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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "So the characteristic of ADP, in a very interesting way is that we have a margin profile that is actually very similar between our product sets. – Jan Siegmund (February 3, 2016)",
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      "text": "(1) Adjusted EBIT adds back amortization, allocated corporate overhead and other stand-alone adjustments. (Source: http://www.aon.com/risk-services/acceleratinginnovation/pdfs/benefits-admin-hrbpo-sale-press-release-021017.pdf)\n(2) Adjusted EBIT adds back $34.1m in amortization and changes in contingent consideration and $1.1m in employeer temination & other non-recurring charges.\n(3) Adjusted EBIT adds back $130m of acquisition related charges.",
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      "text": "HR BPO / Benefits Structural Margin Potential (pp.74)",
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