{
  "docId": "019dd923-622c-750b-8b9b-d9b3dd5a51e8",
  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 168,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "ceo_quote",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a 'quote-as-evidence' technique to validate the activist's thesis.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-d9b3dd5a51e8/25",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.48
      },
      "kind": "callout",
      "text": "This is ADP’s primary competitive and operational issue:",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a884520-c2a5-451d-8834-2e41b7b02768",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "In the 21st century high-touch “service” does not compensate for technological weakness",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98d2-e41c67ba5eb9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.88,
        "x": 0.08,
        "y": 0.55
      },
      "kind": "list",
      "text": "Why shouldn't the industry behemoth, with vast resources, be the leader in software and technology? In the 21st century high-touch “service” does not compensate for technological weakness. Customers prefer best-in-class, easy-to-use products... ADP’s operating philosophy hampers growth and harms operating efficiency and margins",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbd12003-77db-400e-90f2-34f868df5295",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "quote",
      "text": "Lee Cooperman, ADP Board Member (1991-2011) “What [Bill Ackman] doesn’t understand is they’ve never been as strong as they ought to be in software and technology, so they made up for that weakness by having a high-touch business model...\"",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3468d1ce-4a68-4eac-9a0b-ed95739112f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“What [Bill Ackman] doesn’t understand is they’ve never been as strong as they ought to be in software and technology, so they made up for that weakness by having a high-touch business model, with high degrees of client service. They have 700,000 clients, great relationships, great retention, and they do that through service. The service costs money...” — Lee Cooperman, ADP Board Member (1991-2011), CNBC (August 7, 2017)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98d2-ebbdcd0f295e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "ADP’s Primary Competitive & Operational Issue: Poor Technology is Compensated for with Headcount",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ffff3b40-f7a8-423a-aba6-157074520e97",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "d5ecb773-3209-415e-8540-73c3f40bb149",
      "evidence": "Uses a quote from a former board member to define the problem, then pivots to the activist's own critique.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 21,
      "beatId": "e46db24b-f9da-4d82-824e-057ddf5978c5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The presentation highlights contradictions in ADP's reporting and performance, such as apparent growth masking underlying weakness",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}