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  "docSlug": "1c9c0f306991",
  "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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  "notes": "The chart uses a combination of trend lines and discrete data points to illustrate market share erosion.",
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      "kind": "callout",
      "text": "Many of ADP’s retained Enterprise clients are legacy payroll, benefits, and HR clients, while some retained clients use competitors (i.e., Workday) for HCM",
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      "kind": "callout",
      "text": "Many of ADP's retained Enterprise clients are legacy payroll, benefits, and HR clients, while some retained clients use competitors (i.e., Workday) for HCM",
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      "text": "Client count trends for ADP, Workday, and Ultimate Software from 2009 to 2017",
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      "text": "Recent management commentary suggests ADP is losing share in Enterprise\nVantage’s (ADP’s new Enterprise HCM product) adoption rate is very weak, particularly when one considers ADP’s incumbent client base",
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      "kind": "source-note",
      "text": "Source: ADP Analyst Day (2009), Company SEC financials, press releases and earnings transcripts. Note: Vantage reported as live clients, consistent with competitor customer counts. (1) ADP reported 5,000 Enterprise clients as of the 2009 Analyst Day and 4,000 Enterprise clients in 2010 transcripts but has recently described the upmarket as having 2,000 to 3,000 clients (source: Q3'2017 earnings call).",
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      "kind": "title",
      "text": "ADP Appears to be Losing Significant Share in Enterprise HCM",
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