Broadridge Financial Solutions, Inc. (NYSE:BR) Q2 2015 Earnings Conference Call - Final Transcript
Feb 05, 2015 • 08:30 am ET
Good morning, my name is Junisha, and I will be your conference facilitator. At this time, I would like to welcome everyone to the Broadridge Financial Solutions First Quarter 2015 Earnings Conference call. I would like to inform you that this call is being recorded, and that all lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speakers' remarks. Please try to limit your questions to one per participant. (Operator Instructions)
I would now turn the conference over to David Ng, Managing Director, Investor Relations. Please go ahead, sir.
Thank you, Junisha. Good morning, everyone, and welcome to the Broadridge quarterly earnings call and webcast for the second quarter of fiscal year 2015. This morning, I'm here with Rich Daly, our President and Chief Executive Officer; and Jim Young, our Chief Financial Officer.
The news release we issued this morning and slide presentation that accompanied today's earnings webcast can be found on the Investor Relations page at broadridge.com.
(Forward-looking Cautionary Statements)
Now let's turn to Slide 3 and review today's agenda. Rich Daly will start today's call with his opening remarks and will provide you with a summary of the financial highlights for the quarter and year-to-date of fiscal year 2015. Followed by a discussion of a few key topics. Jim Young will then review the financial results in further detail. Rich will then provide some closing thoughts before the Q&A portion of the call.
Now I'll turn the call over to Rich. Rich?
Thanks, David, and good morning, everyone. Let's begin on Slide 4 with the key points we hope that you will take away from today's call. To start, I'm pleased with our financial performance through the second fiscal quarter. Our performance was led by recurring revenues, primarily growth from Net New Business, which has continued to provide momentum. I'm very pleased with our recurring revenue closed sales results, which built upon the strong Q1 start and, again reached record levels in Q2.
We are seeing good demand for our products and solutions consistent with the industry trends we described at our Investor Day in December. Growing the business organically remains core to our growth strategy, and this strong performance gives us more confidence and visibility into our future revenue growth.
We are executing against our tuck-in acquisition plans that we also discussed at Investor Day. These tuck-ins add both size and scale to existing businesses and strengthen our position as a key provider of mission-critical solutions to the financial services industry.
Broadridge continues to leverage our strong sales channels with new offerings that help our clients reduce cost and enhance our ability to drive growth. To this end in January, we announced our agreement to acquire the trade processing business of M&T Bank Corporation's Wilmington Trust Retirement and Institutional Services unit, which complements and expands our industry-leading Matrix platform.
And in December, we closed the tuck-in acquisition of TwoFour Systems, a provider of real-time foreign exchange solutions for