| Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
1,557,000 | 1,329,000 | 985,000 | 979,000 | 365,000 | 907,000 | 858,000 | 792,000 | 634,000 | 574,000 | 447,000 | 477,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
199,000 | 228,000 | 214,000 | 195,000 | 157,000 | 144,000 | 166,000 | 171,000 | 164,000 | 148,000 | 149,000 | 117,000 |
Amortization of acquired intangible assets | |||||||||||
26,000 | 25,000 | 22,000 | 43,000 | 74,000 | 53,000 | 66,000 | 71,000 | 77,000 | 108,000 | 126,000 | 100,000 |
Goodwill and intangible asset impairment charges | |||||||||||
- | - | - | - | 297,000 | 0 | 46,000 | 0 | 30,000 | 0 | 0 | - |
Share-based compensation expense | |||||||||||
401,000 | 382,000 | 326,000 | 281,000 | 257,000 | 204,000 | 195,000 | 169,000 | 153,000 | 135,000 | 133,000 | 113,000 |
Gain on sale of outsourced payroll assets | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 52,000 |
Pre-tax gain on sale of discontinued operations | |||||||||||
- | - | - | 354,000 | 0 | 40,000 | 53,000 | 0 | 0 | 58,000 | 0 | 46,000 |
Loss on sale of long-lived assets | |||||||||||
0 | -79,000 | 0 | 0 | - | 21,000 | 0 | 0 | - | - | - | - |
Deferred income taxes | |||||||||||
-7,000 | -5,000 | 17,000 | 70,000 | -100,000 | 93,000 | 13,000 | -62,000 | 31,000 | -69,000 | 22,000 | 61,000 |
Tax benefit from share-based compensation plans | |||||||||||
- | - | - | 59,000 | 85,000 | 82,000 | 69,000 | 71,000 | - | - | 18,000 | 38,000 |
Tax benefit from share-based compensation plans | |||||||||||
- | - | - | - | - | - | - | - | 81,000 | 36,000 | - | - |
Excess tax benefit from share-based compensation plans | |||||||||||
- | - | - | - | - | 82,000 | 69,000 | 70,000 | 71,000 | 18,000 | 9,000 | 21,000 |
Other | |||||||||||
-15,000 | -6,000 | -13,000 | -17,000 | -4,000 | -24,000 | -19,000 | -11,000 | -19,000 | -23,000 | -13,000 | 13,000 |
Total adjustments | |||||||||||
634,000 | 715,000 | 592,000 | 311,000 | 774,000 | 457,000 | 452,000 | 361,000 | 484,000 | 305,000 | 452,000 | 323,000 |
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
-11,000 | -5,000 | -5,000 | 20,000 | -24,000 | 5,000 | -12,000 | 10,000 | 36,000 | -2,000 | 18,000 | -11,000 |
Income taxes receivable | |||||||||||
-5,000 | 1,000 | 44,000 | -64,000 | 49,000 | -27,000 | 9,000 | -19,000 | - | - | - | - |
Prepaid expenses and other assets | |||||||||||
37,000 | 33,000 | 13,000 | 10,000 | -22,000 | 14,000 | 33,000 | -12,000 | 70,000 | -20,000 | 12,000 | 14,000 |
Accounts payable | |||||||||||
90,000 | 12,000 | 0 | -23,000 | 35,000 | 15,000 | 4,000 | 19,000 | -24,000 | 40,000 | -7,000 | -18,000 |
Accrued compensation and related liabilities | |||||||||||
16,000 | 75,000 | 10,000 | -11,000 | 24,000 | 43,000 | 8,000 | 17,000 | 8,000 | 33,000 | -55,000 | 29,000 |
Deferred revenue | |||||||||||
39,000 | 6,000 | 64,000 | 192,000 | 398,000 | 15,000 | 62,000 | 38,000 | 28,000 | 32,000 | 26,000 | 47,000 |
Income taxes payable | |||||||||||
- | - | - | - | - | - | - | - | -15,000 | 14,000 | -18,000 | -15,000 |
Other liabilities | |||||||||||
9,000 | 4,000 | 0 | -22,000 | -4,000 | 1,000 | 12,000 | -2,000 | 4,000 | -22,000 | -3,000 | -10,000 |
Total changes in operating assets and liabilities | |||||||||||
-133,000 | -68,000 | -22,000 | -170,000 | -450,000 | -82,000 | -56,000 | -93,000 | 105,000 | -119,000 | 87,000 | -30,000 |
Net cash provided by operating activities | |||||||||||
2,324,000 | 2,112,000 | 1,599,000 | 1,460,000 | 1,589,000 | 1,446,000 | 1,366,000 | 1,246,000 | 1,013,000 | 998,000 | 812,000 | 830,000 |
Cash flows from investing activities: | |||||||||||
Purchases of corporate and customer fund investments | |||||||||||
752,000 | 407,000 | 352,000 | 934,000 | 939,000 | 1,334,000 | 869,000 | 669,000 | 1,257,000 | 3,029,000 | 550,000 | 934,000 |
Sales of corporate and customer fund investments | |||||||||||
84,000 | 128,000 | 359,000 | 1,165,000 | 620,000 | 346,000 | 333,000 | 840,000 | 1,626,000 | 1,660,000 | 426,000 | 1,045,000 |
Maturities of corporate and customer fund investments | |||||||||||
303,000 | 286,000 | 183,000 | 187,000 | 475,000 | 567,000 | 228,000 | 178,000 | 328,000 | 474,000 | 57,000 | 237,000 |
Net change in cash and cash equivalents held to satisfy customer fund obligations | |||||||||||
- | - | - | -58,000 | 49,000 | 54,000 | -55,000 | -124,000 | 51,000 | -82,000 | -366,000 | -290,000 |
Proceeds from the sale of available-for-sale equity securities | |||||||||||
- | - | - | - | - | 26,000 | 0 | 0 | - | - | - | - |
Purchases of property and equipment | |||||||||||
76,000 | 38,000 | 102,000 | 416,000 | 142,000 | 104,000 | 129,000 | 135,000 | 114,000 | 74,000 | 131,000 | 262,000 |
Capitalization of internal use software | |||||||||||
79,000 | 86,000 | 128,000 | 106,000 | 119,000 | 82,000 | 66,000 | 51,000 | 99,000 | 56,000 | 51,000 | -44,000 |
Acquisitions of businesses, net of cash acquired | |||||||||||
64,000 | 363,000 | 0 | 0 | 95,000 | 471,000 | 17,000 | 392,000 | 0 | 218,000 | 161,000 | 256,000 |
Acquisitions of intangible assets | |||||||||||
- | - | - | - | - | - | - | 10,000 | 15,000 | 13,000 | 20,000 | - |
Proceeds from divestiture of businesses | |||||||||||
- | - | - | 463,000 | 0 | 1,025,000 | 60,000 | 0 | 0 | 122,000 | 0 | 97,000 |
Originations of term loans to small businesses | |||||||||||
316,000 | 137,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Principal repayments of term loans from small businesses | |||||||||||
267,000 | 82,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Cash received from acquirer of outsourced payroll assets | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 35,000 |
Other | |||||||||||
2,000 | -3,000 | 45,000 | 13,000 | -18,000 | 22,000 | 25,000 | -14,000 | -2,000 | 10,000 | 2,000 | 5,000 |
Net cash used in investing activities | |||||||||||
-566,000 | -537,000 | -17,000 | 371,000 | -182,000 | -49,000 | -485,000 | -225,000 | 497,000 | -997,000 | -432,000 | -87,000 |
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings under secured revolving credit facility | |||||||||||
0 | 800,000 | 150,000 | 995,000 | 0 | 0 | - | - | - | - | - | - |
Repayments on borrowings under unsecured revolving credit facility | |||||||||||
0 | 800,000 | 150,000 | 995,000 | 0 | 0 | - | - | - | - | - | - |
Proceeds from borrowings under secured revolving credit facility | |||||||||||
48,000 | 0 | 0 | 500,000 | 0 | 0 | - | - | - | - | - | - |
Repayment of debt | |||||||||||
50,000 | 50,000 | 512,000 | 0 | 0 | - | - | 500,000 | 0 | 0 | - | - |
Proceeds from issuance of stock under employee stock plans | |||||||||||
284,000 | 295,000 | 226,000 | 197,000 | 220,000 | 165,000 | 165,000 | 164,000 | 283,000 | 416,000 | 198,000 | 203,000 |
Payments for employee taxes withheld upon vesting of restricted stock units | |||||||||||
251,000 | 199,000 | 153,000 | 108,000 | 113,000 | - | - | - | - | - | - | - |
Tax payments related to issuance of restricted stock units | |||||||||||
- | - | - | - | - | - | - | - | - | - | -15,000 | -6,000 |
Cash paid for purchases of treasury stock | |||||||||||
556,000 | 272,000 | 839,000 | 2,264,000 | 1,245,000 | 1,577,000 | 292,000 | 900,000 | 1,360,000 | 900,000 | 300,000 | 800,000 |
Dividends and dividend rights paid | |||||||||||
501,000 | 407,000 | 353,000 | 318,000 | 283,000 | 220,000 | 203,000 | 178,000 | 0 | 0 | - | - |
Net change in customer fund deposits | |||||||||||
- | - | - | -33,000 | 49,000 | 54,000 | -55,000 | -124,000 | 77,000 | 65,000 | -366,000 | 290,000 |
Excess tax benefit from share-based compensation plans | |||||||||||
- | - | - | - | - | 82,000 | 69,000 | 70,000 | 71,000 | 18,000 | 9,000 | 21,000 |
Other | |||||||||||
-8,000 | -1,000 | -1,000 | -6,000 | -1,000 | -1,000 | -1,000 | 0 | 0 | -1,000 | -2,000 | -4,000 |
Net cash used in financing activities | |||||||||||
-1,034,000 | -634,000 | -1,632,000 | -1,999,000 | -1,422,000 | -1,551,000 | -262,000 | -1,344,000 | -1,006,000 | -467,000 | -110,000 | -586,000 |
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents | |||||||||||
-3,000 | -11,000 | 9,000 | -2,000 | -26,000 | -6,000 | -3,000 | -6,000 | 4,000 | 1,000 | -4,000 | 1,000 |
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | |||||||||||
721,000 | 930,000 | -41,000 | -170,000 | -41,000 | -160,000 | 616,000 | -329,000 | 508,000 | -465,000 | 266,000 | 158,000 |
Supplemental disclosure of cash flow information: | |||||||||||
Interest paid | |||||||||||
17,000 | 19,000 | 42,000 | 37,000 | 32,000 | 32,000 | 33,000 | 60,000 | 60,000 | 61,000 | 56,000 | 56,000 |
Income taxes paid | |||||||||||
325,000 | 245,000 | 430,000 | 389,000 | 222,000 | 240,000 | 309,000 | 312,000 | 270,000 | 277,000 | 190,000 | 186,000 |
License fee payable incurred for acquisition of purchased intangible assets | |||||||||||
- | - | - | - | - | - | - | - | - | - | 69,000 | - |