Good morning. My name is Tanisha, and I will be your conference facilitator. At this time, I would like to welcome everyone to the Broadridge Financial Solutions First (sic) [Third] Quarter Fiscal Year 2016 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. I will now turn the conference over to Brian Shipman, Head of Investor Relations. Please go ahead, sir.

Thank you. Good morning, everyone, and welcome to the Broadridge quarterly earnings call and webcast for the third quarter of fiscal year 2016. This morning I'm here with Rich Daly, our President and Chief Executive Officer; and Jim Young, our Chief Financial Officer. I trust by now that everyone has had the opportunity to review the earnings release we issued this morning. The news release and slide presentation that accompany today's earnings call and webcast can be found on the Investor Relations page at broadridge.com. During today's conference call, we'll discuss some forward-looking statements regarding Broadridge that involve risks. These risks are summarized on slide number two. We encourage participants to refer to our SEC filings including our Annual Report on Form 10-K for a complete discussion of forward-looking statements and risk factors faced by our business. Our non-GAAP fiscal year 2016 earnings results and fiscal year 2016 earnings guidance exclude the impact of acquisition, amortization and other costs. These costs are significant and we believe the non-GAAP information provide investors with a more complete understanding of Broadridge's underlying operating results. A description of any non-GAAP adjustments and reconciliations to the comparable GAAP measures can be found in the earnings release. Rich Daly will start today's call with his opening remarks and will provide you with a summary of the financial highlights for the third quarter of fiscal year 2016, 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? Richard J. Daly - President, Chief Executive Officer & Director: Thanks, Brian, and good morning, everyone. Let's begin on slide four with the key points. I am…

Your first question comes from the line of David Togut of Evercore ISI.

Thank you. Good morning, Rich and Jim. Richard J. Daly - President, Chief Executive Officer & Director: Good morning. James M. Young - Chief Financial Officer & Corporate Vice President: Hey, Dave.

Appreciate all the helpful detail on the fourth quarter outlook, recognizing it's a little early to talk about fiscal 2017. Can you give us some of your thoughts on how some of the trends in event-driven and distribution revenue and some of the actions you're taking on expenses might impact FY 2017 at least at a high level? Richard J. Daly - President, Chief Executive Officer & Director: I'm going to have Jim's going. David, when we were preparing for this call, I said, okay, Jim, you're going to be the most important guys in this call, because it really is something that we wanted to give you that clarity. So, I'm pleased that you recognized the effort there. And after Jim goes, I'll provide some color. James M. Young - Chief Financial Officer & Corporate Vice President: Thanks, Dave. As you said, it is a little early, even preliminary to talk about FY 2017. You mentioned specifically about event-driven, the reality is, by definition, we don't have great visibility into this. So, way too early to comment on what we see, other than again over a long period of time, we've seen good growth there as record positions continue to grow. But no specifics on any of those one line items. And no other callout at this point other than obviously we're committed to our three-year objectives, but certainly give you some idea of our expectations for fiscal year 2017.

Understood. Is that... Richard J. Daly - President, Chief Executive Officer & Director: I'm sorry, David. And even beyond that, so the thing that I try to emphasize, David, beyond giving you specifics that you could use as you think about the rest of this year and 2017 and what Jim discussed, is that the sales revenue, I did call out specifically that I'm pleased with, all right. And we traditionally have been a backend company – a backend-of-the-year company in terms of sales performance. So, my cardiologist is pleased with this year's performance to date as well as last year's performance. As you know, we went into certain years, where we really had to do, it seem like, the majority of the activity in the fourth quarter. So, sales will clearly be one of the things as I look to next year and the ability to convert the backlog we have and conversion rate now as well as new sales converting to some degree, it feels good in terms of the revenue we can control. There's still lots of activities within the industry and I tried to highlight that as well, where I think Broadridge will continue to play a role as we go forward. And again that's revenue growth within our control as well. Event-driven for the year will be slightly better. It's still creeping up to what expect to be the new norm to be with about, I don't know, somewhere around 15%-or-so of positions requiring a proxy at least in the mutual funds space, which is what our data still tells us we should be expecting, simply because mutual fund directors don't live forever and don't serve forever. At a point in time, you need to go out there and reaffirm by the shareholders the majority of the directors when you drop down below two-thirds. As far as expenses go, Dave, we did call out on as well and we specifically did that because we always explain at Broadridge when we do acquisitions, look, first thing we go in there is we really needed to get it to our standards in data security and processing. It's very rarely at that level. Last year, we were very pleased that we had some very solid transactions. But we knew we would be investing in that. That gives us the normal cycle and activity of looking for efficiencies slightly at a higher level right now. And Jim called out you're going to see some of that reflected in expense getting ready for that in the fourth quarter. But we expect that to be a benefit as we go forward into next year as well.

That's very helpful. Thank you for the perspective. You mentioned closed sales, I think, being second strongest on record for the first nine months. Can you talk about some of the drivers of new sales strength? Is this mostly emerging and acquired? And then also, how do you see the pipeline for next year? Richard J. Daly - President, Chief Executive Officer & Director: Dave, it's pretty balanced, without question. Had we not done really what large – the largest investors are calling out to do, which is to continue to invest in your business, okay, in good times and bad. Had we not done that, we would not be in a position of strength that we're in. You should expect us to continue to invest in the product as we go forward. The dynamics of our industry, but I am sure that – I don't know – maybe they're making batteries for cars or something, the dynamics are equally complicated and opportunistic. But the dynamics of our industry right now, where the ROEs of our clients are clear, and this isn't dailies view. This is the every industry publication talking about the needs to be more focused on getting cost out and finding overall utility-like solutions to drive these activities to really place to Broadridge. And Dave, that's why I highlighted that it's amazing to at times the pricing pressure, which is understandable given the ROE challenges. But it wouldn't be fair for me to call that out as just a problem, because it's more than offset by the opportunity we have by driving more solutions into the industry. And so, we feel good about the product set, which continues to expand. We feel very good about the activities that are going on. We feel good about the investments we've made a couple of years ago and sales leadership and sales management activities, okay, which are still ongoing at Broadridge. And so, we believe that what we set out to do we're better positioned than ever, which just control more of our destiny. Okay. So that by selling the script in normal market fluctuations, including something we saw this year, we have enough control on our destiny to put enough points on the board to maintain our trajectory that we're on right now.

Thanks. That's helpful. And just a quick final question, Rich. I don't think you called out the progress on the SocGen processing contract with Accenture. Can you just update that us on how that's going? And you mentioned a few other bookings on that JV, I think, in prior calls. Can you bring us up to date on how those coming on stream? Richard J. Daly - President, Chief Executive Officer & Director: Well, SocGen is live and living. All right. So, that we believe was a proof point that large clients, like Barclays, needed to see. All right? It's certainly aided in that transaction closing. There is another entity, which we still can't publicly discuss, who is right in the sweet spot of going live. All right? And so, Barclays clearly is going to add so much size and scale to that, there has been lots of dialogs that have been driven by that. Our primary goal right now is to make sure that convergence goes seamlessly and as quickly as possible, recognizing it's a pretty complex transaction. At this point, I'm not willing to give you a date in terms of that. But transactions like that generate momentum for us in terms of sales dialogs around the globe.

Your next question comes from the line of Darrin Peller of Barclays.

Thanks, guys. Just wanted start off with one of the underlying trends. I think I heard you call out that stock position growth was low-single-digit, mid-single-digit kind of trends. I think last year it was more of a high-single-digit growth rate. Just maybe touch on the trend there again in terms of what you'd expect we should see any type of return to a slightly higher growth rate? Richard J. Daly - President, Chief Executive Officer & Director: Yeah. Darrin, good morning. I've been involved with stock record growth since 1979. And with all the effort we do, it's never easy to say that it's going – to the percentage point, this is what will or won't happen. Let me give you a couple of thoughts here. I was not particularly pleased when the market was getting more than squirrely, at the end of January, okay, going into February, when the largest company's record dates start to fall. All right? So, with that said, it takes a lot of activity, good or bad, to dramatically impact stock record over a short period of time, very, very different than trading activity. Okay? On the mutual fund side, that also had us saying, okay, so what might be different. And candidly, we weren't the ones who came up with this. But in recent dialogs with one of the largest wealth managers, particularly with funds being their vehicle that they have their clients investment in, they pointed out to us that their FCs are very hesitant to the changing investments in retirement accounts, which are about a third of the retail accounts out there, because what's going on in the DOL rules. I don't have any ability to say that is or isn't the case. What I do believe is the following Darrin. Having done this now for three-and-a-half decades, I will tell you that investors need places to invest, all right, and fund products whether it be traditional funds or ETFs, continue to meet that need for lots of retail investors, all right. And if you're looking to save, heaven know you're not going to use a money market fund that will pay you a basis point. And I don't even know if you know buying a 10-year treasury gives any one the ability to build wealth at the level we need to whether it'd be to retire someday or fund the kids education. So, because I've been doing the stock record piece for so long, even though it's not a variable within our control, that's not one of the variables that I think about for long – as I think about the long term of Broadridge, that keeps me up at night.

Okay. So, there is nothing structural that you see right now that can – that should have a sort of an adverse impact on the next year, let's call it? Richard J. Daly - President, Chief Executive Officer & Director: There's really is no clear insight. When we were back in the financial crisis, certainly on the equity side, we would have killed for this year's stock record activity.

Okay. Okay. Let me ask you a quick follow-up. When I look at the ICS segment, the growth has been strong, partly because of that underlying trend. But you've also done a lot more build-out and investment in the analytics side of the business, utilizing what you guys have for more and more revenue, and part of that's been tuck-in acquisitions too. Can you help us understand how much that contributed to your story this quarter and then how much of that can next year, more or less? Richard J. Daly - President, Chief Executive Officer & Director: And now – Jim going to take the first shot at this. We may need you to clarify something. You're coming through just slightly garbled. James M. Young - Chief Financial Officer & Corporate Vice President: Darrin, I think – let me see if I – I think I heard you, you can correct me if I'm wrong. Just sort of the underlying drivers of the sustained kind of growth in ICS, which obviously up 15% (51:54)...

Specifically – Jim, I guess I was trying to – maybe you can hear me better now. I was trying to get at what the underlying sustainable growth is and the contribution from the data analytics side of your investments in this past quarter and actually in the next quarters? James M. Young - Chief Financial Officer & Corporate Vice President: Yeah, Darrin, the way I would break it down is – and this quarter is fairly representative, 7 points of that 15% recurring growth is coming from the acquisitions. So, if we take that out and you're really looking at 8 points, almost all that coming from our net new business, so really a sales story. And then, within that, Darrin, rough estimate, maybe half of that is coming from some of those newer businesses, specifically data and analytics, but also still getting good contributions from certain – what are considered some of the more legacy business, like customer communications, which continues to onboard new business. So, maybe kind of half of that organic growth coming from those emerging businesses. So, this obviously continue to have good runway, obviously execution's always critical, but good opportunities in front of the team.

Okay. That's helpful. Richard J. Daly - President, Chief Executive Officer & Director: And so to net it our – (53:14).

I was going to say, when we look at last... Richard J. Daly - President, Chief Executive Officer & Director: I apologize. To net it out, that's why I keep referring, Darrin, to we have multiple levers, right. And our senior management team on a very recurring basis sit down and discuss do we have what we need to control revenue growth within our own destiny. Right. And that's why the build by strategy, we believe, is so critical to where we are today and as we go forward.

Okay. And just what I was sort of getting at, is the overlaying size of the analytic investments still relatively small in the scheme of things, but outsized growth is actually having an impact now? James M. Young - Chief Financial Officer & Corporate Vice President: That's right. I think, as we've talked about before, Darrin, and we'll maybe update you at the end of this year. But in the past couple of years, maybe two years ago, the last time we gave an update, those SG&A portion, the emerging, acquired of ICS was driving close to 50% of sales; some years, 40%; some years as high as 50% for overall Broadridge, so that as you put that into just the ICS segment, it makes sense that it's driving a fair amount of growth. And whether it's this quarter or kind of over the next couple of quarters, those sales start to come to fruition in our revenue growth.

All right. That's great to hear. Just very last question, Jim, for you on the margin side. Last year, obviously there – this year, in general, you're talking about the investment being made causing sort of a flatter margin than what we've have being seeing actually, which is better. I understand fourth quarter, there's more investments. But as we look into 2017, I know David may have touched on this with you guys earlier, but as we look into the next year, as you've had these deals you've already done now for some time, I mean are we talking about the same level of expansion investment as a percentage of revenue? And should we see less of a drag on the margin given that it seems there is a natural tendency for upside to the margin? James M. Young - Chief Financial Officer & Corporate Vice President: What was the last part, you said – natural tendency for what?

For the margins you expand, just given what we saw in the prior years, and even what you're sort of seeing this. James M. Young - Chief Financial Officer & Corporate Vice President: Great. Again, I would anchor back to our three-year objectives, which are 50 basis point to 60 basis point margin expansion, obviously, this year flat to down 10 basis points. So, if we stick with that, that means we return to more margin expansion next year, a bit more than the average. So, we do still see that capacity for margin expansion investment, relative expenses, maybe this year's a little higher – maybe a little higher than average, but nothing that wouldn't be normal course for us. So, I mean, I guess, generally speaking, Darrin, the answer is we still have the same outlook for continued margin expansion. And what we achieve in one given year, I don't know, but certainly over that kind of three-year period, we still expect to achieve that 50 basis points to 60 basis points per annum expansion.

Okay, guys. Thanks very much. James M. Young - Chief Financial Officer & Corporate Vice President: Sure.

Your next question comes from the line of Peter Heckmann of Avondale.

Good morning, everyone. Rich, I had a question on the fiduciary rule and the continuing move to fee-based accounts. How do you think that affects Broadridge's business? Do you have that functionality or is that allowing additional vendors to put their toe into the broker dealer arena? Richard J. Daly - President, Chief Executive Officer & Director: Pete, it's – the latest release added, I'll call it, one could argue more flexibility, but there are legal aspects of it and I'm being told by virtually everyone that until that's better understood, it's not providing the complete clarity that certainly, I think, the industry will have desired. All right? That's why what I said in the script remains very fluid. There will likely be needs to communicate with clients and we certainly – given that we do the vast majority of communications with people already, we're talking with people about that what that could mean. In terms of the processing capabilities, we have Level Comp solutions out of there. We've got other solutions out there. I'm not sure to what degree – with the big – or the best interest contract out there, I'm not sure to what degree this is going to create dramatically different processing activities out there, but Pete, clearly don't view Rich Daly as the expert in this. We have people here, I just met with them last Friday, to walk through and it's a number of strategy people, to walk through the complexity of the rule, the various components in it. And we're out there with, I think, it's an 8 points that you need to know about this rule that we're sharing with clients right now from our perspective, and discussing with them what they need to do first, from their perspective, before we come back with can help or can't we help on, from our perspective.

Okay. Okay. But in general, if we continue to see a shift to fee-based accounts over commission, would you consider that to be a negative trend for Broadridge or is that revenue neutral? Richard J. Daly - President, Chief Executive Officer & Director: I don't see how that really impacts us. We don't have a fee-based activity at Broadridge in terms of our processing and GTO. And communications are tied to positions not, to fees, not to commissions, not to any of those activities. We have a fee-based business and metrics, where we do have a Level Comp solution, right, and we do have an open architecture solution, which enables, for retirement, large and small broker dealers to service small retirement accounts very, very cost effectively. And we do see the focus on fees and our retirement is 401(k), not IRAs, and but we do see the pressure on fees and the exposure on fees in the case base as well, making our solution there more attractive. And so, we continue to be pleased that we have those capabilities and we also believe that in that business, there will be pressure on fees even though we're working on a very, very low number of basis points right now. And that's why I try to allude not just in whether it be retirement, but across everything that everyone does, pricing pressure does remain a reality in the market, but I did want to call out again, I don't recall a times since I've been CEO and if I look back in my carrier, I probably don't recall a time when pricing pressure didn't exists.

Okay. That's helpful. And then, just I was curious, any exposure to relatively larger, in a broker dealer, filed bankruptcy within the last couple of months. I don't think Broadridge has a lot of exposure there but just curious. Richard J. Daly - President, Chief Executive Officer & Director: You're talking about – did you say exposure to broker dealer bankruptcy?

Yeah. Yeah, RCS. I don't think Broadridge had any material exposure there, but I was just checking. Richard J. Daly - President, Chief Executive Officer & Director: Well, first of all, we really have such a diverse client base out there. I'm not going to talk about any specific firm. I'm not aware of anything and I just went through this in the Audit Committee meeting. Our receivables continue to be very impressive and it turns out Jim and his team, always find ways, it seems, to accelerate the payment cycle. So, I'm not aware of anything that we're talking about, any degree with any exposure that would be noteworthy. Okay. And one other thing, Pete, my experience has been the things I worried about in these cases rarely are the ones at company. It's the ones I wasn't worried about that seem to show up. So, my view is that our clients overall are performing in a healthy manner.

Good. Good to hear. I appreciate the comments.

Your next question comes from the line of Chris Donat of Sandler O'Neill. Christopher R. Donat - Sandler O'Neill & Partners LP: Hi. Good morning. Thanks for taking my questions. Wanted to just ask about the pace and cadence at closed sales. Rich, you said it's been the second best year to-date. Is there anything that makes you think we are going to be sort of higher in the fourth quarter like we had been in the past or you think this one is more spread out than prior year, more of an even distribution of quarterly closed sales? Richard J. Daly - President, Chief Executive Officer & Director: The great scholar, philosopher Yogi Berra is right, it's not over till it's over, Chris. So, the other thing I always emphasize and even though we sweat a specific number in a 12-month period, something closes in June and something closes in July, candidly, to me is irrelevant. What's relevant is how quickly it converts to revenues. So, I'm pleased where we are year to date. I'm pleased with the product set we have. We're always looking for ways to expand the product set. You heard us talk about continued investment in the business. We think this is the right way to run Broadridge for the long term. We are absolutely running it for the long term. And so, all in all, I'm pleased that we are where we are year to date. And Chris Perry and his team are going to continue to work very hard through the last quarter, maybe take the night off on June 30th and get back on July 1 and continue to push. Christopher R. Donat - Sandler O'Neill & Partners LP: Okay. And then, sort of related to that. Last week, you announced a…

Your next question comes from the line of Stephanie Davis of JPMorgan.

Hey, guys. Thanks for taking my questions. Richard J. Daly - President, Chief Executive Officer & Director: Good morning.

Within the pace of margin expansion, you guys are approaching the fiscal year 2017 margin target given at your Investor Day. Can we expect continued expansion beyond this level or is the 80% target more of a steady state where you can focus on other items? James M. Young - Chief Financial Officer & Corporate Vice President: Thanks, Stephanie. One thing is just to clarify, when I'm talking about margin today, we're talking about an adjusted operating margin, which is slightly different than the EBIT margin that we talked about at Investor Day, we'll true that out. But look at the delta off of the beginning base, it's very much the same. So, up last year about 80 points or 90 points; this year, about flat, so averaging close to 45 basis point, 50 basis point. We're still targeting that 50 basis point to 60 basis points. So, it's really that change versus the absolute – so we're – again, still see it and obviously that would mean a bit more margin expansion next year to get us on average to that 50 basis points to 60 basis points we're targeting over the three-year period.

All right. Thanks. That makes sense. And then, given recent volatility in the markets, I was a bit surprised at the equity volume growth for the quarter. Can you maybe talk to the puts and takes of this and how much of bit it was driven the shift in contract structure? James M. Young - Chief Financial Officer & Corporate Vice President: Certainly, not attributable to contract structure. And Stephanie, as you know, we don't always track any broader indices. But obviously, we saw different growth patterns, if you're talking about retail versus institutional, Canada versus the U.S. But on balance, relative health, because that's as you know that metric that we provide as a same-store sales metrics, looking at the same client year-over-year. So, relative health for our mix of business.

All right. Thanks. And one last one for me. You guys have been talking about the opportunity in Post-Trade Processing and recent wins for the past few quarters. Going forward, how should we think about the revenue conversion through 2017 and 2018? James M. Young - Chief Financial Officer & Corporate Vice President: Yes. Specifically, as we think about SocGen, London is obviously live and so some of that is flowing through the P&L today. As we think about Barclays, it's a much longer ramp really kind of two year, three year in nature. And that said, we do have modest revenue expense flowing through in 2016. We'll a bit more in 2017, but it's really 2018 and beyond where that's start to become a meaningful number. So, that's one of those good win and it'll just take time just to show in a meaningful way.

All right. Thank you.

Your next question comes from the line of Patrick O'Shaughnessy of Raymond James. Patrick J. O'Shaughnessy - Raymond James & Associates, Inc.: Hey. Good morning. So, the first question is on segment margins. It looks like the margins in the ICS segment are kind of trending maybe a little bit below your full-year guidance and in the GTO segment they're trending above. Can you kind of talk about the sequential uptick in spend in the fourth quarter? Is that going to be weighted towards GTO or it might – kind of that current year-to-date trends kind of hold true for the full year? James M. Young - Chief Financial Officer & Corporate Vice President: Hey, Patrick. So, on the Investor Communication side, let me take it in two, kind of what we're seeing. So, you're seeing down year-to-date 30 basis points year-over-year on margins for ICS. So, two things. As we said, three to four acquisitions that we did last year are in that segment. So, those – it will be further – and those, we know, are overall drag to Broadridge margin this year. So, you're seeing it more pronounced in the ICS segment. And then, probably, most importantly, as you know, the fourth quarter is where all the margin is made. So, if we're at 10.7% year-to-date and targeting something in the high-teens for the full year, it's really the fourth quarter that will tell us whether we're on track. And right now, we believe we are. GTO, you're seeing a little bit of that, that's on balance healthy trading activity which comes in at pretty high margins. So, that's sort of the year-to-date performance. With respect to any Q4 investment or restructuring spend, probably, premature to tell you exactly where that falls, although expect activity in both…

And at this time, I'm showing there are no further questions. Richard J. Daly - President, Chief Executive Officer & Director: All right. Well, first of all, thank you for your participation. And Jim, Brian or I will be looking forward to seeing, hopefully, many of you at our upcoming Investor Day lunch in New York City on May 10th. As always, we look forward to hearing your thought and comments. And although it's been a bit of a rainy run here, we're all going to choose to have a great day here and we hope you do the same. Thanks so much for your participation.

This concludes today's call. You may now disconnect.