Broadridge Tops Q4 Backed By Digitization Of Financial Services, Itiviti Acquisition; Boosts Dividend

  • Broadridge Financial Solutions, Inc BR reported fourth-quarter FY22 revenue growth of 12% to $1.72 billion, beating the consensus of $1.67 billion.
  • Recurring fee revenues increased 15% Y/Y to $1.19 billion. Distribution revenues rose 12% Y/Y to $477 million. 
  • ICS segment total revenues increased 12% Y/Y to $1.35 billion, and GTO recurring fee revenues increased 18% Y/Y to $382 million.
  • The adjusted operating income margin expanded 250 bps to 25.3%.
  • Adjusted EPS of $2.65 beat the consensus of $2.63.
  • Broadridge held $224.7 million in cash and equivalents.
  • CEO Tim Gokey said, "Our results reflect continued execution of our long-term growth strategy, the ongoing digitization of financial services, and strong performance from our Itiviti acquisition."
  • Dividend: The board declared a quarterly dividend of $0.725 per share after raising the annual dividend rate by 13%.
  • FY23 Outlook: Broadridge expects recurring revenue growth of 6% - 9% and non-GAAP EPS growth of 7% - 11% Y/Y.
  • Price Action: BR shares traded higher by 3.10% at $174.99 on the last check Friday.
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