| May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | |||||||||||
Net income | |||||||||||
1,034 | 994 | 826 | 756 | 674 | 627 | 569 | 548 | 515 | 477 | 533 | 576 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization on property and equipment and intangible assets | |||||||||||
181 | 138 | 126 | 115 | 106 | 105 | 98 | 97 | 88 | 86 | 85 | 80 |
Amortization of premiums and discounts on available-for-sale securities, net | |||||||||||
-49 | -65 | -72 | -75 | -76 | -70 | -56 | -42 | -38 | -35 | -23 | -19 |
Amortization of deferred contract costs | |||||||||||
180 | 174 | 169 | - | - | - | - | - | - | - | - | - |
Stock-based compensation costs | |||||||||||
46 | 44 | 35 | 34 | 31 | 26 | 22 | 22 | 24 | 25 | 25 | 25 |
(Benefit)/provision for deferred income taxes | |||||||||||
4 | -37 | 22 | 7 | -4 | -4 | 5 | 11 | 13 | -3 | -1 | 3 |
Provision for allowance for doubtful accounts | |||||||||||
3 | 3 | 4 | 2 | 1 | 2 | 1 | 1 | 1 | 2 | 2 | 3 |
Provision for litigation reserve | |||||||||||
- | - | - | - | - | - | - | - | - | -18 | - | - |
Net realized (gains)/losses on sales of available-for-sale securities | |||||||||||
- | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 1 | 6 |
Changes in operating assets and liabilities: | |||||||||||
Interest receivable | |||||||||||
-4 | -3 | -0 | -1 | 1 | 3 | 1 | 1 | 0 | 1 | -6 | -19 |
Accounts receivable and PEO unbilled receivables, net | |||||||||||
117 | -16 | 103 | 37 | 28 | 18 | -8 | -17 | -23 | 10 | -3 | 0 |
Prepaid expenses and other current assets | |||||||||||
-1 | -18 | 32 | 5 | 8 | -22 | 45 | 9 | -1 | 2 | -8 | 5 |
Accounts payable and other current liabilities | |||||||||||
77 | 42 | 38 | 63 | 51 | 45 | -16 | -26 | 2 | -15 | -10 | 2 |
Deferred costs | |||||||||||
188 | 181 | 185 | - | - | - | - | - | - | - | - | - |
Net change in other long-term assets and liabilities | |||||||||||
5 | 5 | 14 | -3 | 3 | -9 | 21 | -3 | -6 | -1 | -12 | -7 |
Net cash provided by operating activities | |||||||||||
1,271 | 1,276 | 960 | 1,018 | 895 | 880 | 675 | 706 | 715 | 610 | 688 | 724 |
Investing activities | |||||||||||
Purchases of available-for-sale securities | |||||||||||
35,145 | 50,220 | 50,462 | 12,572 | 34,020 | 29,850 | 28,332 | 10,180 | 6,229 | 1,554 | 16,365 | 79,919 |
Proceeds from sales and maturities of available-for-sale securities | |||||||||||
34,638 | 51,592 | 49,903 | 11,984 | 33,719 | 30,080 | 27,620 | 9,817 | 5,598 | 1,152 | 17,958 | 81,568 |
Net change in funds held for clients’ money market securities and other cash equivalents | |||||||||||
- | - | - | -927 | -149 | 441 | 1,019 | -784 | 450 | 61 | -1,101 | -581 |
Purchases of property and equipment | |||||||||||
123 | 154 | 94 | 97 | 102 | 84 | 98 | 89 | 100 | 61 | 64 | 82 |
Proceeds from sale of property and equipment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 0 | 0 |
Acquisition of businesses, net of cash acquired | |||||||||||
992 | 180 | - | 296 | 27 | 9 | 21 | 6 | 126 | 0 | 6 | 32 |
Proceeds from sale of business | |||||||||||
- | - | - | - | - | - | - | - | - | 13 | - | - |
Purchases of other assets | |||||||||||
5 | 39 | 8 | 9 | 3 | 11 | 5 | 1 | 2 | 11 | 16 | 19 |
Net cash provided by/(used in) investing activities | |||||||||||
-1,628 | 998 | -662 | -63 | -285 | -316 | 181 | -1,244 | -409 | -401 | 404 | 933 |
Financing activities | |||||||||||
Net change in client fund obligations | |||||||||||
-950 | 462 | 317 | -304 | 93 | 127 | -454 | 980 | -34 | 42 | -346 | -198 |
Net proceeds from long-term borrowings | |||||||||||
796 | - | - | - | - | - | - | - | - | - | - | - |
Dividends paid | |||||||||||
826 | 739 | 662 | 606 | 551 | 510 | 476 | 460 | 448 | 448 | 447 | 442 |
Repurchases of common shares | |||||||||||
56 | 143 | 166 | 107 | 182 | 249 | 0 | 0 | - | - | - | 999 |
Activity related to equity-based plans | |||||||||||
29 | -3 | 28 | 25 | 48 | 113 | 72 | 7 | 12 | 8 | 9 | 67 |
Net cash (used in)/provided by financing activities | |||||||||||
-1,008 | -423 | -482 | -993 | -592 | -519 | -858 | 527 | -471 | -398 | -784 | -1,572 |
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents | |||||||||||
-1,365 | 1,851 | -184 | - | - | - | - | - | - | - | - | - |
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the Consolidated Balance Sheets: | |||||||||||
Increase in cash and cash equivalents | |||||||||||
- | - | - | -38 | 17 | 45 | -1 | -10 | -165 | -188 | 308 | 84 |