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Statements of Consolidated Earnings - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
REVENUES:    
Interest on funds held for clients $ 133.9 $ 118.5
PEO revenues (A) [1] 1,055.6 973.2
TOTAL REVENUES 3,495.7 3,310.3
Revenues, Net 2,306.2 2,218.6
Costs of revenues:    
Operating expenses 1,787.7 1,697.0
Systems development and programming costs 168.2 158.0
Depreciation and amortization 88.9 72.6
TOTAL COSTS OF REVENUES 2,044.8 1,927.6
Selling, general, and administrative expenses 726.5 713.9
Interest expense 39.9 35.9
TOTAL EXPENSES 2,811.2 2,677.4
Other income, net (54.6) (13.9)
EARNINGS BEFORE INCOME TAXES 739.1 646.8
Provision for income taxes 156.7 141.4
NET EARNINGS $ 582.4 $ 505.4
BASIC EARNINGS PER SHARE (in US$ per share) $ 1.35 $ 1.16
DILUTED EARNINGS PER SHARE (in US$ per share) $ 1.34 $ 1.15
Basic weighted average shares outstanding (shares) 432.7 436.8
Diluted weighted average shares outstanding (shares) 435.4 439.9
Direct pass-through costs PEO revenues $ 10,510.6 $ 9,629.4
[1] Professional Employer Organization (“PEO”) revenues are net of direct pass-through costs, primarily consisting of payroll wages and payroll taxes of $10,510.6 million and $9,629.4 million for the three months ended September 30, 2019 and 2018, respectively.