ADP 2015 Annual Report Download - page 41

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Statements of Consolidated Earnings
(In millions, except per share amounts)
Years ended June 30,
2016
2015
2014
REVENUES:
Revenues, other than interest on funds held
for clients and PEO revenues
$ 8,234.0
$ 7,928.3
$ 7,595.4
Interest on funds held for clients
377.3
377.7
373.4
PEO revenues (A)
3,056.5
2,632.5
2,257.6
TOTAL REVENUES
11,667.8
10,938.5
10,226.4
EXPENSES:
Costs of revenues:
Operating expenses
6,025.0
5,625.3
5,290.8
Systems development and programming costs
603.7
595.4
551.2
Depreciation and amortization
211.6
206.9
199.0
TOTAL COSTS OF REVENUES
6,840.3
6,427.6
6,041.0
Selling, general, and administrative expenses
2,637.0
2,496.9
2,370.3
Interest expense
56.2
6.5
6.1
TOTAL EXPENSES
9,533.5
8,931.0
8,417.4
Other income, net
(100.4)
(63.2)
(70.2)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
2,234.7
2,070.7
1,879.2
Provision for income taxes
741.3
694.2
636.6
NET EARNINGS FROM CONTINUING OPERATIONS
$ 1,493.4
$ 1,376.5
$ 1,242.6
(LOSSES)/EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES
(1.4)
171.5
414.9
(Benefit)/provision for income taxes
(0.5)
95.5
141.6
NET (LOSS)/EARNINGS FROM DISCONTINUED OPERATIONS
$(0.9)
$ 76.0
$ 273.3
NET EARNINGS
$ 1,492.5
$ 1,452.5
$ 1,515.9
Basic Earnings Per Share from Continuing Operations
$ 3.27
$ 2.91
$ 2.59
Basic Earnings Per Share from Discontinued Operations
—
0.16
0.57
BASIC EARNINGS PER SHARE
$ 3.27
$ 3.07
$ 3.17
Diluted Earnings Per Share from Continuing Operations
$ 3.25
$ 2.89
$ 2.57
Diluted Earnings Per Share from Discontinued Operations
—
0.16
0.57
DILUTED EARNINGS PER SHARE
$ 3.25
$ 3.05
$ 3.14
Basic weighted average shares outstanding
457.0
472.6
478.9
Diluted weighted average shares outstanding
459.1
475.8
483.1
(A) For the years ended June 30, 2016 ("fiscal 2016 "), June 30, 2015 ("fiscal 2015 "), and June 30, 2014 ("fiscal 2014 ") Professional Employer Organization ("PEO") revenues are net of direct
pass-through costs, primarily consisting of payroll wages and payroll taxes, of $30,928.6 million , $26,674.1 million , and $23,192.2 million , respectively.
See notes to the consolidated financial statements.
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