{
  "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": 31,
  "pageCount": 168,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "thesis_headline",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 6,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-d9b3dd5a51e8/31",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We believe fixing ADP's competitive position will increase ES's potential revenue growth from ~4% to 7% – 8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "21419b71-400d-4b27-9810-0bfae23cb893",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe fixing ADP’s competitive position will increase ES’s potential revenue growth from ~4% to 7% – 8%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98d3-8d0f1548ca48",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.49
      },
      "kind": "list",
      "text": "Fixing ADP's competitive position would add meaningfully to top-line growth: Reduced customer churn (Mid-Market churn reduction, Enterprise client loss reduction); Improved bookings performance and sales force productivity",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07543c16-a44b-4f8b-baa7-882416b9f640",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.27
      },
      "kind": "list",
      "text": "Fixing ADP's product, back-end technology, and go-to-market strategy would yield significant long-term value: Improved competitive position and growth prospects; Improved operating efficiency and margin",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea88fac3-c9be-46ff-b6ab-663af3b52742",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue growth: 7% - 8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98d3-937cf0a2f668",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "(1) Assumes Mid-Market has 9% churn on ~$3.2bn in revenue. (2) Estimates current ADP net client growth in Enterprise is (7%) partially offset by 4% growth in revenue per client. Assumes Enterprise is 20% of ES. Analysis assumes new client wins offset churn producing flat Enterprise client growth.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c6fe2ca-9584-4af6-bd3f-1000c895104f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.68,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "ADP's Potential for Improved Growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e82bd2b9-7091-486b-a7e1-a05035c7c146",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Logical chain",
      "slug": "logical-chain",
      "agent": null,
      "layer": "slide",
      "matchId": "6348dcba-0f5c-42cf-92cb-5db9da022d91",
      "evidence": "Fixing ADP's competitive position would add meaningfully to top-line growth: Reduced customer churn (Mid-Market churn reduction, Enterprise client loss reduction); Improved bookings performance and sales for",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}