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: 2018 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2018 10-K (Filed: Aug 3, 2018) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2018 | June 30, 2017 | June 30, 2016 | |
| REVENUES: | |||
| Revenues, other than interest on funds held for clients and PEO revenues | $ 8,985,200 | 8,518,100 | 8,234,000 |
| Interest on funds held for clients | 466,500 | 397,400 | 377,300 |
| PEO revenues | 3,874,100 | 3,464,300 [1] | 3,056,500 |
| TOTAL REVENUES | 13,325,800 | 12,379,800 | 11,667,800 |
| EXPENSES: | |||
| Operating expenses | 6,937,900 | 6,416,100 | 6,025,000 |
| Systems development and programming costs | 630,200 | 627,500 | 603,700 |
| Depreciation and amortization | 274,500 | 226,200 | 211,600 |
| TOTAL COSTS OF REVENUES | 7,842,600 | 7,269,800 | 6,840,300 |
| Selling, general, and administrative expenses | 2,971,500 | 2,783,200 | 2,637,000 |
| Interest expense | 102,700 | 80,000 | 56,200 |
| TOTAL EXPENSES | 10,916,800 | 10,133,000 | 9,533,500 |
| Other expense/(income), net | 237,900 | (284,300) | (100,400) |
| EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2,171,100 | 2,531,100 | 2,234,700 |
| Provision for income taxes | 550,300 | 797,700 | 741,300 |
| NET EARNINGS FROM CONTINUING OPERATIONS | 1,620,800 | 1,733,400 | 1,493,400 |
| LOSSES FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES | 0 | 0 | (1,400) |
| Provision for income taxes | 0 | 0 | (500) |
| NET LOSS FROM DISCONTINUED OPERATIONS | 0 | 0 | (900) |
| NET EARNINGS | 1,620,800 | 1,733,400 | 1,492,500 |
| Basic earnings per share (in dollars per share) | 3.68 | 3.87 | 3.27 |
| Basic earnings per share from discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 |
| BASIC EARNINGS PER SHARE (in dollars per share) | 3.68 | 3.87 | 3.27 |
| Diluted earnings per share (in dollars per share) | 3.66 | 3.85 | 3.25 |
| Diluted earnings per share from discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 |
| DILUTED EARNINGS PER SHARE (in dollars per share) | 3.66 | 3.85 | 3.25 |
| Basic weighted average shares outstanding (in shares) | 440,600 | 447,800 | 457,000 |
| Diluted weighted average shares outstanding (in shares) | 443,300 | 450,300 | 459,100 |
| [1] For the years ended June 30, 2018 ("fiscal 2018"), June 30, 2017 ("fiscal 2017"), and June 30, 2016 ("fiscal 2016"), Professional Employer Organization ("PEO") revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $39,140.9 million, $34,567.4 million, and $30,928.6 million, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2018 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2018 10-K (Filed: Aug 3, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2018 | June 30, 2017 | June 30, 2016 | |
| NET EARNINGS | $ 1,620,800 | 1,733,400 | 1,492,500 |
| Other comprensive income: | |||
| Currency translation adjustments | 2,800 | 23,000 | (25,500) |
| Unrealized net (losses)/gains on available-for-sale securities | (460,700) | (405,700) | 288,800 |
| Tax effect | 123,400 | 141,600 | (102,200) |
| Reclassification of net losses/(gains) on available-for-sale securities to net earnings | 2,700 | (2,200) | 5,000 |
| Tax effect | (600) | 800 | (1,700) |
| Pension net gains/(losses) arising during the year | 87,000 | 109,600 | (199,400) |
| Tax effect | (18,700) | (43,600) | 72,900 |
| Reclassification of pension liability adjustment to net earnings | 9,300 | 20,600 | 12,000 |
| Tax effect | (4,500) | (8,200) | (4,400) |
| Other comprehensive (loss)/income, net of tax | (259,300) | (164,100) | 45,500 |
| Comprehensive income | 1,361,500 | 1,569,300 | 1,538,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2018 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2018 10-K (Filed: Aug 3, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2018 | June 30, 2017 | June 30, 2016 | |
| Cash Flows from Operating Activities: | |||
| NET EARNINGS | $ 1,620,800 | 1,733,400 | 1,492,500 |
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 377,600 | 316,100 | 288,600 |
| Deferred income taxes | 500 | 10,000 | 700 |
| Stock-based compensation expense | 175,400 | 138,900 | 137,600 |
| Net pension expense | 330,400 | 24,200 | 17,700 |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | 71,500 | 85,900 | 94,100 |
| Gain on sale of assets | (400) | 0 | (13,900) |
| Gain on sale of divested businesses, net of tax | 0 | (121,400) | (21,800) |
| Other | 31,900 | 37,100 | 30,700 |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: | |||
| (Increase)/decrease in accounts receivable | (291,800) | 23,400 | (224,600) |
| Decrease/(increase) in other assets | 93,500 | (269,100) | (108,900) |
| Decrease in accounts payable | (1,900) | (11,600) | (15,900) |
| Increase in accrued expenses and other liabilities | 107,700 | 159,000 | 220,500 |
| Net cash flows provided by operating activities | 2,515,200 | 2,125,900 | 1,897,300 |
| Cash Flows from Investing Activities: | |||
| Purchases of corporate and client funds marketable securities | (4,876,800) | (4,382,800) | (5,876,300) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 3,455,000 | 3,593,600 | 5,215,400 [1] |
| Net decrease/(increase) in restricted cash and cash equivalents held to satisfy client funds obligations | 0 | 0 | |
| Capital expenditures | (206,100) | (240,200) | (168,500) |
| Additions to intangibles | (264,700) | (230,400) | (217,500) |
| Acquisitions of businesses, net of cash acquired | (612,400) | (87,400) | 0 |
| Proceeds from the sale of property, plant, and equipment and other assets | 400 | 0 | 15,700 |
| Proceeds from the sale of divested businesses | 0 | 234,000 | 162,200 |
| Net cash flows used in investing activities | (2,504,600) | (1,113,200) | (869,000) |
| Cash Flows from Financing Activities: | |||
| Net increase/(decrease) in client funds obligations | 340,400 | (6,120,600) | 8,803,300 |
| Proceeds from debt issuance | 0 | 0 | 1,998,300 |
| Payments of debt | (7,300) | (2,000) | (1,500) |
| Repurchases of common stock | (989,300) | (1,259,600) | (1,155,700) |
| Net proceeds from stock purchase plan and stock-based compensation plans | 69,300 | 95,700 | 75,300 |
| Dividends paid | (1,063,700) | (995,200) | (943,600) |
| Other | (5,300) | 0 | (23,400) |
| Net cash flows (used in)/provided by financing activities | (1,655,900) | (8,281,700) | 8,752,700 |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | 5,800 | (8,000) | (8,700) |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | (1,639,500) | (7,277,000) | 9,772,300 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year | 8,181,600 | 15,458,600 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | 6,542,100 | 8,181,600 | 15,458,600 |
| Cash and cash equivalents | 2,170,000 | 2,780,400 | 3,191,100 |
| Restricted cash and restricted cash equivalents included in funds held for clients (A) | 4,372,100 [2] | 5,401,200 | 12,267,500 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 6,542,100 | 8,181,600 | 15,458,600 |
| Cash paid for interest | 100,500 | 78,100 | 37,500 |
| Cash paid for income taxes, net of income tax refunds | 529,700 | 817,100 | 651,600 |
| [1] See Note 1 for a summary of adjustments. | |||
| [2] See Note 6 for a reconciliation of restricted cash and restricted cash equivalents in funds held for clients on the Consolidated Balance Sheets. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AUTOMATIC DATA PROCESSING INC | ||
Ticker: ADP Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2018 10-K (Filed: Aug 3, 2018) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2018 | June 30, 2017 | |
| Assets [Abstract] | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,170,000 | 2,780,400 |
| Accounts receivable, net of allowance for doubtful accounts of $51.3 and $49.6, respectively | 1,984,200 | 1,703,600 |
| Other current assets | 758,000 | 883,200 |
| Total current assets before funds held for clients | 4,912,200 | 5,367,200 |
| Funds held for clients | 27,137,800 | 27,291,500 |
| Total current assets | 32,050,000 | 32,658,700 |
| Long-term receivables, net of allowance for doubtful accounts of $0.5 and $0.8, respectively | 25,500 | 28,000 |
| Property, plant and equipment, net | 793,700 | 779,900 |
| Other assets | 1,089,600 | 1,352,200 |
| Goodwill | 2,243,500 | 1,741,000 |
| Intangible assets, net | 886,400 | 620,200 |
| Total assets | 37,088,700 | 37,180,000 |
| Liabilities And Stockholders Equity Abstract | ||
| Liabilities | ||
| Accounts payable | 135,400 | 149,700 |
| Accrued expenses and other current liabilities | 1,547,700 | 1,381,900 |
| Accrued payroll and payroll-related expenses | 667,700 | 562,500 |
| Dividends payable | 298,900 | 250,500 |
| Short-term deferred revenues | 226,500 | 232,900 |
| Income taxes payable | 43,900 | 49,000 |
| Total current liabilities before client funds obligations | 2,920,100 | 2,626,500 |
| Client funds obligations | 27,493,500 | 27,189,400 |
| Total current liabilities | 30,413,600 | 29,815,900 |
| Long-term debt | 2,002,400 | 2,002,400 |
| Other liabilities | 728,000 | 830,200 |
| Deferred income taxes | 107,300 | 163,100 |
| Long-term deferred revenues | 377,800 | 391,400 |
| Total liabilities | 33,629,100 | 33,203,000 |
| 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, 2018 and June 30, 2017; outstanding, 438.8 and 445.0 shares at June 30, 2018 and June 30, 2017, respectively | 63,900 | 63,900 |
| Capital in excess of par value | 1,014,800 | 867,800 |
| Retained earnings | 15,271,300 | 14,728,200 |
| Treasury stock - at cost: 199.9 and 193.7 shares at June 30, 2018 and June 30, 2017, respectively | (12,209,600) | (11,303,700) |
| Accumulated other comprehensive loss | (680,800) | (379,200) |
| Total stockholders equity | 3,459,600 | 3,977,000 |
| Total liabilities and stockholders equity | 37,088,700 | 37,180,000 |
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2018 | |
| 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 |