AUTOMATIC DATA PROCESSING, INC. ADP Cash Flow

Automatic data processing, inc. (ADP)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Dec'08	Sep'08
Cash Flows from Operating Activities:
Net earnings
2,530	2,463	2,369	2,292	1,958	1,865	1,977	1,884	2,064	1,991	1,831	1,787	1,749	1,694	1,524	1,492	1,546	1,503	1,493	1,452	1,405	1,437	1,482	1,515	1,454	1,415	1,429	1,405	1,437	1,406	1,391	1,388	1,371	1,343	1,278	1,254	1,220	1,200	1,205	1,211	0	0	0	0	0
Adjustments to reconcile net earnings to cash flows provided by operating activities:
Depreciation and amortization
464	447	427	409	398	392	389	377	360	342	325	316	307	303	297	288	285	282	279	277	277	272	270	266	210	226	236	251	318	317	318	319	312	313	318	314	315	312	307	309	0	0	0	0	0
Amortization of deferred contract costs
906	895	884	874	869	859	849	837	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
62	20	27	9	-2	43	-181	-152	-126	-149	64	41	0	-8	3	0	47	29	4	-15	-21	-39	-45	-37	-25	24	43	33	33	32	33	36	59	94	107	105	97	70	80	96	0	0	0	0	0
Stock-based compensation expense
151	163	166	167	178	174	174	175	157	149	146	138	136	133	134	137	134	139	139	143	140	135	132	117	90	88	84	82	106	99	96	94	97	99	94	90	71	67	64	67	0	0	0	0	0
Excess tax benefit related to exercise of stock options and restricted stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	52	53	59	49	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net pension expense
-0	23	35	55	363	356	344	330	14	17	20	24	22	21	19	17	17	16	16	17	19	21	22	24	23	28	34	37	41	40	38	36	37	38	39	40	39	37	36	34	0	0	0	0	0
Net realized loss / (gain) from the sales of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16	25	29	27	28	28	26	24	24	30	31	26	34	22	18	12	1	0	0	0	0	0
Net amortization of premiums and accretion of discounts on available-for-sale securities
-51	-49	-48	-50	-54	-61	-66	-71	-75	-78	-82	-85	-89	-91	-93	-94	-95	-98	-99	-100	-100	-98	-142	-94	-206	-163	-75	-79	74	70	65	60	55	53	53	53	54	55	55	57	0	0	0	0	0
Impairment of intangible assets
0	0	0	12	12	12	12	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment Losses on Available-for-sale Securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14	0	0	0	0	0
Impairment losses on assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11	0	0	0	-	-	-	0	-	-
Gain on sale of assets
17	17	21	19	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of divested businesses, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21	100	100	100	78	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on sales of buildings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	1	-2	-2	0	0	0	0	0
Loss on sale of discontinued businesses, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Other
63	32	45	43	35	35	32	32	34	38	38	37	32	34	33	30	19	3	0	1	33	37	17	17	-20	-13	8	11	18	27	20	14	18	0	24	33	31	10	14	8	0	0	0	0	0
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable
228	2	331	473	579	624	449	291	125	194	179	-23	-231	233	71	224	508	100	235	175	180	250	163	170	40	79	90	183	372	256	221	41	82	206	58	137	88	5	17	108	0	0	0	0	0
Increase in other assets
1,000	998	907	987	911	785	868	858	1,682	1,662	1,378	1,139	55	26	81	108	209	130	133	109	77	144	186	246	235	252	227	273	246	277	284	71	128	125	93	82	217	194	82	-30	0	0	0	0	0
(Decrease) / increase in accounts payable
-39	-17	-23	-10	54	19	20	-1	-13	1	0	-11	-47	-14	-32	-15	31	4	2	13	3	13	8	9	-4	5	12	-10	8	-2	5	10	4	17	-14	-24	11	-7	20	34	0	0	0	0	0
(Decrease) / increase in accrued expenses and other liabilities
37	-171	252	266	234	365	51	110	97	146	216	155	-13	348	212	220	338	84	62	122	187	209	286	263	213	95	156	115	139	138	137	134	224	258	66	77	83	108	87	-73	0	0	0	0	0
Proceeds from the sale of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	226	226	225	207	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3	41	45	85	44	65	64	26	69	9	10	10	11	0	0	0	-	-	-	-	-	0	0	0	-	-
Net cash flows provided by operating activities
2,981	2,887	2,971	2,688	2,661	2,771	2,419	2,515	2,267	1,959	2,040	2,125	2,331	2,223	2,118	1,897	1,744	1,882	1,704	1,974	2,068	1,955	2,118	1,821	1,792	1,666	1,723	1,577	1,500	1,545	1,528	1,910	1,896	1,806	1,799	1,705	1,615	1,656	1,660	1,682	0	0	0	0	0
Cash Flows from Investing Activities:
Purchases of corporate and client funds marketable securities
5,591	5,997	5,076	4,422	3,909	3,723	4,475	4,876	4,605	4,477	4,369	4,382	5,105	5,796	6,187	5,876	5,922	5,636	5,013	5,047	4,699	4,034	3,940	3,414	3,146	3,974	4,506	4,902	5,300	5,040	4,783	5,113	4,799	4,436	4,780	4,770	4,782	4,932	4,434	3,846	0	0	0	0	0
Proceeds from the sales and maturities of corporate and client funds marketable securities
5,568	4,740	4,022	2,909	2,843	2,752	2,987	3,455	3,591	3,581	3,701	3,593	3,858	4,429	4,860	5,215	5,284	5,132	4,501	3,841	3,207	2,385	2,083	2,059	2,246	2,847	3,607	3,638	3,939	3,767	3,720	3,962	3,873	3,777	3,322	3,305	3,129	3,273	3,226	3,406	0	0	0	0	0
Net decrease/(increase) in restricted cash and cash equivalents held to satisfy client funds obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-11,797	4,357	-3,099	-2,960	-1,304	-5,001	148	2,537	4,444	-4,146	1,285	-161	871	1,001	-393	4,855	3,642	1,605	4,735	-4,837	-4,274	-1,145	-4,924	-1,639	0	0	0	0	0
Capital expenditures
181	182	175	162	166	167	176	206	225	238	264	240	215	188	161	168	178	177	178	158	148	171	161	159	126	123	134	130	158	148	137	140	164	167	176	181	148	129	107	102	0	0	0	0	0
Additions to intangibles
335	432	418	404	398	271	268	264	264	256	242	230	219	218	229	217	205	198	178	176	168	156	156	143	130	117	102	104	108	117	119	109	119	111	100	95	95	91	126	123	0	0	0	0	0
Acquisitions of businesses, net of cash acquired
5	5	5	125	120	245	732	612	613	554	67	87	86	20	20	0	0	0	0	8	8	8	8	0	26	41	41	42	81	90	264	265	201	363	302	776	775	685	575	100	0	0	0	0	0
Reclassification from cash and cash equivalents to short-term marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Proceeds from the sale of property, plant, and equipment and other assets
23	23	31	7	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	23	23	24	24	0	0	0	0	-	-	-	-	-	-	-	-	13	13	13	13	3	0	0	0	0	0
Dividend received from CDK Global, Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	825	825	825	825	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash retained by CDK Global, Inc.
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	180	180	180	180	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2	-0	-0	-4	-1	0	0	0	0	0
Proceeds from the sale of divested businesses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	162	260	260	261	98	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investing activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-16	-31	-50	-82	-90	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash flows provided by / (used in) investing activities
-521	-1,853	-1,622	-2,197	-1,744	-1,647	-2,664	-2,504	-2,116	-1,945	-1,008	-1,113	14,435	4,502	-1,585	-869	-12,543	3,753	-3,708	-3,760	-2,484	-6,342	-1,423	813	3,162	-5,658	209	-1,578	-661	-468	-1,922	3,243	2,279	365	2,697	-7,340	-6,933	-3,675	-6,902	-2,379	0	0	0	0	0
Cash Flows from Financing Activities:
Net increase in client funds obligations
-5,564	10,356	-4,655	1,696	2,252	-8,433	303	340	-57	3,886	1,133	-6,120	-6,658	209	150	8,803	12,361	-3,853	5,752	6,074	2,717	6,486	2,352	-2,989	-3,595	5,240	-2,936	1,138	450	222	989	-3,726	-2,731	-958	-3,285	6,290	5,904	2,776	6,100	2,020	0	0	0	0	0
Proceeds from debt issuance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,998	1,998	1,986	1,986	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of debt
2	2	2	2	2	2	6	7	7	7	2	2	2	1	1	1	1	2	2	2	2	2	3	3	3	10	9	17	17	9	9	2	1	2	1	5	6	6	6	2	0	0	0	0	0
Net repayment of commercial paper
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0
Repurchases of common stock
1,183	1,026	1,020	937	1,153	1,107	966	989	899	902	1,181	1,259	1,021	1,148	1,176	1,155	1,520	1,868	1,804	1,557	1,336	712	425	667	704	757	755	647	743	750	686	741	957	928	932	732	662	716	802	766	0	0	0	0	0
Net proceeds from stock purchase plan and stock-based compensation plans
55	63	65	72	73	80	60	69	67	71	95	95	97	91	82	75	74	83	70	109	141	120	155	194	156	178	180	205	249	261	281	250	323	467	505	478	385	218	218	241	0	0	0	0	0
Excess tax benefit related to exercise of stock options and restricted stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	52	53	59	49	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
1,422	1,374	1,333	1,293	1,228	1,162	1,112	1,063	1,040	1,019	1,007	995	981	967	956	943	932	925	926	927	927	923	902	883	862	842	824	805	788	770	754	739	725	710	702	692	688	678	675	673	0	0	0	0	0
Net payments of reverse repurchase agreements
0	0	-20	262	0	0	0	-	-	-	0	-	-	-	0	-	-	-	-	-	-	-	-	-245	0	-13	-97	245	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	0	0
Net proceeds from commercial paper borrowings
-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-2,173	0	0	-540	2,173	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23	0	0	0	23	0	0	0	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financing activities of discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1	9	5	10	14	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Cash Provided by (Used in) Financing Activities, Total
-8,117	6,805	-3,435	-207	-68	-9,424	-1,408	-1,655	-1,937	2,027	-832	-8,281	-8,566	-1,803	-1,889	8,752	11,931	-4,627	3,094	1,548	655	5,027	361	-2,358	-4,926	3,881	-1,893	151	-843	-1,027	268	-4,953	-4,092	-2,130	-4,415	5,339	4,932	1,593	4,834	89	0	0	0	0	0
Effect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash equivalents
-36	-8	-49	-28	-81	-75	-21	5	126	96	22	-8	-84	-42	-13	-8	0	-64	-82	-106	-102	-56	-29	8	-4	-13	-8	1	-13	9	-5	-41	-18	-15	-9	41	20	-10	1	-13	0	0	0	0	0
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents
-5,692	7,831	-2,136	254	766	-8,375	-1,674	-1,639	-1,660	2,138	221	-7,277	8,116	4,879	-1,370	9,772	1,132	944	1,009	-344	137	583	1,026	284	23	-123	31	151	-17	59	-131	158	64	25	72	-253	-364	-435	-406	-622	0	0	0	0	0
Supplemental disclosures of cash flow information:
Cash paid for interest
122	124	131	127	122	119	108	100	94	93	86	78	73	72	68	37	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes, net of income tax refunds
716	703	640	633	544	420	527	529	670	873	822	817	800	672	669	651	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-