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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "nDataPoints": 12,
  "notes": "Uses a before-after framing to contrast low R&D investment with high revenue growth.",
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      "text": "Small regional competitors are stealing share and growing at 30%+ in ADP’s most dominant market",
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      "text": "Paycom, Paylocity, Paycor: Recurring Revenue ($m)",
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      "text": "Source: Company SEC financials, press releases and news articles. Note: Financials have been adjusted to a June fiscal year end for Paycom and Paycor. Paycor financials based on public news articles. (1) Includes both expensed and capitalized R&D.",
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      "text": "ADP's Mid-Market Competitors are Gaining Share",
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