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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "notes": "Includes a bar chart showing EBITDA margins for specific international regions and supporting management quotes.",
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      "kind": "callout",
      "text": "Across the portfolio, International margins should be mid-20s% to 30%",
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      "text": "Select ADP Management Commentary: Canada is a relatively large business... and it's quite profitable; [T]he old GSI in Europe was what I would call more margin focused; Our margins in France... are excellent.",
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      "text": "We believe the components of International ES include: In-country domestic HCM / payroll; Multinational revenue; International managed payroll; Lower margin international growth markets.",
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      "text": "\"Canada is a relatively large business... and it's quite profitable.\" — Carlos Rodriguez, Q2'2015 Conference Call. \"[T]he old GSI in Europe was what I would call more margin focused.\" — Gary Butler, 2008 Analyst Meeting. \"Our margins in France, where when we acquired GSI back in '95, are excellent.\" — Arthur Weinbach, Q4'2006 Conference Call.",
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      "text": "(1) Arthur Weinbach, Q4'2006 Conference Call. August 2, 2006. (2) Based on NGA reported \"Underlying Revenue.\" UK includes SMB and Mid-Market. (3) https://www.pi-ag.com/pi-ag/investor-relations-en/financial-statements (4) Carlos Rodriguez, Q2'2015 Conference Call. February 04, 2015. (5) Gary Butler, 2008 Analyst Meeting. March 23, 2008. (6) Arthur Weinbach, Q4'2006 Conference Call. August 2, 2006.",
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      "text": "International: Structural Margin Potential ~25% to 30%",
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