Automatic Data Processing (ADP) FY2021 results: revenue $15.0 billion, up 2.8% on the year
Automatic Data Processing Inc. (ADP) reported revenue of $15.0 billion for fiscal 2021, the year ended 30 June 2021, up 2.8% on the year before. Net income was $2.6 billion, up 5.4%, and diluted earnings per share $6.07. The figures are the company's own, from the 10-K it filed with the SEC on 4 August 2021.
Revenue
$15.0 billion
+2.8% on the year
FY2014FY2021
Operating margin
21.8%
20.8% a year earlier
FY2014FY2021
Net income
$2.6 billion
+5.4% on the year
FY2014FY2021
Diluted EPS
$6.07
+6.5% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
15,005
14,590
14,110
+2.8%
Cost of revenue
8,640
8,445
8,022
+2.3%
Gross profit
6,365
6,145
6,089
+3.6%
Gross margin
42.4%
42.1%
43.2%
Selling, general and administrative
3,040
3,003
3,064
+1.2%
Operating income
3,265
3,035
2,894
+7.6%
Operating margin
21.8%
20.8%
20.5%
Interest expense
59.7
107
130
-44.3%
Pre-tax income
3,361
3,183
3,006
+5.6%
Income tax
763
716
713
+6.5%
Effective tax rate
22.7%
22.5%
23.7%
Net income
2,598
2,466
2,293
+5.4%
Net margin
17.3%
16.9%
16.2%
Diluted EPS
$6.07
$5.70
$5.24
+6.5%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
3,093
3,026
2,688
+2.2%
Capital expenditure
179
173
162
+3.4%
Free cash flow
2,915
2,854
2,526
+2.1%
Free cash flow margin
19.4%
19.6%
17.9%
Cash from investing
-3,515
3,156
-2,198
Cash from financing
6,438
-5,891
-208
Depreciation and amortisation
511
480
409
+6.4%
Share-based compensation
175
131
167
+34.0%
Buybacks
1,372
1,006
938
+36.4%
Dividends paid
1,576
1,470
1,293
+7.1%
Dividend per share
$3.70
$3.52
$3.06
+5.1%
Diluted shares, weighted
428m
433m
438m
-1.1%
Shares outstanding at period end
424m
430m
434m
-1.4%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
5,670
5,752
5,400
-1.4%
Debt
3,008
2,018
2,264
+49.1%
Operating lease liabilities
343
344
0.0
-0.3%
Other liabilities
39,751
31,051
34,224
+28.0%
Total liabilities and equity
48,772
39,166
41,888
+24.5%
Fixed assets
684
704
764
-2.8%
Goodwill
2,338
2,309
2,323
+1.3%
Intangible assets
1,210
1,216
1,072
-0.5%
Investments
33.9
13.6
272
+149.3%
Cash and equivalents
2,575
1,908
1,949
+34.9%
Receivables
2,727
2,441
2,439
+11.7%
Other assets
39,203
30,573
33,069
+28.2%
Total assets
48,772
39,166
41,888
+24.5%
10-K for the year ended 30 June 2021, filed 4 August 2021: the filing.