PAYX Capital Returns, Deployment, And Accumulation
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Capital Returns, Deployment, and Accumulation ADP Capital Returns 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 NWC (135.4) (30.6) (100.9) (242.9) (113.8) 384.3 596.1 373.8 355.9 (10.2) Net PPE 642.4 684.8 782.4 723.8 742.9 734.5 673.8 716.2 706.3 728.7 Invested Operating Capital 507.0 654.2 681.5 480.9 629.1 1,118.8 1,269.9 1,090.0 1,062.2 718.5 Debt 76.7 76.0 74.5 43.7 54.8 775.5 42.6 37.0 35.0 263.4 Equity 5,417.7 5,783.8 6,011.6 5,147.9 5,087.2 5,322.6 5,478.9 6,010.4 6,114.0 6,189.9 Invested Financial Capital 5,494.4 5,859.8 6,086.1 5,191.6 5,142.0 6,098.1 5,521.5 6,047.4 6,149.0 6,453.3 EBIT 1,438.2 1,644.0 1,678.5 1,506.5 1,726.0 1,830.0 1,768.2 1,824.7 1,959.0 2,039.9 Tax Adjustment (503.4) (575.4) (587.5) (527.3) (604.1) (640.5) (618.9) (638.6) (685.7) (714.0) NOPAT 934.9 1,068.6 1,091.0 979.2 1,121.9 1,189.5 1,149.3 1,186.1 1,273.4 1,325.9 NOPAT Margin 12.1% 12.6% 12.3% 12.6% 12.8% 13.4% 12.9% 12.0% 11.9% 11.7% NWC as % Sales (1.7)% (0.4)% (1.1)% (3.1)% (1.3)% 4.3% 6.7% 3.8% 3.3% (0.1)% PPE Turns 12.1x 12.4x 11.4x 10.8x 11.8x 12.1x 13.2x 13.8x 15.1x 15.5x ROIC (Operating) 184.4% 163.3% 160.1% 203.6% 178.3% 106.3% 90.5% 108.8% 119.9% 184.5% ROIC (Financial) 17.0% 18.2% 17.9% 18.9% 21.8% 19.5% 20.8% 19.6% 20.7% 20.5% Net Income Margin 12.1% 12.4% 12.1% 13.1% 13.2% 15.0% 13.5% 12.7% 13.0% 12.1% Asset Turns 0.4x 0.3x 0.3x 0.3x 0.4x 0.3x 0.3x 0.3x 0.3x 0.4x ROA 4.4% 3.8% 3.9% 3.8% 4.9% 5.2% 4.5% 3.7% 4.5% 4.2% Asset Leverage 3.9x 4.8x 4.6x 5.2x 4.7x 4.8x 4.9x 5.7x 5.0x 5.2x ROE 17.3% 18.2% 17.8% 19.8% 22.8% 25.0% 22.0% 20.9% 22.7% 22.0% Debt/EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x 0.4x 0.0x 0.0x 0.0x 0.1x Debt/Capital 1.4% 1.3% 1.2% 0.8% 1.1% 12.7% 0.8% 0.6% 0.6% 4.1% Capital Deployment 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Cash Sources Net Total % Total % EBITDA EBITDA Generated 1,745.0 1,948.4 1,967.1 1,795.3 2,045.1 2,138.1 2,077.4 2,142.9 2,282.3 2,356.9 20,498.5 84% 100% Working Capital Runoff - - 70.3 142.0 - - - 222.3 17.9 366.1 - 0% 0% Sale of Assets - 25.7 3.1 13.1 - 0% 0% Debt Raised - - - - 11.1 720.7 - - - 228.4 177.9 1% 1% Equity Raised - - - - - - - - - - - 0% 0% Other - 591.3 1,363.1 1,090.4 770.3 437.1 343.2 - 159.4 - 3,414.0 14% 17% Cash from Balance Sheet 876.3 - - 452.0 232.7 - 624.9 245.5 - - 278.3 1% 1% Total Sources 2,621.3 2,539.7 3,400.5 3,479.7 3,059.2 3,321.6 3,048.6 2,623.8 2,459.6 2,951.4 24,368.7 100% 119% Cash Uses EBITDA Burn - - - - - - - - - - - 0% 0% Cash Interest 14.0 25.7 67.4 93.5 82.1 40.1 8.9 8.8 7.7 9.1 357.3 1% 2% Cash Taxes 539.0 490.1 675.6 718.2 755.7 719.1 693.4 628.7 660.3 693.0 6,573.1 27% 32% Working Capital Investment 192.4 104.8 - - 129.1 498.1 211.8 - - - 317.6 1% 2% Capex 204.1 196.1 292.3 172.8 181.0 157.9 102.9 181.9 140.1 174.6 1,761.8 7% 9% Acquisition 295.2 434.4 336.7 446.9 97.3 67.0 100.0 776.0 265.7 42.0 2,861.2 12% 14% Debt Paydown 8.8 0.7 1.5 30.8 - - 732.9 5.6 2.0 - - 0% 0% Share Repurchase 460.7 400.9 1,035.8 1,556.2 1,265.1 497.7 525.3 254.6 491.3 412.0 6,899.6 28% 34% Dividend 308.6 344.9 393.9 461.3 548.9 629.4 673.4 692.4 739.7 805.5 5,598.0 23% 27% Other 598.4 - - - - - - 75.8 - 666.6 - 0% 0% Cash to Balance Sheet - 542.1 597.3 - - 712.3 - - 152.8 148.6 - 0% 0% Total Uses 2,621.3 2,539.7 3,400.5 3,479.7 3,059.2 3,321.6 3,048.6 2,623.8 2,459.6 2,951.4 24,368.7 100% 119% Deployable FCF Capex / EBITDA 11.7% 10.1% 14.9% 9.6% 8.9% 7.4% 5.0% 8.5% 6.1% 7.4% 56% Capital Accumulation 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Beginning BVPS $ 9.10 $ 9.29 $ 10.03 $ 10.87 $ 9.93 $ 10.14 $ 10.58 $ 10.96 $ 12.29 $ 12.60 EPS 1.56 1.79 1.85 1.83 2.20 2.63 2.40 2.52 2.82 2.80 DPS (0.54) (0.61) (0.71) (0.88) (1.10) (1.28) (1.35) (1.42) (1.55) (1.70) (Repurchases)/Issue Per Share (0.79) (0.69) (1.83) (2.90) (2.48) (0.99) (1.05) (0.51) (1.01) (0.85) Other (0.04) 0.25 1.53 1.01 1.59 0.08 0.38 0.74 0.04 (0.01) Ending BVPS $ 9.29 $ 10.03 $ 10.87 $ 9.93 $ 10.14 $ 10.58 $ 10.96 $ 12.29 $ 12.60 $ 12.84 % y/y 2.1% 8.0% 8.3% (8.6)% 2.1% 4.3% 3.6% 12.1% 2.5% 1.9% BVPS Accumulation ex Dist $ 10.61 $ 13.91 $ 19.53 $ 25.41 $ 31.75 $ 36.05 $ 40.48 $ 44.84 $ 49.35 $ 53.76 % y/y 16.7% 31.1% 40.3% 30.1% 24.9% 13.5% 12.3% 10.8% 10.1% 8.9% Shares Out 583.3 576.4 553.2 518.4 501.6 503.0 499.7 489.1 485.2 482.1
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PAYX
Transcript of PAYX Capital Returns, Deployment, And Accumulation
Capital Returns, Deployment, and Accumulation
ADP
Capital Returns 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NWC (135.4) (30.6) (100.9) (242.9) (113.8) 384.3 596.1 373.8 355.9 (10.2)
Net PPE 642.4 684.8 782.4 723.8 742.9 734.5 673.8 716.2 706.3 728.7
Invested Operating Capital 507.0 654.2 681.5 480.9 629.1 1,118.8 1,269.9 1,090.0 1,062.2 718.5
Debt 76.7 76.0 74.5 43.7 54.8 775.5 42.6 37.0 35.0 263.4
Equity 5,417.7 5,783.8 6,011.6 5,147.9 5,087.2 5,322.6 5,478.9 6,010.4 6,114.0 6,189.9
Invested Financial Capital 5,494.4 5,859.8 6,086.1 5,191.6 5,142.0 6,098.1 5,521.5 6,047.4 6,149.0 6,453.3
EBIT 1,438.2 1,644.0 1,678.5 1,506.5 1,726.0 1,830.0 1,768.2 1,824.7 1,959.0 2,039.9
Tax Adjustment (503.4) (575.4) (587.5) (527.3) (604.1) (640.5) (618.9) (638.6) (685.7) (714.0)
NOPAT 934.9 1,068.6 1,091.0 979.2 1,121.9 1,189.5 1,149.3 1,186.1 1,273.4 1,325.9
NOPAT Margin 12.1% 12.6% 12.3% 12.6% 12.8% 13.4% 12.9% 12.0% 11.9% 11.7%
NWC as % Sales (1.7)% (0.4)% (1.1)% (3.1)% (1.3)% 4.3% 6.7% 3.8% 3.3% (0.1)%
PPE Turns 12.1x 12.4x 11.4x 10.8x 11.8x 12.1x 13.2x 13.8x 15.1x 15.5x
ROIC (Operating) 184.4% 163.3% 160.1% 203.6% 178.3% 106.3% 90.5% 108.8% 119.9% 184.5%
ROIC (Financial) 17.0% 18.2% 17.9% 18.9% 21.8% 19.5% 20.8% 19.6% 20.7% 20.5%
Net Income Margin 12.1% 12.4% 12.1% 13.1% 13.2% 15.0% 13.5% 12.7% 13.0% 12.1%
Asset Turns 0.4x 0.3x 0.3x 0.3x 0.4x 0.3x 0.3x 0.3x 0.3x 0.4x
ROA 4.4% 3.8% 3.9% 3.8% 4.9% 5.2% 4.5% 3.7% 4.5% 4.2%
Asset Leverage 3.9x 4.8x 4.6x 5.2x 4.7x 4.8x 4.9x 5.7x 5.0x 5.2x
ROE 17.3% 18.2% 17.8% 19.8% 22.8% 25.0% 22.0% 20.9% 22.7% 22.0%
Debt/EBITDA 0.0x 0.0x 0.0x 0.0x 0.0x 0.4x 0.0x 0.0x 0.0x 0.1x
Debt/Capital 1.4% 1.3% 1.2% 0.8% 1.1% 12.7% 0.8% 0.6% 0.6% 4.1%
Capital Deployment 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Cash Sources Net Total % Total % EBITDA
EBITDA Generated 1,745.0 1,948.4 1,967.1 1,795.3 2,045.1 2,138.1 2,077.4 2,142.9 2,282.3 2,356.9 20,498.5 84% 100%
Working Capital Runoff - - 70.3 142.0 - - - 222.3 17.9 366.1 - 0% 0%
Sale of Assets - 25.7 3.1 13.1 - 0% 0%
Debt Raised - - - - 11.1 720.7 - - - 228.4 177.9 1% 1%
Equity Raised - - - - - - - - - - - 0% 0%
Other - 591.3 1,363.1 1,090.4 770.3 437.1 343.2 - 159.4 - 3,414.0 14% 17%
Cash from Balance Sheet 876.3 - - 452.0 232.7 - 624.9 245.5 - - 278.3 1% 1%
Total Sources 2,621.3 2,539.7 3,400.5 3,479.7 3,059.2 3,321.6 3,048.6 2,623.8 2,459.6 2,951.4 24,368.7 100% 119%
Cash Uses
EBITDA Burn - - - - - - - - - - - 0% 0%
Cash Interest 14.0 25.7 67.4 93.5 82.1 40.1 8.9 8.8 7.7 9.1 357.3 1% 2%
Cash Taxes 539.0 490.1 675.6 718.2 755.7 719.1 693.4 628.7 660.3 693.0 6,573.1 27% 32%
Working Capital Investment 192.4 104.8 - - 129.1 498.1 211.8 - - - 317.6 1% 2%
Capex 204.1 196.1 292.3 172.8 181.0 157.9 102.9 181.9 140.1 174.6 1,761.8 7% 9%
Acquisition 295.2 434.4 336.7 446.9 97.3 67.0 100.0 776.0 265.7 42.0 2,861.2 12% 14%
Debt Paydown 8.8 0.7 1.5 30.8 - - 732.9 5.6 2.0 - - 0% 0%
Share Repurchase 460.7 400.9 1,035.8 1,556.2 1,265.1 497.7 525.3 254.6 491.3 412.0 6,899.6 28% 34%
Dividend 308.6 344.9 393.9 461.3 548.9 629.4 673.4 692.4 739.7 805.5 5,598.0 23% 27%
Other 598.4 - - - - - - 75.8 - 666.6 - 0% 0%
Cash to Balance Sheet - 542.1 597.3 - - 712.3 - - 152.8 148.6 - 0% 0%
Total Uses 2,621.3 2,539.7 3,400.5 3,479.7 3,059.2 3,321.6 3,048.6 2,623.8 2,459.6 2,951.4 24,368.7 100% 119%
Deployable FCF
Capex / EBITDA 11.7% 10.1% 14.9% 9.6% 8.9% 7.4% 5.0% 8.5% 6.1% 7.4% 56%
Capital Accumulation 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Beginning BVPS $ 9.10 $ 9.29 $ 10.03 $ 10.87 $ 9.93 $ 10.14 $ 10.58 $ 10.96 $ 12.29 $ 12.60
EPS 1.56 1.79 1.85 1.83 2.20 2.63 2.40 2.52 2.82 2.80
DPS (0.54) (0.61) (0.71) (0.88) (1.10) (1.28) (1.35) (1.42) (1.55) (1.70)
(Repurchases)/Issue Per Share (0.79) (0.69) (1.83) (2.90) (2.48) (0.99) (1.05) (0.51) (1.01) (0.85)
Other (0.04) 0.25 1.53 1.01 1.59 0.08 0.38 0.74 0.04 (0.01)
Ending BVPS $ 9.29 $ 10.03 $ 10.87 $ 9.93 $ 10.14 $ 10.58 $ 10.96 $ 12.29 $ 12.60 $ 12.84
% y/y 2.1% 8.0% 8.3% (8.6)% 2.1% 4.3% 3.6% 12.1% 2.5% 1.9%
BVPS Accumulation ex Dist $ 10.61 $ 13.91 $ 19.53 $ 25.41 $ 31.75 $ 36.05 $ 40.48 $ 44.84 $ 49.35 $ 53.76
% y/y 16.7% 31.1% 40.3% 30.1% 24.9% 13.5% 12.3% 10.8% 10.1% 8.9%
Shares Out 583.3 576.4 553.2 518.4 501.6 503.0 499.7 489.1 485.2 482.1
