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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "notes": "Includes peer benchmarks (ADP, Paychex) as context for operating expense and margin targets.",
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      "kind": "callout",
      "text": "Higher absolute growth (>20%) burdens Ultimate's P&L with implementation expense and variable sales commissions; G&A and R&D will scale over time",
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      "text": "At scale, when growth slows, Ultimate's structural margins should be 32% - 40%",
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      "text": "Source: Ultimate Public financials. (1) Adjusted to exclude certain one-time change-in-control payments included in Sales and Marketing and General and Administrative. Otherwise expenses stock-based compensation.",
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