ADP宣佈2025財政第一季度業績。
•收入較去年第一季增加7%，達到48億美元；7%的有機恆定貨幣
•淨收入增加11%至95600萬美元，調整後淨收入增加11%至95600萬美元
•調整後的EBIt增長了13％，達到12億美元，調整後的EBIt利潤率上升了130個基點，達到25.5％。
•攤薄後每股收益（"EPS"）增加了13％至2.34美元；調整後的攤薄後每股收益增加了12％至2.33美元
•於2024年10月15日以約12億現金收購全球貨幣領先的勞動力管理解決方案提供商工作軟體，專注於支持大型跨國企業。
•為了納入對WorkForce軟體收購的預期影響，我們將全年合併營業收入增長指引更新為6%至7%，並將調整後每股收益增長指引更新為7%至9%。
2024年10月30日，新澤西州羅斯蘭。 - 納斯達克上市的領先全球科技公司ADP，提供人力資本管理（HCM）解決方案，今天宣布其2025財年第一季度財務業績並更新了其2025財年展望。
2025財政第一季度綜合業績
与去年同期相比，收入增长7％，达到48億美元，按有机固定货币基础增长7％。净收益增加11％，达到95600萬美元，调整后净收益增加11％，达到95600萬美元。调整后EBIT增长13％，达到12億美元，代表季度调整后EBIT利润率增加了130个基点至25.5％。 ADP本季度的有效税率在申报基础和调整基础上均为22.6％。每股收益（Diluted EPS）增长13％，达到2.34美元，调整后每股收益（adjusted diluted EPS）增长12％，达到2.33美元。
「我們在2025財年有了強勁的開始，對我們的財務業績和重要戰略進展感到滿意，」ADP的總裁兼首席執行官瑪麗亞·布萊克表示。「我們最近收購了領先的勞動力管理解決方案提供商WorkForce軟體，並推出了ADP Lyric HCm，我們靈活、智能且以人為中心的全球HCm平臺，使我們能夠為企業客戶提供獨特的全球人力資源、薪酬、時間和服務解決方案。我們期待著繼續通過我們市場領先的產品、高端服務、無與倫比的數據和卓越體驗，在聚焦於激發我們的客戶及其員工實現其全部潛力方面發揮引導作用。」
"我們第一季度的營業收入和利潤表現超出了我們的預期，這要歸功於穩固的新業務訂單增長、客戶營收保留穩固以及較高的客戶所有基金类型利息收入，" ADP的致富金融(臨時代碼)Don McGuire表示。"我們致力於持續提供強勁的財務表現，同時進行戰略性投資以支持我們的長期增長。"
1
調整後息稅前利潤、調整後息稅前利潤率、調整後淨收益、調整後稀釋每股收益、調整後有效稅率和有機恆定匯率均為非企業會計準則財務指標。 請參閱本發布會結束時的附帶財務表格，了解ADP為何認為這些指標重要，以及非企業會計準則財務指標與最相近的企業會計準則財務指標之間的調和。
第一季分段結果
僱主服務 雇主服務提供全球HCm和人力資源外包解決方案的全面範圍。與去年同期相比：
•雇主服務收入按報告基礎增長7％，按有機固定貨幣基礎增長7％
•美國每控股票支付增加2%
•僱主服務部門利潤率增加了260個基點
PEO服務 – PEO服務提供全面的就業管理外包解決方案。與去年第一季度相比：
•PEO服務收入增加了7%
•PEO服務的收益（不包括零保證金福利通過）增加了7%。
•由PEO服務支付的平均工地員工增加了3%，大約達到737,000人。
•PEO服務部門利潤率下降了80個基點。
在上述分段結果中包含在內：
客戶持有資金的利息 公司投資策略的首要目標是ADP客戶資金的安全性、流動性和多元化。客戶資金根據ADP的審慎和保守投資指南進行投資，大部分投資組合均為AAA/AA評級。與去年同期相比：
•客戶所持資金利息增加了26％，達到25300萬美元
•客戶平均基金餘額增加了5%，達到328億美元
•客戶資金的平均利息收益率上升了50個基點，達到3.1%
重要的後續事件
2024年10月15日，全球貨幣收購了WorkForce軟體，這是一家專門支持大型全球企業的人力資源管理解決方案提供商，交易金額約為12億美元現金。該收購擴大了全球貨幣的人力資源管理解決方案產品線，並促進了未來在該領域的創新。
2
2025財政展望
ADP在2025財政期間的展望中，某些元件以及相關增長比較排除了以下項目的影響，並根據需要進行了調整。請參考隨附的財務表格，以將這些調整金額調和至最接近的相應GAAP措施。
•2024財年與轉型計畫相關的税前開支約500萬美元。
•2024財年與一項法律事宜相關的稅前逆轉約400萬美元
•2024財年與人力優化相關的稅前費用約為4200萬美元
•預計到2025財政年度，將有約500萬美元的與轉型計劃相關的稅前費用。
2025年財務預測彙總
•營業收入增長6%至7%
•調整後的EBIT利潤率擴大了30至50個基點
•調整後的有效稅率約為23%
•每股收益增長8％至10％
•調整後每股收益增長7%至9%
2025財年雇主服務部門展望
•雇主服務營業收入增長6％至7％
•雇主服務利潤提高40至60個基點
•雇主服務新業務訂單增長4%至7%
•雇主服務客戶的營業收入保留率下降了 10 到 30 個基點
•美國每筆交易費用增加1%至2%
2025財年PEO服務部門展望
•PEO服務的營業收入增長5%至6%
•PEO服務的營業收入，不包括零利潤福利轉嫁，增長4％至5％
•PEO服務的利潤率下降了70至90個基點
•PEO服務的平均工作場所員工數增長率為2%至3%
客戶資金延長投資策略2025財年展望
我們展望中的利息假設是基於 2024 年 10 月 29 日的聯邦基金期貨合約和各種前瞻性收益曲線。聯邦基金期貨合約用於客戶短期和企業現金利息收入展望。一系列反映我們投資組合組合的各種前瞻性收益曲線被用來預測在本財政年度剩餘期間內客戶和企業擴展以及客戶長期投資組合的新購買利率，從而形成了 3.8% 的混合利率。
•客戶所持有的資金利息爲11.15億美元至11.35億美元；這是基於預期客戶資金餘額增長3%至4%，以及預計平均收益率提高至3.1%。
•客戶所有基金類型對投資策略的總貢獻從1.0美元增加到10.2億美元
3
2025財年展望
2024財年 (未經審計) | 2024年10月15日 2025財年展望 (a) | 大約爲23個月，除非之前被召回。 2025財年展望 (a) | ||||||||||||
| 總計ADP | 收入 | $19,203百萬美元 | 5至6% | 6至7% | ||||||||||
| 調整後EBIT利潤率 | 25.5% | 60至80個基本點 | 30至50個基本點 | |||||||||||
| 調整後有效稅率 | 23.0% | 約23% | 約23% | |||||||||||
| 經調整的攤薄後每股收益 | $9.18 | 8至10% | 7至9% | |||||||||||
| 僱主服務 | 收入 | $12,981百萬 | 5至6% | 6至7% | ||||||||||
| 利潤率 | 35.1% | 100至120個點子 | 40至60個點子 | |||||||||||
| 英順新業務訂單 | $2.0B | 4至7% | 4至7% | |||||||||||
| 客戶營業收入保留 | 92.0% | （30）至（10）點子 | （30）至（10）點子 | |||||||||||
| 美國每控制支付 | 2% | 1至2% | 1至2% | |||||||||||
| PEO服務 | 收入 | $6,234百萬美元 | 4% 到 6% | 5% 到 6% | ||||||||||
| 非零利潤率的營業收入 | $2,258百萬美元 | 3% 到 4% | 4% 到 5% | |||||||||||
| 利潤率 | 14.8% | (110) 到 (90) 個基本點 | (90) 到 (70) 個基本點 | |||||||||||
| 平均WSE數 | 729,000 | 1 到 3% | 2 到 3% | |||||||||||
| 客戶資金利息 | 客戶資金平均餘額 | 35.4億美元 | 3 到 4% | 3 到 4% | ||||||||||
| 客戶基金組合收益率 | 2.9% | ~3.1% | ~3.1% | |||||||||||
| 客戶資金利息收入 | $1,025百萬 | $1,125 到 $1,145百萬 | $1,115百萬至$1,135百萬美元 | |||||||||||
| 客戶資金擴展策略的淨影響 | $879百萬美元 | $1,000百萬至$1,020百萬美元 | $1,000百萬至$1,020百萬美元 | |||||||||||
Outlook考慮到貨幣對營業收入和運營結果的預期影響。
今日投資者網絡研討會
如先前宣佈的，ADP將於2024年10月30日星期三上午8:30在東部時間舉行一次面向金融分析師的電話會議。電話會議將在ADP的網站上進行實時網絡直播。 investors.adp.com ，並在通話結束後提供重播。與網絡直播配套的幻燈片展示也可在investors.adp.com/events-and-presentations上獲得。 investors.adp.com/events-and-presentations。ADP的新聞發佈、最新財務信息、SEC備案和投資者關係演示均發佈在ADP的網站上； investors.adp.com.
關於ADP (納斯達克: ADP)
通過先進的產品、優質的服務和卓越的體驗，設計更好的工作方式，幫助人們實現他們的全部潛力。人力資源、人才、時間管理、福利和薪酬。以數據爲基礎，爲人們而設計。在此了解更多信息。 ADP.com.
4
| 自動數據處理公司及其附屬公司 | |||||||||||||||||||||||
| 綜合收入報表 | |||||||||||||||||||||||
| （以百萬爲單位，每股數據除外） | |||||||||||||||||||||||
| (未經審計) | |||||||||||||||||||||||
| 三個月之內結束 | |||||||||||||||||||||||
| 2020年9月30日 | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| 營收： | |||||||||||||||||||||||
| 除持有基金利息外的收入 用於客戶和PEO收入 | $ | 3,007.2 | $ | 2,843.0 | |||||||||||||||||||
| 客戶所有基金類型的利息 | 253.3 | 201.7 | |||||||||||||||||||||
| PEO收入（A）（B）（C） | 1,572.2 | 1,467.7 | |||||||||||||||||||||
| 總收入 | 4,832.7 | 4,512.4 | |||||||||||||||||||||
| 費用： | |||||||||||||||||||||||
| 收入成本: | |||||||||||||||||||||||
| 營業費用（B）（C） | 2,285.8 | 2,157.6 | |||||||||||||||||||||
| 研發 | 232.6 | 236.5 | |||||||||||||||||||||
| 折舊和攤銷 | 115.3 | 121.3 | |||||||||||||||||||||
| 總成本費用 | 2,633.7 | 2,515.4 | |||||||||||||||||||||
| 銷售、一般和管理費用 | 926.7 | 880.3 | |||||||||||||||||||||
| 利息支出 | 137.8 | 91.6 | |||||||||||||||||||||
| 總支出 | 3,698.2 | 3,487.3 | |||||||||||||||||||||
| 其他收入/費用，淨額 | (101.7) | (67.7) | |||||||||||||||||||||
| 所得稅前利潤 | 1,236.2 | 1,092.8 | |||||||||||||||||||||
| 所得稅費用 | 279.9 | 233.4 | |||||||||||||||||||||
| 淨收益 | $ | 956.3 | $ | 859.4 | |||||||||||||||||||
| 基本每股收益 | $ | 2.34 | $ | 2.09 | |||||||||||||||||||
| 攤薄每股收益 | $ | 2.34 | $ | 2.08 | |||||||||||||||||||
| 其他收入/損失的元件: | |||||||||||||||||||||||
| 公司所有基金類型的利息收入 | $ | (91.7) | $ | (46.5) | |||||||||||||||||||
| 可供出售證券的已實現損失、淨額 | 0.2 | 1.9 | |||||||||||||||||||||
| 資產出售獲利 | (2.4) | (14.6) | |||||||||||||||||||||
| 養老金收入的非役務元件、淨額 | (7.8) | (8.5) | |||||||||||||||||||||
| 其他收入/費用，淨額 | $ | (101.7) | $ | (67.7) | |||||||||||||||||||
(A) 專業僱主組織（「PEO」）營收已扣除直接轉嫁成本，主要包括工資和社會保險費用1719359.9999999998萬美元和1599460萬美元分別爲截至2024年和2023年9月30日的三個月的直接轉嫁成本，主要包括工資和社會保險費用 1719359.9999999998萬美元和1599460萬美元分別爲截至2024年和2023年9月30日的三個月的直接轉嫁成本，主要包括工資和社會保險費用 1719359.9999999998萬美元和1599460萬美元分別爲截至2024年和2023年9月30日的三個月的直接轉嫁成本，主要包括工資和社會保險費用
(B) PEO收入和營業費用包括零利潤的福利傳遞成本 分別爲截至2024年9月30日和2023年的三個月的104920萬美元和97670萬美元。
(C) PEO收入和營業費用包括與工傷賠償保險和州失業稅相關的費用，適用於工作場所僱員$12430萬和$11230萬對於截至2024年9月30日和2023年的三個月 之間。
5
| 自動數據處理公司及其附屬公司 | |||||||||||
| 合併資產負債表 | |||||||||||
| （以百萬爲單位，每股數據除外） | |||||||||||
| (未經審計) | |||||||||||
| 2020年9月30日 | 6月30日, | ||||||||||
| 2024 | 2024 | ||||||||||
| 資產 | |||||||||||
| 流動資產： | |||||||||||
| 現金及現金等價物 | $ | 2,104.9 | $ | 2,913.4 | |||||||
| 短期可變現證券（A） | 5,242.2 | 384.0 | |||||||||
應收賬款淨額，扣除壞賬準備金分別爲53.2和52.2 | 3,316.7 | 3,428.2 | |||||||||
| 其他流動資產 | 1,070.5 | 820.8 | |||||||||
| 客戶持有資金之前的總流動資產 | 11,734.3 | 7,546.4 | |||||||||
| 客戶持有基金類型的資產 | 28,176.9 | 37,996.1 | |||||||||
| 總流動資產 | 39,911.2 | 45,542.5 | |||||||||
| 長期可變現證券（A） | 940.6 | — | |||||||||
| 長期應收賬款淨額，扣除壞賬準備分別爲$0.2和$0.1 | 6.6 | 7.3 | |||||||||
| 物業、廠房和設備，淨值 | 692.5 | 685.6 | |||||||||
| 經營租賃資產使用權 | 362.5 | 370.6 | |||||||||
| 延期合同成本 | 2,975.5 | 2,965.0 | |||||||||
| 其他 | 923.2 | 1,102.1 | |||||||||
| 商譽 | 2,369.0 | 2,353.6 | |||||||||
| 無形資產, 淨額 | 1,330.3 | 1,336.0 | |||||||||
| 總資產 | $ | 49,511.4 | $ | 54,362.7 | |||||||
| 負債和股東權益 | |||||||||||
| 流動負債: | |||||||||||
| 應付賬款 | $ | 145.2 | $ | 100.6 | |||||||
| 應計費用及其他流動負債 | 2,973.9 | 3,349.0 | |||||||||
| 應計的工資和與工資相關的費用 | 552.7 | 958.7 | |||||||||
| 分紅派息應付款 | 565.9 | 566.4 | |||||||||
| 短期遞延收入 | 188.6 | 199.8 | |||||||||
| 逆回購協議下的義務（A） | 679.1 | 385.4 | |||||||||
| 商業票據借款下的義務 | 4,375.4 | — | |||||||||
| 短期債務 | 1,000.3 | 1.1 | |||||||||
| 應付所得稅 | 170.4 | 15.1 | |||||||||
| 客戶資金義務前的所有流動負債 | 10,651.5 | 5,576.1 | |||||||||
| 客戶資金義務 | 28,720.9 | 39,503.9 | |||||||||
| 流動負債合計 | 39,372.4 | 45,080.0 | |||||||||
| 長期債務 | 2,981.4 | 2,991.3 | |||||||||
| 經營租賃負債 | 316.1 | 328.6 | |||||||||
| 其他負債 | 977.0 | 990.8 | |||||||||
| 延遲所得稅 | 154.4 | 64.3 | |||||||||
| 長期推遲收入 | 361.5 | 360.1 | |||||||||
| 負債合計 | 44,162.8 | 49,815.1 | |||||||||
| 股東權益: | |||||||||||
| 優先股，$1.00 面值：授權，0.3 股；已發行，無 | — | — | |||||||||
普通股，$0.10 面值：授權，1,000.0 股；已發行，2024年9月30日和2024年6月30日分別爲638.7股；流通股份，2024年9月30日和2024年6月30日分別爲407.7和408.1股 | 63.9 | 63.9 | |||||||||
| 超過面值的資本 | 2,528.6 | 2,406.9 | |||||||||
| 保留盈餘 | 24,001.2 | 23,622.2 | |||||||||
| 按成本覈算的庫藏股：截至2024年9月30日和2024年6月30日，分別爲231.0股和230.6股 | (20,144.9) | (19,737.1) | |||||||||
| 累計其他全面（虧損）/收益 | (1,100.2) | (1,808.3) | |||||||||
| 股東權益總額 | 5,348.6 | 4,547.6 | |||||||||
| 負債和股東權益總額 | $ | 49,511.4 | $ | 54,362.7 | |||||||
(A) 截至2024年9月30日，57860萬美元的短期可變證券，9880萬美元的長期可變證券和170萬美元的現金及現金等價物已被用作公司的逆回購協議抵押。截至2024年6月30日，38400萬美元的短期可變證券和140萬美元的現金及現金等價物已被用作公司的逆回購協議抵押。
6
| 自動數據處理公司及其附屬公司 | |||||||||||
| 現金流量表 | |||||||||||
| （以百萬計） | |||||||||||
| (未經審計) | 三個月之內結束 | ||||||||||
| 2020年9月30日 | |||||||||||
| 2024 | 2023 | ||||||||||
| 經營活動產生的現金流量： | |||||||||||
| 淨收益 | $ | 956.3 | $ | 859.4 | |||||||
| 調整以將淨收益調節爲經營活動現金流 | |||||||||||
| 折舊和攤銷 | 138.6 | 141.5 | |||||||||
| 推遲合同成本攤銷 | 281.4 | 262.3 | |||||||||
| 延遲所得稅 | 42.7 | 26.8 | |||||||||
| 股票補償費用 | 60.6 | 58.8 | |||||||||
| 壞賬費用 | 11.2 | 13.1 | |||||||||
| 養老金淨收益 | (4.9) | (5.8) | |||||||||
| 可供出售證券折價和溢價攤銷的淨增值 | (15.5) | (5.5) | |||||||||
| 其他 | 0.9 | (10.4) | |||||||||
| 經營性資產和負債變動: | |||||||||||
| 應收賬款的增加/減少 | 115.4 | (107.9) | |||||||||
| 遞延合同成本的增加 | (269.8) | (261.9) | |||||||||
| 其他資產增加 | (217.1) | (304.9) | |||||||||
| 應付賬款的增加/減少 | 48.0 | (30.4) | |||||||||
| 應計費用及其他負債減少 | (323.4) | (308.6) | |||||||||
| 經營活動產生的淨現金流量 | 824.4 | 326.5 | |||||||||
| 投資活動現金流量: | |||||||||||
| 企業和客戶基金可交易證券的購買 | (2,771.7) | (710.2) | |||||||||
| 企業和客戶基金可交易證券的銷售和到期收益 | 1,266.8 | 632.0 | |||||||||
| 資本支出 | (58.8) | (39.3) | |||||||||
| 無形資產的增加 | (80.9) | (87.0) | |||||||||
| 收購企業，淨額 | — | (33.6) | |||||||||
| 固定資產、廠房及設備銷售和其他資產的收入 | 3.3 | 22.0 | |||||||||
| 其他 | (3.1) | — | |||||||||
| 投資活動產生的淨現金流量 | (1,644.4) | (216.1) | |||||||||
| 籌資活動產生的現金流量： | |||||||||||
| 客戶資金義務淨減少 | (10,870.5) | (1,374.9) | |||||||||
| 來自國內稅務局的現金淨分配 | (336.4) | — | |||||||||
| 支付債務 | (0.3) | (0.2) | |||||||||
| 債務發行收到的現金 | 988.9 | — | |||||||||
| 現金流量套期保值的結算 | (12.5) | — | |||||||||
| 購回普通股 | (372.6) | (250.0) | |||||||||
| 股票購買計劃和股票補償計劃的淨收入 | 12.0 | (36.6) | |||||||||
| 分紅派息 | (572.6) | (515.8) | |||||||||
| 與逆回購協議相關的淨收入 | 297.1 | 273.8 | |||||||||
| 商業票據借款的淨收入 | 4,375.4 | — | |||||||||
| 籌資活動使用的淨現金流量 | (6,491.5) | (1,903.7) | |||||||||
| 匯率變動對現金、現金等價物、受限現金和受限現金等價物的影響 | 17.0 | (16.3) | |||||||||
| 現金、現金等價物、受限現金和受限現金等價物的淨變動 | (7,294.5) | (1,809.6) | |||||||||
| 期初現金、現金等價物、受限制的現金和受限制的現金等價物 | 10,086.0 | 8,771.5 | |||||||||
| 期末現金、現金等價物、受限制的現金和受限制的現金等價物 | $ | 2,791.5 | $ | 6,961.9 | |||||||
| 現金、現金等價物、受限現金和受限性現金等同於合併資產負債表 | |||||||||||
| 現金及現金等價物 | $ | 2,104.9 | $ | 1,441.4 | |||||||
| 客戶基金中包含的受限現金和受限現金等價物 | 686.6 | 5,520.5 | |||||||||
| 現金、現金等價物、受限現金和受限現金等價物總額 | $ | 2,791.5 | $ | 6,961.9 | |||||||
| 補充現金流信息披露： | |||||||||||
| 支付的利息現金 | $ | 140.7 | $ | 97.0 | |||||||
| 支付的現金所得稅淨額，扣除所得稅退款 | $ | 64.7 | $ | 87.9 | |||||||
7
| 自動數據處理公司及其附屬公司 | ||||||||||||||||||||
| 其他已選擇的財務數據 | ||||||||||||||||||||
| （金額單位爲百萬美元，每股金額除外） | ||||||||||||||||||||
| (未經審計) | ||||||||||||||||||||
| 三個月之內結束 | ||||||||||||||||||||
| 2020年9月30日 | ||||||||||||||||||||
| 2024 | 2023 | 百分比變動 | ||||||||||||||||||
| 業務板塊營收 | ||||||||||||||||||||
僱主服務 | $ | 3,261.0 | $ | 3,046.4 | 7 | % | ||||||||||||||
PEO服務 | 1,574.5 | 1,469.6 | 7 | % | ||||||||||||||||
其他 | (2.8) | (3.6) | n/m | |||||||||||||||||
總收入 | $ | 4,832.7 | $ | 4,512.4 | 7 | % | ||||||||||||||
| 部分收益 | ||||||||||||||||||||
僱主服務 | $ | 1,164.3 | $ | 1,008.5 | 15 | % | ||||||||||||||
PEO服務 | 225.6 | 222.9 | 1 | % | ||||||||||||||||
其他 | (153.7) | (138.6) | n/m | |||||||||||||||||
稅前總收入 | $ | 1,236.2 | $ | 1,092.8 | 13 | % | ||||||||||||||
| 分部按金 | ||||||||||||||||||||
僱主服務 | 35.7 | % | 33.1 | % | 2.6 | % | ||||||||||||||
PEO 服務 | 14.3 | % | 15.2 | % | (0.8) | % | ||||||||||||||
其他 | n/m | n/m | n/m | |||||||||||||||||
稅前利潤總額 | 25.6 | % | 24.2 | % | 1.4 | % | ||||||||||||||
| 三個月之內結束 | ||||||||||||||||||||
| 2020年9月30日 | ||||||||||||||||||||
| 每股收益信息 | 2024 | 2023 | 百分比變動 | |||||||||||||||||
| 淨收益 | $ | 956.3 | $ | 859.4 | 11 | % | ||||||||||||||
| 加權平均每股基本收益 | 407.9 | 411.7 | (1) | % | ||||||||||||||||
| 基本每股收益 | $ | 2.34 | $ | 2.09 | 12 | % | ||||||||||||||
| 攤薄加權平均股份數 | 409.5 | 413.6 | (1) | % | ||||||||||||||||
| 攤薄每股收益 | $ | 2.34 | $ | 2.08 | 13 | % | ||||||||||||||
| Three Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Key Statistics: | |||||||||||
| Employer Services: | |||||||||||
Change in pays per control - U.S. (A) | 2 | % | 2 | % | |||||||
| PEO Services: | |||||||||||
| Paid PEO worksite employees at end of period | 739,000 | 718,000 | |||||||||
| Average paid PEO worksite employees during the period | 737,000 | 717,000 | |||||||||
Significant PEO expenses included within Operating expenses | |||||||||||
Zero-margin benefits pass-through costs | $ | 1,049.2 | $ | 976.7 | |||||||
Workers' compensation and state unemployment taxes | $ | 124.3 | $ | 112.3 | |||||||
(A) Pays per control represents the number of employees on ADP clients' payrolls in the United States when measured on a same-store-sales basis for a subset of clients ranging from small to large businesses.
8
| Automatic Data Processing, Inc. and Subsidiaries | |||||||||||||||||
| Other Selected Financial Data, Continued | |||||||||||||||||
| (Dollars in millions, except where otherwise stated) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Client Funds Strategy - Supplemental Information | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2024 | 2023 | % Change | |||||||||||||||
| Average investment balances at cost (in billions) | |||||||||||||||||
| Funds held for clients | $ | 32.8 | $ | 31.1 | 5 | % | |||||||||||
| Corporate extended (A) | $ | 8.6 | $ | 5.5 | 56 | % | |||||||||||
| Short-term financing to support Client Funds Strategy (A) | $ | 8.6 | $ | 5.5 | 56 | % | |||||||||||
| Average interest rates earned or paid (exclusive of realized gains or losses) | |||||||||||||||||
| Funds held for clients | 3.1 | % | 2.6 | % | |||||||||||||
| Corporate extended (A) | 3.1 | % | 2.1 | % | |||||||||||||
| Short-term financing to support Client Funds Strategy (A) | 5.3 | % | 5.3 | % | |||||||||||||
| Interest income (expense) | |||||||||||||||||
| Funds held for clients | $ | 253.3 | $ | 201.7 | 26 | % | |||||||||||
| Corporate extended (B) | 67.8 | 28.3 | 140 | % | |||||||||||||
| Short-term financing to support Client Funds Strategy (B) | (117.3) | (73.6) | 59 | % | |||||||||||||
| Net Impact from Client Funds Strategy | $ | 203.8 | $ | 156.4 | 30 | % | |||||||||||
| Funds Held for Clients - Supplemental Information | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Average balance - Client short | $ | 5.7 | $ | 4.5 | |||||||
| Average balance - Client extended | 13.7 | 14.7 | |||||||||
| Average balance - Client long | 13.4 | 11.9 | |||||||||
| Average balance - Funds held for clients (in billions) | $ | 32.8 | $ | 31.1 | |||||||
| Average interest rate - Client short | 5.2 | % | 5.1 | % | |||||||
| Average interest rate - Client extended | 2.5 | % | 2.0 | % | |||||||
| Average interest rate - Client long | 3.0 | % | 2.6 | % | |||||||
| Average interest rate - Funds held for clients | 3.1 | % | 2.6 | % | |||||||
| Interest Income and Expense - Non-GAAP Reconciliation | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Corporate extended interest income (B) | $ | 67.8 | $ | 28.3 | |||||||
| All other interest income | 23.9 | 18.2 | |||||||||
| Total interest income on corporate funds (component of Other (income)/expense, net) | $ | 91.7 | $ | 46.5 | |||||||
| Short-term financing to support Client Funds Strategy (B) | $ | 117.3 | $ | 73.6 | |||||||
| All other interest expense | 20.5 | 18.0 | |||||||||
| Total interest expense | $ | 137.8 | $ | 91.6 | |||||||
(A) We utilize a strategy by which we extend the maturities of our investment portfolio for funds held for clients and employ short-term financing arrangements to satisfy our short-term funding requirements related to client funds obligations. As part of our client funds investment strategy, we use daily collection of funds from our clients to satisfy other unrelated client funds obligations, rather than liquidating previously-collected client funds that have already been invested in available-for-sale securities.
(B) While “Corporate extended interest income” and “Short-term financing to support Client Funds Strategy,” related to our client funds investment strategy, are non-GAAP measures, management believes this information is beneficial to reviewing the financial statements of ADP. Management believes this information is beneficial as it allows the reader to understand the extended investment strategy for ADP's client funds assets, corporate investments, and short-term borrowings.
9
| Automatic Data Processing, Inc. and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Statement of Adjusted / Non-GAAP Financial Information | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| In addition to our GAAP results, we use the adjusted results and other non-GAAP metrics set forth in the table below to evaluate our operating performance in the absence of certain items and for planning and forecasting of future periods: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted Financial Measures | U.S. GAAP Measures | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBIT | Net earnings | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted provision for income taxes | Provision for income taxes | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted net earnings | Net earnings | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted diluted earnings per share | Diluted earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted effective tax rate | Effective tax rate | |||||||||||||||||||||||||||||||||||||||||||||||||
| Organic constant currency | Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate extended interest income (see prior page) | Interest income | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term financing to Support Client Funds Extended Strategy (see prior page) | Interest expense | |||||||||||||||||||||||||||||||||||||||||||||||||
| We believe that the exclusion of the identified items below helps us reflect the fundamentals of our underlying business model and analyze results against our expectations and against prior periods, and to plan for future periods by focusing on our underlying operations. We believe that the adjusted results provide relevant and useful information for investors because it allows investors to view performance in a manner similar to the method used by management and improves their ability to understand and assess our operating performance. The nature of these exclusions is for specific items that are not fundamental to our underlying business operations. Since these adjusted financial measures and other non-GAAP metrics are not measures of performance calculated in accordance with U.S. GAAP, they should not be considered in isolation from, as a substitute for, or superior to their corresponding U.S. GAAP measures, and they may not be comparable to similarly titled measures at other companies. | ||||||||||||||||||||||||||||||||||||||||||||||||||
10
Three Months Ended | ||||||||||||||||||||
| September 30, | % Change | |||||||||||||||||||
| 2024 | 2023 | As Reported | ||||||||||||||||||
| Net earnings | $ | 956.3 | $ | 859.4 | 11 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Provision for income taxes | 279.9 | 233.4 | ||||||||||||||||||
| All other interest expense (a) | 20.5 | 18.0 | ||||||||||||||||||
| All other interest income (a) | (23.9) | (18.2) | ||||||||||||||||||
| Transformation initiatives | — | 0.7 | ||||||||||||||||||
| Legal settlements (b) | (0.3) | — | ||||||||||||||||||
| Adjusted EBIT | $ | 1,232.5 | $ | 1,093.3 | 13 | % | ||||||||||||||
| Adjusted EBIT Margin | 25.5 | % | 24.2 | % | ||||||||||||||||
| Provision for income taxes | $ | 279.9 | $ | 233.4 | 20 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Transformation initiatives (c) | — | 0.2 | ||||||||||||||||||
| Legal settlements (c) | (0.1) | — | ||||||||||||||||||
| Adjusted provision for income taxes | $ | 279.8 | $ | 233.6 | 20 | % | ||||||||||||||
| Adjusted effective tax rate (d) | 22.6 | % | 21.4 | % | ||||||||||||||||
| Net earnings | $ | 956.3 | $ | 859.4 | 11 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Transformation initiatives | — | 0.7 | ||||||||||||||||||
| Income tax (benefit)/provision for transformation initiatives (c) | — | (0.2) | ||||||||||||||||||
| Legal settlements (b) | (0.3) | — | ||||||||||||||||||
| Income tax (benefit)/provision for legal settlements (c) | 0.1 | — | ||||||||||||||||||
| Adjusted net earnings | $ | 956.1 | $ | 859.9 | 11 | % | ||||||||||||||
| Diluted EPS | $ | 2.34 | $ | 2.08 | 13 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||
| Transformation initiatives (c) | — | — | ||||||||||||||||||
| Legal settlements (b) (c) | — | — | ||||||||||||||||||
| Adjusted diluted EPS | $ | 2.33 | $ | 2.08 | 12 | % | ||||||||||||||
11
| (a) In Adjusted EBIT, we include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business model. The adjustments in the table above represent the interest income and interest expense that are not related to our client funds extended investment strategy and are labeled as “All other interest expense” and “All other interest income.” | |||||||||||
| (b) Represents a reserve reversal of a legal matter from fiscal 2023 previously recorded as an adjustment to EBIT. | |||||||||||
| (c) The income tax (benefit)/provision was calculated based on the annualized marginal rate in effect during the quarter of the adjustment. | |||||||||||
(d) The Adjusted effective tax rate is calculated as our Adjusted provision for income taxes divided by the sum of our Adjusted net earnings plus our Adjusted provision for income taxes. | |||||||||||
| The following table reconciles our reported growth rates to the non-GAAP measure of organic revenue, which excludes the impact of acquisitions, the impact of dispositions, and the impact of foreign currency. The impact of acquisitions and dispositions is calculated by excluding the current year revenues of acquisitions until the one year anniversary of the transaction and by excluding the prior year revenues of divestitures for the one year period preceding the transaction. The impact of foreign currency is determined by calculating the current year result using foreign exchange rates consistent with the prior year. The PEO segment is not impacted by acquisitions, dispositions or foreign currency. | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | |||||||||||
| Revenue growth consolidated: | 2024 | 2023 | |||||||||
Employer Services | 7 | % | 9 | % | |||||||
PEO Services | 7 | % | 3 | % | |||||||
| Consolidated revenue growth as reported | 7 | % | 7 | % | |||||||
| Adjustments: | |||||||||||
Impact of acquisitions | — | % | — | % | |||||||
Impact of foreign currency | — | % | — | % | |||||||
| Consolidated revenue growth, organic constant currency | 7 | % | 7 | % | |||||||
| Segment: | |||||||||||
| Employer Services revenue growth as reported | 7 | % | 9 | % | |||||||
| Adjustments: | |||||||||||
Impact of acquisitions | — | % | — | % | |||||||
Impact of foreign currency | — | % | (1) | % | |||||||
| Employer Services revenue growth, organic constant currency | 7 | % | 8 | % | |||||||
Note: Numbers may not foot due to rounding.
12
| Automatic Data Processing, Inc. and Subsidiaries | |||||||||||||||||
| Fiscal 2024 to Fiscal 2025 Non-GAAP Guidance Reconciliation | |||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Fiscal 2025 | |||||||||||||||||
| Fiscal 2024 | Outlook | ||||||||||||||||
| Earnings before income taxes / margin (GAAP) | $ | 4,872.3 | 25.4 | % | 20 to 40 bps | ||||||||||||
| All other interest expense (a) | 71.4 | 40 bps | 15 bps | ||||||||||||||
| All other interest income (a) | (97.0) | (50) bps | 15 bps | ||||||||||||||
| Transformation initiatives (b) - FY24 | 5.4 | - | - | ||||||||||||||
| Transformation initiatives - FY25 | - | - | - | ||||||||||||||
| Legal settlements - FY24 | (4.0) | - | - | ||||||||||||||
| Workforce optimization - FY24 | 42.0 | 20 bps | (20) bps | ||||||||||||||
| Adjusted EBIT margin (Non-GAAP) | $ | 4,890.1 | 25.5 | % | 30 to 50 bps | ||||||||||||
| Effective tax rate (GAAP) | 23.0 | % | 23.0 | % | |||||||||||||
| Transformation initiatives (b) - FY24 | - | - | |||||||||||||||
| Transformation initiatives - FY25 | - | - | |||||||||||||||
| Legal settlements - FY24 | - | - | |||||||||||||||
| Workforce optimization - FY24 | - | - | |||||||||||||||
| Adjusted effective tax rate (Non-GAAP) | 23.0 | % | 23.0 | % | |||||||||||||
| Diluted earnings per share (GAAP) | $ | 9.10 | 8% to 10% | ||||||||||||||
| Transformation initiatives (b) - FY24 | 0.01 | - | |||||||||||||||
| Transformation initiatives - FY25 | - | - | |||||||||||||||
| Legal settlements - FY24 | (0.01) | - | |||||||||||||||
| Workforce optimization - FY24 | 0.08 | (1) | % | ||||||||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 9.18 | 7% to 9% | ||||||||||||||
| (a) In Adjusted EBIT, we include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business model. These adjustments in the table above represent the interest income and interest expense that is not related to our client funds extended investment strategy and are labeled as “All other interest expense” and “All other interest income.” | |||||||||||||||||
| (b) In fiscal 2024, transformation initiatives include consulting costs relating to our company-wide transformation initiatives. | |||||||||||||||||
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Safe Harbor Statement
This document and other written or oral statements made from time to time by ADP may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words like "outlook," “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could,” “is designed to” and other words of similar meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and depend upon or refer to future events or conditions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements or that could contribute to such difference include: ADP's success in obtaining and retaining clients, and selling additional services to clients; the pricing of products and services; the success of our new solutions; our ability to respond successfully to changes in technology, including artificial intelligence; compliance with existing or new legislation or regulations; changes in, or interpretations of, existing legislation or regulations; overall market, political and economic conditions, including interest rate and foreign currency trends and inflation; competitive conditions; our ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the adequacy, effectiveness and success of our business transformation initiatives; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in other written or oral statements made from time to time by ADP, should be considered in evaluating any forward-looking statements contained herein.
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ADP - Investor Relations
Investor Relations Contact:
Matthew Keating, CFA
973.974.3037
Matthew.Keating@adp.com
ADP - Media
Media Contact:
Allyce Hackmann
201.400.4583
Allyce.Hackmann@adp.com
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