Automatic Data Processing Non-GAAP EPS of $1.96 beats by $0.02, revenue of $4.39B in-line, affirms FY23 outlook
Automatic Data Processing press release (NASDAQ:ADP): Q2 Non-GAAP EPS of $1.96  beats by $0.02.
Revenue of $4.39B (+9.08% Y/Y) in-line.
Maintaining full year guidance for 8% to 9% revenue growth and 15% to 17% adjusted diluted EPS growth

Consolidated Fiscal 2023 Outlook
â¢Revenue growth of 8% to 9% vs. 8.65% consensus.
â¢Adjusted EBIT margin expansion of 125 to 150 basis points
â¢Adjusted effective tax rate of approximately 23.0%
â¢Diluted EPS growth of 15% to 17%
â¢Adjusted diluted EPS growth of 15% to 17% vs. 15.57% consensus


Employer Services Segment Fiscal 2023 Outlook
â¢Employer Services revenue growth of 8% to 9%
â¢Employer Services margin expansion of 200 to 225 basis points
â¢Employer Services new business bookings growth of 6% to 9%
â¢Employer Services client revenue retention decrease of 30 to 20 basis points
â¢Increase in U.S. pays per control of 3% to 4%


PEO Services Segment Fiscal 2023 Outlook
â¢PEO Services revenue growth of 8% to 9%
â¢PEO Services revenue, excluding zero-margin benefits pass-throughs, growth of 9% to 10%
â¢PEO Services margin of flat to up 25 basis points
â¢PEO Services average worksite employee count growth of 6% to 7%