Tim. I’m Thanks, by the deeply has toll taken the family. Like on Broadridge virus Tim, that sadden
grieving we remarkable responded. a associates’ in our our intense our way truly ways and associates thank are have are special is to the We production teams. all pride you but not to resilient and are still it impossible thank delivering feel They to you
XX our I’m we outlook COVID. resilience March, X call with within even performance begin results. [indiscernible] and outs. third provided And was outlook on the early with in now I’ll consistent in business. pleased the to Slide performance and with quarter our our of related It our the highlight
First, high the QX. third volatility lines. in an as in in on proxy growth recurring the modest, organic work individual our more the some we there net increase single-digit was from notable of growth was of but were revenue in expect Organic recurring QX benefit in impacts quarter QX third impact COVID and shift and to we the from quarter X% product
lowest in Second, of has the the years. COVID. This being activity first year the half and activity we exacerbated trends is now event event are saw a continued weak by six in
our quarter notably Third, sales March in in of strong of in pipeline higher we’ve increase XX% sales recorded because the opportunities. third and new a
in strong Fourth, balance sales confidence have that this we our even sheet. on We deliver environment. our can guidance
flexibility support give $X.X our credit dividend. our operations, Our notes rating investment to repay grade is us of fund and billion maturing our liquidity ample
is to for guidance, in on for no to the are trimming our the guidance And adjusted activity full [it recurring growth business. our right capital. doing drop There EPS revenue Fifth, is for on our excess previously COVID and us further in sheet confidence substitute expected. what of we focus below we what quarter’s event in balance give impact factoring healthy the guidance comfort reiterating also]
recurring a it’s perform including I the how on Sixth important revenue until fourth may color. we formal But in quarter. our recession very the we business is on on this next report and growth. COVID as provide not practice, perspective think guidance some final preliminary we will year fiscal provide ahead, year view a in
in turn XX, Let’s growth to Slide drivers. our revenue
recurring motions and contribution Most before revenues X% quarter fee lead healthy the rose sales are new with implementations months to go have in live. in growth. Our points times additions X long
much see are related not net saw We the did volatility driven offset pandemic on factors high of in quarter revenue I It’s to of internal of an effect the again continues we these quarter. keeping each by business. the was big headline The it touch the by COVID to in processes impact we will shift unfold. Importantly, here review on driven an from other. neutralized growth eye biggest the neutral. something each work impact COVID the is although essentially that in certain largely on-boarding fourth trade third to but my crisis These clearly was March. exceptional proxy growths
in points impact performing overall the analyze are contributed quarter. two and from acquisitions acquisitions our fourth of well Acquisitions modestly quarter, the next to should start growth. larger We'll decline so X of
by record next quarter, and to from strong expect of of to growth meaningfully Looking growth the proxy QX boosted from the internal the should improvement to stock revenue we positive revenue realization and to organic combination QX. the improve known sales come shift growth sustain timing performance strong
down total a and revenue event revenues. revenue, sharp Moving distribution by $X.XX was driven total to growth recurring decline partially to offset billion related as revenues X% increased
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few some quarters. This measures day revenues between by million of distancing, COVID new As revenue implementation takes year, days. third reductions dates quarter QX shift so standard you by level sensitive a the only $XX the moved last each is million. recall, out may and $X of social year to revenue safety shift a $XX million, This and QX of our with couple mix movement about days including related recognition to it our very staff represents lowered meaningful
very we a Importantly, remained demand of described the up, to the proxy growth coupled line stock record in X% record expect fourth that next the catch shareholder volume lead notable revenue much in at our with in well. quarter. single-digit growth as high and quarter quarterly with pickup should equity healthy virtual stock The meetings for now shipped, Tim dramatic pickup proxy
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ICS by rates. and revenues, slash and rate products market analytics data offset securities the from business, Fed’s a following and and declines lower decision continued to partially recurring and fund sensitive revenue big out trading custody interest the market revenues growth was Rounding value retirement
strong the ahead sale high shareholder the modest a the in mid at volumes a timing for to for growth Looking single-digit revenue virtual proxy strong meetings track to is fourth the shift, combination pickup quarter finish from organic on demand up post pickup ICS and given proxy season, shaping to a be year. strong the is of
call sharply $XX my in declined noted to event I million. revenues driven As outs,
quarter revenues year new were reflecting delays. driven since third XXXX, continuation and we've their trend XX, Slide the event related at of on level see you'll lowest seen As a all COVID
pushed and high fiscal proxy As have campaigns the a into crisis seen unfolded, of proxy we profile ‘XX set aside. couple fights notable
So fourth we driven declines and are quarter. the revenues event in now anticipating additional
our $XXX of QX fiscal and reduced Our take fiscal forecast event us revenue full year would for ‘XX ‘XX. to weakest significantly million levels since
for Slide which trading points exceptional growth the very XX Revenues XX% reported turn in XX, XX% results strong Let's quarter. biggest The to fixed our on was growth. organic business GTO rose on in XX% third of and equities income. driver
associates it our and so As is technology to testament a flawlessly. record we volumes noted, handled that Tim our
volume to translates XX% sensitive activity. XX% trading on the our of about reminder, bands every a trade As into are is to incremental not contracts The of based GTO business revenue. trading majority we're
recent strong The pickups adding achieve to business continue new additions well revenue. also We and licenses. net meaningful from acquisitions performed
contracts of the ultimately are COVID schedule and and on plans a our on the time. close on was quarter trading out crisis higher did GTO of see Beyond April. the business impact eye very on-boarding are closed We most our volumes, client we More limited. slipped this one schedules large in generally, at the license keeping
range we in sales total the Looking and high continued volumes, quarter, expect GTO to to the teens. single-digit to and we be fourth ahead revenue below more in high in to growth quarter, strong revenue expect organic higher fourth see trading the levels In although growth the March. growth
sheet $XXX cash our a At $X.X economic source liquidity strength. Slide quarter, committed to In $X.X revolving balances, environment, billion was in our uncertain XX. remaining available is the million of billion on balance the this of credit close and facility. comprised billion our of $X.X Turning
and million our Moreover, than only cash anticipate fixed our coming September mature to years, we in for of having maturity. more further profile our the maturity refinance debt $XXX excess availability this portion our outlook. six maturity of of or Over is notes XX% six revolver XXXX. liquidity debt does due ample years not enhances And of less senior
well which below. financial covenant, credit debt one leverage revolving Our ceiling were a facility has
our to capital in We’ve taking rating. a strong planning credit grade while committed investment remain disciplined to rating allocations. important An and balanced factor capital credit approach is our our
X.X our the June the elevated were on reducing recent sheet about Given a environment near-term times cash in X XX. balance our M&A, and about the by leverage we focused in little with from ratio extra to times
do quarter. will any is result the share unlikely, in repurchases a As we meaningful fourth
free of $XX cash for Underpinning Broadridge year. months our flow. the our the planning of generated free first cash is flow capital nine million
flow the quarter we free healthy We cash in fourth continue most cash where our typically generate to flow. free of expect
outs. other Two call
our operating making industry flow, are platform, which can investment in the see large you to schedule. on Wealth Management impact we cash develop and the First the UBS of is
been Second, funds at closed we library so and collections of a have February. healthy in fiscal We've are of on which keeping end which the crisis. the million acquisition to-date, $XXX includes very watchful our eye far tucking M&A that invested year
remain we Board committed dividend July on next our X. this week, Finally, approved And to payable dividend. earlier our our
results. my I've comments in discussion our our made a outlook of of lot about
our me Slide let XX. with sum up on So here guidance year there -- full
recurring XX% We X% X% X%. including range total for of to revenue organic growth in expect growth ‘XX, the fiscal to
an growth Our for outlook X high mid-teens. fourth points acquisitions for to of from implies X to growth within quarter single-digit organic the recurring additional total low
account, down a Taking approximately we're and distribution revenues, at into $XXX of X%. to $XXX driven guiding low modest from in event growth our revenue to revenues decline previous to X% range $XXX million end million million of total the
year to expect about operating margin full continue adjusted We income to our be XX%.
the adjusted expecting million. X% for Notably down of our guidance growth prior growth. EPS revenue. X%. points benefit approximately excess also the is our $X.XX from event The of and $XX combined outlook from X% driven for We're to driver the outlook our our of We've X de-risked reduction tax guidance million EPS $XX or represents event ETB about decline in EPS biggest of to
sales. Finally, a on comment
guidance million remained for of $XXX the Our unchanged. to million range closed sales $XXX in
$XX consider All appropriate. year sales growth of out is of in X% a target and three-year strong in this our mean we close economic performance event downdraft remote stressed the would would the challenges wide in better our a pretty compared a the in million make achieving XX% While range phase the all, work this X% adjusted to to EPS especially environment. In of XX% sales strong, adjusted EPS in this a XX%. fees with or if and pipeline I range environment to outcome, of
[indiscernible] perspective least XX-month perform, August. with we outlook of know some unknown, That quarter thinking Broadridge recession. is fiscal you outlook economic to so I our a have from don't the the a said, uncertain beyond We revenue outlook all that of you share many how and fourth I for at a do was our preliminary much Broadridge until you asked about want owe may about leave in
our move back and to Let's of to in downturn XXXX. at Slide reference XX, go last first point the is look
We’re the today, in crisis, worth noting it's began in stronger Broadridge financial beginning the ‘XX. which company how performed fiscal of forced together global
impact the to total While the of Broadridge year business sustain growth varied revenue by crisis. the able and of in recurring first is X%
second By In positive financial a consolidations no diverse services the we focused organic distinctly that in to Broadridge were much crisis despite than volumes. client growth. These crises and XXXX clearing revenue and had lower Broadridge year we today more XXXX streams posted and positioned modest better trading very are are mid single-digit with returned business, big growth GTO different, business. stronger
our for with recession a our turn COVID are large is keeping macroeconomic But the assume been while my dimension prolonged ahead way We approach ahead extending we a a way of to eye exact to the in on us. final prepare of fiscal XX. recession. the prudent Slide our initial I'll shape opportunities ‘XX. and that There's planning conditions to no easy to size has tough through year feel
that in believe our those And we is first ground resilient. a to scenario business uniquely assessing important aspects are business and of our recession
the estimate This revenue sales growth in $XXX growth our approximate starting revenue. currently our is to strong any us to We new of driver sales. backlog billion recurring equivalent conversion about XX% revenue. our revenue to million, a revenue $X gives which biggest of First, is without point be to generate
is crisis. Second, a stayed modestly to the we we our important of be growth low growth at governance financial in the one take comfort business. position position position recession, And positive global of that drivers aggregate moderate and our expect most even while point growth
the revenue in retention, potentially in well challenging have mutualization a which of which Third, is sales should of fourth, XX environment. historically us services track record core performs do long we times. the industry, tougher well across serve percent a plus financial And client what more we
recession a we lower of perform opportunities. definitely are Customer be business communications, an expect to through sure, more and there cyclical even recession. example that with in headwinds this But growth is not historically COVID evenly to a feel should
we comparables volatility, because First, in face to we and volumes next the trading half market and some sale second year. are post would of beneficiaries of expect tough
a assets and And now fees in market interest in we're businesses. Clients rates effect and indicates not the licenses way, and We're on-boardings. delaying of engage in would may business. work have point. [Net/net], agency the would mutual lower the demonstrate Second, same of though, able also the declines to fewer single-digits tougher impact could our on-boarding our software. contract for this not QX seeing clients our QX. which preliminary from this our resilience seeing recurring administration Frankly, for fund fee under in processing at low in activities on-premise our again in transfer session, certain which growth may be this smaller third, or
our outlook. a is represents this current view based and Again, preliminary on
of and and latest back ‘XX. time August in thinking with learn we will passage the on more data and more QX with results fiscal We our
with I up given recurring healthy know ‘XX third wrap after to I've digest. and close a to organic expect Let In very me a solid revenue sales. out fiscal you summary, growth here lot strong we as quarter,
and sheet Our navigate strong liquidity culture positioned we to and technology, the to grow ample Above have succeed. a well all, environment. us challenging people and balance keep
Tim. Now back to
