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: 2015 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2015 10-K (Filed: Aug 7, 2015) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2015 | June 30, 2014 | June 30, 2013 | |
| REVENUES: | |||
| Revenues, other than interest on funds held for clients and PEO revenues | $ 7,928,300 | 7,595,400 | 7,060,900 |
| Interest on funds held for clients | 377,700 | 373,400 | 420,400 |
| PEO revenues | 2,632,500 | 2,257,600 [1] | 1,960,700 |
| TOTAL REVENUES | 10,938,500 | 10,226,400 | 9,442,000 |
| EXPENSES: | |||
| Operating expenses | 5,625,300 | 5,290,800 | 4,883,600 |
| Systems development and programming costs | 595,400 | 551,200 | 496,600 |
| Depreciation and amortization | 206,900 | 199,000 | 193,900 |
| TOTAL COSTS OF REVENUES | 6,427,600 | 6,041,000 | 5,574,100 |
| Selling, general and administrative expenses | 2,496,900 | 2,370,300 | 2,200,400 |
| Goodwill impairment | 0 | 0 | 42,700 |
| Interest expense | 6,500 | 6,100 | 9,100 |
| TOTAL EXPENSES | 8,931,000 | 8,417,400 | 7,826,300 |
| Other income, net | (63,200) | (70,200) | (94,400) |
| EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,070,700 | 1,879,200 | 1,710,100 |
| Provision for income taxes | 694,200 | 636,600 | 587,900 |
| NET EARNINGS FROM CONTINUING OPERATIONS | 1,376,500 | 1,242,600 | 1,122,200 |
| EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES | 171,500 | 414,900 | 441,000 |
| Provision for income taxes | 95,500 | 141,600 | 157,400 |
| NET EARNINGS FROM DISCONTINUED OPERATIONS | 76,000 | 273,300 | 283,600 |
| NET EARNINGS | 1,452,500 | 1,515,900 | 1,405,800 |
| Basic Earnings Per Share from Continuing Operations | 2.91 | 2.59 | 2.32 |
| Basic earnings per share from discontinued operations | 0.16 | 0.57 | 0.59 |
| BASIC EARNINGS PER SHARE | 3.07 | 3.17 | 2.91 |
| Diluted earnings per share from continuing operations | 2.89 | 2.57 | 2.30 |
| Diluted earnings per share from discontinued operations | 0.16 | 0.57 | 0.58 |
| DILUTED EARNINGS PER SHARE | 3.05 | 3.14 | 2.89 |
| Basic weighted average shares outstanding | 472,600 | 478,900 | 482,700 |
| Diluted weighted average shares outstanding | 475,800 | 483,100 | 487,100 |
| [1] As of fiscal 2015, 2014, and 2013, Professional Employer Organization (PEO) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $26,674.1 million, $23,192.2 million, and $19,956.2 million, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2015 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2015 10-K (Filed: Aug 7, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2015 | June 30, 2014 | June 30, 2013 | |
| NET EARNINGS | $ 1,452,500 | 1,515,900 | 1,405,800 |
| Other comprensive income: | |||
| Currency translation adjustments | (239,600) | 59,900 | (2,400) |
| Unrealized net gains/(losses) on available-for-sale securities | (103,000) | 53,500 | (394,600) |
| Tax Effect | 38,600 | (18,200) | 138,500 |
| Reclassification of net gains on available-for-sale securities to net earnings | (4,900) | (16,500) | (28,600) |
| Tax effect | 1,600 | 6,100 | 10,100 |
| Pension net gains/(losses) arising during the period | (87,400) | 102,800 | 68,200 |
| Tax Effect | 32,700 | (39,700) | (25,700) |
| Reclassification of pension liability adjustment to net earnings | 17,900 | 20,700 | 31,700 |
| Tax effect | (6,500) | (5,800) | (12,000) |
| Other Comprehensive (loss)/income, net of tax | (350,600) | 162,800 | (214,800) |
| Comprehensive income | 1,101,900 | 1,678,700 | 1,191,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2015 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2015 10-K (Filed: Aug 7, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2015 | June 30, 2014 | June 30, 2013 | |
| NET EARNINGS | $ 1,452,500 | 1,515,900 | 1,405,800 |
| Cash Flows from Operating Activities: | |||
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 277,900 | 266,600 | 251,200 |
| Deferred income taxes | (15,300) | (37,900) | 33,700 |
| Stock-based compensation expense | 143,200 | 117,100 | 82,000 |
| Excess tax benefit related to exercise of stock options and restricted stock | 68,400 | 49,900 | 16,200 |
| Net pension expense | 17,600 | 24,300 | 37,600 |
| Net realized gain from the sales of marketable securities | (4,900) | (16,500) | (28,600) |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | (100,300) | (94,400) | (79,300) |
| Goodwill impairment | 0 | 0 | 42,700 |
| Gains on sales of buildings | 0 | 0 | (2,200) |
| Gain on sale of discontinued businesses, net of tax | (78,400) | (10,500) | (36,700) |
| Other | 6,700 | 17,000 | 11,900 |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: | |||
| Increase in accounts receivable | (175,100) | (170,700) | (183,700) |
| Increase in other assets | (109,100) | (246,200) | (273,800) |
| Increase / (decrease) in accounts payable | 13,100 | 9,600 | (10,600) |
| Increase in accrued expenses and other liabilities | 122,100 | 263,800 | 115,200 |
| Proceeds from the sale of notes receivable | 226,700 | 0 | 0 |
| Operating activities of discontinued operations | (3,300) | 44,400 | 69,600 |
| Net cash flows provided by operating activities | 1,905,600 | 1,821,400 | 1,577,200 |
| Cash Flows from Investing Activities: | |||
| Purchases of corporate and client funds marketable securities | (5,047,600) | (3,414,900) | (4,902,600) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 3,841,000 | 2,059,500 | 3,638,600 |
| Net (increase) / decrease in restricted cash and cash equivalents held to satisfy client funds obligations | (2,960,600) | 2,537,800 | (161,000) |
| Capital expenditures | (158,800) | (159,800) | (130,300) |
| Additions to intangibles | (176,700) | (143,600) | (104,900) |
| Acquisitions of businesses, net of cash acquired | (8,100) | 0 | (42,000) |
| Proceeds from the sale of property, plant, and equipment and other assets | 23,600 | 400 | 10,000 |
| Dividend received from CDK Global, Inc. | 825,000 | 0 | 0 |
| Cash retained by CDK Global, Inc. | (180,000) | 0 | 0 |
| Other | 0 | 0 | 700 |
| Proceeds from the sale of businesses included in discontinued operations | 98,600 | 24,400 | 161,400 |
| Investing activities of discontinued operations | (16,700) | (90,500) | (48,300) |
| Net cash flows (used in) provided by investing activities | (3,760,300) | 813,300 | (1,578,400) |
| Cash Flows from Financing Activities: | |||
| Net increase / (decrease) in client funds obligations | 6,074,400 | (2,989,500) | 1,138,500 |
| Payments of debt | (2,300) | (3,300) | (17,500) |
| Repurchases of common stock | (1,557,200) | (667,300) | (647,300) |
| Proceeds from stock purchase plan and exercises of stock options | 109,100 | 194,200 | 205,700 |
| Excess tax benefit related to exercise of stock options and restricted stock | 68,400 | 49,900 | 16,200 |
| Dividends paid | (927,600) | (883,100) | (805,500) |
| Net (repayments of) / proceeds from reverse repurchase agreements | 0 | (245,900) | 245,900 |
| Net (repayments of) / proceeds from issuance of commercial paper | (2,173,000) | 2,173,000 | 0 |
| Other | 23,400 | (1,100) | 0 |
| Financing activities of discontinued operations | 1,500 | 14,900 | 15,000 |
| Net cash flows provided by / (used in) financing activities | 1,616,700 | (2,358,200) | 151,000 |
| Effect of exchange rate changes on cash and cash equivalents | (106,300) | 8,000 | 1,200 |
| Net change in cash and cash equivalents | (344,300) | 284,500 | 151,000 |
| Cash and cash equivalents, beginning of period | 1,983,600 | 1,699,100 | |
| Cash and cash equivalents, end of period | 1,639,300 | 1,983,600 | 1,699,100 |
| Less cash and cash equivalents of discontinued operations, end of period | 0 | 399,600 | 294,900 |
| Cash and cash equivalents of continuing operations, end of period | 1,639,300 [1] | 1,584,000 | 1,404,200 |
| [1] (A) As of June 30, 2014, $2,015.8 million of short-term marketable securities and $183.8 million of cash and cash equivalents are related to the Company's outstanding commercial paper borrowings (see Note 8). | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AUTOMATIC DATA PROCESSING INC | ||
Ticker: ADP Fiscal Year: 2015 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2015 10-K (Filed: Aug 7, 2015) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2015 | June 30, 2014 | |
| Assets [Abstract] | ||
| Assets | ||
| Cash and cash equivalents | $ 1,639,300 [1] | 1,584,000 |
| Short-term marketable securities | 26,600 | 2,032,200 |
| Accounts receivable, net | 1,546,900 | 1,498,800 |
| Other current assets | 731,100 | 689,800 |
| Assets of discontinued operations | 0 | 2,430,200 |
| Total current assets before funds held for clients | 3,943,900 | 8,235,000 |
| Funds held for clients | 24,865,300 | 19,258,000 |
| Total current assets | 28,809,200 | 27,493,000 |
| Long-term marketable securities | 28,900 | 54,100 |
| Long-term receivables, net | 32,200 | 155,400 |
| Property, Plant and Equipment, Net | 672,700 | 667,100 |
| Other assets | 1,270,800 | 1,315,700 |
| Goodwill | 1,793,500 [2] | 1,883,500 |
| Intangible assets, net | 503,200 | 491,000 |
| Total assets | 33,110,500 | 32,059,800 |
| Liabilities And Stockholders Equity Abstract | ||
| Liabilities | ||
| Accounts payable | 194,500 | 152,100 |
| Accrued expenses and other current liabilities | 1,159,200 | 1,186,800 |
| Accrued payroll and payroll-related expenses | 627,300 | 607,100 |
| Dividends payable | 226,400 | 226,900 |
| Short-term deferred revenues | 228,600 | 237,100 |
| Obligations under commercial paper borrowing | 0 | 2,173,000 |
| Income taxes payable | 27,200 | 19,700 |
| Liabilities of discontinued operations | 0 | 601,500 |
| Total current liabilities before client funds obligations | 2,463,200 | 5,204,200 |
| Client funds obligations | 24,650,500 | 18,963,400 |
| Total current liabilities | 27,113,700 | 24,167,600 |
| Long-term debt | 9,200 | 11,500 |
| Other liabilities | 644,300 | 619,400 |
| Deferred income taxes | 172,100 | 215,900 |
| Long-term deferred revenues | 362,700 | 375,200 |
| Total liabilities | 28,302,000 | 25,389,600 |
| Stockholders' equity: | ||
| Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none | 0 | 0 |
| Common stock, $0.10 par value: Authorized, 1,000.0 shares; issued 638.7 shares at June 30, 2014 and June 30, 2013; outstanding, 480.2 and 482.6 shares at June 30, 2014 and 2013, respectively | 63,900 | 63,900 |
| Capital in excess of par value | 663,300 | 545,200 |
| Retained earnings | 13,460,300 | 13,632,900 |
| Treasury stock - at cost: 158.5 and 156.1 shares at June 30, 2014 and June 30, 2013, respectively | (9,118,400) | (7,750,000) |
| Accumulated other comprehensive income | (260,600) | 178,200 |
| Total stockholders' equity | 4,808,500 | 6,670,200 |
| Total liabilities and stockholders' equity | 33,110,500 | 32,059,800 |
| [1] (A) As of June 30, 2014, $2,015.8 million of short-term marketable securities and $183.8 million of cash and cash equivalents are related to the Company's outstanding commercial paper borrowings (see Note 8). | ||
| [2] The goodwill balance at June 30, 2015, 2014, and 2013 is net of accumulated impairment losses of $42.7 million related to the Employer Services segment. | ||
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2015 | |
| 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 |