Broadridge Posts 12% YoY Jump in Total Revenues During Q4 FY22

Fintech major Broadridge Financial Solutions, Inc. (Broadridge) has posted its financial figures for the fourth quarter and fiscal year 2022.

In terms of the results of Q4 2022, the fintech reported total revenues of $1,723 million, 12% higher than the prior year's $1,532 million. Recurring fee revenues increased 15% to $1,189 million from $1,033 million.

During the three months, the company's operating income reached $342 million, increased by 21% compared to the same period in 2021. Operating income margin came in at 19.8%. That number for the corresponding period of 2021 was 18.4%.

In addition, adjusted operating income rose 25% to $436 million. Interest expense, net was $21 million, an increase of $3 million. The effective tax rate stood at 22.1% compared to 22.6% in the prior year period. Net earnings decreased 5% to $248 million and Adjusted Net earnings increased 21% to $314 million.

For the whole fiscal year, the total revenues increased 14% to $5,709 million from $4,994 million in the prior year period. Operating income was $760 million, an increase of $81 million, or 12%. Net earnings decreased 2% to $539 million and Adjusted Net earnings increased 15% to $766 million.

"A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth," said Tim Gokey, Broadridge's CEO. "Our results reflect continued execution of our long-term growth strategy, the ongoing digitization of financial services, and strong performance from our Itiviti acquisition.