On this page of StockholderLetter.com we present the latest annual shareholder letter from Donnelley Financial Solutions, Inc. — ticker symbol DFIN. Reading current and past DFIN letters to shareholders can bring important insights into the investment thesis.

Our Values Our values enable us to make a positive impact on our employees, clients, and shareholders. Purposeful Agility Collective Genius We navigate constantly changing market conditions in order to help our clients succeed. We create the best solutions by leveraging diverse perspectives, sharing knowledge, and fostering an inclusive environment in which all voices are heard. Uncompromising Integrity We adhere to the highest standards of integrity, quality, and transparency in all that we do. Bold Action We are confident and willing to push boundaries to pursue innovative and unconventional solutions.
DEAR FELLOW SHAREHOLDERS, 2024 was a productive year in our transformation journey. We delivered strong results, invested in areas to accelerate our growth and further our transformation, and advanced toward our vision of becoming a software-centric company. But it was within the context of a very challenging demand environment, which resulted in the lowest capital markets transactional activity in our Company s 8-year history. Despite a slight decline in overall net sales, we grew software solutions net sales by approximately 13%, or approximately 14% on an organic basis(a), and improved our profitability by delivering increases in consolidated net earnings and non-GAAP Adjusted EBITDA of $10.2 million and $9.9 million, respectively, and expanding non-GAAP Adjusted EBITDA margin by 180 basis points compared to 2023. It is evident our strategic transformation has made DFIN more durable and resilient across various market conditions. Our focused execution to improve our sales mix and manage our costs in a disciplined manner has resulted in DFIN becoming fundamentally more profitable, providing us the financial flexibility to invest in our multi-year strategic transformation, deliver value to shareholders, and reduce debt. I am confident that we remain on the path to continue to create increased value for all our stakeholders - our shareholders, employees, and clients. Delivering Solid Progress on our Strategic Transformation We made continued progress in 2024 and strengthened the foundation for future success: Evolved our business toward a more favorable sales mix. Our 2024 progress was highlighted by continued growth in our SaaS offerings, which reached a record of $330 million of net sales and accounted for approximately 42% of total net sales. More significantly, full-year net sales from Software Solutions exceeded net sales from each of TechEnabled Services and Print and Distribution, becoming the largest component of our overall sales mix. Expanded the adoption of our software solutions. 2024 software solutions net sales increased approximately 14% on an organic basis(a) the highest growth rate in the last three years. Venue, our virtual dataroom product, delivered robust growth of 26% year-over-year as result of strong sales execution. Our recurring compliance software products, ActiveDisclosure and Arc Suite, each achieved stronger sequential growth throughout 2024, finishing the year with a growth of approximately 19% in the fourth quarter, in aggregate. The improvement in trend creates positive momentum. Assisted our clients with current and future regulatory changes. As a leading regulatory and compliance solutions provider, we deliver enterprise software, domain expertise, and leading service capabilities to help our clients navigate a changing regulatory and compliance landscape. In 2024, DFIN s new Tailored Shareholder Reports offering was awarded the NOVA Award presented by Nicsa, a global asset management trade association, for DFIN s outstanding leadership, product development, and innovative marketing approach in response to the Tailored Shareholder Reports regulation. Enhanced our financial flexibility to execute our strategy. Our strong profitability and robust cash flow generation provided us the financial flexibility to increase organic investment in software development, repurchase nearly 1 million shares during the year, and end the year with non-GAAP net leverage of 0.3x. Continued our cultural transformation. As a company, we set out to deliver a meaningful experience for our employees based on a pay-for-performance philosophy and centered around employee time, money, health, and career. Our progress to transform our culture and enhance the employee experience was recognized externally, including being ranked #60 on Newsweek s list of the 2024 Top 100 Most Loved Workplaces in America and being named as a Best Place to Work by Built In for the sixth year in a row. Well-positioned heading into 2025 Our strategy - to be the market-leading provider of regulatory and compliance solutions - remains unchanged. We are committed to helping our clients navigate an increasingly complex regulatory and compliance landscape. In 2025, you can expect our primary focus to remain on accelerating our business mix shift by continuing to grow our SaaS revenue, while maintaining or growing share in our core traditional offerings. We will continue to invest in our regulatory and compliance software platform to position DFIN to capitalize on the demand from new regulations and non-SEC use cases. In addition, we will continue to aggressively manage our costs and drive operational efficiencies. Finally, we will remain disciplined in the allocation of capital to maximize shareholder returns. Thank you for your feedback, ideas, and support, as well as your investment. We look forward to continuing to share our successes with you for years to come. Thank you, Dan Leib Chief Executive Officer (a) Adjusted for changes in foreign currency exchange rates and the impact of dispositions.
Option 1 DFIN at a Glance #1 SEC Filing Agent for Corporations #2 Compliance Filing Software (ActiveDisclosureSM) 500+ Content Management Software (Arc Suite ) #1 SEC Filing Agent for Fund Companies #1 #3 Virtual Data Room Software (Venue ) 200+ Industry Experts Worldwide ~80% Fortune 500 Clients Of the top 50 global fund complexes work with DFIN Growing Suite of Software Solutions & Expert Support Financial Reporting Virtual Data Room Investment Company Compliance Solutions Delivering a Growing Base of Software Revenue
 • shareholder letter icon 4/2/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/5/2023 DFIN Stockholder Letter
 • stockholder letter icon 4/3/2024 DFIN Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon DFIN Benford's Law Stock Score = 91


DFIN Shareholder/Stockholder Letter Transcript:


Our Values
Our values enable us to make a positive impact
on our employees, clients, and shareholders.
Purposeful Agility
Collective Genius
We navigate
constantly changing
market conditions
in order to help our
clients succeed.
We create the
best solutions by
leveraging diverse
perspectives, sharing
knowledge, and
fostering an inclusive
environment in which
all voices are heard.
Uncompromising
Integrity
We adhere to the
highest standards of
integrity, quality, and
transparency in all
that we do.
Bold Action
We are confident
and willing to push
boundaries to
pursue innovative
and unconventional
solutions.

DEAR FELLOW SHAREHOLDERS,
2024 was a productive year in our transformation journey. We delivered strong results, invested in areas to accelerate our growth
and further our transformation, and advanced toward our vision of becoming a software-centric company. But it was within the
context of a very challenging demand environment, which resulted in the lowest capital markets transactional activity in our
Company   s 8-year history. Despite a slight decline in overall net sales, we grew software solutions net sales by approximately 13%,
or approximately 14% on an organic basis(a), and improved our profitability by delivering increases in consolidated net earnings
and non-GAAP Adjusted EBITDA of $10.2 million and $9.9 million, respectively, and expanding non-GAAP Adjusted EBITDA margin
by 180 basis points compared to 2023.
It is evident our strategic transformation has made DFIN more durable and resilient across various market conditions. Our
focused execution to improve our sales mix and manage our costs in a disciplined manner has resulted in DFIN becoming
fundamentally more profitable, providing us the financial flexibility to invest in our multi-year strategic transformation, deliver
value to shareholders, and reduce debt. I am confident that we remain on the path to continue to create increased value for all
our stakeholders - our shareholders, employees, and clients.
Delivering Solid Progress on our Strategic Transformation
We made continued progress in 2024 and strengthened the foundation for future success:

Evolved our business toward a more favorable sales mix. Our 2024 progress was highlighted by continued growth in
our SaaS offerings, which reached a record of $330 million of net sales and accounted for approximately 42% of total
net sales. More significantly, full-year net sales from Software Solutions exceeded net sales from each of TechEnabled Services and Print and Distribution, becoming the largest component of our overall sales mix.

Expanded the adoption of our software solutions. 2024 software solutions net sales increased approximately 14% on
an organic basis(a) the highest growth rate in the last three years. Venue, our virtual dataroom product, delivered
robust growth of 26% year-over-year as result of strong sales execution. Our recurring compliance software products,
ActiveDisclosure and Arc Suite, each achieved stronger sequential growth throughout 2024, finishing the year with a
growth of approximately 19% in the fourth quarter, in aggregate. The improvement in trend creates positive
momentum.

Assisted our clients with current and future regulatory changes. As a leading regulatory and compliance solutions
provider, we deliver enterprise software, domain expertise, and leading service capabilities to help our clients
navigate a changing regulatory and compliance landscape. In 2024, DFIN   s new Tailored Shareholder Reports offering
was awarded the NOVA Award presented by Nicsa, a global asset management trade association, for DFIN   s
outstanding leadership, product development, and innovative marketing approach in response to the Tailored
Shareholder Reports regulation.

Enhanced our financial flexibility to execute our strategy. Our strong profitability and robust cash flow generation
provided us the financial flexibility to increase organic investment in software development, repurchase nearly 1
million shares during the year, and end the year with non-GAAP net leverage of 0.3x.

Continued our cultural transformation. As a company, we set out to deliver a meaningful experience for our
employees based on a pay-for-performance philosophy and centered around employee time, money, health, and
career. Our progress to transform our culture and enhance the employee experience was recognized externally,
including being ranked #60 on Newsweek   s list of the 2024 Top 100 Most Loved Workplaces   in America and being
named as a Best Place to Work by Built In for the sixth year in a row.
Well-positioned heading into 2025
Our strategy - to be the market-leading provider of regulatory and compliance solutions - remains unchanged. We are committed
to helping our clients navigate an increasingly complex regulatory and compliance landscape. In 2025, you can expect our primary
focus to remain on accelerating our business mix shift by continuing to grow our SaaS revenue, while maintaining or growing
share in our core traditional offerings. We will continue to invest in our regulatory and compliance software platform to position
DFIN to capitalize on the demand from new regulations and non-SEC use cases. In addition, we will continue to aggressively
manage our costs and drive operational efficiencies. Finally, we will remain disciplined in the allocation of capital to maximize
shareholder returns.
Thank you for your feedback, ideas, and support, as well as your investment. We look forward to continuing to share our
successes with you for years to come.
Thank you,
Dan Leib
Chief Executive Officer
(a) Adjusted for changes in foreign currency exchange rates and the impact of dispositions.

Option 1
DFIN at a Glance
#1
SEC Filing Agent for
Corporations
#2
Compliance Filing
Software
(ActiveDisclosureSM)
500+
Content Management
Software
(Arc Suite  )
#1
SEC Filing Agent for
Fund Companies
#1
#3
Virtual Data Room
Software (Venue  )
200+
Industry Experts
Worldwide
~80%
Fortune 500
Clients
Of the top 50 global
fund complexes
work with DFIN
Growing Suite of Software Solutions
& Expert Support
Financial
Reporting
Virtual Data
Room
Investment Company
Compliance Solutions
Delivering a Growing Base of Software Revenue



shareholder letter icon 4/2/2025 Letter Continued (Full PDF)
 

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