ADP 2004 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2004 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 50

  • 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

33
Automatic Data Processing, Inc. and Subsidiaries
Statements of Consolidated Cash Flows
(In thousands)
Years ended June 30, 2004 2003 2002
Cash Flows From Operating Activities
Net earnings $ 935,570 $ 1,018,150 $ 1,100,770
Adjustments to reconcile net earnings to net cash flows
provided by operating activities:
Depreciation and amortization 306,772 274,682 279,077
Deferred income taxes 109,155 (15,775) 8,680
Amortization of premiums and discounts on
available-for-sale securities 129,922 77,891 36,432
Other 86,988 95,280 78,547
Changes in operating assets and liabilities, net of effects from
acquisitions of businesses:
Increase in receivables and other assets (233,836) (94,422) (73,511)
Increase in accounts payable and accrued expenses 57,364 209,283 101,709
Net cash flows provided by operating activities 1,391,935 1,565,089 1,531,704
Cash Flows From Investing Activities
Purchases of marketable securities (8,087,150) (3,451,554) (6,243,228)
Proceeds from sale of marketable securities 5,339,258 4,014,300 4,167,028
Net proceeds from client fund money market securities 663,783 1,501,286 1,645,908
Net change in client funds obligations 1,391,310 (967,797) (188,484)
Capital expenditures (204,085) (133,758) (145,621)
Additions to intangibles (148,073) (144,728) (109,799)
Acquisitions of businesses, net of cash acquired (295,220) (651,320) (219,783)
Disposals of businesses 26,907 4,035 7,200
Other (5,511) 6,609 6,286
Net cash flows (used in) provided by investing activities (1,318,781) 177,073 (1,080,493)
Cash Flows From Financing Activities
Payments of debt (1,475) (1,384) (3,919)
Proceeds from issuance of notes 433 964 358
Repurchases of common stock (629,932) (938,545) (875,449)
Proceeds from stock purchase plan and exercises of stock options 169,208 92,816 228,113
Dividends paid (308,608) (284,605) (276,860)
Net cash flows used in financing activities (770,374) (1,130,754) (927,757)
Net change in cash and cash equivalents (697,220) 611,408 (476,546)
Cash and cash equivalents, at beginning of year 1,410,218 798,810 1,275,356
Cash and cash equivalents, at end of year $ 712,998 $ 1,410,218 $ 798,810
See notes to consolidated financial statements.