FORM 8-K |
Automatic Data Processing, Inc. | ||||
(Exact name of registrant as specified in charter) | ||||
Delaware | 1-5397 | 22-1467904 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company o |
AUTOMATIC DATA PROCESSING, INC. | |||||||||||||||
(Registrant) | |||||||||||||||
By: | /s/ Kathleen A. Winters | ||||||||||||||
Date: May 1, 2019 | Name: Kathleen A. Winters | ||||||||||||||
Title: Chief Financial Officer |
Exhibit Number | Description | |
Press Release dated May 1, 2019 issued by Automatic Data Processing, Inc. |
• | Revenues increased 4% to $3.8 billion in the third quarter, 5% organic constant currency |
• | Net earnings increased 14% to $754 million; adjusted net earnings increased 11% to $771 million |
• | Adjusted EBIT increased 10% to $1.0 billion, and adjusted EBIT margin expanded 140 basis points |
• | Employer Services New Business Bookings grew 10% in the quarter; raising full year outlook to 8% to 9% |
• | Diluted earnings per share ("EPS") increased 16% to $1.73 for the quarter; adjusted diluted EPS increased 13% to $1.77 |
• | Raising fiscal 2019 diluted EPS growth outlook to 22% to 23%, compared to prior outlook of 20% to 22%; raising adjusted diluted EPS growth outlook to 19% to 20%, compared to prior outlook of 17% to 19% |
• | Employer Services New Business Bookings increased 10%. |
• | Employer Services revenues increased 3% on a reported basis and 4% on an organic constant currency basis. |
• | Pays per control increased 3.1%. |
• | Employer Services segment margin increased 230 basis points, including approximately 30 basis points of pressure from acquisitions. |
• | PEO Services revenues increased 6%. |
• | PEO Services revenues excluding zero-margin benefits pass-throughs increased 2%. |
• | Average Worksite Employees paid by PEO Services increased 8% to about 554,000. |
• | PEO Services segment margin decreased approximately 10 basis points. |
• | Interest on funds held for clients increased 24% to $167 million. |
• | Average client funds balances increased 4% to $30.0 billion. |
• | The average interest yield on client funds increased 30 basis points to 2.2%. |
• | Fiscal 2018 pre-tax proxy contest charges of about $33 million. |
• | Fiscal 2018 one-time net tax benefit of about $184 million from the Tax Cuts and Jobs Act. |
• | Fiscal 2018 pre-tax charges of about $405 million related to the Voluntary Early Retirement Program, the Service Alignment Initiative, and other transformation initiatives. |
• | Fiscal 2019 pre-tax charges of about $115 million related to the Voluntary Early Retirement Program, the Service Alignment Initiative and other transformation initiatives. |
• | Revenue growth of 6% to 7%, at the lower end of the range. |
• | Adjusted EBIT margin up at least 150 basis points from 20.7% in fiscal 2018. |
• | Adjusted effective tax rate of 23.8%. |
• | Diluted EPS growth of 22% to 23% from $4.25 in fiscal 2018. |
• | Adjusted diluted EPS growth of 19% to 20% from $4.53 in fiscal 2018. |
• | Employer Services revenue growth of 5% to 6%, at the lower end of the range. |
• | Employer Services margins up about 225 basis points. |
• | Employer Services New Business Bookings growth of 8% to 9%. |
• | Employer Services client revenue retention up 25 to 50 basis points. |
• | Increase in pays per control of 2.5%. |
• | PEO revenue growth of 9% to 10%. |
• | PEO revenue growth excluding zero-margin benefits pass-throughs of 8% to 9%. |
• | PEO margins up 25 to 50 basis points. This outlook reflects approximately 25 basis points of anticipated grow-over pressure related to workers' compensation reserve reductions at ADP Indemnity. |
• | PEO average Worksite Employee growth of 8% to 9%. |
• | Interest on funds held for clients up about $90 million. This is based on anticipated growth in average client funds balances of about 4% from $24.3 billion in fiscal 2018, and an average yield which is anticipated to increase about 30 basis points to 2.2% compared to the fiscal 2018 average yield of 1.9%. |
• | Total contribution from the client funds extended investment strategy up about $70 million. |
Fiscal 2018 | Jan 30, 2019 Outlook (a) | May 1, 2019 Outlook (a) | ||
Total ADP | Revenues | $13,328M | ↑ 6% - 7% | ↑ 6% - 7% (lower end) |
Adj. EBIT Margin | 20.7% | ↑ 125 - 150 bps | ↑ At least 150 bps | |
Adj. Effective Tax Rate | 26.2% | ↓ Decline to 24.4% | ↓ Decline to 23.8% | |
Adj. Diluted EPS | $4.53 | ↑ 17% - 19% | ↑ 19% - 20% | |
Employer Services | Revenues | $9,455M | ↑ 5% - 6% | ↑ 5% - 6% (lower end) |
Margin | 27.5% | ↑ 175 - 200 bps | ↑ ~225 bps | |
ES New Business Bookings | $1.5B | ↑ 6% - 8% | ↑ 8% - 9% | |
Client Revenue Retention | 90.4% | ↑ 25 - 50 bps | ↑ 25 - 50 bps | |
Pays Per Control | NM | ↑ ~2.5% | ↑ ~2.5% | |
PEO Services | Revenues, Reported | $3,882M | ↑ 9% - 10% | ↑ 9% - 10% |
Revenues Ex Pass-throughs | $1,419M | ↑ 8% - 9% | ↑ 8% - 9% | |
Margin | 14.0% | At least flat | ↑ 25 - 50 bps | |
Average WSEs | 504,000 | ↑ 8% - 9% | ↑ 8% - 9% | |
Client Funds Interest | Average Client Funds Balances | $24.3B | ↑ ~4% | ↑ ~4% |
Yield on Client Funds Portfolio | 1.9% | ↑ 30 bps to 2.2% | ↑ 30 bps to 2.2% | |
Client Funds Interest Revenue | $466M | ↑ $90 - $100M | ↑ ~$90M | |
Extended Investment Strategy | $481M | ↑ $70 - $80M | ↑ ~$70M |
a. | Outlook contemplates the impact of prior fiscal year acquisitions and anticipated impact of current year acquisition of Celergo and foreign currency in revenue and operating results. |
Automatic Data Processing, Inc. and Subsidiaries | ||||||||||||||||||||
Statements of Consolidated Earnings | ||||||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Revenues, other than interest on funds held for clients and PEO revenues | $ | 2,546.9 | $ | 2,495.2 | $ | 7,084.7 | $ | 6,764.5 | ||||||||||||
Interest on funds held for clients | 167.4 | 134.8 | 415.0 | 340.9 | ||||||||||||||||
PEO revenues (A) (B) (C) | 1,133.1 | 1,066.0 | 3,176.8 | 2,906.1 | ||||||||||||||||
Total revenues | 3,847.4 | 3,696.0 | 10,676.5 | 10,011.5 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Costs of revenues: | ||||||||||||||||||||
Operating expenses (B) (C) | 1,874.5 | 1,845.2 | 5,370.4 | 5,185.0 | ||||||||||||||||
Systems development and programming costs | 160.1 | 163.9 | 474.2 | 481.5 | ||||||||||||||||
Depreciation and amortization | 77.2 | 70.2 | 221.5 | 202.1 | ||||||||||||||||
Total costs of revenues | 2,111.8 | 2,079.3 | 6,066.1 | 5,868.6 | ||||||||||||||||
Selling, general, and administrative expenses | 750.4 | 750.1 | 2,209.4 | 2,149.0 | ||||||||||||||||
Interest expense | 21.7 | 18.6 | 96.2 | 74.1 | ||||||||||||||||
Total expenses | 2,883.9 | 2,848.0 | 8,371.7 | 8,091.7 | ||||||||||||||||
Other income, net | (21.0 | ) | (27.2 | ) | (67.5 | ) | (107.9 | ) | ||||||||||||
Earnings before income taxes | 984.5 | 875.2 | 2,372.3 | 2,027.7 | ||||||||||||||||
Provision for income taxes | 230.8 | 214.2 | 554.9 | 283.7 | ||||||||||||||||
Net earnings | $ | 753.7 | $ | 661.0 | $ | 1,817.4 | $ | 1,744.0 | ||||||||||||
Basic earnings per share | $ | 1.74 | $ | 1.50 | $ | 4.17 | $ | 3.95 | ||||||||||||
Diluted earnings per share | $ | 1.73 | $ | 1.49 | $ | 4.15 | $ | 3.93 | ||||||||||||
Components of Other income, net: | ||||||||||||||||||||
Interest income on corporate funds | $ | (15.0 | ) | $ | (11.0 | ) | $ | (71.6 | ) | $ | (59.4 | ) | ||||||||
Realized gains on available-for-sale securities | (0.6 | ) | (1.3 | ) | (1.2 | ) | (1.9 | ) | ||||||||||||
Realized losses on available-for-sale securities | 0.5 | 1.6 | 2.6 | 3.2 | ||||||||||||||||
Impairment of intangible assets | — | — | 12.1 | — | ||||||||||||||||
Gain on sale of assets | — | — | (4.1 | ) | (0.4 | ) | ||||||||||||||
Non-service components of pension expense, net (D) | (5.9 | ) | (16.5 | ) | (5.3 | ) | (49.4 | ) | ||||||||||||
Other income, net | $ | (21.0 | ) | $ | (27.2 | ) | $ | (67.5 | ) | $ | (107.9 | ) |
Automatic Data Processing, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets | |||||||
(In millions) | |||||||
(Unaudited) | |||||||
March 31, | June 30, | ||||||
2019 | 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,826.2 | $ | 2,170.0 | |||
Accounts receivable, net of allowance for doubtful accounts of $50.8 and $51.3, respectively | 2,485.2 | 1,984.2 | |||||
Other current assets | 534.4 | 531.3 | |||||
Total current assets before funds held for clients | 4,845.8 | 4,685.5 | |||||
Funds held for clients | 36,078.2 | 27,137.8 | |||||
Total current assets | 40,924.0 | 31,823.3 | |||||
Long-term receivables, net of allowance for doubtful accounts of $0.5 and $0.5, respectively | 25.6 | 25.5 | |||||
Property, plant and equipment, net | 765.8 | 793.7 | |||||
Deferred contract costs | 2,361.6 | 2,377.4 | |||||
Other assets | 740.3 | 699.3 | |||||
Goodwill | 2,316.1 | 2,243.5 | |||||
Intangible assets, net | 1,062.9 | 886.4 | |||||
Total assets | $ | 48,196.3 | $ | 38,849.1 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 156.3 | $ | 135.4 | |||
Accrued expenses and other current liabilities | 1,678.7 | 1,547.6 | |||||
Accrued payroll and payroll-related expenses | 607.4 | 667.7 | |||||
Dividends payable | 340.0 | 298.9 | |||||
Short-term deferred revenues | 228.3 | 225.7 | |||||
Income taxes payable | 99.7 | 43.9 | |||||
Total current liabilities before client funds obligations | 3,110.4 | 2,919.2 | |||||
Client funds obligations | 36,055.6 | 27,493.5 | |||||
Total current liabilities | 39,166.0 | 30,412.7 | |||||
Long-term debt | 2,002.3 | 2,002.4 | |||||
Other liabilities | 759.8 | 728.0 | |||||
Deferred income taxes | 615.8 | 522.0 | |||||
Long-term deferred revenues | 406.2 | 448.1 | |||||
Total liabilities | 42,950.1 | 34,113.2 | |||||
Stockholders' equity: | |||||||
Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none | — | — | |||||
Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at March 31, 2019 and June 30, 2018; outstanding, 435.5 and 438.8 shares at March 31, 2019 and June 30, 2018, respectively | 63.9 | 63.9 | |||||
Capital in excess of par value | 1,140.2 | 1,014.8 | |||||
Retained earnings | 17,368.6 | 16,546.6 | |||||
Treasury stock - at cost: 203.2 and 199.9 shares at March 31, 2019 and June 30, 2018, respectively | (12,914.6 | ) | (12,209.6 | ) | |||
Accumulated other comprehensive loss | (411.9 | ) | (679.8 | ) | |||
Total stockholders’ equity | 5,246.2 | 4,735.9 | |||||
Total liabilities and stockholders’ equity | $ | 48,196.3 | $ | 38,849.1 |
Automatic Data Processing, Inc. and Subsidiaries | |||||||
Statements of Consolidated Cash Flows | |||||||
(In millions) | |||||||
(Unaudited) | Nine Months Ended | ||||||
March 31, | |||||||
2019 | 2018 | ||||||
Cash Flows from Operating Activities: | |||||||
Net earnings | $ | 1,817.4 | $ | 1,744.0 | |||
Adjustments to reconcile net earnings to cash flows provided by operating activities: | |||||||
Depreciation and amortization | 299.6 | 278.3 | |||||
Amortization of deferred contract costs | 655.2 | 623.5 | |||||
Deferred income taxes | 4.1 | (145.5 | ) | ||||
Stock-based compensation expense | 122.2 | 119.4 | |||||
Net pension expense | 41.0 | 8.2 | |||||
Net amortization of premiums and accretion of discounts on available-for-sale securities | 38.9 | 55.6 | |||||
Impairment of intangible assets | 12.1 | — | |||||
Other | 21.2 | 22.0 | |||||
Changes in operating assets and liabilities, net of effects from acquisitions: | |||||||
Increase in accounts receivable | (526.7 | ) | (239.3 | ) | |||
Increase in other assets | (748.9 | ) | (696.1 | ) | |||
Increase / (decrease) in accounts payable | 25.4 | (31.1 | ) | ||||
Increase in accrued expenses and other liabilities | 194.5 | 71.0 | |||||
Net cash flows provided by operating activities | 1,956.0 | 1,810.0 | |||||
Cash Flows from Investing Activities: | |||||||
Purchases of corporate and client funds marketable securities | (2,725.8 | ) | (3,692.7 | ) | |||
Proceeds from the sales and maturities of corporate and client funds marketable securities | 2,090.6 | 2,702.5 | |||||
Capital expenditures | (120.3 | ) | (159.6 | ) | |||
Additions to intangibles | (329.9 | ) | (195.8 | ) | |||
Acquisitions of businesses, net of cash acquired | (120.4 | ) | (612.4 | ) | |||
Proceeds from the sale of property, plant, and equipment | 7.9 | — | |||||
Net cash flows used in investing activities | (1,197.9 | ) | (1,958.0 | ) | |||
Cash Flows from Financing Activities: | |||||||
Net increase in client funds obligations | 8,612.0 | 6,700.2 | |||||
Payments of debt | (1.6 | ) | (6.8 | ) | |||
Repurchases of common stock | (760.6 | ) | (596.2 | ) | |||
Net proceeds from stock purchase plan and stock-based compensation plans | 50.5 | 46.1 | |||||
Dividends paid | (949.6 | ) | (785.1 | ) | |||
Other | (5.3 | ) | 0.0 | ||||
Net cash flows provided by financing activities | 6,945.4 | 5,358.2 | |||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents | (34.1 | ) | 53.1 | ||||
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents | 7,669.4 | 5,263.3 | |||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | 6,542.1 | 8,181.6 | |||||
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | $ | 14,211.5 | $ | 13,444.9 | |||
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Consolidated Balance Sheets | |||||||
Cash and cash equivalents | 1,826.2 | 2,293.6 | |||||
Restricted cash and restricted cash equivalents included in funds held for clients | 12,385.3 | 11,151.3 | |||||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents | $ | 14,211.5 | $ | 13,444.9 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 108.6 | $ | 86.5 | |||
Cash paid for income taxes, net of income tax refunds | $ | 437.7 | $ | 423.0 |
Automatic Data Processing, Inc. and Subsidiaries | ||||||||||||||||||||||
Other Selected Financial Data | ||||||||||||||||||||||
(Dollars in millions, except per share amounts) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||
Revenues | ||||||||||||||||||||||
Employer Services | $ | 2,719.1 | $ | 2,628.5 | 3 | % | $ | 7,507.7 | $ | 7,105.7 | 6 | % | ||||||||||
PEO Services | 1,134.7 | 1,067.3 | 6 | % | 3,180.7 | 2,909.5 | 9 | % | ||||||||||||||
Other | (6.4 | ) | 0.2 | n/m | (11.9 | ) | (3.7 | ) | n/m | |||||||||||||
Total revenues | $ | 3,847.4 | $ | 3,696.0 | 4 | % | $ | 10,676.5 | $ | 10,011.5 | 7 | % | ||||||||||
Segment earnings | ||||||||||||||||||||||
Employer Services | $ | 962.1 | $ | 870.1 | 11 | % | $ | 2,333.0 | $ | 1,988.4 | 17 | % | ||||||||||
PEO Services | 155.7 | 147.1 | 6 | % | 458.6 | 403.6 | 14 | % | ||||||||||||||
Other | (133.3 | ) | (142.0 | ) | n/m | (419.3 | ) | (364.3 | ) | n/m | ||||||||||||
Total pretax earnings | $ | 984.5 | $ | 875.2 | 12 | % | $ | 2,372.3 | $ | 2,027.7 | 17 | % | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||
Segment margin | 2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Employer Services | 35.4 | % | 33.1 | % | 2.3 | % | 31.1 | % | 28.0 | % | 3.1 | % | ||||||||||
PEO Services | 13.7 | % | 13.8 | % | (0.1) | % | 14.4 | % | 13.9 | % | 0.5 | % | ||||||||||
Other | n/m | n/m | n/m | n/m | n/m | n/m | ||||||||||||||||
Total pretax margin | 25.6 | % | 23.7 | % | 1.9 | % | 22.2 | % | 20.3 | % | 2.0 | % | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||
Earnings per share information: | 2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Net earnings | $ | 753.7 | $ | 661.0 | 14 | % | $ | 1,817.4 | $ | 1,744.0 | 4 | % | ||||||||||
Basic weighted average shares outstanding | 434.1 | 441.0 | (2) | % | 435.5 | 441.5 | (1 | )% | ||||||||||||||
Basic earnings per share | $ | 1.74 | $ | 1.50 | 16 | % | $ | 4.17 | $ | 3.95 | 6 | % | ||||||||||
Diluted weighted average shares outstanding | 436.6 | 443.4 | (2) | % | 438.1 | 444.1 | (1 | )% | ||||||||||||||
Diluted earnings per share | $ | 1.73 | $ | 1.49 | 16 | % | $ | 4.15 | $ | 3.93 | 6 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Key Statistics: | |||||||||||||||
Employer Services: | |||||||||||||||
Change in pays per control - U.S. (A) | 3.1 | % | 2.9 | % | 2.3 | % | 2.6 | % | |||||||
Employer Services New Business Bookings growth | 10 | % | 13 | % | 6 | % | 5 | % | |||||||
PEO Services: | |||||||||||||||
Paid PEO worksite employees at end of period | 552,000 | 508,000 | 552,000 | 508,000 | |||||||||||
Average paid PEO worksite employees during the period | 554,000 | 512,000 | 542,000 | 498,000 | |||||||||||
Significant PEO expenses included within Operating expenses | |||||||||||||||
Benefits pass-through costs | $ | 684.5 | $ | 626.4 | $ | 2,011.1 | $ | 1,828.7 | |||||||
Workers' compensation and state unemployment taxes | $ | 179.5 | $ | 195.5 | $ | 383.9 | $ | 384.8 |
Automatic Data Processing, Inc. and Subsidiaries | |||||||||||||||||||||
Other Selected Financial Data, Continued | |||||||||||||||||||||
(Dollars in millions, except per share amounts or where otherwise stated) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||||
Average investment balances at cost (in billions): | |||||||||||||||||||||
Corporate, other than corporate extended | $ | 1.6 | $ | 1.9 | (16 | )% | $ | 1.6 | $ | 1.9 | (16 | )% | |||||||||
Corporate extended | 1.2 | 1.1 | 9 | % | 3.2 | 3.2 | 0 | % | |||||||||||||
Total corporate | 2.8 | 3.0 | (6 | )% | 4.8 | 5.1 | (6 | )% | |||||||||||||
Funds held for clients | 30.0 | 28.8 | 4 | % | 25.2 | 24.1 | 4 | % | |||||||||||||
Total | $ | 32.8 | $ | 31.8 | 3 | % | $ | 30.0 | $ | 29.2 | 3 | % | |||||||||
Average interest rates earned exclusive of realized losses (gains) on: | |||||||||||||||||||||
Corporate, other than corporate extended | 2.1 | % | 1.3 | % | 1.9 | % | 1.2 | % | |||||||||||||
Corporate extended | 2.2 | % | 1.8 | % | 2.0 | % | 1.8 | % | |||||||||||||
Total corporate | 2.1 | % | 1.5 | % | 2.0 | % | 1.6 | % | |||||||||||||
Funds held for clients | 2.2 | % | 1.9 | % | 2.2 | % | 1.9 | % | |||||||||||||
Total | 2.2 | % | 1.8 | % | 2.2 | % | 1.8 | % | |||||||||||||
Net unrealized (loss)/gain position at end of period | $ | 22.7 | $ | (296.8 | ) | $ | 22.7 | $ | (296.8 | ) | |||||||||||
Average short-term financing (in billions): | |||||||||||||||||||||
U.S. commercial paper borrowings | $ | 1.1 | $ | 1.0 | $ | 2.9 | $ | 2.8 | |||||||||||||
U.S., Canadian & U.K. reverse repurchase agreement borrowings | 0.1 | 0.1 | 0.3 | 0.4 | |||||||||||||||||
$ | 1.2 | $ | 1.1 | $ | 3.2 | $ | 3.2 | ||||||||||||||
Average interest rates paid on: | |||||||||||||||||||||
U.S. commercial paper borrowings | 2.4 | % | 1.5 | % | 2.2 | % | 1.2 | % | |||||||||||||
U.S., Canadian & U.K. reverse repurchase agreement borrowings | 1.8 | % | 1.2 | % | 1.8 | % | 1.1 | % | |||||||||||||
Interest on funds held for clients | $ | 167.4 | $ | 134.8 | 24 | % | $ | 415.0 | $ | 340.9 | 22 | % | |||||||||
Corporate extended interest income (A) | 6.3 | 4.9 | 29 | % | 48.7 | 42.7 | 14 | % | |||||||||||||
Corporate interest expense-short-term financing (A) | (6.9 | ) | (3.8 | ) | (82 | )% | (51.4 | ) | (29.3 | ) | (75 | )% | |||||||||
Net Impact from Client Fund Strategy | $ | 166.8 | $ | 135.9 | 23 | % | $ | 412.3 | $ | 354.3 | 16 | % | |||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
March 31, | March 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Corporate extended interest income (A) | $ | 6.3 | $ | 4.9 | $ | 48.7 | $ | 42.7 | |||||||
All other interest income | 8.7 | 6.1 | 22.9 | 16.7 | |||||||||||
Total interest income on corporate funds | $ | 15.0 | $ | 11.0 | $ | 71.6 | $ | 59.4 | |||||||
Corporate interest expense-short-term financing (A) | $ | 6.9 | $ | 3.8 | $ | 51.4 | $ | 29.3 | |||||||
All other interest expense | 14.8 | 14.8 | 44.8 | 44.8 | |||||||||||
Total interest expense | $ | 21.7 | $ | 18.6 | $ | 96.2 | $ | 74.1 |
Automatic Data Processing, Inc. and Subsidiaries | ||||||||||||||||
Consolidated Statement of Adjusted / Non-GAAP Financial Information | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
In addition to our GAAP results, we use the adjusted results and other non-GAAP metrics set forth in the table below to evaluate our operating performance in the absence of certain items and for planning and forecasting of future periods: | ||||||||||||||||
Adjusted Financial Measure | U.S. GAAP Measures | |||||||||||||||
Adjusted EBIT | Net earnings | |||||||||||||||
Adjusted provision for income taxes | Provision for income taxes | |||||||||||||||
Adjusted net earnings | Net earnings | |||||||||||||||
Adjusted diluted earnings per share | Diluted earnings per share | |||||||||||||||
Adjusted effective tax rate | Effective tax rate | |||||||||||||||
Constant Currency Basis | U.S. GAAP P&L line items | |||||||||||||||
Organic constant currency (see footnote "h") | Revenues | |||||||||||||||
Corporate extended interest income (see prior page) | Interest income | |||||||||||||||
Corporate interest expense-short-term financing (see prior page) | Interest expense | |||||||||||||||
We believe that the exclusion of the identified items below helps us reflect the fundamentals of our underlying business model and analyze results against our expectations and against prior period, and to plan for future periods by focusing on our underlying operations. We believe that the adjusted results provide relevant and useful information for investors because it allows investors to view performance in a manner similar to the method used by management and improves their ability to understand and assess our operating performance. The nature of these exclusions are for specific items that are not fundamental to our underlying business operations. Since these adjusted financial measures and other non-GAAP metrics are not measures of performance calculated in accordance with U.S. GAAP, they should not be considered in isolation from, as a substitute for, or superior to their corresponding U.S. GAAP measures, and they may not be comparable to similarly titled measures at other companies. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
March 31, | % Change | March 31, | % Change | |||||||||||||||||||||||||
2019 | 2018 | As Reported | Constant Currency Basis (g) | 2019 | 2018 | As Reported | Constant Currency Basis (g) | |||||||||||||||||||||
Net earnings | $ | 753.7 | $ | 661.0 | 14 | % | 14 | % | $ | 1,817.4 | $ | 1,744.0 | 4 | % | 4 | % | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Provision for income taxes | 230.8 | 214.2 | 554.9 | 283.7 | ||||||||||||||||||||||||
All other interest expense (a) | 14.8 | 14.8 | 44.8 | 44.8 | ||||||||||||||||||||||||
All other interest income (a) | (8.7 | ) | (6.1 | ) | (22.9 | ) | (16.7 | ) | ||||||||||||||||||||
Transformation initiatives (b) | 22.8 | 39.7 | 92.3 | 39.7 | ||||||||||||||||||||||||
Proxy contest matters (c) | — | 0.0 | — | 33.2 | ||||||||||||||||||||||||
Adjusted EBIT | $ | 1,013.4 | $ | 923.6 | 10 | % | 10 | % | $ | 2,486.5 | $ | 2,128.7 | 17 | % | 17 | % | ||||||||||||
Adjusted EBIT Margin | 26.3 | % | 25.0 | % | 23.3 | % | 21.3 | % | ||||||||||||||||||||
Provision for income taxes | $ | 230.8 | $ | 214.2 | 8 | % | 8 | % | $ | 554.9 | $ | 283.7 | 96 | % | 96 | % | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Income tax benefit for transformation initiatives (d) | 5.6 | 9.7 | 22.8 | 9.6 | ||||||||||||||||||||||||
Income tax benefit for proxy contest matters (d) | — | — | — | 10.4 | ||||||||||||||||||||||||
Tax Cuts and Jobs Act (e) | — | (4.5 | ) | 0.5 | 228.1 | |||||||||||||||||||||||
Adjusted provision for income taxes | $ | 236.4 | $ | 219.4 | 8 | % | 8 | % | $ | 578.2 | $ | 531.8 | 9 | % | 9 | % | ||||||||||||
Adjusted effective tax rate (f) | 23.5 | % | 24.0 | % | 23.5 | % | 25.3 | % | ||||||||||||||||||||
Net earnings | $ | 753.7 | $ | 661.0 | 14 | % | 14 | % | $ | 1,817.4 | $ | 1,744.0 | 4 | % | 4 | % | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Transformation initiatives (b) | 22.8 | 39.7 | 92.3 | 39.7 | ||||||||||||||||||||||||
Income tax benefit for transformation initiatives (d) | (5.6 | ) | (9.7 | ) | (22.8 | ) | (9.6 | ) | ||||||||||||||||||||
Proxy contest matters (c) | — | — | — | 33.2 | ||||||||||||||||||||||||
Income tax benefit for proxy contest matters (d) | — | — | — | (10.4 | ) | |||||||||||||||||||||||
Tax Cuts and Jobs Act (e) | — | 4.5 | (0.5 | ) | (228.1 | ) | ||||||||||||||||||||||
Adjusted net earnings | $ | 770.9 | $ | 695.5 | 11 | % | 11 | % | $ | 1,886.4 | $ | 1,568.8 | 20 | % | 20 | % | ||||||||||||
Diluted EPS | $ | 1.73 | $ | 1.49 | 16 | % | 16 | % | $ | 4.15 | $ | 3.93 | 6 | % | 6 | % | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
Transformation initiatives (b) (d) | 0.04 | 0.07 | 0.16 | 0.07 | ||||||||||||||||||||||||
Proxy contest matters (c) (d) | — | — | — | 0.05 | ||||||||||||||||||||||||
Tax Cuts and Jobs Act (e) | — | 0.01 | — | (0.51 | ) | |||||||||||||||||||||||
Adjusted diluted EPS | $ | 1.77 | $ | 1.57 | 13 | % | 13 | % | $ | 4.31 | $ | 3.53 | 22 | % | 22 | % |
(a) We continue to include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business model. The adjustments in the table above represent the interest income and interest expense that is not related to our client funds extended investment strategy and are labeled as "All other interest expense" and "All other interest income." | ||||||||||||
(b) The charges within transformation initiatives are comprised of charges for our VERP, Service Alignment Initiative and other transformation initiatives. Charges related to our VERP in the three and nine months ended March 31, 2019 include $7.8 million and $35.9 million for non-cash pension settlement charge and special termination benefits, and $2.2 million and $23.6 million of expenses related to the continuing health coverage, respectively. We also recorded charges of $20.5 million and $51.4 million related to our other transformation initiatives during the three and nine months ended March 31, 2019. These charges were partially offset by net reversals of charges and gain on sale of assets related to our Service Alignment Initiative of $7.7 million and $18.6 million for the three and nine months ended March 31, 2019. Unlike other severance charges which are not included as an adjustment to get to adjusted results, these specific charges relate to actions that are part of our broad-based, company-wide transformation initiative. | ||||||||||||
(c) Represents non-operational costs relating to proxy contest matters. | ||||||||||||
(d) The tax benefit on the transformation initiatives and non-operational charges related to proxy contest matters was calculated based on the annualized marginal rate in effect during the quarter of the adjustment. | ||||||||||||
(e) The net benefit for the nine months ended March 31, 2018 is comprised of the re-measurement of deferred tax balances resulting in a one-time benefit, primarily as a result of ASC 606, using the lower tax rates enacted under the Tax Cuts and Jobs Act (“Act”), adjustments to the one-time transition tax on the earnings and profits of our foreign subsidiaries, foreign withholding taxes, and a valuation allowance against our foreign tax credits which may not be realized under the Act. | ||||||||||||
(f) The Adjusted effective tax rate is calculated as our Adjusted provision for income taxes divided by our Adjusted net earnings plus our Adjusted provision for income taxes. | ||||||||||||
(g) "Constant currency basis" provides information that isolates the actual growth of our operations. "Constant currency basis" is determined by calculating the current year result using foreign exchange rates consistent with the prior year. | ||||||||||||
(h) The following table reconciles our reported growth rates to the non-GAAP measure of organic revenue, which excludes the impact of acquisitions, the impact of dispositions, and the impact of foreign currency. The impact of acquisitions and dispositions is calculated by excluding the current year revenues of acquisitions until the one year anniversary of the transaction and by excluding the prior year revenues of divestitures for the one year period preceding the transaction. The impact of foreign currency is determined by calculating the current year result using foreign exchange rates consistent with the prior year. The PEO segment is not impacted by acquisitions, dispositions or foreign currency. | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
Revenue growth consolidated: | 2019 | 2018 | 2019 | 2018 | ||||||||
Employer Services | 3 | % | 8 | % | 6 | % | 5 | % | ||||
PEO Services | 6 | % | 10 | % | 9 | % | 13 | % | ||||
Consolidated revenue growth as reported | 4 | % | 9 | % | 7 | % | 8 | % | ||||
Adjustments: | ||||||||||||
Impact of acquisitions | — | % | (1 | )% | (1 | )% | (1 | )% | ||||
Impact of dispositions | — | % | — | % | — | % | — | % | ||||
Impact of foreign currency | 1 | % | (1 | )% | 1 | % | (1 | )% | ||||
Consolidated revenue growth, organic constant currency | 5 | % | 6 | % | 7 | % | 7 | % | ||||
Segment: | ||||||||||||
Employer Services revenue growth as reported | 3 | % | 8 | % | 6 | % | 5 | % | ||||
Adjustments: | ||||||||||||
Impact of acquisitions | — | % | (1 | )% | (1 | )% | (1 | )% | ||||
Impact of dispositions | — | % | — | % | — | % | 1 | % | ||||
Impact of foreign currency | 1 | % | (2 | )% | 1 | % | (1 | )% | ||||
Employer Services revenue growth, organic constant currency | 4 | % | 5 | % | 6 | % | 4 | % |
Automatic Data Processing, Inc. and Subsidiaries | ||||||||||
Fiscal 2018 to Fiscal 2019 Non-GAAP Guidance Reconciliation | ||||||||||
(Unaudited) | ||||||||||
Fiscal 2019 | ||||||||||
Fiscal 2018 | Outlook | |||||||||
Earnings before income taxes / margin (GAAP) | $ | 2,282.6 | 17.1 | % | 400 bps | |||||
All other interest expense (a) | 59.4 | 45 bps | (5) bps | |||||||
All other interest income (a) | (25.5) | (20) bps | 5 bps | |||||||
Proxy contest matters - FY18 (b) | 33.3 | 25 bps | (25) bps | |||||||
Transformation initiatives - FY18 (c) | 404.8 | 305 bps | (305) bps | |||||||
Transformation initiatives - FY19 (c) | - | - | 80 bps | |||||||
Adjusted EBIT margin (Non-GAAP) | $ | 2,754.6 | 20.7 | % | 150 bps | |||||
Effective tax rate (GAAP) | 17.4% | 23.8 | % | |||||||
Proxy contest matters - FY18 (b) | 0.1% | - | ||||||||
Transformation initiatives - FY18 (c) | 1.3% | - | ||||||||
Tax Cuts and Jobs Act - FY18 (d) | 7.4% | - | ||||||||
Transformation initiatives - FY19 (c) | - | - | ||||||||
Tax Cuts and Jobs Act - FY19 (d) | - | - | ||||||||
Adjusted effective tax rate (Non-GAAP) | 26.2% | 23.8 | % | |||||||
Diluted earnings per share (GAAP) | $ | 4.25 | 22 - 23% | |||||||
Proxy contest matters - FY18 (b) | 0.05 | ~ (1%) | ||||||||
Transformation initiatives - FY18 (c) | 0.64 | ~ (15%) | ||||||||
Tax Cuts and Jobs Act - FY18 (d) | (0.41 | ) | ~ 9% | |||||||
Transformation initiatives - FY19 (c) | - | ~ 4% | ||||||||
Tax Cuts and Jobs Act - FY19 (d) | - | - | ||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 4.53 | 19 - 20% | |||||||
a) We continue to include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business model. These adjustments in the table above represent the interest income and interest expense that is not related to our client funds extended investment strategy and are labeled as “All other interest expense” and “All other interest income.” | ||||||||||
b) Impact of fiscal 2018 charges in connection with proxy contest matters. | ||||||||||
c) We recorded a charge of $404.8 million related to transformation initiatives in fiscal 2018. The charges within transformation initiatives in fiscal 2018 includes $319.6 million related to the special termination benefit charges and $17.5 million of other charges related to our Voluntary Early Retirement Program ("VERP"), severance charges related to our Service Alignment Initiative of $20.5 million, and other transformation initiatives of $47.2 million which primarily consist of severance charges totaling $41.9 million for fiscal 2018. Unlike other severance charges which are not included as an adjustment to get to adjusted results, these specific charges relate to actions that are part of our broad-based, company-wide transformation initiative. Expected fiscal 2019 charges within transformation initiatives represent expected severance and other charges related to our previously announced VERP, Service Alignment Initiative, and other transformation initiatives. | ||||||||||
d) The one-time net benefit from the enactment of the Tax Cuts and Jobs Act is comprised of application of the newly enacted rates to our U.S. deferred tax balances, partially offset by foreign withholding taxes on future distributions, the one-time transition tax and the recording of a valuation allowance against our foreign tax credits which may not be realized. |
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