Broadridge Financial Solutions Inc (BR) 2024 Q4 法說會逐字稿

Good day, and welcome to the Broadridge Financial Solutions fourth-quarter and fiscal year 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Broadridge Financial Solutions 第四季和 2024 財年財報電話會議。 （操作員說明）請注意，正在記錄此事件。

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

現在我想將電話轉給投資者關係主管 Edings Thibault。請繼續。

Thank you, Andrea, and good morning, everybody, and welcome to Broadridge's fourth-quarter and fiscal year 2024 earnings call. Our earnings release and slides that accompany this call may be found on the Investor Relations section of broadridge.com.

謝謝 Andrea，大家早安，歡迎參加 Broadridge 的第四季和 2024 財年財報電話會議。我們的收益發布和伴隨本次電話會議的幻燈片可以在 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 Interim Chief Financial Officer, Ashima Ghei.

今天早上與我一起參加電話會議的有我們的執行長 Tim Gokey 和我們的臨時財務長 Ashima Ghei。

Before I turn the call over to Tim, a few standard reminders. One, we will be making forward-looking statements on today's call regarding Broadridge that involve risks. A summary of these risks can be found on the second page of the slides in a more complete description on our annual report on Form 10-K.

在我把電話轉給蒂姆之前，我有一些標準提醒。第一，我們將在今天的電話會議上就涉及風險的布羅德里奇做出前瞻性聲明。這些風險的摘要可以在投影片的第二頁上找到，其中包含我們 10-K 表格年度報告的更完整描述。

Two, will also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Broadridge's underlying operating results and explanation of these non-GAAP measures and reconciliations to the comparable GAAP measures can be found in the earnings release and presentation. Let me now turn the call over to Tim Gokey. Tim?

第二，還將提到幾項非公認會計原則措施，我們相信這些措施可以讓投資者更全面地了解布羅德里奇的基本經營業績，並且可以在收益發布中找到這些非公認會計原則措施的解釋以及與可比較公認會計原則措施的調節和演示。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 discuss our strong fiscal '24 financial and operating results. I'm also pleased to be joined by Interim CFO, Ashima Ghei. Ashima took over on July 1 from Edmond, and we continue to relinquish good luck in his next endeavor.

謝謝你，艾丁斯，早安。很高興能在這裡討論我們強勁的 24 財年財務和營運業績。我也很高興臨時財務長 Ashima Ghei 加入。阿詩瑪於 7 月 1 日接替埃德蒙，我們繼續在他的下一次努力中放棄好運。

Importantly, I've had the opportunity to work closely with Ashima over the past 2.5 years as she played a leading role in driving the strong result of our ICS business. Previously she with American Express for 18 years, and she had a strong combination of deep insight and experience to her role as CFO of ICS here at Broadridge. Ashima, Welcome.

重要的是，在過去 2.5 年裡，我有機會與 Ashima 密切合作，因為她在推動我們 ICS 業務取得強勁業績方面發揮了主導作用。此前，她在美國運通工作了 18 年，在 Broadridge 擔任 ICS 財務長時，她擁有深刻的洞察力和豐富的經驗。阿詩瑪，歡迎光臨。

Thank you, Tim. Great to be here.

謝謝你，提姆。很高興來到這裡。

I'll start my review this morning with a quick comment on what we're seeing in the market. Over the past six months, the market has been stable to improving. Our clients have been moving proactively to digitize communications, simplify and modernize our technology infrastructure and enhance investor engagement. These trends play to broader districts and they drove record closed sales for the quarter and for the year.

今天早上我將首先對我們在市場上看到的情況進行快速評論。過去六個月，市場一直穩定向好。我們的客戶一直在積極主動地實現通訊數位化，簡化和現代化我們的技術基礎設施，並增強投資者的參與度。這些趨勢影響了更廣泛的地區，推動了本季和全年的成交額創紀錄。

This past week has seen much higher volatility with questions about the pace of rate easing and sustainability of growth. It is too early to know what this represents a market turn. But if it does, these kinds of environments, our Broadridge's resilient recurring revenue risk business model really stands out.

過去一周，市場波動性大幅上升，人們對利率寬鬆的步伐和成長的可持續性產生了疑問。現在判斷這代表著市場轉向還為時過早。但如果確實如此，在這種環境下，我們布羅德里奇彈性的經常性收入風險業務模式確實脫穎而出。

I'm confident that Broadridge is going into fiscal '25 poised to deliver another year of sustainable growth, backed by a record backlog of sales already closed, a strong pipeline, and resilient volume trends. We're executing on our growth strategy and investing in our products and capabilities. So in any scenario, I feel very good about how we're positioned.

我相信，布羅德里奇在進入 25 財年時，將在已經結清的創紀錄的銷售積壓、強大的管道和有彈性的銷售趨勢的支持下，實現又一個可持續增長。我們正在執行我們的成長策略並投資於我們的產品和能力。因此，在任何情況下，我都對我們的定位感到非常滿意。

With that as context, let's review our strong results and strategic progress. I'm happy to report that Broadridge's executing on our strategy to modernize and digitize governance to simplify, innovate in capital markets, to modernize wealth management. Our clients look to us as trusted and transformative partner to help them adapt to regulatory change, reduce cost and complexity, and drive innovation.

以此為背景，讓我們回顧一下我們的強勁成果和策略進展。我很高興地向大家報告，布羅德里奇正在執行我們的治理現代化和數位化策略，以簡化和創新資本市場，實現財富管理現代化。我們的客戶將我們視為值得信賴的變革性合作夥伴，幫助他們適應監管變化、降低成本和複雜性並推動創新。

That trusted and transformative position, along with strong execution is driving record close sales. For the year, Broadridge reported 39% growth and closed sales to $342 million at both record sales and record sales growth. It's also enabling Broadridge to continue to deliver strong and sustainable growth.

這種值得信賴和變革性的地位，加上強大的執行力，正在推動創紀錄的成交銷售。今年，Broadridge 實現了 39% 的成長，銷售額達到 3.42 億美元，銷售額和成長均創歷史新高。它還使 Broadridge 能夠繼續實現強勁且可持續的成長。

For the full year, adjusted EPS rose 10% on 6% organic growth in recurring revenues. As we've seen all the year, that growth was accompanied by strong free cash flow conversion, ending the year at 102%. Higher cash flow and our strong balance sheet enabled us to fund tuck-in M&A investments, and we purchased $450 million in Broadridge shares. I'm also pleased to announce a 10% increase in our annual dividend to 12 double digit increase in the last 13 years.

全年調整後每股收益成長 10%，經常性收入有機成長 6%。正如我們全年所看到的，這種成長伴隨著強勁的自由現金流轉換，截至年底為 102%。更高的現金流和強勁的資產負債表使我們能夠為併購投資提供資金，我們購買了 4.5 億美元的 Broadridge 股票。我還很高興地宣布，我們的年度股息在過去 13 年中增加了 10%，達到 12 位兩位數。

Finally, the combination of strong execution and sales growth has broadly positioned to deliver another year of strong and sustainable growth in fiscal '25. Our guidance includes 5% to 7% organic recurring revenue growth and 8% to 12% adjusted EPS growth with $290 million to $330 million of close sales.

最後，強勁的執行力和銷售成長相結合，在 25 財年實現另一個強勁且可持續的成長。我們的指引包括 5% 至 7% 的有機經常性收入成長和 8% 至 12% 的調整後每股盈餘成長，以及 2.9 億至 3.3 億美元的成交額。

Now let's dive into how we generated these strong results, starting on slide 4 with our governance business. We continue to make strides in executing our strategy to drive the democratization and digitization of governments. For FY24, our ICS business reported 5% recurring revenue growth driven by data-driven fund solutions, issuer, and digital communications.

現在，讓我們從投影片 4 的治理業務開始，深入探討如何取得這些強勁成果。我們在執行推動政府民主化和數位化的策略方面繼續取得進展。 2024 財年，我們的 ICS 業務在數據驅動的基金解決方案、發行人和數位通訊的推動下實現了 5% 的經常性收入成長。

Part of driving democratization is enabling to continued growth in equity and fund investments by main street investors. Full year equity position growth was 6%, including 7% in the fourth quarter, in line with mid to high single digit trends of the past decade or more. That growth was driven by managed accounts, which continued to be a key area of focus for wealth advisors (technical difficulty) self-directed position growth was flat.

推動民主化的部分原因是推動主流投資者的股權和基金投資持續成長。全年股本成長 6%，其中第四季成長 7%，與過去十年或更長時間的中高個位數趨勢一致。這一成長是由管理帳戶推動的，這仍然是財富顧問關注的關鍵領域（技術難度），自主部位成長持平。

Mutual fund and ETF growth was 3% for the full year, driven by demand for passive funds, while growth picked up to 6% in the fourth quarter, demand trends remain mixed. Money market fund positions, which account for less than 5% of the total, grew by 17% in the quarter, suggesting that many investments remained content to be in cash.

在被動基金需求的推動下，共同基金和 ETF 全年成長 3%，而第四季成長回升至 6%，需求趨勢仍喜憂參半。佔總量不到 5% 的貨幣市場基金部位在本季成長了 17%，這表明許多投資仍然滿足於現金投資。

Recall investors tend to have only one money-market fund versus multiple equity or bond funds. So growth in money markets tends to lower overall position growth. Beyond position growth, Broadridge's driving democratization by helping our fund clients implement voting choice of their shareholders.

回想一下，投資人往往只擁有一隻貨幣市場基金，而不是多檔股票或債券基金。因此，貨幣市場的成長往往會降低整體部位的成長。除了部位成長之外，布羅德里奇還透過幫助我們的基金客戶實施股東的投票選擇來推動民主化。

We are now enabling more than 100 separate funds to offer their investors a greater, say in governance up from only eight a year ago. We're also seeing strong interest in Europe were funds, see voting choice has a competitive differentiator. Our virtual shareholder meeting capabilities are also making shareholder meetings more accessible.

我們現在正在為 100 多個獨立基金提供支持，為投資者提供更大的治理話語權，而一年前只有 8 個基金。我們也看到歐洲基金對投票選擇產生了濃厚的興趣，因此投票選擇具有競爭優勢。我們的虛擬股東會議功能也讓股東會議變得更方便。

We recently hosted more than 6,500 investors and guests on our BSM platform for the meeting of a mega cap tech company and are playing a role in enabling investors to weigh in on the governance and some of the largest and most widely held companies in our market, including Disney earlier this year and Tesla in the fourth quarter.

最近，我們在BSM 平台上接待了6,500 多名投資者和嘉賓，參加了一家大型科技公司的會議，並在幫助投資者對治理以及我們市場上一些規模最大、持股最廣泛的公司發表意見方面發揮了作用，包括今年早些時候的迪士尼和第四季度的特斯拉。

I'm especially pleased with the success of our tailored shareholder report solution. As most of you know, beginning last month, tailored shareholder reports replaced the 100-plus page annual and semi-annual reports that fund shareholders previously received with a condensed and more digestible two to three page report.

我對我們量身定制的股東報告解決方案的成功感到特別高興。眾所周知，從上個月開始，客製化的股東報告取代了基金股東之前收到的 100 多頁的年度和半年度報告，取而代之的是一份簡潔且更容易理解的兩到三頁報告。

While it's a big step forward in enabling funds to communicate more effectively with their shareholders, it doesn't come without added cost or complexity. Funds now need to manage a much greater number of individualized reports that first need to be digitally composed and then distributed to shareholders. To meet that demand, we created solutions to lower the print and distribution costs of these new communications and streamlined the higher value digital composition and digital tagging work.

雖然這在使基金能夠更有效地與股東溝通方面向前邁出了一大步，但它並不是沒有增加成本或複雜性。基金現在需要管理更多數量的個人化報告，這些報告首先需要以數位方式編寫，然後分發給股東。為了滿足這一需求，我們創建了解決方案來降低這些新通訊的印刷和分發成本，並簡化了更高價值的數位合成和數位標記工作。

Our ability to deliver compelling solutions in the face of a looming regulatory deadline was critical for our clients in the sales of our TSR solution contributed strongly to our overall sales growth this past year. It's a great example of how Broadridge's bringing innovation and value-added services to do more for asset management clients.

面對迫在眉睫的監管期限，我們提供引人注目的解決方案的能力對於我們的客戶至關重要，我們的 TSR 解決方案的銷售為我們去年的整體銷售成長做出了巨大貢獻。這是 Broadridge 如何透過創新和增值服務為資產管理客戶做更多事情的一個很好的例子。

Finally, our print to digital strategy is driving digitization in our customer communications business. After crossing over the $100 million digital revenue threshold in fiscal '23, we delivered another year of double digit growth in '24, driven by the continued onboarding of new clients to our wealth and focus Digital's solution.

最後，我們的印刷到數位策略正在推動我們的客戶通訊業務的數位化。在 23 財年突破 1 億美元數位營收門檻後，在新客戶不斷加入我們的財富和焦點數位解決方案的推動下，我們在 24 財年又實現了兩位數成長。

In the fourth quarter, we reached agreement with a major financial services firm to bring its digital communications infrastructure onto our platform. This was an existing Broadridge print client who sees Broadridge's digital capabilities as an opportunity to accelerate client engagement and drive additional savings. New sales like this give our BRCC business a clear runway for growth in '25.

在第四季度，我們與一家大型金融服務公司達成協議，將其數位通訊基礎設施引入我們的平台。這是一位現有的 Broadridge 印刷客戶，他將 Broadridge 的數位功能視為加速客戶參與和推動額外節省的機會。像這樣的新銷售為我們的 BRCC 業務在 25 年的成長提供了明確的跑道。

Now let's move to our capital market franchise. We continue to make strong progress against our goal and simplifying and innovating across the trade life cycle. Capital markets revenues crossed the $1 billion revenue milestone, rising 8% for the year, driven by strong growth in BTCS, and by the onboarding of new global post-trade clients.

現在讓我們轉向我們的資本市場專營權。我們繼續在實現我們的目標以及整個貿易生命週期的簡化和創新方面取得強勁進展。在 BTCS 強勁成長以及新的全球交易後客戶加入的推動下，資本市場收入突破了 10 億美元的收入里程碑，全年增長 8%。

In the front office, our bank clients face the pressure to drive ever-increasing trade volumes at lower spreads from fast settlement across multiple asset classes and geographies. We're meeting that need by delivering a state-of-the art global SaaS platform that gives trading firms best-in-class order management, execution, scale, and reliability.

在前台，我們的銀行客戶面臨著透過跨多個資產類別和地區的快速結算以較低的利差推動不斷增長的交易量的壓力。我們透過提供最先進的全球 SaaS 平台來滿足這一需求，該平台為貿易公司提供一流的訂單管理、執行、規模和可靠性。

Now extending those capabilities to the derivatives market by developing new futures and options solutions. We also continue to help our clients reduce the cost and complexity other back office operations with a global post-trade capabilities.

現在，透過開發新的期貨和選擇權解決方案，將這些功能擴展到衍生性商品市場。我們也利用全球交易後能力繼續幫助客戶降低其他後台營運的成本和複雜性。

In fiscal '24, we brought a leading global bank, the international operations have a major European bank, and a leading Nordic bank onto our global post-trade platform. By combining multiple existing platforms and dozens of markets, Broadridge is enabling these clients to simplify their operations, reduce complexity, and optimize capital.

在 24 財年，我們將一家領先的全球銀行、一家主要歐洲銀行和一家領先的北歐銀行的國際業務引入我們的全球交易後平台。透過結合多個現有平台和數十個市場，Broadridge 使這些客戶能夠簡化營運、降低複雜性並優化資本。

Only Broadridge can deliver that kind of global simplification at scale. And our success is driving a strong pipeline line of additional post-trade engagements. Driving simplification also means helping our clients adapt to regulatory change and the transition to T-plus-1 at the end of May, with a notable example. The move to shorten settlement cycle across North American equities and corporate and municipal bonds, with a combination of initiative that began in 2020.

只有 Broadridge 能夠大規模實現這種全球簡化。我們的成功正在推動一系列強大的額外交易後活動。推動簡化也意味著幫助我們的客戶適應監管變化以及 5 月底向 T-plus-1 的過渡，這是一個顯著的例子。 2020 年開始採取一系列舉措，旨在縮短北美股票、企業和市政債券的結算週期。

The goal was to reduce systemic risk or lowering clearinghouse collateral requirements and enhancing operational efficiency. For Broadridge, it was another opportunity to showcase the benefits of mutualization. For more than a year leading up to the change, our teams focused on delivering rigorous testing, meticulous planning, and robust client communication.

目標是降低系統性風險或降低清算所抵押品要求並提高營運效率。對布羅德里奇來說，這是展示共同化好處的另一個機會。在變革之前的一年多時間裡，我們的團隊專注於提供嚴格的測試、細緻的規劃和強大的客戶溝通。

A year ago, we set up a T-plus-1 test environment that enables clients to thoroughly test their own preparedness, and we lead and participate in industry wide initiatives along with the DTCC and CDS. The result has been a seamless transition for our clients, marked by significant improvement in industry trade date, affirmation rates at 30% reduction in certain collateral requirements and increased liquidity.

一年前，我們建立了 T-plus-1 測試環境，使客戶能夠徹底測試自己的準備情況，並且我們與 DTCC 和 CDS 一起領導並參與行業範圍內的計劃。結果是我們的客戶實現了無縫過渡，其特點是行業交易日期的顯著改善、某些抵押品要求的確認率降低了 30% 以及流動性增加。

Finally, we're driving innovation across trading through the adoption of AI and distributed ledger technology. We're seeing growing interest in our AI solutions, including our now-patented BondGPT capability and our OpsGPT console.

最後，我們透過採用人工智慧和分散式帳本技術來推動整個交易的創新。我們看到人們對我們的人工智慧解決方案越來越感興趣，包括我們現在已獲得專利的 BondGPT 功能和 OpsGPT 控制台。

Our distributed ledger repo platform is delivering reduced external transaction fees, lower sales, and increased liquidity. We added two new clients onto our DLR platform in fiscal ‘24, increasing our monthly average trading volume to $1.5 trillion.

我們的分散式帳本回購平台正在降低外部交易費用、降低銷售額並增加流動性。在第 24 財年，我們在 DLR 平台上增加了兩個新客戶，將我們的月平均交易量增加到 1.5 兆美元。

Now turn to Wealth and Investment Management on slide 6. In Wealth, we are helping our clients modernize and transform on their own terms with our modular suite of capabilities. Wealth and Investment Management revenues rose 7% in fiscal ‘24, driven in part by the go-live of our UBS contract at the beginning of the year.

現在轉向幻燈片 6 上的財富和投資管理。 2024 財年，財富和投資管理收入成長了 7%，部分原因是年初我們的瑞銀合約上線。

Partially offsetting this growth was the de-conversion of Morgan Stanley E-Trade. After a three-year journey, we helped Morgan Stanley complete the transition of the E-Trade platform last fall.

摩根士丹利電子貿易的取消轉換部分抵消了這一增長。經過三年的歷程，我們在去年秋天幫助摩根士丹利完成了電子貿易平台的過渡。

More broadly, the sales of our Wealth and Investment Management solutions rose more than 40% in fiscal ‘24, including a strong contribution from our Wealth platform solutions. Our pipeline continues to grow, and we're seeing continued demand for tools that help increase advisor effectiveness, enhance client engagement, and drive operational efficiency.

更廣泛地說，我們的財富和投資管理解決方案的銷售額在 2024 財年增長了 40% 以上，其中包括我們的財富平台解決方案的強勁貢獻。我們的管道不斷成長，我們看到對有助於提高顧問效率、增強客戶參與度和提高營運效率的工具的持續需求。

Last quarter, we announced the acquisition of Kyndryl SIS business in Canada. The SIS platform provides front, middle, and back-office technology for Canadian financial services firms. The addition of the SIS clients to our existing business in Canada will accelerate our ability to bring new capabilities, including our wealth solutions, to the Canadian market.

上季度，我們宣布收購加拿大 Kyndryl SIS 業務。 SIS 平台為加拿大金融服務公司提供前台、中台和後台技術。將 SIS 客戶添加到我們在加拿大的現有業務中，將加速我們為加拿大市場帶來新功能（包括我們的財富解決方案）的能力。

That deal is now moving through the Canadian regulatory review process, and we expect it to close in the first half of fiscal ‘25. I'll close my review of our fiscal ‘24 execution with closed sales. Broadridge reported record closed sales of $342 million, including fourth quarter sales up more than 70% to $157 million.

該交易目前正在通過加拿大監管審查程序，我們預計它將在 25 財年上半年完成。我將透過已完成的銷售來結束對 24 財年執行的審查。 Broadridge 公佈的最終銷售額達到創紀錄的 3.42 億美元，其中第四季銷售額成長超過 70%，達到 1.57 億美元。

We benefited from strong demand for our tailored shareholder reports and digital capabilities in ICS, and from strong growth in both capital markets and wealth in GTO. It's a direct reflection of the steps we've taken to help our clients adapt to change and grow their business.

我們受益於對我們量身定制的股東報告和 ICS 數位化能力的強勁需求，以及資本市場和 GTO 財富的強勁成長。這直接反映了我們為幫助客戶適應變化和發展業務所採取的步驟。

It's gratifying to see our investments translate into growth. Our strong sales performance is a clear sign that as clients begin to reinvest themselves, they see Broadridge as a trusted, transformative partner to help them operate, innovate, and grow. And with a strong pipeline going into next year, we expect another year of strong sales in fiscal ‘25.

很高興看到我們的投資轉化為成長。我們強勁的銷售業績清楚地表明，隨著客戶開始對自己進行再投資，他們將 Broadridge 視為值得信賴的變革性合作夥伴，可以幫助他們運作、創新和成長。隨著明年強勁的產品線進入，我們預計 25 財年的銷售將再次強勁。

I'll wrap up my review with some closing call-outs on slide 7. First, Broadridge is executing on our growth strategy. We're driving the democratization of investing by ensuring that a growing number of Mainstream investors get the critical information they need to understand their investments and make their voice heard.

我將在投影片 7 上用一些結束語來結束我的評論。我們透過確保越來越多的主流投資者獲得他們需要的關鍵資訊來了解他們的投資並表達他們的聲音，從而推動投資的民主化。

We're powering important corporate elections and extending voting choice. As an upcoming change in regulatory fund reporting, we stepped up to develop innovative, tailored shareholder report solutions.

我們正在為重要的企業選舉提供支持並擴大投票選擇。隨著監管基金報告即將發生的變化，我們加緊開發創新的、量身定制的股東報告解決方案。

In digital, we started a journey years ago to combine world-class digital solutions with our low-cost print network. And in GTO, we have acquired, built, and invested in our front and back office solutions to help our clients’ trade faster, engage with their clients, enhance adviser productivity, and reduce operational complexity.

在數位領域，我們多年前就開始了將世界一流的數位解決方案與我們的低成本印刷網路結合的旅程。在 GTO，我們收購、建立並投資了前台和後台解決方案，以幫助我們的客戶更快地進行交易、與客戶互動、提高顧問的工作效率並降低營運複雜性。

We're delivering new capital markets capabilities in derivatives and extending our global reach. We've enabled faster settlement times for dozens of clients and trillions of dollars of assets. We're driving innovation with AI-Enabled solutions and distributed ledger technology.

我們正在提供新的衍生性商品資本市場能力並擴大我們的全球影響力。我們為數十家客戶和數兆美元的資產提供了更快的結算時間。我們正在利用人工智慧解決方案和分散式帳本技術來推動創新。

We're live with our Wealth platform. We're driving the sales of our modular solutions and we're leveraging the technology more broadly, including as we extend and grower out business in Canada. Our execution on these strategies drove record-close sales, 6% recurring revenue growth, and double-digit adjusted EPS growth in fiscal ‘24.

我們正在使用我們的財富平台。我們正在推動模組化解決方案的銷售，並更廣泛地利用該技術，包括在加拿大擴展和發展業務。我們對這些策略的執行推動了 2024 財年的銷售額創歷史新高、經常性收入增長 6% 以及調整後每股收益兩位數增長。

Looking ahead, we expect another year of strong and sustainable growth in fiscal ‘25, and we're on track to deliver on our three-year financial objectives. Most importantly, we continue to see a long runway for future growth.

展望未來，我們預計 25 財年將實現強勁且可持續的成長，並且我們有望實現我們的三年財務目標。最重要的是，我們繼續看到未來成長的漫長道路。

Technology trends are enabling more investors to participate in the market and giving them access to increasingly sophisticated investments. Digitization is transforming the way businesses engage with their clients. Trading continues to accelerate, and banks look to reduce the cost and complexity of their operations.

技術趨勢使更多投資者能夠參與市場並獲得日益複雜的投資。數位化正在改變企業與客戶互動的方式。交易持續加速，銀行希望降低營運成本和複雜性。

Regulators around the world are constantly updating rules to modulate behavior and improve disclosure for all investors. And every one of those trends is shaped by the power of data and AI. We've positioned Broadridge to help our clients meet the opportunities and challenges these trends create.

世界各地的監管機構不斷更新規則，以調整所有投資者的行為並改善資訊揭露。每一種趨勢都是由數據和人工智慧的力量所塑造的。我們將布羅德里奇定位為幫助我們的客戶應對這些趨勢帶來的機會和挑戰。

We're executing on a growth strategy to do even more as we attack our $60 billion and growing vented market opportunity. The power of mutualizing change to increase speed and reduce cost is true in almost all economic environments, and our resilient business model is particularly strong in periods of higher volatility. I've never been more optimistic about Broadridge's future.

我們正在執行一項成長策略，以便在我們攻克 600 億美元和不斷增長的市場機會時做得更多。在幾乎所有經濟環境中，透過共同變革來提高速度和降低成本的力量都是真實的，而且我們的彈性業務模式在波動性較高的時期尤其強大。我對布羅德里奇的未來從未如此樂觀。

Before I hand over to Ashima, I want to thank our associates. As I've talked about today, Broadridge is executing on multiple fronts, and none of that would be possible without the hard work and client focus of everyone at our company.

在將工作交給阿詩瑪之前，我要感謝我們的同事。正如我今天談到的，布羅德里奇正在多個領域執行任務，如果沒有我們公司每個人的辛勤工作和對客戶的關注，這一切都是不可能實現的。

So, thank you for your work in serving our clients today and for helping to transform our industry for tomorrow. Ashima ?

因此，感謝您今天為我們的客戶提供服務並幫助我們的行業實現明天的轉型。阿詩瑪？

Thank you, Tim. It's great to join all of you to discuss the strong results and to review our guidance for fiscal ‘25. Broadridge has a long track record of delivering strong and sustainable top and bottom line growth with strong shareholder returns, and this year was no different. Fiscal ‘24 recurring revenue grew 6% constant currency, and adjusted EPS grew 10%.

謝謝你，提姆。很高興與大家一起討論強勁的業績並審查我們對 25 財年的指導。布羅德里奇長期以來致力於實現強勁、可持續的營收和利潤成長以及強勁的股東回報，今年也不例外。以固定匯率計算，2024 財年經常性營收成長 6%，調整後每股盈餘成長 10%。

Before I go through the results, I want to call out the key items that give me confidence that we are on track to deliver on our fiscal ‘25 guidance and our three-year growth objectives.

在詳細介紹結果之前，我想指出一些關鍵事項，這些事項讓我相信我們正在實現 25 財年指導方針和三年成長目標。

First sales and backlog. Record closed sales of $342 million drove a 13% increase in revenue backlog, giving us strong visibility into our revenue growth in fiscal ‘25 and ‘26.

首次銷售和積壓。創紀錄的 3.42 億美元成交額推動了積壓收入成長 13%，使我們能夠清楚地了解 25 財年和 26 財年的營收成長情況。

Second, position growth. Equity position growth was 6% in ‘24, and fund position growth was 3%. Our current testing shows a modest improvement in those trends with continued mid-to-high single-digit growth in equities and mid-single-digit growth in funds.

第二，職位增長。 2024年股票部位成長6%，基金部位成長3%。我們目前的測試顯示，這些趨勢略有改善，股票持續中高個位數成長，基金也持續中個位數成長。

Third expenses, investments, and margins. We have a long history of driving operating leverage. This quarter, we completed a restructuring initiative that will position us to continue to fund long-term growth investments, grow core margin and deliver earnings growth.

第三支出、投資和利潤。我們在提高營運槓桿方面有著悠久的歷史。本季度，我們完成了一項重組計劃，這將使我們能夠繼續為長期成長投資提供資金，提高核心利潤並實現獲利成長。

Fourth and last, capital allocation. In fiscal ‘24, we repurchased 2.3 million shares for $450 million and have recently announced three tuck-in M&A investments. That capital will contribute directly to our top and bottom line growth.

第四個也是最後一個，資本配置。在 2024 財年，我們以 4.5 億美元回購了 230 萬股股票，最近宣布了三項併購投資。這些資本將直接促進我們的收入和利潤成長。

These four areas position us well to deliver our three-year financial objective and our fiscal ‘25 guidance which calls for 5% to 7% recurring revenue, constant currency growth, almost all organic and 8% to 12% adjusted EPS growth.

這四個領域使我們能夠很好地實現我們的三年財務目標和25 財年指導方針，該指導方針要求經常性收入增長5% 至7%，貨幣持續增長，幾乎全部有機增長，調整後每股收益成長8% 至12%。

With that let's go through the numbers on slide 8. Fiscal ‘24 recurring revenues grew to $4.2 billion up 6% on an organic constant currency basis. Adjusted operating income grew 9%. Adjusted EPS grew 10% to $7.73 and we reported record closed sales of $342 million which drove our recurring revenue backlog to $450 million.

接下來讓我們來看看投影片 8 上的數字。調整後營業收入成長 9%。調整後每股收益成長 10%，達到 7.73 美元，我們報告的成交額達到創紀錄的 3.42 億美元，這使得我們的經常性收入積壓達到 4.5 億美元。

Turning now to the fourth quarter headline numbers. Recurring revenue grew 5% on a constant currency basis to $1.3 billion. Adjusted operating income grew 5% and AOI margin was 28.8%. Adjusted EPS rose 9% to $3.50 and closed sales rose 74% to a fourth quarter record $157 million.

現在轉向第四季的整體數據。以固定匯率計算，經常性收入成長 5%，達到 13 億美元。調整後營業收入成長 5%，AOI 利潤率為 28.8%。調整後每股盈餘成長 9%，達到 3.50 美元，成交額成長 74%，達到第四季創紀錄的 1.57 億美元。

Moving to slide 9, fourth quarter recurring revenue rose 5% to $1.3 billion driven by a combination of converting revenue from sales and mid-single digit position growth. For the full year recurring revenue growth was 6% essentially all organic and in line with our three-year organic growth objective of 5% to 8%.

轉向投影片 9，第四季經常性收入成長 5%，達到 13 億美元，這得益於銷售收入轉換和中個位數成長的共同推動。全年經常性收入成長為 6%，基本上全部是有機成長，符合我們 5% 至 8% 的三年有機成長目標。

Let's turn to the next slides to review the growth across our ICS and GTO segments. In Q4 ICS recurring revenue grew 6% powered by growth across all four product lines. We also saw the benefit of the timing delays we'd called out in our Q3 results which added 1 point to fourth quarter growth.

讓我們轉向下一張投影片，回顧一下 ICS 和 GTO 細分市場的成長情況。第四季度，ICS 經常性收入在所有四個產品線的成長推動下成長了 6%。我們也看到了我們在第三季業績中指出的時間延遲的好處，這使第四季度的成長增加了 1 個百分點。

For the full year ICS recurring revenues were up 5% to $2.6 billion. Regulatory revenue grew 7% in Q4 and 5% for the full year in line with position growth. Looking ahead we expect continued mid-single digit revenue growth in fiscal ‘25 in line with our position testing.

全年 ICS 經常性收入成長 5%，達到 26 億美元。第四季監管收入成長 7%，全年監管收入成長 5%，與部位成長一致。展望未來，我們預計 25 財年營收將繼續實現中個位數成長，這與我們的部位測試一致。

Data-driven fund solutions revenue increased by 7% in the fourth quarter and for the full year driven by growth in retirement and workplace solutions and our data and analytics products. The acquisition of AdvisorTarget which closed on June 1 made a very modest contribution to growth.

在退休和工作場所解決方案以及我們的數據和分析產品成長的推動下，數據驅動的基金解決方案收入在第四季度和全年增長了 7%。對 AdvisorTarget 的收購於 6 月 1 日完成，對成長的貢獻非常有限。

Issuer revenue grew 5% in Q4 and 7% for the full year led by growth in our registered shareholder solutions and disclosure products. Customer communications recurring revenue rose 3% in the fourth quarter and 2% for the full year as we continue to execute our print to digital strategy.

由於我們的註冊股東解決方案和揭露產品的成長，發行人收入在第四季度增長了 5%，全年增長了 7%。隨著我們繼續執行印刷到數位策略，客戶溝通經常性收入在第四季度增長了 3%，全年增長了 2%。

Digital revenues grew double digits for both the quarter and the year. We expect customer communications growth to accelerate in fiscal ‘25 driven by a combination of digital growth and new client wins.

本季和全年數位收入均實現兩位數成長。我們預計，在數位成長和新客戶贏得的共同推動下，25 財年的客戶溝通成長將加速。

Looking ahead to fiscal ‘25 we expect stronger ICS recurring revenue growth driven by revenue from strong fiscal ‘24 sales, continued mid-single digit position growth and strong growth in digital which will more than offset the loss of 33 revenues and lower float income.

展望25 財年，我們預期ICS 經常性營收成長將更為強勁，這是由24 財年強勁的銷售收入、持續的中個位數成長和數位業務的強勁成長所推動的，這將超過33 財年的收入損失和數位業務的強勁增長。

Turning to GTO on slide 11, Q4 recurring revenue growth was 4%. For the full year GTO revenues grew 8% to $1.6 billion. At the high end of our three year 5% to 8% organic growth objective, driven by strong growth across both our capital markets and wealth businesses.

轉向投影片 11 上的 GTO，第四季經常性營收成長率為 4%。 GTO 全年營收成長 8%，達到 16 億美元。在資本市場和財富業務強勁成長的推動下，我們實現了三年 5% 至 8% 有機成長目標的上限。

Capital markets revenue grew 6% in the fourth quarter. Strong growth in revenue from sales and higher trading volumes more than offset lower license revenue. Full year revenues increased 8% powered by strong growth in BTCS and revenue from sales from new global post-trade clients.

第四季資本市場營收成長6%。銷售收入的強勁成長和交易量的增加足以抵消授權收入的下降。由於 BTCS 和新的全球交易後客戶銷售收入的強勁增長，全年收入增長了 8%。

Wealth and investment management revenue increased 7% for the full year. Fourth quarter growth was flat, as revenue from new sales was offset by the E-Trade deconversion and lower license revenue. We expect the impact of E-Trade will continue to weigh on the wealth and investment management growth through the first half of fiscal ‘25, especially in the first quarter.

財富及投資管理收入全年成長7%。第四季成長持平，因為新銷售收入被電子貿易轉換和許可證收入下降所抵消。我們預期電子貿易的影響將持續影響 25 財年上半年的財富和投資管理成長，尤其是第一季。

Looking ahead to fiscal ‘25, we expect GTO revenue growth to be at the low end of our 5% to 7% recurring revenue guidance range, with stronger growth in capital markets and lower growth in wealth and investment management. Excluding the impact of E-Trade, wealth and investment management growth would be at the higher end of the 5% to 7% recurring revenue guidance.

展望 25 財年，我們預期 GTO 營收成長將處於我們 5% 至 7% 經常性收入指導範圍的低端，資本市場成長強勁，財富和投資管理成長放緩。排除電子貿易的影響，財富和投資管理成長將處於 5% 至 7% 經常性收入指引的較高端。

Now, let's turn to slide 12 to review volume trends. Position growth returned to mid to high single digits for both equities and funds in the fourth quarter. Equity position growth rose to 7% in the fourth quarter, in line with our testing. Full year growth was 6%, driven almost entirely by double digit growth in managed accounts.

現在，讓我們轉到投影片 12 來回顧成交量趨勢。第四季股票和基金的部位成長均恢復至中高個位數。第四季股票部位成長升至 7%，與我們的測試一致。全年成長率為 6%，幾乎完全由管理帳戶的兩位數成長所推動。

Our fiscal ‘25 first half testing continues to show healthy mid to high single digit growth. Fund position growth metric rebounded to 6% in the quarter. Full year fund position growth was 3%, driven by growth in passive funds and double digit growth in money market funds. Fund flows have strengthened in recent months and our current testing of underlying fund positions is indicating a modest pickup to between 4% to 5%.

我們的 25 財年上半年測試繼續顯示健康的中高個位數成長。本季基金部位成長指標回升至 6%。受被動基金成長和貨幣市場基金兩位數成長的推動，全年基金部位成長 3%。近幾個月來，資金流動有所加強，我們目前對基礎基金部位的測試表明，資金流動略有回升，達到 4% 至 5% 之間。

Turning to trade volumes, trade volumes grew 15% on a blended basis in Q4, driven by both higher fixed income and equity volumes. For the full year, trading volumes were up 13%. Let's now move to slide 13 for the drivers of recurring revenue growth.

至於交易量，在固定收益和股票交易量增加的推動下，第四季交易量綜合成長了 15%。全年交易量成長 13%。現在讓我們轉到投影片 13，了解經常性收入成長的驅動因素。

For the quarter, recurring revenue growth was 5%, virtually all organic, and balanced between net new business and internal growth. Revenue from closed sales provided 5 points of growth. Our recurring revenue retention rate was 97% for the quarter and for the full year. Adjusting for the E-Trade deconversion, retention rates remained at 98%. And internal growth, primarily positions and trading volumes contributed 3 points.

本季的經常性收入成長為 5%，幾乎全部是有機成長，並且在淨新業務和內部成長之間保持平衡。成交銷售收入提供了 5 個百分點的成長。本季和全年我們的經常性收入保留率為 97%。調整電子貿易轉換後，保留率仍維持在 98%。內部成長（主要是持倉量和交易量）貢獻了 3 個百分點。

Lastly, we closed two small acquisitions in our ICS segment. Advisor target contributed less than 5 basis points to fourth quarter revenue growth and CompSci closed at the beginning of July. We expect these two acquisitions will contribute approximately 20 basis points to fiscal ‘25 recurring revenue growth.

最後，我們完成了 ICS 領域的兩項小型收購。 Advisor 目標對第四季營收成長的貢獻不到 5 個基點，CompSci 於 7 月初關閉。我們預計這兩項收購將為 25 財年經常性收入成長貢獻約 20 個基點。

I'll finish the guidance on revenue on slide 14. Total revenue grew 6% in Q4 to $1.9 billion, and recurring revenue was the largest contributor, with 4 points of growth. Event-driven revenue was $76 million and contributed 1 point to Q4 growth.

我將在投影片 14 上完成有關收入的指導。事件驅動的收入為 7,600 萬美元，為第四季度的成長貢獻了 1 個百分點。

Event-driven revenue benefited from higher levels of mutual fund proxy and equity contest activity versus the fourth quarter of last year. Low to no margin distribution revenue increased 4% and contributed 1 point to total revenue growth, driven by higher postal rates. Remember, these have a dilutive impact on our adjusted operating income margin.

與去年第四季相比，事件驅動的收入受益於共同基金代理和股權競賽活動水準的提高。在郵政費率上升的推動下，低利潤至無利潤的分銷收入成長了 4%，為總收入成長貢獻了 1 個百分點。請記住，這些會對我們調整後的營業利潤率產生稀釋影響。

So let's turn to margins on slide 15. Adjusted operating income margin for Q4 was 28.8%, as the positive impact from operating leverage was offset by the timing of annual expenses. On a full-year basis, adjusted operating income margin was 20%, up 20 basis points from fiscal ‘23.

因此，讓我們轉向幻燈片 15 中的利潤率。全年調整後營業利益率為 20%，比 2023 財年提高 20 個基點。

The combination of operating leverage and the benefits from our fiscal ‘23 restructuring enabled us to absorb the deconversion of E-Trade and higher amortization from our wealth platform, while increasing our investments in long-term growth and meeting our earnings objectives.

營運槓桿和 23 財年重組帶來的收益相結合，使我們能夠吸收電子貿易的去轉換和我們財富平台的更高攤銷，同時增加對長期增長的投資並實現我們的盈利目標。

The net impact of higher float revenue and distribution, which have little impact on earnings, increased margins by 30 basis points. During the fourth quarter, we completed the restructuring program we began last year to realign some of our businesses and streamline our management structure.

浮動收入和分配增加的淨影響對利潤影響不大，但利潤率增加了 30 個基點。第四季度，我們完成了去年開始的重組計劃，重組了部分業務並精簡了管理結構。

We incurred $56 million in fourth quarter charges, which were not included in our calculation of adjusted operating income and adjusted EPS. We estimate that these actions will generate over $100 million in annualized cost savings, which will position us to fund investments, further scale our business, and deliver earnings growth.

我們在第四季度產生了 5,600 萬美元的費用，這些費用未包含在我們調整後營業收入和調整後每股盈餘的計算中。我們估計，這些行動將每年節省超過 1 億美元的成本，這將使我們能夠為投資提供資金，進一步擴大我們的業務並實現獲利成長。

Rounding out the fourth quarter non-GAAP items, I would also note that we incurred $10 million in charges to settle various legal matters.

最後，我還想指出的是，我們為解決各種法律問題而支付了 1000 萬美元的費用。

Let's move ahead to closed sales on slide 16. Broadridge had a very strong sales year. Fiscal ‘24 sales rose 39% to a record $342 million, driven by a very strong fourth quarter, where closed sales grew 74% to $157 million.

讓我們繼續看投影片 16 上的成交銷售情況。受強勁第四季的推動，2024 財年銷售額成長 39%，達到創紀錄的 3.42 億美元，第四季成交額成長 74%，達到 1.57 億美元。

As you heard from Tim, we benefited from strong sales of our tailored shareholder report solutions and digital, as well as strong growth across both our capital markets and wealth and investment management solutions. These strong sales lifted our revenue backlog to $450 million, equal to 11% of our fiscal ‘24 recurring revenue.

正如您從蒂姆那裡聽到的那樣，我們受益於我們定制的股東報告解決方案和數位解決方案的強勁銷售，以及我們資本市場以及財富和投資管理解決方案的強勁增長。這些強勁的銷售使我們的積壓收入達到 4.5 億美元，相當於我們 24 財年經常性收入的 11%。

I'll now turn to cash flow on slide 17. Broadridge generated free cash flow of $943 million in fiscal ‘24, up 26% from fiscal ‘23. Free cash flow conversion increased to 102% from 90% in Fiscal ‘23 and 42% in ‘22, returning to a more historic levels after a period of higher investment. We expect free cash flow conversion of approximately 95% to 105% in fiscal ‘25.

現在我將討論投影片 17 的現金流。自由現金流轉換率從 2023 財年的 90% 和 22 財年的 42% 增至 102%，在經歷了一段時間的較高投資後回到了歷史水準。我們預計第 25 財年的自由現金流轉換約為 95% 至 105%。

Let's move next to capital allocation on slide 18. We continue to take a balanced approach to capital allocation. In fiscal ‘24, we made platform investments of $41 million and deployed $113 million on capital expenditures and software spend.

接下來讓我們討論投影片 18 上的資本配置。在第 24 財年，我們進行了 4,100 萬美元的平台投資，並在資本支出和軟體支出上部署了 1.13 億美元。

Fiscal ‘24 also marked a return to tuck-in M&A. In total, we enhanced our data and analytics solutions with the $35 million acquisition of Advisor Target and close the smaller acquisition of CompSci on July 1 to augment our issuer capabilities.

2024 財年也標誌著併購的回歸。總的來說，我們透過以 3500 萬美元收購 Advisor Target 增強了我們的數據和分析解決方案，並於 7 月 1 日完成了對 CompSci 的較小規模收購，以增強我們的發行人能力。

In May, we announced the proposed acquisition of SIS from Kyndryl for approximately $200 million. SIS is a leading Canadian wealth and capital markets technology platform with annual revenues of $80 million to $85 million.

5 月，我們宣布擬以約 2 億美元的價格從 Kyndryl 收購 SIS。 SIS 是加拿大領先的財富和資本市場技術平台，年收入為 8,000 萬至 8,500 萬加元。

The acquisition is expected to close during the first half of our fiscal year and will not have a significant impact on our margins or adjusted EPS during the first year of operation. Given the inherent timing, uncertainty of regulatory review, we have not included it in our guidance. We will add SIS to our fiscal ‘25 guidance after it closes.

此次收購預計將在我們財年上半年完成，不會對我們營運第一年的利潤率或調整後每股收益產生重大影響。考慮到監管審查的固有時間安排和不確定性，我們尚未將其納入我們的指南中。我們將在 SIS 結束後將其添加到我們的 25 財年指導中。

After internal and external investments, we return excess capital to shareholders. We returned $781 million to shareholders in fiscal ‘24 through a combination of dividends and share repurchases. During the fourth quarter, we repurchased $300 million of shares, bringing our total gross repurchases in fiscal ‘24 to $450 million.

內部和外部投資後，我們將多餘的資本回饋給股東。在第 24 財年，我們透過股利和股票回購相結合的方式向股東返還了 7.81 億美元。第四季度，我們回購了 3 億美元的股票，使 2024 財年的回購總額達到 4.5 億美元。

Finally, we repaid $60 million of debt, ending the year with a 2.2X leverage ratio, below our long-term target of 2.5. Last night, our Board approved a 10% dividend increase to $352 per share. As Tim noted, this is our 12 double-digit increase in the last 13 years, which emphasizes both, our sustained earnings growth, and our long-term commitment to balanced capital allocation.

最後，我們償還了 6000 萬美元的債務，年底槓桿率為 2.2 倍，低於我們 2.5 的長期目標。昨晚，我們的董事會批准將股息增加 10% 至每股 352 美元。正如 Tim 指出的那樣，這是我們在過去 13 年中第 12 次實現兩位數增長，這既強調了我們持續的盈利增長，也強調了我們對平衡資本配置的長期承諾。

I'll close my prepared remarks this morning with some detail on our guidance on slide 19. We expect another year of sustainable recurring revenue growth, core margin expansion, strong adjusted EPS growth, and very healthy closed sales in fiscal ‘25. Let me walk through each of those points, starting first with revenue.

我將在今天早上準備好的發言中詳細介紹我們在幻燈片19 上的指導。以及非常健康的封閉銷售。讓我逐一介紹這些要點，先從收入開始。

We expect recurring revenue growth constant currency of 5% to 7%, almost all organic, driven by new sales as we onboard our $450 million revenue backlog. We expect ICS recurring revenues to be at the higher end of that range, with GTO lower. We expect event-driven revenues to be at the high end of our historic range, driven by a proxy campaign at a major mutual fund complex in our second quarter.

我們預計經常性收入成長按固定匯率計算為 5% 至 7%，幾乎全部都是有機成長，這是由新銷售推動的，因為我們已經完成了 4.5 億美元的積壓收入。我們預期 ICS 經常性收入將處於該範圍的較高端，而 GTO 則較低。我們預計，在第二季度主要共同基金綜合體的代理活動的推動下，事件驅動的收入將達到歷史區間的高端。

Distribution revenues are forecast to grow at low double-digit rate, powered by higher postage rates and stronger BRCC print volume. We expect these low-to-no margin revenues to have a dilutive impact on our reported margins.

在郵資上漲和 BRCC 印刷量增加的推動下，發行收入預計將以兩位數的速度成長。我們預計這些低利潤甚至零利潤的收入將對我們報告的利潤產生稀釋影響。

Second, let's move to margin. We expect adjusted operating income margin will be approximately 20%. We anticipate the combination of higher operating leverage and disciplined expense management will enable us to deliver over 50 basis points of underlying core margin expansion, in line with our three-year financial objectives.

其次，讓我們轉向保證金。我們預計調整後營業利潤率約為 20%。我們預計，更高的營運槓桿和嚴格的費用管理相結合將使我們能夠實現超過 50 個基點的基礎核心利潤率擴張，這符合我們的三年財務目標。

We expect this to be partially offset by the impact of higher distribution revenues and lower float income. Third, EPS. We expect adjusted EPS growth of 8% to 12%. Embedded in this outlook is an expected tax rate of 21%.

我們預計這將被較高的分銷收入和較低的浮動收入的影響部分抵消。第三，每股盈餘。我們預計調整後每股收益將成長 8% 至 12%。這項展望中包含了 21% 的預期稅率。

Fourth, we expect another year of strong closed sales. Our guidance range of $290 million to $330 million reflects continued growth from our fiscal ‘24 results, excluding sales of tailored shareholder report solutions. And lastly, I will remind you that our guidance does not include the impact of SIS. Taken together, our fiscal ‘25 guidance highlights the strength of the Broadridge business model.

第四，我們預計今年的成交量將會強勁。我們的指導範圍為 2.9 億至 3.3 億美元，反映了我們 24 財年業績的持續成長，不包括客製化股東報告解決方案的銷售。最後，我要提醒您，我們的指導不包括 SIS 的影響。總而言之，我們 25 財年的指引凸顯了 Broadridge 商業模式的優勢。

Now before I conclude, let me offer some insight on our first quarter. We expect our first quarter earnings will account for 10% to 11% of our full year adjusted EPS, at the low end of our historical range, driven in part by lower event-driven revenue versus Q1 of ‘24 and the E-Trade impact.

現在，在結束之前，讓我對第一季的情況發表一些見解。我們預計第一季獲利將佔全年調整後每股收益的 10% 至 11%，處於歷史範圍的低端，部分原因是事件驅動收入較 2024 年第一季和 E-貿易影響。

So let's wrap up with a quick summary of the key takeaways from our strong fiscal ‘24 results. First, Broadridge delivered another year of strong and sustainable recurring revenue and adjusted EPS growth. Second, our record closed sales highlight the strong demand for our solutions and give us increased visibility into future growth.

最後，讓我們快速總結一下我們強勁的 2024 財年業績的主要要點。首先，布羅德里奇又實現了強勁且可持續的經常性收入和調整後每股收益成長。其次，我們創紀錄的成交量凸顯了對我們解決方案的強勁需求，並使我們對未來成長有了更高的了解。

Third, we are putting our strong free cash flow to work for shareholders, with another double-digit dividend increase, strategic and value-creative acquisitions, and share repurchases. Finally, Broadridge is poised to deliver another strong year in fiscal ‘25, keeping us well on track to achieve our three-year growth objectives for the fourth consecutive cycle.

第三，我們將強勁的自由現金流用於為股東服務，股利再次實現兩位數成長、策略性和價值創造收購以及股票回購。最後，布羅德里奇準備在 25 財年再創強勁表現，使我們能夠順利實現連續第四個週期的三年成長目標。

With that, let's move to Q&A.

接下來，讓我們進入問答環節。

(Operator Instructions)

（操作員說明）

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks. Good morning. Tim, I just wanted to ask you, and you touched on this a little bit in the prepared remarks, but we are seeing a pretty material uplift in volatility here, and I appreciate the recurring revenue model. The question is really, in times where we’ve seen this kind of volatility in the past.

謝謝。早安.提姆，我只是想問你，你在準備好的發言中稍微提到了這一點，但我們看到這裡的波動性大幅上升，我很欣賞經常性收入模式。問題確實是，在我們過去見過這種波動的時代。

What have kind of the client behaviors been, and how has the business kind of performed, and are there things structurally different about the business today that you think if we look at other historical periods where we had this heightened volatility, we might have more stable hands, so to speak, this quarter around? Thank you.

客戶行為是什麼樣的，業務表現如何，以及今天的業務在結構上是否有什麼不同，您認為如果我們看看波動性加劇的其他歷史時期，我們可能會更加穩定可以這麼說，這個季度左右？謝謝。

Yes Dan, thank you. Thank you very much for that. And obviously, we have no special knowledge about whether what we're seeing is just a moment or is something more significant. But I do think, and I highlighted this in my prepared remarks, that one of the most attractive features of our business model is its resiliency.

是的，丹，謝謝你。非常感謝你。顯然，我們並沒有特別的知識來判斷我們所看到的只是一個瞬間還是更重要的事情。但我確實認為，並且我在準備好的發言中強調了這一點，我們的商業模式最有吸引力的特徵之一就是它的彈性。

And when you look at our fee revenues, they are 94% recurring, and the highest driver there is revenue from sales, and we have a $450 million backlog of things that are already contracted. And, when you look at position growth, it's been pretty resilient through a variety of economic cycles.

當你看到我們的費用收入時，你會發現它們有 94% 是經常性收入，而最大的推動因素是銷售收入，而且我們已經簽訂了 4.5 億美元的積壓訂單。而且，當你觀察部位成長時，你會發現它在各種經濟週期中都具有相當的彈性。

It has sometimes gone down. In global financial crisis, it went down, it didn't go below zero, but it still stayed positive. We're hedged on interest rates, and volatility benefits us on trading.

它有時會下降。在全球金融危機中，它下降了，沒有低於零，但仍然保持正值。我們對利率進行對沖，波動性對我們的交易有利。

So, I think if you compare where we are now to where we've been in past periods of volatility, it's really not a lot different. The fundamental components around resilient business model, high recurring revenue, revenue from sales, all of those really remain intact.

所以，我認為，如果你將我們現在的處境與過去波動時期的處境進行比較，你會發現其實並沒有太大的不同。圍繞著彈性商業模式、高經常性收入、銷售收入的基本組成部分，所有這些都保持不變。

High trading, that volatility debt is a little bit of a plus in the near term. Sometimes when it's volatile, that causes position growth to slow a little bit, but that's all very speculative at this point, and those things really don't move our broad numbers. So that's why we were pretty confident today around our guidance on 5% to 7% recurring revenue growth, 8% to 12% earnings.

高交易量、波動性債務在短期內是一個優勢。有時，當市場波動時，會導致部位成長稍微放緩，但目前這一切都非常具有投機性，這些事情確實不會改變我們的整體數據。這就是為什麼我們今天對經常性收入成長 5% 至 7%、收益成長 8% 至 12% 的指導非常有信心。

That's great. Thank you so much.

那太棒了。太感謝了。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Guys, thanks. And Ashima, congrats, and welcome to the call. I just want to touch base on the strength in bookings trends. I think you hit $340 million in closed sales for fiscal ‘24, which was above the range. I think the midpoint you had said was $300 million for the year. So just, maybe just revisit what – if you take it a step back and revisit the key drivers and the strength, and then really where you are seeing in demand right now, going forward in terms of drivers and areas of real demand for the new bookings and new closed sales.

夥計們，謝謝。阿詩瑪，恭喜你，歡迎來電。我只想談談預訂趨勢的實力。我認為 2024 財年的成交額達到了 3.4 億美元，超出了範圍。我認為你所說的今年的中點是 3 億美元。所以，也許只是重新審視一下——如果你退後一步，重新審視關鍵驅動因素和優勢，然後看看你現在真正看到的需求是什麼，在驅動因素和實際需求領域方面向前邁進。預訂和新的成交銷售。

Thanks. Look, we are really proud of the '24 sales results with the$342 million, but really driven in '24 by four drivers. I territorial reports digital solutions, strong broke growth in both capital markets and wealth and investment management.

謝謝。看，我們對 24 年 3.42 億美元的銷售業績感到非常自豪，但實際上是由四名車手在 24 年推動的。 I territory 報告了數位解決方案，資本市場以及財富和投資管理領域的強勁成長。

And our tailored reports were an important part of that story, but we like the other stories too and if you pull out the one-time impact of payer, tailored reported sales were at record levels, and our -- and we expect that to grow off of those sort of those sales, excluding TSR.

我們的客製化報告是該故事的重要組成部分，但我們也喜歡其他故事，如果您排除付款人的一次性影響，客製化報告的銷售額將達到創紀錄的水平，並且我們預計這一數字將會增長從這些銷售中扣除，不包括股東總回報（TSR）。

What we really like is it the sales that we're seeing are aligned with the investments that we have been making -- investments in regulatory, investments in digital, investments in capital markets, especially on the front office Abide ended wealth. And each of those areas saw strong growth this year, even though there is has a nice pipeline for next year.

我們真正喜歡的是，我們看到的銷售與我們一直在進行的投資是一致的——對監管的投資、對數位化的投資、對資本市場的投資，尤其是在前台阿比德結束財富方面的投資。儘管明年有很好的管道，但這些領域今年都出現了強勁成長。

So as we think about where we're seeing that demand that you mentioned, we've talked about the bigger themes of helping our clients grow. Their revenue are helping our clients reduce cost and the solutions they need to those areas to really hit on those.

因此，當我們思考在哪裡看到您提到的需求時，我們討論了幫助客戶成長的更大主題。他們的收入正在幫助我們的客戶降低成本以及他們在這些領域所需的解決方案，以真正實現這些目標。

So looking ahead, we're expecting these trends to continue to be very positive. Excluding the impact of tailored shareholder reports, we expect to continue to grow sales in FY25 and we feel good about the $290 million to $330 million based on our strong pipeline.

因此，展望未來，我們預計這些趨勢將繼續非常積極。排除客製化股東報告的影響，我們預計 25 財年的銷售額將繼續成長，並且基於我們強大的產品線，我們對 2.9 億至 3.3 億美元的銷售額感到滿意。

All right. Very good. Thanks guys.

好的。非常好。謝謝你們。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great. Thank you very much. I wanted to ask on wealth. It seems like on the wealth front, you alluded to strong pipeline growth for some of the new wealth management solutions. Are you still on track to deliver the $20 million to $30 million of incremental module sales, and how should we be thinking about incremental opportunities down the road there?

偉大的。非常感謝。我想問的是財富。在財富方面，您似乎提到了一些新的財富管理解決方案的強勁管道成長。您是否仍有望實現 2000 萬至 3000 萬美元的增量模組銷售額？

Yes James, thank you very much. We were really happy with how our wealth business continued to perform, obviously 7% up for the past year as we benefited from the onboarding of UBS, partially offset by E-Trade and we do see continued momentum in ‘25 with really being at the high end of that 5% to 7% if we pulled out the E-Trade impact.

是的，詹姆斯，非常感謝你。我們對我們的財富業務的持續表現感到非常滿意，在過去的一年裡，我們受益於瑞銀的加入，顯然增長了7%，部分被電子貿易所抵消，我們確實看到了25 年的持續增長勢頭，真正如果我們排除電子貿易的影響，那麼增長率將達到 5% 到 7% 的上限。

Remember, E-Trade happened sort of a little bit after the end of the first quarter last year, so the first quarter this year will be impacted. Look, it is strong sales, and it is with clients who want to, we always call it transform on their own terms, which is to be able to use a modular approach as a way to long-term transformation.

請記住，電子貿易是在去年第一季末之後發生的，因此今年第一季將會受到影響。看，這是強勁的銷售，而且是針對想要的客戶，我們總是根據他們自己的條件稱之為轉型，即能夠使用模組化方法作為長期轉型的方式。

And obviously, the sales are up 40% year-on-year. That was right near that sort of $20 million goal, and so not at the 30, but near the 20. We really like though the pipeline of opportunities, and our pipeline right now is 30% higher than it was 12 months ago. And if you remember that pipeline was up quite a bit over the pipeline the year before. So I think we're continuing to see that nice build.

顯然，銷售額比去年同期成長了40%。這正好接近 2000 萬美元的目標，所以不是在第 30 個，而是在第 20 個附近。如果你還記得的話，管道比前一年增加了很多。所以我認為我們會繼續看到這個漂亮的構建。

And then really, as we get into SIS in Canada, that's going to really add to the long-term opportunity and we're looking forward to being able to bring our investment on the wealth platform with SIS to accelerate and bring that to the Canadian market as well.

事實上，當我們進入加拿大的 SIS 時，這將真正增加長期機會，我們期待能夠將我們的投資帶到 SIS 的財富平台上，以加速並將其帶入加拿大。

That's great. Thanks.

那太棒了。謝謝。

Puneet Jain, JPMorgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Yes, hi. Thanks for taking my question. It seems like the advisor target and CompSci deals are different from your prior or typical deals. As you noted, they are both small tuck-in in nature, as well as both of them are in digital areas. Should we expect more deals like this as your M&A priority over the near term?

是的，嗨。感謝您提出我的問題。顧問目標和 CompSci 交易似乎與您之前或典型的交易不同。正如您所指出的，它們本質上都是小型的，而且都位於數位領域。我們是否應該期待更多這樣的交易作為您近期的併購優先事項？

Yes, thanks Puneet and it's a great question. And just stepping back, I like talking about M&A, but let's just remember we're an organic growth company. Our growth is primarily organic. There's a long runway given the $60 billion TAM.

是的，謝謝普尼特，這是一個很好的問題。退一步來說，我喜歡談論併購，但我們要記住，我們是一家有機成長的公司。我們的成長主要是有機的。鑑於 TAM 價值 600 億美元，還有很長的路要走。

But that said, as you pointed out, M&A has been an attractive way for us to meet new needs for clients. Remember, for context, we're calling for sort of 1 to 2 points from M&A over the long term. When you look at advisor target and CompSci, they are perfect examples of a buy versus build philosophy.

但話雖如此，正如您所指出的，併購對我們來說是滿足客戶新需求的一種有吸引力的方式。請記住，就上下文而言，我們要求從長期來看，併購能帶來 1 到 2 點的好處。當您查看 Advisor Target 和 CompSci 時，您會發現它們是購買與建構哲學的完美範例。

When we look at an area where there's a client need that we think we're the right person to meet, then we look, do we have a platform that's really one that we can build on? Or is there, a really good set of entrepreneurs in the market who've taken something and gotten it to a place where then combining it with us would help them accelerate and help us fill out our product line.

當我們考慮某個領域的客戶需求時，我們認為我們是滿足該需求的合適人選，然後我們會看看，我們是否擁有一個真正可以建立的平台？或者市場上有一群非常優秀的企業家，他們已經採取了一些東西並將其發展到一個地方，然後將其與我們結合起來將幫助他們加速並幫助我們充實我們的產品線。

It's faster to buy it than it is to build it. So, that's been very successful for us in the past. When you think about sort of the mix of M&A going forward, it's interesting this year because you had AdvisorTarget and CompSci, but you also had SAS, which is a real company with real revenue, nice margins, and it's that sort of portfolio mix, and you've seen that over time.

購買它比建造它更快。所以，過去這對我們來說非常成功。當你考慮未來的併購組合時，今年很有趣，因為你有 AdvisorTarget 和 CompSci，但你也有 SAS，這是一家真正的公司，擁有實際收入、不錯的利潤率，這就是這種投資組合，隨著時間的推移，你已經看到了這一點。

So we've been -- we were really proud of our track record over time with M&A. We've done 40-some transactions, but it's always been disciplined in terms of the financial returns. It's always been very strategic in terms of the areas and how -- why we're the best owner and those are the things that won't change.

所以我們一直對我們在併購方面的記錄感到非常自豪。我們已經完成了 40 多筆交易，但在財務回報方面始終受到嚴格要求。在領域以及如何——為什麼我們是最好的所有者方面，它一直非常具有戰略意義，而這些都是不會改變的。

Okay. Thank you. Then quickly if I can ask, like, is the duration of backlog, $450 million, any different from what it generally is and that has been in the past?

好的。謝謝。然後我可以很快地問一下，例如積壓的持續時間（4.5 億美元）與一般情況和過去有什麼不同嗎？

Yes. So Puneet, I'll take that. Our backlog includes a backlog in our ICS business and our GTO business. As you know, typically ICS sales convert a lot faster than on the GTO side. As we've looked at our revenue guidance for fiscal ‘25, we've taken some of that into account and the accounting on conversion from that sales backlog.

是的。所以普尼特，我會接受的。我們的積壓訂單包括 ICS 業務和 GTO 業務的積壓訂單。如您所知，ICS 銷售的轉換速度通常比 GTO 方面快得多。當我們查看 25 財年的收入指引時，我們考慮了其中的一些因素以及銷售積壓的轉換會計。

And Puneet, I'd just add that when you look at the revenue, and this is part of the prepared remarks, but the backlog as a share of recurring revenue, it's 11% this year. If you look back last year, it was 10%. So it's not dramatically different but incrementally better.

Puneet，我想補充一點，當你查看收入時，這是準備好的評論的一部分，但積壓訂單佔經常性收入的比例，今年為 11%。如果你回顧去年，這個數字是 10%。因此，它並沒有顯著不同，但逐漸變得更好。

Thank you.

謝謝。

Patrick Joseph, Raymond James.

派崔克·約瑟夫，雷蒙德·詹姆斯。

Hi, good morning. A question on margins. I'm just kind of curious about the lack of margin expansion embedded within the fiscal ‘25 guide, given that the $1 million savings from restructuring. I think would boost margins by 1.5%, all else equal.

嗨，早安。關於邊距的問題。鑑於重組節省了 100 萬美元，我只是對 25 財年指南中缺乏利潤率擴張感到好奇。我認為，在其他條件相同的情況下，利潤率會提高 1.5%。

So maybe can you talk about or quantify the margin headwinds from distribution revenues and float income in fiscal ‘25, and then maybe bigger picture, how confident are you still in your kind of three-year, 50 basis points per year margin outlook ?

因此，也許您可以談論或量化25 財年分銷收入和浮動收入帶來的利潤率阻力，然後從更大的角度來看，您對三年、每年50 個基點的利潤率前景還有多大信心？

Thanks Patrick. I'll take that one. So you know this, Broadridge has a long history of being able to fund long-term investments, while delivering on our earnings objectives, and margin expansion is a super important part of that story. We've delivered on average 80 basis points of annual margin expansion over the last 10 years.

謝謝帕特里克。我會接受那個。所以你知道這一點，布羅德里奇長期以來一直能夠為長期投資提供資金，同時實現我們的獲利目標，而利潤率擴張是這個故事中非常重要的一部分。過去 10 年，我們的年利潤率平均成長了 80 個基點。

Having said that, we do see margin expansion as a means to an end. What we are really focused on, is on delivering sustainable double-digit earnings growth, while investing in our long-term growth opportunities, both of which we effectively achieved in fiscal ‘24 and is what we are guiding towards for fiscal ‘25.

話雖如此，我們確實將利潤率擴張視為達到目的的手段。我們真正關注的是實現可持續的兩位數獲利成長，同時投資於我們的長期成長機會，這兩點都是我們在 24 財年有效實現的，也是我們在 20 財年的指導目標。

So as we think about fiscal ‘25, you are right in pointing out, we're guiding to 20%, we do expect to see the impact of float income coming in lower, we've factored in a couple of rate cuts into our estimate, we expect the impact of distribution.

因此，當我們考慮 25 財年時，您的指出是正確的，我們的指導目標是 20%，我們確實預計浮動收入的影響會降低，我們已經考慮了幾次降息在我們的估計中，我們預計分佈的影響。

But we do expect the benefits from the restructuring program that we just did and core margin expansion to allow us to fund our long-term growth investments, still getting us right on track with the 8% to 12% sustainable earnings growth.

但我們確實預計剛實施的重組計劃和核心利潤率擴張將為我們帶來好處，使我們能夠為長期增長投資提供資金，同時仍使我們走上 8% 至 12% 可持續盈利增長的正軌。

And Patrick, I'll just add in that, and actually that was great. I think as you pointed out, we have overcome a number of, when you think about the three-year number of one-off impacts with VMAP, with E-Trade, with rates coming down now. So there are a number of things.

派崔克，我只是補充一下，其實那很棒。我認為正如您所指出的，當您考慮 VMAP 和電子貿易的三年一次性影響時，我們已經克服了許多問題，現在費率已經下降。所以有很多事情。

And at the same time, we feel really good about the core margin expansion next year and no reason to see why that wouldn't continue to be the case in the future. I just step back to say we're an organic growth company.

同時，我們對明年核心利潤率的擴張感到非常滿意，也沒有理由認為未來不會繼續如此。我只是退一步說我們是一家有機成長的公司。

We think of every client as a 1990-year client, and part of that promise is always to be investing in what's next. That's a great formula for our clients, associates, and shareholders. So we are making investments in governance, in digital, voting choice, in the front office and we have the ability to flex those up and down and that's one of the ways we've been able to be really resilient over time.

我們將每一位客戶視為 1990 年的客戶，而這項承諾的一部分就是始終投資於未來。對於我們的客戶、同事和股東來說，這是一個很好的公式。因此，我們正在治理、數位化、投票選擇和前台方面進行投資，我們有能力上下調整這些投資，這是我們能夠隨著時間的推移真正保持彈性的方式之一。

Perfect. Thank you. And then just a quick clarifying question. So the 5% to 7% recurring revenue growth outlook for the year, that embeds 0.2% contribution from the two smaller tuck-ins and nothing from the SIS deal. Do I have that correct?

完美的。謝謝。然後是一個快速澄清的問題。因此，今年 5% 至 7% 的經常性收入成長前景中，包含了兩項規模較小的收入的 0.2% 貢獻，而 SIS 交易中沒有任何貢獻。我說的對嗎？

That's correct.

這是正確的。

Thank you.

謝謝。

This concludes our question and answer session. I'd like to turn the call over to management for any closing remark .

我們的問答環節到此結束。我想將電話轉交給管理階層以供結束發言。

Yes, thank you operator. And as you can tell, we believe that the Broadridge business model is resilient that resulted in strong fiscal ‘24 results with outlook for another strong year in fiscal ‘25 and for a three-year period.

是的，謝謝運營商。如您所見，我們相信 Broadridge 的業務模式具有彈性，帶來了強勁的 24 財年業績，並有望在 25 財年和三年期內再創強勁業績。

We believe we're executing on a growth strategy. We have long-term trends behind us that we're very well positioned in a $60 billion and growing market.

我們相信我們正在執行成長策略。我們的長期趨勢表明，我們在價值 600 億美元且不斷成長的市場中處於非常有利的位置。

Thank you very much for your interest in our company. We look forward to reporting our next set of results to you later this fall.

非常感謝您對我們公司的關注。我們期待在今年秋天晚些時候向您報告下一組結果。

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。