	48,600,000	49,600,000
amortization of premiums and discounts on afs securities and long-term debt	-2,100,000
amortization of deferred contract costs	60,400,000	59,900,000	59,300,000	58,800,000	58,500,000	58,300,000	58,300,000	57,900,000	57,200,000	56,100,000	55,500,000	54,500,000	53,000,000	51,900,000	51,100,000	50,000,000	49,100,000	48,400,000	47,900,000	47,800,000	47,300,000	47,000,000			46,000,000	45,400,000
stock-based compensation costs	26,800,000	61,300,000	17,600,000	16,400,000	16,500,000	16,000,000	14,400,000	14,700,000	16,000,000	16,600,000	16,300,000	15,300,000	14,400,000	13,600,000	12,800,000	14,000,000	12,400,000	14,400,000	12,600,000	12,200,000	13,300,000	10,900,000	12,700,000	13,300,000	10,500,000	12,600,000	10,800,000	11,900,000	10,900,000	15,200,000	10,300,000	10,400,000	8,700,000	8,900,000	8,900,000	8,500,000	9,100,000	8,500,000	8,600,000	8,700,000	8,800,000	7,400,000	8,600,000	7,900,000	7,500,000	4,600,000	7,100,000	7,100,000	7,500,000	5,400,000	6,600,000	6,000,000	5,300,000	6,400,000	7,100,000	6,459,000	5,811,000	6,585,000	6,725,000	6,397,000	5,368,000	7,020,000	6,922,000	6,445,000	6,084,000	6,583,000	6,322,000	5,761,000	6,527,000
provision on/(benefit from) deferred income taxes	66,000,000
benefit from credit losses	7,700,000	6,600,000	5,200,000	4,900,000	7,500,000	4,900,000	4,900,000	5,700,000	4,300,000	4,600,000	5,000,000	3,600,000	4,500,000	9,300,000	200,000
net realized losses/(gains) on sales of afs securities	0					2,600,000	0	0	0
changes in operating assets and liabilities:
interest receivable	-6,100,000	-4,500,000	1,100,000	-800,000	400,000	-500,000	900,000	-300,000	1,000,000	3,000,000	-4,200,000	-2,600,000	1,700,000	-1,900,000	2,300,000	-1,400,000	3,100,000	-1,600,000	2,000,000	-1,200,000	2,600,000	-100,000	2,900,000	-1,900,000	300,000	-3,700,000	4,900,000	500,000	3,100,000	-700,000	3,700,000	-3,200,000	3,900,000	-3,900,000	3,800,000	-4,100,000	4,400,000	-4,500,000	5,100,000	-4,600,000	5,800,000	-5,700,000	4,200,000	-6,800,000	6,700,000	-6,900,000	5,400,000	-6,100,000	3,700,000	5,700,000	7,300,000	-7,600,000	6,500,000	-5,500,000	5,900,000	-6,081,000	6,516,000	-5,918,000	4,533,000	-5,767,000	7,836,000	-262,000	4,906,000	-3,216,000	7,345,000	-3,191,000	18,251,000	-15,985,000	12,205,000	-9,879,000	1,068,000	-9,827,000	11,607,000	-11,583,000	3,358,000	-4,856,000	4,537,000	-4,800,000
accounts receivable and peo unbilled receivables	-18,900,000	-30,800,000	-31,300,000	-32,200,000	-36,400,000	116,500,000	-56,400,000	3,800,000	49,100,000	-18,900,000	-24,100,000	-19,400,000	-61,200,000	-120,900,000	164,300,000	-290,000,000	-30,400,000	57,500,000	-122,800,000	-138,800,000	-68,800,000	55,000,000	53,300,000	-43,400,000	-9,800,000
prepaid expenses and other current assets	29,500,000	-14,300,000	71,200,000	-95,200,000	26,300,000	-34,400,000	55,500,000	-84,400,000	38,100,000	-5,700,000	31,300,000	-67,100,000	23,700,000	18,900,000	8,600,000	-58,400,000	23,200,000	-19,600,000	22,600,000	-27,100,000	8,300,000	14,000,000	28,900,000	-58,300,000	13,800,000	-7,400,000	35,100,000	-41,900,000	15,200,000	8,000,000	35,500,000	-54,000,000	28,200,000	-2,000,000	14,300,000	-53,000,000	6,600,000	3,600,000	56,000,000	-64,800,000	200,000	-9,700,000	2,100,000	-8,700,000	7,800,000	-14,100,000	24,900,000	-32,800,000	44,500,000	16,200,000	-2,200,000	-1,900,000	8,700,000	-8,900,000	3,900,000	-7,158,000	2,923,000	118,000	1,547,000	-2,392,000	5,247,000	-5,281,000	10,782,000	-11,689,000	11,801,000	-12,454,000	7,262,000	-9,250,000	3,081,000	-3,593,000	3,589,000	-1,218,000	-1,382,000	-280,000	2,186,000	-552,000	-4,974,000	-1,006,000
accounts payable and other current liabilities	124,900,000	-65,500,000	101,100,000	-58,900,000	65,600,000	-311,200,000	117,600,000	-23,900,000	90,500,000	24,300,000	90,000,000	14,200,000	-61,100,000	98,400,000	-41,600,000	124,100,000	-29,100,000	41,000,000	142,800,000	40,800,000	-55,600,000	21,600,000	-12,000,000	25,100,000	-39,600,000	-30,900,000	138,600,000	-15,000,000	-15,200,000	-38,300,000	115,200,000	-15,100,000	-19,200,000	1,600,000	31,700,000	-55,100,000	60,900,000	34,900,000	32,600,000	-11,000,000	6,800,000	22,900,000	27,600,000	-39,800,000	40,400,000	14,900,000	36,900,000	-22,100,000	15,400,000	39,100,000	21,200,000	23,600,000	-31,800,000	-23,400,000	33,800,000	-26,372,000	12,791,000	-42,746,000	41,324,000	-12,641,000	21,304,000	-41,987,000	23,275,000	-673,000	2,350,000	-65,504,000	66,542,000	-46,522,000	26,868,000	3,243,000	39,144,000	-43,342,000	38,695,000	-8,064,000	15,336,000	-23,404,000	36,503,000	-15,937,000
deferred costs	-68,500,000	-72,800,000	-65,900,000	-56,200,000	-51,600,000	-60,600,000	-61,200,000	-60,900,000	-62,200,000	-73,800,000	-73,500,000	-57,600,000	-64,500,000	-77,000,000	-77,500,000	-58,900,000	-53,700,000	-61,200,000	-57,100,000	-46,400,000	-43,300,000	-55,200,000	-56,100,000	-43,400,000	-41,900,000	-54,400,000	-141,400,000	1,100,000	6,200,000
net change in other long-term assets and liabilities	6,300,000	-3,500,000	11,400,000	5,600,000	8,400,000	-15,500,000	11,500,000	3,500,000	6,600,000	14,600,000	3,500,000	-9,900,000	23,700,000	900,000	4,800,000	3,000,000	17,600,000	12,400,000	-16,200,000	12,200,000	23,700,000	15,000,000	400,000	5,700,000	-8,400,000	2,600,000	-7,600,000	0	-400,000	-9,000,000	1,700,000	1,100,000	600,000	-2,300,000	-29,400,000	5,400,000	10,900,000
net change in operating lease right-of-use assets and liabilities	-700,000	2,200,000	-1,400,000	-1,200,000	-1,700,000	-1,500,000	-900,000	-500,000	-600,000	200,000	-1,600,000	-1,400,000	-1,500,000	-7,000,000	4,000,000	700,000	-1,600,000	-2,000,000	-4,600,000	-12,300,000	18,000,000	900,000	-600,000	1,000,000	-900,000
net cash from operating activities	718,400,000	343,800,000	716,000,000	295,000,000	546,100,000	221,700,000	671,700,000	348,500,000	655,800,000	409,300,000	604,200,000	321,600,000	364,300,000	337,200,000	612,900,000	169,800,000	385,600,000	389,700,000	439,900,000	215,700,000	215,000,000	388,200,000	488,100,000	269,800,000	294,800,000	248,700,000	525,600,000	223,500,000	273,700,000	287,500,000	469,500,000	175,800,000	343,600,000	191,100,000	355,900,000	118,700,000	294,700,000	227,000,000	371,300,000	141,600,000	278,300,000	202,400,000	288,100,000	141,600,000	263,100,000	175,100,000	305,600,000	133,500,000	266,700,000	280,400,000	187,200,000	162,400,000	233,700,000	124,900,000	194,300,000	107,907,000	223,845,000	92,553,000	186,618,000	125,448,000	234,938,000	113,834,000	214,551,000	134,294,000	232,131,000	105,031,000	253,213,000	78,908,000	199,915,000	111,355,000	223,093,000	73,113,000	161,672,000	100,391,000	166,975,000	75,098,000	125,393,000	65,160,000	141,890,000	70,610,000	112,426,000	63,508,000	135,456,000	58,984,000	115,760,000
capex	-55,900,000	-60,500,000	-48,700,000	-47,000,000	-35,600,000	-41,300,000	-40,700,000	-40,700,000	-38,700,000	-46,000,000	-31,100,000	-35,300,000	-30,600,000	0	-34,700,000	-34,200,000	-30,400,000	-27,700,000	-32,300,000	-33,900,000	-20,700,000	-35,100,000	-32,000,000	-33,500,000	-26,400,000	-35,800,000	-27,200,000	-36,400,000	-24,400,000	-32,000,000	-26,500,000	-77,500,000	-18,000,000	-27,500,000	-20,000,000	-26,500,000	-20,300,000	-27,700,000	-21,500,000	-27,300,000	-21,200,000	-30,800,000	-26,400,000	-20,700,000	-24,900,000	-21,300,000	-15,900,000	-21,800,000	-25,100,000	-19,700,000	-20,200,000	-21,500,000	-34,900,000	-27,500,000	-16,600,000	-19,818,000	-18,353,000	-12,952,000	-10,139,000	-11,421,000	-14,081,000	-23,000,000	-16,207,000	-17,668,000	-24,923,000	-18,923,000	-20,775,000	-23,719,000	-16,165,000	-24,825,000	-17,766,000	-17,968,000	-20,584,000	-29,703,000	-14,007,000	-16,301,000	-10,675,000	-11,333,000	-9,958,000	-18,561,000	-10,710,000	-11,682,000	-11,117,000	-14,918,000	-22,495,000
free cash flows	662,500,000	283,300,000	667,300,000	248,000,000	510,500,000	180,400,000	631,000,000	307,800,000	617,100,000	363,300,000	573,100,000	286,300,000	333,700,000	337,200,000	578,200,000	135,600,000	355,200,000	362,000,000	407,600,000	181,800,000	194,300,000	353,100,000	456,100,000	236,300,000	268,400,000	212,900,000	498,400,000	187,100,000	249,300,000	255,500,000	443,000,000	98,300,000	325,600,000	163,600,000	335,900,000	92,200,000	274,400,000	199,300,000	349,800,000	114,300,000	257,100,000	171,600,000	261,700,000	120,900,000	238,200,000	153,800,000	289,700,000	111,700,000	241,600,000	260,700,000	167,000,000	140,900,000	198,800,000	97,400,000	177,700,000	88,089,000	205,492,000	79,601,000	176,479,000	114,027,000	220,857,000	90,834,000	198,344,000	116,626,000	207,208,000	86,108,000	232,438,000	55,189,000	183,750,000	86,530,000	205,327,000	55,145,000	141,088,000	70,688,000	152,968,000	58,797,000	114,718,000	53,827,000	131,932,000	52,049,000	101,716,000	51,826,000	124,339,000	44,066,000	93,265,000
investing activities
purchases of afs securities	-3,731,900,000	-5,829,700,000	-3,304,700,000	-4,138,800,000	-1,029,700,000	-861,100,000	-2,703,700,000	-1,380,200,000	-1,923,500,000	-1,992,900,000	-6,087,500,000	-2,697,300,000	-3,807,600,000	-10,357,600,000	-5,560,300,000	-1,642,300,000	-247,500,000		-731,100,000
proceeds from sales and maturities of afs securities	2,547,300,000	5,792,100,000	3,336,800,000	4,150,600,000	1,013,000,000	815,600,000	2,738,600,000	1,406,300,000	2,200,700,000	1,892,200,000	5,419,700,000	2,564,400,000	5,066,900,000	10,138,400,000	4,881,900,000	1,277,700,000	256,900,000		675,200,000
net purchases of short-term accounts receivable	-47,000,000		46,800,000	-155,000,000	-45,100,000
purchases of property and equipment	-55,900,000	-60,500,000	-48,700,000	-47,000,000	-35,600,000	-41,300,000	-40,700,000	-40,700,000	-38,700,000	-46,000,000	-31,100,000	-35,300,000	-30,600,000		-34,700,000	-34,200,000	-30,400,000	-27,700,000	-32,300,000	-33,900,000	-20,700,000	-35,100,000	-32,000,000	-33,500,000	-26,400,000	-35,800,000	-27,200,000	-36,400,000	-24,400,000	-32,000,000	-26,500,000	-77,500,000	-18,000,000	-27,500,000	-20,000,000	-26,500,000	-20,300,000	-27,700,000	-21,500,000	-27,300,000	-21,200,000	-30,800,000	-26,400,000	-20,700,000	-24,900,000	-21,300,000	-15,900,000	-21,800,000	-25,100,000	-19,700,000	-20,200,000	-21,500,000	-34,900,000	-27,500,000	-16,600,000	-19,818,000	-18,353,000	-12,952,000	-10,139,000	-11,421,000	-14,081,000	-23,000,000	-16,207,000	-17,668,000	-24,923,000	-18,923,000	-20,775,000	-23,719,000	-16,165,000	-24,825,000	-17,766,000	-17,968,000	-20,584,000	-29,703,000	-14,007,000	-16,301,000	-10,675,000	-11,333,000	-9,958,000	-18,561,000	-10,710,000	-11,682,000	-11,117,000	-14,918,000	-22,495,000
acquisition of businesses, net of cash acquired	-200,000					0	0	-300,000	-208,000,000	1,600,000				0	0			0				200,000				-8,100,000				-1,900,000	-160,600,000	-9,700,000	-8,200,000					0				0	0							-9,300,000		-11,100,000								0				0	0	-344,000	-32,596,000			0	-320,000	0	-406,000					-12,608,000
purchases of other assets	-15,000,000	-5,500,000	-9,200,000	-2,500,000	-12,600,000	-4,300,000	-5,300,000	-14,000,000	-6,500,000	1,200,000	-3,000,000	-3,000,000	-5,600,000	-300,000	-3,600,000	-5,400,000	-1,300,000	-5,100,000	-2,200,000	-800,000	-600,000	-1,600,000	-4,000,000	-2,500,000	-1,700,000	-1,800,000	-2,500,000	-200,000	-800,000	-33,100,000	-2,600,000	-3,700,000	-400,000	-200,000	-3,800,000			-1,700,000	-2,400,000	-1,400,000	-3,500,000	-1,100,000	-600,000	-100,000	-1,500,000	-4,200,000	-1,400,000	-5,000,000	-700,000	-4,600,000	-800,000	300,000	-2,100,000	-400,000	-600,000	-617,000	-2,127,000	-5,050,000	-4,118,000	1,690,000	-4,652,000	-12,171,000	-1,274,000	-1,561,000	-13,520,000	-2,834,000	-1,684,000	-13,048,000	-2,650,000	-874,000	-976,000	-1,750,000	-647,000	-1,472,000	-314,000	-663,000	-293,000	-337,000	-418,000	-881,000	-759,000	-83,000	-2,979,000	-322,000	-490,000
net cash from investing activities	-1,302,700,000		21,000,000	-192,700,000	-110,000,000				24,000,000						-716,700,000	-429,100,000	-22,300,000							20,500,000	544,700,000									522,500,000	-1,645,000,000	317,600,000	380,300,000	500,500,000	-1,312,300,000	-11,200,000	759,900,000		-1,081,900,000	-304,200,000	358,900,000		-1,088,500,000	163,500,000	30,800,000	-1,913,200,000	398,000,000		-997,900,000	-43,900,000	172,500,000		-1,156,556,000										240,750,000	-231,480,000	64,221,000	-59,359,000	-142,881,000	-46,418,000	-61,392,000	-51,785,000	-72,385,000	-9,120,000	-89,165,000	-13,715,000	-24,531,000	-29,223,000	-23,858,000	-114,808,000	-24,624,000	-62,600,000	3,576,000
financing activities
net change in client fund obligations	81,400,000	-673,800,000	356,800,000	51,400,000	-25,100,000	-2,372,700,000	614,600,000	-50,700,000	1,383,500,000	-173,800,000	1,117,300,000	39,200,000	-507,900,000	-520,900,000	496,200,000	135,500,000	32,400,000	-458,500,000	844,900,000	86,700,000	-133,100,000	-941,000,000	575,700,000	-19,600,000	-68,400,000	-1,631,100,000	1,698,100,000	-75,100,000	-942,500,000	763,100,000	-926,000,000	-20,200,000	645,500,000	-502,500,000	1,513,400,000	-125,800,000	-567,800,000	-708,600,000	974,400,000	-37,300,000	-533,300,000	-798,800,000	1,058,700,000	-29,800,000	-137,100,000	-713,600,000	991,200,000	-23,600,000	-126,600,000	1,845,600,000	-479,700,000	-634,400,000	874,600,000	-8,700,000	-266,400,000	-541,424,000	1,098,415,000	-29,254,000	-485,439,000	-651,891,000	584,891,000	-118,466,000	-160,536,000
dividends paid	-389,100,000	-389,300,000	-353,000,000	-352,800,000	-353,400,000	-352,800,000	-320,400,000	-320,200,000	-321,900,000	-320,900,000	-284,800,000	-284,700,000	-284,600,000	-284,700,000	-238,500,000	-238,300,000	-238,100,000	-238,200,000	-223,800,000	-223,500,000	-223,200,000	-222,600,000	-222,500,000	-222,300,000	-222,000,000	-222,900,000	-201,200,000	-201,300,000	-201,400,000	-201,000,000	-179,800,000	-179,800,000	-179,100,000	-165,400,000	-165,400,000	-165,200,000	-166,300,000	-151,500,000	-151,400,000	-151,700,000	-151,900,000	-137,400,000	-138,200,000	-137,900,000	-138,300,000	-127,200,000	-127,700,000	-127,800,000	-127,900,000	-240,300,000	-112,400,000	-112,400,000	-112,200,000	-112,200,000	-112,000,000	-112,168,000	-112,156,000	-112,122,000	-112,112,000	-111,953,000	-111,939,000	-111,936,000	-111,904,000	-108,186,000	-108,163,000	-110,809,000	-114,988,000	-80,016,000	-60,876,000	-60,843,000	-60,751,000	-60,698,000	-49,262,000	-49,219,000	-49,196,000	-49,181,000	-45,380,000	-45,350,000	-45,318,000	-45,286,000	-41,454,000	-41,427,000	-41,401,000	-41,383,000	-41,237,000
repurchases of common shares	-160,100,000				-104,000,000	0	0											-79,700,000	-47,200,000	0	-28,800,000	0	0	0	-171,900,000	-24,100,000	0	0	-32,800,000	-49,000,000	0	0	-94,100,000	0	0			0	-45,000,000	0	-62,900,000	-112,000,000	-17,900,000	-15,000,000	-37,500,000	-46,700,000	-43,900,000	-75,200,000	-83,900,000
activity related to equity-based plans	-47,600,000	-9,100,000	4,900,000	10,500,000	-2,500,000	11,000,000	8,100,000	3,000,000	4,000,000	1,800,000	2,900,000	4,100,000	-19,200,000	6,500,000	12,000,000	9,800,000	-5,700,000	17,500,000	10,500,000	56,400,000	1,300,000	1,300,000	12,100,000	15,300,000	-7,400,000	6,100,000	11,200,000	2,500,000	9,700,000	-5,200,000	3,200,000	10,900,000	-12,300,000	4,400,000	13,700,000	4,100,000	6,300,000
net cash from financing activities	-515,400,000									-492,900,000	832,600,000	-241,400,000	-809,700,000			-91,200,000	-211,700,000			-79,600,000	-382,800,000			-231,800,000	-413,200,000											-401,300,000	-676,500,000			-174,000,000	-752,300,000	-1,039,900,000	918,700,000	-159,600,000	-311,900,000		841,200,000	-195,600,000	-293,200,000	1,610,600,000	-591,100,000	-739,200,000	767,000,000	-120,700,000	-378,200,000			-140,748,000	-591,588,000		473,105,000	-229,852,000	-267,333,000		-240,771,000	-566,553,000	-462,702,000	-62,070,000	-57,648,000	-50,291,000	-57,035,000	-48,200,000	-43,903,000	-46,774,000	-47,385,000	-47,204,000	-42,587,000	-40,574,000	-42,976,000	-38,968,000	-36,620,000	-38,432,000	-39,745,000	-39,490,000	-39,611,000
net change in cash, restricted cash, and equivalents	-1,099,700,000	341,000,000	734,300,000	-189,100,000	-48,900,000	-2,635,900,000	971,100,000	-322,300,000	1,749,200,000	-227,500,000	737,600,000	-81,300,000	777,700,000	-861,500,000	165,700,000	-350,500,000	151,600,000	-229,100,000	914,500,000	-118,000,000	-404,100,000
cash, restricted cash, and equivalents, beginning of period	2,734,300,000		0	0	1,897,000,000		0	0	2,134,900,000		0	0	928,400,000		0	0	1,823,100,000		0	0	1,659,800,000
cash, restricted cash, and equivalents, end of period	1,634,600,000		734,300,000	-189,100,000	1,848,100,000		971,100,000	-322,300,000	3,884,100,000		737,600,000	-81,300,000	1,706,100,000		165,700,000	-350,500,000	1,974,700,000		914,500,000	-118,000,000	1,255,700,000
reconciliation of cash, restricted cash, and equivalents
cash and cash equivalents	809,000,000	64,800,000	361,700,000	-257,500,000	1,459,600,000	-224,700,000	330,500,000	-282,800,000	1,645,900,000	-94,900,000	220,400,000	-87,700,000	1,184,200,000	102,500,000	-368,700,000	-465,800,000	1,102,000,000	208,200,000	93,500,000	-142,200,000	835,700,000	125,200,000	179,400,000	14,200,000	586,400,000	-22,800,000
restricted cash	50,400,000	-1,200,000	-14,000,000	8,200,000	54,900,000	6,800,000	-6,900,000	-1,900,000	49,800,000	-6,800,000	-11,600,000	-24,500,000	92,700,000	-5,500,000	-1,100,000	-1,200,000	83,600,000	8,000,000	-4,600,000	9,300,000	75,600,000	4,700,000	3,700,000	5,000,000	57,700,000	-77,300,000
restricted cash and restricted cash equivalents included in funds held for clients	775,200,000	277,400,000	386,600,000	60,200,000	333,600,000	-2,418,000,000	647,500,000	-37,600,000	2,188,400,000	-125,800,000	528,800,000	30,900,000	429,200,000	-958,500,000	535,500,000	116,500,000	789,100,000	-445,300,000	825,600,000	14,900,000	344,400,000	-542,600,000	469,400,000	39,300,000	717,400,000	-2,670,200,000
total cash, restricted cash, and equivalents	1,634,600,000	341,000,000	734,300,000	-189,100,000	1,848,100,000	-2,635,900,000	971,100,000	-322,300,000	3,884,100,000	-227,500,000	737,600,000	-81,300,000	1,706,100,000	-861,500,000	165,700,000	-350,500,000	1,974,700,000	-229,100,000	914,500,000	-118,000,000	1,255,700,000
amortization of premiums and discounts on afs securities				-2,800,000	-2,800,000	-2,300,000	-1,800,000	-1,500,000	-1,400,000	2,300,000	4,700,000	5,200,000	6,000,000	6,600,000	7,000,000	7,400,000	7,900,000		8,900,000
benefit from deferred income taxes		300,000	-6,600,000	1,500,000	-11,000,000		-14,500,000						2,500,000						100,000	-5,200,000	-1,500,000							8,300,000	2,600,000	12,700,000	-61,900,000	9,200,000	59,200,000			9,900,000	14,100,000		-24,100,000	7,500,000	14,400,000		-27,200,000	4,000,000	10,400,000		-23,100,000	5,700,000	10,300,000		10,800,000			6,100,000	3,600,000			41,000	4,222,000			6,667,000	6,422,000			8,998,000	5,634,000									6,792,000	4,331,000
net realized losses on sales of afs securities		0
net realized losses on disposal of assets
premium paid on cash flow hedges
net change in purchased receivables
proceeds from sale of property and equipment
net cash (used in)/provided by investing activities						-143,100,000	-8,100,000											139,700,000	-109,900,000	-254,100,000	-236,300,000					-1,089,700,000						-40,100,000	-711,000,000																														-49,873,000
net proceeds from short-term borrowings																		400,000	100,000	800,000	1,000,000	-46,100,000	-100,000	-5,200,000	56,500,000		-3,700,000	600,000	56,700,000		-75,700,000	76,200,000	57,200,000		-47,700,000
proceeds from issuance of corporate bonds
debt issuance costs
contingent consideration paid for acquisitions										0
net cash provided by/(used in) financing activities							307,500,000																									-112,900,000	417,200,000
cash, restricted cash, and equivalents, beginning of fiscal year
cash, restricted cash, and equivalents, end of fiscal year
amortization of premiums and discounts on afs securities, cash flow hedges and long-term debt
premiums paid on cash flow hedges
net change in short-term borrowings							5,200,000	0	3,800,000		0	0	2,000,000		-200,000	1,800,000	-300,000
repurchases of common shares, including excise tax			0
debt issuance fees
net cash (used in)/provided by financing activities			-2,700,000	-291,400,000	-485,000,000																							-273,300,000	-1,110,300,000
net realized (gains)/losses on sales of afs securities				0	0
(benefit from)/benefit from deferred income taxes									-3,200,000	-18,400,000	-10,300,000
net (purchases of)/collections on short-term accounts receivable
proceeds from sales of property and equipment							0				7,000,000								0																																														1,000	0	708,000	5,000	111,000		2,000	7,000	18,000		135,000
in millions							1,000,000	0	2,023,000,000		1,000,000	0	2,022,000,000		1,000,000								1,000,000	0	2,019,000,000
payroll wages and payroll taxes							670,100,000	232,300,000	6,414,600,000		610,800,000	-4,500,000	6,337,800,000		740,000,000	5,800,500,000	5,600,000		400,000	200,000	4,900,000
state unemployment insurance							58,300,000	1,100,000	18,600,000		41,100,000	20,800,000	9,500,000		55,600,000	3,200,000	15,400,000		60,300,000	0	12,800,000
guaranteed cost benefit plans							-5,700,000	8,800,000	162,500,000		-22,500,000	23,600,000	156,700,000		7,600,000	5,800,000	150,900,000		3,000,000	-7,300,000	150,400,000
net cash provided buy/(used in) financing activities									1,069,400,000
net cash provided by/(used in) investing activities										-143,900,000	-699,200,000	-161,500,000	1,223,100,000									407,500,000						120,300,000	918,500,000																														247,524,000					173,077,000	115,504,000
category
buildings and improvements
data processing equipment
furniture, fixtures, and equipment
leasehold improvements
software
net realized gains on sales of afs securities											0	0	-100,000	-100,000	0	0	-100,000		-300,000
benefit from/(benefit from) deferred income taxes																																																				6,200,000
purchases of property and equipment, net of proceeds from sales
benefit from/(benefit) from deferred income taxes															-2,200,000	-6,000,000	11,500,000
benefit from allowance for doubtful accounts																	-3,600,000	-3,800,000	7,100,000	4,100,000	600,000	1,800,000	2,600,000	1,100,000	2,300,000	1,200,000	600,000	1,200,000	300,000	300,000	1,500,000	1,100,000	700,000	1,500,000	700,000	1,500,000	1,200,000	800,000	1,100,000	500,000	100,000	600,000	300,000	400,000	300,000	800,000	400,000	500,000	800,000	100,000	200,000	900,000	300,000	400,000	200,000	784,000	-111,000	1,013,000	945,000	1,091,000	735,000	620,000	464,000	1,039,000	643,000	662,000	700,000	526,000	733,000	610,000	642,000	367,000	554,000	-256,000
in billions
amortization of premiums and discounts on available-for-sale securities																					9,500,000	10,100,000	10,300,000	10,400,000	10,000,000	10,200,000	11,100,000	13,300,000	14,400,000	15,300,000	16,300,000	16,700,000	17,100,000	17,500,000	18,000,000	18,400,000	18,600,000	18,500,000	18,800,000	19,000,000	19,400,000	19,300,000	19,400,000	19,100,000	18,400,000	18,000,000	17,900,000	17,700,000	16,700,000	14,300,000	10,300,000	10,000,000	9,900,000	9,600,000	9,400,000	9,257,000	8,990,000	8,827,000	7,974,000	6,148,000	4,868,000	5,403,000	6,537,000	6,473,000	4,660,000	3,935,000	3,965,000	6,229,000	6,341,000	7,122,000	6,408,000	7,678,000	6,689,000	7,444,000	7,562,000	7,389,000	7,456,000	7,419,000
(benefit)/benefit from deferred income taxes																						3,700,000	-5,000,000	1,000,000	-3,700,000																																													5,943,000			-2,847,000
net realized gains on sales of available-for-sale securities																					-300,000								100,000	0				0	0	0	-100,000	0				-100,000	0	-100,000	-100,000	-100,000	-300,000	0	-200,000	-600,000	-100,000	-900,000	-100,000	-200,000	-100,000	-943,000	-1,275,000	-729,000	-285,000	-257,000	-173,000	-405,000	-300,000	-2,608,000	-3,309,000	-390,000	-143,000	-711,000	-236,000	-351,000	-498,000	-14,000	-112,000	-158,000	178,000	-91,000	-152,000	-3,082,000
purchases of available-for-sale securities																					-2,475,500,000	-3,365,500,000	-8,314,800,000	-5,248,500,000	-8,289,300,000	-8,898,200,000	-4,998,800,000	-10,133,000,000	-11,115,800,000	-13,798,000,000	-16,097,900,000	-11,677,600,000	-8,646,700,000	-14,432,800,000	-12,365,400,000	-8,887,100,000	-14,777,000,000	-9,871,300,000	-159,900,000	-178,100,000	-2,362,900,000	-10,475,500,000	-3,095,200,000	-10,988,700,000	-9,461,000,000	-8,687,100,000	-6,221,700,000	-8,568,900,000	-6,372,800,000	-6,432,800,000	-1,653,500,000	-1,467,700,000	-847,900,000	-1,955,100,000	-1,958,400,000	-287,292,000	-510,832,000	-420,271,000	-336,555,000	-31,599,000	-49,523,000	-3,144,069,000	-13,140,530,000	-6,374,128,000	-14,129,292,000	-26,115,634,000	-33,300,803,000	-26,614,971,000	-23,348,338,000	-24,010,264,000	-64,835,357,000	-1,368,520,000	-337,797,000	-2,211,150,000	-304,539,000	-112,058,000	-167,277,000	-316,864,000	-311,198,000	-369,129,000	-239,817,000	-207,929,000	-187,963,000	-203,430,000	-216,392,000
proceeds from sales and maturities of available-for-sale securities																					2,260,500,000	3,809,500,000	8,156,300,000	5,305,000,000	8,862,100,000	7,854,200,000	5,420,300,000	10,067,300,000	11,297,000,000	14,430,000,000	16,454,200,000	11,816,700,000	8,892,000,000	14,285,600,000	11,418,900,000	9,278,200,000	14,920,300,000	8,680,700,000	102,400,000	154,400,000	3,046,800,000	10,021,900,000	3,174,700,000	10,449,200,000	10,073,700,000	8,362,600,000	5,962,700,000	9,058,900,000	6,696,400,000	4,542,500,000	2,095,900,000	1,314,200,000	854,900,000	1,880,000,000	1,549,800,000	735,671,000	132,277,000	108,827,000	175,244,000	341,576,000	123,759,000	4,984,631,000	12,508,552,000	6,753,038,000	14,197,883,000	26,236,850,000	34,381,101,000	25,334,409,000	24,536,781,000	24,033,845,000	64,588,838,000	1,030,363,000	574,613,000	2,410,530,000
proceeds from borrowings to fund acquisition
depreciation and amortization on property and equipment and intangible assets																							50,100,000	55,000,000	52,900,000	55,800,000	53,000,000	36,800,000	35,900,000	35,700,000	36,600,000	33,700,000	32,000,000	36,200,000	31,000,000	30,000,000	29,700,000		30,400,000	27,700,000	27,000,000	27,500,000	26,600,000	26,000,000	26,500,000	28,300,000	26,300,000	26,000,000	24,400,000	25,000,000	24,200,000	24,400,000	22,800,000	20,600,000	20,900,000	21,551,000	21,581,000	21,686,000	21,627,000	22,608,000	21,486,000	20,991,000	20,687,000	21,252,000	20,566,000	19,665,000	19,131,000	17,933,000	16,869,000	17,352,000	16,889,000	16,261,000	16,015,000	18,537,000
net realized (gains)/losses on sales of available-for-sale securities																							-600,000	-900,000	-900,000
net change in cash, cash equivalents, restricted cash and restricted cash equivalents																							652,500,000	58,500,000	426,300,000
cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period																							0	0	935,200,000
cash, cash equivalents, restricted cash and restricted cash equivalents, end of period																							652,500,000	58,500,000	1,361,500,000
reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the consolidated balance sheets:
total cash, cash equivalents, restricted cash and restricted cash equivalents																							652,500,000	58,500,000	1,361,500,000	-2,770,300,000
management solutions																							123,300,000	2,200,000	724,500,000
peo and insurance solutions
total service revenue																							150,700,000	-700,000	971,500,000
amortization of deferred costs
reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents
to the consolidated balance sheets:
peo and insurance services																								-2,900,000	247,000,000
year ended may 31,
provision/(benefit) for deferred income taxes																										-6,000,000																																											567,000					7,403,000
net proceeds from long-term borrowings
cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year																										0
cash, cash equivalents, restricted cash and restricted cash equivalents, end of fiscal year
net realized losses/(gains) on sales of available-for-sale securities
accounts receivable																											-38,600,000	-28,600,000	-43,000,000	19,800,000	50,300,000	-41,100,000	-15,400,000	-79,100,000	98,400,000	-44,900,000	-78,100,000	-56,100,000	83,700,000	-35,000,000	-30,100,000	-28,700,000	56,800,000	-37,200,000	-19,100,000	-20,600,000	48,800,000	-24,300,000	-22,100,000	44,900,000	-37,000,000	-19,300,000	82,800,000	-17,600,000	-22,200,000	-28,240,000	62,691,000	-20,324,000	-24,317,000	-13,895,000	53,549,000	-22,930,000	-12,906,000	-27,683,000	55,102,000	-2,810,000	-25,409,000	-21,198,000	-5,935,000	-35,124,000	54,540,000	-21,451,000	-28,022,000	-14,766,000	34,874,000	-17,513,000	-30,859,000	-20,180,000
increase in cash, cash equivalents, restricted cash and restricted cash equivalents
to the consolidated balance sheets
net realized losses on sales of available-for-sale securities
net change in funds held for clients’ money market securities and other cash equivalents																												222,600,000	762,500,000	-1,268,400,000	608,900,000	-88,300,000	-929,700,000	697,400,000	-674,700,000	-42,400,000	257,300,000		-934,800,000	41,200,000	100,700,000	1,227,700,000	-1,134,400,000	255,700,000	-199,900,000	928,100,000	-812,200,000	-290,400,000	-267,000,000	10,700,000	-23,400,000	645,600,000	-852,600,000	59,100,000	598,300,000	121,590,000	-757,521,000	274,572,000	423,092,000	378,678,000	-659,313,000	-1,420,322,000	599,586,000	224,806,000	-850,525,000	375,225,000	-331,244,000	1,118,714,000	-1,305,123,000	199,625,000	-1,149,177,000	314,957,000	114,091,000	96,755,000	-437,589,000	-138,433,000	43,759,000	413,120,000
increase in cash and cash equivalents																												70,500,000	81,900,000		66,700,000				24,900,000						285,900,000				310,100,000			101,400,000	4,300,000																		31,261,000		206,488,000	1,705,000	23,177,000			1,832,000	47,205,000			10,871,000	74,383,000	2,419,000	51,948,000		71,087,000	-43,106,000	79,725,000
cash and cash equivalents, beginning of fiscal year																												0	358,200,000	0	0	0	184,600,000	0	0	0	131,500,000
cash and cash equivalents, end of period																												70,500,000	440,100,000		66,700,000	22,800,000	234,400,000						-159,200,000	-43,600,000	455,900,000		124,900,000	-322,200,000	462,600,000		58,300,000	101,400,000	111,600,000	-22,200,000	113,100,000		2,800,000	-39,700,000	272,900,000		53,957,000	-90,019,000	315,323,000		97,774,000	269,051,000	61,582,000		106,864,000	-57,688,000	110,614,000	-214,642,000	343,911,000		-180,098,000	-21,505,000	337,321,000		47,205,000	18,774,000	213,133,000		74,383,000	2,419,000	131,819,000		71,087,000	-43,106,000	141,622,000
increase/(decrease) in cash and cash equivalents																																	49,800,000													-118,800,000																		4,447,000									56,377,000
cash and cash equivalents, end of fiscal year																																				35,000,000	130,000,000
net cash provided by/ (used in) financing activities
proceeds from short-term borrowings																																					51,300,000
(decrease)/increase in cash and cash equivalents																																					-1,500,000																			5,055,000	53,957,000						-102,655,000														-6,359,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization on property and equipment and intangible assets
net change in funds held for clients’ money market securities and other cash equivalents
equity activity related to stock-based awards																																						11,000,000	3,800,000	15,000,000	-4,200,000	8,300,000	16,100,000	23,100,000	1,000,000	15,500,000	21,600,000	31,000,000	45,200,000	5,300,000
cash and cash equivalents, beginning of period																																							0	0	170,000,000		0	0	152,500,000		0	0	107,300,000	0	119,000,000		0	0	284,300,000		0	0	472,769,000		0	0	164,237,000		0	0	79,353,000	0	137,423,000		-203,275,000	0	280,944,000		0	0	219,492,000		0	0	79,871,000		0	0	61,897,000
net change in other assets and liabilities																																								4,400,000	16,800,000	-1,000,000	300,000	3,800,000	-7,000,000	2,100,000	1,200,000	3,100,000	2,900,000	8,100,000	-3,000,000	2,100,000	1,000,000	3,500,000	-100,000	2,122,000	2,346,000	-1,850,000	-1,297,000	4,829,000	4,406,000	3,756,000	-947,000	1,711,000	3,093,000	2,425,000	-117,000	4,224,000	-2,186,000	-764,000	2,200,000	2,361,000	2,991,000	-509,000	3,195,000	4,467,000	3,995,000	-1,063,000
acquisition of business, net of cash acquired																																													-27,500,000		0
benefit from litigation reserve
proceeds from sale of business																																																								0	0
proceeds from exercise and excess tax benefit related to stock-based awards																																																				7,600,000	4,600,000
decrease in cash and cash equivalents																																																			-5,900,000		2,800,000	-39,700,000	-11,400,000				-157,446,000
proceeds from and excess tax benefit related to stock-based awards																																																			1,000,000
proceeds from and excess tax benefit related to exercise of stock options																																																							200,000	1,206,000	409,000	628,000	5,963,000	3,223,000
repurchases of common stock																																																																0	-134,935,000	-468,580,000	-396,484,000
benefit for deferred income taxes																																																																														-2,644,000
benefit from pending legal matters
proceeds from exercise of stock options																																																														600,000	4,809,000	3,492,000	2,020,000	8,864,000	44,402,000	14,879,000	2,926,000	10,552,000	3,716,000	12,498,000	5,359,000	2,445,000	1,811,000	1,977,000	2,793,000	4,776,000	2,342,000	6,318,000	4,834,000	2,995,000	1,656,000	1,893,000	1,626,000
excess tax benefit related to exercise of stock options																																																														-50,000	298,000	419,000	307,000	3,972,000	4,368,000	3,067,000	302,000
tax benefit related to exercise of stock options																																																																						4,056,000	1,112,000	3,963,000	2,456,000	1,142,000	676,000	897,000	1,801,000	2,352,000
net change in client fund deposits																																																																	935,880,000	-70,506,000	-453,957,000	-32,870,000	199,605,000	-256,881,000	1,271,875,000	-3,507,000	-390,680,000	-316,301,000	534,074,000	79,614,000	-105,740,000	-345,976,000	552,025,000	5,596,000	-121,771,000	-181,668,000	289,318,000	57,605,000	34,020,000
benefit from legal reserves
other non-cash adjustments
adjustments to reconcile net income to cash from operating activities:
depreciation and amortization on depreciable and intangible assets																																																																												14,551,000	14,181,000	14,256,000
benefit from bad debts																																																																												553,000	853,000
proceeds from sales of available-for-sale securities																																																																												168,525,000	110,076,000	208,228,000	250,970,000	388,640,000	188,399,000	181,328,000	70,432,000	423,737,000	238,060,000
proceeds from maturities of available-for-sale securities																																																																												6,825,000	40,985,000	52,055,000	40,275,000	26,165,000	55,155,000	36,755,000	24,830,000	18,095,000	35,340,000
expense charges to increase legal reserve
acquisition of advantage payroll services, inc., net of cash acquired																																																																																			0
see notes to consolidated financial statements.

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