Donnelley Financial Solutions, Inc. (DFIN) 2026 Q1 法說會逐字稿

Greetings and welcome to Donnelley Financial Solutions first-quarter earnings conference call. (Operator Instructions)

各位好，歡迎參加Donnelley Financial Solutions第一季財報電話會議。（接線員指示）

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

現在我想把會議交給投資人關係主管Mike Zhao。

Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions first-quarter 2026 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 definsolutions.com.

謝謝。各位早安，感謝各位參加Donnelley Financial Solutions 2026年第一季業績電話會議。今天早上，我們已發布財報新聞稿，其中包含一組補充的歷史結果趨勢表，副本可於我們網站definsolutions.com的「投資人」專區查閱。

During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. For 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，我們將提及前瞻性陳述，該等陳述受風險與不確定性影響。完整說明請參閱我們財報新聞稿中的警示性陳述，並進一步參考我們最近一期Form 10-K年度報告、Form 10-Q季度報告及其他向美國證券交易委員會（SEC）提交的文件中更詳細的說明。

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. 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.

此外，我們將討論若干非GAAP財務資訊，例如調整後EBITDA與調整後EBITDA利潤率。我們認為呈現非GAAP財務資訊可就公司持續營運提供有用的補充資訊，並是您評估公司績效的適當方式。然而，該等資訊僅供參考。請參閱財報新聞稿及相關表格，以取得GAAP財務資訊，以及GAAP與非GAAP財務資訊之間的調節表。

I am joined this morning by Dan Lieb, Dave Gardella, and other members of management. I will now turn the call over to Dan.

今天早上與我一同出席的有Dan Lieb、Dave Gardella及其他管理團隊成員。接下來我把電話交給Dan。

Thank you, Mike, and good morning, everyone. We started 2026 by building on the positive momentum in our performance from the fourth quarter of last year, delivering consolidated net sales growth, year-over-year growth in adjusted EBITDA, adjusted EBITDA margin expansion and improvements in both operating cash flow and free cash flow.

謝謝你，Mike，各位早安。我們以延續去年第四季的正向動能來展開2026年，實現合併淨銷售成長、調整後EBITDA年增、調整後EBITDA利潤率擴張，並改善營運現金流與自由現金流。

We delivered first quarter net sales of $205.5 million, which increased 2.2% compared to the first quarter of 2025. The combination of consolidated debt sales growth and cost management yielded first quarter adjusted EBITDA of $70.6 million and adjusted EBITDA margin of 34.4%, both of which are significantly stronger than historical periods with similar revenue profiles.

我們第一季淨銷售為2.055億美元，較2025年第一季成長2.2%。合併淨銷售成長與成本管理的結合，使第一季調整後EBITDA達7,060萬美元、調整後EBITDA利潤率為34.4%；在相近營收水準的歷史期間中，這兩項指標皆顯著更強。

Importantly, our strong operating performance was in the context of a volatile market environment during the first quarter, shaped by increased macroeconomic uncertainty and escalating geopolitical conflicts. Our first-quarter results are further proof points to the progress of our transformation and demonstrate the resiliency of our operating model across various market conditions as our business mix continues to transform.

重要的是，我們強勁的營運表現是在第一季波動的市場環境下達成的，該環境受到宏觀經濟不確定性上升與地緣政治衝突升級所影響。我們第一季的結果進一步證明轉型進展，並展現隨著業務組合持續轉變，我們的營運模式在各種市場條件下的韌性。

I am encouraged by the continued growth in our software solutions offerings where we delivered year-over-year net sales growth of 8.4%. Software Solutions net sales represented 44.6% of total net sales in the first quarter, an increase of approximately 250 basis points from last year's Software Solutions net sales mix, despite a moderate increase in print and distribution net sales in the first quarter related to a large special proxy project.

我對我們軟體解決方案產品的持續成長感到鼓舞，該業務實現年對年淨銷售成長8.4%。第一季軟體解決方案淨銷售占總淨銷售的44.6%，較去年軟體解決方案的銷售組合提高約250個基點；儘管第一季因一項大型特殊委託書（proxy）專案，使印刷與配送淨銷售溫和增加。

Despite this deal-related increase in print and distribution sales in the first quarter, our view on the long-term secular decline in the demand for printed products remains consistent, which we expect to be in the range of 5% to 6% annually, with fluctuations based on transactional volumes. On a trailing four-quarter basis, Software Solutions net sales made-up 47.4% of total net sales, an increase of approximately 460 basis points from the first quarter of the 2025 trailing four-quarter period.

儘管第一季因交易帶動印刷與配送銷售增加，我們對印刷產品需求長期結構性下滑的看法仍一致；我們預期年降幅約為5%至6%，並會隨交易量而波動。以過去四季合計（trailing four-quarter）計算，軟體解決方案淨銷售占總淨銷售的47.4%，較2025年第一季所對應的過去四季期間提高約460個基點。

This continued positive mix shift positions us well to achieve our long-term target of deriving approximately 60% of total net sales from Software Solutions by 2028. A major driver of the first quarter Software Solutions net sales growth was the performance of our recurring compliance software product, ActiveDisclosure, which posted approximately 21% sales growth, marking the sixth consecutive quarter of double-digit sales growth.

這項持續的正向組合轉移，使我們更有利於達成長期目標：至2028年約60%的總淨銷售來自軟體解決方案。第一季軟體解決方案淨銷售成長的主要驅動因素，是我們的經常性合規軟體產品ActiveDisclosure的表現，其銷售成長約21%，並連續第六季達成雙位數銷售成長。

The sustained momentum reflects the continued growth in net client count and increases in average value per client, both of which are positive outcomes of our transition from the legacy ActiveDisclosure platform to new AD, as well as improved sales execution. In addition, we continue to experience the migration of certain traditional activities to ActiveDisclosure, including an increase in the number of transactional documents and proxy statements being completed on the platform compared to the last year's first quarter, a trend we expect to continue going forward.

這股持續動能反映客戶淨數量持續增加，以及每位客戶平均價值提升；兩者皆是我們從舊版ActiveDisclosure平台轉移至新版AD，以及銷售執行改善所帶來的正向成果。此外，我們也持續看到部分傳統活動移轉至ActiveDisclosure，包括在該平台上完成的交易文件與委託書（proxy statements）數量較去年第一季增加；我們預期此趨勢未來仍將延續。

Further, ActiveIntelligence, a suite of artificial intelligence capabilities we introduced to select ActiveDisclosure clients in the fourth quarter of last year became available to all clients in April, representing a step forward in our mission to responsibly deploy AI to increase productivity and efficiency for our clients. ActiveDisclosure's intelligent, fit-for-purpose capabilities, combined with the domain expertise and 24/7 support of our services organization, remains a strategic differentiator for DFN.

此外，我們在去年第四季向部分ActiveDisclosure客戶推出的人工智慧功能套件ActiveIntelligence，已於4月向所有客戶開放，代表我們在「負責任地部署AI以提升客戶生產力與效率」的使命上更進一步。ActiveDisclosure具備智慧化、為特定用途量身打造的能力，結合我們服務團隊的領域專業與24/7支援，仍是DFN的重要策略差異化優勢。

Venue delivered solid year-over-year sales growth of approximately 7% in the first quarter, driven by a resilient demand for data rooms. I am encouraged by the momentum in the commercial adoption of our new Venue product, which was introduced in the third quarter of last year as the upgraded product continues to resonate with both current and prospective clients for its speed and simplicity.

Venue第一季年對年銷售成長約7%，主要受資料室（data rooms）需求具韌性所帶動。我對新Venue產品的商業採用動能感到鼓舞；該產品於去年第三季推出，升級後的產品因其速度與簡易性，持續獲得現有與潛在客戶的認同。

The rebuilt product redefines efficiency in data room initiation and management, is easier to govern access and permissions, and is more intuitive for deal teams to use. The improvements we have delivered in new Venue, combined with our strong go-to-market execution, have allowed us to access a broader range of clients and increase the size of our serviceable market.

重建後的產品重新定義資料室啟用與管理的效率，更容易治理存取與權限，且對交易團隊而言更直覺易用。我們在新Venue所交付的改進，結合強勁的市場推進（go-to-market）執行，使我們得以觸及更廣泛的客戶群，並擴大可服務市場規模。

As the adoption of new Venue continues to ramp up, we expect the upgraded product to contribute to Venue's growth in 2026. In addition, we remain excited by opportunities for ArcFlex, the newest module within ArcSuite, which was also launched in the third quarter of 2025.

隨著新Venue的採用持續加速，我們預期升級後的產品將在2026年為Venue的成長做出貢獻。此外，我們也持續看好ArcSuite中最新模組ArcFlex的機會；ArcFlex同樣於2025年第三季推出。

As the momentum toward private investments increases, and with it, more robust reporting and disclosure management needs, we are seeing increased interest from private investment institutions, including hedge funds, private equity, and business development companies. As a financial and regulatory reporting solution purpose-built for private investment institutions, ArcFlex positions DFN well to capture incremental market demand in the private investment space.

隨著私募投資動能升溫，並帶動更強健的報告與揭露管理需求，我們看到來自私募投資機構的興趣增加，包括避險基金、私募股權與商業發展公司（BDC）。作為專為私募投資機構打造的財務與監管申報解決方案，ArcFlex使DFN能有效掌握私募投資領域新增的市場需求。

In a demonstration of our progress in this area, during the first quarter, we signed our first ArcFlex contract with an alternative asset manager utilizing ArcFlex to modernize its financial and regulatory reporting workflows. We expect the commercial activities around ArcFlex to continue to scale through 2026, resulting in more meaningful incremental revenue starting in 2027.

為展現我們在此領域的進展，第一季我們與一家另類資產管理公司簽下首份ArcFlex合約，該客戶使用ArcFlex來現代化其財務與監管申報工作流程。我們預期ArcFlex相關商業活動將在2026年持續擴大規模，並自2027年起帶來更具意義的增量營收。

Before I turn the call over to Dave, I'd like to provide some perspective on DFN's operating characteristics as we navigate an evolving external environment. Over the past several months, global markets have been impacted by elevated volatility driven by a combination of AI-driven uncertainty and geopolitical tensions. In that context, DFN's operating model continues to be a point of strength and a source of differentiation.

在我把電話交給Dave之前，我想就DFN在因應外部環境演變時的營運特性提供一些觀點。過去幾個月，全球市場受到高波動影響，主因是AI驅動的不確定性與地緣政治緊張的組合。在此背景下，DFN的營運模式仍是我們的優勢所在，也是差異化來源。

Let me highlight a few items behind our relatively stable performance amid the turmoil. First, we serve markets where demand is regulatory-driven and non-discretionary, centered on mission-critical compliance and deal-related workflows for corporations and investment companies.

我來強調幾項使我們在動盪中仍能相對穩健表現的因素。首先，我們服務的市場需求由法規驅動且屬非選擇性支出，核心圍繞企業與投資公司在關鍵任務的合規與交易相關工作流程。

As a result, more than 75% of our revenue is based on recurring and reoccurring sources, the majority of which is related to ongoing SEC compliance for corporations and investment companies, with the remainder, specifically Venue, serving a wide market that encompasses both announced and unannounced deals across public and private companies, which is inherently more stable than the market for completed M&A transactions. Our strong mix of recurring and reoccurring offerings provides stability during times of market volatility.

因此，我們超過75%的營收來自經常性與重複性來源，其中多數與企業及投資公司的持續SEC合規相關；其餘部分，特別是Venue，服務的市場範圍廣，涵蓋已公告與未公告的交易，橫跨上市與非上市公司，本質上比已完成的併購（M&A）交易市場更為穩定。我們強勁的經常性與重複性產品組合，在市場波動時提供穩定性。

Next, our unique hybrid model features a combination of software solutions, tech-enabled services, and print-related output, underpinned by DFN's deep regulatory knowledge and domain and service expertise, the hybrid model differentiates from seat-based pricing models and emphasizes domain expertise and execution, which contrasts with more narrowly focused point solution and pure-play software providers.

其次，我們獨特的混合模式結合軟體解決方案、科技賦能服務與印刷相關產出，並以DFN深厚的法規知識、領域專長與服務能力為基礎。此混合模式有別於以席位（seat）計價的定價模式，強調領域專業與交付執行，並與更聚焦於單點解決方案或純軟體供應商形成對比。

While we continue to invest in the growth of our software products, our traditional services and output-related offerings supplement DFN's ability to work in ways our clients prefer, whether through software-led, service-enabled, or hybrid workflows backed by capabilities to produce outputs where needed, providing multiple ways to serve their needs as the regulatory landscape evolves.

在我們持續投資軟體產品成長的同時，傳統服務與產出相關產品也補強DFN以客戶偏好的方式合作的能力，無論是以軟體為主、以服務支援，或由混合工作流程驅動，並在需要時具備產出交付能力；隨著法規環境演進，提供多種方式以滿足客戶需求。

Finally, amid the AI-induced market volatility, DFN's strong position as a leading regulatory and compliance provider and our hybrid offerings are important differentiators in the marketplace.

最後，在AI引發的市場波動之中，DFN作為領先的法規與合規服務供應商的強勢地位，以及我們的混合式產品組合，是市場上的重要差異化因素。

During times of market volatility and technological disruption, our clients increasingly recognize AI as a productivity enhancer within DFN's workflows, not a substitute for the platform itself or the expertise behind it. Compliance and disclosure remain mission-critical, highly regulated activities that require accuracy and accountability, and AI is most effective when deployed within that framework.

在市場波動與科技顛覆期間，我們的客戶愈來愈認知到，AI在DFN工作流程中是提升生產力的工具，而非取代平台本身或其背後專業的替代品。合規與揭露仍是關鍵任務且高度受監管的活動，要求精確性與可問責性；AI在該框架內部署時最為有效。

As we responsibly integrate AI across both our products and internal operations, our focus remains on improving efficiency, reducing risk, and enhancing productivity, while maintaining rigorous standards around security, privacy, and data governance.

在我們負責任地將 AI 整合至產品與內部營運的同時，我們的重點仍放在提升效率、降低風險並提高生產力，同時維持在安全、隱私與資料治理方面的嚴格標準。

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

在我分享幾點結語之前，我想把電話會議交給 Dave，請他更詳細說明我們第一季的業績以及對第二季的展望。Dave？

Thanks, Dan, and good morning, everyone. As Dan noted, we continued to demonstrate positive momentum in our performance during the first quarter, highlighted by year-over-year net sales growth, an increase in adjusted EBITDA and adjusted EBITDA margin expansion. We posted 8.4% growth in our Software Solutions net sales, including approximately 21% growth in our recurring compliance product ActiveDisclosure.

謝謝你，Dan，各位早安。如 Dan 所提到的，我們在第一季的表現持續展現正向動能，亮點包括年對年淨銷售成長、調整後 EBITDA 增加，以及調整後 EBITDA 利潤率擴張。我們的軟體解決方案淨銷售成長 8.4%，其中包含我們經常性合規產品 ActiveDisclosure 約 21% 的成長。

By continuing to execute our software-centric strategy while also driving operating efficiencies, we expanded our first quarter adjusted EBITDA margin by approximately 50 basis points to 34.4%. On a consolidated basis, total net sales for the first quarter of 2026 were $205.5 million, an increase of $4.4 million or 2.2% from the first quarter of 2025.

透過持續執行以軟體為核心的策略，同時推動營運效率，我們第一季調整後 EBITDA 利潤率提升約 50 個基點至 34.4%。以合併口徑計算，2026 年第一季淨銷售總額為 2.055 億美元，較 2025 年第一季增加 440 萬美元或 2.2%。

The growth in Software Solutions net sales, which increased $7.1 million or 8.4% compared to the first quarter of last year, combined with higher event-driven transactional revenue within Capital Markets, part of which was realized through an increase in print and distribution revenue related to a special proxy, more than offset decline in Capital Markets and investment companies' compliance revenue. The majority of which was related to a reduction in the demand for printed products consistent with recent trends.

軟體解決方案淨銷售成長（較去年第一季增加 710 萬美元或 8.4%），再加上資本市場中較高的事件驅動型交易收入（其中一部分來自與一項特殊委託書相關的印刷與配送收入增加），已足以抵銷資本市場與投資公司合規收入的下滑；而該下滑多數與印刷產品需求下降有關，符合近期趨勢。

First-quarter adjusted non-GAAP gross margin was 64%, approximately 30 basis points higher than the first quarter of 2025, driven by the growth in Software Solutions net sales, the impact of cost control initiatives and price uplifts, partially offset by higher print and distribution volume.

第一季調整後非 GAAP 毛利率為 64%，較 2025 年第一季高約 30 個基點，主要受軟體解決方案淨銷售成長、成本控管措施與價格上調的影響所帶動，但部分被較高的印刷與配送量所抵銷。

Adjusted non-GAAP SG&A expense in the quarter was $61 million, a $1.1 million increase from the first quarter of 2025. As a percentage of net sales, adjusted non-GAAP SG&A was 29.7%, a decrease of approximately 10 basis points from the first quarter of 2025. The increase in adjusted non-GAAP SG&A was primarily driven by an increase in selling expense related to higher sales volume, partially offset by the impact of ongoing cost control initiatives.

本季調整後非 GAAP 銷售、一般及行政（SG&A）費用為 6,100 萬美元，較 2025 年第一季增加 110 萬美元。以淨銷售百分比計算，調整後非 GAAP SG&A 為 29.7%，較 2025 年第一季下降約 10 個基點。調整後非 GAAP SG&A 的增加主要由於銷售量提高帶動銷售費用增加，但部分被持續的成本控管措施所抵銷。

Our first-quarter adjusted EBITDA was $70.6 million, an increase of $2.4 million or 3.5% from the first quarter of 2025. First-quarter adjusted EBITDA margin was 34.4%, an increase of approximately 50 basis points from the first quarter of 2025, primarily driven by higher Software Solutions net sales and cost control initiatives, partially offset by higher Capital Markets transactional print volume.

我們第一季調整後 EBITDA 為 7,060 萬美元，較 2025 年第一季增加 240 萬美元或 3.5%。第一季調整後 EBITDA 利潤率為 34.4%，較 2025 年第一季提升約 50 個基點，主要由於軟體解決方案淨銷售增加與成本控管措施所帶動，但部分被資本市場交易性印刷量增加所抵銷。

Turning now to our first-quarter segment results, net sales in our Capital Markets Software Solutions segment were $58.6 million, an increase of $6.7 million or 12.9% from the first quarter of last year, primarily driven by growth in ActiveDisclosure, which grew approximately 21%. Total subscription revenue increased by approximately 17%, primarily driven by the continued growth in client count and the ongoing adoption of ActiveDisclosure services subscription packages.

接著看第一季各事業部門的表現：我們資本市場軟體解決方案部門的淨銷售為 5,860 萬美元，較去年第一季增加 670 萬美元或 12.9%，主要由 ActiveDisclosure 成長所帶動，其成長約 21%。訂閱收入總額增加約 17%，主要來自客戶數持續成長，以及 ActiveDisclosure 服務訂閱方案持續被採用。

While service and support revenue increased approximately 36%, as we benefit from the continued migration of certain traditional activities to ActiveDisclosure, including the use case for corporate proxy and transactional filings. During the first quarter, we experienced a higher volume of corporate proxy documents and S-1 filings related to IPO transactions completed on ActiveDisclosure compared to last year's first quarter.

服務與支援收入增加約 36%，因我們受惠於部分傳統活動持續移轉至 ActiveDisclosure，包括公司委託書與交易申報的使用情境。第一季期間，透過 ActiveDisclosure 完成的 IPO 交易相關公司委託書文件與 S-1 申報量，較去年第一季更高。

We expect this trend to continue in the future, driven by the capabilities of our software platform combined with the evolving client preference to work in a hybrid environment, leveraging both our software and unmatched service and domain expertise. We remain encouraged by ActiveDisclosure's solid foundation for future revenue growth, part of which will be influenced by the pace of traditional activities transitioning onto the platform.

我們預期此趨勢未來仍將延續，動能來自我們軟體平台的能力，以及客戶偏好在混合式環境中工作、同時運用我們的軟體與無可匹敵的服務與領域專業。我們仍對 ActiveDisclosure 作為未來營收成長的穩固基礎感到鼓舞，其中一部分將取決於傳統活動移轉至平台的速度。

Net sales of Venue increased approximately $2 million, or 7%, compared to the first quarter of last year. On a sequential basis, the impact from large projects, which aided Venue's growth during the fourth quarter of last year, was less significant during the first quarter. 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.

Venue 的淨銷售較去年第一季增加約 200 萬美元或 7%。以季對季來看，去年第四季推動 Venue 成長的大型專案影響，在第一季較不顯著。平台上仍具韌性的基礎活動水準，加上我們近期推出新版 Venue，為未來銷售成長奠定了強勁基礎。

Adjusted EBITDA margin for the segment was 32.8%, an increase of approximately 600 basis points from the first quarter of 2025, primarily due to higher net sales and cost control initiatives, partially offset by higher bad debt expense.

該部門調整後 EBITDA 利潤率為 32.8%，較 2025 年第一季提升約 600 個基點，主要因淨銷售增加與成本控管措施所致，但部分被較高的壞帳費用所抵銷。

Net sales in our Capital Markets Compliance and Communications Management segment were $82.8 million, a decrease of $1.1 million or 1.3% from the first quarter of 2025, driven by lower compliance volume, partially offset by higher transactional revenue. In the first quarter, we recorded $50.8 million of Capital Markets transactional revenue, which exceeded the high end of our expectations and was up approximately $2 million, or 5%, from first quarter of 2025.

我們資本市場合規與溝通管理部門的淨銷售為 8,280 萬美元，較 2025 年第一季減少 110 萬美元或 1.3%，主因合規量下降，但部分被較高的交易收入所抵銷。第一季我們錄得資本市場交易收入 5,080 萬美元，高於我們預期區間的上緣，並較 2025 年第一季增加約 200 萬美元或 5%。

The positive momentum in the equity deal environment, which had been building throughout the second half of 2025, continued to start the year, resulting in increases in the number of regular-way IPO transactions that raised over $100 million and completed public company M&A deals in the US during January and February of 2026 compared to 2025.

股權交易環境的正向動能自 2025 年下半年逐步累積，並在年初延續，使得 2026 年 1 月與 2 月在美國完成、募資超過 1 億美元的常規 IPO 交易數量，以及已完成的上市公司併購（M&A）交易數量，相較 2025 年有所增加。

However, as the quarter progressed, increased market volatility and escalating geopolitical tensions dampened deal activity in March, resulting in a slowdown in the number of deal completions, especially large IPOs. In short, the global deal environment in the first quarter remained soft compared to historical averages.

然而，隨著季度推進，市場波動加劇與地緣政治緊張升溫抑制了 3 月的交易活動，導致完成交易的數量放緩，尤其是大型 IPO。總之，第一季全球交易環境相較歷史平均仍偏疲弱。

For transactions that were completed in the first quarter, we maintained our historical market share reflective of DFN's strong market position. Specific to M&A activity during the quarter, we benefited from a large merger-related special proxy that included an outsized print and distribution component, specifically the printing and delivery of shareholder communication documents.

就第一季已完成的交易而言，我們維持了與 DFN 強勁市場地位相符的歷史市占率。就本季的併購活動而言，我們受惠於一筆與大型合併相關的特殊委託書案，該案包含超出常態的印刷與配送組成，具體而言為股東溝通文件的印製與遞送。

Capital Markets Compliance revenue was down $3.3 million, primarily due to our continued exit of certain low-margin activity and the related print and distribution. In addition, we continue to experience lower market demand for certain event-driven filings, such as 8-Ks, given the softness in that market.

資本市場合規收入減少 330 萬美元，主要因我們持續退出部分低毛利活動及其相關的印刷與配送。此外，鑑於該市場疲弱，我們也持續面臨某些事件驅動型申報（例如 8-K）之市場需求降低。

Finally, as I commented earlier, certain activities which were historically performed on our traditional services platform shifted to ActiveDisclosure. Adjusted EBITDA margin for the segment was 40.7%, a decrease of approximately 300 basis points from the first quarter of 2025. The decrease in adjusted EBITDA margin was primarily due to the higher mix of print and distribution sales, partially offset by cost control initiatives and lower bad debt expense.

最後，如我先前所述，部分歷來在我們傳統服務平台上執行的活動已轉移至 ActiveDisclosure。該部門調整後 EBITDA 利潤率為 40.7%，較 2025 年第一季下降約 300 個基點。調整後 EBITDA 利潤率下降主要因印刷與配送銷售占比提高，但部分被成本控管措施與較低的壞帳費用所抵銷。

Net sales in our Investment Company Software Solutions segment were $33.1 million, an increase of $0.4 million or 1.2% versus the first quarter of 2025, driven by an increase in services revenue while subscription revenue was flat.

我們投資公司軟體解決方案部門的淨銷售為 3,310 萬美元，較 2025 年第一季增加 40 萬美元或 1.2%，主要由服務收入增加所帶動，而訂閱收入持平。

As expected, ArcSuite's first-quarter growth remained more modest compared to the growth rate from last year's first quarter, during which net sales increased approximately 20% year-over-year, driven by the uplift from the tailored shareholder report solution. We expect a similar dynamic to play out in the second quarter of this year. As Dan noted earlier, we are encouraged by the early positive market reception of ArcFlex, and expect meaningful incremental revenue starting in 2027.

如預期，ArcSuite 第一季成長相較去年第一季較為溫和；去年第一季淨銷售年對年成長約 20%，主要受量身打造的股東報告解決方案帶動的提升所致。我們預期今年第二季也會出現類似的態勢。如 Dan 先前所提到的，我們對 ArcFlex 早期正向的市場反應感到鼓舞，並預期自 2027 年起帶來具意義的增量營收。

Adjusted EBITDA margin for the segment was 39.6%, an increase of approximately 50 basis points in the first quarter of 2025. The increase in adjusted EBITDA margin was primarily due to price uplifts and cost control initiatives, partially offset by higher service-related costs.

該部門調整後 EBITDA 利潤率為 39.6%，較 2025 年第一季增加約 50 個基點。調整後 EBITDA 利潤率的提升主要來自價格上調與成本控管措施，但部分被較高的服務相關成本所抵銷。

Net sales in our Investment Companies Compliance and Communications Management segment were $31 million, a decrease of $1.6 million or 4.9% from the first quarter of 2025, driven by lower print and distribution revenue, which accounted for more than all of the year-over-year decline.

我們投資公司合規與溝通管理部門的淨銷售為 3,100 萬美元，較 2025 年第一季減少 160 萬美元或 4.9%，主因印刷與配送收入下降，而該項下降占了年對年降幅的全部以上。

Adjusted EBITDA margin for the segment was 39%, approximately 160 basis points higher than the first quarter of 2025. The increase in adjusted EBITDA margin was primarily due to favorable sales mix and cost control initiatives, partially offset by the impact of lower sales volume.

該部門調整後 EBITDA 利潤率為 39%，較 2025 年第一季高約 160 個基點。調整後 EBITDA 利潤率的提升主要來自有利的銷售組合與成本控管措施，但部分被銷售量下降的影響所抵銷。

Non-GAAP unallocated corporate expenses were $7.5 million in the quarter, approximately flat to the first quarter of 2025. Free cash flow in the quarter was negative $16 million, an improvement of $35 million compared to the first quarter of 2025.

本季非 GAAP 未分攤公司費用為 750 萬美元，與 2025 年第一季大致持平。本季自由現金流為負 1,600 萬美元，較 2025 年第一季改善 3,500 萬美元。

The year-over-year improvement in free cash flow was primarily driven by favorable working capital, part of which was a result of lower incentive-based payments related to 2025 incentive targets and lower capital expenditures.

自由現金流的年對年改善主要由有利的營運資金所帶動，其中一部分來自與 2025 年激勵目標相關的績效型獎酬支付較低，以及資本支出較低。

While our first quarter capital expenditures were lower on a run rate basis compared to our annual guidance of $55 million to $60 million, we expect our spending to ramp up throughout the year, reaching the range stated in our 2026 guidance. We ended the quarter with $229.9 million of total debt, and $203.8 million of non-GAAP net debt, including $121 million drawn on our revolver.

雖然我們第一季的資本支出以年化運行率（run rate）計算低於我們全年 $5,500 萬至 $6,000 萬的指引，但我們預期支出將在全年逐步增加，並達到我們 2026 年指引所述的區間。我們在本季末的總負債為 $2.299 億，非 GAAP 淨負債為 $2.038 億，其中包括從循環信貸額度（revolver）提用的 $1.21 億。

As of March 31, 2026, our non-GAAP net leverage ratio was 0.8 times. As a reminder, our cash flow is historically seasonal, though over time, that seasonality has become less pronounced as our sales mix has evolved toward software subscriptions. Regarding capital deployment, we repurchased approximately 595,000 shares of common stock during the first quarter for $28.3 million at an average price of $47.58 per share.

截至 2026 年 3 月 31 日，我們的非 GAAP 淨槓桿比率為 0.8 倍。提醒一下，我們的現金流歷來具有季節性，不過隨著我們的銷售組合逐步轉向軟體訂閱，這種季節性隨時間推移已變得不那麼明顯。就資本配置而言，我們在第一季以每股平均 $47.58 的價格回購約 595,000 股普通股，總金額為 $2,830 萬。

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, 2027. This repurchase authorization, which commenced on April 17, 2026, replaced the prior authorization, which had $25.5 million remaining as of March 31, 2026.

在第二季，董事會核准一項新的股票回購計畫，金額上限為 $1.5 億，並於 2027 年 12 月 31 日到期。該回購授權自 2026 年 4 月 17 日開始生效，取代先前的授權；截至 2026 年 3 月 31 日，先前授權尚餘 $2,550 萬可用額度。

We continue to view share repurchases as an important component to drive value for shareholders and as part of our balanced capital deployment plan, which also features organic investments to drive future growth and net debt reduction. As it relates to our outlook for the second quarter of 2026, we expect the unsettled operating environment we experienced during the first quarter to continue, driven by market volatility and ongoing geopolitical uncertainty.

我們仍將股票回購視為為股東創造價值的重要組成部分，也是我們平衡資本配置計畫的一環；該計畫亦包含推動未來成長的有機投資以及降低淨負債。就我們對 2026 年第二季的展望而言，我們預期第一季所經歷的動盪營運環境將持續，主要受市場波動與持續的地緣政治不確定性所驅動。

Further, we expect the reduction in print and distribution revenue associated with our traditional compliance offerings we highlighted earlier to continue in the second quarter, which historically is comprised of a heavy mix of print and distribution sales driven by the annual proxy season. This component of our sales profile becoming less significant over time continues to improve our overall sales mix and facilitates our long-term margin expansion.

此外，我們預期先前提到、與我們傳統合規產品相關的印刷與配送收入下滑將在第二季持續；第二季歷來因年度委託書（proxy）季而以印刷與配送銷售占比較高。此一銷售結構中的組成部分隨時間推移變得不那麼重要，將持續改善我們整體銷售組合，並有助於我們的長期利潤率擴張。

With those factors as the backdrop, we expect consolidated second-quarter net sales in the range of $215 million to $225 million and adjusted EBITDA margin in the range of 34% to 36%. Compared to the second quarter of last year, the midpoint of our consolidated revenue guidance, $220 million, implies a modest increase of approximately $2 million or 1% year-over-year as growth in Software Solutions net sales, predominantly ActiveDisclosure and Venue and higher Capital Markets transactional revenue are expected to more than offset a continued decline in print and distribution net sales.

在上述因素作為背景下，我們預期第二季合併淨銷售額將介於 $2.15 億至 $2.25 億之間，調整後 EBITDA 利潤率將介於 34% 至 36% 之間。與去年第二季相比，我們合併營收指引中點 $2.20 億，意味著年對年小幅增加約 $200 萬或 1%；我們預期軟體解決方案淨銷售額（以 ActiveDisclosure 與 Venue 為主）的成長，以及較高的資本市場交易型收入，將足以抵消印刷與配送淨銷售額的持續下滑。

Further, our estimates assume Capital Markets transactional revenue in the range of $40 million to $45 million, which at the midpoint is up approximately $8 million from last year's second quarter. As a reminder, last year's second quarter transactional revenue of $34.8 million represented an all-time low in quarterly transactional revenue.

此外，我們的估計假設資本市場交易型收入介於 $4,000 萬至 $4,500 萬之間；以中點計算，較去年第二季增加約 $800 萬。提醒一下，去年第二季的交易型收入 $3,480 萬為單季交易型收入的歷史新低。

In addition and related to my earlier comments regarding the impact of the transactional environment on certain compliance filings, most notably 8-Ks, our second-quarter estimate assumes a modest year-over-year decline in our compliance-based sales within this segment, part of which is related to print and distribution.

另外，並呼應我先前關於交易環境對某些合規申報（尤其是 8-K）影響的評論，我們對第二季的估計假設該分部中以合規為基礎的銷售將出現溫和的年對年下滑，其中一部分與印刷與配送相關。

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

接下來我把時間交還給 Dan。

Thanks, Dave. Our strong performance in the first quarter was the result of the historical and current disciplined execution of our strategy, which again demonstrated DFN's ability to perform across varying market conditions. Our focus remains on accelerating our business mix shift by continuing to grow our SaaS revenue base while maintaining share in our core traditional businesses. We will continue to invest to drive growth and support clients.

謝謝，Dave。我們第一季的強勁表現，來自於我們過去與目前對策略一貫且嚴謹的執行，再次展現 DFN 在不同市場條件下的表現能力。我們的重點仍是加速業務組合轉型：在維持核心傳統業務市占的同時，持續擴大我們的 SaaS 營收基礎。我們將持續投資以推動成長並支援客戶。

In addition, we will continue to aggressively manage our costs and drive operational efficiencies while maintaining our historical discipline in the allocation of capital. While uncertainty continues to exist within our broader operating environment, the combination of our strong market position, portfolio of mission-critical regulatory and compliance offerings, backed by our deep domain expertise and financial flexibility, position us well.

此外，我們將持續積極管理成本並推動營運效率，同時維持我們在資本配置上的一貫紀律。儘管整體營運環境仍存在不確定性，但憑藉我們強勁的市場地位、關鍵任務型（mission-critical）的監管與合規產品組合，以及深厚的領域專業與財務彈性，我們具備良好定位。

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

在我們開放問答之前，我想感謝全球的 DFN 員工。那麼，接下來我們準備開始提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Charles Strauzer, CJS Securities.

Charles Strauzer，CJS Securities。

A couple of questions. First, on guidance, if you could maybe expand a little bit more on the underlying assumptions for Q2 and what do you see in the external markets?

我有幾個問題。首先，關於指引，能否再多談一些第二季的基本假設，以及你們在外部市場看到了什麼？

So look, I think from a transactional perspective, we said the guidance includes somewhere in the range of $40 million to $45 million, up significantly from last year's second quarter. I think when you look at what we saw in the first quarter this year, just over $50 million, that started to soften, as we've mentioned in the prepared remarks that January and February started out pretty nicely and then March was much softer with just some of the broader geopolitical uncertainty.

我想，從交易的角度來看，我們說過指引包含約 $4,000 萬到 $4,500 萬的區間，較去年第二季大幅增加。回頭看今年第一季我們略高於 $5,000 萬；正如我們在事先準備的講稿中提到的，1 月與 2 月開局相當不錯，但 3 月明顯轉弱，主要是受到更廣泛的地緣政治不確定性影響。

And so far, we've seen that continue into -- throughout April and into May here. So I think it's, just taking a cautious approach on when that might when that might come back.

到目前為止，我們看到這種情況延續到——整個 4 月並進入 5 月。因此，我們對它何時可能回升採取較為審慎的態度。

I don't know. Craig, do you have anything to add to that?

我不確定。Craig，你有什麼要補充的嗎？

Yeah. Dave, maybe just to put an exclamation point on March, it was a real turning point. Only two times in history have filings declined sequentially from February. The first time was COVID 2020, and now the second is March of 2026. So it just underscores how quickly volatility can change issuer behavior. As you turn to April and May, as Dave said, we're cautiously optimistic, it is building back. There have been 12 large IPOs that had priced in April, which is a nice number of $100 million plus IPOs. Our share of that was 67%, so it highlights both the market share gain as well as the improved conversion as these issuance are accelerating again.

有的。Dave，或許我再強調一下 3 月：那是一個真正的轉折點。歷史上只有兩次申報量會從 2 月起出現連續（逐月）下滑。第一次是 2020 年 COVID，第二次就是 2026 年 3 月。這凸顯了波動性可以多快改變發行人的行為。進入 4 月與 5 月，如 Dave 所說，我們審慎樂觀，情況正在回升。4 月有 12 宗大型 IPO 完成定價，這是個不錯的數字，都是 $1 億以上的 IPO。我們在其中的市占為 67%，這同時凸顯了市占提升，以及在發行活動再次加速時更好的轉換率。

I think another important note, most of those issues have adopted ActiveDisclosure as their platform post-IPO, so it reinforces the durability of these relationships beyond the transaction itself in the contracted recurring revenue. There's two IPOs in April that I think are giving the market some foundation, Madison Air, the largest IPO of the year. They used ActiveDisclosure for their IPO, as David and Dan mentioned in the remarks. This transaction has really anchored April and hopefully gives the market some confidence.

我認為另一個重要觀察是，多數這些發行人在 IPO 後都採用 ActiveDisclosure 作為其平台，因此強化了這些關係在交易本身之外的延續性，並帶來合約型經常性收入。有兩宗 4 月的 IPO 我認為為市場提供了一些基礎：Madison Air，是今年最大的一宗 IPO。他們在 IPO 中使用了 ActiveDisclosure，正如 David 與 Dan 在談話中提到的。這筆交易確實支撐了 4 月，也希望能為市場帶來一些信心。

The next one is ArcSys, a defense contractor, $1.1 billion IPO in April. Again, furthering the investor appetite. DFN is proud to have supported three of the $4 billion-plus IPOs this year. Madison, Forgent and Arc, and their aftermarket performance has been pretty good. This week and next week's calendar of IPOs that have said they expect a price is continuing to build. If all of this moves forward, it will equal Q1 for deals over $100 million.

下一宗是 ArcSys，一家國防承包商，4 月完成 $11 億的 IPO，再次推動投資人需求。DFN 很自豪今年已支援三宗超過 $40 億的 IPO：Madison、Forgent 與 Arc，而它們的上市後表現相當不錯。本週與下週的 IPO 行事曆中，已表示預期將定價的案子仍在增加。如果這些都能順利推進，$1 億以上的交易數量將可與第一季相當。

So DFN has a robust pipeline of companies that have confidentially filed. That are working through the process. We have a nice pipeline of IPO RFPs. So it suggests a normalized calendar as we move into likely the second half of 2026.

因此，DFN 擁有強勁的管線，包含已以保密方式提交申報、正在推進流程的公司。我們也有不錯的 IPO RFP 管線。這顯示隨著我們進入 2026 年下半年，IPO 行事曆可能回歸常態。

And then just on the M&A side, clearly seeing some pick up there. With a benign DOJ/FTC eye on things, are you seeing things percolating behind the scenes on that front as well?

另外在併購（M&A）方面，顯然也看到一些回升。在 DOJ/FTC 對此較為寬鬆的情況下，你們是否也看到這方面在幕後逐漸升溫？

Yeah. So DFN's M&A business is a great opportunity. We deliver end-to-end support from the deal ideation through announced, through public or private disclosure. Our virtual data room and M&A offering highlights how we support our clients from that early diligence through execution. Q1 was certainly dominated by a few mega deals, same issues with the March that we talked about with IPOs.

是的。DFN 的併購業務是一個很好的機會。我們提供端到端支援，從交易構想到宣布，再到公開或私下揭露。我們的虛擬資料室與併購產品，凸顯我們如何從早期盡職調查一路支援客戶到執行。第一季確實由少數超大型交易主導，也出現我們談到 IPO 時同樣的 3 月影響。

And as you look at April and May, M&A momentum remains real, but I think narrow. We are seeing pitch activity and opportunity creation trending positively. So some of the same things you mentioned, we're excited about the future impact of that. I mean, buyers are certainly prioritizing certainty right now and the Venue forecast is to grow modestly. We had a large deal in Q2 of 2025.

而當你看 4 月與 5 月，併購動能仍然真實存在，但我認為相對集中。我們看到提案（pitch）活動與機會創造呈現正向趨勢。因此，正如你提到的一些因素，我們對其未來影響感到振奮。我的意思是，買方目前確實更重視確定性，而 Venue 的預測是溫和成長。我們在 2025 年第二季有一筆大型交易。

And as Dan noted earlier, we're encouraged by the end-market performance of our new Venue, but we believe we're positioned to capture this incremental demand going forward. When we say we have the newest Venue, it to me means we're acting as the disruptor. It's been built from the ground up. We're a strong number three in that marketplace, and we are positioned to take share as clients modernize their disclosure. So we're cautiously optimistic in the same way of M&A building throughout 2026.

如同 Dan 先前提到的，我們對新 Venue 在終端市場的表現感到鼓舞，但我們相信我們已具備條件在未來掌握這些新增需求。當我們說我們擁有最新的 Venue，對我而言意味著我們正扮演顛覆者的角色。它是從零開始打造的。我們在該市場是強勁的第三名，並且隨著客戶現代化其揭露流程，我們具備取得市占的定位。因此，我們以同樣的方式審慎樂觀，認為併購活動將在 2026 年逐步增強。

Kyle Peterson, Needham.

Kyle Peterson，Needham。

I wanted to ask a little bit specifically on some of the SEC proposals on semi-annual reporting. I know there's a lot of different puts and takes and that it seems like you guys have some insulation there, but any color you guys could give or thoughts on the impact if this does go through and gain a fair amount of adoption with US issuers would be really helpful.

我想更具體地請教一下 SEC 關於半年報申報的一些提案。我知道其中有很多不同的利弊考量，而且看起來你們在這方面似乎有一些緩衝，但如果這項提案真的通過，並在美國發行人之間獲得相當程度的採用，你們能否分享一些看法或其可能影響的補充資訊，會非常有幫助。

Yeah. This is Craig. We're closely monitoring, obviously, that development. Again, moving from quarterly to semi-annual, the SEC proposal is sitting with the Office of Management and Budget. That will be returned to the SEC, we expect, any day now. And soon after that, the proposed rule is expected to be posted for public comment.

是的。我是 Craig。我們當然正在密切關注這項發展。再次說明，從季度改為半年，SEC 的提案目前在管理與預算辦公室（Office of Management and Budget）。我們預期它隨時會在近日退回給 SEC。之後不久，預計該擬議規則就會公布以徵求公眾意見。

The Chair [Atkins] has commented several times on semi-annual reporting. He's considering doing this for smaller companies where perhaps semi-annual might be more appropriate for them. So it's unknown what the proposed rule will be. So at this stage, whether it's semi-annual or not, we likely will see as much or equal or more disclosure whether the SEC continues to require quarterly earnings 8-Ks for large, accelerated filers remains to be seen.

主席 [Atkins] 已多次就半年報申報發表評論。他正在考慮針對較小型公司推動，因為對他們而言半年報可能更合適。因此目前仍不清楚擬議規則會是什麼內容。所以在這個階段，不論是否改為半年報，我們很可能仍會看到同等或更多的揭露；至於 SEC 是否仍會要求大型加速申報者（large, accelerated filers）提交季度盈餘的 8-K，仍有待觀察。

You also have to weigh how the public debt obligation will weigh into this. So if a company has public debt, they have to report quarterly. Likely, it's just easier to continue with that process. You can look to Europe. Companies there are given a choice, about half are doing semi-annual. If they do that, they often are doing quarterly calls, quarterly disclosures that are as large or comprehensive as before.

你也必須衡量公開債務義務在其中的影響。因此，如果一家公司有公開發行的債務，就必須按季報告。很可能繼續沿用該流程會更容易。你可以看看歐洲，那裡的公司有選擇權，大約一半採用半年報。即便如此，他們往往仍會進行季度電話會議、季度揭露，其內容規模或完整性與以前一樣。

So what the actual adoption is going to be and what the proposal is, we don't know, but what is important is the vast majority of our 10-Qs are prepared and ActiveDisclosure, which operates on a subscription model, long-term contracts, and that subscription model helps insulate us from changes in filing frequency. So again, closely monitoring it, we think, again, any regulatory change is a positive for us.

所以實際採用情況會如何、提案內容是什麼，我們目前不知道；但重要的是，我們絕大多數的 10-Q 都是在 ActiveDisclosure 中製作，而 ActiveDisclosure 採訂閱制、長期合約；這種訂閱模式有助於我們抵禦申報頻率變動的影響。因此，我們會持續密切關注；我們認為，任何監管變動對我們而言都是正面的。

And then maybe I wanted to switch over to the softness that you guys talked about on the 8-K filings. I apologize if I missed this, but I guess, could you guys give any more color on what is driven the softness? Is there actually less activity or is there more competition or I guess like what's the delta there?

接著我想轉到你們提到的 8-K 申報疲軟。我如果漏聽了先道歉，但我想問，你們能否再多分享一些造成疲軟的原因？是真的活動變少了，還是競爭更激烈，或是說差異主要來自哪裡？

(multiple speakers) Yeah. I was just going to say it's really tied, the 8-Ks associated with the Capital Markets transactions, right, so the ancillary filings as the transactions progress. And so we characterize the 8-K as a compliance filing, right, separate from the transactional activity. But there is some carry-on effect of the lower transactional activity in the market down to some of these 8-Ks and the like.

（多位發言者）是的。我想說這主要與資本市場交易相關的 8-K 有關，對吧，也就是交易推進過程中的附帶申報。因此我們把 8-K 視為合規申報，對吧，與交易活動本身是分開的。但市場交易活動較低，確實會對部分這類 8-K 等產生一些延伸影響。

And then just last one for me. The SG&A did run a little high this quarter. I know it sounds like there was some additional selling expense. I guess looking at the implied expense guide for the second quarter, it looks like you get some efficiency back. And I know you guys mentioned some other cost savings.

最後一個問題。本季 SG&A 的確偏高一些。我知道聽起來有一些額外的銷售費用。我想從第二季的隱含費用指引來看，似乎效率會回來一些，而且我也知道你們提到一些其他的成本節省。

So I guess,, was there any timing things on that extra selling expense, or is that the benefit of the cost savings that are already starting to kick in? Just any more insider context into what's driving the operating leverage would be very helpful.

所以我想問，那些額外的銷售費用是否有任何時點因素？或者這其實是成本節省已開始發揮效果的結果？如果能再多提供一些內部脈絡，說明是什麼在推動營運槓桿，會非常有幫助。

Yeah. So I'll take that one, Kyle. I think when you look at the SG&A, certainly, like you said, up modestly year-over-year. I think when you look at it as a percent of sales, right, down modestly. So it's a lot driven by the mix of revenue coming through with the higher software sales tends to have higher gross margin, which we saw in the quarter, up 40 basis points. And then I think when you look at the SG&A line, some additional SG&A comes in.

好的，Kyle，這題我來回答。我認為當你看 SG&A，確實如你所說，年增幅度小幅上升。但如果以營收百分比來看，則是小幅下降。所以這很大程度是由收入組合所驅動：較高比例的軟體銷售通常帶來較高的毛利率，我們本季也看到毛利率上升 40 個基點。接著再看 SG&A 這一行，會有一些額外的 SG&A 進來。

But all in, the 50 basis points of EBITDA margin obviously contemplates all that and really driven by the mix. From a timing perspective, I'd say nothing abnormal. There's always some small puts and takes, but nothing outsized in the quarter. And then I think based on the guidance that we gave for Q2, probably a fairly similar trend in terms of SG&A dollar, year-over-year dollar, modest increase, and the SG&A is a percent of sales pretty close to the counts until last year.

但整體而言，EBITDA 利潤率提升 50 個基點顯然已把這些因素都納入考量，主要仍是由組合所驅動。就時點而言，我會說沒有任何異常。總是會有一些小幅的增減，但本季沒有特別大的變動。然後根據我們給的第二季指引，SG&A 金額年比年可能是相當類似的趨勢：小幅增加；而 SG&A 佔營收的比例大致接近去年同期的水準。

Charles Strauzer, CJS Securities.

Charles Strauzer，CJS Securities。

Just a quick follow-up on the conversation you were having about AI earlier, what is the general appetite from your client base in terms of inquiries about AI offerings that you may have or are planning to have? It seems that AI tools could be a highly complementary fit for the underlying software programs that you have as well as the transactional side. Any thoughts there?

針對你們先前談到的 AI，我想快速追問一下：就你們客戶群而言，對你們現有或規劃中的 AI 產品，整體詢問與需求的熱度如何？看起來 AI 工具不僅能與你們底層的軟體程式高度互補，也能與交易端相輔相成。你們有什麼看法？

I can start off. Yeah. I think it's multifaceted and it's something we're experimenting with specific to the question on the client interest. I would say the interest is really high as it is across all industries. And then as we've rolled out ActiveIntelligence and been able to get insights from our clients as well, clients want to be absolutely sure from a security, governance, data perspective that everything is secured, there'll be no leakage.

我可以先開始。是的。我認為這是多面向的，也是我們正在嘗試的方向。就你問的客戶興趣而言，我會說興趣非常高，跟各行各業一樣。然後隨著我們推出 ActiveIntelligence，並能從客戶那裡取得洞見，客戶也希望能從安全、治理、資料等角度完全確定一切都已妥善保護，不會有任何外洩。

Obviously, we mentioned in our prepared remarks, the work we do from a compliance standpoint needs to be 100% correct, so that is also a consideration. But like all elsewhere in corporate America, extremely high level, we're looking at it both on the internal side, we'll break it into three buckets, on the internal side. We rely a lot on our vendors who have incorporated artificial intelligence within their offerings. For things that are proprietary for DFN on the internal side, we're actually looking at our own opportunities to build and drive efficiencies, serve clients better.

很明顯地，我們在事先準備的發言中提到，我們在合規方面所做的工作必須 100% 正確，所以這也是一項考量。但就像美國企業界其他地方一樣，整體熱度非常高。我們從內部面來看，會分成三個面向：在內部方面，我們很依賴已在其產品中導入人工智慧的供應商。對於 DFN 內部的專有事項，我們也在尋找自行建置的機會，以提升效率、把客戶服務做得更好。

And then on the product side, we view it as not a feature, but a core part of the offerings with all my comments around the needs for governance, security, et cetera. But certainly not going away any time. We think there will continue to be advancements that will be helpful to us. We've talked a bit, I think, on our last call about vertical software and then the service that wraps around it that is helpful and can thrive in an artificial intelligence environment and see if anyone else on the team wants to weigh in further.

而在產品面，我們把它視為不是一個功能，而是產品供給的核心部分——當然也包含我剛才提到的治理、安全等需求。但它短期內肯定不會消失。我們認為相關進展會持續出現，並對我們有幫助。我想我們在上次電話會議也談到一些垂直軟體，以及圍繞其提供的服務，這在人工智慧環境下仍然有助益並能蓬勃發展；也看看團隊是否有人想再補充。

Dan, I'll add just some context on ActiveIntelligence. So ActiveIntelligence is in the market, and clients are not relying on defense simply for a tool, but for an outcome. And we really see that playing out with ActiveIntelligence, our AI capability embedded in ActiveDisclosure. It's streamlining client research, comparison, analysis of SEC filings.

Dan，我再補充一些關於 ActiveIntelligence 的背景。ActiveIntelligence 已經在市場上，客戶依賴 DFN 不只是為了一個工具，而是為了結果。我們確實看到這點在 ActiveIntelligence 上展現出來：我們把 AI 能力嵌入 ActiveDisclosure，正在精簡客戶對 SEC 申報文件的研究、比較與分析。

A client recently said to us that they used ActiveIntelligence for their 10-K, quickly proved its value. The peer analysis surface disclosure that the client hadn't traditionally included. And so having this visibility across peers-built confidence in their decision to trust in that disclosure. So artificial intelligence at DFN and in ActiveDisclosure is really a force multiplier. It's embedding it into our mission critical compliance workflows. We're really strengthening the client trust.

最近有位客戶跟我們說，他們在做 10-K 時使用了 ActiveIntelligence，很快就證明了它的價值。同業比較分析揭示了某些揭露內容，而該客戶過去並未慣常納入。透過這種跨同業的可視性，讓他們更有信心去信任並採用那項揭露。因此，DFN 以及 ActiveDisclosure 中的人工智慧，確實是一個力量倍增器。它被嵌入我們關鍵任務的合規工作流程中，我們也正在強化客戶信任。

We're increasing switching costs and reinforcing our position at the center of that. ActiveDisclosure is a system of record embedded in this high consequence workflow. So it's a real awesome opportunity for us to be at the center of this. Where accuracy and trust are non-negotiable, and we think that we're positioned to become even more essential.

我們正在提高轉換成本，並鞏固我們在其中的核心地位。ActiveDisclosure 是一個系統紀錄（system of record），嵌入在這個高後果（high consequence）的工作流程中。所以這對我們而言是個非常棒的機會，能站在這一切的中心。在準確性與信任不可妥協的領域，我們認為我們有很好的定位，能變得更加不可或缺。

There are no further questions at this time. I will now turn the call back to Dan Lieb, CEO, for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 Dan Lieb 作結語。

Dan, over to you.

Dan，交給你。

Oh, thank you, Kara, and thanks, everyone, for joining. And we'll look forward to connecting in the near term. And I will pass it back to Kara to close it out.

喔，謝謝你，Kara，也謝謝各位的參與。我們期待在近期再與各位聯繫。我把電話交回給 Kara 來結束。

Thank you. This concludes today's call. Thank you for attending, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位出席，現在可以掛線。

Thank you.

謝謝。