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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-09-28 00:00:00",
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  "notes": "The slide uses a red highlight to emphasize the 5.5x ratio, signaling a breach of the 3.5x limit.",
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      "text": "Spruce Point believes Broadridge should have ceased capitalization of additional costs with the UBS project last year given delays and cost overruns. As a result, had the latest capitalized conversion and start-up costs been expensed, Broadridge would have been in violation of its “Leverage Ratio” covenant, which limits it to 3.5x Total Debt to EBITDA.",
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      "text": "Leverage Ratio: 5.5x",
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      "text": "BR's Financial Covenant text detailing the definition of Leverage Ratio and the 3.5x limit.",
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      "text": "“Leverage Ratio” means, as of the last day of any Test Period, the ratio of (a) Total Indebtedness as of such date to (b) Consolidated EBITDA for such Test Period; provided that, for purposes of determining Total Indebtedness, at any time after the definitive agreement for any Material Specified Acquisition shall have been executed, any Acquisition Indebtedness with respect to such Material Specified Acquisition shall, unless such Material Specified Acquisition shall have been consummated, be disregarded.",
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      "text": "1) Credit agreement permits non-cash stock compensation expense to be added",
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      "text": "Pro Forma Adjusted Leverage Ratio table showing Financial Debt, Capitalized Leases, Total Debt, 2022 EBITDAS, Capitalized Costs, Adjusted EBITDAS, and Leverage Ratio.",
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      "text": "Broadridge Would Be In Covenant Violation If It Began Expensing Additional Costs",
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