{ "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": 137, "pageCount": 168, "prevPage": 136, "nextPage": 138, "slideType": "ceo_quote", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to highlight the strategic misalignment between the parent company (ADP) and the spun-off entity (CDK).", "elementsJson": [ "headline_text", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-d9b3dd5a51e8/137", "deckHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8#slide-137", "components": [ { "bbox": null, "kind": "callout", "text": "ADP does a real good job of trying to look at ways to maximize margins, but you do it on a cadence that perhaps isn't at a pace that we are going to try to accelerate.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-ee39-730e-b024-64db03651a0b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.53 }, "kind": "quote", "text": "Steven Anenen, CDK Global, Former CEO: \"I've been with ADP a long time... a cadence that perhaps isn't at a pace that we are going to try to accelerate...\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a495d75f-e68f-4045-bfe1-fdc86a01ec7d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "quote", "text": "Brian Bissett, Morgan Stanley: \"And were those things that were not addressed as you were inside ADP... How did they view the business when it was tucked inside that company?\"", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c2bfe3d9-440a-4cdd-9f9f-cd2a5ad72fc2", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"And were those things that were not addressed as you were inside ADP, or are these things that are incrementally directed towards how you are going to grow the business? In other words, did ADP kind of take a step back and say you are growing at the average rate, at corporate average margins and we are happy with that and focus on other areas? How did they view the business when it was tucked inside that company?\" — Brian Bissett, Morgan Stanley. \"I've been with ADP a long time. ADP does a real good job of trying to look at ways to maximize margins, but you do it on a cadence that perhaps isn't at a pace that we are going to try to accelerate. And because we are independent we can do some things if we have to restructure and the like. Perhaps that wasn't top of the list under the ADP umbrella, but it might be on ours. And so we're going to take advantage of, if you will, a fresh look at all areas and I think that's healthy for the business. Under ADP, good kinds, good direction, but a cadence that perhaps wasn't as accelerated as what we're going to try to do for this business.\" — Steven Anenen, CDK Global, Former CEO", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-ee39-730e-b024-6a7dbef18012", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.52, "x": 0.44, "y": 0.92 }, "kind": "source-note", "text": "CDK FY Q2 2015 Earnings Call – February 5, 2015", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "483912ab-6e95-4bdf-abe8-9abbd36a1e3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "CDK Global: At ADP, No Urgency to Capture Potential", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "44388eb7-305d-40f4-a7e1-e6d7091f9fc3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.04, "y": 0.18 }, "kind": "title", "text": "Question", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4773b4f-c32d-4a3d-9d7a-1aca6c0bf0c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.04, "y": 0.48 }, "kind": "title", "text": "Answer", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c50a64df-817f-4db8-a16a-e36d5c5ec2ed", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "agent": null, "layer": "slide", "matchId": "923350c4-cd04-4d73-b8f2-df0924526177", "evidence": "quote: \"And were those things that were not addressed as you were inside ADP, or are these things that are incrementally directed towards how you are going to grow the business?\"", "confidence": 0.7 } ], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "586080e9-aa33-41a3-af80-187622cdb5e4", "evidence": "The slide explicitly contrasts the parent company's slow pace with the new entity's intent to accelerate.", "confidence": 0.95 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }