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Investor Presentaiton

We Expect Margin Expansion of ~200 bps From FY17-FY20F Operational Margin Expansion of ~500 bps From FY17-FY20F Adjusted EBIT Margin (1) (%) 20% Contributors to ADP's Margin Expansion 0.5-1.5% 25-26% 0.0-0.5% 0.5-1.5% 0.0-1.0% 3.5-4.5% FY18F down 50-25 bps FY19F-20F-200 bps expansion (3.5-4.5%) 21-22% FY17 Operating Leverage Platform Migrations Service Alignment Initiative Productivity Initiatives FY20F (2) Client Funds FY17-20F Pass-Through Drag FY20F Note: 1. Adjusted EBIT is a non-GAAP metric. Refer to the Additional Materials for a reconciliation to the closest GAAP metric. 2. Excludes the expected impact of growth in client funds and pass-through drag to forecasted adjusted EBIT. Copyright 2017 ADP, LLC. 35 ADP A more human resource.
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