Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for the fourth quarter and fiscal year 2021. Results compared with the same period last year were as follows:
During the final quarter of fiscal year 2021, total revenues increased 12% to $1,532 million from $1,362 million in the prior year period. Recurring fee revenues increased 15% to $1,065 million from $930 million. The increase was primarily driven by 5pts of net new business and 7pts of internal growth. Internal growth of 7pts was driven by ICS. Acquisitions also contributed 3pts of growth primarily from the acquisition of Itiviti Holding AB.
Operating income was $281 million, a decrease of $17 million, or 6%. Operating income margin decreased to 18.4%, compared to 21.9% for the prior year period due to higher amortization expense from acquired intangible assets as well as higher spend from growth initiatives, more than offsetting the growth in Recurring and Event-driven revenues.
Net earnings in the fourth quarter of 2021 increased 13% to $260 million and Adjusted Net earnings increased 3% to $258 million.
Diluted earnings per share increased 12% to $2.20, compared to $1.97 in the prior year period and Adjusted earnings per share increased 2% to $2.19, compared to $2.15 in the prior year period.
In Fiscal Year 2021, annual revenues increased 10% to $4,994 million from $4,529 million in the previous year.
Operating income for the full year was $679 million, an increase of $54 million, or 9%. Operating income margin decreased to 13.6% from 13.8% in the prior year period.
In fiscal year 2021, net earnings increased 18% to $548 million and Adjusted Net earnings increased 13% to $667 million.
Diluted earnings per share increased 18% to $4.65, compared to $3.95 in the prior year period and Adjusted earnings per share increased 13% to $5.66, compared to $5.03 in the prior year period.
The increases in Diluted earnings per share and Adjusted earnings per share were primarily due to the increase in Recurring fee revenues and higher Event-driven fee revenues.
On August 11, 2021, Broadridge’s Board of Directors declared a quarterly dividend of $0.64 per share payable on October 5, 2021 to stockholders of record on September 15, 2021. This declaration reflects the Board’s approval of an increase in the annual dividend amount by 11% from $2.30 to $2.56 per share, subject to the discretion of the Board to declare quarterly dividends.
With this increase, the Company’s annual dividend has increased for the 15th consecutive year since becoming a public company in 2007.