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  "docSlug": "1c9c0f306991",
  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-08-17 00:00:00",
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  "pageNumber": 7,
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  "density": "balanced",
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  "notes": "The slide uses a table to decompose the company's revenue and profit structure, highlighting the distinct nature of the float income.",
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      "kind": "callout",
      "text": "ADP is comprised of three distinct “businesses,” each with discrete growth drivers and profit opportunities – we adjust for PEO pass-throughs",
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      "text": "Pre-Tax Profit: $2.4bn",
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      "text": "(1) Adjusts PEO revenue to exclude pass-through costs of $2.6bn. (2) Strips out allocated float income. Allocates “Other” expense of to Employer Services and PEO based on the % of Net Operational Revenue (ex-Float, ex-PEO Pass-Through).",
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      "text": "ADP Overview (FY 2017) table showing Net Revenue, % of Total, Pre-Tax Profit, % Profit Margin, and % of Total for ES, PEO, and Float Income segments.",
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      "text": "How We Think About ADP",
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