Broadridge is a financial technology company that provides infrastructure, software, and communications services to the financial services industry. Broadridge operates through two segments. The Investor Communication Solutions (ICS) segment — roughly three-quarters of recurring revenue — sits at the center of the U.S. proxy voting and shareholder communications ecosystem. Because public company shares are typically held in "street name" through broker-dealers and banks, Broadridge acts as the central intermediary that distributes proxy materials, collects votes, and delivers regulatory documents on behalf of its broker-dealer and bank clients, processing over 900 million equity proxy positions annually. Public companies reimburse Broadridge at rates set by NYSE rules. ICS also distributes fund documents and prospectuses for mutual funds and ETFs. The Global Technology and Operations (GTO) segment — roughly one-quarter of recurring revenue — provides SaaS platforms for post-trade processing, trade confirmation, clearing, settlement, and reconciliation, as well as front-office order and execution management tools. GTO also provides back-office systems and advisor productivity tools to wealth managers and broker-dealers, processing over $15 trillion in equity and fixed income trades per day. Broadridge sells primarily to large financial institutions through a direct enterprise sales force. Revenue is almost entirely recurring (~94%), driven by shareholder position growth in ICS and SaaS fees and trade volumes in GTO. The business compounds reliably, with ~97-98% revenue retention. Broadridge's cost base is largely fixed, so incremental revenue converts at high margins.