Automatic Data Processing (ADP) FY2017 results: revenue $12.4 billion, up 6.1% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $12.4 billion for fiscal 2017, the year ended 30 June 2017, up 6.1% on the year before. Net income was $1.8 billion, up 19.8%, and diluted earnings per share $3.97. The figures are the company's own, from the 10-K it filed with the SEC on 4 August 2017.
Revenue
$12.4 billion
+6.1% on the year
FY2010FY2017
Operating margin
18.4%
18.3% a year earlier
FY2010FY2017
Net income
$1.8 billion
+19.8% on the year
FY2010FY2017
Diluted EPS
$3.97
+22.2% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
12,380
11,668
10,938
+6.1%
Cost of revenue
7,244
6,840
6,428
+5.9%
Gross profit
5,135
4,828
4,511
+6.4%
Gross margin
41.5%
41.4%
41.2%
Selling, general and administrative
2,774
2,637
2,497
+5.2%
Operating income
2,282
2,134
2,008
+6.9%
Operating margin
18.4%
18.3%
18.4%
Interest expense
80.0
56.2
6.5
+42.3%
Pre-tax income
2,617
2,235
2,071
+17.1%
Income tax
829
741
694
+11.8%
Effective tax rate
31.7%
33.2%
33.5%
Net income
1,788
1,492
1,452
+19.8%
Net margin
14.4%
12.8%
13.3%
Diluted EPS
$3.97
$3.25
$3.05
+22.2%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,126
1,897
1,974
+12.0%
Capital expenditure
240
168
159
+42.6%
Free cash flow
1,886
1,729
1,815
+9.1%
Free cash flow margin
15.2%
14.8%
16.6%
Cash from investing
-1,113
-869
-3,760
Cash from financing
-8,282
8,753
1,548
Depreciation and amortisation
316
289
278
+9.5%
Share-based compensation
139
138
143
+0.9%
Buybacks
1,260
1,156
1,557
+9.0%
Dividends paid
995
944
928
+5.5%
Dividend per share
$2.24
$2.08
$1.95
+7.7%
Diluted shares, weighted
450m
459m
476m
-1.9%
Shares outstanding at period end
445m
456m
466m
-2.3%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
3,977
4,482
4,808
-11.3%
Non-controlling interest
1,007
n/a
n/a
Short-term borrowings
0.0
0.0
n/a
Debt
2,002
2,008
9.2
-0.3%
Other liabilities
31,900
37,181
28,293
-14.2%
Total liabilities and equity
38,887
43,670
33,110
-11.0%
Fixed assets
780
685
673
+13.9%
Goodwill
1,741
1,682
1,794
+3.5%
Intangible assets
620
534
503
+16.1%
Investments
10.8
31.3
55.5
-65.5%
Cash and equivalents
2,780
3,191
1,639
-12.9%
Receivables
1,704
1,743
1,547
-2.2%
Other assets
31,251
35,804
26,899
-12.7%
Total assets
38,887
43,670
33,110
-11.0%
10-K for the year ended 30 June 2017, filed 4 August 2017: the filing.