Business Context and Reporting Period
Company: Broadridge Financial Solutions, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: September 27, 2021
Context: The filing announces a change in the foreign exchange rates used to present certain financial metrics under a constant currency basis, effective beginning with the first quarter of fiscal year 2022.
Key Financial Metrics
This filing does not report specific revenue, profit, cash flow, margin, debt, or liquidity figures for the current period. Instead, it references updated historical financial data provided in attached exhibits (Exhibit 99.1 and Exhibit 99.2) that reflect the new foreign exchange methodology for fiscal years ended June 30, 2021 and 2020, as well as the four fiscal quarters of fiscal year 2021.
Material Changes
- Accounting Methodology Change: The Company is updating the foreign exchange rates used for constant currency presentations to better align with current rates.
- Historical Restatement: Certain updated financial information for the fiscal years ended June 30, 2021 and 2020, and the four quarters of fiscal year 2021, has been recalculated to reflect this change.
Guidance, Outlook, and Risks
Management Commentary: The change is intended to ensure financial metrics more closely reflect current foreign exchange conditions starting in fiscal year 2022.
Legal Status of Information: The information furnished in Items 7.01 and 9.01, including the updated financial data in the exhibits, is not deemed "filed" under Section 18 of the Exchange Act and is not subject to the liabilities of that section. It shall not be incorporated by reference into any other filings under the Securities Act or the Exchange Act.
Investor Verification Checklist
- Review Exhibit 99.1 for updated historical financial data for fiscal years 2020 and 2021 reflecting the new foreign exchange rates.
- Review Exhibit 99.2 for additional updated financial information as of June 30, 2021.
- Verify how the change in constant currency rates impacts year-over-year growth comparisons in future earnings reports starting Q1 FY2022.
- Note that the updated data in this filing is for informational purposes only and is not legally "filed" for liability purposes under the Exchange Act.