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  "docSlug": "a2803989ab19",
  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-09-28 00:00:00",
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  "notes": "Uses financial disclosure excerpts and comparative tables to point out missing segment-level data.",
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      "text": "The GTO segment shows minimal capex spending despite the inclusion of Itiviti which spent 15% of sales on capex in 2020, and the large build-out of the wealth management platform for UBS which we believe at least $1.0 billion has been spent, and which we believe should be reflected in the GTO segment.",
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      "text": "Capex % margin: 15%",
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      "text": "BR discloses “capital expenditures” by segment, but does not include the allocation of software purchases and capitalized internal use software by segment. The GTO segment shows minimal capex spending despite the inclusion of Itiviti which spent 15% of sales on capex in 2020, and the large build-out of the wealth management platform for UBS which we believe at least $1.0 billion has been spent, and which we believe should be reflected in the GTO segment.",
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      "text": "Source: FY 2022 10-K",
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      "text": "Segment financial data tables showing Capital Expenditures across years.",
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      "text": "Cash flows from investing activities table highlighting software purchases.",
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      "kind": "title",
      "text": "What About Software Spending Allocation?",
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