Paychex (PAYX) annual cash flow statement covering fiscal 2018 through 2023, as reported to the SEC.
Net cash provided by operating activities has grown 5.9% a year on average since fiscal 2018, from $1.28B to $1.7B.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | |||||||||||||||||||||
Net income | |||||||||||||||||||||
1,557 | 1,392 | 1,097 | 1,098 | 1,034 | 994 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net income | 1,557 | 1,392 | 1,097 | 1,098 | 1,034 | 994 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||
176 | 191 | 192 | 209 | 181 | 138 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation and amortization | 176 | 191 | 192 | 209 | 181 | 138 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of premiums and discounts on AFS securities, net | |||||||||||||||||||||
-18 | -28 | -35 | -40 | -49 | -65 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of premiums and discounts on AFS securities, net | -18 | -28 | -35 | -40 | -49 | -65 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of deferred contract costs | |||||||||||||||||||||
219 | 202 | 191 | 186 | 180 | 174 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of deferred contract costs | 219 | 202 | 191 | 186 | 180 | 174 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Stock-based compensation costs | |||||||||||||||||||||
62 | 52 | 52 | 47 | 46 | 44 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Stock-based compensation costs | 62 | 52 | 52 | 47 | 46 | 44 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Benefit from deferred income taxes | |||||||||||||||||||||
-44 | 2 | -21 | -4 | 4 | -37 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Benefit from deferred income taxes | -44 | 2 | -21 | -4 | 4 | -37 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Provision for credit losses | |||||||||||||||||||||
17 | 10 | 8 | 7 | 3 | 3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Provision for credit losses | 17 | 10 | 8 | 7 | 3 | 3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net realized losses/(gains) on sales of AFS securities | |||||||||||||||||||||
-9 | 0 | 1 | 11 | - | 0 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net realized losses/(gains) on sales of AFS securities | -9 | 0 | 1 | 11 | - | 0 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Provision for litigation reserve | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Provision for litigation reserve | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Interest receivable | |||||||||||||||||||||
2 | -2 | -1 | -1 | -4 | -3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest receivable | 2 | -2 | -1 | -1 | -4 | -3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts receivable and PEO unbilled receivables, net | |||||||||||||||||||||
123 | 277 | 272 | -55 | 117 | -16 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts receivable and PEO unbilled receivables, net | 123 | 277 | 272 | -55 | 117 | -16 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Prepaid expenses and other current assets | |||||||||||||||||||||
17 | 7 | 15 | 1 | -1 | -18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Prepaid expenses and other current assets | 17 | 7 | 15 | 1 | -1 | -18 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable and other current liabilities | |||||||||||||||||||||
67 | 151 | 169 | -4 | 77 | 42 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable and other current liabilities | 67 | 151 | 169 | -4 | 77 | 42 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred costs | |||||||||||||||||||||
269 | 267 | 208 | 196 | 188 | 181 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred costs | 269 | 267 | 208 | 196 | 188 | 181 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in other long-term assets and liabilities | |||||||||||||||||||||
-31 | -26 | -32 | -12 | 5 | 5 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in other long-term assets and liabilities | -31 | -26 | -32 | -12 | 5 | 5 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in operating lease right-of-use assets and liabilities | |||||||||||||||||||||
4 | 3 | 0 | -0 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in operating lease right-of-use assets and liabilities | 4 | 3 | 0 | -0 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by operating activities | |||||||||||||||||||||
1,699 | 1,505 | 1,260 | 1,440 | 1,271 | 1,276 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by operating activities | 1,699 | 1,505 | 1,260 | 1,440 | 1,271 | 1,276 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investing activities | |||||||||||||||||||||
Purchases of AFS securities | |||||||||||||||||||||
14,585 | 17,807 | 6,089 | 25,218 | 35,145 | 50,220 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of AFS securities | 14,585 | 17,807 | 6,089 | 25,218 | 35,145 | 50,220 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from sales and maturities of AFS securities | |||||||||||||||||||||
14,943 | 16,554 | 5,771 | 26,132 | 34,638 | 51,592 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from sales and maturities of AFS securities | 14,943 | 16,554 | 5,771 | 26,132 | 34,638 | 51,592 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in funds held for clients’ money market securities and other cash equivalents | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in funds held for clients’ money market securities and other cash equivalents | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of property and equipment | |||||||||||||||||||||
143 | 133 | 118 | 127 | 123 | 154 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of property and equipment | 143 | 133 | 118 | 127 | 123 | 154 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from sales of property and equipment | |||||||||||||||||||||
16 | 1 | 3 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from sales of property and equipment | 16 | 1 | 3 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Acquisition of businesses, net of cash acquired | |||||||||||||||||||||
2 | 24 | 19 | 6 | 992 | 180 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Acquisition of businesses, net of cash acquired | 2 | 24 | 19 | 6 | 992 | 180 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from sale of business | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from sale of business | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of other assets, net | |||||||||||||||||||||
10 | 10 | 8 | 9 | 5 | 39 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of other assets, net | 10 | 10 | 8 | 9 | 5 | 39 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash (used in)/provided by investing activities | |||||||||||||||||||||
218 | -1,420 | -460 | 771 | -1,628 | 998 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash (used in)/provided by investing activities | 218 | -1,420 | -460 | 771 | -1,628 | 998 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Financing activities | |||||||||||||||||||||
Net change in client fund obligations | |||||||||||||||||||||
474 | 143 | 340 | -453 | -950 | 462 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in client fund obligations | 474 | 143 | 340 | -453 | -950 | 462 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in short-term borrowings | |||||||||||||||||||||
2 | 1 | 2 | 5 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in short-term borrowings | 2 | 1 | 2 | 5 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from borrowings to fund acquisition | |||||||||||||||||||||
- | - | - | - | 796 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from borrowings to fund acquisition | - | - | - | - | 796 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Dividends paid | |||||||||||||||||||||
1,175 | 999 | 908 | 889 | 826 | 739 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Dividends paid | 1,175 | 999 | 908 | 889 | 826 | 739 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Contingent consideration paid for acquisitions | |||||||||||||||||||||
2 | 1 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Contingent consideration paid for acquisitions | 2 | 1 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Repurchases of common shares | |||||||||||||||||||||
- | 145 | 155 | 171 | 56 | 143 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Repurchases of common shares | - | 145 | 155 | 171 | 56 | 143 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Activity related to equity-based plans | |||||||||||||||||||||
-10 | 22 | 85 | 21 | 29 | -3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Activity related to equity-based plans | -10 | 22 | 85 | 21 | 29 | -3 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by/(used in) financing activities | |||||||||||||||||||||
-711 | -979 | -636 | -1,488 | -1,008 | -423 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by/(used in) financing activities | -711 | -979 | -636 | -1,488 | -1,008 | -423 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net change in cash, restricted cash, and equivalents | |||||||||||||||||||||
1,206 | -894 | 163 | 724 | -1,365 | 1,851 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net change in cash, restricted cash, and equivalents | 1,206 | -894 | 163 | 724 | -1,365 | 1,851 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||