ADP 2013 Annual Report Download - page 40

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Statements of Consolidated Earnings
(In millions, except per share amounts)
(A) Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of $19,956.2 , $17,792.2 ,
and $15,765.3 , respectively.
See notes to the consolidated financial statements.
Years ended June 30,
2013
2012
2011
REVENUES:
Revenues, other than interest on funds held
for clients and PEO revenues
$
8,928.5
$
8,362.5
$
7,759.0
Interest on funds held for clients
420.9
493.3
540.1
PEO revenues (A)
1,960.7
1,760.2
1,533.9
TOTAL REVENUES
11,310.1
10,616.0
9,833.0
EXPENSES:
Costs of revenues:
Operating expenses
5,742.4
5,365.2
4,888.6
Systems development and programming costs
654.3
592.7
570.0
Depreciation and amortization
252.9
256.4
249.8
TOTAL COSTS OF REVENUES
6,649.6
6,214.3
5,708.4
Selling, general, and administrative expenses
2,620.6
2,456.9
2,314.6
Goodwill impairment
42.7
—
—
Interest expense
9.1
7.7
8.6
TOTAL EXPENSES
9,322.0
8,678.9
8,031.6
Other income, net
(96.2
)
(170.8
)
(116.6
)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
2,084.3
2,107.9
1,918.0
Provision for income taxes
720.2
728.2
673.0
NET EARNINGS FROM CONTINUING OPERATIONS
$
1,364.1
$
1,379.7
$
1,245.0
EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES
66.8
14.2
14.7
Provision for income taxes
25.1
5.4
5.5
NET EARNINGS FROM DISCONTINUED OPERATIONS
$
41.7
$
8.8
$
9.2
NET EARNINGS
$
1,405.8
$
1,388.5
$
1,254.2
Basic Earnings Per Share from Continuing Operations
$
2.83
$
2.83
$
2.52
Basic Earnings Per Share from Discontinued Operations
0.09
0.02
0.02
BASIC EARNINGS PER SHARE
$
2.91
$
2.85
$
2.54
Diluted Earnings Per Share from Continuing Operations
$
2.80
$
2.80
$
2.50
Diluted Earnings Per Share from Discontinued Operations
0.09
0.02
0.02
DILUTED EARNINGS PER SHARE
$
2.89
$
2.82
$
2.52
Basic weighted average shares outstanding
482.7
487.3
493.5
Diluted weighted average shares outstanding
487.1
492.2
498.3