ADP 2011 Annual Report Download - page 36

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Statements of Consolidated Earnings
(In millions, except per share amounts)
See notes to consolidated financial statements.
36
Years ended June 30,
2011
2010
2009
REVENUES:
Revenues, other than interest on funds
held for clients and PEO revenues
$
7,805.5
$
7,077.7
$
7,051.7
Interest on funds held for clients
540.1
542.8
609.8
PEO revenues (A)
1,533.9
1,307.2
1,176.9
TOTAL REVENUES
9,879.5
8,927.7
8,838.4
EXPENSES:
Costs of revenues
Operating expenses
4,900.9
4,277.2
4,087.0
Systems development and programming costs
577.2
513.9
498.3
Depreciation and amortization
253.4
238.6
237.4
TOTAL COSTS OF REVENUES
5,731.5
5,029.7
4,822.7
Selling, general and administrative expenses
2,323.3
2,127.4
2,190.3
Interest expense
8.6
8.6
33.3
TOTAL EXPENSES
8,063.4
7,165.7
7,046.3
Other income, net
(116.6
)
(101.2
)
(108.0
)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
1,932.7
1,863.2
1,900.1
Provision for income taxes
678.5
655.9
575.0
NET EARNINGS FROM CONTINUING OPERATIONS
1,254.2
1,207.3
1,325.1
Earnings from discontinued operations, net of provision
for income taxes of $7.0 and $0.7 for the fiscal years
ended June 30, 2010 and 2009, respectively
-
4.1
7.5
NET EARNINGS
$
1,254.2
$
1,211.4
$
1,332.6
Basic earnings per share from continuing operations
$
2.54
$
2.41
$
2.63
Basic earnings per share from discontinued operations
-
0.01
0.01
BASIC EARNINGS PER SHARE
$
2.54
$
2.42
$
2.65
Diluted earnings per share from continuing operations
$
2.52
$
2.40
$
2.62
Diluted earnings per share from discontinued operations
-
0.01
0.01
DILUTED EARNINGS PER SHARE
$
2.52
$
2.40
$
2.63
Basic weighted average shares outstanding
493.5
500.5
503.2
Diluted weighted average shares outstanding
498.3
503.7
505.8
(A)
Professional Employer Organization (
“PEO
”)
revenues are net of direct pass
-
through costs, primarily consisting of payroll wages and payroll taxes, of $15,765.3,
$13,318.7, and $12,310.4, respectively.