Broadridge Financial Solutions, Inc. (NYSE:BR) hosts Investor Day 2023 at 8:30 a.m. ET today.
“Today’s Investor Day theme is ‘Strengthening and Transforming Financial Markets’ which reflects the critical role we play today and the opportunity we see ahead. Over the past ten years, Broadridge has achieved 10% annualized Recurring Revenue growth, 14% Adjusted EPS growth and 22% annualized total shareholder returns, said Tim Gokey, CEO of Broadridge. “Looking ahead, Broadridge is better positioned than ever for long-term innovation-driven growth.”
As part of Investor Day, Broadridge announced its new three-year growth targets for the three-year period ending in fiscal 2026.
Broadridge also reaffirmed its guidance for fiscal 2024.
Recall that Broadridge recently announced financial results for the first quarter ended September 30, 2023 of the 2024 fiscal year.
Total revenue rose 12% to $1,431 million from $1,283 million a year earlier.
Recurring revenue increased $65 million, or 8%, to $871 million. Recurring constant currency (Non-GAAP) revenue growth was 8%, all organic, driven by Net New Business and Internal Growth in Global Technology and Operations (GTO) and Investor Communication Solutions (ICS).
Event-based revenue increased $24 million, or 39%, to $87 million due to higher mutual fund and corporate brokerage activity.
Distribution revenue increased $58 million, or 14%, to $473 million due to higher event-based shipments as well as an increase in postage of approximately $27 million.