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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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      "kind": "callout",
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      "text": "Even if we look at Segment EBITDA margins which adds back disclosed depreciation and amortization costs, we find that segment margins have fallen from 2020 and did not improve much with the contribution of Itiviti in 2022. If we adjust the results for the mysterious and unexpected $6.0 million of cost synergies, we find that Itiviti was dilutive to EBITDA margin.",
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      "text": "Source: Company Filings and Spruce Point Analysis",
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