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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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  "pageNumber": 24,
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  "notes": "Focuses on Ultimate Software as a specific competitive threat.",
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      "text": "Ultimate Software has spent only ~$590m on R&D cumulatively since 2011 while building and maintaining a world-class enterprise HCM product",
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      "text": "Ultimate Software Annual R&D Spend ($m)",
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      "text": "ADP's SaaS Cloud-based competitors, with high quality and integrated HCM offerings, are stealing significant share in Enterprise\nUltimate Software has spent only ~$590m on R&D cumulatively since 2011 while building and maintaining a world-class enterprise HCM product",
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      "text": "Source: Ultimate Software's SEC financials, financial press releases and earnings conference call. (1) Includes both expensed and capitalized R&D.",
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      "text": "ADP's Enterprise Competitors are Gaining Share",
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