Donnelley Financial Solutions, Inc.
For the period ended Mar 31, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
DFIN$66.98-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001193125-25-256296
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001193125-26-206350
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 152 previous paragraphs and 108 current paragraphs.
45 unchanged; 47 reworded; 14 added; 60 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 12 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
First Quarter Overview
Current report
Income from operations of $48.5 million for the three months ended March 31, 2026 increased by $2.7 million, or 5.9%, as compared to the three months ended March 31, 2025, primarily due to higher net sales of $4.4 million, as described above, and lower restructuring, impairment and other charges, net of $2.2 million, partially offset by higher SG&A expenses of $1.6 million, higher print and distribution cost of sales of $1.4 million and higher depreciation and amortization expense of $0.9 million. The higher SG&A expenses were primarily driven by higher selling expense and higher bad debt expense of $0.9 million, partially offset by cost control initiatives, whereas the higher print and distribution cost of sales were primarily due to higher sales volumes.
Current report
Income from operations of $48.5 million for the three months ended March 31, 2026 increased by $2.7 million, or 5.9%, as compared to the three months ended March 31, 2025 primarily due to higher net sales of $4.4 million, as described above, and lower restructuring, impairment and other charges, net of $2.2 million, partially offset by higher SG&A expenses of $1.6 million, higher print and distribution cost of sales of $1.4 million and higher depreciation and amortization expense of $0.9 million. The higher SG&A expenses were primarily driven by higher selling expense and higher bad debt expense of $0.9 million, partially offset by cost control initiatives, whereas the higher print and distribution cost of sales were primarily due to higher sales volumes.
Current report
Interest expense, net of $2.8 million for the three months ended March 31, 2026 decreased by $0.3 million, or 9.7%.
Current report
Net sales of $58.6 million for the three months ended March 31, 2026 increased by $6.7 million, or 12.9%, as compared to the three months ended March 31, 2025, due to higher ActiveDisclosure net sales of $4.5 million and higher Venue net sales of $2.2 million, both largely driven by increased sales volumes.
Current report
Segment Adjusted EBITDA of $19.2 million for the three months ended March 31, 2026 increased by $5.3 million, or 38.1%, as compared to the three months ended March 31, 2025, primarily due to higher net sales of $6.7 million, partially offset by higher SG&A expenses of $1.9 million, largely driven by higher bad debt expense of $1.1 million and higher selling expense as a result of the increase in net sales, partially offset by cost control initiatives.
Current report
Net sales of $82.8 million for the three months ended March 31, 2026 decreased by $1.1 million, or 1.3%, as compared to the three months ended March 31, 2025, primarily due to lower tech-enabled services net sales of $6.5 million, partially offset by higher print and distribution net sales of $5.4 million. The decrease in tech-enabled services net sales was driven by a decline in both transactional and compliance volumes, whereas the increase in print and distribution net sales was due to higher transactional volumes, partially offset by lower compliance volumes.
Current report
Segment Adjusted EBITDA of $33.7 million for the three months ended March 31, 2026 decreased by $3.0 million, or 8.2%, as compared to the three months ended March 31, 2025, primarily due to higher cost of sales of $2.5 million and lower net sales of $1.1 million. The increase in cost of sales was primarily due to higher print and distribution net sales, which generally have higher variable costs, as compared to tech-enabled services net sales.
Current report
Segment Adjusted EBITDA margin decreased by approximately 300 bps from 43.7% for the three months ended March 31, 2025 to 40.7% for the three months ended March 31, 2026, primarily due to an approximately 350 bps increase in cost of sales as a percentage of net sales, largely driven by higher print and distribution net sales.
Current report
Segment Adjusted EBITDA of $13.1 million for the three months ended March 31, 2026 increased by $0.3 million, or 2.3%, as compared to the three months ended March 31, 2025, primarily due to higher net sales.
Current report
Segment Adjusted EBITDA margin increased by approximately 50 bps from 39.1% for the three months ended March 31, 2025 to 39.6% for the three months ended March 31, 2026, primarily due to higher net sales.
Current report
Net sales of $31.0 million for the three months ended March 31, 2026 decreased by $1.6 million, or 4.9%, as compared to the three months ended March 31, 2025, primarily due to lower print and distribution net sales of $1.7 million, largely driven by lower compliance volumes.
Current report
Segment Adjusted EBITDA of $12.1 million for the three months ended March 31, 2026 decreased by $0.1 million, or 0.8%, as compared to the three months ended March 31, 2025, primarily due to lower net sales of $1.6 million, partially offset by lower cost of sales of $1.4 million.
Current report
Segment Adjusted EBITDA margin increased by approximately 160 bps from 37.4% for the three months ended March 31, 2025 to 39.0% for the three months ended March 31, 2026, primarily due to an approximately 200 bps decrease in cost of sales as a percentage of net sales, largely driven by a higher proportion of tech-enabled services net sales, which generally have higher margins, as compared to print and distribution net sales.
Removed paragraphs (60)
Previous report
Third Quarter Overview
Previous report
Income from operations for the three months ended September 30, 2025 increased by $10.0 million, or 54.9%, to $28.2 million from $18.2 million for the three months ended September 30, 2024, primarily due to lower SG&A expenses of $6.7 million, lower cost of sales of $3.4 million and lower depreciation and amortization expense of $2.0 million, partially offset by lower net sales of $4.2 million, as described above. The lower SG&A expense is largely driven by lower incentive compensation expense and cost control initiatives, partially offset by higher healthcare expense of $4.3 million, whereas the lower cost of sales of $3.4 million is largely driven by lower sales volumes.
Previous report
Year-to-Date Overview
Previous report
Net sales for the nine months ended September 30, 2025 decreased by $31.1 million, or 5.0%, to $594.5 million from $625.6 million for the nine months ended September 30, 2024, including a $0.2 million increase due to changes in foreign currency exchange rates. Net sales decreased due to lower tech-enabled services net sales of $30.0 million, primarily driven by lower capital markets transactional and compliance volumes, and lower print and distribution net sales of $20.5 million, primarily as a result of lower investment companies and capital markets compliance volumes, partially offset by higher software solutions net sales of $19.4 million, primarily due to higher Arc Suite net sales of $13.0 million and higher ActiveDisclosure net sales of $9.0 million.
Previous report
Income from operations of $126.8 million for the nine months ended September 30, 2025 decreased by $0.5 million, or 0.4%, as compared to the nine months ended September 30, 2024, primarily due to lower net sales of $31.1 million, as described above, and a net gain of $9.8 million on the sale of land during the nine months ended September 30, 2024, partially offset by lower SG&A expenses of $19.8 million and lower cost of sales of $17.8 million. The lower SG&A expense is largely driven by cost control initiatives, lower bad debt expense of $6.7 million and lower incentive compensation expense, partially offset by higher healthcare expense of $4.4 million, whereas the lower cost of sales of $17.8 million is largely driven by lower sales volumes and cost control initiatives.
Previous report
Pension Plan Termination and Settlement
Previous report
In August 2024, the Company executed an amendment to commence the process of terminating the Company’s primary defined benefit plan (the “Plan”). During the three months ended September 30, 2025, the Company settled the Plan obligations through a combination of lump sum payments to certain Plan participants and the purchase of a non-participating irrevocable group annuity contract (the “Plan Settlement”). In connection with the Plan Settlement, the Company made a $12.5 million cash contribution to fully fund the Plan.
Previous report
As a result of the Plan Settlement, the Company remeasured the Plan’s assets and obligations and recognized a non-cash settlement charge of $82.8 million during the three and nine months ended September 30, 2025, due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss on the Unaudited Condensed Consolidated Balance Sheets. The Plan Settlement was recorded within Corporate.
Previous report
Results of Operations for the Three and Nine Months Ended September 30, 2025 as Compared to the Three and Nine Months Ended September 30, 2024
Previous report
nm – Not meaningful
Previous report
SG&A expenses of $67.3 million for the three months ended September 30, 2025 decreased $6.7 million, or 9.1%, as compared to the three months ended September 30, 2024. SG&A expenses decreased primarily due to lower incentive compensation expense, cost control initiatives and lower overhead costs, partially offset by higher healthcare expense of $4.3 million. As a percentage of net sales, SG&A expenses decreased to 38.4% for the three months ended September 30, 2025 from 41.2% for the three months ended September 30, 2024.
Previous report
Income from operations of $28.2 million for the three months ended September 30, 2025 increased $10.0 million, or 54.9%, as compared to the three months ended September 30, 2024. Income from operations increased primarily due to lower SG&A expenses of $6.7 million, lower cost of sales of $3.4 million and lower depreciation and amortization expense of $2.0 million, partially offset by lower net sales of $4.2 million, as described above. The lower SG&A expense is largely driven by lower incentive compensation expense and cost control initiatives, partially offset by higher healthcare expense of $4.3 million, whereas the lower cost of sales of $3.4 million is largely driven by lower sales volumes.
Previous report
Interest expense, net of $2.9 million for the three months ended September 30, 2025 decreased $0.2 million, or 6.5%, as compared to the three months ended September 30, 2024.
Previous report
Pension plan settlement charge of $82.8 million for the three months ended September 30, 2025 consisted of a non-cash loss on the settlement of the Company’s Plan due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss.
Previous report
The effective income tax rate was 29.4% for the three months ended September 30, 2025 as compared to 43.5% for the three months ended September 30, 2024. The decrease in the effective income tax rate was primarily driven by an increase in the net favorable impact of discrete adjustments and the Company’s pre-tax loss for the three months ended September 30, 2025.
Previous report
Net sales of software solutions of $267.5 million for the nine months ended September 30, 2025 increased $19.4 million, or 7.8%, as compared to the nine months ended September 30, 2024. Net sales of software solutions increased due to $9.0 million of higher ActiveDisclosure net sales, $7.2 million increases in non-TSR related Arc Suite net sales and $5.8 million of higher net sales from the Company’s Tailored Shareholder Reporting (“TSR”) offering, partially offset by lower Venue net sales of $2.6 million.
Previous report
Net sales of tech-enabled services of $230.3 million for the nine months ended September 30, 2025 decreased $30.0 million, or 11.5%, as compared to the nine months ended September 30, 2024. Net sales of tech-enabled services decreased primarily due to lower capital markets net sales of $26.2 million, driven by a decline in both transactional and compliance volumes.
Previous report
Net sales of print and distribution of $96.7 million for the nine months ended September 30, 2025 decreased $20.5 million, or 17.5%, as compared to the nine months ended September 30, 2024. Net sales of print and distribution decreased due to lower investment companies net sales of $12.9 million and lower capital markets net sales of $7.6 million, both driven by a decline in compliance volumes.
Previous report
Software solutions cost of sales of $82.4 million for the nine months ended September 30, 2025 increased $2.1 million, or 2.6%, as compared to the nine months ended September 30, 2024 primarily due to higher product development costs. As a percentage of software solutions net sales, software solutions cost of sales decreased 1.6%, primarily driven by Arc Suite price increases.
Previous report
Tech-enabled services cost of sales of $86.8 million for the nine months ended September 30, 2025 decreased $6.9 million, or 7.4%, as compared to the nine months ended September 30, 2024. Tech-enabled services cost of sales decreased due to lower sales volumes, a lower allocation of overhead costs and cost control initiatives. As a percentage of tech-enabled services net sales, tech-enabled services cost of sales increased 1.7%, largely driven by lower compliance and transactional volumes.
Previous report
Print and distribution cost of sales of $48.3 million for the nine months ended September 30, 2025 decreased $13.0 million, or 21.2%, as compared to the nine months ended September 30, 2024. Print and distribution cost of sales decreased due to lower sales volumes, a lower allocation of overhead costs and cost control initiatives. As a percentage of print and distribution net sales, print and distribution cost of sales decreased 2.4%, largely driven by a lower allocation of overhead costs and cost control initiatives.
Previous report
Depreciation and amortization of $44.4 million for the nine months ended September 30, 2025 decreased $1.0 million, or 2.2%, as compared to the nine months ended September 30, 2024, primarily due to $2.8 million of accelerated amortization expense related to discontinued software recorded during the nine months ended September 30, 2024, partially offset by higher software amortization expense, driven by additional software development.
Previous report
Restructuring, impairment and other charges, net of $4.8 million for the nine months ended September 30, 2025 increased $0.3 million, or 6.7%, as compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, these charges included $4.5 million of employee termination costs for approximately 60 employees. For the nine months ended September 30, 2024, these charges included $3.6 million of employee termination costs for approximately 40 employees.
Previous report
Other operating income, net of $9.8 million for the nine months ended September 30, 2024 included a net gain of $9.8 million on the sale of land.
Previous report
Income from operations of $126.8 million for the nine months ended September 30, 2025 decreased by $0.5 million, or 0.4%, as compared to the nine months ended September 30, 2024 primarily due to lower net sales of $31.1 million, as described above, and a net gain of $9.8 million on the sale of land during the nine months ended September 30, 2024, partially offset by lower SG&A expenses of $19.8 million and lower cost of sales of $17.8 million. The lower SG&A expense is largely driven by cost control initiatives, lower bad debt expense of $6.7 million and lower incentive compensation expense, partially offset by higher healthcare expense of $4.4 million, whereas the lower cost of sales of $17.8 million is largely driven by lower sales volumes and cost control initiatives.
Previous report
Interest expense, net of $9.8 million for the nine months ended September 30, 2025 decreased $0.6 million, or 5.8%, as compared to the nine months ended September 30, 2024. Interest expense, net decreased primarily due to a 0.9% decrease in the weighted-average interest rate on borrowing from each of the Term Loan A Facility and the Revolving Facility, as further described in Note 8, Debt, to the Unaudited Condensed Consolidated Financial Statements.
Previous report
Pension plan settlement charge of $82.8 million for the nine months ended September 30, 2025 consisted of a non-cash loss on the settlement of the Company’s Plan due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss.
Previous report
Net sales of $59.0 million for the three months ended September 30, 2025 increased $5.7 million, or 10.7%, as compared to the three months ended September 30, 2024, due to higher ActiveDisclosure net sales of $4.7 million, primarily due to increased volumes, and higher Venue net sales of $1.0 million.
Previous report
Segment Adjusted EBITDA of $20.6 million for the three months ended September 30, 2025 increased $7.4 million, or 56.1%, as compared to the three months ended September 30, 2024, primarily due to higher net sales of $5.7 million and lower SG&A expenses of $1.8 million, largely driven by cost control initiatives.
Previous report
Net sales of $170.0 million for the nine months ended September 30, 2025 increased $6.4 million, or 3.9%, as compared to the nine months ended September 30, 2024, due to higher ActiveDisclosure net sales of $9.0 million, primarily due to increased volumes, partially offset by lower Venue net sales of $2.6 million.
Previous report
Segment Adjusted EBITDA of $56.9 million for the nine months ended September 30, 2025 increased $6.7 million, or 13.3%, as compared to the nine months ended September 30, 2024, primarily due to higher net sales of $6.4 million.
Previous report
Segment Adjusted EBITDA margin increased by approximately 280 bps from 30.7% for the nine months ended September 30, 2024 to 33.5% for the nine months ended September 30, 2025, primarily due to an approximately 150 bps and 120 bps decreases in SG&A expenses and cost of sales, respectively, as a percentage of net sales, largely driven by higher net sales.
Previous report
Net sales of $57.2 million for the three months ended September 30, 2025 decreased $6.3 million, or 9.9%, as compared to the three months ended September 30, 2024, primarily due to lower tech-enabled services net sales of $4.3 million, driven by a decline in both transactional and compliance volumes.
Previous report
Segment Adjusted EBITDA of $19.6 million for the three months ended September 30, 2025 decreased $0.5 million, or 2.5%, as compared to the three months ended September 30, 2024, primarily due to lower net sales of $6.3 million, partially offset by lower SG&A expenses of $3.6 million and lower cost of sales of $2.4 million. The decrease in SG&A expenses was primarily attributable to cost control initiatives and a lower allocation of overhead costs, whereas the lower cost of sales of $2.4 million was primarily due to lower sales volumes and cost control initiatives.
Previous report
Segment Adjusted EBITDA margin increased by approximately 260 bps from 31.7% for the three months ended September 30, 2024 to 34.3% for the three months ended September 30, 2025, primarily due to an approximately 280 bps decrease in SG&A expenses as percentage of net sales, largely driven by cost control initiatives and a lower allocation of overhead costs.
Previous report
Net sales of $234.6 million for the nine months ended September 30, 2025 decreased $33.8 million, or 12.6%, as compared to the nine months ended September 30, 2024, primarily due to lower tech-enabled services net sales of $26.2 million, driven by a decline in both transactional and compliance volumes, and lower print and distribution net sales of $7.6 million, driven by a decline in compliance volumes.
Previous report
Segment Adjusted EBITDA of $93.1 million for the nine months ended September 30, 2025 decreased $4.2 million, or 4.3%, as compared to the nine months ended September 30, 2024, primarily due to the $33.8 million decline in net sales, partially offset by lower SG&A expenses of $19.3 million and lower cost of sales of $10.5 million. The decrease in SG&A expenses was primarily attributable to lower bad debt expense of $6.9 million, lower selling expense and a lower allocation of overhead costs, whereas the lower cost of sales of $10.5 million was primarily due to lower sales volumes, a lower allocation of overhead costs and cost control initiatives.
Previous report
Segment Adjusted EBITDA margin increased by approximately 340 bps from 36.3% for the nine months ended September 30, 2024 to 39.7% for the nine months ended September 30, 2025, primarily due to an approximately 440 bps decrease in SG&A expenses as a percentage of net sales, largely driven by lower bad debt expense, lower selling expense and a lower allocation of overhead costs.
Previous report
Segment Adjusted EBITDA of $11.6 million for the three months ended September 30, 2025 increased $2.7 million, or 30.3%, as compared to the three months ended September 30, 2024, primarily due to higher net sales of $2.8 million.
Previous report
Segment Adjusted EBITDA margin increased by approximately 580 bps from 30.8% for the three months ended September 30, 2024 to 36.6% for the three months ended September 30, 2025, primarily due to an approximately 340 bps and 210 bps decreases in SG&A expenses and cost of sales, respectively, as a percentage of net sales, largely driven by price increases.
Showing the first 40 of 60 passages. Open the source sections for the rest.
Reworded paragraphs (47)
Previous wording
DFIN is a leading global provider of innovative software and technology-enabled financial regulatory and compliance solutions. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s business needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by investors.
Current wording
DFIN is a leading global provider of compliance and regulatory software and services, supporting its clients’ complex capital markets transactions and essential financial reporting at every stage of the corporate lifecycle and fueling end-to-end investment company regulatory compliance needs. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s business needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by clients.
Previous wording
Technological advancements, regulatory changes, and evolving workflow preferences have led to the Company’s clients managing more of the financial disclosure process themselves, changing the marketplace for the Company’s services and products. DFIN’s strategy in its Software Solutions segments (CM-SS and IC-SS, as defined below) aligns with the changing marketplace by focusing the Company’s investments and resources in its advanced software solutions, primarily ActiveDisclosure® (“ActiveDisclosure”), Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”), while making targeted investments to further enhance product features. In its Compliance & Communications Management segments (CM-CCM and IC-CCM, as defined below), the Company’s strategy focuses on maintaining its market-leading position by offering a high-touch, service-oriented experience, using its unique combination of tech-enabled services and print and distribution capabilities.
Current wording
Technological advancements, regulatory changes, and evolving workflow preferences have led to the Company’s clients managing more of the financial disclosure process themselves, changing the marketplace for the Company’s services and products. DFIN’s strategy in its Software Solutions segments (CM-SS and IC-SS, as defined below) aligns with the changing marketplace by focusing the Company’s resources in its advanced software solutions, primarily ActiveDisclosure® (“ActiveDisclosure”), Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”), while making targeted investments to further enhance product features. In its Compliance and Communications Management segments (CM-CCM and IC-CCM, as defined below), the Company’s strategy focuses on maintaining its market-leading position by offering a high-touch, service-oriented experience, using its unique combination of tech-enabled services and print and distribution capabilities.
Previous wording
The Company’s Capital Markets segments (CM-SS and CM-CCM), in particular, are subject to market volatility, as the demand for the transactional and Venue offerings is largely dependent on the global market for initial public offerings (“IPOs”), secondary offerings, mergers and acquisitions (“M&A”), public and private debt offerings, leveraged buyouts, spinouts, special purpose acquisition company (“SPAC”) and de-SPAC transactions and other similar transactions. A variety of factors impact the global markets for transactions, including economic activity levels, interest rates, market volatility, the regulatory and political environment, tariffs and trade policy, geopolitical and civil unrest and global pandemics, among others. Due to the significant net sales and profitability derived from transactional and Venue offerings, market volatility can lead to uneven financial performance when comparing to previous periods. Recently, U.S. capital market transactions, especially IPOs and M&A transactions have been disrupted by the U.S. federal government shutdown that began on October 1, 2025. Future government shutdowns or other factors impacting the attractiveness of U.S. capital markets could result in additional volatility. The Company’s compliance offerings, supporting the quarterly and annual public company reporting processes through its filing services and ActiveDisclosure, as well as its Investment Companies segments (IC-SS and IC-CCM) regulatory and stockholder communications offerings, including Arc Suite, are less impacted by market volatility. The Company's overall risk profile is balanced by offering services in higher demand during a down market, such as document management tools for the bankruptcy/restructuring process and by moving upstream in the transactional process with products like Venue.
Current wording
The Company’s Capital Markets segments (CM-SS and CM-CCM), in particular, are subject to market volatility, as the demand for the transactional and Venue offerings is largely dependent on the global market for initial public offerings (“IPOs”), secondary offerings, mergers and acquisitions (“M&A”), public and private debt offerings, leveraged buyouts, spinouts, special purpose acquisition company (“SPAC”) and de-SPAC transactions and other similar transactions. A variety of factors impact the global markets for transactions, including economic activity levels, interest rates, market volatility, the regulatory and political environment, tariffs and trade policy, geopolitical and civil unrest and global pandemics, among others. Due to the significant net sales and profitability derived from transactional and Venue offerings, market volatility can lead to uneven financial performance when comparing to previous periods. Recently, U.S. capital market transactions, especially IPO and M&A transactions, were disrupted by the U.S. federal government shutdowns that occurred during the fourth quarter of 2025. Future government shutdowns or other factors impacting the attractiveness of U.S. capital markets could result in additional volatility. The Company’s compliance offerings, supporting the quarterly and annual public company reporting processes through its filing services and ActiveDisclosure, as well as its Investment Companies segments (IC-SS and IC-CCM) regulatory and stockholder communications offerings, including Arc Suite, are less impacted by market volatility. The Company’s overall risk profile is balanced by offering services in higher demand during a down market, such as document management tools for the bankruptcy/restructuring process and by moving upstream in the transactional process with products like Venue.
Previous wording
The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions consist of ActiveDisclosure, Arc Suite and Venue. The Company’s tech-enabled services offerings consist of document composition, compliance-related SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping.
Current wording
The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions offerings include ActiveDisclosure, Arc Suite and Venue. The Company’s tech-enabled services offerings consist of document composition, compliance-related SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping.
Previous wording
The SEC is adopting new as well as amending existing rules and forms to enhance the security and modernize the reporting and disclosure of information under the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Investment Company Act of 1940, as amended (the “Investment Company Act”). As the scope and complexity of the regulatory environment continues to increase, regulators are also demanding a greater use of structured, machine-readable data in companies’ disclosures, more summary documents and layered website disclosures. These actions are driving significant changes which impact the Company and its customers. The Company actively monitors proposals, through comment periods, adoption, implementation and legal challenges, as applicable. Regulatory changes have enabled the Company to offer new value-added functionality and services and accelerate its transition from print and distribution to software solutions.
Current wording
The SEC is adopting new as well as amending existing rules and forms to enhance the security and modernize the reporting and disclosure of information under the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Investment Company Act of 1940, as amended (the “Investment Company Act”). As the regulatory environment continues to evolve, regulators are also demanding a greater use of structured, machine-readable data in companies’ disclosures, more summary documents and layered website disclosures. These actions are driving significant changes which impact the Company and its customers. The Company actively monitors proposals, through comment periods, adoption, implementation and legal challenges, as applicable. Regulatory changes have enabled the Company to offer new value-added functionality and services, leverage its domain expertise and accelerate its transition from print and distribution to software solutions.
Previous wording
The Company’s four operating and reportable segments are: Capital Markets – Software Solutions (“CM-SS”), Capital Markets – Compliance and Communications Management (“CM-CCM”), Investment Companies – Software Solutions (“IC-SS”) and Investment Companies – Compliance and Communications Management (“IC-CCM”). Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (“SG&A”) activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs, losses and earnings of employee benefits plans, such as pension and other postretirement benefits plans expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments.
Current wording
The Company’s four operating and reportable segments are: Capital Markets – Software Solutions (“CM-SS”), Capital Markets – Compliance and Communications Management (“CM-CCM”), Investment Companies – Software Solutions (“IC-SS”) and Investment Companies – Compliance and Communications Management (“IC-CCM”). Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (“SG&A”) activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain expenses and income of employee benefits plans, such as net pension plan expense as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments.
Previous wording
The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act and the Exchange Act. The Company’s operating segments associated with its capital markets services and products offerings are as follows:
Current wording
The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act and the Exchange Act. The Company’s operating segments associated with its capital markets services and product offerings are as follows:
Previous wording
Capital Markets – Compliance & Communications Management—The CM-CCM segment provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The Company offers around-the-clock services to support the transaction process, production platform and service delivery model. The Company has seen clients utilizing the range of options available to them, including a hybrid approach with working group members participating both virtually and in-person during drafting sessions for their transactions or a fully-virtual experience.
Current wording
Capital Markets – Compliance and Communications Management—The CM-CCM segment provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The Company offers around-the-clock services to support the transaction process, production platform and service delivery model. The Company has seen clients utilizing the range of options available to them, including a hybrid approach with working group members participating both virtually and in-person during drafting sessions for their transactions or a fully-virtual experience.
Previous wording
The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients, which are primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators, that are subject to the filing and reporting requirements of the Investment Company Act, as well as European and Canadian regulations. The Company’s operating segments associated with its investment companies services and products offerings are as follows:
Current wording
The Company provides software solutions, tech-enabled services and print and distribution solutions to its investment companies clients, which are primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators, that are subject to the filing and reporting requirements of the Investment Company Act, as well as European and Canadian regulations. The Company’s operating segments associated with its investment companies services and product offerings are as follows:
Previous wording
Investment Companies – Compliance & Communications Management—The IC-CCM segment provides clients with tech-enabled services and print and distribution solutions for creating, filing and distributing regulatory communications and solutions for investor communications, as well as iXBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. The IC-CCM segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, stockholder meeting review and expert support.
Current wording
Investment Companies – Compliance and Communications Management—The IC-CCM segment provides clients with tech-enabled services and print and distribution solutions for creating, filing and distributing regulatory communications and solutions for investor communications, as well as iXBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. The IC-CCM segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, stockholder meeting review and expert support.
Previous wording
Net sales for the three months ended September 30, 2025 decreased by $4.2 million, or 2.3%, to $175.3 million from $179.5 million for the three months ended September 30, 2024, including a $0.5 million, or 0.3%, increase due to changes in foreign currency exchange rates. Net sales decreased due to lower tech-enabled services net sales of $6.6 million, primarily driven by lower capital markets transactional and compliance volumes, and lower print and distribution net sales of $6.1 million, primarily as a result of lower investment companies compliance volumes, partially offset by higher software solutions net sales of $8.5 million, primarily due to higher ActiveDisclosure net sales of $4.7 million and higher Arc Suite net sales of $2.8 million.
Current wording
Net sales for the three months ended March 31, 2026 increased by $4.4 million, or 2.2%, to $205.5 million from $201.1 million for the three months ended March 31, 2025, including a $1.1 million, or 0.5%, increase due to changes in foreign currency exchange rates. Net sales increased due to higher software solutions net sales of $7.1 million and higher print and distribution net sales of $3.7 million, partially offset by lower tech-enabled services net sales of $6.4 million. The higher software solutions net sales were primarily driven by higher ActiveDisclosure net sales of $4.5 million and higher Venue net sales of $2.2 million. The higher print and distribution net sales were primarily driven by higher capital markets transactional volumes, partially offset by lower capital markets and investment companies compliance volumes. The lower tech-enabled services net sales were primarily driven by lower capital markets transactional volumes.
Previous wording
The chief operating decision maker regularly reviews segment net sales and Segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is defined as (loss) earnings before interest expense, net, income tax (benefit) expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as further described in Note 12, Segment Information, which management believes are not indicative of ongoing operations and segment performance. Presentation of segment profitability for the three and nine months ended September 30, 2024 was revised to be comparable to the current period presentation. Corporate is not an operating segment and consists primarily of unallocated SG&A expenses. See Note 12, Segment Information, for a reconciliation of Segment Adjusted EBITDA to consolidated (loss) earnings before income taxes.
Current wording
The chief operating decision maker regularly reviews segment net sales and Segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is defined as earnings before interest expense, net, income tax expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as further described in Note 13, Segment Information, which management believes are not indicative of ongoing operations and segment performance. Corporate is not an operating segment and consists primarily of unallocated SG&A activities and associated expenses. See Note 13, Segment Information, for a reconciliation of Segment Adjusted EBITDA to consolidated earnings before income taxes.
Previous wording
The following table shows the results of operations for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table shows the results of operations for the three months ended March 31, 2026 and 2025:
Previous wording
Net sales of software solutions of $90.7 million for the three months ended September 30, 2025 increased $8.5 million, or 10.3%, as compared to the three months ended September 30, 2024. Net sales of software solutions increased primarily due to $4.7 million of higher ActiveDisclosure net sales and $2.8 million of higher Arc Suite net sales.
Current wording
Net sales of software solutions of $91.7 million for the three months ended March 31, 2026 increased by $7.1 million, or 8.4%, as compared to the three months ended March 31, 2025. Net sales of software solutions increased primarily due to higher ActiveDisclosure net sales of $4.5 million and higher Venue net sales of $2.2 million.
Previous wording
Net sales of tech-enabled services of $68.6 million for the three months ended September 30, 2025 decreased $6.6 million, or 8.8%, as compared to the three months ended September 30, 2024. Net sales of tech-enabled services decreased primarily due to lower capital markets net sales of $4.3 million, driven by a decline in both transactional and compliance volumes.
Current wording
Net sales of tech-enabled services of $70.1 million for the three months ended March 31, 2026 decreased by $6.4 million, or 8.4%, as compared to the three months ended March 31, 2025. Net sales of tech-enabled services decreased primarily due to lower capital markets net sales of $6.5 million, largely driven by a decline in both transactional and compliance volumes.
Previous wording
Net sales of print and distribution of $16.0 million for the three months ended September 30, 2025 decreased $6.1 million, or 27.6%, as compared to the three months ended September 30, 2024. Net sales of print and distribution decreased primarily due to lower investment companies net sales of $4.1 million, driven by a decline in compliance volumes.
Current wording
Net sales of print and distribution of $43.7 million for the three months ended March 31, 2026 increased by $3.7 million, or 9.3%, as compared to the three months ended March 31, 2025. Net sales of print and distribution increased due to higher capital markets net sales of $5.4 million, partially offset by lower investment companies net sales of $1.7 million. The higher capital markets net sales were largely driven by higher transactional volumes, partially offset by lower compliance volumes, whereas the lower investment companies net sales were largely driven by lower compliance volumes.
Previous wording
Software solutions cost of sales of $28.4 million for the three months ended September 30, 2025 increased $0.8 million, or 2.9%, as compared to the three months ended September 30, 2024. Software solutions cost of sales increased primarily due to higher sales volumes. As a percentage of software solutions net sales, software solutions cost of sales decreased 2.3%, largely driven by higher sales volumes and Arc Suite price increases.
Current wording
Software solutions cost of sales of $27.6 million for the three months ended March 31, 2026 was flat as compared to the three months ended March 31, 2025. As a percentage of software solutions net sales, software solutions cost of sales decreased by 2.5%, largely driven by higher sales volumes.
Previous wording
Tech-enabled services cost of sales of $27.9 million for the three months ended September 30, 2025 decreased $1.3 million, or 4.5%, as compared to the three months ended September 30, 2024. Tech-enabled services cost of sales decreased primarily due to lower sales volumes. As a percentage of tech-enabled services net sales, tech-enabled services cost of sales increased 1.9%, largely driven by lower compliance and transactional volumes.
Current wording
Tech-enabled services cost of sales of $26.8 million for the three months ended March 31, 2026 decreased by $0.5 million, or 1.8%, as compared to the three months ended March 31, 2025 primarily due to lower sales volumes, partially offset by a higher proportion of compliance net sales, which generally have lower margins, as compared to transactional net sales. As a percentage of tech-enabled services net sales, tech-enabled services cost of sales increased by 2.5%, largely driven by a higher proportion of compliance net sales, which generally have lower margins, as compared to transactional net sales.
Previous wording
Print and distribution cost of sales of $9.0 million for the three months ended September 30, 2025 decreased $2.9 million, or 24.4%, as compared to the three months ended September 30, 2024. Print and distribution cost of sales decreased primarily due to lower sales volumes. As a percentage of print and distribution net sales, print and distribution cost of sales increased 2.5%, largely driven by lower compliance volumes.
Current wording
Print and distribution cost of sales of $19.5 million for the three months ended March 31, 2026 increased by $1.4 million, or 7.7%, as compared to the three months ended March 31, 2025. Print and distribution cost of sales increased primarily due to higher sales volumes. As a percentage of print and distribution net sales, print and distribution cost of sales decreased by 0.7%, primarily due to higher sales volumes.
Previous wording
SG&A expenses of $203.1 million for the nine months ended September 30, 2025 decreased $19.8 million, or 8.9%, as compared to the nine months ended September 30, 2024. SG&A expenses decreased primarily due to cost control initiatives, lower bad debt expense of $6.7 million and lower incentive compensation expense, partially offset by higher healthcare expense of $4.4 million. As a percentage of net sales, SG&A expenses decreased to 34.2% for the nine months ended September 30, 2025 from 35.6% for the nine months ended September 30, 2024.
Current wording
SG&A expenses of $67.4 million for the three months ended March 31, 2026 increased by $1.6 million, or 2.4%, as compared to the three months ended March 31, 2025. SG&A expenses increased primarily due to higher selling expense as a result of the increase in net sales and higher bad debt expense of $0.9 million, partially offset by cost control initiatives. As a percentage of net sales, SG&A expenses increased to 32.8% for the three months ended March 31, 2026 from 32.7% for the three months ended March 31, 2025.
Previous wording
Depreciation and amortization of $15.2 million for the three months ended September 30, 2025 decreased $2.0 million, or 11.6%, as compared to the three months ended September 30, 2024, primarily due to $2.8 million of accelerated amortization expense related to discontinued software recorded during the three months ended September 30, 2024, partially offset by higher software amortization expense, driven by additional software development.
Current wording
Depreciation and amortization of $15.0 million for the three months ended March 31, 2026 increased by $0.9 million, or 6.4%, as compared to the three months ended March 31, 2025. Depreciation and amortization increased due to higher software amortization expense, driven by additional software development.
Previous wording
Restructuring, impairment and other charges, net of $0.9 million for the three months ended September 30, 2025 decreased $0.5 million, or 35.7%, as compared to the three months ended September 30, 2024. For the three months ended September 30, 2025, these charges included $0.8 million of employee termination costs for approximately 10 employees. For the three months ended September 30, 2024, these charges included $0.7 million of employee termination costs for approximately 10 employees.
Current wording
Restructuring, impairment and other charges, net of $0.7 million for the three months ended March 31, 2026 decreased by $2.2 million, or 75.9%, as compared to the three months ended March 31, 2025. For the three months ended March 31, 2025, these charges included $2.8 million of employee termination costs for approximately 40 employees.
Previous wording
The effective income tax rate was 20.6% for the nine months ended September 30, 2025, as compared to 27.0% for the nine months ended September 30, 2024. The decrease in the effective income tax rate was primarily driven by an increase in the net favorable impact of discrete adjustments and lower pre-tax earnings.
Current wording
The effective income tax rate was 26.2% for the three months ended March 31, 2026, as compared to 26.5% for the three months ended March 31, 2025. The decrease in the effective income tax rate was primarily driven by a decrease in non-recognizable losses.
Previous wording
The following tables summarize net sales, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin within each of the operating segments for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following tables summarize net sales, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin within each of the operating segments for the three months ended March 31, 2026 and 2025:
Previous wording
Segment Adjusted EBITDA margin increased by approximately 1,010 basis points (“bps”) from 24.8% for the three months ended September 30, 2024 to 34.9% for the three months ended September 30, 2025, primarily due to an approximately 760 bps decrease in SG&A expenses as a percentage of net sales, largely driven by higher net sales and cost control initiatives, and an approximately 230 bps decrease in cost of sales as a percentage of net sales, largely driven by higher net sales.
Current wording
Segment Adjusted EBITDA margin increased by approximately 600 basis points (“bps”) from 26.8% for the three months ended March 31, 2025 to 32.8% for the three months ended March 31, 2026, primarily due to an approximately 390 and 200 bps decrease in cost of sales and SG&A expenses as a percentage of net sales, respectively, largely driven by higher net sales.
Previous wording
Net sales of $31.7 million for the three months ended September 30, 2025 increased $2.8 million, or 9.7%, as compared to the three months ended September 30, 2024, primarily due to higher ArcReporting net sales of $2.1 million, primarily due to price increases.
Current wording
Net sales of $33.1 million for the three months ended March 31, 2026 increased by $0.4 million, or 1.2%, as compared to the three months ended March 31, 2025, primarily due to price increases.
Previous wording
The following table summarizes unallocated expenses within Corporate:
Current wording
The following table summarizes unallocated expenses within Corporate for the three months ended March 31, 2026 and 2025:
Previous wording
Corporate unallocated expenses of $11.8 million for the three months ended September 30, 2025 increased $2.6 million, or 28.3%, as compared to the three months ended September 30, 2024, primarily due to higher healthcare expense of $4.1 million, partially offset by lower incentive compensation expense.
Current wording
Corporate unallocated expenses of $7.5 million for the three months ended March 31, 2026 increased by $0.1 million, or 1.4%, as compared to the three months ended March 31, 2025, primarily due to higher consulting and third-party expenses, mostly offset by lower healthcare expense of $1.0 million.
Previous wording
The following table reconciles net (loss) earnings to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table reconciles net earnings to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:
Previous wording
Restructuring, impairment and other charges, net—Included employee termination costs of $0.8 million and $4.5 million for the three and nine months ended September 30, 2025, respectively, and $0.7 million and $3.6 million for the three and nine months ended September 30, 2024, respectively. Refer to Note 5, Restructuring, Impairment and Other Charges, net, to the Unaudited Condensed Consolidated Financial Statements for additional information.
Current wording
Restructuring, impairment and other charges, net—Included employee termination costs of $0.6 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively. Refer to Note 5, Restructuring, Impairment and Other Charges, net, to the Unaudited Condensed Consolidated Financial Statements for additional information.
Previous wording
Share-based compensation expense—Included charges of $6.8 million and $20.3 million for the three and nine months ended September 30, 2025, respectively, and $6.7 million and $19.2 million for the three and nine months ended September 30, 2024, respectively.
Current wording
Share-based compensation expense—Included charges of $6.4 million and $6.0 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
Gain on sales of long-lived assets—The nine months ended September 30, 2025 included a gain of $0.5 million on the sale of long-lived assets. The nine months ended September 30, 2024 included a net gain of $9.8 million related to the sale of land. Refer to Note 1, Overview, Basis of Presentation and Significant Accounting Policies, to the Unaudited Condensed Consolidated Financial Statements for additional information.
Current wording
Gain on sale of long-lived assets—Included a gain of $0.5 million for the three months ended March 31, 2025.
Previous wording
Non-income tax, net—Included income of $0.2 million for the nine months ended September 30, 2025, and income of $0.3 million and $1.0 million for the three and nine months ended September 30, 2024, respectively, related to certain estimated non-income tax exposures previously accrued by the Company.
Current wording
Non-income tax, net—Included income of $0.1 million for the three months ended March 31, 2025 related to certain estimated non-income tax exposures.
Previous wording
The Company maintains cash pooling structures that enable participating international locations to draw on the pools’ cash resources to meet local liquidity needs. Foreign cash balances may be loaned from certain cash pools to U.S. operating entities on a temporary basis in order to reduce the Company’s short-term borrowing costs or for other purposes. The Company has the ability to repatriate foreign cash, associated with foreign earnings previously subjected to U.S. tax, with minimal additional tax consequences. The Company maintains its assertion of indefinite reinvestment on all foreign earnings and other outside basis differences to indicate that the Company remains indefinitely reinvested in operations outside of the U.S., with the exception of the previously taxed foreign earnings already subject to U.S. tax. The Company did not repatriate excess cash at its foreign subsidiaries to the U.S. during the nine months ended September 30, 2025. The Company repatriated $30.0 million of excess cash of previously taxed earnings at its foreign subsidiaries to the U.S. during the year ended December 31, 2024. The Company is evaluating whether to make any cash repatriations in the future.
Current wording
The Company maintains cash pooling structures that enable participating international locations to draw on the pools’ cash resources to meet local liquidity needs. Foreign cash balances may be loaned from certain cash pools to U.S. operating entities on a temporary basis in order to reduce the Company’s short-term borrowing costs or for other purposes. The Company has the ability to repatriate foreign cash, associated with foreign earnings previously subjected to U.S. tax, with minimal additional tax consequences. The Company maintains its assertion of indefinite reinvestment on all foreign earnings and other outside basis differences to indicate that the Company remains indefinitely reinvested in operations outside of the U.S., with the exception of the previously taxed foreign earnings already subject to U.S. tax. The Company did not repatriate excess cash of previously taxed earnings at its foreign subsidiaries to the U.S. during the three months ended March 31, 2026. The Company repatriated $14.0 million of excess cash of previously taxed earnings at its foreign subsidiaries to the U.S. during the year ended December 31, 2025. The Company is evaluating whether to make any cash repatriations in the future.
Previous wording
Cash and cash equivalents were $22.7 million at September 30, 2025, which included $4.6 million in the U.S. and $18.1 million at international locations.
Current wording
Cash and cash equivalents were $26.1 million at March 31, 2026, which included $3.8 million in the U.S. and $22.3 million at international locations.
Previous wording
The following table describes the Company’s cash flows for the nine months ended September 30, 2025 and 2024:
Current wording
The following table describes the Company’s cash flows for the three months ended March 31, 2026 and 2025:
Previous wording
Cash Flows Used in Financing Activities
Current wording
Cash Flows Used in Operating Activities
Previous wording
Operating cash inflows and outflows are largely attributable to sales of the Company’s services and products as well as recurring expenditures for labor, rent and other operating activities.
Current wording
Operating cash inflows and outflows are largely attributable to sales of the Company’s services and products as well as recurring expenditures for labor and other operating activities.
Previous wording
Net cash provided by operating activities was $105.1 million for the nine months ended September 30, 2025 as compared to $114.7 million for the nine months ended September 30, 2024. The unfavorable change in net cash provided by operating activities of $9.6 million was primarily due to a decrease in net earnings of $59.9 million, driven largely by the $82.8 million non-cash pension plan settlement charge, as well as the following factors:
Current wording
Net cash used in operating activities was $5.6 million for the three months ended March 31, 2026 as compared to $37.7 million for the three months ended March 31, 2025. The change in net cash used in operating activities of $32.1 million was primarily due to the following factors:
Previous wording
Accrued liabilities and other decreased operating cash flows by $25.0 million more during the nine months ended September 30, 2025, primarily due to higher 2025 payments of employee-related compensation, including incentive compensation and sales commissions, as a result of the Company’s 2024 operating results and lower current year accruals.
Current wording
Accrued liabilities and other resulted in a $20.8 million favorable impact to net cash used in operating activities for the three months ended March 31, 2026, compared to the prior year period. The decrease in cash used was primarily due to lower 2026 payments of employee-related compensation, including sales commissions and incentive compensation, as a result of the Company’s 2025 operating results, an increase in vendor accruals and an increase in 2026 employee-related compensation accruals.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
Results of Operations for the Three Months Ended March 31, 2026 as Compared to the Three Months Ended March 31, 2025