v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
May 31, 2026
May 31, 2025
Cash flows from operating activities:    
Net income $ 76,865 $ 112,350
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 113,975 111,248
Amortization 205,513 214,777
Non-cash share-based compensation expense 51,703 53,146
Provision for credit losses 6,106 4,918
Deferred income taxes (22,516) (63,711)
Amortization of debt discount and issuance costs 4,172 12,621
Pension and other post-retirement benefit costs 13,007 7,710
Change in acquisition contingent consideration (945) 6,667
Loss on held for sale 6,892 0
Other 1,161 597
Changes in operating assets and liabilities:    
Accounts receivable, net 13,968 (89,955)
Accounts payable (43,820) 1,168
Other operating assets and liabilities (251,410) (133,592)
Net cash provided by operating activities 174,671 237,944
Cash flows from investing activities:    
Purchases of property and equipment (102,076) (106,410)
Proceeds from sale of property and equipment 17,016 0
Proceeds from divestiture, net of cash sold 3,156 0
Acquisition of business, net of cash acquired 0 (663)
Net cash used in investing activities (81,904) (107,073)
Cash flows from financing activities:    
Proceeds from the Securitization Facility 553,000 1,095,500
Repayments of the Securitization Facility (477,500) (848,500)
Proceeds from the issuance of Senior Notes due 2029 599,796 0
Repayments of Senior Notes due 2026 (600,000) 0
Cash paid for debt extinguishment (5,478) 0
Other debt repayments 0 (5,959)
Cash paid for debt issuance costs (4,586) (4,755)
Acquisition deferred consideration payment 0 (6,454)
Proceeds from exercise of stock options 2,407 1,606
Repurchase of common stock for tax withholdings on equity awards (3,984) (3,571)
Repurchase of common stock for tax withholdings on equity awards (43,194) (71,174)
Dividends paid (46,218) (44,524)
Change in funds held for clients (21,483) (8,769)
Net cash used in financing activities (175,365) (46,600)
Effect of exchange rate changes on cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale 2,956 21,257
Net increase (decrease) in cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale (79,642) 105,528
Cash, cash equivalents, cash held for sale and restricted cash at beginning of year 521,127 429,604
Cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale at end of period 441,485 535,132
Supplemental disclosure of non-cash investing activities:    
Accrued costs for property and equipment purchases 28,466 20,192
New Term Loan    
Cash flows from financing activities:    
Proceeds from the Credit Facility - Term Loan 0 750,000
Repayments of the Credit Facility - Term Loan (128,125) (900,000)
Revolver    
Cash flows from financing activities:    
Proceeds from the Credit Facility - Term Loan 1,538,500 100,000
Repayments of the Credit Facility - Term Loan $ (1,538,500) $ (100,000)