Automatic Data Processing (ADP) FY2011 results: revenue $9.8 billion, up 10.1% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $9.8 billion for fiscal 2011, the year ended 30 June 2011, up 10.1% on the year before. Net income was $1.3 billion, up 3.5%, and diluted earnings per share $2.52. The figures are the company's own, from the 10-K it filed with the SEC on 24 August 2011.
Revenue
$9.8 billion
+10.1% on the year
FY2008FY2011
Operating margin
-39.7%
-36.6% a year earlier
FY2008FY2011
Net income
$1.3 billion
+3.5% on the year
FY2008FY2011
Diluted EPS
$2.52
+5.0% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
9,833
8,928
8,838
+10.1%
Cost of revenue
5,708
5,030
4,823
+13.5%
Gross profit
4,125
3,898
4,016
+5.8%
Gross margin
41.9%
43.7%
45.4%
Selling, general and administrative
2,315
2,127
2,190
+8.8%
Operating income
-3,907
-3,268
-3,031
Operating margin
-39.7%
-36.6%
-34.3%
Interest expense
8.6
8.6
33.3
0.0%
Pre-tax income
1,918
1,863
1,900
+2.9%
Income tax
673
656
575
+2.6%
Effective tax rate
35.1%
35.2%
30.3%
Net income
1,254
1,211
1,333
+3.5%
Net margin
12.8%
13.6%
15.1%
Diluted EPS
$2.52
$2.40
$2.63
+5.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,706
1,682
1,563
+1.4%
Capital expenditure
182
103
158
+76.8%
Free cash flow
1,524
1,579
1,405
-3.5%
Free cash flow margin
15.5%
17.7%
15.9%
Cash from investing
-7,341
-2,380
-644
Cash from financing
5,339
89.0
468
+5,899.1%
Depreciation and amortisation
315
309
308
+1.7%
Share-based compensation
90.3
67.6
96.0
+33.6%
Buybacks
733
766
580
-4.4%
Dividends paid
692
673
629
+2.8%
Dividend per share
$1.42
$1.35
$1.28
+5.2%
Diluted shares, weighted
498m
504m
506m
-1.1%
Shares outstanding at period end
491m
492m
502m
-0.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,010
5,479
5,323
+9.7%
Debt
37.0
42.6
45.5
-13.1%
Other liabilities
28,065
21,341
19,984
+31.5%
Total liabilities and equity
34,112
26,862
25,352
+27.0%
Fixed assets
716
674
734
+6.3%
Goodwill
2,980
2,383
2,376
+25.0%
Intangible assets
716
542
579
+32.0%
Investments
134
132
123
+1.6%
Cash and equivalents
1,389
1,643
2,265
-15.5%
Receivables
1,365
1,128
1,051
+21.0%
Other assets
26,812
20,360
18,224
+31.7%
Total assets
34,112
26,862
25,352
+27.0%
10-K for the year ended 30 June 2011, filed 24 August 2011: the filing.