Donnelley Financial Solutions Inc (DFIN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Kathleen and I will be a conference operator today.

感謝您的耐心等待。我叫凱瑟琳，今天我將擔任會議接線生。

At this time I would like to welcome everyone to the Donalee Financial Solutions 3rd quarter earnings conference call.

現在，我謹代表Donalee Financial Solutions公司歡迎各位參加第三季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session.

演講結束後，將進行問答環節。

If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

在此期間，如果您想提問，只需按下電話鍵盤上的星號鍵，然後按數字 1 即可。

And if you would like to withdraw your question, press the start one again.

如果您想撤回您的問題，請再次按下「開始提問」按鈕。

I would not like to turn the call over to Mike Zhao, head of investor relations. Please go ahead.

我不想把電話轉給投資人關係主管趙麥克。請繼續。

Thank you. Good morning, everyone, and thank you for joining Donaly Financial Solutions 3rd quarter 2025 results conference call.

謝謝。各位早安，感謝各位參加 Donaly Financial Solutions 2025 年第三季業績電話會議。

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 defensesolutions.com.

今天早上，我們發布了收益報告，其中包括一系列歷史業績的補充趨勢表，這些表格的副本可以在我們網站 defensesolutions.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.

在本次電話會議中，我們將提及一些有風險且不確定性的前瞻性陳述。

For a complete discussion, please refer to the cautionary statements included in our earnings release and further details in our most recent annual report on Form 10K.

有關完整討論，請參閱我們盈利報告中的警示性聲明以及我們最新年度報告（10-K 表格）中的更多詳細資訊。

Quarterly report on Form 10Q and other filings with the SEC.

向美國證券交易委員會提交 10Q 表格季度報告及其他文件。

Further, we will discuss certain non-GAAP financial information, such as adjusted EBITDA and adjusted EBITDA margin.

此外，我們將討論一些非GAAP財務訊息，例如調整後的EBITDA和調整後的EBITDA利潤率。

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.

我們認為，列示非GAAP財務資訊可以為您提供有關公司持續經營的有用補充信息，也是您評估公司業績的適當方式。

They are, however, provided for informational purposes only.

但是，這些資訊僅供參考。

Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information.

請參考獲利報告及相關表格，以了解 GAAP 財務資訊以及 GAAP 與非 GAAP 財務資訊的調整表。

I am joined this morning by Dan Lieb, Dave Bardella, and other members of management.

今天早上和我一起的有丹·利布、戴夫·巴德拉以及其他管理層成員。

I will now turn the call over to Dan.

現在我將把通話交給丹。

Thank you, Mike, and good morning everyone. Our 3rd quarter results offered further validation of our strategy, including the continued shift toward a favorable sales mix driven by double-digit growth in our SAS offerings, strong year over year growth and adjusted EBITDA margin expansion.

謝謝你，麥克，大家早安。第三季業績進一步驗證了我們的策略，包括持續向有利的銷售組合轉變，這得益於 SAS 產品兩位數的成長、強勁的同比增長以及調整後 EBITDA 利潤率的擴大。

In addition, we continue to make great progress in modernizing and expanding the adoption of our offerings in the marketplace, highlighted by the launch of our new venue virtual data room product.

此外，我們在產品現代化和市場推廣方面繼續取得巨大進展，其中最引人注目的是我們推出了新的場館虛擬資料室產品。

Against the backdrop of an improving but still soft capital markets transactional environment which resulted in an 8% reduction in our event-driven transactional revenue, we delivered solid results which once again demonstrated the resiliency of our operating model across various market conditions and the sustainability of our performance as our business mix continues to transform.

儘管資本市場交易環境有所改善但仍然疲軟，導致我們的事件驅動型交易收入下降了 8%，但我們仍然取得了穩健的業績，再次證明了我們的營運模式在各種市場條件下的韌性，以及隨著業務組合不斷轉型，我們業績的可持續性。

Specific to our third quarter performance, I am pleased with the continued strong demand for our software offerings where we delivered year over year net sales growth of 10.3%, an improvement compared to the growth rate we achieved in the first half of the year.

就我們第三季的業績而言，我對我們軟體產品的持續強勁需求感到滿意，我們實現了同比增長 10.3% 的淨銷售額，比上半年的增長率有所提高。

Software solution sales represented approximately 52% of total sales in the quarter, a positive proof point of our transformation into a software centric company.

軟體解決方案銷售額約佔本季總銷售額的 52%，這有力地證明了我們已成功轉型為以軟體為中心的公司。

On a trailing four quarter basis, software solution sales reached approximately $350 million growing 8.5% from the third quarter of 2024, trailing four quarters, and accounted for 46.5% of trailing four quarter sales, an increase of approximately 640 basis points from the third quarter of 2024 trailing four quarter sales.

過去四個季度，軟體解決方案銷售額達到約 3.5 億美元，比 2024 年第三季度（過去四個季度）增長 8.5%，佔過去四個季度銷售額的 46.5%，比 2024 年第三季度（過去四個季度）的銷售額增長約 640 個基點。

This continued positive mix shift positions us well to achieve our long-term target of deriving approximately 60% of total sales from software solutions by 2028.

這種持續的正面組合轉變使我們處於有利地位，預計將實現 2028 年軟體解決方案銷售額佔總銷售額約 60% 的長期目標。

A major driver of the 3rd quarter software growth was the performance of our recurring compliance software products, Active disclosure and Arc Suite, which posted approximately 16% sales growth in aggregate, marking the 3rd consecutive quarter of double-digit sales growth across these two products. The growth in our recurring compliance software offerings is led by active disclosure, which delivered 3rd quarter net sales growth of approximately 26%, and acceleration in growth compared to recent trend. We are encouraged by the continued growth and active disclosure subscription service packages. In addition, as I discussed previously, we are serving additional use cases via a hybrid model that combines our software solution with an unmatched service offering. Within this context, active disclosure has been increasingly chosen by our clients for their IPO registration and proxy statement needs, which historically were managed in a traditional model.

第三季軟體成長的主要驅動力是我們的經常性合規軟體產品 Active Disclosure 和 Arc Suite 的表現，這兩款產品的總銷售額成長了約 16%，這是這兩款產品連續第三個季度實現兩位數的銷售額成長。我們經常性合規軟體產品的成長主要得益於主動揭露，第三季淨銷售額成長約 26%，並且與近期趨勢相比成長速度加快。我們對持續成長和正面的資訊揭露訂閱服務套餐感到鼓舞。此外，正如我之前討論過的，我們正在透過混合模式來滿足更多用例的需求，該模式將我們的軟體解決方案與無與倫比的服務產品相結合。在此背景下，我們的客戶越來越多地選擇主動揭露的方式來滿足其 IPO 註冊和委託書需求，而這些需求在歷史上都是以傳統模式管理的。

In the 3rd quarter we saw higher active disclosure sales associated with IPO registrations being completed on the platform compared to last year's 3rd quarter.

與去年第三季相比，第三季與平台上完成的 IPO 註冊相關的活躍揭露銷售額有所增加。

In the case of Arc Suite, the growth rate in the 3rd quarter, approximately 10%, was more modest than the past few quarters as we overlapped the benefit associated with the tailored shareholder report solution which was introduced in July of 2024.

以 Arc Suite 為例，第三季的成長率約為 10%，比過去幾季要溫和一些，因為我們享受了 2024 年 7 月推出的客製化股東報告解決方案帶來的好處。

As I commented previously, we expect the growth profile of Arc suite to be more modest during periods outside of regulatory changes, while over the longer-term still exhibiting the double-digit growth we have delivered historically based in part on a dynamic and evolving regulatory environment.

正如我之前評論的那樣，我們預計在監管環境變化之外的時期，Arc 套件的增長情況會比較溫和，但從長遠來看，它仍將保持我們過去一直實現的兩位數增長，這部分得益於動態且不斷變化的監管環境。

For the 4th quarter on a year over year basis, in addition to overlapping the TSR uplift, we will also overlap a contract renewal with the strategic client during last year's 4th quarter that produced favorable economics since the renewal. These factors combined to create a tough comparison versus the 4th quarter of last year when Arc suite grew 23% year over year.

與去年同期相比，第四季度除了與 TSR 提升重疊外，我們還將與去年第四季與戰略客戶續約的合約重疊，自續約以來產生了有利的經濟效益。這些因素加在一起，使得與去年第四季相比，今年的業績難以進行比較，當時 Arc 套件年增了 23%。

I am encouraged by the continued adoption of Arc Suite among investment company clients as we build on the sales momentum and positive market response since launching our TSR solution.

自從推出 TSR 解決方案以來，我們一直保持著良好的銷售勢頭和積極的市場反響，投資公司客戶對 Arc Suite 的持續採用令我倍感鼓舞。

As it relates to venue, we delivered improved year over year sales performance in the 3rd quarter, increasing by approximately 3% compared to the 3rd quarter of last year.

就場地而言，我們第三季的銷售業績年增了約 3%，比去年同期成長了約 3%。

We remain encouraged by venue's performance, which benefits from stable demand from both announced and unannounced deals across public and private companies alike.

我們對場館的業績依然感到鼓舞，這得益於來自公營和私營公司已公佈和未公佈交易的穩定需求。

To further solidify Venue's market position as a leading virtual data room for M&A due diligence, we launched a new version of Venue during the 3rd quarter following a comprehensive rebuild.

為了進一步鞏固 Venue 作為併購盡職調查領先虛擬資料室的市場地位，我們在第三季進行了全面重建，並推出了新版本的 Venue。

The redesigned venue delivers a highly intuitive user experience, empowers clients to manage complex transactions more efficiently, streamlines collaboration within deal teams, and safeguards sensitive information throughout the deal's life cycle.

重新設計的平台提供了高度直覺的使用者體驗，使客戶能夠更有效率地管理複雜的交易，簡化交易團隊內部的協作，並在整個交易生命週期中保護敏感資訊。

Following the rollout, we have received very positive client feedback.

推出後，我們收到了非常正面的客戶回饋。

Then use modern architecture positions us well to efficiently add further capabilities as needed.

然後，利用現代架構，我們可以根據需要有效地添加更多功能。

We expect the new product launch will strengthen venue as the data room of choice for corporate transactions.

我們預期新產品的推出將鞏固 venue 作為企業交易首選資料中心的地位。

In addition to introducing new venue which serves our capital markets clients during the 3rd quarter, we released for broad adoption ArcFlex, the newest module within ArcS Suite designed specifically to meet the needs of investment companies focused on alternative investments. ArcFlex is a purpose-built financial and regulatory offering tailored for a wide range of private investment institutions, including hedge funds, private equity, and business development companies.

除了在第三季推出服務於我們資本市場客戶的新平台外，我們還發布了 ArcFlex，這是 ArcS Suite 中的最新模組，專為滿足專注於另類投資的投資公司的需求而設計，供廣泛採用。ArcFlex 是一款專為各類私人投資機構（包括對沖基金、私募股權和商業發展公司）量身打造的金融和監管產品。

By leveraging the foundational capabilities within the Defend platform, ArcFlex builds on existing services to provide enhanced solutions customized for private fund clients.

ArcFlex 利用 Defend 平台的基礎功能，在現有服務的基礎上，為私募股權基金客戶提供客製化的增強型解決方案。

Coupled with Deepin's deep domain and service expertise, our Flex is well positioned as the leading end to end financial and regulatory reporting solution serving the growing private funds market.

結合 Deepin 深厚的領域和服務專業知識，我們的 Flex 已成為服務於不斷增長的私募股權基金市場的領先的端到端財務和監管報告解決方案。

New venue and ArcFlex are the latest in a series of new software introductions made possible by our focused investments to accelerate the modernization, innovation, and growth of our software portfolio.

新版本和 ArcFlex 是我們為加速軟體組合的現代化、創新和發展而進行的重點投資所促成的一系列新軟體推出的最新成果。

Over the past several years, these investments have enabled us to launch or modernize the majority of our software products. Our investments have enabled us to increase development velocity, bring new solutions to market more efficiently by leveraging the platform capabilities of our single compliance platform, and empower our clients to adapt quickly to an evolving regulatory environment, all while incorporating the most modern technology.

過去幾年，這些投資使我們能夠推出或更新我們的大部分軟體產品。我們的投資使我們能夠加快開發速度，利用我們單一合規平台的平台功能更有效率地將新解決方案推向市場，並幫助我們的客戶快速適應不斷變化的監管環境，同時融入最先進的技術。

Before turning the call over to Dave, I'd like to comment on the US government shutdown and the related impact on our outlook for capital markets deal activity.

在將電話交給戴夫之前，我想就美國政府停擺及其對我們資本市場交易活動前景的影響發表一些看法。

Since the shutdown began on October 1st, the SEC's Division of Corporation Finance has been unable to review or accelerate registration statements, issue comment letters, or provide interpretive guidance. As a result, the SEC's ability to declare registration statements effective has been curtailed, impacting IPO activity as well as other capital markets transactions so far in the 4th quarter.

自 10 月 1 日停擺以來，美國證券交易委員會公司財務部一直無法審查或加快註冊聲明的審批，也無法發布評論函或提供解釋性指導。因此，美國證券交易委員會宣布註冊聲明生效的能力受到了限制，影響了第四季度迄今為止的首次公開發行活動以及其他資本市場交易。

While some transactions, including select IPO pricing, are taking place within a limited window without SEC comment, most of the planned transactional activity has been paused. Overall, the shutdown has delayed the positive momentum in capital markets deal activity over the last two quarters.

雖然部分交易（包括部分 IPO 定價）在有限的時間內進行，無需美國證券交易委員會發表評論，但大多數計劃中的交易活動已被暫停。整體而言，疫情封鎖延緩了過去兩季資本市場交易活動的正面動能。

Based on what we experienced during the previous government shutdown, the shutdown represents a shift in the timing of when transactions complete, as most deals that were paused during the previous shutdown were reactivated when the SEC reopened.

根據我們上次政府停擺期間的經驗，這次停擺標誌著交易完成時間的轉變，因為上次停擺期間暫停的大多數交易在證券交易委員會重新開放後都重新啟動了。

While the duration of the shutdown remains uncertain, we continue to support our clients in preparing transactions, so they remain ready to move quickly when regulatory operations at the SEC resume. Deepen strong client relationships and market leadership position us well to capture the latent demand when activity level normalizes. Before I share a few closing remarks, I would like to turn the call over to Dave to provide more details on our 3rd quarter results and our outlook for the 4th quarter.

雖然停擺持續時間仍不確定，但我們將繼續支持客戶做好交易準備，以便他們在美國證券交易委員會恢復監管運作時能夠迅速行動。深化與客戶之間的良好關係和市場領導地位，使我們能夠更好地掌握經濟活動恢復正常時的潛在需求。在我作總結發言之前，我想把電話交給戴夫，讓他詳細介紹我們第三季的業績以及我們對第四季的展望。

Dave. Thanks, Dan, and good morning, everyone.

戴夫：謝謝丹，大家早安。

Before I discuss our 3rd quarter operating performance, I'd like to recap one housekeeping item.

在討論我們第三季的營運表現之前，我想先回顧一下一項注意事項。

As detailed in our press release issued on October 23rd, during the third quarter, we successfully completed the termination of our primary defined benefit pension plan, which had been frozen and closed since 2011.

正如我們在 10 月 23 日發布的新聞稿中詳細介紹的那樣，在第三季度，我們成功完成了主要固定收益退休金計劃的終止，該計劃自 2011 年以來一直處於凍結和關閉狀態。

As part of this transaction, we made a $12.5 million dollar cash contribution in the third quarter to fully fund the plan, which was recorded as a use of cash within the operating activity section of the statement of cash flows and settled the plan obligations through a combination of lump sum payments to certain plan participants and the purchase of a group annuity contract from a third-party insurer.

作為此次交易的一部分，我們在第三季度投入了 1250 萬美元現金，為該計劃提供全額資金，這筆資金已在現金流量表的經營活動部分記錄為現金使用，並通過向某些計劃參與者一次性付款以及從第三方保險公司購買團體年金合同的方式結算了計劃義務。

In addition, as a result of the planned settlement, we remeasured the plan's assets and obligations and recognized a non-cash pre-tax settlement charge of $82.8 million or $60.3 million on an after-tax basis, resulting in a negative EPS impact of $2.20 per diluted share. Due to the recognition of unrealized accumulated planned losses previously reported within accumulated other comprehensive loss on the balance sheet.

此外，由於計劃中的和解，我們重新計量了該計劃的資產和負債，並確認了 8,280 萬美元的非現金稅前和解費用，或稅後 6,030 萬美元，導致每股攤薄收益下降 2.20 美元。由於確認了資產負債表上先前已在累計其他綜合損失中報告的未實現累計計劃損失。

Finally, the settlement of the plan resulted in the removal of approximately $10 million of net liability from our balance sheet comprised of approximately $200 million of plan obligations and approximately $190 million of planned assets.

最終，該計劃的實施使我們的資產負債表上減少了約 1,000 萬美元的淨負債，其中包括約 2 億美元的計劃義務和約 1.9 億美元的計劃資產。

We are pleased with this outcome which will further enhance our financial flexibility and reduce future administrative and financial volatility associated with the legacy pension plan.

我們對此結果感到滿意，這將進一步增強我們的財務靈活性，並減少未來與原有退休金計畫相關的行政和財務波動。

Now turning to our 3rd quarter operating performance, as Dan noted, we delivered strong results within the backdrop of an improved operating environment highlighted by an acceleration in software solutions growth and year over year increases in adjusted and adjusted margins.

現在來看看我們第三季的經營業績，正如丹所指出的，在經營環境改善的背景下，我們取得了強勁的業績，這主要得益於軟體解決方案成長加速以及調整後利潤率和調整後利潤率的同比增長。

We posted approximately 10% growth in our software solutions net sales, including approximately 16% sales growth in our recurring compliance software products, all while continuing to drive operating efficiencies and expanding adjusted margin to 28.2%. On a consolidated basis, total net sales for the third quarter of 2025 were $175.3 million a decrease of $4.2 million or 2.3% from the third quarter of 2024.

我們的軟體解決方案淨銷售額成長約10%，其中經常性合規軟體產品的銷售額成長約16%，同時我們持續提高營運效率，並將調整後利潤率提升至28.2%。合併後，2025年第三季總淨銷售額為1.753億美元，較2024年第三季減少420萬美元，降幅為2.3%。

3rd quarter net sales were at the high end of our guidance range, aided by capital markets transactional revenue, which exceeded our expectation though we're modestly down compared to last year's 3rd quarter.

第三季淨銷售額達到我們預期範圍的高端，這得益於資本市場交易收入，超出了我們的預期，儘管與去年第三季相比略有下降。

The decrease in year over year consolidated net sales was driven by lower volume in our compliance and communications management segments, which declined $12.7 million in aggregate with compliance revenue across the capital markets and investment companies' businesses accounting for $8.3 million of the decline.

合併淨銷售額較去年同期下降，主要是由於合規和溝通管理部門的銷售下降，這兩個部門的總銷量下降了 1,270 萬美元，其中資本市場和投資公司業務的合規收入下降了 830 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 trends, as well as the timing impact of certain investment companies' print volume that shifted from the 3rd quarter into the 4th quarter this year.

合規收入的減少主要體現在印刷和發行量的下降上，這既與該領域近期的趨勢一致，也與某些投資公司的印刷量從今年的第三季度轉移到第四季度的時間安排有關。

In addition, total event-driven transactional revenue declined by $4.4 million year over year, primarily a result of the lower volume for foreign issuer transactions on US exchanges, partially offset by stronger US IPO volume.

此外，事件驅動型交易總收入較去年同期下降 440 萬美元，主要原因是外國發行人在美國交易所的交易量下降，但部分被美國 IPO 交易量的增加所抵消。

These declines were partially offset by growth in software solutions net sales, which increased $8.5 million or 10.3% compared to the third quarter of last year.

軟體解決方案淨銷售額的成長部分抵消了這些下滑，與去年第三季相比，淨銷售額增加了 850 萬美元，增幅達 10.3%。

Third quarter adjusted non-GAAP gross margin was 62.7%, approximately 100 basis points higher than the third quarter of 2024.

第三季調整後的非GAAP毛利率為62.7%，比2024年第三季高出約100個基點。

Primarily driven by higher software solutions net sales, the impact of cost control initiatives and price uplifts partially offset by lower capital markets transactional volume.

主要得益於軟體解決方案淨銷售額的成長，成本控制措施和價格上漲的影響被資本市場交易量下降部分抵銷。

Adjusted non-GAAP SG&A expense in the quarter was $60.5 million a $7.1 million dollar decrease from the third quarter of 2024.

本季經調整的非GAAP SG&A費用為6,050萬美元，比2024年第三季減少了710萬美元。

As a percentage of net sales, adjusted non-GAAP SG&A was 34.5%, a decrease of approximately 320 basis points from the third quarter of 2024.

經調整的非GAAP銷售、一般及行政費用佔淨銷售額的百分比為34.5%，比2024年第三季下降了約320個基點。

The decrease in adjusted non-GAAP SG&A expense was primarily driven by the impact of cost control initiatives, a reduction in selling expense related to lower sales in certain areas, and lower bad debt expense, which continued to normalize in the 3rd quarter, partially offset by higher healthcare expense.

經調整的非GAAP SG&A費用下降主要是由於成本控制措施的影響、某些地區銷售額下降導致的銷售費用減少以及壞帳費用下降（第三季度繼續恢復正常），但部分被醫療保健費用增加所抵消。

Our third quarter adjusted I was $49.5 million an increase of $6.3 million or 14.6% from the third quarter of 2024.

我們第三季的調整後營收為 4,950 萬美元，比 2024 年第三季增加了 630 萬美元，增幅為 14.6%。

Third quarter adjusted margin was 28.2%, an increase of approximately 410 basis points from the third quarter of 2024, primarily driven by higher software solutions, net sales, cost control initiatives, and lower selling expense as a result of the decrease in sales volume, partially offset by lower capital markets transactional volume and higher healthcare expense.

第三季調整後利潤率為 28.2%，比 2024 年第三季增加約 410 個基點，主要得益於軟體解決方案、淨銷售額的成長、成本控制措施的實施以及銷售量下降導致的銷售費用降低，但部分被資本市場交易量下降和醫療保健費用增加所抵消。

Turning now to our third quarter segment results, net sales in our capital markets software solution segment were $59 million an increase of $5.7 million or 10.7% from the third quarter of last year, primarily driven by active disclosure, which was up $4.7 million year over year.

現在來看看我們第三季的分部業績，資本市場軟體解決方案分部的淨銷售額為 5,900 萬美元，比去年第三季增加了 570 萬美元，增幅為 10.7%，主要得益於主動揭露業務，該業務同比增長了 470 萬美元。

During the 3rd quarter, active disclosure sales grew approximately 26%, and acceleration of the stronger growth trend we experienced over the last 3 quarters, primarily driven by the continued adoption of active disclosure subscription service packages and the ongoing migration of certain activities historically performed on our traditional services platform.

第三季度，主動揭露銷售額成長約 26%，並且加速了過去三個季度以來的強勁成長趨勢，這主要得益於主動揭露訂閱服務包的持續普及以及某些以往在我們傳統服務平台上執行的活動的持續遷移。

The migration to a hybrid model enables clients to leverage the combination of active disclosure and dein service model.

向混合模式的遷移使客戶能夠利用主動揭露和去中心化服務模式的結合。

Specific to the shift of traditional activities to active disclosure during the quarter, we experienced an increase in the volume of IPO activity, taking advantage of the hybrid offering with clients using active disclosure for the drafting and filing of S1 documents resulting in higher usage of active disclosure for certain IPO transactions.

在本季度，隨著傳統活動向積極披露的轉變，我們經歷了IPO活​​動量的增加，利用混合發行模式，客戶使用積極披露來起草和提交S1文件，從而導致某些IPO交易中積極披露的使用率更高。

We remain encouraged by active disclosures solid foundation for future revenue growth, part of which will be influenced by the amount of event-driven transactional activity taking place on the platform.

正面的資訊揭露為未來的營收成長奠定了堅實的基礎，這讓我們倍感鼓舞，其中一部分營收成長將受到平台上發生的事件驅動型交易活動量的影響。

Net sales of venue increased approximately $1 million or 3% compared to the third quarter of last year when venue grew approximately 27% year over year.

與去年第三季相比，場館淨銷售額成長約 100 萬美元，增幅為 3%；而去年同期，場館淨銷售額年增約 27%。

A resilient level of underlying activity taking place on the platform, coupled with our recent launch of new venue, creates a strong foundation for future sales growth.

平台上持續穩定的活躍度，加上我們最近推出的新場地，為未來的銷售成長奠定了堅實的基礎。

Adjusted even that margin for the segment was 34.9%, an increase of approximately 10,010 basis points from the third quarter of 2024.

即使經過調整，該業務板塊的利潤率也達到了 34.9%，比 2024 年第三季成長了約 10,010 個基點。

Primarily due to the increased sales, cost control initiatives, and lower bad data expense.

主要原因是銷售額增加、成本控制措施、壞數據費用降低。

That sales in our capital markets compliance and communications management segment were $57.2 million a decrease of $6.3 million or 9.9% from the third 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 sales consistent with recent trends.

我們的資本市場合規和溝通管理部門的銷售額為 5,720 萬美元，比 2024 年第三季減少了 630 萬美元，降幅為 9.9%，主要原因是交易收入下降以及合規業務量減少，其中一部分與印刷和分發銷售額下降有關，這與近期的趨勢一致。

In the third quarter we recorded $41.8 million of capital markets transactional revenue, which exceeded the high end of our expectations, yet was down $3.5 million from last year's third quarter.

第三季度，我們的資本市場交易收入為 4,180 萬美元，超過了我們預期的上限，但比去年第三季減少了 350 萬美元。

Following the second quarter when we experienced sequential improvement in transactional revenue as the quarter progressed, the uptick in the level of capital marketste activity, especially the market for new equity issuances in the US, strengthened in the 3rd quarter with the number of regular way IPO transactions that raised over $100 million exceeding last year's levels.

繼第二季交易收入隨著季度推進而環比改善之後，資本市場活動水平的回升，尤其是美國新股發行市場，在第三季度進一步增強，籌集資金超過 1 億美元的常規 IPO 交易數量超過了去年的水平。

As such, we realized approximately 25% year over year increase in our transactional revenue related to US IPO activity.

因此，我們與美國IPO活動相關的交易收入年增了約25%。

However, the improvement in US IPO activity was more than offset by the soft market for foreign issuance transactions and large public company M&A deals which remained a headwind on a year to year basis and combined to more than offset the growth in IPO revenue.

然而，美國IPO活動的改善被疲軟的海外發行交易市場和大型上市公司併購交易所抵消，這些因素持續構成不利因素，並且加在一起，抵消了IPO收入的成長。

With the outlook for capital markets transactional environment is uncertain in part due to the impact of the government shutdown, DFI remains very well positioned to capture future demand for transactional related products and services when market activity resumes.

由於政府停擺的影響，資本市場交易環境前景不明朗，但當市場活動恢復時，DFI 仍處於非常有利的地位，能夠抓住未來對交易相關產品和服務的需求。

Capital markets compliance revenue decreased by $2.8 million or 15.4% compared to the third quarter of 2024, driven primarily by lower volume of compliance work, including the related printing and distribution consistent with the trend from the first half of the year.

與 2024 年第三季相比，資本市場合規收入減少了 280 萬美元，降幅達 15.4%，主要原因是合規工作量減少，包括相關的印刷和分發，這與上半年的趨勢一致。

In addition, we continue to experience lower market demand for certain event-driven filings such as AK and special proxies associated with corporate transactions.

此外，我們持續感受到市場對某些事件驅動型文件（如 AK 和與公司交易相關的特殊代理）的需求下降。

Adjusted even that margin for the segment was 34.3%, an increase of approximately 260 basis points from the third quarter of 2024.

即使經過調整，該業務板塊的利潤率也達到了 34.3%，比 2024 年第三季成長了約 260 個基點。

The increase in adjusted even at that margin was primarily due to cost control initiatives, lower selling expense as a result of lower sales volume and lower bad debt expense, partially offset by lower sales volume.

即使以該利潤率計算，調整後利潤的成長主要歸因於成本控制措施、銷售量下降導致的銷售費用降低以及壞帳費用降低，但部分被銷售量下降所抵銷。

Net sales in our investment companies' software solution segment were $31.7 million an increase of $2.8 million or 9.7% versus the third quarter of 2024 driven by growth in subscription revenue.

我們投資公司軟體解決方案部門的淨銷售額為 3,170 萬美元，比 2024 年第三季增加了 280 萬美元，增幅為 9.7%，主要得益於訂閱收入的成長。

As expected, the growth rate in the 3rd quarter was more modest compared to the levels we delivered in the last several quarters as we started to overlap the uplift in software revenue as a result of the tailored shareholder reports regulation which became effective in July of last year.

正如預期的那樣，第三季的成長率與我們過去幾季的水平相比較為溫和，因為我們開始與去年 7 月生效的客製化股東報告法規帶來的軟體收入成長重疊。

As Dan stated earlier, we expect a tough comparison against last year's 4th quarter as we overlap uplifts associated with both TSR and the strategic contract renewal which benefited our performance last year.

正如丹之前所說，我們預計與去年第四季相比會面臨嚴峻的挑戰，因為與去年同期業績受益的 TSR 和策略合約續約相關的成長將疊加在一起。

Adjusted even that margin for the segment was 36.6%, an increase of approximately 580 basis points from the third quarter of 2024.

即使經過調整，該業務板塊的利潤率也達到了 36.6%，比 2024 年第三季成長了約 580 個基點。

The increase in adjusted even that margin was primarily due to operating leverage on the increase in net sales, price uplifts, and cost control initiatives, partially offset by higher service-related costs associated with the tailored shareholder reports offering.

調整後利潤率的提高主要歸功於淨銷售成長、價格上漲和成本控制措施帶來的營運槓桿效應，但部分被與客製化股東報告相關的服務成本增加所抵銷。

Net sales in our investment companies's compliance and communications management segment were $27.4 million a decrease of $6.4 million or 18.9% from the third quarter of 2024, primarily driven by lower print and distribution volume, which accounted for $4.1 million of the year over year decline.

我們投資公司合規和溝通管理部門的淨銷售額為 2,740 萬美元，比 2024 年第三季減少了 640 萬美元，降幅為 18.9%，主要原因是印刷和分發量下降，導致年減 410 萬美元。

And lower compliance revenue.

合規收入也會降低。

3rd quarter print and distribution revenue within this segment was impacted by the timing shift of certain volume related to tailored shareholder reports for the variable annuity market from the 3rd quarter into the 4th quarter of this year, as well as the ongoing impact of lower page counts related to tailored shareholder reports for the mutual fund industry.

本部門第三季印刷和發行收入受到以下因素的影響：與可變年金市場相關的某些定制股東報告的數量從今年第三季度推遲到第四季度；以及與共同基金行業相關的定制股東報告頁數減少的持續影響。

Going forward, we expect a broader secular decline in the demand for printed products, which we expect in the range of 5% to 6%, will continue to result in lower print and distribution revenue within this segment in addition to any future regulatory change driven impacts.

展望未來，我們預計印刷產品的需求將出現更廣泛的長期下降，預計下降幅度在 5% 到 6% 之間，這將繼續導致該領域的印刷和分銷收入下降，此外，未來任何監管變化帶來的影響也將加劇這一趨勢。

Adjusted even that margin for the segment was 34.7%, approximately 450 basis points higher than the third quarter of 2024.

即使經過調整，該業務板塊的利潤率也達到了 34.7%，比 2024 年第三季高出約 450 個基點。

The increase in adjusted that margin was primarily due to lower selling expense and cost control initiatives partially offset by the impact of lower sales volume.

調整後利潤率的成長主要歸功於銷售費用降低和成本控制措施，但部分被銷售量下降的影響所抵銷。

Non-GAAP unallocated corporate expenses were $11.8 million in the quarter, an increase of $2.6 million from the third quarter of 2024, primarily due to higher healthcare expense, partially offset by cost control initiatives.

本季非GAAP未分配公司支出為1,180萬美元，比2024年第三季增加了260萬美元，主要原因是醫療保健支出增加，部分被成本控制措施所抵銷。

As it relates to the increase in healthcare expense, the variance was driven by a single outsized claim, a portion of which is eligible for reimbursement through a stop loss insurance policy.

至於醫療保健費用的增加，這種差異是由一筆數額龐大的索賠造成的，其中一部分可以透過止損保險單獲得報銷。

The company received a $2.8 million dollar reimbursement this week in accordance with that policy, and as such, we will record the $2.8 million dollar recovery in our fourth quarter results.

根據該政策，該公司本週收到了 280 萬美元的補償金，因此，我們將把這 280 萬美元的補償金計入第四季業績。

Free cash flow in the quarter was $59.2 million 8.1 million dollars lower than the third quarter of 2024.

本季自由現金流為 5,920 萬美元，比 2024 年第三季減少了 810 萬美元。

The year over year decline in free cash flow was primarily driven by unfavorable working capital and the one-time cash contribution related to the pension plan settlement partially offset by lower cash tax payments, higher adjusted EBITA, and lower capital expenditures.

自由現金流年減主要是由於營運資本不利以及與退休金計畫結算相關的一次性現金投入所致，但部分被較低的現金稅款支出、較高的調整後 EBITA 和較低的資本支出所抵消。

We ended the quarter with $154.7 million of total debt and $132 million of non-GAAP net debt, including $43 million drawn on our revolver.

本季末，我們的總債務為 1.547 億美元，非 GAAP 淨債務為 1.32 億美元，其中包括從循環信貸中提取的 4,300 萬美元。

As of September 30th, 2025, our non-GAAP net leverage ratio was 0.6 times. Regarding capital deployment, we repurchad approximately 659,000 shares of common stock during the third quarter for $35.5 million at an average price of $53.79 per share.

截至 2025 年 9 月 30 日，我們的非 GAAP 淨槓桿率為 0.6 倍。在資本部署方面，我們在第三季以每股 53.79 美元的平均價格回購了約 659,000 股普通股，總額為 3,550 萬美元。

Year-to-date through September 30th, we've repurchased approximately 2.3 million shares for $111.6 million at an average price of $48.35 per share.

截至今年9月30日，我們已回購約230萬股股票，總金額達1.116億美元，平均每股價格為48.35美元。

As of September 30th, 2025, we had $114.5 million remaining on our current $150 million dollar stock repurchase authorization.

截至 2025 年 9 月 30 日，我們目前 1.5 億美元的股票回購授權還剩下 1.145 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.

我們仍然將有機投資、股票回購和淨債務減少視為我們資本部署策略的關鍵組成部分，以推動我們的轉型，並將在這一領域保持自律。

As it relates to our outlook for the 4th quarter of 2025, we expect consolidated 4th quarter net sales in the range of $150 million to $160 million and adjusted even that margin in the range of 22% to 24%. Which at the midpoint represents an increase of approximately 300 basis points compared to last year's 4th quarter where we posted adjusted even that margin of approximately 20%.

關於我們對 2025 年第四季的展望，我們預計第四季度合併淨銷售額將在 1.5 億美元至 1.6 億美元之間，即使調整後的利潤率也將在 22% 至 24% 之間。中間值比去年第四季成長了約 300 個基點，去年第四季我們調整後的利潤率約為 20%。

Our fourth quarter adjusted even guidance reflects the stop loss reimbursement of approximately $2.8 million received this week, as I noted earlier.

正如我之前提到的，我們在第四季度調整後的業績指引反映了本週收到的約 280 萬美元的停損賠償。

In terms of our revenue guidance, the midpoint of $155 million implies a reduction of approximately 1% compared to the fourth quarter of last year, as lower print and distribution sales and lower capital markets transactional sales are expected to more than offset growth in software solutions.

就我們的營收預期而言，1.55 億美元的中位數意味著與去年第四季相比下降約 1%，因為印刷和分銷銷售額下降以及資本市場交易銷售額下降預計將超過軟體解決方案的成長。

I'll also provide a bit more color on our assumptions for the capital markets transactional sales.

我也會進一步闡述我們對資本市場交易銷售的假設。

Due to the impacts of the government shutdown and the resulting increase in uncertainty around timing of deal completions, our expectations for capital markets transactional revenue reflect a temporary softening relative to the recent trajectory.

由於政府停擺的影響以及由此導致的交易完成時間的不確定性增加，我們對資本市場交易收入的預期反映出相對於近期走勢的暫時性疲軟。

Our estimates assume capital markets transactional net sales in the range of $30 million to $40 million which at the midpoint is down approximately $2.7 million from last year's fourth quarter and represents a sequential decline of approximately $7 million from the third quarter of this year solely due to the government shutdown.

我們的估計假設資本市場交易淨銷售額在 3000 萬美元至 4000 萬美元之間，其中值比去年第四季度減少了約 270 萬美元，並且僅由於政府停擺，就比今年第三季度環比下降了約 700 萬美元。

This guidance assumes transactions that were approved before the shutdown will proceed in the normal course of business.

該指南假設在停擺前已獲批准的交易將按正常業務流程進行。

As it relates to new transactions in line with what we have seen thus far in October, we expect some deals, such as IPOs currently in the pipeline to be completed during the 4th quarter based on guidance provided by the SEC, so we expect most in-process deals will be delayed.

就 10 月至今的新交易而言，根據美國證券交易委員會提供的指導，我們預計一些交易（例如目前正在籌備中的 IPO）將在第四季度完成，因此我們預計大多數正在進行的交易將會推遲。

Conversely, our guidance assumes a continuation of the year over year growth trend we've seen in venue, driven by the new product release and further supported by an improvement in underlying market activity.

相反，我們的預期是，在新產品發布以及潛在市場活動改善的推動下，場地業務將繼續保持逐年增長的趨勢。

With that, I'll now pass it back to Dan.

這樣，我現在就把它交還給丹。

Thanks Dave. The execution of our strategy continues to deliver positive results and further demonstrates Dean's ability to perform well in varying market conditions. Our solid financial profile provides us with the foundation to continue to execute our strategic transformation.

謝謝你，戴夫。我們的策略執行持續取得正面成果，並進一步證明了迪恩在各種市場條件下都能表現出色。我們穩健的財務狀況為我們持續執行策略轉型提供了基礎。

While the government shutdown has injected uncertainty into the capital markets transactional environment, the combination of our strong market position and deep domain expertise. Position deep and well to capitalize on the return to a more normalized level of activity.

儘管政府停擺為資本市場交易環境帶來了不確定性，但我們強大的市場地位和深厚的專業知識相結合，使我們能夠應對挑戰。做好充分的佈局，以掌握市場活動恢復正常水準後帶來的機會。

We are in the midst of preparing our 2026 operating plan and extending our long range plan through 2030. In 2026, we expect to build on the positive momentum in growing our software solutions portfolio, including accelerating the shift of our traditional compliance activities to SA, continued operational transformation, and the execution of our strategy.

我們正在製定 2026 年營運計劃，並將長期計劃延長至 2030 年。2026 年，我們預計將在軟體解決方案組合成長方面保持積極勢頭，包括加速將我們傳統的合規活動轉移到軟體架構，繼續進行營運轉型，並執行我們的策略。

Through the planning period, we expect continued progress in delivering higher value for our clients, our employees, and our shareholders. Consistent with past practice, we expect to provide an update on 2026 and our long range projections in February.

在規劃期內，我們期望在為客戶、員工和股東創造更高價值方面取得持續進展。與以往的做法一致，我們預計將在 2 月提供 2026 年的最新情況以及我們的長期預測。

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

在正式進入問答環節之前，我想感謝世界各地所有優秀的員工。現在有了這位操作員，我們就可以回答問題了。

Thank you for that. We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue.

謝謝。現在開始問答環節。如果您已撥入電話並想提問，請按電話鍵盤上的星號鍵 1 舉手並加入佇列。

And if you would like to withdraw your question, simply press the start one again.

如果您想撤回您的問題，只需再次按下「開始提問」按鈕即可。

If you are called upon to ask your question and listening by a loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking a question. Again, please press one to join the queue.

如果被點名提問，並且你的裝置正在透過揚聲器播放，請拿起你的聽筒，並確保提問時手機沒有處於靜音狀態。請再按 1 加入隊列。

And your first question comes from the line of Charles Strausser of CJS Securities. Please go ahead.

你的第一個問題來自 CJS Securities 的 Charles Strausser。請繼續。

Hi, good morning.

您好，早安。

Morning.

早晨。

Maybe we can just pick up on the government shutdown discussion and, when you look at the, thank you for giving, the quantification in your guidance for Q4 for revenue, but, any, metrics you can give us around the the impact of margins in Q4.

或許我們可以就政府停擺的討論展開討論，感謝您在第四季度營收指引中提供的量化數據，以及您能提供的任何指標，以評估第四季度利潤率受到的影響。

Yeah, Charlie, I'll talk about that. I think, we've contemplated the the margin impact of the of the lower transactional revenue in our. Our range, as we talked about margins in the quarter, we, even at the midpoint at 23% for Q4, expect you to be up about 300 basis points relative to what we delivered last year and again I think that's in line with the margin. Expansion we've seen so far this year, obviously that has a bit of a negative impact in Q4, but the piece that we have going the other way, right, we talked about the outsized healthcare, we're going to get a recovery on that in 4 we've actually.

好的，查理，我會談到這件事的。我認為，我們已經考慮過交易收入下降對利潤率的影響。正如我們在本季度討論利潤率時所說，即使以第四季度 23% 的中點計算，我們也預計相對於去年同期，利潤率將增長約 300 個基點，我認為這與利潤率是一致的。今年到目前為止我們看到的擴張，顯然對第四季度產生了一些負面影響，但另一方面，我們談到了龐大的醫療保健，我們將在第四季度看到這方面的復甦。

Received the cash for that recovery and so when you look at the 300 basis points of margin expansion again that's at the midpoint of our guidance about half of that is driven by this healthcare recovery and then I would say the other half just kind of in line with our our ongoing margin expansion, as you saw this quarter to the extent that.

收到了用於復甦的現金，因此，當你再次看到 300 個基點的利潤率擴張時，這大約是我們指導意見的中點，其中大約一半是由醫療保健行業的複蘇推動的，然後我認為另一半則與我們持續的利潤率擴張基本一致，正如你在本季度看到的那樣。

That capital markets transactional revenue comes in higher, we would expect to outperform that just like we did in Q3, and that was a big driver that that'll be the swing factor I guess in any quarter, but certainly as we face the government shutdown here in Q4.

如果資本市場交易收入較高，我們預期會像第三季一樣超出預期，這將會是任何一個季度業績的重大驅動因素，尤其是在我們面臨第四季政府停擺的情況下。

Yeah, and then just just add and and maybe Craig can also provide some context to past shutdowns and impact, but the the impact of the shutdown, as we said, is primarily in our trend, capital markets transactions area, all of the compliance activities that run through the SEC. Continue during the shutdown other than those that are associated with transactions but you know minimal impact the venue and and Craig can speak to both venue and then then what we've seen from past shutdowns.

是的，然後只需補充一點，也許克雷格還可以提供一些關於過去停擺及其影響的背景信息，但正如我們所說，停擺的影響主要體現在我們的趨勢、資本市場交易領域，以及所有透過美國證券交易委員會進行的合規活動。除了與交易相關的活動外，停業期間的其他活動將繼續進行，但你知道，對場地的影響最小，克雷格可以就場地情況以及我們從過去的停業中看到的情況發表看法。

Yeah, Charlie, to build on Dave and Dan's comments, the SEC posted guidance that provides a path forward for companies seeking to IPO. So unlike past shutdowns, the IPO market is frozen for most but not all.

是的，查理，補充戴夫和丹的評論，美國證券交易委員會發布了指導意見，為尋求首次公開募股的公司提供了前進的道路。因此，與以往的停擺不同，這次IPO市場大部分（但並非全部）都處於凍結狀態。

It cannot. The SEC cannot declare a registration statement effective, but instead they've instructed companies to file a completed statement and wait 20 days. So there are companies that are pressing ahead as we look at October, we have 5 listings that have completed.

不可能。美國證券交易委員會不能宣布註冊聲明生效，而是指示各公司提交完整的聲明並等待 20 天。所以，隨著我們展望10月份，有些公司正加緊推進上市進程，目前已有5家公司完成了上市。

4 are traditional IPOs, greater than 100 million. 2 of those are Din deals. We've also completed one very large direct listing this month, Obook, which closed up 480% defin deal. And then you look forward. According to Renaissance Capital, 6 companies intend to price in the next few weeks using the SEC's 20 day guidance.

其中 4 為傳統 IPO，規模超過 1 億美元。其中兩筆是 Din 的優惠。本月我們也完成了一項非常大的直接上市專案 Obook，成交價為 480%。然後你展望未來。據 Renaissance Capital 稱，有 6 家公司計劃在未來幾週內按照美國證券交易委員會 (SEC) 的 20 天指導價進行定價。

Defense is working with 5 of those 6. And then if you look at the total number of publicly companies on file at the SEC2 price, including the 6, that is a total of 13 with a $50 million or greater placeholder.

國防部正在與這六個部門中的五個合作。然後，如果你查看以 SEC2 價格提交的上市公司總數，包括這 6 家公司，總共有 13 家公司的估值達到或超過 5000 萬美元。

These are publicly filed but not priced.

這些文件已公開備案，但尚未定價。

A defense supported deal joined the list yesterday. Medline could be the largest IPO of the year, and their public filing signals that despite the shutdown, the IPO market continues to move forward.

昨天，一項由國防部支持的交易也加入了名單。Medline 可能是今年規模最大的 IPO，其公開文件表明，儘管市場停擺，但 IPO 市場仍在繼續發展。

De share these 13 deals is 69%.

這 13 筆交易的份額為 69%。

We have a robust pipeline of companies who file confidentially.

我們擁有大量願意以保密方式提交申請的公司。

As well as an IPO pipeline of RFPs, so it is definitely impacted.

此外，還有大量的IPO招標項目，因此肯定會受到影響。

It has slowed, hasn't completely stopped given the 20 day rule. And then to build on some of the M&A comments that Dan talked about, we're really fortunate at DFIN to have a business that delivers M&A support from deal ideation through the process to announce transactions that require public disclosure with Venue. It's a really optimistic look, as Dan and Dave stated. Q3 results show progress. We're seeing increased activity in venue, and we have a new product. Clients are loving it. Venue's architecture will provide us great leverage going forward, and we expect the product launch to strengthen venue as the data room of choice, and we look forward to those accomplishments in future quarters, but M&A in the traditional side. Is impacted. It is already a complex regulatory environment, and the government shutdown has exacerbated this. So we expect deals that were to close in Q4 to be pushed to 2026 to the regulatory bottlenecks.

雖然增速放緩，但鑑於 20 天的規定，並沒有完全停止。然後，為了進一步闡述丹提到的一些併購評論，我們DFIN非常幸運，我們擁有一個能夠提供併購支援的業務，從交易構思到透過Venue宣布需要公開披露的交易。正如丹和戴夫所說，這是一種非常樂觀的看法。第三季業績顯示取得進展。我們看到場館活動日益增多，我們推出了一款新產品。客戶們都很喜歡。Venue 的架構將為我們未來的發展提供巨大的優勢，我們預計產品發布將鞏固 Venue 作為首選資料室的地位，我們期待在未來幾季取得這些成就，但傳統方面的併購活動。受到影響。目前的監管環境已經十分複雜，而政府停擺更是加劇了這種情況。因此，我們預計原定於第四季完成的交易將因監管瓶頸而被推遲到 2026 年。

While we know the government will open, we can't predict it, and we've been here before.

雖然我們知道政府最終會開放，但我們無法預測具體時間，而這種情況我們以前也經歷過。

These delayed transactions will get completed.

這些延遲的交易將會完成。

But it likely could be 2026. It's going to take a beat for the market to catch up once the government opens, and then we're working against the holidays here in November and December. So it's going to open. The underlying activity is strong, and Din is at the ready.

但很可能要等到 2026 年。政府重新開放後，市場需要一段時間才能恢復正常，我們還要應付11月和12月的假期。所以它要開業了。潛在市場活動強勁，Din 已做好準備。

Great, thank you for that. Shifting gears a little bit to the talk about SEC reporting frequency, from quarterly to actually se semiannual, how are you thinking about that and any, knowledge you can share with us.

太好了，謝謝你。讓我們稍微轉換一下主題，談談美國證券交易委員會的報告頻率，從季度報告改為半年報告，您對此有何看法？有什麼知識可以和我們分享嗎？

Yeah, great question. So we're closely monitoring the developments related to the proposal to reduce the frequency of corporate reporting.

嗯，問得好。因此，我們正在密切關注與減少企業報告頻率的提案相關的進展。

At this time, many questions are outstanding. So will the proposal require more disclosure for a semiannual report than a current 10Q?

目前，還有許多問題懸而未決。那麼，該提案是否要求半年報披露比目前的 10Q 表格更多的資訊？

What will the XPRL tagging requirements be?

XPRL標籤的需求是什麼？

Another option is for the SEC to continue to require quarterly earnings AKs. These could be larger.

另一個選擇是，美國證券交易委員會繼續要求提交季度收益報告。這些尺寸還可以更大。

And does it expand the AK disclosure that would require XBRL tagging?

它是否會擴大需要 XBRL 標記的 AK 資訊揭露範圍？

We're also analyzing what happened in Europe.

我們還在分析歐洲發生的事情。

Companies here will be given a choice.

這裡的企業將有選擇權。

Most European countries, companies, sorry, when given the choice, did not.

大多數歐洲國家和公司，很遺憾，在有選擇的情況下，都沒有這樣做。

Reduce the frequency of reporting, so we really don't know what the adoption rate will be here in the US. So given these unknown aspects, we're continuing to build models and to follow it, but I think the most important point to make is the vast majority of our 10Qs are on active disclosure, which operates as a subscription business. With long-term contracts, so this subscription model insulates defense from most of the public change that would be associated with this as the subscription is priced not on a per filing basis but on a software delivery basis. So following it closely, we have some insulation to the impact.

減少報告頻率，所以我們真的不知道美國的採用率會是多少。鑑於這些未知因素，我們將繼續建立模型並遵循它，但我認為最重要的一點是，我們絕大多數的 10-Q 報告都是關於主動披露的，而主動披露是一種訂閱業務。由於簽訂了長期合同，這種訂閱模式使國防部門免受與此相關的絕大多數公共變革的影響，因為訂閱價格不是按提交的文件數量計算，而是按軟體交付數量計算。所以密切注意它，我們就能在某種程度上抵禦衝擊。

Great, thank you very much.

太好了，非常感謝。

And your next question comes from the line of Peter Hackman of DA Davidson. Your line is now open.

你的下一個問題來自 DA Davidson 的 Peter Hackman 的演講。您的線路已開通。

Thank you. Hey, good morning, everyone. Wanted to follow-up on this resurgence of of SPAC IPOs that we've seen over the last 4 to 6 quarters.

謝謝。嘿，大家早安。我想跟進過去 4 到 6 個季度以來我們看到的 SPAC IPO 的復甦情況。

When we think about defense participation there, I guess, how much of of defense not getting retained on some of these deals is is is the company's choice, and worries about potentially those deals not getting done. And how much of it is just a more competitive, set of competitors kind of on on these lower end IPOs.

當我們考慮國防參與時，我想，在這些交易中，有多少國防參與沒有被保留下來，是公司的選擇，也是公司擔心這些交易可能無法完成的原因。而這其中有多少只是因為低階IPO市場競爭更加激烈，競爭對手更多？

Yeah, DAN is selected in our SPAC go to market, and as you're familiar with the reasons why risk of liquidation, delisting, merger terminations, there is an increase in the quantity and there is a few quality deals, and those are the ones that we play at.

是的，DAN 是我們 SPAC 上市計劃中的目標公司，正如您所知，由於清算、退市、合併終止等風險，SPAC 的數量有所增加，但優質交易卻很少，而這些正是我們所關注的。

Our share in this increased market has declined, but it's declined because 58% of the year-to-date deals are nano micro cap companies.

我們在不斷增長的市場份額有所下降，但下降的原因是今年迄今的交易中有 58% 是微型市值公司。

25% are trading below the $5 per share. 33% are international. Most of those have an international provider, and 50% of the backs have been public for over 3 years, so they're struggling to find a target.

25% 的股票交易價格低於每股 5 美元。33%是國際員工。其中大多數都有國際供應商，而且 50% 的後衛已經公開超過 3 年，因此他們很難找到目標。

So we continue to be selective due to these reasons. We're aware of the activity levels and remain really diligent on reviewing the opportunities.

因此，基於這些原因，我們仍然會保持選擇性。我們了解當前的市場活躍度，並將繼續認真評估各種機會。

We are participating in quality SPAC and DSack deals with tier one deal teams and the issuers that use a competitor for a SPAC merger. And have completed it, we're attacking those clients and winning their future 34 A reporting on active disclosure, so contracted revenue.

我們正在與一流的交易團隊以及使用競爭對手進行 SPAC 合併的發行人一起參與高品質的 SPAC 和 DSack 交易。並且已經完成了，我們正在攻擊這些客戶並贏得他們的未來 34 A 報告積極披露，因此合約收入。

So some of these companies, when they get through, we're able to upgrade them from the lower end providers.

所以，當這些公司通過審核後，我們能夠幫助他們從低端供應商升級到高端供應商。

Okay, that's. Helpful. And then just in terms of venue in October, I'm not sure if you can give us too much insight there, but just thinking about, we have seen an uptick in in in larger M&A deals and the bank sector and some other sectors, I guess are you seeing the benefit of that, and to the extent that there's a slowdown in in government reviews that slow down M&A. The process of M&A towards closing, would you expect to see that October, November, kind of, what do you think is the timing there and then in prior shutdowns, I guess how fast does the catch up occur?

好的，這很有幫助。至於十月份的場地情況，我不確定您能否提供太多見解，但考慮到我們看到大型併購交易、銀行業和其他一些行業的併購活動有所增加，我想您是否看到了其中的好處，以及政府審查放緩導致併購活動減少的情況。併購交易的完成過程，您預計會在 10 月、11 月左右完成嗎？您認為時間上會是怎麼樣的？在之前的停擺期間，追趕速度如何？

Yeah. Go ahead, I'll start and then you can jump in. I think certainly the momentum that we saw in in venue in Q3, it's embedded in our guidance in 4 as well. I think the underlying activity still remains and.

好的。你先來，然後你就可以加入了。我認為，我們在第三季看到的場地銷售成長勢頭，也反映在我們第四季的業績預期中。我認為潛在的活動仍然存在。

Regardless of the shutdown and deals getting completed, it's one of the great things and we've talked about this in the past that you know if you look describe the market as the number of completed deals, you may get a very different answer than the activity that's going on, underneath the waterline, so to speak, and we feel really good about how we're positioned with venue, especially with with the new product. In the market and the acceptance that we're we're getting thus far.

不管疫情期間是否停擺，也不管交易是否完成，有一點很棒，我們過去也討論過，如果你用已完成的交易數量來描述市場，你可能會得到與實際市場活動（也就是所謂的“水面下”的活動）截然不同的答案。我們對我們在場地方面的定位感到非常滿意，尤其是在新產品方面。就目前市場接受度而言，我們做得很好。

Go ahead, Greg.

請繼續，格雷格。

To build on that, Dave, thank you.

在此基礎上，謝謝你，戴夫。

We're playing in the formal process of deals coming to market. So before they're announced, certainly before they close. So as they said, excited by that opportunity, we have pitches that are up, opportunity creation that is up, so all moving in the right direction as we see what you see.

我們正在參與交易進入市場的正式流程。所以在它們被宣布之前，當然在它們關閉之前。正如他們所說，我們對這個機會感到興奮，我們已經提出了方案，創造了更多機會，一切都在朝著正確的方向發展，正如我們所看到的。

Given that we have this broad application serving both announced and unannounced, we have a lot of activity there, but certainly the government shutdown is worsening an already complex regulatory landscape.

鑑於我們擁有如此廣泛的應用，既服務於已宣布的，也服務於未宣布的，我們在該領域有很多活動，但政府停擺無疑加劇了本已復雜的監管環境。

So I think you're probably referencing the antitrust. You have healthcare technology, energy deals that are delayed. They are already were delay given the HSR Act updates, which has added time and complexity to the process.

所以我覺得你可能指的是反壟斷法。醫療技術和能源交易都出現了延誤。由於《哈特-斯科特-羅迪諾反壟斷改進法案》的更新，他們的進度已經有所延誤，這增加了流程的時間和複雜性。

The government shutdown exacerbated this, so again, likely to see these deals that had anticipated to close close later, potentially in 2026. So what we expect to see is a government that opens. It will take a while to get moving again.

政府停擺加劇了這種情況，因此，這些原本預計完成的交易可能會推遲完成，甚至可能要等到 2026 年。所以我們預期會看到一個開放的政府。需要一段時間才能重新開始運作。

One of the things that's been eliminated during the shutdown is the Trump administration had been able to terminate the waiting period, but with the shutdown they don't have the staff to do it.

政府停擺期間取消的一項措施是，川普政府原本可以取消等待期，但由於政府停擺，他們沒有足夠的人手來執行這項措施。

So we would anticipate a bill. It likely will be in 2026.

所以我們會預料到會收到帳單。很可能是在2026年。

Okay.

好的。

All right, that's very helpful I appreciate it.

好的，這很有幫助，非常感謝。

Your next question comes from the line of Kyle Peterson of Needham. Your line is now open.

你的下一個問題來自尼德姆的凱爾彼得森。您的線路已開通。

Hey, good morning, guys. Thanks for taking the questions. Let's start off, taking in, the tax rate this quarter, looks like you guys had a pretty big, kind of one time benefit.

嘿，大家早安。謝謝您回答問題。首先，我們來看看本季的稅率，看來你們獲得了相當大的一次性收益。

Is that related to, the pension plan settlement and everything like that, or were there any like discrete items or anything that that skewed the tax rate around this quarter that we should be mindful of?

這是否與退休金計畫結算等有關，還是說本季存在一些我們應該注意的個別項目或因素導致稅率出現偏差？

Yeah, Kyle, I think you know we talked about the pre-tax pension charge of the, just over 80 million the post-tax at $60 million so certainly the pension, the the the tax component of that weighed on the the the GAAP tax rate, I think, in the non-GAAP tax rate, little bit different story there will be excluded, but. Some small dollars of adjustments there, related to, different tax legislation, etc. Can impact that rate.

是的，凱爾，我想你知道我們討論過稅前退休金支出，略高於 8000 萬美元，稅後為 6000 萬美元，所以退休金的稅收部分肯定會影響 GAAP 稅率，我認為，在非 GAAP 稅率下情況略有不同，會被排除在外。由於不同的稅務法規等原因，需要進行一些小額調整。可能會影響該利率。

Okay, that's helpful.

好的，這很有幫助。

So even though it's.

所以即使它是。

You guys settled the pension formally in the 4th quarter. It was a tax.

你們在第四季正式解決了退休金問題。這是稅收。

Noise item in the 3rd quarter.

第三季噪音項目。

But, so we just to be clear, that was we settled in the 3rd quarter.

但是，為了明確起見，我們是在第三季確定的。

Okay, yeah, sir, or you now set in the 4th quarter at least, but yeah, okay, that, alright, that is super helpful, and then I wanted to kind of follow-up on venue and I realized it's probably a little hard to answer but. Is there any way you guys could maybe tease some or parse out some of the momentum that you guys are seeing in venue like what's if if there's any way you guys could separate the benefits from, the redesigned product versus activity potentially picking up like which one you. Feel or whether it's qualitative feedback or or anything like that like what do you guys feel has been the bigger driver of you know the better performance and everything there and you know how should we think or in past product refreshes like how long has it taken to get you know more traction and and such that'd be helpful.

好的，先生，或者您現在至少在第四季度就定下來了，但是好的，這，好吧，這非常有幫助，然後我想跟進一下場地的問題，我意識到這可能有點難以回答，但是。你們能否透露一些或分析一下你們在場地方面看到的勢頭，比如，如果你們能將重新設計的產品帶來的好處與活動可能增加帶來的好處區分開來，比如你們認為哪一個更有優勢？無論是定性回饋還是其他任何形式的回饋，例如你們覺得是什麼因素推動了效能的提升等等，以及我們應該如何看待過去產品更新中的情況，例如需要多長時間才能獲得更多用戶等等，這些資訊都會很有幫助。

Yeah, I, I'll start and then Craig, if you want to jump in, I think when you look at at venue, obviously we showed the growth this quarter, but if you take a longer, longer-term view of venue, we grew in the mid 20% range last year. We were overlapping a quarter, in the Q3 that that was, right along those those growth rates. So, I would say, sales execution has been the key component to driving the growth that we've seen that team's done a really nice job in terms of, as Craig talked about generating new opportunities and and converting those opportunities. With respect to the new product, I would say it had a very modest impact in Q3. We would expect more of an impact in Q4 and then certainly the bulk of the impact of the new product to start to hit in 2026. So I think the impact of the new product, the the better days due to that product are are on the horizon here for us, correct?

是的，我先開始，然後克雷格，如果你想插話的話，我認為，如果你看一下場地，顯然我們本季度實現了增長，但如果你從更長遠的角度來看場地，我們去年的增長率在 20% 左右。我們在第三季與那些成長率重合了一段時間。所以，我認為銷售執行是推動成長的關鍵因素，正如克雷格所說，團隊在創造新機會和轉換這些機會方面做得非常出色。至於新產品，我認為它在第三季的影響非常有限。我們預計第四季會產生更大的影響，然後新產品的大部分影響肯定會在 2026 年開始顯現。所以我認為新產品的影響，以及因該產品而帶來的美好未來，對我們來說指日可待，對嗎？

Yes, I will build on the horizon part, which is our results to date are based on execution.

是的，我會繼續闡述前景部分，即我們迄今為止的成果是基於執行力的。

The earlier results in the year were a function of liberation Day, which froze the market. Now we see that how was absorbed, and the M&A opportunities are certainly increased. When we launched the new version of Venue, it launched in the first weeks of October.

今年稍早的業績是由於解放日導致市場凍結所致。現在我們看到它是如何被吸收的，併購機會無疑增加了。新版 Venue 於 10 月初發行。

These launch events continue today, so the perspective look is that what you're seeing is primarily a result of execution pre-launch.

這些發布活動今天仍在繼續，因此從目前的角度來看，你所看到的主要是發布前執行工作的結果。

Certainly we have a product that we think is the most purpose built based on decades of experience.

當然，我們擁有一款我們認為是基於數十年經驗而打造的、用途最明確的產品。

Again, clients are loving it. We expect this new product launch is going to strengthen. Us as the data provider data room provider of choice, it will be in future quarters. Our venue team is going to continue to deliver excellence given the nature of the venue.

客戶們再次表示非常喜歡。我們預期此次新產品發布將增強市場競爭力。我們作為首選的數據提供者和數據室提供商，將在未來幾季繼續保持這一地位。鑑於場地的特殊性，我們的場地團隊將繼續提供卓越的服務。

We're going to focus on what's got us here sales execution, taking share, price, and then now we're supported by a great new product.

我們將專注於讓我們走到今天這一步的因素：銷售執行、市場份額、價格，現在我們又有了很棒的新產品作為支撐。

Okay, that's super helpful and then, I could squeeze, one last one in here. Are you guys thinking about, capital allocation, at this point you guys have kind of taken a lot of the uncertainty or volatility out of the pension liability at this point, cash flow continues to improve.

好的，這很有幫助，然後，我還可以再補充一個。你們在考慮資本配置時，目前已經消除了退休金負債中的許多不確定性或波動性，現金流也持續改善。

At least the market doesn't seem to be giving us credit for at least like a strong pipeline, and whenever the shutdown gets resolved, we'll have a resurgence in activity, but like I guess like how you are guys kind of thinking and kind of ring order and like uses of excess cash flow, between buybacks and.

至少市場似乎沒有認可我們強大的專案儲備，一旦停擺結束，我們的業務活動將會復甦，但我想就像你們的想法一樣，你們正在考慮如何利用多餘的現金流，例如回購股票等等。

Other uses, any color there I think would be helpful for everyone to call.

其他用途，我覺得任何顏色都有助於大家呼叫。

Yeah, sure, thanks Kyle. So, no change relative to what we've been doing historically, we've said often the number one priority is having the financial flexibility to execute the transformation in our strategy, to your point, we have quite a bunch or quite a bit of financial flexibility and capacity. And yeah, we, as evidenced in the last quarter, as evidenced back in April, we've been very aggressive in buybacks at the appropriate times and you know we think about priorities, it's the strategy, it's maintaining that financial flexibility. Being opportunistic around share repurchases and disciplined and then you know we're looking at ways of accelerating organic or inorganic investment in the business, but only to accelerate the the strategy.

好的，謝謝凱爾。所以，與我們過去的做法相比，沒有任何改變。我們常說，首要任務是擁有足夠的財務彈性來執行我們策略的轉型。正如您所說，我們確實擁有相當多的財務靈活性和能力。是的，正如上個季度以及四月份所證明的那樣，我們在適當的時候積極進行股票回購，你知道，我們考慮的是優先事項，這是我們的策略，也是保持財務靈活性的關鍵。我們會抓住機會回購股票，並且保持紀律性，然後你知道，我們正在尋找加速企業內部或外部投資的方法，但這只是為了加速策略的實施。

All right. I appreciate all the color and help. Thanks, guys.

好的。我非常感謝大家提供的色彩和幫助。謝謝各位。

Right, thank you.

好的，謝謝。

Again, if you would like to ask a question, please press one to join the queue. We'll pause for just a moment to compile the Q&A roster.

再次提醒，如果您有問題想要提問，請按 1 加入佇列。我們稍作停頓，整理一下問答環節的名單。

And there are no questions at this time. I will now turn the conference back over to Dan Lee for closing remarks.

目前沒有任何問題。現在我將把會議交還給丹李，請他作閉幕致詞。

Great, thank you and thank you everyone for joining and we'll look forward to speaking with you soon. Thanks.

太好了，謝謝大家，也感謝各位的參與，我們期待盡快與大家交流。謝謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。