Broadridge Financial Solutions, Inc. (BR)

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Broadridge Financial Solutions, Inc. (BR)

F1Q2013 Results Earnings Call

November 6, 2012 8:30 AM ET


David Ng - Director, Investor Relations

Rich Daly - Chief Executive Officer

Dan Sheldon - Chief Financial Officer

Steve Racioppo - Chief Revenue Officer


George Mihalos - Credit Suisse

Peter Heckmann - Avondale

David Togut - Evercore Partners

Chris Donat - Sandler O’Neill



Good morning. My name is Tunisia, and I will be your conference facilitator. At this time, I would like to welcome everyone to the Broadridge Financial Solutions First Quarter Fiscal Year 2013 Earnings Conference Call.

I would like to inform you that this call is being recorded and that all lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speakers’ remarks. Please try to limit your questions to one per participant.

I’d like to turn the conference over to David Ng, Director of Investor Relations. Please go ahead, sir.

David Ng

Thank you. Good morning, everyone. And welcome to the Broadridge quarterly earnings call and webcast for the first quarter of fiscal year 2013 results. This morning I’m here with Rich Daly, our Chief Executive Officer; and Dan Sheldon, our Chief Financial Officer.

I trust by now everyone has had the opportunity to review the earnings release we issued this morning. The news release and slide presentation that accompany today’s earnings call and webcast can be found on the Investor Relations page at

Today’s -- during today’s conference call, we’ll discuss some forward-looking statements regarding Broadridge that involve risks. These risks are summarized here on slide number one. We encourage participants to refer to our SEC filings, including our annual report on Form 10-K for a complete discussion of forward-looking statements and risk factors faced by our business.

Before we begin, I’d like to point out that to everyone that as a result of the Penson transaction we closed in the fourth quarter of fiscal year 2010, the clearing business is now shown as discontinued operations and our remaining outsourcing business is included in the Securities Processing Solutions segment. Also, as a result of the reported -- reporting treatment of the Penson transaction, the financial results discussed today will address continuing operations unless otherwise stated.

Our non-GAAP fiscal year 2013 earnings results excludes the impact of acquisition and amortization and other costs and Penson charges net. These costs are significant and we believe the non-GAAP information provides investors with a more complete understanding of Broadridge’s underlying operating results. A description of these non-GAAP adjustments and reconciliation to comparable GAAP measures can be found in the earnings release.

Now, let’s turn to slide two and review today’s agenda. Rich Daly will start today’s call with his opening remarks and will provide you with a summary of the financial highlights for the first quarter of fiscal year 2013, followed by discussion of a few key topics.

Dan Sheldon will then review the first quarter financial results in further detail. Rich will then return and provide his overall summary and closing thoughts before we head to the Q&A part of the call.

Now please turn to slide three and I’ll turn the call over to Rich Daly. Rich?

Rich Daly

Thanks, David. David welcome to the formal call even though you’ve already played an integral role behind the scenes for years. For those of you who are not aware Rick Rodick, our former Head of Investor Relations has become CFO of UTI Worldwide. We are very happy for him and wish him the very best.

Now, let me start by saying good morning to everyone on the call and also happy Election Day. Before we begin today’s call. I wanted to give you an update regarding Hurricane Sandy and any impact that had on Broadridge.

First and foremost, all of our associates have been safely accounted for. Next, due to our extensive business continuity plans, we met all of our deliverables on time and in a business as usual manner.

We expect some minor financial impact call it less than a million this quarter due to the markets being closed on Monday and Tuesday of last week. There would likely be temporary delays on certain activities such as sales closings.

But given we are June 30th year end. At this time, we don’t anticipate Sandy’s impact to change any results for our current fiscal year. During Q&A, Dan and I will do our usual best to candidly answer any questions regarding Sandy beyond your regular questions about this quarter.

So back to the quarter. This morning, as part of my opening remarks, I’ll talk about the following topics. First, I’ll start with an overview of our first quarter fiscal year 2013 financial highlights and guidance. Then I’ll discuss our closed sales performance, followed by an update of some key activities. After Dan provide you more the financial details, I’ll wrap it up as usual with my closing comments.

Let’s start on slide four, our first quarter fiscal year 2013 financial highlights. Overall, I’m satisfied with our first quarter financial results. Recurring revenues were up 3% versus the comparable quarter in fiscal year 2012.

Recurring revenue increase was a result of net new business, acquisition and a 99% client revenue retention rate. Total revenue was up 4% as event driven and distribution revenues were higher than anticipated and will partially offset by lower trade volumes.

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