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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The slide uses a before-after framing to demonstrate the value creation potential of operational improvements post-divestiture.",
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      "text": "ADP’s Claims Services Group expanded margins by ~2,000bps within 5 years after sale by ADP",
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      "kind": "quote",
      "text": "[O]ur performance was strengthened by our guiding principle to always attack waste... This included an effort to begin rationalizing our facilities and organizational assignments to drive unnecessary expense out of the business...",
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      "text": "\"[O]ur performance was strengthened by our guiding principle to always attack waste... This included an effort to begin rationalizing our facilities and organizational assignments to drive unnecessary expense out of the business and to improve our customer intimacy by delayering the organization. We remain focused on executing our global pipeline of opportunities to improve our efficiency and reduce our waste. This will remain a major focus in fiscal year '08 and beyond.\" — Tony Aquila, CEO, President, Chairman",
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      "text": "Source: ADP and Solera Holdings Inc. SEC filings and transcripts.",
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      "text": "Case Study #1: Solera (Formerly ADP Claims Services Group)",
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