Broadridge Financial Solutions Inc (BR) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Broadridge Financial Solutions First Quarter and Fiscal Year 2024 Earnings Conference Call.

早安，歡迎參加 Broadridge Financial Solutions 第一季和 2024 財年財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Edings Thibault, Head of Investor Relations. Please go ahead.

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 First Quarter Fiscal Year 2024 Earnings Call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com.

謝謝凱特，大家早安，歡迎參加布羅德里奇 2024 財年第一季財報電話會議。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。

Joining me on the call this morning are Tim Gokey, our CEO; and our CFO, Edmund Reese. Before I turn the call over to Tim, a few standard reminders.

今天早上和我一起參加電話會議的是我們的執行長 Tim Gokey；以及我們的財務長埃德蒙·里斯 (Edmund Reese)。在我把電話轉給蒂姆之前，我有一些標準提醒。

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.

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投影片的第二頁找到，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，我們也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人更全面地了解布羅德里奇的基本經營績效。這些非公認會計準則衡量標準的解釋以及與可比較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提姆·戈基。提姆？

Thank you, Edings, and good morning. I'm pleased to be here to discuss our strong start to fiscal '24. Clearly, the economy and our world remain in a volatile and difficult place. Despite the uncertain economic environment, our business continued to perform well in the first quarter, which speaks to the long-term trends and needs driving our growth as well as the strength of our business model and the execution of our team.

謝謝你，艾丁斯，早安。我很高興能在這裡討論我們 24 財年的強勁開局。顯然，經濟和我們的世界仍然處於動盪和困難的境地。儘管經濟環境存在不確定性，我們的業務在第一季繼續表現良好，這說明了推動我們成長的長期趨勢和需求，以及我們業務模式的優勢和團隊的執行力。

I'll start with the headlines. First, Broadridge reported strong financial results. Recurring revenue grew 8%, all organic, with strong growth across governance, capital markets and wealth. Adjusted EPS rose 30% driven by strong recurring revenue growth, timing of event-driven fees and continued expense discipline. After a slower finish to last fiscal year, closed sales rose $19 million to a first quarter record of $48 million. Second, while markets have remained uneven. Continued growth in investor participation drove equity and fund position growth of 8% and 3%, respectively.

我將從頭條新聞開始。首先，布羅德里奇公佈了強勁的財務業績。經常性收入成長 8%，全部為有機收入，治理、資本市場和財富方面均強勁成長。強勁的經常性收入成長、事件驅動費用的時機以及持續的費用約束推動調整後每股收益成長 30%。上一財年結束後，銷售額成長 1,900 萬美元，達到創紀錄的 4,800 萬美元。其次，市場仍然不平衡。投資者參與度的持續成長帶動股票和基金部位分別成長 8% 和 3%。

Third, we continue to execute our strategy to enable our clients to democratize investing, simplify and innovate trading and modernize wealth management. That execution is driving our results in the form of strong sales in our Government Solutions and strong performance of BTCS, and a growing pipeline in our Wealth Management business among many examples. Fourth, our commitment to balance capital allocation has always been a key part of our value creation strategy. In recent years, we've invested heavily to build out our wealth and capital markets platform capabilities. That investment is moderating.

第三，我們繼續執行我們的策略，使我們的客戶能夠實現投資民主化、交易簡化和創新以及財富管理現代化。這種執行力以政府解決方案的強勁銷售和 BTCS 的強勁表​​現以及我們的財富管理業務的不斷增長等形式推動了我們的業績。第四，我們對平衡資本配置的承諾始終是我們價值創造策略的關鍵部分。近年來，我們投入大量資金來建立我們的財富和資本市場平台能力。這項投資正在放緩。

And in fiscal '23, we repaid a portion of the debt from our BTCS acquisition and ended the year at our target leverage. Now we're returning to our more historical mix of investment and capital allocation. Type-4 investments declined significantly from last year's level, and we repurchased $150 million of our shares in Q1, our first share repurchase since fiscal 2020.

在 23 財年，我們償還了 BTCS 收購的部分債務，並以我們的目標槓桿率結束了這一年。現在我們又回到了更歷史性的投資和資本配置組合。 4 類投資較去年水準大幅下降，我們在第一季回購了 1.5 億美元的股票，這是我們自 2020 財年以來的首次股票回購。

Finally, with a strong start to the year, we are reaffirming our full year fiscal '24 guidance. We expect recurring revenue growth of 6% to 9%, continued margin expansion, and another year of 8% to 12% adjusted EPS growth and closed sales of $280 million to $320 million. Those are the headlines for the quarter.

最後，隨著今年的強勁開局，我們重申了 24 財年全年指引。我們預計經常性收入將成長 6% 至 9%，利潤率將持續擴張，調整後每股盈餘將再成長 8% 至 12%，最終銷售額將達到 2.8 億美元至 3.2 億美元。這些是本季的頭條新聞。

Now let's turn to Slide 4 to review how we drove these strong results, starting with our governance franchise. Our ICS recurring revenue grew 6%, driven by a combination of revenue from sales increased investor participation and higher interest income. Looking across our product lines, solid growth in our regulatory solutions was complemented by strong results in data-driven fund and issuer solutions.

現在讓我們轉向投影片 4，回顧我們如何取得這些強勁成果，從我們的治理特許經營權開始。在銷售收入增加、投資者參與度增加和利息收入增加的共同推動下，我們的 ICS 經常性收入增加了 6%。縱觀我們的產品線，我們的監管解決方案的穩健成長得到了數據驅動基金和發行人解決方案的強勁業績的補充。

In Customer Communications, double-digit growth in our digital communications revenues more than offset a temporary slowing in print growth. The biggest driver of our growth remained revenue from new sales as we develop new solutions like our digital products and enhance our existing products. We're winning with both new clients and expanding our relationships with existing clients. Increasing investor participation also remains a positive driver for our regulatory business despite headwinds from a choppy market and rising interest rates. In what is the smallest quarter of the year, Equity record growth remained strong at 8%. Growth within managed accounts remained in the mid-teens, more than offsetting low single-digit growth in self-directed accounts.

在客戶通訊方面，我們數位通訊收入的兩位數成長足以抵銷印刷業務成長的暫時放緩。我們成長的最大推動力仍然是新銷售收入，因為我們開發了數位產品等新解決方案並增強了現有產品。我們贏得了新客戶，並擴大了與現有客戶的關係。儘管市場動盪和利率上升帶來阻力，但增加投資者參與仍然是我們監管業務的積極推動力。在今年最小的一個季度，股票成長仍保持在 8% 的強勁紀錄水準。管理帳戶的成長仍維持在十幾歲左右，足以抵消自主帳戶的低個位數成長。

Fund and ETF position growth was 3%, the underlying trends remain solid with double-digit growth in passive fund positions, offsetting weaker trends in actively managed vehicles. Our forward testing continues to indicate a mid- to high single-digit outlook for equity positions and mid-single-digit growth for fund positions. Equity driven activity also picked up in the quarter. event-driven activity also picked up in the quarter.

基金和 ETF 部位成長了 3%，基本趨勢依然穩固，被動基金部位出現兩位數成長，抵銷了主動管理工具的疲軟趨勢。我們的前瞻性測試繼續表明，股票部位的前景為中高個位數，基金部位的成長為中個位數。股票驅動的活動在本季也有所回升。本季事件驅動的活動也有所增加。

I'm especially proud of the work done by our issuer business as part of the recent large cap spin-off. Not only did we seamlessly process critical communications for more than 5 million beneficial and employee shareholders. We also provided the digital composition and print work for the required filings. It's a great example how Broadridge can bring the full power of this network together to help public companies execute critical transactions.

作為最近大盤分拆的一部分，我對我們的發行人業務所做的工作感到特別自豪。我們不僅為超過 500 萬名受益股東和員工股東無縫處理關鍵通訊。我們也提供了所需文件的數位合成和印刷工作。這是 Broadridge 如何整合該網路的全部力量來幫助上市公司執行關鍵交易的一個很好的例子。

We also appointed new leadership for our ICS business, elevating Doug DeSchutter and Mike Tae to the role of co-presidents, as part of a long-planned transition. Mike and Doug are proven leaders, and they bring a long track record of execution to their new roles. Our governance business is in strong hands.

作為長期計劃的過渡的一部分，我們還任命了 ICS 業務的新領導層，將 Doug DeSchutter 和 Mike Tae 提升為聯合總裁。麥克和道格是久經考驗的領導者，他們為新角色帶來了長期的執行記錄。我們的治理業務掌握在強而有力的手中。

Turning to capital markets. Our sell-side clients are seeking to expand their agency and principal trading capabilities and they're turning to Broadridge for our help. Capital Markets revenues rose 9% to $249 million, driven by strong growth in BTCS, and higher trading volumes. We also help our clients simplify their back-office operations. And during the quarter, we completed the rollout of our global post-trade platform for a large global bank. Step by step, we've worked with that client over the past few years to transition away from seven different disparate platforms covering 75 separate markets around the world, each of its own operational support and settlement structure, into a single unified Broadridge platform. This is a strong example of how we are helping our clients simplify their operations, reduce expenses and optimize capital utilization by modernizing their infrastructure.

轉向資本市場。我們的賣方客戶正在尋求擴大他們的代理和委託交易能力，他們正在向布羅德里奇尋求我們的幫助。在 BTC 強勁成長和交易量增加的推動下，資本市場收入成長 9% 至 2.49 億美元。我們也幫助客戶簡化其後台營運。在本季度，我們為一家大型全球銀行完成了全球交易後平台的推出。過去幾年，我們與該客戶合作，逐步從覆蓋全球 75 個不同市場的七個不同平台（每個平台都有自己的營運支援和結算結構）轉變為統一的 Broadridge 平台。這是我們如何透過基礎設施現代化幫助客戶簡化營運、減少開支和優化資本利用率的一個強有力的例子。

Wealth Management revenues grew 14% to $154 million. As we highlighted on our last call, we began recognizing revenue from UBS at the beginning of the first quarter. For some time, we've been discussing our move to a component-based approach, which we are calling transformation on your terms. I'm pleased that we are seeing success with this approach.

財富管理收入成長 14%，達到 1.54 億美元。正如我們在上次電話會議中所強調的那樣，我們在第一季初開始確認瑞銀的收入。一段時間以來，我們一直在討論轉向基於組件的方法，我們將其稱為根據您的條件進行的轉換。我很高興我們看到這種方法取得了成功。

Our pipeline continues to grow, and we have now sold one or more components to seven additional clients beyond UBS and RBC. These component sales give us confidence in our progress and the opportunity to expand these clients over time.

我們的產品線持續成長，目前我們已向 UBS 和 RBC 以外的另外 7 個客戶出售了一種或多種組件。這些組件銷售讓我們對自己的進度充滿信心，並有機會隨著時間的推移擴大這些客戶。

Finally, we reported strong closed sales in the first quarter driven by a combination of underlying demand and sales that moved from fiscal '23. I was especially pleased to see sales growth across all of our franchise, including higher wealth sales and strong growth in BTCS. In an uncertain market, clients remain willing to invest in new capabilities, especially those that can deliver near-term benefits or to enhance the go-to-market strategies, including governance tools, enhance trading capabilities and adviser productivity tools. As a result, while time to close is sometimes longer, our conversations with clients remain strong, and our pipeline continues to grow.

最後，我們報告稱，在潛在需求和 23 財年銷售額的共同推動下，第一季的成交量強勁。我特別高興地看到我們所有特許經營業務的銷售成長，包括更高的財富銷售和 BTCS 的強勁成長。在不確定的市場中，客戶仍然願意投資新功能，尤其是那些能夠帶來短期收益或增強進入市場策略的功能，包括治理工具、增強交易能力和顧問生產力工具。因此，雖然成交時間有時會更長，但我們與客戶的對話仍然活躍，我們的管道也不斷成長。

Let's move to Slide 5 for some closing thoughts on the quarter. First, Broadridge is off to a strong start to fiscal '24. We reported strong first quarter results, including 8% recurring revenue growth 30% adjusted EPS growth. We're executing against our strategy to enable the democratization of investing, simplify and innovate trading and modernize wealth management.

讓我們轉到投影片 5，以了解有關本季的一些總結性想法。首先，布羅德里奇在 24 財年取得了良好的開局。我們公佈了強勁的第一季業績，包括 8% 的經常性收入成長和 30% 的調整後每股盈餘成長。我們正在執行我們的策略，以實現投資民主化、交易簡化和創新以及財富管理現代化。

Second, our growth is being driven by long-term trends and strong execution, continue to benefit from increasing investor participation and clients investing in new regulatory solutions, faster and more efficient trading and the modernization of wealth management. We have invested to ensure that we can help our clients benefit from these trends. That combination of long-term drivers matched with a clear investment and growth strategy is driving real value for clients and strong results for our shareholders.

其次，我們的成長是由長期趨勢和強大的執行力推動的，繼續受益於不斷增加的投資者參與和客戶對新監管解決方案的投資、更快、更有效率的交易以及財富管理的現代化。我們進行了投資，以確保我們能夠幫助我們的客戶從這些趨勢中受益。長期驅動因素與明確的投資和成長策略的結合正在為客戶帶來真正的價值，並為我們的股東帶來強勁的業績。

Third, we remain committed to balanced capital allocation, with our core priorities of retaining our investment-grade credit rating, funding, internal investment, growing our dividend in line with earnings, completing tuck-in M&A and returning excess capital to shareholders. With our wealth platform investment now complete and target leverage achieved, we are confident that we will be able to return additional capital to shareholders going forward, and return to mid- to high teens ROIC. The $150 million share buyback we completed in the first quarter highlights that confidence.

第三，我們仍然致力於平衡資本配置，核心優先事項是保持投資等級信用評級、融資、內部投資、根據盈利增加股息、完成補充併購並將多餘資本返還給股東。隨著我們的財富平台投資現已完成並實現目標槓桿率，我們有信心未來能夠向股東返還額外資本，並恢復到中高的投資報酬率。我們在第一季完成的 1.5 億美元股票回購凸顯了這種信心。

Fourth and last, we are reaffirming our guidance for fiscal '24, and we remain well positioned for long-term growth. Our business has a long track record of delivering consistent top and bottom line growth and strong shareholder returns. Today, we are better positioned than ever to continue delivering even more value to our clients, and we're looking forward to sharing a newer set of 3-year objectives at our upcoming Investor Day this December, in New York.

第四也是最後一點，我們重申對 24 財年的指導，我們仍然為長期成長做好了準備。我們的業務在實現持續的營收和利潤成長以及強勁的股東回報方面擁有悠久的歷史記錄。今天，我們比以往任何時候都更有能力繼續為客戶提供更多價值，我們期待在即將於今年 12 月在紐約舉行的投資者日上分享一套更新的 3 年目標。

Normally, I close my remarks with a thank you to Broadridge associates around the world. It's an acknowledgment of their work and focus on driving positive client outcomes. But today, I first want to thank and remember one associate in particular. Bob Schifellite passed away in September after a brief illness, while in the process of a long-planned transition away from his role, as President of our ICS business. He joined our governance business almost 40 years ago, and he is a principal architect in building the strong governance franchise, we know today. He was a passionate advocate for our clients, a champion of our culture, and most of all, a good friend and mentor to me and so many others at Broadridge. So I want to thank and remember, Bob, for his work in building our company. And I want to thank all of our associates for the work they do every day to serve our clients drive the transformation of our industry and enable better financial lives for millions.

通常，我會以對世界各地佈羅德里奇同事的感謝來結束我的演講。這是對他們工作的認可，也是對他們致力於推動積極的客戶成果的認可。但今天，我首先要特別感謝並紀念一位同事。 Bob Schifellite 在短暫生病後於 9 月去世，當時他正處於計劃已久的 ICS 業務總裁職位過渡過程中。他大約 40 年前加入我們的治理業務，是建立我們今天所知的強大治理特許經營權的主要架構師。他是我們客戶的熱情倡導者，我們文化的捍衛者，最重要的是，他是我和布羅德里奇許多其他人的好朋友和導師。因此，我要感謝並記住鮑勃，他為建立我們公司所做的工作。我要感謝我們所有的員工每天所做的工作，為我們的客戶提供服務，推動我們行業的轉型，並為數百萬人帶來更好的財務生活。

Edmund over to you.

艾德蒙交給你了。

Thank you, Tim. And thank you, in particular, for those comments on Bob. There is no doubt that he will be missed. Good morning, everyone. I'm really pleased to be here to discuss the results from another strong quarter and a strong start to fiscal 2024. Before reviewing this quarter's results, let me share a few key points.

謝謝你，提姆。特別感謝您對鮑伯的評論。毫無疑問，人們會想念他。大家，早安。我很高興能在這裡討論又一個強勁季度的業績以及 2024 財年的強勁開局。在回顧本季度業績之前，讓我先分享幾個要點。

First, Broadridge delivered strong top line growth, led by strong recurring revenue, in line with our expectations and higher event-driven revenue. Second, and as a result, we expect to generate approximately 25% of adjusted EPS in the first half of fiscal '24. Third, we are reaffirming our fiscal '24 guidance. And finally, we resumed share repurchases in Q1 as we are confident in our ability to drive 100% free cash flow conversion and return more capital to shareholders.

首先，在強勁的經常性收入的帶動下，Broadridge 實現了強勁的營收成長，符合我們的預期，且事件驅動的收入更高。其次，因此，我們預計在 2024 財年上半年將產生約 25% 的調整後每股盈餘。第三，我們重申 '24 財年指引。最後，我們在第一季恢復了股票回購，因為我們對推動 100% 自由現金流轉換並向股東返還更多資本的能力充滿信心。

As you can see from the financial summary on Slide 6, recurring revenues rose to $871 million, up 8% on a constant currency basis, all organic. Adjusted operating income increased 33% and AOI margin expanded 220 basis points to 13.9%. Adjusted EPS was up 30% to $1.09. And I'll remind you that while higher interest expense partially offsets operating income growth, the interest rate impact at the Broadridge level is fully offset by higher float income in our ICS segment.

從投影片 6 的財務摘要可以看出，經常性收入增加至 8.71 億美元，以固定匯率計算成長 8%，全部是有機收入。調整後營業收入成長 33%，AOI 利潤率擴大 220 個基點至 13.9%。調整後每股收益成長 30%，達到 1.09 美元。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成長，但布羅德里奇水準的利率影響完全被我們 ICS 部門較高的浮動收入所抵消。

Continuing with the results, we delivered closed sales of $48 million, up $19 million over Q1 '23. And finally, I will note again that we repurchased $150 million of Broadridge shares as part of our balanced capital allocation model.

繼續分析結果，我們實現了 4,800 萬美元的成交額，比 2023 年第一季增加了 1,900 萬美元。最後，我要再次指出，作為平衡資本配置模型的一部分，我們回購了 1.5 億美元的 Broadridge 股票。

Let's get into the details of these results, starting with recurring revenue on Slide 7. Current revenues grew 8% to $871 million in Q1 '24 and was at the higher end of our full year guidance range of 6% to 9%. And our recurring revenue growth was driven by a combination of converting our backlog to revenue and double-digit trade volume growth.

讓我們從幻燈片 7 上的經常性收入開始詳細了解這些結果。24 年第一季的當前收入增長了 8%，達到 8.71 億美元，處於我們全年指導範圍 6% 到 9% 的高端。我們的經常性收入成長是由積壓訂單轉化為收入和兩位數的貿易量成長共同推動的。

Let's turn now to Slide 8 to look at the growth across our ICS and GTO segments. We continue to see growth in both ICS and GTO. ICS recurring revenue grew 6% to $469 million. Regulatory revenue grew 5% and was led by fund and equity position growth. More importantly, physician growth remains in line with our expectations as I'll detail in a moment. Data-driven Fund Solutions revenue increased by 9%, primarily due to higher float revenue in our mutual fund trade processing unit, which we have rebranded to be Broadridge Retirement and Workplace. Issuer revenue was up 19%, driven by growth in our registered shareholder solutions.

現在讓我們轉向幻燈片 8，了解 ICS 和 GTO 細分市場的成長情況。我們繼續看到 ICS 和 GTO 的成長。 ICS 經常性收入成長 6%，達到 4.69 億美元。監管收入成長 5%，主要由基金和股票部位成長所帶動。更重要的是，醫生的成長仍然符合我們的預期，我稍後將詳細介紹。數據驅動的基金解決方案收入成長了 9%，主要是由於我們的共同基金交易處理部門（我們已將其更名為 Broadridge Retirement and Workplace）的浮動收入增加。由於我們的註冊股東解決方案的成長，發行人收入成長了 19%。

And Customer Communications recurring revenue was up 2%, propelled by continued double-digit growth in our higher-margin digital business, which more than offset lower growth in our lower-margin print revenues. And while we do expect print volumes to pick up over the balance of fiscal '24, we continue to expect print revenues to decline over time and be replaced with higher-margin digital revenue. As a result, over the long term, we expect our customer communications business to have low single-digit top line growth with expanding margins and continued low double-digit earnings growth as it execute on its print to digital strategy.

在我們利潤率較高的數位業務持續兩位數成長的推動下，客戶通訊經常性收入成長了 2%，這遠遠抵消了我們利潤率較低的印刷收入的較低成長。雖然我們確實預計印刷版銷量將在 24 財年餘下時間裡回升，但我們仍然預計印刷版收入將隨著時間的推移而下降，並被利潤率更高的數位收入所取代。因此，從長遠來看，我們預計我們的客戶通訊業務在執行印刷到數位策略時，將實現較低的個位數營收成長，同時利潤率不斷擴大，並持續保持較低的兩位數盈利增長。

Turning to GTO. Recurring revenues grew 11% to $402 million. Capital markets revenue increased 9% and led by continued strong performance in BTCS, and elevated equity and fixed income trading volume growth. Wealth and Investment Management revenue grew 14%, powered by the onset of revenue recognition related to the UBS contract, partially offset by the successful transition of E-Trade to the Morgan Stanley platform, which occurred at the beginning of September. Looking ahead, we continue to have high confidence in full year GTO growth being in line with our historical 5% to 7% growth objective.

轉向GTO。經常性收入成長 11%，達到 4.02 億美元。受 BTCS 持續強勁表現以及股票和固定收益交易量增長帶動，資本市場收入增長 9%。財富和投資管理收入成長了 14%，這得益於瑞銀合約相關收入確認的開始，但部分被 9 月初 E-Trade 成功過渡到摩根士丹利平台所抵消。展望未來，我們仍然對全年 GTO 成長符合我們 5% 至 7% 的歷史成長目標充滿信心。

Now let's turn to Slide 9 for a closer look at volume trends. As you can see by our results, investor participation in financial markets has continued to increase despite the market volatility. Equity position growth was 8%, driven by continued double-digit growth in managed accounts. Our testing of position growth continues to prove reliable as Q1 was in line with our expectations. We have now extended our testing into Q2 and Q3, and those results support our outlook for mid- to high single-digit growth for the full year. Mutual fund position growth moderated from Q4 '23, but grew 3%, driven by strong growth in passive funds. Based on our testing, we continue to expect mid-single-digit growth for the full year.

現在讓我們轉向投影片 9 來仔細了解成交量趨勢。正如您從我們的結果中看到的，儘管市場波動，投資者對金融市場的參與度仍在持續增加。在管理帳戶持續兩位數成長的推動下，股票部位成長了 8%。我們對頭寸成長的測試繼續證明是可靠的，因為第一季符合我們的預期。我們現在已將測試擴展到第二季度和第三季度，這些結果支持我們對全年中高個位數成長的展望。自 2023 年第四季以來，共同基金部位成長有所放緩，但在被動基金強勁成長的推動下成長了 3%。根據我們的測試，我們繼續預計全年將實現中個位數成長。

Turning now to trade volumes on the bottom of the slide. Trade volumes rose 15% on a blended basis, led by double-digit volume growth in both equities and fixed income, which benefited our capital markets business.

現在轉向幻燈片底部的交易量。在股票和固定收益交易量兩位數成長的帶動下，綜合交易量成長了 15%，這有利於我們的資本市場業務。

Let's now move to Slide 10 for the drivers of recurring revenue growth. Recurring revenue growth of 8% was all organic and grew above our 5% to 7% growth objective for a sixth consecutive quarter. Revenue from net new business contributed 5 points of growth. Internal growth, primarily trading volumes, expanding client relationships and float income contributed 3 points. Foreign exchange had a nonmaterial teen-basis point positive impact on recurring revenue growth. And based on curate, we expect a similar benefit in full year recurring revenue growth relative to fiscal '23.

現在讓我們轉到投影片 10，了解經常性收入成長的驅動因素。 8% 的經常性收入成長完全是有機的，並且連續第六個季度超過了我們 5% 至 7% 的成長目標。淨新業務收入貢獻5個百分點的成長。內部成長，主要是交易量、擴大客戶關係和浮動收入貢獻了 3 個百分點。外匯對經常性收入成長產生非實質的青少年基點正面影響。根據策劃，我們預計全年經常性收入成長相對於 23 財年也會有類似的好處。

I'll finish the discussion on revenue on Slide 11. Total revenue grew 12% to $1.4 billion, of which recurring revenue, the largest contributor of 5 points of growth. Event-driven revenue was $87 million and added 2 points to growth. As expected, the bit driven revenue increased sequentially and was above a 7-year average. Event-driven activity in the quarter was particularly strong and benefited from the timing of mutual fund proxy activity and significant corporate actions. We continue to expect more normalized event-driven revenue for the remainder of the year and for the full year to be $230 million, $250 million, in line with recent years.

我將在投影片 11 上完成有關收入的討論。總收入成長 12%，達到 14 億美元，其中經常性收入貢獻了 5 個百分點的成長。事件驅動的收入為 8,700 萬美元，成長了 2 個百分點。正如預期的那樣，比特驅動的收入連續增長並高於 7 年平均水平。本季事件驅動的活動尤其強勁，受益於共同基金代理活動和重大企業行動的時機。我們繼續預期今年剩餘時間和全年的事件驅動收入將更加正常化，分別為 2.3 億美元、2.5 億美元，與近年來的情況一致。

Low to no margin distribution revenues contributed 5 points to the total revenue growth. Distribution revenue was elevated and reached 14% and with half of that growth coming from postal rate increases, which have a dilutive impact on our adjusted operating income margin. We continue to expect distribution revenue to grow in the high single to low double-digit range, driven by further postal rate increases.

低利潤甚至無利潤的分銷收入對總收入成長貢獻了 5 個百分點。分銷收入上升並達到 14%，其中一半的成長來自郵政費率的上漲，這對我們調整後的營業利潤率產生了攤薄影響。我們繼續預計，在郵政費率進一步上漲的推動下，配送收入將在高個位數到低兩位數的範圍內成長。

Turning now to margins on Slide 12. Adjusted operating income margin was 13.9%, a 220 basis point improvement over the prior year period, powered by a combination of operating leverage on our higher recurring and event-driven revenue, higher float income and continued disciplined expense management. Excluding the net impact of higher distribution revenue and higher float income, which was accretive to margins in Q1, we delivered over 100 basis points of margin expansion, after absorbing the amortization from our wealth platform. This performance gives us confidence in our ability to both fund long-term growth investments and still meet our earnings growth objectives.

現在轉向幻燈片12 上的利潤率。調整後的營業利潤率為13.9%，比上年同期提高220 個基點，這得益於我們更高的經常性和事件驅動收入、更高的浮動收入和持續嚴格的營運槓桿作用費用管理。排除較高的分銷收入和較高的浮動收入的淨影響（這對第一季的利潤率有所增加），在吸收了財富平台的攤銷後，我們的利潤率增長了超過 100 個基點。這一業績讓我們對自己為長期成長投資提供資金並仍實現獲利成長目標的能力充滿信心。

We continue to expect adjusted operating income margin to increase year-over-year to approximately 20%, as we overcome the dilutive impact of higher distribution revenue.

隨著我們克服分銷收入增加的稀釋影響，我們繼續預計調整後的營業利潤率將年增至約 20%。

Let's move ahead to closed sales on Slide 13. Closed sales were $48 million, $19 million higher than Q1 '23. We were encouraged by our strong start to the year with higher sales across all three of our franchises. We saw strong BTCS sales in GTO and strong customer communications and regulatory sales in ICS. As Tim noted, our pipeline remains strong as we continue to see strong interest from clients in our technology solutions.

讓我們繼續看投影片 13 上的成交額。成交額為 4,800 萬美元，比 23 年第一季高出 1,900 萬美元。我們對今年的強勁開局感到鼓舞，我們所有三家特許經營店的銷售額均有所增加。我們在 GTO 中看到了強勁的 BTCS 銷售，在 ICS 中看到了強勁的客戶溝通和監管銷售。正如蒂姆所指出的那樣，我們的管道仍然強勁，因為我們繼續看到客戶對我們的技術解決方案表現出濃厚的興趣。

I'll turn now to cash flow on Slide 14. I'll start with a reminder that Broadridge's cash flow generation is typically negative in the fiscal first quarter and strengthens throughout the year. Q1 '24 free cash flow was negative $76 million, $142 million better than last year, driven by a reduction in client platform spend, which I'll discuss in a moment. Free cash flow conversion calculated to this trailing 12-month free cash flow over adjusted net earnings was 103% in Q1 '24. This is consistent with our expectations of free cash flow conversion of approximately 100% for full year '24.

現在我將討論投影片 14 上的現金流。我首先要提醒您的是，布羅德里奇的現金流生成在第一財季通常為負值，但全年都會增強。 24 年第一季自由現金流為負 7,600 萬美元，比去年好 1.42 億美元，這是由於客戶端平台支出減少所致，我稍後會討論這一點。根據該追蹤 12 個月自由現金流與調整後淨利的自由現金流換算，24 年第一季的自由現金流轉換率為 103%。這與我們對 2024 年全年自由現金流轉換率約為 100% 的預期一致。

On Slide 15, you'll see that we remain committed to a balanced capital allocation policy that prioritizes our investment-grade credit rating, internal investment, a strong and growing dividend and strategic tuck-in M&A that meets our financial criteria, with excess capital being returned to shareholders through share repurchases. Our total capital investment for Q1 '24 was $34 million, including platform investment of $20 million, down significantly from the prior year's $163 million. We returned $86 million to shareholders through the dividend and with no M&A activity in the quarter, we returned an additional $150 million to shareholders through share repurchases, our first share repurchase activity since fiscal year '20.

在幻燈片15 上，您將看到我們仍然致力於平衡的資本配置政策，優先考慮我們的投資級信用評級、內部投資、強勁且不斷增長的股息以及符合我們財務標準的戰略併購，並擁有過剩資本透過股票回購的方式返還給股東。我們 24 年第一季的總資本投資為 3,400 萬美元，其中平台投資為 2,000 萬美元，比前一年的 1.63 億美元大幅下降。我們透過股利向股東返還了8,600 萬美元，在本季沒有併購活動的情況下，我們透過股票回購向股東額外返還了1.5 億美元，這是我們自20 財年以來的首次股票回購活動。

Turning to guidance on Page 16. As I said in the beginning of my remarks, the strong start to fiscal '24 gives us the confidence to reaffirm our full year guidance on all of our key financial metrics. We continue to expect 6% to 9% recurring revenue growth, constant currency, adjusted operating income margin of 20%, adjusted EPS growth of 8% to 12% and closed sales of between $280 million to $320 million. Additionally, we expect approximately 75% of our earnings to be generated in the second half of the year with 25% in the first half, in line with our performance over the last 10 years.

轉向第 16 頁的指引。正如我在發言開頭所說，24 財年的強勁開局使我們有信心重申我們對所有關鍵財務指標的全年指引。我們持續預期經常性營收成長6% 至9%（以固定匯率計算），調整後營業利潤率為20%，調整後每股盈餘成長8% 至12%，最終銷售額在2.8 億美元至3.2 億美元之間。此外，我們預計約 75% 的收入將在下半年產生，25% 將在上半年產生，這與我們過去 10 年的表現一致。

Finally, let me summarize my key messages. Broadridge delivered strong Q1 financial results. The demand and secular trends driving our growth remains strong, and our testing is showing continued equity and fund position growth into the second half of the fiscal year. We expect free cash flow conversion of approximately 100% in fiscal '24, allowing us to invest for growth and return capital to shareholders in line with our balanced capital allocation model. We are reaffirming our fiscal year '24 guidance, highlighting the strength of our business and financial model.

最後，讓我總結一下我的關鍵訊息。布羅德里奇第一季財務業績強勁。推動我們成長的需求和長期趨勢仍然強勁，我們的測試顯示，本財年下半年股票和基金部位持續成長。我們預計 24 財年的自由現金流轉換約為 100%，使我們能夠根據平衡資本配置模型進行投資以實現成長並向股東返還資本。我們重申 24 財年的指導，強調我們業務和財務模式的優勢。

And with that, let's take your questions. Operator, back to you.

接下來，讓我們回答您的問題。接線員，回到您身邊。

(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。

Good to see the strong start to fiscal '24. Looks like you're running at about 3x the EPS growth targeted for the year as a whole, 30% versus 8 to 12 on granted 1Q is your smallest quarter of the year and fourth quarter is the most important. Can you unpack the drivers of outperformance between recurring elements, which seem to be expense discipline, recurring revenue growth and some that are nonrecurring, like event-driven fees and obviously, E-Trade was on your system perhaps a little longer than anticipated. But it looks like you're on track to outperform versus your annual guide what's keeping you a little more conservative.

很高興看到 24 財年的強勁開局。看起來您的每股盈餘成長約為全年目標的 3 倍，即 30%，而第一季是您今年最小的季度，第四季度是最重要的，而第一季為 8 至 12%。您能否分析一下經常性因素之間表現優異的驅動因素，這些因素似乎是費用紀律、經常性收入增長和一些非經常性因素，例如事件驅動的費用，顯然，電子貿易在您的系統上出現的時間可能比預期的要長一些。但看起來你的表現有望超越你的年度指南，這讓你變得更加保守。

David, you asked the question and answered it within your own question. You did a very good job of that. And you said it exactly, I'll start with one of the points you made that Q1 is really a small quarter for us. And you know well that our focus is on driving medium- to long-term growth and in the short term, meeting our commitments. In the short term, we're focused on annual growth, and we run the company as an annual growth company. And over the last 10 years, you've seen, as I said in my remarks, that roughly about 25% of our earnings happen in the first half of the year. That's given the strong proxy season in the back half of the year.

大衛，你提出了這個問題並在你自己的問題中回答了它。你在這方面做得非常好。你說得很對，我將從你提出的一個觀點開始，即第一季對我們來說確實是一個很小的季度。您很清楚，我們的重點是推動中長期成長，並在短期內履行我們的承諾。短期內，我們專注於年度成長，並將公司作為年度成長公司來運作。在過去 10 年裡，正如我在演講中所說，您已經看到，我們大約 25% 的收入發生在上半年。這是考慮到今年下半年代理商季節的強勁表現。

And I think '24 will be no different. And to the question that you asked, it is some of the nonrecurring items that's driving that type of performance. Specifically in Q2, you'll see more normalized event-driven revenue as we talked about, we said in Q4 that we expected some of the pent-up demand from '23 coming into '24, and that's exactly what we saw. It will be more normalized as we go through the rest of the year. You'll see the full impact, another nonrecurring item of converting E-Trade over to the Morgan Stanley platform.

我認為'24也不會有什麼不同。對於您提出的問題，正是一些非經常性專案推動了這種類型的績效。具體來說，在第二季度，您將看到更多正常化的事件驅動收入，正如我們在第四季度所說的那樣，我們預計23 年的一些被壓抑的需求將進入24 年，而這正是我們所看到的。隨著今年剩餘時間的推移，這種情況將會更加正常化。您將看到全面的影響，這是將電子貿易轉換到摩根士丹利平台的另一個非經常性項目。

And within your question, you made the final point that I think is important to point out here is that the more recurring drivers of growth are stable, both for this year and both for the long term. And I'll call those out as converting our backlog to revenue that's very stable. That drove, as you saw in my remarks, over 5 points of growth here. The position growth in our testing for that remains in line with our expectations, both for equities and funds into your -- another point you made, the continued discipline on expense management to be able to get the operating leverage from the scale in our business, to be able to execute on the actions that we've taken as we evaluate our cost base as those things continue to help us have the kind of growth.

在你的問題中，你提出了最後一點，我認為在這裡需要指出的是，無論是今年還是長期，更經常性的成長驅動因素都是穩定的。我將把這些稱為將我們的積壓訂單轉化為非常穩定的收入。正如您在我的演講中看到的那樣，這推動了這裡超過 5 個百分點的成長。我們測試中的部位成長仍然符合我們的預期，無論是股票還是基金，您提出的另一點是，持續嚴格的費用管理，以便能夠從我們的業務規模中獲得營運槓桿，能夠執行我們在評估成本基礎時所採取的行動，因為這些事情將繼續幫助我們成長。

I would not get too hung up the final point you made on the growth in this particular quarter. But on a full year basis, we continue -- nothing is unusual here, and we continue to feel very strong and confident about the full year guidance.

我不會太糾結你對本季成長的最後一點。但在全年的基礎上，我們繼續下去——這裡沒有什麼不尋常的，我們仍然對全年的指導感到非常強烈和有信心。

Just as a quick follow-up, good to see the improved bookings performance in Q1 after a somewhat soft second half of FY '23, despite the pipelines being strong last year. Was there anything that changed in particular in the first quarter that gives you a better line of sight to your full year bookings target? Or is it just some of these sales cycles just got over the goal line?

作為一個快速的後續行動，儘管去年的管道強勁，但在 23 財年下半年有些疲軟之後，很高興看到第一季的預訂表現有所改善。第一季是否有任何變化讓您更了解全年預訂目標？還是只是其中一些銷售週期剛好超過目標線？

Yes, Dave, it's Tim. And thank you for that question. Look, we were really pleased with record sales in Q1. I think as you have heard from others, sales cycles are lengthening, which did drive some slippage from Q4 into Q1. But I think as we look forward, one of the advantages that we feel is really the breadth of our product set, which enables us from a mix perspective to benefit from a wide range of market conditions. And so we have many chances to ensure that we're still part of the solution to the problems that our clients are facing at any given time.

是的，戴夫，是提姆。謝謝你提出這個問題。看，我們對第一季創紀錄的銷售感到非常滿意。我認為正如您從其他人那裡聽到的那樣，銷售週期正在延長，這確實導致了從第四季度到第一季的下滑。但我認為，展望未來，我們感受到的優勢之一實際上是我們產品集的廣度，這使我們能夠從混合的角度受益於廣泛的市場條件。因此，我們有很多機會確保我們仍然是解決客戶在任何特定時間面臨的問題的一部分。

So right now, we're seeing more demand for components and solutions that are addressing costs or are driving near-term revenue less the transformational solutions at this time. But we're seeing good demand across all three of our franchises. Our pipeline has never been higher. And so that's why we confirm the $280 million to $320 million for this year.

因此，目前，我們看到對解決成本或推動短期收入的組件和解決方案的需求越來越多，而不是此時的轉型解決方案。但我們看到我們所有三個特許經營權都有良好的需求。我們的管道從未如此高。這就是我們確認今年 2.8 億至 3.2 億美元資金的原因。

And condolences on Bob's passing. I remember him well from your Investor and Analyst Days.

對鮑伯的去世表示哀悼。我對他在投資者和分析師日的記憶猶新。

Thanks, David.

謝謝，大衛。

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。

Just a follow-up, Tim, and you addressed this in your answer to the last question, you're talking about some of the components of the wealth management system. At least I think you're referring to that when you said that the components that are more designed for cost efficiencies or cost savings are proving a little bit more popular. But could you just dig into that a little bit in more detail, talk about some of the components and in terms of relative demand and then the implementation cycles -- just can some of the components go live fairly quickly. And then lastly, I didn't hear you say it, but I think in the last quarter call, you talked about perhaps $20 million to $30 million of new closed sales related to wealth management components. Do you think that's still a good estimate?

只是後續行動，蒂姆，您在回答最後一個問題時解決了這個問題，您正在談論財富管理系統的一些組成部分。至少我認為您指的是當您說更注重成本效率或節省成本的組件被證明更受歡迎時。但是，您能否更詳細地研究一下這一點，討論一些組件以及相對需求，然後是實施週期——某些組件可以相當快速地投入使用。最後，我沒有聽到你這麼說，但我認為在上個季度的電話會議中，你談到了與財富管理組件相關的新成交銷售額可能為 2000 萬至 3000 萬美元。您認為這仍然是一個好的估計嗎？

Peter, I would say -- and we can talk about components across all of our franchise, but I think you were specifically asking a little bit more on the wealth side. And we really remain quite pleased with our progress on wealth. And obviously, we began recognizing revenue from UBS in July. And on the components, we really started that marketing the components last spring with a really significant kickoff at the Securities Industry Conference, the SIFMA conference in May, demoing live software, really being able to show clients working components.

彼得，我想說——我們可以討論我們所有特許經營的組成部分，但我認為你特別在財富方面提出了更多的要求。我們對我們在財富方面取得的進展確實感到非常滿意。顯然，我們從 7 月開始確認瑞銀的收入。在組件方面，我們去年春天真正開始行銷組件，並在 5 月份的證券行業會議、SIFMA 會議上進行了一次非常重要的啟動，演示了實時軟體，真正能夠向客戶展示工作組件。

And so we're sort of fully into selling mode on that. Our pipeline has built nicely and is quite a bit where it was a year ago. And we're seeing, I think, in the near term, we're seeing demand around things that can help drive adviser productivity. We're seeing demand and corporate and class actions. We're seeing demand around helping people process alternatives. So lots of things that are meeting some important needs that our clients have. And so as I said, we are -- we now have clients -- multiple clients live with at least one component and others in the implementation. I think that shows that, that component approach is working.

所以我們已經完全進入了銷售模式。我們的管道建設得很好，與一年前的水平相當。我認為，在短期內，我們看到了對有助於提高顧問生產力的事物的需求。我們看到了需求以及企業和集體訴訟。我們看到了幫助人們處理替代方案的需求。很多事情都滿足了我們客戶的一些重要需求。正如我所說，我們——我們現在有客戶——多個客戶與至少一個組件一起生活，而其他組件正在實施中。我認為這表明該組件方法正在發揮作用。

As you said, we are targeting $20 million to $30 million in incremental sales. And I think we're on track to achieve that over time. So I think, when you look at how we're looking about our wealth strategy, we're really assuming mostly these component sales within every few years, something a little bit larger that will boost sales in that year. But I think right now, we're focused on the component side.

正如您所說，我們的目標是增加 2,000 萬至 3,000 萬美元的銷售額。我認為隨著時間的推移，我們有望實現這一目標。所以我認為，當你看看我們如何看待我們的財富策略時，我們實際上假設每隔幾年這些零件的銷售量就會增加，稍微大一些的東西會促進當年的銷售。但我認為現在我們專注於組件方面。

That makes sense. And then just -- I didn't hear you reference it and certainly, historically, Broadridge has been pretty active on M&A. But now with leverage back down below 2.5%, how do you view the M&A pipeline? And do you think you -- we could still see a deal or two happen in fiscal '24?

這就說得通了。然後 - 我沒有聽到你提到它，當然，從歷史上看，布羅德里奇在併購方面一直非常活躍。但現在槓桿率回落到2.5%以下，您如何看待併購通路？您認為我們仍然可以在 24 財年看到一兩筆交易發生嗎？

Yes, it is -- I think if you look at the market, there's still a disconnect between buyers and sellers in terms of what the values are. So the landscape in terms of what is available is -- it's a little light, I would say. There are some interesting things that we are looking at. So I wouldn't be surprised if we're able to transact something in '24, but it's -- the degree of pipeline and activity is definitely way below where it was a few years ago.

是的，是的——我認為如果你看看市場，買家和賣家在價值方面仍然存在脫節。因此，就可用的情況而言，我想說的是，它有點輕。我們正在研究一些有趣的事情。因此，如果我們能夠在 24 年進行某些交易，我不會感到驚訝，但管道和活動的程度肯定遠低於幾年前。

I think one of the things, Peter, is that with the investments that we've made, we are feeling really good about our ability to drive organic growth through organic investment. And so that balance between organic growth and M&A that may be a little bit different over the next few years than it was in the past. But we will continue to look for the right opportunities that meet our criteria.

彼得，我認為其中一件事是，透過我們所做的投資，我們對透過有機投資推動有機成長的能力感到非常滿意。因此，未來幾年有機成長和併購之間的平衡可能會與過去有所不同。但我們將繼續尋找符合我們標準的合適機會。

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。

Maybe we could jump in a little more to the components of the business. Maybe just touching first on the communications side. I just want to make sure we understand. I know we saw strong growth in digital offset by slowing cranes. If you could just give us a little bit of an update on some of the additional color on print trend, sustainability of it? And just broadly speaking, that's a segment that is one that's shown some element of improvement, obviously, since you -- really since you closed the deal, but it took a little while at first. So just give us a little more color on what you're seeing there for us, please?

也許我們可以更專注於業務的組成部分。也許只是先接觸通信方面。我只是想確保我們理解。我知道我們看到了起重機減速帶來的數位膠印的強勁成長。您能否向我們介紹一些印刷上附加顏色的趨勢及其可持續性的最新情況？從廣義上講，這是一個顯示出一些改進元素的細分市場，顯然，自從您完成交易以來，確實是自從您完成交易以來，但一開始花了一點時間。請給我們更多關於您所看到的內容的信息，好嗎？

Sure, Darrin. Thank you very much. Thank you for that question. We really liked this quarter because we're now beginning to see that conversion of print to digital that we've been talking about. So this quarter, we had a significant client that went live on our next-generation digital solution and move a lot of communications from print to digital. So they saved a ton of money and their end clients and advisers are really happy with the new solution and are very engaged with it and seeing real upticks in satisfaction. So on the base that we saw lower print volumes on that client.

當然，達林。非常感謝。謝謝你提出這個問題。我們真的很喜歡這個季度，因為我們現在開始看到我們一直在談論的印刷到數位的轉變。因此，本季度，我們有一個重要客戶啟用了我們的下一代數位解決方案，並將許多通訊從印刷轉移到數位。因此，他們節省了大量資金，他們的最終客戶和顧問對新解決方案非常滿意，並且非常投入，並看到滿意度真正上升。因此，我們發現該客戶的印刷量較低。

But overall, we saw a double-digit increase in our digital revenues and a double-digit increase in profitability. So that really shows how this transition can work for us. So I do think just stepping back a little bit, our main story is that continued flow towards digital. But I do have to put an asterisk on it, which is that we are continuing to see a lot of demand from companies that are seeking to rationalize their print facilities. And so there still is an opportunity sort of in that midterm to be the consolidation point for print, which we'll do and are happy to do as long as the digital comes with it so we get the transition over time.

但總體而言，我們的數位收入實現了兩位數的成長，獲利能力也實現了兩位數的成長。這確實顯示了這種轉變如何為我們服務。所以我確實認為退一步來說，我們的主要故事是持續向數位化發展。但我確實必須在上面加上一個星號，那就是我們繼續看到尋求合理化其列印設施的公司的大量需求。因此，在中期仍有機會成為印刷業的整合點，只要數位化隨之而來，我們就會這樣做，並且很樂意這樣做，這樣我們就能隨著時間的推移實現過渡。

So longer term, we expect to see lower growth in print, with strong growth in digital and strong profitability growth. which is exactly what we saw in the first quarter. But there will be some bumps along the way where we have stronger print volume.

因此，從長遠來看，我們預計印刷業務的成長將放緩，而數位業務的成長將強勁，獲利能力將強勁成長。這正是我們在第一季看到的情況。但在我們擁有更強的印刷量的過程中，會遇到一些坎坷。

And then the mean -- and I'll just add, Darrin, you made a point in your question is worth highlighting that since the acquisition, we've continued to see margins expanding and low double-digit earnings growth as we execute on this strategy for print to digital that Tim just talked about. So we feel very good about that.

然後，我要補充一點，達林，你在問題中提出的一個觀點值得強調，自收購以來，我們在執行此操作時繼續看到利潤率擴大和低兩位數的盈利增長蒂姆剛才談到的印刷到數位的策略。所以我們對此感覺非常好。

Quick, quick follow-up just on the positional growth side, specifically on mutual fund. But maybe more -- first more, just more broadly what you're seeing and what you're expecting on trends. You guys tend to have a lot of really good data as you always say, in terms of at least the next 6 months. So just remind us your conviction on what you're seeing now on that front broadly. But then specifically mutual funds, I think, were 3%, I think you said driven by passive -- and so -- if you could just add color on active mutual fund position trends here broadly and just couple that into the first question on overall position growth.

快速、快速地跟進部位成長方面，特別是共同基金。但也許更多——首先是更多，只是更廣泛地了解你所看到的以及你對趨勢的期望。正如你們常說的，至少在接下來的 6 個月裡，你們往往會有很多非常好的數據。因此，請提醒我們您對您現在在這方面廣泛看到的情況的信念。但具體來說，我認為共同基金是3%，我認為您說的是被動驅動的——等等——如果您可以在這裡廣泛地增加主動共同基金頭寸趨勢的色彩，並將其與總體上的第一個問題結合起來職位成長。

Yes, Darrin. Look, I think that the underlying trends on both numbers, both the equity side and the fund side are positive. And as we've talked about, that includes growth in managed accounts and then over time, things like direct indexing and pass-through void. And we were certainly happy with the 8% record growth, which I know wasn't your question about what it was, but I have to repeat it. And that was really driven by the managed account side. On the fund side, where it was 3%. We have seen that be a little bit noisier quarter-to-quarter based on timing, and that is really what we think was going on this quarter.

是的，達林。看，我認為股票方面和基金方面這兩個數字的基本趨勢都是正面的。正如我們所討論的，這包括管理帳戶的成長，然後隨著時間的推移，諸如直接索引和傳遞無效之類的事情。我們當然對 8% 的創紀錄增長感到滿意，我知道這不是你問的問題，但我必須重複。這實際上是由管理帳戶方面所推動的。基金方面，為3%。我們發現，從時間來看，每季的情況都有點吵鬧，這正是我們認為本季正在發生的情況。

Sort of looking inside that, it's -- there's good growth in money market funds, not surprisingly given sort of the volatility that is out there. And -- but then as we look forward, I think the thing that really is giving us the confidence is the forward testing, which, again, is showing the mid-high for equities and the mid-single for funds. But really, the long-term trends we haven't really seen any change in those. So we're -- that's why we're confirming where we are.

從內部來看，貨幣市場基金成長良好，考慮到市場的波動性，這並不奇怪。而且，當我們展望未來時，我認為真正給我們信心的是前瞻性測試，它再次顯示出股票的中高水準和基金的中位數水準。但實際上，我們並沒有真正看到這些長期趨勢有任何變化。所以我們——這就是為什麼我們要確認我們所處的位置。

The next question is from Matthew Roswell of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的馬修·羅斯威爾。

It's Matt Roswell on for Dan Perlin. Congratulations on a nice quarter. Just a couple of quick questions, hopefully. The -- what was the FX impact in the quarter? And how should we think about it for the rest of the year?

馬特羅斯威爾 (Matt Roswell) 替補丹佩林 (Dan Perlin)。恭喜您度過了一個美好的季度。希望只是幾個簡單的問題。該季度的外匯影響是什麼？今年剩下的時間我們該如何思考這個問題？

Yes. Matt, that's -- I'll just be quick on that one. In the quarter, on our recurring -- it was not material on our recurring revenue, 15 basis points benefit to us. What we said when we gave guidance in Q4 is that we expected a modest 0.5 point benefit to earnings, and that's not us trying to do our own estimates of FX, but just looking at what current rates sit at today. And I think we're still largely in that range. If you look at our 10-K, and you'll see that a change in the U.S. dollar of 10% against the currencies that matter to our economics, primarily the pound, the Canadian dollar and increasingly with BTCS, the euro and the Swedish corona, there is about a $15 million impact on earnings. So that gives you some sense about what the overall impact can be, but we've been specific about what we think for fiscal '24.

是的。馬特，那是——我很快就會說完。在本季度，就我們的經常性收入而言，這對我們的經常性收入並不重要，15 個基點對我們有利。我們在第四季度給出指導時所說的是，我們預計收益將適度增長 0.5 個百分點，這並不是我們試圖對外匯做出自己的估計，而只是看看今天的當前利率。我認為我們很大程度上仍處於這個範圍內。如果您查看我們的 10-K，您會發現美元兌對我們經濟至關重要的貨幣（主要是英鎊、加元，以及越來越多的 BTCS、歐元和瑞典貨幣）發生了 10% 的變化新冠疫情對獲利造成約1500 萬美元的影響。因此，這讓您對整體影響可能有一些了解，但我們已經具體說明了我們對 24 財年的想法。

And then on the margin expansion for the remainder of the year, is there anything we should look out for in terms of either seasonality or grow over compared to last year?

那麼，關於今年剩餘時間的利潤率擴張，與去年相比，我們在季節性或成長方面有什麼值得關注的地方嗎？

And that's a great one to point out, Matt, because I think looking at the margins in any particular quarter is not -- you should certainly be looking at that on a full year basis, given the timing of our investments and the timing of some things that are recurring versus nonrecurring? The short answer of what you should expect is that approximately 20%, which is margin expansion. And there's a couple of things going on there, right. There is setting aside the float income that we see in our ICS business, which is a benefit to the overall reported margin expansion but has no impact to our earnings because we have the interest expense that offsets that.

馬特，這是一個很好的指出，因為我認為考慮到任何特定季度的利潤率都不是——考慮到我們的投資時機和一些項目的時機，你當然應該在全年的基礎上考察這一點。重複發生的事情與非重複發生的事情？您應該期望的簡短答案是大約 20%，即利潤率擴張。那裡發生了一些事情，對吧。我們在 ICS 業務中看到了浮動收入，這有利於整體報告的利潤率擴張，但對我們的收益沒有影響，因為我們有利息費用來抵消這一點。

The second component that you see impacting the reported rate is the distribution revenue, particularly with no margin postal rate increases in it that has no impact to our earnings. The impact of those two things together for the full year, we estimate to be dilutive by about 50 basis points and what we said is we'd be able to overcome that and continue to deliver margin expansion in the 50 basis points range absorbing the amortization associated with the Wealth management platform.

您看到影響報告費率的第二個組成部分是分銷收入，特別是在郵政費率沒有增加的情況下，這對我們的收入沒有影響。這兩件事對全年的影響相結合，我們估計會稀釋約 50 個基點，我們所說的是我們能夠克服這一點，並繼續實現 50 個基點範圍內的利潤率擴張，吸收攤銷與財富管理平台關聯。

So you put those two things together, to dilutive impact from the items that I mentioned, our ability to be able to drive margin expansion after absorbing the wealth management platform and you get to this approximately 20%. And I think the first quarter is a strong testament to that. I put those two things aside, we drove 100 basis points with the amortization in our overall in our overall results.

因此，你將這兩件事放在一起，以稀釋我提到的項目的影響，我們在吸收財富管理平台後能夠推動利潤率擴張的能力，你會得到大約20%。我認為第一季有力地證明了這一點。我把這兩件事放在一邊，我們在整體業績中攤銷了 100 個基點。

So we continue to feel very good about that guidance. And finally, I think it's just important that it's important for us to drive that margin expansion because it allows us to both hit the earnings objectives that we have and fund.

因此，我們仍然對這項指導感到非常滿意。最後，我認為推動利潤率擴張對我們來說很重要，因為它使我們能夠實現我們的獲利目標並提供資金。

Hello?

你好？

We're still here, Matt.

我們還在這裡，馬特。

Okay. just lost you for a second there.

好的。剛剛失去了你一秒鐘。

And then I guess the final question I have is just what's the repurchase assumptions in the guidance?

然後我想我的最後一個問題是指南中的回購假設是什麼？

Well, look, I think you have seen over the -- as Tim said in his earlier remarks, our focus has been on paying down the debt and building out the wealth management in our capital markets platforms now that we are past that elevated investment phase and with the expectation of approximately 100% of free cash flow conversion. When you think about that, we have a dividend that we pay $3.20 a share at our share, as you can expect, just under $400 million of that going towards the dividend. The rest of that capacity will either be devoted to M&A, if we find the right opportunities, as Tim just said, that meet our strategic and financial criteria or return back to investors in the form of share repurchases.

好吧，聽著，我想你已經看到了——正如蒂姆在早些時候的演講中所說，我們的重點是償還債務並在我們的資本市場平台上建立財富管理，因為我們已經過了高投資階段並預計自由現金流轉換率約為 100%。當你想到這一點時，我們的股息是每股 3.20 美元，正如你所期望的那樣，其中將近 4 億美元用於股息。如果我們找到合適的機會（正如蒂姆剛才所說），滿足我們的策略和財務標準，那麼剩下的產能將專門用於併購，或以股票回購的形式返還給投資者。

So I think those are the components you need to think about what that range of share repurchases is -- 100 -- approximately 100% free cash flow conversion the dividend and the rest of that capacity towards M&A and share repurchases.

所以我認為這些是你需要考慮股票回購範圍的組成部分——100%——大約100%的自由現金流轉換、股息以及剩餘的併購和股票回購能力。

And I think the only thing I would add to that is we tend to wait on that until we really have high confidence on how the year is coming out. So that from a -- it's really almost more of a '25 question because any share repurchase we do would tend to be later in the year and not affect our weighted average share count for this year.

我認為我唯一要補充的是，我們傾向於等待這一點，直到我們對今年的情況真正充滿信心。因此，這實際上更像是一個 25 世紀的問題，因為我們所做的任何股票回購往往會在今年稍後進行，並且不會影響我們今年的加權平均股票數量。

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。

I wanted to ask a couple of questions here. First, on the announcement of the UBS go live on the DLP platform, is that incremental to the $75 million of contribution outlined previously? Or is that project already contemplated in that number?

我想在這裡問幾個問題。首先，瑞銀宣佈在 DLP 平台上線後，這是否是先前概述的 7,500 萬美元捐款的增量？或該項目已在該數字中考慮？

Great to clarify that is -- that's part of the $75 million.

很高興澄清這一點——這是 7500 萬美元的一部分。

And then I wanted to ask a more broad-reaching question around competition. I think we all know about the competitive dynamics at play within the proxy space. But there were -- have been one or two announcements of more AI-focused players that seem to be pretty well funded that are looking to get into the space. Anything to call out in terms of changes in competitive dynamics? Or where there may be some incremental investment needed from your perspective?

然後我想就競爭提出一個更廣泛的問題。我想我們都知道代理商領域內的競爭動態。但有一兩個更專注於人工智慧的公司宣布了這一消息，這些公司似乎資金充足，正在尋求進入該領域。關於競爭動態的變化有什麼值得指出的嗎？或者從您的角度來看，哪些地方可能需要增量投資？

Dave, I don't think there's anything significant that is incremental to what has been out there. I think that we always say that competition has always been significant in this area. And even though people like to talk about us as a market utility, the -- we've always had in-house -- competition from in-house and from other players. And we think that we win that on the merits by being safer for our clients, more resilient, less cyber risk, smarter in terms of better all-in economics when you take into account all the things we can provide our clients based on our unique network.

戴夫，我不認為有任何重要的事情可以比現有的事情更重要。我認為我們總是說這個領域的競爭一直很激烈。儘管人們喜歡將我們視為市場公用事業，但我們內部一直存在著來自內部和其他參與者的競爭。我們認為，當您考慮到我們可以根據我們獨特的優勢為客戶提供的所有服務時，我們會透過對客戶更安全、更有彈性、更少的網路風險、更明智的方式贏得這一點，從而獲得更好的整體經濟效益。網路。

So we don't really see a change, and we are certainly -- we've already talked about on the AI side. that we are going to be a leader in AI in our spaces. And we have products in market -- AI different products in market, BondGPT on the Bond side. which is one of the earliest products we've got quite a bit of attention and reviews on that. And we're certainly investing to apply AI also on the governance side. So I think to the extent there's something interesting in applying AI in the governance space, we'll be a leader in that.

所以我們並沒有真正看到變化，而且我們確實看到了——我們已經在人工智慧方面討論過。我們將成為所在領域人工智慧的領導者。我們在市場上有產品－人工智慧市場上的不同產品，債券方面的BondGPT。這是我們得到相當多關注和評論的最早產品之一。當然，我們也在投資將人工智慧應用到治理方面。因此，我認為在治理領域應用人工智慧會產生一些有趣的東西，我們將成為這方面的領導者。

And I also -- James, I just want to comment back to your first question. overall across both UBS and across the success that we've been seeing with DLR with our Digital Ledger Repo system. Right now, the economics to Broadridge are not material at all for any of our clients. We've had great success really signing that up, but the economics are still not having a significant material impact on our guidance for fiscal '24.

我也——詹姆斯，我只想回答你的第一個問題。整體而言，瑞銀集團以及 DLR 的數位帳本回購系統所取得的成功都是如此。目前，布羅德里奇的經濟效益對我們的任何客戶來說根本不重要。我們確實在簽署這項協議方面取得了巨大成功，但經濟狀況仍然沒有對我們 24 財年的指導產生重大的實質影響。

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階層進行閉幕致詞。

Thank you very much for joining us today to talk about our strong first quarter results. We look forward to seeing you and talking to you at our Investor Day in New York on December 7, when we'll be talking about our outlook over the next 3 years, which we think will be a pretty productive day. And we have -- we're pretty excited to share our forward view. Thank you.

非常感謝您今天加入我們談論我們強勁的第一季業績。我們期待在 12 月 7 日於紐約舉行的投資者日見到您並與您交談，屆時我們將討論我們對未來 3 年的展望，我們認為這將是非常富有成效的一天。我們非常高興能夠分享我們的前瞻性觀點。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。您現在可以斷開連線。