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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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  "notes": "Includes a testimonial quote from a former SVP to reinforce the 'ticking time bomb' narrative.",
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      "text": "If ADP is not the HCM provider, but rather payroll only, it will lose future sell-in opportunities as HCM continues to expand. Payroll only market growth -> L-S-D%, HCM growth is in Beyond Payroll.",
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      "text": "Current legacy products and systems are “ticking time bombs.” These issues must be addressed with urgency. Existing products are old and inefficient, and becoming more so over time. Spreading resources across disparate old legacy platforms reduces capital for investments, and leaves stranded costs on as customers exit.",
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