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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": "Uses two side-by-side financial tables to highlight the discrepancy.",
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      "text": "BR promoted Itiviti as a 30%+ operating margin business when announcing the acquisition in late March 2021. However, when its audited and pro forma financials were later filed with the SEC, we see that its operating margins were closer to 20%.",
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      "text": "operating margin: 19.1%",
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      "kind": "quote",
      "text": "And finally, Broadridge's objectives to expand margins through scale and efficiency to strengthen by adding Itiviti. Itiviti's 30% plus operating margin business will increase our adjusted operating income margin by 50 basis points by fiscal '23 and positions us for higher adjusted earnings growth.",
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      "text": "\"And finally, Broadridge's objectives to expand margins through scale and efficiency to strengthen by adding Itiviti. Itiviti's 30% plus operating margin business will increase our adjusted operating income margin by 50 basis points by fiscal '23 and positions us for higher adjusted earnings growth.\" — CEO Gokey, Itiviti M&A Call, March 29, 2021",
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      "text": "Source: Pro forma financials and 2020 Audited Financials",
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      "text": "Discrepancy Over Itiviti's Operating Margins",
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