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HCM software giant ADP closed its fiscal 2024 with better than expected earnings, as the company celebrates its 75th anniversary, CEO Maria Black told investors this week.
Black pointed to success in ADP’s three priorities in fiscal year 2024: “best-in-class HCM technology” (including the launch of ADP Assist, its new cross-platform AI-powered tool), continuing to provide expert guidance to clients—Black also pointed to developments in AI here—as well as an expansion of the company’s global reach.
- ADP reported 6% YoY revenue growth in Q4, to $4.8 billion.
- The company closed out the full fiscal year 2024 with a 7% growth.
- It reported a growth in revenue to $19.2 billion for the year.
Black lauded ADP’s deployment of AI tools, suggesting that each way the company has developed AI both in its products and internally for sales and service associates “feed[s]” its revenue model.
“As we look at all the use cases and both the short-term stuff that we’re working on, as well as the long-term vision of what ultimately generative AI can look like in the coming years, we do see monetization opportunities,” she said. “Each one of our business faces that you can imagine has a clear goals of what it is that we’re trying to accomplish, inclusive of revenue growth.”
Black told investors the company plans to roll out more AI features in fiscal 2025.
Global footprint. On the international stage, ADP boasted of acquiring the payroll offerings of its partner, Swedish company BTR, as well as the expansion of its Celergo offering to Iceland “and further growing our on-the-ground presence in the APAC region.”
“Companies continue to want to think about their system of record from a global perspective, as they continue to have distributed workforces across the globe, as they continue to move supply chains in this world of globalization, as they have remote employees and smaller countries around the world,” Black said. “We have this incredible network and ability to support clients today in 141 countries, and we continue to add more.”