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  "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",
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  "notes": "The slide uses a detailed financial table to demonstrate a capital crunch post-acquisition.",
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      "kind": "callout",
      "text": "BR's working capital profile has changed markedly from post-COVID-19. Specifically, we see after it acquired Itiviti in May 2021 (Q4 2021), BR's working capital turned negative in four of five consecutive quarters.",
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      "text": "Source: Company filings and Spruce Point Analysis",
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      "text": "Growing Working Capital Stress",
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