Revenues Rise 6%, 4%
Organic; EPS From Continuing Operations Flat With a Year
Ago
Forecasting 7% to
8% Growth in Fiscal 2011 Revenues and
3% to 5% EPS Growth Excluding Certain
Items
Automatic Data Processing, Inc. (Nasdaq:ADP) reported revenue
growth of 6%, 4% organic, to $2.2 billion for the first fiscal
quarter ended September 30, 2010, Gary C. Butler, president and
chief executive officer, announced today. Revenues were
negatively impacted nearly 1% from unfavorable foreign exchange
rates during the quarter compared with a year ago. Pretax and
net earnings from continuing operations declined 2% from a year
ago. Diluted earnings per share from continuing operations of
$0.56 were flat with a year ago on fewer shares
outstanding. ADP acquired 1.2 million shares of its stock for
treasury at a cost of about $50 million during the first
quarter. Cash and marketable securities were $1.3 billion at
September 30, 2010.
First Quarter Discussion
Commenting on the results, Mr. Butler said, "The positive trends
in our key business metrics continued and I am pleased with ADP's
first quarter results. New business sales for Employer
Services and PEO Services were solid compared with a year ago which
included large GlobalView transactions that made the grow-over
difficult. The improved economy coupled with our investments
in client service resulted in increased client revenue retention,
and pays per control also increased more than anticipated during
the quarter. Additionally, we closed three strategic
acquisitions during the first quarter in our Employer Services and
Dealer Services businesses that are expected to contribute to ADP's
future growth.
Employer Services
"Employer Services' revenues grew 6% for the first quarter, 5%
organically. In the United States, revenues from our
traditional payroll and payroll tax filing business grew 2%, and
beyond payroll revenues grew 9% for the quarter. The number of
employees on our clients' payrolls in the United States grew 1.7%
for the quarter, as measured on a same-store-sales basis for our
clients on our Auto Pay platform. Worldwide client retention
improved 1.7 percentage points for the quarter. Employer
Services' pretax margin declined 80 basis points for the quarter.
As anticipated, the quarter was negatively impacted by higher
compensation expense, and sales and client service investments,
including headcount increases made during the second half of last
fiscal year. Pretax margin was also pressured from acquisition
activity.
"Combined Employer Services and PEO Services worldwide new
business sales were flat with a year ago. New business sales
represent annualized recurring revenues anticipated from new
orders.
PEO Services
"PEO Services' revenues increased 15% for the first quarter, all
organic. PEO Services' pretax margin declined 370 basis
points from last year's first quarter; 310 basis points of the
decline was due to the settlement of a state unemployment tax
matter that increased last year's first quarter pretax earnings $9
million. Compression from price sensitivity related to higher
pass-through costs as well as higher compensation expense
contributed to the pressure on pretax margin. Average worksite
employees paid by PEO Services increased 9.5% for the first
quarter, to approximately 214,000.
Dealer Services
"Dealer Services' revenues increased 12%, 1% organically for the
first quarter. Revenues in last year's first quarter included
1 point of growth from activity related to the United States
government's 'cash for clunkers' program. Although dealership
closings have greatly subsided, revenues continue to be negatively
impacted as anticipated by the carry forward effect of dealership
closings over the past year. Dealer Services' pretax margin
increased 25 basis points from a year ago. The negative impact
from the Cobalt acquisition of 225 basis points was offset by a 225
basis point benefit from the $7 million intangible asset impairment
charge in last year's first quarter relating to General Motors'
announced closure of its Saturn brand. Dealer Services
continued to gain market share with strong competitive win
rates.
Interest on Funds Held for Clients
"The safety and liquidity of our clients' funds are the foremost
objectives of our investment strategy. Client funds are invested in
accordance with ADP's prudent and conservative investment
guidelines and the credit quality of the investment portfolio is
predominantly AAA/AA.
"For the first quarter, interest on funds held for clients
declined $1.1 million, or 0.9%, from $127.9 million to $126.8
million, due to a decline of 40 basis points in the average
interest yield to 3.7%, partially offset by an increase of 9.0% in
average client funds balances from $12.7 billion to $13.8
billion.
Fiscal 2011 Forecast
"We anticipate no changes in the current economic
environment. We continue to anticipate that difficult expense
and earnings comparisons will continue through the second quarter
of fiscal 2011, primarily as a result of increased sales and
service investments that we began during the second half of fiscal
2010. Our current forecasts for fiscal 2011 have been updated
as follows, compared with the previous forecasts:
- Total revenues – excluding acquisitions closed during the first
quarter of fiscal 2011 that were not contemplated in our prior
forecast, we anticipate 3% to 5% revenue growth, up from our prior
forecast of 1% to 3% growth due to positive results achieved during
the first quarter. Including acquisitions closed during the
first quarter, we anticipate 7% to 8% revenue growth for the
year.
- Diluted earnings per share – we anticipate 3% to 5% growth in
earnings per share from continuing operations, compared with $2.37
earnings per share from continuing operations in fiscal 2010, which
excludes favorable tax items. This is up from our prior
forecast of 1% to 3% growth. We anticipate no impact to
diluted earnings per share from the acquisitions closed during the
first quarter of fiscal 2011.
- Employer Services – excluding acquisitions closed during the
first quarter of fiscal 2011 that were not contemplated in our
prior forecast, we anticipate about 4% revenue growth, up from our
prior forecast of 1% to 3% growth. Including acquisitions
closed during the first quarter, we anticipate about 5% revenue
growth. We anticipate no change to our forecast of pretax
margin expansion of up to 50 basis points, now including first
quarter fiscal 2011 acquisition activity.
- Pays per control – up at least 1.0% for the year, up from our
prior forecast of flat to up 0.5%
- Client revenue retention – up approximately 0.5 percentage
points, up from our prior forecast of flat to up 0.4 percentage
points
- PEO Services – 13% to 15% revenue growth driven by higher
benefits pass through revenues, compared with our prior forecast of
low double-digit revenue growth. We continue to anticipate a
decline in pretax margin due to increased benefits pass through
revenues and the grow-over impact of last year's $9 million
favorable settlement.
- Employer Services and PEO Services new business sales –
continue to anticipate high single-digit growth compared to $1.0
billion sold in fiscal 2010.
- Dealer Services – excluding the Cobalt acquisition closed
during the first quarter of fiscal 2011, we anticipate up to 2%
revenue growth and slight improvement in pretax margin compared
with our prior forecasts of flat to slightly up from last year for
both revenues and pretax margin. Including Cobalt, we
anticipate revenue growth of over 20% and a decline in pretax
margin of up to 200 basis points. As a reminder, we
continue to anticipate that Cobalt will be slightly accretive to
ADP, but the acquisition-related costs will be dilutive to Dealer
Services' pretax margin.
"Interest on funds held for clients is expected to decline $20
to $25 million, or 4% to 5%, from $542.8 million in fiscal 2010.
This is based on an approximate 40 basis point decline in the
expected average interest yield to about 3.2%, offset somewhat by
5% to 7% growth in average client funds balances. The
interest assumptions in our forecasts are based on Fed Funds
futures contracts and forward yield curves as of October 25, 2010.
The Fed Funds futures contracts do not anticipate any changes
during the fiscal year in the Fed Funds target rate. The
three-and-a-half and five-year U.S. government agency rates based
on the forward yield curves as of October 25, 2010 were used to
forecast new purchase rates for the client extended and client long
portfolios, respectively.
"ADP entered fiscal 2011 from a position of strength and I am
pleased that our first quarter results were ahead of our
expectations. We are winning in the marketplace as a result of
continued investments in new solutions, and in our sales and client
service resources. We remain highly focused on our five-point
strategic growth program and are confident in our ability to
deliver strong revenue growth and pretax margin improvement over
our strategic planning horizon." Mr. Butler concluded.
Website Schedules
The schedules of quarterly and full-year revenue and pretax
earnings by reportable segment for fiscal years 2009 and 2010 and
the first quarter of fiscal 2011 have been updated to reflect
fiscal 2011 budgeted foreign exchange rates, and posted to the
Investor Relations home page
(http://www.investquest.com/iq/a/adp/index.htm) of our website
www.adp.com under Financial Data.
An analyst conference call will be held today, Wednesday,
October 27 at 8:30 a.m. EDT. A live webcast of the call
will be available to the public on a listen-only basis. To
listen to the webcast and view the slide presentation, go to ADP's
home page, www.adp.com, or ADP's Investor Relations home page,
http://www.investquest.com/InvestQuest/a/adp/, and click on the
webcast icon. The presentation will be available to download
and print about 60 minutes before the webcast at the ADP Investor
Relations home page at
http://www.investquest.com/iq/a/adp/index.htm. ADP's news
releases, current financial information, SEC filings and Investor
Relations presentations are accessible at the same Web site.
About ADP
Automatic Data Processing, Inc. (Nasdaq:ADP), with nearly $9
billion in revenues and about 550,000 clients, is one of the
world's largest providers of business outsourcing
solutions. Leveraging over 60 years of experience, ADP offers
a wide range of HR, payroll, tax and benefits administration
solutions from a single source. ADP's easy-to-use,
cost-effective solutions for employers provide superior value to
companies of all types and sizes. ADP is also a leading
provider of integrated computing solutions to auto, truck,
motorcycle, marine and recreational vehicle dealers throughout the
world. For more information about ADP or to contact a
local ADP sales office, reach us at 1.800.225.5237 or visit the
company's Web site at www.ADP.com.
Automatic Data Processing, Inc. and
Subsidiaries |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(In millions) |
|
|
(Unaudited) |
|
|
|
September 30, |
June 30, |
|
2010 |
2010 |
|
|
|
Assets |
|
|
Cash and cash equivalents/Short-term
marketable securities |
$ 1,217.1 |
$ 1,671.2 |
Other current assets |
1,811.8 |
1,812.9 |
Total current assets before funds held
for clients |
3,028.9 |
3,484.1 |
|
|
|
Funds held for clients |
22,650.3 |
18,832.6 |
Total current assets |
25,679.2 |
22,316.7 |
|
|
|
Long-term marketable securities |
99.1 |
104.3 |
Property, plant and equipment, net |
664.9 |
673.8 |
Other non-current assets |
4,435.7 |
3,767.4 |
Total assets |
$ 30,878.9 |
$ 26,862.2 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Other current liabilities |
1,855.9 |
1,915.5 |
Client funds obligations |
21,821.4 |
18,136.7 |
Total current liabilities |
23,677.3 |
20,052.2 |
|
|
|
Long-term debt |
35.6 |
39.8 |
Other non-current liabilities |
1,409.3 |
1,291.3 |
Total liabilities |
25,122.2 |
21,383.3 |
|
|
|
Total stockholders' equity |
5,756.7 |
5,478.9 |
Total liabilities and stockholders'
equity |
$ 30,878.9 |
$ 26,862.2 |
|
|
|
|
|
|
Automatic Data Processing, Inc. and
Subsidiaries |
|
|
Statements of Consolidated
Earnings |
|
|
(In millions, except per share
amounts) |
|
|
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
September 30, |
|
2010 |
2009 |
REVENUES: |
|
|
Revenues, other than interest on funds
held for clients and PEO revenues |
$ 1,763.7 |
$ 1,674.3 |
Interest on funds held for clients |
126.8 |
127.9 |
PEO revenues (A) |
338.9 |
293.9 |
TOTAL REVENUES |
2,229.4 |
2,096.1 |
|
|
|
EXPENSES: |
|
|
Costs of revenues: |
|
|
Operating expenses |
1,116.7 |
1,003.5 |
Systems development and programming
costs |
134.9 |
125.7 |
Depreciation and amortization |
60.3 |
60.3 |
TOTAL COSTS OF REVENUES |
1,311.9 |
1,189.5 |
|
|
|
Selling, general and administrative
expenses |
515.6 |
491.5 |
Interest expense |
2.7 |
3.2 |
TOTAL EXPENSES |
1,830.2 |
1,684.2 |
|
|
|
Other income, net |
(37.2) |
(33.7) |
|
|
|
EARNINGS FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES |
436.4 |
445.6 |
|
|
|
Provision for income taxes |
157.9 |
162.7 |
|
|
|
NET EARNINGS FROM CONTINUING OPERATIONS |
$ 278.5 |
$ 282.9 |
|
|
|
Earnings from discontinued operations, net of
provision for income taxes of $0.5 for the three months ended
September 30, 2009. |
-- |
1.2 |
|
|
|
NET EARNINGS |
$ 278.5 |
$ 284.1 |
|
|
|
Basic Earnings Per Share from Continuing
Operations |
$ 0.57 |
$ 0.56 |
Basic Earnings Per Share from Discontinued
Operations |
-- |
-- |
Basic Earnings Per Share |
$ 0.57 |
$ 0.57 |
|
|
|
Diluted Earnings Per Share from Continuing
Operations |
$ 0.56 |
$ 0.56 |
Diluted Earnings Per Share from Discontinued
Operations |
-- |
-- |
DILUTED EARNINGS PER SHARE |
$ 0.56 |
$ 0.56 |
|
|
|
Dividends declared per common share |
$ 0.3400 |
$ 0.3300 |
|
|
|
|
|
|
(A) Professional Employer
Organization ("PEO") revenues are net of direct pass-through costs,
primarily consisting of payroll wages and payroll taxes, of
$3,351.3 and $2,801.1 for the three months ended September 30, 2010
and 2009, respectively. |
|
|
Automatic Data Processing, Inc. and
Subsidiaries |
|
|
|
|
Other Selected Financial
Data |
|
|
|
|
(Dollars in millions, except per
share amounts) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2010 |
2009 |
Change |
% Change |
Revenues (A) |
|
|
|
|
Employer Services |
$ 1,559.2 |
$ 1,476.6 |
$ 82.6 |
6% |
PEO Services |
341.3 |
296.2 |
45.1 |
15% |
Dealer Services |
336.4 |
301.5 |
34.9 |
12% |
Other |
(7.5) |
21.8 |
(29.3) |
(100+)% |
|
$ 2,229.4 |
$ 2,096.1 |
$ 133.3 |
6% |
Pre-tax earnings from continuing
operations (A) |
|
|
|
|
Employer Services |
$ 376.7 |
$ 368.2 |
$ 8.5 |
2% |
PEO Services |
28.3 |
35.5 |
(7.2) |
(20)% |
Dealer Services |
50.8 |
44.7 |
6.1 |
14% |
Other |
(19.4) |
(2.8) |
(16.6) |
(100+)% |
|
$ 436.4 |
$ 445.6 |
$ (9.2) |
(2)% |
Pre-tax margin (A) |
|
|
|
|
Employer Services |
24.2% |
24.9% |
(0.8)% |
|
PEO Services |
8.3% |
12.0% |
(3.7)% |
|
Dealer Services |
15.1% |
14.8% |
0.3% |
|
Other |
n/m |
n/m |
n/m |
|
|
19.6% |
21.3% |
(1.7)% |
|
|
|
|
|
|
(A) Prior year's segment results
were adjusted to reflect fiscal year 2010 budgeted foreign exchange
rates. |
|
|
|
|
|
|
n/m - not meaningful |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, |
|
|
|
|
Change in other |
|
2010 |
2009 |
income, net |
Components of other income, net: |
|
|
|
Interest income on corporate funds |
$ (30.7) |
$ (36.3) |
$ (5.6) |
Realized gains on available-for-sale
securities |
(12.2) |
(8.0) |
4.2 |
Realized losses on available-for-sale
securities |
0.4 |
7.3 |
6.9 |
Impairment losses on available-for-sale
securities |
-- |
5.3 |
5.3 |
Impairment loss on buildings |
8.6 |
-- |
(8.6) |
Net loss (gain) on sales of buildings |
(1.8) |
(1.5) |
0.3 |
Other, net |
(1.5) |
(0.5) |
1.0 |
Total other income, net |
$ (37.2) |
$ (33.7) |
$ 3.5 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2010 |
2009 |
Change |
% Change |
Earnings per share information: |
|
|
|
|
Net earnings from continuing operations |
$ 278.5 |
$ 282.9 |
$ (4.4) |
(2)% |
Net earnings |
$ 278.5 |
$ 284.1 |
$ (5.6) |
(2)% |
Basic weighted average shares
outstanding |
491.4 |
501.4 |
(10.0) |
(2)% |
Basic earnings per share from continuing
operations |
$ 0.57 |
$ 0.56 |
$ 0.01 |
2% |
Basic earnings per share |
$ 0.57 |
$ 0.57 |
$ -- |
0% |
|
|
|
|
|
Net earnings from continuing operations |
$ 278.5 |
$ 282.9 |
$ (4.4) |
(2)% |
Net earnings |
$ 278.5 |
$ 284.1 |
$ (5.6) |
(2)% |
Diluted weighted average shares
outstanding |
494.9 |
503.7 |
(8.8) |
(2)% |
Diluted earnings per share from continuing
operations |
$ 0.56 |
$ 0.56 |
$ -- |
0% |
Diluted earnings per share |
$ 0.56 |
$ 0.56 |
$ -- |
0% |
|
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, |
|
2010 |
2009 |
Key Statistics: |
|
|
Internal revenue growth: |
|
|
Employer Services |
5% |
(3)% |
PEO Services |
15% |
6% |
Dealer Services |
1% |
(5)% |
|
|
|
Employer Services: |
|
|
Change in pays per control - AutoPay
product |
1.7% |
(6.5)% |
Change in client revenue retention
percentage - worldwide |
1.7 pts |
(1.0) pts |
Employer Services/PEO new business sales
growth - worldwide |
0% |
(2)% |
|
|
|
PEO Services: |
|
|
Paid PEO worksite employees at end of
period |
217,000 |
197,000 |
Average paid PEO worksite employees
during the period |
214,000 |
195,000 |
|
|
|
Automatic Data Processing, Inc. and
Subsidiaries |
|
|
|
|
Other Selected Financial Data,
Continued |
|
|
|
|
(Dollars in millions, except per
share amounts or where otherwise stated) |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2010 |
2009 |
Change |
% Change |
Average investment balances at cost (in
billions): |
|
|
|
|
Corporate, other than corporate
extended |
$ 1.4 |
$ 1.5 |
$ (0.1) |
(8)% |
Corporate extended |
2.8 |
3.1 |
(0.3) |
(9)% |
Total corporate |
4.2 |
4.6 |
(0.4) |
(9)% |
Funds held for clients |
13.8 |
12.7 |
1.1 |
9% |
Total |
$ 18.0 |
$ 17.3 |
$ 0.7 |
4% |
|
|
|
|
|
Average interest rates earned exclusive of
realized losses (gains) on: |
|
|
|
|
Corporate, other than corporate
extended |
1.0% |
1.0% |
|
|
Corporate extended |
3.8% |
4.2% |
|
|
Total corporate |
2.9% |
3.2% |
|
|
Funds held for clients |
3.7% |
4.0% |
|
|
Total |
3.5% |
3.8% |
|
|
|
|
|
|
|
Net unrealized gain position at end of
period |
$ 852.9 |
$ 653.7 |
|
|
|
|
|
|
|
Average short-term financing (in
billions): |
|
|
|
|
U.S. commercial paper borrowings |
$ 2.2 |
$ 2.6 |
|
|
U.S. & Canadian reverse repurchase
agreement borrowings |
0.6 |
0.5 |
|
|
|
$ 2.8 |
$ 3.1 |
|
|
|
|
|
|
|
Average interest rates paid on: |
|
|
|
|
U.S. commercial paper borrowings |
0.2% |
0.2% |
|
|
U.S. & Canadian reverse repurchase
agreement borrowings |
0.4% |
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on funds held for clients |
$ 126.8 |
$ 127.9 |
$ (1.1) |
(0.9)% |
Corporate extended interest income (B) |
27.3 |
32.6 |
(5.3) |
(16)% |
Corporate interest expense-short-term
financing (B) |
(2.0) |
(1.7) |
(0.3) |
(17)% |
|
$ 152.1 |
$ 158.8 |
$ (6.7) |
(4)% |
|
|
|
|
|
(B) While "Corporate
extended interest income" and "Corporate interest expense
-short-term financing" are non-GAAP disclosures, management
believes this information is beneficial to reviewing the financial
statements of ADP. Management believes this information is
beneficial as it allows the reader to understand the extended
investment strategy for ADP's client funds assets, corporate
investments and short-term borrowings. A reconciliation of the
non-GAAP measures to GAAP measures is as follows: |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
September 30, |
|
|
|
2010 |
2009 |
|
|
|
|
|
|
|
Corporate extended interest income |
$ 27.3 |
$ 32.6 |
|
|
All other interest income |
3.4 |
3.7 |
|
|
Total interest income on corporate
funds |
$ 30.7 |
$ 36.3 |
|
|
|
|
|
|
|
Corporate interest expense - short-term
financing |
$ 2.0 |
$ 1.7 |
|
|
All other interest expense |
0.7 |
1.5 |
|
|
Total interest expense |
$ 2.7 |
$ 3.2 |
|
|
Automatic Data
Processing, Inc. and Subsidiaries |
|
|
|
Consolidated Statements
of Adjusted / Non-GAAP Financial Information |
|
|
(In millions, except per
share amounts) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
The following table reconciles
the Company's results for the twelve months ended June 30, 2010 to
adjusted results that exclude the impact of favorable tax items.
The Company uses certain adjusted results, among other measures, to
evaluate the Company's operating performance in the absence of
certain items and for planning and forecasting of future periods.
The Company believes that the adjusted results provide relevant and
useful information for investors because it allows investors to
view performance in a manner similar to the method used by the
Company's management, improves their ability to understand the
Company's operating performance and makes it easier to compare the
Company's results with other companies. Since adjusted
earnings from continuing operations and adjusted diluted EPS are
not measures of performance calculated in accordance with U.S.
GAAP, they should not be considered in isolation of, or as a
substitute for, earnings from continuing operations and diluted EPS
from continuing operations and they may not be comparable to
similarly titled measures employed by other companies. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended June
30, 2010 |
|
Earnings from
continuing operations before income taxes |
Provision for income
taxes |
Net earnings from
continuing operations |
Diluted EPS from continuing
operations |
|
|
|
|
|
As Reported |
$ 1,863.2 |
$ 655.9 |
$ 1,207.3 |
$ 2.40 |
|
|
|
|
|
Adjustments: |
|
|
|
|
Favorable tax items |
-- |
12.2 |
12.2 |
0.02 |
|
|
|
|
|
As Adjusted |
$ 1,863.2 |
$ 668.1 |
$ 1,195.1 |
$ 2.37 |
This document and other written or oral statements made from
time to time by ADP may contain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical in nature and which may be
identified by the use of words like "expects," "assumes,"
"projects," "anticipates," "estimates," "we believe," "could be"
and other words of similar meaning, are forward-looking statements.
These statements are based on management's expectations and
assumptions and are subject to risks and uncertainties that may
cause actual results to differ materially from those expressed.
Factors that could cause actual results to differ materially from
those contemplated by the forward-looking statements include: ADP's
success in obtaining, retaining and selling additional services to
clients; the pricing of products and services; changes in laws
regulating payroll taxes, professional employer organizations and
employee benefits; overall market and economic conditions,
including interest rate and foreign currency trends; competitive
conditions; auto sales and related industry changes; employment and
wage levels; changes in technology; availability of skilled
technical associates and the impact of new acquisitions and
divestitures. ADP disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. These risks and uncertainties, along
with the risk factors discussed under "Item 1A. - Risk Factors" in
our Annual Report on Form 10-K for the fiscal year ended June 30,
2010 should be considered in evaluating any forward-looking
statements contained herein.
CONTACT: Automatic Data Processing, Inc.
ADP Investor Relations
Elena Charles
973.974.4077
Debbie Morris
973.974.7821
Automatic Data Processing (NASDAQ:ADP)
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