DFIN Reports Fourth-Quarter and Full-Year 2024 Results
DFIN reported its Q4 and full-year 2024 financial results, highlighting strong performance in software solutions. Q4 software solutions net sales reached $81.6 million, up 10.7% year-over-year, representing 52.2% of total quarterly sales. Full-year software solutions net sales grew to $329.7 million, a 12.6% increase, accounting for 42.2% of total annual sales.
Q4 net earnings were $6.3 million ($0.21 per diluted share), while full-year earnings reached $92.4 million ($3.06 per diluted share), up from $82.2 million in 2023. The company reported Q4 Adjusted EBITDA of $31.7 million with a 20.3% margin, and full-year Adjusted EBITDA of $217.3 million with a 27.8% margin.
During Q4, DFIN repurchased 281,753 shares for $17.4 million, and throughout 2024, bought back 947,288 shares for $58.7 million. The company maintained strong financial health with gross leverage of 0.6x and net leverage of 0.3x as of December 31, 2024.
DFIN ha riportato i risultati finanziari per il quarto trimestre e l'intero anno 2024, evidenziando una forte performance nelle soluzioni software. Le vendite nette delle soluzioni software nel Q4 hanno raggiunto 81,6 milioni di dollari, con un aumento del 10,7% rispetto all'anno precedente, rappresentando il 52,2% delle vendite totali del trimestre. Le vendite nette delle soluzioni software per l'intero anno sono cresciute a 329,7 milioni di dollari, con un incremento del 12,6%, contabilizzando il 42,2% delle vendite annuali totali.
Gli utili netti del Q4 sono stati di 6,3 milioni di dollari (0,21 dollari per azione diluita), mentre gli utili per l'intero anno hanno raggiunto 92,4 milioni di dollari (3,06 dollari per azione diluita), in aumento rispetto agli 82,2 milioni di dollari del 2023. L'azienda ha riportato un EBITDA rettificato nel Q4 di 31,7 milioni di dollari con un margine del 20,3% e un EBITDA rettificato per l'intero anno di 217,3 milioni di dollari con un margine del 27,8%.
Durante il Q4, DFIN ha riacquistato 281.753 azioni per 17,4 milioni di dollari e, nel corso del 2024, ha riacquistato 947.288 azioni per 58,7 milioni di dollari. L'azienda ha mantenuto una solida salute finanziaria con un leverage lordo di 0,6x e un leverage netto di 0,3x al 31 dicembre 2024.
DFIN informó sobre sus resultados financieros del cuarto trimestre y del año completo 2024, destacando un fuerte desempeño en soluciones de software. Las ventas netas de soluciones de software en el Q4 alcanzaron los 81.6 millones de dólares, un aumento del 10.7% interanual, representando el 52.2% de las ventas totales del trimestre. Las ventas netas de soluciones de software para el año completo crecieron a 329.7 millones de dólares, un incremento del 12.6%, representando el 42.2% de las ventas anuales totales.
Las ganancias netas del Q4 fueron de 6.3 millones de dólares (0.21 dólares por acción diluida), mientras que las ganancias del año completo alcanzaron los 92.4 millones de dólares (3.06 dólares por acción diluida), en comparación con los 82.2 millones de dólares en 2023. La compañía reportó un EBITDA ajustado de 31.7 millones de dólares en el Q4 con un margen del 20.3%, y un EBITDA ajustado para el año completo de 217.3 millones de dólares con un margen del 27.8%.
Durante el Q4, DFIN recompró 281,753 acciones por 17.4 millones de dólares, y a lo largo de 2024, recompró 947,288 acciones por 58.7 millones de dólares. La empresa mantuvo una sólida salud financiera con un apalancamiento bruto de 0.6x y un apalancamiento neto de 0.3x al 31 de diciembre de 2024.
DFIN은 2024년 4분기 및 연간 재무 결과를 발표하며 소프트웨어 솔루션에서 강력한 성과를 강조했습니다. 4분기 소프트웨어 솔루션 순매출은 8160만 달러에 달해 전년 대비 10.7% 증가했으며, 전체 분기 매출의 52.2%를 차지했습니다. 연간 소프트웨어 솔루션 순매출은 3억 2970만 달러로 12.6% 증가하여 연간 총 매출의 42.2%를 차지했습니다.
4분기 순이익은 630만 달러(희석주당 0.21달러)였고, 연간 이익은 9240만 달러(희석주당 3.06달러)로 2023년의 8220만 달러에서 증가했습니다. 회사는 4분기 조정 EBITDA가 3170만 달러로 20.3%의 마진을 기록했으며, 연간 조정 EBITDA는 2억 1730만 달러로 27.8%의 마진을 보였습니다.
4분기 동안 DFIN은 281,753주를 1,740만 달러에 재매입하였고, 2024년 동안 947,288주를 5,870만 달러에 재매입했습니다. 회사는 2024년 12월 31일 기준으로 총 레버리지 0.6배, 순 레버리지 0.3배로 강력한 재무 건전성을 유지했습니다.
DFIN a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024, mettant en avant une forte performance dans les solutions logicielles. Les ventes nettes des solutions logicielles au T4 ont atteint 81,6 millions de dollars, en hausse de 10,7 % par rapport à l'année précédente, représentant 52,2 % des ventes totales du trimestre. Les ventes nettes des solutions logicielles pour l'année entière ont augmenté à 329,7 millions de dollars, soit une augmentation de 12,6 %, représentant 42,2 % des ventes annuelles totales.
Les bénéfices nets du T4 étaient de 6,3 millions de dollars (0,21 dollar par action diluée), tandis que les bénéfices pour l'année entière ont atteint 92,4 millions de dollars (3,06 dollars par action diluée), en hausse par rapport à 82,2 millions de dollars en 2023. L'entreprise a déclaré un EBITDA ajusté de 31,7 millions de dollars pour le T4 avec une marge de 20,3 %, et un EBITDA ajusté pour l'année entière de 217,3 millions de dollars avec une marge de 27,8 %.
Au cours du T4, DFIN a racheté 281 753 actions pour 17,4 millions de dollars, et tout au long de 2024, a racheté 947 288 actions pour 58,7 millions de dollars. L'entreprise a maintenu une solide santé financière avec un levier brut de 0,6x et un levier net de 0,3x au 31 décembre 2024.
DFIN hat ihre finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei eine starke Leistung im Bereich Softwarelösungen hervorgehoben. Die Nettoumsätze der Softwarelösungen im Q4 erreichten 81,6 Millionen Dollar und stiegen im Jahresvergleich um 10,7%, was 52,2% des gesamten Quartalsumsatzes ausmacht. Die Nettoumsätze der Softwarelösungen für das gesamte Jahr wuchsen auf 329,7 Millionen Dollar, was einem Anstieg von 12,6% entspricht und 42,2% des gesamten Jahresumsatzes ausmacht.
Die Nettogewinne im Q4 betrugen 6,3 Millionen Dollar (0,21 Dollar pro verwässerter Aktie), während die Gewinne für das gesamte Jahr 92,4 Millionen Dollar (3,06 Dollar pro verwässerter Aktie) erreichten, ein Anstieg von 82,2 Millionen Dollar im Jahr 2023. Das Unternehmen meldete im Q4 ein bereinigtes EBITDA von 31,7 Millionen Dollar bei einer Marge von 20,3%, und ein bereinigtes EBITDA für das gesamte Jahr von 217,3 Millionen Dollar bei einer Marge von 27,8%.
Im Q4 hat DFIN 281.753 Aktien für 17,4 Millionen Dollar zurückgekauft und im gesamten Jahr 2024 947.288 Aktien für 58,7 Millionen Dollar zurückgekauft. Das Unternehmen wies zum 31. Dezember 2024 eine solide finanzielle Gesundheit mit einer Bruttoverschuldung von 0,6x und einer Nettoverschuldung von 0,3x auf.
- Software solutions net sales grew 12.6% to $329.7 million for full-year 2024
- Full-year net earnings increased to $92.4 million from $82.2 million in 2023
- Full-year Adjusted EBITDA margin improved by 180 basis points to 27.8%
- Strong cash position with Free Cash Flow of $105.2 million for full-year 2024
- Low leverage ratios with gross leverage at 0.6x and net leverage at 0.3x
- Q4 net earnings decreased to $6.3 million from $10.6 million in Q4 2023
- Q4 total net sales declined 11.4% to $156.3 million year-over-year
- Q4 Adjusted EBITDA margin decreased by 310 basis points to 20.3%
- Capital markets and investment companies transactional revenue decreased by $19.5 million
Insights
DFIN's Q4 and FY2024 results mark a pivotal moment in the company's strategic transformation, with software solutions becoming the largest revenue component for the first time. The 13.8% organic growth in software solutions, particularly the impressive 19% growth in recurring compliance products (ActiveDisclosure and Arc Suite), demonstrates successful execution of their software-centric strategy.
The evolution of revenue mix tells a compelling story: software solutions now represent 42.2% of total revenue, up from 37% in 2023. This shift toward recurring software revenue provides greater stability and higher margins, as evidenced by the 180 basis point expansion in Adjusted EBITDA margin to 27.8% despite challenging market conditions.
Financial health indicators are robust:
- Free cash flow improved by
$43.0 million to$105.2 million - Gross leverage stands at just 0.6x
- The company maintains an active capital return program, with
$58.7 million in share repurchases during 2024
While Q4 showed some pressure with a
The margin expansion amid revenue headwinds reflects strong cost discipline and the inherent scalability of the software business model. This operational leverage should become more pronounced as software continues to grow as a percentage of total revenue, potentially driving further margin expansion in the coming years.
Highlights:
- Fourth-quarter software solutions net sales of
, an increase of$81.6 million 10.7% , or11.6% on an organic basis(a), from the fourth quarter of 2023; Software solutions net sales accounted for52.2% of total fourth-quarter net sales. - Full-year software solutions net sales of
, an increase of$329.7 million 12.6% , or13.8% on an organic basis(a), from the full year of 2023; Software solutions net sales accounted for42.2% of total full-year net sales. - Fourth-quarter net earnings of
, or$6.3 million per diluted share; Full-year net earnings of$0.21 , or$92.4 million per diluted share, as compared to$3.06 , or$82.2 million per diluted share, for the full year of 2023.$2.69 - Fourth-quarter Adjusted EBITDA(a) of
and Adjusted EBITDA margin(a) of$31.7 million 20.3% . - Full-year Adjusted EBITDA(a) of
, up$217.3 million , or$9.9 million 4.8% , from the full year of 2023; Full-year Adjusted EBITDA margin(a) of27.8% , an increase of approximately 180 basis points from the full year of 2023. - Fourth-quarter Operating Cash Flow(b) of
; Fourth-quarter Free Cash Flow(a) of$56.4 million .$41.3 million - Full-year Operating Cash Flow(b) of
and Free Cash Flow(a) of$171.1 million , improvements of$105.2 million and$47.1 million , respectively, from the full year of 2023.$43.0 million - Gross leverage(a) of 0.6x and net leverage(a) of 0.3x as of December 31, 2024.
- During the fourth quarter, the Company repurchased 281,753 shares for
at an average price of$17.4 million per share. For full-year 2024, the Company repurchased 947,288 shares for$61.67 at an average price of$58.7 million per share. As of December 31, 2024, the remaining share repurchase authorization was$61.97 .$91.3 million
(a) Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, organic net sales, 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. |
"I am pleased with our continued progress to increase the adoption of our software solutions offerings. During the fourth quarter, the growth in software solutions net sales was led by the performance of our recurring compliance software products, ActiveDisclosure and Arc Suite, which posted net sales growth of approximately
Leib continued, "For full-year 2024, we delivered organic software solutions net sales growth of
"Heading into 2025, we are encouraged by the performance of our software solutions and remain well positioned to capture future opportunities. While our transactional offering is always subject to uncertainty, we are encouraged by the uptick in capital markets transactional activity to start the year. Our portfolio of market-leading regulatory and compliance offerings and deep domain and service expertise position us well to serve current and future needs of our clients," Leib concluded.
Net Sales
Net sales in the fourth quarter of 2024 were
Net Earnings
For the fourth quarter of 2024, net earnings were
Adjusted EBITDA and Non-GAAP Net Earnings
For the fourth quarter of 2024, Adjusted EBITDA was
For the fourth quarter of 2024, non-GAAP net earnings were
Reconciliations of 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.
Company Results and Conference Call
DFIN's earnings press release for the fourth-quarter and full-year 2024, 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 February 18, 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 February 18, 2025, at 9:00 a.m. Eastern time to discuss financial results for the fourth quarter of 2024, 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") | ||||||||
December 31, 2024 | December 31, 2023 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 57.3 | $ | 23.1 | ||||
Receivables, less allowances for expected losses of | 138.0 | 151.8 | ||||||
Prepaid expenses and other current assets | 37.2 | 31.0 | ||||||
Assets held for sale | — | 2.6 | ||||||
Total current assets | 232.5 | 208.5 | ||||||
Property, plant and equipment, net | 8.9 | 13.5 | ||||||
Operating lease right-of-use assets | 12.3 | 16.4 | ||||||
Software, net | 96.5 | 87.6 | ||||||
Goodwill | 405.4 | 405.8 | ||||||
Deferred income taxes, net | 56.4 | 45.8 | ||||||
Other noncurrent assets | 29.6 | 29.3 | ||||||
Total assets | $ | 841.6 | $ | 806.9 | ||||
Liabilities | ||||||||
Accounts payable | $ | 28.7 | $ | 33.9 | ||||
Operating lease liabilities | 10.3 | 14.0 | ||||||
Accrued liabilities | 185.1 | 153.7 | ||||||
Total current liabilities | 224.1 | 201.6 | ||||||
Long-term debt | 124.7 | 124.5 | ||||||
Deferred compensation liabilities | 12.2 | 13.1 | ||||||
Pension and other postretirement benefits plans liabilities | 23.3 | 34.4 | ||||||
Noncurrent operating lease liabilities | 6.4 | 12.1 | ||||||
Other noncurrent liabilities | 14.8 | 19.0 | ||||||
Total liabilities | 405.5 | 404.7 | ||||||
Equity | ||||||||
Preferred stock, | ||||||||
Authorized: 1.0 shares; Issued: None | — | — | ||||||
Common stock, | ||||||||
Authorized: 65.0 shares; | ||||||||
Issued and outstanding: 38.9 shares and 28.7 shares in 2024 (2023 - 38.0 shares and 29.1 shares) | 0.4 | 0.4 | ||||||
Treasury stock, at cost: 10.2 shares in 2024 (2023 - 8.9 shares) | (344.1) | (262.1) | ||||||
Additional paid-in capital | 333.2 | 305.7 | ||||||
Retained earnings | 528.5 | 436.1 | ||||||
Accumulated other comprehensive loss | (81.9) | (77.9) | ||||||
Total equity | 436.1 | 402.2 | ||||||
Total liabilities and equity | $ | 841.6 | $ | 806.9 |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net sales | ||||||||||||||||
Software solutions | $ | 81.6 | $ | 73.7 | $ | 329.7 | $ | 292.7 | ||||||||
Tech-enabled services | 60.5 | 73.6 | 320.8 | 336.9 | ||||||||||||
Print and distribution | 14.2 | 29.2 | 131.4 | 167.6 | ||||||||||||
Total net sales | 156.3 | 176.5 | 781.9 | 797.2 | ||||||||||||
Cost of sales (a) | ||||||||||||||||
Software solutions | 27.1 | 27.5 | 107.4 | 108.7 | ||||||||||||
Tech-enabled services | 26.9 | 28.0 | 120.6 | 127.6 | ||||||||||||
Print and distribution | 8.6 | 18.4 | 69.9 | 97.0 | ||||||||||||
Total cost of sales | 62.6 | 73.9 | 297.9 | 333.3 | ||||||||||||
Selling, general and administrative expenses (a) | 68.0 | 70.0 | 290.9 | 282.1 | ||||||||||||
Depreciation and amortization | 14.8 | 15.5 | 60.2 | 56.7 | ||||||||||||
Restructuring, impairment and other charges, net | 2.1 | 1.4 | 6.6 | 9.8 | ||||||||||||
Other operating (income) loss, net | (0.5) | 5.9 | (10.3) | 5.3 | ||||||||||||
Income from operations | 9.3 | 9.8 | 136.6 | 110.0 | ||||||||||||
Interest expense, net | 2.5 | 3.6 | 12.9 | 15.8 | ||||||||||||
Investment and other income, net | (0.3) | (0.5) | (1.4) | (7.8) | ||||||||||||
Earnings before income taxes | 7.1 | 6.7 | 125.1 | 102.0 | ||||||||||||
Income tax expense (benefit) | 0.8 | (3.9) | 32.7 | 19.8 | ||||||||||||
Net earnings | $ | 6.3 | $ | 10.6 | $ | 92.4 | $ | 82.2 | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | 0.22 | $ | 0.36 | $ | 3.16 | $ | 2.81 | ||||||||
Diluted | $ | 0.21 | $ | 0.35 | $ | 3.06 | $ | 2.69 | ||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 28.9 | 29.2 | 29.2 | 29.3 | ||||||||||||
Diluted | 29.9 | 30.6 | 30.2 | 30.6 |
(a) Exclusive of depreciation and amortization. |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
Components of depreciation and amortization: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Cost of sales | $ | 14.4 | $ | 14.1 | $ | 58.2 | $ | 51.2 | ||||||||
Selling, general and administrative expenses | 0.4 | 1.4 | 2.0 | 5.5 | ||||||||||||
Total depreciation and amortization | $ | 14.8 | $ | 15.5 | $ | 60.2 | $ | 56.7 | ||||||||
Additional information: | ||||||||||||||||
Gross profit (b) | $ | 79.3 | $ | 88.5 | $ | 425.8 | $ | 412.7 | ||||||||
Exclude: Depreciation and amortization | 14.4 | 14.1 | 58.2 | 51.2 | ||||||||||||
Non-GAAP gross profit | $ | 93.7 | $ | 102.6 | $ | 484.0 | $ | 463.9 | ||||||||
Gross margin (b) | 50.7 | % | 50.1 | % | 54.5 | % | 51.8 | % | ||||||||
Non-GAAP gross margin | 59.9 | % | 58.1 | % | 61.9 | % | 58.2 | % | ||||||||
SG&A as a % of total net sales (a) | 43.5 | % | 39.7 | % | 37.2 | % | 35.4 | % | ||||||||
Operating margin | 6.0 | % | 5.6 | % | 17.5 | % | 13.8 | % | ||||||||
Effective tax rate | 11.3 | % | nm | 26.1 | % | 19.4 | % |
(b) Inclusive of depreciation and amortization. |
nm - Not meaningful. |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | |||||||||||||||||||||||
For the Three Months Ended December 31, 2024 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 79.3 | $ | 68.0 | $ | 9.3 | 6.0 | % | $ | 6.3 | $ | 0.21 | |||||||||||
Exclude: Depreciation and amortization | 14.4 | ||||||||||||||||||||||
Non-GAAP measures | 93.7 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 59.9 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 2.1 | 1.3 | % | 1.7 | 0.06 | ||||||||||||||||
Share-based compensation expense | — | (6.0) | 6.0 | 3.8 | % | 4.4 | 0.15 | ||||||||||||||||
Gain on sale of a business | — | — | (0.4) | (0.3) | % | (0.3) | (0.01) | ||||||||||||||||
Non-income tax, net | — | 0.1 | (0.1) | (0.1) | % | (0.1) | — | ||||||||||||||||
Total Non-GAAP adjustments (b) | — | (5.9) | 7.6 | 4.9 | % | 5.7 | 0.19 | ||||||||||||||||
Adjusted Non-GAAP measures (b) | $ | 93.7 | $ | 62.1 | $ | 16.9 | 10.8 | % | $ | 12.0 | $ | 0.40 | |||||||||||
Adjusted Non-GAAP % of total net sales | 59.9 | % | 39.7 | % | |||||||||||||||||||
For the Twelve Months Ended December 31, 2024 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 425.8 | $ | 290.9 | $ | 136.6 | 17.5 | % | $ | 92.4 | $ | 3.06 | |||||||||||
Exclude: Depreciation and amortization | 58.2 | ||||||||||||||||||||||
Non-GAAP measures | 484.0 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 61.9 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 6.6 | 0.8 | % | 5.0 | 0.17 | ||||||||||||||||
Share-based compensation expense | — | (25.2) | 25.2 | 3.2 | % | 14.8 | 0.49 | ||||||||||||||||
Gain on sale of long-lived assets | — | — | (9.8) | (1.3) | % | (7.0) | (0.23) | ||||||||||||||||
Non-income tax, net | — | 1.1 | (1.1) | (0.1) | % | (0.7) | (0.02) | ||||||||||||||||
Gain on sale of a business | — | — | (0.4) | (0.1) | % | (0.3) | (0.01) | ||||||||||||||||
Gain on investments in equity securities (c) | — | — | — | — | (0.3) | (0.01) | |||||||||||||||||
Total non-GAAP adjustments (b) | — | (24.1) | 20.5 | 2.6 | % | 11.5 | 0.38 | ||||||||||||||||
Adjusted Non-GAAP measures (b) | $ | 484.0 | $ | 266.8 | $ | 157.1 | 20.1 | % | $ | 103.9 | $ | 3.44 | |||||||||||
Adjusted Non-GAAP % of total net sales | 61.9 | % | 34.1 | % |
(a) | Exclusive of depreciation and amortization. |
(b) | Totals may not foot due to rounding. |
(c) | Gain on investments in equity securities is recorded within investment and other income, net on the Company's Unaudited Condensed Consolidated Statements of Operations. |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | |||||||||||||||||||||||
For the Three Months Ended December 31, 2023 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 88.5 | $ | 70.0 | $ | 9.8 | 5.6 | % | $ | 10.6 | $ | 0.35 | |||||||||||
Exclude: Depreciation and amortization | 14.1 | ||||||||||||||||||||||
Non-GAAP measures | 102.6 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 58.1 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 1.4 | 0.8 | % | 1.4 | 0.05 | ||||||||||||||||
Share-based compensation expense | — | (5.4) | 5.4 | 3.1 | % | 4.2 | 0.14 | ||||||||||||||||
Loss on sale of a business | — | — | 6.1 | 3.5 | % | — | — | ||||||||||||||||
Accelerated rent expense | 2.9 | (0.2) | 3.1 | 1.8 | % | 2.8 | 0.09 | ||||||||||||||||
Disposition-related expenses | — | (0.3) | 0.3 | 0.2 | % | 0.2 | 0.01 | ||||||||||||||||
Gain on sale of long-lived assets | — | (0.2) | (0.1) | % | (0.2) | (0.01) | |||||||||||||||||
Non-income tax, net | — | 0.1 | (0.1) | (0.1) | % | (0.1) | — | ||||||||||||||||
Gain on investments in equity securities (c) | — | — | — | — | (0.1) | — | |||||||||||||||||
Total Non-GAAP adjustments (b) | 2.9 | (5.8) | 16.0 | 9.0 | % | 8.2 | 0.26 | ||||||||||||||||
Adjusted Non-GAAP measures (b) | $ | 105.5 | $ | 64.2 | $ | 25.8 | 14.6 | % | $ | 18.8 | $ | 0.61 | |||||||||||
Adjusted Non-GAAP % of total net sales | 59.8 | % | 36.4 | % | |||||||||||||||||||
For the Twelve Months Ended December 31, 2023 | |||||||||||||||||||||||
Gross profit | SG&A (a) | Income (loss) | Operating | Net | Net | ||||||||||||||||||
GAAP basis measures | $ | 412.7 | $ | 282.1 | $ | 110.0 | 13.8 | % | $ | 82.2 | $ | 2.69 | |||||||||||
Exclude: Depreciation and amortization | 51.2 | ||||||||||||||||||||||
Non-GAAP measures | 463.9 | ||||||||||||||||||||||
Non-GAAP % of total net sales | 58.2 | % | |||||||||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Restructuring, impairment and other charges, net | — | — | 9.8 | 1.2 | % | 7.5 | 0.25 | ||||||||||||||||
Share-based compensation expense | — | (22.5) | 22.5 | 2.8 | % | 13.3 | 0.43 | ||||||||||||||||
Loss on sale of a business | — | — | 6.1 | 0.8 | % | — | — | ||||||||||||||||
Accelerated rent expense | 3.4 | (0.3) | 3.7 | 0.5 | % | 3.2 | 0.10 | ||||||||||||||||
Disposition-related expenses | — | (0.3) | 0.3 | — | 0.2 | 0.01 | |||||||||||||||||
Non-income tax, net | — | 0.9 | (0.9) | (0.1) | % | (0.6) | (0.02) | ||||||||||||||||
Gain on sale of long-lived assets | — | — | (0.8) | (0.1) | % | (0.6) | (0.02) | ||||||||||||||||
Gain on investments in equity securities (c) | — | — | — | — | (5.1) | (0.17) | |||||||||||||||||
Total non-GAAP adjustments (b) | 3.4 | (22.2) | 40.7 | 5.1 | % | 17.9 | 0.58 | ||||||||||||||||
Adjusted Non-GAAP measures (b) | $ | 467.3 | $ | 259.9 | $ | 150.7 | 18.9 | % | $ | 100.1 | $ | 3.27 | |||||||||||
Adjusted Non-GAAP % of total net sales | 58.6 | % | 32.6 | % |
(a) | Exclusive of depreciation and amortization. |
(b) | Totals may not foot due to rounding. |
(c) | Gain on investments in equity securities is recorded within investment and other income, net on the Company's Unaudited Condensed Consolidated Statements of Operations. |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||||||||||
Capital | Capital | Investment | Investment | Corporate | Consolidated (a) | |||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
Net sales | $ | 50.0 | $ | 53.3 | $ | 31.6 | $ | 21.4 | $ | — | $ | 156.3 | ||||||||||||
Adjusted EBITDA | $ | 13.3 | $ | 13.6 | $ | 11.7 | $ | 4.8 | $ | (11.7) | $ | 31.7 | ||||||||||||
Adjusted EBITDA margin % | 26.6 | % | 25.5 | % | 37.0 | % | 22.4 | % | nm | 20.3 | % | |||||||||||||
Depreciation and amortization | $ | 7.3 | $ | 1.4 | $ | 5.1 | $ | 1.0 | $ | — | $ | 14.8 | ||||||||||||
Capital expenditures | $ | 8.2 | $ | 1.8 | $ | 4.1 | $ | 0.4 | $ | 0.6 | $ | 15.1 | ||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
Net sales | $ | 48.0 | $ | 68.3 | $ | 25.7 | $ | 34.5 | $ | — | $ | 176.5 | ||||||||||||
Adjusted EBITDA | $ | 12.7 | $ | 21.0 | $ | 8.1 | $ | 10.4 | $ | (10.9) | $ | 41.3 | ||||||||||||
Adjusted EBITDA margin % | 26.5 | % | 30.7 | % | 31.5 | % | 30.1 | % | nm | 23.4 | % | |||||||||||||
Depreciation and amortization | $ | 8.0 | $ | 2.4 | $ | 4.0 | $ | 1.1 | $ | — | $ | 15.5 | ||||||||||||
Capital expenditures | $ | 8.1 | $ | 2.6 | $ | 6.5 | $ | 0.4 | $ | 1.2 | $ | 18.8 | ||||||||||||
Capital | Capital | Investment | Investment | Corporate | Consolidated (a) | |||||||||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||||||
Net sales | $ | 213.6 | $ | 321.7 | $ | 116.1 | $ | 130.5 | $ | — | $ | 781.9 | ||||||||||||
Adjusted EBITDA | $ | 63.5 | $ | 110.9 | $ | 39.7 | $ | 41.5 | $ | (38.3) | $ | 217.3 | ||||||||||||
Adjusted EBITDA margin % | 29.7 | % | 34.5 | % | 34.2 | % | 31.8 | % | nm | 27.8 | % | |||||||||||||
Depreciation and amortization | $ | 27.6 | $ | 9.8 | $ | 18.2 | $ | 4.5 | $ | 0.1 | $ | 60.2 | ||||||||||||
Capital expenditures | $ | 32.5 | $ | 7.7 | $ | 21.1 | $ | 2.7 | $ | 1.9 | $ | 65.9 | ||||||||||||
For the Twelve Months Ended | ||||||||||||||||||||||||
Net sales | $ | 185.9 | $ | 355.4 | $ | 106.8 | $ | 149.1 | $ | — | $ | 797.2 | ||||||||||||
Adjusted EBITDA | $ | 45.2 | $ | 119.4 | $ | 36.9 | $ | 49.4 | $ | (43.5) | $ | 207.4 | ||||||||||||
Adjusted EBITDA margin % | 24.3 | % | 33.6 | % | 34.6 | % | 33.1 | % | nm | 26.0 | % | |||||||||||||
Depreciation and amortization | $ | 29.8 | $ | 8.0 | $ | 14.2 | $ | 4.6 | $ | 0.1 | $ | 56.7 | ||||||||||||
Capital expenditures | $ | 31.5 | $ | 7.4 | $ | 18.8 | $ | 1.8 | $ | 2.3 | $ | 61.8 |
(a) Reconciliation of consolidated Adjusted EBITDA to net earnings is presented below. |
nm - Not meaningful. |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||
For the Twelve Months Ended December 31, | ||||||||
2024 | 2023 | |||||||
Operating Activities | ||||||||
Net earnings | $ | 92.4 | $ | 82.2 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 60.2 | 56.7 | ||||||
Provision for expected losses on accounts receivable | 17.6 | 13.7 | ||||||
Share-based compensation expense | 25.2 | 22.5 | ||||||
Deferred income taxes | (9.4) | (14.6) | ||||||
Net pension plan income | (1.1) | (0.5) | ||||||
Gain on sale of long-lived assets | (9.8) | (0.8) | ||||||
Gain on sales of investments in equity securities | (0.2) | (7.0) | ||||||
(Gain) loss on sales of businesses | (0.4) | 6.1 | ||||||
Amortization of operating lease right-of-use assets | 9.3 | 15.4 | ||||||
Other | 3.0 | 1.5 | ||||||
Changes in operating assets and liabilities: | ||||||||
Receivables, net | (4.4) | (2.3) | ||||||
Prepaid expenses and other current assets | (6.3) | 1.7 | ||||||
Accounts payable | (5.7) | (15.3) | ||||||
Income taxes payable and receivable | (0.5) | (3.6) | ||||||
Accrued liabilities and other | 16.9 | (13.8) | ||||||
Operating lease liabilities | (13.8) | (16.1) | ||||||
Pension and other postretirement benefits plans contributions | (1.9) | (1.8) | ||||||
Net cash provided by operating activities | 171.1 | 124.0 | ||||||
Investing Activities | ||||||||
Capital expenditures | (65.9) | (61.8) | ||||||
Proceeds from sale of long-lived assets | 12.4 | — | ||||||
Proceeds from sales of investments in equity securities | 0.2 | 10.0 | ||||||
Proceeds from sale of a business | — | 0.5 | ||||||
Net cash used in investing activities | (53.3) | (51.3) | ||||||
Financing Activities | ||||||||
Revolving facility borrowings | 159.5 | 302.0 | ||||||
Payments on revolving facility borrowings | (159.5) | (347.0) | ||||||
Treasury share repurchases | (81.6) | (40.3) | ||||||
Cash received for common stock issuances | 2.4 | 3.1 | ||||||
Finance lease payments | (2.9) | (2.4) | ||||||
Net cash used in financing activities | (82.1) | (84.6) | ||||||
Effect of exchange rate on cash and cash equivalents | (1.5) | 0.8 | ||||||
Net increase (decrease) in cash and cash equivalents | 34.2 | (11.1) | ||||||
Cash and cash equivalents at beginning of year | 23.1 | 34.2 | ||||||
Cash and cash equivalents at end of year | $ | 57.3 | $ | 23.1 | ||||
Supplemental cash flow information: | ||||||||
Income taxes paid (net of refunds) | $ | 40.8 | $ | 38.3 | ||||
Interest paid | $ | 13.3 | $ | 16.6 | ||||
Non-cash investing activities: | ||||||||
Capitalized software included in accounts payable | $ | 0.6 | $ | 0.1 | ||||
Non-cash consideration from sale of investment in an equity security | $ | — | $ | 2.9 |
Additional Information: | ||||||||||||||||
For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net cash provided by operating activities | $ | 56.4 | $ | 74.8 | $ | 171.1 | $ | 124.0 | ||||||||
Less: capital expenditures | 15.1 | 18.8 | 65.9 | 61.8 | ||||||||||||
Free Cash Flow | $ | 41.3 | $ | 56.0 | $ | 105.2 | $ | 62.2 |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||||||
Capital | Capital Markets - | Investment | Investment | Consolidated | ||||||||||||||||
Reported Net Sales: | ||||||||||||||||||||
For the Three Months Ended December 31, 2024 | $ | 50.0 | $ | 53.3 | $ | 31.6 | $ | 21.4 | $ | 156.3 | ||||||||||
For the Three Months Ended December 31, 2023 | $ | 48.0 | $ | 68.3 | $ | 25.7 | $ | 34.5 | $ | 176.5 | ||||||||||
Net sales change | 4.2 | % | (22.0) | % | 23.0 | % | (38.0) | % | (11.4) | % | ||||||||||
Supplementary non-GAAP information: | ||||||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | — | — | — | — | — | |||||||||||||||
Year-over-year impact of the eBrevia disposition | (1.5) | % | — | — | — | (0.4) | % | |||||||||||||
Net organic sales change | 5.7 | % | (22.0) | % | 23.0 | % | (38.0) | % | (11.0) | % |
Capital | Capital Markets - | Investment | Investment | Consolidated | ||||||||||||||||
Reported Net Sales: | ||||||||||||||||||||
For the Twelve Months Ended December 31, 2024 | $ | 213.6 | $ | 321.7 | $ | 116.1 | $ | 130.5 | $ | 781.9 | ||||||||||
For the Twelve Months Ended December 31, 2023 | $ | 185.9 | $ | 355.4 | $ | 106.8 | $ | 149.1 | $ | 797.2 | ||||||||||
Net sales change | 14.9 | % | (9.5) | % | 8.7 | % | (12.5) | % | (1.9) | % | ||||||||||
Supplementary non-GAAP information: | ||||||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | — | — | 0.2 | % | — | — | ||||||||||||||
Year-over-year impact of the eBrevia disposition | (2.0) | % | — | — | — | (0.5) | % | |||||||||||||
Net organic sales change | 16.9 | % | (9.5) | % | 8.5 | % | (12.5) | % | (1.4) | % |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||
Software Solutions | Tech-enabled | Print and | Consolidated | |||||||||||||
Reported Net Sales: | ||||||||||||||||
For the Three Months Ended December 31, 2024 | $ | 81.6 | $ | 60.5 | $ | 14.2 | $ | 156.3 | ||||||||
For the Three Months Ended December 31, 2023 | $ | 73.7 | $ | 73.6 | $ | 29.2 | $ | 176.5 | ||||||||
Net sales change | 10.7 | % | (17.8) | % | (51.4) | % | (11.4) | % | ||||||||
Supplementary non-GAAP information: | ||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | — | — | — | — | ||||||||||||
Year-over-year impact of the eBrevia disposition | (0.9) | % | — | — | (0.4) | % | ||||||||||
Net organic sales change | 11.6 | % | (17.8) | % | (51.4) | % | (11.0) | % |
Software Solutions | Tech-enabled | Print and | Consolidated | |||||||||||||
Reported Net Sales: | ||||||||||||||||
For the Twelve Months Ended December 31, 2024 | $ | 329.7 | $ | 320.8 | $ | 131.4 | $ | 781.9 | ||||||||
For the Twelve Months Ended December 31, 2023 | $ | 292.7 | $ | 336.9 | $ | 167.6 | $ | 797.2 | ||||||||
Net sales change | 12.6 | % | (4.8) | % | (21.6) | % | (1.9) | % | ||||||||
Supplementary non-GAAP information: | ||||||||||||||||
Year-over-year impact of changes in foreign exchange rates | 0.1 | % | — | — | — | |||||||||||
Year-over-year impact of the eBrevia disposition | (1.3) | % | — | — | (0.5) | % | ||||||||||
Net organic sales change | 13.8 | % | (4.8) | % | (21.6) | % | (1.4) | % |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||||||||||||||
For the Twelve | For the Three Months Ended | |||||||||||||||||||
December 31, 2024 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||
Net earnings | $ | 92.4 | $ | 6.3 | $ | 8.7 | $ | 44.1 | $ | 33.3 | ||||||||||
Adjustments | ||||||||||||||||||||
Restructuring, impairment and other charges, net | 6.6 | 2.1 | 1.4 | 1.3 | 1.8 | |||||||||||||||
Share-based compensation expense | 25.2 | 6.0 | 6.7 | 7.4 | 5.1 | |||||||||||||||
Gain on sale of long-lived assets | (9.8) | — | — | — | (9.8) | |||||||||||||||
Non-income tax, net | (1.1) | (0.1) | (0.3) | (0.3) | (0.4) | |||||||||||||||
Gain on investments in equity securities | (0.4) | — | — | (0.3) | (0.1) | |||||||||||||||
Gain on sale of a business | (0.4) | (0.4) | — | — | — | |||||||||||||||
Depreciation and amortization | 60.2 | 14.8 | 17.2 | 14.3 | 13.9 | |||||||||||||||
Interest expense, net | 12.9 | 2.5 | 3.1 | 3.7 | 3.6 | |||||||||||||||
Investment and other income, net | (1.0) | (0.3) | (0.3) | (0.1) | (0.3) | |||||||||||||||
Income tax expense | 32.7 | 0.8 | 6.7 | 17.1 | 8.1 | |||||||||||||||
Total Non-GAAP adjustments | 124.9 | 25.4 | 34.5 | 43.1 | 21.9 | |||||||||||||||
Adjusted EBITDA | $ | 217.3 | $ | 31.7 | $ | 43.2 | $ | 87.2 | $ | 55.2 | ||||||||||
Software solutions | $ | 329.7 | $ | 81.6 | $ | 82.2 | $ | 85.6 | $ | 80.3 | ||||||||||
Tech-enabled services | 320.8 | 60.5 | 75.2 | 102.2 | 82.9 | |||||||||||||||
Print and distribution | 131.4 | 14.2 | 22.1 | 54.9 | 40.2 | |||||||||||||||
Total net sales | $ | 781.9 | $ | 156.3 | $ | 179.5 | $ | 242.7 | $ | 203.4 | ||||||||||
Adjusted EBITDA margin % | 27.8 | % | 20.3 | % | 24.1 | % | 35.9 | % | 27.1 | % |
For the Twelve | For the Three Months Ended | |||||||||||||||||||
December 31, 2023 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||||
Net earnings | $ | 82.2 | $ | 10.6 | $ | 18.1 | $ | 37.7 | $ | 15.8 | ||||||||||
Adjustments | ||||||||||||||||||||
Restructuring, impairment and other charges, net | 9.8 | 1.4 | (0.3) | (2.2) | 10.9 | |||||||||||||||
Share-based compensation expense | 22.5 | 5.4 | 6.1 | 6.7 | 4.3 | |||||||||||||||
Loss on sale of a business | 6.1 | 6.1 | — | — | — | |||||||||||||||
Accelerated rent expense | 3.7 | 3.1 | — | 0.1 | 0.5 | |||||||||||||||
Disposition-related expenses | 0.3 | 0.3 | — | — | — | |||||||||||||||
Gain on investments in equity securities | (7.0) | (0.1) | — | (0.2) | (6.7) | |||||||||||||||
Non-income tax, net | (0.9) | (0.1) | (0.4) | (0.2) | (0.2) | |||||||||||||||
Gain on sale of long-lived assets | (0.8) | (0.2) | (0.2) | (0.1) | (0.3) | |||||||||||||||
Depreciation and amortization | 56.7 | 15.5 | 14.4 | 14.4 | 12.4 | |||||||||||||||
Interest expense, net | 15.8 | 3.6 | 4.1 | 4.6 | 3.5 | |||||||||||||||
Investment and other income, net | (0.8) | (0.4) | (0.1) | (0.1) | (0.2) | |||||||||||||||
Income tax expense (benefit) | 19.8 | (3.9) | 7.7 | 13.6 | 2.4 | |||||||||||||||
Total Non-GAAP adjustments | 125.2 | 30.7 | 31.3 | 36.6 | 26.6 | |||||||||||||||
Adjusted EBITDA | $ | 207.4 | $ | 41.3 | $ | 49.4 | $ | 74.3 | $ | 42.4 | ||||||||||
Software solutions | $ | 292.7 | $ | 73.7 | $ | 73.2 | $ | 75.7 | $ | 70.1 | ||||||||||
Tech-enabled services | 336.9 | 73.6 | 80.4 | 104.5 | 78.4 | |||||||||||||||
Print and distribution | 167.6 | 29.2 | 26.4 | 61.9 | 50.1 | |||||||||||||||
Total net sales | $ | 797.2 | $ | 176.5 | $ | 180.0 | $ | 242.1 | $ | 198.6 | ||||||||||
Adjusted EBITDA margin % | 26.0 | % | 23.4 | % | 27.4 | % | 30.7 | % | 21.3 | % |
Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") | ||||||||
Total Liquidity | December 31, 2024 | December 31, 2023 | ||||||
Availability | ||||||||
Stated amount of the Revolving Facility (a) | $ | 300.0 | $ | 300.0 | ||||
Less: availability reduction from covenants | — | — | ||||||
Amount available under the Revolving Facility | 300.0 | 300.0 | ||||||
Usage | ||||||||
Borrowings under the Revolving Facility | — | — | ||||||
Impact on availability related to outstanding | 1.0 | 1.0 | ||||||
Amount used under the Revolving Facility | 1.0 | 1.0 | ||||||
Availability under the Revolving Facility | 299.0 | 299.0 | ||||||
Cash and cash equivalents | 57.3 | 23.1 | ||||||
Net Available Liquidity | $ | 356.3 | $ | 322.1 | ||||
Term Loan A Facility | $ | 125.0 | $ | 125.0 | ||||
Unamortized debt issuance costs | (0.3) | (0.5) | ||||||
Total debt | $ | 124.7 | $ | 124.5 | ||||
Adjusted EBITDA for the twelve months ended December 31, 2024 and 2023 | $ | 217.3 | $ | 207.4 | ||||
Non-GAAP Gross Leverage (defined as total debt divided by Adjusted EBITDA) | 0.6 | x | 0.6 | x | ||||
Non-GAAP Net Debt (defined as total debt less cash and cash equivalents) | 67.4 | 101.4 | ||||||
Non-GAAP Net Leverage (defined as non-GAAP Net Debt divided by Adjusted EBITDA) | 0.3 | x | 0.5 | x |
(a) | The Company has a |
View original content:https://www.prnewswire.com/news-releases/dfin-reports-fourth-quarter-and-full-year-2024-results-302378342.html
SOURCE Donnelley Financial LLC
FAQ
What was DFIN's software solutions revenue growth in Q4 2024?
How much did DFIN spend on share repurchases in 2024?
What was DFIN's full-year 2024 earnings per share?
How much did DFIN's Adjusted EBITDA grow in 2024?