Investor Presentaiton
Non-GAAP Reconciliations
Adj. Diluted EPS and Adj. Net Earnings from Continuing Operations
$M (except for per share price)
Diluted EPS from continuing operations
Adjustments:
Gain on sale of businesses
Fiscal year
2017
2012
CAGR
$
3.85 $
2.42
10%
(0.27)
(0.08)
(0.01)
0.12
3.70
$
2.34
10%
Gain on sale of assets
(b)
Workforce Optimization Effort
(b)
Service Alignment Initiative
Adjusted diluted earnings per share from continuing operations
$
Fiscal year
2017
Net earnings from continuing operations
Adjustments:
1,733.4
Gain on sale of businesses
Workforce Optimization Effort
(b)
Service Alignment Initiative
(b)
Provision for income taxes on gain on sale of businesses
Provision for income taxes for Workforce Optimization Effort
Income tax benefit for Service Alignment Initiative
Adjusted net earnings from continuing operations
(c)
(c)
(c)
Notes:
(205.4)
(5.0)
90.0
84.0
1.8
(33.8)
1,665.0
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.
c. The taxes on the gain on the sale of the businesses were calculated based on the annualized marginal rate in effect during the quarter
of the adjustment. The tax amount was adjusted for a book vs. tax basis difference for the year ended June 30, 2017 due to the
derecognition of goodwill upon the sale of the business. The tax benefit/provision on the Service Alignment Initiative and the Workforce
Optimization Effort was calculated based on the annualized marginal rate in effect during the quarter of the adjustment.
Copyright 2017 ADP, LLC.
59
ADP
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