Donnelley Financial Solutions Inc (DFIN) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Donnelley Financial Solutions second-quarter earnings conference call. (Operator Instructions)

您好，感謝您的支持。我叫 Lacy，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Donnelley Financial Solutions 第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Mike Zhao, Head of Investor Relations. You may begin.

現在，我想將會議交給投資者關係主管 Mike Zhao。你可以開始了。

Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions Second Quarter 2025 Results Conference Call. This morning, we released our earnings report, including a set of supplemental trending schedules of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com.

謝謝。大家早安，感謝您參加 Donnelley Financial Solutions 2025 年第二季業績電話會議。今天早上，我們發布了收益報告，其中包括一組補充的歷史結果趨勢表，其副本可在我們網站 dfinsolutions.com 的投資者部分找到。

During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. For a complete discussion, please refer to the cautionary statements included in our earnings release and further detailed in our most recent annual report on Form 10-K, quarterly report on Form 10-Q and other filings with the SEC.

在本次電話會議中，我們將提及受風險和不確定性影響的前瞻性陳述。如需完整討論，請參閱我們的收益報告中包含的警示性聲明，以及我們最近的 10-K 表年度報告、10-Q 表季度報告和向美國證券交易委員會提交的其他文件中的詳細說明。

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

此外，我們將討論某些非 GAAP 財務訊息，例如調整後的 EBITDA 和調整後的 EBITDA 利潤率。我們相信，非公認會計準則財務資訊的呈現為您提供了有關公司持續經營的有用補充信息，並且是您評估公司業績的適當方式。

They are, however, provided for informational purposes only. Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information. I am joined this morning by Dan Leib, Dave Gardella and other members of management.

然而，它們僅供參考。請參閱收益報告和相關表格，以了解 GAAP 財務資訊以及 GAAP 與非 GAAP 財務資訊的對帳。今天上午，我與 Dan Leib、Dave Gardella 和其他管理層成員一起出席了會議。

I will now turn the call over to Dan.

我現在將電話轉給丹。

Thank you, Mike, and good morning, everyone. We delivered solid second quarter results, highlighted by record quarterly software solutions net sales, strong adjusted EBITDA margin and increases in both operating cash flow and free cash flow, all in the context of a challenging yet improving environment. We posted approximately 8% sales growth in our software solutions, including approximately 15% sales growth in our recurring compliance software offerings, all while continuing to drive operating efficiencies and investing further in our transformation. Our second quarter results once again demonstrated the resilience of our operating model and the sustainability of our performance as our business mix continues to evolve.

謝謝你，麥克，大家早安。我們取得了穩健的第二季度業績，其中突出的是創紀錄的季度軟體解決方案淨銷售額、強勁的調整後 EBITDA 利潤率以及經營現金流和自由現金流的增加，所有這些都是在充滿挑戰但正在改善的環境中實現的。我們的軟體解決方案銷售額成長了約 8%，其中經常性合規軟體產品的銷售額成長了約 15%，同時我們繼續提高營運效率並進一步投資於轉型。隨著業務組合的不斷發展，我們的第二季業績再次證明了我們的營運模式的彈性和業績的可持續性。

As we entered the second quarter, difficult operating conditions persisted for much of April, most acutely in our capital markets transactional offerings due to market uncertainty. As the quarter progressed, we saw improving trends, not only in market activity, but also with respect to our own results. This stabilization supported a strong sequential rebound in transactional activity and related results from April to May as well as from May to June. We are encouraged by the positive trajectory within the second quarter.

進入第二季度，四月的大部分時間經營狀況依然艱難，由於市場不確定性，我們的資本市場交易產品遭遇了最嚴重的困境。隨著本季的進展，我們看到了改善的趨勢，不僅在市場活動方面，而且在我們自己的業績方面。這種穩定性支持了 4 月至 5 月以及 5 月至 6 月交易活動和相關結果的強勁連續反彈。我們對第二季度的積極發展軌跡感到鼓舞。

A key area that reflects the success of our execution in the second quarter was our strong adjusted EBITDA margin performance. While the second quarter is a continuation of a prolonged multiyear downturn in capital markets transactional activity, our business remains fundamentally and substantially more profitable than it had been historically. Our second quarter adjusted EBITDA margin of 35% was the second highest quarterly EBITDA margin in our history, and trailing four-quarter EBITDA margin is 29.1% despite the ongoing headwinds of a weak transactional market.

反映我們第二季執行成功的關鍵領域是我們強勁的調整後 EBITDA 利潤率表現。儘管第二季是資本市場交易活動多年低迷的延續，但我們的業務從根本上仍然比歷史上更加盈利。我們第二季的調整後 EBITDA 利潤率為 35%，是我們歷史上第二高的季度 EBITDA 利潤率，儘管交易市場持續疲軟，但過去四個季度的 EBITDA 利潤率仍達到 29.1%。

Another area I would like to highlight is continued momentum in our software offerings, where we delivered year-over-year net sales growth of approximately 8% despite a slight decline in our largest software offering, Venue, which faced a tough comparison, having grown 38% in last year's second quarter. Software solutions made up 42.3% of total second quarter net sales, up approximately 700 basis points from last year's second quarter sales mix.

我想強調的另一個領域是我們的軟體產品持續保持成長勢頭，儘管我們最大的軟體產品 Venue 略有下滑，但我們的淨銷售額同比增長了約 8%，而 Venue 面臨著嚴峻的競爭壓力，去年第二季度增長了 38%。軟體解決方案佔第二季淨銷售額的 42.3%，比去年第二季的銷售結構高出約 700 個基點。

As a reminder, the second quarter, largely due to the annual meeting and proxy season, historically represents our largest quarter overall, yet represents a seasonal low for software as a percentage of revenue. On a trailing 4-quarter basis, software solutions comprised 45.1% of total net sales, an increase of approximately 610 basis points from the second quarter 2024 trailing 4-quarter period.

提醒一下，第二季度，很大程度上是由於年度會議和代理季節，歷史上是我們整體上最大的一個季度，但就軟體佔收入的百分比而言，卻是季節性的低點。在過去的 4 個季度中，軟體解決方案佔總淨銷售額的 45.1%，比 2024 年第二季過去 4 個季度增加了約 610 個基點。

Our second quarter software solutions net sales growth continues to be led by the performance of our recurring compliance and regulatory-driven products, ActiveDisclosure and Arc Suite, which grew approximately 15% year-over-year in aggregate. Importantly, ActiveDisclosure and Arc Suite each posted double-digit sales growth for the third consecutive quarter.

我們第二季軟體解決方案淨銷售額的成長持續受到我們經常性合規和監管驅動產品 ActiveDisclosure 和 Arc Suite 表現的推動，這兩款產品總計較去年同期成長約 15%。重要的是，ActiveDisclosure 和 Arc Suite 連續第三個季度實現了兩位數的銷售成長。

For ActiveDisclosure, this growth was driven by the momentum in services revenue as a result of the continued adoption of our service package offerings, combined with the migration of certain traditional compliance activities to software, a trend we expect to continue going forward.

對於 ActiveDisclosure 而言，這一增長是由服務收入的勢頭推動的，這是由於我們服務包產品的持續採用，加上某些傳統合規活動向軟體的遷移，我們預計這一趨勢將繼續下去。

In the case of Arc Suite, the improved growth rate was primarily driven by the Tailored Shareholder Reports regulation. Consistent with our expectation, we have realized software solutions net sales of approximately $11 million related to the TSR regulation since the effective date of July 2024.

就 Arc Suite 而言，成長率的提高主要得益於客製化股東報告法規。與我們的預期一致，自 2024 年 7 月生效以來，我們實現了與 TSR 法規相關的軟體解決方案淨銷售額約 1,100 萬美元。

As we overlap the incremental year-over-year benefit from the Tailored Shareholder Reports regulation in the third quarter, we expect Arc Suite to exhibit a more normalized growth profile beginning in the third quarter. As an end-to-end software solution for investment company, financial and regulatory reporting, Arc Suite is well positioned to capture additional growth as the industry increasingly looks to improve efficiency, automate processes and comply with evolving regulatory requirements.

由於我們在第三季重疊了客製化股東報告法規帶來的年成長收益，我們預計 Arc Suite 將從第三季開始呈現更正常化的成長態勢。Arc Suite 作為投資公司、財務和監管報告的端到端軟體解決方案，隨著行業日益尋求提高效率、實現流程自動化和遵守不斷變化的監管要求，它已準備好實現進一步成長。

As it relates to Venue, following a moderate decline in the first quarter, sales accelerated in the second quarter and were nearly flat compared to last year's second quarter. The resilient level of underlying activity taking place on the platform, including activity from a large project, combined with improved go-to-market execution, enabled Venue to mostly offset the impact of several large projects, which benefited last year's second quarter results.

就 Venue 而言，繼第一季溫和下滑之後，第二季銷售額加速成長，與去年第二季相比幾乎持平。平台上發生的基礎活動的彈性水準（包括來自大型專案的活動）加上改進的上市執行力，使 Venue 能夠基本抵消幾個大型專案的影響，這對去年第二季度的業績有利。

We remain encouraged by Venue's strong performance, which reflects strong sales execution across Venue's broad application within the M&A ecosystem that serves both announced and unannounced deals across public and private companies. This results in more resilient, stable demand than our transactional offerings, which primarily serve public company, M&A, IPO and debt transactions.

Venue 的強勁表​​現仍然令我們感到鼓舞，這反映了 Venue 在併購生態系統中的廣泛應用的強勁銷售執行力，該生態系統為上市公司和私營公司的已宣布和未宣布的交易提供服務。這導致需求比我們的交易產品更具彈性、更穩定，我們的交易產品主要服務於上市公司、併購、IPO 和債務交易。

Our continued revenue mix shift towards software solutions was by a reduction in print and distribution net sales, which declined by approximately $14 million or 26% compared to the second quarter of 2024. This reduction was mostly realized in the printing and distribution of corporate proxy statements and annual reports as well as lower print volumes as a result of the tailored shareholder reports regulation, which significantly reduced page counts for mutual fund reports.

我們的收入結構持續向軟體解決方案轉變，導致印刷和分銷淨銷售額減少，與 2024 年第二季相比下降了約 1,400 萬美元，即 26%。這一減少主要體現在公司代理聲明和年度報告的印刷和分發上，以及由於定制股東報告法規而導致的印刷量減少，這大大減少了共同基金報告的頁數。

On a trailing four-quarter basis, print and distribution revenue is $117 million and makes up approximately 16% of our trailing four-quarter sales. As we continue to execute our strategy to transform DFIN into the leading provider of compliance and regulatory solutions served predominantly via software and services, we remain on target to deliver our latest five-year plan, which was updated in February of last year.

在過去四個季度中，印刷和發行收入為 1.17 億美元，約占我們過去四個季度銷售額的 16%。隨著我們繼續執行將 DFIN 轉變為主要透過軟體和服務提供合規和監管解決方案的領先供應商的策略，我們仍有望實現去年 2 月更新的最新五年計畫。

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

在我發表一些結束語之前，我想將電話轉給戴夫，讓他提供有關我們第二季業績和第三季展望的更多詳細資訊。戴夫？

Thanks, Dan, and good morning, everyone. As Dan noted, we continue to experience positive momentum in the adoption of our software solutions for which sales increased approximately 8% year-over-year, including approximately 15% net sales growth in our recurring compliance software products. Despite a very weak capital markets transactional environment, our software performance enabled us to deliver another quarter of improved sales mix, strong adjusted EBITDA margin and year-over-year improvements in both operating cash flow and free cash flow.

謝謝，丹，大家早安。正如丹所指出的，我們的軟體解決方案的採用繼續呈現積極勢頭，其銷售額同比增長約 8%，其中經常性合規軟體產品的淨銷售額增長約 15%。儘管資本市場交易環境非常疲軟，但我們的軟體效能使我們能夠再實現一個季度的銷售組合改善、強勁的調整後 EBITDA 利潤率以及經營現金流和自由現金流的同比增長。

As Dan commented earlier, following a very soft start to the quarter, driven by heightened market volatility and economic uncertainty, our results improved sequentially throughout the quarter as market conditions gradually stabilized and deal activity began to recover. On a consolidated basis, total net sales for the second quarter of 2025 were $218.1 million, a decrease of $24.6 million or 10.1% from the second quarter of 2024. The decrease in consolidated net sales was driven by lower volume in our Compliance and Communications Management segments, which decreased by $31.2 million in aggregate with compliance revenue across the capital markets and investment companies businesses accounting for approximately $19 million of that decline.

正如丹之前所說，由於市場波動加劇和經濟不確定性加劇，本季開局非常疲軟，但隨著市場狀況逐漸穩定和交易活動開始復甦，我們的業績在整個季度均有所改善。合併後，2025 年第二季的總淨銷售額為 2.181 億美元，比 2024 年第二季減少 2,460 萬美元，成長 10.1%。合併淨銷售額的下降是由於我們的合規和通訊管理部門的銷售下降，總計減少了 3,120 萬美元，其中資本市場和投資公司業務的合規收入約佔下降的 1,900 萬美元。

The reduction in compliance revenue was mostly reflected in lower print and distribution volume related to both the ongoing decline in this area, consistent with recent trend as well as the timing impact of certain investment companies print volume that shifted from the second quarter into the first quarter of this year. In addition, total event-driven transactional revenue declined approximately $13 million year-over-year, primarily a result of the depressed level of capital markets transactional activity during the quarter. These declines were partially offset by growth in software solutions net sales, which increased $6.6 million or 7.7% compared to the second quarter of last year.

合規收入的減少主要體現在印刷和發行量的下降，這既與該領域的持續下滑有關，也與近期趨勢一致，也與某些投資公司的印刷量從今年第二季度轉移到第一季的時間影響有關。此外，事件驅動交易總收入年減約 1,300 萬美元，主要原因是本季資本市場交易活動水準低迷。這些下降被軟體解決方案淨銷售額的成長部分抵消，與去年第二季相比，軟體解決方案淨銷售額增加了 660 萬美元，增幅為 7.7%。

Second quarter adjusted non-GAAP gross margin was 63.7%, approximately 70 basis points lower than the second quarter of 2024, primarily driven by lower capital markets transactional volume, partially offset by higher software solutions net sales, the impact of cost control initiatives and price uplifts. Adjusted non-GAAP SG&A expense in the quarter was $62.6 million, a $6.4 million decrease from the second quarter of 2024. As a percentage of net sales, adjusted non-GAAP SG&A was 28.7%, an increase of approximately 30 basis points from the second quarter of 2024. The decrease in adjusted non-GAAP SG&A expense was primarily driven by a reduction in selling expense related to lower sales in certain areas, the impact of cost control initiatives and lower bad debt expense, which continued to normalize in the second quarter.

第二季調整後的非 GAAP 毛利率為 63.7%，比 2024 年第二季低約 70 個基點，主要原因是資本市場交易量下降，但被軟體解決方案淨銷售額增加、成本控制措施和價格上漲的影響部分抵銷。本季調整後的非 GAAP 銷售、一般及行政費用為 6,260 萬美元，比 2024 年第二季減少 640 萬美元。調整後的非 GAAP 銷售、一般及行政費用佔淨銷售額的百分比為 28.7%，比 2024 年第二季增加約 30 個基點。調整後非公認會計準則銷售、一般及行政費用的下降主要由於某些地區銷售額下降導致的銷售費用減少、成本控制舉措的影響以及壞賬費用降低，這些費用在第二季度繼續正常化。

Our second quarter adjusted EBITDA was $76.3 million, a decrease of $10.9 million or 12.5% from the second quarter of 2024. Second quarter adjusted EBITDA margin was 35%, a decrease of approximately 90 basis points from the second quarter of 2024, primarily driven by lower capital markets transactional volume, partially offset by higher software solutions net sales, cost control initiatives and lower selling expense as a result of the decrease in sales volume.

我們第二季的調整後 EBITDA 為 7,630 萬美元，比 2024 年第二季減少 1,090 萬美元，即 12.5%。第二季調整後的 EBITDA 利潤率為 35%，較 2024 年第二季下降約 90 個基點，主要原因是資本市場交易量下降，但軟體解決方案淨銷售額增加、成本控制措施以及銷售量下降導致的銷售費用降低部分抵消了這一影響。

Turning now to our second quarter segment results. Net sales in our Capital Markets Software Solutions segment were $59.1 million, an increase of $1.8 million or 3.1% from the second quarter of last year driven by ActiveDisclosure, which was up $2.2 million year-over-year, partially offset by a slight decline in Venue. During the second quarter, ActiveDisclosure sales grew approximately 11%, a continuation of the stronger growth trend we experienced over the last two quarters, primarily driven by the continued adoption of ActiveDisclosure Services packages and the ongoing migration of certain activities historically performed on our traditional services platform to ActiveDisclosure. We remain encouraged by ActiveDisclosure's solid foundation for future revenue growth.

現在來看看我們第二季的分部業績。我們的資本市場軟體解決方案部門的淨銷售額為 5,910 萬美元，比去年第二季增加 180 萬美元或 3.1%，這得益於 ActiveDisclosure 同比增長 220 萬美元，但 Venue 的輕微下滑部分抵消了這一增長。第二季度，ActiveDisclosure 的銷售額成長了約 11%，延續了過去兩個季度強勁的成長趨勢，主要得益於 ActiveDisclosure 服務包的持續採用以及某些傳統服務平台上執行的活動向 ActiveDisclosure 的持續遷移。ActiveDisclosure 未來營收成長的堅實基礎仍然令我們感到鼓舞。

During the second quarter, Venue posted $37.3 million in revenue, aided by a large project that partially offset last year's several large projects and was down approximately 1% year-over-year against the robust performance from last year's second quarter when Venue achieved record quarterly revenue and grew approximately 38%.

第二季度，Venue 的收入為 3,730 萬美元，這得益於一個大型項目，該項目部分抵消了去年的幾個大型項目的影響，與去年第二季度的強勁表現相比，Venue 的收入同比下降了約 1%，當時 Venue 實現了創紀錄的季度收入，增長了約 38%。

In addition, Venue delivered strong sequential improvement in revenue, increasing approximately 22% from the first quarter. Adjusted EBITDA margin for the segment was 37.9%, an increase of approximately 90 basis points from the second quarter of 2024, primarily due to the increased sales and cost control initiatives.

此外，Venue 的營收季增強勁，較第一季成長約 22%。該部門的調整後 EBITDA 利潤率為 37.9%，較 2024 年第二季增加約 90 個基點，主要由於銷售額增加和成本控制措施。

Net sales in our Capital Markets Compliance and Communications Management segment were $93.5 million, a decrease of $20.3 million or 17.8% from the second quarter of 2024, driven by lower transactional revenue as well as a reduction in compliance volume, part of which was related to lower print and distribution consistent with recent trend. In the second quarter, we recorded $34.8 million of capital markets transactional revenue, which was at the low end of our expectation and down $10.4 million from last year's second quarter, resulting in the lowest level of quarterly transactional revenue in our history.

我們的資本市場合規和通訊管理部門的淨銷售額為 9,350 萬美元，比 2024 年第二季減少 2,030 萬美元或 17.8%，原因是交易收入下降以及合規量減少，其中部分原因與印刷和發行量下降有關，與近期趨勢一致。第二季度，我們錄得3480萬美元的資本市場交易收入，處於我們預期的低端，比去年第二季度下降了1040萬美元，導致季度交易收入達到我們歷史上的最低水平。

Following a modest rebound in the first quarter, global equity deal volume declined sharply in April as a result of escalating market volatility and macroeconomic uncertainty. Following the slow start to the quarter, market conditions gradually improved with modest upticks in activity levels during May and June, resulting in sequential improvement as the quarter progressed. That said, overall transactional activity in the second quarter remained well below historical norms with regular way IPO transactions that raised over $100 million and large public company M&A deals below last year's levels.

繼第一季溫和反彈之後，由於市場波動和宏觀經濟不確定性加劇，4 月全球股票交易量急劇下降。繼本季開局緩慢之後，市場狀況逐漸改善，5 月和 6 月活動水準略有上升，導致本季持續改善。儘管如此，第二季的整體交易活動仍遠低於歷史正常水平，常規 IPO 交易籌集資金超過 1 億美元，大型上市公司併購交易低於去年的水平。

Capital Markets compliance revenue decreased by $9.9 million, primarily due to lower proxy statement and annual report volume and the related printing and distribution, consistent with our experience during last year's proxy and annual meeting season. In addition, the weak transactional environment resulted in lower market demand for certain event-driven filings such as 8-K and special proxies associated with corporate transactions.

資本市場合規收入減少了 990 萬美元，主要原因是代理聲明和年度報告數量以及相關的印刷和分發減少，這與我們去年代理和年度會議季節的經歷一致。此外，疲軟的交易環境導致市場對某些事件驅動型文件（如 8-K 和與公司交易相關的特殊代理商）的需求下降。

Finally, as I commented earlier, certain traditional compliance activities shifted to ActiveDisclosure during the second quarter. Adjusted EBITDA margin for the segment was 39.4%, a decrease of approximately 80 basis points from the second quarter of 2024. The decrease in adjusted EBITDA margin was primarily due to lower sales volume, partially offset by lower bad debt expense, lower selling expense and cost control initiatives.

最後，正如我之前評論的那樣，某些傳統的合規活動在第二季度轉移到了 ActiveDisclosure。該部門調整後的 EBITDA 利潤率為 39.4%，較 2024 年第二季下降約 80 個基點。調整後的 EBITDA 利潤率下降主要是由於銷售量下降，但壞帳費用下降、銷售費用下降和成本控制舉措部分抵消了這一下降。

Net sales in our Investment Company Software Solutions segment were $33.1 million, an increase of $4.8 million or 17% versus the second quarter of 2024, primarily driven by incremental revenue from our Tailored Shareholder Report solution. On a trailing four-quarter basis, total Arc Suite reached approximately $126 million in net sales and grew approximately 17% compared to the trailing four quarters as of last year's second quarter, driven by growth in subscription revenue, including the impact of the Tailored Shareholder Report solution.

我們的投資公司軟體解決方案部門的淨銷售額為 3,310 萬美元，比 2024 年第二季增加 480 萬美元或 17%，這主要得益於我們的客製化股東報告解決方案帶來的增量收入。在過去四個季度中，Arc Suite 的總淨銷售額達到約 1.26 億美元，與去年第二季相比成長了約 17%，這得益於訂閱收入的成長，包括客製化股東報告解決方案的影響。

As Dan noted, based on the midyear 2024 effective date, we will overlap the growth from this new regulation in the second half of the year. And as such, we expect a more normalized growth rate beginning in the third quarter.

正如丹所指出的，根據 2024 年中期的生效日期，我們將在下半年重疊這項新法規帶來的成長。因此，我們預計從第三季開始成長率將更加正常化。

Adjusted EBITDA margin for the segment was 42.9%, an increase of approximately 370 basis points from the second quarter of 2024. The increase in adjusted EBITDA margin was primarily due to operating leverage and the increase in net sales and price uplifts, partially offset by higher service-related costs associated with the Tailored Shareholder Reports offering.

該部門調整後的 EBITDA 利潤率為 42.9%，較 2024 年第二季增加約 370 個基點。調整後的 EBITDA 利潤率的成長主要歸因於營運槓桿以及淨銷售額和價格的上漲，但被與客製化股東報告服務相關的更高的服務相關成本部分抵消。

Net sales in our Investment Companies Compliance and Communications Management segment were $32.4 million, a decrease of $10.9 million or 25.2% from the second quarter of 2024, primarily driven by lower print and distribution volume, which accounted for $9.6 million of the year-over-year decline. Second quarter print and distribution revenue within this segment was impacted by the timing shift into this year's first quarter of certain volume related to Tailored Shareholder Reports for the regulated insurance market as well as lower page counts related to Tailored Shareholder Reports for the mutual fund industry.

投資公司合規與通訊管理部門的淨銷售額為 3,240 萬美元，較 2024 年第二季減少 1,090 萬美元，降幅為 25.2%，主要原因是印刷和發行量下降，佔年減的 960 萬美元。該部門第二季度的印刷和發行收入受到今年第一季與受監管保險市場定制股東報告相關的部分數量時間轉移以及與共同基金行業定制股東報告相關的頁數減少的影響。

As a reminder, the Tailored Shareholder Reports regulation eliminated the demand for full-length shareholder reports at the fund level and replaced them with two- to four-page summary documents at the share class level, resulting in a net reduction in print. With the second quarter being a peak period for mutual fund compliance, the year-over-year reduction on the overall page count was significant in the second quarter as a result of the TSR regulation.

提醒一下，定制股東報告法規取消了基金層面對完整股東報告的需求，並用股票類別層面的兩到四頁的摘要文件取而代之，從而減少了印刷量。第二季是共同基金合規的高峰期，受TSR監理影響，第二季總頁數較去年同期減少幅度較大。

We expect this dynamic will become less meaningful in the second half of the year as we overlap last year's second half impact of this regulation. Going forward, we expect a broader secular decline in the demand for printed products will continue to result in lower print and distribution revenue within this segment.

我們預計，由於該法規對去年下半年的影響與今年下半年重疊，這種動態將變得不那麼重要。展望未來，我們預計印刷產品需求的長期下降將繼續導致該領域的印刷和發行收入下降。

Adjusted EBITDA margin for the segment was 38.9%, approximately 340 basis points lower than the second quarter of 2024. The decrease in adjusted EBITDA margin was primarily due to the impact of lower sales volume, partially offset by cost control initiatives. Non-GAAP unallocated corporate expenses were $9.7 million in the quarter, an increase of $0.5 million from the second quarter of 2024, primarily due to higher investments aimed at accelerating our transformation and higher health care expense, partially offset by cost control initiatives.

該部門調整後的 EBITDA 利潤率為 38.9%，比 2024 年第二季低約 340 個基點。調整後的 EBITDA 利潤率下降主要是因為銷售量下降的影響，但成本控制措施部分抵銷了這一影響。本季非公認會計準則未分配公司費用為 970 萬美元，比 2024 年第二季增加 50 萬美元，主要原因是旨在加速轉型的投資增加以及醫療保健費用增加，但成本控制措施部分抵消了這一影響。

Free cash flow in the quarter was $51.7 million, $14.9 million higher than the second quarter of 2024. The year-over-year increase in free cash flow was primarily driven by favorable working capital and lower capital expenditures, partially offset by lower adjusted EBITDA. On a year-to-date basis, the strong free cash flow generation during the second quarter enabled us to achieve positive free cash flow through the first half of the year. For reference, our cash flow is seasonal with the majority of it generated in the second half of the year.

本季自由現金流為 5,170 萬美元，比 2024 年第二季高出 1,490 萬美元。自由現金流年增主要得益於有利的營運資本和較低的資本支出，但調整後的 EBITDA 較低部分抵銷了這一增長。從年初至今，第二季強勁的自由現金流使我們在上半年實現了正的自由現金流。作為參考，我們的現金流具有季節性，其中大部分發生在下半年。

We ended the quarter with $190.1 million of total debt and $156.3 million of non-GAAP net debt, including $77 million drawn on our revolver. As of June 30, 2025, our non-GAAP net leverage ratio was 0.7x.

本季末，我們的總債務為 1.901 億美元，非 GAAP 淨債務為 1.563 億美元，其中包括從我們的循環信貸中提取的 7,700 萬美元。截至 2025 年 6 月 30 日，我們的非 GAAP 淨槓桿率為 0.7 倍。

Regarding capital deployment, we repurchased approximately 787,000 shares of our common stock during the second quarter for $34.3 million at an average price of $43.56 per share. Year-to-date through June 30, we've repurchased approximately 1.6 million shares for $76.1 million at an average price of $46.18 per share.

在資本配置方面，我們在第二季以每股 43.56 美元的平均價格回購了約 787,000 股普通股，價值 3,430 萬美元。截至 6 月 30 日，我們已回購約 160 萬股，總價值 7,610 萬美元，平均價格為每股 46.18 美元。

During the second quarter, the Board of Directors authorized a new share repurchase program of up to $150 million with an expiration date of December 31, 2026. This repurchase authorization, which commenced on May 16, 2025, replaced the prior authorization, which was nearly fully utilized. As of June 30, 2025, we had the full $150 million remaining on the new authorization.

第二季度，董事會批准了一項新的股票回購計劃，金額高達 1.5 億美元，到期日為 2026 年 12 月 31 日。此次回購授權於 2025 年 5 月 16 日開始生效，取代了先前幾乎已充分利用的授權。截至 2025 年 6 月 30 日，新授權中剩餘的金額為 1.5 億美元。

We continue to view organic investments to drive our transformation, share repurchases and net debt reduction as key components of our capital deployment strategy and will remain disciplined in this area. As it relates to our outlook for the third quarter of 2025, we expect consolidated third quarter net sales in the range of $165 million to $175 million and adjusted EBITDA margin in the range of 23% to 25%, which at the midpoint is similar to last year's third quarter, where we posted adjusted EBITDA margin of approximately 24%.

我們繼續將推動轉型的有機投資、股票回購和淨債務削減視為我們資本配置策略的關鍵組成部分，並將在這一領域保持紀律。與我們對 2025 年第三季的展望相關，我們預計第三季合併淨銷售額將在 23% 至 25% 之間，中間值與去年第三季相似，當時我們公佈的調整後 EBITDA 利潤率約為 24%。

Compared to the third quarter of last year, the midpoint of our consolidated revenue guidance of $170 million implies a reduction of $9.5 million or 5.3% as lower print and distribution sales and lower capital markets transactional sales are expected to more than offset growth in software solutions.

與去年第三季相比，我們的綜合收入預期中位數為 1.7 億美元，這意味著減少 950 萬美元或 5.3%，因為印刷和發行銷售額的下降以及資本市場交易銷售額的下降預計將抵消軟體解決方案的成長。

We expect Venue to be approximately flat to last year's third quarter, similar to the year-over-year change we reported in the second quarter. Further, our estimates assume capital markets transactional net sales in the range of $35 million to $40 million, which at the midpoint is down approximately $8 million from last year's third quarter.

我們預計 Venue 的業績將與去年第三季基本持平，與我們在第二季報告的同比變化相似。此外，我們的估計假設資本市場交易淨銷售額在 3,500 萬美元至 4,000 萬美元之間，中間值比去年第三季下降約 800 萬美元。

And with that, I'll pass it back to Dan.

說完這些，我就把它交還給丹。

Thanks, Dave. Our performance in the second quarter offers a further proof point that DFIN continues to become more durable and structurally resilient as we execute our strategy. The stability of our revenue base, driven by a high proportion of recurring and reoccurring compliance-related offerings provides a solid foundation even in turbulent times. Although capital markets transactions remain well below historical levels, we are encouraged by the recent uptick in activity levels.

謝謝，戴夫。我們第二季的表現進一步證明，隨著我們執行策略，DFIN 將繼續變得更加持久和結構上有彈性。我們收入基礎的穩定性，得益於高比例的經常性和重複性的合規相關產品，即使在動盪時期也提供了堅實的基礎。儘管資本市場交易量仍遠低於歷史水平，但近期活動水平的上升令我們感到鼓舞。

With a strong balance sheet, robust free cash flow and disciplined capital allocation, we are confident in our ability to execute our strategy and deliver long-term value to all stakeholders. Before we open it up for Q&A, I'd like to thank the DFIN employees around the world.

憑藉強大的資產負債表、強勁的自由現金流和嚴謹的資本配置，我們有信心執行我們的策略並為所有利害關係人帶來長期價值。在我們開始問答之前，我想感謝世界各地的 DFIN 員工。

Now with that, operator, we're ready for questions.

接線員，現在我們可以回答問題了。

(Operators Instructions)

（操作員指示）

Charlie Strauzer, CJS Securities Inc.

Charlie Strauzer，CJS 證券公司

Hi, good morning. So if we look at the Q3 guidance and the granularity of the transactional guidance within that, maybe you can shed a little bit more light on the assumptions behind that and kind of like what the deal environment is looking like currently for both IPOs and M&A, especially M&A given the change in administration?

嗨，早安。因此，如果我們看一下第三季度的指引以及其中交易指引的詳細程度，也許您可以更清楚地了解其背後的假設，以及目前 IPO 和併購的交易環境是什麼樣的，尤其是在政府變動的情況下的併購？

Yes. Thanks, Charlie. It's Dave. I'll start and Craig may want to add a little bit of color here. I think when you look at our guidance for transactional sales for Q3, right, the range of $35 million to $40 million, that's sequential growth over Q2 and up to about 15% at the high end of that range. As you know, and we've talked about before, this is the area where we have the least visibility in terms of timing of getting the deals done.

是的。謝謝，查理。我是戴夫。我先開始，克雷格可能想在這裡添加一點顏色。我認為，當您查看我們對第三季度交易銷售額的指導時，對吧，範圍在 3500 萬美元到 4000 萬美元之間，這是與第二季度相比的連續增長，並且在該範圍的高端達到約 15%。如您所知，我們之前也討論過，這是我們在完成交易的時間方面最不具可見性的領域。

So while we feel good about the underlying trend in market activity, I'd say, as it relates to the guidance, trying not to get too far over our skis here. I think probably the most positive is regardless where transactional revenue comes in, we're very happy with the margins and cash flow that we're delivering. Obviously, you could see that in the Q2 results, the year-to-date results as well as our guidance for Q3. With respect to the market activity, M&A, IPO, Craig, I'll let you comment there.

因此，雖然我們對市場活動的潛在趨勢感到滿意，但我想說，由於這與指導方針有關，因此我們盡量不要做得太過分。我認為最積極的一面是，無論交易收入來自哪裡，我們都對我們實現的利潤和現金流感到非常滿意。顯然，您可以在第二季的業績、年初至今的業績以及我們對第三季的預測中看到這一點。關於市場活動、併購、IPO，Craig，我會讓你在那裡發表評論。

Yes. Charlie, thank you for the question. I'll provide some context on Q2 and then talk about what we're seeing in July in relation to the guidance. Transactional offerings are always subject to uncertainty and the market backdrop varied materially over the course of the quarter, as you heard us discuss.

是的。查理，謝謝你的提問。我將提供一些有關第二季度的背景信息，然後談談我們在 7 月看到的與指導相關的情況。正如您所聽到的，交易產品總是存在不確定性，並且市場背景在整個季度中發生了重大變化。

The tariff announcement had a significant short-term impact, followed by the sequential improvement. This bears out in the flow of IPOs in the quarter. Of the 14 total IPOs greater than $100 million, there was 1 in April. There were 5 in May, there were 8 in June. This was the same number, 14 of IPOs in Q1. So there was no growth quarter-to-quarter.

關稅公告在短期內產生了顯著影響，隨後出現了持續改善。本季 IPO 的流動證實了這一點。在總計 14 宗融資額超過 1 億美元的 IPO 中，有 1 宗發生在 4 月。五月有5個，六月有8個。這與第一季的 IPO 數量相同，為 14 家。因此季度環比沒有成長。

DFIN was happy to support Circle, which was the largest IPO over $1 billion, a huge pop, the largest increase ever for $1 billion IPO, and it was the largest certainly of the first half year. We supported many others. For the first half of 2025, there were 30 IPOs compared to 35 in the first half of the prior -- 2024, so a decrease of 14%. DFIN supported 4 of the 5 largest in the first half. But then to your point, you see the resurgence. So the IPO index, Renaissance's IPO index was up 16%. So there is a renewed investor appetite.

DFIN 很高興能支援 Circle，這是規模最大的 10 億美元以上 IPO，漲幅巨大，是 10 億美元 IPO 有史以來漲幅最大的一次，當然也是今年上半年最大的一次。我們支持了許多其他人。2025 年上半年，IPO 數量為 30 家，而 2024 年上半年為 35 家，下降了 14%。DFIN 在上半年支援了 5 家最大銀行中的 4 家。但正如您所說，您看到了復甦。因此，IPO 指數、文藝復興的 IPO 指數上漲了 16%。因此，投資者的興趣又重新燃起。

So I'll talk about July for IPOs. Assuming Figma and Shoulder price today, there'll be 27 IPOs pricing in the quarter compared to 14 in July of '24. But if you exclude small international deals, there's 10. So this compares to 7. And if you cut that to $100 million IPOs and above, both this year and last July had 7. So July will have fewer IPOs than the prior month of June. And one theme we're seeing is that the IPO market rebounding is at lower valuations. So companies are accepting down rounds. Hinge Health is an example of that. And the final note on Shoulder, again, pricing today below their range at $15.

因此我將談論 7 月份的 IPO 情況。假設 Figma 和 Shoulder 今天的價格為當前水平，那麼本季將有 27 家公司進行 IPO，而 24 年 7 月只有 14 家。但如果排除小型國際交易，則有 10 筆。因此這與 7 相比。如果 IPO 規模縮減至 1 億美元及以上，今年和去年 7 月都有 7 起。因此，7 月的 IPO 數量將比 6 月減少。我們看到的一個主題是，IPO 市場在估值較低的情況下反彈。因此，各公司都接受了降價融資。Hinge Health 就是一個例子。最後要說的是，Shoulder 今天的定價再次低於其價格範圍，為 15 美元。

Another metric we watch is the number of companies that are publicly filed. So that stands at 19. So these are on file and communicating publicly with the SEC. This is not a robust number by historical standards. And then as well, DFIN has a robust pipeline of companies who file confidentially, but not publicly as well as a pipeline of RFPs. So the market is continuing to build.

我們關注的另一個指標是公開提交申請的公司數量。所以現在是 19。這些都已存檔並與美國證券交易委員會公開溝通。從歷史標準來看，這並不是一個強勁的數字。此外，DFIN 還擁有強大的公司管道，這些公司以保密方式提交文件，但不公開提交文件，此外還有 RFP 管道。因此市場正在繼續建設。

If I think about M&A, certainly, it was building kind of same thing without -- throughout Q2. So you had fewer deals, but larger deals on a year-over-year basis. There's a lot of optimism in M&A as well, whether that's spend, whether it's consolidation with companies who are looking to cut costs such as Union Pacific, Northrop, whether it's AI, we're certainly seeing that from an opportunity perspective.

如果我考慮併購，當然，它是在整個第二季度建立相同的東西。因此，交易數量減少了，但同比交易數量卻增加了。併購方面也有很多樂觀情緒，無論是支出，還是與希望削減成本的聯合太平洋鐵路、諾斯羅普公司等公司的合併，還是人工智慧，我們當然從機會的角度看到了這一點。

So I think if you wrap it all together, it's building momentum, but risks remain. We have rate pressures. We have trade policy shifts, headline risks. We've seen the tweet can change things very quickly. And then as well, Q3 is a headwind because of the calendar. The summer months of August and Labor Day have not historically been favorable to deals. So we're planning on a modest increase.

所以我認為，如果把所有這些因素綜合起來，它正在積聚勢頭，但風險仍然存在。我們面臨利率壓力。我們面臨貿易政策轉變和重大風險。我們已經看到推文可以很快改變事情。此外，由於日程安排的原因，第三季也面臨阻力。從歷史上看，夏季八月和勞動節這兩個月對交易來說並不有利。因此我們計劃適度增加。

We are going to continue to see the stabilization that we think we saw in May and June. And our guidance balances the enthusiasm for the second half with the realities of building a pipeline and revenue recognition. As Dave said, we've demonstrated we're ready for any market, we're going to deliver no matter what the market means for us.

我們將繼續看到五月和六月所看到的穩定性。我們的指導平衡了對下半年的熱情與建立管道和收入確認的現實。正如戴夫所說，我們已經證明我們已經為任何市場做好了準備，無論市場對我們意味著什麼，我們都會實現目標。

Great. That's very helpful. And just looking at the nontransactional segments, as we think about guidance in general, what assumptions should we be using when we model out the quarter?

偉大的。這非常有幫助。僅看一下非交易部分，當我們考慮總體指導時，我們在模擬季度時應該使用什麼假設？

Yes, Charlie, I think we didn't give too much detail here. But I think when you look at some of the software products, right, which is where we've seen the growth in the first 2 quarters, right? ActiveDisclosure has posted 11% year-to-date growth. And so that's been a really strong area for us, and we expect that to continue to grow going forward.

是的，查理，我認為我們在這裡沒有提供太多細節。但我認為，當你查看一些軟體產品時，我們看到前兩個季度出現了成長，對嗎？ActiveDisclosure 今年迄今已達到 11% 的成長。所以這對我們來說是一個非常強大的領域，我們預計它將繼續向前發展。

As we mentioned in the prepared remarks, the growth in Arc Suite has been outsized in the first part of the year, in part because of the timing of the launch of the Tailored Shareholder Reports regulation, right? So that started in Q3 of last year. We'll be overlapping some of the growth we achieved last year in Arc Suite. So that will be tempered a bit.

正如我們在準備好的評論中提到的那樣，Arc Suite 的成長在今年上半年非常迅速，部分原因是客製化股東報告法規的推出時機，對嗎？這是從去年第三季開始的。我們將重複去年在 Arc Suite 中取得的一些成長。所以這會稍微緩和一點。

And then Venue has got pretty tough comps throughout the year, right? We saw some outsized growth. As we mentioned, even Q2 was down a bit, but that's coming off a quarter that grew at 38% last year. And so I think when you look at kind of the Venue being flattish in Q2 -- sorry, in Q3 relative to last year is probably a reasonable assumption there.

那麼 Venue 全年的比賽都很激烈，對吧？我們看到了一些超乎尋常的增長。正如我們所提到的，即使第二季度有所下降，但去年第二季度的成長率為 38%。因此，我認為，當你看到 Venue 在第二季度表現平平時——抱歉，第三季度相對於去年而言——這可能是一個合理的假設。

And then on the traditional compliance, right, so the compliance and communications management nontransactional piece, that will continue to be challenged from a print count perspective. As you know, we've seen that trend for a while and would expect that trend to continue. But there, again, even as it relates to Tailored Shareholder Reports, where we saw a drop in overall print demand related to that regulation, that impact started in the back half of last year offsetting the growth on the software side.

然後是傳統的合規性，對，合規性和通訊管理非交易部分，從列印數量的角度來看將繼續受到挑戰。如您所知，我們已經看到這種趨勢有一段時間了，並且預計這種趨勢將會持續下去。但是，即使它與客製化股東報告有關，我們也看到與該法規相關的整體印刷需求下降，這種影響在去年下半年開始抵消了軟體方面的成長。

Great. Thanks. And looking at your long-term goals that you've had out there, can you just remind us some of the assumptions behind that -- those goals?

偉大的。謝謝。看看您設定的長期目標，能否提醒我們這些目標背後的一些假設？

Yes. So it's really, I think, at the highest level, it's continuing to execute the change in mix, right, growing the recurring and reoccurring software offerings, continuing to expand margin in large part due to the operating leverage on that growth. And then from a capital markets transactional perspective, at the time, we made the assumption that there would be not much of a change in the overall level of capital markets transactional revenue. Obviously, that's come down quite a bit actually since last February. And so that's an area that it's cyclical. It's -- we do a good job in terms of maintaining or growing our market share, but can't really impact the overall demand there.

是的。因此，我認為，從最高層面來看，它確實在繼續執行產品組合的變化，對，增加經常性和重複性的軟體產品，繼續擴大利潤率，這在很大程度上是由於這種增長的經營槓桿。然後從資本市場交易的角度來看，當時我們假設資本市場交易收入的整體水準不會有太大變化。顯然，自去年二月以來，這一數字實際上已經下降了不少。這是一個週期性的領域。我們在維持或擴大市場份額方面做得很好，但無法真正影響那裡的整體需求。

And then I would say the last thing in terms of the revenue mix, we do assume and we talked a little bit about it today, some of the sales that are currently in the Compliance and Communications Management segments transitioning to software. And we've seen that happen over the last several quarters, whether it be some of the structured forms, proxy work, et cetera, continuing to migrate toward, we would say, in the near term, a hybrid model that would be leveraging the software and then also the tech-enabled services behind that. But eventually migrating to software, continuing to expand margins and then probably from a cash flow perspective, converting EBITDA to free cash flow at about 45% or greater.

然後我想說的是，關於收入組合的最後一件事，我們確實假設並且我們今天對此進行了一點討論，目前合規和通信管理部門的一些銷售正在轉向軟體。我們已經看到過去幾個季度的情況，無論是一些結構化表格、代理工作等等，都在繼續向混合模式遷移，我們會說，在短期內，這種模式將利用軟體，然後利用其背後的技術支援服務。但最終轉向軟體，繼續擴大利潤率，然後可能從現金流的角度來看，將 EBITDA 轉換為自由現金流，比例約為 45% 或更高。

Got it. And just speaking of cash flow, when you look at the strong performance of cash flow in the quarter, and then look at the full year, are you expecting full year free cash flow to be up year-over-year?

知道了。就現金流而言，當您看到本季現金流的強勁表現，然後再看看全年，您是否預計全年自由現金流將年增？

So we're obviously ahead of where we were on a year-to-date basis. I think when you look at -- we've talked about over the last several years really as the top line is proportionately more software solution sales, more long-term contracts, more pay in advance that our cash flow would become less seasonal than it has been historically. And so I think what we're starting to see is the cash flow being less seasonal, which is giving us a bit of a head start. At the highest level, if I had to say what would cash flow look like on a full year basis, I'd say pretty similar to last year.

因此，與年初至今相比，我們顯然已經取得了領先。我認為，當你看到——我們在過去幾年中討論過的，實際上，收入按比例增加的是軟體解決方案銷售、更多的長期合約、更多的預付款，我們的現金流的季節性將比歷史上任何時候都要低。因此我認為我們開始看到的是現金流不再那麼受季節性影響，這給了我們一些領先優勢。從最高層面來說，如果我必須說出全年的現金流情況如何，我會說與去年非常相似。

Got it. And then just lastly, just going back to the deal environment, are you maintaining a good share of the deals that are out there? And if you lose a deal to another competitor, what are the reasons behind that? Maybe you're working with them, the companies or the issuers to -- they use a different vendor for the print and distribution and formation of the documents. And then on the back end, you pick up the software side. Are you seeing any kind of situations like that?

知道了。最後，回到交易環境，您是否保持了現有交易的良好份額？如果您將交易輸給了另一個競爭對手，背後的原因是什麼？也許您正在與他們、公司或發行人合作——他們使用不同的供應商來列印、分發和形成文件。然後在後端，您可以選擇軟體端。您是否見過類似這樣的情況？

Yes, I'll start and then, Craig, if you want to jump in. I think I would describe it as we're happy with our overall share performance. I think -- and Craig can get into some of the nuances here, as Craig commented on even with the overall improving market backdrop in terms of the number of deals. I think when you start to look at some of the characteristics of the deals that have been in the market, smaller foreign deals or even smaller domestic deals, SPACs, et cetera, our market share in some of the lower-end deals isn't typically as high as it is for the larger high-profile deals. And so I think when you look at overall share, it's about what we would expect, but we're really happy with how we're performing in our sweet spot. Craig?

是的，我先開始，然後，克雷格，如果你想加入的話。我想我會這樣描述：我們對整體股票表現感到滿意。我認為——克雷格可以深入探討這裡的一些細微差別，正如克雷格所評論的那樣，即使從交易數量來看，市場背景總體有所改善。我認為，當你開始研究市場上交易的一些特徵時，較小的外國交易甚至較小的國內交易、SPAC 等等，我們在一些低端交易中的市場份額通常不如大型高調交易中的那麼高。因此，我認為，當你看整體份額時，它是符合我們預期的，但我們對我們的最佳表現感到非常滿意。克雷格？

To build on that, trans share is going to fluctuate quarter-to-quarter. Our strength is in the $1 billion, $2 billion M&A deals, large IPOs raising over $100 million, even de-SPACs that have upgraded to have a substantive acquisition and the upgrade includes an upgraded deal team. So where we really win is when these deal teams that are familiar with DFIN, our service, our technology, whether that's traditional or software come into play on these deals, we're really doing well. So you saw that play out in the first half of the year.

在此基礎上，跨部門份額將逐季度波動。我們的優勢在於 10 億美元、20 億美元的併購交易、籌集超過 1 億美元的大型 IPO，甚至是升級為實質收購的 de-SPAC，升級包括升級的交易團隊。因此，我們真正的勝利在於，當這些熟悉 DFIN、我們的服務、我們的技術（無論是傳統的還是軟體的）的交易團隊在這些交易中發揮作用時，我們確實做得很好。所以你在上半年就看到了這種情況。

If you look at priced IPOs as a barometer 171, 63 were SPACs. So of the 108 total priced, excluding SPACs, there were only 30 that were over $100 million. So there was still a lot of fundraise like deals in there. Our share of those over 100 was our historic average, which is around 60%. So as you unpack what's happened in the first half of the year and even in Q2, it is comprised of a lot of nanoompany, international, smaller places that we don't play.

如果 IPO 定價為晴雨表，那麼 171 家公司中，有 63 家是 SPAC。因此，在總定價為 108 家的公司中（不包括 SPAC），只有 30 家公司的估值超過 1 億美元。所以其中仍然有很多類似籌款的交易。我們 100 歲以上族群的比例是歷史平均水平，約為 60%。因此，當你分析今年上半年甚至第二季發生的事情時，你會發現它包含許多我們沒有涉足的奈米公司、國際公司和較小的公司。

Great, thank you very much.

太好了，非常感謝。

(Operators Instructions)

（操作員指示）

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Great, thanks guys. Good morning, yeah, I just wanted to, I guess, follow up a little bit on the outlook with the capital markets guide, I guess, it was a little softer than we were expecting given that there does seem to be an improving pipeline. I know you mentioned that the confidential filings seem like they're -- they do seem to be picking up. Is some of that activity converting and closing? Is some of that in the outlook for 3Q? Or are you guys taking a more conservative outlook in the guide for cap markets?

太好了，謝謝大家。早上好，是的，我只是想，我想，跟進一下資本市場指南的前景，我想，它比我們預期的要弱一些，因為似乎確實有一個改善的管道。我知道您提到機密文件似乎正在增加。其中一些活動是否正在轉換和關閉？其中一些是否體現在第三季的前景？或者你們在資本市場指南中採取了更保守的觀點？

Yes, Kyle, as I said earlier, I think when you look at that $35 million to $40 million range, at $40 million, that's up roughly 15% relative to the Q2 number. I guess I would describe it this way without getting into the details of any particular deal would be to say that if the trend that we saw in Q2 in terms of the intra-quarter improvement from month-to-month, if that trend continues, I would say we would be at the high end of the guidance, potentially above if that trend continues.

是的，凱爾，正如我之前所說，我認為當你看到 3500 萬美元到 4000 萬美元的範圍時，4000 萬美元相對於第二季度的數字增長了約 15%。我想我會這樣描述，而不涉及任何特定交易的細節，那就是說，如果我們在第二季度看到的季度內逐月改善的趨勢繼續下去，我會說我們將處於指導的高端，如果這種趨勢繼續下去，可能會高於指導。

So we're just taking a look at the improvement, again, given the lack of visibility in terms of the exact timing, as I said to Charlie, just trying not to get too far over our skis there.

因此，我們只是再次看一下改進情況，考慮到缺乏確切時間的可見性，正如我對查理所說的那樣，我們只是試圖不要在那裡走得太遠。

Okay. That is helpful. And then I guess as a follow-up on capital allocation it sounds like based on the authorization. It sounds like it's still full after it's authorized like halfway through the quarter. So it seems like you guys kind of front-loaded buybacks this quarter. Do you still think that, that will be an important part of the toolkit moving forward? Or are you guys being sensitive around valuation and where the stock is at? Like how should we think about the buyback, especially given that we have bounced off the post- liberation day lows?

好的。這很有幫助。然後我猜作為資本配置的後續行動，它聽起來像是基於授權的。聽起來好像在季度過半時獲得授權後，它仍然處於滿員狀態。因此看起來你們本季進行了前期回購。您是否仍然認為，這將是未來工具包的重要組成部分？還是你們對估值和股票價格很敏感？例如，我們應該如何看待回購，特別是考慮到我們已經從解放後的低點反彈？

Yes. So I think as we said in the prepared remarks that we view share repurchases as a key component of capital allocation. To your point, and also consistent with what we've done historically and said that our path would be forward, right, is that at the higher prices, we're less aggressive, at the lower prices, we're more aggressive, and that will continue to be the path forward.

是的。因此我認為，正如我們在準備好的評論中所說的那樣，我們將股票回購視為資本配置的關鍵組成部分。正如您所說，這也與我們過去的做法一致，我們說過我們前進的道路是這樣的，在價格較高時，我們不會那麼積極，在價格較低時，我們會更積極，這將繼續成為前進的道路。

Yes. And I think it's -- one thing to add there, as we've said before, the highest and best use of capital is for us to execute and/or where possible, accelerate the transformation. That said, the business generates quite a bit of cash. And so to Dave's point, we consider the organic investment into growth and the transformation as the highest use. And then we look at the buybacks given stock price with employing a grid. So even I think the Q2 is a great example where we were extremely aggressive early on at much lower prices.

是的。我認為，需要補充一點，正如我們之前所說，資本的最高和最佳用途是執行和/或在可能的情況下加速轉型。也就是說，這項業務產生了相當多的現金。因此，正如戴夫所說，我們認為對成長和轉型的有機投資是最高用途。然後我們用網格來觀察給定股票價格的回購情況。因此，我認為第二季度是一個很好的例子，我們在早期就以非常低的價格採取了非常積極的行動。

And then the third is debt pay down. And in that context, making sure that we're not getting out and levering up too much on the buyback side as we see performance over time. And so the program over time, and we go back to when we initiated this several years ago, we bought obviously much more aggressively at significantly lower prices than where we are today, and that's how we think about it going forward.

第三是償還債務。在此背景下，隨著我們長期觀察業績表現，我們要確保不會在回購方面投入過多資金。因此，隨著時間的推移，當我們回顧幾年前啟動該計劃時，我們顯然以比現在低得多的價格進行了更積極的購買，這就是我們對未來的看法。

Okay. That's helpful. And then last one for me, I guess, just do you have any update on the pension? I think you guys were planning on doing kind of an annuitization and kind of converting that over just to clean up the balance sheet a little bit. Any update on either the expected timing or cash impact or anything that we should be mindful of as that process continues?

好的。這很有幫助。最後我想問的是，您對退休金有什麼最新消息嗎？我認為你們正計劃進行某種年金化並將其轉換，以便稍微清理一下資產負債表。有任何關於預期時間或現金影響的更新嗎？或者在該過程繼續進行時我們應該注意的任何事情？

Yes. So the update on timing, that process is underway. Things are coming out, I'd say, generally in line with kind of the assumptions we made going into it. We still haven't gone out to annuitize the plan and work with the insurers to take that over. That will happen during the third quarter. And so on the Q3 call, potentially before then, we'll have additional news to share in terms of the cash outlay and what that looks like.

是的。因此，時間更新過程正在進行中。我想說，事情的發展總體上與我們之前所做的假設一致。我們還沒有將該計劃年金化並與保險公司合作接管該計劃。這將在第三季發生。因此，在第三季電話會議上，可能在此之前，我們將分享更多有關現金支出及其情況的消息。

Okay, thanks for taking the questions.

好的，感謝您回答這些問題。

Thank you.

謝謝。

(Operators Instructions)

（操作員指示）

We have no more questions. This concludes our Q&A session. I would now like to turn the conference over to Dan Leib for closing remarks.

我們沒有其他問題了。我們的問答環節到此結束。現在，我想請丹‧萊布 (Dan Leib) 致閉幕詞。

Great. Thank you, Lacy, and thank you, everyone, for joining. We look forward to talking to you in a few months and seeing you in the interim.

偉大的。謝謝你，Lacy，也謝謝大家的參與。我們期待幾個月後與您交談並在此期間見到您。

That concludes today's call. You may disconnect.

今天的電話會議到此結束。您可以斷開連線。