Q2 2026 Donnelley Financial Solutions Inc Earnings Call

July 30, 2026

Speaker #1: Hello, everyone. Thank you for joining us, and welcome to Donnelly Financial Solutions' second quarter earnings conference call. After today's prepared remarks, we will host a question-and-answer session.

Speaker #1: If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. I will now hand the conference over to Mike Zhao, Head of Investor Relations, please go ahead.

Speaker #1: Hello, everyone. Thank you for joining us, and welcome to Donnelley Financial Solutions, Q2 earnings conference call. After today's prepared remarks, we will host a question-and-answer session.

Speaker #2: Thank you. Good morning, everyone, and thank you for joining Donnelly Financial Solutions' second quarter 2026 results conference call. This morning we release our earnings report, including a set of supplemental trending schedules of historical results.

Speaker #2: Copies of which can be found in the Investors section of our website, at definsolutions.com. During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties.

Speaker #2: Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions' Q2 2026 results conference call. This morning, we released our earnings report, including a set of supplemental trending schedules of historical results.

Speaker #2: For complete discussion, please refer to the cautionary statements included in our earnings release, and further detailed in our most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other filings with the SEC.

Speaker #2: Further, we will discuss certain non-GAAP financial information, such as adjusted EBITDA and adjusted EBITDA margin, we believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance.

Speaker #2: They are, however, provided for informational purposes only. Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information.

Speaker #2: I am joined this morning by Dan Lieb and Dave Gardella. I will now turn the call over to Dan.

Speaker #3: Thank you, Mike, and good morning, everyone. We continue to build on the positive momentum in our operating performance during the second quarter. Highlighted by consolidated net sales growth, year-over-year growth in adjusted EBITDA, adjusted EBITDA margin expansion, and increases in both operating cash flow and free cash flow.

Speaker #2: I am joined this morning by Dan Leib and Dave Gardella. I will now turn the call over to Dan.

Speaker #3: All in the context of an unsettled environment. We delivered second quarter net sales of $224.2 million, which increased 2.8% compared to the second quarter of 2025, and included a strong mix of revenue, with software solutions net sales growing approximately 8%, tech-enabled services net sales increasing nearly 6%, and print and distribution net sales declining 15%.

Speaker #3: All in the context of an unsettled environment. We delivered Q2 net sales of $224.2 million which increased 2.8% compared to the Q2 of 2025, and included a strong mix of revenue, with software solutions net sales growing approximately 8%, tech-enabled services net sales increasing nearly 6%, and print and distribution net sales declining 15%.

Speaker #3: Moving forward, we expect this dynamic to continue, with print and distribution representing a smaller component of overall sales, the long-term secular decline in this area will be more than offset by growth elsewhere in our portfolio, resulting in sustained consolidated revenue growth.

Speaker #3: The combination of our improved revenue profile, modest consolidated net sales growth, and disciplined cost management yielded second quarter adjusted EBITDA of $82.3 million, and adjusted EBITDA margin of 36.7%.

Speaker #3: Moving forward, we expect this dynamic to continue. With print and distribution representing a smaller component of overall sales, the long-term secular decline in this area will be more than offset by growth elsewhere in our portfolio, resulting in sustained consolidated revenue growth.

Speaker #3: Both of which exceeded last year's second quarter and once again were significantly stronger than historical periods with similar revenue profiles. One area I would like to highlight is the continued momentum in our software offerings, where we delivered record quarterly net sales of nearly $100 million, representing year-over-year net sales growth of approximately 8%.

Speaker #3: The combination of our improved revenue profile, modest consolidated net sales growth, and disciplined cost management yielded Q2 adjusted EBITDA of $82.3 million, and adjusted EBITDA margin of $36.7%, both of which exceeded last year's Q2 and once again were significantly stronger than historical periods with similar revenue profiles.

Speaker #3: Software solutions accounted for 44.3% of total net sales in the second quarter, an increase of approximately 200 basis points from last year's software solutions net sales mix.

Speaker #3: One area I would like to highlight is the continued momentum in our software offerings, where we delivered record quarterly net sales of nearly $100 million representing year-over-year net sales growth of approximately 8%.

Speaker #3: As a reminder, the second quarter largely due to the annual meeting and proxy season, historically represents our largest quarter overall, yet represents a seasonal low for software as a percentage of revenue.

Speaker #3: Software solutions accounted for 44.3% of total net sales in Q2, an increase of approximately 200 basis points from last year's software solutions net sales mix.

Speaker #3: On a trailing four-quarter basis, software solutions net sales comprised 47.9% of total net sales, an increase of approximately 280 basis points, from the second quarter 2025 trailing four-quarter period.

Speaker #3: As a reminder, Q2 largely due to the annual meeting and proxy season, historically represents our largest Q2 overall, yet represents a seasonal low for software as a percentage of revenue.

Speaker #3: Our second quarter software solutions net sales growth continues to be led by the performance of active disclosure, which grew approximately 29% year-over-year, marking the fourth consecutive quarter of 20%-plus growth.

Speaker #3: On a trailing Q4 basis, software solutions net sales comprised $47.9% of total net sales, an increase of approximately 280 basis points, from Q2 2025 trailing Q4 period.

Speaker #3: Active disclosure's strong growth continues to be driven by an increase in net client count and higher average value per client, combined with the migration of activities previously served by our traditional services offerings.

Speaker #3: Our Q2 software solutions net sales growth continues to be led by the performance of active disclosure, which grew approximately 29% year-over-year, marking the fourth consecutive quarter of 20%-plus growth.

Speaker #3: Including an increase in the number of transactional documents being completed on active disclosure compared to last year's second quarter. A trend we expect to continue going forward.

Speaker #3: With the most modern technology on the market, improved go-to-market execution, and expanding AI-driven capabilities, including functions powered by active intelligence such as IXBRL tagging for SEC filings, we believe active disclosure is well-positioned for future growth.

Speaker #3: Active disclosure strong growth continues to be driven by an increase in net client count and higher average value per client, combined with the migration of activities previously served by our traditional services offerings.

Speaker #3: This includes an increase in the number of transactional documents being completed on ActiveDisclosure compared to last year’s Q2—a trend we expect to continue going forward.

Speaker #3: Venue and arc suite each delivered modest sales growth in the second quarter. In the case of venue, our strong sales execution, our resilient level of underlying activity, and the continued customer adoption of new venue combined to more than offset a large deal room that benefited venues robust second quarter 2025 performance.

Speaker #3: We remain encouraged by venues' performance and expect the adoption of new venue to continue to contribute to venues' performance. As it relates to arc suite, we delivered approximately 2% sales growth, a continuation of the more modest growth rate from the first quarter of this year, as I have stated previously, we expect the growth profile of arc suite to be more modest during periods outside of regulatory changes, while over the longer term still exhibiting the strong growth we have delivered historically, based in part on a dynamic and evolving regulatory environment.

Speaker #3: Venue and ArcSuite each delivered modest sales growth in Q2. In the case of venue, our strong sales execution, our resilient level of underlying activity, and the continued customer adoption of new venue combined to more than offset a large deal room that benefited venues robust Q2 2025 performance.

Speaker #3: We remain encouraged by venues' performance and expect the adoption of new venue to continue to contribute to venues' performance. As it relates to ArcSuite, we delivered approximately 2% sales growth.

Speaker #3: In addition to serving regulatory changes as they occur, we remain encouraged by the market opportunities associated with the expansion of private investments. As private investment institutions and administrators face expanding reporting, compliance, and disclosure requirements, DEFIN is well-positioned to support their evolving needs through software solutions offerings including Arcflex.

Speaker #3: The continuation of the more modest growth rate from Q1 this year, as I have stated previously, we expect the growth profile of ArcSuite to be more modest during periods outside of regulatory changes, while over the longer term still exhibiting the strong growth we have delivered historically, based in part on a dynamic and evolving regulatory environment.

Speaker #3: Coupled with our deep domain and service expertise, DEFIN offers unparalleled end-to-end financial and regulatory reporting solutions purpose-built to serve the growing private funds market.

Speaker #3: In addition to serving regulatory changes as they occur, we remain encouraged by the market opportunities associated with the expansion of private investments. As private investment institutions and administrators face expanding reporting, compliance, and disclosure requirements, DFIN is well positioned to support their evolving needs through software solutions offerings including ArcFlex.

Speaker #3: As we continue to evolve towards a higher sales mix, software solutions during the second quarter that mix shift was accelerated by a reduction in print and distribution net sales, which declined by approximately $6 million or 15% compared to the second quarter of 2025.

Speaker #3: Coupled with our deep domain and service expertise, DFIN offers unparalleled end-to-end financial and regulatory reporting solutions purpose-built to serve the growing private funds market.

Speaker #3: This decrease was driven primarily by a reduction in the printing and distribution of annual reports and proxy statements. Over a longer horizon, print and distribution net sales have declined from approximately $385 million at the time of our spin-off to approximately $108 million on a second quarter 2026, trailing four-quarter basis.

Speaker #3: As we continue to evolve towards a higher sales mix, software solutions during Q2 that mix shift was accelerated by a reduction in print and distribution net sales, which declined by approximately $6 million or 15% compared to Q2 2025.

Speaker #3: Representing a reduction of 72%. While this reduction reflects long-term secular decline in demand, and the proactive exit of certain lower-margin work, the pace of decline has also been accelerated by regulatory changes, such as SEC rules 30(e)(3) and 498(a) in 2021, as well as the recent tailored shareholder reports regulation in 2024, all of which structurally reduced the market demand for printed products.

Speaker #3: Representing a reduction of 72%. While this reduction reflects long-term secular decline in demand and the proactive exit of certain lower-margin work, the pace of decline has also been accelerated by regulatory changes, such as SEC rules 30(e)(3) and 498(a) in 2021, as well as the recent tailored shareholder reports regulation in 2024, all of which structurally reduced the market demand for printed products.

Speaker #3: Looking ahead, the industry is entering another regulatory-driven shift away from print. On July 16, the SEC proposed regulation eDelivery, a new rule that would establish electronic delivery as the default method for a broad range of investor communications materials including prospectuses, mutual fund annual and semi-annual shareholder reports, proxy statements, and other required communications.

Speaker #3: This new regulation, if enacted, reinforces the long-term trend towards digital distribution of shareholder communication materials and will further accelerate the industry's migration away from print.

Speaker #3: Based on the SEC's customary rulemaking process, which includes a public comment period, final rule adoption, and subsequent implementation and transition periods, we expect the industry-wide impact to take place during 2028.

Speaker #3: While we continue to refine our estimates, we believe the proposal has the potential to materially reduce demand for printed products over time. Our flexible operating model and digital delivery capabilities position DEFIN to both manage the impact of lower print volumes and support clients as they manage the complexity of content management and digital distribution in an electronic delivery environment.

Speaker #3: Before turning the call over to Dave, I'd like to highlight a few organizational updates. First, as we continue to evolve towards a software-centric company, we strengthened our leadership team with the appointment of Ken Napolitano as Chief Revenue Officer.

Speaker #3: While we continue to refine our estimates, we believe the proposal has the potential to materially reduce demand Our flexible operating model and digital delivery capabilities position DFIN to both manage the impact of lower print volumes and support clients as they manage the complexity of content management and digital distribution in an electronic delivery environment.

Speaker #3: In this newly created role, Ken is focusing on accelerating growth by enhancing our go-to-market capabilities and deepening our customer relationships to support our long-term growth strategy.

Speaker #3: Before turning the call over to Dave, I'd like to highlight a few organizational updates. First, as we continue to evolve toward a software-centric company, we strengthened our leadership team with the appointment of Ken Napolitano as Chief Revenue Officer.

Speaker #3: We also strengthened our board of directors with the addition of Joe Binz, a finance leader in the technology industry. Joe brings valuable experience and perspective that will support our long-term strategy and continue to focus on creating value for our shareholders.

Speaker #3: Finally, our efforts to transform our culture and enhance employee experience are once again being recognized in the marketplace. During the second quarter, DEFIN was recognized as the number one most loved workplace on the 2026 Global 100 Most Loved Workplaces list, published in The Economist.

Speaker #3: This recognition is a further proofpoint of the progress we are making transforming DEFIN into an employer of choice that attracts, develops, and retains talented professionals who share our culture, which emphasizes accountability, collaboration, and integrity.

Speaker #3: Finally, our efforts to transform our culture and enhance employee experience are once again being recognized in the marketplace. During Q2, DFIN was recognized as the number one most loved workplace on the 2026 Global 100 Most Loved Workplaces list, published in The Economist.

Speaker #3: Creating a strong culture in which the well-being of employees is strategic priority has allowed us to transform our business and drive value for clients, employees, and shareholders.

Speaker #3: This recognition is a further proofpoint of the progress we are making transforming DFIN into an employer of choice that attracts, develops, and retains talented professionals who share our culture, which emphasizes accountability, collaboration, and integrity.

Speaker #3: Before I share a few closing remarks, I would like to turn the call over to Dave to provide more details on our second quarter results and our outlook for the third quarter.

Speaker #3: Dave?

Speaker #2: Thanks, Dan, and good morning, everyone. As Dan noted, we delivered strong results in the second quarter. By continuing to build on the positive momentum and our operating performance, highlighted by the third consecutive quarter, of consolidated net sales growth, higher adjusted EBITDA, adjusted EBITDA margin expansion, and an increase in both operating cash flow and free cash flow, from last year's second quarter.

Speaker #3: Creating a strong culture in which the well-being of employees is strategic priority has allowed us to transform our business and drive value for clients, employees, and shareholders.

Speaker #3: Before I share a few closing remarks, I would like to turn the call over to Dave to provide more details on our Q2 results and our outlook for Q3.

Speaker #3: Dave?

Speaker #2: Thanks, Dan, and good morning, everyone. As Dan noted, we delivered strong results in Q2. By continuing to build on the positive momentum and our operating performance, highlighted by the third consecutive quarter of consolidated net sales growth, higher adjusted EBITDA, adjusted EBITDA margin expansion, and an increase in both operating cash flow and free cash flow, from last year's Q2.

Speaker #2: We continued to deliver solid growth in our software solutions offering during the quarter, which grew 7.8% year over year, and reached record quarterly net sales of $99.4 million.

Speaker #2: In addition, we experienced a stronger-than-expected increase in the level of capital markets transactions compared to last year's second quarter. By continuing our shift toward a more profitable sales mix, while also driving operating efficiencies, we expanded our second quarter adjusted EBITDA margin by approximately $170 basis points to $36.7%, also a quarterly record for DEFIN.

Speaker #2: We continued to deliver solid growth in our software solutions offering during the quarter, which grew 7.8% year over year, and reached record quarterly net sales of $99.4 million.

Speaker #2: In addition, we experienced a stronger-than-expected increase in the level of capital markets transactions compared to last year's Q2. By continuing our shift toward a more profitable sales mix, while also driving operating efficiencies, we expanded our Q2 adjusted EBITDA margin by approximately $170 basis points to $36.7%, also a quarterly record for DFIN.

Speaker #2: On a consolidated basis, total net sales for the second quarter of 2026 were $224.2 million, an increase of 6.1 million, or 2.8%, from the second quarter of 2025.

Speaker #2: The growth in software solutions net sales which increased 7.2 million or 7.8% compared to the second quarter of last year combined with a higher event-driven transactional revenue more than offset declines in capital markets and investment companies' compliance revenue part of which was related to a reduction in the demand for printed products consistent with recent trend.

Speaker #2: On a consolidated basis, total net sales for Q2 2026 were $224.2 million, an increase of 6.1 million, or 2.8%, from Q2 2025. The growth in software solutions net sales which increased 7.2 million or 7.8% compared to Q2 last year combined with a higher event-driven transactional revenue more than offset declines in capital markets and investment companies' compliance revenue part of which was related to a reduction in the demand for printed products consistent with recent trend.

Speaker #2: Excluding print and distribution, second quarter net sales increased by 6.9%. Second quarter adjusted non-GAAP gross margin was 66%, approximately 230 basis points higher than the second quarter of 2025, driven by the growth in software solutions and capital markets transactional net sales the impact of cost control initiatives and price uplifts.

Speaker #2: Excluding print and distribution, Q2 net sales increased by 6.9%. Q2 adjusted non-GAAP gross margin was 66%, approximately $230 basis points higher than Q2 2025, driven by the growth in software solutions and capital markets transactional net sales the impact of cost control initiatives and price uplifts.

Speaker #2: Adjusted non-GAAP SG&A expense in the quarter was $65.7 million, a 3.1 million increase from the second quarter of 2025. As a percentage of net sales, adjusted non-GAAP SG&A was $29.3%, an increase of approximately 60 basis points from the second quarter of 2025.

Speaker #2: Adjusted non-GAAP SG&A expense in the quarter was $65.7 million, a 3.1 million increase from Q2 2025. As a percentage of net sales, adjusted non-GAAP SG&A was $29.3%, an increase of approximately 60 basis points from Q2 2025.

Speaker #2: The increase in adjusted non-GAAP SG&A was primarily driven by an increase in selling expense related to higher sales volume higher bad debt expense and higher incentive compensation expense partially offset by the impact of cost control initiatives.

Speaker #2: Our second quarter adjusted EBITDA was $82.3 million, an increase of $6 million or 7.9% from the second quarter of 2025. Second quarter adjusted EBITDA margin was $36.7%, an increase of approximately $170 basis points from the second quarter of 2025.

Speaker #2: The increase in adjusted non-GAAP SG&A was primarily driven by an increase in selling expense related to higher sales volume, higher bad debt expense, and higher incentive compensation expense, partially offset by the impact of cost control initiatives.

Speaker #2: Our Q2 adjusted EBITDA was $82.3 million, an increase of $6 million or 7.9% from Q2 2025. Q2 adjusted EBITDA margin was $36.7%, an increase of approximately $170 basis points from Q2 2025.

Speaker #2: The increases in adjusted EBITDA and adjusted EBITDA margin were primarily driven by higher overall sales a favorable sales mix and cost control initiatives partially offset by higher selling expense related to higher sales volume and higher incentive compensation expense.

Speaker #2: Turning now to our second quarter segment results, net sales on our capital markets software solutions segment were $65.7 million, an increase of 6.6 million or 11.2% from the second quarter of last year primarily driven by growth in active disclosure which grew approximately 29%.

Speaker #2: Total subscription revenue increased by approximately 15% primarily driven by the continued growth in client count and the ongoing adoption of service subscription packages while non-subscription revenue increased approximately 69% reflecting an increase in the volume of certain traditional activities transitioning to active disclosure primarily related to the use case for transactional filings.

Speaker #2: Turning now to our Q2 segment results, net sales on our capital markets software solutions segment were $65.7 million an increase of 6.6 million or 11.2% from Q2 last year primarily driven by growth in active disclosure which grew approximately 29%.

Speaker #2: During the second quarter, we experienced a higher usage of active disclosure in the creation and filing of S1 documents for certain IPO transactions compared to last year and accounted for approximately one-third of active disclosures total second quarter growth.

Speaker #2: We expect this trend to continue in the future driven by the capabilities of our software platform combined with the evolving client preference to work in a hybrid environment leveraging both our software and unmatched service and domain expertise.

Speaker #2: During Q2, we experienced a higher usage of active disclosure in the creation and filing of S1 documents for certain IPO transactions compared to last year and of active disclosures total Q2 growth.

Speaker #2: We remain encouraged by active disclosure solid foundation for future revenue growth a part of which will be influenced by the pace of traditional activities transitioning onto the platform.

Speaker #2: During the second quarter, venue posted $37.5 million in revenue an increase of approximately 1% compared to the second quarter of last year which benefited from a large project.

Speaker #2: In addition, venue delivered strong sequential growth in revenue increasing approximately 14% from the first quarter. A resilient level of underlying activity taking place on the platform coupled with positive market reception of new venue creates a strong foundation for continued sales growth.

Speaker #2: During Q2, venue posted $37.5 million in revenue an increase of approximately 1% compared to Q2 last year which benefited from a large project. In addition, venue delivered strong sequential growth in revenue increasing approximately 14% from Q1.

Speaker #2: Adjusted EBITDA margin for the segment was $36.1%, a decrease of approximately 180 basis points from the second quarter of 2025 primarily due to higher selling expense and higher incentive compensation expense partially offset by cost control initiatives.

Speaker #2: A resilient level of underlying activity taking place on the platform coupled with positive market reception of new venue creates a strong foundation for continued sales growth.

Speaker #2: Net sales on our capital markets compliance and communications management segment were $95.9 million an increase of 2.4 million or 2.6% from the second quarter of 2025 driven by higher transactional revenue partially offset by lower compliance volume.

Speaker #2: Adjusted EBITDA margin for this segment was $36.1%, a decrease of approximately 180 basis points from Q2 2025 primarily due to higher selling expense and higher incentive compensation expense partially offset by cost control initiatives.

Speaker #2: In the second quarter, we recorded $47.3 million of capital markets transactional revenue which exceeded the high end of our expectations and was up approximately 13 million or 36% from the second quarter of 2025 overlapping record low transactional revenue in last year's second quarter during which global equity deal volume declined sharply as a result of tariff-induced market volatility and macroeconomic uncertainty.

Speaker #2: Net sales in our Capital Markets Compliance and Communications Management segment were $95.9 million, an increase of $2.4 million, or 2.6%, from Q2 2025, driven by higher transactional revenue, partially offset by lower compliance volume.

Speaker #2: In Q2, we recorded $47.3 million of capital markets transactional revenue which exceeded the high end of our expectations and was up approximately $13 million or 36% from Q2 2025 overlapping record low transactional revenue in last year's Q2 during which global equity deal volume declined sharply as a result of tariff-induced market volatility and macroeconomic uncertainty.

Speaker #2: Entering this year's second quarter, despite escalating geopolitical tensions, the capital markets transactional environment remained resilient. The positive momentum in the equity deal environment which had been building over the last few quarters continued into the second quarter of 2026 resulting in increases in the number of regular way IPO transactions that raised over $100 million and completed public company M&A deals in the US compared to the second quarter of 2025.

Speaker #2: Entering this year's Q2, despite escalating geopolitical tensions, the capital markets transactional environment remained resilient. The positive momentum in the equity deal environment which had been building over the last few quarters continued into Q2 2026 resulting in increases in the number of regular way IPO transactions that raised over $100 million and completed public company M&A deals in the US compared to Q2 2025.

Speaker #2: For transactions that were completed in the second quarter, we maintained our historical market share reflective of defend's strong market position. Capital markets compliance revenue was down 10.1 million primarily due to lower proxy statement and annual report volume and the related printing and distribution consistent with our experience during last year's proxy and annual meeting season.

Speaker #2: For transactions that were completed in Q2, we maintained our historical market share reflective of DeFin's strong market position. Capital markets compliance revenue was down 10.1 million primarily due to lower proxy statement and annual report volume and the related printing and distribution consistent with our experience during last year's proxy and annual meeting season.

Speaker #2: Given the first half of the year is the peak for proxy-related activity, we expect the impact of the reductions to become less significant in the second half of the year.

Speaker #2: In addition, certain traditional compliance activities shifted to active disclosure during the second quarter. Specific to the shift of revenue from traditional services to software, as I noted previously, we expect this dynamic to produce favorable economics with slightly lower revenue but higher adjusted EBITDA margin which has played out so far.

Speaker #2: Given that the first half of the year is the peak for proxy-related activity, we expect the impact of the reductions to become less significant in the second half of the year.

Speaker #2: In addition, certain traditional compliance activities shifted to active disclosure during Q2. Specific to the shift of revenue from traditional services to software, as I noted previously, we expect this dynamic to produce favorable economics with slightly lower revenue but higher adjusted EBITDA margin which has played out so far.

Speaker #2: Adjusted EBITDA margin for the segment was $41.9% an increase of approximately 250 basis points from the second quarter of 2025. The increase in adjusted EBITDA margin was primarily due to higher transactional sales and cost control initiatives partially offset by higher bad debt expense.

Speaker #2: Net sales on our investment companies software solutions segment were $33.7 million an increase of 0.6 million or 1.8% versus the second quarter of 2025 driven by an increase in subscription revenue.

Speaker #2: Adjusted EBITDA margin for the segment was 41.9%, an increase of approximately 250 basis points from Q2 2025. The increase in adjusted EBITDA margin was primarily due to higher transactional sales and cost control initiatives, partially offset by higher bad debt expense.

Speaker #2: As expected, our suite's second quarter growth remained more modest compared to the growth rate in last year's second quarter during which net sales increased approximately 17% year over year driven by the uplift from the tailored shareholder report solution.

Speaker #2: Net sales on our investment companies software solutions segment were $33.7 million an increase of 0.6 million or 1.8% versus Q2 2025 driven by an increase in subscription revenue.

Speaker #2: As Dan noted earlier, we are encouraged by the market opportunity presented by the continued growth of private investments and believe defend is well positioned to support increasing demand through our software solutions including Arcflex and our deep domain expertise and service capabilities.

Speaker #2: As expected, our suite's Q2 growth remained more modest compared to the growth rate in last year's Q2 during which net sales increased approximately 17% year over year driven by the uplift from the tailored shareholder report solution.

Speaker #2: Adjusted EBITDA margin for the segment was $43.3% an increase of approximately 40 basis points from the second quarter of 2025. The increase in adjusted EBITDA margin was primarily due to price uplifts and cost control initiatives partially offset by higher service-related costs.

Speaker #2: As Dan noted earlier, we are encouraged by the market opportunity presented by the continued growth of private investments and believe DeFin is well positioned to support increasing demand through our software solutions including ArcFlex and our deep domain expertise and service capabilities.

Speaker #2: Net sales on our investment companies compliance and communications management segment were $28.9 million a decrease of 3.5 million or 10.8% from the second quarter of 2025 primarily driven by lower print and distribution volume which accounted for 2.6 million of the year-over-year decline.

Speaker #2: Adjusted EBITDA margin for the segment was $43.3% an increase of approximately 40 basis points from Q2 2025. The increase in adjusted EBITDA margin was primarily due to price uplifts and cost control initiatives partially offset by higher service-related costs.

Speaker #2: Net sales on our investment companies compliance and communications management segment were $28.9 million a decrease of 3.5 million or 10.8% from Q2 2025 primarily driven by lower print and distribution volume which accounted for 2.6 million of the year-over-year decline.

Speaker #2: The reduction in print and distribution revenue is a result of the secular decline in the demand for printed materials a trend we expect to continue going forward.

Speaker #2: Adjusted EBITDA margin for the segment was $41.2% approximately 230 basis points higher than the second quarter of 2025. The increase in adjusted EBITDA margin was primarily due to a favorable sales mix and cost control initiatives partially offset by the impact of lower sales volume.

Speaker #2: The reduction in print and distribution revenue is a result of the secular decline in the demand for printed materials, a trend we expect to continue going forward.

Speaker #2: Non-GAAP unallocated corporate expenses were $8.1 million in the quarter a decrease of 1.6 million from the second quarter of 2025 primarily driven by lower third-party expenses in the quarter.

Speaker #2: Adjusted EBITDA margin for the segment was $41.2% approximately 230 basis points higher than Q2 2025. The increase in adjusted EBITDA margin was primarily due to a favorable sales mix and cost control initiatives partially offset by the impact of lower sales volume.

Speaker #2: Free cash flow in the quarter was $61.2 million an improvement of 9.5 million compared to the second quarter of 2025. The year-over-year improvement in free cash flow was primarily driven by an increase in adjusted EBITDA lower cash tax payments and lower capital expenditures.

Speaker #2: Non-GAAP unallocated corporate expenses were $8.1 million in Q2, a decrease of $1.6 million from Q2 2025, primarily driven by lower third-party expenses in the quarter.

Speaker #2: We ended the quarter with $204 million of total debt and $178.7 million of non-GAAP net debt including $96.5 million drawn on our revolver. As of June 30th, 2026, our non-GAAP net leverage ratio was 0.7 times.

Speaker #2: Free cash flow in the Q2 was $61.2 million an improvement of 9.5 million compared to Q2 2025. The year-over-year improvement in free cash flow was primarily driven by an increase in adjusted EBITDA lower cash tax payments and lower capital expenditures.

Speaker #2: As a reminder, our cash flow is historically seasonal though over time that seasonality has become less pronounced as our sales mix has evolved toward software subscriptions.

Speaker #2: We ended the Q2 with $204 million of total debt and $178.7 million of non-GAAP net debt including $96.5 million drawn on our revolver. As of June 30, 2026, our non-GAAP net leverage ratio was 0.7 times.

Speaker #2: Regarding capital deployment, we repurchased approximately $763,000 shares of common stock during the second quarter for $34.7 million at an average price of $45.48 per share.

Speaker #2: As a reminder, our cash flow is historically seasonal though over time that seasonality has become less pronounced as our sales mix has evolved toward software subscriptions.

Speaker #2: Year-to-date through June 30th, we've repurchased approximately 1.4 million shares for $63 million at an average price of $46.40 per share. As of June 30th, 2026, we had 125.4 million remaining on our 150 million stock repurchase authorization.

Speaker #2: Regarding capital deployment, we repurchased approximately 763,000 shares of common stock during Q2 for $34.7 million at an average price of $45.48 per share. Year-to-date through June 30, we've repurchased approximately 1.4 million shares for $63 million at an average price of $46.40 per share.

Speaker #2: We continue to view share repurchases as an important component to drive value for shareholders and part of our balanced capital deployment plan which also features organic investments to drive future growth.

Speaker #2: As of June 30, 2026, we had 125.4 million remaining on our 150 million stock repurchase authorization. We continue to view share repurchases as an important component to drive value for shareholders and part of our balanced capital deployment plan which also features organic investments to drive future growth.

Speaker #2: As it relates to our outlook for the third quarter of 2026, we expect consolidated net sales in the range of $175 million to $185 million and adjusted EBITDA margin in the range of $26% to $28%.

Speaker #2: Compared to the third quarter of last year, the midpoint of our consolidated revenue guidance $180 million implies an increase of approximately $5 million or 3% year-over-year as growth in software solutions net sales predominantly active disclosure and venue and higher capital markets transactional revenue are expected to more than offset a continued decline in print and distribution net sales.

Speaker #2: As it relates to our outlook for the Q3 2026, we expect consolidated net sales in the range of $175 million to $185 million and adjusted EBITDA margin in the range of $26% to $28%.

Speaker #2: Compared to Q3 last year, the midpoint of our consolidated revenue guidance $180 million implies an increase of approximately $5 million or 3% year-over-year as growth in software solutions net sales predominantly active disclosure and venue and higher capital markets transactional revenue are expected to more than offset a continued decline in print and distribution net sales.

Speaker #2: Further, our estimates assume capital markets transactional revenue in the range of $45 million to $50 million which at the midpoint is up approximately $6 million from last year's third quarter.

Speaker #2: With that, I'll now pass it back to Dan.

Speaker #1: Thanks, Dave. Our performance in the second quarter provides us with strong momentum as we continue to execute defend strategic transformation. The combination of our market position, cost structure, and strong balance sheet positions us well heading into the back half of the year.

Speaker #1: Finally, in October, defend will celebrate an important milestone as we mark our 10-year anniversary as an independent public company. As we look ahead to that milestone, we are proud of the transformation we have achieved.

Speaker #2: With that, I'll now pass it back to Dan.

Speaker #1: Thanks, Dave. Our performance in Q2 provides us with strong momentum as we continue to execute DeFin strategic transformation. The combination of our market position, cost structure, and strong balance sheet positions us well heading into the back half of the year.

Speaker #1: Over the past decade, we have successfully evolved our business, modernized and launched new software solutions offerings, and strengthened our market position. With a proven strategy, deep client relationships, and a talented team, we believe defend is very well positioned for its next chapter of growth and value creation.

Speaker #1: Finally, in October, DeFin will celebrate an important milestone as we mark our 10-year anniversary as an independent public company. As we look ahead to that milestone, we are proud of the transformation we have achieved.

Speaker #1: Before we open it up for Q&A, I'd like to thank the defend employees around the world. Now, with that, operator, we're ready for questions.

Speaker #1: Over the past decade, we have successfully evolved our business, modernized, and launched new software solutions offerings, and strengthened our market position. With a proven strategy, deep client relationships, and a talented team, we believe DFIN is very well positioned for its next chapter of growth and value creation.

Speaker #3: We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand.

Speaker #3: To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #1: Before we open it up for Q&A, I'd like to thank the DFIN employees around the world. Now, with that, operator, we're ready for questions.

Speaker #3: If you're muted locally, please remember to unmute your device. Please stand by now while we compile the Q&A roster. Your first question comes from the line of Charlie Strosser, with CJS Securities.

Speaker #3: We will now begin the question-and-answer session. If you would like to ask a question, please press star one to raise your hand.

Speaker #3: Your line is open. Please go ahead.

Speaker #3: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #2: Thank you. Good morning.

Speaker #1: Morning, Charles.

Speaker #2: Dave, hi, guys. Can we talk a little bit more about the eDelivery news that just came out? How is this different from 30E3 and what are the kind of the key pieces here that have to kind of fall into place to get this to move forward?

Speaker #3: Your line is open. Please go ahead.

Speaker #2: Thank you. Good morning.

Speaker #1: Yeah. Thank you, Charlie. This is and it's fairly new as we've mentioned it was mid-July where the proposal came out. It is broader than 30E3 and so we're still in the assessment phase.

Speaker #1: Morning, Charlie.

Speaker #2: Dave, hi, guys. Can we talk a little bit more about the eDelivery news that just came out? How is this different from 30E3 and what are the key pieces here that have to kind of fall into place to get this to move forward?

Speaker #1: And if you remember when 30E3 and 498A came out, we were able to spin up a software offering and benefited on the software side in total our total compliance management offering.

Speaker #1: So we're still assessing both the breadth of it in terms of process, as I mentioned, just came out. There will be a comment period back to the SEC and then there will be adjustments to the proposed reg or not.

Speaker #1: And if you remember when 30E3 and 498A came out, we were able to spin up a software offering and benefited on the software side in total our total compliance management offering.

Speaker #1: And if and when passed, the current thinking is that it would go into effect and have impact in 2028. So a bit of lead time we mentioned in the prepared remarks from platform perspective, excuse me, we are highly variabilized.

Speaker #1: We do have one facility that we have a few digital printing assets in that's been really beneficial for us, but we have variabilized the vast majority of our print requirements at this point.

Speaker #1: And if and when passed, the current thinking is that it would go into effect and have impact in 2028. So a bit of lead time.

Speaker #2: Got it. That's helpful. Thank you. And looking at the capital markets environments, obviously, there's been some rebound here. You mentioned that you're getting your fair share of work.

Speaker #1: We mentioned in the prepared remarks from platform perspective, excuse me, we are highly variabilized. We do have one facility that we have a few digital printing assets in that's been really beneficial for us, but we have variabilized the vast majority of our print requirements at this point.

Speaker #2: Can you maybe elaborate on that a little bit more?

Speaker #1: Yeah. Charlie, Dave, I'll start. So I think we did see a pretty nice rebound in the second quarter as we mentioned on the number of IPOs over 100 million dollars, etc.

Speaker #2: Got it. That's helpful. Thank you. And looking at the capital markets environment, obviously, there's been some rebound here. You mentioned that you're getting your fair share of work.

Speaker #1: And had right around 50% of those or so in the quarter. Like we said, overlapping a soft quarter from the second quarter of 2025, right, where we saw April really slow down last year and then start to pick up more in May and June.

Speaker #2: Can you maybe elaborate on that a little bit more?

Speaker #1: Yeah. Charlie, Dave, I'll start. So I think we did see a pretty nice rebound in the Q2 as we mentioned on the number of IPOs over $100 million.

Speaker #1: But still a soft quarter in the second quarter last year. Like we said in the prepared remarks, we've seen this momentum building over the last few quarters following Q2 of last year.

Speaker #1: And had right around 50% of those or so in Q4. Like we said, overlapping a soft Q4 from Q2 of 2025, right, where we saw April really slow down last year and then start to pick up more in May and June.

Speaker #1: And then we had the government shutdown late last year, etc. So this momentum's building. It was nice to start to see it come through in Q2 here.

Speaker #1: But still a soft Q4. In the Q2 last year, like we said in the prepared remarks, we've seen this momentum building over the last few quarters following Q2 of last year.

Speaker #1: And as our guidance implies for Q3, our range at well, I guess at the midpoint, capital markets transactional revenue up 5 or 6 million bucks relative to Q3 of last year.

Speaker #1: And then we had the government shutdown late last year, etc. So this momentum's building. It was nice to start to see it come through in Q2 here.

Speaker #2: Yeah. And it does feel like and we're seeing volume of activity in-house has been strong in today's point is a question of when things come out into the market.

Speaker #1: And as our guidance implies for Q3, our range at well, I guess at the midpoint, capital markets transactional revenue up 5 or 6 million bucks relative to Q3 of last year.

Speaker #2: Got it. And then looking at kind of the post-IPO deal uptake if you will, having someone take your software products after they've gone public, are you pleased with what you've seen there in terms of uptake?

Speaker #2: Yeah. And it does feel like and we're seeing volume of activity in-house has been strong and to Dave's point, it's a question of when things come out into the market.

Speaker #1: Yeah. We've seen improvement in that over time and now it's vast majority are continuing on as compliance clients post-IPO, which is great to see.

Speaker #2: Got it. And then looking at kind of the post-IPO deal uptake, if you will, having someone take your software products after they've gone public, are you pleased with what you've seen there in terms of uptake?

Speaker #1: We've obviously it's an area we focus as well.

Speaker #2: Got it. And then Dave, on guidance, just a little bit more color there if you wouldn't mind maybe sharing with us your thoughts on kind of any abnormalities we should think about in the quarter versus comps from last year.

Speaker #1: Yeah, we've seen improvement in that over time, and now the vast majority are continuing on as compliance clients post-IPO, which is great to see.

Speaker #1: We've obviously it's an area we focus as well.

Speaker #2: As well as free cash flow in the quarter expectations there.

Speaker #2: Got it. And then, Dave, on guidance, just a little bit more color there, if you wouldn't mind maybe sharing with us your thoughts on any abnormalities we should think about in Q4 versus comps from last year.

Speaker #1: Yeah. I would say as I think about any comparables, nothing overly significant last year. In terms of the top line, we did have some expense true-ups, etc.

Speaker #1: But I think when you look at our EBITDA margin guidance at the top end of the range, it's essentially flat to last year. Where we did 28% EBITDA margin.

Speaker #2: As well as free cash flow in the Q4, expectations there?

Speaker #1: Yeah. I would say as I think about any comparable, nothing overly significant last year. In terms of the top line, we did have some expense true-ups, etc.

Speaker #1: I think when you look at overall top line growth, right, at the midpoint, roughly 3% growth implied in our guidance. And like I said, some of that coming from the continued momentum and the capital markets transactional area.

Speaker #1: But I think when you look at our EBITDA margin, guidance at the top end of the range, it's essentially flat to last year. Where we did 28% EBITDA margin.

Speaker #1: And then I would say the rest of the business probably more similar to what we've seen so far this year, right? And we talked a little bit about it in the prepared remarks.

Speaker #1: Expecting that the growth on the software side in particular from active disclosure and venue to continue and like we said on the ArcSuite product, right, more modest growth similar to what we saw in Q2 here.

Speaker #1: And then I would say the rest of the business probably more similar to what we've seen so far this year, right? And we talked a little bit about it in the prepared remarks.

Speaker #2: Got it. Thank you. And one last moment for me, just looking at SE&A and expenses in the quarter, a little higher than I had modeled.

Speaker #1: Expecting that the growth on the software side in particular from active disclosure and venue to continue and like we said on the ARK Suite product, right, more modest growth similar to what we saw in Q2 here.

Speaker #2: Anything driving that?

Speaker #1: We hit some of it, Charlie, in the prepared remarks. I'd say bits and pieces, right? We talked about incentive compensation being a little bit higher in the quarter.

Speaker #2: Got it. Thank you. And one last moment for me, just looking at SE&A and expenses in the Q4, a little higher than I had modeled.

Speaker #1: We talked about there was a little bit of bad debt increase in the quarter. I think overall when you look at the shift to software, right, we're driving higher gross margins, right?

Speaker #2: Anything driving that?

Speaker #1: We hit some of it, Charlie, in the prepared remarks. I'd say bits and pieces, right? We talked about incentive compensation being a little bit higher in the Q4.

Speaker #1: Gross margin was up a couple hundred basis points. I think when you look at that typically comes with a little bit higher SG&A as well.

Speaker #1: Just on the overall mix of business from a sales count perspective. And obviously yielded higher EBITDA margins. So kind of a balance between some of the discrete items in the quarter and then with this continued mix shift, right, the expanding EBITDA margin is really a function of more expansion at gross margin partially offset by some of the higher SG&A that you noted.

Speaker #1: We talked about there was a little bit of bad debt increase in the Q4. I think overall when you look at the shift to software, right, we're driving higher gross margins, right?

Speaker #1: Gross margin was up a couple hundred basis points. I think when you look at that, it typically comes with a little bit higher SG&A as well.

Speaker #1: Just on the overall mix of business, from a sales count perspective. And obviously, yielded higher EBITDA margins. So kind of a balance between some of the discrete items in the Q4 and then with this continued mix shift, right, the expanding EBITDA margin is really a function of more expansion at gross margin, partially offset by some of the higher SG&A that you noted.

Speaker #2: Got it. So one more just housekeeping aside on share count. Assumption for the quarter? Q3?

Speaker #1: Yeah. We didn't give any specific guidance here. So we did repurchase 763,000 shares in the quarter. And like we said in the prepared remarks, we view ongoing share repurchase as a important part of our capital deployment.

Speaker #2: Got it. So one more, just excuse me, aside on share count. Assumption for the Q4? Q3?

Speaker #1: And I think as we've said in the past, we've been more aggressive at lower prices, less aggressive at higher prices. And no change in direction from that perspective.

Speaker #1: Yeah. We didn't give any specific guidance here. So, we did repurchase 763,000 shares in Q4. And like we said in the prepared remarks, we view ongoing share repurchase as an important part of our capital deployment.

Speaker #2: Got it. Thank you very much, guys.

Speaker #1: Thank you.

Speaker #2: Sure.

Speaker #3: As a reminder, should you have follow-up questions, please press star one again to rejoin the queue. Your next question comes from the line of Ross Cole with Needham and Company.

Speaker #1: And I think as we've said in the past, we've been more aggressive at lower prices, less aggressive at higher prices. And no change in direction from that perspective.

Speaker #3: Your line is open. Please go ahead.

Speaker #4: Thank you for taking my question and congratulations on the print. So my first question is around some of the cost-saving initiatives in place. So I see your EBITDA margins came in pretty well.

Speaker #2: Got it. Thank you very much, guys.

Speaker #1: Thank you.

Speaker #2: Sure.

Speaker #3: As a reminder, should you have follow-up questions, please press star one again to rejoin the queue. Your next question comes from the line of Ross Cole with Needham & Company.

Speaker #4: It's impressive. And why that's driven by the mix shift. I was wondering if you can maybe quantify the impact of those cost-saving initiatives and maybe elaborate a little more on what they are.

Speaker #3: Your line is open. Please go ahead.

Speaker #4: Thank you.

Speaker #4: Thank you for taking my question, and congratulations on the print. My first question is around some of the cost-saving initiatives in place. I see your EBITDA margins came in pretty well.

Speaker #1: Yeah. Ross, thanks for the question. I think you follow the company for a while now. I think that cost discipline is certainly part of the culture here.

Speaker #1: And it's everything from third-party spend to shifts in headcount and leveraging more recently leveraging AI to drive productivity, etc. So long list of factors I would say probably the way to think about it is where I started initially that kind of this cost discipline is really part of our DNA at Defend.

Speaker #4: Thank you.

Speaker #1: Yeah. Ross, thanks for the question. I think you follow the company for a while now. I think that cost discipline is certainly part of the culture here.

Speaker #1: And it's everything from third-party spend to shifts in headcount and leveraging more recently leveraging AI to drive productivity, etc. So long list of factors I would say probably the way to think about it is where I started initially, that kind of this cost discipline is really part of our DNA at Defend.

Speaker #1: And we'll continue to look for areas to drive productivity on top and expand margin on top of that margin expansion that I noted that's driven by the mix shift as well.

Speaker #2: Yeah. The only thing I would add is that a lot of the savings are coming from enhanced process and taking out process steps and delivering a superior client experience by simplifying some of our processes.

Speaker #1: And we'll continue to look for areas to drive productivity on top and expand margin on top of that margin expansion that I noted that's driven by the mix shift as well.

Speaker #2: We have put in over the past several years, much better tooling and measurements. And so that's been a component piece of it in addition to what Dave highlighted.

Speaker #4: Yeah. The only thing I would add is that a lot of the savings are coming from enhanced process and taking out process steps and delivering a superior client experience by simplifying some of our processes.

Speaker #4: Great. Thank you. Yeah. So it sounds like it's really a continuation of the same good process as you've been doing for a while. And then I'm wondering as well about some of the transactional revenue.

Speaker #4: We have put in, over the past several years, much better tooling and measurements, and so that's been a component piece of it in addition to what Dave highlighted.

Speaker #4: Thank you for providing some guidance for the third quarter. I was wondering, what assumptions are baked into that guidance? And do you see the capital markets activity pretty much being stable going forward into the quarter?

Speaker #4: Or kind of what's the difference between that low and high end of the 45 to 50? And what assumptions are in there for the overall capital markets health?

Speaker #4: Thank you.

Speaker #1: Yeah. It's a good question. I'd say if I start at the highest level, I would say a similar environment that we experienced in the second quarter.

Speaker #1: And I would say so far, through the one month of the quarter in July, that assumption has held. I think frankly, from the bottom end of the range to the top end of the range, is really just mostly timing of revenue recognition.

Speaker #4: Or kind of what's the difference between that low and high end of the 45 to 50? And then what assumptions are in there for the overall capital markets health?

Speaker #4: Thank you.

Speaker #1: Yeah, it's a good question. I'd say if I start at the highest level, I would say a similar environment that we experienced in the second quarter.

Speaker #1: And when some of these deals might go effective, etc. And so we generally have reasonable visibility to kind of this range. But I think picking a point in the range often comes down to the timing question and when deals go effective and therefore impacting revenue recognition.

Speaker #1: And when some of these deals might go effective, etc. So we generally have reasonable visibility into this range. But I think picking a point in the range often comes down to a timing question—when deals go effective, and therefore, when they impact revenue recognition.

Speaker #1: I think overall we feel pretty good about the market environment and like I said, so far this quarter only one month in, but so far playing out nicely.

Speaker #4: Great. Thank you. And then one last question on the sharing purchases as well. Hopefully I can get some color on that. I noticed you've done what, about 76.2 million dollars in repurchases so far this year.

Speaker #1: I think overall, we feel pretty good about the market environment. And like I said, so far this quarter, only one month in, but so far playing out nicely.

Speaker #4: And you have 150 million share repurchase authorization. Do you think assuming it remains the shares you believe remain kind of undervalued and it's a good opportunity to repurchase, do you think you'd be buying at about the same level as you have the last two quarters?

Speaker #4: Great, thank you. And then one last question on the share repurchases as well—hopefully I can get some color on that. I noticed you've done, what, about $76.2 million in repurchases so far this year.

Speaker #1: Yeah. I think as I mentioned, we've been historically more aggressive at the lower prices, less aggressive at higher prices. I think when you look at the numbers you referenced, right?

Speaker #4: And you have a $150 million share repurchase authorization. Do you think, assuming the shares remain, in your belief, kind of undervalued and it's a good opportunity to repurchase, do you think you'd be buying at about the same level as you have the last two quarters?

Speaker #1: And the one thing I might call out is on the 150 million share repurchase, we have about 120 just over 125 million remaining as of the end of the quarter.

Speaker #1: Yeah, I think, as I mentioned, we've been historically more aggressive at the lower prices and less aggressive at higher prices. I think when you look at the numbers you referenced, right?

Speaker #1: Part of the year-to-date repurchases was done under the prior authorization. So there's still 125 million remaining. And I think similar to the question that Charlie asked right, we continue like we mentioned in the prepared remarks, continue to view these share repurchases as an important part of our capital deployment.

Speaker #1: And the one thing I might call out is, on the $150 million share repurchase, we have just over $125 million remaining as of the end of the quarter.

Speaker #1: Part of the year-to-date repurchases was done under the prior authorization, so there's still $125 million remaining. And I think, similar to the question that Charlie asked, we continue, like we mentioned in the prepared remarks, to view these share repurchases as an important part of our capital deployment.

Speaker #4: Great. Thank you. And that's all from me.

Speaker #2: Thank you.

Speaker #1: Thanks, Ross.

Speaker #3: There are no further questions at this time. I will now turn the call back to Dan for closing remarks.

Speaker #4: Great. Thank you. And thank you everyone for joining us. We will look forward to speaking with you soon.

Speaker #4: Great. Thank you. And that's all from me.

Speaker #1: Thank you. Thanks, Ross.

Speaker #3: There are no further questions at this time. I will now turn the call back to Dan for closing remarks.

Speaker #4: Great, thank you. And thank you, everyone, for joining us. We look forward to speaking with you soon.

Speaker #3: This concludes today's call. Thank you for attending. You may now disconnect.

Speaker #1: Thanks.

Q2 2026 Donnelley Financial Solutions Inc Earnings Call

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