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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 298 $ 287
Investments 85 65
Restricted cash, cash equivalents and investments 1,059 1,269
Accounts receivable, net 11 18
Unbilled revenue, net 467 447
Prepaid expenses, net 79 67
Other payroll assets 791 381
Other current assets 50 44
Total current assets 2,840 2,578
Restricted cash, cash equivalents and investments, noncurrent 152 158
Investments, noncurrent 161 143
Property and equipment, net 15 17
Operating lease right-of-use asset 22 24
Goodwill 462 462
Software and other intangible assets, net 174 172
Other assets 142 139
Total assets 3,968 3,693
Current liabilities:    
Accounts payable and other current liabilities 122 87
Revolving credit agreement borrowings 109 109
Client deposits and other client liabilities 51 65
Accrued wages 537 515
Accrued health insurance costs, net 167 175
Accrued workers' compensation costs, net 51 50
Payroll tax liabilities and other payroll withholdings 1,611 1,438
Operating lease liabilities 14 14
Insurance premiums and other payables 7 10
Total current liabilities 2,669 2,463
Long-term debt, noncurrent 984 984
Accrued workers' compensation costs, noncurrent, net 120 120
Deferred taxes 13 13
Operating lease liabilities, noncurrent 27 30
Other non-current liabilities 12 5
Total liabilities 3,825 3,615
Commitments and contingencies (see Note 5)
Stockholders' equity:    
Preferred stock, ($0.000025 par value per share; 20,000,000 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023) 0 0
Common stock and additional paid-in capital, ($0.000025 par value per share; 750,000,000 shares authorized; 50,573,176 and 50,664,471 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively) 996 976
Accumulated deficit (848) (896)
Accumulated other comprehensive loss (5) (2)
Total stockholders' equity 143 78
Total liabilities & stockholders' equity $ 3,968 $ 3,693