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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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      "text": "Notice that BR recently included warning language around impairment charges and that a significant non-cash impairment could have a material adverse effect on its operations. Based on our findings and analysis, we struggle to believe BR's explanation that the UBS partnership isn't already impaired.",
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      "text": "New Risk Factor Added To FY 2022 Annual Report",
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      "text": "We may incur non-cash impairment charges in the future associated with our portfolio of intangible assets, including goodwill. \"As a result of past acquisitions, we carry a significant goodwill and other acquired intangible assets on our balance sheet...\"",
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      "text": "As a result of past acquisitions, we carry a significant goodwill and other acquired intangible assets on our balance sheet. In addition, we also defer certain costs to onboard a client or convert a client’s systems to function with our technology. Goodwill, intangible assets, net and deferred client conversion and start-up costs accounted for approximately 71% of the total assets on our balance sheet as of June 30, 2022. We test goodwill for impairment annually as of March 31st and we test goodwill, intangible assets, net and deferred client conversion and start-up costs for impairment at other times if events have occurred or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. Although no indications of an impairment have been identified, there can be no assurance that we will not incur impairment charges in the future, particularly in the event of a prolonged economic recession or loss of a key client or clients. A significant non-cash impairment could have a material adverse effect on our results of operations. — Broadridge Financial Solutions, FY2022 10-K",
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      "text": "Source: FY2022 10-K, p. 24",
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      "text": "And In Case You Don't Believe Us....",
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