PAYCHEX, INC. PAYX Cash Flow

Paychex, inc. (PAYX)

CashFlow / Quarterly

Feb'20	Nov'19	Aug'19	May'19	Feb'19	Nov'18	Aug'18	May'18	Feb'18	Nov'17	Aug'17	May'17	Feb'17	Nov'16	Aug'16	May'16	Feb'16	Nov'15	Aug'15	May'15	Feb'15	Nov'14	Aug'14	May'14	Feb'14	Nov'13	Aug'13	May'13	Feb'13	Nov'12	Aug'12	May'12	Feb'12	Nov'11	Aug'11	May'11	Feb'11	Nov'10	Aug'10	May'10	Feb'10	Nov'09	Aug'09	May'09	Feb'09	Nov'08	Aug'08
Operating activities
Net income
354,500	258,700	264,200	230,400	324,600	235,800	243,600	217,700	367,200	198,800	210,400	204,300	202,500	202,100	217,400	178,100	180,400	189,200	209,100	161,200	169,400	173,000	171,300	145,900	160,100	158,700	162,800	123,500	144,500	147,900	153,100	123,300	135,400	140,400	148,900	118,900	130,600	133,900	131,900	115,500	112,000	125,900	123,600	113,759	130,790	140,242	148,709
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization on property and equipment and intangible assets
50,100	55,000	52,900	55,800	53,000	36,800	35,900	35,700	36,600	33,700	32,000	36,200	31,000	30,000	29,700	30,000	30,400	27,700	27,000	27,500	26,600	26,000	26,500	28,300	26,300	26,000	24,400	24,900	25,000	24,200	24,100	24,900	24,600	24,100	24,200	24,400	22,800	20,600	20,900	21,600	21,600	21,700	21,600	22,636	21,486	20,991	20,687
Amortization of premiums and discounts on available-for-sale securities, net
-10,300	-10,400	-10,000	-10,200	-11,100	-13,300	-14,400	-15,300	-16,300	-16,700	-17,100	-17,500	-18,000	-18,400	-18,600	-18,500	-18,800	-19,000	-19,400	-19,300	-19,400	-19,100	-18,400	-18,000	-17,900	-17,700	-16,700	-14,800	-14,300	-13,800	-13,300	-11,200	-10,500	-10,500	-10,300	-10,000	-9,900	-9,600	-9,400	-9,200	-9,000	-8,800	-8,000	-39,808	4,868	5,403	6,537
Amortization of deferred contract costs
46,700	46,400	46,000	45,400	45,300	44,900	44,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation costs
12,700	13,300	10,500	12,600	10,800	11,900	10,900	15,200	10,300	10,400	8,700	8,900	8,900	8,500	9,100	8,500	8,600	8,700	8,800	7,400	8,600	7,900	7,500	4,600	7,100	7,100	7,500	5,900	5,400	5,100	6,400	5,300	5,700	5,300	6,600	6,000	5,300	6,400	7,100	6,500	5,800	6,600	6,700	6,390	5,368	7,020	6,922
(Benefit)/provision for deferred income taxes
-5,000	1,000	-3,700	-6,000	-200	8,300	2,600	7,800	-92,200	-1,700	48,900	-	-	9,900	14,100	9,300	-24,100	7,500	14,400	8,700	-27,200	4,000	10,400	2,200	-23,100	5,700	10,300	10,100	-22,300	7,300	10,200	6,500	-17,700	12,100	10,800	6,200	-2,300	6,100	3,600	20,900	-29,100	100	4,200	5,489	-20,478	6,667	6,422
Provision for allowance for doubtful accounts
2,600	1,100	2,300	1,200	600	1,200	300	300	1,500	1,100	700	1,500	700	1,500	1,200	800	1,100	500	100	600	300	400	300	800	400	500	800	900	100	500	200	600	300	100	200	900	300	400	200	800	-100	900	1,000	1,081	735	620	464
Net realized (gains)/losses on sales of available-for-sale securities
600	900	900	-	100	-100	-100	-	-	-	-	0	0	0	100	-	-	-	-	100	0	100	100	100	300	0	200	0	600	100	200	400	400	100	100	900	100	200	100	900	1,300	700	300	1,978	-173	-405	-300
Changes in operating assets and liabilities:
Interest receivable
-2,900	1,900	-300	3,700	-4,900	-500	-3,100	700	-3,700	3,200	-3,900	3,900	-3,800	4,100	-4,400	4,500	-5,100	4,600	-5,800	5,700	-4,200	6,800	-6,700	6,900	-5,400	6,100	-3,700	7,100	-5,700	7,000	-6,600	9,100	-6,400	5,800	-7,300	7,600	-6,500	5,500	-5,900	6,100	-6,500	5,900	-4,500	-19,180	7,836	-262	4,906
Accounts receivable and PEO unbilled receivables, net
-53,300	43,400	9,800	7,000	38,600	28,600	43,000	-44,000	19,300	17,300	-8,800	78,700	-98,400	44,900	78,100	56,100	-83,700	35,000	30,100	-	-	37,200	19,100	20,600	-48,800	24,300	22,100	9,100	-44,900	16,600	10,900	7,200	-85,500	23,700	37,000	19,300	-82,800	17,600	22,200	28,200	-62,700	20,400	24,300	-21,513	53,549	-22,930	-12,906
Prepaid expenses and other current assets
-28,900	58,300	-13,800	7,400	-35,100	41,900	-15,200	-8,300	-35,500	54,000	-28,200	100	-14,300	53,000	-6,600	-3,600	-56,000	64,800	-200	9,700	-2,100	8,700	-7,800	14,100	-24,900	32,800	-44,500	50,800	-16,200	15,500	-4,500	4,800	-11,200	13,600	2,200	1,900	-8,700	8,900	-3,900	7,100	-2,900	-100	-1,600	-19,148	5,247	-5,281	10,782
Accounts payable and other current liabilities
-12,000	25,100	-39,600	-30,900	138,600	-15,000	-15,200	-38,500	116,900	-15,700	-19,800	700	31,700	-55,100	60,900	34,900	32,600	-11,000	6,800	22,900	27,600	-39,800	40,400	14,900	36,900	-22,100	15,400	-14,200	39,100	-51,800	10,300	-8,700	4,400	-43,800	21,200	23,600	-31,800	-23,400	33,800	-26,400	12,800	-42,700	41,300	-12,592	21,304	-41,987	23,275
Deferred costs
56,100	43,400	41,900	54,400	51,900	43,800	38,400	53,300	139,100	-6,400	-4,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in other long-term assets and liabilities
-400	-5,700	8,400	-2,600	7,600	0	400	8,500	-1,700	-600	-500	1,800	29,400	-5,400	-10,900	-	-	-4,400	-16,800	1,000	-300	-3,800	7,000	-2,100	-1,200	-3,100	-2,900	30,000	-8,100	-500	-100	-2,400	500	-4,500	3,000	-2,100	-1,000	-3,500	100	-2,100	-2,400	1,900	1,300	-19,215	4,406	3,756	-947
Net change in operating lease right-of-use assets and liabilities
600	-1,000	900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
488,100	269,800	294,800	248,700	525,600	223,500	273,700	287,500	469,500	175,800	343,600	191,100	355,900	118,700	294,700	227,000	371,300	141,600	278,300	202,400	288,100	141,600	263,100	175,100	305,600	133,500	266,700	68,900	280,400	108,300	217,700	144,000	265,400	110,000	187,200	162,400	233,700	124,900	194,300	107,900	223,900	92,500	186,600	125,477	234,938	113,834	214,551
Investing activities
Purchases of available-for-sale securities
8,314,800	5,248,500	8,289,300	8,898,200	4,998,800	10,133,000	11,115,800	13,798,000	16,097,900	11,677,600	8,646,700	14,432,800	12,365,400	8,887,100	14,777,000	9,871,300	159,900	178,100	2,362,900	10,475,500	3,095,200	10,988,700	9,461,000	8,687,100	6,221,700	8,568,900	6,372,800	9,677,700	6,432,800	6,993,700	5,228,600	2,544,300	2,905,600	3,077,100	1,653,500	1,467,700	847,900	1,955,100	1,958,400	287,200	510,900	420,200	336,600	31,578	49,523	3,144,069	13,140,530
Proceeds from sales and maturities of available-for-sale securities
8,156,300	5,305,000	8,862,100	7,854,200	5,420,300	10,067,300	11,297,000	14,430,000	16,454,200	11,816,700	8,892,000	14,285,600	11,418,900	9,278,200	14,920,300	8,680,700	102,400	154,400	3,046,800	10,021,900	3,174,700	10,449,200	10,073,700	8,362,600	5,962,700	9,058,900	6,696,400	10,827,900	4,542,500	7,384,000	4,865,800	3,085,100	2,041,700	2,594,700	2,095,900	1,314,200	854,900	1,880,000	1,549,800	735,700	132,200	108,900	175,200	341,558	123,759	4,984,631	12,508,552
Net change in funds held for clients’ money market securities and other cash equivalents
-	-	-	-	-	-	-	-	-	88,300	929,700	-	674,700	42,400	-257,300	-1,720,500	934,800	-41,200	-100,700	929,500	-1,134,400	255,700	-199,900	1,811,100	-812,200	-290,400	-267,000	231,600	10,700	-379,700	1,156,800	-966,400	-337,800	543,300	-23,400	645,600	-852,600	59,100	598,300	121,500	-757,400	274,500	423,100	378,649	-659,313	-1,420,322	599,586
Purchases of property and equipment
32,000	33,500	26,400	35,800	27,200	36,400	24,400	32,000	26,500	77,500	18,000	27,500	20,000	26,500	20,300	27,700	21,500	27,300	21,200	30,800	26,400	20,700	24,900	21,300	15,900	21,800	25,100	24,500	19,700	32,500	22,000	27,100	18,400	23,900	20,200	21,500	34,900	27,500	16,600	19,900	18,300	13,000	10,100	11,419	14,074	23,000	16,207
Acquisition of businesses, net of cash acquired
-	-	-	-	-	-	-	1,900	160,600	9,700	8,200	-	-	-	-	-	-	-	-	0	0	-400	27,500	0	0	9,300	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of other assets
4,000	2,500	1,700	1,800	2,500	200	800	33,100	2,600	3,700	400	-	-	-	-	1,700	2,400	1,400	3,500	1,100	600	100	1,500	4,200	1,400	5,000	700	0	4,600	400	100	400	900	-800	800	-300	2,100	400	600	600	2,100	5,100	4,100	-1,697	4,652	12,171	1,274
Net cash provided by/(used in) investing activities
-200,800	20,500	544,700	-1,089,700	-592,300	-102,300	156,000	565,000	1,184,600	-40,100	-711,000	284,900	-1,645,000	317,600	380,300	500,500	-1,312,300	-11,200	759,900	742,200	-1,081,900	-304,200	358,900	578,100	-1,088,500	163,500	30,800	1,357,300	-1,913,200	-34,300	771,900	-453,100	-1,226,000	36,800	398,000	459,800	-997,900	-43,900	172,500	549,500	-1,156,500	-41,800	247,500	679,573	-610,269	385,069	-49,873
Financing activities
Net change in client fund obligations
575,700	-19,600	-68,400	-1,631,100	1,698,100	-75,100	-942,500	763,100	-926,000	-20,200	645,500	-502,500	1,513,400	-125,800	-567,800	-708,600	974,400	-37,300	-533,300	-798,800	1,058,700	-29,800	-137,100	-713,600	991,200	-23,600	-126,600	-1,470,400	1,845,600	17,700	-847,500	385,000	1,123,800	-48,600	-479,700	-634,400	874,600	-8,700	-266,400	-541,400	1,098,400	-29,300	-485,400	-651,889	584,891	-118,466	-160,536
Net proceeds from short-term borrowings
-100	-5,200	56,500	-	-3,700	600	56,700	-	-75,700	76,200	57,200	-	-47,700	51,800	51,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
222,500	222,300	222,000	222,900	201,200	201,300	201,400	201,000	179,800	179,800	179,100	165,400	165,400	165,200	166,300	151,500	151,400	151,700	151,900	137,400	138,200	137,900	138,300	127,200	127,700	127,800	127,900	0	240,300	120,000	116,400	116,200	115,900	116,000	112,400	112,400	112,200	112,200	112,000	112,200	112,200	112,100	112,100	111,921	111,939	111,936	111,904
Repurchases of common shares
0	0	171,900	24,100	0	0	32,800	49,000	0	0	94,100	-	-	-	-	0	45,000	0	62,900	112,000	17,900	15,000	37,500	46,700	43,900	75,200	83,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Activity related to equity-based plans
12,100	15,300	-7,400	6,100	11,200	2,500	9,700	-5,200	3,200	10,900	-12,300	4,400	13,700	4,100	6,300	11,000	3,800	15,000	-4,200	8,300	16,100	23,100	1,000	15,500	21,600	31,000	45,200	51,100	5,300	1,900	14,500	2,600	3,100	800	1,000	7,600	4,600	200	200	1,200	400	700	5,900	3,190	153	550	5,107
Net cash (used in)/provided by financing activities
365,200	-231,800	-413,200	-1,929,300	2,304,400	-273,300	-1,110,300	450,200	-1,178,300	-112,900	417,200	-718,900	1,314,000	-401,300	-676,500	-849,100	781,800	-174,000	-752,300	-1,039,900	918,700	-159,600	-311,900	-872,000	841,200	-195,600	-293,200	-1,419,300	1,610,600	-100,400	-949,400	271,400	1,011,000	-163,800	-591,100	-739,200	767,000	-120,700	-378,200	-652,400	986,600	-140,700	-591,600	-760,620	473,105	-229,852	-267,333
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents
652,500	58,500	426,300	-2,770,300	2,237,700	-152,100	-680,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents to the Consolidated Balance Sheets:
Increase in cash and cash equivalents
-	-	-	-	-	-	-	-	-	22,800	49,800	-	24,900	35,000	-1,500	-121,600	-159,200	-43,600	285,900	-95,300	124,900	-322,200	310,100	-118,800	58,300	101,400	4,300	6,900	-22,200	-26,400	40,200	-37,700	50,400	-17,000	-5,900	-117,000	2,800	-39,700	-11,400	5,000	54,000	-90,000	-157,500	44,430	97,774	269,051	-102,655