Broadridge at Financial Technology Conference: Strategic Growth Insights

On Tuesday, 10 June 2025, Broadridge Financial Solutions Inc. (NYSE:BR) presented at the Financial Technology Conference, offering an optimistic strategic overview. The company highlighted its robust growth strategies and financial health, while also addressing challenges in the evolving regulatory landscape.

Key Takeaways

• Broadridge targets 5-8% organic revenue growth and 8-12% EPS growth over three years.
• The company is investing in AI and digital assets to drive innovation in capital markets.
• Broadridge emphasizes recurring revenue, achieving 10% growth over the last decade.
• Regulatory changes present opportunities, particularly in digital assets and proxy reform.
• A strategic focus on internal growth investments, dividends, and share buybacks was reiterated.

Financial Results

• Broadridge reported a 10% growth in recurring revenue and a 13% increase in adjusted EPS over the past decade.
• The company has consistently raised dividends, achieving double-digit increases in 12 of the last 13 years.
• Total shareholder return (TSR) has been 19% over the last ten years.
• The company is on track to meet its three-year guidance of 5-8% organic revenue growth and 8-12% EPS growth.

Operational Updates

• Governance: Broadridge projects mid-teens position growth in equities for FY25.
• Capital Markets: AI solutions like Bond GPT are being implemented to enhance trading efficiency.
• Wealth Management: Focus on modular solutions for back-office modernization to allow flexible transformation.
• Customer Communications: Digital growth is strong, with the digital portion expanding at double-digit rates annually.

Future Outlook

• Broadridge expects demographic trends and client innovation to sustain growth in democratizing investing.
• Digital assets are anticipated to be a significant growth driver.
• The company forecasts medium-term mid-single-digit growth in distribution revenues.

Q&A Highlights

• Position Growth: Driven by more investors entering the market and an increase in positions per investor.
• Regulation: Current administration policies on tariffs, taxes, and immigration have minimal impact on Broadridge.
• ESG and Governance: Global focus continues, with Europe and APAC leading pass-through voting initiatives.
• Competition: Broadridge holds a significant market share with competitors like Proxy Trust and Mediant also in the space.

Readers are encouraged to refer to the full transcript for a comprehensive understanding of Broadridge’s strategic insights and financial health.

Full transcript - Financial Technology Conference:

Matt, Broadridge: This is Broadridge. Joining us is Doug DeSchuter. He’s the co president, investor communication solutions. So welcome. Thank Thanks, Matt.

Thanks for having us. A lot of people in this room are probably using Broadridge Technologies solutions and may not even know it. So can you give us a brief overview of the company in total Yeah. And then the ICS unit? Good.

Yeah. Happy to

Doug DeShutter, co president, Broadridge: do so again. Thanks for having us today. And, again, my name is Doug DeShutter. Thanks for the time today. Just a bit of background on me, then I’ll get to Broadridge.

Sure. I’m co president of our ICS division. I’ve been part of the executive committee Broadridge since we spun off in 2007 from ADP. I’ve run a number of businesses, our post sale business, our proxy business, our customer communications business. I’ve been responsible for our overall digital strategy at Broadridge as well.

So, it’s a pleasure to be here today. Thank you. So let’s talk about Broadridge. In doing that, I’m going to talk about what we do. I’m going to talk about our growth plans a little bit.

Talk about our execution model. How that translates into numbers and return. So, in terms of what we do, you know, we are a leading provider of technology infrastructure in the financial services industry. We have roughly a $28,000,000,000 market cap. We have $4,500,000,000 a year in fee revenue.

That $4,500,000,000 is against $60,000,000,000 addressable market, so we think we have a long runway left. The clients that we serve are primarily in wealth management, asset management, capital markets, and corporate issuers. We service 28 of the 29 globally systemic important banks around the world. We do that through providing technology, operations, governance, and communications. The ICS business is a pretty unique network.

And sometimes people think the ICS business is complicated to learn, but think about it as a network linking corporate issuers to investors through banks and through advisors. So think issuers, investors, banks, and advisors. And the network and Broadridge is sitting in the middle of that. In the GTO business, we have a capital markets business. We have a wealth management business.

Capital markets is providing front, middle, and back office systems for capital markets. And in the wealth business, you know, we are a leading wealth provider of the industry. It’s about a $600,000,000 business there as well. Just in terms of what that translates to in terms of volumes, you know, we processed almost 900,000,000 equity positions last year. That translates into 7,000,000,000 communications that we send out to investors.

We clear and settle 10,000,000,000,000 a day in fixed income settlements. We do that on behalf of 20 of the 24 primary fixed income dealers in The United States where we’re the primary back office platform. And I think we’re the primary back office platform for 11 of the top 15 equity houses across North America. We, and we’re increasingly doing all these things as a platform company. You know, we’ll probably talk a little bit about some of the things we’re doing in wealth management and some partnerships that we’ve done to create the next generation wealth platforms.

But increasingly, as a platform company, we’re doing this across common data ontologies, common data mapping language, common APIs, and just other ways to make it easier for businesses to do business with Broadridge. Okay. So that’s who we are. In terms of our growth plans, we’ll break it down into three different things. We’ll talk about our governance franchise, where we are democratizing and digitizing governance.

We have capital markets, where we’re simplifying and innovating and trading in capital markets. And then, of course, we’re modernizing wealth management. So let me talk about each of those in turn. In terms of our governance franchise, yeah, we’ve got a clear power around that business from the democratization of governance and investing. We’ll probably talk about position growth in a little bit.

But we’ve seen in FY twenty five mid teens position growth in equities and mid single digits in terms of funds, and we’re investing a lot to make those communications more engaging and more effective for shareholders. We are doing a lot with funds. You know, we just rolled out a tailored shareholder report platform on behalf of the industry about a year ago, which is the next generation disclosure for fund companies. We are helping asset managers and funds better engage with the underlying shareholders and passive funds through something called pass through voting. We, pass through voting is an increasing trend.

We supported eight funds in that in ’23. We had about 100 funds last year, probably 400 funds this year, that continues to grow in terms of things we’re doing. And in the customer communication space in ISIS world, we have a huge effort around a print to digital migration, helping our clients digitize communications, investing in next generation digital communications platforms around that as well. So that’s around the democratization and digitization of governance. In the capital markets, which is about a billion dollar business, capital markets, again, it’s about simplifying and innovating and trading.

We have a class leading global post trade books and record system in the back office. We made a pretty meaningful acquisition in Europe that got us into the front office with a global leading SaaS platform for front office trading capabilities in capital markets. And, you know, we’re really doing a lot of innovation in capital markets right now. We’re doing real things around AI. You know, lot of people are talking about AI and how they’re experimenting, exploring.

You know, we’re executing, we’re implementing, it’s driving real revenue for us. Like, we just announced there’s a press release this morning around Bond GPT and the rollout of Bond GPT. We have real platforms and real revenue around distributed ledger repo. And all these things are basically helping speed execution, lower execution costs, lower execution risk. A lot going on in capital markets.

Wealth management for us is very much around modernizing wealth management. And, you know, back in the day a wealth management back office conversion was a huge big bang. And we’ve really extended to creating modular solutions that you can use on various different point solutions. And we talk about transforming on their own terms, transforming on your own terms, so that firms now can think about modernizing back office and back office capabilities using these modular solutions that we’ve been spending the last five to six years investing in. So that’s what we, that’s kind of our growth strategy.

Just quickly, Matt, I’m sorry, about the execution and like, so what does that mean to you guys? And how does that translate around execution and returns? If I go back to the last ten years for Broadridge, we’ve had 10% recurring revenue growth, 13% adjusted EPS growth. We’ve had dividends growing in line with earnings. I think we’ve had a double digit dividend increase for 12 of the last thirteen years.

And over the last ten years, a 19% TSR, total shareholder return. We’re a pretty unique company in that we hold an investor day every three years. And when we do that, we provide three year guidance. And at the last investor day we talked about, you know, that guidance, five to 8% organic revenue growth, seven to 9% revenue growth in total, with a point or two coming from M and A, eight to 12% EPS growth, and we’re just over halfway through that three year period, but, you know, we’re on we’re on track to to achieve that. Overall, would say, if you think about Broadridge as an investment, you know, we target low double digit TSR returns with high defensiveness and low volatility, and we think that’s relatively boring, and we think boring’s exciting in that context.

That’s that’s my line and I’m sticking to it. Okay.

Matt, Broadridge: I want to drill down a little bit. You you mentioned democratization. Yeah. There’s this theme of democratization of investing. You mentioned the position growth.

Doug DeShutter, co president, Broadridge: Yeah.

Matt, Broadridge: Can you kind of unpack the trends that are underlying it? Maybe what do you what is it?

Doug DeShutter, co president, Broadridge: And then So what is it? So what if we say democratization of of investing? Took me a while to really get those words out consistently. They’re tough to expect. What does that mean?

That means more people are transacting in the market, and that brings in more positions, and generally our revenue trends are tied to the number of positions that we process. So, you know, this trend around democratization isn’t know, going back to, I’m going way back, some of the older folks in the room, right? The, you know, ending, you know, the end of fixed income, of the fixed commissions, and the, you know, decimalization. And then there’s a point where, you know, you could get a managed account if you had a $250,000 balance. And now the balance for managed accounts is like, you know, way down.

And then you got the advent of, you know, app based investing and digital brokers and robo advisors, and now you have model indexing and all these various different things that, where you see underlying broker dealers that are basically innovating, thinking about new ways to make it effective for investors to participate and enter into the market. All those things are continuing to drive position growth. So, let’s step back. What is position growth? Because this is a core driver for Broadridge in the ICS business.

Position growth is, you own, Eddings, you own a 100 shares of Amazon, or you own a thousand shares of Amazon, that’s just one position. And generally speaking, we get paid for processing, you know, positions. Position growth over the last decade, Matt, has grown about high single digits. And the way to think about that is through, you know, two primary factors. There are more investors coming into the market that’s been of that, call it high single digit, that’s been two to four of that.

Two to four points of the high single digit. And then, of course, for folks in the market, more positions per investor. That’s been worth about five to seven points. And so on a combined basis it’s been high single digit growth. Again, we talked about where we are in fiscal year twenty five year to date.

We’ve at mid teens in terms of equity position growth, and mid single digits in terms of in terms of fund growth. In terms of where I think that’s going to, you know, is that trend going to continue? You know, for me, I think positively it will. There are certain demographic drivers behind that, more investors in the market, and then of course, there’s the innovation that our clients are doing around creating more product for investors to invest in, and that’ll continue to drive drive growth. And even things that where the regime has yet to been set in terms of, you know, digital assets or private assets, and how those are going come to the market and investors participate in that.

You know, all those things will need investor information, and investor disclosure and ways for investors to engage with those underlying assets. And I think all those things will bode well for Broadridge. The democratization of investing is all these things, and it’s been a positive trend for us.

Matt, Broadridge: You talked about it impacting the ICS business. Do you think it’s impacting the GTO business in terms of capital markets, wealth management?

Doug DeShutter, co president, Broadridge: Well, know, the GTO business, I go back to the strategy, is we’ve been we’ve been creating a multi asset class front, you know, on the front end, and of course we have leading capabilities on on post trade on the on the back end. And innovation is a common theme around all those different things. So it’s simplifying operations, creating scale, and around the innovation. And that’s I I think Broadridge plays very well in that space. You know, we’re they’re going back to being a $28,000,000,000 market cap company and 4 and half billion dollars of revenue.

I will, you know, at some point, know Dan’s in here, he’s like, you know, you guys always talk about your capital model because this is very interesting to investors. But, you know, the thing in the pecking order for our capital allocation model is investing in attractive internal growth opportunities. And we have the balance sheet and the capacity to be able to do that. So we’re innovating at scale. And whether it’s things like Bond GPT or Ops GPT and things like that, you’re seeing that?

In the wealth markets, you’re seeing the investments that we’re making. You know, we had a big partnership with a client going back over the last five years where we created a next generation wealth platform and investing in that. All these things are so that our end client can, you know, reduce the cost of operations, make it more effective, and provide tools so they can continue to innovate. Innovation, everybody’s innovating, and we feel that innovation, and that’s a good trend for us.

Matt, Broadridge: Okay. Can we drill down on digitization that Joe also talked about?

Doug DeShutter, co president, Broadridge: Yep.

Matt, Broadridge: Is that simply replacing paper with digital communications or is it more involved?

Doug DeShutter, co president, Broadridge: A good question. Is it more involved? It it’s a lot more involved. So let’s just talk about what digital is and and what that means. You know, the financial services industry has been doing digital for twenty five years.

And digital started off as email. Where we are right now as a financial service industry, and you think about the things that we do and the communications that we provide, 85 to 90% of regulatory communications, so think of it as a proxy or an interim or a prospectus, 85 to 90% of those are already suppressed digitally. So there’s about 10 to 15% left in paper. In terms of the transactional communications, like the things that we do in the customer communications business, 50% of those have gone electronic and 50% of that is paper. We’ve been partnering with an industry for the last twenty five years to drive that electronic, to drive those rates up higher.

And it’s not something that we’re concerned about in protecting a print business, it’s just the opposite. We are actively investing and engaging to help our clients go from print to digital. And it’s to drive, yes, is around cost savings, but it’s also around client engagement and deeper engagement with clients in a digital way. And then when you think about digital, Matt, I’d ask you to think about not just email. That’s the simplest way to think about it, but that’s just a fraction of what it is.

The digital ecosystem around digital communications ranges from data ingestion to composition to e delivery to SMS texting, providing personalized HTML micro sites on behalf of clients, the preference management process around that, the e field delivery process archiving all those communications. There’s compliance layer that goes across all those different things. And there’s a whole vertical stack of capabilities tied into digital, which is attractive for us. And know, when you step back and say, you know, Broadridge, you know, you’re still doing print. Are you concerned about print going away and that’s driving digital?

I think about just a mirror of that. I think about the 50% that’s not yet digital. I think about that as the opportunity. And I’m not concerned about the print, the 50% of print that exists because of all the different things in that value stream around what is digital. You mentioned

Matt, Broadridge: the customer communications business. Yes. I mean, I think most people think of Broadridge, think of the proxy business.

Doug DeShutter, co president, Broadridge: Yep.

Matt, Broadridge: So what is the customer communications that you’re talking about?

Doug DeShutter, co president, Broadridge: Customer communications, so think of it, so it’s a $700,000,000 business. It’s about 85% print today and 15% digital. That digital business within there, think is a is a terrific business. So you can do the math on what 15% of 700,000,000 is, and that business grew double digit in ’23, double digit in ’24. We’re on track to be, you know, solidly double digit this year in ’25.

So it’s a pretty meaningful business growing, you know, double digit because of all the different things that I just talked about. Our typical client could be a, you know, like somebody you’re familiar with. Think of a large financial services firm that is consumer facing and has to send out really important communications like a customer statement, or a trade conf firm, or a letter, and various different disclosures and things like that. And what a what a firm like that would be looking to do is to essentially optimize that overall program across print. They really like to streamline and reduce the cost of providing print.

And they want to provide and they want to create better digital experiences so they have a better digital interaction with their clients. And they’re looking for our help to help convert clients from print to a digital relationship. And I think that’s a win win. That’s great for our clients. It’s good for us because we’re going from a low growth, low margin print business to a high growth, high margin digital business.

So it’s really there’s a good synergy and a very good fit there. And so that’s our typical client. Mhmm. You know, for us, we are a leading omnichannel platform, which is pretty unique. Now there are, if we were to get into competition, there are a number of folks out there doing purely print.

There are some folks out there doing email. There are some folks out there that can provide the technology stack to do archive. We have a fully integrated suite where the whole set of next generation digital experiences tied to all those things, and we actively work and partner with our clients to drive print to digital. And I think it’s a pretty unique value proposition for us. And that’s why you’re seeing this double digit growth in the digital business, like underneath within customer communications going know, pretty attractive over the last several years.

Okay.

Matt, Broadridge: You’ve mentioned a couple of times recurring revenue.

Doug DeShutter, co president, Broadridge: Yeah.

Matt, Broadridge: Where you also report event driven Yep. And distribution revenue. Yep. Can you kind of explain the differences, and how should investors sort of think about them and the drivers?

Doug DeShutter, co president, Broadridge: You know, recurring revenue is is, you know, revenue under contract for more, you know, for multiple years. It’s a pretty simple concept. Event driven revenue is something which is not recurring. It may happen, you know, one year and not again for another few years. It may just be a one time one off, or something like that.

That’s event driven revenue. Example of that could be a proxy contest when there’s an activist. It could be a mutual fund complex having to go out to a board vote because they have a new CEO. You actually saw that in ’24 and ’25. In ’24 we had a Disney contest.

It was pretty active and pretty public, and, you know, we of course, we were doing communications on behalf of Disney, but there were also two activists in there, and our job is to be the fair middleman in there helping everybody do effective communications and to manage the overall process. So you saw a big event in ’24 from Disney. This year, you’ve seen a large mutual fund complex. They have a a new CEO, a CEO at the top of the house, and so they had a board wide complex to put him on the board of the various different funds. On average, I think we range from $2.40 to $260,000,000 a year on average in terms of event driven revenue, and that generally should grow in line with position growth, something like that.

Distribution revenues, about $2,000,000,000. Yep. Think of it as, you know, things like postage tied to, you know, physical distribution and physical output. It’s just a pass through. I would say, you know, long term the trend on that is that will dissipate as we continue to execute on digital strategy.

I think in medium term, you know, we’re still winning a lot of print business because we have such an effective digital strategy in customer communications, and a lot of times the print comes with it. So we’ve got between position growth and customer communications, I’ll call it low single digit growth in distribution revenue because of that. Maybe add a couple of points on top because of postage rate increases. So I think in the medium term you’ll see mid single digit growth in distribution revenue, You know, over a long period of time, though, I would see that seeding away as we continue to drive more digital.

Matt, Broadridge: Okay. You mentioned medium term, maybe we’ll move a little more short term. And that’s what are you seeing in terms of demand? Does market volatility help hurt the business? Sort of a very open ended question.

Doug DeShutter, co president, Broadridge: I think part of that side is sales. So let me just break that question down into maybe maybe sales, and then and then a demand of what I’m I’m personally seeing in the businesses that I lead and I’m involved in. In our q three, we talked about sales. We’ve excluding our tailored shareholder report rollout last year, which is kind of a one off. We we’ve grown sales, you know, 9% year over year for q three and actually for year to date.

You know, and at that time, we were seeing at that time, we were seeing, you know, some some slowing in the pipeline for the full year just because the q four is such a big sales quarter for us. And so we ended up revising guidance, which is why we did that. You know? But the the the demand in terms of solutions that we have tied to anything cost and operation efficiency related. You know, every one of our clients needs to get more efficient and save money.

There’s not a director of operations in the industry that doesn’t have a goal every year to save money and take cost down. And, you know, we’re a big mechanism and partner for them to be able to do that. And, you know, we continue to see very strong demand for those. In my particular business and the thing I was doing, in areas that we’re investing in heavily, data and analytics solutions, really strong demand. Our digital solutions like Wealth and Focus, very strong demand.

Even some things where, you know, proxy reform and some of the things that are happening there where you see know, there’s a lot going on with proxy advisors right now. Now, we’re not a proxy advisor. We don’t advise in the vote. You know, we’re just the we’re the processor making sure that it all happens the right way. But fund companies are looking for ways to reduce the reliance on on proxy advisors.

We provide tools and technologies for them to be able to do that, and the data and analytics for them to be able to do that. So we’re seeing some really strong demand for a lot of things in the governance space.

Matt, Broadridge: Thinking about position growth. Yep. If I think about the history, what does it tend to do when markets are up and then when markets are down? Is there any?

Doug DeShutter, co president, Broadridge: Well, it’s interesting. It’s since 02/2007. Mhmm. And we’ve had some pretty big swings in cycles since 02/2007. I think about, for those of us, you know, Broadridge, we spun off in 2007 right into the phase of a hurricane, was 02/2009.

And, you know, and then we’ve had some other periods, and we’ve had COVID and various different things. Since 02/2007, stock record growth and mutual fund growth on a combined basis has never been negative. So there’s some pretty good, you know, pretty strong defensibility in there, and I think that’s because the underlying drivers are still pretty strong around population and things like that. You tend to see, you know, there’s probably a couple of effects. These are not statistically modeled out, so they’re just kind of, you know, hypotheses.

But when markets go down, you end up seeing people not getting, eliminating, getting out of positions, which by the way would trigger tax in a lot of cases. But you see people looking at it as a buying opportunity and getting into more positions. You know, so we saw that during COVID. And even during the most recent uncertainty, you know, you’ve seen over the course of this year where our stock record growth has increased, and there’s some, you know, uncertainty that got introduced right around, you know, January, February time frame time to, you know, tariffs and things like that, and you still saw stock record growth increasing.

Matt, Broadridge: Can we switch gears and talk about the competition?

Doug DeShutter, co president, Broadridge: Okay.

Matt, Broadridge: I mean, your proxy business seems like it has a nice moat, but there are competitors.

Doug DeShutter, co president, Broadridge: Yep.

Matt, Broadridge: Seems like it’s predominantly US. Can, you know, can you compete internationally with the business?

Doug DeShutter, co president, Broadridge: Well, well, a couple of things. So the the regulatory business in ICS was about 45% of the revenues in in ICS. We the the fees around proxy process the fees that a a broker can charge an underlying issuer tied to, you know, proxy and related communications is actually set by the New York Stock Exchange and the SEC. And those fees haven’t changed in over a year over a decade. We have a, yeah, we have a large share in the beneficial market, which is the market for, you know, where shares are held through broker deals.

It’s about 80% of the market. And we’ve got competitors in the space like Proxy Trust and Mediant, and we have competitors in that space. We do have a global proxy business as well, and that’s where individuals outside of The United States are holding shares in non US or non Canadian businesses, and they’re doing it through global custodians, global brokers, global custodians. We’re actually starting to see an increasing phenomena where you’ve got global investors buying shares held directly in US securities, and we think that’s a new growth opportunity for us as well, actually.

Matt, Broadridge: I’m gonna open it up for any questions from the audience. I still have plenty, but there’s any? Nope. Okay. I’ll give you a chance in a little bit.

You mentioned that the pricing is set by the SEC and the New York Stock Exchange. Mhmm. So how is regulation a tailwind or a headwind to the business?

Doug DeShutter, co president, Broadridge: Well, let’s let’s talk about regulation holistically. Yep. You know, and I’d say, you know, the things that in again, the current administration and and the things that the current administration is really focused on are kind of top of the mind issues, tariffs, taxes, immigration, social issues, you know, by and large, those don’t impact our client’s business or or Broadridge’s business. Know, we’re service businesses. So those top of line things that the current administration is focused on really are not not impacting us.

I think the the next set of potential priorities for the administration could be pretty positive for us. So digital assets. You know, we the administration’s looking to think about what the overall disclosure and investment regime is going be for digital assets. Probably wouldn’t surprise you to know that we’ve already come out with a disclosure solution for digital assets called Clarify, which we’re pretty excited about. So digital assets, I think, for us will be an opportunity.

We touched briefly on proxy reform. That’s a pretty hot topic for the SEC. And I think that’s an opportunity for us because we When they talk about proxy reform, they’re not talking about what we do. They’re talking about proxy advisors and potential conflicts of interest and various different things. What that translates into is that our clients on the asset management side and the fund side are looking for different ways that they can get informed decision making on how to vote their shares, and we have tools and technologies that enable them to do that.

And we have tools and technologies that enable them to actually pass that vote back down to the underlying shareholder in a passive fund. So if you want to pass a fund and you’ve got retail shareholders out there, like all of us could be a retail shareholder, you can actually allow that underlying shareholder to indicate you know, how they would, you know, prefer to have their votes presented and shared. And again, we’re not processing 400 funds. So digital assets an opportunity, proxy reforms an opportunity, and then of course digitization, and continuing to drive digitization for the industry. And that’s a win win for the industry and a win win for us.

Matt, Broadridge: What about ESG?

Doug DeShutter, co president, Broadridge: That’s gotten more complicated over the last Exactly. You know, but that’s, you know, if you look at it on a global basis Mhmm. There are, you know, ESG continues to be an important topic for different countries and different regimes on a global basis in Europe and APAC and things like that, and so you almost have to answer that differently depending on where you are and the time and things like that. And in some countries, in some pension funds overseas, that’s why they’re thinking about passer voting as a way to pass that through the underlying institutional shareholder and things like that. So, you know, it’s more around the governance piece of it, is where I focus on the opportunity, but that’s, know, we play very strongly in the governance part of that.

Okay. Bit

Matt, Broadridge: of an unfair question, because it’s more of a broader question. Got it. How does Broadridge think about its capital allocation? You got steady business, growing nicely.

Doug DeShutter, co president, Broadridge: It’s actually it’s actually that’s a layup for us. That’s a layup for me to answer, so thank you for ending on that one. We, you know, look, we have a low capital intensive business. We have, you know, pretty strong we have very strong free cash flow. This year we’ve given guidance of 95 to, I think 95 to 105% free cash flow conversion, you know, for this year.

Again, I’ve been on the executive committee since 02/2007. We have a very clear pecking order in terms of how we think about money and investing. The is, we look to fund and prioritize, you know, attractive internal growth investment opportunities. That’s the thing. The thing is, you know, continuing to provide a dividend that continues to grow in line with earnings.

That’s a good way to give cash back to shareholders. The is around executing, you know, attractive, you know, tuck in M and A opportunities that that support our growth strategy. And then, you know, after those three, you know, returning excess cash to shareholders through buybacks. So think about it as internal investment, dividends, tuck in M and A supporting growth strategy, and then buybacks. And we do all that in the context of maintaining an investment grade credit rating.

And so it’s, in any given year that may change a little bit in terms of the relative mix, but over long cycles, you know, it’s been pretty consistent. It’s worked out very well for us. And for those of you that have been around Broadridge long enough, you know, we have a saying, you know, we’re stewards of investments and the money because after all, it’s your money, and we really do believe that.

Matt, Broadridge: Excellent. Well, you very much. Appreciate it. Good. Thanks, Matt.

Thank

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