Delaware
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46-5743146
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(State or other jurisdiction of incorporation or
organization)
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(IRS Employer Identification No.)
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1950 Hassell Road, Hoffman Estates, IL
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60169
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
o
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Page
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Three Months Ended
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||||||
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September 30,
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||||||
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2014
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2013
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||||
Revenues
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$
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516.0
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$
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481.5
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||||
Expenses:
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Cost of revenues
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309.8
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296.9
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Selling, general and administrative expenses
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112.4
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105.1
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Separation costs
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30.7
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—
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Total expenses
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452.9
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402.0
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Operating earnings
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63.1
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79.5
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Interest expense
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(1.1
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)
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(0.2
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)
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Other income, net
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0.7
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0.1
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Earnings before income taxes
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62.7
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79.4
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Provision for income taxes
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(23.6
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)
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(25.9
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)
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Net earnings
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$
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39.1
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$
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53.5
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Other comprehensive income
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Currency translation adjustments
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2.6
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8.9
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Comprehensive income
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$
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41.7
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$
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62.4
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Basic and diluted earnings per share
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$
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0.24
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$
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0.33
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Basic and diluted weighted average shares outstanding
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160.6
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160.6
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September 30,
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June 30,
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||||
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2014
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2014
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Assets
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Current assets:
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Cash and cash equivalents
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$
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355.3
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$
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402.8
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Accounts receivable, net of allowance for doubtful accounts of $9.3 and $10.9, respectively
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298.1
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299.1
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Notes receivable from ADP and its affiliates
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—
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40.6
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Other current assets
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171.5
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164.6
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Total current assets
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824.9
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907.1
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Property, plant and equipment, net
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108.5
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109.9
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Other assets
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200.8
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205.5
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Goodwill
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1,207.2
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1,230.9
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Intangible assets, net
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128.9
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133.8
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Total assets
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$
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2,470.3
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$
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2,587.2
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Liabilities and Stockholders' Equity
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Current liabilities:
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Current maturities of long-term debt
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$
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17.3
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$
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—
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Accounts payable
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15.2
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17.2
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Accrued expenses and other current liabilities
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147.1
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154.2
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Accrued payroll and payroll-related expenses
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92.3
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105.6
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Short-term deferred revenues
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186.8
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194.8
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Notes payable to ADP and its affiliates
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—
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21.9
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Total current liabilities
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458.7
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493.7
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Long-term debt
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982.7
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—
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Long-term deferred revenues
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179.7
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182.8
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Deferred income taxes
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70.7
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76.6
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Other liabilities
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43.4
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43.9
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Total liabilities
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1,735.2
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797.0
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Stockholders' equity:
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Preferred stock, $0.01 par value: Authorized, 50.0 shares; issued and outstanding, none
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—
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—
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Common stock, $0.01 par value: Authorized, 650.0 shares; issued, 160.6 shares; outstanding, 160.6 shares
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1.6
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—
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Additional paid-in-capital
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645.3
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—
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Net parent company investment
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—
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1,704.6
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Accumulated other comprehensive income
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88.2
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85.6
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Total stockholders’ equity
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735.1
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1,790.2
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Total liabilities and stockholders’ equity
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$
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2,470.3
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$
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2,587.2
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Three Months Ended
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September 30,
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||||||
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2014
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2013
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Cash Flows from Operating Activities:
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Net earnings
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$
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39.1
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$
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53.5
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Adjustments to reconcile net earnings to cash flows provided by operating activities:
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Depreciation and amortization
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18.1
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16.5
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Deferred income taxes
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4.5
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(3.2
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)
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Stock-based compensation expense
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5.4
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3.9
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Pension expense
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0.8
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1.0
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Other
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(2.6
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)
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(2.3
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)
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Changes in operating assets and liabilities, net of effects from acquisitions
and divestitures of businesses:
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Increase in accounts receivable
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(0.1
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)
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(9.1
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)
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Increase in other assets
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(5.3
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)
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(8.6
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)
|
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Decrease in accounts payable
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(1.5
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)
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(3.1
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)
|
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Decrease in accrued expenses and other liabilities
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(37.1
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)
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(40.7
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)
|
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Net cash flows provided by operating activities
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21.3
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7.9
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Cash Flows from Investing Activities:
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Capital expenditures
|
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(11.6
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)
|
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(12.0
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)
|
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Additions to intangible assets
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(1.1
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)
|
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(1.9
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)
|
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Acquisitions of businesses, net of cash acquired
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—
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(9.7
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)
|
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Proceeds from notes receivable from ADP and its affiliates
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40.6
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—
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Net transactions of parent company investment
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(240.8
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)
|
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40.0
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|
||
Net cash flows (used in) provided by investing activities
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(212.9
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)
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16.4
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||||
Cash Flows from Financing Activities:
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Repayments of notes payable to ADP and its affiliates
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(21.9
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)
|
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—
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Borrowings on notes payable to ADP and its affiliates
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—
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1.0
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Proceeds from long-term debt
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1,000.0
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—
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Dividend paid to ADP at separation
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(825.0
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)
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—
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Other
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1.1
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|
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6.1
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|
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Net cash flows provided by financing activities
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154.2
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7.1
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|
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|
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|
||||
Effect of exchange rate changes on cash and cash equivalents
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(10.1
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)
|
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1.3
|
|
||
|
|
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|
||||
Net change in cash and cash equivalents
|
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(47.5
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)
|
|
32.7
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|
||
|
|
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|
||||
Cash and cash equivalents, beginning of period
|
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402.8
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|
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276.3
|
|
||
|
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|
||||
Cash and cash equivalents, end of period
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$
|
355.3
|
|
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$
|
309.0
|
|
|
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|
||||
Supplemental Disclosure:
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|
||||
Cash paid for:
|
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|
||||
Income taxes and withholding taxes, net of refunds
|
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$
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3.3
|
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$
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2.5
|
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Interest
|
|
1.1
|
|
|
0.2
|
|
|
Common Stock Issued
|
|
Additional Paid-in-Capital
|
|
Accumulated Other Comprehensive Income
|
|
Net Parent Company Investment
|
|
Total Stockholders' Equity
|
|||||||||||||
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Shares
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Amount
|
|
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|
|||||||||||||||
Balance at June 30, 2014
|
—
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$
|
—
|
|
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$
|
—
|
|
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$
|
85.6
|
|
|
$
|
1,704.6
|
|
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$
|
1,790.2
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39.1
|
|
|
39.1
|
|
|||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
—
|
|
|
2.6
|
|
|||||
Net distributions to Parent
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
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(271.8
|
)
|
|
(271.8
|
)
|
|||||
Dividend paid to ADP at separation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(825.0
|
)
|
|
(825.0
|
)
|
|||||
Reclassification of net parent company investment to common stock and additional paid-in capital in conjunction with the Distribution
|
160.6
|
|
|
1.6
|
|
|
645.3
|
|
|
—
|
|
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(646.9
|
)
|
|
—
|
|
|||||
Balance at September 30, 2014
|
160.6
|
|
|
$
|
1.6
|
|
|
$
|
645.3
|
|
|
$
|
88.2
|
|
|
$
|
—
|
|
|
$
|
735.1
|
|
•
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persuasive evidence of an arrangement exists;
|
•
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delivery has occurred or services have been rendered;
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•
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fees are fixed or determinable; and
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•
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collection of the revenue is reasonably assured.
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•
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Bundled sales of Dealer Management Systems (“DMS”) and integrated solutions.
In the Automotive Retail North America and Automotive Retail International segments, the Company receives fees for product installation, monthly fees for software licenses, ongoing software support and maintenance of DMS and other integrated solutions that are either hosted by the Company or installed on-site at the client’s location. The revenues for term licenses are recognized ratably over the software license term, as vendor-specific objective evidence (“VSOE”) of the fair values of the individual elements in the sales arrangement does not exist. Revenue recognition commences at the installation dates, when client acceptance has occurred, and collectability of a determinable amount is probable. In the case of hosted applications, the client does not have the contractual right to take possession of the software and the items delivered at the outset of the contract (e.g., installation, training, etc.) do not have value to the client without the software license and ongoing support and maintenance. Any upfront fees charged in the case of hosted arrangements are recognized ratably over the expected benefit period of the arrangement, typically five years. The unrecognized portion of these revenue elements is recorded as deferred revenue.
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•
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Transactional revenues.
The Company receives revenues on a fee per transaction processed basis in connection with providing auto retailers interfaces with third parties to process credit reports, vehicle registrations, data updates, and Internet sales leads. Transactional revenues are recorded in accordance with ASC 605. Delivery occurs at the time the services are rendered. Transactional revenues are recorded in revenues gross of costs incurred for credit report processing, vehicle registrations, and Internet sales leads as the Company is contractually responsible for providing the service, software, and/or connectivity to the clients, and therefore, the Company is the primary obligor under ASC 605.
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•
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Digital Marketing services.
The Company receives revenues from the placement of advertising for clients and providing websites and related advertising and marketing services. Digital marketing revenues are recorded in accordance with ASC 605 as delivery occurs at the time the services are rendered.
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Three Months Ended
|
||||||
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September 30,
|
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September 30,
|
||||
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2014
|
|
2013
|
||||
Net earnings
|
|
$
|
39.1
|
|
|
$
|
53.5
|
|
Basic and diluted earnings per share
|
|
$
|
0.24
|
|
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$
|
0.33
|
|
Basic and diluted average shares outstanding
|
|
160.6
|
|
|
160.6
|
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Automotive Retail North America
|
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Automotive Retail International
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Digital Marketing
|
|
Total
|
||||||||
Balance as of June 30, 2014
|
$
|
400.1
|
|
|
$
|
454.7
|
|
|
$
|
376.1
|
|
|
$
|
1,230.9
|
|
Currency translation adjustments
|
(1.0
|
)
|
|
(22.7
|
)
|
|
—
|
|
|
(23.7
|
)
|
||||
Balance as of September 30, 2014
|
$
|
399.1
|
|
|
$
|
432.0
|
|
|
$
|
376.1
|
|
|
$
|
1,207.2
|
|
|
September 30,
|
|
June 30,
|
||||||||||||||||||||
|
2014
|
|
2014
|
||||||||||||||||||||
|
Original Cost
|
|
Accumulated Amortization
|
|
Intangible Assets, net
|
|
Original Cost
|
|
Accumulated Amortization
|
|
Intangible Assets, net
|
||||||||||||
Software
|
$
|
106.2
|
|
|
$
|
(91.3
|
)
|
|
$
|
14.9
|
|
|
$
|
103.9
|
|
|
$
|
(87.4
|
)
|
|
$
|
16.5
|
|
Client lists
|
221.5
|
|
|
(126.9
|
)
|
|
94.6
|
|
|
222.1
|
|
|
(124.5
|
)
|
|
97.6
|
|
||||||
Trademarks
|
27.1
|
|
|
(7.7
|
)
|
|
19.4
|
|
|
27.1
|
|
|
(7.4
|
)
|
|
19.7
|
|
||||||
Other intangibles
|
2.6
|
|
|
(2.6
|
)
|
|
—
|
|
|
6.0
|
|
|
(6.0
|
)
|
|
—
|
|
||||||
|
$
|
357.4
|
|
|
$
|
(228.5
|
)
|
|
$
|
128.9
|
|
|
$
|
359.1
|
|
|
$
|
(225.3
|
)
|
|
$
|
133.8
|
|
|
Amount
|
||
Nine months ended June 30, 2015
|
$
|
20.9
|
|
Twelve months ended June 30, 2016
|
24.2
|
|
|
Twelve months ended June 30, 2017
|
19.1
|
|
|
Twelve months ended June 30, 2018
|
16.0
|
|
|
Twelve months ended June 30, 2019
|
10.6
|
|
|
Twelve months ended June 30, 2020
|
9.4
|
|
|
Thereafter
|
28.7
|
|
|
|
$
|
128.9
|
|
|
September 30, 2014
|
|
June 30, 2014
|
||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
Term loan facility
|
250.0
|
|
|
—
|
|
||
Bridge loan facility
|
750.0
|
|
|
—
|
|
||
Total debt
|
1,000.0
|
|
|
—
|
|
||
Current maturities of long-term debt
|
17.3
|
|
|
—
|
|
||
Total long-term debt
|
$
|
982.7
|
|
|
$
|
—
|
|
|
Amount
|
||
Twelve months ended September 30, 2015
|
$
|
17.3
|
|
Twelve months ended September 30, 2016
|
12.5
|
|
|
Twelve months ended September 30, 2017
|
12.5
|
|
|
Twelve months ended September 30, 2018
|
12.5
|
|
|
Twelve months ended September 30, 2019
|
200.0
|
|
|
Thereafter
|
745.2
|
|
|
|
$
|
1,000.0
|
|
|
Three Months Ended
|
||||||
|
September 30,
|
||||||
|
2014
|
|
2013
|
||||
Cost of revenues
|
$
|
1.7
|
|
|
$
|
1.2
|
|
Selling, general and administrative expenses
|
3.7
|
|
|
2.7
|
|
||
Total pretax stock-based compensation expense
|
$
|
5.4
|
|
|
$
|
3.9
|
|
|
|
|
|
||||
Income tax benefit
|
$
|
2.0
|
|
|
$
|
1.4
|
|
Risk-free interest rate
|
1.1
|
%
|
|
Dividend yield
|
1.1
|
%
|
|
Weighted average volatility factor
|
23.9
|
%
|
|
Weighted average expected life (in years)
|
3.4
|
|
|
Weighted average fair value (in dollars)
|
$
|
12.50
|
|
|
Revenues
|
||||||
|
Three Months Ended
|
||||||
|
September 30,
|
||||||
|
2014
|
|
2013
|
||||
Automotive Retail North America
|
$
|
327.7
|
|
|
$
|
312.5
|
|
Automotive Retail International
|
86.4
|
|
|
85.0
|
|
||
Digital Marketing
|
103.7
|
|
|
87.0
|
|
||
Foreign Exchange
|
(1.8
|
)
|
|
(3.0
|
)
|
||
Total
|
$
|
516.0
|
|
|
$
|
481.5
|
|
|
Earnings before Income Taxes
|
||||||
|
Three Months Ended
|
||||||
|
September 30,
|
||||||
|
2014
|
|
2013
|
||||
Automotive Retail North America
|
$
|
93.0
|
|
|
$
|
76.5
|
|
Automotive Retail International
|
12.6
|
|
|
11.2
|
|
||
Digital Marketing
|
8.2
|
|
|
7.3
|
|
||
Other (a)
|
(50.7
|
)
|
|
(15.8
|
)
|
||
Foreign Exchange
|
(0.4
|
)
|
|
0.2
|
|
||
Total
|
$
|
62.7
|
|
|
$
|
79.4
|
|
•
|
the Company's success in obtaining, retaining and selling additional services to clients;
|
•
|
the pricing of our products and services;
|
•
|
overall market and economic conditions, including interest rate and foreign currency trends;
|
•
|
competitive conditions;
|
•
|
auto sales and related industry changes;
|
•
|
employment and wage levels;
|
•
|
changes in regulation;
|
•
|
changes in technology;
|
•
|
availability of skilled technical employees/labor/personnel; and
|
•
|
the impact of new acquisitions and divestitures.
|
•
|
cost of certain systems, such as for procurement and expense management, which were supported by ADP’s corporate information technology group, were allocated based on the approximate usage of information technology systems by CDK in relation to ADP’s total usage;
|
•
|
corporate human resources costs were allocated based on the estimated percentage of usage by CDK, including benefits, recruiting, global learning and development, employee relocation services and other human resources shared services;
|
•
|
travel department costs were allocated based on the estimated percentage of travel directly related to CDK;
|
•
|
security department costs were allocated based on the estimated percentage of usage of security for CDK in relation to ADP’s total security usage;
|
•
|
real estate department costs were allocated based on the estimated percentage of square footage of facilities for CDK that were managed by the ADP corporate real estate department in relation to ADP’s total managed facilities; and
|
•
|
all other allocations were based on an estimated percentage of support staff time related to CDK in comparison to ADP as a whole.
|
•
|
compensation of corporate headquarters management and of directors;
|
•
|
corporate finance functions including accounting, treasury, internal audit, investor relations, and tax;
|
•
|
annual meetings of stockholders;
|
•
|
board of directors and committee meetings;
|
•
|
Exchange Act annual, quarterly, and current report preparation and filing, including reports to stockholders;
|
•
|
SEC and stock exchange corporate governance compliance; and
|
•
|
stock exchange listing fees and transfer agent fees; and directors and officers insurance.
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30,
|
|
|
|
|
|||||||||
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
|||||||
Revenues
|
$
|
516.0
|
|
|
$
|
481.5
|
|
|
$
|
34.5
|
|
|
7
|
%
|
Cost of revenues
|
309.8
|
|
|
296.9
|
|
|
12.9
|
|
|
4
|
%
|
|||
Selling, general and
administrative costs
|
112.4
|
|
|
105.1
|
|
|
7.3
|
|
|
7
|
%
|
|||
Separation costs
|
30.7
|
|
|
—
|
|
|
30.7
|
|
|
n/m
|
|
|||
Total expenses
|
452.9
|
|
|
402.0
|
|
|
50.9
|
|
|
13
|
%
|
|||
Operating earnings
|
63.1
|
|
|
79.5
|
|
|
(16.4
|
)
|
|
(21
|
)%
|
|||
Interest expense
|
(1.1
|
)
|
|
(0.2
|
)
|
|
0.9
|
|
|
n/m
|
|
|||
Other income, net
|
0.7
|
|
|
0.1
|
|
|
0.6
|
|
|
n/m
|
|
|||
Earnings before income taxes
|
62.7
|
|
|
79.4
|
|
|
(16.7
|
)
|
|
(21
|
)%
|
|||
Margin %
|
12.2
|
%
|
|
16.5
|
%
|
|
|
|
|
|||||
Provision for income taxes
|
(23.6
|
)
|
|
(25.9
|
)
|
|
2.3
|
|
|
(9
|
)%
|
|||
Effective tax rate
|
37.6
|
%
|
|
32.6
|
%
|
|
|
|
|
|||||
Net earnings
|
$
|
39.1
|
|
|
$
|
53.5
|
|
|
$
|
(14.4
|
)
|
|
(27
|
)%
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30
|
|
|
|
|
|||||||||
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
|||||||
Earnings before income taxes
|
$
|
62.7
|
|
|
$
|
79.4
|
|
|
$
|
(16.7
|
)
|
|
(21
|
)%
|
Adjustments:
|
|
|
|
|
|
|
|
|||||||
Separation costs
|
30.7
|
|
|
—
|
|
|
30.7
|
|
|
|
||||
Stand-alone public company costs
|
—
|
|
|
(0.9
|
)
|
|
0.9
|
|
|
|
||||
Interest expense
|
—
|
|
|
(1.0
|
)
|
|
1.0
|
|
|
|
||||
Adjusted earnings before income taxes
|
$
|
93.4
|
|
|
$
|
77.5
|
|
|
$
|
15.9
|
|
|
21
|
%
|
Adjusted margin %
|
18.1
|
%
|
|
16.1
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||||
Net earnings
|
$
|
39.1
|
|
|
$
|
53.5
|
|
|
$
|
(14.4
|
)
|
|
(27
|
)%
|
Adjustments:
|
|
|
|
|
|
|
|
|||||||
Separation costs
|
30.7
|
|
|
—
|
|
|
30.7
|
|
|
|
||||
Stand-alone public company costs
|
—
|
|
|
(0.9
|
)
|
|
0.9
|
|
|
|
||||
Interest expense
|
—
|
|
|
(1.0
|
)
|
|
1.0
|
|
|
|
||||
Income tax effect on adjustments
|
(3.7
|
)
|
|
0.6
|
|
|
(4.3
|
)
|
|
|
||||
Adjusted net earnings
|
$
|
66.1
|
|
|
$
|
52.2
|
|
|
$
|
13.9
|
|
|
27
|
%
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
September 30
|
|
|
|
|
|||||||||
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
|||||||
Earnings before income taxes
|
$
|
62.7
|
|
|
$
|
79.4
|
|
|
$
|
(16.7
|
)
|
|
(21
|
)%
|
Adjustments:
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
1.1
|
|
|
0.2
|
|
|
0.9
|
|
|
|
||||
Depreciation and amortization
|
18.1
|
|
|
16.5
|
|
|
1.6
|
|
|
|
||||
EBITDA
|
$
|
81.9
|
|
|
$
|
96.1
|
|
|
$
|
(14.2
|
)
|
|
(15
|
)%
|
Adjustments:
|
|
|
|
|
|
|
|
|||||||
Separation costs
|
30.7
|
|
|
—
|
|
|
30.7
|
|
|
|
||||
Stand-alone public company costs
|
—
|
|
|
(0.9
|
)
|
|
0.9
|
|
|
|
||||
Adjusted EBITDA
|
$
|
112.6
|
|
|
$
|
95.2
|
|
|
$
|
17.4
|
|
|
18
|
%
|
Adjusted margin %
|
21.8
|
%
|
|
19.8
|
%
|
|
|
|
|
|
Three Months Ended
|
|
|
|||||||||||
|
September 30,
|
|
|
|||||||||||
|
2014
|
|
2013
|
|
$ Change
|
|
% Change
|
|||||||
Automotive Retail North America
|
$
|
327.7
|
|
|
$
|
312.5
|
|
|
$
|
15.2
|
|
|
5
|
%
|
Automotive Retail International
|
86.4
|
|
|
85.0
|
|
|
1.4
|
|
|
2
|
%
|
|||
Digital Marketing
|
103.7
|
|
|
87.0
|
|
|
16.7
|
|
|
19
|
%
|
|||
Reconciling item:
|
|
|
|
|
|
|
|
|
||||||
Foreign exchange
|
(1.8
|
)
|
|
(3.0
|
)
|
|
1.2
|
|
|
(40
|
)%
|
|||
Revenues
|
$
|
516.0
|
|
|
$
|
481.5
|
|
|
$
|
34.5
|
|
|
7
|
%
|
|
Three Months Ended
|
|
|
|
|
|||||||||||||||
|
September 30,
|
|
|
|
|
|||||||||||||||
|
2014
|
|
Margin %
|
|
2013
|
|
Margin %
|
|
$ Change
|
|
% Change
|
|||||||||
Automotive Retail North America
|
$
|
93.0
|
|
|
28.4
|
%
|
|
$
|
76.5
|
|
|
24.5
|
%
|
|
$
|
16.5
|
|
|
22
|
%
|
Automotive Retail International
|
12.6
|
|
|
14.6
|
%
|
|
11.2
|
|
|
13.2
|
%
|
|
1.4
|
|
|
13
|
%
|
|||
Digital Marketing
|
8.2
|
|
|
7.9
|
%
|
|
7.3
|
|
|
8.4
|
%
|
|
0.9
|
|
|
12
|
%
|
|||
Other
|
(50.7
|
)
|
|
n/m
|
|
|
(15.8
|
)
|
|
n/m
|
|
|
(34.9
|
)
|
|
n/m
|
|
|||
Reconciling item:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Foreign exchange
|
(0.4
|
)
|
|
n/m
|
|
|
0.2
|
|
|
n/m
|
|
|
(0.6
|
)
|
|
n/m
|
|
|||
Total earnings before income taxes
|
$
|
62.7
|
|
|
12.2
|
%
|
|
$
|
79.4
|
|
|
16.5
|
%
|
|
$
|
(16.7
|
)
|
|
(21
|
)%
|
|
Three Months Ended
|
|
|
||||||||
|
September 30,
|
|
|
||||||||
|
2014
|
|
2013
|
|
$ Change
|
||||||
Cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
21.3
|
|
|
$
|
7.9
|
|
|
$
|
13.4
|
|
Investing activities
|
(212.9
|
)
|
|
16.4
|
|
|
(229.3
|
)
|
|||
Financing activities
|
154.2
|
|
|
7.1
|
|
|
147.1
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(10.1
|
)
|
|
1.3
|
|
|
(11.4
|
)
|
|||
Net change in cash and cash equivalents
|
$
|
(47.5
|
)
|
|
$
|
32.7
|
|
|
$
|
(80.2
|
)
|
10.14
|
Form of Performance Stock Unit Award Agreement under the 2014 Omnibus Award Plan (Management Compensatory Plan)
|
10.15
|
Form of Stock Option Grant Agreement under the 2014 Omnibus Award Plan (Management Compensatory Plan)
|
10.16
|
Form of Stock Option Grant Agreement under the 2014 Omnibus Award Plan (Form for Non-Employee Directors) (Management Compensatory Plan)
|
10.17
|
Form of Restricted Unit Award Agreement under the 2014 Omnibus Award Plan (Form for Non-Employee Directors) (Management Compensatory Plan)
|
10.18
|
Form of Deferred Unit Award Agreement under the 2014 Omnibus Award Plan (Form for Non-Employee Directors) (Management Compensatory Plan)
|
31.1
|
Certification by Steven J. Anenen pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
31.2
|
Certification by Alfred A. Nietzel pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934
|
32.1
|
Certification by Steven J. Anenen pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification by Alfred A. Nietzel pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL instance document
|
101.SCH
|
XBRL taxonomy extension schema document
|
101.CAL
|
XBRL taxonomy extension calculation linkbase document
|
101.LAB
|
XBRL taxonomy label linkbase document
|
101.PRE
|
XBRL taxonomy extension presentation linkbase document
|
101.DEF
|
XBRL taxonomy extension definition linkbase document
|
|
|
CDK Global, Inc.
(Registrant)
|
|
|
|
Date:
|
November 13, 2014
|
/s/ Alfred A. Nietzel
Alfred A. Nietzel
|
|
|
|
|
|
Chief Financial Officer (principal financial and accounting officer)
(Title)
|
1.
|
Terms and Conditions.
|
2.
|
Restrictive Covenant; Clawback; Incorporation by Reference
.
|
3.
|
Compliance with Legal Requirements
. The granting and delivery of the Restricted Stock Award, and any other obligations of the Company under this Agreement, shall be subject to all applicable federal, state, local and foreign laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required.
|
4.
|
Transferability
. Until it has vested in accordance with Section 1, no share of Restricted Stock may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.
|
5.
|
Miscellaneous
.
|
1.
|
Terms and Conditions.
|
2.
|
Forfeiture of PSUs
.
|
3.
|
Performance Determinations
.
|
(i)
|
“
Final Payout Percentage
” is a number, expressed as a percentage, equal to the sum of each Yearly Performance Percentage during the Performance Period, divided by 3;
provided
,
however
, that if the Company’s total shareholder return (“
TSR
”) for the Performance Period is not positive, then the Final Payout Percentage shall not exceed 100% (the “
TSR Cap
”);
provided
,
further
, that the TSR Cap shall not apply to any Participant whose employment terminates due to death or Disability prior to completion of the Performance Period.
|
(ii)
|
“
Payout Date
” shall be:
|
•
|
XXXX XX, 20XX or as soon as administratively feasible (but not later than 60 days) thereafter if Participant remains employed with the Company or its Affiliates until the end of the Performance Period;
|
•
|
XXXX XX, 20XX or as soon as administratively feasible (but not later than 60 days) thereafter if Participant’s employment with the Company and its Affiliates terminates due to retirement after completion of the first Measurement Period in the Performance Period;
provided
that
if Participant subsequently dies or becomes Disabled during the Performance Period, the Payout Date shall be as soon as administratively feasible (but not later than 60 days) after Participant’s termination death or Disability; and
|
•
|
as soon as administratively feasible (but not later than 60 days) after termination of employment if Participant’s employment with the Company and its Affiliates terminates due to death or Disability after completion of the first Measurement Period in the Performance Period.
|
(iii)
|
“
Pro-Rata Percentage
” is a number, expressed as a percentage, equal to the quotient of (i) the number of completed months from XXXX XX, 20XX until the earlier of the date of Participant’s termination of employment or completion of the Performance Period, divided by (ii) 33.
|
(iv)
|
“
Yearly Performance Percentage
” is XXXX;
provided
, that if Participant’s employment with the Company and its Affiliates terminates due to death or Disability after completion of the first Measurement Period in the Performance Period, the Yearly Performance Percentage will be deemed to be 100% for each Measurement Period in the Performance Period not completed prior to Participant’s termination of employment;
provided
,
further
, that if Participant’s employment with the Company and its Affiliates terminates due to retirement after completion of the first Measurement Period in the Performance Period and Participant subsequently dies or becomes Disabled prior to completion of the Performance Period, the Yearly Performance Percentage will be deemed to be 100% for each Measurement Period in the Performance Period not completed prior to Participant’s death or Disability.
|
4.
|
Restrictive Covenant; Clawback; Incorporation by Reference
.
|
1
|
The option herein granted shall become exercisable in whole or in part as follows:
|
(a)
|
Exercisable as to
25% of the
shares (rounded down to the nearest whole share) on the
first anniversary
of the grant date;
|
(b)
|
Exercisable as to an additional
25% of the
shares (rounded down to the nearest whole share) on the
second anniversary
of the grant date;
|
(c)
|
Exercisable as to an additional
25% of the
shares (rounded down to the nearest whole share) on the
third anniversary
of the grant date;
|
(d)
|
Exercisable in its entirety on and after the
fourth anniversary
of the grant date; and
|
(e)
|
Exercisable in its entirety (
i
) upon the death of the Participant, or (
ii
) in the event of Disability of the Participant.
|
(f)
|
If the Participant retires from the Company at any time following the first anniversary of this Agreement and at such time satisfies the Normal Retirement Criteria, the option herein granted shall continue to become exercisable as set forth in clauses (b) through (d) of this Section 1. The Normal Retirement Criteria will be satisfied if the Participant shall (
i
) retire (
and satisfy the Company’s criteria for retirement at such time
) from the Company or any of its subsidiaries, divisions or business units, as the case may be, (
ii
) be at least 55 years of age at the time of such retirement, and (
iii
) have at least ten credited years of service with the Company or its subsidiaries at the time of such retirement.
|
(g)
|
If a Participant who at the time of retirement satisfies the Normal Retirement Criteria subsequently dies or becomes Disabled before such Participant’s option herein granted becomes exercisable in its entirety as set forth in clauses (b) through (d) of this Section 1, the option herein granted shall become exercisable as set forth in clause (e) of this Section 1.
|
(h)
|
If a Participant who at the time of retirement satisfies the criteria set forth in Section 2(b)(iv) subsequently dies or becomes Disabled before the expiration of 12 months after the retirement of the Participant, such Participant’s option herein granted shall become exercisable as set forth in clause (e) of this Section 1.
|
(i)
|
Except as provided in clauses (f) through (h) of this Section 1 or as the Committee may otherwise determine in its sole discretion, no option herein granted shall become exercisable following termination of the Participant’s employment from the Company or any of its subsidiaries (and no option herein granted shall become exercisable following the Company’s sale of the subsidiary, or the Company’s or a subsidiary’s sale of the division or business unit, that employs such Participant).
|
2
|
The unexercised portion of the option herein granted shall automatically and without notice terminate and become null and void at the time of the earliest of the following to occur:
|
(a)
|
the expiration of ten years from the date on which the option was granted;
|
(b)
|
the expiration of 60 days from the date of termination of the Participant’s employment from the Company (including in connection with the sale of the subsidiary, division or business unit that employs such Participant) or any of its subsidiaries;
provided, however
, that
|
(
i
)
|
if the Participant’s employment from the Company or any of its subsidiaries terminates because of Disability, the provisions of sub-paragraph (c) shall apply,
|
(
ii
)
|
if the Participant shall die during employment by the Company or any of its subsidiaries or during the 60-day period following the date of termination of such employment, the provisions of sub-paragraph (d) below shall apply,
|
(
iii
)
|
if the Participant shall retire and satisfy the Normal Retirement Criteria, the provisions of sub-paragraph (e) below shall apply, and
|
(iv)
|
if the Participant shall (
I
) retire (
and satisfy the Company’s criteria for retirement at such time
) from the Company or any of its subsidiaries, divisions or business units, as the case may be, (
II
) be at least 55 years of age at the time of such retirement, and (III) have at least five (but less than ten) credited years of service with the Company and its subsidiaries at the time of such retirement, the provisions of sub-paragraph (f) below shall apply;
|
(c)
|
if Section 2(b)(i) applies, (i) if the Participant satisfied the Normal Retirement Criteria at the time of Participant’s Disability, the expiration of 36 months after termination of Participant’s employment from the Company or any of its subsidiaries because of Disability, or (ii) if the Participant did not satisfy the Normal Retirement Criteria at the time of Participant’s Disability, the expiration of 12 months after termination of Participant’s employment from the Company or any of its subsidiaries because of Disability;
provided
,
however
, that if the Participant shall die during the 36-month period specified in clause (i) of this Section 2(c) or the 12-month period specified in clause (ii) of this Section 2(c), as applicable, then the unexercised portion shall become null and void upon the expiration of 12 months after the death of the Participant;
|
(d)
|
if Section 2(b)(ii) applies, (
i
) if the Participant satisfied the Normal Retirement Criteria at the time of death, the expiration of 36 months after the death of the Participant, or (
ii
) if the Participant did not satisfy the Normal Retirement Criteria at the time of death, 12 months after the death of the Participant;
|
(e)
|
if Section 2(b)(iii) applies, the expiration of 37 months after the retirement of the Participant;
provided
,
however
, that if such Participant shall die during the 37-month period following the date of such Participant’s retirement, then the unexercised portion shall become null and void on the later of (
i
) the expiration of 37 months after the retirement of the Participant and (
ii
) 12 months after the death of the Participant; and
|
(f)
|
if Section 2(b)(iv) applies, the expiration of 12 months after the retirement of the Participant;
provided
,
however
, that if such Participant shall die during the 12 month period following the date of such Participant’s retirement, then the unexercised portion shall become null and void on the expiration of 12 months after the death of the Participant.
|
3
|
Notwithstanding the foregoing, in the event that any unexercised portion of the option herein granted would terminate and become null and void in accordance with Section 2 and the Fair Market Value of the unexercised portion of the option herein granted exceeds the full price for each of the shares purchased pursuant to such option, the then-vested portion of the option herein granted shall be deemed to be automatically exercised by the Participant on such last trading day by means of a net exercise without any action by the Participant. Upon such automatic exercise, the Company shall deliver to the Participant the number of shares of Common Stock for which the option was deemed exercised less the number of shares of Common Stock having a Fair Market Value, as of such date, sufficient to (1) pay the full price for each of the shares of Common Stock purchased pursuant to the option herein granted and (2) satisfy all applicable required tax withholding obligations. Any fractional share shall be settled in cash. For the avoidance of doubt, and notwithstanding any provision (or interpretation) of Section 2 to the contrary, the unexercised portion of the option herein granted shall automatically and without notice terminate and become null and void upon the expiration of ten years from the date of this Agreement.
|
4
|
The full price for each of the shares purchased pursuant to the option herein granted shall be $
XX.XX
.
|
5
|
Full payment for shares purchased by the Participant shall be made at the time of the exercise of the option in whole or in part. No shares shall be issued until full payment therefore has been made, and the Participant shall have none of the rights of a shareholder with respect to any shares subject to this option until such shares shall have been issued.
|
6
|
No option granted hereunder may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.
|
7
|
In the event of one or more stock splits, stock dividends, stock changes, reclassifications, recapitalizations or combinations of shares prior to complete exercise of the option herein granted that change the character or number of the shares subject to the option, this option to the extent that it shall not have been exercised, shall entitle the Participant or the Participant’s executors or administrators to receive in substitution such number and kind of shares as he, she or they would have been entitled to receive if the Participant or the Participant’s executors or administrators had actually owned the shares subject to this option at the time of the occurrence of such change;
provided, however
that if the change is of such nature that the Participant or the Participant’s executors or administrators, upon exercise of the option, would receive property other than shares of stock, then the Board shall adjust the option so that he, she or they shall acquire only shares of stock upon exercise, making such adjustment in the number and kind of shares to be received as the Board shall, in its sole judgement, deem equitable;
provided
,
further
, that the foregoing shall not limit the Company’s ability to otherwise adjust the option in a manner consistent with Section 12 of the Plan.
|
8
|
The effectiveness of the option granted hereunder is conditioned upon (
i
) the Participant’s having executed and delivered to the Company in connection with previous stock option grants a restrictive covenant, or (
ii
) the execution and delivery by the Participant within six months from the date of this Agreement of the restrictive covenant furnished herewith. If the Company does not receive the signed (whether electronically or otherwise) restrictive covenant within such six-month period, this Agreement shall be terminable by the Company.
|
9
|
Notwithstanding anything to the contrary contained herein, the option granted hereunder may be terminated and become null and void without consideration if the Participant, as determined by the Committee in its sole discretion (i) engages in an activity that is in conflict with or adverse to the interests of the Company or any Affiliate, including but not limited to fraud or conduct contributing to any financial restatements or irregularities, or (ii) without the consent of the Company, while employed by or providing services to the Company or any Affiliate or after
|
10
|
The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan, and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.
|
11
|
Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
|
12
|
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
|
13
|
Nothing contained in this Agreement shall be construed as giving the Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the right of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge the Participant with or without cause at any time for any reason whatsoever. Although over the course of employment terms and conditions of employment may change, the at-will term of employment will not change.
|
14
|
The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.
|
15
|
This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent of the Participant under the Plan.
|
16
|
This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.
|
1.
|
The option herein granted shall become exercisable in whole or in part as follows:
|
(a)
|
Exercisable in its entirety on the
second anniversary
of the grant date; and
|
(b)
|
Exercisable in its entirety (
i
) upon the death of the Participant, or (
ii
) in the event of total and permanent disability of the Participant.
|
(c)
|
No portion of the option shall become exercisable following the cessation of the Participant’s membership on the Board.
|
2.
|
The unexercised portion of the option herein granted shall automatically and without notice terminate and become null and void at the time of the earliest of the following to occur:
|
(a)
|
the expiration of ten years from the date on which the option was granted;
|
(b)
|
the expiration of 60 days from the date the Participant ceases to be a member of the Board; provided, however, that
|
(
i
)
|
if the Participant ceases to be a member of the Board because of total and permanent disability, the provisions of sub-paragraph (c) shall apply,
|
(
ii
)
|
if the Participant shall die while a member of the Board or during the 60-day period following the date the Participant ceases to be a member of the Board, the provisions of sub-paragraph (d) below shall apply, and
|
(iii)
|
if the Participant shall retire from the Board, and satisfy the Accelerated Vesting Criteria at the time of such retirement, the provisions of sub-paragraph (e) below shall apply;
|
(c)
|
if Section 2(b)(i) applies, (i) if the Participant satisfied the Accelerated Vesting Criteria at the time of Participant’s total and permanent disability, the expiration of 36 months after the date the Participant ceases
|
(d)
|
if Section 2(b)(ii) applies, (i) if the Participant satisfied the Accelerated Vesting Criteria at the time of death, the expiration of 36 months after death of the Participant, or (ii) if the Participant did not satisfy the Accelerated Vesting Criteria at the time of death, the expiration of 12 months after death of the Participant; and
|
(e)
|
if Section 2(b)(iii) applies, the expiration of 36 months after the retirement of the Participant from the Board;
provided
,
however
, that if such Participant shall die during the 36 month period following the date of such Participant’s retirement, then the unexercised portion shall become null and void on the later of (
i
) the expiration of 36 months after the retirement of the Participant, or (
ii
) 12 months after death of the Participant.
|
3.
|
Notwithstanding the foregoing, in the event that any unexercised portion of the option herein granted would terminate and become null and void in accordance with Section 2 and the Fair Market Value of the unexercised portion of the option herein granted exceeds the full price for each of the shares purchased pursuant to such option, the then-vested portion of the option herein granted shall be deemed to be automatically exercised by the Participant on such last trading day by means of a net exercise without any action by the Participant. Upon such automatic exercise, the Company shall deliver to the Participant the number of shares of Common Stock for which the option was deemed exercised less the number of shares of Common Stock having a Fair Market Value, as of such date, sufficient to (1) pay the full price for each of the shares of Common Stock purchased pursuant to the option herein granted and (2) satisfy all applicable required tax withholding obligations. Any fractional share shall be settled in cash. For the avoidance of doubt, and notwithstanding any provision (or interpretation) of Section 2 to the contrary, the unexercised portion of the option herein granted shall automatically and without notice terminate and become null and void upon the expiration of ten years from the date of this Agreement.
|
4.
|
The full price for each of the shares purchased pursuant to the option herein granted shall be $
XX.XX
.
|
5.
|
Full payment for shares purchased by the Participant shall be made at the time of the exercise of the option in whole or in part. No shares shall be issued until full payment therefore has been made, and the Participant shall have none of the rights of a shareholder with respect to any shares subject to this option until such shares shall have been issued.
|
6.
|
No option granted hereunder may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.
|
7.
|
In the event of one or more stock splits, stock dividends, stock changes, reclassifications, recapitalizations or combinations of shares prior to complete exercise of the option herein granted that change the character or number of the shares subject to the option, this option to the extent that it shall not have been exercised, shall entitle the Participant or the Participant’s executors or administrators to receive in substitution such number and kind of shares as he, she or they would have been entitled to receive if the Participant or the Participant’s executors or administrators had actually owned the shares subject to this option at the time of the occurrence of such change;
provided, however
that if the change is of such nature that the Participant or the Participant’s executors or administrators, upon exercise of the option, would receive property other than shares of stock, then the Board shall adjust the option so that he, she or they shall acquire only shares of stock upon exercise, making such adjustment in the number and kind of shares to be received as the Board shall, in its sole judgment, deem equitable;
provided
,
further
, that the foregoing shall not limit the Company’s ability to otherwise adjust the option in a manner consistent with Section 12 of the Plan.
|
8.
|
As used herein, the term “Accelerated Vesting Criteria” means being a member of the Board for at least ten years.
|
9.
|
Notwithstanding anything to the contrary contained herein, the option granted hereunder may be terminated and become null and void without consideration if the Participant, as determined by the Committee in its sole discretion (i) engages in an activity that is in conflict with or adverse to the interests of the Company or any Affiliate, including but not limited to fraud or conduct contributing to any financial restatements or irregularities, or (ii) without the consent of the Company, while providing services to the Company or any Affiliate or after termination of such service, violates a non-competition, non-solicitation or non-disclosure covenant or agreement between the Participant and the Company or any Affiliate. If the Participant engages in any activity referred to in the preceding sentence, the Participant shall, at the sole discretion of the Committee, forfeit any gain realized in respect of the option granted hereunder (which gain shall be deemed to be an amount equal to the difference between the price for shares set forth in Section 4 above and the Fair Market Value (as defined in the Plan), on the applicable exercise date, of the shares of Common Stock of the Company delivered to the Participant), and repay such gain to the Company.
|
10.
|
The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan, and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.
|
11.
|
Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
|
12.
|
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
|
13.
|
The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.
|
14.
|
This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto. No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent of the Participant under the Plan.
|
15.
|
This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of CDK Global, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(c)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 13, 2014
|
/s/ Steven J. Anenen
|
|
|
Steven J. Anenen
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of CDK Global, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(c)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
November 13, 2014
|
/s/ Alfred A. Nietzel
|
|
|
Alfred A. Nietzel
|
|
|
Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
Date:
|
November 13, 2014
|
/s/ Steven J. Anenen
|
|
|
Steven J. Anenen
|
|
|
President and Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
Date:
|
November 13, 2014
|
/s/ Alfred A. Nietzel
|
|
|
Alfred A. Nietzel
|
|
|
Chief Financial Officer
|