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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
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  "nDataPoints": 18,
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      "text": "Comparable benchmarking requires adjusting ADP's gross operational revenue for significant PEO pass-through revenue / costs",
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      "kind": "chart",
      "text": "Net Operational Revenue - Sorted by Relative Scale",
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      "text": "Note: Based on latest fiscal year end, as relevant. Note that Kronos and Ceridian are two privately-owned competitors which do not have public financials. (1) Net operational revenue excludes float income... (2) Insperity Net Operational Revenue estimated based on TriNet's gross margins. (3) Estimated relative size of ADP's sub-segment revenue as compared to pure-play public peers.",
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      "text": "Net Operational Revenue: $9,354",
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      "text": "ADP Comparative Size and Segment Size metrics",
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      "text": "ADP is Significantly Larger than Competitors",
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