Broadridge Financial Solutions Inc (BR) 2026 Q3 法說會逐字稿

Good day, and welcome to the Broadridge fiscal third quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. W. Edings Thibault, Head of Investor Relations. Please go ahead.

各位好，歡迎參加 Broadridge 2026 會計年度第三季財報電話會議。（接線員指示）請注意，本活動將被錄音。我現在想將會議交給投資人關係主管 W. Edings Thibault 先生。請開始。

Thank you, Chuck, and good morning, everybody, and welcome to Broadridge's third quarter fiscal year 2026 earnings conference call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com.

謝謝你，Chuck，各位早安，歡迎參加 Broadridge 2026 會計年度第三季財報電話會議。我們的財報新聞稿以及本次電話會議的簡報投影片，可在 broadridge.com 的投資人關係專區找到。

Joining me on the call this morning are Timothy Gokey, our Chief Executive Officer; and our Chief Financial Officer, Ashima Ghei. Before I turn the call over to Tim, I want to make 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.

今天早上與我一同出席電話會議的有：我們的執行長 Timothy Gokey，以及財務長 Ashima Ghei。在我把電話交給 Tim 之前，我先做幾點例行提醒。第一，我們今天的電話會議中將就 Broadridge 發表前瞻性陳述，這些陳述涉及風險。相關風險摘要可見於投影片第 2 頁，更完整的說明請參閱我們的 Form 10-K 年報。

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.

第二，我們也會提及若干非 GAAP 指標；我們相信這些指標能讓投資人更完整地理解 Broadridge 的基本營運成果。這些非 GAAP 指標的說明，以及與可比 GAAP 指標的調節表，可在財報新聞稿與簡報中找到。

Let me now turn the call over to our CEO. Tim?

現在我把電話交給我們的執行長。Tim？

Thank you, Edings, and good morning. Broadridge delivered strong third quarter financial results. And we're on track to deliver a strong fiscal 2026. The market backdrop remains positive. Equity markets have been resilient in the face of geopolitical uncertainty.

謝謝你，Edings，各位早安。Broadridge 在第三季交出強勁的財務表現。我們也正按計畫在 2026 會計年度交出強勁成果。市場環境仍然正向。即使面對地緣政治不確定性，股市依然展現韌性。

And capital markets remain active, driving strong position growth, higher trading volumes and elevated event-driven activity, all of which are benefiting Broadridge. At the same time, we've always been focused on driving steady and sustainable growth by aligning our business with the long-term trends that are shaping the financial services industry. And so I'm pleased to report they're also squarely on track to deliver on our three-year financial targets for the fifth consecutive cycle.

資本市場也維持活躍，帶動部位（position）強勁成長、更高的交易量，以及較高的事件驅動型活動，這些都在為 Broadridge 帶來助益。同時，我們一向專注於透過讓業務與塑造金融服務產業的長期趨勢對齊，來推動穩健且可持續的成長。因此，我很高興地報告：我們也正穩步朝向達成三年期財務目標邁進，並且是連續第五個週期。

Looking ahead, we're already investing in the next wave of industry innovation. Broadridge is transforming shareholder engagement, leading in tokenization, driving digitization and scaling our AI capabilities. And we're using our strong free cash flow to return capital to shareholders even as we make tuck-in acquisitions that strengthen and extend our value proposition.

展望未來，我們已在投資下一波產業創新。Broadridge 正在改造股東互動、在代幣化（tokenization）領域領先、推動數位化並擴大我們的 AI 能力。同時，我們運用強勁的自由現金流在進行補強型併購（tuck-in acquisitions）以強化並延伸我們的價值主張之際，也持續回饋資本給股東。

The bottom line is that Broadridge is well positioned to drive steady and sustainable growth for a long time to come. As we close out fiscal 2026, we're delivering strong results today, including double-digit earnings growth and we're putting in place the building blocks for long-term growth tomorrow and beyond to see how all this plays out, let's go to the headlines on slide 3.

總而言之，Broadridge 已具備良好定位，可在未來很長一段時間推動穩健且可持續的成長。隨著我們接近 2026 會計年度尾聲，我們今天交出強勁成果，包括雙位數的獲利成長，同時也在為明天及更長遠的長期成長奠定基礎。為了看看這一切如何展開，讓我們看投影片第 3 頁的重點摘要。

First, Broadridge delivered strong third quarter results, including 6% recurring revenue growth constant currency and 11% adjusted EPS growth. Second, our growth is being driven by the execution of our strategy to democratize and digitize governance, simplify and innovate capital markets and modernize wealth management.

第一，Broadridge 交出強勁的第三季成果，包括經常性收入在固定匯率下成長 6%，以及調整後 EPS 成長 11%。第二，我們的成長來自於執行我們的策略：讓治理（governance）更普及與數位化、簡化並創新資本市場，以及現代化財富管理。

Third, as I just said, we are taking active steps to address future growth opportunities by leading in tokenization, driving the digitization of communications and scaling AI. Fourth, we are leveraging our strong free cash flow to make growth accretive acquisitions like Acolin and CQG while returning capital to shareholders with share buybacks at attractive levels, as Ashima will touch on.

第三，如我剛才所說，我們正積極採取行動把握未來成長機會，包括在代幣化領域領先、推動通訊數位化，以及擴大 AI 規模。第四，我們運用強勁的自由現金流，進行如 Acolin 與 CQG 這類具增益性的成長型併購，同時也在具吸引力的水準進行庫藏股回購以回饋股東，Ashima 稍後會提到。

Fifth and last, based on our strong performance, we are raising our fiscal '26, guidance for recurring revenue and adjusted EPS growth to at or above 7% for recurring revenue growth constant currency and 10% to 12% for adjusted EPS. These results demonstrate the power of our strategy and proven ability to execute.

第五也是最後，基於我們的強勁表現，我們上調 2026 會計年度對經常性收入與調整後 EPS 成長的指引：經常性收入（固定匯率）成長上調至 7% 或以上；調整後 EPS 成長上調至 10% 至 12%。這些成果展現了我們策略的威力，以及我們經驗證、可持續的執行能力。

So let's turn to slide 4 to look at the key drivers of that execution, starting with our governance business. Governance recurring revenues rose 8% constant currency, driven by new sales and continued growth in investor participation.

接著請看投影片第 4 頁，檢視推動執行成果的關鍵動能，先從我們的治理業務開始。治理業務的經常性收入在固定匯率下成長 8%，主要由新簽銷售以及投資人參與度持續提升所帶動。

Investor participation trends remained very strong with total equity position growth at 15% and equity revenue position -- equity revenue position growth of 11%. We continue to benefit from strong growth in managed accounts and steady mid-single-digit growth in self-directed accounts.

投資人參與度趨勢依然非常強勁，整體股票部位成長 15%，股票收入部位——股票收入部位成長 11%。我們持續受惠於受託管理帳戶（managed accounts）的強勁成長，以及自主管理帳戶（self-directed accounts）穩健的中個位數成長。

Mutual fund and ETF position growth was also healthy at 6%, driven by demand for passive funds. Beyond position growth, our innovations to power shareholder engagement are building momentum. Our pass-through voting solution is now enabling voting choice for shareholders of 900 funds with assets under management of more than $8 trillion.

共同基金與 ETF 的部位成長也維持健康水準，達 6%，主要由被動式基金需求所帶動。除了部位成長之外，我們用以強化股東互動的創新也正在累積動能。我們的「穿透式投票」（pass-through voting）解決方案，目前已為 900 檔基金的股東提供投票選擇，這些基金的資產管理規模合計超過 8 兆美元。

Our new standing voting instruction solution, which enables retail shareholders to set their default voting instructions is also off to a strong start. Our pilot clients are benefiting from exceptional response rates nearly 10% of Exxon's retail shareholder base enrolled in just one year, and 30% of responders had not voted at the prior meeting, highlighting the power of this program to engage new voters.

我們新的「常設投票指示」（standing voting instruction）解決方案，讓零售股東能設定其預設投票指示，也有非常好的起步。我們的試點客戶獲得極佳的回應率——在短短一年內，埃克森美孚（Exxon）的零售股東基礎中就有近 10% 完成註冊；而回應者中有 30% 在前一次股東會並未投票，凸顯此計畫在吸引新投票者方面的力量。

We're also now live and supporting proxy voting for institutional asset managers looking to enhance their voting processes and reduce their reliance on proxy advisers. Beyond voting, our data-driven fund solutions business reported strong growth, driven in part by Acolin acquisition. We're seeing a lot of early interest from our US fund clients on how they can use the Acolin capabilities to accelerate their growth in Europe.

我們也已正式上線，並支援機構資產管理人進行委託書投票（proxy voting），協助其強化投票流程並降低對委託書顧問（proxy advisers）的依賴。除了投票之外，我們以數據驅動的基金解決方案業務也回報強勁成長，部分由 Acolin 併購所帶動。我們看到許多美國基金客戶對於如何運用 Acolin 的能力來加速其在歐洲的成長，展現出早期的高度興趣。

In our Capital Markets business, healthy 6% underlying growth was offset by lower license revenues compared to the prior year. We are seeing good growth in our post-trade solutions, where our global platform capability is enabling clients to simplify their back-office technology stack across multiple geographies and asset classes. We also continue to see robust demand for our front-office solutions.

在資本市場業務方面，健康的 6% 基礎成長被相較去年較低的授權收入所抵銷。我們在交易後（post-trade）解決方案看到良好成長；我們的全球平台能力正協助客戶在多個地理區域與資產類別間，簡化其後台技術堆疊。我們也持續看到對前台（front-office）解決方案的強勁需求。

Earlier this morning, we closed the acquisition of CQG, a leading provider of futures and options trading, execution management and market connectivity. This acquisition accelerates our expansion into futures and options, where we are well advanced in building a next-generation order management solution with a Tier 1 global bank.

今天稍早，我們完成了對 CQG 的收購。CQG 是期貨與選擇權交易、執行管理與市場連線的領先供應商。此併購將加速我們在期貨與選擇權領域的擴張；我們已與一家第一級（Tier 1）全球銀行合作，並在打造下一代訂單管理解決方案方面取得相當進展。

CQG will add highly complementary execution management, algorithmic trading and analytics capabilities. Our goal is to create an institutional grade, end-to-end trading suite for global futures and options and CQG is a nice accelerator of that strategy.

CQG 將帶來高度互補的執行管理、演算法交易與分析能力。我們的目標是為全球期貨與選擇權打造機構級、端到端的交易套件，而 CQG 是推進該策略的良好加速器。

Turning to Wealth Management. Recurring revenue rose 8% constant currency, powered by strong growth in Canada. We acquired SIS last year to deepen our relationships with key clients and accelerate the rollout of our platform.

接著談財富管理。經常性收入在固定匯率下成長 8%，主要由加拿大的強勁成長所驅動。我們去年收購 SIS，以深化與關鍵客戶的關係並加速我們平台的推廣。

Now that strategy is paying off with attractive organic growth. We strengthened our core technology platforms, build connectivity to our wealth components, and I'm proud to announce just gone live with the first phase of our wealth platform solution for a leading Canadian wealth manager.

如今該策略正帶來回報，呈現具吸引力的有機成長。我們強化了核心技術平台，建立與我們財富管理元件的連結；我也很自豪地宣布，我們已為一家加拿大領先的財富管理機構，上線我們財富平台解決方案的第一階段。

And as the market continues to evolve, we're leading that change. Two weeks ago, we announced the launch of our next-generation digital asset platform, building on a unified suite of solutions. The platform will enable Canadian wealth managers to accelerate their offering of digital assets, including crypto and tokenized equities, funds and alternatives.

隨著市場持續演進，我們正引領這項變革。兩週前，我們宣布推出下一代數位資產平台，建立在一套整合式解決方案之上。該平台將使加拿大財富管理機構能加速提供數位資產服務，包括加密資產以及代幣化股票、基金與另類資產。

I'll close my review of our results with sales. Year-to-date closed sales were $147 million, 16% below last year. even as deal origination and pipeline were substantially up. While we like the demand and pipeline we're seeing, based on our progress toward closing, we are updating our sales guidance for the year to $240 million to $290 million. We are seeing robust demand that's taking longer to close than we expected due in part to a mix of bigger, larger, more complex deals this year.

我將以銷售表現作為本次成果回顧的結尾。今年截至目前的已結案銷售額為 1.47 億美元，較去年下降 16%，即便商機開發（deal origination）與銷售管線（pipeline）均大幅上升。雖然我們喜歡目前看到的需求與管線，但基於我們對結案進度的掌握，我們將今年的銷售指引更新為 2.40 億至 2.90 億美元。我們看到強勁需求，但結案時間比預期更長，部分原因是今年較多更大、更大型、也更複雜的交易組合。

Some examples include wealth platform sales and GTO and on the ICS side, larger digital transformation sales and customer communications. Those $5 million-plus deals are powering a very strong pipeline and also take longer to close. While we're lowering our outlook for fiscal '26, we feel good about the future. The pipeline I just mentioned is higher than it ever has been, well north of $1 billion. And we're seeing our product focus driving new demand.

一些例子包括財富平台銷售以及 GTO；在 ICS 方面，則有較大型的數位轉型銷售與客戶通訊。這些 500 萬美元以上的交易正在推動非常強勁的銷售管線，但也需要更長時間才能結案。雖然我們下調了 2026 會計年度的展望，但我們對未來仍感到樂觀。我剛提到的管線規模創下歷史新高，遠超過 10 億美元。而且我們也看到，聚焦產品正在帶動新的需求。

We're enhancing our trading solutions and driving the suite of shareholder engagement solutions I highlighted earlier. We're also building a track record of successful wealth platform and digital communication transformations, while linking more of our solutions to our data platform layer, all of which are driving active client discussions.

我們正在強化交易解決方案，並推動我先前強調的股東互動解決方案套件。我們也正在建立成功推動財富平台與數位通訊轉型的實績，同時把更多解決方案連結到我們的數據平台層，這些都在促成與客戶的積極討論。

Now let's turn from the execution behind today's results to what we're doing to drive long-term growth on slide 5. The financial services market is evolving rapidly, driven by the accelerating pace of technology and an innovation-friendly regulatory environment. Change has always been good for Broadridge as we help our clients adapt with a mutualized approach. We see the current set of changes as a significant opportunity, and we're leaning into them.

現在，讓我們把焦點從推動今日成果的執行面，轉向第 5 頁中我們為推動長期成長所採取的行動。金融服務市場正在快速演變，主要受科技加速發展的步伐以及鼓勵創新的監管環境所驅動。變革一向對 Broadridge 有利，因為我們以共享化（mutualized）的方式協助客戶適應。我們將當前這一系列變化視為重大機會，並正積極投入其中。

First, we're leading in tokenization. Broadridge is building on our industry-leading role in tokenizing more than $350 billion per day on our distributed ledger repo platform. In governance, we're now powering on chain voting and disclosure. In Wealth Management, we're creating an end-to-end solution for crypto and tokenized equities, funds and alternatives and in the capital markets, we're scaling our market-leading digital asset capabilities in multiple directions.

第一，我們在代幣化（tokenization）領域居於領先地位。Broadridge 正在我們於分散式帳本回購（repo）平台上每日代幣化超過 3,500 億美元的產業領先角色基礎上持續擴展。在公司治理方面，我們目前正提供鏈上投票與揭露。在財富管理方面，我們正在打造涵蓋加密資產與代幣化股票、基金及另類資產的端到端解決方案；在資本市場方面，我們也正以多個方向擴大我們市場領先的數位資產能力。

In a few weeks, we will be the first to power on chain proxy voting for natively issued tokenized securities for a US public company. As part of that process, we're consolidating and recording voting for beneficial shares, registered shares and tokenized shares to create a unified view for issuers to see all of their votes in one place, take the friction out of managing multiple ownership bases.

再過幾週，我們將成為首家為美國上市公司之原生發行（natively issued）的代幣化證券提供鏈上委託書投票（proxy voting）服務的業者。作為該流程的一部分，我們正在彙整並記錄受益人持股（beneficial shares）、登記持股（registered shares）以及代幣化持股的投票，以建立一個統一視圖，讓發行人能在同一處看到所有投票結果，並降低管理多種所有權基礎的摩擦。

In addition, we announced an agreement earlier this week with a leading global marketplace for tokenized real assets, including US equities to provide proxy voting and other governance activities for their clients and we're just getting started where the shares are tokenized by an issuer or a third party, Broadridge is stepping up to power the governance capabilities for issuers and investors and make tokenized equities real. And investors will be able to express their voting preferences across their holdings, including tokenised holdings through Broadridge's institutional-grade proxy vote platform.

此外，我們本週稍早宣布與一家全球領先的代幣化實體資產（含美國股票）交易市場達成協議，將為其客戶提供委託書投票及其他治理活動，而這只是開始。無論股份是由發行人或第三方進行代幣化，Broadridge 都將挺身而出，為發行人與投資人提供治理能力，讓代幣化股票真正落地。而投資人也將能透過 Broadridge 的機構級委託書投票平台，針對其持有部位（包含代幣化持有部位）表達投票偏好。

We're also working with our wealth management clients to accelerate the launch of crypto and other tokenized assets to their clients. Our Canadian asset -- Canadian digital asset suite will support the governance and trading of digital assets in a seamless and integrated environment that includes our own capabilities as well as a growing ecosystem of digital asset partners.

我們也正與財富管理客戶合作，加速向其客戶推出加密資產及其他代幣化資產。我們的加拿大數位資產套件將在無縫且整合的環境中支援數位資產的治理與交易，該環境包含我們自身能力，以及日益擴大的數位資產合作夥伴生態系。

And on the capital market side, we're extending the capabilities of our market-leading DLR platform to new trade types, geographies and asset classes. And our worldwide trade routing network is transmitting crypto order flow for a growing number of clients.

在資本市場方面，我們正將市場領先的 DLR 平台能力延伸至新的交易類型、地理區域與資產類別。同時，我們的全球交易路由網路也正在為越來越多客戶傳輸加密資產訂單流（order flow）。

Second, we're driving the digitization of communications. The time is coming to shift the default delivery method for investor communications, and we're helping to drive the change. The SEC has indicated is taking a fresh look at moving to a digital default option for investors who do not request paper delivery.

第二，我們正推動通訊數位化。投資人通訊的預設交付方式即將迎來轉變，而我們正在協助推動這項改變。美國證券交易委員會（SEC）已表示，正重新檢視將未要求紙本交付的投資人改採「數位預設」選項。

We've been working with the industry and our clients to move this forward. And while the timing is uncertain, we anticipate a proposal in this area over the coming months. We believe this evolution will be positive for Broadridge and our clients. We've already digitized nearly 90% of proxy and mutual fund communications, savings funds and public companies hundreds and millions of dollars per year.

我們一直與產業及客戶合作推進此事。雖然時程仍不確定，但我們預期未來幾個月內會在此領域提出提案。我們相信這項演進將對 Broadridge 與客戶帶來正面影響。我們已將近 90% 的委託書與共同基金通訊數位化，為儲蓄基金與上市公司每年節省數億美元。

Now as we look forward to increasing electronic delivery for other communications, including statements and prospectuses, we're helping our clients prepare as they think about how to take advantage of such a change while also maintaining and improving experience for clients.

展望未來，隨著我們提高其他通訊（包括對帳單與公開說明書）的電子交付比例，我們正協助客戶做好準備，思考如何善用這類變革，同時維持並提升客戶體驗。

We expect the implementation process of any action would occur over a few years and primarily affect our low to no margin distribution revenue. We expect the impact on recurring revenue and earnings will be broadly neutral.

我們預期任何行動的導入流程將在數年內完成，且主要影響我們低至零毛利的配送（distribution）收入。我們預期對經常性收入與獲利的影響整體而言大致中性。

On one hand, migration to digital default could have an impact on our recurring revenue of a few percent, mostly in our customer communications business. On the other hand, we believe this evolution will create demand for new services, such as their wealth and focused solution which is already enabling omnichannel communications to millions of investors. Like Tailored shareholder reports, we expect these new opportunities to more than offset lost recurring revenue. The end result will be a more valuable Broadridge, which is growing faster with higher margins.

一方面，轉向數位預設可能會對我們的經常性收入造成數個百分點的影響，主要在我們的客戶通訊業務。另一方面，我們相信這項演進將帶動對新服務的需求，例如我們的財富與聚焦解決方案（wealth and focused solution），該方案已在協助數百萬投資人實現全通路（omnichannel）通訊。就像量身打造的股東報告（Tailored shareholder reports）一樣，我們預期這些新機會將足以抵銷流失的經常性收入。最終結果將是 Broadridge 更具價值、成長更快且毛利率更高。

Finally, we're scaling AI by building on top of our common data ontology, shared API architecture and the operating workflows we already run at scale. Our AI capabilities are powering new products, accelerating our software development cycle and driving productivity gains. Let me give you three examples.

最後，我們正透過建立在共同資料本體（common data ontology）、共享 API 架構，以及我們已大規模運行的作業流程之上，來擴大 AI 規模。我們的 AI 能力正在驅動新產品、加速軟體開發週期並提升生產力。讓我舉三個例子。

Our new custom policy engine, which is fully AI native, is able to read and analyze source materials and apply clients voting policies across thousands of companies. Today, that capability is already enabling asset managers with more than $800 billion AUM to implement their own voting policies without a proxy adviser.

我們新的自訂政策引擎（custom policy engine）完全以 AI 原生（AI native）打造，能讀取並分析來源資料，並將客戶的投票政策套用到數千家公司。如今，這項能力已協助管理資產規模（AUM）超過 8,000 億美元的資產管理公司，在不依賴委託書顧問（proxy adviser）的情況下執行其自有投票政策。

Now we're building on that progress to modernize the entire front-to-back workflow supporting institutional voting by leveraging agentic AI to enhance our core institutional voting platform. One of our fastest-growing products is our AI-powered global demand model, which tracks $120 trillion in global assets and is assisting products and marketing decisions for nearly two dozen and growing leading asset managers.

我們正以此進展為基礎，透過代理式 AI（agentic AI）強化我們的核心機構投票平台，進而現代化支援機構投票的端到端（front-to-back）工作流程。我們成長最快的產品之一，是 AI 驅動的全球需求模型（global demand model），可追蹤 120 兆美元的全球資產，並協助近二十多家且持續增加的領先資產管理公司進行產品與行銷決策。

And on the productivity side, our managed services business has already seen a 25% increase in productivity with line of sight to 50%. Going forward, we're extending our Broadridge platform to a growing number of core applications. This platform with its common data and APIs positions Broadridge to create agentic layer our clients can use directly or can leverage to create their own solutions using our embedded services.

在生產力方面，我們的受託管理服務（managed services）業務已看到 25% 的生產力提升，並可望達到 50%。展望未來，我們正將 Broadridge 平台延伸至越來越多核心應用。該平台憑藉其共同資料與 API，使 Broadridge 能建立一個代理式層（agentic layer），客戶可直接使用，或利用我們的嵌入式服務（embedded services）來打造其自有解決方案。

In sum, AI is enabling Broadridge to deliver new services, become more embedded in our clients agentic workflows and drive our own productivity. Stepping back, we believe that each of tokenization, digitization and AI are growth drivers for Broadridge as we help our clients in our industry take advantage of the next wave of transformation in financial services. And we're building that tomorrow while continuing to deliver today with another year of strong and steady growth in fiscal '26.

總結而言，AI 正使 Broadridge 能提供新服務、更深度嵌入客戶的代理式工作流程，並提升我們自身的生產力。退一步看，我們相信代幣化、數位化與 AI 都是 Broadridge 的成長驅動力，因為我們正協助產業客戶把握金融服務下一波轉型浪潮。我們在持續交付當下成果的同時，也在打造明天，並將在 2026 會計年度再度實現強勁且穩健的成長。

Before I turn the call over to Ashima, I want to thank our Broadridge associates. They're delivering superior service to our clients today while building the products and capabilities that will power the exciting future of governance, capital markets and wealth for a long time to come. And on that note, let me turn it over to Ashima. Ashima?

在我把電話會議交給 Ashima 之前，我想感謝我們的 Broadridge 同仁。他們今天為客戶提供卓越服務，同時也在打造將長期驅動公司治理、資本市場與財富管理令人振奮未來的產品與能力。話不多說，交給 Ashima。Ashima？

Thanks, Tim. Good morning. I'm pleased to be here today. Broadridge reported strong third quarter results with 6% recurring revenue growth, constant currency and 11% adjusted EPS growth, and we remain well positioned to deliver another year of strong growth in fiscal '26.

謝謝你，Tim。各位早安。我很高興今天能在這裡。Broadridge 公布第三季強勁業績：經常性收入成長 6%（以固定匯率計），調整後 EPS 成長 11%，我們仍具備良好條件在 2026 會計年度再交出一年強勁成長。

Before I dive into my discussion of those results and our guidance, I want to make four callouts. First, we now have records for 93% of full year proxy positions, which, combined with our recurring revenue backlog gives us high visibility into our recurring revenue and adjusted EPS forecast.

在我深入說明這些結果與我們的指引之前，我想先提出四點重點。第一，我們目前已掌握全年 93% 的委託書持倉（proxy positions）紀錄，結合我們的經常性收入在手訂單（backlog），使我們對經常性收入與調整後 EPS 預測具有高度能見度。

Second, our strong year-to-date results are enabling us to increase our investments in long-term growth initiatives while positioning us to deliver double-digit adjusted EPS growth. Since the beginning of calendar year '26, we have stepped up our level of investment in tokenization, AI and shareholder engagement initiatives.

第二，我們年初至今的強勁表現，使我們得以提高對長期成長計畫的投資，同時仍可望實現雙位數的調整後 EPS 成長。自 2026 日曆年開始以來，我們已提高在代幣化、AI 與股東互動（shareholder engagement）計畫上的投資水準。

Third, we are using our strong free cash flow to drive shareholder returns. With the close of our acquisition of CQG today, we have completed four tuck-in acquisitions in fiscal '26, for $294 million and returned $681 million to shareholders in the form of dividends and buybacks.

第三，我們運用強勁的自由現金流來推動股東報酬。隨著我們今天完成對 CQG 的收購，我們在 2026 會計年度已完成四項補強型（tuck-in）收購，總金額 2.94 億美元，並以股利與庫藏股回購形式向股東回饋 6.81 億美元。

And given our outlook for free cash flow conversion of greater than 100% we expect the same balanced approach in the fourth quarter. Fourth and last, we are raising our guidance for recurring revenue growth to at or above 7%. And adjusted EPS growth to 10% to 12%.

鑑於我們對自由現金流轉換率（free cash flow conversion）高於 100% 的展望，我們預期在第四季將延續同樣的均衡做法。第四也是最後一點，我們上調指引：經常性收入成長提高至 7% 或以上；調整後 EPS 成長提高至 10% 至 12%。

Now let's go to the numbers on slide 6. In the quarter, recurring revenues grew 6% on a constant currency basis driven by 5% organic growth. Adjusted operating income margin was 21.5% as we continue to invest in our growth initiatives. Adjusted EPS grew 11% to $2.72, and closed sales were $58 million for the quarter.

現在請看第 6 頁的數字。本季經常性收入以固定匯率計成長 6%，其中 5% 來自有機成長。調整後營業利益率為 21.5%，反映我們持續投資於成長計畫。調整後 EPS 成長 11% 至 2.72 美元，本季簽約銷售額（closed sales）為 5,800 萬美元。

Let's move to slide 7 to discuss our segment recurring revenues, starting with ICS or our governance segment. ICS recurring revenues rose 8% to $800 million. Organic growth was 6%. The Regulatory revenues grew 9%, driven by 11% growth in equity revenue positions and fund position growth of 6%. That strong position growth more than offset the 2 point timing headwind from Q2 I had called out last quarter.

接著看第 7 頁，討論各事業部的經常性收入，先從 ICS（亦即我們的公司治理事業部）開始。ICS 經常性收入成長 8% 至 8 億美元；有機成長為 6%。法規（Regulatory）收入成長 9%，主要由股票收入持倉成長 11% 以及基金持倉成長 6% 所帶動。這樣強勁的持倉成長，足以抵銷我在上季提到、來自第二季的 2 個百分點時點不利因素。

Now looking forward to the fourth quarter, we expect another quarter of high single-digit regulatory revenue growth. This will be driven by a combination of low double-digit equity revenue positions and continued mid- to high single-digit fund position growth. Data-driven fund solutions revenue increased 8%. The driven by a combination of organic growth and the acquisition of iJoin and Acolin. Lower interest income represented a 3 points headwind to growth.

現在展望第四季，我們預期監管相關營收將再度呈現高個位數成長。此成長將由低雙位數的股票營收部位（equity revenue positions）以及持續的中到高個位數基金部位成長共同帶動。以數據驅動的基金解決方案營收成長 8%，主要由內生成長與 iJoin 與 Acolin 的併購所帶動。較低的利息收入對成長造成 3 個百分點的不利影響。

Issuer revenues rose 8%, driven by growth in disclosure and shareholder engagement solutions, which more than offset a point of headwind from lower interest income. Customer Communications revenue growth was 5%, driven by another quarter of double-digit growth in digital revenues. The acquisition of signal contributed 2 points to Customer Communications growth.

發行人（Issuer）營收上升 8%，主要受惠於揭露（disclosure）與股東互動（shareholder engagement）解決方案的成長，足以抵銷因利息收入下降所帶來的 1 個百分點不利影響。客戶溝通（Customer Communications）營收成長 5%，主要由數位營收再度出現雙位數成長所帶動。Signal 的併購對客戶溝通成長貢獻 2 個百分點。

For the full year, we continue to expect ICS recurring revenue growth to be slightly ahead of our overall recurring revenue growth guidance. Turning to GTO, recurring revenue grew 3% to $488 million. Capital Markets revenues were $295 million excluding a 7 point impact from lower license revenue, Capital Markets growth was 6%.

就全年而言，我們仍預期 ICS 經常性營收成長將略高於我們整體經常性營收成長指引。接著看 GTO，經常性營收成長 3% 至 4.88 億美元。資本市場（Capital Markets）營收為 2.95 億美元；若排除授權（license）營收下降帶來的 7 個百分點影響，資本市場成長為 6%。

Digital asset revenues from our role as Network super validator were $3.5 million in the quarter. Wealth and Investment Management grew 8% driven by a combination of strong growth in Canada and higher trading volumes in the US for the year, we continue to expect GTO recurring revenue growth of 5% to 7%. In the fourth quarter, that includes a 3 point contribution in our capital markets business from the acquisition of CQG offset by a 5 point license revenue headwind in our Wealth Management business.

本季我們以網路超級驗證者（Network super validator）角色所帶來的數位資產營收為 350 萬美元。財富與投資管理（Wealth and Investment Management）成長 8%，主要由加拿大的強勁成長以及美國較高的交易量所帶動。就全年而言，我們仍預期 GTO 經常性營收成長為 5% 至 7%。在第四季中，這包含資本市場業務因併購 CQG 帶來的 3 個百分點貢獻，但會被財富管理業務中授權營收帶來的 5 個百分點不利因素所抵銷。

Turning to volume drivers on slide 8. Broadridge continues to benefit from strong growth in investor participation across both equities and funds. Third quarter equity position growth was 15%, including revenue position growth of 11%. As Tim noted, we continue to benefit from growth in managed account strategies. We are now in the peak period for annual meetings.

接著看第 8 張投影片的量能驅動因素。Broadridge 持續受惠於投資人參與度在股票與基金兩端的強勁成長。第三季股票部位成長 15%，其中包含營收部位成長 11%。如 Tim 所提，我們持續受惠於受管理帳戶策略（managed account strategies）的成長。我們目前正處於年度股東會的高峰期。

And as of last week, have received records for 93% of proxies expected for the fiscal year. This visibility gives us a high degree of confidence in our outlook for continued low double-digit equity revenue position growth in Q4.

截至上週，我們已收到本會計年度預期委託書（proxies）中 93% 的紀錄。這樣的可視性讓我們對第四季股票營收部位持續低雙位數成長的展望具備高度信心。

Mutual fund and ETF position growth was 6% in the third quarter. We expect mid- to high single-digit growth in the fourth quarter. And in GTO, trade volumes rose 16% on a blended basis, driven by double-digit growth in both equity and fixed income.

第三季共同基金與 ETF 部位成長為 6%。我們預期第四季將呈現中到高個位數成長。在 GTO 方面，交易量以混合口徑（blended basis）計算上升 16%，主要由股票與固定收益（fixed income）雙雙呈現雙位數成長所帶動。

I'll wrap up my discussion of recurring revenues on slide 9. Revenue from closed sales remains the biggest driver of our recurring revenue growth at 4 points. That growth was partially offset by 2 points of losses, resulting in a revenue retention rate of 98%. Internal growth contributed 3 points, primarily driven by equity and fund position growth and higher trading volumes. As a result, organic revenue growth was 5%.

我將在第 9 張投影片總結經常性營收的討論。已結案銷售（closed sales）帶來的營收仍是我們經常性營收成長的最大驅動因素，貢獻 4 個百分點。該成長部分被 2 個百分點的流失所抵銷，使營收留存率（revenue retention rate）達 98%。內生成長貢獻 3 個百分點，主要由股票與基金部位成長以及較高的交易量所帶動。因此，有機營收成長為 5%。

Acquisitions contributed 1 point. And finally, changes in FX contributed 1 point to reported recurring revenue growth. Given the recent strengthening of the dollar, we expect only a modest tailwind from FX in the fourth quarter and an overall benefit of approximately 50 basis points for the full year. Let's close our discussion of revenue on slide 10.

併購貢獻 1 個百分點。最後，匯率（FX）變動對已報告的經常性營收成長貢獻 1 個百分點。鑑於近期美元走強，我們預期第四季匯率僅帶來溫和的順風，全年整體效益約為 50 個基點。接著在第 10 張投影片結束我們對營收的討論。

Total revenues increased 8% to approximately $2 billion, driven by a 4 point contribution to growth from recurring revenue. Event-driven revenues increased $20 million to $73 million, contributing 1 point to total revenue growth. While there were no singular tentpole events in the quarter, we did benefit from elevated levels of activity across both funds and equities.

總營收成長 8% 至約 20 億美元，主要由經常性營收對成長貢獻 4 個百分點所帶動。事件驅動（event-driven）營收增加 2,000 萬美元至 7,300 萬美元，對總營收成長貢獻 1 個百分點。雖然本季沒有單一的旗艦型（tentpole）事件，但我們確實受惠於基金與股票兩端活動水準的提升。

Low to no margin distribution revenues grew 7% contributing 2 points to growth. Turning to margins on slide 11. Adjusted operating income margin was 21.5%. The 90 basis points decrease versus fiscal '25, was driven almost entirely by 80 basis points net impact from higher distribution revenues and lower interest rates. Looking ahead, we expect a similar margin dynamic to play out in the fourth quarter.

低或無毛利的分銷（distribution）營收成長 7%，對成長貢獻 2 個百分點。接著看第 11 張投影片的利潤率。調整後營業利益率（Adjusted operating income margin）為 21.5%。相較於 2025 會計年度下降 90 個基點，幾乎完全由分銷營收較高與利率較低所造成的淨影響 80 個基點所驅動。展望未來，我們預期第四季將出現類似的利潤率動態。

Turning to EPS on slide 12. Q4 adjusted EPS grew 11% to $2.72. The tax rate was 19% in the third quarter versus 22% in Q3, '25, driven by the timing of discrete tax items. Looking ahead, we expect our full year tax rate will be approximately 22%.

接著看第 12 張投影片的 EPS。第四季調整後 EPS 成長 11% 至 2.72 美元。第三季稅率為 19%，相較於 2025 會計年度第三季的 22% 較低，主要由一次性稅務項目（discrete tax items）認列時點所致。展望未來，我們預期全年稅率約為 22%。

Let's turn now to sales on slide 13. Broadridge recorded Q3 closed sales of $58 million, versus $71 million in Q3, '25. Year-to-date sales were $147 million. Given our lower sales results through the first three quarters of the year, we're updating our closed sales guidance to $240 million to $290 million.

接著看第 13 張投影片的銷售。Broadridge 第三季已結案銷售為 5,800 萬美元，低於 2025 會計年度第三季的 7,100 萬美元。年初至今銷售為 1.47 億美元。鑑於本年度前三季銷售結果較低，我們將已結案銷售指引更新為 2.40 億至 2.90 億美元。

Turning to our cash flows on slide 14. Broadway generated free cash flow of $591 million in the first three quarters of fiscal '26, up from $393 million in fiscal '25. Our strong cash performance continues to benefit from higher earnings and working capital management, and we remain on track to deliver free cash flow conversion of over 100% in fiscal '26.

接著看第 14 張投影片的現金流。Broadridge 在 2026 會計年度前三季產生自由現金流（free cash flow）5.91 億美元，高於 2025 會計年度的 3.93 億美元。我們強勁的現金表現持續受惠於較高獲利與營運資金管理，且我們仍按計畫在 2026 會計年度達成超過 100% 的自由現金流轉換率（free cash flow conversion）。

Turning next to capital allocation on slide 15. We are delivering against our balanced capital allocation policy. Year-to-date, we have deployed $77 million in capital spending and software with an additional $33 million to onboard clients onto our solutions.

接著看第 15 張投影片的資本配置。我們正依循均衡的資本配置政策落實執行。年初至今，我們已投入 7,700 萬美元於資本支出與軟體，另投入 3,300 萬美元用於將客戶導入（onboard）至我們的解決方案。

We have invested $294 million in M&A in strategic tuck-in acquisitions including the $173 million acquisition of CQG, which closed earlier this morning. We have also returned $681 million in capital to shareholders via our dividend and our share repurchase -- via our dividend and share repurchases through the first three quarters of the year.

我們在策略性補強型（tuck-in）併購上投入 2.94 億美元，其中包含 1.73 億美元收購 CQG，該交易於今天稍早完成交割。我們也透過股利與庫藏股買回（share repurchase）向股東返還 6.81 億美元資本——也就是在本年度前三季透過股利與股票回購返還的金額。

Looking ahead, our strong balance sheet and free cash flow conversion leaves Broadridge well positioned to fund additional tuck-in M&A and repurchase additional shares. Let's conclude by reviewing our full year guidance on slide 16, followed by closing key messages. With two months left and high visibility into fiscal '26 position growth and with the acquisition of CQG, we are raising our fiscal '26, outlook for recurring revenue growth constant currency to at or above 7% from the higher end of 5% to 7%. We're also raising our guidance for adjusted EPS growth to 10% to 12% from 9% to 12%. And we also continue to expect fiscal '26, AOI margin of approximately 20% to 21%.

展望未來，我們強健的資產負債表與自由現金流轉換能力，使 Broadridge 具備良好條件以資助更多補強型併購並回購更多股份。最後我們在第 16 張投影片回顧全年指引，並提出結語重點訊息。距離年底尚有兩個月，且我們對 2026 會計年度部位成長具高度可視性，加上 CQG 的併購，我們將 2026 會計年度以固定匯率（constant currency）計算的經常性營收成長展望，從 5% 至 7% 區間的高端，上調至 7% 或以上。我們也將調整後 EPS 成長指引從 9% 至 12% 上調至 10% 至 12%。同時，我們仍預期 2026 會計年度 AOI 利潤率約為 20% 至 21%。

As I noted earlier, we are updating our closed sales guidance to the $240 million to $290 million range. I anticipate this will have only a modest impact to recurring revenue growth over the next 12 to 18 months. The most significant drivers of growth continue to be our existing recurring revenue backlog which began this year at $430 million as well as the impact of continued position growth, higher trading volumes and M&A.

如我先前所述，我們將已結案銷售指引更新至 2.40 億至 2.90 億美元區間。我預期這僅會在未來 12 至 18 個月對經常性營收成長造成溫和影響。最重要的成長驅動因素仍包括：我們既有的經常性營收積壓（backlog）（本年度初為 4.30 億美元）、以及持續的部位成長、更高的交易量與併購的影響。

I'll wrap by summarizing my key points. First, Broadridge reported strong third quarter results. Second, we remain very much on track to deliver strong fiscal year results with recurring revenue growth at or above 7% and another year of double-digit adjusted EPS growth.

最後我總結幾個重點。第一，Broadridge 公布了強勁的第三季業績。第二，我們非常按計畫推進，預期將交出強勁的全年成果：經常性營收成長達 7% 或以上，並再度實現雙位數的調整後 EPS 成長。

Third, we are delivering these strong results while investing for the future growth. And last, our strong cash flow and capital position are enabling us to fund share repurchases and our strong dividend as well as make M&A investments.

第三，我們在投資未來成長的同時，仍交出這些強勁成果。最後，我們強勁的現金流與資本部位，使我們得以進行股票回購並維持穩健股利，同時也能進行併購投資。

With that, let's open up the line. Chuck?

接下來，我們開放提問。Chuck？

(Operator Instructions)

（接線員指示）

Scott Wurtzel, Wolfe Research.

Wolfe Research 的 Scott Wurtzel。

Hey, good morning, guys. Thank you for taking my question. Just on the closed sales guide. Wondering if you can talk a little bit more about how long some of these sales cycles are lengthening by? And maybe as 3Q and the first month of 4Q developed when you started to notice this change.

嗨，早安，各位。謝謝讓我提問。關於已結案銷售指引，想請你們多談一點：這些銷售週期大概延長了多久？另外，隨著第三季以及第四季第一個月的進展，你們是從什麼時候開始注意到這個變化的？

Yes, Scott, thank you very much and I do want to emphasize that we feel very good about the demand that we're seeing. And we're trying to correlate just what you said, which is the timing of when all that will close. And just a couple of stats that I didn't mention, but our deal origination this year is up 25% in dollar terms. And at over $1 billion, our pipeline is 20% higher right now than it was last year at the same time and we're seeing strong renewals on track to renew over $1 billion this year.

是的，Scott，非常感謝你。我也想強調，我們對目前看到的需求感到非常樂觀。我們正在嘗試對應你剛才提到的重點，也就是所有案子最終結案的時間點。補充幾個我剛才沒提到的數據：今年我們的新案源（deal origination）以金額計成長 25%。而且我們的銷售管線（pipeline）超過 10 億美元，目前比去年同期高出 20%；同時我們也看到續約表現強勁，預計今年續約金額將超過 10 億美元。

So we do like the demand we're seeing. The pipeline that was happening, it's in the we're investing. It's in wealth, it's in digital. It's in shareholder engagement platform sales now make up 20% of that. But then as you said, we're taking on some larger engagements.

所以我們確實喜歡目前看到的需求。我們正在發生的那條管線，體現在我們的投資上：在財富管理、在數位化；而股東互動平台的銷售現在占其中的 20%。但如你所說，我們也正在承接一些更大型的合作案。

They take longer to close and they are harder to predict. So while we're tampering a near-term view, we do like the outlook going forward. It is -- I think it's very hard to say, Q4 versus Q1, that's going to be a bubble. And it's just -- it is hard to predict, but we like what we're seeing out there.

這些案子需要更長時間才能成交，也更難預測。因此，雖然我們在短期展望上會更保守一些，但我們確實看好未來的走勢。我認為要說 Q4 對比 Q1 哪個會形成一個「泡泡」是很難的。這確實很難預測，但我們喜歡我們在市場上看到的情況。

Got it. That's helpful. And then just would love to hear more on the -- just the opportunity with the custom policy voting engine and just sort of the broader opportunity there? And how long could this potential tailwind from selling this into the market last for an impact close sales over the medium to long term here?

了解，這很有幫助。接著我也很想多聽一些關於——自訂政策投票引擎（custom policy voting engine）的機會，以及那裡更廣泛的機會？另外，將這項產品銷售到市場、對成交（close）銷售在中長期可能帶來的這股順風，可能會持續多久、影響會如何？

We are -- we see the custom policy voting engine as one of our most exciting areas. I think there is a lot of concern out there about the role of proxy advisers. It has generated a lot of discussion over the years. And we think about the value proposition under the current approach people get -- they get very detailed research, but they get it very late, just sometimes a week before the meeting.

我們——把自訂政策投票引擎視為我們最令人振奮的領域之一。我認為市場上對委託書顧問（proxy advisers）的角色有很多疑慮，這些年來也引發了大量討論。我們看目前做法下的價值主張：大家確實能拿到非常詳盡的研究，但拿到的時間非常晚，有時甚至在股東會前一週才收到。

And so if there's any error, if it's a controversial vote, there's very little time to react. And I think the value proposition that we're offering, which is a clean set of data, much earlier, four to six weeks before the meeting, it allows people to run their policies through, see their votes, understand if there are any votes that might be controversial and then do their own research on that.

因此如果有任何錯誤，或遇到具爭議性的表決，能反應的時間就非常有限。我認為我們提供的價值主張是：更早提供一套乾淨的資料——在會議前 4 到 6 週——讓客戶可以把自己的政策跑一遍、看到投票結果、理解哪些投票可能具爭議，然後再針對那些議題自行做研究。

So we really like the way that it turns the process on its head. We are seeing strong demand from asset managers. As I mentioned, the asset manager we did this year is $800 billion under management, and we have a nice pipeline for next year. So we would expect to have -- be significantly ahead next year of where we are this year. Typically, with these things, it takes a few years for it to build.

所以我們非常喜歡它把整個流程徹底翻轉的方式。我們看到資產管理公司（asset managers）的需求很強。如我提到的，我們今年合作的那家資產管理公司管理資產規模（AUM）為 8,000 億美元，而我們明年也有不錯的案源管線。因此我們預期——明年的進展會顯著領先於今年。通常這類產品需要幾年時間逐步建立起來。

So I'm not sure that I'd be saying it's going to be dramatically affect our top line next year. But I think over the next three years or so, you'll see some nice growth there.

所以我不確定我會說它明年就會對我們營收（top line）產生非常戲劇性的影響。但我認為在接下來大約三年，你會看到不錯的成長。

Dan Perlin, RBC Capital Markets.

Dan Perlin，RBC Capital Markets。

Thanks, good morning. Tim, I was just hoping you could just kind of elaborate a bit more on kind of your views around tokenization. I know you talked about it in the prepared remarks. Obviously, there's a narrative that makes it sound like you guys are in a more of a loser campus opposed to a winter camp clearly hearing what you're talking about today sounds like it's a tailwind for you.

謝謝，早安。Tim，我只是希望你能再多闡述一下你對代幣化（tokenization）的看法。我知道你在事先準備的講稿裡提到過。顯然市場上有一種敘事，聽起來好像你們更像是在「輸家陣營」而不是「贏家陣營」；但今天聽你談的內容，感覺這反而是你們的順風。

So I was just hoping maybe you would go a little bit deeper into why you think you guys are in a really good position to win here, and it's not going to be problematic going forward, in particular, again, around a proxy where obviously, you just announced you're doing something with someone now.

所以我想請你再深入一點說明，為什麼你認為你們處在一個非常有利、能在這裡勝出的位置，而且未來不會變成問題；特別是回到委託書（proxy）這塊，畢竟你們剛宣布現在正在和某個夥伴做一些事情。

Yeah, look Dan, thank you very much. I'm glad you asked because there's been a lot of discussion around this topic, and I think it's important to understand. And there are -- there are multiple models out there. But a lot of people are talking about an issue responder model for tokenization.

好的，Dan，謝謝你。我很高興你問到，因為這個主題有很多討論，我認為理解它很重要。而且——市場上有多種模式。但很多人談代幣化時，講的是一種「發行人主導（issuer）模型」。

You hear NASDAQ and NYSE both talking about this as they seek to serve their issuer clients. And we don't know if that will be the winning model, but we like it for a couple of reasons. First, we are already the leading provider of voting solutions for issuers and even beyond the beneficial shares that we serve on behalf of brokers, 80% of large-cap companies use us today to solve the complexity of bringing together the beneficial and registered shares, and they do that really at economics that are more attractive than what we see on the regulator side.

你會聽到 NASDAQ 和 NYSE 都在談這件事，因為他們希望服務其發行人客戶。我們不知道這是否會是最終勝出的模式，但我們喜歡它有幾個原因。第一，我們已經是發行人投票解決方案的領先供應商；即使不看我們代表券商服務的受益持股（beneficial shares），目前 80% 的大型股公司（large-cap companies）都使用我們來解決整合受益持股與登記持股（registered shares）的複雜性，而且他們在經濟性（economics）上也比我們在監管端看到的更具吸引力。

In the future, with tokenized shares are going to be even more complex because people have their beneficial shares, they're registered shares and now the tokenized shares. And we solve all that with a single pane of glass. So we are really pleased to announce that we're going to be providing the first unchained proxy voting in May for Galaxy, who is a leading digital asset infrastructure provider.

未來，代幣化股票會更複雜，因為人們會同時有受益持股、登記持股，現在還會有代幣化持股。而我們用單一視窗（single pane of glass）就能把這些都解決。所以我們非常高興宣布，我們將在 5 月為 Galaxy 提供第一個「鏈上（unchained）委託書投票」，Galaxy 是領先的數位資產基礎設施供應商。

And second, even if shares are tokenized by issuers, they're still very likely to be held at broker-dealers who are already our clients. And we believe those brokers will set this up in a way that protects the privacy of their clients. So in this issuer-based model, we have two ways to win, and we really like it. But that's not the only model. The SEC has talked about three different models, and we're putting in place governance capabilities for each.

第二，即使股票由發行人進行代幣化，它們仍很可能由券商（broker-dealers）持有，而這些券商本來就是我們的客戶。我們相信這些券商會以能保護其客戶隱私的方式來建置。因此在這個以發行人為基礎的模型中，我們有兩種方式可以勝出，我們非常喜歡。但這不是唯一的模型。SEC 談過三種不同模型，而我們正在為每一種建立相應的治理（governance）能力。

So there's issue response to one that you talked about. There's also an intermediary-led model where third parties such as brokers and digital exchanges, tokenize shares away from the issuer. Again, these intermediaries, they're already our clients, and this is going to work very much like today's model. We're working with multiple parties on this, and we'll be making announcements in the near future.

所以有你提到的那種發行人模型。另外還有一種由中介機構主導（intermediary-led）的模型，由券商、數位交易所等第三方在發行人之外進行股票代幣化。同樣地，這些中介機構本來就是我們的客戶，而這會非常像今天的運作模式。我們正與多方合作，近期也會發布相關公告。

And then the last model is the so-called synthetic model often led by digital exchanges for global investors, and we are pleased to announce just earlier this week, they were enabling this capability for Ondo, who is the leading provider in this space.

最後一種模型是所謂的合成（synthetic）模型，通常由數位交易所主導、面向全球投資人。我們也很高興宣布，就在本週稍早，我們已為 Ondo 啟用這項能力；Ondo 是此領域的領先供應商。

So really regardless of where the tokenization is taking place. What's clear is that people are coming to us to talk about how to solve their governance requirements. And as and when, tokenized equities begin to get traction, it's going to be because it's drawing in new investors, client holders, global investors, and that's going to grow investor positions.

所以不論代幣化發生在哪裡，很明顯的是，人們都來找我們討論如何滿足其治理需求。而且當代幣化股權開始獲得動能時，將會是因為它吸引了新投資人、客戶持有人、全球投資人，進而擴大投資人持倉。

So that increases the market opportunity for us, and we're leaning into that. So that's the governance side, I'd be remiss if I just didn't point out the other opportunities here because really -- frankly, we think the biggest opportunity is capital markets.

因此這會增加我們的市場機會，我們也正積極投入。以上是治理面；但如果我不提其他機會就不完整了，因為——坦白說，我們認為最大的機會其實在資本市場（capital markets）。

That's where we've been doing quite a bit of investing. When you think about the capital savings from better collateral from faster settlement is going to create higher trading and higher ROEs. We're the leader there today, tokenizing more than $350 billion a day on our DLR platform.

那也是我們投入相當多資源的地方。當你想到更好的擔保品管理與更快的交割結算所帶來的資本節省，將會促成更高的交易量與更高的股東權益報酬率（ROE）。我們目前在那裡是領導者，在我們的 DLR 平台上每天代幣化超過 3,500 億美元。

That's larger than the entire crypto market. We'll be introducing additional enhancements this year, including real-time repo. We just made an investment in [HQLAX] or extend our relationships in Europe. So good head of steam there.

這比整個加密貨幣市場還大。我們今年會推出更多強化功能，包括即時回購（real-time repo）。我們也剛對 [HQLAX] 進行投資，以延伸我們在歐洲的合作關係。所以那邊的動能很強。

And then in Wealth Management. And our wealth clients are increasingly seeing money market funds, private and alternatives and tokens for as something that could be very interesting for their clients. And I think the key here is how do you prevent people having to put on a lot of cost with the dual infrastructure? How do you enable those tokenizing crypto assets alongside the traditional assets without blowing up the cost.

接著是在財富管理（Wealth Management）。我們的財富管理客戶越來越常看到貨幣市場基金、私募與另類資產，以及代幣，作為對其客戶可能非常有吸引力的產品。我認為關鍵在於：如何避免因雙軌基礎設施而產生大量成本？如何讓代幣化的加密資產能與傳統資產並行，而不至於讓成本失控？

And as you know, we just launched an end-to-end solution in Canada. We'll be bringing that to the US, and I think that's going to really help wealth managers solve that. So whether it's wealth management, capital markets or importantly governance, we think that there's just a lot of opportunity for us here. And as you know, change is good for Broadridge.

如你所知，我們剛在加拿大推出端到端（end-to-end）解決方案。我們也會把它帶到美國，我認為這將非常有助於財富管理業者解決上述問題。所以不論是財富管理、資本市場，或是更重要的治理，我們都認為這裡有很多機會。而且如你所知，變革對 Broadridge 是好事。

What we do is we mutualize the cost of change. We help our clients adapt faster. And this is just another example of that.

我們所做的是把變革的成本共同化（mutualize the cost of change），幫助客戶更快適應。而這只是另一個例子。

That is a very comprehensive answer. Thank you, Tim, for that. I really appreciate it. Just a quick one on margins, which I think will probably be a lot shorter. Just thinking through the dynamics, as you say, similar dynamics going into the next quarter.

這是一個非常全面的回答。謝謝你，Tim，我非常感謝。再快速問一個關於利潤率（margins）的小問題，我想應該會短很多。就動態來看，如你所說，下一季也會有類似的動態。

But as Tim just pointed out, there's a lot of good things happening and therefore the investment cycle is accelerating in terms of investment dollars that are going to be required to capture all these opportunities? And how might that play into our views of kind of how the margin profile of the company might go, let's say, over the next several quarters.

但如 Tim 剛指出的，有很多好事正在發生，因此為了掌握所有這些機會，投資週期正在加速——需要投入的投資金額也在增加？這會如何影響我們對公司利潤率輪廓（margin profile）的看法，例如在接下來幾個季度？

Absolutely. So I'll start with this year, right, by reiterating that we remain very much on track to deliver on our full year AOI margin guidance which is between 20% to 21%. From a margin basis, you've heard me say this before, right?

當然可以。所以我先從今年開始，重申我們仍然非常按部就班，將達成我們全年 AOI 利潤率指引（20% 至 21%）。從利潤率的角度來看，你之前也聽我這麼說過，對吧？

We think about margins more as a means to an end. Our goal has been to take advantage of periods of elevated event activity and strong results to accelerate our investments in growth initiatives while we continue to deliver double-digit EPS growth.

我們看待利潤率，更多是把它當作達成目標的手段。我們的目標一直是把握事件活動高峰與強勁業績的時期，加速對成長計畫的投資，同時持續實現雙位數的 EPS 成長。

This year is a great example of that. Our strong results enabled us to accelerate some of these investments in the areas you heard Tim talk about shareholder engagement, tokenization and AI especially in the second half of the year, all while working within our 10% to 12% adjusted EPS growth.

今年就是很好的例子。我們強勁的業績讓我們得以加速在你聽 Tim 提到的領域進行部分投資——股東互動、代幣化以及 AI——尤其是在下半年，同時仍維持在 10% 至 12% 的調整後 EPS 成長範圍內。

Now remember, with regards to the fourth quarter, you should expect us to do more of that in Q4 as well. And if you look at our updated EPS guidance, that would imply low to mid-single-digit adjusted EPS growth in Q4, which would lead us to a strong 10% to 12% for the full year. That reflects the impact of our expected investments in the quarter.

另外請記得，關於第四季，你應該預期我們在 Q4 也會做更多這類投資。而如果你看我們更新後的 EPS 指引，這意味著 Q4 的調整後 EPS 成長將落在低到中個位數，從而帶動全年維持強勁的 10% 至 12%。這反映了我們預期在該季度進行投資的影響。

And I'll just add on that you'll hear us this morning talk about a lot of opportunities and the investments behind those, but those investments are baked into all of the forecasts that we're giving. And as we -- particularly as you think about the productivity from AI going forward and other things, it's really a matter of how do we get the right mix between investment and delivering to shareholders, but we don't see anything that's going to prevent us from continuing to drive double-digit earnings growth.

我再補充一下：你今天早上會聽到我們談到很多機會以及其背後的投資，但這些投資都已經納入我們所提供的所有預測之中。並且——特別是當你思考 AI 未來帶來的生產力以及其他因素時——關鍵其實在於如何在投資與回饋股東之間取得正確的組合；但我們不認為有任何事情會阻止我們持續推動雙位數的獲利成長。

That's great. Thank you so much.

太好了。非常感謝。

Kyle Peterson, Needham.

Kyle Peterson，Needham。

Great. Good morning, guys. Thank you for taking the questions. I wanted to start off on some of the work you guys are doing on the repo front with DLR, obviously. You guys disclosed the Canton network stat and some of the revenue coming in from that.

很好。各位早安。謝謝你們回答問題。我想先從你們在回購協議（repo）方面與 DLR 進行的一些工作談起。你們顯然也揭露了 Canton 網路的統計數據以及由此帶來的一些收入。

And it's growing nicely, but still small, but I just wanted to see like what some of the other products or capabilities you guys are looking at and kind of how we should think about the evolution of your work on repo and potentially in the other asset classes and potential other ways to monetize the Canton network

它成長得不錯，但規模仍小。我想了解你們還在看哪些其他產品或能力，以及我們應該如何看待你們在 repo 上工作的演進，並可能延伸到其他資產類別，以及透過 Canton 網路變現的其他方式。

Yeah, Kyle, thank you very much. So we are really excited about this product and what it means for the broader theme of tokenized securities and really optimizing collateral. And as we said, we did a little over $350 billion a day in March, which is 4x where the volume was. Last year, clearly the leading ad scale platform and we have a series of signed clients that are in the process of being onboarded.

是的，Kyle，非常感謝。我們對這個產品以及它對更廣泛主題——代幣化證券與真正優化擔保品——所代表的意義感到非常興奮。正如我們所說，我們在 3 月的日均量略高於 3,500 億美元，約為去年該水準的 4 倍；顯然這是領先且具規模的平台，而且我們已有一系列已簽約客戶正在導入（onboarding）流程中。

As I think about our road map, we have a pretty well-defined road map here in terms of moving from intercompany to intercompany. Moving on to Canton Main Net will enable that and will be on other networks as well bringing in real-time capability.

就我們的路線圖而言，我們在這裡有相當明確的規劃，包含從公司內部（intercompany）走向公司間（intercompany）。遷移到 Canton 主網（Main Net）將使這成為可能；同時我們也會在其他網路上運行，並引入即時（real-time）能力。

And we think the opportunity there with real-time capabilities to enable new trade types that don't exist today. And you think about today, repos largely funds sort of it's a treasury function that funds the company funds the balance sheet. And we think about the possibility of that moving to a desk level function that could fund individual trades is pretty exciting.

我們認為，即時能力的機會在於能夠支援目前不存在的新交易類型。你想想看，今天 repo 大多是資金面——某種程度上是財務部門的功能，用來為公司、為資產負債表提供資金。我們認為它有可能轉變為交易台（desk）層級的功能，能為單筆交易提供資金，這點相當令人振奮。

So we think the sort of the functional dimension in terms of intercompany and real time. Then there's the geographic dimension in terms of Europe and Asia. And we're seeing nice demand in both those geographies as well. And then there's the asset class dimension. And investment in HQLAX as an example, they are to move to other types of collateral.

所以我們認為，功能面包含公司間與即時化；接著是地理面，涵蓋歐洲與亞洲，我們也在這兩個地區看到不錯的需求；再來是資產類別面，例如投資 HQLAX，就是為了擴展到其他類型的擔保品。

So we think this is going to be really an area where we can help our capital markets clients for a long time to come. It's just gaining traction. But as we said, between this and Canton, it added 2 points of growth to our capital markets business this year. And so we think that's just the beginning.

因此我們認為，這將會是我們能長期協助資本市場客戶的一個領域。它才剛開始獲得動能。但如我們所說，這項業務加上 Canton，今年為我們的資本市場業務帶來了 2 個百分點的成長貢獻，所以我們認為這只是開始。

Awesome. That's great to hear. And then maybe a follow-up on kind of use of cash flow. Historically, you guys have been extremely consistent between whether it's CapEx and shareholder return and M&A. But with cash, especially kind of free cash flow generation trending towards the higher end of the ranges this year.

太棒了。很高興聽到。接著我想追問一下現金流的運用。過去你們在資本支出（CapEx）、股東回饋以及併購（M&A）之間一直非常一致。但今年現金，尤其是自由現金流的產生，似乎正朝區間的高端發展。

I just want to see like are you guys willing to be opportunistic and maybe step up the buyback given the market that seem to be misunderstanding kind of your role in tokenization and some of these other growth initiatives? Or do you guys think you'll just continue to be stick to the historical plan. Just want to gauge on how opportunistic you'd be willing to be in the buyback.

我想了解你們是否願意更具機會性，例如在市場似乎誤解你們在代幣化以及其他成長計畫中的角色時，提升回購力道？還是你們認為會持續遵循歷史上的計畫？我想衡量一下你們在回購方面願意多機會性操作到什麼程度。

Yeah. So I'll start off with agreeing with exactly what you said. We have strong cash flow. We're in a great capital position. That's a great place to be right now, right?

好的。我先同意你剛才說的。我們現金流很強，資本狀況也非常好。現在能處在這樣的位置是很好的，對吧？

I will also say we do remain committed to balanced capital allocation. And just as a reminder, what that means for us is maintaining our investment-grade credit rating, making internal investments to drive organic growth, paying a strong dividend growing in line with our earnings, pursuing attractive M&A and then share buybacks in that order.

我也要說，我們仍然致力於平衡的資本配置。提醒一下，對我們而言這代表：維持投資級信用評等、進行內部投資以推動有機成長、支付強勁股利並隨獲利同步成長、追求具吸引力的併購，最後才是股票回購——依這個順序。

And fiscal '26 has been a great example of that approach and action for us. Since the beginning of the year, we've already invested close to $300 million to make four strategic tuck-in acquisitions. We've returned $681 million to shareholders, which included $350 million in buybacks that we have done already. And we continue to be in a strong capital position, right? We're sitting at a leverage ratio of 1.9x, which is below our target range of 2 to 2.5x right now.

而 2026 會計年度（fiscal '26）就是我們採取這種方法並落實行動的絕佳例子。自年初以來，我們已投入接近 3 億美元，完成四筆策略性補強型（tuck-in）收購；我們已向股東回饋 6.81 億美元，其中包含已完成的 3.5 億美元回購。同時我們仍維持強勁的資本狀況，對吧？我們目前的槓桿比率為 1.9 倍，低於我們 2 到 2.5 倍的目標區間。

Given our forecast for free cash flow, we're on track to deliver more than 1.1 billion for the full year, which essentially leaves us with ample capacity to do both potential M&A and share buyback in Q4 which I agree with you, the share buyback levels are quite compelling right now.

依據我們對自由現金流的預測，我們有望全年超過 11 億美元，這基本上讓我們在 Q4 同時進行潛在併購與股票回購方面具備充足的能力；我同意你，現在的回購水準確實相當有吸引力。

I'll just add, Kyle. I think we have stepped up this year. It's likely to be a record for us in share buybacks. And at the same time, we've seen some very unique opportunities on the M&A side that really add to our franchise and have represented also unique value. So we're looking at each M&A opportunity pretty keenly, relative to our own shares.

我再補充一下，Kyle。我認為我們今年確實已經加大力道；這很可能會成為我們股票回購的歷史新高。同時，在併購方面我們也看到一些非常獨特的機會，能夠強化我們的核心版圖（franchise），並且也代表獨特的價值。因此我們會非常仔細地評估每一個併購機會，並與買回自家股票做比較。

And we do see our shares as being attractive at current levels. So stay tuned. And again, as Ashima said, you'll probably continue to see a mix, but we're keenly aware of the value of our shares right now.

而我們也認為，以目前水準來看，我們的股票具有吸引力。所以敬請期待。再一次，如 Ashima 所說，你可能會持續看到一個組合，但我們非常清楚目前我們股票的價值。

Okay, great.

好的，很好。

Thank you.

謝謝。

Puneet Jain, JPMorgan.

Puneet Jain，JPMorgan。

Hey, thanks for taking my question. So I wanted to ask about delays that you are seeing in closed sales. Is evolution of AI also contributing to those delays in any way as your clients take like build versus buy decisions, does AI change any of those dynamics, specifically in GTO.

嗨，謝謝讓我提問。我想問你們在已結案銷售（closed sales）方面看到的延遲。AI 的演進是否也在某種程度上造成這些延遲？當客戶在做自建（build）與採購（buy）的決策時，AI 是否改變了任何動態，特別是在 GTO 方面？

Yeah, Puneet, thank you for that question. It's interesting. I had dinner a couple of nights ago with the Head of Technology of one of our largest clients, and he was talking about how -- what a different position he sees us in relative to other SaaS vendors that he works with. And he's really talking about the network and the way that we connect hundreds of brokers or dealers to thousands of public companies to tens of millions of investors but also the technology difference and that really deeply embedded way that we are relative to the other things that he see and they're obviously talking to him about an opportunity.

是的，Puneet，謝謝你的問題。很有意思。我前幾天晚上和我們最大客戶之一的技術主管共進晚餐，他談到——他認為相較於他合作的其他 SaaS 供應商，我們所處的位置有多麼不同。他主要在談我們的網路，以及我們如何把數百家經紀商或交易商連結到數千家上市公司，再連結到數千萬名投資人；同時也談到技術差異，以及我們相較於他所看到的其他方案，是如何深度嵌入（deeply embedded）。而那些其他供應商顯然也在跟他談一個機會。

So we're not seeing AI affecting things. It is -- and if anything, we're seeing interest in AI-enabled products that we do. So if I think about looking forward, we are seeing positive trends for next year. As I mentioned, our pipeline origination are both initially up. But beyond that, we're seeing the benefit from organic product development beginning to bear fruit.

所以我們沒有看到 AI 影響這些事情。反而——如果有的話——我們看到市場對我們的 AI 賦能產品有興趣。因此，往前看，我們看到明年有正向趨勢。如我提到的，我們的管線與新案源（pipeline origination）一開始就都在上升。但除此之外，我們也看到有機產品開發的效益開始顯現。

I think we will see some benefit from the tuck-in M&A that we just talked about. And we're starting to see benefits from the ongoing investments in our go-to-market capabilities, especially international. So we like the demand going forward.

我認為我們也會從剛才談到的補強型併購中看到一些效益。我們也開始看到對我們 go-to-market 能力（尤其是國際市場）的持續投資帶來的成果。所以我們看好未來的需求。

We're not seeing or not seeing AI or sort of self-builds taking over. And I think people are really liking our platform story, too, which becomes a sort of a build and buy where being able to leverage the identic layer that we're creating.

我們並沒有看到、或說並未看到 AI 或某種自建方案正在接管。我也認為大家確實很喜歡我們的平台敘事；這變成一種「建置加採購」的模式，能夠運用我們正在打造的 identic 層。

So all in all, we sort of like the way it's working out.

所以整體而言，我們算是很喜歡目前這樣的運作結果。

And, Puneet, I'll just add. I want to be clear, we see minimal impact of this on next year, right? The math would say 10 bps to 30 bps but what I do see is positive momentum from the factors I called out, position growth, higher trading volumes, faster conversion from our existing backlog and what Tim mentioned, the growth accretive M&A.

另外，Puneet，我再補充一下。我想說清楚，我們看到這對明年影響很小，對吧？從數學上看是 10 個基點到 30 個基點，但我確實看到我剛提到的因素帶來正向動能：席位成長、更高的交易量、我們既有訂單庫存（backlog）更快轉換，以及 Tim 提到的、具增長增益（growth accretive）的併購（M&A）。

So we'll talk more about next year in August, but I'm feeling pretty positive right now.

所以我們會在 8 月再多談明年，但我現在感覺相當正面。

Got it. Yeah, I understand like many of those deals are long cycle deals. And second, like somewhat related to first question, like as AI generates productivity in software development as well as in managed services expenses. Are any of those dynamics driving any pricing pressures for you?

了解。是的，我理解很多這類交易的週期都很長。第二個問題也算和第一個有點相關：隨著 AI 在軟體開發以及託管服務費用上帶來生產力提升，這些動態是否正在對你們造成任何定價壓力？

Yeah, . We haven't seen that yet. We are -- it is -- as we talked about, it is -- the improvements in SDLC are certainly helping us innovate faster and bring new products forward faster as used with custom policy engine, the global demand model, the institutional voting platform, all of which are leveraging AI in the way they work, but also in how we develop them. I think the managed services one is interesting because they're -- it is -- we are -- as we talk to clients about that capability today, we're largely talking about AI partnerships.

是的，呃，我們目前還沒看到。我們——這——正如我們談到的，SDLC 的改善確實在幫助我們更快創新、更快推出新產品，例如自訂政策引擎、全球需求模型、機構投票平台；這些都在其運作方式上運用 AI，也在我們開發它們的方式上運用 AI。我認為託管服務那一塊很有意思，因為——這——我們——當我們今天與客戶談這項能力時，我們主要是在談 AI 合作夥伴關係。

We'll do an AI partnership. We'll guarantee you a level of savings and we'll share the savings above that. And it really changes the conversation because we're going into it together, their AI plus, our AI and the APIs I talked about. And we can really create -- we've seen increases in demand as a result of that. And our managed services sales this past year have really -- that formula has been, it's been pretty powerful with clients.

我們會做一個 AI 合作。我們會保證你一定程度的節省，並且把超出該水準的節省與你分享。這真的改變了對話方式，因為我們是一起投入：他們的 AI 加上我們的 AI，以及我提到的 API。我們確實能創造——我們也因此看到需求增加。而我們過去一年在託管服務的銷售上——那個公式——對客戶來說一直相當有力。

So it's leading to a lot of good conversations, and I would say really helping to drive demand.

所以這帶來了很多很好的對話，我會說也確實有助於推動需求。

Got it.

了解。

Thank you.

謝謝。

Michael Infante, Morgan Stanley.

Michael Infante，摩根士丹利。

Hi, everyone. Thanks for taking our question. Ashima you alluded to the fact that you feel comfortable about fiscal year '27, recurring revenue even with the lower closed sales outlook based on backlog composition and conversion to revenue along with some of the position growth factors you cited. But if we just think about the contribution of closed sales to recurring revenue historically being around that 6 point range, how should we be thinking about your conviction and the durability of recurring revenue growth on a go-forward basis if closed sales performance doesn't inflect? Thank you.

各位好。謝謝讓我們提問。Ashima，你提到即使在已簽訂銷售（closed sales）展望較低的情況下，基於訂單庫存的組成與轉為營收的情形，加上你提到的一些席位成長因素，你對 2027 財年經常性收入（recurring revenue）仍感到有把握。但如果我們回頭看，歷史上已簽訂銷售對經常性收入的貢獻大約在 6 個點左右，那麼若已簽訂銷售表現沒有回升，往後我們應該如何看待你們對經常性收入成長的信心與其持久性？謝謝。

Yeah, so Michael, I'll answer in two parts, right? I'll talk about what gives me conviction of one, I'm not giving you any guidance for fiscal '27 right now. I want to be very clear about that. We'll come and have that call in August.

好的，Michael，我分兩部分回答。第一，我現在並沒有提供 2027 財年的任何指引，我想非常清楚地說明這點。我們會在 8 月再來進行那通電話。

My aim was to give you a little bit more color on the drivers that we see as allowing us to continue to see strength in recurring revenue growth. And those drivers specifically were we have early indication on volume trends, which continue to look good even for our first half position testing for next year.

我的目的是想讓你更了解一些我們看到、能讓經常性收入成長持續保持強勁的驅動因素。這些驅動因素具體包括：我們對量能趨勢有早期跡象，這些趨勢看起來仍然不錯，甚至對於我們明年上半年席位測試（position testing）也是如此。

Our backlog continues to look good. And in addition, I expect the acquisitions that we made this year to contribute to both reported growth and organic growth over the course of next year. Specifically on sales, if you look at -- even if you look at the difference in guidance that we had previously versus what we have right now, that implies only a from a midpoint perspective, that implies only a $40 million to $45 million delta.

我們的訂單庫存（backlog）持續看起來不錯。此外，我預期我們今年完成的收購，將在明年期間同時貢獻已報告成長（reported growth）與有機成長（organic growth）。具體到銷售，如果你看——即使你看我們先前的指引與目前指引之間的差異，從中位數角度看，這只意味著約 4,000 萬到 4,500 萬美元的差額。

Given our conversion cycles across our ICS and GTO product, you would expect only a fraction of that to convert over the next year, which is why I called out the impact of that would be 10 basis points to 30 basis points at most, right, which is why, given all the other positive drivers that we're seeing with volume trends, backlog, acquisitions and the internal growth in the business, I feel good about where we will be for next year.

考量我們在 ICS 與 GTO 產品上的轉換週期，你會預期其中只有一小部分會在明年轉為營收；這也是我指出其影響最多只有 10 個基點到 30 個基點的原因。也因此，鑑於我們在量能趨勢、訂單庫存、收購，以及業務內生成長等其他正向驅動因素上所看到的一切，我對我們明年的表現感到樂觀。

That's helpful. And then just on the Galaxy announcement, what's the gating item to seeing more Galaxy like announcements in terms of your on chain efforts? How closely are other corporates, including non-cryptooriented businesses monitoring that? And are there other parts of their infrastructure stack or other businesses like them in terms of their infrastructure stack that you intend to leverage over time. Thank you, guys.

這很有幫助。接著關於 Galaxy 的公告，在你們的鏈上（on chain）推進上，要看到更多類似 Galaxy 的公告，關鍵的限制因素是什麼？其他企業（包括非加密導向的企業）對此關注到什麼程度？另外，是否還有他們基礎設施堆疊（infrastructure stack）的其他部分，或是其他與他們類似的企業在其基礎設施堆疊方面，你們打算隨時間推進去加以利用？謝謝各位。

Yes, thank you on that. I think, first of all, just the last part of it, will there be others that we leverage, absolutely, we'll be partnering with everyone, we'll be integrating into all the various wallets. So I think this -- when you think about how this will work -- there will be a, I think, a pretty broad ecosystem of partners. And the great news, as I talked about earlier, is that pretty much everyone we talked to in this area when we talk to them about how we can help make this real, they're very interested in talking to us, very interested in integrating and partnering.

是的，謝謝你提到這點。我想先回應最後一部分：是否會有其他我們會去利用的對象？絕對會。我們會與所有人合作，會整合到各種不同的錢包中。所以當你思考這將如何運作——我認為會有一個相當廣泛的合作夥伴生態系。而好消息是，正如我先前提到的，在這個領域我們幾乎跟每一個對象談到「我們如何協助把這件事落地」時，他們都非常有興趣與我們對話，也非常有興趣整合與合作。

And so we've really been pushing on open doors in terms of that. So I think the gating factor on more announcements is just really how fast we can talk to people. And we're doing that and we're expanding our capacity to talk to partners to make sure that we can basically meet all the demand for that.

因此，就這方面而言，我們其實是在推開已經敞開的門。我認為更多公告的限制因素，主要就是我們能多快與人洽談。我們正在這麼做，也在擴充我們與合作夥伴洽談的產能，以確保我們基本上能滿足所有相關需求。

I think in terms of how fast this will go with other companies, it is a little bit less clear. We do know of some companies that are in the pipeline that we're in discussion with. So far, they do tend to be other companies that are in the in the sort of digital asset ecosystem. They're more focused on this than others. I think it will really be a matter of companies, they're not in the digital asset ecosystem themselves.

至於其他公司會以多快的速度跟進，這就比較不明朗。我們確實知道有一些公司在管線中，正在與我們討論。到目前為止，它們往往是數位資產生態系中的其他公司；相較之下，他們對這件事的關注度更高。我認為這終究會取決於那些本身不在數位資產生態系的公司。

They do this to raise capital at good rates. And so the -- it's a chicken and egg question in terms of, is the supply from corporate is their demand from investors. And you could imagine as a sleeve if you're able to attract global investors through this, have anything a sleeve of this and things. I think it will be and I don't have any knowledge of this at all, but we think there are some very large IPOs that are coming later this year. I haven't heard any hint that any of those are going to have a tokenized sleep, but if they did that would certainly be an [impact] to the market.

他們這麼做是為了以良好利率籌資。因此——這在某種程度上是個先有雞還是先有蛋的問題：企業端是否有供給、投資人端是否有需求。你可以想像，如果你能透過這種方式吸引全球投資人，把它作為一個配置分層（sleeve）——有一部分配置在這上面等等。我認為這會——而且我完全沒有任何相關內線資訊——但我們認為今年稍晚會有一些非常大型的 IPO。我沒有聽到任何跡象顯示其中任何一個會有代幣化的 sleeve，但如果他們真的這麼做，肯定會對市場造成一定的[影響]。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Timothy Gokey for any closing remarks. Please go ahead.

以上為我們的問答環節。接下來我想把電話交回給 Timothy Gokey 先生，請他做結語。請繼續。

Yeah, I just want to thank everyone for joining us this morning. We're really excited about the story that we have right now, the way we're delivering results today but also how we are really helping our industry at a moment of key change.

好的，我只想感謝大家今天早上加入我們。我們對目前的故事非常興奮：我們今天交付成果的方式，以及我們如何在產業關鍵變革的時刻真正協助我們的產業。

And as I said a couple of times on the call, we think change is good for Broadridge. We help our clients mutualize making it happen, help them adapt faster. And so we're really excited about the opportunities that we're seeing and that we talked about this morning. Thank you.

正如我在電話會議中提到過幾次的，我們認為變革對 Broadridge 是好事。我們協助客戶以共同化（mutualize）的方式推動變革發生，幫助他們更快適應。因此，我們對今天早上所看到、也與各位討論到的機會感到非常振奮。謝謝。

And this will conclude our conference call for today. Thank you for attending today's presentation. You may now disconnect.

今天的電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。