{
  "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": 54,
  "pageCount": 69,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a bar chart to visually contrast the 29% return of Pershing Square against the 98% and 146% returns of the S&P 500 and ADP respectively.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_horizontal",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-7c9b047a6a58/54",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58#slide-54",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "ADP has delivered positive returns in each of the last five years, outperforming Pershing Square, L.P. and the S&P by 117% and 48%, respectively, over that period",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87f3-472fba91a863",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.04,
        "y": 0.256
      },
      "kind": "chart",
      "text": "Cumulative Return (%) – CY2012 to CY2016",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2abe180d-3d1d-4e4a-8279-e994ded07ba7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.51,
        "y": 0.26
      },
      "kind": "list",
      "text": "Pershing Square, L.P. has a history of volatile returns, posting negative returns for 2 of the past 5 years. Since inception, Pershing Square Holdings, Ltd has had a net return of only 7% after fees. ADP has outperformed.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9e796f32-6858-427e-b8db-d3d44f62adfc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cumulative Return: 29%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87f3-4a5629223aa3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.15,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Sources: Pershing Square 2016 Annual Report, Pershing Square 1Q'17 Letter to Shareholders and Bloomberg. Notes: 1. Cumulative YOY return calculated from 12/30/2011 to 12/30/2016. 2. Time period since inception from 12/31/12 to 5/9/17.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb709945-25b7-4727-a625-823a1936d53e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Pershing Square Has Delivered Inconsistent and Below Market Returns for Its Shareholders",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ff88cff-0cdd-4fa9-b035-f3dee3c208bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "title",
      "text": "Pershing Square Cumulative Net Return of 29% from 2012-2016",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b976539f-f0b7-42d0-bdb8-6806b11c238a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "c264f10b-5a87-4f10-9c76-299da2c11e84",
      "evidence": "Direct comparison of performance metrics between three entities.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 54,
      "from": 45,
      "beatId": "a4615663-1b03-4967-b7e7-7eaeb6a911a2",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Critique of Pershing Square",
      "beatSlug": null,
      "evidence": "The document critiques Pershing Square's engagement with ADP and its nominees, highlighting their lack of relevant experience and misaligned incentives.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 54,
      "from": 45,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "9572bef0-76b4-4b7e-8e83-9040529367d2",
      "evidence": "The document critiques Pershing Square's engagement with ADP and its nominees, highlighting their lack of relevant experience and misaligned incentives.",
      "position": 1,
      "objective": "To highlight the risks of Pershing Square's proposals",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}