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  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
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  "pageNumber": 10,
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  "notes": "This is a classic activist investor 'problem statement' slide, framing the company's current state as a failure to reach potential.",
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      "text": "ADP is materially underperforming its potential",
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      "text": "Key evidence of ADP’s underperformance includes: Decelerating Employer Services revenue growth, Material underperformance against competitors, No labor efficiency gains, Dramatic improvements in profitability at Claims Services and Dealer Services post-spinout.",
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      "text": "ADP is materially underperforming its potential. Employer Services growth is slowing and margins are vastly below their potential. ADP is losing ground, most notably against enterprise and mid-market competitors.",
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      "text": "The Critical Question for Shareholders: Is ADP Achieving its Maximum Potential?",
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      "evidence": "Citing success of Solera and CDK post-spinout as evidence of ADP's underperformance.",
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