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: 2019 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2019 10-K (Filed: Aug 9, 2019) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2019 | June 30, 2018 | June 30, 2017 | |
| REVENUES: | |||
| Revenues, Net | $ 9,375,800 | 8,983,400 | 8,510,100 |
| Interest on funds held for clients | 561,900 | 466,500 | 397,400 |
| PEO revenues | 4,237,500 [1] | 3,877,800 | 3,464,500 |
| TOTAL REVENUES | 14,175,200 | 13,327,700 | 12,372,000 |
| EXPENSES: | |||
| Operating expenses | 7,145,900 | 6,901,000 | 6,386,200 |
| Systems development and programming costs | 636,300 | 635,400 | 632,100 |
| Cost, Depreciation and Amortization | 304,400 | 274,500 | 226,200 |
| Cost of Goods and Services Sold | 8,086,600 | 7,810,900 | 7,244,500 |
| Selling, general, and administrative expenses | 3,064,200 | 2,959,400 | 2,773,800 |
| Interest expense | 129,900 | 102,700 | 80,000 |
| TOTAL EXPENSES | 11,280,700 | 10,873,000 | 10,098,300 |
| Other (income)/expense, net | (111,100) | 172,100 | (343,200) |
| EARNINGS BEFORE INCOME TAXES | 3,005,600 | 2,282,600 | 2,616,900 |
| Provision for income taxes | 712,800 | 397,700 | 829,100 |
| NET EARNINGS | 2,292,800 | 1,884,900 | 1,787,800 |
| Basic earnings per share (in dollars per share) | 5.27 | 4.28 | 3.99 |
| BASIC EARNINGS PER SHARE (in dollars per share) | 5.27 | 4.28 | 3.99 |
| Diluted earnings per share (in dollars per share) | 5.24 | 4.25 | 3.97 |
| DILUTED EARNINGS PER SHARE (in dollars per share) | 5.24 | 4.25 | 3.97 |
| Basic weighted average shares outstanding (in shares) | 435,000 | 440,600 | 447,800 |
| Diluted weighted average shares outstanding (in shares) | 437,600 | 443,300 | 450,300 |
| [1] For the years ended June 30, 2019 ("fiscal 2019"), June 30, 2018 ("fiscal 2018"), and June 30, 2017 ("fiscal 2017"), Professional Employer Organization ("PEO") revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $42,688.8 million, $39,140.9 million, and $34,567.4 million, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2019 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2019 10-K (Filed: Aug 9, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2019 | June 30, 2018 | June 30, 2017 | |
| NET EARNINGS | $ 2,292,800 | 1,884,900 | 1,787,800 |
| Other comprensive income: | |||
| Currency translation adjustments | (42,200) | 7,800 | 19,000 |
| Unrealized net gains/(losses) on available-for-sale securities | 642,400 | (460,700) | (405,700) |
| Tax effect | (144,400) | 123,400 | 141,600 |
| Reclassification of net losses/(gains) on available-for-sale securities to net earnings | 900 | 2,700 | (2,200) |
| Tax effect | (300) | (600) | 800 |
| Pension net (losses)/gains arising during the year | (84,700) | 87,000 | 109,600 |
| Tax effect | 20,000 | (18,700) | (43,600) |
| Reclassification of pension liability adjustment to net earnings | 40,300 | 9,300 | 20,600 |
| Tax effect | (9,500) | (4,500) | (8,200) |
| Other comprehensive income/(loss), net of tax | 422,500 | (254,300) | (168,100) |
| Comprehensive income | 2,715,300 | 1,630,600 | 1,619,700 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2019 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2019 10-K (Filed: Aug 9, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2019 | June 30, 2018 | June 30, 2017 | |
| Cash Flows from Operating Activities: | |||
| NET EARNINGS | $ 2,292,800 | 1,884,900 | 1,787,800 |
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 409,000 | 377,600 | 316,100 |
| Capitalized Contract Cost, Amortization | 874,000 | 837,400 | 787,900 |
| Deferred income taxes | 9,300 | (152,000) | 41,300 |
| Stock-based compensation expense | 167,300 | 175,400 | 138,900 |
| Net pension expense | 55,400 | 330,400 | 24,200 |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | 50,100 | 71,500 | 85,900 |
| Impairment of Intangible Assets, Finite-lived | 12,100 | 0 | 0 |
| Gain on sale of assets | (19,800) | (700) | 0 |
| Gain on sale of divested businesses, net of tax | 0 | 0 | (121,400) |
| Other | 43,900 | 32,200 | 37,100 |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: | |||
| (Increase)/decrease in accounts receivable | (473,900) | (291,800) | 23,400 |
| Increase in other assets | (987,200) | (858,300) | (1,139,400) |
| Decrease in accounts payable | (10,700) | (1,900) | (11,600) |
| Increase in accrued expenses and other liabilities | 266,000 | 110,500 | 155,700 |
| Net cash flows provided by operating activities | 2,688,300 | 2,515,200 | 2,125,900 |
| Cash Flows from Investing Activities: | |||
| Purchases of corporate and client funds marketable securities | (4,422,600) | (4,876,800) | (4,382,800) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 2,909,000 | 3,455,000 | 3,593,600 |
| Capital expenditures | (162,000) | (206,100) | (240,200) |
| Additions to intangibles | (404,500) | (264,700) | (230,400) |
| Acquisitions of businesses, net of cash acquired | (125,500) | (612,400) | (87,400) |
| Proceeds from the sale of property, plant, and equipment and other assets | 7,900 | 400 | 0 |
| Proceeds from the sale of divested businesses | 0 | 0 | 234,000 |
| Net cash flows used in investing activities | (2,197,700) | (2,504,600) | (1,113,200) |
| Cash Flows from Financing Activities: | |||
| Net increase/(decrease) in client funds obligations | 1,696,000 | 340,400 | (6,120,600) |
| Payments of debt | (2,100) | (7,300) | (2,000) |
| Repurchases of common stock | (937,700) | (989,300) | (1,259,600) |
| Net proceeds from stock purchase plan and stock-based compensation plans | 72,900 | 69,300 | 95,700 |
| Dividends paid | (1,293,000) | (1,063,700) | (995,200) |
| Other | (5,800) | (5,300) | 0 |
| Net cash flows used in financing activities | (207,700) | (1,655,900) | (8,281,700) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (28,800) | 5,800 | (8,000) |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 254,100 | (1,639,500) | (7,277,000) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year | 6,542,100 | 8,181,600 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | 6,796,200 | 6,542,100 | 8,181,600 |
| Cash and cash equivalents | 1,949,200 | 2,170,000 | 2,780,400 |
| Restricted cash and restricted cash equivalents included in funds held for clients (A) | 4,847,000 | 4,372,100 [1] | 5,401,200 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 6,796,200 | 6,542,100 | 8,181,600 |
| Net proceeds from reverse repurchase agreements | 262,000 | 0 | 0 |
| Cash paid for interest | 127,500 | 100,500 | 78,100 |
| Cash paid for income taxes, net of income tax refunds | 633,800 | 529,700 | 817,100 |
| [1] See Note 7 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: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2019 10-K (Filed: Aug 9, 2019) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2019 | June 30, 2018 | |
| Long-term Marketable Securities Under Reverse Repurchase Agreements | $ 261,400 | |
| Assets [Abstract] | ||
| Current assets: | ||
| Cash and cash equivalents | 1,949,200 | 2,170,000 |
| Accounts receivable, net of allowance for doubtful accounts of $54.9 and $51.3, respectively | 2,439,300 | 1,984,200 |
| Other current assets | 519,600 | 531,300 |
| Total current assets before funds held for clients | 4,908,100 | 4,685,500 |
| Funds held for clients | 29,434,200 | 27,137,800 |
| Total current assets | 34,342,300 | 31,823,300 |
| Long-term receivables, net of allowance for doubtful accounts of $0.4 and $0.5, respectively | 23,800 | 25,500 |
| Property, plant and equipment, net | 764,200 | 793,700 |
| Capitalized Contract Cost, Net | 2,428,500 | 2,377,400 |
| Other assets | 934,400 | 699,300 |
| Goodwill | 2,323,000 | 2,243,500 |
| Intangible assets, net | 1,071,500 | 886,400 |
| Total assets | 41,887,700 | 38,849,100 |
| Liabilities And Stockholders Equity Abstract | ||
| Liabilities | ||
| Accounts payable | 125,500 | 135,400 |
| Accrued expenses and other current liabilities | 1,759,000 | 1,547,600 |
| Accrued payroll and payroll-related expenses | 721,100 | 667,700 |
| Dividends payable | 340,100 | 298,900 |
| Short-term deferred revenues | 220,700 | 225,700 |
| Income taxes payable | 54,800 | 43,900 |
| Total current liabilities before client funds obligations | 3,483,200 | 2,919,200 |
| Client funds obligations | 29,144,500 | 27,493,500 |
| Total current liabilities | 32,627,700 | 30,412,700 |
| Long-term debt | 2,002,200 | 2,002,400 |
| Other liabilities | 798,700 | 728,000 |
| Deferred income taxes | 659,900 | 522,000 |
| Long-term deferred revenues | 399,300 | 448,100 |
| Total liabilities | 36,487,800 | 34,113,200 |
| 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, 2019 and June 30, 2018; outstanding, 434.2 and 438.8 shares at June 30, 2019 and June 30, 2018, respectively | 63,900 | 63,900 |
| Capital in excess of par value | 1,183,200 | 1,014,800 |
| Retained earnings | 17,500,600 | 16,546,600 |
| Treasury stock - at cost: 204.5 and 199.9 shares at June 30, 2019 and June 30, 2018, respectively | (13,090,500) | (12,209,600) |
| Accumulated other comprehensive loss | (257,300) | (679,800) |
| Total stockholders equity | 5,399,900 | 4,735,900 |
| Total liabilities and stockholders equity | 41,887,700 | 38,849,100 |
| Cash And Cash Equivalents Under Reverse Repurchase Agreements | 600 | |
| Obligations under reverse repurchase agreements (A) | 262,000 [1] | 0 |
| [1] (A) As of June 30, 2019, $261.4 million of long-term marketable securities and $0.6 million of cash and cash equivalents have been pledged as collateral under the Company's reverse repurchase agreements (see Note 10). | ||
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2019 | |
| 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 |