v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 263.1 $ 228.9
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 101.2 81.9
Stock-based compensation expense 31.6 60.6
Amortization of debt issuance costs 0.6 0.5
Loss on disposition of property and equipment 5.8  
Accretion of discount on available-for-sale securities (1.8) (4.9)
Non-cash marketing expense 0.1 0.8
Deferred income taxes, net 0.9 0.7
Gain on modification of naming rights agreement (9.0)  
Other (0.2) 0.5
Changes in operating assets and liabilities:    
Accounts receivable (6.7) (0.7)
Prepaid expenses (11.0) (11.5)
Inventory 0.0 (0.2)
Other assets 2.3 (0.2)
Deferred contract costs (21.8) (45.4)
Income taxes, net 74.8 5.6
Accounts payable 0.7 (3.6)
Accrued commissions and bonuses (3.3) (6.7)
Accrued payroll and vacation (13.5)  
Deferred revenue 2.7 5.1
Accrued expenses and other current liabilities 8.6 (8.0)
Net change in operating right-of-use assets and operating lease liabilities 2.6 1.6
Net cash provided by operating activities 427.6 305.0
Cash flows from investing activities    
Purchases of investments from funds held for clients (166.6) (465.8)
Proceeds from investments from funds held for clients 167.0  
Purchases of property and equipment (54.9) (99.4)
Net cash used in investing activities (54.5) (565.2)
Cash flows from financing activities    
Proceeds from borrowings under credit facility 900.0  
Payment of debt issuance costs (8.1)  
Repurchases of common stock (1,389.7)  
Withholding taxes paid related to net share settlements (16.6) (37.8)
Dividends paid (35.5) (42.9)
Proceeds from employee stock purchase plan 4.4  
Net change in client funds obligation (2,131.2) (2,048.8)
Net cash used in financing activities (2,676.7) (2,129.5)
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (2,303.6) (2,389.7)
Cash, cash equivalents, restricted cash and restricted cash equivalents    
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period 5,132.5 4,042.8
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 2,828.9 1,653.1
Cash and cash equivalents 198.0 532.2
Restricted cash included in funds held for clients 2,631.0 1,120.9
Total cash, cash equivalents, restricted cash and restricted cash equivalents, end of period 2,828.9 1,653.1
Non-cash investing and financing activities:    
Purchases of property and equipment, accrued but not paid 2.9 11.4
Stock-based compensation for capitalized software 1.1 13.7
Right of use assets obtained in exchange for operating lease liabilities $ 1.6 $ 5.3