Automatic Data Processing (ADP) FY2013 results: revenue $9.4 billion, down 10.9% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $9.4 billion for fiscal 2013, the year ended 30 June 2013, down 10.9% on the year before. Net income was $1.4 billion, up 1.2%, and diluted earnings per share $2.89. The figures are the company's own, from the 10-K it filed with the SEC on 19 August 2013.
Revenue
$9.4 billion
-10.9% on the year
FY2008FY2013
Operating margin
17.1%
-40.3% a year earlier
FY2008FY2013
Net income
$1.4 billion
+1.2% on the year
FY2008FY2013
Diluted EPS
$2.89
+2.5% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
9,442
10,595
9,833
-10.9%
Cost of revenue
5,574
6,204
5,708
-10.2%
Gross profit
3,868
4,392
4,125
-11.9%
Gross margin
41.0%
41.4%
41.9%
Selling, general and administrative
2,200
2,453
2,315
-10.3%
Operating income
1,616
-4,273
-3,907
Operating margin
17.1%
-40.3%
-39.7%
Interest expense
9.1
7.7
8.6
+18.2%
Pre-tax income
1,710
2,102
1,918
-18.6%
Income tax
588
726
673
-19.1%
Effective tax rate
34.4%
34.6%
35.1%
Net income
1,406
1,388
1,254
+1.2%
Net margin
14.9%
13.1%
12.8%
Diluted EPS
$2.89
$2.82
$2.52
+2.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,577
1,910
1,706
-17.4%
Capital expenditure
130
140
182
-7.0%
Free cash flow
1,447
1,770
1,524
-18.3%
Free cash flow margin
15.3%
16.7%
15.5%
Cash from investing
-1,578
3,244
-7,341
Cash from financing
151
-4,954
5,339
Depreciation and amortisation
251
319
315
-21.3%
Share-based compensation
82.0
94.1
90.3
-12.9%
Buybacks
647
741
733
-12.7%
Dividends paid
806
740
692
+8.9%
Dividend per share
$1.70
$1.55
$1.42
+9.7%
Diluted shares, weighted
487m
492m
498m
-1.0%
Shares outstanding at period end
483m
484m
491m
-0.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,190
6,114
6,010
+1.2%
Debt
261
16.8
37.0
+1,451.2%
Other liabilities
25,818
24,685
28,065
+4.6%
Total liabilities and equity
32,268
30,816
34,112
+4.7%
Fixed assets
729
706
716
+3.2%
Goodwill
1,866
3,049
2,980
-38.8%
Intangible assets
643
688
716
-6.6%
Investments
342
117
134
+191.6%
Cash and equivalents
1,404
1,548
1,389
-9.3%
Receivables
1,598
1,392
1,365
+14.8%
Other assets
25,685
23,315
26,812
+10.2%
Total assets
32,268
30,816
34,112
+4.7%
10-K for the year ended 30 June 2013, filed 19 August 2013: the filing.