Automatic Data Processing, Inc. (NASDAQ:ADP) Q1 2024 Earnings Conference Call October 25, 2023 8:30 AM ET

Company Participants

Danyal Hussain - VP, IR

Maria Black - President & CEO

Don McGuire - CFO

Conference Call Participants

Samad Samana - Jefferies

Bryan Bergin - TD Cowen

James Faucette - Morgan Stanley

Bryan Keane - Deutsche Bank

Ramsey El-Assal - Barclays

Jason Kupferberg - Bank of America

Tien-Tsin Huang - JPMorgan

David Togut - Evercore ISI

Mark Marcon - Baird

Scott Wurtzel - Wolfe Research

Operator

Good morning. My name is Michelle, and I'll be your conference operator. At this time, I would like to welcome everyone to ADP's First Quarter Fiscal 2024 Earnings Call. I would like to inform you that this conference is being recorded. After the prepared remarks, we will conduct a question-and-answer session, instructions will be given at that time.

I will now turn the conference over to Mr. Danny Hussain, Vice President, Investor Relations. Please go ahead.

Danyal Hussain

Thank you, Michelle, and welcome everyone to ADP's first quarter fiscal 2024 earnings call. Participating today are Maria Black, our President and CEO; and Don McGuire, our CFO. Earlier this morning, we released our results for the quarter. Our earnings materials are available on the SEC's website and our Investor Relations website at investors.adp.com where you will also find the investor presentation that accompanies today's call.

During our call, we will reference non-GAAP financial measures, which we believe to be useful to investors and that exclude the impact of certain items. A description of these items along with a reconciliation of non-GAAP measures to the most comparable GAAP measures can be found in our earnings release.

Today's call will also contain forward-looking statements that refer to future events and involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from our current expectations.

I'll now turn it over to Maria.

Maria Black

Thank you, Danny, and thank you, everyone for joining us. This morning, we reported strong first quarter results, including 7% revenue growth and 12% adjusted EPS growth, and we made significant progress on the three strategic priorities we shared with you last quarter.

Let me begin by quickly reviewing some of our financial highlights from the first quarter. We had a solid start to the year in Employer Services new business bookings with record-level volume for first quarter which was supported by a particularly strong September. Among our best performers were our small business portfolio and our compliance-oriented solutions. Overall demand in HCM has remained steady and we maintained a healthy new business pipeline at the end of the quarter across our business.