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: 2020 | |||
Statements Of Consolidated Earnings | |||
Period Ending June 30, 2020 10-K (Filed: Aug 5, 2020) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2020 | June 30, 2019 | June 30, 2018 | |
| REVENUES: | |||
| Revenues, Net | $ 9,538,100 | 9,375,800 | 8,983,400 |
| Interest on funds held for clients | 545,200 | 561,900 | 466,500 |
| PEO revenues | 4,506,500 | 4,172,500 [1] | 3,824,300 |
| TOTAL REVENUES | 14,589,800 | 14,110,200 | 13,274,200 |
| EXPENSES: | |||
| Operating expenses | 7,404,100 | 7,080,900 | 6,847,500 |
| Systems development and programming costs | 674,100 | 636,300 | 635,400 |
| Cost, Depreciation and Amortization | 366,900 | 304,400 | 274,500 |
| Cost of Goods and Services Sold | 8,445,100 | 8,021,600 | 7,757,400 |
| Selling, general, and administrative expenses | 3,003,000 | 3,064,200 | 2,959,400 |
| Interest expense | 107,100 | 129,900 | 102,700 |
| TOTAL EXPENSES | 11,555,200 | 11,215,700 | 10,819,500 |
| Other (income)/expense, net | (148,000) | (111,100) | 172,100 |
| EARNINGS BEFORE INCOME TAXES | 3,182,600 | 3,005,600 | 2,282,600 |
| Provision for income taxes | 716,100 | 712,800 | 397,700 |
| NET EARNINGS | 2,466,500 | 2,292,800 | 1,884,900 |
| Basic earnings per share (in dollars per share) | 5.73 | 5.27 | 4.28 |
| BASIC EARNINGS PER SHARE (in dollars per share) | 5.73 | 5.27 | 4.28 |
| Diluted earnings per share (in dollars per share) | 5.70 | 5.24 | 4.25 |
| DILUTED EARNINGS PER SHARE (in dollars per share) | 5.70 | 5.24 | 4.25 |
| Basic weighted average shares outstanding (in shares) | 430,800 | 435,000 | 440,600 |
| Diluted weighted average shares outstanding (in shares) | 432,700 | 437,600 | 443,300 |
| [1] For the years ended June 30, 2020 (fiscal 2020), June 30, 2019 (fiscal 2019), and June 30, 2018 (fiscal 2018), Professional Employer Organization (PEO) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $45,826.1 million, $42,688.8 million, and $39,140.9 million, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2020 | |||
Statements of Consolidated Comprehensive Income | |||
Period Ending June 30, 2020 10-K (Filed: Aug 5, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2020 | June 30, 2019 | June 30, 2018 | |
| NET EARNINGS | $ 2,466,500 | 2,292,800 | 1,884,900 |
| Other comprensive income: | |||
| Currency translation adjustments | (53,000) | (42,200) | 7,800 |
| Unrealized net gains/(losses) on available-for-sale securities | 602,200 | 642,400 | (460,700) |
| Tax effect | (136,400) | (144,400) | 123,400 |
| Reclassification of net losses/(gains) on available-for-sale securities to net earnings | (12,900) | 900 | 2,700 |
| Tax effect | 2,900 | (300) | (600) |
| Unrealized loss on cash flow hedging activities | (40,300) | 0 | 0 |
| Tax effect | 10,000 | 0 | 0 |
| Pension net (losses)/gains arising during the year | (160,800) | (84,700) | 87,000 |
| Tax effect | 39,500 | 20,000 | (18,700) |
| Reclassification of pension liability adjustment to net earnings | (11,800) | 40,300 | 9,300 |
| Tax effect | 3,100 | (9,500) | (4,500) |
| Other comprehensive income/(loss), net of tax | 242,500 | 422,500 | (254,300) |
| Comprehensive income | 2,709,000 | 2,715,300 | 1,630,600 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
AUTOMATIC DATA PROCESSING INC | |||
Ticker: ADP Fiscal Year: 2020 | |||
Statements Of Consolidated Cash Flows | |||
Period Ending June 30, 2020 10-K (Filed: Aug 5, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| June 30, 2020 | June 30, 2019 | June 30, 2018 | |
| Cash Flows from Operating Activities: | |||
| NET EARNINGS | $ 2,466,500 | 2,292,800 | 1,884,900 |
| Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||
| Depreciation and amortization | 480,000 | 409,000 | 377,600 |
| Capitalized Contract Cost, Amortization | 915,000 | 874,000 | 837,400 |
| Deferred income taxes | 26,000 | 9,300 | (152,000) |
| Stock-based compensation expense | 130,800 | 167,300 | 175,400 |
| Net pension (income)/expense | (11,600) | 55,400 | 330,400 |
| Net amortization of premiums and accretion of discounts on available-for-sale securities | 50,200 | 50,100 | 71,500 |
| Asset Impairment Charges | 29,900 | 12,100 | 0 |
| Gain on sale of assets | (6,000) | (19,800) | (700) |
| Other | 65,400 | 43,900 | 32,200 |
| Changes in operating assets and liabilities, net of effects from acquisitions and divestitures of businesses: | |||
| Increase in accounts receivable | (113,800) | (473,900) | (291,800) |
| Increase in other assets | (910,400) | (987,200) | (858,300) |
| Decrease in accounts payable | (18,300) | (10,700) | (1,900) |
| (Decrease)/Increase in accrued expenses and other liabilities | (77,500) | 266,000 | 110,500 |
| Net cash flows provided by operating activities | 3,026,200 | 2,688,300 | 2,515,200 |
| Cash Flows from Investing Activities: | |||
| Purchases of corporate and client funds marketable securities | (3,905,100) | (4,422,600) | (4,876,800) |
| Proceeds from the sales and maturities of corporate and client funds marketable securities | 7,648,400 | 2,909,000 | 3,455,000 |
| Capital expenditures | (172,700) | (162,000) | (206,100) |
| Additions to intangibles | (443,700) | (404,500) | (264,700) |
| Acquisitions of businesses, net of cash acquired | 0 | (125,500) | (612,400) |
| Proceeds from the sale of property, plant, and equipment and other assets | 29,400 | 7,900 | 400 |
| Net cash flows provided by/(used in) investing activities | 3,156,300 | (2,197,700) | (2,504,600) |
| Cash Flows from Financing Activities: | |||
| Net (decrease)/increase in client funds obligations | (3,213,200) | 1,696,000 | 340,400 |
| Payments of debt | (2,200) | (2,100) | (7,300) |
| Repurchases of common stock | (1,006,300) | (937,700) | (989,300) |
| Net proceeds from stock purchase plan and stock-based compensation plans | 50,000 | 72,900 | 69,300 |
| Dividends paid | (1,470,500) | (1,293,000) | (1,063,700) |
| Other | 0 | (5,800) | (5,300) |
| Net cash flows used in financing activities | (5,890,600) | (207,700) | (1,655,900) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (34,500) | (28,800) | 5,800 |
| Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 257,400 | 254,100 | (1,639,500) |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year | 6,796,200 | 6,542,100 | |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of year | 7,053,600 | 6,796,200 | 6,542,100 |
| Cash and cash equivalents | 1,908,500 | 1,949,200 | 2,170,000 |
| Restricted cash and restricted cash equivalents included in funds held for clients (A) | 5,145,100 | 4,847,000 | 4,372,100 [1] |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents | 7,053,600 | 6,796,200 | 6,542,100 |
| Net proceeds from reverse repurchase agreements | (248,400) | 262,000 | 0 |
| Cash paid for income taxes, net of income tax refunds | 677,100 | 633,800 | 529,700 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | 104,800 | 127,500 | 100,500 |
| [1] See Note 4 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: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending June 30, 2020 10-K (Filed: Aug 5, 2020) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| June 30, 2020 | June 30, 2019 | |
| Long-term Marketable Securities Under Reverse Repurchase Agreements | $ 13,600 | 261,400 |
| Assets [Abstract] | ||
| Current assets: | ||
| Cash and cash equivalents | 1,908,500 | 1,949,200 |
| Short-term marketable securities | 0 | 10,500 |
| Accounts receivable, net of allowance for doubtful accounts of $92.5 and $54.9, respectively | 2,441,300 | 2,439,300 |
| Other current assets | 506,200 | 509,100 |
| Total current assets before funds held for clients | 4,856,000 | 4,908,100 |
| Funds held for clients | 26,708,100 | 29,434,200 |
| Total current assets | 31,564,100 | 34,342,300 |
| Long-term receivables, net of allowance for doubtful accounts of $0.5 and $0.4, respectively | 18,600 | 23,800 |
| Property, plant and equipment, net | 703,900 | 764,200 |
| Operating lease right-of-use asset | 493,700 | 0 |
| Deferred contract costs | 2,401,600 [1] | 2,428,500 |
| Other assets | 458,400 | 934,400 |
| Goodwill | 2,309,400 | 2,323,000 |
| Intangible assets, net | 1,215,800 | 1,071,500 |
| Total assets | 39,165,500 | 41,887,700 |
| Liabilities And Stockholders Equity Abstract | ||
| Liabilities | ||
| Accounts payable | 102,000 | 125,500 |
| Accrued expenses and other current liabilities | 1,980,700 | 1,759,000 |
| Accrued payroll and payroll-related expenses | 557,000 | 721,100 |
| Dividends payable | 387,300 | 340,100 |
| Short-term deferred revenues | 212,500 | 220,700 |
| Obligations under reverse repurchase agreements (A) | 13,600 | 262,000 |
| Short-term debt | 1,001,800 | 0 |
| Income taxes payable | 40,100 | 54,800 |
| Total current liabilities before client funds obligations | 4,295,000 | 3,483,200 |
| Client funds obligations | 25,831,600 | 29,144,500 |
| Total current liabilities | 30,126,600 | 32,627,700 |
| Long-term debt | 1,002,800 | 2,002,200 |
| Operating lease liabilities | 0 | |
| Other liabilities | 837,000 | 798,700 |
| Deferred income taxes | 731,900 | 659,900 |
| Long-term deferred revenues | 370,600 | 399,300 |
| Total liabilities | 33,413,300 | 36,487,800 |
| Stockholders' equity: | ||
| Preferred stock, $1.00 par value: Authorized, 0.3 shares; issued, none | 0 | 0 |
| Common Stock, Value, Issued | 63,900 | 63,900 |
| Capital in excess of par value | 1,333,800 | 1,183,200 |
| Retained earnings | 18,436,300 | 17,500,600 |
| Treasury Stock, Value | 14,067,000 | 13,090,500 |
| Accumulated other comprehensive loss | (14,800) | (257,300) |
| Total stockholders equity | 5,752,200 | 5,399,900 |
| Total liabilities and stockholders equity | 39,165,500 | 41,887,700 |
| Cash And Cash Equivalents Under Reverse Repurchase Agreements | 600 | |
| [1] (1) The amount of total deferred costs amortized during the twelve months ended June 30, 2020, June 30, 2019, and June 30, 2018 were $915.0 million, $874.0 million, and $837.4 million, respectively. | ||
| External Links | |
| AUTOMATIC DATA PROCESSING INC (ADP) Fiscal Year 2020 | |
| 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 |