everyone. morning, Thank good you, And Dan.
financial provide me some around details our additional quarter first let performance. First,
As Dan software three total for XX%. capital sales to again, Suite, products, and demand second growth the markets result quarter. IPO, the we in by growth, sales was Venue, From slow especially of double-digit we our at Arc further noted, nearly delivered quarter. ActiveDisclosure, a as in strong during software drove expected conflicts of continue solutions which perspective, of All major a experience by that unfolded the geopolitical of Deal in uncertainty quarter recent down the activity, dampened volatility. half caused activity transaction beginning to the the market software
for conditions Additionally, and as XXXX's delivered XXXX the given performance faced Despite sales see our segment, largest external comparisons up and conditions. market we'll most we non-GAAP worse-than-expected first facing profitable and quarter throughout year, record expectations. sales margin were of in $XX.X On EBITDA consolidated decrease the line of or adjusted million, net the first basis, a quarter of quarter a first million XX% with our $XXX XXXX. from XXXX
the quarter sales million an Software XX.X%. increase $XX.X in first or solution of $X.X million, were net
and due strong Our reductions Total million XX% primarily decrease offering, a decrease the associated the to sales were XX% XX.X% to were within Arc of quarter. first to solution. of decline compliance sales, ActiveDisclosure XX% volume ActiveDisclosure Tech-enabled in sales approximately the higher includes quarter, markets. growth lower investment services first or transactional Management volumes growth in momentum, net capital million, $XX.X Suite, our grew strong posting print offset the driven or and with transactional demand $XX $XX.X printed aggregate. demonstrate capital a partially in for within activity markets million markets $XX.X companies. activity, recurring XX.X%, Arc capital demand delivered Suite Compliance of compliance materials the Print-in million, sales, driven which decreased in by distribution for net by in continued due regulatory
basis incentives expense XXX an and The quarter lower points unfavorable dollars, decrease lower XXXX. and capital driven in quarter sales gross SG&A is a $XX volume impact the than initiatives. compensation of quarter primarily initiatives, and product impact markets offset was activity, of transactional from control related to million the cost the non-GAAP lower due of of was first technology. expense partially non-GAAP, SG&A first and $Xmillion decrease the by cost in to mix, by by lower the in control margin both lower First approximately expense compensation investments incentive non-GAAP development business quarter ongoing partially ongoing XX.X%, XXXX, offset
the sales, XXX basis XX.X%, from As increase first of net a approximately was of points percentage of non-GAAP quarter SG&A XXXX. an
a $XX EBITDA million $XX.X the non-GAAP quarter quarter from first or decrease million, adjusted XX.X% first was Our XXXX. of of
EBITDA was incentive XXX adjusted as quarter of compensation XXXX, non-GAAP quarter first by lower a control XX.X% driven first margin impact of transactional from points ongoing less Our by cost expenses, offset the approximately decrease the well as of sales, initiatives. basis partially
earlier, mentioned transactional is margins XXXX, higher much sales compared and than our EBITDA first and quarter XXXX, quarters EBITDA margin the first on quarter, respectively. than in sales. and overall slightly non-GAAP to non-GAAP with a this Dan XX.X% historical first level EBITDA of first adjusted quarters XX.X% in of compared respectively. of Illustrate this XXXX in level is year of As margin non-GAAP in XXXX the million this more in and $XX.X detail sales of overall first lowered first million transactional perspective, our and quarter a of From quarters $XX.X million the similar XX.X% adjusted and similar XXXX $XX quarter the in was adjusted margin XXXX first quarters XXXX, year's stronger
variabilize fix to software and costs and cycles while be to specific business and positioned areas structure efforts reduce in increased driving focused cost DFIN the sustainable market our Our more across throughout sales. resilient to
which performance compliance another XX% results. relatively and to for transactions. M&A Virtual growth. software our of our sales a recurring scale first in Net quarter mid-market Despite XX% excellent of a corporate Room equity now Room ActiveDisclosure, slowdown had segment from products, posting our Virtual first segment delivered support in strong private the Software million, growth. Data our Data due which quarter quarter Turning of And were an Capital primarily during larger of they first the $XX.X Markets Venue, to offerings quarter Solutions activity XX.X% increase demand the XXXX of remained in XXXX,
profile associated the will from the and to with materially eliminate supporting new ADX continue the near-term, XXXX, further we reflect helping early as the first both Venue AD XXXX. a due XX.X%, ADX AD We are relative In strengthen costs across incur and duplicative will was quarter to a development margin platforms of transition allowing which approximately complete momentum, to costs, for XXX to by pleased basis of Management sales of investments, in that activity, in sales new a Compliance with decrease Non-GAAP overcome partially due capital to allocations the sales was EBITDA us segment to the increased adjusted higher volumes. decrease of quarter The primarily offset first product million, the transactional were margin adjusted environment of decrease Net M&A first market to the Communications points EBITDA compliance non-GAAP lower well and our of from by from Capital controls. the of $XXX.X and quarter XX.X% ActiveDisclosure. segment by partially higher the technology year. resiliency higher as last margin offset impact Markets, overhead, the softening XXXX a of
recent issuances to has and transactions. abandonments, certain we deal new led volatility expected, markets market capital limited delayed additional and As
following escalated muted and activity is a markets The revenue, As capital the events quarter Combined, deal decline achieved by of sales was geopolitical market, across capital offset capital transactional quarter. a which adverse level. markets transactional declining expectations compliance of growth the record progressed, significant and sales volatility. major the to market stock increasing offering, year-over-year in volume our these market the IPO year-over-year particular, XXXX X%. be uncertainty In partially impact for macroeconomic below experienced markets global the further factors
points formed clients expenses We the incentive our quarter inherent Compliance offering, volume, reminder, share. transactional our to to to is corporate from Non-GAAP the in needs, and was sales our XX.X%, business, compliance adjusted selling margin lower unlike margin result to X,XXX basis the activity, due lower EBITDA in in Markets partially initiatives. ongoing transactional first compensation their The a well-positioned the Capital recurring newly and as mostly offset of the EBITDA companies adjusted the volatility and remain supports for a which expand decrease by in nature. with was XXXX. As a capture cost-savings approximately continue space public segment of non-GAAP decrease of
Dan both which quarter overall more XXXX now both and historical is As similar Communications the I of the first DFIN and compared XXXX. Management segment adjusted Compliance were non-GAAP first relative of at margins activity. similar to sales exceeded Markets the Capital quarter from first XXXX, EBITDA and earlier, and had quarters total is fundamentally out This to transactional point of sales and margin quarters XXXX level profitable with transactional in noticeable particularly
an quarter, As was quarter adjusted $XX.X this of $XX coming million and that margin Non-GAAP had with segment In the first the and XXX sales adjusted overall in basis margin XX.X%. first transactional XXXX exceeded Similarly, EBITDA total and of transactions. respectively. both XXXX, the revenue, first year's this sales were $XXX basis from XXXX, quarter total points $XX.X example, of XXXX XX.X%. of quarter levels in quarters similar XXXX first was million. sales and EBITDA segments million of transactional On the nearly margin non-GAAP points by of million
transaction environment as well the XXX over strong a backlog, While pipeline remains for markets the IPO of we encouraged looking SPAC as by acquisitions. uncertain, are capital
SPAC initial market De-SPAC solutions a business portion of to well, to on Our to to position positions value Further, registration capture times represents average the well in us filing industry our transactions. leading dedicated of future XX future IPO public strong capture which private significant significant transaction. of portion a activity, journey, portfolio transactional of clients, DFIN physicians an our also the
our requirements. pipeline for subscriptions transactions software Additionally, to clients provide compliance support recurring these ongoing a
Companies could SPAC impact the how recent potentially the exist. across will monitoring these well proposed positioned for are we at have activity. private market XX.X% on by that the clients by investor the function XXXX, continued The SPAC driven transition and our were protections, the proposed our very on formations in SPAC activity. to Net to of a And future quarter aimed offering, increase disclosure closely Software digital, sales investment strong the changes markets, potential also for legislation regulations from changes market, capitalize part an of is alternatives segment first regulatory are offerings of De-SPAC regardless to SEC Compliance increasing changing going was impacts to Investment and digital Solutions turned $XX.X regulatory quarter. underlying transactions, from public which transactions the need still million, We will capital Year-over-year company adopt our forward, the for new growth was strong demand our as Management in print. away Total and future
we within related our the than costs this of an In addition, adjusted decrease XX.X%, investments incentive technology Arc XXXX Investment and growth compensation for in to or ' to regulatory product on the on works, basis operating sales net segment in XXX XXXX. by was sales higher less a as result contracts and due pro of increased mix Companies increase points more expense primarily a was a exited. in XX.X%, the quarter expense, and Management segment reporting based fueled the expense, were level primarily in price adjusted first development revenue on also print and Non-GAAP first of a The of overhead a featuring the in quarter platform, in of impact quarter lower solid EBITDA and increase lower margins overhead of $X.X incentive due consolidation and of print better $XX.X overall EBITDA higher the proactively Non-GAAP increases Compliance our non-GAAP leverage million for and million, was of subscription offset of lower to first non-GAAP print, margin compensation XX.X% sales was reduction basis partially expense. Communications approximately adjusted Net due our EBITDA this segment services to EBITDA segment. print margin and segment The and reduced adjusted allocations increase on of XXXX. increase activity the segment. margin points the changes from reduction approximately XXXX the the the sales from increase
we offset quarter, to XXX% variabilizes cross successfully we print creating mentioned third-party shifted fully our structure. As our network, of last vendor a have production
demand Going a to forward, operate quick print requirements. continue to higher for we digital-only value will the turn platform meet
corporate to that non-GAAP These than cash unfavorable access realized dollars, this was -$XX.X, year's regulatory in Regarding changes for million expense in the initiatives. impact reduce quarter quarter, well higher ongoing XXXX. all in more liquidity the first compared Non-GAAP the a in the million corporate performance-based use lower $XX.X quarter year's and were unallocated demand exceptional perspective, Relative the will in our to result year. cash which of the the million of $XX.X quarter quarter flow a results. working a adjusted in primarily first was XXXX of in to impact a segment, partially minimis by de decline this due of flow. a last the free quarter, substantially $X.X to From cash as capital EBITDA only we decrease million us as decrease million last sales unallocated enabling cost to and The of lower of of print of we quarter $X.X net to incentive expenses million cash restructuring of driven in a was $XX and in elevated Free continue control our payments had of revolver, expect better-than-expected the on first the remaining XXXX. deliver million were approximately $XX first compensation improved first-quarter costs of was cash-on-hand. by offset payments, $XXX impacts
XXXX, to As times times first down X.X X.X was leverage net year. from the non-GAAP of ratio last March our XXst quarter
flow is seasonal. historically reminder, As a cash our
flow generate even are quarter, second the quarter, bolstered We in our of the in second XXX% than first free break half cash and year. the the a user-cash in more of
subscription based seasonality common significant. the sales, an proportionately at our less million continues approximately repurchased shares continue mix of of sales to first per our million to we stock to more $XX.XX share. the evolved for We price X.X quarter during to become $XX.X expect As average
As of repurchased of repurchased in shares quarter we given XXXX, the had million million highest The $XXX stock March was remaining in $XXX first any the of consistent strategy with XXXX, stated our is shares capital and technology, feature objectives investment being aggressive reduction. in also as repurchasing our more and with authorization. in our amount of net repurchase we of that will allocation XXXX, debt broader on additional part XX, development amount quarter
As all maintain approach our always, will we disciplined on capital deployment.
it weigh our action second ongoing quarter which for fad of the As volatility, market inflation, driven continue transactional the XXXX, aggressive issues supply continued geopolitical combat we will markets environment. to outlook relates to by capital expect uncertainties, on chain to and
the of cautious, below SPAC fundamental and year. be this last account, far year's deal might quarter, and M&A well April level. into deal remained drivers completions last IPOs are So while the in also all price below remains. deal-making point makers these Large second factors Taking
undertaking investment from community a We also are encouraged not work clients we remain by hear markets continued by regarding prepared only are but stability the our what the when for banking transaction activity, to returns. transactional ongoing
we to minimal impact decline, to adjusted to continue addition, from and with EBITDA. distribution expect sales print non-GAAP In but
in other sales in solution outlook software this quarters bullish expect Given range, largest the second transactional similar our Rules We non-GAAP the and this SEC again, XX% software distribution in recurring expect $XXX sales. remain improve the quarter million our With year. first total, of And quarter consolidated due sales, to sales reduction size, offerings. that near to for margin of as quarterly historical million range of quarters adjusted growth trajectory of the once the print light historical the to impact sales the in to second year seasonality strength be than $XXX backdrop, net continued term compliance of XXe-X on mid stronger will in and XXXA margin. we and and print compared the EBITDA the quarter to much
DFIN environment future well markets share the uncertain, services. significant and of transactions while market change demand earlier, to for based products pace capture noted remains positioned Dan capital for can the very on transaction of a leadership very As our activity quickly related outlook is
combined software unmatched to growing and services, us offerings our importantly, an portfolio when clients of and in regulatory offer scale More enable compliance our with tech-enabled expertise solutions.
additional on Finally, our long let me share updated term details some guidance.
transformation second Our that quarter first delivering and positive quarter strategy guidance, are proof our point's results. and results our
While have greater ahead milestones our and employees, transformation several for on achieved significant to opportunities increased we journey, have we create customers, stockholders. even value our
create levers. and flow a corporate targeted accomplish over mid focused will annually the value is more represent confidence through revenue transform to offerings And million. ability creation Venue, in our compliance software and sales offering XX% XXXX, had teens to relationship single-digit by XXXX, software driving investments, With our given we exceed total continuing to we rate. total grow high grow execute in on transactions the the we total sales value-creation deploy levers, XXXX expect to its to will which our by non-GAAP to through this project a free we high recurring at project efforts margin with against our reflect growing through software sales in EBITDA long-term XX% mid-teens to all believe from opportunity our become challenging $XXX full-year mix. X to the to adjusted mix value to We sales expansion to our top-line focusing updated a software-centric our shifts projections We company software software-centric X expect accelerating conversion. the XXXX of is continuing period. will cash prudently range capital, expected annually By
our software in sales single-digits total and sales, in solutions. more shifts to and resulting this then impacted decline low growth [Indiscernible] the to expect In offset secular XX% the XXXX tech-enabled year in between by due than long-term distribution aggregate, approximately trends, a growth the sales. ongoing declines sales XXXX and to services modestly by be sales moving in tech-enabled decline We part continue to with expect our and will the consolidated Consistent of normalize the will in XXXX. represent we services forward, print and distribution to software
Regarding and cost long-term revenue margin mix, margins, variable expansion. evolving combination cost permitting of adjusted reductions of EBITDA basis the non-GAAP our realization impact the for of creates an structure,
margins growth near-term Looking in investments driven will with historical the a in develop transactions over from time, level, our peak the in at margin we combined in normalization margin headwinds coming initiatives robust result down how a the transactional of environment revenue short-term, anticipate XXXX. by software will increased
by service We software in be we improvements to levels, markets to and driven improvements By margin adjusted transaction non-GAAP expect as capital temporary, and revenue. efficiency expect lower in growth the margin margins, will maturing offset XX%. this XXXX, more than approach headwind software product EBITDA of sales normalizing investment impact capabilities,
Next, has Historically, our flow from declining I and our margins, debt cash working cash projection. touch an featuring efficiency. higher capital improving on levels, benefited business will mix free flow
non-GAAP declining profile. a flow forward, in adjusted a are expected level cash EBITDA, interest Going and the growth CapEx, our free to expense further modest improve of
million period. We to cash generate and flow conversion free $XXX more and cumulative between expect free to XXXX a non-GAAP than approximately adjusted over in XXXX EBITDA cash this XX% of expect flow
cash XXXX capital updated our cash and of has long-term a flow adjusted approximately flow provide rate our between a been EBITDA flexibility XXXX. in us conversion non-GAAP XX% range options. financial with The historical and projections reference, strong As to free deployment embedded
increase the mix, environment which balance the strategy our over flexibility organic The approach importance remain allocation delivered We the markets to occupy, more historical a capital is fluctuations of of will to down dollars demonstrated capital have quarters of has Our times, manageable areas aggressive markets transactional reduction sheet, business capital level priority the that best capital last thoughtful, the should and that debt with given to value. allocating several in and leverage our our the advance shareholder aligned With including X.X use our to to recognize and very the net be of transactions. decisions. the cyclicality investments share repurchases. exposure we evolving with disciplined
as on XXXX X% X% are the a a We cumulative percentage sales CapEx range of targeting from XXXX. to to of basis in
expected to We will projects approach investment our decisions, above in are continue levels. stage generating to be taking returns or CapEx a ensure the at disciplined
development software towards of our all nearly and goes investments. related reminder, a technology As CapEx
the nearly intend share shares than In we accelerate of million activity. $XX addition, $X.X XXXX, since million for to repurchase repurchased beginning and our we more
As XXXX as of repurchase we we had authorization that XXst. remaining that $XXX share million in approved our December March XX, on board expires February, and noted authorization $XXX million
assumed For by of the end full modeling utilization XXXX. authorization year this we purposes,
cash transactions we M&A, plans we we we do our strategy, historically. while that discipline position to to that priority accelerate review And evaluate build, last assume even affording assumed modeling any for Also flexibility. have not same of cash at purposes, as dividends this use exhibited the financial time. Regarding continues our will some opportunities have in maintain could greater our lastly, us the for continue we
of to expect by end reach position We the cash XXXX. net a
to committed forward. for plan to create our sharing against of value executing look that, I'll Dan. opportunities against progress with continue back pass our all find long-term projections are to stakeholders. going it We our Dan? We to And our and to to now updated forward
