ADP
Automatic Data Processing filing-grounded research
ADP serves Employer Services and PEO Services across payroll, HCM, HR outsourcing, and global payroll solutions.
1.How do ADP's Employer Services and PEO Services generate payroll, HCM, and HR outsourcing revenue by filing section?2.How do new business bookings, retention, pays per control, and interest on funds held for clients affect ADP's profitability?3.What is the growth impact of worksite employee trends and how can PEO zero-margin benefits pass-through and ADP Indemnity costs affect risks?
Analysis scope
Automatic Data Processing research axes
01Business activity
- Core activity: new business bookings
- client retention
- pays per control
- and client funds management as key drivers of service margin.
02Watch item
- Key watch item: payroll demand sensitivity
- PEO pass-through margin compression
- interest rate impact on funds held for clients
- and client funds liquidity risk.