{
  "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": 16,
  "pageCount": 81,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 28,
  "notes": "Uses a red flag icon to signal a warning about the company's business model claims.",
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  "metadataConfidence": 1,
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  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/16",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4706c419301b#slide-16",
  "components": [
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      "kind": "callout",
      "text": "Spruce Point does not believe that BR is justified in calling itself a SaaS company with margins that scale. In fact, its financials look nothing like a high quality SaaS company. When we benchmark BR's gross margins and deferred revenue relative to its recurring revenue, we find it to be wildly below peers.",
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      "kind": "metric",
      "text": "Gross Margin: 27.9%",
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      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
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      "componentId": "019dd953-2040-777a-854b-17b6d3801018",
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      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.07,
        "y": 0.95
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      "kind": "source-note",
      "text": "Source: Company Filings and Bloomberg",
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      "componentId": "29d6ab2c-d01b-4f01-93e6-c1c931613023",
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      "bbox": {
        "h": 0.54,
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      "kind": "table",
      "text": "BR vs. Quality SaaS Recurring Revenue Businesses",
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      "componentId": "7ed036b2-09d7-41a1-a6b0-9b55439957a0",
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      "bbox": {
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      "kind": "title",
      "text": "BR Claims To Be A SaaS Business, But Has Limited Deferred Revenue And Low Gross Margins",
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  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "b9ee10e4-9353-4fd3-ba39-48178c0abcf0",
      "evidence": "table/data: BR vs. Quality SaaS Recurring Revenue Businesses",
      "confidence": 0.8
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  "frameworks": [
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      "name": "comparison-frame",
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      "matchId": "1686a57d-8665-46df-9afb-95d140554824",
      "evidence": "Compares BR's financial metrics against a peer group of SaaS companies to expose a discrepancy.",
      "confidence": 0.9
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  ],
  "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"
    }
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  "locked": true
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