{
  "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": 8,
  "pageCount": 69,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "Slide 7 from an ADP investor presentation, focusing on shareholder value metrics.",
  "elementsJson": [
    "headline_text",
    "bar_chart_stacked",
    "bar_chart_vertical",
    "bar_chart_horizontal",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-7c9b047a6a58/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-7c9b047a6a58#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "ADP's Dividend Payout Ratio Is Significantly Higher Than the S&P 500 and S&P 500 IT Indices",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ef-4c97c0234659",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.6
      },
      "kind": "chart",
      "text": "Net Change In Shares Outstanding (2011-2017)",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea3fc124-a26a-4395-b84b-591540c033c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "chart",
      "text": "ADP vs. S&P 500 in Dividend Payout Ratio",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97d6d41e-465a-4635-b246-26ac42abab0a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Total Return of Cash – FY11-FY17",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42cca922-b089-481b-a50d-fecca4a3abf5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.04,
        "y": 0.58
      },
      "kind": "list",
      "text": "+9% net reduction in shares outstanding; 8% dividend increase CAGR; 42 consecutive years of dividend increases",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f69c79eb-6aeb-4cc4-849d-140171bb69f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Cash Returned: $11.3B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87ef-53b08e76f049",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.35,
        "x": 0.15,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "Sources: Company Filings, Bloomberg. Notes: 1-6.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a839d908-a67c-4816-b9f5-6702fbae8ab3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Successful Execution of Our Strategy Has Enabled Significant Return of Cash to Shareholders",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ad3330f-a339-4121-8b14-3ca13bec00bf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "97128d30-da58-4f0c-a0ed-866e8d8610df",
      "evidence": "The slide features a waterfall chart titled 'Total Return of Cash – FY11-FY17'.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "be6b162d-909c-4881-8ce7-1297036a59ac",
      "evidence": "Focus on share repurchases and dividends as primary return mechanisms.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 6,
      "beatId": "024b36b1-ddb6-4641-9815-215b8dc7005c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document presents various metrics and comparisons to demonstrate ADP's success, including margin expansion, return of cash to shareholders, and industry-leading technology trends.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 6,
      "name": "Anchor",
      "slug": "18-anchor",
      "bestFor": "Pricing discussions, negotiation, budget requests",
      "matchId": "bc0e82ca-00a1-473e-a54f-cb8e1a37085b",
      "evidence": "The document presents a clear comparison of ADP's value proposition with its peers.",
      "position": 0,
      "objective": "To establish ADP's differentiated value proposition",
      "structure": "The Extreme Option (The Anchor) -> The Flaws of the Extreme -> The Balanced Proposal",
      "confidence": 0.7,
      "description": "Set a high reference point to make your actual proposal seem reasonable and attractive"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}