DFIN - Earnings call transcript Q2 2020 | Donnelley Financial Solutions, Inc.

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Donnelley Financial Solutions Second Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Justin Ritchie, Head of Investor Relations. Please go ahead.

Justin Ritchie

Good morning, everyone, and thank you for joining Donnelley Financial Solutions second quarter 2020 results conference call. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.

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

non-GAAP information discussion, with to Further, the you in financial please Tom call is way only. included complete morning this filings We evaluate appropriate Juhase. the report a earnings For refer believe and XX-Q, They of over discuss and useful earnings on for XX-K, ongoing an provides Leib, operations, concerning financial other and performance. information Dan to non-GAAP information on turn by report information. to are, refer Form provided for in release the Gardella, the the I non-GAAP release information. purposes further to informational will I'm company's financial annual Kami presentation the tables detailed SEC. to now supplementary Turner of related reconciliations Dan. our GAAP for joined company's with Form you will quarterly we Dave our statements cautionary financial and the however, and Please GAAP and

Daniel Leib

families Justin staying everyone. and good your of and all at safe we you hope you and From DFIN healthy. that Thank us morning are

of on protect pleased measures with a our the on unrest implement extremely history most continuing throughout pandemic, leveraged health performance focus and We rapidly quarter during current employees who and to to related the focusing manufacturing in at are are the We with long risk. specific our social light company's safety especially of the our market employees company volatility.

the period, and with we team solid safely. on operational that across the remain results earnings us I'm XX the also mix in with the minimal the that call. allowed disruption delivering XXXX to actions operating fully decisive well during from progress our of against sales underpin of deriving outlined software business objectives financial associated filing our peak operating clients strategy, with XX% company year number serving that by and made pleased the the XX Our the the last

Specifically, a results. in to SEC Arc our new we helping make business lower compliance we second share position market profit portfolio. market filings, significant from shed our improvement, solution released profit leading progress Digital, extended transactional filings to improved our margin increased quarter mix SEC and our against The showing consistent our of software is continue stated drive and offerings plan in

on We will each quarter. continue to updates additional provide with progress our you

conditions filer, again This SEC matters us of keeping ability above most. as with our and our our quarter displayed excellence defense operational to from volatility of reinforced emerge quarter market strength recurring have Further, history external long prior down customers strong leading when position provide to offerings year expectations. close and focus, shows our times trust recurring the customer-centric to offerings. the financial stability challenging even also in tough these from These market $XXX million while business thrive an in will continue position. in second, of X.X% and In our during it clients us stronger and well at the the came revenues total in position us help conditions our

benefit. nearly quarters share. and adjusted less EBITDA second start led quarter; and in quarter in margin significant versus better offerings are to when very our of overall business expected. quarter, June on accelerated we XXX% factors lower a influx will came XXX discipline second including expanded structure, per The equity related quarter opportunistic overall points. net change. increase $XX.X regulatory EBITDA from an consecutive with increased repurchases We've revenue mix quarter print to transactional and increase components a of lower profitability efforts largely picked increasing of free experienced those margin. non-GAAP in by an point Over strong a with revenue head as and non-GAAP second drove both consistent quarters nearly based million mix to print increase interest $XX quarter cash up combined the with our control profit this into and million expense after see in quarter venue our well were profit including basis in The transactional as especially a non-GAAP cost important on $XX.X as year-over-year four XXXX revenue as of to cash as of declined activity as we second improvement and management; average providing cost adjusted same in continued flow nearly activity X.X% and increase in slow XXX million second quarter million distribution operating as healthy deleveraging our basis of with in an expenditures four as associated strategy non-GAAP improvement the improvement margin second earnings cost flow down distribution and As we quarterly the improved focus well year-over-year led revenue XX% conversion in the The EBITDA $XX cash XXXX achieved debt has capital adjusted or decrease and

financial in these We the are happy results quarter. with

on time both customers. organizational end maintaining reducing our and components quarter, focused our to challenges. cost margin we forecasting the our the term revenue quicker We've accountability further the and specific when we growth our allow the We'll invest those company a that touch in efficiencies quarter. structure the continue some second moving will and discuss to on business also for costs to on additional of to in this ensure results again illustrates outlined longer focus making, our growth more the deliver profit the third in and of while the objectives. to areas short decision of took driving invested to optimize for streamlining structure optimizing serve outlook in We operations authority financial continue closer and for cycle our while in quarter the earnings in of that However, variable variability steps

focus the are team to efforts to for pleased resources continue of allocate with tend to We put on opportunity. look and these areas ways has to the

Another capital disciplined area we is remain where allocation. continue to

second to our half control reduced reduction maintaining of value the on the needed ending turn weather net million focus look X.X to financial balance range and to ample spinoff of and position since quarter the end compared leverage lower put $XX.X create cost solid may providing shareholder consistent and has our to a with future down our a last debt still second Our of full year-over-year in entered us times liquidity by leverage liquidity targeted year. We that sheet very total for operating debt we'll year the the while to continue in environment. leverage below be challenges opportunities flexibility

manufacturing few highlights second I the on an detail as outlook to on provide and optimization to our platform a business quarter. like share well would third quarter for to financial turn results our more update our as I Before efforts call over Dave Dave? the

David Gardella

and Thank morning good you everyone. Dan

few to Before the financial a I'd year-over-year comparability. housekeeping like impact performance our in I our quarter which discuss items second quarter recap

LSC a of recorded of Under In are XXXX to the and $X.X withdrawn for severally chapter related and million disclosed liability subsequent of R.R. quarter between prior to terminations withdrawal became allocation charges to failed July final certain Donnelly expense companies. R.R. of in coast in due potential XX in adjustment million with determine that $X.X we and for accounting required pre-tax our in DFIN quarter quarter aware to noted recorded pension plan agreed through payments of agreed million and had liabilities, related of R.R. mediation make communications interim and required be required the extend be on the that In Donnelly the recently DFIN liability to made we through operations.\ the the the to to future to DFIN to and submit cash $XX.X from additional another Donnelly to we second As during second east this all the in XXXX. withdrawal our press R.R. second LSC filing the to which approximately we multi-employer spin-off plans plan an also with severance a jointly arbitration payments April, which the payments sheet liability contingent of restructuring final manufacturing Also share XXXX. release payment if our that quarter, to these a balance approximately obligations allocation. the Donnelly and other XXXX to related for employee recorded consolidation second become accordance expense with liable. liability for

with the of this has $X.X and excluded We million within segment also SG&A has for is allocation until obligations our final associated additional share determined. recorded a expense been The results. non-GAAP recorded from estimated expense an our liability been corporate in

consolidated results. our to financial now Turning

second we of XXX we quarter XXXX extending on $XXX mentioned, revenue second By margin non-GAAP year-over-year by mix the operating delivered we a million business of while results cash increases for consolidated On in to of XXXX. of operating significant the Dan the XXXX. and XXXX second second X.X% the flow. $X.X compared adjusted the further focus non-GAAP efficiencies established improving was second continuing quarter a cash to share, of second trend quarter half EBITDA million, earnings quarter adjusted points As flow decrease per basis EBITDA, also basis strong or our improve very non-GAAP including free quarter adjusted from in

compliance distribution primarily transactional decreased print quarter activity million fund decreased in X.X% weak subscriptions driven in $X.X $X in increased mutual other revenue mutual $X.X funds solutions. partially offset demand offset to lower Print offset solutions increases disclosure to by second revenue by market within data active due the for by partially capital markets software well by enabled XXXX materials by market primarily Software million increases compliance venue Tech by transactional by X.X% due transactional value. or partially the as as X.X% or activity. lower second or activity to printed to million the higher room capital services our and as M&A quarter compared due lower increased of revenue

mix the Second enabled higher second quarter quarter gross SG&A cost basis $X services in by $XX.X was revenue the tech print with combined of quarter non-GAAP margin business the was million, initiatives. driven lower primarily XXXX. of million higher volume and margin Non-GAAP favorable or higher second featuring than the than points overall quarter ongoing a expense impact XXXX XXX control of XX.X%

SG&A XXX variable partially was compensation offset a mix, As non-GAAP and changes by in non-GAAP the XXXX. in increase from business second higher the to initiatives. SG&A of savings increase The of the due of costs ongoing cost approximately impacts is related revenue primarily XX.X%, percentage an points benefits quarter basis of

of increase million in the an second quarter or million $X.X non-GAAP EBITDA Our of adjusted XXXX. was $XX.X second quarter X.X%

EBITDA and of by XXX quarter cost increase was second from an of quarter non-GAAP the Our margin the primarily a ongoing adjusted control XXXX. initiatives impact XX.X%, second of driven basis favorable more revenue mix. Again points

to XXXX in active a our of in was data now disclosure subscriptions Capital primarily in as activity the well results, software XXXX decrease quarter as our of to the $XX.X Solutions room million in our increases partially compliance second solutions. quarter lower offset of Turning segment segment from due Market venue increases second other revenue Software X.X% by

as initiatives. variable June. albeit seeing well the carries venue and new and second value. management primarily $XXX.X XX.X% of transactional proxy before as COVID-XX. several additions the quarter fewer the of pre-existing of XXXX, in The down quarter margins second to from new capital negatively second of revenue communications to driving XXXX our the as an from slowed due XXX for quarter higher disclosure the a quarter during being due printing COVID-XX on uptick offset basis accelerated of firms Non-GAAP of capital activity adoption impact segment to the Revenue which growth rooms well anticipated available we adjusted pandemic a due its from quarters net impacting M&A adjusted markets opened previous markets choosing markets capital the As solid in segment cross-sell terms EBITDA for as primarily traditional quarter and in had decrease and in a EBITDA impact activity partially temporarily compensation of margin in plus compliance lower control the to points customer the X% down delay as high and to IPOs second April margin cost million was in typically May After revenue decrease non-GAAP XXXX. in ongoing compliance lower by due decrease was was venue lower slump

by in the these Non-GAAP segment rate Revenue million of of FundSuiteArc The May growth the the nearly or XXXX, IPO quarter proxies. the to and strongly below fewer activity pipeline down April strong slowing impacted lower Software the we in primarily margin XXX ARC revenue. the EBITDA adjusted our M&A good adjusted strong an quarter clients implementations remains was building increase the increased in our have Debt to increase that related increasing lower quarter. several was XXXX on activity revenue news several onboard increase while due transactional to in due XXXX growth being early with being rebounding quarter XX.X% down operational X.X% from XXXX in they was Solutions venue's Compliance of primarily quarter of the from compliance from won proceed. contracts an by was segment in performance have lift points I large quarter presented due quarter cost margin Companies the in $XX.X are quarter with revenue COVID-XX. to able when in providing that was and second of subscriptions. the second new Investment implementation volume second slowdown EBITDA its discussed historical including activity impact the expected $X June. part As The adjusted in significantly transactional and due for transactional detailing related in non-GAAP a second printing to second of the million delaying of quarter pro EBITDA also ability FundSuiteArc clients overall initiatives. traditional either basis when in to and in challenges transactional the offerings before is to term ongoing longer positive segment revenue control due a

in regulatory an an exiting optimization. of start pick to the basis well EBITDA ongoing of adjusted one volume forward. by print from of quarters increase implementations XXXX. control margin expect in XXXX. the for adjusted XXXX. activity in impact of quarter primarily control second Non-GAAP was second commercial for increase significant increase with we quarter revenue in-house moving management mutual the as adjusted accounted the ongoing EBITDA two primarily decreases as XXXX of due segment XX.X% margin EBITDA XX.X% to from EBITDA from the to second the the volume. basis of compliance decrease to in print as in million increase proxies compliance fund-related volume fund only we the an for increased additional FundSuiteArc this, up segment of Non-GAAP $X.X a print approximately cost contracts increase partially over activity. as our in by we quarter the XXXX We to due transactional large the offset the coming Europe, minor outsource two savings related had solution transactional cost lower moving of commercial points The related non-GAAP as Given offsetting quarter are in in increased from quarter These back in compared in these the as was completed adjusted companies million initiatives margin deals our and primarily connection Revenue the well primarily communications second year-over-year segment other where efficiencies as an of of in platform and well cost initiatives transactional XXX an revenue manufacturing our solution. gain XXXX $XX.X compliance to was large mutual fund The was points due to Arc quarter investment to was X% non-GAAP second

costs cost related the $XX.X XXXX increase variable quarter cash higher higher million EBITDA, second within higher unallocated an initiatives due capital of million second lower partially execution were cash in flow of and was company cash the million primarily Our partially restructure. quarter due of The corporate related Free the offset improved benefits consulting quarter spending of second offset to $X.X fees last control expenses cost timing of increased by of year. the the primarily payments, interest, ongoing costs the lower year by corporate $X.X initiatives tax last increase from by from unallocated non-GAAP compensation to the savings across corporate. impact to quarter our in cash

ahead have conversion. a over second we progress good cash quarter We and point over debt had the actively million quarter year's just on month debt the into last third days discussed quicker second from available driving continues quarter. we As with quarter revolver and year's several the cash flow of cash on third our $XXX nearly in the drawn are million again four total Free improve well to last $XXX quarter. of quote last projects the net calls including We a liquidity this of to million in engaged with ended and track little a to DSO by of $XXX.X in improving made goal million. $XXX.X net of processes

developer XX, As Galvanize We software. times a our down of year capital expanded our net we X.X with was management risk partnership ratio announced from our audit quarter solutions and this when times cloud-based footprint award-winning XXXX compliance X.X of markets security, an ago. compliance June leverage software

controls, software solutions. clients GRC with a risk Galvanize solutions that industry-leading operational with enterprise partnership provides stocks audit our and internal Our complete compliance, includes management

investment receiving with the repurchase $XX.X quarter in quarter As such the board of proceeds sold in We second shares shares we second million any XXXX. million did the $XX.X not of remaining audit our outstanding. in ending quarter

Our remaining million. is repurchase $XX.X authorization share

third the quarter. Next as color outlook guidance around some to provide the well for I our want as

strong results. mentioned Dan with earlier, As pleased we quarter our second are

the to our current are forecast transactional it and so. years economic the a I However, even over environment pieces the regardless business circumstances make have last times challenging few of number noted more as of of the

full-year Given the our time. visibility we approximately guidance of at on business not providing this challenging XX% are

for we down XXXX third venue the range are of impact due from X% largely quarter $XXX to macroeconomic million offerings. quarter revenue markets the to X% landscape the our outlook our transactional the the of capital expecting approximately million, Regarding and on $XXX be in to anticipated of third to

of contacts $XX of approximately generated quarter the million size third For these in revenue XXXX. offerings

our impact Regarding as expected be profitability, of in margin it impact provide by decline and Dan to Dan? I'll quarter venue be as to initiatives. second of anticipated ongoing is cost we transactional offset on flat non-GAAP of well the adjusted revenue savings who update to EBITDA as highlights the the the to now expect third our platform approximately will an capital optimization. our manufacturing pass markets XXXX quarter back business

Daniel Leib

Thanks Dave. our clients seeing management, to pleased software software us a are increased for items. the velocity align I'd quickly. want pay to The we allowing and functions will is highlight product development IT few features and to more like efforts. changes closing, development with deliver In we the in recent I'm made our better very our

very well market. are we have to offerings bringing been to clients as solutions that existing Our new receptive our as

up their study maintain teamed feature study. venue by leading COVID-XX reduce powerful with leveraging and manage guidelines was state study environment while we costs, Biosciences recent able work increased of example, safe local efficiency, to For abide remote set Inc. by federal conducting all LBS their monitoring a and to leverage to venue's

part an it for that manage fallback well lack and capital from in incorporate potentially of venue monitoring. is A on slow venue next technology the accelerating our LIBOR to is for business of a transition use software relationships their an as our for of clinical element additional increasing the the speed will clarity years. normal transition time managing Going customer at references solutions council around market contracts few the need combination plans opening most. is the of growth eBrevia to challenge diligence replacement complex precisely new revenue of LIBOR. of that is away and specifically down can the relevant the up In that and by contracts due expand to preparations us Driving as up additional firms important need to existing support and Identifying LIBOR's value upon the language the LBS transactions generate eBrevia opportunities its forward trial process. in as transactional world buyers process buy-side

video select others first powerful transactional leveraging to introduce and business the the deal, need exchange. software conferencing solidify experience our can unite on assist corporations our Following consulting eBrevia experience so to migration firms, more our the breakout replicate analytics enabled in in-person production for institutions relationships. What and to access quote were immediate the their law we seamlessly confidential contract that and of clients options technology also for a to virtual differentiates to leveraging York service marketplace clients DFIN support a fully able combination financial virtual firms, This post-merger contract we has during and all also ongoing able rooms. that quarter in needs. our transformed doing personalized variety with were by stock to team. the deal our in in our approach venue provided audit service and This the to our Also the to the we the adapt New model delivery IPO is platform video further from teams

our achievement the time This In the combination especially public remarkable platform. had with allowed addition, was physical technology. to the markets documents the the given on using in our faster our companies expertise This past. to our an of ingenuity take with collaborating active of people in highlights clients transactional even and we've to we truly and uptick seen us and service a work has disclosure frame teams domain world limited than

this distribution secure content software digital design, to communications collateral, quarter. brings launched bear solution materials distribution environment. in marketing sales also for We leverage a regulatory DFIN ArcDigital our ArcDigital, and

distribution allows to with the and to management and client content all companies in with a XXe-X manage for SEC complexities Our digital us with distribution investment of to with teams provide post drop Pairing XXe-X simplicity. the content access arc materials provide distribution our Pro software-based physical add and rule clients and reporting can where multi-channel sales solutions real-time on cart ArcDigital documents compliance variable I wanted mutual printed rules XXXA will optimization to for XXXA additional some significantly be platform fund environment detail diminished. annuity and demand our the SEC and in of Staying in actions. associated areas anticipated

disclosed X-K in a to the operations. recent coast made our we As decision east consolidate manufacturing

we lightly Additionally, all Carolina North including last at decisions impacted during the facilities work our this end year. pandemic. nor closing performance over taken third have great the they easy were be will manufacturing were decades the not Charlotte the facility These of quarter to several the and in appreciate employees the make. our resilience done excellent We

transition. we We this are doing in support can to everything them

the revenue our Regarding companies, and by XXXX. distribution million communications in management continue our to expectations reduced to print efforts we optimization our and in segment platform for of manufacturing to be impacts expect investment million financial compliance $XXX $XXX

made necessary the environment are many increasingly allocation, improved adjusted non-GAAP and range continued capital has together these pulled These compliance We by well $X to our capital million Through our and of SEC as take digitally the for created on of million we've our organization this reduction the to $X sheet impact the in In where to serving to right-size opportunistically rule to our the to decisions ensure organization work help and continue million growth proud upcoming shareholders. during challenging business preparation changes. we've further. our to creating financial expected operate continued lowered and closing, period. mitigate for an being our capacity well. focused have, profit EBITDA the to distributed discipline streamline changes how company the prudent and to to clients documents to challenges however, return balance $XX to tough profit accelerate and I'm de-risked strategy as were on

track to the still shareholders, you, our our some results we allow with continue markets, and you and to progress significant into to transparency of end our drive While future. The provide business we second are objectives. uncertainty with is our of stated against there took in drivers into our the continue the will in to combined position strong through the investments the actions making quarter and remainder results to us XXXX firmly we environment

Now questions. with that operator we're ready for

Operator

[Operator Your from Peter question first D.A. with Heckmann Davidson. Instructions] comes

Your line is open.

Peter Heckmann

I well the could just of quality if wanted you you comment here higher for the you half. pipeline uptick could IPO morning, that as Donnelly with some if see be see about stacks and on Good participating in everyone. talk to might those back how notable

Daniel Leib

Sure. Thanks Yes. Pete.

So has clearly well. have quality in a both seen larger much as player out activity the the we've that activity uptick of as has there and in and stacks increased become stack area

overall market in presence. IPO when will we in and amount to see a a large throughout transactional robust so And we IPOs a have market showed a didn't it's that there, uptick broadly of our look pricing filings which nice future as nice increasing uptick a market the quarter. was at what pretty share an over pricings. historically a we was obviously showed June good of month be terms in continued The

Peter Heckmann

the you a number? percent ‘XX was revisit then that revenue year I And the for could it. transactional as and in over period? just much how third Got Dave, quarter it venue of revenue of missed

David Gardella

think and transactional million I combination $XX The in component worldwide in just was And third so. was the I ‘XX Pete, remarks, I misspoke Yes a U.S. said venue prepared venue of $XX was basis. on quarter the and transactional million. of the in that

Peter Heckmann

to any and benefit one Okay. from to environment expect restructuring follow-up, you last would activity? Got venue see higher complex And does then XX typically cater remind the corporate me it. chapter venue, so with just

David Gardella

in healthcare good Yes. focused We've seen market. we sweet involved The there. seen activity it's principally are also success heavily and some on we've the really bankruptcy M&A in spot for venue but serving

would some So expect there. benefit

Peter Heckmann

Thanks much. very Great. All right.

Daniel Leib

you. Thank

Operator

Your Instructions] Strauzer with [Operator from question comes Securities. Charles CJS next

line Your open. is

Charles Strauzer

morning. good Hi,

Daniel Leib

morning. Good

David Gardella

Good morning Charlie.

Charles Strauzer

of you. for couple A questions

from deeper how EBITDA in transactional maybe all cost contribution the provide just extra margin that reductions looking at detail of transactions from work. could in the QX from the little quarter. Also First of incremental you bit more and a came from much kind

Daniel Leib

Yes, Charlie.

May basis year-over-year saw or quarter certainly gave transactional quarter as on when outlook that the XX% as visibility look was at for but increased came So for you total market, came our revenue we if up when the trajectory a we then activity looked well the company down in big look of guidance revenue so total in X%. and at in April in perspective revenue down the as to at some the we when the was April. was up. from we IPO up change the the we and April activity uptick the a about June XX% still where from talked we in in a had year-over-year picking was down venue by we slightly that May, June lot really as picked early noted in driven

Charles Strauzer

it. Got

Daniel Leib

then a good margins about see perspective we very contribution talked as historically that from picks incremental activity up. as And we

cost that noted margin expansion the you as addition, In the we to were enhance initiatives savings able deliver. really helped

them Some we've of in overlap some and the throughout to of going be half that taken was also half new obviously to actions that the starting took of back of we really were that some first to year. but that related actions of those XXXX we're the

Charles Strauzer

definitely any in announced. like August could about much you're that slow How factoring picking potential pretty of conservative big terms it's just kind a are in you seeing to deals in on again pretty that you're activity on of you up before asking this seems to still outlook pick and are and and Great. pickup month September in some starting down the Thank those factoring up helpful outlook M&A the pipeline seems cause and IPOs potentially usual then in healthy the basis? see being just like be what the That's was continued some Pete was you. for M&A, activity July QX

Daniel Leib

Right. Yes.

a you variables named business. So obviously the impacts part and that lot of of that the

think down. the obviously June typically we pipeline, frame the time out when and strong So about August the momentum slow pretty good pretty with feel July third obviously a coming quarter. into does of about

last the but the clients pretty in you you last those the quarter that the that may large both of quarter think I transactions their year us was we withdrawing when value look at referenced deals of third we two to that in deals good recall actually year. ended year third up last had

on anything can I'd we have the say the in without if but we're about be to optimistic quickly large change So cautiously cover that momentum direction. pretty specific guess talked either better things that might continues, I they be as visibility those, can

David Gardella

we the deal had comps feel front otherwise then stacks share The our in are of there transaction also clearly thing of and get getting that than position I thing price election on and a as folks set is but good in question a or normal Pete's a perspective, gets Yes. good as us particularly the quality our but last assets wild timing both fair and improved couple final to question continue more bit timings completed and our add broader an of a a environment would able that to QX. a about to always share M&A of new from one M&A fair Dave's back when always see market have larger a rough, in only is, calling to bit activity sorry, card point the the is

Charles Strauzer

obligation bit Thanks forward. think and on can just it background color Excellent. last going one pension maybe we kind the Thanks. a more if LFC you and color get just out about a called more little from of Dave follow-up how that bit you in should little

Dave Gardella

Yes.

a are portion have about as took of as missed There shared the have very-very They allocated payments RRD will small So both across the prepared remarks talked a interim in R.R. be process got but of pre-spin Charlie, DFIN on they liable. were I three there. true We Donnelly. and they we mentioned the RRD to liabilities as We've up a If jointly payments defaults mentioned. handful I and so payments. LSC those severally in and companies.

and I on from those think LSC basis an next undiscounted to year a pre-tax million XX million you years and from range payments over when just that's $XXX per over on the at anywhere basis. look are $X.X $X.X the a million payments

obviously cash in amount. So allocated depending get on payments than estimation perspective much when you the and lower you look that gets portion DFIN those on tax to would the a obviously from our flow benefit full be

Charles Strauzer

an more and or between kind RRD of And it it you is [indiscernible]. split is equal

David Gardella

the allocation split are payments XX/XX final accordance up interim in those agreement. will be The with and trued

Charles Strauzer

Great. Thank you very much.

David Gardella

you. Thank

Operator

over the Leib, [Operator have call remarks. I turn back up And we closing this time. Instructions] no Daniel at for further to will CEO questions

Daniel Leib

and Thank forward call the you connecting look Thank with in to you. for everyone Thanks very much. so. we will days or about XX Bye.

Operator

This concludes today's conference call.

You may now disconnect.

Donnelley Financial Solutions (DFIN) 5 Aug 202020 Q2 Earnings call transcript