Summary
Automatic Data Processing, Inc. (ADP) filed an 8-K on April 29, 2020, primarily to announce its financial results for the third quarter ended March 31, 2020. The accompanying earnings release, filed as an exhibit, provides detailed information on the company's performance during this period. Investors should review this release for specific financial metrics and operational updates. The most significant disclosure in this filing, however, relates to Item 8.01. ADP is withdrawing its previously issued three-year fiscal 2021 targets that were set during its Investor Day on June 12, 2018. The company plans to provide updated guidance for fiscal year 2021 when it reports its fourth quarter fiscal 2020 earnings. This withdrawal of prior guidance suggests a re-evaluation of the company's long-term strategic outlook, potentially influenced by prevailing economic conditions or internal strategic shifts.
Key Highlights
- 1ADP announced its third quarter fiscal 2020 financial results on April 29, 2020.
- 2The company's earnings release for the quarter ended March 31, 2020, is incorporated by reference.
- 3ADP is withdrawing its previously issued three-year fiscal 2021 targets.
- 4These withdrawn targets were originally provided on June 12, 2018, during an Investor Day.
- 5The company expects to provide new guidance for fiscal year 2021.
- 6New fiscal 2021 guidance will be issued upon reporting fourth quarter fiscal 2020 earnings.
- 7The filing includes an earnings release dated April 29, 2020, as Exhibit 99.