Broadridge Financial Solutions, Inc. (NYSE:BR) will look for M&A. Edmund Reese, Chief Financial Officer said during the Morgan Stanley TMT Conference, "We'll evaluate M&A if it meets our strategic and financial criteria or will return any excess to shareholders". "I mean the first thing I'll always point out, James, as you know, is that we are an organic growth company. The objectives are 5% to 8% growth with 0 to 2 points from M&A. And so we do M&A when it fits our overall criteria.

But to your point, the policy continues to be the same as it was. I think our dividends have grown at a double-digit level 11 out of the past 12 years. So it's going to grow in line with earnings.

We will see -- we will pursue M&A, but it has to fit our high financial and strategic return criteria, but we will not let any excess cash sort of build on the balance sheet. We'll return that back. And as a result, particularly as you think about fiscal year '24, where we have 5.5 months left in our fiscal year.

I think you'll -- I don't expect to see significant M&A. And what that means is that between the dividend that we've already paid and share repurchase is $700 million to $800 million. We did $250 million in share repurchases in the first quarter. You can see another -- I'm sorry, $150 million.

You can see another $200 million to $300 million in the back half would be my thoughts on it as well. But over the long term, and it's not that we sort of plan it this way, but you've seen balanced dividends and share repurchases versus investment and I think over the long term, you'll continue to see that very balanced capital allocation policy. And I think that fares well for shareholders as well when you look at the returns on both the M&A side and the capital return on the share repurchase side of it over our history".