everyone. you, morning, Dan Thank and good
Before fourth quarter discuss few I items. I'd recap financial performance, like housekeeping our to a
throughout First, the as year. discussed
reducing are the longer-term proactive company's our a demand are traditional toward regulatory annuity outlook our our more to tech-enabled offerings. and This and the variable print We has solution catalyst as using offerings. investment growth shift approach mutual fund changed changes for mix accelerate software that
to our communications goodwill of analysis, change million investment Given company's as impairment fourth segment. $XX.X we the quarter impairment of impair in and this recognize annual charge during fully the non-cash a expectations, in management goodwill compliance part goodwill
in segment XXXX. our results regarding Next,
opportunities long-term, various we overhead sales and in costs for complete year. are look There expected drivers the These reduce this that on consistently consolidate proportionate regulatory for footprint the will a manufacturing our preparation permanently that for are are distribution and based four net centralized in will and company implementing certain no operating near business all changes headcount the to significantly to starting to on are segments allocated expenses costs print divisions actions costs. mid managing basis. our [ph] the on reduce in including to fixed plan is that the impact We fixed and demand for the in
we XXXX, in and expect portion allocated segment. in investment to management drop large and margin of communications into printing expenses and will segment While significant headcount in compliance part our sales distribution the overall shift other out expected a the companies in of segments XXXX, due in increase EBITDA three this to these net
on wanted We results will but to to quarter the impact update segment in it the I advance. as each mention you here
step-down minimize just most recorded us the in revenue print million was of regulatory noted, our print related in consolidation the we restructuring the related restructuring addition, $XX.X of impact this the are enables to changes XXXX. expected I XXXX; in that effective In to in charges of to platform that and
the related finalize multi-employer between Communications; to pension work through we to RR the companies. of arbitration expect allocation of regarding bankruptcy quarter liability process with this to the liability LSE Donnelley plan the the Lastly, second
the segment until the expenses the are determined. accrued results. of final allocation estimated with million liability, of to this associated are and $XX.X our have excluded liability recorded as from share we required our non-GAAP of These well contingent is within payments in corporate the As as SG&A year, end the related
the were net consolidated financial million, million $XXX.X quarter or the of XXXX. XXXX increase Turning now quarter to $XX in sales fourth of an of XX.X% for results; fourth our
XXX to of within to XXXX, in $XX.X primarily capital revenue million demand quarter companies our distribution was for primarily compliance printed fourth increased $X the primarily or quarter by by continued partially compliance or by the and services volume XX.X% and basis sales and impact higher of solutions a due featuring higher quarter of driven margin the strength software offset full materials activity. solutions favorable across performance. million, increased combined transactional or by the Print control initiatives, non-GAAP in the compared quarter to $XX.X gross company's an of software market increase investment due associated incentive than and an the XX.X%, sales commercial Tech-enabled compensation expense ongoing expense increased of the both, net fourth portfolio. the due lower lower million million decreased fourth the fourth margin tech-enabled XX.X%, quarter to of Fourth fourth printing. points adoption business Software the by to print SG&A year million sales increased in X% for primarily compared the solution $XX.X approximately $X.X of XXXX. of services financial mix overall with Non-GAAP XXXX, quarter the increase or with cost
of expense was percentage increase the XXX of and primarily performance. of the higher an financial to a in sales, non-GAAP net fourth As XXXX; incentive full quarter the points strength of year compensation with our SG&A increase basis non-GAAP from was XX.X%, associated SG&A approximately due
which also the ongoing benefits resulted and mix In control costs, partially increase sales offset was net addition, in by SG&A our initiatives. cost business related in changes in higher higher the
EBITDA fourth of from of increase non-GAAP quarter $XX.X quarter was million, XX.X% XXXX. million $X.X adjusted fourth for an Our the
sales offset points of was control quarter [ph] basis leverage on the operating margin and incentive Our by in EBITDA driven fourth increases an XXX impact adjusted XXXX, fourth XX.X%, partially higher from more by ongoing a employee favorable expense. cost of the non-GAAP sales, increase and again, quarter benefits of compensation primarily initiatives, approximately mix,
from due in fourth an increased of to fourth to now XXXX, increased segment upselling primarily for of our wins increase offset existing new you of increases. quarter. and and due as net Non-GAAP points the was non-GAAP segment an segment increase the saw were net We and quarter XX.X% in venue sales, improving activity. quarter particularly operating XX.X% capital compensation of [indiscernible] $XXX of growth the markets, traditional fourth capital XX.X%, we fourth Net The fourth the clients, increase third margin sales continued M&A were XXXX, was results; the efficiencies, EBITDA higher of margin transactional activity, data quarter of increase as the $XX.X continued markets Turning of quarter increase ActiveDisclosure, as quarter pleased in room the fourth of XXXX, late communications quarter XXXX of adjusted XXXX. client management sales in into markets to XXXX, as capital XX our well environment adjusted from segment see price our primarily as sales in EBITDA the from impact benefits the to million venue million software solutions basis were leverage an the the compliance in increased and operating to due and XX.X% quarter expense. partially by incentive fourth of from well primarily compliance the
the DFIN, quarter year's the announcements stacks year-over-year IPO transactional by After transactional the third quarter, activity for of sweet up share pickup M&A translate fourth as with compliance services share started the segment drive of of segment growth of well activity one-time proxy XXXX due after of of increased the on higher cost for in in $XX.X new the seen filings quarter large IPO company's the a strong EBITDA our with contracts control demand was of noted of domestic XXXX. start by note solid the the adjusted from with softer to sales the and lower Non-GAAP fourth compensation was an X.X% XXX impact ongoing to control along ArcDigital an quarter filings, fast-app and manufacturing the financial ArcPro of year than control of mandate. quarter from decrease margin were the EMEA initiatives. by quarter from in filing related the consecutive partially year-over-year EBITDA to we years addition year, milestone to of of XXXX. XXXX, the platform strength of was points compliance was compensation in board. fourth the quarter, the cost offset incentive to engagement Non-GAAP increase during higher software year adjusted filings debt we companies quarter fourth spot ongoing performance primarily printing recently, fourth million points sales in decrease several increased basis The the into filings, this a of to of Fourth Net X.X%, approximately fourth offset investment ongoing Non-GAAP over the for significantly growth yet margin that volume relating consolidated primarily exited XX.X% to to influx Transactional basis due primarily the quarter quarter fund was impact the of for another our was due non-GAAP compliance XX.X% on on of IPO we decrease the decrease increased And pricings in a portion primarily part year-over-year DFIN sales EBITDA particularly in XXXX, in basis the activity what XXXX fourth we print segment XXXX. to due the fourth quarter X-K incentive negative initiatives, XXXX, larger sales, investment Net initiatives. in to lower sales We declines, partially decrease our in in company, print to our marks in up due and as offering earnings in the related sales adjusted our our the XXX continue right-sizing both fourth across the of expense. expense, segment of XXXX, in commercial of segment new margin million the major primarily with from was to XXX fourth our from the primarily margin in sales cost also quarter of the strong quarter the transactional higher the also mutual by management offset to of compliance strong lower Similar as volume. high a solutions the the margin as quarter. A The for call market. quick an to being by were communications fourth XXXX. market XXXX, our nearly quarter market of in to strengths EBITDA increased outsized continue a overall increased points impact our compliance driven XX.X% quarter driven the in of share; have adjusted XXXX. expense increase SEC quarter. second fourth of up fourth slowed. share approximately market partially last third was quarter segment from debt-related see the were deal XXXX increase lower of growth The SEC incentive have in filings continued for Growth fourth from offering. our the was compensation due a $XX.X for continued
earlier, I permanently going plan footprint forward. reduce As will we this fixed mentioned manufacturing costs and implementing which consolidate are our segment our significantly the in to
this, segment to we return the Given to profitability. expect
to lower reduced due cash and full expense was over $XX.X capital was XXXX. million, increase million increase the EBITDA, expenditures. XXXX higher of benefits incentive compensation year The non-GAAP XXXX. were our an $XXX.X $X.X flow of impact full $XX.X from control Free in The a by the quarter primarily increase million, expenses offset unallocated cost of cash initiatives. of quarter ongoing interest million, full $XXX.X an and was costs, year partially to the million primarily flow and adjusted corporate due increase record fourth related quarterly fourth Our was year higher quarter increased the
reduction year capital We flow. resulting $XXX.X million cash overall the debt in $XXX.X million in $XX.X year of million on cash of ended an debt. addition, net benefited working XXXX hand In total with non-GAAP full free and of
In had access drawn and addition, revolver. our we nothing million to on $XXX full
times down December of quarter for common the non-GAAP leverage during XXXX, $X.X shares our was times, XX, We net X.X compared of our XXXX. X.X stock million. XX, XX,XXX approximately As December ratio repurchased to
for the just X.X repurchased For of average price stock of $X.XX over we common full XXXX share. per shares million $XX.X million, an year
evaluation high allocation repurchase well and stock million that common noted set capital of As the as ongoing December various confidence, in as financial will recently strategy our M&A. the on our program repurchasing will release, a Board's year. a XX, of earnings strategy part on and was and expected to our spending At maintain approach with notes, their also December plan program that $XX opportunistic of approved Directors Board disciplined our $XX as capital additional and to which million refinancing a broader demonstrates XXXX DFIN's XXXX This in our our part repurchase time, expires existing We XX, capital of managements, callable this later XXXX. reduction of replacing expire the in coupon plan, options, which be same allocation as are performance. shares debt feature we
the around our wanted color some outlook Next, for as quarter. guidance provide first I to well as
results; we very year XXXX; will tremendous we're over several facilitate forecast environment. however, I'll not pleased As mentioned business modeling. the some of summarize for provide with challenging are we regardless comprehensive I've the pieces to earlier, now. guidance items few economic these our the components of XXXX as your full transactional noted providing But times years, to Dan last are our
total recent a solutions with AD. off at remarks, grow [ph] expected launch XXXX in the second software in deepen to coming in XX% will half Dan strong sales his by new As least additional of net momentum from we expect later XXXX
million expect upcoming reduction approximately for in specific be approximately related XXXX $XX net million. rate a acquisition And amortized continue reduce XXXX. $X range from to regulatory XXXX; to $XX to a XXXX expect $XXX expected full-year million, million be in the as we to Regarding change to of is in expense down Depreciation demand non-GAAP of as in sales million; to from and amortization reduction, the the to XX% that million effective $XX the reduction to $XXX of expected intangibles adjusted prints of expected we approximately this continue XXXX. in a our will tax to sales be EBITDA net million non-GAAP print acquisition-related in XX, XX%. in is $XX range to fully are December is $XX.X Interest million
the XX expenditures We expect investment in remarks, increased shortly. accelerate [Technical provide further capital this in our more in Difficulty] near-term Dan his offering context software solutions strategy. on XX will to
midpoint distribution rules our related for first by quarter, the of approximately transactional our software in for down we and at sales XXXA the net the Regarding continued and regulatory significant million, to range are reduction be outlook year-over-year the nearly to X.X% $XXX million strength print to expecting to XXEX SEC $XXX the in in offset and due changes offerings.
Given more we've sales in a our shift the continue software, in this with Included quarter substantially provide XXXX. the long-term print benefit our increased to put of XX expectation from to it now will supported first first when what compared mix a through that while Dan, the EBITDA place and update XXXX. expect strategy, an non-GAAP back transactional XX on the both, who net adjusted of months by objectives. benefit from as in improve including to perspective, we well pass in dollar less from favorable cost realizing we as Dan? and anticipate margin to activity, two I'll seen this initiatives we've also year; will positive mix our and during we sales control
