Donnelley Financial Solutions reported net sales of $209.5 million, up 6.9% from the third quarter of 2019. Adjusted EBITDA increased by 53.1% to $47.6 million, with an adjusted EBITDA margin of 22.7%. The company saw growth in software solutions and a strong IPO market, which drove the increase in net sales.
Net sales increased by 6.9% year-over-year to $209.5 million.
Software solutions net sales reached a record $51.1 million, up 9.7% year-over-year.
Adjusted EBITDA increased by 53.1% year-over-year to $47.6 million, with a margin of 22.7%.
Operating cash flow increased by 25.0% year-over-year to $76.4 million, and free cash flow increased by 29.5% to $67.6 million.
The implementation of SEC Rule 30e-3, Rule 498A, and the Company’s exiting of certain printing and distribution relationships is expected to reduce the Company’s print-related net sales by approximately $130 million to $140 million, and the associated reduction in non-GAAP adjusted EBITDA is expected to be approximately $5 million to $10 million in 2021. The Company reaffirms these estimates at this time.
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