{
  "docId": "019dd923-622c-750b-8b99-4706c419301b",
  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 81,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 100,
  "notes": "Uses a 'The Stock Promotion' vs 'The Spruce Point Cold Reality' framing to expose a discrepancy.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "screenshot",
    "infographic"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/13",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4706c419301b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4706c419301b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4706c419301b#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.88,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "callout",
      "text": "BR promotes itself as a “Global Fintech Leader”. But in reality, we believe at least 40% of its revenues are tied to mundane, low-valued added business process outsourcing (BPO) activities such as printing and distributing business statements, some of which carries literally no margin.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9202a0ba-3e7f-491f-b23b-375aa3465cf1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.3,
        "x": 0.65,
        "y": 0.035
      },
      "kind": "diagram",
      "text": "Example: Printing of American Express Statements, Marketing Communications + Physical mailing of communications; Low to no margin business = 40% of Revenue = Low Valued-Added BPO Work",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85850529-bac0-4ec8-8fe8-594e0ba889da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue: 40%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854b-c185eee96ef5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.06,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: FY 2022 Investor Presentation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78704a95-a957-452b-abf8-177c7a0955e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.55,
        "x": 0.06,
        "y": 0.43
      },
      "kind": "table",
      "text": "Supplemental Reporting Detail – Product Line Reporting",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dad2e960-f878-4474-a5d1-ef10b7570b57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.35,
        "y": 0.05
      },
      "kind": "title",
      "text": "What Is BR Really?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f89554d-7933-4171-a357-b11e2d36e755",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "aa722161-94dd-4d4a-a498-9d92e35e89f2",
      "evidence": "Contrasts company marketing claims with underlying financial data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "ffa3c7b4-8905-4acf-afb2-d4be3f3ee94d",
      "evidence": "The deck presents a series of revelations about Broadridge's business practices and financials",
      "position": 0,
      "objective": "To reveal Broadridge's true nature and financial stress",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}