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Cash Flow Analysis: There Is An Opportunity For Automatic Data Processing To Improve Its Valuation (NASDAQ:ADP)

Cash Flow Analysis: There Is An Opportunity For Automatic Data Processing To Improve Its Valuation (NASDAQ:ADP)

Automatic Data Processing (ADP) was going strong into 2020 and they laid out plans in their February Investor Day of goals to have 5-6% top-line growth given their new product rollouts, large addressable market, and favorable operating environment. Both the business performance and stock price were hit hard by the COVID-19 pandemic. Although FY20 revenue and margins were slightly higher compared to the previous year, the fourth quarter ended 6/30 was rough as revenue declined and margins compressed. To preserve cash, management put share repurchases on hold. These were reasons why the stock price crumbled from ~$180 per share to ~$140 per share before rebounding to where it is currently trading ~$160 per share. This article will explore ADP’s future cash flows and valuation to see if there is coverage for business operations, expansion, share buybacks, and dividends, and how ADP can expand its premium.


ADP had some consistent revenue growth over the last several years. The real outlier was FY20 that was plagued by the pandemic.

Source: Seeking Alpha

The figures outlined in the FY20 Press Release show how the pandemic impacted the fourth quarter (the wavy highlighting was included for emphasis). Bookings were down, retention rate was down, and margins were down. A bright spot is that the business was doing well enough into the second half that they still generated revenue growth.

In February, ADP had its Innovation Day and it laid out its plans for long term of 5-6% per annum. This was to be achieved by continuing to penetrate the addressable market and rolling out products that they spent a bunch of capital on. 2020 was to be the year that these new products were supposed to be scaled and drive incremental revenue. The increase in sales from these products will not be as

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New initiative launched in UAE to improve health insurance claims process

New initiative launched in UAE to improve health insurance claims process

New initiative launched in UAE to improve health insurance claims process

© Provided by Khaleej Times
New initiative launched in UAE to improve health insurance claims process

UAE’s Ministry of Health and Prevention, MoHAP, launched the ‘post office’ initiative as part of the National Unified Medical Records program – Riayati to connect hospitals, clinics and health care providers on a centralised database system.

The post office initiative will help provide a seamless workflow of all claims between healthcare facilities and insurance companies. It will improve treatment services and reduce healthcare costs in the UAE through its smart integrated health system aimed at reducing the misuse of financial resources.

Riayati was launched at Arab Health 2018 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

MoHAP, in cooperation with Pure CS healthcare technology company, will cover all public and private health facilities in 2021.

Awad Saghir Al Ketbi, assistant undersecretary of the support services sector, said, “Riayati is a digital health platform that provides an integrated health care system. It showcases updated data of patient records and provides innovative solutions in the automation and management of health data, using the latest technology technologies.”

From verification of eligibility and insurance coverage and e-payments, including claims submission and tracking refusals, the new service will help provide better management of the central information related to the electronic insurance claims and their tracking.

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Duterte urges telcos to improve internet service with online classes set to start

Duterte urges telcos to improve internet service with online classes set to start

MANILA, Philippines — “Can you do a better job?”

This was President Rodrigo Duterte’s appeal to telecommunication companies in a televised speech Monday night.

“With the classes going to start, our students will rely heavily on the use of electronics,” he said. “But the internal complaints — ever since telcos came into being. It has been the agony of the Filipino people why until now our telcos are very poor,” he said.

“I don’t know how to go about this,” he added. “May I just appeal to the telecommunications [firms]: Can you do a better job? Is there life after this kind of service that you’re delivering to the public?”

Many private schools have already opened for this school year shifting to online classes.

Classes for public schools, meanwhile, will open on Oct. 5  under a mostly modular learning system.

Despite scolding the telcos, Duterte admitted their expansion was being hindered by the requirements they would need to have before building cell towers.

“Let the telcos do their job. Allow them to build the structures, towers if you may — so that they could improve,” Duterte said, referring to local government units.

Previously, Duterte said he would show “no mercy” to LGUs hampering the issuance of cell tower permits.


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How to Improve Corporate Financial-Wellness Programs

How to Improve Corporate Financial-Wellness Programs

Many wellness programs lack a centralized hub of resources for employees, says WSJ Wealth Management Expert Peter Lazaroff.


Getty Images/iStockphoto

Peter Lazaroff is chief investment officer at Plancorp and blogs at

Over the past decade, employers have added company perks to help with what employees report as their number-one workplace stressor: financial matters. Employers have a vested interest in helping their workforce reduce the stress they feel around personal finances. Employees’ financial worries often translate into reduced productivity, days missed at work, and disengagement at the office.  

But in my conversations with companies, I’ve identified some common shortfalls in corporate financial-wellness programs. So here are five solutions that I think are needed to create more effective benefits for workers:

Integrate with existing benefits. Many wellness programs lack a centralized hub of resources for employees, who often must go to one solution for retirement questions, another for student loans, another for equity compensation, and yet another for health savings accounts. This creates a disjointed experience and makes it difficult to coordinate all the various pieces, causing employees to leave money on the table by missing the 401(k) match, misunderstanding HSAs and inappropriately utilizing stock compensation.

Provide actionable education. Actionable financial education is central to financial-wellness programs because employees need to be guided to the right benefit at the right time. While basic information is useful, actionable financial education goes a step further by empowering employees to understand and utilize their benefits effectively.

It also must be comprehensive to meet the needs of employees of various demographics at different life stages. The way the material is designed matters, too. The best financial-wellness programs offer a mix of live and recorded sessions and short and in-depth content pieces, as not everyone learns the same way.

Copyright ©2020 Dow Jones &

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Yellowstone encourages public comment on a proposal to improve telecommunication

Yellowstone encourages public comment on a proposal to improve telecommunication

MAMMOTH HOT SPRINGS, Wyo. (PRESS RELEASE) – The National Park Service (NPS) encourages public comment on a proposal to improve telecommunication services in developed areas of Yellowstone National Park. The proposal would also give the park the opportunity to remove antiquated telecommunication systems currently on mountain tops and from the backcountry as underground fiber within the road corridor becomes operational.

a sign on the side of a mountain: (Source: NPS)

© Provided by Cheyenne-Scottsbluff KGWN-TV
(Source: NPS)

If approved, the proposal (an application for a right-of-way permit) from Diamond Communications, LLC. would allow for:

  • The installation of fiber-optic cable along 187 miles of park roads. See map.
  • Appropriate equipment e.g., rubber-tracked vehicles, to install the conduit underground within the existing road corridor, immediately adjacent to and/or directly into the roadbed. See photo.
  • Temporary and localized traffic restrictions and speed reductions in work areas from April until early November for three consecutive years.
  • Construction to begin as early as 2021.
  • The removal of five microwave radio reflectors that were installed in the park’s backcountry around 1980. Removal could begin in the near future.
    • Currently, these reflectors are an essential component of the park’s microwave radio telecommunication system.
    • The existing microwave radio system is the only means of telecommunication (telephone, 911 and computer networks) to the park.
    • Each reflector is about 28 feet high and 24 feet wide.
    • Broadband over fiber-optic cable could replace this antiquated system.

Additional proposal details include:

  • It is estimated that 8% of the park is currently covered by cellular.
  • The proposal would not expand authorized cellular phone coverage areas in the park but would substantially improve coverage quality in existing developed areas.
  • This proposal is consistent with Yellowstone National Park’s Wireless Communications Services Plan.
  • No new cellular towers would be installed under this proposal.
  • Diamond Communications, LLC. would pay for all of the up-front construction costs.
  • Once
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