Automatic Data Processing, Inc. and Subsidiaries
(In thousands)
Year ended June 30, 1995 1994 1993
Cash Flows From Operating Activities
Net earnings $394,830 $329,320 $294,200
Depreciation and amortization 172,536 148,295 140,234
Deferred income taxes (11,050) (3,200) 12,000
Changes in operating assets and
liabilities:
Receivables and other assets (89,131) (28,922) (58,702)
Accounts payable and accrued (1,975) 17,105 53,782
expenses
Other 13,575 46,530 (50,132)
Net cash flows
from operating activities 478,785 509,128 391,382
Cash Flows From Investing Activities
Marketable securities (154,713) (117,914) (268,314)
Capital expenditures (117,698) (110,733) (87,411)
Other changes to property,
plant and equipment 3,756 12,822 6,122
Additions to intangibles (38,612) (24,460) (24,889)
Acquisitions of businesses (107,457) (81,082) (56,918)
Net cash flows from
investing activities (414,724) (321,367) (431,410)
Cash Flows From Financing Activities
Repayments of long-term debt (6,217) (1,702) (8,979)
Proceeds from issuance of common 99,412 77,981 72,838
stock
Repurchases of common stock (13,146) (129,389) (82,510)
Dividends paid (89,224) (76,031) (67,184)
Other 20,100 (796) 2,644
Net cash flows from
financing activities 10,925 (129,937) (83,191)
Net change in cash and cash 74,986 57,824 (123,219)
equivalents
Cash and cash equivalents,
at beginning of period 238,626 180,802 304,021
Cash and cash equivalents,
at end of period $313,612 $238,626 $180,802
See notes to consolidated financial statements.