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  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The chart uses a dual-axis approach to show both absolute dollar spend (bars) and percentage of revenue (squares).",
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      "kind": "chart",
      "text": "Systems Development and Programming Expense (\"SDP\") / R&D ($m)",
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      "text": "Note: Based on latest fiscal year end, as relevant. (1) Includes both expensed and capitalized research & product development expenses, as relevant. (2) Paychex does not specifically break out product development costs but rather reports them within \"Other Expenses.\" (3) Workday \"Product Development\" as presented excludes $18.5m of Non-GAAP \"Other Operating Expenses\" but includes $166m of share-based compensation expense. HCM specific R&D informed by primary research interviews with a former Workday product strategy and development executive. (4) Insperity R&D as % of Adjusted Operational Revenue estimates Insperity \"Net\" revenue based on TriNet's gross profit margins.",
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      "text": "On an absolute dollar basis, ADP dwarfs competitor systems spending, other than Workday, which is growing rapidly and building out its ERP / financials product for Enterprise clients\nADP should be an HCM technology leader given its vast spending and resources",
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      "kind": "title",
      "text": "ADP Outspends Competitors on Systems Development and Programming with Little to Show for It",
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