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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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      "kind": "callout",
      "text": "BR's CEO cited many records in FY 2022, but what he doesn't point out is that cash flow declined. By adjusting the results for the onerous UBS project investment and COVID-19 effects, we estimate that BR's core business experienced declining Cash From Operations by approximately -17.2%.",
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      "kind": "callout",
      "text": "BR's CEO cited many records in FY 2022, but what he doesn't point out is that cash flow declined. By adjusting the results for the onerous UBS project investment and COVID-19 effects, as well as the inorganic acquisition contribution from Itiviti, we estimate that BR's core business experienced declining Cash From Operations by approximately -17.2%.",
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      "text": "Adjusted Cash From Operations: -17.2%",
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      "kind": "quote",
      "text": "A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth.",
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      "text": "A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. — CEO Gokey, Q4 2022 Press Release",
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      "text": "Source: BR SEC Filings and Spruce Point analysis",
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      "text": "Estimated FY 2022 Normalized Free Cash Flow (Excluding UBS) table",
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      "text": "Core BR (Ex: UBS) Also Exhibiting Declining Cash Flows Recently....",
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