ADP's payroll float model generates substantial recurring interest income because clients pre-fund payroll obligations that ADP holds and invests before disbursement. This float grows automatically with client payrolls and employment levels, creating a capital-light earnings stream that compounds as balances rise. The thesis depends on ADP retaining the right to invest these funds and earning a positive spread versus funding costs.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on · in our words, not the filing’s