{
  "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": 127,
  "pageCount": 168,
  "prevPage": 126,
  "nextPage": 128,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 10,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-d9b3dd5a51e8/127",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8#slide-127",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Enormous margin opportunity from ~19% to mid-to-high-30s% potential",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee39-730e-b022-b6b9009d2a4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.74
      },
      "kind": "list",
      "text": "Client Fund Interest (Float Income) growth and yield assumptions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d4cbd04-df5f-456a-90e1-939f3a5df9b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.53
      },
      "kind": "list",
      "text": "Professional Employer Organization (PEO) growth assumptions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d32d5744-cbbb-4299-addc-474a359753b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "margin: 30s%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee39-730e-b022-b93fc7027db7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "table",
      "text": "Employer Services (ES) Status Quo vs Transformation",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04986406-46be-4924-b1a5-06e5bd46d07e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "ADP has Three Distinct Drivers of Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "825528cf-71c6-42e2-b0ab-fddea841c2b7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "6e32ffa0-e789-4c22-aa03-8a4051bf53d6",
      "evidence": "Comparison of Status Quo vs Transformation for Employer Services",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}