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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "We look at Paychex's business model and think that that's one that we can emulate as we grow over time.",
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      "text": "Justin Furby, William Blair: \"Longer-term margins, two of your competitors have a little bit of a different margin structure: Paychex, high 30s%, 40%; ADP, mid 20s%. Where do you guys think you shake out over the very long term?\"",
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      "text": "Mitch Dauerman, Ultimate Software, CFO: \"We look at Paychex's business model and think that that's one that we can emulate as we grow over time... The goal is to try to see if we can keep growing at 20% as long as we can.\"",
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      "text": "“Longer-term margins, two of your competitors have a little bit of a different margin structure: Paychex, high 30s%, 40%; ADP, mid 20s%. Where do you guys think you shake out over the very long term?” — Justin Furby, William Blair. “We look at Paychex's business model and think that that's one that we can emulate as we grow over time. I don't know when you get to, what is it, 35%, 40%. But we can see us steadily expanding margins for a number of years. The goal is to try to see if we can keep growing at 20% as long as we can. If you're growing that fast, it's going to be hard to expand the operating margins by a lot more. But at some point, I think we can get up there.” — Mitch Dauerman, Ultimate Software, CFO. “...If I go out to the kind of the ending, when growth really slows, I think you would look at a company like Paychex, and you could see kind of the margin in that 35% to 40% range.” — Mitch Dauerman, Ultimate Software, CFO.",
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