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  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The slide uses a 'before-after' or 'contradiction' framing to show that sales force expansion is outpacing bookings growth.",
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      "kind": "callout",
      "text": "ADP’s total reported bookings suggest a ~7% CAGR since FY 2011. This is not heroic in light of industry tailwinds and an 8% CAGR increase in ADP’s sales force(1)",
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      "text": "Bookings ($m) from 2011A to 2018E",
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      "text": "CAGR: 7%",
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      "kind": "source-note",
      "text": "Source: SEC financials, press releases. (1) FY'2011, 2012, 2014, 2015 and 2016 informed by conference call commentary. FY'2013 extrapolated based on 2012 and 2014 commentary. 2017 and 2018E based on management growth rates discussing the growth in total salesforce using the 2016 figure as a base.",
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      "text": "Quota-Carrying Sales Reps.(1): ~4,000 ~4,400 ~4,700 ~5,000 ~5,500 ~6,000 ~6,540 ~6,800 ~8%",
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      "kind": "title",
      "text": "Reported Bookings Appear Good",
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