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  "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",
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  "pageNumber": 76,
  "pageCount": 81,
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  "density": "balanced",
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  "notes": "The slide uses a table to contrast income statement tax provisions with actual cash payments, highlighting the impact of discrete tax items.",
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      "kind": "callout",
      "text": "We estimate that more aggressive tax maneuvers (i.e. discrete items) by BR in FY 2022 resulted in approximately $20.6 million of cash flow benefits. We believe there are long-term limits to how much lower BR can push tax benefits.",
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      "text": "Cash payments made for income taxes: $20.6 million",
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      "text": "Table showing Provision for Income Taxes, Effective Tax Rate, Cash payments, and Explanations from 2018-2022.",
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      "text": "Tax Changes Benefiting Cash Flow",
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