Donnelley Financial Solutions, Inc. (NYSE:DFIN) Q1 2022 Earnings Conference Call May 5, 2022 9:00 AM ET

Company Participants

Daniel N. Leib – President and Chief Executive Officer

Craig Clay – President of Global Capital Markets

Eric Johnson – President of Global Investment Companies

David Gardella – Chief Financial Officer

Michael Zhao – Head of Investor Relations

Conference Call Participants

Stefanos Crist – CJS Securities

Peter Heckmann – D.A. Davidson

Raj Sharma – B. Riley

Operator

Good morning. My name is Emma and I'll be your conference operator today. At this time. I would like to welcome everyone to the Donnelley Financial Solutions first-quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to address your question again press the star one. Thank you. Mr. Mike Zhao, Head of Investor Relations, you may begin your conference.

Michael Zhao

Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions first-quarter 2022 results conference call. This morning, we released our earnings reports, supplemental trending schedule of historical results, and investor presentation which includes our updated long-term projections. All 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 detailed in our most recent quarterly report on Form 10-Q and other filings with the SEC.

Further, we will discuss non-GAAP financial information. 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 Daniel N. Leib , David 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. Good morning, everyone. And from all of us at DFIN, we hope that you and your families are doing well. As noted in this morning's press release, our first quarter results were consistent with our expectations, with net sales of $211 million and non-GAAP adjusted EBITDA margin of 24.2%. We delivered solid financial results despite a challenging capital markets transactions environment. Our first quarter performance demonstrates that our strategy and focus has resulted in DFIN becoming more durable and structurally resilient than in the past. As we continue to invest to shift toward a more favorable recurring sales mix, well continuing to aggressively manage our cost structure and being disciplined stewards of capital.