v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Cash flows from operating activities:    
Net income $ 200,460 $ 135,567
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 168,026 188,296
Amortization 326,556 348,827
Non-cash share-based compensation expense 77,913 65,671
Provision for doubtful accounts 5,467 5,927
Deferred income taxes (112,717) (80,865)
Amortization of Debt Issuance Costs 19,056 19,178
Pension and other post-retirement benefit costs 11,220 11,360
Pension and other post-retirement plan contributions 0 (3,420)
Change in acquisition contingent consideration 4,250 (11,086)
Other (39) 1,463
Changes in operating assets and liabilities:    
Accounts receivable, net (64,260) (47,687)
Accounts payable 6,895 (27,448)
Other operating assets and liabilities (180,080) (222,692)
Net cash provided by operating activities 462,747 383,091
Cash flows from investing activities:    
Purchases of property and equipment (171,464) (178,891)
Acquisition of business, net of cash and restricted cash acquired (663) (4,504)
Net cash used in investing activities (172,127) (183,395)
Cash flows from financing activities:    
Proceeds from the Securitization Facility 1,628,000 1,725,000
Repayments of the Securitization Facility (1,474,000) (1,434,500)
Proceeds from Other Debt 0 6,369
Repayments of Other Debt (6,165) (6,196)
Cash paid for debt issuance costs 4,755 600
Acquisition deferred consideration payment 6,454 22,737
Proceeds from exercise of stock options 3,991 5,543
Repurchase of common stock for tax withholdings on equity awards (3,743) (2,358)
Repurchase of common stock (112,774) (101,615)
Dividends paid (66,393) (61,173)
Change in funds held for clients (19,151) (25,807)
Net cash used in financing activities (211,444) (268,074)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 29,706 (6,347)
Net increase (decrease) in cash, cash equivalents and restricted cash 108,882 (74,725)
Cash, cash equivalents and restricted cash at beginning of year 429,604 516,487
Cash, cash equivalents and restricted cash at end of period 538,486 441,762
Supplemental disclosure of non-cash investing activities:    
Accrued costs for property and equipment purchases 38,346 24,447
New Term Loan    
Cash flows from financing activities:    
Proceeds from the Credit Facility - Revolver 750,000 0
Repayments of the Credit Facility - term loans (900,000) (350,000)
Revolver    
Cash flows from financing activities:    
Proceeds from the Credit Facility - Revolver 100,000 0
Repayments of the Credit Facility - term loans $ (100,000) $ 0