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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 red arrow to visually emphasize the 'Slowing Growth' trend and red text to highlight specific figures in the disclosure excerpts.",
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      "text": "Notice carefully that BR made a revision to its segment reporting, and Closed Sales, just after it reported the slowest growth in the past five years at just 1.5% in FY 2021.",
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      "text": "Closed Sales: 1.5%",
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      "text": "Beginning with the first quarter of fiscal year 2022, the Company revised the foreign exchange rates used to present segment revenues, segment earnings (loss) before income taxes, and Closed sales, to further allocate the foreign exchange impact to the individual segment revenue and profit metrics — Broadridge Financial Presentation Change",
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      "text": "Source: 2021, 2022 FY 10K. 1) Proxy disclosed a, “change in methodology made in fiscal year 2020 to calculate the Closed sales target on a net basis after taking into account a sales revaluation allowance adjustment.” But on the prior slide, the 10-K Annual Report did not provide a similar disclosure or change of methodology.",
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      "text": "BR's Closed Sales Reporting table showing years 2017-2022 with sales figures and growth percentages.",
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      "text": "Closed Sales Revisions As Growth Slows To A Halt",
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