10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2010 | |||
Statements of Consolidated Earnings | |||
Period Ending June 30, 2010 10-K (Filed: Aug 25, 2010) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2010 | June 30, 2009 | June 30, 2008 | |
| REVENUES: | |||
| Revenues, other than interest on funds held for clients and PEO revenues | $ 7,077,700 | 7,051,700 | 6,996,100 |
| Interest on funds held for clients | 542,800 | 609,800 | 684,500 |
| PEO Revenues | 1,307,200 | 1,176,900 | 1,053,100 [1] |
| TOTAL REVENUES | 8,927,700 | 8,838,400 | 8,733,700 |
| EXPENSES: | |||
| Operating expenses | 4,277,200 | 4,087,000 | 3,898,400 |
| Systems development and programming costs | 513,900 | 498,300 | 521,100 |
| Depreciation and amortization | 238,600 | 237,400 | 237,700 |
| TOTAL COSTS OF REVENUES | 5,029,700 | 4,822,700 | 4,657,200 |
| Selling, general and administrative expenses | 2,127,400 | 2,190,300 | 2,359,100 |
| Interest expense | 8,600 | 33,300 | 80,500 |
| TOTAL EXPENSES | 7,165,700 | 7,046,300 | 7,096,800 |
| Other income, net | (101,200) | (108,000) | (166,500) |
| EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,863,200 | 1,900,100 | 1,803,400 |
| Provision for income taxes | 655,900 | 575,000 | 647,700 |
| NET EARNINGS FROM CONTINUING OPERATIONS | 1,207,300 | 1,325,100 | 1,155,700 |
| Earnings from discontinued operations, net of provision for income taxes of $7.0, $0.7 and $25.8 for the fiscal years ended June 30, 2010, 2009 and 2008, respectively | 4,100 | 7,500 | 80,000 |
| NET EARNINGS | 1,211,400 | 1,332,600 | 1,235,700 |
| Basic earnings per share from continuing operations | 2.41 | 2.63 | 2.22 |
| Basic earnings per share from discontinued operations | 0.01 | 0.01 | 0.15 |
| BASIC EARNINGS PER SHARE | 2.42 | 2.65 | 2.37 |
| Diluted earnings per share from continuing operations | 2.40 | 2.62 | 2.19 |
| Diluted earnings per share from discontinued operations | 0.01 | 0.01 | 0.15 |
| DILUTED EARNINGS PER SHARE | 2.40 | 2.63 | 2.34 |
| Basic weighted average shares outstanding | 500,500 | 503,200 | 521,500 |
| Diluted weighted average shares outstanding | 503,700 | 505,800 | 527,200 |
| [1] Professional Employer Organization ("PEO") revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $13,318.7, $12,310.4 and $11,247.4, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2010 | |||
Statements of Consolidated Cash Flows | |||
Period Ending June 30, 2010 10-K (Filed: Aug 25, 2010) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2010 | June 30, 2009 | June 30, 2008 | |
| Cash Flows From Operating Activities | |||
| Net earnings | $ 1,211,400 | 1,332,600 | 1,235,700 |
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 309,200 | 307,700 | 318,300 [1] |
| Deferred income taxes | 96,100 | (47,900) | (92,700) |
| Stock-based compensation expense | 67,600 | 96,000 | 123,600 |
| Excess tax benefit related to exercises of stock options | (200) | (1,500) | (700) |
| Net pension expense | 34,700 | 33,800 | 40,000 |
| Net realized loss (gain) from the sales of marketable securities | (1,600) | 12,400 | 1,300 |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | 57,300 | 58,300 | 42,700 |
| Impairment losses on available-for-sale securities | 14,400 | ||
| Loss (gain) on sale of building | 2,300 | (2,200) | (16,000) |
| Gain on sale of discontinued businesses, net of tax | (500) | (4,400) | (74,000) |
| Other | 8,900 | 35,800 | 100,100 |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: | |||
| (Increase) decrease in accounts receivable | (108,800) | (152,600) | 36,600 |
| Decrease (increase) in other assets | 30,000 | (85,600) | (40,600) |
| Increase (decrease) in accounts payable | 34,700 | (9,700) | 9,700 |
| (Decrease) increase in accrued expenses and other liabilities | (73,300) | (12,600) | 88,400 |
| Operating activities of discontinued operations | (100) | 2,500 | (200) |
| Net cash flows provided by operating activities | 1,682,100 | 1,562,600 | 1,772,200 |
| Cash Flows From Investing Activities | |||
| Purchases of corporate and client funds marketable securities | (3,846,700) | (2,736,500) | (6,407,200) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 3,406,900 | 3,320,400 | 5,140,600 |
| Net (increase) decrease in restricted cash and cash equivalents and other restricted assets held to satisfy client funds obligations | (1,639,400) | (731,700) | 4,119,600 |
| Capital expenditures | (102,900) | (157,800) | (180,300) |
| Additions to intangibles | (123,800) | (96,000) | (96,600) |
| Acquisitions of businesses, net of cash acquired | (100,000) | (67,000) | (97,300) |
| Reclassification from cash and cash equivalents to short-term marketable securities | (211,100) | ||
| Proceeds from the sale of property, plant and equipment | 3,100 | 25,700 | |
| Other | 1,800 | 10,000 | 23,400 |
| Investing activities of discontinued operations | (100) | (700) | |
| Proceeds from the sale of businesses included in discontinued operations | 21,600 | (100) | 112,400 |
| Net cash flows (used in) provided by investing activities | (2,379,500) | (644,100) | 2,613,900 |
| Cash Flows From Financing Activities | |||
| Net increase (decrease) in client funds obligations | 2,020,400 | 885,200 | (3,480,300) |
| Proceeds from issuance of debt | 12,500 | 21,200 | |
| Payments of debt | (2,900) | (21,900) | (10,100) |
| Net (purchases of) proceeds from reverse repurchase agreements | (11,800) | 11,800 | |
| Net (repayment) proceeds of commercial paper borrowing | (730,000) | 730,000 | |
| Repurchases of common stock | (766,400) | (580,400) | (1,504,800) |
| Proceeds from stock purchase plan and exercises of stock options | 241,100 | 82,700 | 239,700 |
| Excess tax benefit related to exercises of stock options | 200 | 1,500 | 700 |
| Dividends paid | (673,400) | (629,400) | (548,900) |
| Net cash flows provided by (used in) financing activities | 89,000 | 468,400 | (5,270,700) |
| Effect of exchange rate changes on cash and cash equivalents | (13,600) | (39,100) | 41,300 |
| Net change in cash and cash equivalents | (622,000) | 1,347,800 | (843,300) |
| Cash and cash equivalents of continuing operations, beginning of year | 2,265,300 | 917,500 | 1,746,100 |
| Cash and cash equivalents of discontinued operations, beginning of year | 14,700 | ||
| Cash and cash equivalents, end of year | 1,643,300 | 2,265,300 | 917,500 |
| Less cash and cash equivalents of discontinued operations, end of year | |||
| Cash and cash equivalents of continuing operations, end of year | 1,643,300 | 2,265,300 | 917,500 |
| [1] Includes $70.6 million, $70.3 million and $80.6 million for the years ended June 30, 2010, 2009 and 2008, respectively, of depreciation and amortization that does not relate to our services and products. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AUTOMATIC DATA PROCESSING INC | ||
Ticker: ADP Fiscal Year: 2010 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2010 10-K (Filed: Aug 25, 2010) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2010 | June 30, 2009 | |
| Assets | ||
| Cash and cash equivalents | $ 1,643,300 | 2,265,300 |
| Short-term marketable securities | 27,900 | 30,800 |
| Accounts receivable, net | 1,127,700 | 1,050,700 |
| Other current assets | 673,400 | 918,900 |
| Assets held for sale | 11,800 | 12,100 |
| Assets of discontinued operations | 8,500 | |
| Total current assets before funds held for clients | 3,484,100 | 4,286,300 |
| Funds held for clients | 18,832,600 | 16,419,200 |
| Total current assets | 22,316,700 | 20,705,500 |
| Long-term marketable securities | 104,300 | 92,400 |
| Long-term receivables, net | 129,400 | 162,600 |
| Property, plant and equipment, net | 673,800 | 734,300 |
| Other assets | 712,300 | 702,700 |
| Goodwill | 2,383,300 | 2,375,500 |
| Intangible assets, net | 542,400 | 578,700 |
| Total assets | 26,862,200 | 25,351,700 |
| Liabilities and Stockholders' Equity | ||
| Accounts payable | 150,000 | 130,300 |
| Accrued expenses and other current liabilities | 771,000 | 777,900 |
| Accrued payroll and payroll-related expenses | 448,500 | 402,300 |
| Dividends payable | 164,500 | 162,100 |
| Short-term deferred revenues | 321,500 | 329,800 |
| Obligation under commercial paper borrowing | 730,000 | |
| Income taxes payable | 60,000 | 230,700 |
| Liabilities of discontinued operations | 7,700 | |
| Total current liabilities before client funds obligations | 1,915,500 | 2,770,800 |
| Client funds obligations | 18,136,700 | 15,992,600 |
| Total current liabilities | 20,052,200 | 18,763,400 |
| Long-term debt | 39,800 | 42,700 |
| Other liabilities | 528,000 | 477,100 |
| Deferred income taxes | 306,400 | 254,100 |
| Long-term deferred revenues | 456,900 | 491,800 |
| Total liabilities | 21,383,300 | 20,029,100 |
| Commitments and contingencies (Note 16) | ||
| Stockholders' equity: | ||
| Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none | ||
| Common stock, $0.10 par value: Authorized, 1,000.0 shares; issued, 638.7 shares at June 30, 2010 and 2009; outstanding, 492.0 and 501.7 shares at June 30, 2010 and 2009, respectively | 63,900 | 63,900 |
| Capital in excess of par value | 493,000 | 520,000 |
| Retained earnings | 11,252,000 | 10,716,600 |
| Treasury stock - at cost: 146.7 and 137.0 shares at June 30, 2010 and 2009, respectively | (6,539,500) | (6,133,900) |
| Accumulated other comprehensive income | 209,500 | 156,000 |
| Total stockholders' equity | 5,478,900 | 5,322,600 |
| Total liabilities and stockholders' equity | 26,862,200 | 25,351,700 |
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2010 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |