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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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      "text": "Therefore, we focus on “Net Operational Revenue” and “Net Operational Profits” which excludes PEO pass-throughs and float income",
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      "text": "PEO “revenue” overstates economic revenue and distorts growth rates and operational benchmarking\nClient Fund Income (or “float income”), overstates operational profitability. Earnings from float are not impacted by management performance\nThis makes apples-to-apples comparison with competitors difficult\nTherefore, we focus on “Net Operational Revenue” and “Net Operational Profits” which excludes PEO pass-throughs and float income",
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      "text": "ADP's Large PEO + Substantial Clients Fund Income Complicates Operational Benchmarking",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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