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Automatic Data Processing Inc (ADP) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, June 30, 2022

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Automatic Data Processing Inc

CIK: 8670 Ticker: ADP

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ADP Reports Fourth Quarter and Fiscal 2022 Results; Provides Fiscal 2023 Outlook
Revenues increased 10% to $16.5 billion for the year; 10% organic constant currency
Employer Services new business bookings increased 15% for the year to $1.7 billion
Net earnings increased 13% to $2.9 billion for the year, and adjusted net earnings increased 15% to $3.0 billion
Adjusted EBIT increased 14% to $3.9 billion for the year, and adjusted EBIT margin increased 90 basis points to 23.5%
Diluted earnings per share ("EPS") increased 15% to $7.00 for the year; adjusted diluted EPS increased 16% to $7.01
Providing fiscal 2023 outlook including Employer Services new business bookings growth of 6% to 9%, consolidated revenue growth of 7% to 9%, adjusted EBIT margin expansion of 100 to 125 basis points, and adjusted diluted EPS growth of 13% to 16%

ROSELAND, N.J. – July 27, 2022
– ADP (Nasdaq: ADP), a leading global technology company providing human capital management (HCM) solutions, today announced its fourth quarter and fiscal 2022 financial results and provided its fiscal 2023 outlook.
Fourth Quarter and Fiscal 2022 Consolidated Results
Compared to last year’s fourth quarter, revenues increased 10% to $4.1 billion and 12% on an organic constant currency basis. Net earnings increased 16% to $625 million, and adjusted net earnings increased 22% to $626 million. Adjusted EBIT increased 21% to $819 million, representing an adjusted EBIT margin increase of 170 basis points in the quarter to 19.8%. ADP’s effective tax rate for the quarter was 22.1% on a reported basis and 22.2% on an adjusted basis. Diluted EPS increased 19% to $1.50, and adjusted diluted EPS increased 25% to $1.50.
For the full year, revenues increased 10% to $16.5 billion, 10% organic constant currency. Net earnings increased 13% to $2.9 billion, and adjusted net earnings increased 15% to $3.0 billion. Adjusted EBIT increased 14% to $3.9 billion, resulting in adjusted EBIT margin expansion of 90 basis points to 23.5%. ADP's full year tax rate was 22.5% on both an effective basis and an adjusted basis. Diluted EPS increased 15% to $7.00, and adjusted diluted EPS increased 16% to $7.01, including a net share count reduction.
“Our strong fourth quarter was a fitting end to a very successful year," said Carlos Rodriguez, Chief Executive Officer, ADP. "Over the course of fiscal 2022, we consistently exceeded our revenue growth expectations driven by significant sales momentum and near-record client revenue retention. Demand for our HCM and HR outsourcing services remains robust amid the increasingly dynamic world of work, and we are proud of the important role we play as a partner to our nearly one million clients. As we look ahead, we will remain focused on delivering cutting-edge products, differentiated service, and an exceptional overall experience to enable our clients and their employees to reach their full potential."
"Our fiscal 2022 financial results meaningfully exceeded our initial July 2021 guidance thanks to a healthy demand environment and strong execution across all ADP businesses," said Don McGuire, Chief Financial Officer, ADP. "Our fiscal 2023 guidance anticipates continued solid revenue and bookings growth, as well as healthy margin improvement from client funds interest growth and operating leverage from ongoing productivity gains. We remain committed to investing in sales, technology and service to drive our sustained future growth."

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The following information was filed by Automatic Data Processing Inc (ADP) on Wednesday, July 27, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Automatic Data Processing Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Statements Of Consolidated Cash Flows
Statements Of Consolidated Comprehensive Income
Statements Of Consolidated Earnings
Statements Of Consolidated Earnings (Parenthetical)
Statements Of Stockholders' Equity
Statements Of Stockholders' Equity (Parenthetical)
Commitments And Contingencies
Commitments Contingencies (Narrative) (Details)
Corporate Investments And Funds Held For Clients
Corporate Investments And Funds Held For Clients (Tables)
Corporate Investments And Funds Held For Clients - Available-For-Sale Securities That Have Been In An Unrealized Loss Position (Details)
Corporate Investments And Funds Held For Clients - Classification Of Corporate Investments On The Consolidated Balance Sheet (Details)
Corporate Investments And Funds Held For Clients - Corporate Investments And Funds Held For Clients (Details)
Corporate Investments And Funds Held For Clients - Expected Maturities Of Available-For-Sale Securities (Details)
Corporate Investments And Funds Held For Clients - Narrative (Details)
Corporate Investments And Funds Held For Clients - Schedule Of Investment Of Funds Held For Clients (Details)
Debt
Debt (Details)
Debt (Tables)
Debt - Narrative (Details)
Employee Benefit Plan (Assumptions Used In Calculating Net Pension Expense) (Details)
Employee Benefit Plan (Defined Benefit Plan Assumptions Used In Calculating Benefit Obligations) (Details)
Employee Benefit Plan (Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets) (Details)
Employee Benefit Plan (Pension Plans With Projected Benefit Obligations In Excess Of Plan Assets) (Details)
Employee Benefit Plans
Employee Benefit Plans (Assumptions Used To Estimate Fair Value For Stock Options Granted) (Details)
Employee Benefit Plans (Balance Sheet Impact - After Adoption Of Sfas158) (Details)
Employee Benefit Plans (Changes In Stock Options Outstanding) (Details)
Employee Benefit Plans (Components Of Net Pension (Income)/Expense) (Details)
Employee Benefit Plans (Components Of Stock-Based Compensation Expense) (Details)
Employee Benefit Plans (Funded Status Of Pension Plans) (Details)
Employee Benefit Plans (Investments Of The Plan Measured At Fair Value) (Details)
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Pension Plan Asset Allocation By Asset Category) (Details)
Employee Benefit Plans (Pension Plans' Target Asset Allocation Ranges) (Details)
Employee Benefit Plans (Performance Based Restricted Shares And Units) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans (Time-Based Restricted Shares And Units) (Details)
Employee Benefit Plans - Weighted Average Fair Value Of Restricted Stock Plan Issuances (Details)
Financial Data By Segment And Geographic Area
Financial Data By Segment And Geographic Area (Financial Data By Geographic Area Segment) (Details)
Financial Data By Segment And Geographic Area (Financial Data By Strategic Business Unit Segment) (Details)
Financial Data By Segment And Geographic Area (Tables)
Financial Data By Segment And Geographic Area - Narrative (Details)
Goodwill And Intangible Assets, Net
Goodwill And Intangible Assets, Net (Changes In Goodwill) (Details)
Goodwill And Intangible Assets, Net (Components Of Finite-Lived Intangible Assets) (Details)
Goodwill And Intangible Assets, Net (Narrative) (Details)
Goodwill And Intangible Assets, Net (Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
Goodwill And Intangible Assets, Net (Tables)
Income Taxes
Income Taxes (Components Of Deferred Income Tax Assets And Liabilities) (Details)
Income Taxes (Components Of Provision (Benefit) For Income Taxes) (Details)
Income Taxes (Components Of Provision For Income Taxes From Continuing Operations) (Details)
Income Taxes (Reconciliation Of Beginning And Ending Balance Of Unrecognized Tax) (Details)
Income Taxes (Reconciliation Of U.S. Federal Statutory Rate To Effective Tax Rate) (Details)
Income Taxes (Tables)
Income Taxes (Taxing Jurisdictions) (Details)
Income Taxes - Narrative (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Narrative (Details)
Leases - Operating Lease Maturities (Details)
Leases - Right Of Use Assets And Operating Lease Liabilities (Details)
Other (Income)/Expense, Net
Other (Income)/Expense, Net (Details)
Other (Income)/Expense, Net (Tables)
Other (Income)/Expense, Net - Narrative (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Narrative (Details)
Reclassification Out Of Accumulated Other Comprehensive Income "Aoci"
Reclassification Out Of Accumulated Other Comprehensive Income "Aoci" (Details)
Reclassification Out Of Accumulated Other Comprehensive Income "Aoci" (Tables)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Revenue - Schedule Of Deferred Costs (Details)
Revenue- Change In Deferred Revenue (Details)
Short-Term Financing
Short-Term Financing (Tables)
Short-Term Financing - Commercial Paper And Reverse Repurchase Agreements (Details)
Short-Term Financing - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Summary Of Significant Accounting Policies - Estimated Useful Lives (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Ticker: ADP
CIK: 8670
Form Type: 10-K Annual Report
Accession Number: 0000008670-22-000038
Submitted to the SEC: Wed Aug 03 2022 2:16:38 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Thursday, June 30, 2022
Industry: Computer Processing And Data Preparation

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