DFIN Reports Third-Quarter 2025 Results
Donnelley Financial Solutions (NYSE: DFIN) reported third-quarter 2025 results: net sales $175.3M (down 2.3% YoY) and software solutions net sales $90.7M (up 10.3% YoY), representing 51.7% of total net sales. GAAP net loss $40.9M (loss of $1.49 per diluted share). Non-GAAP net earnings $23.7M ($0.86 per diluted share). Adjusted EBITDA $49.5M, +14.6% YoY, with Adjusted EBITDA margin 28.2% (+410 bps). The company recorded a pension Plan settlement with a $82.8M non-cash charge and a $12.5M cash contribution. Share repurchases of 659,367 shares for ~$35.5M left ~$114.5M remaining authorization. Q4 2025 guidance: total net sales $150M–$160M, adjusted EBITDA margin 22%–24%, capital markets transactional net sales $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN) ha riportato i risultati del terzo trimestre 2025: ricavi netti $175.3M (in calo del 2,3% anno su anno) e ricavi netti delle soluzioni software $90.7M (in aumento del 10,3% YoY), che rappresentano 51,7% del totale dei ricavi netti. GAAP perdita netta $40.9M (perdita di $1.49 per azione diluita). Non-GAAP utile netto $23.7M ($0.86 per azione diluita). EBITDA rettificato $49.5M, +14,6% YoY, con margine EBITDA rettificato 28,2% (+410 punti base). L'azienda ha registrato una sistemazione del piano pensionistico con un onere non monetario di $82.8M e un contributo in contanti di $12.5M. Il programma di riacquisto delle azioni ha coinvolto 659.367 azioni per circa $35.5M, lasciando una autorizzazione residua di circa $114.5M. Previsioni per il Q4 2025: ricavi netti totali $150M–$160M, margine EBITDA rettificato 22%–24%, ricavi netti di transazione del mercato dei capitali $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN) informó los resultados del tercer trimestre de 2025: ventas netas $175.3M (a la baja un 2,3% interanual) y ventas netas de soluciones de software $90.7M (con un aumento del 10,3% interanual), representando 51,7% del total de ventas netas. GAAP pérdida neta $40.9M (pérdida de $1.49 por acción diluida). No-GAAP utilidad neta $23.7M ($0.86 por acción diluida). EBITDA ajustado $49.5M, +14,6% interanual, con margen EBITDA ajustado 28,2% (+410 pbs). La empresa registró un acuerdo de plan de pensiones con un cargo no monetario de $82.8M y una contribución en efectivo de $12.5M. Recompras de acciones de 659,367 acciones por ~$35.5M dejaron una autorización restante de ~$114.5M. Guía para el Q4 2025: ventas netas totales $150M–$160M, margen EBITDA ajustado 22%–24%, ventas netas transaccionales del mercado de capitales $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN)가 2025년 3분기 실적을 발표했습니다: 매출액 순 $175.3M (전년 동기 대비 -2.3%) 및 소프트웨어 솔루션 매출 $90.7M (전년 동기 대비 +10.3%), 총 매출의 51.7%를 차지합니다. GAAP 순손실 $40.9M (희석주당 손실 $1.49). Non-GAAP 순이익 $23.7M ($0.86 희석주당). 조정 EBITDA $49.5M, 전년 대비 +14.6%, 조정 EBITDA 마진 28.2% (+410bp). 회사는 연금계획 합의로 $82.8M 비현금 비용과 $12.5M 현금 기여를 기록했습니다. 주식자사주로 659,367주 약 $35.5M을 매입했고 남은 한도는 약 $114.5M입니다. 2025년 4분기 가이던스: 총 매출 $150M–$160M, 조정 EBITDA 마진 22%–24%, 자본시장 거래 순매출 $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN) a publié les résultats du troisième trimestre 2025 : ventes nettes $175.3M (en baisse de 2,3% sur un an) et ventes nettes des solutions logicielles $90.7M (en hausse de 10,3% sur un an), représentant 51,7% des ventes nettes totales. GAAP perte nette $40.9M (perte de $1.49 par action diluée). Non-GAAP bénéfice net $23.7M ($0.86 par action diluée). EBITDA ajusté $49.5M, +14,6% sur l'année, avec marge EBITDA ajusté 28,2% (+410 pbs). L'entreprise a enregistré un règlement du plan de pension avec une charge non monétaire de $82.8M et une contribution en espèces de $12.5M. Les rachats d'actions de 659,367 actions pour environ $35.5M ont laissé une autorisation restante d'environ $114.5M. Prévisions T4 2025 : ventes nettes totales $150M–$160M, marge EBITDA ajustée 22%–24%, ventes nettes transactionnelles des marchés de capitaux $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN) meldete die Ergebnisse des dritten Quartals 2025: Netto-Umsatz $175.3M (−2,3% YoY) und Netto-Umsatz der Software-Lösungen $90.7M (+10,3% YoY), was 51,7% des gesamten Nettoumsatzes entspricht. GAAP Nettoverlust $40.9M (Verlust von $1.49 pro verwässertem Anteil). Non-GAAP Nettoergebnis $23.7M ($0.86 pro verwässertem Anteil). Bereinigtes EBITDA $49.5M, +14,6% YoY, mit Bereinigter EBITDA-Marge 28,2% (+410 Basispunkte). Das Unternehmen verzeichnete eine Pension Plan-Vereinbarung mit einer $82.8M Nicht-Kassenlast und einer $12.5M Barbeitrag. Aktienrückkäufe von 659.367 Aktien für ca. $35.5M ließen eine verbleibende Genehmigung von ca. $114.5M übrig. Guidance für Q4 2025: Gesamt-Netto-Umsatz $150M–$160M, margine EBITDA angepasst 22%–24%, transaktionale Netto-Umsätze des Kapitalmarkts $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN) أبلغت عن نتائج الربع الثالث من 2025: إيرادات صافية $175.3M (بانخفاض 2.3% سنوياً) و إيرادات صافية لحلول البرامج $90.7M (ارتفاع 10.3%)، تشكل 51.7% من إجمالي الإيرادات الصافية. GAAP خسارة صافية $40.9M (خسارة قدرها $1.49 للسهم المخفف). غير-GAAP ربح صافي $23.7M ($0.86 للسهم المخفف). EBITDA المعدل $49.5M، +14.6% سنوياً، مع هامش EBITDA المعدل 28.2% (+410 نقطة أساس). سجلت الشركة تسوية لخطة التقاعد مع تحميل غير نقدي بقيمة $82.8M و مساهمة نقدية بقيمة $12.5M. إعادة شراء الأسهم بلغت 659,367 سهمًا بقيمة نحو $35.5M وبقي تفويض بقيمة ~$114.5M. توجيهات الربع الرابع 2025: إجمالي الإيرادات الصافية $150M–$160M، هامش EBITDA المعدل 22%–24%، إيرادات صافية معاملات السوق الرأسمالي $30M–$40M.
Donnelley Financial Solutions (NYSE: DFIN) 报告了 2025 年第三季度业绩：净销售额 $175.3M（同比下降 2.3%）以及 软件解决方案净销售额 $90.7M（同比增长 10.3%），占总净销售额的51.7%。GAAP 净亏损 $40.9M（每摊薄股 $1.49 的亏损）。Non-GAAP 净利润 $23.7M（$0.86 每股摊薄）。经调整的 EBITDA $49.5M，同比增长 14.6%，经调整的 EBITDA 利润率 28.2%（+410 基点）。公司记录了养老金计划结算，产生 $82.8M 非现金费用以及 $12.5M 现金捐助。股票回购了 659,367 股，金额约 $35.5M，尚有约 $114.5M 的剩余授权额度。2025 年第四季度指引：总净销售 $150M–$160M，经调整 EBITDA 利润率 22%–24%，资本市场交易净销售 $30M–$40M。
- Software solutions sales +10.3% YoY to $90.7M
- Adjusted EBITDA $49.5M, +14.6% YoY
- Adjusted EBITDA margin 28.2%, +410 basis points YoY
- Gross leverage 0.7x and net leverage 0.6x at Sept 30, 2025
- Share repurchases $35.5M executed; $114.5M remaining authorization
- GAAP net loss $40.9M in Q3 2025
- Pension Plan settlement generated an $82.8M non-cash charge and $12.5M cash outlay
- Total net sales down 2.3% YoY to $175.3M
- Q4 sales guidance of $150M–$160M implies sequential revenue decline
Insights
Q3 shows stronger software momentum and margin expansion, but a large pension charge drives GAAP loss and Q4 guide implies near-term revenue softness.
DFIN delivered higher software solutions net sales of
However, the company recorded a non-cash settlement charge of
Highlights for the third quarter of 2025:
- Third-quarter software solutions net sales of
$90.7 million 10.3% from the third quarter of 2024; Software solutions net sales accounted for51.7% of total net sales, up from45.8% in the third quarter of 2024. - GAAP net loss of
$40.9 million $1.49 $8.7 million $0.29 - As previously announced, the Company completed the termination and settlement of its primary defined benefit plan during the quarter; the settlement resulted in a non-cash charge of
$82.8 million $12.5 million
- As previously announced, the Company completed the termination and settlement of its primary defined benefit plan during the quarter; the settlement resulted in a non-cash charge of
- Non-GAAP net earnings(a) of
$23.7 million $0.86 $14.3 million $0.48 - Adjusted EBITDA(a) of
$49.5 million $6.3 million 14.6% , from the third quarter of 2024; Adjusted EBITDA margin(a) of28.2% , up approximately 410 basis points from the third quarter of 2024. - Gross leverage(a) of 0.7x and net leverage(a) of 0.6x as of September 30, 2025.
- The Company repurchased 659,367 shares for approximately
$35.5 million $53.79 $114.5 million
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(a) Non-GAAP net earnings, Adjusted EBITDA, Adjusted EBITDA margin, gross leverage and net leverage are non-GAAP financial measures that exclude the |
"We are pleased with the results for the third quarter, as we continue to progress in our strategic transformation by delivering an improved sales mix, an increase in Adjusted EBITDA, and Adjusted EBITDA margin expansion compared to the third quarter of 2024. We experienced increased momentum in the growth of our software solutions net sales, which increased
Leib continued, "The improvement in the level of capital markets deal activity we experienced in the second quarter, especially the market for new equity issuances, strengthened in the third quarter, resulting in better-than-expected third-quarter capital markets transactional revenue. Adjusted EBITDA increased by
"Entering the fourth quarter, the government shutdown which started on October 1st and the resulting impact on the SEC's ability to declare registration statements effective has substantially curtailed IPO activity and impacted other capital markets transactions so far in the fourth quarter. While the outlook for the duration of the government shutdown remains unknown, our strong market position and deep domain expertise position DFIN well when market activity resumes. We will continue to aggressively manage our cost structure and remain disciplined in the allocation of capital as we execute our transformation to become the market leading provider of regulatory and compliance solutions," Leib concluded.
Net Sales
Net sales in the third quarter of 2025 were
Pension Plan Termination and Settlement
In August 2024, the Company executed an amendment to commence the process of terminating the Company's primary defined benefit plan (the "Plan") which had been frozen since 2011. During the third quarter of 2025, the Company settled the Plan obligations through a combination of lump sum payments to certain Plan participants and the purchase of a non-participating irrevocable group annuity contract from a third-party insurer, backed by state guarantees (the "Plan Settlement"). In connection with the Plan Settlement, the Company made a
As a result of the Plan Settlement, the Company remeasured the Plan's assets and obligations and recognized a non-cash settlement charge of
Net (Loss) Earnings
For the third quarter of 2025, net loss was
Adjusted EBITDA and Non-GAAP Net Earnings
For the third quarter of 2025, Adjusted EBITDA was
For the third quarter of 2025, non-GAAP net earnings were
Reconciliations of reported net sales to organic net sales and consolidated net earnings (loss) to Adjusted EBITDA, Adjusted EBITDA margin and non-GAAP net earnings are presented in the tables.
The Company provides the following guidance for the fourth quarter of 2025.
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Fourth-Quarter Guidance |
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Total Net Sales |
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Adjusted EBITDA margin |
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Capital markets transactional net sales |
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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 third 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 October 29, 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 October 29, 2025, at 9:00 a.m. Eastern time to discuss financial results for the third 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 the leading global provider of compliance and regulatory software and services, fueling end-to-end investment company regulatory compliance needs, complex capital markets transactions, and essential financial reporting at every stage of the corporate lifecycle. Our mission is simple: to empower clients with the software and support they need to stay ahead of public company filings, investment company filings, private reporting, and beneficial owner reporting, while enhancing workflow efficiency. We bring deep expertise to every engagement, driving transparency and collaboration built on confidence and reliability. Learn more at DFINsolutions.com or follow us 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 net earnings per diluted 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 net earnings per diluted 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 pension plan settlement charge, non-income tax, net, accelerated rent (benefit) 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.
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Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Condensed Consolidated Balance Sheets (UNAUDITED) (in millions, except per share data) |
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September 30, 2025 |
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December 31, 2024 |
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Assets |
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Cash and cash equivalents |
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$ |
22.7 |
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$ |
57.3 |
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Receivables, less allowances for expected losses of |
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161.0 |
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138.0 |
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Prepaid expenses and other current assets |
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34.0 |
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37.2 |
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Total current assets |
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217.7 |
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232.5 |
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Property, plant and equipment, net |
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6.8 |
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|
8.9 |
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Operating lease right-of-use assets |
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7.9 |
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12.3 |
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Software, net |
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97.3 |
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96.5 |
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Goodwill |
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405.7 |
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405.4 |
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Deferred income taxes, net |
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48.3 |
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56.4 |
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Other noncurrent assets |
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32.6 |
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29.6 |
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Total assets |
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$ |
816.3 |
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$ |
841.6 |
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Liabilities |
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Accounts payable |
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$ |
27.8 |
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$ |
28.7 |
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Current portion of long-term debt |
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5.8 |
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— |
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Operating lease liabilities |
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5.4 |
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10.3 |
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Accrued liabilities |
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154.3 |
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185.1 |
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Total current liabilities |
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193.3 |
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|
224.1 |
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Long-term debt |
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148.9 |
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124.7 |
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Deferred compensation liabilities |
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12.0 |
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|
12.2 |
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Pension and other postretirement benefits plans liabilities |
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23.1 |
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23.3 |
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Noncurrent operating lease liabilities |
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2.6 |
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6.4 |
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Other noncurrent liabilities |
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13.3 |
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14.8 |
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Total liabilities |
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393.2 |
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405.5 |
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Equity |
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Preferred stock, |
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Authorized: 1.0 shares; Issued: None |
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— |
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— |
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Common stock, |
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Authorized: 65.0 shares; |
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Issued and outstanding: 39.6 shares and 26.9 shares in 2025 (2024 - 38.9 |
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0.4 |
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0.4 |
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Treasury stock, at cost: 12.7 shares in 2025 (2024 - 10.2 shares) |
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(469.0) |
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(344.1) |
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Additional paid-in capital |
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355.9 |
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333.2 |
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Retained earnings |
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554.7 |
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528.5 |
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Accumulated other comprehensive loss |
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(18.9) |
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(81.9) |
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Total equity |
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423.1 |
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436.1 |
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Total liabilities and equity |
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$ |
816.3 |
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$ |
841.6 |
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Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Condensed Consolidated Statements of Operations (UNAUDITED) (in millions, except per share data) |
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Three Months Ended |
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Nine Months Ended |
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2025 |
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2024 |
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2025 |
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2024 |
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Net sales |
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Software solutions |
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$ |
90.7 |
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$ |
82.2 |
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$ |
267.5 |
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$ |
248.1 |
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Tech-enabled services |
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68.6 |
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75.2 |
|
|
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230.3 |
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260.3 |
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Print and distribution |
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16.0 |
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22.1 |
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|
96.7 |
|
|
|
117.2 |
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Total net sales |
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175.3 |
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|
179.5 |
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|
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594.5 |
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625.6 |
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Cost of sales (a) |
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Software solutions |
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28.4 |
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27.6 |
|
|
|
82.4 |
|
|
|
80.3 |
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Tech-enabled services |
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27.9 |
|
|
|
29.2 |
|
|
|
86.8 |
|
|
|
93.7 |
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Print and distribution |
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9.0 |
|
|
|
11.9 |
|
|
|
48.3 |
|
|
|
61.3 |
|
|
Total cost of sales |
|
|
65.3 |
|
|
|
68.7 |
|
|
|
217.5 |
|
|
|
235.3 |
|
|
Selling, general and administrative expenses (a) |
|
|
67.3 |
|
|
|
74.0 |
|
|
|
203.1 |
|
|
|
222.9 |
|
|
Depreciation and amortization |
|
|
15.2 |
|
|
|
17.2 |
|
|
|
44.4 |
|
|
|
45.4 |
|
|
Restructuring, impairment and other charges, net |
|
|
0.9 |
|
|
|
1.4 |
|
|
|
4.8 |
|
|
|
4.5 |
|
|
Other operating income, net |
|
|
(1.6) |
|
|
|
— |
|
|
|
(2.1) |
|
|
|
(9.8) |
|
|
Income from operations |
|
|
28.2 |
|
|
|
18.2 |
|
|
|
126.8 |
|
|
|
127.3 |
|
|
Interest expense, net |
|
|
2.9 |
|
|
|
3.1 |
|
|
|
9.8 |
|
|
|
10.4 |
|
|
Pension plan settlement charge |
|
|
82.8 |
|
|
|
— |
|
|
|
82.8 |
|
|
|
— |
|
|
Investment and other loss (income), net |
|
|
0.4 |
|
|
|
(0.3) |
|
|
|
1.2 |
|
|
|
(1.1) |
|
|
(Loss) earnings before income taxes |
|
|
(57.9) |
|
|
|
15.4 |
|
|
|
33.0 |
|
|
|
118.0 |
|
|
Income tax (benefit) expense |
|
|
(17.0) |
|
|
|
6.7 |
|
|
|
6.8 |
|
|
|
31.9 |
|
|
Net (loss) earnings |
|
$ |
(40.9) |
|
|
$ |
8.7 |
|
|
$ |
26.2 |
|
|
$ |
86.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net (loss) earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
$ |
(1.49) |
|
|
$ |
0.30 |
|
|
$ |
0.94 |
|
|
$ |
2.94 |
|
|
Diluted |
|
$ |
(1.49) |
|
|
$ |
0.29 |
|
|
$ |
0.92 |
|
|
$ |
2.86 |
|
|
Weighted average number of common shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
27.4 |
|
|
|
29.1 |
|
|
|
27.9 |
|
|
|
29.3 |
|
|
Diluted |
|
|
27.4 |
|
|
|
29.9 |
|
|
|
28.5 |
|
|
|
30.1 |
|
|
|
|
|
|
|||||
|
(a) |
Exclusive of depreciation and amortization. |
|||||||
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
Components of depreciation and amortization: |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Cost of sales |
|
$ |
14.7 |
|
|
$ |
16.7 |
|
|
$ |
43.0 |
|
|
$ |
43.8 |
|
|
Selling, general and administrative expenses |
|
|
0.5 |
|
|
|
0.5 |
|
|
|
1.4 |
|
|
|
1.6 |
|
|
Total depreciation and amortization |
|
$ |
15.2 |
|
|
$ |
17.2 |
|
|
$ |
44.4 |
|
|
$ |
45.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Additional information: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross profit (b) |
|
$ |
95.3 |
|
|
$ |
94.1 |
|
|
$ |
334.0 |
|
|
$ |
346.5 |
|
|
Exclude: Depreciation and amortization |
|
|
14.7 |
|
|
|
16.7 |
|
|
|
43.0 |
|
|
|
43.8 |
|
|
Non-GAAP gross profit |
|
$ |
110.0 |
|
|
$ |
110.8 |
|
|
$ |
377.0 |
|
|
$ |
390.3 |
|
|
Gross margin (b) |
|
|
54.4 |
% |
|
|
52.4 |
% |
|
|
56.2 |
% |
|
|
55.4 |
% |
|
Non-GAAP gross margin |
|
|
62.7 |
% |
|
|
61.7 |
% |
|
|
63.4 |
% |
|
|
62.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
SG&A as a % of total net sales (a) |
|
|
38.4 |
% |
|
|
41.2 |
% |
|
|
34.2 |
% |
|
|
35.6 |
% |
|
Operating margin |
|
|
16.1 |
% |
|
|
10.1 |
% |
|
|
21.3 |
% |
|
|
20.3 |
% |
|
Effective tax rate |
|
|
29.4 |
% |
|
|
43.5 |
% |
|
|
20.6 |
% |
|
|
27.0 |
% |
|
|
|
|
|
|
(b) |
Inclusive of depreciation and amortization. |
||
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months Ended September 30, 2025 (UNAUDITED) (in millions, except per share data) |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
|
For the Three Months Ended September 30, 2025 |
|
|||||||||||||||||||||
|
|
Gross profit |
|
|
SG&A (a) |
|
|
Income (loss) |
|
|
Operating |
|
|
Net (loss) |
|
|
Net (loss) |
|
||||||
|
GAAP basis measures |
$ |
95.3 |
|
|
$ |
67.3 |
|
|
$ |
28.2 |
|
|
|
16.1 |
% |
|
$ |
(40.9) |
|
|
$ |
(1.49) |
|
|
Exclude: Depreciation and amortization |
|
14.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP measures |
|
110.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP % of total net sales |
|
62.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, impairment and other charges, |
|
— |
|
|
|
— |
|
|
|
0.9 |
|
|
|
0.5 |
% |
|
|
0.7 |
|
|
|
0.03 |
|
|
Share-based compensation expense |
|
— |
|
|
|
(6.8) |
|
|
|
6.8 |
|
|
|
3.9 |
% |
|
|
4.8 |
|
|
|
0.18 |
|
|
Pension plan settlement charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60.3 |
|
|
|
2.20 |
|
|
Accelerated rent benefit |
|
— |
|
|
|
— |
|
|
|
(1.6) |
|
|
|
(0.9) |
% |
|
|
(1.2) |
|
|
|
(0.04) |
|
|
Total Non-GAAP adjustments (b) |
|
— |
|
|
|
(6.8) |
|
|
|
6.1 |
|
|
|
3.5 |
% |
|
|
64.6 |
|
|
|
2.35 |
|
|
Adjusted Non-GAAP measures (b) |
$ |
110.0 |
|
|
$ |
60.5 |
|
|
$ |
34.3 |
|
|
|
19.6 |
% |
|
$ |
23.7 |
|
|
$ |
0.86 |
|
|
Adjusted Non-GAAP % of total net sales |
|
62.7 |
% |
|
|
34.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
For the Nine Months Ended September 30, 2025 |
|
|||||||||||||||||||||
|
|
Gross profit |
|
|
SG&A (a) |
|
|
Income (loss) |
|
|
Operating |
|
|
Net |
|
|
Net |
|
||||||
|
GAAP basis measures |
$ |
334.0 |
|
|
$ |
203.1 |
|
|
$ |
126.8 |
|
|
|
21.3 |
% |
|
$ |
26.2 |
|
|
$ |
0.92 |
|
|
Exclude: Depreciation and amortization |
|
43.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP measures |
|
377.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP % of total net sales |
|
63.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, impairment and other charges, |
|
— |
|
|
|
— |
|
|
|
4.8 |
|
|
|
0.8 |
% |
|
|
3.6 |
|
|
|
0.13 |
|
|
Share-based compensation expense |
|
— |
|
|
|
(20.3) |
|
|
|
20.3 |
|
|
|
3.4 |
% |
|
|
14.0 |
|
|
|
0.49 |
|
|
Pension plan settlement charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
60.3 |
|
|
|
2.12 |
|
|
Accelerated rent benefit |
|
— |
|
|
|
— |
|
|
|
(1.6) |
|
|
|
(0.3) |
% |
|
|
(1.2) |
|
|
|
(0.04) |
|
|
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 (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.1) |
|
|
|
— |
|
|
Loss on debt extinguishment (d) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
Total non-GAAP adjustments (b) |
|
— |
|
|
|
(20.1) |
|
|
|
22.8 |
|
|
|
3.8 |
% |
|
|
76.2 |
|
|
|
2.67 |
|
|
Adjusted Non-GAAP measures (b) |
$ |
377.0 |
|
|
$ |
183.0 |
|
|
$ |
149.6 |
|
|
|
25.2 |
% |
|
$ |
102.4 |
|
|
$ |
3.59 |
|
|
Adjusted Non-GAAP % of total net sales |
|
63.4 |
% |
|
|
30.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
(a) |
Exclusive of depreciation and amortization. |
||||
|
(b) |
Totals may not foot due to rounding. |
||||
|
(c) |
Gain on investments in equity securities is included in investment and other loss (income), net on the Company's Unaudited Condensed Consolidated |
||||
|
(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") Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months Ended September 30, 2024 (UNAUDITED) (in millions, except per share data) |
|||||||||||||||||||||||
|
|
|||||||||||||||||||||||
|
|
For the Three Months Ended September 30, 2024 |
|
|||||||||||||||||||||
|
|
Gross profit |
|
|
SG&A (a) |
|
|
Income (loss) |
|
|
Operating |
|
|
Net |
|
|
Net |
|
||||||
|
GAAP basis measures |
$ |
94.1 |
|
|
$ |
74.0 |
|
|
$ |
18.2 |
|
|
|
10.1 |
% |
|
$ |
8.7 |
|
|
$ |
0.29 |
|
|
Exclude: Depreciation and amortization |
|
16.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP measures |
|
110.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP % of total net sales |
|
61.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, impairment and other charges, |
|
— |
|
|
|
— |
|
|
|
1.4 |
|
|
|
0.8 |
% |
|
|
1.0 |
|
|
|
0.03 |
|
|
Share-based compensation expense |
|
— |
|
|
|
(6.7) |
|
|
|
6.7 |
|
|
|
3.7 |
% |
|
|
4.7 |
|
|
|
0.16 |
|
|
Non-income tax, net |
|
— |
|
|
|
0.3 |
|
|
|
(0.3) |
|
|
|
(0.2) |
% |
|
|
(0.1) |
|
|
|
— |
|
|
Total Non-GAAP adjustments (b) |
|
— |
|
|
|
(6.4) |
|
|
|
7.8 |
|
|
|
4.3 |
% |
|
|
5.6 |
|
|
|
0.19 |
|
|
Adjusted Non-GAAP measures (b) |
$ |
110.8 |
|
|
$ |
67.6 |
|
|
$ |
26.0 |
|
|
|
14.5 |
% |
|
$ |
14.3 |
|
|
$ |
0.48 |
|
|
Adjusted Non-GAAP % of total net sales |
|
61.7 |
% |
|
|
37.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
For the Nine Months Ended September 30, 2024 |
|
|||||||||||||||||||||
|
|
Gross profit |
|
|
SG&A (a) |
|
|
Income (loss) |
|
|
Operating |
|
|
Net |
|
|
Net |
|
||||||
|
GAAP basis measures |
$ |
346.5 |
|
|
$ |
222.9 |
|
|
$ |
127.3 |
|
|
|
20.3 |
% |
|
$ |
86.1 |
|
|
$ |
2.86 |
|
|
Exclude: Depreciation and amortization |
|
43.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP measures |
|
390.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Non-GAAP % of total net sales |
|
62.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Restructuring, impairment and other charges, |
|
— |
|
|
|
— |
|
|
|
4.5 |
|
|
|
0.7 |
% |
|
|
3.3 |
|
|
|
0.11 |
|
|
Share-based compensation expense |
|
— |
|
|
|
(19.2) |
|
|
|
19.2 |
|
|
|
3.1 |
% |
|
|
10.4 |
|
|
|
0.35 |
|
|
Gain on sale of long-lived assets |
|
— |
|
|
|
— |
|
|
|
(9.8) |
|
|
|
(1.6) |
% |
|
|
(7.0) |
|
|
|
(0.23) |
|
|
Non-income tax, net |
|
— |
|
|
|
1.0 |
|
|
|
(1.0) |
|
|
|
(0.2) |
% |
|
|
(0.6) |
|
|
|
(0.02) |
|
|
Gain on investments in equity securities (c) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3) |
|
|
|
(0.01) |
|
|
Total non-GAAP adjustments (b) |
|
— |
|
|
|
(18.2) |
|
|
|
12.9 |
|
|
|
2.1 |
% |
|
|
5.8 |
|
|
|
0.19 |
|
|
Adjusted Non-GAAP measures (b) |
$ |
390.3 |
|
|
$ |
204.7 |
|
|
$ |
140.2 |
|
|
|
22.4 |
% |
|
$ |
91.9 |
|
|
$ |
3.05 |
|
|
Adjusted Non-GAAP % of total net sales |
|
62.4 |
% |
|
|
32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
(a) |
Exclusive of depreciation and amortization. |
|||
|
(b) |
Totals may not foot due to rounding |
|||
|
(c) |
Gain on investments in equity securities is included in investment and other loss (income), net on the Company's Unaudited Condensed Consolidated |
|||
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Segment Adjusted EBITDA and Supplementary Information (UNAUDITED) (in millions) |
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||
|
|
|
Capital |
|
|
Capital Markets - |
|
|
Investment |
|
|
Investment |
|
|
Corporate |
|
|
Consolidated (a) |
|
||||||
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net sales |
|
$ |
59.0 |
|
|
$ |
57.2 |
|
|
$ |
31.7 |
|
|
$ |
27.4 |
|
|
$ |
— |
|
|
$ |
175.3 |
|
|
Adjusted EBITDA |
|
$ |
20.6 |
|
|
$ |
19.6 |
|
|
$ |
11.6 |
|
|
$ |
9.5 |
|
|
$ |
(11.8) |
|
|
$ |
49.5 |
|
|
Adjusted EBITDA margin % |
|
|
34.9 |
% |
|
|
34.3 |
% |
|
|
36.6 |
% |
|
|
34.7 |
% |
|
nm |
|
|
|
28.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
$ |
7.8 |
|
|
$ |
1.6 |
|
|
$ |
4.8 |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
15.2 |
|
|
Capital expenditures |
|
$ |
8.2 |
|
|
$ |
2.2 |
|
|
$ |
3.8 |
|
|
$ |
0.5 |
|
|
$ |
0.5 |
|
|
$ |
15.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
For the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net sales |
|
$ |
53.3 |
|
|
$ |
63.5 |
|
|
$ |
28.9 |
|
|
$ |
33.8 |
|
|
$ |
— |
|
|
$ |
179.5 |
|
|
Adjusted EBITDA |
|
$ |
13.2 |
|
|
$ |
20.1 |
|
|
$ |
8.9 |
|
|
$ |
10.2 |
|
|
$ |
(9.2) |
|
|
$ |
43.2 |
|
|
Adjusted EBITDA margin % |
|
|
24.8 |
% |
|
|
31.7 |
% |
|
|
30.8 |
% |
|
|
30.2 |
% |
|
nm |
|
|
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
$ |
7.1 |
|
|
$ |
4.3 |
|
|
$ |
4.5 |
|
|
$ |
1.2 |
|
|
$ |
0.1 |
|
|
$ |
17.2 |
|
|
Capital expenditures |
|
$ |
9.9 |
|
|
$ |
2.1 |
|
|
$ |
6.0 |
|
|
$ |
0.5 |
|
|
$ |
0.6 |
|
|
$ |
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net sales |
|
$ |
170.0 |
|
|
$ |
234.6 |
|
|
$ |
97.5 |
|
|
$ |
92.4 |
|
|
$ |
— |
|
|
$ |
594.5 |
|
|
Adjusted EBITDA |
|
$ |
56.9 |
|
|
$ |
93.1 |
|
|
$ |
38.6 |
|
|
$ |
34.3 |
|
|
$ |
(28.9) |
|
|
$ |
194.0 |
|
|
Adjusted EBITDA margin % |
|
|
33.5 |
% |
|
|
39.7 |
% |
|
|
39.6 |
% |
|
|
37.1 |
% |
|
nm |
|
|
|
32.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
$ |
22.5 |
|
|
$ |
4.7 |
|
|
$ |
14.3 |
|
|
$ |
2.9 |
|
|
$ |
— |
|
|
$ |
44.4 |
|
|
Capital expenditures |
|
$ |
22.9 |
|
|
$ |
6.6 |
|
|
$ |
12.6 |
|
|
$ |
1.6 |
|
|
$ |
1.5 |
|
|
$ |
45.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
For the Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net sales |
|
$ |
163.6 |
|
|
$ |
268.4 |
|
|
$ |
84.5 |
|
|
$ |
109.1 |
|
|
$ |
— |
|
|
$ |
625.6 |
|
|
Adjusted EBITDA |
|
$ |
50.2 |
|
|
$ |
97.3 |
|
|
$ |
28.0 |
|
|
$ |
36.7 |
|
|
$ |
(26.6) |
|
|
$ |
185.6 |
|
|
Adjusted EBITDA margin % |
|
|
30.7 |
% |
|
|
36.3 |
% |
|
|
33.1 |
% |
|
|
33.6 |
% |
|
nm |
|
|
|
29.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
$ |
20.3 |
|
|
$ |
8.4 |
|
|
$ |
13.1 |
|
|
$ |
3.5 |
|
|
$ |
0.1 |
|
|
$ |
45.4 |
|
|
Capital expenditures |
|
$ |
24.3 |
|
|
$ |
5.9 |
|
|
$ |
17.0 |
|
|
$ |
2.3 |
|
|
$ |
1.3 |
|
|
$ |
50.8 |
|
|
|
|
|
|
|
|
(a) |
Reconciliation of consolidated Adjusted EBITDA to net earnings (loss) is presented below. |
|||
|
nm - |
Not meaningful. |
|||
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Condensed Consolidated Statements of Cash Flows (UNAUDITED) (in millions) |
||||||||
|
|
||||||||
|
|
|
For the Nine Months Ended September 30, |
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Operating Activities |
|
|
|
|
|
|
||
|
Net earnings |
|
$ |
26.2 |
|
|
$ |
86.1 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
44.4 |
|
|
|
45.4 |
|
|
Provision for expected losses on accounts receivable |
|
|
7.6 |
|
|
|
14.3 |
|
|
Share-based compensation expense |
|
|
20.3 |
|
|
|
19.2 |
|
|
Deferred income taxes |
|
|
(14.8) |
|
|
|
(5.7) |
|
|
Pension plan settlement charge |
|
|
82.8 |
|
|
|
— |
|
|
Net pension plan expense (income) |
|
|
1.3 |
|
|
|
(0.8) |
|
|
Gain on sales of long-lived assets |
|
|
(0.5) |
|
|
|
(9.8) |
|
|
Amortization of operating lease right-of-use assets |
|
|
5.0 |
|
|
|
6.9 |
|
|
Other |
|
|
(2.0) |
|
|
|
1.4 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
|
Receivables, net |
|
|
(29.6) |
|
|
|
(40.2) |
|
|
Prepaid expenses and other current assets |
|
|
5.1 |
|
|
|
0.4 |
|
|
Accounts payable |
|
|
1.5 |
|
|
|
— |
|
|
Income taxes payable and receivable |
|
|
(1.5) |
|
|
|
4.0 |
|
|
Accrued liabilities and other |
|
|
(19.5) |
|
|
|
5.5 |
|
|
Operating lease liabilities |
|
|
(7.4) |
|
|
|
(10.6) |
|
|
Pension and other postretirement benefits plans contributions |
|
|
(13.8) |
|
|
|
(1.4) |
|
|
Net cash provided by operating activities |
|
|
105.1 |
|
|
|
114.7 |
|
|
Investing Activities |
|
|
|
|
|
|
||
|
Capital expenditures |
|
|
(45.2) |
|
|
|
(50.8) |
|
|
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 |
|
|
(45.1) |
|
|
|
(38.2) |
|
|
Financing Activities |
|
|
|
|
|
|
||
|
Revolving facility borrowings |
|
|
236.5 |
|
|
|
159.5 |
|
|
Payments on revolving facility borrowings |
|
|
(193.5) |
|
|
|
(159.5) |
|
|
Payments on long-term debt |
|
|
(127.9) |
|
|
|
— |
|
|
Proceeds from issuance of long-term debt |
|
|
115.0 |
|
|
|
— |
|
|
Debt issuance costs |
|
|
(2.2) |
|
|
|
— |
|
|
Treasury share repurchases |
|
|
(123.1) |
|
|
|
(64.4) |
|
|
Cash received for common stock issuances |
|
|
1.9 |
|
|
|
0.6 |
|
|
Finance lease payments |
|
|
(2.4) |
|
|
|
(2.1) |
|
|
Net cash used in financing activities |
|
|
(95.7) |
|
|
|
(65.9) |
|
|
Effect of exchange rate on cash and cash equivalents |
|
|
1.1 |
|
|
|
(0.1) |
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(34.6) |
|
|
|
10.5 |
|
|
Cash and cash equivalents at beginning of year |
|
|
57.3 |
|
|
|
23.1 |
|
|
Cash and cash equivalents at end of period |
|
$ |
22.7 |
|
|
$ |
33.6 |
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
||
|
Income taxes paid, net of refunds |
|
$ |
23.6 |
|
|
$ |
33.5 |
|
|
Interest paid |
|
$ |
8.6 |
|
|
$ |
10.7 |
|
|
Non-cash investing activities: |
|
|
|
|
|
|
||
|
Capitalized software included in accounts payable |
|
$ |
3.6 |
|
|
$ |
0.1 |
|
|
Additional Information: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
Net cash provided by operating activities |
|
$ |
74.4 |
|
|
$ |
86.4 |
|
|
$ |
105.1 |
|
|
$ |
114.7 |
|
|
Less: capital expenditures |
|
|
15.2 |
|
|
|
19.1 |
|
|
|
45.2 |
|
|
|
50.8 |
|
|
Free Cash Flow |
|
$ |
59.2 |
|
|
$ |
67.3 |
|
|
$ |
59.9 |
|
|
$ |
63.9 |
|
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Reconciliation of Reported to Organic Net Sales - By Segment (UNAUDITED) (in millions) |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
Capital |
|
|
Capital Markets - |
|
|
Investment |
|
|
Investment |
|
|
Consolidated |
|
|||||
|
Reported Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended September 30, 2025 |
|
$ |
59.0 |
|
|
$ |
57.2 |
|
|
$ |
31.7 |
|
|
$ |
27.4 |
|
|
$ |
175.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Three Months Ended September 30, 2024 |
|
$ |
53.3 |
|
|
$ |
63.5 |
|
|
$ |
28.9 |
|
|
$ |
33.8 |
|
|
$ |
179.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net sales change |
|
|
10.7 |
% |
|
|
(9.9) |
% |
|
|
9.7 |
% |
|
|
(18.9) |
% |
|
|
(2.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Supplementary non-GAAP information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Year-over-year impact of changes in foreign |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
0.7 |
% |
|
|
— |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net organic sales change |
|
|
10.3 |
% |
|
|
(10.1) |
% |
|
|
9.0 |
% |
|
|
(18.9) |
% |
|
|
(2.6) |
% |
|
|
|
Capital |
|
|
Capital Markets - |
|
|
Investment |
|
|
Investment |
|
|
Consolidated |
|
|||||
|
Reported Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Nine Months Ended September 30, 2025 |
|
$ |
170.0 |
|
|
$ |
234.6 |
|
|
$ |
97.5 |
|
|
$ |
92.4 |
|
|
$ |
594.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
For the Nine Months Ended September 30, 2024 |
|
$ |
163.6 |
|
|
$ |
268.4 |
|
|
$ |
84.5 |
|
|
$ |
109.1 |
|
|
$ |
625.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net sales change |
|
|
3.9 |
% |
|
|
(12.6) |
% |
|
|
15.4 |
% |
|
|
(15.3) |
% |
|
|
(5.0) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Supplementary non-GAAP information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Year-over-year impact of changes in foreign |
|
|
0.1 |
% |
|
|
(0.1) |
% |
|
|
0.4 |
% |
|
|
(0.1) |
% |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net organic sales change |
|
|
3.8 |
% |
|
|
(12.5) |
% |
|
|
15.0 |
% |
|
|
(15.2) |
% |
|
|
(5.0) |
% |
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Reconciliation of Reported to Organic Net Sales - By Services and Products (UNAUDITED) (in millions) |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Software Solutions |
|
|
Tech-enabled |
|
|
Print and |
|
|
Consolidated |
|
||||
|
Reported Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
For the Three Months Ended September 30, 2025 |
|
$ |
90.7 |
|
|
$ |
68.6 |
|
|
$ |
16.0 |
|
|
$ |
175.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
For the Three Months Ended September 30, 2024 |
|
$ |
82.2 |
|
|
$ |
75.2 |
|
|
$ |
22.1 |
|
|
$ |
179.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales change |
|
|
10.3 |
% |
|
|
(8.8) |
% |
|
|
(27.6) |
% |
|
|
(2.3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Supplementary non-GAAP information: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Year-over-year impact of changes in foreign |
|
|
0.5 |
% |
|
|
— |
|
|
|
0.5 |
% |
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net organic sales change |
|
|
9.8 |
% |
|
|
(8.8) |
% |
|
|
(28.1) |
% |
|
|
(2.6) |
% |
|
|
|
Software Solutions |
|
|
Tech-enabled |
|
|
Print and |
|
|
Consolidated |
|
||||
|
Reported Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
For the Nine Months Ended September 30, 2025 |
|
$ |
267.5 |
|
|
$ |
230.3 |
|
|
$ |
96.7 |
|
|
$ |
594.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
For the Nine Months Ended September 30, 2024 |
|
$ |
248.1 |
|
|
$ |
260.3 |
|
|
$ |
117.2 |
|
|
$ |
625.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net sales change |
|
|
7.8 |
% |
|
|
(11.5) |
% |
|
|
(17.5) |
% |
|
|
(5.0) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Supplementary non-GAAP information: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Year-over-year impact of changes in foreign |
|
|
0.2 |
% |
|
|
(0.1) |
% |
|
|
(0.1) |
% |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net organic sales change |
|
|
7.6 |
% |
|
|
(11.4) |
% |
|
|
(17.4) |
% |
|
|
(5.0) |
% |
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (UNAUDITED) (in millions) |
||||||||||||||||||||
|
|
||||||||||||||||||||
|
|
|
For the Twelve |
|
|
For the Three Months Ended |
|
||||||||||||||
|
|
|
September 30, 2025 |
|
|
September 30, 2025 |
|
|
June 30, 2025 |
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|||||
|
Net earnings (loss) |
|
$ |
32.5 |
|
|
$ |
(40.9) |
|
|
$ |
36.1 |
|
|
$ |
31.0 |
|
|
$ |
6.3 |
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Restructuring, impairment and other |
|
|
6.9 |
|
|
|
0.9 |
|
|
|
1.0 |
|
|
|
2.9 |
|
|
|
2.1 |
|
|
Share-based compensation expense |
|
|
26.3 |
|
|
|
6.8 |
|
|
|
7.5 |
|
|
|
6.0 |
|
|
|
6.0 |
|
|
Pension plan settlement charge |
|
|
82.8 |
|
|
|
82.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Accelerated rent benefit |
|
|
(1.6) |
|
|
|
(1.6) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain on sale of long-lived assets |
|
|
(0.5) |
|
|
|
— |
|
|
|
— |
|
|
|
(0.5) |
|
|
|
— |
|
|
Gain on sale of a business |
|
|
(0.4) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.4) |
|
|
Non-income tax, net |
|
|
(0.3) |
|
|
|
— |
|
|
|
(0.1) |
|
|
|
(0.1) |
|
|
|
(0.1) |
|
|
Gain on investments in equity securities |
|
|
(0.1) |
|
|
|
— |
|
|
|
(0.1) |
|
|
|
— |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
59.2 |
|
|
|
15.2 |
|
|
|
15.1 |
|
|
|
14.1 |
|
|
|
14.8 |
|
|
Interest expense, net |
|
|
12.3 |
|
|
|
2.9 |
|
|
|
3.8 |
|
|
|
3.1 |
|
|
|
2.5 |
|
|
Investment and other loss (income), net |
|
|
1.0 |
|
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.5 |
|
|
|
(0.3) |
|
|
Income tax expense (benefit) |
|
|
7.6 |
|
|
|
(17.0) |
|
|
|
12.6 |
|
|
|
11.2 |
|
|
|
0.8 |
|
|
Total Non-GAAP adjustments |
|
|
193.2 |
|
|
|
90.4 |
|
|
|
40.2 |
|
|
|
37.2 |
|
|
|
25.4 |
|
|
Adjusted EBITDA |
|
$ |
225.7 |
|
|
$ |
49.5 |
|
|
$ |
76.3 |
|
|
$ |
68.2 |
|
|
$ |
31.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Software solutions |
|
$ |
349.1 |
|
|
$ |
90.7 |
|
|
$ |
92.2 |
|
|
$ |
84.6 |
|
|
$ |
81.6 |
|
|
Tech-enabled services |
|
|
290.8 |
|
|
|
68.6 |
|
|
|
85.2 |
|
|
|
76.5 |
|
|
|
60.5 |
|
|
Print and distribution |
|
|
110.9 |
|
|
|
16.0 |
|
|
|
40.7 |
|
|
|
40.0 |
|
|
|
14.2 |
|
|
Total net sales |
|
$ |
750.8 |
|
|
$ |
175.3 |
|
|
$ |
218.1 |
|
|
$ |
201.1 |
|
|
$ |
156.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted EBITDA margin % |
|
|
30.1 |
% |
|
|
28.2 |
% |
|
|
35.0 |
% |
|
|
33.9 |
% |
|
|
20.3 |
% |
|
|
|
For the Twelve |
|
|
For the Three Months Ended |
|
||||||||||||||
|
|
|
September 30, 2024 |
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|||||
|
Net earnings |
|
$ |
96.7 |
|
|
$ |
8.7 |
|
|
$ |
44.1 |
|
|
$ |
33.3 |
|
|
$ |
10.6 |
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Restructuring, impairment and other |
|
|
5.9 |
|
|
|
1.4 |
|
|
|
1.3 |
|
|
|
1.8 |
|
|
|
1.4 |
|
|
Share-based compensation expense |
|
|
24.6 |
|
|
|
6.7 |
|
|
|
7.4 |
|
|
|
5.1 |
|
|
|
5.4 |
|
|
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 |
|
|
(10.0) |
|
|
|
— |
|
|
|
— |
|
|
|
(9.8) |
|
|
|
(0.2) |
|
|
Non-income tax, net |
|
|
(1.1) |
|
|
|
(0.3) |
|
|
|
(0.3) |
|
|
|
(0.4) |
|
|
|
(0.1) |
|
|
Gain on investments in equity securities |
|
|
(0.5) |
|
|
|
— |
|
|
|
(0.3) |
|
|
|
(0.1) |
|
|
|
(0.1) |
|
|
Depreciation and amortization |
|
|
60.9 |
|
|
|
17.2 |
|
|
|
14.3 |
|
|
|
13.9 |
|
|
|
15.5 |
|
|
Interest expense, net |
|
|
14.0 |
|
|
|
3.1 |
|
|
|
3.7 |
|
|
|
3.6 |
|
|
|
3.6 |
|
|
Investment and other income, net |
|
|
(1.1) |
|
|
|
(0.3) |
|
|
|
(0.1) |
|
|
|
(0.3) |
|
|
|
(0.4) |
|
|
Income tax expense (benefit) |
|
|
28.0 |
|
|
|
6.7 |
|
|
|
17.1 |
|
|
|
8.1 |
|
|
|
(3.9) |
|
|
Total Non-GAAP adjustments |
|
|
130.2 |
|
|
|
34.5 |
|
|
|
43.1 |
|
|
|
21.9 |
|
|
|
30.7 |
|
|
Adjusted EBITDA |
|
$ |
226.9 |
|
|
$ |
43.2 |
|
|
$ |
87.2 |
|
|
$ |
55.2 |
|
|
$ |
41.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Software solutions |
|
$ |
321.8 |
|
|
$ |
82.2 |
|
|
$ |
85.6 |
|
|
$ |
80.3 |
|
|
$ |
73.7 |
|
|
Tech-enabled services |
|
|
333.9 |
|
|
|
75.2 |
|
|
|
102.2 |
|
|
|
82.9 |
|
|
|
73.6 |
|
|
Print and distribution |
|
|
146.4 |
|
|
|
22.1 |
|
|
|
54.9 |
|
|
|
40.2 |
|
|
|
29.2 |
|
|
Total net sales |
|
$ |
802.1 |
|
|
$ |
179.5 |
|
|
$ |
242.7 |
|
|
$ |
203.4 |
|
|
$ |
176.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Adjusted EBITDA margin % |
|
|
28.3 |
% |
|
|
24.1 |
% |
|
|
35.9 |
% |
|
|
27.1 |
% |
|
|
23.4 |
% |
|
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Debt and Liquidity Summary (UNAUDITED) (in millions) |
||||||||||||
|
|
||||||||||||
|
Total Liquidity |
|
September 30, 2025 |
|
|
December 31, 2024 |
|
|
September 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 |
|
|
43.0 |
|
|
|
— |
|
|
|
— |
|
|
Impact on availability related to outstanding |
|
|
1.5 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
Amount used under the Revolving Facility |
|
|
44.5 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Availability under the Revolving Facility |
|
|
255.5 |
|
|
|
299.0 |
|
|
|
299.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
|
|
22.7 |
|
|
|
57.3 |
|
|
|
33.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Net Available Liquidity |
|
$ |
278.2 |
|
|
$ |
356.3 |
|
|
$ |
332.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Term Loan A Facility |
|
$ |
112.1 |
|
|
$ |
125.0 |
|
|
$ |
125.0 |
|
|
Borrowings under the Revolving Facility |
|
|
43.0 |
|
|
|
— |
|
|
|
— |
|
|
Unamortized debt issuance costs |
|
|
(0.4) |
|
|
|
(0.3) |
|
|
|
(0.4) |
|
|
Total debt |
|
|
154.7 |
|
|
|
124.7 |
|
|
|
124.6 |
|
|
Less: current portion of long-term debt |
|
|
5.8 |
|
|
|
— |
|
|
|
— |
|
|
Long-term debt |
|
$ |
148.9 |
|
|
$ |
124.7 |
|
|
$ |
124.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Adjusted EBITDA for the twelve months ended |
|
$ |
225.7 |
|
|
$ |
217.3 |
|
|
$ |
226.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-GAAP Gross Leverage (defined as total debt |
|
|
0.7 |
x |
|
|
0.6 |
x |
|
|
0.5 |
x |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-GAAP Net Debt (defined as total debt less cash |
|
|
132.0 |
|
|
|
67.4 |
|
|
|
91.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Non-GAAP Net Leverage (defined as non-GAAP |
|
|
0.6 |
x |
|
|
0.3 |
x |
|
|
0.4 |
x |
|
|
|
|
|
|
|
(a) |
The Company has a |
|||
View original content:https://www.prnewswire.com/news-releases/dfin-reports-third-quarter-2025-results-302597568.html
SOURCE Donnelley Financial LLC
FAQ
What were DFIN's total net sales and software sales in Q3 2025?
Why did DFIN report a GAAP net loss of $40.9M in Q3 2025?
What was DFIN's Adjusted EBITDA and margin in Q3 2025 (NYSE: DFIN)?
How much did DFIN repurchase in shares during Q3 2025 and what remains?
What guidance did DFIN give for Q4 2025 on revenue and margins?
How did software mix change at DFIN in Q3 2025 and why does it matter?
