# EDGAR Filing Document

**Accession Number:** 0000008670
**File Stem:** 0000008670-25-000023
**Filing Date:** 2025-6
**Character Count:** 76432
**Document Hash:** 9728b80f37a68bac5d5b90c420699ccf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000008670-25-000023.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0000008670-25-000023

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 110

**CONFORMED PERIOD OF REPORT**: 20250612

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AUTOMATIC DATA PROCESSING INC
- **CENTRAL INDEX KEY:** 0000008670
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 221467904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05397
- **FILM NUMBER:** 251041674

**BUSINESS ADDRESS:**
- **STREET 1:** ONE ADP BOULVARD
- **CITY:** ROSELAND
- **STATE:** NJ
- **ZIP:** 07068
- **BUSINESS PHONE:** 9739745000

**MAIL ADDRESS:**
- **STREET 1:** ONE ADP BOULEVARD
- **CITY:** ROSELAND
- **STATE:** NJ
- **ZIP:** 07068

?xml version='1.0' encoding='ASCII'? adp-20250612

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): June 12, 2025

---

| |
|:---|
| **Automatic Data Processing, Inc.** |
| (Exact name of registrant as specified in charter) |

---

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| | | |
|:---|:---|:---|
| **Delaware** | **1-5397** | **22-1467904** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

&nbsp;&nbsp;&nbsp;&nbsp; **One ADP Boulevard, Roseland, New Jersey&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07068

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip Code)

**(973) 974-5000** 

(Registrant's telephone number, including area code)

---

| |
|:---|
| **N/A** |
| (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:&nbsp;&nbsp;&nbsp;&nbsp;

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |  |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, $0.10 Par Value<br>(voting)** | **ADP** | **NASDAQ Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

    

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**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

Automatic Data Processing, Inc. (the "Company") will deliver a presentation on June 12, 2025 beginning at 9:00 am ET in connection with its 2025 Investor Day in New York, New York. A copy of the slide presentation is furnished as Exhibit 99 to this Current Report. A live audio webcast of the 2025 Investor Day will be available on the Company's website at investors.adp.com beginning at 9:00 am ET on June 12, 2025 and will be available for replay following the event.

The information furnished pursuant to Item 7.01 of this Current Report, including Exhibit 99 hereto, shall not be considered "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered "filed" or incorporated by reference therein.

**Item 9.01. Financial Statements and Exhibits.**&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| (d) | <u>[99](adp2025investorday-ex99.htm)</u> | Investor Day Slide Presentation |
| | 104 | Cover Page Interactive Data File, embedded in Inline XBRL. |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | By: | **AUTOMATIC DATA PROCESSING, INC.**<br>(Registrant)<br>/s/ David Kwon |
| Date: June 12, 2025 |  | Name: David Kwon |
|  |  | Title: Vice President |

---

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**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| <u>[99](adp2025investorday-ex99.htm)</u> | Investor Day Slide Presentation |
| 104 | Cover Page Interactive Data File, embedded in Inline XBRL. |

---

## Ex-99

![](adp2025investorday-ex99001.jpg)

INVESTOR DAY 2025 June 12, 2025 \| New York

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![](adp2025investorday-ex99002.jpg)

DISCLAIMERS FORWARD-LOOKING STATEMENTS This document 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 "outlook," "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; the success of our new solutions; our ability to respond successfully to changes in technology, including artificial intelligence; 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 and inflation; competitive conditions; our ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the adequacy, effectiveness and success of our business transformation initiatives; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. 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" of our most recent Annual Report on Form 10-K, and in other written or oral statements made from time to time by ADP, should be considered in evaluating any forward-looking statements contained herein. This presentation contains non-GAAP financial metrics, including Adjusted EBIT margin and adjusted diluted earnings per share. For a discussion and reconciliation of historic non-GAAP financial metrics to their closest comparable GAAP financial metrics, see our earnings releases for the applicable periods presented, available at adp.investors.com or sec.gov. We have not provided a reconciliation of our revenue outlook (in organic constant currency), adjusted EBIT margin outlook or adjusted earnings per share 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 or other non-core operating items that are included in the GAAP metrics, including gains/losses on sales of businesses and assets and certain income tax adjustments. The reconciliations provided in earnings releases prepared by ADP are indicative of the reconciliation that will be prepared upon completion of the periods covered by the non-GAAP medium-term objectives. NON-GAAP MEASURES 2

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![](adp2025investorday-ex99003.jpg)

AGENDA 3 Q&A and Closing Remarks09 Demos & Lunch10 Welcome01 Matt Keating VP, Investor Relations Vision & Strategy02 Maria Black President and CEO Best-in-Class Technology03 Sreeni Kutam President, Global Product & Innovation Go-to-Market04 David Foskett President, Global Sales North America HCM Solutions05 Joe DeSilva EVP, North America & Chief of Operations International HCM Solutions06 Virginia Magliulo EVP, Employer Services International HRO Solutions07 Brian Michaud EVP, Smart Compliance & HR Outsourcing Financial Framework08 Peter Hadley Corporate Treasurer & Incoming CFO

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![](adp2025investorday-ex99004.jpg)

02 MARIA BLACK President and CEO Vision & Strategy 4

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![](adp2025investorday-ex99005.jpg)

80%+ of Fortune 500 are clients 42M+ employees paid in 140+ countries and territories 1.1M+ clients $19B FY24 revenue $3.1T in client funds moved in US 78M employee tax statements processed 64K ADP associates 14M+ monthly users on app Data as of FY24 5 IS THE WORLD'S LARGEST HCM ORGANIZATION

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![](adp2025investorday-ex99006.jpg)

Time Talent Payroll Benefits SUPPORTING EVERY CLIENT HCM NEED 6 HR HRO RetirementCompliance

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![](adp2025investorday-ex99007.jpg)

SUPPORTING EVERY CLIENT SIZE Up-Market 1,000+ EEs Mid-Market 50-999 EEs Small Business 1-49 Employees (EEs) 7

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![](adp2025investorday-ex99008.jpg)

140+ Countries and Territories SUPPORTING EVERY CLIENT LOCATION 8

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![](adp2025investorday-ex99009.jpg)

Support for every client HCM need THAT ONLY COMES WITH SCALE D I F F E R E N T I A T I O N Support for every client size With global reach to support every client location 9

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![](adp2025investorday-ex99010.jpg)

ADP OPERATES IN A LARGE AND GROWING MARKET Mid-single digits Expected growth rate over the medium term $180B HCM Total Addressable Market: • Payroll • HR • Benefits • Talent • HR Outsourcing • Analytics • Workforce Management Total addressable market data as of FY24. Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; IDC; NelsonHall; World Bank; Moody's Analytics; National Association of Professional Employer Organizations; and Internal ADP research and data. 10

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![](adp2025investorday-ex99011.jpg)

$180B Addressable Market WHILE WE ARE THE BIGGEST, WE STILL HAVE RUNWAY 11 ADP Revenue $19B FY24 PayrollHR Time Benefits HRO Talent RetirementCompliance

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![](adp2025investorday-ex99012.jpg)

MISSION-CRITICAL AND EVOLVING HUMAN CAPITAL MANAGEMENT IS 12

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![](adp2025investorday-ex99013.jpg)

OUR CLIENTS FACE BIG CHALLENGES Demographic Shifts Rising Healthcare Costs Shrinking HR Teams Global Workforces Remote Work Instant and Streamlined Complex Regulations 13

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![](adp2025investorday-ex99014.jpg)

OUR CLIENTS FACE BIG CHALLENGES Demographic Shifts Rising Healthcare Costs Shrinking HR Teams Global Workforces Remote Work Instant and Streamlined Complex Regulations D E P E N D A B I L I T Y 75 YEARS of solving client HCM challenges 14

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![](adp2025investorday-ex99015.jpg)

15 AT ADP WE BELIEVE… that Integrity is Everything in providing Insightful Expertise in delivering Service Excellence in Inspiring Innovation that Each Person Counts in being Results-driven in valuing Social Responsibility

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![](adp2025investorday-ex99016.jpg)

TRACK RECORD OF INNOVATION AND FIRSTS 1973 ADP International 2000 FIRST global cloud-based HCM solution 2009 FIRST HCM Mobile App 2014 FIRST HCM Marketplace 2018 FIRST digital pay solution 2023 Launched API Central 1962 ADP leases its first IBM computers 1998 FIRST cloud- based payroll solution 2006 National Employment Report (NER) 2012 ADP Data Cloud introduced 2021 FIRST app-based conversational payroll solution 2024 Deployed ADP Assist across platforms Launched ADP Lyric HCM Note: Timeline is sequential and may not be to scale. 16

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![](adp2025investorday-ex99017.jpg)

ADP STRATEGIC PRIORITIES Lead with Best-in-Class HCM Technology Provide Unmatched Expertise and Outsourcing Benefit our clients with Global Scale 17

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![](adp2025investorday-ex99018.jpg)

THE ADP INNOVATION FLYWHEEL BUYBUILD PARTNERINVEST ADP Ventures 18

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![](adp2025investorday-ex99019.jpg)

WE HAVE BEEN EXECUTING AGAINST OUR PRIORITIES Enhancing product offering through organic and inorganic investments Expanding global reach through acquisitions and partnerships Deploying AI across product, service, and sales Driving strong financial outcomes 19

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![](adp2025investorday-ex99020.jpg)

And our clients recognize it… RECORD HIGH CLIENT SATISFACTION Increase in ADP weighted average Net Promoter Score 40% over the last three years1 20 1 Measured by Net Promoter Score from Q3FY22 to Q3FY25

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![](adp2025investorday-ex99021.jpg)

19th year Named by FORTUNE® Magazine as one of the "World's Most Admired Companies" in 2025 Our execution is why ADP is … #1 HR Data Solution of the Year 2025 RECOGNIZED AS AN INDUSTRY LEADER Leader Everest Multi-Country Payroll Solutions 2024 #1 G2 Best Software Products for Small Businesses 2025 21

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![](adp2025investorday-ex99022.jpg)

ADP IS BULLISH ON HCM AND OUR FUTURE IN IT Industry leading go-to-market Scale that sets us apart Operate in a dynamic market Durable financial performance Track record of innovation 22

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![](adp2025investorday-ex99023.jpg)

03 SREENI KUTAM President, Global Product & Innovation Best-in-Class Technology 23

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![](adp2025investorday-ex99024.jpg)

WE HAVE DONE A LOT… One Data One UX One Mobile Culture of Innovation Cloud Migration Marketplace 24 We have laid the groundwork, enabling us to innovate at a faster velocity

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![](adp2025investorday-ex99025.jpg)

THE AI LANDSCAPE IS EVOLVING FAST Time Business Value Source: Internal research \*RPA: Robotic Process Automation; AI/ML: Artificial Intelligence / Machine Learning; NLP: Natural Language Processing; GenAI: Generative AI Early automation RPA\* Understanding language NLP\* Data-driven insights Predictive Analytics (early stage of AI/ML\*) AI Workflow GenAI\* + RPA\* Autonomous Agent Simple Agent Advanced Agent 25

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![](adp2025investorday-ex99026.jpg)

THE AI LANDSCAPE IS EVOLVING FAST Time Business Value Agentic AI Reasoning and decision-making Source: Internal research \*RPA: Robotic Process Automation; AI/ML: Artificial Intelligence / Machine Learning; NLP: Natural Language Processing; GenAI: Generative AI Early automation RPA\* Data-driven insights Predictive Analytics (early stage of AI/ML\*) Understanding language NLP\* AI Workflow GenAI\* + RPA\* Simple Agent Advanced Agent Autonomous Agent 26

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![](adp2025investorday-ex99027.jpg)

AGENTIC AI IS THE FUTURE Role-based AI agents Payroll \| HR \| Benefits \| Recruiting Customized Recommendations Execute multi-step HCM Journeys Anomaly detection Task Automation Interpret & Assess Information Monitor & Manage Interactions 27

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![](adp2025investorday-ex99028.jpg)

DATA AS A DIFFERENTIATOR ADP's 1.1M+ clients and millions of transactions Training on broader, more granular data, delivers smarter and more tailored agents AI agents develop hire-to-retire expertise, equipping them to automatically execute complex HCM journeys ADP's large product portfolio usage data, sales data, and operations data 28

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![](adp2025investorday-ex99029.jpg)

STRATEGICALLY INFUSING AI ACROSS THE BUSINESS Embed role-based AI agents into our products to improve client experience • Proactive Nudges • Recommended best practices • Automated task completion Delivered ADP Assist across several products; driving adoption STRATEGY 29 ~4M Interactions on ADP Assist1 1 FY25 year-to-date PROGRESSPRODUCTS1 2 SERVICE 3 SALES R&D4

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![](adp2025investorday-ex99030.jpg)

STRATEGICALLY INFUSING AI ACROSS THE BUSINESS 30 1 As of Q3FY25 Deploy service and implementation agents to streamline service and enhance value • Automate simple tasks • Deliver customized guidance at scale Delivered call summarization, AI-assisted answer generation, and AI- assisted implementation configuration STRATEGY 12K Service associates enabled with selection of AI tools 1 PROGRESSPRODUCTS1 2 SERVICE 3 SALES R&D4

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![](adp2025investorday-ex99031.jpg)

STRATEGICALLY INFUSING AI ACROSS THE BUSINESS 31 Incorporate AI tools to accelerate seller productivity and effectiveness • Prioritize opportunities & best-fit solution • Automate outreach & engagement Deployed AI tools that guide sellers on who to contact, most valuable solution to position and most effective messaging to use STRATEGY 40%+ Sales associates enabled with AI tools1 PROGRESSPRODUCTS1 2 SERVICE 3 SALES R&D4 1 FY25E

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![](adp2025investorday-ex99032.jpg)

STRATEGICALLY INFUSING AI ACROSS THE BUSINESS 32 Employ AI tools to enhance efficiency and effectiveness • Accelerate processes • Improve quality / reduce errors Technology teams leveraging AI for coding, testing, and documentation STRATEGY 100% of developers enabled with AI tools1 PROGRESSPRODUCTS1 2 SERVICE 3 SALES R&D4 1 As of Q3FY25

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![](adp2025investorday-ex99033.jpg)

SCALABLE HCM OFFERINGS WITH GLOBAL REACH Outside of United States United States ADP iHCM ADP Lyric HCM ADP RUN ADP Workforce Now ADP Ecosystem Tax \| WorkForce Software \| Marketplace \| Data Solutions \| Outsourcing Solutions \| Ventures Small Business 1 – 49 EEs Mid-Market 50 – 999 EEs Up-Market 1,000 EEs+ ADP Payroll 33

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![](adp2025investorday-ex99034.jpg)

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![](adp2025investorday-ex99035.jpg)

Achievements • Continued momentum with WFN Next Gen sales • Expanded partner channels to cover key mid-market ERPs • Launched Construction industry vertical Launched ADP Assist with Payroll across 100% of WFN Next Gen clients 2M HR conversations across 1.3M unique users spanning 68k clients 1 Search enhanced by ADP Assist contributed to improved client self- service • Extend WFN Next Gen addressable market • Scale ERP partner channel • Expand into Restaurant vertical What's Next Enhance AI-driven Tax and Payroll experiences Expand AI efforts into agentic solutions 35 INNOVATING TO REMAIN THE U.S. MID-MARKET LEADER Workforce Now® (WFN) — 90K+ clients 1 FY25 year-to-date

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![](adp2025investorday-ex99036.jpg)

Achievements • Launched Lyric globally in September 2024 • Acquired WorkForce Software in October 2024 • Global HR, Global Payroll, Global Time and Global Service AI-infused implementation 50%+ of all searches flow through GenAI-powered features1 • Continue to scale product with more in-depth features • Further global expansion • Deepen integration with WorkForce Software What's Next Expand AI efforts into agentic solutions Enhance implementation with GenAI tooling for faster delivery ORCHESTRATING A GLOBAL ENTERPRISE HCM STACK ADP Lyric HCM + WorkForce Software 36 1 Q3FY25

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![](adp2025investorday-ex99037.jpg)

ADP VENTURES ACCELERATES INNOVATION ACROSS ADP Strong partnership with integration into the ADP ecosystem ADP VENTURES INVESTMENTS Employee Benefits Leave & AbsenceHospitality Tax Credits Benefits HCM in LATAM Driving innovation, growth, and early access to external transformative technologies Benefits Administration 37

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![](adp2025investorday-ex99038.jpg)

INVESTING IN INNOVATION Differentiating our products as easy- smart-human Infusing AI throughout the business Leveraging ventures to fuel innovation 38

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![](adp2025investorday-ex99039.jpg)

04 DAVID FOSKETT President, Global Sales Go-to-Market 39

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![](adp2025investorday-ex99040.jpg)

$2.5B in worldwide new business bookings 8.5K Quota-carrying sellers 50%+ of new logos sold through partnership 140+ Countries and territories with sales coverage 200K+ New logos sold annually 40 All metrics as of FY24 OUR GO-TO-MARKET SCALE & REACH IS UNPARALLELED

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![](adp2025investorday-ex99041.jpg)

Products Capitalize on new offerings and enhancements Marketing Extend our lead in digital demand generation Channels Drive new logos through our partner ecosystem Headcount Continue to expand our sales force WE DRIVE BOOKINGS GROWTH THROUGH INNOVATION AND SCALE 41 Productivity Enable sellers to sell more

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![](adp2025investorday-ex99042.jpg)

INNOVATION CONTINUES TO ENABLE BOOKINGS GROWTH ACROSS ALL BUYER SIZES Mid-Market Small Business Up-Market & Global 42

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![](adp2025investorday-ex99043.jpg)

OUR END-TO-END SUPPORT MODEL FOR SELLERS IS A KEY DIFFERENTIATOR P R O D U C T I V I T Y ADP Seller RECRUIT ONBOARD & TRAINING ENABLE WITH TECH 43

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![](adp2025investorday-ex99044.jpg)

THE ZONE IS OUR PROPRIETARY AI SALES PORTAL THAT MAKES OUR SELLERS MORE EFFECTIVE 44

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![](adp2025investorday-ex99045.jpg)

LEVERAGING AI TO MAKE OUR SELLERS MORE PRODUCTIVE IN EVERY ASPECT OF THEIR DAY • Who do I contact? • Why now? • How do I answer buyer questions? • When should I reach out? • What should I say? • What is the next best action? • What solution should I position? • Will this resonate? • How can I be better? S E L L I N GT A R G E T I N G G A I N I N G A C C E S S 45

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![](adp2025investorday-ex99046.jpg)

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![](adp2025investorday-ex99047.jpg)

INDUSTRY LEADING DEMAND GENERATION POSITIONED FOR FUTURE SUCCESS Well-positioned to continue to capture an outsized share of digital demand in a world where buyers leverage AI to discover HCM solutions 350K+ Digital leads generated1 annually M A R K E T I N G 47 1 As of FY24

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![](adp2025investorday-ex99048.jpg)

OUR SELLERS GO-TO-MARKET WITH AN EXTENSIVE ECOSYSTEM OF PARTNERS Small Business Accountants Banks Point-of-Sale Providers Mid-Market Financial Advisors Franchises Benefits Brokers Up-Market ERP / Product & Technology Partners Private Equity & Consultants System Integrators 48

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![](adp2025investorday-ex99049.jpg)

HEADCOUNT HAS NEARLY DOUBLED SINCE FY10 COUPLED WITH PRODUCTIVITY IMPROVEMENT SELLER HEADCOUNT (Quota Carrying Sales Associates) FY10 FY24 ~8.5K ~4.3K 49

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![](adp2025investorday-ex99050.jpg)

Products Capitalize on new offerings and enhancements Marketing Extend our lead in digital demand generation Channels Drive new logos through our partner ecosystem Headcount Continue to expand our sales force WE DRIVE BOOKINGS GROWTH THROUGH INNOVATION AND SCALE 50 Productivity Enable sellers to sell more

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![](adp2025investorday-ex99051.jpg)

- 500 1,000 1,500 2,000 2,500 3,000 TARGETING 6-7% EMPLOYER SERVICES (ES) NEW BUSINESS BOOKINGS GROWTH IN THE MEDIUM TERM 1 FY25E is based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance. 51 Target 6-7% Medium Term ES NEW BUSINESS BOOKINGS ($ million) Post Great Recession The ACA Years Covid-19 Pandemic Post Pandemic 6% CAGR 1

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![](adp2025investorday-ex99052.jpg)

05 JOE DESILVA Executive Vice President, North America and Chief of Operations Business Update: North America HCM Solutions 52

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![](adp2025investorday-ex99053.jpg)

DIVERSIFIED REVENUE PORTFOLIO PEO 32% Small Business 18% Major Accounts 15% National Accounts 6% International 14% ES HRO 7% Complementary Solutions 8% $6.2B PEO $3.4B Small Business $2.9B Major Accounts $2.6B International $1.6B Complementary Solutions $1.2B National Accounts $1.3B ES HRO 1 See Appendix for a brief overview of these different businesses. 2 PEO includes zero-margin benefits pass-through revenue. 53 FY24 Revenue Portfolio OUR $19.2B 1 2

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![](adp2025investorday-ex99054.jpg)

SMALL BUSINESS ADP IS THE LEADING SMALL BUSINESS PROVIDER Hands-on Stretched Trust-driven CLIENT CHARACTERISTICS 54

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![](adp2025investorday-ex99055.jpg)

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![](adp2025investorday-ex99056.jpg)

WHERE ARE WE GOING… Extend leadership position in Payroll, HR, and Retirement Services Drive deeper penetration across HCM suite: Time & Attendance and Benefits Integrate with broader SMB technology ecosystem to address client needs and expand distribution channels 56 SMALL BUSINESS

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![](adp2025investorday-ex99057.jpg)

MAJOR ACCOUNTS MAINTAIN MID-MARKET LEADERSHIP Growing Fragmented Discerning CLIENT CHARACTERISTICS 57

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![](adp2025investorday-ex99058.jpg)

WHERE ARE WE NOW… WFN is a leading HCM technology platform Record high client satisfaction and retention Customizable HCM experiences through ADP Marketplace Leader by NelsonHall 1 Overall Market Leader in HCM by ISG Research 2 Revenue $2.9B Increase in Client Satisfaction 21% 1 ADP Ranked Leader for all Market Segments in NelsonHall Payroll NEAT Assessment 2024 2 Overall Market Leader for HCM Suites — ADP Workforce Now — by ISG Research in 2025 3 Major Accounts FY24 Revenue 4 Measured by Net Promoter Score from Q3FY22 to Q3FY25 3 4 58 MAJOR ACCOUNTS

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![](adp2025investorday-ex99059.jpg)

Expand integrations with ERPs Broaden industry-specific solutions Accelerate deployment of WFN Next Gen WHERE ARE WE GOING… 59 MAJOR ACCOUNTS

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![](adp2025investorday-ex99060.jpg)

NATIONAL ACCOUNTS ACCELERATING GROWTH IN ENTERPRISE Complex Strategic Sophisticated CLIENT CHARACTERISTICS 60

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![](adp2025investorday-ex99061.jpg)

WHERE ARE WE NOW… Launched Lyric: our Next Gen Global HCM platform Acquired WorkForce Software to enhance capabilities in Time, Scheduling, and Labor Optimization Leadership position in Global Payroll Overall Market Leader in HCM by ISG Research 1 #1 HR Data Solution of the Year 2 $1.2B 3X Improvement in Client Satisfaction Revenue 3 4 1 Overall Market Leader for HCM Suites — ADP Lyric HCM — by ISG Research (2025) 2 ADP Lyric HCM named "Data Solution of the Year for Human Resources" in 2025 Data Breakthrough Awards 3 National Accounts FY24 Revenue 4 Measured by Net Promoter Score from Q3FY22 to Q3FY25 61 NATIONAL ACCOUNTS

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![](adp2025investorday-ex99062.jpg)

Extend leadership in Global Payroll to include HR and Time Tightly integrate WorkForce Software into product offerings Accelerate growth by leveraging next gen capabilities of WFN and Lyric WHERE ARE WE GOING… 62 NATIONAL ACCOUNTS

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![](adp2025investorday-ex99063.jpg)

UNIFYING THE GLOBAL CLIENT EXPERIENCE Service Global Payroll Global Time Global HR 63

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![](adp2025investorday-ex99064.jpg)

06 VIRGINIA MAGLIULO Executive Vice President, Employer Services International Business Update: International HCM Solutions 64

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![](adp2025investorday-ex99065.jpg)

15M Employees paid internationally OUR UNPARALLELED GLOBAL FOOTPRINT 65K International clients 140+ Countries and territories served 65

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![](adp2025investorday-ex99066.jpg)

WE OFFER SINGLE- COUNTRY AND MULTI- COUNTRY SOLUTIONS MULTI- COUNTRY Clients with operations in two or more countries, from smaller cross-border firms to the largest global multi-nationals SINGLE- COUNTRY Clients with operations in a single country, from small to large populations 66

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![](adp2025investorday-ex99067.jpg)

WHY WE WIN Innovation is in our DNA Advanced data analytics for informed decision-making Global leader with unmatched local expertise Industry-leading security and compliance Unparalleled footprint 67

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![](adp2025investorday-ex99068.jpg)

68 HEAR WHY WE WIN FROM ONE OF OUR CLIENTS

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![](adp2025investorday-ex99069.jpg)

WHERE ARE WE NOW… Innovation where clients need it Enhanced intuitive user experience and device agnostic Open marketplace integration capabilities for partners with APIs Clients 65K Revenue $2.6B Increase in Client Satisfaction76% 1 Everest Named ADP a Leader for the Multi-Country Payroll Solutions PEAK Assessment 2024 for Global, EMEA and APAC Markets 2 ADP Ranked Leader for all Market Segments in NelsonHall Payroll NEAT Assessment 2024 3 International FY24 Revenue 4 Measured by Net Promoter Score improvements from Q3FY22 to Q3FY25 3 4 Growth and expansion into countries to meet our clients where they need us Leader Multi-Country Payroll by Everest1 and NelsonHall2 69 INTERNATIONAL

------

![](adp2025investorday-ex99070.jpg)

End-to-end global value proposition Beyond Payroll – forming even deeper relationship with clients Innovation at scale with AI in the hands of clients and associates WHERE ARE WE GOING… Driving a human experience for service and technology globally GLOBAL HR GLOBAL PAYROLL GLOBAL TIME GLOBAL SERVICE OPERATIONS 70

------

![](adp2025investorday-ex99071.jpg)

07 BRIAN MICHAUD Executive Vice President, Smart Compliance and Human Resources Outsourcing Business Update: Human Resources Outsourcing (HRO) Solutions 71

------

![](adp2025investorday-ex99072.jpg)

SOLUTIONS SPAN THE HR OUTSOURCING SPECTRUM À la carte HR, Benefits, and/or Payroll, all supported by Employee Support Center HRO Managed Services Full-service, all-in-one HR solution takes on payroll, benefits, compliance work and more Professional Employer Organization (PEO) 72

------

![](adp2025investorday-ex99073.jpg)

HOW WE SERVE OUR PEO CLIENTS Expert guidance Technology Employee support Payroll & Tax Workers' Comp & Risk 401(k) Hiring Benefits HR & Compliance Your Business 73

------

![](adp2025investorday-ex99074.jpg)

Clients 17K Revenue $6.2B Increase in Client Satisfaction70% 1 Leader Multi-Process Human Resources Outsourcing (2012-2024; 13 consecutive years) by Everest Group 2 Best PEO Services by Forbes Advisor 2024 3 PEO FY24 Revenue 4 Measured by Net Promoter Score from Q3FY22 to Q3FY25 3 4 #1 PEO by Forbes 2 WHERE ARE WE NOW… Largest PEO Expanded Choices Best-in-class HCM technology A Leader in Multi-Process HRO by Everest1 74 Personalized Support Compliance made easy Strong client satisfaction

------

![](adp2025investorday-ex99075.jpg)

New PEO clients sourced internally ~50% Revenue uplift range depending on client size1 10-12x CLIENT UPGRADES CREATE VALUE TO ADP AS A WHOLE 75 1 PEO revenue uplift is net of zero margin pass-through

------

![](adp2025investorday-ex99076.jpg)

THERE IS AN UNTAPPED OPPORTUNITY IN THE MARKET 76 Worksite Employees Remainder of Addressed Market2 ADP TotalSource3 Total addressable market (~30M)1 ~4M ~25M Potential Opportunity 750K ~17% of Market Addressed by PEOs Today 1 Total addressable market estimated using the number of employers in the U.S. and applying addressability cuts based on size and the estimated percentage of employers that offer health benefits by size. Data from the Kaiser Family Foundation and various reports. 2 Remainder of the Addressable Market estimated using NAPEO market sizing (<99 EEs) and internal estimates of 100+ EEs market size. 3 As of Q3FY25

------

![](adp2025investorday-ex99077.jpg)

…AND OUR OWN CLIENT BASE 77 Worksite Employees ADP TotalSource2 Addressable market within our base (~5M) ~4M Potential Opportunity1 within our base represents 100K+ clients 750K 1 Potential opportunity estimated by total number of employers in ADP client base and applying addressability cuts based on size and the estimated percentage of employers that offer health benefits by size. 2 As of Q3FY25

------

![](adp2025investorday-ex99078.jpg)

Tailor the service model and enhance operations to exceed client expectations Deploy leading sales tools WHERE ARE WE GOING… Continue to strengthen broker channel relationships 78

------

![](adp2025investorday-ex99079.jpg)

08 PETER HADLEY Corporate Treasurer and Incoming Chief Financial Officer Financial Framework 79

------

![](adp2025investorday-ex99080.jpg)

WE HAVE DELIVERED ON OUR CONSOLIDATED FINANCIAL OBJECTIVES SINCE OUR LAST INVESTOR DAY Demonstrated Strong Revenue and Earnings Growth November 2021 medium-term objectives FY21-FY25E CAGR 2 8%7-8% Revenue Growth 12%10-12% Adj. EBIT Growth1 13%11-13% Adj. EPS Growth1 1 For a reconciliation of Revenue, Adjusted EBIT, and Adjusted EPS to their closest comparable GAAP metrics, see the applicable Q4 earnings release for the periods presented available at www.investors.adp.com 2 Based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance. 80

------

![](adp2025investorday-ex99081.jpg)

WHY ADP? CONSISTENT AND GROWING REVENUE AND EARNINGS • Leader in the large and growing HCM industry • High levels of recurring revenue and strong client revenue retention • Diversified portfolio addressing all segments of the HCM market • Consistent track record of expanding margins • Client funds extended investment strategy delivers incremental interest income and minimizes rate volatility STRONG CASH FLOWS AND BALANCE SHEET • Low capital requirements • Efficient model allows ample reinvestment for organic growth • Disciplined approach to M&A • Thoughtful approach to leverage with high investment-grade credit ratings • Longstanding commitment to shareholder-friendly actions and capital return 81

------

![](adp2025investorday-ex99082.jpg)

ADP'S HISTORY OF DURABLE GROWTH ~92% Gross ES Revenue Retention in FY25 1 82 1 FY25E Revenue and Gross Revenue Retention are based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance. FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25E Total Revenue ($B) $10.9 $20.5 6.5% CAGR 1

------

![](adp2025investorday-ex99083.jpg)

WE'VE DRIVEN BROAD-BASED GROWTH ACROSS OUR BUSINESS 83 PEO Small Business Major Accounts International Complementary Solutions ES HRO National Accounts $6.2B $4.8B $2.5B $3.4B $2.4B $2.9B $2.6B $1.6B $1.3B $1.2B $2.2B $1.1B $1.0B $1.1B FY21 FY24 Revenue ($B) 1 See Appendix for a brief overview of these different businesses. 2 PEO includes zero-margin benefits pass-through revenue. 2 1

------

![](adp2025investorday-ex99084.jpg)

84 ALWAYS STRIVING TO BALANCE GROWTH WITH MARGIN EXPANSION ~700bps Margin Expansion FY15-FY25E 18.9% 19.5% 19.8% 20.7% 22.4% 23.0% 22.6% 23.5% 24.8% 25.5% 26.0% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25E Adj. EBIT Margin (%) 1 For a reconciliation of Adjusted EBIT to its closest comparable GAAP metric, see the applicable Q4 earnings release for the periods presented available at sec.gov. 2 FY18 is restated for the impact of ASC 606. 3 FY25E is based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance. 32 1

------

![](adp2025investorday-ex99085.jpg)

CLIENT FUNDS PORTFOLIO INVESTMENT STRATEGY FY24 Balance ($B) 12.3 Client Long 7.4 Client Short 15.7 Client Extended ~$1.8B Incremental interest income generated by extended investment strategy from FY01 – FY24 • Enabled by our strong balance sheet and high, investment-grade credit ratings • Extend and ladder maturities of the investment portfolio for client funds • Utilize short-term financing arrangements to satisfy client funds obligations • Safety of principal, liquidity and diversification remain our primary objectives 85

------

![](adp2025investorday-ex99086.jpg)

Positive reinvestment rate differentials expected on Client Funds maturing in FY26 and FY27 86 LADDERING APPROACH – A DIFFERENTIATOR AND MEDIUM-TERM TAILWIND ~$13B Maturing in FY26 and FY27 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 FY26 FY27 FY28 FY29 FY30 FY31 FY32 >FY32 1.5% 2.6% 3.8% 4.0% 3.6% 3.2% 3.1% 4.5% Client Funds Portfolio – Client Long and Client Extended Maturities Market Value ($M) 86

------

![](adp2025investorday-ex99087.jpg)

CONSISTENT APPROACH TO CAPITAL ALLOCATION SHARE REPURCHASES M&A ORGANIC INVESTMENTS DIVIDENDS 87

------

![](adp2025investorday-ex99088.jpg)

ORGANIC INVESTMENTS DRIVING FUTURE GROWTH BEST-IN-CLASS TECHNOLOGY • Continue to scale Lyric with more in-depth features and broaden global reach • WorkForce Software product integration and client migrations • Extending WFN Next Gen addressable market • Continue to modernize technology infrastructure Investments in AI (e.g. continued expansion of ADP Assist and agentic solutions) DISTRIBUTION AND SERVICE • Expand sales force headcount • Invest in partner channels and embedded payroll • Augment digital marketing efforts • Utilize industry-leading service tools Investments in AI (e.g. broadly deploy Sales Assist and Service Assist) 88

------

![](adp2025investorday-ex99089.jpg)

M&A THOUGHTFUL AND DISCIPLINED Inorganic growth remains an important component in executing our strategy Key criteria for evaluating potential M&A targets: • Complementary, best-in-class technology solutions • Incremental expertise • Add to our global scale We remained disciplined on valuation and risk profiles of target companies 89

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![](adp2025investorday-ex99090.jpg)

ADP'S DIVIDENDS AND SHARE REPURCHASES 0.9 0.9 1.0 1.1 1.3 1.5 1.6 1.7 1.9 2.2 2.4 1.5 1.1 1.3 1.0 0.9 1.0 1.4 2.0 1.1 1.2 1.3 F Y 1 5 F Y 1 6 F Y 1 7 F Y 1 8 F Y 1 9 F Y 2 0 F Y 2 1 F Y 2 2 F Y 2 3 F Y 2 4 F Y 2 5 Dividends Share Repurchases ($ Billions) 50 Years of consecutive dividend increases $30B Cash returned to shareholders FY15-FY25 Aa3/AA- Leading credit ratings from Moody's (Aa3), S&P (AA-), and Fitch (AA-) 1 FY25E based on YTD and Q4 estimated capital return. May not foot due to rounding. 1 90

------

![](adp2025investorday-ex99091.jpg)

OUR FINANCIAL LOOK AHEAD 91

------

![](adp2025investorday-ex99092.jpg)

MEDIUM-TERM FINANCIAL OBJECTIVES 8-10% Adjusted EBIT growth Supported by ~50-75bps margin expansion per year 9-11% Adjusted EPS Growth Assuming 1% annual net share count reduction 92 11-13% Total Shareholder Return Assuming 2% dividend yield 1 Organic constant currency Note: These objectives assume no significant impact from M&A or changes in the macroeconomic environment, corporate tax rates, the yield curve, or ADP's valuation multiple. 6-7% Revenue Growth ~6% Employer Services and 6-8% PEO segment growth 1

------

![](adp2025investorday-ex99093.jpg)

ADP IS BULLISH ON HCM AND OUR FUTURE IN IT Industry leading go-to-market Scale that sets us apart Operate in a dynamic market Durable financial performance Track record of innovation 93

------

![](adp2025investorday-ex99094.jpg)

09 QUESTIONS? 94

------

![](adp2025investorday-ex99095.jpg)

APPENDIX 95

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![](adp2025investorday-ex99096.jpg)

FY24 REVENUE DISAGGREGATION DETAIL $6.2B PEO – Fully outsourced HR and benefits for U.S. businesses under a co-employment model. Includes Zero Margin Benefit Pass-Through revenue. $3.4B Small Business – HCM solutions for U.S. businesses with typically 50 or fewer employees. $2.9B Major Accounts – HCM solutions for U.S. businesses with typically 50 to 1,000 employees. $2.6B International – HCM and HRO solutions for clients based outside of the U.S. Includes the U.S. portion of certain multinational businesses using ADP global platforms. $1.6B Complementary Solutions – A variety of differentiated offerings, including tax filing services for non-payroll clients, wage garnishment, background screening, employment and income verification, certain other data solutions revenues, Wisely revenues, and tax credit services. $1.2B National Accounts –HCM solutions for U.S. businesses with typically 1,000+ employees. $1.3B ES HRO – Outsourcing solutions for U.S. businesses of all sizes. 96

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### Attached PDF Documents

**Attachment 1:** `adp2025investorday-ex99.pdf`

# INVESTOR DAY 2025

June 12, 2025 | New York

ADP
Always Designing for People

2

# DISCLAIMERS

## FORWARD-LOOKING STATEMENTS

This document 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 "outlook," "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; the success of our new solutions; our ability to respond successfully to changes in technology, including artificial intelligence; 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 and inflation; competitive conditions; our ability to maintain our current credit ratings and the impact on our funding costs and profitability; security or cyber breaches, fraudulent acts, and system interruptions and failures; employment and wage levels; availability of skilled associates; the impact of new acquisitions and divestitures; the adequacy, effectiveness and success of our business transformation initiatives; the impact of any uncertainties related to major natural disasters or catastrophic events; and supply-chain disruptions. 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" of our most recent Annual Report on Form 10-K, and in other written or oral statements made from time to time by ADP, should be considered in evaluating any forward-looking statements contained herein.

## NON-GAAP MEASURES

This presentation contains non-GAAP financial metrics, including Adjusted EBIT margin and adjusted diluted earnings per share. For a discussion and reconciliation of historic non-GAAP financial metrics to their closest comparable GAAP financial metrics, see our earnings releases for the applicable periods presented, available at adp.investors.com or sec.gov. We have not provided a reconciliation of our revenue outlook (in organic constant currency), adjusted EBIT margin outlook or adjusted earnings per share 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 or other non-core operating items that are included in the GAAP metrics, including gains/losses on sales of businesses and assets and certain income tax adjustments. The reconciliations provided in earnings releases prepared by ADP are indicative of the reconciliation that will be prepared upon completion of the periods covered by the non-GAAP medium-term objectives.

3

# AGENDA

| 01 | Welcome | Matt Keating VP, Investor Relations |
| --- | --- | --- |
| 02 | Vision & Strategy | Maria Black President and CEO |
| 03 | Best-in-Class Technology | Sreeni Kutam President, Global Product & Innovation |
| 04 | Go-to-Market | David Foskett President, Global Sales |
| 05 | North America HCM Solutions | Joe DeSilva EVP, North America & Chief of Operations |
| 06 | International HCM Solutions | Virginia Magliulo EVP, Employer Services International |
| 07 | HRO Solutions | Brian Michaud EVP, Smart Compliance & HR Outsourcing |
| 08 | Financial Framework | Peter Hadley Corporate Treasurer & Incoming CFO |
| 09 | Q&A and Closing Remarks |  |
| 10 | Demos & Lunch |  |

4

01

02

03

04

Vision &amp; Strategy

MARIA BLACK

President and CEO

Data as of FY24

| $19B FY24 revenue | 1.1M+ clients | 78M employee tax statements processed | 42M+ employees paid in 140+ countries and territories |
| --- | --- | --- | --- |

IDP IS THE WORLD’S LARGEST HCM ORGANIZATION

| 80%+ of Fortune 500 are clients | $3.1T in client funds moved in US | 64K ADP associates | 14M+ monthly users on app |
| --- | --- | --- | --- |

# SUPPORTING EVERY CLIENT HCM NEED

<table><tr><td><img alt="HR" src="https://i.imgur.com/1.png"/></td><td><img alt="Payroll" src="https://i.imgur.com/2.png"/></td><td><img alt="Time" src="https://i.imgur.com/3.png"/></td><td><img alt="Benefits" src="https://i.imgur.com/4.png"/></td></tr><tr><td><img alt="HRO" src="https://i.imgur.com/5.png"/></td><td><img alt="Talent" src="https://i.imgur.com/6.png"/></td><td><img alt="Timeliness" src="https://i.imgur.com/7.png"/></td><td><img alt="Retirement" src="https://i.imgur.com/8.png"/></td></tr></table>

6

# SUPPORTING EVERY CLIENT SIZE

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

Small Business
1-49 Employees (EEs)

![img-4.jpeg](img-4.jpeg)

Mid-Market
50-999 EEs

![img-5.jpeg](img-5.jpeg)

Up-Market
1,000+ EEs

# SUPPORTING EVERY CLIENT LOCATION

140+

Countries and Territories

![img-6.jpeg](img-6.jpeg)

![img-7.jpeg](img-7.jpeg)

9

DIFFERENTIATION

# THAT ONLY COMES WITH SCALE

Support for every client HCM need

Support for every client size

With global reach to support every client location

# ADP OPERATES IN A LARGE AND GROWING MARKET

![img-8.jpeg](img-8.jpeg)

# $180B

## HCM Total Addressable Market:

- Payroll
- HR
- Benefits
- Talent
- HR Outsourcing
- Analytics
- Workforce Management

![img-9.jpeg](img-9.jpeg)

# Mid-single digits

Expected growth rate over the medium term

Total addressable market data as of FY24.

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; IDC; NelsonHall;

World Bank; Moody's Analytics; National Association of Professional Employer

Organizations; and Internal ADP research and data.

11

# WHILE WE ARE THE BIGGEST, WE STILL HAVE RUNWAY

ADP Revenue
$19B
FY24

![img-0.jpeg](img-0.jpeg)
HR

![img-1.jpeg](img-1.jpeg)
Payroll

![img-2.jpeg](img-2.jpeg)
Time

![img-3.jpeg](img-3.jpeg)
Benefits

![img-4.jpeg](img-4.jpeg)
HRO

![img-5.jpeg](img-5.jpeg)
Talent

![img-6.jpeg](img-6.jpeg)
Compliance

![img-7.jpeg](img-7.jpeg)
Retirement

![img-8.jpeg](img-8.jpeg)

12

HUMAN CAPITAL MANAGEMENT IS
MISSION-CRITICAL AND
EVOLVING

13
# OUR CLIENTS FACE BIG CHALLENGES

![img-9.jpeg](img-9.jpeg)

14

# DEPENDABILITY

# 75 YEARS of solving client HCM challenges

![img-10.jpeg](img-10.jpeg)

![img-11.jpeg](img-11.jpeg)

![img-12.jpeg](img-12.jpeg)

![img-13.jpeg](img-13.jpeg)

15

AT ADP WE BELIEVE...

that Integrity is Everything
in providing Insightful Expertise
in delivering Service Excellence
in Inspiring Innovation
that Each Person Counts
in being Results-driven
in valuing Social Responsibility

# TRACK RECORD OF INNOVATION AND FIRSTS

| 1973 ADP International | 2000 FIRST global cloud-based HCM solution | 2009 FIRST HCM Mobile App | 2014 FIRST HCM Marketplace | 2018 FIRST digital pay solution | 2023 Launched API Central |
| --- | --- | --- | --- | --- | --- |
| 1962 ADP leases its first IBM computers | 1998 FIRST cloud-based payroll solution | 2006 National Employment Report (NER) | 2012 ADP Data Cloud introduced | 2021 FIRST app-based conversational payroll solution | 2024 Deployed ADP Assist across platforms Launched ADP Lyric HCM |

Note: Timeline is sequential and may not be to scale.

# ADP STRATEGIC PRIORITIES

![img-14.jpeg](img-14.jpeg)

Lead with
Best-in-Class
HCM Technology

![img-15.jpeg](img-15.jpeg)

Provide
Unmatched
Expertise and
Outsourcing

![img-16.jpeg](img-16.jpeg)

Benefit our
clients with
Global Scale

17

18

![img-17.jpeg](img-17.jpeg)

BUILD
THE ADP INNOVATION FLYWHEEL
BUY
INVEST
ADP Ventures

19

# WE HAVE BEEN EXECUTING AGAINST OUR PRIORITIES

![img-18.jpeg](img-18.jpeg)

- Enhancing product offering through organic and inorganic investments
- Expanding global reach through acquisitions and partnerships
- Deploying AI across product, service, and sales
- Driving strong financial outcomes

And our clients recognize it...

# RECORD HIGH CLIENT SATISFACTION

## 40%

Increase in ADP weighted average Net Promoter Score over the last three years1

1 Measured by Net Promoter Score from Q3FY22 to Q3FY25
20

Our execution is why ADP is ...

# RECOGNIZED AS AN INDUSTRY LEADER

# 19th year

Named by FORTUNE® Magazine
as one of the "World's Most
Admired Companies" in 2025

21

HR Data Solution of the Year 2025

Leader

Everest Multi-Country Payroll Solutions 2024

#1

G2 Best Software Products for Small Businesses 2025

# ADP IS BULLISH ON HCM AND OUR FUTURE IN IT

22

![img-0.jpeg](img-0.jpeg)

Operate in a dynamic market

![img-1.jpeg](img-1.jpeg)

Track record of innovation

![img-2.jpeg](img-2.jpeg)

Industry leading go-to-market

![img-3.jpeg](img-3.jpeg)

Scale that sets us apart

![img-4.jpeg](img-4.jpeg)

Durable financial performance

23
![img-5.jpeg](img-5.jpeg)

Best-in-Class Technology

# SREENI KUTAM

President, Global Product &amp; Innovation

24

# WE HAVE DONE A LOT...

|  | One Data |
| --- | --- |
|  | One Mobile |
|  | One UX |
|  | Marketplace |
|  | Cloud Migration |
|  | Culture of Innovation |

We have laid the groundwork, enabling us to innovate at a faster velocity

# THE AI LANDSCAPE IS EVOLVING FAST

![img-6.jpeg](img-6.jpeg)

Source: Internal research
*RPA: Robotic Process Automation; AI/ML: Artificial Intelligence / Machine Learning; NLP: Natural Language Processing; GenAI: Generative AI
25

# THE AI LANDSCAPE IS EVOLVING FAST

![img-7.jpeg](img-7.jpeg)

Source: Internal research
*RPA: Robotic Process Automation; AI/ML: Artificial Intelligence / Machine Learning; NLP: Natural Language Processing; GenAI: Generative AI
26

# AGENTIC AI IS THE FUTURE

![img-8.jpeg](img-8.jpeg)

# DATA AS A DIFFERENTIATOR

28

- ADP's 1.1M+ clients and millions of transactions
- Training on broader, more granular data, delivers smarter and more tailored agents

- ADP's large product portfolio usage data, sales data, and operations data
- AI agents develop hire-to-retire expertise, equipping them to automatically execute complex HCM journeys

# STRATEGICALLY INFUSING AI ACROSS THE BUSINESS

1 FY25 year-to-date

1 PRODUCTS
2 SERVICE
3 SALES
4 R&amp;D

## STRATEGY

Embed role-based AI agents into our products to improve client experience

- Proactive Nudges
- Recommended best practices
- Automated task completion

## PROGRESS

Delivered ADP Assist across several products; driving adoption

![img-9.jpeg](img-9.jpeg)

~4M
Interactions on ADP Assist1

29

30

# STRATEGICALLY INFUSING AI ACROSS THE BUSINESS

1. PRODUCTS
2. SERVICE
3. SALES
4. R&amp;D

## STRATEGY

Deploy service and implementation agents to streamline service and enhance value

- Automate simple tasks
- Deliver customized guidance at scale

## PROGRESS

Delivered call summarization, AI-assisted answer generation, and AI-assisted implementation configuration

## 12K

Service associates enabled with selection of AI tools1

![img-10.jpeg](img-10.jpeg)

As of Q3FY25

# STRATEGICALLY INFUSING AI ACROSS THE BUSINESS

1. PRODUCTS
2. SERVICE
3. SALES
4. R&amp;D

## STRATEGY

Incorporate AI tools to accelerate seller productivity and effectiveness

- Prioritize opportunities &amp; best-fit solution
- Automate outreach &amp; engagement

## PROGRESS

Deployed AI tools that guide sellers on who to contact, most valuable solution to position and most effective messaging to use

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

FY25E

# STRATEGICALLY INFUSING AI ACROSS THE BUSINESS

1. PRODUCTS
2. SERVICE
3. SALES
4. R&amp;D

| STRATEGY | PROGRESS |
| --- | --- |
| Employ AI tools to enhance efficiency and effectiveness • Accelerate processes • Improve quality / reduce errors | Technology teams leveraging AI for coding, testing, and documentation |

100%
of developers enabled with AI tools1

![img-2.jpeg](img-2.jpeg)

1 As of Q3FY25

# SCALABLE HCM OFFERINGS WITH GLOBAL REACH

| Outside of United States | ADP iHCM |  | ADP Lyric HCM |
| --- | --- | --- | --- |
| United States | ADP RUN | ADP Workforce Now |  |
|  | ADP Payroll |  |  |
|  | ADP Ecosystem | Tax \| WorkForce Software \| Marketplace \| Data Solutions \| Outsourcing Solutions \| Ventures |  |
|  | Small Business 1 - 49 EEs | Mid-Market 50 - 999 EEs | Up-Market 1,000 EEs+ |

33

34

REIMAGINING SMALL BUSINESS

RUN Powered by ADP® - 900K+ clients

# Achievements

- Set the foundation for RUN's cloud-native modernization journey
- Tightly integrated Retirement &amp; Insurance Services
- Launched Embedded Payroll offering

- 60% of RUN clients digitally onboarded1
- Search enhanced by ADP Assist contributed to improved client self-service

# What's Next

- Enhance HR experience for growth in mature small businesses
- Scale Embedded Payroll
- Expand digital buying experiences

- Expand AI efforts into agentic solutions

![img-3.jpeg](img-3.jpeg)

1 Q3FY25

INNOVATING TO REMAIN THE U.S. MID-MARKET LEADER

Workforce Now® (WFN) - 90K+ clients

# Achievements

- Continued momentum with WFN Next Gen sales
- Expanded partner channels to cover key mid-market ERPs
- Launched Construction industry vertical

- Launched ADP Assist with Payroll across 100% of WFN Next Gen clients
- 2M HR conversations across 1.3M unique users spanning 68k clients1
- Search enhanced by ADP Assist contributed to improved client self-service

# What's Next

- Extend WFN Next Gen addressable market
- Scale ERP partner channel
- Expand into Restaurant vertical

- Enhance AI-driven Tax and Payroll experiences
- Expand AI efforts into agentic solutions

![img-4.jpeg](img-4.jpeg)

1 FY25 year-to-date

1 Q3FY25

# ORCHESTRATING A GLOBAL ENTERPRISE HCM STACK

ADP Lyric HCM + WorkForce Software

## Achievements

- Launched Lyric globally in September 2024
- Acquired WorkForce Software in October 2024
- Global HR, Global Payroll, Global Time and Global Service

- AI-infused implementation
- 50%+ of all searches flow through GenAI-powered features1

## What's Next

- Continue to scale product with more in-depth features
- Further global expansion
- Deepen integration with WorkForce Software

- Expand AI efforts into agentic solutions
- Enhance implementation with GenAI tooling for faster delivery

![img-5.jpeg](img-5.jpeg)

36

37

# ADP VENTURES ACCELERATES INNOVATION ACROSS ADP

![img-6.jpeg](img-6.jpeg)

# ADP VENTURES

Driving innovation, growth, and early access to external transformative technologies

Strong partnership with integration into the ADP ecosystem

![img-7.jpeg](img-7.jpeg)

# INVESTMENTS

| FR FRINGE | NAYYA | SP RRX | TH ATCH |
| --- | --- | --- | --- |
| Employee Benefits | Benefits Administration | Tax Credits | Benefits |
| harri | Werky | cocoon |  |
| Hospitality | HCM in LATAM | Leave & Absence |  |

# INVESTING IN INNOVATION

![img-8.jpeg](img-8.jpeg)

Differentiating our products as easy-smart-human

![img-9.jpeg](img-9.jpeg)

Infusing AI throughout the business

![img-10.jpeg](img-10.jpeg)

Leveraging ventures to fuel innovation

39

Go-to-Market

# DAVID FOSKETT

President, Global Sales

All metrics as of FY24
40

$2.5B

in worldwide new business bookings

200K+

New logos sold annually

A

OUR GO-TO-MARKET SCALE &amp; REACH IS UNPARALLELED

| 8.5K Quota-carrying sellers | 140+ Countries and territories with sales coverage | 50%+ of new logos sold through partnership |
| --- | --- | --- |

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# WE DRIVE BOOKINGS GROWTH THROUGH INNOVATION AND SCALE

![img-0.jpeg](img-0.jpeg)

## Productivity
Enable sellers to sell more

![img-1.jpeg](img-1.jpeg)

## Products
Capitalize on new offerings and enhancements

![img-2.jpeg](img-2.jpeg)

## Marketing
Extend our lead in digital demand generation

![img-3.jpeg](img-3.jpeg)

## Channels
Drive new logos through our partner ecosystem

![img-4.jpeg](img-4.jpeg)

## Headcount
Continue to expand our sales force

# INNOVATION CONTINUES TO ENABLE BOOKINGS GROWTH ACROSS ALL BUYER SIZES

![img-5.jpeg](img-5.jpeg)
Small Business

![img-6.jpeg](img-6.jpeg)
Mid-Market

![img-7.jpeg](img-7.jpeg)
Up-Market &amp; Global

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PRODUCTIVITY

# OUR END-TO-END SUPPORT MODEL FOR SELLERS IS A KEY DIFFERENTIATOR

ENABLE WITH TECH

![img-8.jpeg](img-8.jpeg)

ADP Seller

RECRUIT

ONBOARD &amp; TRAINING

43

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# THE ZONE IS OUR PROPRIETARY AI SALES PORTAL THAT MAKES OUR SELLERS MORE EFFECTIVE

![img-9.jpeg](img-9.jpeg)

# The Zone

![img-10.jpeg](img-10.jpeg)

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# LEVERAGING AI TO MAKE OUR SELLERS MORE PRODUCTIVE IN EVERY ASPECT OF THEIR DAY

| TARGETING | GAINING ACCESS | SELLING |
| --- | --- | --- |
| • Who do I contact? | • Why now? | • How do I answer buyer questions? |
| • When should I reach out? | • What should I say? | • What is the next best action? |
| • What solution should I position? | • Will this resonate? | • How can I be better? |

8

ZONE

←

Back

#

Corevia Systems

Actions

# Account Action Grid

These are the accounts you should be selling to this week.

Viewing: Monday Morning List

Viewing As: Myself

| Account Name | Value-based Priority | Product 1 Recommendation | Pre |
| --- | --- | --- | --- |
| Vandris Technologies | Gold | ADP PEO | Re So |
| Corevia Systems | Gold | Retirement Solutions | - |
| Omnistride Global | Gold | Time | Inv Wi |
| Luniwelch Group | Silver | Recruitment | Tir |
| Selvaco Solutions | Silver | ADP PEO | Re So |
| Bridgent Dynamics | Silver | Retirement Solutions | Inv Ce |
| Zenithium Enterprises | Silver | Retirement Solutions | Re |
| Aurelios Corp | Bronze | Time | Re An |

Summary

Activity (3)

Triggers (9)

Contacts (4)

Leads (2)

Active Cadences (3)

Open Opportunities (3)

Private Notes (1)

Gang Conversations (2)

Buyer Activity (7)

Buyer Intent (High)

ADP Products (2)

Products Installed (2)

Scoops (5)

Value-based Priority (Gold)

Pre-call Prep Summary

Industry Insights

Benchmark Metrics

Compliance Information

# Value-based Priority (Gold)

Why is this account prioritized?

- Recent call insights reveal the client is expanding its workforce needs. Ask how their talent strategies are scalable, compliant growth.
- The client is actively engaging with ADP's many understand their broader HCM challenges and

# Top Product Recommendations

Product Recommendation (Retirement Solutions)

Rationale:

- The client is actively researching Retirement to a new conversation by exploring their employee benefits.
- With rapid headcount growth, Retirement continues to be of the requirements-and how they're planning.

Add-on Recommendations

- No add-ons are recommended at this time.

1 As of FY24

# MARKETING

## INDUSTRY LEADING DEMAND GENERATION POSITIONED FOR FUTURE SUCCESS

![img-11.jpeg](img-11.jpeg)

## 350K+

Digital leads generated1 annually

![img-12.jpeg](img-12.jpeg)

Well-positioned to continue to capture an outsized share of digital demand in a world where buyers leverage AI to discover HCM solutions

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# OUR SELLERS GO-TO-MARKET WITH AN EXTENSIVE ECOSYSTEM OF PARTNERS

![img-13.jpeg](img-13.jpeg)
Small Business

![img-14.jpeg](img-14.jpeg)
Mid-Market

![img-15.jpeg](img-15.jpeg)
Up-Market

Accountants
Financial Advisors
Private Equity &amp; Consultants
Banks
Benefits Brokers
ERP / Product &amp; Technology Partners
Point-of-Sale Providers
Franchises
System Integrators

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# HEADCOUNT HAS NEARLY DOUBLED SINCE FY10 COUPLED WITH PRODUCTIVITY IMPROVEMENT

## SELLER HEADCOUNT
(Quota Carrying Sales Associates)

![img-16.jpeg](img-16.jpeg)

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# WE DRIVE BOOKINGS GROWTH THROUGH INNOVATION AND SCALE

![img-17.jpeg](img-17.jpeg)

## Productivity
Enable sellers to sell more

![img-18.jpeg](img-18.jpeg)

## Products
Capitalize on new offerings and enhancements

![img-19.jpeg](img-19.jpeg)

## Marketing
Extend our lead in digital demand generation

![img-20.jpeg](img-20.jpeg)

## Channels
Drive new logos through our partner ecosystem

![img-21.jpeg](img-21.jpeg)

## Headcount
Continue to expand our sales force

# TARGETING 6-7% EMPLOYER SERVICES (ES) NEW BUSINESS BOOKINGS GROWTH IN THE MEDIUM TERM

ES NEW BUSINESS BOOKINGS ($ million)
![img-0.jpeg](img-0.jpeg)

FY25E is based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance.

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Business Update: North America HCM Solutions

# JOE DESILVA

Executive Vice President,
North America and Chief of Operations

# DIVERSIFIED REVENUE PORTFOLIO

## OUR $19.2B

FY24 Revenue Portfolio1

| $6.2B PEO2 | __________ |
| --- | --- |
| $3.4B Small Business | __________ |
| $2.9B Major Accounts | __________ |
| $2.6B International | __________ |
| $1.6B Complementary Solutions | __________ |
| $1.3B ES HRO | __________ |
| $1.2B National Accounts | __________ |

![img-1.jpeg](img-1.jpeg)

- PEO 32%
- Small Business 18%
- Major Accounts 15%
- International 14%
- Complementary Solutions 8%
- ES HRO 7%
- National Accounts 6%

1 See Appendix for a brief overview of these different businesses.
2 PEO includes zero-margin benefits pass-through revenue.

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![img-2.jpeg](img-2.jpeg)

SMALL BUSINESS

# ADP IS THE LEADING SMALL BUSINESS PROVIDER

CLIENT CHARACTERISTICS

| Hands-on | Stretched | Trust-driven |
| --- | --- | --- |

SMALL BUSINESS

# WHERE ARE WE NOW...

- Record high client satisfaction
- Industry-leading distribution (sellers and partners)
- Integrated Workers' Compensation and Insurance Services

#1

Best Software Products for Small Business1 by G2

#1

Retirement Services Provider2 by PLANSPONSOR

#3.4B

Revenue3

#900K+

Clients

#7%

Increase in Client Satisfaction4,5

1 2025 Best Software Awards - RUN Powered by ADP® by G2
2 PLANSPONSOR Magazine Recordkeeping Survey 2024
3 Small Business FY24 Revenue
4 Measured by Net Promoter Score from Q3FY22 to Q3FY25
5 Remains the highest at ADP

SMALL BUSINESS

# WHERE ARE WE GOING...

- Extend leadership position in Payroll, HR, and Retirement Services
- Drive deeper penetration across HCM suite: Time &amp; Attendance and Benefits
- Integrate with broader SMB technology ecosystem to address client needs and expand distribution channels

![img-3.jpeg](img-3.jpeg)

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![img-4.jpeg](img-4.jpeg)

MAJOR ACCOUNTS

# MAINTAIN MID-MARKET LEADERSHIP

CLIENT CHARACTERISTICS

Growing

Fragmented

Discerning

MAJOR ACCOUNTS

# WHERE ARE WE NOW...

- WFN is a leading HCM technology platform
- Record high client satisfaction and retention
- Customizable HCM experiences through ADP Marketplace

Leader by NelsonHall1

Overall Market Leader in HCM2 by ISG Research

$2.9B

Revenue3

21%

Increase in Client Satisfaction4

1 ADP Ranked Leader for all Market Segments in NelsonHall Payroll NEAT Assessment 2024
2 Overall Market Leader for HCM Suites - ADP Workforce Now - by ISG Research in 2025
3 Major Accounts FY24 Revenue
4 Measured by Net Promoter Score from Q3FY22 to Q3FY25

MAJOR ACCOUNTS

# WHERE ARE WE GOING...

- Accelerate deployment of WFN Next Gen
- Broaden industry-specific solutions
- Expand integrations with ERPs

![img-5.jpeg](img-5.jpeg)

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![img-6.jpeg](img-6.jpeg)

NATIONAL ACCOUNTS

# ACCELERATING GROWTH IN ENTERPRISE

CLIENT CHARACTERISTICS

| Complex | Strategic | Sophisticated |
| --- | --- | --- |

NATIONAL ACCOUNTS

# WHERE ARE WE NOW...

- Launched Lyric: our Next Gen Global HCM platform
- Acquired WorkForce Software to enhance capabilities in Time, Scheduling, and Labor Optimization
- Leadership position in Global Payroll

Overall Market Leader in HCM1 by ISG Research

#1
HR Data Solution of the Year2

$1.2B
Revenue3

3X
Improvement in Client Satisfaction4

1 Overall Market Leader for HCM Suites - ADP Lyric HCM - by ISG Research (2025)
2 ADP Lyric HCM named "Data Solution of the Year for Human Resources" in 2025 Data Breakthrough Awards
3 National Accounts FY24 Revenue
4 Measured by Net Promoter Score from Q3FY22 to Q3FY25

NATIONAL ACCOUNTS

# WHERE ARE WE GOING...

- Accelerate growth by leveraging next gen capabilities of WFN and Lyric
- Tightly integrate WorkForce Software into product offerings
- Extend leadership in Global Payroll to include HR and Time

![img-0.jpeg](img-0.jpeg)

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# UNIFYING THE GLOBAL CLIENT EXPERIENCE

![img-1.jpeg](img-1.jpeg)

64

Business Update: International HCM Solutions

# VIRGINIA MAGLIULO

Executive Vice President, Employer Services International

# OUR UNPARALLELED GLOBAL FOOTPRINT

15M
Employees paid internationally

65K
International clients

140+
Countries and territories served

![img-2.jpeg](img-2.jpeg)

66

# WE OFFER SINGLE-COUNTRY AND MULTI-COUNTRY SOLUTIONS

![img-3.jpeg](img-3.jpeg)

# SINGLE-COUNTRY

Clients with operations in a single country, from small to large populations

![img-4.jpeg](img-4.jpeg)

# MULTI-COUNTRY

Clients with operations in two or more countries, from smaller cross-border firms to the largest global multi-nationals

# WHY WE WIN

![img-5.jpeg](img-5.jpeg)

![img-6.jpeg](img-6.jpeg)

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# HEAR WHY WE WIN FROM ONE OF OUR CLIENTS

![img-7.jpeg](img-7.jpeg)

# Always Designing for People®

INTERNATIONAL

# WHERE ARE WE NOW...

- Innovation where clients need it
- Enhanced intuitive user experience and device agnostic
- Open marketplace integration capabilities for partners with APIs
- Growth and expansion into countries to meet our clients where they need us

# Leader

Multi-Country Payroll by Everest1 and NelsonHall2

| $2.6B Revenue1 | 65K Clients |
| --- | --- |
| 76% | Increase in Client Satisfaction4 |

1 Everest Named ADP a Leader for the Multi-Country Payroll Solutions PEAK Assessment 2024 for Global, EMEA and APAC Markets
2 ADP Ranked Leader for all Market Segments in NelsonHall Payroll NEAT Assessment 2024
3 International FY24 Revenue
4 Measured by Net Promoter Score improvements from Q3FY22 to Q3FY25

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# WHERE ARE WE GOING...

- Innovation at scale with AI in the hands of clients and associates
- Beyond Payroll - forming even deeper relationship with clients
- End-to-end global value proposition
- Driving a human experience for service and technology globally

![img-8.jpeg](img-8.jpeg)
GLOBAL PAYROLL

![img-9.jpeg](img-9.jpeg)
GLOBAL HR

![img-10.jpeg](img-10.jpeg)
GLOBAL TIME

![img-11.jpeg](img-11.jpeg)
GLOBAL SERVICE OPERATIONS

71

Business Update: Human Resources Outsourcing (HRO) Solutions

BRIAN MICHAUD

Executive Vice President,
Smart Compliance and Human Resources Outsourcing

# SOLUTIONS SPAN THE HR OUTSOURCING SPECTRUM

![img-0.jpeg](img-0.jpeg)

## Professional Employer Organization (PEO)

Full-service, all-in-one HR solution takes on payroll, benefits, compliance work and more

![img-1.jpeg](img-1.jpeg)

## HRO Managed Services

À la carte HR, Benefits, and/or Payroll, all supported by Employee Support Center

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# HOW WE SERVE OUR PEO CLIENTS

![img-2.jpeg](img-2.jpeg)

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# WHERE ARE WE NOW...

- Largest PEO
- Expanded Choices
- Best-in-class HCM technology
- Personalized Support
- Compliance made easy
- Strong client satisfaction

A Leader in Multi-Process HRO1 by Everest

#1
PEO by Forbes2

$6.2B
Revenue3

17K
Clients

70%
Increase in Client Satisfaction4

1 Leader Multi-Process Human Resources Outsourcing (2012-2024; 13 consecutive years) by Everest Group
2 Best PEO Services by Forbes Advisor 2024
3 PEO FY24 Revenue
4 Measured by Net Promoter Score from Q3FY22 to Q3FY25

CLIENT
UPGRADES
CREATE
VALUE TO ADP
AS A WHOLE

~50%
New PEO clients sourced internally

10-12x
Revenue uplift range depending on client size1

1 PEO revenue uplift is net of zero margin pass-through
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# THERE IS AN UNTAPPED OPPORTUNITY IN THE MARKET

Total addressable market (~30M)1
Worksite Employees

![img-3.jpeg](img-3.jpeg)

1 Total addressable market estimated using the number of employers in the U.S. and applying addressability cuts based on size and the estimated percentage of employers that offer health benefits by size. Data from the Kaiser Family Foundation and various reports.
2 Remainder of the Addressable Market estimated using NAPEO market sizing (&lt;99 EEs) and internal estimates of 100+ EEs market size.
3 As of Q3FY25

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...AND OUR
OWN CLIENT
BASE

Addressable market within our base (~5M)
Worksite Employees

~4M
Potential Opportunity1
within our base represents
100K+ clients

750K ADP TotalSource2

1 Potential opportunity estimated by total number of employers in ADP client base and applying addressability cuts based on size and the estimated percentage of employers that offer health benefits by size.
2 As of Q3FY25

# WHERE ARE WE GOING...

- Deploy leading sales tools
- Continue to strengthen broker channel relationships
- Tailor the service model and enhance operations to exceed client expectations

![img-4.jpeg](img-4.jpeg)

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Financial Framework

# PETER HADLEY

Corporate Treasurer and Incoming Chief Financial Officer

# WE HAVE DELIVERED ON OUR CONSOLIDATED FINANCIAL OBJECTIVES SINCE OUR LAST INVESTOR DAY

Demonstrated Strong Revenue and Earnings Growth

November 2021 medium-term objectives

FY21-FY25E CAGR2

7-8%

Revenue

Growth

10-12%

Adj. EBIT

Growth1

11-13%

Adj. EPS

Growth1

12%

12%

13%

1 For a reconciliation of Revenue, Adjusted EBIT, and Adjusted EPS to their closest comparable GAAP metrics, see the applicable Q4 earnings release for the periods presented available at www.investors.adp.com

2 Based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance.

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# WHY ADP?

## CONSISTENT AND GROWING REVENUE AND EARNINGS

- Leader in the large and growing HCM industry
- High levels of recurring revenue and strong client revenue retention
- Diversified portfolio addressing all segments of the HCM market
- Consistent track record of expanding margins
- Client funds extended investment strategy delivers incremental interest income and minimizes rate volatility

## STRONG CASH FLOWS AND BALANCE SHEET

- Low capital requirements
- Efficient model allows ample reinvestment for organic growth
- Disciplined approach to M&amp;A
- Thoughtful approach to leverage with high investment-grade credit ratings
- Longstanding commitment to shareholder-friendly actions and capital return

# ADP'S HISTORY OF DURABLE GROWTH

![img-0.jpeg](img-0.jpeg)
Total Revenue ($B)

$10.9
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25E1

~92%
Gross ES
Revenue
Retention in
FY251

FY25E Revenue and Gross Revenue Retention are based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance.

# WE'VE DRIVEN BROAD-BASED GROWTH ACROSS OUR BUSINESS

83

![img-1.jpeg](img-1.jpeg)

1 See Appendix for a brief overview of these different businesses.
2 PEO includes zero-margin benefits pass-through revenue.

# ALWAYS STRIVING TO BALANCE GROWTH WITH MARGIN EXPANSION

Adj. EBIT Margin (%)1

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

1 For a reconciliation of Adjusted EBIT to its closest comparable GAAP metric, see the applicable Q4 earnings release for the periods presented available at sec.gov.
2 FY18 is restated for the impact of ASC 606.
3 FY25E is based on the midpoint of guidance provided on April 30, 2025. This is not a reaffirmation of that guidance.

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# CLIENT FUNDS PORTFOLIO INVESTMENT STRATEGY

FY24 Balance ($B)

![img-4.jpeg](img-4.jpeg)

~$1.8B

Incremental interest income generated by extended investment strategy from FY01 - FY24

- Enabled by our strong balance sheet and high, investment-grade credit ratings
- Extend and ladder maturities of the investment portfolio for client funds
- Utilize short-term financing arrangements to satisfy client funds obligations
- Safety of principal, liquidity and diversification remain our primary objectives

# LADDERING APPROACH - A DIFFERENTIATOR AND MEDIUM-TERM TAILWIND

![img-5.jpeg](img-5.jpeg)
Client Funds Portfolio - Client Long and Client Extended Maturities
Market Value (\$M)

~$13B
Maturing in FY26 and FY27

Positive reinvestment rate differentials expected on Client Funds maturing in FY26 and FY27

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ORGANIC INVESTMENTS

M&amp;A

CONSISTENT APPROACH TO CAPITAL ALLOCATION

SHARE REPURCHASES

DIVIDENDS

88

# ORGANIC INVESTMENTS
## DRIVING FUTURE GROWTH

### BEST-IN-CLASS TECHNOLOGY
- Continue to scale Lyric with more in-depth features and broaden global reach
- WorkForce Software product integration and client migrations
- Extending WFN Next Gen addressable market
- Continue to modernize technology infrastructure
- Investments in AI (e.g. continued expansion of ADP Assist and agentic solutions)

### DISTRIBUTION AND SERVICE
- Expand sales force headcount
- Invest in partner channels and embedded payroll
- Augment digital marketing efforts
- Utilize industry-leading service tools
- Investments in AI (e.g. broadly deploy Sales Assist and Service Assist)

89

# M&amp;A THOUGHTFUL AND DISCIPLINED

Inorganic growth remains an important component in executing our strategy

Key criteria for evaluating potential M&amp;A targets:
- Complementary, best-in-class technology solutions
- Incremental expertise
- Add to our global scale

We remained disciplined on valuation and risk profiles of target companies

![img-6.jpeg](img-6.jpeg)

workforce
SOFTWARE

![img-7.jpeg](img-7.jpeg)

btr
payroll services

# ADP'S DIVIDENDS AND SHARE REPURCHASES

($ Billions)

![img-8.jpeg](img-8.jpeg)

# 50

Years of consecutive dividend increases

# $30B

Cash returned to shareholders FY15-FY25

# Aa3/AA-

Leading credit ratings from Moody's (Aa3), S&amp;P (AA-), and Fitch (AA-)

FY25E based on YTD and Q4 estimated capital return. May not foot due to rounding.

91

# OUR FINANCIAL LOOK AHEAD

# MEDIUM-TERM FINANCIAL OBJECTIVES

## 6-7%
Revenue Growth1
~6% Employer Services and
6-8% PEO segment growth

## 8-10%
Adjusted EBIT growth
Supported by ~50-75bps
margin expansion per year

## 9-11%
Adjusted EPS Growth
Assuming 1% annual net
share count reduction

## 11-13%
Total Shareholder Return
Assuming 2% dividend yield

1 Organic constant currency
Note: These objectives assume no significant impact from M&amp;A or changes in the macroeconomic environment, corporate tax rates, the yield curve, or ADP's valuation multiple.

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# ADP IS BULLISH ON HCM AND OUR FUTURE IN IT

![img-0.jpeg](img-0.jpeg)

Operate in a dynamic market

![img-1.jpeg](img-1.jpeg)

Track record of innovation

![img-2.jpeg](img-2.jpeg)

Industry leading go-to-market

![img-3.jpeg](img-3.jpeg)

Scale that sets us apart

![img-4.jpeg](img-4.jpeg)

Durable financial performance

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![img-5.jpeg](img-5.jpeg)

# QUESTIONS?

# APPENDIX

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# FY24 REVENUE DISAGGREGATION DETAIL

$6.2B PEO - Fully outsourced HR and benefits for U.S. businesses under a co-employment model. Includes Zero Margin Benefit Pass-Through revenue.

$3.4B Small Business - HCM solutions for U.S. businesses with typically 50 or fewer employees.

$2.9B Major Accounts - HCM solutions for U.S. businesses with typically 50 to 1,000 employees.

$2.6B International - HCM and HRO solutions for clients based outside of the U.S. Includes the U.S. portion of certain multinational businesses using ADP global platforms.

$1.6B Complementary Solutions - A variety of differentiated offerings, including tax filing services for non-payroll clients, wage garnishment, background screening, employment and income verification, certain other data solutions revenues, Wisely revenues, and tax credit services.

$1.3B ES HRO - Outsourcing solutions for U.S. businesses of all sizes.

$1.2B National Accounts - HCM solutions for U.S. businesses with typically 1,000+ employees.

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