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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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  "notes": "The slide uses a red flag icon to draw attention to the activist thesis regarding accounting irregularities.",
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      "text": "Whether you evaluate Broadridge relative to the S&P 500, the financial industry, or as a technology company, its share price has mysteriously outperformed its benchmark by 7% - 15% in the LTM period. We believe the market is not attuned to Broadridge's growing financial struggles that are being masked by aggressive cost capitalization policies that make it appear as if \"Non-GAAP\" earnings are growing. In reality, we believe Broadridge should be in violation of its debt covenant.",
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      "text": "Whether you evaluate Broadridge relative to the S&P 500, the financial industry, or as a technology company, its share price has mysteriously outperformed its benchmark by 7% - 15% in the LTM period.",
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      "text": "Broadridge vs. Peers Last 12 Months",
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      "text": "share price performance: 7% - 15%",
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      "text": "Source: Bloomberg",
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