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  "documentTitle": "Broadridge Financial Solutions, Inc. (BR)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-09-28 00:00:00",
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  "notes": "The slide uses a 'Stuffing Costs' callout to highlight the discrepancy between the company's stated accounting logic and the actual compensation metrics.",
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      "kind": "callout",
      "text": "Stuffing Costs In “Other” Bucket",
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      "text": "BR claims that management is compensated on segment profit, allowing it to elect to record certain segment operating and non-operating expense items in “Other”. However, this does not appear to be true as recent Proxy Statements do not reward management at all based on “segment profit”. As a result, segment margins are potentially inflated.",
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      "text": "BR claims that management is compensated on segment profit, allowing it to elect to record certain segment operating and non-operating expense items in “Other”. However, this does not appear to be true as recent Proxy Statements do not reward management at all based on “segment profit”. As a result, segment margins are potentially inflated.",
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      "text": "Certain corporate expenses, as well as certain centrally managed expenses, are allocated based upon budgeted amounts in a reasonable manner. Because the Company compensates the management of its various businesses on, among other factors, segment profit, the Company may elect to record certain segment-related operating and non-operating expense items in Other rather than reflect such items in segment profit. — Broadridge Financial Solutions, Inc. FY 2022 10-K",
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