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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "All such statements are made to Pershing Square's opinion and belief, whether or not those statements are expressly so qualified.",
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      "text": "Consistent with our internal firm compliance policies, we spoke with executives who have been at least 18 months removed from ADP. While we have included only select commentary from these executives, we believe this commentary is representative of, and consistent with, our broader research.",
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      "text": "The statements are based on our research of public materials filed by ADP and our research conducted anonymously through \"Expert Network\" firms. In multiple places throughout this presentation, we reference quotes from former ADP executives that provide qualitative commentary that is helpful to contextualize our research.",
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      "text": "An Overview of Pershing Square's Analysis (cont'd.)",
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