Recurring revenues increased 7% YoY to $898.8 million, with all growth being organic. This demonstrates the success of Broadridge's internal growth strategies and its ability to retain and expand its existing client base.

Closed sales decreased by 11% to $58.0 million, suggesting potential challenges in acquiring new business. Management will need to focus on sales and marketing efforts to reverse this trend.

The SEC's new rule on tailored shareholder reports is expected to reduce annual recurring revenues by approximately $30 million phasing in over fiscal years 2025 and 2026, indicating a potential future headwind.

Operating expense growth of 8% is below revenue growth of 9%. This shows good management execution.

Broadridge continues to implement its corporate restructuring initiative, with total charges to date of $20.4 million out of an expected $35.0 to $50.0 million.

A new trial on damages has been scheduled for March 4, 2024. In light of these post-trial rulings and the facts and circumstances of the case at this time, the Company does not believe that a material loss is probable in this matter.

The 10-Q states that there have been no material changes to the risk factors disclosed in the 2023 Annual Report, suggesting a stable risk environment.

The SEC's new rule on tailored shareholder reports is expected to reduce annual recurring revenues by approximately $30 million phasing in over fiscal years 2025 and 2026, indicating a potential future headwind.

The Company uses select operating metrics specific to Broadridge of Record Growth and Internal Trade Growth in evaluating its business results and identifying trends affecting its business.

The company continues to execute its share repurchase program, with 2,225 shares repurchased during the quarter to cover employee taxes related to stock-based compensation awards, and 8.8 million shares still available for repurchase.