Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Automatic Data Processing Inc., consolidated cash flow 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).
- Net Earnings
- Net earnings demonstrate notable volatility over the periods. After a strong rise reaching a peak of 820,900 thousand USD in March 2020, a substantial decline was observed in the subsequent quarter, attributed possibly to external factors impacting earnings. Recovery occurs in later quarters with a new peak of 928,500 thousand USD in March 2022.
- Depreciation and Amortization
- Depreciation and amortization expenses show a steady upward trend from 68,800 thousand USD in September 2015 to approximately 129,000 thousand USD in March 2022, reflecting ongoing investment in fixed assets and intangible assets.
- Amortization of Deferred Contract Costs
- This expense appeared starting June 2018, with values generally increasing gradually, indicating the capitalization and systematic amortization of deferred contract costs, which stabilized around 230,000 to 240,000 thousand USD in recent quarters.
- Deferred Income Taxes
- The data for deferred income taxes fluctuates significantly with both positive and negative values throughout, indicating variability in tax positions or temporary differences. Notable large negative figures occur in late 2021, suggesting potential tax asset valuation adjustments or legislative impacts on tax computations.
- Stock-Based Compensation Expense
- This expense varies moderately but shows overall incremental trend peaks such as 56,000 thousand USD in June 2018 and 55,600 thousand USD in December 2018, reflecting management incentives and equity plan costs.
- Net Pension (Income) Expense
- Net pension expense remains relatively low and stable in early years, but a considerable spike occurs in June 2018 with 322,200 thousand USD, indicating extraordinary pension-related adjustments or liabilities recognized that period. Later periods revert to more typical positive or negative small amounts.
- Net Amortization of Premiums and Accretion of Discounts
- There is a downward trend from 24,100 thousand USD in September 2015 to around 11,500 thousand USD in March 2019, followed by recovery and gradual increase reaching 27,600 thousand USD by March 2022, reflecting fluctuating investment security premiums and discounts.
- Impairment of Assets
- Impairment charges are sporadic with one significant occurrence of 29,900 thousand USD in December 2019, indicating occasional asset write-downs.
- Gain on Sale of Assets and Divested Businesses
- Gains on sales show negative entries occasionally, often reflecting losses rather than gains on disposals, with a large negative 121,400 thousand USD related to divested businesses in December 2015, highlighting disposal activity affecting results.
- Other Operating Items
- Fluctuations are observed in changes in operating assets and liabilities, especially accounts receivable and other assets. Large decreases in accounts receivable occur in some quarters like March 2016 and December 2018, while large increases in accrued expenses and other liabilities are observed sporadically, influencing cash flow volatility.
- Net Cash Flows Provided by Operating Activities
- CFO generally trends upwards with substantial peaks, notably in March 2018 and March 2021, exceeding 1 billion USD. Noteworthy dips like in September 2017 underscore liquidity fluctuations but overall trend is positive showing strong operational cash generation.
- Investing Activities
- Investing cash flows are highly volatile with large purchases of marketable securities consistently outpacing proceeds in most quarters, except for select quarters with positive net proceeds. Capital expenditures remain relatively stable, ranging generally between 33,400 and 71,000 thousand USD. Additions to intangibles show a significant spike in March 2019, potentially due to acquisitions or internal development costs. Acquisitions of businesses occur sporadically with high outflows in June 2017 and March 2018.
- Financing Activities
- Financing cash flows exhibit a pattern of strong stock repurchases, consistently ranging from approximately 158,000 to over 528,000 thousand USD, signaling ongoing capital return to shareholders. Dividends remain steady with a gradual increase over time. Debt payments are minimal and stable, while proceeds from issuance of debt fluctuate, with spikes observed around September 2015 and later periods. Net proceeds from stock purchase plans show moderate variability.
- Client Funds Obligations
- Significant volatility is present in restricted cash and client funds obligations, with very large increases and decreases reflecting shifts in client deposits or funds under management, indicating a dynamic and changing client asset base.
- Exchange Rate Effects
- The effect of exchange rate changes on cash and equivalents fluctuates considerably per quarter, with both positive and negative impacts, occasionally reaching values over 40,000 thousand USD, indicating exposure to currency rate volatility.
- Overall Cash Position Changes
- Net changes in cash, equivalents, and restricted cash show substantial swings, including large inflows and outflows, for example a large negative almost -2.1 billion USD in September 2017 and a strong positive 11.2 billion USD by March 2022. This volatility reflects the combined impact of operating, investing, and financing cash flows as well as currency effects.