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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "Uses the 'ceo-quote-contradiction' framework to highlight the gap between executive rhetoric and operational performance.",
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      "kind": "callout",
      "text": "ADP’s poor sales force productivity is inconsistent with the Company’s long-standing goal of driving bookings growth from both additional sales reps and productivity per sales rep",
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      "kind": "quote",
      "text": "The way to think about the 10% [growth in bookings], both in the past and in terms of our future intention, is that roughly half of our growth will come through headcount additions. The other half will come through productivity lift.",
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      "text": "And that productivity has really been phenomenal for multiple years now. I'm sure that products are helping, but clearly it's also really great execution and great leadership in that organization. They have proven once again this quarter that we have the best direct sales force in the world.",
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      "text": "\"The way to think about the 10% [growth in bookings], both in the past and in terms of our future intention, is that roughly half of our growth will come through headcount additions. The other half will come through productivity lift.\" — Ed Flynn, Former EVP, Worldwide Sales and Marketing; \"And that productivity has really been phenomenal for multiple years now. I'm sure that products are helping, but clearly it's also really great execution and great leadership in that organization. They have proven once again this quarter that we have the best direct sales force in the world.\" — Carlos Rodriguez, President & CEO",
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      "kind": "title",
      "text": "The “Best Direct Sales Force in the World” Is Underachieving its Potential",
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