Automatic Data Processing (ADP) FY2020 results: revenue $14.6 billion, up 3.4% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $14.6 billion for fiscal 2020, the year ended 30 June 2020, up 3.4% on the year before. Net income was $2.5 billion, up 7.6%, and diluted earnings per share $5.70. The figures are the company's own, from the 10-K it filed with the SEC on 5 August 2020.
Revenue
$14.6 billion
+3.4% on the year
FY2013FY2020
Operating margin
20.8%
20.5% a year earlier
FY2013FY2020
Net income
$2.5 billion
+7.6% on the year
FY2013FY2020
Diluted EPS
$5.70
+8.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
14,590
14,110
13,274
+3.4%
Cost of revenue
8,445
8,022
7,757
+5.3%
Gross profit
6,145
6,089
5,517
+0.9%
Gross margin
42.1%
43.2%
41.6%
Selling, general and administrative
3,003
3,064
2,959
-2.0%
Operating income
3,035
2,894
2,455
+4.8%
Operating margin
20.8%
20.5%
18.5%
Interest expense
107
130
103
-17.6%
Pre-tax income
3,183
3,006
2,283
+5.9%
Income tax
716
713
398
+0.5%
Effective tax rate
22.5%
23.7%
17.4%
Net income
2,466
2,293
1,885
+7.6%
Net margin
16.9%
16.2%
14.2%
Diluted EPS
$5.70
$5.24
$4.25
+8.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,026
2,688
2,515
+12.6%
Capital expenditure
173
162
206
+6.6%
Free cash flow
2,854
2,526
2,309
+13.0%
Free cash flow margin
19.6%
17.9%
17.4%
Cash from investing
3,156
-2,198
-2,505
Cash from financing
-5,891
-208
-1,656
Depreciation and amortisation
480
409
378
+17.4%
Share-based compensation
131
167
175
-21.8%
Buybacks
1,006
938
989
+7.3%
Dividends paid
1,470
1,293
1,064
+13.7%
Dividend per share
$3.52
$3.06
$2.52
+15.0%
Diluted shares, weighted
433m
438m
443m
-1.1%
Shares outstanding at period end
430m
434m
439m
-1.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,752
5,400
4,736
+6.5%
Short-term borrowings
n/a
n/a
0.0
Debt
2,018
2,264
2,002
-10.9%
Operating lease liabilities
344
0.0
n/a
Other liabilities
31,051
34,224
32,111
-9.3%
Total liabilities and equity
39,166
41,888
38,849
-6.5%
Fixed assets
704
764
794
-7.9%
Goodwill
2,309
2,323
2,244
-0.6%
Intangible assets
1,216
1,072
886
+13.5%
Investments
13.6
272
10.5
-95.0%
Cash and equivalents
1,908
1,949
2,170
-2.1%
Receivables
2,441
2,439
1,984
+0.1%
Other assets
30,573
33,069
30,761
-7.5%
Total assets
39,166
41,888
38,849
-6.5%
10-K for the year ended 30 June 2020, filed 5 August 2020: the filing.