Subtext

Automatic Data Processing, Inc. ADP

SectorIndustrials
Transcripts76
Date range2006-01-30 – 2025-04-30
Calls charted75

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-23-11+0+11+232006 Q32009 Q12011 Q32014 Q32017 Q12019 Q32022 Q12024 Q32006 Q3 · Overall: +2.72006 Q4 · Overall: +11.92007 Q1 · Overall: +8.42007 Q2 · Overall: +6.32007 Q3 · Overall: +8.32007 Q4 · Overall: +7.92008 Q1 · Overall: +8.42008 Q2 · Overall: +1.72008 Q3 · Overall: +0.12008 Q4 · Overall: +6.02009 Q1 · Overall: -2.02009 Q2 · Overall: -3.42009 Q3 · Overall: -11.92009 Q4 · Overall: -9.82010 Q1 · Overall: -1.52010 Q2 · Overall: +0.32010 Q3 · Overall: -1.02010 Q4 · Overall: +2.22011 Q1 · Overall: +5.52011 Q2 · Overall: +3.32011 Q3 · Overall: +5.42012 Q1 · Overall: +4.92012 Q2 · Overall: +4.82012 Q3 · Overall: +7.92013 Q1 · Overall: +2.42013 Q2 · Overall: +5.72013 Q3 · Overall: +5.72013 Q4 · Overall: +11.62014 Q1 · Overall: +5.82014 Q2 · Overall: +10.02014 Q3 · Overall: +9.82014 Q4 · Overall: +9.82015 Q1 · Overall: +9.02015 Q2 · Overall: +13.12015 Q3 · Overall: +11.22015 Q4 · Overall: +8.42016 Q1 · Overall: +8.12016 Q2 · Overall: +6.12016 Q3 · Overall: +4.52016 Q4 · Overall: +7.42017 Q1 · Overall: +10.82017 Q2 · Overall: +5.52017 Q3 · Overall: +2.12017 Q4 · Overall: +12.92018 Q1 · Overall: +11.42018 Q2 · Overall: +12.52018 Q3 · Overall: +15.22018 Q4 · Overall: +10.32019 Q1 · Overall: +19.52019 Q2 · Overall: +13.02019 Q3 · Overall: +13.22019 Q4 · Overall: +13.12020 Q1 · Overall: +12.12020 Q2 · Overall: +10.12020 Q3 · Overall: -3.62020 Q4 · Overall: -3.82021 Q1 · Overall: +7.92021 Q2 · Overall: +8.02021 Q3 · Overall: +7.22021 Q4 · Overall: +9.32022 Q1 · Overall: +9.62022 Q2 · Overall: +12.42022 Q3 · Overall: +11.62022 Q4 · Overall: +8.92023 Q1 · Overall: +12.32023 Q2 · Overall: +8.82023 Q3 · Overall: +14.82023 Q4 · Overall: +15.12024 Q1 · Overall: +16.82024 Q2 · Overall: +14.22024 Q3 · Overall: +19.62024 Q4 · Overall: +15.82025 Q1 · Overall: +16.92025 Q2 · Overall: +13.52025 Q3 · Overall: +16.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-62-31+0+31+622006 Q32009 Q12011 Q32014 Q32017 Q12019 Q32022 Q12024 Q32006 Q3 · CEO: +5.92006 Q4 · CEO: +12.12007 Q2 · CEO: +8.82007 Q3 · CEO: +13.82007 Q4 · CEO: +9.92008 Q1 · CEO: +16.52008 Q3 · CEO: +1.92008 Q4 · CEO: +7.32009 Q1 · CEO: +1.92009 Q2 · CEO: -1.62009 Q3 · CEO: -11.12009 Q4 · CEO: -9.42010 Q1 · CEO: +3.02010 Q2 · CEO: +8.22010 Q3 · CEO: +3.12010 Q4 · CEO: +6.72011 Q1 · CEO: +10.32011 Q2 · CEO: +5.82011 Q3 · CEO: +9.02012 Q1 · CEO: +9.92012 Q2 · CEO: +7.92012 Q3 · CEO: +15.32013 Q1 · CEO: +6.22013 Q2 · CEO: +10.02013 Q3 · CEO: +11.32013 Q4 · CEO: +15.12014 Q1 · CEO: +9.62014 Q2 · CEO: +10.72014 Q3 · CEO: +12.62014 Q4 · CEO: +14.32015 Q1 · CEO: +9.62015 Q2 · CEO: +17.02015 Q3 · CEO: +16.62015 Q4 · CEO: +12.52016 Q1 · CEO: +11.32016 Q2 · CEO: +10.62016 Q3 · CEO: +9.72016 Q4 · CEO: +10.02017 Q1 · CEO: +17.22017 Q2 · CEO: +8.12017 Q3 · CEO: +3.32017 Q4 · CEO: +17.32018 Q1 · CEO: +16.72018 Q2 · CEO: +16.82018 Q3 · CEO: +15.92018 Q4 · CEO: +12.32019 Q1 · CEO: +24.52019 Q2 · CEO: +54.02019 Q4 · CEO: +11.32020 Q1 · CEO: +14.62020 Q2 · CEO: +14.02020 Q3 · CEO: -2.52020 Q4 · CEO: -3.02021 Q1 · CEO: +12.12021 Q2 · CEO: +7.42021 Q3 · CEO: +7.82021 Q4 · CEO: +8.62022 Q1 · CEO: +7.42022 Q2 · CEO: +13.32022 Q3 · CEO: +8.12022 Q4 · CEO: +12.52023 Q1 · CEO: +11.02023 Q2 · CEO: +15.32023 Q3 · CEO: +19.02023 Q4 · CEO: +21.72024 Q1 · CEO: +23.92024 Q2 · CEO: +25.12024 Q3 · CEO: +27.82024 Q4 · CEO: +25.32025 Q1 · CEO: +28.72025 Q2 · CEO: +22.02025 Q3 · CEO: +28.12007 Q1 · CFO: +10.22007 Q2 · CFO: +15.32007 Q3 · CFO: +6.92007 Q4 · CFO: +10.22008 Q1 · CFO: +2.62008 Q3 · CFO: +11.72008 Q4 · CFO: +7.72009 Q1 · CFO: -4.92009 Q2 · CFO: -0.82009 Q3 · CFO: -12.42009 Q4 · CFO: -14.92010 Q1 · CFO: -9.02010 Q2 · CFO: -5.12010 Q3 · CFO: -6.12010 Q4 · CFO: -4.32011 Q1 · CFO: +4.42011 Q2 · CFO: +4.82011 Q3 · CFO: +6.82012 Q1 · CFO: +4.12012 Q2 · CFO: +5.42012 Q3 · CFO: +9.52013 Q1 · CFO: -4.72013 Q2 · CFO: +7.22013 Q3 · CFO: +2.72013 Q4 · CFO: +14.92014 Q1 · CFO: +6.62014 Q2 · CFO: +17.42014 Q3 · CFO: +8.92014 Q4 · CFO: +7.62015 Q1 · CFO: +15.02015 Q2 · CFO: +10.82015 Q3 · CFO: +2.82015 Q4 · CFO: +5.92016 Q1 · CFO: +6.42016 Q2 · CFO: +3.82016 Q3 · CFO: +1.12016 Q4 · CFO: +12.02017 Q1 · CFO: +7.92017 Q2 · CFO: +5.32017 Q3 · CFO: +10.92017 Q4 · CFO: +14.32018 Q1 · CFO: +7.92018 Q2 · CFO: +10.42018 Q3 · CFO: +22.42018 Q4 · CFO: +15.62019 Q1 · CFO: +21.22019 Q2 · CFO: +20.52019 Q4 · CFO: +22.02020 Q1 · CFO: +12.52020 Q2 · CFO: +11.02020 Q3 · CFO: -2.92020 Q4 · CFO: -5.72021 Q1 · CFO: +8.62021 Q2 · CFO: +23.62021 Q3 · CFO: +10.32021 Q4 · CFO: +19.72022 Q1 · CFO: +25.02022 Q2 · CFO: +12.72022 Q3 · CFO: +14.42022 Q4 · CFO: +6.52023 Q1 · CFO: +14.42023 Q2 · CFO: +9.42023 Q3 · CFO: +13.82023 Q4 · CFO: +10.92024 Q1 · CFO: +10.62024 Q2 · CFO: +5.42024 Q3 · CFO: +16.22024 Q4 · CFO: +5.12025 Q1 · CFO: +10.82025 Q2 · CFO: +8.02025 Q3 · CFO: +11.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-35-18+0+18+352006 Q32009 Q12011 Q32014 Q32017 Q12019 Q32022 Q12024 Q32006 Q3 · Prepared remarks: +3.92006 Q4 · Prepared remarks: +20.52007 Q1 · Prepared remarks: +24.92007 Q2 · Prepared remarks: +15.02007 Q3 · Prepared remarks: +17.42007 Q4 · Prepared remarks: +18.92008 Q1 · Prepared remarks: +25.02008 Q2 · Prepared remarks: +11.02008 Q3 · Prepared remarks: +12.32008 Q4 · Prepared remarks: +8.32009 Q1 · Prepared remarks: -0.62009 Q2 · Prepared remarks: +0.92009 Q3 · Prepared remarks: -21.42009 Q4 · Prepared remarks: -19.92010 Q1 · Prepared remarks: -14.62010 Q2 · Prepared remarks: -11.22010 Q3 · Prepared remarks: -4.42010 Q4 · Prepared remarks: +1.72011 Q1 · Prepared remarks: +5.72011 Q2 · Prepared remarks: +4.02011 Q3 · Prepared remarks: +7.42012 Q1 · Prepared remarks: +13.92012 Q2 · Prepared remarks: +8.92012 Q3 · Prepared remarks: +10.02013 Q1 · Prepared remarks: -3.32013 Q2 · Prepared remarks: -1.22013 Q3 · Prepared remarks: +12.02013 Q4 · Prepared remarks: +8.72014 Q1 · Prepared remarks: +21.92014 Q2 · Prepared remarks: +21.22014 Q3 · Prepared remarks: +17.12014 Q4 · Prepared remarks: +16.32015 Q1 · Prepared remarks: +17.42015 Q2 · Prepared remarks: +23.02015 Q3 · Prepared remarks: +20.62015 Q4 · Prepared remarks: +19.02016 Q1 · Prepared remarks: +12.12016 Q2 · Prepared remarks: +15.52016 Q3 · Prepared remarks: +10.52016 Q4 · Prepared remarks: +11.72017 Q1 · Prepared remarks: +10.82017 Q2 · Prepared remarks: +12.02017 Q3 · Prepared remarks: +16.92017 Q4 · Prepared remarks: +23.72018 Q1 · Prepared remarks: +21.82018 Q2 · Prepared remarks: +20.82018 Q3 · Prepared remarks: +20.72018 Q4 · Prepared remarks: +14.52019 Q1 · Prepared remarks: +29.52019 Q2 · Prepared remarks: +30.52019 Q3 · Prepared remarks: +24.12019 Q4 · Prepared remarks: +25.42020 Q1 · Prepared remarks: +25.62020 Q2 · Prepared remarks: +22.52020 Q3 · Prepared remarks: -5.12020 Q4 · Prepared remarks: -3.42021 Q1 · Prepared remarks: +16.02021 Q2 · Prepared remarks: +22.12021 Q3 · Prepared remarks: +19.12021 Q4 · Prepared remarks: +27.02022 Q1 · Prepared remarks: +26.02022 Q2 · Prepared remarks: +21.22022 Q3 · Prepared remarks: +25.02022 Q4 · Prepared remarks: +23.82023 Q1 · Prepared remarks: +20.42023 Q2 · Prepared remarks: +18.02023 Q3 · Prepared remarks: +21.52023 Q4 · Prepared remarks: +24.92024 Q1 · Prepared remarks: +20.62024 Q2 · Prepared remarks: +23.02024 Q3 · Prepared remarks: +21.92024 Q4 · Prepared remarks: +24.32025 Q1 · Prepared remarks: +25.02025 Q2 · Prepared remarks: +20.82025 Q3 · Prepared remarks: +25.82006 Q3 · Q&A responses: +4.52006 Q4 · Q&A responses: +10.02007 Q1 · Q&A responses: +4.12007 Q2 · Q&A responses: +7.52007 Q3 · Q&A responses: +7.82007 Q4 · Q&A responses: +6.42008 Q1 · Q&A responses: +4.92008 Q2 · Q&A responses: +0.72008 Q3 · Q&A responses: -1.92008 Q4 · Q&A responses: +6.42009 Q1 · Q&A responses: +0.12009 Q2 · Q&A responses: -2.32009 Q3 · Q&A responses: -5.52009 Q4 · Q&A responses: -0.72010 Q1 · Q&A responses: +6.22010 Q2 · Q&A responses: +8.92010 Q3 · Q&A responses: +1.72010 Q4 · Q&A responses: +3.72011 Q1 · Q&A responses: +8.62011 Q2 · Q&A responses: +6.22011 Q3 · Q&A responses: +8.72012 Q1 · Q&A responses: +4.82012 Q2 · Q&A responses: +6.52012 Q3 · Q&A responses: +10.82013 Q1 · Q&A responses: +7.22013 Q2 · Q&A responses: +11.52013 Q3 · Q&A responses: +6.72013 Q4 · Q&A responses: +16.32014 Q1 · Q&A responses: +4.32014 Q2 · Q&A responses: +9.12014 Q3 · Q&A responses: +9.52014 Q4 · Q&A responses: +8.82015 Q1 · Q&A responses: +9.32015 Q2 · Q&A responses: +12.82015 Q3 · Q&A responses: +11.02015 Q4 · Q&A responses: +6.42016 Q1 · Q&A responses: +7.72016 Q2 · Q&A responses: +4.52016 Q3 · Q&A responses: +5.82016 Q4 · Q&A responses: +8.92017 Q1 · Q&A responses: +15.52017 Q2 · Q&A responses: +4.42017 Q3 · Q&A responses: +2.42017 Q4 · Q&A responses: +12.22018 Q1 · Q&A responses: +9.92018 Q2 · Q&A responses: +12.52018 Q3 · Q&A responses: +16.72018 Q4 · Q&A responses: +12.12019 Q1 · Q&A responses: +18.52019 Q2 · Q&A responses: +9.12019 Q3 · Q&A responses: +8.22019 Q4 · Q&A responses: +8.52020 Q1 · Q&A responses: +6.92020 Q2 · Q&A responses: +9.02020 Q3 · Q&A responses: -1.22020 Q4 · Q&A responses: -4.02021 Q1 · Q&A responses: +6.92021 Q2 · Q&A responses: +8.92021 Q3 · Q&A responses: +7.92021 Q4 · Q&A responses: +8.22022 Q1 · Q&A responses: +5.62022 Q2 · Q&A responses: +11.22022 Q3 · Q&A responses: +9.32022 Q4 · Q&A responses: +2.92023 Q1 · Q&A responses: +9.22023 Q2 · Q&A responses: +8.12023 Q3 · Q&A responses: +15.62023 Q4 · Q&A responses: +12.32024 Q1 · Q&A responses: +20.42024 Q2 · Q&A responses: +15.12024 Q3 · Q&A responses: +23.32024 Q4 · Q&A responses: +14.22025 Q1 · Q&A responses: +20.02025 Q2 · Q&A responses: +15.32025 Q3 · Q&A responses: +17.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.54$6.77$10.992006 Q32009 Q12011 Q32014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: $3.422014 Q2: $3.492014 Q3: $3.622014 Q4: $3.122015 Q1: $3.212015 Q2: $3.322015 Q3: $3.382015 Q4: $3.482016 Q1: $3.582016 Q2: $3.692016 Q3: $3.732016 Q4: $3.872017 Q1: $3.942017 Q2: $3.962017 Q3: $3.922017 Q4: $4.122018 Q1: $4.662018 Q2: $5.092018 Q3: $5.362018 Q4: $5.622019 Q1: $5.872019 Q2: $6.072019 Q3: $6.362019 Q4: $6.552020 Q1: $6.592020 Q2: $5.712020 Q3: $5.242020 Q4: $5.982021 Q1: $6.342021 Q2: $6.542021 Q3: $6.802021 Q4: $7.122022 Q1: $7.392022 Q2: $7.732022 Q3: $8.252022 Q4: $8.572023 Q1: $8.782023 Q2: $8.942023 Q3: $9.372023 Q4: $9.562024 Q1: $9.782024 Q2: $9.982024 Q3: $10.252024 Q4: $10.41

Forward P/E

16.6425.3634.082006 Q32009 Q12011 Q32014 Q32017 Q12019 Q32022 Q12024 Q32014 Q1: 22.912014 Q2: 22.522014 Q3: 23.012014 Q4: 27.142015 Q1: 27.172015 Q2: 25.082015 Q3: 23.582015 Q4: 24.772016 Q1: 24.502016 Q2: 23.742016 Q3: 23.242016 Q4: 25.282017 Q1: 26.532017 Q2: 25.572017 Q3: 27.362017 Q4: 28.372018 Q1: 24.942018 Q2: 27.572018 Q3: 27.412018 Q4: 23.192019 Q1: 26.052019 Q2: 27.722019 Q3: 24.822019 Q4: 25.582020 Q1: 17.842020 Q2: 26.392020 Q3: 26.282020 Q4: 29.362021 Q1: 29.632021 Q2: 30.162021 Q3: 29.502021 Q4: 32.882022 Q1: 28.742022 Q2: 26.802022 Q3: 28.432022 Q4: 30.352023 Q1: 24.292023 Q2: 24.172023 Q3: 26.462023 Q4: 25.022024 Q1: 24.962024 Q2: 24.492024 Q3: 26.922024 Q4: 27.71

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q4 tone ↓ -2.8 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -4.9 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -6.5 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -2.7 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↓ -3.5 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q2 tone ↓ -2.6 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↓ -3.8 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q32025-04-30+16.7——View →
2025 Q22025-01-29+13.5——View →
2025 Q12024-10-30+16.9——View →
2024 Q42024-07-31+15.8$10.4127.7View →
2024 Q32024-05-01+19.6$10.2526.9View →
2024 Q22024-01-31+14.2$9.9824.5View →
2024 Q12023-10-25+16.8$9.7825.0View →
2023 Q42023-07-26+15.1$9.5625.0View →