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      "kind": "callout",
      "text": "While ADP's win / loss commentary is accurate at a total client level, it masks share losses to competitors in Mid-Market and Enterprise",
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      "text": "Where Do They Come From? Our Clients' Prior Vendors",
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      "text": "We also have the same information for clients that we lose... I wish could tell you that there is a specific pattern, but there isn't... It is fairly balanced across the board.",
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      "text": "We typically get between 45% and 50% of our new units from ADP... I think our culture, product, and service -- we end up winning a lot.",
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      "text": "\"We also have the same information for clients that we lose, so we have our wins and we have our losses, where they go. Unfortunately, there really isn't -- I think we said this numerous times and it hasn't changed, that there really isn't one specific competitor or category, even... I wish could tell you that there is a specific pattern, but there isn't, which is a -- in my opinion, is a good thing. We don't see any one competitor that is creating an enormous problem for us, and we also don't see any one competitor where it is kind of easy pickings for us. I think it is fairly balanced across the board.\" — Carlos Rodriguez(1); \"We typically get between 45% and 50% of our new units from ADP... I think our culture, product, and service -- we end up winning a lot. So, I don't know why that would change in the future, unless something dramatically happens, which I can't imagine what that is.\" — Scott Scherr (CEO, President, Founder)(3)",
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      "text": "(1) Q1'2015 Earnings Call. October 29, 2014. (2) Ultimate Software Q1'2015 Investor Presentation. February 3, 2015. (3) Scott Scheer. Q4'2016 Earnings Call. February 7, 2017.",
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      "text": "ADP Management's Commentary on Client Wins/Losses is Misleading",
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