Broadridge Financial Solutions Inc (BR) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Broadridge 2025 財年第四季和全年財報電話會議。（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 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。先生，請繼續。

Thank you, Chuck. And good morning, everybody. Welcome to Broadridge's fourth-quarter and 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 CFO, Ashima Ghei.

謝謝你，查克。大家早安。歡迎參加 Broadridge 2025 財年第四季和財報電話會議。我們的收益報告和本次電話會議的投影片可在 Broadridge.com 的投資者關係版塊找到。今天早上參加電話會議的還有我們的執行長 Tim Gokey 和財務長 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 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 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幫助投資人更全面地了解 Broadridge 的基本營運績效。這些非公認會計準則 (non-GAAP) 指標的解釋以及與可比較公認會計準則 (GAAP) 指標的對帳可在收益報告和介紹中找到。

Let me now turn the call over to Tim Gokey.

現在，讓我將電話轉給 Tim Gokey。

Thank you, Edings and good morning. Before I begin my review of our strong results and outlook, I want to share some thoughts on the macro environment. After volatile April, market conditions normalized in May and June, and we saw the beginnings of a bounce back in capital markets activity, including new IPOs, M&A, and continued confidence from main street investors. This positive environment contributed to a strong close to our sales for the year and gives us incremental confidence in our outlook for fiscal '26.

謝謝你，Edings，早安。在我開始回顧我們的強勁業績和前景之前，我想先分享一些關於宏觀環境的想法。在經歷了動盪的四月份之後，市場狀況在五月和六月恢復正常，我們看到資本市場活動開始反彈，包括新的 IPO、併購以及來自普通投資者的持續信心。這種積極的環境促成了我們今年銷售業績的強勁成長，並增強了我們對 26 財年前景的信心。

With that, let me turn to our results and our outlook going forward. I'll start with the headlines. First, Broadridge delivered another strong year in fiscal '25. Recurring revenue rose 7%, constant currency, and adjusted EPS grew 11%, both right in line with their long-term objectives.

接下來，讓我來談談我們的業績和未來展望。我先從標題說起。首先，Broadridge 在 25 財年又取得了強勁的業績。以固定匯率計算，經常性收入成長 7%，調整後每股盈餘成長 11%，均符合其長期目標。

Second, we're executing on our growth strategy. We're driving the democratization and digitization of governance, simplifying and innovating capital markets, and modernizing wealth management.

其次，我們正在執行我們的成長策略。我們正在推動治理的民主化和數位化、資本市場的簡化和創新以及財富管理的現代化。

Third, and as a result, we are positioned to deliver another year of strong financial performance and fiscal '26, including 5% to 7% recurring revenue growth, 8% to 12% adjusted EPS growth, and closed sales of $290 million to $330 million. Those results keep us on track to deliver again on the three-year top and bottom line objectives we shared at our last Investor Day.

第三，因此，我們預計在 2026 財年再創強勁財務業績，包括 5% 至 7% 的經常性收入增長、8% 至 12% 的調整後每股收益增長以及 2.9 億至 3.3 億美元的成交額。這些結果使我們有望再次實現我們在上次投資者日上分享的三年頂線和底線目標。

And finally, we're translating the execution and financial performance into shareholder value. Last night, our Board approved an 11% increase in our dividend to $3.90 per share. We have now raised our dividend every year since becoming a public company. That's 19 years now with double-digit increases in 13 of the past 14 years.

最後，我們將執行力和財務表現轉化為股東價值。昨晚，我們的董事會批准將股息提高 11%，至每股 3.90 美元。自成為上市公司以來，我們每年都會提高股利。至今已有 19 年，其中過去 14 年中有 13 年實現了兩位數成長。

Let's move to Slide 4 to start a review of those results. In governance, we're driving the democratization and digitization of investing. Governance recurring revenues rose 6% to $2.7 billion in fiscal '25, driven by strong growth in investor positions. The long term trend of the democratization of investing, enabling more investors to participate in capital markets while giving them access to a widening array of financial products remains a driving force.

讓我們轉到投影片 4 開始回顧這些結果。在治理方面，我們正在推動投資的民主化和數位化。受投資者持股強勁成長的推動，25 財年治理經常性營收成長 6%，達到 27 億美元。投資民主化的長期趨勢仍然是一個驅動力，它使更多的投資者能夠參與資本市場，同時讓他們獲得更廣泛的金融產品。

The number of equity shareholder positions rose 16% in fiscal '25, with revenue positions growing 12%. Managed accounts were a key driver of this growth, and self-directed position growth was also healthy, as investors took advantage of market volatility to increase their participation. Mutual fund and ETF position growth was also strong, growing 7% driven by demand for passive funds.

25 財年，股權股東持股數量增加了 16%，營收持股數量增加了 12%。託管帳戶是這一成長的主要驅動力，而自主導向的部位成長也很健康，因為投資者利用市場波動來增加參與度。共同基金和 ETF 部位成長也強勁，受被動基金需求推動成長 7%。

Growth was driven by demand for both equity and fixed income funds, while the number of money market fund positions which have surged in recent years declined slightly. Driving the digitization of these communications has long been a focus for us. Digitization rates in fiscal '25 for equity proxy communications rose above 90%, and they are more than 77% for funds. Those rates have increased by more than 25 points over the last decade, translating into hundreds of millions in annual savings for public companies and funds.

成長是由股票和固定收益基金的需求推動的，而近年來激增的貨幣市場基金部位數量略有下降。推動這些通訊的數位化一直是我們關注的重點。25財年，股票代理通訊的數位化率上升至90%以上，基金的數位化率則超過77%。過去十年間，這些利率已上升了25個百分點以上，這意味著上市公司和基金每年可節省數億美元。

Beyond position growth. Broadridge is making it easier than ever for investors to have a voice in the governance of the companies they own through funds. Nearly 400 funds managing a total of $1.8 trillion now offer a Broadridge voting choice solution to their shareholders. That's up from 100 funds at the end of fiscal '24 and only eight funds two years ago. Looking ahead, we'll be making it even easier for fund investors to opt in by integrating our voting choice options with standard annual and semi-annual reports.

超越職位成長。Broadridge 讓投資者能夠比以往更輕鬆地透過基金對其所持公司的治理發表意見。目前，管理總額達 1.8 兆美元的近 400 檔基金為其股東提供 Broadridge 投票選擇解決方案。這一數字較 24 財年末的 100 檔基金增加，而兩年前只有 8 檔基金。展望未來，我們將把投票選擇選項與標準年度和半年報告結合，讓基金投資者更容易選擇加入。

We also working with funds in Europe to lower their registration, distribution, and disclosure expenses. The acquisition of Acolin, which we announced last month will further accelerate these efforts. Acolin will deepen our role as an intermediary between distributors and funds and enhance the quality and scope of our fund data. And data quality is a key reason our AI-enabled global demand model is gaining traction in the marketplace and becoming an industry standard for helping fund companies predict future demand.

我們也與歐洲的基金合作，降低他們的註冊、發行和揭露費用。我們上個月宣布的對 Acolin 的收購將進一步加快這些努力。Acolin 將深化我們作為經銷商和基金之間的中介角色，並提高我們基金資料的品質和範圍。數據品質是我們基於人工智慧的全球需求模型在市場上獲得關注並成為幫助基金公司預測未來需求的行業標準的關鍵原因。

Finally, our printed digital strategy is driving digitization and customer communications with the third consecutive year of double-digit growth in Digital revenue. We've rolled out our Wealth InFocus solution to more than 6 million wealth management accounts, and we're adding a million more in coming quarters.

最後，我們的印刷數位策略正在推動數位化和客戶溝通，數位收入連續第三年實現兩位數成長。我們已經向 600 多萬個財富管理帳戶推出了 Wealth InFocus 解決方案，並且在接下來的幾個季度中我們將增加 100 萬個帳戶。

Now let's move to our capital markets franchise on slide 5. We continue to make strong progress against our goal of simplifying and innovating across the trade life cycle. Capital markets fiscal '25 revenues grew 6% to $1.1 billion, driven by a combination of new sales and higher trade volumes. We are seeing strong demand for our trade processing solutions driven by our clients' need for scalability and global interoperability. We notched several notable back-office wins during the year, including a sale to a leading Japanese bank.

現在讓我們轉到幻燈片 5 上的資本市場特許經營權。我們在簡化和創新整個貿易生命週期的目標上繼續取得重大進展。受新銷售額和交易量增加的推動，資本市場 25 財年營收成長 6%，達到 11 億美元。我們看到，由於客戶對可擴展性和全球互通性的需求，對我們的貿易處理解決方案的需求強勁。我們在這一年中取得了幾項顯著的後台勝利，包括向一家日本領先銀行出售業務。

A long time US client, the bank is now turning to Broadridge to help modernize and upgrade its operations across other markets. In the front office, our NYFIX trade routing solution is seamlessly delivering multi-asset class connectivity to almost 2000 buy and sell side clients around the world and powering tens of millions of trades every day. And our order management solutions helping our clients automate complex high and low touch trading processes for a growing number of clients.

作為該銀行的長期美國客戶，目前該銀行正尋求 Broadridge 的協助，以實現其在其他市場的業務現代化和升級。在前台，我們的 NYFIX 交易路由解決方案無縫地為全球近 2000 個買方和賣方客戶提供多資產類別連接，每天支援數千萬筆交易。我們的訂單管理解決方案可協助我們的客戶為越來越多的客戶實現複雜的高接觸和低接觸交易流程的自動化。

We're also driving innovation in capital markets. Our OpsGPT solution, which marries agentic AI with our expertise and operations, is drawing strong interest from clients looking to optimize their back office processes in a world of faster settlement and extended trading hours.

我們也在推動資本市場的創新。我們的 OpsGPT 解決方案將代理 AI 與我們的專業知識和營運相結合，引起了希望在更快結算和延長交易時間的世界中優化後台流程的客戶的強烈興趣。

Tokenization is clearly a hot topic in markets today. There's real momentum around speeding settlement times and reducing liquidity requirements across multiple asset classes by tokenizing securities and other assets. That's driving strong demand for a distributed ledger repo solution, which is the largest platform for tokenized assets in the world.

代幣化顯然是當今市場的熱門話題。透過將證券和其他資產代幣化，可以真正加快結算時間並降低多種資產類別的流動性要求。這推動了對分散式帳本回購解決方案的強勁需求，該解決方案是世界上最大的代幣化資產平台。

Daily average trading volumes rose above $200 billion in June, up from $100 billion just a few months ago, and nearly 5 times the size of any other platform. It's a great example of how Broadridge can bring to bear deep domain knowledge and modern technology to drive innovation at scale for our clients.

6 月日均交易量突破 2,000 億美元，而幾個月前僅 1,000 億美元，幾乎是其他平台的 5 倍。這是 Broadridge 如何利用深厚的領域知識和現代技術為我們的客戶推動大規模創新的一個很好的例子。

Let's turn now to wealth and investment management on Slide 6. Our wealth and investment management franchise had a strong fiscal '25. Recurring revenues rose 12%, driven by the acquisition of SIS. Excluding the impact of the E-Trade deconversion, organic growth was 5%.

現在讓我們轉到投影片 6 上的財富和投資管理。我們的財富和投資管理特許經營權在 25 財年表現強勁。受收購 SIS 的推動，經常性收入成長了 12%。排除電子貿易轉型的影響，有機成長率為 5%。

Importantly, our wealth platform continues to gain momentum in the market. After closing a sale with a leading US wealth manager to modernize the set of in-house solutions in the third quarter, we closed another significant US sale in the fourth quarter, this time displacing a longtime competitor.

重要的是，我們的財富平台在市場上繼續獲得發展動力。在第三季與一家美國領先的財富管理公司達成交易以更新其內部解決方案之後，我們在第四季度完成了另一筆重要的美國交易，這次我們取代了一家長期競爭對手。

In Canada, the acquisition of SIS strengthened our relationship with key clients and allowed us to accelerate our efforts to bring new capabilities to market. Those efforts were rewarded in the fourth quarter as we closed our first Canadian wealth platform sale with a leading Canadian wealth manager who will use our adviser Workspace solution to modernize and enhance key elements of their front office.

在加拿大，收購 SIS 加強了我們與主要客戶的關係，並使我們能夠加快將新功能推向市場的力度。這些努力在第四季度得到了回報，我們與一家領先的加拿大財富管理公司完成了我們的第一個加拿大財富平台銷售，該公司將使用我們的顧問工作區解決方案來實現其前台部門關鍵要素的現代化和增強。

We're also seeing strong demand Sentry, our market-leading private credit solution, including a sale to one of the leading alternative managers in the fourth quarter. Sentry sales rose 8% in fiscal '25. And with more asset managers seeking to expand their private credit offerings, we have a strong sales pipeline going into '26.

我們也看到對我們市場領先的私人信貸解決方案 Sentry 的強勁需求，包括在第四季度出售給一家領先的另類管理公司。25 財年 Sentry 銷售額成長了 8%。隨著越來越多的資產管理公司尋求擴大其私人信貸產品，我們在 2026 年擁有強大的銷售管道。

Our execution across governance, capital markets and wealth and investment management is driving our sales. As I noted earlier, overall client sentiment improved during the quarter, paving a way for us to deliver strong closed sales at the higher end of our revised guidance. I'm especially pleased to see growing sales from our new products. We're benefiting from our efforts to increase investor engagement with new voting choice solutions for funds, our investment in digital omnichannel solutions and our AI-enabled data solutions. And we're seeing growing sales of our wealth platform, distributed ledger repo network and our global post-trade solutions.

我們在治理、資本市場以及財富和投資管理方面的執行力正在推動我們的銷售。正如我之前提到的，本季整體客戶情緒有所改善，為我們在修訂後的指引較高範圍內實現強勁的成交量鋪平了道路。我特別高興地看到我們新產品的銷售量不斷成長。我們透過為基金提供新的投票選擇解決方案、對數位全通路解決方案和人工智慧數據解決方案的投資來提高投資者參與度，並從中受益。我們看到我們的財富平台、分散式帳本回購網路和全球交易後解決方案的銷售額正在成長。

Looking ahead, we have a robust pipeline, which positions us to deliver another strong sales year in fiscal '26, strong for our innovative solutions makes it clear that our clients increasingly see Broadridge as a trusted and transformative partner.

展望未來，我們擁有強大的管道，這使我們能夠在 26 財年再次實現強勁的銷售業績，我們創新解決方案的強勁表現清楚地表明，我們的客戶越來越多地將 Broadridge 視為值得信賴的變革合作夥伴。

Before I close my review, I want to provide a brief update on the regulatory environment. Going into the fall, we see new momentum on digital assets, shareholder engagement, private assets and the digitization of communications. The good news is that we are well positioned to help drive many of these changes, which we see as opportunities for Broadridge.

在結束審查之前，我想簡要介紹一下監管環境的最新情況。進入秋季，我們看到數位資產、股東參與、私人資產和通訊數位化的新勢頭。好消息是，我們已做好準備，幫助推動其中的許多變化，我們認為這對 Broadridge 來說是機會。

With the recent Stablecoin legislation and other changes, it's clear bipartisan support to make it easier for more Americans to invest in digital assets. We see this as a natural extension of the democratization of investing with implications for disclosure, wealth management and capital markets. With ClearFi, we've already introduced an innovative disclosure solution for digital assets, and we're actively talking to clients about how we can help them grow their digital asset offerings.

隨著最近的穩定幣立法和其他變化，顯然兩黨都支持讓更多美國人更容易投資數位資產。我們認為這是投資民主化的自然延伸，對資訊揭露、財富管理和資本市場具有重要意義。借助 ClearFi，我們已經推出了一種創新的數位資產揭露解決方案，我們正在積極與客戶討論如何幫助他們擴大數位資產產品。

Second area is shareholder engagement. Both the SEC and Congress are focused on ensuring that institutional investors vote in the interest of the shareholders and that should drive continued growth of our Voting Choice solution for funds. We're also seeing opportunities to help funds and asset owners develop and execute their own custom voting policies using a data-driven approach.

第二個領域是股東參與。美國證券交易委員會和國會都致力於確保機構投資者投票符合股東的利益，這將推動我們的基金投票選擇解決方案的持續成長。我們也看到了利用數據驅動的方法來幫助基金和資產所有者制定和執行他們自己的客製化投票政策的機會。

Third, we are working with our clients and industry partners to accelerate the digitization of financial communications. We're proud of the work we've already done in driving nearly 90% digitization rate for regulatory communications. Now we see an opportunity to further increase digitization by making digital the default for most financial communications. This will take some time but we see it as an opportunity to create next-generation digital experiences that save the industry money, enable more effective disclosure and increase investor engagement.

第三，我們正與客戶和產業夥伴共同加速金融通訊的數位化進程。我們為推動監管通訊數位化率達到近 90% 所做的工作感到自豪。現在，我們看到了一個進一步提高數位化的機會，即透過使數位化成為大多數金融通訊的預設方式。這需要一些時間，但我們認為這是創造下一代數位體驗的機會，可以為產業節省資金，實現更有效的揭露並提高投資者參與度。

Finally, another area we're seeing change is private assets. While growth of private assets has been a strong trend for some time, it is increasing movement to open these products to a broader set of investors and to retirement accounts. This will drive growth in our Sentry private credit platform and longer term could have implications for disclosure.

最後，我們看到變化的另一個領域是私人資產。雖然私人資產的成長在一段時間內一直呈現強勁趨勢，但向更廣泛的投資者和退休帳戶開放這些產品的趨勢正在日益增強。這將推動我們的 Sentry 私人信貸平台的成長，並且從長遠來看可能會對揭露產生影響。

So there's a lot going on, it's exciting. And keep in mind that most of the changes I just described will take time, perhaps years for some. But we are confident that as they do take shape, our scale, domain expertise and commitment to innovation will enable Broadridge to implement change faster and at a lower cost for our clients.

所以有很多事情發生，這很令人興奮。請記住，我剛剛描述的大多數變化都需要時間，有些變化甚至可能需要數年時間。但我們堅信，隨著它們逐漸成形，我們的規模、領域專業知識和對創新的承諾將使 Broadridge 能夠為我們的客戶更快、更低成本地實施變革。

I'll close my remarks with some summary thoughts on Slide 7. First, Broadridge is executing on our strategy with 7% recurring revenue growth and adjusted EPS growth of 11% in fiscal '25. We are democratizing and digitizing governance by driving shareholder engagement with our digital solutions and by making it easier than ever for investors to participate in the governance of companies they own directly or indirectly.

我將以幻燈片 7 上的一些總結性想法來結束我的發言。首先，Broadridge 正在執行我們的策略，25 財年的經常性收入成長 7%，調整後每股收益成長 11%。我們透過推動股東參與我們的數位解決方案，並使投資者比以往更容易參與他們直接或間接擁有的公司治理，從而實現治理的民主化和數位化。

We're accelerating and innovating trading by reducing the cost and complexity of capital markets worldwide and by helping clients take advantage of tokenized trading. And we're modernizing wealth management, one client at a time and on their own terms in both the US and Canada.

我們透過降低全球資本市場的成本和複雜性以及幫助客戶利用代幣化交易來加速和創新交易。我們正在對美國和加拿大的財富管理進行現代化改造，每次為一位客戶提供服務，並根據他們的自身情況進行管理。

Second, we're continuing to transform Broadridge. We're leveraging the investments we made in our wealth platform to become a platform company. We're extending a common application layer to more products adding open API architecture to more solutions and adding more applications onto a common BRX data layer. These changes will allow us to scale faster, deliver more value to clients more rapidly and unlock additional value through data and AI.

其次，我們正在繼續改造 Broadridge。我們正在利用我們在財富平台上的投資來成為一家平台公司。我們正在將通用應用層擴展到更多產品，為更多解決方案添加開放 API 架構，並在通用 BRX 資料層上添加更多應用程式。這些變化將使我們能夠更快地擴大規模，更快地為客戶提供更多價值，並透過數據和人工智慧釋放更多價值。

Third, and as a result, we're delivering steady and consistent growth. We expect another strong year in fiscal '26 with 5% to 7% recurring revenue growth and 8% to 12% adjusted EPS growth. That outlook has Broadridge delivered positions to deliver -- excuse me -- to deliver on the three-year top and bottom line financial objectives we shared with you at our last Investor Day.

第三，因此，我們實現了穩定、持續的成長。我們預計 26 財年將再次表現強勁，經常性收入將成長 5% 至 7%，調整後每股盈餘將成長 8% 至 12%。這一前景已使 Broadridge 實現了我們在上次投資者日與大家分享的三年頂線和底線財務目標。

Fourth, we're using your capital efficiently and effectively with 100%-plus free cash flow conversion, ROIC in the mid to high teens, attractive tuck-in acquisitions and an 11% dividend increase.

第四，我們有效率且有效地利用您的資本，實現 100% 以上的自由現金流轉換、中高水準的 ROIC、有吸引力的補充收購以及 11% 的股息成長。

And finally, Broadridge remains positioned for long-term growth. Potential regulatory changes are only adding to the long-term trends driving our growth, including the democratization of investing the acceleration of trading, the modernization of wealth management, data and AI and regulatory change.

最後，Broadridge 仍處於長期成長的定位。潛在的監管變化只會增強推動我們成長的長期趨勢，包括投資民主化、交易加速、財富管理現代化、數據和人工智慧以及監管變化。

Our position is our client's trusted and transformative partner positions us well to help them adapt to change with modern technology and innovative new products that will help drive their growth. I've never been more optimistic about the opportunities in front of our company and about how well we are positioned to help our clients in this evolving environment.

我們的立場是客戶值得信賴和變革的合作夥伴，使我們能夠幫助他們利用現代技術和創新的新產品適應變化，從而推動他們的成長。我從未像現在這樣對我們公司面臨的機會以及我們在這個不斷變化的環境中為客戶提供幫助的能力感到樂觀。

Before I turn the call over to Ashima, I want to thank our 15,000 associates around the world. Their work and commitment to serving our clients is driving our transformation of our company and our industry. Ashima?

在將電話轉給 Ashima 之前，我想感謝我們遍布全球的 15,000 名同事。他們的工作以及為客戶服務的承諾正在推動我們公司和產業的轉型。阿詩瑪？

Thanks, Tim. Good morning. It's great to be here today to share our strong fiscal '25 results and our fiscal '26 guidance.

謝謝，蒂姆。早安.我很高興今天能在這裡分享我們強勁的 25 財年業績和 26 財年指引。

Before I begin my review, I wanted to make five key callouts. First, the fourth quarter, Broadridge closed the year with a strong quarter including 6% organic recurring revenue growth and $114 million in closed sales. Second, event-driven revenue. Event-driven revenues was $79 million in the fourth quarter, ending a record $319 million year on a strong note, and contributing to our 11% adjusted EPS growth.

在我開始評論之前，我想提出五個關鍵點。首先，第四季度，Broadridge 以強勁的表現結束了這一財年，其中包括 6% 的有機經常性收入成長和 1.14 億美元的成交銷售額。第二，事件驅動收入。第四季事件驅動收入為 7,900 萬美元，以強勁的業績結束了創紀錄的 3.19 億美元的年度收入，並推動我們調整後的每股收益成長 11%。

Looking ahead, we expect that event-driven revenues will decline in fiscal '26 but will remain above the historical average. Third, free cash flow. Broadridge generated $1.1 billion in free cash flow in fiscal '25, equal to 104% of our adjusted net income. As a result, we enter fiscal '26 in a strong position to make internal investments, fund a strong dividend, pursue strategic M&A and return capital to shareholders.

展望未來，我們預期事件驅動收入將在26財年下降，但仍將高於歷史平均。第三，自由現金流。Broadridge 在 25 財年產生了 11 億美元的自由現金流，相當於我們調整後淨收入的 104%。因此，我們在進入26財年時將擁有強大的實力來進行內部投資、提供豐厚的股息、進行策略併購並向股東返還資本。

Fourth, backlog. Thanks to a strong finish on sales, our recurring revenue backlog stands at $430 million. At 10% of recurring revenue, it gives us great visibility into the biggest driver of our growth in fiscal '26 and '27, which leads me to my fifth and last call out, our guidance calls for another strong year in fiscal '26 and keeps us on track to deliver on our three-year top and bottom-line growth objectives.

四是積壓。由於銷售業績強勁，我們的經常性收入積壓金額達到 4.3 億美元。佔經常性收入的 10% 使我們清楚地了解 26 財年和 27 財年增長的最大驅動力，這讓我想到了我的第五個也是最後一個呼籲，我們的指導要求 26 財年再創輝煌，並使我們有望實現三年的頂線和底線增長目標。

With that, let's go to the numbers on Slide 8. Fiscal '25 recurring revenues grew 7% on a constant currency basis including organic growth of 5.5%. Adjusted operating income margin expanded by 50 basis points to 20.5%. Adjusted EPS grew 11% to $8.55, and close sales were $288 million. For the fourth quarter, recurring revenue constant currency grew 7% to $1.4 billion including 6% organic growth. Adjusted EPS rose 1% as we increased our growth investments. And we delivered $114 million in sales.

接下來，讓我們來看看第 8 張投影片上的數字。25 財年經常性收入以固定匯率計算成長 7%，其中有機成長 5.5%。調整後的營業收入利潤率擴大50個基點至20.5%。調整後的每股盈餘成長 11% 至 8.55 美元，成交額達 2.88 億美元。第四季度，經常性收入以固定匯率計算成長 7% 至 14 億美元，其中包括 6% 的自然成長。由於我們增加了成長投資，調整後的每股盈餘上漲了 1%。我們的銷售額達到了 1.14 億美元。

Let's move to Slide 9 to discuss our segment recurring revenue. ICS recurring revenues rose 5% to $959 million in the fourth quarter, led by strong growth in regulatory revenues. For the full year, ICS recurring revenues rose 6%. Regulatory revenues rose 8% in Q4 and 7% for the full year, driven largely by strong position growth across both equities and funds.

讓我們轉到投影片 9 來討論我們的分部經常性收入。受監管收入強勁成長的帶動，ICS 第四季經常性收入成長 5% 至 9.59 億美元。全年來看，ICS 經常性收入成長了 6%。監管收入在第四季度增長了 8%，全年增長了 7%，這主要得益於股票和基金頭寸的強勁增長。

Equity revenue position growth, which excludes small or fractional positions for which we do not bill issuers, was 14% for the quarter and 12% for the full year. Fund position growth was 7%. The impact of higher position growth was partially offset by slower growth in other regulatory communications and international revenues.

股票收入部位成長（不包括我們未向發行人收費的小額或零散部位）本季為 14%，全年為 12%。基金持股成長7%。頭寸成長增加的影響被其他監管溝通和國際收入成長放緩部分抵消。

Data-driven Fund Solutions revenues were flat in Q4 and rose 5% for the full year. During the quarter, strong growth in our data and analytics revenues were offset by a modest decline in our Retirement and Workplace Solutions, which was impacted by lower float income. For the full year, we saw strong growth in our Data and Analytics Solutions and Retirement and Workplace Solutions.

數據驅動基金解決方案營收在第四季持平，全年成長 5%。在本季度，我們的數據和分析收入的強勁增長被我們的退休和工作場所解決方案的適度下降所抵消，後者受到浮動收入降低的影響。全年來看，我們的數據和分析解決方案以及退休和工作場所解決方案均實現了強勁成長。

Issuer revenue grew 3% in the quarter and 5% for the full year, driven by balanced growth across our shareholder engagement and disclosure Solutions, partially offset by lower float income. Customer communications revenues rose 3% in the fourth quarter and 5% for the full year as we continue to execute our print to digital strategy.

發行人營收本季成長 3%，全年成長 5%，這得益於股東參與和揭露解決方案的均衡成長，但浮動收入的下降部分抵消了這一成長。隨著我們繼續實施從印刷到數位的策略，客戶通訊收入在第四季度增長了 3%，全年增長了 5%。

Strong growth in our Digital Solutions including the third consecutive year of double-digit growth was offset by lower growth in print revenues. Looking ahead to fiscal '26, we expect another year of steady and consistent growth in the ICS business, in line with our overall recurring revenue guidance and led by continued strong growth in regulatory revenues.

我們的數位解決方案業務強勁成長，包括連續第三年實現兩位數成長，但被印刷收入的較低成長所抵消。展望26財年，我們預期ICS業務將再創穩定持續的成長年，與我們的整體經常性收入指引一致，並由監管收入的持續強勁成長所帶動。

Turning to GTO on Slide 10. GTO revenues grew 12% in Q4 and full year revenues rose 8% to $1.8 billion. Capital markets revenues grew 4% for the quarter, driven by new sales and growth in trade volumes, partially offset by losses related to an exit of a business. Full year revenues rose 6% driven by growth across both our front office BTCS and back-office post-trade solutions.

轉到投影片 10 上的 GTO。GTO 營收在第四季成長了 12%，全年營收成長了 8%，達到 18 億美元。本季資本市場收入成長 4%，主要得益於新銷售額和交易量的成長，但部分被業務退出相關的損失所抵銷。全年營收成長 6%，這得益於前台 BTCS 和後台交易後解決方案的成長。

Wealth and Investment Management revenues grew 26% in the fourth quarter, driven by 11% organic growth and the impact of the SIS acquisition. Organic growth benefited from the timing of license revenues which contributed 5 points of growth. Full year Wealth and Investment Management revenues rose 12% driven by the acquisition of SIS. Adjusting for the impact of the E-trade deconversion, full year organic growth of 1% would have been 5%. Looking ahead to fiscal '26, we expect GTO to grow within our 5% to 7% historical range with higher growth in Wealth Management and lower growth in Capital Markets.

第四季財富和投資管理收入成長 26%，這得益於 11% 的有機成長和 SIS 收購的影響。有機成長受益於授權收入的時機，貢獻了 5 個百分點的成長。受收購 SIS 的推動，全年財富和投資管理收入成長了 12%。扣除電子貿易轉型的影響後，全年有機成長率將由 1% 升至 5%。展望 26 財年，我們預期 GTO 將在 5% 至 7% 的歷史範圍內成長，其中財富管理的成長將更高，而資本市場的成長將更低。

Now let's move to Slide 11 to review our key volume indicators. Broadridge continues to benefit from strong growth in investor participation across both equities and funds. Fourth quarter equity position growth was 18%, including 14% growth in revenue-generating positions. Fund position growth was 7%. For the full year, the combination of 12% equity revenue position growth and 7% mutual fund and ETF growth was at the high end of the long-term trend of mid to high single-digit blended average position growth.

現在讓我們轉到投影片 11 來回顧我們的關鍵音量指標。Broadridge 繼續受益於股票和基金投資者參與度的強勁成長。第四季股票部位成長 18%，其中創收部位成長 14%。基金持股成長7%。就全年而言，12% 的股票收入部位成長和 7% 的共同基金和 ETF 成長相結合，處於中高個位數混合平均部位成長長期趨勢的高端。

Looking ahead to the first half of fiscal '26, our position testing is showing low double-digit equity position growth, which we expect will translate into high single-digit revenue position growth. We expect fund position growth to remain in the mid-single digits. In GTO, trade volumes rose 14% for the quarter as we saw double-digit growth in both equity and fixed income trade volumes. For the year, trade volumes were up 13%.

展望26財年上半年，我們的部位測試顯示股票部位將呈現低兩位數成長，我們預期這將轉化為高個位數的營收部位成長。我們預計基金部位成長將維持在中等個位數。在 GTO，本季交易量成長了 14%，因為我們看到股票和固定收益交易量均實現了兩位數的成長。今年的貿易量增加了13%。

I'll wrap up my discussion of recurring revenue growth on Slide 12. For the quarter, recurring revenue growth constant currency was 7%, primarily driven by 6 points of organic growth. Revenue from closed sales remain the biggest driver of our organic growth at 5 points as we onboarded revenues from our fiscal '24 year-end backlog. Our retention rate was 98% for the quarter. Our 97% full year retention rate included a 1 point impact from the E-trade deconversion.

我將在第 12 張投影片上結束關於經常性收入成長的討論。本季度，經常性收入成長率（以固定匯率計算）為 7%，主要受 6 個百分點的自然成長所推動。由於我們從 24 財年末積壓訂單中獲得收入，已完成銷售的收入仍然是我們有機成長的最大推動力，成長了 5 個百分點。本季我們的保留率為 98%。我們全年 97% 的保留率包括了電子貿易去轉換帶來的 1 個百分點的影響。

Internal growth contributed 2 points, primarily driven by position growth and higher trade volumes. Acquisitions, primarily SIS contributed 2 points to growth. Finally, changes in FX reduced reported growth by 10 basis points.

內部成長貢獻了 2 個百分點，主要得益於持股成長和交易量增加。收購（主要是 SIS）為成長貢獻了 2 個百分點。最後，外匯變化導致報告的成長率降低了 10 個基點。

Let's close our discussion of revenues on Slide 13. Total revenue in Q4 increased 6% to $2.1 billion, driven by 5 points of growth from recurring revenue. Event-driven revenue of $79 million benefited from higher levels of mutual fund proxy activity and contributed less than 1 point to growth. Low to no margin distribution revenues grew 4% contributing 1 point to total revenue growth.

讓我們在第 13 張投影片上結束關於收入的討論。第四季總營收成長 6%，達到 21 億美元，這得益於經常性收入成長 5 個百分點。事件驅動收入為 7,900 萬美元，受益於共同基金代理活動的增加，但對成長的貢獻不到 1 個百分點。低利潤或無利潤分銷收入成長 4%，為總收入成長貢獻 1 個百分點。

Turning now to margins on Slide 14. Fourth quarter adjusted operating income margin was 27%, a decline of 180 basis points from fourth quarter '24 as operating leverage from our scale business was offset by the timing of growth investments. On a full year basis, adjusted operating income margin was 20.5%, up 50 basis points. As the combination of strong recurring revenue, record event revenue and strong operating leverage enabled Broadridge to increase investments in key growth initiatives while offsetting the impact of the E-trade deconversion. The impact of float and distribution revenues was a 10 basis points headwind to our fiscal '25 AOI margin.

現在轉到投影片 14 的頁邊距。第四季調整後的營業收入利潤率為 27%，較 24 年第四季下降 180 個基點，因為我們規模業務的營業槓桿被成長投資的時機所抵銷。全年調整後營業收入利潤率為20.5%，上升50個基點。強勁的經常性收入、創紀錄的活動收入和強大的營運槓桿相結合，使 Broadridge 能夠增加對關鍵成長計畫的投資，同時抵消電子貿易轉型的影響。浮動收入和分銷收入對我們 25 財年的 AOI 利潤率造成了 10 個基點的阻力。

Let's move on to sales. Broadridge reported full year closed sales of $288 million. Backing out the benefit of sales of our tailored shareholder report regulatory solution, closed sales were essentially flat year-over-year. Turning to our cash flows on Slide 16, Broadridge generated free cash flow of $1.1 billion in fiscal '25, up 12% from fiscal '24 driven largely by higher earnings. Free cash flow conversion was 104%.

讓我們繼續討論銷售。Broadridge 公佈全年銷售額達 2.88 億美元。除去我們量身定制的股東報告監管解決方案的銷售收益，已完成的銷售額與去年同期基本持平。談到幻燈片 16 上的現金流，Broadridge 在 25 財年產生了 11 億美元的自由現金流，比 24 財年增長了 12%，這主要得益於更高的收益。自由現金流轉換率為104%。

Turning next to capital allocation on Slide 17. We continue to take a balanced approach to capital allocation. In fiscal '24, we deployed $115 million in capital spending and software with an additional $12 million to onboard clients onto our platforms. We returned $402 million to shareholders through our dividend. After internal investment and dividends, targeted M&A is a core part of our capital strategy. We deployed $193 million to strengthen our wealth franchise in Canada with the acquisition of SIS and made two other small tuck-in acquisitions in our ICS business.

接下來轉到投影片 17 上的資本配置。我們繼續採取平衡的資本配置方式。在 24 財年，我們部署了 1.15 億美元的資本支出和軟體，另外還投入了 1,200 萬美元將客戶引入我們的平台。我們透過股息向股東返還了 4.02 億美元。除了內部投資和分紅之外，定向併購是我們資本策略的核心部分。我們投入 1.93 億美元收購 SIS，以加強我們在加拿大的財富特許經營權，並在我們的 ICS 業務中進行了另外兩項小型收購。

More recently, in July, we announced the acquisition of Acolin, which will extend the suite of services we offer to our fund clients in Europe. This approximately $70 million acquisition is expected to close in the first half of fiscal year '26. We also returned $100 million to shareholders through a fourth quarter buyback and repaid $104 million of our debt.

最近，在 7 月份，我們宣布收購 Acolin，這將擴展我們為歐洲基金客戶提供的服務。此次約 7,000 萬美元的收購預計將於 26 財年上半年完成。我們也透過第四季回購向股東返還了 1 億美元，並償還了 1.04 億美元的債務。

At June 30, our leverage ratio was 2x, below our target of 2.5x, giving us ample capacity to pursue additional strategic M&A and or repurchase shares. Last night, our Board approved an 11% increase in our annual dividend to $3.90 per share. This marks the 13 double-digit increase in the last 14 years, which underscores our sustained earnings growth over the period. Our capital-light model and our long-term commitment to a strong and growing dividend as a component of balanced capital allocation.

截至 6 月 30 日，我們的槓桿率為 2 倍，低於 2.5 倍的目標，這為我們提供了充足的能力來進行額外的策略併購和/或回購股票。昨晚，我們的董事會批准將年度股息提高 11%，至每股 3.90 美元。這是過去 14 年來第 13 次實現兩位數成長，凸顯了我們在此期間持續的獲利成長。我們的輕資本模式以及我們對強勁且不斷增長的股息的長期承諾是平衡資本配置的一部分。

I will close my prepared remarks this morning on Slide 18 with some detail on our guidance. As we enter fiscal '26, we expect another year of strong recurring revenue and adjusted EPS growth, accompanied by underlying margin expansion and higher sales. Let me walk through each of these points, starting first with revenue.

今天上午，我將在第 18 張投影片上結束我準備好的發言，並詳細介紹我們的指導方針。隨著我們進入 26 財年，我們預計今年的經常性收入和調整後每股收益將再次強勁增長，同時基礎利潤率也將擴大，銷售額也將增加。讓我逐一解釋這些要點，先從收入開始。

We expect recurring revenue growth constant currency of 5% to 7% with balanced growth across both ICS and GTO. We expect organic growth to be driven by new sales as we onboard our $430 million backlog and the acquisition of SIS adding approximately 60 basis points to growth. The acquisition of Acolin is not expected to have a significant impact on our fiscal '26 recurring revenue growth.

我們預計經常性收入成長率將達到 5% 至 7%，ICS 和 GTO 的成長將保持平衡。我們預計有機成長將由新銷售推動，因為我們有 4.3 億美元的積壓訂單，而收購 SIS 將使成長增加約 60 個基點。預計收購 Acolin 不會對我們 26 財年的經常性營收成長產生重大影響。

After setting a record in fiscal '25, we anticipate a lower but still healthy year for event-driven revenues. We anticipate event-driven revenues will be at the high end of their historical $230 million to $280 million range, driven by a first quarter proxy campaign at a major mutual fund complex. Distribution revenues are forecast to grow at mid-single-digit range, powered in part by higher postage rates. We expect these low to no margin revenues to have a dilutive impact to our reported margins.

在創下 25 財年紀錄之後，我們預計今年的事件驅動收入將會下降，但仍然健康。我們預計，受大型共同基金集團第一季代理活動的推動，事件驅動收入將達到歷史最高水準 2.3 億至 2.8 億美元。預計分銷收入將以中位數個位數成長，部分原因是郵資上漲。我們預計這些低利潤或零利潤收入將對我們報告的利潤率產生稀釋影響。

Now let's move to margin. We expect adjusted operating income margin will be 20% to 21%, approximately flat to fiscal '25. The combination of operating leverage and disciplined expense management should enable us to fund ongoing investments and deliver over 50 basis points of core margin expansion excluding the impact of float and distribution income.

現在讓我們討論一下保證金。我們預計調整後的營業收入利潤率將達到 20% 至 21%，與 25 財年基本持平。經營槓桿和嚴格的費用管理相結合，使我們能夠為持續投資提供資金，並實現核心利潤率擴大 50 個基點以上（不包括浮動收入和分配收入的影響）。

Third, EPS. We expect adjusted EPS growth of 8% to 12%, embedded in this outlook is an expected tax rate of 22%. Additionally, for the first quarter of fiscal '26, we expect our adjusted EPS to account for 12% to 15% of our full year earnings, roughly in line with our historical average. Finally, we expect closed sales of $290 million to $330 million.

第三，每股盈餘。我們預計調整後的每股盈餘成長率為 8% 至 12%，這一前景包含 22% 的預期稅率。此外，對於 26 財年第一季度，我們預計調整後的每股盈餘將佔全年收益的 12% 至 15%，與我們的歷史平均值大致持平。最後，我們預計成交額將達到 2.9 億至 3.3 億美元。

So let's wrap up with a quick summary of the key takeaways from our strong fiscal '25 results. First, Broadridge delivered another year of strong and sustainable recurring revenue growth and double-digit adjusted EPS growth. Second, our guidance for fiscal '26 calls for another strong year and keeps us on track to deliver on our three-year top and bottom-line objectives.

讓我們快速總結一下我們強勁的 25 財年業績的關鍵要點。首先，Broadridge 又實現了強勁且可持續的經常性收入成長和兩位數的調整後每股收益成長。其次，我們對 26 財年的預期是再創佳績，並使我們有望實現三年的頂線和底線目標。

Third and last, our strong free cash flow has the company well positioned to make internal investments, fund another double-digit dividend increase, pursue strategic and value-enhancing M&A and repurchase shares. Net-net, Broadridge is entering fiscal '26 well positioned to continue to deliver strong and sustainable growth.

第三，也是最後一點，我們強勁的自由現金流使公司能夠進行內部投資、為再次實現兩位數的股息成長提供資金、進行策略性和增值的併購以及回購股票。總體而言，Broadridge 在進入 26 財年時已做好充分準備，可以繼續實現強勁且可持續的成長。

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

接下來，讓我們進入問答環節。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Hi guys, it's Michael Infante for James. Thanks for taking our question. I wanted to ask on the contemplated closed sales acceleration. We've been hearing from others that sell into a similar customer cohort that there is some level of sort of sales cycle elongation or at least has been over the last several months. Your GTO segment obviously tends to be more discretionary in nature with lumpier deals. So I'm just curious whether or not you're seeing any of that elongation and/or if you're just bullish on the growth and the composition of that pipeline that you can absorb some incremental elongation throughout the year?

大家好，我是詹姆斯的麥可‧因凡特 (Michael Infante)。感謝您回答我們的問題。我想問一下預期的封閉式銷售加速。我們從其他面向類似客戶群銷售產品的公司那裡聽說，銷售週期有一定程度的延長，或至少在過去幾個月是這樣的。您的 GTO 部門顯然傾向於更具自由裁量權，交易也更加波動。所以我只是好奇您是否看到了任何這種延伸，以及/或者您是否只是看好該管道的增長和組成，您可以在全年吸收一些增量延伸？

Yeah. Thank you. Well, I'll just start with that we were very pleased with the way we closed out the year near the high end of our revised guidance. And you certainly saw -- sales cycles have been longer, I'd say, really, this whole past year compared to the previous. I'm not sure we're seeing anything specific right now that's different than that.

是的。謝謝。好吧，我首先要說的是，我們對今年的業績收官非常滿意，接近修訂後的指引的高端。而且您肯定看到了——我想說，與前一年相比，過去一年的銷售週期確實更長了。我不確定我們現在是否看到任何與此不同的具體情況。

I think what we really like is that -- where we are seeing sales are the areas where we're investing, voting choice, wealth and focus, global demand model, our wealth platform, global post trade, distributed ledger repo and these all meet real client needs where they're making a real difference in their business. And yes, it takes a while. But when there's a real business case behind it, our clients eventually move.

我認為我們真正喜歡的是——我們看到的銷售是我們投資的領域，投票選擇，財富和重點，全球需求模型，我們的財富平台，全球交易後，分散式帳本回購，這些都滿足了真正的客戶需求，並且對他們的業務產生了真正的影響。是的，這需要一段時間。但當背後有真正的商業案例時，我們的客戶最終會採取行動。

And so as we look forward now, it's a new year. We do feel like we have a very strong pipeline. And there is macro uncertainty, which is potentially contributing to the elongated sales. But what I can tell you is that we're seeing really strong underlying demand. Demand for simplification and modernization in both capital markets and wealth, demand for the digitization of communications, demand for better stewardship solutions. And across all of those, AI is a real driver. It's a theme in all of these.

現在我們展望一下，新的一年已經到來。我們確實感覺我們擁有非常強大的管道。此外，宏觀不確定性也可能導致銷售週期延長。但我可以告訴你的是，我們看到了非常強勁的潛在需求。對資本市場和財富的簡化和現代化的需求、對通訊數位化的需求、對更好的管理解決方案的需求。在所有這些中，人工智慧是一個真正的驅動力。這是所有這些的主題。

And then I think the last thing I'd leave you with is just we are having more strategic conversations than we've ever had before and a key theme is the platform conversation that I mentioned at the end of my remarks. Our vision for where we're taking our technology over the next several years is really resonating with clients and it's really reinforcing our position as a trusted and transformative partner for the long term, which we think is making a real difference in some of these conversations.

最後我想告訴大家的是，我們正在進行比以往更多的策略對話，其中一個關鍵主題就是我在演講結束時提到的平台對話。我們對未來幾年科技發展的願景確實引起了客戶的共鳴，也確實鞏固了我們作為長期值得信賴和變革的合作夥伴的地位，我們認為這在某些對話中發揮了真正的作用。

Very helpful, Tim. Maybe just on DLR, I appreciate the commentary just given all the news flow in the market. But is there any sort of qualitative color you can provide just in terms of how big of a closed sale driver DLR is at this point? And maybe how you think about some of the regulatory, technical or counterparty hurdles that have to be cleared before banks start to lean more aggressively into monetizing some of their balance sheet exposure through tokenized rails? Thanks.

非常有幫助，蒂姆。也許只是在 DLR 上，我很欣賞針對市場上所有新聞流的評論。但是，您能否提供一些定性資訊來說明目前 DLR 對成交量的影響有多大？在銀行開始更積極地透過代幣化軌道將部分資產負債表風險貨幣化之前，您認為必須清除一些監管、技術或交易對手障礙嗎？謝謝。

Yeah. Great questions. And we're excited about our distributed ledger repo product, both in itself and also for what it means, as you just mentioned, for that broader theme of tokenized securities. I mentioned that through most of last year, we were processing about $100 billion, and that really rose near the end of the year. And just for scale, that is larger than the entire crypto market, excluding Tether. So this capability, it's tokenized and securities, it's smart contracts. And there has been, as you sort of alluded to, a lot of underlying work in terms of detailed knowledge in fixed income and the legal background to make this work.

是的。很好的問題。我們對我們的分散式帳本回購產品感到興奮，不僅因為它本身，也因為它對代幣化證券這一更廣泛主題的意義，正如您剛才提到的。我提到，去年大部分時間，我們處理的金額約為 1,000 億美元，而接近年底時，這一數字才真正上升。僅從規模來看，它比不包括 Tether 的整個加密市場還要大。所以這種能力，它是標記化的和有價證券，它是智能合約。正如您所提到的，為了實現這一目標，我們在固定收益方面的詳細知識和法律背景方面做了大量基礎工作。

The core uses that we've been seeing so far have been intercompany transfers, which is a surprisingly large part of the repo market. But the real driver this past year has been sponsored repo. As people are looking forward to treasury clearing, they're seeing a real need for this.

到目前為止，我們看到的核心用途是公司間轉賬，這在回購市場中佔了相當大的比重。但過去一年的真正動力是贊助回購。當人們期待國庫清算時，他們看到了對此的真正需求。

And so it's interesting how one regulatory change creates pressure to accelerate in another area. And so I think what people are seeing is that the market leaders have been doing this for a few years now. It's worked really well. They're getting their legal teams comfortable. Now they have a new reason to come on board, and so they're coming on board.

因此，有趣的是，一項監管變化如何產生加速另一個領域發展的壓力。所以我認為人們看到的是市場領導者已經這樣做了幾年。效果確實很好。他們讓自己的法律團隊感到安心。現在他們有了新的理由加入，所以他們就加入了。

I think the next piece that we're really excited about is moving this to intraday repo. And that can really accelerate things. It is -- you asked about how material a factor is this in our sales. It's sort of not like moving the needle from a -- when you look at the whole $288 million, but it's very material for this product. In FY '28, we signed 8 new clients, including some Tier 1s. And so we expect that $200 billion to continue to rise. So really nice things going on here.

我認為我們真正興奮的下一個部分是將其轉移到日內回購。這確實可以加速進程。是的—您詢問過這個因素對我們的銷售有多重要。這不像是從某個方面改變現狀——當你看整個 2.88 億美元時，但它對於這個產品來說非常重要。在 28 財年，我們簽了 8 位新客戶，其中包括一些一級客戶。因此我們預計這 2000 億美元將持續成長。這裡發生的事情真的很美好。

And we're excited about what it means longer term for other classes of tokenized securities. Those use cases are just emerging. So it's really too early to say which will gain traction first. But we really feel like we're the market leader here. And our position as a scaled leader in this space, we think, puts us in a great position to help our clients and our industry move forward with this.

我們對它對其他類別的代幣化證券的長期意義感到興奮。這些用例才剛出現。因此，現在判斷哪一個會先獲得發展還為時過早。但我們確實覺得我們是這裡的市場領導者。我們認為，作為該領域的領先者，我們能夠很好地幫助我們的客戶和行業向前發展。

Very helpful. Thanks, Tim.

非常有幫助。謝謝，蒂姆。

Scott Wertzel, Wolfe Research.

沃策爾（Scott Wertzel），沃爾夫研究公司（Wolfe Research）。

Hey, good morning guys, and thank you for taking my question. Just wanted to kind of follow up on that question on tokenization. And Tim, maybe if you can talk about the opportunities on the ICS side of the business with tokenization would be great. Thank you.

嘿，大家早安，感謝你們回答我的問題。只是想跟進一下有關標記化的問題。提姆，如果你能談談標記化在 ICS 業務方面帶來的機會，那就太好了。謝謝。

Yeah. It's -- I think when you think about this whole world, it's tokenized securities and it's digital assets. And it's easy to sort of mix and match those, but they're both very relevant. And then I'll just add sort of stablecoin somewhat in the middle because it's not exactly a tokenized treasury, but it is backed by treasuries and it will be a great vehicle for real-time settlement.

是的。我認為，當你思考整個世界時，它就是代幣化的證券和數位資產。將它們混合搭配起來很容易，但它們都非常相關。然後，我會在中間添加某種穩定幣，因為它不完全是代幣化的國庫券，但它是由國庫券支持的，它將成為實時結算的絕佳工具。

So I think -- when I think about ICS, I think a little more on the digital asset side. Our wealth management clients have been reluctant to offer these in the past, but they're really now getting on board. And I think our opportunity is to help them offer digital assets to their clients, but then especially connect them to all the traditional capabilities like statements, tax, margin, risk and other needs. Some of those are provided by GTO business, but a lot of them are provided by the ICS business. And it's just another leg in the democratization of investing.

所以我認為——當我考慮 ICS 時，我會更多地考慮數位資產方面。我們的財富管理客戶過去一直不願意提供這些服務，但現在他們真的開始接受這些服務了。我認為我們的機會是幫助他們向客戶提供數位資產，然後特別將他們與所有傳統功能（如報表、稅收、保證金、風險和其他需求）聯繫起來。其中一些是由 GTO 業務提供的，但許多是由 ICS 業務提供的。這只是投資民主化進程中的另一步。

And then I think longer term, there are real questions about whether a stronger disclosure regime could help growth in this category. And I'd say the industry itself is a little divided on this. There are some folks in the industry that really think this would help fuel growth. Others that think they're not assure. So without really taking a view on that debate, it won't surprise you to know that we've developed a product that we think can address that need. We have signed clients over the past 12 months. And so we'll see where that goes, but we will be ready to provide good disclosure if that's the way the world evolves.

我認為從長遠來看，真正的問題是更強有力的揭露制度是否有助於這一類別的成長。我想說的是，業界本身對此有些分歧。業內有些人確實認為這將有助於促進成長。其他人則認為他們不放心。因此，即使不真正對該爭論發表看法，您也不會對我們開發出一種我們認為可以滿足該需求的產品感到驚訝。在過去的 12 個月中我們已經簽約了客戶。我們將拭目以待，如果世界按照這樣的方式發展，我們將準備好提供良好的披露。

Great, thank you that's helpful. I just wanted to follow up just on the guidance side and with the outlook for capital markets revenue maybe being a little lower than the total GTO segment revenue. Wondering if you can talk about the drivers there. I know you mentioned the exit of the business, but just wondering if there's anything else that we should be contemplating for fiscal '26? Thanks.

太好了，謝謝，這很有幫助。我只是想跟進指導方面，資本市場收入的前景可能略低於 GTO 部門的總收入。想知道您是否可以談論那裡的司機。我知道您提到了退出業務，但我只是想問，對於 26 財年我們還應該考慮其他什麼嗎？謝謝。

Thanks, Scott. Yeah. So we were pleased with the full year growth in capital markets that we saw, which continues to deliver in line with our 5% to 7% growth range. I'll -- just double-click on Q4, capital markets grew 4% as we saw the benefits from higher sales, higher trading volumes. It was partially offset by slightly lower professional services and the impact of the business exit that you called out.

謝謝，斯科特。是的。因此，我們對資本市場的全年成長感到滿意，其持續保持 5% 至 7% 的成長區間。只需雙擊第四季度，資本市場就會成長 4%，因為我們看到了更高的銷售額和更高的交易量帶來的好處。但這一影響被專業服務略微下降以及您所指出的業務退出的影響部分抵消了。

That exit was about a 1 point drag to our capital markets business. And essentially, as we've transitioned a single client to an alternate provider, we do expect this to continue to have a modest 1 point impact on our capital markets growth in fiscal '26, which is why the guide towards the lower end of the 5% to 7% recurring revenue outlook.

這次退出對我們的資本市場業務造成了約 1 個百分點的拖累。本質上，由於我們將單一客戶轉變為替代供應商，我們確實預計這將繼續對我們 26 財年的資本市場成長產生 1 個百分點的適度影響，這就是為什麼指南指向 5% 至 7% 經常性收入前景的低端。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

摩根大通的 Puneet Jain。

Hey, thanks for taking my question. I wanted to quickly ask about backlog, like it's $430 million outstanding. But the increase in digital solutions, like those solutions growing double digits, are you seeing any change in duration of the backlog or maybe duration of closed sales?

嘿，謝謝你回答我的問題。我想快速詢問一下積壓情況，例如有 4.3 億美元未償還。但是隨著數位解決方案的增加，例如那些以兩位數成長的解決方案，您是否看到積壓持續時間或完成銷售持續時間有任何變化？

Puneet, I missed a part of your question. I think you're asking about backlog and the duration. Was there something about a separate --

Puneet，我錯過了你問題的一部分。我認為您詢問的是積壓和持續時間。有沒有關於單獨--

That's essentially like the question, like is there any change in duration because of higher sale of digital solutions or higher mix of digital solutions in there?

這本質上就像一個問題，例如由於數位解決方案的銷售增加或數位解決方案組合增加，持續時間是否會改變？

Got it. Got it. Yes. So our backlog overall is, like I said, $430 million, about 10% of our recurring revenues. It is a combination of backlog that we haven't converted both on the ICS and GTO side, call it, 60-40 ICS GTO. We do typically see a difference in conversion times across ICS products and GTO products.

知道了。知道了。是的。因此，正如我所說，我們的積壓訂單總額為 4.3 億美元，約占我們經常性收入的 10%。這是我們尚未在 ICS 和 GTO 方面轉換的積壓組合，稱為 60-40 ICS GTO。我們通常會看到 ICS 產品和 GTO 產品的轉換時間有差異。

Some of the wealth sales that we saw this quarter will take longer to convert. We should expect them to start having more of an impact around the '27 time period, while some of the ICS sales will be faster to convert. So it's not an overall rule. It's just a mix of how we're seeing across those products.

我們本季看到的一些財富銷售將需要更長的時間才能轉換。我們應該預期它們將在 27 年左右開始產生更大的影響，而一些 ICS 銷售將更快轉換。所以這不是一個總體規則。這只是我們對這些產品的看法的混合。

Got it. Got it. And then on margins, like did I hear it correct that you said like the underlying margins will be up 50 basis points implying that the distribution and interest rates will have like a 50 basis points year-on-year headwind?

知道了。知道了。然後關於利潤率，我是否聽得正確？您說的是，基礎利潤率將上漲 50 個基點，這意味著分配和利率將比去年同期下降 50 個基點？

What I did guide to is that we are expecting overall margins to be 20% to 21% for the year, essentially flat to this year. And what you said is right, in these reported margins is the impact of distribution and interest. When I think about distribution, there is a posted rate change that's already effective in July, which is essentially passed through.

我所指導的是，我們預計今年的整體利潤率將達到 20% 至 21%，與今年基本持平。您說的對，這些報告的利潤率包含了分銷和利息的影響。當我考慮分發時，有一個已公佈的利率變化已於 7 月生效，基本上已經通過了。

So that will be a drag to our reported margins. And on interest income, we're aligning our current forecast with the latest Fed dot plot, which is forecasting three more rate cuts in fiscal '26. So we would expect float income to come down as a result, though you know that it will be offset on the debt side with interest expense on our variable rate debt.

所以這會對我們報告的利潤率造成拖累。對於利息收入，我們將目前預測與最新的聯準會點陣圖保持一致，該圖預測 26 財年還將降息三次。因此，我們預計浮動收入將會下降，儘管你知道它將被債務方面的浮動利率債務的利息支出所抵消。

So yeah, excluding the impact of those two variables, we expect the underlying margin expansion will be over 50 basis points, which will allow us to fund our investments and deliver at the 8% to 12% earnings growth.

所以，是的，排除這兩個變數的影響，我們預計基礎利潤率擴張將超過 50 個基點，這將使我們能夠為我們的投資提供資金並實現 8% 至 12% 的獲利成長。

And just as a reminder, the interest, it is neutralized at the company level. So we think it's appropriate to give you those numbers as it excludes that because it turns up in operating income, but then is backed out at the EPS level.

需要提醒的是，利息在公司層級被中和了。因此，我們認為向您提供這些數字是合適的，因為它排除了這一點，因為它出現在營業收入中，但隨後在每股收益水平上被取消。

Yes, of course. Thank you.

是的當然。謝謝。

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Great, good morning guys, and thanks for taking the questions. I wanted to follow up on Puneet's question relating to backlog. I know it's down a little bit year-on-year. Obviously, the base is bigger heading into this year. I just want to see what the time line to potentially get that replenished and be a little higher? Or is there any concern about kind of exhausting the backlog as the year goes on? Just want to see what the pipeline is to kind of restore that and keep that moving higher versus kind of flat to down?

太好了，大家早安，謝謝你們回答問題。我想跟進 Puneet 有關積壓的問題。我知道與去年同期相比有所下降。顯然，今年的基礎會更大。我只是想看看什麼時候才能得到補充並且稍微提高一點？還是擔心隨著時間的推移積壓的工作會逐漸耗盡？只是想看看恢復這種狀況並保持其上升趨勢而不是持平或下降的管道是怎樣的？

Yeah. It's Tim, Kyle, thanks for the question. I don't think we really would call the backlog between this year and last year materially different. We completed a pretty large sale just at the very end of last year that pumped it up a little bit, and we've made that onboarding.

是的。我是提姆，凱爾，謝謝你的提問。我認為我們不會認為今年和去年的積壓訂單有實質的差異。我們在去年年底完成了一筆相當大的銷售，這給我們帶來了一些推動，我們已經開始了這項工作。

And so I think it wobbles around a little bit, but we think -- we really like 10% of recurring revenue, having that visibility, and it is something that just the visibility that we have with our recurring revenue model with -- we're looking to get, call it, 6% revenue from sales, and we have 10% that we know of really gives us confidence in our ability to deliver.

所以我認為它有點搖擺不定，但我們認為——我們真的喜歡 10% 的經常性收入，具有這種可見性，而這正是我們透過經常性收入模式所獲得的可見性——我們希望從銷售中獲得 6% 的收入，而我們知道有 10% 的收入確實讓我們對我們的交付能力充滿信心。

And we're expecting a strong sales year this coming year with a good guide, and we think that will keep things very much in balance.

我們預計，在良好的指引下，明年的銷售將會強勁，我們認為這將使情況保持平衡。

Great. That's super helpful. And then I guess just a follow-up. I appreciate the color you guys gave for the event-driven revenue and some of the seasonal expected impact in the first quarter. I know we have a tough comp there in the second quarter. I guess, are there any other seasonal items we should be mindful of for this year, either on the event-driven side or the business at whole besides those factors that you guys called out in the prepared remarks?

偉大的。這非常有幫助。然後我想這只是一個後續行動。我很欣賞你們對事件驅動收入和第一季一些季節性預期影響的描述。我知道我們在第二季面臨嚴峻的挑戰。我想，除了你們在準備好的評論中提到的那些因素之外，今年還有哪些其他季節性因素值得我們注意，無論是在事件驅動方面還是在整個業務方面？

You got it. I think the only specific item I would call out is event, right? You are aware of our strong comp with the proxy activity in Q2 last year. I would expect Q2 this year to have a grower impact. And we are expecting -- we are aware of a mutual fund proxy that's going to come through in Q1. That is baked into when I spoke about our EPS guidance for Q1 being at 12% to 15%, that higher event activity is essentially baked in there. Nothing else that's material that I would call out.

你明白了。我認為我唯一要指出的具體項目是事件，對嗎？您知道我們與去年第二季的代理活動有著強勁的競爭關係。我預計今年第二季將產生更大的影響。我們預計—我們知道共同基金代理將在第一季推出。當我談到第一季每股收益預期為 12% 至 15% 時，這一點已經考慮到了，更高的事件活動基本上已經考慮到了這一點。我沒有其他值得指出的重要內容。

Great. It's really helpful. Thanks, guys, and nice quarter.

偉大的。這真的很有幫助。謝謝大家，這是一個愉快的季度。

Patrick O'Shaughnessy with Raymond James. Please go ahead.

奧肖納西 (Patrick O'Shaughnessy) 和雷蒙德詹姆斯 (Raymond James)。請繼續。

Hey, good morning. I want to go back to the topic of the tokenization of equities. How do you think about the potential threat of disintermediation specifically if retail investors were to own tokens as opposed to underlying securities, do they participate in the proxy process at that point?

嘿，早安。我想回到股票代幣化的話題。您如何看待去中介化的潛在威脅，特別是如果散戶持有代幣而不是基礎證券，他們是否會參與代理流程？

Yeah, Patrick, thank you very much for the question. I think a couple of things. When you look at the sort of the range of asset classes likely to be impacted by tokenization, I would put equities sort of on the lower/later end of that as the overall equities infrastructure is really effective and highly scaled and cost effective. I think you are seeing sort of edge cases around 24/7 trading and things like that, but it's not really affecting sort of the broad, and I don't think really will, the broad breadth of equities.

是的，派崔克，非常感謝你的提問。我想到幾件事。當您查看可能受到代幣化影響的資產類別範圍時，我會將股票放在較低/較晚的一端，因為整體股票基礎設施確實有效、規模大且具有成本效益。我認為你會看到圍繞全天候交易和類似情況的一些極端情況，但它並沒有真正影響到廣泛的股票市場，而且我認為它也不會真正影響到廣泛的股票市場。

And then within that, as you know, Hester Peirce is one of the SEC commissioners is sort of leading this thinking for the SEC. And one of her clear statements is, first of all, there's this division between what's under the office of the SEC versus under the CFTC and equities are clearly under the SEC. And she's been very clear that tokenized securities are securities.

然後，正如你所知，海絲特·皮爾斯 (Hester Peirce) 是美國證券交易委員會 (SEC) 委員之一，她正在引領 SEC 的這一思考。她的一個明確聲明是，首先，證券交易委員會 (SEC) 辦公室和商品期貨交易委員會 (CFTC) 辦公室之間存在劃分，而股票顯然屬於證券交易委員會 (SEC)。她非常明確地表示，代幣化證券就是證券。

So all of the things that pertain to the underlying will pertain to the token. And that's -- they haven't sort of formalized that, but that's the direction of travel. And so it's not really something that -- we are seeing this as an opportunity to provide infrastructure on the GTO side and potentially disclosure on the ICS side around these new asset classes and do think that they won't sort of take away the disclosure from the existing asset classes.

因此，所有與底層相關的事物都將與代幣相關。這就是——他們還沒有正式確定這一點，但這就是旅行的方向。因此，這實際上並不是——我們將此視為一個機會，在 GTO 方面提供基礎設施，並在 ICS 方面圍繞這些新資產類別進行潛在披露，並且確實認為他們不會從現有資產類別中取消披露。

Got it. That's very helpful. And then how are you guys thinking about your debt profile going forward? You do have the senior notes that are coming due within the next year. Obviously, you have the floating rate debt as well. Kind of how are you thinking about managing the balance sheet going forward?

知道了。這非常有幫助。那麼你們對於未來的債務狀況有何看法？您確實有明年到期的優先票據。顯然，你也有浮動利率債務。您考慮如何管理未來的資產負債表？

Yes. So Patrick, we are happy with the level of debt that we have currently. We're -- like I said, we're sitting at 2x leverage, which is at the low end of our 2x to 2.5x range. So I would expect that we would roll forward that debt that's coming current.

是的。所以派崔克，我們對目前的債務水準感到滿意。正如我所說，我們的槓桿率為 2 倍，處於 2 倍至 2.5 倍範圍的低端。因此我希望我們能夠展期即將到期的債務。

Okay, great. Thank you.

好的，太好了。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。我想將會議交還給管理階層，請他們發表結束語。請繼續。

Thank you, operator. And I just want to thank everyone for joining our call today. We are really pleased to have delivered another strong year in fiscal '25. I hope you heard in our voices, our excitement about the path ahead as we execute on our strategy for our three franchises and as we transform into a platform company.

謝謝您，接線生。我只想感謝大家今天參加我們的電話會議。我們非常高興 25 財年又取得了強勁的業績。我希望你們能聽到我們的聲音，聽到我們對未來道路的興奮，因為我們正在執行我們的三個特許經營策略，並轉型為平台公司。

Thank you very much for your interest in Broadridge. We look forward to talking to you next time on what we hope will continue to be strong results as we go through the year. Thank you.

非常感謝您對 Broadridge 的關注。我們期待下次與您交談，希望我們在今年繼續取得強勁的成果。謝謝。

The conference is 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。