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: 2021 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2021 10-K (Filed: Aug 4, 2021) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2021 | June 30, 2020 | June 30, 2019 | |
| REVENUES: | |||
| Revenues | $ 15,005,400 | 14,589,800 | 14,110,200 |
| EXPENSES: | |||
| Operating expenses | 7,520,700 | 7,404,100 | 7,080,900 |
| Systems development and programming costs | 716,600 | 674,100 | 636,300 |
| Depreciation and amortization | 403,000 | 366,900 | 304,400 |
| TOTAL COSTS OF REVENUES | 8,640,300 | 8,445,100 | 8,021,600 |
| Selling, general, and administrative expenses | 3,040,500 | 3,003,000 | 3,064,200 |
| Interest expense | 59,700 | 107,100 | 129,900 |
| TOTAL EXPENSES | 11,740,500 | 11,555,200 | 11,215,700 |
| Other (income)/expense, net | (96,300) | (148,000) | (111,100) |
| EARNINGS BEFORE INCOME TAXES | 3,361,200 | 3,182,600 | 3,005,600 |
| Provision for income taxes | 762,700 | 716,100 | 712,800 |
| NET EARNINGS | 2,598,500 | 2,466,500 | 2,292,800 |
| BASIC EARNINGS PER SHARE (in dollars per share) | 6.10 | 5.73 | 5.27 |
| DILUTED EARNINGS PER SHARE (in dollars per share) | 6.07 | 5.70 | 5.24 |
| Basic weighted average shares outstanding (in shares) | 426,300 | 430,800 | 435,000 |
| Diluted weighted average shares outstanding (in shares) | 428,100 | 432,700 | 437,600 |
| Product and Service | |||
| Revenues, Other Than Interest on Funds Held For Clients and PEO Revenues | |||
| Revenues | 9,768,600 | 9,538,100 | 9,375,800 |
| Interest on Funds Held for Clients | |||
| Revenues | 422,400 | 545,200 | 561,900 |
| PEO Revenues | |||
| Revenues | 4,814,400 | 4,506,500 [1] | 4,172,500 |
| [1] For the years ended June 30, 2021 (fiscal 2021), June 30, 2020 (fiscal 2020), and June 30, 2019 (fiscal 2019), Professional Employer Organization (PEO) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $51,362.3 million, $45,826.1 million, and $42,688.8 million, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2021 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2021 10-K (Filed: Aug 4, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2021 | June 30, 2020 | June 30, 2019 | |
| Net earnings | $ 2,598,500 | 2,466,500 | 2,292,800 |
| Other comprehensive income/(loss): | |||
| Currency translation adjustments | 95,400 | (53,000) | (42,200) |
| Unrealized net gains/(losses) on available-for-sale securities | (363,300) | 602,200 | 642,400 |
| Tax effect | 82,600 | (136,400) | (144,400) |
| Reclassification of net losses/(gains) on available-for-sale securities to net earnings | (11,300) | (12,900) | 900 |
| Tax effect | 2,500 | 2,900 | (300) |
| Unrealized (losses)/gains on cash flow hedging activities | (3,300) | (40,300) | 0 |
| Tax effect | 800 | 10,000 | 0 |
| Amortization of unrealized losses on cash flow hedging activities | 3,800 | 0 | 0 |
| Tax effect | (900) | 0 | 0 |
| Pension net (losses)/gains arising during the year | 281,500 | (160,800) | (84,700) |
| Tax effect | (69,000) | 39,500 | 20,000 |
| Reclassification of pension liability adjustment to net earnings | 9,300 | (11,800) | 40,300 |
| Tax effect | (2,700) | 3,100 | (9,500) |
| Other comprehensive income/(loss), net of tax | 25,400 | 242,500 | 422,500 |
| Comprehensive income | 2,623,900 | 2,709,000 | 2,715,300 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2021 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2021 10-K (Filed: Aug 4, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2021 | June 30, 2020 | June 30, 2019 | |
| Cash Flows from Operating Activities: | |||
| Net earnings | $ 2,598,500 | 2,466,500 | 2,292,800 |
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 510,700 | 480,000 | 409,000 |
| Amortization of deferred contract costs | 935,300 | 915,000 | 874,000 |
| Deferred income taxes | (251,100) | 26,000 | 9,300 |
| Stock-based compensation expense | 175,300 | 130,800 | 167,300 |
| Net pension (income)/expense | (52,800) | (11,600) | 55,400 |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | 69,500 | 50,200 | 50,100 |
| Impairment of assets | 19,900 | 29,900 | 12,100 |
| Gain on sale of assets | (9,800) | (6,000) | (19,800) |
| Other | 35,200 | 65,400 | 43,900 |
| Changes in operating assets and liabilities: | |||
| Increase in accounts receivable | (339,800) | (113,800) | (473,900) |
| Increase in other assets | (1,029,400) | (910,400) | (987,200) |
| Increase/(Decrease) in accounts payable | 36,900 | (18,300) | (10,700) |
| Increase/(Decrease) in accrued expenses and other liabilities | 394,900 | (77,500) | 266,000 |
| Net cash flows provided by operating activities | 3,093,300 | 3,026,200 | 2,688,300 |
| Cash Flows from Investing Activities: | |||
| Purchases of corporate and client funds marketable securities | (9,266,300) | (3,905,100) | (4,422,600) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 6,238,400 | 7,648,400 | 2,909,000 |
| Capital expenditures | (178,600) | (172,700) | (162,000) |
| Additions to intangibles | (327,300) | (443,700) | (404,500) |
| Acquisitions of businesses, net of cash acquired | 0 | 0 | (125,500) |
| Proceeds from the sale of property, plant, and equipment and other assets | 18,800 | 29,400 | 7,900 |
| Net cash flows (used in)/provided by investing activities | (3,515,000) | 3,156,300 | (2,197,700) |
| Cash Flows from Financing Activities: | |||
| Net increase /(decrease) in client funds obligations | 8,336,200 | (3,213,200) | 1,696,000 |
| Payments of debt | (1,001,800) | (2,200) | (2,100) |
| Proceeds from the issuance of debt | 1,981,500 | 0 | 0 |
| Settlement of cash flow hedges | (44,600) | 0 | 0 |
| Repurchases of common stock | (1,372,300) | (1,006,300) | (937,700) |
| Net proceeds from stock purchase plan and stock-based compensation plans | 104,100 | 50,000 | 72,900 |
| Dividends paid | (1,575,500) | (1,470,500) | (1,293,000) |
| Net proceeds/(payments) related to reverse repurchase agreements | 9,900 | (248,400) | 262,000 |
| Other | 0 | 0 | (5,800) |
| Net cash flows provided by/(used in) financing activities | 6,437,500 | (5,890,600) | (207,700) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | 73,800 | (34,500) | (28,800) |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 6,089,600 | 257,400 | 254,100 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year | 7,053,600 | 6,796,200 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | 13,143,200 | 7,053,600 | 6,796,200 |
| Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets | |||
| Cash and cash equivalents | 2,575,200 | 1,908,500 | 1,949,200 |
| Restricted cash and restricted cash equivalents included in funds held for clients | 10,568,000 | 5,145,100 | 4,847,000 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 13,143,200 | 7,053,600 | 6,796,200 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | 53,100 | 104,800 | 127,500 |
| Cash paid for income taxes, net of income tax refunds | 973,700 | 677,100 | 633,800 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AUTOMATIC DATA PROCESSING INC | ||
Ticker: ADP Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2021 10-K (Filed: Aug 4, 2021) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2021 | June 30, 2020 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 2,575,200 | 1,908,500 |
| Accounts receivable, net of allowance for doubtful accounts of $79.6 and $92.5, respectively | 2,727,400 | 2,441,300 |
| Other current assets | 533,400 | 506,200 |
| Total current assets before funds held for clients | 5,836,000 | 4,856,000 |
| Funds held for clients | 34,905,800 | 26,708,100 |
| Total current assets | 40,741,800 | 31,564,100 |
| Long-term receivables, net of allowance for doubtful accounts of $0.3 and $0.5, respectively | 11,500 | 18,600 |
| Property, plant and equipment, net | 684,500 | 703,900 |
| Operating lease right-of-use asset | 462,200 | 493,700 |
| Deferred contract costs | 2,498,200 | 2,401,600 |
| Other assets | 825,800 | 458,400 |
| Goodwill | 2,338,400 | 2,309,400 |
| Intangible assets, net | 1,210,100 | 1,215,800 |
| Total assets | 48,772,500 | 39,165,500 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | 141,100 | 102,000 |
| Accrued expenses and other current liabilities | 1,963,300 | 1,980,700 |
| Accrued payroll and payroll-related expenses | 910,200 | 557,000 |
| Dividends payable | 390,800 | 387,300 |
| Short-term deferred revenues | 203,900 | 212,500 |
| Obligations under reverse repurchase agreements | 23,500 [1] | 13,600 |
| Short-term debt | 0 | 1,001,800 |
| Income taxes payable | 58,200 | 40,100 |
| Total current liabilities before client funds obligations | 3,691,000 | 4,295,000 |
| Client funds obligations | 34,403,800 | 25,831,600 |
| Total current liabilities | 38,094,800 | 30,126,600 |
| Long-term debt | 2,985,000 | 1,002,800 |
| Operating lease liabilities | 343,200 | 344,400 |
| Other liabilities | 834,100 | 837,000 |
| Deferred income taxes | 482,900 | 731,900 |
| Long-term deferred revenues | 362,400 | 370,600 |
| Total liabilities | 43,102,400 | 33,413,300 |
| 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, 2021 and June 30, 2020; outstanding, 423.7 and 429.9 shares at June 30, 2021 and June 30, 2020, respectively | 63,900 | 63,900 |
| Capital in excess of par value | 1,531,300 | 1,333,800 |
| Retained earnings | 19,451,100 | 18,436,300 |
| Treasury stock - at cost: 215.0 and 208.9 shares at June 30, 2021 and June 30, 2020, respectively | (15,386,800) | (14,067,000) |
| Accumulated other comprehensive income (loss) | 10,600 | (14,800) |
| Total stockholders equity | 5,670,100 | 5,752,200 |
| Total liabilities and stockholders equity | 48,772,500 | 39,165,500 |
| [1] (A) As of June 30, 2021, $23.5 million of long-term marketable securities have been pledged as collateral under the Company's reverse repurchase agreements. As of June 30, 2020, $13.6 million of long-term marketable securities have been pledged as collateral under the Company's reverse repurchase agreements (see Note 8). | ||
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2021 | |
| 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 |