Fiscal Year 2024 Recurring revenues grew 6% on
a reported and constant currency basis
Diluted EPS grew 11% and Adjusted EPS grew 10%
to $7.73
Closed sales rose 39% to a record $342 million
18th consecutive annual dividend increase, up
10% to $3.52 per share
Fiscal year 2025 guidance of 5-7% Recurring
revenue growth constant currency and 8-12% Adjusted EPS
growth
NEW
YORK, Aug. 6, 2024 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE: BR) today
reported financial results for the fourth quarter and fiscal year
2024. 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
|
|
2024
|
2023
|
Change
|
2024
|
2023
|
Change
|
|
|
|
|
|
|
|
|
|
Recurring
revenues
|
|
$1,326
|
$1,259
|
5 %
|
$4,223
|
$3,987
|
6 %
|
|
Constant currency
growth - Non-GAAP
|
|
|
|
5 %
|
|
|
6 %
|
Total
revenues
|
|
$1,944
|
$1,839
|
6 %
|
$6,507
|
$6,061
|
7 %
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$441
|
$454
|
(3 %)
|
$1,017
|
$936
|
9 %
|
|
Margin
|
|
22.7 %
|
24.7 %
|
|
15.6 %
|
15.4 %
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
income - Non-GAAP
|
|
$559
|
$531
|
5 %
|
$1,303
|
$1,199
|
9 %
|
|
Margin
|
|
28.8 %
|
28.9 %
|
|
20.0 %
|
19.8 %
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$2.72
|
$2.72
|
— %
|
$5.86
|
$5.30
|
11 %
|
Adjusted EPS -
Non-GAAP
|
|
$3.50
|
$3.21
|
9 %
|
$7.73
|
$7.01
|
10 %
|
|
|
|
|
|
|
|
|
|
Closed sales
|
|
$157
|
$90
|
74 %
|
$342
|
$246
|
39 %
|
"As we close fiscal year 2024, Broadridge is executing on its
strategy to democratize and digitize Governance, simplify and
innovate trading in Capital Markets, and modernize Wealth
Management," said Tim Gokey,
Broadridge CEO. "Closed sales for the year rose 39% to $342 million as we helped our clients adapt to
regulatory change and modernize their technology and operations.
That sales performance capped a strong year with 6% Recurring
revenue growth, 10% Adjusted EPS growth, and Free cash flow
conversion of 102%.
"Broadridge is well-positioned for continued growth. Our fiscal
year 2025 guidance calls for another year of strong and sustainable
growth, including 5-7% Recurring revenue constant currency and
8-12% Adjusted EPS growth," Mr. Gokey added. "The combination of
our strong fiscal year 2024 results and fiscal year 2025 guidance
has Broadridge well on-track to deliver again on our three-year
financial objectives.
"We remain committed to a balanced approach to capital
allocation. In fiscal year 2024, we repurchased $450 million of our shares and announced three
tuck-in acquisitions. I am also pleased to report that our Board
has approved a 10% increase in our annual dividend to $3.52, marking the 12th double-digit increase in
the past thirteen years," Mr. Gokey concluded.
Fiscal Year 2025
Financial Guidance
|
|
|
Recurring
revenue growth constant currency - Non-GAAP
|
|
5 - 7%
|
Adjusted
Operating income margin - Non-GAAP
|
|
~20%
|
Adjusted
Earnings per share growth - Non-GAAP
|
|
8 - 12%
|
Closed
sales
|
|
$290 - $330
million
|
Financial Results for Fourth Quarter Fiscal Year 2024
compared to Fourth Quarter Fiscal Year 2023
- Total revenues increased 6% to $1,944 million from $1,839
million in the prior year period.
- Recurring revenues increased 5% to $1,326 million from $1,259
million. Recurring revenue growth constant currency
(Non-GAAP) was 5%, driven by Internal Growth and Net New
Business.
- Event-driven revenues increased by $17
million, or 29%, to $76
million, primarily due to higher equity proxy contests and
higher volume of mutual fund proxy communications.
- Distribution revenues increased $20
million, or 4%, to $542
million, driven by the impact of postage rate increases of
approximately $28 million, partially
offset by lower print revenues.
- Operating income was $441
million, a decrease of $13
million, or 3%. Operating income margin decreased to 22.7%,
compared to 24.7% for the prior year period, due to increased
operating expenses, including higher Restructuring and Other
Related Costs and Litigation Settlement Charges (as defined below),
more than offsetting the growth in Recurring revenues and
event-driven revenues.
Adjusted Operating income was $559
million, an increase of $28
million, or 5%. The increase was driven by higher Recurring
revenues. Adjusted Operating income margin decreased to 28.8%,
compared to 28.9% for the prior year period. The combination of
higher distribution revenue and float income had an offsetting
impact on margins.
- Interest expense, net was $33
million, a decrease of $3
million, primarily due to a decrease in average
borrowings.
- The effective tax rate was 21.2% compared to 22.4% in
the prior year period. The decrease was driven by an increase in
discrete tax benefits. The higher excess tax benefit related to
equity compensation contributed to the increase in total discrete
tax benefits.
- Net earnings were essentially unchanged at $323 million and Adjusted Net earnings increased
9% to $415 million.
- Diluted earnings per share were flat at $2.72.
- Adjusted earnings per share increased 9% to $3.50.
Segment and Other Results for Fourth Quarter Fiscal Year 2024
compared to Fourth Quarter Fiscal Year 2023
Investor Communication Solutions ("ICS")
- ICS total Revenues were $1,528
million, an increase of $90
million, or 6%.
- Recurring revenues increased $53
million, or 6%, to $910
million. Recurring revenue growth constant currency
(Non-GAAP) was 6%, 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 7% and 7%, respectively, driven by equity
position growth of 7% and mutual fund/ETF position growth of 6%.
Revenues also benefited from the delay in timing of a portion of
proxy communications from the fiscal third quarter into fiscal
fourth quarter.
- Data-driven fund solutions rose 7% and 7%, respectively, driven
by growth in our retirement and workplace products, as well as data
and analytics solutions.
- Issuer rose 5% and 5%, respectively, driven by growth in our
registered shareholder solutions; and
- Customer communications rose 3% and 3%, respectively, driven by
growth in digital communications, partially offset by slower growth
in print revenues.
- Event-driven revenues increased $17
million, or 29%, to $76
million, primarily due to higher equity proxy contests and
higher volume of mutual fund proxy communications.
- Distribution revenues increased $20
million, or 4%, to $542
million, driven by the impact of postage rate increases of
approximately $32 million, partially
offset by lower print volumes.
- Earnings before income taxes were $469
million, an increase of $38
million, or 9%, primarily from higher Recurring revenue.
Operating expenses rose 5%, or $52
million, to $1,059 million,
driven by higher distribution and other segment expenses. Pre-tax
margins increased to 30.7% from 30.0%.
Global Technology and Operations ("GTO")
- GTO Recurring revenues were $416
million, an increase of $15
million, or 4%. Recurring revenue growth constant currency
(Non-GAAP) was 4%, 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 6% and 6%, respectively, driven by Net New
Business and Internal Growth, which benefited from higher trading
volumes.
- Wealth and investment management was essentially flat as
revenue from new sales was offset by client losses.
- Earnings before income taxes were $47
million, a decrease of $5
million, or 9%. Pre-tax margins decreased to 11.3% from
13.0% as higher revenues were more than offset by higher expenses,
including an increase in amortization and depreciation expenses of
$17 million.
Other
- Other Loss before income tax was $106
million compared to a loss of $66
million in the prior year period primarily due to the impact
of $36 million of higher
Restructuring and Other Related Costs and a Litigation Settlement
Charge of $10 million, partially
offset by lower interest expense, net of $3
million.
Financial Results for Fiscal Year 2024 compared to Fiscal
Year 2023
- Total revenues increased 7% to $6,507 million from $6,061
million in the prior year period.
- Recurring revenues increased 6% to $4,223 million from $3,987
million. Recurring revenue growth constant currency
(Non-GAAP) was 6%, driven by Net New Business and Internal
Growth.
- Event-driven revenues increased $74
million, or 35%, to $285
million, driven by higher mutual fund proxy, equity proxy
contests, and corporate action activity.
- Distribution revenues increased $136
million, or 7%, to $1,999
million, driven by the impact of postage rate increases of
approximately $116 million, as well
as higher event-driven mailings.
- Operating income was $1,017
million, an increase of $81
million, or 9%. Operating income margin increased to 15.6%
from 15.4% due to the growth in Recurring revenues and higher
event-driven revenues.
Adjusted Operating income was $1,303
million, an increase of $104
million, or 9%. The increase was primarily driven by higher
Recurring revenues and higher event-driven revenues, partially
offset by growth investments and other spending. Adjusted Operating
income margin increased to 20.0%, compared to 19.8% for the prior
year period. The combination of higher distribution revenue and
higher float income had a net benefit of approximately 30 basis
points.
- Interest expense, net was $138 million, an increase of $3 million, as the impact of higher interest
rates was partially offset by a decrease in average
borrowings.
- The effective tax rate was 20.4% compared to 20.7% in
the prior year period. The decrease in the effective tax rate was
driven by an increase in discrete tax benefits relative to pre-tax
income. The higher excess tax benefit related to equity
compensation contributed to the increase in total discrete tax
benefits.
- Net earnings increased 11% to $698 million and Adjusted Net earnings increased
10% to $921 million.
- Diluted Earnings per share increased 11% to $5.86.
- Adjusted Earnings per share increased 10% to $7.73.
Segment and Other Results for Fiscal Year 2024 compared to
Fiscal Year 2023
ICS
- ICS total Revenues were $4,858
million, an increase of $322
million, or 7%.
- Recurring revenues increased $112
million, or 5%, to $2,574
million. Recurring revenue growth constant currency
(Non-GAAP) was 5%, 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
3%.
- Data-driven fund solutions rose 8% and 7%, respectively, driven
by growth in our retirement and workplace products, as well as data
and analytics solutions.
- Issuer rose 7% and 7%, respectively, driven by growth in our
registered shareholder solutions and disclosure solutions.
- Customer communications rose 1% and 2%, respectively, driven by
growth in digital communications, partially offset by flat growth
in print revenues.
- Event-driven revenues increased $74
million, or 35%, to $285
million, driven by mutual fund proxy, equity proxy contests,
and corporate action communications.
- Distribution revenues increased $136
million, or 7%, to $1,999
million, driven by postage rate increases of approximately
$116 million, as well as higher
event-driven mailings.
- Earnings before income taxes were $950
million, an increase of $139
million, or 17%. The earnings benefit resulted from higher
Recurring revenue and higher event-driven revenue. Operating
expenses rose 5%, or $183 million, to
$3,907 million, primarily driven by
higher distribution expenses, as well as higher technology and
selling expenses. Pre-tax margins increased to 19.6% from
17.9%.
GTO
- GTO Recurring revenues were $1,649
million, an increase of $124
million, or 8%. 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 9% and 8%, respectively, driven by Net New
Business and Internal Growth, which benefited from higher trading
volumes.
- Wealth and investment management rose 7% and 7%, respectively
driven by Net New Business and Internal Growth.
- Earnings before income taxes were $173
million, a decrease of $11
million, or 6%, as higher revenues were more than offset by
higher expenses, including an increase in amortization and
depreciation expenses of $63 million.
Pre-tax margins decreased to 10.5% from 12.1%.
Other
- Other Loss before income tax was $246
million compared to a loss of $201
million in the prior year period. The increased loss before
income taxes was primarily due to $43
million of higher Restructuring and Other Related Costs
related to the Corporate Restructuring Initiative and Litigation
Settlement Charges of $18 million,
partially offset by the absence of Russia-Related Exit Costs (as
defined below) of $11 million.
Fourth Quarter 2024 Announced Acquisitions
During and
following the fourth quarter of fiscal year 2024, Broadridge
announced three acquisitions:
Kyndryl Securities Industry Services ("Kyndryl
SIS"): On May 13, 2024,
Broadridge announced the proposed acquisition of Kyndryl's
Securities Industry Services (SIS) business to provide wealth
management, capital markets, and information technology solutions
to the Canadian financial services industry, expanding our product
offerings in our GTO reportable segment. The total purchase price
is approximately $200 million. The
acquisition is subject to closing conditions, including regulatory
approvals. Upon closing, Kyndryl SIS is expected to contribute
$80 to $85
million in annual revenue. It is not expected to have a
significant impact on Broadridge's margins and Adjusted EPS during
the first year of Broadridge ownership.
AdvisorTarget ("AdvisorTarget"): On May 30, 2024, Broadridge announced its
acquisition of AdvisorTarget, a market leader in providing asset
management and wealth management firms with data products to help
power digital marketing, sales and engagement programs targeting
financial advisors. The acquisition closed on June 1, 2024, for $35
million plus contingent consideration. AdvisorTarget is
included in the Company's ICS reportable segment.
CompSci Resources ("CompSci"): On July 1, 2024, Broadridge announced its
acquisition of CompSci, a provider of cloud-based financial
technology software for the preparation and processing of SEC
filings for public companies and funds. The transaction is not
expected to have a material impact on Broadridge's financial
results. CompSci is included in the Company's ICS reportable
segment.
Dividend Declaration and Increase
On August 5,
2024, Broadridge's Board of Directors (the "Board") declared a
quarterly dividend of $0.88 per share
payable on October 3, 2024 to
stockholders of record on September
12, 2024. This declaration reflects the Board's
approval of a 10% increase in the annual dividend from $3.20 to $3.52 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 18th consecutive year since becoming a public
company in 2007.
Earnings Conference Call
An analyst conference call will be held today, August 6, 2024 at 8:00
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 13,
2024, 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 2725998 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, Free cash flow conversion 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, which represent non-cash
amortization expenses associated with the Company's acquisition
activities.
(ii) Acquisition and Integration Costs,
which represent certain transaction and integration costs
associated with the Company's acquisition activities.
(iii) Restructuring and Other Related Costs,
which represent costs associated with the Company's Corporate
Restructuring Initiative to exit and/or realign some of our
businesses, streamline the Company's management structure,
reallocate work to lower cost locations, and reduce headcount in
deprioritized areas.
(iv) Litigation Settlement Charges, which
represent reserves established during the third and fourth quarter
of 2024 related to the settlement of claims.
(v) Russia-Related Exit Costs, which
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, Restructuring and
Other Related Costs, Litigation Settlement Charges, 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 and Free Cash Flow Conversion
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. Free cash flow conversion is calculated as
Free cash flow divided by Adjusted Net earnings for the given
period.
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 2025 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, 2024 (the "2024 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 2024 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,
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Revenues
|
|
|
$ 1,944.3
|
|
$ 1,839.0
|
|
$
6,506.8
|
|
$
6,060.9
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
1,253.0
|
|
1,159.1
|
|
4,572.9
|
|
4,275.5
|
Selling, general and
administrative expenses
|
|
|
249.8
|
|
225.7
|
|
916.8
|
|
849.0
|
Total operating
expenses
|
|
|
1,502.9
|
|
1,384.8
|
|
5,489.7
|
|
5,124.5
|
Operating
income
|
|
|
441.4
|
|
454.2
|
|
1,017.1
|
|
936.4
|
Interest expense,
net
|
|
|
(33.0)
|
|
(36.0)
|
|
(138.1)
|
|
(135.5)
|
Other non-operating
income (expenses), net
|
|
|
1.8
|
|
(0.7)
|
|
(1.7)
|
|
(6.0)
|
Earnings before income
taxes
|
|
|
410.2
|
|
417.5
|
|
877.4
|
|
794.9
|
Provision for income
taxes
|
|
|
87.0
|
|
93.4
|
|
179.3
|
|
164.3
|
Net earnings
|
|
|
$
323.2
|
|
$
324.1
|
|
$ 698.1
|
|
$ 630.6
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
|
$
2.75
|
|
$
2.75
|
|
$
5.93
|
|
$
5.36
|
Diluted earnings per
share
|
|
|
$
2.72
|
|
$
2.72
|
|
$
5.86
|
|
$
5.30
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
117.5
|
|
118.0
|
|
117.7
|
|
117.7
|
Diluted
|
|
|
118.7
|
|
119.1
|
|
119.1
|
|
119.0
|
|
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding.
|
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
In millions, except
per share amounts
|
|
|
June 30,
2024
|
|
June 30,
2023
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
304.4
|
|
$
252.3
|
Accounts receivable,
net of allowance for doubtful accounts of
$9.7 and $7.2, respectively
|
|
|
1,065.6
|
|
974.0
|
Other current
assets
|
|
|
170.9
|
|
166.2
|
Total current
assets
|
|
|
1,540.9
|
|
1,392.5
|
Property, plant and
equipment, net
|
|
|
162.2
|
|
145.7
|
Goodwill
|
|
|
3,469.4
|
|
3,461.6
|
Intangible assets,
net
|
|
|
1,307.2
|
|
1,467.2
|
Deferred client
conversion and start-up costs
|
|
|
892.1
|
|
937.0
|
Other non-current
assets
|
|
|
870.6
|
|
829.2
|
Total
assets
|
|
|
$
8,242.4
|
|
$
8,233.2
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
$
—
|
|
$
1,178.5
|
Payables and accrued
expenses
|
|
|
1,194.4
|
|
1,019.5
|
Contract
liabilities
|
|
|
227.4
|
|
199.8
|
Total current
liabilities
|
|
|
1,421.8
|
|
2,397.8
|
Long-term
debt
|
|
|
3,355.1
|
|
2,234.7
|
Deferred
taxes
|
|
|
277.3
|
|
391.3
|
Contract
liabilities
|
|
|
469.2
|
|
492.8
|
Other non-current
liabilities
|
|
|
550.9
|
|
476.0
|
Total
liabilities
|
|
|
6,074.2
|
|
5,992.6
|
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,
116.7
and 118.1 shares, respectively
|
|
|
1.6
|
|
1.6
|
Additional paid-in
capital
|
|
|
1,552.5
|
|
1,436.8
|
Retained
earnings
|
|
|
3,435.1
|
|
3,113.0
|
Treasury stock, at
cost: 37.8 and 36.4 shares, respectively
|
|
|
(2,489.2)
|
|
(2,026.1)
|
Accumulated other
comprehensive income (loss)
|
|
|
(331.7)
|
|
(284.7)
|
Total stockholders'
equity
|
|
|
2,168.2
|
|
2,240.6
|
Total liabilities and
stockholders' equity
|
|
|
$
8,242.4
|
|
$
8,233.2
|
|
Amounts may not sum
due to rounding.
|
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
In
millions
|
Fiscal
Year
|
|
2024
|
|
2023
|
Cash Flows From
Operating Activities
|
|
|
|
Net earnings
|
$
698.1
|
|
$
630.6
|
Adjustments to
reconcile net earnings to net cash flows from operating
activities:
|
|
|
|
Depreciation and
amortization
|
119.8
|
|
84.4
|
Amortization of
acquired intangibles and purchased intellectual property
|
200.3
|
|
214.4
|
Amortization of other
assets
|
157.8
|
|
126.2
|
Write-down of
long-lived assets
|
18.2
|
|
2.5
|
Stock-based
compensation expense
|
70.6
|
|
73.1
|
Deferred income
taxes
|
(119.7)
|
|
(50.8)
|
Other
|
(57.7)
|
|
(27.4)
|
Changes in operating
assets and liabilities, net of assets and liabilities
acquired:
|
|
|
|
Current assets and
liabilities:
|
|
|
|
Accounts receivable,
net
|
(37.4)
|
|
19.6
|
Other current
assets
|
(2.8)
|
|
(10.0)
|
Payables and accrued
expenses
|
136.5
|
|
(104.5)
|
Contract
liabilities
|
80.6
|
|
328.5
|
Non-current assets and
liabilities:
|
|
|
|
Other non-current
assets
|
(232.4)
|
|
(472.4)
|
Other non-current
liabilities
|
24.3
|
|
9.1
|
Net cash flows from
operating activities
|
1,056.2
|
|
823.3
|
Cash Flows From
Investing Activities
|
|
|
|
Capital
expenditures
|
(57.4)
|
|
(38.4)
|
Software purchases and
capitalized internal use software
|
(55.6)
|
|
(36.8)
|
Acquisitions, net of
cash acquired
|
(34.3)
|
|
—
|
Other investing
activities
|
(0.8)
|
|
(5.3)
|
Net cash flows from
investing activities
|
(148.0)
|
|
(80.4)
|
Cash Flows From
Financing Activities
|
|
|
|
Debt
proceeds
|
1,022.7
|
|
990.0
|
Debt
repayments
|
(1,082.7)
|
|
(1,375.0)
|
Dividends
paid
|
(368.2)
|
|
(331.0)
|
Purchases of Treasury
stock
|
(485.4)
|
|
(24.3)
|
Proceeds from exercise
of stock options
|
72.4
|
|
43.1
|
Other financing
activities
|
(14.3)
|
|
(17.5)
|
Net cash flows from
financing activities
|
(855.5)
|
|
(714.7)
|
Effect of exchange rate
changes on Cash and cash equivalents
|
(0.6)
|
|
(0.6)
|
Net change in Cash and
cash equivalents
|
52.1
|
|
27.6
|
Cash and cash
equivalents, beginning of fiscal year
|
252.3
|
|
224.7
|
Cash and cash
equivalents, end of fiscal year
|
$
304.4
|
|
$
252.3
|
|
|
|
|
Amounts may not sum
due to rounding
|
Segment
Results
(Unaudited)
|
|
In
millions
|
Three Months
Ended
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Revenues
|
|
|
|
|
|
Investor Communication
Solutions
|
$ 1,528.3
|
|
$ 1,438.4
|
|
$
4,857.9
|
|
$
4,535.6
|
Global Technology and
Operations
|
415.9
|
|
400.6
|
|
1,648.9
|
|
1,525.2
|
Total
|
$ 1,944.3
|
|
$ 1,839.0
|
|
$
6,506.8
|
|
$
6,060.9
|
|
|
|
|
|
|
Earnings Before
Income Taxes
|
|
|
|
|
|
Investor Communication
Solutions
|
$
469.0
|
|
$
431.1
|
|
$ 950.4
|
|
$ 811.4
|
Global Technology and
Operations
|
47.1
|
|
52.0
|
|
173.3
|
|
183.9
|
Other
|
(105.9)
|
|
(65.6)
|
|
(246.3)
|
|
(200.5)
|
Total
|
$
410.2
|
|
$
417.5
|
|
$ 877.4
|
|
$ 794.9
|
|
|
|
|
|
|
|
|
Pre-tax
margins:
|
|
|
|
|
|
|
|
Investor
Communication Solutions
|
30.7 %
|
|
30.0 %
|
|
19.6 %
|
|
17.9 %
|
Global Technology
and Operations
|
11.3 %
|
|
13.0 %
|
|
10.5 %
|
|
12.1 %
|
|
Amortization of
acquired intangibles and purchased intellectual
property
|
Investor Communication
Solutions
|
$
11.2
|
|
$
11.8
|
|
$
45.4
|
|
$
55.5
|
Global Technology and
Operations
|
37.7
|
|
39.8
|
|
154.9
|
|
158.9
|
Total
|
$
48.9
|
|
$
51.6
|
|
$
200.3
|
|
$
214.4
|
|
|
|
|
|
|
|
|
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,
|
|
2024
|
|
2023
|
|
Change
|
|
2024
|
|
2023
|
|
Change
|
Investor
Communication Solutions
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory
|
$
476.9
|
|
$
444.3
|
|
7 %
|
|
$
1,195.6
|
|
$
1,141.4
|
|
5 %
|
Data-driven fund
solutions
|
121.8
|
|
113.4
|
|
7 %
|
|
435.2
|
|
404.3
|
|
8 %
|
Issuer
|
141.0
|
|
134.4
|
|
5 %
|
|
259.8
|
|
242.6
|
|
7 %
|
Customer
communications
|
170.6
|
|
165.8
|
|
3 %
|
|
683.1
|
|
673.1
|
|
1 %
|
Total ICS Recurring revenues
|
910.4
|
|
857.9
|
|
6 %
|
|
2,573.6
|
|
2,461.4
|
|
5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity and
other
|
42.1
|
|
32.7
|
|
29 %
|
|
151.0
|
|
116.5
|
|
30 %
|
Mutual
funds
|
34.0
|
|
26.3
|
|
29 %
|
|
134.2
|
|
94.5
|
|
42 %
|
Total ICS Event-driven revenues
|
76.1
|
|
58.9
|
|
29 %
|
|
285.2
|
|
211.0
|
|
35 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution
revenues
|
541.9
|
|
521.5
|
|
4 %
|
|
1,999.0
|
|
1,863.1
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total ICS
Revenues
|
$
1,528.3
|
|
$
1,438.4
|
|
6 %
|
|
$
4,857.9
|
|
$
4,535.6
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Global Technology
and Operations
|
|
|
|
|
|
|
|
|
|
|
|
Capital
markets
|
$
272.5
|
|
$
257.4
|
|
6 %
|
|
$
1,049.2
|
|
$
965.2
|
|
9 %
|
Wealth and investment
management
|
143.5
|
|
143.2
|
|
0 %
|
|
599.7
|
|
560.1
|
|
7 %
|
Total GTO Recurring revenues
|
415.9
|
|
400.6
|
|
4 %
|
|
1,648.9
|
|
1,525.2
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
$
1,944.3
|
|
$
1,839.0
|
|
6 %
|
|
$
6,506.8
|
|
$
6,060.9
|
|
7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues by
Type
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
revenues
|
$
1,326.4
|
|
$
1,258.5
|
|
5 %
|
|
$
4,222.6
|
|
$
3,986.7
|
|
6 %
|
Event-driven
revenues
|
76.1
|
|
58.9
|
|
29 %
|
|
285.2
|
|
211.0
|
|
35 %
|
Distribution
revenues
|
541.9
|
|
521.5
|
|
4 %
|
|
1,999.0
|
|
1,863.1
|
|
7 %
|
Total Revenues
|
$
1,944.3
|
|
$
1,839.0
|
|
6 %
|
|
$
6,506.8
|
|
$
6,060.9
|
|
7 %
|
|
Amounts may not sum
due to rounding.
|
Select Operating
Metrics
(Unaudited)
|
|
In
millions
|
Three Months
Ended
June
30,
|
|
|
|
Fiscal Year
Ended
June 30,
|
|
|
|
2024
|
|
2023
|
|
Change
|
|
2024
|
|
2023
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed
sales1
|
$
156.6
|
|
$
89.8
|
|
74 %
|
|
$
341.8
|
|
$
245.8
|
|
39 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Record
Growth2
|
|
|
|
|
|
|
|
|
|
|
|
Equity positions
(Stock records)
|
7 %
|
|
6 %
|
|
|
|
6 %
|
|
9 %
|
|
|
Mutual fund/ETF
positions (Interim records)
|
6 %
|
|
8 %
|
|
|
|
3 %
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal Trade
Growth3
|
15 %
|
|
3 %
|
|
|
|
13 %
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2024 Annual Report
for a description of Closed sales and its calculation.
|
2. Record Growth is
comprised of stock record growth and interim record growth. 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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Reconciliation of
Adjusted Operating Income
|
|
Operating income
(GAAP)
|
$
441.4
|
|
$
454.2
|
|
$ 1,017.1
|
|
$
936.4
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased
Intellectual Property
|
48.9
|
|
51.6
|
|
200.3
|
|
214.4
|
Acquisition and
Integration Costs
|
2.9
|
|
4.8
|
|
3.9
|
|
15.8
|
Restructuring and
Other Related Costs (a)
|
56.0
|
|
20.4
|
|
63.0
|
|
20.4
|
Litigation Settlement
Charges
|
10.3
|
|
—
|
|
18.4
|
|
—
|
Russia-Related Exit
Costs (b)
|
—
|
|
0.1
|
|
—
|
|
12.1
|
Adjusted Operating
income (Non-GAAP)
|
$
559.5
|
|
$
531.2
|
|
$ 1,302.8
|
|
$
1,199.1
|
Operating income
margin (GAAP)
|
22.7 %
|
|
24.7 %
|
|
15.6 %
|
|
15.4 %
|
Adjusted Operating
income margin (Non-GAAP)
|
28.8 %
|
|
28.9 %
|
|
20.0 %
|
|
19.8 %
|
Reconciliation of
Adjusted Net earnings
|
|
Net earnings
(GAAP)
|
$
323.2
|
|
$
324.1
|
|
$
698.1
|
|
$
630.6
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased
Intellectual Property
|
48.9
|
|
51.6
|
|
200.3
|
|
214.4
|
Acquisition and
Integration Costs
|
2.9
|
|
4.8
|
|
3.9
|
|
15.8
|
Restructuring and
Other Related Costs (a)
|
56.0
|
|
20.4
|
|
63.0
|
|
20.4
|
Litigation Settlement
Charges
|
10.3
|
|
—
|
|
18.4
|
|
—
|
Russia-Related Exit
Costs (b)
|
—
|
|
0.1
|
|
—
|
|
10.9
|
Subtotal of
adjustments
|
118.1
|
|
77.0
|
|
285.6
|
|
261.6
|
Tax impact of
adjustments (c)
|
(26.1)
|
|
(19.1)
|
|
(62.6)
|
|
(57.5)
|
Adjusted Net earnings
(Non-GAAP)
|
$
415.2
|
|
$
381.9
|
|
$
921.2
|
|
$
834.6
|
|
|
|
|
|
|
|
|
Amounts may not sum
due to rounding. Refer to notes (a) - (c) on the next
page.
|
In millions, except
per share amounts
|
Three Months
Ended
June
30,
|
|
Fiscal Year
Ended
June
30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Reconciliation of
Adjusted EPS
|
|
|
|
|
|
|
|
Diluted earnings per
share (GAAP)
|
$ 2.72
|
|
$ 2.72
|
|
$ 5.86
|
|
$ 5.30
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization of
Acquired Intangibles and Purchased
Intellectual Property
|
0.41
|
|
0.43
|
|
1.68
|
|
1.80
|
Acquisition and
Integration Costs
|
0.02
|
|
0.04
|
|
0.03
|
|
0.13
|
Restructuring and
Other Related Costs (a)
|
0.47
|
|
0.17
|
|
0.53
|
|
0.17
|
Litigation Settlement
Charges
|
0.09
|
|
—
|
|
0.15
|
|
—
|
Russia-Related Exit
Costs
|
—
|
|
—
|
|
—
|
|
0.09
|
Subtotal of
adjustments
|
0.99
|
|
0.65
|
|
2.40
|
|
2.20
|
Tax impact of
adjustments (c)
|
(0.22)
|
|
(0.16)
|
|
(0.53)
|
|
(0.48)
|
Adjusted earnings per
share (Non-GAAP)
|
$ 3.50
|
|
$ 3.21
|
|
$ 7.73
|
|
$ 7.01
|
|
(a) Restructuring and
Other Related Costs for the three months and fiscal year ended June
30, 2024 includes $56.0 million of severance and professional
services costs directly related to the Corporate Restructuring
Initiative. The fiscal year ended June 30, 2024 also includes a
$7.0 million asset impairment charge as a result of the exit of a
business in connection with the Corporate Restructuring Initiative.
Restructuring and Other Related Costs for the three months and
fiscal year ended June 30, 2023 includes $20.4 million of severance
costs.
|
|
(b) 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.
|
|
(c) Calculated using
the GAAP effective tax rate, adjusted to exclude excess tax
benefits associated with stock-based compensation of $3.4 million
and $12.9 million for the three months and fiscal year ended June
30, 2024, and $2.9 million and $10.4 million for the three months
and fiscal year ended June 30, 2023, 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,
|
|
2024
|
|
2023
|
Reconciliation of
Free cash flow
|
|
Net cash flows from
operating activities (GAAP)
|
$ 1,056.2
|
|
$
823.3
|
Capital expenditures
and Software purchases and capitalized internal use
software
|
(113.0)
|
|
(75.2)
|
Free cash flow
(Non-GAAP)
|
$
943.2
|
|
$
748.2
|
|
|
|
|
Adjusted Net earnings
(Non-GAAP)
|
$
921.2
|
|
$
834.6
|
|
|
|
|
Free cash flow
conversion (Non-GAAP)
|
102 %
|
|
90 %
|
Reconciliation of
Recurring Revenue Growth Constant Currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2024
|
Investor
Communication Solutions
|
Regulatory
|
|
Data-
Driven
Fund
Solutions
|
|
Issuer
|
|
Customer
Comm.
|
|
Total
|
Recurring revenue
growth (GAAP)
|
7 %
|
|
7 %
|
|
5 %
|
|
3 %
|
|
6 %
|
Impact of foreign
currency exchange
|
0 %
|
|
0 %
|
|
0 %
|
|
0 %
|
|
0 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
7 %
|
|
7 %
|
|
5 %
|
|
3 %
|
|
6 %
|
|
Fiscal Year Ended
June 30, 2024
|
Investor
Communication Solutions
|
Regulatory
|
|
Data-
Driven
Fund
Solutions
|
|
Issuer
|
|
Customer
Comm.
|
|
Total
|
Recurring revenue
growth (GAAP)
|
5 %
|
|
8 %
|
|
7 %
|
|
1 %
|
|
5 %
|
Impact of foreign
currency exchange
|
0 %
|
|
0 %
|
|
0 %
|
|
0 %
|
|
0 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
5 %
|
|
7 %
|
|
7 %
|
|
2 %
|
|
5 %
|
|
Three Months Ended
June 30, 2024
|
Global Technology
and Operations
|
Capital
Markets
|
|
Wealth and
Investment
Management
|
|
Total
|
Recurring revenue
growth (GAAP)
|
6 %
|
|
0 %
|
|
4 %
|
Impact of foreign
currency exchange
|
0 %
|
|
0 %
|
|
0 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
6 %
|
|
0 %
|
|
4 %
|
|
Fiscal Year Ended
June 30, 2024
|
Global Technology
and Operations
|
Capital
Markets
|
|
Wealth and
Investment
Management
|
|
Total
|
Recurring revenue
growth (GAAP)
|
9 %
|
|
7 %
|
|
8 %
|
Impact of foreign
currency exchange
|
(1 %)
|
|
0 %
|
|
0 %
|
Recurring revenue
growth constant
currency (Non-GAAP)
|
8 %
|
|
7 %
|
|
8 %
|
|
Three Months
Ended June 30,
2024
|
|
Fiscal Year
Ended
June 30, 2024
|
Consolidated
|
Total
|
|
Total
|
Recurring revenue
growth (GAAP)
|
5 %
|
|
6 %
|
Impact of foreign
currency exchange
|
0 %
|
|
0 %
|
Recurring revenue
growth constant currency (Non-GAAP)
|
5 %
|
|
6 %
|
|
Amounts may not sum
due to rounding.
|
Fiscal Year 2025
Guidance
Reconciliation of
Non-GAAP to GAAP Measures
Adjusted Earnings
Per Share Growth and Adjusted Operating Income
Margin
(Unaudited)
|
|
FY25 Recurring revenue
growth
|
|
|
Impact of foreign
currency exchange (a)
|
|
0 - 0.5%
|
Recurring revenue
growth constant currency - Non-GAAP
|
|
5 - 7%
|
|
|
|
FY25 Adjusted Operating
income margin (b)
|
|
|
Operating income
margin % - GAAP
|
|
~17%
|
Adjusted Operating
income margin % - Non-GAAP
|
|
~20%
|
|
|
|
FY25 Adjusted earnings
per share growth rate (c)
|
|
|
Diluted earnings per
share - GAAP
|
|
20 - 25%
growth
|
Adjusted earnings per
share - Non-GAAP
|
|
8 - 12%
growth
|
|
(a) Based on forward
rates as of July 2024.
|
|
(b) Adjusted
Operating income margin guidance (Non-GAAP) is adjusted to exclude
the projected $193 million impact of Amortization of Acquired
Intangibles and Purchased Intellectual Property, and Acquisition
and Integration Costs.
|
|
(c) Adjusted earnings
per share growth guidance (Non-GAAP) is adjusted to exclude the
projected $1.30 per share impact of Amortization of Acquired
Intangibles and Purchased Intellectual Property, and Acquisition
and Integration Costs, and is calculated using diluted shares
outstanding.
|
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content:https://www.prnewswire.com/news-releases/broadridge-reports-fourth-quarter-and-fiscal-2024-results-302215018.html
SOURCE Broadridge Financial Solutions, Inc.