Company: ADP
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000008670-25-000015
Chunk: 68

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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positions or foreign currency.

Three Months EndedNine Months EndedMarch 31,March 31,20252025Consolidated revenue growth as reported6 %7 %Adjustments:Impact of acquisitions(1)%— %Impact of foreign currency1 %— %Consolidated revenue growth, organic constant currency6 %7 %Employer Services revenue growth as reported5 %7 %Adjustments:Impact of acquisitions(1)%(1)%Impact of foreign currency1 %— %Employer Services revenue growth, organic constant currency5 %6 %

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2025, cash and cash equivalents were $2.7 billion, which were primarily invested in time deposits and money market funds.

For corporate liquidity, we expect existing cash, cash equivalents, marketable securities, cash flow from operations together with our $10.3 billion of committed credit facilities and our ability to access both long-term and short-term debt financing from the capital markets will be adequate to meet our operating, investing, and financing activities such as regular quarterly dividends, share repurchases, acquisitions and capital expenditures for the foreseeable future. Our financial condition remains solid at March 31, 2025 and we have sufficient liquidity. 

For client funds liquidity, we have the ability to borrow through our financing arrangements under our U.S. short-term commercial paper program and our U.S., Canadian and United Kingdom short-term reverse repurchase agreements ($7.3 billion of which is available on a committed basis in the U.S. as of March 31, 2025), together with our $10.3 billion of committed credit facilities and our ability to use corporate liquidity when necessary to meet short-term funding requirements related to client funds obligations. Please see “Quantitative and Qualitative Disclosures about Market Risk” for a further discussion of the risks related to our client funds extended investment strategy. See Note 10 of our Consolidated Financial Statements for a description of our short-term financing including commercial paper.

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Operating, Investing and Financing Cash Flows

Our cash flows from operating, investing, and financing activities, as reflected in the Statements of Consolidated Cash Flows for the nine months ended March 31, 2025 and 2024, respectively, are summarized as follows: Nine Months EndedMarch 31,20252024$ ChangeCash provided by / (used in):Operating activities$3,500.5 $2,