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Item 6. Selected Financial Data
The following selected financial data is derived from our consolidated financial statements and should be read in conjunction with the
consolidated financial statements and related notes, Management's Discussion and Analysis of Financial Condition and Results of Operations,
and Quantitative and Qualitative Disclosures About Market Risk included in this Annual Report on Form 10-K.
Note 1. Non-GAAP Financial Measures
The following table reconciles results within our Selected Financial Data to adjusted results that exclude a goodwill impairment charge
related to our ADP AdvancedMD business for the fiscal year ended June 30, 2013 ("fiscal 2013"), a gain on the sale of assets related to rights
and obligations to resell a third-
party expense management platform for the fiscal year ended June 30, 2012 ("fiscal 2012"), and certain favorable
tax items for the fiscal years ended June 30, 2010 and 2009. We use certain adjusted results, among other measures, to evaluate our operating
performance in the absence of certain items and for planning and forecasting of future periods. 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 us and
improves our ability to understand our operating performance. Since adjusted earnings from continuing operations before income taxes, adjusted
net earnings from continuing operations, and adjusted diluted earnings per share (“EPS”) from continuing operations are not measures of
performance calculated in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), they
should not be considered in isolation from, or as a substitute for, earnings from continuing operations before income taxes, net earnings from
continuing operations, and diluted EPS from continuing operations, and they may not be comparable to similarly titled measures employed by
other companies.
15
(Dollars and shares in millions, except per share amounts)
Years ended June 30,
2013
2012
2011
2010
2009
Total revenues
$
11,310.1
$
10,616.0
$
9,833.0
$
8,881.6
$
8,797.8
Total costs of revenues
$
6,649.6
$
6,214.3
$
5,708.4
$
4,999.9
$
4,794.8
Gross profit
$
4,660.5
$
4,401.7
$
4,124.6
$
3,881.7
$
4,003.0
Earnings from continuing operations before income taxes
$
2,084.3
$
2,107.9
$
1,918.0
$
1,855.6
$
1,895.9
Adjusted earnings from continuing operations before income taxes (Note 1)
$
2,127.0
$
2,041.9
$
1,918.0
$
1,855.6
$
1,895.9
Net earnings from continuing operations
$
1,364.1
$
1,379.7
$
1,245.0
$
1,202.6
$
1,322.5
Adjusted net earnings from continuing operations (Note 1)
$
1,406.8
$
1,338.5
$
1,245.0
$
1,190.4
$
1,202.5
Basic earnings per share from continuing operations
$
2.83
$
2.83
$
2.52
$
2.40
$
2.63
Diluted earnings per share from continuing operations
$
2.80
$
2.80
$
2.50
$
2.39
$
2.61
Adjusted diluted earnings per share from continuing operations (Note 1)
$
2.89
$
2.72
$
2.50
$
2.36
$
2.38
Basic weighted average shares outstanding
482.7
487.3
493.5
500.5
503.2
Diluted weighted average shares outstanding
487.1
492.2
498.3
503.7
505.8
Cash dividends declared per share
$
1.70
$
1.55
$
1.42
$
1.35
$
1.28
Return on equity ("ROE") from continuing operations (Note 2)
22.2
%
22.8
%
21.7
%
22.3
%
25.4
%
At year end:
Cash, cash equivalents and marketable securities
$
2,041.1
$
1,665.4
$
1,523.7
$
1,775.5
$
2,388.5
Total assets
$
32,268.1
$
30,817.4
$
34,238.3
$
26,862.2
$
25,351.7
Obligations under reverse repurchase agreements and commercial paper borrowing
$
245.9
$
—
$
—
$
—
$
730.0
Long-term debt
$
14.7
$
16.8
$
34.2
$
39.8
$
42.7
Stockholders’ equity
$
6,189.9
$
6,114.0
$
6,010.4
$
5,478.9
$
5,322.6