Broadridge Q2 FY2023: Recurring revenue up 8% constant currency; adjusted EPS +11%

Financial Results for Second Quarter Fiscal Year 2023 compared to Second Quarter Fiscal Year 2022 • Total revenues increased 3% to $1,293 million from $1,260 million. ◦ Recurring revenues increased $47 million, or 6%, to $840 million. Recurring revenue growth constant currency (Non-GAAP) was 8%, driven by organic growth from a combination of growth in Net New Business in GTO and ICS and Internal Growth, primarily in our ICS business. ◦ Event-driven revenues decreased $27 million, or 42%, to $38 million, primarily due to the decrease in volume of mutual fund proxy communications. ◦ Distribution revenues increased $13 million, or 3%, to $415 million, primarily driven by the impact of a postage rate increase of approximately $20 million, partially offset by lower volume of ICS mutual fund communications. • Operating income was $108 million, an increase of $39 million, or 57%. Operating income margin increased to 8.3%, compared to 5.5% for the prior year period, due to the growth in Recurr