Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Automatic Data Processing Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30).
The financial data over the reported quarters reveal several key patterns and trends regarding revenues, expenses, profitability, and other financial metrics.
- Revenues
- Total revenues experienced a general upward trend over the analyzed periods. Revenues excluding interest on funds held for clients and PEO revenues show quarterly fluctuations but steadily increase from approximately $1.93 billion in Q3 2015 to around $2.88 billion by Q1 2022. Interest income on funds held for clients showed moderate growth with some volatility, peaking notably in Q1 2019 at $167.4 million. The Professional Employer Organization (PEO) revenues displayed consistent growth from $697.5 million in Q3 2015 to $1.51 billion in Q1 2022, indicating expansion in this segment. Overall revenues, combining all streams, rose from $2.71 billion in Q3 2015 to $4.51 billion in Q1 2022, signaling robust top-line growth.
- Operating Expenses
- Operating expenses also trended upward alongside revenues. Total operating expenses increased from approximately $1.44 billion in Q3 2015 to $2.21 billion in Q1 2022. Systems development and programming costs remained relatively stable with slight increases, reflecting steady investment in technology. Depreciation and amortization exhibited a gradual growth pattern consistent with asset base expansion. Cost of revenues closely paralleled total expenses, rising accordingly with revenue increases, which points to maintaining proportional cost structure despite revenue growth.
- Profitability Metrics
- Gross profit showed an increasing trend from $1.07 billion in Q3 2015 to $2.00 billion in Q1 2022, with some volatility in the intermediate periods. Selling, general, and administrative expenses increased as well but appeared more volatile compared to other expense categories, potentially reflecting variable operational overheads. Operating income demonstrated significant growth, nearly tripling from $462 million in Q3 2015 to $1.18 billion in Q1 2022, albeit with fluctuations aligning with cyclical revenue changes.
- Interest Expense and Other Income (Expense), Net
- Interest expense fluctuated moderately over time, with peaks around $38.6 million in Q4 2018 and dips roughly around $13.5-$28 million at various points, indicating manageable debt costs relative to earnings. Other income (expense) exhibited significant variability, including a substantial negative spike in Q2 2018 (-$296.5 million), suggesting one-time charges or impairments, and large positive swings in other quarters, affecting net income volatility.
- Earnings and Taxes
- Earnings from continuing operations before income taxes more than doubled, rising from $505 million in Q3 2015 to $1.19 billion in Q1 2022. Provision for income taxes, while increasing in absolute terms, showed some inconsistencies across quarters, likely tied to shifting tax rates or deductions. Net earnings from continuing operations followed a similar upward trajectory, increasing from $337.5 million to $928.5 million over the observed timeframe, underscoring enhanced profitability. The net loss from discontinued operations was negligible and confined to an early period.
In summary, financial results reflect steady revenue growth, controlled cost increases, improving profitability, and solid net income expansion. The data indicate effective management of operating expenses amid growth, with occasional volatility in non-operating income and expenses impacting interim earnings fluctuations. Overall, the company appears to have strengthened its financial position and earnings power during the examined periods.