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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": "Includes detailed footnotes explaining adjustments for float income and PEO pass-through costs.",
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      "kind": "callout",
      "text": "Paychex is an ADP competitor that has reached its mature growth phase; yet, ADP trails Paychex significantly across all metrics: revenue productivity, gross margin, and operational profit margin (ex-float)",
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      "text": "Adjusted Operational EBIT Margin (%)",
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      "text": "Net Op. Revenue per Employee ($'000)",
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      "text": "(1) For both ADP and Paychex analysis excludes Client Funds and PEO pass-through costs... (2) ADP's gross margins adjusted to exclude float income... (3) Excludes float income and pass-through costs.",
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      "text": "operational profit margin: 1,900bps",
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      "text": "ADP vs. Paychex",
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