{
  "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",
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  "pageNumber": 14,
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  "notes": "Uses a 'before/after' or 'claim/reality' structure to expose a contradiction in company messaging.",
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      "kind": "callout",
      "text": "BR promotes its “recurring revenue” but we don’t believe it is high quality or worthy of a premium multiple to other financial technology peers. When probed about the effects of pricing and volume on revenue reporting, BR reveals that it is mostly volume driven, and changes in prices are not a primary driver.",
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      "text": "RECURRING REVENUE GROWTH",
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      "text": "The Company respectfully acknowledges the Staff’s comment. The Company’s business is substantially volume driven with different components of volumes and prices for various service lines. Price, while an essential element in determining the amount of revenue realized, is generally not the primary driver...",
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      "text": "Source: FY 2022 Investor Presentation",
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      "kind": "source-note",
      "text": "Source: Broadridge SEC Response Letter, April 5, 2022",
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      "kind": "title",
      "text": "BR Promotes Recurring Revenue... But Is It High-Quality?",
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      "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",
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