Broadridge Financial Solutions Inc (BR) 2026 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Broadridge fiscal fourth quarter and full year 2026 earnings conference call. (Operator Instructions). Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Edings Thibault, Head of Investor Relations. Please go ahead.

各位早安，歡迎參加 Broadridge 2026 會計年度第四季與全年財報電話會議。(接線員指示)。也請注意，今天的活動將會錄音。現在我想把會議交給投資人關係主管 Edings Thibault。請開始。

Thank you, Jamie. Good morning, everybody, and welcome to Broadridge's fourth quarter and fiscal year 2026 earnings 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，Jamie。各位早安，歡迎參加 Broadridge 第四季與 2026 會計年度財報電話會議。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 的投資人關係專區查閱。

Joining me on the call this morning are Tim Gokey, our CEO; and our CFO, Ashima Ghei. Before I turn the call over to Tim, a few standard reminders. One, we will be making forward-looking statements on today's call regarding Broadridge that involve risks. A summary of these risks can be found on the second page of the slides in a more complete description on our annual report on Form 10-K, which will be filed later today.

今天早上與我一同參與電話會議的有我們的執行長 Tim Gokey，以及我們的財務長 Ashima Ghei。在我把電話交給 Tim 之前，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。這些風險的摘要可在投影片第 2 頁找到，更完整的說明則載於我們的 Form 10-K 年報中，該年報將於今天稍晚提交。

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 衡量指標；我們相信這些指標能讓投資人更完整理解 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 Tim Gokey. Tim?

現在我把電話交給 Tim Gokey。Tim？

Thank you, Edings, and good morning. I'm excited to join you this morning to talk about our strong financial results. I'm even more excited to talk about the progress that we are making, building the infrastructure for the financial markets of tomorrow. Markets that will be digitized, identic and increasingly tokenized. Because the real story of fiscal '26 that Broadridge is delivering today and building for tomorrow.

謝謝你，Edings，各位早安。我很高興今天早上能與各位一起討論我們強勁的財務成果。我更興奮的是要談談我們所取得的進展：我們正在打造明日金融市場的基礎設施。這些市場將會數位化、具備代理式（agentic）特性，並且日益代幣化。因為這才是 Broadridge 在 2026 會計年度所交付的成果，以及為明天所打造的真正故事。

Now turning to the headlines. First, Broadridge delivered strong financial results. Fiscal year 2026 revenue rose 8% in constant currency, adjusted EPS rose 12%, and thanks to record fourth quarter closed sales rose to $305 million.

接著看重點摘要。第一，Broadridge 交出強勁的財務表現。2026 會計年度營收以固定匯率計成長 8%，調整後 EPS 成長 12%；並且受惠於第四季創紀錄的成交銷售額，封閉式銷售（closed sales）提升至 3.05 億美元。

Second, Broadridge is executing across governance, capital markets and wealth, while building the infrastructure for the market tomorrow by driving digital communications, scaling agentic AI and accelerating tokenized assets.

第二，Broadridge 正在公司治理、資本市場與財富管理三大領域全面執行，同時透過推動數位化溝通、擴大代理式 AI 規模，以及加速代幣化資產，來打造明日市場的基礎設施。

Third, as I just noted, we are building the infrastructure for tokenized securities, and we expect the evolution to tokenize markets will be a significant tailwind for Broadridge. Fourth, we returned over $1 billion to our shareholders in fiscal '27 in the form of our dividend and a record $600 million in buybacks. And last night, our Board approved a 12% increase in our dividend. We've now raised our annual dividend in each of the 20 years that we've been a public company, underscoring our commitment to creating long-term shareholder value.

第三，如我剛才所提，我們正在打造代幣化證券的基礎設施；我們預期市場走向代幣化的演進將成為 Broadridge 的重要順風。第四，我們在 2027 會計年度以股利與創紀錄 6 億美元庫藏股回購的形式，向股東回饋超過 10 億美元。而昨晚，我們董事會核准將股利提高 12%。自我們成為上市公司以來，已連續 20 年調升年度股利，凸顯我們致力於創造長期股東價值的承諾。

Fifth and last, as we look ahead to fiscal '27, we expect to drive another year of steady growth while continuing to fund our digital agentic platform and tokenization investments. We're guiding to 6% to 8% recurring revenue growth and 8% to 12% adjusted EPS growth.

第五也是最後，展望 2027 會計年度，我們預期在持續投入數位代理式平台與代幣化投資的同時，推動另一年穩健成長。我們的指引為：經常性營收成長 6% 至 8%，以及調整後 EPS 成長 8% 至 12%。

So let's dig into the execution driving those results, starting on slide 4. In governance, we're driving the democratization and digitization of investing. Fiscal '26 recurring revenue rose 8%, driven by new sales and double-digit equity position growth.

接下來我們深入探討推動這些成果的執行面，從投影片第 4 頁開始。在公司治理方面，我們正推動投資的普及化與數位化。2026 會計年度經常性營收成長 8%，主要由新銷售與兩位數的股票持倉（equity position）成長所帶動。

Market innovation continues to bring in new investors and drive portfolio diversification. Total equity record growth for the year was 16%, powered by the continued popularity of managed accounts. Equity revenue position growth was 12%. Funds are also benefiting from increased innovation in both passive and active strategies, driving fund position growth of 6%.

市場創新持續帶來新投資人並推動投資組合多元化。全年股票總持倉創紀錄成長 16%，主要受惠於受管理帳戶（managed accounts）持續走紅。股票營收持倉成長 12%。基金也受惠於被動與主動策略的創新增加，帶動基金持倉成長 6%。

For shareholder engagement, 2026 was also a year in which we moved from concept to reality. We completed a successful first proxy season for our AI-powered custom policy engine, which is giving asset managers a modern and independent voting capability, empowering proxy votes to cost more than $800 billion in US AUM.

在股東參與方面，2026 年也是我們把概念落地成真的一年。我們完成了 AI 驅動的客製化政策引擎（custom policy engine）首個成功的委託書季（proxy season）；該引擎為資產管理公司提供現代化且獨立的投票能力，使其能對超過 8,000 億美元的美國資產管理規模（AUM）進行委託書投票授權。

In fiscal '27, we'll expand the scope of the product to include global equities, and we're reengineering our ProxyEdge institutional voting workflow to make institutional voting even more intuitive. We're also enabling passive funds to extend governance decisions to their underlying shareholders were their pass-through voting solution with more than 900 funds and $8 trillion in AUM using our voting choice capability, up from 600 funds and $4 trillion last year.

在 2027 會計年度，我們將把產品範圍擴展至全球股票，並重新設計我們的 ProxyEdge 機構投票工作流程，使機構投票更直覺。我們也透過「透傳投票」（pass-through voting）解決方案，讓被動型基金能將治理決策延伸至其底層股東；目前已有超過 900 檔基金、8 兆美元 AUM 使用我們的投票選擇（voting choice）能力，高於去年的 600 檔基金與 4 兆美元。

We're also completing the first full year of our standing voting instruction solutions, or SVI. With a year of proven success improving retail voting participation, we now have six clients on the platform. As US= companies become global bellwethers for innovation, we're seeing growing interest from global investors and global retail platforms in voting capabilities for US equities.

我們也完成了常設投票指示（standing voting instruction solutions，或 SVI）的第一個完整年度。在成功證明能提升零售投票參與度的一年之後，目前平台上已有 6 家客戶。隨著美國公司成為全球創新的風向球，我們看到全球投資人與全球零售平台對美國股票投票能力的興趣日益增加。

The ability to offer proxy voting solutions is seen as a differentiator, especially for new entrants, and that translated into fiscal '26 sales in both Europe and Japan. Each of these efforts are discussed this morning extends our core regulatory communications business. By combining our deep voting and engagement expertise, our scaled technology in agentic AI, we've been able to accelerate our time to market and target new revenue sources.

提供委託書投票解決方案的能力被視為差異化優勢，尤其對新進入者而言；這也轉化為我們在 2026 會計年度於歐洲與日本的銷售成果。今天早上討論的每一項努力，都在延伸我們核心的法規溝通業務。透過結合我們深厚的投票與參與專業、以及在代理式 AI 上具規模的技術，我們得以加速上市時程並鎖定新的營收來源。

We're also extending our governance capabilities to tokenized securities, which I'll address shortly. And finally, our print and digital strategy is driving digitization. Digitalization rates in our proxy communications are now nearing 95% with 80% for funds. In customer communications, digital revenues grew more than 10% for the fourth consecutive year. And our wealth and focused solution continues to gain momentum, and we now have 6 leading US wealth managers either on or in the process of onboarding to the platform.

我們也正將公司治理能力延伸至代幣化證券，稍後我會再說明。最後，我們的印刷與數位策略正在推動數位化。我們在委託書溝通中的數位化率目前已接近 95%，基金則為 80%。在客戶溝通方面，數位營收已連續第四年成長超過 10%。我們的 Wealth Infocus 解決方案也持續累積動能，目前已有 6 家美國領先的財富管理機構已上線或正在導入該平台。

On the topic of digitization, the SEC has issued its much-anticipated e-delivery rule proposal, which will allow institutions to shift the default for client communications from physical mail to digital. We are pleased with the proposal, which is an exciting step forward for investors, public companies, funds and brokers. As with any regulatory proposal, it will take time to be fully implemented.

談到數位化，美國證券交易委員會（SEC）已發布備受期待的電子交付（e-delivery）規則提案，將允許機構把客戶溝通的預設方式從實體郵寄改為數位。我們對該提案感到滿意；這是對投資人、上市公司、基金與券商而言令人振奮的一大步。如同任何監管提案，全面落實仍需要時間。

Broadridge is well positioned to help our clients through this change, and we expect it to be an important catalyst driving demand for more engaging digital first communications like those enabled by our Wealth Infocus platform.

Broadridge 已做好充分準備，協助客戶因應這項變革；我們預期這將成為重要催化劑，推動市場對更具互動性、以數位優先（digital first）為核心的溝通需求，例如由我們 Wealth Infocus 平台所提供的功能。

Let's move next to Capital Markets on slide 5. In Capital Markets, Broadridge is helping our clients simplify and innovate to trading operations. Fiscal '26 revenues rose 5% to $1.2 billion, driven by growth across both front and back office solutions. We closed the acquisition of CQG in early May to strengthen our futures and options capabilities and it contributed to a nice competitive win with a significant trading institution in the fourth quarter.

接著我們看投影片第 5 頁的資本市場業務。在資本市場方面，Broadridge 正協助客戶簡化並創新其交易營運。2026 會計年度營收成長 5% 至 12 億美元，主要由前台與後台解決方案的成長所帶動。我們於 5 月初完成對 CQG 的收購，以強化我們在期貨與選擇權方面的能力；該收購也在第四季協助我們於一家重要交易機構取得一項漂亮的競爭性勝利。

Our business is benefiting from the ongoing push to extended hours trading. That's driving demand for our real-time post-trade solutions and our managed services. We're also tokenizing collateral management. DLR volume rose to $360 billion in June, up 3x from May of '25. We're currently onboarding multiple Tier 1 banks to our platform, and we expect 50% growth by December with further scaling as the fiscal year progresses.

我們的業務正受惠於市場持續推動延長交易時段。這正在帶動對我們即時的交易後解決方案與託管式服務的需求。我們也正在將擔保品管理代幣化。DLR 交易量在 6 月升至 3,600 億美元，較 2025 年 5 月成長 3 倍。我們目前正將多家第一級（Tier 1）銀行導入我們的平台，並預期到 12 月成長 50%，且隨著會計年度推進進一步擴張。

And last, we're extending our agentic capabilities across our managed services offering. Our agents analyze real-time data and operational context, identify exceptions and initiate resolution, driving a step change function in productivity. In May, we announced the rollout of our agentic AI partnership model, offering up to 30% day one operational cost reduction with additional savings over time. That's AI transformation in action.

最後，我們正把代理式（agentic）能力擴展到我們的託管式服務產品中。我們的代理會分析即時數據與營運情境、辨識例外並啟動處置，帶來生產力的躍升式變革。5 月，我們宣布推出代理式 AI 夥伴合作模式，上線首日即可帶來最高 30% 的營運成本降低，並可隨時間推移取得額外節省。這就是 AI 轉型的實際展現。

Turning to wealth management, where we're modernizing the industry. We had another strong year in fiscal '26 with recurring revenue growth of 10%. Thanks to the [SIS] acquisition, we're seeing new momentum in the Canadian market.

接著談財富管理，我們正在推動產業現代化。在 2026 會計年度，我們再度交出亮眼表現，經常性收入成長 10%。受惠於收購 [SIS]，我們在加拿大市場看到新的動能。

In the spring, we announced the onboarding of Aviso as our latest platform client and recorded another significant win with a leading Canadian bank. We're also accelerating the adoption of digital assets with the launch of our next-generation digital asset capability, which unifies traditional and digital assets within a single operating model.

今年春季，我們宣布將 Aviso 導入，成為我們最新的平台客戶，並且與一家加拿大領先銀行再度拿下重要勝利。我們也透過推出新一代數位資產能力，加速數位資產的採用；該能力在單一營運模型中整合傳統資產與數位資產。

In the US we continue to make strong progress in onboarding the Wealth platform sales closed last year, while on the component side, we're seeing strong demand for our corporate actions and managed services offerings.

在美國，我們持續在導入去年成交的 Wealth 平台銷售案方面取得強勁進展；同時在元件（component）端，我們看到對公司行動（corporate actions）與託管式服務產品的強勁需求。

Across all three franchises, our AI initiatives are delivering results. Our new AI products, including our custom policy voting engine and global demand model in ICS and our operation solutions, BondGPT and trading algorithms in GTO are gaining traction. We're also deploying AI to accelerate products and software development and reduce the time and cost to onboard new clients. Finally, we're beginning to see real AI-driven productivity gains, including $25 million in fiscal '27 and we're just getting started.

在三大業務線全面推進下，我們的 AI 計畫正在產生成果。我們的新 AI 產品正在獲得市場採用，包括 ICS 的客製化政策投票引擎與全球需求模型，以及 GTO 的營運解決方案、BondGPT 與交易演算法。我們也在部署 AI 以加速產品與軟體開發，並降低導入新客戶所需的時間與成本。最後，我們開始看到真正由 AI 驅動的生產力提升，包括在 2027 會計年度帶來 2,500 萬美元效益，而這才剛開始。

I'll close my operating view with sales. After a slow start to the year, we accelerated nicely with a record $158 million of closed sales in Q4. Three things stood out for me. First, we exceeded the expectations we had at the beginning of the quarter because we were able to drive larger deals to closing. These are the types of engagements that have been slower to move for the pipeline through much of the year.

我將以銷售作為營運觀點的收尾。在年初進展較慢之後，我們在第四季明顯加速，以 1.58 億美元的成交銷售額創下紀錄。有三點特別值得我指出。第一，我們超越了季初的預期，因為我們成功推動更大型的交易完成簽約。這類案子在今年大部分時間裡，於管線推進上相對較慢。

Second, our focus on closing did not come at the expense of sales origination. Our pipeline at year-end is up significantly from a year ago, highlighting growing demand for our next-generation solutions.

第二，我們聚焦成交並未犧牲銷售開發（origination）。年末的銷售管線較一年前大幅成長，凸顯市場對我們新一代解決方案的需求正在增加。

And third, a growing share of our sales is driven by platform and innovation. Our platform-enabled AI and next-generation products, including shareholder engagement, DLR and digital communications rose 60%, and they accounted for nearly 40% of our closed sales.

第三，我們的銷售中由平台與創新所驅動的占比正在提高。我們由平台賦能的 AI 與新一代產品（包括股東互動、DLR 與數位通訊）成長 60%，且其貢獻接近我們成交銷售額的 40%。

Before I sum up, I want to touch on a topic that's come up regularly in our conversations with you. Tokenization on slide 7.

在我總結之前，我想談一個在我們與各位對話中經常被提及的主題。第 7 張投影片的代幣化（tokenization）。

Tokenization has the potential to reshape how assets are issued, traded, financed and serviced, and we expect it to be a significant tailwind for Broadridge. The industry is now grappling with questions about where tokenization will create the most value, how quickly it will scale and what kind of market infrastructure will be required to support it.

代幣化有潛力重塑資產的發行、交易、融資與服務方式，我們預期這將成為 Broadridge 的重要順風。產業目前正面對幾個問題：代幣化在哪些環節能創造最大價值、擴張速度會有多快，以及需要何種市場基礎設施來支撐。

At Broadridge, we're actively shaping the answers to those questions by building trusted, scalable, tokenized market infrastructure across governance, Capital Markets and Wealth. I'll start with governance, where we're in the early innings of what is likely to be an extended transition to tokenized equities.

在 Broadridge，我們正透過在公司治理、資本市場與財富管理三大領域打造可信、可擴展的代幣化市場基礎設施，積極塑造上述問題的答案。我先從公司治理談起；在這裡，我們仍處於早期階段，而這很可能是一段邁向代幣化股票的長期轉型。

Tokenized equities have the potential to power new products and to bring more investors to US markets, driving more positions and new complexity for issuers, brokers and others as they manage the range of voting and other asset servicing required. There is no one better positioned than Broadridge to solve that complexity at scale for the industry.

代幣化股票有潛力催生新產品，並吸引更多投資人進入美國市場，進而帶來更多持倉與新的複雜度；發行人、券商與其他參與者在管理投票及其他所需的資產服務時，將面臨更高的複雜性。在協助產業以規模化方式解決這些複雜度方面，沒有任何公司比 Broadridge 更具優勢。

At Broadridge, we're actively extending our market-leading proxy voting and disclosure capabilities to support synthetic, custodial and native tokenized equity models. And we're the first provider to support all three models of tokenized equities today.

在 Broadridge，我們正積極延伸我們市場領先的委託書投票（proxy voting）與揭露能力，以支援合成型、託管型與原生代幣化股票（native tokenized equity）三種模式。而且我們是目前第一家同時支援這三種代幣化股票模式的供應商。

The leading model today is synthetic, focused on non-US investors. We are pleased to announce our relationship with Ondo, the leading issuer of synthetic tokenized US equities and ETFs to provide a market-leading solution to enable holders of synthetic tokens to exercise governance. We expect further announcements in coming months.

目前的主流模式是合成型，主要聚焦於非美國投資人。我們很高興宣布與 Ondo 建立合作關係；Ondo 是合成型代幣化美國股票與 ETF 的領先發行人。我們將提供市場領先的解決方案，使合成代幣持有人能行使公司治理權利。我們預期未來幾個月還會有進一步的公告。

Longer term, we expect third-party custodial approaches to gain significant traction. We recently extended our relationship with Ondo to provide governance solutions for the custodial model they intend to launch in the US. We also signed an agreement with Alpaca, a leading provider of custody, clearing and other infrastructure services supporting tokenized assets to provide a full suite of governance and shareholder communication services to clients on their network.

從長期來看，我們預期第三方託管方式將獲得顯著採用。我們近期擴大與 Ondo 的合作，為其計畫在美國推出的託管模式提供公司治理解決方案。我們也與 Alpaca 簽署協議；Alpaca 是支援代幣化資產的託管、清算及其他基礎設施服務的領先供應商。我們將為其網路上的客戶提供完整的公司治理與股東溝通服務套件。

For native issuance, we've completed the first and only on-chain voting for tokenized equities with Galaxy and now integrating that capability into our Sharelink voting solution, giving corporate issuers a single voting platform covering tokenized, registered and beneficial shares. We serve 80% of the Fortune 500 today for their registered shares. So if native issuance becomes a significant model, we expect it will be a positive for Broadridge.

在原生發行方面，我們已與 Galaxy 完成首個且目前唯一一次針對代幣化股票的鏈上投票（on-chain voting），並正將該能力整合至我們的 Sharelink 投票解決方案，讓企業發行人擁有單一投票平台，可涵蓋代幣化、登記（registered）與實益（beneficial）持股。目前，我們為《財富》500 大企業中 80% 的登記股提供服務。因此，若原生發行成為重要模式，我們預期這將對 Broadridge 帶來正面效益。

Turning now to capital markets. We have long believed that one of the biggest near-term payoff of tokenization is enhanced collateral mobility. We've been working to address that opportunity for the past eight years.

接著談資本市場。我們長期以來一直相信，代幣化在短期內最大的回報之一，是提升擔保品的流動性（collateral mobility）。過去八年，我們一直致力於掌握並解決這個機會。

Today, our distributed ledger repo platform, DLR, processes $360 billion in tokenized repo transactions every day, as I mentioned, with nearly 20 institutions on the platform or in the process of onboarding. Now we're taking DLR Global with G7 securities entering the network to support cross-border repo activity and seamless collateral movements.

如我先前提到的，目前我們的分散式帳本回購（repo）平台 DLR 每天處理 3,600 億美元的代幣化回購交易，平台上或正在導入流程中的機構接近 20 家。現在我們正推動 DLR Global，讓 G7 證券加入網路，以支援跨境回購活動與無縫的擔保品移轉。

DLR gives institutions a practical way to improve funding flexibility, optimize collateral and liquidity and make efficient use of capital across global markets, all operating within familiar institutional workflows. Building on DLR, we're launching DLX, our end-to-end multi-asset tokenization and digital asset platform to support always-on markets.

DLR 為機構提供一種務實的方法，可提升融資彈性、最佳化擔保品與流動性，並在全球市場中更有效率地運用資本，同時仍在熟悉的機構作業流程內運行。在 DLR 的基礎上，我們正推出 DLX——我們端到端的多資產代幣化與數位資產平台，以支援永續運作（always-on）的市場。

DLX extends Broadridge's tokenization capabilities across multiple asset classes, combining tokenization, smart contracts, transaction orchestration, trading, settlement and governance on a single platform for equities, funds, alternatives and money market instruments. Institutions will be able to operate with one set of tokenization rails, one governance standard and one operational model across the entire tokenized asset portfolio.

DLX 將 Broadridge 的代幣化能力擴展至多種資產類別，在單一平台上整合代幣化、智慧合約、交易編排（transaction orchestration）、交易、結算與公司治理，涵蓋股票、基金、另類資產與貨幣市場工具。機構將能以一套代幣化軌道、一套治理標準與一套營運模型，管理整個代幣化資產投資組合。

Given the extended transition I described earlier, many clients are concerned about the cost of a separate infrastructure for digital and tokenized assets. That's why our recent digital asset survey showed that 69% of firms expect a hybrid infrastructure.

鑑於我先前所描述的延長過渡期，許多客戶擔心為數位與代幣化資產另建一套基礎設施的成本。這也是為什麼我們近期的數位資產調查顯示，69%的公司預期將採用混合式基礎設施。

Broadridge is stepping in to build that infrastructure at scale. We're extending Broadridge's market-leading multi-asset capabilities to support the trading and servicing of digital and tokenized assets across our full front-to-back infrastructure from order and execution to books and records, offering clients the ability to support traditional, digital and tokenized assets on the same integrated platform.

Broadridge 正在介入，以規模化方式建置該基礎設施。我們正擴展 Broadridge 市場領先的多資產能力，支援在我們完整的前到後（front-to-back）基礎設施上進行數位與代幣化資產的交易與服務，涵蓋從下單與執行到帳簿與記錄（books and records），讓客戶能在同一個整合平台上同時支援傳統、數位與代幣化資產。

And we will leverage many of the same components for wealth managers to deliver a full front and back-office solution, integrating tokenized and traditional assets. By linking digital asset capabilities to existing infrastructure, we're helping them move faster and unlock new opportunities in digital assets, alternatives, private assets, tokenized money market funds and equities.

同時，我們也將為財富管理機構沿用許多相同的元件，提供完整的前台與後台解決方案，整合代幣化與傳統資產。透過將數位資產能力連結至既有基礎設施，我們正協助他們加速推進，並在數位資產、另類投資、私募資產、代幣化貨幣市場基金與股票等領域解鎖新機會。

We announced the expansion of our digital asset capabilities for the Canadian wealth market this past April, and we expect to go live by the end of the calendar year, subject to our clients' regulatory approvals. And we're pleased to announce that we're extending these capabilities to serve our US wealth clients as well. Our unified platform will enable broker-dealers, registered investment advisers and wealth managers to offer cryptocurrencies and tokenized assets alongside traditional investments across both adviser-led and self-directed experiences.

我們在今年4月宣布擴展面向加拿大財富市場的數位資產能力，並預期在本曆年年底前上線，但仍須視客戶取得監管核准而定。我們也很高興宣布，將把這些能力延伸至服務我們的美國財富客戶。我們的統一平台將使券商（broker-dealers）、註冊投資顧問（registered investment advisers）與財富管理機構，能在顧問主導與自助式兩種體驗中，將加密貨幣與代幣化資產與傳統投資並列提供。

At the end of the day, the future of tokenization is going to be about building tokenized markets, markets that institutions, regulators, issuers, intermediaries and most importantly, investors can trust. That means building not only the technology, but also the servicing model, market infrastructure, governance and controls needed to support adoption at scale.

歸根結底，代幣化的未來將在於建立代幣化市場——一個機構、監管機關、發行人、中介機構，最重要的是投資人都能信任的市場。這意味著不僅要建置技術，還要建立服務模式、市場基礎設施、治理架構與控制機制，以支援規模化採用。

And it means bringing together new entrants, incumbents and infrastructure providers to shape a market that's efficient, resilient and credible from the start. That's a generational opportunity for Broadridge across our franchises, and we're seizing it.

這也意味著要把新進者、既有業者與基礎設施供應商凝聚在一起，從一開始就塑造一個高效率、具韌性且可信的市場。這對 Broadridge 在各項業務版圖而言是一個世代性的機會，而我們正把握它。

As I close, I want to come back to what I said at the beginning. Broadridge is delivering strong financial performance today while building for tomorrow. We have never been a stronger company. We have deep client relationships with the leading financial institutions and we're now extending to new entrants.

在結語之前，我想回到我一開始所說的。Broadridge 一方面在今天交出強勁的財務表現，同時也在為明天布局。我們從未像現在這樣強大。我們與領先的金融機構建立了深厚的客戶關係，並且正延伸至新進者。

We have unmatched subject matter expertise, and we have the integrated technology platform to bring it all together. There is no one better positioned to build the next-generation infrastructure that will power the markets of tomorrow.

我們擁有無可匹敵的領域專業能力，也擁有能將一切整合起來的整合式技術平台。在打造將驅動未來市場的下一代基礎設施方面，沒有任何公司比我們更具優勢。

Before I turn it over to Ashima, I want to address the nearly 16,000 Broadridge associates around the world, many of whom are listening to this call. You are the ones driving that execution, you're the ones creating that innovation and you're the ones shaping the future. Your work is truly making a difference. Thank you.

在我把時間交給 Ashima 之前，我想對全球近16,000名 Broadridge 同仁說幾句，其中許多人正在收聽這通電話會議。是你們在推動執行，是你們在創造創新，也是你們在塑造未來。你們的工作確實正在帶來改變。謝謝。

Ashima?

Ashima？

Thanks, Tim. Good morning. It's great to be here today. Before I begin my review of our strong fiscal '26 results and fiscal '27 guidance, I want to make four key callouts.

謝謝你，Tim。早安。很高興今天能在這裡。在我開始回顧我們強勁的2026財年業績與2027財年指引之前，我想先提出四個重點。

First, the Broadridge business model is working. During fiscal '26, we delivered high single-digit recurring revenue growth and another year of double-digit adjusted EPS growth while funding investments in digitization, agentic AI and tokenization.

第一，Broadridge 的商業模式正在發揮作用。在2026財年，我們在投入數位化、代理式AI（agentic AI）與代幣化投資的同時，實現了經常性收入的高個位數成長，並連續一年達成調整後EPS的雙位數成長。

Second, free cash flow and capital returns. Broadridge generated $1.2 billion in free cash flow, equal to 110% of our adjusted earnings. And between share repurchases and our dividend, we returned just under $9 per share to shareholders during the year.

第二，自由現金流與資本回饋。Broadridge 產生了12億美元的自由現金流，相當於我們調整後盈餘的110%。此外，透過庫藏股回購與股利，我們在年度內向股東回饋了略低於每股9美元。

Third, we delivered on our three-year recurring revenue and adjusted EPS objectives for the fifth consecutive cycle. And finally, our fiscal '27 guidance calls for another year of strong recurring revenue and adjusted EPS growth while funding investment.

第三，我們在連續第五個週期達成三年期經常性收入與調整後EPS目標。最後，我們的2027財年指引預期在持續投入投資的同時，經常性收入與調整後EPS將再度強勁成長。

There are two keys to that forecast. One, our $470 million recurring revenue backlog, which gives us great visibility into our growth. And second, $25 million in expected AI cost saves in fiscal '27, which reflects growing confidence in our ability to generate real AI productivity gains.

這項預測有兩個關鍵。第一，我們有4.70億美元的經常性收入積壓訂單（backlog），讓我們對成長具備很高的可視性。第二，預期在2027財年可實現2,500萬美元的AI成本節省，反映我們對產生實質AI生產力提升的能力愈來愈有信心。

With that, let's go to the numbers on slide 8. I'll start with the full year results. Fiscal '26 recurring revenues grew 8% on a constant currency basis to $4.9 billion, driven by organic growth of 6%. Adjusted operating income margin rose slightly to 20.5%, overcoming a 40 basis point headwind from lower interest rates and higher postage. Adjusted EPS grew 12% to $9.60 and closed sales were $305 million.

接下來，我們看第8頁的數字。我先從全年業績開始。2026財年經常性收入以固定匯率計成長8%至49億美元，其中有機成長為6%。調整後營業利益率小幅上升至20.5%，克服了因利率較低與郵資較高所帶來的40個基點逆風。調整後EPS成長12%至9.60美元，已簽約銷售額（closed sales）為3.05億美元。

And then turning to the fourth quarter. Recurring revenue constant currency grew 8% to $1.5 billion, including 7% organic growth. Adjusted EPS rose 8% to $3.82. And we delivered a record $158 million in closed sales.

接著看第四季。經常性收入以固定匯率計成長8%至15億美元，其中包含7%的有機成長。調整後EPS上升8%至3.82美元。此外，我們創下1.58億美元的已簽約銷售額新高。

Let's move to slide 9 to discuss our segment recurring revenue. ICS recurring revenues rose 8% for the year, including 10% growth in the fourth quarter, led by strong growth in regulatory revenues. Regulatory revenues rose 12% in fiscal '26 and 14% in Q4, driven largely by strong position growth across both equities and funds.

接著到第9頁，討論我們各事業部的經常性收入。ICS 經常性收入全年成長8%，其中第四季成長10%，主要由法規相關收入的強勁成長帶動。法規相關收入在2026財年成長12%，在第四季成長14%，主要受股票與基金兩者的持倉（position）強勁成長所驅動。

In addition to underlying position growth, we are benefiting from strong global volumes and from a small but growing contribution from the new shareholder engagement products we have brought to market. Data-driven fund solutions revenue rose 4% in fiscal '26 and 7% in Q4.

除了基本面的持倉成長之外，我們也受惠於強勁的全球交易量，以及我們推出的新股東互動產品帶來的雖小但持續成長的貢獻。以數據驅動的基金解決方案收入在2026財年成長4%，在第四季成長7%。

Fourth quarter growth was driven by a combination of solid organic growth and the acquisitions of Acolin and iJoin. Lower interest rates were a 2-point headwind to organic growth. Issuer revenues rose 8% for the year and 8% for the quarter, closing out a strong year. Fourth quarter growth was balanced across our shareholder engagement and disclosure solutions and more than offset a 1-point headwind from lower rates.

第四季的成長來自穩健的有機成長，以及收購 Acolin 與 iJoin 的貢獻。較低的利率對有機成長造成2個百分點的逆風。發行人（Issuer）收入全年成長8%，季度也成長8%，為強勁的一年畫下句點。第四季成長在我們的股東互動與揭露解決方案之間分布均衡，且足以抵消因利率較低帶來的1個百分點逆風。

Finally, customer communications revenues grew 5% for the year, including 14% for digital and 1% for the quarter. Fourth quarter growth was driven by a 2-point contribution from the Signal acquisition, which offset lower print volumes. Looking ahead to fiscal '27, we expect another year of strong and consistent growth in ICS, in line with our overall recurring revenue guidance and led by continued growth in regulatory revenues.

最後，客戶溝通（customer communications）收入全年成長5%，其中數位成長14%，而第四季成長1%。第四季成長主要來自 Signal 收購案帶來的2個百分點貢獻，抵消了印刷量下滑。展望2027財年，我們預期 ICS 將再迎來一年強勁且一致的成長，與我們整體經常性收入指引一致，並由法規相關收入的持續成長所帶動。

Before I turn to GTO results, a quick note on the potential financial impact of the SEC's e-delivery rule proposal. First, given the expected implementation time lines, we expect no impact on fiscal '27. Second, looking beyond fiscal '27, we expect the biggest impact will be a reduction in pass-through distribution revenues, which will have a positive impact on our reported adjusted operating income margin.

在我轉到 GTO 業績之前，先簡要說明 SEC 電子交付（e-delivery）規則提案可能帶來的財務影響。第一，考量預期的實施時程，我們預期對2027財年不會有影響。第二，展望2027財年之後，我們預期最大的影響將是轉付型（pass-through）配送收入的減少，這將對我們揭露的調整後營業利益率帶來正面影響。

Third, we anticipate a modest headwind to recurring revenue growth over a two- to three-year period as clients implement the rule change, which we expect to largely offset with new solutions. Net-net, we are not anticipating that it will have a significant impact on our adjusted earnings growth going forward. And last, I would just emphasize again, this is all preliminary and we should know more when the final rule is released in the months ahead.

第三，我們預期在客戶落實該規則變更的兩到三年期間，經常性收入成長將面臨溫和逆風；我們預計將以新解決方案在很大程度上加以抵銷。總體而言，我們不預期這會對未來的調整後盈餘成長造成重大影響。最後，我想再次強調，這一切都仍屬初步，我們將在未來數月最終規則發布時了解更多。

Turning to GTO on slide 10. GTO revenues grew 7% for the full year and 5% in Q4. Capital Markets revenues grew 5% for the year and 7% for the quarter. Fourth quarter organic growth was driven by a combination of new sales and higher equity trading volume. The acquisition of CQG contributed 3 points. Total digital asset revenues, including coin revenues related to our Canton Super Validator role and DLR revenues contributed 1 point to fourth quarter growth.

接著看第10頁的GTO。GTO營收全年成長7%，第四季成長5%。資本市場營收全年成長5%，本季成長7%。第四季的有機成長由新銷售與較高的股票交易量共同帶動。CQG的收購貢獻了3個百分點。數位資產總營收（包括與我們擔任Canton超級驗證者角色相關的幣收入，以及DLR營收）對第四季成長貢獻了1個百分點。

Now to Wealth. Wealth and Investment Management revenues grew 10% for the full year and 1% in the fourth quarter. Excluding the headwind from lower term licenses, revenues grew 5% in Q4, with growth being driven by a combination of revenue from sales and strength in retail trading volume.

接著談財富業務。財富與投資管理營收全年成長10%，第四季成長1%。若排除定期授權（term licenses）下降帶來的逆風，第四季營收成長5%，成長動能來自銷售帶來的收入以及零售交易量的強勁表現。

Looking ahead to fiscal '27, we expect GTO revenue growth at the higher end of our recurring revenue guidance with higher growth in Capital Markets, driven in part by the acquisition of CQG.

展望2027財年，我們預期GTO營收成長將位於我們經常性收入指引的較高端，其中資本市場的成長更高，部分由收購CQG所帶動。

Now let's move to slide 11 to review our key volume indicators. Broadridge continues to benefit from strong growth in investor participation across both equities and funds. Fourth quarter equity position growth was 17%, including 14% growth in revenue-generating positions. Fund position growth was 7%. Looking ahead to the first half of fiscal '27, our position testing indicates continued strong position growth, which we expect to translate into high single-digit equity revenue position growth and mid-single-digit fund growth.

現在我們看第11頁，回顧關鍵的量能指標。Broadridge持續受惠於投資人參與度在股票與基金兩方面的強勁成長。第四季股票持倉數成長17%，其中可產生收入的持倉成長14%。基金持倉數成長7%。展望2027財年前半，我們的持倉測試顯示持倉成長仍將維持強勁，我們預期將轉化為股票收入持倉的高個位數成長，以及基金的中個位數成長。

In GTO, trade volumes rose 15% for the quarter, with double-digit growth in equity volumes and mid-single-digit growth in fixed income volumes.

在GTO方面，本季交易量上升15%，其中股票交易量呈現雙位數成長，固定收益交易量為中個位數成長。

I'll wrap up my discussion of recurring revenue growth on slide 12. For the quarter, recurring revenue growth constant currency was 8%, primarily driven by 7 points of organic growth. Our retention rates remain 98% for the quarter and for the full year. And acquisitions contributed 1.2% growth.

我將在第12頁總結我對經常性收入成長的說明。本季以固定匯率計算的經常性收入成長為8%，主要由7個百分點的有機成長所帶動。我們的留存率本季及全年仍維持在98%。而併購貢獻了1.2%的成長。

Moving to slide 13. Total revenue in Q4 increased 7% to $2.2 billion, driven by 6 points of growth from recurring revenue. Event-driven revenue of $71 million was a modest headwind to fourth quarter growth, largely driven by lower levels of mutual fund proxy activity. Low to no margin distribution revenues grew 8%, contributing 2 points to total revenue growth.

接著看第13頁。第四季總營收成長7%至22億美元，主要由經常性收入帶來的6個百分點成長所驅動。事件驅動型營收為7,100萬美元，對第四季成長造成溫和逆風，主要因共同基金委託書（proxy）活動水準較低。低至零毛利的分銷營收成長8%，對總營收成長貢獻2個百分點。

Turning now to margins on slide 14. Fourth quarter adjusted operating income margin was 26.9%, down 10 basis points from fourth quarter '25 as operating leverage from our scale business was offset by the timing of growth investments. On a full year basis, adjusted operating income margin rose slightly to 20.5% as the combination of strong recurring revenue, record event revenue and strong operating leverage enabled Broadridge to increase investments in key growth initiatives.

接著看第14頁的利潤率。第四季調整後營業利益率為26.9%，較2025財年第四季下降10個基點，因我們規模型業務帶來的營運槓桿被成長投資時點所抵銷。以全年來看，調整後營業利益率小幅上升至20.5%，因強勁的經常性收入、創紀錄的事件型營收以及強勁的營運槓桿，使Broadridge得以增加對關鍵成長計畫的投資。

For the year, the combination of lower float income tied to interest rates and the increase in pass-through distribution revenue was a 40 basis point headwind to margin. I'm also pleased to see increasing traction in our AI productivity efforts and we expect that to continue. Our fiscal '27 includes $25 million in AI-driven productivity gains, primarily in our technology organization, which we expect to use to fund investments and deliver earnings growth.

全年而言，與利率相關的浮存金收入（float income）下降，加上轉嫁式分銷營收（pass-through distribution revenue）增加，合計對利潤率造成40個基點的逆風。我也很高興看到我們在AI生產力提升方面的成效正逐步顯現，我們預期這一趨勢將持續。我們的2027財年包含2,500萬美元由AI驅動的生產力增益，主要在技術組織中，我們預期將用以支持投資並帶動盈餘成長。

Let's move on to sales. Broadridge reported full year closed sales of $305 million, including $158 million in closed sales in Q4. Our sales results lifted our closed sales backlog to $470 million, up $40 million from a year ago. At 10% of fiscal '26 recurring revenue, this provides strong visibility into the largest drivers of our expected growth in fiscal '27 and '28.

接著談銷售。Broadridge全年已簽約銷售額（closed sales）為3.05億美元，其中第四季已簽約銷售額為1.58億美元。我們的銷售成果使已簽約銷售積壓（closed sales backlog）提升至4.70億美元，較一年前增加4,000萬美元。該金額相當於2026財年經常性收入的10%，為我們預期在2027與2028財年成長的最大驅動因素提供了高度能見度。

Turning to cash flows. Broadridge generated free cash flow of $1.2 billion in fiscal '26, up 17%, driven by a combination of higher earnings and working capital gains. Free cash flow conversion was 110%.

接著看現金流。Broadridge在2026財年產生12億美元自由現金流，成長17%，由較高盈餘與營運資金收益共同帶動。自由現金流轉換率為110%。

Turning next to capital allocation on slide 17. With the decline in Broadridge's share price, we believe Broadridge shares represent a compelling value. We repurchased a record $600 million in fiscal '26, including $250 million in the fourth quarter.

接著看第17頁的資本配置。隨著Broadridge股價下跌，我們認為Broadridge股票具備相當吸引力的價值。我們在2026財年回購創紀錄的6億美元股票，其中第四季回購2.5億美元。

In addition, we deployed $443 million for our dividend. Taken together, Broadridge returned just under $9 a share to shareholders in fiscal '26 via dividends and buybacks. We also invested $113 million in capital spending and software with an additional $46 million to onboard clients onto our platforms for the year.

此外，我們也投入4.43億美元用於股利。合計而言，Broadridge在2026財年透過股利與庫藏股回購，向股東回饋每股略低於9美元。我們亦投資1.13億美元於資本支出與軟體，並額外投入4,600萬美元於全年將客戶導入我們的平台。

We closed four acquisitions for $283 million, including CQG, which closed in May. Beyond M&A, we invested $57 million across a number of strategic early-stage companies, primarily AI-native and tokenization ventures, focused on financial services, which give us a front row seat into how others are driving innovation.

我們以2.83億美元完成四項收購，包括於5月完成交割的CQG。除併購外，我們也在多家策略性早期公司投資5,700萬美元，主要為AI原生與代幣化（tokenization）相關事業，聚焦金融服務，讓我們能近距離觀察他人如何推動創新。

Rounding out capital items with digital assets, as of June 30, we hold $265 million in digital assets, including $216 million in coins and $49 million in digital asset treasury-related investments. During fiscal '26, we recognized a $227 million gain on these holdings, which has been adjusted out of our non-GAAP earnings.

最後補充數位資產相關資本項目：截至6月30日，我們持有2.65億美元的數位資產，其中包括2.16億美元的幣，以及4,900萬美元與數位資產金庫（treasury）相關的投資。在2026財年期間，我們就這些持有部位認列2.27億美元的收益，該收益已自我們的非GAAP盈餘中調整剔除。

Last night, our Board approved a 12% increase in our annual dividend amount to $4.36 per share. I would note that this increase marks the 14th double-digit increase in the last 15 years. Additionally, our Board also increased our share repurchase authorization to $1.5 billion.

昨晚，我們董事會核准將年度股利提高12%至每股4.36美元。我想指出，這次調升是過去15年中第14次的雙位數增幅。此外，董事會也將我們的股票回購授權提高至15億美元。

Our leverage ratio at June 30 was 1.9x, comfortably below our target of 2.5x, positioning us to continue to actively repurchase shares while still having capacity for select strategic M&A.

我們截至6月30日的槓桿比率為1.9倍，明顯低於我們2.5倍的目標，使我們得以在持續積極回購股票的同時，仍保有進行特定策略性併購的能力。

I will close my prepared remarks on slide 18 with some detail on our guidance, starting with revenue. We expect recurring revenue growth constant currency of 6% to 8%, with balanced growth across both ICS and GTO. We expect organic growth to be driven by new sales as we onboard our $470 million backlog. Our fiscal '26 acquisitions are expected to contribute 1 point to growth.

我將在第18頁以我們的指引細節作為事先準備講稿的結尾，先從營收開始。我們預期以固定匯率計算的經常性收入成長為6%至8%，ICS與GTO兩者皆呈現均衡成長。我們預期有機成長將由新銷售所帶動，因我們將導入4.70億美元的積壓訂單。我們在2026財年的收購預期將對成長貢獻1個百分點。

Following a record fiscal '26, we expect event-driven revenues to moderate to the range of $250 million to $300 million. Distribution revenues are forecast to grow at mid-single-digit range, driven by higher postage rates. We expect these low to no margin revenues to have a dilutive impact on the reported margins.

在創下2026財年紀錄之後，我們預期事件驅動型營收將回落至2.5億至3億美元區間。分銷營收預估將以中個位數幅度成長，主要由較高的郵資費率所帶動。我們預期這些低至零毛利營收將對報告利潤率造成稀釋影響。

Now let's move to margin. We expect adjusted operating income margin of approximately 21%, up from 20.5% in fiscal '26. The combination of operating leverage and AI-driven productivity gains should enable us to fund ongoing investments, offset lower event-driven revenues and drive another year of strong adjusted EPS growth.

現在讓我們談到利潤率。我們預期調整後營業利益率約為 21%，高於 2026 會計年度的 20.5%。營運槓桿與 AI 驅動的生產力提升相結合，應可讓我們在支持持續投資的同時，抵銷較低的事件驅動型營收，並推動調整後 EPS 再度實現強勁成長。

Next, EPS. We expect adjusted EPS growth of 8% to 12%. Embedded in this outlook is an expected tax rate of 22%.

接下來是 EPS。我們預期調整後 EPS 成長 8% 至 12%。此展望中包含預期稅率為 22%。

Finally, we expect closed sales of $290 million to $330 million. Last, as always, our guidance excludes the impact of any unannounced acquisitions.

最後，我們預期簽約銷售額為 2.90 億至 3.30 億美元。另外，一如既往，我們的指引不包含任何尚未公告之併購所帶來的影響。

Looking ahead to the first quarter, I have three callouts. One, I want to remind you that we will lap a first quarter record $114 million of event-driven revenues last year, well ahead of the quarter average -- quarterly average of $60 million to $70 million.

展望第一季，我有三點要特別說明。第一，我想提醒各位，我們將面臨去年第一季創紀錄的 1.14 億美元事件驅動型營收的比較基期，遠高於每季平均水準——每季平均約 6,000 萬至 7,000 萬美元。

Second, we expect a 4-point license tailwind in our GTO business across both Capital Markets and Wealth Management. Net-net, we expect first quarter adjusted EPS to account for approximately 11% to 13% of our full year earnings.

第二，我們預期在 GTO 業務中，資本市場與財富管理兩個領域都將受惠於 4 個百分點的授權（license）順風。總體而言，我們預期第一季調整後 EPS 約占全年獲利的 11% 至 13%。

I'll close there. The Broadridge financial model is working. We are coming off a strong year. We are well positioned to deliver another. And we're investing in agentic AI, tokenization and digitization to position Broadridge to be the transformation partner for the industry.

我就先說到這裡。Broadridge 的財務模型正在發揮作用。我們剛結束一個強勁的年度。我們也已做好準備再交出另一個強勁年度。同時我們正投資於代理式 AI（agentic AI）、代幣化（tokenization）與數位化（digitization），以使 Broadridge 成為產業的轉型合作夥伴。

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

接下來，我們進入問答環節。

(Operator Instructions).

（接線員指示）。

Dan Perlin, RBC Capital Markets.

RBC Capital Markets 的 Dan Perlin。

It's great to see the results today. Tim, I wanted to just revisit the closed sales number. I know it can be lumpy quarter-to-quarter. It was particularly strong this quarter. You had a couple of callouts. I was hoping maybe you could go a little deeper into some of those, especially the idea that you were able to get these larger deals closed.

很高興看到今天的成果。Tim，我想再回到簽約銷售額這個數字。我知道它在季度之間可能會有波動。本季特別強勁。你提到了幾個重點。我希望你能更深入談談其中一些，尤其是你們能夠把這些較大型的交易完成簽約這件事。

Why it was difficult last quarter? Why you got it done this quarter? And then maybe if you could just also highlight the significance of the pipeline as we think about building into next year?

為什麼上季比較困難？為什麼這季能完成？另外，也請你談談在我們展望明年時，如何看待管線（pipeline）的重要性？

Yes, Dan, thank you very much. And I have to say we really feel good about how we closed the year and with the new record. And I'll come to the timing, but I do want to just recomment on the fact that we saw the growth in the areas where we're investing and that set of innovation products that I talked about, including the platform products, grew over 50% and accounted at -- as I said in my remarks, for almost 40% of closed sales for the year, which is really exciting.

好的，Dan，非常感謝。我必須說，我們對於以創新紀錄的方式結束這一年感到非常振奮。我會談到時點因素，但我也想再次強調，我們在投資的領域看到了成長；我提到的那組創新產品（包括平台型產品）成長超過 50%，並且——如我在發言中所說——全年簽約銷售額中將近 40% 來自這些產品，這真的令人興奮。

There were two drivers in terms of our good results. And one is the one you mentioned, which is some of the larger deals that we discussed on our last call, and there's a -- very significant communications deal was part of that. There were some post-trade deals.

我們良好成果主要有兩個驅動因素。其中之一就是你提到的：一些我們在上次電話會議中討論過的較大型交易；其中包含一筆非常重要的通訊相關交易。另外也有一些後交易（post-trade）相關交易。

And the timing of those are just very unpredictable. And I think near the end of the third quarter, as you know, there's a lot of uncertainty in the market and the sort of pace of client conversations, we were just really feeling just uncertain as to how people work through on the client side, the business cases and the complex legal work that these large deals require. And so we just didn't have the confidence.

而這些交易的時點其實非常難以預測。我想在第三季接近尾聲時，如你所知，市場存在許多不確定性，客戶對話的節奏也受到影響；我們對於客戶端如何推進商業案例，以及大型交易所需的複雜法務作業能否順利完成，確實感到不太確定。因此我們當時沒有足夠的把握。

And what we saw during the fourth quarter is a lot of that freed up. I think people are looking forward more, looking at the investments that they need to make on their side to drive their business. And so we saw acceleration, and we're really pleased with that. And mind you, those are things we originally thought were going to happen during the year, but we just had that period of uncertainty.

而我們在第四季看到的是，許多卡住的部分開始疏通。我認為大家更著眼於未來，並在評估他們自身為推動業務所需投入的投資。因此我們看到加速，我們對此非常滿意。請注意，這些原本就是我們認為在年度內會發生的事情，只是中間經歷了一段不確定期。

Now there is a broader point, though, which is there was a faster flow-through of many midsized deals as well. And -- so it wasn't just the very large ones. There was across the board. We saw better flow-through. So I think this reinforces getting to your question about the pipeline. What we did say on the last call is we thought the issue was timing, not demand. And I think that is true.

不過還有一個更廣泛的重點：許多中型交易的推進速度也更快、轉化更順暢。所以不只是非常大型的交易。整體而言，我們看到更好的轉化。因此，回到你關於管線的問題，我認為這再次印證了我們上次電話會議所說的：問題在於時點，而不是需求。我們上次確實這麼說。而我認為這是正確的。

We saw strong deal origination and healthy renewals by the way, but we saw strong deal origination throughout the year. And so we really like the momentum we have going into fiscal '27. And if you look at our pipeline right now compared to what it was a year ago, it's up by more than 1/3. And so we think that we're going to continue to benefit from the investment that we're making. We did some tuck-in acquisitions this year, so that's going to help also. And so we think it positions us well to do another year of $300-plus million sales next year.

我們看到強勁的交易開發（deal origination），順帶一提，續約也很健康；而且我們在全年都看到強勁的交易開發。因此我們非常看好進入 2027 會計年度的動能。如果你看我們目前的管線，相較一年前已增加超過三分之一。因此我們認為，我們將持續受惠於正在進行的投資。我們今年也做了一些補強型併購（tuck-in acquisitions），這也會有所幫助。因此我們認為，這讓我們具備良好條件在明年再達成一年超過 3 億美元的銷售額。

Patrick O'Shaughnessy, Raymond James.

Raymond James 的 Patrick O'Shaughnessy。

I was hoping you could provide a little bit more detail on the 6% internal growth within ICS this quarter. Were there tailwinds besides the equity revenue position count growth that you called out?

我希望你能就本季 ICS 內部成長 6% 提供更多細節。除了你提到的股票營收部位數（position count）成長之外，是否還有其他順風因素？

No, we were quite pleased, Patrick, with the ICS growth. ICS continues to perform well, right? On the organic side, we benefited from a healthy mix of closed sales, strong record growth and this was in spite of a 40 basis point headwind from interest rates. So overall, quite pleased with the performance. We're doing well across all dimensions, nothing specific to call out here.

沒有，Patrick，我們對 ICS 的成長表現相當滿意。ICS 持續表現良好，對吧？在有機成長方面，我們受惠於健康的簽約銷售組合、強勁的創紀錄成長，且這是在利率帶來 40 個基點逆風的情況下達成的。因此整體而言，我們對表現相當滿意。我們在各個面向都做得不錯，這裡沒有特別需要額外點出的事項。

Okay. And then I appreciate your comments on the SEC's proposal for electronic default for proxies. Curious about your thoughts on whether that impacts Broadridge's competitive moat in a world where communications are primarily electronic.

了解。另外，我也感謝你對 SEC 提案——將委託書（proxy）預設改為電子化——的評論。我想了解你對於在溝通主要以電子方式進行的世界裡，這是否會影響 Broadridge 的競爭護城河的看法。

Yes, Patrick, I will take that. And first of all, I just have to sort of readvertise the fact that we think at the end of the day, electronic delivery is an opportunity to better engage investors at lower cost and that we think the SEC's proposal is an exciting step forward for all the different stakeholders. And as you know, we're a leader in e-delivery and our communications are highly digital today.

好的，Patrick，我來回答。首先我想再次強調，我們認為最終而言，電子交付是一個以更低成本更好地與投資人互動的機會；我們也認為 SEC 的提案對所有不同利害關係人而言，都是令人振奮的向前一步。如你所知，我們是電子交付的領導者，而我們的溝通在今天已高度數位化。

In terms of the competitive dynamic, we think this really strengthens things because when you look at the next-generation digital experience to not just send someone a dead PDF, which is going to be really -- will be really a second-tier kind of experience in the future.

就競爭態勢而言，我們認為這其實會強化我們的優勢，因為當你看下一代的數位體驗時，未來不會只是寄出一份沒有互動性的 PDF——那將會是非常——在未來會是較次級的一種體驗。

The platform that we've invested in around our InFocus platform and then particularly Wealth InFocus is truly groundbreaking. And it allows composition through one work stream into both the digital side and the print side.

我們圍繞 InFocus 平台所投資打造的平台，尤其是 Wealth InFocus，確實具有突破性。它讓內容編排可透過同一個工作流程，同時輸出到數位端與印刷端。

And remember, I know you know this, but you're asking the question on behalf of others, which is that even in a world where there's electronic default, there is still going to be print. There are people that don't have addresses, there are people that are changing.

而且請記得，我知道你也清楚，但你是代表其他人提問：即使在一個以電子化為預設的世界裡，仍然會有印刷需求。有些人沒有地址，有些人的地址在變動。

And so there's always going to be that residual amount. So you're always going to have to have the dual capability. And so being able to offer that dual capability seamlessly, not having two different composition engines, not having two different teams doing that, that's going to be a unique value proposition that we have.

因此總會有那一部分的剩餘量。所以你永遠都必須具備雙重能力。而能夠無縫提供這種雙重能力，不需要兩套不同的編排引擎，也不需要兩個不同的團隊來做這件事，這將會是我們獨特的價值主張。

So we're excited about the future. And as you know, as you're well familiar with it, we've been working on this for more than a decade in terms of being ready. And we really look forward to helping our clients through this transition period. They are actively rethinking what their whole client experience is going to look like, and we're in a perfect position to help them with that.

所以我們對未來感到振奮。而如你所知、你也非常熟悉，我們為了做好準備已經投入超過十年。我們也非常期待在這段轉型期協助客戶。他們正在積極重新思考整體客戶體驗將會是什麼樣貌，而我們正處於完美的位置來協助他們。

James Faucette, Morgan Stanley.

James Faucette，摩根士丹利。

It's Michael Infante on for James. I just wanted to ask on some of the new wins that you had with the likes of Ondo and Alpaca and Galaxy on the tokenized security side. Like how should we be thinking about the unit economics and how that might evolve? Is that incremental to your existing per position proxy economics or more of a re-rate of the same positions?

我是 Michael Infante，代 James 發問。我想問一下你們在代幣化證券方面，像是 Ondo、Alpaca、Galaxy 這些新案子的勝出。我們應該如何看待單位經濟效益（unit economics）以及它可能如何演進？這是對你們既有「按持倉/按部位」的委託書（proxy）經濟模型的增量，還是同一批部位的重新定價（re-rate）？

Yes. It's really -- thank you for asking the question and to -- we're here to clarify. It's really very -- we're using the same rate schedule. So if it's a natively issued, it would be the registered rate schedule, which is higher than the beneficial schedule.

是的。謝謝你提出這個問題——我們在這裡也想釐清。基本上我們使用的是同一套費率表。所以如果是原生發行（natively issued），就會適用「登記（registered）」費率表，這個費率高於「受益人（beneficial）」費率表。

If it's a beneficial holding, which we think when we get to the custody side, it will be, it will be under the beneficial schedule. And if it's synthetic, then it's very similar to what we're doing today with pass-through voting for the large asset managers. So very, very similar.

如果是受益人持有（beneficial holding），我們認為當我們走到託管端時會是這種情況，那就會適用受益人費率表。如果是合成（synthetic），那就非常類似我們今天為大型資產管理公司所做的「穿透式投票」（pass-through voting）。所以非常、非常相似。

And I just want to reemphasize that we think that change is good for Broadridge because it introduces complexity for clients and there's no one that's better positioned than we are to help them solve it. And when we think about those conversations you just talked about in governance, the most active players are telling us that they believe this is really important to provide. They don't know how to do it. They don't want to make the investments or bear the fixed costs.

我也想再次強調，我們認為這種變化對 Broadridge 是好事，因為它為客戶帶來了複雜性，而沒有任何人比我們更具備條件協助他們解決。當我們思考你剛提到的治理（governance）相關對話時，最積極的參與者都在告訴我們，他們認為提供這項能力非常重要。他們不知道該怎麼做。他們也不想投入資本或承擔固定成本。

And that's why we're signing up all the leading players to leverage our infrastructure, our regulatory knowledge, our multichannel ability to communicate with investors. And we are seeing, the earliest pool of demand is coming from global investors, to a lesser extent from crypto-native investors. And so we think that's going to drive position growth.

這也是為什麼我們正在簽下所有領先的參與者，讓他們利用我們的基礎設施、我們的監管知識，以及我們以多通路與投資人溝通的能力。而我們看到，最早的一波需求主要來自全球投資人，來自加密原生（crypto-native）投資人的比例相對較低。因此我們認為這將推動持倉（position）成長。

Then longer term, these products will evolve to take care of the unique characteristics that tokenized securities can provide. And we think that's going to create even more demand to solve the complexity of managing governance for our clients. So we're excited about it.

再更長期來看，這些產品會演進，以因應代幣化證券所能提供的獨特特性。而我們認為這將創造更多需求，來替客戶解決治理管理的複雜性。所以我們對此感到興奮。

That's good context, Tim. And maybe just a follow-up on the buyback reauthorization and how you guys are thinking about tuck-in M&A. I mean $1.5 billion repurchase authorization. You obviously enacted $600 million of buybacks in '26 with fiscal 4Q being the high watermark.

這些背景很有幫助，Tim。我想再追問一下回購再授權（buyback reauthorization），以及你們如何看待補強型併購（tuck-in M&A）。也就是 15 億美元的回購授權。你們顯然在 2026 年執行了 6 億美元的回購，其中會計年度第 4 季是高點。

But if we just sort of step back and look at where the stock is trading on a PE basis over the last decade, right, how should we be thinking about your level of aggressiveness on the buyback from here? And sort of how you're thinking about that relative IRR trade-off between tuck-in M&A?

但如果我們退一步，從過去十年的本益比（PE）角度來看目前股價的交易水準，你們接下來在回購上的積極程度應該如何理解？以及相對於補強型併購，你們如何權衡兩者之間的 IRR 取捨？

Yes, absolutely. And as you know, from following us for a long time, we have a long history of balanced capital allocation and which we're not changing. It starts with investment-grade credit rating, making investment -- internal investments to drive organic growth, which you're certainly seeing us do; paying a dividend, we just raised it 12%; and pursuing attractive M&A and then typically having buybacks sort of as a residual from that.

是的，當然。如你所知，你長期追蹤我們，我們在資本配置上一直有「均衡配置」的長期歷史，而這點不會改變。首先是維持投資等級信用評等；進行投資——內部投資以推動有機成長，你也確實看到我們正在做；支付股利，我們剛把股利提高了 12%；追求具吸引力的併購；然後通常回購會作為上述之後的剩餘配置。

And then, as you know, at current levels, we believe that our shares are a compelling value. And so we have focused our capital allocation on share repurchases in the second half of fiscal '26. And as we look ahead to '27, we continue to see our shares as a strong value. I would anticipate continued healthy levels of share repurchases.

此外，如你所知，在目前的水準下，我們認為公司股票具有很強的價值吸引力。因此在 2026 會計年度下半年，我們把資本配置重點放在股票回購上。展望 2027 年，我們仍然認為公司股票很有價值。我預期回購將會維持在健康的水準。

And then all that said, we do continue to have very attractive tuck-in opportunities if the right property presents itself. We have the cash flow and the leverage to do both. Remember, we're only at 1.9 leverage right now. And so I think it will be -- the $1.5 billion is pretty much in line with the previous authorizations we've done. It gives us plenty of capacity.

不過話說回來，如果出現合適的標的，我們仍然有非常具吸引力的補強型機會。我們有現金流與槓桿空間可以兩者並行。請記得，我們目前的槓桿倍數只有 1.9。因此我認為——這 15 億美元的授權大致與我們過去的授權規模一致。它給了我們充足的容量。

And I think I would look for us to be doing both, heavier on share repurchases than we have in the past, but also leaving the option open for unique opportunities that will -- if we were a shareholder, we would want Broadridge to take advantage of.

我認為我們會兩者都做：回購的比重會比過去更高，但同時也保留彈性，以把握一些獨特機會——如果我們是股東，我們也會希望 Broadridge 能夠善加利用的機會。

Kyle Peterson, Needham.

Kyle Peterson，Needham。

Great. I wanted to start off on closed sales. Obviously, good to see you guys really closed the year strong there, particularly on the outlook though, I guess, like at the midpoint, it's up around 2% for the coming year. So I guess, how should we think about some of the factors, either whether it's some large deals or such that would maybe steer you guys towards the high or the low end of the outlook for fiscal '27?

很好。我想先從已簽約銷售額（closed sales）談起。顯然很高興看到你們在年末收官很強，尤其是展望部分，我想在中位數來看，明年大約成長 2%。所以我想問，我們應該如何看待一些因素——不論是某些大型交易或其他因素——可能會讓你們在 2027 會計年度展望區間內偏向高端或低端？

Kyle, well, thank you very much. It's a good question. When we look at our pipeline, I see that it's up very significantly from where we were last year, then that would have a feel strong confidence about the range that we have -- range that we put out. I think at the same time, it's been hard to predict the past couple of years. And so we don't want to be in a position where we're just not highly confident of what we're putting out.

Kyle，非常感謝。這是個好問題。當我們看我們的案源（pipeline），我看到它相較去年大幅上升，這讓我對我們提出的區間——我們所給出的區間——有很強的信心。但同時，過去幾年一直很難預測。因此我們不希望讓自己處於對外給出的數字缺乏高度信心的狀態。

So we're very confident in another year of $300-plus million. And again, it will be the third time I said it, but we really like the fact that the things that are growing are the things where we've been making investments. And we're really seeing, in particular, platform we've talked about, that's the technology platform that we're putting in place with a common data ontology and how that is really beginning to power our sales.

所以我們非常有信心再達成一年 3 億美元以上。而且我再說第三次，我們非常喜歡的一點是：成長的項目正是我們一直在投入資源的項目。我們也確實看到，特別是我們談到的平台——也就是我們正在建置的技術平台，具備共同的資料本體（data ontology）——它正開始真正驅動我們的銷售。

If you look at our pipeline, half of it now is things that are platform enabled and we think that also really lays the nice groundwork for AI and for agentic AI in the future because we all know that data is the driver and being able to drive -- pull all that data together in a common architecture is going to really enable our clients, whether it's using our AI or their AI to drive agentic on top of that. So we're excited.

如果你看看我們的案源管線，其中有一半現在是由平台所賦能的項目；我們認為這也為未來的 AI 以及代理式 AI（agentic AI）打下很好的基礎，因為大家都知道資料是驅動力，而能夠在共同的架構中把所有資料彙整起來，將真正賦能我們的客戶——不論是使用我們的 AI 或他們自己的 AI——在其上層推動代理式能力。所以我們很興奮。

Great. That's really helpful. And then I wanted to switch over into tokenization, the DLR platform in particular. Good to see the updates seems like the volumes have really been picking up steam. You guys have intraday trading now live.

很好。這真的很有幫助。接著我想切換到代幣化（tokenization），特別是 DLR 平台。很高興看到更新，看起來交易量確實正在加速成長。你們現在也已經上線日內交易（intraday trading）。

So I guess like how should we think about the continued growth? Obviously, the comps are getting tougher, but it seems like the capabilities are growing and you potentially get some network effect benefits. So I guess how are you guys thinking about contribution and kind of specific areas or products such as intraday trading that you're most excited about for the upcoming year with DLR?

所以我想問，我們應該如何看待後續的持續成長？顯然比較基期會變得更具挑戰，但看起來能力在擴張，而且你們可能也會獲得一些網路效應的好處。那麼你們如何看待 DLR 在未來一年對貢獻度的影響，以及像日內交易這類你們最期待的特定領域或產品？

Yes, Kyle. Great question. And when you think about it, there is -- we have multiple vectors of growth. And one vector is just we've already signed a number of very significant clients that are in the process of onboarding. So just within the current value proposition, you are going to see significant continued growth. And I talked about in the script, 50% by the end of the year and further scaling after that. So that's just within the core of what we're doing now.

是的，Kyle。好問題。從整體來看，我們有多個成長向量。其中一個向量是：我們已經簽下多家非常重要的客戶，正在導入（onboarding）流程中。因此，即使只是在目前的價值主張之內，你也會看到顯著且持續的成長。我在講稿中也提到，到年底達到 50%，之後還會進一步擴張。這些都只是我們目前核心業務範圍內的成長。

And then we are really building out into intraday, as I mentioned, which as more and more people take that on, could be a really nice volume driver. I continue to believe that, that could be a really interesting thing for the industry as this moves from sort of something that's in the treasury to finance the firm to a desk level to finance trades and really could create some unique things there. So that remains a little bit of an option value in terms of if that really scales, but I particularly think that's a great value proposition.

另外，如我提到的，我們正在大力建置日內交易；隨著越來越多人採用，它可能會成為非常好的交易量驅動因素。我仍然相信，隨著這項能力從原本偏向財資（treasury）層面、用來為公司融資，逐步走向交易台（desk）層級、用來為交易融資，這對產業可能會是很有意思的發展，並且可能創造一些獨特的機會。所以就「如果它真的大規模擴張」而言，這仍帶有一些選擇權價值（option value），但我特別認為這是一個很棒的價值主張。

And then two other vectors of growth. One is going global. So we are in conversations in multiple countries and exchanges to really bring G7 securities into the network. And we think that is a really nice growth vector. And then the other sort of vector of opportunity is what we've talked about with DLX, which is really taking DLR and extending the capabilities into other asset classes, equities, funds, alternatives, money markets. And that's going to be live by the end of the year.

然後還有另外兩個成長向量。第一個是走向全球。我們正在與多個國家與交易所洽談，將 G7 證券真正納入這個網路。我們認為這是一個非常好的成長向量。另一個機會向量則是我們談到的 DLX，也就是以 DLR 為基礎，將能力延伸到其他資產類別：股票、基金、另類資產、貨幣市場。這會在年底前上線。

And so that will create a much broader capability. And so this whole area around collateral and optimizing collateral, we think, is really fruitful for Capital Markets firms and is going to be a really nice growth driver.

因此，這將帶來更廣泛的能力。而在擔保品（collateral）以及擔保品最佳化（optimizing collateral）這整個領域，我們認為對資本市場公司而言非常有潛力，並將成為很好的成長驅動因素。

Peter Heckmann, D.A. Davidson.

Peter Heckmann，D.A. Davidson。

A lot of information on this call. Just a point of clarification. In the first quarter, Ashima, you mentioned 400 basis points from rev rec license. Just to be clear, were you referencing a tough comp with first quarter of fiscal 2026? Or is this a benefit to '27? And then just to be clear, is this a renewal? Or is this new business?

這通電話會議資訊量很大。我想釐清一點。在第一季，Ashima，你提到來自收入認列（rev rec）授權的 400 個基點。我想確認一下，你指的是相較於 2026 會計年度第一季的艱難比較基期嗎？還是這是對 2027 年的利多？另外再確認一下，這是續約嗎？還是新業務？

Thanks for the question, Peter. Yes, it's a benefit in fiscal '27 and it's a renewal. So we'll just see about a 4-point tailwind in Q1 across the compare that we had last year. And it's spread across Capital Markets and Wealth.

謝謝你的問題，Peter。是的，這是 2027 會計年度的利多，而且是續約。因此，與去年同期的比較下，我們會在第一季看到大約 4 個百分點的順風。而且它分布在資本市場與財富管理兩個部門。

Great. Great. And then anything else in terms -- I think the -- from an event-driven standpoint, the first quarter was definitely the toughest comp. The second quarter was also a little bit difficult. Back half looked pretty close to the average. Any other difficult or easy compares you'd call out on the license side within GTO to think about during fiscal 2027?

很好。很好。那另外還有什麼——我想從事件驅動（event-driven）的角度來看，第一季確實是最艱難的比較基期。第二季也稍微有點困難。下半年看起來就相當接近平均。在 2027 會計年度期間，就 GTO 的授權（license）面向而言，還有其他你會特別點出的艱難或容易比較基期嗎？

So One, you're right on event, right? I called out the Q1 impact specifically. Q2 is a good reminder, Peter. I'm glad you have that on your radar. Second, license revenue for the full year is not a big driver. It's really the Q1 compare that would be a big driver for you.

第一，你對事件的判斷是對的，對吧？我特別點出了第一季的影響。第二季也是個很好的提醒，Peter。我很高興你有把這點放在雷達上。第二，全年來看，授權收入不是很大的驅動因素。真正對你而言會是大驅動的，是第一季的比較基期。

And third, don't forget the impact of the acquisitions that we did this year. We're going to -- for ICS, you'll see the M&A growth start to lag after the -- tail off after the second quarter because we did most of the acquisitions in the first half of the year. CQG, however, since it started in Q4, it's -- you're going to see the impact all through the year. So that will impact some of the total revenue growth as well.

第三，別忘了我們今年所做併購的影響。在 ICS 方面，你會看到併購帶來的成長在第二季之後開始落後、並逐步減弱，因為我們大多數的併購都發生在上半年。但 CQG 因為是從第四季開始，所以你會在全年都看到它的影響。因此，這也會影響部分總營收成長。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just on the DLX platform, wondering would that replace the DLR in certain instances since it's sort of an expansion into multi-asset class? Or would it be kind of built on top or integrated? Just any color on that would be appreciated.

關於 DLX 平台，我想了解在某些情況下它是否會取代 DLR，因為它算是擴展到多資產類別？還是它會建構在 DLR 之上或與之整合？如果能提供一些說明會很感謝。

Yes, Scott, thank you very much. Great clarification. When we built DLR in the first place, we always had the idea that it would be a multi-asset class platform. So it is -- there's no -- it really is built on DLR, and there's been no sort of re-architecting involved.

是的，Scott，非常感謝。這是很好的釐清。當我們一開始打造 DLR 時，我們就一直有一個想法：它會是一個多資產類別的平台。所以——它確實是建構在 DLR 之上，並沒有涉及任何重新架構（re-architecting）。

There's no -- our clients are not going to need to go through a conversion or things like that. It's really opening up the capabilities that are latent in the DLR platform with the connectivity to these other asset classes. So great question. And really, it's not that it's a new platform build. It's opening up new applications and getting clients on board that are going to be using those applications.

我們的客戶不需要進行轉換（conversion）或類似的流程。這其實是在開放 DLR 平台中原本就潛在存在的能力，並透過與其他資產類別的連結性把它們釋放出來。所以是個好問題。而且這並不是打造一個新平台。而是開啟新的應用，並讓會使用這些應用的客戶上線。

That's helpful. And then, Ashima, just going back to the 4-point license tailwind in 1Q, just wondering if you can help us understand how that would be spread across Cap Markets and Wealth. Is it skewed towards one or the other? Or is it pretty even?

這很有幫助。另外，Ashima，回到第一季授權 4 個百分點順風這件事，我想請你幫我們理解它會如何分布在資本市場與財富管理之間。會偏向其中一邊嗎？還是相當平均？

Call it split evenly between the two.

就當作兩邊平均分配。

Puneet Jain, JPMorgan.

Puneet Jain，摩根大通（JPMorgan）。

Strong results today. Let me ask about AI. So you talked about like $25 million in AI-driven productivity savings that you expect this year. Will these savings ultimately be passed on to clients? Or asking it other way, how should we think about AI-driven solutions becoming a moat and being part of clients' decision-making as they decide to outsource or do it themselves?

今天的業績很強勁。我想問一下 AI。你提到今年預期可透過 AI 驅動的生產力節省約 2,500 萬美元。這些節省最終會轉嫁給客戶嗎？或者換個方式問，當客戶在決定外包或自行處理時，我們應該如何看待 AI 驅動的解決方案成為護城河並納入其決策的一部分？

Yes. Look, Puneet, it's -- I'm glad you asked the question because AI is such a great topic. And as we think about this going forward, we're seeing sort of three buckets. We're seeing a bucket around new products, we're seeing a bucket around sort of speed to market and a bucket around greater efficiency. And then more broadly, we're seeing an opportunity to position Broadridge as the agentic operating system for our clients.

是的。你看，Puneet——我很高興你問這個問題，因為 AI 是個很棒的話題。而當我們展望未來時，我們看到大致有三個面向。一個面向是新產品，一個面向是更快的上市速度，還有一個面向是更高的效率。更廣泛地說，我們也看到一個機會，將 Broadridge 定位為客戶的代理式（agentic）作業系統。

So specifically, on the savings side, we are seeing real savings as we move through fiscal '26. And so we have really, I think, already achieved the things that we're going to do that will drive the $25 million. Right now, we are -- because we're upping our investment in '27, we're reinvesting most of that in moving our road map ahead. And that road map is moving nicely going to the speed factor and how we'll be able to accelerate our product development and by the way, client onboarding.

具體來說，在節省方面，隨著我們進入 2026 財年，我們確實看到實質節省。因此我認為，我們其實已經完成了將帶來那 2,500 萬美元節省的相關事項。目前，由於我們在 2027 財年加大投資，我們把其中大部分再投資，用於推進我們的產品路線圖。而這個路線圖進展良好，將帶動速度因素，也就是我們如何加速產品開發，順帶一提，還包括客戶導入（onboarding）。

And then to your point about how AI will be part of the buying decision in the future, I think there's sort of two pieces within that. There are going to be unique AI products that clients will take on or not take on based on their own characteristics like custom policy engine, like the global demand model, like OpsGPT. So we have a number of those already in market.

至於你提到 AI 未來如何成為採購決策的一部分，我認為大致有兩個層面。會有一些獨特的 AI 產品，客戶會依其自身特性決定採用或不採用，例如客製化政策引擎、全球需求模型、OpsGPT。所以我們已有多項產品在市場上推出。

And then there's this broader question about what I'm going to call the agentic operating system in terms of having the right AI embedded in your product to drive demand. And then you see the demand play in really sales of your core products. And just you know this well, but we serve 22 of the 26 primary dealers and 20 in fixed income. We serve 7 of the top 10 in equities.

另外還有一個更廣泛的問題，我稱之為代理式作業系統：也就是在你的產品中嵌入合適的 AI 以驅動需求。接著你會看到需求在核心產品銷售上發揮作用。你很清楚，我們服務 26 家主要交易商中的 22 家，固定收益領域服務 20 家。股票方面，我們服務前 10 大中的 7 家。

And that what I just mentioned on a previous question, we've invested the past five years in the common data ontology and platform. And that positions us perfectly to enable our clients to leverage that platform, either with our AI or their AI. And so we think that is going to be actually an increasing point of differentiation. And so I really like the question. Thank you.

另外，正如我在前一個問題中提到的，我們過去五年投資於共同資料本體（data ontology）與平台。這讓我們具備完美條件，使客戶能夠運用該平台，不論是使用我們的 AI 或他們自己的 AI。因此我們認為，這將成為日益重要的差異化要素。所以我很喜歡這個問題。謝謝。

And then last year, in fiscal '26, you had a very strong position growth in the regulatory business, which also drove your higher internal growth. How should we think about growth drivers this year as you expect positions growth to normalize? I think you said like high single digits in the first half of the year.

另外，去年在 2026 財年，你們在法規業務的部位（positions）成長非常強勁，也帶動了更高的內生成長。當你們預期部位成長回歸常態時，我們應該如何看待今年的成長驅動因素？我記得你說上半年大概是高個位數。

Yes. So as I think about -- I think your question, Puneet, is broader about revenue growth, right, and how we're expecting the revenue growth guidance to come through. So I'll tell you from a recurring revenue standpoint, we are expecting another strong year of growth in fiscal '27, frankly, very much in line with fiscal '26.

是的。所以當我思考——我想你的問題，Puneet，更廣泛是在問營收成長，對吧？以及我們預期營收成長指引將如何實現。因此我先從經常性收入的角度來說，我們預期 2027 財年仍會是另一個強勁的成長年度，坦白說，與 2026 財年非常一致。

Like you said, last year, we had organic growth of 6%. Our guidance is calling for another 5% to 7% organic growth with an additional point from acquisitions. So we are seeing continued strong position growth, right? That's one of the core drivers. Our early testing is indicating mid- to high -- sorry, high single-digit equity revenue position growth, mid-single-digit fund position growth.

如你所說，去年我們的有機成長為 6%。我們的指引預期有機成長再有 5% 到 7%，另外併購再貢獻 1 個百分點。因此我們仍看到部位持續強勁成長，對吧？這是核心驅動因素之一。我們的初步測試顯示，股票營收的部位成長為高個位數；基金部位成長為中個位數。

And in addition to that, we're continuing to see contribution from revenue from sales, which has been one of the strengths of our business model, right? And the backlog that we have with $470 million is going to set us up well for the next couple of years as we convert some of that backlog into revenue. So frankly, I feel pretty good about the internal growth given the visibility that we have, not just in position growth, but our overall revenue from sales contribution as well.

此外，我們也持續看到銷售帶來的營收貢獻，這一直是我們商業模式的優勢之一，對吧？而我們目前 4.7 億美元的在手訂單（backlog），將使我們在未來幾年具備良好基礎，因為我們會把其中一部分在手訂單轉化為營收。所以坦白說，基於我們的可見度——不僅是部位成長，還包括整體銷售帶來的營收貢獻——我對內生成長感到相當有信心。

Got it. So it's a higher contribution from backlog-driven revenue this year?

了解。所以今年由在手訂單驅動的營收貢獻會更高？

As well as internal from position -- continued position growth, yes.

是的，同時也包括部位的內生——持續的部位成長。

And ladies and gentlemen, at this time, I'm showing no additional questions. I'd like to turn the floor back over to the management team for any closing remarks.

各位女士、先生，目前我這邊顯示沒有其他問題。我想把時間交回管理團隊，請他們做結語。

Yes. Thank you, operator, and thanks to everyone for joining our call today. We are pleased to have delivered another strong year in fiscal '26. And as I think you heard, we're excited about the path ahead as we execute on our strategy across our three franchises and on building the infrastructure for the financial markets of tomorrow.

好的。謝謝接線員，也感謝各位今天參加我們的電話會議。我們很高興在 2026 財年再度交出強勁的一年。正如各位所聽到的，隨著我們在三大業務版圖上執行策略，並建構面向未來的金融市場基礎設施，我們對前方的道路感到振奮。

Thank you for your interest in Broadridge, and we look forward to reporting our next set of results to you later this fall.

感謝各位對 Broadridge 的關注，我們期待在今年秋季稍晚向各位報告下一組業績。

And with that, ladies and gentlemen, we'll be concluding today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

那麼，各位女士、先生，我們將結束今天的電話會議與簡報。非常感謝各位參與。您現在可以掛斷電話。