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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "notes": "The charts illustrate the 'OpEx burden' of smaller, faster-growing competitors compared to ADP's scale.",
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      "text": "Comparisons to ADP's competitors are most appropriate at the revenue and gross margin levels given the higher operating expense levels of ADP's sub-scale and rapidly growing competitors",
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      "text": "Note: Based on reported operating expenses including expensed stock-based compensation. (1) Adds back $42.8m of stock-based compensation expense associated with modifications made to the company's change in control plans.",
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      "text": "Comparisons to Sub-Scale & Rapidly Growing Competitors (continued)",
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