Broadridge Financial Solutions Inc (BR) 2024 Q3 法說會逐字稿

Good day, and welcome to the Broadridge Financial Solutions Third Quarter and Fiscal Year 2024 Earnings Conference Call. (Operator Instructions)

美好的一天，歡迎參加 Broadridge Financial Solutions 第三季和 2024 財年財報電話會議。 （操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

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

我現在想將電話轉交給投資者關係主管 Edings Thibault。請繼續。

Thank you, Andrea. Good morning, everybody, and welcome to Broadridge's Third Quarter Fiscal Year 2024 Earnings Conference Call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com.

謝謝你，安德里亞。大家早安，歡迎參加布羅德里奇 2024 財年第三季財報電話會議。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 Chief Executive Officer; and our Chief Financial Officer, Edmund Reese.

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)。

Before I turn the call over to Tim, a few standard callouts. One, we'll 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.

在我把電話轉給提姆之前，我先說一些標準的標註。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。

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 their comparable GAAP measures can be found in the earnings release and presentation.

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。對這些非公認會計原則衡量標準的解釋以及與其可比較的公認會計原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. It's great to be here to review our third quarter results and update you on our full year outlook.

謝謝你，艾丁斯，早安。很高興來到這裡回顧我們第三季的業績並向您介紹我們的全年展望的最新情況。

Overall, I'm pleased with the performance of our business in a complex environment. We see a market in which the underlying fundamentals are solid, where capital markets and retail investor activity are beginning to strengthen, and where our clients are highlighting the need for continued technology investment. While all that is going on, those same clients are being careful with their spending as they weigh the new higher-for-longer scenario as well as other tail risks.

總的來說，我對我們在複雜環境中的業務表現感到滿意。我們看到一個基本面穩固的市場，資本市場和散戶活動開始加強，我們的客戶強調需要持續的技術投資。儘管這一切都在發生，但這些客戶在權衡新的長期較高情景以及其他尾部風險時，正在謹慎對待自己的支出。

These trends play to Broadridge's strength. Our testing is indicating that healthy markets are driving a pickup in investor participation and position growth, and are delivering innovative solutions across governance, capital markets and wealth. Sales continue to be strong, highlighting our clients' willingness to move ahead with solutions that address revenue, cost or regulatory needs.

這些趨勢發揮了布羅德里奇的優勢。我們的測試表明，健康的市場正在推動投資者參與和頭寸成長的回升，並在治理、資本市場和財富方面提供創新的解決方案。銷售持續強勁，突顯了我們的客戶願意繼續推出滿足收入、成本或監管需求的解決方案。

My conversations with clients make it clear that they see Broadridge as a partner in helping them grow their business and adapt to change. It's a strong position, and it will be further enhanced as we put our cash flow to work with a balance of capital returns and targeted M&A.

我與客戶的對話清楚地表明，他們將布羅德里奇視為幫助他們發展業務和適應變化的合作夥伴。這是一個強大的地位，隨著我們將現金流與資本回報和有針對性的併購相平衡，這一地位將進一步增強。

So let's dig into the quarter. First, Broadridge reported 4% recurring revenue growth and 9% adjusted EPS growth. Those results were modestly impacted by the timing of annual meetings, which pushed some governance revenues into the fourth quarter. Second, we continue to execute against our strategy to drive the democratization and digitization of investing, simplify and innovate trading, and modernize wealth management.

那麼讓我們深入研究一下這個季度。首先，Broadridge 報告經常性收入成長 4%，調整後每股收益成長 9%。這些結果受到年度會議時間的輕微影響，這將一些治理收入推到了第四季度。其次，我們持續執行推動投資民主化和數位化、簡化和創新交易、實現財富管理現代化的策略。

Our strategy is supported by long-term trends, including position growth, which we continue to see in the mid- to high single-digit range.

我們的策略得到長期趨勢的支持，包括持倉成長，我們繼續看到持倉成長處於中高個位數範圍。

Third, that execution is coming through in our closed sales, which rose 29% in the quarter and are now up 19% year-to-date. We expect that positive momentum to continue in the fourth quarter.

第三，這項執行正在我們的已完成銷售額中得到落實，本季銷售額成長了 29%，今年迄今已成長 19%。我們預計第四季將繼續保持這種積極勢頭。

Fourth, we remain on track to achieve our objective for 100% free cash flow conversion for the full year. That positions us to use our capital to increase share repurchases and to fund strategic tuck-in M&A.

第四，我們仍有望實現全年 100% 自由現金流轉換的目標。這使我們能夠利用我們的資本增加股票回購並為策略性併購提供資金。

Finally, as we move through our seasonally large fourth quarter, Broadridge is on track to deliver another year of steady and consistent growth, in line with our long-term financial objectives. We are reaffirming our outlook for fiscal '24, adjusted EPS at the middle of our 8% to 12% range, with recurring revenue growth at constant currency at the low end of our 6% to 9% range. With strong year-to-date sales, we also expect record closed sales of $280 million to $320 million.

最後，隨著我們進入季節性大的第四季度，布羅德里奇預計將實現另一個穩定、持續成長的一年，這符合我們的長期財務目標。我們重申對 24 財年的展望，調整後每股收益位於 8% 至 12% 範圍的中間，按固定匯率計算的經常性收入增長位於 6% 至 9% 範圍的低端。由於今年迄今的銷售強勁，我們也預計成交額將達到創紀錄的 2.8 億至 3.2 億美元。

Now let's turn from the headlines to Slide 4 to review highlights of our execution, starting with our governance franchise. ICS recurring revenue rose 1% in the third quarter as the timing of regulatory communications impacted our quarterly growth. In regulatory communications, revenues were flat despite 5% equity position growth. As many of you know, the peak period for [proxy] communications falls right at the end of March, so any shift in the annual meeting schedule can have an impact on quarterly revenues. This year, with Easter in the last week of March instead of April last year, we saw a substantial number of companies push back to date for their annual meeting. That change led to a shift of regulatory revenue from March to April, or from the third to fourth quarter. This timing shift will have no impact on our full year results.

現在，讓我們從頭條新聞轉向幻燈片 4，回顧我們的執行亮點，從我們的治理專營權開始。由於監管溝通的時間影響了我們的季度成長，ICS 經常性收入在第三季成長了 1%。在監管通訊領域，儘管股權部位成長了 5%，但收入持平。眾所周知，[代理]通信的高峰期正好在三月底，因此年度會議日程的任何變化都可能對季度收入產生影響。今年，由於復活節是在三月的最後一周而不是去年的四月，我們看到大量公司推遲了年會的日期。這項變更導致監管收入從三月轉移到四月，或從第三季轉移到第四季。這一時間轉變不會對我們的全年業績產生影響。

Outside of timing, position growth trends were mixed. As I noted, equity position growth was 5%, in line with our testing, driven by double-digit growth in managed accounts. Fund and ETF record growth declined to negative 1% for the quarter. Quarterly fund position growth can vary more widely than the full year number because it is impacted by the timing and types of communications that are distributed during any particular quarter.

除了時間安排之外，持倉成長趨勢也參差不齊。正如我所指出的，在管理帳戶兩位數成長的推動下，股權部位成長了 5%，與我們的測試一致。本季基金和 ETF 創紀錄的成長降至負 1%。季度基金部位成長可能比全年數字變化更大，因為它受到任何特定季度發布的通訊時間和類型的影響。

More broadly, the cumulative impact of lower fund flows and the shift to money market funds that began over a year ago has weighed on growth, especially for active funds. Year-to-date fund record growth was 2%. Looking ahead, fund flows are improving, and our testing indicates a modest pickup in the fourth quarter.

更廣泛地說，資金流量減少以及一年多前開始轉向貨幣市場基金的累積影響對經濟成長構成壓力，尤其是主動型基金。年初至今基金創紀錄的成長率為 2%。展望未來，資金流動正在改善，我們的測試顯示第四季資金流動略有回升。

As Edmund will outline, for the year, we expect stock record growth of 6% and fund record growth of 3%.

正如 Edmund 所概述的那樣，我們預計今年股票將創紀錄增長 6%，基金將創紀錄增長 3%。

Driving and enabling the democratization of investing is a key part of our long-term growth strategy. There's no better opportunity to demonstrate that -- what that means than in a large and very visible proxy fight. As part of the Disney contest, Broadridge processed and distributed multiple rounds of communications to millions of registered and beneficial shareholders holding almost 2 billion shares on behalf of hundreds of our broker-dealer clients. Each vote was subject to multiple reviews and a process verified by an independent accounting firm so that all sides could be highly confident in the accuracy of the Broadridge votes. Vote tallies were available daily to all participants. The process culminated with an annual meeting posted on Broadridge's Virtual Shareholder Meeting platform and the outcome was known immediately when the meeting closed.

推動和實現投資民主化是我們長期成長策略的關鍵部分。沒有比一場大規模且非常明顯的代理權爭奪戰更好的機會來證明這一點——這意味著什麼。作為迪士尼競賽的一部分，布羅德里奇處理並向數百萬註冊股東和實益股東分發了多輪通信，這些股東代表我們數百家經紀自營商客戶持有近 20 億股股票。每一次投票都經過多重審查，並由獨立會計師事務所驗證流程，以便各方對布羅德里奇投票的準確性充滿信心。所有參與者每天都可以獲得計票結果。這個過程最終在 Broadridge 的虛擬股東會議平台上發布了年度會議，會議結束後立即得知結果。

Contests like Disney are a great showcase for issuers, investors, our broker-dealer clients and regulators of how Broadridge's significant investments in technology and digital communications, combined with our commitment to accuracy, enhance investor confidence in our markets.

像迪士尼這樣的競賽向發行人、投資者、我們的經紀自營商客戶和監管機構展示了Broadridge 在技術和數位通訊方面的重大投資，以及我們對準確性的承諾，如何增強投資者對我們市場的信心。

Outside of highly visible contests, we continue to enhance investor engagement by supporting the growth and voting choice across funds. In recent months, we've gone live with 5 of the largest asset managers across a mix of both retail and institutional-focused funds and ETFs. This, in turn, is leading to strong interest to extend this service from more asset managers and for a wider set of fund categories.

除了引人注目的競賽之外，我們還透過支持基金的成長和投票選擇來繼續提高投資者的參與度。近幾個月來，我們與 5 家最大的資產管理公司合作，涵蓋零售和機構基金及 ETF。這反過來又引發了更多資產管理公司和更廣泛的基金類別擴展這項服務的強烈興趣。

We're also continuing the rollout of our tailored shareholder report solution as we help the funds industry navigate regulatory change. We're in production testing now, and we go fully live beginning in July.

我們也將繼續推出量身訂製的股東報告解決方案，幫助基金產業應對監管變化。我們現在正在進行生產測試，並將於 7 月開始全面上線。

Turning to Capital Markets. Revenues rose 8% to $266 million, driven by strong growth in BTCS, which continues to deliver on the pillars of our original acquisition case. During the quarter, we signed a leading U.S. and global bank as the first client for Global Futures and Options SaaS platform. This new capability will build on our existing products and significantly expand our derivatives trading solutions. It also represents another step forward in our goal of expanding BTCS' capabilities across asset classes and to our U.S. client base, which was a key part of our long-term growth plan at the time of the acquisition.

轉向資本市場。受 BTCS 強勁成長的推動，營收成長 8% 至 2.66 億美元，繼續兌現我們最初收購案例的支柱。本季度，我們與一家領先的美國和全球銀行簽約，成為全球期貨和選擇權 SaaS 平台的首個客戶。這項新功能將建立在我們現有產品的基礎上，並大幅擴展我們的衍生性商品交易解決方案。這也代表著我們將 BTCS 的能力擴展到資產類別和美國客戶群的目標又向前邁出了一步，這是我們收購時長期成長計畫的關鍵部分。

On the post-trade side, we completed the implementation of our global post-trade platform for a leading Nordic bank. Our platform consolidates the bank's legacy in-house systems, streamlining its operations across 25 European markets and 10 custodians across both equities and fixed income. This particular bank was a long-term BTCS client. So it's also another example of leveraging our front-office relationship to extend our solutions across the trade life cycle.

在交易後方面，我們為一家領先的北歐銀行完成了全球交易後平台的實施。我們的平台整合了銀行原有的內部系統，簡化了其在 25 個歐洲市場的運作以及股票和固定收益領域的 10 個託管人。這家銀行是 BTCS 的長期客戶。因此，這也是利用我們的前台關係將我們的解決方案擴展到整個貿易生命週期的另一個例子。

We also continue to see nice traction with our digital ledger repo and in AI with our BondGPT and OpsGPT solutions.

我們也繼續看到我們的數位帳簿儲存庫以及我們的 BondGPT 和 OpsGPT 解決方案在人工智慧方面的良好吸引力。

Turning now to Wealth Investment Management. Revenues rose 11% to $159 million as strong growth from [UBS] and the license revenue was partially offset by the E-Trade transition. In the first full year since the rollout of our wealth platform, we are seeing significant interest in our broad suite of wealth capabilities, and that's driving strong sales momentum with year-to-date Wealth Investment Management sales up 75%. I'm especially pleased to see strong interest in Canada for wealth component capabilities. Canada accounts for approximately 1/3 of our Wealth and Investment Management revenues, and we see a long-term opportunity to adapt our wealth tools for Canadian firms.

現在轉向財富投資管理。由於 [UBS] 的強勁增長，收入增長 11% 至 1.59 億美元，而許可證收入被電子貿易轉型部分抵消。自推出財富平台以來的第一個完整年度，我們看到人們對我們廣泛的財富能力產生了濃厚的興趣，這推動了強勁的銷售勢頭，年初至今財富投資管理銷售額增長了 75%。我特別高興地看到加拿大對財富構成能力表現出濃厚的興趣。加拿大約占我們財富和投資管理收入的 1/3，我們看到了為加拿大公司調整我們的財富工具的長期機會。

Moving to sales. Closed sales rose 29% in the third quarter and are up 19% year-to-date. We benefited from strong sales of our digital and print solutions for the new tailored shareholder reports, and we continue to see significant print and digital opportunities in customer communications. Our pipeline remains at record levels as clients focus on solutions that drive revenue growth, like our front office trading tools, and meet their regulatory requirements like tailored shareholder reports. That combination of strong sales and a record pipeline is giving us increased confidence in our ability to achieve record closed sales in line of $280 million to $320 million full year guidance.

轉向銷售。第三季成交額成長 29%，今年迄今成長 19%。我們受益於新客製化股東報告的數位和印刷解決方案的強勁銷售，並且我們繼續在客戶溝通中看到重要的印刷和數位機會。我們的管道保持在創紀錄的水平，因為客戶專注於推動收入成長的解決方案（例如我們的前台交易工具）並滿足他們的監管要求（例如客製化的股東報告）。強勁的銷售和創紀錄的銷售管道相結合，讓我們更加相信自己有能力實現創紀錄的已完成銷售額（全年指導金額為 2.8 億至 3.2 億美元）。

Let's move to Slide 5 for some additional thoughts on our quarter and outlook. First, we are poised to deliver another year of mid-single-digit organic recurring revenue growth and double-digit earnings growth, right in line with the long-term growth goals we laid out at our Investor Day in December. In a quarter impacted by the timing of annual meetings, we reported 9% adjusted EPS growth. Now 1 month into the fourth quarter, we have high visibility into our remaining volumes.

讓我們轉到投影片 5，以了解有關我們的季度和前景的一些其他想法。首先，我們準備好再次實現中個位數的有機經常性收入成長和兩位數的獲利成長，這與我們在 12 月投資者日制定的長期成長目標相符。受年度會議時間影響的一個季度，我們報告調整後每股收益成長 9%。現在第四季已經過去 1 個月了，我們對剩餘銷售有了很高的了解。

For the full year, we're tracking to recurring revenue growth of 6%, adjusted EPS growth of approximately 10% and record closed sales.

全年，我們的經常性收入成長將達到 6%，調整後每股盈餘成長約 10%，成交額將創歷史新高。

Second, our growth continues to be driven by long-term trends, increasing investor engagement, the demand for digitization, accelerating trading, regulatory change, leveraging data and AI, and the need to modernize wealth management have all combined to drive strong sales over the first 3 quarters. As a result, we're going into our largest sales quarter with a strong pipeline and increasing visibility.

其次，我們的成長繼續受到長期趨勢的推動，投資者參與度的提高、數位化的需求、加速交易、監管變革、利用數據和人工智慧以及財富管理現代化的需求，這些因素結合起來推動了整個市場的強勁銷售。因此，我們將進入最大的銷售季度，擁有強大的管道和不斷提高的知名度。

Position growth has moved from pandemic highs and overall trends remain in line with the mid- to high single-digit growth rate of the past decade.

部位成長已脫離疫情高點，整體趨勢仍與過去十年的中高個位數成長率一致。

Looking beyond the fourth quarter, the outlook for financial services firms appears to be improving. Capital Markets activity is picking up and innovation is driving sales growth as our clients increase their level of investment. At the same time, strong equity markets are driving investor engagement and fund investors are beginning to rotate out of money market funds, both of which bode well for future position growth.

展望第四季之後，金融服務公司的前景似乎正在改善。隨著我們的客戶增加投資水平，資本市場活動正在回升，創新正在推動銷售成長。同時，強勁的股票市場正在推動投資者的參與，基金投資者開始退出貨幣市場基金，這都是未來部位成長的好兆頭。

Third, we're executing on our growth strategy. We are driving shareholder engagement and governance, enhancing our digital capabilities and customer communications, delivering innovative new capabilities in capital markets, and are expanding our ability to drive growth and wealth across North America. We're also investing to strengthen our product teams, sales capabilities and technology capabilities including of course AI.

第三，我們正在執行我們的成長策略。我們正在推動股東參與和治理，增強我們的數位能力和客戶溝通，在資本市場提供創新的新能力，並正在擴大我們推動整個北美成長和財富的能力。我們也投資加強我們的產品團隊、銷售能力和技術能力，當然包括人工智慧。

Fourth, we're on track to achieve our 100% free cash flow conversion objective, and the combination of strong free cash flow and our investment-grade balance sheet positions us to return additional capital to shareholders. We're also seeing a growing number of attractive M&A opportunities to further complement our organic growth.

第四，我們預計將實現 100% 自由現金流轉換目標，強勁的自由現金流與投資等級資產負債表的結合使我們能夠向股東返還額外資本。我們也看到越來越多有吸引力的併購機會，以進一步補充我們的有機成長。

Finally, Broadridge remains well-positioned to drive long-term growth. We remain on track to deliver on our 3-year growth objectives of 7% to 9% recurring revenue growth constant currency, 5% to 8% organic, and 8% to 12% adjusted EPS growth, with fiscal '24 right in line with those goals. And with continued execution supported by long-term demand trends, we are well-positioned to continue to grow beyond FY '26 as we attack our $60 billion and growing market opportunity.

最後，布羅德里奇仍然處於推動長期成長的有利位置。我們仍有望實現以固定匯率計算經常性營收成長 7% 至 9%、有機成長 5% 至 8%、調整後每股盈餘成長 8% 至 12% 的 3 年成長目標，24 財年的成長目標與那些目標。憑藉長期需求趨勢支持的持續執行力，我們處於有利位置，可以在 26 財年之後繼續成長，攻克 600 億美元和不斷增長的市場機會。

I want to close by thanking our associates around the world. The market for what we do continues to evolve and Broadridge will be evolving as well. We're seizing the opportunities in front of us, and your focus on serving our clients, as shown by our strong accomplishments this quarter and over a long period, continues to set us apart. Thank you.

最後，我想感謝我們世界各地的同事。我們所做的市場不斷發展，布羅德里奇也將持續發展。我們正在抓住擺在我們面前的機遇，而您對服務客戶的專注，正如我們本季和長期的強勁成就所表明的那樣，繼續使我們與眾不同。謝謝。

And with that, let me turn it over to Edmund.

接下來，讓我把它交給艾德蒙。

Thank you, Tim, and good morning, everyone. Let me start by saying that I'm pleased with the third quarter results relative to our full year guidance. While third quarter recurring revenue growth was impacted by the timing of annual meetings, we are entering the seasonally larger fourth quarter in a strong position. Through 3 quarters, we reported 6% recurring revenue growth, 11% adjusted EPS growth, and have received 98% of proxy records through April. That gives us a high confidence interval in our ability to deliver 6% recurring revenue growth, approximately 20% adjusted operating income margin, and adjusted EPS growth of approximately 10%.

謝謝蒂姆，大家早安。首先我要說的是，相對於我們的全年指引，我對第三季的業績感到滿意。雖然第三季經常性收入成長受到年度會議時間的影響，但我們正在進入季節性較大的第四季度，處於有利地位。過去 3 個季度，我們的經常性收入成長 6%，調整後每股盈餘成長 11%，截至 4 月已收到 98% 的代理商記錄。這使我們對實現 6% 的經常性收入成長、約 20% 的調整後營業利潤率和約 10% 的調整後每股收益成長的能力具有很高的置信區間。

Of equal importance is our cash flow performance for the year. We are on track for 100% free cash flow conversion, which will allow us to return a total of $700 to $800 million to shareholders through the dividend and with share repurchases of $350 million to $450 million. So with clarity on fiscal 2024, in my view, what matters most to achieving our 3-year financial objectives are the wins that we have at our back, which are driving positive momentum in the business.

同樣重要的是我們今年的現金流表現。我們預計將實現 100% 自由現金流轉換，這將使我們能夠透過股息和 3.5 億至 4.5 億美元的股票回購向股東返還總計 700 至 8 億美元。因此，在明確 2024 財年的情況下，我認為，要實現我們的 3 年財務目標，最重要的是我們所取得的勝利，這些勝利正在推動業務的積極勢頭。

First, closed sales through the first 3 quarters are up 19% over last year. And our healthy pipeline reinforces our conviction that we will achieve 15% to 30% sales growth in our full year '24 guidance. Second, while our testing shows 6% equity and 3% fund and ETF position growth for full year '24, the early testing for Q1 '25 is consistent with more recent increased retail market activity and our long-term outlook of mid- to high single-digit growth.

首先，前三個季度的成交量比去年同期成長了 19%。我們健康的產品線增強了我們的信念，即我們將在 24 年全年指導中實現 15% 至 30% 的銷售成長。其次，雖然我們的測試顯示 24 年全年股票增長 6%，基金和 ETF 頭寸增長 3%，但 25 年第一季的早期測試與近期零售市場活動增加以及我們對中高端的長期前景一致。位數增長。

Third, we continue to focus on actively managing our expenses and finalizing our restructuring effort in the fourth quarter to create investment capacity for organic growth in fiscal '25 and '26, while delivering continued earnings growth. Finally, our free cash flow conversion is definitively back at historical levels, positioning us to supplement our organic growth with accretive tuck-in M&A or return capital to shareholders.

第三，我們繼續專注於積極管理開支並在第四季度完成重整工作，為 25 財年和 26 財年的有機成長創造投資能力，同時實現持續的獲利成長。最後，我們的自由現金流轉換肯定回到了歷史水平，使我們能夠透過增值併購或向股東返還資本來補充我們的有機成長。

As a result, when I look ahead, I see strong momentum in the Broadridge business. Strong closed sales, driving 5 to 8 points of growth from new sales, position growth supporting 2 to 3 points from internal growth, M&A investment contributing additional growth, and active expense discipline that will enable Broadridge to continue to invest in organic growth and deliver continued earnings growth.

因此，當我展望未來時，我看到布羅德里奇業務的強勁勢頭。強勁的成交銷售，推動新銷售成長5 至8 個百分點，職位成長支持內部成長2 至3 個百分點，併購投資貢獻額外成長，以及積極的費用紀律，將使Broadridge 能夠繼續投資於有機成長並實現持續成長獲利成長。

We continue to execute the Broadridge financial model, and that gives me confidence that we remain on track to deliver again on our 3-year financial objectives and on mid- to high teens ROIC.

我們繼續執行布羅德里奇財務模型，這讓我相信我們仍然有望再次實現我們的 3 年財務目標和中高青少年投資回報率。

So now turning to the financial summary on Slide 6. You see the performance for the third quarter. Recurring revenue rose to $1.1 billion, up 4% on a constant currency basis, all organic. Adjusted operating income increased 7%. And AOI margins of 21.4% expanded 40 basis points. And adjusted EPS rose 9% to $2.23. Finally, and as Tim noted, we delivered third quarter closed sales of $80 million, up 29% over Q3 '23.

現在轉向幻燈片 6 上的財務摘要。經常性收入增加至 11 億美元，以固定匯率計算成長 4%，全部為有機收入。調整後營業收入成長 7%。 AOI 利潤率為 21.4%，擴大了 40 個基點。調整後每股收益上漲 9%，至 2.23 美元。最後，正如 Tim 指出的那樣，我們第三季的成交量達到 8,000 萬美元，比 23 年第三季成長了 29%。

On Slide 7, you see that recurring revenue grew 4% to $1.1 billion in Q3 '24. Recurring revenue growth driven by converting our backlog to revenue and growth in GTO was impacted by proxy communications that were delayed into our fiscal Q4.

在投影片 7 上，您可以看到 24 年第 3 季的經常性收入成長了 4%，達到 11 億美元。透過將我們的積壓訂單轉化為收入而推動的經常性收入成長，以及 GTO 的成長受到延遲到第四財季的代理通訊的影響。

So for more context on this point, March is typically a heavy month for proxy communications, accounting for almost 1/4 of our full year positions. As Tim mentioned, in 2024, we saw a modest delay in the timing of annual meetings, which pushed volumes from March into April. While that lowered our Q3 revenue, we have since processed virtually all of those delayed positions, and that will benefit regulatory revenue in the fourth quarter.

因此，對於這一點的更多背景，3 月通常是代理通訊的繁忙月份，幾乎占我們全年頭寸的 1/4。正如 Tim 所提到的，2024 年，我們看到年度會議的時間略有延遲，導致交易量從 3 月推到了 4 月。雖然這降低了我們第三季的收入，但我們已經處理了幾乎所有延遲的頭寸，這將有利於第四季度的監管收入。

On Slide 8, we can see recurring revenue growth across our ICS and GTO segments. In Q3, ICS recurring revenue grew 1%, largely impacted by the quarterly noise that I just mentioned. Regulatory revenue was flat as mid-single-digit equity position growth in revenue from sales were partially offset by the timing of the annual meetings. As I explained earlier, while these timing variances have no real impact on full year revenues, they can result in quarters that vary from our reported position growth. We continue to expect full year regulatory revenues to be in line with mid-single-digit position growth.

在投影片 8 上，我們可以看到 ICS 和 GTO 部門的經常性收入成長。第三季度，ICS 經常性收入成長了 1%，主要受到我剛才提到的季度噪音的影響。監管收入持平，因為銷售收入中個位數的股本成長被年度會議的時間表部分抵消。正如我之前所解釋的，雖然這些時間差異對全年收入沒有實際影響，但它們可能會導致季度與我們報告的部位成長有所不同。我們繼續預計全年監管收入將與中個位數成長保持一致。

Data-driven Fund Solutions revenue increased by 4% due to higher float revenue in our retirement and workplace products, as well as growth in our data and analytics products. Issuer revenue was up 3%, driven by strong sales of our disclosure solutions and higher float income in our registered shareholder solutions.

由於我們的退休和工作產品浮動收入增加，以及我們的數據和分析產品的成長，數據驅動的基金解決方案收入增加了 4%。發行人收入成長了 3%，這得益於我們的揭露解決方案的強勁銷售以及我們的註冊股東解決方案的較高浮動收入。

Our Q3 registered shareholder solutions were also impacted by the timing of the annual meeting cycle. So I will note that the issuer business has grown 10% year-to-date and we still expect high single-digit full year revenue growth.

我們第三季的註冊股東解決方案也受到年度會議週期時間的影響。因此，我要指出的是，發行人業務今年迄今已成長 10%，我們仍預計全年營收將實現高個位數成長。

Customer communications revenue rose 1% as growth in higher-margin digital revenue was offset by the lower growth of lower margin print. We expect volumes to increase in the fourth quarter as we onboard new clients. For the full year, we expect low single-digit top line growth driven by double-digit growth of higher-margin digital revenue and low single-digit print growth. This is in line with our print-to-digital strategy, which should yield expanding margins and continued low double-digit earnings growth.

客戶通訊收入成長了 1%，因為利潤率較高的數位收入的成長被利潤率較低的印刷品的成長放緩所抵消。隨著我們吸引新客戶，我們預計第四季度的銷售量將會增加。就全年而言，我們預計，在利潤率較高的數位收入兩位數成長和印刷品收入的低個位數成長的推動下，收入將實現低個位數成長。這符合我們的印刷到數位策略，該策略應該會帶來不斷擴大的利潤率和持續的低兩位數獲利成長。

Looking ahead to Q4, we expect ICS at the high end of our organic growth objectives, with recurring revenue growth of 7% to 9%, driven in part by the benefit of timing differences.

展望第四季度，我們預期 ICS 處於我們有機成長目標的高端，經常性收入成長 7% 至 9%，部分原因是時間差異的好處。

Turning to GTO. Recurring revenue grew 9% to $425 million. Capital Markets revenue increased 8%, led by new sales in higher equity and fixed income trading volumes. I will also note that we continued to see strong performance in our front office BTCS solutions, which again had double-digit recurring revenue growth in the third quarter.

轉向GTO。經常性收入成長 9%，達到 4.25 億美元。在股票和固定收益交易量增加的新銷售帶動下，資本市場收入增加了 8%。我還要指出的是，我們的前台 BTCS 解決方案持續表現強勁，第三季經常性收入再次實現兩位數成長。

Wealth and Investment Management revenue grew 11%, powered by the UBS contract and higher license revenue, partially offset by the E-Trade transition, which began late in the fiscal first quarter.

受瑞銀合約和授權收入增加的推動，財富和投資管理收入成長了 11%，但部分被第一財季末開始的電子貿易轉型所抵消。

Looking ahead, we continue to expect Capital Markets growth in the fourth quarter to be impacted by growing over high Q4 '23 license revenue. And we will also have another full quarter impact from the E-Trade transition in our wealth business. That said, GTO recurring revenue growth is 9% year-to-date, giving us high confidence that full year growth will be well within our 5% to 8% organic growth objectives for both businesses.

展望未來，我們繼續預期第四季度資本市場的成長將受到 23 年第四季授權收入成長的影響。我們的財富業務的電子貿易轉型也將對我們產生另一個完整季度的影響。也就是說，GTO 年初至今的經常性收入成長率為 9%，這讓我們充滿信心，全年成長將完全符合我們兩項業務 5% 至 8% 的有機成長目標。

Turning to Slide 9 for a discussion of volume trends. Equity position growth was 5% in the quarter, in line with our testing. Growth was driven by continued double-digit growth in managed accounts. We are now in the peak period for annual meetings and proxies. And through the end of April, we've received record data for 98% of proxies that are expected for the year. This data gives us high confidence in our outlook for position growth.

請參閱投影片 9，討論成交量趨勢。本季股票部位成長 5%，與我們的測試一致。成長是由管理帳戶持續兩位數成長所推動的。我們現在正處於年會和代理商的高峰期。截至 4 月底，我們收到了 98% 的今年預期代理商的創紀錄數據。這些數據讓我們對部位成長的前景充滿信心。

For the full year, we expect equity position growth of approximately 6%.

我們預計全年股權部位成長約為 6%。

And while still early, our testing data is extending in the Q1 '25 and is showing mid-single-digit growth, continuing to support our outlook for mid- to high single-digit equity position growth. We continue to be encouraged by expanding investor participation in financial markets serving as a long-term tailwind that drives growth in our business.

雖然還為時過早，但我們的測試數據在 25 年第一季得到擴展，並顯示中個位數成長，繼續支持我們對中高個位數股票部位成長的前景。投資者對金融市場的參與不斷擴大，這是推動我們業務成長的長期推動力，這讓我們繼續受到鼓舞。

Fund and ETF positions declined by 1%. For the full year, we expect position growth of 3% with slower growth in passive funds and declines in active funds.

基金和 ETF 部位下降 1%。就全年而言，我們預期部位成長 3%，其中被動型基金成長放緩，主動型基金下降。

Turning now to trade volumes on the bottom of the slide. Trade volumes grew 11% on a blended basis in Q3. Once again, we saw a difference in asset classes with increased volatility driving double-digit fixed income volume growth, now 11 consecutive quarters, and more modest equity volume growth.

現在轉向幻燈片底部的交易量。第三季綜合貿易量成長 11%。我們再次看到資產類別的差異，波動性增加推動固定收益數量達到兩位數成長（目前已連續 11 個季度），而股票數量成長則更為溫和。

Let's now move to Slide 10 for the drivers of recurring revenue growth. Recurring revenue grew 4% constant currency. Revenue from net new business contributed 3 points of growth. Internal growth, primarily trading volumes, expanding client relationships and float income, offset by the timing of proxy communications, contributed 1 point. Foreign exchange had a nonmaterial 20 basis point positive impact on recurring revenue growth. And based on current rates, we expect a similar benefit in full year recurring revenue growth relative to fiscal year '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。以固定匯率計算，經常性收入成長 4%。淨新業務收入貢獻了3個百分點的成長。內部成長（主要是交易量、不斷擴大的客戶關係和浮動收入）貢獻了 1 個百分點，但被代理通訊的時間所抵消。外匯對經常性收入成長產生了 20 個基點的非實質正面影響。根據目前的利率，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 wrap up the revenue discussion with a view of total revenue on Slide 11. Total revenue grew 5% in Q3 to $1.7 billion, with recurring revenue being the largest contributor, delivering 3 points of growth. Low to no margin distribution revenues contributed 1 point to total revenue growth. Distribution revenue grew 4% due to postal rate increases, which are a headwind to our adjusted operating income margin. We continue to expect distribution revenue to grow in the high single-digit range, driven by the continued impact of postal rate increases. Event-driven revenue was $67 million, up 29% over last year and adding 1 point to revenue growth.

我將透過幻燈片 11 上的總收入來結束收入討論。分銷收入的利潤率低至零，對總收入成長貢獻了 1 個百分點。由於郵政費率上漲，分銷收入成長了 4%，這對我們調整後的營業利潤率構成了不利影響。在郵政費率上漲的持續影響的推動下，我們繼續預期配送收入將在高個位數範圍內成長。事件驅動收入為 6,700 萬美元，比去年增長 29%，為收入成長增加了 1 個百分點。

As anticipated, we saw more normalized levels of mutual fund proxy activity and elevated contest activity, including our work with Disney in Q3. With the combination of increased mutual fund proxy activity and higher contest activity, we now expect $260 million to $280 million in full year event-driven revenue. In our Q2 call, we mentioned that we expected event-driven revenue to trend above our historical levels for the full year. We modestly increased growth investments in Q2 based on the above-trend event-driven revenue. We continue to make investments in Q3 as we are committed to investing in long-term growth while still delivering on our short-term fiscal '24 adjusted EPS guidance.

正如預期的那樣，我們看到共同基金代理活動水平更加正常化，競賽活動也有所增加，包括我們在第三季度與迪士尼的合作。隨著共同基金代理活動的增加和競賽活動的增加，我們現在預計全年活動驅動的收入將達到 2.6 億至 2.8 億美元。在第二季電話會議中，我們提到，我們預計全年事件驅動的收入將高於歷史水準。基於高於趨勢的事件驅動收入，我們在第二季適度增加了成長投資。我們將繼續在第三季進行投資，因為我們致力於投資長期成長，同時仍實現我們的短期 24 財年調整後每股盈餘指引。

Turning now to margins on Slide 12. Adjusted operating income margin was up 40 basis points from prior year to 21.4%. The net impact of higher distribution revenue and higher float income, which have an immaterial impact on earnings growth as I detailed at Investor Day, increased margins by 20 basis points in the quarter. Adjusted operating income margin continued to benefit from the operating leverage on our higher recurring and event revenue and the benefit from our restructuring initiative that we began in Q4 '23 to realign some of our businesses and streamline our management structure.

現在轉向投影片 12 上的利潤率。正如我在投資者日詳述的那樣，較高的分銷收入和較高的浮動收入對獲利成長的淨影響並不重大，但該季度的利潤率增加了 20 個基點。調整後的營業利潤率繼續受益於我們較高的經常性收入和活動收入的營業槓桿，以及我們於 23 年第 4 季開始的重組計劃，以重新調整我們的一些業務並簡化我們的管理結構。

As part of the initiative, we exited a small noncore GTO business in Q3 '24. And we remain on track to complete the restructuring initiative and have the remaining restructuring charge by the end of the fiscal year. The restructuring charges are excluded from our calculation of adjusted operating income and adjusted EPS.

作為該計劃的一部分，我們在 24 年第三季退出了一項小型非核心 GTO 業務。我們仍有望完成重組計劃，並在本財年年底前支付剩餘的重組費用。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。

We have a long track record of disciplined expense management. This discipline, along with the operating leverage inherent in our business model, allows us to invest in long-term growth investments and meet our earnings growth objectives. Looking ahead, we continue to expect adjusted operating income margin to increase year-over-year to approximately 20%.

我們在嚴格的費用管理方面擁有悠久的記錄。這項紀律以及我們業務模式固有的營運槓桿使我們能夠進行長期成長投資並實現我們的獲利成長目標。展望未來，我們持續預期調整後營業利潤率將年增至約20%。

Let's move ahead to closed sales on Slide 13. Third quarter closed sales were $80 million, up 29% from $62 million in Q3 2023, and bringing our year-to-date total to $185 million, 19% above Q3 year-to-date '23. Our strong performance on closed sales has been in product areas where we've been investing and innovating, such as tailored shareholder reports, BTCS, and wealth. We continue to see clients willing to invest in areas that either drive revenue, lower cost or address regulatory requirements.

讓我們繼續看幻燈片13 上的成交額。今年第三季迄今成長19% '23。我們在封閉銷售方面的強勁表現體現在我們一直在投資和創新的產品領域，例如客製化股東報告、BTCS 和財富。我們不斷看到客戶願意投資於能夠增加收入、降低成本或滿足監管要求的領域。

With the performance through 3 quarters and our 5-year history of closing on average 40% of full year sales in the fourth quarter, we continue to have high confidence in meeting our full year guidance of $280 million to $320 million, again, strengthening our revenue backlog and providing strong momentum entering fiscal year '25.

憑藉 3 個季度的表現以及我們 5 年第四季度平均銷售額佔全年銷售額 40% 的歷史，我們繼續對實現 2.8 億至 3.2 億美元的全年指導充滿信心，再次加強我們的業績收入積壓並為進入'25 財年提供強勁動力。

I'll turn now to free cash flow on Slide 14. Q3 '24 free cash flow was $167 million, $5 million better than last year. [Through] 3 quarters, free cash flow is a positive $259 million, relative to $47 million in the first 9 months of 2023. These results are being driven by our continued strong earnings growth and lower client platform spend.

現在我將討論幻燈片 14 上的自由現金流。 [整個] 3 個季度，自由現金流為正 2.59 億美元，而 2023 年前 9 個月為 4,700 萬美元。

Free cash flow conversion was 108% in Q3 '24, up from 63% last year. This is consistent with our expectations and has us on track for free cash flow conversion of 100% for fiscal year '24.

2024 年第三季的自由現金流轉換率為 108%，高於去年的 63%。這符合我們的預期，並使我們預計在 24 財年實現 100% 的自由現金流轉換。

On Slide 15, you can see that over the first 9 months of the year we invested $109 million on our technology platforms and converting clients to our platforms. Additionally, before option proceeds, we returned $424 million in capital to shareholders due to dividend and share repurchases year-to-date. And given our expectations for 100% free cash flow conversion, we are positioned to return additional capital to shareholders in fiscal year '24. We continue to estimate $350 million to $450 million in total share repurchases for the full year, which includes an additional $200 million to $300 million in the fourth quarter.

在投影片 15 上，您可以看到，今年前 9 個月，我們在科技平台上投資了 1.09 億美元，並將客戶轉化為我們的平台。此外，在選擇權收益之前，我們透過今年迄今的股利和股票回購向股東返還了 4.24 億美元的資本。鑑於我們對 100% 自由現金流轉換的預期，我們準備在第 24 財年向股東返還額外資本。我們繼續估計全年股票回購總額為 3.5 億至 4.5 億美元，其中包括第四季額外的 2 億至 3 億美元。

And let me put this into context for you. While we are still early in this current fiscal '24 to fiscal '26 3-year cycle, our capital allocation is unfolding right in line with our expectations. As I said at Investor Day, we are in a strong capital position, on track to generate approximately $3 billion of free cash flow, with another $1 billion available at our 2.5x leverage objective. After the dividend, we are off to a strong start, balancing investment for growth with capital return to shareholders, which we expect to reach $700 million to $800 million this year. And we remain well-positioned to execute accretive tuck-in M&A.

讓我為您介紹一下這一點。雖然我們仍處於目前「24 財年」至「26 財年」三年周期的早期階段，但我們的資本配置正在按照我們的預期展開。正如我在投資者日所說，我們的資本狀況強勁，預計將產生約 30 億美元的自由現金流，在我們的 2.5 倍槓桿目標下還可獲得另外 10 億美元。派發股息後，我們迎來了一個良好的開端，平衡了成長投資與股東資本回報，預計今年將達到 7 億至 8 億美元。我們仍處於有利位置來執行增值性併購。

We expect that this balanced capital allocation will increase ROIC to mid- to high teens level over the next 3 years.

我們預計，這種平衡的資本配置將在未來 3 年內將投入資本回報率 (ROIC) 提高至中高水準。

Turning to guidance on Slide 16. We continue to execute the Broadridge financial model in fiscal '24. With 2 months left and high visibility in the fiscal '24 position growth, we expect recurring revenue growth constant currency to be approximately 6% for the full year, at the low end of our guidance range.

轉向投影片 16 上的指導。 我們在 24 財年繼續執行 Broadridge 財務模型。距離 24 財年部位成長還有 2 個月的時間，我們預計全年經常性收入成長（以匯率計算）約為 6%，處於我們指導範圍的下限。

We continue to expect AOI margin expansion to approximately 20%. Adjusted EPS growth at the middle of our 8% to 12% range, and closed sales of $280 million to $320 million. And I'll also note that we remain on track to [drive] 100% of free cash flow conversion and have capital return of $700 million to $800 million through dividends and share repurchases in fiscal 2024.

我們繼續預計 AOI 利潤率將擴大至約 20%。調整後每股收益成長在 8% 至 12% 範圍的中間，銷售額為 2.8 億至 3.2 億美元。我還要指出的是，我們仍有望實現 100% 的自由現金流轉換，並透過 2024 財年的股息和股票回購實現 7 億至 8 億美元的資本回報。

To bring all of this together and highlight what it means to our financial objectives, I will conclude by emphasizing what I said earlier. First, the results through the third quarter and the visibility into the fourth quarter, give us confidence in delivering a fiscal 2024 in line with our guidance, marking a strong start to the fiscal '24 to '26 3-year cycle.

為了將所有這些放在一起並強調這對我們的財務目標意味著什麼，我將強調我之前所說的內容。首先，第三季的業績和第四季的可見性使我們有信心按照我們的指導方針交付 2024 財年的業績，標誌著 24 至 26 財年的三年周期的良好開端。

Second, we have positive momentum in our business, including strong sales demand, growing investor participation, the actions we are taking to create investment capacity and sustain our steady and consistent growth. Additionally, we have the capital capacity for accretive tuck-in M&A to supplement our organic growth.

其次，我們的業務呈現積極勢頭，包括強勁的銷售需求、不斷增長的投資者參與、我們為創造投資能力和維持穩定持續成長而採取的行動。此外，我們擁有進行增值併購的資本能力，以補充我們的有機成長。

Finally, those 2 items, fiscal year '24 performance and positive forward momentum, position us to deliver on our 3-year financial objective. And with that, let's take your questions. Andrea?

最後，這兩項，即 24 財年的業績和積極的前進動力，使我們能夠實現 3 年財務目標。接下來，讓我們回答您的問題。安德里亞？

(Operator Instructions) And our first question comes from David Togut of Evercore ISI.

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

I'll ask my question and the follow-up both upfront. So first, given the solid early demand for OpsGPT and BondGPT, where do you see the biggest opportunity to increase Gen AI-related product development?

我會提前提出我的問題和後續行動。首先，鑑於 OpsGPT 和 BondGPT 的早期需求強勁，您認為增加 Gen AI 相關產品開發的最大機會在哪裡？

And then the follow-up, since you've deleveraged the balance sheet, now we're a few years post the Itiviti acquisition, where do you see the greatest white space for your acquisition opportunities?

接下來，由於您已經對資產負債表進行了去槓桿化，現在距離收購 Itiviti 已有幾年了，您認為收購機會的最大空白空間在哪裡？

It's Tim. And thank you for the question on AI. It's an area that we're pretty excited about, as you know. And we have talked about being a leader in AI in our space. We've talked about how we're bringing that to -- really into all of our products. We think in the future, every product will be part -- will have AI as part of it. And then to introduce commercial products as well and use it for internal efficiency, and do all that in a safe way.

是蒂姆。感謝您提出有關人工智慧的問題。如你所知，這是我們非常興奮的領域。我們已經討論過要成為我們領域人工智慧的領導者。我們已經討論過如何將其真正融入我們所有的產品中。我們認為，未來，每個產品都將成為人工智慧的一部分。然後引入商業產品並利用它來提高內部效率，並以安全的方式完成這一切。

We are really pleased by the progress of OpsGPT and BondGPT. With OpsGPT, we're in production with our first client and we're actively engaged with another 5. BondGPT, we have 3 proof-of-concepts underway, 8 additional discussions. So there's lots of good activity around those.

我們對 OpsGPT 和 BondGPT 的進展感到非常高興。透過 OpsGPT，我們正在與第一個客戶進行生產，我們正在積極與另一個客戶合作。所以圍繞著這些有很多好的活動。

We're also doing things in the asset management side with our global demand model, where we have 6 of the largest 50 asset managers already signed up and an additional 10 of the largest 100 in contracting.

我們也在資產管理方面利用我們的全球需求模型開展工作，其中最大的 50 家資產管理公司中已有 6 家已經簽約，另外 100 家最大的 100 家資產管理公司中還有 10 家已簽約。

So I think people are really attracted to these use cases. When we see sort of the biggest areas going forward, I think it's really deepening in these sort of unique areas that -- where it really makes sense for us to be the one to invest. It doesn't make sense for others to invest in the sort of depth of capital markets or in some of these more [arcane] areas in asset management. And we think there's real opportunity for us there.

所以我認為人們真的被這些用例所吸引。當我們看到一些最大的領域正在向前發展時，我認為這些獨特領域的發展確實在深化——對我們來說，成為投資的人確實有意義。對其他人來說，投資於資本市場的深度或資產管理中的一些更[神秘]的領域是沒有意義的。我們認為那裡有真正的機會。

We're excited about how it's going to drive things in the fixed income world. When you think about this in the future, it's really there will be a commodity part of it where it's part of just having a good product, and then there will be a more exclusive part of it where, if you have proprietary data, you can really leverage something and create something unique. And we think there are definitely areas where we have proprietary data.

我們對它將如何推動固定收益領域的發展感到興奮。當你將來考慮這個問題時，確實會有一個商品部分，它只是擁有一個好的產品的一部分，然後會有一個更獨特的部分，如果你有專有數據，你可以真正利用一些東西並創造一些獨特的東西。我們認為我們肯定在某些領域擁有專有數據。

So we continue to be excited about AI. It will be a while for it to sort of begin to show in the economics, but we begin to be excited about it.

因此，我們仍然對人工智慧感到興奮。它需要一段時間才能開始在經濟學中顯現出來，但我們開始對此感到興奮。

I think on the M&A side, let me just turn to that, I think that's a really important question. And David, as you know, our growth is primarily organic and we have a long runway for that with the $60 billion market opportunity. And as you know, our 3-year objective for M&A is sort of 1 to 2 points. That's -- and we've been on this sort of pause post our BTCS acquisition, but now as you point out, having reached our leverage and our free cash flow conversion goals, we do have flexibility to invest.

我認為在併購方面，讓我談談這個問題，我認為這是一個非常重要的問題。大衛，如你所知，我們的成長主要是有機的，我們有很長的路要走，擁有 600 億美元的市場機會。如您所知，我們的 3 年併購目標是 1 到 2 個點。那就是——在收購 BTCS 後，我們一直處於這種暫停狀態，但現在正如您所指出的，在達到我們的槓桿率和自由現金流轉換目標後，我們確實擁有投資的靈活性。

And I think in past calls, I have been cautious about buyers and sellers coming together on price. And I do think now, looking at the market that, that logjam is beginning to break up. We are beginning to see more tuck-in opportunities that have the potential to meet both our strategic and financial criteria. And as you know, we always look for opportunities that tightly align with our strategy where we're the right owner. And that's IRR sort of in the really attractive mid- to high teens well in excess of our cost of capital.

我認為在過去的電話會議中，我對買家和賣家就價格達成一致持謹慎態度。現在，我確實認為，從市場來看，這種僵局正在開始打破。我們開始看到更多有可能滿足我們的策略和財務標準的機會。如您所知，我們始終尋找與我們的策略緊密結合的機會，我們是正確的所有者。這就是真正有吸引力的中高青少年的內部報酬率，遠遠超過了我們的資本成本。

So we do think that there will be opportunities this year. We think there'll be opportunities when you look across the areas that we do. Wealth management has some very interesting things going on. Data and analytics has some very interesting things going on. And we're beginning to see all the PE firms really polishing up their properties to make them look attractive to strategics like ourselves. And so we think there will be a stream of opportunities. We'll be very, very selective. If you see us do something, you'll know that we're doing it because it's very attractive and will -- and enough opportunities out there that we can be very disciplined in doing things that we think will have very good returns for shareholders.

所以我們確實認為今年會有機會。我們認為，當你縱觀我們所做的領域時，你會發現機會。財富管理正在發生一些非常有趣的事情。數據和分析正在發生一些非常有趣的事情。我們開始看到所有私募股權公司都在真正打磨自己的資產，以使它們對像我們這樣的策略投資者有吸引力。因此，我們認為將會有一系列機會。我們會非常非常有選擇性。如果你看到我們做某事，你就會知道我們這樣做是因為它非常有吸引力，而且有足夠的機會，我們可以非常自律地做我們認為將為股東帶來非常好的回報的事情。

Yes. And I'll just add, Tim, the opportunities are out there. David, we have 2 months left in this fiscal year, which is why I highlight the fact that the majority of our capital will be allocated towards share repurchases in this fiscal year. But as I said a number of times in my prepared remarks, we're in a really, really strong position because of the point that you made on being at the right leverage ratio and the capital we're generating through our free cash flow. So as Tim said, there are very attractive opportunities out there as we go into our next fiscal year. And I think we'll be in a great capital position to be able to supplement our organic growth with M&A.

是的。我只想補充一點，提姆，機會就在那裡。大衛，本財年還剩兩個月，這就是為什麼我強調我們的大部分資本將用於本財年的股票回購。但正如我在準備好的發言中多次說過的那樣，我們處於非常非常有利的地位，因為您提出了正確的槓桿率以及我們透過自由現金流產生的資本的觀點。正如蒂姆所說，當我們進入下一個財政年度時，存在著非常有吸引力的機會。我認為我們將處於有利的資本地位，能夠透過併購來補充我們的有機成長。

The next question comes from Will Vu of Wolfe Research.

下一個問題來自 Wolfe Research 的 Will Vu。

This is Will on for [Darrin] here. I had 2 related to some of the bookings trends. First and foremost, you guys in the past have talked about some of the underlying bookings being more -- or being less transformative. And I was curious as to if you guys can comment on some of the more recent characteristics within your pipeline. Are you seeing any deal sizes expanding or any of that?

這是威爾為[達林]做的。我有 2 個與一些預訂趨勢相關的資訊。首先也是最重要的，你們過去曾討論過一些潛在的預訂更具變革性或更少變革性。我很好奇你們是否可以對你們的管道中的一些最新特徵發表評論。您是否看到任何交易規模擴大或任何其他情況？

And then my second question being, as we look on the wealth management side, kind of curious how -- what opportunities are really resonating with some of your prospective customers that you're seeing on this end?

然後我的第二個問題是，當我們專注於財富管理方面時，有點好奇什麼機會真正能引起您在這方面看到的一些潛在客戶的共鳴？

Well, thanks. It's Tim. I'll take those. I think on the booking trends, we are -- I do think that the main thrust continues to be lots of, I don't want to say exactly bite-sized opportunities, but very manageably-sized opportunities. And so we do have some that are, call it, more than $5 million, but we don't have any of these sort of mega things that will take many years to influence. So we really feel good about sort of that flow that we're seeing.

非常感謝。是蒂姆。我會接受那些。我認為就預訂趨勢而言，我確實認為主要的推動力仍然是很多，我不想說確切地說是很小的機會，而是非常易於管理的機會。所以我們確實有一些，可以稱之為超過 500 萬美元，但我們沒有任何需要很多年才能產生影響的大型專案。所以我們對我們所看到的這種流程真的感覺很好。

We are seeing in areas -- areas of demand, and I mentioned this a little bit in the script, but we're seeing it around things that will drive revenue, certainly on the BTCS side, certainly around adviser tools, securities class action, other things that really drive revenue nicely. We're seeing things that drive costs, lots of activity around print to digital and of course, regulatory with tailored shareholder report. So all areas that really align with the investments that we've been making. And so that really makes us feel good about the return on the investments that we're going to see.

我們看到的是需求領域，我在劇本中提到了這一點，但我們看到的是圍繞著能夠推動收入的事情，當然是在 BTCS 方面，當然是圍繞顧問工具、證券集體訴訟，其他真正能很好地增加收入的事情。我們看到了一些推動成本的因素，圍繞著印刷到數位的大量活動，當然還有客製化股東報告的監管。因此，所有領域都與我們一直在進行的投資真正相符。因此，這確實讓我們對即將看到的投資回報感到滿意。

And I think that, that really -- your sort of second part of the question was about wealth management. And I think that is just emblematic of getting return on areas where we've made significant investments. As you know, a very attractive market, we've talked about the $16 billion market, how it's growing, and we're getting really good traction with a whole series of component sales. Our sales were up 75% for the year, our current pipeline is over $200 million.

我認為，問題的第二部分實際上是關於財富管理的。我認為這只是我們在重大投資領域中獲得回報的象徵。如您所知，這是一個非常有吸引力的市場，我們已經討論了 160 億美元的市場，以及它是如何成長的，我們透過一系列組件銷售獲得了非常好的牽引力。今年我們的銷售額成長了 75%，目前的通路價值超過 2 億美元。

And when you say sort of what opportunities are people looking for, I think that it's a combination of each has sort of a different specific pain point and want to address it. But at the same time, they're looking to sort of say, how do I begin to put in place a digital road map and sort of a North Star that they can build to over time? So I think the open API framework, the enterprise integration service layer, all of those things in terms of how we can bring things together, they really like that as a vision. Meanwhile, they tend to say, let me start with an existing pain point like tax, like client onboarding, like corporate actions, some things that are very tangible. And so we have great conversations going on both here in the U.S. but also lots of good conversations in Canada. So we feel really good about the outlook there.

當你說人們正在尋找什麼機會時，我認為這是每個機會的組合，每個機會都有不同的特定痛點，並且想要解決它。但同時，他們想知道，我該如何開始製定數位路線圖和他們可以隨著時間的推移而建構的北極星？所以我認為開放 API 框架、企業整合服務層以及所有這些關於我們如何將事物整合在一起的東西，他們真的很喜歡這樣的願景。同時，他們傾向於說，讓我從現有的痛點開始，例如稅收、客戶入職、公司行為等一些非常有形的事情。因此，我們在美國進行了很好的對話，在加拿大也進行了許多良好的對話。所以我們對那裡的前景感到非常滿意。

The next question comes from Patrick O'Shaughnessy of Raymond James.

下一個問題來自雷蒙德·詹姆斯的帕特里克·奧肖內西。

When you kind of think about the factors that are driving 6% recurring revenue growth this fiscal year as compared to the high end of your range, the 9%, what are the factors that are kind of resulting in revenue coming towards the lower end of the range? And then how does that inform your outlook point for next year?

當您考慮推動本財年經常性收入成長 6%（與您的範圍的高端 9% 相比）的因素時，哪些因素會導致收入接近 2009 年的低端？那麼這對你明年的展望有什麼影響呢？

Patrick, thanks for that question. I did want an opportunity to dive deeper into that. So thanks for the question. We are tracking, to your point, 6% at the low end of what I would highlight is a strong organic recurring revenue range. And there are 2 items that are really impacting that. First, I would say, is position growth. You know that our outlook was mid- to high single-digit position growth, and you just heard both Tim and I talk about 6% equity position growth and fund growth at about 3% for the full year. So that's one thing relative to the outlook that we had.

派崔克，謝謝你提出這個問題。我確實希望有機會更深入地研究這一點。謝謝你的提問。根據您的觀點，我們正在追蹤 6%，這是我要強調的強勁有機經常性收入範圍的低端。有兩個項目確實對此產生了影響。首先，我想說的是職位成長。您知道，我們的預期是中高個位數部位成長，您剛剛聽到提姆和我談到全年股票部位成長 6%，基金成長約 3%。所以這是與我們的前景相關的一件事。

The second, as you know, a strong component of our recurring revenue growth is converting sales to revenue. And there I'd highlight lower revenue in our customer communications business. But again, you heard me talk about starting to see that tick up in the fourth quarter as we onboard new clients.

第二，如您所知，我們經常性收入成長的一個重要部分是將銷售額轉化為收入。我要強調的是我們的客戶通訊業務收入下降。但你再次聽到我談到，隨著我們吸引新客戶，這種情況在第四季開始上升。

So I think the key point for me is that we do have positive momentum going into fiscal '25 and '26 with sales, which impacts next year revenue, estimated to be up 15% to 30%, and position growth starting to tick up. I was very deliberate about mentioning Q1 '25 testing data showing mid-single digit at this point. I think that's a good trend because as we know, it normally ticks up.

因此，我認為對我來說關鍵點是，我們在進入25 財年和26 財年的銷售方面確實有積極的勢頭，這會影響明年的收入，預計將增長15% 至30%，並且頭寸增長開始加快。我非常有意地提到了 25 年第一季的測試數據，此時數據顯示為中個位數。我認為這是一個很好的趨勢，因為據我們所知，它通常會上升。

So look, delivering 6% in fiscal '24 and momentum going into fiscal '25 I think has us in a pretty good place relative to the 3-year objectives.

因此，我認為，在 24 財年實現 6% 的成長以及進入 25 財年的勢頭使我們相對於 3 年目標處於相當不錯的位置。

The second part of your question is like what it -- it's all focused on the go forward and what it means for the outlook. And for me, as you know, I like to put that in terms of our 3-year objectives. And as I just mentioned, we have great line of sight into fiscal year '24. And I would say that's a strong start on the 3-year cycle.

你問題的第二部分是這樣的——它全部集中在未來的發展以及它對前景意味著什麼。對我來說，如您所知，我喜歡將其納入我們的三年目標中。正如我剛才提到的，我們對 24 財年有很好的展望。我想說，這是三年周期的一個好開始。

And I'll just remind you, we're coming off a year of 7% recurring revenue growth and 9% adjusted EPS growth, and now sort of on track to deliver approximately 6% and 10%, respectively. And so those numbers are right in line with our guidance, right in line with the growth algorithm as we think about the long-term objective. And I just talked about the drivers of growth being stable and the momentum that we have moving forward.

我只想提醒您，我們即將迎來經常性收入增長 7% 和調整後每股收益增長 9% 的一年，現在預計將分別實現約 6% 和 10% 的增長。因此，這些數字與我們的指導一致，與我們考慮長期目標時的成長演算法一致。我剛才談到了成長的動力是穩定的，我們前進的動力。

So we feel good about where we are relative to the 3-year objectives. And as our usual practice, we'll come back and talk more specifically about '25 in a more robust way on our Q4 call.

因此，我們對我們相對於三年目標的情況感到滿意。按照我們的慣例，我們將在第四季度的電話會議上以更強有力的方式更具體地討論 '25。

Yes. I appreciate that. A quick follow-up. Just to make sure I'm understanding your commentary on timing and shareholder meetings getting pushed into April from March. So that would show up in the regulatory revenues line and the issuer revenues line, but no impact to data-driven fund solutions or customer communications. Am I understanding that correctly?

是的。我很感激。快速跟進。只是為了確保我理解您對時間表和股東會議從三月推遲到四月的評論。因此，這將顯示在監管收入線和發行人收入線中，但不會影響數據驅動的基金解決方案或客戶溝通。我的理解正確嗎？

That's primarily right. You're very astute in picking it up. Those are the 2 areas that we called out. So you'll see it in both of those businesses, in the registered shareholder solutions and issuer, and then obviously, the regulatory business.

這基本上是正確的。你撿起來真是太精明了。這些是我們指出的兩個領域。所以你會在這兩個業務中看到它，在註冊股東解決方案和發行人中，然後顯然，在監管業務中。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. I'd like to turn the call over to management for any closing remarks.

目前沒有其他問題。我想將電話轉交給管理階層，讓他們發表結束語。

Thank you very much, Andrea. Thank you to everyone on the call. Thank you for your interest in Broadridge. As I said earlier, we are -- we're now well into our seasonally largest quarter. We're looking to delivering full year results, as Edmund just said, of 6% recurring revenue growth, double-digit EPS growth. That's going to mark a strong start to our 3-year objectives. And we will look forward to seeing you in August.

非常感謝你，安德里亞。感謝通話中的所有人。感謝您對布羅德里奇的興趣。正如我之前所說，我們現在已經進入了季節性最大的季度。正如埃德蒙剛才所說，我們希望實現全年業績，即經常性收入增長 6%，每股收益增長兩位數。這將標誌著我們三年目標的良好開端。我們期待八月見到您。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。