Q4 Recurring revenues grew 7%, up 8% constant
currency, with Diluted EPS growth of 30% and Adjusted EPS
growth of 21%
2023 Recurring revenues grew 7%, up 9%
constant currency, with Diluted EPS growth of 16% and Adjusted
EPS growth of 9%
Raising annual dividend 10% to $3.20 per share
Fiscal year 2024 guidance of 6-9% Recurring
revenue growth constant currency and 8-12% Adjusted EPS
growth
NEW
YORK, Aug. 8, 2023 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE:BR) today reported financial
results for the fourth quarter and fiscal year 2023. Results
compared with the same period last year were as follows:
Summary Financial
Results
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
|
Dollars in millions,
except per share data
|
|
2023
|
2022
|
Change
|
2023
|
2022
|
Change
|
|
|
|
|
|
|
|
|
|
Recurring
revenues
|
|
$1,259
|
$1,177
|
7 %
|
$3,987
|
$3,723
|
7 %
|
|
Constant currency
growth - Non-GAAP
|
|
|
|
8 %
|
|
|
9 %
|
Total
revenues
|
|
$1,839
|
$1,723
|
7 %
|
$6,061
|
$5,709
|
6 %
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$454
|
$342
|
33 %
|
$936
|
$760
|
23 %
|
|
Margin
|
|
24.7 %
|
19.8 %
|
|
15.4 %
|
13.3 %
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
income - Non-GAAP
|
|
$531
|
$436
|
22 %
|
$1,199
|
$1,066
|
12 %
|
|
Margin
|
|
28.9 %
|
25.3 %
|
|
19.8 %
|
18.7 %
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$2.72
|
$2.09
|
30 %
|
$5.30
|
$4.55
|
16 %
|
Adjusted EPS -
Non-GAAP
|
|
$3.21
|
$2.65
|
21 %
|
$7.01
|
$6.46
|
9 %
|
|
|
|
|
|
|
|
|
|
Closed sales
|
|
$90
|
$111
|
(19 %)
|
$246
|
$280
|
(12 %)
|
"Broadridge reported strong fourth quarter results, including 8%
Recurring revenue constant currency growth and 21% Adjusted EPS
growth. For the full year, Recurring revenues were at the higher
end of our guidance and rose 9% constant currency, driving
continued margin expansion, 9% Adjusted EPS growth and strong Free
cash flow. Our performance enabled Broadridge to deliver at or
above the high end of the range of our three year financial
objectives," said Tim Gokey,
Broadridge CEO.
"Looking ahead, our fiscal year 2024 guidance calls for 6-9%
Recurring revenue growth constant currency and 8-12% Adjusted EPS
growth. Our strong results and outlook reflect continued execution
of our long-term growth strategy, powerful underlying trends, and
returns on the investments we have made in our business.
"I'm also pleased to announce that our Board has approved a 10%
increase in our annual dividend to $3.20 per share. Broadridge has now
increased its dividend every year since becoming a public company,
including double digit increases in 11 of the past 12 years," Mr.
Gokey concluded.
Fiscal Year 2024
Financial Guidance
|
Recurring revenue
growth constant currency - Non-GAAP
|
|
6 - 9%
|
Adjusted Operating
income margin - Non-GAAP
|
|
~20%
|
Adjusted Earnings per
share growth - Non-GAAP
|
|
8 - 12%
|
Closed sales
|
|
$280 - $320
million
|
Financial Results for Fourth Quarter Fiscal Year 2023
compared to Fourth Quarter Fiscal Year 2022
- Total revenues increased 7% to $1,839 million from $1,723
million in the prior year period.
-
- Recurring revenues increased 7% to $1,259 million from $1,177
million. Recurring revenue growth constant currency
(Non-GAAP) was 8%, all organic, driven by Net New Business and
Internal Growth.
- Event-driven revenues decreased by $11
million, or 15%, to $59
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $45
million, or 9%, to $522
million, driven by the impact of postage rate increases of
approximately $35 million.
- Operating income was $454
million, an increase of $112
million, or 33%. Operating income margin increased to 24.7%,
compared to 19.8% 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 $531
million, an increase of $96
million, or 22%. The increase was driven by higher Recurring
revenues partially offset by lower event-driven revenues. Adjusted
Operating income margin increased to 28.9%, compared to 25.3% for
the prior year period. The increase in pass through distribution
revenues negatively impacted margins by approximately 10 basis
points.
- Interest expense, net was $36
million, an increase of $15
million, primarily due to an increase in interest expense
from higher borrowing costs.
- The effective tax rate was 22.4% compared to 22.1% in
the prior year period. The increase was driven by the decreased
impact of discrete tax items.
- Net earnings increased 31% to $324 million and Adjusted Net earnings increased
22% to $382 million.
-
- Diluted earnings per share increased 30% to $2.72, compared to $2.09 in the prior year period, and
- Adjusted earnings per share increased 21% to $3.21, compared to $2.65 in the prior year period.
Segment and Other Results for Fourth Quarter Fiscal Year 2023
compared to Fourth Quarter Fiscal Year 2022
Investor Communication Solutions ("ICS")
- ICS total Revenues were $1,438
million, an increase of $87
million, or 6%.
-
- Recurring revenues increased $53
million, or 7%, to $858
million. 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 Recurring revenue
growth constant currency (Non-GAAP) were as follows:
-
- Regulatory rose 5% and 5%, respectively, driven by equity
position growth of 6% and mutual fund/ETF position growth of 8%,
partially offset by lower growth in international revenues;
- Data-driven fund solutions rose 11% and 12%, respectively,
driven by growth in our mutual fund trade processing business and
continued growth in our data and analytics solutions;
- Issuer rose 7% and 7%, respectively, driven by growth in our
registered shareholder solutions and disclosure solutions; and
- Customer communications rose 7% and 7%, respectively, driven by
higher print and digital communications.
- Event-driven revenues decreased $11
million, or 15%, to $59
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $45
million, or 9%, to $522
million, driven by the impact of postage rate increases of
approximately $35 million.
- ICS Earnings before income taxes were $431 million, an increase of $68 million, or 19%. The earnings benefit from
higher Recurring revenue was partially offset by lower event-driven
revenues. Operating expenses rose 2%, or $20
million, to $1,007 million,
driven by higher distribution expenses, partially offset by a
decline in other operating expenses. Amortization expense from
acquired intangibles decreased by $4
million to $12 million.
Pre-tax margins increased to 30.0% from 26.9%.
Global Technology and Operations ("GTO")
- GTO Recurring revenues were $401
million, an increase of $29
million, or 8%. Recurring revenue growth constant currency
(Non-GAAP) was 9%, 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 11% and 12%, respectively, driven by a
combination of Internal Growth and Net New Business; and
- Wealth and investment management rose 2% and 4%, respectively,
driven primarily by Net New Business.
- GTO Earnings before income taxes were $52 million, an increase of $14 million, or 35%. GTO earnings increase was
driven primarily by the $29 million
growth in Recurring revenues. Operating expenses rose 5%, or
$15 million, to $349 million, primarily driven by increased labor
costs. Amortization expense from acquired intangibles decreased by
$3 million to $40 million in fiscal year 2023 due to the impact
of changes in foreign currency exchange rates and certain
intangible assets now being fully amortized. Pre-tax margins
increased to 13.0% from 10.3%.
Other
- Other Loss before income tax was $66
million compared to a loss of $83
million in the prior year period. The impact of a
$15 million increase in net interest
expense and higher severance costs related to the corporate
restructuring initiative were more than offset by the absence of
the prior year $24 million in Real
Estate Realignment and Covid-19 related expenses and lower
compensation related expenses.
Financial Results for Fiscal Year 2023 compared to Fiscal
Year 2022
- Total revenues increased 6% to $6,061 million from $5,709
million in the prior year period.
-
- Recurring revenues increased 7% to $3,987 million from $3,723
million. Recurring revenue growth constant currency
(Non-GAAP) was 9%, all organic, driven by Net New Business and
Internal Growth.
- Event-driven revenues decreased $58
million, or 22%, to $211
million, primarily due to a decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $146
million, or 9%, to $1,863
million, primarily driven by the impact of postage rate
increases of approximately $121
million.
- Operating income was $936
million, an increase of $177
million, or 23%. Operating income margin increased to 15.4%
from 13.3% in the prior year period due to the growth in Recurring
revenues, which more than offset the impact of lower event-driven
revenues, an increase in low-margin distribution revenues, growth
investments and other expenses.
Adjusted Operating income was $1,199 million, an increase of $133 million, or 12%. The increase was primarily
driven by higher Recurring revenues, partially offset by lower
event-driven revenues, growth investments and other spending.
Adjusted Operating income margin increased to 19.8%, compared to
18.7% for the prior year period. The increase in pass through
distribution revenues negatively impacted margins by approximately
30 basis points.
- Interest expense, net was $136
million, an increase of $51
million, primarily due to an increase in interest expense
from higher borrowing costs.
- The effective tax rate was 20.7% compared to 19.8% in
the prior year period. The increase in the effective tax rate was
driven by lower discrete tax items, primarily attributable to the
excess tax benefit related to equity compensation, as compared to
the prior year.
- Net earnings increased 17% to $631 million and Adjusted Net earnings increased
9% to $835 million.
-
- Diluted Earnings per share increased 16% to $5.30 compared to $4.55 in the prior year period, and
- Adjusted Earnings per share increased 9% to $7.01 compared to $6.46 in the prior year period.
Segment and Other Results for Fiscal Year 2023 compared to
Fiscal Year 2022
ICS
- ICS total Revenues were $4,536
million, an increase of $279
million, or 7%.
-
- Recurring revenues increased $191
million, or 8%, to $2,461
million. Recurring revenue growth constant currency
(Non-GAAP) was 9%, 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:
-
- Regulatory rose 6% and 7%, respectively, driven by equity
position growth of 9% and mutual fund/ETF position growth of
8%;
- Data-driven fund solutions rose 11% and 12%, respectively,
driven by growth in our mutual fund trade processing business and
continued growth in our data and analytics solutions;
- Issuer rose 12% and 13%, respectively, driven by growth in our
registered shareholder solutions and disclosure solutions; and
- Customer communications rose 9% and 10%, respectively, driven
by higher print and digital communications.
- Event-driven revenues decreased $58
million, or 22%, to $211
million, primarily due to the decrease in volume of mutual
fund proxy communications.
- Distribution revenues increased $146
million, or 9%, to $1,863
million, driven by the impact of postage rate increases of
$121 million and the impact of
modestly higher mail volumes, primarily in Customer
communications.
- ICS earnings before income taxes were $811 million, an increase of $87 million, or 12%. The earnings benefit from
higher Recurring revenue was partially offset by lower event-driven
revenues. Operating expenses rose 5%, or $192 million, to $3,724
million, primarily driven by distribution and other revenue
related expenses. Amortization expense from acquired intangibles
decreased by $13 million to
$56 million. Pre-tax margins
increased to 17.9% from 17.0%.
GTO
- GTO Recurring revenues were $1,525
million, an increase of $73
million, or 5%. 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 7% and 11%, respectively, driven by a
combination of Internal Growth and Net New Business; and
- Wealth and investment management rose 2% and 4%, respectively,
primarily driven by Net New Business.
- GTO earnings before income taxes were $184 million, an increase of $44 million, or 32%, driven primarily by the
$73 million growth in Recurring
revenues, partially offset by increased labor costs. Operating
expenses rose 2%, or $28 million, to
$1,341 million, primarily driven by
increased labor costs. Amortization expense from acquired
intangibles decreased by $23 million
to $159 million in fiscal year 2023
due to the impact of changes in foreign currency exchange rates and
certain intangible assets now being fully amortized. Pre-tax
margins increased to 12.1% from 9.6%.
Other
- Other Loss before income tax was $201
million compared to a loss of $192
million in the prior year period. The impact of a
$51 million increase in net interest
expense and higher severance costs related to the corporate
restructuring initiative were partially offset by the absence of
the prior year $30 million in Real
Estate Realignment and Covid-19 related expenses and lower
compensation related expenses.
Dividend Declaration and Increase
On August 7,
2023, Broadridge's Board of Directors (the "Board") declared a
quarterly dividend of $0.80 per share
payable on October 5, 2023 to
stockholders of record on September 15,
2023. This declaration reflects the Board's approval of an
increase in the annual dividend amount by 10% from $2.90 to $3.20 per
share, subject to the discretion of the Board to declare quarterly
dividends. With this increase, the Company's annual dividend has
increased for the 17th consecutive year since becoming a public
company in 2007.
Earnings Conference Call
An analyst conference call will be held today, August 8, 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 August 15,
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 8237106 for either dial-in number.
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.
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 reflect Operating income, Operating
income margin, Net earnings, and Diluted earnings per share, as
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) Restructuring Charges, (iv) Real Estate Realignment and
Covid-19 Related Expenses, (v) Russia-Related Exit Costs, and (vi)
Investment Gain. 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.
Restructuring Charges represent severance costs associated with the
Company's initiative to streamline our management structure,
reallocate work to lower cost locations, and reduce headcount in
deprioritized areas. 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 Expense 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. 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. Investment Gain represents a non-operating,
non-cash gain on a privately held investment.
We exclude Acquisition and Integration Costs, Restructuring
Charges, Real Estate Realignment and Covid-19 Related Expenses,
Russia-Related Exit Costs, and Investment Gain 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.
Reconciliations of such Non-GAAP measures to the most directly
comparable financial measures presented in accordance with GAAP can
be found in the tables that are part of this press release.
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 2024 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, 2023 (the "2023 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 2023 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;
- 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 the demands of its clients;
- competitive conditions;
- Broadridge's ability to attract and retain key personnel;
and
- the impact of new acquisitions and divestitures.
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 $6 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. $10
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
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues
|
|
|
$ 1,839.0
|
|
$ 1,722.9
|
|
$
6,060.9
|
|
$
5,709.1
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
1,159.1
|
|
1,146.8
|
|
4,275.5
|
|
4,116.9
|
Selling, general and
administrative expenses
|
|
|
225.7
|
|
234.3
|
|
849.0
|
|
832.3
|
Total operating
expenses
|
|
|
1,384.8
|
|
1,381.2
|
|
5,124.5
|
|
4,949.2
|
Operating
income
|
|
|
454.2
|
|
341.7
|
|
936.4
|
|
759.9
|
Interest expense,
net
|
|
|
(36.0)
|
|
(20.7)
|
|
(135.5)
|
|
(84.7)
|
Other non-operating
income (expenses), net
|
|
|
(0.7)
|
|
(2.2)
|
|
(6.0)
|
|
(3.0)
|
Earnings before income
taxes
|
|
|
417.5
|
|
318.8
|
|
794.9
|
|
672.2
|
Provision for income
taxes
|
|
|
93.4
|
|
70.6
|
|
164.3
|
|
133.1
|
Net earnings
|
|
|
$
324.1
|
|
$
248.1
|
|
$ 630.6
|
|
$ 539.1
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
2.75
|
|
$
2.12
|
|
$
5.36
|
|
$
4.62
|
Diluted earnings per
share
|
|
|
$
2.72
|
|
$
2.09
|
|
$
5.30
|
|
$
4.55
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
118.0
|
|
117.2
|
|
117.7
|
|
116.7
|
Diluted
|
|
|
119.1
|
|
118.5
|
|
119.0
|
|
118.5
|
|
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding.
|
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
In millions, except
per share amounts
|
|
|
June 30,
2023
|
|
June 30,
2022
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
252.3
|
|
$
224.7
|
Accounts receivable,
net of allowance for doubtful accounts
of $7.2 and $6.8, respectively
|
|
|
974.0
|
|
946.9
|
Other current
assets
|
|
|
166.2
|
|
156.8
|
Total current
assets
|
|
|
1,392.5
|
|
1,328.4
|
Property, plant and
equipment, net
|
|
|
145.7
|
|
150.9
|
Goodwill
|
|
|
3,461.6
|
|
3,484.9
|
Intangible assets,
net
|
|
|
1,467.2
|
|
1,077.1
|
Deferred client
conversion and start-up costs
|
|
|
937.0
|
|
1,232.3
|
Other non-current
assets
|
|
|
829.2
|
|
895.3
|
Total
assets
|
|
|
$
8,233.2
|
|
$
8,168.8
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
$
1,178.5
|
|
$
—
|
Payables and accrued
expenses
|
|
|
1,019.5
|
|
1,114.9
|
Contract
liabilities
|
|
|
199.8
|
|
198.5
|
Total current
liabilities
|
|
|
2,397.8
|
|
1,313.4
|
Long-term
debt
|
|
|
2,234.7
|
|
3,793.0
|
Deferred
taxes
|
|
|
391.3
|
|
446.1
|
Contract
liabilities
|
|
|
492.8
|
|
215.8
|
Other non-current
liabilities
|
|
|
476.0
|
|
481.5
|
Total
liabilities
|
|
|
5,992.6
|
|
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,
118.1 and 117.3 shares, respectively
|
|
|
1.6
|
|
1.6
|
Additional paid-in
capital
|
|
|
1,436.8
|
|
1,344.7
|
Retained
earnings
|
|
|
3,113.0
|
|
2,824.0
|
Treasury stock, at
cost: 36.4 and 37.2 shares, respectively
|
|
|
(2,026.1)
|
|
(2,024.8)
|
Accumulated other
comprehensive income (loss)
|
|
|
(284.7)
|
|
(226.3)
|
Total stockholders'
equity
|
|
|
2,240.6
|
|
1,919.1
|
Total liabilities and
stockholders' equity
|
|
|
$
8,233.2
|
|
$
8,168.8
|
|
Amounts may not sum
due to rounding.
|
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
In
millions
|
Fiscal
Year
|
|
2023
|
|
2022
|
Cash Flows From
Operating Activities
|
|
|
|
Net earnings
|
$
630.6
|
|
$
539.1
|
Adjustments to
reconcile net earnings to net cash flows provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
84.4
|
|
82.4
|
Amortization of
acquired intangibles and purchased intellectual property
|
214.4
|
|
250.2
|
Amortization of other
assets
|
126.2
|
|
131.4
|
Write-down of
long-lived assets
|
2.5
|
|
39.5
|
Stock-based
compensation expense
|
73.1
|
|
68.4
|
Deferred income
taxes
|
(50.8)
|
|
50.7
|
Other
|
(27.4)
|
|
(17.9)
|
Changes in operating
assets and liabilities, net of assets and liabilities
acquired:
|
|
|
|
Current assets and
liabilities:
|
|
|
|
Accounts receivable,
net
|
19.6
|
|
(85.4)
|
Other current
assets
|
(10.0)
|
|
12.2
|
Payables and accrued
expenses
|
(104.5)
|
|
(26.7)
|
Contract
liabilities
|
(3.2)
|
|
30.2
|
Non-current assets and
liabilities:
|
|
|
|
Other non-current
assets
|
(472.4)
|
|
(696.9)
|
Other non-current
liabilities
|
340.9
|
|
66.2
|
Net cash flows provided
by operating activities
|
823.3
|
|
443.5
|
Cash Flows From
Investing Activities
|
|
|
|
Capital
expenditures
|
(38.4)
|
|
(29.0)
|
Software purchases and
capitalized internal use software
|
(36.8)
|
|
(44.1)
|
Acquisitions, net of
cash acquired
|
—
|
|
(13.3)
|
Other investing
activities
|
(5.3)
|
|
(24.0)
|
Net cash flows used in
investing activities
|
(80.4)
|
|
(110.4)
|
Cash Flows From
Financing Activities
|
|
|
|
Debt
proceeds
|
990.0
|
|
670.0
|
Debt
repayments
|
(1,375.0)
|
|
(765.5)
|
Dividends
paid
|
(331.0)
|
|
(290.7)
|
Purchases of Treasury
stock
|
(24.3)
|
|
(22.8)
|
Proceeds from exercise
of stock options
|
43.1
|
|
60.2
|
Other financing
activities
|
(17.5)
|
|
(22.0)
|
Net cash flows used in
financing activities
|
(714.7)
|
|
(370.8)
|
Effect of exchange rate
changes on Cash and cash equivalents
|
(0.6)
|
|
(12.2)
|
Net change in Cash and
cash equivalents
|
27.6
|
|
(49.9)
|
Cash and cash
equivalents, beginning of fiscal year
|
224.7
|
|
274.5
|
Cash and cash
equivalents, end of fiscal year
|
$
252.3
|
|
$
224.7
|
|
|
|
|
Amounts may not sum
due to rounding
|
|
|
|
Segment
Results
(Unaudited)
|
|
In
millions
|
Three Months
Ended
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues
|
|
|
|
|
|
Investor Communication
Solutions
|
$ 1,438.4
|
|
$ 1,351.1
|
|
$
4,535.6
|
|
$
4,256.6
|
Global Technology and
Operations
|
400.6
|
|
371.7
|
|
1,525.2
|
|
1,452.4
|
Total
|
$ 1,839.0
|
|
$ 1,722.9
|
|
$
6,060.9
|
|
$
5,709.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before
Income Taxes
|
|
|
|
|
|
Investor Communication
Solutions
|
$
431.1
|
|
$
363.5
|
|
$
811.4
|
|
$
724.7
|
Global Technology and
Operations
|
52.0
|
|
38.4
|
|
183.9
|
|
139.4
|
Other
|
(65.6)
|
|
(83.1)
|
|
(200.5)
|
|
(191.9)
|
Total
|
$
417.5
|
|
$
318.8
|
|
$
794.9
|
|
$
672.2
|
|
|
|
|
|
|
|
|
Pre-tax
margins:
|
|
|
|
|
|
|
|
Investor
Communication Solutions
|
30.0 %
|
|
26.9 %
|
|
17.9 %
|
|
17.0 %
|
Global Technology
and Operations
|
13.0 %
|
|
10.3 %
|
|
12.1 %
|
|
9.6 %
|
|
|
Amortization of
acquired intangibles and purchased intellectual
property
|
Investor Communication
Solutions
|
$
11.8
|
|
$
15.7
|
|
$
55.5
|
|
$
68.7
|
Global Technology and
Operations
|
39.8
|
|
42.5
|
|
158.9
|
|
181.5
|
Total
|
$
51.6
|
|
$
58.2
|
|
$
214.4
|
|
$
250.2
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding.
|
Supplemental
Reporting Detail - Additional Product Line Reporting
(Unaudited)
|
|
In
millions
|
Three Months
Ended
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Investor
Communication Solutions
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory
|
$
444.3
|
|
$
422.8
|
|
5 %
|
|
$
1,141.4
|
|
$
1,075.4
|
|
6 %
|
Data-driven fund
solutions
|
113.4
|
|
101.7
|
|
11 %
|
|
404.3
|
|
363.7
|
|
11 %
|
Issuer
|
134.4
|
|
125.3
|
|
7 %
|
|
242.6
|
|
215.9
|
|
12 %
|
Customer
communications
|
165.8
|
|
155.0
|
|
7 %
|
|
673.1
|
|
615.4
|
|
9 %
|
Total ICS Recurring revenues
|
857.9
|
|
804.9
|
|
7 %
|
|
2,461.4
|
|
2,270.3
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
other
|
32.7
|
|
37.8
|
|
(14 %)
|
|
116.5
|
|
115.0
|
|
1 %
|
Mutual
funds
|
26.3
|
|
31.9
|
|
(18 %)
|
|
94.5
|
|
154.4
|
|
(39 %)
|
Total ICS Event-driven revenues
|
58.9
|
|
69.7
|
|
(15 %)
|
|
211.0
|
|
269.4
|
|
(22 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
revenues
|
521.5
|
|
476.5
|
|
9 %
|
|
1,863.1
|
|
1,717.0
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ICS
Revenues
|
$
1,438.4
|
|
$
1,351.1
|
|
6 %
|
|
$
4,535.6
|
|
$
4,256.6
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Technology
and Operations
|
|
|
|
|
|
|
|
|
|
|
|
Capital
markets
|
$
257.4
|
|
$
231.7
|
|
11 %
|
|
$
965.2
|
|
$
902.7
|
|
7 %
|
Wealth and investment
management
|
143.2
|
|
140.0
|
|
2 %
|
|
560.1
|
|
549.7
|
|
2 %
|
Total GTO Recurring revenues
|
400.6
|
|
371.7
|
|
8 %
|
|
1,525.2
|
|
1,452.4
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
$
1,839.0
|
|
$
1,722.9
|
|
7 %
|
|
$
6,060.9
|
|
$
5,709.1
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Type
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
revenues
|
$
1,258.5
|
|
$
1,176.6
|
|
7 %
|
|
$
3,986.7
|
|
$
3,722.7
|
|
7 %
|
Event-driven
revenues
|
58.9
|
|
69.7
|
|
(15 %)
|
|
211.0
|
|
269.4
|
|
(22 %)
|
Distribution
revenues
|
521.5
|
|
476.5
|
|
9 %
|
|
1,863.1
|
|
1,717.0
|
|
9 %
|
Total Revenues
|
$
1,839.0
|
|
$
1,722.9
|
|
7 %
|
|
$
6,060.9
|
|
$
5,709.1
|
|
6 %
|
|
Amounts may not sum
due to rounding.
|
Select Operating
Metrics
(Unaudited)
|
|
In
millions
|
Three Months
Ended
June
30,
|
|
|
|
Fiscal Year
Ended
June 30,
|
|
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed
sales1
|
$89.8
|
|
$110.5
|
|
(19) %
|
|
$245.8
|
|
$279.5
|
|
(12) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Record
Growth2
|
|
|
|
|
|
|
|
|
|
|
|
Equity positions
(Stock records)
|
6 %
|
|
17 %
|
|
|
|
9 %
|
|
18 %
|
|
|
Mutual fund/ETF
positions (Interim records)
|
8 %
|
|
10 %
|
|
|
|
8 %
|
|
14 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal Trade
Growth3
|
3 %
|
|
8 %
|
|
|
|
4 %
|
|
1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
1. Refer to the
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" section of Broadridge's 2023 Annual Report
for a
description of Closed sales and its calculation.
|
2. Stock 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.
|
3. Represents 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
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
Adjusted Operating Income
|
|
Operating income
(GAAP)
|
$
454.2
|
|
$
341.7
|
|
$
936.4
|
|
$
759.9
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased Intellectual Property
|
51.6
|
|
58.2
|
|
214.4
|
|
250.2
|
Acquisition and
Integration Costs
|
4.8
|
|
10.6
|
|
15.8
|
|
24.5
|
Restructuring
Charges
|
20.4
|
|
—
|
|
20.4
|
|
—
|
Real Estate
Realignment and Covid-19 Related Expenses (a)
|
—
|
|
23.7
|
|
—
|
|
30.5
|
Russia-Related Exit
Costs (c)
|
0.1
|
|
1.4
|
|
12.1
|
|
1.4
|
Adjusted Operating
income (Non-GAAP)
|
$
531.2
|
|
$
435.6
|
|
$ 1,199.1
|
|
$
1,066.4
|
Operating income
margin (GAAP)
|
24.7 %
|
|
19.8 %
|
|
15.4 %
|
|
13.3 %
|
Adjusted Operating
income margin (Non-GAAP)
|
28.9 %
|
|
25.3 %
|
|
19.8 %
|
|
18.7 %
|
|
|
Reconciliation of
Adjusted Net earnings
|
|
Net earnings
(GAAP)
|
$
324.1
|
|
$
248.1
|
|
$
630.6
|
|
$
539.1
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased Intellectual Property
|
51.6
|
|
58.2
|
|
214.4
|
|
250.2
|
Acquisition and
Integration Costs
|
4.8
|
|
10.6
|
|
15.8
|
|
24.5
|
Restructuring
Charges
|
20.4
|
|
—
|
|
20.4
|
|
—
|
Real Estate
Realignment and Covid-19 Related Expenses (a)
|
—
|
|
23.7
|
|
—
|
|
30.5
|
Russia-Related Exit
Costs (c)
|
0.1
|
|
1.4
|
|
10.9
|
|
1.4
|
Investment
Gains
|
—
|
|
(6.7)
|
|
—
|
|
(14.2)
|
Subtotal of
adjustments
|
77.0
|
|
87.2
|
|
261.6
|
|
292.3
|
Tax impact of
adjustments (d)
|
(19.1)
|
|
(21.6)
|
|
(57.5)
|
|
(65.7)
|
Adjusted Net earnings
(Non-GAAP)
|
$
381.9
|
|
$
313.7
|
|
$
834.6
|
|
$
765.7
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding. Refer to notes (a) - (d) on the next
page.
|
|
|
In millions, except
per share amounts
|
Three Months
Ended
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
Adjusted EPS
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$ 2.72
|
|
$
2.09
|
|
$ 5.30
|
|
$
4.55
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased Intellectual Property
|
0.43
|
|
0.49
|
|
1.80
|
|
2.11
|
Acquisition and
Integration Costs
|
0.04
|
|
0.09
|
|
0.13
|
|
0.21
|
Restructuring
Charges
|
0.17
|
|
—
|
|
0.17
|
|
—
|
Real Estate
Realignment and Covid-19 Related Expenses (b)
|
—
|
|
0.20
|
|
—
|
|
0.26
|
Russia-Related Exit
Costs
|
—
|
|
0.01
|
|
0.09
|
|
0.01
|
Investment
Gains
|
—
|
|
(0.06)
|
|
—
|
|
(0.12)
|
Subtotal of
adjustments
|
0.65
|
|
0.74
|
|
2.20
|
|
2.47
|
Tax impact of
adjustments (d)
|
(0.16)
|
|
(0.18)
|
|
(0.48)
|
|
(0.55)
|
Adjusted earnings per
share (Non-GAAP)
|
$ 3.21
|
|
$
2.65
|
|
$ 7.01
|
|
$
6.46
|
|
(a) Real Estate
Realignment Expenses were $22.6 million and $23.0 million for the
three months and fiscal year ended June 30, 2022, respectively.
Covid-19 Related Expenses were $1.1 million and $7.5 million for
the three months and fiscal year ended June 30, 2022,
respectively.
|
|
(b) Real Estate
Realignment Expenses impacted Adjusted earnings per share by $0.19
and $0.19 for the three months and fiscal year ended June 30, 2022,
respectively. Covid-19 Related Expenses impacted Adjusted earnings
per share by $0.01 and $0.06 for the three months and fiscal year
ended June 30, 2022, respectively.
|
|
(c) Total
Russia-Related Exit costs were $0.1 million for the three months
ended June 30, 2023. Total Russia-Related Exit costs were $10.9
million for the fiscal year ended June 30, 2023, comprised of $12.1
million of operating expenses, offset by a gain of $1.2 million in
non-operating income. For the fiscal year ended June 30, 2022,
total Russia-Related Exit costs were $1.4 million.
|
|
(d) Calculated using
the GAAP effective tax rate, adjusted to exclude excess tax
benefits associated with stock-based compensation of $2.9 million
and $10.4 million for the three months and fiscal year ended June
30, 2023, and $4.5 million and $18.1 million for the three months
and fiscal year ended June 30, 2022, respectively. For purposes of
calculating the Adjusted earnings per share, the same adjustments
were made on a per share basis.
|
|
Fiscal Year
Ended
June
30,
|
|
2023
|
|
2022
|
Reconciliation of
Free cash flow
|
|
Net cash flows provided
by operating activities (GAAP)
|
$
823.3
|
|
$
443.5
|
Capital expenditures
and Software purchases and capitalized internal use
software
|
(75.2)
|
|
(73.1)
|
Free cash flow
(Non-GAAP)
|
$
748.2
|
|
$
370.4
|
Reconciliation of
Recurring Revenue Growth Constant Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2023
|
Investor
Communication Solutions
|
Regulatory
|
|
Data-
Driven
Fund
Solutions
|
|
Issuer
|
|
Customer
Comm.
|
|
Total
|
Recurring revenue
growth (GAAP)
|
5 %
|
|
11 %
|
|
7 %
|
|
7 %
|
|
7 %
|
Impact of foreign
currency exchange
|
— %
|
|
— %
|
|
— %
|
|
— %
|
|
— %
|
Recurring revenue
growth constant currency (Non-GAAP)
|
5 %
|
|
12 %
|
|
7 %
|
|
7 %
|
|
7 %
|
|
|
|
Fiscal Year Ended
June 30, 2023
|
Investor
Communication Solutions
|
Regulatory
|
|
Data-
Driven
Fund
Solutions
|
|
Issuer
|
|
Customer
Comm.
|
|
Total
|
Recurring revenue
growth (GAAP)
|
6 %
|
|
11 %
|
|
12 %
|
|
9 %
|
|
8 %
|
Impact of foreign
currency exchange
|
— %
|
|
1 %
|
|
— %
|
|
— %
|
|
— %
|
Recurring revenue
growth constant currency (Non-GAAP)
|
7 %
|
|
12 %
|
|
13 %
|
|
10 %
|
|
9 %
|
|
Three Months Ended
June 30, 2023
|
Global Technology
and Operations
|
Capital
Markets
|
|
Wealth and
Investment
Management
|
|
Total
|
Recurring revenue
growth (GAAP)
|
11 %
|
|
2 %
|
|
8 %
|
Impact of foreign
currency exchange
|
1 %
|
|
2 %
|
|
1 %
|
Recurring revenue
growth constant currency (Non-GAAP)
|
12 %
|
|
4 %
|
|
9 %
|
|
|
|
Fiscal Year Ended
June 30, 2023
|
Global Technology
and Operations
|
Capital
Markets
|
|
Wealth and
Investment
Management
|
|
Total
|
Recurring revenue
growth (GAAP)
|
7 %
|
|
2 %
|
|
5 %
|
Impact of foreign
currency exchange
|
4 %
|
|
2 %
|
|
3 %
|
Recurring revenue
growth constant currency (Non-GAAP)
|
11 %
|
|
4 %
|
|
8 %
|
|
|
|
Three Months
Ended
June 30, 2023
|
|
Fiscal Year
Ended
June 30, 2023
|
Consolidated
|
Total
|
|
Total
|
Recurring revenue
growth (GAAP)
|
7 %
|
|
7 %
|
Impact of foreign
currency exchange
|
1 %
|
|
1 %
|
Recurring revenue
growth constant currency (Non-GAAP)
|
8 %
|
|
9 %
|
|
Amounts may not sum
due to rounding.
|
Fiscal Year 2024
Guidance
Reconciliation of
Non-GAAP to GAAP Measures
Adjusted Earnings
Per Share Growth and Adjusted Operating Income
Margin
(Unaudited)
|
|
FY24 Recurring revenue
growth
|
|
|
Impact of foreign
currency exchange (a)
|
|
0.5 %
|
Recurring revenue
growth constant currency - Non-GAAP
|
|
6 - 9%
|
|
|
|
FY24 Adjusted Operating
income margin (b)
|
|
|
Operating income
margin % - GAAP
|
|
~16%
|
Adjusted Operating
income margin % - Non-GAAP
|
|
~20%
|
|
|
|
FY24 Adjusted earnings
per share growth rate (c)
|
|
|
Diluted earnings per
share - GAAP
|
|
15 - 20%
growth
|
Adjusted earnings per
share - Non-GAAP
|
|
8 - 12%
growth
|
|
(a) Based on forward
rates as of July 2023
|
|
(b) Adjusted Operating
income margin guidance (Non-GAAP) is adjusted to exclude the
projected $225 million impact of Amortization of Acquired
Intangibles and Purchased Intellectual Property, Acquisition and
Integration Costs, and Restructuring Charges.
|
|
(c) Adjusted earnings
per share growth guidance (Non-GAAP) is adjusted to exclude the
projected $1.50 per share impact of Amortization of Acquired
Intangibles and Purchased Intellectual Property, Acquisition and
Integration Costs, and Restructuring Charges, and is calculated
using diluted shares outstanding.
|
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content:https://www.prnewswire.com/news-releases/broadridge-reports-fourth-quarter-and-fiscal-2023-results-301895128.html
SOURCE Broadridge Financial Solutions, Inc.