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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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  "pageNumber": 23,
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  "notes": "The slide uses a red arrow to visually highlight the removal of the '98%' retention rate metric.",
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      "text": "Under “Client Goals”, BR stopped reporting a quantitative measure of revenue retention between the 2020 and 2021 Proxy Statement. In addition, for the first time it introduced a focus on its “Net Promoter Score”. Lastly, we believe BR is deflecting existing client losses by saying that closed sales are key indicator of client trust and a positive view. However, “Closed sales represent an estimate of the expected annual recurring fee revenues for new client contracts that were signed by Broadridge in the current reporting period.” The emphasis is on new clients and not existing clients, which heightens our concern that it failed to retain revenue from existing clients.",
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      "text": "Under “Client Goals”, BR stopped reporting a quantitative measure of revenue retention between the 2020 and 2021 Proxy Statement. In addition, for the first time it introduced a focus on its “Net Promoter Score”.",
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      "text": "revenue retention rate: 98%",
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      "text": "Closed sales represent an estimate of the expected annual recurring fee revenues for new client contracts that were signed by Broadridge in the current reporting period. — Broadridge Financial Solutions, Inc. 2021 Proxy Statement",
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      "text": "Source: 2020 and 2021 Proxy Statement",
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      "text": "BR Removes Quantitative Reference To Recurring Revenue Retention Rate In Recent 2021 Proxy",
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