Automatic data processing, inc. (ADP)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Dec'08Sep'08
Cash Flows from Operating Activities:
Net earnings

820

651

582

475

753

558

505

140

661

670

412

320

588

510

368

282

532

341

336

336

489

331

295

288

521

377

328

227

482

390

305

258

452

375

302

241

423

310

278

207

403

315

284

300

276

Adjustments to reconcile net earnings to cash flows provided by operating activities:
Depreciation and amortization

120

117

117

109

103

97

99

99

96

94

87

82

77

78

77

73

73

72

68

70

70

69

67

70

64

67

64

14

80

77

78

82

80

78

78

75

81

82

75

76

78

77

77

73

77

Amortization of deferred contract costs

231

228

227

218

220

217

216

213

211

207

204

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

13

-0

44

5

-28

6

26

-6

17

-218

55

19

-5

-4

31

-21

-14

7

29

24

-32

-17

9

18

-49

-23

17

30

0

-4

7

29

0

-3

9

53

34

9

7

45

8

19

23

-40

-12

Stock-based compensation expense

33

36

37

45

45

38

38

56

41

38

39

37

34

35

31

35

31

36

34

32

35

36

38

30

30

33

23

3

27

29

21

28

20

27

18

31

21

22

13

12

18

19

17

34

27

Excess tax benefit related to exercise of stock options and restricted stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

4

44

5

0

10

34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net pension expense

-14

2

-2

14

9

14

17

322

2

2

2

6

6

6

6

4

4

4

4

3

3

4

5

5

6

5

7

4

10

10

10

9

9

9

9

10

10

10

10

8

8

8

8

8

8

Net realized loss / (gain) from the sales of marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1

11

3

8

6

9

4

8

3

8

4

14

4

3

11

2

0

-2

0

-7

-0

Net amortization of premiums and accretion of discounts on available-for-sale securities

-14

-14

-12

-11

-11

-13

-14

-15

-17

-18

-19

-19

-20

-22

-23

-23

-23

-23

-24

-24

-25

-25

-25

-24

-23

-69

22

-137

19

19

18

16

15

14

12

12

13

14

13

13

14

14

14

14

14

Impairment of intangible assets

0

0

0

0

0

0

12

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment Losses on Available-for-sale Securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9

0

0

5

0

0

Impairment losses on assets held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

0

0

8

-

-

-

0

-

-

Gain on sale of assets

0

0

1

15

0

4

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of divested businesses, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

21

78

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sales of buildings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3

-1

-0

0

0

-1

-2

0

Loss on sale of discontinued businesses, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

1

Other

38

-5

11

18

7

8

10

10

7

5

9

12

11

5

8

7

13

4

5

-3

-3

1

6

28

0

-17

6

-9

7

4

9

-2

16

-3

3

1

-1

20

12

-0

-21

24

7

-5

1

Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable

82

102

96

-52

-143

430

239

52

-97

255

81

-113

-29

240

-121

-321

434

78

32

-37

26

213

-27

-32

97

126

-20

-163

136

137

73

25

19

102

-105

66

144

-45

-27

17

61

-34

64

-207

-6

Increase in other assets

156

213

391

238

154

123

471

162

28

206

460

986

8

-77

221

-97

-19

-23

249

2

-98

-19

224

-29

-31

23

283

-39

-14

-2

330

-67

16

5

117

-9

12

-26

106

125

-10

-138

-6

-118

77

(Decrease) / increase in accounts payable

-15

27

-15

-36

6

21

-2

29

-28

21

-24

17

-13

20

-36

-18

20

1

-19

29

-6

-0

-9

19

3

-4

-8

5

12

2

-31

24

2

10

-26

18

15

-22

-36

54

-3

5

-22

-3

-28

(Decrease) / increase in accrued expenses and other liabilities

115

-58

-91

71

-92

365

-77

39

38

51

-19

26

88

121

-80

-142

450

-15

-71

-24

195

-36

-12

40

218

40

-35

-10

100

100

-76

14

100

99

-79

104

134

-92

-68

110

159

-113

-229

222

-40

Proceeds from the sale of notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1

18

207

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating activities of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-0

-0

-1

44

3

39

-42

65

2

1

0

5

3

0

1

-

-

-

-

-

0

-0

0

-

-

Net cash flows provided by operating activities

1,118

698

432

732

1,024

782

149

705

1,134

430

244

457

827

511

329

662

719

406

109

509

857

228

378

604

743

391

81

575

618

448

-65

499

663

431

316

485

573

425

222

395

613

429

243

283

398

Cash Flows from Investing Activities:
Purchases of corporate and client funds marketable securities

1,019

1,465

1,409

1,696

1,425

545

755

1,184

1,238

1,296

1,157

912

1,110

1,188

1,171

1,635

1,801

1,579

859

1,681

1,515

956

894

1,333

849

862

369

1,065

1,677

1,394

765

1,463

1,417

1,138

1,095

1,149

1,053

1,482

1,085

1,161

1,203

984

497

769

965

Proceeds from the sales and maturities of corporate and client funds marketable securities

1,754

1,341

1,653

818

927

623

539

752

836

858

1,007

889

826

977

900

1,154

1,397

1,408

1,255

1,223

1,245

777

595

590

423

474

571

777

1,024

1,234

602

1,078

852

1,187

844

989

756

732

826

814

899

685

1,007

792

704

Net decrease/(increase) in restricted cash and cash equivalents held to satisfy client funds obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,969

-9,906

-5,925

-137

4,172

6,247

-13,382

1

5,828

2,551

-8,232

2,390

7,735

-6,040

-2,800

943

8,767

-5,910

-4,194

6,192

7,555

-7,947

-1,064

-3,380

8,118

-4,818

-4,843

-95

-9,177

14

Capital expenditures

38

43

56

41

40

36

43

46

41

45

73

65

54

71

48

40

28

43

55

51

27

44

36

41

49

34

34

8

47

44

30

35

37

33

33

59

41

42

38

26

22

19

34

38

45

Additions to intangibles

93

79

88

74

190

65

73

68

63

62

69

68

55

49

57

57

54

60

45

45

47

40

43

37

35

40

30

23

22

25

33

27

31

27

24

36

23

16

19

36

19

51

16

19

16

Acquisitions of businesses, net of cash acquired

0

0

0

5

0

0

119

0

125

487

0

0

66

0

20

0

0

0

0

0

0

0

8

0

0

0

0

26

14

0

0

65

23

174

1

1

185

113

475

1

95

3

0

3

4

Reclassification from cash and cash equivalents to short-term marketable securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-211

Proceeds from the sale of property, plant, and equipment and other assets

0

0

23

0

0

7

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

23

0

0

0

0

-

-

-

-

-

-

-

-

0

0

0

13

0

0

0

3

0

19

Dividend received from CDK Global, Inc.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

825

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash retained by CDK Global, Inc.

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

180

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2

1

-3

-3

5

1

-7

-1

-0

-3

Proceeds from the sale of divested businesses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-0

162

98

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investing activities of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

0

0

-15

-15

-19

-32

-23

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash flows provided by / (used in) investing activities

603

-247

122

-999

-728

-16

-452

-546

-631

-1,033

-292

-158

-460

-96

-396

15,390

-10,393

-6,184

319

3,716

5,903

-13,646

267

4,991

2,045

-8,727

2,504

7,341

-6,775

-2,859

715

8,258

-6,582

-4,314

5,882

7,294

-8,496

-1,982

-4,155

7,701

-5,239

-5,209

367

-9,214

-500

Cash Flows from Financing Activities:
Net increase in client funds obligations

-5,742

15,157

-8,063

-6,916

10,179

144

-1,711

-6,359

-506

8,881

-1,674

-6,757

3,436

6,128

-8,928

-7,294

10,304

6,068

-275

-3,736

-5,910

15,674

47

-7,093

-2,141

11,540

-5,295

-7,699

6,694

3,364

-1,220

-8,387

6,466

4,131

-5,936

-7,392

8,239

1,805

3,639

-7,779

5,112

5,128

-441

10,566

-406

Proceeds from debt issuance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

12

-0

1,986

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments of debt

0

0

0

0

0

0

0

0

0

5

0

0

0

0

0

0

-0

0

0

0

0

0

0

0

0

1

0

0

8

0

8

0

0

0

0

0

0

0

4

1

0

0

0

0

12

Net repayment of commercial paper

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-730

-1,350

1,362

Repurchases of common stock

391

305

309

177

234

299

227

393

187

158

250

302

191

436

328

64

318

464

308

429

665

401

61

208

41

114

303

245

95

112

194

341

102

48

249

558

72

52

49

487

127

138

13

193

257

Net proceeds from stock purchase plan and stock-based compensation plans

37

27

-32

22

45

29

-24

23

51

9

-15

21

55

33

-14

22

49

25

-22

21

59

12

16

54

37

47

54

16

59

49

80

59

72

69

48

132

216

106

21

39

49

106

44

10

88

Excess tax benefit related to exercise of stock options and restricted stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

4

44

5

0

10

34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid

392

342

343

343

344

302

302

278

278

253

253

255

257

240

241

242

242

229

229

231

234

231

229

231

231

210

210

210

210

192

192

193

192

176

177

179

177

167

168

175

167

165

165

148

148

Net payments of reverse repurchase agreements

0

-428

166

262

0

-448

448

-

-

-

129

-

-

-

0

-

-

-

-

-

-

-

-

0

0

-344

98

245

-13

-428

441

-

-

0

0

-

-

-

-

-

-

-

-

0

-11

Net proceeds from commercial paper borrowings

-

-3,536

3,536

-

-

1,206

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-1,937

-236

2,173

0

-2,477

2,477

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

0

0

-23

23

0

0

0

-

-

-

-

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing activities of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-0

0

1

7

-3

4

6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Provided by (Used in) Financing Activities, Total

-6,489

10,571

-5,045

-7,153

8,433

329

-1,817

-7,014

-922

8,345

-2,064

-7,295

3,042

5,484

-9,513

-7,579

9,805

5,398

1,128

-4,401

-6,752

13,120

-418

-5,294

-2,381

8,454

-3,137

-7,862

6,426

2,680

-1,093

-8,857

6,243

3,975

-6,315

-7,996

8,205

1,691

3,438

-8,403

4,867

4,931

-1,306

8,883

614

Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents

-29

20

-33

5

-2

-19

-12

-47

4

34

14

73

-26

-38

-16

-3

15

-9

-11

6

-49

-27

-35

10

-4

-0

2

-2

-12

4

11

-16

10

-10

-23

5

13

-5

28

-15

-17

7

12

-43

-32

Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents

-4,796

11,042

-4,524

-7,415

8,727

1,075

-2,133

-6,902

-414

7,776

-2,098

-6,923

3,383

5,859

-9,597

8,470

146

-389

1,545

-169

-42

-324

192

312

403

118

-550

51

256

273

-430

-117

333

82

-140

-211

295

129

-466

-321

223

158

-682

-91

478

Supplemental disclosures of cash flow information:
Cash paid for interest

33

17

53

18

35

23

49

14

32

12

41

8

30

5

33

3

29

1

2

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for income taxes, net of income tax refunds

169

304

45

196

157

241

39

106

33

347

41

247

236

296

36

231

108

293

18

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-