Broadridge Financial Solutions Inc (BR) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Broadridge Fourth Quarter and Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Broadridge 第四季度和 2022 財年收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I'd now like to turn the conference over to Eddings Thibault, Head of Investor Relations. Please go ahead.

我現在想把會議交給投資者關係主管 Eddings Thibault。請繼續。

Thank you. Good morning, and welcome to Broadridge's Fourth Quarter Fiscal Year 2022 Earnings Call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com.

謝謝你。早上好，歡迎參加 Broadridge 2022 財年第四季度財報電話會議。我們的收益發布和本次電話會議隨附的幻燈片可在 Broadridge.com 的投資者關係部分找到。

Joining me on the call this morning are Tim Gokey, our CEO; and our CFO, Edmund Reese.

今天早上和我一起參加電話會議的是我們的首席執行官 Tim Gokey；和我們的首席財務官 Edmund Reese。

Before I turn the call over to Tim, a few standard reminders. We will be making forward-looking statements on today's call regarding Broadridge that involve risks. A summary of these risks can be found on the second page of the slides and a more complete description on our annual report on Form 10-K. We will also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Broadridge's underlying operating results. An explanation of these non-GAAP measures and reconciliations to their comparable GAAP measures can be found in the earnings release and presentation.

在我把電話轉給蒂姆之前，一些標準的提醒。我們將對今天有關涉及風險的 Broadridge 電話會議做出前瞻性陳述。這些風險的摘要可以在幻燈片的第二頁找到，更完整的描述可以在我們的 10-K 表格年度報告中找到。我們還將提及幾項非公認會計原則的措施，我們認為這些措施可以讓投資者更全面地了解 Broadridge 的基本經營業績。可以在收益發布和演示文稿中找到對這些非公認會計原則措施的解釋以及與其可比公認會計原則措施的對賬。

Let me now turn the call over to Tim Gokey. Tim?

現在讓我把電話轉給 Tim Gokey。蒂姆？

Thank you, Eddings, and good morning to everyone joining us.

謝謝你，Eddings，早上好，加入我們的每個人。

I'm pleased to update you on Broadridge's strong fourth quarter and full year performance for fiscal '22 as well as our positive outlook for fiscal '23. This performance is driven by strong execution, positive underlying trends and our acquisition of Itiviti, which exceeded our expectations in year 1. We expect this strong performance to continue into fiscal '23 and beyond. I'll provide an overview, and Edmund will take us through the key details.

我很高興向您介紹 Broadridge 在 '22 財年的強勁第四季度和全年業績以及我們對 '23 財年的積極展望。這一業績是由強大的執行力、積極的潛在趨勢和我們對 Itiviti 的收購推動的，這超出了我們在第一年的預期。我們預計這種強勁的業績將持續到 23 財年及以後。我將提供一個概述，Edmund 將帶我們了解關鍵細節。

Before turning to our results, a note about what we are seeing from our unique position at the center of the equities, fixed income and fund markets. Despite the uncertainty and market pullback in the quarter ending in June, investors continue to be engaged and position growth remains robust. Our broker and asset management clients continue to face the imperative for digitizing their business. At the same time, they face regulatory change greater than any time since the global financial crisis. Our conversations with clients, both in North America and globally, remain very active as they pursue industry solutions for common needs and digital innovation for areas where they seek to differentiate.

在轉向我們的結果之前，先說明一下我們從我們在股票、固定收益和基金市場中心的獨特地位所看到的情況。儘管截至 6 月的季度存在不確定性和市場回落，但投資者繼續參與其中，頭寸增長依然強勁。我們的經紀商和資產管理客戶繼續面臨業務數字化的迫切需要。與此同時，它們面臨的監管變化比全球金融危機以來的任何時候都要大。我們與北美和全球客戶的對話仍然非常活躍，因為他們為共同需求尋求行業解決方案，並在他們尋求差異化的領域進行數字創新。

With that background, let's move to an overview of our results, which highlight the strength and resilience of our business model. First, Broadridge closed the year on a very strong note. Fourth quarter recurring revenues rose 15%, driven by exceptional 12% organic growth. Adjusted EPS rose 21% to $2.65.

在這樣的背景下，讓我們來回顧一下我們的結果，它突出了我們商業模式的實力和彈性。首先，布羅德里奇以非常強勁的成績結束了這一年。第四季度的經常性收入增長了 15%，這得益於 12% 的非凡有機增長。調整後每股收益增長 21% 至 2.65 美元。

Second, these results were the capstone on a very strong year. For the full year, recurring revenues rose 16%, driving higher margins, and after accounting for higher interest expense, adjusted EPS growth of 14%. We also delivered an 11th consecutive year of record closed ssales, up more than 20%.

其次，這些結果是非常強勁的一年的頂峰。全年，經常性收入增長了 16%，推動了更高的利潤率，在考慮到更高的利息費用後，調整後的每股收益增長了 14%。我們還連續第 11 年實現了創紀錄的銷售業績，增長超過 20%。

Third, our growth is powered by execution against strong underlying market trends, including increased investor participation and diversification and the digitization of financial services as well as the successful integration and strong performance of our Itiviti acquisition.

第三，我們的增長是通過對強大的潛在市場趨勢的執行來推動的，包括投資者參與度的增加和多樣化以及金融服務的數字化，以及我們收購 Itiviti 的成功整合和強勁表現。

Fourth, we continue to drive balanced capital allocation as a core part of our long-term value creation algorithm. We continue to invest in modern, scalable technology platforms. And yesterday, our Board approved a 13% increase in our annual dividend. Broadridge has increased its dividend every year since becoming an independent company, with double-digit increases in 9 of the last 10 years. It's a testament to our execution, the strength and resilience of our business model, and, of course, the long-term trends driving our growth.

第四，我們繼續推動平衡的資本配置，作為我們長期價值創造算法的核心部分。我們繼續投資於現代、可擴展的技術平台。昨天，我們的董事會批准將我們的年度股息增加 13%。自成為獨立公司以來，Broadridge 每年都增加股息，在過去 10 年中有 9 年實現了兩位數的增長。這證明了我們的執行力、我們商業模式的實力和彈性，當然還有推動我們增長的長期趨勢。

Fifth and last, our outlook for fiscal '23 is positive. Our business model is built to deliver growth to all economic cycles. Our fiscal '23 guidance calls for a strong 6% to 9% organic recurring revenue growth. This will drive double-digit growth in adjusted operating income and 7% to 11% adjusted EPS growth. We also expect another year of very strong sales.

第五也是最後一點，我們對 23 財年的展望是積極的。我們的商業模式旨在為所有經濟周期帶來增長。我們的 23 財年指引要求有機經常性收入增長 6% 至 9%。這將推動調整後營業收入實現兩位數增長，調整後每股收益增長 7% 至 11%。我們還預計又一年的銷售非常強勁。

The combination of excellent fiscal '21 and '22 results, coupled with a strong fiscal '23 outlook, has Broadridge well positioned to deliver at or above the higher end of our 3-year Investor Day objectives for the period that ends next June. That will mark the third successive 3-year period in which we've delivered on our objectives.

出色的 '21 和 '22 財年業績，加上強勁的 '23 財年前景，使 Broadridge 能夠在明年 6 月結束的期間達到或高於我們的 3 年投資者日目標的高端。這將標誌著我們連續三年實現我們的目標。

To build on those highlights, let's turn to a review of our execution against the 3 key opportunities that are driving our growth. First, extending our governance business by driving digital engagement; second, leveraging our acquisition of Itiviti to grow our capital business -- capital markets business; and third, building on our wealth franchise by delivering on the capabilities that make up our open wealth platform. I'll touch on each of these initiatives as I review our businesses, starting with governance on Slide 4.

為了在這些亮點的基礎上再接再厲，讓我們回顧一下推動我們增長的 3 個關鍵機會的執行情況。首先，通過推動數字參與來擴展我們的治理業務；第二，利用我們對 Itiviti 的收購來發展我們的資本業務——資本市場業務；第三，通過提供構成我們開放式財富平台的能力，建立我們的財富專營權。在回顧我們的業務時，我會談到這些舉措中的每一個，從幻燈片 4 的治理開始。

Our ICS business delivered another very strong year as recurring revenue growth of 11% was powered by a combination of increased investor participation and revenue from new sales. Investor participation continued to grow at a very healthy pace in fiscal '22. Equity position growth remained well above trend at 18% for the year, and we benefited from increasing investor participation on the fund side as well, with mutual fund and ETF record growth of 14%.

我們的 ICS 業務又迎來了非常強勁的一年，11% 的經常性收入增長是由投資者參與度增加和新銷售收入共同推動的。在 22 財年，投資者的參與度繼續以非常健康的速度增長。全年股票頭寸增長率保持在 18% 的遠高於趨勢水平，我們也受益於基金方面的投資者參與度增加，共同基金和 ETF 創紀錄的 14% 增長。

We remain positive on the trends driving long-term investor participation and diversification growth, and we see this growth normalizing in the mid- to high single-digit range in fiscal '23 and beyond as market appreciation slows and we lap the benefit from 0 commission trading.

我們對推動長期投資者參與和多元化增長的趨勢保持樂觀，隨著市場升值放緩，我們看到這種增長在 23 財年及以後的中高個位數範圍內正常化，我們從零佣金中獲益貿易。

Importantly, we're delivering increased digitization across our regulatory business. For proxies, digitization rose to 86% from 81% 2 years ago. For funds, digitization rose to 78% from 69% 2 years ago. When you apply that change across some 2.2 billion shareholder communications, you can see that Broadridge generated tens of millions of incremental savings for issuers and funds while significantly reducing greenhouse gas emissions.

重要的是，我們正在為我們的監管業務提供更高的數字化。對於代理，數字化從 2 年前的 81% 上升到 86%。對於基金，數字化從 2 年前的 69% 上升到 78%。當您在大約 22 億次股東通信中應用該更改時，您會看到 Broadridge 為發行人和基金帶來了數千萬的增量儲蓄，同時顯著減少了溫室氣體排放。

New sales was the other big driver of growth as our focus on innovation is increasing shareholder and client engagement across the full governance network from broker-dealers and wealth managers to public companies, to funds, to end investors.

新銷售是增長的另一大驅動力，因為我們對創新的關注正在增加股東和客戶在整個治理網絡中的參與度，從經紀自營商和財富管理公司到上市公司、基金和最終投資者。

For example, for our broker-dealer clients, we instituted end-to-end vote confirmation for nearly 3,000 public companies and are rolling out universal proxy functionality this month. For fund companies, we're helping the world's largest fund managers launch pass-through voting. We launched a new cloud-based European funds reporting platform, and we're growing our data and analytics solutions.

例如，對於我們的經紀自營商客戶，我們為近 3,000 家上市公司建立了端到端的投票確認，並在本月推出了通用代理功能。對於基金公司，我們正在幫助全球最大的基金經理髮起傳遞投票。我們推出了一個新的基於雲的歐洲基金報告平台，並且我們正在發展我們的數據和分析解決方案。

For issuers, we rolled out an upgraded virtual shareholder meeting platform across more than 2,500 annual meetings, making it easier than ever for investors to participate. We also upgraded our proxy vote app, enabling deeper investor engagement.

對於發行人，我們在超過 2,500 場年度會議上推出了升級的虛擬股東會議平台，讓投資者比以往任何時候都更容易參與。我們還升級了代理投票應用程序，使投資者能夠更深入地參與。

Finally, our continued focus on digitizing customer communications enabled us to close a landmark deal to serve as the core digital communications infrastructure for a Tier 1 wealth manager while continuing to onboard and serve a growing roster of new clients. These innovations helped drive strong revenue growth and led to what's clearly another strong year for our governance franchise.

最後，我們對客戶通信數字化的持續關注使我們能夠完成一項具有里程碑意義的交易，作為一級財富管理機構的核心數字通信基礎設施，同時繼續為越來越多的新客戶提供服務。這些創新幫助推動了強勁的收入增長，並為我們的治理特許經營帶來了明顯的又一個強勁的一年。

Now let's move to our capital markets franchise where the acquisition of Itiviti is helping to transform our position in the market. In capital markets, we're driving trading innovation, simplifying global post-trade technology and building new enterprise data and network-enabled solutions. Itiviti's leading front-office capabilities have meaningfully extended our franchise, deepening our relationships with key clients. Capital markets revenues rose 39% to $921 million, primarily driven by our acquisition of Itiviti, on which I will touch in a moment.

現在讓我們轉向我們的資本市場特許經營權，收購 Itiviti 正在幫助改變我們在市場中的地位。在資本市場，我們正在推動交易創新、簡化全球交易後技術並構建新的企業數據和網絡解決方案。 Itiviti 領先的前台能力極大地擴展了我們的特許經營權，加深了我們與主要客戶的關係。資本市場收入增長 39% 至 9.21 億美元，這主要得益於我們對 Itiviti 的收購，我稍後會談到。

In the meantime, despite our focus on the acquisition, we drove organic growth of 5%. The biggest factor in organic growth was revenue from new sales as we onboarded multiple new clients to our global post-trade platform. It's great to see our platform investments converting to revenue growth.

與此同時，儘管我們專注於收購，但我們推動了 5% 的有機增長。有機增長的最大因素是來自新銷售的收入，因為我們將多個新客戶加入我們的全球交易後平台。很高興看到我們的平台投資轉化為收入增長。

We're also developing enterprise and network solutions. Our digital ledger repo solution is now live with 3 clients, with a fourth signed and others in the pipeline. Our production volume is now averaging more than $50 billion a day, and we expect that will climb further by year-end. Today, our clients are using digital ledger repo to process intracompany transactions and reduce external counterparty expense. We're further enhancing our capabilities in early fiscal '23 to include sponsored repos. While the revenue from this business remains small today, the pipeline is strong, and we see a long runway for future growth.

我們還在開發企業和網絡解決方案。我們的數字分類賬回購解決方案現已與 3 個客戶一起使用，其中第四個已簽名，其他正在籌備中。現在，我們的日產量平均超過 500 億美元，我們預計到年底將進一步攀升。今天，我們的客戶正在使用數字賬本回購來處理公司內部交易並減少外部交易對手費用。我們將在 23 財年早期進一步增強我們的能力，以包括贊助回購。雖然今天這項業務的收入仍然很小，但管道很強勁，我們看到未來增長的道路很長。

Another key network initiative is LTX, our fixed income trading platform, where we continue to make steady progress towards a full launch.

另一個關鍵的網絡計劃是我們的固定收益交易平台 LTX，我們將繼續穩步推進全面啟動。

The biggest growth initiative in capital markets this past year has been the acquisition of Itiviti, which is delivering even more value than we first anticipated. So let's turn to Slide 6 for a double-click on the performance of that business.

過去一年資本市場最大的增長舉措是收購 Itiviti，它帶來的價值甚至超過了我們最初的預期。因此，讓我們轉到幻燈片 6，雙擊該業務的表現。

I'm pleased to report that the integration is going very well. We are near completion on most streams. We're driving revenue and cost synergies, and we strengthened and deepened the management team. We've also officially rebranded the business, Broadridge Trading and Connectivity Solutions, or BTCS.

我很高興地報告集成進展順利。我們在大多數流上都接近完成。我們正在推動收入和成本的協同效應，我們加強和深化了管理團隊。我們還正式將業務重新命名為 Broadridge 交易和連接解決方案 (BTCS)。

When we announced the acquisition last spring, we highlighted 3 key drivers for why we thought this is a strong fit and will generate significant value for our shareholders. A year later, these drivers have only been reinforced. The first driver was the compelling strategic fit with our capital markets franchise.

當我們去年春天宣布收購時，我們強調了 3 個關鍵驅動因素，為什麼我們認為這是一個非常合適的選擇，並將為我們的股東創造重大價值。一年後，這些驅動因素才得到加強。第一個驅動因素是與我們資本市場特許經營權的引人注目的戰略契合。

We expected that the combination of Itiviti's front office and connectivity solutions with our back-office capabilities would give us an unmatched ability to add value across the trade life cycle. That thesis is playing out, and we're in dialogues with multiple clients to increasingly see Broadridge as a critical partner in a multiyear process of modernizing their trading infrastructure. We're also well into developing the capability to enable common data sets across the trade life cycle, which will be a significant benefit for many clients.

我們希望 Itiviti 的前台和連接解決方案與我們的後台功能相結合，將使我們能夠在整個貿易生命週期中增加價值。該論點正在發揮作用，我們正在與多個客戶進行對話，以越來越多地將 Broadridge 視為其交易基礎設施現代化的多年過程中的關鍵合作夥伴。我們還致力於開發在整個貿易生命週期中啟用通用數據集的能力，這對許多客戶來說將是一個巨大的好處。

Our second driver was to use our expanded global scale and footprint to unlock additional growth. A year later, our international revenues have grown by more than 60%, enabling us to strengthen our position in both Europe and Asia Pacific. Clients see us as an increasingly global player, and Itiviti clients are seeing the benefit of being partnered with a larger player, especially one with a reputation for investment and service.

我們的第二個驅動力是利用我們擴大的全球規模和足跡來釋放額外的增長。一年後，我們的國際收入增長了 60% 以上，使我們能夠鞏固我們在歐洲和亞太地區的地位。客戶將我們視為日益全球化的參與者，而 Itiviti 的客戶也看到了與更大的參與者合作的好處，尤其是在投資和服務方面享有盛譽的參與者。

Last, Itiviti is delivering clear financial benefits. Fiscal '22 revenues came in ahead of our acquisition case at $256 million, and we exceeded our earnings target. We've actioned almost $10 million in synergies, including $3 million of revenue synergies and $6 million on the cost side. Our incremental scale helped fuel more than $30 million in closed ssales, with multiple competitive wins in fiscal '22. Thanks to those sales, we are on target to deliver double-digit growth in fiscal '23 and beyond.

最後，Itiviti 正在提供明顯的經濟利益。 '22 財年的收入超過了我們的收購案，為 2.56 億美元，我們超出了我們的盈利目標。我們已經採取了近 1000 萬美元的協同效應，包括 300 萬美元的收入協同效應和 600 萬美元的成本協同效應。我們的增量規模幫助推動了超過 3000 萬美元的封閉式銷售，並在 22 財年贏得了多項競爭勝利。多虧了這些銷售，我們的目標是在 23 財年及以後實現兩位數的增長。

So we're off to a strong start in realizing Itiviti's potential. Looking ahead, we have a clear road map for continued growth, driving share gains in the near term, executing on revenue synergies in the medium term and over the long term, driving a suite of modular solutions covering the entire front-to-back trade life cycle.

因此，我們在實現 Itiviti 的潛力方面有了一個良好的開端。展望未來，我們為持續增長制定了清晰的路線圖，在短期內推動份額增長，在中期和長期內實現收入協同效應，推動一套涵蓋整個前後交易的模塊化解決方案生命週期。

Now let's turn to Slide 7 for an overview of our progress in building the leading wealth tech player. In wealth management, we are building on our core strength as the leading back-office technology provider, delivering new component solutions and developing an agile modular platform that will link the full suite of our capabilities. Wealth and investment management revenues rose 5% in fiscal '22, powered by new sales in both the U.S. and Canada, which helped offset the impact of lower trading volumes as we lapped the peak of a mean stock phenomenon over the second half of last year.

現在讓我們轉到幻燈片 7，概述我們在打造領先的財富科技公司方面取得的進展。在財富管理方面，我們正在建立作為領先後台技術提供商的核心優勢，提供新的組件解決方案並開發一個靈活的模塊化平台，將我們的全套能力聯繫起來。財富和投資管理收入在 22 財年增長了 5%，這得益於美國和加拿大的新銷售，這有助於抵消交易量下降的影響，因為我們在去年下半年達到了平均庫存現象的峰值.

Our opened component-based wealth management platform remains our top priority. To date, we've rolled out managed account billing and adviser workstation, both to strong reviews. We recently delivered the second generation of the workstation with even more capability. Looking ahead, we're deep into integration on the remainder of the core suite with strong results and anticipate being largely code complete by the end of calendar '22. We remain on track to go live in summer of '23.

我們開放的基於組件的財富管理平台仍然是我們的首要任務。迄今為止，我們已經推出了託管帳戶計費和顧問工作站，兩者都受到了強烈的評價。我們最近交付了功能更強大的第二代工作站。展望未來，我們正在深入整合核心套件的其餘部分，並取得了不錯的成果，並預計到 22 年日曆結束時將大部分代碼完成。我們仍有望在 23 年夏天上線。

Ongoing client discussions are enabling us to sharpen our open value proposition -- open platform value proposition. Our ability to offer clients a set of modular solutions, linked by a common enterprise integration layer, enables them to modernize key parts of their tech stack one step at a time, with clear value at each step. This modular approach is drawing significant interest from clients, and we expect it to drive increased wealth sales in fiscal '23. So to sum up, we are executing well across each of our franchise businesses.

持續的客戶討論使我們能夠加強我們的開放價值主張——開放平台價值主張。我們能夠為客戶提供一組由通用企業集成層鏈接的模塊化解決方案，使他們能夠一次一步對其技術堆棧的關鍵部分進行現代化改造，每一步都具有明確的價值。這種模塊化方法引起了客戶的極大興趣，我們預計它將在 23 財年推動財富銷售的增加。總而言之，我們在每個特許經營業務中都表現良好。

Now let's move to Slide 8, and I'll wrap up my review with some closing thoughts. First, Broadridge delivered another strong year of financial and operating results.

現在讓我們轉到幻燈片 8，我將以一些結束的想法來結束我的評論。首先，Broadridge 實現了又一個強勁的財務和經營業績。

Second, we are executing on our growth plans in 3 attractive opportunities. We're driving digitization to extend governance. We're leveraging Itiviti to grow capital markets, and we're successfully building wealth management. Our investments in each of these areas are creating significant momentum in the marketplace.

其次，我們正在執行我們在 3 個有吸引力的機會中的增長計劃。我們正在推動數字化以擴展治理。我們正在利用 Itiviti 發展資本市場，並且我們正在成功地建立財富管理。我們在這些領域中的每一個領域的投資都在市場上創造了巨大的動力。

Third, our growth is being propelled by the accelerating pace of change in the financial services industry. Clients are evolving their business models, rapidly seeking to digitize and adopting next-generation technologies. Slowing global growth is likely to further accelerate these changes as our clients invest to compete for market share and drive productivity. By accelerating digitization and mutualizing nondifferentiating costs, our solutions help them meet those needs.

第三，金融服務業變革步伐加快，推動了我們的增長。客戶正在發展他們的商業模式，迅速尋求數字化並採用下一代技術。隨著我們的客戶為爭奪市場份額和提高生產力而投資，全球增長放緩可能會進一步加速這些變化。通過加速數字化和共同化非差異化成本，我們的解決方案幫助他們滿足這些需求。

And that brings me to my fourth and last point. Broadridge has never been better positioned for long-term growth. Our guidance calls for 6% to 9% recurring revenue growth in fiscal '23 and 7% to 11% adjusted EPS growth. We're on track to deliver at or above our 3-year objectives. And with a $60 billion market opportunity, we see a long runway for growth.

這讓我想到了第四點，也是最後一點。 Broadridge 從未像現在這樣為長期增長做好準備。我們的指導要求 23 財年經常性收入增長 6% 至 9%，調整後每股收益增長 7% 至 11%。我們有望達到或超過我們的 3 年目標。憑藉 600 億美元的市場機會，我們看到了漫長的增長之路。

Before I finish, I want to thank our associates around the world. Their work is the driving force behind the innovation that we're bringing to the financial services industry. This work is critical for our clients. And through them, we're making a difference in improving the financial lives of millions around the globe.

在我結束之前，我要感謝我們在世界各地的同事。他們的工作是我們為金融服務行業帶來創新的驅動力。這項工作對我們的客戶至關重要。通過他們，我們正在改善全球數百萬人的財務生活。

Edmund, over to you.

埃德蒙，交給你了。

Thank you, Tim, and good morning, everyone.

謝謝蒂姆，大家早上好。

I'm really pleased to be here to discuss the results from yet another strong quarter and strong year. I'll also provide you with some additional insights into our guidance for fiscal '23, which will position Broadridge to deliver at or above the higher end of our 3-year financial objectives.

我很高興來到這裡討論又一個強勁的季度和強勁的一年的結果。我還將為您提供一些關於我們對 23 財年指導的額外見解，這將使 Broadridge 能夠實現或高於我們 3 年財務目標的高端。

As you can see from the financial summary on Slide 9, Broadridge's full year results came in at or ahead of both our fiscal year '22 guidance and our 3-year objectives across all metrics.

正如您從幻燈片 9 的財務摘要中看到的那樣，Broadridge 的全年業績達到或超過了我們的 22 財年指導和我們所有指標的 3 年目標。

Recurring revenue rose to $3.7 billion, up 16% year-over-year. Organic growth was 9%. Adjusted operating income margin expanded 60 basis points, outpacing our annual margin expansion objective despite the drag from increased low to no margin distribution revenue. And adjusted EPS grew 14% to $6.46. Finally, and as Tim noted earlier, we delivered record closed ssales of $282 million, a strong year across all metrics.

經常性收入增至 37 億美元，同比增長 16%。有機增長率為 9%。調整後的營業收入利潤率擴大了 60 個基點，超過了我們的年度利潤率擴張目標，儘管利潤分配收入從低增長到沒有增長。調整後每股收益增長 14% 至 6.46 美元。最後，正如蒂姆之前提到的，我們實現了創紀錄的 2.82 億美元的銷售收入，在所有指標上都是強勁的一年。

Turning to the fourth quarter. Recurring revenue grew 15% to $1.2 billion, driven by organic growth of 12%. Adjusted operating income grew 25% and AOI margins expanded 250 basis points as we lapped Q4 '21 elevated investment spend. And adjusted EPS increased 21% to $2.65. Again, operating income growth was partially offset by higher interest expense related to the acquisition of Itiviti. Our fourth quarter results benefited from continued position growth, strong execution across our product lines and the ongoing strong performance of Itiviti.

轉入第四節。在 12% 的有機增長推動下，經常性收入增長 15% 至 12 億美元。調整後的營業收入增長了 25%，AOI 利潤率擴大了 250 個基點，因為我們經歷了 21 年第四季度投資支出的增加。調整後每股收益增長 21% 至 2.65 美元。同樣，營業收入增長被與收購 Itiviti 相關的較高利息支出部分抵消。我們的第四季度業績得益於持續的頭寸增長、我們產品線的強勁執行以及 Itiviti 持續的強勁表現。

Let's get into the details of these results, starting with recurring revenue on Slide 10. Recurring revenue grew by 15% to $1.2 billion in Q4 '22. Organic growth was 12%, driven by strong volume growth in new sales. Acquisitions contributed 3 points of growth in the quarter as we passed the 1 year anniversary of the Itiviti acquisition in May. Our 16% recurring revenue growth for fiscal '22 marks 3 consecutive years of double-digit recurring revenue growth. With organic growth at 8% in fiscal '21 and 9% in fiscal '22, well above our 5% to 7% 3-year growth objective, we are well on our way to exceeding our 3-year top line growth objectives.

讓我們從幻燈片 10 的經常性收入開始詳細了解這些結果。22 年第四季度的經常性收入增長了 15%，達到 12 億美元。在新銷售額強勁增長的推動下，有機增長率為 12%。當我們在 5 月通過 Itiviti 收購一周年紀念日時，收購在本季度貢獻了 3 個百分點的增長。我們 22 財年 16% 的經常性收入增長標誌著連續 3 年兩位數的經常性收入增長。 '21 財年的有機增長為 8%，'22 財年的有機增長為 9%，遠高於我們 5% 至 7% 的 3 年增長目標，我們正朝著超越 3 年收入增長目標的方向邁進。

Now let's turn to Slide 11 to look at the growth across our ICS and GTO segments. We saw double-digit recurring revenue growth in both of our segments. In Q4, ICS recurring revenues grew 14%, all organic, to $807 million, including double-digit growth across all 4 product lines. Regulatory revenues rose 13% to $424 million on strong equity and fund position growth. Data-driven fund solutions revenue grew 11% to $103 million, driven by strong growth in our data and analytics solutions and our mutual fund trade processing unit. Our issuer business increased by 18% to $125 million as we maintained share in our virtual shareholder meetings platform and continued to grow our other annual meeting and disclosure products.

現在讓我們轉向幻燈片 11，看看我們的 ICS 和 GTO 細分市場的增長情況。我們在兩個部門都看到了兩位數的經常性收入增長。第四季度，ICS 經常性收入增長 14%，全部為有機收入，達到 8.07 億美元，包括所有 4 條產品線的兩位數增長。由於股票和基金頭寸強勁增長，監管收入增長 13% 至 4.24 億美元。由於我們的數據和分析解決方案以及我們的共同基金交易處理部門的強勁增長，數據驅動的基金解決方案收入增長了 11% 至 1.03 億美元。我們的發行人業務增長了 18%，達到 1.25 億美元，因為我們保持了虛擬股東會議平台的份額，並繼續發展我們的其他年度會議和披露產品。

Finally, our customer communications business had a very strong quarter, growing by 15% to $155 million, driven by a surge in volumes from onboarding new clients and double-digit growth in our higher-margin digital offerings. Customer communications is now delivering solid top line growth. That complements its strong earnings growth as it executes on its print to digital strategy. For the year, ICS grew at 11%, with all of our businesses at or above our organic recurring revenue growth objectives.

最後，我們的客戶通信業務季度表現非常強勁，增長 15% 至 1.55 億美元，這主要得益於新客戶的入職量激增以及我們利潤率更高的數字產品的兩位數增長。客戶溝通現在實現了穩健的收入增長。這補充了其強勁的盈利增長，因為它執行了從印刷到數字的戰略。這一年，ICS 增長了 11%，我們所有的業務都達到或超過了我們的有機經常性收入增長目標。

Turning to GTO on Slide 12. Recurring revenues grew by 18% in Q4 to $382 million, driven by continued strong performance from Itiviti, higher capital markets fixed income trading volumes and an increase in wealth management license revenue. Organic growth was 9% for the quarter and 5% for the year.

在幻燈片 12 上轉向 GTO。由於 Itiviti 持續強勁的表現、資本市場固定收益交易量的增加以及財富管理許可收入的增加，第四季度經常性收入增長了 18% 至 3.82 億美元。本季度有機增長率為 9%，全年有機增長率為 5%。

Capital markets revenues grew by 28% to $240 million, powered by Itiviti, revenue from closed ssales and higher fixed income trading volumes. Organic growth in capital markets was 12% for the fourth quarter and 5% for the full year.

在 Itiviti 的推動下，資本市場收入增長了 28% 至 2.4 億美元，來自封閉式銷售的收入和更高的固定收益交易量。資本市場第四季度的有機增長為 12%，全年為 5%。

And let me also take a moment to emphasize the strong performance in Itiviti. Itiviti, now BTCS, contributed 7 points of growth to Broadridge's recurring revenue, right on track with the expectation that we set when giving fiscal year '22 guidance and ahead of our profit expectations.

讓我也花點時間強調一下 Itiviti 的強勁表現。 Itiviti，現在是 BTCS，為 Broadridge 的經常性收入貢獻了 7 個百分點的增長，與我們在提供 22 財年指導時設定的預期相符，並且超出了我們的利潤預期。

Tim walked you through the progress that we've made in the year since the acquisition. So I continue to feel good about our integration, the revenue synergies and strong financial performance in BTCS and the strategy for the business going forward.

Tim 向您介紹了自收購以來我們在這一年中取得的進展。因此，我繼續對我們的整合、收入協同效應和 BTCS 強勁的財務業績以及未來業務戰略感覺良好。

Wealth and investment management revenues grew by 4% to $142 million, driven by growth from new sales and license revenue, partially offset by the impact of lower trading volumes at our wealth management clients. Full year organic growth was 5%.

財富和投資管理收入增長 4% 至 1.42 億美元，這得益於新銷售和許可收入的增長，但部分被我們財富管理客戶交易量下降的影響所抵消。全年有機增長率為 5%。

Now let's turn to Slide 13 for a closer look at the volume trends in ICS and GTO. Position growth remained strong in the fourth quarter across both equities and funds. Equity growth was 17% in the seasonally large fourth quarter. Our testing of position data continued to prove reliable as we finished the full year in line with our late April testing. For the full year, equity position growth was 18%.

現在讓我們轉到幻燈片 13 來仔細了解 ICS 和 GTO 的交易量趨勢。第四季度股票和基金的頭寸增長依然強勁。在季節性較大的第四季度，股票增長率為 17%。我們對頭寸數據的測試繼續證明是可靠的，因為我們完成了與四月底的測試一致的全年。全年，股票頭寸增長18%。

Mutual fund growth also remained steady at 10% in the fourth quarter and full year growth was 14%.

第四季度共同基金增長率也穩定在 10%，全年增長率為 14%。

Turning to trade volumes on the bottom of the slide. Trade volumes grew 8% in Q4, driven by double-digit growth in fixed income volumes as investors sought to stay ahead of rising inflation in the more hawkish Fed. Equity volumes also increased as higher trading by institutional investors more than offset the lower activity at our retail wealth management clients. For the year, internal trade growth was 1%.

轉向幻燈片底部的交易量。受固定收益交易量兩位數增長的推動，第四季度交易量增長了 8%，原因是投資者尋求在更鷹派的美聯儲通脹上升的情況下保持領先。股票交易量也有所增加，因為機構投資者的交易量增加抵消了我們零售財富管理客戶活動的減少。全年內部貿易增長率為 1%。

Let's now move to Slide 14, where we summarize the drivers of recurring revenue growth. Recurring revenues grew 15%, powered by 12% organic growth and a 3-point contribution from acquisitions, primarily reflecting Itiviti revenue through mid-May. Internal growth, including strong position growth and fixed income trading, drove 8 points of growth, and revenue from new sales contributed 6 points of growth. Our retention rate remained at 98%.

現在讓我們轉到幻燈片 14，我們在其中總結了經常性收入增長的驅動因素。經常性收入增長了 15%，這得益於 12% 的有機增長和 3 個百分點的收購貢獻，主要反映了 Itiviti 到 5 月中旬的收入。內部增長，包括強勁的頭寸增長和固定收益交易，推動了 8 個增長點，新銷售收入貢獻了 6 個增長點。我們的保留率保持在 98%。

I'll finish the discussion on revenue with a view of total revenue on Slide 15. Total revenue grew 12% in Q4 to $1.7 billion. Recurring revenue was the largest contributor, driving 10 points of growth. Low to no margin distribution revenue increased by 12% and contributed 3 points to total revenue growth, driven by a combination of higher volumes in our customer communications business and higher postage rates. That growth had a dilutive effect on our reported adjusted operating income margins that I'll highlight in a moment.

我將在幻燈片 15 上以總收入的角度結束關於收入的討論。第四季度總收入增長 12% 至 17 億美元。經常性收入是最大的貢獻者，推動了 10 個百分點的增長。由於我們的客戶通信業務量增加和郵資費率提高，低利潤或無利潤分銷收入增長了 12%，並為總收入增長貢獻了 3 個百分點。這種增長對我們報告的調整後營業利潤率產生了稀釋作用，我稍後會強調這一點。

Event-driven revenues were $70 million in Q4 '22, $2 million lower than last year, as lower contest activity was partially offset by continued mutual fund proxy activity. Looking ahead to fiscal '23, we are not forecasting any major mutual fund proxy events and we expect event-driven revenues to be in the $240 million to $260 million range, in line with recent years.

22 年第四季度事件驅動的收入為 7000 萬美元，比去年減少 200 萬美元，因為較低的競賽活動被持續的共同基金代理活動部分抵消。展望 23 財年，我們預計不會出現任何重大的共同基金代理事件，我們預計事件驅動的收入將在 2.4 億美元至 2.6 億美元之間，與近年來一致。

Turning now to margins on Slide 16. Adjusted operating income margin for Q4 was 25.3%, a 250 basis points improvement over Q4 '21, driven by strong recurring revenue growth and lapping the increased investment in our digital and technology platforms. For the full year, Broadridge delivered 60 basis points of margin expansion, exceeding our objective of 50 basis points despite elevated growth in low to no margin distribution revenue, which diluted our reported full year adjusted operating income margin by 70 basis points.

現在轉向幻燈片 16 上的利潤率。第四季度調整後的營業利潤率為 25.3%，比 21 年第四季度提高了 250 個基點，這得益於強勁的經常性收入增長以及對我們數字和技術平台的投資增加。全年，Broadridge 實現了 60 個基點的利潤率擴張，超過了我們 50 個基點的目標，儘管低利潤率至無利潤分配收入增長加快，這將我們報告的全年調整後營業利潤率稀釋了 70 個基點。

As I have mentioned previously, we saw a modest impact from higher inflation, both in attracting and retaining talent and in material costs to offset that inflation impact and to prepare for a more uncertain economic environment. We took a series of targeted cost actions in Q4 '22.

正如我之前提到的，我們看到了通脹上升對吸引和留住人才以及材料成本的適度影響，以抵消通脹影響並為更加不確定的經濟環境做準備。我們在 22 年第四季度採取了一系列有針對性的成本行動。

First, given our new hybrid work model, we continued to rightsize our real estate footprint and took a $23 million onetime charge related to those incremental actions. We have now closed or reduced 49 offices or 14% of our total square feet since the beginning of the pandemic in fiscal year '21.

首先，鑑於我們新的混合工作模式，我們繼續調整我們的房地產足跡，並為這些增量行動收取了 2300 萬美元的一次性費用。自 21 財年大流行開始以來，我們現已關閉或減少了 49 個辦事處，佔總平方英尺的 14%。

Second, we initiated additional business alignment initiatives that resulted in a reduction in both existing and open headcount. As a result of these cost initiatives, we expect to realize $70 million in annualized savings, which, along with the operating leverage inherent in our business model, will allow us to mitigate inflation, continue to invest in our long-term growth investments and meet our earnings growth objectives.

其次，我們發起了額外的業務調整計劃，從而減少了現有和開放的員工人數。由於這些成本舉措，我們預計每年可節省 7000 萬美元，再加上我們業務模式固有的經營槓桿，將使我們能夠緩解通貨膨脹，繼續投資於我們的長期增長投資並滿足我們的盈利增長目標。

Following the decision we announced earlier this year, we are closing our offices in Russia and will relocate associates who want to move. We incurred $1.4 million in expense related to that effort in the fourth quarter and expect another $25 million to $30 million over the course of fiscal '23 to wind down our business in that market. Both the onetime real estate costs and the Russian wind-down expenses have been excluded from our calculation of adjusted operating income and adjusted EPS.

根據我們今年早些時候宣布的決定，我們將關閉我們在俄羅斯的辦事處，並將重新安置想要搬家的員工。我們在第四季度發生了與這項工作相關的 140 萬美元的費用，並預計在 23 財年期間再增加 2500 萬至 3000 萬美元，以結束我們在該市場的業務。我們計算調整後的營業收入和調整後的每股收益時，已將一次性房地產成本和俄羅斯的停業費用排除在外。

Let's move ahead to closed sales on Slide 17. We ended our fiscal year with another strong selling effort, closing $112 million in closed sales for the quarter. For the full year, sales grew by 21% to $282 million, ahead of our guidance range and marking yet another year of record closed sales. Importantly, these sales were balanced across ICS and GTO products, and we also saw a significant contribution from BTCS.

讓我們繼續在幻燈片 17 上完成銷售。我們以另一個強勁的銷售努力結束了我們的財政年度，本季度完成了 1.12 億美元的銷售。全年銷售額增長 21% 至 2.82 億美元，超過了我們的指導範圍，標誌著又一年創紀錄的關閉銷售額。重要的是，這些銷售在 ICS 和 GTO 產品之間是平衡的，我們還看到了 BTCS 的重大貢獻。

Strong closed sales drove a further increase in our recurring revenue backlog, which reached $440 million or 12% of fiscal '22 recurring revenue. Importantly, our backlog gives us strong visibility into the revenue from closed sales that will power fiscal year '23 recurring revenue growth.

強勁的封閉式銷售推動我們的經常性收入積壓進一步增加，達到 4.4 億美元，佔 22 財年經常性收入的 12%。重要的是，我們的積壓工作使我們對已完成銷售的收入具有很強的可見性，這將推動 23 財年的經常性收入增長。

I'll turn now to capital allocation on Slide 18. We are a growth company, and our capital allocation model remains focused on balancing investment for long-term growth and capital return to benefit our shareholders. Broadridge generated $370 million in free cash flow in fiscal '22 after investing $447 million in our client platforms. The wealth platform accounted for the most significant part of this investment.

我現在將轉向幻燈片 18 上的資本配置。我們是一家成長型公司，我們的資本配置模式仍然專注於平衡長期增長的投資和資本回報，以使我們的股東受益。 Broadridge 在我們的客戶平台投資 4.47 億美元後，在 22 財年產生了 3.7 億美元的自由現金流。財富平台佔了這筆投資的最重要部分。

As we previously indicated, we are in a peak period of investment across multiple client platforms, including our wealth platform, where we are on track to reach code complete in fiscal '23. We also expect client platform investment to be lower in fiscal '23, with free cash flow conversion returning to more historical levels in fiscal year '24.

正如我們之前指出的，我們正處於多個客戶平台的投資高峰期，包括我們的財富平台，我們有望在 23 財年完成代碼。我們還預計客戶平台投資在 23 財年會降低，自由現金流轉換將在 24 財年恢復到更高的歷史水平。

We also remain committed to funding a dividend that grows in line with earnings having returned a net of $253 million to shareholders in fiscal year '22. We are pleased that our Board has approved a 13% annual dividend increase to $2.90 per share in fiscal '23, in line with our targeted dividend payout ratio of 45% of adjusted earnings.

我們還繼續致力於為股息提供資金，該股息隨著收益的增長而增長，在 22 財年向股東返還了 2.53 億美元的淨收益。我們很高興我們的董事會批准在 23 財年將年度股息增加 13% 至每股 2.90 美元，這符合我們調整後收益 45% 的目標股息支付率。

Finally, we repaid $95 million of debt as we continue to prioritize debt repayment over share repurchases until we reach a leverage ratio that is in line with our objective to maintain an investment-grade credit rating.

最後，我們償還了 9500 萬美元的債務，因為我們繼續優先償還債務而不是股票回購，直到我們達到符合我們維持投資級信用評級目標的槓桿率。

I'll close my prepared remarks this morning with some detail on our fiscal '23 guidance, which is on Slide 19. Our guidance calls for mid- to high single-digit recurring revenue growth, continued margin expansion, solid adjusted EPS growth and another year of strong closed sales.

我將在今天早上結束我準備好的講話，詳細介紹我們在幻燈片 19 上的 23 財年指導。我們的指導要求中高個位數的經常性收入增長、持續的利潤率擴張、穩健的調整後每股收益增長和另一個年強勁的封閉式銷售。

Let's take each point in turn, starting with recurring revenues. We expect fiscal year '23 recurring revenue growth of 6% to 9%, all organic, with balanced growth across both ICS and GTO. The biggest driver of our growth is expected to be new sales as we work to onboard our $440 million backlog. We also expect mid- to high single-digit position growth and flat trading volumes. And as always, the recurring revenue guidance reflects a constant currency view.

讓我們依次分析每一點，從經常性收入開始。我們預計 23 財年經常性收入增長 6% 至 9%，均為有機增長，ICS 和 GTO 均實現平衡增長。隨著我們努力完成 4.4 億美元的積壓工作，我們增長的最大驅動力預計將是新的銷售。我們還預計中高個位數的頭寸增長和持平的交易量。與往常一樣，經常性收入指導反映了不變的貨幣觀點。

In addition to recurring revenue, we expect low double-digit growth in distribution revenues, driven by solid volume growth and additional postage rate increases. As I indicated earlier, we expect event-driven revenues to be in the $240 million to $260 million range, down from $270 million in fiscal '22. Factoring recurring, event-driven and distribution revenues, we expect total revenue constant currency growth to be in the 6% to 10% range.

除了經常性收入外，我們預計分銷收入將出現兩位數的低增長，這是由於銷量穩健增長和額外郵資費率上漲。正如我之前指出的，我們預計事件驅動的收入將在 2.4 億美元至 2.6 億美元之間，低於 22 財年的 2.7 億美元。考慮到經常性、事件驅動和分銷收入，我們預計總收入不變貨幣增長將在 6% 至 10% 範圍內。

Second, we expect to expand our adjusted operating margin in fiscal '23 by approximately 50 basis points, driven by the scale in our business, the ongoing mix shift to digital and efficiency gains, including our recent cost initiatives. These drivers should enable us to offset inflation-related increase and the dilution from double-digit growth and low to no margin distribution revenues.

其次，我們預計將在 23 財年將調整後的營業利潤率提高約 50 個基點，這得益於我們的業務規模、持續向數字化和效率提升的組合轉變，包括我們最近的成本舉措。這些驅動因素應該使我們能夠抵消與通貨膨脹相關的增長以及兩位數增長和低利潤分配收入的稀釋。

Third, we expect adjusted EPS growth of 7% to 11%. Embedded in our adjusted EPS outlook is the impact of higher interest rates, which will drive a $35 million to $40 million increase in interest expense and the impact of the stronger dollar, which will lower our adjusted earnings growth by just over 1%.

第三，我們預計調整後每股收益增長 7% 至 11%。在我們調整後的每股收益展望中嵌入的是利率上升的影響，這將推動利息支出增加 3500 萬至 4000 萬美元，而美元走強的影響，將使我們調整後的盈利增長降低 1% 以上。

Keep in mind that while higher interest rates are impacting our interest expense line, the impact on Broadridge as a whole is largely neutral as our $1.6 billion in variable debt outstanding is essentially matched by cash balances held in our mutual fund trade processing and stock transfer businesses. So any increase in interest expense is offset by an equivalent increase in float revenue in ICS. We are also projecting an overall tax rate of 21% and a modest increase in diluted shares outstanding.

請記住，雖然較高的利率正在影響我們的利息支出線，但對 Broadridge 整體的影響在很大程度上是中性的，因為我們 16 億美元的未償可變債務基本上與我們共同基金交易處理和股票轉讓業務中持有的現金餘額相匹配.因此，利息費用的任何增加都會被 ICS 浮動收入的相應增加所抵消。我們還預計整體稅率為 21%，稀釋後的流通股將適度增加。

Closing out our discussion of EPS, we expect to complete the integration of Itiviti and incur expenses related to winding down our operations in Russia. These expenses are not included in our calculation of adjusted EPS guidance.

結束對每股收益的討論，我們預計將完成 Itiviti 的整合，並產生與結束我們在俄羅斯的業務相關的費用。這些費用不包括在我們調整後的每股收益指引的計算中。

Turning now to our final guidance point, closed sales. We expect another strong year in sales, with a fiscal '23 guidance range of $270 million to $310 million including balanced sales between ICS and GTO.

現在轉向我們的最終指導點，關閉銷售。我們預計銷售額將再次強勁，23 財年的指導範圍為 2.7 億美元至 3.1 億美元，包括 ICS 和 GTO 之間的平衡銷售額。

So to sum up, our fiscal '23 guidance emphasizes the strength and resilience of our financial model and our ability to drive sustainable recurring revenue growth through any economic environment, fund growth investments while expanding margins and delivering steady and consistent adjusted EPS growth, all while maintaining an investment-grade balance sheet and a balanced capital allocation policy.

總而言之，我們的 23 財年指導強調了我們財務模型的實力和彈性，以及我們在任何經濟環境中推動可持續經常性收入增長的能力，為增長投資提供資金，同時擴大利潤率並實現穩定一致的調整後每股收益增長，同時維持投資級別的資產負債表和平衡的資本配置政策。

Before I move on from guidance, let me briefly discuss our Q1 outlook. Historically, Broadridge has generated 10% to 17% of our earnings in the first quarter. In fiscal 2023, we expect our Q1 earnings to be at the low end of that historical range, driven by lower event-driven revenues and the carryover impact of higher fiscal '22 expenses.

在我繼續指導之前，讓我簡要討論一下我們的第一季度前景。從歷史上看，Broadridge 在第一季度創造了我們收入的 10% 到 17%。在 2023 財年，我們預計我們的第一季度收益將處於該歷史範圍的低端，這是由於事件驅動的收入下降和 22 財年費用增加的結轉影響。

And one administrative note for fiscal '23 and moving forward, beginning with our first quarter results, we will be completing the final stage of our recasted FX reporting. Given the increased size and scale of our international business and global operations, it is appropriate to incorporate FX changes more fully into our reporting.

從我們的第一季度業績開始，我們將完成 23 財年和未來的一份行政說明，我們將完成我們重鑄外匯報告的最後階段。鑑於我們國際業務和全球業務的規模和規模不斷擴大，將外匯變化更全面地納入我們的報告是適當的。

You will recall that last year, we implemented the first phase of this transition by updating the fixed exchange rate for our segment revenues and for recurring revenue, which reduced the difference between the fixed rate and the actual rate that was recorded in our FX revenue line. We will now be translating changes in FX into our segment and recurring revenue reporting, allowing us to eliminate the FX revenue line entirely. As a result, you'll see the impact of changes in FX directly in our recurring revenue line rather than as a change in the FX revenue line.

您會記得，去年，我們通過更新分部收入和經常性收入的固定匯率來實施這一過渡的第一階段，這減少了固定匯率與我們外匯收入項目中記錄的實際匯率之間的差異.我們現在將把外匯變化轉化為我們的部門和經常性收入報告，使我們能夠完全消除外匯收入線。因此，您將直接在我們的經常性收入線中看到外匯變化的影響，而不是外匯收入線的變化。

While this change will modestly reduce our reported recurring revenue, it will have little impact on our reported recurring revenue growth rate and no impact on our reported total revenue or profitability metrics.

雖然這一變化將適度減少我們報告的經常性收入，但對我們報告的經常性收入增長率影響不大，對我們報告的總收入或盈利能力指標沒有影響。

As we did last year, we intend to publish our historical revenue results at a recasted actual rate ahead of our first quarter earnings so that you have a chance to adjust your models.

正如我們去年所做的那樣，我們打算在第一季度收益之前以重新調整的實際利率發布我們的歷史收入結果，以便您有機會調整您的模型。

So where does that leave us? Let me wrap up by putting our fiscal '23 guidance in the context of our 3-year financial objectives on Slide 20. Our guidance for fiscal '23 has Broadridge well positioned to deliver above the 3-year growth objectives for organic recurring revenue and recurring revenue, in line or ahead of our margin objectives and with adjusted EPS growth at the higher end of our 3-year growth objective range.

那麼，我們將何去何從？最後，讓我將我們的 23 財年指導放在幻燈片 20 上的 3 年財務目標的背景下。我們對 23 財年的指導使 Broadridge 能夠很好地實現有機經常性收入和經常性收入的 3 年增長目標收入，符合或超過我們的利潤率目標，並且調整後的每股收益增長處於我們 3 年增長目標範圍的高端。

Of course, we need to execute in an increasingly uncertain environment in fiscal year '23. By doing so, we will have delivered again on another set of 3-year growth objectives, just as we did in fiscal '14 to '17 and fiscal '17 to '20. That performance underscores the strength and consistency of our business model, our strategy of growing our governance and capital market franchises and building a wealth management franchise as well as the long-term trends driving our growth.

當然，我們需要在 23 財年在越來越不確定的環境中執行。通過這樣做，我們將再次實現另一套 3 年增長目標，就像我們在 14 至 17 財年和 17 至 20 財年所做的那樣。這一表現突顯了我們業務模式的實力和一致性、我們發展治理和資本市場特許經營權和建立財富管理特許經營權的戰略，以及推動我們增長的長期趨勢。

With that, let's take your questions. Operator?

有了這個，讓我們來回答你的問題。操作員？

(Operator Instructions) Our first question comes from David Togut from Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 David Togut。

I appreciate the call outs on the fiscal '23 guidance. Edmund, can you talk to your expectations though for Itiviti, which is clearly growing solid double digit and has margin well above your corporate average. And any expectation we should be incorporating from the UBS contract?

我很欣賞對 '23 財政年度指南的呼籲。 Edmund，您能否談談您對 Itiviti 的期望，它顯然正以兩位數的穩定增長，並且利潤率遠高於您的公司平均水平。我們應該從瑞銀合同中納入任何期望嗎？

Let me maybe say one to Itiviti, and then turn it over to Tim to talk about long-term view on Itiviti and the UBS contract.

讓我對 Itiviti 說一個，然後交給 Tim 來談談對 Itiviti 和 UBS 合同的長期看法。

First, David, I was very pleased. We said at the beginning of the fiscal '22 guidance that we'd expect Itiviti to contribute 7 to 8 points. And that revenue performance that Tim mentioned, we're very pleased about that. We expect to see mid- to high single-digit growth in Itiviti, as we said when we made the acquisition, and we feel very good about the profit outlook on it as well. So I feel good going into fiscal '23 and the contribution that we expect from Itiviti. And Tim can give further view on what we think going forward.

首先，大衛，我很高興。我們在 '22 財年指南開始時說過，我們預計 Itiviti 將貢獻 7 到 8 個百分點。蒂姆提到的收入表現，我們對此感到非常高興。正如我們在進行收購時所說的那樣，我們預計 Itiviti 將實現中高個位數增長，我們也對其利潤前景感到非常滿意。因此，進入 23 財年以及我們期望 Itiviti 做出的貢獻，我感覺很好。蒂姆可以進一步了解我們對未來的看法。

Yes, Dave, from a modeling perspective, it's really incorporated in the guidance that Edmund gave. But just stepping back from it a little bit, obviously, we're pleased with the integration. What we were really pleased by is the confirmation around our strategic thesis with our clients and the conversations that we've been having with them about how we fit into their road map.

是的，Dave，從建模的角度來看，它確實包含在 Edmund 提供的指導中。但只是稍微退後一點，顯然，我們對集成感到滿意。我們真正感到高興的是，我們與客戶確認了我們的戰略論點，以及我們一直與他們就我們如何適應他們的路線圖進行的對話。

And really as we look at our -- the way our technology architecture, the way our product roadmap overlaps with what our clients needs as well as the real commitment to service that both Itiviti and Broadridge have and how that is resonating, so we really are seeing market share gains, and that's delivering the financial benefits that we talked about.

事實上，當我們審視我們的技術架構、產品路線圖與客戶需求重疊的方式以及 Itiviti 和 Broadridge 對服務的真正承諾以及如何產生共鳴時，我們真的是看到市場份額的增長，這就是我們談到的經濟利益。

And just to expand a little bit on a little bit of the outlook I gave when I was talking is as you think about that short-, medium- and long-term goals in terms of how we see this unfolding, we think there is a real opportunity over the next few years to take share in the front office. There is a real need out there for a next-generation solution, and people are really looking to us as the right partner for that. And we saw that with multiple competitive wins in this last year, which drove more than $3 million in sales, which we see continuing to grow.

只是稍微擴展一下我在講話時給出的一點展望，當你考慮短期、中期和長期目標時，我們如何看待這種情況的展開，我們認為有一個未來幾年真正有機會在前台分一杯羹。真正需要下一代解決方案，人們真的希望我們成為合適的合作夥伴。我們在去年看到了多項競爭勝利，這推動了超過 300 萬美元的銷售額，我們認為銷售額將繼續增長。

In medium term, we think there is opportunity around geographic and asset class expansion. And we're seeing the pipeline grow in North America. We saw some good sales in North America. So we're really having the opportunity to bring Itiviti to North America where it traditionally hasn't been as strong. We're getting introduced by Itiviti in Europe to their clients, and there's also a lot of opportunity in exchange-traded derivatives.

從中期來看，我們認為圍繞地域和資產類別的擴張存在機會。我們看到北美的管道正在增長。我們在北美看到了一些不錯的銷售。所以我們真的有機會將 Itiviti 帶到北美，那里傳統上並不那麼強大。我們被歐洲的 Itiviti 介紹給他們的客戶，而且在交易所交易的衍生品中也有很多機會。

And then longer term, that ability to really create a true front-to-back solution and some clients -- some of our clients are very excited about that because there's a lot of inefficiency today where the data in the front office and the back office don't match and it creates a lot of internal inefficiency and breaks. And the ability to bring that true back-office data all the way to the front can really increase traders' effectiveness and a ability for them to be effective in their business. So we are incredibly excited about this. Everything that we thought about it has been happening. And we're very excited about the long term.

然後從長遠來看，真正創建真正的從前到後解決方案的能力和一些客戶——我們的一些客戶對此感到非常興奮，因為今天前台和後台的數據效率很低不匹配，它會造成很多內部效率低下和中斷。將真正的後台數據一直帶到前台的能力可以真正提高交易者的效率，並提高他們在業務中有效的能力。所以我們對此感到非常興奮。我們想到的一切都在發生。我們對長期發展感到非常興奮。

Now your second part of your question was on UBS, which I'm sure others will have that same question. And specifically related to '23, there's nothing in our guidance about '23 for this. We're really expecting the revenue to begin to be recognized after our '23 fiscal year as we talked about sort of in summer of calendar '23, which will be in our fiscal '24 calendar year. And I'll leave it at that for right now. But if others have questions, I have a lot to say about the wealth platform and how excited we are with it.

現在你的問題的第二部分是關於瑞銀的，我相信其他人也會有同樣的問題。特別是與 '23 相關，我們的指導中沒有關於 '23 的內容。我們真的預計收入將在我們的 23 財年之後開始得到確認，因為我們談到了 23 日曆年的夏天，這將是我們的 24 財年日曆年。我現在就把它留在那裡。但如果其他人有疑問，我對財富平台以及我們對它的興奮程度有很多話要說。

Understood. And just as a quick follow-up, Edmund, you called out some impact of carryover expenses from Q4 into Q1. Can you kind of walk us through the cadence of investment spending throughout FY '23? You said you were being increasingly disciplined in your planning process.

明白了。作為快速跟進，埃德蒙，您提到了從第四季度到第一季度的結轉費用的一些影響。您能告訴我們整個 23 財年的投資支出節奏嗎？你說你在計劃過程中越來越自律。

Yes. I mean, David, where I'd start there is we have seen volatility over the past 2 years and we've continued to see Broadridge continue to expand adjusted operating income margins. Over the last 3 years, it's been over 50 basis points. You know that we set as an objective 50 basis points, and we did 60 in fiscal '22, despite the inflation impact, despite the distribution impact that we've had and 60 basis points in fiscal '21 as well.

是的。我的意思是，大衛，我要從那裡開始，我們在過去 2 年看到了波動，我們繼續看到 Broadridge 繼續擴大調整後的營業利潤率。在過去的 3 年裡，它已經超過 50 個基點。你知道我們設定的目標是 50 個基點，我們在 22 財年做了 60 個，儘管有通貨膨脹影響，儘管我們已經有了分配影響，在 21 財年也有 60 個基點。

Inherent in our business model is operating leverage that we get from bringing on new revenue onto our fixed infrastructure without seeing additional costs that we get from moving from -- as we continue to become more of a digital business and then the efficiencies that we see in the business as well, from things like moving to the cloud and in our technology expense. That, I think, allows us to continue to expand margins each year and create capacity for investment.

我們的商業模式固有的是運營槓桿，我們通過為我們的固定基礎設施帶來新的收入而沒有看到我們從遷移中獲得的額外成本——隨著我們繼續成為一個數字業務，然後是我們看到的效率業務也是如此，從遷移到雲和我們的技術費用等方面。我認為，這使我們能夠繼續每年擴大利潤並創造投資能力。

Now like many other companies going into an uncertain economic environment, I thought it was prudent for us to take -- to be proactive and take actions to drive down the cost and create more capacity for us. And so we have started those actions as we went into our fiscal '23 planning process. They're underway, which is why I felt confident in giving a number today in terms of the annualized savings associated with that. That is going to allow us to mitigate the inflation impact, continue to create capacity for investment, which is our objective, to have ongoing investment in our revenue initiatives and continue to deliver these kind of -- the earnings that's in line with our objectives and with the guidance that we gave. So ongoing investments are going to be a part of our business model. And I think we have the operating leverage in our business and the proactive actions that allow us to continue that.

現在，就像許多其他進入不確定經濟環境的公司一樣，我認為我們應該謹慎行事——積極主動並採取行動降低成本並為我們創造更多產能。因此，我們在進入 23 財年規劃過程時已經開始了這些行動。他們正在進行中，這就是為什麼我有信心在今天給出一個與此相關的年度節省的數字。這將使我們能夠減輕通脹影響，繼續創造投資能力，這是我們的目標，對我們的收入計劃進行持續投資，並繼續提供符合我們目標的收益和在我們提供的指導下。因此，持續的投資將成為我們商業模式的一部分。而且我認為我們在我們的業務中擁有運營槓桿以及使我們能夠繼續這一點的積極行動。

Our next question comes from Peter Heckmann from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

I wanted to ask customer reimbursables are growing quite a bit faster than I would have expected given some of the secular decline in paper and going to electronic, it was about 11% last year, about 10% to 15% this year. How would you break down the contribution from the increase in postage? And then kind of that core growth rate, would you attribute that to just additional customer communications wins?

我想問一下，考慮到紙質和電子化的長期下降，客戶報銷的增長速度比我預期的要快得多，去年約為 11%，今年約為 10% 至 15%。你如何分解郵資增加的貢獻？然後是那種核心增長率，您是否會將其歸因於額外的客戶溝通勝利？

Peter, we didn't quite hear the very first part of your question. Growth in what?

彼得，我們沒有完全聽到你問題的第一部分。在什麼方面增長？

Customer reimbursables.

客戶報銷。

Oh, got it. Let me just -- I'll take a little bit of an overview and let Edmund add on to that. But we are seeing good growth -- well, first of all, it's the factors you mentioned. So postage was a significant factor, and there's going to be another postage increase in this coming year. And the customer communications business, which has a lower digital percentage than our regulatory business, had some very nice growth as you saw this year. And that's growth both from bringing on new clients and from increased -- some increased volume inside existing clients.

哦，明白了。讓我——我會稍微概述一下，讓 Edmund 補充一下。但我們看到了良好的增長——嗯，首先，這是你提到的因素。因此，郵費是一個重要因素，來年的郵費將再次上漲。正如您今年所看到的，客戶通信業務的數字化百分比低於我們的監管業務，增長非常好。這是帶來新客戶和增加 - 現有客戶內部數量增加的增長。

So good growth in both those things. I will -- I know it's not your question, but I just have to point out the increased digitization rates that we've seen over the past couple of years are now at 86% for proxy and 78% for funds. And so we continue to think that the long-term piece, as we get to digitization, is that the distribution revenue should be a smaller piece of our business. We were a bit surprised by that this year. And -- but it looks like with the postage increase, it will be significant again next year.

這兩件事的增長都很好。我會 - 我知道這不是你的問題，但我只需要指出我們在過去幾年中看到的數字化率的提高現在代理和基金的數字化率分別為 86% 和 78%。因此，我們繼續認為，隨著我們實現數字化，長期來看，分銷收入應該是我們業務的一小部分。今年我們對此感到有些驚訝。而且——但看起來隨著郵資的增加，明年它會再次顯著。

And just I'll ask Edmund to...

只是我會請埃德蒙...

Yes, I'll just add to what you just said because your comments were spot on, Tim. On an ongoing business-as-usual basis, I'd expect the distribution revenue to be in sort of mid-single-digit growth levels. But because of what -- the strength that we've had in our customer communications business with strong wins there, we have seen an uptick in and that, that moves us to these low double-digit rates plus the postage increase that Tim has seen. And as a result of that, you're seeing top line growth, by the way, in our customer communications business in line with the strong earnings that we've put in there.

是的，我只是補充你剛才所說的話，因為你的評論是正確的，蒂姆。在照常營業的情況下，我預計分銷收入將處於中個位數的增長水平。但正因為如此——我們在客戶通信業務中所擁有的優勢並在那裡取得了巨大的勝利，我們看到了增長，這使我們達到了兩位數的低利率以及蒂姆看到的郵資增長.因此，順便說一句，您會看到我們的客戶通信業務的收入增長與我們在那裡投入的強勁收益相一致。

I think the important point on that is that both of those components, the customer communications distribution plus the postage, is that no margin -- very low to no margins for us and that doesn't have whether the growth rates are higher -- when the growth rates are higher because of that it's not having a big impact on our overall earnings. It is having an impact on our reported margins, but we are still able -- to be able to drive the margin expansion despite that. I think that's the key thing to keep in mind as you think about the distribution revenue.

我認為重要的一點是，這兩個組成部分，客戶通信分發加上郵資，是沒有利潤——對我們來說利潤很低甚至沒有，而且不知道增長率是否更高——當增長率較高是因為它對我們的整體收益沒有太大影響。它對我們報告的利潤率產生了影響，但儘管如此，我們仍然能夠——能夠推動利潤率擴張。我認為這是在考慮分銷收入時要牢記的關鍵。

That's a great point, Edmund. I just -- again, I know you all know this, but you always hear me say, it is you really -- when you think about Broadridge, we're thinking about fee revenue. And both in terms of growth and in terms of margin, when you look at fee revenue, that is really what is our economic driver.

這是一個很好的觀點，埃德蒙。我只是 - 再說一遍，我知道你們都知道這一點，但你總是聽到我說，真的是你 - 當你想到 Broadridge 時，我們正在考慮收費收入。無論是在增長方面還是在利潤率方面，當您查看費用收入時，這確實是我們的經濟驅動力。

Okay. Okay. That makes sense. And then just thinking about M&A, Broadridge's has been an active acquirer over the years. But should we expect that the M&A activity might be a little less frequent and maybe smaller deals for the next 2 or 3 quarters as you get down towards your target leverage ratio?

好的。好的。那講得通。再想想併購，Broadridge 多年來一直是積極的收購者。但是，我們是否應該期望隨著您接近目標槓桿率，併購活動可能會在接下來的 2 或 3 個季度內變得不那麼頻繁，甚至可能交易規模較小？

Yes. Thanks, Pete. That is -- as we look at the environment, first of all, in terms of the attractiveness of the price of assets, which even though the market has come down, is still not amazingly attractive. And then as we look at really prioritizing paying down the debt from Itiviti and getting to more normal levels of leverage. So I think it's never say never for the right thing. But really our emphasis is on paying down the debt at this time.

是的。謝謝，皮特。那就是——當我們看環境時，首先，就資產價格的吸引力而言，即使市場已經下跌，它仍然沒有驚人的吸引力。然後，當我們考慮真正優先償還 Itiviti 的債務並達到更正常的槓桿水平時。所以我認為它永遠不會對正確的事情說永遠。但實際上，我們現在的重點是償還債務。

The next question comes from Puneet Jain from JPMorgan.

下一個問題來自摩根大通的 Puneet Jain。

So it looks like ICS internal growth trends inflected higher in the quarter. Even related to the last quarter, it seemed like year-on-year trends improved a lot, adjusted for some seasonality. Is that right? And what would you attribute that to, Tim?

因此，ICS 內部增長趨勢似乎在本季度有所回升。即使與上一季度有關，根據一些季節性因素進行調整後，同比趨勢似乎也有了很大改善。那正確嗎？蒂姆，你認為這是什麼原因？

Yes, it is a -- I don't know if I would say it was necessarily stronger than the year before because we had exceptional position growth in the prior year. But when you look across the business, and obviously, we had really strong performance in customer communications on top of everything else this year, so it was a really good strong quarter for ICS.

是的，這是一個 - 我不知道我是否會說它一定比前一年更強，因為我們在前一年有異常的頭寸增長。但是當你縱觀整個業務時，很明顯，今年我們在客戶溝通方面的表現非常出色，因此對於 ICS 來說這是一個非常強勁的季度。

And the interesting thing, Puneet, that I want to make sure we call people's attention to is the revenue from new sales that we saw in ICS as well. So we do a lot of talk about position growth. And in the past, there was a time when ICS was largely just about position growth. But when you look at the revenue from new sales, there's a very significant portion of the growth to add this year, which is something that we think can be a long-term trend as we've really done so much innovation and new product launch there that is a much bigger component of the whole growth mix.

有趣的是，Puneet，我想確保我們引起人們的注意是我們在 ICS 中看到的新銷售收入。所以我們做了很多關於職位增長的討論。在過去，有一段時間 ICS 主要是關於頭寸增長。但是，當您查看新銷售收入時，今年有很大一部分增長需要增加，我們認為這可能是一個長期趨勢，因為我們確實進行瞭如此多的創新和新產品發布這是整個增長組合中更大的組成部分。

And let me just add, and I think it's a good observation, Puneet. In Tim's point, let me just maybe add 1 or 2 points. You're right, you did see sort of elevated growth in the issuer business and then the customer communications business. Remember, issuer last year on the full year grew at 21%. We're now seeing 14% this year.

讓我補充一下，我認為這是一個很好的觀察，Puneet。在蒂姆的觀點中，讓我加 1 或 2 分。你是對的，你確實看到了發行人業務的增長，然後是客戶通信業務。請記住，去年全年發行人的增長率為 21%。今年我們現在看到了 14%。

In the quarter, we continued to have strong retention of our virtual shareholder meetings platform. That wasn't a big growth driver. There was some incrementality there, but that retention is very important. And then our disclosure products had very high growth. As well, some of that, the disclosure business has been growing very healthy over the past couple of quarters. We got a little bit of an uptick as companies look to revamp their proxies and annual reports. We do a good job of winning that business. And I don't know -- to expect that kind of growth on an ongoing basis. And then in the customer communications business, just onboarding a bunch of the large sales that we've had over the past year, print and digital sales that we've had drove growth there.

在本季度，我們繼續保留了我們的虛擬股東會議平台。這不是一個很大的增長動力。那裡有一些增量，但保留非常重要。然後我們的披露產品有非常高的增長。此外，在過去幾個季度中，披露業務的增長非常健康。隨著公司希望修改他們的代理和年度報告，我們得到了一點點上升。我們在贏得那項業務方面做得很好。而且我不知道 - 期望這種增長持續存在。然後在客戶通信業務中，我們在過去一年中的大量銷售、印刷和數字銷售推動了那裡的增長。

I think the big point that I'd asked you to take away, Puneet, is we still very -- feel very comfortable with our long-term objectives of 5% to 7% organic growth from these businesses. And I think that's what you can expect as we look at them moving forward.

Puneet，我認為我要求你帶走的重要一點是，我們仍然非常 - 對我們從這些業務實現 5% 到 7% 的有機增長的長期目標感到非常滿意。我認為這就是我們看到他們向前發展時可以期待的結果。

Understood. No, that's very helpful. And then for VSM within issuer solutions, how should we think about penetration rate for that market? You've been offering that for a couple of years. How -- is there a way to think about like you are at X percent penetrated of the addressable market or of total number of issuers that are out there within the VSM solutions?

明白了。不，這很有幫助。然後對於發行人解決方案中的 VSM，我們應該如何考慮該市場的滲透率？你已經提供了幾年了。如何 - 有沒有一種方法可以讓您認為您在可尋址市場或 VSM 解決方案中的發行人總數中有 X% 的滲透？

Yes, it's Tim. On that, in terms of penetration, I think that we saw, obviously, a very big jump up in that over the past few years. I think in 2019, we did 300 meetings. And then -- and we're 2,500 now. It is, I think, from here -- so then the first question is, will it go back? And I think what we're definitively seeing there is no. What we hear from our clients is once they have moved to this, they see the benefits, they see the increased investor participation, they see the convenience not needing to have people travel. All those things is obviously really the benefit. So we haven't seen people going back. So that's step one, which is very important.

是的，是蒂姆。在這方面，就滲透率而言，我認為我們在過去幾年中顯然看到了非常大的飛躍。我認為在 2019 年，我們開了 300 次會議。然後 - 我們現在有 2,500 人。我認為，從這裡開始——那麼第一個問題是，它會回去嗎？我認為我們肯定看到的是沒有。我們從客戶那裡聽到的是，一旦他們開始這樣做，他們就會看到好處，他們看到投資者參與度的增加，他們看到了不需要人們旅行的便利。所有這些顯然是真正的好處。所以我們還沒有看到人們回去。這是第一步，非常重要。

I think the growth from here will be much more incremental. It is -- many of the people who are going to make a decision have made it over the past few years. I do think it will be a very solid offer in the future. But I don't think we expect to see the kinds of growth that we've seen in the past, with just very solid one at a time kind of growth.

我認為從這裡開始的增長將更加漸進。它是——許多將要做出決定的人在過去幾年裡已經做出了決定。我確實認為這將是未來非常可靠的報價。但我不認為我們期望看到我們過去看到的那種增長，一次只有一個非常穩固的增長。

(Operator Instructions) Our next question comes from Patrick O'Shaughnessy from Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 Patrick O'Shaughnessy。

I'm trying to square your positive comments about Itiviti with the actual revenue trends. So it sounds like it performed relative -- or in line with your plan for the year. You just seem pretty happy with it. But it was a $250 million revenue business when you bought it in early 2021, it did $256 million of revenue this past fiscal year. So it doesn't seem to be exhibiting a lot of revenue growth, or at least over the past year. So how do I square your positive tone with those numbers?

我正在嘗試將您對 Itiviti 的正面評價與實際收入趨勢相匹配。所以聽起來它的表現是相對的——或者符合你今年的計劃。你似乎對此很滿意。但當你在 2021 年初購買它時，它的收入為 2.5 億美元，上一財年它的收入為 2.56 億美元。因此，它似乎並沒有表現出很大的收入增長，或者至少在過去一年中是這樣。那麼我如何將你的積極語氣與這些數字相提並論呢？

Yes, sure, Patrick. There is a -- there's a sort of a revenue haircut that takes place as part of sort of the accounting of software businesses. And so when you look at the revenue that there was previously, there's a bit of a sort of downtick built in, in the first year, which we grew over and more. We'll get some of that back in this coming year. And so we'll have a nice continued growth this coming year that will be sort of above that high single-digit trend that Edmund talked about, which we see as a long-term trend.

是的，當然，帕特里克。作為軟件業務會計的一部分，有一種收入削減。因此，當您查看以前的收入時，在第一年就出現了某種下降，我們不斷增長。我們將在來年收回其中的一部分。因此，明年我們將有一個不錯的持續增長，這將高於埃德蒙談到的高個位數趨勢，我們認為這是一個長期趨勢。

And so really, we have to measure it relative to our objectives, which was sort of on a like-to-like basis, it was double digit this year. And so we feel very good about that as well as the sales goals, which were -- when you think about $30-plus million on a $256 million business, that's a really nice percentage of sales relative to the base. And then the earnings was quite a bit above our expectations as well.

所以真的，我們必鬚根據我們的目標來衡量它，這有點像在類似的基礎上，今年是兩位數。因此，我們對此以及銷售目標都感覺非常好，這是 - 當您考慮在 2.56 億美元的業務中 30 多萬美元時，相對於基數而言，這是一個非常不錯的銷售額百分比。然後收益也遠高於我們的預期。

So across all 3 of those metrics, it performed well. And then just the outlook feels really good, too, in terms of meeting our acquisition case and more.

因此，在所有這三個指標中，它表現良好。然後，在滿足我們的收購案例等方面，前景也感覺非常好。

Got it. That's helpful. And then, Edmund, you kind of mentioned this in your prepared remarks, but there is the interest income upside within the data-driven fund solutions business. Can you help us think about quantifying that? Is there a certain amount of float times in interest rate that we should be thinking about? Or kind of what is the upside to that in a further rising rate environment?

知道了。這很有幫助。然後，埃德蒙，你在準備好的評論中提到了這一點，但數據驅動的基金解決方案業務存在利息收入的上升空間。你能幫我們考慮量化嗎？我們應該考慮一定數量的利率浮動時間嗎？或者在進一步上升的利率環境中，這有什麼好處？

Well, the short important point on it is that it really offsets and makes our overall rate impact neutral or slightly positive as I think about the interest expense line. And in the prepared remarks, I talked about interest expense for the $1.6 billion in variable debt that we have, having about a $35 million to $40 million impact.

好吧，關於它的重要一點是，當我想到利息支出線時，它確實抵消了並使我們的整體利率影響中性或略微積極。在準備好的評論中，我談到了我們擁有的 16 億美元可變債務的利息支出，產生了大約 3500 萬至 4000 萬美元的影響。

Our treasury teams and our business teams work very hard to be able to recognize the rate increases that we see in the asset side as well as mutual funds. So you can expect the impact to be roughly the same amount on the asset off balance sheet side of the ledger. So it's about a neutral impact as we think about those two impacts, both on the interest expense side and on the balances.

我們的財務團隊和我們的業務團隊非常努力地工作，以便能夠認識到我們在資產方面以及共同基金方面看到的利率增長。因此，您可以預期對分類賬表外資產的影響大致相同。因此，當我們考慮這兩種影響時，無論是在利息支出方面還是在餘額方面，這都是中性影響。

The next question is the follow-up from David Togut from Evercore ISI.

下一個問題是來自 Evercore ISI 的 David Togut 的後續問題。

Just a quick follow-up. You gave some kind of guide rails, Edmund, around Q1 FY '23 EPS as a percentage of total annual EPS kind of characterizing it as toward the lower end of the 10% to 17% range historically. Can you put some guide rails around your revenue growth expectations as well? We're getting some incoming questions on that.

只是快速跟進。你給了某種導軌，埃德蒙，大約在 23 財年第一季度每股收益佔年度總每股收益的百分比，將其描述為歷史上 10% 到 17% 範圍的下限。您能否也為您的收入增長預期制定一些指導方針？我們收到了一些關於這方面的問題。

Yes, I think we've seen -- on the Q1 overall, you're right, I think the -- when you think about total revenue, I'd expect the recurring revenue to be in line with the guidance and with our historical levels of growth because we continue to see the strong position growth. We continue to feel very good, as Tim mentioned earlier, about onboarding our sales from the revenue backlog of $440 million. That is the key driver of our growth, and those things are healthy going into each of the quarters, including Q1.

是的，我認為我們已經看到 - 在整個第一季度，你是對的，我認為 - 當你考慮總收入時，我預計經常性收入將符合指導和我們的歷史增長水平，因為我們繼續看到強勁的頭寸增長。正如蒂姆之前提到的，我們繼續感覺非常好，因為我們從積壓的 4.4 億美元的收入中加入我們的銷售。這是我們增長的關鍵驅動力，這些事情在每個季度都很健康，包括第一季度。

When you think about total revenues where you start to see the impact being lower, if you think about Q1 of '22, where we saw almost record levels of event-driven revenue, it was over $76 million in Q1, and we're going to be lower than that. And then the incremental expenses is what drives -- or the full year impact of expenses that were in fiscal year '22 is what drives Q1 to be at the lower end of that 10% to 17% range.

當您考慮總收入時，您開始看到影響較小，如果您考慮 22 年第一季度，我們看到事件驅動的收入幾乎達到創紀錄水平，第一季度超過 7600 萬美元，我們將繼續低於那個。然後，增加的費用是驅動因素——或者說，22 財年費用對全年的影響是推動第一季度處於 10% 到 17% 範圍的低端的因素。

This concludes our question-and-answer session. I'd like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議交回管理層，以便發表任何結束語。

This is Tim. I just want to thank everyone for joining us. We are really pleased with the performance we had this past year. We're really excited about the upcoming year and about the future for our company, our ability to help our clients and improve the lives of millions of investors.

這是蒂姆。我只想感謝大家加入我們。我們對過去一年的表現感到非常滿意。我們對即將到來的一年以及我們公司的未來、我們幫助客戶和改善數百萬投資者生活的能力感到非常興奮。

So thank you very much for joining, and we look forward to talking to you next quarter.

非常感謝您的加入，我們期待在下個季度與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。