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BR · Broadridge Financial Solutions

23 filings

10-K

BR 10-K Annual Reports

Broadridge Financial Solutions - 23 annual reports

Filing record · 2016–202610-K1110-Q338-K224

2026
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2026
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2026 (year ended June 30, 2026) revenues of $7,476.8 million, up 9% from $6,889.1 million, and net earnings of $1,124.3 million, up 34% from $839.5 million. Diluted EPS was $9.60 versus $7.10. Operating income rose to $1,300.6 million from $1,188.6 million, and the company stated an operating margin of 17.4%. Results were helped by a $227.0 million non-cash gain on digital assets (Canton Coins) recorded in Other non-operating income, which lifted net earnings. On a non-GAAP basis, Adjusted Net earnings were $1,124.2 million and Adjusted EPS was $9.60, with recurring revenue growth of 8%. The Investor Communication Solutions segment generated revenues of $5,560.8 million (up 9%) and earnings before income taxes of $1,103.5 million (up 5%), with pre-tax margin declining to 19.8% from 20.6%. Global Technology and Operations revenues were $1,916.0 million (up 8%), and its earnings before income taxes rose 48% to $297.8 million. Free cash flow was $1,233.0 million, up from $1,056.4 million. The company returned capital through $443.5 million of dividends paid and $603.7 million of treasury stock purchases, and total debt stood at $3,254.6 million at June 30, 2026, with $1,225.3 million of unused revolver capacity. Looking ahead, the company's board approved a quarterly dividend increase to $1.09 per share on August 3, 2026, raising the expected annual dividend to $4.36 from $3.90. The filing also discusses the SEC's July 16, 2026 proposal of Regulation E-Delivery, which management expects to modestly reduce recurring revenue growth over two to three years and reduce distribution revenues, partly offset by new solutions, with no expected impact on fiscal 2027 financial results.
Aug 4, 2026
2025
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2025
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2025 (year ended June 30, 2025) revenues of $6.89 billion, up from $6.51 billion, with operating income of $1.19 billion versus $1.02 billion and net earnings of $839.5 million versus $698.1 million. Diluted earnings per share were $7.10, compared with $5.86 in fiscal 2024. Recurring revenues rose to $4.51 billion, event-driven revenues to $319.3 million and distribution revenues to $2.06 billion. The Investor Communication Solutions segment generated $5.11 billion of revenue and the Global Technology and Operations segment $1.78 billion, with the latter including the acquisition of Kyndryl's Securities Industry Services business, which was acquired in November 2024 for $185.5 million in cash payments. Cash flow from operations was $1.17 billion and free cash flow was $1.06 billion, both non-GAAP for free cash flow. Total debt stood at $3.25 billion at June 30, 2025, against cash and cash equivalents of $561.5 million. The company repurchased 422,130 shares during the fourth quarter and, on August 4, 2025, its Board approved an increase in the quarterly cash dividend to $0.975 per share from $0.88, an expected annual dividend of $3.90 per share. The Board also approved the proposed acquisition of Acolin Group Holdco Limited for approximately $70 million plus contingent consideration, expected to close in the first half of fiscal 2026. The filing identifies client concentration (largest client about 7% of consolidated revenues), reliance on securities market activity, cybersecurity risk, and regulatory change as principal risks. Goodwill of $3.61 billion and intangible assets plus deferred client conversion costs represent a significant share of total assets, so impairment is a noted risk. The auditor, Deloitte & Touche LLP, issued an unqualified opinion and management concluded internal control over financial reporting was effective as of June 30, 2025.
Aug 5, 2025
2024
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2024
Broadridge Financial Solutions, Inc. (BR) reported fiscal year 2024 (ended June 30, 2024) revenues of $6,506.8 million, up $445.9 million, or 7%, from $6,060.9 million. Operating income rose to $1,017.1 million from $936.4 million, and net earnings increased to $698.1 million from $630.6 million, with diluted earnings per share of $5.86 versus $5.30. Recurring revenues grew $235.9 million, or 6%, to $4,222.6 million, event-driven revenues rose $74.2 million, or 35%, to $285.2 million, and distribution revenues rose $135.9 million, or 7%, to $1,999.0 million, with postage rate increases of approximately $116.3 million a key driver. Non-GAAP Adjusted Earnings per share was $7.73 versus $7.01, and free cash flow was $943.2 million versus $748.2 million. Results were affected by the Corporate Restructuring Initiative, which carried $63.0 million of Restructuring and Other Related Costs, and $18.4 million of Litigation Settlement Charges. Earnings before income taxes for Investor Communication Solutions rose 17% to $950.4 million, while Global Technology and Operations fell 6% to $173.3 million, reflecting higher amortization and depreciation of $62.8 million. Cash flow from operating activities was $1,056.2 million, and the company repurchased shares for $485.4 million, while paying dividends of $368.2 million. Total debt was $3,355.1 million at June 30, 2024, and the revolving credit facility had $1,500.0 million of unused capacity. The company also announced on August 5, 2024 a quarterly dividend increase of $0.08 per share to $0.88, which raises the expected annual dividend from $3.20 to $3.52 per share. A proposed acquisition of Kyndryl Securities Industry Services, with a total purchase price of approximately $200 million, was pending regulatory approvals at the time of filing.
Aug 6, 2024
2023
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2023
Broadridge Financial Solutions, Inc. (BR), a Delaware corporation and part of the S&P 500 Index, reported fiscal year 2023 (ended June 30, 2023) revenues of $6,060.9 million, up 6% from $5,709.1 million, with net earnings of $630.6 million, up 17% from $539.1 million, and diluted earnings per share of $5.30 versus $4.55. Recurring revenues rose 7% to $3,986.7 million, while event-driven revenues fell 22% to $211.0 million, mainly on lower mutual fund proxy volume. Distribution revenues rose 9% to $1,863.1 million, driven by $120.8 million of postage rate increases. Operating income reached $936.4 million, a 15.4% margin versus 13.3% a year earlier. Interest expense, net rose to $135.5 million from $84.7 million on higher borrowing costs. Non-GAAP Adjusted Earnings per share was $7.01 versus $6.46. The company generated net cash flows from operating activities of $823.3 million, against $443.5 million in the prior year, and free cash flow (Non-GAAP) of $748.2 million, against $370.4 million. Total debt was $3,413.3 million at June 30, 2023, including $1,178.5 million of Fiscal 2021 Term Loans that mature in May 2024. Goodwill was $3,461.6 million, and the company reported no goodwill impairment. Stockholders' equity increased to $2,240.6 million from $1,919.1 million. The company reports two segments: Investor Communication Solutions, with revenues of $4,535.6 million, and Global Technology and Operations, with revenues of $1,525.2 million. In August 2023 the Board raised the quarterly dividend to $0.80 per share, implying an expected annual dividend of $3.20 per share. The filing also flags a restructuring initiative with $20.4 million of severance charges, and a estimated $30 million reduction in annual recurring revenues from a new SEC rule on tailored shareholder reports, phasing in over fiscal years 2025 and 2026. Its largest client accounted for approximately 7% of consolidated revenues.
Aug 8, 2023
2022
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2022
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2022 (year ended June 30, 2022) revenues of $5,709.1 million, up 14% from $4,993.7 million, with net earnings of $539.1 million, down 2% from $547.5 million, and diluted earnings per share of $4.55 versus $4.65. Growth was driven by recurring fee revenues of $3,749.3 million (up 16%), including 7 points from acquisitions, primarily the Itiviti acquisition completed in May 2021. Operating income rose 12% to $759.9 million, but interest expense increased to $84.7 million from $55.2 million, and the Global Technology and Operations segment's earnings before income taxes fell 30% to $139.5 million as acquisition-related operating costs and amortization of acquired intangibles rose. Adjusted operating income, a non-GAAP measure, was $1,066.4 million, and free cash flow was $370.4 million, down from $557.3 million, as operating cash flow decreased to $443.5 million. The Investor Communication Solutions segment, which generated about 75% of fiscal 2022 revenues, grew revenues 11% to $4,262.1 million and pre-tax earnings 22% to $726.3 million, supported by equity proxy Record Growth of 18% and mutual fund interim Record Growth of 14%. Total debt was $3,793.0 million at June 30, 2022, of which $1,560.8 million, or 41%, carried floating rates, and the company had $1,475.0 million of unused revolving credit capacity. The Board raised the quarterly cash dividend by $0.085 to $0.725 per share on August 11, 2022, lifting the expected annual dividend to $2.90 per share from $2.56.
Aug 12, 2022
2021
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2021
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2021 (year ended June 30, 2021) revenues of $4,993.7 million, up 10% from $4,529.0 million, with operating income of $678.7 million and net earnings of $547.5 million, or $4.65 per diluted share, compared with $3.95 in fiscal 2020. Adjusted operating income margin was 18.1%, up 60 bps, and Free cash flow was $557.3 million, compared with $499.5 million. Growth was driven by recurring fee revenues of $3,332.9 million (up 10%), with 5 points from Net New Business, 3 points from internal growth and 2 points from acquisitions. Event-driven fee revenues rose 33% to $237.3 million. Closed sales were $242.5 million. The company's major event of the year was the May 2021 acquisition of Itiviti Holding AB for a purchase price of $2,580.4 million, funded by new debt. Total debt rose to $3,914.4 million at June 30, 2021, from $1,787.5 million a year earlier, and total assets increased to $8,119.8 million from $4,889.8 million. Goodwill reached $3,720.1 million, and the filing discloses that goodwill represented approximately 46% of total assets. The company's Investor Communication Solutions segment generated revenues of $3,867.5 million and pre-tax earnings of $605.6 million, while Global Technology and Operations generated revenues of $1,258.1 million and pre-tax earnings of $223.3 million, down from $245.0 million. The filing identifies key risks including reliance on a small number of large clients (the largest accounted for approximately 6% of consolidated revenues), dependence on securities market activity, cybersecurity exposure, and the leverage incurred for the Itiviti acquisition. The company said the Covid-19 pandemic had no material impact on consolidated revenues and pre-tax income in fiscal 2021. On August 11, 2021, the Board raised the quarterly dividend by $0.065 per share to $0.64, which implies an expected annual dividend of $2.56 per share.
Aug 12, 2021
2020
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2020
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2020 (year ended June 30, 2020) revenues of $4,529.0 million, up from $4,362.2 million, and net earnings of $462.5 million, down from $482.1 million. Diluted EPS was $3.95 versus $4.06 in fiscal 2019. Operating income declined to $624.9 million from $652.7 million, with the operating margin falling to 13.8% from 15.0%. Management attributes the margin decline partly to a $32.0 million IBM Private Cloud Charge, including a $30.4 million non-cash write-down of hardware being transferred to IBM. On a non-GAAP basis, Adjusted Operating income rose to $794.8 million and Adjusted diluted EPS to $5.03 from $4.66. Recurring fee revenues grew to $3,036.3 million, driven largely by acquisitions, while event-driven fee revenues fell 27% to $178.0 million on lower mutual fund proxy, equity special meeting and contest activity. The Global Technology and Operations segment grew revenue 18% to $1,174.2 million, while the Investor Communication Solutions segment grew 1% to $3,491.3 million, with pre-tax earnings there down 8%. The company completed several acquisitions during the year, including Shadow Financial, Fi360, ClearStructure and FundsLibrary, and issued $750.0 million of 2.90% senior notes due 2029. Total debt stood at $1,799.8 million at June 30, 2020, against cash of $476.6 million. The filing states that Covid-19 had no material impact on consolidated revenues and pre-tax income to date, though management cautions that the pandemic's future effects remain highly uncertain. Operating cash flow was $598.2 million and free cash flow was $499.5 million. On August 10, 2020, the Board raised the quarterly dividend to $0.575 per share, from an expected annual dividend of $2.16 to $2.30.
Aug 11, 2020
2019
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2019
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2019 (year ended June 30, 2019) revenues of $4,362.2 million, up $32.3 million, or 1%, from $4,329.9 million, and net earnings of $482.1 million, up $54.1 million, or 13%, from $427.9 million. Diluted EPS rose to $4.06 from $3.56. Operating income increased to $652.7 million, with operating margin of 15.0% versus 13.8% a year earlier. Recurring fee revenues grew 6% to $2,759.3 million, while event-driven fee revenues declined 14% to $244.5 million and distribution revenues fell 3% to $1,460.8 million. Investor Communication Solutions produced about 80% of revenues and Global Technology and Operations about 22%, with foreign currency exchange reducing revenue by $102.4 million. The company's balance sheet expanded through acquisitions, including Rockall, RPM and the TD Ameritrade retirement plan custody and trust assets, which together contributed $406.4 million in aggregate purchase price. Total assets rose to $3,880.7 million from $3,304.7 million, and long-term debt increased to $1,470.4 million from $1,053.4 million, largely reflecting $575.7 million of borrowings under the Fiscal 2019 Revolving Credit Facility. Cash flow from operations declined to $617.0 million from $693.6 million, and free cash flow was $544.4 million, against share repurchases of $397.8 million and dividends paid of $211.2 million. Concentration and operational risk remain notable: five clients accounted for about 22% of consolidated revenues, and the largest single client about 6%. Goodwill totaled $1,500.0 million, about 39% of total assets. On July 31, 2019, the Board raised the quarterly dividend to $0.54 per share, implying an expected annual dividend of $2.16, and authorized the addition of 5,448,478 shares to the repurchase program, bringing availability to 10.0 million shares.
Aug 6, 2019
2018
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2018
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2018 (year ended June 30, 2018) revenues of $4,329.9 million, up $187.3 million, or 5%, from $4,142.6 million in fiscal 2017. Operating income rose $63.3 million, or 12%, to $594.9 million, and operating margin improved to 13.7% from 12.8%. Net earnings increased $101.2 million, or 31%, to $427.9 million, and diluted earnings per share were $3.56 versus $2.70. The effective tax rate fell to 23.7% from 33.1%, mainly due to $40.9 million of excess tax benefits from stock-based compensation, partially offset by $15.4 million of net charges from the Tax Act. Company-defined Adjusted Operating income was $685.1 million, and Adjusted earnings per share was $4.19 (non-GAAP). The Investor Communication Solutions segment generated $3,495.6 million of revenue (recurring fee revenues $1,698.9 million, event-driven revenues $283.9 million, distribution revenues $1,512.9 million), and Global Technology and Operations generated $911.6 million. Free cash flow (non-GAAP) was $595.7 million, up from $402.2 million, and net cash from operating activities was $693.6 million. Long-term debt was $1,053.4 million at June 30, 2018, and the Company repurchased 1,896,115 shares during the fourth quarter. The Board increased the quarterly dividend to $0.485 per share on August 7, 2018. Concentration remains a key consideration: about 21% of consolidated revenues came from the five largest clients, and the largest single client accounted for about 6%. The Company completed three fiscal 2018 acquisitions (Summit, ActivePath and FundAssist) and purchased blockchain-related intellectual property from Inveshare for $40.0 million. Management highlighted that the adoption of ASU 2014-09 (revenue recognition) beginning in fiscal 2019 will shift the majority of equity proxy revenue into the third and fourth quarters.
Aug 7, 2018
2017
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2017
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2017 (year ended June 30, 2017) revenues of $4,142.6 million, up from $2,897.0 million in fiscal 2016, an increase of $1,245.5 million, or 43%. The filing attributes most of the growth to acquisitions, particularly the North American Customer Communications (NACC) business of DST Systems, Inc., which contributed $1,067.1 million of revenue. Operating income rose to $531.6 million from $500.3 million, but operating margin declined to 12.8% from 17.3%, primarily due to the NACC acquisition. Net earnings increased to $326.8 million, and diluted earnings per share were $2.70 versus $2.53 a year earlier. Free cash flow (a non-GAAP measure) was $402.2 million, compared with $362.2 million in fiscal 2016. The balance sheet expanded in connection with acquisitions. Total assets were $3,149.8 million and total debt was $1,110.0 million at June 30, 2017, with a $1.0 billion revolving credit facility of which $210.0 million was drawn. Goodwill rose to $1,159.3 million, and the company repurchased 4.6 million shares during the year. Stockholders' equity declined to $1,003.8 million. Management also disclosed that its Board increased the quarterly dividend to $0.365 per share on August 9, 2017, and authorized up to 6.3 million additional shares for repurchase. The filing identifies client concentration as a key risk: about 20% of consolidated revenues came from the five largest clients, and the largest single client accounted for approximately 6%. Seasonality is also pronounced, with the fourth fiscal quarter typically generating the highest revenues and earnings. Management excluded NACC from its internal control assessment for fiscal 2017, noting the business will be in scope for the fiscal 2018 assessment.
Aug 10, 2017
2016
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2016
Broadridge Financial Solutions, Inc. (BR) reported fiscal year 2016 (ended June 30, 2016) revenues of $2,897.0 million, up $202.8 million, or 8%, from $2,694.2 million in fiscal 2015. Operating income rose $33.4 million, or 7%, to $500.3 million, with the operating margin unchanged at 17.3%. Net earnings increased $20.4 million, or 7%, to $307.5 million, and diluted earnings per share rose to $2.53 from $2.32. Growth was driven by recurring fee revenues of $154.7 million, distribution revenues of $54.4 million and event-driven fee revenues of $26.6 million, partially offset by a $32.9 million unfavorable foreign currency impact on revenues. The Investor Communication Solutions segment generated $2,220.4 million of revenues (up 9%) and $409.1 million of pre-tax earnings, while Global Technology and Operations generated $738.0 million of revenues (up 7%) and $135.4 million of pre-tax earnings. Cash and cash equivalents increased to $727.7 million from $324.1 million, and operating cash flow was $437.7 million, yielding free cash flows of $362.2 million. Total debt rose to $1,022.5 million carrying value, including a $500.0 million senior note issued in June 2016. Subsequent to year end, in July 2016, the company completed the acquisition of the North American Customer Communications business of DST Systems, Inc. for $410.0 million in cash. On August 8, 2016, the Board increased the quarterly cash dividend by $0.03 per share to $0.33, raising the annual dividend from $1.20 to $1.32 per share.
Aug 9, 2016
2015
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2015
Broadridge Financial Solutions, Inc. reported fiscal 2015 (year ended June 30, 2015) revenues of $2,694.2 million, up $136.2 million, or 5%, from $2,558.0 million in fiscal 2014. Net earnings rose $24.1 million, or 9%, to $287.1 million, and diluted earnings per share were $2.32, compared with $2.12. Pre-tax margin improved to 16.3% from 15.5%. Growth was driven by recurring fee revenues, which increased $98.9 million or 6%, and by acquisitions, while foreign currency fluctuations reduced revenues by $24.8 million. Investor Communication Solutions, the larger segment at $2,030.2 million of revenues, grew 8%, while Global Technology and Operations grew 2% to $692.5 million. The company completed six acquisitions in fiscal 2015, including Direxxis, the trade processing business of the Wilmington Trust Retirement and Institutional Services unit of M&T Bank Corporation, Fiduciary Services and Competitive Intelligence unit of Thomson Reuters' Lipper division, and TwoFour Systems. Net cash flows from operating activities increased to $431.4 million, and free cash flows were $365.4 million. Long-term debt rose to $689.4 million from $524.1 million, largely due to a $165.0 million revolving credit borrowing, and the company repurchased 5.2 million shares under its program during the year. Subsequent to year end, on August 6, 2015, the Board raised the quarterly dividend to $0.30 per share and authorized repurchase of up to an additional 5.3 million shares. The filing identifies client concentration as a key risk: approximately 25% of consolidated revenues came from five clients, and the largest single client accounted for approximately 6%. Other risks include dependence on securities market activity, reliance on IBM for data center services, cybersecurity exposure, and regulatory change affecting clients. Management concluded that internal control over financial reporting was effective as of June 30, 2015, and Deloitte & Touche LLP issued an unqualified opinion.
Aug 7, 2015
2014
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2014
Broadridge Financial Solutions, Inc. reported fiscal 2014 (year ended June 30, 2014) revenues of $2,558.0 million, up $127.2 million, or 5%, from $2,430.8 million in fiscal 2013. Earnings from continuing operations before income taxes rose to $395.5 million from $323.2 million, and net earnings from continuing operations were $263.0 million, or $2.12 diluted earnings per share, compared with $1.69 in fiscal 2013. The company's Investor Communication Solutions segment generated $1,866.9 million of revenue and $336.0 million of pre-tax earnings, while Securities Processing Solutions produced $694.8 million of revenue and $119.1 million of pre-tax earnings. Net cash flows provided by operating activities were $387.7 million, and free cash flows were $334.3 million. The company's balance sheet at June 30, 2014 showed total assets of $2,192.1 million, long-term debt of $524.1 million, and stockholders' equity of $961.7 million. During the year Broadridge issued $400.0 million of 3.95% senior notes due 2020 and repaid its $400.0 million Fiscal 2012 Term Loan. Acquisitions of Bonaire Software Solutions and Emerald Connect totaled $96.9 million in net cash spending. In August 2014 the Board raised the quarterly cash dividend by $0.06 to $0.27 per share and authorized the repurchase of up to an additional 6,200,000 shares. The filing notes that about 25% of consolidated revenues came from five clients and that the company's proxy and investor communications business is seasonal, with its highest revenues and earnings in the fourth fiscal quarter.
Aug 7, 2014
2013-A
Broadridge Financial Solutions Annual Report (Amendment), Year Ended Jun 30, 2013
Broadridge Financial Solutions, Inc. filed Amendment No. 1 on Form 10-K/A for its fiscal year ended June 30, 2013. The amendment amends the Original Filing made on August 8, 2013, and its stated purpose is to replace the Performance Graph in that filing. No other disclosures or exhibits in the Original Filing are modified, and the amendment does not reflect events after the Original Filing date. It should be read together with the Original Filing. The replacement graph compares cumulative total return from June 30, 2007 through June 30, 2013 for Broadridge common stock, the S&P 400 MidCap Index, and the S&P 400 Information Technology Index. A $100 investment in Broadridge common stock on June 30, 2007 was valued at $160.22 on June 30, 2013. Over the same period, the S&P 400 MidCap Index value was $142.95 and the S&P 400 Information Technology Index value was $130.06. The cover page reports 119,067,195 common shares outstanding as of July 31, 2013, excluding 35,393,932 shares held in treasury. The aggregate market value of common stock held by non-affiliates was approximately $2,769,467,282 as of December 31, 2012. The company is a large accelerated filer and a well-known seasoned issuer, and its common stock is listed on the New York Stock Exchange. The amendment was signed by Dan Sheldon, Vice President and Chief Financial Officer, on October 7, 2013.
Oct 8, 2013
2013
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2013
Broadridge Financial Solutions, Inc. (NYSE: BR) reported fiscal year 2013 (ended June 30, 2013) revenues of $2,430.8 million, up $127.3 million, or 6%, from $2,303.5 million in fiscal 2012. Earnings from continuing operations before income taxes rose to $323.2 million from $200.9 million, and net earnings were $212.1 million, compared with $123.6 million in fiscal 2012. The prior year absorbed $74.2 million of impairment and other charges (largely tied to the Penson outsourcing contract termination) and $24.6 million of IBM migration costs, so much of the year-over-year improvement reflects the absence of those items. Diluted EPS from continuing operations was $1.69, versus $0.98. The company's Adjusted net earnings from continuing operations (a non-GAAP measure) were $236.0 million, or $1.88 per diluted share. The Investor Communication Solutions segment generated $1,760.2 million of revenue and $302.1 million of pre-tax earnings, while Securities Processing Solutions produced $660.5 million of revenue and $85.2 million of pre-tax earnings. Cash flow from operating activities of continuing operations was $270.9 million. The company repurchased 9.7 million shares in fiscal 2013 for $238.5 million and paid $85.8 million in dividends. Long-term debt was $524.5 million at year end, including a $400.0 million term loan, and stockholders' equity was $816.0 million. On August 7, 2013, the Board raised the quarterly dividend to $0.21 per share from $0.18. Concentration remains a key risk: about 25% of consolidated revenues came from five clients, and the largest single client accounted for about 6%. The filing also highlights dependence on IBM for data center services under an agreement running through June 30, 2022, and on securities market activity levels.
Aug 8, 2013
2012-A
Broadridge Financial Solutions Annual Report (Amendment), Year Ended Jun 30, 2012
This Amendment No. 1 on Form 10-K/A from Broadridge Financial Solutions, Inc. amends the Annual Report for the fiscal year ended June 30, 2012, originally filed with the SEC on August 9, 2012. The amendment was filed solely to replace the Master Services Agreement and its Attachments that were filed as Exhibit 10.41 to the Original Filing with redacted versions, pursuant to a request for confidential treatment. The Agreement is with Apex Clearing Corporation and is dated June 5, 2012. The filing states that no other disclosures or exhibits in the Original Filing were modified or updated, and that the amendment does not reflect events occurring after the Original Filing date. It includes currently dated Section 302 certifications from the Chief Executive Officer and Chief Financial Officer. The filing is signed by Dan Sheldon, Vice President and Chief Financial Officer, dated July 10, 2013. For investors, the key points are the registrant's market profile as stated on the cover page and the nature of this amendment. As of July 31, 2012, there were 124,903,708 shares of common stock outstanding (excluding 28,046,796 shares held in treasury), and the aggregate market value held by non-affiliates as of December 31, 2011 was approximately $2,772,014,819. The company is a large accelerated filer listed on the New York Stock Exchange. Financial results and business discussion are contained in the Original Filing and are not restated here.
Jul 11, 2013
2012
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2012
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2012 (year ended June 30, 2012) revenues of $2,303.5 million, up $136.6 million, or 6%, from $2,166.9 million in fiscal 2011. Earnings from continuing operations before income taxes fell to $200.9 million from $269.7 million, driven mainly by $74.2 million of Penson-related impairment and other charges, $24.6 million of IBM migration costs and $6.7 million of restructuring charges. Net earnings from continuing operations were $125.0 million, or $0.98 diluted EPS, compared with $171.8 million and $1.34 a year earlier. Adjusted net earnings from continuing operations, a non-GAAP measure the company defines, were $198.0 million, or $1.55 diluted EPS. The company operates two segments: Investor Communication Solutions, which generated $1,634.0 million of revenue, and Securities Processing Solutions, which generated $655.5 million. Investor Communication Solutions is the larger segment and includes proxy distribution and vote processing. The filing states that about 23% of consolidated revenues came from five clients, and that the largest single client accounted for about 5%. Mutual fund proxy fee revenues declined 28% in fiscal 2012 after falling 74% in fiscal 2011, which the company attributes to event-driven volatility. Balance sheet and cash flow data show total assets of $1,987.6 million, long-term debt of $524.4 million, and cash flow from operations of $290.6 million. The company paid dividends of $0.64 per share in fiscal 2012 and, on August 8, 2012, raised its quarterly dividend to $0.18. Its Board also authorized a repurchase of up to 4 million additional shares, leaving about 10 million shares available for repurchase.
Aug 9, 2012
2011
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2011
Broadridge Financial Solutions, Inc. reported fiscal year 2011 (ended June 30, 2011) revenues of $2,166.9 million, down $42.3 million or 2% from $2,209.2 million in fiscal 2010, while net earnings from continuing operations fell $53.3 million, or 24%, to $171.8 million. The decline was driven mainly by lower event-driven mutual fund proxy activity, with event-driven fee revenues down $121.4 million, partly offset by $143.2 million of recurring fee revenue growth from acquisitions and the Penson Outsourcing Agreement. Diluted EPS from continuing operations was $1.34, versus $1.62 a year earlier. Earnings from continuing operations before income taxes declined 21% to $269.7 million, and the margin fell from 15.5% to 12.4%. The company made three Investor Communication Solutions acquisitions during the year: NewRiver ($77.6 million), Forefield ($18.3 million) and Matrix Financial Solutions ($197.6 million), which together with the Penson Outsourcing Agreement contributed $122.5 million of revenue. Operating cash flow fell to $190.9 million from $360.1 million, and cash and cash equivalents ended at $241.5 million. Working capital was negative $31.3 million, largely because $400.0 million of borrowings were reclassified to short-term, and the company plans to refinance its revolving credit and term loan facilities, which expire March 29, 2012, at higher expected interest rates. The company also raised its quarterly dividend to $0.16 per share on August 10, 2011, and repurchased 8.7 million shares during the year. It continues to migrate its data center processing from ADP to IBM, with completion expected by June 2012, and estimates total migration costs of approximately $95.0 million. Risks highlighted include reliance on a small number of clients (five clients provided about 24% of consolidated revenues), regulatory scrutiny of the proxy system, and an ongoing patent lawsuit filed by Inveshare, Inc.
Aug 12, 2011
2010-A
Broadridge Financial Solutions Annual Report (Amendment), Year Ended Jun 30, 2010
This Form 10-K/A (Amendment No. 1) from Broadridge Financial Solutions, Inc. for the fiscal year ended June 30, 2010, was filed on October 27, 2010 to amend the Original Filing made with the SEC on August 12, 2010. The amendment does not update financial results or disclosures beyond its stated scope, and it does not reflect any events after the Original Filing date. Its stated purposes are to replace Exhibit 10.23, the Amendment, Assignment and Assumption Agreement dated June 25, 2010 relating to the Penson Financial Services transaction, with a version whose confidential exhibit has been redacted under a confidential treatment request, and to add several compensation plan documents that were amended to comply with Section 409A of the Internal Revenue Code. The compensation exhibits added include the Amendment Number One to the Change in Control Severance Plan for Corporate Officers, the Amended and Restated Supplemental Officers Retirement Plan, Change in Control Enhancement Agreement amendments for Richard J. Daly and John Hogan, the 2009 Director Deferred Compensation Plan, and the Supplemental Executive Retirement Plan. The filing also includes new certifications from the Chief Executive Officer and Chief Financial Officer under Sections 302 of the Sarbanes-Oxley Act of 2002. The cover page reports 126,733,539 shares of common stock outstanding as of July 30, 2010, and an aggregate non-affiliate market value of approximately $3,036,389,271 as of December 31, 2009. For investors, this amendment is primarily administrative. It contains no new financial statements, operating results, or business updates, and readers should refer to the Original Filing for the company's financial and operating information.
Oct 27, 2010
2010
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2010
Broadridge Financial Solutions, Inc. reported fiscal year 2010 (ended June 30, 2010) revenues of $2,209.2 million, up $136.2 million or 7% from $2,073.0 million in fiscal 2009, driven mainly by $77.0 million in event-driven mutual fund proxy revenues. Earnings from continuing operations before income taxes were $342.1 million, down $3.9 million or 1%, and net earnings from continuing operations rose to $225.1 million, up $2.0 million or 1%. Diluted EPS from continuing operations was $1.62, up from $1.58. Total net earnings fell to $190.0 million, reflected a $35.1 million loss from discontinued operations tied to the securities clearing business, which was sold to Penson Financial Services in June 2010 for an aggregate purchase price of $35.2 million and is being wound down, with the exit expected in fiscal 2011. Securities Processing Solutions revenue declined 4% to $535.9 million with segment pre-tax earnings down 26% to $99.3 million, while Investor Communication Solutions revenue rose 9% to $1,669.6 million and segment pre-tax earnings rose 10% to $272.8 million. Cash flow from continuing operations was $360.1 million, and cash and cash equivalents rose to $412.6 million. The company repurchased $268.9 million of common stock in fiscal 2010 and paid $66.6 million in dividends. Stockholders' equity declined to $807.1 million from $909.0 million, and long-term debt was $324.1 million at June 30, 2010. The company also entered into an Information Technology Services Agreement with IBM in March 2010 to move data center processing from ADP by June 2012, with commitments of $561.5 million through fiscal year 2022. Management disclosed a patent suit filed by Inveshare, Inc. in which the defendant counterclaimed for injunctive relief and unspecified damages, and noted the SEC's July 2010 Concept Release on the U.S. proxy system as a regulatory uncertainty.
Aug 12, 2010
2009
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2009
Broadridge Financial Solutions, Inc. (BR) reported net revenues of $2,149.3 million for the fiscal year ended June 30, 2009, a decrease of $58.2 million, or 3%, from $2,207.5 million in fiscal 2008. Net earnings rose 16% to $223.3 million, or $1.58 diluted EPS, from $192.2 million, or $1.36 in fiscal 2008. The earnings increase came from lower total expenses, a lower effective tax rate of 35.5% versus 41.0%, and a $8.4 million gain from repurchasing $125.0 million of its 6.125% Senior Notes. Investor Communication Solutions, the largest segment at $1,531.0 million of net revenues, saw revenues fall 3% on lower distribution revenues, while Securities Processing Solutions grew 4% to $533.8 million. The filing highlights several risks. One of the 15 largest clients of the Securities Processing Solutions segment has acquired a financial institution that performs the services in-house and has notified the company it will terminate them; those services generated $23.0 million of revenue in fiscal 2009. Contract renewal price concessions are estimated at about 5% of Securities Processing Solutions revenues, compared with a historical average of 3%. The company derives approximately 27% of revenues from its five largest clients, and its data center operations depend on ADP under an agreement expiring June 30, 2012. On August 11, 2009, the board raised the quarterly dividend by $0.07 per share to $0.14 and authorized a repurchase of up to 10 million shares. Total stockholders' equity increased to $909.0 million from $745.8 million, and long-term debt declined to $324.1 million from $447.9 million. The company also disclosed a $75.0 million revolving credit facility for its clearing subsidiary Ridge Clearing, entered into August 5, 2009.
Aug 11, 2009
2008
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2008
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2008 (year ended June 30, 2008) net revenues of $2,207.5 million, up $69.6 million or 3.3% from $2,137.9 million, while net earnings from continuing operations fell 2.5% to $192.2 million. Diluted EPS from continuing operations was $1.36, down from $1.42. Growth came from favorable foreign exchange (a $26.6 million benefit) and internal growth in the three segments, partly offset by two previously announced client losses. Total expenses rose 3.5% to $1,881.6 million, selling, general and administrative expenses rose 12.7% (including $26.6 million in incremental public company costs), and the effective tax rate increased to 41.0% from 38.6%, largely due to a one-time adjustment related to the spin-off from ADP. Investor Communication Solutions remains the largest segment, with net revenues of $1,575.2 million and pre-tax earnings of $255.3 million. Securities Processing Solutions generated $514.4 million in net revenues and pre-tax earnings of $137.5 million, while Clearing and Outsourcing Solutions posted a pre-tax loss of $5.0 million on $95.8 million of net revenues. Cash flow from operations was $482.0 million, and cash and cash equivalents rose to $198.3 million. Total debt was $447.9 million at June 30, 2008, and stockholders' equity was $745.8 million. The company disclosed that one of its two rating agencies downgraded its debt to non-investment grade during the year, which increased borrowing costs. The company, spun off from ADP on March 30, 2007, declared a quarterly dividend of $0.06 per share during fiscal 2008 and on August 4, 2008 raised it to $0.07. Its Board also authorized repurchase of up to two million shares to offset dilution from equity compensation plans. Investors should weigh the company's reliance on ADP for its data center operations through June 30, 2012, and the concentration of revenue among a small number of clients, with approximately 22% of revenues from five clients.
Aug 14, 2008
2007
Broadridge Financial Solutions Annual Report, Year Ended Jun 30, 2007
Broadridge Financial Solutions, Inc. filed its first Form 10-K following its March 30, 2007 spin-off from Automatic Data Processing, Inc. (ADP), in which ADP distributed 100% of Broadridge's common stock to ADP shareholders at one share for every four ADP shares. Before the spin-off, Broadridge paid ADP a $690.0 million cash dividend, funded by $1,190.0 million of new credit facilities. The company reports three segments: Investor Communication Solutions, Securities Processing Solutions, and Clearing and Outsourcing Solutions. For fiscal 2007 (ended June 30, 2007), net revenues were $2,137.9 million, up 10.6% from $1,933.3 million, and earnings from continuing operations before income taxes were $320.8 million, up 6.0%. Net earnings from continuing operations were $197.1 million, or $1.42 per diluted share, up 9.2%. The balance sheet at June 30, 2007 showed total assets of $2,678.2 million, long-term debt of $617.7 million, and stockholders' equity of $531.1 million, down from $1,043.2 million a year earlier, reflecting the dividend to ADP. Operating cash flow was $160.5 million, compared with $426.1 million in fiscal 2006, with the decline driven largely by the Clearing and Outsourcing Solutions segment, which used $137.7 million in operating cash. The company noted that one large client's account statement services were terminated, and that proxy rule changes could affect distribution revenue. Management also disclosed one-time transition costs of $14.0 million and public company expenses of $8.0 million for the period from the spin-off to June 30, 2007.
Aug 23, 2007