Donnelley Financial Solutions Inc 2025年度报告

Annual Report2025 Our Values Our values enable us to make a positive impacton our employees, clients, and shareholders. UncompromisingIntegrity Bold Action Purposeful Agility Collective Genius We are confidentand willing to pushboundaries topursue innovativeand unconventionalsolutions. We navigateconstantly changingmarket conditionsin order to help ourclients succeed. We create thebest solutions byleveraging diverseperspectives, sharingknowledge, andfostering an inclusiveenvironment in whichall voices are heard. We adhere to thehighest standards ofintegrity, quality, andtransparency in allthat we do. DEAR FELLOW SHAREHOLDERS, 2025 was a year of focused execution against our strategic plan, with notable progress toward our vision of becoming a software-centric company. Despite a backdrop of market volatility, we delivered strong results while investing in areas that will accelerateour growth and further our transformation. We delivered 8.7% software solutions net sales growth, $32.4 million of net earnings,$121.3 million of Adjusted non-GAAP net earnings(a), $239.8 million of non-GAAP Adjusted EBITDA, and record non-GAAP AdjustedEBITDA margin of 31.3%. Our strategic transformation results in DFIN becoming more profitable and resilient across various market conditions, while ourdisciplined approach to capital deployment serves us well in all market environments, creating financial flexibility to invest in ourtransformation, while also delivering value to shareholders via share repurchases. I am confident that we remain on the path tocontinue to create increased value for all our stakeholders - our clients, employees, and shareholders. Our investments in software product development are focused on driving future revenue growth in existing markets, as well asfrom new regulations and future use cases. Combined with our deep domain expertise, strong sales and service model, and ourresponsible adoption of artificial intelligence capabilities, we are well positioned to help our clients operationalize increasinglycomplex regulations. We believe that we have a significant opportunity to deliver new solutions to the marketplace and expandthe addressable market for our solutions. Transitioning from Chapter 2 – Fundamental Transformation 2025 marked the end of the fundamental transformation phase of our Company. Our performance in 2025 demonstrated ouraccomplishments in Chapter 2 and created a strong foundation for future success. Specifically in 2025 we: •Evolved our business toward a more favorable sales mix.Our 2025 progress was highlighted by continued growth inour SaaS offerings, which reached a record $358.4 million in net sales and accounted for approximately 47% of totalnet sales. Full-year net sales from Software Solutions are meaningfully greater than each of Tech-Enabled Servicesand Print and Distribution, a further proof point to the success of our software-centric strategy. •Expanded the adoption of our software solutions.2025 software solutions net sales increased approximately 9%, ledby our recurring compliance software products, ActiveDisclosure and Arc Suite, which grew approximately 13%, inaggregate. Venue, our virtual dataroom product, achieved improved sequential growth rates throughout 2025,finishing the year growing approximately 20% year-over-year in the fourth quarter. The improvement in trend createspositive momentum.•Responsibly deployed artificial intelligence.In 2025, we launched our first artificial intelligence solution – ActiveIntelligence – designed to provide increased efficiency and productivity for our public company clients in thecreation and review of SEC filings. In addition, we rolled out more broadly artificial intelligence productivity toolsinternally to enhance business operations and accelerate product development cycles. We are keenly aware of boththe opportunities and limitations associated with artificial intelligence and approach its adoption thoughtfully.Above all, our progress in this area is grounded in the security and privacy of our clients’ data and guided byresponsible data governance.•Maintained our strong financial flexibility to execute our strategy.Our strong profitability and robust cash flowgeneration provided us with the financial flexibility to increase investments in our transformation, repurchase nearly3.6 million shares, or approximately 12% of shares outstanding, during the year, and end the year with non-GAAP netleverage(b)of 0.6x.•Continued our cultural transformation.As a company, we set out to deliver a meaningful experience for ouremployees based on a pay-for-performance philosophy and centered around employee time, money, health, andcareer. Our progress to transform our culture and enhance the employee experience continues to be recognizedexternally, including being ranked #45 on America’s Top 100 Most Loved Workplaces® for 2025. Well-positioned in 2026 to embark on Chapter 3 – Sustained Growth – chapter of our transformation We