Automatic Data Processing (ADP) FY2014 results: revenue $10.2 billion, up 8.3% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $10.2 billion for fiscal 2014, the year ended 30 June 2014, up 8.3% on the year before. Net income was $1.5 billion, up 7.8%, and diluted earnings per share $3.14. The figures are the company's own, from the 10-K it filed with the SEC on 8 August 2014.
Revenue
$10.2 billion
+8.3% on the year
FY2008FY2014
Operating margin
17.7%
17.1% a year earlier
FY2008FY2014
Net income
$1.5 billion
+7.8% on the year
FY2008FY2014
Diluted EPS
$3.14
+8.7% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
10,226
9,442
10,595
+8.3%
Cost of revenue
6,041
5,574
6,204
+8.4%
Gross profit
4,185
3,868
4,392
+8.2%
Gross margin
40.9%
41.0%
41.4%
Selling, general and administrative
2,370
2,200
2,453
+7.7%
Operating income
1,809
1,616
-4,273
+12.0%
Operating margin
17.7%
17.1%
-40.3%
Interest expense
6.1
9.1
7.7
-33.0%
Pre-tax income
1,879
1,710
2,102
+9.9%
Income tax
637
588
726
+8.3%
Effective tax rate
33.9%
34.4%
34.6%
Net income
1,516
1,406
1,388
+7.8%
Net margin
14.8%
14.9%
13.1%
Diluted EPS
$3.14
$2.89
$2.82
+8.7%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,821
1,577
1,910
+15.5%
Capital expenditure
160
130
140
+22.6%
Free cash flow
1,662
1,447
1,770
+14.8%
Free cash flow margin
16.2%
15.3%
16.7%
Cash from investing
813
-1,578
3,244
Cash from financing
-2,358
151
-4,954
Depreciation and amortisation
267
251
319
+6.1%
Share-based compensation
117
82.0
94.1
+42.8%
Buybacks
667
647
741
+3.1%
Dividends paid
883
806
740
+9.6%
Dividend per share
$1.88
$1.70
$1.55
+10.6%
Diluted shares, weighted
483m
487m
492m
-0.8%
Shares outstanding at period end
480m
483m
484m
-0.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,670
6,190
6,114
+7.8%
Debt
2,184
261
16.8
+738.3%
Other liabilities
23,197
25,818
24,685
-10.2%
Total liabilities and equity
32,052
32,268
30,816
-0.7%
Fixed assets
667
729
706
-8.5%
Goodwill
1,884
1,866
3,049
+0.9%
Intangible assets
491
643
688
-23.7%
Investments
2,086
342
117
+510.0%
Cash and equivalents
1,984
1,404
1,548
+41.3%
Receivables
1,499
1,598
1,392
-6.2%
Other assets
23,441
25,685
23,315
-8.7%
Total assets
32,052
32,268
30,816
-0.7%
10-K for the year ended 30 June 2014, filed 8 August 2014: the filing.