Automatic Data Processing (ADP) FY2019 results: revenue $14.1 billion, up 6.3% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $14.1 billion for fiscal 2019, the year ended 30 June 2019, up 6.3% on the year before. Net income was $2.3 billion, up 21.6%, and diluted earnings per share $5.24. The figures are the company's own, from the 10-K it filed with the SEC on 9 August 2019.
Revenue
$14.1 billion
+6.3% on the year
FY2012FY2019
Operating margin
20.5%
18.5% a year earlier
FY2012FY2019
Net income
$2.3 billion
+21.6% on the year
FY2012FY2019
Diluted EPS
$5.24
+23.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,110
13,274
12,380
+6.3%
Cost of revenue
8,022
7,757
7,244
+3.4%
Gross profit
6,089
5,517
5,135
+10.4%
Gross margin
43.2%
41.6%
41.5%
Selling, general and administrative
3,064
2,959
2,774
+3.5%
Operating income
2,894
2,455
2,282
+17.9%
Operating margin
20.5%
18.5%
18.4%
Interest expense
130
103
80.0
+26.5%
Pre-tax income
3,006
2,283
2,617
+31.7%
Income tax
713
398
829
+79.2%
Effective tax rate
23.7%
17.4%
31.7%
Net income
2,293
1,885
1,788
+21.6%
Net margin
16.2%
14.2%
14.4%
Diluted EPS
$5.24
$4.25
$3.97
+23.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,688
2,515
2,126
+6.9%
Capital expenditure
162
206
240
-21.4%
Free cash flow
2,526
2,309
1,886
+9.4%
Free cash flow margin
17.9%
17.4%
15.2%
Cash from investing
-2,198
-2,505
-1,113
Cash from financing
-208
-1,656
-8,282
Depreciation and amortisation
409
378
316
+8.3%
Share-based compensation
167
175
139
-4.6%
Buybacks
938
989
1,260
-5.2%
Dividends paid
1,293
1,064
995
+21.6%
Dividend per share
$3.06
$2.52
$2.24
+21.4%
Diluted shares, weighted
438m
443m
450m
-1.3%
Shares outstanding at period end
434m
439m
445m
-1.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,400
4,736
3,977
+14.0%
Non-controlling interest
n/a
n/a
1,007
Short-term borrowings
n/a
0.0
0.0
Debt
2,264
2,002
2,002
+13.1%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
34,224
32,111
31,900
+6.6%
Total liabilities and equity
41,888
38,849
38,887
+7.8%
Fixed assets
764
794
780
-3.7%
Goodwill
2,323
2,244
1,741
+3.5%
Intangible assets
1,072
886
620
+20.9%
Investments
272
10.5
10.8
+2,489.5%
Cash and equivalents
1,949
2,170
2,780
-10.2%
Receivables
2,439
1,984
1,704
+22.9%
Other assets
33,069
30,761
31,251
+7.5%
Total assets
41,888
38,849
38,887
+7.8%
10-K for the year ended 30 June 2019, filed 9 August 2019: the filing.