Donnelley Financial Solutions, Inc. (NYSE:DFIN) Q4 2022 Earnings Conference Call February 21, 2023 9:00 AM ET

Company Participants

Michael Zhao - Head of IR

Daniel N. Leib - President & Chief Executive Officer

Dave Gardella - CFO

Craig Clay - President, Global Capital Markets

Conference Call Participants

Stefanos Crist - CJS Securities

Peter Heckmann - D.A. Davidson

Raj Sharma - B. Riley Securities

Operator

Good morning. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the Donnelley Financial Solutions Fourth Quarter and Full Year 2022 Financial Results Conference. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. At this time, I would like to turn the conference over to Michael Zhao, Head of Investor Relations. Please, go ahead.

Michael Zhao

Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions fourth quarter and full year 2022 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 investor 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 detailed in our most recent annual report on Form 10-K and other filings with the SEC. 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.

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.

Daniel N. Leib

Thank you Mike and good morning everyone. Our fourth quarter performance further demonstrated the resiliency of our operating model and sustainability of our adjusted EBITDA margin performance in a difficult operating environment. During the fourth quarter we navigated a transactions market that remained very challenging. As a result of strong execution we delivered an adjusted EBITDA margin of 23.4% in the quarter despite capital markets transactional revenue being down nearly 50% from the fourth quarter of 2021.