Broadridge Financial Solutions Files 10-Q for Period Ending December 31, 2023

AI Summary

BROADRIDGE FINANCIAL SOLUTIONS, INC. (BR) filed a Quarterly Report (10-Q) with the SEC on February 1, 2024. Broadridge Financial Solutions, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal second quarter of 2024. The company's fiscal year ends on June 30. The filing was made on February 1, 2024. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking BROADRIDGE FINANCIAL SOLUTIONS, INC., this filing contains several important signals. This filing provides investors and analysts with updated financial information for Broadridge Financial Solutions, Inc., enabling them to assess the company's performance and make informed investment decisions. The 10-Q filing is a crucial document for understanding the company's financial health, operational results, and any material changes that have occurred since the last reporting period.

Risk Assessment

Risk Level: low — BROADRIDGE FINANCIAL SOLUTIONS, INC. shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not indicate any unusual or significant events, suggesting a stable operational and financial status.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Broadridge Financial Solutions' performance trends and outlook.

Key Numbers

• 20231231 — Conformed Period of Report (End date of the reporting period)
• 20240201 — Filed As Of Date (Date the report was filed)
• 0630 — Fiscal Year End (Month and day of the company's fiscal year end)

Key Players & Entities

• BROADRIDGE FINANCIAL SOLUTIONS, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240201 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• 5 DAKOTA DRIVE (address) — Business address street 1
• LAKE SUCCESS (location) — Business address city
• NY (state) — Business address state
• 11042 (postal_code) — Business address zip

Forward-Looking Statements

• Broadridge will continue to maintain stable retained earnings in the next fiscal quarter. (Broadridge Financial Solutions, Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Broadridge Financial Solutions operates in the business services sector, providing technology-based solutions for the financial industry.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring regular filings such as the 10-Q for quarterly financial reporting.

What Investors Should Do

1. Analyze the revenue and expense details for the quarter ending December 31, 2023.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to previous periods.
3. Review any disclosures or risk factors mentioned in the Management's Discussion and Analysis section.

Key Dates

• 2024-02-01: 10-Q Filing — Report filed for the period ending December 31, 2023.
• 2023-12-31: End of Reporting Period — The period covered by the 10-Q filing.
• 2023-07-01: Start of Fiscal Year — Beginning of the company's current fiscal year.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023, following the previous fiscal year-end report.

Key Financial Figures

• $0.01 — ch Registered: Common Stock, par value $0.01 per share BR New York Stock Exchange

Filing Documents

• br-20231231.htm (10-Q) — 1726KB
• exhibit3112q2024.htm (EX-31.1) — 9KB
• exhibit3122q2024.htm (EX-31.2) — 9KB
• exhibit3212q2024.htm (EX-32.1) — 6KB
• exhibit3222q2024.htm (EX-32.2) — 6KB
• 0001383312-24-000007.txt ( ) — 7964KB
• br-20231231.xsd (EX-101.SCH) — 55KB
• br-20231231_cal.xml (EX-101.CAL) — 69KB
• br-20231231_def.xml (EX-101.DEF) — 165KB
• br-20231231_lab.xml (EX-101.LAB) — 673KB
• br-20231231_pre.xml (EX-101.PRE) — 413KB
• br-20231231_htm.xml (XML) — 1290KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 4

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS 4

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51

CONTROLS AND PROCEDURES

Item 4. CONTROLS AND PROCEDURES 51

OTHER INFORMATION

PART II. OTHER INFORMATION 52

LEGAL PROCEEDINGS

Item 1. LEGAL PROCEEDINGS 52

RISK FACTORS

Item 1A. RISK FACTORS 52

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 52

OTHER INFORMATION

Item 5. OTHER INFORMATION 52

EXHIBITS

Item 6. EXHIBITS 53 2 Table of Contents NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q of Broadridge Financial Solutions, Inc. ("Broadridge" or the "Company") may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature and which may be identified by the use of words such as "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be," "on track," and other words of similar meaning, are forward-looking statements. In particular, information appearing under "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" includes forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include: changes in laws and regulations affecting Broadridge's clients or the services provided by Broadridge; Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms; a material security breach or cybersecurity attack affecting the information of Broadridge's clients; declines in participation and activity in the securities markets; the failure of Broadridge's key service providers to provide the anticipated levels of service; a disaster or other significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services; overall market, economic and geopolitical conditions and their impact on the securities markets; the success of Broadridge in retaining and selling additional services to its existing clients an

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Broadridge Financial Solutions, Inc. Condensed Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Revenues (Note 3) $ 1,405.0 $ 1,292.9 $ 2,836.0 $ 2,576.2 Operating expenses: Cost of revenues 1,057.2 988.2 2,132.5 1,978.7 Selling, general and administrative expenses 223.4 196.8 430.8 402.1 Total operating expenses 1,280.6 1,185.0 2,563.2 2,380.8 Operating income 124.4 107.9 272.8 195.4 Interest expense, net (Note 5) ( 36.3 ) ( 34.1 ) ( 69.7 ) ( 61.0 ) Other non-operating expenses, net ( 0.4 ) ( 1.9 ) ( 2.6 ) ( 7.1 ) Earnings before income taxes 87.6 71.9 200.5 127.3 Provision for income taxes (Note 14) 17.4 14.4 39.4 19.3 Net earnings $ 70.3 $ 57.5 $ 161.2 $ 108.0 Basic earnings per share $ 0.60 $ 0.49 $ 1.37 $ 0.92 Diluted earnings per share $ 0.59 $ 0.48 $ 1.35 $ 0.91 Weighted-average shares outstanding: Basic (Note 4) 117.7 117.7 117.8 117.6 Diluted (Note 4) 119.1 118.9 119.1 118.9 Amounts may not sum due to rounding. See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents Broadridge Financial Solutions, Inc. Condensed Consolidated Statements of Comprehensive Income (In millions) (Unaudited) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Net earnings $ 70.3 $ 57.5 $ 161.2 $ 108.0 Other comprehensive income (loss), net: Foreign currency translation adjustments ( 49.3 ) ( 112.0 ) ( 65.8 ) ( 135.1 ) Pension and post-retirement liability adjustment, net of taxes of $( 0.0 ) and $( 0.0 ) for the three months ended December 31, 2023 and 2022, respectively; and $( 0.0 ) and $( 0.0 ) for the six months ended December 31, 2023 and 2022, respectively 0.1 — 0.1 — Cash flow hedge amortization, net of taxes of $( 0.1 ) and $( 0.1 ) for the three months ended December 31, 2023 and 2022, respectively; and $( 0.1 ) and $( 0.1