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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "notes": "This slide serves as a foundational disclaimer for the activist campaign, emphasizing the depth of due diligence while acknowledging information asymmetry.",
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      "text": "Directionally, and on the whole, we think our analysis is correct and the broader conclusions are inescapable",
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      "text": "85+ consultations with industry executives, including former senior employees of ADP and its competitors in service, implementation, sales, technology, product development, and finance, and with customers and industry consultants",
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      "text": "ADP's limited and reduced disclosure has made this analysis more difficult and may cause some of our estimates to be imprecise or off slightly in magnitude",
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      "text": "Our analysis of the Company's performance and the potential areas for improvement on the pages that follow are based on public information and extensive due diligence completed, which includes:",
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      "text": "An Overview of Pershing Square's Analysis",
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