{
  "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",
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  "pageNumber": 39,
  "pageCount": 168,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a bar chart to contrast 'Operational Revenue' with adjusted figures to expose accounting-driven growth inflation.",
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  "slideHref": "/slides/019dd923-622c-750b-8b9b-d9b3dd5a51e8/39",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-d9b3dd5a51e8#slide-39",
  "components": [
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      "kind": "callout",
      "text": "ADP's PEO pass-throughs are inflating growth. Growth is slowing while ADP's sales force growth is accelerating",
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    {
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      "kind": "callout",
      "text": "ADP’s PEO pass-throughs are inflating growth. Growth is slowing while ADP’s sales force growth is accelerating",
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      "kind": "chart",
      "text": "FY 2011-2017 Revenue CAGR - Ex Float (%)",
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      "kind": "metric",
      "text": "Revenue CAGR: 7.3%",
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      "kind": "source-note",
      "text": "(1) Excludes Dealer Services in all periods. (2) PEO estimated at ~11% of total revenue... (3) Estimated 2011-2017 CAGR...",
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      "kind": "title",
      "text": "ADP's Reported Metrics are Overstating Growth",
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      "evidence": "The slide explicitly argues that reported metrics are misleading due to accounting choices (PEO pass-throughs).",
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The presentation emphasizes the consequences of not addressing ADP's underperformance",
      "position": 0,
      "objective": "Highlight the risks of inaction",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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