Recurring revenues grew 8%; up 9% constant
currency
Diluted EPS grew 12% and Adjusted EPS grew
6%
Expecting FY'23 Recurring revenue growth
constant currency at higher end of 6-9% guidance range
Reaffirming FY'23 outlook for continued margin
expansion and 7-11% Adjusted EPS growth
NEW
YORK, May 2, 2023 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE:BR) today reported financial
results for the third quarter ended March
31, 2023 of its fiscal year 2023. Results compared with the
same period last year were as follows:
Summary Financial
Results
|
|
Third
Quarter
|
|
Nine
Months
|
|
Dollars in millions,
except per share data
|
|
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
|
|
|
|
|
|
|
|
|
Recurring
revenues
|
|
$1,082
|
$1,003
|
8 %
|
$2,728
|
$2,546
|
7 %
|
Constant currency growth -
Non-GAAP
|
|
|
|
|
9 %
|
|
|
9 %
|
Total
revenues
|
|
$1,646
|
$1,534
|
7 %
|
$4,222
|
$3,986
|
6 %
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$287
|
$246
|
17 %
|
$482
|
$418
|
15 %
|
Margin
|
|
|
17.4 %
|
16.0 %
|
|
11.4 %
|
10.5 %
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
income - Non-GAAP
|
|
$345
|
$313
|
10 %
|
$668
|
$631
|
6 %
|
Margin -
Non-GAAP
|
|
|
21.0 %
|
20.4 %
|
|
15.8 %
|
15.8 %
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$1.67
|
$1.49
|
12 %
|
$2.58
|
$2.46
|
5 %
|
Adjusted EPS -
Non-GAAP
|
|
$2.05
|
$1.93
|
6 %
|
$3.81
|
$3.81
|
—
|
|
|
|
|
|
|
|
|
|
Closed sales
|
|
$62
|
$57
|
8 %
|
$156
|
$169
|
(8 %)
|
"Broadridge delivered strong third quarter results, with 9%
growth in recurring revenue constant currency, continued growth in
Adjusted EPS, and increasing free cash flow. We continue to benefit
from underlying long-term trends, strong execution, and disciplined
expense management" said Tim Gokey,
Broadridge CEO.
"Broadridge is poised to deliver another year of consistent
growth. We now expect Recurring revenue growth constant currency at
the higher end of our 6-9% range and are reaffirming our outlook
for 7-11% Adjusted EPS growth. Our continued strong performance
positions Broadridge to deliver on its three-year growth objectives
for the fourth consecutive cycle, with recurring revenue and
Adjusted EPS growth at or above the higher end of our target
range."
Fiscal Year 2023
Financial Guidance
|
|
|
|
FY'23
Guidance
|
Updates /
Changes
|
Recurring revenue
growth constant currency - Non-GAAP
|
|
6 - 9%
|
Higher end
|
Adjusted Operating
income margin - Non-GAAP
|
|
Increase of ~50
bps
|
No Change
|
Adjusted earnings per
share growth - Non-GAAP
|
|
7 - 11%
|
No Change
|
Closed sales
|
|
$270 - $310M
|
Near low end
|
Financial Results for Third Quarter Fiscal Year 2023 compared
to Third Quarter Fiscal Year 2022
- Total revenues increased 7% to $1,646 million from $1,534
million.
-
- Recurring revenues increased $79
million, or 8%, to $1,082
million. Recurring revenue growth constant currency
(Non-GAAP) was 9%, all organic, driven by Net New Business in GTO
and ICS and Internal Growth, primarily in our ICS business.
- Event-driven revenues decreased $7
million, or 12%, to $52
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $40
million, or 8%, to $512
million, primarily driven by the impact of the postage rate
increase of approximately $33
million.
- Operating income was $287
million, an increase of $41
million, or 17%. Operating income margin increased to 17.4%,
compared to 16.0% for the prior year period, due to the growth in
Recurring revenues and lower amortization expense from acquired
intangible assets, more than offsetting lower event-driven
revenues.
-
- Adjusted Operating income was $345 million, an increase of $32 million, or 10%. The increase was primarily
driven by higher Recurring revenues, partially offset by lower
event-driven revenues. Adjusted Operating income margin increased
to 21.0% compared to 20.4% for the prior year period. The increase
in pass through distribution revenues negatively impacted margins
by approximately 18 basis points.
- Interest expense,
net was $39 million, an increase
of $19 million, primarily due to an
increase in interest expense from higher borrowing costs, partially
offset by savings from the Company's cross-currency swap
transaction.
- The effective tax
rate was 20.6% compared to 21.0% in the prior year period. The
effective tax rate for the three months ended March 31, 2023 was favorably impacted by higher
discrete tax benefits partially offset by a lower excess tax
benefit related to equity compensation, as compared to the prior
period.
- Net earnings
increased 12% to $199 million and
Adjusted Net earnings increased 7% to $245
million.
-
- Diluted earnings per
share increased 12% to $1.67,
compared to $1.49 in the prior year
period, and
- Adjusted earnings per
share increased 6% to $2.05,
compared to $1.93 in the prior year
period.
Segment and Other Results for Third Quarter Fiscal Year 2023
compared to Third Quarter Fiscal Year 2022
Investor Communication Solutions ("ICS")
- ICS total revenues were $1,257
million, an increase of $98
million, or 8%.
-
- Regulatory rose 8% and 8%, respectively, driven by equity
position growth of 10% in the quarter and mutual fund/ETF position
growth of 6%;
- Data-driven fund solutions rose 13% and 14%, respectively,
driven by growth in our mutual fund trade processing business;
- Issuer rose 25% and 25%, respectively, driven by growth in our
registered shareholder solutions and disclosure solutions; and
- Customer communications rose 10% and 10%, respectively, driven
by higher print and digital communications.
- Recurring revenues increased $65
million or 10%, to $693
million. Recurring revenue growth constant currency
(Non-GAAP) was 11%, all organic, driven by Internal Growth and Net
New Business.
- By product line, Recurring revenue growth and Recurring revenue
growth constant currency (Non-GAAP) were as follows:
- Event-driven revenues decreased $7
million, or 12%, to $52
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $40
million, or 8%, to $512
million primarily driven by the impact of the postage rate
increase of approximately $33
million.
- ICS earnings before income taxes increased by $36 million, or 16%, to $256 million. The earnings benefit from higher
Recurring revenue was partially offset by lower event-driven
revenue. Operating expenses rose 7%, or $62
million, to $1,002 million.
Amortization expense from acquired intangibles decreased by
$3 million to $13 million in the third quarter of fiscal year
2023. Pre-tax margins increased to 20.3% from 19.0%.
Global Technology and Operations ("GTO")
- GTO Recurring revenues were $388
million, an increase of $14
million, or 4%. Recurring revenue growth constant currency
(Non-GAAP) was 7%, all organic, driven by Net New Business and
Internal Growth.
- By product line, Recurring revenue growth and the corresponding
Recurring revenue growth constant currency (Non-GAAP) were as
follows:
-
- Capital markets rose 2% and 5%, respectively, driven primarily
by revenue from Net New Business. Internal Growth was flat as the
impact of higher Internal Trade Growth was offset by lower license
revenue; and
- Wealth and Investment management rose 7% and 10%, respectively,
driven by revenue from Net New Business and Internal Growth.
- GTO earnings before income taxes were $48 million, a decrease of $1 million, or 2%. GTO earnings were impacted by
a decline in high margin term license revenue. Pre-tax margins
decreased to 12.3% from 13.0%. Amortization expense from acquired
intangibles decreased by $5 million
to $40 million due to the impact of
changes in foreign currency exchange rates and the completion of
the amortization period of certain acquired intangibles.
Other
- Other loss before income tax increased to $53 million from $45
million in the prior year period, primarily due to a
$19 million increase in net interest
expense, partially offset by $5
million in higher net gains on retirement fund investments
and lower other compensation related expenses of $4 million.
Financial Results for the Nine Months Fiscal Year 2023
compared to the Nine Months Fiscal Year 2022
- Total revenues increased 6% to $4,222 million from $3,986
million.
-
- Recurring revenues increased $182
million, or 7%, to $2,728
million. Recurring revenue growth constant currency
(Non-GAAP) was 9%, all organic, driven by Net New Business and
Internal Growth in both ICS and GTO.
- Event-driven revenues decreased $48
million, or 24%, to $152
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $101
million, or 8%, to $1,342
million, primarily driven by the impact of the postage rate
increase of approximately $86
million.
- Operating income was $482
million, an increase of $64
million, or 15%. Operating income margin increased to 11.4%,
compared to 10.5% for the prior year period, due to growth in
Recurring revenues and lower amortization expense from acquired
intangible assets more than offsetting lower event-driven revenues,
an increase in low-margin distribution revenues, growth investments
and other expenses.
-
- Adjusted Operating income was $668 million, an increase of $37 million, or 6%. The increase was primarily
driven by higher Recurring revenues, partially offset by lower
event-driven revenues and growth investments and other spending.
Adjusted Operating income margin of 15.8% was unchanged compared to
the prior year period. The increase in pass through distribution
revenues negatively impacted margins by approximately 40 basis
points.
- Interest expense, net was $100
million, an increase of $36
million, primarily due to an increase in interest expense
from higher borrowing costs, partially offset by savings from the
Company's cross-currency swap transaction.
- The effective tax rate was 18.8% compared to 17.7% in
the prior year period. The increase in the effective tax rate for
the nine months ended March 31, 2023
was due to lower discrete tax benefits, attributable to the excess
tax benefit related to equity compensation, as compared to the
prior period.
- Net earnings increased 5% to $306
million and Adjusted Net earnings increased less than 1% to
$453 million.
-
- Diluted earnings per share increased 5% to $2.58, compared to $2.46 in the prior year period, and
- Adjusted earnings per share were unchanged at
$3.81, compared to $3.81 in the prior year period.
Segment and Other Results for the Nine Months Fiscal Year
2023 compared to the Nine Months Fiscal Year 2022
Investor Communication Solutions
- ICS total revenues were $3,097
million, an increase of $192
million, or 7%.
-
- Regulatory rose 7% and 7%, respectively, driven by equity
position growth of 10% and mutual fund/ETF position growth of
8%;
- Data-driven fund solutions rose 11% and 13%, respectively,
driven by growth in our mutual fund trade processing business and
continued growth in our data and analytics solutions;
- Issuer rose 20% and 20%, respectively, with growth across all
product solutions; and
- Customer communications rose 10% and 10%, respectively, driven
by higher print and digital communications.
- Recurring revenues increased $138
million, or 9%, to $1,604
million. Recurring revenue growth constant currency
(Non-GAAP) was 10%, all organic, driven by Net New Business and
Internal Growth.
- By product line, Recurring revenue growth and Recurring revenue
growth constant currency (Non-GAAP) were as follows:
- Event-driven revenues decreased $48
million, or 24%, to $152
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $101
million, or 8%, to $1,342
million primarily driven by the impact of the postage rate
increase of approximately $86
million.
- ICS earnings before income taxes increased $19 million, or 5% to $380
million. The earnings benefit from higher Recurring revenue
was offset by lower event-driven revenue. Operating expenses rose
7%, or $173 million, to $2,717 million. Amortization expense from
acquired intangibles decreased by $9
million to $44 million in the
first nine months of fiscal year 2023. Pre-tax margins decreased to
12.3% from 12.4%.
Global Technology and Operations
- GTO Recurring revenues were $1,125
million, an increase of $44
million, or 4%. Recurring revenue growth constant currency
(Non-GAAP) was 8%, all organic, driven by Net New Business and
Internal Growth.
- By product line, Recurring revenue growth and Recurring revenue
growth constant currency (Non-GAAP) were as follows:
-
- Capital markets rose 5% and 10%, respectively, driven by the
Broadridge Trading and Connectivity Solutions ("BTCS") business, as
well as Net New Business and Internal Growth; and
- Wealth and Investment management rose 2% and 4%, respectively,
driven by revenue from Net New Business.
- GTO earnings before income taxes were $132 million, an increase of $31 million, or 30%. The increase was driven
primarily by the $44 million growth
in Recurring revenues, partially offset by increased labor costs to
support onboarding of new business. Pre-tax margins increased to
11.7% from 9.4%. Amortization expense from acquired intangibles
decreased by $20 million to
$119 million in the first nine months
of fiscal year 2023 period due to the impact of changes in foreign
currency exchange rates and the completion of the amortization
period of certain acquired intangibles.
Other
- Loss before income taxes was $135
million for the nine months ended March 31, 2023, an increase of $26 million compared to $109 million for the nine months ended
March 31, 2022. The increased loss
before income taxes was primarily due to a $36 million increase in net interest expense,
partially offset by lower corporate expenses.
Change in Foreign Exchange Rates
Beginning with the first quarter of fiscal year 2023, the
Company changed reporting for segment revenues, segment earnings
(loss) before income taxes, segment amortization of acquired
intangibles and purchased intellectual property, and Closed sales
to reflect the impact of actual foreign exchange rates applicable
to the individual periods presented. The presentation of these
metrics for the prior periods has been changed to conform to the
current period presentation. Total consolidated revenues and
earnings before income taxes were not impacted. For additional
information, please see the Company's Form 8-K filed on
September 26, 2022.
Earnings Conference Call
An analyst conference call will be held today, May 2, 2023 at 8:30 a.m.
ET. A live webcast of the call will be available to the
public on a listen-only basis. To listen to the live event and
access the slide presentation, visit Broadridge's Investor
Relations website at www.broadridge-ir.com prior to the start of
the webcast. To listen to the call, investors may also dial
1-877-328-2502 within the United
States and international callers may dial 1-412-317-5419. A
replay of the webcast will be available and can be accessed in the
same manner as the live webcast at the Broadridge Investor
Relations site. Through May 9, 2023,
the recording will also be available by dialing 1-877-344-7529
within the United States or
1-412-317-0088 for international callers, using passcode 9342976
for either dial-in number.
Explanation and Reconciliation of the Company's Use of
Non-GAAP Financial Measures
The Company's results in this press release are presented in
accordance with U.S. GAAP except where otherwise noted. In certain
circumstances, results have been presented that are not generally
accepted accounting principles measures ("Non-GAAP"). These
Non-GAAP measures are Adjusted Operating income, Adjusted Operating
income margin, Adjusted Net earnings, Adjusted earnings per share,
Free cash flow, and Recurring revenue growth constant currency.
These Non-GAAP financial measures should be viewed in addition to,
and not as a substitute for, the Company's reported results.
The Company believes our Non-GAAP financial measures help
investors understand how management plans, measures and evaluates
the Company's business performance. Management believes that
Non-GAAP measures provide consistency in its financial reporting
and facilitates investors' understanding of the Company's operating
results and trends by providing an additional basis for comparison.
Management uses these Non-GAAP financial measures to, among other
things, evaluate our ongoing operations, and for internal planning
and forecasting purposes. In addition, and as a consequence of the
importance of these Non-GAAP financial measures in managing our
business, the Company's Compensation Committee of the Board of
Directors incorporates Non-GAAP financial measures in the
evaluation process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin,
Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures are adjusted to exclude the impact of
certain costs, expenses, gains and losses and other specified items
the exclusion of which management believes provides insight
regarding our ongoing operating performance. Depending on the
period presented, these adjusted measures exclude the impact of
certain of the following items: (i) Amortization of Acquired
Intangibles and Purchased Intellectual Property, (ii) Acquisition
and Integration Costs, (iii) Real Estate Realignment and Covid-19
Related Expenses, (iv) Investment Gain, and (v) Russia-Related Exit
Costs. Amortization of Acquired Intangibles and Purchased
Intellectual Property represents non-cash amortization expenses
associated with the Company's acquisition activities. Acquisition
and Integration Costs represent certain transaction and integration
costs associated with the Company's acquisition activities. Real
Estate Realignment and Covid-19 Related Expenses are comprised of
two major components: Real Estate Realignment Expenses, and
Covid-19 Related Expenses. Real Estate Realignment Expenses are
expenses associated with the exit of certain of the Company's
leased facilities in response to the Covid-19 pandemic, which
consist of the impairment of certain right of use assets, leasehold
improvements and equipment, as well as other related facility exit
expenses directly resulting from, and attributable to, the exit of
these leased facilities. Covid-19 Related Expenses are direct and
incremental expenses incurred by the Company to protect the health
and safety of Broadridge associates during the Covid-19 outbreak,
including expenses associated with monitoring the temperatures for
associates entering our facilities, enhancing the safety of our
office environment in preparation for workers to return to Company
facilities on a more regular basis, ensuring proper social
distancing in our production facilities, personal protective
equipment, enhanced cleaning measures in our facilities, and other
safety related expenses. Investment Gain represents a
non-operating, non-cash gain on a privately held investment.
Russia-Related Exit Costs are direct and incremental costs
associated with the Company's wind down of business activities in
Russia in response to Russia's invasion of Ukraine, including relocation-related expenses
of impacted associates.
We exclude Acquisition and Integration Costs, Real Estate
Realignment and Covid-19 Related Expenses, the Investment Gain, and
Russia-Related Exit Costs from our Adjusted Operating income (as
applicable) and other adjusted earnings measures because excluding
such information provides us with an understanding of the results
from the primary operations of our business and enhances
comparability across fiscal reporting periods, as these items are
not reflective of our underlying operations or performance. We also
exclude the impact of Amortization of Acquired Intangibles and
Purchased Intellectual Property, as these non-cash amounts are
significantly impacted by the timing and size of individual
acquisitions and do not factor into the Company's capital
allocation decisions, management compensation metrics or multi-year
objectives. Furthermore, management believes that this adjustment
enables better comparison of our results as Amortization of
Acquired Intangibles and Purchased Intellectual Property will not
recur in future periods once such intangible assets have been fully
amortized. Although we exclude Amortization of Acquired Intangibles
and Purchased Intellectual Property from our adjusted earnings
measures, our management believes that it is important for
investors to understand that these intangible assets contribute to
revenue generation. Amortization of intangible assets that relate
to past acquisitions will recur in future periods until such
intangible assets have been fully amortized. Any future
acquisitions may result in the amortization of additional
intangible assets.
Free Cash Flow
In addition to the Non-GAAP financial measures discussed above,
we provide Free cash flow information because we consider Free cash
flow to be a liquidity measure that provides useful information to
management and investors about the amount of cash generated that
could be used for dividends, share repurchases, strategic
acquisitions, other investments, as well as debt servicing. Free
cash flow is a Non-GAAP financial measure and is defined by the
Company as Net cash flows provided by operating activities less
Capital expenditures as well as Software purchases and capitalized
internal use software.
Recurring revenue growth constant currency
As a multi-national company, we are subject to variability of
our reported U.S. dollar results due to changes in foreign currency
exchange rates. The exclusion of the impact of foreign currency
exchange fluctuations from our Recurring revenue growth, or what we
refer to as amounts expressed "on a constant currency basis," is a
Non-GAAP measure. We believe that excluding the impact of foreign
currency exchange fluctuations from our Recurring revenue growth
provides additional information that enables enhanced comparison to
prior periods.
Changes in Recurring revenue growth expressed on a constant
currency basis are presented excluding the impact of foreign
currency exchange fluctuations. To present this information,
current period results for entities reporting in currencies other
than the U.S. dollar are translated into U.S. dollars at the
average exchange rates in effect during the corresponding period of
the comparative year, rather than at the actual average exchange
rates in effect during the current fiscal year.
Forward-Looking Statements
This press release and other written or oral statements made
from time to time by representatives of Broadridge may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical in nature, and which may be identified by the use of
words such as "expects," "assumes," "projects," "anticipates,"
"estimates," "we believe," "could be," "on track," and other words
of similar meaning, are forward-looking statements. In particular,
information appearing in the "Fiscal Year 2023 Financial Guidance"
section and statements about our three-year objectives are
forward-looking statements.
These statements are based on management's expectations and
assumptions and are subject to risks and uncertainties that may
cause actual results to differ materially from those expressed.
These risks and uncertainties include those risk factors described
and discussed in Part I, "Item 1A. Risk Factors" of our Annual
Report on Form 10-K for the year ended June
30, 2022 (the "2022 Annual Report"), as they may be updated
in any future reports filed with the Securities and Exchange
Commission. All forward-looking statements speak only as of the
date of this press release and are expressly qualified in their
entirety by reference to the factors discussed in the 2022 Annual
Report.
These risks include:
- changes in laws and regulations affecting Broadridge's clients
or the services provided by Broadridge;
- Broadridge's reliance on a relatively small number of clients,
the continued financial health of those clients, and the continued
use by such clients of Broadridge's services with favorable pricing
terms;
- a material security breach or cybersecurity attack affecting
the information of Broadridge's clients;
- the potential impact and effects of the Covid-19 pandemic
("Covid-19") on the business of Broadridge, Broadridge's results of
operations and financial performance, any measures Broadridge has
and may take in response to Covid-19 and any expectations
Broadridge may have with respect thereto;
- declines in participation and activity in the securities
markets;
- the failure of Broadridge's key service providers to provide
the anticipated levels of service;
- a disaster or other significant slowdown or failure of
Broadridge's systems or error in the performance of Broadridge's
services;
- overall market, economic and geopolitical conditions and their
impact on the securities markets;
- the success of Broadridge in retaining and selling additional
services to its existing clients and in obtaining new clients;
- Broadridge's failure to keep pace with changes in technology
and demands of its clients;
- competitive conditions;
- Broadridge's ability to attract and retain key personnel;
and
- the impact of new acquisitions and divestitures.
There may be other factors that may cause our actual results to
differ materially from the forward-looking statements. Our actual
results, performance or achievements could differ materially from
those expressed in, or implied by, the forward-looking statements.
We can give no assurances that any of the events anticipated by the
forward-looking statements will occur or, if any of them do, what
impact they will have on our results of operations and financial
condition.
Broadridge disclaims any obligation to update or revise
forward-looking statements that may be made to reflect events or
circumstances that arise after the date made or to reflect the
occurrence of unanticipated events, other than as required by
law.
About Broadridge
Broadridge Financial Solutions (NYSE:
BR), a global Fintech leader with over $5
billion in revenues, provides the critical infrastructure
that powers investing, corporate governance and communications to
enable better financial lives. We deliver technology-driven
solutions to banks, broker-dealers, asset and wealth managers and
public companies. Broadridge's infrastructure serves as a global
communications hub enabling corporate governance by linking
thousands of public companies and mutual funds to tens of millions
of individual and institutional investors around the world. In
addition, Broadridge's technology and operations platforms underpin
the daily trading of on average more than U.S. $9 trillion of equities, fixed income and other
securities globally. A certified Great Place to Work®,
Broadridge is a part of the S&P 500® Index,
employing over 14,000 associates in 21 countries. For more
information about Broadridge, please visit www.broadridge.com.
Contact Information
Investors
broadridgeir@broadridge.com
Media
Gregg.rosenberg@broadridge.com
Condensed
Consolidated Statements of Earnings
|
(Unaudited)
|
|
In millions, except
per share amounts
|
|
Three Months
Ended
March 31,
|
|
Nine Months
Ended
March 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues
|
|
$ 1,645.7
|
|
$ 1,533.7
|
|
$ 4,221.9
|
|
$ 3,986.2
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
1,137.7
|
|
1,077.6
|
|
3,116.4
|
|
2,970.1
|
Selling, general and
administrative expenses
|
|
221.2
|
|
210.1
|
|
623.3
|
|
597.9
|
Total operating
expenses
|
|
1,358.9
|
|
1,287.7
|
|
3,739.7
|
|
3,568.0
|
Operating
income
|
|
286.8
|
|
246.0
|
|
482.2
|
|
418.2
|
Interest expense,
net
|
|
(38.5)
|
|
(20.0)
|
|
(99.5)
|
|
(64.0)
|
Other non-operating
income (expenses), net
|
|
1.8
|
|
(2.7)
|
|
(5.3)
|
|
(0.7)
|
Earnings before income
taxes
|
|
250.1
|
|
223.3
|
|
377.4
|
|
353.4
|
Provision for income
taxes
|
|
51.6
|
|
46.8
|
|
70.9
|
|
62.4
|
Net earnings
|
|
$
198.5
|
|
$
176.6
|
|
$
306.5
|
|
$
291.0
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
1.69
|
|
$
1.51
|
|
$
2.61
|
|
$
2.50
|
Diluted earnings per
share
|
|
$
1.67
|
|
$
1.49
|
|
$
2.58
|
|
$
2.46
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
117.7
|
|
116.8
|
|
117.6
|
|
116.5
|
Diluted
|
|
119.1
|
|
118.6
|
|
118.9
|
|
118.5
|
|
Amounts may not sum due to
rounding.
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
In millions, except
per share amounts
|
|
|
March 31,
2023
|
|
June 30,
2022
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
331.6
|
|
$
224.7
|
Accounts receivable,
net of allowance for doubtful accounts of
$6.9 and $6.8, respectively
|
|
|
1,096.2
|
|
946.9
|
Other current
assets
|
|
|
140.4
|
|
156.8
|
Total current
assets
|
|
|
1,568.2
|
|
1,328.4
|
Property, plant and
equipment, net
|
|
|
138.1
|
|
150.9
|
Goodwill
|
|
|
3,447.2
|
|
3,484.9
|
Intangible assets,
net
|
|
|
892.9
|
|
1,077.1
|
Deferred client
conversion and start-up costs
|
|
|
1,519.6
|
|
1,232.3
|
Other non-current
assets
|
|
|
866.4
|
|
895.3
|
Total
assets
|
|
|
$
8,432.3
|
|
$
8,168.8
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Payables and accrued
expenses
|
|
|
$
958.8
|
|
$
1,114.9
|
Contract
liabilities
|
|
|
204.2
|
|
198.5
|
Total current
liabilities
|
|
|
1,163.0
|
|
1,313.4
|
Long-term
debt
|
|
|
4,076.6
|
|
3,793.0
|
Deferred
taxes
|
|
|
396.6
|
|
446.1
|
Contract
liabilities
|
|
|
314.0
|
|
215.8
|
Other non-current
liabilities
|
|
|
483.3
|
|
481.5
|
Total
liabilities
|
|
|
6,433.4
|
|
6,249.8
|
Commitments and
contingencies
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock:
Authorized, 25.0 shares; issued and outstanding, none
|
|
|
—
|
|
—
|
Common stock, $0.01
par value: Authorized, 650.0 shares; issued,
154.5 and 154.5 shares, respectively; outstanding, 117.7 and
117.3
shares, respectively
|
|
|
1.6
|
|
1.6
|
Additional paid-in
capital
|
|
|
1,424.0
|
|
1,344.7
|
Retained
earnings
|
|
|
2,874.5
|
|
2,824.0
|
Treasury stock, at
cost: 36.7 and 37.2 shares, respectively
|
|
|
(2,017.0)
|
|
(2,024.8)
|
Accumulated other
comprehensive income (loss)
|
|
|
(284.2)
|
|
(226.3)
|
Total stockholders'
equity
|
|
|
1,998.9
|
|
1,919.1
|
Total liabilities and
stockholders' equity
|
|
|
$
8,432.3
|
|
$
8,168.8
|
|
Amounts may not sum
due to rounding.
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
In
millions
|
Nine Months
Ended
March
31,
|
|
2023
|
|
2022
|
Cash Flows From
Operating Activities
|
|
|
|
Net earnings
|
$
306.5
|
|
$
291.0
|
Adjustments to
reconcile net earnings to net cash flows used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
63.7
|
|
62.4
|
Amortization of
acquired intangibles and purchased intellectual property
|
162.8
|
|
192.0
|
Amortization of other
assets
|
95.3
|
|
97.6
|
Write-down of
long-lived assets and related charges
|
2.7
|
|
9.5
|
Stock-based
compensation expense
|
57.4
|
|
54.8
|
Deferred income
taxes
|
(49.5)
|
|
47.7
|
Other
|
(16.5)
|
|
(17.8)
|
Changes in operating
assets and liabilities, net of assets and liabilities
acquired:
|
|
|
|
Current assets and
liabilities:
|
|
|
|
Increase in Accounts receivable, net
|
(112.2)
|
|
(134.7)
|
(Increase) decrease in Other current assets
|
15.6
|
|
(54.1)
|
Decrease in Payables and accrued expenses
|
(180.2)
|
|
(152.7)
|
Increase in Contract liabilities
|
15.2
|
|
36.1
|
Non-current assets and
liabilities:
|
|
|
|
Increase in Other non-current assets
|
(405.7)
|
|
(515.0)
|
Increase in Other non-current liabilities
|
139.1
|
|
69.3
|
Net cash flows provided
by (used in) operating activities
|
94.1
|
|
(13.9)
|
Cash Flows From
Investing Activities
|
|
|
|
Capital
expenditures
|
(21.4)
|
|
(21.9)
|
Software purchases and
capitalized internal use software
|
(25.4)
|
|
(32.5)
|
Acquisitions, net of
cash acquired
|
—
|
|
(13.3)
|
Other investing
activities
|
(2.3)
|
|
(13.2)
|
Net cash flows used in
investing activities
|
(49.1)
|
|
(81.0)
|
Cash Flows From
Financing Activities
|
|
|
|
Debt
proceeds
|
750.0
|
|
600.0
|
Debt
repayments
|
(470.0)
|
|
(320.5)
|
Dividends
paid
|
(245.7)
|
|
(215.9)
|
Purchases of Treasury
stock
|
(3.7)
|
|
(2.1)
|
Proceeds from exercise
of stock options
|
35.1
|
|
50.4
|
Other financing
activities
|
(2.5)
|
|
(8.2)
|
Net cash flows provided
by financing activities
|
63.3
|
|
103.6
|
Effect of exchange rate
changes on Cash and cash equivalents
|
(1.4)
|
|
(6.0)
|
Net change in Cash and
cash equivalents
|
106.9
|
|
2.7
|
Cash and cash
equivalents, beginning of period
|
224.7
|
|
274.5
|
Cash and cash
equivalents, end of period
|
$
331.6
|
|
$
277.2
|
|
Amounts may not sum
due to rounding.
|
Segment
Results
|
(Unaudited)
|
|
In
millions
|
Three Months
Ended
March
31,
|
Nine Months
Ended
March
31,
|
|
2023
|
|
2022
|
2023
|
|
2022
|
Revenues
|
|
|
Investor Communication
Solutions
|
$ 1,257.2
|
|
$ 1,159.4
|
$ 3,097.2
|
|
$ 2,905.5
|
Global Technology and
Operations
|
388.5
|
|
374.3
|
1,124.6
|
|
1,080.7
|
Total
|
$ 1,645.7
|
|
$ 1,533.7
|
$ 4,221.9
|
|
$ 3,986.2
|
|
|
|
Earnings before
Income Taxes
|
|
|
Investor Communication
Solutions
|
$
255.5
|
|
$
220.0
|
$
380.4
|
|
$
361.2
|
Global Technology and
Operations
|
47.6
|
|
48.6
|
131.9
|
|
101.1
|
Other
|
(53.1)
|
|
(45.2)
|
(134.9)
|
|
(108.8)
|
Total
|
$
250.1
|
|
$
223.3
|
$
377.4
|
|
$
353.4
|
|
|
|
|
|
|
|
Pre-tax
margins:
|
|
|
|
|
|
|
Investor Communication
Solutions
|
20.3 %
|
|
19.0 %
|
12.3 %
|
|
12.4 %
|
Global Technology and
Operations
|
12.3 %
|
|
13.0 %
|
11.7 %
|
|
9.4 %
|
|
|
|
|
|
|
|
Amortization of
acquired intangibles and purchased intellectual
property
|
|
|
|
Investor Communication
Solutions
|
$
13.3
|
|
$
16.0
|
$
43.7
|
|
$
53.0
|
Global Technology and
Operations
|
39.9
|
|
44.8
|
119.1
|
|
139.0
|
Total
|
$
53.3
|
|
$
60.8
|
$
162.8
|
|
$
192.0
|
|
|
|
|
|
|
|
|
Amounts may
not sum due to rounding.
|
Supplemental
Reporting Detail - Additional Product Line
Reporting
|
(Unaudited)
|
|
In
millions
|
Three Months
Ended
March
31,
|
|
Nine Months
Ended
March
31,
|
|
2023
|
|
2022
|
|
%
Change
|
|
2023
|
|
2022
|
|
Change
|
Investor
Communication Solutions
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory
|
$
345.7
|
|
$
320.9
|
|
8 %
|
|
$
697.1
|
|
$
652.6
|
|
7 %
|
Data-driven fund
solutions
|
102.0
|
|
90.2
|
|
13 %
|
|
290.9
|
|
262.0
|
|
11 %
|
Issuer
|
57.7
|
|
46.3
|
|
25 %
|
|
108.2
|
|
90.5
|
|
20 %
|
Customer
communications
|
188.0
|
|
171.3
|
|
10 %
|
|
507.3
|
|
460.3
|
|
10 %
|
Total ICS Recurring revenues
|
693.5
|
|
628.7
|
|
10 %
|
|
1,603.5
|
|
1,465.4
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
other
|
29.2
|
|
25.0
|
|
17 %
|
|
83.9
|
|
77.1
|
|
9 %
|
Mutual
funds
|
22.6
|
|
33.6
|
|
(33 %)
|
|
68.2
|
|
122.5
|
|
(44 %)
|
Total ICS Event-driven revenues
|
51.8
|
|
58.6
|
|
(12 %)
|
|
152.1
|
|
199.6
|
|
(24 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
revenues
|
511.9
|
|
472.1
|
|
8 %
|
|
1,341.6
|
|
1,240.5
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ICS
Revenues
|
$
1,257.2
|
|
$
1,159.4
|
|
8 %
|
|
$
3,097.2
|
|
$
2,905.5
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Technology
and Operations
|
|
|
|
|
|
|
|
|
|
|
|
Capital
markets
|
$
245.8
|
|
$
241.4
|
|
2 %
|
|
$
707.8
|
|
$
671.0
|
|
5 %
|
Wealth and investment
management
|
142.7
|
|
133.0
|
|
7 %
|
|
416.9
|
|
409.7
|
|
2 %
|
Total GTO Recurring revenues
|
388.5
|
|
374.3
|
|
4 %
|
|
1,124.6
|
|
1,080.7
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
$
1,645.7
|
|
$
1,533.7
|
|
7 %
|
|
$
4,221.9
|
|
$
3,986.2
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Type
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
revenues
|
$
1,082.0
|
|
$
1,003.0
|
|
8 %
|
|
$
2,728.2
|
|
$
2,546.1
|
|
7 %
|
Event-driven
revenues
|
51.8
|
|
58.6
|
|
(12 %)
|
|
152.1
|
|
199.6
|
|
(24 %)
|
Distribution
revenues
|
511.9
|
|
472.1
|
|
8 %
|
|
1,341.6
|
|
1,240.5
|
|
8 %
|
Total Revenues
|
$
1,645.7
|
|
$
1,533.7
|
|
7 %
|
|
$
4,221.9
|
|
$
3,986.2
|
|
6 %
|
|
Amounts may not sum
due to rounding.
|
Select Operating
Metrics
|
(Unaudited)
|
|
In millions
|
Three Months
Ended
March 31,
|
|
|
|
Nine Months
Ended
March 31,
|
|
|
|
2023
|
|
2022
|
|
%
Change
|
|
2023
|
|
2022
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed
sales1
|
$61.6
|
|
$57.0
|
|
8 %
|
|
$156.0
|
|
$169.0
|
|
(8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Record
Growth2
|
|
|
|
|
|
|
|
|
|
|
|
Equity positions (Stock
records)
|
10 %
|
|
17 %
|
|
|
|
10 %
|
|
21 %
|
|
|
Mutual fund/ETF
positions (Interim records)
|
6 %
|
|
10 %
|
|
|
|
8 %
|
|
15 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal Trade
Growth3
|
1 %
|
|
(6) %
|
|
|
|
4 %
|
|
(1) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Refer to
the "Results of Operations" section of Broadridge's Form 10-Q for a
description of Closed sales and its calculation.
|
|
|
|
|
|
|
|
|
|
|
|
|
2Stock
record growth (also referred to as "SRG" or "equity position
growth") measures the estimated annual change in positions eligible
for equity proxy materials. Interim record growth (also referred to
as "IRG" or "mutual fund/ETF position growth") measures the
estimated change in mutual fund and exchange traded fund positions
eligible for interim communications. These metrics are calculated
from equity proxy and mutual fund/ETF position data reported to
Broadridge for the same issuers or funds in both the current and
prior year periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
3Represents
the estimated change in daily average trade volumes for clients
whose contracts are linked to trade volumes and who were on
Broadridge's trading platforms in both the current and prior year
periods.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP to GAAP Measures
|
(Unaudited)
|
|
In millions, except
per share amounts
|
Three Months
Ended
March
31,
|
|
Nine Months
Ended
March 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
Adjusted Operating Income
|
|
|
|
Operating income
(GAAP)
|
$
286.8
|
|
$
246.0
|
|
$
482.2
|
|
$
418.2
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased
Intellectual Property
|
53.3
|
|
60.8
|
|
162.8
|
|
192.0
|
Acquisition and
Integration Costs
|
3.3
|
|
3.1
|
|
11.0
|
|
13.8
|
Real Estate
Realignment and Covid-19 Related Expenses (a)
|
—
|
|
3.3
|
|
—
|
|
6.8
|
Russia-Related
Exit Costs (c)
|
1.5
|
|
—
|
|
12.0
|
|
—
|
Adjusted Operating
income (Non-GAAP)
|
$
344.8
|
|
$
313.3
|
|
$
668.0
|
|
$
630.8
|
Operating income margin
(GAAP)
|
17.4 %
|
|
16.0 %
|
|
11.4 %
|
|
10.5 %
|
Adjusted Operating
income margin (Non-GAAP)
|
21.0 %
|
|
20.4 %
|
|
15.8 %
|
|
15.8 %
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net earnings
|
|
|
|
Net earnings
(GAAP)
|
$
198.5
|
|
$
176.6
|
|
$
306.5
|
|
$
291.0
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased
Intellectual Property
|
53.3
|
|
60.8
|
|
162.8
|
|
192.0
|
Acquisition and
Integration Costs
|
3.3
|
|
3.1
|
|
11.0
|
|
13.8
|
Real Estate
Realignment and Covid-19 Related Expenses (a)
|
—
|
|
3.3
|
|
—
|
|
6.8
|
Investment
Gain
|
—
|
|
—
|
|
—
|
|
(7.5)
|
Russia-Related Exit
Costs (c)
|
1.5
|
|
—
|
|
10.8
|
|
—
|
Subtotal of
adjustments
|
58.0
|
|
67.2
|
|
184.6
|
|
205.1
|
Tax impact of
adjustments (d)
|
(12.0)
|
|
(15.4)
|
|
(38.4)
|
|
(44.1)
|
Adjusted Net earnings
(Non-GAAP)
|
$
244.5
|
|
$
228.4
|
|
$
452.7
|
|
$
452.0
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EPS
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$ 1.67
|
|
$ 1.49
|
|
$ 2.58
|
|
$ 2.46
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased
Intellectual Property
|
0.45
|
|
0.51
|
|
1.37
|
|
1.62
|
Acquisition and
Integration Costs
|
0.03
|
|
0.03
|
|
0.09
|
|
0.12
|
Real Estate
Realignment and Covid-19 Related Expenses (b)
|
—
|
|
0.03
|
|
—
|
|
0.06
|
Investment
Gain
|
—
|
|
—
|
|
—
|
|
(0.06)
|
Russia-Related Exit
Costs
|
0.01
|
|
—
|
|
0.09
|
|
—
|
Subtotal of
adjustments
|
0.49
|
|
0.57
|
|
1.55
|
|
1.73
|
Tax impact of
adjustments (d)
|
(0.10)
|
|
(0.13)
|
|
(0.32)
|
|
(0.37)
|
Adjusted earnings per
share (Non-GAAP)
|
$ 2.05
|
|
$ 1.93
|
|
$ 3.81
|
|
$ 3.81
|
|
(a) Real Estate
Realignment were $0.7 million and $0.5 million for the three and
nine months ended March 31, 2022, respectively. Covid-19 Related
Expenses were $2.6 million and $6.3 million for the three and nine
months ended March 31, 2022, respectively.
|
|
(b) Real Estate
Realignment Expenses impacted Adjusted earnings per share by $0.01
and less than $0.01 for the three and nine months ended March 31,
2022, respectively. Covid-19 Related Expenses impacted Adjusted
earnings per share by $0.02 and $0.05 for the three and nine months
ended March 31, 2022, respectively.
|
|
(c) Total
Russia-Related Exit Costs were $1.5 million for the three months
ended March 31, 2023. For the nine months ended March 31, 2023,
total costs were $10.8 million, comprised of $12.0 million of
operating expenses, offset by a gain of $1.2 million in
non-operating income.
|
|
(d) Calculated using
the GAAP effective tax rate, adjusted to exclude $0.3 million and
$7.5 million of excess tax benefits associated with stock-based
compensation for the three and nine months ended March 31, 2023,
respectively, and $2.2 million and $13.6 million of excess tax
benefits associated with stock-based compensation for the three and
nine months ended March 31, 2022, respectively. For purposes of
calculating the Adjusted earnings per share, the same adjustments
were made on a per share basis.
|
|
Nine Months
Ended
March 31,
|
|
2023
|
|
2022
|
Reconciliation of
Free cash flow
|
|
Net cash flows provided
by (used in) operating activities (GAAP)
|
$
94.1
|
|
$
(13.9)
|
Capital expenditures
and Software purchases and capitalized internal use
software
|
(46.8)
|
|
(54.4)
|
Free cash flow
(Non-GAAP)
|
$
47.3
|
|
$
(68.4)
|
|
|
|
|
Reconciliation of
Recurring Revenue Growth Constant Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023
|
Investor
Communication Solutions
|
Regulatory
|
|
Data-
Driven
Fund
Solutions
|
|
Issuer
|
|
Customer
Comms.
|
|
Total
|
Recurring revenue
growth (GAAP)
|
8 %
|
|
13 %
|
|
25 %
|
|
10 %
|
|
10 %
|
Impact of foreign
currency exchange
|
1 %
|
|
1 %
|
|
— %
|
|
— %
|
|
1 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
8 %
|
|
14 %
|
|
25 %
|
|
10 %
|
|
11 %
|
|
|
Nine Months Ended
March 31, 2023
|
Investor
Communication Solutions
|
Regulatory
|
|
Data-
Driven
Fund
Solutions
|
|
Issuer
|
|
Customer
Comms.
|
|
Total
|
Recurring revenue
growth (GAAP)
|
7 %
|
|
11 %
|
|
20 %
|
|
10 %
|
|
9 %
|
Impact of foreign
currency exchange
|
— %
|
|
2 %
|
|
— %
|
|
— %
|
|
1 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
7 %
|
|
13 %
|
|
20 %
|
|
10 %
|
|
10 %
|
|
Three Months Ended
March 31, 2023
|
Global Technology
and Operations
|
Capital
Markets
|
|
Wealth and
Investment
Management
|
|
Total
|
Recurring revenue
growth (GAAP)
|
2 %
|
|
7 %
|
|
4 %
|
Impact of foreign
currency exchange
|
3 %
|
|
2 %
|
|
3 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
5 %
|
|
10 %
|
|
7 %
|
|
|
Nine Months Ended
March 31, 2023
|
Global Technology
and Operations
|
Capital
Markets
|
|
Wealth and
Investment
Management
|
|
Total
|
Recurring revenue
growth (GAAP)
|
5 %
|
|
2 %
|
|
4 %
|
Impact of foreign
currency exchange
|
5 %
|
|
2 %
|
|
4 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
10 %
|
|
4 %
|
|
8 %
|
|
Three Months
Ended
March 31, 2023
|
|
Nine Months
Ended
March 31, 2023
|
Consolidated
|
Total
|
|
Total
|
Recurring revenue
growth (GAAP)
|
8 %
|
|
7 %
|
Impact of foreign
currency exchange
|
1 %
|
|
2 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
9 %
|
|
9 %
|
|
Amounts may not sum
due to rounding.
|
2023
Guidance
|
Reconciliation of
Non-GAAP to GAAP Measures
|
(Unaudited)
|
|
FY23 Recurring revenue
growth (a)
|
|
|
Impact of foreign
currency exchange
|
|
—
|
Recurring revenue
growth constant currency - Non-GAAP
|
|
6 - 9%
|
|
|
|
FY23 Adjusted Operating
income margin (b)
|
|
|
Operating income
margin % - GAAP
|
|
Increase of ~ 150
bps
|
Adjusted Operating
income margin % - Non-GAAP
|
|
Increase of ~ 50
bps
|
|
|
|
FY23 Adjusted earnings
per share growth rate (c)
|
|
|
Diluted earnings per
share - GAAP
|
|
~13 - 17%
growth
|
Adjusted earnings per
share - Non-GAAP
|
|
7 - 11%
growth
|
|
(a) The Company is
unable to reconcile its forward-looking Recurring revenue growth
constant currency fiscal year 2023 guidance without unreasonable
efforts because of the uncertainty in the amounts of future foreign
currency exchange rates. For the same reason, the Company is unable
to address the probable significance of the unavailable
information, which could be material to future results.
|
|
(b) Adjusted
Operating income margin guidance (Non-GAAP) is adjusted to exclude
the projected $248 million impact of Amortization of Acquired
Intangibles and Purchased Intellectual Property, Acquisition and
Integration Costs, and Russia-Related Exit Costs.
|
|
(c) Adjusted
earnings per share growth guidance (Non-GAAP) is adjusted to
exclude the projected $1.62 per share impact of Amortization of
Acquired Intangibles and Purchased Intellectual Property,
Acquisition and Integration Costs, and Russia-Related Exit Costs,
and is calculated using diluted shares
outstanding.
|
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content:https://www.prnewswire.com/news-releases/broadridge-reports-third-quarter-fiscal-2023-results-301812619.html
SOURCE Broadridge Financial Solutions, Inc.