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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "06_Trian_Partners",
  "authorName": "ADP",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "notes": "The chart shows the bridge from 20% margin in FY17 to 21-22% in FY20F, accounting for various operational levers and pass-through drags.",
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      "text": "FY18F down 50-25 bps\nFY19F-20F ~200 bps expansion",
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