Targeting Fiscal Year 2024-2026 Recurring
revenue growth of 7-9% and Adjusted EPS growth of
8-12%
Reaffirming Fiscal Year 2024 Guidance
NEW
YORK, Dec. 7, 2023 /PRNewswire/
-- Broadridge Financial Solutions, Inc. (NYSE:BR) is
hosting its Investor Day 2023 at 8:30 AM
ET today.
"The theme of today's Investor Day is 'Powering and
Transforming Financial Markets' which reflects the critical
role we play today and the opportunity we see
ahead. Over the past ten years, Broadridge has delivered
a 10% Recurring revenue compound annual growth rate, 14% Adjusted
EPS growth and annualized total shareholder returns of 22%," said
Tim Gokey, Broadridge's Chief
Executive Officer. "Looking ahead, Broadridge is better positioned
than ever for long-term, innovation-driven growth."
As part of its Investor Day, Broadridge announced its new
three-year growth objectives for the three-year period ending
Fiscal Year 2026. The growth objectives are shown as compound
annual growth rates ("CAGRs") for the fiscal years 2024-2026,
except where noted.
New Fiscal Year 2024 – Fiscal Year 2026 Financial
Objectives
Organic Recurring
revenue growth
|
5 – 8%
|
|
|
Recurring revenue
growth constant currency
(Non-GAAP)
|
7 – 9%
|
|
|
Adjusted Operating
Income Margin expansion (bps/year)
(Non-GAAP)
|
50+
|
|
|
Adjusted Earnings per
Share Growth
(Non-GAAP)
|
8 – 12%
|
|
Note: AOI margin
expansion excludes impact of float and distribution
revenue
|
|
Broadridge also reaffirmed its Fiscal Year 2024
guidance.
Fiscal Year 2024 Financial Guidance
|
|
FY'24
Guidance
|
Updates /
Changes
|
Recurring revenue
growth constant currency - Non-GAAP
|
|
6 - 9%
|
No Change
|
Adjusted Operating
income margin - Non-GAAP
|
|
~20%
|
No Change
|
Adjusted Earnings per
share growth - Non-GAAP
|
|
8 - 12%
|
No Change
|
Closed sales
|
|
$280 - $320M
|
No Change
|
|
|
|
|
A live webcast and accompanying materials will be accessible
on Broadridge's Investor Relations website.
Forward-Looking Statements
This press release and other written or oral statements made
from time to time by representatives of Broadridge may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical in nature, and which may be identified by the use of
words such as "expects," "assumes," "projects," "anticipates,"
"estimates," "we believe," "could be," "on track," and
other words of similar meaning, are forward-looking statements.
These statements are based on management's expectations and
assumptions and are subject to risks and uncertainties that may
cause actual results to differ materially from those expressed.
These risks and uncertainties include those risk factors described
and discussed in Part I, "Item 1A. Risk Factors" of our Annual
Report on Form 10-K for the year ended June
30, 2023 (the "2023 Annual Report"), as they may
be updated in any future reports filed with the Securities and
Exchange Commission. All forward-looking statements speak only as
of the date of this press release and are expressly qualified in
their entirety by reference to the factors discussed in the 2023
Annual Report. Broadridge disclaims any obligation to update or
revise forward-looking statements that may be made to reflect
events or circumstances that arise after the date made or to
reflect the occurrence of unanticipated events, other than as
required by law.
Explanation and Reconciliation of the Company's Use of
Non-GAAP Financial Measures
The Company's results in this press release and related
materials are presented in accordance with U.S. generally accepted
accounting principles ("GAAP") except where otherwise noted. In
certain circumstances, results have been presented that are not
generally accepted accounting principles measures ("Non-GAAP").
These Non-GAAP measures are Adjusted Operating income margin,
Adjusted earnings per share and Recurring revenue growth constant
currency. These Non-GAAP financial measures should be viewed in
addition to, and not as a substitute for, the Company's reported
results.
The Company believes our Non-GAAP financial measures help
investors understand how management plans, measures and evaluates
the Company's business performance. Management believes that
Non-GAAP measures provide consistency in its financial reporting
and facilitates investors' understanding of the Company's operating
results and trends by providing an additional basis for comparison.
Management uses these Non-GAAP financial measures to, among other
things, evaluate our ongoing operations, and for internal planning
and forecasting purposes. In addition, and as a consequence of the
importance of these Non-GAAP financial measures in managing our
business, the Company's Compensation Committee of the Board of
Directors incorporates Non-GAAP financial measures in the
evaluation process for determining management compensation.
For additional information regarding the Company's use of
Non-GAAP financial measures and the reconciliation of the Company's
Non-GAAP measures to the most directly comparable financial
measures presented in accordance with GAAP, please see the tables
that are part of the Company's Investor Day presentations posted on
Broadridge's Investor Relations website at www.broadridge-ir.com
and are also included as Exhibit 99.2 to the Company's Form 8-K
dated December 7, 2023.
About Broadridge
Broadridge Financial
Solutions (NYSE: BR), a global Fintech leader with over
$6 billion in revenues, provides the
critical infrastructure that powers investing, corporate governance
and communications to enable better financial lives. We deliver
technology-driven solutions to banks, broker-dealers, asset and
wealth managers and public companies. Broadridge's infrastructure
serves as a global communications hub enabling corporate governance
by linking thousands of public companies and mutual funds to tens
of millions of individual and institutional investors around the
world. In addition, Broadridge's technology and operations
platforms underpin the daily trading of on average more than U.S.
$10 trillion of equities, fixed
income and other securities globally. A certified Great Place to
Work®, Broadridge is a part of the S&P 500® Index, employing
over 14,000 associates in 21 countries.
For more information about us and what we can do for you, please
visit www.broadridge.com.
Investors
broadridgeir@broadridge.com
Media
mediarelations@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.