Business Context and Reporting Period
This Form 8-K was filed by Broadridge Financial Solutions, Inc. on September 26, 2022. The report addresses a change in the Company's financial reporting methodology effective with the first quarter of fiscal year 2023.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references updated historical financial data for fiscal years ended June 30, 2022, 2021, and 2020, as well as quarterly data for fiscal year 2022, which are contained in Exhibits 99.1 and 99.2.
Material Changes Versus Prior Period
- Reporting Methodology Change: Beginning in Q1 of fiscal 2023, the Company will report segment revenues, segment earnings (loss) before income taxes, segment amortization of acquired intangibles and purchased intellectual property, Closed sales, and Backlog using actual foreign exchange rates applicable to the individual periods presented.
- Consolidated Impact: Total consolidated revenues and earnings before income taxes will not be impacted by this change.
- Historical Restatement: Updated financial information giving effect to this "Change in Foreign Exchange" has been prepared for the fiscal years ended June 30, 2022, 2021, and 2020, and for each of the four fiscal quarters of fiscal year 2022.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the disclosure of the accounting change. The information furnished regarding the foreign exchange change is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings.
Investor Verification Checklist
- Review Exhibit 99.1 for updated historical financial data for fiscal years 2020, 2021, and 2022 reflecting the new foreign exchange methodology.
- Review Exhibit 99.2 for additional updated financial information giving effect to the change in foreign exchange rates.
- Verify that future segment reporting (starting Q1 FY2023) will utilize actual foreign exchange rates rather than constant rates.
- Confirm that total consolidated revenues and earnings before income taxes remain unaffected by this reporting change.