Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Registrant's Common Equity
The principal market for the Company’s common stock is the NASDAQ Global Select Market under the symbol ADP. As of June 30, 2020 , there were 36,378 holders of record of the Company’s common stock. As of such date, 1,017,256 additional holders held their common stock in “street name.”
Issuer Purchases of Equity Securities
Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of the Publicly Announced Common Stock Repurchase Plan (2) Maximum Approximate Dollar Value
of Shares that
may yet be
Purchased under
the Common Stock
Repurchase Plan (2)
April 1, 2020 to
April 30, 2020
2,377 $146.69 — 4,463,426,975
May 1, 2020 to
May 31, 2020
205 $146.49 — 4,463,426,975
June 1, 2020 to
June 30, 2020
939 $148.89 — 4,463,426,975
Total 3,521 —
(1) Pursuant to the terms of the Company’s restricted stock program, the Company purchased 3,521 shares at the then market value of the shares in connection with the exercise by employees under such program to satisfy certain tax withholding requirements through the delivery of shares to the Company instead of cash.
(2) The Company received the Board of Directors' approval to repurchase shares of the Company's common stock as follows:
Date of Approval
November 2019 $5 billion
There is no expiration date for the common stock repurchase plan.
For equity compensation plan information, please refer to Item 12 in Part III of this Annual Report or Form 10-K.
Performance Graph
The following graph compares the cumulative return on the Company’s common stock for the most recent five years with the cumulative return on the S&P 500 Index and the Peer Group Index, (a) assuming an initial investment of $100 on June 30, 2015, with all dividends reinvested. The stock price performance shown on this graph may not be indicative of future performance.
(a) We use the S&P 500 Information Technology Index as our Peer Group Index. The S&P 500 Information Technology Index is a broad index that includes the Company and several competitors.
Item 6. Selected Financial Data
The information set forth below should be read in conjunction with “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” and our Consolidated Financial Statements and related notes included in this Annual Report on Form 10-K.
(Dollars and shares in millions, except per share amounts)
Years ended June 30, 2020 2019 2018 2017 2016
Total revenues* $ 14,589.8 $ 14,110.2 $ 13,274.2 $ 12,328.6 $ 11,632.1
Total costs of revenues* $ 8,445.1 $ 8,021.6 $ 7,757.4 $ 7,201.1 $ 6,840.4
Earnings from continuing operations before income taxes $ 3,182.6 $ 3,005.6 $ 2,282.6 $ 2,616.9 $ 2,234.7
Net earnings from continuing operations $ 2,466.5 $ 2,292.8 $ 1,884.9 $ 1,787.8 $ 1,493.4
Basic earnings per share from continuing operations $ 5.73 $ 5.27 $ 4.28 $ 3.99 $ 3.27
Diluted earnings per share from continuing operations $ 5.70 $ 5.24 $ 4.25 $ 3.97 $ 3.25
Basic weighted average shares outstanding 430.8 435.0 440.6 447.8 457.0
Diluted weighted average shares outstanding 432.7 437.6 443.3 450.3 459.1
Cash dividends declared per share $ 3.52 $ 3.06 $ 2.52 $ 2.24 $ 2.08
At year end:
Cash, cash equivalents and marketable securities of continuing operations $ 1,922.1 $ 2,221.1 $ 2,180.5 $ 2,791.2 $ 3,222.4
Total assets $ 39,165.5 $ 41,887.7 $ 38,849.1 $ 38,886.8 $ 43,670.0
Obligations under reverse repurchase agreements $ 13.6 $ 262.0 $ — $ — $ —
Long-term debt $ 1,002.8 $ 2,002.2 $ 2,002.4 $ 2,002.4 $ 2,007.7
Stockholders’ equity $ 5,752.2 $ 5,399.9 $ 4,735.9 $ 4,984.1 $ 4,481.6
*Prior period total revenues and total costs of revenue s reflect the impact of the revision to PEO revenues for comparability. Refer to Note 1 to our Consolidated Financial Statements for more information on this revision.