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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "notes": "Uses red arrows and callouts to demonstrate the shifting classification of spending items.",
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      "text": "Looking carefully, we see that in 2020 BR bracketed “Client Platform Spend” with Capex. Moving forward, it changed its presentation to “Client Investment Spend” and then “Client Platform Investments”. BR provides limited context on these figures and spending but we can safely assume this $902 million of total costs are related to UBS.",
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