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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 152 $ 214
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangible assets 37 36
Amortization of deferred costs 21 20
Amortization of ROU asset, lease modification, impairment, and abandonment 3 2
Stock based compensation 38 28
Other 1 2
Changes in operating assets and liabilities:    
Accounts receivable, net 3 (1)
Unbilled revenue, net (38) 12
Prepaid expenses, net (9) (24)
Other assets (33) 0
Other payroll assets (419) 68
Accounts payable and other liabilities (11) 0
Client deposits and other client liabilities 5 (27)
Accrued wages 43 0
Accrued health insurance costs, net 7 (5)
Accrued workers' compensation costs, net (21) (9)
Payroll taxes payable and other payroll withholdings (17) (241)
Operating lease liabilities (7) (8)
Net cash provided by (used in) operating activities (245) 67
Investing activities    
Purchases of marketable securities (139) (170)
Proceeds from sale and maturity of marketable securities 125 173
Acquisitions of property and equipment and software (35) (34)
Net cash used in investing activities (49) (31)
Financing activities    
Repurchase of common stock (135) (98)
Proceeds from issuance of common stock 7 7
Proceeds from revolving credit agreement borrowings 0 495
Revolver repayment 0 (495)
Awards effectively repurchased for required employee withholding taxes (12) (9)
Repayment of revolving credit agreement borrowings (25) 0
Dividends paid (13) 0
Net cash provided by (used in) financing activities (178) (100)
Net change in cash and cash equivalents, unrestricted and restricted (472) (64)
Cash and cash equivalents, unrestricted and restricted:    
Beginning of period 1,466 1,537
End of period 994 1,473
Supplemental disclosures of cash flow information    
Interest paid 30 12
Income taxes paid, net 62 58
Supplemental schedule of noncash investing and financing activities    
Cash dividend declared, but not yet paid 12 0
Payable for purchase of property and equipment $ 2 $ 5