DONNELLEY FINANCIAL SOLUTIONS, INC., 10-Q filed on 31 Jul 25
 | XBRL Documents
v3.25.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Trading Symbol DFIN  
Entity Registrant Name Donnelley Financial Solutions, Inc.  
Entity Central Index Key 0001669811  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   27,494,777
Entity Shell Company false  
Title of 12(b) Security Common Stock (Par Value $0.01)  
Security Exchange Name NYSE  
Entity File Number 1-37728  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-4829638  
Entity Address, Address Line One 391 Steel Way  
Entity Address, City or Town Lancaster  
Entity Address, State or Province PA  
Entity Address, Postal Zip Code 17601  
City Area Code 800  
Local Phone Number 823-5304  
Document Quarterly Report true  
Document Transition Report false  
v3.25.2
Condensed Consolidated Statements of Operations (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total net sales $ 218.1 $ 242.7 $ 419.2 $ 446.1
Total cost of sales [1] 79.2 86.5 152.2 166.6
Selling, general and administrative expenses [1] 70.0 76.1 135.8 148.9
Depreciation and amortization 15.1 14.3 29.2 28.2
Restructuring, impairment and other charges, net 1.0 1.3 3.9 3.1
Other operating income, net 0.0 0.0 (0.5) (9.8)
Income from operations 52.8 64.5 98.6 109.1
Interest expense, net 3.8 3.7 6.9 7.3
Investment and other loss (income), net 0.3 (0.4) 0.8 (0.8)
Earnings before income taxes 48.7 61.2 90.9 102.6
Income tax expense 12.6 17.1 23.8 25.2
Net earnings $ 36.1 $ 44.1 $ 67.1 $ 77.4
Net earnings per share:        
Basic $ 1.3 $ 1.5 $ 2.38 $ 2.63
Diluted $ 1.28 $ 1.47 $ 2.33 $ 2.56
Weighted average number of common shares outstanding:        
Basic 27.7 29.4 28.2 29.4
Diluted 28.2 30.0 28.8 30.2
Software Solutions        
Total net sales $ 92.2 $ 85.6 $ 176.8 $ 165.9
Total cost of sales 26.4 25.4 54.0 52.7
Tech-enabled Services        
Total net sales 85.2 102.2 161.7 185.1
Total cost of sales 31.6 33.9 58.9 64.5
Print and Distribution        
Total net sales 40.7 54.9 80.7 95.1
Total cost of sales $ 21.2 $ 27.2 $ 39.3 $ 49.4
[1] Exclusive of depreciation and amortization
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net earnings $ 36.1 $ 44.1 $ 67.1 $ 77.4
Other comprehensive income (loss), net of tax:        
Translation adjustments 1.4 (0.1) 1.7 (0.6)
Adjustment for net periodic pension and other postretirement benefits plans 0.3 0.2 0.6 0.4
Other comprehensive income (loss), net of tax 1.7 0.1 2.3 (0.2)
Comprehensive income $ 37.8 $ 44.2 $ 69.4 $ 77.2
v3.25.2
Condensed Consolidated Balance Sheets (UNAUDITED) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 33.8 $ 57.3
Receivables, less allowances for expected losses of $25.6 in 2025 (2024 - $25.0) 202.0 138.0
Prepaid expenses and other current assets 30.8 37.2
Total current assets 266.6 232.5
Property, plant and equipment, net 7.5 8.9
Operating lease right-of-use assets 9.5 12.3
Software, net 97.5 96.5
Goodwill 405.9 405.4
Deferred income taxes, net 56.7 56.4
Other noncurrent assets 31.0 29.6
Total assets 874.7 841.6
LIABILITIES    
Accounts payable 37.9 28.7
Current portion of long-term debt 5.8 0.0
Operating lease liabilities 8.9 10.3
Accrued liabilities 154.5 185.1
Total current liabilities 207.1 224.1
Long-term debt 184.3 124.7
Deferred compensation liabilities 11.6 12.2
Pension and other postretirement benefits plans liabilities 23.0 23.3
Noncurrent operating lease liabilities 3.1 6.4
Other noncurrent liabilities 13.5 14.8
Total liabilities 442.6 405.5
Commitments and Contingencies (Note 7)
EQUITY    
Preferred stock, $0.01 par value Authorized: 1.0 shares; Issued: None 0.0 0.0
Common stock, $0.01 par value Authorized: 65.0 shares; Issued and outstanding: 39.6 shares and 27.5 shares in 2025 (2024 - 38.9 shares and 28.7 shares) 0.4 0.4
Treasury stock, at cost: 12.1 shares in 2025 (2024 - 10.2 shares) (433.1) (344.1)
Additional paid-in capital 348.8 333.2
Retained earnings 595.6 528.5
Accumulated other comprehensive loss (79.6) (81.9)
Total equity 432.1 436.1
Total liabilities and equity $ 874.7 $ 841.6
v3.25.2
Condensed Consolidated Balance Sheets (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Receivables, allowances for expected losses $ 25.6 $ 25.0
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, authorized 1,000,000 1,000,000
Preferred stock, Issued 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, Authorized 65,000,000 65,000,000
Common stock, Issued 39,600,000 38,900,000
Common stock, Outstanding 27,500,000 28,700,000
Treasury stock, Shares 12,100,000 10,200,000
v3.25.2
Condensed Consolidated Statements of Cash Flows (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net earnings $ 67.1 $ 77.4
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 29.2 28.2
Provision for expected losses on accounts receivable 4.8 10.1
Share-based compensation expense 13.5 12.5
Deferred income taxes (0.3) (3.3)
Net pension plan expense (income) 0.9 (0.6)
Gain on sales of long-lived assets (0.5) (9.8)
Amortization of operating lease right-of-use assets 3.4 4.6
Other (0.6) 0.6
Changes in operating assets and liabilities:    
Receivables, net (67.6) (75.6)
Prepaid expenses and other current assets 2.9 (3.1)
Accounts payable 10.5 (0.6)
Income taxes payable and receivable 3.9 7.3
Accrued liabilities and other (30.5) (11.3)
Operating lease liabilities (5.1) (7.2)
Pension and other postretirement benefits plans contributions (0.9) (0.9)
Net cash provided by operating activities 30.7 28.3
INVESTING ACTIVITIES    
Capital expenditures (30.0) (31.7)
Proceeds from sales of investments in equity securities 0.1 0.2
Proceeds from sale of long-lived assets 0.0 12.4
Net cash used in investing activities (29.9) (19.1)
FINANCING ACTIVITIES    
Revolving facility borrowings 207.5 139.0
Payments on revolving facility borrowings (130.5) (84.0)
Payments on long-term debt (126.4) 0.0
Proceeds from issuance of long-term debt 115.0 0.0
Debt issuance costs (2.2) 0.0
Treasury share repurchases (88.7) (50.7)
Cash received for common stock issuances 1.5 0.6
Finance lease payments (1.7) (1.4)
Net cash (used in) provided by financing activities (25.5) 3.5
Effect of exchange rate on cash and cash equivalents 1.2 (0.8)
Net (decrease) increase in cash and cash equivalents (23.5) 11.9
Cash and cash equivalents at beginning of year 57.3 23.1
Cash and cash equivalents at end of period 33.8 35.0
Supplemental cash flow information:    
Income taxes paid, net of refunds 20.8 21.3
Interest paid 5.6 7.5
Non-cash investing activities:    
Capitalized software included in accounts payable $ 4.6 $ 2.4
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2023 $ 402.2 $ 0.4 $ (262.1) $ 305.7 $ 436.1 $ (77.9)
Balance (in shares) at Dec. 31, 2023   38.0        
Treasury Stock balance (in shares) at Dec. 31, 2023     8.9      
Net earnings 77.4 $ 0.0 $ 0.0 0.0 77.4 0.0
Other comprehensive income (loss) (0.2) 0.0 0.0 0.0 0.0 (0.2)
Share-based compensation expense 12.5 0.0 0.0 12.5 0.0 0.0
Common stock repurchases (28.0) $ 0.0 $ (28.0) 0.0 0.0 0.0
Common stock repurchases, shares   0.0 0.4      
Issuance of share-based awards, net of withholdings and other (22.4) $ 0.0 $ (22.9) 0.5 0.0 0.0
Issuance of share-based awards, net of withholdings and other (in shares)   0.8 0.4      
Balance at Jun. 30, 2024 441.5 $ 0.4 $ (313.0) 318.7 513.5 (78.1)
Balance (in shares) at Jun. 30, 2024   38.8        
Treasury Stock balance (in shares) at Jun. 30, 2024     9.7      
Balance at Mar. 31, 2024 408.9 $ 0.4 $ (293.4) 310.7 469.4 (78.2)
Balance (in shares) at Mar. 31, 2024   38.8        
Treasury Stock balance (in shares) at Mar. 31, 2024     9.4      
Net earnings 44.1 $ 0.0 $ 0.0 0.0 44.1 0.0
Other comprehensive income (loss) 0.1 0.0 0.0 0.0 0.0 0.1
Share-based compensation expense 7.5 0.0 0.0 7.5 0.0 0.0
Common stock repurchases (19.2) $ 0.0 $ (19.2) 0.0 0.0 0.0
Common stock repurchases, shares   0.0 0.3      
Issuance of share-based awards, net of withholdings and other 0.1 $ 0.0 $ (0.4) 0.5 0.0 0.0
Issuance of share-based awards, net of withholdings and other (in shares)   0.0 0.0      
Balance at Jun. 30, 2024 441.5 $ 0.4 $ (313.0) 318.7 513.5 (78.1)
Balance (in shares) at Jun. 30, 2024   38.8        
Treasury Stock balance (in shares) at Jun. 30, 2024     9.7      
Balance at Dec. 31, 2024 $ 436.1 $ 0.4 $ (344.1) 333.2 528.5 (81.9)
Balance (in shares) at Dec. 31, 2024   38.9        
Treasury Stock balance (in shares) at Dec. 31, 2024 10.2   10.2      
Net earnings $ 67.1 $ 0.0 $ 0.0 0.0 67.1 0.0
Other comprehensive income (loss) 2.3 0.0 0.0 0.0 0.0 2.3
Share-based compensation expense 13.5 0.0 0.0 13.5 0.0 0.0
Common stock repurchases (76.7) $ 0.0 $ (76.7) 0.0 0.0 0.0
Common stock repurchases, shares   0.0 1.6      
Issuance of share-based awards, net of withholdings and other (10.2) $ 0.0 $ (12.3) 2.1 0.0 0.0
Issuance of share-based awards, net of withholdings and other (in shares)   0.7 0.3      
Balance at Jun. 30, 2025 $ 432.1 $ 0.4 $ (433.1) 348.8 595.6 (79.6)
Balance (in shares) at Jun. 30, 2025   39.6        
Treasury Stock balance (in shares) at Jun. 30, 2025 12.1   12.1      
Balance at Mar. 31, 2025 $ 419.9 $ 0.4 $ (398.4) 339.7 559.5 (81.3)
Balance (in shares) at Mar. 31, 2025   39.5        
Treasury Stock balance (in shares) at Mar. 31, 2025     11.3      
Net earnings 36.1 $ 0.0 $ 0.0 0.0 36.1 0.0
Other comprehensive income (loss) 1.7 0.0 0.0 0.0 0.0 1.7
Share-based compensation expense 7.5 0.0 0.0 7.5 0.0 0.0
Common stock repurchases (34.6) $ 0.0 $ (34.6) 0.0 0.0 0.0
Common stock repurchases, shares   0.0 0.8      
Issuance of share-based awards, net of withholdings and other 1.5 $ 0.0 $ (0.1) 1.6 0.0 0.0
Issuance of share-based awards, net of withholdings and other (in shares)   0.1 0.0      
Balance at Jun. 30, 2025 $ 432.1 $ 0.4 $ (433.1) $ 348.8 $ 595.6 $ (79.6)
Balance (in shares) at Jun. 30, 2025   39.6        
Treasury Stock balance (in shares) at Jun. 30, 2025 12.1   12.1      
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 36.1 $ 44.1 $ 67.1 $ 77.4
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Director or Officer Adoption or Termination of Trading Agreements

On June 11, 2025, Daniel N. Leib, the Company’s President and Chief Executive Officer, adopted a trading plan with respect to the sale of 35,000 shares of common stock, granted to Mr. Leib as equity incentive compensation (the “Leib Plan”). The Leib Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Pursuant to the Leib Plan, if the market price of the Company’s common stock is within a specified price range during a trading window between November 13, 2025 and December 31, 2025, up to 35,000 shares of common stock will be sold at the market price.
Daniel N. Leib  
Trading Arrangements, by Individual  
Name Daniel N. Leib
Title President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 11, 2025
Expiration Date December 31, 2025
Arrangement Duration 203 days
Sale of Common Stock | Daniel N. Leib  
Trading Arrangements, by Individual  
Aggregate Available 35,000
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Overview, Basis of Presentation and Significant Accounting Policies

Note 1. Overview, Basis of Presentation and Significant Accounting Policies

Description of Business

DFIN is a leading global provider of innovative software and technology-enabled financial regulatory and compliance solutions. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s business needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by investors.

The Company serves its clients’ regulatory and compliance needs throughout their respective life cycles. For its capital markets clients, the Company offers solutions that allow companies to comply with U.S. Securities and Exchange Commission (“SEC”) regulations and support their corporate financial transactions and regulatory/financial reporting through the use of digital document creation and online content management tools; filing agent services, where applicable; solutions to facilitate clients’ communications with their investors; and virtual data rooms and other deal management solutions. For investment companies clients, the Company provides solutions that allow investment companies to comply with SEC regulations and support financial and regulatory reporting through the use of content management and technology-enabled solutions for creating, compiling and filing regulatory communications as well as digital-driven solutions for distributing content to investors.

Services and Products

The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions consist of ActiveDisclosure® (“ActiveDisclosure”), the Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”). The Company’s tech-enabled services offerings consist of document composition, compliance-related SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of DFIN and all majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial data presented herein should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the Company’s latest Annual Report. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented. Results of interim periods should not be considered indicative of the results for the full year.

Significant Accounting Policies

Use of Estimates—The preparation of financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s significant accounting policies and critical accounting estimates are disclosed in the Annual Report.

Allowances for Expected Losses—Transactions affecting the current expected credit loss (“CECL”) reserve during the six months ended June 30, 2025 and 2024 were as follows:

 

 

June 30,

 

 

 

2025

 

 

2024

 

Balance, beginning of year

 

$

25.0

 

 

$

18.9

 

Provisions charged to expense

 

 

4.8

 

 

 

10.1

 

Write-offs, reclassifications and other

 

 

(4.2

)

 

 

(4.5

)

Balance, end of period

 

$

25.6

 

 

$

24.5

 

 

The components of the CECL reserve balance at June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Provision for accounts receivable

 

$

25.0

 

 

$

24.6

 

Provision for unbilled receivables and contract assets

 

 

0.6

 

 

 

0.4

 

Total

 

$

25.6

 

 

$

25.0

 

Assets Held for Sale—On March 29, 2024, the Company sold land for net proceeds of $13.2 million, of which $12.4 million was received in the first quarter of 2024. The Company recognized a net pre-tax gain of $10.6 million related to the sale, of which $9.8 million was recorded during the six months ended June 30, 2024. The net pre-tax gain was recorded in other operating income, net on the Unaudited Condensed Consolidated Statements of Operations within the Capital Markets - Compliance and Communications Management operating segment.

Property, Plant and Equipment, net—The components of the Company’s property, plant and equipment, net at June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Land

 

$

0.3

 

 

$

0.3

 

Buildings

 

 

15.1

 

 

 

15.1

 

Machinery and equipment

 

 

56.1

 

 

 

56.0

 

 

 

 

71.5

 

 

 

71.4

 

Less: Accumulated depreciation

 

 

(64.0

)

 

 

(62.5

)

Total

 

$

7.5

 

 

$

8.9

 

Depreciation expense was $1.3 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $3.3 million for the six months ended June 30, 2025 and 2024, respectively.

Software, net—Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years. Amortization expense related to internally-developed software was $13.8 million and $12.8 million for the three months ended June 30, 2025 and 2024, respectively, and $26.7 million and $24.9 million for the six months ended June 30, 2025 and 2024, respectively.

Investments—The carrying value of the Company’s investments in equity securities was $6.3 million and $5.8 million at June 30, 2025 and December 31, 2024, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of information in the income tax rate reconciliation, income taxes paid disaggregated by jurisdiction, among other amendments that expand income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements.

In November 2024 and January 2025, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” and ASU No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” respectively, which require that an entity disclose disaggregated information about specific natural expense categories underlying certain statement of operations expense line items that are considered relevant in a tabular format within the notes to the consolidated financial statements, among other amendments that expand statement of operations expense disclosures. The standards are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements.
v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue Recognition [Abstract]  
Revenue

Note 2. Revenue

Revenue Recognition

The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as performs tagging of documents using Inline eXtensible Business Reporting Language (“iXBRL”) and other services. Clients are provided with EDGAR filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure, Arc Suite and Venue, and provides digital document creation, online content management and print and distribution solutions.

Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore is not distinct. Revenue for the Company’s software solutions, tech-enabled services and print and distribution offerings is recognized either over time or at a point in time, as further disclosed in the Annual Report.

Disaggregation of Revenue

The following table disaggregates revenue between software solutions, tech-enabled services and print and distribution by reportable segment:

 

 

Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

Capital Markets - Software Solutions

 

$

59.1

 

 

$

—

 

 

$

—

 

 

$

59.1

 

 

$

57.3

 

 

$

—

 

 

$

—

 

 

$

57.3

 

Capital Markets - Compliance and Communications Management

 

 

—

 

 

 

65.6

 

 

 

27.9

 

 

 

93.5

 

 

 

—

 

 

 

81.3

 

 

 

32.5

 

 

 

113.8

 

Investment Companies - Software Solutions

 

 

33.1

 

 

 

—

 

 

 

—

 

 

 

33.1

 

 

 

28.3

 

 

 

—

 

 

 

—

 

 

 

28.3

 

Investment Companies - Compliance and Communications Management

 

 

—

 

 

 

19.6

 

 

 

12.8

 

 

 

32.4

 

 

 

—

 

 

 

20.9

 

 

 

22.4

 

 

 

43.3

 

Total net sales

 

$

92.2

 

 

$

85.2

 

 

$

40.7

 

 

$

218.1

 

 

$

85.6

 

 

$

102.2

 

 

$

54.9

 

 

$

242.7

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

Capital Markets - Software Solutions

 

$

111.0

 

 

$

—

 

 

$

—

 

 

$

111.0

 

 

$

110.3

 

 

$

—

 

 

$

—

 

 

$

110.3

 

Capital Markets - Compliance and Communications Management

 

 

—

 

 

 

125.4

 

 

 

52.0

 

 

 

177.4

 

 

 

—

 

 

 

147.3

 

 

 

57.6

 

 

 

204.9

 

Investment Companies - Software Solutions

 

 

65.8

 

 

 

—

 

 

 

—

 

 

 

65.8

 

 

 

55.6

 

 

 

—

 

 

 

—

 

 

 

55.6

 

Investment Companies - Compliance and Communications Management

 

 

—

 

 

 

36.3

 

 

 

28.7

 

 

 

65.0

 

 

 

—

 

 

 

37.8

 

 

 

37.5

 

 

 

75.3

 

Total net sales

 

$

176.8

 

 

$

161.7

 

 

$

80.7

 

 

$

419.2

 

 

$

165.9

 

 

$

185.1

 

 

$

95.1

 

 

$

446.1

 

Unbilled Receivables and Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets, unbilled receivables or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on the historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, the estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Determining whether there will be a significant revenue reversal in the future and the determination of the amount of the constraint requires significant judgment.

Contract assets were $15.0 million and $13.8 million at June 30, 2025 and December 31, 2024, respectively. Generally, the contract assets balance is impacted by the recognition of additional revenue, amounts invoiced to customers and changes in the level of constraint applied to variable consideration. Amounts recognized as revenue exceeded the estimates for performance obligations satisfied in previous periods by approximately $8.8 million and $13.3 million for the three months ended June 30, 2025 and 2024, respectively, and $16.6 million and $15.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily due to changes in the Company’s estimate of variable consideration and the application of the constraint.

Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price. Unbilled receivables were $42.5 million and $24.1 million at June 30, 2025 and December 31, 2024, respectively. Unbilled receivables and contract assets are included in receivables, less allowances for expected losses on the Unaudited Condensed Consolidated Balance Sheets.

Contract liabilities consist of deferred revenue and progress billings, the majority of which is included in accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Contract liabilities were $61.9 million and $52.9 million at June 30, 2025 and December 31, 2024, respectively. Contract liabilities increased during the period due to amounts invoiced for performance obligations before the revenue recognition criteria were met, which were offset by decreases due to revenue recognized in the period. The Company recognized $16.5 million and $9.2 million for the three months ended June 30, 2025 and 2024, respectively, and $37.5 million and $28.3 million of revenue during the six months ended June 30, 2025 and 2024, respectively, that was included in the deferred revenue balances at the beginning of the respective annual periods.

Most of the Company’s contracts with significant remaining performance obligations have an initial expected duration of one year or less. As of June 30, 2025, the future estimated revenue related to unsatisfied or partially satisfied performance obligations under contracts with an original contractual term in excess of one year was approximately $165 million, of which approximately 50% is expected to be recognized as revenue over the succeeding twelve months, and the remainder recognized thereafter.
v3.25.2
Goodwill
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

Note 3. Goodwill

Goodwill balances by reportable segment were as follows:

 

 

Gross book
value at
December 31,
2024

 

 

Accumulated
impairment
charges at
December 31,
2024

 

 

Net book
value at
December 31,
2024

 

 

Foreign
exchange adjustments

 

 

Net book
 value at
June 30,
2025

 

Capital Markets - Software Solutions

 

$

99.9

 

 

$

—

 

 

$

99.9

 

 

$

0.1

 

 

$

100.0

 

Capital Markets - Compliance and Communications Management

 

 

252.5

 

 

 

—

 

 

 

252.5

 

 

 

0.3

 

 

 

252.8

 

Investment Companies - Software Solutions

 

 

53.0

 

 

 

—

 

 

 

53.0

 

 

 

0.1

 

 

 

53.1

 

Investment Companies - Compliance and Communications Management

 

 

40.6

 

 

 

(40.6

)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

446.0

 

 

$

(40.6

)

 

$

405.4

 

 

$

0.5

 

 

$

405.9

 
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

Note 4. Leases

The Company has operating leases for certain service centers, office space and equipment as well as finance leases, substantially all related to information technology equipment. The Company’s payments related to its operating and finance lease liabilities for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash paid related to operating leases

 

$

2.6

 

 

$

3.8

 

 

$

5.5

 

 

$

7.7

 

Cash paid related to finance leases

 

$

0.8

 

 

$

0.8

 

 

$

1.7

 

 

$

1.4

 

The components of lease expense for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease expense:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

1.8

 

 

$

2.5

 

 

$

3.7

 

 

$

4.9

 

Sublease income

 

 

(0.9

)

 

 

(1.1

)

 

 

(1.8

)

 

 

(2.2

)

Net operating lease expense

 

$

0.9

 

 

$

1.4

 

 

$

1.9

 

 

$

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease expense:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

0.6

 

 

$

0.7

 

 

$

1.1

 

 

$

1.3

 

Interest on lease liabilities

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total finance lease expense

 

$

0.6

 

 

$

0.7

 

 

$

1.2

 

 

$

1.4

 

The Company’s finance leases as of June 30, 2025 and December 31, 2024 are presented on the Company’s Unaudited Condensed Consolidated Balance Sheets as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Property, plant and equipment, net

 

$

2.2

 

 

$

2.9

 

 

 

 

 

 

 

 

Accrued liabilities

 

$

1.6

 

 

$

2.8

 

Other noncurrent liabilities

 

 

0.2

 

 

 

0.2

 

Total

 

$

1.8

 

 

$

3.0

 
v3.25.2
Restructuring, Impairment and Other Charges, net
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment and Other Charges, net

Note 5. Restructuring, Impairment and Other Charges, net

Restructuring, Impairment and Other Charges, net recognized in Results of Operations

The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs and other related costs associated with exit or disposal activities. Restructuring charges for employee terminations include management’s estimate as to the timing and amount of severance and actual results could differ from estimates.

For the three months ended June 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

Capital Markets - Compliance and Communications Management

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Investment Companies - Software Solutions

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Investment Companies - Compliance and Communications Management

 

 

0.4

 

 

 

—

 

 

 

0.4

 

Corporate

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

0.9

 

 

$

0.1

 

 

$

1.0

 

 

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Capital Markets - Compliance and Communications Management

 

 

0.8

 

 

 

—

 

 

 

0.8

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

1.2

 

 

$

0.1

 

 

$

1.3

 

For the six months ended June 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.6

 

 

$

—

 

 

$

0.6

 

Capital Markets - Compliance and Communications Management

 

 

1.7

 

 

 

0.1

 

 

 

1.8

 

Investment Companies - Software Solutions

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Investment Companies - Compliance and Communications Management

 

 

0.5

 

 

 

—

 

 

 

0.5

 

Corporate

 

 

0.3

 

 

 

0.1

 

 

 

0.4

 

Total

 

$

3.7

 

 

$

0.2

 

 

$

3.9

 

 

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Capital Markets - Compliance and Communications Management

 

 

1.3

 

 

 

0.1

 

 

 

1.4

 

Investment Companies - Software Solutions

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

1.1

 

 

 

0.1

 

 

 

1.2

 

Total

 

$

2.9

 

 

$

0.2

 

 

$

3.1

 

For the three months ended June 30, 2025, the Company recorded net restructuring charges of $0.9 million related to employee termination costs for approximately 10 employees, substantially all of whom are expected to be terminated by December 31, 2025. For the six months ended June 30, 2025, the Company recorded net restructuring charges of $3.7 million related to employee termination costs for approximately 50 employees, substantially all of whom are expected to be terminated by December 31, 2025. The restructuring actions were primarily related to the reorganization of certain capital markets and investment companies operations.

For the three months ended June 30, 2024, the Company recorded restructuring charges of $1.2 million related to employee termination costs for approximately 20 employees, all of whom were terminated as of December 31, 2024. For the six months ended June 30, 2024, the Company recorded restructuring charges of $2.9 million related to employee termination costs for approximately 30 employees, all of whom were terminated as of December 31, 2024. The restructuring actions were primarily related to the reorganization of certain capital markets operations.

Restructuring Reserve – Employee Terminations

The Company’s employee terminations liability is included in accrued liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the six months ended June 30, 2025 were as follows:

 

 

Employee Terminations

 

Balance at December 31, 2024

 

$

1.8

 

Restructuring charges, net

 

 

3.7

 

Cash paid

 

 

(4.4

)

Balance at June 30, 2025

 

$

1.1

 
v3.25.2
Retirement Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Retirement Plans

Note 6. Retirement Plans

The components of estimated net pension plan expense (income) for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

2.5

 

 

$

2.7

 

 

$

5.1

 

 

$

5.5

 

Expected return on assets

 

 

(2.5

)

 

 

(3.3

)

 

 

(5.0

)

 

 

(6.7

)

Amortization, net

 

 

0.4

 

 

 

0.3

 

 

 

0.8

 

 

 

0.6

 

Net pension plan expense (income)

 

$

0.4

 

 

$

(0.3

)

 

$

0.9

 

 

$

(0.6

)

 

Pension Plan Termination

In August 2024, the Company executed an amendment to commence the process of terminating the Company’s primary defined benefit plan (the “Plan”). The Plan’s benefit obligation is expected to be settled by offering lump sum distributions to participants, followed by the purchase of annuity contracts to transfer the Plan’s remaining obligation to a third party. The window for participants to elect lump sum distributions closed on July 1, 2025. As settlement of the obligation will be funded with Plan assets, the Company expects to make a cash contribution to fully fund the Plan in 2025. The cash contribution amount will depend upon the nature and timing of the participant lump sum settlements and prevailing market conditions. As termination of the Plan is considered probable, the Plan’s actuarial assumptions as of December 31, 2024 reflected the expected Plan termination. Pension settlement charges related to the Plan termination, which include the recognition of Plan losses recorded within accumulated other comprehensive loss on the Company’s Unaudited Condensed Consolidated Balance Sheets, are currently expected to occur in the second half of 2025. Finalization of the Plan termination is subject to certain conditions, including regulatory review, and the Company has the ability to change the effective date of the termination or revoke the decision to terminate the Plan.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 7. Commitments and Contingencies

Litigation

From time to time, the Company’s customers and other counterparties file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation or other dispute resolution proceedings arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation or other proceedings will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt

Note 8. Debt

The Company’s debt as of June 30, 2025 and December 31, 2024 consisted of the following:

 

 

June 30, 2025

 

 

December 31, 2024

 

Term Loan A Facility

 

$

113.6

 

 

$

125.0

 

Borrowings under the Revolving Facility

 

 

77.0

 

 

 

—

 

Unamortized debt issuance costs

 

 

(0.5

)

 

 

(0.3

)

Total debt

 

 

190.1

 

 

 

124.7

 

Less: current portion of long-term debt

 

 

5.8

 

 

 

—

 

Long-term debt

 

$

184.3

 

 

$

124.7

 

Credit Agreement—On March 13, 2025, the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the “Credit Agreement,” and the Credit Agreement, as so amended and restated, the “Amended and Restated Credit Agreement”), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to provide for a $115.0 million term loan A facility (the “Term Loan A Facility”), establish a $300.0 million revolving facility (the “Revolving Facility”) with a maturity date of March 13, 2030 to replace the entire amount of the revolving facility and modify the financial maintenance and negative covenants in the Amended and Restated Credit Agreement, among other things. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Amended and Restated Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Amended and Restated Credit Agreement generally allows annual dividend payments of up to $20.0 million in the aggregate.

Term Loan A Facility—The Company used the proceeds of the Term Loan A Facility and the Revolving Facility to retire the full $125.0 million of the Company’s then-outstanding Delayed Draw Term Loan A Facility. Under the Amended and Restated Credit Agreement, the Term Loan A Facility bears interest at a rate equal to the sum of the Secured Overnight Financing Rate (“SOFR”) plus a margin ranging from 2.00% to 2.50% based on the Company’s Consolidated Net Leverage Ratio. The principal amount of loans under the Term Loan A Facility are due and payable in equal quarterly installments of 1.25% of the original principal amount of the loans during the first three years after funding, beginning on June 30, 2025, and 2.50% of the original principal amount of the loans thereafter. Voluntary prepayments of the Term Loan A Facility are permitted at any time without premium or penalty. The entire unpaid principal amount of the loans will be due and payable in full on March 13, 2030. The fair value of the Term Loan A Facility and Delayed Draw Term Loan A Facility was $113.3 million and $125.0 million as of June 30, 2025 and December 31, 2024, respectively, and was determined to be Level 2 under the fair value hierarchy. The weighted-average interest rate on borrowings under the Term Loan A Facility and Delayed Draw Term Loan A Facility was 6.5% and 7.4% for the six months ended June 30, 2025 and 2024, respectively.

Revolving Facility—As of June 30, 2025, there were $77.0 million of borrowings outstanding under the Revolving Facility and there were no borrowings outstanding under the Revolving Facility as of December 31, 2024. The weighted-average interest rate on borrowings under the Revolving Facility was 6.7% and 7.7% for the six months ended June 30, 2025 and 2024, respectively. The fair value of the Company’s borrowing under the Revolving Facility is classified as Level 2 under the fair value hierarchy and approximated its carrying value as of June 30, 2025, as the Revolving Facility carries a variable rate of interest reflecting current market rates.

The following table summarizes interest expense, net included on the Unaudited Condensed Consolidated Statements of Operations:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest incurred

 

$

4.1

 

 

$

4.3

 

 

$

7.4

 

 

$

8.6

 

Interest income, net of loss on debt extinguishment

 

 

(0.3

)

 

 

(0.6

)

 

 

(0.5

)

 

 

(1.3

)

Interest expense, net

 

$

3.8

 

 

$

3.7

 

 

$

6.9

 

 

$

7.3

 
v3.25.2
Earnings per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Share

Note 9. Earnings per Share

Net earnings per basic share is calculated by dividing net earnings by the weighted-average number of common shares outstanding for the period. Net earnings per diluted share is computed using the weighted-average number of common and potentially dilutive shares outstanding during the period, including stock options, restricted stock units (“RSUs”), performance share units (“PSUs”) and restricted stock, using the treasury stock method.

The reconciliation of the numerator and denominator of the net earnings per basic and diluted share calculations and the anti-dilutive share based awards for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.30

 

 

$

1.50

 

 

$

2.38

 

 

$

2.63

 

Diluted

 

$

1.28

 

 

$

1.47

 

 

$

2.33

 

 

$

2.56

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

36.1

 

 

$

44.1

 

 

$

67.1

 

 

$

77.4

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding

 

 

27.7

 

 

 

29.4

 

 

 

28.2

 

 

 

29.4

 

Dilutive awards

 

 

0.5

 

 

 

0.6

 

 

 

0.6

 

 

 

0.8

 

Diluted weighted-average number of common shares outstanding

 

 

28.2

 

 

 

30.0

 

 

 

28.8

 

 

 

30.2

 

Weighted-average number of anti-dilutive share-based awards:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

0.1

 

 

 

—

 

 

 

0.2

 

 

 

0.1

 
v3.25.2
Capital Stock
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Capital Stock

Note 10. Capital Stock

The Company has authorized for issuance 65 million shares of $0.01 par value common stock and one million shares of $0.01 par value preferred stock. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock.

Common Stock Repurchases

On November 14, 2023, the Board authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on January 1, 2024, with an expiration date of December 31, 2025. On May 15, 2025, the Board authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on May 16, 2025, with an expiration date of December 31, 2026. This new share repurchase program replaces the previous $150 million program. As of June 30, 2025, the remaining authorized amount was $150.0 million.

The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so.

The Company’s stock repurchases, excluding associated excise taxes, for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Common stock repurchases

 

$

34.3

 

 

$

19.2

 

 

$

76.1

 

 

$

28.0

 

Number of shares repurchased

 

 

787,152

 

 

 

317,388

 

 

 

1,648,453

 

 

 

457,281

 

Average price paid per share

 

$

43.56

 

 

$

60.65

 

 

$

46.18

 

 

$

61.25

 
v3.25.2
Comprehensive Income
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Comprehensive Income

Note 11. Comprehensive Income

The components of other comprehensive income (loss) and income tax expense allocated to each component for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

Translation adjustments

 

$

1.4

 

 

$

—

 

 

$

1.4

 

 

$

1.7

 

 

$

—

 

 

$

1.7

 

Adjustment for net periodic pension and other postretirement benefits plans

 

 

0.4

 

 

 

0.1

 

 

 

0.3

 

 

 

0.8

 

 

 

0.2

 

 

 

0.6

 

Other comprehensive income

 

$

1.8

 

 

$

0.1

 

 

$

1.7

 

 

$

2.5

 

 

$

0.2

 

 

$

2.3

 

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

Translation adjustments

 

$

(0.1

)

 

$

—

 

 

$

(0.1

)

 

$

(0.6

)

 

$

—

 

 

$

(0.6

)

Adjustment for net periodic pension and other postretirement benefits plans

 

 

0.3

 

 

 

0.1

 

 

 

0.2

 

 

 

0.6

 

 

 

0.2

 

 

 

0.4

 

Other comprehensive income (loss)

 

$

0.2

 

 

$

0.1

 

 

$

0.1

 

 

$

—

 

 

$

0.2

 

 

$

(0.2

)

The following tables summarize changes in accumulated other comprehensive loss by component for the three months ended June 30, 2025 and 2024:

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at March 31, 2025

 

$

(66.1

)

 

$

(15.2

)

 

$

(81.3

)

Other comprehensive income before reclassifications

 

 

—

 

 

 

1.4

 

 

 

1.4

 

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.4

 

 

 

—

 

 

 

0.4

 

Less: Income tax expense

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Reclassifications, net of tax

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Net change in accumulated other comprehensive loss

 

 

0.3

 

 

 

1.4

 

 

 

1.7

 

Balance at June 30, 2025

 

$

(65.8

)

 

$

(13.8

)

 

$

(79.6

)

 

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at March 31, 2024

 

$

(63.5

)

 

$

(14.7

)

 

$

(78.2

)

Other comprehensive loss before reclassifications

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Reclassification of translation adjustment

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Less: Income tax expense

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

Reclassifications, net of tax

 

 

0.2

 

 

 

0.4

 

 

 

0.6

 

Net change in accumulated other comprehensive loss

 

 

0.2

 

 

 

(0.1

)

 

 

0.1

 

Balance at June 30, 2024

 

$

(63.3

)

 

$

(14.8

)

 

$

(78.1

)

 

(a)
These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).

 

The following tables summarize changes in accumulated other comprehensive loss by component for the six months ended June 30, 2025 and 2024:

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at December 31, 2024

 

$

(66.4

)

 

$

(15.5

)

 

$

(81.9

)

Other comprehensive income before reclassifications

 

 

—

 

 

 

1.7

 

 

 

1.7

 

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.8

 

 

 

—

 

 

 

0.8

 

Less: Income tax expense

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Reclassifications, net of tax

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Net change in accumulated other comprehensive loss

 

 

0.6

 

 

 

1.7

 

 

 

2.3

 

Balance at June 30, 2025

 

$

(65.8

)

 

$

(13.8

)

 

$

(79.6

)

 

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at December 31, 2023

 

$

(63.7

)

 

$

(14.2

)

 

$

(77.9

)

Other comprehensive loss before reclassifications

 

 

—

 

 

 

(1.0

)

 

 

(1.0

)

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Reclassification of translation adjustment

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Less: Income tax expense

 

 

0.2

 

 

 

0.1

 

 

 

0.3

 

Reclassifications, net of tax

 

 

0.4

 

 

 

0.4

 

 

 

0.8

 

Net change in accumulated other comprehensive loss

 

 

0.4

 

 

 

(0.6

)

 

 

(0.2

)

Balance at June 30, 2024

 

$

(63.3

)

 

$

(14.8

)

 

$

(78.1

)

 

(a)
These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 12. Segment Information

The Company operates its business through four operating and reportable segments: Capital Markets – Software Solutions, Capital Markets – Compliance and Communications Management, Investment Companies – Software Solutions and Investment Companies – Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (“SG&A”) activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs and earnings of employee benefits plans, such as pension and other postretirement benefits plans expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments.

Capital Markets

The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act. Capital markets clients leverage the Company’s software offerings, proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the SEC’s EDGAR system for their transactional and ongoing compliance needs. The Company assists its capital markets clients throughout the course of initial public offerings, secondary offerings, mergers and acquisitions, public and private debt offerings, leveraged buyouts, spinouts, special purpose acquisition company (“SPAC”) and de-SPAC transactions and other similar transactions. In addition, the Company provides clients with compliance solutions to prepare their ongoing required Exchange Act filings that are compatible with the SEC’s EDGAR system, most notably Form 10-K, Form 10-Q, Form 8-K and proxy filings. The Company’s operating segments associated with its capital markets services and product offerings are as follows:

Capital Markets – Software Solutions—The CM-SS segment provides Venue and ActiveDisclosure subscriptions and related services (including service packages and services the Company performs on behalf of its clients with customer-facing software) to public and private companies to help manage public and private transactional and compliance processes; collaborate; and tag, validate and file SEC documents.

Capital Markets – Compliance & Communications Management—The CM-CCM segment provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The Company offers around-the-clock services to support the transaction process, production platform and service delivery model. The Company has seen clients utilizing the range of options available to them, including a hybrid approach with working group members participating both virtually and in-person during drafting sessions for their transactions or a fully-virtual experience.

Investment Companies

The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients, which are primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators, that are subject to the filing and reporting requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”) as well as European and Canadian regulations. The Company’s suite of solutions enables its investment companies clients to comply with applicable ongoing SEC regulations, as well as to create, manage and deliver accurate and timely financial communications to investors and regulators. Investment companies clients leverage the Company’s proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the SEC’s EDGAR system. The Company’s operating segments associated with its investment companies services and products offerings are as follows:

Investment Companies – Software Solutions—The IC-SS segment provides clients with the Arc Suite platform that contains a comprehensive suite of cloud-based solutions, including subscriptions to ArcDigital, ArcPro, ArcRegulatory and ArcReporting as well as related services that enable storage and management of compliance and regulatory information in a self-service, central repository so that documents can be easily accessed, assembled, edited, tagged, translated, rendered and submitted to regulators and investors.

Investment Companies – Compliance & Communications Management—The IC-CCM segment provides clients with tech-enabled services and print and distribution solutions for creating, filing and distributing regulatory communications and solutions for investor communications, as well as iXBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. The IC-CCM segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, stockholder meeting review and expert support.

Information by Segment

The chief operating decision maker (“CODM”) regularly reviews segment net sales and Segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is reviewed to monitor budget versus actual results, analyze historical trends in assessing performance and identify actions required to improve profitability. Segment Adjusted EBITDA is defined as earnings before interest expense, net, income tax expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections below, which management believes are not indicative of ongoing operations and segment performance. As the CODM does not review segment assets to evaluate segment performance, segment assets are not disclosed.

The following tables include selected financial data for the Company’s reportable segments for the three and six months ended June 30, 2025 and 2024:

 

 

Capital Markets - Software Solutions

 

 

Capital Markets - Compliance and Communications Management

 

 

Investment Companies - Software Solutions

 

 

Investment Companies - Compliance and Communications Management

 

 

Total

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

59.1

 

 

$

93.5

 

 

$

33.1

 

 

$

32.4

 

 

$

218.1

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

13.6

 

 

 

37.0

 

 

 

12.8

 

 

 

15.8

 

 

 

 

SG&A expenses (a)

 

 

23.2

 

 

 

19.6

 

 

 

6.0

 

 

 

4.0

 

 

 

 

Other segment items (a)

 

 

(0.1

)

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

 

Segment Adjusted EBITDA

 

$

22.4

 

 

$

36.8

 

 

$

14.2

 

 

$

12.6

 

 

$

86.0

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9.7

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(1.0

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.5

)

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15.1

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.8

)

Investment and other loss, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48.7

 

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

57.3

 

 

$

113.8

 

 

$

28.3

 

 

$

43.3

 

 

$

242.7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

13.7

 

 

 

41.1

 

 

 

11.6

 

 

 

20.4

 

 

 

 

SG&A expenses (a)

 

 

22.4

 

 

 

26.9

 

 

 

5.7

 

 

 

4.6

 

 

 

 

Other segment items (a)

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

—

 

 

 

 

Segment Adjusted EBITDA

 

$

21.2

 

 

$

45.8

 

 

$

11.1

 

 

$

18.3

 

 

$

96.4

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9.2

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(1.3

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.4

)

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14.3

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.7

)

Investment and other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61.2

 

 

(a)
The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
(b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.

 

 

 

Capital Markets - Software Solutions

 

 

Capital Markets - Compliance and Communications Management

 

 

Investment Companies - Software Solutions

 

 

Investment Companies - Compliance and Communications Management

 

 

Total

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

111.0

 

 

$

177.4

 

 

$

65.8

 

 

$

65.0

 

 

$

419.2

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

27.9

 

 

 

67.4

 

 

 

26.1

 

 

 

32.0

 

 

 

 

SG&A expenses (a)

 

 

46.8

 

 

 

36.5

 

 

 

12.7

 

 

 

8.2

 

 

 

 

Segment Adjusted EBITDA

 

$

36.3

 

 

$

73.5

 

 

$

27.0

 

 

$

24.8

 

 

$

161.6

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.1

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(3.9

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13.5

)

Gain on sale of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29.2

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.9

)

Investment and other loss, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

90.9

 

 

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

110.3

 

 

$

204.9

 

 

$

55.6

 

 

$

75.3

 

 

$

446.1

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

28.5

 

 

 

75.5

 

 

 

24.1

 

 

 

39.3

 

 

 

 

SG&A expenses (a)

 

 

44.8

 

 

 

52.2

 

 

 

12.4

 

 

 

9.5

 

 

 

 

Segment Adjusted EBITDA

 

$

37.0

 

 

$

77.2

 

 

$

19.1

 

 

$

26.5

 

 

$

159.8

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(3.1

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12.5

)

Gain on sale of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.8

 

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28.2

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.3

)

Investment and other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

102.6

 

 

(a)
The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales and segment SG&A expenses were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
(b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

7.7

 

 

$

6.7

 

 

$

14.7

 

 

$

13.2

 

Capital Markets - Compliance and Communications Management

 

 

1.7

 

 

 

2.0

 

 

 

3.1

 

 

 

4.1

 

Investment Companies - Software Solutions

 

 

4.7

 

 

 

4.4

 

 

 

9.5

 

 

 

8.6

 

Investment Companies - Compliance and Communications Management

 

 

1.0

 

 

 

1.2

 

 

 

1.9

 

 

 

2.3

 

Total operating segments

 

 

15.1

 

 

 

14.3

 

 

 

29.2

 

 

 

28.2

 

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

15.1

 

 

$

14.3

 

 

$

29.2

 

 

$

28.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

8.5

 

 

$

10.7

 

 

$

14.7

 

 

$

14.4

 

Capital Markets - Compliance and Communications Management

 

 

2.4

 

 

 

1.9

 

 

 

4.4

 

 

 

3.8

 

Investment Companies - Software Solutions

 

 

4.3

 

 

 

5.9

 

 

 

8.8

 

 

 

11.0

 

Investment Companies - Compliance and Communications Management

 

 

0.6

 

 

 

0.7

 

 

 

1.1

 

 

 

1.8

 

Total operating segments

 

 

15.8

 

 

 

19.2

 

 

 

29.0

 

 

 

31.0

 

Corporate

 

 

0.9

 

 

 

0.2

 

 

 

1.0

 

 

 

0.7

 

Total

 

$

16.7

 

 

$

19.4

 

 

$

30.0

 

 

$

31.7

 
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of DFIN and all majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial data presented herein should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the Company’s latest Annual Report. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented. Results of interim periods should not be considered indicative of the results for the full year.
Use of Estimates

Use of Estimates—The preparation of financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s significant accounting policies and critical accounting estimates are disclosed in the Annual Report.
Allowance for Expected Losses

Allowances for Expected Losses—Transactions affecting the current expected credit loss (“CECL”) reserve during the six months ended June 30, 2025 and 2024 were as follows:

 

 

June 30,

 

 

 

2025

 

 

2024

 

Balance, beginning of year

 

$

25.0

 

 

$

18.9

 

Provisions charged to expense

 

 

4.8

 

 

 

10.1

 

Write-offs, reclassifications and other

 

 

(4.2

)

 

 

(4.5

)

Balance, end of period

 

$

25.6

 

 

$

24.5

 

 

The components of the CECL reserve balance at June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Provision for accounts receivable

 

$

25.0

 

 

$

24.6

 

Provision for unbilled receivables and contract assets

 

 

0.6

 

 

 

0.4

 

Total

 

$

25.6

 

 

$

25.0

 
Assets Held for Sale

Assets Held for Sale—On March 29, 2024, the Company sold land for net proceeds of $13.2 million, of which $12.4 million was received in the first quarter of 2024. The Company recognized a net pre-tax gain of $10.6 million related to the sale, of which $9.8 million was recorded during the six months ended June 30, 2024. The net pre-tax gain was recorded in other operating income, net on the Unaudited Condensed Consolidated Statements of Operations within the Capital Markets - Compliance and Communications Management operating segment.
Property, Plant and Equipment, net

Property, Plant and Equipment, net—The components of the Company’s property, plant and equipment, net at June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Land

 

$

0.3

 

 

$

0.3

 

Buildings

 

 

15.1

 

 

 

15.1

 

Machinery and equipment

 

 

56.1

 

 

 

56.0

 

 

 

 

71.5

 

 

 

71.4

 

Less: Accumulated depreciation

 

 

(64.0

)

 

 

(62.5

)

Total

 

$

7.5

 

 

$

8.9

 

Depreciation expense was $1.3 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $3.3 million for the six months ended June 30, 2025 and 2024, respectively.
Software, net

Software, net—Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years. Amortization expense related to internally-developed software was $13.8 million and $12.8 million for the three months ended June 30, 2025 and 2024, respectively, and $26.7 million and $24.9 million for the six months ended June 30, 2025 and 2024, respectively.
Investments

Investments—The carrying value of the Company’s investments in equity securities was $6.3 million and $5.8 million at June 30, 2025 and December 31, 2024, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.
Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of information in the income tax rate reconciliation, income taxes paid disaggregated by jurisdiction, among other amendments that expand income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements.

In November 2024 and January 2025, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” and ASU No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” respectively, which require that an entity disclose disaggregated information about specific natural expense categories underlying certain statement of operations expense line items that are considered relevant in a tabular format within the notes to the consolidated financial statements, among other amendments that expand statement of operations expense disclosures. The standards are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements.
Revenue Recognition

Revenue Recognition

The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as performs tagging of documents using Inline eXtensible Business Reporting Language (“iXBRL”) and other services. Clients are provided with EDGAR filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure, Arc Suite and Venue, and provides digital document creation, online content management and print and distribution solutions.

Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore is not distinct. Revenue for the Company’s software solutions, tech-enabled services and print and distribution offerings is recognized either over time or at a point in time, as further disclosed in the Annual Report.

The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets, unbilled receivables or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on the historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, the estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Determining whether there will be a significant revenue reversal in the future and the determination of the amount of the constraint requires significant judgment.

Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price.
Lessee Leases Policy The Company has operating leases for certain service centers, office space and equipment as well as finance leases, substantially all related to information technology equipment.
Restructuring

The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs and other related costs associated with exit or disposal activities. Restructuring charges for employee terminations include management’s estimate as to the timing and amount of severance and actual results could differ from estimates.
Earnings per Share

Net earnings per basic share is calculated by dividing net earnings by the weighted-average number of common shares outstanding for the period. Net earnings per diluted share is computed using the weighted-average number of common and potentially dilutive shares outstanding during the period, including stock options, restricted stock units (“RSUs”), performance share units (“PSUs”) and restricted stock, using the treasury stock method.
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Current Expected Credit Loss Reserve Transactions affecting the current expected credit loss (“CECL”) reserve during the six months ended June 30, 2025 and 2024 were as follows:

 

 

June 30,

 

 

 

2025

 

 

2024

 

Balance, beginning of year

 

$

25.0

 

 

$

18.9

 

Provisions charged to expense

 

 

4.8

 

 

 

10.1

 

Write-offs, reclassifications and other

 

 

(4.2

)

 

 

(4.5

)

Balance, end of period

 

$

25.6

 

 

$

24.5

 

 

The components of the CECL reserve balance at June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Provision for accounts receivable

 

$

25.0

 

 

$

24.6

 

Provision for unbilled receivables and contract assets

 

 

0.6

 

 

 

0.4

 

Total

 

$

25.6

 

 

$

25.0

 
Components of Company's Property, Plant and Equipment The components of the Company’s property, plant and equipment, net at June 30, 2025 and December 31, 2024 were as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Land

 

$

0.3

 

 

$

0.3

 

Buildings

 

 

15.1

 

 

 

15.1

 

Machinery and equipment

 

 

56.1

 

 

 

56.0

 

 

 

 

71.5

 

 

 

71.4

 

Less: Accumulated depreciation

 

 

(64.0

)

 

 

(62.5

)

Total

 

$

7.5

 

 

$

8.9

 
v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue Recognition [Abstract]  
Schedule of Disaggregation of Revenue between Software Solutions, Tech-Enabled Services and Print and Distribution by Reportable Segment

The following table disaggregates revenue between software solutions, tech-enabled services and print and distribution by reportable segment:

 

 

Three Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

Capital Markets - Software Solutions

 

$

59.1

 

 

$

—

 

 

$

—

 

 

$

59.1

 

 

$

57.3

 

 

$

—

 

 

$

—

 

 

$

57.3

 

Capital Markets - Compliance and Communications Management

 

 

—

 

 

 

65.6

 

 

 

27.9

 

 

 

93.5

 

 

 

—

 

 

 

81.3

 

 

 

32.5

 

 

 

113.8

 

Investment Companies - Software Solutions

 

 

33.1

 

 

 

—

 

 

 

—

 

 

 

33.1

 

 

 

28.3

 

 

 

—

 

 

 

—

 

 

 

28.3

 

Investment Companies - Compliance and Communications Management

 

 

—

 

 

 

19.6

 

 

 

12.8

 

 

 

32.4

 

 

 

—

 

 

 

20.9

 

 

 

22.4

 

 

 

43.3

 

Total net sales

 

$

92.2

 

 

$

85.2

 

 

$

40.7

 

 

$

218.1

 

 

$

85.6

 

 

$

102.2

 

 

$

54.9

 

 

$

242.7

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

 

Software Solutions

 

 

Tech-enabled Services

 

 

Print and Distribution

 

 

Total

 

Capital Markets - Software Solutions

 

$

111.0

 

 

$

—

 

 

$

—

 

 

$

111.0

 

 

$

110.3

 

 

$

—

 

 

$

—

 

 

$

110.3

 

Capital Markets - Compliance and Communications Management

 

 

—

 

 

 

125.4

 

 

 

52.0

 

 

 

177.4

 

 

 

—

 

 

 

147.3

 

 

 

57.6

 

 

 

204.9

 

Investment Companies - Software Solutions

 

 

65.8

 

 

 

—

 

 

 

—

 

 

 

65.8

 

 

 

55.6

 

 

 

—

 

 

 

—

 

 

 

55.6

 

Investment Companies - Compliance and Communications Management

 

 

—

 

 

 

36.3

 

 

 

28.7

 

 

 

65.0

 

 

 

—

 

 

 

37.8

 

 

 

37.5

 

 

 

75.3

 

Total net sales

 

$

176.8

 

 

$

161.7

 

 

$

80.7

 

 

$

419.2

 

 

$

165.9

 

 

$

185.1

 

 

$

95.1

 

 

$

446.1

 
v3.25.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Balances of Goodwill by Reporting Segment

Goodwill balances by reportable segment were as follows:

 

 

Gross book
value at
December 31,
2024

 

 

Accumulated
impairment
charges at
December 31,
2024

 

 

Net book
value at
December 31,
2024

 

 

Foreign
exchange adjustments

 

 

Net book
 value at
June 30,
2025

 

Capital Markets - Software Solutions

 

$

99.9

 

 

$

—

 

 

$

99.9

 

 

$

0.1

 

 

$

100.0

 

Capital Markets - Compliance and Communications Management

 

 

252.5

 

 

 

—

 

 

 

252.5

 

 

 

0.3

 

 

 

252.8

 

Investment Companies - Software Solutions

 

 

53.0

 

 

 

—

 

 

 

53.0

 

 

 

0.1

 

 

 

53.1

 

Investment Companies - Compliance and Communications Management

 

 

40.6

 

 

 

(40.6

)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

446.0

 

 

$

(40.6

)

 

$

405.4

 

 

$

0.5

 

 

$

405.9

 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Summary of Payments Related to Operating and Finance Lease Liabilities, and Components of Lease Expense The Company’s payments related to its operating and finance lease liabilities for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Cash paid related to operating leases

 

$

2.6

 

 

$

3.8

 

 

$

5.5

 

 

$

7.7

 

Cash paid related to finance leases

 

$

0.8

 

 

$

0.8

 

 

$

1.7

 

 

$

1.4

 

The components of lease expense for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease expense:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

1.8

 

 

$

2.5

 

 

$

3.7

 

 

$

4.9

 

Sublease income

 

 

(0.9

)

 

 

(1.1

)

 

 

(1.8

)

 

 

(2.2

)

Net operating lease expense

 

$

0.9

 

 

$

1.4

 

 

$

1.9

 

 

$

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease expense:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

$

0.6

 

 

$

0.7

 

 

$

1.1

 

 

$

1.3

 

Interest on lease liabilities

 

 

—

 

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total finance lease expense

 

$

0.6

 

 

$

0.7

 

 

$

1.2

 

 

$

1.4

 
Summary of Company's Finance Leases Presented on Unaudited Condensed Consolidated Balance Sheets

The Company’s finance leases as of June 30, 2025 and December 31, 2024 are presented on the Company’s Unaudited Condensed Consolidated Balance Sheets as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

Property, plant and equipment, net

 

$

2.2

 

 

$

2.9

 

 

 

 

 

 

 

 

Accrued liabilities

 

$

1.6

 

 

$

2.8

 

Other noncurrent liabilities

 

 

0.2

 

 

 

0.2

 

Total

 

$

1.8

 

 

$

3.0

 
v3.25.2
Restructuring, Impairment and Other Charges, net (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Restructuring, Impairment and Other Charges by Segment Recognized in Results of Operations

For the three months ended June 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

Capital Markets - Compliance and Communications Management

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Investment Companies - Software Solutions

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Investment Companies - Compliance and Communications Management

 

 

0.4

 

 

 

—

 

 

 

0.4

 

Corporate

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

0.9

 

 

$

0.1

 

 

$

1.0

 

 

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Capital Markets - Compliance and Communications Management

 

 

0.8

 

 

 

—

 

 

 

0.8

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Total

 

$

1.2

 

 

$

0.1

 

 

$

1.3

 

For the six months ended June 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.6

 

 

$

—

 

 

$

0.6

 

Capital Markets - Compliance and Communications Management

 

 

1.7

 

 

 

0.1

 

 

 

1.8

 

Investment Companies - Software Solutions

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Investment Companies - Compliance and Communications Management

 

 

0.5

 

 

 

—

 

 

 

0.5

 

Corporate

 

 

0.3

 

 

 

0.1

 

 

 

0.4

 

Total

 

$

3.7

 

 

$

0.2

 

 

$

3.9

 

 

 

 

Employee Terminations

 

 

Other Charges

 

 

Total

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

0.3

 

 

$

—

 

 

$

0.3

 

Capital Markets - Compliance and Communications Management

 

 

1.3

 

 

 

0.1

 

 

 

1.4

 

Investment Companies - Software Solutions

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Investment Companies - Compliance and Communications Management

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Corporate

 

 

1.1

 

 

 

0.1

 

 

 

1.2

 

Total

 

$

2.9

 

 

$

0.2

 

 

$

3.1

 
Employee Severance  
Schedule of Changes in the Employee Terminations Liability

The Company’s employee terminations liability is included in accrued liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the six months ended June 30, 2025 were as follows:

 

 

Employee Terminations

 

Balance at December 31, 2024

 

$

1.8

 

Restructuring charges, net

 

 

3.7

 

Cash paid

 

 

(4.4

)

Balance at June 30, 2025

 

$

1.1

 
v3.25.2
Retirement Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Components of Estimated Net Periodic Benefit Expense (Income)

The components of estimated net pension plan expense (income) for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

2.5

 

 

$

2.7

 

 

$

5.1

 

 

$

5.5

 

Expected return on assets

 

 

(2.5

)

 

 

(3.3

)

 

 

(5.0

)

 

 

(6.7

)

Amortization, net

 

 

0.4

 

 

 

0.3

 

 

 

0.8

 

 

 

0.6

 

Net pension plan expense (income)

 

$

0.4

 

 

$

(0.3

)

 

$

0.9

 

 

$

(0.6

)

 
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Company's Debt

The Company’s debt as of June 30, 2025 and December 31, 2024 consisted of the following:

 

 

June 30, 2025

 

 

December 31, 2024

 

Term Loan A Facility

 

$

113.6

 

 

$

125.0

 

Borrowings under the Revolving Facility

 

 

77.0

 

 

 

—

 

Unamortized debt issuance costs

 

 

(0.5

)

 

 

(0.3

)

Total debt

 

 

190.1

 

 

 

124.7

 

Less: current portion of long-term debt

 

 

5.8

 

 

 

—

 

Long-term debt

 

$

184.3

 

 

$

124.7

 
Summary of Interest Expense

The following table summarizes interest expense, net included on the Unaudited Condensed Consolidated Statements of Operations:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest incurred

 

$

4.1

 

 

$

4.3

 

 

$

7.4

 

 

$

8.6

 

Interest income, net of loss on debt extinguishment

 

 

(0.3

)

 

 

(0.6

)

 

 

(0.5

)

 

 

(1.3

)

Interest expense, net

 

$

3.8

 

 

$

3.7

 

 

$

6.9

 

 

$

7.3

 
v3.25.2
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Reconciliation of Numerator and Denominator of Net Earnings per Basic and Diluted Share Calculations and Anti-dilutive Share Based Awards

The reconciliation of the numerator and denominator of the net earnings per basic and diluted share calculations and the anti-dilutive share based awards for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.30

 

 

$

1.50

 

 

$

2.38

 

 

$

2.63

 

Diluted

 

$

1.28

 

 

$

1.47

 

 

$

2.33

 

 

$

2.56

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

36.1

 

 

$

44.1

 

 

$

67.1

 

 

$

77.4

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding

 

 

27.7

 

 

 

29.4

 

 

 

28.2

 

 

 

29.4

 

Dilutive awards

 

 

0.5

 

 

 

0.6

 

 

 

0.6

 

 

 

0.8

 

Diluted weighted-average number of common shares outstanding

 

 

28.2

 

 

 

30.0

 

 

 

28.8

 

 

 

30.2

 

Weighted-average number of anti-dilutive share-based awards:

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units

 

 

0.1

 

 

 

—

 

 

 

0.2

 

 

 

0.1

 
v3.25.2
Capital Stock (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Summary of Stock Repurchases

The Company’s stock repurchases, excluding associated excise taxes, for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Common stock repurchases

 

$

34.3

 

 

$

19.2

 

 

$

76.1

 

 

$

28.0

 

Number of shares repurchased

 

 

787,152

 

 

 

317,388

 

 

 

1,648,453

 

 

 

457,281

 

Average price paid per share

 

$

43.56

 

 

$

60.65

 

 

$

46.18

 

 

$

61.25

 
v3.25.2
Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense Allocated to Each Component

The components of other comprehensive income (loss) and income tax expense allocated to each component for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2025

 

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

Translation adjustments

 

$

1.4

 

 

$

—

 

 

$

1.4

 

 

$

1.7

 

 

$

—

 

 

$

1.7

 

Adjustment for net periodic pension and other postretirement benefits plans

 

 

0.4

 

 

 

0.1

 

 

 

0.3

 

 

 

0.8

 

 

 

0.2

 

 

 

0.6

 

Other comprehensive income

 

$

1.8

 

 

$

0.1

 

 

$

1.7

 

 

$

2.5

 

 

$

0.2

 

 

$

2.3

 

 

 

Three Months Ended June 30, 2024

 

 

Six Months Ended June 30, 2024

 

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

 

Before Tax

 

 

Income Tax

 

 

Net of Tax

 

Translation adjustments

 

$

(0.1

)

 

$

—

 

 

$

(0.1

)

 

$

(0.6

)

 

$

—

 

 

$

(0.6

)

Adjustment for net periodic pension and other postretirement benefits plans

 

 

0.3

 

 

 

0.1

 

 

 

0.2

 

 

 

0.6

 

 

 

0.2

 

 

 

0.4

 

Other comprehensive income (loss)

 

$

0.2

 

 

$

0.1

 

 

$

0.1

 

 

$

—

 

 

$

0.2

 

 

$

(0.2

)
Schedule of Changes in Accumulated Other Comprehensive Loss

The following tables summarize changes in accumulated other comprehensive loss by component for the three months ended June 30, 2025 and 2024:

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at March 31, 2025

 

$

(66.1

)

 

$

(15.2

)

 

$

(81.3

)

Other comprehensive income before reclassifications

 

 

—

 

 

 

1.4

 

 

 

1.4

 

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.4

 

 

 

—

 

 

 

0.4

 

Less: Income tax expense

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Reclassifications, net of tax

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Net change in accumulated other comprehensive loss

 

 

0.3

 

 

 

1.4

 

 

 

1.7

 

Balance at June 30, 2025

 

$

(65.8

)

 

$

(13.8

)

 

$

(79.6

)

 

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at March 31, 2024

 

$

(63.5

)

 

$

(14.7

)

 

$

(78.2

)

Other comprehensive loss before reclassifications

 

 

—

 

 

 

(0.5

)

 

 

(0.5

)

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Reclassification of translation adjustment

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Less: Income tax expense

 

 

0.1

 

 

 

0.1

 

 

 

0.2

 

Reclassifications, net of tax

 

 

0.2

 

 

 

0.4

 

 

 

0.6

 

Net change in accumulated other comprehensive loss

 

 

0.2

 

 

 

(0.1

)

 

 

0.1

 

Balance at June 30, 2024

 

$

(63.3

)

 

$

(14.8

)

 

$

(78.1

)

 

(a)
These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).

 

The following tables summarize changes in accumulated other comprehensive loss by component for the six months ended June 30, 2025 and 2024:

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at December 31, 2024

 

$

(66.4

)

 

$

(15.5

)

 

$

(81.9

)

Other comprehensive income before reclassifications

 

 

—

 

 

 

1.7

 

 

 

1.7

 

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.8

 

 

 

—

 

 

 

0.8

 

Less: Income tax expense

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Reclassifications, net of tax

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Net change in accumulated other comprehensive loss

 

 

0.6

 

 

 

1.7

 

 

 

2.3

 

Balance at June 30, 2025

 

$

(65.8

)

 

$

(13.8

)

 

$

(79.6

)

 

 

 

Pension and Other Postretirement Benefits Plans

 

 

Translation Adjustments

 

 

Total

 

Balance at December 31, 2023

 

$

(63.7

)

 

$

(14.2

)

 

$

(77.9

)

Other comprehensive loss before reclassifications

 

 

—

 

 

 

(1.0

)

 

 

(1.0

)

Reclassifications, net of tax:

 

 

 

 

 

 

 

 

 

Amortization of net actuarial loss (a)

 

 

0.6

 

 

 

—

 

 

 

0.6

 

Reclassification of translation adjustment

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Less: Income tax expense

 

 

0.2

 

 

 

0.1

 

 

 

0.3

 

Reclassifications, net of tax

 

 

0.4

 

 

 

0.4

 

 

 

0.8

 

Net change in accumulated other comprehensive loss

 

 

0.4

 

 

 

(0.6

)

 

 

(0.2

)

Balance at June 30, 2024

 

$

(63.3

)

 

$

(14.8

)

 

$

(78.1

)

 

(a)
These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

The following tables include selected financial data for the Company’s reportable segments for the three and six months ended June 30, 2025 and 2024:

 

 

Capital Markets - Software Solutions

 

 

Capital Markets - Compliance and Communications Management

 

 

Investment Companies - Software Solutions

 

 

Investment Companies - Compliance and Communications Management

 

 

Total

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

59.1

 

 

$

93.5

 

 

$

33.1

 

 

$

32.4

 

 

$

218.1

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

13.6

 

 

 

37.0

 

 

 

12.8

 

 

 

15.8

 

 

 

 

SG&A expenses (a)

 

 

23.2

 

 

 

19.6

 

 

 

6.0

 

 

 

4.0

 

 

 

 

Other segment items (a)

 

 

(0.1

)

 

 

0.1

 

 

 

0.1

 

 

 

—

 

 

 

 

Segment Adjusted EBITDA

 

$

22.4

 

 

$

36.8

 

 

$

14.2

 

 

$

12.6

 

 

$

86.0

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9.7

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(1.0

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.5

)

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15.1

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.8

)

Investment and other loss, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

48.7

 

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

57.3

 

 

$

113.8

 

 

$

28.3

 

 

$

43.3

 

 

$

242.7

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

13.7

 

 

 

41.1

 

 

 

11.6

 

 

 

20.4

 

 

 

 

SG&A expenses (a)

 

 

22.4

 

 

 

26.9

 

 

 

5.7

 

 

 

4.6

 

 

 

 

Other segment items (a)

 

 

—

 

 

 

—

 

 

 

(0.1

)

 

 

—

 

 

 

 

Segment Adjusted EBITDA

 

$

21.2

 

 

$

45.8

 

 

$

11.1

 

 

$

18.3

 

 

$

96.4

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9.2

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(1.3

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.4

)

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14.3

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.7

)

Investment and other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61.2

 

 

(a)
The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
(b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.

 

 

 

Capital Markets - Software Solutions

 

 

Capital Markets - Compliance and Communications Management

 

 

Investment Companies - Software Solutions

 

 

Investment Companies - Compliance and Communications Management

 

 

Total

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

111.0

 

 

$

177.4

 

 

$

65.8

 

 

$

65.0

 

 

$

419.2

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

27.9

 

 

 

67.4

 

 

 

26.1

 

 

 

32.0

 

 

 

 

SG&A expenses (a)

 

 

46.8

 

 

 

36.5

 

 

 

12.7

 

 

 

8.2

 

 

 

 

Segment Adjusted EBITDA

 

$

36.3

 

 

$

73.5

 

 

$

27.0

 

 

$

24.8

 

 

$

161.6

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.1

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(3.9

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13.5

)

Gain on sale of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29.2

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6.9

)

Investment and other loss, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

90.9

 

 

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

110.3

 

 

$

204.9

 

 

$

55.6

 

 

$

75.3

 

 

$

446.1

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (a)

 

 

28.5

 

 

 

75.5

 

 

 

24.1

 

 

 

39.3

 

 

 

 

SG&A expenses (a)

 

 

44.8

 

 

 

52.2

 

 

 

12.4

 

 

 

9.5

 

 

 

 

Segment Adjusted EBITDA

 

$

37.0

 

 

$

77.2

 

 

$

19.1

 

 

$

26.5

 

 

$

159.8

 

Reconciliation of total Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17.4

)

Restructuring, impairment and other charges, net

 

 

 

 

 

 

 

 

 

 

 

 

(3.1

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12.5

)

Gain on sale of long-lived assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.8

 

Non-income tax, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

Gain on investments in equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28.2

)

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7.3

)

Investment and other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Earnings before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

102.6

 

 

(a)
The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales and segment SG&A expenses were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
(b)
Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

7.7

 

 

$

6.7

 

 

$

14.7

 

 

$

13.2

 

Capital Markets - Compliance and Communications Management

 

 

1.7

 

 

 

2.0

 

 

 

3.1

 

 

 

4.1

 

Investment Companies - Software Solutions

 

 

4.7

 

 

 

4.4

 

 

 

9.5

 

 

 

8.6

 

Investment Companies - Compliance and Communications Management

 

 

1.0

 

 

 

1.2

 

 

 

1.9

 

 

 

2.3

 

Total operating segments

 

 

15.1

 

 

 

14.3

 

 

 

29.2

 

 

 

28.2

 

Corporate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

15.1

 

 

$

14.3

 

 

$

29.2

 

 

$

28.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets - Software Solutions

 

$

8.5

 

 

$

10.7

 

 

$

14.7

 

 

$

14.4

 

Capital Markets - Compliance and Communications Management

 

 

2.4

 

 

 

1.9

 

 

 

4.4

 

 

 

3.8

 

Investment Companies - Software Solutions

 

 

4.3

 

 

 

5.9

 

 

 

8.8

 

 

 

11.0

 

Investment Companies - Compliance and Communications Management

 

 

0.6

 

 

 

0.7

 

 

 

1.1

 

 

 

1.8

 

Total operating segments

 

 

15.8

 

 

 

19.2

 

 

 

29.0

 

 

 

31.0

 

Corporate

 

 

0.9

 

 

 

0.2

 

 

 

1.0

 

 

 

0.7

 

Total

 

$

16.7

 

 

$

19.4

 

 

$

30.0

 

 

$

31.7

 
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies - Summary of Current Expected Credit Loss Reserve (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Receivables [Abstract]    
Balance, beginning of year $ 25.0 $ 18.9
Provisions charged to expense 4.8 10.1
Write-offs, reclassifications and other (4.2) (4.5)
Balance, end of period $ 25.6 $ 24.5
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies - Summary of Current Expected Credit Loss Reserve (Details 1) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Receivables [Abstract]        
Provision for accounts receivable $ 25.0 $ 24.6    
Provision of unbilled receivables and contract assets 0.6 0.4    
Total $ 25.6 $ 25.0 $ 24.5 $ 18.9
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies - Components of Company's Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross $ 71.5 $ 71.4
Less: Accumulated depreciation (64.0) (62.5)
Total 7.5 8.9
Land    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 0.3 0.3
Buildings    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross 15.1 15.1
Machinery and Equipment    
Property Plant And Equipment [Line Items]    
Property, plant and equipment, gross $ 56.1 $ 56.0
v3.25.2
Overview, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 29, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Line Items]              
Proceeds from the sale of land $ 13.2            
Proceeds from Sale of Property, Plant, and Equipment       $ 12.4 $ 0.0 $ 12.4  
Net pre-tax gain on sale $ 10.6         9.8  
Depreciation expense   $ 1.3 $ 1.5   2.5 3.3  
Equity Securities              
Organization Consolidation And Presentation Of Financial Statements [Line Items]              
Equity investments carrying value   $ 6.3     $ 6.3   $ 5.8
Computer Software, Intangible Asset              
Organization Consolidation And Presentation Of Financial Statements [Line Items]              
Estimated useful life of amortized intangible assets   3 years     3 years    
Amortization expense related to internally-developed software   $ 13.8 $ 12.8   $ 26.7 $ 24.9  
v3.25.2
Revenue - Schedule of Disaggregation of Revenue between Software Solutions, Tech-Enabled Services and Print and Distribution by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total $ 218.1 $ 242.7 $ 419.2 $ 446.1
Software Solutions        
Total 92.2 85.6 176.8 165.9
Tech-enabled Services        
Total 85.2 102.2 161.7 185.1
Print and Distribution        
Total 40.7 54.9 80.7 95.1
Capital Markets - Software Solutions        
Total 59.1 57.3 111.0 110.3
Capital Markets - Software Solutions | Software Solutions        
Total 59.1 57.3 111.0 110.3
Capital Markets - Software Solutions | Tech-enabled Services        
Total 0.0 0.0 0.0 0.0
Capital Markets - Software Solutions | Print and Distribution        
Total 0.0 0.0 0.0 0.0
Capital Markets - Compliance and Communications Management        
Total 93.5 113.8 177.4 204.9
Capital Markets - Compliance and Communications Management | Software Solutions        
Total 0.0 0.0 0.0 0.0
Capital Markets - Compliance and Communications Management | Tech-enabled Services        
Total 65.6 81.3 125.4 147.3
Capital Markets - Compliance and Communications Management | Print and Distribution        
Total 27.9 32.5 52.0 57.6
Investment Companies - Software Solutions        
Total 33.1 28.3 65.8 55.6
Investment Companies - Software Solutions | Software Solutions        
Total 33.1 28.3 65.8 55.6
Investment Companies - Software Solutions | Tech-enabled Services        
Total 0.0 0.0 0.0 0.0
Investment Companies - Software Solutions | Print and Distribution        
Total 0.0 0.0 0.0 0.0
Investment Companies - Compliance and Communications Management        
Total 32.4 43.3 65.0 75.3
Investment Companies - Compliance and Communications Management | Software Solutions        
Total 0.0 0.0 0.0 0.0
Investment Companies - Compliance and Communications Management | Tech-enabled Services        
Total 19.6 20.9 36.3 37.8
Investment Companies - Compliance and Communications Management | Print and Distribution        
Total $ 12.8 $ 22.4 $ 28.7 $ 37.5
v3.25.2
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenue Recognition [Abstract]          
Contract assets $ 15.0   $ 15.0   $ 13.8
Invoiced to customers amount that exceeded estimates of standalone selling price 8.8 $ 13.3 16.6 $ 15.8  
Unbilled receivables 42.5   42.5   24.1
Contract liabilities 61.9   61.9   $ 52.9
Revenue recognized included in deferred revenue $ 16.5 $ 9.2 $ 37.5 $ 28.3  
v3.25.2
Revenue (Additional Information 1) (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-30
$ in Millions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue remaining performance obligation $ 165
Revenue remaining performance obligation percentage 50.00%
Revenue remaining performance obligation expected timing of satisfaction period1 12 months
v3.25.2
Goodwill - Balances of Goodwill by Reporting Segment (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Gross book value   $ 446.0
Accumulated impairment charges   (40.6)
Goodwill, beginning balance $ 405.4  
Foreign exchange adjustments 0.5  
Goodwill, ending balance 405.9  
Capital Markets - Software Solutions    
Goodwill [Line Items]    
Gross book value   99.9
Accumulated impairment charges   0.0
Goodwill, beginning balance 99.9  
Foreign exchange adjustments 0.1  
Goodwill, ending balance 100.0  
Capital Markets - Compliance and Communications Management    
Goodwill [Line Items]    
Gross book value   252.5
Accumulated impairment charges   0.0
Goodwill, beginning balance 252.5  
Foreign exchange adjustments 0.3  
Goodwill, ending balance 252.8  
Investment Companies - Software Solutions    
Goodwill [Line Items]    
Gross book value   53.0
Accumulated impairment charges   0.0
Goodwill, beginning balance 53.0  
Foreign exchange adjustments 0.1  
Goodwill, ending balance 53.1  
Investment Companies - Compliance and Communications Management    
Goodwill [Line Items]    
Gross book value   40.6
Accumulated impairment charges   $ (40.6)
Goodwill, beginning balance 0.0  
Foreign exchange adjustments 0.0  
Goodwill, ending balance $ 0.0  
v3.25.2
Leases - Summary of Payments Related to Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Cash paid related to operating leases $ 2.6 $ 3.8 $ 5.5 $ 7.7
Cash paid related to finance leases $ 0.8 $ 0.8 $ 1.7 $ 1.4
v3.25.2
Leases - Summary of Components of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease expense $ 1.8 $ 2.5 $ 3.7 $ 4.9
Sublease income (0.9) (1.1) (1.8) (2.2)
Net operating lease expense 0.9 1.4 1.9 2.7
Amortization of right-of-use assets 0.6 0.7 1.1 1.3
Interest on lease liabilities 0.0 0.0 0.1 0.1
Total finance lease expense $ 0.6 $ 0.7 $ 1.2 $ 1.4
v3.25.2
Leases - Summary of Company's Finance Leases Presented on Unaudited Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Property, plant and equipment, net $ 2.2 $ 2.9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Accrued liabilities $ 1.6 $ 2.8
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities, Current Accrued Liabilities, Current
Other noncurrent liabilities $ 0.2 $ 0.2
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Finance Lease, Liability, Total $ 1.8 $ 3.0
v3.25.2
Restructuring, Impairment and Other Charges, net - Schedule of Restructuring, Impairment and Other Charges by Segment Recognized in Results of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost And Reserve [Line Items]        
Employee Terminations $ 0.9 $ 1.2 $ 3.7 $ 2.9
Other Charges 0.1 0.1 0.2 0.2
Total 1.0 1.3 3.9 3.1
Operating Segments | Capital Markets - Software Solutions        
Restructuring Cost And Reserve [Line Items]        
Employee Terminations   0.3 0.6 0.3
Other Charges   0.0 0.0 0.0
Total   0.3 0.6 0.3
Operating Segments | Capital Markets - Compliance and Communications Management        
Restructuring Cost And Reserve [Line Items]        
Employee Terminations 0.3 0.8 1.7 1.3
Other Charges 0.0 0.0 0.1 0.1
Total 0.3 0.8 1.8 1.4
Operating Segments | Investment Companies - Software Solutions        
Restructuring Cost And Reserve [Line Items]        
Employee Terminations 0.2   0.6 0.1
Other Charges 0.0   0.0 0.0
Total 0.2   0.6 0.1
Operating Segments | Investment Companies - Compliance and Communications Management        
Restructuring Cost And Reserve [Line Items]        
Employee Terminations 0.4 0.1 0.5 0.1
Other Charges 0.0 0.0 0.0 0.0
Total 0.4 0.1 0.5 0.1
Corporate        
Restructuring Cost And Reserve [Line Items]        
Employee Terminations 0.0 0.0 0.3 1.1
Other Charges 0.1 0.1 0.1 0.1
Total $ 0.1 $ 0.1 $ 0.4 $ 1.2
v3.25.2
Restructuring, Impairment and Other Charges, net - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Employee
Jun. 30, 2024
USD ($)
Employee
Jun. 30, 2025
USD ($)
Employee
Jun. 30, 2024
USD ($)
Employee
Restructuring and Related Activities [Abstract]        
Employee Terminations | $ $ 0.9 $ 1.2 $ 3.7 $ 2.9
Number of employees used to determine employee termination costs | Employee 10 20 50 30
v3.25.2
Restructuring, Impairment and Other Charges, net - Schedule of Changes in the Employee Terminations Liability (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost And Reserve [Line Items]        
Restructuring charges, net $ 0.9 $ 1.2 $ 3.7 $ 2.9
Employee Severance        
Restructuring Cost And Reserve [Line Items]        
Balance at the beginning     1.8  
Restructuring charges, net     3.7  
Cash paid     (4.4)  
Balance at the end $ 1.1   $ 1.1  
v3.25.2
Retirement Plans - Components of Estimated Net Periodic Benefit Expense (Income) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Retirement Benefits [Abstract]        
Interest cost $ 2.5 $ 2.7 $ 5.1 $ 5.5
Expected return on assets (2.5) (3.3) (5.0) (6.7)
Amortization, net 0.4 0.3 0.8 0.6
Net pension plan expense (income) $ 0.4 $ (0.3) $ 0.9 $ (0.6)
v3.25.2
Debt - Schedule of the Company's Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Unamortized debt issuance costs $ (0.5) $ (0.3)
Total debt 190.1 124.7
Less: current portion of long-term debt 5.8 0.0
Long-term debt 184.3 124.7
Term Loan A Facility    
Debt Instrument [Line Items]    
Term loan facility 113.6 125.0
Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowings under the Revolving Facility $ 77.0 $ 0.0
v3.25.2
Debt - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 13, 2025
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Debt Instrument [Line Items]        
Long-term debt   $ 190.1 $ 124.7  
Revolving Credit Facility        
Debt Instrument [Line Items]        
Borrowings under the Revolving Facility   $ 77.0 0.0  
Weighted average interest rate on borrowing   6.70%   7.70%
Term Loan A Facility        
Debt Instrument [Line Items]        
Borrowings under Term Loan A Facility   $ 113.6 125.0  
Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Maximum | Term Loan A Facility        
Debt Instrument [Line Items]        
Debt instrument basis spread on variable rate   2.50%    
Minimum        
Debt Instrument [Line Items]        
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]   us-gaap:SecuredOvernightFinancingRateSofrMember    
Minimum | Term Loan A Facility        
Debt Instrument [Line Items]        
Debt instrument basis spread on variable rate   2.00%    
Amended and Restated Credit Agreement        
Debt Instrument [Line Items]        
Credit facility $ 300.0      
Allowable annual dividend payment under credit agreement $ 20.0      
Maturity date Mar. 13, 2030      
Amended and Restated Credit Agreement | Term Loan A Facility        
Debt Instrument [Line Items]        
Long-term debt $ 115.0      
Fair value of senior notes   $ 113.3    
Frequency of interest payable   quarterly    
Quarterly installment payments of term loan as a percentage of original principal, First Three Years   1.25%    
Quarterly installment payments of term loan as a percentage of original principal, After Year Three   2.50%    
Weighted average interest rate on borrowing   6.50%    
Amended and Restated Credit Agreement | Delayed-Draw Term Loan A Facility        
Debt Instrument [Line Items]        
Fair value of senior notes     $ 125.0  
Weighted average interest rate on borrowing       7.40%
v3.25.2
Debt - Summary of Interest Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instruments [Abstract]        
Interest incurred $ 4.1 $ 4.3 $ 7.4 $ 8.6
Interest income, net of loss on debt extinguishment (0.3) (0.6) (0.5) (1.3)
Interest expense, net $ 3.8 $ 3.7 $ 6.9 $ 7.3
v3.25.2
Earnings per Share - Reconciliation of Numerator and Denominator of Net Earnings per Basic and Diluted Share Calculations and Anti-dilutive Share Based Awards (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share Basic And Diluted [Line Items]        
Basic $ 1.3 $ 1.5 $ 2.38 $ 2.63
Diluted $ 1.28 $ 1.47 $ 2.33 $ 2.56
Net earnings $ 36.1 $ 44.1 $ 67.1 $ 77.4
Weighted average number of common shares outstanding 27.7 29.4 28.2 29.4
Dilutive awards 0.5 0.6 0.6 0.8
Diluted weighted average number of common shares outstanding 28.2 30.0 28.8 30.2
Restricted stock units        
Earnings Per Share Basic And Diluted [Line Items]        
Total weighted average number of anti-dilutive share-based awards 0.1 0.0 0.2 0.1
v3.25.2
Capital Stock - Additional Information (Details) - USD ($)
May 15, 2025
Nov. 14, 2023
Jun. 30, 2025
Dec. 31, 2024
Class Of Stock [Line Items]        
Common stock, Authorized     65,000,000 65,000,000
Common stock, par value     $ 0.01 $ 0.01
Preferred stock, authorized     1,000,000 1,000,000
Preferred stock, par value     $ 0.01 $ 0.01
Common Stock        
Class Of Stock [Line Items]        
Outstanding common stock value authorized to repurchase under stock repurchase program $ 150,000,000 $ 150,000,000 $ 150,000,000  
Stock Repurchase Program Expiration Date Dec. 31, 2026 Dec. 31, 2025    
v3.25.2
Capital Stock - Summary of Stock Repurchases (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity [Abstract]        
Common stock repurchases $ 34.3 $ 19.2 $ 76.1 $ 28.0
Number of shares repurchased 787,152 317,388 1,648,453 457,281
Average price paid per share $ 43.56 $ 60.65 $ 46.18 $ 61.25
v3.25.2
Comprehensive Income - Schedule of Components of Other Comprehensive Income (Loss) and Income Tax Expense Allocated to Each Component (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Other comprehensive income (loss), Before Tax Amount $ 1.8 $ 0.2 $ 2.5 $ 0.0
Other comprehensive income (loss), Income Tax Expense 0.1 0.1 0.2 0.2
Other comprehensive income (loss), net of tax 1.7 0.1 2.3 (0.2)
Translation Adjustments        
Accumulated Other Comprehensive Income Loss [Line Items]        
Other comprehensive income (loss), Before Tax Amount 1.4 (0.1) 1.7 (0.6)
Other comprehensive income (loss), Income Tax Expense 0.0 0.0 0.0 0.0
Other comprehensive income (loss), net of tax 1.4 (0.1) 1.7 (0.6)
Adjustment for Net Periodic Pension and Other Postretirement Benefits Plans        
Accumulated Other Comprehensive Income Loss [Line Items]        
Other comprehensive income (loss), Before Tax Amount 0.4 0.3 0.8 0.6
Other comprehensive income (loss), Income Tax Expense 0.1 0.1 0.2 0.2
Other comprehensive income (loss), net of tax $ 0.3 $ 0.2 $ 0.6 $ 0.4
v3.25.2
Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance $ 419.9 $ 408.9 $ 436.1 $ 402.2
Balance 432.1 441.5 432.1 441.5
Pension and Other Postretirement Benefits Plans Cost        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance (66.1) (63.5) (66.4) (63.7)
Other comprehensive income (loss) before reclassifications 0.0 0.0 0.0 0.0
Amortization of net actuarial loss [1] 0.4 0.3 0.8 0.6
Reclassification of translation adjustment   0.0   0.0
Less: Income tax expense 0.1 0.1 0.2 0.2
Reclassifications, net of tax 0.3 0.2 0.6 0.4
Net change in accumulated other comprehensive loss 0.3 0.2 0.6 0.4
Balance (65.8) (63.3) (65.8) (63.3)
Translation Adjustments        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance (15.2) (14.7) (15.5) (14.2)
Other comprehensive income (loss) before reclassifications 1.4 (0.5) 1.7 (1.0)
Amortization of net actuarial loss [1] 0.0 0.0 0.0 0.0
Reclassification of translation adjustment   0.5   0.5
Less: Income tax expense 0.0 0.1 0.0 0.1
Reclassifications, net of tax 0.0 0.4 0.0 0.4
Net change in accumulated other comprehensive loss 1.4 (0.1) 1.7 (0.6)
Balance (13.8) (14.8) (13.8) (14.8)
Accumulated Other Comprehensive Loss        
Accumulated Other Comprehensive Income Loss [Line Items]        
Balance (81.3) (78.2) (81.9) (77.9)
Other comprehensive income (loss) before reclassifications 1.4 (0.5) 1.7 (1.0)
Amortization of net actuarial loss [1] 0.4 0.3 0.8 0.6
Reclassification of translation adjustment   0.5   0.5
Less: Income tax expense 0.1 0.2 0.2 0.3
Reclassifications, net of tax 0.3 0.6 0.6 0.8
Net change in accumulated other comprehensive loss 1.7 0.1 2.3 (0.2)
Balance $ (79.6) $ (78.1) $ (79.6) $ (78.1)
[1] These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).
v3.25.2
Segment Information - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
Segment
Segment Reporting [Abstract]  
Number of operating segments 4
Number of reportable segments 4
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Segment Adjusted EBITDA is reviewed to monitor budget versus actual results, analyze historical trends in assessing performance and identify actions required to improve profitability. Segment Adjusted EBITDA is defined as earnings before interest expense, net, income tax expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections below, which management believes are not indicative of ongoing operations and segment performance.
Segment Reporting, Expense Information Used by CODM, Description As the CODM does not review segment assets to evaluate segment performance, segment assets are not disclosed.
v3.25.2
Segment Information - Summary of Significant Segment Expenses and Other Segment Items (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Net sales $ 218.1 $ 242.7 $ 419.2 $ 446.1
Restructuring, impairment and other charges, net (1.0) (1.3) (3.9) (3.1)
Share-based compensation expense (7.5) (7.4) (13.5) (12.5)
Gain on sale of long-lived assets     0.5 9.8
Non-income tax, net 0.1 0.3 0.2 0.7
Gain on investments in equity securities 0.1 0.3 0.1 0.4
Depreciation and amortization (15.1) (14.3) (29.2) (28.2)
Interest expense, net (3.8) (3.7) (6.9) (7.3)
Investment and other income (loss), net (0.4) 0.1 (0.9) 0.4
Earnings before income taxes 48.7 61.2 90.9 102.6
Capital Markets - Software Solutions        
Segment Reporting Information [Line Items]        
Net sales 59.1 57.3 111.0 110.3
Capital Markets - Compliance and Communications Management        
Segment Reporting Information [Line Items]        
Net sales 93.5 113.8 177.4 204.9
Investment Companies - Software Solutions        
Segment Reporting Information [Line Items]        
Net sales 33.1 28.3 65.8 55.6
Investment Companies - Compliance and Communications Management        
Segment Reporting Information [Line Items]        
Net sales 32.4 43.3 65.0 75.3
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 218.1 242.7 419.2 446.1
Depreciation and amortization (15.1) (14.3) (29.2) (28.2)
Operating Segments | Capital Markets - Software Solutions        
Segment Reporting Information [Line Items]        
Net sales 59.1 57.3 111.0 110.3
Cost of sales 13.6 [1] 13.7 [1] 27.9 [2] 28.5 [2]
SG&A expenses 23.2 [1] 22.4 [1] 46.8 [2] 44.8 [2]
Other segment items [1] (0.1) 0.0    
Segment Adjusted EBITDA, Total 22.4 21.2 36.3 37.0
Restructuring, impairment and other charges, net   (0.3) (0.6) (0.3)
Depreciation and amortization (7.7) (6.7) (14.7) (13.2)
Operating Segments | Capital Markets - Compliance and Communications Management        
Segment Reporting Information [Line Items]        
Net sales 93.5 113.8 177.4 204.9
Cost of sales 37.0 [1] 41.1 [1] 67.4 [2] 75.5 [2]
SG&A expenses 19.6 [1] 26.9 [1] 36.5 [2] 52.2 [2]
Other segment items [1] 0.1 0.0    
Segment Adjusted EBITDA, Total 36.8 45.8 73.5 77.2
Restructuring, impairment and other charges, net (0.3) (0.8) (1.8) (1.4)
Depreciation and amortization (1.7) (2.0) (3.1) (4.1)
Operating Segments | Investment Companies - Software Solutions        
Segment Reporting Information [Line Items]        
Net sales 33.1 28.3 65.8 55.6
Cost of sales 12.8 [1] 11.6 [1] 26.1 [2] 24.1 [2]
SG&A expenses 6.0 [1] 5.7 [1] 12.7 [2] 12.4 [2]
Other segment items [1] 0.1 (0.1)    
Segment Adjusted EBITDA, Total 14.2 11.1 27.0 19.1
Restructuring, impairment and other charges, net (0.2)   (0.6) (0.1)
Depreciation and amortization (4.7) (4.4) (9.5) (8.6)
Operating Segments | Investment Companies - Compliance and Communications Management        
Segment Reporting Information [Line Items]        
Net sales 32.4 43.3 65.0 75.3
Cost of sales 15.8 [1] 20.4 [1] 32.0 [2] 39.3 [2]
SG&A expenses 4.0 [1] 4.6 [1] 8.2 [2] 9.5 [2]
Other segment items [1] 0.0 0.0    
Segment Adjusted EBITDA, Total 12.6 18.3 24.8 26.5
Restructuring, impairment and other charges, net (0.4) (0.1) (0.5) (0.1)
Depreciation and amortization (1.0) (1.2) (1.9) (2.3)
Operating Segments | Reportable Segment, Aggregation before Other Operating Segment [Member]        
Segment Reporting Information [Line Items]        
Segment Adjusted EBITDA, Total 86.0 96.4 161.6 159.8
Corporate        
Segment Reporting Information [Line Items]        
Corporate (9.7) [3] (9.2) [3] (17.1) [4] (17.4) [4]
Restructuring, impairment and other charges, net (0.1) (0.1) (0.4) (1.2)
Depreciation and amortization $ 0.0 $ 0.0 $ 0.0 $ 0.0
[1] The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
[2] The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales and segment SG&A expenses were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
[3] Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
[4] Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
v3.25.2
Segment Information - Summary of Significant Segment Expenses and Other Segment Items (Parenthetical) (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]        
Other segment items composition description The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales and segment SG&A expenses were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales and segment SG&A expenses were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.
v3.25.2
Segment Information - Schedule of Depreciation and Amortization, Assets and Capital Expenditures (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 15.1 $ 14.3 $ 29.2 $ 28.2
Capital expenditures 16.7 19.4 30.0 31.7
Operating Segments        
Segment Reporting Information [Line Items]        
Depreciation and amortization 15.1 14.3 29.2 28.2
Capital expenditures 15.8 19.2 29.0 31.0
Operating Segments | Capital Markets - Software Solutions        
Segment Reporting Information [Line Items]        
Depreciation and amortization 7.7 6.7 14.7 13.2
Capital expenditures 8.5 10.7 14.7 14.4
Operating Segments | Capital Markets - Compliance and Communications Management        
Segment Reporting Information [Line Items]        
Depreciation and amortization 1.7 2.0 3.1 4.1
Capital expenditures 2.4 1.9 4.4 3.8
Operating Segments | Investment Companies - Software Solutions        
Segment Reporting Information [Line Items]        
Depreciation and amortization 4.7 4.4 9.5 8.6
Capital expenditures 4.3 5.9 8.8 11.0
Operating Segments | Investment Companies - Compliance and Communications Management        
Segment Reporting Information [Line Items]        
Depreciation and amortization 1.0 1.2 1.9 2.3
Capital expenditures 0.6 0.7 1.1 1.8
Corporate        
Segment Reporting Information [Line Items]        
Depreciation and amortization 0.0 0.0 0.0 0.0
Capital expenditures $ 0.9 $ 0.2 $ 1.0 $ 0.7