{
  "docId": "019dd923-622c-750b-8b9b-d9b3dd5a51e8",
  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 168,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "thesis_headline",
  "function": "frame_problem",
  "density": "sparse",
  "nDataPoints": 1,
  "notes": "This is a high-level thesis slide, likely serving as a transition or anchor for the activist argument.",
  "elementsJson": [
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-d9b3dd5a51e8/11",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8#slide-11",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe ADP’s Employer Services segment, its largest business and currently ~2/3 of profit, is materially underperforming its competitors and its potential",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98d1-a2e73199933f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "profit: ~2/3",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98d1-a416fd0934e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.76,
        "x": 0.12,
        "y": 0.29
      },
      "kind": "paragraph",
      "text": "We believe ADP’s Employer Services segment, its largest business and currently ~2/3 of profit, is materially underperforming its competitors and its potential",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08dd756f-877c-4996-8ecf-9c3e360e8548",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "governing-thought",
      "slug": null,
      "matchId": "2b749df3-7973-45de-a4dc-440ffe241c84",
      "evidence": "The slide presents a single, high-level assertion that dictates the logic of the subsequent deck.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}