Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Operating activities    
Net income $ 383.8 $ 427.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 109.3 39.0
Amortization of premiums and discounts on AFS securities and long-term debt, net (2.1) (2.8)
Amortization of deferred contract costs 60.4 58.5
Stock-based compensation costs 26.8 16.5
Provision on/(Benefit from) deferred income taxes 66.0 (11.0)
Provision for credit losses 7.7 7.5
Net realized losses/(gains) on sales of AFS securities 0.0 0.0
Changes in operating assets and liabilities:    
Interest receivable (6.1) 0.4
Accounts receivable and PEO unbilled receivables, net (18.9) (36.4)
Prepaid expenses and other current assets 29.5 26.3
Accounts payable and other current liabilities 124.9 65.6
Deferred costs (68.5) (51.6)
Net change in other long-term assets and liabilities 6.3 8.4
Net change in operating lease right-of-use assets and liabilities (0.7) (1.7)
Net cash provided by operating activities 718.4 546.1
Investing activities    
Purchases of AFS securities (3,731.9) (1,029.7)
Proceeds from sales and maturities of AFS securities 2,547.3 1,013.0
Net purchases of short-term accounts receivable (47.0) (45.1)
Purchases of property and equipment (55.9) (35.6)
Acquisition of businesses, net of cash acquired (0.2) 0.0
Purchases of other assets, net (15.0) (12.6)
Net cash used in investing activities (1,302.7) (110.0)
Financing activities    
Net change in client fund obligations 81.4 (25.1)
Dividends paid (389.1) (353.4)
Repurchases of common shares (160.1) (104.0)
Activity related to equity-based plans (47.6) (2.5)
Net cash used in financing activities (515.4) (485.0)
Net change in cash, restricted cash, and equivalents (1,099.7) (48.9)
Cash, restricted cash, and equivalents, beginning of period 2,734.3 1,897.0
Cash, restricted cash, and equivalents, end of period 1,634.6 1,848.1
Reconciliation of cash, restricted cash, and equivalents    
Cash and cash equivalents 809.0 1,459.6
Restricted cash 50.4 54.9
Restricted cash and restricted cash equivalents included in funds held for clients 775.2 333.6
Total cash, restricted cash, and equivalents $ 1,634.6 $ 1,848.1