ADP 2015 Annual Report Download - page 23

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RESULTS OF OPERATIONS
ANALYSIS OF CONSOLIDATED OPERATIONS
Prior period amounts have been adjusted to exclude discontinued operations (refer to Note 2 of our Consolidated Financial Statements for additional
information).
(In millions, except per share amounts)
Years Ended
% Change
June 30,
As Reported
Constant Dollar Basis
2016
2015
2014
2016
2015
2016
2015
Total revenues from continuing operations
$ 11,667.8
$ 10,938.5
$ 10,226.4
7%
7%
8%
9%
Costs of revenues:
Operating expenses
6,025.0
5,625.3
5,290.8
7%
6%
9%
8%
Systems development and programming costs
603.7
595.4
551.2
1%
8%
4%
11%
Depreciation and amortization
211.6
206.9
199.0
2%
4%
5%
6%
Total costs of revenues
6,840.3
6,427.6
6,041.0
6%
6%
5%
8%
Selling, general and administrative costs
2,637.0
2,496.9
2,370.3
6%
5%
7%
7%
Interest expense
56.2
6.5
6.1
n/m
n/m
n/m
n/m
Total expenses
9,533.5
8,931.0
8,417.4
7%
6%
8%
8%
Other income, net
(100.4)
(63.2)
(70.2)
n/m
n/m
n/m
n/m
Earnings from continuing operations before
income taxes
$ 2,234.7
$ 2,070.7
$ 1,879.2
8%
10%
9%
12%
Margin
19.2%
18.9%
18.4%
Provision for income taxes
$ 741.3
$ 694.2
$ 636.6
7%
9%
8%
11%
Effectivetaxrate
33.2%
33.5%
33.9%
Net earnings from continuing operations
$ 1,493.4
$ 1,376.5
$ 1,242.6
8%
11%
10%
12%
Diluted earnings per share ("EPS") from
continuing operations
$ 3.25
$ 2.89
$ 2.57
12%
12%
13%
14%
n/m - not meaningful
22