{
  "docId": "019dd923-622b-71dc-a6db-7c9b047a6a58",
  "docSlug": "c4170261466f",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "06_Trian_Partners",
  "authorName": "ADP",
  "documentKindSlug": "regulatory-filing",
  "documentKindLabel": "Regulatory filing",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 4,
  "pageCount": 69,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Slide 3 of a regulatory filing deck.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-7c9b047a6a58/4",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58#slide-4",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Pershing Square and its director candidates have demonstrated a lack of knowledge and understanding of ADP and its current operations, which is a cause for concern given their lack of relevant technology experience",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ee-e443367464bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.2,
        "x": 0.04,
        "y": 0.185
      },
      "kind": "list",
      "text": "ADP's Leadership has Delivered Results; Executing on a Focused Transformation Strategy; Led By a Strong, Independent Board with Best-in-Class Governance; Pershing Square's Thesis & Director Candidates are Not Right for ADP",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afa65463-119b-44ef-9909-edc9afaf83c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return: 203%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ee-ea464490b50a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.75,
        "x": 0.22,
        "y": 0.185
      },
      "kind": "paragraph",
      "text": "Detailed bullet points supporting the four main pillars of the executive summary.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce8d7d35-cb1f-4bb3-a9e5-c4628a98886f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.15,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Notes: 1. See page 9 for additional details. 2. The inputs to the net operational margin calculation and adjusted EPS growth are non-GAAP metrics. 3. As per CNBC segment on September 11, 2017.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b45950e-9a39-437a-b76a-e0791ad242f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Executive Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b408adf2-a4f1-4781-b472-ad15ca45c474",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "07728d09-e000-4a96-af49-0b168fbc5080",
      "evidence": "This slide presents a summary of ADP's leadership and transformation strategy, making it an executive summary.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "447eef58-82de-4c14-813f-d3ea2fbd612c",
      "evidence": "The bottom section explicitly critiques Pershing Square's thesis and candidates.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "01d3a9ff-e97b-458d-8934-531c360267b6",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The document provides an overview of ADP's position in HCM and its objective to be the leading provider of global HCM solutions.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}