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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "notes": "The table aggregates disparate data points from earnings calls to estimate the scale and profitability of non-core business segments.",
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      "text": "Estimated Margin: 15% - 22%",
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      "kind": "quote",
      "text": "[M]ultiple hundreds of millions of dollars — Gary Butler, Q4'2010 Earnings Call. [S]trong double-digit kind of bottom line margin — Gary Butler, Q1'2012 Earnings Call. [O]ur HR BPO products excluding the pass-throughs have margin characteristics that are roughly in line for most of the cases, with our overall margin profile. — Management, Q2'2016 conference call.",
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      "text": "(1) Gary Butler. Q4'2010 Earnings Call. (2) Q1'2011 Conference Call... (7) ADP 2015 Analyst Day...",
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      "text": "Business Line, Segment, Last Disclosed Revenue, Time Frame, Est. Current Revenue, Estimated Margin",
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      "text": "Estimating ADP's Non-SaaS Business (pp.74,76-77)",
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