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.