Automatic Data Processing INC 10-Q Filing
Ticker: ADP · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 8670
Sentiment: neutral
Filing Stats: 4,587 words · 18 min read · ~15 pages · Grade level 7.1 · Accepted 2024-11-01 13:08:12
Key Financial Figures
- $0.10 — ange on which registered Common Stock, $0.10 Par Value (voting) ADP NASDAQ Global Se
Filing Documents
- adp-20240930.htm (10-Q) — 1409KB
- exhibit311ceoq1fy25.htm (EX-31.1) — 10KB
- exhibit312cfoq1fy25.htm (EX-31.2) — 9KB
- exhibit321ceoq1fy25.htm (EX-32.1) — 5KB
- exhibit322cfoq1fy25.htm (EX-32.2) — 5KB
- q1fy2510q.pdf (10-Q) — 13693KB
- 0000008670-24-000030.txt ( ) — 27225KB
- adp-20240930.xsd (EX-101.SCH) — 60KB
- adp-20240930_cal.xml (EX-101.CAL) — 102KB
- adp-20240930_def.xml (EX-101.DEF) — 206KB
- adp-20240930_lab.xml (EX-101.LAB) — 679KB
- adp-20240930_pre.xml (EX-101.PRE) — 466KB
- adp-20240930_htm.xml (XML) — 1444KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) Three months ended September 3 0 , 2024 and 2023 3 Three months ended September 30 , 2024 and 2023 4 Consolidated Balance Sheets At September 30 , 2024 and June 30, 202 4 5 Three m onths ended September 30 , 2024 and 2023 6 Notes to the Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 23
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 37
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Other Information
Item 5. Other Information 39 Item 6. Exhibits 40
FINANCIAL INFORMATION
Part I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Automatic Data Processing, Inc. and Subsidiaries (In millions, except per share amounts) (Unaudited) Three Months Ended September 30, 2024 2023 REVENUES: Revenues, other than interest on funds held for clients and PEO revenues $ 3,007.2 $ 2,843.0 Interest on funds held for clients 253.3 201.7 PEO revenues (A) 1,572.2 1,467.7 TOTAL REVENUES 4,832.7 4,512.4 EXPENSES: Costs of revenues: Operating expenses 2,285.8 2,157.6 Research and development 232.6 236.5 Depreciation and amortization 115.3 121.3 TOTAL COSTS OF REVENUES 2,633.7 2,515.4 Selling, general, and administrative expenses 926.7 880.3 Interest expense 137.8 91.6 TOTAL EXPENSES 3,698.2 3,487.3 Other (income)/expense, net ( 101.7 ) ( 67.7 ) EARNINGS BEFORE INCOME TAXES 1,236.2 1,092.8 Provision for income taxes 279.9 233.4 NET EARNINGS $ 956.3 $ 859.4 BASIC EARNINGS PER SHARE $ 2.34 $ 2.09 DILUTED EARNINGS PER SHARE $ 2.34 $ 2.08 Basic weighted average shares outstanding 407.9 411.7 Diluted weighted average shares outstanding 409.5 413.6 (A) Professional Employer Organization ("PEO") revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $ 17,193.6 million and $ 15,994.6 million for the three months ended September 30, 2024 and 2023, respectively. See notes to the Consolidated Financial Statements. 3 Automatic Data Processing, Inc. and Subsidiaries (In millions) (Unaudited) Three Months Ended September 30, 2024 2023 Net earnings $ 956.3 $ 859.4 Other comprehensive income/(losses): Currency translation adjustments 49.2 ( 44.6 ) Unrealized net (losses)/gains on available-for-sale securities 864.4 ( 150.6 ) Tax effect ( 197.9 ) 30.1 Reclassification of realized net losses on available-for-sale securities to net earnings 0.2 1.9 Tax effect — ( 0.4 ) Unrealized loss on cash flow hedging a