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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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  "pageNumber": 65,
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  "notes": "Includes detailed footnotes regarding fiscal year adjustments and PEO pass-through costs.",
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      "kind": "callout",
      "text": "While Paychex historically generated similar Net Operational Revenue per Employee as ADP (from 2008-2011), it has dramatically outperformed ADP since 2011",
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      "text": "Note: Paychex has a fiscal year end May 31 as compared to ADP's fiscal year end of June 30. (1)-(4) Footnotes regarding methodology and adjustments.",
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      "text": "Net Operational Revenue per Employee: 4.4% CAGR",
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      "kind": "title",
      "text": "ADP vs. Paychex: the Gap is Widening",
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