Broadridge Experiences Stable Growth in Total Revenues During Q4 and FY23

The global Fintech leader Broadridge Financial Solutions, Inc. (Broadridge), released its financial results for the fourth quarter (Q4 FY23) and fiscal year 2023 (FY23), revealing a stable growth in total revenues.

Financial Results for Q4 FY23:

• Total revenues reached $1,839 million for the quarter, an increase of 7% compared to $1,723 million in Q4 FY22 and an increase of 12% compared to $1,646 million in Q3 FY23.

• Recurring revenues totaled $1,259 million, 7% higher than $1,177 million in Q4 FY22 and 16% higher than $1,082 million in the prior quarter.

• Event-driven revenues decreased by 15% to $59 million on a YoY basis.

• Distribution revenues increased by 9% to $522 million on a YoY basis.

• Operating income amounted to $454 million, rising 33% compared to $342 million in the same period of last fiscal year and jumping 58% compared to $287 million in the prior month.

• Adjusted operating income came in at $531 million, an increase of 22% compared to $436 million in Q4 FY22 and an increase of 54% compared to $345 million in Q3 FY23.

• Net interest expenses increased from $21 million to $36 million on a yearly basis.

• Effective tax rate stood at 22.4% compared to 22.1% in the prior year period.

• Net earnings increased by 31% to $324 million and adjusted net earnings increased by 22% to 382 million, both on a YoY basis.

• Diluted earnings per share increased 30% to $2.72, compared to $2.09 in the prior year period, and adjusted earnings per share increased 21% to $3.21, compared to $2.65 in the prior year period.

Financial Results for FY23:

• Total revenues came in at $6,061 million, increasing 6% compared to $5,709 million in the prior fiscal year.

• Recurring revenues rose by 7% from $3,723 million to $3,987 million.

• Event-driven revenues fell by 22% from $269 million to $211 million.

• Distribution revenues rose by 9% from $1,717 million to $1,863 million.

• Operating income was $936 million, an increase of 23% compared to $759 million in FY22. Operating income margin increased to 15.4% from 13.3% in the prior year period.

• Adjusted operating income was $1,199 million, an increase of 12% compared to $1066 million in FY22. Adjusted Operating income margin increased to 19.8%, compared to 18.7% for the prior year period.

• Net interest expenses increased from $85 million to $136 million on a YoY basis.

• Effective tax rate stood at 20.7% compared to 19.8% in the prior year.

• Net earnings increased by 17% to $631 million and Adjusted Net earnings increased 9% to $835 million.

• Diluted Earnings per share increased 16% to $5.30 compared to $4.55 in the prior year period, and adjusted Earnings per share increased 9% to $7.01 compared to $6.46 in the prior year period.