Broadridge Financial Solutions Inc (BR) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Broadridge Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. (Operator Instructions) Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Edings Thibault, Head of Investor Relations. Please go ahead.

早上好，歡迎參加布羅德里奇第四季度和 2023 財年收益電話會議。 （操作員說明）另請注意今天的活動正在錄製中。現在，我想請投資者關係主管 Edings Thibault 發言。請繼續。

Thank you, Jamie. Good morning, everybody, and welcome to Broadridge's Fourth Quarter and Fiscal Year 2023 Earnings 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，傑米。大家早上好，歡迎參加布羅德里奇第四季度和 2023 財年收益電話會議。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, 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.

在我把電話轉給蒂姆之前，我有一些標準提醒。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。

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.

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。

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

現在讓我把電話轉給蒂姆·戈基。蒂姆？

Thank you, Edings, and good morning. It's great to be here this morning to review our strong fiscal '23 results. I'm particularly proud of what Broadridge has been able to accomplish over the past year and where we stand now as we look forward. In fiscal '23, we finalized the rollout of our new wealth platform suite, completed the product integration of our front office trading capabilities, and brought new innovation and digitization to our governance clients. At the same time, we delivered strong financial results and record free cash flow.

謝謝你，艾丁斯，早上好。很高興今天早上來到這裡回顧我們強勁的 23 財年業績。我對布羅德里奇在過去一年所取得的成就以及我們現在的展望感到特別自豪。在23財年，我們完成了新的財富平台套件的推出，完成了前台交易功能的產品集成，並為我們的治理客戶帶來了新的創新和數字化。與此同時，我們實現了強勁的財務業績和創紀錄的自由現金流。

We met our leverage target, and we delivered at or above the high end of our 3-year financial objectives. The net result is that Broadridge is exiting 2023, poised to deliver another strong year in fiscal '24, and well positioned for continued long-term growth.

我們達到了槓桿目標，並且達到或超過了 3 年財務目標的上限。最終結果是 Broadridge 將於 2023 年退出，準備在 24 財年再創強勁業績，並為持續長期增長做好準備。

I'm especially proud of our execution, given the uncertain market environment. Our financial services clients are dealing with fallout from the steepest rate increases in decades, a sharp slowdown in investment banking activity, fund outflows, banking crises and increased regulation. They are reducing head count and delaying purchasing decisions. Those pressures have had an impact on our sales, as I'll touch on later in this call.

考慮到市場環境的不確定性，我對我們的執行力感到特別自豪。我們的金融服務客戶正在應對數十年來最大幅度的加息、投資銀行活動急劇放緩、資金外流、銀行危機和監管加強帶來的影響。他們正在減少員工數量並推遲採購決策。這些壓力對我們的銷售產生了影響，我將在本次電話會議稍後談到。

On the other hand, recent data points suggest that economy has proven to be more resilient than anticipated, contributing to the clear sets of urgency our clients feel around next-generation technology. They know they need to streamline their operations, increase their digital capabilities and drive innovation. They want partners who can help them accomplish these goals and they recognize that Broadridge is 1 of only a handful of scale technology players investing to deliver new solutions built on modern technology. That's great for our business, and is driving our record pipeline.

另一方面，最近的數據表明，事實證明，經濟比預期更具彈性，這讓我們的客戶對下一代技術產生了明顯的緊迫感。他們知道需要簡化運營、提高數字能力並推動創新。他們希望合作夥伴能夠幫助他們實現這些目標，並且他們認識到 Broadridge 是少數幾家投資提供基於現代技術的新解決方案的規模技術公司之一。這對我們的業務來說非常有利，並且正在推動我們的創紀錄管道。

So it is an uneven environment. But for Broadridge, it's a market that further highlights the resiliency of our business and the value of our investments for the future. With that as background, let's look at the headlines from the quarter and the year.

所以這是一個不平衡的環境。但對於布羅德里奇來說，這個市場進一步凸顯了我們業務的彈性以及我們未來投資的價值。以此為背景，讓我們看一下本季度和本年度的頭條新聞。

First, Broadridge delivered another strong quarter. Recurring revenue grew 8% with strong growth across both our segments. Earnings rose 21%, driven by the combination of strong revenue growth and disciplined expense management. Second, those results closed out a strong fiscal year. In 2023, recurring revenue and adjusted EPS both rose 9% and free cash flow conversion improved to 90%. Importantly, Broadridge met or exceeded our 3-year financial objectives.

首先，布羅德里奇再次實現強勁的季度業績。經常性收入增長 8%，兩個部門均強勁增長。在強勁的收入增長和嚴格的費用管理的共同推動下，盈利增長了 21%。其次，這些結果結束了一個強勁的財年。 2023 年，經常性收入和調整後每股收益均增長 9%，自由現金流轉換率提高至 90%。重要的是，布羅德里奇達到或超過了我們的 3 年財務目標。

Third, our ability to deliver strong results despite an uneven market was driven by strong execution across governance, capital markets and wealth, and by the long-term trends underpinning our growth. Fourth, we expect to deliver another strong year in fiscal '24. Our guidance calls for 6% to 9% recurring revenue growth, all organic, and 8% to 12% adjusted EPS growth. We also expect free cash flow conversion of approximately 100%.

第三，我們在市場不平衡的情況下取得強勁業績的能力是由治理、資本市場和財富方面的強有力執行力以及支撐我們增長的長期趨勢推動的。第四，我們預計 24 財年將再次表現強勁。我們的指引要求經常性收入增長 6% 至 9%（全部有機），調整後每股收益增長 8% 至 12%。我們還預計自由現金流轉換約為 100%。

Finally, I'm delighted to announce a 10% increase in our annual dividend. Dividends are an important part of our long-term capital allocation, and we're proud of our track record of increasing dividends every year since we became a public company in 2007, including double-digit increases in (inaudible) for the past 12 years. As a result of our strong free cash flow, we expect to resume share repurchases in fiscal '24 and to also have the flexibility to fund tuck-in M&A if the right opportunity arises. As I noted earlier, 2023 was the final year of our latest set of 3-year objectives.

最後，我很高興地宣布我們的年度股息增加 10%。股息是我們長期資本配置的重要組成部分，自 2007 年成為上市公司以來，我們每年都在增加股息，其中包括過去 12 年中兩位數的增長（聽不清），對此我們感到非常自豪。由於我們擁有強勁的自由現金流，我們預計將在 24 財年恢復股票回購，並在出現合適機會時靈活地為併購提供資金。正如我之前指出的，2023 年是我們最新的 3 年目標的最後一年。

So let's turn to Slide 5 to highlight our performance against those goals. In fiscal '20, we reported recurring revenues of $2.9 billion and adjusted EPS of just over $5. Three years later, we've grown our recurring revenues nearly 40% to $4 billion and reported adjusted EPS just above $7. We met or exceeded the high end of our objectives for recurring revenue growth, adjusted operating income margin, and adjusted EPS growth.

因此，讓我們轉向幻燈片 5 來重點介紹我們在實現這些目標方面的表現。在 20 財年，我們的經常性收入為 29 億美元，調整後每股收益略高於 5 美元。三年後，我們的經常性收入增長了近 40%，達到 40 億美元，調整後每股收益略高於 7 美元。我們達到或超過了經常性收入增長、調整後營業利潤率和調整後每股收益增長目標的上限。

Our ability to deliver on those goals becomes even more meaningful used in the context of a longer length. The fiscal '20 to '23 period marked the fourth consecutive 3-year cycle in which we have delivered against a similar set of objectives. That track record underscores the long-term trends driving demand for what we do. Broadridge is focused on driving profitable growth and the strength of our recurring revenue business model.

在更長的篇幅中，我們實現這些目標的能力變得更加有意義。 20 至 23 財年是我們連續第四個三年周期，在這個週期中我們實現了一系列類似的目標。這一業績記錄強調了推動我們所做工作需求的長期趨勢。 Broadridge 專注於推動盈利增長和我們經常性收入業務模式的優勢。

Next, let's review our business performance, starting with our governance franchise on Slide 5. Our ICS business delivered another very strong year as recurring revenue growth of 9% was powered by a combination of revenue from new sales, increased investor participation and higher interest income. All 4 product lines reported strong growth. The biggest growth driver remained new sales. Our business benefited from new digital and print wins in our customer communications business and by increasing our relationships with fast-growing digital brokers.

接下來，讓我們回顧一下我們的業務績效，從幻燈片5 上的治理專營權開始。我們的ICS 業務又迎來了非常強勁的一年，經常性收入增長了9%，這得益於新銷售收入、投資者參與度的增加和利息收入的增加。所有 4 個產品線均呈現強勁增長。最大的增長動力仍然是新銷量。我們的業務受益於客戶通信業務中新的數字和印刷勝利，以及加強我們與快速增長的數字經紀人的關係。

Our regulatory business also benefited from increased investor participation, which continue to grow at a healthy pace. We saw balanced position growth across both equities and funds despite the headwinds from an equity market that for much of the year was lower. After 2 very strong years, equity position growth of 9% returned to more normalized mid- to high single digits, driven by double-digit growth in managed accounts and single-digit growth in self-directed accounts.

我們的監管業務還受益於投資者參與的增加，投資者參與持續健康增長。儘管股市在今年大部分時間都處於較低水平，但我們看到股票和基金的頭寸增長均衡。經過 2 年的強勁增長後，受管理賬戶兩位數增長和自主賬戶個位數增長的推動，股本頭寸增長 9% 回到更加正常的中高個位數。

Mutual fund and ETF position growth was also strong at 8%, with balanced mid-single-digit growth across both equity and fixed income funds. And while we saw growth of passive funds, demand for active funds also continue to be positive. One reason clients are choosing to do more with Broadridge is our commitment to innovation, including our work on driving digitization and shareholder engagement. For example, we are driving the digitization of wealth management communications with our omnichannel wealth and focused product. Our ability to consolidate information simplifies the investor experience while lowering costs for our clients.

共同基金和 ETF 頭寸增長也很強勁，達到 8%，股票和固定收益基金均實現均衡的中個位數增長。雖然我們看到被動基金的增長，但對主動基金的需求也繼續積極。客戶選擇與 Broadridge 合作的原因之一是我們對創新的承諾，包括我們在推動數字化和股東參與方面的工作。例如，我們正在通過全渠道財富和專注產品推動財富管理通信的數字化。我們整合信息的能力簡化了投資者的體驗，同時降低了客戶的成本。

Thanks to our investments in digital. Broadridge has become the leading omnichannel communications hub. We are enabling a new frontier in investor engagement for funds with our work behind the scenes on voting choice. Over the course of 2023, we've rolled out pilot programs for 4 of the 5 largest ETF managers in the United States. We're enabling these fund managers to capture the voting preferences of millions of ETF shareholders, giving them an even stronger voice in the governance of the underlying companies they own.

感謝我們在數字領域的投資。 Broadridge 已成為領先的全渠道通信中心。通過我們在投票選擇方面的幕後工作，我們正在為基金的投資者參與開闢新領域。 2023 年，我們為美國 5 家最大 ETF 管理公司中的 4 家推出了試點計劃。我們使這些基金經理能夠掌握數百萬 ETF 股東的投票偏好，讓他們在自己所擁有的基礎公司的治理中擁有更強的發言權。

We're also helping funds adapt to the new tailored shareholder report regulations by applying our unique digital and in-line print capabilities to create a better investor experience at lower cost to fund companies. Those are just some of the examples of the innovative solutions that are differentiating Broadridge, driving high client retention and engagement and enabling strong revenue growth for our governance franchise.

我們還通過應用我們獨特的數字和在線打印功能，幫助基金適應新的定制股東報告法規，以更低的成本為基金公司創造更好的投資者體驗。這些只是創新解決方案的一些例子，這些解決方案使 Broadridge 脫穎而出，提高了客戶保留率和參與度，並為我們的治理特許經營帶來了強勁的收入增長。

Now let's move to our capital markets franchise, where our BTCS business continues to drive growth. Capital Markets revenues rose 11% to $965 million, driven by strong growth in BTCS, and by the onboarding of new global post-trade clients. Our clients continue to look for ways to simplify their operating model. whether by bringing together disparate platforms at the front office, pursuing global multi-asset solutions in the back office or connecting front to back.

現在讓我們轉向我們的資本市場業務，我們的 BTCS 業務繼續推動增長。在 BTCS 強勁增長以及新的全球交易後客戶加入的推動下，資本市場收入增長 11% 至 9.65 億美元。我們的客戶不斷尋找簡化其運營模式的方法。無論是在前台整合不同的平台、在後台尋求全球多資產解決方案還是連接前端到後端。

We're meeting that demand with the standardized global multi-asset trading platform, componentized solutions to deliver a unified global book and the front-to-back integration that enables clients to improve controls and reduce cost and risk by implementing straight-through processing.

我們通過標準化的全球多資產交易平台、提供統一全球賬簿的組件化解決方案以及使客戶能夠通過實施直通式處理來改進控制並降低成本和風險的前後集成來滿足這一需求。

We're also delivering leading-edge solutions like distributed ledger repo. Earlier this spring, we saw our clients execute intraday repo transactions on our DLR network. These new capabilities mesh distributed ledger technology with existing market settlement infrastructure to give our clients added flexibility to manage liquidity. We're also developing new AI applications, including an AI-enabled interface for a bond trading platform, reducing the friction around pre-trade analysis by making it easier to identify bonds with similar characteristics.

我們還提供領先的解決方案，例如分佈式賬本回購。今年春天早些時候，我們看到客戶在我們的 DLR 網絡上執行日內回購交易。這些新功能將分佈式賬本技術與現有的市場結算基礎設施相結合，為我們的客戶提供了管理流動性的更大靈活性。我們還在開發新的人工智能應用程序，包括用於債券交易平台的人工智能接口，通過更輕鬆地識別具有相似特徵的債券來減少交易前分析的摩擦。

Let's turn to Wealth and Investment Management on Slide 7. Wealth and Investment Management revenues rose 4% to $560 million in fiscal '23. Our growth was paced by revenues from new sales driven by demand from modular solutions especially adviser tools like our digital marketing platform, which more than offset the impact of a significant license sale in the prior year. During the fourth quarter, we finalized our rollout plan with UBS, which enable us to begin to recognize revenue on July 1 as planned.

讓我們轉向幻燈片 7 上的財富和投資管理。23 財年，財富和投資管理收入增長了 4%，達到 5.6 億美元。我們的增長是由新銷售收入推動的，而新銷售收入是由模塊化解決方案的需求驅動的，尤其是我們的數字營銷平台等顧問工具，這遠遠抵消了上一年大量許可證銷售的影響。在第四季度，我們與瑞銀最終確定了推出計劃，這使我們能夠按計劃於 7 月 1 日開始確認收入。

We have built a suite of solutions that can drive adviser productivity, enhance the client experience and reduce cost and risk by digitizing operations. It can help wealth firms better acquire, manage, and grow client accounts. It's a fully modular suite of components, linked by common data layer and common APIs.

我們構建了一套解決方案，可以通過數字化運營來提高顧問的工作效率、增強客戶體驗並降低成本和風險。它可以幫助財富公司更好地獲取、管理和發展客戶賬戶。它是一套完全模塊化的組件，通過通用數據層和通用 API 鏈接。

With the new UBS contract in place, we are now focused on our goal of $20 million to $30 million of annualized wealth platform sales. Over the past few months, we developed a targeted marketing plan to expand our outreach efforts and build on early demand. We're seeing strong near-term demand for adviser experience suite, our corporate actions platform, and our alternatives product.

隨著新的瑞銀合同到位，我們現在專注於財富平台年銷售額 2000 萬至 3000 萬美元的目標。在過去的幾個月裡，我們制定了一項有針對性的營銷計劃，以擴大我們的外展工作並建立早期需求。我們看到對顧問體驗套件、我們的企業行動平台和我們的替代產品的近期需求強勁。

Deeper in the pipeline, we're seeing significant interest in other modular solutions from wealth managers who want to enhance their client experience as well as those considering more fundamental changes in how they serve clients.

在更深入的過程中，我們看到財富管理機構對其他模塊化解決方案表現出濃厚的興趣，他們希望增強客戶體驗，並考慮對客戶服務方式進行更根本性的改變。

I'll wrap up my business review with a discussion of closed sales, where we continue to feel the impact of market uncertainty and longer sales cycles. After 11 years of record sales, closed sales of $246 million were down 12% from fiscal '22. While U.S. sales were largely on track, we saw many delayed decisions in Europe. The good news is that we believe these are delays and that they will have little impact on our long-term growth trajectory. We have not seen projects drop or experienced competitive losses. As a result, our pipeline is at an all-time record and we expect strong sales growth in fiscal '24.

我將通過對已完成銷售的討論來結束我的業務回顧，我們將繼續感受到市場不確定性和較長銷售週期的影響。在連續 11 年創下銷售紀錄後，2022 財年的成交額為 2.46 億美元，下降了 12%。雖然美國的銷售基本步入正軌，但我們在歐洲看到了許多延遲的決定。好消息是，我們認為這些都是延遲，對我們的長期增長軌跡影響不大。我們沒有看到項目下降或經歷競爭損失。因此，我們的產品線創歷史新高，我們預計 24 財年的銷售將強勁增長。

Let's wrap up on Slide 8 with some closing callouts. First, Broadridge had another strong year in fiscal '23 financially and operationally. We delivered strong financial results, including record free cash flow and achieved critical growth and leverage milestones. We also finalized the delivery of our wealth platform and continue to enhance our governance and capital market solutions.

讓我們用一些結束標註來結束幻燈片 8。首先，布羅德里奇在 23 財年的財務和運營方面又取得了強勁的一年。我們取得了強勁的財務業績，包括創紀錄的自由現金流，並實現了關鍵的增長和槓桿里程碑。我們還完成了財富平台的交付，並繼續增強我們的治理和資本市場解決方案。

Second, the same long-term trends that have propelled our growth show no signs of easing. Third, we expect to deliver another strong year in fiscal '24, with continued top and bottom line growth as well as record closed sales and higher free cash flow conversion. With a return to more balanced capital allocation in '24, we expect to make further progress in raising our ROIC to the mid- to high teens over the next 3 years.

其次，推動我們增長的長期趨勢沒有顯示出放緩的跡象。第三，我們預計 24 財年將迎來又一個強勁的一年，營收和利潤持續增長，成交額創歷史新高，自由現金流轉換率更高。隨著 24 年資本配置回歸更加平衡，我們預計在未來 3 年內將 ROIC 提高至中高 15 位，取得進一步進展。

Finally, I've never been more confident in the outlook for our company. As I look across Broadridge, our governance business has a differentiated core offer, and innovative new solutions like pass-through voting, digital communications and tailored shareholder reports. Our capital markets business is driving simplification and innovation in the front and back office. And our wealth business is now bringing the platform of tomorrow to clients today.

最後，我對我們公司的前景從未如此有信心。縱觀布羅德里奇，我們的治理業務擁有差異化的核心產品和創新的解決方案，例如傳遞投票、數字通信和量身定制的股東報告。我們的資本市場業務正在推動前台和後台的簡化和創新。我們的財富業務現在正在為今天的客戶帶來未來的平台。

We've never been better positioned for sustainable differentiation and innovation-driven growth. And with the end of our investment phase, return historic free cash flow conversion, balanced capital allocation and increasing ROIC to go with that growth, we are well positioned to drive strong returns for our shareholders.

我們現在處於實現可持續差異化和創新驅動型增長的最佳位置。隨著我們投資階段的結束，恢復歷史性的自由現金流轉換，平衡的資本配置以及隨著增長而增加的投資回報率，我們處於有利地位，可以為股東帶來豐厚的回報。

I'll wrap up on that note. But before I turn it over to Edmund, let me thank our almost 15,000 associates. To those listening on this call, thank you for your focus, and our clients. Your work is helping us enable better financial lives per million.

我將結束那張紙條。但在我將其交給埃德蒙之前，請允許我感謝我們的近 15,000 名同事。對於那些收聽本次電話會議的人，感謝您的關注，也感謝我們的客戶。您的工作正在幫助我們改善每百萬人的財務生活。

Edmund, over to you.

埃德蒙，交給你了。

Thank you, Tim, and good morning, everyone. I'm pleased to be here to discuss the results from yet another strong quarter and the strong full year fiscal '23. Today, I'll also provide you with some additional color into our guidance for fiscal '24, which continues to be in line with our historical 3-year financial objectives.

謝謝蒂姆，大家早上好。我很高興能在這裡討論又一個強勁季度和強勁的 23 財年全年業績。今天，我還將為您提供 24 財年指導的一些額外信息，該指導仍然符合我們歷史上的 3 年財務目標。

Before jumping into a review of our strong results and guidance, I want to emphasize some of the significance of some key milestones that we achieved in fiscal '23. First, we completed the investment in our wealth management platform, reduced our client platform spend and are now going live with our anchor client, recognizing revenue in July.

在回顧我們的強勁業績和指導之前，我想強調我們在 23 財年實現的一些關鍵里程碑的一些重要性。首先，我們完成了對財富管理平台的投資，減少了客戶平台支出，目前正在與我們的主力客戶一起上線，並於 7 月份確認收入。

Second, free cash flow conversion improved to 90%. Third, we paid down debt and reached our leverage objective in line with our commitment during the Itiviti acquisition. And fourth, we positioned ourselves to return more capital to shareholders via a higher dividend and the resumption of share repurchases in fiscal '24.

其次，自由現金流轉化率提高至90%。第三，我們按照收購 Itiviti 期間的承諾償還了債務並達到了槓桿目標。第四，我們的定位是通過提高股息和在 24 財年恢復股票回購來向股東返還更多資本。

And finally, as Tim noted, we capped our current 3-year cycle where we delivered at or above the high end of our 3-year objectives. Those milestones were a direct outcome of our strong fiscal '23 results. And as you can see from the financial summary on Slide 9, Broadridge's full year recurring revenue growth was at the higher end of our fiscal '23 guidance. And with operating leverage in our business and continued disciplined expense management, high single-digit adjusted EPS growth was right in line with our full-year guidance despite the lower event-driven revenue.

最後，正如蒂姆指出的那樣，我們限制了當前的 3 年周期，我們的交付達到或超過了 3 年目標的上限。這些里程碑是我們 23 財年強勁業績的直接成果。正如您從幻燈片 9 的財務摘要中看到的那樣，布羅德里奇的全年經常性收入增長處於我們 23 財年指導的較高端。儘管事件驅動的收入較低，但憑藉我們業務的運營槓桿和持續嚴格的費用管理，調整後每股收益的高個位數增長與我們的全年指引相符。

On a full year basis, recurring revenue rose to approximately $4 billion, up 9% year-over-year on a constant currency basis, all organic. Adjusted operating income increased 12% and margin expanded 110 basis points to 19.8%, outpacing our annual margin expansion objective despite the drag from increased low to no margin distribution revenue. And I'll remind you that while higher interest rate, expenses partially offset operating income growth, the interest rate impact at the Broadridge level is fully offset by higher float income in our ICS segment. Adjusted EPS rose 9% to $7.01. And finally, we delivered closed sales of $246 million.

全年經常性收入增至約 40 億美元，按固定匯率計算同比增長 9%，全部為有機收入。調整後的營業收入增長了 12%，利潤率增長了 110 個基點，達到 19.8%，儘管受到低利潤分配收入和無利潤分配收入增加的拖累，仍超出了我們的年度利潤率擴張目標。我要提醒您的是，雖然較高的利率、費用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。調整後每股收益上漲 9%，至 7.01 美元。最後，我們實現了 2.46 億美元的成交額。

Turning to the fourth quarter. Recurring revenue grew 8% on a constant currency basis to $1.3 billion. Again, the growth was all organic. Adjusted operating income grew 22%, right in line with our expectations and AOI margins expanded 360 basis points. Adjusted EPS increased 21% to $3.21 and closed sales were 19% lower at $90 million.

轉向第四季度。按固定匯率計算，經常性收入增長 8%，達到 13 億美元。同樣，增長完全是有機的。調整後營業收入增長 22%，符合我們的預期，AOI 利潤率擴大 360 個基點。調整後每股收益增長 21% 至 3.21 美元，成交額下降 19% 至 9000 萬美元。

Let's get into the details of these results, starting with recurring revenue on Slide 10. Recurring revenue grew 8% to $1.3 billion in Q4 '23. Our recurring revenue growth was all organic, driven by a combination of converting sales to revenue and mid-single-digit position in trade growth. For the full year, 9% recurring revenue growth was at the higher end of our full year guidance range of 6% to 9%. This 9% growth exceeds our 5% to 7% organic growth objective and marks 3 consecutive years of organic growth of at least 8%.

讓我們從幻燈片 10 上的經常性收入開始詳細了解這些結果。23 年第 4 季度的經常性收入增長了 8%，達到 13 億美元。我們的經常性收入增長完全是有機的，受到銷售轉化為收入和貿易增長中個位數的推動。全年經常性收入增長 9%，處於我們全年指導範圍 6% 至 9% 的高端。 9% 的增長超出了我們 5% 至 7% 的有機增長目標，標誌著連續 3 年有機增長至少 8%。

In addition to our strong organic growth, the acquisition of BTCS, contributed 2.6 points of growth to our fiscal year '20 to fiscal '23 recurring revenue CAGR, right in line with what we communicated at the time of acquisition. As a result, we also exceeded our total recurring revenue growth objective of 7% to 9%, with a 3-year constant currency CAGR of 11%.

除了我們強勁的有機增長之外，收購 BTCS 還為我們的 20 財年至 23 財年經常性收入複合年增長率貢獻了 2.6 個百分點的增長，這與我們在收購時傳達的信息一致。因此，我們也超出了 7% 至 9% 的總經常性收入增長目標，3 年固定匯率複合年增長率為 11%。

Let's turn now to Slide 11 to look at the growth across our ICS and GTO segments. We continued to see strong growth in both ICS and GTO. In Q4, ICS recurring revenue grew 7%, all organic to $858 million, with solid growth across all 4 product lines. Regulatory revenue grew 5% to $444 million on the back of continued growth in U.S. equity and fund positions, partially offset by lower growth in international proxy. Data-driven fund solutions revenue increased 12% to $113 million, primarily due to higher float revenue in our mutual fund trade processing unit. And issuer revenue grew 7% to $134 million, led by growth in our registered shareholder and disclosure solutions.

現在讓我們轉向幻燈片 11，了解 ICS 和 GTO 細分市場的增長情況。我們繼續看到 ICS 和 GTO 的強勁增長。第四季度，ICS 經常性收入增長 7%，全部有機收入達到 8.58 億美元，所有 4 個產品線均實現穩健增長。由於美國股票和基金頭寸持續增長，監管收入增長 5%，達到 4.44 億美元，但部分被國際代理增長放緩所抵消。數據驅動的基金解決方案收入增長了 12%，達到 1.13 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。在我們的註冊股東和披露解決方案的增長帶動下，發行人收入增長了 7%，達到 1.34 億美元。

Our customer communications recurring revenue was up 7% to $166 million, led by new client wins, higher print volumes and very strong double-digit growth in our digital business. Our digital customer communications business has now surpassed $100 million in recurring revenue, which is a sign that our print, the higher-margin digital strategy is working. For the year, ICS grew recurring revenue at 9% with regulatory at 7% and double-digit growth across all other product lines.

我們的客戶溝通經常性收入增長了 7%，達到 1.66 億美元，這得益於新客戶的贏得、更高的印刷量以及我們數字業務非常強勁的兩位數增長。我們的數字客戶通信業務的經常性收入現已超過 1 億美元，這表明我們的印刷品（利潤率較高的數字戰略）正在發揮作用。今年，ICS 的經常性收入增長了 9%，監管增長了 7%，所有其他產品線都實現了兩位數增長。

Turning to GTO on Slide 12. Q4 recurring revenue grew by 9% to $401 million. Capital Markets revenue grew 12% to $257 million propelled by higher license revenue in BTCS, continued fixed income, trading volume growth ,and new sales growth. Wealth and investment management revenue increased 4% to $143 million, driven by healthy growth from new sales, offset by lower trading volumes and the grow-over impact of higher license revenue in Q4 '22. For the year, GTO grew recurring revenue at 8%, ahead of our 5% to 7% growth objective, driven primarily by double-digit growth in our capital markets business.

轉向幻燈片 12 上的 GTO。第四季度經常性收入增長 9%，達到 4.01 億美元。受 BTCS 許可證收入增加、固定收益持續增長、交易量增長和新銷售增長的推動，資本市場收入增長 12% 至 2.57 億美元。受新銷售健康增長的推動，財富和投資管理收入增長 4% 至 1.43 億美元，但被交易量下降和 22 年第 4 季度許可收入增加的增長影響所抵消。今年，GTO 的經常性收入增長了 8%，超出了我們 5% 至 7% 的增長目標，這主要是由資本市場業務兩位數增長推動的。

Now let's turn to Slide 13 for a closer look at the volume trends. We have healthy position growth for both equities and funds in the fourth quarter, consistent with our testing results. Equity position drove [flat] high teen growth in Q4 '22 and was 6% in the quarter and 9% for the full year, with continued double-digit growth in managed accounts. Mutual fund position growth in the quarter ticked up to 8% and full year growth was also 8%, with continued strong flows in the money market funds. Looking ahead to the first half of fiscal '24, our current testing for equity positions is showing mid-single-digit growth, which supports our full year outlook of mid- to high single-digit growth.

現在讓我們轉向幻燈片 13 來仔細觀察成交量趨勢。第四季度我們的股票和基金頭寸都有健康的增長，這與我們的測試結果一致。股票頭寸推動了 22 年第 4 季度的[平穩]高青少年增長，該季度增長 6%，全年增長 9%，管理賬戶持續實現兩位數增長。本季度共同基金頭寸增速升至 8%，全年增速也為 8%，貨幣市場基金持續強勁流動。展望 24 財年上半年，我們目前對股票頭寸的測試顯示出中個位數增長，這支持了我們對全年中高個位數增長的展望。

Turning now to trade volumes on the bottom of that slide. Trade volumes grew 3% on a blended basis in Q4, driven by another quarter of double-digit fixed income volume growth, which benefited our capital markets business and modest declines in equity volumes impacting our retail wealth business. For the full year, trading volume was up 4%.

現在轉向幻燈片底部的交易量。第四季度的混合交易量增長了3%，這得益於固定收益交易量又實現了四分之一的兩位數增長，這有利於我們的資本市場業務，以及影響我們零售財富業務的股票交易量小幅下降。全年交易量增長 4%。

Now I move to Slide 14 for the drivers of recurring revenue growth. For the quarter, recurring revenue growth of 8% was all organic in balance between net new business and internal growth. Revenue from closed sales and our continued high retention from existing customers provided 4 points of growth. Our recurring revenue retention rate was 99% in the quarter and 98% for the full year. And internal growth, primarily higher positions, trading volumes and float income also contributed 4 points.

現在我轉向幻燈片 14，了解經常性收入增長的驅動因素。本季度，8% 的經常性收入增長完全是淨新業務和內部增長之間平衡的有機增長。完成銷售帶來的收入以及現有客戶的持續高保留率提供了 4 個增長點。本季度我們的經常性收入保留率為 99%，全年為 98%。內部增長，主要是更高的倉位、交易量和浮動收入也貢獻了 4 個百分點。

Foreign exchange impacted recurring revenue by 1 point, with most of that coming in our GTO business as you can see in the table on the bottom of the slide.

外匯對經常性收入造成了 1 個百分點的影響，其中大部分來自我們的 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 on Slide 15. Total revenue grew 7% in Q4 to $1.8 billion, and recurring revenue was the largest contributor with 5 points of growth. Event-driven revenue was $59 million and a 1 point headwind to Q4 growth. Event-driven revenue increased sequentially and was in line with our 7-year average as mutual fund proxy activity improved.

我將在幻燈片 15 上完成有關收入的討論。第四季度總收入增長 7%，達到 18 億美元，經常性收入是最大的貢獻者，增長了 5 個百分點。事件驅動的收入為 5900 萬美元，比第四季度的增長有 1 個百分點的阻力。隨著共同基金代理活動的改善，事件驅動的收入連續增長，與我們 7 年的平均水平一致。

While we're not forecasting any large fund proxy campaigns, we do expect some of the delayed mutual fund proxy activity in fiscal '23 to come through in fiscal '24 as event-driven revenue returns to more historical levels. Low to no margin distribution revenues contributed 3 points to total revenue growth, distribution revenue increased 9% with postal rate increases contributing 8 points of that growth. Given that postal rate increases are passed through, elevated distribution revenue have a dilutive impact on our adjusted operating income margin.

雖然我們預計不會出現任何大型基金代理活動，但我們確實預計，隨著事件驅動的收入恢復到歷史水平，23 財年推遲的一些共同基金代理活動將在 24 財年完成。低利潤甚至無利潤的分銷收入對總收入增長貢獻了 3 個百分點，分銷收入增長了 9%，其中郵政費率的上漲貢獻了 8 個百分點。鑑於郵政費率上調已轉嫁，配送收入的增加會對我們調整後的營業利潤率產生攤薄影響。

Turning now to margins on Slide 16. Adjusted operating income margin for Q4 was 28.9%, a 360 basis point improvement over the prior year, driven by a combination of our operating leverage in our business, higher float income and continued disciplined expense management. On a full year basis, we delivered 110 basis points of margin expansion. The impact of interest income more than offset a 30 basis point headwind from the growth of low to no margin distribution revenue. Excluding both, margins expanded 60 basis points, which is above our 50 basis point long-term objective.

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28.9%，比上一年提高了360 個基點，這得益於我們業務的運營槓桿、更高的浮動收入和持續嚴格的費用管理。全年利潤率增長了 110 個基點。利息收入的影響足以抵消低利潤至無利潤分配收入增長帶來的 30 個基點的阻力。排除兩者，利潤率擴大了 60 個基點，高於我們 50 個基點的長期目標。

As I mentioned earlier, we have a track record of disciplined expense management. This discipline, along with the operating leverage inherent in our business model allows us to invest in our long-term growth investments and meet our earnings objectives. As we exit fiscal '23, we are undergoing a modest restructuring that will realign some of our businesses, streamline our management structure and impact approximately 2% of our 14,700 associates.

正如我之前提到的，我們擁有嚴格的費用管理記錄。這一紀律以及我們業務模式固有的運營槓桿使我們能夠進行長期增長投資並實現我們的盈利目標。當我們退出 23 財年時，我們正在進行適度的重組，這將重新調整我們的一些業務，精簡我們的管理結構，並影響我們 14,700 名員工中的大約 2%。

As a result, we incurred a $20 million restructuring charge in Q4 '23, and we anticipate that these actions will generate approximately $50 million in annualized savings. Again, allowing us to continue to fund growth investments and deliver earnings growth.

因此，我們在 23 年第 4 季度產生了 2000 萬美元的重組費用，我們預計這些行動將產生約 5000 萬美元的年化節省。再次，使我們能夠繼續為增長投資提供資金並實現盈利增長。

Looking ahead, we expect another $15 million to $30 million charge in Q3 '24 as we complete this restructuring initiative and seek to create further room to invest. These restructuring charges are excluded from our calculation of adjusted operating income and adjusted EPS.

展望未來，隨著我們完成重組計劃並尋求創造進一步的投資空間，我們預計在 24 年第三季度將額外收取 1500 萬至 3000 萬美元的費用。這些重組費用不包括在我們調整後營業收入和調整後每股收益的計算中。

Let's move ahead to closed sales on Slide 17. We ended our fiscal year closing $90 million in closed sales for the fourth quarter. For the full year, sales were down 12% off a record fiscal '22 to $246 million. Closed sales were below our full year guidance, driven by lower international sales. Strong U.S. sales were driven by customer communications, digital solutions and retirement solutions. Our pipeline entering fiscal '24 is at a record high, and the demand for our technology solutions remains strong.

讓我們繼續看幻燈片 17 上的成交額。在本財年結束時，我們第四季度的成交額為 9,000 萬美元。全年銷售額較 22 財年創紀錄的水平下降 12%，至 2.46 億美元。由於國際銷售額下降，成交額低於我們的全年指引。美國強勁的銷售是由客戶溝通、數字解決方案和退休解決方案推動的。我們進入 24 財年的管道處於歷史最高水平，對我們技術解決方案的需求仍然強勁。

Importantly, the slowdown in sales we experienced in Q4 '23 is fully incorporated into our fiscal '24 guidance. Our $400 million backlog equal to 10% of our fiscal '23 recurring revenue provides strong visibility into the revenue conversion from closed sales that will drive fiscal '24 revenue growth.

重要的是，我們在 23 年第 4 季度經歷的銷售放緩已完全納入我們的 24 財年指導中。我們的 4 億美元積壓訂單相當於我們 23 財年經常性收入的 10%，為已完成銷售的收入轉化提供了清晰的可見性，這將推動 24 財年收入增長。

I'll now turn to cash flow on Slide 18. In fiscal year '23, we generated $748 million in free cash flow, doubling fiscal '22 levels. As a result, free cash flow conversion, calculated as free cash flow over adjusted net earnings improved to 90% in fiscal '23. This improvement was the product of reduced client platform spend and payments from UBS as we finalize the rollout and go-live plan, along with strong working capital management. Looking ahead to fiscal '24, we estimate free cash flow conversion of approximately 100%.

現在我將討論幻燈片 18 上的現金流。在 23 財年，我們產生了 7.48 億美元的自由現金流，是 22 財年水平的兩倍。結果，自由現金流轉換（按自由現金流除以調整後淨利潤計算）在 23 財年提高至 90%。這一改進是由於我們最終確定了推出和上線計劃以及強大的營運資金管理而減少了瑞銀的客戶平台支出和付款。展望 24 財年，我們估計自由現金流轉換約為 100%。

Let me make a note here before we move on to capital allocation. With a new contract with UBS in place, we have now moved our focus to marketing and driving $20 million to $30 million in sales of the wealth management platform components. As a result, we have moved approximately $600 million of software investment from the deferred client conversion line to intangible assets. This is consistent with balance sheet classification of platform technology that will be marketed to multiple clients.

在我們開始資本配置之前，讓我先在這裡做一下說明。與瑞銀簽訂新合同後，我們現在將重點轉移到營銷上，並推動財富管理平台組件的銷售額達到 2000 萬至 3000 萬美元。因此，我們已將大約 6 億美元的軟件投資從遞延客戶轉換線轉移到無形資產。這與將向多個客戶銷售的平台技術的資產負債表分類一致。

We continue to expect to recognize $57 million of annualized amortization expense in fiscal '24, resulting from our wealth platform investment and this change will have no impact on the free cash flow or the income statement.

我們仍然預計在 24 財年確認 5700 萬美元的年化攤銷費用，這是我們的財富平台投資產生的，這一變化不會對自由現金流或損益表產生影響。

Let's now discuss capital allocation on Slide 19. We spent $369 million on investments for growth, primarily our wealth platform, and returned a net of $312 million to shareholders in fiscal '23. In addition, we repaid $385 million of debt. The combination of strong earnings growth and lower debt moves our leverage ratio at the end of fiscal '23 to 2.6x. This level is consistent with the leverage objective we set when we announced the Itiviti acquisition and is in line with our goal of maintaining an investment-grade credit rating.

現在讓我們討論幻燈片 19 上的資本配置。我們在增長投資（主要是我們的財富平台）上花費了 3.69 億美元，並在 23 財年向股東淨回報了 3.12 億美元。此外，我們還償還了 3.85 億美元的債務。強勁的盈利增長和較低的債務相結合，使我們的槓桿率在 23 財年末升至 2.6 倍。這一水平與我們宣布收購 Itiviti 時設定的槓桿目標一致，也符合我們維持投資級信用評級的目標。

As a result, we expect to return to more balanced capital allocation in fiscal '24. To that end, we are pleased that our Board has approved a 10% annual dividend increase to $3.20 per share in fiscal '24, in line with our targeted dividend payout ratio of 45% of adjusted earnings. We have capacity for modest strategic tuck-in M&A, and we are also in a position to resume share repurchases for the first time since fiscal '19.

因此，我們預計 24 財年資本配置將恢復更加平衡。為此，我們很高興董事會批准在 24 財年將年度股息增加 10% 至每股 3.20 美元，這符合我們調整後收益 45% 的目標股息支付率。我們有能力進行適度的戰略性併購，而且我們也有能力自 19 財年以來首次恢復股票回購。

I'll close my prepared remarks this morning with some detail on our fiscal '24 guidance, which is on Slide 20. Our fiscal '24 guidance calls for mid- to high single-digit recurring revenue growth, margin expansion, strong adjusted EPS growth, and a recovery in closed sales.

我將在今天早上準備好的發言結束時詳細介紹我們的24 財年指導（參見幻燈片20）。我們的24 財年指導要求實現中高個位數的經常性收入增長、利潤率擴張、強勁的調整後每股收益增長，以及成交量的複蘇。

Let's break down the relevant components and drivers of each guidance point starting first with revenue. We expect fiscal '24 recurring revenue growth constant currency of 6% to 9%, all organic, driven by new sales as we work to onboard our $400 million backlog. For modeling purposes, we expect GTO growth to be in line with our historical 5% to 7% organic range. In our wealth business, we anticipate that we will recognize approximately $75 million in incremental revenues from wealth platform clients. This growth will be significantly offset by the loss of revenue transitioning E-Trade to the Morgan Stanley platform. We are assuming flat trading volumes.

讓我們首先從收入開始，分解每個指導點的相關組成部分和驅動因素。我們預計 24 財年的經常性收入按固定匯率計算將增長 6% 至 9%，這一切都是有機的，由新銷售推動，同時我們正在努力處理 4 億美元的積壓訂單。出於建模目的，我們預計 GTO 增長將與我們歷史上 5% 至 7% 的有機範圍一致。在我們的財富業務中，我們預計將從財富平台客戶那裡確認約 7500 萬美元的增量收入。這一增長將被 E-Trade 轉移到摩根士丹利平台的收入損失所抵消。我們假設交易量持平。

We expect event-driven revenue to return to more historical levels in the range of $230 million to $250 million. Distribution revenue is anticipated to grow in the high single to low double-digit range, driven by further increases in postal rates. This continued strong growth in low to no margin distribution revenue does create a margin headwind that I'll discuss in a moment. I'll also note that using the current forward curve for FX suggests a 0.5 point benefit from recurring revenue relative to fiscal '23.

我們預計事件驅動的收入將恢復到 2.3 億至 2.5 億美元的歷史水平。在郵政費率進一步上漲的推動下，預計配送收入將在高個位數到低兩位數的範圍內增長。低利潤甚至無利潤的分銷收入的持續強勁增長確實造成了利潤逆風，我稍後將討論這一點。我還要指出的是，使用當前的外匯遠期曲線表明，相對於 23 財年，經常性收入會帶來 0.5 個百分點的收益。

Second, let's move on to margins. We expect our adjusted operating income margin will be up year-over-year to approximately 20%. We expect the net impact of higher distribution revenues and higher float income to be dilutive to our margins in fiscal '24. Excluding the headwind from distribution and float income, we expect that the operating leverage in our business and our disciplined expense management will allow us to absorb the amortization from our wealth platform and fund higher growth investments in our business while driving greater than 50 basis points of margin expansion, in line with our historical objectives.

其次，讓我們繼續討論邊距。我們預計調整後的營業利潤率將同比上升至 20% 左右。我們預計更高的分銷收入和更高的浮動收入的淨影響將稀釋我們 24 財年的利潤率。排除分配和浮動收入帶來的阻力，我們預計我們業務的運營槓桿和嚴格的費用管理將使我們能夠吸收財富平台的攤銷，並為我們業務的更高增長投資提供資金，同時推動超過50 個基點的增長。利潤率擴張，符合我們的歷史目標。

Third, EPS. We expect adjusted EPS growth of 8% to 12%. Embedded in this outlook is an expected tax rate of 23%, a slight uptick driven by the lower impact of discrete items on higher earnings and the geographic earnings mix.

第三，每股收益。我們預計調整後每股收益增長 8% 至 12%。這一前景中包含了 23% 的預期稅率，由於離散項目對較高收益和地域收益組合的影響較小，導致稅率略有上升。

Finally, closed sales. We expect a strong year in sales with the fiscal '24 range of $280 million to $320 million based on our strong pipeline. We expect balanced sales between ICS and GTO, and I want to reiterate that the delays in the timing of our sales have only a very modest impact on our medium-term revenue outlook given our backlog. Taken together, our fiscal '24 guidance demonstrates the strength of our financial model.

最後，完成銷售。基於我們強大的產品線，我們預計 24 財年的銷售額將強勁，達到 2.8 億至 3.2 億美元。我們預計 ICS 和 GTO 之間的銷售將保持平衡，而且我想重申，鑑於我們的積壓訂單，銷售時間的延遲對我們的中期收入前景影響非常有限。總而言之，我們的 24 財年指引展示了我們財務模式的優勢。

We continue to be focused on driving sustainable recurring revenue growth. Using the operating leverage in our business to create capacity for continued investment and continued margin expansion while also delivering steady and consistent adjusted EPS growth, all while maintaining an investment-grade balance sheet and a balanced capital allocation policy.

我們繼續專注於推動可持續的經常性收入增長。利用我們業務的運營槓桿創造持續投資和持續利潤擴張的能力，同時實現穩定、一致的調整後每股收益增長，同時保持投資級資產負債表和平衡的資本配置政策。

Before I move on from guidance, we briefly discuss our Q1 and first half adjusted EPS outlook. Historically, Broadridge has generated a little less than 1/4 of our earnings in the first half, and we anticipate this year to be no different, with earnings slightly more weighted towards Q1 versus Q2, driven apart by higher event-driven revenue in the first quarter. With that final note, let me wrap up with a quick summary of my key messages.

在我繼續討論之前，我們簡要討論第一季度和上半年調整後每股收益的前景。從歷史上看，Broadridge 在上半年產生的收入略低於我們的1/4，我們預計今年也不例外，第一季度的收入比第二季度的比重略高，這主要是由於事件驅動收入較高第一季度。最後，讓我快速總結一下我的關鍵信息。

Broadridge delivered strong Q4 financial results to close out a strong fiscal '23. We delivered at or above the high end of our 3-year financial objectives. And with our fiscal '24 guidance, we are positioned to deliver another strong set of financial results. Last, we expect to return to more balanced capital allocation in fiscal '24, including double-digit dividend growth, the resumption of stock repurchases and potential tuck-in M&A.

Broadridge 交付了強勁的第四季度財務業績，為 23 財年的強勁業績畫上了圓滿的句號。我們實現了或超過了 3 年財務目標的上限。根據我們的 24 財年指導，我們有能力實現另一組強勁的財務業績。最後，我們預計 24 財年將恢復更加平衡的資本配置，包括兩位數的股息增長、恢復股票回購和潛在的併購。

And with that, let's take your questions. Operator?

接下來，讓我們回答您的問題。操作員？

(Operator Instructions) And our first question today comes from Peter Heckmann from D.A. Davidson.

（操作員說明）今天我們的第一個問題來自 D.A. 的 Peter Heckmann。戴維森。

Really complete call. You checked off a number of my questions as we went. I didn't hear -- I think I heard the equity position growth embedded in guidance was about mid-single digits. Would you assume funds would continue kind of mid- to high ?

真正完整的通話。當我們去的時候，你核對了我的一些問題。我沒有聽說——我想我聽說指導中包含的股本增長約為中個位數。您是否認為資金會繼續處於中高位？

Yes, I'll start off with that, Peter, and thanks for the question. Thanks for joining this morning. Yes, that is exactly what we're expecting for fiscal '24. We've continued to see strong growth in both equities and funds. They are at a more normalized level relative to fiscal '21 and fiscal '22.

是的，我將從這個開始，彼得，謝謝你的提問。感謝您今天早上的加入。是的，這正是我們對 24 財年的預期。我們繼續看到股票和基金的強勁增長。相對於 21 財年和 22 財年，它們處於更加正常化的水平。

So in our testing in the first half, for the first half of this year is as I said in my prepared remarks, showing mid-single-digit growth, which gives us confidence in our outlook for mid- to high single-digit growth in both equities and we expect the same thing in funds ending the year 8% with continued growth in passive funds there, we expect mid- to high single-digit growth.

因此，在我們上半年的測試中，今年上半年正如我在準備好的發言中所說，呈現出中個位數增長，這使我們對我們的中高個位數增長前景充滿信心。我們預計股票和基金的年末增長率將相同，其中被動基金將持續增長8%，我們預計中高個位數增長。

Okay. That's helpful. And then in terms of the -- so it sounds as if the first quarter might have a little bit more event driven as well as a relatively easy comparison on the margins. So first quarter looks like a little bit larger than historical, so certainly, the current consensus appears to be appropriate, if not a little low on the adjusted EPS side.

好的。這很有幫助。然後就 - 聽起來好像第一季度可能有更多的事件驅動以及相對容易的利潤比較。因此，第一季度看起來比歷史季度要大一些，所以當然，當前的共識似乎是合適的，即使調整後的每股收益方面不是有點低。

Well, look, we're certainly focused on our business and what's driving the economics here. I do think there was -- as we've been talking about throughout last year, delayed mutual fund proxy activity. And I don't think that's a choice that the business has to come back at some point.

好吧，看，我們當然專注於我們的業務以及推動這裡經濟發展的因素。我確實認為，正如我們去年一直在談論的那樣，共同基金代理活動被推遲了。我不認為這是企業必須在某個時候回歸的選擇。

As I said in my remarks, we're not predicting any major fund to go to proxy, but the early signs as we begin to look at the jobs that we have for Q1 suggests that we are seeing some of those delays come into Q1. So I do expect Q1 to be slightly higher than Q2, but overall, the first half in line with what we've historically seen, which is just under 1/4 of our earnings in the first half.

正如我在發言中所說，我們預計不會有任何主要資金被代理，但當我們開始審視第一季度的工作時，早期跡象表明我們看到其中一些延遲出現在第一季度。因此，我確實預計第一季度會略高於第二季度，但總體而言，上半年與我們歷史上看到的情況一致，略低於我們上半年收益的 1/4。

Okay. And if I could just sneak in 1 more. Just on the bookings side in the second half of fiscal '23, any other characteristics that you would say in terms of U.S. being pretty much on target, Europe a little weaker. Any way you can talk about maybe individual solution sets or any particular thing, big projects, small projects. Any other color in terms of the delays, that would be helpful.

好的。如果我能再偷偷溜進去 1 就好了。就 23 財年下半年的預訂量而言，您會說美國幾乎達到了目標，歐洲則稍弱一些。您可以以任何方式談論個人解決方案集或任何特定的事情，大項目，小項目。就延遲而言，任何其他顏色都會有幫助。

Yes. Peter, it's Tim. I'll take that. And clearly, our sales ended lower than we expected even just 3 months ago. And as you said, that was really continued nice growth in the U.S. and then challenges in Europe. We are really in a complex environment, whether that be war, whether that be the failure of 1 of the largest European institutions, led to delayed decision-making. And as Edmund said, we just have to repeat it, that we think the impact of this is modest as included in our outlook '24 is driven by the $400 million backlog.

是的。彼得，是蒂姆。我會接受的。顯然，我們的銷售額甚至低於三個月前的預期。正如您所說，美國確實持續良好增長，然後歐洲面臨挑戰。我們確實處於一個複雜的環境中，無論是戰爭，還是歐洲最大機構之一的失敗，都導致了決策的延遲。正如埃德蒙所說，我們只需重複一遍，我們認為這一影響不大，因為我們的展望 '24 是由 4 億美元的積壓推動的。

The color on drilling down further it's really across many of the solutions. We saw slowdowns, and remember, our international business has driven a bit more on the GTO side than the ICS side. And there was really just decisional weakness both in post-trade and on the Itiviti side. That is feeding in too because as we look at those opportunities, they haven't gone away. They haven't gone to a competitor, and that is what is leading to really a record pipeline as we enter the year.

進一步深入研究的顏色確實跨越了許多解決方案。我們看到了放緩，請記住，我們的國際業務在 GTO 方面的推動力比 ICS 方面的推動力要大一些。交易後和 Itiviti 方面確實存在決策弱點。這也正在發揮作用，因為當我們審視這些機會時，它們並沒有消失。他們沒有去找競爭對手，這就是我們進入今年時真正創紀錄的管道的原因。

So we are -- that's why we feel good about the $280 million to $320 million guide for this year, which is obviously a strong recovery. We are anticipating continued nice growth in the U.S., and we're positioning ourselves in Europe so that as decision-making there unlocks, we can really let those things flow through.

所以我們——這就是為什麼我們對今年 2.8 億至 3.2 億美元的指導感到滿意，這顯然是一個強勁的複蘇。我們預計美國將繼續實現良好增長，並且我們將自己定位在歐洲，以便隨著那裡的決策制定，我們可以真正讓這些事情順利進行。

Our next question comes from Dan Perlin from RBC Capital.

我們的下一個問題來自 RBC Capital 的 Dan Perlin。

I wanted to kind of follow back up on kind of backlog here a little bit. So the $400 million, is there a way to kind of talk about I guess, the nature of the work that's embedded in that and timing expectations that you might have in terms of conversions into revenue? Is it any different than what you historically would have seen in patterns. Are there types of businesses that are embedded in that just could be prolonged for longer than you anticipate?

我想對這裡的積壓工作進行一些跟進。那麼，我想，這 4 億美元是否有辦法談論其中所包含的工作性質以及您在轉化為收入方面可能會有的時間預期？它與您歷史上看到的模式有什麼不同嗎？是否存在某些類型的業務可能會比您預期的持續時間更長？

And then I did want to just revisit again to closed sales in the quarter. I mean it did kind of surprise us. And obviously, it was surprising to you guys how quickly it kind of turned down. So here again, I guess the question is just really on visibility, which I guess is just kind of an extension of the way Peter asked the last question.

然後我確實想再次回顧一下本季度的銷售情況。我的意思是它確實讓我們感到驚訝。顯然，你們對它的拒絕速度如此之快感到驚訝。所以在這裡，我想這個問題實際上只是關於可見性，我想這只是彼得問最後一個問題的方式的延伸。

(inaudible) let me maybe just start off and give a little bit -- I'll talk about the first day and thanks for the questions, and I'll talk a little bit about the backlog, but I want to put it in the context of our overall '24 guidance. And then maybe I'll turn it over to Tim to talk a little bit more about the closed sales. When you think about our guidance for fiscal '24, there's a high level of confidence.

（聽不清）讓我先談談第一天的情況並感謝大家提出的問題，我會談談積壓的問題，但我想把它放在我們的總體 '24 指導方針的背景。然後也許我會把它交給蒂姆，讓他更多地談論一下已完成的銷售。當您想到我們對 24 財年的指導時，就會充滿信心。

And keep in mind, we're operating in this very volatile macroeconomic environment and continue to deliver the results that we just talked about for a moment. And as I think about our fiscal '24 guidance, your point on the backlog is the first thing that comes to mind. Our continued conversion of the backlog to revenue. I don't think that there's anything in that backlog that's unique. We've said before that we see anywhere from a 12- to 18-month conversion cycle. Clearly, we are going to have the wealth management revenue come across earlier in this year from the backlog. But continuing to execute on that is what we expect, and the cycle continues to be the same.

請記住，我們正在這個非常不穩定的宏觀經濟環境中運營，並繼續提供我們剛才談到的結果。當我想到我們的 24 財年指導時，我首先想到的是您關於積壓的觀點。我們持續將積壓訂單轉化為收入。我認為積壓的工作中沒有什麼是獨特的。我們之前說過，我們看到的轉換週期為 12 至 18 個月。顯然，我們將在今年早些時候從積壓中獲得財富管理收入。但繼續執行是我們所期望的，而且週期仍然是一樣的。

Further, I think about the position growth that we have, and as I said, the testing that we're seeing now suggests that our outlook for mid- to high single-digit position growth continues to be in line. That continues to give us confidence in our recurring revenue guidance. And again, we have a 6-month window insight upfront to look at that. And so if something changes, we have the time to react on that. And then our continued execution on margin expansion in our business to be able to drive the guidance that we have and coming off of 77 basis points for the last 3 years, we continue to feel good about that guidance.

此外，我考慮了我們的頭寸增長，正如我所說，我們現在看到的測試表明，我們對中高個位數頭寸增長的前景仍然一致。這繼續讓我們對經常性收入指引充滿信心。再說一遍，我們預先有 6 個月的窗口期來觀察這一點。因此，如果情況發生變化，我們有時間做出反應。然後，我們繼續執行業務利潤率擴張，以便能夠推動我們的指導，並在過去 3 年中實現 77 個基點，我們繼續對該指導感到滿意。

So nothing specific about -- nothing specific that's different about the conversion to revenue cycle. And those are the factors that I take in mind as I think about the overall guidance. And Tim, you might want to give some other comment on sales, if anything.

因此，在向收入周期的轉換方面沒有什麼具體的不同之處。這些是我在考慮總體指導時考慮的因素。蒂姆，您可能想對銷售發表一些其他評論（如果有的話）。

Yes. I just think, Dan, on sales visibility, these things are always hard to judge. It is -- and I'll reiterate that whether a sale finishes in June or it finishes in September or October for that matter, it really doesn't make much difference to our results. And I really go to the quality of the conversations, the need that our client institutions continue to express and their intent.

是的。我只是覺得，丹，關於銷售知名度，這些事情總是很難判斷。是的，我要重申的是，無論銷售是在 6 月結束還是在 9 月或 10 月結束，這對我們的結果確實沒有太大影響。我非常關注對話的質量、我們的客戶機構繼續表達的需求及其意圖。

And then beyond that, it just gets -- it gets bogged down in contracting in final lots of final details. And since the weakness was in Europe and Europe in the summer is not exactly a hot bed of activity, I'm not here promising that (inaudible) is going to happen in the next few weeks either. But I do have good confidence that it will happen in this fiscal year.

除此之外，它就陷入了簽訂最終大量最終細節的困境。由於疲軟的情況發生在歐洲，而夏季的歐洲並不完全是活動的溫床，因此我也不會在這裡承諾（聽不清）這種情況會在未來幾週內發生。但我確實有信心這將在本財年實現。

Okay. No, that's great. And then just a quick follow-up on margins. A couple of just, I guess, moving parts here. I just want to make sure I heard everything right. So if we look at '23 kind of ex distribution and some of these things or traded revenues. I think you said it increased 60 basis points versus the 110. So that's kind of the pure number that we should be focused on.

好的。不，那太好了。然後對利潤率進行快速跟進。我想，這裡有幾個只是移動的部件。我只是想確保我聽到的一切都是正確的。因此，如果我們看看 23 種前分配以及其中一些或交易收入。我想你說過它比 110 個基點增加了 60 個基點。所以這是我們應該關注的純粹數字。

And I think embedded in your guidance, I think you also said as you kind of remove some of these (inaudible) things around higher distribution and then maybe flow going against (inaudible) absorbing amortization that you'd be able to do 50 basis points of margin expansion. So I guess one is that I characterize both those correctly.

我認為在您的指導中，我認為您還說過，當您刪除一些圍繞更高分配的（聽不清）東西時，然後可能流量不利於（聽不清）吸收攤銷，您將能夠做50 個基點利潤率擴張。所以我想其中之一是我正確地描述了這兩者。

And then secondly, anything you call out in terms of underlying momentum that you have in the margin structure?

其次，您對利潤結構中的潛在動力有何看法？

Dan, you called it out exactly right. I mean, that's exactly right. Again, 77 basis points over the last 3 years, 110 basis points this year. You exclude distribution, and to be very specific, the float income, and that was over 60 basis points in fiscal '23, which is what you called out. So those are the 2 items that really impact the reported margins, but had no impact on the overall earnings.

丹，你說得完全正確。我的意思是，這是完全正確的。同樣，過去 3 年為 77 個基點，今年為 110 個基點。您排除了分配，更具體地說，排除了浮動收入，這在 23 財年超過了 60 個基點，這就是您所說的。因此，這些是真正影響報告利潤率的兩項，但對整體收益沒有影響。

And when you think about fiscal '24, the same things are happening again. You have float income, which is a benefit to the reported margins, but have no impact to our earnings because we have the interest expense on the variable debt, then you have distribution that's growing primarily because of postal rates that is a negative on the margins, but again, has no impact on earnings because it's pass-throughs. So let's put those 2 items aside, and what you focus on is in the core operations of our business.

當你想到 24 財年時，同樣的事情又會發生。你有浮動收入，這對報告的利潤率有好處，但對我們的收入沒有影響，因為我們有可變債務的利息支出，然後你的分配不斷增長，主要是因為郵政費率對利潤率產生了負面影響，但同樣，對收益沒有影響，因為它是轉嫁的。所以我們把這兩項放在一邊，你關注的是我們業務的核心運營。

Number one, we're absorbing the large amortization that's coming in for the wealth management platform, and that core business is again expanding by we said at least 50 basis points, right in line with our historical objectives and very much like what we saw in fiscal '23 as well. And just the final point to answer to your question, what's driving that. It is the scale, the operating leverage that we have in our business as we bring on new clients, we do it at very accretive margins.

第一，我們正在吸收財富管理平台的巨額攤銷，核心業務再次擴張，我們說至少 50 個基點，這與我們的歷史目標一致，非常像我們在 2019 年看到的情況。 23 財年也是如此。最後一點是回答你的問題，是什麼推動了這一點。這是我們在業務中擁有的規模和運營槓桿，因為我們吸引了新客戶，我們的利潤率非常高。

And then you also heard us talk both in '22 and again on this call about the continued disciplined expense management that allows us to create the capacity to invest and continue to deliver those earnings. So those are the right items, and I appreciate the opportunity to clarify that some.

然後，您還聽到我們在 22 年以及這次電話會議上再次談到了持續嚴格的費用管理，這使我們能夠創造投資能力並繼續交付這些收益。所以這些都是正確的內容，我很高興有機會澄清其中一些內容。

Our next question comes from Puneet Jain from JPMorgan.

我們的下一個問題來自摩根大通的 Puneet Jain。

I also want to ask about closed sales. So given like the period of weakness near term, should we expect fiscal '24 sales to be more back-end loaded? And it was good to know that you like fiscal '23 sales, the impact from that is included in this year's guidance. But can it impact growth beyond this year, beyond fiscal '24 ?

我還想問一下關閉銷售的情況。因此，考慮到近期的疲軟時期，我們是否應該預期 24 財年的銷售將更多地由後端承擔？很高興知道您喜歡 23 財年的銷售情況，其影響已包含在今年的指導中。但它會影響今年之後、24 財年之後的增長嗎？

Yes, Puneet, thank you very much for that. So first of all, just on the -- will it be back-end loaded. I think it is. As you know, our sales are always back-end loaded. It would certainly be my ambition that it might be a little less back-end loaded this coming year, but it's really no promise. It's very hard to judge these because there are large deals in there and the timing of those can just be, be hard to judge. What we will always do is each call based on where we are, we'll give you an update on where we think we're going to end up for the year.

是的，普尼特，非常感謝你。首先，它會被後端加載嗎？我覺得是這樣的。如您所知，我們的銷售始終是後端加載的。我的野心是，明年後端負載可能會少一些，但這確實不是一個承諾。很難判斷這些，因為那裡有大量交易，而且這些交易的時機可能很難判斷。我們將始終做的是，每次電話會議都會根據我們所處的位置，向您提供我們認為今年的最終目標的最新信息。

And then with respect to '24, but what about beyond, that's a great question. As I said, we feel very good about '24 based on the backlog we have and everything is baked into our guidance. When we look beyond that, as we think about the recovery we anticipate in our sales this year, that really refills our backlog nicely. And we don't anticipate there will be any time where our onboarding teams would end up with sort of lack of work to do. So it's really about the pace of onboarding and we think we'll be in good shape for the midterm.

然後關於'24，但是之後呢，這是一個很好的問題。正如我所說，根據我們的積壓工作，我們對 24 年感覺非常好，一切都納入了我們的指導。當我們超越這一點時，當我們考慮今年預期銷售的複蘇時，這確實很好地補充了我們的積壓訂單。我們預計我們的入職團隊最終不會出現缺乏工作可做的情況。所以這實際上與入職的速度有關，我們認為我們在中期會處於良好的狀態。

Got it. And I guess, like you will share like your medium-term goals like in December this year. So maybe if you can review like the margin drivers that you expect over next few years beyond like the near-term benefit from the restructuring?

知道了。我想，就像您會在今年 12 月分享您的中期目標一樣。那麼，也許您是否可以回顧一下您預計未來幾年的利潤驅動因素，以及重組帶來的近期收益？

Well, I think, Puneet, what you're going to see is a repeat of what I just said because I think it is -- I think you're going to continue -- I think we have a long runway for continued margin expansion. Let's put it in the context a little bit. I've now said 77 basis points over 50 basis points per year for the fiscal '20 to '23 time period. If you look back at the 3-year cycle before that, it was over 80 basis points per year and '14 to '17 over 50 basis points, I think 53 basis points sort of '14 to '17 period and look at what the drivers are of that margin expansion.

好吧，我認為，普尼特，你將看到的是我剛才所說的重複，因為我認為 - 我認為你會繼續 - 我認為我們有很長的路要走，以持續擴大利潤率。讓我們稍微把它放在上下文中。我現在已經說過，在 20 至 23 財年期間，每年的利率會比 50 個基點高出 77 個基點。如果你回顧一下之前的 3 年周期，每年會超過 80 個基點，而 14 至 17 年則超過 50 個基點，我認為 14 至 17 年期間為 53 個基點，看看驅動因素是利潤率擴張。

One is the operating leverage. So scale, bringing on new sales without adding new expenses to drive that. Our continued move to digital that is at a higher margin product. I talked on the call about the growth in the digital business and our customer communications business, and we continue to be more digital in our regulatory business as well and then the operating efficiencies. And since I've come on board over the past 3 years, I can tell you that the focus from the company on continuing to have that disciplined expense management really setting ourselves up to have investment capacity is what we've been focused on.

一是經營槓桿。如此規模化，在不增加新費用的情況下帶來新的銷售。我們繼續轉向利潤率更高的數字產品。我在電話中談到了數字業務和客戶通信業務的增長，我們的監管業務以及運營效率也繼續更加數字化。自從我在過去三年加入公司以來，我可以告訴你，公司一直致力於繼續實行嚴格的費用管理，真正讓我們擁有投資能力。

So I do think that there's a continued long runway for margin expansion to be able to drive earnings and create room for investment capacity. And I don't think that's going to change anytime soon.

因此，我確實認為，利潤率擴張還有很長的路要走，才能推動盈利並為投資能力創造空間。我認為這種情況不會很快改變。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的達林·佩勒。

Let me just start off with the components of margin. It looked like the gross margin improvement was fairly notable. I saw COGS changed quite a bit. I think it was over 300 basis points. Maybe, if you could just help us understand the dynamics there and maybe the sustainability or what's the recurring dynamics there for a moment would be helpful.

讓我從保證金的組成部分開始。看起來毛利率的改善相當顯著。我看到銷貨成本發生了很大變化。我認為已經超過300個基點了。也許，如果你能幫助我們了解那裡的動態，也許可持續性或那裡反復出現的動態會有所幫助。

Yes. So we talked earlier Dan about initiatives that we took at the end of Q4 '22. So we're seeing the impact of that in our Q4, right in line with what we expected in growing over some of the investments that we have in '22 as well. I think those were the 2 sort of unique items that right in line with our expectations drove up the margin expansion in Q4 '23, just as we expected.

是的。因此，我們早些時候與 Dan 討論了我們在 22 年第 4 季度末採取的舉措。因此，我們在第四季度看到了這一影響，這與我們對 22 年部分投資增長的預期一致。我認為這兩種獨特的項目符合我們的預期，推動了 23 年第四季度的利潤率擴張，正如我們預期的那樣。

And that sounds like the new baseline should be reasonable.

聽起來新的基線應該是合理的。

I think full year -- sorry, full year baseline, I think, is what you want to focus on. And I think the guidance that we put against that with the components that I talked about a moment ago is off of that full year baseline. In any particular quarter, particularly when you look at our first and second quarter, small dollar amounts can swing that margin. So I really don't look at the quarterly view of margin, but the overall full year number.

我認為全年——抱歉，我認為全年基準是你想要關注的。我認為我們針對我剛才談到的組件製定的指導意見已經偏離了全年基準。在任何特定季度，特別是當你看看我們的第一季度和第二季度時，少量的美元金額可能會影響利潤率。所以我真的不看季度的利潤率，而是全年的總體數字。

Okay. And then just very quickly to follow up on closed sales. I know there's been a couple of questions already, but I know the volatility can come timing-wise. So maybe just help us understand a little bit more over what was actually any type of surprise in the current quarter, just given again that it was a little below the initially or the recently lower number for the year for this quarter.

好的。然後很快地跟進已完成的銷售。我知道已經有幾個問題了，但我知道波動可能會隨著時間的推移而出現。因此，也許只是幫助我們更多地了解本季度實際上有什麼類型的意外，只是再次考慮到本季度的數字略低於最初或最近較低的數字。

But again, going back to the conviction, I understand you feel strongly about your confidence on bookings or closed sales for the year ahead. So I guess, Tim, maybe just give us a sense of where you're seeing the strength, that gives you that much conviction in terms of what business lines would be helpful.

但再次回到信念，我理解您對未來一年的預訂或成交銷售充滿信心。所以我想，蒂姆，也許只是讓我們了解一下你在哪裡看到了優勢，這讓你對哪些業務線會有幫助有很大的信心。

Yes. Thanks, Darrin. We are seeing, first of all, everything largely, when you look at the ICS side of things, the communication side of things, the regulatory solutions, we're doing issuer what we're doing with funds. There's very, very good strength there in the U.S. We've seen that, and we have new things coming down the pipe that we think will add to that strength in '24. So that side really feels very solid.

是的。謝謝，達林。首先，我們看到，在很大程度上，當你看看 ICS 方面、通信方面、監管解決方案時，我們正在為發行人做我們正在用資金做的事情。美國有非常非常強大的實力，我們已經看到了這一點，而且我們正在開發新的東西，我們認為這些新東西將在 24 年增強這種實力。所以那一面真的感覺很踏實。

And then on the European side, the business mix, as I said, is more around GTO. So there's more technology solutions. That is more susceptible to decisions that firms make about that they going to make this modernization now or they make it in the next quarter. It tends to be a little bit more driven by their budgets and their priorities. And those firms, though, are also under more stress. They have higher need, and that does create some volatility in terms of timing of decision-making.

然後在歐洲方面，正如我所說，業務組合更多地圍繞 GTO。所以有更多的技術解決方案。這更容易受到企業做出的關於現在進行現代化還是在下個季度進行現代化的決定的影響。它往往更多地受到他們的預算和優先事項的驅動。不過，這些公司也面臨著更大的壓力。他們有更高的需求，這確實在決策時間方面造成了一些波動。

But we have, as I've said, a record pipeline, including the things that didn't get done in the last quarter of this year was just added to that pipeline. And so we feel very good about those conversations and the fact they will ultimately get done.

但正如我所說，我們有一個創紀錄的管道，包括今年最後一個季度沒有完成的事情剛剛添加到該管道中。因此，我們對這些對話以及它們最終會完成的事實感到非常滿意。

Our next question comes from David Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Could you drill down a little deeper into the kind of underlying drivers of mid-single-digit stock record growth expected for Q1 FY '24 and mid- to high single digit for the year?

您能否更深入地探討一下 24 財年第一季度股票創紀錄增長中個位數以及今年中個位數中高個位數增長的潛在驅動因素？

Yes, Dave. So for Q1, we are -- what we see in our testing is (inaudible) on the high side of mid-single digit is what we're seeing right now, and that does tend to float up a little bit as time goes on because what the testing is we're making a pull right now. And so each week, it ticks up just a little bit.

是的，戴夫。因此，對於第一季度，我們在測試中看到（聽不清）是我們現在所看到的中個位數的高位，並且隨著時間的推移，它確實會稍微上升。因為測試是什麼，我們現在正在拉動。所以每週，它都會上升一點點。

So it's really based on our testing. And as you know, it's a small portion of the year. And so it's hard to say it's fully predictive of the entire year, but it certainly gives us nice confidence. I can't really drill down by sector or other things.

所以它確實基於我們的測試。如您所知，這只是一年中的一小部分。因此，很難說它完全可以預測全年，但它確實給了我們很大的信心。我無法真正按部門或其他事物進行深入研究。

The only thing I'd add, Tim, to what you just said is a year ago, David, we were talking about broad-based growth when you look at this. I think when we look now, we're seeing, again, continued large issuers and midsize issuer is showing the growth. We continue to see the strong growth on managed accounts. We continue to see the strong number of accounts increasing relative to -- versus the positions per account increasing. So as Tim just said, it is in a small quarter, so it's hard to get any specific insight at this point. But the trends are very much in line with what we've seen over the past year.

蒂姆，我對你剛才所說的唯一要補充的是，一年前，大衛，當你看到這一點時，我們正在談論基礎廣泛的增長。我認為，當我們現在看時，我們再次看到大型發行人和中型發行人正在持續增長。我們繼續看到管理賬戶的強勁增長。我們繼續看到賬戶數量的強勁增長，相對於每個賬戶的頭寸增長而言。正如蒂姆剛才所說，這是一個小季度，因此目前很難獲得任何具體的見解。但這些趨勢與我們過去一年所看到的非常一致。

Understood. Then just as a follow-up, could you kind of walk through the wealth management platform now that the UBS platform is completed and being marketed to a broader audience in terms of -- is the demand continuing to be mostly on modules or APIs? Or are you seeing it broaden out a little bit to transformational deals.

明白了。那麼，作為後續行動，既然 UBS 平台已經完成並正在向更廣泛的受眾進行營銷，那麼您能否介紹一下財富管理平台——需求是否仍然主要集中在模塊或 API 上？或者你是否看到它有點擴大到轉型交易。

Yes. Thanks, Dave. And just as a reminder, which I know you know is that this is part of a very significant $16 billion market, which has continued to grow. And we're really excited that we have exited the build mode and that we're into the selling mode with a good targeted sales plan. And as I said -- and I go on to say is our competitors are talking about what they will have, and we have that now.

是的。謝謝，戴夫。提醒一下，我知道你們都知道，這是一個非常重要的 160 億美元市場的一部分，而且這個市場還在持續增長。我們非常興奮，我們已經退出了構建模式，並進入了銷售模式，並製定了良好的目標銷售計劃。正如我所說，我接著說，我們的競爭對手正在談論他們將擁有什麼，而我們現在已經擁有了。

When we drill down into the specific nature when you look into our pipeline, we are seeing right now more demand on the component type side. It is, and that can be part of a bigger transformation but it is -- I think people are feeling much more step-by-step versus taking on large programs to work. And -- but that adds up across institutions.

當我們深入研究我們的管道時，我們會發現現在對組件類型方面的需求越來越多。是的，這可能是更大轉型的一部分，但我認為，與實施大型項目相比，人們感覺更一步一步。而且——但這在各個機構中都是加起來的。

So we're seeing, as I said, good near-term demand around things related to adviser experience, corporate actions, alternatives. And then we are seeing longer-term demand on more foundational chunks that would be part of a longer-term transformation. But again, in a step-by-step kind of way.

因此，正如我所說，我們看到圍繞顧問經驗、企業行動、替代方案等相關事物的近期需求良好。然後我們看到對更多基礎部分的長期需求，這將是長期轉型的一部分。但同樣，以一種循序漸進的方式。

Our next question comes from Michael Infante from Morgan Stanley.

我們的下一個問題來自摩根士丹利的邁克爾·因方特。

Apologies if this was asked already. I joined a couple of minutes late. But maybe just on the mutual fund and ETF position growth, Interesting to see the divergence between equity position growth, which accelerated and mutual fund position growth, which decelerated. I was hoping you could provide some color on that dichotomy?

如果已經有人問過這個問題，我深表歉意。我遲到了幾分鐘才加入。但也許只是在共同基金和 ETF 頭寸增長方面，有趣的是看到股票頭寸增長（加速）和共同基金頭寸增長（減速）之間的差異。我希望你能為這種二分法提供一些顏色？

Thanks, Michael. I'll start off with a few comments. I think it's actually -- the equity positions decelerated down to 6%. And we've seen over the last 10 years, 6% to 8% growth in line with the outlook that we have now from mid- to single digits.

謝謝，邁克爾。我將首先發表一些評論。我認為實際上是——股票頭寸減速至 6%。我們在過去 10 年中看到了 6% 到 8% 的增長，這與我們現在的中位數到個位數的前景相符。

So it was the equity positions that came down. Mutual funds continue -- they've been stable throughout the year, and they actually uptick in Q4 to 8% and ended for the full year at 8%. So again, I think all that just sort of boils down to the confidence that we have in the full year guidance in that mid- to single-digit range for both equity positions and mutual funds.

因此，股票頭寸下降了。共同基金繼續——全年保持穩定，第四季度實際上上升至 8%，全年結束時為 8%。再說一次，我認為這一切都可以歸結為我們對全年指引的信心，股票頭寸和共同基金都在中位數到個位數的範圍內。

And our next question comes from Patrick O'Shaughnessy from Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的帕特里克·奧肖內西。

I apologize if I missed this, but did you provide an outlook for your CapEx and [capitalized software] development in fiscal '24?

如果我錯過了這一點，我深表歉意，但是您是否提供了 24 財年資本支出和[資本化軟件]開發的前景？

You've -- Patrick, you broke up a little bit.

你——帕特里克，你們分手了一點。

Sorry if I missed this earlier, but did you guys provide an outlook for your (inaudible) development for fiscal '24?

抱歉，如果我之前錯過了這一點，但是你們是否對 24 財年（聽不清）的發展提出了展望？

Patrick. I think what we said is that we expect our free cash flow conversion to be at approximately 100%. And that is -- we feel very good about that coming off of where we were in fiscal '22 when it was at 48% because the client platform spend was elevated primarily driven by Wealth Management and the GPT in our platforms in the capital market space.

帕特里克.我認為我們所說的是我們預計我們的自由現金流轉換率約為 100%。也就是說，我們對 22 財年 48% 的增長率感到非常滿意，因為客戶平台支出的增加主要是由資本市場空間平台中的財富管理和 GPT 推動的。

We've now sort of completed that elevated investment level. So I think you're going to see more normalized client platform spend that allows us to get to that 100% free cash flow level, and we feel real good about that.

我們現在已經完成了投資水平的提高。所以我認為你會看到更多標準化的客戶平台支出，這使我們能夠達到 100% 的自由現金流水平，我們對此感覺非常好。

Ladies and gentlemen, this will conclude our question-and-answer session for this morning. I'd now like to turn the floor back over to management for any closing remarks.

女士們先生們，今天上午的問答環節到此結束。現在我想將發言權交還給管理層，讓他們發表結束語。

Thank you, operator. I hope you can tell how excited we are about our strong fiscal '23, our outlook for '24 and how well positioned we are for long-term growth. Speaking of long-term growth, please save the date for our 2023 Investor Day, which will take place in New York City on December 7.

謝謝你，接線員。我希望您能看出我們對強勁的 23 財年、我們對 24 財年的展望以及我們為長期增長做好的準備感到多麼興奮。說到長期增長，請保留 2023 年投資者日的日期，該日將於 12 月 7 日在紐約市舉行。

Thank you again for your interest in Broadridge, and we look forward to seeing you in December.

再次感謝您對布羅德里奇的關注，我們期待 12 月見到您。

Ladies and gentlemen, the conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，會議現已結束。我們非常感謝您參加今天的演講。您現在可以斷開線路。