ADP 2012 Annual Report Download - page 44

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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 $17,792.2, $15,765.3, and
$13,318.7, respectively.
See notes to consolidated financial statements.
42
Years ended June 30,
2012
2011
2010
REVENUES:
Revenues, other than interest on funds
held for clients and PEO revenues
$
8,411.7
$
7,805.5
$
7,077.7
Interest on funds held for clients
493.3
540.1
542.8
PEO revenues (A)
1,760.2
1,533.9
1,307.2
TOTAL REVENUES
10,665.2
9,879.5
8,927.7
EXPENSES:
Costs of revenues
Operating expenses
5,380.1
4,900.9
4,277.2
Systems development and programming costs
599.9
577.2
513.9
Depreciation and amortization
260.0
253.4
238.6
TOTAL COSTS OF REVENUES
6,240.0
5,731.5
5,029.7
Selling, general and administrative expenses
2,466.2
2,323.3
2,127.4
Interest expense
7.7
8.6
8.6
TOTAL EXPENSES
8,713.9
8,063.4
7,165.7
Other income, net
(170.8
)
(116.6
)
(101.2
)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
2,122.1
1,932.7
1,863.2
Provision for income taxes
733.6
678.5
655.9
NET EARNINGS FROM CONTINUING OPERATIONS
1,388.5
1,254.2
1,207.3
Earnings from discontinued operations, net of provision
for income taxes of $7.0 for the fiscal year ended June 30, 2010 - -
4.1
NET EARNINGS
$
1,388.5
$
1,254.2
$
1,211.4
Basic earnings per share from continuing operations $
2.85
$
2.54
$
2.41
Basic earnings per share from discontinued operations - -
0.01
BASIC EARNINGS PER SHARE $
2.85
$
2.54
$
2.42
Diluted earnings per share from continuing operations $
2.82
$
2.52
$
2.40
Diluted earnings per share from discontinued operations - -
0.01
DILUTED EARNINGS PER SHARE $
2.82
$
2.52
$
2.40
Basic weighted average shares outstanding
487.3
493.5
500.5
Diluted weighted average shares outstanding
492.2
498.3
503.7