DFIN - Earnings call transcript Q3 2019 | Donnelley Financial Solutions, Inc.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Donnelly Financial Solutions Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to hand your conference over to your host today, Justin Ritchie, Head of Investor Relations. Thank you. Please go ahead.

Justin Ritchie

Thank you, Rob. everyone. morning, Good for XXXX you Donnelly Solutions Financial And conference joining call. quarter results third thank the This released Section can be at morning of found copy we dfinsolutions.com. in our earnings the Investor of website a our report, which

this are to that uncertainty. looking subject call, refer During forward statements to

our annual with For a report XX-K other filings in on SEC. refer and further cautionary statements to form complete release the details the discussion, included please earnings on our and

non-GAAP in of information information. the to We way They believe with informational provided performance. we'll supplementary provides for are company's Further, non-GAAP useful for presentation you purposes discuss financial company's the ongoing an you financial information concerning only. however the operations evaluate and appropriate

for financial reconciliation GAAP Dave Tom GAAP financial Please I'm the information. Gardella, and refer by to information and Candy of footnotes press Daniel non-GAAP Juhase. this related release morning joined [ph] Leib, Turner and and

turn over not to will call Dan. the I

Daniel Leib

provide call, and Thank detailed good Justin, will the well highlights as quarter various you, on business. On operating as from morning today's our performance, across third I an everyone. update

Following update my some guidance provide comments, color our detail additional quarter. the on on fourth and results financial Dave third quarter on will and additional

up it will then Q&A. We open for

where the million mentioned market We below we an environment, call quarter, organic a slowdown recorded our to which in basis and earnings activity on expectations, at consolidated the net down continued. sales transactional $XXX.X weak and third M&A the X.X% on last due largely

EBITDA driven soft points headwind increased declined activity Despite cost basis revenue shifting year-over-year. continued than million. M&A business $XXX in M&A a venue. tight Specifically, also quarter mix. our XXX This the third by greater third a be The quarter XX% was control adjusted performance, for completions by market margin deal global to weaker for

Operating the revenue of X.X% just growth revenue with down third in XXXX. consistent SaaS print XX.X% quarter the saw SaaS margin distribution flow and in total represented for over cash quarter. was the of XX% quarter. We the Lower in of sales. was modest quarter revenue

our filings net performance, into and a increase lower client where two though the recognized quarter partially IPO they than deeper transactional value had us, projects, related This the ended IPO was to large up increased deals of quarter. priced. including fewer by despite was driven quarterly sales the withdrawing their if large handful third we those Looking year-over-year, of domestic deals, transactions,

activity. over The the with by filings M&A XX% domestic drove M&A SEC a net very filings quarter The being share segment sales merger-related $X global by total in more. increase third market down in decline $XXX strong was over completions DFIN IPO-related in offset slower significantly million, XX% down maintains where billion,

year-over-year, Our activity in international net quarter. in Asia a where also specifically during sales transactional to transactional led slowdown were unrest geopolitical down

and net was disclosure to SaaS points on up net customer strong Focusing quarter active the X.X% continued XX.X% year-over-year. by up sales in basis XXX XX.X% quarter adoption. made sales of third growth was led by sales growth driven at SaaS net

as year-over-year third we number resonate strong direct to team wins services including active continues increase the clients. quarter, of value our disclosure During competitive the proposition quarter our with

fourth more net of sales our we looking funds active year. Sales below largely in disclosure longer again quarter to term and largest room, sales of Overall, by SaaS improvement to were next due improved SaaS venue offering are anticipate driven in our this terms data the trend M&A carry our growth into challenging the environment.

market again many came growth to addition while IPO in market. the now disclosure, to net share quarter also Moving in capital profile the DFIN maintaining to that sales, transactions markets continued was active the higher domestic supporting highlights highlighted by of of operating its strong with

statements key registration by core the to expertise provided DFIN's the imperative protect transactional several domain disclosure, and and achieving that we the the years. with to teams competitive leadership DFIN by over recognize out services and [ph] including proven filings, platforms, combined our of handled markets. venue are our clients strategic have our Our other give thousands advantage last a IPOs us

of audit adoption Focusing starting clients awarded on helping the tasks. point with global a by error-prone including divisions, are to is tax, audit to value Award October, eBrevia, this pilot room spanning network. several revenue is is how annual America's [indiscernible] initial in second consecutive within of back DFIN add $X,XXX $XXX,XXX one was in eBrevia eBrevia in of Year delivering DFIN its and consuming XXXX. and the our data consulting yet recurring after and broad client and now with another the eliminating M&A proof time with And advisory, solutions late The of from

creation forms applications, investment and Excel. quarter. up sales to markets, choose efficiencies to we editing with interface, to drive marquee signing Word in our the familiar an Firms use Switching with of compliance-driven pros and and solution regulatory incorporating the clients easy on continue Microsoft new nine to documents that allow teams pro automate workflow their relying our

also regulatory Nixa Intelligence Nova DFIN Award that for the the awarded our are in for winning and proud to award recently best reporting reporting XXXX innovation was Operations We marketing, solution. announce Fund in to software arc product addition and Service

global we over have the opportunity it when of I'd improves. Dave, environment to I the to us Before highlight transactional turn ahead like

market our share, Over the experienced structure capital SEC environment, the impact Over markets the challenges allocation also prudent we with been cycle. the that the the transactional timeframe, we've in last and cost of revenue through as has in the we of navigate declined protected Not the at global managing capital have significant down including we've XX year. $XX been our aggressive shut beginning but million. months, our turbulence from only

well-positioned cycle transactional Our improved the positive. the capture when to efforts in us of benefits these keep environment areas turns an

will Dave. With I over that, it turn to

Dave Gardella

Dan and you, everyone. Thank good morning,

recap that a significant few in like our the quarter I'd comparability. to I our discuss third performance, Before year-over-year quarter items financial impact

earnings few business last the solutions sale XXXX. of on we the language completed the our discussed calls, in quarter of third we've As

date includes solutions language through quarter third solutions, the language XX Our the XXXX results quarter disposition of XXXX XXXX. while exclude July of third

As our sale by inclusive quarter even profit on last million negatively by adjusted net comparison stranded $X.X $X.X our million of impacted indicated and the and non-GAAP approximately negatively reported $X.X gross respectively, comparisons our sales net impacted third million and costs. call,

cash million, our the in reduce we Next, cash quarter. $XX flow fees of XXXX when will used discuss resulting I revisit leaseback million. this fourth the for outstanding were free by year approximately completed benefit and third again to debt impact which our sale sale free related quarter, I'll sale in facility transaction in proceeds printing not approximately proceeds that New the Secaucus $XX while net of flow, taxes will guidance. the to negatively note later XXXX Please the Jersey

will XXXX. Lastly, expense XXXX, XX.X% the that to September $X.X non-GAAP three losses. by reflects that is asset the This and my to $X.X for certain on remarks. segment deferred tax segment for have rate and months approximately charge effective GAAP XX, XX.X% recorded allowance income tax compared international three of Evaluation quarter tax we rate this share. the has XXXX. our evaluation historical effective third tax this during million quarter our quarterly the or discuss September national the rates allowance historically ended in increased related forecasts per our the to legal I the losses for recording income recognition adjustment which related tax such in were impact The in was entities later in within quarter at XX, of ended months a the non-cash

quarter financial Keeping these items third results. the in review mind, let's

driven The rates exchange net well As was the After Dan a adjusting and markets. $XX markets of by eBrevia changes mentioned in decline print-related lower X.X% solutions, basis, for decreased X.X%. capital as language consolidated on global million, sales foreign a third transactional net of the or third services activity, from $XXX.X decrease the in of organic and sale year-over-year XXXX. in print quarter sales for investment as earlier decrease the were quarter a largely of acquisition million

strong resulting quarter transactional from third domestic offset sales IPO the in as Focusing completed of to on by quarter in compared being was fewer down total. transactional earlier, when the third quarter deals XXXX M&A of XXXX, activity mentioned being net another

on this third XXXX mentioned deal tough that approximately totaled be million comparison of as sales. a would quarter’s I quarter the a quarter $X large net M&A As in last very call, included single

offerings quarter led along third offset by in [indiscernible] declines markets SAAS disclosure, sales investment growth were in detailed markets net The our and just active traditional demand that our Europe. in by for strong with continued capital partially I

quarter the of quarter sales. lower $XX.X markets margin points XXXX Our or higher than drop Non-GAAP XXXX. than in primarily lower driven a third capital by basis third quarter of net XX $X.X million, transactional the expense the gross SG&A XX.X% in margin third quarter million was was

the a XXXX. As non-GAAP to the XX.X% SG&A was in of third control compared by revenue compensation percentage cost initiatives quarter primarily impact points XXX and driven was of The expense variable lower of expense. down decrease basis

a of and cost third fund as $X.X million variable third EBITDA the expense. print-related were offerings, offset of the lower mutual million, compensation initiatives investment and was our Our print largely XXXX and transactional markets $XX.X markets SAAS decrease growth of adjusted non-GAAP services capital control quarter quarter from and decrease activity by in lower impact

negatively approximately EBITDA impacted $X.X earlier, noted quarter language I As million. by of solutions the sale the comparison third

in of of our quarter sales organic continued margin primarily of markets were mutual On basis lower and print control adjusting capital to on from by primarily lower U.S. year's variable and U.S. the for when now Net the volumes third compared quarter segment U.S. the by of declined to for in inactive quarter. adjusted of transactional Net XXXX, third decreased net on Turning was in growth XX.X% organic sales sales markets offerings, purchase services. to cost sale solutions, offset the flat decrease by Non-GAAP primarily disclosure. in SAAS sales offset the $XXX.X last the segment XXXX, decrease compensation of an results, net in reduced and a X.X% basis investment of after fund third basis the as EBITDA margin X.X% our was expense. initiatives X%. impact due print-related driven X.X% million our lower language eBrevia volume activity an an segment organic

XX.X% net On the solutions from a of sale and our third exchange XX% of XXXX, rates, growth demand in international of organic in Europe. by the be to continues quarter in print-related were by third our and offset a partially declines in [indiscernible] services. driven in mutual down fund These were the due Asia in transactional the which the quarter $XX.X lower third impact business the offerings, decrease XXXX. activity, primarily to foreign of of in sales print basis, in the SAAS an primarily decrease and segment changes sales excluding quarter million Net language were for

Non-GAAP variable cost the due adjusted initiatives was for down level margin segment basis X% impact of transactional XXX activity compensation savings offset and the lower of EBITDA points decrease the to expense. by partially

$X.X Our was XXXX. The savings third $X.X were $X.X non-GAAP Consolidated corporate quarter by associated flow initiatives the taxes quarter excluding quarter restructuring capital million compensation XXXX variable decreased efforts. cost quarter third from control of the driven of expenses depreciation cost a expense. the payments with offset impact working higher of lower million, decrease and to of were unallocated amortization million million, unfavorable the decrease by and interest primarily payments free cash as XXXX and in our improved third cash was and $XX.X

vendor less define we in XXXX. of percent accounts of as quarter the XXXX sales the third as Our quarter accounts trailing to receivable annualized compared from which points controllable payable due the X net inventory months as payments our -- primarily plus a XXX a XX% was working basis of rate of made increased percentage when quarter to capital third

million. our improve We nothing this improving of $XXX.X focus expect with of liquidity in the approximately XX.X%. at of million the of drawn debt debt and continue and working year-over-year to We and ended revolver year had on we available the management our ending total to capital trend $XXX.X million with net actively quarter on net ratio $XXX

leverage September September of from ratio XXXX. non-GAAP X.Xx was XX, our XXXX, XX, up As net X.Xx

by a target range of the range to that ratio leverage end continue the and the end expect to We be year. of X.XXx to in this below X.XXx low of

that me With let on some covered, guidance. our color provide

negative impacts we year well our than this impact expected morning's the release, XXXX the transactional highlighted the updating of facility. flow in continuing to guidance weaker environment free are cash sale-leaseback reflect As full related to of a as our print Secaucus on as press

at representing $XXX $XXX Specifically, transactional midpoint organic the growth million, negative lower we the net year-over-year net sales be to of expect approximately XXXX sales. to X% in range to due total of million primarily

profits expected is our be be from to expect as offset transactional $XXX benefits control are continued by efforts. million. million lower $XX our We be expected cost EBITDA of activity Depreciation to amortization approximately to adjusted and non-GAAP approximately

expense expect million. $XX interest We approximately of

full tax to noted effective lastly, to earlier. Our count be full expenditures weighted to of be down sale-leaseback of the $XX due million previous non-GAAP approximately from free and range year XX% shares. of activity, million expected Secaucus the approximately to average due decreased to rate million our related $XX capital million of the with to as impacts up the expectations And flow in our facility. the as allowance XX be cash fully a million year I to guidance transactional we diluted our fees well $XX previous We approximately is share project expect from valuation taxes $XX

negatively I and impacts profit all our Solutions impacts On a and basis, comparisons the the quick guidance. reflected year non-GAAP approximately million impact net impacts year also gross million a $XX respectively, reminder of add These comparison and the in year-over-year inclusive by net sale. million to $XX.X negatively sale costs. regarding are for the stranded want full $X EBITDA full Language adjusted sales of the

you the during quarter quarters occurred year, these that first all of impacts the over sale. affected fourth comparison by three As year not our the also is so know year of

of year sales. guidance, for due transactional outlooks to in and the the approximately midpoint are to we expecting over international, of year the quarter down our fourth net net declines worldwide anticipated our at largely year-over-year sales balance X% Regarding related print both be year,

cost as Regarding compared profitability, than XXXX the margin by to lower of continued we of to benefits EBITDA quarter are impacts to expect sales our non-GAAP adjusted efforts. be expected the our improve of transactional offset the fourth savings more

it I'll to back With that, turn Dan.

Daniel Leib

Thank you, Dave.

is market will by results focus a our be Our week impacted working. included that quarter digital proof third strategy indicating transactional several environment points

We mix, While, protect also to keeping the to ability shareholders more evolve diligently to ways markets margins. clients, demonstrating core time nimble quickly our on at continue focused term our remain continuing center and explore our while managing we at showing of our our that we revenue accelerate employees long strategy, improve and same our the to ability to do. costs what

up open line the Q&A. let's that, for with And

Operator

question from first comes of [Operator line Charlie Instructions] Your Strauzer from CJS.

open. Your line is

Charles Strauzer

this surprise the If on little that I morning. you good Hi, top guidance the assumptions hasn't recovered if here still guidance bit the obviously look yet big into making not at just a transactional the on specially little but could? a on new color bit you're line, more

Daniel Leib

-- weigh off So or start Dave can and let then I'll me in. Tom

of couple thoughts. So

certainly the we've deals we've Our into And that pace as seen, talked last calls, about envisioned. two the the and the closed QX, deal just healthy tail with QX, at haven't in we pipeline.

Investor our comfortable inherent that We've we're about that about consistent have QX. left, or market talked the with product So incorporates uncertainty what in months guidance with we two have, think thinking the with we're as transactions But saw this looking given we we that’s Day. mix and including today. QX, we deploy so pipeline how the think at shift my as we we've mentioned, previously as disciplined mix sits May, at prepared talked about and the we and continue we our remarks, see what approach we about costs to managing that that I the taken capital, in

of transition And to to software revenue, now place. we this so take continue XX.X% with at, would expect

Charles Strauzer

what kind at, revenue Asia of big transactional is two these a had of days? the off the drop if in I And you look pretty Asia's in quarter know year, percentage

Dave Gardella

take let I'll that back. me, off, come let me Yes, Charlie,

Charles Strauzer

you efforts more assets you towards about of the more us? maybe And then with kind on digital growth and of talk mentioned about transitioning a that little are lastly, that some the What share and the have bit avenues. you just things can plate

Daniel Leib

So, when core and products the we about think our platform.

M&A service clearly wins. at organization a we've we we job the accelerate. that So the changing, after And don't the healthy look product, seen count and been We've that product great disclosure, driver new the see revenue, the our good product features that to around just of thus we've terms see given biggest When with uptake progress the had good and would market continued there IPO the far, environment. soft functionality very the help added to improvements biggest we've UI, and new does some the the has behind of certainly a made in headwind added that we've of venue.

a Pro, we product. our nice winds the also awards has had the very need just accommodative a continues funds won to we And an of industry we some have pretty overall and good market our feel funds, is which in the about that So module reporting right We pointed market. now. position are, in for of to

good think the is look organic of of case. features at legal own opportunity base, eBrevia those its there the finance some markets both and then three products, we within existing ways within we've So all to and and has customer including suite, accommodating, and use serving added corporations some added which continued

good is legal side, and and prepared deeper integration we part venue complete it a seen with the through uptake, now On and then mentioned in also of market. we've the in our as which remarks venue

Dave Gardella

within Asia. pretty year, we was question And And Asia, in XX% Asia, your really all year the decline. transactional that last respect roughly the was driving total of with that on in drop transactional. our about saw is to revenue, substantial of Charlie, X% a and This revenue

revenue our the about quarter. was Asia is year this So of X% in about total

Operator

from Davidson your Peter open. line line is from company, & Your D.A comes question Heckmann next of

Unidentified Analyst

for Hey, [ph] guys. Pete. This Alexis is on

volumes decline lower dynamics or competitive little that of and M&A in the market versus a any was also change markets venue? respectively more print into and go revenue detail So share? much investment the firstly, bit you How and could on

Dave Gardella

Sure, yes.

anything we're on venue we're some driven the I markets down. any of terms then think I data don't competitors we volumes. print our gather well, by in a closely some And to is can offering great with were looks softness driving a that the the so environment insights, there. the organizations So volume are of either have like lower certainly tied organizations. perspective major fact, investment But think But market doing and some drove really their of of on losses, perspective. because data timing seeing, and don't from based there share from shifts, in Across out investment those We share M&A products the in we separately. pretty think we've markets respective lower seen really venue, don't generally but large on break parts that board private respective or upheaval that's what's room some market

And so like information, or, even holding share. in market as relatively we share declining are feel slightly we performance likely gaining we flat and a get or certainly

Daniel Leib

on venue venue what more of add product, affecting markets I'd of with repository. the because eBrevia transactions. as seeing a only pivoting revenue, of as help The We're with venue the thing the the to corporate business well transactional capital you're the

and up, comes work documents they the then up recently, in corporations, have transactional with basis it they're or the clients. the room data and to pull using and embedded can more comes using so stickier we more as more access the us when keeps are work compliance as throughout So it eBrevia, on documents the recurring The venue revenue with the year. they're a

Unidentified Analyst

I EBITDA And for cost improvement. that XXXX? margin that's into continue expectations XXXX have to thanks. are driving beyond know your baked what control those the then Okay, been guidance, but the initiatives

Daniel Leib

know, we've exited I reductions couple things certainly, of a headcount that. leases, there's so some it, and Yes, certain done think, you pieces like

mentioned. look at you quarter, when specifically the think in also third I we

reductions. review if I so stick with we permanent those, those as Sorry,

so in tied lower quarter, expense, targets, mentioned to like think those the get bonus we, reset would XXXX. also we variable I the financial expect performance We that into things going and third comp that.

know, obviously targets we to subject levels, said You back to that internal normalize here.

Dave Gardella

is would this is of only thing to I the add a mix some and business that Yes shift.

we the being results in they revenue. terms And the operations our drives business. supporting then our right platform way in mix we're additional very digitize our build clients so deliberate our different to and want within of efficiency. a And And how of also that work, in

given talk So cost in we a about savings period. will

our been to squeezing and You since the know we've sure. more on for continue, out digitizing costs, out company, efficient, we we've certainly, own as been those public becoming would a business expect

Unidentified Analyst

one there any Okay, one, got paying And we changes should pending monitoring? you're last attention that then be it. just to regulatory are that

Unidentified Company Representative

-- comes XXXX. big the one in into Tom, XX It's for us effect is

the and we've variable answers print sort terms composition last and And the in costs fixed our as of of same buying and distribution. questions been is watching the to

that a the So it's be right come when GIM platform house. into that. And variable XX reset clear, that the the it's regulation that to it's we fixed just will address are of side so or effect, have affect that to in business size mainly to

Operator

comes Your Wells from next a of from Fargo. line question Warmington Bill

is Your open. line

Bill Warmington

morning, Good everyone.

we you the that by or Given to we of hit are updated allocation be end the low end on the forward? an should track moving range leverage expected your expect year, balanced of capital continue to can

Daniel Leib

Yes, I perspective. changed our we haven't think,

when obviously think language I the look over solutions laid at years the investor and monetize now it's out last we've debt the the that through we the day, managing since been repayment, priorities leverage, business. around three back, you spin

about and organic through around year puts range the the be disciplined our capital a places still example year we appropriate and flows whether of it the the the the internal cash deployment, updating and cycle at you so seasonality at CapEx M&A, is continue all transactional different will of not and us the through being growth deployment etcetera. a flows, be leverage during look to perspective, think I of planning when I unpredictability, think our cash from that anything market, seasonality on capital great this

Bill Warmington

that helpful. freeing particularly working revenue. print is not print that is up That in inventory the it's or decline benefiting any by And Is large? very capital ongoing

Daniel Leib

bit on comes not inventory natural an of the is Yes, a we inventory revenue health but whole carry of little as down, from a don't perspective, line. significantly so we certainly there's there lot a health AR don't

Operator

and [Operator from Michael line comes next from question Instructions] Morgan. Cho JP Your

line Your open. is

Michael Cho

Hi, taking question. good morning. Thanks for my

capital follow just IMPs provided, on still that I on the Just guess case? the priorities the up I the current down XXXX the you guess, you reinvestment can about XXXX allocation in on color is maybe talked and past want of from give you Until CapEx, CapEx levels, ahead? to coming looking one, on some more specifically

Daniel Leib

So, prior yes, that that we about capital million on have is that time mentioned, was our the as spent the call, this one which digitization of we case, year, we $X in print assets.

via So, be off we we obviously, as an as technology both the in but February. looking and at it given in terms we assets at more CapEx have budget of we've the M&A very CapEx. the spend the on we've business. shift market phone spending development, and middle now, lot looked relative to overall capitalized would by allocation on the an capital development top that in in grown that give inflated would the A we is the back intent right cycle you our disciplined efficiency our when we're as Clearly, in to area prices and being update the in balance take that's we're technology technology around for of but of you evolve expect know, been we priority of are options, the company and we a

Michael Cho

give that to more volatility of recurring I there not ask more are the think guess much and versus revenues SAAS venue you're if SAAS software, approaches as appreciate Can normalized transactional the the a about bigger mix, in great I different of piece kind of a you piece. of is certainly revenues how maybe transactional one ahead? way can revenues. the on sense Is the Okay, just SAAS there,

Daniel Leib

Yes, Mike question. great

look tied to recurring other and obviously side we offerings, kind, two sweet, transactional fund, active when our think, I disclosure, major investment your to venue the So is then is which the recurring. market point, the and activity, at SAAS

time time implementation we'll add some there. And in revenue you so, and know, from service other to

broadly you But two recurring. it be, would there. those there's we of So are know, generally a you linear look some we if kind those lumpiness know, would won't at growth, say offerings you

piece, Now of and roughly, just venue is biggest the the our makeup total two revenue, other then half SAAS under difference the

Operator

Your from Raj Riley next Sharma FBR. B. line comes of from question

Your line is open

Raj Sharma

Good disclosure follow the behind, so was is Ark was sweet I active Hi if SAAS. wanted the growth the a is morning is higher higher growth understand venue, on guys. up Saas was that were correctly in first while the half growth fund rate while revenue XX.X% seems this the up to so higher venue like that I because rate sales than

Daniel Leib

think slightly and suite So and disclosure. worldwide on XX% the active the specifically down the it was growth in, XX.X% was you that basis. reference arc, for Venue front rate was I range a

Raj Sharma

rate Could to the transactional showing of it then piece rate business? SAAS rate? break and growth and the growth growth the -- also could non-softer overall you relative comment non-software/print is on you you down? what the SAAS And the Do also comment on year-to-date of sort

Daniel Leib

worldwide. ago -- a revenue XX-month a broken it's don't basis. is XX-month. million transactional down I So, from $XX That's then about that's by or about on X% $XXX component [indiscernible] trailing in in on year a out so basis think it And I million on a component and roughly year-to-day have but the trailing total

Raj Sharma

the then on comment second That's really the any services Is faster pace the helpful. -- mix you product declining at half And than the in and expected? print a mix?

Daniel Leib

Absolutely. Yes, sure.

print is envisioned. be down pace the So XX.X% print would a That third was distribution. quarter and than faster in

out the his decreases of in driven healthcare fund comments, Some mentioned, of and side. driven as that's of is of out piece that mutual side Dave big a and transactional

Raj Sharma

don't expect up well? pick print to piece So transactional if the as change would you necessarily pick that activity was to up

Daniel Leib

Yes.

X% consistent. one down range to if the been back, So quarter a take just this in There's has that, we anomalies them. of so. obviously step historically some print Relatively or being

range more And So normalized that environment, in the would comes regulation X% so. then XXEX the print talked or be past, in we've expect XXXX. Tom in that down a as we effect to referenced in into

that when So that that of take And will in we that a we'll on all some an time. out print February. details of chunk connect be provide more will at event additional

Raj Sharma

Great, thank you.

Daniel Leib

you it the And was then number in flat a I bad Raj, [indiscernible], the quarter. on gave

Raj Sharma

you. thank Okay,

Operator

I have closing at remarks. no further we And time. Leib the to call this turn back questions will Daniel now for

Daniel Leib

everyone, you we and for look thank speaking you, with thank Great, and joining you forward soon. to

Donnelley Financial Solutions (DFIN) 5 Nov 192019 Q3 Earnings call transcript