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  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The slide uses a red circle to highlight Ultimate's superior retention rate as a counter-example to ADP's service model claims.",
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      "text": "We believe that ADP's retention is better than peers in SMB, but is well below peers in Enterprise",
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      "text": "We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise",
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      "text": "ADP's client retention appears to be in-line with weighted-average peer retention when adjusted for ADP's estimated business mix",
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      "text": "Note that Ultimate has a best-in-class ~97% retention, while growing rapidly – this contradicts the notion that ADP's “high touch service” model leads to differentiated retention vis-à-vis “SaaS” competitors",
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      "text": "Client Retention: 97%",
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      "kind": "source-note",
      "text": "Source: SEC filings and public transcripts. (1) ADP, Cornerstone, Paycom and Paylocity report revenue retention. (2) Paychex, Workday, Ultimate, Insperity and TriNet report client retention.",
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      "kind": "title",
      "text": "ADP's Consolidated Revenue Retention Masks Enterprise Underperformance",
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