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  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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  "pageNumber": 66,
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  "slideType": "valuation_table",
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  "notes": "The table highlights the 'Potential Recession' (2022) column in red to emphasize the deteriorating financial position compared to historical periods.",
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      "kind": "callout",
      "text": "Spruce Point believes BR shareholders are ill-prepared for the magnitude of the potential pain to be had during the current economic recession. The Company is the most levered it has been during its public history, with the least amount of cash on hand as a buffer. BR must keep cash with regulated entities, which we adjust for as not available for debt repayment. Going into the current economic correction, BR has limited cash flow available for debt reduction given its growing commitment to paying its dividend - now costing nearly $340 million per year ($2.90/share a year).",
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      "kind": "callout",
      "text": "Going into the current economic correction, BR has limited cash flow available for debt reduction given its growing commitment to paying its dividend - now costing nearly $340 million per year ($2.90/share a year).",
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      "text": "Net Debt / EBITDA: 3.2x",
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      "text": "Source: Company Filings and Bloomberg",
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      "kind": "table",
      "text": "Broadridge's Leverage table showing financial metrics from 2008 to 2022",
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      "kind": "title",
      "text": "Debt Burden: Will This Time Be Different?",
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