ADP 2013 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2013 ADP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 101

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101

Non-GAAP measures
The following table reconciles our results to adjusted results that exclude the fiscal 2013 non tax-deductible goodwill impairment
charge and the fiscal 2012 sale of assets related to rights and obligations to resell a third-party expense management platform.
Fiscal 2013 Compared to Fiscal 2012
Total Revenues
Total revenues increased $694.1 million , or 7% , to $11,310.1 million in fiscal 2013 , as compared to fiscal 2012 , due to an increase in
revenues in Employer Services of 7% , or $525.5 million , to $7,914.0 million , an increase in revenues in PEO Services of 11% , or $201.8
million , to $1,973.2 million , and an increase in revenues in Dealer Services of 9% , or $152.4 million , to $1,813.7 million . Total revenues
would have increased approximately 6% without the impact of recently completed acquisitions and the impact to revenues pertaining to the sale
in fiscal 2012 of assets related to rights and obligations to resell a third-party expense management platform. In addition, revenues decreased
$61.3 million due to changes in foreign currency exchange rates.
Total revenues in fiscal 2013 include interest on funds held for clients of $420.9 million , as compared to $493.3 million in fiscal
2012 . The decrease in the consolidated interest earned on funds held for clients resulted from the decrease in
19
Years ended June 30,
$ Change
% Change
(Dollars in millions, except per share amounts)
2013
2012
2011
2013
2012
2013
2012
Earnings from continuing operations
before income taxes
$
2,084.3
$
2,107.9
$
1,918.0
$
(23.6
)
$
189.9
(1
)%
10
%
Adjustments:
Goodwill impairment
42.7
—
—
Gain on sale of assets
—
(
66.0
)
—
Adjusted earnings from continuing operations
before income taxes
$
2,127.0
$
2,041.9
$
1,918.0
$
85.1
$
123.9
4
%
6
%
Provision for income taxes
$
720.2
$
728.2
$
673.0
$
(8.0
)
$
55.2
(1
)%
8
%
Effective tax rate
34.6
%
34.5
%
35.1
%
Adjustments:
Goodwill impairment
—
—
—
Gain on sale of assets
—
(
24.8
)
—
Adjusted provision for income taxes
$
720.2
$
703.4
$
673.0
$
16.8
$
30.4
2
%
5
%
Adjusted effective tax rate
33.9
%
34.4
%
35.1
%
Net earnings from continuing operations
$
1,364.1
$
1,379.7
$
1,245.0
$
(15.6
)
$
134.7
(1
)%
11
%
Adjustments:
Goodwill impairment
42.7
—
—
Gain on sale of assets
—
(
41.2
)
—
Adjusted net earnings from continuing operations
$
1,406.8
$
1,338.5
$
1,245.0
$
68.3
$
93.5
5
%
8
%
Diluted earnings per share from continuing operations
$
2.80
$
2.80
$
2.50
$
—
$
0.30
—
%
12
%
Adjustments:
Goodwill impairment
0.09
—
—
Gain on sale of assets
—
(
0.08
)
—
Adjusted diluted earnings per share
from continuing operations
$
2.89
$
2.72
$
2.50
$
0.17
$
0.22
6
%
9
%