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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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  "notes": "The chart uses a waterfall-bridge format to show the components of EPS growth.",
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      "text": "Our proposed “Transformation Case” for ADP will lead to more robust top-line growth (i.e. better competitive positioning in Enterprise) and expand long-term operating margins",
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      "text": "(1) 2018 financials based on management guidance. Long-term model assumes Employer Service growth rates accelerates to 7%, achieving a 5% top-line CAGR through FY 2022. Assumes ES operating margins of 36% by FY 2022 (32% blended margin). PEO and Float Income assumptions unchanged vs. “Management Case.” Assumes ADP repurchases share targeting 50% of net income. Assumes near-term cash conversion compression given heightened investment and cash restructuring charges.",
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      "text": "Near-term cash generation reduced by accelerated product investment and cash restructuring costs",
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      "text": "EPS: $8.70",
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      "text": "The Value of ADP (Transformation)",
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