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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": "BR's balance sheet displays a worrisome trend of rapidly expanding deferred client conversion costs. These costs now account for 34% of tangible assets on the balance sheet. The costs being added to the balance sheet are much higher than the cash spent on new client conversions being presented by its investor presentation (prior slide).",
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      "text": "BR’s balance sheet displays a worrisome trend of rapidly expanding deferred client conversion costs. The costs being added to the balance sheet are much higher than the cash spent on new client conversions being presented by its investor presentation (prior slide).",
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      "text": "Total Costs / Tangible Assets: 34%",
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      "text": "1) The Company previously capitalized direct and incremental client conversion or start-up costs... 2) Change Between Years In Conversion and Other Start-Up Costs + Amortization of Total Costs In The Year or (B+C+E) 3) Tangible Assets = Total Assets - Goodwill - Intangibles",
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      "text": "Source: Company filings and Comment Letter",
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