{
  "docId": "019dd923-622c-750b-8b99-4706c419301b",
  "docSlug": "a2803989ab19",
  "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",
  "orientation": "landscape",
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  "pageNumber": 19,
  "pageCount": 81,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Uses a timeline-based comparison of three investor presentation slides to highlight metric degradation and the abandonment of previous resilience claims.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/19",
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      "kind": "callout",
      "text": "Warning: As illustrated on a forthcoming slide, BR no longer backs this number in its 10-K Annual Report",
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      "kind": "callout",
      "text": "Notice that BR has been losing clients and network members in the long-run. For example, in 2014 it reported ~10,000 corporate issuers, now down to 9,000+. Fewer corporate issuers could lead to fewer opportunities for event-driven communications revenue opportunities. Institutional shareholders have declined from 150,000+ in 2017 to now 120,000+. Also banks and broker-dealers have declined from over 1,100 to 1,000+.",
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      "kind": "callout",
      "text": "Notice that BR has been losing clients and network members in the long-run. For example, in 2014 it reported ~10,000 corporate issuers, now down to 9,000+.",
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      "kind": "image",
      "text": "Three historical investor presentation slides showing network metrics",
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      "kind": "paragraph",
      "text": "Notable Risk Factors: Consolidation in the financial services industry could adversely affect our revenues by eliminating some of our existing and potential clients and could make us increasingly dependent on a more limited number of clients. Our revenues may decrease due to declines in the levels of participation and activity in the securities markets.",
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      "kind": "quote",
      "text": "Consolidation in the financial services industry could adversely affect our revenues by eliminating some of our existing and potential clients and could make us increasingly dependent on a more limited number of clients — Broadridge Notable Risk Factors",
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      "kind": "source-note",
      "text": "Source: 2014, 2017, 2022 Investor Presentation; March 2015 Investor Presentation",
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      "kind": "title",
      "text": "Shrinking Ecosystem",
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      "evidence": "Contrasting historical claims of resilience with current declining metrics and the removal of specific disclosures.",
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  "loops": [
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      "from": 10,
      "name": "The Reveal",
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      "bestFor": "Product launches, strategic pivots, unexpected findings",
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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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