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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": "This slide serves as a diagnostic inquiry list, likely used to pressure management for transparency on underperforming areas.",
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      "text": "1. What is the mix of revenue by sub-segment? What are client count and revenue trends by sub-segment over time?\n2. What is the breakout of ES and PEO (gross and net) bookings over time?\n3. Why is sales force productivity declining so dramatically?\n4. What is the recent growth of payroll vs. Beyond Payroll?\n5. Why is the uptake on Vantage so slow relative to competitors when ADP has a huge installed base and immense resource advantages?\n6. What is the current margin and structural potential margin of each sub-segment? Are you performing in-line with Paychex in SMB (ex. Float, incl. Corporate)?\n7. What is the intended payoff from the Service Alignment Initiative?\n8. Why has there been no labor productivity, in a business with scale efficiencies, and an industry environment of significant technological improvements and automation?\n9. What percentage of service activity is product support vs. value-added service?\n10. Why were CDK margins nearly half of their potential under ADP's ownership?",
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      "text": "Our Questions for ADP",
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