Broadridge Financial Solutions Inc (BR) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Broadridge Fiscal Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Edings Thibault, Head of Investor Relations. Please go ahead.

早上好，歡迎參加布羅德里奇 2023 年第三季度財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係主管 Edings Thibault。請繼續。

Thank you, Kate. And good morning, everybody, and welcome to Broadridge's Third Quarter Fiscal Year 2023 Earnings Conference Call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com. Joining me on the call this morning are Tim Gokey, our CEO; and our CFO, Edmund Reese.

謝謝你，凱特。大家早上好，歡迎參加布羅德里奇 2023 財年第三季度收益電話會議。我們的收益發布和本次電話會議附帶的幻燈片可以在 Broadridge.com 的投資者關係部分找到。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；以及我們的首席財務官埃德蒙·里斯 (Edmund Reese)。

Before I turn the call over to Tim, let me make a few standard reminders. One, 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. Two, we'll 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 the comparable GAAP measures can be found in the earnings release and presentation. Let me now turn the call over to Tim Gokey. Tim?

在將電話轉給蒂姆之前，讓我做一些標準提醒。第一，我們將在今天的電話會議上就涉及風險的布羅德里奇做出前瞻性聲明。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。第二，我們還將提及幾項非公認會計原則措施，我們相信這些措施可以讓投資者更全面地了解布羅德里奇的基本經營業績。對這些非公認會計準則衡量標準的解釋以及與可比公認會計準則衡量標準的調節可以在收益發布和演示中找到。現在讓我把電話轉給蒂姆·戈基。蒂姆？

Thanks, Edings. Good morning, and thank you for joining us. I'm pleased to be here to review our strong third quarter results. I'll start with a quick summary and key headlines followed by a review of our business. Then I'll close with some thoughts on why I think fiscal '23 has been such a strong year for Broadridge across key operating, strategic and financial milestones and why that positions us well for the future. Let's get started on Slide 3. First, Broadridge delivered another strong quarter. Recurring revenue rose 9% in constant currency, with double-digit growth in our governance business, and strong growth in GTO.

謝謝，艾丁斯。早上好，感謝您加入我們。我很高興能夠在這裡回顧我們強勁的第三季度業績。我將首先進行快速總結和主要標題，然後回顧我們的業務。最後，我將談談為什麼我認為 23 財年在關鍵運營、戰略和財務里程碑方面對布羅德里奇來說是如此強勁的一年，以及為什麼這為我們的未來奠定了良好的基礎。讓我們從幻燈片 3 開始。首先，布羅德里奇季度業績再次強勁。按固定匯率計算，經常性收入增長 9%，治理業務實現兩位數增長，GTO 增長強勁。

Debt revenue growth helped drive 10% growth in adjusted operating income and 6% growth in adjusted EPS. Importantly, those earnings translated to Street's strong free cash flow, which nearly tripled year-over-year as we continue to step down our wealth platform investments. Second, investor participation remains strong. Q3 equity position growth was 10%, and fund position growth was 6%, with over 90% of equity record dates completed through last week, we continue to expect position growth to be in the high single digits for fiscal '23, underlining the power of the trends driving that growth.

債務收入增長帶動調整後營業收入增長 10%，調整後每股收益增長 6%。重要的是，這些收益轉化為街道強勁的自由現金流，隨著我們繼續減少財富平台投資，自由現金流同比增長了近兩倍。其次，投資者參與依然強勁。第三季度股票頭寸增長率為 10%，基金頭寸增長率為 6%，截至上週，超過 90% 的股票記錄日期已完成，我們繼續預計 23 財年的頭寸增長將保持在高個位數，這突顯了推動這種增長的趨勢。

Third, Broadridge continues to execute across governance, capital markets and wealth. The investments we have made to innovate in our governance business to put in place front-to-back capabilities in capital markets and to build a transformational wealth platform suite are resonating with clients. Fourth, as we move through our seasonally large fourth quarter, Broadridge is on track to deliver another year of steady top and bottom-line growth. We expect to report recurring revenue growth at the higher end of our 6% to 9% guidance range. And we are reaffirming our outlook for continued margin expansion, and 7% to 11% adjusted EPS growth.

第三，布羅德里奇繼續在治理、資本市場和財富領域執行。我們為創新治理業務、在資本市場建立前後功能以及構建轉型財富平台套件而進行的投資引起了客戶的共鳴。第四，隨著我們進入季節性大的第四季度，布羅德里奇有望在新的一年實現收入和利潤的穩定增長。我們預計經常性收入增長將達到 6% 至 9% 指導範圍的上限。我們重申利潤率持續擴張以及調整後每股收益增長 7% 至 11% 的前景。

Finally, our fiscal '23 outlook has us on track to deliver at or above the high end of our 3-year financial objectives 7% to 9% recurring revenue growth and 8% to 12% adjusted EPS growth. That would mark a fourth consecutive cycle in which we have delivered on our 3-year financial objectives.

最後，我們的 23 財年展望使我們有望實現或高於 3 年財務目標的上限，即 7% 至 9% 的經常性收入增長和 8% 至 12% 的調整後每股收益增長。這將標誌著我們連續第四個週期實現了我們的三年財務目標。

Now let's turn to Slide 4 for a review of our results, beginning with our governance or ICS business. Governance recurring revenues rose 11% constant currency driven by strong growth across all 4 product lines. Our regulatory business with its connections to broker dealers, funds, public companies and tens of millions of individual investors continues to benefit from strong investor participation.

現在讓我們轉向幻燈片 4 回顧我們的結果，從我們的治理或 ICS 業務開始。由於所有 4 個產品線的強勁增長，治理經常性收入按固定匯率計算增長了 11%。我們的監管業務與經紀交易商、基金、上市公司和數以千萬計的個人投資者有聯繫，繼續受益於投資者的大力參與。

As we move to the peak of proxy season, equity position growth, in particular, remains strong at 10%, led by low-teens growth in managed account positions, and solid 7% growth in self-directed positions. Broadridge is benefiting from broad-based growth across both mid- and large-cap equities and across sectors. And as Edmund will share, we see further growth ahead for the all-important fourth quarter. That growth, especially in the context of declining equity and fixed income markets over the past 15 months, really underscores the secular technology-driven trends driving increasing investor participation.

隨著代理季高峰期的到來，股票頭寸增長尤其保持在 10% 的強勁增長，這主要得益於管理賬戶頭寸的低雙位數增長以及自主頭寸的穩定 7% 增長。布羅德里奇受益於中型和大型股票以及跨行業的廣泛增長。正如埃德蒙將分享的那樣，我們預計最重要的第四季度將進一步增長。這種增長，尤其是在過去 15 個月股市和固定收益市場下滑的背景下，確實凸顯了技術驅動的長期趨勢正在推動投資者參與度的提高。

On the fund side, position growth also remained solid at 6%. We continue to see double-digit growth in passive fund positions, including ETFs and money markets with basically flat growth in active fund positions. For all the growth we've seen in passive funds over the past decade, passive positions still account for less than 40% of the total, giving us confidence this trend can continue to drive growth for a long time to come. Outside of the regulatory core, our governance business posted double-digit growth in recurring revenue.

基金方面，頭寸增長也保持在 6% 的穩健水平。我們繼續看到被動基金頭寸（包括ETF和貨幣市場）的兩位數增長，而主動基金頭寸增長基本持平。儘管我們在過去十年中看到被動基金的增長，但被動頭寸仍佔總數的不到 40%，這讓我們有信心這種趨勢可以在未來很長一段時間內繼續推動增長。在監管核心之外，我們的治理業務的經常性收入實​​現了兩位數的增長。

Our Customer Communications business is benefiting from strong growth in digital solutions. Our issuer business is benefiting from strong demand for our registered and disclosure solutions, and higher interest rates are contributing to the growth of our data-driven funds business. Partially offsetting the strong recurring revenue growth is lower event-driven activity. The weakness we noted last quarter has continued and will likely extend into the fourth quarter as well.

我們的客戶通信業務受益於數字解決方案的強勁增長。我們的發行人業務受益於對我們的註冊和披露解決方案的強勁需求，而更高的利率也有助於我們數據驅動的基金業務的增長。事件驅動活動的減少部分抵消了強勁的經常性收入增長。我們上季度注意到的疲軟局面仍在持續，並可能延續到第四季度。

In the past, we've seen these levels and activity extend anywhere from 2 to 4 quarters in periods of market weakness and uncertainty. As a reminder, most of this deferred activity involves elections for mutual fund boards of directors. As such, they need to happen eventually. And when they do, they grow with physicians. Turning now to GTO. Capital Markets revenues grew 5% to $246 million. The integration of BTCS, continues to deliver long-term benefits. During the quarter, we onboarded a leading global multi-asset class clearing firm providing them with ultra-low latency connections to 40 global member markets and displacing a major competitor.

過去，在市場疲軟和不確定時期，這些水平和活動會持續 2 到 4 個季度。提醒一下，大部分推遲的活動涉及共同基金董事會的選舉。因此，它們最終需要發生。當他們這樣做時，他們就會與醫生一起成長。現在轉向GTO。資本市場收入增長 5%，達到 2.46 億美元。 BTCS 的整合將繼續帶來長期利益。本季度，我們與一家全球領先的多資產類別清算公司合作，為他們提供與 40 個全球成員市場的超低延遲連接，並取代了主要競爭對手。

In addition, one of our goals has been to develop a suite of applications that bring together our capabilities across the front and back office to simplify workflow across the trade life cycle. These efforts are now translating into multiple pipeline opportunities for bundled front-to-back sales. Outside of BTCS, our distributed ledger repo solution, while still small in revenue terms, continues to generate strong market interest. UBS recently executed the first real-time intraday DLT repo trade on our platform. This represents a major step forward in increasing settlement velocity and collateral mobility and therefore, reducing the amount of capital needed by clients to manage their intraday liquidity needs.

此外，我們的目標之一是開發一套應用程序，將我們在前台和後台的能力結合在一起，以簡化整個交易生命週期的工作流程。這些努力現在正在轉化為捆綁從前到後銷售的多個管道機會。在 BTCS 之外，我們的分佈式賬本回購解決方案雖然收入仍然較小，但仍繼續產生強烈的市場興趣。瑞銀最近在我們的平台上執行了首筆實時日內 DLT 回購交易。這代表著在提高結算速度和抵押品流動性方面向前邁出了重要一步，從而減少了客戶管理其日內流動性需求所需的資金量。

In wealth, revenue grew 10% to $143 million. I'm pleased to announce we have completed both the platform development and testing of our Broadridge wealth product suite. We've made significant progress towards finalizing a phased rollout approach with UBS that delivers solid economics to Broadridge while addressing T+1 and giving UBS the flexibility to deploy modules on its own timetable, as it continues its digital transformation. We remain confident that we are on track to recognize revenue in the first quarter of fiscal '24, and that we will see notably improved free cash flow conversion going forward.

在財富方面，收入增長了 10%，達到 1.43 億美元。我很高興地宣布，我們已經完成了 Broadridge 財富產品套件的平台開發和測試。我們在與 UBS 確定分階段推出方法方面取得了重大進展，該方法為 Broadridge 帶來了堅實的經濟效益，同時解決了 T+1 問題，並讓 UBS 在繼續數字化轉型的過程中能夠按照自己的時間表靈活地部署模塊。我們仍然相信，我們將在 24 財年第一季度確認收入，並且我們將看到未來自由現金流轉換的顯著改善。

We have invested significantly in the past 3 years to reach this point. Working closely with UBS, we've created a suite of modular solutions that enable our clients to drive adviser productivity, improve the investor experience and digitize front-to-back operations. This is a differentiated capability that others are talking about, but that only Broadridge can deliver now. Our componentized approach means that firms can step into this transformation based on their needs. These conversations are resonating, and our pipeline continues to grow, now up over 40% from the beginning of the year.

為了達到這一目標，我們在過去 3 年裡進行了大量投資。我們與瑞銀密切合作，創建了一套模塊化解決方案，使我們的客戶能夠提高顧問的工作效率、改善投資者體驗並使前後操作數字化。這是其他人談論的差異化功能，但現在只有 Broadridge 能夠提供。我們的組件化方法意味著企業可以根據自己的需求進行這種轉型。這些對話引起了共鳴，我們的產品線持續增長，目前比年初增長了 40% 以上。

All in all, this is a proud moment for Broadridge. Finally, speaking of client conversations, closed sales rose 8% to $62 million in the third quarter. We are now entering our critical selling quarter with a record pipeline, and we are seeing significant interest in digital solutions, capital markets and wealth. At the same time, we're clearly in a highly uncertain economic environment. Like others, we're seeing longer sales cycles, especially in Europe. With some deals slipping into the summer, we now expect full year closed sales to be near the low end of our $270 million to $310 million guidance.

總而言之，這對於布羅德里奇來說是一個值得驕傲的時刻。最後，談到客戶對話，第三季度的成交額增長了 8%，達到 6200 萬美元。我們現在正進入關鍵的銷售季度，渠道數量創歷史新高，我們看到人們對數字解決方案、資本市場和財富產生了濃厚的興趣。與此同時，我們顯然處於高度不確定的經濟環境中。與其他公司一樣，我們看到銷售週期更長，尤其是在歐洲。隨著一些交易進入夏季，我們現在預計全年成交銷售額將接近我們 2.7 億至 3.1 億美元指引的下限。

Our record pipeline gives us confidence the variation we are seeing is timing, and our strong backlog of solutions already sold and in the onboarding process means that we expect minimal impact on FY '24 revenue growth. I'll close my remarks on Slide 5. Broadridge is poised to deliver another strong year in fiscal '23 across key operating, strategic and financial metrics. First, on the operating side, position growth remains very healthy. After 2 years of strong markets and ultra-low rates, market dynamics have shifted significantly over the past 12 months.

我們創紀錄的管道讓我們相信我們所看到的變化是及時的，而且我們已經售出和在入職流程中的大量解決方案積壓意味著我們預計對 24 財年收入增長的影響最小。我將在幻燈片 5 上結束我的發言。布羅德里奇準備在 23 財年的關鍵運營、戰略和財務指標上再創強勁表現。首先，在運營方面，頭寸增長仍然非常健康。經過兩年的強勁市場和超低利率後，過去 12 個月市場動態發生了顯著變化。

And yet our results year-to-date, the activity we're seeing early in Q4 and our forward testing, all give us a high degree of confidence that we'll end the year with position growth in the high single digits for equities and mid-single digits for funds. These results, in turn, give us added conviction that the long-term trends driving increased investor participation remain very much intact, even in a choppy market and even after 2 above trend years.

然而，我們今年迄今為止的結果、我們在第四季度初看到的活動以及我們的前瞻性測試，都讓我們充滿信心，我們將在年底實現股票和股票的頭寸增長高個位數。基金為中個位數。這些結果反過來又讓我們更加確信，即使在波動的市場中，甚至在高於趨勢兩年之後，推動投資者參與增加的長期趨勢仍然完好無損。

Beyond position growth, we've taken steps to strengthen our government business by implementing a voting choice for funds or pass-through voting, as we referred to it in the past and universal proxy, all while developing a new offering for tailored shareholder reports.

除了頭寸增長之外，我們還採取措施，通過實施基金投票選擇或傳遞投票（正如我們過去提到的那樣）和通用代理來加強我們的政府業務，同時為量身定制的股東報告開發新產品。

Between the fundamental drivers and these enhancements, the regulatory business is the strongest it's ever been. Second, our investments in digital communications capabilities have begun to translate into significant momentum. Broadridge has become a leading omnichannel communication hub, giving our clients an enhanced digital experience while preserving best-in-class print.

在基本驅動力和這些增強功能之間，監管業務是有史以來最強大的。其次，我們對數字通信能力的投資已開始轉化為巨大的動力。 Broadridge 已成為領先的全渠道通信中心，為我們的客戶提供增強的數字體驗，同時保留一流的印刷品。

For many years, after we acquired DST's communications business at the beginning of fiscal '17, the combined business contributed double-digit earnings growth by delivering strong synergies and scale. More recently, we've seen these efficiencies help us drive new client wins.

多年來，我們在 17 財年年初收購了 DST 的通信業務後，合併後的業務通過強大的協同效應和規模貢獻了兩位數的盈利增長。最近，我們發現這些效率幫助我們贏得了新客戶。

And now our digital capabilities are enabling Broadridge to play a new and more central role in how our clients service and grow their business. This is the vision we laid out when we made the acquisition, and it's exciting to see it bear fruit. Third, our capital markets business have never been in a stronger position. Our ability to address the entire trade life cycle puts us in a unique position to help our clients simplify their complex operations. As we integrated Itiviti, we have built the capabilities that will link our front and back-office solutions and the market receptivity has been strong.

現在，我們的數字能力使布羅德里奇能夠在我們的客戶服務和發展業務方面發揮新的、更核心的作用。這是我們在收購時制定的願景，看到它取得成果令人興奮。第三，我們的資本市場業務處於前所未有的強勢地位。我們解決整個貿易生命週期的能力使我們處於獨特的地位，可以幫助客戶簡化複雜的操作。當我們整合 Itiviti 時，我們已經建立了連接前台和後台解決方案的功能，並且市場接受度很高。

Fourth, our Broadridge wealth platform will enable our clients to drive digital transformation on their terms through a wide set of modular solutions targeting adviser productivity, improved investor experience and digitized operations. We've now completed the elevated investment phase of our growth strategy, and we are well positioned to attack this growing market. Lastly, we're delivering another year of strong and consistent financial results. After a strong third quarter, our full year outlook calls for high single-digit recurring revenue and adjusted EPS growth.

第四，我們的 Broadridge 財富平台將使我們的客戶能夠通過一系列旨在提高顧問生產力、改善投資者體驗和數字化運營的模塊化解決方案，按照自己的意願推動數字化轉型。我們現在已經完成了增長戰略的加大投資階段，我們已經做好了進軍這個不斷增長的市場的準備。最後，我們又將迎來強勁且穩定的財務業績。在經歷了強勁的第三季度之後，我們的全年預期預計經常性收入和調整後每股收益將實現高個位數增長。

The successes we are discussing today require investments, significant investments in the case of BTCS and wealth. Now we're exiting that investment phase. Which means that our free cash flow conversion is starting to return to historical levels, which we will expect -- which we expect will result in improving ROIC as well. In summary, Broadridge is delivering strong fiscal '23 year results across multiple fronts. Our key operating metrics continue to grow. We made important steps in strengthening key parts of our governance, capital markets and wealth franchises, and we are reaffirming our outlook for another year of consistent financial results backed by improving free cash flow.

我們今天討論的成功需要投資，就 BTCS 和財富而言，需要大量投資。現在我們正在退出投資階段。這意味著我們的自由現金流轉換開始恢復到歷史水平，這是我們所期望的——我們預計這也將導致投資資本回報率的提高。總之，布羅德里奇在多個領域都取得了強勁的 23 年財政業績。我們的關鍵運營指標持續增長。我們在加強治理、資本市場和財富特許經營的關鍵部分方面採取了重要步驟，並重申我們對在自由現金流改善的支持下又一年實現一致財務業績的展望。

Broadridge is well positioned to drive long-term and sustainable growth. I want to conclude by thanking our associates, many of whom are listening to this call. Our commitment to client service consistently sets us apart with our clients. That is a big testament to the work of our highly engaged associates around the world. They continue to make a difference for our clients and for millions of investors every day. Thank you. And with that, let me turn things over to Edmund.

布羅德里奇處於推動長期可持續增長的有利位置。最後，我要感謝我們的同事，他們中的許多人正在聆聽這一呼籲。我們對客戶服務的承諾始終使我們在客戶中脫穎而出。這是對我們世界各地高度敬業的員工工作的有力證明。他們每天繼續為我們的客戶和數百萬投資者帶來改變。謝謝。接下來，讓我把事情交給埃德蒙。

Well, thank you, Tim. And good morning, everyone. Today, I am going to review our Q3 financial performance. I want to provide some additional insights on our rising free cash flow conversion. And I'll outline the drivers of our Q4 growth, which give us confidence in our recurring revenue and adjusted EPS guidance for fiscal '23.

嗯，謝謝你，蒂姆。大家早上好。今天，我將回顧我們第三季度的財務業績。我想就我們不斷增長的自由現金流轉換提供一些額外的見解。我將概述第四季度增長的驅動因素，這讓我們對 23 財年的經常性收入和調整後每股收益指導充滿信心。

Starting with Q3, I am pleased to share the results from another strong quarter, where recurring revenue growth and continued disciplined expense management drove mid-single-digit adjusted EPS growth despite weaker event-driven revenue in the challenging macroeconomic environment. We continue to see robust organic recurring revenue growth from converting our sales backlog to revenue and healthy position growth. And as you can see from the financial summary on Slide 6, recurring revenue rose to over $1.1 billion, up 9% on a constant currency basis, all organic. Adjusted operating income increased 10% as we lapped elevated investments in fiscal '22 and realized the benefit from targeted cost actions that we initiated in Q4 '22, both of which more than offset the impact of lower event-driven revenue.

從第三季度開始，我很高興分享另一個強勁季度的業績，儘管在充滿挑戰的宏觀經濟環境中事件驅動的收入疲軟，但經常性收入增長和持續嚴格的費用管理推動了調整後每股收益中個位數的增長。通過將銷售積壓轉化為收入和健康的地位增長，我們繼續看到強勁的有機經常性收入增長。正如您從幻燈片 6 的財務摘要中看到的那樣，經常性收入升至 11 億美元以上，按固定匯率計算增長 9%，全部是有機收入。由於我們在 22 財年增加了投資，並意識到我們在 22 年第 4 季度啟動的目標成本行動的好處，調整後的營業收入增長了 10%，這兩者都足以抵消事件驅動收入下降的影響。

AOI margins of 21% expanded 60 basis points and adjusted EPS rose 6% to $2.05. Finally, we delivered closed sales of $62 million, up 8% over Q3 '22. And I'll remind you that while higher interest expense partially offsets the operating income growth, the interest rate impact at the Broadridge level is fully offset by the higher float income in our ICS segment. On taxes, we continue to project an overall tax rate of approximately 21% for fiscal '23.

AOI 利潤率為 21%，擴大了 60 個基點，調整後每股收益上漲 6%，達到 2.05 美元。最後，我們實現了 6200 萬美元的成交額，比 22 年第三季度增長了 8%。我要提醒您的是，雖然較高的利息支出部分抵消了營業收入的增長，但布羅德里奇水平的利率影響完全被我們 ICS 部門較高的浮動收入所抵消。在稅收方面，我們繼續預計 23 財年的總體稅率約為 21%。

And let's get into the details of the Q3 results, starting with recurring revenue on Slide 7. Recurring revenues grew 9% to $1.1 billion in Q3 '23 and was at the high end of our full year guidance range of 6% to 9%. Our recurring revenue growth was all organic, again, keeping us on track to exceed our 5% to 7% 3-year growth objective. Let's turn now to Slide 8 to look at the growth across our ICS and GTO segments. We continue to see strong growth in both of our segments. ICS recurring revenues grew 11%, all organic to $693 million, with regulatory at 8% and double-digit growth across all other product lines. Continued growth in equity and fund positions underpinned an 8% increase in regulatory revenues to $346 million.

讓我們詳細了解第三季度的業績，從幻燈片 7 上的經常性收入開始。23 年第三季度的經常性收入增長了 9%，達到 11 億美元，處於我們全年指導範圍 6% 到 9% 的高端。我們的經常性收入增長完全是有機的，這讓我們有望超越 5% 至 7% 的 3 年增長目標。現在讓我們轉向幻燈片 8，了解 ICS 和 GTO 細分市場的增長情況。我們繼續看到這兩個領域的強勁增長。 ICS 經常性收入增長 11%，全部有機增長至 6.93 億美元，監管增長 8%，所有其他產品線均實現兩位數增長。股票和基金頭寸的持續增長推動監管收入增長 8%，達到 3.46 億美元。

Data-driven fund solution revenues increased by 14% to $102 million, primarily due to the higher float revenue in our mutual fund trade processing unit. Our issuer revenues grew 25% to $58 million, led by growth in our registered and shareholder disclosure solutions. Finally, we continue to benefit from strong demand in our customer communications business, where recurring revenue rose 10% to $188 million, led by new client wins and higher volumes in print as well as double-digit growth in our higher-margin digital business. Turning to GTO. Recurring revenues grew to $388 million or 7%, driven by new sales revenue and wealth management and strength in our global post-trade products and capital markets.

數據驅動的基金解決方案收入增長了 14%，達到 1.02 億美元，這主要是由於我們的共同基金交易處理部門的浮動收入增加。在我們的註冊和股東披露解決方案的增長帶動下，我們的發行人收入增長了 25%，達到 5800 萬美元。最後，我們繼續受益於客戶通信業務的強勁需求，在新客戶的贏得和印刷量的增加以及利潤率較高的數字業務的兩位數增長的帶動下，經常性收入增長了 10%，達到 1.88 億美元。轉向GTO。受新的銷售收入和財富管理以及我​​們全球交易後產品和資本市場實力的推動，經常性收入增長至 3.88 億美元，即 7%。

Capital markets revenue grew 5% to $246 million propelled by new sales growth and higher fixed income trading volumes, which offset the grow-over impact from higher license revenue in Q3 '22. Wealth and investment management revenue increased by 10% to $143 million, led by healthy growth from new sales and professional service fees. As a reminder, license revenues can impact quarterly revenue growth, and we expect a grow-over impact in Q4 for wealth management. Looking forward, I have a high degree of confidence in our ability to deliver GTO full year organic growth within our targeted 5% to 7% range, given our strong results over the past 9 months.

受新銷售增長和固定收益交易量增加的推動，資本市場收入增長 5%，達到 2.46 億美元，抵消了 22 年第三季度許可收入增加帶來的增長影響。在新銷售和專業服務費健康增長的帶動下，財富和投資管理收入增長了 10%，達到 1.43 億美元。提醒一下，許可證收入可能會影響季度收入增長，我們預計第四季度對財富管理的影響將持續增長。展望未來，鑑於我們過去 9 個月的強勁業績，我對我們在 5% 至 7% 的目標範圍內實現 GTO 全年有機增長的能力充滿信心。

Let's now turn to Slide 9 for a closer look at volume trends. We had healthy position growth for both equities and funds in the third quarter despite the market volatility. Equity position growth was 10% in the quarter, and growth was driven by continued double-digit growth in managed accounts and while more modest continued growth in self-directed accounts. We are now in the peak period for annual meetings and proxies. And through the end of April, we have received record data for 92% of the proxies that are expected for the year. Position growth results have consistently been in line with our testing. So this data gives us high confidence in our Q4 estimate. For the full year, we expect equity position growth of approximately 8%. We continue to be encouraged by expanding investor participation in financial markets serving as a long-term tailwind that drives growth in our business.

現在讓我們轉向幻燈片 9 來更仔細地了解成交量趨勢。儘管市場波動，第三季度我們的股票和基金頭寸均實現了健康增長。本季度股票頭寸增長了 10%，增長的推動因素是管理賬戶持續兩位數增長以及自主賬戶的持續溫和增長。我們現在正處於年會和代理的高峰期。截至 4 月底，我們收到了 92% 的今年預期代理的創紀錄數據。職位增長結果始終符合我們的測試。因此，這些數據讓我們對第四季度的預測充滿信心。我們預計全年股權頭寸增長約為 8%。投資者對金融市場的參與不斷擴大，這是推動我們業務增長的長期推動力，這讓我們繼續受到鼓舞。

Mutual fund position growth remained steady at 6% despite outflows from equity and fixed income funds to money market funds, and we anticipate growth in a similar range for Q4 and for the full year. Turning now to trade volumes on the bottom of the slide. Trade volumes grew 1% on the blended basis in Q3. And once again, we saw a difference in asset classes with increased volatility driving double-digit fixed income volume growth now for 7 consecutive quarters and a modest decline in equity volume growth given the lower activity at our retail wealth management clients. We will be lapping a strong Q4 '22, but we expect full year trading volume growth to be better than our initial guidance and slightly up for the year.

儘管資金從股票和固定收益基金流向貨幣市場基金，共同基金頭寸增長仍穩定在 6%，我們預計第四季度和全年的增長幅度將與此類似。現在轉向幻燈片底部的交易量。第三季度的綜合貿易量增長了 1%。我們再次看到資產類別的差異，波動性增加推動固定收益數量連續 7 個季度實現兩位數增長，而由於我們的零售財富管理客戶活動減少，股票數量增長略有下降。我們將迎來 22 年第四季度的強勁表現，但我們預計全年交易量增長將好於我們最初的指導，並且全年略有上升。

Let's now move to Slide 10, where we summarize the drivers of recurring revenue growth. Recurring revenue growth of 9% was all organic and balanced between net new business and internal growth. Revenue from closed sales and our continued high retention from existing customers provided 4 points and internal growth primarily positions, trading volumes and float income contributed 5 points. Foreign exchange impacted recurring revenue by 1 point with the majority of that impact coming in our GTO business, as you can see, in the table on the bottom of the slide.

現在讓我們轉到幻燈片 10，我們總結了經常性收入增長的驅動因素。 9% 的經常性收入增長完全是有機增長，並且在淨新業務和內部增長之間保持平衡。完成銷售的收入和現有客戶的持續高保留率貢獻了 4 個點，內部增長（主要是倉位、交易量和浮動收入）貢獻了 5 個點。外匯對經常性收入造成了 1 個百分點的影響，其中大部分影響來自我們的 GTO 業務，正如您在幻燈片底部的表格中看到的那樣。

I'll finish the discussion on revenue with a view of total revenue on Slide 11. Total revenue grew 7% in Q3 to $1.6 billion including 5 points of growth from recurring revenue. Event-driven revenue was down $7 million and was a modest headwind to growth as we saw continued lower mutual fund proxy activity. I will again highlight that lower mutual fund proxy activity is driven by the timing of fund and ETF board elections, which may be pushed back but are not an optional activity. Looking ahead to the balance of the year, we expect activity to remain weaker in Q4 with full year revenue in the $210 million to $220 million range, below the $240 million to $260 million level that we've seen in recent years.

我將通過幻燈片 11 上的總收入來結束對收入的討論。第三季度總收入增長 7%，達到 16 億美元，其中經常性收入增長了 5 個百分點。事件驅動的收入下降了 700 萬美元，對增長構成了溫和的阻力，因為我們看到共同基金代理活動持續下降。我要再次強調，共同基金代理活動的減少是由基金和 ETF 董事會選舉的時間推動的，這些選舉可能會被推遲，但不是一項可選活動。展望今年剩餘時間，我們預計第四季度的業務活動將繼續疲軟，全年收入將在 2.1 億美元至 2.2 億美元之間，低於近年來我們看到的 2.4 億美元至 2.6 億美元的水平。

Low to no margin distribution revenues increased by 8% and contributed 3 points to total revenue growth as the higher volumes in customer communications and the impact of postal rate increases more than offset the lower event-driven activity. We continue to expect double-digit distribution revenue growth for the full year, and I'll again reiterate that the elevated distribution revenue from postal rate increases and higher customer communications volumes have a dilutive impact on our reported adjusted operating income margin.

低利潤至無利潤的分銷收入增長了 8%，為總收入增長貢獻了 3 個百分點，因為客戶通信量的增加和郵政費率上漲的影響足以抵消事件驅動活動的減少。我們繼續預計全年分銷收入將實現兩位數增長，我將再次重申，郵政費率上漲和客戶通信量增加帶來的分銷收入增加對我們報告的調整後營業利潤率產生了攤薄影響。

Turning now to margins on Slide 12. Adjusted operating income margin for Q3 was 21%, a 60 basis point improvement over the prior year, driven by a combination of operating leverage in our business, higher float income and continued disciplined expense management and the impact of targeted cost actions that we initiated at the end of Q4 '22. Our progress through 3 quarters gives us increased confidence that we will be able to offset inflation and FX impacts and deliver on our margin expansion objective of approximately 50 basis points for fiscal '23.

現在轉向幻燈片 12 上的利潤率。第三季度調整後的營業利潤率為 21%，比上一年提高了 60 個基點，這得益於我們業務的營業槓桿、更高的浮動收入和持續嚴格的費用管理以及影響我們在 22 年第 4 季度末啟動的目標成本行動。三個季度取得的進展讓我們更有信心，相信我們將能夠抵消通貨膨脹和外匯影響，並實現 23 財年利潤率擴張約 50 個基點的目標。

Let's move ahead to closed sales on Slide 13. Third quarter closed sales were $62 million, up from $57 million in Q3 '22 and bringing our year-to-date total to $156 million, $13 million below Q3 year-to-date '22. Over the last 5 years, we have closed on average 46% of our full year sales in the fourth quarter. So meeting our full year close sales objective continues to be heavily dependent on Q4 performance. I'll turn now to cash flow on Slide 14. Q3 '23 free cash flow strengthened to $162 million, up 189% from $56 million in the prior year period.

讓我們繼續看幻燈片 13 上的成交額。第三季度成交額為 6,200 萬美元，高於 22 年第三季度的 5,700 萬美元，使我們今年迄今的總銷售額達到 1.56 億美元，比 22 年第三季度迄今低 1,300 萬美元。過去 5 年裡，我們第四季度的銷售額平均佔全年銷售額的 46%。因此，實現我們的全年銷售目標仍然在很大程度上取決於第四季度的業績。現在我將討論幻燈片 14 上的現金流。23 年第 3 季度的自由現金流增至 1.62 億美元，比去年同期的 5600 萬美元增長 189%。

Free cash flow conversion over the last 12 months calculated as free cash flow over adjusted net earnings improved 12 points sequentially to 63%, driven by operating cash flow improvement. And this improvement was the product of strong working capital management and most notably, a year-over-year decline in the level of client platform spend consistent with our expectations. Total client platform spend for Q3 '23 was $74 million, a reduction from last year's $114 million.

過去 12 個月的自由現金流轉換按自由現金流與調整後淨利潤之比計算，在運營現金流改善的推動下，環比提高了 12 個百分點，達到 63%。這種改善是強有力的營運資本管理的結果，最值得注意的是，客戶平台支出水平的同比下降符合我們的預期。 23 年第 3 季度的客戶端平台總支出為 7,400 萬美元，比去年的 1.14 億美元有所減少。

The wealth platform was the primary component of the investment in the quarter and the lower spend demonstrates our progress in completing the testing and development phase of that project. We are clearly managing the investment spend, and we now expect to deliver fiscal year '23 free cash flow conversion that is significantly higher than fiscal '22, and we remain confident that we will continue to return to more historical levels of free cash flow conversion in fiscal year '24.

財富平台是本季度投資的主要組成部分，較低的支出表明我們在完成該項目的測試和開發階段方面取得了進展。我們正在明確地管理投資支出，我們現在預計將實現 23 財年的自由現金流轉換，該轉換將顯著高於 22 財年，並且我們仍然有信心繼續恢復自由現金流轉換的歷史水平在'24財政年度。

And before moving on from our client platform spend, I'll add that consistent with our prior comments, we are on track to complete the spend on the wealth platform in Q4 '23 and recognized revenue during the first quarter of fiscal 2024. And as Tim said, we've made progress on finalizing a rollout approach that delivers solid economics to Broadridge, and we'll share more on the near-term economics when we finalize the plan with UBS. We continue to have confidence that the operating leverage and the ability to prioritize other investments inherent in our business model will allow us to mitigate the dilutive impact and continue to deliver on our earnings growth objectives.

在繼續我們的客戶平台支出之前，我要補充一點，與我們之前的評論一致，我們有望在 23 年第 4 季度完成財富平台的支出，並在 2024 財年第一季度確認收入。蒂姆說，我們在最終確定推出方法方面取得了進展，為布羅德里奇帶來了堅實的經濟效益，當我們與瑞銀最終確定該計劃時，我們將分享更多關於近期經濟效益的信息。我們仍然相信，運營槓桿和優先考慮我們業務模式中固有的其他投資的能力將使我們能夠減輕稀釋性影響並繼續實現我們的盈利增長目標。

Let's now move to Slide 15 to discuss capital allocation. On Slide 15, you see that year-to-date, we've spent $315 million on investments for growth and returned $214 million to shareholders. Our capital allocation model balances investment for growth with capital return to shareholders while maintaining an investment-grade credit rating. And we feel very good that the combination of our earnings growth and free cash flow after lower client platform spend in fiscal year '23 has us on track to pay down debt and continue to make progress towards the 2.5x leverage ratio objective that we communicated at the time of the Itiviti acquisition.

現在讓我們轉到幻燈片 15 來討論資本配置。在幻燈片 15 上，您可以看到，今年迄今為止，我們已花費 3.15 億美元用於增長投資，並向股東返還 2.14 億美元。我們的資本配置模型平衡增長投資與股東資本回報，同時維持投資級信用評級。我們感覺非常好，在 23 財年客戶平台支出減少後，我們的盈利增長和自由現金流相結合，使我們有望償還債務，並繼續朝著我們在 2019 年溝通的 2.5 倍槓桿率目標取得進展。收購 Itiviti 的時間。

Next, let's turn to our updated guidance on Slide 16 and some final thoughts on our fourth quarter. First, we expect to deliver recurring revenue growth at the higher end of our 6% to 9% guidance range. And as always, this guidance reflects a constant currency view. And it's important to note that year-to-date, there is a [1 point 8 point] differential between the reported and the constant currency recurring revenue growth. Second, we are reaffirming our adjusted operating income margin expansion guidance of approximately 50 basis points and adjusted EPS growth of 7% to 11%.

接下來，讓我們看一下幻燈片 16 的更新指導以及對第四季度的一些最終想法。首先，我們預計經常性收入增長將達到 6% 至 9% 指導範圍的上限。與往常一樣，本指引反映了恆定的貨幣觀點。值得注意的是，今年迄今為止，報告的經常性收入增長與恆定貨幣經常性收入增長之間存在 [1 點 8 點] 差異。其次，我們重申調整後營業利潤率擴張指引約 50 個基點，調整後每股收益增長 7% 至 11%。

Finally, on closed sales, we expect to be near the low end of $270 million to $310 million. And I want to reiterate that the delays in the timing of sales have only a very modest impact on our medium-term revenue outlook given our strong sales backlog. Embedded in this full year guidance is a strong Q4 '23, and there are 3 items worth highlighting as the primary drivers of growth in Q4. First, continued conversion of sales to revenue, and I'll emphasize the visibility that the revenue backlog provides. Second, proxy revenue from position growth and as I said earlier, we have strong visibility into this seasonally important quarter, having already received over 92% of record data.

最後，就成交額而言，我們預計將接近 2.7 億至 3.1 億美元的下限。我想重申，鑑於我們大量的銷售積壓，銷售時間的延遲對我們的中期收入前景的影響非常有限。這份全年指引中包含了 23 年第 4 季度的強勁表現，有 3 個項目值得強調，作為第 4 季度增長的主要驅動力。首先，銷售額持續轉化為收入，我將強調收入積壓提供的可見性。其次，來自頭寸增長的代理收入，正如我之前所說，我們對這個季節性重要季度有很強的可見性，已經收到了超過 92% 的記錄數據。

Finally, significant margin expansion as we grow over discrete growth investments in fiscal '22 and see the impact of targeted cost initiatives that we initiated at the end of Q4 '22. And before I close, I want to quickly address some questions that we've received over the last few weeks about our exposure to regional banks. First, our revenue exposure from the banks that have stopped operating is less than 20 basis points of our $3.7 billion of fiscal '22 recurring revenue.

最後，隨著我們在 22 財年的離散增長投資的增長，以及我們在 22 年第四季度末啟動的目標成本計劃的影響，利潤率顯著擴大。在結束之前，我想快速回答一下過去幾週我們收到的有關我們對區域銀行風險敞口的一些問題。首先，我們來自已停止運營的銀行的收入敞口不到 22 財年 37 億美元經常性收入的 20 個基點。

Regional banks more broadly make up less than 2% of our overall recurring revenues across the more than 900 client relationships. Finally, the overwhelming majority of our banking operations and deposits with the systematically important banks is our internal policies prioritize safety of capital. So again, we have very small exposure to these institutions. With that final note, I will close by reiterating my key messages. Broadridge delivered strong Q3 financial results. We are positioned to deliver strong fourth quarter results and more importantly, another strong fiscal year.

更廣泛地說，區域銀行在我們 900 多個客戶關係中的整體經常性收入中所佔比例不到 2%。最後，我們絕大多數的銀行業務和存放在具有系統重要性的銀行的存款都是我們的內部政策優先考慮資本安全。同樣，我們對這些機構的敞口很小。最後，我將重申我的關鍵信息。 Broadridge 公佈了強勁的第三季度財務業績。我們有能力實現強勁的第四季度業績，更重要的是，再創一個強勁的財年。

Our updated guidance calls for the higher end of 6% to 9% recurring revenue growth, constant currency, higher margins and 7% to 11% adjusted EPS growth. We have finalized the wealth platform development and testing, our past or peak investment spend and once again, driving strong free cash flow allowing us to pay down debt and progress on our investment-grade 2.5 leverage ratio objective. The strength and resiliency of our business and financial model is visible in our performance and as Tim noted, we are poised to deliver against our 3-year growth objectives for the fourth consecutive time. And with that, let's take your questions. Back to you, operator.

我們更新後的指引要求經常性收入增長 6% 至 9%、匯率不變、更高的利潤率和調整後每股收益增長 7% 至 11%。我們已經完成了財富平台的開發和測試，我們過去或高峰的投資支出再次推動了強勁的自由現金流，使我們能夠償還債務並在投資級 2.5 槓桿率目標方面取得進展。我們的業務和財務模式的實力和彈性在我們的業績中顯而易見，正如蒂姆指出的那樣，我們準備連續第四次實現我們的三年增長目標。接下來，讓我們回答您的問題。回到你身邊，操作員。

(Operator Instructions) The first question is from David Togut of Evercore ISI.

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

Could you just go perhaps a level deeper, Tim, on some of the delays you're seeing in new bookings, particularly why you think some of the longer sales cycles in Europe will kind of reach fruition over the next couple of quarters and not materially affect FY '24?

蒂姆，您能否更深入地談談您在新預訂中看到的一些延遲，特別是為什麼您認為歐洲的一些較長銷售週期將在接下來的幾個季度中取得成果，而不是實質性的影響24財年？

Yes, absolutely. Thank you, Dave. And we are -- when we look at our overall pipeline, it is stronger than it's ever been. And when we look at the quality of the conversations that we're having and the exciting, and in some cases, transformational opportunities we're pursuing, we just see continued ways that we can really make a big difference for the industry. So we really like the conversations we're in.

是的，一點沒錯。謝謝你，戴夫。當我們審視我們的整體管道時，我們發現它比以往任何時候都更強大。當我們審視我們正在進行的對話的質量以及我們正在追求的令人興奮的、在某些情況下是轉型的機會時，我們只是看到了我們可以真正為行業帶來巨大改變的持續方式。所以我們真的很喜歡我們正在進行的對話。

And then at the same time, there is a lot going on in the world. And so there's that phase between when you have agreement on what you're doing and when you get all the contracting and everything done and that can expand or contract based on all the things that are going on in those particular institutions. There haven't been any opportunities that have gone away. And with -- and it's just one of the things we always do a lot of our sales in the fourth quarter, makes it very hard to predict exactly when things will come in.

與此同時，世界上正在發生很多事情。因此，在你就正在做的事情達成一致和完成所有合同和所有事情之間存在一個階段，並且可以根據這些特定機構中發生的所有事情來擴展或收縮。沒有任何機會消失。這只是我們在第四季度進行大量銷售時經常做的事情之一，這使得很難準確預測產品何時會上市。

In the end, remember, as I know you well know, all of that adds to a backlog of projects which we then need to work through, we need to staff, put teams on and get going. And so whether something closes in June or it closes in July, it really has an immaterial impact on our revenue in the long run. So we're seeing great demand. We are really pleased, and we're really excited about the new solutions across each of the areas that I could go on about, but I won't. And so we'll just -- we'll play it by a year, but we did -- like others, we are seeing a lot of things going on in our clients. And so we're working hard to get there.

最後，請記住，正如我所知，你們都知道，所有這些都會增加項目的積壓，然後我們需要解決這些項目，我們需要配備人員，組建團隊並開始工作。因此，無論是在 6 月還是 7 月關閉，從長遠來看，它確實對我們的收入產生了無關緊要的影響。所以我們看到了巨大的需求。我們真的很高興，我們對我可以繼續討論的每個領域的新解決方案感到非常興奮，但我不會。所以我們會——我們會玩一年，但我們確實——像其他人一樣，我們看到我們的客戶發生了很多事情。因此，我們正在努力實現這一目標。

Appreciate that. And just as a follow-up, Edmund, I've received some investor questions about the implied fourth quarter guide, perhaps suggesting a steeper-than-normal ramp versus the March quarter. And I know you did call out kind of extensive testing pointing to a strong proxy season. But is there anything else in the implied fourth quarter guide that would suggest a steeper June versus March quarter ramp?

感謝。作為後續行動，埃德蒙，我收到了一些投資者關於隱含的第四季度指南的問題，這可能表明與三月份季度相比，增長幅度比正常情況更大。我知道你確實進行了廣泛的測試，表明代理季節將會很強勁。但隱含的第四季度指南中是否還有其他內容表明 6 月季度增長較 3 月季度增長更為陡峭？

So David, thanks for the question. And I think you hit on one important key component, and that is the position growth from equities. And we gave -- we've been saying the entire year that, that would be mid- to high single-digit growth and now having 92% of the record data in strong, strong visibility for this year and we can point directly to approximately 8%, right in line with what we've been saying all year. The other component, though, to call out, and I did mention this in the remarks, is on our continued ability to drive operating expansion in the business.

大衛，謝謝你的提問。我認為你觸及了一個重要的關鍵組成部分，那就是股票的頭寸增長。我們全年都在說，這將是中高個位數增長，現在今年 92% 的記錄數據具有很強的可見性，我們可以直接指出大約8%，與我們全年所說的一致。不過，另一個需要指出的部分是我們持續推動業務運營擴張的能力，我在評論中確實提到了這一點。

We had this operating leverage in both of our businesses. So as we bring on new revenue, we see benefit there. We had 60 basis points of expansion in Q3, right in line with our expectations and we expect that operating leverage to continue to drive impact in Q4. And I know you'll remember that in Q4 '22, we announced some targeted actions. So we continue to rightsize our real estate footprint, particularly as we think about the new hybrid work environment. We slowed our hiring. We took other targeted cost actions as well. And we expect to see those benefits come to fruition in our Q4 '22 (sic) ['23] as well.

我們的兩項業務都擁有這種運營槓桿。因此，當我們帶來新的收入時，我們就會看到那裡的好處。我們在第三季度實現了 60 個基點的擴張，完全符合我們的預期，我們預計運營槓桿將繼續推動第四季度的影響。我知道您會記得在 22 年第四季度，我們宣布了一些有針對性的行動。因此，我們繼續調整我們的房地產足跡，特別是當我們考慮新的混合工作環境時。我們放慢了招聘速度。我們還採取了其他有針對性的成本行動。我們預計這些好處也會在 22 年第 4 季度（原文如此）['23] 中實現。

So when you add that equity position growth and you add the operating leverage in our business and the explicit actions that we are taking for Q4 '22 (sic) '23 , that gives us high confidence that we'll be able to have the margin expansion and drive the earnings growth for the full year.

因此，當您添加股本頭寸增長、我們業務中的運營槓桿以及我們為 22 年第 4 季度（原文如此）'23 採取的明確行動時，我們對能夠獲得利潤充滿信心規模擴張，帶動全年盈利增長。

The next question is from Dan Perlin of RBC.

下一個問題來自加拿大皇家銀行 (RBC) 的丹·佩林 (Dan Perlin)。

I wanted to just touch base on the free cash flow conversion. It was great to see that, that's ramping back to kind of 63%. The question is, how do we think about the pacing of that kind of from here given the heavy lift is kind of behind us. Anything that you can help us kind of reconcile as you think about it getting back to closer to 100% free cash flow conversion?

我只想談談自由現金流轉換。很高興看到這一比例回升至 63%。問題是，考慮到沉重的負擔已經過去，我們如何看待從這裡開始的這種節奏。當您考慮恢復接近 100% 自由現金流轉換時，您有什麼可以幫助我們協調的嗎？

Yes. I mean -- so thanks, good to have you join the call, Dan, first of all.

是的。我的意思是——謝謝，首先很高興你加入電話會議，丹。

Good to be here.

很高興來到這裡。

What I would say is you've seen the sequential uptick 48% from fiscal '22, which had our peak level of investment in it. We said that, that client platform spend was going to be lower beginning in Q2 of '23 after going through our peak quarter of Q1, and we saw that client platform spend was down 50% in Q3 -- in Q2 and is down 35% in Q3, and I expect to see the continued decline year-over-year as we go into Q4 as well. As a result, you've seen the free cash flow conversion tick up 10 points over the last 2 quarters and sequentially in each of those 2 quarters. So as that client platform spend drops, we'll continue to see improvement. We're not yet ready to give exactly what that number is for fiscal '23.

我想說的是，您已經看到比 22 財年連續增長了 48%，當時我們的投資水平達到了頂峰。我們說過，在經歷了第一季度的高峰季度之後，客戶端平台支出將在 23 年第二季度開始下降，我們看到客戶端平台支出在第三季度下降了 50%，在第二季度下降了 35%第三季度，我預計隨著進入第四季度，同比將繼續下降。因此，您可以看到自由現金流轉換在過去 2 個季度中上升了 10 個百分點，並且在這 2 個季度中每個季度都連續上升了 10 個百分點。因此，隨著客戶端平台支出的下降，我們將繼續看到改進。我們還沒有準備好給出 23 財年的具體數字。

But I think the trend you see gives us -- is what gives us high confidence that we'll continue to see it significantly better than fiscal year '22. And as we've been saying this entire time trending towards our more historical levels as we go into Q4 '24 -- as we go into fiscal year '24.

但我認為你看到的趨勢給了我們很大的信心，我們將繼續看到它比 22 財年要好得多。正如我們一直所說的，當我們進入 24 年第四季度時，當我們進入 24 財年時，我們一直在趨向於更加歷史水平。

Yes. That's great. And just as a -- my follow-up is really it was a nice quarter, up 10% on a recurring basis. I'm wondering -- you called out a pipeline, I think 40%. So the demand sounds good there. I'm wondering, are there things or I should say, modules in particular, that clients are gravitating towards? Is it just they want to take books of record? Is it order management? Is your alternatives? And you've got a lot of them in this platform. I'm just wondering where, if anything, they're kind of finding the most interest these days?

是的。那太棒了。我的後續行動是，這是一個不錯的季度，經常性增長 10%。我想知道 - 你調用了一個管道，我認為是 40%。所以那裡的需求聽起來不錯。我想知道，是否有一些東西或者我應該說，特別是模塊，是客戶所青睞的？他們只是想拿走記錄簿嗎？是訂單管理嗎？是你的替代方案嗎？這個平台上有很多這樣的人。我只是想知道他們最近對哪裡最感興趣？

Yes. Dan, thank you very much. And also this is Tim. Also welcome to the call. Thank you. Good to have you here. I think there are -- as we've said in past calls, it is we really like the evolution of how we're going to market in terms of a componentized approach, which really allows clients to, as we call it, transform on their terms, which means really take a North Star and put in place solutions that are on the direction to that North Star that create value along the way.

是的。丹，非常感謝你。這也是蒂姆。也歡迎您的來電。謝謝。很高興你在這裡。我認為，正如我們在過去的電話會議中所說，我們真的很喜歡我們在組件化方法方面的營銷方式的演變，這確實允許客戶（正如我們所說的那樣）進行轉型他們的術語，這意味著真正抓住北極星並製定朝著北極星方向發展的解決方案，並在此過程中創造價值。

We are seeing a lot of interest in some of the foundational technology, the client and relationship master and that really sort of pulls things together with our onboarding solution. We're seeing strong interest in corporate actions and have multiple firms in the pipeline there. That's been a sore point for the industry for some time. And in addition to the components of the existing platform, they are all the existing solutions we had, which -- things like securities-based lending and other solutions to digital marketing that are -- have strong demand as well. So it's been nice to see the growth this quarter but really more importantly, to see how the pipeline is building over time.

我們看到人們對一些基礎技術、客戶和關係大師很感興趣，這確實與我們的入職解決方案結合在一起。我們看到人們對企業行動抱有濃厚的興趣，並且有多家公司正在醞釀之中。一段時間以來，這一直是該行業的痛點。除了現有平台的組件之外，它們都是我們擁有的現有解決方案，這些解決方案（例如基於證券的借貸和其他數字營銷解決方案）也有強勁的需求。因此，很高興看到本季度的增長，但更重要的是，看到管道隨著時間的推移是如何建設的。

The next question is from Peter Heckmann of D.A. Davidson.

下一個問題來自 D.A. 的 Peter Heckmann。戴維森。

I just wanted to see if you had any additional thoughts on tailored shareholder reports and where Broadridge might see opportunity to offset some of the revenue loss related to notice and access.

我只是想知道您對定制股東報告是否有任何其他想法，以及布羅德里奇可能在哪裡看到機會來抵消與通知和訪問相關的一些收入損失。

Yes, Peter, thank you very much. And a very important topic. And as you know, in the tailored shareholder reports, we'll really enable deeper engagement by investors and they're going to drive digitization. And we think it's something that is ultimately good for funds and makes Broadridge more valuable to its clients. And it is part of a long series of innovations that the industry has undertaken that have been really good for investors and good for the industry.

是的，彼得，非常感謝你。還有一個非常重要的話題。如您所知，在量身定制的股東報告中，我們將真正讓投資者更深入地參與，他們將推動數字化。我們認為這最終有利於基金，並使布羅德里奇對其客戶更有價值。這是該行業所進行的一系列創新的一部分，這些創新對投資者和整個行業來說都非常有利。

Now as we have talked about, it does create challenges for ourselves with some -- about $30 million of revenue that will go away and challenges for funds because the number of -- basically the number of SKUs that they have since these reports need to be tailored by share class means the number of versions has dramatically increased. And I think I talked last quarter about one fund, where it's going from maybe just under 200 reports to over 1,000. So a real challenge for the industry. We are creating what we believe is a really unique industry solution that will significantly address the challenges that funds face.

現在，正如我們所討論的，它確實給我們自己帶來了挑戰，大約 3000 萬美元的收入將消失，資金也面臨挑戰，因為自這些報告以來，他們擁有的 SKU 數量基本上是數量。通過共享類別定制意味著版本數量急劇增加。我想我上個季度談到了一隻基金，它的報告從不到 200 份增加到超過 1,000 份。這對行業來說是一個真正的挑戰。我們正在創建我們認為真正獨特的行業解決方案，它將顯著解決基金面臨的挑戰。

From a distribution standpoint, while 80% of this is digital, there is still -- 20% of a line is -- there's still a fair bit of print out there. And we're creating a unique print on demand solution that really eliminates the need to inventory, these literally tens of thousands of SKUs and create tens of millions in postal savings for funds by being able to combine mailings and print directly a client that's receiving something print. Instead of 5 different envelopes, print 5 things right off, put them in an envelope in one shot. And so that is a solution that really funds are seeing a lot of power in. And then this also creates a really important opposition -- opportunity in composition.

從發行的角度來看，雖然其中 80% 是數字化的，但仍有 20% 的內容是印刷品。我們正在創建一種獨特的按需打印解決方案，真正消除了庫存的需要，這些實際上是數以萬計的 SKU，並且通過能夠合併郵件並直接打印正在接收物品的客戶，可以節省數千萬美元的郵政資金打印。不要使用 5 個不同的信封，而是立即打印 5 件東西，然後一次性將它們放入一個信封中。因此，這是一個真正的基金看到很大力量的解決方案。然後這也產生了一個非常重要的反對派——組合機會。

And composition has really been something that's been largely performed by one of our competitors in the industry, hasn't been an area that we have strongly competed in. But a couple of years ago, we bought a composition engine, and it is uniquely suited to help funds solve the problem of having many versions of the same document and of delivering data directly into composed documents, whether those are physically delivered or digitally delivered. And so by putting the composition engine together with the unique print on demand, it's a really unique end-to-end solution that can really simplify this for our clients.

合成實際上主要是由我們行業中的競爭對手完成的，並不是我們競爭激烈的領域。但幾年前，我們購買了一個合成引擎，它非常適合幫助基金解決同一文檔有多個版本的問題以及將數據直接交付到組合文檔中的問題，無論這些文檔是物理交付還是數字交付。因此，通過將合成引擎與獨特的按需打印結合在一起，這是一個真正獨特的端到端解決方案，可以真正為我們的客戶簡化這一過程。

So we're actively demoing that end-to-end solution to our clients. The reception has been very positive. And we think with that combination, we should be able to offset or more the revenue that we see.

因此，我們正在積極向客戶演示該端到端解決方案。反響非常積極。我們認為，通過這種組合，我們應該能夠抵消或增加我們看到的收入。

That's helpful. Helpful insight. And then can you just remind us in terms of the -- I think is it the retirement account trading business that generates the float? And remind us just some of the mechanics there and kind of what type of flow we're talking about.

這很有幫助。有用的見解。然後您能否提醒我們——我認為是退休賬戶交易業務產生了浮動資金？並提醒我們一些機制以及我們正在討論的流程類型。

Yes. Thank you. So yes, in our retirement business, one of the businesses in there is trading mutual funds on behalf typically of smaller plans and working on behalf of the record keeper to do the fund trading on their behalf. And that does generate float. It's fairly significant. And so as interest rates go up, we get the benefit of that. Our team has been extremely effective. I think the flow-through from interest rates to us has been something in the order of 95%.

是的。謝謝。所以，是的，在我們的退休業務中，其中一項業務通常代表較小的計劃進行共同基金交易，並代表記錄管理人進行基金交易。這確實會產生浮動。這是相當重要的。因此，當利率上升時，我們就會從中受益。我們的團隊非常高效。我認為利率對我們的流入約為 95%。

And so that is something that has really been a counterbalance so that as we have seen interest rates go up on the debt that we have, we've gotten the counterbalancing here. Now I'll say, certainly, as we pay down the debt as we're talking to, that balance will shift positively for us.

因此，這確實是一種平衡，因此，當我們看到我們所擁有的債務利率上升時，我們在這裡得到了平衡。現在我肯定會說，當我們償還我們正在談論的債務時，這種平衡將會對我們產生積極的影響。

The next question is from Darrin Peller of Wolfe Research.

下一個問題來自沃爾夫研究中心的達林·佩勒。

So I mean it's great to see the progress on the wealth side and the build-out, when we look at the free cash conversion, I know you talked -- I think it was 100% you said you expected to get to in fiscal '24 last quarter. You may be more reticent to say about guidance now. But any just directional where we see that going in the next couple of years in terms of free cash conversion?

所以我的意思是，很高興看到財富方面的進展和建設，當我們看到自由現金轉換時，我知道你說過——我認為你所說的你期望在財政方面達到的目標是 100%。上季度 24 點。您現在可能不太願意談論指導。但我們認為未來幾年自由現金轉換的方向是什麼？

And then really as a follow-up on the same business. Again, I mean, you scaled it out. Can you just help us understand it should be a much better operating leverage as you bring on new business now that you've done the heavy lifting, right? And maybe just give us a sense of what it takes to bring on new customers now beyond UBS once we get that going.

然後真正作為同一業務的後續行動。我的意思是，你再次擴大了規模。您能否幫助我們理解，既然您已經完成了繁重的工作，那麼當您帶來新業務時，這應該是一個更好的運營槓桿，對吧？也許只是讓我們了解一旦我們開始行動，現在需要什麼才能吸引瑞銀以外的新客戶。

Yes. Absolutely. Darrin, let me just start with the second part first. Obviously, this, as we have built, the platform has been a significant investment for us. And as we look going forward in terms of bringing on additional clients, we would -- I wouldn't say that the investment to bring on additional clients is 0, but we expect to be much, much lower. It's not the platform build. There's just really the data conversion and things like that.

是的。絕對地。達林，讓我先從第二部分開始。顯然，正如我們所建立的，這個平台對我們來說是一項重大投資。當我們展望未來吸引更多客戶時，我不會說吸引更多客戶的投資是 0，但我們預計會低得多。這不是平台建設。確實有數據轉換之類的事情。

It's also -- since it's a componentized approach, the testing is dramatically simpler. And so the investment to bring on new clients will look a lot more like our regular GTO business, which does have pretty attractive incremental margins. So we do expect good incremental margins on those.

而且，由於它是一種組件化方法，因此測試變得更加簡單。因此，吸引新客戶的投資將更像我們的常規 GTO 業務，該業務確實具有相當有吸引力的增量利潤。因此，我們確實預計這些產品將獲得良好的增量利潤。

Let me come to your free cash flow topic. And let me just wrap in something to that. So -- and just to be clear, I didn't -- none of us said it will be 100% in '24. What we just said is historically, it has been around that number, and we will be going to more historic. So it's a little bit like the transitive property of a equals to b, but we're not committing to that now, and it's a little too early in the cycle for that.

讓我來談談你的自由現金流主題。讓我簡單地概括一下這一點。所以——澄清一下，我沒有——我們沒有人說過這將在 24 年達到 100%。我們剛才說的是歷史性的，一直在這個數字左右，我們還會去更歷史性的。所以這有點像 a 等於 b 的傳遞屬性，但我們現在不承諾這一點，而且現在還為時過早。

I do want to call your attention, though, I think that as we return to high free cash flow conversion, what it really does for us on the capital allocation side. And our capital allocation is really unchanged from what it has been, but the result of that can be different. So we're committed to investment-grade credit rating. We're committed to growing a dividend to then funding high-return internal investments, making high-value tuck-in M&A and then not letting capital build up on the balance sheet to return excess to shareholders.

不過，我確實想引起您的注意，我認為，當我們回到高自由現金流轉換時，它在資本配置方面真正為我們帶來了什麼。我們的資本配置實際上與以前沒有變化，但結果可能會有所不同。因此，我們致力於投資級信用評級。我們致力於增加股息，然後為高回報內部投資提供資金，進行高價值的併購，然後不讓資本在資產負債表上積累，從而將多餘的資金返還給股東。

And so we're really at an inflection point now with 2 things going on as we enter '24. So first, we do expect to return to more historic free cash flow conversion. And second, as we exit '23, we're trending strongly towards our committed 2.5x leverage, which means a lot less need for debt paydown. So therefore, and when we get there, which we're not there yet, but when we get there, we'll have a lot more flexibility to return to our historic approach on capital allocation that really balances share buybacks and strategic tuck-in M&A.

因此，進入 24 年後，我們確實正處於一個轉折點，有兩件事正在發生。因此，首先，我們確實預計將恢復更具歷史意義的自由現金流轉換。其次，隨著我們退出 23 年，我們的槓桿率正朝著我們承諾的 2.5 倍強勁發展，這意味著償還債務的需求大大減少。因此，當我們到達那裡時，我們還沒有到達那裡，但是當我們到達那裡時，我們將有更大的靈活性，回到我們的資本配置的歷史方法，真正平衡股票回購和戰略投入嘛。

And as I mentioned last quarter, we expect an outcome of all of that to drive increased ROIC to the mid- to high teens over the medium term. So we do think that this -- we did want to make an emphasis on the cash flow point in this quarter because we do think we're sort of turning a page here and moving to something that people will like going forward.

正如我上個季度提到的，我們預計所有這些結果將在中期內將投資回報率提高到中高水平。因此，我們確實認為，我們確實想強調本季度的現金流點，因為我們確實認為我們正在翻開新的一頁，轉向人們喜歡的未來。

Okay. That's really helpful. Just a quick follow-up. I mean, when -- maybe preliminary, but any early thoughts on what UBS and Crédit Suisse coming together means for that business? And then actually, I did want to touch on position growth also. I mean, I think it accelerated a point when we look at equity position growth. When you think about what the normal rate of growth there is, I mean, it obviously has been strong for, like you said, a couple of years now.

好的。這真的很有幫助。只是快速跟進。我的意思是，什麼時候——也許是初步的，但對於瑞銀和瑞士信貸的合併對該業務意味著什麼，有什麼早期的想法嗎？事實上，我確實也想談談職位增長。我的意思是，我認為當我們觀察股票頭寸增長時，它加速了一個點。當你考慮正常的增長率時，我的意思是，正如你所說，幾年來它顯然一直很強勁。

And so -- just maybe reiterate, are we in the new norm now? Or what you think we can see over the next 12 months, assuming savings rates stay relatively -- I guess, depending on what savings rates and unemployment levels do, et cetera?

所以——也許重申一下，我們現在處於新常態了嗎？或者你認為我們在未來 12 個月會看到什麼，假設儲蓄率保持相對不變——我猜，這取決於儲蓄率和失業率水平等等？

Sure. Let me take the Crédit Suisse, UBS piece first. And to be clear, the transaction hasn't closed, UBS has not completed its integration plan. So all of this is very preliminary. But if you look at the footprint of the 2 institutions and how it lines up versus us, first of all, on the wealth side, Crédit Suisse does not have a significant wealth business in the United States. There's very little impact there.

當然。讓我先來談談瑞士信貸銀行和瑞銀集團的文章。需要明確的是，交易尚未完成，瑞銀尚未完成其整合計劃。所以所有這些都是非常初步的。但如果你看看這兩家機構的足跡以及它們與我們的對比，首先，在財富方面，瑞士信貸在美國並沒有重要的財富業務。那裡影響很小。

I will note that UBS has reaffirmed that continuing to grow U.S. wealth will be a strategic priority for UBS. And so in terms of the work that we're doing with them on the wealth side, that will continue. And we've seen really no slowdown in their focus on that. The other side of things is the capital market side. And as you may know, UBS is an important client for us on the capital market side in North America. Crédit Suisse is as not a client for us on that side. And so that's an opportunity. UBS does plan what they've said certainly as a sort of speculation. What they said is that they will be reducing the size of that business in Crédit Suisse.

我要指出的是，瑞銀已重申，繼續增加美國財富將是瑞銀的戰略重點。因此，就我們與他們在財富方面所做的工作而言，這將繼續下去。我們確實看到他們對此的關注並沒有放緩。另一方面是資本市場方面。如您所知，瑞銀是我們在北美資本市場方面的重要客戶。瑞士信貸銀行在這方面並不是我們的客戶。這是一個機會。瑞銀確實將他們所說的內容視為一種猜測。他們表示將縮減瑞士信貸的業務規模。

But that said, whatever is left. And again, I don't have any specific information on this, but it would be logical for them to try to consolidate infrastructure and to bring that on to the Broadridge infrastructure. So we think that will be a modest uptick for us. So as we look at that overall transaction, we're seeing it as a modest uptick. Then on to position growth, it's a bit of a [2-fold] question there, Darrin. But on to position growth, it has been elevated the past 2 years, and investors have wondered if we'd see positions decline to pre-pandemic levels or if it would grow from that new base. And that's been a question throughout this year. I think now with 92% of the data in for this year, we feel pretty confident in our outlook.

但話雖如此，剩下的一切。再說一遍，我對此沒有任何具體信息，但他們嘗試整合基礎設施並將其引入 Broadridge 基礎設施是合乎邏輯的。因此，我們認為這對我們來說將是適度的增長。因此，當我們審視整體交易時，我們認為其交易量略有上升。然後關於職位增長，這是一個[2倍]的問題，Darrin。但就頭寸增長而言，過去兩年有所上升，投資者想知道頭寸是否會下降到大流行前的水平，或者是否會在新的基礎上增長。這一直是今年的一個問題。我認為現在已經有 92% 的今年數據了，我們對我們的前景非常有信心。

We do have early testing on the first half of next year. It's pretty early to make any real reference about that, and that is a relatively small part of the year. But all that said, there's nothing in that, that indicates anything other than a continuation of the trends next year that we're seeing now. And so I think our conclusion on this is that there was a sort of a fundamental onetime lift that took place during the pandemic as people moved on to some of the new free trading apps and other kinds of things.

我們確實在明年上半年進行了早期測試。現在對此做出任何真正的參考還為時過早，而且這只是一年中相對較小的一部分。但儘管如此，除了我們現在看到的明年趨勢的延續之外，沒有任何其他跡象表明這一點。因此，我認為我們對此的結論是，隨著人們轉向一些新的免費交易應用程序和其他類型的東西，在大流行期間發生了一種根本性的一次性提升。

And then what we're seeing is on top of that new base the continued growth from the other long-term drivers that you and I have discussed before, including managed accounts and more recently direct indexing. So that's sort of how we're seeing it play out. We have a little less insight on sort of specific economic indicators and things like that, but really just more focused on the long-term trends.

然後，我們看到的是，在這個新基礎之上，您和我之前討論過的其他長期驅動因素帶來了持續增長，包括管理賬戶和最近的直接索引。這就是我們所看到的結果。我們對特定經濟指標和類似事物的了解較少，但實際上更關注長期趨勢。

The next question is from James Faucette of Morgan Stanley.

下一個問題來自摩根士丹利的詹姆斯·福賽特。

Appreciate your comments on capital allocation and how you expect that to change or return to previous uses. I'm just wondering on particularly acquisitions. We saw acquisition of one of your BTCS competitors in SimCorp over the past week? And how does that impact your thinking on acquisitions generally and how should we be thinking about the assets you could be targeting either by geography or product, et cetera?

感謝您對資本配置以及您期望資本配置如何改變或恢復到以前的用途的評論。我只是想知道具體的收購。過去一周我們看到 SimCorp 收購了您的 BTCS 競爭對手之一？這對您對收購的總體看法有何影響？我們應該如何考慮您可能按地理位置或產品等目標定位的資產？

Sure. James, thank you. And I think, first of all, relative to Deutsche Börse and SimCorp coming together, I think that is -- that has relatively low impact on us. We almost never compete with SimCorp, and they have an interesting theory about putting their data assets together with essentially a sort of a back-office product, and we'll see how that plays.

當然。詹姆斯，謝謝你。我認為，首先，相對於德意志交易所和 SimCorp 的合併，我認為這對我們的影響相對較小。我們幾乎從不與 SimCorp 競爭，他們有一個有趣的理論，將他們的數據資產與本質上的一種後台產品結合在一起，我們將看看它是如何發揮作用的。

But we don't really compete directly with them. So I don't see it any direct competitive impact. In terms of how we think about the market, I think it has been somewhat fortuitous and this time that we've been out of the market that there's really been very little activity. I think most people are predicting that there will be some increased activity over the next 12 months. At the same time, I think that asset levels or asset pricing is still pretty elevated despite the downturn. And so I think you see us being pretty selective with a pretty high bar sort of irrespective of the avenue.

但我們並沒有真正與他們直接競爭。所以我不認為它有任何直接的競爭影響。就我們如何看待市場而言，我認為這有點偶然，這次我們已經退出市場，因為市場活動確實很少。我認為大多數人都預測未來 12 個月活動將會有所增加。與此同時，我認為儘管經濟低迷，資產水平或資產定價仍然相當高。所以我認為你會看到我們非常有選擇性，無論採取什麼方式，都有相當高的標準。

We really look for things where we are sort of uniquely the best owner. If you think about the kinds of assets that we would be interested in if they were to become available, obviously, we've done a lot of investment over the past few years on the GTO side of the business. And there are a lot of opportunities on the ICS side that we'd be looking for. So I think that's what you'd see. And but if that's not the right thing, then we'll return on new shareholders.

我們確實在尋找那些我們是獨一無二的最佳所有者的東西。如果您考慮一下我們會對哪些類型的資產感興趣（如果它們可用），顯然，過去幾年我們在 GTO 業務方面進行了大量投資。我們正在尋找 ICS 方面的很多機會。所以我想這就是你會看到的。但如果這不是正確的事情，那麼我們將回報新股東。

And the only thing I'd add to what Tim said, which was spot on, James, is that we continue to have our revenue growth model focused on organic growth. We drive 5 to 7 points of our recurring revenue from organic growth drivers. And if we find, as Tim just said, the right sort of tuck-in strategic fit, then we could expect to see 1 to 2 points of growth from that.

詹姆斯，蒂姆所說的話我唯一要補充的是，我們的收入增長模式繼續專注於有機增長。我們的經常性收入中有 5 到 7 個百分點來自有機增長動力。如果我們像蒂姆剛才所說的那樣找到正確的戰略契合度，那麼我們預計會看到 1 到 2 個百分點的增長。

Got it. And then I just want to drill down a little bit more on the UBS, Crédit Suisse situation, particularly as it relates to any updates that you might have for us around ACV. I think previously, you've been targeting around $100 million or so once we have go live in the first quarter of fiscal '24, do you still expect that quarterly run rate to be in that same range?

知道了。然後我想進一步深入了解瑞銀和瑞士信貸的情況，特別是因為它與您可能向我們提供的有關 ACV 的任何更新有關。我認為之前，一旦我們在 24 財年第一季度上線，您的目標是大約 1 億美元左右，您是否仍然預計季度運行率會在同一範圍內？

And I guess, I know there's a lot of moving pieces over there right now. But when -- I guess based on previous experience, how long should we expect before you can get a more concrete or clear view on where that should end up and where the opportunities may or may not lie?

我想，我知道現在有很多變化。但是，根據以往的經驗，我想，我們應該等待多長時間才能對結果應該如何以及機會可能會或可能不會在哪裡有一個更具體或更清晰的看法？

So let me start, James, and Tim might jump in here. As we just said in the prepared remarks, we are now complete with the development and the testing of it and still on track to go live in this calendar year and start to recognize revenue in fiscal -- in our first quarter fiscal '24.

那麼讓我開始吧，詹姆斯和蒂姆可能會跳到這裡。正如我們剛剛在準備好的發言中所說，我們現在已經完成了它的開發和測試，並且仍然有望在本日曆年投入使用，並開始在 24 財年第一季度確認財政收入。

And when we finalize that rollout plan with them, we'll share more specifics on the economics of it. As we said before, we'll recognize that revenue in fiscal '24 in the first quarter of that. It will be dilutive to us. As Tim just said, we have a very strong pipeline. We'll be able to bring on more sales that are at very accretive margins to us to help us get back to the returns that we've historically seen in our rollout. And so that's what we're focused on now, and we'll share more as we finalize the plans with UBS.

當我們與他們最終確定推出計劃時，我們將分享更多有關其經濟效益的細節。正如我們之前所說，我們將在 24 財年第一季度確認該收入。這對我們來說會被稀釋。正如蒂姆剛才所說，我們有非常強大的管道。我們將能夠帶來更多的銷售，這對我們來說是非常可觀的利潤，以幫助我們恢復我們在推出過程中所看到的歷史回報。這就是我們現在關注的重點，當我們與瑞銀最終確定計劃時，我們將分享更多信息。

Yes. I think the only thing I'd add to that is just qualitatively, as UBS has shifted to this more agile modular approach where they are implementing in phases, when the revenue comes on, it will be less than that $100 million number and not dramatically, but it will be less and but also the investment in the amortization will be less, and we'll be able to lay that out when we can.

是的。我認為我唯一要補充的是定性的，因為瑞銀已經轉向這種更敏捷的模塊化方法，他們正在分階段實施，當收入出現時，它將少於 1 億美元，而且不會大幅增加，但它會更少，而且攤銷的投資也會更少，我們將能夠在可能的時候進行安排。

The next question is from Puneet Jain of JPMorgan.

下一個問題來自摩根大通的 Puneet Jain。

I just had like a question on closed sales, like the lowered expectations for this year. Like is that something you would attribute to a weak macro? Like are you seeing any, like the clients delaying decision-making like in your pipeline?

我只是有一個關於已完成銷售的問題，比如今年降低的預期。您是否會將其歸因於宏觀疲弱？您是否看到過類似情況，例如客戶在您的管道中延遲決策？

Sure. Sure, Puneet. I think that -- I think part of the good news is that our clients are continuing to prioritize their technology spend. And I think they view -- in many cases, they view that as table stakes to continue to drive their business forward. And so it's interesting that we haven't really seen any decline in the volume of conversations. And so that's what makes us believe that this is more of a timing issue.

當然。當然，普尼特。我認為，我認為好消息的一部分是我們的客戶繼續優先考慮他們的技術支出。我認為他們認為——在很多情況下，他們認為這是繼續推動業務發展的賭注。有趣的是，我們並沒有真正看到對話量有任何下降。這就是讓我們相信這更多的是一個時間問題。

Is it weak macro? Is it just the number of other moving parts that they have? It's hard for us to untangle those. But it's -- what we're heartened by is that the conversations continue to be very positive.

是宏觀疲軟嗎？僅僅是他們擁有的其他活動部件的數量嗎？我們很難理清這些問題。但令我們感到振奮的是，對話仍然非常積極。

Got it. And then on the Q4 guidance, the implied guidance for Q4, what should we expect for contribution from internal growth, like the trade volume, record growth versus new sales contribution?

知道了。然後，關於第四季度的指導，即第四季度的隱含指導，我們應該對內部增長的貢獻（例如貿易量、創紀錄的增長與新銷售貢獻）有何預期？

So Puneet, we've continued to see balanced growth across those 2 items, not just this year, but historically, over the past few years, balanced growth, half of it coming from converting the sales backlog, that Tim mentioned earlier, to revenue. We saw 4 points from that in this quarter and the other half coming from the position growth that we've seen and other trading growth in our GTO business.

因此，普尼特，我們繼續看到這兩個項目的平衡增長，不僅是今年，而且從歷史上看，在過去的幾年裡，平衡增長，其中一半來自蒂姆之前提到的銷售積壓轉化為收入。我們在本季度看到了 4 個點，另一半來自我們看到的頭寸增長和 GTO 業務的其他交易增長。

In this particular quarter, we saw 5 points coming from that. And I think you're going to continue to see that same balance of contribution from those 2 areas as we move forward into Q4 and again, as I mentioned to David earlier, I think our -- the actions that we've taken on the expense management side of it will play a big role in our ability to be able to hit the Q4 objective as well.

在這個特定的季度，我們看到了 5 分。我認為，當我們進入第四季度時，您將繼續看到這兩個領域的貢獻保持相同的平衡，正如我之前向大衛提到的，我認為我們在這方面採取的行動費用管理方面也將對我們實現第四季度目標的能力發揮重要作用。

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

我們的問答環節到此結束。我想將會議轉回管理層進行閉幕致辭。

Thank you, operator, and thank you, everyone, who has joined us today. I hope, as you can tell, we're excited about our progress against our long-term objectives and about the way those are playing out within this year and how that sets us up for the future. We are making important progress on our key strategic milestones across each of our businesses of governance, capital markets and wealth. We're seeing the benefits of that in our business results, and we're seeing the benefits of that in really increasingly strong free cash flow.

謝謝接線員，也謝謝今天加入我們的所有人。正如您所知，我希望我們對長期目標方面取得的進展以及這些目標在今年內的實施方式以及這如何為我們的未來奠定基礎感到興奮。我們在治理、資本市場和財富等各個業務領域的關鍵戰略里程碑上都取得了重要進展。我們在我們的業務成果中看到了它的好處，並且在真正日益強勁的自由現金流中看到了它的好處。

So thank you very much for your interest in Broadridge. We look forward to reporting the results of another strong and consistent year to you when we meet in August. Thank you.

非常感謝您對布羅德里奇的興趣。我們期待在八月份見面時向您報告又一個強勁而穩定的一年的成果。謝謝。

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。