ADP 2014 Annual Report Download - page 22
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from CDK earlier this fiscal year. In the last five fiscal years, we have reduced our common stock outstanding by approximately 5% through share buybacks, net of
the effect of common stock issued under employee stock-based compensation programs. We have also raised the quarterly dividend per share for 40 consecutive
years.
RESULTS OF OPERA TIONS
ANAL Y SIS OF CONSOLIDATED OPERATIONS
Prior period amounts have been adjusted to exclude discontinued operations (refer to Note 2 of Item 8 for additional information).
(In millions, except per share amounts)
Y ears ended June 30,
$ Change
% Change
2015
2014
2013
2015
2014
2015
2014
Total revenues $ 10,938.5
$ 10,226.4
$ 9,442.0
$ 712.1
$ 784.4
7 %
8 %
Costs of revenues:
Operating expenses 5,625.3
5,290.8
4,883.6
334.5
407.2
6 %
8 %
Systems development and
programming costs 595.4
551.2
496.6
44.2
54.6
8 %
11 %
Depreciation and amortization 206.9
199.0
193.9
7.9
5.1
4 %
3 %
Total costs of revenues 6,427.6
6,041.0
5,574.1
386.6
466.9
6 %
8 %
Selling, general and
administrative costs 2,496.9
2,370.3
2,200.4
126.6
169.9
5 %
8 %
Goodwill impairment —
—
42.7
—
(42.7)
— %
(100)%
Interest expense 6.5
6.1
9.1
0.4
(3.0)
7 %
(33)%
Total expenses 8,931.0
8,417.4
7,826.3
513.6
591.1
6 %
8 %
Other income, net (63.2)
(70.2)
(94.4)
(7.0)
(24.2)
(10)%
(26)%
Earnings from continuing
operations before income taxes $ 2,070.7
$ 1,879.2
$ 1,710.1
$ 191.5
$ 169.1
10 %
10 %
Margin 18.9%
18.4%
18.1%
Provision for income taxes $ 694.2
$ 636.6
$ 587.9
$ 57.6
$ 48.7
9 %
8 %
Effective tax rate 33.5%
33.9%
34.4%
Net earnings from continuing
operations $ 1,376.5
$ 1,242.6
$ 1,122.2
$ 133.9
$ 120.4
11 %
11 %
Diluted earnings per share from
continuing operations $ 2.89
$ 2.57
$ 2.30
$ 0.32
$ 0.27
12 %
12 %
21