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  "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": 20,
  "pageCount": 81,
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  "nextPage": 21,
  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 63,
  "notes": "The slide uses a red flag icon and red boxes to emphasize the discrepancy between earnings growth and stagnant cash flow.",
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      "kind": "callout",
      "text": "BR's fits the mold of many classic Spruce Point large cap short targets. We typically find a growing rift between GAAP and Non-GAAP results as the business comes under increasing stress to grow.",
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      "kind": "metric",
      "text": "GAAP vs Non-GAAP spread: 0.2%",
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      "toolName": "Quantification",
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        "y": 0.94
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      "kind": "source-note",
      "text": "Source: Company filings and Spruce Point analysis",
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      "kind": "table",
      "text": "BR's GAAP vs. Non-GAAP reporting table",
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      "kind": "title",
      "text": "Growing Rift Between GAAP / Non-GAAP Results",
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      "evidence": "Highlighting the divergence between GAAP earnings and cash flow as a red flag for potential accounting manipulation.",
      "confidence": 0.9
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  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "The Reveal",
      "slug": "05-the-reveal",
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      "evidence": "The deck presents a series of revelations about Broadridge's business practices and financials",
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      "objective": "To reveal Broadridge's true nature and financial stress",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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