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  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "presentationDate": "2012-10-24 00:00:00",
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      "text": "We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time",
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      "text": "Street has initially responded to management's growth plan with skepticism. Analysts projecting ~3-5% revenue growth, compared to management's goal of 5-7%. We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time. Subscriber growth through home automation value proposition is a free call option on additional upside, with potential for both increased residential penetration and market share gains. Additional potential upside drivers include a recovery in new household formation (which appears to be happening), cost savings opportunities, and growth in small business channel.",
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      "kind": "title",
      "text": "Financial Outperformance",
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