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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses a combination of quotes from earnings calls and a table comparing incentive compensation thresholds to demonstrate how the UBS deal pushed compensation above target.",
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      "text": "Spruce Point finds evidence that BR management abused shareholders with its booking of approximately $42 million of Closed Sales tied to the UBS contract in 2019. This allowed management to reap over $7 million of annual incentive compensation by being extremely optimistic about the timing of UBS revenue. Management is now guiding that revenues from the UBS contract will be recognized in 2023!",
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      "text": "Spruce Point finds evidence that BR management abused shareholders with its booking of approximately $42 million of Closed Sales tied to the UBS contract in 2019.",
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      "text": "Closed Sales: $42 million",
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      "text": "\"Closed sales represent an estimate of the expected annual recurring fee revenue for new client contracts that were signed by Broadridge in the current reporting period. Management uses Closed sales to measure the effectiveness of our sales and marketing programs, as an indicator of expected future revenues and as a performance metric in determining incentive compensation...Larger Closed sales can take up to 12 to 24 months or longer to convert to revenues, particularly for the services provided by our Global Technology and Operations segment.\" — 2019 Annual Report",
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      "text": "20% of 2019 Annual Incentive Compensation Tied To Closed Sales",
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