Stock Analysis on Net

Automatic Data Processing Inc. (NASDAQ:ADP)

Income Statement 

Automatic Data Processing Inc., consolidated income statement

US$ in thousands

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12 months ended: Jun 30, 2021 Jun 30, 2020 Jun 30, 2019 Jun 30, 2018 Jun 30, 2017 Jun 30, 2016
Revenues, other than interest on funds held for clients and PEO revenues 9,768,600  9,538,100  9,375,800  8,985,200  8,518,100  8,234,000 
Interest on funds held for clients 422,400  545,200  561,900  466,500  397,400  377,300 
Professional Employer Organization (PEO) revenues 4,814,400  4,506,500  4,237,500  3,874,100  3,464,300  3,056,500 
Revenues 15,005,400  14,589,800  14,175,200  13,325,800  12,379,800  11,667,800 
Operating expenses (7,520,700) (7,404,100) (7,145,900) (6,937,900) (6,416,100) (6,025,000)
Systems development and programming costs (716,600) (674,100) (636,300) (630,200) (627,500) (603,700)
Depreciation and amortization (403,000) (366,900) (304,400) (274,500) (226,200) (211,600)
Costs of revenues (8,640,300) (8,445,100) (8,086,600) (7,842,600) (7,269,800) (6,840,300)
Gross profit 6,365,100  6,144,700  6,088,600  5,483,200  5,110,000  4,827,500 
Selling, general, and administrative expenses (3,040,500) (3,003,000) (3,064,200) (2,971,500) (2,783,200) (2,637,000)
Operating income 3,324,600  3,141,700  3,024,400  2,511,700  2,326,800  2,190,500 
Interest expense (59,700) (107,100) (129,900) (102,700) (80,000) (56,200)
Interest income on corporate funds 36,500  84,500  97,600  83,500  76,700  62,400 
Realized gains (losses) on available-for-sale securities, net 11,300  12,900  (900) (2,500) 2,200  (5,000)
Impairment of assets (19,900) (29,900) (12,100) —  —  — 
Gain on sale of assets 8,100  5,800  4,100  700  —  13,900 
Gain on sale of investment 1,700  200  15,700  —  —  — 
Gain on sale of business —  —  —  —  205,400  29,100 
Non-service components of pension income (expense), net 58,600  74,500  6,700  (319,600) —  — 
Other income (expense), net 96,300  148,000  111,100  (237,900) 284,300  100,400 
Earnings from continuing operations before income taxes 3,361,200  3,182,600  3,005,600  2,171,100  2,531,100  2,234,700 
Provision for income taxes (762,700) (716,100) (712,800) (550,300) (797,700) (741,300)
Net earnings from continuing operations 2,598,500  2,466,500  2,292,800  1,620,800  1,733,400  1,493,400 
Net loss from discontinued operations —  —  —  —  —  (900)
Net earnings 2,598,500  2,466,500  2,292,800  1,620,800  1,733,400  1,492,500 

Based on: 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30).

Income statement item Description The company
Revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Automatic Data Processing Inc. revenues increased from 2019 to 2020 and from 2020 to 2021.
Operating income The net result for the period of deducting operating expenses from operating revenues. Automatic Data Processing Inc. operating income increased from 2019 to 2020 and from 2020 to 2021.
Earnings from continuing operations before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Automatic Data Processing Inc. earnings from continuing operations before income taxes increased from 2019 to 2020 and from 2020 to 2021.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Automatic Data Processing Inc. net earnings increased from 2019 to 2020 and from 2020 to 2021.