AI English summary of an SEC filing — figures as filed
Automatic Data Processing ADPThe company said revenue for the nine months ended March 31, 2024 grew 7% (6% on an organic constant currency basis), and that diluted EPS and adjusted diluted EPS rose 12% to $7.07 and $7.08, respectively.
Key points
AI summaryThe company said revenue for the nine months ended March 31, 2024 grew 7% (6% on an organic constant currency basis), and that diluted EPS and adjusted diluted EPS rose 12% to $7.07 and $7.08, respectively.
ADP said interest on funds held for clients included in total revenues was $320.8 million for the three months ended 3 (compared with $249.4 million a year earlier), and $747.9 million for the nine months ended 9 (compared with $577.7 million). It said both the average interest rate and the average client funds balance increased.
The company said PEO Services' earnings before income taxes decreased 10% for the 3 months and 4% for the 9 months, citing lower releases of workers' compensation reserves at ADP Indemnity ($15.3 million and $26.0 million) and higher selling expenses.
The company said it returned a total of $2.4B to shareholders over the nine months ended 9, including dividends of $1.6B and share repurchases of $0.8B. It also said it held cash and cash equivalents of $3.3 billion and committed credit facilities of $9.7 billion as of March 31, 2024.
Key figures
Quarter ended March 31, 2024
- Revenue
- $5.3B
- Net income
- $1.2B
- EPS
- $2.88
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Nine-Month Results and Earnings per Share
The company said revenue for the nine months ended March 31, 2024 grew 7% (6% on an organic constant currency basis), and that diluted EPS and adjusted diluted EPS rose 12% to $7.07 and $7.08, respectively.
Source · Based on the MD&A text of the filing
Interest Income on Client Funds
ADP said interest on funds held for clients included in total revenues was $320.8 million for the three months ended 3 (compared with $249.4 million a year earlier), and $747.9 million for the nine months ended 9 (compared with $577.7 million). It said both the average interest rate and the average client funds balance increased.
Source · Based on the MD&A text of the filing
PEO Services Pre-Tax Earnings Decline
The company said PEO Services' earnings before income taxes decreased 10% for the 3 months and 4% for the 9 months, citing lower releases of workers' compensation reserves at ADP Indemnity ($15.3 million and $26.0 million) and higher selling expenses.
Source · Based on the MD&A text of the filing
Shareholder Returns and Liquidity
The company said it returned a total of $2.4B to shareholders over the nine months ended 9, including dividends of $1.6B and share repurchases of $0.8B. It also said it held cash and cash equivalents of $3.3 billion and committed credit facilities of $9.7 billion as of March 31, 2024.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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