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  "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 chart uses a stacked bar approach to differentiate between business segments (e.g., PEO, SMB, Enterprise) and highlights the 'Recurring Median' vs ADP's performance.",
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      "kind": "callout",
      "text": "ADP's adjusted gross margins(1) are significantly lower than competitors despite ADP's significant scale advantages",
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      "text": "Adjusted Net Operational Gross Profit Margins (%)",
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      "text": "Net Operational Gross Profit Margin: 58%",
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      "text": "Note that Kronos and Ceridian are two privately-owned competitors which are not included. (1) ADP adjustments explained. (2) Excludes services and implementation revenue.",
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      "text": "Despite its Scale, ADP's Gross Margins Significantly Lag Competitors'",
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