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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "Sub-scale and rapidly growing peers have significant operating expense burdens in their P&L – margins improve with greater scale and lower growth",
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      "text": "“I think a good way for you to think about it is $1 of [new] revenue costs us about $1 of sales [and] implementation expense.” – Gary Butler, ADP Former CEO (February 2009)(1)",
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      "text": "Growth = Higher Upfront Expense: Implementation Expense, Sales & Marketing. Fixed Costs: Service & Support, Back-end Infrastructure, R&D, Corporate G&A.",
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      "text": "Main P&L Drivers for HCM Competitors:",
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