MOMENTUM THROUGH TRANSFORMATION - June 12, 2018
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MOMENTUM THROUGH TRANSFORMATION
June 12, 2018
Copyright © 2018 ADP, LLC
AGENDA
7:00 a.m. Registration, Breakfast, and Product Demonstrations
8:30 a.m. Welcome Christian Greyenbuhl, VP Investor Relations
Building on our Momentum Carlos Rodriguez, President and CEO
Strategic Vision Don Weinstein, Chief Strategy Officer
Innovating for Tomorrow’s Workplace Stuart Sackman, Chief Technology Officer
Global Distribution Tom Perrotti, President Worldwide Sales & Marketing
Question and Answer Session
10:15 a.m. Break and Product Demonstrations
10:30 a.m. HRO: Beyond Software Maria Black, President SBS and HRO
International Don McGuire, President International
U.S. Enterprise Solutions Debbie Dyson, President National Account Services
Transforming ADP Dermot O’Brien, Chief Transformation Officer
Financial Outlook Jan Siegmund, Chief Financial Officer
Question and Answer Session
Closing Remarks Carlos Rodriguez, President and CEO
12:00 p.m. Lunch and Product Demonstrations
Copyright © 2018 ADP, LLC 2
FORWARD LOOKING STATEMENTS
This presentation and other written or oral statements made from time to time by ADP may contain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the
use of words like “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could” “is designed to” and other words of similar
meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and depend upon or
refer to future events or conditions and are subject to risks and uncertainties that may cause actual results to differ materially from those
expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements or that could
contribute to such difference include: ADP's success in obtaining and retaining clients, and selling additional services to clients; the pricing of
products and services; compliance with existing or new legislation or regulations; changes in, or interpretations of, existing legislation or
regulations; overall market, political and economic conditions, including interest rate and foreign currency trends; competitive conditions; our
ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or privacy breaches, fraudulent acts,
and system interruptions and failures; employment and wage levels; changes in technology; availability of skilled technical associates; and the
impact of new acquisitions and divestitures. ADP disclaims any obligation to update any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law. These risks and uncertainties, along with the risk factors discussed under
“Item 1A. - Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017 should be considered in evaluating any
forward-looking statements contained herein.
Note Regarding the Use of Non-GAAP Financial Metrics
This presentation contains non-GAAP financial metrics. Please refer to the accompanying financial tables in the “Additional Materials” section
for a discussion and reconciliation of non-GAAP financial metrics to their comparable GAAP financial metrics.
Adjusted EBIT margin, adjusted effective tax rate, and adjusted diluted earnings per share are non-GAAP financial measures. We have not
provided a reconciliation of our adjusted EBIT margin outlook, adjusted effective tax rate outlook or adjusted EPS outlook to their most
comparable GAAP measures for such years because it would be potentially misleading and not practical given the difficulty of projecting event-
driven transactional and other non-core operating items that are included in the GAAP metrics, including restructuring actions, gains/losses on
sales of businesses and assets, and certain income tax adjustments. The accompanying reconciliation for the historical period presented is
indicative of the reconciliation that will be prepared upon completion of the periods covered by the non-GAAP outlook.
Copyright © 2018 ADP, LLC 3
Building on our
Momentum
Carlos Rodriguez
Copyright © 2018 ADP, LLC
ADP IS TRANSFORMING – WE HAVE MOMENTUM
T R A N S F O R M AT I O N RECENT
ENABLERS ACCOMPLISHMENTS
Accelerate product and Launched live clients on Next Gen platforms
technology innovation Accelerated DataCloud penetration
Enhance our world Optimized field distribution to focus on new logos
class distribution Expanded investments in inside sales
Completed mid-market migrations
Focus on operational
Executing Service Alignment Initiative
excellence
Launched Voluntary Early Retirement Program
Continued to refresh technical and executive talent
Strengthen talent and
Continued to differentiate with pay-for-performance
performance culture
Added two new board members
Copyright © 2018 ADP, LLC 5
WE ARE EXECUTING AND EXCEEDING OUR
COMMITMENTS
AC C E L E R AT I N G F Y 1 8 EXCEEDING FY18
PERFORMANCE GUIDANCE
Increasing new business bookings growth Original guidance2 Most recent guidance3
9%
6%
Revenue growth 5% - 6% 7% - 8%
-3%
-7% New business
Q4 ’17 Q1 ’18 Q2 ’18 Q3 ’18 bookings growth
5% - 7% 6% - 7%
Continuous retention improvement (bps)
170
Adj. EBIT1
(50) - (25) ~Flat
160 Margin (bps) (including 30bps drag
from acquisitions)
60
Adj. EPS1
-20 growth 2% - 4% 16% - 17%
Q4 ’17 Q1 ’18 Q2 ’18 Q3 ’18
1. Adjusted EBIT and Adjusted EPS are non-GAAP metrics. Refer to the Additional Materials for reconciliations to the closest GAAP metrics.
2. Guidance as of fiscal Q4 2017 earnings report, July 27, 2017.
3. Guidance as of fiscal Q3 2018 earnings report, May 2, 2018.
- This is not intended to be an update or reaffirmation of such guidance. Copyright © 2018 ADP, LLC 6
NEW INITIATIVES ARE ACCELERATING THE
PACE OF OUR TRANSFORMATION
T R A N S F O R M AT I O N N E W I N I T I AT I V E S T O
ENABLERS AC C E L E R AT E PAC E
Accelerating roll-out of Next Gen platforms
Accelerate product and
Expanding further into gig economy
technology innovation
Innovating in digital payments
Scaling digital commerce capabilities
Enhance our world
Expanding channels and partnerships
class distribution
Accelerating inside sales growth
Expanding Service Alignment Initiative
Focus on operational
Conducting comprehensive review of non-labor
excellence
expenses; launched procurement initiative
Strengthen talent and Appointed Chief Transformation Officer
performance culture Ongoing board refreshment
Copyright © 2018 ADP, LLC 7
WE ARE ACCELERATING OUR MARGIN TARGETS
ADJUSTED EBIT1 MARGIN
23% - 25%
21% - 22%
19.8%
FY17 FY19F FY21F
Achieving prior three-year margin
targets2 one full year early
1. Adjusted EBIT is a non-GAAP metric. Refer to the Additional Materials for a reconciliation to the closest GAAP metric.
2. As outlined in September 12, 2017 investor presentation.
Copyright © 2018 ADP, LLC 8
WE CONTINUE TO BE STRONGLY POSITIONED IN
HIGHLY ATTRACTIVE MARKETS
S T R AT E G I C P I L L A R S
Grow a complete Scale our market leading HRO Leverage our global presence
suite of cloud-based Solutions by leveraging our to offer clients HCM Solutions
HCM Solutions platforms & processes wherever they do business
Market • #1 or #2 in most • #1 in multinational payroll
• #1 in both PEO and HRO
position categories
How we are • Next Gen platforms • The market’s broadest suite of • Unmatched global footprint
positioned • Freelancer labor solution HRO and compliance solutions • Deep local compliance
to win share • Leading digital payments • Deep local compliance expertise expertise
• ADP MarketplaceTM • Strategic HR services • Leading product innovation
• Big data insights from
world’s richest HCM dataset
Copyright © 2018 ADP, LLC 9
WE BELIEVE IN STRONG GOVERNANCE AND
SUSTAINABLE LONG-TERM VALUE CREATION
S T R O N G C O R P O R AT E WITH SHAREHOLDERS
GOVERNANCE TOP OF MIND
Ongoing board refreshment Formal investor governance outreach
program in place
Released first ever Corporate Social
Performance-based compensation designed
Responsibility report in response
to drive sustainable value creation
to shareholder feedback
Strong Say-on-Pay support
Created technology committee to help drive
corporate strategy 43 consecutive years of dividend increases
Returned ~$13B of cash since FY11
Adopted proxy access
Director succession planning evolves with
Independent non-executive Chairman corporate strategy
11 of 12 Directors are independent Top quartile S&P 500 trailing 5 year TSR1
1. As of May 18, 2018
Copyright © 2018 ADP, LLC 10WHAT YOU WILL HEAR TODAY
We are reshaping
We are accelerating the HCM industry and
our transformation setting standards for
innovation
We are investing to Goal: Total Shareholder
further enhance our Return – Top quartile of
competitiveness and grow S&P 500
Copyright © 2018 ADP, LLC 11Strategic Vision
Don Weinstein
Copyright © 2018 ADP, LLCADP IS POSITIONED TO WIN IN A RAPIDLY
EVOLVING HCM MARKET
HCM Trend Core Beliefs ADP Advantages
• Growth of gig economy • Only HCM provider with a freelancer labor solution
EVOLUTION • Emergence of “agile” (WorkMarket)
OF WORK organizations • Next Gen HCM platform uniquely built to serve dynamic,
team-based organizations
• Increasing number of • Industry-leading mobile HCM and digital payments platforms
EVOLUTION workers paid in real-time or (Global Cash Card®)
OF PAY on more tailored schedules • Next Gen payroll and tax engine built to enable
real-time payroll calculations and pay
• Becoming more analytical • World’s richest and most accurate dataset (DataCloud)
EVOLUTION • Increasing focus on talent • Pioneering Next Gen talent solutions (TMBC®) built natively
OF HR and engagement into Next Gen HCM platform
• Proprietary HRO solutions
• Globalization of workforce
EVOLUTION • Tightening labor markets • Next Gen platforms are built to be global at the core
OF BUSINESS • Growing regulatory pressure • Unmatched global footprint with deep compliance expertise
• HCM tech transforming into • Industry-leading HCM Marketplace and API portfolio
EVOLUTION platforms + app ecosystems • Next Gen HCM open platform + “mini-apps” strategy
OF TECH • Growth of AI / machine • Predictive models leveraging our differentiated big data
learning in enterprise software (DataCloud)
Copyright © 2018 ADP, LLC 13WORKMARKET EXTENDS ADP’S LEADERSHIP
ACROSS THE SPECTRUM OF WORKERS
W O R K M A R K E T: L E A D I N G F R E E L A N C E M A N A G E M E N T S O L U T I O N
• End-to-End Freelancer
Management Tools
– Sourcing
– Screening
– Contracting
– Time tracking
– Rating
– Paying
• Labor Clouds - assemble pools
of qualified talent to draw from
• Intelligent Work Automation
Copyright © 2018 ADP, LLC 14WISELYTM DIGITAL PAY AND FINANCIAL WELLNESS
STRENGTHEN OUR PAYROLL LEADERSHIP
W I S E LY : A P P F O R M A N A G I N G W O R K E R P AY M E N T S A N D F I N A N C I A L
W E L L N E S S – B U I L T O N G L O B A L C A S H C A R D D I G I T A L P L AT F O R M
• Instant and on-demand payments
for workers
• Simple, empowering tools to
manage financial wellness
• Available to both traditional and
freelance workers
• Complements industry-leading
consumer mobile HCM platform
Copyright © 2018 ADP, LLC 15WE ARE GOING EVEN BIGGER ON BIG DATA
B I G D AT A S O L U T I O N S
• Industry-leading DataCloud, brings insights
from 30M workers to our clients
• Introduced Pay Equity ExplorerTM and
Flight Risk predictive model
• Won HR Tech Top HR Product in 2016 and
Awesome New Technology in 2016, 2017
• Expanding globally and launching
Executive Insights on ADP Mobile
• Launched Data-as-a-Service to extend
opportunities to deliver insights
Copyright © 2018 ADP, LLC 16WE ARE GROWING THE WORLD’S LARGEST
HCM ECOSYSTEM AND API PORTFOLIO
A D P M A R K E T P L A C E : O P E N H C M I N T E G R AT I O N
P L AT F O R M A N D P A R T N E R E C O S Y S T E M
• 250+ apps available
• 2K partners in pipeline
• 12K+ app transactions
• Won HR Tech Awesome New
Technology and Top HR
Product in 2015
• Recent partnerships with
Facebook and Slack
Copyright © 2018 ADP, LLC 17OUR NEXT GENERATION PLATFORMS ARE BUILT
FOR THE FUTURE
NEXT GENERATION PLATFORMS
Next Gen HCM Next Gen Payroll Next Gen Tax
DIFFERENTIATION
Supports Delivers Provides “low-
Offers open Empowers agile
flexible work and seamless global code” development
platform organizations
on-demand pay capabilities platform
• HCM “your way” • Uniquely built to • “Person-centric” • Built to be global • Enables rapid,
satisfies diverse support how work design serves all at the core agile app
and evolving gets done – worker types • Enables rapid development
HCM needs through dynamic • Provides instant, set-up and local • Empowers
• Enabled by teams on-demand pay compliance federated, local
common data capabilities development
model + “mini- teams
app” design • Leverages
• Open to 3rd public cloud
parties over time
Copyright © 2018 ADP, LLC 18Innovating for
Tomorrow’s Workplace
Stuart Sackman
Copyright © 2018 ADP, LLCOUR NEXT GENERATION PLATFORMS ARE BUILT
FOR THE FUTURE
NEXT GENERATION PLATFORMS
Next Gen HCM Next Gen Payroll Next Gen Tax
DELIVERING DIFFERENTIATION
Supports Delivers
Delivers Provides
Empowers
Offers open flexible work seamless
seamless “low-code”
agile
platform and on- global
global development
organizations
demand pay capabilities
capabilities platform
Copyright © 2018 ADP, LLC 20FLEXIBLE
WORK
Copyright © 2018 ADP, LLC 21OPEN PLATFORM – NEXT GEN HCM “MINI-APP”
DESIGN ENABLES “MASS PERSONALIZATION”
User Needs
Traditional HCM SaaS
ADP Next Gen HCM Mini Apps
CONSTITUENTS
Workers
Managers
Practitioners
USER REQUIREMENTS
Copyright © 2018 ADP, LLC 22OPEN
PLATFORM
Copyright © 2018 ADP, LLC 23EMPOWERS
AGILE ORGS
Copyright © 2018 ADP, LLC 24ON-DEMAND
PAY
$80
Copyright © 2018 ADP, LLC 25SEAMLESS GLOBAL EXPERIENCE
Copyright © 2018 ADP, LLC 26LOW-CODE DEVELOPMENT PLATFORM
Copyright © 2018 ADP, LLC 27NEXT GEN PLATFORMS ARE LIVE
NEXT GENERATION PLATFORM TIMELINE
Today: Pilot FY19: Roll-out FY20+: Scale
• Live with pilot clients in • Sell 15 - 25 North
North America America clients • Sell 50 - 75 North
Next Gen HCM America clients
• Growing platform • Start global expansion
• Deploy in North America
• Live with pilot client in • Deploy in North America
to hundreds of clients
Next Gen Payroll North America up to 10 clients
• Begin global roll-out to
• Growing platform • Start global expansion
select countries
• Live with pilot clients in • Deploy in North America to • Deploy in North America
Next Gen Tax North America ~10 - 20% of client base up to ~50% of client base
Copyright © 2018 ADP, LLC 28WE HAVE ALREADY MADE SIGNIFICANT
PROGRESS
O N S T R AT E G I C ,
C L O U D - B A S E D P L AT F O R M S
(% of US HCM Clients/Revenue1)
BUILDING ON
MOMENTUM IN PRODUCT
Clients Revenue A N D T E C H N O L O G Y:Global Distribution
Tom Perrotti
Copyright © 2018 ADP, LLCWE ARE POSITIONED TO BENEFIT FROM THE
SCALE AND REACH OF OUR DISTRIBUTION
$1.65B 113 6,500+
NEW BUSINESS BOOKINGS1 COUNTRIES TOTAL SELLERS2
We sell more HCM We serve clients in 113 Our sellers are enabled to sell the best
every year than any of our countries worldwide fit HCM platform as well as value-
direct competitors added complementary products
1,600+ 20K+ 250+
INSIDE SELLERS2 REFERRING PARTNERS MARKETPLACE APPS
We are growing our inside sales Our partner ecosystem is We digitally distribute over 250 apps
organization to capitalize on digital unmatched with over 20K partners through the ADP Marketplace, the
sales and share of wallet referring each year world’s largest HCM marketplace
1. FY17 actual
2. Q3 FY18 average
Copyright © 2018 ADP, LLC 31WE DRIVE BOOKINGS GROWTH THROUGH
HEADCOUNT, PRODUCTIVITY AND INNOVATION
NEW BUSINESS BOOKINGS GROWTH
7-9%
CAGR
7%
CAGR
FY11 FY17 FY21F
BALANCED SET OF GROWTH DRIVERS
INNOVATION:
1 SELLER
HEADCOUNT 2 SELLER
PRODUCTIVITY 3 NEW PRODUCTS
& SERVICES
Copyright © 2018 ADP, LLC 321. SELLER HEADCOUNT – LEVERAGING
FLEXIBILITY AND EFFICIENCY OF INSIDE SALES
INSIDE SALES CONTINUING TO SHIFT OUR
A D VA N TA G E S MIX OF SELLER HEADCOUNT
TO INSIDE SALES
~40%
Buyer Speed & Share of ~25%
Productivity
Preference Flexibility Wallet
~60%
Simplify the Reduce sales Maximize Improve ~75%
buying cycle time and module cost of
experience adapt to market penetration sale
changes FY17 FY21 Target
Inside Sales HC Field HC
Copyright © 2018 ADP, LLC 332. SELLER PRODUCTIVITY – GROWING PARTNER
CHANNELS
G O I N G B R O AD E R AN D D E E P E R W I T H PAR T N E R C H AN N E L S
DOWN-MARKET MID-MARKET UP-MARKET
Financial Benefits Private
Accountants Banks Franchises ERPs
Advisors Brokers Equity
3/4 2/3 1/3
of down-market sales came of the top 15 benefits brokers have of up-market sales were influenced by
from partner channels in FY18 1H partnership agreements with ADP a PE or ERP relationship in FY18 1H
Establishing long-term Accelerating Differentiating through Driving results: FY18 3Q
relationships that yield path to partner-focused YTD new logo growth up
recurring referrals decision makers technology across all markets
Copyright © 2018 ADP, LLC 343. INNOVATION – EQUIPPING SELLERS WITH
DIFFERENTIATED PRODUCTS AND SERVICES
RECENT ORGANIC
ACQUISITIONS I N N O V AT I O N S
Global
Next Gen
Global Cash Next Gen ADP Cloud
TMBC WorkMarket Payroll + DataCloud
Card HCM Marketplace Connect
Tax
Technology
HCM Differentiators
Increasing win rates l l l l l l l l
New Markets
Opening up new markets l l l l l
Copyright © 2018 ADP, LLC 35HRO: Beyond Software
Maria Black
Copyright © 2018 ADP, LLCCLIENTS HAVE WIDE-RANGING HR NEEDS
Career and
Individual
Compensation
Development Performance
Modules and
EE Recognition Management
Payroll & Goal
Benefits Coaching Alignment
Administration Giving Managing
Employees
Raises Talent
Providing Pay Engaging
and Benefits Talent
On-boarding, Time & Labor
Learning Management
Developing Workforce
Talent Management
Recruiting:
Sourcing, Retirement,
Screening, Finding Exiting Succession
Selection Talent Talent Planning
Copyright © 2018 ADP, LLC 37CLIENT NEEDS ARE UNIQUE AND EVOLVING
BRAD PHILLIP NOLAN DENISE
Clients often look similar, but needs can vary based
on business circumstances and lifecycle.
As client needs evolve, they may prefer to engage
their HCM partner via a different model.
Copyright © 2018 ADP, LLC 38CLIENT NEEDS ARE UNIQUE AND EVOLVING
PAYROLL + TLM HRO (NON-PEO)
ADP Offering PAYROLL PEO
Continuum + RETIREMENT + INSURANCE
BRAD PHILLIP NOLAN DENISE
Owner, Small Owner, Single Office Manager, HR Manager,
Architecture Firm Store Cafe HR Company Boutique Law
Needs • Calculate simple • Calculate simple • Outsource time- • Outsource time-consuming
payroll payroll consuming payroll HR and payroll tasks
tasks
• Manage payroll • Manage EE clock • Engage in strategic HR
money movement in/out and import to • Get help managing partnership
and tax payments payroll complicated HR as the
• Provide Fortune-500 benefits
company grows
• Offer basic to compete for talent
retirement plans • Provide competitive
• Mitigate risk and gain peace
benefits (via ADP
of mind from co-employment
Insurance Agency)
and compliance benefit
Copyright © 2018 ADP, LLC 39HRO DELIVERS A COMPELLING VALUE
SERVICE COMPLIANCE SCALE / COST FLEXIBILITY
EXPERTISE EFFECTIVENESS
• Best practices / • Support with • Administrative lift • Focus on core
expertise regulatory changes • Cost effective business
Client
• Strategic HCM • Co-employment / benefits and • Geographic
Benefits
partnership and risk share (PEO) workers comp expansion /
guidance (PEO) coverage
• Full suite of HCM • Industry-leading • Disciplined risk • Best-in-class
Why managed services compliance management technology and
ADP • Flexible / tailored solutions • Scaled operations tools
Wins service models • Government and (largest HRO / PEO • Wide footprint /
industry certified base) support across 50
states
Copyright © 2018 ADP, LLC 40HRO IS SUPPORTING ADP GROWTH
HRO AND OTHER ADP HRO PEO
SOLUTIONS EXECUTING (NON-PEO)
WELL TOGETHER TO DRIVE
GROWTH REVENUE ($B) REVENUE ($B)
+ Using analytics to identify which 0.7 3.5
payroll clients are a good fit for
HRO
0.3 1.5
+ Driving upgrades and
attachment through in-product
marketing
FY11 FY17 FY11 FY17
+ Leveraging leading Workforce
Now® platform and other core 4-5x 10-12x
ADP technology across the
continuum
Revenue per client-employee uplift
vs. payroll processing alone1
1. PEO revenue per employee uplift is net of pass-through revenue.
Copyright © 2018 ADP, LLC 41THE MARKET POTENTIAL IS LARGE
H R O P E N E T R AT I O N I N T O P E O P E N E T R AT I O N I N T O
ADP B AS E AD DR ESS A BLE B ASE
700+ ~25-30
~25-30M client
employees could be
Not penetrated
Remaining addressable for PEO
ADP base model
PEO model totals
~3M and is only 10-
HRO modelHRO IS PREPARING FOR CONTINUED GROWTH
HRO REVENUES ($B)
12-14%
ADP EFFORTS TO CONTINUE MARKET
CAGR LEADERSHIP AND GROWTH
~6.5 - 7
• Leveraging ADP’s market leading
Workforce Now platform
4.2
• Providing outcome-oriented value added
services
• Incorporating ADP data/analytics to bring
greater insights to clients (DataCloud)
3.5
• Maintaining focus on federal and state
compliance
• Sustaining disciplined risk management
0.7
approach to maintain long-term
FY17 FY21F competitive offering (PEO)
PEO HRO (non-PEO)
Copyright © 2018 ADP, LLC 43International
Don McGuire
Copyright © 2018 ADP, LLCADP INTERNATIONAL CONSISTS OF LOCAL IN-
COUNTRY AND MULTINATIONAL SOLUTIONS
• $40B addressable
market
• Over 40 years of
international presence
• Broad 113 country
footprint
• 14M employees paid
outside the U.S.
• All client sizes
Copyright © 2018 ADP, LLC 45ADP IS WINNING THE FAST GROWING MNC MARKET
MARKET ADP’S LEADERSHIP
• MNC payroll market growing ~9% (3x single-country
• #1 market share
market)
• Growing nearly twice as fast as the market
• Companies may use 30+ solutions for global payroll
• 3.5M+ multinational pays
• Clients want a seamless experience across their
network of solutions • Unmatched combination of global capability,
local on-the-ground presence, and partnerships
• Market is fragmented with increasing competition
from regional and local providers
WHY WE ARE WINNING D R I V I N G F U R T H E R I N N O VAT I O N
+ GLOBAL SCALE WITH LOCAL EXPERTISE
✓
Utilize Global Cloud Connect technology to
ADP serves 113 countries deliver faster, easier integration
~1.6K MNC clients
✓
Deep compliance expertise in-country Expand addressable HCM market with
Next Gen HCM and payroll
+ LEADING PRODUCTS
Enhance strategic partnerships with global
GlobalView for large multinational operations
✓ ERP providers
Streamline to leverage breadth of footprint
Copyright © 2018 ADP, LLC 46U.S. Enterprise Solutions
Debbie Dyson
Copyright © 2018 ADP, LLCBROAD-BASED ACTIONS IN U.S. UP-MARKET ARE
IMPROVING OUR PERFORMANCE
Leverage broadened Accelerate sales of Transform operations Further Differentiate
and unique portfolio Workforce Now for Next Gen Service Model
• Full portfolio: Vantage® • Increased • Shared insights and • Named account
and Enterprise differentiation in 1-5K persona based specialists
• Mobile, DataCloud, EE space interactions • Best practices and
ADP Marketplace • Enhanced up-market • Automation deep insights using
• Recent acquisitions: service model • Lean Six Sigma ADP’s unique data
TMBC, WorkMarket, • Faster implementation
Global Cash Card
Next Gen HCM and payroll to transform client experience, business model and
performance
Copyright © 2018 ADP, LLC 48WE ARE LEVERAGING OUR LEADING TECHNOLOGY
AND DIFFERENTIATED SERVICE MODEL
• Mobile
LEADING TECHNOLOGY • DataCloud
• Marketplace
DIFFERENTIATED SERVICE
EXPERTISE OPTIMIZATION DEEP INSIGHTS
Named account specialist Helping clients streamline
Providing predictive
with compliance knowledge processes by leveraging best
intelligence using data
who understands the client’s practices and industry
analytics
end-to-end processes thought leaders
Copyright © 2018 ADP, LLC 49WE ARE SEEING PROGRESS
Improved client …combined with our …has led to improved
experience… leading products… sales performance
19 5 16%
pts pts YoY
Increase in Net Promoter Increase in up-market sales Growth in new U.S.
Scores (NPS) YoY1 win rate percentage YoY1 up-market clients sold1
1. Q3 FY18 YTD, 1,000 EEs and above
Copyright © 2018 ADP, LLC 50Transforming ADP
Dermot O’Brien
Copyright © 2018 ADP, LLCADP’S ONGOING TRANSFORMATION HAS
MOMENTUM
EXAMPLES OF RECENT
ARCHITECTURE IS IN PLACE
I N I T I AT I V E S
Launched “Win as One” ~2 years • Three strategic Next Gen platforms
ago live with pilot clients, and ongoing,
multi-year roll-out plans
Established multi-year operational
and financial goals • Execution of Service Alignment
Initiative
Broadened participation enterprise- • Ongoing product migrations
wide
• Roll-out of innovative service
Communicated results via CEO models
quarterly email, blog, and global • Voluntary Early Retirement
town halls Program
Linked progress against Win as One • Contact reduction and productivity
goals to executive compensation initiatives
Copyright © 2018 ADP, LLC 52OUR TRANSFORMATION OFFICE WILL SUPPORT
EXECUTION OF ENTERPRISE-WIDE INITIATIVES
OUR OBJECTIVES:
W E A R E A C C E L E R AT I N G T H E T O C R E AT E A S U P E R I O R
PA C E O F T R A N S F O R M AT I O N E X P E R I E N C E C O M PA N Y
Put in place dedicated Chief Transformation Clients
Officer (CTO) reporting directly to CEO Driving top quartile client experience
Focused transformation office establishes
consolidated project milestones and plans
Executive sponsorship for centralized initiatives Associates
with an emphasis on key dependencies and Creating top quartile Associate engagement
overlap
Expanding goals and setting ambitious 3-year
targets
Investors
Leveraging consultants with domain expertise
Delivering top quartile Total Shareholder Return1
1. Compared to S&P 500
Copyright © 2018 ADP, LLC 53WE ARE PURSUING BROAD-BASED TARGETED
TRANSFORMATION INITIATIVES
A R E A O F T R A N S F O R M AT I O N E X A M P L E I N I T I AT I V E S
+ Launched Next Gen solutions
Go-to-Market + Data enabled go-to-market insights
+ Streamlining go-to-market support functions
+ Continued client upgrade strategy
Product & Portfolio + Drive infrastructure optimization
+ Integrate recent acquisitions; drive check-to-card
+ Accelerated the Service Alignment Initiative
Service + Next Gen digital service experience
+ Accelerate deployment of robotics & artificial intelligence
+ Launched Voluntary Early Retirement Program
Operations & Support + Launch procurement initiative
+ Re-align incentive plans to new transformation metrics
…and we are continuously exploring further opportunities to accelerate with care
Copyright © 2018 ADP, LLC 54Financial Outlook
Jan Siegmund
Copyright © 2018 ADP, LLCWHY INVEST IN ADP
ROBUST REVENUE STRONG SOLID
AND EARNINGS CASH FLOW BALANCE SHEET
MODEL
• High recurring revenue • Low capital requirements • Highest credit ratings within
• Leader in industry with • Disciplined approach to HCM industry
global secular growth acquisitions • Benefit of strong credit
• Sustainable margin • Efficient model allows rating supports high-margin
improvement ample reinvestment for client funds strategy
• Predictable and strong organic growth • Thoughtful approach to
earnings growth • Longstanding commitment leverage
to shareholder friendly
actions
Copyright © 2018 ADP, LLC 56PRIORITIES FOR USE OF CASH ENABLING
SUSTAINABLE VALUE CREATION
INVESTMENT PRIORITY PROGRESS
+ Strategic Next Gen product platforms now live with pilot
Reinvest in the business to clients
1 drive organic revenue growth + Service Alignment Initiative tracking ahead of plan
and margin improvement
+ Voluntary Early Retirement Program launched
Invest in acquisitions to + Maintain discipline of M&A approach and focus on
2 supplement ADP’s existing transactions with high strategic value
strategy and capabilities + In FY18 acquired Global Cash Card and WorkMarket
+ Target dividend payout ratio 55-60%
Return cash to shareholders + 43 years of consecutive dividend increases
3 via dividend and shares + Incremental dividend increase in April ’18 due to tax reform;
repurchases board consideration of another dividend increase in Nov ’18
+ Long-standing share buyback program to return excess cash
Copyright © 2018 ADP, LLC 57WE CONTINUE TO SEE A LONG RUNWAY FOR
REVENUE GROWTH
Grow a complete suite of Scale our market leading Leverage our global
cloud-based HRO solutions by presence to offer clients
HCM solutions leveraging our platforms & HCM solutions where they do
processes business
4-5% 12-14% 6-7%
CAGR CAGR CAGR
FY17 FY21
FY21F FY17 FY21
FY21F FY17 FY21
FY21F
ADP Growth (FY17-FY21F) 4-5% 12-14% 6-7%
ADP Revenue (FY17) $6.4B $4.2B $1.8B
Market Growth (FY17-FY21F)1 4% 8% 6%
Market size (FY17)1 $65B $20B $40B
Overall market opportunity of $125B in 2017
1. Census, D&B, IHS, Nelson Hall, Cerulli Associates, Internal Financial Reporting
Copyright © 2018 ADP, LLC 58SEGMENT REVENUE WATERFALLS AND
UPDATED FINANCIAL DISCLOSURE
EMPLOYER SERVICES PEO
+4-5%
Net New Business 11-14%
Contribution Annual PEO
Revenue
Growth
+1-3% Longer-term
5-6%
Annual ESEXECUTING AHEAD OF FY18 EXPECTATIONS
FY18 ADJUSTED EBIT 1 MARGIN CHANGE
(50) – (25) bps (30) bps ~Flat3
Initial Adj. EBIT Incremental margin Raised guidance
guidance2 pressure from M&A through focused
execution
1. Adjusted EBIT is a non-GAAP metric. Refer to the Additional Materials for a reconciliation to the closest GAAP metric.
2. Guidance as of fiscal Q4 2017 earnings report, July 27, 2017.
3. Guidance as of fiscal Q3 2018 earnings report, May 2, 2018. Copyright © 2018 ADP, LLC 60AND WE ARE EXPANDING OUR MARGINS
WITH FOCUS
ADJUSTED EBIT1 MARGIN
1 - 2% 23-25%
0.75% - 1.25%
0.5% - 0.75%
0.25 - 0.75%
1 - 2%
19.8%
Service Voluntary Other
Operating Platform Alignment Early Transformation
Leverage2 Migrations Initiative Retirement Initiatives
FY17 Illustrative contribution (overlap between initiatives likely) FY21F
1. Adjusted EBIT is a non-GAAP metric. Refer to the Additional Materials for a reconciliation to the closest GAAP
metric.
Accelerated pace of
2. Inclusive of estimated impact from: margin expansion –
- PEO zero-margin pass-through growth (~200-300bps drag) achieving prior three-year
- Acquisitions (~50bps drag)
- Client Fund Interest (50-100bps benefit) margin targets3 one full
3. Versus the 21% to 22% for Fiscal 2020 outlined in September 12, 2017 investor presentation. year early
Note: FY21F margin target presented exclusive of estimated ~0.25% uplift from adoption of ASC 606
Copyright © 2018 ADP, LLC 61WHAT’S CHANGED IN OUR MARGIN OUTLOOK?
Progress Prior FY20F Outlook1 As Updated for FY21F
+ Voluntary Early
Retirement Program FY18F Adj. EBIT2 (50) - (25) FY18F4 Adj. EBIT2 Flat
+ Acceleration in margin expansion bps3 margin expansion (including 30bps drag
from acquisitions)
Service Alignment
Initiative and other
efficiency efforts FY19-20F total FY19-21F total Adj.
+ Incremental
Adj. EBIT margin 200bps EBIT margin 300-500bps
expansion expansion
transformation
initiatives
+ Overcoming FY20F Adj. EBIT FY21F Adj. EBIT
incremental pass- Margin
21-22%
Margin
23-25%
through pressure
1. As outlined in September 12, 2017 investor presentation.
2. Adjusted EBIT is a non-GAAP metric. Refer to the Additional Materials for a reconciliation to the closet GAAP metric.
3. Guidance as of fiscal Q4 2017 earnings report, July 27, 2017.
4. Guidance as of fiscal Q3 2018 earnings report, May 2, 2018.
Copyright © 2018 ADP, LLC 62FINANCIAL OUTLOOK
Prior Long-term New FY19F-21F
TSR Components FY18F Guidance2
Outlook1 Annualized
Revenue Growth 7-9% 7-8% 7-9%
Pretax Earnings 11-13% 14-17%
Tax Rate3 - 26.2% 25-26%
Net Share Reduction ~1% - ~1%
Adj. EPS3 Growth 12-14% 16-17% 16-19%
Dividend Yield 2-3% 2-3% 2-3%
Total Shareholder
14-16% 18-19% 18-21%
Return
Goal: TSR Top Quartile of S&P 500
1. ADP 2015 Investor Conference, March 3, 2015.
2. Guidance as of fiscal Q3 2018 earnings report, May 2, 2018. This is not intended to be an update or reaffirmation of such guidance.
3. Adjusted Effective Tax Rate and Adjusted EPS are non-GAAP metrics. Refer to the Additional Materials for reconciliations to the closest GAAP metrics.
Copyright © 2018 ADP, LLC 63WHAT YOU HEARD TODAY
We are reshaping
We are accelerating the HCM industry and
our transformation setting standards for
innovation
We are investing to Goal: Total Shareholder
further enhance our Return – Top quartile of
competitiveness and grow S&P 500
Copyright © 2018 ADP, LLC 64Additional Materials
Copyright © 2018 ADP, LLCCLIENT FUNDS INVESTMENT STRATEGY:
OBJECTIVES
Safety of Principal Liquidity Diversification Secondary Objectives
• Prudent Investment • Portfolio includes • Highly diversified with • Maximize book yield
Guidelines reviewed by $5 billion of highly liquid exposure limits on rating
ADP Board of Directors U.S. Government Agency categories and individual • Higher absolute levels of
and Treasury securities issuers interest income while
• Strict credit quality, minimizing interest
maturity, and exposure income volatility by
limits averaging through
interest rate cycles;
• Strict credit guidelines by investment maturity
asset class extension strategy
designed to achieve this
• Significant holdings of
objective
U.S. Government Agency
and Treasury securities
• ~80% of our available-
for-sale securities held a
AAA or AA rating
Copyright © 2018 ADP, LLC 66WHAT DOES ADP OWN
Client Funds Portfolio at March 31, 2018
Corporate Bonds Available for Sale Security Maturities and Book Yields
• Diversify credit risk with limits by corporation and limits by credit rating
• Own ~170 individual issuers
$B
Asset-Backed Securities
• Credit card, auto loan, equipment lease, and rate reduction – All AAA rated 6
and performing as expected 2.2%
2.0%
U.S. Government Agency Securities 5
• Implied guarantee from U.S. Government
• Supports reverse repurchase financing program
4 2.1%
U.S. Treasury Securities
• Supports reverse repurchase financing program 2.2%
3 2.0%
Canadian Government Obligations & Canadian Government Agency
Obligations
• All fully guaranteed by the Canadian Government
2
Canadian Provincial Bonds
2.4%
Municipal Bonds 1
1.9% 2.6%
• Diversify credit risk with limits by issuer and limits by credit rating 2.7%
Other Debt Securities 0
• AAA, AA, and A rated: Supranationals and Sovereigns; U.S. Government Q4 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY25+
Agency CMBS; U.K. Government securities
Copyright © 2018 ADP, LLC 67POSITIVE OUTLOOK FOR CLIENT FUND INTEREST
Illustrative Net Client Funds Interest Income Benefit and Net Client Fund Yield Assuming U.S. Government Agency
Forward Curves for new purchases and ~4% CAGR in Client Funds Balances
Net Client Fund Yield Net Impact from Extended Investment Strategy ($M)
(Net Impact from Ext Investment Strat / Avg. Client Fund
Balance)
800
~720
3.0%
700
~620
2.7% 600 ~535
500 ~4801
2.4%
400
2.1% 300
200
1.8%
100
1.5% 0
FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21
1. Guidance as of Fiscal Q3 2018 earnings report, May 2, 2018.
Note: Based on forward yield curves as of April 30, 2018.
Copyright © 2018 ADP, LLC 68CLIENT FUNDS PORTFOLIO INVESTMENT STRATEGY
FY17 and FY18 YTD (3/31/18) Total Average Client Funds Balances
$B
60
FY18F1
50
Client Short
40 ~$4.8B x ~1.2% = ~$55M
Client Extended
30 Client Short
NATURAL HEDGE
~$10.4B x ~1.9% = ~195M
Average Client Fund Balance
20
Client Long
Client Extended
~$9.1B x ~2.4% = ~215M
10 Lowest Expected Balance
Client Long = Total Client Funds Interest Revenue
~$24.3B x ~1.9% = $465M
0
Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 + Corporate Extended Interest Income
~$3.2B x ~1.8% = ~60M
CLIENT SHORT CLIENT EXTENDED CLIENT LONG – Borrowing Days Interest Expense
PORTFOLIO PORTFOLIO PORTFOLIO ~$3.2B x ~1.4% = ~(45)M
= Balances in excess of total = Average Client Funds less = Expected FY Lowest Client
Balance Day = Net Impact From Client Funds Strategy
client extended and client long. Client Long Portfolio = ~$480M
• Usually invested in 1-5 day • Guidelines allow maturities out • Guidelines allow maturities out to
maturities to 5 yrs 10 years
• Laddered from 1-5 yrs • “Permanent float” – funds never
leave ADP
1. Guidance as of fiscal Q3 2018 earnings report, May 2, 2018.
Copyright © 2018 ADP, LLC 69EARLY LOOK AT ASC 606
FY17 FY18F FY19F FY20F FY21F
Adj. EBIT1 Margin, ASC 605 19.8% ~19.8%2 ** ** 23-25%
+ Impact from change3 +70bps +50bps +50bps +25bps +25bps
Adj. EBIT Margin, ASC 606 20.5% ~20.3%2 ** ** 23-25%
Anticipated reporting change timeline:
On Q4 FY18 earnings date:
• Q4 FY18 financial results on ASC 605 basis
• Provide FY19 guidance on ASC 606 basis
• Provide FY18 quarterly reconciliation to ASC 606 basis
On Q1 FY19 earnings date:
• Q1 FY19 financial results on ASC 606 basis
1. Adjusted EBIT is a non-GAAP metric. Refer to the Additional Materials for a reconciliation to the closest GAAP metric.
2. Guidance as of fiscal Q3 2018 earnings report, May 2, 2018.
3. The provisions of ASC 606 will require the Company to capitalize and amortize additional costs than those capitalized under current U.S. GAAP, including additional
implementation expenses and certain selling expenses. These capitalized expenses will be amortized over the expected client life.
Copyright © 2018 ADP, LLC 70DISCLOSURE AND GUIDANCE CHANGES
Employer Services PEO
Disclosure and Segmenting changes Disclosure and Segmenting Changes
ES New Business Bookings excluding PEO PEO pass-through expenses re-defined to include zero-
ES revenue at actual interest rates margin healthcare costs only
Changes to certain corporate allocations PEO revenue at actual interest rates
Guidance Changes Inclusion of ADP Indemnity results
ES New Business Bookings excluding PEO Changes to certain corporate allocations
ES guide to full year retention; no longer provide Guidance Changes
YoY quarterly retention change PEO avg. WSE growth guidance
ES margin guidance at actual interest rates PEO revenue growth (net of zero-margin pass-throughs)
PEO margin guidance at actual interest rates
and excluding zero-margin healthcare pass-throughs
Anticipated reporting change timeline:
On Q4 FY18 earnings date:
• Q4 FY18 financial results current reporting basis
• Provide FY19 guidance incorporating changes above
• Provide FY18 quarterly segment financials incorporating changes above
On Q1 FY19 earnings date:
• Q1 FY19 financial results incorporating changes above
Copyright © 2018 ADP, LLC 71OVERVIEW OF NON-GAAP FINANCIAL METRICS
In addition to our GAAP results, we use certain adjusted results set forth in the table below to evaluate our operating performance in the absence of certain items and for
planning and forecasting of future periods:
Adjusted Financial Metric U.S. GAAP Metric Adjustments/Explanation
Adjusted EBIT Net earnings – Provision for income taxes
– All other interest expense and income
– Transformation initiatives
– Gains/losses on sales of businesses and assets
– Non-operational costs related to proxy contest matters
Adjusted effective tax rate Effective tax rate Tax impacts of:
– Gains/losses on sales of businesses and assets
– Transformation initiatives
– Non-operational costs related to proxy contest matters
– Tax Cuts and Jobs Act
Adjusted diluted earnings per share Diluted earnings per share EPS impacts of:
– Gains/losses on sales of businesses and assets
– Transformation initiatives
– Non-operational costs related to proxy contest matters
– Tax Cuts and Jobs Act
We believe that the exclusion of the identified items helps us reflect the fundamentals of our underlying business model and analyze results against our expectations, against
prior period, and to plan for future periods by focusing on our underlying operations. We believe that the adjusted results provide relevant and useful information for investors
because it allows investors to view performance in a manner similar to the method used by management and improves their ability to understand and assess our operating
performance. The nature of these exclusions are for specific items that are not fundamental to our underlying business operations. Since these adjusted financial measures
and other non-GAAP metrics are not measures of performance calculated in accordance with U.S. GAAP, they should not be considered in isolation from, as a substitute for,
or superior to their U.S. GAAP measures, and they may not be comparable to similarly titled measures at other companies.
Copyright © 2018 ADP, LLC 72GAAP RECONCILIATION
Twelve Months Ended
June 30, 2017
Net earnings from continuing operations $ 1,733.4
Adjustments
Provision for income taxes 797.7
All other interest expense (a) 59.3
All other interest income (a) (22.4)
Gain on sale of business (205.4)
Workforce Optimization Effort (b) (5.0)
Service Alignment Initiative (b) 90.0
Adjusted EBIT $ 2,447.6
Adjusted EBIT Margin 19.8%
(a) We continue to include the interest income earned on investments associated with our client funds extended investment strategy and interest expense on
borrowings related to our client funds extended investment strategy as we believe these amounts to be fundamental to the underlying operations of our business
model. The adjustments in the table above represent the interest income and interest expense that is not related to our client funds extended investment strategy
and are labeled as "All other interest expense" and "All other interest income.“
(b) The majority of charges relating to our Service Alignment Initiative and Workforce Optimization Effort represent severance charges. Severance charges have
been taken in the past and not included as an adjustment to get to adjusted results. Unlike severance charges in prior periods, these specific charges relate to
our broad-based, company-wide Service Alignment Initiative and Workforce Optimization Effort. The fiscal 2017 Workforce Optimization Effort adjustment
totaling approximately $5 million represents a reversal of the fiscal 2016 estimate.
Copyright © 2018 ADP, LLC 73FISCAL 2018 OUTLOOK - GAAP RECONCILIATIONS
Twelve Months Ended Fiscal 2018
June 30, 2017 Forecast as of May 2, 2018
Earnings before income taxes / margin (GAAP) $ 2,531.1 20.4% ~(160)bps
All other interest expense 59.3 +50bps - a
All other interest income (22.4) (20)bps - a
Gain on sale of business - 2Q F17 (205.4) (170)bps +170bps b
Workforce Optimization Effort - 4Q F17 (5.0) (5)bps +5bps c
Transformation initiatives - F17 90.0 +75bps (75)bps d
Transformation initiatives - F18 - +35bps e
Proxy contest matters - F18 - +25bps f
Adjusted EBIT margin (Non-GAAP) $ 2,447.6 19.8% ~ Flat
Effective tax rate (GAAP) 31.5% 24.5%
Gain on sale of business - 2Q F17 (0.9%) - b
Workforce Optimization Effort - 4Q F17 (0.0%) - c
Transformation initiatives - F17 +0.4% - d
Transformation initiatives - F18 - (0.0%) e
Proxy contest matters - F18 - +0.1% f
Tax Cuts and Jobs Act - F18 - +1.7% g
Adjusted effective tax rate (Non-GAAP) 30.9% 26.2%
Diluted earnings per share (GAAP) $ 3.85 18% 11% - 12%
Gain on sale of business - 2Q F17 (0.27) (7%) ~+7% b
Workforce Optimization Effort - 4Q F17 (0.01) (0%) ~+0% c
Transformation initiatives - F17 0.12 +3% ~(3%) d
Transformation initiatives - F18 - - ~+2% e
Proxy contest matters - F18 - - ~+1% f
Tax Cuts and Jobs Act - F18 - - ~(3%) g
Adjusted diluted earnings per share (Non-GAAP) $ 3.70 13% 16% - 17%
Copyright © 2018 ADP, LLC 74FISCAL 2018 OUTLOOK - GAAP RECONCILIATIONS
a) No material impact is expected from change in all other interest expense or income in fiscal 2018.
b) Second quarter fiscal 2017 impact from gain on the sale of CHSA and COBRA businesses.
c) Fourth quarter fiscal 2017 Workforce Optimization Effort adjustment is a reversal of the fiscal 2016 estimate and is not expected to recur in fiscal 2018. The majority of
charges relating to the Workforce Optimization Effort represent severance charges. Severance charges have been taken in the past and not included as an adjustment to
get to adjusted results. Unlike severance charges in prior periods, these specific charges related to a broad-based, company-wide Workforce Optimization Effort.
d) Impact of Fiscal 2017 charges in connection with the Service Alignment Initiative.
e) The charges within transformation initiatives primarily represent expected severance charges related to our Service Alignment Initiative of $20 million, and other
transformation initiatives of $27 million. Severance charges have been taken in the past and are not included as an adjustment to get to adjusted results. Unlike severance
charges in prior periods, these specific charges relate to actions that are part of our broad-based, company-wide transformation initiative. This estimate does not reflect
charges related to the Company's announced voluntary early retirement program.
f) Expected impact of Fiscal 2018 charges in connection with proxy contest matters.
g) Expected Fiscal 2018 one-time benefit from the enactment of the Tax Cuts and Jobs Act.
Adjusted EBIT margin, adjusted effective tax rate, and adjusted diluted earnings per share are non-GAAP financial measures. We have not provided a reconciliation of our
adjusted EBIT margin outlook, adjusted effective tax rate outlook or adjusted EPS outlook to their most comparable GAAP measures for such years because it would be
potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in the GAAP metrics,
including restructuring actions, gains/losses on sales of businesses and assets, and certain income tax adjustments. The accompanying reconciliation for the historical period
presented is indicative of the reconciliation that will be prepared upon completion of the periods covered by the non-GAAP outlook.
Copyright © 2018 ADP, LLC 75USE OF MATERIAL CONTAINED HEREIN
The information contained in this presentation is being provided for your convenience and information only. This
information is accurate as of the date of its initial presentation. If you plan to use this information for any purpose,
verification of its continued accuracy is your responsibility. ADP assumes no duty to update or revise the information
contained in this presentation. You may reproduce information contained in this presentation provided you do not alter, edit,
or delete any of the content and provided you identify the source of the information as ADP, LLC, which owns the copyright.
Copyright © 2018 ADP, LLC 76You can also read
