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  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
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  "pageNumber": 55,
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  "nDataPoints": 10,
  "notes": "The chart uses a color-coded legend for different market segments (SMB, Enterprise, PEO, HCM, Major Accounts).",
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      "kind": "callout",
      "text": "When adjusted for PEO pass-throughs, ADP substantially trails its competitor group in efficiency, despite ADP's significant scale advantages",
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      "text": "When adjusted for PEO pass-throughs, ADP substantially trails its competitor group in efficiency, despite ADP’s significant scale advantages",
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      "text": "Net Operational Revenue per Employee(1) (Ex-Float)",
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      "kind": "list",
      "text": "This deficiency is not specific to one “category” of competitor (e.g., SMB) but appears consistent across the spectrum (except for sub-scale, rapidly growing mid-market comps)",
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      "text": "Net Operational Revenue per Employee: $153",
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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 (“Funds Held for Clients”) and PEO Services pass-through costs (~$2.6bn for ADP). (2) Insperity Net Operational Revenue estimated based on TriNet's gross margins.",
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      "kind": "title",
      "text": "Despite its Scale, ADP's Net Operational Revenue per Employee Significantly Underperforms Competitors",
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      "evidence": "Comparing ADP performance metrics against a peer group to highlight underperformance.",
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