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  "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": 67,
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  "density": "balanced",
  "nDataPoints": 45,
  "notes": "The table highlights specific years (2014-2016 and 2021-2022) in red to emphasize high margin periods.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/67",
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      "kind": "callout",
      "text": "Spruce Point believes BR has also experienced operating expense bloat in the past few years that will amplify the downside risks. We observe that its SG&A margin has creeped back to levels not seen since the 2014-2016 period. This is even despite efforts to rationalize its real estate footprint.",
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      "text": "SG&A margin: 14.6%",
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      "kind": "source-note",
      "text": "Source: Company Filings and Bloomberg",
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      "kind": "table",
      "text": "Broadridge's Rising Cost Bloat Through SG&A",
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      "text": "SG&A Bloat Near All-Time Highs",
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