Donnelley Financial Solutions, Inc. (NYSE:DFIN) Q2 2023 Results Conference Call August 2, 2023 9:00 AM ET

Company Participants

Michael Zhao - Head, IR

Dan Leib - President, CEO and Director

Dave Gardella - EVP and CFO

Craig Clay - President, Global Investment Companies

Conference Call Participants

Charles Strauzer - CJS Securities

Kyle Peterson - Needham

Peter Heckmann - D.A. Davidson

Raj Sharma - B. Riley

Operator

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today.

At this time, I would like to welcome everyone to the Donnelley Financial Solutions Second Quarter 2023 Earnings Conference Call. [Operator Instructions]

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

Michael Zhao

Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions' Second Quarter 2023 Results Conference Call. This morning, we released our earnings report, including a supplemental trending schedule of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com.

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

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

I am joined this morning by Dan Leib, Dave Gardella, Craig Clay, Eric Johnson, Floyd Strimling and Kami Turner. I will now turn the call over to Dan.

Dan Leib

Thank you, Mike, and good morning, everyone.

We are pleased with the company's performance during the second quarter, especially in light of continuing softness in capital markets transactional activity. In this difficult operating environment, we delivered strong second quarter results, including net sales of $242.1 million and adjusted EBITDA of $74.3 million, resulting in adjusted EBITDA margin of 30.7%. Our second quarter performance once again demonstrated the resiliency of our operating model and the sustainability of our performance in a challenging external environment as our business mix continues to transform.