Broadridge Financial Solutions Inc (BR) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Broadridge 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

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

Thank you, Dave. And good morning, everybody, and welcome to Broadridge's third-quarter and fiscal year 2025 earnings call.

謝謝你，戴夫。大家早安，歡迎參加 Broadridge 2025 財年第三季和財報電話會議。

The earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com. Joining me on the call this morning are Tim Gokey, our CEO; and our CFO, Ashima Ghei.

您可以在 broadridge.com 的投資者關係部分找到本次電話會議的收益報告和投影片。今天早上與我一起參加電話會議的還有我們的執行長 Tim Gokey；以及我們的財務長 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.

在我將電話轉給蒂姆之前，我想提醒大家幾點標準事項。首先，我們將在今天的電話會議上就 Broadridge 做出涉及風險的前瞻性陳述。這些風險的摘要可以在投影片的第二頁找到，更完整的描述可以在我們的 10-K 表格年度報告中找到。

Two, we'll also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Broadridge's underlying operating results. An explanation of these non-GAAP measures and reconciliations to the comparable GAAP measures can be found in the earnings release and the presentation.

其次，我們也將參考幾個非公認會計準則指標，我們相信這些指標可以讓投資人更全面地了解 Broadridge 的基本營運績效。這些非 GAAP 指標的解釋以及與可比較 GAAP 指標的對帳可以在收益報告和簡報中找到。

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

現在，讓我將電話轉給 Tim Gokey。提姆？

Thank you, Edings, and good morning.

謝謝你，埃丁斯，早安。

Broadridge delivered strong third-quarter results, and we are on track to deliver a strong fiscal 2025. To understand our confidence in the year, let me start with some observations on the current market. Clearly, there has been significant uncertainty in market volatility over the past several weeks. As a SaaS technology provider with primarily US exposure, the direct impact on Broadridge has been modest to date.

Broadridge 第三季業績表現強勁，我們預計在 2025 財年取得強勁業績。為了了解我們對今年的信心，讓我先從對當前市場的一些觀察開始。顯然，過去幾週市場波動存在很大的不確定性。作為一家主要在美國開展業務的 SaaS 技術提供商，迄今為止，Broadridge 受到的直接影響並不大。

Market trading volumes have been unusually high. Given our strong scalability, our technology has performed well, and higher volumes have been a modest near-term positive. Like us, our financial services clients are also benefiting from high trading volumes, and they're performing well.

市場交易量異常高。鑑於我們強大的可擴展性，我們的技術表現良好，更高的產量在短期內是一個適度的利好。與我們一樣，我們的金融服務客戶也受益於高交易量，並且表現良好。

More broadly, this period of volatility highlights the strength and stability of our business. With 94% recurring fee revenues, 98% revenue retention rate, and a $450 million revenue backlog, we have strong visibility into our growth over the next 12 to 18 months which, in turn, enables us to continue to invest in the solutions that will propel our future. While this period of uncertainty does have the potential to influence the timing of new investments by our clients, the breadth of our solutions means that we can help clients both reduce cost and drive innovation, which means we can help them in any economic scenario.

更廣泛地說，這段動盪時期凸顯了我們業務的實力和穩定性。憑藉 94% 的經常性費用收入、98% 的收入保留率以及 4.5 億美元的收入積壓，我們對未來 12 至 18 個月的成長有著很強的可預見性，這反過來又使我們能夠繼續投資於推動我們未來的解決方案。雖然這段不確定的時期確實有可能影響我們客戶的新投資時機，但我們解決方案的廣度意味著我們可以幫助客戶降低成本並推動創新，這意味著我們可以在任何經濟狀況下為他們提供幫助。

At the same time, the long-term trends that are shaping financial services, including the democratization of investing, acceleration of trading, digitization of communications, and regulatory change, are not slowing down. We're seeing those trends play out directly in our results, as I'll touch on in a moment. And Broadridge is one of the only players that has both the deep expertise and proven ability to drive the innovation at scale that's necessary to help our clients adapt to these trends.

同時，影響金融服務的長期趨勢，包括投資民主化、交易加速、通訊數位化和監管變革，並沒有放緩。我們看到這些趨勢直接體現在我們的結果中，我稍後會談到。Broadridge 是唯一一家既擁有深厚專業知識，又具備大規模推動創新能力的公司，能夠幫助我們的客戶適應這些趨勢。

So while markets are likely to remain volatile and the economic outlook murky over the next few months, I'm confident that Broadridge is well positioned to deliver strong fiscal year 2025 results, that we remain on track to hit our three-year objectives, and that we are positioned to continue to deliver sustainable, long-term growth for our shareholders. So with those thoughts, let's get to the headlines on slide 3.

因此，儘管未來幾個月市場可能繼續動盪，經濟前景不明朗，但我相信 Broadridge 已做好準備，在 2025 財年取得強勁業績，我們仍有望實現三年目標，並且我們有能力繼續為股東實現可持續的長期增長。有了這些想法，讓我們來看看投影片 3 上的標題。

First, Broadridge delivered strong third-quarter results, including 8% recurring revenue growth and 9% adjusted EPS growth. Second, these strong results, in the face of growing market uncertainty, highlight both the resilience of our business and the continued execution of our growth strategy to digitize and democratize investing, innovate and simplify trading, and modernize wealth management.

首先，Broadridge 第三季業績強勁，包括 8% 的經常性收入成長和 9% 的調整後每股盈餘成長。其次，面對日益增長的市場不確定性，這些強勁的業績凸顯了我們業務的韌性，也凸顯了我們持續執行的成長策略，即投資數位化和民主化、交易創新和簡化以及財富管理現代化。

Third, Broadridge remains on track to deliver another year of steady and consistent top and bottom-line growth. We are reaffirming our guidance for 6% to 8% recurring revenue growth constant currency and expect to deliver adjusted EPS growth in the middle of our 8% to 12% growth guidance with strong free cash flow. Finally, our outlook for fiscal '25 keeps us on track to achieve the three-year growth objectives we laid out at our December 2023 Investor Day.

第三，Broadridge 仍有望在新的一年實現穩定、持續的營收和利潤成長。我們重申 6% 至 8% 的經常性收入成長預期（以不變貨幣計算），並預計調整後的每股盈餘成長將處於 8% 至 12% 的成長預期中間，並擁有強勁的自由現金流。最後，我們對 25 財年的展望使我們有望實現在 2023 年 12 月投資者日制定的三年成長目標。

Our results demonstrate the power of our strategy and our proven ability to execute. So let's turn to slide 4 to look at the key drivers of that execution, starting with our Governance business.

我們的成果證明了我們策略的威力和我們經過驗證的執行能力。因此，讓我們翻到投影片 4，看看執行的關鍵驅動因素，從我們的治理業務開始。

Governance recurring revenues rose 6%, driven by new sales and continued growth in investor participation. Equity position growth strengthened to 15% in the quarter, the highest quarterly growth rate since the end of fiscal '22. Equity position growth began to pick up in October and continued to strengthen through the third quarter, even as markets began to soften in February. The acceleration in position growth was driven by managed accounts, while self-directed account growth remained stable in the mid-single digits.

受新銷售額和投資者參與度持續成長的推動，治理經常性收入成長了 6%。本季股票部位成長率增強至 15%，為 22 財年末以來的最高季度成長率。儘管市場在 2 月開始走軟，但股票部位成長在 10 月開始回升，並在第三季持續增強。部位成長的加速是由託管帳戶推動的，而自導帳戶的成長則保持穩定在中等個位數。

An important trend I want to call out is the growth of smaller positions, likely driven by direct indexing. We've talked about this for a while, but we are now really seeing it begin to scale. That's exciting because one of the promises of democratization is that it's opening the door for an increasing number of investors to take advantage of the sophisticated strategies available to institutional investors, like model-based investing and direct indexing. This evolution is driving rapid growth in small account sizes.

我想指出的一個重要趨勢是較小頭寸的增長，這可能是由直接索引推動的。我們已經討論了這個問題一段時間，但現在我們才真正看到它開始擴大。這令人興奮，因為民主化的前景之一就是它為越來越多的投資者打開了大門，讓他們能夠利用機構投資者可用的複雜策略，例如基於模型的投資和直接指數化。這種演變推動了小額帳戶規模的快速成長。

What's also exciting is that it highlights how innovation is working for public companies and funds. Fractional positions, which include managed accounts with less than five shares, and fractional shares and self-directed accounts, are free to public companies and funds, leveraging our technology to make democratization cost-effective for all shareholders. These fractional positions do not translate immediately into revenue for Broadridge, but the good news is that we can expect many of these accounts to grow to larger position sizes over time, providing an additional foundation for Broadridge's long-term growth. Meanwhile, fund position growth remained healthy at 6%, driven by continued demand for passive funds.

同樣令人興奮的是，它強調了創新如何為上市公司和基金發揮作用。零碎部位（包括少於五股的託管帳戶以及零碎股票和自導帳戶）對上市公司和基金免費，利用我們的技術使所有股東都能以具有成本效益的方式實現民主化。這些零散頭寸不會立即轉化為 Broadridge 的收入，但好消息是，我們可以預期其中許多帳戶的頭寸規模會隨著時間的推移而增長，從而為 Broadridge 的長期增長提供額外的基礎。同時，受被動基金持續需求的推動，基金持股成長率仍維持在 6% 的健康水準。

Across our ICS business, new product innovation continues to be the biggest driver of growth. Demand for our Digital Solutions and our Customer Communications business remains very strong, and I was pleased to see another sale of our AI-enabled global demand data and analytics model to another large asset manager. That's the 13th win for that AI data product since it was launched last year, highlighting the unmatched quality and depth of our data.

在我們的 ICS 業務中，新產品創新仍然是最大的成長動力。對我們的數位解決方案和客戶通訊業務的需求仍然非常強勁，我很高興看到我們將支援人工智慧的全球需求數據和分析模型出售給另一家大型資產管理公司。這是該 AI 數據產品自去年推出以來的第 13 次獲獎，凸顯了我們數據無與倫比的品質和深度。

Let's turn next to Capital Markets, which reported 10% recurring revenue growth. In Capital Markets, we're simplifying trading across the front and back office. A key part of that value proposition is our ability to seamlessly scale our post-trade capabilities in periods of market stress. That was certainly the case in the week following April 2, when our settlement platforms processed record fixed income trades and double our typical volume in equities.

接下來我們來看看資本市場，其報告的經常性收入增加了 10%。在資本市場，我們正在簡化前台和後台的交易。這個價值主張的關鍵部分是我們能夠在市場壓力時期無縫擴展我們的交易後能力。4 月 2 日之後的一周確實如此，我們的結算平台處理了創紀錄的固定收益交易，股票交易量是正常水平的兩倍。

Our ability to offer seamless scalability and global interoperability continues to drive demand for our global post-trade solutions. We closed two notable post-trade sales in the third quarter, including one to a rapidly growing trading firm that builds on a long-term relationship that already includes both front and back-office solutions in the US and Europe.

我們提供無縫可擴展性和全球互通性的能力繼續推動對我們的全球交易後解決方案的需求。我們在第三季完成了兩筆值得注意的交易後銷售，其中一筆銷售給一家快速發展的交易公司，該公司與美國和歐洲建立了長期合作關係，包括前台和後台解決方案。

We're also delivering innovation at scale in other asset classes. Our Distributed Ledger Repo solution is now processing $100 billion in daily average trading volume as we onboard new clients. And in early April, we completed a successful integration with Fnality, a blockchain-based wholesale payments firm, as a next step toward real-time settlement of intraday repo transactions.

我們也在其他資產類別中大規模地進行創新。隨著我們不斷吸收新客戶，我們的分散式帳本回購解決方案目前每天處理的平均交易量為 1000 億美元。4 月初，我們成功完成了與基於區塊鏈的批發支付公司 Fnality 的整合，這是實現日內回購交易即時結算的下一步。

In Wealth & Investment Management, revenues grew 13%, driven by the acquisition of SIS. The integration of SIS is well underway, and we're making strides in integrating our Canadian wealth platforms with our newer wealth modules. In the US, we continue to make progress in the rollout of our next-generation wealth platform. We now have a total of 34 clients live on one or more platform components, and we continue to see strong sales momentum.

在財富與投資管理方面，受收購 SIS 的推動，營收成長了 13%。SIS 的整合工作正在順利進行中，我們正在大力推動加拿大財富平台與更新的財富模組的整合。在美國，我們在推出下一代財富平台方面繼續取得進展。我們現在共有 34 個客戶使用一個或多個平台組件，我們繼續看到強勁的銷售動能。

During the quarter, we closed a major sale with the leading US wealth manager to provide a suite of solutions linked by a common data layer, open APIs, and a consistent user interface. The decision by this client to modernize key parts of this technology on the broader platform is a great validation of our strategy to offer our clients transformation on your own terms.

本季度，我們與美國領先的財富管理公司達成了一項重大銷售，為其提供一套由通用資料層、開放 API 和一致的使用者介面連結的解決方案。該客戶決定在更廣泛的平台上對該技術的關鍵部分進行現代化改造，這充分驗證了我們為客戶提供按其自身條件進行轉型的策略。

Speaking of sales, we ended March with year-to-date closed sales of $174 million, including $71 million in Q3. Excluding sales of our Tailored Shareholder Reports solution, closed sales rose 9% for both the year-to-date period as well as the third quarter, tracking right in line with our full-year guidance.

說到銷售，截至 3 月底，年初至今的銷售額為 1.74 億美元，其中第三季的銷售額為 7,100 萬美元。不計入我們的客製化股東報告解決方案的銷售額，年初至今以及第三季的銷售額均成長了 9%，與我們的全年預期一致。

As we enter our critical selling quarter in the fourth quarter, we continue to have a strong pipeline and are seeing significant interest in our Digital Solutions, Capital Markets platforms, and Wealth components. At this point, the vast majority of our Q4 pipeline is in late-stage business or legal negotiations. At the same time, as I noted in my opening, there's now significant uncertainty about the health of the economy and the impact of tariffs, and we are seeing the closing process taking longer in Q4 than it did in Q3.

隨著我們進入第四季度的關鍵銷售季度，我們繼續擁有強大的銷售管道，並看到人們對我們的數位解決方案、資本市場平台和財富組件的濃厚興趣。目前，我們第四季的絕大部分業務都處於後期業務或法律談判階段。同時，正如我在開幕式上指出的那樣，現在經濟健康狀況和關稅影響存在很大的不確定性，而且我們發現第四季度的結束過程比第三季度花費的時間更長。

Reflecting that elongation, we're taking a more cautious view of our fourth-quarter sales and are updating our guidance for closed sales for fiscal '25 to $240 million to $300 million. Given our backlog of previously closed business to onboard, we do not expect this to impact our FY26 results, and as I've said in the past, whether something closes in June or August is really immaterial to our future growth.

考慮到這一延長，我們對第四季度的銷售持更加謹慎的態度，並將 25 財年的銷售目標調整為 2.4 億美元至 3 億美元。考慮到我們之前已完成的業務積壓，我們預計這不會影響我們 26 財年的業績，而且正如我過去所說的那樣，無論是在 6 月還是 8 月完成，對於我們未來的增長來說都無關緊要。

I'll close my remarks with a few summary comments on slide 5. First, Broadridge is executing on our growth strategy. We're driving the digitization and democratization of investing as we process double-digit growth in the number of shareholder positions, and our investments in digitization are helping to drive down the cost of serving these positions and are driving strong demand for our Digital Solutions. We're simplifying and innovating in trading to seamlessly process trillions of dollars in trades per day, while the Distributed Ledger Repo capabilities are making tokenization a reality in the repo market, not tomorrow, but today, and our next-generation wealth platform is gaining momentum in the market in both the US and Canada.

我將透過投影片 5 上的幾句總結性評論來結束我的發言。首先，Broadridge 正在執行我們的成長策略。隨著股東持股數量實現兩位數成長，我們正在推動投資的數位化和民主化，我們在數位化方面的投資有助於降低服務這些持股的成本，並推動對我們的數位解決方案的強勁需求。我們正在簡化和創新交易，以無縫處理每天數萬億美元的交易，而分散式帳本回購功能正在使回購市場的標記化成為現實，不是明天，而是今天，我們的下一代財富平台正在美國和加拿大的市場上獲得發展勢頭。

Second, that execution is driving strong financial results, including 8% recurring revenue growth and 9% adjusted EPS growth in the third quarter. More importantly, we are on track to deliver another year of steady and consistent recurring revenue growth and adjusted EPS growth with strong cash flow in fiscal '25, even with the higher uncertainty, and that, in turn, keeps us on track to deliver our three-year financial objectives for the fifth consecutive three-year cycle.

其次，這項執行力推動了強勁的財務業績，包括第三季 8% 的經常性收入成長和 9% 的調整後每股盈餘成長。更重要的是，即使不確定性較高，我們也有望在 25 財年實現又一年穩定、持續的經常性收入增長和調整後每股收益增長，並實現強勁的現金流，這反過來又使我們有望連續第五個三年周期實現我們的三年財務目標。

More broadly, periods of uncertainty have historically strengthened Broadridge's position in the marketplace. Our recurring revenue business model helps insulate us from market swings and gives us the visibility to fund ongoing growth investments. Our broad product portfolio gives us the ability to help our clients drive productivity or growth depending on their requirements, and our capital-light model and investment-grade balance sheet gives us the capital flexibility to fund strategic M&A and return capital to shareholders.

更廣泛地說，從歷史上看，不確定時期加強了 Broadridge 在市場上的地位。我們的經常性收入業務模式有助於我們免受市場波動的影響，並讓我們能夠為持續的成長投資提供資金。我們廣泛的產品組合使我們能夠根據客戶的需求幫助他們提高生產力或實現成長，而我們的輕資本模式和投資級資產負債表使我們擁有資本靈活性，可以為策略併購提供資金並向股東返還資本。

So finally, as a result, Broadridge is well positioned for long-term growth. The long-term trends reshaping the financial services industry are increasing, not slowing down, which means our clients need a trusted and transformative partner like Broadridge to help them navigate those changes and grow their business. I'm confident that as time passes, Broadridge will be stronger and better positioned than ever for long-term growth.

因此，最終，Broadridge 已做好長期成長的準備。重塑金融服務業的長期趨勢正在增強，而不是放緩，這意味著我們的客戶需要像 Broadridge 這樣值得信賴且具有變革精神的合作夥伴來幫助他們應對這些變化並發展業務。我相信隨著時間的推移，Broadridge 將比以往更加強大，並更有能力實現長期成長。

Before I turn it over to Ashima, I want to thank the Broadridge team around the world. Their work, their focus on our clients, is driving the growth of our company and the transformation of our industry. Thank you.

在將任務交給 Ashima 之前，我想感謝世界各地的 Broadridge 團隊。他們的工作、他們對客戶的關注正在推動我們公司的發展和產業的轉型。謝謝。

And now, I'll turn it over to Ashima. Ashima?

現在，我將把話題交給 Ashima。阿詩瑪？

Thanks, Tim. Good morning. It's great to be here with you today.

謝謝，蒂姆。早安.今天能和你們在一起真是太好了。

I'll start with the headline, which is that Broadridge delivered strong third-quarter results, including 8% recurring revenue growth constant currency and 9% adjusted EPS growth. And just as importantly, we remain on track to deliver another year of steady and consistent growth in fiscal '25.

我先從標題開始，即 Broadridge 取得了強勁的第三季度業績，包括 8% 的經常性收入增長（按固定匯率計算）和 9% 的調整後每股收益增長。同樣重要的是，我們仍有望在 25 財年實現另一年的穩定和持續成長。

Before I dive into my discussion of those results and our guidance, I want to make four call-outs. First is revenue. Our third-quarter recurring revenue includes the impact of two headwinds: the first is FX, and the second is the movement of a meaningful wealth management license renewal into the fourth quarter. Taken together, these two items represented a 160-basis-point headwind to our reported third-quarter recurring revenue growth. Second, we continue to take a disciplined approach towards managing our expense base. During the quarter, we made the difficult decision to reduce our distribution footprint by closing a print operation in our Customer Communications business, resulting in a $5 million restructuring charge.

在深入討論這些結果和我們的指導之前，我想提出四點意見。首先是收入。我們的第三季經常性收入受到兩大不利因素的影響：第一是外匯，第二是第四季財富管理許可證的重大更新。綜合起來，這兩個因素對我們報告的第三季經常性收入成長造成了 160 個基點的阻力。其次，我們繼續採取嚴謹的方法來管理我們的費用基礎。在本季度，我們做出了一個艱難的決定，關閉了客戶通訊業務中的印刷業務，以減少我們的分銷足跡，這產生了 500 萬美元的重組費用。

My third call-out is that as of last week, we have records for over 90% of proxy positions for the full year, which, when combined with our recurring revenue backlog, gives us a high degree of confidence in our full-year recurring revenue and adjusted EPS guidance, even in this uncertain environment. Finally, capital. We are on track to deliver on our free cash flow conversion target for the year, giving us significant flexibility to pursue our balanced capital allocation strategy.

我的第三次呼籲是，截至上週，我們已擁有全年超過 90% 的代理職位記錄，再加上我們的經常性收入積壓，即使在這種不確定的環境下，我們也對全年經常性收入和調整後的每股收益指引充滿信心。最後，資本。我們預計將實現今年的自由現金流轉換目標，這為我們推行平衡的資本配置策略提供了極大的靈活性。

With that, let's go into the numbers on slide 6. In the quarter, recurring revenues grew 8% on a constant currency basis, driven by 6% organic growth and 2 points from our acquisition of SIS. Adjusted operating income grew 10%, driven by strong organic recurring revenue growth. AOI margin rose 100 basis points to 22.4%, and adjusted EPS increased 9% to $2.44. Finally, we delivered closed sales of $71 million, year-to-date sales, $174 million.

接下來，讓我們來看看第 6 張投影片上的數字。本季度，經常性收入按固定匯率計算增長了 8%，這得益於 6% 的有機增長以及我們收購 SIS 帶來的 2 個百分點的增長。調整後的營業收入成長了 10%，這得益於強勁的有機經常性收入成長。AOI 利潤率上漲 100 個基點至 22.4%，調整後每股盈餘上漲 9% 至 2.44 美元。最終，我們的銷售額達到了 7,100 萬美元，年初至今的銷售額為 1.74 億美元。

Let's move to slide 7. Third-quarter recurring revenue grew 8% to $1.2 billion, in line with our full-year guidance for 6% to 8% growth. Our growth was primarily driven by new sales, balanced across ICS and GTO, as well as internal growth from higher trade volumes and higher positions.

讓我們翻到第 7 張投影片。第三季經常性營收成長 8%，達到 12 億美元，與我們預期的全年 6% 至 8% 的成長一致。我們的成長主要得益於 ICS 和 GTO 之間的平衡新銷售額，以及交易量和地位提升帶來的內部成長。

Let's turn to slide 8 to look at the growth across our ICS and GTO segments. ICS recurring revenues rose 6% to $740 million. Regulatory revenues grew 6%. 15% growth in equity positions was driven by a healthy 11% growth in equity revenue positions, with the balance coming from the strong growth in smaller non-revenue positions that Tim highlighted. Fund position growth was 6%. Overall revenue growth from strong position growth was offset by mix, including slower growth in international.

讓我們翻到第 8 張投影片來看看我們的 ICS 和 GTO 部門的成長情況。ICS 經常性收入成長 6% 至 7.4 億美元。監管收入增長6%。股票部位成長 15% 是由股票收入部位健康成長 11% 推動的，其餘成長則來自 Tim 強調的較小非收入部位的強勁成長。基金持股成長6%。強勁的職位成長帶來的整體收入成長被各種因素所抵消，包括國際業務成長放緩。

Looking ahead to the fourth quarter, we expect mid-teens equity position growth, including low double-digit equity revenue positions, as well as mid-single-digit fund position growth. Together, this should drive high single-digit regulatory revenue growth.

展望第四季度，我們預期股票部位將實現中等幅度的成長，包括低兩位數的股票收入頭寸，以及中等個位數的基金部位成長。綜合起來，這將推動監管收入實現高個位數成長。

Data-driven Fund Solutions revenue increased 8%, driven by double-digit growth in our data and insight products. Issuer revenue growth of 2% was driven by strength in our shareholder engagement solutions, partly offset by a modest decline in disclosure solutions revenues.

數據驅動基金解決方案收入成長了 8%，這得益於我們的數據和洞察產品的兩位數成長。發行人營收成長 2%，這得益於我們股東參與解決方案的強勁成長，但揭露解決方案收入的輕微下降部分抵消了這一成長。

Customer Communications revenue growth was 5%, led by double-digit growth in digital revenue as we continue to execute our print-to-digital strategy. Overall, we continue to expect full-year ICS recurring revenue growth to be in line with our 6% to 8% recurring revenue growth guidance range for the full company.

由於我們繼續實施從印刷到數位的策略，客戶通訊收入成長了 5%，其中數位收入實現了兩位數成長。總體而言，我們繼續預計全年 ICS 經常性收入成長將與我們對整個公司 6% 至 8% 的經常性收入成長指導範圍一致。

Turning to GTO, revenue grew 11% to $464 million. Capital Markets revenues grew 10%, driven by strong growth in both our global post-trade capabilities, which benefited from higher trading volumes, as well as our BTCS front office solutions. Higher licensed revenue contributed 3 points to Capital Markets growth in the quarter.

談到 GTO，營收成長 11%，達到 4.64 億美元。資本市場收入成長了 10%，這得益於我們全球交易後能力的強勁成長（受益於交易量的增加）以及我們的 BTCS 前台解決方案。更高的授權收入為本季資本市場的成長貢獻了 3 個百分點。

Wealth & Investment Management growth was 13%, driven by the acquisition of SIS, which more than offset a 3% decline in organic revenue growth, driven by lower licensed revenues. Lower licensed revenue included a 5-point headwind to Wealth Management organic growth from the license renewal shift from Q3 to Q4 that I highlighted in my opening remarks.

財富與投資管理業務成長 13%，這得益於對 SIS 的收購，抵消了因許可收入下降而導致的有機收入成長 3% 的下降。較低的許可收入包括財富管理有機成長面臨的 5 個百分點的阻力，這是由於許可證續期從第三季度轉移到第四季度，我在開場白中強調了這一點。

In Q4, we expect strong Wealth Management growth, driven by high single-digit organic growth, including that timing benefit from licensed revenue and continued contribution from SIS. For the full year, we continue to expect overall GTO recurring revenue growth to be in line with the 6% to 8% recurring revenue guidance.

在第四季度，我們預計財富管理業務將實現強勁成長，這得益於高個位數的有機成長，包括授權收入帶來的時機利益以及 SIS 的持續貢獻。就全年而言，我們繼續預期 GTO 整體經常性收入成長將與 6% 至 8% 的經常性收入預期一致。

Now, let's move to slide 9 to review our key volume indicators. Broadridge continues to benefit from strong growth in investor participation across both equities and funds. Third-quarter equity position growth was 15%. For the full year, we now expect mid-teens equity position growth.

現在，讓我們翻到第 9 張投影片來回顧我們的關鍵成交量指標。Broadridge 繼續受益於股票和基金投資者參與度的強勁成長。第三季股票持倉成長率為15%。對於全年而言，我們目前預計股票持股將成長 15% 左右。

We are now in the peak period for annual meetings. As of last week, we have received record data for over 90% of proxies expected for this fiscal year. These records, combined with our testing, give us a high degree of confidence in both our position growth and revenue outlook.

當前正值年會高峰期。截至上週，我們已收到本財年預計將超過 90% 的代理記錄資料。這些記錄與我們的測試相結合，使我們對我們的頭寸增長和收入前景充滿信心。

Finally, based on recent trends, our forecast calls for low double-digit growth in equity revenue positions. Mutual fund and ETF position growth was 6% in the third quarter. We expect a similar level of growth in the fourth quarter. In GTO, trade volumes rose 14% on a blended basis, led by double-digit growth in both equity and fixed income trade volumes. Strong trade volume growth continued into April, and we expect continued double-digit growth in the fourth quarter.

最後，根據最近的趨勢，我們預測股權收入將實現低兩位數成長。第三季共同基金和 ETF 部位成長率為 6%。我們預計第四季的成長水準也將類似。在 GTO 中，交易量綜合成長了 14%，其中股票和固定收益交易量均達到兩位數成長。4月份貿易量持續強勁成長，我們預計第四季將繼續實現兩位數成長。

I'll wrap up my discussion of recurring revenue growth on slide 10. Revenues from closed sales remain the biggest driver the biggest driver of our recurring revenue growth at 5 points, as we onboard revenues from our $450 million year-end backlog. That growth was partially offset by 2 points of losses, resulting in a revenue retention rate of 98%. Internal growth contributed 2 points, primarily driven by fund and equity position growth and higher trading volumes. As a result, organic revenue growth was 6%.

我將在第 10 張投影片上結束關於經常性收入成長的討論。由於我們從 4.5 億美元的年底積壓訂單中獲得收入，來自已完成銷售的收入仍然是我們經常性收入增長 5 個百分點的最大驅動力。此成長被 2 個點的損失部分抵消，導致收入保留率為 98%。內部成長貢獻了 2 個百分點，主要得益於基金和股票部位的成長以及交易量的增加。因此，有機收入成長了 6%。

Acquisitions contributed 2 points, primarily driven by the revenue from SIS. Finally, changes in FX reduced our reported recurring revenue growth by 90 basis points, driven by the decline in the Canadian dollar relative to the US dollar. The 90-basis-point third-quarter headwind from FX marks the largest quarterly impact since fiscal '23. Given the recent weakening of the US dollar, we see a much more subdued FX impact outlook going forward and a headwind of only 20 basis points for the full year, versus our constant currency guidance.

收購貢獻了 2 個百分點，主要受 SIS 收入的推動。最後，由於加幣兌美元匯率下跌，外匯變化導致我們報告的經常性收入成長減少了 90 個基點。第三季外匯市場遭遇 90 個基點的不利影響，是自 23 財年以來最大的季度影響。鑑於近期美元走弱，我們預期未來外匯影響前景將更加溫和，與我們的恆定匯率指引相比，全年的逆風僅為 20 個基點。

Let's close this discussion of revenues on slide 11. Total revenue increased 5% to $1.8 billion, driven by 5 points of growth from recurring revenues. Event-driven revenues declined $14 million to $53 million, as we lapped two notable proxy event contests in Q4 of last year. We expect fourth-quarter activity to be in line with our $55 million to $60 million historic quarterly average. Low-to-no margin distribution revenues grew 4%, contributing 1 point to total revenue growth, as the approximately $32 million impact of postage rate increases more than offset lower mail volumes.

讓我們在第 11 張投影片上結束關於收入的討論。總營收成長 5%，達到 18 億美元，這得益於經常性收入成長 5 個百分點。由於我們在去年第四季參加了兩場值得關注的代理賽事，賽事驅動收入下降了 1400 萬美元，至 5300 萬美元。我們預計第四季度的活動將與我們 5500 萬至 6000 萬美元的歷史季度平均值一致。低利潤或無利潤分銷收入增加了 4%，為總收入成長貢獻了 1 個百分點，因為郵資上漲帶來的約 3,200 萬美元的影響足以抵消郵件數量的下降。

Turning now to margins on slide 12. Adjusted operating income margins was 22.4%, an increased of 100 basis points, driven by the operating leverage from higher recurring revenue. This was impacted by a 10-basis-point headwind from changes in float income and distribution revenues.

現在轉到第 12 張投影片的頁邊距。調整後的營業利潤率為 22.4%，增加了 100 個基點，這得益於經常性收入增加所帶來的營業槓桿。這是受到浮動收入和分配收入變化帶來的 10 個基點阻力的影響。

During the quarter, we recognized $11 million of non-GAAP acquisition, integration, and restructuring charges. $5 million of this was related to the closing of the print operation I noted earlier, with most of the remaining related to the integration of our SIS acquisition.

本季度，我們確認了 1,100 萬美元的非 GAAP 收購、整合和重組費用。其中 500 萬美元與我之前提到的印刷業務的結束有關，其餘大部分與我們對 SIS 的收購整合有關。

As I noted in my opening remarks, we are committed to maintaining our expense discipline while continuing to deliver strong returns to our shareholders and funding reinvestment in our business. That's enabled by the operating leverage in our scale business, which provides the flexibility to manage our expense base across market cycles. For the year, we remain on track to generate 50 basis points plus of underlying core margin expansion.

正如我在開場白中提到的，我們致力於保持我們的費用紀律，同時繼續為股東帶來豐厚的回報並為我們的業務提供資金再投資。這是透過我們的規模業務的經營槓桿實現的，它為我們在市場週期內管理費用基礎提供了靈活性。今年，我們仍有望實現核心利潤率 50 個基點以上成長。

Let's move on to sales. Closed sales were $71 million, $8 million lower than Q3 '24. Year-to-date sales are $174 million, compared to $185 million last year. Fiscal '24 closed sales benefited from strong sales of our Tailored Shareholder Reports solution, which fund companies were required to implement last July. Excluding TSR sales, closed sales rose 9% for both the quarter and the year-to-date period.

讓我們繼續討論銷售。成交金額為 7,100 萬美元，比 24 年第三季低 800 萬美元。今年迄今的銷售額為 1.74 億美元，而去年為 1.85 億美元。24 財年的銷售業績得益於我們客製化股東報告解決方案的強勁銷售，基金公司於去年 7 月被要求實施該解決方案。不計 TSR 銷售額，本季和年初至今的成交量均上漲了 9%。

Turning to our cash flows. Q3 free cash flow was $337 million, an increase of $170 million from Q3 '24, driven by higher earnings and modestly lower capital investment. Year-to-date free cash flow was $393 million, versus $259 million for the first nine months of fiscal '24. We continue to expect free cash flow conversion of 95% to 105% in fiscal '25.

轉向我們的現金流。第三季自由現金流為 3.37 億美元，較 24 年第三季增加 1.7 億美元，得益於收益增加和資本投資略有下降。年初至今的自由現金流為 3.93 億美元，而 24 財年前九個月的自由現金流為 2.59 億美元。我們繼續預期 25 財年的自由現金流轉換率將達到 95% 至 105%。

Turning next to capital allocation on slide 15. Year to date, we have deployed $78 million in capital spending and software and returned approximately $300 million to shareholders via our dividend. Platform investments were $9 million, as we continue to work with clients to manage our onboarding spend. We have also deployed $193 million for targeted M&A investments, primarily to purchase SIS. As I noted earlier, our strong balance sheet and capital-light business model give us significant flexibility to continue to fund growth investments, pursue value-accretive strategic M&A, and repurchase shares.

接下來是第 15 張投影片上的資本配置。年初至今，我們已投入 7,800 萬美元用於資本支出和軟體，並透過股息向股東返還約 3 億美元。平台投資為 900 萬美元，我們將繼續與客戶合作管理我們的入職支出。我們也部署了 1.93 億美元用於有針對性的併購投資，主要用於收購 SIS。正如我之前提到的，我們強勁的資產負債表和輕資本業務模式為我們提供了極大的靈活性，可以繼續為成長投資提供資金，進行增值的策略併購，以及回購股票。

Let's conclude by reviewing our full-year guidance on page 16, followed by closing key messages. With two months left and high visibility into fiscal '25 position growth, we continue to expect recurring revenue growth constant currency of 6% to 8% for the full year, with only a modest headwind from changes in FX rates. We expect our recurring revenue growth to be balanced across both our ICS and GTO segments.

最後，讓我們回顧一下第 16 頁的全年指導，然後總結關鍵資訊。距離結束僅剩兩個月的時間，並且 25 財年業績成長前景十分看好，我們預計全年經常性收入增長率將保持在 6% 至 8% 之間，而外匯匯率變化僅會帶來輕微的阻力。我們預計我們的經常性收入成長將在 ICS 和 GTO 部門之間保持平衡。

We also continue to expect fiscal '25 AOI margin of approximately 20%, and adjusted EPS growth in the middle of our 8% to 12% range. We now expect closed sales of between $240 million to $300 million. And I will also note that we continue to expect free cash flow conversion of 95% to 105% of adjusted earnings.

我們也繼續預期 25 財年的 AOI 利潤率約為 20%，調整後的 EPS 成長率將在 8% 至 12% 的中間範圍內。我們現在預計成交額將在 2.4 億美元至 3 億美元之間。我還要指出的是，我們繼續預期自由現金流轉換率將達到調整後收益的 95% 至 105%。

To bring all of this together and highlight what it means for our financial objectives, I will share some concluding thoughts. First, Broadridge reported strong third-quarter results. Second, we remain very much on track to deliver strong fiscal year results, including 6% to 8% recurring revenue growth and adjusted EPS growth in the middle of our 8% to 12% guidance range.

為了將所有這些結合起來並強調其對我們的財務目標的意義，我將分享一些總結性的想法。首先，Broadridge 公佈了強勁的第三季業績。其次，我們仍有望實現強勁的財年業績，包括 6% 至 8% 的經常性收入增長和 8% 至 12% 指導範圍中間的調整後每股收益增長。

Third, and probably most relevant for the environment that we are in, I want to emphasize the resilience of our business model. Broadridge has a long history of delivering consistent, sustainable recurring revenue growth. The combination of recurring revenue growth and the operating leverage in our scale business allows us to drive margin expansion and earnings growth while funding growth investment. We've done this across multiple three-year cycles, and we are on track to do it again.

第三，可能與我們所處的環境最相關的是，我想強調我們的商業模式的彈性。Broadridge 長期以來致力於實現持續、可持續的經常性收入成長。經常性收入成長與規模業務的經營槓桿相結合，使我們能夠在為成長投資提供資金的同時推動利潤率擴張和獲利成長。我們已經在多個三年周期內完成了這一目標，並且我們計劃再次這樣做。

With that, let's take your questions.

下面，我們來回答你們的問題。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

（操作員指示） Dan Perlin，RBC Capital Markets。

Thanks. Good morning. I wanted to just maybe touch on the demand environment a little bit more closely. It sounds like there's this dichotomy where you've got client demand that's there, and now, maybe you're starting to get a sense that there's a little bit of a pause in willingness to make these investments. Tim, I know you called that out a little bit in your prepared remarks, so maybe you can just dive a little bit deeper into those conversations and what maybe some of the nuances are.

謝謝。早安.我只是想更深入地談談需求環境。聽起來似乎有這種矛盾，一方面你有客戶需求，而現在，你可能開始感覺到客戶在進行這些投資的意願上有些猶豫。提姆，我知道你在準備好的發言中提到了這一點，所以也許你可以更深入地探討這些對話以及其中的一些細微差別。

Yeah. Thanks, Dan. And I think this is the one that we ourselves have been really looking at and talking about amongst ourselves. First of all, we're really pleased with our performance year to date, excluding the Tailored Shareholder Reports sales. As I said earlier, we grew 9% in Q3 and year to date, and that puts us right in the middle of our full-year sales guidance as of the end of Q3.

是的。謝謝，丹。我認為這是我們自己一直在關注和討論的問題。首先，我們對今年迄今的業績感到非常滿意，不包括客製化股東報告的銷售。正如我之前所說，我們在第三季和今年迄今成長了 9%，這使我們恰好處於截至第三季末的全年銷售預期的中間水平。

And we're just trying to interpret what we're seeing over the past few weeks, but I think it's somewhat the same as what others are seeing, which is there is a fair bit of uncertainty out there. And so we think that is -- we only have a few data points here because it's literally only been a couple weeks since April 2, but we think we're seeing an elongation in our closing process.

我們只是試圖解釋過去幾週所看到的情況，但我認為這與其他人所看到的情況有些相同，即存在相當大的不確定性。所以我們認為——我們這裡只有幾個數據點，因為自 4 月 2 日以來實際上只過了幾週，但我們認為我們看到了收尾過程的延長。

I had a conversation last week with the CEO of the investment bank of one of our major global clients, and I just asked them what are they thinking, what's their conversation around their executive table. And they said they're continuing to move full speed ahead on anything that reduces cost or simplifies operations, but that they are taking more of a wait-and-see approach on investments and new revenue opportunities.

上週，我與我們一家主要全球客戶的投資銀行執行長進行了交談，我問他們在想什麼，他們在高階主管會議上談論什麼。他們表示，他們將繼續全速推進任何降低成本或簡化營運的舉措，但對於投資和新的收入機會，他們採取了更多的觀望態度。

Now, I think the good news is the vast majority of our work falls in that bucket of cost and simplification, and we don't know how long this period of elongation will last, but as you know, a large proportion of our sales fall in Q4. So even a couple of weeks could make a material difference in what our Q4 is. We're not seeing any clients walking away from deals or not losing any mandates.

現在，我認為好消息是我們的絕大部分工作都屬於成本和簡化範疇，我們不知道這個延長期將持續多久，但如你所知，我們的很大一部分銷售額在第四季度下降。因此，即使幾週的時間也可能對我們的第四季業績產生重大影響。我們沒有看到任何客戶放棄交易或失去任何授權。

If you look at our pipeline, the vast majority of it is deep in negotiations. And I've said before, if something happens in June or it happens in July or it happens in August, it doesn't really make that much difference in terms of our long-term growth and that our revenues for next year are really broadly locked already based on the backlog that we have.

如果你看一下我們的管道，就會發現絕大多數都處於深入談判中。我之前說過，如果 6 月、7 月或 8 月發生什麼事情，對我們的長期成長來說實際上並沒有太大的影響，而且根據我們現有的積壓訂單，我們明年的收入已經基本確定。

So this isn't a '26 revenue issue. It isn't a long-term growth issue. It's certainly not a demand issue. The pipeline is very strong. Origination activity continues to be very strong. It's just we want to just be cautious here about this elongation that we're seeing.

所以這不是 26 年的收入問題。這不是一個長期成長問題。這當然不是一個需求問題。管道非常堅固。發起活動持續保持強勁。我們只是想對所看到的這種伸長保持謹慎。

Last thing is just I really like the areas where we're seeing the momentum in the pipeline. It's the areas that we've been investing, and it's the areas that will help our clients in an uncertain environment: omnichannel communications, which is with the wealth and focus that we've talked about, which is helping people to move to digital, saving them money; data analytics, which is helping them target their sales force; front and back office simplification, which is bringing lower cost, better operations, modernization to our clients; Distributed Ledger Repo, direct cost saving; everything we're doing on the Wealth side similarly.

最後一點是，我真的很喜歡我們在管道中看到的發展勢頭的領域。這是我們一直在投資的領域，也是能夠在充滿不確定性的環境中幫助我們的客戶的領域：全渠道通信，也就是我們所談論的財富和重點，它可以幫助人們轉向數位化，為他們節省資金；數據分析，幫助他們鎖定銷售隊伍；前後台簡化，為我們的客戶帶來更低的成本、更好的運營和現代化；分佈式本！

So I really like the areas. And again, we feel great about the demand. We're just being cautious on what's going to happen over the next few weeks.

所以我真的很喜歡這些地區。再次，我們對需求感到非常滿意。我們只是對未來幾週將要發生的事情保持謹慎。

Yeah. No, that's great color. Just a quick follow-up, if you wouldn't mind. On the equity position growth and the call-out between kind of smaller positions, not really driving revenues, but over time, that is expected to build versus kind of revenue producing. Again, can you just maybe tease out a little bit the nuance there and how that is, again, going to impact the business maybe going forward? It seems like that position growth could stay elevated, but the revenue piece of that. So I'm just trying to make sure that we understand maybe the spread differential between revenue producing versus not. Thank you.

是的。不，那顏色真棒。如果您不介意的話，我只是想快速跟進。就股票持倉成長和較小持股之間的調用而言，這實際上並沒有推動收入，但隨著時間的推移，預計會產生收入。再說一次，您能否稍微解釋一下其中的細微差別，以及這將如何影響未來的業務？看起來職位成長可能會保持較高水平，但收入部分卻有所下降。所以我只是想確保我們了解創收與不創收之間的利差差異。謝謝。

Yeah, thank you. And that's, again, one -- we've talked quite a bit in the past about model-based investing and direct indexing and how we thought that would be something that would be -- help us sustain over a long period sort of the high single-digit growth that we've always talked about for positions. But we hadn't really seen it in the data.

是的，謝謝。再次強調，我們過去曾多次談論基於模型的投資和直接指數化，我們認為這將有助於我們在很長一段時間內維持我們一直在談論的高個位數成長。但我們並沒有真正在數據中看到它。

And the reason we called it out this quarter is because we really are beginning to see it. And so what we've seen is the same very robust growth in the revenue positions, double-digit, which is very pleased to see that. But then on top of that, we saw quite rapid growth in these smaller positions. And we're still teasing all of that out. It's interesting to think about is building up -- pretty soon, we'll be talking about a position backlog because we're building up the set of small positions that are becoming material now that as those begin to scale, they could begin to bleed into revenue positions.

我們在本季提出這一點的原因是，我們確實開始看到它了。因此，我們看到營收也同樣強勁成長，達到兩位數，這讓我們非常高興。但除此之外，我們也看到這些較小規模的職位成長相當迅速。我們仍在探究這一切。思考這個問題很有趣——很快，我們將討論職位積壓，因為我們正在建立一系列小職位，這些職位現在變得重要，隨著它們開始擴大規模，它們可能會開始流入收入職位。

I'm not going to sit here and say I think that is yet something I would talk about as a major source of future growth. But I do think it's supportive of the long-term trends of the upper-single digits that we've always talked about. And then, we're in a more robust period right now. And so we really like it. And we wanted to call it out and also call out the way it just shows the system is working both for investors and for the other stakeholders.

我不會坐在這裡說我認為這是我會談論的未來成長的主要來源。但我確實認為它支持我們一直在談論的較高個位數的長期趨勢。現在，我們正處於一個更強勁的時期。所以我們真的很喜歡它。我們希望指出這一點，同時也表明該系統對投資者和其他利害關係人有效。

Excellent. Thank you so much.

出色的。太感謝了。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Hey. Good morning, guys. Thank you for taking my questions. I just wanted to go with one on the sales to start. I'm just wondering when you're seeing these elongations potentially in the sales cycles, is that happening in specific product lines or geographies?

嘿。大家早安。感謝您回答我的問題。我只是想先從銷售開始。我只是想知道，當您在銷售週期中看到這些潛在的延長時，這是否發生在特定的產品線或地區？

Scott, thank you. Not as far as we can tell right now. We're still parsing through the data. And again, we have literally three weeks of data points, and it's sort of almost day by day in terms of things.

斯科特，謝謝你。據我們目前所知，還沒有。我們仍在解析資料。再說一次，我們實際上有三個星期的數據點，而且就情況而言，幾乎是每天的數據。

But there's not anything that I can point to and say, wow, it's falling off the table over here. It's really something that we're continuing to monitor. I will be somewhat embarrassed but happy if we come back here in June and say, oops, it was all nothing and everything closed the way we expected it to. But it's just something that we're watching and being cautious about.

但我沒辦法指著任何東西說，哇，它從桌子上掉下來了。這確實是我們正在持續監控的事情。如果我們六月回到這裡並說，哎呀，一切都沒什麼，一切都按照我們預期的方式結束了，我會感到有些尷尬但很高興。但這只是我們正在觀察和謹慎的事情。

Got it. That's helpful. And then just one quick follow-up on the margin side of things. The margin expansion you drove during the quarter was pretty strong still holding your guidance for the year. So just wondering as we think about the fourth quarter, are there incremental planned investments maybe or anything with the revenue mix that we should be thinking about?

知道了。這很有幫助。然後，我們再快速跟進一下利潤方面的事。您在本季推動的利潤率成長相當強勁，仍然保持著您對今年的預期。所以，當我們考慮第四季時，我們想知道是否有增量計劃投資或任何我們應該考慮的收入組合？

Yeah. Scott, great question. I'll remind you, we're a full-year company. We plan our business. We look at our business from a full-year perspective. And within that context, we look at driving margin expansion, funding incremental investments, all with the aim of delivering what I already shared. We're looking to deliver earnings at the midpoint of our 8% to 12% earnings guidance.

是的。史考特，這個問題問得好。我要提醒你，我們是一家全年營業的公司。我們規劃我們的業務。我們從全年的角度看待我們的業務。在此背景下，我們著眼於推動利潤率擴張、為增量投資提供資金，所有這些都是為了實現我已經分享的目標。我們希望實現盈利達到我們預期的 8% 至 12% 的中間值。

So in that context, I'll think about margins almost as a means to an end. We are absolutely investing in our business, and we do expect high levels of investment spend in Q4, which could translate into some margin impact. But we're really focused on the full year and delivering at the midpoint of our 8% to 12% guidance.

因此，在這種情況下，我會將利潤視為達到目的的手段。我們絕對在對我們的業務進行投資，並且我們確實預計第四季度的投資支出將很高，這可能會對利潤率產生一定影響。但我們真正關注的是全年業績，並實現 8% 至 12% 的預期中位數。

Yeah, and I'll just add to that. We're an organic growth company. We invest to drive that organic growth as we've delivered consistently over the past 10 years. And when I look at the areas, whether it's omnichannel communications, data analytics, front-to-back office simplification, the wealth side, we have a whole set of things that we think are really exciting for our clients that we're investing in. And when we have the opportunity, we take that.

是的，我只是想補充一點。我們是一家有機成長的公司。我們透過投資來推動有機成長，正如我們過去 10 年裡始終如一地實現的那樣。當我審視這些領域時，無論是全通路通訊、數據分析、前後台辦公室簡化還是財富方面，我們都發現有一整套我們認為對客戶來說非常令人興奮的東西，因此我們對其進行了投資。當我們有機會時，我們就會抓住它。

Great. Thank you, guys.

偉大的。謝謝你們。

Michael Infante, Morgan Stanley.

摩根士丹利的邁克爾·因凡特。

Hi, guys. Thanks for taking our question. I just wanted to circle back on Dan's earlier question, just in terms of the differential between equity position growth and revenue growth. Is there a way to quantify what revenue growth maybe would have been if the size of positions was more in line with historical trends? I just wanted to clarify just because the comp in 3Q in regulatory was quite a bit easier than what you faced in 2Q of last year. Thanks.

嗨，大家好。感謝您回答我們的問題。我只是想回到丹之前的問題，關於股權部位成長和收入成長之間的差異。如果持倉規模更符合歷史趨勢，是否有辦法量化收入成長？我只是想澄清一下，因為第三季的監管情況比去年第二季要容易得多。謝謝。

Yeah, I think the -- and I'll let Ashima add on to this, but I think it's -- I'm thinking about it as less about the sort of the proportion, and it's more about we saw really the growth in revenue positions that we expected and then we had this add-on of other positions.

是的，我認為——我讓 Ashima 補充這一點，但我認為——我考慮的不是比例的問題，而是我們確實看到了預期的收入增長，然後我們又增加了其他職位。

But Ashima, why don't you add on to that?

但是阿詩瑪，為什麼不補充一點呢？

Oh, absolutely. So let me try to break this down for you, Michael. So if you think about the drivers of growth, specifically in our regulatory business and in our revenue growth, like I said in my remarks before, equity position growth was 15%. Having said that, equity revenue position growth was 11%. That is the part that contributed to the revenue growth. And additionally, we saw 6% growth in fund positions.

哦，當然了。那麼，邁克爾，讓我試著為你解釋這一點。因此，如果您考慮成長動力，特別是我們的監管業務和收入成長，就像我之前所說，股權頭寸增長率為 15%。話雖如此，股票收入部位成長率仍為 11%。這是促進收入成長的部分。此外，我們也看到基金部位成長了 6%。

I'll just reiterate what Tim already said. This higher participation in the smaller positions is a positive for us in the long term when the accounts grow in size, but they don't help our current revenue. So 11% is the number you should have in mind.

我只是想重申提姆已經說過的話。當帳戶規模成長時，較小部位的更高參與度對我們長期來說是有利的，但這對我們目前的收入沒有幫助。所以你應該記住的數字是 11%。

Moreover, when you think about our regulatory revenues, only 75% to 80% are directly impacted by equity and fund position growth, with the balance being in other regulatory communications and our international proxy business. And these other businesses were a little slower than the position growth in the quarter.

此外，當您考慮我們的監管收入時，只有 75% 到 80% 直接受到股票和基金頭寸增長的影響，其餘部分則來自其他監管溝通和我們的國際代理業務。而這些其他業務的持倉成長在本季略有放緩。

So hopefully, that gives you context in bridging our regulatory position growth. I will also add that if you look at last year, I know there was a little bit of timing, Q3 versus Q4, there's nothing material that I have to call out this quarter in terms of seasonality across quarters.

所以希望這能為您提供有關彌合我們的監管地位成長的背景資訊。我還要補充一點，如果你看看去年，我知道有一點時間差異，第三季度與第四季度相比，就跨季度季節性而言，本季度沒有什麼實質性的差異需要我指出。

Okay, very helpful. Maybe just on some of the license activity. I know there are obviously some comp dynamics. Tim, I think in the past, you've mentioned there could be an opportunity to sort of smooth some of the quarterly revenue volatility from license renewals by switching to more of a subscription model. I know it's still -- license is still only a low single-digit percentage of your overall recurring revenue. But where are you just in that journey from transitioning from license to subscription? Thanks.

好的，非常有幫助。也許只是一些許可活動。我知道顯然存在一些競爭動態。提姆，我想你過去曾提到過，透過轉向訂閱模式，可以在一定程度上平滑許可證續約帶來的部分季度收入波動。我知道它仍然——許可證仍然只佔你整體經常性收入的個位數百分比。但是，從授權到訂閱的轉變過程中，您處於什麼階段？謝謝。

Yeah. Typically, where this happens is areas where we've made acquisitions and where those acquired companies were less mature than we are and we're operating more on a license model. That's typically often companies earlier in their growth phase operate with that business model.

是的。通常，這種情況發生在我們進行收購的領域，而這些收購的公司不如我們成熟，因此我們更多地採用許可模式來運作。通常，公司在成長早期都會採用這種商業模式。

And when we do that, we begin to try to work clients over to a SaaS model, but that takes time. And in this quarter, particularly on the Wealth side, there was a significant transaction that will close in the fourth quarter. We had expected to close in the third. That caused a change this quarter and we'll see the benefit of that next quarter. So I think we're well advanced, but we're there continues to be a tale of these things that -- and every time it comes up for renegotiation, we have that conversation.

當我們這樣做時，我們開始嘗試讓客戶採用 SaaS 模型，但這需要時間。本季度，特別是在財富方面，有一筆重大交易將於第四季度完成。我們原本預計在第三場比賽中結束比賽。這導致了本季的變化，我們將在下個季度看到其帶來的好處。所以我認為我們已經取得了很大進展，但我們仍然會談論這些事情——每次需要重新談判時，我們都會進行這樣的對話。

Yeah. And you already said this, Michael, but I'll just reiterate. You're right. For the full year, license revenue is like less than 5% of the GTO revenues. So completely agree with your sentiment there. It doesn't really have a material impact on our revenue growth for the full year. It creates quarterly noise, as you're well aware.

是的。邁克爾，你已經說過這​​一點，但我只想重申。你說得對。就全年而言，授權收入不到 GTO 收入的 5%。我完全同意你的觀點。這實際上不會對我們全年的收入成長產生實質影響。如您所知，它會產生季度噪音。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hey. Thanks for taking my question. Tim, totally agree that timing of bookings doesn't impact medium-term growth rates, but can you also recap what the new administration policies and priorities, such as deregulation, potentially fewer disclosure requirements could mean for Broadridge?

嘿。感謝您回答我的問題。提姆，完全同意預訂時間不會影響中期成長率，但你能否也概括一下新政府的政策和優先事項（例如放鬆管制、可能減少揭露要求）對 Broadridge 意味著什麼？

Yeah, absolutely. And if I think sort of broadly about the evolving regulatory environment and what that means for Broadridge, I think when you think about the big issues that the administration is pursuing around tariffs and trade and cultural issues, those really don't affect us and really that much our financial services clients.

是的，絕對是如此。如果我廣泛思考不斷變化的監管環境及其對 Broadridge 的意義，我認為當你考慮政府在關稅、貿易和文化問題方面正在解決的重大問題時，這些問題實際上並不會對我們以及我們的金融服務客戶產生太大影響。

I think that the biggest thing right now, Paul Atkins has now been formally installed at the SEC. The SEC is the area that is really the area that affects us the most, and it's in good hands. And we think that we can make a positive contribution in the policy areas that touch us, including in digital assets, in shareholder engagement, in digital delivery. And so we're actually very positive on where that's going to go.

我認為目前最重要的事情是保羅·阿特金斯 (Paul Atkins) 已正式就任美國證券交易委員會 (SEC) 委員。SEC 確實是對我們影響最大的一個部門，而且它得到了妥善的管理。我們認為，我們可以在與我們相關的政策領域做出積極貢獻，包括數位資產、股東參與、數位交付。因此，我們對於未來的發展非常有信心。

If we think about digital assets, obviously, there's a lot that the administration is doing, also the SEC is doing. They've had many roundtables asking for industry feedback. We think the opportunity there is, as we've talked about, that when there's good disclosure, it really is good for innovation, helps investors have the confidence.

如果我們考慮數位資產，顯然，政府正在做很多事情，美國證券交易委員會也在做很多事情。他們召開了多次圓桌會議，徵求業界回饋。我們認為，正如我們所討論的，當有良好的披露時，它確實有利於創新，有助於投資者建立信心。

And so there is some debate inside the digital asset industry about how much disclosure to have, but we've provided views on that. And it won't surprise you to hear that we have a product that could help solve that, that we are talking to people about. It's live with a couple of the exchanges. And so we think that's an opportunity for us.

因此，數位資產產業內部存在著關於揭露程度的爭論，但我們已經對此發表了看法。如果您聽說我們有一種產品可以幫助解決這個問題，並且我們正在與人們討論這個問題，您就不會感到驚訝。它與幾家交易所一起上線。因此我們認為這對我們來說是一個機會。

The other -- another area is around shareholder engagement proxy reform. We're continuing to see growing interest in our Pass-Through Voting solution as the passive managers are looking to extend voting preference choice to their end investors. We're also creating a data-driven voting solution that would allow people to have an alternative view to the proxy advisory firms.

另一個領域是股東參與代理改革。我們持續看到人們對我們的傳遞投票解決方案的興趣日益濃厚，因為被動管理者希望將投票偏好選擇權擴展到最終投資者。我們也正在創建一個數據驅動的投票解決方案，讓人們可以從不同的角度看待代理諮詢公司。

Now, we're not a proxy advisor and won't be, but we can provide the data and technology behind that. And another issue that I think could come up over the next few years is around digitization, where we've made huge investments to really improve the investor experience and help make it more cost-effective for industry, and we're partnering with the industry on moving that forward.

現在，我們不是代理顧問，也不會是，但我們可以提供背後的數據和技術。我認為未來幾年可能出現的另一個問題是數位化，我們已投入巨資來真正改善投資者體驗並幫助行業提高成本效益，並且我們正在與行業合作推動這一進程。

So I think across all those areas, the common theme is, yes, there's regulatory change. There's a big agenda out there, and the pipeline to get it all done is not that big. But we can help the industry move forward with technology. And so we always think about private market solutions with technology to help achieve the objectives that really focus on both sides of the aisle have around making investments better for all investors and all stakeholders.

所以我認為在所有這些領域，共同的主題是，是的，監管正在改變。有一個重大的議程，但完成所有議程的管道並不大。但我們可以利用科技幫助產業向前發展。因此，我們始終考慮利用技術手段來尋求私人市場解決方案，以幫助實現真正關注雙方的目標，即為所有投資者和所有利益相關者提供更好的投資。

Got it. No, that's very helpful. And then, like the work that's being delayed, like the closed sales that are being delayed, are these typically long implementation cycle type of deals, or are these like the quick, short-term deals, which could have generated revenue in fiscal '26 as well? I'm just trying to think about the waterfall impact, like if things remain weak in bookings, for more than a quarter, like the waterfall impact on revenue.

知道了。不，這非常有幫助。然後，就像那些被推遲的工作，那些被推遲的已完成銷售，這些通常是長期實施週期類型的交易，還是像那些快速、短期的交易，這些交易也可以在 26 財年產生收入？我只是試著思考瀑布效應，例如如果預訂情況持續疲軟超過一個季度，瀑布效應會對收入產生什麼影響。

Yeah. I think, Puneet, we're not seeing the -- we're not seeing any particular area be impacted. So it's hard to say across all of our sales, probably the in-year conversion is call it a third. I think, actually, the shorter-term sales tend to be simpler and are less affected by uncertainty. So I don't have the data to tell you, but my hypothesis would be that it's actually the more complex, longer sales that are longer conversion sales that are more impacted. But I don't -- I'm not looking at a sheet of paper telling me that. I'm just intuiting that.

是的。我認為，Puneet，我們沒有看到——我們沒有看到任何特定區域受到影響。因此，很難說我們所有的銷售額，可能年內轉換率就是三分之一。我認為，實際上，短期銷售往往更簡單，受不確定性的影響較小。所以我沒有數據可以告訴你，但我的假設是，實際上更複雜、更持久的銷售，即轉換時間更長的銷售，受到的影響更大。但我不知道——我沒有看到一張紙告訴我這些。我只是憑直覺知道這一點。

Yeah. Puneet, let me just add, let's put it in perspective. If you look at the midpoint of our prior guidance versus the midpoint of our guidance now, we're talking about $40 million of sales. Even if all of that were to impact revenue, that's way less than a -- that's less than a percent of our recurring revenue.

是的。Puneet，讓我補充一下，讓我們客觀地看待這個問題。如果您將我們先前指導的中點與我們現在指導的中點進行比較，我們談論的銷售額是 4000 萬美元。即使所有這些都會影響收入，那也遠低於——不到我們經常性收入的百分之一。

To a fraction of that, given what Tim just said, most of our conversion cycles range between 12 to 24 months. The impact for near-term, in terms of the revenue for the fall that you were expecting, would be very fractional, less than a quarter of what the full-year impact. And we're talking about a delay here, not reduction, so I really wouldn't expect much of an impact over the longer term either.

正如提姆剛才所說，我們的大多數轉換週期都在 12 到 24 個月之間。就您預期的秋季收入而言，短期影響將非常小，不到全年影響的四分之一。我們在這裡談論的是延遲，而不是減少，所以我真的不希望在長期內產生太大的影響。

Yeah. No, understood. Very helpful. Thank you.

是的。不，明白。非常有幫助。謝謝。

Patrick O'Shaughnessy, Raymond James.

派崔克‧奧肖納西、雷蒙德‧詹姆斯。

Hey. Good morning. Starting out with your Wealth platform sale that you mentioned, can you give a little bit more color on what's within that suite of solutions that you sold to that client?

嘿。早安.從您提到的財富平台銷售開始，您能否詳細介紹您向該客戶銷售的解決方案套件中包含哪些內容？

Yeah, Patrick, thank you very much. It is -- the core piece is, I'll call it the Wealth Operating Model, that is the data layer that allows the client to connect different things that they are building with things that we're building with the third-party solutions. I'll call it the Wealth Operating System. And then there are components on top of that, several components on top of that. And in fact, there are future opportunities for additional components later on. So I think we're excited about them pursuing this.

是的，派崔克，非常感謝。它是——核心部分，我稱之為財富運營模式，它是一個資料層，允許客戶將他們正在構建的不同事物與我們使用第三方解決方案構建的事物連接起來。我將其稱為財富作業系統。然後，在其之上還有一些組件，在其之上還有幾個組件。事實上，未來還有機會增加更多組件。所以我認為我們對他們追求這一目標感到興奮。

It is interestingly -- I think if I were on the other side of the call, I might be concerned about, oh, is this a large deal that is going to have a significant onboarding cost? And I can tell you with confidence that that's not the case. This is technology that's already built. There's a little bit of conversion. There's some upfront charging. So it's not really something I think you're going to see any sort of a big impact on.

有趣的是——我想如果我在電話的另一端，我可能會擔心，哦，這是一筆大交易嗎？這會產生大量的入職成本嗎？我可以自信地告訴你，事實並非如此。這是已經建成的技術。有一點點轉變。有一些預付費用。所以我認為你不會看到它產生任何重大影響。

And then just beyond this sale that I did call out, I just -- I didn't say it before, but I would be remiss if I didn't mention now. So we have these 34 components that are currently live. We have 40 others that are in the process of being onboarded with other clients. So that's one of the things that makes us feel really good about -- it's not just this one sale. It's pretty broad in terms of the demand that we're seeing.

然後，除了我確實提到的這次銷售之外，我只是——我之前沒有說過，但如果我現在不提的話，那我就失職了。因此，我們目前有 34 個處於活動狀態的元件。我們還有其他 40 家公司正在與其他客戶合作。這是讓我們感到非常高興的事情之一——這不僅僅是一次銷售。就我們所看到的需求而言，它的範圍相當廣泛。

Yeah, that's very helpful. Thank you. And then, I apologize if I missed this earlier, but did you provide any color on kind of current position count growth trends, what your early testing for next fiscal year looks like in light of recent market weakness?

是的，這非常有幫助。謝謝。然後，如果我之前錯過了這一點，我很抱歉，但是您是否提供了有關當前頭寸數量增長趨勢的任何信息，鑑於最近的市場疲軟，您對下一財年的早期測試是什麼樣的？

Yeah. So I'll just give more color here. Looking into Q4, we're expecting low-double-digit equity revenue positions, remember revenue positions, and mid-double-digit equity position growth. And we're expecting continued mid-single-digit fund position growth.

是的。所以我在這裡只提供更多的顏色。展望第四季度，我們預期股權收入狀況將低兩位數成長，記住收入狀況，股權收入狀況將實現中兩位數成長。我們預計基金持股將繼續保持中等個位數的成長。

We feel good about the full year given that we already have records for 90% of the positions and frankly haven't seen any real impact during the month of April in spite of the volatility. Talking about FY26, we're seeing strong trends for '26 as well. We didn't share any specific numbers yet.

鑑於我們已經擁有 90% 的倉位記錄，我們對全年感到滿意，而且坦白說，儘管 4 月份出現波動，但我們並沒有看到任何實際影響。談到 26 財年，我們也看到了強勁的趨勢。我們尚未分享任何具體數字。

And Patrick, just we do get data sort of each week that adds incrementally on to what we know. And so each week in the month of April, we're seeing incremental impact on this, and we haven't seen any fall-off or any material change.

派崔克，我們每週都會獲得一些數據，這些數據會逐漸豐富我們已知的知識。因此，在四月的每一周，我們都會看到這方面的影響逐漸增加，但我們沒有看到任何下降或實質的變化。

All right. Terrific. Thank you.

好的。了不起。謝謝。

Peter Heckmanm, D.A. Davidson.

彼得·赫克曼（Peter Heckmanm），地方檢察官戴維森。

Hey. Good morning. Thanks for taking the question. Tim, I didn't hear you mention it, but do you have any early thoughts on some of the public-private kind of retail investment vehicles that are being discussed that would basically create a hybrid product? I'm not sure exactly how they would be created, but do you see that as an opportunity? And would there be any unique accounting needs?

嘿。早安.感謝您回答這個問題。提姆，我沒有聽到你提到這一點，但是你對正在討論的一些基本上會創造混合產品的公私合營零售投資工具有什麼初步想法嗎？我不確定它們究竟是如何被創造出來的，但您是否認為這是一個機會？是否存在任何獨特的會計需求？

Yeah, Peter, it's a great question. It is. Certainly, as we talk to our fund clients and as we talk to ICI, one of the things that the fund industry is very focused on is giving, and the administration is focused on, access to more retail investors to private assets. And one of the ways to do that is by lowering what it is to be a qualified investor and things like that. But another route that's very promising is increasing the amount of private assets that are available inside 40 Act and ETFs.

是的，彼得，這是一個很好的問題。這是。當然，當我們與基金客戶和 ICI 交談時，我們發現基金行業非常關注的事情之一就是讓更多散戶投資者獲得私人資產，而基金管理部門也同樣關注這一點。而實現這一目標的方法之一就是降低合格投資者的要求等等。但另一條非常有前景的途徑是增加 40 Act 和 ETF 中可用的私人資產數量。

And that is something that that we think would be positive for us. That's sort of the part of the industry that we're focused on. And we frankly think it's a good thing for investors because when you I have invested in some of these private assets myself personally, and it is really complicated, and the paperwork back and forth. And then I feel as me, and I feel like I'm pretty sophisticated, but going up against someone who's really sophisticated.

我們認為這對我們有正面的影響。這就是我們所關注的產業部分。坦白說，我們認為這對投資者來說是一件好事，因為當我親自投資其中一些私人資產時，這真的很複雜，而且需要來回辦理文書工作。然後我感覺就像我自己一樣，我感覺自己非常老練，但卻要與一個非常老練的人對抗。

And so the giving access to investors to these assets, but doing it with professional management representing you is a better way to invest. And we think that will be as that evolves, that can be a real opportunity, as Larry Fink talked about in his letter, for people to and retirement folks to participate in private assets, but to do it in a sort of safe and very professionalized way. And that will be a benefit to the 40 Act and ETF part of the industry.

因此，讓投資者獲得這些資產，但由專業管理人員代表您進行投資是一種更好的投資方式。我們認為，隨著情況的發展，這將成為一個真正的機會，正如拉里·芬克在信中所說的那樣，讓人們和退休人員參與私人資產，但要以安全和非常專業的方式進行。這將有利於該行業的 40 Act 和 ETF 部分。

Okay, that's helpful. And then just lastly, any thoughts on kind of the M&A pipeline, whether there's -- you view this as a relatively attractive or unattractive market to go hunting for tuck-in deals?

好的，這很有幫助。最後，您對併購通路有什麼看法？您是否認為這是一個相對有吸引力還是不吸引人的市場，適合尋找低價交易？

Yeah, I think it is -- the M&A market is pretty uncertain. I think we -- everyone began the year thinking there'd be a lot of things out there. And that is just less clear right now in terms of scale. And we certainly have seen people put processes off.

是的，我認為──併購市場相當不確定。我想我們——每個人在開始新的一年時都會想到會發生很多事情。但就規模而言，目前這一點還不太明確。我們確實看到有人推遲進程。

That said, there are opportunities. I think as you and I have talked about in the past, a pretty significant portion of our deals have been proprietary deals where it's sort of a unique situation, which is one of the ways we've gotten really good value. And so there are opportunities like that.

儘管如此，機會還是存在的。我想，正如你我過去談到的那樣，我們的交易中相當一部分是專有交易，這是一種獨特的情況，也是我們獲得真正價值的方式之一。所以有這樣的機會。

If you see us do something, it's really the principles we have whether it's this environment or a different environment, are really the same, which is we're an investment-grade company, we do our internal investment, we pay a good dividend, and then we do look for M&A opportunities. But if we don't find them, we're very happy to do share buybacks. So if you see us execute, it will be because there's something compelling. And if you don't see us execute, you'll see us doing share buybacks.

如果你看到我們做了一些事情，那麼無論是在這種環境還是不同的環境中，我們的原則實際上都是一樣的，那就是我們是一家投資級公司，我們進行內部投資，支付良好的股息，然後我們尋找併購機會。但如果我們找不到他們，我們很樂意進行股票回購。因此，如果您看到我們執行，那是因為有一些引人注目的事情。如果您沒有看到我們執行，您就會看到我們在回購股票。

Sure. Okay, that's helpful. Appreciate it.

當然。好的，這很有幫助。非常感謝。

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

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Well, I'd like to just thank everyone for joining today. We reported what we believe are really strong results for the third quarter. We are seeing really good demand for our products. While we're showing some caution today when we look at the underlying trends, whether it's position growth, whether it's trades, whether it's our backlog, we feel really good about the future. And we feel really good about the demand that we're seeing from our clients in the areas that we're investing, where we think we can make a real difference.

好吧，我只想感謝大家今天的參加。我們報告了我們認為第三季真正強勁的業績。我們發現我們的產品需求量非常大。儘管我們今天在觀察潛在趨勢時表現出一些謹慎，無論是頭寸增長、交易還是積壓訂單，但我們對未來感到非常樂觀。我們對所投資領域的客戶需求感到非常滿意，我們認為我們可以在這些領域做出真正的改變。

So with that, thank you very much, and we look forward to talking to you next quarter.

因此，非常感謝您，我們期待下個季度與您交談。

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。