BR 10-Q Quarterly Reports

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2026

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2026

Broadridge Financial Solutions, Inc. reported revenues of $1,953.6 million for the three months ended March 31, 2026, up from $1,811.7 million a year earlier, and $5,256.9 million for the nine months, up from $4,823.7 million. Operating income was $359.5 million for the quarter versus $344.9 million, while net earnings rose to $276.3 million from $243.1 million, and diluted EPS was $2.36 versus $2.05. For the nine months, net earnings were $726.2 million, including $242.7 million of other non-operating income, which the company attributes primarily to realized and unrealized gains and losses on digital assets (Canton Coins) and related Canton Digital Asset Treasury warrants. Adjusted Net earnings (Non-GAAP) for the nine months were $682.7 million, and Free cash flow (Non-GAAP) was $590.9 million versus $393.2 million a year earlier. Recurring revenues were $1,288.1 million for the quarter, up 7%, with recurring revenue growth constant currency at 6%. Distribution revenues rose 7%, driven primarily by a postage rate increase of approximately $34 million. Investor Communication Solutions pre-tax earnings grew 6% for the quarter, while Global Technology and Operations pre-tax earnings rose 21%. Closed sales for the quarter declined 19% to $57.5 million. Total debt was $3,227.0 million carrying value at March 31, 2026, and cash and cash equivalents were $304.8 million. Subsequent to the quarter, on April 30, 2026, the company completed the acquisition of CQG, Inc. for a total purchase price of approximately $173.0 million plus contingent consideration. The company also amended its Kyndryl IT services agreements on March 31, 2026, extending the ITSA through December 31, 2031.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2025

Broadridge Financial Solutions, Inc. reported results for its fiscal second quarter ended December 31, 2025. Revenues rose 8% to $1,713.9 million for the quarter and 10% to $3,303.3 million for the six months. Operating income was $206.0 million for the quarter, down from $210.7 million, with operating margin of 12.0% versus 13.3%. Net earnings more than doubled to $284.6 million (diluted EPS $2.42) from $142.4 million (diluted EPS $1.20), driven mainly by $188.0 million of other non-operating income, which includes a $136.5 million unrealized gain and a $53.1 million realized gain on digital assets (Canton Coins). Adjusted net earnings, a non-GAAP measure, were $186.6 million versus $184.4 million, and adjusted EPS was $1.59 versus $1.56. Growth was led by Investor Communication Solutions and Global Technology and Operations. Recurring revenues grew 9% to $1,070.1 million for the quarter, while event-driven revenues fell 27% on lower mutual fund proxy activity. Distribution revenues rose 14%, driven by higher volume and a postage rate increase of approximately $32 million. Earnings before income taxes in ICS fell 21%, while GTO rose 56%. Free cash flow for the six months was $318.5 million, up from $56.3 million, as operating cash flow reached $367.1 million. Balance sheet highlights include cash of $370.7 million, total debt of $3,173.1 million, and stockholders' equity of $2,879.2 million. The company acquired Acolin Group Holdco Limited in January 2026 for approximately $70.1 million plus contingent consideration. The filing also notes a new risk factor on impairment charges and the volatility of digital assets, and a restructuring tied to closing a production facility with estimated pre-tax costs of about $20 million.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2025

Broadridge Financial Solutions, Inc. reported results for the first fiscal quarter ended September 30, 2025. Revenues rose $166.6 million, or 12%, to $1,589.4 million from $1,422.9 million, with recurring revenues up $77.2 million, or 9%, to $977.5 million and event-driven revenues up $50.8 million, or 81%, driven by higher mutual fund proxy volume. Operating income increased $54.3 million, or 40%, to $188.8 million, and net earnings more than doubled to $165.4 million from $79.8 million, helped by a $45.8 million unrealized gain on digital assets (Canton Coins) recorded in other non-operating income. Diluted EPS was $1.40 versus $0.68. Adjusted net earnings, a non-GAAP measure, were $178.1 million, up from $118.3 million, and adjusted earnings per share were $1.51 versus $1.00. Cash flow improved, with net cash flows from operating activities of $42.3 million compared with a $125.5 million outflow a year earlier, and free cash flow (non-GAAP) of $12.7 million versus negative $157.6 million. Cash and cash equivalents fell to $290.7 million at quarter end from $561.5 million at June 30, 2025, as the company repurchased $150.5 million of treasury stock, paid $103.1 million in dividends, and made $55.8 million of acquisition payments. Total debt was $3,281.3 million in carrying value, and stockholders' equity was $2,635.1 million. The company also adopted ASU 2023-08 on crypto assets, which increased retained earnings by $18.4 million net of tax. Business activity was strong in the quarter. Internal Trade Growth was 17%, equity positions grew 12%, and Closed sales were $32.5 million, down $25.0 million, or 43%, from the prior-year quarter. The company also agreed on November 3, 2025 to contribute 342 million Canton Coins for a roughly 8% interest in Tharimmune, Inc., and it is pursuing the Acolin acquisition, expected to close in the first half of fiscal 2026 for about $70 million plus contingent consideration.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2025

Broadridge Financial Solutions, Inc. reported third-quarter fiscal 2025 results for the three months ended March 31, 2025, with revenues of $1,811.7 million, up from $1,726.5 million, and net earnings of $243.1 million, compared with $213.7 million a year earlier. Diluted earnings per share were $2.05, versus $1.79. For the nine months, revenues were $4,823.7 million, net earnings were $465.3 million, and diluted EPS was $3.93, compared with $3.14. Recurring revenues grew 6% for the nine months to $3,084.3 million, with Net New Business contributing 4 points of growth. Operating income rose to $344.9 million for the quarter, and the company's Adjusted Net earnings (Non-GAAP) were $288.8 million for the quarter. By segment, Investor Communication Solutions revenues increased 4% for the quarter to $1,347.5 million, and Global Technology and Operations revenues increased 9% to $464.1 million, aided by the acquisition of Kyndryl's Securities Industry Services business on November 1, 2024. Cash flow from operations for the nine months was $471.6 million, and Free cash flow (Non-GAAP) was $393.2 million, compared with $258.6 million a year earlier. Cash and cash equivalents were $317.2 million at March 31, 2025, and total debt carrying value was $3,433.6 million. Dividends paid for the nine months were $299.2 million, and the company did not repurchase shares under its program during the quarter. The filing notes that event-driven revenues fell 21% in the quarter on lower equity proxy contest activity, while distribution revenues rose 4% on a postage rate increase of approximately $32 million, partly offset by lower mail volumes. Management reports that disclosure controls were effective as of March 31, 2025.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2024

Broadridge Financial Solutions, Inc. reported results for the three and six months ended December 31, 2024 in its quarterly report on Form 10-Q. Revenues rose to $1,589.2 million for the quarter, up $184.2 million, or 13%, from $1,405.0 million, and net earnings increased to $142.4 million from $70.3 million. Operating income was $210.7 million versus $124.4 million, and diluted EPS was $1.20 compared with $0.59. For the six months, revenues were $3,012.1 million (up 6%), net earnings were $222.2 million, and diluted EPS was $1.88. Growth was driven by higher event-driven mutual fund communications revenue, a postage rate increase that lifted Distribution revenues, Net New Business in Investor Communication Solutions, and the SIS acquisition in Global Technology and Operations. Cash flow and balance sheet items warrant attention. Net cash flows from operating activities were $111.2 million for the six months, down from $127.8 million, mainly due to higher payments on payables and accrued expenses. Free cash flow (a non-GAAP measure) was $56.3 million versus $91.4 million. The company acquired Kyndryl's Securities Industry Services business for $185.5 million cash payments on November 1, 2024. Total debt rose to $3,668.8 million principal, and the company entered a new $1.5 billion five-year revolving credit facility in December 2024. Cash dividends paid totaled $196.2 million for the six months. The filing reports that disclosure controls were effective as of December 31, 2024, with no material changes to internal control over financial reporting, and no material changes to risk factors from the 2024 Annual Report. Adjusted diluted EPS (non-GAAP) was $1.56 for the quarter versus $0.92 a year earlier.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2024

Broadridge Financial Solutions, Inc. reported results for the first fiscal quarter ended September 30, 2024. Revenues were $1,422.9 million, down from $1,431.1 million, while operating income fell to $134.4 million from $148.4 million and net earnings declined to $79.8 million from $90.9 million. Diluted earnings per share were $0.68 versus $0.76 a year earlier. Recurring revenues rose to $900.3 million from $871.2 million, offset by a $23.8 million decline in event-driven revenues and a $13.5 million decline in distribution revenues. Investor Communication Solutions revenue fell $13.0 million, while Global Technology and Operations revenue grew $4.8 million and its pre-tax earnings rose to $47.4 million from $33.7 million. Cash flow was weaker: net cash used in operating activities was $125.5 million compared with $62.0 million a year earlier, and free cash flow (a non-GAAP measure) was negative $157.6 million. Total debt increased to $3,600.0 million principal, with $230.0 million drawn on the revolving credit facility and $470.0 million of debt proceeds during the quarter. Adjusted diluted earnings per share, a non-GAAP measure, was $1.00 versus $1.09. After the quarter end, on November 1, 2024, the company completed the acquisition of Kyndryl's Securities Industry Services business in Canada for approximately $185 million, with Canadian Competition Bureau discussions ongoing. The company also reported that Closed sales rose to $57.5 million from $47.6 million.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2024

Broadridge Financial Solutions, Inc. reported a quarter ended March 31, 2024 with revenues of $1,726.5 million, up $80.8 million, or 5%, from $1,645.7 million, and net earnings of $213.7 million versus $198.5 million a year earlier. Diluted earnings per share were $1.79 compared with $1.67. Operating income rose 6% to $302.9 million, and the operating margin was 17.5% versus 17.4%. For the nine months, revenues were $4,562.5 million, up 8%, and net earnings were $374.9 million, up 22%, with diluted EPS of $3.14 versus $2.58. Recurring revenues grew 4% in the quarter to $1,126.2 million, with growth described as all organic. Event-driven revenues rose 29%, driven by equity proxy contests, and distribution revenues rose 4%, helped by a postage rate increase of approximately $29.5 million. Non-GAAP Adjusted Earnings Per Share was $2.23 for the quarter versus $2.05 a year earlier, and free cash flow for the nine months was $258.6 million versus $47.3 million. At March 31, 2024, the company had cash and cash equivalents of $235.6 million and total debt of $3,513.9 million carrying value, with total stockholders' equity of $2,267.2 million. Long-term debt rose to $3,513.9 million from $2,234.7 million as the Fiscal 2021 Term Loans, due May 2024, were refinanced into a $1.25 billion Fiscal 2024 Amended Term Loan maturing August 2026. The filing also notes a $8.2 million litigation settlement charge and a $7.0 million restructuring-related asset impairment in the third quarter.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2023

Broadridge Financial Solutions, Inc. reported results for its fiscal second quarter and six months ended December 31, 2023. Revenues rose 9% to $1,405.0 million for the quarter and 10% to $2,836.0 million for the six months, with recurring revenues up 7% and 8% respectively and Net New Business and Internal Growth as the main drivers. Operating income increased to $124.4 million for the quarter from $107.9 million, and net earnings rose to $70.3 million from $57.5 million, with diluted EPS of $0.59 versus $0.48. Results were boosted by higher postage rate pass-through in distribution revenue, and cost of revenues rose with postage and amortization expenses. For the six months, net cash flows from operating activities were $127.8 million versus a $81.4 million outflow a year earlier, and free cash flow (non-GAAP) was $91.4 million. Total debt was $3,670.0 million principal at December 31, 2023, with the Fiscal 2021 Term Loans reclassified to long-term after the Fiscal 2024 Amended Term Loan of $1.3 billion replaced the Tranche 2 loan. Stockholders' equity fell to $2,067.6 million, and the company repurchased treasury stock for $161.5 million in cash during the six months. The filing also flags a previously estimated reduction of about $30 million in annual recurring revenues from the SEC's tailored shareholder reports rule, phasing in over fiscal years 2025 and 2026, and a pending new trial on damages in the Plan Management Corp. claim scheduled for March 4, 2024, which the company does not believe will be material.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2023

Broadridge Financial Solutions, Inc. reported revenues of $1,431.1 million for the three months ended September 30, 2023, up 12% from $1,283.3 million a year earlier. Operating income rose to $148.4 million from $87.5 million, and net earnings increased to $90.9 million from $50.4 million, with diluted earnings per share of $0.76 versus $0.42. Growth was led by Investor Communication Solutions, whose revenues rose $108.0 million to $1,028.6 million, and Global Technology and Operations, whose revenues rose $39.7 million to $402.4 million. Recurring revenues grew 8% to $871.2 million, event-driven revenues rose 39% to $86.9 million, and distribution revenues rose 14% to $473.0 million. Cash flow was weaker: net cash flows from operating activities were negative $62.0 million, compared with negative $204.5 million a year earlier, and free cash flow (Non-GAAP) was negative $76.4 million. The company repurchased Treasury stock for $161.1 million and paid $85.6 million in dividends. Total debt was $3.68 billion at September 30, 2023, with the $1,178.5 million of Fiscal 2021 Term Loans reclassified to long-term debt after the Fiscal 2024 Amended Term Loan of $1.3 billion was entered into on August 17, 2023, and the company's Fiscal 2021 Revolving Credit Facility had $150.0 million drawn. The company reported Adjusted Operating income (Non-GAAP) of $199.3 million, or a 13.9% margin, and Adjusted earnings per share (Non-GAAP) of $1.09, compared with $0.84 a year earlier. Management estimates a reduction in annual Recurring revenues of approximately $30 million from the SEC's tailored shareholder reports rule, phasing in over fiscal years 2025 and 2026.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2023

Broadridge Financial Solutions, Inc. reported revenues of $1,645.7 million for the three months ended March 31, 2023, up $112.0 million, or 7%, from $1,533.7 million a year earlier. Operating income rose 17% to $286.8 million, with operating margin of 17.4% versus 16.0%. Net earnings increased 12% to $198.5 million, and diluted earnings per share were $1.67 compared with $1.49. Recurring revenues grew 8% to $1,082.0 million, and recurring revenue growth on a constant currency basis (a non-GAAP measure) was 9%, all organic. Event-driven revenues declined 12%, mainly due to lower mutual fund proxy volume, while distribution revenues rose on a postage rate increase of approximately $33.0 million. For the nine months ended March 31, 2023, revenues were $4,221.9 million, up 6%, and net earnings were $306.5 million, up 5%. Operating cash flow improved to $94.1 million from negative $13.9 million in the prior-year period, and free cash flow (non-GAAP) was $47.3 million versus negative $68.4 million. Interest expense, net more than doubled from the prior year's period in the quarter to $38.5 million, up 93%, reflecting higher borrowing costs. Total debt principal was $4,095.0 million against cash of $331.6 million at quarter end. Management flagged several items for investors: an SEC rule on tailored shareholder reports, which the company estimates could reduce annual recurring revenues by approximately $30 million, phased in over fiscal years 2025 and 2026; a jury verdict in the Plan Management Corp. case finding that a Broadridge subsidiary breached a marketing agreement, which management does not currently believe will result in a probable loss; and the termination of the amended EU IT services agreement during the third quarter of fiscal 2023, with a replacement contract under negotiation.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2022

Broadridge Financial Solutions, Inc. reported revenues of $1,292.9 million for the three months ended December 31, 2022, up $33.3 million, or 3%, from $1,259.6 million a year earlier. Net earnings were $57.5 million, or $0.48 diluted EPS, compared with $47.2 million, or $0.40 diluted EPS, in the prior-year quarter. For the six months, revenues were $2,576.2 million and net earnings were $108.0 million, or $0.91 diluted EPS, versus $114.4 million, or $0.97, a year earlier. Recurring revenues rose 6% in the quarter to $840.4 million, while event-driven revenues fell 42% to $37.6 million, mainly on lower mutual fund proxy volume. Adjusted operating income was $173.1 million for the quarter, and Adjusted earnings per share were $0.91 versus $0.82. Balance sheet and cash flow items deserve attention. Long-term debt rose to $4,105.4 million from $3,793.0 million at June 30, 2022, and total stockholders' equity fell to $1,786.6 million from $1,919.1 million, largely due to a $361.0 million accumulated other comprehensive loss driven by foreign currency translation. Net cash used in operating activities was $81.4 million for the six months, and free cash flow was negative $114.5 million, though this was an improvement from negative $123.8 million a year earlier. Cash and cash equivalents were $280.0 million at quarter end. Management cited a postage rate increase of approximately $20.0 million in the quarter as a driver of distribution revenue, and disclosed an estimated reduction of about $30 million in annual recurring revenues from a new SEC tailored shareholder reports rule, phasing in over fiscal years 2025 and 2026. A jury verdict in the Plan Management Corp. matter found a subsidiary breached a marketing agreement, but management does not believe a loss is probable at this time.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2022

Broadridge Financial Solutions, Inc. reported revenues of $1,283.3 million for the first quarter of fiscal 2023 (three months ended September 30, 2022), up $90.4 million, or 8%, from $1,192.9 million. Net earnings fell to $50.4 million from $67.2 million, and diluted earnings per share were $0.42 versus $0.57, a 26% decline. The decline was driven by higher operating expenses, which rose $106.1 million, or 10%, to $1,195.7 million, primarily from higher postage and distribution costs and higher compensation expenses. Recurring revenues grew 7% to $805.8 million, with organic growth of 9%, while event-driven revenues fell 18% to $62.7 million, mainly due to lower mutual fund proxy volume. Net cash used in operating activities was $204.5 million, compared with $135.4 million a year earlier, and free cash flow (Non-GAAP) was negative $218.1 million. The company attributed the increase in cash used to increased scaling of client-related platform implementation and development. Total debt was $4,085.0 million principal amount at September 30, 2022, up from $3,793.0 million carrying value at June 30, 2022, after $410.0 million of debt proceeds and $140.0 million of repayments during the quarter. Adjusted earnings per share (Non-GAAP) were $0.84 compared with $1.07 in the prior-year period. Management stated that Covid-19 has not had a material impact on consolidated revenues or pre-tax income in fiscal 2023 to date. The filing also estimates a reduction in annual recurring revenues of approximately $30 million from a new SEC rule on tailored shareholder reports, phasing in over fiscal years 2025 and 2026, and discloses that Broadridge is winding down its operations in Russia.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2022

Broadridge Financial Solutions, Inc. reported revenues of $1,533.7 million for the quarter ended March 31, 2022, up $144.0 million, or 10%, from $1,389.8 million a year earlier. Recurring fee revenues rose $138.7 million, or 16%, with acquisitions contributing 9 points of growth, mainly from the Itiviti acquisition completed in May 2021. Operating income was $246.0 million, compared with $239.2 million, and the operating margin fell to 16.0% from 17.2%. Net earnings were $176.6 million, or $1.49 per diluted share, versus $165.0 million, or $1.40 per diluted share. For the nine months, revenues were $3,986.2 million, up 15%, and net earnings were $291.0 million, or $2.46 per diluted share. Cash flow was weaker. Net cash flows used in operating activities were $13.9 million for the nine months, compared with $189.5 million provided in the prior-year period, and free cash flow (a non-GAAP measure) was negative $68.4 million versus $136.3 million. The company attributed the decline to higher cash used in working capital and increased scaling of client-related platform implementation and development. Total debt principal was $4,190.1 million at March 31, 2022, against cash and cash equivalents of $277.2 million. Dividends paid for the nine months totaled $215.9 million. Management reported no material Covid-19 impact on consolidated revenues or pre-tax income in fiscal 2022 to date. It also said it has minimal exposure to Russia, with revenues from Russian entities below 0.1% of total fiscal 2021 revenues, and that it does not expect the Ukraine conflict to have a material impact on core operations.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2021

Broadridge Financial Solutions, Inc. reported revenues of $1,259.6 million for the three months ended December 31, 2021, up 19% from $1,054.9 million, driven by recurring fee revenue growth, a 44% rise in event-driven fee revenues, and higher distribution revenues. Net earnings fell to $47.2 million from $56.3 million, and diluted earnings per share were $0.40 versus $0.48, as operating income declined to $68.9 million from $79.5 million. The filing attributes the decline to higher amortization of acquired intangibles from the Itiviti acquisition, higher interest expense on debt used to fund that deal, and increased spending to implement and support new business. Adjusted operating income rose to $140.8 million from $118.6 million, with adjusted diluted earnings per share of $0.82 versus $0.73. For the six months ended December 31, 2021, revenues were $2,452.5 million, up 18%, and net earnings were $114.4 million. Results were weighed down by a sharp swing in cash flow: net cash flows used in operating activities were $94.6 million, compared with $83.3 million provided in the prior-year period, and free cash flow (a non-GAAP measure) was negative $123.8 million. The filing cites higher cash used in working capital and increased scaling of client-related platform implementation. Total debt was $4,181.0 million principal, with cash and cash equivalents of $281.2 million at December 31, 2021. Closed sales for the quarter were $82.7 million, up 87%. The company stated there has not been a material impact from Covid-19 on consolidated revenues and pre-tax income in fiscal 2022 to date, and that its production facilities remain operational. The company repurchased no shares under its program during the quarter, with 9.6 million shares remaining available for repurchase, and paid a dividend of $0.64 per share in the quarter.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2021

Broadridge Financial Solutions, Inc. reported revenues of $1,192.9 million for the three months ended September 30, 2021, up from $1,017.4 million a year earlier, with net earnings of $67.2 million versus $65.8 million and diluted earnings per share of $0.57 versus $0.56. Operating income rose to $103.3 million from $78.6 million, and Adjusted Operating income (Non-GAAP) was $176.7 million compared with $150.6 million. Recurring fee revenues increased $101.3 million, with 9 points of growth from acquisitions, most notably the Itiviti acquisition completed in May 2021. Event-driven fee revenues rose $31.2 million, primarily on increased mutual fund proxy activity. Growth was offset by higher costs and interest expense. Cost of revenues rose $127.0 million, reflecting acquisition-related operating costs and amortization of acquired intangibles, which increased to $68.7 million from $32.3 million. Interest expense, net rose to $22.6 million from $14.4 million on higher average debt. Global Technology and Operations earnings before income taxes fell to $18.7 million from $69.9 million, while Investor Communication Solutions earnings before income taxes rose to $82.4 million from $52.4 million. Cash flow was negative for the quarter: net cash used in operating activities was $135.4 million, and Free cash flow (Non-GAAP) was $(151.4) million compared with $(50.2) million a year earlier. Total debt was $4,191.4 million principal at September 30, 2021, up from $3,887.6 million carrying value at June 30, 2021, reflecting the Fiscal 2021 Term Loans and Senior Notes used in the Itiviti acquisition. The company stated there has been no material impact from Covid-19 on consolidated revenues and pre-tax income in fiscal year 2022 to date.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2021

Broadridge Financial Solutions, Inc. reported third-quarter fiscal 2021 results (three months ended March 31, 2021) with revenues of $1,389.8 million, up 11% from $1,249.9 million, and net earnings of $165.0 million versus $166.8 million a year earlier. Diluted EPS was $1.40 compared with $1.43. For the nine months, revenues rose 9% to $3,462.1 million and net earnings increased 23% to $287.1 million, with diluted EPS of $2.44 versus $1.99. Recurring fee revenues grew 8% for the nine months, and event-driven fee revenues grew 49%, driven mainly by increased mutual fund proxy activity. Company-defined Adjusted Operating income for the nine months was $552.7 million, and Free cash flow was $136.3 million versus $82.2 million. The quarter's net earnings were held back by a $9.6 million loss on an acquisition-related foreign currency instrument and higher acquisition-related costs tied to the pending Itiviti Acquisition. In March 2021, the company agreed to acquire 100% of Itiviti Holding AB for approximately $2.5 billion in cash, expected to close in the fourth quarter of fiscal 2021. To fund it, Broadridge entered into a $2.55 billion Term Credit Agreement, and total debt was $1,758.8 million principal at March 31, 2021. Cash and cash equivalents were $355.8 million, and stockholders' equity was $1,589.3 million. The company stated that Covid-19 had not had a material impact on consolidated revenues and pre-tax income in fiscal 2021 to date.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2020

Broadridge Financial Solutions, Inc. reported revenues of $1,054.9 million for the three months ended December 31, 2020, up from $968.7 million a year earlier, and net earnings of $56.3 million, or $0.48 diluted earnings per share, versus $10.1 million ($0.09) in the prior-year quarter. For the six months ended December 31, 2020, revenues were $2,072.3 million and net earnings were $122.1 million ($1.04 diluted EPS). Operating income rose to $79.5 million in the quarter from $26.8 million, and to $158.1 million for the six months from $99.9 million. The prior-year quarter included $33.4 million of IBM Private Cloud charges, and the current six-month period included $31.7 million of real estate realignment and related expenses within Other. By segment, Investor Communication Solutions revenues grew to $783.9 million in the quarter, with earnings before income taxes of $42.2 million, while Global Technology and Operations revenues were $302.3 million, with earnings before income taxes of $55.0 million. Recurring fee revenues were $696.2 million in the quarter. Non-GAAP Adjusted Operating income was $118.6 million and Adjusted earnings per share were $0.73 for the quarter, compared with $93.9 million and $0.53 a year earlier. Free cash flow for the six months was $50.5 million, compared with negative $31.5 million in the prior-year period. Liquidity remained solid with cash and cash equivalents of $365.6 million at December 31, 2020, and total long-term debt of $1,770.6 million. The company repaid $400.0 million of Fiscal 2014 Senior Notes in September 2020, and total stockholders' equity increased to $1,434.0 million. The filing states that Covid-19 has not had a material impact on consolidated revenues or pre-tax income in fiscal 2021 to date, and that all production facilities remain operational.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2020

Broadridge Financial Solutions, Inc. reported results for the first fiscal quarter ended September 30, 2020. Revenues rose $68.8 million, or 7%, to $1,017.4 million from $948.6 million. Operating income increased $5.5 million, or 8%, to $78.6 million, and net earnings grew $9.9 million, or 18%, to $65.8 million. Diluted earnings per share were $0.56, compared with $0.48 a year earlier. Adjusted diluted earnings per share, a non-GAAP measure, were $0.98 versus $0.68. Recurring fee revenues increased 8%, driven by Net New Business and acquisitions, and Investor Communication Solutions and Global Technology and Operations both posted higher revenue and pre-tax earnings. Results were weighed down by $31.9 million of real estate realignment and Covid-19 related expenses, which are included in GAAP results. The balance sheet shifted toward more debt during the quarter. The company repaid $400.0 million of Fiscal 2014 Senior Notes at maturity on September 1, 2020, and total long-term debt was $1,776.1 million at quarter end, up from $1,387.6 million at June 30, 2020. Cash and cash equivalents fell to $356.6 million from $476.6 million. Net cash flows used in operating activities were $44.2 million, and free cash flow (non-GAAP) was negative $50.2 million, compared with negative $106.7 million a year earlier. Quarterly dividends were $0.575 per share. Management stated that Covid-19 had not had a material impact on consolidated revenues and pre-tax income in fiscal 2021 to date, and that the company continued to process above-average levels of equity trades. Management noted it cannot precisely predict future Covid-19 effects. The filing also flagged a proposed SEC modification to the mutual fund and ETF disclosure framework that could affect the company's services.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2020

Broadridge Financial Solutions, Inc. reported revenues of $1,249.9 million for the three months ended March 31, 2020, up 2% from $1,224.8 million a year earlier. Recurring fee revenues rose 9% to $834.5 million, driven mainly by acquisitions, while event-driven fee revenues fell 43% to $39.1 million on lower mutual fund proxy activity and equity proxy contests. Net earnings declined 3% to $166.8 million, and diluted earnings per share were $1.43 versus $1.45. Operating income fell to $226.3 million from $233.6 million, and the filing attributes part of the pressure to a shift of proxy communications into the fourth quarter due to Covid-19. Adjusted diluted earnings per share, a non-GAAP measure, were $1.67 versus $1.59. For the nine months ended March 31, 2020, revenues were $3,167.1 million, up 1%, but net earnings fell 22% to $232.8 million and diluted earnings per share were $1.99 versus $2.51. Operating income was $326.1 million, including a $32.1 million non-cash charge tied to the IBM Private Cloud Agreement. Cash flow from operating activities was $155.6 million compared with $217.9 million, and non-GAAP free cash flow was $82.2 million versus $171.6 million. The company completed four acquisitions in fiscal 2020 with an aggregate purchase price of $296.3 million, and in December 2019 it issued $750.0 million of 2.90% senior notes due 2029. Management stated that Covid-19 had not had a material impact on consolidated revenues and pre-tax income to date, but it cannot precisely predict the future impact.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2019

Broadridge Financial Solutions, Inc. reported a sharp decline in profitability for the three and six months ended December 31, 2019. Revenues rose to $968.7 million for the quarter from $953.4 million, but operating income fell to $26.8 million from $78.2 million, and net earnings dropped to $10.1 million from $49.9 million (diluted EPS of $0.09 versus $0.42). The filing attributes the decline mainly to charges associated with the IBM Private Cloud Agreement, including a non-cash pre-tax charge of $31.8 million on hardware to be transferred to IBM, and to lower event-driven fee revenues, particularly mutual fund proxy activity. Six-month revenues were $1,917.2 million versus $1,926.2 million, with net earnings of $66.0 million versus $126.6 million. Recurring fee revenues grew, with the filing citing net new business and acquisitions such as Shadow Financial, Fi360 and ClearStructure. Global Technology and Operations revenue increased to $280.9 million for the quarter from $247.0 million. Investor Communication Solutions revenue declined to $715.6 million from $727.8 million, and its earnings before income taxes fell to $22.1 million from $36.8 million. Adjusted diluted EPS was $0.53 for the quarter versus $0.56 a year earlier. Liquidity tightened during the period. Net cash from operating activities was $11.5 million versus $82.1 million, and free cash flow (a non-GAAP measure) was negative $31.5 million. Cash used in investing activities rose to $331.2 million, mainly for acquisitions, and the company issued $750.0 million of 2.90% senior notes due 2029 in December 2019. Total debt was $1,862.2 million principal at December 31, 2019, and total stockholders' equity was $1,125.4 million.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2019

Broadridge Financial Solutions, Inc. reported revenues of $948.6 million for the three months ended September 30, 2019, down from $972.8 million a year earlier, as lower event-driven fee revenues (down $36.8 million, primarily from lower mutual fund proxy activity) and lower distribution revenues ($27.8 million decrease) more than offset recurring fee revenue growth of $47.6 million. Operating income fell to $73.1 million from $100.1 million, and net earnings declined to $55.9 million, or $0.48 diluted earnings per share, from $76.7 million, or $0.64 per share. Adjusted diluted earnings per share, a non-GAAP measure reported by the company, was $0.68 versus $0.79 in the prior-year period. Investor Communication Solutions revenues fell $52.4 million to $702.6 million, with pre-tax earnings down to $23.0 million from $58.8 million, while Global Technology and Operations revenues rose $35.5 million to $273.9 million and pre-tax earnings rose to $56.4 million from $46.5 million. Free cash flow was negative $106.7 million compared with negative $111.0 million a year earlier, and cash used in investing activities increased to $86.3 million, mainly reflecting acquisitions. Total debt rose to $1,773.2 million principal, with the $400.0 million Fiscal 2014 Senior Notes now classified as current, and cash and cash equivalents increased to $358.3 million. The company also disclosed a $1.5 billion revolving credit facility, adoption of the new lease accounting standard (ASU 2016-02) that added $228.1 million of operating lease ROU assets, and subsequent acquisitions of Shadow Financial Systems ($39.0 million) and Fi360 ($120.0 million). The company repurchased no shares under its program during the quarter, and 10.0 million shares remained available for repurchase.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2019

Broadridge Financial Solutions, Inc. reported revenues of $1,224.8 million for the three months ended March 31, 2019, up $152.9 million, or 14%, from $1,071.9 million a year earlier. Operating income rose to $233.6 million from $130.8 million, and net earnings increased to $172.2 million from $109.1 million, with diluted earnings per share of $1.45 compared with $0.90. The filing attributes the quarter's gains mainly to the ASC 606 revenue accounting change, which the company adopted on July 1, 2018. Recurring fee revenues increased $128.4 million, of which the filing attributes 16 points to the accounting change, 4 points to Net New Business and 1 point to acquisitions. For the nine months, revenues were $3,151.0 million, up 5%, and net earnings were $298.8 million, up 35%. Cash generation weakened over the nine months. Net cash flows provided by operating activities were $217.9 million compared with $274.8 million, and free cash flow, a non-GAAP measure, was $171.6 million compared with $204.2 million. The company attributed the decline mainly to higher cash used in client implementations and related client contract payments. Cash and cash equivalents were $292.1 million at March 31, 2019, and long-term debt carrying value was $1,174.4 million. In March 2019 the company entered into a $1.5 billion five-year revolving credit facility, under which $280.0 million was outstanding at quarter end. Subsequent to quarter end, the company agreed to acquire the retirement plan custody and trust assets of TD Ameritrade Trust Company for an expected purchase price of approximately $61.5 million, and it acquired Rockall Technologies Limited for approximately $37.0 million net of cash acquired, plus contingent consideration. The company declared quarterly dividends of $0.485 per share.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2018

Broadridge Financial Solutions, Inc. reported results for its fiscal second quarter ended December 31, 2018 in this Form 10-Q. Revenues for the three months were $953.4 million, down from $1,012.8 million a year earlier, driven by lower event-driven fee revenues of $49.2 million and lower distribution revenues of $47.6 million, partly offset by higher recurring fee revenues of $41.4 million. Operating income fell to $78.2 million from $115.9 million, and net earnings declined to $49.9 million from $62.1 million, with diluted earnings per share of $0.42 versus $0.52. For the six months, revenues were $1,926.2 million and net earnings were $126.6 million, an increase from $112.0 million, largely due to a lower effective tax rate of 17.6% following the U.S. Tax Act. The company adopted ASU No. 2014-09 (revenue from contracts with customers) effective July 1, 2018 using the modified retrospective approach, which increased opening retained earnings by $101.3 million and shifts the timing of proxy revenue recognition to the time of proxy materials distribution. Management reported Adjusted Operating income of $100.8 million for the quarter versus $138.3 million a year earlier, and free cash flow of $51.8 million for the six months versus $89.3 million. Closed sales for the quarter were $105.9 million, up from $38.7 million. At December 31, 2018, cash and cash equivalents totaled $249.8 million, long-term debt was $1,194.1 million, and stockholders' equity was $1,122.6 million. The company had $700.0 million of unused capacity under its revolving credit facility and repurchased 1,140,350 shares in November 2018 at an average price of $104.37.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2018

Broadridge Financial Solutions, Inc. reported results for the first fiscal quarter ended September 30, 2018. Revenues rose to $972.8 million from $924.8 million, and operating income increased to $100.1 million from $85.2 million, with operating margin of 10.3% versus 9.2%. Net earnings were $76.7 million, or $0.64 per diluted share, compared with $49.9 million, or $0.42 per diluted share, in the prior-year quarter. The filing attributes the earnings gain largely to higher recurring and event-driven fee revenues and a lower effective tax rate of 14.1% (versus 32.8%), which reflects the U.S. federal corporate tax rate cut under the Tax Act and a $7.0 million excess tax benefit from stock-based compensation. On a non-GAAP basis, Adjusted Operating income was $122.9 million and Adjusted earnings per share were $0.79, versus $0.54 a year earlier. Free cash flow was negative at $(111.0) million, compared with $(129.3) million, as operating cash flow was $(95.5) million. The company notes that the quarter's results reflect the adoption of ASU No. 2014-09 (revenue recognition), under which proxy revenue is recognized primarily at the time of proxy materials distribution, and that event-driven fee revenue, including mutual fund proxy activity, is volatile and seasonal. At September 30, 2018, cash and cash equivalents were $204.7 million, long-term debt was $1,143.7 million, and total stockholders' equity was $1,234.0 million. The company had $750.0 million of unused capacity under its revolving credit facility and repurchased no shares under its program during the quarter, with 7,791,606 shares still available for repurchase. Dividends declared were $0.485 per share, up from $0.365.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2018

Broadridge Financial Solutions, Inc. reported results for its third fiscal quarter and nine months ended March 31, 2018. Revenues for the three months rose to $1,071.9 million from $1,008.9 million, and net earnings increased to $109.1 million from $75.9 million, or $0.90 diluted earnings per share versus $0.63. For the nine months, revenues were $3,009.5 million versus $2,796.8 million, and net earnings were $221.1 million versus $139.7 million, or $1.84 diluted EPS versus $1.15. The company attributed much of the earnings improvement to a lower effective tax rate, which fell to 12.9% for the quarter from 28.6%, reflecting a $15.6 million excess tax benefit from stock-based compensation and the Tax Cuts and Jobs Act. Event-driven fee revenues were a major driver for the nine months, rising $94.9 million, or 74%, largely from mutual fund proxy activity and equity proxy contests. Operating income for the quarter was $130.0 million, up 19%, with operating margin improving to 12.1% from 10.9%. Recurring fee revenues increased $46.6 million for the quarter and $103.8 million for the nine months, supported by Net New Business and internal growth. Global Technology and Operations revenues grew 13% in the quarter, and its pre-tax earnings rose 34%. Investor Communication Solutions remained the larger segment, with quarterly revenues of $855.3 million. At March 31, 2018, cash and cash equivalents were $352.1 million, long-term debt carrying value was $1,203.1 million, and unused capacity under the $1.0 billion Fiscal 2017 Revolving Credit Facility was $690.0 million. Operating cash flow for the nine months was $274.8 million, and free cash flow (a non-GAAP measure) was $204.2 million. The company completed the acquisitions of Summit Financial Disclosure in October 2017 and ActivePath Solutions in March 2018, and it reported that the Tax Act impacts are provisional.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2017

Broadridge Financial Solutions, Inc. reported results for the second quarter of fiscal 2018 (three months ended December 31, 2017). Revenues rose to $1,012.8 million from $892.6 million, and operating income increased to $115.1 million from $58.8 million, with operating margin of 11.4% versus 6.6%. Net earnings were $62.1 million, or $0.52 diluted EPS, compared with $30.1 million, or $0.25, a year earlier. The increase was driven primarily by higher event-driven fee revenues of $67.6 million, which the filing attributes to increased mutual fund proxy activity and equity proxy contests, along with higher recurring fee revenues of $26.3 million. Results for the quarter were also affected by the Tax Act, enacted December 22, 2017. The effective tax rate rose to 40.0% from 34.1%, and the company recorded a net $16.1 million charge related to the Tax Act. The company estimated a transition tax of $11.4 million payable over eight years and accrued $20.8 million of foreign withholding taxes. Beginning July 1, 2018, its U.S. federal statutory rate will be 21.0%. For the six months, revenues were $1,937.6 million and net earnings were $112.0 million, or $0.93 diluted EPS. Cash and cash equivalents were $366.5 million at December 31, 2017, and long-term debt carrying value was $1,222.7 million, with $670.0 million of unused capacity under the Fiscal 2017 Revolving Credit Facility. Operating cash flow was $141.8 million and free cash flow, a non-GAAP measure, was $89.3 million for the six months. The company also disclosed a $40.0 million deferred payment to an affiliate of Inveshare expected in February 2018 upon delivery of blockchain applications.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2017

Broadridge Financial Solutions, Inc. reported results for the first quarter of fiscal 2018, the three months ended September 30, 2017. Revenues rose to $924.8 million from $895.3 million, an increase of $29.5 million, driven by higher recurring fee revenues of $30.9 million and event-driven fee revenues of $21.8 million, partially offset by lower distribution revenues of $22.5 million. Operating income increased to $84.4 million from $66.0 million, and net earnings rose to $49.9 million from $33.7 million, with diluted earnings per share of $0.42 versus $0.28. Adjusted Non-GAAP diluted earnings per share, as defined by the company, were $0.54 compared with $0.36 a year earlier. Cash flow was weaker. Net cash used in operating activities was $93.3 million versus $87.4 million, and Free cash flow (a non-GAAP measure) was negative $129.3 million versus negative $102.1 million, driven by working capital outflows and higher capital expenditures and software purchases. Long-term debt rose to $1,292.4 million from $1,102.1 million at June 30, 2017, reflecting $190.0 million of new borrowings. The company's $1.0 billion revolving credit facility had $600.0 million of unused capacity at quarter end. A subsequent event disclosed in the filing is the October 2017 acquisition of Summit Financial Disclosure, LLC, for an aggregate purchase price of $29.0 million in cash, plus contingent consideration with a potential maximum payout of $11.0 million. The company also expects to pay a $40.0 million deferred payment to an affiliate of Inveshare upon delivery of blockchain technology applications by September 2018.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2017

Broadridge Financial Solutions, Inc. reported revenues of $1,008.9 million for the three months ended March 31, 2017, up $320.1 million, or 46%, from $688.8 million a year earlier, with NACC (acquired July 2016) contributing $277.1 million of the three-month increase. Net earnings were $75.9 million, or $0.63 diluted EPS, compared with $63.7 million and $0.52 a year earlier. Operating income rose 9% to $109.7 million, but operating margin declined to 10.9% from 14.6%, which the company attributed primarily to the NACC acquisition. The quarter also included a non-cash, nontaxable $9.3 million gain on the company's pre-existing 25% stake in Message Automation Limited, which lifted results. For the nine months ended March 31, 2017, revenues were $2,796.8 million, up 45%, and net earnings were $139.7 million, up 2%. Adjusted Net earnings (non-GAAP) were $174.0 million for the nine months, and free cash flow (non-GAAP) was $92.6 million, down from $105.0 million. Cash and cash equivalents fell to $269.5 million at March 31, 2017 from $727.7 million at June 30, 2016, reflecting $448.1 million in acquisitions, $90.0 million for purchased intellectual property, and $212.6 million in treasury stock purchases. Total debt carrying value rose to $1,266.6 million, including $250.0 million drawn on a new $1.0 billion revolving credit facility entered in February 2017. The filing states that results are seasonal, with the fourth fiscal quarter (calendar Q2) typically the strongest, and that mutual fund proxy event-driven fee revenues declined 18% for the nine months. Management also noted that Closed sales for the quarter were $47.6 million, up 66%, and that revenue recognition is expected to change under ASU No. 2014-09 beginning in fiscal 2019.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2016

Broadridge Financial Solutions, Inc. reported revenues of $892.6 million for the three months ended December 31, 2016, up from $638.9 million a year earlier, driven largely by the July 2016 acquisition of the North American Customer Communications (NACC) business of DST Systems, Inc. Operating income fell to $58.8 million from $70.2 million, and net earnings declined to $30.1 million from $40.2 million, or $0.25 per diluted share versus $0.33. The company cited lower event-driven revenues, higher amortization of acquired intangibles and purchased intellectual property, and higher interest expense from its recent borrowings as the main drags on earnings. Operating income margin fell to 6.6% from 11.0%, primarily due to the NACC acquisition. For the six months ended December 31, 2016, revenues rose to $1,787.9 million from $1,233.7 million, while net earnings decreased to $63.8 million from $73.8 million. Cash flow weakened substantially: net cash used in operating activities was $5.5 million compared with $42.6 million provided a year earlier, and free cash flow (a non-GAAP measure) was negative $37.5 million. Cash and cash equivalents declined to $235.7 million from $727.7 million at June 30, 2016, reflecting acquisitions of $428.4 million, a $90.0 million purchase of intellectual property, and $101.2 million of treasury stock purchases. Long-term debt increased to $1,081.1 million, excluding the current portion. Subsequent to the quarter, in February 2017, the company entered into an amended and restated $1.0 billion five-year revolving credit facility, replacing the prior $750.0 million facility. The filing states the company's seasonality means results for any single quarter are difficult to use for estimating full-year results, with the fourth fiscal quarter (calendar second quarter) historically the strongest.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2016

Broadridge Financial Solutions, Inc. reported results for the first quarter of fiscal 2017 (three months ended September 30, 2016). Revenues rose to $895.3 million from $594.7 million, an increase of $300.6 million, or 51%. The filing attributes $277.7 million of the increase to acquisitions, with NACC contributing $272.4 million. Operating income increased to $66.0 million from $59.1 million, but operating margin declined to 7.4% from 9.9%, primarily due to the NACC acquisition. Net earnings were $33.7 million versus $33.5 million, and diluted EPS was $0.28 in both periods. Adjusted diluted EPS (non-GAAP) was $0.36 versus $0.33. Cash flow and liquidity weakened during the quarter. Net cash used in operating activities was $87.4 million, compared with $24.6 million a year earlier, and free cash flow (non-GAAP) was negative $102.1 million. Investing outflows of $508.4 million reflected the $402.0 million net cash cost of the NACC acquisition and $90.0 million for purchased intellectual property from Inveshare. Cash and cash equivalents fell to $227.4 million from $727.7 million at June 30, 2016. Total debt carried at $1,125.8 million, including $110.0 million drawn on the Fiscal 2015 Revolving Credit Facility, and stockholders' equity was $1,051.3 million. Subsequent to quarter end, in November 2016, Broadridge completed the acquisition of M&O Systems, Inc. for $25.0 million in cash. The company repurchased 578,610 shares in the quarter at an average price of $69.14, and 7,717,670 shares remained authorized for repurchase at September 30, 2016.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2016

Broadridge Financial Solutions, Inc. reported revenues of $688.8 million for the three months ended March 31, 2016, up $54.6 million, or 9%, from $634.2 million a year earlier. Operating income rose to $100.6 million from $89.0 million, and net earnings increased to $63.7 million, or $0.52 per diluted share, compared with $54.0 million, or $0.43 per diluted share, in the prior-year quarter. For the nine months ended March 31, 2016, revenues were $1,922.5 million (up $157.9 million, or 9%), net earnings were $137.4 million, and diluted EPS was $1.13. Growth was driven by recurring fee revenues, acquisitions including QED and TwoFour Systems, and higher event-driven mutual fund proxy activity. The company's balance sheet shows cash and cash equivalents of $354.4 million, long-term debt of $819.5 million, and stockholders' equity of $902.6 million at March 31, 2016. Net cash flows provided by operating activities were $161.1 million for the nine months, while free cash flow (a non-GAAP measure) was $105.0 million, down from $126.0 million a year earlier, mainly due to higher capital expenditures and software purchases. The company repurchased shares, paid dividends of $103.0 million, and declared $0.30 per share in quarterly dividends for the quarter. Management cited seasonality in its proxy business, noting that fourth-quarter results are typically the highest of the fiscal year. Closed sales for the nine months were $94.3 million, down 12% from the prior year period, which management attributed to two large sales signed in the prior-year period. The company reported no material changes to its risk factors and no material pending legal proceedings.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2015

Broadridge Financial Solutions, Inc. reported results for the three and six months ended December 31, 2015 in this Form 10-Q. Revenues for the quarter were $638.9 million, up $64.3 million, or 11%, from $574.6 million a year earlier, and operating income was $70.2 million, up $11.1 million, or 19%. Net earnings for the quarter were $40.2 million, or $0.33 per diluted share, compared with $34.7 million, or $0.28 per diluted share, in the prior-year quarter. For the six months, revenues were $1,233.7 million (up 9%) and net earnings were $73.8 million ($0.61 diluted EPS). The Investor Communication Solutions segment drove most of the growth, with revenues up 17% in the quarter, aided by acquisitions and higher event-driven fees, while Global Technology and Operations revenues rose 3%. Cash flow and balance sheet trends were mixed. Net cash flows provided by operating activities were $42.6 million for the six months, down from $70.8 million, and free cash flows fell to $5.7 million from $55.0 million, reflecting a prior-year $26.1 million tax refund and higher capital expenditures. Long-term debt rose to $754.5 million from $689.4 million, driven by $230.0 million of borrowings on the Fiscal 2015 Revolving Credit Facility, and cash and cash equivalents were $305.1 million at December 31, 2015. The company repurchased 133,910 shares in the quarter and paid $67.4 million in dividends over the six months. Management noted that closed sales for the six months were $65.7 million, down 19%, because two large sales signed in the prior-year period elevated that comparison. Management also cautioned that the seasonality of the business makes quarterly comparisons difficult, and that the first-half results are not necessarily indicative of full-year results.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2015

Broadridge Financial Solutions, Inc. reported revenues of $594.7 million for the three months ended September 30, 2015, an increase of $38.9 million, or 7%, from $555.8 million a year earlier. The increase was driven by higher recurring fee revenues ($34.5 million, or 10%), event-driven fee revenues ($3.1 million, or 9%) and distribution revenues ($11.9 million, or 7%), partially offset by $10.5 million of unfavorable foreign currency effects. Operating income rose $2.0 million, or 4%, to $59.1 million, but operating margin declined to 9.9% from 10.3% because of higher amortization of acquired intangibles. Net earnings were $33.5 million, up 3%, and diluted earnings per share were $0.28 versus $0.26. The company's non-GAAP adjusted diluted earnings per share were $0.33 versus $0.30. Cash flow was weaker. Net cash flows used in operating activities were $24.6 million, compared with $17.1 million provided in the prior-year quarter, which the company attributed mainly to working capital timing and a $26.1 million Canadian tax refund received in the prior-year period. Free cash flows were negative $42.4 million. Long-term debt increased to $734.4 million from $689.4 million, with $210.0 million drawn on the Fiscal 2015 Revolving Credit Facility and $540.0 million of unused capacity. Closed sales were $17.2 million, down $15.1 million, or 47%, from $32.3 million, which the company said reflected two large sales signed in the prior-year period. Quarterly dividends declared rose to $0.30 per share from $0.27.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2015

Broadridge Financial Solutions, Inc. reported third-quarter fiscal 2015 results (quarter ended March 31, 2015) with revenues of $634.2 million, up $27.9 million, or 5%, from $606.3 million a year earlier. Net earnings rose 6% to $54.0 million and diluted EPS was $0.43 versus $0.41. For the nine months, revenues increased 6% to $1,764.6 million, while net earnings fell 1% to $121.2 million and diluted EPS declined to $0.97 from $0.99, primarily reflecting higher selling, general and administrative expenses tied to expanding the sales organization and acquisition-related costs. Pre-tax margin was 10.4% for the nine months versus 11.3% a year earlier. By segment, Investor Communication Solutions grew revenue 9% for the nine months to $1,264.4 million and pre-tax earnings 15% to $135.4 million, while Global Technology and Operations revenue rose 1% to $514.9 million and pre-tax earnings fell 11% to $91.7 million. Closed sales for the nine months increased 62% to $155.6 million. Cash flow from operations declined to $156.6 million from $187.4 million, and free cash flows were $126.0 million, against $143.7 million a year earlier. The company repurchased $156.0 million of treasury stock during the nine months and paid $90.1 million in dividends. Balance sheet items include cash of $310.1 million, long-term debt of $629.3 million, and stockholders' equity of $898.7 million at March 31, 2015. A subsequent event was the April 10, 2015 acquisition of the trade processing business of Wilmington Trust Retirement and Institutional Services for $61.0 million, subject to adjustments. The company also extended its IBM IT Services Agreement by two years to June 30, 2024.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2014

Broadridge Financial Solutions, Inc. reported second-quarter fiscal 2015 results (three months ended December 31, 2014) with revenues of $574.6 million, up $54.0 million, or 10%, from $520.6 million a year earlier. Net earnings rose to $34.7 million, or $0.28 diluted earnings per share, compared with $27.6 million, or $0.22 per diluted share. Growth was driven by higher recurring fee revenues of $25.7 million and distribution revenues of $23.0 million, along with event-driven fee revenues of $37.5 million, up $9.5 million. Closed sales for the quarter were $61.8 million, up 82%. For the six months ended December 31, 2014, revenues were $1,130.4 million, up $64.6 million, or 6%, but net earnings declined $4.8 million, or 7%, to $67.2 million, and diluted earnings per share fell to $0.54 from $0.58. The filing attributes the decline mainly to higher selling, general and administrative expenses, which rose $33.3 million, or 21%, for the six months, including higher performance-based compensation, commissions, and selling and marketing costs. The effective tax rate fell to 33.9% from 35.7%, largely due to the reinstated federal research and development credit. The balance sheet and liquidity remained solid. Cash and cash equivalents were $314.1 million, long-term debt was $524.3 million, and the $750.0 million revolving credit facility was undrawn. Operating cash flow for the six months fell to $70.8 million from $90.9 million, and free cash flows were $55.0 million. During the quarter, the company repurchased 220,364 shares, and it announced an agreement to acquire the trade processing business of the Wilmington Trust Retirement and Institutional Services unit of M&T Bank Corporation, expected to close late in the third quarter of fiscal 2015.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2014

Broadridge Financial Solutions, Inc. reported first-quarter fiscal 2015 results for the three months ended September 30, 2014, with revenues of $555.8 million, up $10.6 million, or 2%, from $545.2 million a year earlier. Recurring fee revenues rose $14.5 million, driven by Net New Business and acquisitions, while event-driven fee revenues fell $5.7 million to $34.9 million, with mutual fund proxy fee revenues 37% lower than the prior-year quarter. Total expenses rose $29.9 million, or 6%, led by a $18.2 million increase in selling, general and administrative expenses to $91.7 million, which the company attributed largely to higher commissions, performance-based compensation, and sales investments. Earnings before income taxes fell $19.3 million, or 28%, to $50.0 million, and net earnings declined 27% to $32.5 million, or $0.26 per diluted share versus $0.36 a year earlier. Pre-tax margin fell to 9.0% from 12.7%. Reported operating cash flow improved to $17.1 million from a $5.4 million outflow, largely due to the collection of a $26.1 million tax refund by a Canadian subsidiary; the company's Free cash flows (Non-GAAP) were $9.7 million. Adjusted diluted earnings per share, a non-GAAP measure, was $0.30 versus $0.39. The balance sheet shows cash of $331.3 million and total debt of $524.2 million, with no borrowings under the $750.0 million Fiscal 2015 Revolving Credit Facility entered into on August 14, 2014. Stockholders' equity was $971.0 million. The company repurchased 351,428 shares during the quarter at an average price of $42.70 and declared dividends of $0.27 per share, up from $0.21 a year earlier.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2014

Broadridge Financial Solutions, Inc. reported fiscal third-quarter 2014 results (quarter ended March 31, 2014) with revenues of $606.3 million, up $29.6 million, or 5%, from $576.7 million a year earlier. Net earnings rose to $50.8 million from $43.4 million, and diluted earnings per share were $0.41 versus $0.35. For the nine months, revenues reached $1,672.1 million, up 7%, and net earnings were $122.8 million, up 58%, with diluted EPS of $0.99 compared with $0.62. The increase was driven mainly by higher recurring fee revenues, event-driven mutual fund proxy activity, and improved productivity, while Selling, general and administrative expenses rose 21% in the quarter on higher sales and marketing spending and acquisition costs. The company's balance sheet changed mainly through debt refinancing and acquisitions. In August 2013 Broadridge issued $400.0 million of 3.95% senior notes due 2020, and it repaid the $400.0 million remaining on its Fiscal 2012 Term Loan in September 2013. Long-term debt was $524.1 million at March 31, 2014, and the $500.0 million revolving credit facility was undrawn. Cash and cash equivalents were $244.4 million, and stockholders' equity was $898.9 million. Operating cash flow for the nine months was $187.4 million, compared with $72.3 million a year earlier, and free cash flow was $143.7 million, compared with $36.7 million. The company acquired Bonaire Software Solutions for $37.6 million net of cash acquired and Emerald Connect for $60.0 million net of cash acquired. During the quarter, Broadridge repurchased 537,086 shares at an average price of $38.19, and 5,680,734 shares remained authorized for repurchase. Dividends declared rose to $0.21 per share for the quarter, from $0.18 a year earlier. The company also noted that the effective tax rate fell to 33.9% for the quarter, partly due to the release of tax reserves following audit settlements.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2013

Broadridge Financial Solutions, Inc. reported results for the three and six months ended December 31, 2013 in its quarterly report on Form 10-Q filed February 6, 2014. Revenues for the three months rose to $520.6 million from $493.2 million, an increase of $27.4 million, or 6%, driven by higher recurring fee revenues. Net earnings for the quarter were $27.6 million, or $0.22 per diluted share, versus $15.8 million, or $0.13 per diluted share, a year earlier. For the six months, revenues were $1,065.8 million (up 8%) and net earnings were $72.0 million, or $0.58 per diluted share, compared with $34.1 million, or $0.27, in the prior-year period. The Investor Communication Solutions segment grew revenues 6% for the quarter and 8% for the six months, while Securities Processing Solutions revenues rose 6% and 8%, respectively. Pre-tax margin for the six months improved to 10.5% from 5.4%. Management attributed the earnings improvement to higher revenues, operating leverage and productivity initiatives, and noted that the first half is not necessarily indicative of full-year results due to seasonality, with the fourth fiscal quarter typically the strongest. On the balance sheet, cash and cash equivalents were $240.3 million and long-term debt was $524.1 million at December 31, 2013. During the period the company issued $400.0 million of 3.95% senior notes due 2020 and repaid the $400.0 million remaining on its Fiscal 2012 term loan. Acquisitions used $37.7 million in cash for Bonaire Software Solutions, and the company repurchased 145,000 shares in December 2013 at an average price of $38.82. Operating cash flow was $90.9 million for the six months, and Free Cash Flows were $60.1 million.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2013

Broadridge Financial Solutions, Inc. reported a strong first fiscal quarter ended September 30, 2013. Revenues rose to $545.2 million from $495.8 million, an increase of $49.4 million, or 10%, driven by higher recurring revenues of $32.8 million, higher distribution revenues of $10.4 million, and event-driven fee revenues of $40.6 million, up $8.3 million or 26%. Net earnings increased to $44.4 million, or $0.36 per diluted share, compared to $18.3 million, or $0.14 per diluted share, a year earlier. Pre-tax margin rose to 12.7% from 5.8%. The company noted that the Investor Communication Solutions segment and the Securities Processing Solutions segment both grew, with Securities Processing Solutions earnings before income taxes increasing to $31.7 million from $9.4 million. On the balance sheet, cash and cash equivalents fell to $183.1 million from $266.0 million at June 30, 2013, and total debt was $524.0 million. During the quarter, the company issued $400.0 million of 3.95% senior notes due 2020 and used the proceeds to repay the remaining $400.0 million outstanding on its Fiscal 2012 Term Loan. The company also repurchased 260,000 shares for $7.9 million in cash during the period, and it acquired Bonaire Software Solutions, LLC for $37.7 million net of cash acquired. Operating cash flow was an outflow of $5.4 million, compared with an outflow of $15.6 million in the prior-year quarter, which management attributed to working capital timing. Management stated that the first fiscal quarter is not necessarily indicative of full-year results because of the company's seasonality, with the fourth fiscal quarter historically the strongest. Management also said the SEC's approval of NYSE proxy distribution fee changes, effective in fiscal 2014, is expected to have a neutral to slightly positive net financial impact on Broadridge.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2013

Broadridge Financial Solutions, Inc. reported third-quarter fiscal 2013 results (quarter ended March 31, 2013) with revenues of $576.7 million, up $29.7 million, or 5%, from $547.0 million a year earlier. Earnings from continuing operations before income taxes rose to $67.7 million from $28.8 million, and net earnings from continuing operations increased to $43.4 million, or $0.35 per diluted share, from $18.1 million, or $0.14 per diluted share. The prior-year period included a $22.5 million impairment charge, which was not repeated this year. For the nine months, revenues were $1,565.7 million, up 4%, and net earnings from continuing operations were $77.5 million, or $0.62 per diluted share, compared with $41.6 million, or $0.33, a year earlier. The Investor Communication Solutions segment drove much of the growth, with revenues of $404.2 million for the quarter, up 8%, and pre-tax earnings up 38%. Securities Processing Solutions revenues were essentially flat at $169.6 million, while its pre-tax earnings rose 16% for the quarter but fell 20% for the nine months. Quarterly closed sales were $32.8 million, up 43%, although nine-month closed sales declined 17% to $83.0 million, which the company attributed mainly to longer sales cycles on larger pending deals. Balance sheet and cash flow measures show a more cautious picture. Cash and cash equivalents fell to $182.2 million from $320.5 million at June 30, 2012, and operating cash flow for the nine months declined to $72.3 million from $103.9 million. Management cited the timing of receivable collections and vendor payments. Total debt was $524.5 million, of which $400.0 million was floating-rate term loan. The company repurchased $138.7 million of treasury stock in the nine months and, on April 30, 2013, authorized a new plan for up to 6 million additional shares.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2012

Broadridge Financial Solutions, Inc. reported net earnings from continuing operations of $15.8 million, or $0.13 per diluted share, for the three months ended December 31, 2012, compared with $6.8 million, or $0.05 per diluted share, in the same period of 2011. Revenues rose $13.4 million, or 3%, to $493.2 million, driven by higher recurring fee revenues of $9.4 million and distribution revenues of $3.3 million. Earnings from continuing operations before income taxes increased $14.1 million to $24.7 million, with the prior-year period burdened by a $9.7 million Penson OTTI impairment charge that did not recur. For the six months ended December 31, 2012, revenues were $989.0 million and net earnings from continuing operations were $34.1 million, or $0.27 per diluted share. The quarter showed weaker sales momentum. Closed sales for the three months fell $15.8 million, or 34%, to $30.9 million, which the company attributed mainly to a longer than anticipated sales cycle for certain larger pending recurring revenue sales. Operating cash flow for the six months declined to $73.5 million from $88.1 million, reflecting timing of accounts receivable collections and vendor payments. Cash and cash equivalents were $259.1 million at December 31, 2012, against $524.4 million of total debt, including a $400.0 million term loan and $124.4 million of senior notes. During the six months, the company repurchased $92.7 million of treasury stock and paid $42.3 million in dividends. It also settled the Inveshare patent litigation during the quarter, with no material adverse impact reported. Broadridge disclosed an Advanced Pricing Agreement under which a net $50.0 million of cash will transfer from two Canadian subsidiaries to the U.S. parent during the third fiscal quarter of 2013.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2012

Broadridge Financial Solutions, Inc. reported revenues of $495.8 million for the three months ended September 30, 2012, up $19.4 million, or 4%, from $476.4 million a year earlier. Total expenses rose 4% to $467.2 million, and earnings from continuing operations before income taxes increased 9% to $28.6 million. Net earnings from continuing operations were $18.3 million, up 10%, with diluted EPS from continuing operations of $0.14 versus $0.13. Margin improved to 5.8% from 5.5%, though the filing notes that first-quarter results are not necessarily indicative of full-year results because of the company's seasonality. Results were mixed by segment. Investor Communication Solutions revenues rose 8% to $339.5 million and its pre-tax earnings increased to $27.2 million from $8.4 million, with margin up 5.3 percentage points to 8.0%. Securities Processing Solutions revenues fell 3% to $153.9 million, driven by a 19% reduction in trade volumes to 821,000 trades per day and the revenue effect of the new Apex outsourcing contract replacing the terminated Penson contract. That segment's pre-tax earnings dropped 66% to $9.4 million. On the balance sheet, cash and cash equivalents fell to $211.8 million from $320.5 million at June 30, 2012, and total debt was $524.4 million. Operating cash flow was negative, with net cash used in operating activities of $15.6 million, compared with $23.3 million provided a year earlier. The company repurchased $76.1 million of treasury stock in the quarter and repaid $90.0 million of its $490.0 million term loan. Management stated that the company was not aware of any covenant non-compliance, and the filing reports no material subsequent events.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2012

Broadridge Financial Solutions, Inc. reported third-quarter fiscal 2012 results (quarter ended March 31, 2012) with revenues of $547.0 million, up $19.9 million, or 4%, from $527.1 million a year earlier. Earnings were pressured by two items: Penson Impairment charges of $22.5 million and IBM Migration costs of $5.7 million in the quarter. Net earnings fell to $16.7 million, or $0.13 per diluted share, from $29.7 million, or $0.23 per diluted share. Net earnings from continuing operations were $18.1 million, down $14.5 million, or 44%. The company reported Adjusted net earnings from continuing operations (a non-GAAP measure excluding these items) of $36.2 million for the quarter, compared with $32.6 million a year earlier. For the nine months, revenues rose $112.4 million, or 8%, to $1,503.2 million, while net earnings were $40.2 million versus $53.4 million. Investor Communication Solutions and Securities Processing Solutions revenues grew 7% and 11%, respectively, on a nine-month basis, though event-driven fee revenues declined on lower mutual fund proxy activity. Penson-related impairments totaled $32.2 million for the nine months, and the company recorded $12.6 million of IBM migration costs. On the balance sheet, cash and cash equivalents were $218.8 million at March 31, 2012, and long-term debt rose to $564.3 million from $124.3 million at June 30, 2011, following a $490.0 million term loan entered into in September 2011 that refinanced $400.0 million of short-term borrowings. Stockholders' equity was $800.8 million. The company repurchased 600,000 shares during the quarter, leaving 6,119,489 shares authorized for repurchase.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2011

Broadridge Financial Solutions, Inc. filed this Form 10-Q for the quarter ended December 31, 2011. For the three months ended December 31, 2011, revenues rose to $479.8 million from $442.3 million, an increase of $37.5 million, or 8%, driven by higher recurring fee revenues and distribution revenues, partly offset by lower event-driven fee revenues. However, earnings from continuing operations before income taxes fell 36% to $10.6 million, and net earnings from continuing operations declined to $6.8 million from $10.6 million, reflecting IBM migration costs of $3.7 million and a $9.7 million other-than-temporary impairment charge on the company's Penson Worldwide, Inc. stock investment. Diluted earnings per share from continuing operations were $0.05, versus $0.08 a year earlier. For the six months ended December 31, 2011, revenues were $956.2 million, up $92.5 million, or 11%, while net earnings from continuing operations were $23.5 million, down 2%. Adjusted net earnings from continuing operations, a non-GAAP measure that excludes IBM migration costs and the Penson impairment, were $34.1 million for the six months. Operating cash flow improved to $88.1 million from $26.9 million, mainly from lower receivables, and the company completed a $490.0 million term loan and $500.0 million revolving credit facility in September 2011 that refinanced its earlier borrowings. At December 31, 2011, cash and cash equivalents were $238.2 million, long-term debt was $594.3 million, and stockholders' equity was $783.8 million. The filing notes that data center migration from ADP to IBM is expected to be substantially completed by June 2012, and that the company's event-driven mutual fund proxy revenues have declined significantly due to lower activity.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2011

Broadridge Financial Solutions, Inc. reported revenues of $476.4 million for the three months ended September 30, 2011, up $55.0 million, or 13%, from $421.4 million a year earlier. Earnings from continuing operations before income taxes rose to $26.2 million from $20.9 million, and net earnings from continuing operations were $16.7 million, or $0.13 per diluted share, compared with $13.3 million, or $0.10 per diluted share. Management attributed the revenue growth mainly to higher recurring fee revenues, which contributed $45.7 million of the increase, driven by acquisitions, internal growth and Net New Business. Adjusted Net Earnings, a non-GAAP measure that excludes $3.2 million of IBM data center migration costs, were $18.7 million. The balance sheet changed significantly during the quarter. In September 2011 the company entered into a $990.0 million senior unsecured credit facility, consisting of a $490.0 million five-year term loan and a $500.0 million five-year revolving credit facility, and used the term loan proceeds to repay $400.0 million of short-term borrowings. Long-term debt rose to $614.3 million from $124.3 million, and short-term borrowings went to zero. Cash and cash equivalents were $252.8 million at September 30, 2011, and net working capital was $391.7 million compared with $(31.3) million at June 30, 2011. Goodwill increased to $793.1 million from $735.6 million following the Paladyne Systems acquisition, which the filing describes as not material to operations, financial position or cash flows. The filing also discloses several items for investors to monitor. Management notes that the company's data center migration from ADP to IBM is expected to be substantially completed by June 2012, with IBM commitments of $563.9 million through fiscal year 2022. Carrying values of the company's equity interest in Penson Worldwide ($3.6 million, after an unrealized loss of $8.9 million recorded in other comprehensive income) and its $20.6 million seller note receivable are not considered impaired as of September 30, 2011, though the filing warns of continuing risk of future impairment. The company also expanded its outsourcing services agreement with Penson, expected to yield additional annual revenues of $8.0 million.

Broadridge Financial Solutions Quarterly Report for Q3 Ended Mar 31, 2011

Broadridge Financial Solutions, Inc. reported its third-quarter fiscal 2011 results (quarter ended March 31, 2011) in this Form 10-Q. Revenues for the three months rose to $527.1 million from $490.8 million, and net earnings from continuing operations increased to $32.6 million from $30.8 million, with diluted EPS from continuing operations of $0.25 versus $0.22. For the nine months, however, revenues fell to $1,390.8 million from $1,458.7 million and net earnings from continuing operations declined to $56.5 million from $108.9 million, with diluted EPS from continuing operations of $0.44 versus $0.78. The filing attributes the nine-month decline mainly to a $95.3 million drop in event-driven mutual fund proxy revenues, from $227.0 million to $131.7 million, along with a higher effective tax rate of 36.2% compared with 31.7% in the prior-year period. The company made three acquisitions during the nine months: NewRiver ($77.4 million), Forefield ($18.3 million), and Matrix Financial Solutions ($197.4 million, net of cash acquired), which added $213.8 million of goodwill in the Investor Communication Solutions segment. To fund this, Broadridge had $440.0 million of short-term borrowings at quarter-end, including a $200.0 million term loan and $240.0 million under its revolving credit facility, and cash fell to $151.3 million from $412.6 million at June 30, 2010. Working capital was $(149.5) million, compared with $506.0 million at June 30, 2010. Management said it intends to refinance the revolver in the first fiscal quarter of 2012 and the term loan before maturity. The securities clearing business, sold to Penson in June 2010, is reported as discontinued operations and is being wound down. Share repurchases continued, with 3,637,683 shares bought in the quarter at an average price of $22.82. Management noted that the company faces an Inveshare, Inc. patent lawsuit in an early procedural stage, and that the outcome cannot yet be predicted.

Broadridge Financial Solutions Quarterly Report for Q2 Ended Dec 31, 2010

Broadridge Financial Solutions, Inc. reported its 10-Q for the quarter ended December 31, 2010, showing a sharp decline in profitability. Revenues for the three months ended December 31, 2010 were $442.3 million, down $87.4 million, or 16%, from $529.7 million a year earlier, driven mainly by lower event-driven mutual fund proxy activity. Net earnings from continuing operations fell to $10.6 million ($0.08 per diluted share) from $51.5 million, and total net earnings were $10.4 million versus $33.6 million. For the six months, revenues were $863.7 million, down 11%, and net earnings were $23.7 million versus $60.0 million. Segment results showed divergence. Investor Communication Solutions revenues fell 25% in the quarter to $294.1 million, and its pre-tax earnings dropped to $2.6 million from $50.9 million, with management citing lower event-driven fee revenues and costs tied to strategic initiatives and acquisitions. Securities Processing Solutions revenues rose 9% to $146.1 million, though pre-tax earnings declined 18% to $19.3 million. The company is winding down its securities clearing business, which is reported as discontinued operations. Balance sheet and cash flow data showed cash and cash equivalents of $187.8 million at December 31, 2010, down from $412.6 million at June 30, 2010, and long-term debt of $324.2 million. Operating cash flow from continuing operations was $26.9 million for the six months, compared with $118.8 million a year earlier. The company completed the acquisition of Matrix Financial Solutions, Inc. on January 7, 2011, for $201.0 million in cash, funded by borrowing $200.0 million under its revolving credit facility.

Broadridge Financial Solutions Quarterly Report for Q1 Ended Sep 30, 2010

Broadridge Financial Solutions, Inc. reported a sharp decline in first-quarter fiscal 2011 earnings for the three months ended September 30, 2010. Revenues were $421.4 million, down $16.8 million or 4% from $438.2 million a year earlier, driven by lower event-driven mutual fund proxy activity and lower distribution revenue. Earnings from continuing operations before income taxes fell to $20.9 million from $42.5 million, and net earnings were $13.3 million versus $26.4 million in the prior-year period. Diluted EPS was $0.10 compared with $0.19. The filing attributes the earnings decline to lower event-driven fee revenues together with costs tied to strategic initiatives, including MSSB, and increased acquisition-related investment spending. The company's balance sheet and cash position changed meaningfully during the quarter. Cash and cash equivalents fell to $180.7 million from $412.6 million at June 30, 2010, reflecting $77.4 million of acquisition spending (NewRiver, Inc.), $115.3 million of share purchases, and $18.8 million of dividends. Operating cash flow from continuing operations was negative $24.5 million. Long-term debt was $324.2 million, and stockholders' equity declined to $724.6 million from $807.1 million, largely due to treasury stock purchases. The company also completed the sale of substantially all securities clearing contracts of its Ridge subsidiary to Penson Financial Services in June 2010 and is winding down that business. The company is also pursuing a large data center transition from ADP to IBM under an IT Services Agreement with commitments of $561.5 million through fiscal year 2022. Broadridge repurchased about 4.5 million shares during the quarter at an average price of $20.91, and about 11.8 million shares remained available under its repurchase plans at September 30, 2010. Management noted that results are seasonal, with the fourth fiscal quarter typically the strongest.

Broadridge Financial Solutions Quarterly Report (Amendment) for Q2 Ended Dec 31, 2009

This Form 10-Q/A is Amendment No. 1 to Broadridge Financial Solutions, Inc.'s Quarterly Report for the second quarter of fiscal year 2010, originally filed on February 4, 2010. The filing states that its sole purpose is to replace Exhibit 10.1, the Master Services Agreement dated as of November 2, 2009, between Penson Worldwide, Inc. and Broadridge. The replacement version is a revised redacted copy that includes certain portions previously omitted or redacted under a request for confidential treatment. The amendment also includes currently dated Section 302 certifications from the Chief Executive Officer and Chief Financial Officer, as required by SEC rules. The filing states that no other changes were made to the Original Filing and that it continues to speak as of the Original Filing's date. For investors, this amendment contains no new financial results, operating metrics, or updated disclosures. Its substantive content is the revised version of the Penson Worldwide agreement, which the filing describes as a master services agreement, with the confidential portions now partly disclosed. The complete confidential version has been filed separately with the SEC under Rule 24b-2. The filing does not describe the terms of the agreement beyond its title, date, and parties. The amendment was signed on June 9, 2010 by Dan Sheldon, Vice President and Chief Financial Officer (Principal Financial and Accounting Officer).