Attached files
 26
ICS Key Segment Revenue Stats
$ in millions
RC= Recurring
ED= Event-Driven
Fee Revenues
(1)
4Q09
4Q10
FY09
FY10
Type
Proxy
Equities
(2)
191.1
$
195.1
$
272.5
$
276.5
$
RC
Stock Record Position Growth
-2%
1%
-2%
-1%
Pieces
211.4
211.0
288.0
293.2
Mutual Funds
20.5
$
29.2
$
55.0
$
149.7
$
ED
Pieces
25.8
36.3
73.5
204.2
Contests/Specials
8.2
$
4.6
$
26.9
$
20.6
$
ED
Pieces
8.4
4.6
30.8
26.0
Total Proxy
219.8
$
228.9
$
354.4
$
446.8
$
Total Pieces
245.6
251.9
392.3
523.4
Notice and Access Opt-in %
49%
53%
50%
54%
Suppression %
51%
53%
50%
52%
Interims
Mutual
Funds
(Annual/Semi-Annual
Reports/Annual
Prospectuses)
19.0
$
21.3
$
78.1
$
88.8
$
RC
Position Growth
-1%
10%
3%
6%
Pieces
106.2
117.7
440.5
476.0
Mutual Funds (Supplemental Prospectuses) & Other
11.9
$
11.8
$
58.0
$
47.8
$
ED
Pieces
67.6
61.0
349.6
266.2
Total Interims
30.9
$
33.1
$
136.1
$
136.6
$
Total Pieces
173.8
178.7
790.1
742.2
Transaction
Transaction Reporting
30.9
$
37.2
$
132.0
$
142.8
$
RC
Reporting
Fulfillment
Post-Sale Fulfillment
19.2
$
17.4
$
72.9
$
74.0
$
RC
Pre-Sale Fulfillment
9.2
$
9.7
$
36.6
$
35.5
$
ED
Total Fulfillment
28.4
$
27.1
$
109.5
$
109.5
$
Other
Other -
Recurring
0.9
$
3.6
$
0.9
$
12.1
$
RC
Communications
Other -
Event-Driven
(2), (3)
10.1
$
11.0
$
41.3
$
41.2
$
ED
Total Other
11.0
$
14.6
$
42.2
$
53.3
$
Total Fee Revenues
321.0
$
340.9
$
774.2
$
889.0
$
Total Distribution Revenues
266.0
$
269.0
$
756.8
$
780.6
$
Total
Revenues
as
reported
-
GAAP
587.0
$
609.9
$
1,531.0
$
1,669.6
$
Total RC Fees
261.1
$
274.6
$
556.4
$
594.2
$
Total ED Fees
59.9
$
66.3
$
217.8
$
294.8
$
FY11 Ranges
Low
High
Sales
2%
2%
1%
3%
3%
3%
Losses
-1%
0%
0%
-1%
0%
0%
Key
Net New Business
1%
2%
1%
2%
3%
3%
Revenue
Internal growth
0%
0%
0%
0%
0%
1%
Drivers
Event-Driven
-1%
1%
-1%
5%
-4%
-3%
Acquisitions
0%
0%
0%
1%
0%
0%
Distribution
-7%
1%
-3%
1%
-1%
0%
TOTAL
-7%
4%
-3%
9%
-2%
1%
(1) As of 4Q09, these items represent fee revenues only and exclude distribution revenues which are set
out separately. The historical numbers have been adjusted to exclude distribution revenues
(2) For comparability purposes, Other Proxy related fee revenue has been reclassified from Other
Event-Driven to Annual Equity Proxy (FY09: $4.1M & FY10: $4.5M) (3) Other includes 3.4M
pieces for 4Q09 and 1.9M pieces for 4Q10 primarily related to corporate actions. Total Other pieces for FY09 were 14.4M and for FY10 were 10.5M
Exhibit 99.3 |
 27
SPS and Outsourcing Key Segment Revenue Stats
$ in millions
RC= Recurring
ED= Event-Driven
4Q09
4Q10
FY09
FY10
Type
Equity
Transaction-Based
Equity Trades
62.5
$
61.4
$
258.5
$
237.8
$
RC
Internal Trade Volume
(1)
1,568
1,581
1,540
1,507
Internal Trade Growth
7%
1%
6%
-2%
Trade Volume (Average Trades per Day in '000)
(2) (3)
1,604
1,617
1,602
1,542
Non-Transaction
Other Equity Services
49.1
$
50.0
$
193.6
$
195.4
$
RC
Total Equity
111.6
$
111.4
$
452.1
$
433.3
$
Fixed Income
Transaction-Based
Fixed Income Trades
12.4
$
13.5
$
52.3
$
49.9
$
RC
Internal Trade Volume
(1)
287
287
287
269
Internal Trade Growth
-4%
0%
11%
-6%
Trade Volume (Average Trades per Day in '000)
(3)
287
289
287
283
Non-Transaction
Other Fixed Income Services
7.1
$
6.8
$
29.4
$
27.7
$
RC
Total Fixed Income
19.4
$
20.3
$
81.7
$
77.5
$
Outsourcing
Outsourcing
5.7
$
6.7
$
25.1
$
25.0
$
# of Clients
6
9
6
9
Total Net Revenue as reported -
GAAP
136.7
$
138.4
$
558.9
$
535.9
$
FY11 Ranges
Low
High
Sales
4%
6%
6%
5%
5%
6%
Losses
-4%
-4%
-4%
-4%
-4%
-4%
Key
Net New Business
0%
2%
2%
2%
1%
2%
Revenue
Transaction & Non-transaction
3%
0%
5%
-2%
0%
4%
Drivers
Concessions
-5%
-2%
-3%
-4%
-2%
-2%
Internal growth
-2%
-2%
2%
-6%
-2%
2%
Acquisitions
1%
1%
1%
0%
11%
11%
TOTAL
-1%
1%
5%
-4%
10%
15%
(1) 4Q09
Internal
Trade
Volume
was
previously
presented
as
1,557
and
252
for
Equities
and
Fixed
Income,
respectively.
FY09
Internal
Trade
Volume
was
previously presented as 1,557 and 257 for Equities and Fixed Income,
respectively. These numbers were adjusted to reflect losses and sales in order to
present consistent business for the purpose of calculating internal trade growth.
(2) Equity Trade volume adjusted to exclude trades processed under fixed
priced contracts. Management believes excluding this trade volume presents a
stronger correlation between trade volume and Equity Trade revenue.
(3) Prior Year's trade volume re-stated for comparability.
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