{
  "docId": "019dd923-622c-750b-8b99-4706c419301b",
  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 81,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "preempt_rebuttal",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a red flag icon to signal a warning about management's claims and compensation practices.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/42",
  "deckHref": "/decks/019dd923-622c-750b-8b99-4706c419301b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-4706c419301b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-4706c419301b#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.93,
        "x": 0.06,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform... we have evidence that management has reaped unjust cash incentive compensation by counting premature revenue towards “Closed Sales”.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b7bbfc4-a65f-4f6d-9b5d-5417626ee2ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854d-5da88df35705",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Pre-Tax Payback Period (Years): 71 - 83",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854d-65bcaca4b157",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Redefine Wealth Management Technology In North America” — BR press release, Oct 25, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-2040-777a-854d-601c48a6b1aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.03,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "1) BR press release, Oct 25, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2aa2a36d-ddf2-443c-93cb-bf661e74fc35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.93,
        "x": 0.06,
        "y": 0.36
      },
      "kind": "table",
      "text": "Payback Period Analysis of UBS Project",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0df7f00b-8e9f-4255-beef-af2297d1b84b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Unreasonably Long Payback Period Calls Into Question Project Economics",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af39df83-1601-4744-9c6d-ddcad0fbc8fe",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "13685cf6-5f25-4333-ab17-34cc821e0d61",
      "evidence": "The slide explicitly links management's project failure to 'unjust cash incentive compensation' and 'premature revenue' recognition.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}