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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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      "text": "Notice carefully that BR made a stealth revision to its “Closed Sales” methodology in FY 2020 to compensate management on a net basis, after taking into account the sales revaluation adjustment. But wait a second: This is the same metric and methodology described in prior years. This heightens our concern that management has been using two sets of books with the metric, and over-compensating itself. We’ll provide harder evidence on this point later as we evaluate the UBS partnership.",
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      "text": "The inherent variability of transaction volumes and activity levels can result in some variability of amounts reported as actual achieved Closed sales. Larger Closed sales can take up to 12 to 24 months or longer to convert to revenues... we are reporting Closed sales net of a 4.0% allowance adjustment.",
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      "text": "Source: FY 2020 10-K, Filed August 6, 2020",
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      "text": "Source: FY 2020 Proxy Statement, Filed Oct 6, 2020",
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      "text": "Performance metrics table showing weights, thresholds, targets, and achievement levels for Compensation Adjusted EBT, Closed Sales, and Fee-Based Revenue.",
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      "kind": "title",
      "text": "Unusual Stealth Change To Closed Sales Methodology Disclosed",
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