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  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-24 00:00:00",
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  "notes": "The slide uses two charts to illustrate margin performance and cost efficiency.",
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      "kind": "callout",
      "text": "We believe ADT's margins will continue to expand over time, as they have done steadily over the past 5 years, driving EBITDA growth in excess of the top-line",
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      "kind": "chart",
      "text": "EBITDA Margin %",
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      "text": "Cost to Serve (GM%)",
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      "text": "We believe ADT's margins will continue to expand over time, as they have done steadily over the past 5 years, driving EBITDA growth in excess of the top-line. Management guidance of flat ~50% EBITDA margins is conservative, consistent with historical Tyco practice. Pulse results in increased upfront SAC, followed by increased ARPU flowing through at high incremental margins. Service margins in excess of 70%.",
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      "text": "Continued Margin Expansion",
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