ADP 2014 Annual Report Download - page 39

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Statements of Consolidated Earnings
(In millions, except per share amounts)
Y ears ended J une 30,
2015
2014
2013
REV ENUES:
Revenues, other than interest on funds held
for clients and PEO revenues
$ 7,928.3
$ 7,595.4
$ 7,060.9
Interest on funds held for clients
377.7
373.4
420.4
PEO revenues (A)
2,632.5
2,257.6
1,960.7
TOTAL REV ENUES
10,938.5
10,226.4
9,442.0
EX PENSES:
Costs of revenues:
Operating expenses
5,625.3
5,290.8
4,883.6
Systems development and programming costs
595.4
551.2
496.6
Depreciation and amortization
206.9
199.0
193.9
TOTAL COSTS OF REV ENUES
6,427.6
6,041.0
5,574.1
Selling, general, and administrative expenses
2,496.9
2,370.3
2,200.4
Goodwill impairment
—
—
42.7
Interest expense
6.5
6.1
9.1
TOTAL EX PENSES
8,931.0
8,417.4
7,826.3
Other income, net
(63.2)
(70.2)
(94.4)
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INCOME TAX ES
2,070.7
1,879.2
1,710.1
Provision for income taxes
694.2
636.6
587.9
NET EARNINGS FROM CONTINUING OPERATIONS
$ 1,376.5
$ 1,242.6
$ 1,122.2
EARNINGS FROM DISCONTINUED OPERATIONS BEFORE INCOME TA X ES
171.5
414.9
441.0
Provision for income taxes
95.5
141.6
157.4
NET EARNINGS FROM DISCONTINUED OPERATIONS
$ 76.0
$ 273.3
$ 283.6
NET EARNINGS
$ 1,452.5
$ 1,515.9
$ 1,405.8
Basic Earnings Per Share from Continuing Operations
$ 2.91
$ 2.59
$ 2.32
Basic Earnings Per Share from Discontinued Operations
0.16
0.57
0.59
BASIC EA RNINGS PER SHA RE
$ 3.07
$ 3.17
$ 2.91
Diluted Earnings Per Share from Continuing Operations
$ 2.89
$ 2.57
$ 2.30
Diluted Earnings Per Share from Discontinued Operations
0.16
0.57
0.58
DILUTED EARNINGS PER SHA RE
$ 3.05
$ 3.14
$ 2.89
Basic weighted average shares outstanding
472.6
478.9
482.7
Diluted weighted average shares outstanding
475.8
483.1
487.1
(A ) As of fiscal 2015 , 2014 , and 2013 , Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes, of
$26,674.1 million , $23,192.2 million , and $19,956.2 million , respectively.
See notes to the consolidated financial statements.
38