Broadridge Financial Solutions (BR) 5 Nov 242025 Q1 Earnings call transcript

Good day, and welcome to the Broadridge Fiscal First Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Edings Thibault, Head of Investor Relations. Please go ahead, sir.

Thank you, Chuck. welcome First and XXXX Fiscal everybody, Call. Earnings morning, to Quarter Broadridge's Year Good

and that of the may release earnings Our slides on Investor be accompany the Relations section broadridge.com. found call this

call this Interim our Ghei. Joining me Ashima on morning Tim CEO; CFO, Gokey, are and our the

report on Before the A can regarding these call believe be Broadridge release referring to provide involve non-GAAP to risks. the measures on call results. second Tim, reminders. measures of to we more risks we'll a few standard the today's operating which I we understanding and statements will the on found be earnings complete a reconciliations measures, Form the XX-K. GAAP on of of found turn summary in investors be Broadridge's and comparable these Two, complete One, more be of our several can over slides a making presentation. explanation page also forward-looking that the annual and underlying non-GAAP description An

now the to over turn call Tim Tim? Gokey. me Let

resilient other events. It's communications, I'm backlog here another stands Edings, be I'm for continued want with thank global business and especially by privilege us reminds all healthy and position morning. trends, strong day, strong today to time, long-term uncertainty the including the on back, which all growth report top regulatory first to ever-present election power it you of line results. which bottom powered an pleased we U.S. same we on much good and environment to you discuss to consistent the a the of pleased trading of model remains robust I growing revenue election year incredible the data growth, healthy, in the from of voting. investing, joining, and trading, driven are you, by quarter deliver and track volumes. AI very to Thank the powers our And with At of and that financial and high out. do geopolitical given digitization remain markets acceleration and that Stepping importance sales, Broadridge demand of remains for of what democratization change.

into headlines. let's So the dive

Broadridge impact quarter the recurring markets capital Adjusted E-Trade constant the quarter. revenue results. First, was first cycled and solid of governance and currency, EPS reported revenues event-driven the absorbing X% by impact we for lower After the $X grew E-Trade our deconversion, through as driven in franchises.

our management. to pipeline investing, clients continue and simplifying is a digitize the modernize we results driving continued trading in Second, product execute innovation, form to our to enable and strong of growing democratize strategy innovate and wealth on That execution our sales.

financial well. reaffirming strong We're sales, organic we for reflecting to over are and balance track completed performing growth acquisition year. our growth to is the guidance our SIS and closed on revenue recurring strong our our achieve recently with EPS business the X%, Canadian and will week, and raising to Fourth, 'XX I targeted results. our our year deliver said as a our strengthening full wealth ability bring closed acquisition accelerate SIS, grow investments of ago, our which SIS on last We're track including strong to Broadridge we're is fiscal Third, to sum also X% to of of adjusted the innovation up, business business X-year guidance market. objectives. To moment that

participation. growth sales change. to governance Slide rose and revenue by continue with our innovation X. deliver investor in I'll where that strong X% So in ICS digitization, currency, our drive adapt business, to regulatory start and clients let's constant revenues recurring performance dive driven on into help we from continued democratization

meeting was Equity reported strong to growth. drive record Issuer companies the and Solutions. Investor was during healthy participation solutions in our across processed growth lines, whose fund quarter position Looking product continues we growth X%. data-driven for

fund larger first as in first annual double-digit Underlying single-digit positions. was see impacted and more you in trends, is for quarter hosting and we the which double-digit the Ashima by fiscal money strong mid- with remained continue share with mix the accounts managed included our fund growth to this seasonally to market half, physicians of growth will continued their first quarter in ETF robust companies Underlying is growth stable, overall Our which less meetings, trends half. including growth seasonal, companies. in remained quarter. growth position Fund and growth position and seasonally quarter. X% second growth, fund fewer smallest is passive for and large cap the high

With the Fed drive whether it's having lower positive fund assess to growth. soon too cut position will quarter, rates late in the rates

were the sales focus growth, adapt governance which on to clients and our our biggest innovation driving reflects revenue change. driver New enabling to of regulatory

is tailored the new our onboarded clients. in During success we of them growing quarter, reporting clients not communicate driving growth. revenue to contributing hundreds composition their only shareholder onto our That more It's our interest capabilities. digital helping effectively with fund solution,

the introduced our across our factor last ability investor clients We and governance single our fund and highlighted of client quarter, you the communications engagement experience so spectrum which we first been rates drive client for to as A that the now impact We're proxies, wealth focused investment also which full That's numbers that year a our dashboard an the of during we documents initial our been with communications. wealth platform, the those monitor up key highlighting even seeing communications. This rates year, standard on transforms the broader trials. initial from Investor of new full communications to even implementations. And we choose. benefits other [ our governance in shared the experience for success of experience wealth our XX% rates, giving their and combined better volume broker statements up lapping leverage year's click-through across has client and Xx with and digitization the investors. business by streamlined made better cloud-based more client open communications We're new means physical platform, ] we Day, the has from seeing higher than digital the in we of than customer scale communications, interactive debt investments communications. critical are in Broadridge. At creating communications personal last of

driven Turning the scalability, I'm as to of capital markets of simplifying revenues react innovating trading. attest. uncertainty the higher markets, Recurring growth markets driven sales made That and Periods grew new the our and our sudden of have volumes. part technology where solutions, flexibility to has inflation, volumes. Since intense income higher we management interplay can change. leveraging of we sure as innovative by are post-trade trading platform. reliability end wealth trading X% by you highlights driven the and investments all been as also by to summer, again, data of continuing fixed We're volatility the and deliver

resilient adapt Our clients and to U.S. cycle. new solution and adapting centralized office back ledger EU changes trading unlock to and meet data also capabilities enables operations. We're errors accessibility trade new U.S. to make the a will data our by enable were with insights the easier helping clearing quality reduce and simplify and post-trade requirements bring solution the to harmonize Treasury. in trade clients and together front, for to distributed life the firms for platform further it for both trade a global multi-asset firms middle their Improving regulatory throughout class across and

pipeline remained new larger of [ solutions Recurring as is Turning The both sales why the managers. Wealth Canada. strong X% I'm healthier Management. includes This new X% of with onboarding growth, of opportunities of growth. a pipeline well broader opportunities now see the ] to deconversion wealth Investment pleased and as and U.S. that which driver as the underlying to revenue declined offset E-Trade across key component

approximately operational engagement. Last client see in to solutions business acquisition week, closed of further in drive business our SIS and/or adviser million to that interest continue an we We wealth Kyndryl's efficiency strong Canada. expand $XXX and

more and clients through transformation the them completed of clients. our bank X our clients. create this Canadian we've opportunity and retail all potential quarter and streamlined set sales. a Canadian broader for of We're layer, a for gives experience for the the fourth recorded The recently, managers clearing experience. to excited a suite grow settlement back-office set first component built More my as more even an enrich innovation advisers, and and and and for impressive and doing performance bring in how That record up Canadian us unified we're transition additional implementation, Canadian our experience a enhanced expanded of example bank. quarter attractive review the acquisition $XX solutions of wealth technology breadth a in functions, banks, bank. the investor the and million simplified It that helping many to well. of our larger about than also 'XX bringing with of clients a multiyear and set part efficiency. We're the business with broker-dealers wealth addition, adviser efficient gives our fiscal solutions core is accounts wealth Over common is of underscores our to of recently internal component-based end-user linking that million providing by enhance are and even bank banking accounts experience strong sales. we've services distribution more creating retail closed X in more a integration results, drive Broadridge closed streamline their a APIs drive a components investment processes it the great we're as We a of working Canada. to financial to productivity largest of products And that business firms. I'll and given wrap including SIS for operations. A and large investors' to serving of years, approach more

major was importantly, ledger a saw communications driving opportunities close strong with sale bank, for remain governance summary our innovation customer on During class components capital excited demand of we selecting sales repo is in the and strong. I'll markets and I our of distributed and see another pipeline callouts Slide quarter, Most great services is of for example action which some new how X. wealth. solution our for to a sales. and

solid First, results. first quarter we delivered

digitization and on is markets capital number clients helping growth investors executing our expanding business. to regulatory adapt delivering clients to change. wealth new plan. drive Broadridge Second, for the innovation our address growing to and long-term management We're of We're our

regulatory industry, are importance trends services the digitization that increasingly value and transformative become plans are acceleration trusted the our powers focus partner has growing enabled our of and to it driving anchored that AI data the of Third, long-term and the financial including the trading, democratization in investing, of our shareholders. a for need environment. creating to That long-term ever-evolving adapt for to significant the an and clients, Broadridge

term, growth to the Investor have fifth constant and last another us our and and growth. track Day, and We results we steady results X% top And to which both line X-year currency the cycle and X-year 'XX the at execution bottom financial to sustainable our year goals. on objectives out financial fiscal to adjusted EPS XX% in administrations has on deliver markets delivered through to financial recurring which driven mark our X% X% on of parties. Fourth, ups strong achieve in remain including revenue track longer of laid and we've sustainable downs we of will

success on Before serving Broadridge is growth. Thank associates powers Ashima, world. the I want bringing to our our thank the over focus our and hard XX,XXX I Their around it innovation you. to clients industry what to work, in turn

turn I'll to Ashima. it Now over

Ashima?

Good callouts. X this Tim. with everyone. I'll morning discussion my you, morning, Thank key begin

balance year. Recurring included and from first headwind point recurring organic solid expect XXX to That will quarter results. delivered in deconversion. basis Broadridge impact the the revenue over X% second strengthen the revenue quarter, currency subside growth growth, of First, the E-Trade we constant of

to half position our revenue a the sales includes high strong. growth continues rose mid- drivers XX% testing, the key 'XX Closed very and single-digit our support outlook. year, remain of our healthy second QX over to growth Second, forward now which

for outlook X% year to Third, we to from X% growth to X%. the raising our are recurring revenue X%

growth both which FIS, balance November organic of as noted to to Our acquisition the earlier. is and year, our for point the on I reflects strengthening the X growth expected add of guidance X increased closed and

of the deconversion. Fourth, sales over X million of the million and revenue expect to strong high continue basis single-digit the revenues the that, to to X% to basis, as on $XXX $XXX year margins X% expectations, the margin modestly currency million spend. results, including by XX to growth of share, EPS X. all deconversion. by driven fiscal adjusted lower operating per we We a impact investment of a virtually position 'XX E-Trade event-driven a X% closed quarters X% growth sales. to $X growth $XXX Adjusted underlying Slide constant and points driven AOI E-Trade was and recurring XX% income expect result, organic by the adjusted driven next backlog, mid- deliver were above EPS to get timing both expansion, organic. XX% decreased and core plus on X% rose our Recurring numbers With lapping let's of of

as from Tim last million, noted, we $XX delivered Finally, sales XX% of year. close up

Recurring grew million. X% revenue Let's $XXX move to to Slide X.

and driven was new from growth in by a by growth contribution Management. sales Our offset lower Wealth strong partially Investment

by to driven $XXX growth fund and Let's growth across Regulatory our segments. at of recurring ICS rose X% revenues X%. position revenues ICS turn to look X%, rose million. Slide GTO X the to

X equity are growth benefit Fund was by by meaningful growth strong analytics in given low Solution products. our volume and not and reminder, a customer new as our to growth. Issuer growth seasonally M&A revenue point and in of Fund in our the revenues driven solutions revenue revenue clients. quarter, increased solutions engagement As levels. X% X%, Data-driven to and and we grew driver Communications data a first also retirement growth the led proxy shareholder X% revenue continue from onboarding contributed Solutions workplace

to we growth position sales to high line recurring by our to in mid- growth. continue from X% grow Looking single-digit driven ICS ahead, expect new X% revenues recurring and revenue to revenue outlook, with

impact Turning Revenues markets trading income post-trade front a Lower were X% X% BTCS higher office Wealth which the the solutions. revenues deconversion. E-Trade driven growth to revenues Investment as of cycle of as headwind. X%, through by to our $XXX from well as the capabilities, GTO. to Capital million. grew declined global rose modest continue license we Management and benefited our fixed revenues volumes

and capabilities impact our which Excluding XX-point in quarter that growth of deconversion to as expected to by E-Trade last second The is impact, decline back-office to impact. headwind the powered will our the with component X% revenues rose solutions. be well the QX X-point as quarter, any impact X- a in from

on expect high the As our from growth growth investment November noted, expect wealth Tim closed the X% GTO we our product outlook, double-digit the including revenue growth and record benefit SIS to SIS, and acquisition low we revenue and Including X, in revenues management of X% now overall SIS in of to recurring at Wealth line. Management. end Investment

to end to managed growth to look testing volume turn the look accounts 'XX. let's key our the line Slide participation indicators. equities to a X driven in -- and investor by Equity continues both our was in growth at across at take from funds. position secular with of Broadridge Next, fiscal at and benefit X%,

quarter. This of in by the annual First smaller quarter processed given meetings. impacted the their not companies position equity number growth unusual, much the hosting was proxies of is mix

first half in is call testing our And the we to X%, ahead, current total volumes testing to out looking continued position of the will that high well. Mutual indicating the testing. in growth was position our accounted context, growth. of and firmly quarter be further annual position second during expect 'XX. mid-single-digit line fiscal It's ETF to mid- half and meaningful showing year growth in X% prior fund first is important For single-digit high for range, mid- our the as growth single-digit with only more forward continued

XX. from on recurring led driver fixed biggest growth volumes my growth in wrap volumes volume. to Revenue bottom slide, on remains sales double-digit by a X Slide the of up rose trade revenue trade basis the I'll closed recurring income of the blended points. revenue our discussion at Turning XX% on of growth

primarily points million As trading position X growth our we deconversion fund regulatory driven volumes more offset was higher revenues. point, for fee XX contributed X half onboard of $XXX of revenues partially backlog, the which which growth E-Trade, losses net losses. by overall from our accounted than Internal offset growth including [ ] by and lower almost of

out SIS was remind in XX recurring points. revenue July growth Rounding tuck-in we and a drivers, growth the basis the not contributed not organic to X our first our contribute also that reported the until made it As revenue FX May growth acquisitions changes did growth. And X%. of did November, acquisition by points. close XX result, I'll you so reduced in quarter basis

the With positive for the year. recent of over weakening now we of the the modest forecast balance to be FX a dollar, growth

discussions Let's $X.X QX revenue revenues lower were revenues $XX high points decline distribution million close from event-driven a by line Event-driven an million, and unusually growth our X XX. $XX recurring was quarterly flat of 'XX. were billion on with in revenue. than lower Total revenue of and Slide our offset as average X-year in modestly revenue at

and expect Looking high our to now to historical to proxy range impact higher rates fund of point headwind second high growth major decline the a mid- to a revenues ahead, which the event-driven more revenue year total distribution customer the volumes. growth. The we mutual to quarter. be levels, higher postal is in continue event-driven part 'XX, single-digit no full Low for linked to representing revenue driven to to occur be at distribution in expected than revenue volumes driven by by in mail end was X campaign X%, communication margin by in declined fiscal offset We expect activities. of our print postal a rates

Together, reinvestment. XX. points the This changes and leverage reduced Slide event-driven 'XX. revenues AOI our fourth XX%, by restructuring operating in revenues, quarter in Adjusted margin income was distribution deconversion factors margins the basis recurring float income and the more from on XX The and of QX these of approximately operating revenues E-Trade generated points ongoing quarter. offset margins higher from by decline net driven initiative. XX basis of impact to benefits was now in than Turning a the the decline we

For basis expansion. the generate points year, we remain to core XX on margin plus of track underlying

$XX Let's Closed $XX of driven QX move 'XX, million, demand Closed driver up were to sales our are XX% long-term growth. our biggest by or from solutions. sales. sales the on million for strong governance

start encouraged by 'XX especially 'XX, a strong I'm record off coming sales. fiscal So fiscal our to

negative year. and cash cash first was our decrease related I'll that in in by The with to 'XX. driven decline increase severance a flow restructuring throughout $XX million, reminder QX was strengthened Broadridge's well payments taxes the $XXX cash million quarter is Turning our as typically quarter free the a 'XX generation flows. from cash 'XX net negative an initiatives income. as negative lower start and in fiscal fourth flow to QX

XXX% conversion We continue to cash to expect in free of XX% 'XX. flow fiscal

Turning Slide capital next allocation XX. on to

During capital spending invested quarter, quarterly software returned and to million million $XX our shareholders in the and dividend. we in $XX

investments. M&A We have X tuck-in also made

The is on XXX of [indiscernible] and closed which to and/or SIS quarterly also And additional acquisition to balance remain absorb first cash, closed payments our acquisition of shares dividend we X. million giving the our strengthen capacity expected The fund year. was over the committed November M&A capital business, million. We the to to repurchase then for on X of our additional allocation. approximately of approximately of combination ample us $XXX USD the balanced issuer July SIS tuck-in

XX. for to on reviewing wrap Page start fiscal outlook our by Let's 'XX

results. remarks, the track in I beginning on is Broadridge said strong fiscal my As deliver of 'XX to

guidance the acquisition. our now recurring our X% from incorporates SIS raising to X%, X% and of to the revenue X% to are impact We guidance

EPS $XXX closed to adjusted expect approximately continue between We to and of million of income adjusted million. XX% of to XX%, sales growth margin X% operating $XXX

earnings our first in expect to XX XX% of generated year to over be the we years. Additionally, the half with performance in last line our the XX% of

and growth let track the demand to testing showing 'XX me fund to results. messages. my financial for fiscal solid delivered deliver mid-single-digit position Broadridge year. Finally, QX equity mid- high and secular driving growth on summarize trends continued key our our results. strong, we strong and single-digit are The remain Last, is

benefit adjusted highlighting the the our We Chuck? EPS guidance let's acquisition and of business are and guidance, questions. With model. the and that, reflect SIS our revenue growth sales strength reaffirming our to from take financial raising recurring your of

Dan will question [Operator the Instructions] And RBC from come Capital. with Perlin first

I just for revisit guidance there wanted a second. to the

else raising and the of EPS, acquisition of else mentioned kind I the pretty of on a but suggests numbers incremental raising of kind reconcile could something And think the that's maybe but why takes headwind the on there it's I top couple, in puts some brought I a kind the then abating with get think those Or but and we what's recurring again, of lower? talk you that if around something not to being earnings. clear it. margins about offsetting line E-Trade, raise not associated you or guess,

take question. that, color Thanks some guidance. I'll to Sure. Dan. on the provide Happy your for

absolutely right. You're

position like our our guidance out. We And SIS. growth growth to are are over we It given sales pointed end reflects you confidence raising organic to also the X% additional the balance X% comfort where growth activity, to given recurring it revenue of specifically now and are right, targeting of of acquisition QX, we X%, the X% that reflects year. the the the sitting at

high capacity. as a we feeling of activity. Having create investment activity that, We to high-margin level our about are event event means also think good said about

So X% opportunity seeking growth reinvest to line XX% really for growth what we're to our targeting opportunities. guidance, is and EPS further with the in

to And add I would just that.

in is think the the to be expect first a obviously, the to EPS. -- I year, of And SIS rise that the key acquisition. we part neutral

organic factors the terms really other about about event in right good feeling leaves same us it's on and in of talking the reinvestment range. that was the really So that Ashima

Got it. That's great.

mean here. appetite relatively quick a small M&A done you a couple I on deals, your Just tuck-ins. of have follow-up and

You think you environment couple of little getting better. bit kind to capacity. maybe of the lot past more quarters, And a I clearly a the alluded have in

that market, maybe of terms that In and bigger. in prices pipeline opportunities out getting see the you

want dollars curious you might we to where year? incremental So here some sit this today, just you place are I'm thinking just as

Dan. Yes. Thanks,

that well company. you starting organic is we're the know, an principles growth which Just with

have market to But an our of and been there, primarily points long given over we're expecting of of have. runway is recurring sort needs from has to X growth the to clients. Our X we X And the contribution needs we M&A meet a M&A. addressable -- revenue attractive years, way

at right market is, the now. where look you If

in excited First things as able been PEs we're purchases, art some seeing finding those opportunities. deals pipeline allocation, tracking that is that's we've obviously right pretty a And meet certainly, many the a combination of we think strong We're of SIS. in to make our context that financial best criteria all, And really capital compelling are balanced And owner. to market. bringing I to all and always, including the a the we're of where we ROIC. the think high of mid- teens or

we're looking financial things. at We're framework in So keeping definitely mind. definitely that

see do shares. don't repurchasing comfortable us if you right Broadridge so opportunities, with is very it And will remain think because something that we compelling. see we see execute, And we be if we the

with come The Stanley. Faucette will next James from question Morgan

Great. cetera. for wanted on touch Thank on developments some really the you et to and outlook, generally. those market then I digital in clarifications the quickly

coming there digital in with still call. there? mid-single-digit communications in in to you fiscal I double growing single-digit customer high the to quarter. is the surprised the of growth And driver year referred this to to accelerating that What's year? better 'XX quarter growth fiscal revenue business is digital line got or sight consistent fourth and You've even faster converting onboarding efficacy was on average fiscal and last digits see revenue

revenue on driven question. We full the had want for that much reiterate out very levels. a fourth 'XX rest late that of capabilities impact the the first is it's script a year. one, in generating print impact thanks positive of of in Day digital. it by we services up to last we in really really a significant that so feedback of center due to will That quarter, it provider. and shows but the James, all around pipeline. I is proposition new it from focus, the significant conversion. Also, and revenues of year. the it the do very And digital do wealth It's that quarter of first which lift and FY we featured onboarded really didn't And really, financial -- was the track in Investor the at BRCC excellence, we good the but growth sales mentioned remainder and quite digital that our quarter value of see year, the Yes, -- a talked I our driven in and sale by was call pick

pretty outlook sales as recent balance the board. already we're confident by driven the wins, say, So for higher the of 'XX of I onboarding growth which in are over on

So we to feel BRCC in mid- full pretty high the single-digit confident for growth in year.

-- International that question. more issue now, right an not during that. [ which And a longer-term an it. took I heads at while high saw from And Got Appreciate ] really with FX. Europe posted ], mitigate helping to and level it acute is on What T+X of the focused then effectively the and We see what [ to least just article the how the of quarter particularly on it's is queue one relates the brokers, industry Broadridge for lead in or takeaways is rollout dynamic? are that Broadridge this some starting securities increase and the to as to cost rest lending of is world? of before

quite I were went processing rates and to same-day think of and all confirmation straight-through implementation smoothly a rates there sale expecting in U.S. the and And because bit. very U.S., think here And I there interesting went weren't. here a the the T+X a be people bit there's the rates Yes, interesting James, Europe, very it's between up some and dichotomy question. issues,

at looking do not just U.S. but that -- people. over in seeing is how they're tension the those when ancillary point is sort between some Europe. to of is disconnect And T+X what and is at And you this do of services they're papered T+X with in the Now to of the some in and causing that. being

some that, so same the are hearing people. And for we that's think thing causing challenges I

a so BPO. be service disparity managed the -- it's meantime, and of little technology I can for have would for of it with between both how bit here think who T+X And can and then clients eliminate obviously are some help help. be sort in to a creating terms them doing that our we of going of we they'll a significant timing And dates how is We gap, quickly move to in the in them help, we question on sides. were a we to our there. it that

Next question will come from Puneet Jain JPMorgan. with

more companies on the gotten backlog? have into they from you you it the So services clients. in the seeing capital or the for definitely relates seeing of take some large decisions? how U.S., Are of outlook conversion any into any client flow change in behavior as changes deals financial positive in to Are market revenue pipeline consulting backlog like also banks, like

Puneet, -- Yes, regulatory closure. it taking clients that of if thank other saw -- in lengthening about execution, people we didn't some this a project definitely much. that is you see sales execution. now, pipeline the -- get aways feel is It of We you things back are think like really reported because to may get slowdown the going very have do that around and things to mix This more be and they cost longer that and are done. to of need we our the project

the implementation. sort list so they And the of maybe sign, they for top at more once of

others seeing. So delays we implementation are see same the didn't that

and of things on of just that if seeing pipeline we're governance to really, there, by just sales really that and select communication actions couple We're by our I'm class those confidence what investing, worth why increases environment seeing though, solutions. the sales seeing pleased I in for areas strong start sales the just office terms markets the broadly seeing is the of out closes. are digital year. sales, wealth. We're in capital wealth. in communications, in And that about area a And think and and we year talk were I And noting that the the -- that front the last the over we final I revenue were full think on more we're business that side in And this into on is now of compare backlog, improvements year to side, we're Part that the multiplier year. us part comment as conversion. same on. our client visibility is at that over seeing confidence revenue an in It And $XXX X just on the August, outlook. our year to in confidence we X-year really to good. area is just we're with we really the time, us term, And recurring side. of pipeline our actually it's think where medium just of focused that's the our as then sales on our if gives last I -- revenue million outlook. Good in really giving strong.

like side, X%. side, other And it. the at business, record on regulatory then within came ICS Got growth stock the

visibility to have? How that digits? that do to you expect confidence record much mid-single improve. Or stock from You here what like that growth you have improves

typically stock off record period, So reminding just specific by their start I the July time QX end last aware mix The set to reminding expected X that by I'll the September companies make you the growth was in X% for were this, the with large what saw given in but Puneet, proxies just They that line of. the issuers we'd growth of growth a X up out reflects that really those that and actually of I'll right? rates. know in very companies you. we at for swing year, being you end start know small or the issuers

growth to high at in high now of solidly be single-digit expecting the to we're QX to single-digit be rate, expecting mid- like year, rate. growth half first across the Just the together the we're which

when at Our good equity be do X we because have at idea proven X, fairly looking out, quarters for we're we a reliable, it an especially has testing to level. issuer

fairly have going how We a out. good idea of to it's trend

As growth. to we more a started and testing year it's here showing mid- single-digit material as sit half the of we've well, now, right second much high

So I good pretty feel about it.

direct broad Ashima seeing innovation the And has been accurate all in showing talked that the the we've that, is about environment positive, very said, think I where indexing. that picture fund especially high managed drivers Puneet, to a And year. beyond remain digit. testing I'd strong The full we add bigger this mid-single it's and more about overall on choice the have market that single then voting with accounts. here the as the We're momentum pretty side, also just

away us think the people I positive to so but giving trends we And take are think the I thing also the year, longer-term overall, that want is confidence in duration. in the

come James. question will Patrick Raymond from with next O'Shaughnessy The

year? question you FIS, constant And contribution raised your SIS. currency business the that on you Can recurring from guide follow-up A that revenue the would with for have this year? provide expect specific still revenue you

Ashima anything. Yes. this in and I'll let start add on

clients, just I since when this really for broadly, our have we management investment like is full you -- platform a $XX leading market. when in We're at just attractive for and the we SIS built. bringing wealth of look small too. we're technology number look think important institutions, But overall And year. this already year position wealth first shy excited million our excited in about little many you of we these opportunity into more leverage Canada, of it's the serve but to that all, business, ones, of market. investment the an the new We add that's to the lots Canadian we're also

provide underscores bigger it clients business We leading to being to. really commitment And technology of to base our Canada. a to wealth to have provider our a this

we On this. the -- would have guidance increased without

guidance. have so I'm we're I changed it not would confidence have sure on is the signaling been that think side. that what our increased would we much organic

the that sort make the largely and specifically weakening method none the doing nice we're the all saying but that we're SIS. rest to And think to looking we that -- of we So side, here what year. sure want the is you're related math we on you're came away for answer really feeling seeing trends organic convey trying the increase feel of to is that's -- seeing because the like of

we about million a it's bit price. purchase about Yes. I'll $XXX more add -- you specifics expect And Patrick, heard, SIS, like also

growth add little as To expecting earnings result it question to expect expect are to a a material We Broadridge Broadridge to overall. slightly this. of over do not the a earlier, impact to it dilutive any percentage margin, point we be but to

course, growth, point earnings. end guide coming growth for wealth low and double-digit leading But to Broadridge itself, of to just over the it growth to X%. high no to to slight Of be and GTO impact the dilution X the the wealth over to margins will accretive is percentage in little X% SIS growth, business at -- a

represents XX% sales XX% forward your midpoint the typically, than first any Was then helpful. close unusual you trending than of core at Terrific. to closer very past full number, maybe have are this year just was quarter, a better quarter fiscal perhaps And bit things your of fiscal But there pull quarter? That's looking less what activity. your sales outlook. to sales year would expected? little your Or full 'XX this

a Yes, the Patrick, don't to strong our signal in it's good think always to year. I want start get on increase any I expectation.

fall another. the of there's $XXX I medium-sized million the timing a always us. wouldn't to for deals can range it think of is in call that but the sort good $XXX quarter I million versus forward, pull X really

quarter. feeling good half, the a we we so to good to have about we're like a year. the good you have want take And feel start first just feel we away and We I full that

go over session. turn like for to management This question-and-answer I concludes any closing our conference to the would back ahead. remarks. Please

your want so on the Election Have I Day. for just in Thank to everyone interest on great Broadridge, Chuck. a especially thank you, morning. call

now today's concluded. Thank attending has for conference presentation. you The

may disconnect. now You