Wed, Feb. 4, 7:08 AM| Comment!
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Thu, Jan. 22, 1:33 PM
Nov. 11, 2014, 1:05 PM
Oct. 29, 2014, 1:57 PM
- Excluding its Dealer Services ops (spun off at the end of FQ1), ADP (ADP +0.4%) expects FY15 (ends June '15) revenue to be up 7%-8% Y/Y, and EPS from continuing ops to be up 12%-14% from an FY14 level of $2.58. The EPS forecast implies a range of $2.89-$2.94; consensus is at $2.93.
- Employer Services revenue +7% Y/Y to $2.1B; PEO services +18% to $594.9M. Employer Services pre-tax margin +120 bps to 27.8%; PEO Services +90 bps to 11.2%. Total expenses rose 8% to $2.14B.
- ADP forecasts 6%-7% FY15 Employer Services growth, and 13%-15% PEO Services growth. New business bookings are expected to rise 8% from an FY14 level of $1.4B.
- FQ1 results, PR
Oct. 29, 2014, 7:32 AM| 1 Comment
Oct. 28, 2014, 5:30 PM
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Oct. 13, 2014, 5:07 PM
- In an article now out of embargo, David Hernandez observes Paylocty (PCTY +3.1%) has posted a 40% revenue CAGR over its last 4 fiscal year, thanks in large part to the ability of its cloud payroll software to take share from traditional payroll outsourcing providers such as ADP and Paychex (NASDAQ:PAYX).
- He notes Paylocity CEO Steve Beauchamp declared on a May CC (transcript) "more than 50% of our new business" comes from displacing traditional payroll outsources, while adding "ADP and Paychex would be the two most common providers in that space."
- ADP has rolled out its own cloud payroll offerings in an attempt to counter upstarts such as Paylocity. Paychex bought online payroll service provider SurePayroll in 2011.
- Though admitting ADP and Ultimate Software are beginning to provide tougher competition in Paylocity's midmarket niche, Hernandez still sees plenty of room for growth in the near-term, given the company has penetrated less than 2% of the midmarket (estimated to have 656K organizations as of 2010).
Oct. 3, 2014, 5:36 PM
Oct. 1, 2014, 12:46 PM
Sep. 16, 2014, 10:33 AM
- ADP's (ADP -0.5%) board of directors has approved the share distribution ratio for the spin-off of CDK Global, which will take place after the market close on September 30.
- ADP shareholders of record after the market close on September 24, the record date for the distribution, will receive one share of CDK Global common stock for every three shares of ADP common stock held.
Aug. 5, 2014, 2:12 PM
Jul. 31, 2014, 2:13 PM
- ADP (ADP -0.9%) expects FY15 (ends June '15) revenue growth of 7%-8% and EPS growth of 11%-13% (translates into EPS of $3.48-$3.54). That's in-line with a consensus for 7.5% growth and EPS of $3.49.
- Employer services revenue +8% Y/Y in FQ4 to $2.14B; PEO services +19% to $584M; dealer services (set to be spun off) +8% to $499.4M. Employer services margin +250 bps Y/Y to 26.3%, PEO services +70 bps to 10.7%, dealer services +210 bps to 22.6%.
- Total op. margin rose 170 bps to 14.6%. 430K+ clients now use ADP's cloud service offerings.
- FQ4 results, PR
Jul. 31, 2014, 7:34 AM| Comment!
Jul. 30, 2014, 5:30 PM
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Apr. 30, 2014, 3:13 PM
- Though ADP (ADP +1.3%) missed FQ3 estimates, it now expects FY14 revenue growth to be at the high end of a prior 7%-8% range. EPS growth is forecast to be at the midpoint of a prior 8%-10% range, and pre-tax margin is still expected to come in at 18.8%.
- Also helping ADP's cause: New business bookings for its employer and professional employer organization (PEO) services ops rose 14% Y/Y, an improvement from FQ2's 7%.
- Employer services revenue +6% Y/Y to $2.35B, PEO services +15% to $651M, dealer services (about to be spun off) +7% to $495M.
- Opex rose 8% Y/Y to $1.64B (slightly above rev. growth of 7%), and pre-tax margin fell 10 bps to 23.2%. $42M was spent on buybacks.
- FQ3 results, PR
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