UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 13, 2007
BROADRIDGE FINANCIAL SOLUTIONS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
| 001-33220 | 33-1151291 | |
| (Commission file number) | (I.R.S. Employer Identification No.) |
1981 Marcus Avenue
Lake Success, New York 11042
(Address of principal executive offices)
Registrant’s telephone number, including area code: (516) 472-5400
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On November 13, 2007, Broadridge Financial Solutions, Inc. (the “Company”) posted key statistics of its Investor Communication Solutions, Securities Processing Solutions and Clearing and Outsourcing Solutions businesses for the fiscal quarter ended September 30, 2007 on the Company’s website at www.broadridge.com in the Investor Relations section. A copy of the statistics is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
Exhibits. The following exhibits are furnished herewith:
| Exhibit No. |
Description |
|
| 99.1 | Key Statistics for the Fiscal Quarter ended September 30, 2007 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 13 , 2007
| BROADRIDGE FINANCIAL SOLUTIONS, INC. | ||
| By: |
/s/ Dan Sheldon |
|
| Name: | Dan Sheldon | |
| Title: | Vice President, Chief Financial Officer | |
Exhibit 99.1
Broadridge Financial Solutions, Inc.
Investor Communication Solutions
Key Statistics
(volume and $ in millions)
| Legend: | ||||||||
| Type | ||||||||
| RC | = | Recurring- | Low Volatility | |||||
| ED | = | Event-Driven- | High Volatility | |||||
| 1Q07 | 1Q08 | Type | ||||||||||
|
Proxy |
Equities | $ | 55.0 | $ | 41.7 | RC | ||||||
|
Stock Record Position Growth |
0.5 | % | -0.7 | % | ||||||||
|
Pieces |
29.8 | 25.8 | ||||||||||
| Mutual Funds | $ | 30.9 | $ | 37.5 | ED | |||||||
|
Pieces |
31.3 | 27.6 | ||||||||||
| Contests/Specials | $ | 17.2 | $ | 12.5 | ED | |||||||
|
Pieces |
9.2 | 6.5 | ||||||||||
| Total Proxy | $ | 103.1 | $ | 91.7 | ||||||||
|
Total Pieces |
70.3 | 59.9 | ||||||||||
|
Interims |
Mutual Funds (Annual/Semi-Annual Reports/Annual Prospectuses) | $ | 43.0 | $ | 50.5 | RC | ||||||
|
Position Growth |
9 | % | 11 | % | ||||||||
|
Pieces |
81.8 | 92.2 | ||||||||||
| Mutual Funds (Supplemental Prospectuses) & Other | $ | 33.5 | $ | 35.6 | ED | |||||||
|
Pieces |
72.9 | 68.9 | ||||||||||
| Total Interims | $ | 76.5 | $ | 86.1 | ||||||||
|
Total Pieces |
154.7 | 161.1 | ||||||||||
|
Transaction Reporting |
Transaction Reporting | $ | 66.3 | $ | 60.7 | RC | ||||||
|
Fulfillment |
Post-Sale Fulfillment | $ | 26.6 | $ | 31.0 | RC | ||||||
|
Pre-Sale Fulfillment |
$ | 12.1 | $ | 11.6 | ED | |||||||
|
Total Fulfillment |
$ | 38.7 | $ | 42.6 | ||||||||
|
Other Communications |
Other | $ | 22.4 | $ | 18.0 | ED | ||||||
| Total Net Revenue - Non-GAAP | $ | 307.0 | $ | 299.1 | ||||||||
| Transfer price adjustment | 1.0 | — | ||||||||||
| Total Net Revenue as reported - GAAP | $ | 308.0 | $ | 299.1 | ||||||||
|
Distribution Fees % of Total Net Revenue- Non-GAAP |
53.5 | % | 52.2 | % | ||||||||
Note: Revenue numbers include distribution fees.
Management believes that certain non-GAAP (generally accepted accounting principles) measures, when presented in conjunction with comparable GAAP measures provide investors a more complete understanding of Broadridge’s underlying operational results. These non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting for future periods. These measures should be considered in addition to, and not a substitute for the measures of financial performance prepared in accordance with GAAP.
Broadridge Financial Solutions, Inc.
Securities Processing Solutions
Key Statistics
($ in millions)
| Legend: | ||||||||
| Type | ||||||||
| RC | = | Recurring- | Low Volatility | |||||
| ED | = | Event-Driven- | High Volatility | |||||
| 1Q07 | 1Q08 | Type | ||||||||
| Equity | ||||||||||
|
Transaction-Based |
Equity Trades | $ | 59.9 | $ | 63.0 | RC | ||||
|
Trade Volume (Average Trades per Day in ‘000) |
1,806 | 2,475 | ||||||||
|
Non-Transaction |
Other Equity Services | $ | 39.1 | $ | 43.8 | RC | ||||
| Total Equity | $ | 99.0 | $ | 106.8 | ||||||
| Fixed Income | ||||||||||
|
Transaction-Based |
Fixed Income Trades | $ | 10.3 | $ | 12.4 | RC | ||||
|
Trade Volume (Average Trades per Day in ‘000) |
179 | 216 | ||||||||
|
Non-Transaction |
Other Fixed Income Services | $ | 4.3 | $ | 5.2 | RC | ||||
| Total Fixed Income | $ | 14.6 | $ | 17.6 | ||||||
| Total Net Revenue - Non-GAAP | $ | 113.6 | $ | 124.4 | ||||||
| Transfer price adjustment | 2.9 | — | ||||||||
| Total Net Revenue as reported - GAAP | $ | 116.5 | $ | 124.4 | ||||||
Management believes that certain non-GAAP (generally accepted accounting principles) measures, when presented in conjunction with comparable GAAP measures provide investors a more complete understanding of Broadridge’s underlying operational results. These non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting for future periods. These measures should be considered in addition to, and not a substitute for the measures of financial performance prepared in accordance with GAAP.
Broadridge Financial Solutions, Inc.
Clearing and Outsourcing Solutions
Key Statistics
($ in millions)
| Legend: | ||||||||
| Type | ||||||||
| RC | = | Recurring- | Low Volatility | |||||
| ED | = | Event-Driven- | High Volatility | |||||
| 1Q07 | 1Q08 | Type | ||||||||
|
Clearing |
Margin Revenues | $ | 7.4 | $ | 8.0 | RC | ||||
|
Average Margin Debits |
$ | 634.2 | $ | 870.1 | ||||||
| Clearing Fees/Other | $ | 8.8 | $ | 11.5 | RC | |||||
|
Trade Volume (Average Trades per Day in ‘000) |
22.0 | 45.3 | ||||||||
|
Outsourcing |
Outsourcing | $ | 5.6 | $ | 5.2 | RC | ||||
|
# of Clients |
2 | 5 | ||||||||
| Total Net Revenue - Non-GAAP | $ | 21.8 | $ | 24.7 | ||||||
| Transfer price adjustment | — | — | ||||||||
| Total Net Revenue as reported - GAAP | $ | 21.8 | $ | 24.7 | ||||||
Management believes that certain non-GAAP (generally accepted accounting principles) measures, when presented in conjunction with comparable GAAP measures provide investors a more complete understanding of Broadridge’s underlying operational results. These non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting for future periods. These measures should be considered in addition to, and not a substitute for the measures of financial performance prepared in accordance with GAAP.