The following is a summary of the Broadridge Financial Solutions, Inc. (BR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Broadridge saw a 4% increase in recurring revenue and 9% uptick in adjusted EPS growth for Q3 2024, with expectations to maintain recurring revenue growth between 6-9% for fiscal 2024.
Free cash flow conversion for Q3 '24 was notably high at 108%, while the full year is expected to reach 100%.
Significant closed sales were observed in Q3 with a 29% increase from the previous year.
Despite a restructuring initiative, the company maintained an adjusted operating income margin increase of 40 basis points to 21.4%.
Broadridge has returned $424 million in capital to shareholders through dividends and share buybacks, with additional repurchases expected in Q4.
Business Progress:
The company continues to leverage long-term trends, focusing on the democratization of investing.
Efforts to expand the company's reach have included launching new capabilities in capital markets and growing wealth across North America.
Significant investments of $109 million have been made in technology and client conversions.
Keeping a close eye on expense management, Broadridge is keen to foster organic growth.
They remain on course to finalize a strategic restructuring initiative started in Q4 '23 by the end of the fiscal year.
More details: Broadridge Financial Solutions IR
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