Q4 2024 Broadridge Financial Solutions Inc Earnings Call Transcript
Key Points
- Broadridge Financial Solutions Inc (BR) reported record closed sales of $342 million for the year, a 39% increase.
- Adjusted EPS rose 10% for the full year, driven by 6% organic growth in recurring revenues.
- The company announced a 10% increase in its annual dividend, marking the 12th double-digit increase in the last 13 years.
- Broadridge Financial Solutions Inc (BR) achieved strong free cash flow conversion, ending the year at 102%.
- The company has a strong pipeline and backlog, positioning it well for sustainable growth in fiscal 2025.
- The de-conversion of Morgan Stanley E-Trade negatively impacted the wealth and investment management revenue growth.
- Lower float income and higher distribution revenues are expected to have a dilutive impact on margins in fiscal 2025.
- The company incurred $56 million in restructuring charges in the fourth quarter, which were not included in the calculation of adjusted operating income and adjusted EPS.
- Event-driven revenue, which can be volatile, contributed to growth but may not be sustainable.
- The impact of E-Trade deconversion is expected to continue to weigh on the wealth and investment management growth through the first half of fiscal 2025.
Good day, and welcome to the Broadridge Financial Solutions fourth-quarter and fiscal year 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to hand the call to Edings Thibault , Head of Investor Relations. Please go ahead.
Thank you, Andrea, and good morning, everybody, and welcome to Broadridge's fourth-quarter and fiscal year 2024 earnings call. Our earnings release and slides that accompany this call may be found on the Investor Relations section of broadridge.com.
Joining me on the call this morning are Tim Gokey, our CEO, and our Interim Chief Financial Officer, Ashima Ghei.
Before I turn the call over to Tim, a few standard reminders. One, we will be making forward-looking statements on today's call regarding Broadridge that involve risks. A summary of these risks can be found on the second page of the slides in a more complete description on our annual report on Form 10-K.
Two, will also
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