Broadridge Financial Solutions Inc (BR) 2026 Q1 法說會逐字稿

Good day, and welcome to Broadridge's fiscal first-quarter 202 earnings conference call. (Operator Instructions)

大家好，歡迎參加博德瑞公司202財年第一季財報電話會議。（操作說明）

Please note this event is being recorded. I would like now to turn the conference over to Mr. Edings Thibault, Head of Investor Relations. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給投資者關係主管艾丁斯‧蒂博先生。請繼續。

Thank you, Alan. Good morning, everybody, and welcome to Broadridge's first fiscal quarter 2026 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, Ashwin Ghei.

謝謝你，艾倫。各位早安，歡迎參加博德瑞公司2026財年第一季財報電話會議。我們的獲利報告和本次電話會議的幻燈片可在 broadridge.com 的投資者關係版塊找到。今天早上與我一起參加電話會議的有我們的執行長 Tim Gokey 和財務長 Ashwin 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. 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.

在將電話轉交給蒂姆之前，先提醒幾點。第一，我們將在今天的電話會議上就博德瑞公司發表一些涉及風險的前瞻性聲明。這些風險的摘要可以在投影片的第二頁找到，更完整的描述可以在我們的 10-K 表格年度報告中找到。第二，我們也會參考一些非GAAP指標，我們認為這些指標能讓投資人更全面地了解博德瑞的基本經營績效。有關這些非GAAP指標的解釋以及與可比較GAAP指標的調節表，請參閱獲利報告和簡報。

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

現在我把電話交給提姆‧戈基。提姆？

Thank you, Edings, and good morning. I'm pleased to be here to discuss our strong first-quarter results. With a positive economic backdrop, equity markets remain strong and the fixed income market is steady. Capital markets are healthy, and our financial services clients are benefiting. And last, we're operating against a pro-innovation regulatory backdrop. As a result, it should come as no surprise that Broadridge is off to a very good start to fiscal year 2026.

謝謝你，埃丁斯，早安。我很高興來到這裡與大家討論我們強勁的第一季業績。在良好的經濟環境下，股票市場保持強勁，固定收益市場保持穩定。資本市場運作健康，我們的金融服務客戶從中受益。最後，我們是在有利於創新的監管環境下開展工作的。因此，博德瑞在 2026 財年開局良好也就不足為奇了。

We delivered strong first-quarter results, and we're raising our recurring revenue outlook to the higher end of our 5% to 7% growth range. Our pipeline is growing as our clients look at how they can accelerate change across their businesses. And we're also investing in new governance solutions in expanding our tokenization capabilities and in making value-added acquisitions. With that backdrop, let's dig into the results, starting with the headlines.

我們第一季業績表現強勁，因此我們將經常性收入預期上調至 5% 至 7% 成長區間的上限。隨著客戶尋求加速企業變革的方法，我們的業務拓展管道也不斷成長。我們也正在投資新的治理解決方案，以擴展我們的代幣化能力，並進行增值收購。在這樣的背景下，讓我們深入分析結果，先來看看標題。

First, Broadridge delivered strong first-quarter results, including 8% recurring revenue growth constant currency and 51% growth in adjusted EPS. Second, we continue to execute on our strategy to democratize and digitize investing, simplify and innovate trading, and modernize wealth management. That execution is driving our results in the form of strong growth, continued product innovation, and a growing pipeline.

首先，博德瑞公佈了強勁的第一季業績，包括以固定匯率計算的經常性收入成長 8%，調整後每股盈餘成長 51%。其次，我們將繼續執行我們的策略，實現投資民主化和數位化，簡化和創新交易，以及實現財富管理的現代化。這種執行力正在推動我們的業績，表現為強勁的成長、持續的產品創新和不斷增長的產品線。

Third, we are using our investment-grade balance sheet and strong free cash flow to strengthen our business. Over the past year, we made a handful of small acquisitions to strengthen our ICS business. And of course, last year, we acquired SIS to accelerate our platform rollout in Canada. And in the last two quarters, we repurchased $250 million of our shares.

第三，我們利用我們投資等級的資產負債表和強勁的自由現金流來加強我們的業務。過去一年，我們進行了一些小型收購，以加強我們的ICS業務。當然，去年我們收購了 SIS，以加速我們在加拿大的平台推廣。在過去的兩個季度裡，我們回購了價值 2.5 億美元的股票。

Finally, we expect to deliver strong fiscal year 2026 results. With our positive start to the year, we now expect to be at the higher end of our 5% to 7% recurring revenue range, and we're reaffirming our guidance for 8% to 12% adjusted EPS growth and $290 million to $330 million of closed sales. That outlook also keeps us on track to deliver again on our top and bottom-line three-year growth objectives.

最後，我們預計2026財年將取得強勁的業績。由於今年開局良好，我們現在預計經常性收入增長率將達到 5% 至 7% 的較高水平，我們重申此前對調整後每股收益增長 8% 至 12% 以及已完成銷售額 2.9 億美元至 3.3 億美元的預期。這一前景也使我們能夠再次實現三年來的營收和利潤成長目標。

Let's move to the drivers of our strong start on slide 4. I'll start with our Governance business, where we continue to drive democratization and digitization and to deliver innovation. Governance revenues rose 5%, driven by revenue from sales and continued healthy position growth. Investor participation trends remain healthy across both equities and funds. At 2%, fund position growth was impacted by the timing and mix of communications in the quarter.

讓我們來看看第 4 張幻燈片中我們取得強勁開局的驅動因素。我先從我們的治理業務說起，我們將繼續推動民主化和數位化，並實現創新。受銷售收入和持續穩健的持股成長推動，治理收入成長了 5%。投資者參與股票和基金的趨勢依然良好。基金持股成長2%，受到本季溝通時機與方式的影響。

Looking through that noise, we continue to see fund positions growing in the mid-single digits, consistent with fiscal '25. Total equity position growth was 12%, driven by continued growth in managed accounts. For the first half of the year, we expect mid-teens position growth overall with high single-digit growth in revenue equity positions.

撇開這些幹擾因素，我們繼續看到基金持股以中等個位數的速度成長，與 2025 財年的情況一致。受管理帳戶持續成長的推動，總權益部位成長了 12%。今年上半年，我們預期整體持股成長將達到兩位數中段，其中營收權益持股將達到高個位數成長。

Five years ago, we began to talk about direct indexing, and we're now seeing it is driving growth in managed account positions. Today, we're beginning to see interest in tokenized equities which could create future sources of demand for new US equity positions.

五年前，我們開始討論直接指數化，現在我們看到它正在推動管理帳戶部位的成長。如今，我們開始看到人們對代幣化股票的興趣，這可能會為未來對新的美國股票部位創造需求來源。

Our speed of adoption is uncertain. The SEC has been clear that tokenized securities are still securities. That means they will need to incorporate all the complex features of corporate governance and corporate actions that regular equities do, and Broadridge is committed to making all that work.

我們的普及速度尚不確定。美國證券交易委員會已明確表示，代幣化證券仍是證券。這意味著它們需要像普通股票一樣，納入公司治理和公司行為的所有複雜特徵，而博德瑞致力於讓這一切發揮作用。

We will be there with disclosure and governance solutions for tokenized equities to ensure that there are no roadblocks to widespread adoption. It's too early to say how popular tokenized equities will become, but like direct indexing, we see them as another leg of democratization that will continue to drive physician growth over time.

我們將提供代幣化股權的資訊揭露和治理解決方案，以確保代幣化股權的廣泛應用不會遇到任何障礙。現在斷言代幣化股票會變得多麼受歡迎還為時過早，但與直接指數化一樣，我們認為它們是民主化的另一個舉措，並將繼續推動醫生行業的成長。

Beyond position growth, we're also benefiting from a quiet a significant shift in how asset managers and public companies are approaching shareholder engagement and proxy voting. Last quarter, we talked about how the growth of path of investing is forcing the largest asset managers to rethink how they grow.

除了持股成長之外，我們也受惠於資產管理公司和上市公司在股東參與和代理投票方式上發生的悄然而重大的轉變。上個季度，我們討論了投資路徑的成長如何迫使最大的資產管理公司重新思考他們的成長方式。

With a growing number of funds, nearly 400 at the end of fiscal '25, representing nearly $2 trillion in assets using Broadridge's voting choice solution to enable their shareholders to engage by expressing their voting preferences. Now, we're working with large asset and wealth managers to create an objective, a different approach to voting.

越來越多的基金（截至 2025 財年末已接近 400 只，資產規模近 2 兆美元）使用博德瑞的投票選擇解決方案，讓股東能夠透過表達投票偏好來參與其中。現在，我們正與大型資產和財富管理公司合作，制定一個客觀、不同的投票方式。

To be clear, we're a technology company, not a proxy adviser. Our solution which will be live with a select group of clients this proxy season, will meet an important market need by enabling clients to define and implement independent policies to complement ISS and Glass Lewis.

需要澄清的是，我們是一家科技公司，而不是代理顧問公司。我們的解決方案將在本代理季面向部分客戶推出，它將滿足重要的市場需求，使客戶能夠制定和實施獨立的政策，以補充 ISS 和 Glass Lewis 的政策。

In addition, we're also working with public companies to better engage retail shareholders by increasing the convenience of voting. This past quarter, we launched a pipe program with ExxonMobil to enable retail shareholders to provide standing voting instructions for annual meetings. Shareholders who opt in will continue to receive all the materials they do today, and they can change their vote at any time.

此外，我們也與上市公司合作，透過提高投票的便利性來更好地吸引散戶股東參與。上個季度，我們與埃克森美孚公司啟動了一項管道計劃，使零售股東能夠為年度股東大會提供常設投票指示。選擇加入的股東將繼續收到他們現在收到的所有資料，並且他們可以隨時更改他們的投票。

This approach makes it more convenient to both and has the potential to increase retail voting. It's a new and exciting front in shareholder engagement, and we're seeing significant interest from other public companies.

這種方法對雙方都更加方便，並且有可能增加零售投票。這是股東參與領域一個嶄新而令人興奮的方向，我們看到其他上市公司對此展現了濃厚的興趣。

Taken together, these innovations across passive funds, active institutional funds, and public companies are enabling a quiet revolution in shareholder engagement by leveraging Broadridge's technology to give Main Street investors a greater voice in the companies they own. That's great for our markets. We also completed two tuck-in acquisitions in the first quarter to strengthen our governance business. Signal is focused on digital client communications.

綜合來看，被動型基金、主動型機構基金和上市公司的這些創新正在悄然掀起一場股東參與的革命，透過利用博德里奇的技術，讓普通投資者在他們所擁有的公司中擁有更大的發言權。這對我們的市場來說是件好事。第一季度，我們也完成了兩項補充收購，以加強我們的治理業務。Signal專注於數位化客戶溝通。

It yields our customer communications business, a foothold in Europe and strengthens our global relationships with key financial services firms. iJoin as a retirement plan technology provider that will strengthen our Workplace and Retirement Solutions business. Both are great examples of how small strategic M&A can accelerate our product development. and deepen our product set.

此次收購將協助我們拓展客戶溝通業務，在歐洲站穩腳跟，並加強我們與全球主要金融服務公司的關係。 iJoin 作為退休計畫技術供應商，將進一步增強我們的工作場所和退休解決方案業務。這兩個例子都很好地說明了小型策略併購如何能夠加速我們的產品開發並豐富我們的產品組合。

Let's turn next to Capital Markets, where we are simplifying and innovating trading. Capital Markets revenues grew 6%, driven by a combination of new sales and higher trading volumes with a boost for tokenization, which I'll comment in a moment. The growth in new sales is being driven by a balanced mix across both front and back office solutions.

接下來我們來看看資本市場，我們將在這裡簡化和創新交易。資本市場收入成長了 6%，這得益於新銷售額和交易量的增加，以及代幣化的推動，我稍後會對此進行評論。新銷售額的成長得益於前台和後台解決方案的均衡組合。

In the front office, we're seeing strong demand for our connectivity solutions. And in the back office, we're seeing increased demand for solutions that help our clients simplify their global trading operations. We're also engaging clients in some of the market structure changes coming in calendar '26, namely the move to 22 by 5 trading of equities in the second half of '26 and to centralized clearing for treasuries at the end of '26. The good news is that the move to 23 by 5 trading will be seamless for Broadridge's clients, highlighting the benefit of a mutualized platform.

在前台部門，我們看到對我們的連接解決方案有著強勁的需求。在後台，我們看到對能夠幫助客戶簡化其全球貿易運營的解決方案的需求不斷增長。我們也正在與客戶探討 2026 年即將到來的一些市場結構變化，即 2026 年下半年股票交易改為 22 比 5 交易，以及 2026 年底國債集中清算。好消息是，對於博德瑞的客戶而言，過渡到 23 乘 5 交易將是無縫銜接的，這凸顯了共享平台的優勢。

As we move toward treasury clearing, that is accelerating demand for our DLR distributed ledger repo solution. In September, we processed over $300 billion in tokenized equity -- tokenized trades per day, up from $100 million per day six months ago. And we're clearly the leading at-scale platform.

隨著我們向國庫清算邁進，對我們 DLR 分散式帳本回購解決方案的需求正在加速成長。9 月份，我們處理了超過 3,000 億美元的代幣化股權——每天的代幣化交易量，而六個月前每天的交易量僅為 1 億美元。我們顯然是領先的大規模平台。

Next, regarding to real-time repo, which will make repos a trading and financing instrument and further sale volumes. While we started with repo, the platform is fully multi-asset, and we'll be going to other asset classes over the next 12 months. We'll also be incorporating stable coin as the cash rails for real-time transactions.

接下來，關於即時回購，這將使回購成為交易和融資工具，並進一步增加銷售量。雖然我們最初是從儲存庫開始的，但該平台是完全多資產的，在接下來的 12 個月裡，我們將擴展到其他資產類別。我們也將採用穩定幣作為即時交易的現金軌道。

More broadly, we see tokenization as a make a trend over the next 10 years. It's ideal for less liquid, harder-to-settle asset classes, and there could be real benefits in other areas of income, collateral, private credit, and alternative assets.

更廣泛地說，我們認為代幣化將在未來 10 年內成為一種趨勢。它非常適合流動性較差、結算難度較高的資產類別，並且在收入、抵押品、私人信貸和另類資產等其他領域也可能帶來真正的好處。

One of the avenues for tokenizes activity to grow is on the Canton Network, a public permission digital asset network designed specifically for financial services. As a result of our investment in digital asset holdings, and our work on DLR, we have been a super validator on the Canton Network since beginning of fiscal '25 for which we have earned Canton coins.

代幣化活動成長的途徑之一是在 Canton Network 上，這是一個專為金融服務設計的公共授權數位資產網路。由於我們對數位資產的投資以及我們在 DLR 上的工作，自 2025 財年開始以來，我們一直是 Canton Network 的超級驗證者，並因此獲得了 Canton 代幣。

In Q1, we recorded $4 million in recurring revenue from our super validator role. In addition, the coin holdings we earned previously have also gained materially in value, as Ashima will share in a moment.

第一季度，我們從超級驗證者角色中獲得了 400 萬美元的經常性收入。此外，我們先前獲得的代幣持有量也大幅增值，Ashima 稍後會詳細介紹。

We see the potential for the Canton Network to serve as the operating system for tokenized institutional markets, including DLR. To support this vision, an investor group led by DRW announced yesterday the formation of a Canton-focused digital asset treasury or DAT, which intends to invest in Canton client and create applications for the network. We are contributing a portion of our Canton coin holdings to take an 8% pro forma stake in that DAT, which will trade on the Nasdaq.

我們認為 Canton Network 有潛力成為代幣化機構市場（包括 DLR）的作業系統。為了支持這一願景，由 DRW 領導的投資集團昨天宣布成立一個專注於 Canton 的數位資產金庫（DAT），該金庫計劃投資 Canton 用戶端並為該網路創建應用程式。我們將拿出部分 Canton 代幣持有量，以持有該 DAT 8% 的股份（按形式計算），該 DAT 將在納斯達克交易。

This transaction is just one more indicator of the potential for our DLR and broader tokenization capability to create value as tokenized activity grows.

這筆交易再次表明，隨著代幣化活動的成長，我們的 DLR 和更廣泛的代幣化能力具有創造價值的潛力。

Moving to Wealth, where we're modernizing Wealth and Investment Management. Revenues grew 22% in the quarter, paced by solid organic growth and the acquisition of SIS. Fiscal '25 was a strong sales year for our wealth business with three significant platform sales. So I'm pleased to note that we're making good progress in onboarding these new clients and are on track to begin recognizing revenue at the end of fiscal 2016.

轉向財富管理，我們正在實現財富和投資管理的現代化。本季營收成長 22%，主要得益於穩健的內生成長和對 SIS 的收購。2025 財年是我們財富管理業務銷售強勁的一年，實現了三筆重要的平台銷售。我很高興地註意到，我們在引入這些新客戶方面取得了良好進展，並預計在 2016 財年末開始確認收入。

November 1 marked the one-year anniversary of the SIS acquisition, and I'm pleased with how it's driving value for our business and our clients. Over the past year, we've extended our relationship with key Canadian clients, and we're making strong progress in integrating SIS onto our wealth platform. More broadly, we continue to see a strong pipeline across our wealth business.

11 月 1 日是 SIS 收購一周年紀念日，我很高興看到它為我們的業務和客戶創造了價值。過去一年，我們加強了與加拿大重要客戶的關係，並在將 SIS 整合到我們的財富平台方面取得了顯著進展。更廣泛地說，我們的財富管理業務持續保持強勁的成長勢頭。

And finally, close sales. After a strong finish to the fiscal '25 year in June, we closed $33 million in Q1 sales. More importantly, our pipeline continues to strengthen, and we are on track to deliver on our full year guidance of $290 million to $330 million.

最後，完成銷售。在 6 月強勁結束了 2025 財年之後，我們第一季的銷售額達到了 3,300 萬美元。更重要的是，我們的專案儲備持續增強，我們預計將實現全年 2.9 億美元至 3.3 億美元的目標。

All this means that Broadridge is better positioned than ever. Tokenization is just one of the many innovations we are driving that are transforming our industry and setting the stage for long-term growth.

這一切都意味著博德瑞集團的處境比以往任何時候都更有利。代幣化只是我們正在推動的眾多創新之一，這些創新正在改變我們的產業，並為長期成長奠定基礎。

Let me close with final thoughts. First, Broadridge delivered strong first-quarter results. Second, our first-quarter performance is Broadridge on track to deliver another strong year, including recurring revenue at the higher end of our 5% to 7% range and 8% to 12% adjusted EPS growth. We're also deploying capital to drive value.

最後，我想分享一些想法。首先，博德瑞公司公佈了強勁的第一季業績。其次，根據我們第一季的業績，博德瑞預計將實現另一個強勁的年度，包括經常性收入達到我們 5% 至 7% 範圍的較高水平，以及調整後每股收益增長 8% 至 12%。我們也在投入資金來創造價值。

Third, our results are being driven by the execution of our long-term growth strategy. We're driving to democratization and digitization of Governance by delivering new voting solutions that put Main Street investors front and center. We're simplifying and innovating in Capital Markets across both the front and back office, and we're modernizing Wealth Management by delivering platform capabilities for clients in both the US and Canada.

第三，我們的業績是由我們長期成長策略的執行所驅動的。我們正在推動治理的民主化和數位化，提供新的投票解決方案，將普通投資者置於中心位置。我們正在簡化和創新資本市場的前台和後台流程，並透過為美國和加拿大的客戶提供平台功能，實現財富管理的現代化。

Fourth, we're positioned to benefit from the growth of digital assets and the trend towards tokenization. A combination of a pro-innovation regulatory backdrop and accelerating technology change is putting digital assets and tokenization front and center as a new mega trend in financial services that creates significant opportunity for Broadridge.

第四，我們已做好充分準備，從數位資產的成長和代幣化的趨勢中受益。有利於創新的監管環境與加速的技術變革相結合，使數位資產和代幣化成為金融服務領域新的超級趨勢，為博德瑞創造了巨大的機會。

Across our businesses, Broadridge is well positioned. Tokenization is the next wave of democratization to drive equity position growth, and our early start makes us the leader in supporting the technology behind tokenized assets trading.

在各個業務領域，博德瑞都處於有利地位。代幣化是推動股權成長的下一波民主化浪潮，而我們搶佔先機，成為支持代幣化資產交易背後技術的領導者。

And finally, Broadridge is well positioned to deliver on its three-year financial objectives and beyond. This will be the fifth consecutive three-year period in which we've met our goals and the opportunity going forward is even larger.

最後，博德瑞公司完全有能力實現其三年財務目標，甚至更長遠的目標。這將是我們連續第五個三年期達成目標，未來的機會更大。

Before I turn it over to Ashima, I want to thank our associates around the world. Their focus on serving clients and driving change is how we add value to our clients and our industry every day. and is making a real difference in the financial lives of millions. Ashima?

在將發言權交給阿希瑪之前，我想感謝我們在世界各地的同事們。他們專注於服務客戶和推動變革，這正是我們每天為客戶和產業創造價值的方式，也正在實際改善數百萬人的財務生活。阿希瑪？

Thanks, Tim. Good morning. It's great to be here today to share our Q1 results. Before I begin my review, I want to make five key callouts. First, Broadridge is off to a strong start to fiscal '26 with strong recurring revenue and adjusted EPS growth. Second, event-driven revenue. We reported $114 million of event-driven revenues in Q1, well above the long-term average, driven in part by a proxy election at a major mutual fund complex.

謝謝你，提姆。早安.今天很高興能在這裡與大家分享我們第一季的業績。在開始我的評測之前，我想先提出五點關鍵要點。首先，博德瑞在 2026 財年開局強勁，經常性收入和調整後每股收益均實現強勁增長。其次，事件驅動型收入。第一季度，我們報告了 1.14 億美元的事件驅動型收入，遠高於長期平均水平，部分原因是某大型共同基金集團的代理選舉。

Third, we are deploying capital to drive shareholder returns. During the first quarter, we completed two tuck-in M&A deals for a total of $56 million and repurchased $150 million of our shares. Fourth, we continue to expect to deliver strong fiscal '26 results. We are now raising our recurring revenue growth outlook to the higher end of our 5% to 7% guidance range. We are also reaffirming our guidance for 8% to 12% adjusted EPS growth and close sales of $290 million to $330 million.

第三，我們正在部署資本以推動股東回報。第一季度，我們完成了兩筆總額為 5,600 萬美元的補充併購交易，並回購了價值 1.5 億美元的股票。第四，我們仍預期 2026 財年將有強勁的業績。我們現在將經常性收入成長預期上調至 5% 至 7% 指導範圍的上限。我們也重申了先前對調整後每股收益成長 8% 至 12% 以及銷售額 2.9 億美元至 3.3 億美元的預期。

And one final call out, digital asset revenues and mark-to-market gains. As Tim referenced, Broadridge recognized $4 million of digital asset revenues related to our work as a super validator on the Canton Network. While we have been earning coins for the service over the last year, they had de minimis value. Now as these points have increased in value, they are not only contributing to revenue, their value is also being recognized on our balance sheet.

最後再提一下數位資產收入和市值收益。正如 Tim 所提到的，Broadridge 確認了與我們在 Canton Network 上作為超級驗證者的工作相關的 400 萬美元數位資產收入。雖然過去一年我們透過這項服務賺取了一些代幣，但它們的價值微乎其微。現在，隨著這些積分價值的提升，它們不僅為公司帶來收入，其價值也在我們的資產負債表上得到了體現。

As a result, we recorded a $46 million unrealized gain on the value of the 1.7 billion coins we held at the end of the quarter. That gain was excluded from our calculation of adjusted EPS.

因此，截至本季末，我們持有的 17 億枚代幣的價值產生了 4,600 萬美元的未實現收益。該收益已從我們計算調整後每股收益中剔除。

With that, let's go to the numbers on slide 6. Recurring revenues grew 8% on a constant currency basis, including 5% organic growth. Adjusted operating income margin expanded by 280 basis points to 15.8%. Adjusted EPS grew 51% to $1.51, driven by strong event revenue and closed sales were $33 million.

接下來，我們來看第 6 張投影片上的數字。以固定匯率計算，經常性收入成長了 8%，其中有機成長為 5%。經調整後的營業利益率成長了 280 個基點，達到 15.8%。經調整後的每股盈餘成長 51% 至 1.51 美元，主要得益於強勁的活動收入和 3,300 萬美元的成交額。

Let's move to slide 7 to discuss our segment recurring revenue, starting with our ICS or Governance segment. ICS recurring revenues rose 5% to $518 million. including a 1 point benefit from acquisitions and a 1 point headwind from lower interest rates. As a reminder, the earnings impact of lower interest rates is functionally hedged by lower interest expense on available rate debt.

讓我們轉到第 7 張投影片，討論我們的細分市場經常性收入，首先從我們的 ICS 或治理細分市場開始。ICS 經常性營收成長 5% 至 5.18 億美元，其中包括收購帶來的 1 個百分點的成長和利率下降帶來的 1 個百分點的負面影響。需要提醒的是，利率下降對收益的影響實際上可以透過降低可用利率債務的利息支出來抵消。

Regulatory revenues rose 4% in Q1, driven by 7% growth in equity revenue positions and 2% growth in fund positions. Regulatory revenues were partially impacted by a shift in fund communications from September to October, which lowered Q1 regulatory growth by 2 points.

第一季監管收入成長 4%，其中股票收入成長 7%，基金收入成長 2%。監管收入部分受到基金溝通從 9 月轉移到 10 月的影響，導致第一季監管成長下降了 2 個百分點。

Data-driven fund solutions revenue grew 2% as a three-point headwind from lower interest rates partially offset strong growth in our Retirement and Worklist Solutions revenue. We also completed the acquisition of iJoin in mid-September, which had only a modest impact on growth in the quarter. We expect to see data-driven fund revenue growth accelerate in the second half of the year.

數據驅動型基金解決方案收入成長了 2%，但利率下調帶來的 3 個百分點的不利影響部分抵消了退休和工作清單解決方案收入的強勁增長。我們在 9 月中旬完成了對 iJoin 的收購，但這對本季的成長影響不大。我們預計下半年數據驅動型基金的營收成長將加速。

Issuer revenues grew 6%, driven by strong growth in both our disclosure solutions and our shareholder engagement solutions. Customer communications revenues grew 8% and driven by organic growth in digital and print revenues and the addition of signal.

發行人收入成長了 6%，這主要得益於我們的資訊揭露解決方案和股東互動解決方案的強勁成長。客戶通訊收入成長了 8%，這主要得益於數位和印刷收入的自然增長以及訊號業務的增加。

For the year, we expect ICS recurring revenue at the high end of our 5% to 7% total recurring revenue guidance, including a modest benefit from the iJoin and Signal acquisitions and the continued drag from lower interest rates.

今年，我們預計 ICS 經常性收入將達到我們 5% 至 7% 總經常性收入預期的高端，其中包括 iJoin 和 Signal 收購帶來的適度收益以及低利率持續帶來的拖累。

Turning to GTO. Revenues grew 12% in Q1, including 6% organic. Capital Markets revenues grew 6% and driven by the growth in our global post rate solutions, which benefited from high trading volumes and by the recognition of digital asset revenues, which together more than offset a point of losses related to the business exit that we discussed last quarter.

轉向GTO。第一季營收成長12%，其中有機成長6%。資本市場收入成長了 6%，這主要得益於我們全球郵政費率解決方案的成長，該解決方案受益於高交易量和數位資產收入的確認，這兩項增長加起來足以抵消我們上個季度討論的業務退出造成的損失。

Digital asset revenues contributed $4 million or 1 point to the growth of our capital markets business in the first quarter. With the recent increases in coin value, we expect these digital asset revenues to contribute approximately 1 point to capital markets growth in fiscal '26. Taken together with our growing revenues from distributed ledger repo platform, it's exciting to see our tokenization efforts starting to drive a small but real revenue contribution to our Capital Markets business.

第一季度，數位資產收入為我們資本市場業務的成長貢獻了 400 萬美元，即 1 個百分點。隨著近期加密貨幣價值的上漲，我們預期這些數位資產收入將在 2026 財年為資本市場成長貢獻約 1 個百分點。結合我們從分散式帳本儲存庫平台獲得的收入不斷增長，我們很高興地看到，我們的代幣化努力開始為我們的資本市場業務帶來雖小但真實的收入貢獻。

Wealth and Investment Management revenues grew 22%, driven by 5% organic growth and the impact of the SIS acquisition. As a reminder, we closed the FIS deal on November 1, '24, and that revenue will be reported as organic for the last two months of our second quarter and in the second half of the year. For the year, we continue to expect GTO recurring revenue growth within our 5% to 7% guidance range with higher growth in Wealth.

財富與投資管理收入成長了 22%，其中 5% 為內生成長，SIS 收購的影響也推動了這一成長。提醒一下，我們於 2024 年 11 月 1 日完成了對 FIS 的收購，該筆收入將作為第二季最後兩個月和下半年的自然成長進行報告。今年，我們繼續預期 GTO 經常性收入成長將保持在 5% 至 7% 的指導範圍內，其中財富管理業務的成長將更高。

Now let's move to slide 8 to review our key volume indicators. We continue to see healthy growth in investor participation across both equities and funds. Equity position growth was 12%, including 7% growth in revenue positions. Looking ahead, our testing showed mid-teens total position growth in Q2. Full-year testing is showing low double-digit growth. which would imply revenue position growth in the mid to high single-digit range.

現在讓我們翻到第 8 張投影片，回顧一下我們的關鍵成交量指標。我們看到，無論是股票還是基金，投資人參與度都持續保持健康成長。股權頭寸增長了 12%，其中收入頭寸增長了 7%。展望未來，我們的測試顯示，第二季總職位數量將增加十幾個百分點。全年測試結果顯示成長率為兩位數偏低，這意味著營收成長率將達到個位數中高段。

Q1 fund position growth of 2% was impacted by the timing of fund communications in the quarter. Our testing continues to indicate mid-single-digit position growth for both the first half and the full year. In GTO, trade volumes rose 17% for the quarter. driven by double-digit growth in both equity and fixed income volumes.

第一季基金持股成長2%，受到本季基金溝通時間的影響。我們的測試結果持續表明，上半年和全年職位成長率將達到中等個位數。GTO業務季度交易量成長17%，主要得益於股票和固定收益交易量均達到兩位數成長。

I'll wrap up my discussion of recurring revenue growth on slide 9. In Q1, recurring revenue growth constant currency was 8%, primarily driven by 5 points of organic growth. Revenue from closed sales remains the biggest driver of our organic growth at 5 points as we onboarded revenues from our $430 million fiscal '25 year-end backlog. Our retention rate was 98% for the quarter.

我將在第九張投影片上結束關於經常性收入成長的討論。第一季度，以固定匯率計算的經常性收入成長了 8%，主要得益於 5 個百分點的內生成長。已完成銷售的收入仍然是我們有機成長的最大驅動力，成長了 5 個百分點，因為我們獲得了 2025 財年末 4.3 億美元的積壓訂單的收入。本季我們的客戶留存率為 98%。

Internal growth contributed 2 points, primarily driven by higher trade volumes and digital asset revenues. Acquisitions, primarily FIS contribute 3 points to growth. And finally, changes in FX contributed 1 point.

內部成長貢獻了 2 個百分點，主要得益於更高的交易量和數位資產收入。收購，尤其是對 FIS 的收購，為成長貢獻了 3 個百分點。最後，匯率變動貢獻了 1 分。

Let's close our discussion of revenues on slide 10. Total revenue increased 12% to $1.6 billion, driven by 5 points of growth from recurring revenue. Higher event-driven revenue drove 4 points of growth. Q1 '26 revenues of $114 million were our second highest quarter ever. The biggest driver of event-driven revenue in the quarter was Board elections at a major mutual fund complex.

讓我們在第 10 張投影片上結束關於收入的討論。總營收成長 12% 至 16 億美元，其中經常性收入成長 5 個百分點。活動帶來的營收成長推動了4個百分點的成長。2026 年第一季營收為 1.14 億美元，是我們有史以來第二高的季度營收。本季事件驅動型收入的最大驅動因素是一家大型共同基金公司的董事會選舉。

This fund company had its last proxy event in the first quarter of fiscal 2019. In the seven years since that event, the number of positions grew approximately 30%, highlighting the long-term growth drivers propelling event-driven revenues.

這家基金公司上一次進行代理權投票是在 2019 財年第一季。自那件事發生以來的七年裡，職位數量增加了約 30%，凸顯了推動事件驅動型收入成長的長期成長動力。

Looking ahead, we expect event-driven revenues to return to historic average levels. of $50 million to $60 million per quarter for the balance of fiscal '26. Low to no margin distribution revenues grew 8%, primarily driven by higher postage rates, and contributed 3 points to total revenue growth.

展望未來，我們預計在2026財年剩餘時間內，事件驅動型收入將恢復到歷史平均水平，即每季5,000萬美元至6,000萬美元。利潤率低或無利潤的分銷收入成長了 8%，主要原因是郵資上漲，為總收入成長貢獻了 3 個百分點。

Turning now to margins on slide 11. Adjusted operating income margin was 15.8%, an increase of 280 basis points from Q1 '25. This growth was driven by higher event-driven revenue and operating leverage from our scale business, partially offset by our ongoing reinvestments. The net impact of lower interest rates and higher distribution revenues reduced AOI margins by 30 basis points.

現在就來看看第 11 張投影片的頁邊距。經調整後的營業利潤率為 15.8%，比 2025 年第一季成長了 280 個基點。這一成長主要得益於更高的事件驅動型收入和規模化業務帶來的營運槓桿效應，但部分被我們持續的再投資所抵消。利率下降和分銷收入增加的淨影響使 AOI 利潤率下降了 30 個基點。

Let's move on to earnings on slide 12. Q1 adjusted EPS grew 51% to $1.51, driven by higher event-driven revenue. Interest expense was $24 million in the quarter, a decrease of $8 million from Q1 '25 driven by a combination of lower balances and lower rates.

接下來我們來看第 12 張投影片中的收益狀況。第一季調整後每股收益成長 51% 至 1.51 美元，主要得益於活動驅動型營收的成長。本季利息支出為 2,400 萬美元，比 2025 年第一季減少了 800 萬美元，原因是餘額減少和利率降低。

As I noted in my call out, Broadridge recorded a $46 million unrealized gain driven by the increase in the value of our digital asset holdings in the quarter. That non-cash gain was reported in other non-operating income and was excluded from our calculation of adjusted EPS.

正如我在報告中提到的，由於本季我們數位資產持有量的價值增加，博德瑞錄得了 4,600 萬美元的未實現收益。此非現金收益計入其他非經營性收入，並未計入我們調整後每股收益的計算中。

Given the volatile nature of digital asset values, we expect to continue to record gains and losses as we mark these digital assets to market every quarter.

鑑於數位資產價值的波動性，我們預計每季按市值計價這些數位資產時，都會繼續記錄收益和損失。

Let's turn to sales now on slide 13. Broadridge reported closed sales of $33 million, driven by sales of our governance solutions. Looking ahead, our pipeline remains strong, and we are reaffirming our guidance for full year closed sales of $290 million to $330 million.

現在讓我們來看看第 13 頁的銷售部分。Broadridge公佈的銷售額為3,300萬美元，主要得益於公司治理解決方案的銷售。展望未來，我們的銷售管道依然強勁，我們重申全年銷售額預期為 2.9 億美元至 3.3 億美元。

Turning to our cash flows on slide 14. Broadridge generated free cash flow of $13 million in the first quarter. Our strong cash performance was driven by higher earnings and working capital management, and we remain on track to deliver free cash flow conversion of over 100% in fiscal '26.

接下來我們來看第 14 頁的現金流量。Broadridge第一季產生了1300萬美元的自由現金流。我們強勁的現金流表現得益於更高的獲利和營運資本管理，我們仍有望在 2026 財年實現超過 100% 的自由現金流轉換率。

Turning next to capital allocation on slide 15. We continue to take a balanced approach to capital allocation. In Q1, we invested $30 million in capital spending and software spend with an additional $7 million to onboard clients onto our solutions.

接下來請看第15頁關於資本配置的內容。我們繼續採取平衡的資本配置方式。第一季度，我們投資了 3000 萬美元用於資本支出和軟體支出，另投資 700 萬美元引導客戶使用我們的解決方案。

We deployed $56 million during the quarter on two tuck-in acquisitions to strengthen our governance franchise. In addition, we continue to expect our previously announced acquisition of Acolin to close at calendar year-end, pending approval by German regulatory authorities.

本季我們投入 5,600 萬美元進行兩項補充收購，以加強我們的治理體系。此外，我們仍然預計先前宣布的對 Acolin 的收購將在年底前完成，但需獲得德國監管機構的批准。

During the quarter, we also repurchased $150 million in Broadridge shares and returned an additional $103 million to shareholders via our quarterly dividend. And yesterday, we entered into an agreement to use approximately $340 million of our Canton coin holdings as part of a pipe offering in [Par'Immune, Inc.], a Nasdaq-listed company with the ticker THAR that intends to execute a digital asset treasury strategy for Canton coins.

本季度，我們還回購了價值 1.5 億美元的博德里奇股票，並透過季度股息向股東額外返還了 1.03 億美元。昨天，我們達成協議，將我們持有的約 3.4 億美元的 Canton 幣作為 [Par'Immune, Inc.] 的管道發行的一部分。 Par'Immune, Inc. 是一家在納斯達克上市的公司，股票代碼為 THAR，該公司計劃為 Canton 幣執行數位資產國庫策略。

When the deal closes later this week, we anticipate holding warrants for 8% of the publicly traded vehicle. Let's start to wrap by reviewing our fiscal 2016 guidance on slide 16. As I said in my call outs, Broadridge is on track to deliver strong fiscal 2016 results. Given our strong start to the year and the incremental revenue from our Signal and iJoin acquisitions, we now expect fiscal '26 recurring revenue growth, constant currency, to be at the higher end of our 5% to 7% guidance.

預計本週稍後交易完成後，我們將持有這家上市公司的 8% 股份的認股權證。讓我們從第 16 頁投影片上的 2016 財年業績指引開始總結。正如我在報告中所說，博德瑞預計在 2016 財年取得強勁的業績。鑑於我們今年的強勁開局以及收購 Signal 和 iJoin 帶來的增量收入，我們現在預計 2026 財年經常性收入增長（按固定匯率計算）將達到我們 5% 至 7% 指導方針的較高水平。

We continue to expect adjusted operating income margin of between 20% to 21%, adjusted EPS growth of 8% to 12% and $290 million to $330 million in closed sales. Additionally, I will highlight that we are expecting a more normalized level of event-driven revenue in the second quarter of 26% compared to last year's record $125 million.

我們繼續預期調整後的營業利潤率在 20% 至 21% 之間，調整後的每股盈餘將成長 8% 至 12%，已完成銷售額為 2.9 億美元至 3.3 億美元。此外，我還要強調，我們預計第二季由事件驅動的收入將恢復到較正常的水平，比去年創紀錄的 1.25 億美元成長 26%。

As a result, we expect 2Q adjusted EPS to be approximately 13% to 15% of our full year outlook. I'll wrap by summarizing my key points. Broadridge is off to a strong start to the year, and the combination of strong performance and recent acquisitions has us incrementally more confident in growth in recurring revenues. We are deploying capital to boost growth and shareholder returns.

因此，我們預計第二季調整後每股盈餘將達到全年預期的 13% 至 15%。最後，我將總結我的要點。Broadridge 今年開局強勁，強勁的業績和近期的收購讓我們對經常性收入的成長更有信心。我們正在投入資金以促進成長和股東回報。

And last, we remain very much on track to deliver another strong year of recurring revenue and adjusted EPS growth in fiscal '26 and deliver again on our top and bottom-line three-year objectives.

最後，我們仍然很有希望在 2026 財年實現另一個強勁的經常性收入和調整後每股收益成長，並再次實現我們三年來的營收和利潤目標。

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

接下來，我們進入問答環節。

(Operator Instructions) James Faucette, Morgan Stanley.

（操作說明）詹姆斯·福塞特，摩根士丹利。

It's [Michael Fontan] for James. I just wanted to ask on the recurring revenue outlook tracking towards the high end of the range versus the reiteration on the EPS front. I recognize that we're going to see a reversion of some of the event-driven revenue strength in the quarter. But can you just walk through some of the puts and takes as to why EPS wouldn't similarly track towards the high end of the range, just given the high incremental margin nature of that event-driven revenue you saw in the quarter?

是[邁克爾·方丹]給詹姆斯的。我只是想問一下，經常性收入預期是否接近預期範圍的高端，以及每股盈餘預期是否保持不變。我意識到，本季我們將看到一些由事件驅動的營收成長動能減弱。但是，鑑於本季事件驅動型營收的高增量利潤率，您能否解釋為什麼每股盈餘不會同樣接近區間的高端？

Absolutely. Thanks, Michael. I'll take that. You're right. We're off to a strong start of the year. And as a result, we raised our guidance for recurring revenue to the higher end of the 5% to 7% range.

絕對地。謝謝你，麥可。我接受。你說得對。今年開局強勁。因此，我們將經常性收入預期上調至 5% 至 7% 區間的較高水準。

The biggest driver of the revenue upside is the acquisitions that we are seeing from iJoin and Signal that we announced earlier this year, which are more than offsetting the additional rate cuts that we are seeing in the year. I will say beyond that, we are seeing strength in our underlying business. Revenue from sales from converting our $430 million backlog is continuing to deliver consistent results and fuel our growth.

營收成長的最大驅動力是我們今年稍早宣布的 iJoin 和 Signal 的收購，這些收購帶來的收益遠遠超過了今年額外的降價幅度。除此之外，我想說的是，我們的基本業務也表現強勁。4.3億美元積壓訂單的轉換帶來的銷售收入持續穩定成長，並推動了我們的發展。

Position growth is another important factor for us, and we are growing increasingly confident about the mid-teens growth that we are expecting for equities in Q2 and mid to high single-digit revenue growth for the full year.

部位成長是我們另一個重要的考量因素，我們越來越有信心，預計第二季股票將實現兩位數中段的成長，全年營收將實現中高個位數的成長。

Fund position and revenue growth also continues at mid-single digit. And we've seen a bit more upside from the digital asset revenues driven by increase in market value relative to the standpoint of the year. And specifically, in Q1, as you noted, we also saw the impact of event, which we were expecting given the large mutual fund proxy that was planned in Q1.

基金規模和收入成長也持續維持中等個位數水準。與今年同期相比，由於市場價值的成長，數位資產收入也出現了更大的成長。具體來說，正如您所指出的，在第一季度，我們也看到了事件的影響，考慮到第一季度計劃進行的大規模共同基金代理，這是我們預料之中的。

All in all, all of this gets us to a super strong start to the year, which enables us to invest in our business while we continue to drive towards our 8% to 12% adjusted EPS growth.

總而言之，這一切都讓我們在新的一年裡取得了非常強勁的開局，使我們能夠在繼續朝著 8% 至 12% 的調整後每股收益增長目標邁進的同時，投資於我們的業務。

I'm just going to add on to that a little bit because it's pretty early in the year for us to think about the translation of an incremental margin, if I can talk, into earnings. And I just note this is a time of great opportunity in the industry for us and for our clients.

我只想補充一點，因為現在距離年底還早，我們還不宜考慮如何將利潤率的提升轉化為收益。我只想指出，對我們和我們的客戶來說，現在是業界一個充滿機會的時期。

And we're really pleased that we're in a position to be both investing and delivering on our commitments. And I do want to focus you on four key areas that we're investing in now, tokenization, digital assets, shareholder engagement -- digital communications, AI, and platform.

我們非常高興能夠既進行投資又履行我們的承諾。我想重點介紹我們目前正在投資的四個關鍵領域：代幣化、數位資產、股東參與——數位通訊、人工智慧和平台。

And each of these are areas where we have a strong right to win and can bring real value to our clients by helping them really drive innovation. And so it's just -- it's early in the year to think about the balance of investment and earnings delivery. And so really staying with our guidance is the right call right now.

在這些領域，我們都有充分的理由取得成功，並且可以透過幫助客戶真正推動創新，為客戶帶來真正的價值。所以現在才年初，考慮投資和獲利之間的平衡還為時過早。所以，現在真正該做的就是聽從我們的指導。

That's helpful. And then maybe just a quick housekeeping one on Canton. I recognize you're using those funds or those holdings to participate in the pipe. But maybe after contemplating that transaction, do you intend to convert some of those holdings to cash, if at all, to sort of mitigate some of the GAAP volatility? And if so, like how should we think about maybe like a theoretical 10% change in Canton coin and the impact on GAAP EPS.

那很有幫助。然後或許可以簡單介紹一下廣州的情況。我知道你正在利用這些資金或這些資產參與管道交易。但或許在考慮了這筆交易之後，您是否打算將部分持股轉換為現金，以減輕 GAAP 波動的影響？如果是這樣，我們應該如何看待廣州硬幣理論上10%的變化以及對GAAP EPS的影響？

Yeah, I'll take that. Just at a very high level. I do think there's -- we're going to see some GAAP volatility. That's why we're certainly going to adjust this. We do think this is going to be a pretty volatile asset. And is probably something we'd prefer to have off on the side. I think the core thing here is we're an operating company, not an investment company.

好的，我接受。只是水平非常高而已。我認為確實會出現一些GAAP波動。所以，我們肯定會對此進行調整。我們認為這將是一種波動性相當大的資產。而且這可能是我們更願意放在一旁單獨享用的東西。我認為問題的關鍵在於我們是一家營運公司，而不是一家投資公司。

And so I think you should expect to see us liquidate these holdings over time. There are reasons because a lot of the momentum in the network and the potential for the network to become really the rails for institutional financial transactions that the corn could become a lot more valuable over time. So I think this will be something that you'll see us evolve over probably a few years.

因此，我認為你們應該會預期我們會隨著時間的推移清算這些持股。原因在於，由於該網路的強大勢頭以及其成為機構金融交易真正軌道的潛力，玉米的價值可能會隨著時間的推移而大幅提升。所以我認為這將會是我們未來幾年不斷發展演變的過程。

Yeah. The only thing I'll add is, remember, in terms of the revenue, at least, I called out that we expect this to be about 1 point of impact to our Capital Markets business. So in the larger scale, I wouldn't expect the value to have a significant impact to Broadridge revenues.

是的。我唯一要補充的是，請記住，至少就收入而言，我曾指出，我們預計這將對我們的資本市場業務產生約 1 個百分點的影響。因此，從更宏觀的角度來看，我不認為這筆交易的價值會對博德瑞的收入產生重大影響。

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

I wanted to talk a little bit on sales cycles and kind of what you guys are seeing, particularly if there's been any impact from the government shutdown, obviously, at least some things in capital markets and things have been hit snags a little bit. But I guess, have you guys seen any impact to getting deals across finish line or client conversations that might have kind of slowed down in the last month plus?

我想稍微談談銷售週期以及你們目前看到的情況，特別是政府停擺是否產生了任何影響，顯然，至少資本市場的一些方面受到了一些阻礙。但我想問大家，在過去一個月多的時間裡，你們有沒有註意到成交速度或客戶洽談有所放緩？

Yeah. Kyle, thanks. It's Tim. And first of all, I think we are really pleased with the strong close we had to fiscal '25, and we're still on our guidance for this year. Specifically to your question, I think the selling environment that we're seeing is pretty stable.

是的。凱爾，謝謝。是蒂姆。首先，我認為我們對 2025 財年強勁的收官表現非常滿意，我們仍然堅持今年的業績預期。具體來說，針對你的問題，我認為我們目前看到的銷售環境相當穩定。

It is -- we haven't seen any slowdown in conversations because of the government shutdown. Now I think many of our conversations are -- they have a sales cycle that's really outside the window of whether a few weeks makes a difference unless we're coming right up on the end of the year, like we talked about last spring.

確實如此——由於政府停擺，我們並沒有看到對話減少。現在我認為我們很多對話都是——他們的銷售週期實際上超出了幾週時間是否會產生影響的範疇，除非我們快到年底了，就像我們去年春天討論的那樣。

So I think it's really -- we're not seeing any change. It's pretty early in the year in terms of doing anything other than confirming our guidance. And all that said, I think the market remains strong. The conversations we're having with our clients are pretty exciting around strategic topics in digital communications and shareholder engagement in platform, among others.

所以我覺得確實——我們並沒有看到任何改變。現在距離年底還早，除了確認我們的指導意見之外，做任何事情都為時過早。綜上所述，我認為市場依然強勁。我們與客戶就數位通訊和平台股東參與等策略議題進行的對話非常精彩。

And the conversations that I'm having with clients are really very much more on the transformational side, which I think is a testament to the investments that we've made. So we have a lot of confidence going forward is grounded in those conversations are grounded in our pipeline, which remains healthy and has actually grown since the beginning of the year.

我與客戶的對話更著重於變革方面，我認為這證明了我們所做投資的成效。因此，我們對未來充滿信心，這種信心源於這些對話，也源於我們健康的業務管道，而且自年初以來，我們的業務管道實際上有所增長。

Great. That's really helpful. And then maybe just a follow-up, broadly, kind of your thoughts on how digital assets and tokenization fits within. Broadridge, obviously, several moving pieces, you guys are starting to get some revenue from that. You made the investment. But I guess, how should we think about how digital assets kind of should continue to evolve? And how -- what role do you see that playing in your business, both in the near and long term here?

偉大的。這真的很有幫助。然後，或許可以就數位資產和代幣化如何融入其中，做一個更廣泛的後續討論。顯然，博德里奇涉及多個方面，你們已經開始從中獲得一些收入了。你進行了投資。但我想，我們該如何看待數位資產的持續發展呢？那麼，您認為這會在您的業務中發揮怎樣的作用——無論從短期還是長期來看？

Yes, thank you for that. I think we see digital assets and tokenization is a megatrend for the next 10 years and is a real opportunity for Broadridge and the industry. And our strategy is to drive tokenization across the asset class where we have deep expertise and where we think the asset class will benefit the most. And that certainly includes fixed income, repos, collateral.

是的，謝謝你。我認為，數位資產和代幣化是未來 10 年的超級趨勢，也是博德瑞和整個產業的真正機會。我們的策略是在我們擁有深厚專業知識且我們認為最能從中受益的資產類別中推動代幣化。當然，這其中也包括固定收益、回購協議和抵押品。

Longer term, tokenized equities, we think can be part of the next wave of democratization that drives demand for US equities and contributes to long-term position growth. And then sort of as a double-click within that, we think the Canton Network is has the potential early days, but potential to become an operating system that makes a lot of that more possible. So I think as you look across our businesses, you're seeing the continued progress on distributed ledger repo in capital markets.

從長遠來看，我們認為代幣化股票可以成為下一波民主化浪潮的一部分，從而推動對美國股票的需求，並有助於長期持股成長。然後，就像雙擊一樣，我們認為 Canton Network 雖然還處於早期階段，但有潛力成為一個作業系統，使很多事情成為可能。所以，我認為當你縱觀我們的各項業務時，你會發現分散式帳本技術在資本市場中持續取得進展。

And there, we're certainly going to be expanding traditional use cases, including real-time new asset classes, stable coin. There's a Canton Network side of things, which is also sort of within Capital Markets. Tokenized equities, we'd see as a longer-term opportunity that would be really affecting more or somewhat on the Capital Markets side, more our ICS business in terms of extending position growth and really being the next wave of the evolution of democratization to drive that mid-single, high single-digit position growth into the foreseeable future and beyond.

而且，我們肯定會擴展傳統的應用場景，包括即時的新資產類別和穩定幣。還有 Canton Network 這方面的內容，它也算是資本市場的一部分。我們認為代幣化股票是一個更長期的機會，它將對資本市場產生更大或更大程度的影響，尤其是在擴大持倉成長方面，它將真正成為民主化演進的下一波浪潮，從而在可預見的未來甚至更長的時間裡推動持倉成長達到中個位數或高個位數。

So -- and then last, on the wealth management side, this demand for digital assets is putting pressure on wealth managers to integrate those assets into their traditional client service operations. And they've sort of stayed away from them in the past, and I think that is changing quickly now. But when you think about a wealth manager for now offering digital assets to clients is all the other things that you need to do tax statements, all those things.

最後，在財富管理方面，對數位資產的需求給財富管理者帶來了壓力，迫使他們將這些資產整合到傳統的客戶服務營運中。他們過去一直盡量避免與這些人接觸，但我認為這種情況現在正在迅速改變。但當你想到現在的財富管理機構向客戶提供數位資產時，你會發現，除了稅務報表等其他事情之外，你還需要做很多其他事情。

And so we think of an area where we can really help our core engines will be enabled to represent data assets by early next calendar year. And that is going to allow our clients to flow transactions through for everything from cost basis tax, margin SEG, statements, asset servicing and all that complexity that comes with being a large scale, either Capital Markets or Wealth Manager.

因此，我們認為我們可以真正幫助我們的核心引擎在明年年初之前能夠表示資料資產。這將使我們的客戶能夠順利完成所有交易，包括成本基礎稅、保證金 SEG、報表、資產服務以及所有與大規模資本市場或財富管理相關的複雜性。

I'll just -- maybe I'll just add on because you were also asking about the near term and the midterm implications from a revenue perspective, right? So I'll just tack on, as you know, we specifically for Canton coins, we earn these canton points for being a super validator on the Canton Network.

我——或許我再補充一點，因為你也問到了從收入角度來看的近期和中期影響，對吧？所以我就補充一下，正如你所知，我們專門針對 Canton 幣，我們透過在 Canton Network 上成為超級驗證者來賺取這些 Canton 積分。

In Q1, we recognized $4 million of revenue, like we said, associated with this service. The actual revenue that we earn over the course of the remainder of the year would vary based on the actual minting activity, the number of coins specifically and the price of these kinds, right? They have a -- we've got a whole minting schedule. But bottom line, it translates into about a point of impact to capital markets, higher in Q2 and lower in Q3 and Q4.

正如我們之前所說，第一季我們確認了與這項服務相關的 400 萬美元收入。今年剩餘時間內我們實際獲得的收入會根據實際的鑄幣活動、具體硬幣的數量以及這些硬幣的價格而有所不同，對嗎？他們有——我們有一整套鑄幣計劃。但總而言之，這對資本市場的影響大約是一個點，第二季較高，第三季和第四季較低。

We -- so that's from a revenue perspective. And on the balance sheet perspective, the only thing I'll call out is, we do have -- at the end of last quarter, we have 1.7 billion coins that were valued at $74 million, right? And like you said, we've contributed some of these to the DAT, but there could be volatility associated with this $74 million, which we'll continue to adjust out of our adjusted EPS.

從收入的角度來看。從資產負債表的角度來看，我唯一要指出的是，截至上個季度末，我們擁有 17 億枚代幣，價值 7,400 萬美元，對吧？正如您所說，我們已將其中一部分計入 DAT，但這 7,400 萬美元可能會帶來波動，我們將繼續從調整後的每股盈餘中對其進行調整。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Ash, just on the 2Q EPS guided about 13% to 15% of full-year EPS. I understand that we should see a normalization of event-driven revenue. But just wondering if there's anything else going on there that we should keep in mind for 2Q EPS?

Ash 僅根據第二季每股收益預期，預計全年每股收益將成長約 13% 至 15%。我認為我們應該會看到事件驅動型收入趨於正常化。但我想知道，除了以上因素之外，還有什麼其他因素需要我們注意，以預測第二季每股收益嗎？

No. That's really the major driver, Scott. It's just a tough compare when -- because of the event activity that we saw last year in Q2. Just wanted to make sure you guys saw the grower impact coming in from that, nothing else significant to call out.

不。斯科特，這才是真正的主要驅動因素。因為去年第二季發生的事件活動太多，所以很難進行比較。我只是想確保你們看到了這件事對種植者的影響，沒有其他需要特別指出的地方。

That makes sense. And then forgive me, I was hopping from another call, so I may have missed the commentary here. But just wondering if you can talk a little bit more about the position growth trends that saw in the quarter and how that sort of trended relative to expectations?

這很有道理。然後，請原諒，我剛剛在接另一個電話，所以可能錯過了這裡的評論。我想請您再詳細談談本季職位成長趨勢，以及該趨勢與預期相比如何？

Look, position growth is remaining strong. And we're seeing really nice strength in the underlying drivers. For equity positions, which grew 12%, really driven by healthy growth in managed accounts, but also pretty good growth in self-directed. As we talk to our clients, they continue to tell us that direct indexing is a significant driver of the managed account growth.

你看，部位成長依然強勁。我們看到，推動這些因素的基本面非常強勁。股票部位成長了 12%，這主要得益於管理帳戶的穩健成長，但自主投資也取得了相當不錯的成長。在與客戶的交流中，他們不斷告訴我們，直接指數化是管理帳戶成長的重要驅動因素。

And then the equity revenue positions, taking out the smaller accounts and the fractional shares of 7%, which is really in line with what we've seen over the long run. And then I noted that on the fund growth side, it was 2%, but that was really an anomaly driven by timing, and we're continuing to see underlying position growth in the mid-single digits.

然後是股權收入狀況，剔除較小的帳戶和 7% 的零碎股份，這與我們長期以來所看到的狀況非常一致。然後我注意到，基金成長方面達到了 2%，但這實際上是由時機因素造成的異常情況，我們繼續看到基礎持股成長保持在個位數中段。

It is still early in the year, but our testing is now beginning to have a little bit of visibility into the second half, and showing, again, continued strength across funds and equities, low-doubl-digit equity position growth continued mid-single-digit fund growth for the balance of the year. I know you asked about drivers right now, but I just -- since I have the floor, I think that the key takeaway here is that innovation remains the key driver for long-term position growth. 15 years ago, we were talking about the rising popularity of ETFs. And 10 years ago, we started to talk about managed accounts.

雖然現在還處於年初，但我們的測試已經開始對下半年的情況有所了解，並再次表明基金和股票持續強勁增長，股票持倉增長率保持低兩位數，基金增長率保持中等個位數，預計今年剩餘時間將持續增長。我知道你現在問的是驅動因素，但既然我有機會發言，我想說的是，關鍵在於創新仍然是長期持股成長的關鍵驅動力。 15年前，我們還在討論ETF日益普及的問題。10年前，我們開始討論託管帳戶。

Five years ago, it was 0 commission trading, and we started talking 5 years ago about indexing, but now we're seeing how that's beginning to become an important component of growth now. And as I said in my remarks, now we're beginning to hear the innings of interest in tokenized equities. And I think that just highlights the ongoing innovation that has driven physician growth for the past 40 years, there's always the next thing. And that's exciting. And so I think really, we feel good about long-term healthier.

五年前，交易佣金為零；五年前，我們開始討論指數化投資，但現在我們看到，指數化投資正逐漸成為成長的重要組成部分。正如我在演講中所說，現在我們開始聽到人們對代幣化股權的興趣逐漸高漲。我認為這恰恰凸顯了過去 40 年來推動醫生產業發展的持續創新，總是會有新的事物出現。這真令人興奮。所以我覺得，我們對長期的健康發展確實感到滿意。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通。

So I want to make sure, like I understand like -- so the super validator status that stems from the digital asset repo platform, it seems like. So is it common for you to be paid for that REPO platform in form of coin. And then the second question on that is like the investments that you made in Canton Network, like how do you expect to make returns on that investment?

所以我想確認一下，我理解得好像是這樣——超級驗證者身分似乎源自於數位資產儲存庫平台。那麼，你通常會以代幣的形式從該 REPO 平台獲得報酬嗎？第二個問題是關於您在 Canton Network 的投資，您期望如何從這些投資中獲得回報？

Yes. It's Tim, Puneet. So first of all, just to be clear, the goal as super validator is separate from what we are doing on distributed ledger repo. So built a distributed ledger repo platform, which is, at this point, actually, on the -- it's on a private version of the Canton Network. It will go public later on.

是的。我是蒂姆，普尼特。首先，需要明確的是，作為超級驗證者的目標與我們在分散式帳本儲存庫上所做的事情是不同的。因此，我們建立了一個分散式帳本儲存庫平台，目前該平台實際上運行在 Canton Network 的一個私有版本上。稍後會公開。

But that's an investment we've made. And I was just saying that because of our closeness to digital asset holdings, they invite us to be a super validator. That was a separate investment we made for that activity, and it's just a separate activity. so related but separate.

但這是我們所做的一項投資。我剛才說的是，因為我們與數位資產持有量密切相關，所以他們邀請我們成為超級驗證者。那是我們為那項活動單獨做的投資，而且那隻是一項獨立的活動。所以兩者相關但各自獨立。

And in terms of getting paid and how people get paid for that rule, yes, it is very common to be paid in coin. There's a whole governing document for the Canton Network, much like there are for Ethereum or Bitcoin that acclaims the different roles that people play and how the economics of that works.

至於如何獲得報酬以及人們如何因這條規則而獲得報酬，是的，以硬幣支付報酬是很常見的。Canton Network 有一套完整的管理文件，就像以太坊或比特幣一樣，它讚揚了人們扮演的不同角色以及經濟運作方式。

And so the payments we're getting which, again, until this quarter really didn't have any value. We are picking this up, but now they do. So it's sort of interesting. Does that help? And then the investment in Canton, it's really -- the investment that we made was just the investment to become a super validator and operate that, which was, frankly, rather low.

因此，我們收到的這些款項，直到本季之前，實際上沒有任何價值。我們正在關注此事，但現在他們也關注到了。所以這還挺有意思的。這樣有幫助嗎？至於在 Canton 的投資，實際上——我們所做的投資只是為了成為超級驗證者並經營它，坦白說，這筆投資相當低。

Got it. Got it. And then the guidance increase for recurring revenue growth, can you talk about puts and takes like the acquisition contribution I think Asia, you mentioned that the lower interest rates that being a headwind there. So can you talk about various puts and takes that drove 1 point increase in the guidance? .

知道了。知道了。然後是經常性收入成長預期上調，您能談談收購對亞洲市場的影響嗎？您提到較低的利率對亞洲市場是一個不利因素。那麼，您能否談談導致業績指引上調 1 個百分點的各種因素呢？。

Yes, sure. I'll just reiterate what I said before, Puneet, yes, the biggest driver of our revenue upside, the guidance was the contribution that we saw from iJoin and Signal both of which were announced within the quarter, it's really less than 50 basis points of contribution coming in from those. We are -- so that's one put. The other side I'll call out is we are seeing additional rate cuts. What we're baking in right now is our expectation based on the latest Fed dot plot, right, which calls for two more interest rate cuts in the balance of our fiscal year.

當然可以。我再重申我之前說過的話，Puneet，是的，我們營收成長的最大驅動力，也就是我們預期的，是 iJoin 和 Signal 的貢獻，這兩個業務都是在本季度宣布的，但實際上它們的貢獻不到 50 個基點。我們是——所以這是第一點。另一方面，我們看到利率進一步下調。我們現在所考慮的，是基於聯準會最新點陣圖的預期，即在本財年剩餘時間內還將降息兩次。

That's baked into our guidance as well. But beyond that, the guidance really reflects our growing confidence in our underlying growth, right? Tim spoke a little bit about position growth that continues to be strong. Our revenue from sales is tracking well, and the digital asset revenue, while it's super small, is helping our growth overall. So that all of that gives us confidence in our guide towards the higher end of 5% to 7% recurring revenue growth.

這一點也體現在我們的指導原則中。但除此之外，該指引也確實反映了我們對自身基本成長的日益增長的信心，對嗎？蒂姆簡要地談到了持續強勁的職位成長勢頭。我們的銷售收入進展順利，數位資產收入雖然很小，但對我們的整體成長有所幫助。因此，所有這些都讓我們對實現 5% 至 7% 的經常性收入成長目標充滿信心。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

In a world where tokenized equities trades are recorded on the blockchain, do you see that impacting the need for intermediated communications between corporate issuers and their shareholders?

在代幣化股票交易記錄在區塊鏈上的世界裡，您認為這是否會影響公司發行人與其股東之間透過中介溝通的需求？

Patrick, thank you very much for the question. And look, we see this as an opportunity. And really, we see it as the next wave of democratization that's going to create new sources of demand and position growth. And as I said in my remarks, the SEC has been really clear that tokenized securities are still securities at week four last at a major industry event. Paul Atkins was asked specifically about tokenized equities in the main stage. And he is clear that they're going to be subject to all the same regulation, including Reg NMS and all the governance provisions that traditional equities are.

派崔克，非常感謝你的提問。我們把這看作是一個機會。實際上，我們認為這是下一波民主化浪潮，它將創造新的需求來源和市場成長點。正如我在演講中所說，美國證券交易委員會在上週的一次重要行業活動中已經非常明確地表示，代幣化證券仍然是證券。在主舞台上，有人特別問了保羅·阿特金斯關於代幣化股權的問題。他明確表示，它們將受到與傳統股票相同的監管，包括Reg NMS以及所有治理條款。

We believe the vast majority of tokenized equities are going to be purchased through a broker-dealer or exchange. And those intermediaries are going to have the same name asset servicing obligations they have today, including proxy, but also corporate actions, class actions, protecting the personal information of their clients, all of which creates a real opportunity for Broadridge.

我們認為絕大多數代幣化股票都將透過經紀商或交易所購買。這些中介機構將繼續承擔與今天相同的資產服務義務，包括代理權、公司行為、集體訴訟、保護客戶的個人資訊等等，所有這些都為博德瑞創造了真正的機會。

So as I said in my remarks, we're going to be there to manage the complexity of disclosure, governance and all of that. And we're already talking to clients and industry participants about how we enable them to make this possible.

正如我在演講中所說，我們將負責處理資訊揭露、公司治理以及所有相關事宜的複雜性。我們已開始與客戶和行業參與者探討如何幫助他們實現這一目標。

So I think -- and then as I said earlier, this work on tokenized equity, it's just part of our broader strategy to drive tokenization across multiple asset classes where there's real value and where we have a deep expertise.

所以我認為——而且正如我之前所說，這項關於代幣化股權的工作，只是我們更廣泛的策略的一部分，即在具有真正價值且我們擁有深厚專業知識的多個資產類別中推動代幣化。

All right. Got it. And then total trade volume growth continues to be a healthy tailwind for GTO segment revenue. Can you remind us the percentage of segment revenue that's tied to trading volumes? And how durable do you view this growth to be?

好的。知道了。此外，總貿易量的成長也持續為 GTO 業務部門的收入帶來強勁的推動作用。可否告知我們與交易量相關的業務部門收入佔比是多少？您認為這種成長能持續多久？

Yes. So overall, Patrick, if you think about the GTO revenues, I'd say about 1/3 of GTO revenues are tied to trade volume. Not all of it is exactly paper trade, right, one-on-one though. I would say about half of that is direct paper trade, half of that e-band kind of structures that we have. .

是的。所以總的來說，派崔克，如果你考慮 GTO 的收入，我認為大約 1/3 的 GTO 收入與交易量有關。並非所有交易都是完全的紙面交易，對吧，雖然是一對一的交易。我認為其中大約一半是直接的紙本交易，一半是我們擁有的那種電子帶狀結構。。

And we're definitely seeing the impact of higher volumes on the direct paper trade portion. It is you typically see higher trade and higher periods of higher volatility, it's proven to be double digits for the last many quarters. We're not counting on very elevated levels of trade volumes going forward, but we're expecting continued strong growth.

我們確實看到了交易量增加對直接紙張貿易部分的影響。通常情況下，交易量會增加，波動性也會隨之增加，過去幾季的波動性都達到了兩位數。我們預計未來貿易量不會達到非常高的水平，但會繼續保持強勁成長。

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

問答環節到此結束。我想把發言權交還給管理階層，請他們做總結陳詞。

Well, thank you, operator, and I want to thank everyone for joining our call today. Again, just to reiterate, we're really pleased with the strong start to the year. We're excited about what we see coming forward. We're excited about the innovation in the industry. And we hope that you're as excited as we are about everything that's happening in our industry and about the year ahead as we continue to really work with our clients to transform the financial services industry. So thank you for your interest in Broadridge. We look forward to speaking to you on the next call.

謝謝接線員，也謝謝今天所有參加我們電話會議的各位。再次重申，我們對今年的強勁開局感到非常滿意。我們對未來的發展感到興奮。我們對產業的創新感到興奮。我們希望您和我們一樣，對我們行業正在發生的一切以及未來一年的發展感到興奮，我們將繼續與客戶攜手合作，共同變革金融服務業。感謝您對博德里奇的關注。我們期待在下次通話中與您交流。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。