Broadridge Records Total Revenues of $1.3 Billion for Q2 FY23

The global Fintech leader Broadridge Financial Solutions, Inc. (Broadridge), has released its fiscal results for the second quarter ended December 31, 2022 of its fiscal year 2023 (Q2 FY23). According to the report, the total revenues reached $1,293 million during the three months, increasing 3% compared to $1,260 million in the same period of fiscal year 2022.

More specifically, recurring revenues increased by 6%, or $47 million, to $840 million and the event-driven revenues dropped 42%, or $27 million, to $38 million on a yearly basis. The revenues of distribution was $415 million, up 3%, or$13 million, compared to H2 FY22.

Operation income during the period came in at $108 million, up 57%, or $39 million, on a yearly basis while operating income margin increased from 5.5% in the prior year period to 8.3%. Adjusted operating income was $173 million, up 23%, or increasing $32 million on a YoY basis and the adjusted operating income margin increased to 13.4% compared to 11.2% for Q2 FY22.

The net interest expense increased $13 million to $34 million compared with the same period of last year.

The effective tax rate recorded a dramatic increase from 9.1% in Q2 FY22 to 20.0%.

Net earnings increased 22% to $58 million and Adjusted Net earnings increased 11% to $108 million. Comparing with metrics in Q2 FY22. Diluted earnings per share increased 20% to $0.48, compared to $0.40 in Q2 FY22, and adjusted earnings per share increased 11% to $0.91, compared to $0.82 in the same period of last fiscal year.