Skip to content
AnalystLens

Broadridge Financial Solutions 8-K Report, Regulation FD Disclosure (May 17, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed May 17, 2024
Period End
May 17, 2024
Security
BR
In the record · 2016–202610-K1110-Q338-K224

BR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 224 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jan ’20Jan ’20
  3. Leadership change8-K · Aug ’22Aug ’22
  4. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed May 17, 2024. Cited figures are marked; the original filing is the authoritative source.

On May 17, 2024, Broadridge Financial Solutions, Inc. furnished under Item 7.01 (Regulation FD Disclosure) its May 2024 investor presentation, posted to its investor relations website and attached as Exhibit 99.1.

The filing itself contains no new financial results; the presentation is the substance. It is furnished rather than filed, so it is not subject to Section 18 liability. The presentation reviews the company's long-term track record and sets out its fiscal 2024 to 2026 objectives: organic recurring revenue growth of 5-8%a, recurring revenue growth in constant currency of 7-9%, adjusted operating income margin expansion of 50+ basis points per year, and adjusted earnings per share growth of 8-12%.

It reports fiscal third-quarter 2024 recurring revenues of $1,126 millionb, up 4% in constant currency, total revenues of $1,726 million, and adjusted earnings per share of $2.23, up 9%. Management described fiscal 2024 guidance as recurring revenue growth at the low end of 6-9%, adjusted EPS growth at the middle of 8-12%, and closed sales of $280 million to $320 million.

The presentation also notes a $8.2 millionc litigation settlement charge and a $7.0 million restructuring-related asset impairment in the third quarter, both excluded from adjusted measures. It states that free cash flow conversion was 108% on a last-twelve-months basis, and that the fiscal 2024 dividend of $3.20 per share is subject to board approval.

02—Key points

Key Highlights

  1. Fiscal Q3 2024 recurring revenues were $1,126 million, up 4% in constant currency, against total revenues of $1,726 million.
  2. Adjusted earnings per share was $2.23 for the quarter, up 9%, while GAAP diluted EPS was $1.79.
  3. Fiscal 2024 guidance: recurring revenue growth (constant currency) of 6-9%, now at the low end; adjusted EPS growth of 8-12%, at the middle; adjusted operating income margin of about 20%; closed sales of $280-320 million.
  4. Three-year objectives for fiscal 2024-2026 call for 5-8% organic recurring revenue growth and 8-12% adjusted EPS CAGR.
  5. Free cash flow conversion was 108% on a last-twelve-months basis as of Q3 2024, and management expects 100% conversion in fiscal 2024.
  6. A $8.2 million litigation settlement charge and a $7.0 million restructuring-related impairment were recorded in Q3 2024 and excluded from adjusted results.
  7. The planned fiscal 2024 annual dividend of $3.20 per share is subject to board approval; year-to-date dividends paid were $274 million.

03—Questions

Frequently Asked Questions

  1. Did Broadridge report new financial results in this filing?

    No. The 8-K furnishes the May 2024 investor presentation (Exhibit 99.1) under Item 7.01. The presentation summarizes results for the third quarter of fiscal 2024, which were reported on the May 8, 2024 earnings call.

  2. What are Broadridge's fiscal 2024 to 2026 financial objectives?

    The presentation lists organic recurring revenue growth of 5-8%, recurring revenue growth in constant currency of 7-9%, adjusted operating income margin expansion of 50+ basis points per year, and adjusted EPS growth of 8-12%, all as CAGRs.

  3. How did Broadridge perform in the quarter?

    Recurring revenues rose 4% in constant currency to $1,126 million, total revenues rose 5% to $1,726 million, operating income rose 6% to $303 million, and adjusted EPS rose 9% to $2.23. Closed sales were $80 million, up 29%.

  4. What one-time items affected the quarter?

    The company recorded an $8.2 million litigation settlement charge and a $7.0 million asset impairment tied to its Corporate Restructuring Initiative. Both were excluded from adjusted operating income and adjusted earnings.

  5. What did management say about capital returns?

    Management said it expects around 100% free cash flow conversion in fiscal 2024, which would support additional capital returns and targeted M&A. Year-to-date dividends were $274 million and open-market share repurchases were $150 million, net of option proceeds. The fiscal 2024 dividend amount remains subject to board declaration.

04—Continue

← View all 8-K filings