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: 2022 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2022 10-K (Filed: Aug 3, 2022) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2022 | June 30, 2021 | June 30, 2020 | |
| REVENUES: | |||
| Revenues | $ 16,498,300 | 15,005,400 | 14,589,800 |
| EXPENSES: | |||
| Costs of revenues: | |||
| Operating expenses | 8,252,600 | 7,520,700 | 7,404,100 |
| Systems development and programming costs | 798,600 | 716,600 | 674,100 |
| Depreciation and amortization | 410,700 | 403,000 | 366,900 |
| TOTAL COSTS OF REVENUES | 9,461,900 | 8,640,300 | 8,445,100 |
| Selling, general, and administrative expenses | 3,233,200 | 3,040,500 | 3,003,000 |
| Interest expense | 81,900 | 59,700 | 107,100 |
| TOTAL EXPENSES | 12,777,000 | 11,740,500 | 11,555,200 |
| Other (income)/expense, net | (82,800) | (96,300) | (148,000) |
| EARNINGS BEFORE INCOME TAXES | 3,804,100 | 3,361,200 | 3,182,600 |
| Provision for income taxes | 855,200 | 762,700 | 716,100 |
| NET EARNINGS | 2,948,900 | 2,598,500 | 2,466,500 |
| BASIC EARNINGS PER SHARE (in dollars per share) | 7.04 | 6.10 | 5.73 |
| DILUTED EARNINGS PER SHARE (in dollars per share) | 7.00 | 6.07 | 5.70 |
| Basic weighted average shares outstanding (in shares) | 418,800 | 426,300 | 430,800 |
| Diluted weighted average shares outstanding (in shares) | 421,100 | 428,100 | 432,700 |
| Product and Service | |||
| Revenues, other than interest on funds held for clients and PEO revenues | |||
| Revenues | 10,505,000 | 9,768,600 | 9,538,100 |
| Interest on funds held for clients | |||
| Revenues | 451,800 | 422,400 | 545,200 |
| PEO Revenues | |||
| Revenues | 5,541,500 | 4,814,400 [1] | 4,506,500 |
| [1] For the years ended June 30, 2022 (fiscal 2022), June 30, 2021 (fiscal 2021), and June 30, 2020 (fiscal 2020), Professional Employer Organization (PEO) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $62,619.2 million, $51,362.3 million, and $45,826.1 million, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2022 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2022 10-K (Filed: Aug 3, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2022 | June 30, 2021 | June 30, 2020 | |
| Net earnings | $ 2,948,900 | 2,598,500 | 2,466,500 |
| Other comprehensive (loss)/income: | |||
| Currency translation adjustments | (127,400) | 95,400 | (53,000) |
| Unrealized net (losses)/gains on available-for-sale securities | (2,228,000) | (363,300) | 602,200 |
| Tax effect | 503,700 | 82,600 | (136,400) |
| Reclassification of net losses/(gains) on available-for-sale securities to net earnings | 4,400 | (11,300) | (12,900) |
| Tax effect | (1,000) | 2,500 | 2,900 |
| Unrealized (losses)/gains on cash flow hedging activities | 0 | (3,300) | (40,300) |
| Tax effect | 0 | 800 | 10,000 |
| Amortization of unrealized losses on cash flow hedging activities | 4,400 | 3,800 | 0 |
| Tax effect | (1,100) | (900) | 0 |
| Pension net (losses)/gains arising during the year | (229,800) | 281,500 | (160,800) |
| Tax effect | 57,300 | (69,000) | 39,500 |
| Reclassification of pension liability adjustment to net earnings | 18,100 | 9,300 | (11,800) |
| Tax effect | (4,900) | (2,700) | 3,100 |
| Other comprehensive (loss)/income, net of tax | (2,004,300) | 25,400 | 242,500 |
| Comprehensive income | 944,600 | 2,623,900 | 2,709,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2022 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2022 10-K (Filed: Aug 3, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2022 | June 30, 2021 | June 30, 2020 | |
| Cash Flows from Operating Activities: | |||
| Net earnings | $ 2,948,900 | 2,598,500 | 2,466,500 |
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 515,100 | 510,700 | 480,000 |
| Amortization of deferred contract costs | 955,200 | 935,300 | 915,000 |
| Deferred income taxes | 36,600 | (251,100) | 26,000 |
| Stock-based compensation expense | 201,700 | 175,300 | 130,800 |
| Net pension (income)/expense | (53,400) | (52,800) | (11,600) |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | 101,000 | 69,500 | 50,200 |
| Other | 32,700 | 45,300 | 89,300 |
| Changes in operating assets and liabilities: | |||
| Increase in accounts receivable | (486,500) | (339,800) | (113,800) |
| Increase in other assets | (1,258,400) | (1,029,400) | (910,400) |
| (Decrease)/Increase in accounts payable | (16,400) | 36,900 | (18,300) |
| Increase/(Decrease) in accrued expenses and other liabilities | 123,000 | 394,900 | (77,500) |
| Net cash flows provided by operating activities | 3,099,500 | 3,093,300 | 3,026,200 |
| Cash Flows from Investing Activities: | |||
| Purchases of corporate and client funds marketable securities | (10,733,200) | (9,266,300) | (3,905,100) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 4,249,700 | 6,238,400 | 7,648,400 |
| Capital expenditures | (174,400) | (178,600) | (172,700) |
| Additions to intangibles | (379,000) | (327,300) | (443,700) |
| Acquisitions of businesses, net of cash acquired | (11,700) | 0 | 0 |
| Proceeds from the sale of property, plant, and equipment and other assets | 34,200 | 18,800 | 29,400 |
| Net cash flows (used in)/provided by investing activities | (7,014,400) | (3,515,000) | 3,156,300 |
| Cash Flows from Financing Activities: | |||
| Net increase /(decrease) in client funds obligations | 17,057,900 | 8,336,200 | (3,213,200) |
| Payments of debt | (900) | (1,001,800) | (2,200) |
| Proceeds from the issuance of debt | 0 | 1,981,500 | 0 |
| Settlement of cash flow hedges | 0 | (44,600) | 0 |
| Repurchases of common stock | (1,969,400) | (1,372,300) | (1,006,300) |
| Net proceeds from stock purchase plan and stock-based compensation plans | 96,500 | 104,100 | 50,000 |
| Dividends paid | (1,659,000) | (1,575,500) | (1,470,500) |
| Net proceeds/(payments) related to reverse repurchase agreements | 128,300 | 9,900 | (248,400) |
| Net cash flows provided by/(used in) financing activities | 13,653,400 | 6,437,500 | (5,890,600) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (98,700) | 73,800 | (34,500) |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 9,639,800 | 6,089,600 | 257,400 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year | 13,143,200 | 7,053,600 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | 22,783,000 | 13,143,200 | 7,053,600 |
| Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets | |||
| Cash and cash equivalents | 1,436,300 | 2,575,200 | 1,908,500 |
| Restricted cash and restricted cash equivalents included in funds held for clients (A) | 21,346,700 | 10,568,000 | 5,145,100 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 22,783,000 | 13,143,200 | 7,053,600 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | 74,800 | 53,100 | 104,800 |
| Cash paid for income taxes, net of income tax refunds | 856,800 | 973,700 | 677,100 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
AUTOMATIC DATA PROCESSING INC | ||
Ticker: ADP Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2022 10-K (Filed: Aug 3, 2022) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2022 | June 30, 2021 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 1,436,300 | 2,575,200 |
| Accounts receivable, net of allowance for doubtful accounts of $56.8 and $79.6, respectively | 3,170,600 | 2,727,400 |
| Other current assets | 628,800 | 533,400 |
| Total current assets before funds held for clients | 5,235,700 | 5,836,000 |
| Funds held for clients | 49,569,200 | 34,905,800 |
| Total current assets | 54,804,900 | 40,741,800 |
| Long-term receivables, net of allowance for doubtful accounts of $0.1 and $0.3, respectively | 9,100 | 11,500 |
| Property, plant and equipment, net | 652,600 | 684,500 |
| Operating lease right-of-use asset | 450,900 | 462,200 |
| Deferred contract costs | 2,579,700 | 2,498,200 |
| Other assets | 937,400 | 825,800 |
| Goodwill | 2,300,500 | 2,338,400 |
| Intangible assets, net | 1,333,100 | 1,210,100 |
| Total assets | 63,068,200 | 48,772,500 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable | 110,200 | 141,100 |
| Accrued expenses and other current liabilities | 2,107,800 | 1,963,300 |
| Accrued payroll and payroll-related expenses | 862,600 | 910,200 |
| Dividends payable | 429,600 | 390,800 |
| Short-term deferred revenues | 188,200 | 203,900 |
| Obligations under reverse repurchase agreements (A) | 136,400 | 23,500 |
| Income taxes payable | 38,400 | 58,200 |
| Total current liabilities before client funds obligations | 3,873,200 | 3,691,000 |
| Client funds obligations | 51,285,500 | 34,403,800 |
| Total current liabilities | 55,158,700 | 38,094,800 |
| Long-term debt | 2,987,100 | 2,985,000 |
| Operating lease liabilities | 370,900 | 343,200 |
| Other liabilities | 924,200 | 834,100 |
| Deferred income taxes | 67,000 | 482,900 |
| Long-term deferred revenues | 335,000 | 362,400 |
| Total liabilities | 59,842,900 | 43,102,400 |
| Commitments and Contingencies (Note 12) | ||
| 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, 2022 and June 30, 2021; outstanding, 416.1 and 423.7 shares at June 30, 2022 and June 30, 2021, respectively | 63,900 | 63,900 |
| Capital in excess of par value | 1,794,200 | 1,531,300 |
| Retained earnings | 20,696,300 | 19,451,100 |
| Treasury stock - at cost: 222.7 and 215.0 shares at June 30, 2022 and June 30, 2021, respectively | (17,335,400) | (15,386,800) |
| Accumulated other comprehensive (loss)/income | (1,993,700) | 10,600 |
| Total stockholders equity | 3,225,300 | 5,670,100 |
| Total liabilities and stockholders equity | 63,068,200 | 48,772,500 |
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2022 | |
| 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 |