Summary
Automatic Data Processing, Inc. (ADP) filed an 8-K on September 29, 2014, to announce updated fiscal year 2015 guidance in preparation for the spin-off of its Dealer Services business unit, which will operate as CDK Global, Inc. This strategic move signifies a significant shift in ADP's operational focus, as the results of the former Dealer Services business will be reported as discontinued operations following the completion of the spin-off.
Key Highlights
- 1ADP announced updated fiscal year 2015 guidance.
- 2The updated guidance is in anticipation of the spin-off of the Dealer Services business unit.
- 3The spun-off entity will be named CDK Global, Inc.
- 4Results from the former Dealer Services business will be presented as discontinued operations post-spin-off.
- 5The filing incorporates by reference a press release dated September 29, 2014.
Frequently Asked Questions
The primary purpose of this 8-K filing is to inform investors about updated fiscal year 2015 guidance provided by ADP and to announce the upcoming spin-off of its Dealer Services business unit, which will be named CDK Global, Inc.
Following the completion of the spin-off, ADP will report the financial results of the former Dealer Services business as discontinued operations. This means these results will be separated from the ongoing operations of ADP in its financial statements.
The Dealer Services business unit will be spun off as a separate company named CDK Global, Inc.
The press release announcing these updates and the spin-off was issued on September 29, 2014.