DFIN Reports Second-Quarter 2025 Results
DFIN (NYSE:DFIN) reported its Q2 2025 financial results, highlighting record quarterly software solutions net sales of $92.2 million, up 7.7% year-over-year. Software solutions represented 42.3% of total net sales, advancing toward their 2028 target of 60%.
The company posted net earnings of $36.1 million ($1.28 per diluted share) and Adjusted EBITDA of $76.3 million with a 35.0% margin. Total net sales decreased 10.1% to $218.1 million due to lower print and distribution volumes. DFIN repurchased 787,152 shares for $34.3 million and authorized a new $150 million stock repurchase program through December 2026.
For Q3 2025, DFIN guides total net sales of $165-175 million with Adjusted EBITDA margin of 23-25%.
DFIN (NYSE:DFIN) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando vendite nette record per le soluzioni software pari a 92,2 milioni di dollari, con un incremento del 7,7% rispetto all'anno precedente. Le soluzioni software hanno rappresentato il 42,3% delle vendite nette totali, avvicinandosi all'obiettivo del 60% previsto per il 2028.
L'azienda ha registrato un utile netto di 36,1 milioni di dollari (1,28 dollari per azione diluita) e un EBITDA rettificato di 76,3 milioni di dollari con un margine del 35,0%. Le vendite nette totali sono diminuite del 10,1%, attestandosi a 218,1 milioni di dollari, a causa della riduzione dei volumi di stampa e distribuzione. DFIN ha riacquistato 787.152 azioni per un valore di 34,3 milioni di dollari e ha autorizzato un nuovo programma di riacquisto azionario da 150 milioni di dollari valido fino a dicembre 2026.
Per il terzo trimestre 2025, DFIN prevede vendite nette totali tra 165 e 175 milioni di dollari con un margine EBITDA rettificato tra il 23% e il 25%.
DFIN (NYSE:DFIN) anunció sus resultados financieros del segundo trimestre de 2025, destacando ventas netas trimestrales récord en soluciones de software de 92,2 millones de dólares, un aumento del 7,7% interanual. Las soluciones de software representaron el 42,3% del total de ventas netas, avanzando hacia su objetivo del 60% para 2028.
La compañía registró ganancias netas de 36,1 millones de dólares (1,28 dólares por acción diluida) y un EBITDA ajustado de 76,3 millones de dólares con un margen del 35,0%. Las ventas netas totales disminuyeron un 10,1% hasta 218,1 millones de dólares debido a menores volúmenes de impresión y distribución. DFIN recompró 787,152 acciones por 34,3 millones de dólares y autorizó un nuevo programa de recompra de acciones por 150 millones de dólares hasta diciembre de 2026.
Para el tercer trimestre de 2025, DFIN pronostica ventas netas totales de 165-175 millones de dólares con un margen de EBITDA ajustado del 23-25%.
DFIN (NYSE:DFIN)은 2025년 2분기 재무 실적을 발표하며, 분기별 소프트웨어 솔루션 순매출이 9,220만 달러로 전년 대비 7.7% 증가한 기록을 세웠다고 밝혔습니다. 소프트웨어 솔루션은 전체 순매출의 42.3%를 차지하며 2028년 목표인 60%에 점차 다가가고 있습니다.
회사는 순이익 3,610만 달러 (희석 주당 1.28달러)와 조정 EBITDA 7,630만 달러를 35.0% 마진으로 기록했습니다. 총 순매출은 인쇄 및 유통 물량 감소로 인해 10.1% 감소한 2억1,810만 달러를 기록했습니다. DFIN은 78만7,152주를 3,430만 달러에 재매입했으며, 2026년 12월까지 유효한 새로운 1억5,000만 달러 규모의 주식 재매입 프로그램을 승인했습니다.
2025년 3분기에는 총 순매출 1억6,500만~1억7,500만 달러와 조정 EBITDA 마진 23-25%를 예상하고 있습니다.
DFIN (NYSE:DFIN) a publié ses résultats financiers du deuxième trimestre 2025, mettant en avant un chiffre d'affaires net record trimestriel pour les solutions logicielles de 92,2 millions de dollars, en hausse de 7,7 % par rapport à l'année précédente. Les solutions logicielles ont représenté 42,3 % du chiffre d'affaires net total, progressant vers leur objectif de 60 % d'ici 2028.
La société a enregistré un bénéfice net de 36,1 millions de dollars (1,28 dollar par action diluée) et un EBITDA ajusté de 76,3 millions de dollars avec une marge de 35,0 %. Le chiffre d'affaires net total a diminué de 10,1 %, s'établissant à 218,1 millions de dollars, en raison de volumes d'impression et de distribution plus faibles. DFIN a racheté 787 152 actions pour 34,3 millions de dollars et a autorisé un nouveau programme de rachat d'actions de 150 millions de dollars jusqu'en décembre 2026.
Pour le troisième trimestre 2025, DFIN prévoit un chiffre d'affaires net total compris entre 165 et 175 millions de dollars avec une marge d'EBITDA ajustée de 23 à 25 %.
DFIN (NYSE:DFIN) veröffentlichte seine Finanzergebnisse für das zweite Quartal 2025 und hob Rekordquartalsumsätze im Bereich Softwarelösungen in Höhe von 92,2 Millionen US-Dollar hervor, was einem Anstieg von 7,7 % gegenüber dem Vorjahr entspricht. Softwarelösungen machten 42,3% des Gesamtumsatzes aus und bewegen sich auf das Ziel von 60 % bis 2028 zu.
Das Unternehmen erzielte einen Nettogewinn von 36,1 Millionen US-Dollar (1,28 US-Dollar je verwässerter Aktie) sowie ein bereinigtes EBITDA von 76,3 Millionen US-Dollar mit einer Marge von 35,0 %. Der Gesamtumsatz sank um 10,1 % auf 218,1 Millionen US-Dollar aufgrund geringerer Druck- und Vertriebsvolumina. DFIN kaufte 787.152 Aktien für 34,3 Millionen US-Dollar zurück und genehmigte ein neues Aktienrückkaufprogramm in Höhe von 150 Millionen US-Dollar bis Dezember 2026.
Für das dritte Quartal 2025 erwartet DFIN Gesamtumsätze von 165 bis 175 Millionen US-Dollar mit einer bereinigten EBITDA-Marge von 23-25 %.
- Record software solutions revenue of $92.2 million, up 7.7% year-over-year
- Strong 15% growth in recurring compliance software products (ActiveDisclosure and Arc Suite)
- Robust financial position with low leverage ratios (0.9x gross, 0.7x net)
- New $150 million share repurchase program authorized through December 2026
- Healthy Adjusted EBITDA margin of 35.0%
- Improved working capital management and lower capital expenditures
- Total net sales declined 10.1% to $218.1 million year-over-year
- Net earnings decreased to $36.1 million from $44.1 million in Q2 2024
- Adjusted EBITDA fell by $10.9 million compared to Q2 2024
- Lower capital markets transactional volumes impacting performance
- Expected Q3 2025 revenue guidance shows continued pressure ($165-175 million)
Insights
DFIN posts solid Q2 with record software sales growth of 7.7% despite overall revenue decline, continuing transformation toward higher-margin software business.
DFIN's Q2 results showcase the company's strategic transformation toward a software-centric business model. The company achieved record software solutions sales of
The company reported net earnings of
Total revenue declined by
Free cash flow improved by
DFIN continues to return capital to shareholders, repurchasing 787,152 shares for approximately
Looking ahead, management provided Q3 2025 guidance with projected revenue between
Highlights for the second quarter of 2025:
- Record quarterly software solutions net sales of
$92.2 million 7.7% from the second quarter of 2024; Software solutions net sales accounted for42.3% of total net sales, up from35.3% in the second quarter of 2024. - Net earnings of
$36.1 million $1.28 $76.3 million 35.0% . - Operating Cash Flow(b) increase of
$12.2 million $14.9 million - Gross leverage(a) of 0.9x and net leverage(a) of 0.7x as of June 30, 2025.
- The Company repurchased 787,152 shares for approximately
$34.3 million $43.56 $150 million $150 million $150.0 million
(a) | Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, gross leverage and net leverage are non-GAAP financial measures that exclude the impact of certain items noted in the reconciliation tables below. The tables below provide reconciliations to the most comparable GAAP measures. |
(b) | Defined as net cash provided by operating activities. |
"We continue to see proof points that support the success of our software-focused strategy. We delivered quarterly software solutions net sales of
Leib continued, "We are encouraged by the improving trend in market activity as the quarter progressed, despite persistent macroeconomic headwinds and market uncertainty that continued to suppress the demand for our transactionally-driven offerings. The sequential improvement in market conditions helped drive solid overall results, underscoring the resilience of our business model. We delivered Adjusted EBITDA margin of
"As we enter the second half of the year, our focus remains on investing to drive toward a more recurring sales mix, aggressively managing our cost structure, and allocating capital in a disciplined manner – all aimed toward delivering sustainable, long-term value for our clients, employees, and shareholders. In addition, we are encouraged by the level of capital markets transactional activity so far in the third quarter, a continuation of the stabilization we saw across May and June," Leib concluded.
Net Sales
Net sales in the second quarter of 2025 were
Net Earnings
For the second quarter of 2025, net earnings were
Adjusted EBITDA and Non-GAAP Net Earnings
For the second quarter of 2025, Adjusted EBITDA was
For the second quarter of 2025, non-GAAP net earnings were
Reconciliations of reported net sales to organic net sales and consolidated net earnings to Adjusted EBITDA, Adjusted EBITDA margin and non-GAAP net earnings are presented in the tables.
Guidance
The Company provides the following guidance for the third quarter of 2025.
Third-Quarter Guidance | |
Total Net Sales | |
Adjusted EBITDA margin | |
Capital markets transactional net sales |
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the "Use of Forward-Looking Statements" section below for information on the factors that could cause actual results to differ materially from these forward-looking statements.
Adjusted EBITDA margin guidance presented above is provided on a non-GAAP basis only, without providing a reconciliation to guidance provided on a GAAP basis because the preparation of such a reconciliation could not be accomplished without "unreasonable efforts." The Company does not have access to certain information that would be necessary to provide such a reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. Such items include, but are not limited to, certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operations.
Company Results and Conference Call
DFIN's earnings press release for the second quarter of 2025, which is included as Exhibit 99.1 to the Company's Current Report on Form 8-K that has been furnished to the SEC on July 31, 2025, is available on the Company's investor relations website at investor.dfinsolutions.com. A supplemental trending schedule of historical results, including additional breakouts of segment-level net sales, is also available on the Company's investor relations website.
DFIN will hold a conference call and webcast on July 31, 2025, at 9:00 a.m. Eastern time to discuss financial results for the second quarter of 2025, provide a general business update and respond to analyst questions.
A live webcast of the call will also be available on the Company's investor relations website. Please visit investor.dfinsolutions.com at least fifteen minutes prior to the start of the event to register, download and install any necessary audio software.
If you are unable to participate live, a replay of the webcast will be available following the conference call on the Company's investor relations website, along with the earnings press release and related financial tables.
About DFIN
DFIN is a leading global provider of innovative software and technology-enabled financial regulatory and compliance solutions. We provide domain expertise, enterprise software and data analytics for every stage of our clients' business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN's end-to-end risk and compliance solutions online at DFINsolutions.com or you can also follow us on X (formerly Twitter) @DFINSolutions or on LinkedIn.
Use of Non-GAAP Information
This news release contains certain non-GAAP financial measures, including non-GAAP gross profit, adjusted non-GAAP gross profit, non-GAAP gross margin, adjusted non-GAAP selling, general and administrative expenses ("SG&A"), adjusted non- GAAP income from operations, adjusted non-GAAP operating margin, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP earnings before income taxes, non- GAAP effective tax rate, adjusted non-GAAP net earnings, adjusted non-GAAP diluted earnings per share, Free Cash Flow and organic net sales. The Company believes that these non-GAAP financial measures, when presented in conjunction with comparable GAAP measures, provide useful information about the Company's operating results and liquidity and enhance the overall ability to assess the Company's financial performance. The Company uses these measures, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business.
The Company's non-GAAP statement of operations measures, which include non-GAAP gross profit, adjusted non-GAAP gross profit, non-GAAP gross margin, adjusted non-GAAP SG&A, adjusted non-GAAP income from operations, adjusted non- GAAP operating margin, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP earnings before income taxes, non-GAAP effective tax rate, adjusted non-GAAP net earnings and adjusted non-GAAP diluted earnings per share, are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operations. These adjusted measures exclude the impact of expenses associated with the Company's non-income tax, net, accelerated rent expense, share-based compensation and eliminate potential differences in results of operations between periods caused by factors such as historic cost and age of assets, financing and capital structures, taxation positions or regimes, restructuring, impairment and other charges, net and gain or loss on certain investments, business sales and asset sales.
Free Cash Flow is a non-GAAP financial measure and is defined by the Company as net cash flow provided by operating activities less capital expenditures. By adjusting for the level of capital investment in operations, the Company believes that free cash flow can provide useful additional basis for understanding the Company's ability to generate cash after capital investment and provides a comparison to peers with differing capital intensity.
Organic net sales is a non-GAAP financial measure and is defined by the Company as reported net sales adjusted for the changes in foreign currency exchange rates and the impact of dispositions.
These non-GAAP financial measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. In addition, these measures are defined differently by different companies in our industry and, accordingly, such measures may not be comparable to similarly-titled measures of other companies.
Use of Forward-Looking Statements
This news release includes certain "forward-looking statements" within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, strategy and plans of DFIN and its expectations relating to future financial condition and performance. Statements that are not historical facts, including statements about DFIN management's beliefs and expectations, are forward-looking statements. Words such as "believes," "anticipates," "estimates," "expects," "intends," "aims," "potential," "will," "would," "could," "considered," "likely," "estimate" and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While DFIN believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond DFIN's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from DFIN's current expectations depending upon a number of factors affecting the business and risks associated with the performance of the business. These factors include such risks and uncertainties detailed in DFIN periodic public filings with the SEC, including but not limited to those discussed under "Special Note Regarding Forward-Looking Statements" and in Part I, Item 1A. Risk Factors of DFIN's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, those discussed under "Special Note Regarding Forward-Looking Statements" in DFIN's Quarterly Reports on Form 10-Q and in other investor communications of DFIN's from time to time. DFIN does not undertake to and specifically declines any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||
June 30, 2025 | December 31, 2024 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 33.8 | $ | 57.3 | ||||
Receivables, less allowances for expected losses of | 202.0 | 138.0 | ||||||
Prepaid expenses and other current assets | 30.8 | 37.2 | ||||||
Total current assets | 266.6 | 232.5 | ||||||
Property, plant and equipment, net | 7.5 | 8.9 | ||||||
Operating lease right-of-use assets | 9.5 | 12.3 | ||||||
Software, net | 97.5 | 96.5 | ||||||
Goodwill | 405.9 | 405.4 | ||||||
Deferred income taxes, net | 56.7 | 56.4 | ||||||
Other noncurrent assets | 31.0 | 29.6 | ||||||
Total assets | $ | 874.7 | $ | 841.6 | ||||
Liabilities | ||||||||
Accounts payable | $ | 37.9 | $ | 28.7 | ||||
Current portion of long-term debt | 5.8 | — | ||||||
Operating lease liabilities | 8.9 | 10.3 | ||||||
Accrued liabilities | 154.5 | 185.1 | ||||||
Total current liabilities | 207.1 | 224.1 | ||||||
Long-term debt | 184.3 | 124.7 | ||||||
Deferred compensation liabilities | 11.6 | 12.2 | ||||||
Pension and other postretirement benefits plans liabilities | 23.0 | 23.3 | ||||||
Noncurrent operating lease liabilities | 3.1 | 6.4 | ||||||
Other noncurrent liabilities | 13.5 | 14.8 | ||||||
Total liabilities | 442.6 | 405.5 | ||||||
Equity | ||||||||
Preferred stock, | ||||||||
Authorized: 1.0 shares; Issued: None | — | — | ||||||
Common stock, | ||||||||
Authorized: 65.0 shares; | ||||||||
Issued and outstanding: 39.6 shares and 27.5 shares in 2025 (2024 - 38.9 shares and 28.7 shares) | 0.4 | 0.4 | ||||||
Treasury stock, at cost: 12.1 shares in 2025 (2024 - 10.2 shares) | (433.1) | (344.1) | ||||||
Additional paid-in capital | 348.8 | 333.2 | ||||||
Retained earnings | 595.6 | 528.5 | ||||||
Accumulated other comprehensive loss | (79.6) | (81.9) | ||||||
Total equity | 432.1 | 436.1 | ||||||
Total liabilities and equity | $ | 874.7 | $ | 841.6 | ||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net sales | ||||||||||||||||
Software solutions | $ | 92.2 | $ | 85.6 | $ | 176.8 | $ | 165.9 | ||||||||
Tech-enabled services | 85.2 | 102.2 | 161.7 | 185.1 | ||||||||||||
Print and distribution | 40.7 | 54.9 | 80.7 | 95.1 | ||||||||||||
Total net sales | 218.1 | 242.7 | 419.2 | 446.1 | ||||||||||||
Cost of sales (a) | ||||||||||||||||
Software solutions | 26.4 | 25.4 | 54.0 | 52.7 | ||||||||||||
Tech-enabled services | 31.6 | 33.9 | 58.9 | 64.5 | ||||||||||||
Print and distribution | 21.2 | 27.2 | 39.3 | 49.4 | ||||||||||||
Total cost of sales | 79.2 | 86.5 | 152.2 | 166.6 | ||||||||||||
Selling, general and administrative expenses (a) | 70.0 | 76.1 | 135.8 | 148.9 | ||||||||||||
Depreciation and amortization | 15.1 | 14.3 | 29.2 | 28.2 | ||||||||||||
Restructuring, impairment and other charges, net | 1.0 | 1.3 | 3.9 | 3.1 | ||||||||||||
Other operating income, net | — | — | (0.5) | (9.8) | ||||||||||||
Income from operations | 52.8 | 64.5 | 98.6 | 109.1 | ||||||||||||
Interest expense, net | 3.8 | 3.7 | 6.9 | 7.3 | ||||||||||||
Investment and other loss (income), net | 0.3 | (0.4) | 0.8 | (0.8) | ||||||||||||
Earnings before income taxes | 48.7 | 61.2 | 90.9 | 102.6 | ||||||||||||
Income tax expense | 12.6 | 17.1 | 23.8 | 25.2 | ||||||||||||
Net earnings | $ | 36.1 | $ | 44.1 | $ | 67.1 | $ | 77.4 | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | 1.30 | $ | 1.50 | $ | 2.38 | $ | 2.63 | ||||||||
Diluted | $ | 1.28 | $ | 1.47 | $ | 2.33 | $ | 2.56 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 27.7 | 29.4 | 28.2 | 29.4 | ||||||||||||
Diluted | 28.2 | 30.0 | 28.8 | 30.2 | ||||||||||||
(a) Exclusive of depreciation and amortization. | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
Components of depreciation and amortization: | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Cost of sales | $ | 14.6 | $ | 13.8 | $ | 28.3 | $ | 27.1 | ||||||||
Selling, general and administrative expenses | 0.5 | 0.5 | 0.9 | 1.1 | ||||||||||||
Total depreciation and amortization | $ | 15.1 | $ | 14.3 | $ | 29.2 | $ | 28.2 | ||||||||
Additional information: | ||||||||||||||||
Gross profit (b) | $ | 124.3 | $ | 142.4 | $ | 238.7 | $ | 252.4 | ||||||||
Exclude: Depreciation and amortization | 14.6 | 13.8 | 28.3 | 27.1 | ||||||||||||
Non-GAAP gross profit | $ | 138.9 | $ | 156.2 | $ | 267.0 | $ | 279.5 | ||||||||
Gross margin (b) | 57.0 | % | 58.7 | % | 56.9 | % | 56.6 | % | ||||||||
Non-GAAP gross margin | 63.7 | % | 64.4 | % | 63.7 | % | 62.7 | % | ||||||||
SG&A as a % of total net sales (a) | 32.1 | % | 31.4 | % | 32.4 | % | 33.4 | % | ||||||||
Operating margin | 24.2 | % | 26.6 | % | 23.5 | % | 24.5 | % | ||||||||
Effective tax rate | 25.9 | % | 27.9 | % | 26.2 | % | 24.6 | % | ||||||||
(b) Inclusive of depreciation and amortization. | |||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | |||||||||||||||||||||||
For the Three Months Ended June 30, 2025 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 124.3 | $ | 70.0 | $ | 52.8 | 24.2 | % | $ | 36.1 | $ | 1.28 | |||||||||||
Exclude: Depreciation and amortization | 14.6 | ||||||||||||||||||||||
Non-GAAP measures | 138.9 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 63.7 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 1.0 | 0.5 | % | 0.8 | 0.03 | ||||||||||||||||
Share-based compensation expense | — | (7.5) | 7.5 | 3.4 | % | 5.4 | 0.19 | ||||||||||||||||
Non-income tax, net | — | 0.1 | (0.1) | — | (0.1) | — | |||||||||||||||||
Gain on investments in equity securities (b) | — | — | — | — | (0.1) | — | |||||||||||||||||
Total Non-GAAP adjustments (c) | — | (7.4) | 8.4 | 3.9 | % | 6.0 | 0.21 | ||||||||||||||||
Adjusted Non-GAAP measures (c) | $ | 138.9 | $ | 62.6 | $ | 61.2 | 28.1 | % | $ | 42.1 | $ | 1.49 | |||||||||||
Adjusted Non-GAAP % of total net sales | 63.7 | % | 28.7 | % | |||||||||||||||||||
For the Six Months Ended June 30, 2025 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 238.7 | $ | 135.8 | $ | 98.6 | 23.5 | % | $ | 67.1 | $ | 2.33 | |||||||||||
Exclude: Depreciation and amortization | 28.3 | ||||||||||||||||||||||
Non-GAAP measures | 267.0 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 63.7 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 3.9 | 0.9 | % | 2.9 | 0.10 | ||||||||||||||||
Share-based compensation expense | — | (13.5) | 13.5 | 3.2 | % | 9.2 | 0.32 | ||||||||||||||||
Gain on sale of long-lived assets | — | — | (0.5) | (0.1) | % | (0.4) | (0.01) | ||||||||||||||||
Non-income tax, net | — | 0.2 | (0.2) | — | (0.1) | — | |||||||||||||||||
Gain on investments in equity securities (b) | — | — | — | — | (0.1) | — | |||||||||||||||||
Loss on debt extinguishment (d) | — | — | — | — | 0.1 | — | |||||||||||||||||
Total non-GAAP adjustments (c) | — | (13.3) | 16.7 | 4.0 | % | 11.6 | 0.40 | ||||||||||||||||
Adjusted Non-GAAP measures (c) | $ | 267.0 | $ | 122.5 | $ | 115.3 | 27.5 | % | $ | 78.7 | $ | 2.73 | |||||||||||
Adjusted Non-GAAP % of total net sales | 63.7 | % | 29.2 | % | |||||||||||||||||||
(a) | Exclusive of depreciation and amortization. | |||||||||
(b) | Gain on investments in equity securities is included in investment and other loss (income), net on the Company's Unaudited Condensed Consolidated Statements of Operations. | |||||||||
(c) | Totals may not foot due to rounding. | |||||||||
(d) | Loss on debt extinguishment is included in interest expense, net on the Company's Unaudited Condensed Consolidated Statements of Operations. | |||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | |||||||||||||||||||||||
For the Three Months Ended June 30, 2024 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 142.4 | $ | 76.1 | $ | 64.5 | 26.6 | % | $ | 44.1 | $ | 1.47 | |||||||||||
Exclude: Depreciation and amortization | 13.8 | ||||||||||||||||||||||
Non-GAAP measures | 156.2 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 64.4 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 1.3 | 0.5 | % | 1.0 | 0.03 | ||||||||||||||||
Share-based compensation expense | — | (7.4) | 7.4 | 3.0 | % | 5.1 | 0.17 | ||||||||||||||||
Non-income tax, net | — | 0.3 | (0.3) | (0.1) | % | (0.2) | (0.01) | ||||||||||||||||
Gain on investments in equity securities (b) | — | — | — | — | (0.2) | (0.01) | |||||||||||||||||
Total Non-GAAP adjustments (c) | — | (7.1) | 8.4 | 3.5 | % | 5.7 | 0.19 | ||||||||||||||||
Adjusted Non-GAAP measures (c) | $ | 156.2 | $ | 69.0 | $ | 72.9 | 30.0 | % | $ | 49.8 | $ | 1.66 | |||||||||||
Adjusted Non-GAAP % of total net sales | 64.4 | % | 28.4 | % | |||||||||||||||||||
For the Six Months Ended June 30, 2024 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 252.4 | $ | 148.9 | $ | 109.1 | 24.5 | % | $ | 77.4 | $ | 2.56 | |||||||||||
Exclude: Depreciation and amortization | 27.1 | ||||||||||||||||||||||
Non-GAAP measures | 279.5 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 62.7 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 3.1 | 0.7 | % | 2.3 | 0.08 | ||||||||||||||||
Share-based compensation expense | — | (12.5) | 12.5 | 2.8 | % | 5.7 | 0.19 | ||||||||||||||||
Gain on sale of long-lived assets | — | — | (9.8) | (2.2) | % | (7.0) | (0.23) | ||||||||||||||||
Non-income tax, net | — | 0.7 | (0.7) | (0.2) | % | (0.5) | (0.02) | ||||||||||||||||
Gain on investments in equity securities (b) | — | — | — | — | (0.3) | (0.01) | |||||||||||||||||
Total non-GAAP adjustments (c) | — | (11.8) | 5.1 | 1.1 | % | 0.2 | 0.01 | ||||||||||||||||
Adjusted Non-GAAP measures (c) | $ | 279.5 | $ | 137.1 | $ | 114.2 | 25.6 | % | $ | 77.6 | $ | 2.57 | |||||||||||
Adjusted Non-GAAP % of total net sales | 62.7 | % | 30.7 | % | |||||||||||||||||||
(a) | Exclusive of depreciation and amortization. | |||||||||
(b) | Gain on investments in equity securities is included in investment and other loss (income), net on the Company's Unaudited Condensed Consolidated Statements of Operations. | |||||||||
(c) | Totals may not foot due to rounding. | |||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||||||||||
Capital Markets - Software Solutions | Capital Markets - Compliance and Communications Management | Investment Companies - Software Solutions | Investment Companies - Compliance and Communications Management | Corporate | Consolidated (a) | |||||||||||||||||||
For the Three Months Ended June 30, 2025 | ||||||||||||||||||||||||
Net sales | $ | 59.1 | $ | 93.5 | $ | 33.1 | $ | 32.4 | $ | — | $ | 218.1 | ||||||||||||
Adjusted EBITDA | $ | 22.4 | $ | 36.8 | $ | 14.2 | $ | 12.6 | $ | (9.7) | $ | 76.3 | ||||||||||||
Adjusted EBITDA margin % | 37.9 | % | 39.4 | % | 42.9 | % | 38.9 | % | nm | 35.0 | % | |||||||||||||
Depreciation and amortization | $ | 7.7 | $ | 1.7 | $ | 4.7 | $ | 1.0 | $ | — | $ | 15.1 | ||||||||||||
Capital expenditures | $ | 8.5 | $ | 2.4 | $ | 4.3 | $ | 0.6 | $ | 0.9 | $ | 16.7 | ||||||||||||
For the Three Months Ended June 30, 2024 | ||||||||||||||||||||||||
Net sales | $ | 57.3 | $ | 113.8 | $ | 28.3 | $ | 43.3 | $ | — | $ | 242.7 | ||||||||||||
Adjusted EBITDA | $ | 21.2 | $ | 45.8 | $ | 11.1 | $ | 18.3 | $ | (9.2) | $ | 87.2 | ||||||||||||
Adjusted EBITDA margin % | 37.0 | % | 40.2 | % | 39.2 | % | 42.3 | % | nm | 35.9 | % | |||||||||||||
Depreciation and amortization | $ | 6.7 | $ | 2.0 | $ | 4.4 | $ | 1.2 | $ | — | $ | 14.3 | ||||||||||||
Capital expenditures | $ | 10.7 | $ | 1.9 | $ | 5.9 | $ | 0.7 | $ | 0.2 | $ | 19.4 | ||||||||||||
For the Six Months Ended June 30, 2025 | ||||||||||||||||||||||||
Net sales | $ | 111.0 | $ | 177.4 | $ | 65.8 | $ | 65.0 | $ | — | $ | 419.2 | ||||||||||||
Adjusted EBITDA | $ | 36.3 | $ | 73.5 | $ | 27.0 | $ | 24.8 | $ | (17.1) | $ | 144.5 | ||||||||||||
Adjusted EBITDA margin % | 32.7 | % | 41.4 | % | 41.0 | % | 38.2 | % | nm | 34.5 | % | |||||||||||||
Depreciation and amortization | $ | 14.7 | $ | 3.1 | $ | 9.5 | $ | 1.9 | $ | — | $ | 29.2 | ||||||||||||
Capital expenditures | $ | 14.7 | $ | 4.4 | $ | 8.8 | $ | 1.1 | $ | 1.0 | $ | 30.0 | ||||||||||||
For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||
Net sales | $ | 110.3 | $ | 204.9 | $ | 55.6 | $ | 75.3 | $ | — | $ | 446.1 | ||||||||||||
Adjusted EBITDA | $ | 37.0 | $ | 77.2 | $ | 19.1 | $ | 26.5 | $ | (17.4) | $ | 142.4 | ||||||||||||
Adjusted EBITDA margin % | 33.5 | % | 37.7 | % | 34.4 | % | 35.2 | % | nm | 31.9 | % | |||||||||||||
Depreciation and amortization | $ | 13.2 | $ | 4.1 | $ | 8.6 | $ | 2.3 | $ | — | $ | 28.2 | ||||||||||||
Capital expenditures | $ | 14.4 | $ | 3.8 | $ | 11.0 | $ | 1.8 | $ | 0.7 | $ | 31.7 | ||||||||||||
(a) | Reconciliation of consolidated Adjusted EBITDA to net earnings is presented below. | |||||||
nm | - Not meaningful. | |||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||
For the Six Months Ended June 30, | ||||||||
2025 | 2024 | |||||||
Operating Activities | ||||||||
Net earnings | $ | 67.1 | $ | 77.4 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 29.2 | 28.2 | ||||||
Provision for expected losses on accounts receivable | 4.8 | 10.1 | ||||||
Share-based compensation expense | 13.5 | 12.5 | ||||||
Deferred income taxes | (0.3) | (3.3) | ||||||
Net pension plan expense (income) | 0.9 | (0.6) | ||||||
Gain on sales of long-lived assets | (0.5) | (9.8) | ||||||
Amortization of operating lease right-of-use assets | 3.3 | 4.6 | ||||||
Other | (0.6) | 0.6 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables, net | (67.6) | (75.6) | ||||||
Prepaid expenses and other current assets | 2.9 | (3.1) | ||||||
Accounts payable | 10.5 | (0.6) | ||||||
Income taxes payable and receivable | 3.9 | 7.3 | ||||||
Accrued liabilities and other | (30.4) | (11.3) | ||||||
Operating lease liabilities | (5.1) | (7.2) | ||||||
Pension and other postretirement benefits plans contributions | (0.9) | (0.9) | ||||||
Net cash provided by operating activities | 30.7 | 28.3 | ||||||
Investing Activities | ||||||||
Capital expenditures | (30.0) | (31.7) | ||||||
Proceeds from sales of investments in equity securities | 0.1 | 0.2 | ||||||
Proceeds from sale of long-lived assets | — | 12.4 | ||||||
Net cash used in investing activities | (29.9) | (19.1) | ||||||
Financing Activities | ||||||||
Revolving facility borrowings | 207.5 | 139.0 | ||||||
Payments on revolving facility borrowings | (130.5) | (84.0) | ||||||
Payments on long-term debt | (126.4) | — | ||||||
Proceeds from issuance of long-term debt | 115.0 | — | ||||||
Debt issuance costs | (2.2) | — | ||||||
Treasury share repurchases | (88.7) | (50.7) | ||||||
Cash received for common stock issuances | 1.5 | 0.6 | ||||||
Finance lease payments | (1.7) | (1.4) | ||||||
Net cash (used in) provided by financing activities | (25.5) | 3.5 | ||||||
Effect of exchange rate on cash and cash equivalents | 1.2 | (0.8) | ||||||
Net (decrease) increase in cash and cash equivalents | (23.5) | 11.9 | ||||||
Cash and cash equivalents at beginning of year | 57.3 | 23.1 | ||||||
Cash and cash equivalents at end of period | $ | 33.8 | $ | 35.0 | ||||
Supplemental cash flow information: | ||||||||
Income taxes paid, net of refunds | $ | 20.8 | $ | 21.3 | ||||
Interest paid | $ | 5.6 | $ | 7.5 | ||||
Non-cash investing activities: | ||||||||
Capitalized software included in accounts payable | $ | 4.6 | $ | 2.4 | ||||
Additional Information: | ||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net cash provided by operating activities | $ | 68.4 | $ | 56.2 | $ | 30.7 | $ | 28.3 | ||||||||
Less: capital expenditures | 16.7 | 19.4 | 30.0 | 31.7 | ||||||||||||
Free Cash Flow | $ | 51.7 | $ | 36.8 | $ | 0.7 | $ | (3.4) | ||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||||||
Capital Markets - Software Solutions | Capital Markets - Compliance and Communications Management | Investment Companies - Software Solutions | Investment Companies - Compliance and Communications Management | Consolidated | ||||||||||||||||
Reported Net Sales: | ||||||||||||||||||||
For the Three Months Ended June 30, 2025 | $ | 59.1 | $ | 93.5 | $ | 33.1 | $ | 32.4 | $ | 218.1 | ||||||||||
For the Three Months Ended June 30, 2024 | $ | 57.3 | $ | 113.8 | $ | 28.3 | $ | 43.3 | $ | 242.7 | ||||||||||
Net sales change | 3.1 | % | (17.8) | % | 17.0 | % | (25.2) | % | (10.1) | % | ||||||||||
Supplementary non-GAAP information: | ||||||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | 0.3 | % | — | 0.7 | % | — | 0.2 | % | ||||||||||||
Net organic sales change | 2.8 | % | (17.8) | % | 16.3 | % | (25.2) | % | (10.3) | % | ||||||||||
Capital Markets - Software Solutions | Capital Markets - Compliance and Communications Management | Investment Companies - Software Solutions | Investment Companies - Compliance and Communications Management | Consolidated | ||||||||||||||||
Reported Net Sales: | ||||||||||||||||||||
For the Six Months Ended June 30, 2025 | $ | 111.0 | $ | 177.4 | $ | 65.8 | $ | 65.0 | $ | 419.2 | ||||||||||
For the Six Months Ended June 30, 2024 | $ | 110.3 | $ | 204.9 | $ | 55.6 | $ | 75.3 | $ | 446.1 | ||||||||||
Net sales change | 0.6 | % | (13.4) | % | 18.3 | % | (13.7) | % | (6.0) | % | ||||||||||
Supplementary non-GAAP information: | ||||||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | — | (0.1) | % | 0.2 | % | (0.1) | % | (0.1) | % | |||||||||||
Net organic sales change | 0.6 | % | (13.3) | % | 18.1 | % | (13.6) | % | (5.9) | % | ||||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||
Software Solutions | Tech-enabled Services | Print and Distribution | Consolidated | |||||||||||||
Reported Net Sales: | ||||||||||||||||
For the Three Months Ended June 30, 2025 | $ | 92.2 | $ | 85.2 | $ | 40.7 | $ | 218.1 | ||||||||
For the Three Months Ended June 30, 2024 | $ | 85.6 | $ | 102.2 | $ | 54.9 | $ | 242.7 | ||||||||
Net sales change | 7.7 | % | (16.6) | % | (25.9) | % | (10.1) | % | ||||||||
Supplementary non-GAAP information: | ||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | 0.5 | % | 0.1 | % | (0.2) | % | 0.2 | % | ||||||||
Net organic sales change | 7.2 | % | (16.7) | % | (25.7) | % | (10.3) | % | ||||||||
Software Solutions | Tech-enabled Services | Print and Distribution | Consolidated | |||||||||||||
Reported Net Sales: | ||||||||||||||||
For the Six Months Ended June 30, 2025 | $ | 176.8 | $ | 161.7 | $ | 80.7 | $ | 419.2 | ||||||||
For the Six Months Ended June 30, 2024 | $ | 165.9 | $ | 185.1 | $ | 95.1 | $ | 446.1 | ||||||||
Net sales change | 6.6 | % | (12.6) | % | (15.1) | % | (6.0) | % | ||||||||
Supplementary non-GAAP information: | ||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | 0.1 | % | (0.1) | % | (0.2) | % | (0.1) | % | ||||||||
Net organic sales change | 6.5 | % | (12.5) | % | (14.9) | % | (5.9) | % | ||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||||||
For the Twelve | For the Three Months Ended | |||||||||||||||||||
June 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | ||||||||||||||||
Net earnings | $ | 82.1 | $ | 36.1 | $ | 31.0 | $ | 6.3 | $ | 8.7 | ||||||||||
Adjustments | ||||||||||||||||||||
Restructuring, impairment and other charges, net | 7.4 | 1.0 | 2.9 | 2.1 | 1.4 | |||||||||||||||
Share-based compensation expense | 26.2 | 7.5 | 6.0 | 6.0 | 6.7 | |||||||||||||||
Non-income tax, net | (0.6) | (0.1) | (0.1) | (0.1) | (0.3) | |||||||||||||||
Gain on sale of long-lived assets | (0.5) | — | (0.5) | — | — | |||||||||||||||
Gain on sale of a business | (0.4) | — | — | (0.4) | — | |||||||||||||||
Gain on investments in equity securities | (0.1) | (0.1) | — | — | — | |||||||||||||||
Depreciation and amortization | 61.2 | 15.1 | 14.1 | 14.8 | 17.2 | |||||||||||||||
Interest expense, net | 12.5 | 3.8 | 3.1 | 2.5 | 3.1 | |||||||||||||||
Investment and other loss (income), net | 0.3 | 0.4 | 0.5 | (0.3) | (0.3) | |||||||||||||||
Income tax expense | 31.3 | 12.6 | 11.2 | 0.8 | 6.7 | |||||||||||||||
Total Non-GAAP adjustments | 137.3 | 40.2 | 37.2 | 25.4 | 34.5 | |||||||||||||||
Adjusted EBITDA | $ | 219.4 | $ | 76.3 | $ | 68.2 | $ | 31.7 | $ | 43.2 | ||||||||||
Software solutions | $ | 340.6 | $ | 92.2 | $ | 84.6 | $ | 81.6 | $ | 82.2 | ||||||||||
Tech-enabled services | 297.4 | 85.2 | 76.5 | 60.5 | 75.2 | |||||||||||||||
Print and distribution | 117.0 | 40.7 | 40.0 | 14.2 | 22.1 | |||||||||||||||
Total net sales | $ | 755.0 | $ | 218.1 | $ | 201.1 | $ | 156.3 | $ | 179.5 | ||||||||||
Adjusted EBITDA margin % | 29.1 | % | 35.0 | % | 33.9 | % | 20.3 | % | 24.1 | % | ||||||||||
For the Twelve | For the Three Months Ended | |||||||||||||||||||
June 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
Net earnings | $ | 106.1 | $ | 44.1 | $ | 33.3 | $ | 10.6 | $ | 18.1 | ||||||||||
Adjustments | ||||||||||||||||||||
Restructuring, impairment and other charges, net | 4.2 | 1.3 | 1.8 | 1.4 | (0.3) | |||||||||||||||
Share-based compensation expense | 24.0 | 7.4 | 5.1 | 5.4 | 6.1 | |||||||||||||||
Loss on sale of a business | 6.1 | — | — | 6.1 | — | |||||||||||||||
Accelerated rent expense | 3.1 | — | — | 3.1 | — | |||||||||||||||
Disposition-related expenses | 0.3 | — | — | 0.3 | — | |||||||||||||||
Gain on sale of long-lived assets | (10.2) | — | (9.8) | (0.2) | (0.2) | |||||||||||||||
Non-income tax, net | (1.2) | (0.3) | (0.4) | (0.1) | (0.4) | |||||||||||||||
Gain on investments in equity securities | (0.5) | (0.3) | (0.1) | (0.1) | — | |||||||||||||||
Depreciation and amortization | 58.1 | 14.3 | 13.9 | 15.5 | 14.4 | |||||||||||||||
Interest expense, net | 15.0 | 3.7 | 3.6 | 3.6 | 4.1 | |||||||||||||||
Investment and other income, net | (0.9) | (0.1) | (0.3) | (0.4) | (0.1) | |||||||||||||||
Income tax expense (benefit) | 29.0 | 17.1 | 8.1 | (3.9) | 7.7 | |||||||||||||||
Total Non-GAAP adjustments | 127.0 | 43.1 | 21.9 | 30.7 | 31.3 | |||||||||||||||
Adjusted EBITDA | $ | 233.1 | $ | 87.2 | $ | 55.2 | $ | 41.3 | $ | 49.4 | ||||||||||
Software solutions | $ | 312.8 | $ | 85.6 | $ | 80.3 | $ | 73.7 | $ | 73.2 | ||||||||||
Tech-enabled services | 339.1 | 102.2 | 82.9 | 73.6 | 80.4 | |||||||||||||||
Print and distribution | 150.7 | 54.9 | 40.2 | 29.2 | 26.4 | |||||||||||||||
Total net sales | $ | 802.6 | $ | 242.7 | $ | 203.4 | $ | 176.5 | $ | 180.0 | ||||||||||
Adjusted EBITDA margin % | 29.0 | % | 35.9 | % | 27.1 | % | 23.4 | % | 27.4 | % | ||||||||||
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||
Total Liquidity | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||||
Availability | ||||||||||||
Stated amount of the Revolving Facility (a) | $ | 300.0 | $ | 300.0 | $ | 300.0 | ||||||
Less: availability reduction from covenants | — | — | — | |||||||||
Amount available under the Revolving Facility | 300.0 | 300.0 | 300.0 | |||||||||
Usage | ||||||||||||
Borrowings under the Revolving Facility | 77.0 | — | 55.0 | |||||||||
Impact on availability related to outstanding | 1.5 | 1.0 | 1.0 | |||||||||
Amount used under the Revolving Facility | 78.5 | 1.0 | 56.0 | |||||||||
Availability under the Revolving Facility | 221.5 | 299.0 | 244.0 | |||||||||
Cash and cash equivalents | 33.8 | 57.3 | 35.0 | |||||||||
Net Available Liquidity | $ | 255.3 | $ | 356.3 | $ | 279.0 | ||||||
Term Loan A Facility | $ | 113.6 | $ | 125.0 | $ | 125.0 | ||||||
Borrowings under the Revolving Facility | 77.0 | — | 55.0 | |||||||||
Unamortized debt issuance costs | (0.5) | (0.3) | (0.4) | |||||||||
Total debt | 190.1 | 124.7 | 179.6 | |||||||||
Less: current portion of long-term debt | 5.8 | — | — | |||||||||
Long-term debt | $ | 184.3 | $ | 124.7 | $ | 179.6 | ||||||
Adjusted EBITDA for the twelve months ended June 30, 2025 and 2024, and the year ended December 31, 2024 | $ | 219.4 | $ | 217.3 | $ | 233.1 | ||||||
Non-GAAP Gross Leverage (defined as total debt divided by Adjusted EBITDA) | 0.9 | x | 0.6 | x | 0.8 | x | ||||||
Non-GAAP Net Debt (defined as total debt less cash and cash equivalents) | 156.3 | 67.4 | 144.6 | |||||||||
Non-GAAP Net Leverage (defined as non-GAAP Net Debt divided by Adjusted EBITDA) | 0.7 | x | 0.3 | x | 0.6 | x | ||||||
(a) | The Company has a | |||||||||
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SOURCE Donnelley Financial LLC
FAQ
What were DFIN's Q2 2025 earnings per share?
How much of DFIN's revenue comes from software solutions?
What is DFIN's new share repurchase program?
What is DFIN's Q3 2025 revenue guidance?
How much did DFIN spend on share repurchases in Q2 2025?
