EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

                   INVESTOR PRESENTATION  FISCAL FIRST QUARTER 2020 
 

                     Forward-Looking Statements  2  © 2019 |  This presentation and other written or oral statements made from time to time by representatives 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” and other words of similar meaning, are forward-looking statements. In particular, information appearing in the “Fiscal Year 2020 Guidance” section are 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 differmaterially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (the “2019 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this presentation and are expressly qualified in their entirety by reference to the factors discussed in the 2019 Annual Report.These risks include: the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; 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; changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge; 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 and economic conditions and their impact on the securities markets; Broadridge’s failure to keep pace with changes in technology and demands of its clients; Broadridge’s ability to attract and retain key personnel; the impact of new acquisitions and divestitures; and competitive conditions. Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.Use of Material Contained HereinThe information contained in this presentation is being provided for your convenience and information only. This information is accurate as of the date of its initial presentation. If you plan to use this information for any purpose, verification of its continued accuracy is your responsibility. Broadridge assumes no duty to update or revise the information contained in this presentation. 
 

                     Use of Non-GAAP Financial Measures  3  © 2019 |  Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial MeasuresThe Company’s results in this presentation are presented in accordance with U.S. generally accepted accounting principles ("GAAP") except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures (“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, and Free cash flow. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company’s business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors’ understanding of the Company’s operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, for internal planning and forecasting purposes and in the calculation of performance-based compensation. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, as adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operatingperformance. These adjusted measures exclude the impact of: (i) Amortization of Acquired Intangibles and Purchased Intellectual Property, (ii) Acquisition and Integration Costs, (iii) U.S. Tax Cuts and Jobs Act (the "Tax Act") items, and (iv) the Gain on Sale of Securities. Amortization of Acquired Intangibles and Purchased Intellectual Property represents non-cash amortization expenses associated with the Company's acquisition activities. Acquisition and Integration Costs represent certain transaction and integration costs associated with the Company’s acquisition activities. Tax Act items represent the net impact of a U.S. federal transition tax on earnings of certain foreign subsidiaries, foreign jurisdiction withholding taxes and certain benefits related to the remeasurement of the Company’s net U.S. federal and state deferred tax liabilities attributable to the Tax Act. The Gain on Sale of Securities represents a non-operating gain on the sale of securities associated with the Company's retirement plan obligations.We exclude Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, Tax Act items, and the Gain on Sale of Securities from our earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and these items do not reflect ordinary operations or earnings. Management believes these adjusted measures may be useful to an investor in evaluating the underlying operating performance of our business.Free Cash FlowIn addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities less Capital expenditures as well as Software purchases and capitalized internal use software.Reconciliations of such Non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP can be found in the tables that are part of this presentation. 
 

           The Broadridge Story  Strong market position across Governance, Capital Markets, and Wealth Management  Platform-based business model creates unique value for our clients  Significant growth opportunity supported by long-term trends of mutualization, digitization, and data & analytics  Strong business model and long-term focus should sustain continued growth and strong Total Shareholder Returns    Target DividendPayout Ratio1   $2.8B   FY19 Recurring Fee Revenue   5-7% Organic 3-Year Recurring Revenue Growth Objective   8-12% FY 2020 Adj. EPSGrowth Guidance~45% 27%    Annualized 3 Yr. TSR (June 30, 2017-June 30 2019)  (1) Dividend payout ratio is a percentage of prior year Adjusted Net Earnings and is subject to Board Approval  #1    Most Admired Financial Data Services Company by FORTUNE® magazine  4  © 2019 | 
 

                           Broadridge Focused on Capturing Opportunity  Achieved FY2019 Guidance including 6% Recurring fee revenue growth and double-digit EPS growthRecord Closed sales in FY2019FY2020 Guidance positions Broadridge to meet high-end of three- year EPS objectiveBalanced execution against capital allocation priorities  New digital capabilities, including new proxy voting appPaving way for MF notice-and-accessExtending services across governance networkExtending GPTM platform capabilitiesLandmark Wealth dealRPM, TD and Rockall acquisitions to accelerate growth  97% Recurring fee revenue retentionEmployer of choiceContinued focus on integrating AI, blockchain, cloud and digitalStrengthening of world- class product and technology capabilitiesAttracting new talent  Deliver on financialobjectives      Execute on growth strategy      Strengthen long-term growth foundations                          5  © 2019 | 
 

         The Industry’s Leading Choice          GOVERNANCE  CAPITAL MARKETS  WEALTH MANAGEMENT        Process 80% of outstanding shares in the United States, 50%+ for rest of worldDistribute 90%+ of broker regulatory communications to 140M individual accountsServe most brokers, funds, and public companies in North AmericaReach 80% of North American households  Clear and settle over $7T per dayServe 19 of 24 US primary dealers for fixed incomeProcess Equities for 7 of the top 10 global investment banksSupport clearance and settlement in over 90 countries  Support 50M+ accounts through our technology platform25%+ of US FinancialAdvisors utilize Broadridge’sfront office solutionsProvide data aggregation service for 200K+ agents and advisorsMaintain 100K+ retirement plans through Broadridge’s mutual fund settlements platform        GROWING FRANCHISE1 GROWING FRANCHISE1 FRANCHISE1 OPPORTUNITY (1) At Broadridge we define Franchise as a business that having a truly differentiated value proposition and, more importantly, as one that creates network value.   6  © 2019 | 
 

           Broadridge Platform-based Business Model Creates Unique Value  Networkvalue  Deep financial services knowledge  Multi-client managed services approach    Domain expertiseTrusted  7  © 2019 |  Unique CapabilityData & Analytics  Scale leadershipSignificant IP 
 

           Broadridge’s Directly Addressable Market is $25-40B            $9-13B  8  © 2019 |  $6-12B  $10-15B  GOVERNANCE & COMMUNICATIONS  WEALTH MANAGEMENT  CAPITALMARKETS  100% = $25-40B  DATA & ANALYTICS  DIGITIZATION  MUTUALIZATION  Large Growth Opportunity Key Market Trends 
 

         Growth Opportunity: Extend Governance                              140M+RETAIL SHAREHOLDER ACCOUNTS  150,000+INSTITUTIONAL SHAREHOLDERS  27,000+MUTUAL FUNDS AND ETFs                            1,100+BANKS and BROKER-DEALERS  5,000+CORPORATE ISSUERS  EXTEND GOVERNANCEFee Revenue = $1.7B  BUILD WEALTH MANAGEMENT  DRIVE CAPITAL MARKETS        Driving Next-gen Regulatory Communications  9  © 2019 |  Extend services to corporate Issuers  Growing suite of data & analytics and digital solutions  Building Omni- channel communications   Note: Governance Fee revenues as of Broadridge’s December 2017 Investor Day and are primarily derived from Investor Communication Solutions (“ICS”) Segment  
 

         Growth Opportunity: Drive Capital Markets  Serve 19 of the 24 US Fixed Income primary dealersProcess Equities for 7 of the top 10 global investment banksClear and settle in over90 markets globally  Strongmarket position          Support 40+ clients for both technology and operations including 7 of 27 US Fixed Income primary dealers  Unique managed services model        Securities Financing & Collateral ManagementCorporate ActionsRegulatory Reporting  Emerging capabilities            Global market momentum          EXTEND GOVERNANCE    BUILD WEALTH MANAGEMENT  DRIVE CAPITAL MARKETSFee Revenue = $0.5B      Scale Global Post- Trade Technology Platform of the Future   Note: Capital Markets Fee revenues as of Broadridge’s December 2017 Investor Day and are primarily derived from Global Technology and Operations (“GTO”) Segment   10  © 2019 |  Extend Additional Enterprise Capabilities  Build Network Value 
 

         Growth Opportunity: Build Wealth Management    Advisors  Investors  Wealth management toolsTargeted marketingWealth mobile portal  Educational contentEnriched, digital communicationsTrading and account servicing  Clearance & settlementClient and regulatory reportingBusiness process automation & workflows  EXTEND GOVERNANCE  BUILD WEALTHFee Revenue $0.4B  DRIVE CAPITAL MARKETS        Drive Digital Wealth Solutions  Extend Front-to-Back Platform of the Future (UBS)  Complement with Unique Data  Drive Best-of-Suite for Investment Managers    ICS GTO  11  © 2019 |   Note: Wealth Management Fee revenues as of Broadridge’s December 2017 Investor Day and are derived across ICS and GTO Segments  
 

                     Record Sales Building Revenue Backlog  Annual Closed Sales Performance  Recurring Revenue Backlog as of June 30 2,3  FY20 Closed sales Guidance Range as of August 1st, 2019 Earnings Call.Recurring Revenue Backlog as of August 1st, 2019 Earnings Call and are Broadridge estimates and subject to revision.Recurring Revenue Backlog represents an estimate of first year revenues from Closed sales that have not yet been recognized and are expected to be recognized. Not Yet Live represents the subset of the Backlog where none of the first year revenues from Closed sales have been recognized but are expected to be recognized. Live represents the subset of the Backlog where a portion of the first year revenues from Closed sales have been recognized in previous periods.  $ in millions        12  © 2019 | 
 

           Broadridge Business Model is Strong  Sustainable Growth  Large, recurring revenue base with good visibility aided by $330 million revenue backlogOrganic strength driven by large addressable market      Steady Margin Expansion      Continued scale and operational leverageFocus on operational efficiencies  Strong Free Cash Flow      100+% average free cash flow conversionLargely predictable model  Balanced Capital Allocation      Target ~45% dividend payout ratio1Balance of targeted M&A and share repurchase  13  © 2019 |  (1) Dividend payout ratio is a percentage of prior year Adjusted Net Earnings and is subject to Board Approval 
 

                        Driving next-gen regulatory communicationsStrengthening digital products to enhance regulatory and other communications30e-3 and Enhanced Content opportunitiesBlockchain proxy capabilityfor North American market Growing data & analytics suite Broadening corporate issuer solution setBuilding omni-channelcommunications   Extending global post trade technology platformContinued progress onboarding major clientsNew client wins further extend international reach Developing new products to drive network value in fixed income market Successfully tested blockchain proof of concept for repo market  UBS win represents a major milestone in creating a Wealth Management franchiseContinued strong interest from key clients in integrated Wealth platformContinuing to drive penetration of existing productsNew back office platform wins driving growth in U.S. and Canada      Extend Governance Drive Capital Markets      Build Wealth Management  Executing Against Investor Day Themes      14  © 2019 | 
 

         Organic Recurring Fee Revenue Growth  5-7%  Recurring Fee Revenue Growth  7-9%  Adjusted Op Income Margin Expansion  ~50bps/yr  Adjusted EPS Growth  14-18%      Winning formula for top quartile TSR        FY17 - FY20 Three Year Growth Objectives  15  © 2019 |  Note: FY17 - FY20 three year Adjusted EPS growth objective updated February 8th, 2018 for change in U.S. Tax Law. Compound annual growth rates (CAGRs), except margin. Three Year objectives as of February 8th, 2018 Earnings Call. 
 

           Regulatory Update  June 2018SEC Approves 30e-3“Notice-and-access”  Allows mutual funds to opt-in their shareholders to receive “notice- and-access” beginning in 2021Working with 130+ fund familiesFinancial impact: higher recurring fee revenues, lower distribution revenues, modestly net positive impact on gross profit  October 2018Comments on mutual fundinterim fees  Potential review of approximately $150 million of BR fee revenueBR comment letter laid out strong track record of value ($400M+ annually) delivered. Additional future savings identified.Comments only – no timeframe for decision on fee review, if anyFee reviews generally have been lengthy processes  October 2018 Comments on modernization of mutual fund communications  November 2018Proxy Roundtable  SEC asked for comments on how to modernize and improve the design, delivery and content of fund managementOpportunity for BR to showcase capabilities to enhance shareholder engagement while lowering costs through digital and technology capabilities  SEC gathered various constituents to talk about all aspects of the proxy voting processSignificant interest in examining voter confirmation capabilitiesJoint letter submitted to SEC to make end-to-end vote confirmation a reality    Mutual funds  16  © 2019 |  Equity proxy 
 

                     Supplemental Reporting Detail - Product Line Reporting  Note: Amounts may not sum due to rounding.    17  © 2019 | 
 

           Fiscal Year 2019 Financial Summary as of August 1st 2019 Earnings Call:  18  © 2019 | 
 

               Highlights  19  © 2019 |  Strong fiscal year 2019 resultsRecurring fee revenues up 6% to $2.8 billion, Diluted EPS growth up 14% and Adjusted EPS up 11% to $4.66Record Closed sales of $233 million, up 9%Ongoing investments in new products and M&A expected to strengthen and grow our business11% annual dividend increase emphasizes commitment to capital stewardship and long-term value creation8th consecutive double-digit increase$367 million additional return to shareholders via fiscal 2019 share buybacksFiscal year 2020 Guidance calls for another strong yearRecurring fee revenue growth of 8-10% and Total revenue growth of 3-6%Continued margin expansion and Adjusted EPS growth of 8-12%Closed sales of $190-$230 millionFY 2020 guidance positions Broadridge to achieve high-end of three-year Adjusted EPS objective  
 

               Fiscal Year 2019 Revenue Growth Drivers  Fiscal year 2019 Recurring fee revenues grew 6% to $2.8 billionOrganic Growth: 5%    $4,330M  $4,362M  (1) pt.  (1) pt.  (1) pt.  Fiscal Year 2019 Total revenues grew 1% to $4.4 billion+3 pts.  +1%    $2,610M  $2,759M  +6%          +6 pts.  20  © 2019 |  +1 pt.  +1 pt.  (3) pts.  Notes:(1) Please refer to pages 26 for a full presentation of reported FY18 revenues giving effect to the ASC 606 revenue accounting change and GAAP to Non-GAAP reconciliation on page 30. (2) Amounts may not sum due to rounding.  
 

                     FY 2019 Segment Results (Reported and ASC 606)        FY18Dollars in millions              FY19  Growth            Reported    ASC 606    Reported      Reported      ASC 606    Investor Communication Solutions                          Recurring Fee Revenues  $  1,699  $  1,700    $  1,806    6  %  6  %  Event-Driven Fee Revenues    284    282      244    (14  )%  (13  )%  Distribution Revenues    1,513    1,523      1,461    (3  )%  (4  )%  Total Revenues  $  3,496  $  3,504    $  3,511    0  %  0%                              Global Technology and Operations Revenues  $  912  $  911    $  954    5  %  5  %  21  © 2019 |  ICS      GTO      FY19 Recurring Revenue Growth Drivers (1)            Net New Business  4  pts    3  pts  Internal Growth  1  pt    1  pt  Organic Recurring Fee Revenue Growth  5  pts    4  pts  Acquisitions  1  pt    1  pt  Recurring Fee Revenue Growth (1)  6  %    5  %  Notes:FY19 Recurring Revenue Growth Drivers calculated using FY18 ASC 606 recurring fee revenues.Please refer to pages 26 for a full presentation of reported FY18 revenue giving effect to the ASC 606 revenue accounting change.Amounts may not sum due to rounding. 
 

 Fiscal Year 2019 Operating Income and EPS  Dollars in millions, except per share amounts  Year-over-Year Change in Operating Income and Adjusted Operating Income  Year-over-Year Change in EPS and Adjusted EPS        +8%  22  © 2019 |  +9%  +11%  +14% 
 

                     Fiscal Year 2020 Guidance (as of August 1, 2019)  23  © 2019 |    As of August 1, 2019  Recurring fee revenue growth  8 - 10%  Total revenue growth  3 - 6%  Operating income margin - GAAP  ~15%  Adjusted Operating income margin - Non-GAAP  ~18%  Diluted earnings per share growth1  5 - 9%  Adjusted earnings per share growth1 - Non-GAAP  8 - 12%  Closed sales  $190 - $230M  (1) Fiscal year 2020 guidance includes $20 million of excess tax benefits related to stock-based compensation. 
 

 Appendix  24  © 2019 | 
 

           Tax Act and Excess Tax Benefit ("ETB") Impact            4Q      FY      2020                  Dollars in millions  2018  2019    2018  2019    FYIndicative  Earnings before income taxes  $258.0  $230.0    $561.0  $607.3      Provision for income taxes (excluding ETB and non-recurring gains and charges)  $74.2  $56.9    $158.6  $144.5      Net Tax Charges  (0.7)  —    15.4  —    —  ETB  (22.3)  (10.1)    (40.9)  (19.3)    ~(20)  Provision for income taxes (GAAP)  $51.2  $46.8    $133.1  $125.2      Tax Rates                Tax Rate (excluding ETB and non-recurring gains and charges)  28.8%  24.7%    28.3%  23.8%    ~24%  Tax Rate (GAAP)  19.8%  20.3%    23.7%  20.6%    ~21%  EPS Growth (a)                Diluted EPS  10%  (10)%    32%  14%      Adjusted EPS  9%  (8)%    34%  11%      Adjusted EPS (excluding ETB)  (2)%  (2)%    23%  17%      25  © 2019 |  (1) Please refer to page 24 for the GAAP to Non-GAAP reconciliation. Note: Amounts may not sum due to rounding.  
 

 FY2018 Total Revenues: Impact of ASC 6062018                                Dollars in millions    Q1      Q2      Q3    Q4        FY    Revenues As Reported                                Recurring Fee Revenues  $  547.8    $  562.4    $  638.6  $  861.5      $  2,610.4    Event-Driven Fee Revenues    59.3      97.3      66.5    60.7        283.9    Distribution Revenues    334.2      370.4      385.4    422.9        1,512.9    FX    (16.5  )    (17.4  )    (18.6  )  (24.8  )      (77.3  )  Total Revenues  $  924.8    $  1,012.8    $  1,071.9  $  1,320.4      $  4,329.9    Revenue Adjustments from ASC 606 Revenue Accounting Change                                Recurring Fee Revenues  $  (3.3  )  $  3.5    $  97.8  $  (97.5  )    $  0.4    Event-Driven Fee Revenues    43.9      (47.3  )    2.1    (1.0  )      (2.2  )  Distribution Revenues    18.5      (21.4  )    36.4    (24.0  )      9.6    FX    —      —      —    —        —    Total Revenues  $  59.1    $  (65.2  )  $  136.3  $  (122.5  )    $  7.7    ASC 606 Revenues                                Recurring Fee Revenues  $  544.5    $  565.9    $  736.4  $  764.0      $  2,610.8    Event-Driven Fee Revenues    103.2      50.0      68.6    59.7        281.6    Distribution Revenues    352.8      349.0      421.8    399.0        1,522.5    FX    (16.5  )    (17.4  )    (18.6  )  (24.8  )      (77.3  )  Total Revenues  $  983.9    $  947.6    $  1,208.2  $  1,197.9      $  4,337.6    26  © 2019 |  Note:(1) Please refer to the GAAP to Non-GAAP reconciliation on page 25 for impact of the ASC 606 revenue accounting change on FY2018 Total revenues. (2) Amounts may not sum due to rounding.  
 

 GAAP Reconciliations  27  © 2019 | 
 

               Dollars in millions    Fiscal Year            2019    2018    Operating income (GAAP)  $  652.7  $  598.1    Adjustments:            Amortization of Acquired Intangibles and Purchased Intellectual Property    87.4    81.4    Acquisition and Integration Costs    6.4    8.8    Adjusted Operating income (Non-GAAP)  $  746.5  $  688.2    Operating income margin (GAAP)    15.0  %  13.8  %  Adjusted Operating income margin (Non-GAAP)    17.1  %  15.9  %  28  © 2019 |    Fiscal Year      2019  2018  Net earnings (GAAP)  $ 482.1  $ 427.9  Adjustments:      Amortization of Acquired Intangibles and Purchased Intellectual Property  87.4  81.4  Acquisition and Integration Costs  6.4  8.8  Gain on Sale of Securities  —  (5.5)  Taxable adjustments  93.8  84.7  Tax Act items  —  15.4  Tax impact of adjustments (a)  (22.3)  (23.9)  Adjusted Net earnings (Non-GAAP)  $ 553.6  $ 504.1  (a) Calculated using the GAAP effective tax rate, adjusted to exclude $22.3 million and $40.9 million of excess tax benefits associated with stock-based compensation for the fiscal year ended June 30, 2018, as well as the net $15.4 million charges associated with the Tax Act for the fiscal year ended June 30, 2018. For purposes of calculating the Adjusted earnings per share, the same adjustments were made on a per share basis.Note: Amounts may not sum due to rounding.  Reconciliation of GAAP to Non-GAAP Measures(Unaudited) 
 

               Note: Amounts may not sum due to rounding.  29  © 2019 |  ))  Dollars in millions, except per share amounts    Fiscal Year          2019      2018    Diluted earnings per share (GAAP)  $  4.06  $  3.56    Adjustments:            Amortization of Acquired Intangibles and Purchased Intellectual Property    0.74    0.68    Acquisition and Integration Costs    0.05    0.07    Gain on Sale of Securities    —    (0.05    Taxable adjustments    0.79    0.70    Tax Act items    —    0.13    Tax impact of adjustments (a)  (  0.19  )  (0.20    Adjusted earnings per share (Non-GAAP)  $  4.66  $  4.19    (a) Calculated using the GAAP effective tax rate, adjusted to exclude $22.3 million and $40.9 million of excess tax benefits associated with stock-based compensation for the fiscal year ended June 30, 2018, as well as the net $15.4 million charges associated with the Tax Act for the fiscal year ended June 30, 2018. For purposes of calculating the Adjusted earnings per share, the same adjustments were made on a per share basis.  Reconciliation of GAAP to Non-GAAP Measures(Unaudited) 
 

               Reconciliation of GAAP to Non-GAAP Measures(Unaudited)                          Three Months Ended                  Fiscal Year    Dollars in millions  Sept. 30, 2017    Dec. 31, 2017    March 31, 2018    June 30 , 2018      2018  Total Revenues  $  924.8  $  1,012.8  $  1,071.9  $  1,320.4  $  4,329.9  ASC 606 Accounting Impact (a)    59.1    (65.2  )  136.3    (122.5  )  7.7  ASC 606 Total Revenues (a)  $  983.9  $  947.6  $  1,208.2  $  1,197.9  $  4,337.6  30  © 2019 |  (a) Reflects the impact of the ASC 606 revenue accounting change on fiscal year 2018 reported Total revenues. Note: Amounts may not sum due to rounding. 
 

               FY20 Adjusted Earnings Per Share Growth Rate (a)    Diluted earnings per share (GAAP)  5% - 9%  Adjusted earnings per share (Non-GAAP)  8% - 12%  FY20 Adjusted Operating Income Margin (b)    Operating income margin % (GAAP)  ~15%  Adjusted Operating income margin % (Non-GAAP)  ~18%  31  © 2019 |  Adjusted earnings per share growth (Non-GAAP) is adjusted to exclude the projected impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, and Acquisition and Integration Costs, and is calculated using diluted shares outstanding. Fiscal year 2020 Non- GAAP Adjusted earnings per share guidance estimates exclude Amortization of Acquired Intangibles and Purchased Intellectual Property, and Acquisition and Integration Costs, net of taxes, of approximately $0.77 per share.Adjusted Operating income margin (Non-GAAP) is adjusted to exclude the projected impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, and Acquisition and Integration Costs. Fiscal year 2019 Non-GAAP Adjusted Operating income margin guidance estimates exclude Amortization of Acquired Intangibles and Purchased Intellectual Property, and Acquisition and Integration Costs of approximately $118 million.  Reconciliation of GAAP to Non-GAAP Measures - FY20 Guidance (As of August 1, 2019)  (Unaudited) 
 

               Broadridge Investor Relations Contacts  32  © 2019 |  W. Edings ThibaultTel: 516-472-5129Email: edings.thibault@broadridge.comJames UllenesTel: 516-472-5016Email: james.ullenes@broadridge.com