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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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  "notes": "The chart uses a bridge methodology to decompose revenue growth between FY2009 and FY2017.",
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      "text": "ADP’s competitive weakness is masked partially by “sell-in” driven by recent industry trends toward HCM Beyond Payroll",
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      "text": "Recent sell-in has inflated growth as the industry built-out Beyond Payroll\nIf ADP is not a clear winner in HCM, including in Enterprise, it will lose most of the sell-in opportunity. It is not enough to keep the payroll account",
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