%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q /GS0 gs q 138.00 0 0 73.00 424.00 676.00 cm /I1 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.40 Td (ADP) Tj ET Q q 0 0 0 rg BT 70.93 636.40 Td ( Reports ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.27 636.40 Td (Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.39 636.40 Td ( Quarter Fiscal 2019 Results) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 616.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 616.60 Td (Revenues increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.95 616.60 Td (8%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.40 616.60 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.29 616.60 Td ($3.5 billion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.11 616.60 Td ( in the second quarter) Tj ET Q q 0 0 0 rg BT 334.28 616.60 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.84 616.60 Td (8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.40 616.60 Td (% organic constant currency) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 602.80 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 602.80 Td (Net earnings decreased 17% to $558 million; adjusted net earnings increased 29% to $587 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 589.00 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 589.00 Td (Adjusted EBIT) Tj ET Q q 0 0 0 rg BT 131.74 589.00 Td ( increased 26% to $787 million, and adjusted EBIT) Tj ET Q q 0 0 0 rg BT 355.58 589.00 Td ( margin expanded 320 basis points) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 575.20 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 575.20 Td (PEO average W) Tj ET Q q 0 0 0 rg BT 140.07 575.20 Td (orksite Employees grew 9% in the quarter) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 561.40 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 561.40 Td (Diluted earnings per share \("EPS"\) decreased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.09 561.40 Td (16%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 294.11 561.40 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.00 561.40 Td ($1.27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.03 561.40 Td ( for the quarter; adjusted diluted EPS increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 547.60 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.12 547.60 Td (% to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.91 547.60 Td ($1.34) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.94 547.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 533.80 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 533.80 Td (Raising fiscal 2019 diluted EPS growth outlook to 20% to 22%, compared to prior outlook of 18% to 20%; ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 520.00 Td (raising adjusted diluted EPS growth outlook to 17% to 19%, compared to prior outlook of 15% to 17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.40 Td (ROSELAND, N.J. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.13 492.40 Td (January30, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.19 492.40 Td ( ) Tj ET Q q 0 0 0 rg BT 231.75 492.40 Td (ADP \(Nasdaq: ) Tj ET Q q 0 0 0 rg BT 305.26 492.40 Td (ADP\), a leading global provider of Human Capital ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 478.60 Td (Management \(HCM\) solutions, today announced its second quarter fiscal 2019 financial results and updated its ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 464.80 Td (fiscal 2019 outlook.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.20 Td (Second Quarter Fiscal 2019 Consolidated Results) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 405.40 Td (Compared to last year) Tj ET Q q 0 0 0 rg BT 148.75 405.40 Td () Tj ET Q q 0 0 0 rg BT 150.79 405.40 Td (s second quarter) Tj ET Q q 0 0 0 rg BT 224.73 405.40 Td (, revenues increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 320.34 405.40 Td (8%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.79 405.40 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 348.69 405.40 Td ($3.5 billion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.50 405.40 Td (, 8% organic constant currency) Tj ET Q q 0 0 0 rg BT 533.05 405.40 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 391.60 Td (Earnings before income taxes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 185.07 391.60 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 228.43 391.60 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.21 391.60 Td (26%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.23 391.60 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.12 391.60 Td ($741 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.49 391.60 Td (. Net earnings decreased 17% to $558 million, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 377.80 Td (adjusted net earnings increased 29% to $587 million. ) Tj ET Q q 0 0 0 rg BT 286.82 377.80 Td (Adjusted EBIT) Tj ET Q q 0 0 0 rg BT 350.56 377.80 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 353.34 377.80 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.70 377.80 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.48 377.80 Td (26%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 419.49 377.80 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.39 377.80 Td ($787 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.75 377.80 Td (, representing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 364.00 Td (adjusted EBIT) Tj ET Q q 0 0 0 rg BT 112.63 364.00 Td ( margin expansion of 320 basis points in the quarter to 22.4%, including approximately 30 basis ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 350.20 Td (points of pressure from acquisitions. ) Tj ET Q q 0 0 0 rg BT 212.30 350.20 Td (Adjusted EBIT) Tj ET Q q 0 0 0 rg BT 276.04 350.20 Td ( margin expansion was driven by continued execution of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 336.40 Td (transformation initiatives and by operating ef) Tj ET Q q 0 0 0 rg BT 246.04 336.40 Td (ficiencies. ) Tj ET Q q 0 0 0 rg BT 292.17 336.40 Td (ADP) Tj ET Q q 0 0 0 rg BT 314.78 336.40 Td (s ef) Tj ET Q q 0 0 0 rg BT 330.71 336.40 Td (fective tax rate for the quarter was ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.67 336.40 Td (24.7%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 513.03 336.40 Td (, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 322.60 Td (24.6%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.35 322.60 Td ( on an adjusted basis. Diluted EPS decreased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 284.59 322.60 Td (16%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 304.61 322.60 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 318.51 322.60 Td ($1.27) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 343.53 322.60 Td ( due to a higher ef) Tj ET Q q 0 0 0 rg BT 423.96 322.60 Td (fective tax rate compared to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 308.80 Td (the prior year) Tj ET Q q 0 0 0 rg BT 108.36 308.80 Td (, which included a one-time net tax benefit related to the ) Tj ET Q q 0 0 0 rg BT 358.89 308.80 Td (T) Tj ET Q q 0 0 0 rg BT 363.89 308.80 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 443.38 308.80 Td (Act. ) Tj ET Q q 0 0 0 rg BT 462.84 308.80 Td (Adjusted diluted EPS ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 295.00 Td (increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.14 295.00 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 107.26 295.00 Td (% to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.05 295.00 Td ($1.34) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 155.07 295.00 Td ( due to the factors discussed above as well as a net share count reduction.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.20 Td (T) Tj ET Q q 0 0 0 rg BT 58.33 275.20 Td (echnology and service are the core components to our success, and our focused investments in our strategic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 261.40 Td (platforms are having the desired ef) Tj ET Q q 0 0 0 rg BT 203.79 261.40 Td (fect, said Carlos Rodriguez, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 479.85 261.40 Td (ficer) Tj ET Q q 0 0 0 rg BT 498.19 261.40 Td (, ) Tj ET Q q 0 0 0 rg BT 503.20 261.40 Td (ADP) Tj ET Q q 0 0 0 rg BT 522.47 261.40 Td (. W) Tj ET Q q 0 0 0 rg BT 540.62 261.40 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 247.60 Td (are especially pleased with the progress of our transformation initiatives, which are supporting our commitment to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 233.80 Td (stay at the forefront of the HCM industry and maximize value for all of our stakeholders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 214.00 Td (The continued strong execution of our strategy had a positive ef) Tj ET Q q 0 0 0 rg BT 334.99 214.00 Td (fect on our margins this quarter) Tj ET Q q 0 0 0 rg BT 472.84 214.00 Td (, said Jan ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 200.20 Td (Siegmund, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 179.88 200.20 Td (ficer) Tj ET Q q 0 0 0 rg BT 198.22 200.20 Td (, ) Tj ET Q q 0 0 0 rg BT 203.23 200.20 Td (ADP) Tj ET Q q 0 0 0 rg BT 222.50 200.20 Td (. Through our ongoing transformation initiatives we have been able to better ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 186.40 Td (allocate resources where we see the greatest opportunity) Tj ET Q q 0 0 0 rg BT 302.73 186.40 Td (, while also realizing net ef) Tj ET Q q 0 0 0 rg BT 419.84 186.40 Td (ficiencies in our overall cost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 172.60 Td (base.) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Adjusted EBIT) Tj ET Q q 0 0 0 rg BT 112.81 741.75 Td (, adjusted EBIT) Tj ET Q q 0 0 0 rg BT 181.00 741.75 Td ( margin, adjusted net earnings, adjusted diluted earnings per share, adjusted ef) Tj ET Q q 0 0 0 rg BT 531.60 741.75 Td (fective ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 727.95 Td (tax rate, constant currency) Tj ET Q q 0 0 0 rg BT 167.09 727.95 Td (, and organic constant currency are all non-GAAP) Tj ET Q q 0 0 0 rg BT 387.03 727.95 Td ( financial measures. Please refer to the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 714.15 Td (accompanying financial tables at the end of this release for a discussion of why ) Tj ET Q q 0 0 0 rg BT 401.87 714.15 Td (ADP) Tj ET Q q 0 0 0 rg BT 422.25 714.15 Td ( believes these measures are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 700.35 Td (important and for a reconciliation of non-GAAP) Tj ET Q q 0 0 0 rg BT 256.60 700.35 Td ( financial measures to their comparable GAAP) Tj ET Q q 0 0 0 rg BT 461.51 700.35 Td ( financial measures. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 680.55 Td (Comparisons to fiscal 2018 in ) Tj ET Q q 0 0 0 rg BT 183.40 680.55 Td (ADP's results and outlook reflect the adoption of ) Tj ET Q q 0 0 0 rg BT 398.77 680.55 Td (ASC 606 and previously disclosed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 666.75 Td (segment reporting changes. Please see our 1Q 2019 earnings release for a bridge of as-reported fiscal 2018 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 652.95 Td (results to restated fiscal 2018 results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 617.95 Td (Second) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.12 617.95 Td ( Quarter Fiscal 2019 Segment Results) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 596.72421875 m 133.359375 596.72421875 l s q 0 0 0 rg BT 50.00 598.15 Td (Employer Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.36 598.15 Td ( Employer Services of) Tj ET Q q 0 0 0 rg BT 238.77 598.15 Td (fers a comprehensive range of HCM and human resources outsourcing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 584.35 Td (solutions. Compared to last year's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.09 584.35 Td (second) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.34 584.35 Td ( quarter:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 564.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 564.55 Td (Employer Services New Business Bookings increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.33 564.55 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 333.89 564.55 Td (%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 550.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 550.75 Td (Employer Services revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 216.05 550.75 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.41 550.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.19 550.75 Td (7%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.64 550.75 Td ( on a reported and organic constant currency basis.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 536.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 536.95 Td (Pays per control increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 207.17 536.95 Td (2.3%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.96 536.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 523.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 523.15 Td (Employer Services segment margin increased 460 basis points, including approximately 50 basis points of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 509.35 Td (pressure from acquisitions. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 469.32421875 m 112.2412109375 469.32421875 l s q 0 0 0 rg BT 50.00 470.75 Td (PEO Services) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.24 470.75 Td ( PEO Services provides comprehensive employment administration outsourcing solutions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 456.95 Td (Compared to last year's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.07 456.95 Td (second) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.31 456.95 Td ( quarter:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 437.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 437.15 Td (PEO Services revenues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 194.94 437.15 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 238.29 437.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 241.07 437.15 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 252.20 437.15 Td (%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 423.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 423.35 Td (PEO Services revenues excluding zero-margin benefits pass-throughs increased 15%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 409.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 409.55 Td (A) Tj ET Q q 0 0 0 rg BT 92.49 409.55 Td (verage W) Tj ET Q q 0 0 0 rg BT 135.10 409.55 Td (orksite Employees paid by PEO Services increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 365.76 409.55 Td (9%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.21 409.55 Td ( to about ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.91 409.55 Td (545,000) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.06 409.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 395.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 395.75 Td (PEO Services segment margin increased approximately 70 basis points.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 357.15 Td (Included within the results of our segments above:) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 335.92421875 m 198.9599609375 335.92421875 l s q 0 0 0 rg BT 50.00 337.35 Td (Interest on Funds Held for Clients) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 198.96 337.35 Td ( ) Tj ET Q q 0 0 0 rg BT 209.90 337.35 Td (The safety) Tj ET Q q 0 0 0 rg BT 255.84 337.35 Td (, liquidity and diversification of ) Tj ET Q q 0 0 0 rg BT 390.92 337.35 Td (ADP) Tj ET Q q 0 0 0 rg BT 411.30 337.35 Td ( clients) Tj ET Q q 0 0 0 rg BT 444.27 337.35 Td ( funds are the foremost ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 323.55 Td (objectives of the Company) Tj ET Q q 0 0 0 rg BT 169.88 323.55 Td (s investment strategy) Tj ET Q q 0 0 0 rg BT 263.62 323.55 Td (. Client funds are invested in accordance with ) Tj ET Q q 0 0 0 rg BT 467.07 323.55 Td (ADP) Tj ET Q q 0 0 0 rg BT 489.67 323.55 Td (s prudent and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 309.75 Td (conservative investment guidelines and the credit quality of the investment portfolio is predominantly ) Tj ET Q q 0 0 0 rg BT 495.24 309.75 Td (AAA/AA. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 295.95 Td (Compared to last year's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 158.07 295.95 Td (second) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 190.31 295.95 Td ( quarter:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 276.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 276.15 Td (Interest on funds held for clients ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 230.53 276.15 Td (increased) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.89 276.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 276.66 276.15 Td (21%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.68 276.15 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 310.58 276.15 Td ($129 million) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.94 276.15 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 262.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 262.35 Td (A) Tj ET Q q 0 0 0 rg BT 92.49 262.35 Td (verage client funds balances increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.15 262.35 Td (5%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 282.61 262.35 Td ( to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.50 262.35 Td ($23.6 billion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.88 262.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 248.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 248.55 Td (The average interest yield on client funds increased ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 317.25 248.55 Td (30) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.37 248.55 Td ( basis points to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.85 248.55 Td (2.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.75 248.55 Td (%.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 741.75 Td (Fiscal 2019 Outlook) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 721.95 Td (Certain components of ) Tj ET Q q 0 0 0 rg BT 152.84 721.95 Td (ADP) Tj ET Q q 0 0 0 rg BT 175.44 721.95 Td (s fiscal 2019 outlook and related growth comparisons exclude the impact of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 708.15 Td (following items and are discussed on an adjusted basis where applicable. Please refer to the accompanying ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.35 Td (financial tables for a reconciliation of these adjusted amounts to their closest comparable GAAP) Tj ET Q q 0 0 0 rg BT 472.83 694.35 Td ( measure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 674.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 674.55 Td (Fiscal 2018 pre-tax proxy contest charges of about $33 million.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 660.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 660.75 Td (Fiscal 2018 one-time net tax benefit of about $184 million from the ) Tj ET Q q 0 0 0 rg BT 381.54 660.75 Td (T) Tj ET Q q 0 0 0 rg BT 386.54 660.75 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 466.03 660.75 Td (Act.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 646.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 646.95 Td (Fiscal 2018 pre-tax charges of about $405 million related to the V) Tj ET Q q 0 0 0 rg BT 374.51 646.95 Td (oluntary Early Retirement Program, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 633.15 Td (Service ) Tj ET Q q 0 0 0 rg BT 121.57 633.15 Td (Alignment Initiative, and other transformation initiatives. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 619.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 619.35 Td (Fiscal 2019 pre-tax charges of about $1) Tj ET Q q 0 0 0 rg BT 261.47 619.35 Td (12 million related to the V) Tj ET Q q 0 0 0 rg BT 373.76 619.35 Td (oluntary Early Retirement Program, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 605.55 Td (Service ) Tj ET Q q 0 0 0 rg BT 121.57 605.55 Td (Alignment Initiative and other transformation initiatives.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 591.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 591.75 Td (Fiscal 2019 one-time transition benefit of about $1 million from the ) Tj ET Q q 0 0 0 rg BT 380.98 591.75 Td (T) Tj ET Q q 0 0 0 rg BT 385.98 591.75 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 465.47 591.75 Td (Act.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 572.95 Td (Comparisons to prior outlook are provided in the table below) Tj ET Q q 0 0 0 rg BT 316.26 572.95 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 551.72421875 m 199.53125 551.72421875 l s q 0 0 0 rg BT 50.00 553.15 Td (Consolidated Fiscal 2019 Outlook) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 533.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 533.35 Td (Revenue growth of 6% to 7%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 519.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 519.55 Td (Adjusted EBIT) Tj ET Q q 0 0 0 rg BT 149.74 519.55 Td ( margin up 125 to 150 basis points from 20.7% in fiscal 2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 505.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 505.75 Td (Diluted EPS growth of 20% to 22% from $4.25 in fiscal 2018. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 491.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 491.95 Td (Adjusted diluted EPS growth of 17% to 19% from $4.53 in fiscal 2018.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 478.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 478.15 Td (Adjusted ef) Tj ET Q q 0 0 0 rg BT 135.85 478.15 Td (fective tax rate of 24.4%.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 457.92421875 m 237.880859375 457.92421875 l s q 0 0 0 rg BT 50.00 459.35 Td (Reportable Segments Fiscal 2019 Outlook) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 439.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 439.55 Td (Employer Services revenue growth of 5% to 6%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 425.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 425.75 Td (Employer Services margins up 175 to 200 basis points. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 411.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 411.95 Td (Employer Services New Business Bookings growth of 6% to 8%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 398.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 398.15 Td (Employer Services client revenue retention up 25 to 50 basis points.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 384.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 384.35 Td (Increase in pays per control of 2.5%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 370.55 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 370.55 Td (PEO average W) Tj ET Q q 0 0 0 rg BT 158.07 370.55 Td (orksite Employee growth of 8% to 9%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 356.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 356.75 Td (PEO revenue growth of 9% to 10%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 342.95 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 342.95 Td (PEO revenue growth excluding zero-margin benefits pass-throughs of 8% to 9%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 329.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 329.15 Td (PEO margins at least flat. ) Tj ET Q q 0 0 0 rg BT 201.98 329.15 Td (This outlook continues to reflect approximately 50 basis points of anticipated ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 315.35 Td (grow-over pressure related to workers' compensation reserve reductions at ) Tj ET Q q 0 0 0 rg BT 419.73 315.35 Td (ADP) Tj ET Q q 0 0 0 rg BT 440.11 315.35 Td ( Indemnity) Tj ET Q q 0 0 0 rg BT 485.50 315.35 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 295.12421875 m 334.0380859375 295.12421875 l s q 0 0 0 rg BT 50.00 296.55 Td (Client Funds Extended Investment Strategy Fiscal 2019 Outlook) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 276.75 Td (The interest assumptions in our outlook are based on Fed Funds futures contracts and forward yield curves as of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 262.95 Td (January 29, 2019. ) Tj ET Q q 0 0 0 rg BT 132.66 262.95 Td (The Fed Funds futures contracts used in the client short and corporate cash interest income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 249.15 Td (outlook assume no further increases during the fiscal year) Tj ET Q q 0 0 0 rg BT 305.69 249.15 Td (. ) Tj ET Q q 0 0 0 rg BT 311.07 249.15 Td (The three-and-a-half and five-year U.S. government ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 235.35 Td (agency rates based on the forward yield curves as of January 29, 2019 were used to forecast new purchase rates ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 221.55 Td (for the client and corporate extended, and client long portfolios, respectively) Tj ET Q q 0 0 0 rg BT 383.90 221.55 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 201.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 201.75 Td (Interest ) Tj ET Q q 0 0 0 rg BT 121.91 201.75 Td (on ) Tj ET Q q 0 0 0 rg BT 135.59 201.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 162.62 201.75 Td (held ) Tj ET Q q 0 0 0 rg BT 184.09 201.75 Td (for ) Tj ET Q q 0 0 0 rg BT 198.32 201.75 Td (clients ) Tj ET Q q 0 0 0 rg BT 229.22 201.75 Td (up ) Tj ET Q q 0 0 0 rg BT 242.91 201.75 Td ($90 ) Tj ET Q q 0 0 0 rg BT 262.15 201.75 Td (to ) Tj ET Q q 0 0 0 rg BT 273.05 201.75 Td ($100 ) Tj ET Q q 0 0 0 rg BT 297.86 201.75 Td (million. ) Tj ET Q q 0 0 0 rg BT 331.37 201.75 Td (This ) Tj ET Q q 0 0 0 rg BT 352.83 201.75 Td (is ) Tj ET Q q 0 0 0 rg BT 362.61 201.75 Td (based ) Tj ET Q q 0 0 0 rg BT 392.42 201.75 Td (on ) Tj ET Q q 0 0 0 rg BT 406.10 201.75 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 457.03 201.75 Td (growth ) Tj ET Q q 0 0 0 rg BT 489.61 201.75 Td (in ) Tj ET Q q 0 0 0 rg BT 499.95 201.75 Td (average ) Tj ET Q q 0 0 0 rg BT 538.65 201.75 Td (client ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 187.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 113.99 187.95 Td (balances ) Tj ET Q q 0 0 0 rg BT 157.55 187.95 Td (of ) Tj ET Q q 0 0 0 rg BT 169.42 187.95 Td (about ) Tj ET Q q 0 0 0 rg BT 197.97 187.95 Td (4% ) Tj ET Q q 0 0 0 rg BT 215.95 187.95 Td (from ) Tj ET Q q 0 0 0 rg BT 239.48 187.95 Td ($24.3 ) Tj ET Q q 0 0 0 rg BT 268.03 187.95 Td (billion ) Tj ET Q q 0 0 0 rg BT 297.13 187.95 Td (in ) Tj ET Q q 0 0 0 rg BT 308.44 187.95 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 334.75 187.95 Td (2018, ) Tj ET Q q 0 0 0 rg BT 363.31 187.95 Td (and ) Tj ET Q q 0 0 0 rg BT 383.52 187.95 Td (an ) Tj ET Q q 0 0 0 rg BT 398.17 187.95 Td (average ) Tj ET Q q 0 0 0 rg BT 437.84 187.95 Td (yield ) Tj ET Q q 0 0 0 rg BT 461.93 187.95 Td (which ) Tj ET Q q 0 0 0 rg BT 491.03 187.95 Td (is ) Tj ET Q q 0 0 0 rg BT 501.78 187.95 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 553.67 187.95 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 174.15 Td (increase ) Tj ET Q q 0 0 0 rg BT 126.58 174.15 Td (about ) Tj ET Q q 0 0 0 rg BT 154.38 174.15 Td (30 ) Tj ET Q q 0 0 0 rg BT 168.28 174.15 Td (basis ) Tj ET Q q 0 0 0 rg BT 194.40 174.15 Td (points ) Tj ET Q q 0 0 0 rg BT 223.87 174.15 Td (to ) Tj ET Q q 0 0 0 rg BT 234.98 174.15 Td (2.2% ) Tj ET Q q 0 0 0 rg BT 260.56 174.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.80 174.15 Td (to ) Tj ET Q q 0 0 0 rg BT 318.92 174.15 Td (the ) Tj ET Q q 0 0 0 rg BT 335.60 174.15 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 361.16 174.15 Td (2018 ) Tj ET Q q 0 0 0 rg BT 386.19 174.15 Td (average ) Tj ET Q q 0 0 0 rg BT 425.10 174.15 Td (yield ) Tj ET Q q 0 0 0 rg BT 448.45 174.15 Td (of ) Tj ET Q q 0 0 0 rg BT 459.56 174.15 Td (1.9%.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 160.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 160.35 Td (T) Tj ET Q q 0 0 0 rg BT 91.00 160.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 109.90 160.35 Td (contribution ) Tj ET Q q 0 0 0 rg BT 164.38 160.35 Td (from ) Tj ET Q q 0 0 0 rg BT 187.16 160.35 Td (the ) Tj ET Q q 0 0 0 rg BT 203.84 160.35 Td (client ) Tj ET Q q 0 0 0 rg BT 229.96 160.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 257.20 160.35 Td (extended ) Tj ET Q q 0 0 0 rg BT 301.13 160.35 Td (investment ) Tj ET Q q 0 0 0 rg BT 352.26 160.35 Td (strategy ) Tj ET Q q 0 0 0 rg BT 390.61 160.35 Td (up ) Tj ET Q q 0 0 0 rg BT 404.51 160.35 Td ($70 ) Tj ET Q q 0 0 0 rg BT 423.97 160.35 Td (to ) Tj ET Q q 0 0 0 rg BT 435.09 160.35 Td ($80 ) Tj ET Q q 0 0 0 rg BT 454.55 160.35 Td (million.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 740.32421875 m 172.2705078125 740.32421875 l s q 0 0 0 rg BT 50.00 741.75 Td (Fiscal 2019 Outlook History) Tj ET Q /GS0 gs q 512.00 0 0 264.50 50.00 466.26 cm /I2 Do Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 450.65 Td (a. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 450.65 Td (Outlook contemplates the impact of prior fiscal year acquisitions and anticipated impact of current year acquisition of Celergo and foreign ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 441.05 Td (currency in revenue and operating results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.05 Td (Investor W) Tj ET Q q 0 0 0 rg BT 100.94 405.05 Td (ebcast T) Tj ET Q q 0 0 0 rg BT 140.77 405.05 Td (oday) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 387.05 Td (As previously announced, ) Tj ET Q q 0 0 0 rg BT 166.74 387.05 Td (ADP) Tj ET Q q 0 0 0 rg BT 187.12 387.05 Td ( will host a conference call for financial analysts today) Tj ET Q q 0 0 0 rg BT 423.73 387.05 Td (, W) Tj ET Q q 0 0 0 rg BT 438.54 387.05 Td (ednesday) Tj ET Q q 0 0 0 rg BT 481.17 387.05 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.72 387.05 Td (January30, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 375.05 Td (2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.25 375.05 Td ( at 8:30 a.m. ET) Tj ET Q q 0 0 0 rg BT 142.28 375.05 Td (. ) Tj ET Q q 0 0 0 rg BT 147.66 375.05 Td (The conference call will be webcast live on ) Tj ET Q q 0 0 0 rg BT 338.87 375.05 Td (ADP) Tj ET Q q 0 0 0 rg BT 361.47 375.05 Td (s website at ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 417.05078125 373.62421875 m 498.1982421875 373.62421875 l s q 0 0 0 rg BT 417.05 375.05 Td (investors.adp.com) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 498.20 375.05 Td ( and will be ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 363.05 Td (available for replay following the call. ) Tj ET Q q 0 0 0 rg BT 215.09 363.05 Td (A) Tj ET Q q 0 0 0 rg BT 221.21 363.05 Td ( slide presentation accompanying the webcast is also available at ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 50 349.62421875 m 246.7724609375 349.62421875 l s q 0 0 0 rg BT 50.00 351.05 Td (investors.adp.com/events-and-presentations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 246.77 351.05 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 327.05 Td (Supplemental financial information including schedules of quarterly and full year reportable segment revenues and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 315.05 Td (earnings for fiscal years 2017 and 2018, as well as quarterly details of the fiscal 2019 results from the client funds ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 303.05 Td (extended investment strategy) Tj ET Q q 0 0 0 rg BT 179.89 303.05 Td (, are posted to ) Tj ET Q q 0 0 0 rg BT 246.04 303.05 Td (ADP) Tj ET Q q 0 0 0 rg BT 268.65 303.05 Td (s website at ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 324.228515625 301.62421875 m 405.3759765625 301.62421875 l s q 0 0 0 rg BT 324.23 303.05 Td (investors.adp.com) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.38 303.05 Td (. ) Tj ET Q q 0 0 0 rg BT 410.38 303.05 Td (ADP) Tj ET Q q 0 0 0 rg BT 430.76 303.05 Td ( news releases, current ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 291.05 Td (financial information, SEC filings and Investor Relations presentations are accessible at the same website.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.45 Td (About ) Tj ET Q q 0 0 0 rg BT 81.28 252.45 Td (ADP) Tj ET Q q 0 0 0 rg BT 102.22 252.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.00 252.45 Td (\(Nasdaq: ) Tj ET Q q 0 0 0 rg BT 147.80 252.45 Td (ADP\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 232.65 Td (Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ) Tj ET Q q 0 0 0 rg BT 494.15 232.65 Td (ADP) Tj ET Q q 0 0 0 rg BT 516.75 232.65 Td (s cloud ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 218.85 Td (software and expert insights to help unlock the potential of their people. HR. ) Tj ET Q q 0 0 0 rg BT 387.80 218.85 Td (T) Tj ET Q q 0 0 0 rg BT 392.80 218.85 Td (alent. Benefits. Payroll. Compliance. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 205.05 Td (W) Tj ET Q q 0 0 0 rg BT 59.26 205.05 Td (orking together to build a better workforce. For more information, visit ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.73 w 0 i [] 0 d 1 J 1 j 3 M 367.44873046875 203.62421874999995 m 408.115234375 203.62421874999995 l s q 0 0 0 rg BT 367.17 205.05 Td (ADP) Tj ET Q q 0 0 0 rg BT 386.45 205.05 Td (.com) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 408.12 205.05 Td (.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 683.5 m 345.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 683.5 m 350.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 683.5 m 413.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 683.5 m 489.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 683.5 m 494.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 683.5 m 557.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 670.5 m 345.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 670.5 m 350.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 670.5 m 413.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 683.5 m 489.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 670.5 m 489.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 670.5 m 494.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 670.5 m 557.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 657.5 m 345.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 657.5 m 413.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 670.5 m 489.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 657.5 m 489.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 670.5 m 494.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 670.5 m 557.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 657.5 m 557.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 597.5 m 345.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 584.5 m 345.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 597.5 m 413.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 584.5 m 413.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 597.5 m 489.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 584.5 m 489.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 597.5 m 557.5 597.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 584.5 m 557.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 512.5 m 345.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 499.5 m 345.5 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 512.5 m 413.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 499.5 m 413.5 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 512.5 m 489.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 499.5 m 489.5 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 512.5 m 557.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 499.5 m 557.5 499.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 466.5 m 345.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 453.5 m 345.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 466.5 m 413.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 453.5 m 413.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 466.5 m 489.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 453.5 m 489.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 466.5 m 557.5 466.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 453.5 m 557.5 453.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 426.5 m 345.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 413.5 m 345.5 413.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 426.5 m 413.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 413.5 m 413.5 413.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 426.5 m 489.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 413.5 m 489.5 413.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 426.5 m 557.5 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 413.5 m 557.5 413.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 386.5 m 345.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 386.5 m 413.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 386.5 m 489.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 386.5 m 557.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 373.5 m 345.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 373.5 m 413.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 386.5 m 489.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 373.5 m 489.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 386.5 m 557.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 373.5 m 557.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 366.5 m 345.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 354.5 m 345.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 352.5 m 345.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 366.5 m 413.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 354.5 m 413.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 352.5 m 413.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 366.5 m 489.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 354.5 m 489.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 352.5 m 489.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 366.5 m 557.5 366.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 354.5 m 557.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 352.5 m 557.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 346.5 m 345.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 334.5 m 345.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 332.5 m 345.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 346.5 m 413.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 334.5 m 413.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 332.5 m 413.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 346.5 m 489.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 334.5 m 489.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 332.5 m 489.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 346.5 m 557.5 346.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 334.5 m 557.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 332.5 m 557.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 234.5 m 489.5 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 234.5 m 557.5 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 234.5 m 345.5 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 222.5 m 345.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 220.5 m 345.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 234.5 m 413.5 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 222.5 m 413.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 220.5 m 413.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 234.5 m 489.5 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 222.5 m 489.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 220.5 m 489.5 220.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 234.5 m 557.5 234.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 222.5 m 557.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 220.5 m 557.5 220.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 739.73 Td (Automatic Data Processing, Inc. and Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 726.73 Td (Statements of Consolidated Earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 713.73 Td (\(In millions, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 700.73 Td (\(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.10 687.73 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.00 687.73 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.35 674.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.35 674.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.60 661.73 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.60 661.73 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.60 661.73 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.60 661.73 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 648.73 Td (Revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 635.73 Td (Revenues, other than interest on funds held ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 627.73 Td (for clients and PEO revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.55 627.73 Td (2,319.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.55 627.73 Td (2,190.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.60 627.78 Td (4,537.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.60 627.78 Td (4,269.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 614.73 Td (Interest on funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.25 614.78 Td (129.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 614.78 Td (106.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.95 614.73 Td (247.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.25 614.78 Td (206.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 601.73 Td (PEO revenues \(A\) \(B\) \(C\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.55 601.73 Td (1,057.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 601.78 Td (941.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 601.73 Td (2,043.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.60 601.78 Td (1,840.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.00 588.73 Td (T) Tj ET Q q 0 0 0 rg BT 88.59 588.73 Td (otal revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.55 588.73 Td (3,505.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.55 588.73 Td (3,238.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.30 588.73 Td (6,829.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 588.78 Td (6,315.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 568.73 Td (Expenses:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 555.73 Td (Costs of revenues:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 542.73 Td (Operating expenses \(B\) \(C\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.55 542.73 Td (1,785.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.55 542.73 Td (1,709.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 542.73 Td (3,495.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.60 542.78 Td (3,339.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 529.73 Td (Systems development and programming costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.25 529.78 Td (156.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 529.78 Td (159.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.95 529.73 Td (314.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.25 529.78 Td (317.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 516.73 Td (Depreciation and amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.70 516.78 Td (71.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 516.78 Td (69.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.95 516.73 Td (144.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.25 516.78 Td (131.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 503.73 Td (T) Tj ET Q q 0 0 0 rg BT 88.44 503.73 Td (otal costs of revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.55 503.73 Td (2,013.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.55 503.73 Td (1,937.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 503.73 Td (3,954.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.60 503.78 Td (3,789.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 483.73 Td (Selling, general, and administrative expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.25 483.78 Td (745.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 483.78 Td (723.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 483.73 Td (1,459.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.60 483.78 Td (1,399.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 470.73 Td (Interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.70 470.78 Td (38.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 470.78 Td (27.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.40 470.73 Td (74.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.70 470.78 Td (55.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.00 457.73 Td (T) Tj ET Q q 0 0 0 rg BT 88.59 457.73 Td (otal expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.55 457.73 Td (2,797.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.55 457.73 Td (2,689.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.30 457.73 Td (5,487.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 457.78 Td (5,243.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 437.73 Td (Other income, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.05 437.78 Td (\(32.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 437.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 437.78 Td (\(38.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 437.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.05 437.78 Td (\(46.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 437.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 437.78 Td (\(80.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.30 437.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 417.73 Td (Earnings before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.25 417.78 Td (741.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.25 417.78 Td (587.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.30 417.73 Td (1,387.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 417.78 Td (1,152.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 397.73 Td (Provision / \(benefit\) for income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.25 397.78 Td (182.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 397.78 Td (\(82.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 397.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.95 397.73 Td (324.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.70 397.78 Td (69.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 377.73 Td (Net earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.00 377.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.25 377.78 Td (558.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 377.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.25 377.78 Td (670.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.00 377.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.60 377.78 Td (1,063.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.00 377.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 377.78 Td (1,083.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 357.73 Td (Basic earnings per share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.00 357.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.70 357.78 Td (1.28) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.00 357.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 357.78 Td (1.52) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 357.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.70 357.78 Td (2.44) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.00 357.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.70 357.78 Td (2.45) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 337.73 Td (Diluted earnings per share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.00 337.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.70 337.78 Td (1.27) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.00 337.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 337.78 Td (1.51) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 337.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.70 337.78 Td (2.42) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.00 337.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.70 337.78 Td (2.44) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.84 w 0 i [] 0 d 1 J 1 j 3 M 52 315.458203125 m 183.55859375 315.458203125 l s q 0 0 0 rg BT 52.00 316.73 Td (Components of Other income, net:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 303.73 Td (Interest income on corporate funds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.00 303.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.05 303.78 Td (\(28.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 303.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.00 303.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 303.78 Td (\(22.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 303.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 303.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.05 303.78 Td (\(56.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 303.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.00 303.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 303.78 Td (\(48.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.30 303.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 290.73 Td (Realized gains on available-for-sale securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.50 290.78 Td (\(0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 290.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.50 290.78 Td (\(0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 290.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.50 290.78 Td (\(0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 290.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.50 290.78 Td (\(0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.30 290.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 277.73 Td (Realized losses on available-for-sale securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.15 277.73 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.15 277.73 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.15 277.73 Td (2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.15 277.73 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 264.73 Td (Impairment of intangible assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.25 264.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.25 264.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.70 264.78 Td (12.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.25 264.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 251.73 Td (Gain on sale of assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.50 251.78 Td (\(4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 251.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.25 251.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.50 251.78 Td (\(4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 251.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.50 251.78 Td (\(0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.30 251.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 238.73 Td (Non-service components of pension expense, net \(D\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 328.50 238.78 Td (\(0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 238.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 238.78 Td (\(16.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 238.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.15 238.73 Td (0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 238.78 Td (\(33.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.30 238.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 66.00 225.73 Td (Other income, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.00 225.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.05 225.78 Td (\(32.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 225.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.00 225.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 225.78 Td (\(38.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 225.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 225.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.05 225.78 Td (\(46.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.30 225.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.00 225.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 225.78 Td (\(80.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.30 225.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 200.40 Td (\(A\) Professional Employer Organization \(PEO\) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 190.80 Td (taxes of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.24 190.80 Td ($1) Tj ET Q q 0 0 0 rg BT 88.54 190.80 Td (1,751.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 140.13 190.80 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 157.92 190.80 Td ($10,632.3 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.41 190.80 Td ( for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.91 190.80 Td (December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.18 190.80 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.97 190.80 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.77 190.80 Td (, respectively) Tj ET Q q 0 0 0 rg BT 470.86 190.80 Td (, and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.88 190.80 Td ($21,380.5 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.36 190.80 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 181.20 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.57 181.20 Td ($19,370.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 126.05 181.20 Td ( for the six months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.11 181.20 Td (December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.37 181.20 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 306.16 181.20 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.96 181.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 370.05 181.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 162.00 Td (\(B\) PEO revenues and operating expenses include benefits pass-through costs of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.28 162.00 Td ($673.2 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.64 162.00 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.44 162.00 Td ($607.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.80 162.00 Td (, and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.82 162.00 Td ($1,326.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.85 162.00 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 152.40 Td ($1,202.3 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 106.04 152.40 Td ( for the three and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.19 152.40 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.89 152.40 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.11 152.40 Td (December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.38 152.40 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.17 152.40 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.97 152.40 Td (, respectively) Tj ET Q q 0 0 0 rg BT 386.06 152.40 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 133.20 Td (\(C\) PEO revenues and operating expenses include costs related to workers' compensation coverage and state unemployment taxes for worksite ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 123.60 Td (employees of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.80 123.60 Td ($1) Tj ET Q q 0 0 0 rg BT 108.11 123.60 Td (14.9 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 148.57 123.60 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 166.37 123.60 Td ($98.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.28 123.60 Td (, and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.30 123.60 Td ($204.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 280.66 123.60 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.45 123.60 Td ($189.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.82 123.60 Td ( for the three and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.97 123.60 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.67 123.60 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.89 123.60 Td (December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.16 123.60 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 114.00 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 67.80 114.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 113.89 114.00 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 94.80 Td (\(D\) ) Tj ET Q q 0 0 0 rg BT 63.18 94.80 Td (The charges within non-service components of pension expense, net includes ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.68 94.80 Td ($12.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.59 94.80 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.39 94.80 Td ($28.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.30 94.80 Td ( of non-cash settlement ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 85.20 Td (charges and of special termination benefits related to the V) Tj ET Q q 0 0 0 rg BT 258.13 85.20 Td (oluntary Early Retirement Program \("VERP"\), for the three and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.68 85.20 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.38 85.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 75.60 Td (December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 120.27 75.60 Td (, respectively) Tj ET Q q 0 0 0 rg BT 166.36 75.60 Td (, partially of) Tj ET Q q 0 0 0 rg BT 207.12 75.60 Td (fset by ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 232.91 75.60 Td ($13.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.82 75.60 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.61 75.60 Td ($27.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.53 75.60 Td ( related to other components of net periodic pension cost for ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 66.00 Td (the three and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 99.37 66.00 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.07 66.00 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 164.30 66.00 Td (December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.56 66.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 280.65 66.00 Td (. ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 676.5 m 487.5 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 676.5 m 559.5 676.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 615.5 m 487.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 615.5 m 559.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 615.5 m 487.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 615.5 m 559.5 615.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 591.5 m 487.5 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 591.5 m 559.5 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 507.5 m 487.5 507.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 496.5 m 487.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 494.5 m 487.5 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 507.5 m 559.5 507.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 496.5 m 559.5 496.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 494.5 m 559.5 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 373.5 m 487.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 373.5 m 559.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 373.5 m 487.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 373.5 m 559.5 373.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 349.5 m 487.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 349.5 m 559.5 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 289.5 m 487.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 277.5 m 487.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 289.5 m 559.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 277.5 m 559.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 164.5 m 487.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 152.5 m 487.5 152.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 164.5 m 559.5 164.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 152.5 m 559.5 152.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 141.5 m 487.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 139.5 m 487.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 141.5 m 559.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 139.5 m 559.5 139.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 740.18 Td (Automatic Data Processing, Inc. and Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 728.18 Td (Consolidated Balance Sheets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 716.18 Td (\(In millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 704.18 Td (\(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.35 692.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.65 692.18 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.60 680.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.10 680.18 Td (2018) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.84 w 0 i [] 0 d 1 J 1 j 3 M 54 666.458203125 m 80.23828125 666.458203125 l s q 0 0 0 rg BT 54.00 667.73 Td (Assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 655.18 Td (Current assets:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 643.18 Td (Cash and cash equivalents \(A\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 643.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 643.18 Td (2,785.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.00 643.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 643.23 Td (2,170.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 631.18 Td (Accounts receivable, net of allowance for doubtful accounts of $51.2 and $51.3, respectively) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 631.18 Td (2,638.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 631.23 Td (1,984.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 619.18 Td (Other current assets ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 619.23 Td (653.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 619.23 Td (531.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 607.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.00 607.18 Td (otal current assets before funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 607.18 Td (6,076.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 607.23 Td (4,685.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 595.18 Td (Funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 595.18 Td (25,605.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 595.18 Td (27,137.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 583.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.00 583.18 Td (otal current assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 583.18 Td (31,682.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 583.18 Td (31,823.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 571.18 Td (Long-term receivables, net of allowance for doubtful accounts of $0.5 and $0.5, respectively) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.70 571.23 Td (25.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 571.23 Td (25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 559.18 Td (Property) Tj ET Q q 0 0 0 rg BT 83.64 559.18 Td (, plant and equipment, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 559.23 Td (772.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 559.23 Td (793.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 547.18 Td (Deferred contract costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 547.18 Td (2,338.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 547.23 Td (2,377.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 535.18 Td (Other assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 535.23 Td (739.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 535.23 Td (699.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 523.18 Td (Goodwill) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 523.18 Td (2,321.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 523.23 Td (2,243.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 511.18 Td (Intangible assets, net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 511.23 Td (926.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 511.23 Td (886.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 499.18 Td (T) Tj ET Q q 0 0 0 rg BT 74.00 499.18 Td (otal assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 499.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 499.18 Td (38,806.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.00 499.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 499.18 Td (38,849.1) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.84 w 0 i [] 0 d 1 J 1 j 3 M 54 472.458203125 m 188.81640625 472.458203125 l s q 0 0 0 rg BT 54.00 473.73 Td (Liabilities and Stockholders' Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 461.18 Td (Current liabilities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 449.18 Td (Accounts payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 449.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 449.23 Td (151.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.00 449.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 449.23 Td (135.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 437.18 Td (Accrued expenses and other current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 437.18 Td (2,057.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 437.23 Td (1,547.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 425.18 Td (Accrued payroll and payroll-related expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 425.23 Td (445.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 425.23 Td (667.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 413.18 Td (Dividends payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 413.23 Td (341.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 413.23 Td (298.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 401.18 Td (Short-term deferred revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 401.23 Td (224.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 401.23 Td (225.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 389.18 Td (Obligation under commercial paper borrowing \(A\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 389.18 Td (1,206.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.25 389.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 377.18 Td (Income taxes payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.70 377.23 Td (29.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 377.23 Td (43.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 365.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.00 365.18 Td (otal current liabilities before client funds obligations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 365.18 Td (4,454.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 365.23 Td (2,919.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 353.18 Td (Client funds obligations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 353.18 Td (25,842.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 353.18 Td (27,493.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 341.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.00 341.18 Td (otal current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 341.18 Td (30,296.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 341.18 Td (30,412.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 329.18 Td (Long-term debt) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 329.18 Td (2,002.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 329.23 Td (2,002.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 317.18 Td (Other liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 317.23 Td (752.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 317.23 Td (728.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 305.18 Td (Deferred income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 305.23 Td (580.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 305.23 Td (522.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 293.18 Td (Long-term deferred revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.25 293.23 Td (410.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 293.23 Td (448.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 281.18 Td (T) Tj ET Q q 0 0 0 rg BT 74.00 281.18 Td (otal liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 281.18 Td (34,042.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 281.18 Td (34,1) Tj ET Q q 0 0 0 rg BT 540.72 281.18 Td (13.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 256.18 Td (Stockholders' equity:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 244.18 Td (Preferred stock, $1.00 par value: authorized, 0.3 shares; issued, none) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.25 244.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.25 244.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 232.18 Td (Common stock, $0.10 par value: authorized, 1,000.0 shares; issued, 638.7 shares at December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 224.18 Td (2018 and June 30, 2018; outstanding, 436.2 and 438.8 shares at December 31, 2018 and June 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 216.18 Td (2018, respectively) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.70 216.78 Td (63.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 216.78 Td (63.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 204.18 Td (Capital in excess of par value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 204.18 Td (1,076.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 204.23 Td (1,014.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 192.18 Td (Retained earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 192.18 Td (16,959.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 192.18 Td (16,546.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 180.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.59 180.18 Td (reasury stock - at cost: 202.5 and 199.9 shares at December 31, 2018 and June 30, 2018, respectively) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.45 180.23 Td (\(12,720.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.30 180.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.45 180.23 Td (\(12,209.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 180.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 168.18 Td (Accumulated other comprehensive loss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.60 168.23 Td (\(615.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 484.30 168.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 168.23 Td (\(679.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 168.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 156.18 Td (T) Tj ET Q q 0 0 0 rg BT 74.00 156.18 Td (otal stockholders) Tj ET Q q 0 0 0 rg BT 135.51 156.18 Td ( equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.55 156.18 Td (4,763.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 156.23 Td (4,735.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 144.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.00 144.18 Td (otal liabilities and stockholders) Tj ET Q q 0 0 0 rg BT 167.54 144.18 Td ( equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.00 144.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 144.18 Td (38,806.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.00 144.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 144.18 Td (38,849.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 121.80 Td (\(A\) ) Tj ET Q q 0 0 0 rg BT 62.45 121.80 Td (As ofDecember31, 2018,$1,206.0 millionof cash and cash equivalents are related to the Company's outstanding commercial paper ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 112.20 Td (borrowings.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 700.5 m 488.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 700.5 m 497.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 700.5 m 559.5 700.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 688.5 m 488.5 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 688.5 m 497.5 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 688.5 m 559.5 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 675.5 m 488.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 675.5 m 559.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 477.5 m 488.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 477.5 m 559.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 477.5 m 488.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 465.5 m 488.5 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 477.5 m 559.5 477.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 465.5 m 559.5 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 370.5 m 488.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 358.5 m 488.5 358.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 370.5 m 559.5 370.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 358.5 m 559.5 358.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 263.5 m 488.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 251.5 m 488.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 263.5 m 559.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 251.5 m 559.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 222.5 m 488.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 222.5 m 559.5 222.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 192.5 m 488.5 192.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 181.5 m 488.5 181.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 179.5 m 488.5 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 192.5 m 559.5 192.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 181.5 m 559.5 181.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 179.5 m 559.5 179.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 130.5 m 488.5 130.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 119.5 m 488.5 119.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 117.5 m 488.5 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 130.5 m 559.5 130.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 119.5 m 559.5 119.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 117.5 m 559.5 117.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 740.18 Td (Automatic Data Processing, Inc. and Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 728.18 Td (Statements of Consolidated Cash Flows) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 716.18 Td (\(In millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 704.18 Td (\(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 704.18 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.35 692.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.10 679.73 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.10 679.73 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 667.18 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 160.53 667.18 Td (Activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 655.18 Td (Net earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 655.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 655.18 Td (1,063.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 655.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 655.23 Td (1,083.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 643.18 Td (Adjustments to reconcile net earnings to cash flows provided by operating activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 631.18 Td (Depreciation and amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.25 631.23 Td (196.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 631.23 Td (182.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 619.18 Td (Amortization of deferred contract costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.25 619.23 Td (434.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 619.23 Td (412.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 607.18 Td (Deferred income taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 607.23 Td (33.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 607.23 Td (\(162.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 607.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 595.18 Td (Stock-based compensation expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 595.23 Td (77.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 595.23 Td (77.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 583.18 Td (Net pension expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 583.23 Td (31.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 583.18 Td (5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 571.18 Td (Net amortization of premiums and accretion of discounts on available-for-sale securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 571.23 Td (27.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 571.23 Td (37.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 559.18 Td (Impairment of intangible assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 559.23 Td (12.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.25 559.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 547.18 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 547.23 Td (14.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 547.23 Td (14.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 529.73 Td (Changes in operating assets and liabilities, net of ef) Tj ET Q q 0 0 0 rg BT 236.71 529.73 Td (fects from acquisitions:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 517.18 Td (Increase in accounts receivable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 517.23 Td (\(670.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 517.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 517.23 Td (\(337.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 517.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 505.18 Td (Increase in other assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 505.23 Td (\(594.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 505.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 505.23 Td (\(667.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 505.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 493.18 Td (Increase / \(decrease\) in accounts payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 493.23 Td (19.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.50 493.23 Td (\(2.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 493.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 481.18 Td (Increase in accrued expenses and other liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.25 481.23 Td (287.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 481.23 Td (32.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 469.18 Td (Net cash flows provided by operating activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.25 469.23 Td (931.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 469.23 Td (675.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 446.18 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 157.87 446.18 Td (Activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 434.18 Td (Purchases of corporate and client funds marketable securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.90 434.18 Td (\(1,300.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 434.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.90 434.18 Td (\(2,454.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 434.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 422.18 Td (Proceeds from the sales and maturities of corporate and client funds marketable securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 422.18 Td (1,163.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 422.23 Td (1,866.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 410.18 Td (Capital expenditures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.05 410.23 Td (\(80.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 410.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 410.23 Td (\(1) Tj ET Q q 0 0 0 rg BT 540.71 410.23 Td (18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 410.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 398.18 Td (Additions to intangibles) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 398.23 Td (\(139.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 398.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 398.23 Td (\(132.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 398.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 386.18 Td (Acquisitions of businesses, net of cash acquired) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 386.23 Td (\(120.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 386.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 386.23 Td (\(487.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 386.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 374.18 Td (Proceeds from the sale of property) Tj ET Q q 0 0 0 rg BT 176.43 374.18 Td (, plant, and equipment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.15 374.18 Td (7.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.25 374.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 362.18 Td (Net cash flows used in investing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 362.23 Td (\(469.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 362.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.90 362.18 Td (\(1,326.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 362.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 339.18 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 160.53 339.18 Td (Activities:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 327.18 Td (Net \(decrease\) / increase in client funds obligations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.90 327.18 Td (\(1,567.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 327.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 327.23 Td (7,207.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 315.18 Td (Payments of debt) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.50 315.23 Td (\(1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 315.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.50 315.23 Td (\(6.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 315.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 303.18 Td (Repurchases of common stock) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 303.23 Td (\(526.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 303.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 303.23 Td (\(408.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 303.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 291.18 Td (Net proceeds from stock purchase plan and stock-based compensation plans) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.15 291.18 Td (5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.50 291.23 Td (\(5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 291.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 279.18 Td (Dividends paid) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 279.23 Td (\(605.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 279.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 533.60 279.23 Td (\(506.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.30 279.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 267.18 Td (Net proceeds from commercial paper borrowings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 267.18 Td (1,206.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 548.25 267.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 255.18 Td (Net cash flows \(used in\) / provided by financing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.90 255.18 Td (\(1,488.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 255.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 255.23 Td (6,280.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 238.73 Td (Ef) Tj ET Q q 0 0 0 rg BT 61.49 238.73 Td (fect of exchange rate changes on cash, cash equivalents, restricted cash, and restricted cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 230.73 Td (equivalents) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.05 230.78 Td (\(32.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 230.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 230.78 Td (49.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 214.18 Td (Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.90 214.18 Td (\(1,058.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.30 214.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 214.23 Td (5,678.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 196.18 Td (Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 196.18 Td (6,542.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 196.23 Td (8,181.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 184.18 Td (Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 184.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 184.18 Td (5,484.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 184.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 184.18 Td (13,859.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 166.18 Td (Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 158.18 Td (Consolidated Balance Sheets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 146.18 Td (Cash and cash equivalents) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 146.18 Td (2,785.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.60 146.23 Td (1,773.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 134.18 Td (Restricted cash and restricted cash equivalents included in funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 134.18 Td (2,698.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 134.18 Td (12,086.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 122.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.44 122.18 Td (otal cash, cash equivalents, restricted cash, and restricted cash equivalents) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 122.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.55 122.18 Td (5,484.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 122.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 122.18 Td (13,859.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 99.18 Td (Supplemental disclosures of cash flow information:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 87.18 Td (Cash paid for interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 87.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.70 87.23 Td (73.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 87.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.70 87.23 Td (54.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 70.00 75.18 Td (Cash paid for income taxes, net of income tax refunds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.00 75.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.25 75.23 Td (280.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.00 75.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 75.23 Td (389.2) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 687.5 m 272.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 687.5 m 279.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 687.5 m 329.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 687.5 m 443.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 687.5 m 450.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 687.5 m 500.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 675.5 m 272.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 675.5 m 279.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 675.5 m 329.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 687.5 m 443.5 687.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 675.5 m 443.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 675.5 m 450.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 675.5 m 500.5 675.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 663.5 m 272.5 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 663.5 m 329.5 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 663.5 m 386.5 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 663.5 m 443.5 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 663.5 m 500.5 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 663.5 m 557.5 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 612.5 m 272.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 612.5 m 443.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 612.5 m 557.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 599.5 m 272.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 612.5 m 329.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 599.5 m 329.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 612.5 m 386.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 599.5 m 386.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 612.5 m 443.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 599.5 m 443.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 612.5 m 500.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 599.5 m 500.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 612.5 m 557.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 599.5 m 557.5 599.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 540.5 m 557.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 540.5 m 272.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 528.5 m 272.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 540.5 m 329.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 528.5 m 329.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 540.5 m 386.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 528.5 m 386.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 540.5 m 443.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 528.5 m 443.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 540.5 m 500.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 528.5 m 500.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 540.5 m 557.5 540.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 528.5 m 557.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 509.5 m 272.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 509.5 m 279.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 509.5 m 329.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 509.5 m 443.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 509.5 m 450.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 509.5 m 500.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 497.5 m 272.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 497.5 m 279.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 497.5 m 329.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 497.5 m 443.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 497.5 m 450.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 497.5 m 500.5 497.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 485.5 m 272.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 485.5 m 329.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 485.5 m 386.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 485.5 m 557.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 485.5 m 443.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 485.5 m 500.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 485.5 m 557.5 485.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 449.5 m 272.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 437.5 m 272.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 449.5 m 329.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 437.5 m 329.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 449.5 m 386.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 437.5 m 386.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 449.5 m 443.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 437.5 m 443.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 449.5 m 500.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 437.5 m 500.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 449.5 m 557.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 437.5 m 557.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 416.5 m 272.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 416.5 m 279.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 416.5 m 329.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 416.5 m 443.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 416.5 m 450.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 416.5 m 500.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 416.5 m 272.5 416.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 404.5 m 272.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 404.5 m 279.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 404.5 m 329.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 404.5 m 443.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 404.5 m 450.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 404.5 m 500.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 392.5 m 272.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 392.5 m 329.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 392.5 m 386.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 392.5 m 272.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 392.5 m 329.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 392.5 m 386.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 392.5 m 443.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 392.5 m 500.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 392.5 m 557.5 392.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 283.5 m 386.5 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 283.5 m 393.5 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 283.5 m 443.5 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 271.5 m 386.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 271.5 m 393.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 271.5 m 443.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 283.5 m 500.5 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 271.5 m 500.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 283.5 m 507.5 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 271.5 m 507.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 283.5 m 557.5 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 271.5 m 557.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 259.5 m 386.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 259.5 m 443.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 259.5 m 500.5 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 271.5 m 557.5 271.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 259.5 m 557.5 259.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 739.73 Td (Automatic Data Processing, Inc. and Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 727.18 Td (Other Selected Financial Data) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 715.18 Td (\(Dollars in millions, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 703.18 Td (\(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 691.18 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.00 691.18 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.35 679.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.35 679.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 667.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.10 667.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 667.18 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.10 667.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.10 667.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.30 667.18 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 52 654.03515625 m 88.0234375 654.03515625 l s q 0 0 0 rg BT 52.00 655.18 Td (Revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 642.73 Td (Employer Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 642.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 235.95 642.73 Td (2,450.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 642.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.95 642.73 Td (2,297.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.75 642.73 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 642.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 642.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 642.73 Td (4,788.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 642.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 642.73 Td (4,477.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.75 642.73 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 642.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 629.73 Td (PEO Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 235.95 629.73 Td (1,058.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 629.73 Td (942.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.30 629.73 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 629.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 629.73 Td (2,046.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 629.73 Td (1,842.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.30 629.73 Td (1) Tj ET Q q 0 0 0 rg BT 542.75 629.73 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 629.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 616.73 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 248.85 616.78 Td (\(2.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.65 616.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 305.80 616.73 Td (\(1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.65 616.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.65 616.73 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.80 616.73 Td (\(5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.65 616.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.85 616.78 Td (\(3.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 616.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.65 616.73 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 603.73 Td (T) Tj ET Q q 0 0 0 rg BT 72.44 603.73 Td (otal revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 603.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 235.95 603.73 Td (3,505.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 603.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.95 603.73 Td (3,238.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.75 603.73 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 603.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 603.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 603.73 Td (6,829.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 603.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 603.73 Td (6,315.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.75 603.73 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 603.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 52 579.03515625 m 116.9296875 579.03515625 l s q 0 0 0 rg BT 52.00 580.18 Td (Segment earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 568.18 Td (Employer Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 568.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 568.23 Td (733.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 568.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 568.18 Td (581.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.30 568.18 Td (26) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 568.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 568.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 568.18 Td (1,371.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 568.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 568.18 Td (1,1) Tj ET Q q 0 0 0 rg BT 475.07 568.18 Td (18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.30 568.18 Td (23) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 568.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 556.18 Td (PEO Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 556.23 Td (157.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 556.18 Td (133.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.30 556.18 Td (18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 556.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.55 556.18 Td (303.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.60 556.23 Td (256.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.30 556.18 Td (18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 556.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 544.18 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.95 544.18 Td (\(149.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.65 544.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 296.95 544.18 Td (\(126.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.65 544.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.65 544.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.95 544.18 Td (\(286.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.65 544.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.95 544.18 Td (\(222.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 544.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.65 544.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 532.18 Td (T) Tj ET Q q 0 0 0 rg BT 72.44 532.18 Td (otal pretax earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 532.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 532.23 Td (741.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 532.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 532.18 Td (587.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.30 532.18 Td (26) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.80 532.18 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 532.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 532.18 Td (1,387.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 532.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 532.18 Td (1,152.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.30 532.18 Td (20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.85 532.18 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 513.18 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.00 513.18 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.35 501.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.35 501.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 52 488.03515625 m 110.6953125 488.03515625 l s q 0 0 0 rg BT 52.00 489.18 Td (Segment margin) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 489.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.10 489.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 489.18 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.10 489.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.10 489.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.30 489.18 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 477.18 Td (Employer Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.00 477.18 Td (29.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.65 477.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.05 477.23 Td (25.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.65 477.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 477.18 Td (4.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 477.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.05 477.23 Td (28.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.65 477.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.05 477.23 Td (25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 477.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 477.18 Td (3.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 477.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 465.18 Td (PEO Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.00 465.18 Td (14.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.65 465.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.05 465.23 Td (14.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.65 465.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 465.18 Td (0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 465.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.05 465.23 Td (14.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.65 465.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.05 465.23 Td (13.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 465.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 465.18 Td (0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 465.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 453.18 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 255.65 453.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 312.65 453.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.65 453.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.65 453.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.65 453.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.65 453.18 Td (n/m) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 441.18 Td (T) Tj ET Q q 0 0 0 rg BT 72.44 441.18 Td (otal pretax margin) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.00 441.18 Td (21.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 262.65 441.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.05 441.23 Td (18.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.65 441.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 441.18 Td (3.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.80 441.18 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.05 441.23 Td (20.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.65 441.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.05 441.23 Td (18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 441.18 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 441.18 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.85 441.18 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 420.18 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.00 420.18 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.35 408.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.35 408.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 52 395.03515625 m 163.61328125 395.03515625 l s q 0 0 0 rg BT 52.00 396.18 Td (Earnings per share information:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 396.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.10 396.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.30 396.18 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.10 396.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.10 396.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.30 396.18 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 384.18 Td (Net earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 384.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 384.23 Td (558.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 384.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 384.18 Td (670.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.55 384.18 Td (\(17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.20 384.18 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 384.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.95 384.18 Td (1,063.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 384.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 384.18 Td (1,083.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.05 384.18 Td (\(2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.20 384.18 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 360.73 Td (Basic weighted average shares outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 360.78 Td (435.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 360.73 Td (441.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.05 360.73 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.20 360.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.55 360.73 Td (436.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.60 360.78 Td (441.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.05 360.73 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.20 360.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 348.18 Td (Basic earnings per share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 348.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.00 348.18 Td (1.28) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 348.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.05 348.23 Td (1.52) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.55 348.18 Td (\(16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.20 348.18 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 348.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.05 348.23 Td (2.44) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 348.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.05 348.23 Td (2.45) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.05 348.18 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.20 348.18 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 324.73 Td (Diluted weighted average shares outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.60 324.78 Td (438.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.60 324.73 Td (443.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.05 324.73 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.20 324.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.55 324.73 Td (438.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.60 324.78 Td (444.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.05 324.73 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.20 324.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 312.18 Td (Diluted earnings per share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 312.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.00 312.18 Td (1.27) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.00 312.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.05 312.23 Td (1.51) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.55 312.18 Td (\(16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.20 312.18 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 312.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.05 312.23 Td (2.42) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 312.18 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.05 312.23 Td (2.44) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.05 312.18 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.20 312.18 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.10 287.18 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.00 287.18 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.35 275.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.35 275.18 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.10 263.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.10 263.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.10 263.18 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.10 263.18 Td (2017) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 52 250.03515625 m 102.23828125 250.03515625 l s q 0 0 0 rg BT 52.00 251.18 Td (Key Statistics:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 239.18 Td (Employer Services:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 226.73 Td (Change in pays per control - U.S. \(A\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 226.73 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 226.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.50 226.73 Td (2.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.65 226.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.50 226.73 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 226.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.05 226.73 Td (2.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.65 226.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 213.73 Td (Employer Services New Business Bookings growth) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.75 213.73 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.65 213.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.20 213.73 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.80 213.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.20 213.73 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.65 213.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.75 213.73 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.85 213.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 190.18 Td (PEO Services:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 177.73 Td (Paid PEO worksite employees at end of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.25 177.73 Td (549,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 177.73 Td (504,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.70 177.73 Td (549,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.25 177.73 Td (504,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 164.73 Td (A) Tj ET Q q 0 0 0 rg BT 73.26 164.73 Td (verage paid PEO worksite employees during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.25 164.73 Td (545,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 164.73 Td (498,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.70 164.73 Td (536,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.25 164.73 Td (491,000) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 61.00 151.73 Td (Significant PEO expenses included within Operating expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 138.73 Td (Benefits pass-through costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.00 138.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.15 138.73 Td (673.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 138.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.55 138.73 Td (607.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 138.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 138.73 Td (1,326.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.00 138.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 138.73 Td (1,202.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 68.00 125.73 Td (W) Tj ET Q q 0 0 0 rg BT 75.41 125.73 Td (orkers' compensation and state unemployment taxes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.00 125.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.15 125.73 Td (1) Tj ET Q q 0 0 0 rg BT 360.60 125.73 Td (14.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.00 125.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.05 125.78 Td (98.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 125.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.60 125.78 Td (204.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.00 125.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.15 125.73 Td (189.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 102.80 Td (\(A\) Pays per control represents the number of employees on ) Tj ET Q q 0 0 0 rg BT 266.11 102.80 Td (ADP) Tj ET Q q 0 0 0 rg BT 282.41 102.80 Td ( clients' payrolls in the United States when measured on a same-store-sales ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 93.20 Td (basis for a subset of clients ranging from small to large businesses.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 683.5 m 314.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 683.5 m 319.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 683.5 m 363.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 683.5 m 462.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 683.5 m 467.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 683.5 m 511.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 683.5 m 314.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 670.5 m 314.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 670.5 m 319.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 670.5 m 363.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 683.5 m 462.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 670.5 m 462.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 670.5 m 467.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 670.5 m 511.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 670.5 m 314.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 657.5 m 314.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 670.5 m 319.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 670.5 m 363.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 657.5 m 363.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 657.5 m 412.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 670.5 m 462.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 657.5 m 462.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 670.5 m 467.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 670.5 m 511.5 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 657.5 m 511.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 657.5 m 561.5 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 610.5 m 314.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 610.5 m 363.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 610.5 m 412.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 610.5 m 462.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 610.5 m 511.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 610.5 m 561.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 610.5 m 462.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 610.5 m 511.5 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 584.5 m 314.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 572.5 m 314.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 570.5 m 314.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 584.5 m 363.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 572.5 m 363.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 570.5 m 363.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 584.5 m 412.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 572.5 m 412.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 570.5 m 412.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 584.5 m 462.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 572.5 m 462.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 570.5 m 462.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 584.5 m 511.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 572.5 m 511.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 570.5 m 511.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 584.5 m 561.5 584.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 572.5 m 561.5 572.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 570.5 m 561.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 518.5 m 314.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 518.5 m 363.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 518.5 m 462.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 518.5 m 511.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 518.5 m 462.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 518.5 m 511.5 518.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 492.5 m 314.5 492.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 492.5 m 462.5 492.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 480.5 m 314.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 478.5 m 314.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 492.5 m 363.5 492.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 480.5 m 363.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 478.5 m 363.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 480.5 m 462.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 478.5 m 462.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 492.5 m 511.5 492.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 480.5 m 511.5 480.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 478.5 m 511.5 478.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 399.5 m 314.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 399.5 m 363.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 399.5 m 462.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 399.5 m 511.5 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 387.5 m 314.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 385.5 m 314.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 387.5 m 363.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 385.5 m 363.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 387.5 m 462.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 385.5 m 462.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 387.5 m 511.5 387.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 385.5 m 511.5 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 280.5 m 314.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 280.5 m 363.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 280.5 m 462.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 280.5 m 511.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 268.5 m 314.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 266.5 m 314.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 268.5 m 363.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 266.5 m 363.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 280.5 m 412.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 268.5 m 412.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 266.5 m 412.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 268.5 m 462.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 266.5 m 462.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 268.5 m 511.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 266.5 m 511.5 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 280.5 m 561.5 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 268.5 m 561.5 268.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 266.5 m 561.5 266.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 739.73 Td (Automatic Data Processing, Inc. and Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 726.73 Td (Other Selected Financial Data, Continued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 713.73 Td (\(Dollars in millions, except per share amounts or where otherwise stated\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 700.73 Td (\(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.10 687.73 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.00 687.73 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 291.35 674.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.35 674.73 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.10 661.73 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.10 661.73 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.30 661.73 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.10 661.73 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.10 661.73 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 661.73 Td (% Change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 640.73 Td (A) Tj ET Q q 0 0 0 rg BT 57.26 640.73 Td (verage investment balances at cost \(in billions\):) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 627.73 Td (Corporate, other than corporate extended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 627.78 Td (1.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 627.73 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.05 627.73 Td (\(7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.20 627.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 627.73 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 627.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 627.73 Td (1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.60 627.78 Td (\(18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.20 627.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 614.73 Td (Corporate extended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 614.78 Td (4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 614.73 Td (4.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.75 614.73 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.80 614.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 614.73 Td (4.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 614.73 Td (4.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.75 614.73 Td (0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.85 614.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 601.73 Td (T) Tj ET Q q 0 0 0 rg BT 69.94 601.73 Td (otal corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 601.78 Td (5.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 601.73 Td (5.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.75 601.73 Td (0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.80 601.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 601.73 Td (5.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 601.73 Td (6.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.05 601.73 Td (\(6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.20 601.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 588.73 Td (Funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.05 588.78 Td (23.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.05 588.78 Td (22.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.75 588.73 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.65 588.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.05 588.78 Td (22.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.05 588.78 Td (21.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.75 588.73 Td (5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.65 588.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 575.73 Td (T) Tj ET Q q 0 0 0 rg BT 69.94 575.73 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 575.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.05 575.78 Td (29.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 575.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.05 575.78 Td (28.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.75 575.73 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.80 575.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 575.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.05 575.78 Td (28.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 575.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.05 575.78 Td (27.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.75 575.73 Td (2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.85 575.73 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 548.73 Td (A) Tj ET Q q 0 0 0 rg BT 57.26 548.73 Td (verage interest rates earned exclusive of realized losses \(gains\) on:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 535.73 Td (Corporate, other than corporate extended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 535.78 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 535.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 535.73 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 535.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 535.73 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 535.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 535.73 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 535.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 522.73 Td (Corporate extended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 522.78 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 522.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 522.73 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 522.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 522.73 Td (2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 522.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 522.73 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 522.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 509.73 Td (T) Tj ET Q q 0 0 0 rg BT 69.94 509.73 Td (otal corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 509.78 Td (2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 509.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 509.73 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 509.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 509.73 Td (2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 509.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 509.73 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 509.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 496.73 Td (Funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 496.78 Td (2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 496.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 496.73 Td (1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 496.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 496.73 Td (2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 496.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 496.73 Td (1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 496.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 483.73 Td (T) Tj ET Q q 0 0 0 rg BT 69.94 483.73 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 483.78 Td (2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 483.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 483.73 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 483.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 483.73 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 483.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 483.73 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 483.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 456.73 Td (Net unrealized \(loss\)/gain position at end of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 456.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.95 456.73 Td (\(236.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 456.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 456.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.40 456.73 Td (\(56.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 456.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 456.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.95 456.73 Td (\(236.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 456.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 456.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.40 456.73 Td (\(56.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 456.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 429.73 Td (A) Tj ET Q q 0 0 0 rg BT 57.26 429.73 Td (verage short-term financing \(in billions\):) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 416.73 Td (Commercial paper borrowings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 416.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 416.78 Td (3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 416.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 416.73 Td (3.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 416.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 416.73 Td (3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 416.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 416.73 Td (3.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 403.73 Td (Reverse repurchase agreement borrowings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 403.78 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 403.73 Td (0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 403.73 Td (0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 403.73 Td (0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 390.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 390.78 Td (4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 390.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 390.73 Td (4.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 390.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 390.73 Td (4.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 390.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 390.73 Td (4.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 363.73 Td (A) Tj ET Q q 0 0 0 rg BT 57.26 363.73 Td (verage interest rates paid on:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 350.73 Td (Commercial paper borrowings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 350.78 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 350.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 350.73 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 350.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 350.73 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 350.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 350.73 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 350.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.50 337.73 Td (Reverse repurchase agreement borrowings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.50 337.78 Td (1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 337.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.50 337.73 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 337.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 337.73 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 337.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.50 337.73 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 337.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 310.73 Td (Interest on funds held for clients) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 310.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 284.60 310.78 Td (129.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 310.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.55 310.73 Td (106.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.30 310.73 Td (21) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.65 310.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 310.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.55 310.73 Td (247.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 310.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.60 310.78 Td (206.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.30 310.73 Td (20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.65 310.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 297.73 Td (Corporate extended interest income \(A\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.05 297.78 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.05 297.78 Td (18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.30 297.73 Td (18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.65 297.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.05 297.78 Td (42.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.05 297.78 Td (37.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.30 297.73 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.65 297.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 284.73 Td (Corporate interest expense-short-term financing \(A\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.40 284.78 Td (\(23.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.65 284.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.40 284.73 Td (\(12.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 284.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.55 284.73 Td (\(89) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.20 284.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 434.40 284.73 Td (\(44.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.65 284.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.40 284.73 Td (\(25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.65 284.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.60 284.78 Td (\(74) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.20 284.73 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 271.73 Td (Net Impact from Client Fund Strategy) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 271.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 284.60 271.78 Td (127.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.00 271.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.55 271.73 Td (1) Tj ET Q q 0 0 0 rg BT 338.00 271.73 Td (12.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.30 271.73 Td (13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.65 271.73 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.00 271.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.55 271.73 Td (245.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.00 271.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.60 271.78 Td (218.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.30 271.73 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.65 271.73 Td ( %) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 244.40 Td (\(A\) While Corporate extended interest income and Corporate interest expense-short-term financing, related to our client funds investment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 234.80 Td (strategy) Tj ET Q q 0 0 0 rg BT 77.86 234.80 Td (, are non-GAAP) Tj ET Q q 0 0 0 rg BT 134.19 234.80 Td ( measures, management believes this information is beneficial to reviewing the financial statements of ) Tj ET Q q 0 0 0 rg BT 496.60 234.80 Td (ADP) Tj ET Q q 0 0 0 rg BT 512.02 234.80 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 225.20 Td (Management believes this information is beneficial as it allows the reader to understand the extended investment strategy for ) Tj ET Q q 0 0 0 rg BT 493.36 225.20 Td (ADP's client funds ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 50.00 215.60 Td (assets, corporate investments, and short-term borrowings. ) Tj ET Q q 0 0 0 rg BT 258.09 215.60 Td (A) Tj ET Q q 0 0 0 rg BT 262.98 215.60 Td ( reconciliation of the non-GAAP) Tj ET Q q 0 0 0 rg BT 374.46 215.60 Td ( measures to GAAP) Tj ET Q q 0 0 0 rg BT 445.01 215.60 Td ( measures is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 193.10000000000002 m 378.5 193.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 193.10000000000002 m 382.5 193.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 193.10000000000002 m 439.5 193.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 193.10000000000002 m 501.5 193.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 193.10000000000002 m 507.5 193.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 193.10000000000002 m 561.5 193.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 181.10000000000002 m 378.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 181.10000000000002 m 382.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 181.10000000000002 m 439.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 181.10000000000002 m 501.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 181.10000000000002 m 507.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 181.10000000000002 m 561.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 169.10000000000002 m 378.5 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 181.10000000000002 m 382.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 181.10000000000002 m 439.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 169.10000000000002 m 439.5 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 181.10000000000002 m 501.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 169.10000000000002 m 501.5 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 181.10000000000002 m 507.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 181.10000000000002 m 561.5 181.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 169.10000000000002 m 561.5 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 169.10000000000002 m 501.5 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 169.10000000000002 m 561.5 169.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 145.10000000000002 m 378.5 145.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 145.10000000000002 m 439.5 145.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 145.10000000000002 m 501.5 145.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 145.10000000000002 m 561.5 145.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 134.10000000000002 m 378.5 134.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 132.10000000000002 m 378.5 132.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 134.10000000000002 m 439.5 134.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 132.10000000000002 m 439.5 132.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 145.10000000000002 m 501.5 145.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 134.10000000000002 m 501.5 134.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 132.10000000000002 m 501.5 132.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 145.10000000000002 m 561.5 145.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 134.10000000000002 m 561.5 134.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 132.10000000000002 m 561.5 132.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 96.10000000000002 m 378.5 96.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 96.10000000000002 m 439.5 96.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 96.10000000000002 m 501.5 96.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 96.10000000000002 m 561.5 96.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 85.10000000000002 m 378.5 85.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 83.10000000000002 m 378.5 83.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 85.10000000000002 m 439.5 85.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 83.10000000000002 m 439.5 83.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 96.10000000000002 m 501.5 96.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 85.10000000000002 m 501.5 85.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 83.10000000000002 m 501.5 83.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 96.10000000000002 m 561.5 96.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 85.10000000000002 m 561.5 85.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 83.10000000000002 m 561.5 83.10000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.60 196.78 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.00 196.78 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.85 184.78 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.35 184.78 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.60 172.78 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.60 172.78 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.60 172.78 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.10 172.78 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 160.78 Td (Corporate extended interest income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.00 160.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.70 160.83 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 160.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.70 160.83 Td (18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.00 160.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.70 160.83 Td (42.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.00 160.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.70 160.83 Td (37.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 148.78 Td (All other interest income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.85 148.78 Td (6.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.85 148.78 Td (4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.40 148.78 Td (14.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.40 148.78 Td (10.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 136.78 Td (T) Tj ET Q q 0 0 0 rg BT 56.44 136.78 Td (otal interest income on corporate funds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.00 136.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.70 136.83 Td (28.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 136.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.70 136.83 Td (22.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.00 136.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.70 136.83 Td (56.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.00 136.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.70 136.83 Td (48.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 111.78 Td (Corporate interest expense-short-term financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.00 111.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.70 111.83 Td (23.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 111.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.70 111.83 Td (12.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.00 111.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.70 111.83 Td (44.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.00 111.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.70 111.83 Td (25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 99.78 Td (All other interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.40 99.78 Td (14.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.40 99.78 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.40 99.78 Td (30.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.40 99.78 Td (30.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 87.78 Td (T) Tj ET Q q 0 0 0 rg BT 56.00 87.78 Td (otal interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.00 87.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.70 87.83 Td (38.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 87.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.70 87.83 Td (27.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.00 87.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.70 87.83 Td (74.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.00 87.78 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.70 87.83 Td (55.5) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg /GS0 gs 49.50 676.50 242.00 -12.00 re f /GS0 gs 0.34901960784313724 0.34901960784313724 0.34901960784313724 rg /GS0 gs 291.50 676.50 270.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 664.50 242.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 291.50 664.50 270.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 640.50 242.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 291.50 640.50 270.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 616.50 242.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 291.50 616.50 270.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 592.50 242.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 291.50 592.50 270.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 568.50 242.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 291.50 568.50 270.00 -12.00 re f /GS0 gs BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 740.18 Td (Automatic Data Processing, Inc. and Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 729.18 Td (Consolidated Statement of ) Tj ET Q q 0 0 0 rg BT 155.41 729.18 Td (Adjusted / Non-GAAP) Tj ET Q q 0 0 0 rg BT 237.41 729.18 Td ( Financial Information) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 718.18 Td (\(in millions, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 707.18 Td (\(Unaudited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 692.18 Td (In addition to our GAAP) Tj ET Q q 0 0 0 rg BT 135.98 692.18 Td ( results, we use the adjusted results and other non-GAAP) Tj ET Q q 0 0 0 rg BT 339.50 692.18 Td ( metrics set forth in the table below to evaluate our operating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 684.18 Td (performance in the absence of certain items and for planning and forecasting of future periods:) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 53.00 669.48 Td (Adjusted Financial Measure) Tj ET Q BT /F2 8.00 Tf ET q 1 1 1 rg BT 295.00 669.48 Td (U.S. GAAP) Tj ET Q q 1 1 1 rg BT 335.75 669.48 Td ( Measures) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 53.00 661.60 44.68 -6.57 re f /GS0 gs q 0 0 0 rg BT 53.00 656.50 Td (Adjusted EBIT) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 295.00 661.60 39.69 -6.57 re f /GS0 gs q 0 0 0 rg BT 295.00 656.50 Td (Net earnings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 53.00 644.50 Td (Adjusted provision for income taxes) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 295.00 644.50 Td (Provision for income taxes) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 53.00 637.60 67.71 -6.57 re f /GS0 gs q 0 0 0 rg BT 53.00 632.50 Td (Adjusted net earnings) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 295.00 637.60 39.69 -6.57 re f /GS0 gs q 0 0 0 rg BT 295.00 632.50 Td (Net earnings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 53.00 620.50 Td (Adjusted diluted earnings per share) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 295.00 620.50 Td (Diluted earnings per share) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 53.00 613.60 80.42 -6.57 re f /GS0 gs q 0 0 0 rg BT 53.00 608.50 Td (Adjusted ef) Tj ET Q q 0 0 0 rg BT 87.90 608.50 Td (fective tax rate) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 295.00 613.60 52.01 -6.57 re f /GS0 gs q 0 0 0 rg BT 295.00 608.50 Td (Ef) Tj ET Q q 0 0 0 rg BT 301.49 608.50 Td (fective tax rate) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 53.00 596.50 Td (Constant Currency Basis) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 295.00 596.50 Td (U.S. GAAP) Tj ET Q q 0 0 0 rg BT 329.95 596.50 Td ( P&L) Tj ET Q q 0 0 0 rg BT 344.93 596.50 Td ( line items) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 53.00 589.60 137.65 -6.57 re f /GS0 gs q 0 0 0 rg BT 53.00 584.50 Td (Organic constant currency \(see footnote "h"\)) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 295.00 589.60 31.52 -6.57 re f /GS0 gs q 0 0 0 rg BT 295.00 584.50 Td (Revenues) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 53.00 572.50 Td (Corporate extended interest income \(see prior page\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 295.00 572.50 Td (Interest income) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 53.00 565.60 199.99 -6.57 re f /GS0 gs q 0 0 0 rg BT 53.00 560.50 Td (Corporate interest expense-short-term financing \(see prior page\)) Tj ET Q BT /F3 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 295.00 565.60 51.75 -6.57 re f /GS0 gs q 0 0 0 rg BT 295.00 560.50 Td (Interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 544.18 Td (W) Tj ET Q q 0 0 0 rg BT 59.41 544.18 Td (e believe that the exclusion of the identified items below helps us reflect the fundamentals of our underlying business model and analyze) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 536.18 Td (results against our expectations and against prior period, and to plan for future periods by focusing on our underlying operations. W) Tj ET Q q 0 0 0 rg BT 517.91 536.18 Td (e believe) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 528.18 Td (that the adjusted results provide relevant and useful information for investors because it allows investors to view performance in a manner) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 520.18 Td (similar to the method used by management and improves their ability to understand and assess our operating performance. ) Tj ET Q q 0 0 0 rg BT 492.98 520.18 Td (The nature of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 512.18 Td (these exclusions are for specific items that are not fundamental to our underlying business operations. Since these adjusted financial) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 504.18 Td (measures and other non-GAAP) Tj ET Q q 0 0 0 rg BT 163.47 504.18 Td ( metrics are not measures of performance calculated in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 459.91 504.18 Td (, they should not be) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 496.18 Td (considered in isolation from, as a substitute for) Tj ET Q q 0 0 0 rg BT 216.53 496.18 Td (, or superior to their corresponding U.S. GAAP) Tj ET Q q 0 0 0 rg BT 380.91 496.18 Td ( measures, and they may not be comparable to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 488.18 Td (similarly titled measures at other companies.) Tj ET Q 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 339.50 172.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 225.50 339.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 270.50 339.50 42.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 316.50 339.50 37.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 357.50 339.50 36.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 397.50 339.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 442.50 339.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 487.50 339.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 526.50 339.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 327.50 172.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 225.50 327.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 270.50 327.50 42.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 316.50 327.50 37.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 357.50 327.50 36.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 397.50 327.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 442.50 327.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 487.50 327.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 526.50 327.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 251.50 172.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 225.50 251.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 270.50 251.50 42.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 316.50 251.50 37.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 357.50 251.50 36.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 397.50 251.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 442.50 251.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 487.50 251.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 526.50 251.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 239.50 172.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 225.50 239.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 270.50 239.50 42.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 316.50 239.50 37.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 357.50 239.50 36.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 397.50 239.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 442.50 239.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 487.50 239.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 526.50 239.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 139.50 172.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 225.50 139.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 270.50 139.50 42.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 316.50 139.50 37.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 357.50 139.50 36.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 397.50 139.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 442.50 139.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 487.50 139.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 526.50 139.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 49.50 63.50 172.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 225.50 63.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 270.50 63.50 42.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 316.50 63.50 37.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 357.50 63.50 36.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 397.50 63.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 442.50 63.50 41.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 487.50 63.50 35.00 -12.00 re f /GS0 gs 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 526.50 63.50 35.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 461.5 m 266.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 461.5 m 270.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 461.5 m 312.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 461.5 m 438.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 461.5 m 442.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 461.5 m 483.5 461.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 449.5 m 266.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 449.5 m 270.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 449.5 m 312.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 449.5 m 353.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 449.5 m 357.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 449.5 m 393.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 449.5 m 438.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 449.5 m 442.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 449.5 m 483.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 449.5 m 522.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 449.5 m 526.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 449.5 m 561.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 423.5 m 266.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 449.5 m 312.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 423.5 m 312.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 423.5 m 353.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 449.5 m 393.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 423.5 m 393.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 449.5 m 438.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 423.5 m 438.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 449.5 m 442.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 449.5 m 483.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 423.5 m 483.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 449.5 m 561.5 449.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 423.5 m 266.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 423.5 m 312.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 423.5 m 353.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 423.5 m 393.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 423.5 m 438.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 423.5 m 483.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 423.5 m 522.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 423.5 m 561.5 423.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 339.5 m 221.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 339.5 m 312.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 339.5 m 353.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 339.5 m 393.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 339.5 m 483.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 339.5 m 522.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 339.5 m 561.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 339.5 m 266.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 339.5 m 312.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 339.5 m 353.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 339.5 m 393.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 339.5 m 438.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 339.5 m 483.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 339.5 m 522.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 339.5 m 561.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 315.5 m 221.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 315.5 m 266.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 315.5 m 312.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 315.5 m 353.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 315.5 m 393.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 315.5 m 438.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 315.5 m 483.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 315.5 m 522.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 315.5 m 561.5 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 251.5 m 221.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 251.5 m 266.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 251.5 m 312.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 251.5 m 353.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 251.5 m 393.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 251.5 m 438.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 251.5 m 483.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 251.5 m 522.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 251.5 m 561.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 251.5 m 266.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 251.5 m 312.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 251.5 m 393.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 251.5 m 438.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 251.5 m 483.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 251.5 m 522.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 251.5 m 561.5 251.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 227.5 m 221.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 227.5 m 266.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 227.5 m 312.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 227.5 m 353.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 227.5 m 393.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 227.5 m 438.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 227.5 m 483.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 227.5 m 522.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 227.5 m 561.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 139.5 m 221.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 139.5 m 266.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 139.5 m 312.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 139.5 m 353.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 139.5 m 393.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 139.5 m 438.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 139.5 m 483.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 139.5 m 522.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 139.5 m 561.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 127.5 m 221.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 139.5 m 266.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 127.5 m 266.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 139.5 m 312.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 127.5 m 312.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 139.5 m 353.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 127.5 m 353.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 139.5 m 393.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 127.5 m 393.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 139.5 m 438.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 127.5 m 438.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 139.5 m 483.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 127.5 m 483.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 139.5 m 522.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 127.5 m 522.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 139.5 m 561.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 127.5 m 561.5 127.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 63.5 m 221.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 63.5 m 266.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 63.5 m 312.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 63.5 m 353.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 63.5 m 393.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 63.5 m 522.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 63.5 m 561.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 51.5 m 221.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 63.5 m 266.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 225.5 51.5 m 266.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 63.5 m 312.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 51.5 m 312.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 63.5 m 353.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 51.5 m 353.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 63.5 m 393.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 51.5 m 393.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 63.5 m 438.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 51.5 m 438.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 63.5 m 483.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 51.5 m 483.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 63.5 m 522.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 51.5 m 522.5 51.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 63.5 m 561.5 63.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 51.5 m 561.5 51.5 l s BT /F3 7.00 Tf ET q 0 0 0 rg BT 239.80 465.50 Td (Three Months Ended) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.55 465.50 Td (Six Months Ended) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.50 453.50 Td (December 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.15 453.50 Td (% Change) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.00 453.50 Td (December 31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.65 453.50 Td (% Change) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 239.20 427.50 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 283.20 427.50 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.90 434.50 Td (As) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 320.10 427.50 Td (Reported) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.95 441.50 Td (Constant) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.80 434.50 Td (Currency) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 361.15 427.50 Td (Basis \(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 409.70 427.50 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.70 427.50 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.90 434.50 Td (As) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.10 427.50 Td (Reported) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.45 441.50 Td (Constant) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.30 434.50 Td (Currency) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 427.50 Td (Basis \(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 415.70 Td (Net earnings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 415.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 415.50 Td (558.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 415.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.25 415.50 Td (670.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 334.25 415.70 Td (\(17) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.40 415.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.25 415.70 Td (\(17) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.40 415.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 415.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.40 415.50 Td (1,063.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 415.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.40 415.50 Td (1,083.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.15 415.70 Td (\(2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.40 415.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.15 415.70 Td (\(2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.40 415.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 403.70 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 391.70 Td (Provision for income taxes) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 391.50 Td (182.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 287.80 391.50 Td (\(82.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 391.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 412.25 391.55 Td (324.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 391.50 Td (69.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 379.70 Td (All other interest expense \(a\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 379.50 Td (14.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 379.50 Td (15.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 379.50 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 379.50 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 367.70 Td (All other interest income \(a\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 245.70 367.50 Td (\(6.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 257.80 367.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 291.70 367.50 Td (\(4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 367.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 413.75 367.50 Td (\(14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.80 367.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 458.80 367.55 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.80 367.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 355.70 Td (T) Tj ET Q q 0 0 0 rg BT 64.15 355.70 Td (ransformation initiatives \(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 355.50 Td (37.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 294.05 355.50 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 355.50 Td (69.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.80 355.55 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 343.70 Td (Proxy contest matters \(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.80 343.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 343.50 Td (22.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.75 343.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 343.50 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 331.70 Td (Adjusted EBIT) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 331.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 331.50 Td (786.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 331.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.25 331.50 Td (624.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.55 331.70 Td (26) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.75 331.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.55 331.70 Td (26) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.75 331.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 331.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.40 331.50 Td (1,473.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 331.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.40 331.50 Td (1,205.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.60 331.75 Td (22) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.80 331.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 544.60 331.75 Td (22) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.80 331.70 Td ( %) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 52.00 319.70 Td (Adjusted EBIT Margin) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 319.50 Td (22.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 257.80 319.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 319.50 Td (19.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 319.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 319.50 Td (21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.80 319.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 319.50 Td (19.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.80 319.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 303.70 Td (Provision for income taxes) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 303.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 303.50 Td (182.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 303.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 287.80 303.50 Td (\(82.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 303.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.30 303.70 Td (\(321) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.40 303.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.30 303.70 Td (\(320) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.40 303.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 303.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 412.25 303.55 Td (324.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 303.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 303.50 Td (69.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.70 303.70 Td (367) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.75 303.70 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.70 303.70 Td (365) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 554.75 303.70 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 291.70 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 61.00 279.70 Td (Income tax benefit for transformation initiatives \(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.05 279.50 Td (9.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 294.05 279.50 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 279.50 Td (17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.80 279.55 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 267.70 Td (Income tax benefit for proxy contest matters \(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.80 267.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 294.05 267.50 Td (6.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.75 267.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 267.50 Td (10.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 255.70 Td (T) Tj ET Q q 0 0 0 rg BT 63.89 255.70 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 119.34 255.70 Td (Act \(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 245.70 255.50 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 257.80 255.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.25 255.50 Td (232.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 420.00 255.50 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 255.55 Td (232.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 243.70 Td (Adjusted provision for income taxes) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 243.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 243.50 Td (191.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 243.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.25 243.50 Td (157.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.55 243.70 Td (22) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.75 243.70 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.55 243.70 Td (21) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.75 243.70 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 243.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 412.25 243.55 Td (341.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 243.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 243.55 Td (312.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.50 243.70 Td (9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.75 243.70 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 548.50 243.70 Td (9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 554.75 243.70 Td (%) Tj ET Q BT /F4 7.00 Tf ET 0.9098039215686274 0.9098039215686274 0.9098039215686274 rg /GS0 gs 52.00 236.80 89.10 -6.55 re f /GS0 gs q 0 0 0 rg BT 52.00 231.70 Td (Adjusted effective tax rate \(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 231.50 Td (24.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 257.80 231.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 231.50 Td (25.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 231.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 231.50 Td (23.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.80 231.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 231.50 Td (26.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.80 231.50 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 215.70 Td (Net earnings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 215.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 215.50 Td (558.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 215.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.25 215.50 Td (670.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 334.25 215.70 Td (\(17) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.40 215.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.25 215.70 Td (\(17) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.40 215.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 215.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.40 215.50 Td (1,063.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 215.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.40 215.50 Td (1,083.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.15 215.70 Td (\(2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.40 215.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.15 215.70 Td (\(2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.40 215.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 203.70 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 191.70 Td (T) Tj ET Q q 0 0 0 rg BT 64.15 191.70 Td (ransformation initiatives \(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 191.50 Td (37.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 294.05 191.50 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 191.50 Td (69.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.80 191.55 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 179.70 Td (Income tax benefit for transformation initiatives \(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 245.70 179.50 Td (\(9.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 257.80 179.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 291.70 179.50 Td (\(1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 179.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 413.75 179.50 Td (\(17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.80 179.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.80 179.55 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 167.70 Td (Proxy contest matters \(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.80 167.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 167.50 Td (22.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.75 167.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 167.50 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 155.70 Td (Income tax benefit for proxy contest matters \(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.80 155.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 291.70 155.50 Td (\(6.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 155.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.75 155.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 458.80 155.55 Td (\(10.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.80 155.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 143.70 Td (T) Tj ET Q q 0 0 0 rg BT 63.50 143.70 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 119.14 143.70 Td (Act \(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.05 143.50 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 283.95 143.50 Td (\(232.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 143.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 417.70 143.55 Td (\(0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.80 143.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.95 143.55 Td (\(232.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.80 143.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 131.70 Td (Adjusted net earnings) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 131.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 240.25 131.50 Td (586.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 131.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 286.25 131.50 Td (456.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.55 131.70 Td (29) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.75 131.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.55 131.70 Td (28) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.75 131.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 131.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.40 131.50 Td (1,1) Tj ET Q q 0 0 0 rg BT 416.13 131.50 Td (15.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 131.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 131.55 Td (873.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.60 131.75 Td (28) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.80 131.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 544.60 131.75 Td (27) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.80 131.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 115.70 Td (Diluted EPS) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 115.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 115.50 Td (1.27) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 115.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 115.50 Td (1.51) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 334.25 115.70 Td (\(16) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.40 115.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.25 115.70 Td (\(16) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.40 115.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 115.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 115.50 Td (2.42) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 115.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 115.50 Td (2.44) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.15 115.70 Td (\(1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.40 115.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.15 115.70 Td (\(1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.40 115.70 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 103.70 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 91.70 Td (T) Tj ET Q q 0 0 0 rg BT 64.02 91.70 Td (ransformation initiatives \(b\) \(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 91.50 Td (0.06) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 296.80 91.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 91.50 Td (0.12) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.80 91.55 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 79.70 Td (Proxy contest matters \(c\) \(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.80 79.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 79.50 Td (0.04) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.75 79.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 79.50 Td (0.05) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 60.00 67.70 Td (T) Tj ET Q q 0 0 0 rg BT 63.50 67.70 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 119.14 67.70 Td (Act \(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.80 67.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 287.80 67.50 Td (\(0.52) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 303.80 67.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.75 67.50 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 458.80 67.55 Td (\(0.52) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.80 67.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.00 55.70 Td (Adjusted diluted EPS) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 228.00 55.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.15 55.50 Td (1.34) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 55.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 290.15 55.50 Td (1.03) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.55 55.70 Td (30) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.75 55.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.55 55.70 Td (30) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.75 55.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 400.00 55.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 416.15 55.50 Td (2.54) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.00 55.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 55.50 Td (1.97) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.60 55.75 Td (29) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.80 55.70 Td ( %) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 544.60 55.75 Td (29) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.80 55.70 Td ( %) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 384.6 m 384 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 384.6 m 390 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 384.6 m 440 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 384.6 m 498 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 384.6 m 505 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 384.6 m 555 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 372.6 m 384 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 372.6 m 390 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 372.6 m 440 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 372.6 m 498 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 372.6 m 505 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 372.6 m 555 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 372.6 m 384 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 360.6 m 384 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 372.6 m 390 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 372.6 m 440 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 360.6 m 440 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 372.6 m 498 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 360.6 m 498 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 372.6 m 505 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 372.6 m 555 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 360.6 m 555 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 322.6 m 384 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 310.6 m 384 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 322.6 m 440 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 310.6 m 440 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 322.6 m 498 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 310.6 m 498 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 322.6 m 555 322.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 310.6 m 555 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 262.6 m 555 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 262.6 m 384 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 250.60000000000002 m 384 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 262.6 m 440 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 250.60000000000002 m 440 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 262.6 m 498 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 250.60000000000002 m 498 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 262.6 m 555 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 250.60000000000002 m 555 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 150.60000000000002 m 498 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 150.60000000000002 m 555 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 150.60000000000002 m 384 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 138.60000000000002 m 384 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 150.60000000000002 m 440 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390 138.60000000000002 m 440 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 150.60000000000002 m 498 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 138.60000000000002 m 498 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 150.60000000000002 m 555 150.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 138.60000000000002 m 555 138.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 723.28 Td (\(a\) W) Tj ET Q q 0 0 0 rg BT 73.98 723.28 Td (e continue to include the interest income earned on investments associated with our client funds extended investment strategy and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 715.28 Td (interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 707.28 Td (the underlying operations of our business model. ) Tj ET Q q 0 0 0 rg BT 229.20 707.28 Td (The adjustments in the table above represent the interest income and interest expense that) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 699.28 Td (is not related to our client funds extended investment strategy and are labeled as "All other interest expense" and "All other interest income.") Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 682.28 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 66.43 682.28 Td (The charges within transformation initiatives are comprised of charges for our V) Tj ET Q q 0 0 0 rg BT 347.15 682.28 Td (oluntary Early Retirement Program \("VERP"\), Service) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 674.28 Td (Alignment Initiative and other transformation initiatives. Charges related to our VERP) Tj ET Q q 0 0 0 rg BT 354.13 674.28 Td ( in the three and six months ended December31, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 666.28 Td (include $12.8 million and $28.1 million for non-cash pension settlement charge and special termination benefits included in Other Income,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 658.28 Td (net, and $12.1 million and $21.4 million of expenses related to the continuing health coverage included within selling, general and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 650.28 Td (administrative expenses, respectively) Tj ET Q q 0 0 0 rg BT 186.71 650.28 Td (. W) Tj ET Q q 0 0 0 rg BT 200.56 650.28 Td (e also recorded charges within selling, general and administrative expenses of $18.7 million and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 642.28 Td ($31.0 million related to our other transformation initiatives during the three and six months ended December31, 2018. ) Tj ET Q q 0 0 0 rg BT 475.56 642.28 Td (These charges were) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 634.28 Td (partially of) Tj ET Q q 0 0 0 rg BT 90.89 634.28 Td (fset by net reversals of charges and gain on sale of assets related to our Service ) Tj ET Q q 0 0 0 rg BT 377.42 634.28 Td (Alignment Initiative of $6.4 million and $10.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 626.28 Td (million for the three and six months ended December31, 2018. Unlike other severance charges which are not included as an adjustment to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 618.28 Td (get to adjusted results, these specific charges relate to actions that are part of our broad-based, company-wide transformation initiative.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 600.28 Td (\(c\) Represents non-operational costs relating to proxy contest matters.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 584.28 Td (\(d\) ) Tj ET Q q 0 0 0 rg BT 66.43 584.28 Td (The tax benefit on the transformation initiatives and non-operational charges related to proxy contest matters was calculated based on the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 576.28 Td (annualized marginal rate in ef) Tj ET Q q 0 0 0 rg BT 159.38 576.28 Td (fect during the quarter of the adjustment.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 559.28 Td (\(e\) ) Tj ET Q q 0 0 0 rg BT 66.43 559.28 Td (The net \(provision\)/benefit from the enactment of the ) Tj ET Q q 0 0 0 rg BT 254.83 559.28 Td (T) Tj ET Q q 0 0 0 rg BT 259.20 559.28 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 322.57 559.28 Td (Act \("the ) Tj ET Q q 0 0 0 rg BT 354.76 559.28 Td (Act"\) is comprised of adjustments to the one-time) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 551.28 Td (transition tax on the earnings and profits of our foreign subsidiaries, foreign withholding taxes, a valuation allowance against our foreign tax) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 543.28 Td (credits which may not be realized and the re-measurement of deferred tax balances for the three and six months ended December31, 2018.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 535.28 Td (The net benefit for the three and six months ended December31, 2017 represents the one-time benefit recognized on the re-measurement of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 527.28 Td (deferred tax balances, primarily as a result of ) Tj ET Q q 0 0 0 rg BT 216.13 527.28 Td (ASC 606, using the lower tax rates enacted under the ) Tj ET Q q 0 0 0 rg BT 407.81 527.28 Td (Act.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 511.28 Td (\(f\) ) Tj ET Q q 0 0 0 rg BT 64.20 511.28 Td (The ) Tj ET Q q 0 0 0 rg BT 79.92 511.28 Td (Adjusted ef) Tj ET Q q 0 0 0 rg BT 119.65 511.28 Td (fective tax rate is calculated as our ) Tj ET Q q 0 0 0 rg BT 244.31 511.28 Td (Adjusted provision for income taxes divided by our ) Tj ET Q q 0 0 0 rg BT 424.40 511.28 Td (Adjusted net earnings plus our) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 503.28 Td (Adjusted provision for income taxes.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 486.28 Td (\(g\) "Constant currency basis" provides information that isolates the actual growth of our operations. "Constant currency basis" is determined) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 478.28 Td (by calculating the current year result using foreign exchange rates consistent with the prior year) Tj ET Q q 0 0 0 rg BT 391.79 478.28 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 460.28 Td (\(h\) ) Tj ET Q q 0 0 0 rg BT 66.36 460.28 Td (The following table reconciles our reported growth rates to the non-GAAP) Tj ET Q q 0 0 0 rg BT 325.91 460.28 Td ( measure of organic revenue, which excludes the impact of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 452.28 Td (acquisitions, the impact of dispositions, and the impact of foreign currency) Tj ET Q q 0 0 0 rg BT 315.38 452.28 Td (. ) Tj ET Q q 0 0 0 rg BT 319.68 452.28 Td (The impact of acquisitions and dispositions is calculated by) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 444.28 Td (excluding the current year revenues of acquisitions until the one year anniversary of the transaction and by excluding the prior year revenues) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 436.28 Td (of divestitures for the one year period preceding the transaction. ) Tj ET Q q 0 0 0 rg BT 285.16 436.28 Td (The impact of foreign currency is determined by calculating the current year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 428.28 Td (result using foreign exchange rates consistent with the prior year) Tj ET Q q 0 0 0 rg BT 282.63 428.28 Td (. ) Tj ET Q q 0 0 0 rg BT 289.15 428.28 Td (The PEO segment is not impacted by acquisitions, dispositions or foreign) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 420.28 Td (currency) Tj ET Q q 0 0 0 rg BT 84.58 420.28 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.60 388.83 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.00 388.83 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.85 376.28 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.35 376.28 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 54.5 363.13515625 m 162.125 363.13515625 l s q 0 0 0 rg BT 54.50 364.28 Td (Revenue growth consolidated:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.10 364.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.60 364.28 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.10 364.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.60 364.28 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 338.28 Td (Employer Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 338.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.15 338.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 338.28 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 338.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 338.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.15 338.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 338.28 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 338.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 326.28 Td (PEO Services) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.80 326.28 Td (12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.15 326.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.80 326.28 Td (15) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 326.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.80 326.28 Td (1) Tj ET Q q 0 0 0 rg BT 483.25 326.28 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.15 326.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.80 326.28 Td (14) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 326.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 314.28 Td (Consolidated revenue growth as reported) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 314.28 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.15 314.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 314.28 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 314.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 314.28 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.15 314.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 314.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 314.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 302.28 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 290.28 Td (Impact of acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.70 290.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.30 290.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.55 290.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.70 290.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.55 290.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.70 290.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.55 290.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.70 290.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 278.28 Td (Impact of dispositions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.70 278.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.30 278.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 278.28 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.30 278.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.70 278.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.35 278.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 278.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.35 278.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 266.28 Td (Impact of foreign currency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 266.28 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.30 266.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.55 266.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.70 266.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.70 266.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.35 266.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.55 266.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.70 266.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 254.28 Td (Consolidated revenue growth, organic constant currency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 254.28 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.15 254.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 254.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 254.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 254.28 Td (8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.15 254.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 254.28 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 254.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 54.5 227.13515625000002 m 88.7421875 227.13515625000002 l s q 0 0 0 rg BT 54.50 228.28 Td (Segment:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 202.28 Td (Employer Services revenue growth as reported) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 202.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.15 202.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 202.28 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 202.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 202.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.15 202.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 202.28 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 202.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 190.28 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 178.28 Td (Impact of acquisitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.55 178.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.70 178.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.55 178.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.70 178.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.55 178.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.70 178.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.55 178.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.70 178.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 166.28 Td (Impact of dispositions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.70 166.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.30 166.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 166.28 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 166.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.70 166.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.35 166.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.70 166.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.35 166.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 62.50 154.28 Td (Impact of foreign currency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 154.28 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.30 154.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.55 154.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.70 154.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 154.28 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.35 154.28 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.55 154.28 Td (\(1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.70 154.28 Td (\)%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 142.28 Td (Employer Services revenue growth, organic constant currency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.25 142.28 Td (7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.15 142.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.25 142.28 Td (4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.15 142.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.25 142.28 Td (6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.15 142.28 Td ( %) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.25 142.28 Td (3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.15 142.28 Td ( %) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 683.5 m 398 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 683.5 m 470 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 683.5 m 549 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 605.5 m 398 605.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326 592.5 m 398 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 605.5 m 470 605.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 592.5 m 470 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 605.5 m 549 605.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 592.5 m 549 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 501.5 m 470 501.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 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(~ 4%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.50 401.73 Td (T) Tj ET Q q 0 0 0 rg BT 76.50 401.73 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 140.09 401.73 Td (Act - FY19 \(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.65 401.73 Td (-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.80 401.73 Td (-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 388.73 Td (Adjusted diluted earnings per share \(Non-GAAP\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.50 388.73 Td ($) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.75 388.78 Td (4.53) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.45 388.73 Td (17 - 19%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 365.18 Td (a\) W) Tj ET Q q 0 0 0 rg BT 81.31 365.18 Td (e continue to include the interest income earned on investments associated with our client funds extended investment strategy and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 357.18 Td (interest expense on borrowings related to our client funds extended investment strategy as we believe these amounts to be) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 349.18 Td (fundamental to the underlying operations of our business model. ) Tj ET Q q 0 0 0 rg BT 294.35 349.18 Td (These adjustments in the table above represent the interest income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 341.18 Td (and interest expense that is not related to our client funds extended investment strategy and are labeled as All other interest expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 333.18 Td (and All other interest income.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 321.18 Td (b\) Impact of fiscal 2018 charges in connection with proxy contest matters.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 309.18 Td (c\) W) Tj ET Q q 0 0 0 rg BT 80.79 309.18 Td (e recorded a charge of $404.8 million related to transformation initiatives in fiscal 2018. ) Tj ET Q q 0 0 0 rg BT 390.15 309.18 Td (The charges within transformation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 301.18 Td (initiatives in fiscal 2018 includes $319.6 million related to the special termination benefit charges and $17.5 million of other charges) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 293.18 Td (related to our V) Tj ET Q q 0 0 0 rg BT 118.76 293.18 Td (oluntary Early Retirement Program \("VERP"\), severance charges related to our Service ) Tj ET Q q 0 0 0 rg BT 429.01 293.18 Td (Alignment Initiative of $20.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 285.18 Td (million, and other transformation initiatives of $47.2 million which primarily consist of severance charges totaling $41.9 million for fiscal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 277.18 Td (2018. Unlike other severance charges which are not included as an adjustment to get to adjusted results, these specific charges relate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 269.18 Td (to actions that are part of our broad-based, company-wide transformation initiative. Expected fiscal 2019 charges within transformation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 261.18 Td (initiatives represent expected severance and other charges related to our previously announced VERP) Tj ET Q q 0 0 0 rg BT 426.35 261.18 Td (, Service ) Tj ET Q q 0 0 0 rg BT 459.25 261.18 Td (Alignment Initiative, and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 253.18 Td (other transformation initiatives.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 239.98 Td (d\) ) Tj ET Q q 0 0 0 rg BT 73.69 239.98 Td (The one-time net benefit from the enactment of the ) Tj ET Q q 0 0 0 rg BT 255.87 239.98 Td (T) Tj ET Q q 0 0 0 rg BT 259.87 239.98 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 323.46 239.98 Td (Act is comprised of application of the newly enacted rates to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 231.98 Td (our U.S. deferred tax balances, partially of) Tj ET Q q 0 0 0 rg BT 213.77 231.98 Td (fset by foreign withholding taxes on future distributions, the one-time transition tax and the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.50 223.98 Td (recording of a valuation allowance against our foreign tax credits which may not be realized.) 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