Broadridge Financial Solutions Inc (BR) 2025 Q1 法說會逐字稿

Good day, and welcome to the Broadridge fiscal first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加布羅德里奇 2025 年第一季財報電話會議。（操作員說明）請注意此事件正在被記錄。

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

現在我想將會議交給投資者關係主管 Edings Thibault 先生。請繼續，先生。

Thank you, Chuck. Good morning, everybody, and welcome to Broadridge's first-quarter fiscal year 2025 earnings call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com. Joining me on the call this morning are Tim Gokey, our CEO; and our Interim CFO, Ashima Ghei.

謝謝你，查克。大家早安，歡迎參加布羅德里奇 2025 財年第一季財報電話會議。我們的收益發布和本次電話會議附帶的幻燈片可以在 Broadridge.com 的投資者關係部分找到。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 and a more complete description on our annual report on Form 10-K.

在我把電話轉給蒂姆之前，我有一些標準提醒。第一，我們將在今天的電話會議上就涉及風險的布羅德里奇做出前瞻性聲明。這些風險的摘要可以在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 reconciliation to the comparable GAAP measures can be found in the earnings release and the 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。這些非公認會計準則衡量標準的解釋以及與可比較公認會計準則衡量標準的調節可以在收益發布和演示中找到。

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

現在讓我把電話轉給提姆·戈基。提姆？

Thank you, Edings, and good morning. I'm pleased to be here with you today to discuss our first-quarter results. I want to thank you all for joining especially on election day, which reminds us all of the incredible privilege and power of voting.

謝謝你，艾丁斯，早安。我很高興今天與大家一起討論我們第一季的業績。我要感謝你們所有人的加入，特別是在選舉日，這提醒我們所有人投票的令人難以置信的特權和權力。

Stepping back, global financial markets remain robust, and the demand for what we do remains healthy, driven by long-term trends, including the democratization of investing, digitization of communications, acceleration of trading, growing importance of AI and the data that powers it, and ever-present regulatory change. At the same time, uncertainty remains high, given the US election and other geopolitical events. It's an environment in which the Broadridge business model stands out, and I'm pleased to report that we are very much on track to deliver another strong year, with consistent top- and bottom-line growth, powered by a strong backlog of revenue from sales, continued healthy position growth, and resilient trading volumes.

退一步來說，在長期趨勢的推動下，全球金融市場仍然強勁，對我們所做工作的需求仍然健康，包括投資民主化、通訊數位化、交易加速、人工智慧及其驅動數據的重要性日益增加，以及始終存在的監管變化。同時，鑑於美國大選和其他地緣政治事件，不確定性仍然很高。在這種環境下，布羅德里奇的商業模式脫穎而出，我很高興地向大家報告，在大量積壓收入的推動下，我們有望再創強勁的一年，實現營收和利潤的持續增長。額、持續健康的頭寸增長以及富有彈性的交易量。

So let's dive into the headlines. First, Broadridge reported solid first-quarter results. After absorbing the impact of the E-Trade deconversion, recurring revenue grew 4% in constant currency, driven by our governance and capital markets franchises. Adjusted EPS was $1 as we cycled through the E-Trade impact and lowered event-driven revenues for the quarter.

那麼讓我們深入了解一下頭條新聞。首先，布羅德里奇公佈了穩健的第一季業績。在吸收了電子貿易轉型的影響後，在我們的治理和資本市場特許經營權的推動下，以固定匯率計算，經常性收入增加了 4%。由於我們經歷了電子貿易的影響並降低了本季事件驅動的收入，調整後的每股收益為 1 美元。

Second, we continued to execute on our strategy to enable our clients to democratize and digitize investing, simplify and innovate trading, and modernize wealth management. That execution is driving our results in the form of continued product innovation, a growing pipeline, and strong sales.

其次，我們繼續執行我們的策略，使我們的客戶能夠實現投資民主化和數位化、交易簡化和創新以及財富管理現代化。這種執行力以持續的產品創新、不斷增長的產品線和強勁的銷售來推動我們取得成果。

Third, we're strengthening our business with targeted investments, including the acquisition of SIS, which closed last week. SIS will grow our Canadian business and accelerate our ability to bring wealth innovation to that market.

第三，我們正在透過有針對性的投資來加強我們的業務，包括上週完成的 SIS 收購。SIS 將發展我們的加拿大業務，並加快我們為該市場帶來財富創新的能力。

Fourth, as I said a moment ago, Broadridge is on track to deliver strong full-year results. We're raising our fiscal '25 recurring revenue guidance to 6% to 8%, reflecting our recently completed acquisition of SIS and strong organic growth over the balance of the year. We're also reaffirming our guidance for adjusted EPS growth and strong closed sales, and we are on track to achieve our three-year financial objectives. To sum up, our business is performing well.

第四，正如我剛才所說，布羅德里奇有望實現強勁的全年業績。我們將 25 財年經常性收入指引提高至 6% 至 8%，這反映出我們最近完成了 SIS 的收購以及今年剩餘時間的強勁有機成長。我們也重申了對調整後每股收益成長和強勁的已完成銷售的指導，並且我們有望實現三年財務目標。總而言之，我們的業務表現良好。

So let's dive into that performance on slide 4. I'll start with our governance business, where we continue to drive democratization and digitization, deliver innovation, and help our clients adapt to regulatory change. ICS recurring revenues rose 5% in constant currency, driven by strong revenue from sales and continued growth in investor participation. Looking across our product lines, we reported strong growth in data-driven fund solutions and issuer solutions.

那麼讓我們深入了解幻燈片 4 上的效能。我將從我們的治理業務開始，我們將繼續推動民主化和數位化，提供創新，並幫助我們的客戶適應監管變化。受銷售收入強勁和投資者參與度持續成長的推動，ICS 經常性收入按固定匯率計算成長了 5%。縱觀我們的產品線，我們報告數據驅動的基金解決方案和發行人解決方案的強勁成長。

Investor participation continues to drive healthy position growth. Equity record growth for companies whose meeting was processed during the quarter was 3%. Our fiscal first quarter is our seasonally smallest quarter, and it's more impacted by the mix of companies hosting their annual meetings which, this quarter, included fewer large-cap growth companies. Underlying trends, including double-digit growth in managed accounts, remained robust, and we continue to see mid to high-single-digit growth overall for the first half and, as Ashima will share with you, for the seasonally larger second half.

投資者的參與持續推動頭寸的健康成長。本季召開會議的公司的股本增長記錄為 3%。我們的第一個財季是季節性最小的季度，它更容易受到舉辦年度會議的公司組合的影響，其中本季包括較少的大型成長型公司。包括管理帳戶兩位數增長在內的基本趨勢仍然強勁，我們繼續看到上半年整體呈現中高個位數增長，正如阿詩瑪將與您分享的那樣，下半年的季節性增長也將繼續。

Fund and ETF position growth, which is less seasonal, was 6% in the first quarter. Underlying fund position growth trends remain stable, with the continued strong growth in passive fund positions and double-digit growth in money market fund positions. With the Fed having cut rates late in the quarter, it's too soon to assess whether lower rates will drive positive fund position growth.

基金和 ETF 部位成長季節性較弱，第一季為 6%。基礎基金持股成長趨勢維持穩定，被動式基金持股持續強勁成長，貨幣市場基金持股維持兩位數成長。由於聯準會在本季末降息，現在評估較低的利率是否會推動基金部位的正面成長還為時過早。

New sales were the biggest driver of our governance revenue growth, which reflects our focus on driving innovation and enabling clients to adapt to regulatory change. During the quarter, we onboarded hundreds of fund clients onto our new tailored shareholder reporting solution, helping them communicate more effectively with their clients. That success is not only contributing to our revenue growth; it's driving growing interest in our digital composition capabilities.

新銷售是我們治理收入成長的最大推動力，這反映了我們對推動創新和幫助客戶適應監管變化的關注。在本季度，我們為數百名基金客戶提供了我們新的客製化股東報告解決方案，幫助他們更有效地與客戶溝通。這一成功不僅有助於我們的收入成長，而且還促進了我們的收入成長。它促使人們對我們的數位合成能力越來越感興趣。

We also introduced our new governance client experience during the quarter, giving our broker clients a single dashboard to monitor their critical communications across proxies, fund documents, and other communications. This new cloud-based experience leveraged the investments we made in our wealth platform, highlighting the broader benefits we are seeing from that investment across Broadridge.

我們也在本季推出了新的治理客戶體驗，為我們的經紀商客戶提供了一個單一的儀表板來監控他們跨代理商、基金文件和其他通訊的關鍵通訊。這種基於雲端的新體驗充分利用了我們在財富平台上進行的投資，突顯了我們從 Broadridge 的投資中看到的更廣泛的好處。

A key factor in the success of our governance and communications business has been our ability to drive the digitization of investor and customer communications. At last year's Investor Day, we highlighted our Wealth InFocus platform, which transforms the full spectrum of wealth client communications by creating personal, interactive digital communications combined with streamlined physical statements for those that so choose.

我們的治理和通訊業務成功的關鍵因素是我們推動投資者和客戶通訊數位化的能力。在去年的投資者日，我們重點介紹了我們的 Wealth InFocus 平台，該平台透過為選擇的客戶創建個人化的互動式數位通訊並結合簡化的實體報表，徹底改變了財富客戶通訊的方式。

We're now lapping the first full year of client implementations, and as we scale up the volume of communications, the impact on client engagement rates has been even better than in our initial trials. We're seeing open rates 20% higher and click-through rates more than five times that of standard communications. That's up from the initial numbers we shared with you last year, which means an even better experience for investors.

我們現在正在完成客戶實施的第一個全年，隨著我們擴大通訊量，對客戶參與率的影響甚至比我們最初的試驗更好。我們發現，與標準通訊相比，開啟率高出 20%，點擊率高出五倍以上。這比我們去年與您分享的最初數字有所增加，這意味著投資者可以獲得更好的體驗。

Turning to capital markets, where we are simplifying and innovating trading, recurring revenues grew 5%, driven by new sales and higher trading volumes. Since the end of the summer, markets have been driven by the interplay of growth and inflation, as I'm sure you can all attest. That uncertainty has driven higher fixed income trading volumes. Periods of intense volatility highlight the scalability, flexibility, and reliability of our post-trade technology as markets react to sudden change.

轉向資本市場，我們正在簡化和創新交易，在新銷售和交易量增加的推動下，經常性收入增加了 5%。自夏末以來，市場一直受到成長和通膨相互作用的推動，我相信你們都能證明這一點。這種不確定性推動了固定收益交易量的增加。當市場對突然變化做出反應時，劇烈波動時期凸顯了我們交易後技術的可擴展性、靈活性和可靠性。

We're also continuing to deliver innovative solutions, again, by leveraging the data management investments we made as part of our wealth platform. Our new Tradeverse solution enables trading firms to bring together and harmonize multi-asset class trade data throughout the trade life cycle.

我們也將利用作為財富平台一部分的數據管理投資，持續提供創新解決方案。我們新的 Tradeverse 解決方案使貿易公司能夠在整個貿易生命週期中匯集和協調多資產類別的貿易數據。

Improving data quality and accessibility will enable clients to reduce errors and unlock insights across the front, middle and back office and further simplify their operations. We're also helping clients adapt to regulatory changes in both the EU and the US with a new resilience solution for a global post-trade platform, and by adapting our distributed ledger capabilities to make it easier for firms to meet centralized clearing requirements for US Treasury.

提高數據品質和可訪問性將使客戶能夠減少錯誤並釋放前台、中台和後台的洞察力，並進一步簡化他們的營運。我們也幫助客戶適應歐盟和美國的監管變化，為全球交易後平台提供新的彈性解決方案，並調整我們的分散式帳本功能，使公司更容易滿足美國的集中清算要求國庫。

Turning now to wealth and investment management, recurring revenue declined 4% as the deconversion of E-Trade offset healthier 6% underlying growth. The onboarding of new sales remained the key driver of that growth, which is why I'm pleased to see a strong pipeline of new opportunities across both the US and Canada. This pipeline includes component solutions as well as broader opportunities with larger wealth managers. We continue to see strong interest in solutions that drive operational efficiency and/or client and advisor engagement.

現在轉向財富和投資管理，經常性收入下降了 4%，因為電子貿易的轉變抵消了更健康的 6% 的基本成長。新銷售的加入仍然是成長的關鍵驅動力，這就是為什麼我很高興看到美國和加拿大都有大量新機會。該管道包括組件解決方案以及與大型財富管理機構合作的更廣泛的機會。我們繼續看到人們對提高營運效率和/或客戶和顧問參與的解決方案抱有濃厚的興趣。

Last week, we closed an approximately $185 million acquisition of Kyndryl's SIS business to further expand our wealth business in Canada. Over the years, we've built a strong Canadian technology business providing core back office functions, including clearing and settlement, serving many of the largest banks, broker dealers, and wealth managers in Canada. More recently, we've expanded for retail bank distribution as well, and in addition, a suite of component solutions that enrich the advisor and investor experience.

上週，我們完成了 Kyndryl SIS 業務約 1.85 億美元的收購，以進一步擴大我們在加拿大的財富業務。多年來，我們建立了強大的加拿大技術業務，提供核心後台功能，包括清算和結算，為加拿大許多最大的銀行、經紀交易商和財富管理機構提供服務。最近，我們也擴展了零售銀行分銷業務，此外還推出了一套組件解決方案，豐富了顧問和投資者的體驗。

The acquisition of SIS gives us additional attractive clients. It also gives more opportunity for the broader set of wealth components that we're bringing to all our Canadian clients through a common integration layer, APIs, and component-based approach to drive productivity for advisors, enhance investors' experience, and streamline operations.

收購 SIS 為我們帶來了更多有吸引力的客戶。它還為更廣泛的財富組成部分提供了更多機會，我們透過通用整合層、API 和基於組件的方法為所有加拿大客戶提供這些組成部分，以提高顧問的生產力，增強投資者的體驗並簡化運營。

A great example is a multi-year transformation we're doing for a large Canadian bank. We're working with them to create a unified one bank experience by linking their wealth and investment accounts to their retail banking clients. We recently completed the transition of more than 1 million accounts as part of this implementation, creating a simplified and enhanced end-user experience and a more efficient and streamlined set of internal processes for the bank. We're excited about the potential to bring more of that innovation to an even larger set of Canadian financial services firms.

一個很好的例子是我們正在為一家加拿大大型銀行進行的多年轉型。我們正在與他們合作，將他們的財富和投資帳戶與零售銀行客戶聯繫起來，以創造統一的單一銀行體驗。作為此實施的一部分，我們最近完成了超過 100 萬個帳戶的轉換，為銀行創造了簡化和增強的最終用戶體驗以及更有效率和精簡的內部流程。我們很高興能夠為更多的加拿大金融服務公司帶來更多創新。

I'll wrap up my review of our business with closed sales. Broadridge recorded a first-quarter record $57 million in closed sales. That performance is even more impressive given our fourth-quarter and fiscal '24 results, and it underscores the breadth of our products and how our solutions are helping our clients grow and drive efficiency.

我將透過結束銷售來結束對我們業務的回顧。Broadridge 第一季成交額達到創紀錄的 5,700 萬美元。考慮到我們第四季度和 24 財年的業績，這一業績更加令人印象深刻，它強調了我們產品的廣度以及我們的解決方案如何幫助客戶成長和提高效率。

During the quarter, we saw strong demand for customer communications and class action services in governance and for selecting components in capital markets and wealth. I was excited to see another sale of our distributed ledger repo solution for a major bank, which is a great example of how our innovation is driving sales. Most importantly, our pipeline of new sales opportunities remains strong.

在本季度，我們看到治理方面對客戶溝通和集體訴訟服務以及資本市場和財富選擇組成部分的強勁需求。我很高興看到一家大型銀行再次出售我們的分散式帳本回購解決方案，這是我們的創新如何推動銷售的一個很好的例子。最重要的是，我們的新銷售機會管道仍然強勁。

I'll close with some summary call-outs on slide 5. First, we delivered solid first-quarter results. Second, Broadridge is executing on our long-term growth plan. We're helping our clients address the growing number of new investors to drive digitization and to adapt to regulatory change. We're delivering innovation for capital markets clients and expanding our wealth management business.

我將在投影片 5 上提供一些摘要說明作為結束。首先，我們交付了穩健的第一季業績。其次，布羅德里奇正在執行我們的長期成長計畫。我們正在幫助客戶應對日益增多的新投資者的需求，以推動數位化並適應監管變化。我們正在為資本市場客戶提供創新並擴大我們的財富管理業務。

Third, our plans are anchored in long-term trends that are driving the financial services industry, including the democratization and digitization of investing, acceleration of trading, the growing importance of AI and the data that powers it, and the need to adapt to an ever-evolving regulatory environment. That long-term focus has enabled Broadridge to become a trusted and increasingly transformative partner for our clients, creating significant value for our shareholders. We have driven steady and sustainable top- and bottom-line financial results through the ups and downs of financial markets and through administrations of both parties.

第三，我們的計畫立足於推動金融服務業的長期趨勢，包括投資的民主化和數位化、交易的加速、人工智慧及其驅動數據的日益重要，以及適應新局勢的需要。 。這種長期關注使 Broadridge 成為客戶值得信賴且不斷變革的合作夥伴，為我們的股東創造了巨大的價值。透過金融市場的起起落落以及雙方的管理，我們推動了穩定、可持續的頂線和底線財務表現。

Fourth, our execution has us on track to deliver another year of strong and sustainable results in fiscal '25, including 6% to 8% recurring revenue growth in constant currency and 8% to 12% adjusted EPS growth. And longer term, we remain on track to achieve the three-year financial objectives we laid out at our last Investor Day, which will mark the fifth three-year cycle in which we've delivered on our goals.

第四，我們的執行力使我們預計在25 財年再創強勁且可持續的業績，包括以固定匯率計算的經常性收入增長6% 至8%，調整後每股收益增長8% 至12% 。從長遠來看，我們仍有望實現上一次投資者日所設定的三年財務目標，這將標誌著我們實現目標的第五個三年周期。

Before I turn it over to Ashima, I want to thank the 15,000 Broadridge associates around the world. Their hard work, focus on serving our clients, and success in bringing innovation to our industry is what powers our growth. Thank you.

在將其交給 Ashima 之前，我要感謝全球 15,000 名 Broadridge 員工。他們的辛勤工作、專注於服務客戶以及為我們的行業帶來創新的成功是我們成長的動力。謝謝。

Now, I'll turn it over to Ashima. Ashima?

現在，我就把這件事交給阿詩瑪吧。阿詩瑪？

Thank you, Tim. Good morning, everyone.

謝謝你，提姆。大家早安。

I'll begin my discussion this morning with four key call-outs. First, Broadridge delivered solid first-quarter results. Recurring revenue growth, constant currency of 4%, included a 170-basis-point headwind from the E-Trade deconversion. That impact will subside in the second quarter, and we expect organic recurring revenue growth to strengthen over the balance of the year.

今天早上我將從四個關鍵點開始討論。首先，布羅德里奇第一季業績強勁。經常性收入成長（以固定匯率計算為 4%），其中包括電子貿易轉型帶來的 170 個基點的阻力。這種影響將在第二季消退，我們預計今年餘下的時間有機經常性收入成長將會加強。

Second, our key revenue growth drivers remain strong. Closed sales rose 21% over a very healthy Q1 '24, and our forward position growth testing, which now includes the second half of the year, continues to support our mid to high-single-digit outlook.

其次，我們主要的營收成長動力依然強勁。2024 年第一季的成交量成長了 21%，非常健康，我們的前瞻性成長測試（現在包括今年下半年）繼續支持我們的中高個位數前景。

Third, we are raising our recurring revenue growth outlook for the year to 6% to 8% from 5% to 7%. Our increased guidance reflects both the acquisition of SIS, which closed on November 1 and is expected to add 1 point to our growth, and strengthening organic growth for the balance of the year, as I noted earlier. We expect organic recurring revenue growth of 6% to 7% over the next three quarters, driven by our $450 million sales backlog, mid to high-single-digit position growth, and the lapping of the E-Trade deconversion.

第三，我們將今年經常性營收成長預期從 5% 至 7% 上調至 6% 至 8%。正如我之前指出的，我們增加的指導既反映了對 SIS 的收購（該收購於 11 月 1 日完成，預計將為我們的增長增加 1 個百分點），也反映了今年餘下時間有機增長的加強。我們預計未來三個季度的有機經常性收入將增長 6% 至 7%，這得益於我們 4.5 億美元的積壓銷售、中高個位數的頭寸增長以及電子貿易轉換的完成。

Fourth, as a result, we continue to expect to deliver strong fiscal year '25 results, including 50 basis points plus of underlying core margin expansion, 8% to 12% adjusted EPS growth, and $290 million to $330 million of closed sales.

第四，因此，我們繼續預期 25 財年將取得強勁業績，包括基礎核心利潤率擴張 50 個基點以上、調整後每股收益成長 8% 至 12%，以及成交額 2.9 億至 3.3 億美元。

With that, let's get to the numbers on slide 6. Recurring revenues rose 4% on a constant currency basis, virtually all organic. Adjusted operating income decreased 7%, driven by lower event-driven and the impact of the E-Trade deconversion. AY margins were 13%, and adjusted EPS was $1 per share, both modestly above our expectations, driven by timing of investment spend. Finally, as Tim noted, we delivered closed sales of $57 million, up 21% from last year.

接下來，我們來看看投影片 6 上的數字。以固定匯率計算，經常性收入成長了 4%，幾乎全部都是有機收入。調整後營業收入下降 7%，原因是事件驅動因素減少以及電子貿易轉換的影響。受投資支出時機的推動，全年利潤率為 13%，調整後每股收益為 1 美元，均略高於我們的預期。最後，正如 Tim 指出的，我們的成交量達到 5,700 萬美元，比去年增長 21%。

Let's move to slide 7. Recurring revenue grew 4% to $900 million. Our growth was driven by a strong contribution from new sales, partially offset by lower growth in wealth and investment management.

讓我們轉到投影片 7。經常性收入成長 4%，達到 9 億美元。我們的成長是由新銷售的強勁貢獻所推動的，但部分被財富和投資管理成長的放緩所抵消。

Let's turn to slide 8 to look at the growth across our ICS and GTO segments. ICS recurring revenues rose 5% to $493 million. Regulatory revenues rose 6%, driven by fund position growth of 6%. As a reminder, equity proxy revenues are not a meaningful driver of revenue growth in the first quarter, given the seasonally low volume levels. Data-driven fund solutions revenue increased 6%, driven by growth in our retirement and workplace solutions and our data and analytics products. M&A contributed 1 point to fund solution growth.

讓我們轉向幻燈片 8 來了解 ICS 和 GTO 細分市場的成長。ICS 經常性收入成長 5%，達到 4.93 億美元。受基金部位成長 6% 的推動，監理收入成長 6%。提醒一下，鑑於季節性的低成交量水平，股權代理收入並不是第一季收入成長的有意義的驅動力。受我們的退休和工作場所解決方案以及數據和分析產品成長的推動，數據驅動的基金解決方案收入增加了 6%。併購為基金解決方案成長貢獻了 1 個百分點。

Issuer revenue also grew 8%, led by strong growth in our shareholder engagement solutions. And customer communications revenue growth was 3%, as we continued to benefit from onboarding new clients. Looking ahead, we continue to expect ICS recurring revenues to grow in line with our 6% to 8% recurring revenue growth outlook, driven by revenue from new sales and mid to high-single-digit position growth.

在我們的股東參與解決方案的強勁成長帶動下，發行人營收也成長了 8%。由於我們繼續受益於新客戶的加入，客戶通訊收入成長了 3%。展望未來，在新銷售收入和中高個位數成長的推動下，我們繼續預期 ICS 經常性收入將成長，符合我們 6% 至 8% 的經常性收入成長前景。

Turning to GTO, revenues rose 2% to $407 million. Capital markets revenues grew 5%, driven by the growth of our global post-trade capabilities, which benefited from higher fixed income trading volumes, as well as our BTCS front office solutions. Lower license revenues were a modest headwind.

至於 GTO，營收成長 2%，達到 4.07 億美元。資本市場收入成長了 5%，這得益於我們全球交易後能力的成長，這得益於固定收益交易量的增加以及我們的 BTCS 前台解決方案。許可收入下降是一個溫和的阻力。

Wealth and investment management revenues declined 4%, as we continue to cycle through the impact of the E-Trade deconversion. Excluding that impact, revenues rose 6%, powered by growth of our back office capabilities, as well as our component solutions. The E-Trade deconversion impact is expected to decline from the 10-point impact in Q1 to a 4- to 6-point headwind in the second quarter, which will be the last quarter with any impact.

隨著我們繼續審視電子貿易轉型的影響，財富和投資管理收入下降了 4%。排除這一影響，收入增長了 6%，這得益於我們的後台能力以及組件解決方案的增長。電子貿易轉換影響預計將從第一季的 10 個百分點的影響下降到第二季的 4 到 6 個百分點的逆風，這將是最後一個產生影響的季度。

As Tim noted, we closed the acquisition of SIS on November 1 and expect to record SIS revenues in our wealth and investment management product line. Including the benefit from SIS, we now expect overall GTO revenue growth at the high end of our 6% to 8% recurring revenue growth outlook, including low double-digit growth in wealth and investment management.

正如 Tim 指出的那樣，我們於 11 月 1 日完成了對 SIS 的收購，並預計在我們的財富和投資管理產品線中記錄 SIS 收入。包括 SIS 的收益在內，我們現在預計 GTO 整體收入成長處於 6% 至 8% 經常性收入成長前景的高端，其中包括財富和投資管理領域的低兩位數成長。

Next, let's turn to slide 9 to take a look at our key volume indicators. Broadridge continues to benefit from the secular growth in investor participation across both equities and funds. Equity position growth was 3%, driven by managed accounts, and in line with our testing at the end of fiscal '24. First-quarter equity position growth was impacted by the mix of companies hosting their annual meetings. This is not unusual, given the much smaller number of proxies processed in the quarter. For context, first-quarter volumes accounted for only 6% of the annual total in fiscal '24.

接下來，讓我們到投影片 9 來看看我們的關鍵成交量指標。布羅德里奇繼續受益於投資者參與股票和基金的長期成長。在管理帳戶的推動下，股票部位成長了 3%，這與我們在 2024 財年末的測試結果一致。第一季股本成長受到舉辦年度會議的公司組合的影響。鑑於本季處理的代理數量少得多，這並不罕見。就背景而言，第一季銷量僅佔 24 財年全年總量的 6%。

It's important to call out that we expect first-half position growth will be firmly in the mid to high-single-digit range, in line with our prior testing. And looking further ahead, our forward testing is showing continued mid to high-single-digit position growth during the more meaningful second half of the year as well. Mutual fund and ETF position growth was 6%, and our current testing is indicating continued mid-single-digit growth.

值得注意的是，我們預計上半年持股成長將穩定在中高個位數範圍內，這與我們先前的測試一致。展望未來，我們的前瞻性測試顯示，在今年更有意義的下半年，持倉量也將繼續實現中高個位數成長。共同基金和 ETF 部位成長了 6%，我們目前的測試顯示持續中個位數成長。

Turning to trade volumes on the bottom of the slide, trade volumes rose 10% on a blended basis, led by double-digit growth in fixed income volumes.

至於下滑底部的交易量，在固定收益交易量兩位數成長的帶動下，混合交易量增加了 10%。

I'll wrap up my discussion of recurring revenue growth on slide 10. Revenue from closed sales remains the biggest driver of our recurring revenue growth at 6 points. As we onboard revenues from our $450 million backlog, that growth was partially offset by 4 points of losses, including the deconversion of E-Trade which accounted for half of our overall losses. Internal growth contributed 1 point, primarily driven by fund position growth and higher trading volumes, which more than offset lower 30e-3 regulatory fee revenues. As a result, organic revenue growth was 3%.

我將在投影片 10 上結束對經常性收入成長的討論。成交收入仍然是我們經常性收入成長 6 個百分點的最大推動力。由於我們從 4.5 億美元的積壓訂單中獲得收入，這一增長被 4 個百分點的損失部分抵消，其中包括占我們整體損失一半的電子貿易的取消轉換。內部成長貢獻了 1 個百分點，主要是由基金部位成長和交易量增加所推動的，足以抵銷 30e-3 監管費收入的下降。結果，有機收入增加了 3%。

Rounding out the recurring revenue growth drivers, the two tuck-in acquisitions we made in May and July contributed 20 basis points. I'll also remind you that the acquisition of SIS did not close until November, so it did not contribute to our first-quarter growth. And changes in FX reduced our reported growth by 20 basis points. With the recent weakening of the dollar, we now forecast FX to be a modest positive for growth over the balance of the year.

除了經常性收入成長驅動因素外，我們在 5 月和 7 月進行的兩次收購貢獻了 20 個基點。我還要提醒您的是，對 SIS 的收購直到 11 月才完成，因此它對我們第一季的成長沒有貢獻。匯率變動使我們報告的成長減少了 20 個基點。隨著近期美元走弱，我們現在預測外匯將在今年餘下時間對經濟成長產生溫和的正面影響。

Let's close our discussions of revenues on slide 11. Total revenue was flat at $1.4 billion, as 2 points of growth from recurring revenue were offset by a decline in event-driven revenue and modestly lower distribution revenue.

讓我們結束投影片 11 上關於收入的討論。總收入持平於 14 億美元，經常性收入的 2 個百分點的成長被事件驅動收入的下降和發行收入的小幅下降所抵消。

Event-driven revenues were $63 million, in line with our seven-year quarterly average, and $27 million lower than an unusually high Q1 '24. Looking ahead, we continue to expect full-year event-driven revenue to be at the high end of our historical levels, driven in part by a major mutual fund proxy campaign, which is expected to occur in the second quarter.

事件驅動的收入為 6,300 萬美元，與我們七年季度平均水準一致，比 24 年第一季異常高的收入低 2,700 萬美元。展望未來，我們繼續預計全年事件驅動的收入將達到歷史水平的高端，部分原因是主要的共同基金代理活動，預計將在第二季度發生。

Low to no margin distribution revenues declined 3%, representing a 1-point headwind to total revenue growth. The impact of higher postal rates was more than offset by a decline in mail volumes linked to our event-driven activities. We now expect distribution revenue growth to be in the mid to high-single-digit range for fiscal '25, driven by higher postal rates and customer communication print volumes.

低利潤甚至無利潤的分銷收入下降了 3%，對總收入成長造成 1 個百分點的阻力。與我們的活動驅動的活動相關的郵件量下降遠遠抵消了郵政費率上漲的影響。我們現在預計，在更高的郵政費率和客戶通訊印刷量的推動下，25 財年的分銷收入成長將在中高個位數範圍內。

Turning now to margins on slide 12. Adjusted operating income margin was 13%, a decline of 90 basis points from Q1 '24. This was driven by the decline in event-driven revenues, the E-Trade deconversion, and ongoing reinvestment. Together, these factors more than offset the operating leverage we generated from higher recurring revenues and the benefits of our fourth-quarter restructuring initiative.

現在轉向投影片 12 上的頁邊距。調整後營業利益率為 13%，比 24 年第一季下降 90 個基點。這是由事件驅動收入下降、電子貿易轉型和持續再投資所推動的。總之，這些因素遠遠抵消了我們因經常性收入增加而產生的營運槓桿以及第四季度重組計劃的好處。

The net impact of changes in float income and distribution revenues reduced AOI margins by approximately 30 basis points in the quarter. For the year, we remain on track to generate 50 basis points plus of underlying core margin expansion.

浮動收入和分銷收入變化的淨影響使本季度 AOI 利潤率降低了約 30 個基點。今年，我們仍有望實現基礎核心利潤率擴張 50 個基點以上。

Let's move on to sales. Closed sales were $57 million, up $10 million or 21% from Q124, driven by strong demand for our governance solutions. Closed sales are the biggest driver of our long-term growth, so I'm encouraged by a strong start to fiscal '25, especially coming off our record fiscal '24 sales.

讓我們繼續討論銷售。受對我們治理解決方案的強勁需求推動，成交額為 5,700 萬美元，比 2014 年第一季增加 1,000 萬美元，即 21%。成交銷售是我們長期成長的最大推動力，因此我對 25 財年的強勁開局感到鼓舞，尤其是在我們創紀錄的 24 財年銷售之後。

Turning to our cash flows, I'll start with a reminder that Broadridge's cash flow generation is typically negative in the fiscal first quarter and strengthens throughout the year. Q1 '25 free cash flow was negative $158 million, a decrease from negative $76 million in Q1 '24. The decline was driven by an increase in cash taxes and severance payments related to our fourth-quarter '24 restructuring initiative, as well as lower net income. We continue to expect free cash flow conversion of 95% to 105% in fiscal '25.

談到我們的現金流，我首先要提醒大家的是，布羅德里奇的現金流在第一財季通常是負值，但全年都會增強。25 年第一季自由現金流為負 1.58 億美元，較 24 年第一季的負 7,600 萬美元有所下降。下降的原因是與我們24年第四季重組計畫相關的現金稅和遣散費增加，以及淨利潤下降。我們繼續預期 25 財年自由現金流轉換率為 95% 至 105%。

Turning next to capital allocation on slide 15, during the quarter, we invested $32 million in capital spending and software and returned $93 million to shareholders in our quarterly dividend. We also have made two tuck-in M&A investments. The first was CompSci to strengthen our issuer business, which closed on July 1, and then we also closed the acquisition of SIS on November 1 for approximately USD185 million.

接下來轉向幻燈片 15 上的資本配置，在本季度，我們在資本支出和軟體上投資了 3,200 萬美元，並在季度股息中向股東返還了 9,300 萬美元。我們也進行了兩項併購投資。第一個是 CompSci 來加強我們的發行人業務，該業務於 7 月 1 日完成，然後我們也於 11 月 1 日完成了對 SIS 的收購，收購金額約為 1.85 億美元。

We remain committed to balanced capital allocation. The combination of our quarterly dividend payments and the acquisition of SIS is expected to absorb approximately $600 million of our cash, giving us ample capacity to fund additional tuck-in M&A and/or repurchase additional shares over the balance of the year.

我們仍然致力於平衡資本配置。我們的季度股息支付和對 SIS 的收購預計將吸收約 6 億美元的現金，使我們有足夠的能力在今年餘下的時間裡為額外的併購和/或回購額外的股票提供資金。

Let's start to wrap by reviewing our outlook for fiscal '25 on page 16. As I said in the beginning of my remarks, Broadridge is on track to deliver strong fiscal '25 results. We are raising our recurring revenue guidance to 6% to 8% from 5% to 7%, and our guidance now incorporates the impact of the SIS acquisition. We continue to expect adjusted operating income margin of approximately 20%, adjusted EPS growth of 8% to 12%, and closed sales of between $290 million to $330 million. Additionally, we expect 27% to 28% of our earnings to be generated in the first half of the year, in line with our performance over the last 10 years.

讓我們先回顧第 16 頁的 25 財年展望作為結束語。正如我在演講開頭所說，布羅德里奇預計將在 25 財年實現強勁的業績。我們將經常性收入指引從 5% 到 7% 提高到 6% 到 8%，而我們的指導現在納入了 SIS 收購的影響。我們仍預期調整後營業利潤率約為 20%，調整後每股盈餘將成長 8% 至 12%，最終銷售額在 2.9 億美元至 3.3 億美元之間。此外，我們預計 27% 至 28% 的收入將在今年上半年產生，這與我們過去 10 年的業績一致。

Finally, let me summarize my key messages. Broadridge delivered solid Q1 financial results. The demand and secular trends driving our growth remain strong, and our testing is showing continued mid- to high-single-digit equity and mid-single-digit fund position growth for the year. Last, we are on track to deliver strong fiscal '25 results. We are raising our recurring revenue growth guidance to reflect the benefit from the acquisition of SIS and reaffirming our adjusted EPS and sales guidance, highlighting the strength of our business and financial model.

最後，讓我總結一下我的關鍵訊息。布羅德里奇第一季財務表現穩健。推動我們成長的需求和長期趨勢仍然強勁，我們的測試顯示，今年股票和基金部位持續保持中個位數至高個位數的成長。最後，我們預計將交付強勁的 25 財年業績。我們正在提高經常性收入成長指引，以反映收購 SIS 帶來的收益，並重申調整後的每股盈餘和銷售指引，突顯我們業務和財務模式的優勢。

With that, let's take your questions. Chuck?

那麼，讓我們來回答你的問題。查克？

(Operator Instructions) Dan Perlin, RBC Capital.

（操作員指令）Dan Perlin，RBC Capital。

Thanks. Good morning. I just wanted to revisit the guidance there for a second. I think it's pretty clear on the raising of the recurring numbers around the acquisition, and then E-Trades, I guess, headwind kind of abating. But not raising the EPS, again, kind of suggests that the incremental margins associated with what's being brought on are lower, or there's something else that's offsetting it. I think you mentioned a couple. But maybe if you could talk about some of those puts and takes to kind of reconcile why we'd get a top-line raise, but not something else in earnings. Thank you.

謝謝。早安.我只是想重溫一下那裡的指南。我認為圍繞著收購的經常性數字的增加是非常明顯的，然後我想電子交易的逆風有所減弱。但不提高每股收益，再次表明與所帶來的增量利潤率較低，或有其他因素抵消了它。我想你提到了幾個。但也許你可以談談其中的一些看跌期權和看跌期權，以協調為什麼我們會獲得頂線加薪，但不會獲得其他收益。謝謝。

Sure. I'll take that, Dan. Thanks for your question. Happy to provide some color on the guidance.

當然。我會接受的，丹。謝謝你的提問。很高興為指導提供一些色彩。

You're absolutely right. We're raising our recurring revenue growth guidance to 6% to 8%, like you pointed out. It reflects the acquisition of SIS and it also reflects our additional comfort and confidence sitting where we are at the end of Q1, given the sales activity, given the position growth, that we're specifically now targeting 6% to 7% organic growth over the balance of the year.

你是絕對正確的。正如您所指出的，我們將經常性收入成長指引提高至 6% 至 8%。這反映了對 SIS 的收購，也反映了我們對第一季末的情況感到額外的安慰和信心，考慮到銷售活動和職位增長，我們現在具體目標是 6% 至 7% 的有機增長年結餘。

We are also feeling good about our event activity. Having said that, we think about high-margin event activity as a means to create investment capacity. So what we're really targeting is, in line with our guidance, 8% to 12% EPS growth and seeking the opportunity to reinvest for further growth opportunities.

我們對我們的活動也感覺良好。話雖如此，我們認為高利潤的活動活動是創造投資能力的手段。因此，根據我們的指導，我們真正的目標是每股收益成長 8% 至 12%，並尋求再投資機會以獲得進一步的成長機會。

And I would just add to that. I think obviously a key part of the rise is the SIS acquisition. And in the first year, we expect that to be neutral to EPS. So it's really the other factors that Ashima was talking about in terms of the reinvestment on event and feeling good about organic really leaves us right in that same range.

我想補充一點。我認為顯然崛起的關鍵部分是對 SIS 的收購。在第一年，我們預期每股盈餘將保持中性。因此，阿詩瑪在活動再投資方面所談論的其他因素以及對有機食品的良好感覺確實使我們處於同一範圍內。

Got it. No, that's great. Thank you. Just a quick follow-up on M&A and your appetite here. I mean, you have done a couple of deals, relatively small tuck-ins. You clearly have a lot more capacity. And I think in the past couple of quarters, you kind of alluded to maybe the environment getting a little bit better in terms of maybe prices and opportunities that you see out in the market, that pipeline getting bigger. So just as we sit here today, I'm just curious where you are thinking you might want to place some incremental dollars this year. Thank you.

知道了。不，那太好了。謝謝。這裡只是對併購和您的興趣的快速跟進。我的意思是，你已經完成了幾筆交易，相對較小的折扣。你顯然有更多的能力。我認為在過去的幾個季度中，您提到環境可能會變得更好一些，例如您在市場上看到的價格和機會，管道變得更大。因此，正如我們今天坐在這裡一樣，我只是好奇您認為今年可能會在哪裡投入一些增量資金。謝謝。

Yeah. Thanks, Dan. Just starting with the principles that you well know, which is we're an organic growth company. Our growth is primarily there and we have a long runway given the addressable market we have. But M&A has been an attractive way to meet the needs of our clients. And over three years, we're expecting sort of 1 to 2points contribution to recurring revenue from M&A.

是的。謝謝，丹。首先從您熟知的原則開始，即我們是一家有機成長的公司。我們的成長主要就在那裡，考慮到我們擁有的潛在市場，我們還有很長的路要走。但併購一直是滿足顧客需求的一種有吸引力的方式。在三年內，我們預期併購會為經常性收入帶來 1 到 2 個百分點的貢獻。

If you look at where the market is right now, first of all, we're excited that we've been able to make some compelling purchases, including SIS. And certainly, we're seeing many PEs bringing things to market. We're tracking a pretty strong pipeline of opportunities. And I think, as always, the art is in finding those deals that meet a combination of our financial criteria and where we think we are really the right or the best owner. And that's obviously all in the context of a balanced capital allocation, mid- to high-teens ROIC.

如果你看看現在的市場狀況，首先，我們很高興能夠進行一些引人注目的購買，包括 SIS。當然，我們看到許多私募股權公司將產品推向市場。我們正在追蹤大量的機會。我認為，一如既往，藝術在於找到那些既符合我們的財務標準又符合我們認為自己是真正正確或最好的所有者的交易。顯然，這一切都是在資本配置均衡、投資報酬率中到高的背景下實現的。

So we're definitely looking at things. We're definitely keeping that financial framework in mind. And so if you do see us execute, it will be because we see something that we think is compelling. And if we don't see the right opportunities, we remain very comfortable with repurchasing Broadridge shares.

所以我們肯定會關註一些事情。我們肯定會牢記該財務框架。因此，如果您確實看到我們執行，那將是因為我們看到了一些我們認為引人注目的東西。如果我們沒有看到合適的機會，我們仍然非常願意回購 Broadridge 股票。

That's great. Thank you.

那太棒了。謝謝。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great. Thank you for those clarifications on the outlook, et cetera. Wanted to touch really quickly on digital and then some developments in the market generally. You've got digital revenue growing double digits in fiscal year '24, and digital revenue on average is converting faster and the better onboarding efficacy you referred to last call.

偉大的。感謝您對前景等的澄清。希望快速接觸數位技術，然後了解市場的一些發展。在 24 財年，您的數位收入以兩位數的速度成長，而且數位收入的平均轉換速度更快，而且您在上次電話會議中提到的入職效率也更好。

But I was surprised to see customer communications growth in the quarter consistent with fiscal fourth quarter. What's the driver there? And is there still a line of sight to that business accelerating to mid-single-digit or even high-single-digit growth in this coming fiscal year?

但令我驚訝的是，該季度的客戶溝通成長與第四財季保持一致。那裡的司機是什麼？在下一個財年，該業務是否仍有望加速至中個位數甚至高個位數成長？

Yeah. James, thanks very much for that question. It's a good one. And I do want to reiterate that we really do see our BRCC revenues on track to pick up from the FY24 levels in the remainder of the year. And really, that is driven by new sales and it's driven by growth in digital.

是的。詹姆斯，非常感謝你提出這個問題。這是一件好事。我確實想重申，我們確實看到 BRCC 的收入在今年剩餘時間內預計將從 2024 財年的水平回升。事實上，這是由新銷售和數位化成長推動的。

We had a quite significant sale in the fourth quarter that was -- we call it center of excellence, but it's a full lift out of all of the print and digital capabilities of significant financial services provider. That revenue was onboarded late in the first quarter. So it didn't really impact the first quarter, but it will impact the rest of the year. And it really shows the value proposition of that print to digital conversion.

我們在第四季度取得了相當大的銷售額，我們稱之為卓越中心，但它完全提升了重要金融服務提供者的所有印刷和數位能力。該收入是在第一季末實現的。所以它並沒有真正影響第一季度，但會影響今年剩餘時間。它確實展示了印刷到數位轉換的價值主張。

Also, we talked -- I mentioned the script around Wealth InFocus, which we featured on our Investor Day last year, generating very positive feedback and pipeline. So we're pretty confident in the outlook for higher growth over the balance of '25, driven by that onboarding of recent sales wins, which as I say, are already on board. So we feel pretty confident in mid- to high-single-digit growth in BRCC for the full year.

此外，我們還討論了——我提到了圍繞 Wealth InFocus 的腳本，我們在去年的投資者日上重點介紹了該腳本，產生了非常積極的反饋和管道。因此，在最近銷售勝利的推動下，我們對 25 年後的更高成長前景非常有信心，正如我所說，這些勝利已經開始。因此，我們對 BRCC 全年實現中高個位數成長充滿信心。

Got it. Appreciate that. And then just more on a high level and longer-term question, we saw an article during the quarter with one of the heads of international post-trade, which effectively from -- at least I took that there, while it's not really an acute issue right now, he was starting to see T+1 lead to increased costs for brokers, particularly as it relates to securities, lending, and FX.

知道了。很欣賞這一點。然後，就更高層次和更長期的問題而言，我們在本季度看到了一篇由國際後貿易負責人撰寫的文章，該文章實際上來自——至少我在那裡提到了這一點，儘管它並不是一個真正的尖銳問題。

What is Broadridge or how is Broadridge helping to mitigate this dynamic? And what are some of the takeaways the industry is focused on before that rollout in Europe and the rest of the world?

Broadridge 是什麼，或者 Broadridge 如何幫助緩解這種動態？在歐洲和世界其他地區推出之前，該行業重點關注哪些要點？

Yeah. James, very, very interesting question. And it's interesting because I think there's a bit of a dichotomy here between the US and Europe. The T+1 implementation went very smoothly here in the US. The sale rates and straight-through processing rates and same-day confirmation rates all went up quite a bit. And I think people were expecting there to be some issues and there weren't.

是的。詹姆斯，非常非常有趣的問題。這很有趣，因為我認為美國和歐洲之間存在一些分歧。T+1在美國的實施非常順利。銷售率、直通處理率及當日確認率均大幅上升。我認為人們預計會出現一些問題，但事實並非如此。

Now, Europe has yet to do T+1 and they're looking at when to do that. But what they're seeing is just some of the tension between the T+1 in the US is not in Europe and how is that causing sort of disconnect in some of those ancillary services. And it's being papered over at this point with people. And so I think we are hearing the same thing that that's causing some challenges for people.

現在，歐洲尚未實行 T+1，他們正在考慮何時實施。但他們所看到的只是美國的 T+1 與歐洲的 T+1 之間的一些緊張關係，以及這如何導致一些輔助服務的脫節。現在人們正在掩蓋這一點。所以我認為我們聽到的同樣的事情給人們帶來了一些挑戰。

I think in terms of how we can help, it's a little bit of a question of how quickly they'll move to T+1 and sort of eliminate that disparity in the dates between here and there. And in the meantime, we obviously have a managed service. So for our clients who are -- where we're doing that for them on both sides, we can help them with our BPO. And if there's going to be a significant timing gap, then it would be creating some technology to help.

我認為就我們如何提供幫助而言，問題在於他們將多快轉向 T+1，並在某種程度上消除這裡和那裡之間的日期差異。同時，我們顯然擁有託管服務。因此，對於我們的客戶來說，我們可以透過 BPO 為他們提供幫助。如果存在顯著的時間差距，那麼就需要創造一些技術來提供幫助。

Great. Thank you very much.

偉大的。非常感謝。

Puneet Jain, JPMorgan.

普尼特‧賈恩 (Puneet Jain)，摩根大通。

Hi. Thank you for taking my question. So some of the consulting companies have definitely gotten more positive on outlook for financial services in the US, like the large banks, capital market clients. Are you also seeing any changes in backlog conversion into revenue or the flow of deals from pipeline into backlog? Are you seeing any change in client behavior as it relates to how they take decisions?

你好。感謝您回答我的問題。因此，一些顧問公司肯定對美國金融服務的前景更加樂觀，例如大型銀行、資本市場客戶。您是否也看到積壓訂單轉化為收入或從管道到積壓訂單的交易流發生任何變化？您是否發現客戶行為與他們的決策方式有任何改變？

Yeah. Puneet, thank you very much. It is -- if you think about project execution, we didn't see the slowdown that some other people have reported in project execution. We definitely saw -- this is going back a ways now -- a lengthening of sales pipeline and it taking longer to get to closure. This may be because more of the mix of the things that we do are around regulatory and cost and things that our clients feel like they really need to get done. And so once they sign, they sort of may be more at the top of the list for implementation. So we didn't see the same implementation delays that others are seeing.

是的。普尼特，非常感謝你。如果您考慮專案執行，我們並沒有看到其他人報告的專案執行速度放緩的情況。我們確實看到了——這種情況現在已經過去了——銷售管道的延長，以及需要更長的時間才能結束。這可能是因為我們所做的更多事情都是圍繞著監管和成本以及我們的客戶認為他們真正需要完成的事情。因此，一旦他們簽署，他們可能會更處於實施清單的首位。因此，我們沒有看到其他人看到的相同的實施延遲。

I think more broadly though, if we just talk about the business environment out there, we were really, really pleased by what we're seeing in terms of sales closes. And that strong start to the year on the sales side increases our confidence for the full year. We're seeing that in governance and communication solutions. We're seeing it in select areas and capital markets and wealth.

但我認為，從更廣泛的角度來看，如果我們只談論那裡的商業環境，我們對所看到的銷售業績感到非常非常滿意。今年銷售方面的強勁開局增強了我們對全年的信心。我們在治理和溝通解決方案中看到了這一點。我們在特定領域、資本市場和財富中看到了這一點。

And just while I'm on sales, a couple of things that I think are worth noting is just that we're seeing those sales in the areas where we're investing -- digital communications, class actions, in the front office and wealth -- and the pipeline is really good. And if we compare our pipeline multiplier now to where we were last year at the same time, it's just as strong. And then with the backlog, $450 million as of August, that really gives us confidence in our outlook and provides good visibility into our recurring revenue over the medium term, giving us confidence in our three-year outlook.

就在我從事銷售工作時，我認為值得注意的幾件事是，我們在我們投資的領域看到了這些銷售——數位通訊、集體訴訟、前台和財富——而且管道真的很好。如果我們將現在的管道乘數與去年同期的情況進行比較，就會發現它同樣強勁。截至 8 月份，積壓訂單已達 4.5 億美元，這確實讓我們對我們的前景充滿信心，並為我們的中期經常性收入提供了良好的可見性，使我們對我們的三年前景充滿信心。

And I just -- one final comment just on that revenue to sales, sales to revenue conversion, it is an area that we're really focused on. And I think we're actually seeing improvements this year over last year. Part of that's on the client side, part of that is on our side.

我只是——最後一個評論是關於收入與銷售、銷售與收入的轉換，這是我們真正關注的領域。我認為今年我們實際上看到了比去年有所改善的情況。一部分是在客戶端，一部分是在我們這邊。

Got it. And then on the other side, ICS side, within regulatory business, like the stock record growth came at 3%. You expect that to improve. How much visibility you have or what confidence you have that that stock record growth improves from here to mid-single digits?

知道了。另一方面，ICS 方面，在監管業務方面，股票創紀錄的成長達到了 3%。您期望情況會有所改善。您對股票創紀錄成長從現在提高到中個位數有多少可見度或有什麼信心？

Yeah. So Puneet, I'll start by just reminding you -- I know you know this, but I'll just start off by reminding that the stock record growth that you saw for Q1 reflects the growth for those specific issuers that sent out their proxies in the July to September time period. They typically end up being very small companies, and one or two large issuers really make a swing in the growth rate. The 3% was actually in line with what we'd expected at the end of last year, given the mix of companies that we were aware of. Just like we're expecting Q2 now to be at the high single-digit growth rate, which together across the first half of the year, we're expecting to be solidly in the mid- to high-single-digit growth rate.

是的。因此，普尼特，我首先要提醒您 - 我知道您知道這一點，但我首先要提醒您，您在第一季度看到的股票創紀錄增長反映了那些發出代理的特定發行人的增長在七月至九月期間。它們通常最終成為非常小的公司，只有一兩個大型發行人真正改變了成長率。考慮到我們所了解的公司結構，3% 實際上符合我們去年年底的預期。就像我們現在預計第二季將達到高個位數成長率一樣，加上今年上半年，我們預計將穩定地保持中高個位數成長率。

Our testing for equity has proven pretty reliable. Especially when we're looking at two, three quarters out, we have a fairly good idea -- because we do it at an issuer level, we have a fairly good idea of how it's going to trend out. As we sit here right now, we've started testing our much more material second half of the year as well, and it's showing mid to high-single-digit growth, so I feel pretty good about it.

事實證明，我們的股權測試非常可靠。特別是當我們展望二、三個季度的情況時，我們有一個相當好的想法——因為我們是在發行人層面上進行的，所以我們對未來的趨勢有一個相當好的想法。當我們現在坐在這裡時，我們也開始測試今年下半年更多的材料，它顯示出中高個位數的增長，所以我對此感覺非常好。

And Puneet, I'd just add that I think the bigger picture here is about the broad drivers that remain very positive, especially the momentum in managed accounts, the overall market environment. As Ashima said, the testing has been pretty accurate, showing a strong full year. We're also seeing this on the fund side, where it's more mid-single than high-single-digit.

普尼特，我想補充一點，我認為這裡的大局是關於仍然非常積極的廣泛驅動因素，特別是管理帳戶的勢頭和整體市場環境。正如阿詩瑪所說，測試相當準確，顯示全年表現強勁。我們在基金方面也看到了這一點，基金方面的情況更多是中個位數而不是高個位數。

And then beyond that, we have all the innovation that we've talked about with voting choice and direct indexing. And so I think, overall, I think the thing we'd want people to take away is that the positive trends are giving us confidence in the year, but also in the longer-term duration.

除此之外，我們還擁有我們所討論的投票選擇和直接索引的所有創新。因此，我認為，總的來說，我們希望人們了解的是，正面的趨勢讓我們對這一年充滿信心，而且對長期持續時間也充滿信心。

Got it. Thank you.

知道了。謝謝。

Patrick O'Shaughnessy, Raymond James.

派崔克‧奧肖內西，雷蒙德‧詹姆斯。

Hey. Good morning. A follow-up question on SIS. Can you provide the specific revenue contribution that you expect from that business this year? [And in the past] SIS, would you have still raised your constant currency recurring revenue guide for the year?

嘿。早安.關於 SIS 的後續問題。您能否提供您預計該業務今年的具體收入貢獻？[過去] SIS，您還會提高今年的固定貨幣經常性收入指南嗎？

Yeah. Patrick, I'll start on this and let Ashima add in anything. I think, first of all, just since the number for SIS is just a little shy of $60 million for this year, in this full year. But when we look at, more broadly, when we look at our overall wealth and investment management business, we really like the position we have in Canada. It's an attractive market. We serve many of the leading institutions, lots of small ones too.

是的。派崔克，我會從這個開始，然後讓阿西瑪添加任何內容。我認為，首先，因為 SIS 今年全年的數字略低於 6,000 萬美元。但當我們更廣泛地審視我們的整體財富和投資管理業務時，我們真的很喜歡我們在加拿大的地位。這是一個有吸引力的市場。我們為許多領先機構以及許多小型機構提供服務。

We're excited to add these important new clients, but we're also excited about the opportunity to leverage our wealth platform investment into the Canadian market. And we're bringing that technology that's already built and we have a bigger base of clients to provide it to. And this really underscores our commitment to our wealth business, to being a leading technology provider to Canada.

我們很高興能夠增加這些重要的新客戶，但我們也很高興有機會利用我們的財富平台投資進入加拿大市場。我們正在引入已經建立的技術，我們有更大的客戶群可以提供它。這確實強調了我們對財富業務、成為加拿大領先科技提供者的承諾。

On the -- would we have increased guidance without this? I think what we're signaling is increased confidence on the organic side. I'm not sure that it would have been so much that we would have changed our guidance. So the increase that you're seeing here is largely related specifically to SIS. But we feel -- what we want to make sure is that no one came away looking, doing all the math and saying that we think we're weakening on the organic side. That's sort of the opposite of the message we're trying to convey because we're really seeing nice trends for the rest of the year.

如果沒有這個，我們會增加指導嗎？我認為我們發出的信號是對有機方面信心的增強。我不確定我們是否會改變我們的指導方針。因此，您在這裡看到的成長很大程度上與 SIS 有關。但我們覺得——我們想要確保的是，沒有人經過觀察、計算後說我們認為我們在有機方面正在減弱。這與我們試圖傳達的訊息相反，因為我們確實看到了今年剩餘時間的良好趨勢。

Yeah. And Patrick, I'll also add a bit more specifics about SIS. Like you heard, we expect it's about $185 million purchase price. We expect it to add a little over 1 percentage point to Broadridge growth overall.

是的。Patrick，我還將添加一些有關 SIS 的更多細節。正如您所聽到的，我們預計收購價格約為 1.85 億美元。我們預計它將為 Broadridge 的整體成長增加略高於 1 個百分點。

To the question earlier, we do expect it to be slightly dilutive to Broadridge margin, but are not expecting any material impact to earnings as a result of this. Of course, it'll be accretive to wealth growth leading to low-double-digit growth for the wealth business and GTO growth coming in at the high end of the 5% to 8%. But just SIS itself, the guide is a little over 1 percentage point to Broadridge growth, slight dilution to margins, and no impact to earnings.

對於先前的問題，我們確實預計這將略微稀釋布羅德里奇的利潤率，但預計不會因此對盈利產生任何重大影響。當然，這將促進財富成長，導致財富業務實現低兩位數成長，而 GTO 成長將達到 5% 至 8% 的高端。但就 SIS 本身而言，該指南對 Broadridge 的成長略高於 1 個百分點，利潤率略有稀釋，且對獲利沒有影響。

Terrific. That's very helpful. Thank you. And then looking at your closed sales number, typically, your fiscal first quarter represents less than 15% of your full year of sales activity. But this past quarter, closed sales was closer to 20% to the midpoint of your full-year fiscal '25 outlook. Was there any unusual pull forward this quarter, or are things perhaps just trending maybe a little bit better than what you would have expected?

了不起。這非常有幫助。謝謝。然後查看您的已完成銷售數據，通常情況下，您的第一個財季銷售活動僅佔全年銷售活動的不到 15%。但上個季度，成交量接近 25 財年全年預期中位數的 20%。本季是否有任何不尋常的推動，或者情況可能只是趨勢比您預期的要好一點？

Yeah. Patrick, it's always good to get a strong start on the year. I don't think I want to signal any increase in our expectation. I think the $290 million to the $330 million is a really good range for us. I wouldn't call it pull forward, but there's always the timing of sort of the medium-sized deals that can fall in one quarter versus another. And so I just want you to take away that we feel like we have a good start to the quarter. We feel like we're going to have a good first half, and we're feeling good about the full year.

是的。派崔克，今年有一個好的開始總是好的。我認為我不想表明我們的期望有任何增加。我認為 2.9 億美元到 3.3 億美元對我們來說是一個非常好的範圍。我不會稱之為提前，但總有一些中等規模的交易可能會在一個季度相對於另一個季度發生。因此，我只想讓您了解我們認為本季有一個好的開始。我們覺得上半年會表現不錯，全年也會感覺良好。

Terrific. Thank you.

了不起。謝謝。

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

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。請繼續。

Thank you, Chuck. I just want to thank everyone on the call for your interest in Broadridge, especially so on election day. Have a great morning.

謝謝你，查克。我只想感謝參加電話會議的每個人對布羅德里奇的興趣，尤其是在選舉日。祝你有個美好的早晨。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。