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2018-09-30 0001669811 srt:ConsolidationEliminationsMember 2018-07-01 2018-09-30 0001669811 us-gaap:ServiceMember srt:ParentCompanyMember 2018-01-01 2018-09-30 0001669811 us-gaap:ServiceMember srt:GuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001669811 us-gaap:ServiceMember srt:NonGuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001669811 us-gaap:ServiceMember srt:ConsolidationEliminationsMember 2018-01-01 2018-09-30 0001669811 us-gaap:ProductMember srt:ParentCompanyMember 2018-01-01 2018-09-30 0001669811 us-gaap:ProductMember srt:GuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001669811 us-gaap:ProductMember srt:NonGuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001669811 us-gaap:ProductMember srt:ConsolidationEliminationsMember 2018-01-01 2018-09-30 0001669811 srt:ParentCompanyMember 2018-01-01 2018-09-30 0001669811 srt:GuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001669811 srt:NonGuarantorSubsidiariesMember 2018-01-01 2018-09-30 0001669811 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 1-37728

 

Donnelley Financial Solutions, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

36-4829638

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

35 West Wacker Drive,

Chicago, Illinois

 

60601

(Address of principal executive offices)

 

(Zip code)

(844) 866-4337

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each Class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock (Par Value $0.01)

 

DFIN

 

NYSE

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes       No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated filer

 

  

Accelerated filer

 

 

 

 

  

 

 

 

Non-Accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes      No  

As of November 1, 2019, 34.3 million shares of common stock were outstanding.  

 

 

 

 


 

 

DONNELLEY FINANCIAL SOLUTIONS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019

 

TABLE OF CONTENTS

 

Part I

FINANCIAL INFORMATION

  

Page

Item 1:

Condensed Consolidated Financial Statements (unaudited)

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018

  

3

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018

  

4

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

  

5

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

  

6

 

 

 

 

 

Condensed Consolidated Statements of Equity for the three months ended September 30, 2019 and 2018

 

7

 

 

 

 

 

Condensed Consolidated Statements of Equity for the nine months ended September 30, 2019 and 2018

  

8

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

33

 

 

 

 

Item 3:

Quantitative and Qualitative Disclosure About Market Risk

 

49

 

 

 

 

Item 4:

Controls and Procedures

 

49

 

Part II

OTHER INFORMATION 

  

Page

Item 1:

Legal Proceedings

  

50

 

 

 

 

Item 1A:

Risk Factors

  

50

 

 

 

 

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

  

50

 

 

 

 

Item 4:

Mine Safety Disclosures

 

50

 

 

 

 

Item 6:

Exhibits

  

51

 

 

 

 

Signatures

  

54

 

 

 

2


 

 

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2019 and 2018

(in millions, except per share data)

(UNAUDITED)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services net sales

$

130.4

 

 

$

138.5

 

 

$

419.5

 

 

$

485.9

 

Products net sales

 

65.5

 

 

 

78.4

 

 

 

264.9

 

 

 

276.8

 

Total net sales

 

195.9

 

 

 

216.9

 

 

 

684.4

 

 

 

762.7

 

Services cost of sales (exclusive of depreciation and amortization)

 

66.9

 

 

 

75.5

 

 

 

217.9

 

 

 

253.4

 

Products cost of sales (exclusive of depreciation and amortization)

 

54.4

 

 

 

57.8

 

 

 

206.3

 

 

 

204.1

 

Total cost of sales

 

121.3

 

 

 

133.3

 

 

 

424.2

 

 

 

457.5

 

Selling, general and administrative expenses (exclusive of depreciation
and amortization)

 

46.2

 

 

 

62.6

 

 

 

159.0

 

 

 

203.8

 

Restructuring, impairment and other charges-net

 

2.8

 

 

 

0.8

 

 

 

8.7

 

 

 

4.1

 

Depreciation and amortization

 

12.7

 

 

 

11.6

 

 

 

36.8

 

 

 

33.1

 

Other operating income

 

(19.2

)

 

 

(53.5

)

 

 

(16.4

)

 

 

(53.5

)

Income from operations

 

32.1

 

 

 

62.1

 

 

 

72.1

 

 

 

117.7

 

Interest expense-net

 

8.6

 

 

 

8.4

 

 

 

26.6

 

 

 

27.2

 

Investment and other income-net

 

(0.5

)

 

 

(14.0

)

 

 

(1.6

)

 

 

(15.6

)

Earnings before income taxes

 

24.0

 

 

 

67.7

 

 

 

47.1

 

 

 

106.1

 

Income tax expense

 

9.3

 

 

 

19.7

 

 

 

16.5

 

 

 

31.5

 

Net earnings

$

14.7

 

 

$

48.0

 

 

$

30.6

 

 

$

74.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share (Note 10):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings per share

 

0.43

 

 

 

1.42

 

 

 

0.90

 

 

 

2.21

 

Diluted net earnings per share

 

0.43

 

 

 

1.40

 

 

 

0.89

 

 

 

2.19

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

34.2

 

 

33.9

 

 

 

34.1

 

 

 

33.8

 

Diluted

 

34.3

 

 

 

34.2

 

 

 

34.2

 

 

 

34.0

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

 

3


 

 

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Comprehensive Income

For the Three and Nine Months Ended September 30, 2019 and 2018

(in millions)

(UNAUDITED)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net earnings

$

14.7

 

 

$

48.0

 

 

$

30.6

 

 

$

74.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustments

 

(0.4

)

 

 

0.4

 

 

 

2.3

 

 

 

(2.3

)

Adjustment for net periodic pension and other postretirement benefits plan
cost

 

0.3

 

 

 

0.4

 

 

 

1.0

 

 

 

1.4

 

Other comprehensive (loss) income, net of tax

 

(0.1

)

 

 

0.8

 

 

 

3.3

 

 

 

(0.9

)

Comprehensive income

$

14.6

 

 

$

48.8

 

 

$

33.9

 

 

$

73.7

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

 

4


 

 

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Balance Sheets

As of September 30, 2019 and December 31, 2018

(in millions, except per share data)

(UNAUDITED)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

32.1

 

 

$

47.3

 

Receivables, less allowances for doubtful accounts of $9.3 in 2019 (2018 - $7.9)

 

 

201.2

 

 

 

172.9

 

Inventories

 

 

13.7

 

 

 

12.1

 

Prepaid expenses and other current assets

 

 

21.0

 

 

 

16.7

 

Total current assets

 

 

268.0

 

 

 

249.0

 

Property, plant and equipment-net

 

 

25.0

 

 

 

32.2

 

Right-of-use assets

 

 

85.7

 

 

 

 

Software-net

 

 

53.6

 

 

 

47.8

 

Goodwill

 

 

450.2

 

 

 

450.0

 

Other intangible assets-net

 

 

26.3

 

 

 

37.2

 

Deferred income taxes

 

 

10.8

 

 

 

9.7

 

Other noncurrent assets

 

 

42.7

 

 

 

42.8

 

Total assets

 

$

962.3

 

 

$

868.7

 

LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$

50.6

 

 

$

72.4

 

Accrued liabilities

 

 

142.9

 

 

 

126.0

 

Total current liabilities

 

 

193.5

 

 

 

198.4

 

Long-term debt (Note 13)

 

 

364.1

 

 

 

362.7

 

Deferred compensation liabilities

 

 

19.8

 

 

 

19.5

 

Pension and other postretirement benefits plan liabilities

 

 

47.7

 

 

 

51.3

 

Noncurrent lease liabilities

 

 

63.2

 

 

 

 

Other noncurrent liabilities

 

 

7.9

 

 

 

10.8

 

Total liabilities

 

 

696.2

 

 

 

642.7

 

Commitments and Contingencies (Note 14)

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized: 1.0 shares; Issued: None

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized: 65.0 shares;

 

 

 

 

 

 

 

 

Issued: 34.5 shares in 2019 (2018 - 34.2 shares)

 

 

0.3

 

 

 

0.3

 

Treasury stock, at cost: 0.2 shares in 2019 (2018 - 0.1 shares)

 

 

(3.7

)

 

 

(2.4

)

Additional paid-in-capital

 

 

224.0

 

 

 

216.5

 

Retained earnings

 

 

124.9

 

 

 

94.3

 

Accumulated other comprehensive loss

 

 

(79.4

)

 

 

(82.7

)

Total equity

 

 

266.1

 

 

 

226.0

 

Total liabilities and equity

 

$

962.3

 

 

$

868.7

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

 

 

5


 

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2019 and 2018

(in millions)

(UNAUDITED)

 

 

Nine Months Ended

 

 

September 30,

 

 

2019

 

 

2018

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net earnings

$

30.6

 

 

$

74.6

 

Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

36.8

 

 

 

33.1

 

Provision for doubtful accounts receivable

 

3.3

 

 

 

4.5

 

Share-based compensation

 

7.7

 

 

 

7.2

 

Deferred income taxes

 

(1.6

)

 

 

6.4

 

Changes in uncertain tax positions

 

 

 

 

(0.2

)

Net pension plan income

 

(1.5

)

 

 

(2.4

)

Gain on change in fair value of investment

 

 

 

 

(11.8

)

Gain on sale of building

 

(19.2

)

 

 

 

Loss (gain) on disposition

 

2.8

 

 

 

(53.5

)

Other

 

23.0

 

 

 

0.6

 

Changes in operating assets and liabilities - net of acquisitions:

 

 

 

 

 

 

 

Accounts receivable - net

 

(31.9

)

 

 

(70.8

)

Inventories

 

(1.6

)

 

 

(2.7

)

Prepaid expenses and other current assets

 

0.9

 

 

 

2.5

 

Accounts payable

 

(22.3

)

 

 

3.4

 

Income taxes payable and receivable

 

(3.2

)

 

 

17.2

 

Accrued liabilities and other

 

(27.2

)

 

 

4.0

 

Pension and other postretirement benefits plan contributions

 

(0.8

)

 

 

(1.7

)

Net cash (used in) provided by operating activities

 

(4.2

)

 

 

10.4

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

Capital expenditures

 

(35.1

)

 

 

(22.8

)

Proceeds from sale of building

 

30.6

 

 

 

 

Acquisition of business, net of cash acquired

 

(2.6

)

 

 

 

(Purchase) sale of investment

 

(2.3

)

 

 

3.1

 

Proceeds from disposition

 

 

 

 

77.1

 

Net cash (used in) provided by investing activities

 

(9.4

)

 

 

57.4

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

Revolving facility borrowings

 

413.0

 

 

 

255.0

 

Payments on revolving facility borrowings

 

(413.0

)

 

 

(255.0

)

Payments on long-term debt

 

 

 

 

(62.5

)

Proceeds from the issuance of common stock

 

 

 

 

1.2

 

Treasury share repurchases

 

(1.3

)

 

 

(0.8

)

Debt issuance costs

 

(0.2

)

 

 

 

Net cash used in financing activities

 

(1.5

)

 

 

(62.1

)

Effect of exchange rate on cash, cash equivalents and restricted cash

 

2.2

 

 

 

(1.5

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(12.9

)

 

 

4.2

 

Cash, cash equivalents and restricted cash at beginning of year

 

47.4

 

 

 

52.0

 

Cash, cash equivalents and restricted cash at end of period

$

34.5

 

 

$

56.2

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

Income taxes paid (net of refunds)

$

23.7

 

 

$

7.6

 

Interest paid

$

19.0

 

 

$

19.9

 

 

 

 

 

 

 

 

 

See Notes to Unaudited Condensed Consolidated Financial Statements

6


 

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Equity

For the Three Months Ended September 30, 2019 and 2018

(in millions)

(UNAUDITED)

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in-Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive Loss

 

 

Total
Equity

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

 

34.5

 

 

$

0.3

 

 

 

0.2

 

 

$

(3.7

)

 

$

221.6

 

 

$

110.2

 

 

$

(79.3

)

 

$

249.1

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.7

 

 

 

 

 

 

14.7

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.1

)

 

 

(0.1

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

2.6

 

 

 

 

 

 

 

 

 

2.6

 

Issuance of share-based awards, net of withholdings
and other

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.2

)

 

 

 

 

 

 

 

 

(0.2

)

Balance at September 30, 2019

 

34.5

 

 

$

0.3

 

 

 

0.2

 

 

$

(3.7

)

 

$

224.0

 

 

$

124.9

 

 

$

(79.4

)

 

$

266.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in-Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive Loss

 

 

Total
Equity

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

34.1

 

 

$

0.3

 

 

 

0.1

 

 

$

(1.7

)

 

$

212.1

 

 

$

36.4

 

 

$

(66.3

)

 

$

180.8

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48.0

 

 

 

 

 

 

48.0

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.8

 

 

 

0.8

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

2.1

 

 

 

 

 

 

 

 

 

2.1

 

Balance at September 30, 2018

 

34.1

 

 

$

0.3

 

 

 

0.1

 

 

$

(1.7

)

 

$

214.2

 

 

$

84.4

 

 

$

(65.5

)

 

$

231.7

 

 

7


 

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Equity

For the Nine Months Ended September 30, 2019 and 2018

(in millions)

(UNAUDITED)

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in-Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive Loss

 

 

Total
Equity

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

34.2

 

 

$

0.3

 

 

 

0.1

 

 

$

(2.4

)

 

$

216.5

 

 

$

94.3

 

 

$

(82.7

)

 

$

226.0

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30.6

 

 

 

 

 

 

30.6

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.3

 

 

 

3.3

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

7.7

 

 

 

 

 

 

 

 

 

7.7

 

Issuance of share-based awards, net of withholdings
and other

 

0.3

 

 

 

 

 

 

0.1

 

 

 

(1.3

)

 

 

(0.2

)

 

 

 

 

 

 

 

 

(1.5

)

Balance at September 30, 2019

 

34.5

 

 

$

0.3

 

 

 

0.2

 

 

$

(3.7

)

 

$

224.0

 

 

$

124.9

 

 

$

(79.4

)

 

$

266.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-in-Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive Loss

 

 

Total
Equity

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

33.8

 

 

$

0.3

 

 

 

 

 

$

(0.9

)

 

$

205.7

 

 

$

8.9

 

 

$

(64.6

)

 

$

149.4

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74.6

 

 

 

 

 

 

74.6

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

 

 

(0.9

)

Adoption of ASU 2014-09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.9

 

 

 

 

 

 

0.9

 

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

7.2

 

 

 

 

 

 

 

 

 

7.2

 

Issuance of share-based awards, net of withholdings
and other

 

0.3

 

 

 

 

 

 

0.1

 

 

 

(0.8

)

 

 

1.3

 

 

 

 

 

 

 

 

 

0.5

 

Balance at September 30, 2018

 

34.1

 

 

$

0.3

 

 

 

0.1

 

 

$

(1.7

)

 

$

214.2

 

 

$

84.4

 

 

$

(65.5

)

 

$

231.7

 

 

 

 

8


Donnelley Financial Solutions, Inc.

Notes to the Unaudited Condensed Consolidated Financial Statements

(in millions, except per share data, unless otherwise indicated)

 

Note 1. Overview and Basis of Presentation

Description of Business

Donnelley Financial Solutions, Inc. (“DFIN,” or the “Company”) is a leading global risk and compliance solutions company. The Company provides regulatory filing and deal solutions via its software-as-a-service (“SaaS”), technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve their regulatory and compliance needs. For corporate clients within its capital markets offerings, the Company offers technology-enabled filing solutions that allow U.S. public companies to comply with applicable U.S. Securities and Exchange Commission (“SEC”) regulations inclu