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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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      "text": "Adjusting for PEO pass-through revenue in gross bookings, sales force productivity is down ~20% vs. 2011",
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      "text": "(1) Gross bookings reported by ADP management... (2) PEO bookings assumes 80-86% retention... (3) Assumes PEO had 300 sales-reps in 2011...",
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      "text": "Sales Force Productivity – Less Than Meets the Eye",
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