{
  "docId": "019dd923-622c-750b-8b99-4706c419301b",
  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 68,
  "pageCount": 81,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 42,
  "notes": "The slide uses a combination of a data table and a stock price chart annotated with insider sell signals to support the 'insider enrichment' thesis.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-4706c419301b/68",
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  "components": [
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      "kind": "callout",
      "text": "For many years, management has been diverting capital to share repurchases, up until recently when it levered itself to acquire Itiviti. Throughout its public history, insiders have been consistently selling stock. Total insider ownership has declined every year since 2016, down to just 1.6% from 3.5%.",
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      "kind": "chart",
      "text": "Rampant Insider Sales chart showing stock price trend with red sell icons overlaid.",
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      "text": "Total Insider Beneficial Ownership: 1.6%",
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      "toolName": "Quantification",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "kind": "source-note",
      "text": "Source: BR Proxy Statements",
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      "kind": "table",
      "text": "Insider Ownership Trend table showing years 2016-2022 across metrics like # Insiders, Total Insider Beneficial Ownership, Shares Sold, % Own of Total BR, Total Diluted Shares, and $ mm for repurchases.",
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      "kind": "title",
      "text": "Broadridge As An Insider Enrichment Vehicle",
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      "evidence": "The slide frames management's capital allocation and insider selling as an 'enrichment vehicle' to imply misalignment with shareholders.",
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  "loops": [
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      "from": 65,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
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      "evidence": "The deck emphasizes the downside risk and potential consequences of not acting",
      "position": 1,
      "objective": "To highlight the cost of inaction for investors",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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