good and Dan morning, you, everyone. Thank
delivered weak markets in better XXXX. environment. of IPOs capital performed third which softness activity deal of of in quarters remained strong weakened volume half further levels very below market The first relatively M&A Dan context markets substantially a the noted the quarter last two third quarter as in the XXXX in especially As we the results of transactions than year's had capital first in the
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revenue of quarter million, year-over-year $XX.X million Substantially, XX% net as decrease capital business down sales third versus took of a a or the in $XX of basis, On consolidated all markets or the transactions from were year last nearly XXXX the decline of which noted third $XXX.X million XX.X% Dan earlier. place for XXXX. the was quarter
Software rates. the or an were foreign due changes X.X% Solutions $XX.X net decrease million, exchange $X in to of a or sales which $X.X increase million included quarter X.X% for million
ActiveDisclosure which momentum. positive and continue offerings, compliance recurring to include Suite demonstrate Our Arc sales
the ActiveDisclosure weak quarter of net the of consecutive the XX.X% year-over-year, subscription data grew quarter, seventh double-digit grew in result environment. a Suite Venue sales XX.X% Sales a down by transaction Arc markets growth. quarter revenue of in XX.X% was capital room driven growth. sales
the total third nearly earlier Tech-enabled sales, third decreased markets of decrease sales were As $XX.X $XX.X from quarter of net in services transactional Software primarily XX% net XX.X%, sales to up XXXX. mentioned XX% accounted Dan million, million a net or activity. quarter Solutions of for capital due
investment a of to million, Print-in or printed distribution reductions transactions decrease demand well as for demand print materials XX.X% capital driven in $XX.X million due in regulatory net were companies. as within decrease related $X.X sales markets a
quarter Third lower by approximately and lower margin basis XXXX, both and of activity, partially gross initiatives of driven incentive transactional business quarter unfavorable ongoing XX.X% control offset third non-GAAP primarily capital lower was points cost compensation to by lower impact volume mix, XXX an related than the sales expense. markets the
and cost sales investments SG&A in result decrease volume XXXX. a partially from incentive in was of selling $XX.X million development the non-GAAP third compensation the quarter technology. in offset SG&A by million, decrease $XX.X the adjusted ongoing initiatives, impact expense primarily The product expenses, lower driven a is Adjusted non-GAAP quarter of lower a additional in expense as of control by and reduction
SG&A points quarter As an basis a percentage of increase XXX net sales, adjusted approximately the third XX.X%, of was from non-GAAP XXXX. of
EBITDA Our from or of a third third the decrease quarter of $XX.X XX.X% adjusted XXXX. million was $XX.X quarter million,
initiatives. margin record adjusted cost XXX offset as third quarter EBITDA quarter lower the the expenses, of of less incentive XX%, XXXX, ongoing was of margin impact adjusted for decrease third compensation was well approximately from control partially Our points a sales, a quarterly EBITDA which as driven transactional by basis by
third transactional quarter quarters lower and quarter quarters the adjusted third our overall To our respectively. EBITDA quarters slightly and more $XX.X third quarter higher with in the of EBITDA million transactional to third $XX.X and of million XXXX, $XX.X fourth detail this revenue. the with this and historical margins and XXXX, sales this than stronger similar million is of noted in than adjusted much in As overall year earlier, third we illustrate margin is compared fourth year's
EBITDA XX.X% From and in a margin of margin third XXXX and fourth to was third the XX.X% respectively. quarter XXXX, adjusted perspective, XX% quarters compared
our cost be and market to resilient areas sustainable efforts focused specific the to business fixed throughout costs structure positioned have and more reduce Our cycles. across to in variabilize DFIN
third Solutions in decrease quarter Markets of Room the our the product a Capital net quarter. lower to our third due increase sales XX.X% grew to the decrease primarily is which segment Net from ActiveDisclosure, by The Turning X.X% results. XXXX. offset Data Software in segment quarter third million, of were $XX.X recurring partially activity, in now our sales Venue in compliance
Dan recurring ADX strong of Venue on of while and year, transactional customers resulting quarter first new to we progress the of quarters case lower continued in Room much quarter. of subscriptions price As XX.X% make last Sales to outpace the we level second experienced Similar platform third continue activity the of down compared a Venue to this market use trend annual revenue. ActiveDisclosure were to also by what earlier, the year, Virtual higher and Data term in primary year. to longer our driven transitioning offering, realizing excellent this in commented M&A during the its third levels
the in in by offset sales. margin of was the compensation approximately lower a for With unfavorable margin more and a basis on expense Venue sales decrease technology quarter price segment incentive on Adjusted third of of decrease third new to incremental encouraged XXX than and product down XX.X%, by are mix due primarily The development the adjusted global and XX% the the basis from XXXX. resiliency and AD. market we quarter, year-over-year EBITDA sales EBITDA M&A was uplifts partially lower investments, points
the As platforms. with and supporting a new for both costs contains ADX structure the margin associated AD reminder, ActiveDisclosure
clients expect improving complete will of eliminating the date, this half decommission Prior costs of margin onto XXXX, to further first the ADX decommissioning vast we migrate duplicative majority of the of to the We segment. of by new profile the the the operating and AD. remaining end ADX
a quarter lower activity, sales $XX.X segment of in of Management compliance were or traditional third transactional our markets primarily revenue. from decrease as capital XXXX, Markets and million due Net XX.X% Communications to proxy lower $XX.X Capital well Compliance million, the and as
geopolitical Fed aggressive action Capital activities. further market as on and M&A to IPO, driven in combination third combat a transactional further weighed environment deteriorated quarter, the by and inflation The uncertainties SPAC volatility growing Markets of
resilient quarter, place taking the XXXX. million priced M&A from quarter IPOs priced XXXX to first down year. last with slowed was more which the sequentially, market, versus quarter through IPOs of five $XXX of Specifically second compared the more over on the XXX half relatively market than largely The had the frozen and XX% in was only IPO US exchanges third the third third been in quarter during
these Combined the to Markets the be for adverse sales below caused quarter. impact factors, Capital transactional expectations of
by pent-up previously, lack commented and in future of for remain transactions, the given demand we of activity deals encouraged in-process we've the XXXX. As pipeline a
our the of Our portion deal significant industry-leading in us strong our well as position a filing to private-to-public future of solutions well clients' portfolio business, market capture dedicated as positions to activity. journey, transactional
year-over-year to transactions to our clients' XX% importantly, these More of Capital growth, five M&A ongoing versus third provide was the activity a of pipeline and weaker versus XXXX. quarters a consecutive subscriptions decline driven year. levels in volume, software special a compliance lower of recurring was proxies last quarter requirements. support much down compliance revenue The sales by of light After Markets merger-related leaseback
companies certain in as would filings filings. normalized addition, third in of in In experienced filing delays, XXXX, delays, In XXXX been COVID-related the cycle quarter timing second year. proxy result COVID-related traditional proxy in we made a a compliance whose last the resulting a of after normally certain filing filed more have quarter were shift
Specifically, certain filed were quarter year, last in second year the the quarter year-over-year quarterly third this assuming comparisons. the filings completed in
driven compliance filings. approximately XX% addition, X-K In is and of revenue X-K our by
depending modest the have fairly some event While environment. level a filings results these reoccurring transactional driven, in of a and on fluctuation which these consistent filings of base, are
due expense the compensation by EBITDA partially compared last XXXX. expenses, basis, cost in EBITDA for The quarter sales, a Adjusted to incentive year-to-date initiatives. of points the Capital a to was over selling approximately third savings up the and year. XX.X%, basis from transactional Markets offset adjusted compliance lower lower margin of segment was margin are decrease On XX% decrease our X,XXX sales lower
Investment in $XX.X segment Company an increase quarter sales a strong were from Net which XX.X% Software of million, was the very XXXX, also third our Solutions of quarter.
year-over-year two products quarter exchange the subscription was Suite increased revenue XXXX. XX.X% offering. ArcRegulatory, driven by of rates, versus primarily the Excluding foreign sales ArcPro growth Arc The negative impact net within of growth and in our third
for was following big the expected compliance total the this management ArcDigital, more a As XXXX third which the driver normalized quarter. the of was segment net in initial for offering, sales demand in growth our adoption,
we forward, continue. to for normalized Going expect this ArcDigital growth profile
and increase higher incentive was increase partially primarily segment from Adjusted in to due adjusted for EBITDA margin offset technology product XXXX. investments. XXX sales third an increase XX.X%, lower EBITDA basis the expense, the of and was approximately operating of quarter in by development margin compensation The and the points leverage
segment Investment to were the on exited, to a Net print and sales, sales flat in related the print-related remaining $XX.X revenue we price changes offset as work. quarter and impact reduction higher third Companies contracts our of Compliance by the of Communications Management increases million, were regulatory XXXX of proactively and service-related
print of Adjusted The due EBITDA reduced higher third increases price than within approximately featuring the based margin and favorable segment. and incentive primarily for the in services a a work, level margin lower mix was print, adjusted less basis expense this activity the segment X,XXX the to XXXX. in was compensation EBITDA including sales expense and XX.X%, more segment lower increase points overall on quarter the overhead remaining and reduction in costs
that de adjusted of vast the year's EBITDA minimis The we results. in net regulatory segment, to our year's and demand in is continue in reflected impact in million full Regarding for will $XX a majority in only decline a on year-to-date this approximately reduce print the regulatory-driven of decline expect print XXXX. sales this year to continue change
million from Non-GAAP third quarter the unallocated quarter, corporate increase expenses were compensation the the $X.X toward an by our by impact expense of partially an lower offset aimed and transformation, in of million expenses incentive of control in cost driven increase initiatives. accelerating ongoing XXXX, $X.X
result the of in of capital additional decline by benefit of a the sales. third our tax versus primarily payments a reflects cash partially The quarter of the XXXX, quarter in cash million million Free quarter offset in interest in flow and flow adjusted lower technology expenditures the reduction third during $XX.X development working $XX.X of EBITDA the free was XXXX. capital, and unfavorable was which timing
drawn had for quarter $XXX.X of million our well total million of remaining including the $XXX.X on cash as and of we From hand. $XX.X million perspective, the ended debt non-GAAP net revolver. $XX.X with debt million million revolver a of our access liquidity as on We $XXX.X
As was ratio XXXX, leverage our X.X XX, September non-GAAP of times. net
our historically seasonal. reminder, a As is cash flow
the We generating our XXX% of of cash of in second than are half more a of free in the year, user cash flow the first the half year.
As our mix continues evolve software we more to continue sales expect seasonality to significant. solutions, become proportionately to to subscription-based less this
we shares per Regarding approximately million of common our of X.X stock $XX.XX share. an capital deployment, at stock one million share. the for during Year-to-date, we've million common repurchased average at average repurchased third $XX.XX million, shares quarter $XX.X $XXX.X per for of price price an of approximately
$XXX.X As September XXXX, we million authorization. stock $XXX our remaining had of XX, repurchase million on
As expect the of continue market environment. relates quarter weigh we to on XXXX, the to our capital fourth it markets outlook transactions volatility to for
in and point far this the last So fourth quarter, SPACs year. price well IPOs below are
be the level. With deal completions expect as mid-XXs. the $XXX of last fourth quarter sales in an year's we backdrop, percentage to Large consolidated also and adjusted million, to that, range below margin the EBITDA net in are M&A million $XXX
midpoint XX%, similar fourth revenue in decline $XXX to year-over-year million quarter sales of Compared change. a our to our the year, last the third quarter year-over-year implies magnitude guidance approximately of
than fourth quarter similar margin historical quarters of level sales. and of size to From range EBITDA of is total last despite perspective, lower and a like much once mid-XX% a much year's stronger adjusted transactional again, transactional margin, our guidance revenue
At the in our Capital for to Communications more year. we what range, a reported the provide a third Markets also transactional color similar quarter at Compliance on of I'll Management to assumptions be level this midpoint bit sales the our sales assume and we segment.
comments, the compliance-based regarding within X-Ks, of on in environment compliance In quarter addition, notably, segment. modest a decline filings, my transactional impact assumes this and sales proxies fourth year-over-year special and most certain our to earlier related the our estimate
we in plan. XXXX midst Finally, of operating the are our preparing
to and expect navigate as XXXX. continue similar to transaction environment, as through to macroeconomic headwinds, broader a We markets capital well uncertain volatile
remains previously, and targets, our toward strategy unchanged As making we achieving year. mentioned this we out are the have progress we earlier solid laid long-term
on with Our cost both for executing strategy. as to capital accelerate well focus in the in to in remains as management invest us order our structure, of the to of our continue therefore allocation discipline
Dan. I'll that, it to pass now With back
