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728800.0
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2022-09-04 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 9/4/2022
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-9-4-2022
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nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a global risk and compliance solutions company. It provides regulatory filing and deal solutions through its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and others. Its segments include Capital Markets-Software Solutions (CM-SS), Capital Markets-Compliance and Communications Management (CM-CCM), Investment Companies-Software Solutions (IC-SS) and Investment Companies-Compliance and Communications Management (IC-CCM). CM-SS segment provides software solutions to public and private companies. CM-CCM segment provides technology-enabled services and print and distribution solutions to public and private companies. IC-SS segment provides software solutions that enable clients to store and manage compliance and regulatory information. IC-CCM segment provides its investment company clients tech-enabled services to prepare and file registration forms and others.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
KULICKE AND SOFFA INDUSTRIES INC. (KLIC) is a mid-cap value stock in the Semiconductors industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Kulicke and Soffa Industries, Inc. designs, manufactures, and sells capital equipment and tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. Its segments include Capital Equipment and Aftermarket Products and Services (APS). The Capital Equipment segment is engaged in the manufacture and sale of ball bonders, wafer level bonders, wedge bonders, advanced packaging, hybrid and electronic assembly solutions to semiconductor device manufacturers, device manufacturers (IDMs), outsourced semiconductor assembly and test providers (OSATs), other electronics manufacturers and automotive electronics suppliers. The APS segment is engaged in the manufacture and sale of a variety of tools for a broad range of semiconductor packaging applications, spare parts, equipment repair, maintenance and servicing, training services, refurbishment, and upgrades for its equipment. It serves the automotive and communications markets.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of KULICKE AND SOFFA INDUSTRIES INC.
Full Guru Analysis for KLIC>
Full Factor Report for KLIC>
PERION NETWORK LTD (PERI) is a small-cap value stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of PERION NETWORK LTD
Full Guru Analysis for PERI>
Full Factor Report for PERI>
RESIDEO TECHNOLOGIES INC (REZI) is a mid-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Resideo Technologies, Inc. is a provider of security solutions primarily in residential environments. The Company operates through two segments: Products & Solutions, and ADI Global Distribution. The Products & Solutions segment consists of comfort, security, residential thermal (RTS) products and solutions. Its offerings include temperature and humidity control, thermal water and air solutions, as well as security panels, sensors, peripherals, wire and cable, communications devices, video cameras, awareness solutions, cloud infrastructure, installation and maintenance tools, and related software. ADI Global Distribution segment is the wholesale distributor of low-voltage security products including intrusion, telecom, network and audio-video (AV), access control and video products and participates in the broader related markets of smart home, fire, access control, power, audio, ProAV, networking, communications, wire and cable, enterprise connectivity, and structured wiring products.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of RESIDEO TECHNOLOGIES INC
Full Guru Analysis for REZI>
Full Factor Report for REZI>
VONTIER CORP (VNT) is a mid-cap value stock in the Scientific & Technical Instr. industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Vontier Corporation is a global industrial technology company. The Company focuses on critical technical equipment, components, software and services for manufacturing, repair and servicing in the mobility infrastructure industry around the world. The Company operates through two segments: mobility technologies, which provides solutions and services focused on fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, telematics and smart city solutions, and diagnostics and repair technologies, which manufactures and distributes vehicle repair tools, toolboxes and automotive diagnostic equipment and software and a full line of wheel-service equipment. It markets its products and services to retail and commercial fueling operators, convenience store and in-bay car wash operators, tunnel car wash businesses, commercial vehicle repair businesses, municipal governments and public safety entities and fleet owners/operators on a global basis.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of VONTIER CORP
Full Guru Analysis for VNT>
Full Factor Report for VNT>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> KULICKE AND SOFFA INDUSTRIES INC. (KLIC) is a mid-cap value stock in the Semiconductors industry. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms.
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Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> KULICKE AND SOFFA INDUSTRIES INC. (KLIC) is a mid-cap value stock in the Semiconductors industry. DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The Capital Equipment segment is engaged in the manufacture and sale of ball bonders, wafer level bonders, wedge bonders, advanced packaging, hybrid and electronic assembly solutions to semiconductor device manufacturers, device manufacturers (IDMs), outsourced semiconductor assembly and test providers (OSATs), other electronics manufacturers and automotive electronics suppliers.
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Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> KULICKE AND SOFFA INDUSTRIES INC. (KLIC) is a mid-cap value stock in the Semiconductors industry. DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The Company operates through two segments: mobility technologies, which provides solutions and services focused on fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, telematics and smart city solutions, and diagnostics and repair technologies, which manufactures and distributes vehicle repair tools, toolboxes and automotive diagnostic equipment and software and a full line of wheel-service equipment.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> KULICKE AND SOFFA INDUSTRIES INC. (KLIC) is a mid-cap value stock in the Semiconductors industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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c7175368-f78f-43d3-8fe1-555d93ec7380
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728801.0
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2022-08-11 00:00:00 UTC
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Here's Why Donnelley Financial Solutions (DFIN) is a Great Momentum Stock to Buy
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DFIN
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https://www.nasdaq.com/articles/heres-why-donnelley-financial-solutions-dfin-is-a-great-momentum-stock-to-buy
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nan
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nan
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Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Donnelley Financial Solutions (DFIN), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Donnelley Financial Solutions currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?
In order to see if DFIN is a promising momentum pick, let's examine some Momentum Style elements to see if this financial communications and data services provider holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
For DFIN, shares are up 28.24% over the past week while the Zacks Internet - Software and Services industry is up 2.89% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 46.57% compares favorably with the industry's 3.57% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Donnelley Financial Solutions have risen 55.41%, and are up 32.08% in the last year. On the other hand, the S&P 500 has only moved 5.67% and -3.72%, respectively.
Investors should also take note of DFIN's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now, DFIN is averaging 245,062 shares for the last 20 days.
Earnings Outlook
The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with DFIN.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. These revisions helped boost DFIN's consensus estimate, increasing from $3.77 to $4.55 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom Line
Given these factors, it shouldn't be surprising that DFIN is a #1 (Strong Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Donnelley Financial Solutions on your short list.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Bottom Line Given these factors, it shouldn't be surprising that DFIN is a #1 (Strong Buy) stock and boasts a Momentum Score of B. Below, we take a look at Donnelley Financial Solutions (DFIN), a company that currently holds a Momentum Style Score of B. In order to see if DFIN is a promising momentum pick, let's examine some Momentum Style elements to see if this financial communications and data services provider holds up.
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Below, we take a look at Donnelley Financial Solutions (DFIN), a company that currently holds a Momentum Style Score of B. In order to see if DFIN is a promising momentum pick, let's examine some Momentum Style elements to see if this financial communications and data services provider holds up. For DFIN, shares are up 28.24% over the past week while the Zacks Internet - Software and Services industry is up 2.89% over the same time period.
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Below, we take a look at Donnelley Financial Solutions (DFIN), a company that currently holds a Momentum Style Score of B. In order to see if DFIN is a promising momentum pick, let's examine some Momentum Style elements to see if this financial communications and data services provider holds up. For DFIN, shares are up 28.24% over the past week while the Zacks Internet - Software and Services industry is up 2.89% over the same time period.
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Below, we take a look at Donnelley Financial Solutions (DFIN), a company that currently holds a Momentum Style Score of B. In order to see if DFIN is a promising momentum pick, let's examine some Momentum Style elements to see if this financial communications and data services provider holds up. For DFIN, shares are up 28.24% over the past week while the Zacks Internet - Software and Services industry is up 2.89% over the same time period.
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bcd03a9a-3986-4260-abf2-d14bad69d426
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728802.0
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2022-08-10 00:00:00 UTC
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Down 10%, Is This Market Share Leader a Buy?
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DFIN
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https://www.nasdaq.com/articles/down-10-is-this-market-share-leader-a-buy
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nan
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nan
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Securities and Exchange Commission (SEC) compliance leader Donnelley Financial Solutions (NYSE: DFIN) recently reported second-quarter earnings that show marked advancement in its attempt to transform its stodgy, old-school investment and corporate clients into its software solutions. But are shares attractively valued?
Market dominance
Last week, Donnelley reported solid second-quarter numbers that revealed a 14.5% jump in adjusted earnings per share to $1.42. Management attributed the increase to structural cost reductions and growth in higher-margin software revenue. The company experienced 12.7% growth in compliance software and 7.5% growth in its software solutions business over the second quarter of last year.
Though it should be noted that revenue was down 0.5% overall. Donnelley provides compliance, record-keeping, and legal services to the mergers and acquisitions (M&A), initial public offering (IPO), and capital markets transaction industry. The earnings reported pointed to a substantial reduction in transactions due to the dying special purpose acquisition company (SPAC) boom that Donnelley gladly served in last year. Despite revenue from capital markets being down 22% from a robust second quarter last year, Donnelley outperformed its competitors.
Image source: Getty Images.
Part of the reason for Donnelley's outperformance in the slowing capital markets is its market share leadership. On its earnings webcast, Donnelley management said its pipeline for mergers and IPOs remains full, but deals are being pushed out due to macro uncertainty. Until those deals close and the majority of revenue is recognized, the company still performs services and collects revenue from each open deal.
Perhaps more importantly, Donnelley is one of the most trusted compliance companies in its markets. Therefore, the few deals that took place in the slow second quarter went to Donnelley.
Traditionally, Donnelley's compliance business consisted of paper-based disclosures, prospectuses, and client communications. Since the company has moved to a contemporary software-based platform, it has used its market share dominance to replace paper-based services and expand its software-based service to its extensive customer list.
In the second quarter, Donnelley's software sales reached $285 million, representing 30% of total sales for the company. That's a 480 basis point improvement from last year's second quarter. The company now has its sights set on achieving its goal of "44 in 2024," meaning it wants to get its software sales up to 44% of total sales by 2024.
Is Donnelley Financial stock a buy?
Despite a 10% pop in Donnelley's stock price after its earnings report, it is still down 10% for the year. According to Warren Buffett, price is what you pay; value is what you get. Determining the value of Donnelley stock is a bit tricky. For instance, in 2021, the company produced $4.14 in adjusted earnings per share. Based on the 2021 number, the shares trade at a trailing price-to-earnings (P/E) ratio of about 10 times, which appears attractive.
Investors should consider that Donnelley benefited from a once-in-a-lifetime SPAC boom, and 2021 earnings per share was the highest as a stand-alone public company. As a somewhat cyclical company, its valuation should consider all the highs and lows. Over the last eight years, Donnelley has averaged $1.72 in earnings per share, which would mean shares are trading at a distinctly higher normalized P/E ratio of 24 times. Donnelley stock has a five-year average P/E ratio of 9.7 times.
Even though Donnelley Financial's compliance business may be one of the more boring ones, it checks all the boxes of a fantastic company. However, shares look pretty expensive at this point. According to Buffett's dictum, you might not be getting enough value for the price.
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BJ Cook has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Securities and Exchange Commission (SEC) compliance leader Donnelley Financial Solutions (NYSE: DFIN) recently reported second-quarter earnings that show marked advancement in its attempt to transform its stodgy, old-school investment and corporate clients into its software solutions. Donnelley provides compliance, record-keeping, and legal services to the mergers and acquisitions (M&A), initial public offering (IPO), and capital markets transaction industry. The earnings reported pointed to a substantial reduction in transactions due to the dying special purpose acquisition company (SPAC) boom that Donnelley gladly served in last year.
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Securities and Exchange Commission (SEC) compliance leader Donnelley Financial Solutions (NYSE: DFIN) recently reported second-quarter earnings that show marked advancement in its attempt to transform its stodgy, old-school investment and corporate clients into its software solutions. Market dominance Last week, Donnelley reported solid second-quarter numbers that revealed a 14.5% jump in adjusted earnings per share to $1.42. The company experienced 12.7% growth in compliance software and 7.5% growth in its software solutions business over the second quarter of last year.
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Securities and Exchange Commission (SEC) compliance leader Donnelley Financial Solutions (NYSE: DFIN) recently reported second-quarter earnings that show marked advancement in its attempt to transform its stodgy, old-school investment and corporate clients into its software solutions. The earnings reported pointed to a substantial reduction in transactions due to the dying special purpose acquisition company (SPAC) boom that Donnelley gladly served in last year. Despite a 10% pop in Donnelley's stock price after its earnings report, it is still down 10% for the year.
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Securities and Exchange Commission (SEC) compliance leader Donnelley Financial Solutions (NYSE: DFIN) recently reported second-quarter earnings that show marked advancement in its attempt to transform its stodgy, old-school investment and corporate clients into its software solutions. The company experienced 12.7% growth in compliance software and 7.5% growth in its software solutions business over the second quarter of last year. Despite a 10% pop in Donnelley's stock price after its earnings report, it is still down 10% for the year.
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728803.0
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2022-08-05 00:00:00 UTC
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Donnelley Financial Solutions' (NYSE:DFIN) 51% CAGR outpaced the company's earnings growth over the same three-year period
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-nyse%3Adfin-51-cagr-outpaced-the-companys-earnings-growth-over
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nan
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nan
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The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But when you pick a company that is really flourishing, you can make more than 100%. To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 243% in the last three years. Most would be happy with that. Also pleasing for shareholders was the 60% gain in the last three months. The company reported its financial results recently; you can catch up on the latest numbers by reading our company report.
The past week has proven to be lucrative for Donnelley Financial Solutions investors, so let's see if fundamentals drove the company's three-year performance.
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
Donnelley Financial Solutions was able to grow its EPS at 36% per year over three years, sending the share price higher. This EPS growth is lower than the 51% average annual increase in the share price. This suggests that, as the business progressed over the last few years, it gained the confidence of market participants. It is quite common to see investors become enamoured with a business, after a few years of solid progress.
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
NYSE:DFIN Earnings Per Share Growth August 5th 2022
We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? This free interactive report on Donnelley Financial Solutions' balance sheet strength is a great place to start, if you want to investigate the stock further.
A Different Perspective
It's good to see that Donnelley Financial Solutions has rewarded shareholders with a total shareholder return of 20% in the last twelve months. That gain is better than the annual TSR over five years, which is 15%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For instance, we've identified 3 warning signs for Donnelley Financial Solutions (1 can't be ignored) that you should be aware of.
But note: Donnelley Financial Solutions may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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NYSE:DFIN Earnings Per Share Growth August 5th 2022 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 243% in the last three years. This free interactive report on Donnelley Financial Solutions' balance sheet strength is a great place to start, if you want to investigate the stock further.
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To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 243% in the last three years. NYSE:DFIN Earnings Per Share Growth August 5th 2022 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance.
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To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 243% in the last three years. NYSE:DFIN Earnings Per Share Growth August 5th 2022 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
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To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 243% in the last three years. NYSE:DFIN Earnings Per Share Growth August 5th 2022 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? The company reported its financial results recently; you can catch up on the latest numbers by reading our company report.
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25537917-38ca-45b8-9c50-cadb78db2fca
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728804.0
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2022-08-03 00:00:00 UTC
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Why Donnelley Financial Stock Soared Today
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DFIN
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https://www.nasdaq.com/articles/why-donnelley-financial-stock-soared-today
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nan
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nan
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What happened
Donnelley Financial Solutions (NYSE: DFIN) saw its stock price soar during trading on Wednesday. It was up nearly 24% at around 10:45 a.m. ET and at around 2:30 p.m. ET it was still up roughly 19% to around $40 per share.
On what was a good day for the markets overall, Donnelley Financial got an added boost from a strong second-quarter earnings report, released Wednesday.
So what
Donnelley Financial Solutions is a leader in providing risk management and data analytics solutions for public companies and investment management clients, which includes some 700 of the Fortune 1000. In short, it helps companies stay in compliance with Securities and Exchange Commission (SEC) regulations. It is the world's largest EDGAR filer, filing roughly 160,000 documents through that SEC portal per year.
In the second quarter, Donnelley smashed consensus estimates, posting net sales of $266 million, down 0.5% from a year ago, and net earnings of $46 million, up 7% year over year. Earnings per share (EPS) was up 15% year over year to $1.46. Analysts were expecting $221 million in revenue, $27 million in earnings, and $0.80 in EPS.
The company saw significant revenue gains in software solutions, or its software-as-a-service (SaaS) offerings, which jumped 8% year over year. The increase reflects the company's transition away from print products to SaaS and tech-enabled services, which now account for the bulk of revenue.
"During the second quarter, we made continued progress toward becoming a software-centric company," President and CEO Daniel Lieb said in a statement. "Total software sales grew nearly 8% compared to the second quarter of 2021 and made up 26.9% of total second quarter net sales, an increase of 200 basis points from last year's second quarter sales mix." He added that recurring compliance products saw sales rise 13% in the quarter.
Now what
The transition has also had the effect of lowering expenses, as the net cost of sales was $112 million, down 5% year over year. For the first six months, net cost of sales is down 7%. That has helped the company boost its free cash flow by 48% year over year to $31 million.
Donnelley is down about 15% year to date, a far cry from last year when it was up 178%. Donnelley benefited last year from a record year for special purpose acquisition company (SPAC) deals, which involves a lot of filing and compliance. While the SPAC market has cooled, Donnelley has been able to perform fairly well due to its focus on becoming software-centric and its cost controls. It is also cheap with a price-to-earnings (P/E) ratio of 8.
10 stocks we like better than Donnelley Financial Solutions, Inc.
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Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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What happened Donnelley Financial Solutions (NYSE: DFIN) saw its stock price soar during trading on Wednesday. On what was a good day for the markets overall, Donnelley Financial got an added boost from a strong second-quarter earnings report, released Wednesday. The increase reflects the company's transition away from print products to SaaS and tech-enabled services, which now account for the bulk of revenue.
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What happened Donnelley Financial Solutions (NYSE: DFIN) saw its stock price soar during trading on Wednesday. In the second quarter, Donnelley smashed consensus estimates, posting net sales of $266 million, down 0.5% from a year ago, and net earnings of $46 million, up 7% year over year. "Total software sales grew nearly 8% compared to the second quarter of 2021 and made up 26.9% of total second quarter net sales, an increase of 200 basis points from last year's second quarter sales mix."
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What happened Donnelley Financial Solutions (NYSE: DFIN) saw its stock price soar during trading on Wednesday. In the second quarter, Donnelley smashed consensus estimates, posting net sales of $266 million, down 0.5% from a year ago, and net earnings of $46 million, up 7% year over year. "Total software sales grew nearly 8% compared to the second quarter of 2021 and made up 26.9% of total second quarter net sales, an increase of 200 basis points from last year's second quarter sales mix."
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What happened Donnelley Financial Solutions (NYSE: DFIN) saw its stock price soar during trading on Wednesday. In the second quarter, Donnelley smashed consensus estimates, posting net sales of $266 million, down 0.5% from a year ago, and net earnings of $46 million, up 7% year over year. That has helped the company boost its free cash flow by 48% year over year to $31 million.
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2022-08-03 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Shares Cross Above 200 DMA
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-shares-cross-above-200-dma
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $35.79, changing hands as high as $41.62 per share. Donnelley Financial Solutions Inc shares are currently trading up about 21.8% on the day. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average:
Looking at the chart above, DFIN's low point in its 52 week range is $24.60 per share, with $52.33 as the 52 week high point — that compares with a last trade of $40.53.
Free Report: Top 7%+ Dividends (paid monthly)
Click here to find out which 9 other stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $35.79, changing hands as high as $41.62 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $24.60 per share, with $52.33 as the 52 week high point — that compares with a last trade of $40.53. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $35.79, changing hands as high as $41.62 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $24.60 per share, with $52.33 as the 52 week high point — that compares with a last trade of $40.53. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $35.79, changing hands as high as $41.62 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $24.60 per share, with $52.33 as the 52 week high point — that compares with a last trade of $40.53. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $35.79, changing hands as high as $41.62 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $24.60 per share, with $52.33 as the 52 week high point — that compares with a last trade of $40.53. Donnelley Financial Solutions Inc shares are currently trading up about 21.8% on the day.
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2022-08-03 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Tops Q2 Earnings and Revenue Estimates
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-tops-q2-earnings-and-revenue-estimates
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $1.38 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 57.14%. A quarter ago, it was expected that this financial communications and data services provider would post earnings of $1.10 per share when it actually produced earnings of $0.82, delivering a surprise of -25.45%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $266.2 million for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 19.43%. This compares to year-ago revenues of $267.5 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Donnelley Financial shares have lost about 28.7% since the beginning of the year versus the S&P 500's decline of -14.2%.
What's Next for Donnelley Financial?
While Donnelley Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Donnelley Financial: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.99 on $225.6 million in revenues for the coming quarter and $3.77 on $873.7 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software and Services is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Quotient Technology (QUOT), is yet to report results for the quarter ended June 2022. The results are expected to be released on August 9.
This digital coupons company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +27.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Quotient Technology's revenues are expected to be $75.61 million, down 39% from the year-ago quarter.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
Quotient Technology Inc. (QUOT): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $0.98 per share. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $0.98 per share. Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $266.2 million for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 19.43%.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $0.98 per share. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $266.2 million for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 19.43%.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $0.98 per share. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report The company has topped consensus revenue estimates three times over the last four quarters.
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2022-07-03 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 7/3/2022
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-7-3-2022
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a global risk and compliance solutions company. It provides regulatory filing and deal solutions through its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and others. Its segments include Capital Markets-Software Solutions (CM-SS), Capital Markets-Compliance and Communications Management (CM-CCM), Investment Companies-Software Solutions (IC-SS) and Investment Companies-Compliance and Communications Management (IC-CCM). CM-SS segment provides software solutions to public and private companies. CM-CCM segment provides technology-enabled services and print and distribution solutions to public and private companies. IC-SS segment provides software solutions that enable clients to store and manage compliance and regulatory information. IC-CCM segment provides its investment company clients tech-enabled services to prepare and file registration forms and others.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment offers commercial and consumer desktop and notebook personal computers (PCs), workstations, thin clients, commercial mobility devices, retail point-of-sale (POS) systems, displays and peripherals, software, support and services. The Printing segment provides consumer and commercial printer hardware, supplies, services and solutions. The Printing segment is also focused on graphics and three-dimensional (3D) imaging solutions in the commercial and industrial markets. The Corporate Investments segment includes HP Labs and certain business incubation and investment projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of HP INC
Full Guru Analysis for HPQ>
Full Factor Report for HPQ>
PERION NETWORK LTD (PERI) is a small-cap value stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of PERION NETWORK LTD
Full Guru Analysis for PERI>
Full Factor Report for PERI>
RESIDEO TECHNOLOGIES INC (REZI) is a mid-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Resideo Technologies, Inc. is a provider of security solutions primarily in residential environments. The Company operates through two segments: Products & Solutions, and ADI Global Distribution. The Products & Solutions segment consists of comfort, security, residential thermal (RTS) products and solutions. Its offerings include temperature and humidity control, thermal water and air solutions, as well as security panels, sensors, peripherals, wire and cable, communications devices, video cameras, awareness solutions, cloud infrastructure, installation and maintenance tools, and related software. ADI Global Distribution segment is the wholesale distributor of low-voltage security products including intrusion, telecom, network and audio-video (AV), access control and video products and participates in the broader related markets of smart home, fire, access control, power, audio, ProAV, networking, communications, wire and cable, enterprise connectivity, and structured wiring products.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of RESIDEO TECHNOLOGIES INC
Full Guru Analysis for REZI>
Full Factor Report for REZI>
VONTIER CORP (VNT) is a mid-cap value stock in the Scientific & Technical Instr. industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Vontier Corporation is a global industrial technology company. The Company focuses on critical technical equipment, components, software and services for manufacturing, repair and servicing in the mobility infrastructure industry around the world. The Company operates through two segments: mobility technologies, which provides solutions and services focused on fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, telematics and smart city solutions, and diagnostics and repair technologies, which manufactures and distributes vehicle repair tools, toolboxes and automotive diagnostic equipment and software and a full line of wheel-service equipment. It markets its products and services to retail and commercial fueling operators, convenience store and in-bay car wash operators, tunnel car wash businesses, commercial vehicle repair businesses, municipal governments and public safety entities and fleet owners/operators on a global basis.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of VONTIER CORP
Full Guru Analysis for VNT>
Full Factor Report for VNT>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Company Description: HP Inc. is a global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The Company operates through two segments: mobility technologies, which provides solutions and services focused on fuel dispensing, remote fuel management, point-of-sale and payment systems, environmental compliance, telematics and smart city solutions, and diagnostics and repair technologies, which manufactures and distributes vehicle repair tools, toolboxes and automotive diagnostic equipment and software and a full line of wheel-service equipment.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Its segments include Capital Markets-Software Solutions (CM-SS), Capital Markets-Compliance and Communications Management (CM-CCM), Investment Companies-Software Solutions (IC-SS) and Investment Companies-Compliance and Communications Management (IC-CCM).
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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Why This Great Company Has a Deceptive Valuation
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https://www.nasdaq.com/articles/why-this-great-company-has-a-deceptive-valuation
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Donnelley Financial Solutions (NYSE: DFIN) is a dominant player in helping companies comply with SEC regulations. The company holds a No. 1, 2, or 3 position in all its highly cyclical markets. Donnelley knocked it out of the ballpark in 2021, thanks to the red-hot IPO market and an even hotter once-in-a-lifetime SPAC market. Since then, the stock has come down, and shares look cheap -- but only on paper.
A great year for red tape
Donnelley Financial Solutions has an envious customer list that boasts more than 300 S&P 500 customers
and over 700 Fortune 1000 customers. These customers use Donnelley's software for SEC compliance filing and transactional filings for things like IPOs, M&A, and new debt securities. Most of their customers have been with Donnelley for many years.
When the IPO and SPAC markets gained momentum in 2021, so did business for Donnelley. In 2021, transactional revenues jumped over 40% in 2021 to $416 million, well above the six-year average of $300 million. Because Donnelley's services are mostly automated, that extra revenue came with few additional costs. Adjusted EBITDA margin for Donnelley nearly doubled from 9% in 2020 to 17% in 2021
As the calendar turned to 2022, the SPAC market cooled, and Donnelley's transactional revenue may follow suit. There were 613 SPAC IPOs in 2021, but only 58 through the first quarter of 2022. After the SEC proposed additional investor disclosure on SPACS, that number could fall even further. There are still SPACs that need to merge with a target, and Donnelley will get that business --unless those SPACs close up shop and return cash to shareholders. Either way, the end looks near for SPACs and Donnelley's SPAC-related profits.
In addition, the IPO market has cooled as well. In the first quarter of 2021, 395 IPOs hit the market, but 2022 has been a different story. Only 77 arrived in the first quarter of 2022. In recent months, 2021 IPOs have performed poorly as the stock market tanks. If the market continues its downward trend, companies thinking about IPO'ing may reconsider as their hoped-for share price goes up in smoke.
Don't forget that the same operational leverage that provided Donnelley with margin expansion in 2021 works the same in reverse. In other words, if transactional revenues fall, margins likely will, too, as lower revenue covers the same fixed costs.
Regulate your excitement
Donnelley Financial is undoubtedly strong, in its market position, its industry, and apparently its valuation. The stock trades at a non-GAAP TTM P/E around 6, well below its five-year average of nearly 10. Looks awfully tempting, right? But consider that over the five years from 2016 to 2020, Donnelley's average diluted earnings per share were $0.92. In 2021, diluted earnings per share were $4.14.
Donnelley shares currently trade around $28. If we use five-year average earnings per share, the normalized P/E ratio tops a whopping 32, a significantly less attractive valuation than the one based on inflated 2021 earnings and its long-run average. Though the stock deserves a spot on your radar, the best time to buy a cyclical stock is at the bottom. It's hard, if not impossible, to time that effort precisely -- but Donnelley doesn't seem to be there yet.
10 stocks we like better than Donnelley Financial Solutions, Inc.
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed what they believe are the ten best stocks for investors to buy right now... and Donnelley Financial Solutions, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys.
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*Stock Advisor returns as of April 7, 2022
Fool contributor B.J. Cook holds no financial position in any companies mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (NYSE: DFIN) is a dominant player in helping companies comply with SEC regulations. If the market continues its downward trend, companies thinking about IPO'ing may reconsider as their hoped-for share price goes up in smoke. Regulate your excitement Donnelley Financial is undoubtedly strong, in its market position, its industry, and apparently its valuation.
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Donnelley Financial Solutions (NYSE: DFIN) is a dominant player in helping companies comply with SEC regulations. Adjusted EBITDA margin for Donnelley nearly doubled from 9% in 2020 to 17% in 2021 As the calendar turned to 2022, the SPAC market cooled, and Donnelley's transactional revenue may follow suit. In other words, if transactional revenues fall, margins likely will, too, as lower revenue covers the same fixed costs.
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Donnelley Financial Solutions (NYSE: DFIN) is a dominant player in helping companies comply with SEC regulations. Donnelley knocked it out of the ballpark in 2021, thanks to the red-hot IPO market and an even hotter once-in-a-lifetime SPAC market. Adjusted EBITDA margin for Donnelley nearly doubled from 9% in 2020 to 17% in 2021 As the calendar turned to 2022, the SPAC market cooled, and Donnelley's transactional revenue may follow suit.
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Donnelley Financial Solutions (NYSE: DFIN) is a dominant player in helping companies comply with SEC regulations. There were 613 SPAC IPOs in 2021, but only 58 through the first quarter of 2022. But consider that over the five years from 2016 to 2020, Donnelley's average diluted earnings per share were $0.92.
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19251f63-c04d-45ad-99c3-db7f45fda171
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728809.0
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2022-05-05 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Q1 Earnings and Revenues Miss Estimates
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-q1-earnings-and-revenues-miss-estimates
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.15 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -25.45%. A quarter ago, it was expected that this financial communications and data services provider would post earnings of $1.26 per share when it actually produced earnings of $1.07, delivering a surprise of -15.08%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $211 million for the quarter ended March 2022, missing the Zacks Consensus Estimate by 4.27%. This compares to year-ago revenues of $245.3 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Donnelley Financial shares have lost about 34.5% since the beginning of the year versus the S&P 500's decline of -9.8%.
What's Next for Donnelley Financial?
While Donnelley Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Donnelley Financial: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.36 on $245.8 million in revenues for the coming quarter and $4.73 on $906 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software and Services is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, RingCentral (RNG), is yet to report results for the quarter ended March 2022. The results are expected to be released on May 9.
This cloud-based phone system provider for small businesses is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +25.9%. The consensus EPS estimate for the quarter has been revised 0% higher over the last 30 days to the current level.
RingCentral's revenues are expected to be $458.11 million, up 30% from the year-ago quarter.
Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
Ringcentral, Inc. (RNG): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.10 per share. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.10 per share. Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $211 million for the quarter ended March 2022, missing the Zacks Consensus Estimate by 4.27%.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.10 per share. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $211 million for the quarter ended March 2022, missing the Zacks Consensus Estimate by 4.27%.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.82 per share, missing the Zacks Consensus Estimate of $1.10 per share. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report The company has topped consensus revenue estimates three times over the last four quarters.
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2a2df44f-a166-4be7-ba47-e2ae7c5720a9
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728810.0
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2022-04-25 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Outpaces Stock Market Gains: What You Should Know
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-outpaces-stock-market-gains%3A-what-you-should-know-1
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Donnelley Financial Solutions (DFIN) closed the most recent trading day at $30.02, moving +1.32% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.57%. At the same time, the Dow added 0.7%, and the tech-heavy Nasdaq gained 0.08%.
Heading into today, shares of the financial communications and data services provider had lost 10.89% over the past month, outpacing the Computer and Technology sector's loss of 11.12% and lagging the S&P 500's loss of 5.26% in that time.
Donnelley Financial Solutions will be looking to display strength as it nears its next earnings release, which is expected to be May 5, 2022. The company is expected to report EPS of $1.10, down 4.35% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $220.4 million, down 10.15% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.73 per share and revenue of $906 million. These totals would mark changes of -3.27% and -8.79%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Donnelley Financial Solutions. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Donnelley Financial Solutions is currently a Zacks Rank #5 (Strong Sell).
Valuation is also important, so investors should note that Donnelley Financial Solutions has a Forward P/E ratio of 6.26 right now. Its industry sports an average Forward P/E of 34.6, so we one might conclude that Donnelley Financial Solutions is trading at a discount comparatively.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 148, which puts it in the bottom 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) closed the most recent trading day at $30.02, moving +1.32% from the previous trading session. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.73 per share and revenue of $906 million.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) closed the most recent trading day at $30.02, moving +1.32% from the previous trading session. Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.73 per share and revenue of $906 million.
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Donnelley Financial Solutions (DFIN) closed the most recent trading day at $30.02, moving +1.32% from the previous trading session. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions is currently a Zacks Rank #5 (Strong Sell).
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Donnelley Financial Solutions (DFIN) closed the most recent trading day at $30.02, moving +1.32% from the previous trading session. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.73 per share and revenue of $906 million.
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df66ec58-da1a-4648-9e19-22e4fd180e7b
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728811.0
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2022-04-03 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Peter Lynch - 4/3/2022
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-peter-lynch-4-3-2022
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The following are the top rated Technology stocks according to Validea's P/E/Growth Investor model based on the published strategy of Peter Lynch. This strategy looks for stocks trading at a reasonable price relative to earnings growth that also possess strong balance sheets.
ABB LTD (ADR) (ABB) is a large-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Abb Ltd is a holding company. The Company's segments include Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. It operates through four divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids. It is engaged in serving customers in utilities, industry and transport and infrastructure. The Electrification Products segment manufactures and sells products and services including low and medium-voltage switchgear, breakers, switches and control products. The Robotics and Motion segment manufactures and sells motors, generators, variable speed drives and robots and robotics. The Industrial Automation segment develops and sells control and plant optimization systems, and automation products and solutions. The Power Grids segment supplies power and automation products, systems, and service and software solutions.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E/GROWTH RATIO: PASS
SALES AND P/E RATIO: PASS
INVENTORY TO SALES: PASS
EPS GROWTH RATE: PASS
TOTAL DEBT/EQUITY RATIO: PASS
FREE CASH FLOW: NEUTRAL
NET CASH POSITION: NEUTRAL
Detailed Analysis of ABB LTD (ADR)
Full Guru Analysis for ABB>
Full Factor Report for ABB>
AMKOR TECHNOLOGY, INC. (AMKR) is a mid-cap value stock in the Semiconductors industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Amkor Technology, Inc. is a provider of outsourced semiconductor packaging and test services. The Company's packaging and test services are designed to meet application and chip-specific requirements, including the required type of interconnect technology; size; thickness; and electrical, mechanical, and thermal performance. It provides turnkey packaging and test services, including semiconductor wafer bump, wafer probe, wafer back-grind, package design, packaging, system-level and final test and drop shipment services. It refers to its flip chip, wafer-level processing and related test services as Advanced Products, and its wirebond packaging, power device packaging and related test services as Mainstream Products. Its Advanced Products include flip chip scale packages, wafer-level packages, and flip chip ball grid array (FCBGA) packages. Its Mainstream Products include leadframe packages, substrate-based wirebond packages, and micro-electro-mechanical systems (MEMS) packages.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E/GROWTH RATIO: PASS
SALES AND P/E RATIO: PASS
INVENTORY TO SALES: PASS
EPS GROWTH RATE: PASS
TOTAL DEBT/EQUITY RATIO: PASS
FREE CASH FLOW: NEUTRAL
NET CASH POSITION: NEUTRAL
Detailed Analysis of AMKOR TECHNOLOGY, INC.
Full Guru Analysis for AMKR>
Full Factor Report for AMKR>
ARROW ELECTRONICS, INC. (ARW) is a mid-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Arrow Electronics, Inc. is a provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The Company operates through two segments: The Global Components business and the Global Enterprise Computing Solutions (ECS) business. The Global components business segment distributes electronic components to original equipment manufacturers and contract manufacturers. The Global ECS business segment provides enterprise computing solutions to value-added resellers and managed service providers. The Global ECS' portfolio of computing solutions includes datacenter, cloud, security, and analytics solutions. The company maintains approximately 260 sales facilities and 42 distribution and value-added centers. Both business segments have operations in each of the three electronics markets; the Americas; Europe, Middle East, and Africa (EMEA); and Asia-Pacific regions.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E/GROWTH RATIO: PASS
SALES AND P/E RATIO: PASS
INVENTORY TO SALES: PASS
EPS GROWTH RATE: PASS
TOTAL DEBT/EQUITY RATIO: PASS
FREE CASH FLOW: NEUTRAL
NET CASH POSITION: NEUTRAL
Detailed Analysis of ARROW ELECTRONICS, INC.
Full Guru Analysis for ARW>
Full Factor Report for ARW>
CIENA CORPORATION (CIEN) is a mid-cap growth stock in the Communications Equipment industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ciena Corporation (Ciena) is a networking systems, services and software company. The Company operates through four segments: Networking Platforms; Platform Software and Services; Blue Planet Automation Software and Services; and Global Services. The Networking Platforms segment consists of its Converged Packet Optical and Packet Networking portfolios. The Platform Software and Services segment provides analytics, data, and planning tools to assist customers in managing Ciena's Networking Platforms products in their networks. The Blue Planet Automation Software and Services segment includes micro-services, standards-based open software suite, together with related services, that enables customers to implement large-scale software and information technology (IT)-led operations support system (OSS) transformations. The Global Services segment includes the sales of a range of Ciena's services for maintenance support, and training, installation and deployment and network design activities.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E/GROWTH RATIO: PASS
SALES AND P/E RATIO: PASS
INVENTORY TO SALES: PASS
EPS GROWTH RATE: PASS
TOTAL DEBT/EQUITY RATIO: PASS
FREE CASH FLOW: NEUTRAL
NET CASH POSITION: NEUTRAL
Detailed Analysis of CIENA CORPORATION
Full Guru Analysis for CIEN>
Full Factor Report for CIEN>
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Peter Lynch is 93% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a global risk and compliance solutions company. It provides regulatory filing and deal solutions through its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and others. Its segments include Capital Markets-Software Solutions (CM-SS), Capital Markets-Compliance and Communications Management (CM-CCM), Investment Companies-Software Solutions (IC-SS) and Investment Companies-Compliance and Communications Management (IC-CCM). CM-SS segment provides software solutions to public and private companies. CM-CCM segment provides technology-enabled services and print and distribution solutions to public and private companies. IC-SS segment provides software solutions that enable clients to store and manage compliance and regulatory information. IC-CCM segment provides its investment company clients tech-enabled services to prepare and file registration forms and others.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
P/E/GROWTH RATIO: PASS
SALES AND P/E RATIO: NEUTRAL
INVENTORY TO SALES: PASS
EPS GROWTH RATE: PASS
TOTAL DEBT/EQUITY RATIO: PASS
FREE CASH FLOW: NEUTRAL
NET CASH POSITION: NEUTRAL
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
More details on Validea's Peter Lynch strategy
Peter Lynch Stock Ideas
About Peter Lynch: Perhaps the greatest mutual fund manager of all-time, Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. Lynch's common sense approach and quick wit made him one of the most quoted investors on Wall Street. ("Go for a business that any idiot can run -- because sooner or later, any idiot probably is going to run it," is one of his many pearls of wisdom.) Lynch's bestseller One Up on Wall Street is something of a "stocks for the everyman/everywoman", breaking his approach down into easy-to-understand concepts.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Detailed Analysis of CIENA CORPORATION Full Guru Analysis for CIEN> Full Factor Report for CIEN> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> More details on Validea's Peter Lynch strategy Peter Lynch Stock Ideas About Peter Lynch: Perhaps the greatest mutual fund manager of all-time, Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. The following are the top rated Technology stocks according to Validea's P/E/Growth Investor model based on the published strategy of Peter Lynch.
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Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> More details on Validea's Peter Lynch strategy Peter Lynch Stock Ideas About Peter Lynch: Perhaps the greatest mutual fund manager of all-time, Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. Detailed Analysis of CIENA CORPORATION Full Guru Analysis for CIEN> Full Factor Report for CIEN> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of AMKOR TECHNOLOGY, INC. Full Guru Analysis for AMKR> Full Factor Report for AMKR> ARROW ELECTRONICS, INC. (ARW) is a mid-cap value stock in the Electronic Instr.
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Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> More details on Validea's Peter Lynch strategy Peter Lynch Stock Ideas About Peter Lynch: Perhaps the greatest mutual fund manager of all-time, Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. Detailed Analysis of CIENA CORPORATION Full Guru Analysis for CIEN> Full Factor Report for CIEN> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Company Description: Arrow Electronics, Inc. is a provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions.
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Detailed Analysis of CIENA CORPORATION Full Guru Analysis for CIEN> Full Factor Report for CIEN> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> More details on Validea's Peter Lynch strategy Peter Lynch Stock Ideas About Peter Lynch: Perhaps the greatest mutual fund manager of all-time, Lynch guided Fidelity Investment's Magellan Fund to a 29.2 percent average annual return from 1977 until his retirement in 1990, almost doubling the S&P 500's 15.8 percent yearly return over that time. The following are the top rated Technology stocks according to Validea's P/E/Growth Investor model based on the published strategy of Peter Lynch.
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728812.0
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2022-04-03 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 4/3/2022
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-4-3-2022
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a global risk and compliance solutions company. It provides regulatory filing and deal solutions through its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and others. Its segments include Capital Markets-Software Solutions (CM-SS), Capital Markets-Compliance and Communications Management (CM-CCM), Investment Companies-Software Solutions (IC-SS) and Investment Companies-Compliance and Communications Management (IC-CCM). CM-SS segment provides software solutions to public and private companies. CM-CCM segment provides technology-enabled services and print and distribution solutions to public and private companies. IC-SS segment provides software solutions that enable clients to store and manage compliance and regulatory information. IC-CCM segment provides its investment company clients tech-enabled services to prepare and file registration forms and others.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment offers commercial and consumer desktop and notebook personal computers (PCs), workstations, thin clients, commercial mobility devices, retail point-of-sale (POS) systems, displays and peripherals, software, support and services. The Printing segment provides consumer and commercial printer hardware, supplies, services and solutions. The Printing segment is also focused on graphics and three-dimensional (3D) imaging solutions in the commercial and industrial markets. The Corporate Investments segment includes HP Labs and certain business incubation and investment projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of HP INC
Full Guru Analysis for HPQ>
Full Factor Report for HPQ>
PERION NETWORK LTD (PERI) is a small-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of PERION NETWORK LTD
Full Guru Analysis for PERI>
Full Factor Report for PERI>
CONSENSUS CLOUD SOLUTIONS INC (CCSI) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Consensus Cloud Solutions, Inc. is a provider of digital cloud fax technology. The Company provides interoperability with streamlined workflows in a platform that keeps customers connected through each patient's continuum of care. Its solutions include Consensus Unite, Consensus Signal, Consensus Clarity and Consensus Harmony. Consensus Unite provides interoperability to providers and payers across the healthcare ecosystem. Consensus Signal delivers real-time admission, discharge, and transfer (ADT) event alert notification. Consensus Clarity solution integrates natural language processing and artificial intelligence to help healthcare organizations move unstructured electronic health record (EHR) data and clinical content to structured, analytics-ready data. Consensus Harmony includes universal healthcare application programming interface (APIs), cloud fax APIs, electronic signature APIs, and connectivity to multiple participating EHR partners and other industry cloud marketplaces.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of CONSENSUS CLOUD SOLUTIONS INC
Full Guru Analysis for CCSI>
Full Factor Report for CCSI>
GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: GrafTech International Ltd. is a manufacturer of graphite electrode products essential to the production of electric arc furnace (EAF) steel and other ferrous and non-ferrous metals. The Company operates through one segment: Industrial Materials, which comprises of two product categories, graphite electrodes and petroleum needle coke products. Graphite electrodes are an industrial consumable product used primarily in EAF steel production. Petroleum needle coke is a crystalline form of carbon derived from decant oil, which is a raw material used in the production of graphite electrodes. The Company has graphite electrode manufacturing facilities in Calais, France, Pamplona, Spain, Monterrey, Mexico and St. Marys, Pennsylvania. Its customers include steel producers and other ferrous and non-ferrous metal producers in Europe, Russia and other Commonwealth of Independent States countries, the Middle East and Africa (EMEA), and the Americas and Asia-Pacific (APAC).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of GRAFTECH INTERNATIONAL LTD
Full Guru Analysis for EAF>
Full Factor Report for EAF>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Company Description: HP Inc. is a global provider of personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> CONSENSUS CLOUD SOLUTIONS INC (CCSI) is a small-cap value stock in the Software & Programming industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> CONSENSUS CLOUD SOLUTIONS INC (CCSI) is a small-cap value stock in the Software & Programming industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Its solutions include Consensus Unite, Consensus Signal, Consensus Clarity and Consensus Harmony.
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2c88fce8-38e2-40b7-954b-2b892413ea8a
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728813.0
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2022-04-01 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Outpaces Stock Market Gains: What You Should Know
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-outpaces-stock-market-gains%3A-what-you-should-know-0
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nan
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Donnelley Financial Solutions (DFIN) closed at $33.57 in the latest trading session, marking a +0.93% move from the prior day. This change outpaced the S&P 500's 0.34% gain on the day. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq lost 0.47%.
Prior to today's trading, shares of the financial communications and data services provider had gained 7.15% over the past month. This has outpaced the Computer and Technology sector's gain of 2.36% and the S&P 500's gain of 3.75% in that time.
Donnelley Financial Solutions will be looking to display strength as it nears its next earnings release. In that report, analysts expect Donnelley Financial Solutions to post earnings of $1.33 per share. This would mark year-over-year growth of 15.65%. Our most recent consensus estimate is calling for quarterly revenue of $220.4 million, down 10.15% from the year-ago period.
DFIN's full-year Zacks Consensus Estimates are calling for earnings of $4.73 per share and revenue of $906 million. These results would represent year-over-year changes of -3.27% and -8.79%, respectively.
It is also important to note the recent changes to analyst estimates for Donnelley Financial Solutions. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Donnelley Financial Solutions is currently sporting a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that Donnelley Financial Solutions has a Forward P/E ratio of 7.03 right now. For comparison, its industry has an average Forward P/E of 37.39, which means Donnelley Financial Solutions is trading at a discount to the group.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 200, which puts it in the bottom 21% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) closed at $33.57 in the latest trading session, marking a +0.93% move from the prior day. DFIN's full-year Zacks Consensus Estimates are calling for earnings of $4.73 per share and revenue of $906 million. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
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DFIN's full-year Zacks Consensus Estimates are calling for earnings of $4.73 per share and revenue of $906 million. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) closed at $33.57 in the latest trading session, marking a +0.93% move from the prior day.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) closed at $33.57 in the latest trading session, marking a +0.93% move from the prior day. DFIN's full-year Zacks Consensus Estimates are calling for earnings of $4.73 per share and revenue of $906 million.
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Donnelley Financial Solutions (DFIN) closed at $33.57 in the latest trading session, marking a +0.93% move from the prior day. DFIN's full-year Zacks Consensus Estimates are calling for earnings of $4.73 per share and revenue of $906 million. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
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b028b71c-8c5b-49b8-98bd-70fba0e768eb
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728814.0
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2022-03-23 00:00:00 UTC
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7 Cheap Stocks That Look Like a Huge Bargain Right Now
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DFIN
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https://www.nasdaq.com/articles/7-cheap-stocks-that-look-like-a-huge-bargain-right-now
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nan
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nan
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
With the stock market’s overall drop year-to-date, you may be on the prowl for some bargains. But as major indices like the S&P 500 continue to trade at elevated valuations, it remains difficult to find cheap stocks.
Not only that, many of the “cheap” (in terms of valuation) stocks are names that have a high risk of becoming value traps. That is, a stock that’s cheap, yet stays cheap. This is usually due to mediocre management, poor prospects or some sort of other negative factor that isn’t apparent when you stumble upon it on a stock screener.
However, even in today’s still-pricey stock market, there are quite a few value plays to consider. These plays range from widely-followed mega caps, all the way down to more under-the-radar small cap stocks. They also span across multiple sectors, from consumer staples to financial services to tech.
7 Recession-Proof Stocks for Nervous Investors to Buy in 2022
So, whether you’re bullish on the “value rotation” carrying on, or you simply like to focus on stocks with less premium valuations, what are some bargain basement names worth a look? These seven should be on your watchlist. Trading at low multiples, there’s plenty of treasure to be found with these cheap stocks:
CoreCivic (NYSE:CXW)
Donnelley Financial Solutions (NYSE:DFIN)
Discovery Communications (NASDAQ:DISCA, DISCB, DISCK)
Ford (NYSE:F)
Meta Platforms (NASDAQ:FB)
Lumen Technologies (NYSE:LUMN)
Altria Group (NYSE:MO)
Bargain Cheap Stocks: CoreCivic (CXW)
Source: rawf8/Shutterstock
My talk of avoiding “value traps” notwithstanding, I’ll admit that shares in private prison operator CoreCivic have been a bit of a value trap over the past few years.
CXW stock, along with its peer Geo Group (NYSE:GEO), have seen big drops since the late 2010s. It was at first due to concerns about a crackdown on privately-run prisons; then, by Executive Order President Joe Biden’s Administration phasing out their use on the U.S. federal level (with some exceptions). Both names have tried, but so far have failed, to make much of a recovery.
However, there is reason to believe the crowd has prematurely declared “game over” for the space. At least, that’s what contrarians such as Michael Burry (of “Big Short” fame) are banking on. CXW and GEO both remain big holdings of Burry. That said, there’s more backing up the bull case than just the fact Burry holds it in his portfolio.
Both companies continue to generate most of their revenue from either state and local contracts, or from contracts with the Department of Homeland Security, which isn’t affected by the order. The situation with Geo is a bit more iffy, yet assuming CoreCivic continues to de-lever, and uses its profits to buy back stock/pay out dividends, this stock (at around $9.65 per share today) could make a serious move back toward prior price levels.
Donnelley Financial Solutions (DFIN)
Source: Shutterstock
Knocked to single digits at the start of the pandemic, DFIN stock has gone on an incredible run since mid-2020. Shares in this financial services firm, which provides compliance and communication solutions for publicly-traded companies, were at one point up more than 10x from their 2020 lows.
More recently, though, they’ve taken a dive. At around $35.00 per share today, Donnelley Financial Solutions is down more than 30% from its high. This may be an opportunity for those who missed its initial hot run. Why? Although still up substantially over the past two years, it continues to be a bona fide value stock.
Trading for just 7.53x earnings, I’ll concede there’s a good reason why it’s firmly in the cheap stocks category. Its big jump in earnings between 2020 and 2021 isn’t set to repeat itself in 2022. During this timeframe, the boom in special purpose acquisition stock (SPAC) IPOs played a major role in its strong operating performance.
9 Gold Stocks to Buy as Global Fears Rise
Even so, while the salad days for SPACs have long since passed, that’s not to say “the party’s over” here. As a Seeking Alpha commentator argued last month, the market may be overestimating how important SPAC IPOs were to its bottom line. If it can continue to grow the recurring revenue end of its business, this could more than makeup for a drop-off in transaction-based revenue — resulting in a market re-rating of shares.
Bargain Cheap Stocks: Discovery Communications (DISCA, DISCB, DISCK)
Source: Iftekkhar / Shutterstock.com
As you likely know, media conglomerate Discovery Communications is on the eve of closing a mega-merger with AT&T’s (NYSE:T) WarnerMedia unit. Shareholders have voted “yes” for the transaction. A month from now, the deal is set to close, with the combined company renamed Warner Bros. Discovery (WBD).
Per the terms of the deal, AT&T will receive a majority stake in the company, which it will then spin off to its shareholders. If that’s the case, why buy DISCA stock, and not T stock, before the merger? Good question. There is upside with both pieces of AT&T.
The post spin-off AT&T could see a bump up in price, as a singular focus on telecom could enable it to improve its operating performance. But if you’re looking for more concentrated upside potential, you may just want to buy Discovery directly. What do I mean by “more concentrated upside?”
The revenue and cost synergies by combining Discovery with Warner could result in this stock (at around $27 per share today), soaring to $45, or perhaps as much as $57 per share (per estimates from Bank of America analyst Jessica Reif Ehrlich). On the other hand, if you buy T stock instead, the total return from the WBD spinoff, plus upside from T, could be modest by comparison. Granted, it’s not a lock that WBD will be a big winner post-merger. Yet if you’re bullish on T stock mainly for this catalyst, you may want to just buy DISCA stock instead.
Cheap Stocks: Ford (F)
Source: Ford
Ford’s big move into electric vehicles (EVs) last year sent F stock into hyperdrive. As recently as January, it was trading for above $25 per share, prices not seen in over 20 years.
However, more recently shares in the Detroit automaker have been in reverse. Dropping down to around $17.20 per share, blame a cooldown in “EV mania,” plus concerns of inflation and supply shocks affecting its future results, for its sharp decline. So, as sentiment turns negative, why buy today?
Although Ford and its peers face big challenges, things may be less dire than they seem. According to sell-side estimates, revenue and earnings are expected to see big improvement this year. Consensus calls for a 16% jump in revenue. Looking beyond the coming twelve months, as Louis Navellier wrote on March 7, its plans to create a separate operating unit for its EV business may help maximize its value over the long-term.
7 Stable Energy Stocks for Uncertain Times
In short, I wouldn’t assume that F stock is on the verge of making a full retreat. Solid results, plus more progress with becoming a major producer of EVs, could enable it to avoid further declines. In turn, possibly making a move back to recent highs. Trading for just 7.6x earnings, keep it on your cheap stocks watchlist.
Bargain Cheap Stocks: Meta Platforms (FB)
Source: Ink Drop / Shutterstock.com
The tech giant formerly known as Facebook Inc., the company not only made headlines with its big bet on the metaverse. It also kicked off a short-lived speculative frenzy in both metaverse stocks as well as metaverse-themed cryptocurrencies.
But since this company took on the Meta handle last fall, excitement over this transformation has vanished. Worse yet, there’s now the prospect of much slower revenue growth. News of this February (when management provided updated outlook) caused FB stock to plummet 26% in a single day.
Over the past month, it has continued to slide, although it started to trend higher more recently. Yet at around $215 per share today, versus around $323 per share before the guidance-driven plunge, this FAANG component has morphed into a value play. A value play that could bounce back. In time, the market could realize it overreacted to news of slowing revenue growth and a drop in daily active users (DAUs).
If this happens, FB stock, cheap at just 14.5x earnings, could start to recover. Admittedly, I would say that this is a name that’s barely out of “value trap” territory. As my InvestorPlace colleague, Dana Blankenhorn, has argued, CEO Mark Zuckerberg’s absolute control of the company could be bad for shareholders. Instead of pursuing avenues good for shareholder value (such as monetizing its cloud infrastructure), Meta could instead throw good money after bad business by carrying on with putting its plans to dominate the metaverse into reality.
Lumen Technologies (LUMN)
Source: Shutterstock
Telecom company Lumen is one of the cheap stocks I’ve owned personally for several years. Mostly, because investing in this publicly-traded entity in a way is like investing in a private equity deal. With its low valuation and high debt position, simply using its cash flow to de-lever, as well as continuing to pay out a high dividend (9.02% forward yield) could result in strong returns.
Of course, this has produced middling results so far. Even though the stock saw a boost in mid-2021, LUMN stock has given back its gains. But while it’s hard to deny that so far it’s been a value trap, that may not necessarily be the case moving forward.
Although earnings are set to decline this year (in large part due to pending asset sales), the company remains committed to maintaining the high dividend. The billions in proceeds from the asset sales will help with debt reduction.
7 Safe Investments for Seniors to Consider in 2022
These deals will also provide it with the capital needed to grow its next-generation services business lines. Namely, the expansion of its Quantum Fiber business. With big potential upside once the company moves along with its restructuring, consider Lumen Technologies stock a buy, after its recent drop in price.
Bargain Cheap Stocks: Altria Group (MO)
Source: Kristi Blokhin / Shutterstock.com
With interest rates rising, and the market cycling into value plays, it’s no surprise MO stock has held up well recently. Shares are in the green year-to-date, up around 12%. Yet, while it recently hit a new 52-week high, don’t assume it’s too late to dive into it.
Altria Group, parent company of tobacco giant Philip Morris USA, may not rank well on ESG ratings. That’s been a big factor in its underperformance in recent years. In addition, you may be concerned that this cigarette maker, despite its efforts to move “beyond smoking,” profits will decline due to this transition to non-tobacco, non-combustible nicotine products.
Be that as it may, that doesn’t necessarily mean MO stock will underperform going forward. With the flexibility to raise prices, the company could keep earnings steady, even as the percentage of Americans who smoke goes down. This high flexibility also extends to its ability to raise prices to keep up with inflation.
Add in share repurchases and Altria stands to continue growing its earnings in the years ahead — albeit, at a slight pace (mid single-digits). However, couple that with its high dividend yield (6.89%). The result is a cheap stock (trading for around 10.52x earnings) could provide steady returns for investors.
On the date of publication, Thomas Niel held long positions in CXW, GEO, LUMN and MO. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
The post 7 Cheap Stocks That Look Like a Huge Bargain Right Now appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Trading at low multiples, there’s plenty of treasure to be found with these cheap stocks: CoreCivic (NYSE:CXW) Donnelley Financial Solutions (NYSE:DFIN) Discovery Communications (NASDAQ:DISCA, DISCB, DISCK) Ford (NYSE:F) Meta Platforms (NASDAQ:FB) Lumen Technologies (NYSE:LUMN) Altria Group (NYSE:MO) Bargain Cheap Stocks: CoreCivic (CXW) Source: rawf8/Shutterstock My talk of avoiding “value traps” notwithstanding, I’ll admit that shares in private prison operator CoreCivic have been a bit of a value trap over the past few years. Donnelley Financial Solutions (DFIN) Source: Shutterstock Knocked to single digits at the start of the pandemic, DFIN stock has gone on an incredible run since mid-2020. Looking beyond the coming twelve months, as Louis Navellier wrote on March 7, its plans to create a separate operating unit for its EV business may help maximize its value over the long-term.
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Trading at low multiples, there’s plenty of treasure to be found with these cheap stocks: CoreCivic (NYSE:CXW) Donnelley Financial Solutions (NYSE:DFIN) Discovery Communications (NASDAQ:DISCA, DISCB, DISCK) Ford (NYSE:F) Meta Platforms (NASDAQ:FB) Lumen Technologies (NYSE:LUMN) Altria Group (NYSE:MO) Bargain Cheap Stocks: CoreCivic (CXW) Source: rawf8/Shutterstock My talk of avoiding “value traps” notwithstanding, I’ll admit that shares in private prison operator CoreCivic have been a bit of a value trap over the past few years. Donnelley Financial Solutions (DFIN) Source: Shutterstock Knocked to single digits at the start of the pandemic, DFIN stock has gone on an incredible run since mid-2020. The situation with Geo is a bit more iffy, yet assuming CoreCivic continues to de-lever, and uses its profits to buy back stock/pay out dividends, this stock (at around $9.65 per share today) could make a serious move back toward prior price levels.
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Trading at low multiples, there’s plenty of treasure to be found with these cheap stocks: CoreCivic (NYSE:CXW) Donnelley Financial Solutions (NYSE:DFIN) Discovery Communications (NASDAQ:DISCA, DISCB, DISCK) Ford (NYSE:F) Meta Platforms (NASDAQ:FB) Lumen Technologies (NYSE:LUMN) Altria Group (NYSE:MO) Bargain Cheap Stocks: CoreCivic (CXW) Source: rawf8/Shutterstock My talk of avoiding “value traps” notwithstanding, I’ll admit that shares in private prison operator CoreCivic have been a bit of a value trap over the past few years. Donnelley Financial Solutions (DFIN) Source: Shutterstock Knocked to single digits at the start of the pandemic, DFIN stock has gone on an incredible run since mid-2020. InvestorPlace - Stock Market News, Stock Advice & Trading Tips With the stock market’s overall drop year-to-date, you may be on the prowl for some bargains.
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Trading at low multiples, there’s plenty of treasure to be found with these cheap stocks: CoreCivic (NYSE:CXW) Donnelley Financial Solutions (NYSE:DFIN) Discovery Communications (NASDAQ:DISCA, DISCB, DISCK) Ford (NYSE:F) Meta Platforms (NASDAQ:FB) Lumen Technologies (NYSE:LUMN) Altria Group (NYSE:MO) Bargain Cheap Stocks: CoreCivic (CXW) Source: rawf8/Shutterstock My talk of avoiding “value traps” notwithstanding, I’ll admit that shares in private prison operator CoreCivic have been a bit of a value trap over the past few years. Donnelley Financial Solutions (DFIN) Source: Shutterstock Knocked to single digits at the start of the pandemic, DFIN stock has gone on an incredible run since mid-2020. If it can continue to grow the recurring revenue end of its business, this could more than makeup for a drop-off in transaction-based revenue — resulting in a market re-rating of shares.
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ba5fdd46-d79d-45b6-a824-edf5bad29d8b
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728815.0
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2022-03-14 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Gains As Market Dips: What You Should Know
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-gains-as-market-dips%3A-what-you-should-know-1
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nan
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nan
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $31.30, marking a +0.35% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.74%.
Heading into today, shares of the financial communications and data services provider had lost 13.14% over the past month, lagging the Computer and Technology sector's loss of 7.96% and the S&P 500's loss of 4.6% in that time.
Donnelley Financial Solutions will be looking to display strength as it nears its next earnings release. On that day, Donnelley Financial Solutions is projected to report earnings of $1.10 per share, which would represent a year-over-year decline of 4.35%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $220.4 million, down 10.15% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.73 per share and revenue of $906 million, which would represent changes of -3.27% and -8.79%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Donnelley Financial Solutions. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 19.37% lower. Donnelley Financial Solutions is currently a Zacks Rank #5 (Strong Sell).
Looking at its valuation, Donnelley Financial Solutions is holding a Forward P/E ratio of 6.59. For comparison, its industry has an average Forward P/E of 34.31, which means Donnelley Financial Solutions is trading at a discount to the group.
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 195, putting it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow DFIN in the coming trading sessions, be sure to utilize Zacks.com.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $31.30, marking a +0.35% move from the previous day. To follow DFIN in the coming trading sessions, be sure to utilize Zacks.com. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $31.30, marking a +0.35% move from the previous day. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report To follow DFIN in the coming trading sessions, be sure to utilize Zacks.com.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $31.30, marking a +0.35% move from the previous day. To follow DFIN in the coming trading sessions, be sure to utilize Zacks.com.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $31.30, marking a +0.35% move from the previous day. To follow DFIN in the coming trading sessions, be sure to utilize Zacks.com. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
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728816.0
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2022-02-25 00:00:00 UTC
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7 Butchered Tech Stocks With Plenty of Hope Left
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DFIN
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https://www.nasdaq.com/articles/7-butchered-tech-stocks-with-plenty-of-hope-left
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
For the past decade or more, the choice for a strong growth portfolio has been obvious: tech stocks. However, 2022 has been different. In what has been described as a “stampede out of tech,” investors have been abandoning the sector in favor of safer ground. Many of the top tech stocks have become mega caps, limiting their ability to deliver the kind of growth they did during eras like the early days of smartphones or video streaming. They also face economic challenges, including inflation and rising interest rates.
However, don’t make the mistake of throwing the baby out with the bathwater. Not all tech stocks are doomed to slide into a period of stagnation. Many are set to deliver big gains in coming years. Especially those that operate under the radar, offering technology services to corporate clients rather than selling products to consumers.
7 Electric Vehicle Stocks That You Can Trust for the Long-Haul
These seven tech stocks have felt the impact of the recent tech stock sector butchery. That only makes them more appealing because now they’re available at a discount.
Axcelis Technologies (NASDAQ:ACLS)
Donnelley Financial Solutions (NYSE:DFIN)
Endava (NYSE:DAVA)
ExlService (NASDAQ:EXLS)
FactSet Research Systems (NYSE:FDS)
Fortinet (NASDAQ:FTNT)
Gartner (NYSE:IT)
To make your purchasing decision a little less stressful, each of these tech stocks earns a high rating in Portfolio Grader. In fact, most are rated as an “A,” backed by a strong “buy” recommendation.
Tech Stocks to Buy: Axcelis (ACLS)
Source: Pavel Kapysh / Shutterstock.com
By now, the crippling shortages hitting the semiconductor industry are old news. There’s no easy fix, with new fabrication plants costing billions and taking years to build. One way for investors to take advantage of this situation is by investing in a company that helps those semiconductor companies to improve their yields.
Axcelis sells the next-generation Purion platform. This ion implanter technology is used in the semiconductor fabrication process. Axcelis’ Purion platform helps to optimize yields by reducing glitches and minimizing contagion of metals used in the process. The company markets its value as improving fabrication plant “precision, purity and productivity.”
The demand for its services can be seen in Axcelis full-year 2021 results. The company reported record full-year revenue, operating profit and gross margin.
ACLS stock had been on a steady growth path since 2020. I say “had,” because like so many tech stocks, it was hit hard to start 2022. After starting strong and closing at an all-time high of $77.17 on Jan. 3, the pullback began. ACLS stock bottomed out, hitting a $54.20 low on Jan. 28. It has since staged a partial recovery, but is still down nearly 14% since the start of the year. That means there’s still time to pick up Axcelis shares on the cheap.
At the time of publication, ACLS stock earned an “A” rating in Portfolio Grader.
Donnelley Financial Solutions (DFIN)
Source: Shutterstock
Donnelley Financial Solutions may not sound like a technology company, but it is. With a twist. This Chicago-based company offers financial software solutions, with a focus on risk management and financial compliance. Investment analysts know the company as the world’s single largest SEC EDGAR filer, with over 160,000 financial reports filed annually.
Customers of DFIN are looking for ways to automate compliance, lower their risk and also cut costs in an increasingly complicated global financial market. DFIN solutions are used by a who’s who of Fortune 500 companies.
DFIN stock is trading at 2022 lows and has slid to a 29% loss to this point in 2022. That’s a stark contrast to the nearly 1,100% growth it posted between the 2020 market crash and last November. This year’s slump offers an opportunity to add this tech stock to your growth portfolio at its lowest price in six months.
7 Stocks Making Major Metaverse Moves in 2022
DFIN stock currently scores an “A” rating in Portfolio Grader.
Tech Stocks to Buy: Endava (DAVA)
Source: Sittipong Phokawattana/Shutterstock
If Endava sounds familiar, it may be because I’ve featured this U.K.-based software development company before. It made my January list of IT stocks to buy and here it is again. Why?
In the case of Endava the appeal is largely in enterprise IT spending. With its focus on helping companies with a “digital transformation,” DAVA stock performed very well during the pandemic. With a mad scramble to establish an online presence, that makes sense. However, the push to get services online is not going to stop as the pandemic’s effects lessen. Current customers expect it, and going digital opens up global markets. Interest rates, inflation and a war in Ukraine won’t stop companies from spending money to digitize their business.
DAVA stock delivered a return of nearly 475% in the pandemic years before skidding to a 20% loss so far in 2022. That weak performance offers a nice opportunity to pick up shares on the dip.
The current Portfolio Grader rating for DAVA stock is “A.”
ExlService Holdings (EXLS)
Source: Shutterstock
ExlService Holdings — or EXL — is an IT service management company. It provides advanced operational tech solutions such as data analytics to customers in a wide range of sectors, including banking, health, retail, manufacturing and transportation. EXL also helps customers adopt the latest in digital technologies including AI and the cloud. Customers turn to EXL for cost savings, improvements in efficiency and increased quality.
With inflation and interest rates putting upward pressure on corporate costs, companies like EXL stand to gain. The race will be on to keep increases to a minimum, and that means increased adoption of cost-cutting technology. EXLS stock has shown a nice growth trajectory over the past five years, marred by only two major exceptions: the March 2020 stock market crash, and the 2022 tech stock pullback. EXLS stock is currently down 22% from its December 27, 2021 all-time high close. Now is a prime time to consider adding shares to your growth portfolio.
7 Red-Hot Growth Stocks That Could Be Headed to the Moon
At the time this list of tech stocks was published, EXLS stock was rated as “B” in Portfolio Grader.
Tech Stocks to Buy: FactSet (FDS)
Source: katjen/Shutterstock.com
FactSet Research Systems has provided open data and software solutions for over four decades. With offices in 20 countries, the company counts 162,000 investment professionals among its core customer base. FactSet’s Insight blog boasts a readership of 700,000 subscribers. The company also provides enterprise financial data solutions.
As an informed investor, chances are FactSet data is an important part of your stock-buying decision process. You should also consider FDS stock as a part of that portfolio. It has delivered solid returns over the past five years, but its slump in 2022 (down 17% since the start of the year) offers the opportunity to also take advantage of this tech stock’s expected recovery.
FDS stock currently rates an “A” in Portfolio Grader.
Fortinet (FTNT)
Source: Sundry Photography / Shutterstock.com
One tech “business” has seen a massive increase in 2021 and is on track to repeat that performance in 2022. Cyber crime is spiraling out of control. Ransomware is the poster child for just how badly things can go if your computer gets hacked. The lucrative business of cyber crime just happens to be a favorite of Russian cybercriminals and with the situation in Europe devolving into war and threats of sanctions, you can bet those ransomware attacks are going to increase.
In 2021, ransomware attacks were up 105%, globally. Ransomware attacks against government agencies were up a whopping 1,885%. Against healthcare organizations, the increase was 755%. Adding to the challenge is the increasing adoption of hybrid work arrangements that see employees splitting their time between home and office.
All this is a preamble in support of Fortinet. This California-based company claims to be the world’s largest cyber security provider for enterprise and government customers. The company reported full-year revenue up 29% in 2021, its third consecutive year with growth of 20% or more. It also issued guidance for 2022 revenue that will continue that winning streak.
Despite the impressive performance and the strong likelihood of a solid 2022, FTNT stock is down 5% in 2022. Time to consider making a move on this tech stock.
7 Electric Vehicle Stocks That You Can Trust for the Long-Haul
At time of publication, FTNT stock was rated as a “strong buy,” scoring an “A” in Portfolio Grader.
Tech Stocks to Buy: Gartner (IT)
Source: Shutterstock
Finally, there is Gartner. This is another company that is familiar to many in the investment community. Gartner publishes invaluable research on technology trends, such as quarterly smartphone sales and EV sales projections. That qualifies it as a tech stock. However, Gartner also works as a consulting business, working with companies and running various industry conferences. This is big business, to the tune of roughly $4 billion a year.
The company’s target for investors is to provide “long-term, sustained, double-digit growth.” In 2022, that formula has been off, with IT stock down nearly 13%. However, over the long term it is delivering. Since 2009, IT stock’s trajectory has been one of sustained growth. Expect that to continue once the early 2022 rough patch is over.
IT stock currently scores an “A” rating in Portfolio Grader.
On the date of publication, Louis Navellier had a long position in ACLA, DAVA and FTNT. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article. InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
Louis Navellier, who has been called “one of the most important money managers of our time,” has broken the silence in this shocking “tell all” video… exposing one of the most shocking events in our country’s history… and the one move every American needs to make today.
The post 7 Butchered Tech Stocks With Plenty of Hope Left appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Axcelis Technologies (NASDAQ:ACLS) Donnelley Financial Solutions (NYSE:DFIN) Endava (NYSE:DAVA) ExlService (NASDAQ:EXLS) FactSet Research Systems (NYSE:FDS) Fortinet (NASDAQ:FTNT) Gartner (NYSE:IT) To make your purchasing decision a little less stressful, each of these tech stocks earns a high rating in Portfolio Grader. Donnelley Financial Solutions (DFIN) Source: Shutterstock Donnelley Financial Solutions may not sound like a technology company, but it is. Customers of DFIN are looking for ways to automate compliance, lower their risk and also cut costs in an increasingly complicated global financial market.
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Axcelis Technologies (NASDAQ:ACLS) Donnelley Financial Solutions (NYSE:DFIN) Endava (NYSE:DAVA) ExlService (NASDAQ:EXLS) FactSet Research Systems (NYSE:FDS) Fortinet (NASDAQ:FTNT) Gartner (NYSE:IT) To make your purchasing decision a little less stressful, each of these tech stocks earns a high rating in Portfolio Grader. Donnelley Financial Solutions (DFIN) Source: Shutterstock Donnelley Financial Solutions may not sound like a technology company, but it is. Customers of DFIN are looking for ways to automate compliance, lower their risk and also cut costs in an increasingly complicated global financial market.
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Axcelis Technologies (NASDAQ:ACLS) Donnelley Financial Solutions (NYSE:DFIN) Endava (NYSE:DAVA) ExlService (NASDAQ:EXLS) FactSet Research Systems (NYSE:FDS) Fortinet (NASDAQ:FTNT) Gartner (NYSE:IT) To make your purchasing decision a little less stressful, each of these tech stocks earns a high rating in Portfolio Grader. Donnelley Financial Solutions (DFIN) Source: Shutterstock Donnelley Financial Solutions may not sound like a technology company, but it is. Customers of DFIN are looking for ways to automate compliance, lower their risk and also cut costs in an increasingly complicated global financial market.
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Axcelis Technologies (NASDAQ:ACLS) Donnelley Financial Solutions (NYSE:DFIN) Endava (NYSE:DAVA) ExlService (NASDAQ:EXLS) FactSet Research Systems (NYSE:FDS) Fortinet (NASDAQ:FTNT) Gartner (NYSE:IT) To make your purchasing decision a little less stressful, each of these tech stocks earns a high rating in Portfolio Grader. Donnelley Financial Solutions (DFIN) Source: Shutterstock Donnelley Financial Solutions may not sound like a technology company, but it is. Customers of DFIN are looking for ways to automate compliance, lower their risk and also cut costs in an increasingly complicated global financial market.
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2022-02-23 00:00:00 UTC
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Donnelley (DFIN) Q4 Earnings Miss, Revenues Top Estimates
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https://www.nasdaq.com/articles/donnelley-dfin-q4-earnings-miss-revenues-top-estimates
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Donnelley Financial Solutions DFIN reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which missed the Zacks Consensus Estimate by 15.1%. The company had reported earnings of 36 cents per share in the year-ago quarter.
Total revenues improved 10.7% year over year to $232.8 million and surpassed the Zacks Consensus Estimate by 3.01%. The top line increased primarily due to growth in Software solutions and higher capital market transactional and compliance volume.
However, revenues were partially offset by lower print and distribution volume as a result of the impact of SEC Rules 30e-3 and 498A eliminating print requirements.
Quarter in Detail
Donnelley’s revenues were positively impacted by revenues from Software Solutions. In the fourth quarter, revenues from Software Solutions accounted for 31.7% of total revenues. Software Solutions revenues increased by 36.2% year over year primarily on the back of acceleration in virtual data room activity in Venue and robust mergers and acquisitions environment.
Software Solutions Business offerings ActiveDisclosure and Arc Suite delivered sales growth of 40% and 28%, respectively, in the fourth quarter, courtesy of strong demand for total compliance management solution.
Tech Enabled Services accounted for 53.7% of total revenues and increased 16.3% from the year-ago quarter driven by capital markets transactional and compliance activity.
Print and Revenue Distribution revenues declined by 30% as the company is exiting from low-margin print contracts due to regulatory changes.
Donnelley Financial Solutions Price, Consensus and EPS Surprise
Donnelley Financial Solutions price-consensus-eps-surprise-chart | Donnelley Financial Solutions Quote
Operating Details
Adjusted EBITDA in the fourth quarter stood at $61.3 million, reflecting an increase of 75.6% from the year-ago quarter. Growth in adjusted EBITDA is primarily driven by growing net sales and the company’s cost control initiatives. However, increasing selling expenses due to increased sales volumes and incentive compensation expenses impacted the growth of EBITDA slightly.
Non-GAAP sales, general and administrative (SG&A) expenses in the fourth quarter were $79.3 million, accounting for 34.1% of net sales and expanded by 300 basis points from the year-ago quarter.
Non-GAAP SG&A increased primarily due to sales commissions, changes in business mix and increasing incentive compensation.
Balance Sheet
As of Dec 31, 2021, Donnelley ended the reported quarter with a free cash flow of $137.7 million as compared with $100.4 million ended Sep 30, 2021.
As of Dec 31, 2021, Donnelley ended the reported quarter with net debt of $69.5 million as compared with $108.1 million ended Sep 30, 2021.
Guidance
In the first quarter of 2022, Donnelley expects revenues in the range of $210 million to $230 million. The company anticipates a non-GAAP adjusted EBITDA margin in the mid 20% range.
Zacks Rank & Stocks to Consider
Donnelley currently carries a Zacks Rank #3 (Hold).
Donnelley’s shares have gained 46.7% against the Zacks Computer and Technology sector’s decline of 1.3% in the past year.
Some better-ranked stocks to consider in the same sector are ACM Research ACMR, Asana ASAN and Allied Motion Technologies AMOT.
ACM Research and Allied Motion Technologies sport a Zacks Rank #1 (Strong Buy), while Asana carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ACM Research’s shares have tumbled 39.4% in the past year.
ACM Research is scheduled to report fourth-quarter 2021 results on Feb 24.
Just Released: Zacks' 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +25.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ACM Research, Inc. (ACMR): Free Stock Analysis Report
Allied Motion Technologies, Inc. (AMOT): Free Stock Analysis Report
Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
Asana, Inc. (ASAN): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions DFIN reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which missed the Zacks Consensus Estimate by 15.1%. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report The top line increased primarily due to growth in Software solutions and higher capital market transactional and compliance volume.
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Donnelley Financial Solutions DFIN reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which missed the Zacks Consensus Estimate by 15.1%. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions Price, Consensus and EPS Surprise Donnelley Financial Solutions price-consensus-eps-surprise-chart | Donnelley Financial Solutions Quote Operating Details Adjusted EBITDA in the fourth quarter stood at $61.3 million, reflecting an increase of 75.6% from the year-ago quarter.
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Donnelley Financial Solutions DFIN reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which missed the Zacks Consensus Estimate by 15.1%. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions Price, Consensus and EPS Surprise Donnelley Financial Solutions price-consensus-eps-surprise-chart | Donnelley Financial Solutions Quote Operating Details Adjusted EBITDA in the fourth quarter stood at $61.3 million, reflecting an increase of 75.6% from the year-ago quarter.
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Donnelley Financial Solutions DFIN reported fourth-quarter 2021 adjusted earnings of $1.07 per share, which missed the Zacks Consensus Estimate by 15.1%. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Quarter in Detail Donnelley’s revenues were positively impacted by revenues from Software Solutions.
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728818.0
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2022-02-22 00:00:00 UTC
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Financial Sector Update for 02/22/2022: DFIN, SOFI, HSBC, XLF, FAS, FAZ
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https://www.nasdaq.com/articles/financial-sector-update-for-02-22-2022%3A-dfin-sofi-hsbc-xlf-fas-faz
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Financial stocks were declining premarket Tuesday with the Select Financial Sector SPDR (XLF) recently declining by 0.2%. The Direxion Daily Financial Bull 3X shares (FAS) were 1% lower and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were up 0.8%.
Donnelley Financial Solutions (DFIN) was over 2% higher after it reported Q4 adjusted earnings of $1.07 per diluted share, compared with $0.36 a year earlier. Analysts polled by Capital IQ expected $1.07.
SoFi Technologies (SOFI) is acquiring Technisys SA in a $1.1 billion all-stock deal, The Wall Street Journal reported. SoFi Technologies was recently down nearly 4%.
HSBC Holdings (HSBC) reported revenue for the quarter ended Dec. 31 rose 2% to $12 billion, while reported operating expenses were 3% down to $9.5 billion. HSBC was up 0.7% in recent premarket activity.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) was over 2% higher after it reported Q4 adjusted earnings of $1.07 per diluted share, compared with $0.36 a year earlier. The Direxion Daily Financial Bull 3X shares (FAS) were 1% lower and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were up 0.8%. HSBC Holdings (HSBC) reported revenue for the quarter ended Dec. 31 rose 2% to $12 billion, while reported operating expenses were 3% down to $9.5 billion.
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Donnelley Financial Solutions (DFIN) was over 2% higher after it reported Q4 adjusted earnings of $1.07 per diluted share, compared with $0.36 a year earlier. The Direxion Daily Financial Bull 3X shares (FAS) were 1% lower and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were up 0.8%. SoFi Technologies (SOFI) is acquiring Technisys SA in a $1.1 billion all-stock deal, The Wall Street Journal reported.
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Donnelley Financial Solutions (DFIN) was over 2% higher after it reported Q4 adjusted earnings of $1.07 per diluted share, compared with $0.36 a year earlier. Financial stocks were declining premarket Tuesday with the Select Financial Sector SPDR (XLF) recently declining by 0.2%. The Direxion Daily Financial Bull 3X shares (FAS) were 1% lower and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were up 0.8%.
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Donnelley Financial Solutions (DFIN) was over 2% higher after it reported Q4 adjusted earnings of $1.07 per diluted share, compared with $0.36 a year earlier. The Direxion Daily Financial Bull 3X shares (FAS) were 1% lower and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were up 0.8%. HSBC was up 0.7% in recent premarket activity.
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2022-02-21 00:00:00 UTC
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Donnelley (DFIN) to Report Q4 Earnings: What's in the Cards?
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DFIN
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https://www.nasdaq.com/articles/donnelley-dfin-to-report-q4-earnings%3A-whats-in-the-cards
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Donnelley Financial Solutions DFIN is scheduled to report fourth-quarter 2021 results on Feb 22.
The Zacks Consensus Estimate for quarterly revenues is pegged at $226 million, indicating an improvement of 7.47% year on year. The consensus mark for earnings remained unchanged at $1.26 per share over the last 30 days, suggesting a whopping 250% year-over-year growth.
The company has a trailing four-quarter earnings surprise of 83.26%, on average.
Factors to Note
Donnelley Financial’s fourth-quarter performance is likely to have benefited from additional cost reductions. Its aggressive approach toward managing the cost structure is anticipated to have contributed to the company’s bottom-line performance in the quarter to be reported.
The company’s fourth-quarter top line is likely to reflect benefits from continued growth in the software products as well as the sustained strength in the capital markets transactional environment. However, planned reduction in print and distribution sales might have weighed on revenue growth.
Donnelley Financial is likely to have gained from the strategic transformation of its business and focus on software development. The top line is likely to reflect client’s acceptance of new products like ActiveDisclosure platform, which is a cloud based platform built for SEC reporting.
However, the company has been reeling from the effects of SEC Rule 30e-3 and Rule 498A regarding elimination of print annual and semi-annual reports and elimination or reduction of print summary prospectus. These regulatory impacts might have weighed on its net earnings and adjusted EBITDA.
Donnelley Financial Solutions Price and EPS Surprise
Donnelley Financial Solutions price-eps-surprise | Donnelley Financial Solutions Quote
What Our Model Unveils
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here.
Donnelley has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Zscaler ZS has an Earnings ESP of +3.60% and a Zacks Rank #2. The company is scheduled to release second-quarter 2022 results on Feb 24. You can see the complete list of today’s Zacks #1 Rank stocks here.
Zscaler’s shares have gained 19.6% in the past year compared with the Zacks Internet – Services industry’s growth of 4%. The Zacks Computer and Technology Sector witnessed a fall of 0.9%.
Ambarella AMBA has an Earnings ESP of +2.86% and a Zacks Rank #3. The company is scheduled to release fourth-quarter 2022 results on Feb 28.
Ambarella’s shares have returned 11% in the past year compared with the Zacks Electronics-Semiconductors industry’s rally of 9.1%. The Zacks Computer and Technology Sector witnessed a fall of 0.9%.
Docebo DCBO has an Earnings ESP of +16.67% and a Zacks Rank #3. The company is scheduled to release fourth-quarter 2021 results on Mar 10.
Docebo’s shares have fallen 0.4% in the past year compared with the Zacks Internet - Software industry’s decline of 50.69%.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Ambarella, Inc. (AMBA): Free Stock Analysis Report
Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
Zscaler, Inc. (ZS): Free Stock Analysis Report
Docebo Inc. (DCBO): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions DFIN is scheduled to report fourth-quarter 2021 results on Feb 22. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Its aggressive approach toward managing the cost structure is anticipated to have contributed to the company’s bottom-line performance in the quarter to be reported.
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Donnelley Financial Solutions DFIN is scheduled to report fourth-quarter 2021 results on Feb 22. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions Price and EPS Surprise Donnelley Financial Solutions price-eps-surprise | Donnelley Financial Solutions Quote What Our Model Unveils Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions DFIN is scheduled to report fourth-quarter 2021 results on Feb 22. Donnelley Financial Solutions Price and EPS Surprise Donnelley Financial Solutions price-eps-surprise | Donnelley Financial Solutions Quote What Our Model Unveils Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
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Donnelley Financial Solutions DFIN is scheduled to report fourth-quarter 2021 results on Feb 22. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Factors to Note Donnelley Financial’s fourth-quarter performance is likely to have benefited from additional cost reductions.
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2022-02-15 00:00:00 UTC
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DFIN Crosses Above Key Moving Average Level
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https://www.nasdaq.com/articles/dfin-crosses-above-key-moving-average-level
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In trading on Tuesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $36.50, changing hands as high as $37.63 per share. Donnelley Financial Solutions Inc shares are currently trading up about 3.8% on the day. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average:
Looking at the chart above, DFIN's low point in its 52 week range is $20.7496 per share, with $52.33 as the 52 week high point — that compares with a last trade of $37.55.
Free Report: Top 7%+ Dividends (paid monthly)
Click here to find out which 9 other stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $36.50, changing hands as high as $37.63 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $20.7496 per share, with $52.33 as the 52 week high point — that compares with a last trade of $37.55. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $36.50, changing hands as high as $37.63 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $20.7496 per share, with $52.33 as the 52 week high point — that compares with a last trade of $37.55. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $36.50, changing hands as high as $37.63 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $20.7496 per share, with $52.33 as the 52 week high point — that compares with a last trade of $37.55. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) crossed above their 200 day moving average of $36.50, changing hands as high as $37.63 per share. The chart below shows the one year performance of DFIN shares, versus its 200 day moving average: Looking at the chart above, DFIN's low point in its 52 week range is $20.7496 per share, with $52.33 as the 52 week high point — that compares with a last trade of $37.55. Donnelley Financial Solutions Inc shares are currently trading up about 3.8% on the day.
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6d2f903e-aa30-4f18-9b2a-ada8a2c0012d
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728821.0
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2022-02-14 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Gains As Market Dips: What You Should Know
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-gains-as-market-dips%3A-what-you-should-know-0
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nan
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nan
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Donnelley Financial Solutions (DFIN) closed at $36.21 in the latest trading session, marking a +0.84% move from the prior day. This change outpaced the S&P 500's 0.38% loss on the day. Elsewhere, the Dow lost 0.5%, while the tech-heavy Nasdaq lost 0.05%.
Coming into today, shares of the financial communications and data services provider had lost 10.72% in the past month. In that same time, the Computer and Technology sector lost 8.71%, while the S&P 500 lost 6.25%.
Investors will be hoping for strength from Donnelley Financial Solutions as it approaches its next earnings release, which is expected to be February 22, 2022. On that day, Donnelley Financial Solutions is projected to report earnings of $1.26 per share, which would represent year-over-year growth of 250%. Our most recent consensus estimate is calling for quarterly revenue of $226 million, up 7.47% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Donnelley Financial Solutions. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Donnelley Financial Solutions currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Donnelley Financial Solutions is holding a Forward P/E ratio of 6.32. This valuation marks a discount compared to its industry's average Forward P/E of 36.01.
The Internet - Software and Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 172, putting it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) closed at $36.21 in the latest trading session, marking a +0.84% move from the prior day. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Investors will be hoping for strength from Donnelley Financial Solutions as it approaches its next earnings release, which is expected to be February 22, 2022.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) closed at $36.21 in the latest trading session, marking a +0.84% move from the prior day. Looking at its valuation, Donnelley Financial Solutions is holding a Forward P/E ratio of 6.32.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions (DFIN) closed at $36.21 in the latest trading session, marking a +0.84% move from the prior day. Donnelley Financial Solutions currently has a Zacks Rank of #3 (Hold).
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Donnelley Financial Solutions (DFIN) closed at $36.21 in the latest trading session, marking a +0.84% move from the prior day. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Coming into today, shares of the financial communications and data services provider had lost 10.72% in the past month.
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82393255-33de-46f4-81b2-bcd49cc7d953
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728822.0
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2022-02-01 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Stock Sinks As Market Gains: What You Should Know
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-stock-sinks-as-market-gains%3A-what-you-should-know
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nan
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nan
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.87, marking a -0.94% move from the previous day. This change lagged the S&P 500's daily gain of 0.69%. Elsewhere, the Dow gained 0.78%, while the tech-heavy Nasdaq added 0.28%.
Heading into today, shares of the financial communications and data services provider had lost 20.57% over the past month, lagging the Computer and Technology sector's loss of 8.19% and the S&P 500's loss of 5.29% in that time.
Donnelley Financial Solutions will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $1.26, up 250% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $226 million, up 7.47% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Donnelley Financial Solutions. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for t
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.87, marking a -0.94% move from the previous day. Donnelley Financial Solutions will be looking to display strength as it nears its next earnings release. Investors should also note any recent changes to analyst estimates for Donnelley Financial Solutions.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.87, marking a -0.94% move from the previous day. Donnelley Financial Solutions will be looking to display strength as it nears its next earnings release. Investors should also note any recent changes to analyst estimates for Donnelley Financial Solutions.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.87, marking a -0.94% move from the previous day. Heading into today, shares of the financial communications and data services provider had lost 20.57% over the past month, lagging the Computer and Technology sector's loss of 8.19% and the S&P 500's loss of 5.29% in that time. Investors should also note any recent changes to analyst estimates for Donnelley Financial Solutions.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.87, marking a -0.94% move from the previous day. This change lagged the S&P 500's daily gain of 0.69%. Elsewhere, the Dow gained 0.78%, while the tech-heavy Nasdaq added 0.28%.
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ecb72776-d5e6-402a-bd1e-22ee18e2667c
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728823.0
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2022-01-26 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Gains As Market Dips: What You Should Know
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-gains-as-market-dips%3A-what-you-should-know
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nan
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nan
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.53, marking a +0.66% move from the previous day. This change outpaced the S&P 500's 0.15% loss on the day. At the same time, the Dow lost 0.38%, and the tech-heavy Nasdaq lost 0.05%.
Heading into today, shares of the financial communications and data services provider had lost 22.56% over the past month, lagging the Computer and Technology sector's loss of 14.1% and the S&P 500's loss of 7.66% in that time.
Investors will be hoping for strength from Donnelley Financial Solutions as it approaches its next earnings release. In that report, analysts expect Donnelley Financial Solutions to post earnings of $1.26 per share. This would mark year-over-year growth of 250%. Our most recent consensus estimate is calling for quarterly revenue of $226 million, up 7.47% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Donnelley Financial Solutions. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Donnelley Financial Solutions is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Donnelley Financial Solutions is holding a Forward P/E ratio of 6.39. Its industry sports an average Forward P/E of 35.76, so we one might conclude that Donnelley Financial Solutions is trading at a discount comparatively.
The Internet - Software and Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 91, which puts it in the top 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Donnelley Financial Solutions (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.53, marking a +0.66% move from the previous day. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
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Donnelley Financial Solutions (DFIN): Free Stock Analysis Report In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.53, marking a +0.66% move from the previous day. Heading into today, shares of the financial communications and data services provider had lost 22.56% over the past month, lagging the Computer and Technology sector's loss of 14.1% and the S&P 500's loss of 7.66% in that time.
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.53, marking a +0.66% move from the previous day. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Donnelley Financial Solutions is currently a Zacks Rank #3 (Hold).
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In the latest trading session, Donnelley Financial Solutions (DFIN) closed at $36.53, marking a +0.66% move from the previous day. Donnelley Financial Solutions (DFIN): Free Stock Analysis Report Heading into today, shares of the financial communications and data services provider had lost 22.56% over the past month, lagging the Computer and Technology sector's loss of 14.1% and the S&P 500's loss of 7.66% in that time.
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8e7afeeb-1857-41b3-9bc0-6d6c904a30ba
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728824.0
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2022-01-19 00:00:00 UTC
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Relative Strength Alert For Donnelley Financial Solutions
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DFIN
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https://www.nasdaq.com/articles/relative-strength-alert-for-donnelley-financial-solutions
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nan
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nan
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Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) entered into oversold territory, hitting an RSI reading of 29.99, after changing hands as low as $38.09 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 39.3. A bullish investor could look at DFIN's 29.99 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DFIN shares:
Looking at the chart above, DFIN's low point in its 52 week range is $17.13 per share, with $52.33 as the 52 week high point — that compares with a last trade of $38.21.
Find out what 9 other oversold stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) entered into oversold territory, hitting an RSI reading of 29.99, after changing hands as low as $38.09 per share. A bullish investor could look at DFIN's 29.99 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DFIN shares: Looking at the chart above, DFIN's low point in its 52 week range is $17.13 per share, with $52.33 as the 52 week high point — that compares with a last trade of $38.21.
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A bullish investor could look at DFIN's 29.99 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DFIN shares: Looking at the chart above, DFIN's low point in its 52 week range is $17.13 per share, with $52.33 as the 52 week high point — that compares with a last trade of $38.21. In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) entered into oversold territory, hitting an RSI reading of 29.99, after changing hands as low as $38.09 per share.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) entered into oversold territory, hitting an RSI reading of 29.99, after changing hands as low as $38.09 per share. A bullish investor could look at DFIN's 29.99 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DFIN shares: Looking at the chart above, DFIN's low point in its 52 week range is $17.13 per share, with $52.33 as the 52 week high point — that compares with a last trade of $38.21.
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In trading on Wednesday, shares of Donnelley Financial Solutions Inc (Symbol: DFIN) entered into oversold territory, hitting an RSI reading of 29.99, after changing hands as low as $38.09 per share. A bullish investor could look at DFIN's 29.99 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DFIN shares: Looking at the chart above, DFIN's low point in its 52 week range is $17.13 per share, with $52.33 as the 52 week high point — that compares with a last trade of $38.21.
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58b57695-b23f-43d0-a85f-64bd17f0193a
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728825.0
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2022-01-19 00:00:00 UTC
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Peek Under The Hood: PSCF Has 10% Upside
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DFIN
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https://www.nasdaq.com/articles/peek-under-the-hood%3A-pscf-has-10-upside
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Invesco S&P SmallCap Financials ETF (Symbol: PSCF), we found that the implied analyst target price for the ETF based upon its underlying holdings is $68.24 per unit.
With PSCF trading at a recent price near $62.23 per unit, that means that analysts see 9.65% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of PSCF's underlying holdings with notable upside to their analyst target prices are Donnelley Financial Solutions Inc (Symbol: DFIN), Alexander & Baldwin Inc (Symbol: ALEX), and LXP Industrial Trust (Symbol: LXP). Although DFIN has traded at a recent price of $38.19/share, the average analyst target is 19.14% higher at $45.50/share. Similarly, ALEX has 17.94% upside from the recent share price of $23.74 if the average analyst target price of $28.00/share is reached, and analysts on average are expecting LXP to reach a target price of $16.17/share, which is 15.06% above the recent price of $14.05. Below is a twelve month price history chart comparing the stock performance of DFIN, ALEX, and LXP:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
Invesco S&P SmallCap Financials ETF PSCF $62.23 $68.24 9.65%
Donnelley Financial Solutions Inc DFIN $38.19 $45.50 19.14%
Alexander & Baldwin Inc ALEX $23.74 $28.00 17.94%
LXP Industrial Trust LXP $14.05 $16.17 15.06%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Although DFIN has traded at a recent price of $38.19/share, the average analyst target is 19.14% higher at $45.50/share. Invesco S&P SmallCap Financials ETF PSCF $62.23 $68.24 9.65% Donnelley Financial Solutions Inc DFIN $38.19 $45.50 19.14% Alexander & Baldwin Inc ALEX $23.74 $28.00 17.94% LXP Industrial Trust LXP $14.05 $16.17 15.06% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of PSCF's underlying holdings with notable upside to their analyst target prices are Donnelley Financial Solutions Inc (Symbol: DFIN), Alexander & Baldwin Inc (Symbol: ALEX), and LXP Industrial Trust (Symbol: LXP).
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Three of PSCF's underlying holdings with notable upside to their analyst target prices are Donnelley Financial Solutions Inc (Symbol: DFIN), Alexander & Baldwin Inc (Symbol: ALEX), and LXP Industrial Trust (Symbol: LXP). Invesco S&P SmallCap Financials ETF PSCF $62.23 $68.24 9.65% Donnelley Financial Solutions Inc DFIN $38.19 $45.50 19.14% Alexander & Baldwin Inc ALEX $23.74 $28.00 17.94% LXP Industrial Trust LXP $14.05 $16.17 15.06% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Although DFIN has traded at a recent price of $38.19/share, the average analyst target is 19.14% higher at $45.50/share.
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Three of PSCF's underlying holdings with notable upside to their analyst target prices are Donnelley Financial Solutions Inc (Symbol: DFIN), Alexander & Baldwin Inc (Symbol: ALEX), and LXP Industrial Trust (Symbol: LXP). Although DFIN has traded at a recent price of $38.19/share, the average analyst target is 19.14% higher at $45.50/share. Below is a twelve month price history chart comparing the stock performance of DFIN, ALEX, and LXP: Below is a summary table of the current analyst target prices discussed above:
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Invesco S&P SmallCap Financials ETF PSCF $62.23 $68.24 9.65% Donnelley Financial Solutions Inc DFIN $38.19 $45.50 19.14% Alexander & Baldwin Inc ALEX $23.74 $28.00 17.94% LXP Industrial Trust LXP $14.05 $16.17 15.06% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of PSCF's underlying holdings with notable upside to their analyst target prices are Donnelley Financial Solutions Inc (Symbol: DFIN), Alexander & Baldwin Inc (Symbol: ALEX), and LXP Industrial Trust (Symbol: LXP). Although DFIN has traded at a recent price of $38.19/share, the average analyst target is 19.14% higher at $45.50/share.
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fb53eff9-b83e-4e75-8327-fed9c872140c
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728826.0
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2022-01-18 00:00:00 UTC
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Tuesday's ETF with Unusual Volume: PRN
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DFIN
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https://www.nasdaq.com/articles/tuesdays-etf-with-unusual-volume%3A-prn
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nan
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nan
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The Invesco DWA Industrials Momentum ETF is seeing unusually high volume in afternoon trading Tuesday, with over 171,000 shares traded versus three month average volume of about 28,000. Shares of PRN were off about 1.9% on the day.
Components of that ETF with the highest volume on Tuesday were Accenture, trading down about 1.6% with over 1.5 million shares changing hands so far this session, and Sherwin-williams, off about 1.5% on volume of over 1.4 million shares. Saia is the component faring the best Tuesday, up by about 0.5% on the day, while Donnelley Financial Solutions is lagging other components of the Invesco DWA Industrials Momentum ETF, trading lower by about 5.1%.
VIDEO: Tuesday's ETF with Unusual Volume: PRN
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The Invesco DWA Industrials Momentum ETF is seeing unusually high volume in afternoon trading Tuesday, with over 171,000 shares traded versus three month average volume of about 28,000. Components of that ETF with the highest volume on Tuesday were Accenture, trading down about 1.6% with over 1.5 million shares changing hands so far this session, and Sherwin-williams, off about 1.5% on volume of over 1.4 million shares. Saia is the component faring the best Tuesday, up by about 0.5% on the day, while Donnelley Financial Solutions is lagging other components of the Invesco DWA Industrials Momentum ETF, trading lower by about 5.1%.
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The Invesco DWA Industrials Momentum ETF is seeing unusually high volume in afternoon trading Tuesday, with over 171,000 shares traded versus three month average volume of about 28,000. Saia is the component faring the best Tuesday, up by about 0.5% on the day, while Donnelley Financial Solutions is lagging other components of the Invesco DWA Industrials Momentum ETF, trading lower by about 5.1%. VIDEO: Tuesday's ETF with Unusual Volume: PRN The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The Invesco DWA Industrials Momentum ETF is seeing unusually high volume in afternoon trading Tuesday, with over 171,000 shares traded versus three month average volume of about 28,000. Components of that ETF with the highest volume on Tuesday were Accenture, trading down about 1.6% with over 1.5 million shares changing hands so far this session, and Sherwin-williams, off about 1.5% on volume of over 1.4 million shares. Saia is the component faring the best Tuesday, up by about 0.5% on the day, while Donnelley Financial Solutions is lagging other components of the Invesco DWA Industrials Momentum ETF, trading lower by about 5.1%.
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Components of that ETF with the highest volume on Tuesday were Accenture, trading down about 1.6% with over 1.5 million shares changing hands so far this session, and Sherwin-williams, off about 1.5% on volume of over 1.4 million shares. Saia is the component faring the best Tuesday, up by about 0.5% on the day, while Donnelley Financial Solutions is lagging other components of the Invesco DWA Industrials Momentum ETF, trading lower by about 5.1%. VIDEO: Tuesday's ETF with Unusual Volume: PRN The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2b529076-390e-4f36-9f61-7d492d1953b0
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728827.0
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2022-01-13 00:00:00 UTC
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Donnelley Financial Solutions (NYSE:DFIN) shareholders have earned a 38% CAGR over the last three years
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-nyse%3Adfin-shareholders-have-earned-a-38-cagr-over-the-last
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nan
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nan
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The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But when you pick a company that is really flourishing, you can make more than 100%. To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 165% in the last three years. That sort of return is as solid as granite. Also pleasing for shareholders was the 12% gain in the last three months.
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Donnelley Financial Solutions was able to grow its EPS at 19% per year over three years, sending the share price higher. This EPS growth is lower than the 38% average annual increase in the share price. This suggests that, as the business progressed over the last few years, it gained the confidence of market participants. That's not necessarily surprising considering the three-year track record of earnings growth.
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
NYSE:DFIN Earnings Per Share Growth January 13th 2022
We know that Donnelley Financial Solutions has improved its bottom line lately, but is it going to grow revenue? You could check out this free report showing analyst revenue forecasts.
A Different Perspective
We're pleased to report that Donnelley Financial Solutions shareholders have received a total shareholder return of 128% over one year. That's better than the annualised return of 13% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. To that end, you should learn about the 3 warning signs we've spotted with Donnelley Financial Solutions (including 1 which is significant) .
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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NYSE:DFIN Earnings Per Share Growth January 13th 2022 We know that Donnelley Financial Solutions has improved its bottom line lately, but is it going to grow revenue? To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 165% in the last three years. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper.
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To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 165% in the last three years. NYSE:DFIN Earnings Per Share Growth January 13th 2022 We know that Donnelley Financial Solutions has improved its bottom line lately, but is it going to grow revenue? While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance.
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To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 165% in the last three years. NYSE:DFIN Earnings Per Share Growth January 13th 2022 We know that Donnelley Financial Solutions has improved its bottom line lately, but is it going to grow revenue? One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
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NYSE:DFIN Earnings Per Share Growth January 13th 2022 We know that Donnelley Financial Solutions has improved its bottom line lately, but is it going to grow revenue? To wit, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price has flown 165% in the last three years. While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance.
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d4d7c70d-0a0d-4ebe-9dd2-3a65889fe0d7
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728828.0
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2022-01-09 00:00:00 UTC
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Donnelley Financial Solutions Inc Shares Close the Day 10.4% Lower - Daily Wrap
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-inc-shares-close-the-day-10.4-lower-daily-wrap-0
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Donnelley Financial Solutions Inc (DFIN) shares closed today 10.4% lower than it did at the end of yesterday. The stock is currently down 16.3% year-to-date, up 121.4% over the past 12 months, and up 63.5% over the past five years. Today, the Dow Jones Industrial Average fell 0.0%, and the S&P 500 fell 0.4%.
Trading Activity
Shares traded as high as $48.04 and as low as $39.44 this week.
Shares closed 24.6% below its 52-week high and 130.3% above its 52-week low.
Trading volume this week was 26.6% lower than the 10-day average and 23.3% lower than the 30-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 1.4.
Technical Indicators
The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed above its Bollinger band, indicating it may be overbought.
Market Comparative Performance
The company's share price lags the S&P 500 Index today, beats it on a 1-year basis, and lags it on a 5-year basis
The company's share price lags the Dow Jones Industrial Average today, beats it on a 1-year basis, and lags it on a 5-year basis
The company share price lags the performance of its peers in the Industrials industry sector today, beats it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 240.2%
The company's stock price performance over the past 12 months beats the peer average by -40955.2%
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions Inc (DFIN) shares closed today 10.4% lower than it did at the end of yesterday. Beta, a measure of the stock’s volatility relative to the overall market stands at 1.4. Market Comparative Performance The company's share price lags the S&P 500 Index today, beats it on a 1-year basis, and lags it on a 5-year basis The company's share price lags the Dow Jones Industrial Average today, beats it on a 1-year basis, and lags it on a 5-year basis The company share price lags the performance of its peers in the Industrials industry sector today, beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 240.2% The company's stock price performance over the past 12 months beats the peer average by -40955.2%
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Donnelley Financial Solutions Inc (DFIN) shares closed today 10.4% lower than it did at the end of yesterday. Today, the Dow Jones Industrial Average fell 0.0%, and the S&P 500 fell 0.4%. Market Comparative Performance The company's share price lags the S&P 500 Index today, beats it on a 1-year basis, and lags it on a 5-year basis The company's share price lags the Dow Jones Industrial Average today, beats it on a 1-year basis, and lags it on a 5-year basis The company share price lags the performance of its peers in the Industrials industry sector today, beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 240.2% The company's stock price performance over the past 12 months beats the peer average by -40955.2%
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Donnelley Financial Solutions Inc (DFIN) shares closed today 10.4% lower than it did at the end of yesterday. Market Comparative Performance The company's share price lags the S&P 500 Index today, beats it on a 1-year basis, and lags it on a 5-year basis The company's share price lags the Dow Jones Industrial Average today, beats it on a 1-year basis, and lags it on a 5-year basis The company share price lags the performance of its peers in the Industrials industry sector today, beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 240.2% The company's stock price performance over the past 12 months beats the peer average by -40955.2% This story was produced by the Kwhen Automated News Generator.
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Donnelley Financial Solutions Inc (DFIN) shares closed today 10.4% lower than it did at the end of yesterday. Shares closed 24.6% below its 52-week high and 130.3% above its 52-week low. Trading volume this week was 26.6% lower than the 10-day average and 23.3% lower than the 30-day average.
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3b0865a9-a84b-47e7-a239-6949b06f7a7e
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728829.0
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2021-11-03 00:00:00 UTC
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Donnelley Financial Solutions Inc (DFIN) Q3 2021 Earnings Call Transcript
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-inc-dfin-q3-2021-earnings-call-transcript-2021-11-03
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Image source: The Motley Fool.
Donnelley Financial Solutions Inc (NYSE: DFIN)
Q3 2021 Earnings Call
Nov 3, 2021, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning. My name is Jean, and I will be your conference operator today. At this time, I would like to welcome everyone to the Donnelley Financial Solutions Third Quarter 2021 Earnings Conference Call.
[Operator Instructions] Mike Zhao, you may begin your conference.
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Michael Zhao -- Head of Investor Relation
Thank you. Good morning, everyone. Thank you, and thank you for joining Donnelley Financial 2021 Results Conference Call. This morning, we released our earnings report, including a supplemental trending schedule of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com. During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. For a complete discussion, please refer to the cautionary statements included in our earnings release, and further detailed in our most recent annual report on Form 10-K, quarterly report on Form 10-Q and other filings with the SEC. Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations, and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only. Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information. I am joined this morning by Dan Leib, Dave Gardella, Craig Clay, Eric Johnson, Floyd Strimling and Tammy Turner.
I will now turn the call over to Dan.
Dan Leib -- President and Chief Executive Officer
Thank you, Mike. Good morning, everyone. And from all of us at DFIN, we hope that you and your families are staying safe and healthy. I'm very pleased with our record third quarter financial results. Before I go into details on the quarter, I'd like to highlight two important milestones we reach. First, in October, we celebrated DFIN's fifth anniversary as a stand-alone company, I want to thank the entire DFIN team for their dedication and hard work over the course of these five years. Together, our employees are leading DFIN's transformation from a financial printer to a leading provider of innovative software and technology-enabled financial regulatory and compliance solutions. Over the last five years, guided by our vision, we executed significant business transformation initiatives to position DFIN for long-term profitable growth. A key component of the transformation was an acceleration of software development, which enabled us to upgrade the capabilities of existing products as well as launch new software solutions to help our clients manage their evolving regulatory, compliance and transactional workloads. A good example of this is the new ActiveDisclosure platform, a cloud-based tool purpose-built for SEC reporting, which we launched earlier this year to assist clients with their compliance needs. Through new ActiveDisclosure and other proven products, we have created a comprehensive software portfolio that spans both transactional and compliance end markets.
And when combined with our expertise in scale in technology-enabled services, we offer our clients an unmatched ecosystem of regulatory and compliance solutions. At the same time, we scaled our software offerings and technology-enabled services, we also took actions to strategically reduce our low-margin print and distribution revenue and significantly downsized our print production platform. Five years ago, at the time of spinoff, print and distribution sales accounted for approximately 40% of our total sales, and we had a margin profile consistent with such a sales mix. Over the course of the last five years, with our focused efforts to accelerate software sales growth, we managed to expand our product pipeline, improve sales and marketing capabilities and established third-party partnerships, all aimed at driving the adoption of our software solutions offerings. We've expanded our year-over-year EBITDA margin for the last nine consecutive quarters. And as of the third quarter, our trailing 4-quarter adjusted EBITDA margin is 27.6% compared to a margin of 16.5% at the end of 2016. Looking forward, while our margin benefits from the current very strong corporate transactions offering, our business mix has changed favorably and positions us well. During the quarter, we achieved a second major strategic milestone. For the first time in the company's history, both within the quarter and on a trailing 4-quarter basis, net sales from software solutions exceeded net sales of print and distribution.
This was a significant achievement in our strategic evolution, and another proof point that our strategy is delivering excellent solutions to our clients, which, in turn, positions us to continue to deliver strong returns to our shareholders. Not only are we pleased with the results of the strategic transformation to date, we remain confident in our ability to achieve the "44 in '24" strategy, specifically targeting 44% of our sales from software solutions by the year 2024, and, more importantly, the resulting financial profile from such a business mix. Now turning to the third quarter results. Total sales grew 18.2% from last year's third quarter, marking the highest third quarter sales in the company's history despite the expected decline in print and distribution related sales, which was down 32.7% in the quarter. The strong pace of transactional activity coming into the quarter accelerated throughout Q3, boosting sales across our transactional and compliance offerings. Excluding print and distribution, year-over-year net sales increased 35.9% in the quarter as software solutions sales grew 35.6% and tech-enabled services grew 36%. Software solutions sales totaled $69.3 million, marking yet another all-time quarterly record for DFIN. The 36% sales growth in software solutions is a continuation of the very strong sales growth trend that began in the first quarter of this year. Year-to-date, our software solutions sales have grown 34% versus the first nine months of 2020.
We've received positive market feedback and strong client adoption of our recent product launches, particularly ActiveDisclosure and total compliance management, a component of our ArcDigital, along with ArcProd, all contributing to the 27% growth in our recurring compliance software sales. In addition, our transactional software product venue achieved another all-time high for quarterly sales and grew 53% year-over-year, largely driven by an increase in M&A deal activity, including [Indecipherable] transactions as well as what we once again believe to be market share gains. As I mentioned earlier, the strength of the capital markets transactional activity accelerated in the third quarter, coupled with our strong market share, we achieved robust sales growth, with transactional sales increasing 49% from the third quarter of 2020. The growth in higher-margin software solutions and tech-enabled services net sales are proactive pruning of low-margin print work along with the significant impact of permanent cost reductions resulted in record quarterly earnings. Third quarter non-GAAP adjusted EBITDA was $82.5 million, an increase of over 73% from last year's third quarter, and adjusted EBITDA margin was 33.3%, up 1,060 basis points from the third quarter 2020 adjusted EBITDA margin. As I noted earlier, our trailing four quarter adjusted EBITDA margin is currently 27.6%. We achieved record free cash flow in the quarter of $100.4 million, an improvement of $32.8 million from the third quarter of last year. At quarter end, our non-GAAP net debt was lower than last year's third quarter by $142.9 million, resulting in a non-GAAP net leverage of 0.4 times, 1.1 times lower than the third quarter of 2020. Subsequent to the end of the quarter, we completed the previously announced redemption of our 8.25% senior notes. This transaction not only improves our capital structure by providing additional financial flexibility, but it will lower our interest expense resulting in cash savings. Dave will provide more detail on this topic. Before I share a few closing remarks,
I would like to turn the call over to Dave to provide more detail on our third quarter financial results, and our outlook for the fourth quarter.
David Gardella -- Chief Financial Officer
Thank you, Dan, and good morning, everyone. Before I discuss our third quarter financial performance, I'd like to provide an update on the item Dan just mentioned, the redemption of our 8.25% senior notes. On October 15, the first call date, we completed the redemption of the remaining outstanding notes balance of $233 million at the redemption price of approximately 102. We financed the notes redemption with a combination of proceeds from a $200 million delayed draw Term Loan A facility and cash on hand. For purposes of reporting our third quarter balance sheet, the portion of the repayment not financed by the long-term portion of the loan, or approximately $41 million, was classified as short-term debt. Following this transaction, our annual interest expense will decrease by approximately $14 million at current interest rates. As I noted in the past, while this structure subjects our debt to interest rate movements, a rising rate environment would reduce the net liability related to our defined benefit pension plans, decreasing the level of required contributions and potentially allow us to annuitize the plans, eliminating all together our net pension liability and the related future contributions. Now turning to our third quarter financial performance. After a strong first half of the year, we delivered another quarter of excellent results, highlighted by 18.2% sales growth and record high quarterly non-GAAP adjusted EBITDA, adjusted EBITDA margin and free cash flow. We extended our strong position in a very active capital markets transactional environment, and posted 35.6% growth in our software solution sales, all while continuing to drive operating efficiencies.
On a consolidated basis, net sales for the third quarter of 2021 were $247.7 million, an increase of $38.2 million or 18.2% from the third quarter of 2020. Third quarter 2021 net sales represented the highest third quarter in the company's history. Software solutions net sales in the third quarter increased by $18.2 million or 35.6%, primarily due to an acceleration of virtual data room activity in Venue driven by a robust M&A environment. In addition, solid subscription growth in ActiveDisclosure as well as continued strong client adoption within Arc Suite contributed to the strong performance. Tech-enabled services net sales increased by $37.6 million or 36%, primarily due to increased capital markets transactional and compliance activities. Print and distribution revenue decreased by $17.6 million or 32.7%, primarily due to regulatory-driven reduction in demand for printed materials within investment companies and less commercial printing, where we have proactively exited certain low-margin contracts. This decline was partially offset by higher print-related sales as a result of the increased transactional activity within Capital Markets. Third quarter non-GAAP gross margin was 62.4%, approximately 1,600 basis points higher than the third quarter 2020, primarily driven by a favorable business mix featuring growth in higher-margin tech-enabled services and software solution sales, combined with lower overall print volume and the impact of ongoing cost control initiatives.
Non-GAAP SG&A expense in the quarter was $72.1 million, $22.4 million higher than the third quarter of 2020. As a percentage of net sales, non-GAAP SG&A was 29.1%, an increase of approximately 540 basis points from the third quarter of 2020. The increase in non-GAAP SG&A is primarily due to sales commissions on higher sales, changes in the business mix, and higher incentive compensation, partially offset by the impact of underlying cost control initiatives. Our third quarter non-GAAP adjusted EBITDA was $82.5 million, an increase of $34.9 million or 73.3% from the third quarter of 2020. Our third quarter non-GAAP adjusted EBITDA margin reached a record high of 33.3%, an increase of approximately 1,060 basis points from the third quarter of 2020, again, primarily driven by a favorable sales mix and ongoing cost control initiatives, partially offset by higher incentive compensation and selling expenses. Turning now to our third quarter segment results. Net sales in our capital markets software solutions segment were $48.1 million, an increase of 41.1% and from the third quarter of 2020, primarily due to increased Venue virtual data room activity and continued growth in active disclosure subscriptions. Venue sales increased approximately 53% from the third quarter of 2020 to reach a record high, driven by strong M&A activity as well as our in-market execution that boosted year-over-year growth and resulted in what we believe to be market share gains. Recurring compliance products featuring
ActiveDisclosure and File 16 also had a solid quarter, posting approximately 30% growth in aggregate. Non-GAAP adjusted EBITDA margin for the segment was 24.3%, a decrease of approximately 90 basis points from the third quarter of 2020. The decrease in non-GAAP adjusted EBITDA margin was primarily due to higher incentive compensation and selling expenses, partially offset by the increased sales, a favorable sales mix as well as the impact of operating efficiencies. Net sales in our Capital Markets, Compliance and Communications Management segment were $142.5 million, an increase of 48.3% from the third quarter of 2020, primarily due to robust capital markets transactional activity and acceleration of the trend that began in the third quarter of 2020. This growth was largely driven by the increased momentum in IPO activity as well as strong M&A activity, including lease back transactions. Non-GAAP adjusted EBITDA margin for the segment was 50.5%, an increase of approximately 570 basis points from the third quarter of 2020. The increase in non-GAAP adjusted EBITDA margin was primarily due to the increased sales volume and a favorable sales mix, partially offset by higher selling expense. After an unprecedented level of SPAC IPOs during the first quarter this year, new SPAC formations fell sharply in the second quarter and rebounded modestly in the third quarter. More importantly, the completed SPAC transactions have created a pipeline of more than 400 new public companies that are actively looking for acquisition targets.
We saw evidence of this heightened activity level in the third quarter as the pace of public debuts via leaseback mergers accelerated. Our strong market position in the transactional filing business positions us well to capture a significant portion of future De-SPAC activity, which, on average, represents 10 times the value of an initial registration transaction. Additionally, these transactions provide a pipeline for recurring software subscriptions to support our clients' ongoing compliance requirements. At sales in our Investment Companies Software Solutions segment were $21.2 million, an increase of 24.7% from the third quarter of 2020, primarily due to the momentum in ArcDigital total compliance management offering in the quarter, which continues to stand out as a preferred digital alternative for investment companies as they continue to transition away from print. In addition, growth in our Pro related to new subscription activity and organic growth from existing clients also fuel the growth in this segment. Non-GAAP adjusted EBITDA margin for the segment was 20.3%, a decrease of approximately 560 basis points from the third quarter of 2020. The decrease in non-GAAP adjusted EBITDA margin was primarily due to higher incentive compensation expense and increased allocations of overhead expense, partially offset by an increase in gross profit margin and the impact of ongoing cost control initiatives. Net sales in our Investment Companies-Compliance & Communications Management segment were $35.9 million, a decrease of $26.4 million or 42.4% from the third quarter of 2020 due to the impact of regulatory change in investment companies affecting print-related sales and a reduction of commercial printing sales related to contracts we have proactively exited. Non-GAAP adjusted EBITDA margin for the segment was 9.7%, approximately 650 basis points higher than the third quarter of 2020.
The increase in non-GAAP adjusted EBITDA margin was primarily due to reduction in overall expense within the segment, primarily due to cost savings as a result of consolidation of our print platform and a lower allocation of overhead costs, which are now being absorbed by our three other operating segments as a lower activity level in this segment results in a reduced need for such shared resources. We remain on track to shift 85% to 95% of our print needs to our third-party vendor network by year-end 2021, which will allow us to variabilize the cost structure for the majority of our print production. We will continue to operate our own digital-only platform to meet the demand for higher-value, quick-turn requirements. Regarding the regulatory change that will continue to reduce demand for print in this segment, we continue to expect an overall reduction in print-related net sales of approximately $130 million to $140 million, and a reduction in non-GAAP adjusted EBITDA of approximately $5 million to $10 million related to the regulatory change, with the vast majority impacting 2021. We now expect 2021 reductions to net sales and adjusted EBITDA to be approximately $110 million and $5 million, respectively, with the remaining net sales and EBITDA impact of $30 million and $3 million, respectively, to occur in 2022. To be clear, the aggregate expected impacts are in line with previous guidance. Non-GAAP unallocated corporate expenses were $8.9 million, a decrease of $1.6 million from the third quarter of last year.
The decrease in unallocated corporate cost was primarily due to lower third-party expenses, partially offset by increased incentive compensation driven by the strong performance. Free cash flow in the quarter was $100.4 million, a quarterly record, representing an improvement of $32.8 million from the third quarter of last year. The improvement in free cash flow was primarily due to flow-through of higher adjusted EBITDA, partially offset by increased capital expenditures. We ended the third quarter with $231 million of total debt and $108.1 million of non-GAAP net debt. Our net available liquidity at the end of the third quarter was $420.6 million, which was comprised of $297.7 million of availability on our revolver and $122.9 million of cash on hand. As of September 30, 2021, our non-GAAP net leverage ratio was 0.4 times, down 1.1 times from the third quarter of last year. The company repurchased approximately 238,000 shares of common stock during the quarter for $8.2 million at an average price of $34.37 per share. As of September 30, we had approximately $31.4 million remaining on our $50 million stock repurchase authorization. As it relates to the fourth quarter, transactional activity in capital markets remained robust throughout October. Regarding our outlook for the full quarter, we are expecting consolidated net sales to be in the range of $215 million to $225 million, up approximately $10 million or 5% year-over-year at the midpoint due to the continued growth in our software products as well as the ongoing strength in the capital markets transactional environment, albeit against much tougher comps as last year's fourth quarter transactional activity was also robust. This growth will be partially offset by the planned reduction in print and distribution sales. We remain bullish on the near-term outlook for our software solutions sales as well as on the capital markets transactional activity. From a profitability perspective in the fourth quarter, we expect a non-GAAP adjusted EBITDA margin in the low to mid-20% range and representing the 10th consecutive quarter of year-over-year margin improvement.
With that, I'll now pass it back to Dan.
Dan Leib -- President and Chief Executive Officer
Thanks, Dave. Over the course of the last five years, through the dedication and hard work of our DFIN associates, we have made significant progress in transforming our business from a financial printer to a leading provider of innovative software and technology-enabled financial, regulatory and compliance solutions. It represents fundamental change in how we operate to reach this point. And through that process, we've become a more focused, predictable and profitable company. The best news is the work and opportunity ahead exceeds what's behind us to deliver increasing value to our clients, employees and shareholders. For the next phase of our journey, we remain focused on accelerating software innovation, increasing adoption and consumption of our software and service offerings and operating with speed and efficiency. Our latest results are a testament to the scale and pace of our transformation. We have achieved five consecutive quarters of year-over-year sales growth despite significant regulatory-driven reductions in print sales and record quarterly adjusted EBITDA, adjusted EBITDA margin and free cash flow. We are tracking ahead of our long-term targets, and we are on our way to achieve the "44 in '24" strategy, including the associated financial profile. Before I wrap up, let me say a few words on our recent announcements on several strategic partnerships. As we operate in an increasingly connected and dynamic marketplace, we recognize the importance and benefit of partners whose offerings can supplement or extend our own product and go-to-market capabilities.
In that regard, we are in the early days of creating a partner ecosystem, which, in many ways, can enhance the level of service, productivity and convenience to our clients, and in so doing, contribute to our recurring revenue growth. In the third quarter, we announced partnerships with Diligent Corporation, the leader in global SaaS governance, and with payables automation solutions provider, [Indecipherable]. These relationships will allow us to engage the pre-IPO clients earlier and partner with them on a host of IPO readiness activities, while introducing them to our portfolio of regulatory and compliance software products earlier in the purchase cycle. As I mentioned, we are in the early days of creating a partner ecosystem, and we look forward to benefiting from those partnerships. In closing, we are excited about our very strong third quarter and year-to-date results and remain keenly focused on executing against the "44 in '24" strategy. Before we open it up for Q&A, I'd like to thank the DFIN employees around the world who have been working tirelessly to develop new products, maintain our operations and ensure our clients continue to receive the highest quality service without disruption. Stay healthy and safe.
Now with that, operator, we're ready for questions.
Questions and Answers:
Operator
[Operator Instructions] Your first question comes from the line of Peter Heckmann of D.A. Davidson.
John -- D.A. Davidson -- Analyst
This is John on for Pete. Just wanted to ask a quick question. Can you guys provide a little more detail on the revenue from De-SPAC activity, and how you compare to last year?
David Gardella -- Chief Financial Officer
Yes, John. So we don't break that out separately. It's just part of our overall M&A and obviously, the bigger transactional category. I think if you look on the investor side, we do show a more detailed breakout of the revenue within capital markets, of which the transactional comparison is posted there.
John -- D.A. Davidson -- Analyst
Got it. Got it. And given the number of moving parts, can you guys provide any just preliminary thoughts on top line growth in 2022?
David Gardella -- Chief Financial Officer
Yes, we haven't finished the planning cycle yet, and we'll give guidance on '22, at least what we've done historically for the early part of the year on the fourth quarter call and so look forward to talking about that in February.
John -- D.A. Davidson -- Analyst
Okay. Got it. Got it. Just closing in one last one. Just any update on competitive dynamics in the virtual data room space?
Dan Leib -- President and Chief Executive Officer
Yes. There's as we've said in our prepared comments -- thanks for the question, first of all. But we have visibility into some of the competitors. We feel very good with our performance. If we look at the performance year-to-date, our sales are up in that 45% year-to-date, and it's been increasing, going back to essentially the second quarter last year. We've had just successive increases in ramping up to this quarter of up 53%. We have -- don't have great visibility into all participants, but feel pretty good that our product is fantastic. The security components of it really strong. It resonates with clients. The eBrevia connection is very helpful, and we feel like that's being recognized in the marketplace.
Operator
[Operator Instructions] Your next question comes from the line of Charles Strauzer of CJS Securities.
Charles Strauzer -- CJS Securities -- Analyst
So obviously, a very strong quarter. The transactional, sounds like it was really off the charts here. And just looking at your Q4 guidance, it looks like maybe a tad conservative just given the trends we're seeing right now in the capital markets with kind of the ongoing IPO market, M&A, you mentioned destacking and you've got 400-plus companies looking for targets. Talk a little bit more about your Q4 guidance there and what could cause that to be a higher number?
David Gardella -- Chief Financial Officer
Yes. Great, Charlie. I have some comments on the guidance for Q4, and then Craig Clay will add some color here. So we did, in fact, as we said in our prepared remarks, see the robust activity continue through October. If you rewind back to August when we were doing the second quarter call, we made similar comments about what we saw to start Q3 in July, and obviously that ramped up throughout the quarter. It still remains the part where we have the least amount of visibility. And I would say that you're right to the extent that the activity remains at the levels that we've seen in October. We certainly have a chance to outperform that guidance. But given the limited visibility on the timing of these transactions, we're hedging against that a little bit.
Charles Strauzer -- CJS Securities -- Analyst
That's definitely there.
Craig Clay -- President of Global Capital Markets
So David, I think to build on that, October looks to be more of the same. And regardless of the market, we're going to look to outperform that. You look at just the numbers mentioned in the remarks, over 400 specs that are searching for their business combinations. There's 300 SPACs that are in registration in over 120 SPAC pending their lease back. So Q3 saw an increase over Q2, it's so far off of Q1. There's certainly reasons for caution the recent lackluster aftermarket performance of SPACs, both pre and post acquisition, could cause downward pressure. But one of the real stories here, this backwards IPO, the SPAC is creating an ecosystem that's increasing public companies, and it perfectly aligns with our value position that Dan described. We're supporting our working groups with software and managed services. They're using ActiveDisclosure, they're using Venue for the pipe. They're using Venue as the SPACs target looking for someone to acquire, as Dan said, powered by artificial intelligence. DFIN is then supporting the De-SPAC, a much more complicated deal. And then we have contracted new recurring revenue with that new public company to use an active disclosure for their formal compliance reporting. So the market, one we built, we're going to be ready for any market, and we're excited for Q4.
Charles Strauzer -- CJS Securities -- Analyst
That's really helpful. And actually, that's a great segue into my next question regarding the destacking. What do you think your kind of uptick is from stacks that you've handled the IPO for through the De-SPAC process now? Are you seeing very high uptake rates from those companies?
Craig Clay -- President of Global Capital Markets
And when you say uptick, your clarification of, do they find a target? Or are they using us going for -- just maybe expand another question.
Charles Strauzer -- CJS Securities -- Analyst
Yes. Just saying if you did the IPO for the SPAC, and how the destacking, are you handling that these -- the percentage of companies that are actually continuing to use you as the best provider So to speak?
Craig Clay -- President of Global Capital Markets
Correct. Got it. Yes. So we are handling the SPAC. The SPAC typically is a much smaller document. It then is leading to the De-SPAC, which can be a much more complicated acquisition, right? And our share or follow-on share is extremely strong. What we're also finding is that, in deals that we did not do with SPAC, we have a real opportunity because often the De-SPAC happening -- the time has been cut a lot from years to months and weeks. We're often finding those deals become extremely complicated, and they're upgrading and changing their working group their deal team, and that's very advantageous to us. So we're picking up De-SPAC for SPACs that we did not initially do.
Charles Strauzer -- CJS Securities -- Analyst
Great. That's very helpful.
Dan Leib -- President and Chief Executive Officer
And the only thing I'd add -- yes, sorry, the only thing I'd add to that is that when we look at Active Disclosure and the new active disclosure and the IPO market, the De-SPACs, etc., and to Craig's point, the high attach rate, there's also a very high attach rate into the compliance area. And so we're able to take that client through the process and continue on with them, serving them via active disclosure.
Eric Johnson -- President of Global Investment Companies
Great. That's right. Excellent. And thank you, again, for the -- of putting the kind of more information in those tables. I haven't had a chance to really look through it obviously during the call here yet, but -- and maybe you can talk a little bit more about kind of the incremental EBITDA margin benefit you saw in Q3 from transactional to try to give us a better sense of how to think about that kind of core recurring revenue as well? And how we should think about modeling out the Q4 guide by segment as well?
David Gardella -- Chief Financial Officer
Yes, Charlie. And I think when you think about incremental revenue, just to clarify, it's not all the transactional that's driving it. I think when you look at the growth we've seen on the software solutions, we get excellent incremental margin there. I think when you look at -- as well as the print platform and the reduction in print revenue, just the overall mix between increased transactional, increased software and less print, it's kind of the perfect storm to build higher margin. One of the things I want to comment, too, is, if you look at some of the software -- the segments from a a fully loaded margin on a year-over-year basis, we made the comments in our prepared remarks that, from an allocation perspective, some of the shared costs, just given the decline in GIC, compliance and communications management, some of those -- the shared costs now get pushed to the software segments. I think when you look at their margin, in addition to the higher amount of shared costs that they're absorbing, the extra incentive compensation based on total company performance and some of the investments we're making on the technology side impacting those margins negatively. But overall, very happy with what we'll get on an incremental basis. And then I think when you look ahead on the margins by segment, a lot of that will depend. I think when you look at the software segments, we think probably in line, maybe a little bit better than what we're reporting here in Q3. And then on the capital markets Compliance and Communications Management segment, a lot of that will just be driven by the amount of transactional activity that ends up going through.
Dan Leib -- President and Chief Executive Officer
Okay. With no more questions, we will see you in February for the Q4 call. Thank you.
Operator
[Operator Closing Remarks]
Duration: 40 minutes
Call participants:
Michael Zhao -- Head of Investor Relation
Dan Leib -- President and Chief Executive Officer
David Gardella -- Chief Financial Officer
Craig Clay -- President of Global Capital Markets
Eric Johnson -- President of Global Investment Companies
John -- D.A. Davidson -- Analyst
Charles Strauzer -- CJS Securities -- Analyst
More DFIN analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions Inc (NYSE: DFIN) Q3 2021 Earnings Call Nov 3, 2021, 9:00 a.m. This morning, we released our earnings report, including a supplemental trending schedule of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com. And from all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Donnelley Financial Solutions Inc (NYSE: DFIN) Q3 2021 Earnings Call Nov 3, 2021, 9:00 a.m. This morning, we released our earnings report, including a supplemental trending schedule of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com. And from all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Donnelley Financial Solutions Inc (NYSE: DFIN) Q3 2021 Earnings Call Nov 3, 2021, 9:00 a.m. This morning, we released our earnings report, including a supplemental trending schedule of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com. And from all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Davidson -- Analyst Charles Strauzer -- CJS Securities -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions Inc (NYSE: DFIN) Q3 2021 Earnings Call Nov 3, 2021, 9:00 a.m. This morning, we released our earnings report, including a supplemental trending schedule of historical results, copies of which can be found in the Investors section of our website at dfinsolutions.com.
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2021-10-05 00:00:00 UTC
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One Donnelley Financial Solutions, Inc. (NYSE:DFIN) insider reduced their stake by 36% in the previous year
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https://www.nasdaq.com/articles/one-donnelley-financial-solutions-inc.-nyse%3Adfin-insider-reduced-their-stake-by-36-in-the
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Insiders were net sellers of Donnelley Financial Solutions, Inc.'s (NYSE:DFIN ) stock during the past year. That is, insiders sold more stock than they bought.
While insider transactions are not the most important thing when it comes to long-term investing, logic dictates you should pay some attention to whether insiders are buying or selling shares.
Donnelley Financial Solutions Insider Transactions Over The Last Year
In the last twelve months, the biggest single sale by an insider was when the Senior VP, Kami Turner, sold US$163k worth of shares at a price of US$27.10 per share. So it's clear an insider wanted to take some cash off the table, even below the current price of US$34.81. We generally consider it a negative if insiders have been selling, especially if they did so below the current price, because it implies that they considered a lower price to be reasonable. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. It is worth noting that this sale was only 36% of Kami Turner's holding. The only individual insider seller over the last year was Kami Turner.
You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
NYSE:DFIN Insider Trading Volume October 5th 2021
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
Does Donnelley Financial Solutions Boast High Insider Ownership?
I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Donnelley Financial Solutions insiders own about US$29m worth of shares. That equates to 2.4% of the company. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
So What Does This Data Suggest About Donnelley Financial Solutions Insiders?
It doesn't really mean much that no insider has traded Donnelley Financial Solutions shares in the last quarter. Our analysis of Donnelley Financial Solutions insider transactions leaves us cautious. The modest level of insider ownership is, at least, some comfort. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. You'd be interested to know, that we found 2 warning signs for Donnelley Financial Solutions and we suggest you have a look.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Insiders were net sellers of Donnelley Financial Solutions, Inc.'s (NYSE:DFIN ) stock during the past year. NYSE:DFIN Insider Trading Volume October 5th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company.
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Insiders were net sellers of Donnelley Financial Solutions, Inc.'s (NYSE:DFIN ) stock during the past year. NYSE:DFIN Insider Trading Volume October 5th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. Does Donnelley Financial Solutions Boast High Insider Ownership?
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Insiders were net sellers of Donnelley Financial Solutions, Inc.'s (NYSE:DFIN ) stock during the past year. NYSE:DFIN Insider Trading Volume October 5th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. While insider transactions are not the most important thing when it comes to long-term investing, logic dictates you should pay some attention to whether insiders are buying or selling shares.
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Insiders were net sellers of Donnelley Financial Solutions, Inc.'s (NYSE:DFIN ) stock during the past year. NYSE:DFIN Insider Trading Volume October 5th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. Donnelley Financial Solutions Insider Transactions Over The Last Year In the last twelve months, the biggest single sale by an insider was when the Senior VP, Kami Turner, sold US$163k worth of shares at a price of US$27.10 per share.
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2021-10-03 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 10/3/2021
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-10-3-2021-2021-10-03
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment offers commercial and consumer desktop and notebook personal computers (PCs), workstations, thin clients, commercial mobility devices, retail point-of-sale (POS) systems, displays and other related accessories, software, support and services. The Printing segment provides consumer and commercial printer hardware, supplies, services and solutions, as well as scanning devices. Printing is also focused on graphics and three-dimensional (3D) imaging solutions. The Corporate Investments segment includes the operations of HP Labs and certain business incubation and investment projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of HP INC
Full Guru Analysis for HPQ>
Full Factor Report for HPQ>
PERION NETWORK LTD (PERI) is a small-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of PERION NETWORK LTD
Full Guru Analysis for PERI>
Full Factor Report for PERI>
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions Inc is a global risk and compliance solutions company. It provides regulatory filing and deal solutions via its software technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients' regulatory and compliance needs. The Company's software solutions consist of Venue Virtual Data Room (Venue), ActiveDisclosure, eBrevia and FundSuiteArc. The Company's tech-enabled services offerings consist of document composition, compliance-related to the United States security and exchange commission (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) filing services and transaction solutions. Its segments are Capital Markets - Software Solutions (CM-SS), Capital Markets - Compliance and Communications Management (CM-CCM), Investment Companies - Software Solutions (IC-SS), and Investment Companies - Compliance and Communications Management (IC-CCM).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: GrafTech International Ltd (GTI) is a manufacturer of graphite electrodes, products essential to the production of electric arc furnace (EAF) steel and various other ferrous and nonferrous metals. The Company also produces needle coke products, which are the primary raw material needed in the manufacture of graphite electrodes. The Company is manufactures and provides graphite and carbon materials used in the transportation, solar and oil and gas exploration industries. The Company's operating segments include Industrial Materials, which include graphite electrodes, refractory products and needle coke products, and Engineered Solutions, which includes advanced electronics technologies, advanced graphite materials, advanced composite materials, and advanced materials. The Company has seven product categories: graphite electrodes, refractory products, needle coke products, advanced graphite materials, advanced composite materials, advanced electronics technologies and advanced materials.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of GRAFTECH INTERNATIONAL LTD
Full Guru Analysis for EAF>
Full Factor Report for EAF>
TURTLE BEACH CORP (HEAR) is a small-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Turtle Beach Corporation (Turtle Beach) is an audio and gaming technology company. Turtle Beach is engaged in developing, commercializing, and marketing products under Turtle Beach, ROCCAT and Neat Microphones brands. Turtle Beach is a provider of headset solutions for use across multiple platforms, including video game and entertainment consoles, handheld consoles, personal computers (PC), tablets and mobile devices. Turtle Beach under its ROCCAT brand provides keyboards, mice, headsets, mousepads, and other computer accessories. Turtle Beach designs and markets a gaming headsets and audio accessories for Xbox, PlayStation, personal computer (PC), Mac, and mobile/tablet devices. Turtle Beach products are distributed internationally in North America, South America, Europe, the Middle East, Africa, Australia, and Asia.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of TURTLE BEACH CORP
Full Guru Analysis for HEAR>
Full Factor Report for HEAR>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. Company Description: HP Inc. is a personal computing and other access devices, imaging and printing products, and related technologies, solutions and services to individual consumers, small- and medium-sized businesses (SMBs) and large enterprises, including customers in the government, health and education sectors.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. The Company's operating segments include Industrial Materials, which include graphite electrodes, refractory products and needle coke products, and Engineered Solutions, which includes advanced electronics technologies, advanced graphite materials, advanced composite materials, and advanced materials.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. Its segments are Capital Markets - Software Solutions (CM-SS), Capital Markets - Compliance and Communications Management (CM-CCM), Investment Companies - Software Solutions (IC-SS), and Investment Companies - Compliance and Communications Management (IC-CCM).
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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2021-08-06 00:00:00 UTC
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Investors Who Bought Donnelley Financial Solutions (NYSE:DFIN) Shares A Year Ago Are Now Up 189%
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When you buy shares in a company, there is always a risk that the price drops to zero. But if you pick the right business to buy shares in, you can make more than you can lose. For example, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price had more than doubled in just one year - up 189%. On top of that, the share price is up 31% in about a quarter. The company reported its financial results recently; you can catch up on the latest numbers by reading our company report. And shareholders have also done well over the long term, with an increase of 90% in the last three years.
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During the last year Donnelley Financial Solutions grew its earnings per share, moving from a loss to a profit.
When a company is just on the edge of profitability it can be well worth considering other metrics in order to more precisely gauge growth (and therefore understand share price movements).
However the year on year revenue growth of 8.3% would help. We do see some companies suppress earnings in order to accelerate revenue growth.
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
NYSE:DFIN Earnings and Revenue Growth August 6th 2021
We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? You can see how its balance sheet has strengthened (or weakened) over time in this free interactive graphic.
A Different Perspective
Pleasingly, Donnelley Financial Solutions' total shareholder return last year was 189%. That's better than the annualized TSR of 24% over the last three years. These improved returns may hint at some real business momentum, implying that now could be a great time to delve deeper. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Take risks, for example - Donnelley Financial Solutions has 3 warning signs we think you should be aware of.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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NYSE:DFIN Earnings and Revenue Growth August 6th 2021 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? For example, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price had more than doubled in just one year - up 189%. When a company is just on the edge of profitability it can be well worth considering other metrics in order to more precisely gauge growth (and therefore understand share price movements).
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For example, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price had more than doubled in just one year - up 189%. NYSE:DFIN Earnings and Revenue Growth August 6th 2021 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? A Different Perspective Pleasingly, Donnelley Financial Solutions' total shareholder return last year was 189%.
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For example, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price had more than doubled in just one year - up 189%. NYSE:DFIN Earnings and Revenue Growth August 6th 2021 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? There will continue to be wide discrepancies between price and value in the marketplace...' By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
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For example, the Donnelley Financial Solutions, Inc. (NYSE:DFIN) share price had more than doubled in just one year - up 189%. NYSE:DFIN Earnings and Revenue Growth August 6th 2021 We know that Donnelley Financial Solutions has improved its bottom line over the last three years, but what does the future have in store? When you buy shares in a company, there is always a risk that the price drops to zero.
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2021-08-04 00:00:00 UTC
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Donnelley Financial Solutions Inc (DFIN) Q2 2021 Earnings Call Transcript
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https://www.nasdaq.com/articles/donnelley-financial-solutions-inc-dfin-q2-2021-earnings-call-transcript-2021-08-04
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Image source: The Motley Fool.
Donnelley Financial Solutions Inc (NYSE: DFIN)
Q2 2021 Earnings Call
Aug 4, 2021, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen thank you for standing by and welcome to the Donnelley Financial Solutions' Second Quarter 2021 Earnings Conference Call. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]
I would now like to hand the conference over to your speaker today Mike Zhao, Head of Investor Relations. Thank you. Please go ahead sir.
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Mike Zhao -- Head of Investor Relations
Thank you. Good morning everyone and thank you for joining Donnelley Financial Solutions' second quarter 2021 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.
During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. For a complete discussion, please refer to the cautionary statements included in our earnings release and further details in our most recent annual report on Form 10-K, quarterly report on Form 10-Q, and other filings with the SEC.
Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only. Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information.
This morning I am joined by Dan Leib, Dave Gardella, Craig Clay, Eric Johnson, Floyd Strimling, and Kami Turner.
I will now turn the call over to Dan.
Dan Leib -- President and Chief Executive Officer
Thank you, Mike and welcome to your firstearnings callat DFIN. Mike recently joined DFIN from Teradata, an enterprise SaaS company where he led finance for one of their go-to-market segments. At DFIN, Mike is heading up Financial Planning and Analysis as well as Investor Relations working closely with Dave. We look forward to you meeting Mike.
Good morning everyone. And from all of us at DFIN, we hope that you and your families are staying safe and healthy. After a very strong start to the year in the first quarter, I am again pleased with the momentum in our second quarter operating performance as well as within our end markets. On our last few quarterly calls, we noted that we had been seeing a return to a more normalized level of growth in software sales and a significant increase in transactional activity. The momentum in software sales accelerated in the second quarter, while the transactional environment within capital markets remained strong. Our second quarter results offer another proof point of the success of DFIN's transformation and our 44 in 2024 strategy, specifically targeting 44% of our sales from software solutions by the year 2024 and more importantly, the resulting financial profile from such a business mix. Two of the resulting financial aspects are an increase in profitability and an increase in margin. Over the same two-year period, adjusted EBITDA has been up by over $100 million driving margin up 1,000 basis points to 25%. At quarter end, our trailing four-quarter adjusted EBITDA is $233.5 million.
In short, our strategy is delivering strong results. We look forward to sharing ongoing progress with you as we execute our strategy. As it relates specifically to the second quarter results, total sales grew 5.3% from last year's second quarter. Excluding print and distribution, year-over-year net sales increased 23% in the quarter, as software solutions sales grew 40%, and tech-enabled services grew 16% overcoming a decline of 26% in print and distribution related sales.
As a reminder, the decline in print and distribution sales is a result of the regulatory change in the investment companies business and our proactive exiting from low-margin printing contracts consistent with our strategic priority of investing to grow the more attractive recurring software and tech-enabled services aspects of our business. The record high quarterly software solution sales was led by our recurring compliance products, which in aggregate grew 36% over the second quarter of last year.
We've received positive market feedback and strong client adoption for our recent product launches particularly in ActiveDisclosure and total compliance management, a component of our ArcDigital offering along with ArcPro contributing to the 36% growth in our recurring compliance software sales. In addition, our virtual data room product Venue achieved another all-time high for quarterly sales and grew approximately 50% year-over-year largely driven by an increase in M&A deal activity, and once again, what we believe to be market share gains. Similar to the last few quarters, the strength of the capital markets transactional activity and our strong market share resulted in robust sales growth with transactional sales increasing more than 38% from the second quarter of 2020. The growth in higher-margin software solutions and tech-enabled services net sales, our proactive pruning of low-margin print work, along with the significant impact of our ongoing cost control efforts, including execution of our aggressive plan to right-size our print platform in light of the regulatory impact on print demand, again resulted in strong quarterly earnings.
Second quarter non-GAAP adjusted EBITDA was $79.9 million, an increase of over 31% from last year's second quarter. And adjusted EBITDA margin was 29.9%, up 600 basis points from second quarter 2020 adjusted EBITDA margin. Given the trend, I noted earlier with eight consecutive quarters of expanding year-over-year EBITDA margin, our trailing four-quarter adjusted EBITDA margin is currently 25% tracking well ahead of our long-term target of at least 20%. As I highlighted on our last call, the steps we took during 2020 and continue to take in 2021 to optimize our operations, streamline our organizational structure and real estate footprint contributed to our second quarter growth in adjusted EBITDA and expansion of adjusted EBITDA margin. At the same time as having aggressively managed the cost structure in certain areas, we've also increased investment levels in support of our strategic priorities. Specifically, we've allocated more resources in terms of both people and dollars toward our software products and the technology that supports these products.
To be clear, while we've increased investment in this area to accelerate our transformation, we've done so with the same disciplined approach we've taken historically, targeting areas and projects where we expect to deliver superior economic returns. Free cash flow in the quarter improved by $16.5 million, despite funding $15.7 million related to the LSC multi-employer pension plan obligation. Dave will cover this topic in more detail.
At quarter end, our non-GAAP net debt was lower than last year's second quarter by $112.3 million, resulting in a non-GAAP net leverage of 0.9 times, 1.2 times lower than the second quarter of 2020. Before I share a few business highlights, I would like to turn the call over to Dave to provide more detail on our second quarter financial results and our outlook for the third quarter. Dave?
David Gardella -- Chief Financial Officer
Thank you Dan and good morning everyone. As Dan noted, we delivered very strong results in the quarter including 5.3% sales growth and significant year-over-year increases in non-GAAP adjusted EBITDA, adjusted EBITDA margin, non-GAAP adjusted earnings per share and free cash flow. We maintained strong market share in our transactional filing business and posted 40% growth in our software solution sales, all while continuing to drive operating efficiencies.
On a consolidated basis net sales for the quarter were $267.5 million an increase of $13.5 million or 5.3% from the second quarter of 2020. Software solutions net sales in the second quarter increased by $19 million or 39.9%, primarily due to an acceleration of virtual data room activity in Venue, driven by the improved M&A environment, accelerated product adoption within Arc Suite, as well as solid subscription growth in ActiveDisclosure.
Tech-enabled services net sales increased by $18.6 million or 16.1% primarily due to increased capital markets transactional activity. Print and distribution revenue decreased by $24.1 million or 26.5% primarily due to the regulatory-driven reduction in demand for printed materials within investment companies and less commercial printing where we have proactively exited certain low-margin contracts. This decline was partially offset by higher print-related sales as a result of the increased transactional activity within capital markets.
Regarding our print platform, we have made substantial changes over the past couple of years. By year-end 2021, we expect to be utilizing our third-party network for approximately 85% to 95% of our print needs variablizing the cost structure for the majority of our print production and at the same time operating our own digital-only print platform to meet the demand for higher-value quick-turn requirements.
Second quarter non-GAAP gross margin was 56% approximately 970 basis points higher than the second quarter of 2020, primarily driven by a favorable business mix featuring growth in higher-margin tech-enabled services and software solution sales combined with lower overall print volume and the impact of ongoing cost control initiatives.
Non-GAAP, SG&A expense in the quarter was $70 million or $13.2 million higher than the second quarter of 2020. As a percentage of net sales, non-GAAP SG&A was 26.2% an increase of approximately 380 basis points from the second quarter of 2020. The increase in non-GAAP SG&A is primarily due to sales commissions on higher sales, changes in the business mix and higher incentive compensation expense partially offset by the impact of ongoing cost control initiatives.
Our second quarter non-GAAP adjusted EBITDA was $79.9 million an increase of $19.1 million or 31.4% from the second quarter of 2020. Our second quarter non-GAAP adjusted EBITDA margin was 29.9% an increase of approximately 600 basis points from the second quarter of 2020, again primarily driven by the favorable sales mix and ongoing cost control initiatives partially offset by higher incentive compensation and selling expenses.
Turning now to our second quarter segment results. Net sales in our capital markets software solutions segment were $43.8 million, an increase of 37.7% from the second quarter of 2020 primarily due to increased Venue Virtual Data Room activity and continued growth in ActiveDisclosure subscriptions.
Venue sales increased approximately 50% from the second quarter of 2020 driven by an improving M&A environment and sales and marketing efforts focused on gaining market share and accelerating growth, while our recurring compliance products ActiveDisclosure and File 16 also had a solid quarter posting 26% growth in aggregate.
Non-GAAP adjusted EBITDA margin for the segment was 29%, an increase of approximately 1,260 basis points from the second quarter of 2020. The increase in non-GAAP adjusted EBITDA margin was primarily due to the increased sales a favorable sales mix as well as the impact of operating efficiencies partially offset by higher selling expenses as a result of the increased sales volume.
Net sales in our Capital Markets Compliance & Communications Management segment were $153.1 million, an increase of 26.7% from the second quarter of 2020, primarily due to increased capital market transactional activity continuing the trend that began in the third quarter of 2020. This growth was largely driven by the ongoing momentum in IPO activity as well as increased M&A activity including De-SPAC transactions.
Non-GAAP adjusted EBITDA margin for the segment was 43.4% an increase of approximately 260 basis points from the second quarter of 2020. The increase in non-GAAP adjusted EBITDA margin was primarily due to the increased sales volume and a favorable sales mix.
As we anticipated and also communicated on our last call, we did see a sequential decline in SPAC IPO registration activity based on the SEC statement regarding the accounting classification of warrants and their potential action on legal protection for growth projections. Second quarter sales driven by SPAC registrations were less than $400,000 compared to approximately $3.6 million in the first quarter.
Over the last four quarters, we've completed 139 SPAC registrations and have generated approximately $6.2 million in sales for these transactions. As it relates to this activity, the bigger opportunity lies ahead as the value of a De-SPAC transaction is on average 10 times the value of the initial registration transaction. Further, these transactions provide a pipeline for recurring software subscriptions to support our clients' ongoing compliance requirements.
Net sales in our Investment Companies Software Solutions segment were $22.8 million, an increase of 44.3% from the second quarter of 2020 primarily due to strong demand for our ArcDigital total compliance management offering in the quarter which continues to gain momentum since we've launched it in the second quarter of 2020 with new opportunity arising out of the regulatory changes affecting investment companies. In addition, growth in ArcPro related to new subscription activity and organic growth from existing clients also fueled the growth in this segment.
Non-GAAP adjusted EBITDA margin for the segment was 29.4%, an increase of approximately 600 basis points from the second quarter of 2020. The increase in non-GAAP adjusted EBITDA margin was primarily due to the increase in sales and a favorable sales mix partially offset by higher incentive compensation expense.
Net sales in our Investment Companies Compliance & Communications Management segment were $47.8 million a decrease of $37.8 million or 44.2% from the second quarter of 2020 due to the impact of regulatory change in investment companies affecting print-related sales and the reduction of commercial printing sales related to contracts we have proactively exited.
Non-GAAP adjusted EBITDA margin for the segment was 10.9% approximately 290 basis points lower than the second quarter of 2020. The decline in non-GAAP adjusted EBITDA margin was primarily due to the lower activity levels for print and distribution.
This impact was partially offset by a reduction in overall expense within the segment primarily due to cost savings as a result of the consolidation of the print platform and a lower allocation of overhead costs which are now being absorbed by our other three operating segments, as the lower activity level in this segment results in a reduced need for such shared resources.
Second quarter has historically been our peak quarter in terms of print activity and with approximately 60% of the reduction in print demand now behind us, the execution of our plans to consolidate the print platform and to capture the related cost savings continue to track ahead of plan.
Regarding the regulatory change that will continue to reduce demand for print in the segment, we continue to expect a reduction in print-related net sales of approximately $130 million to $140 million and a reduction in non-GAAP adjusted EBITDA of approximately $5 million to $10 million related to the regulatory change.
Non-GAAP unallocated corporate expenses were $11.2 million, an increase of $2 million from the second quarter of last year. The increase in unallocated corporate cost was primarily due to increased incentive compensation, driven by the strong performance, partially offset by the impact of ongoing cost control initiatives.
Free cash flow in the quarter was $20.9 million, representing an improvement of $16.5 million from the second quarter of last year. As Dan mentioned earlier, this improvement was despite having funded $15.7 million related to the LSC multiemployer pension plan obligation, the vast majority of which was related to lump sum settlement payments with two of the three plans.
Last year's second quarter did not include any payments related to this item, as we began making payments in the third quarter of 2020. So the full $15.7 million cash outflow was incremental to last year's second quarter.
As a reminder, DFIN and R.R. Donnelley agreed to share required payments equally and an adjustment and repayment will be made as needed in accordance with the final allocation determined in arbitration, which we expect to occur before the end of the year.
We ended the second quarter with $240.9 million of total debt and $201 million of non-GAAP net debt, including $10 million drawn on our revolver. From a liquidity perspective, we had access to the remaining $287.7 million of our revolver as well as $39.9 million of cash on hand.
As of June 30, 2021, our non-GAAP net leverage ratio was 0.9 times, down 1.2 times from the second quarter last year. Our cash flow is historically seasonal. We are a user of cash in the first half and generate more than 100% of our free cash flow in the second half of the year. As our sales mix continues to evolve to proportionately more subscription-based software solutions, we expect the seasonality to be less significant.
During the quarter, we amended and extended our credit agreement to among other things provide for $200 million delayed draw Term Loan A facility and to extend the maturity of the $300 million revolving facility to May 27, 2026. The proceeds of the term loan may only be used to redeem or repurchase the company's 8.25% senior notes, due 2024, which become redeemable on or after October 15, 2021. It is our intent to redeem these notes at that time, which following that transaction will lower our annual interest expense by approximately $14 million.
The company repurchased approximately 251,000 shares of common stock during the quarter for $7.1 million at an average price of $28.19 per share. We have approximately $39.6 million remaining on our $50 million stock repurchase authorization. As it relates to the third quarter, transactional activity in capital markets remained robust throughout July. Regarding our outlook for the quarter, we are expecting consolidated net sales to be in the range of $200 million to $210 million, down approximately $5 million or 2.5% year-over-year at the midpoint, due to the planned reduction in print and distribution for the regulatory changes related to SEC rules 30e-3 and 498A.
Excluding print and distribution, third quarter revenue is estimated to grow by approximately 14% at the midpoint of our range. We remain bullish on the near-term outlook for our Software Solution sales as well as on capital markets transactional activity. From a profitability perspective in the third quarter, we expect a non-GAAP adjusted EBITDA margin in the low to mid-20% range similar to last year's third quarter margin.
With that I'll now pass it back to Dan. Dan?
Dan Leib -- President and Chief Executive Officer
Thanks, Dave. The execution of our strategy continues to deliver positive results. Our new software offerings continue to attract strong interest and adoption. The momentum in software combined with our strong position in the transactional market has enabled us to generate sustained sales growth over the last four quarters. In addition, we have now delivered year-over-year expansion in EBITDA margins for eight consecutive quarters demonstrating the continued improvement in our business mix and disciplined cost management, while also increasing investments to accelerate our strategy.
The trends in our top and bottom line results reinforce the value of our 44 in 2024 strategy. Achieving this goal was driven by increases in our software solutions and tech-enabled services sales and decreases in print sales yielding strong margins and cash generation.
In closing, we're excited about our very strong first half of the year and remain keenly focused on driving our 44 in 2024 strategy. The adoption trends for our new software products and our various operational successes illustrate the exceptional value we are delivering to our clients. We continue to find and focus on opportunities to further enhance shareholder returns.
Before we open it up for Q&A, I'd like to thank the DFIN employees around the world, who have been working tirelessly to develop new products maintain our operations and ensure our clients continue to receive the highest quality service without disruption. Stay safe and healthy.
Now with that, operator we're ready for questions.
Questions and Answers:
Operator
[Operator Instructions] And your first question comes from Charlie Strauzer with CJS.
Charlie Strauzer -- CJS -- Analyst
Hi. Good morning. Just a couple of quick questions for you. First of all, the impressive software growth that you saw in the quarter maybe can you dive in a little bit more detail behind the drivers of that growth? Especially, excluding Venue what are you seeing in terms of the drivers beyond that? And are you seeing a pickup in kind of De-SPAC activity leading to new business as well?
Dan Leib -- President and Chief Executive Officer
Okay. Thanks, Charlie. Good morning. I'll start off, and then I'll ask Craig and Eric to speak a bit about the go-to-market on some of the new products that our engineering and product teams have recently developed and that we have in market. So if you look at our $232 million of software revenue over the past four quarters, we break it into our regulatory compliance offering, which is the majority of our software it's purpose built for our clients to comply with SEC regulatory and filing requirements, and then to your other point the balance is primarily our Venue Data Room. And so we're always looking for ways to serve clients to increase the recurring nature, across all of our products.
We have increased our spending on technology both existing and new products, including introducing three new offerings to the market over the past year or so, and we're seeing great client interest and receptivity across the product suite, but in particular to the new products. The most recent introduction is new AD, which is a brand-new build. We began to sell it in the market a few months ago. And then within our GIC business, we introduced the new product total compliance management to support our clients in response with all the regulatory change going on with 30e-3, 498A and then even more broadly. We also introduced a new offering in Europe a year or so ago. So let me pass it off to Craig. We will then also ask Eric to make a couple of comments. Craig, anything to add on new AD?
Craig Clay -- President of Global Capital Markets
Sure. And I think also to touch on the SPAC piece, maybe I'll start there which is SPACs have normalized, so post the sort of SEC scrutiny, what we've seen is really in Q2 net total SPAC count surpasses 2019's total. So it certainly isn't at Q1 level, but we think it's normalized. And it's a great opportunity that SPACs are creating increased public companies and it really perfectly highlights DFIN's value proposition. We're supporting the deal team through the traditional and new AD for the filings and the pricing.
Our clients are using Venue, our virtual data room for their pipe financing. And then as well, you've got this pipeline. So 400 SPACs plus looking for a target, and we're ready to support them. So then you get to it's creating these great new public companies. And the recurring high-retention software of new AD, we took the experience of decades of servicing SEC clients.
In Q1, we launched new AD, so built from the ground up. It's purpose-driven SEC-compliant software, browser-based. It integrates with our client's ERP and Excel where our clients last mile of financials reside. Simple fast onboarding and early client takeaways from those who've onboarded indicate the market wants what we have built. We're very, very pleased with the pipeline. Our clients are converting from AD 3.0 to new AD. Our newly public clients through IPO or SPAC are on new AD. And certainly, our competitive wins, our competitor clients are welcoming having a choice at DFIN. So we're really excited about what we see with new AD and we're looking forward to the second half of 2021 and beyond. Eric, I'll turn it to you.
Eric Johnson -- President of Global Investment Companies
Yes. Thanks, Craig. And Charlie thanks for the question. For GIC, it's a few things. We've seen strong performance from our new ArcDigital product and total compliance management solution launched in 2020, as well as new regulatory compliance drivers in the US market like iXBRL rules 30e-3 and 498A. Our Arc Suite software helps clients operationalize reg requirements.
Another important factor is the velocity of technology adoption in the Investment Companies segment, as many firms are focused on digitizing their internal processes and workflows, supporting the middle and back office. And Arc Suite is well positioned to help them achieve their digitization goals.
Charlie Strauzer -- CJS -- Analyst
Great. Thank you, very much for that. And then, just kind of staying on that topic for just a second if we could, how much exactly are...
Dan Leib -- President and Chief Executive Officer
Charlie, sorry, sorry, I was just going to add your question on the SPAC market. Craig outlined kind of the opportunity going forward. I commented on the math and what we've seen historically the 139 SPACS that we've done for -- under registration about $6.2 million in revenue over the last year, and then my comment around the De-SPAC transaction being typically 10 times larger.
If you run through that math, there's roughly 425 SPACS that have completed the registration, but have yet to complete an acquisition. So you look at the aggregate revenue opportunity in the market, it's probably, call it $200 million over the next couple of years. And then even if you haircut that for completion rates and our market share, our historical market share of the M&A activity, think about that as $60 million to $70 million of transactional activity over the next couple of years isn't unreasonable specific to SPAC or De-SPAC transactions. And then, as Craig also noted, more importantly, it's creating a nice pipeline for us on the recurring software subscriptions for ActiveDisclosure.
Charlie Strauzer -- CJS -- Analyst
Great. And then just staying on that for just one more second, just if you think about the companies that have begun to De-SPAC, what do you feel like your share has been in terms of garnering new business from those De-SPAC-ing companies?
Craig Clay -- President of Global Capital Markets
Yes. I'll take it for a shot at that. So thank you. Our share has been increasing. So certainly from the evolving SPAC, I mean it used to be sort of the blank check last resort, now it's a high-quality high management team doing great things. Our share has started to reflect that. So we certainly have an extremely high retention of the De-SPAC from the SPAC of our own work.
And then what we're also seeing is that, these De-SPACs are super, super complicated and we can then, in those De-SPAC, actually take share from our competitor. They often upgrade their deal team and they often then upgrade to DFIN. But the real takeaway is this creation of new public companies, the SPAC holding company, the SPAC and De-SPAC-ing, it's creating an amazing pipeline for us to retain those companies on new AD and create this recurring revenue. Super excited about not just the revenue, but the ongoing reporting needs of these clients and that they will be here at DFIN.
Dan Leib -- President and Chief Executive Officer
And Charlie just to add to Chris's comments on those -- the SPAC registration where that company has also done an acquisition and it was -- or where the initial SPAC was handled by a competitor, we've taken back roughly 20% or so on the De-SPAC transaction. And then as Craig pointed out very high conversion rate where we don't -- where we did the initial SPAC transaction.
Charlie Strauzer -- CJS -- Analyst
Do you feel like...
Dan Leib -- President and Chief Executive Officer
Further context the SPAC as I think we've referenced on prior calls, really a small document. So it is with De-SPAC that the real disclosure opportunity, and then obviously the real reporting opportunity. Charlie back to you.
Charlie Strauzer -- CJS -- Analyst
Great. And just on the share side, just on the traditional side of your business, do you feel like you're still taking share from competitors as well?
Dan Leib -- President and Chief Executive Officer
Yes. We're in a strong position across an array of product lines yes.
Charlie Strauzer -- CJS -- Analyst
Excellent. Thank you very much.
Dan Leib -- President and Chief Executive Officer
Thank you Charlie.
Operator
Your next question comes from Pete Heckmann with D.A. Davidson.
Pete Heckmann -- D.A. Davidson -- Analyst
Hey. Good morning, everyone. Great results. On that last question on market share gains, on the capital market side, do you feel like those share gains are more weighted toward just capturing a greater share of the new issues? Or there's also a contribution from competitive takeaways of existing public companies?
Dan Leib -- President and Chief Executive Officer
Well, I think they are both. So if you think the transactional side is really your first question. In robust markets, we tend to do very well about the quality of those deals, the deal teams, our place in that nexus of compliance and regulatory. We do really well on the transactional side and we're seeing that right now.
The second part of your question is on the compliance side, which is the ongoing reporting needs. We've said on prior calls that we have increased share. We did that in 2020 from 2019. We did it in Q1 from 2020 and we saw that again. So we continue to increase the number of public companies working with us. It's both taking share as well as retaining company's newly minted companies whether it's IPO or De-SPAC.
Pete Heckmann -- D.A. Davidson -- Analyst
Got it, got it. Okay. And then just on the regulatory outlook. It's good to see 30e-3 and 498 almost in the rearview mirror. Anything that we should be watching over the next let's say 18 months in terms of proposed new rules that could either be a tailwind or a headwind for DFIN?
Craig Clay -- President of Global Capital Markets
Yeah, I'll start it out. We monitor what's happening with the SEC very closely. They were in a modernization process. We're in very closely making sure that our products. for example, on the call today are making sure that our products are ready for that and we are. I think it's an opportunity for us. There's certainly nothing that we see as a net negative. They're talking about ESG. They're talking about traditional iXBRL requirements. So we're monitoring those. And none of those have been proposed. So there typically is a proposal like 90 to many months long process to comment before there's a rule change. So we're certainly very far out for anything that would have any substantive change. What we hear, I think is a net positive as people have to disclose and report more. Transparency is great.
Dan Leib -- President and Chief Executive Officer
Yeah. I'd add to that. I think when you ask relative to 18 months tough to exactly pinpoint the timing, but Craig's last comment about enhanced transparency disclosure tagging of data, we feel very positive about some of the things that have been discussed and that are being discussed but not yet proposed.
And I'm sorry, Eric, I think you had a couple of things to say.
Eric Johnson -- President of Global Investment Companies
Yes. Thanks Dan. And Pete thanks for the question. I would just say on the GIC side of things as Craig mentioned, we as well stay very close with the regulators. And we see our software, as I mentioned earlier, it's about operationalizing the reg requirements. So we stay very close with US regulators as well as EU. As far as the near horizon, certainly there's a lot of things in comment period, and we'll stay close to it. But again, our software is set to really help our clients tackle any regulatory change that comes their way.
Pete Heckmann -- D.A. Davidson -- Analyst
Got it. That's helpful. I'll go back in queue.
Dan Leib -- President and Chief Executive Officer
Thank you.
Operator
Your next question comes from Raj Sharma with B. Riley.
Raj Sharma -- B. Riley -- Analyst
Hi. Good morning, guys. Congratulations on another solid quarter.
Dan Leib -- President and Chief Executive Officer
Hi. Thanks Raj.
Raj Sharma -- B. Riley -- Analyst
Sure. I wanted to understand the print declines a little bit better. I -- was some of the decline moved from Q2 to the second half of the year? It's my recollection. I thought that there was going to be sort of a bigger proactive decline in Q2 of print. And so what is remaining for the balance of the year? Could you talk about that?
David Gardella -- Chief Financial Officer
Yes. Raj, it's Dave. So, when you look at the overall print numbers, there's a couple of things going on there. One is the impact of the regulatory change, right, which was 30e-3 and 498A that $130 million or so. We're about 60% of the way through that. Now you have a couple of things going the other way.
We pointed this quarter specifically the transactional environment and Capital Markets remain strong. And so there was some incremental print on a year-over-year basis reflected in the numbers too. So, I think when you look at going forward on that $130 million of print decline this year, we said we're roughly 60% of the way through it. And so, that last 40% or roughly $50 million over the next couple of quarters.
Raj Sharma -- B. Riley -- Analyst
Got it.
Dan Leib -- President and Chief Executive Officer
Yes. And I -- just to add to that is some of that variability outside of the regulatory change does demonstrate the benefit of variablizing the print platform as we've done. And so, to Dave's prepared comments, we now have a very nice digital platform for higher-value, quicker turn, types of needs. And then, we're able to go into the marketplace to scale up and obviously scale down as demand dictates.
Raj Sharma -- B. Riley -- Analyst
So, is it fair to say that the net reduction in print this year would be -- could these actually looking to be less than the $130 million, simply because of the uptake in transactions?
David Gardella -- Chief Financial Officer
Yes. That's the right way to think about it Raj.
Raj Sharma -- B. Riley -- Analyst
Okay. Thank you. And then, on your Q3 guidance, any particular reason why the margins would -- you're expecting the EBITDA margins to be 500, 600 basis points lower. Is that right than Q2?
Dan Leib -- President and Chief Executive Officer
So, it's -- we said, low to mid-20s similar to last year's Q3. Again, I think when you look at the way transactional has gone over the last several quarters, we've had $90 million plus I think now for at least three quarters in a row. While the market remains strong in July, Q3 always tends to be a little bit lighter, and so that business mix is always an issue we're watching. And like we've talked about before the transactional work is a little unpredictable, although we're still bullish on the outlook, but I want to just make sure that we're going to deliver against our guidance.
Raj Sharma -- B. Riley -- Analyst
Right. So, it's fair to say that the margins are almost entirely predicated upon the transaction part of the business and -- which is the wildcard sort of. But do you see a good strength in that in Q3 so far?
Dan Leib -- President and Chief Executive Officer
Yeah. So far, we do. I would say the other aspect is the growth that we drive on the software solutions revenue comes through at very high incremental gross margins and flows through to EBITDA. But like you said, the biggest wildcard would certainly be transactional.
Raj Sharma -- B. Riley -- Analyst
Thank you for answering my questions. Great quarter again.
Dan Leib -- President and Chief Executive Officer
Thanks, Raj.
Operator
Your next question is a follow-up from Charlie Strauzer with CJS.
Charlie Strauzer -- CJS -- Analyst
Thanks. Just drilling down a little bit more on the Q3 guidance Dave if you could. Maybe some thoughts on your assumptions for each segment. How should we think about building out the model from a segment basis there? And then picking up on the transactional side, what are you assuming for transactions for both like IPOs as well as M&A? Obviously, M&A has been very big seeing a very big pickup lately. Can you maybe give us some thoughts on that side as well.
David Gardella -- Chief Financial Officer
Yeah, sure. So if I go segment by segment, we really would expect both of the software segments to continue to increase pretty substantially in Q3. And then when we look at the Investment Companies-Compliance & Communications Management segment to the earlier point around the regulatory impact on print, I think the declines there would be similar to what we've seen so far this year. And then again, the biggest wild card would be in the Capital Markets Compliance & Communications Management segment. Certainly, expecting to see growth in Q3. The comps do get tougher as we get into Q3 and also into Q4. But at a high level, I think the growth in software, the growth in Capital Markets, Compliance & Communications Management and again a little bit of that offset by the decline in print which predominantly hits in Investment Companies Compliance & Communications Management.
And then specific to transactional for Q3, I mentioned that you look over the last three or four quarters we had -- it's actually the last three quarters starting in Q4 last year and the first two quarters of this year in excess of $90 million in transactional sales. That's a pretty big number a pretty robust market there that we've seen over the last three quarters. I think looking specific at transaction that would be a stretch to get there this quarter. But like I said, we've started off strong in July. And to the extent that the market holds up, we'd probably be looking in the call it $80 million to $90 million range on transactional.
Charlie Strauzer -- CJS -- Analyst
Right. And obviously, you got -- you should see traditional kind of tail down for the summer vacation doldrums so to speak too.
David Gardella -- Chief Financial Officer
Yeah, that's right.
Charlie Strauzer -- CJS -- Analyst
Great. Thank you very much.
David Gardella -- Chief Financial Officer
Thank you.
Operator
[Operator Instructions] At this time, there are no further questions. I will now hand the call back to management for closing remarks.
Dan Leib -- President and Chief Executive Officer
Great. Thank you, Ashley. Thank you all for joining us and we look forward to speaking to you in November. Thank you.
Operator
[Operator Closing Remarks]
Duration: 50 minutes
Call participants:
Mike Zhao -- Head of Investor Relations
Dan Leib -- President and Chief Executive Officer
David Gardella -- Chief Financial Officer
Craig Clay -- President of Global Capital Markets
Eric Johnson -- President of Global Investment Companies
Charlie Strauzer -- CJS -- Analyst
Pete Heckmann -- D.A. Davidson -- Analyst
Raj Sharma -- B. Riley -- Analyst
More DFIN analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions Inc (NYSE: DFIN) Q2 2021 Earnings Call Aug 4, 2021, 9:00 a.m. This morning we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. Dan Leib -- President and Chief Executive Officer Thank you, Mike and welcome to your firstearnings callat DFIN.
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Donnelley Financial Solutions Inc (NYSE: DFIN) Q2 2021 Earnings Call Aug 4, 2021, 9:00 a.m. This morning we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. Dan Leib -- President and Chief Executive Officer Thank you, Mike and welcome to your firstearnings callat DFIN.
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Donnelley Financial Solutions Inc (NYSE: DFIN) Q2 2021 Earnings Call Aug 4, 2021, 9:00 a.m. This morning we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. Dan Leib -- President and Chief Executive Officer Thank you, Mike and welcome to your firstearnings callat DFIN.
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Davidson -- Analyst Raj Sharma -- B. Riley -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions Inc (NYSE: DFIN) Q2 2021 Earnings Call Aug 4, 2021, 9:00 a.m. This morning we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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1ddad359-3efa-484d-901a-67f2ef3d6963
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728834.0
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2021-08-01 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 8/1/2021
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-8-1-2021-2021-08-01
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nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
GRAFTECH INTERNATIONAL LTD (EAF) is a mid-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: GrafTech International Ltd (GTI) is a manufacturer of graphite electrodes, products essential to the production of electric arc furnace (EAF) steel and various other ferrous and nonferrous metals. The Company also produces needle coke products, which are the primary raw material needed in the manufacture of graphite electrodes. The Company is manufactures and provides graphite and carbon materials used in the transportation, solar and oil and gas exploration industries. The Company's operating segments include Industrial Materials, which include graphite electrodes, refractory products and needle coke products, and Engineered Solutions, which includes advanced electronics technologies, advanced graphite materials, advanced composite materials, and advanced materials. The Company has seven product categories: graphite electrodes, refractory products, needle coke products, advanced graphite materials, advanced composite materials, advanced electronics technologies and advanced materials.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of GRAFTECH INTERNATIONAL LTD
Full Guru Analysis for EAF>
Full Factor Report for EAF>
TURTLE BEACH CORP (HEAR) is a small-cap value stock in the Electronic Instr. & Controls industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Turtle Beach Corporation is an audio technology company. The Company is engaged in developing, commercializing and marketing products under the Turtle Beach and HyperSound brands. Turtle Beach is a provider of headset solutions for use across multiple platforms, including video game and entertainment consoles, handheld consoles, personal computers, tablets and mobile devices. Turtle Beach headsets are distributed across North America, South America, Europe, the Middle East, Africa, Australia and Asia. HyperSound technology is an audio solution that provides a means of projecting sound in a directional manner, without use of speaker arrays, to a specific location creating a precise audio zone.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of TURTLE BEACH CORP
Full Guru Analysis for HEAR>
Full Factor Report for HEAR>
PERION NETWORK LTD (PERI) is a small-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of PERION NETWORK LTD
Full Guru Analysis for PERI>
Full Factor Report for PERI>
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions Inc is a global risk and compliance solutions company. It provides regulatory filing and deal solutions via its software technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients' regulatory and compliance needs. The Company's software solutions consist of Venue Virtual Data Room (Venue), ActiveDisclosure, eBrevia and FundSuiteArc. The Company's tech-enabled services offerings consist of document composition, compliance-related to the United States security and exchange commission (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) filing services and transaction solutions. Its segments are Capital Markets - Software Solutions (CM-SS), Capital Markets - Compliance and Communications Management (CM-CCM), Investment Companies - Software Solutions (IC-SS), and Investment Companies - Compliance and Communications Management (IC-CCM).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
DELUXE CORPORATION (DLX) is a small-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Deluxe Corporation provides technology-enabled solutions to enterprises, small businesses and financial institutions. The Company's segments include Payments, Cloud Solutions, Promotional Solutions and Checks. Payments segment includes its treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, in addition to payroll and disbursement services, including Deluxe Payment Exchange and fraud and security services. The Cloud Solutions segment includes Web hosting and design services, data-driven marketing solutions and hosted solutions, including digital engagement, logo design, financial institution profitability reporting, account switching tools and business incorporation services. The Promotional Solutions segment includes business forms, accessories, advertising specialties, promotional apparel, retail packaging and strategic sourcing services. The Checks segment includes printed personal and business checks.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DELUXE CORPORATION
Full Guru Analysis for DLX>
Full Factor Report for DLX>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> DELUXE CORPORATION (DLX) is a small-cap growth stock in the Computer Services industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> DELUXE CORPORATION (DLX) is a small-cap growth stock in the Computer Services industry. The Company's operating segments include Industrial Materials, which include graphite electrodes, refractory products and needle coke products, and Engineered Solutions, which includes advanced electronics technologies, advanced graphite materials, advanced composite materials, and advanced materials.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> DELUXE CORPORATION (DLX) is a small-cap growth stock in the Computer Services industry. The Company's operating segments include Industrial Materials, which include graphite electrodes, refractory products and needle coke products, and Engineered Solutions, which includes advanced electronics technologies, advanced graphite materials, advanced composite materials, and advanced materials.
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Detailed Analysis of PERION NETWORK LTD Full Guru Analysis for PERI> Full Factor Report for PERI> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> DELUXE CORPORATION (DLX) is a small-cap growth stock in the Computer Services industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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d50490ab-27d6-47b7-97fc-a267c30b30d2
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728835.0
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2021-07-26 00:00:00 UTC
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Notable Monday Option Activity: AXSM, DFIN, MGM
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DFIN
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https://www.nasdaq.com/articles/notable-monday-option-activity%3A-axsm-dfin-mgm-2021-07-26
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Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Axsome Therapeutics Inc (Symbol: AXSM), where a total of 2,605 contracts have traded so far, representing approximately 260,500 underlying shares. That amounts to about 69.3% of AXSM's average daily trading volume over the past month of 376,005 shares. Especially high volume was seen for the $40 strike call option expiring January 21, 2022, with 1,000 contracts trading so far today, representing approximately 100,000 underlying shares of AXSM. Below is a chart showing AXSM's trailing twelve month trading history, with the $40 strike highlighted in orange:
Donnelley Financial Solutions Inc (Symbol: DFIN) options are showing a volume of 1,000 contracts thus far today. That number of contracts represents approximately 100,000 underlying shares, working out to a sizeable 66.5% of DFIN's average daily trading volume over the past month, of 150,300 shares. Particularly high volume was seen for the $35 strike call option expiring September 17, 2021, with 1,000 contracts trading so far today, representing approximately 100,000 underlying shares of DFIN. Below is a chart showing DFIN's trailing twelve month trading history, with the $35 strike highlighted in orange:
And MGM Resorts International (Symbol: MGM) options are showing a volume of 35,460 contracts thus far today. That number of contracts represents approximately 3.5 million underlying shares, working out to a sizeable 64.4% of MGM's average daily trading volume over the past month, of 5.5 million shares. Particularly high volume was seen for the $38 strike put option expiring July 30, 2021, with 12,163 contracts trading so far today, representing approximately 1.2 million underlying shares of MGM. Below is a chart showing MGM's trailing twelve month trading history, with the $38 strike highlighted in orange:
For the various different available expirations for AXSM options, DFIN options, or MGM options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Particularly high volume was seen for the $35 strike call option expiring September 17, 2021, with 1,000 contracts trading so far today, representing approximately 100,000 underlying shares of DFIN. Below is a chart showing AXSM's trailing twelve month trading history, with the $40 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) options are showing a volume of 1,000 contracts thus far today. That number of contracts represents approximately 100,000 underlying shares, working out to a sizeable 66.5% of DFIN's average daily trading volume over the past month, of 150,300 shares.
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That number of contracts represents approximately 100,000 underlying shares, working out to a sizeable 66.5% of DFIN's average daily trading volume over the past month, of 150,300 shares. Below is a chart showing DFIN's trailing twelve month trading history, with the $35 strike highlighted in orange: And MGM Resorts International (Symbol: MGM) options are showing a volume of 35,460 contracts thus far today. Below is a chart showing AXSM's trailing twelve month trading history, with the $40 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) options are showing a volume of 1,000 contracts thus far today.
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Below is a chart showing DFIN's trailing twelve month trading history, with the $35 strike highlighted in orange: And MGM Resorts International (Symbol: MGM) options are showing a volume of 35,460 contracts thus far today. Below is a chart showing MGM's trailing twelve month trading history, with the $38 strike highlighted in orange: For the various different available expirations for AXSM options, DFIN options, or MGM options, visit StockOptionsChannel.com. Below is a chart showing AXSM's trailing twelve month trading history, with the $40 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) options are showing a volume of 1,000 contracts thus far today.
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Below is a chart showing MGM's trailing twelve month trading history, with the $38 strike highlighted in orange: For the various different available expirations for AXSM options, DFIN options, or MGM options, visit StockOptionsChannel.com. Below is a chart showing AXSM's trailing twelve month trading history, with the $40 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) options are showing a volume of 1,000 contracts thus far today. That number of contracts represents approximately 100,000 underlying shares, working out to a sizeable 66.5% of DFIN's average daily trading volume over the past month, of 150,300 shares.
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c08dcb0f-3b42-4354-a303-208e29be265c
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728836.0
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2021-05-11 00:00:00 UTC
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Validea Joel Greenblatt Strategy Daily Upgrade Report - 5/11/2021
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DFIN
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https://www.nasdaq.com/articles/validea-joel-greenblatt-strategy-daily-upgrade-report-5-11-2021-2021-05-11
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nan
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nan
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The following are today's upgrades for Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
NIELSEN HOLDINGS PLC (NLSN) is a large-cap growth stock in the Business Services industry. The rating according to our strategy based on Joel Greenblatt changed from 70% to 80% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Nielsen Holdings plc is a performance management company. The Company provides to clients an understanding of what consumers watch and what they buy and how those choices intersect. The Company's segments include what consumers buy (Buy), consisting principally of market research information and analytical services, and what consumers watch and listen to (Watch), consisting principally of television, radio, online and mobile audience and advertising measurement services and corresponding analytics. The Buy segment provides measurement services, which include its core tracking and scan data (primarily transactional measurement data and consumer behavior information), and analytical services to businesses in the consumer packaged goods industry. Its Watch data is used by its media clients to understand their audiences, establish the value of their advertising inventory and maximize the value of their content, and by its advertising clients to plan and optimize their spending.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: FAIL
Detailed Analysis of NIELSEN HOLDINGS PLC
Full Guru Analysis for NLSN
Full Factor Report for NLSN
BOISE CASCADE CO (BCC) is a mid-cap value stock in the Constr. - Supplies & Fixtures industry. The rating according to our strategy based on Joel Greenblatt changed from 60% to 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Boise Cascade Company is an integrated wood products manufacturer and building materials distributor with operations throughout the United States and one manufacturing facility in Canada. The Company is also a producer of engineered wood products (EWP) and plywood in North America. The Company operates through three segments: Wood Products, Building Materials Distribution, and Corporate and Other. The Company's products are used primarily in new residential construction, residential repair-and-remodeling projects, light commercial construction and industrial applications. The Company manufactures laminated veneer lumber (LVL), I-joists, and laminated beams, which are referred to as EWP. The Company's Building Materials Distribution segment sells a range of building materials, including OSB, plywood and lumber (collectively commodities). The Company's subsidiaries include Boise Cascade Wood Products, L.L.C. and Boise Cascade Building Materials Distribution, L.L.C.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of BOISE CASCADE CO
Full Guru Analysis for BCC
Full Factor Report for BCC
HEMISPHERE MEDIA GROUP INC (HMTV) is a small-cap value stock in the Broadcasting & Cable TV industry. The rating according to our strategy based on Joel Greenblatt changed from 50% to 80% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Hemisphere Media Group, Inc. is a Spanish-language media company. As of December 31, 2016, the Company served the United States Hispanic and Latin American markets with five Spanish-language cable television networks distributed in the United States, two Spanish-language cable television networks distributed in Latin America, and a broadcast television network in Puerto Rico. As of December 31, 2016, the Company owned and operated the Spanish language networks and content production platform, including movie and telenovela channels, two Hispanic entertainment genres, and the cable television networks. The Company's United States Hispanic groups include Cinelatino, WAPA, WAPA America, Pasiones, Centroamerica TV and Television Dominicana. WAPA is an independent broadcast television network. WAPA is distributed by various cable, satellite and telecommunication service providers in Puerto Rico.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: FAIL
Detailed Analysis of HEMISPHERE MEDIA GROUP INC
Full Guru Analysis for HMTV
Full Factor Report for HMTV
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt changed from 0% to 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions Inc is a global risk and compliance solutions company. It provides regulatory filing and deal solutions via its software technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients' regulatory and compliance needs. The Company's software solutions consist of Venue Virtual Data Room (Venue), ActiveDisclosure, eBrevia and FundSuiteArc. The Company's tech-enabled services offerings consist of document composition, compliance-related to the United States security and exchange commission (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR) filing services and transaction solutions. Its segments are Capital Markets - Software Solutions (CM-SS), Capital Markets - Compliance and Communications Management (CM-CCM), Investment Companies - Software Solutions (IC-SS), and Investment Companies - Compliance and Communications Management (IC-CCM).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN
Full Factor Report for DFIN
SCIPLAY CORP (SCPL) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt changed from 80% to 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: SciPlay Corporation developer and publisher of digital games on mobile and Web platforms. The Company has one operating segment with one business activity, developing and monetizing social games. The Company offers seven games, including social casino games Jackpot Party Casino, Gold Fish Casino, Hot Shot Casino and Quick Hit Slots, and casual games MONOPOLY Slots, Bingo Showdown and 88 Fortunes Slots. Its social casino games typically include slots-style play and occasionally include table games-style game play, while its casual games blend slots-style or bingo game play with adventure game features. Its games are offered and played across multiple platforms, including Apple, Google, Facebook and Amazon. The Company has access to a library of more than 1,500 slot and table games provided by Scientific Games Corporation and its subsidiaries.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of SCIPLAY CORP
Full Guru Analysis for SCPL
Full Factor Report for SCPL
IRONWOOD PHARMACEUTICALS, INC. (IRWD) is a small-cap value stock in the Biotechnology & Drugs industry. The rating according to our strategy based on Joel Greenblatt changed from 60% to 80% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ironwood Pharmaceuticals, Inc. is a biotechnology company. The Company is advancing product opportunities in areas of unmet need, including irritable bowel syndrome with constipation (IBS C), and chronic idiopathic constipation (CIC), hyperuricemia associated with uncontrolled gout, uncontrolled gastroesophageal reflux disease (uncontrolled GERD), and vascular and fibrotic diseases. It operates in human therapeutics business segment. Its product, linaclotide, is available to adult men and women suffering from IBS C or CIC in the United States under the trademarked name LINZESS, and is available to adult men and women suffering from IBS C in certain European countries under the trademarked name CONSTELLA. It is also advancing IW-3718, a gastric retentive formulation of a bile acid sequestrant with the potential to provide symptomatic relief in patients with uncontrolled GERD. Its vascular/fibrotic programs include IW-1973 and IW-1701, which targets soluble guanylate cyclase (sGC).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: FAIL
Detailed Analysis of IRONWOOD PHARMACEUTICALS, INC.
Full Guru Analysis for IRWD
Full Factor Report for IRWD
BIODELIVERY SCIENCES INTERNATIONAL, INC. (BDSI) is a small-cap value stock in the Biotechnology & Drugs industry. The rating according to our strategy based on Joel Greenblatt changed from 80% to 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: BioDelivery Sciences International, Inc. is a specialty pharmaceutical company. The Company develops and commercializes, either on its own or in partnerships with third parties, applications of approved therapeutics to address unmet medical needs using drug delivery technologies. The Company develops pharmaceutical products aimed principally in the areas of pain management and addiction. The Company's products utilize the BioErodible MucoAdhesive (BEMA) drug delivery technology, a small, erodible polymer film for application to the buccal mucosa (the lining inside the cheek). The Company's United Sates Food and Drug Administration (FDA) approved product, ONSOLIS (fentanyl buccal soluble film), as well as its approved products BUNAVAIL (buprenorphine and naloxone buccal film) buccal film and BELBUCA (buprenorphine) buccal film, utilize BEMA technology.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of BIODELIVERY SCIENCES INTERNATIONAL, INC.
Full Guru Analysis for BDSI
Full Factor Report for BDSI
STAMPS.COM INC. (STMP) is a mid-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt changed from 70% to 80% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Stamps.com Inc. is a provider of Internet-based mailing and shipping solutions in the United States. The Company offers mailing and shipping products and services to its customers under the Stamps.com, Endicia, ShipStation, ShipWorks and ShippingEasy brands. It operates through the Internet Mailing and Shipping Services segment. Under the Stamps.com and Endicia brands, customers use its United States Postal Service (USPS) only solutions to mail and ship a range of mail pieces and packages through the USPS. USPS mailing and shipping solutions enable users to print electronic postage directly onto envelopes, plain paper, or labels using only a standard personal computer, printer and Internet connection. The Company offers USPS mailing and shipping services, multi-carrier shipping services, mailing and shipping services, branded insurance and international postage solutions. The Company offers customized postage under the PhotoStamps and PictureItPostage brand names.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: FAIL
Detailed Analysis of STAMPS.COM INC.
Full Guru Analysis for STMP
Full Factor Report for STMP
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Detailed Analysis of HEMISPHERE MEDIA GROUP INC Full Guru Analysis for HMTV Full Factor Report for HMTV DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN Full Factor Report for DFIN SCIPLAY CORP (SCPL) is a mid-cap growth stock in the Software & Programming industry. The Company's products utilize the BioErodible MucoAdhesive (BEMA) drug delivery technology, a small, erodible polymer film for application to the buccal mucosa (the lining inside the cheek).
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Detailed Analysis of HEMISPHERE MEDIA GROUP INC Full Guru Analysis for HMTV Full Factor Report for HMTV DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN Full Factor Report for DFIN SCIPLAY CORP (SCPL) is a mid-cap growth stock in the Software & Programming industry. As of December 31, 2016, the Company served the United States Hispanic and Latin American markets with five Spanish-language cable television networks distributed in the United States, two Spanish-language cable television networks distributed in Latin America, and a broadcast television network in Puerto Rico.
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Detailed Analysis of HEMISPHERE MEDIA GROUP INC Full Guru Analysis for HMTV Full Factor Report for HMTV DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN Full Factor Report for DFIN SCIPLAY CORP (SCPL) is a mid-cap growth stock in the Software & Programming industry. Its segments are Capital Markets - Software Solutions (CM-SS), Capital Markets - Compliance and Communications Management (CM-CCM), Investment Companies - Software Solutions (IC-SS), and Investment Companies - Compliance and Communications Management (IC-CCM).
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Detailed Analysis of HEMISPHERE MEDIA GROUP INC Full Guru Analysis for HMTV Full Factor Report for HMTV DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN Full Factor Report for DFIN SCIPLAY CORP (SCPL) is a mid-cap growth stock in the Software & Programming industry. The following are today's upgrades for Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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bfbb9ac5-0981-4dd9-a7d0-f9c2d69a801d
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728837.0
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2021-05-08 00:00:00 UTC
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Earnings Beat: Donnelley Financial Solutions, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
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DFIN
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https://www.nasdaq.com/articles/earnings-beat%3A-donnelley-financial-solutions-inc.-just-beat-analyst-forecasts-and-analysts
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nan
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nan
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Donnelley Financial Solutions, Inc. (NYSE:DFIN) investors will be delighted, with the company turning in some strong numbers with its latest results. It was a solid earnings report, with revenues and statutory earnings per share (EPS) both coming in strong. Revenues were 14% higher than the analysts had forecast, at US$245m, while EPS were US$1.02 beating analyst models by 84%. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
NYSE:DFIN Earnings and Revenue Growth May 8th 2021
After the latest results, the consensus from Donnelley Financial Solutions' three analysts is for revenues of US$815.9m in 2021, which would reflect a considerable 11% decline in sales compared to the last year of performance. Statutory earnings per share are predicted to leap 1,448% to US$2.39. Before this earnings report, the analysts had been forecasting revenues of US$778.0m and earnings per share (EPS) of US$1.56 in 2021. There's been a pretty noticeable increase in sentiment, with the analysts upgrading revenues and making a very substantial lift in earnings per share in particular.
Despite these upgrades,the analysts have not made any major changes to their price target of US$29.33, suggesting that the higher estimates are not likely to have a long term impact on what the stock is worth. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values Donnelley Financial Solutions at US$31.00 per share, while the most bearish prices it at US$27.00. Even so, with a relatively close grouping of estimates, it looks like the analysts are quite confident in their valuations, suggesting Donnelley Financial Solutions is an easy business to forecast or the the analysts are all using similar assumptions.
Of course, another way to look at these forecasts is to place them into context against the industry itself. Over the past five years, revenues have declined around 3.4% annually. Worse, forecasts are essentially predicting the decline to accelerate, with the estimate for an annualised 15% decline in revenue until the end of 2021. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenue grow 3.0% per year. So while a broad number of companies are forecast to grow, unfortunately Donnelley Financial Solutions is expected to see its sales affected worse than other companies in the industry.
The Bottom Line
The most important thing here is that the analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Donnelley Financial Solutions following these results. Fortunately, they also upgraded their revenue estimates, although our data indicates sales are expected to perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have estimates - from multiple Donnelley Financial Solutions analysts - going out to 2023, and you can see them free on our platform here.
It is also worth noting that we have found 5 warning signs for Donnelley Financial Solutions that you need to take into consideration.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions, Inc. (NYSE:DFIN) investors will be delighted, with the company turning in some strong numbers with its latest results. NYSE:DFIN Earnings and Revenue Growth May 8th 2021 After the latest results, the consensus from Donnelley Financial Solutions' three analysts is for revenues of US$815.9m in 2021, which would reflect a considerable 11% decline in sales compared to the last year of performance. Despite these upgrades,the analysts have not made any major changes to their price target of US$29.33, suggesting that the higher estimates are not likely to have a long term impact on what the stock is worth.
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Donnelley Financial Solutions, Inc. (NYSE:DFIN) investors will be delighted, with the company turning in some strong numbers with its latest results. NYSE:DFIN Earnings and Revenue Growth May 8th 2021 After the latest results, the consensus from Donnelley Financial Solutions' three analysts is for revenues of US$815.9m in 2021, which would reflect a considerable 11% decline in sales compared to the last year of performance. So while a broad number of companies are forecast to grow, unfortunately Donnelley Financial Solutions is expected to see its sales affected worse than other companies in the industry.
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NYSE:DFIN Earnings and Revenue Growth May 8th 2021 After the latest results, the consensus from Donnelley Financial Solutions' three analysts is for revenues of US$815.9m in 2021, which would reflect a considerable 11% decline in sales compared to the last year of performance. Donnelley Financial Solutions, Inc. (NYSE:DFIN) investors will be delighted, with the company turning in some strong numbers with its latest results. Even so, with a relatively close grouping of estimates, it looks like the analysts are quite confident in their valuations, suggesting Donnelley Financial Solutions is an easy business to forecast or the the analysts are all using similar assumptions.
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NYSE:DFIN Earnings and Revenue Growth May 8th 2021 After the latest results, the consensus from Donnelley Financial Solutions' three analysts is for revenues of US$815.9m in 2021, which would reflect a considerable 11% decline in sales compared to the last year of performance. Donnelley Financial Solutions, Inc. (NYSE:DFIN) investors will be delighted, with the company turning in some strong numbers with its latest results. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
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bbe035c5-d0f2-429d-a213-9fc025bab741
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728838.0
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2021-05-07 00:00:00 UTC
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Shareholders Will Probably Not Have Any Issues With Donnelley Financial Solutions, Inc.'s (NYSE:DFIN) CEO Compensation
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DFIN
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https://www.nasdaq.com/articles/shareholders-will-probably-not-have-any-issues-with-donnelley-financial-solutions-inc.s
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nan
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nan
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The share price of Donnelley Financial Solutions, Inc. (NYSE:DFIN) has increased significantly over the past few years. However, the earnings growth has not kept up with the share price momentum, suggesting that some other factors may be driving the price direction. The upcoming AGM on 13 May 2021 may be an opportunity for shareholders to bring up any concerns they may have for the board’s attention. They will be able to influence managerial decisions through the exercise of their voting power on resolutions, such as CEO remuneration and other matters, which may influence future company prospects. From what we gathered, we think shareholders should be wary of raising CEO compensation until the company shows some marked improvement.
Comparing Donnelley Financial Solutions, Inc.'s CEO Compensation With the industry
According to our data, Donnelley Financial Solutions, Inc. has a market capitalization of US$1.0b, and paid its CEO total annual compensation worth US$4.7m over the year to December 2020. Notably, that's an increase of 9.0% over the year before. While we always look at total compensation first, our analysis shows that the salary component is less, at US$780k.
In comparison with other companies in the industry with market capitalizations ranging from US$400m to US$1.6b, the reported median CEO total compensation was US$4.7m. So it looks like Donnelley Financial Solutions compensates Dan Leib in line with the median for the industry. Moreover, Dan Leib also holds US$8.8m worth of Donnelley Financial Solutions stock directly under their own name, which reveals to us that they have a significant personal stake in the company.
Component 2020 2019 Proportion (2020)
Salary US$780k US$733k 17%
Other US$3.9m US$3.6m 83%
Total Compensation US$4.7m US$4.3m 100%
Talking in terms of the industry, salary represented approximately 11% of total compensation out of all the companies we analyzed, while other remuneration made up 89% of the pie. Donnelley Financial Solutions is paying a higher share of its remuneration through a salary in comparison to the overall industry. It's important to note that a slant towards non-salary compensation suggests that total pay is tied to the company's performance.
NYSE:DFIN CEO Compensation May 7th 2021
A Look at Donnelley Financial Solutions, Inc.'s Growth Numbers
Donnelley Financial Solutions, Inc. has reduced its earnings per share by 15% a year over the last three years. It achieved revenue growth of 2.3% over the last year.
Overall this is not a very positive result for shareholders. The fairly low revenue growth fails to impress given that the EPS is down. It's hard to argue the company is firing on all cylinders, so shareholders might be averse to high CEO remuneration. Historical performance can sometimes be a good indicator on what's coming up next but if you want to peer into the company's future you might be interested in this free visualization of analyst forecasts.
Has Donnelley Financial Solutions, Inc. Been A Good Investment?
Most shareholders would probably be pleased with Donnelley Financial Solutions, Inc. for providing a total return of 51% over three years. So they may not be at all concerned if the CEO were to be paid more than is normal for companies around the same size.
In Summary...
Despite the strong returns on shareholders' investments, the fact that earnings have failed to grow makes us skeptical about the stock keeping up its current momentum. Shareholders should make the most of the coming opportunity to question the board on key concerns they may have and revisit their investment thesis with regards to the company.
CEO compensation is an important area to keep your eyes on, but we've also need to pay attention to other attributes of the company. We identified 3 warning signs for Donnelley Financial Solutions (1 doesn't sit too well with us!) that you should be aware of before investing here.
Important note: Donnelley Financial Solutions is an exciting stock, but we understand investors may be looking for an unencumbered balance sheet and blockbuster returns. You might find something better in this list of interesting companies with high ROE and low debt.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The share price of Donnelley Financial Solutions, Inc. (NYSE:DFIN) has increased significantly over the past few years. NYSE:DFIN CEO Compensation May 7th 2021 A Look at Donnelley Financial Solutions, Inc.'s Growth Numbers Donnelley Financial Solutions, Inc. has reduced its earnings per share by 15% a year over the last three years. Moreover, Dan Leib also holds US$8.8m worth of Donnelley Financial Solutions stock directly under their own name, which reveals to us that they have a significant personal stake in the company.
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The share price of Donnelley Financial Solutions, Inc. (NYSE:DFIN) has increased significantly over the past few years. NYSE:DFIN CEO Compensation May 7th 2021 A Look at Donnelley Financial Solutions, Inc.'s Growth Numbers Donnelley Financial Solutions, Inc. has reduced its earnings per share by 15% a year over the last three years. Comparing Donnelley Financial Solutions, Inc.'s CEO Compensation With the industry According to our data, Donnelley Financial Solutions, Inc. has a market capitalization of US$1.0b, and paid its CEO total annual compensation worth US$4.7m over the year to December 2020.
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NYSE:DFIN CEO Compensation May 7th 2021 A Look at Donnelley Financial Solutions, Inc.'s Growth Numbers Donnelley Financial Solutions, Inc. has reduced its earnings per share by 15% a year over the last three years. The share price of Donnelley Financial Solutions, Inc. (NYSE:DFIN) has increased significantly over the past few years. Comparing Donnelley Financial Solutions, Inc.'s CEO Compensation With the industry According to our data, Donnelley Financial Solutions, Inc. has a market capitalization of US$1.0b, and paid its CEO total annual compensation worth US$4.7m over the year to December 2020.
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The share price of Donnelley Financial Solutions, Inc. (NYSE:DFIN) has increased significantly over the past few years. NYSE:DFIN CEO Compensation May 7th 2021 A Look at Donnelley Financial Solutions, Inc.'s Growth Numbers Donnelley Financial Solutions, Inc. has reduced its earnings per share by 15% a year over the last three years. Comparing Donnelley Financial Solutions, Inc.'s CEO Compensation With the industry According to our data, Donnelley Financial Solutions, Inc. has a market capitalization of US$1.0b, and paid its CEO total annual compensation worth US$4.7m over the year to December 2020.
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53dd7159-5315-42dc-b5ce-1bd0fecb7746
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728839.0
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2021-05-05 00:00:00 UTC
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Donnelley Financial Solutions, Inc. (DFIN) Q1 2021 Earnings Call Transcript
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-inc.-dfin-q1-2021-earnings-call-transcript-2021-05-05
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nan
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nan
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Image source: The Motley Fool.
Donnelley Financial Solutions, Inc. (NYSE: DFIN)
Q1 2021 Earnings Call
May 5, 2021, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
David Gardella -- Chief Financial Officer
Thank you. Good morning, everyone and thank you for joining Donnelley Financial Solutions First Quarter 2021 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.
During this call, we'll refer to forward-looking statements that are subject to risks and uncertainties. For a complete discussion, please refer to the cautionary statements included in our earnings release and further detailed in our most recent Annual Report on Form 10-K, quarterly report on Form 10-Q and other filings with the SEC.
Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the Company's ongoing operations and is an appropriate way for you to evaluate the Company's performance. They are, however, provided for informational purposes only. Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information.
I'm joined this morning by Dan Leib; Craig Clay, Eric Johnson, and Kami Turner. I'll now turn the call over to Dan.
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Dan Leib -- President and Chief Executive Officer
Thank you, Dave and good morning, everyone. From all of us at DFIN, we hope that you and your families are staying safe and healthy. DFIN is off to a very strong start in 2021. I'm pleased with the continuing momentum in our operating performance, as well as within most of our end markets. We noted on our last couple of quarterly calls that we had been seeing a return to a more normalized level of growth in software sales and a significant increase in transactional activity. This momentum accelerated in the first quarter and activity remains high so far in the second quarter.
The growth in higher margin software solutions and tech-enabled services net sales, our proactive pruning of low margin print work, along with the significant impact of our ongoing cost control efforts resulted in first quarter non-GAAP adjusted EBITDA of $71.1 million, an increase of 136% from last year's first quarter. Similarly, adjusted EBITDA margin in the quarter was 29%, more than doubling the first quarter 2020 adjusted EBITDA margin.
Total sales were up just over 11% from last year's first quarter. Software solution sales totaled $60.3 million, growing 27.5% over last year's first quarter, yet again, marking a quarterly record, the third consecutive quarter, we have achieved a new high watermark. The software solution sales growth was led by the recurring compliance products, primarily Arc Suite and ActiveDisclosure, which grew 35.2% and 16% respectively. In addition, our virtual data room product Venue achieved an all-time high for quarterly sales and grew more than 30% year-over-year, its highest growth quarter in the last 16. This growth was largely driven by an increase in M&A deal activity and what we can surmise was robust market share performance. The strength of the capital markets transactional activity and our strong market share once again resulted in strong sales growth, nearly doubling our transactional sales from the first quarter of 2020.
As a result of the regulatory change in the investment company's business and our proactive exiting from low margin printing contracts, print and distribution sales declined by $25 million or 27.3%, which was slightly less of a decline than we expected. Despite this decline, first quarter 2021 gross margin for print and distribution was 32.6%, an improvement of 770 basis points from the first quarter of 2020. Our proactive planning and cost savings initiatives related to the consolidation of the printing platform are tracking ahead of plan. In addition, the steps we took during 2020 and continue to take it in 2021 to optimize our operations, including streamlining our organizational structure and real estate footprint, are reflected in our first quarter performance and contributed to the 136% increase in adjusted EBITDA from the first quarter of 2020.
Free cash flow in the quarter was essentially flat to the first quarter of 2020 despite an increased level of incentive-based payments based on the strong performance in full year 2020. At quarter end, our non-GAAP net debt was lower than last year's first quarter by $114.7 million, resulting in a non-GAAP net leverage of 1.0 times, 1.3 times lower than the first quarter of 2020. The execution of our strategy continues to deliver positive results. Our new software offerings contributed in the quarter and are attracting strong interest in adoption.
We have now delivered year-over-year expansion in EBITDA margins for seven consecutive quarters, demonstrating not only the positive impact of ongoing cost management but also the continued improvement in our business mix. Over these seven quarters, our sales have increased by $13 million, non-GAAP adjusted EBITDA has increased by $84 million and EBITDA margin has expanded by 890 basis points. Moreover, the $13 million increase in sales is the combination of $31 million of growth in our software solution sales and $68 million of growth in our tech-enabled services sales, partially offset by an $86 million decrease in print-related sales.
The trends in our results reinforce the value of our 44 in '24 strategy, specifically targeting 44% of our sales from software solutions by the year 2024 and more importantly, the resulting financial profile from such a business mix. Achieving this goal is driven by increases in our software solutions and tech-enabled services sales and decreases in print sales, yielding margin expansion and continued strong cash generation.
Before I share a few business highlights as well as an update on our manufacturing platform optimization efforts, I would like to turn the call back to Dave to provide more detail on our first quarter financial results and our outlook for the second quarter. Dave?
David Gardella -- Chief Financial Officer
Thank you, Dan. Before I discuss our first quarter financial performance, I'd like to provide an update on the multi-employer pension plans obligation related to the second quarter 2020 bankruptcy of LSC Communications. During the first quarter, we successfully negotiated a discounted lumpsum payment with one of the funds, and subsequent to quarter end, we successfully negotiated a discounted lumpsum payment with the second fund. In aggregate, these two funds represented over 57% of the total liability associated with the LSC multi-employer pension plans at the time of the LSC bankruptcy.
At the end of the first quarter, our liability was $21.5 million, which included the settlement payments to the two funds, the remaining contingent liability and our estimated share of required payments until final allocation between RRD and DFIN is determined. As a reminder, DFIN and RRD agreed to share required payments equally and an adjustment and repayments will be made as needed in accordance with the final allocation determined in arbitration. The settlement payments to one of the funds was made in April and our payment to the second fund will be made later in the second quarter, both negatively impacting second quarter cash flow. The expense associated with this liability has been recorded in SG&A within the corporate segment and has been excluded from our non-GAAP results.
Relative to our performance in the first quarter, we delivered very strong results, including 11.1% sales growth and significant year-over-year increases in non-GAAP adjusted EBITDA and non-GAAP adjusted earnings per share. We maintain strong market share in our transactional filing business and posted 27.5% growth in our software solution sales all while continuing to focus on operating efficiencies. These efforts resulted in a non-GAAP adjusted EBITDA margin of 29%, more than doubling the margin from last year's first quarter, further extending the trend in margin improvement we established in the second half of 2019 and demonstrating the strength of our business.
On a consolidated basis, net sales for the first quarter of 2021 were $245.3 million an increase of $24.6 million or 11.1% from the first quarter of 2020. Software solutions' net sales in the first quarter increased by $13 million or 27.5% compared to the first quarter of 2020 primarily due to accelerated product adoption within Arc Suite, an acceleration of virtual data room activity in Venue, driven by the improved M&A environment, as well as solid subscription growth in ActiveDisclosure. Tech-enabled services net sales increased by $36.6 million or 44.7%, primarily due to increased capital markets transactional activity. Print and distribution revenue decreased by $25 million or 27.3%, primarily due to a regulatory-driven reduction in demand for printed materials within investment companies and less commercial printing where we have proactively exited certain low [Technical Issues].
First quarter non-GAAP gross margin was 54.7% or approximately 1,550 basis points higher than the first quarter of 2020 primarily driven by a favorable business mix enjoying [Phonetic] growth in higher-margin tech-enabled services and software solution sales combined with lower overall print volume and the impact of ongoing cost control initiatives.
Non-GAAP SG&A expense in the quarter was $53 million, $7.9 million higher than the first quarter of 2020. As a percentage of sales, non-GAAP SG&A was 25.7%, an increase of approximately 70 basis points from the first quarter of 2020. The increase in non-GAAP SG&A is primarily due to sales commission on higher sales, changes in the business mix, higher incentive compensation expense, partially offset by the impact of ongoing cost control initiatives.
Our first quarter non-GAAP adjusted EBITDA was $71.1 million, an increase of $41 million or 136.2% from the first quarter of 2020. Our first quarter non-GAAP adjusted EBITDA margin was 29%, an increase of 1,540 basis points from the first quarter of 2020, again primarily driven by a favorable sales mix, operating leverage on sales growth and ongoing cost control initiatives, partially offset by higher incentive compensation and selling expenses.
Turning now to our segment results, net sales in our capital markets software solutions segment were $38.5 million in the first quarter of 2021, an increase of 23.4% from the first quarter of 2020, primarily due to increased Venue virtual data room activity and continued growth in ActiveDisclosure subscriptions. Venue sales increased 30.6% in the first quarter of 2020, driven by an improving M&A environment and sales and marketing efforts focused on gaining market share and accelerating growth, while ActiveDisclosure also had a solid quarter, posting 16% growth.
Non-GAAP adjusted EBITDA margin for the segment was 26.8%, an increase of over 1,000 basis points from the first quarter of 2020. The increase in non-GAAP adjusted EBITDA margin was primarily due to the operating leverage benefits on the increased sales, a favorable sales mix as well as the impact of operating efficiencies, partially offset by higher selling expense as a result of increased sales volumes,
Net sales in our capital markets compliance and communications management segment were $138.5 million in the first quarter of 2021, an increase of 39.8% from the first quarter of 2020, primarily due to increased capital markets transactional activity continuing the trend that began in the third quarter of 2020. This growth was largely driven by the ongoing momentum in IPO activity as well as M&A activity. The quarter was also significantly impacted by SPAC IPOs, which made up a large share of the total number of priced IPOs in the quarter.
Non-GAAP adjusted EBITDA margin for the segment was 43.6%, an increase of over 1,700 basis points from the first quarter of 2020. The large increase in non-GAAP adjusted EBITDA margin was primarily due to operating leverage on the increase in sales, a favorable sales mix and cost control initiatives, partially offset by higher selling expense as a result of the increased sales volume, higher allocation of overhead costs and higher incentive compensation expense.
Net sales in our investment companies software solutions segment were $21.8 million in the first quarter of 2021, an increase of 35.4% from the first quarter of 2020, primarily due to strong demand for ArcDigital, which continues to gain momentum since we launched it in the second quarter of 2020, with new opportunity arising out of the regulatory changes affecting investment companies. In addition, increased activity from clients adding new funds to ArcPro also fueled the growth in this segment.
Non-GAAP adjusted EBITDA margin for the segment was 25.7%, an increase of 520 basis points from the first quarter of 2020. The large increase in non-GAAP adjusted EBITDA margin was primarily due to operating leverage and the increase in sales and a favorable sales mix, partially offset by higher incentive compensation expense.
Net sales in our investment companies compliance and communications management segment were $46.5 million in the first quarter of 2021, a decrease of 37.4% from the first quarter of 2020 due to the impact of regulatory change in investment companies, affecting print-related sales and a reduction of commercial printing sales related to contracts we have proactively exited.
Non-GAAP adjusted EBITDA margin for the segment was 15.7%, an increase of 840 basis points from the first quarter of 2020. The increase in non-GAAP adjusted EBITDA margin was primarily due to reduction in overall expense within the segment, primarily due to cost savings as a result of consolidation of the print platform and a lower allocation of overhead costs, which are now being absorbed by our three other operating segments as the lower activity level in this segment results in a reduced need for such shared resources.
Our first quarter 2021 non-GAAP unallocated corporate expenses were $12.5 million, an increase of $2.5 million from the first quarter of last year. The increase in unallocated corporate costs was primarily due to increased incentive compensation, driven by the strong performance, partially offset by the impact of ongoing cost control initiatives.
Free cash flow in the quarter was negative $46.3 million, only $2.3 million unfavorable to the first quarter of last year despite an increased level of incentive-based payments in the quarter, including annual bonuses and a 401(k) match based on the strong performance in full year 2020.
We ended the quarter with $252.7 million of total debt and $214.2 million of non-GAAP net debt, including $22 million drawn on our revolver. From a liquidity perspective, we had access to the remaining $278 million of our revolver, as well as $38.5 million of cash on hand. As of March 31, 2021, our non-GAAP net leverage ratio was 1 times, down 1.3 times from the first quarter last year.
As a reminder, our cash flow is historically seasonal. We are a user of cash in the first quarter, closer to breakeven in the second quarter, and generate more than 100% of our free cash flow in the second half of the year. As our sales mix continues to evolve to proportionately more subscription-based software solutions, we expect this seasonality to be less significant.
We repurchased approximately 127,000 shares of common stock during the quarter for $3.4 million at an average price of $26.92 per share. We have approximately $46.7 million remaining on our $50 million stock repurchase authorization.
As it relates to the second quarter, transactional activity in capital markets remained robust throughout the month of April. We do expect, however, SPAC activity to reset based on the SEC's recent statement regarding the accounting classification of warrants and their potential action on legal protection for growth projections. Our expectation is that these actions further legitimize the SPAC market as we currently are supporting our clients in their processes to file revised financial statements and amendments to their SPAC formations and De-SPAC transactions.
Regarding our outlook for the second quarter, we are expecting net sales to be in the range of $230 million to $240 million, down approximately $20 million, or 7.5%, year-over-year at the mid-point, due to the significant reduction in print and distribution for the regulatory changes related to SEC rules 30e-3 and 498A. Given the historical seasonality of this print and distribution, the second quarter will include the largest reduction in print sales compared to the other quarters. We remain bullish on the near-term outlook for our software solution sales as well as on capital markets transactional activity. From a profitability perspective, we expect a non-GAAP adjusted EBITDA margin in the mid-20% range similar to last year's second quarter margin.
I'll now pass it back to Dan, who will provide an update on our manufacturing platform optimization efforts and cover some first quarter business highlights. Dan?
Dan Leib -- President and Chief Executive Officer
Thanks, Dave. I'd like to highlight a few items and then we will open it up for Q&A. Regarding the regulatory change that will continue to reduce demand for print this year, we continue to expect a reduction in print-related net sales of approximately $130 million to $140 million, and a reduction in non-GAAP adjusted EBITDA of approximately $5 million to $10 million related to the regulatory change.
We are ahead of our plan to deliver the cost savings associated with rightsizing our platform. As it relates to this plan, we recently announced to our affected employees that we are shifting to a digital-only platform and that we will be shutting down our offset print platform effective June 30th this year. Any offset print requirements will be shifting to our vendor network, where we have long-standing relationships. This change to our production model allows us to better align our platform with our clients' needs and also to fully variabilize our production costs for offset printing.
In addition, I'm excited about the pace of development of and demand for our software solution. Within investment companies, while the SEC's Rule 30e-3 reduced the demand for print starting in the first quarter, as will Rule 498A beginning in the second quarter, we responded by launching ArcDigital last year and also, introduced our total compliance management solution to the investment companies industry to serve our clients in new ways. Going forward, we will be able to leverage these solutions to address potential future rule changes.
As evidenced by the 35% sales growth we posted in the first quarter for our investment companies software solutions segment, client adoption of our new solutions is overwhelmingly positive. Looking ahead, we will continue to assist our clients in their own digital evolution, transitioning them from a more traditional service-based model to a step [Phonetic] model. We expect outsized growth in 2021 from the adoption of our total compliance management solution, followed by several years of mid-teen growth as the solution expands.
Within capital markets, we posted 16% growth in ActiveDisclosure sales. In addition, the net wins related to serving our clients' ongoing compliance needs, we also saw increasing demand for ActiveDisclosure by pre-IPO and IPO clients. Regarding our new ActiveDisclosure platform, we launched our sales efforts in March and we will start to see sales on the new platform in the second quarter. Two months into our sales effort, we are getting positive feedback from both new and existing clients, and this feedback is reflected in the pace at which clients are adopting and migrating to our new platform. We expect to transition all of our clients from ActiveDisclosure 3.0 to our new platform by the end of 2022.
Also in capital markets, first quarter sales in our Venue virtual data room solution grew by approximately 30% from last year's first quarter, achieving an all-time high for quarterly sales and its highest growth quarter in the last 16. This growth was largely driven by an increase in M&A deal activity in the quarter combined with the strong IPO environment and our sales and marketing focus to accelerate growth.
Importantly, we're achieving growth across the globe. Sales in the EMEA region grew 57%, the APAC region grew 37%, while US sales for Venue grew 27% from the first quarter of 2020. The Venue pipeline now sits at an historical high, buoyed by excellent performance in a strong market. We are excited about our very strong first quarter results along with the various sales and operational wins that produce them. We are well on our way to achieving the objectives we committed to as part of our 44 in 24 strategy.
In closing, I want to thank the DFIN employees around the world who have been working tirelessly to maintain our operations and ensure our clients continue to receive the highest quality service without disruption. Stay safe and healthy.
Now, with that, operator, we're ready for questions.
Questions and Answers:
Operator
[Operator Instructions] Your first question comes from the line of Charlie Strauzer with CJS.
Charlie Strauzer -- CJS Securities -- Analyst
Hi. Good morning.
Dan Leib -- President and Chief Executive Officer
Good morning, Charlie.
David Gardella -- Chief Financial Officer
Good morning, Charlie.
Charlie Strauzer -- CJS Securities -- Analyst
Hey. I was wondering if we can get a sense of where we are with the SEC rule changes based on your Q1's actual and your guidance for Q2? How much of that $130 million to $140 million in revenue reduction is kind of baked into the first half of this year?
David Gardella -- Chief Financial Officer
Yeah. So Charlie, in the first quarter we said print was down $25 million just based on the historical seasonality of when we see most of the print hit. The second quarter will have kind of disproportionately larger impact than what we saw in Q1 and it will be the largest impact of any quarter during the full year.
Charlie Strauzer -- CJS Securities -- Analyst
Got it. That's helpful. Thank you. And then shifting a little bit to the transactional work, obviously, SPACs have been a big percentage of the IPOs that came out in Q1. I think we saw probably a record growth. I think Q1 was higher than all of last year. What percent of your transactional revenue in the quarter was related to SPACs? And then, also, are you starting to see any pickup at all in De-SPACing work at this time?
David Gardella -- Chief Financial Officer
Sure, Charlie. So I'll start and then, Craig or Dan can jump in. When we look at our performance in the SPAC market, and obviously, as you said, it was up substantially relative to last year, but from a share perspective, we did very, very well there and it's historically been an area that we hadn't focused on until more recently and so we did very, very well there. With respect to some of the De-SPAC transactions, we're starting to see some of that, but from an overall M&A perspective, we commented on the Venue growth being strong at over 30%, obviously, tied to the M&A activity, some of that De-SPAC related and then others just more on the traditional M&A space.
Craig Clay -- President of Global Capital Markets
And Charlie, this is Craig. To build on that, Dave mentioned the reset. We expect on the other side of that, it will be less manic, but certainly brisk, and there are 426 SPACs that are searching for a business combination right now. There were 92 that were announced in Q1. We did see a drop off in April, but it was equivalent honestly to the January, February numbers. So we, from a long-term perspective, as Dave mentioned, believe the SEC attention will actually legitimize and we will see this move forward as a strong product.
Charlie Strauzer -- CJS Securities -- Analyst
Great. And then the companies that are De-SPACing and working with you on kind of the transaction part of that, are they also signing up for -- do they then sign up for kind of recurring long term compliance work as well?
Craig Clay -- President of Global Capital Markets
Yes. So we're seeing, certainly when they do the initial set up of the shell SPAC, we're seeing them also sign up for ActiveDisclosure, our compliance solution, and new ActiveDisclosure. We're also seeing during the De-SPAC process they use Venue supported by eBrevia which is helping with their M&A diligence. And then, certainly, at the acquisition time, we're seeing them continue to report using ActiveDisclosure. So it's a real opportunity for us.
Charlie Strauzer -- CJS Securities -- Analyst
Great. Thank you very much.
David Gardella -- Chief Financial Officer
Thanks, Charlie.
Craig Clay -- President of Global Capital Markets
Thanks, Charlie.
Operator
[Operator Instructions] Your next question comes from the line of Peter Heckmann with Davidson.
Peter Heckmann -- D.A. Davidson -- Analyst
Hey, gentlemen. Spectacular results and good to see that the share -- your share of filings both on capital markets and investment continues to be real strong. I certainly think that that a lot of the investments that you're doing in upgrading the technology are helping you keep here, but do you think there is also the opportunity to gain share? If so, what areas of the business do you think based on your current technology rollout plans, do you think you have the best opportunity to gain some share?
Craig Clay -- President of Global Capital Markets
Sure. Thanks, Pete. So when we step back and we look at our relative position in our markets, we are number 1, 2, or 3 in each of the markets in which we play. And so, to your point, we start from a very strong position as the only full-service provider in our markets. It offers us a great opportunity to sell across the house. And so you take each of these individually very high share on the transactions parts. We did see that market change a bit and we adapted, and have been increasing share in SPACs.
When you look at our compliance software side, ActiveDisclosure has a great opportunity. We rolled out a new product as we mentioned, the new ActiveDisclosure, brand new build of the product, and have seen a very good interest and very good adoption. And as we mentioned in our comments on Venue, we can surmise that at 30% growth, that was a share taker. So we continue to see very good opportunity in those areas. Those are all the capital markets transactions compliance areas.
When we jump over to the investment companies side, the mid-30%s of growth on our software offering, which was really supported by -- the team did a fantastic job of developing solutions for the markets in a changing market with what was taking place with regulation with 30e-3 and 498A, and we saw that come down on the print side, but obviously, saw a great opportunity to develop a well-received solution and have seen outsized growth there that we think continues through the year. So we feel very good in all of our core offerings.
Peter Heckmann -- D.A. Davidson -- Analyst
That's great. And then in terms of just the capital allocation, I mean, you've done a fabulous job of deleveraging here over the last couple of years. And so you're now -- that's down to 1 times. I guess how are you thinking about capital allocation? Are you starting to see some seller expectations come down on the M&A market so that might be some opportunity or for now are you just going to continue to deploy free cash flow toward debt reduction and opportunistic share repurchases?
David Gardella -- Chief Financial Officer
Sure. Yeah. Absolutely. So we went into or I went into a fair amount of detail on our last call and our perspective on it remains unchanged, which is really continue to drive performance, generate the strong cash flow, and be disciplined and thoughtful on how we deploy shareholder capital to grow the business profitably.
When we look at the various -- the five ways of deploying capital, we have been accelerating investments into the organic growth initiatives, and that's really to your comment, multiples and ex-seller expectations remain extremely high. So as I said, we put more into organic investment, we've been paying down debt, we've done a little bit of share buyback and I would expect more of the same but overriding continuing to be very disciplined.
Peter Heckmann -- D.A. Davidson -- Analyst
Got it. That's helpful. I'll get back in the queue. I appreciate it.
David Gardella -- Chief Financial Officer
Thank you.
Operator
Your next question comes from the line of Raj Sharma with B. Riley.
Raj Sharma -- B. Riley FBR -- Analyst
Hi. Good morning, guys. Spectacular results. Congratulations.
David Gardella -- Chief Financial Officer
Thanks, Raj.
Raj Sharma -- B. Riley FBR -- Analyst
Hi. Sure, absolutely. So just if you could touch upon the cash flows for a second and you talked about there were some extraneous items in there because of LSC bankruptcy settlement and also seasonally the cash flows are supposed to be negative in the first quarter. Could you isolate the incentive comp and the LSC impact on cash flows?
David Gardella -- Chief Financial Officer
Yeah, Raj. So the LSC multi-employer pension plan payments were pretty small in the first quarter. I think around $1 million or so. The two settlements that we talked about, while one of them happened in the first quarter, the payment was actually made in the second quarter. And then, on the second settlement, that payment will also be made in the second quarter. Frankly, the biggest impact on the first quarter cash flow on a year-over-year basis and we were roughly flat, I think down a couple of million dollars in free cash, but the big delta from year-over-year was really driven by the increased incentive comp payments, including annual bonus payments and 401(k). We wouldn't break that out as a discrete number, but given the performance last year, those plans paid at a higher rate than -- at a much higher rate than they typically have in the past.
Raj Sharma -- B. Riley FBR -- Analyst
Okay. All right. And then just, off the -- two more questions, off the $130 million decline that you are expecting in print and had allowed for, I know Q1 was down $25 million, how much would Q2 be? I heard you say primarily the entire amount would be taken in Q2. So in the first half you would have taken most of the $130 million decline in print?
David Gardella -- Chief Financial Officer
No. Sorry. And if I said that, let me clarify. What I intended to say was that the second quarter will be the largest decline of any of the four quarters of the year. So it will likely be substantially larger than what we saw in Q1, and then Qs three and four, ballpark should be roughly similar to what we saw in Q1.
Raj Sharma -- B. Riley FBR -- Analyst
Got it. And then just lastly the software solutions for the rest of the year, do you expect similar sort of robust growth in software solutions?
David Gardella -- Chief Financial Officer
Yeah. So as we talked about on the software side, expecting double-digit growth and that's really across the board. When you look at it on a product-by-product basis, the momentum we have in ActiveDisclosure, grew 16% in the quarter. We expect that to be in the kind of mid-teen range. Venue was 30% in the quarter and that has been ticking up the last couple of quarters. This was our highest growth quarter. And again, a lot of that will be tied to the M&A activity and as we said from a perspective on Venue, the pipeline is very strong there.
And then, when we think about Arc Suite, we had a very aggressive plan coming into the year. The first quarter at plus 35% was a little bit ahead of that plan. But we do expect that the combination of these offerings within the Arc Suite and especially ArcDigital and total compliance management will continue driving strong growth throughout the year.
Craig Clay -- President of Global Capital Markets
Yeah. And the only thing I would add to it is that if you reflect on last year, Venue's growth started to pick up in the back half commensurate with M&A picking up. And so you'll run in the comparables in terms of quarter-over-quarter or year-over-year growth within each quarter, but not withstanding that we would expect to be in that mid-teens.
Raj Sharma -- B. Riley FBR -- Analyst
Right. And then just lastly, the guidance for Q2 assumes a capital markets transactional activity in line with Q1 or lower?
David Gardella -- Chief Financial Officer
No so our guidance they rise -- we think Q1 transactional activity will be up not nearly the amount that we saw in Q1, right. Q1, we said in our prepared remarks that transactional activity almost doubled from the first quarter of 2020. In the second quarter, our guidance implies somewhere around 20% or roughly $15 million increase in transactional. So to the extent that from a market perspective, it's stronger or weaker than that expectation, there is some plus or minus in that guidance.
Raj Sharma -- B. Riley FBR -- Analyst
I'm sorry, $15 million sequential increase?
David Gardella -- Chief Financial Officer
No, sorry, $15 million year-over-year. Yeah.
Raj Sharma -- B. Riley FBR -- Analyst
Got it. Okay. Well, thank you so much for taking my more questions. Congratulations again.
David Gardella -- Chief Financial Officer
Thank you, Raj.
Raj Sharma -- B. Riley FBR -- Analyst
Yes, thanks.
Operator
Your next quarter comes from the line of Charlie Strauzer with CJS.
Charlie Strauzer -- CJS Securities -- Analyst
Hi. Just one quick follow-up. Just looking at the balance sheet and the debt remaining on the balance sheet, any thoughts there on potential refinancing taking advantage of the kind of robust capital markets that you're seeing on your own business?
David Gardella -- Chief Financial Officer
Yeah, Charlie. So we look at this all the time. To your point, we had 8.25% notes that become callable at 102 [Phonetic] in October. Given the strength in the markets and hopefully, that continues, right, we believe that it will and that there'll be an opportunity to refi that debt at a significantly lower rate, but a lot of that will just depend on what market conditions are at that time.
Charlie Strauzer -- CJS Securities -- Analyst
Excellent. Thank you very much.
David Gardella -- Chief Financial Officer
Thank you.
Operator
And there are no further questions at this time.
Dan Leib -- President and Chief Executive Officer
Okay. Thank you all for joining and we'll look forward to speaking again in early August. Thank you.
Operator
[Operator Closing Remarks]
Duration: 42 minutes
Call participants:
David Gardella -- Chief Financial Officer
Dan Leib -- President and Chief Executive Officer
Craig Clay -- President of Global Capital Markets
Charlie Strauzer -- CJS Securities -- Analyst
Peter Heckmann -- D.A. Davidson -- Analyst
Raj Sharma -- B. Riley FBR -- Analyst
More DFIN analysis
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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a reminder, DFIN and RRD agreed to share required payments equally and an adjustment and repayments will be made as needed in accordance with the final allocation determined in arbitration. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q1 2021 Earnings Call May 5, 2021, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q1 2021 Earnings Call May 5, 2021, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. From all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q1 2021 Earnings Call May 5, 2021, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. From all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q1 2021 Earnings Call May 5, 2021, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. From all of us at DFIN, we hope that you and your families are staying safe and healthy.
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2021-05-05 00:00:00 UTC
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Financial Sector Update for 05/05/2021: MKTX, RDN, DFIN, XLF, FAS, FAZ
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-for-05-05-2021%3A-mktx-rdn-dfin-xlf-fas-faz-2021-05-05
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Financial stocks were climbing pre-bell Wednesday as the Select Financial Sector SPDR (XLF) was recently advancing by 0.30%. The Direxion Daily Financial Bull 3X shares (FAS) were more than 1% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down 0.58%.
MarketAxess Holdings (MKTX) reported monthly trading volume of $511.4 billion in April, down from $689.6 billion in March. MarketAxess was up 0.2% in recent trading.
Radian Group (RDN) was inactive after it reported Q1 adjusted profit of $0.68 per share, down from $0.80 per share a year ago. The average estimate from analysts polled by Capital IQ called for earnings of $0.67 per share.
Donnelley Financial Solutions (DFIN) was gaining more than 7% as it reported Q1 adjusted earnings of $1.15 per share, up from $0.21 a year earlier. Three analysts polled by Capital IQ expected adjusted earnings of $0.64.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) was gaining more than 7% as it reported Q1 adjusted earnings of $1.15 per share, up from $0.21 a year earlier. The average estimate from analysts polled by Capital IQ called for earnings of $0.67 per share. Three analysts polled by Capital IQ expected adjusted earnings of $0.64.
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Donnelley Financial Solutions (DFIN) was gaining more than 7% as it reported Q1 adjusted earnings of $1.15 per share, up from $0.21 a year earlier. The Direxion Daily Financial Bull 3X shares (FAS) were more than 1% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down 0.58%. The average estimate from analysts polled by Capital IQ called for earnings of $0.67 per share.
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Donnelley Financial Solutions (DFIN) was gaining more than 7% as it reported Q1 adjusted earnings of $1.15 per share, up from $0.21 a year earlier. The Direxion Daily Financial Bull 3X shares (FAS) were more than 1% higher and its bearish counterpart Direxion Daily Financial Bear 3X shares (FAZ) were down 0.58%. Radian Group (RDN) was inactive after it reported Q1 adjusted profit of $0.68 per share, down from $0.80 per share a year ago.
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Donnelley Financial Solutions (DFIN) was gaining more than 7% as it reported Q1 adjusted earnings of $1.15 per share, up from $0.21 a year earlier. MarketAxess was up 0.2% in recent trading. Three analysts polled by Capital IQ expected adjusted earnings of $0.64.
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2021-04-18 00:00:00 UTC
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Donnelley Financial: Strong Stock Performance Reflects Its Shifting Revenue Mix
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial%3A-strong-stock-performance-reflects-its-shifting-revenue-mix-2021-04-18
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Donnelley Financial Solutions, Inc. (DFIN), industry leader in risk and compliance solutions, provides regulatory and compliance services for both private and public corporations. The company is the largest SEC filer in the United States with 2020 submissions of more than 80,000. In addition, it is the second largest SEC compliance software provider trailing Workiva Inc. (WK).
Despite being a dominant player in these fields, Donnelley Financial has seen its revenue decline for several years, ever since it was spun off from R. R. Donnelley & Sons Company (RRD) in 2016.
The drop in revenue is partially attributable to the secular decline of the company's print business due to regulatory changes and the convenience of software-based solutions. The rest is associated with the elimination of non-strategic business assets and competition for regularized SEC filings as customers transition to software-based filing applications. Workiva has been grabbing market share from Donnelley Financial for several years with its software-based solutions.
Business Transformation
2020 appears to have been the turning point as Donnelley Financial progresses through its own digital transformation. Total organic revenue growth increased by 2.3% in FY'20 and expectations are for low single-digit growth in the coming year.
The company has been moving away from print media and shifting towards Software-as-a-Service (SaaS), with applications such as ActiveDisclosure and Venue Virtual Data Room, two products that provide regularized and transactional filings, respectively.
While “high-growth” won't be in management's vocabulary any time soon, investors can take comfort in the fact that the revenue mix is shifting towards software and tech-enabled solutions, resulting in a higher level of profitability and free cash flow. Donnelley Financial is in the process of completing its plan to minimize its manufacturing footprint, which will significantly reduce fixed costs, increase profitability, and allow for double-digit recurring revenue growth in the long run.
Business Segment Trends
Currently, Software Solutions and Tech-Enabled Services account for 26% and 51% of net sales, respectively, while Print and Distribution generate 23% of sales.
Q4'20 year-over-year revenue decreased by 12.9% for Print and Distribution, whereas revenue for Tech-Enabled Services increased by 27.6% and Software Solutions by 8%.
Looking ahead, the company is calling for Software Solutions revenue growth of 10% annually, while Print and Distribution sales are expected to shrink. Tech-Enabled Services, consisting of SEC transactional and compliance filings, delivered strong growth in Q4'20 due to increasing market share and a strong uptick in IPO and M&A activity, which is set to continue in the year ahead. The company anticipates that by 2024, the revenue mix will be 44% for Software Solutions, 40% for Tech-Enabled Services, and 16% for Print and Distribution.
Stock Chart
DFIN's digital transformation has not gone unnoticed by the investment community, given that the share price is up 391.6% in the last year.
That said, even with the strong stock performance, there is still fuel left in the tank. Donnelley Financial has a low valuation with a price/sales ratio of only 1.11, far less than the industry average of 12.3.
Wall Street’s Take
From Wall Street analysts, Donnelley Financial Solutions earns a Moderate Buy consensus rating, based on 2 Buys. Additionally, the average analyst price target of $31.50 puts the upside potential at 7.5%. (See Donnelley Financial Solutions stock analysis on TipRanks)
Summary And Conclusions
Donnelley Financial is the industry leader in risk and compliance solutions, assisting companies with global security regulations. However, being at the top of the food chain doesn't guarantee success. In fact, DFIN's revenue decline in recent years reflects the secular decline in the company's Print and Distribution business.
Having said that, the company is undergoing a digital transformation, scaling down Print and Distribution while introducing SaaS solutions for SEC filing and other regulatory applications. Revenue growth was slightly positive in 2020, with hints of the strong growth and profitability to come in the next few years. Therefore, despite the impressive share price rise over the last year, DFIN is still undervalued.
Disclosure: On the date of publication, Steve Auger did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions, Inc. (DFIN), industry leader in risk and compliance solutions, provides regulatory and compliance services for both private and public corporations. Stock Chart DFIN's digital transformation has not gone unnoticed by the investment community, given that the share price is up 391.6% in the last year. In fact, DFIN's revenue decline in recent years reflects the secular decline in the company's Print and Distribution business.
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Donnelley Financial Solutions, Inc. (DFIN), industry leader in risk and compliance solutions, provides regulatory and compliance services for both private and public corporations. In fact, DFIN's revenue decline in recent years reflects the secular decline in the company's Print and Distribution business. Stock Chart DFIN's digital transformation has not gone unnoticed by the investment community, given that the share price is up 391.6% in the last year.
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Donnelley Financial Solutions, Inc. (DFIN), industry leader in risk and compliance solutions, provides regulatory and compliance services for both private and public corporations. Stock Chart DFIN's digital transformation has not gone unnoticed by the investment community, given that the share price is up 391.6% in the last year. In fact, DFIN's revenue decline in recent years reflects the secular decline in the company's Print and Distribution business.
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Donnelley Financial Solutions, Inc. (DFIN), industry leader in risk and compliance solutions, provides regulatory and compliance services for both private and public corporations. Stock Chart DFIN's digital transformation has not gone unnoticed by the investment community, given that the share price is up 391.6% in the last year. In fact, DFIN's revenue decline in recent years reflects the secular decline in the company's Print and Distribution business.
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2021-03-09 00:00:00 UTC
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Kami Turner Is The Senior VP of Donnelley Financial Solutions, Inc. (NYSE:DFIN) And They Just Sold 36% Of Their Shares
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https://www.nasdaq.com/articles/kami-turner-is-the-senior-vp-of-donnelley-financial-solutions-inc.-nyse%3Adfin-and-they-just
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We'd be surprised if Donnelley Financial Solutions, Inc. (NYSE:DFIN) shareholders haven't noticed that the Senior VP, Kami Turner, recently sold US$163k worth of stock at US$27.10 per share. That sale was 36% of their holding, so it does make us raise an eyebrow.
The Last 12 Months Of Insider Transactions At Donnelley Financial Solutions
Notably, that recent sale by Kami Turner is the biggest insider sale of Donnelley Financial Solutions shares that we've seen in the last year. That means that an insider was selling shares at slightly below the current price (US$28.62). As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. It is worth noting that this sale was only 36% of Kami Turner's holding.
In the last twelve months insiders purchased 18.60k shares for US$136k. But they sold 6.00k shares for US$163k. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. By clicking on the graph below, you can see the precise details of each insider transaction!
NYSE:DFIN Insider Trading Volume March 10th 2021
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
Does Donnelley Financial Solutions Boast High Insider Ownership?
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. I reckon it's a good sign if insiders own a significant number of shares in the company. It appears that Donnelley Financial Solutions insiders own 2.2% of the company, worth about US$21m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
So What Do The Donnelley Financial Solutions Insider Transactions Indicate?
An insider sold Donnelley Financial Solutions shares recently, but they didn't buy any. And our longer term analysis of insider transactions didn't bring confidence, either. Insider ownership isn't particularly high, so this analysis makes us cautious about the company. We're in no rush to buy! So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. Every company has risks, and we've spotted 3 warning signs for Donnelley Financial Solutions (of which 1 is a bit concerning!) you should know about.
Of course Donnelley Financial Solutions may not be the best stock to buy. So you may wish to see this free collection of high quality companies.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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We'd be surprised if Donnelley Financial Solutions, Inc. (NYSE:DFIN) shareholders haven't noticed that the Senior VP, Kami Turner, recently sold US$163k worth of stock at US$27.10 per share. NYSE:DFIN Insider Trading Volume March 10th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation.
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We'd be surprised if Donnelley Financial Solutions, Inc. (NYSE:DFIN) shareholders haven't noticed that the Senior VP, Kami Turner, recently sold US$163k worth of stock at US$27.10 per share. NYSE:DFIN Insider Trading Volume March 10th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. The Last 12 Months Of Insider Transactions At Donnelley Financial Solutions Notably, that recent sale by Kami Turner is the biggest insider sale of Donnelley Financial Solutions shares that we've seen in the last year.
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We'd be surprised if Donnelley Financial Solutions, Inc. (NYSE:DFIN) shareholders haven't noticed that the Senior VP, Kami Turner, recently sold US$163k worth of stock at US$27.10 per share. NYSE:DFIN Insider Trading Volume March 10th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. The Last 12 Months Of Insider Transactions At Donnelley Financial Solutions Notably, that recent sale by Kami Turner is the biggest insider sale of Donnelley Financial Solutions shares that we've seen in the last year.
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We'd be surprised if Donnelley Financial Solutions, Inc. (NYSE:DFIN) shareholders haven't noticed that the Senior VP, Kami Turner, recently sold US$163k worth of stock at US$27.10 per share. NYSE:DFIN Insider Trading Volume March 10th 2021 If you are like me, then you will not want to miss this free list of growing companies that insiders are buying. So What Do The Donnelley Financial Solutions Insider Transactions Indicate?
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ce3319e4-07af-4f28-ab14-3919b788761f
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728843.0
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2020-11-01 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 11/1/2020
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-11-1-2020-2020-11-01
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nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of HP INC
Full Guru Analysis for HPQ>
Full Factor Report for HPQ>
CDK GLOBAL INC (CDK) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: CDK Global Inc. is a global provider of integrated information technology solutions to the automotive retail and adjacent industries. Its operating segments are: CDK North America and CDK International. The Company is focused on enabling end-to-end automotive commerce, and provides solutions to dealers in more than 100 countries worldwide, serving approximately 30,000 retail locations and to automotive manufacturers. Its offered solutions automates and integrates all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. It offers Dealer Management System (DMS) software solutions that are hosted enterprise resource planning applications tailored according to the requirements of the retail automotive industry. Its DMS products facilitate the sale of new and used vehicles, consumer financing, repair and maintenance services, and vehicle and parts inventory management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of CDK GLOBAL INC
Full Guru Analysis for CDK>
Full Factor Report for CDK>
CISCO SYSTEMS, INC. (CSCO) is a large-cap value stock in the Communications Equipment industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. It operates through three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. Its product and technologies include infrastructure platforms; applications; security and other products. Infrastructure Platforms consists of its core networking technologies of switching, routing, data center products and wireless that are designed to work together to deliver networking capabilities and transport and store data. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes unified threat management products, threat security products and Web security products. Its subsidiary, ThousandEyes, Inc., offers Internet and cloud intelligence platform.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of CISCO SYSTEMS, INC.
Full Guru Analysis for CSCO>
Full Factor Report for CSCO>
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of EBIX INC
Full Guru Analysis for EBIX>
Full Factor Report for EBIX>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of EBIX INC Full Guru Analysis for EBIX> Full Factor Report for EBIX> More details on Validea's Joel Greenblatt strategy Joel Greenblatt Stock Ideas About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of EBIX INC Full Guru Analysis for EBIX> Full Factor Report for EBIX> More details on Validea's Joel Greenblatt strategy Joel Greenblatt Stock Ideas About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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f3c66707-01f8-4ae2-a593-08367d060f68
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728844.0
|
2020-10-04 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 10/4/2020
|
DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-10-4-2020-2020-10-04
|
nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firmâs underlying fundamentals and the stockâs valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of HP INC
Full Guru Analysis for HPQ>
Full Factor Report for HPQ>
CDK GLOBAL INC (CDK) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firmâs underlying fundamentals and the stockâs valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: CDK Global Inc. is a global provider of integrated information technology solutions to the automotive retail and adjacent industries. Its operating segments are: CDK North America and CDK International. The Company is focused on enabling end-to-end automotive commerce, and provides solutions to dealers in more than 100 countries worldwide, serving approximately 30,000 retail locations and to automotive manufacturers. Its offered solutions automates and integrates all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. It offers Dealer Management System (DMS) software solutions that are hosted enterprise resource planning applications tailored according to the requirements of the retail automotive industry. Its DMS products facilitate the sale of new and used vehicles, consumer financing, repair and maintenance services, and vehicle and parts inventory management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of CDK GLOBAL INC
Full Guru Analysis for CDK>
Full Factor Report for CDK>
CISCO SYSTEMS, INC. (CSCO) is a large-cap value stock in the Communications Equipment industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firmâs underlying fundamentals and the stockâs valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. It operates through three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. Its product and technologies include infrastructure platforms; applications; security and other products. Infrastructure Platforms consists of its core networking technologies of switching, routing, data center products and wireless that are designed to work together to deliver networking capabilities and transport and store data. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes unified threat management products, threat security products and Web security products. Its subsidiary, ThousandEyes, Inc., offers Internet and cloud intelligence platform.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of CISCO SYSTEMS, INC.
Full Guru Analysis for CSCO>
Full Factor Report for CSCO>
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firmâs underlying fundamentals and the stockâs valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firmâs underlying fundamentals and the stockâs valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of EBIX INC
Full Guru Analysis for EBIX>
Full Factor Report for EBIX>
More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of EBIX INC Full Guru Analysis for EBIX> Full Factor Report for EBIX> More details on Validea's Joel Greenblatt strategy Joel Greenblatt Stock Ideas About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of EBIX INC Full Guru Analysis for EBIX> Full Factor Report for EBIX> More details on Validea's Joel Greenblatt strategy Joel Greenblatt Stock Ideas About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables.
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Detailed Analysis of CISCO SYSTEMS, INC. Full Guru Analysis for CSCO> Full Factor Report for CSCO> DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap growth stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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e6e3f131-370c-4383-b55a-83d37b2163f4
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728845.0
|
2020-08-05 00:00:00 UTC
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Stock Alert: Donnelley Financial Trading 15% Higher On Q2 Earnings
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DFIN
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https://www.nasdaq.com/articles/stock-alert%3A-donnelley-financial-trading-15-higher-on-q2-earnings-2020-08-05
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nan
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nan
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(RTTNews) - Shares of risk and compliance solutions company Donnelley Financial Solutions, Inc. (DFIN) are rising more than 16% Wednesday morning on better-than-expected second-quarter results.
Earnings, on an adjusted basis in the second quarter, were $0.87 per share, beating the average estimate of analysts polled by Thomson Reuters at $0.27 per share.
Sales for the quarter of $254 million beat the consensus at $225.36 million, primarily driven by stronger than anticipated capital markets transactional activity.
Donnelley Financial stock is currently trading at $11.48, close to its 52-week high of $12.76.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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(RTTNews) - Shares of risk and compliance solutions company Donnelley Financial Solutions, Inc. (DFIN) are rising more than 16% Wednesday morning on better-than-expected second-quarter results. Sales for the quarter of $254 million beat the consensus at $225.36 million, primarily driven by stronger than anticipated capital markets transactional activity. Donnelley Financial stock is currently trading at $11.48, close to its 52-week high of $12.76.
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(RTTNews) - Shares of risk and compliance solutions company Donnelley Financial Solutions, Inc. (DFIN) are rising more than 16% Wednesday morning on better-than-expected second-quarter results. Sales for the quarter of $254 million beat the consensus at $225.36 million, primarily driven by stronger than anticipated capital markets transactional activity. Donnelley Financial stock is currently trading at $11.48, close to its 52-week high of $12.76.
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(RTTNews) - Shares of risk and compliance solutions company Donnelley Financial Solutions, Inc. (DFIN) are rising more than 16% Wednesday morning on better-than-expected second-quarter results. Earnings, on an adjusted basis in the second quarter, were $0.87 per share, beating the average estimate of analysts polled by Thomson Reuters at $0.27 per share. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
(RTTNews) - Shares of risk and compliance solutions company Donnelley Financial Solutions, Inc. (DFIN) are rising more than 16% Wednesday morning on better-than-expected second-quarter results. Earnings, on an adjusted basis in the second quarter, were $0.87 per share, beating the average estimate of analysts polled by Thomson Reuters at $0.27 per share. Sales for the quarter of $254 million beat the consensus at $225.36 million, primarily driven by stronger than anticipated capital markets transactional activity.
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f1195f34-bb2b-479a-9740-fb280a049fed
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728846.0
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2020-08-05 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Capri Holdings, Novavax, Apple Inc, Johnson & Johnson
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DFIN
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-capri-holdings-novavax-apple-inc-johnson-johnson-2020-08-05
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
U.S. stocks opened higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data.
At 9:30 a.m. ET, the Dow Jones Industrial Average .DJI was up 0.77% at 27,034.4. The S&P 500 .SPX was up 0.48% at 3,322.27 and the Nasdaq Composite .IXIC was up 0.24% at 10,967.139. The top three S&P 500 .PG.INX percentage gainers: ** Assurant Inc , up 11.5% ** Tapestry Inc , up 7.2% ** Freeport-McMoRan Inc , up 6.4% The top three S&P 500 .PL.INX percentage losers: ** Arista Networks Inc , down 8.7% ** Fox Corp A , down 8.5% ** Microchip Technology Inc , down 8.3% The top three NYSE .PG.N percentage gainers: ** Fiverr International Ltd , up 19% ** Donnelley Financial Solutions Inc , up 18.1% ** EnLink Midstream LLC , up 16.2% The top three NYSE .PL.N percentage losers: ** New Relic Inc , down 24.2% ** Vapotherm Inc , down 23.9% ** Teladoc Health Inc , down 10.8% The top three Nasdaq .PG.O percentage gainers: ** MYOS RENS Technology Inc , up 83.1% ** Fulgent Genetics Inc , up 35.6% ** Astec Industries Inc , up 29.8% The top three Nasdaq .PL.O percentage losers: ** Sintx Technologies Inc , down 24.7% ** Cardlytics Inc , down 21% ** Sirius International Insurance Group Ltd , down 18.3% ** Square Inc SQ.N: up 15.4%
BUZZ-Shares jump after stellar Q2 report ** Pioneer Natural Resources Co PXD.N: up 1.9%
BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.2%
BUZZ-Street View: All about showbiz for Walt Disney ** Exxon Mobil Corp XOM.N: up 1.0% ** Chevron Corp CVX.N: up 1.2%
BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 3.8%
BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 4.3%
BUZZ-Slips on reverse stock split plans, Q2 loss ** Emerson Electric Co EMR.N: up 3.9%
BUZZ-Street View: Emerson Electric's outlook sounds encouraging ** BorgWarner Inc BWA.N: up 2.1%
BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 1.4%
BUZZ-Rises on Q2 profit, revenue beat ** Capri Holdings Ltd CPRI.N: up 13.4%
BUZZ-Rises on better-than-feared Q1 results ** Novavax Inc NVAX.O: up 19.8%
BUZZ-Surges as JP Morgan upgrades, says COVID-19 vaccine looks 'best-in-class' ** Johnson & Johnson JNJ.N: up 1.1%
BUZZ-Rises on over $1 bln deal with U.S. govt for COVID-19 vaccine ** Apple Inc AAPL.O: down 0.1%
BUZZ-Falls after BofA downgrades on potential risks to gross margins
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.33%
Consumer Discretionary
.SPLRCD
up 0.40%
Consumer Staples
.SPLRCS
up 0.13%
Energy
.SPNY
up 1.23%
Financial
.SPSY
up 1.21%
Health
.SPXHC
up 0.50%
Industrial
.SPLRCI
up 1.09%
Information Technology
.SPLRCT
up 0.14%
Materials
.SPLRCM
up 1.48%
Real Estate
.SPLRCR
down 0.08%
Utilities
.SPLRCU
up 0.04%
(Compiled by Shivani Kumaresan in Bengaluru)
((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stocks opened higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. The top three S&P 500 .PG.INX percentage gainers: ** Assurant Inc , up 11.5% ** Tapestry Inc , up 7.2% ** Freeport-McMoRan Inc , up 6.4% The top three S&P 500 .PL.INX percentage losers: ** Arista Networks Inc , down 8.7% ** Fox Corp A , down 8.5% ** Microchip Technology Inc , down 8.3% The top three NYSE .PG.N percentage gainers: ** Fiverr International Ltd , up 19% ** Donnelley Financial Solutions Inc , up 18.1% ** EnLink Midstream LLC , up 16.2% The top three NYSE .PL.N percentage losers: ** New Relic Inc , down 24.2% ** Vapotherm Inc , down 23.9% ** Teladoc Health Inc , down 10.8% The top three Nasdaq .PG.O percentage gainers: ** MYOS RENS Technology Inc , up 83.1% ** Fulgent Genetics Inc , up 35.6% ** Astec Industries Inc , up 29.8% The top three Nasdaq .PL.O percentage losers: ** Sintx Technologies Inc , down 24.7% ** Cardlytics Inc , down 21% ** Sirius International Insurance Group Ltd , down 18.3% ** Square Inc SQ.N: up 15.4% BUZZ-Shares jump after stellar Q2 report ** Pioneer Natural Resources Co PXD.N: up 1.9% BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.2% BUZZ-Street View: All about showbiz for Walt Disney ** Exxon Mobil Corp XOM.N: up 1.0% ** Chevron Corp CVX.N: up 1.2% BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 3.8% BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 4.3% BUZZ-Slips on reverse stock split plans, Q2 loss ** Emerson Electric Co EMR.N: up 3.9% BUZZ-Street View: Emerson Electric's outlook sounds encouraging ** BorgWarner Inc BWA.N: up 2.1% BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 1.4% BUZZ-Rises on Q2 profit, revenue beat ** Capri Holdings Ltd CPRI.N: up 13.4% BUZZ-Rises on better-than-feared Q1 results ** Novavax Inc NVAX.O: up 19.8% BUZZ-Surges as JP Morgan upgrades, says COVID-19 vaccine looks 'best-in-class' ** Johnson & Johnson JNJ.N: up 1.1% BUZZ-Rises on over $1 bln deal with U.S. govt for COVID-19 vaccine ** Apple Inc AAPL.O: down 0.1% BUZZ-Falls after BofA downgrades on potential risks to gross margins The 11 major S&P 500 sectors: Communication Services up 0.04% (Compiled by Shivani Kumaresan in Bengaluru) ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stocks opened higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. The top three S&P 500 .PG.INX percentage gainers: ** Assurant Inc , up 11.5% ** Tapestry Inc , up 7.2% ** Freeport-McMoRan Inc , up 6.4% The top three S&P 500 .PL.INX percentage losers: ** Arista Networks Inc , down 8.7% ** Fox Corp A , down 8.5% ** Microchip Technology Inc , down 8.3% The top three NYSE .PG.N percentage gainers: ** Fiverr International Ltd , up 19% ** Donnelley Financial Solutions Inc , up 18.1% ** EnLink Midstream LLC , up 16.2% The top three NYSE .PL.N percentage losers: ** New Relic Inc , down 24.2% ** Vapotherm Inc , down 23.9% ** Teladoc Health Inc , down 10.8% The top three Nasdaq .PG.O percentage gainers: ** MYOS RENS Technology Inc , up 83.1% ** Fulgent Genetics Inc , up 35.6% ** Astec Industries Inc , up 29.8% The top three Nasdaq .PL.O percentage losers: ** Sintx Technologies Inc , down 24.7% ** Cardlytics Inc , down 21% ** Sirius International Insurance Group Ltd , down 18.3% ** Square Inc SQ.N: up 15.4% BUZZ-Shares jump after stellar Q2 report ** Pioneer Natural Resources Co PXD.N: up 1.9% BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.2% BUZZ-Street View: All about showbiz for Walt Disney ** Exxon Mobil Corp XOM.N: up 1.0% ** Chevron Corp CVX.N: up 1.2% BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 3.8% BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 4.3% BUZZ-Slips on reverse stock split plans, Q2 loss ** Emerson Electric Co EMR.N: up 3.9% BUZZ-Street View: Emerson Electric's outlook sounds encouraging ** BorgWarner Inc BWA.N: up 2.1% BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 1.4% BUZZ-Rises on Q2 profit, revenue beat ** Capri Holdings Ltd CPRI.N: up 13.4% BUZZ-Rises on better-than-feared Q1 results ** Novavax Inc NVAX.O: up 19.8% BUZZ-Surges as JP Morgan upgrades, says COVID-19 vaccine looks 'best-in-class' ** Johnson & Johnson JNJ.N: up 1.1% BUZZ-Rises on over $1 bln deal with U.S. govt for COVID-19 vaccine ** Apple Inc AAPL.O: down 0.1% BUZZ-Falls after BofA downgrades on potential risks to gross margins The 11 major S&P 500 sectors: Communication Services up 0.04% (Compiled by Shivani Kumaresan in Bengaluru) ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Assurant Inc , up 11.5% ** Tapestry Inc , up 7.2% ** Freeport-McMoRan Inc , up 6.4% The top three S&P 500 .PL.INX percentage losers: ** Arista Networks Inc , down 8.7% ** Fox Corp A , down 8.5% ** Microchip Technology Inc , down 8.3% The top three NYSE .PG.N percentage gainers: ** Fiverr International Ltd , up 19% ** Donnelley Financial Solutions Inc , up 18.1% ** EnLink Midstream LLC , up 16.2% The top three NYSE .PL.N percentage losers: ** New Relic Inc , down 24.2% ** Vapotherm Inc , down 23.9% ** Teladoc Health Inc , down 10.8% The top three Nasdaq .PG.O percentage gainers: ** MYOS RENS Technology Inc , up 83.1% ** Fulgent Genetics Inc , up 35.6% ** Astec Industries Inc , up 29.8% The top three Nasdaq .PL.O percentage losers: ** Sintx Technologies Inc , down 24.7% ** Cardlytics Inc , down 21% ** Sirius International Insurance Group Ltd , down 18.3% ** Square Inc SQ.N: up 15.4% BUZZ-Shares jump after stellar Q2 report ** Pioneer Natural Resources Co PXD.N: up 1.9% BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.2% BUZZ-Street View: All about showbiz for Walt Disney ** Exxon Mobil Corp XOM.N: up 1.0% ** Chevron Corp CVX.N: up 1.2% BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 3.8% BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 4.3% BUZZ-Slips on reverse stock split plans, Q2 loss ** Emerson Electric Co EMR.N: up 3.9% BUZZ-Street View: Emerson Electric's outlook sounds encouraging ** BorgWarner Inc BWA.N: up 2.1% BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 1.4% BUZZ-Rises on Q2 profit, revenue beat ** Capri Holdings Ltd CPRI.N: up 13.4% BUZZ-Rises on better-than-feared Q1 results ** Novavax Inc NVAX.O: up 19.8% BUZZ-Surges as JP Morgan upgrades, says COVID-19 vaccine looks 'best-in-class' ** Johnson & Johnson JNJ.N: up 1.1% BUZZ-Rises on over $1 bln deal with U.S. govt for COVID-19 vaccine ** Apple Inc AAPL.O: down 0.1% BUZZ-Falls after BofA downgrades on potential risks to gross margins The 11 major S&P 500 sectors: Communication Services up 0.33% Consumer Discretionary up 0.40% Consumer Staples
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stocks opened higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. ET, the Dow Jones Industrial Average .DJI was up 0.77% at 27,034.4. The S&P 500 .SPX was up 0.48% at 3,322.27 and the Nasdaq Composite .IXIC was up 0.24% at 10,967.139.
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9b5e4835-d3b5-405e-9cba-5daef1fda2f8
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728847.0
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2020-08-05 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Regeneron, BorgWarner, Callon Petroleum, Livongo Health
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DFIN
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-regeneron-borgwarner-callon-petroleum-livongo-health-2020-08
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes were set to open higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. .N
At 8:30 a.m. ET, Dow e-minis 1YMc1 were up 0.70% at 26,903. S&P 500 e-minis ESc1 were up 0.51% at 3,316.75, while Nasdaq 100 e-minis NQc1 were up 0.15% at 11,102.5. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Valaris Plc A , up 47.0% ** Whiting Petroleum Corp , up 38.0% ** Donnelley Financial Solutions Inc , up 20.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Vapotherm Inc , down 25.1% ** New Relic Inc , down 18.9% ** Callon Petroleum Co , down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Myos Rens Technology Inc , up 82.3% ** Aerpio Pharmaceuticals Inc , up 54.5% ** Dasan Zhone Solutions Inc , up 45.7% The top three Nasdaq percentage losers premarket .PRPL.O: ** Alterity Therapeutics Ltd , down 16.6% ** HL Acquisitions Corp , down 13.7% ** Neonode Inc , down 12.1% ** Beyond Meat Inc BYND.O: down 6.4% premarket BUZZ-Street View: Beyond Meat's retail pivot simmers domestic growth hopes ** Square Inc SQ.N: up 10.9% premarket BUZZ-Shares jump after stellar Q2 report ** CVS Health Corp CVS.N: up 2.6% premarket BUZZ-Up after profit beats estimates ** Pioneer Natural Resources Co PXD.N: up 2.5% premarket BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.4% premarket BUZZ-Street View: All about showbiz for Walt Disney ** Livongo Health Inc LVGO.O: up 2.8% premarket BUZZ-Jumps on $18.5 bln merger with rival Teledoc ** Exxon Mobil Corp XOM.N: up 1.4% premarket ** Chevron Corp CVX.N: up 2.0% premarket BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 1.9% premarket BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 9.4% premarket BUZZ-Slips on reverse stock split plans, Q2 loss ** BorgWarner Inc BWA.N: up 0.9% premarket BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 2.6% premarket BUZZ-Rises on Q2 profit, revenue beat
(Compiled by Shivani Kumaresan in Bengaluru)
((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. ET, Dow e-minis 1YMc1 were up 0.70% at 26,903. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Valaris Plc A , up 47.0% ** Whiting Petroleum Corp , up 38.0% ** Donnelley Financial Solutions Inc , up 20.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Vapotherm Inc , down 25.1% ** New Relic Inc , down 18.9% ** Callon Petroleum Co , down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Myos Rens Technology Inc , up 82.3% ** Aerpio Pharmaceuticals Inc , up 54.5% ** Dasan Zhone Solutions Inc , up 45.7% The top three Nasdaq percentage losers premarket .PRPL.O: ** Alterity Therapeutics Ltd , down 16.6% ** HL Acquisitions Corp , down 13.7% ** Neonode Inc , down 12.1% ** Beyond Meat Inc BYND.O: down 6.4% premarket BUZZ-Street View: Beyond Meat's retail pivot simmers domestic growth hopes ** Square Inc SQ.N: up 10.9% premarket BUZZ-Shares jump after stellar Q2 report ** CVS Health Corp CVS.N: up 2.6% premarket BUZZ-Up after profit beats estimates ** Pioneer Natural Resources Co PXD.N: up 2.5% premarket BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.4% premarket BUZZ-Street View: All about showbiz for Walt Disney ** Livongo Health Inc LVGO.O: up 2.8% premarket BUZZ-Jumps on $18.5 bln merger with rival Teledoc ** Exxon Mobil Corp XOM.N: up 1.4% premarket ** Chevron Corp CVX.N: up 2.0% premarket BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 1.9% premarket BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 9.4% premarket BUZZ-Slips on reverse stock split plans, Q2 loss ** BorgWarner Inc BWA.N: up 0.9% premarket BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 2.6% premarket BUZZ-Rises on Q2 profit, revenue beat (Compiled by Shivani Kumaresan in Bengaluru) ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. S&P 500 e-minis ESc1 were up 0.51% at 3,316.75, while Nasdaq 100 e-minis NQc1 were up 0.15% at 11,102.5. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Valaris Plc A , up 47.0% ** Whiting Petroleum Corp , up 38.0% ** Donnelley Financial Solutions Inc , up 20.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Vapotherm Inc , down 25.1% ** New Relic Inc , down 18.9% ** Callon Petroleum Co , down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Myos Rens Technology Inc , up 82.3% ** Aerpio Pharmaceuticals Inc , up 54.5% ** Dasan Zhone Solutions Inc , up 45.7% The top three Nasdaq percentage losers premarket .PRPL.O: ** Alterity Therapeutics Ltd , down 16.6% ** HL Acquisitions Corp , down 13.7% ** Neonode Inc , down 12.1% ** Beyond Meat Inc BYND.O: down 6.4% premarket BUZZ-Street View: Beyond Meat's retail pivot simmers domestic growth hopes ** Square Inc SQ.N: up 10.9% premarket BUZZ-Shares jump after stellar Q2 report ** CVS Health Corp CVS.N: up 2.6% premarket BUZZ-Up after profit beats estimates ** Pioneer Natural Resources Co PXD.N: up 2.5% premarket BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.4% premarket BUZZ-Street View: All about showbiz for Walt Disney ** Livongo Health Inc LVGO.O: up 2.8% premarket BUZZ-Jumps on $18.5 bln merger with rival Teledoc ** Exxon Mobil Corp XOM.N: up 1.4% premarket ** Chevron Corp CVX.N: up 2.0% premarket BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 1.9% premarket BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 9.4% premarket BUZZ-Slips on reverse stock split plans, Q2 loss ** BorgWarner Inc BWA.N: up 0.9% premarket BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 2.6% premarket BUZZ-Rises on Q2 profit, revenue beat (Compiled by Shivani Kumaresan in Bengaluru) ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. S&P 500 e-minis ESc1 were up 0.51% at 3,316.75, while Nasdaq 100 e-minis NQc1 were up 0.15% at 11,102.5. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Valaris Plc A , up 47.0% ** Whiting Petroleum Corp , up 38.0% ** Donnelley Financial Solutions Inc , up 20.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Vapotherm Inc , down 25.1% ** New Relic Inc , down 18.9% ** Callon Petroleum Co , down 9.4% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Myos Rens Technology Inc , up 82.3% ** Aerpio Pharmaceuticals Inc , up 54.5% ** Dasan Zhone Solutions Inc , up 45.7% The top three Nasdaq percentage losers premarket .PRPL.O: ** Alterity Therapeutics Ltd , down 16.6% ** HL Acquisitions Corp , down 13.7% ** Neonode Inc , down 12.1% ** Beyond Meat Inc BYND.O: down 6.4% premarket BUZZ-Street View: Beyond Meat's retail pivot simmers domestic growth hopes ** Square Inc SQ.N: up 10.9% premarket BUZZ-Shares jump after stellar Q2 report ** CVS Health Corp CVS.N: up 2.6% premarket BUZZ-Up after profit beats estimates ** Pioneer Natural Resources Co PXD.N: up 2.5% premarket BUZZ-CS raises PT on long-term forecast ** Walt Disney Co DIS.N: up 6.4% premarket BUZZ-Street View: All about showbiz for Walt Disney ** Livongo Health Inc LVGO.O: up 2.8% premarket BUZZ-Jumps on $18.5 bln merger with rival Teledoc ** Exxon Mobil Corp XOM.N: up 1.4% premarket ** Chevron Corp CVX.N: up 2.0% premarket BUZZ-Oil stocks rise as crude hits 5-month high on big drop in U.S. inventories ** ARC Document Solutions ARC.N: up 1.9% premarket BUZZ-Rises as cost cuts help offset pandemic hit ** Callon Petroleum Co CPE.N: down 9.4% premarket BUZZ-Slips on reverse stock split plans, Q2 loss ** BorgWarner Inc BWA.N: up 0.9% premarket BUZZ-Gains on beating qtrly expectations, raising outlook ** Regeneron Pharmaceuticals Inc REGN.O: up 2.6% premarket BUZZ-Rises on Q2 profit, revenue beat (Compiled by Shivani Kumaresan in Bengaluru) ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to open higher on Wednesday as Disney's surprise quarterly profit and a slate of upbeat results from healthcare companies lifted sentiment ahead of service sector data. ET, Dow e-minis 1YMc1 were up 0.70% at 26,903. S&P 500 e-minis ESc1 were up 0.51% at 3,316.75, while Nasdaq 100 e-minis NQc1 were up 0.15% at 11,102.5.
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e7704830-a9aa-4093-9e35-14bdb02ce154
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728848.0
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2020-08-02 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 8/2/2020
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-8-2-2020-2020-08-02
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nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC
Full Guru Analysis for DFIN>
Full Factor Report for DFIN>
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of HP INC
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CDK GLOBAL INC (CDK) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: CDK Global Inc. is a global provider of integrated information technology solutions to the automotive retail and adjacent industries. Its operating segments are: CDK North America and CDK International. The Company is focused on enabling end-to-end automotive commerce, and provides solutions to dealers in more than 100 countries worldwide, serving approximately 30,000 retail locations and to automotive manufacturers. Its offered solutions automates and integrates all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. It offers Dealer Management System (DMS) software solutions that are hosted enterprise resource planning applications tailored according to the requirements of the retail automotive industry. Its DMS products facilitate the sale of new and used vehicles, consumer financing, repair and maintenance services, and vehicle and parts inventory management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
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CISCO SYSTEMS, INC. (CSCO) is a large-cap growth stock in the Communications Equipment industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. It operates through three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. Its product and technologies includes infrastructure platforms; applications; security and other products. It also offers technical support services and advanced services. Infrastructure Platforms consists of its core networking technologies of switching, routing, data center products and wireless that are designed to work together to deliver networking capabilities and transport and store data. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes Company's unified threat management products, advanced threat security products, and web security products.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
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EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
Detailed Analysis of EBIX INC
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More details on Validea's Joel Greenblatt strategy
Joel Greenblatt Stock Ideas
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors.
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Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of CDK GLOBAL INC Full Guru Analysis for CDK> Full Factor Report for CDK> CISCO SYSTEMS, INC. (CSCO) is a large-cap growth stock in the Communications Equipment industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. Detailed Analysis of CDK GLOBAL INC Full Guru Analysis for CDK> Full Factor Report for CDK> CISCO SYSTEMS, INC. (CSCO) is a large-cap growth stock in the Communications Equipment industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Detailed Analysis of DONNELLEY FINANCIAL SOLUTIONS INC Full Guru Analysis for DFIN> Full Factor Report for DFIN> HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt.
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2020-05-09 00:00:00 UTC
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Donnelly Financial Solutions (DFIN) Q1 2020 Earnings Call Transcript
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https://www.nasdaq.com/articles/donnelly-financial-solutions-dfin-q1-2020-earnings-call-transcript-2020-05-10
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Image source: The Motley Fool.
Donnelly Financial Solutions (NYSE: DFIN)
Q1 2020 Earnings Call
May 07, 2020, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Donnelley Financial Solutions first-quarterearnings conference call [Operator instructions] I would now like to hand the conference over to your speaker today, Justin Ritchie, head of investor relations. Sir, the floor is yours.
Justin Ritchie -- Head of Investor Relations
Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions first-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. During this call, we will refer to forward-looking statements that are subject to uncertainty.
For a complete discussion, please refer to the cautionary statements included in our earnings release and further detailed in our annual report on Form 10-K, quarterly report on Form 10-Q and other filings with the SEC. Further, we will discuss non-GAAP financial information. We believe this presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only.
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Please refer to the earnings release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information. I'm joined this morning by Dan Leib, Dave Gardella, Kami Turner and Tom Juhase. I will now turn the call over to Dan.
Dan Leib -- President and Chief Executive Officer
Thank you, Justin, and good morning, everyone. From all of us at DFIN, we hope that you and your families are staying safe and healthy. Well, we noted on our February calls the potential business impacts of COVID-19. We could not have anticipated the broader impact the pandemic would have in terms of the way we have lived and worked each day over the last couple of months.
I'm proud to say that, as a company, we adapted quickly to the rapidly changing environment to keep our employees safe while also meeting the ongoing needs of our clients. I'd like to thank our employees for the dedication and resilience they've demonstrated and encourage them to maintain the same focus as we all continue to navigate through the challenges of the pandemic, both personally and professionally. As it relates to our performance, we are pleased with our first-quarter results, which reflect our improving business mix, ability to manage costs and improve cash conversion, resulting in a strong balance sheet and liquidity position. We achieved record first-quarter software solutions revenue, up 330 basis points of year-over-year improvement in adjusted EBITDA margin and reduced our debt by $75 million, compared to the first quarter of 2019.
This performance, coupled with prudent financial discipline, resulted in net leverage of 2.3 times and available liquidity of just over $200 million. We achieved these results despite the negative impact from the global pandemic. Early this year, as the virus impacted our operations in the Asia-Pacific region, we activated our business continuity plan. The plan is focused on the health and safety of our employees and clients.
In addition to ensuring supply continuity, upon activating the plan, we established a cross-functional team that continues to meet on a regular basis to understand the global impacts and opportunities as we manage through this unprecedented situation. Our commitment to our organization and our clients is a continued focus on health and safety, supply continuity, employee engagement and communicating with empathy and candor. With operations throughout the world and a diverse offering from software development to manufacturing, the impact on our business has been varied. Our distributed sales, service and production models and long-tested practices of work rotation help to mitigate this event.
We implemented work from home for all those that could in mid-March; shut down all travel and conference hosting in attendance; and took great care to protect our manufacturing employees, a group that is unable to work from home, conducting temperature monitoring, distancing within and between shifts and implementing disinfecting protocols, at least as robust as the guidelines from the CDC and the World Health Organization. Our cloud-based software solutions increasingly larger part of our business were unaffected and continue to perform strongly. With distributed development teams and partners, we have been performing well at maintenance, support and new feature development.Our manufacturing facilities, which were deemed essential, have been fully operational during a particularly busy time of the year for us as clients in our capital markets and investment company businesses are each in compliance peaks. The overall environment certainly is not without challenges, yet we are seeing some incredible things get done through teamwork, creativity, innovation and brute force to serve our clients, all while doing things in a safe manner.
While our actions continue to evolve in concert with changes in the situation, our unwavering commitment to health, safety and providing uninterrupted service to our clients has not changed. Effective with the first quarter, we are reporting our results under a new segment structure, consistent with how we are now operating and managing the business. Dave will cover the new segmentation in more detail during his review of the first-quarter results. We are excited about the transparency this provides you to better track the execution of our strategy of shifting our revenue mix toward software and tech-enabled services, driving a more recurring base of revenue and delivering organic top-line growth, higher margins and resulting cash flows.
Our plan is to deliver 44% of our revenue from software solutions by the year 2024. We are on the path and have seen success. In 2016, 14% of our revenue was derived from software solutions. While in 2019, we delivered 22% of our total revenue from software solutions.
Given this mix shift, our expectation is that by the year-end 2022, the consolidated business should be posting positive organic revenue growth. While we continue to explore opportunities to accelerate our strategy via M&A, our plan is based on the organic mix shift being driven by clients and regulations, in addition to our position in the market as the provider of choice. Rest assured, we will operate with the same financial discipline around asset valuation and capital allocation that we have historically. Times like this highlight the importance of that financial discipline.
Regarding the 30E3 regulation that takes effect in the first quarter of 2021, we continue to refine our plan and preparation. As we discussed in our lastearnings call we reevaluated the demand for printing and distribution in light of the regulation, secular impacts and our ability to create an optimized platform. This change also factors into our targeted 44% mix of software revenue by 2024. I'll provide additional color on this after Dave covers our first-quarter results.
Dave?
Dave Gardella -- Chief Financial Officer
Thank you, Dan, and good morning, everyone. On last quarter'searnings call I indicated our intent to make certain disclosure changes aimed at providing additional clarity around the performance of our traditional and software offerings. Today, we are pleased to introduce new operating segments that are aligned with our software transformation strategy, provide better visibility into the unique growth and profit drivers of each business and create enhanced transparency and accountability for results across the company. Please see the footnotes in our Form 10-Q which will be filed later today for a full description of these new segments.
In summary, we have realigned our organization and financial reporting to provide visibility by client vertical, as well as by the type of offering we provide. Specifically, we are now disclosing our capital markets business, which primarily serves corporations, law firms and advisory firms, including investment banks, accounting firms and private equity firms, in two reportable segments: capital markets software solutions and capital markets compliance and communications management. And for our investment companies business where we primarily serve mutual funds and insurance companies, we're also reporting in two segments: investment companies software solutions and investment companies compliance and communications management. Later in my remarks, I will detail our first-quarter performance for each of these segments, as well as our unallocated corporate costs.
But I did want to specifically call your attention to the supporting schedules in today's press release, which provide additional segment information for each quarter of 2019. We are currently working on recasting the full-year 2018 results in the new segment structure and expect to disclose those results later this year. Turning now to our consolidated financial results, as Dan mentioned, we started 2020 by delivering strong first-quarter results, including record first-quarter software solutions, as well as significant year-over-year increase in earnings, earnings per share, non-GAAP adjusted EBITDA and free cash flow. By continuing to focus on operating efficiencies while also improving our business mix, we improved first-quarter non-GAAP adjusted EBITDA margin by 330 basis points, compared to the first quarter of 2019, continuing the trend we established in the second half of 2019.
On a consolidated basis, net sales for the first quarter of 2020 were $220.7 million, a decrease of $8.9 million or 3.9% from the first quarter of 2019 as continued growth in our software solutions, led by FundSuite Arc and ActiveDisclosure, was more than offset by lower mutual funds compliance and transactions, lower commercial print and lower capital markets transactions. Software solutions net sales in the first quarter increased by $2.6 million or 5.8% as compared to the first quarter of 2019 as continued growth in our compliance and reporting software offerings, FundSuiteArc and ActiveDisclosure, more than offset declines in our Venue data room offering. Tech-enabled services net sales decreased by $1.3 million or 1.6%, primarily due to lower mutual fund and transactional activity. Print and distribution net sales decreased by $10.2 million or 10% due primarily to lower mutual funds compliance and transactional print, lower commercial print and lower capital markets transactional print.
This mix shift helps drive margin expansion which we expect to continue going forward as our revenue becomes more heavily weighted toward software solutions and tech-enabled services. First-quarter gross margin was 38.2% or 520 basis points higher than the first quarter of 2019, primarily driven by a favorable business mix toward higher-margin software solutions net sales, combined with lower overall print volume and ongoing cost-control initiatives. Non-GAAP SG&A expense in the quarter was $55.1 million, $3.1 million higher than the first quarter of 2019. As a percentage of revenue, non-GAAP SG&A was 25%, an increase of 240 basis points from the first quarter of 2019.
The increase in non-GAAP SG&A expense is due primarily to higher employee benefits cost. Our first-quarter non-GAAP adjusted EBITDA was $30.1 million, an increase of $6.4 million or 27% from the first quarter of 2019. Our first-quarter non-GAAP adjusted EBITDA margin was 13.6%, an increase of 330 basis points from the first quarter of 2019, again, primarily driven by the impact of ongoing cost-control initiatives and a more favorable revenue mix. Turning now to our segment results, net sales in our capital market software solutions segment were $31.2 million in the first quarter of 2020, an increase of 2.3% from the first quarter of 2019 as continued growth from ActiveDisclosure was partially offset by a reduction in Venue revenue related to the challenging transactional environment.
Non-GAAP adjusted EBITDA margin for the segment was 16.7%, an increase of 520 basis points from the first quarter of 2019. The increase in non-GAAP adjusted EBITDA margin was due primarily to the operating leverage on the increase in sales and the impact of ongoing cost-control initiatives. Net sales in our capital markets compliance and communications management segment were $99.1 million in the first quarter of 2020, a decrease of 2.8% from the first quarter of 2019, primarily due to lower capital markets transactions related to the COVID-19 outbreak in Asia and a slowdown in the U.S. transactions market during the last few weeks of the quarter.
Non-GAAP adjusted EBITDA margin for the segment was 26.5%, an increase of 780 basis points from the first quarter of 2019. The increase in non-GAAP adjusted EBITDA margin was primarily due to the impact of ongoing cost-control initiatives and a favorable sales mix. Net sales in our investment companies software solutions segment were $16.1 million in the first quarter of 2020, an increase of 13.4% from the first quarter of 2019 due to strength in FundSuite Arc subscriptions. Non-GAAP adjusted EBITDA margin for the segment was 20.5%, an increase of over 2000 basis points from the first quarter of 2019.
The tremendous increase in non-GAAP adjusted EBITDA margin was due primarily to cost efficiencies related to our Arc regulatory solutions in Europe where we gained significant efficiencies by moving from an outsourced to an in-house solution. Net sales in our investment companies compliance and communications management segments were $74.3 million in the first quarter of 2020, a decrease of 10.4% from the first quarter of 2019, primarily due to lower mutual funds compliance, transactional volume and lower commercial print volume. Non-GAAP adjusted EBITDA margin for the segment was 7.3%, a decrease of 380 basis points from the first quarter of 2019. The decrease in non-GAAP adjusted EBITDA was due primarily to lower print volume, partially offset by the impact of ongoing cost control.
Our first-quarter 2020 non-GAAP unallocated corporate expenses were $10 million, an increase of $2.1 million from the first quarter of last year. The increase in unallocated corporate expense was primarily driven by an increase in employee benefits expense. Free cash flow in the quarter improved by $39.4 million from the first quarter of last year, primarily due to working capital management, lower cash taxes, lower capital spending and higher EBITDA. Given the seasonal nature of our business, we've historically been a user of cash in the first quarter.
This trend continued in this year's first quarter when we did reduce the cash usage by nearly 50% compared to the first quarter of 2019. As we have discussed on the last few calls, we are actively engaged in projects to improve our quote-to-cash processes with a goal of driving quicker cash conversions. We made good progress in the first quarter, improving DSO by over three days from last year's first quarter and a little over a month into the second quarter. Free cash flow continues to track well ahead of this point in last year's second quarter.
We purchased and retired $66.5 million of our 8.25% senior notes due 2024 at an average price of $95.25 and recognized a pre-tax gain on the extinguishment of debt of $2.3 million, net of unamortized debt issuance costs. The gain is recorded within interest expense in our P&L that we have excluded from our non-GAAP earnings. We ended the quarter with $336.6 million of total debt and $328.9 million of net debt, including $160 million drawn on our revolver and had net available liquidity of just over $200 million. As of March 31, 2020, our net leverage ratio was 2.3 times, down 0.6 times from a year ago.
Lastly, we repurchased approximately 616,000 shares of our common stock during the first quarter at an average price per share of $6.19 under the company's $25 million stock repurchase program, ending the quarter with 33.8 million shares outstanding. Our remaining share repurchase authorization is $21.2 million. I'll now pass it back to Dan, who will provide first-quarter business highlights, as well as updates regarding the SEC rule 30e-3, as well as our longer-term objectives. Dan?
Dan Leib -- President and Chief Executive Officer
Thanks Dave. Moving to our first-quarter business highlights in capital markets. ActiveDisclosure had another solid quarter, again adding new clients at a steady pace. Venue launched its data privacy tool for transactions and corporations, which can search for PII, or personally identifiable information, and redact the information, making it ideal for use cases involving GDPR and the California Consumer Privacy Act.
With the eBrevia, we helped our clients automatically identify hundreds of different provisions in their contracts, including force majeure, events of default and terminations, speeding up contract review by 30% to 90%. Elsewhere in capital markets, while first-quarter global transactional performance was mixed, market share remained solid and despite the near-term transactional headwinds we expect to see related to COVID-19. Our transactions pipeline is building nicely for what we would expect to be stronger activity later in the year. Switching to investment companies.
Arc reporting continued its growth in Europe, winning a multiyear contract to provide financial reporting software to RBC and Luxembourg. Elsewhere. ArcPro continued its recent sales momentum with six more wins in the quarter as we continue to see strong demand for back-office software to help our clients drive out costs and automate regulatory compliance workflows. Lastly, as Dave mentioned earlier, we launched Arc regulatory, our global regulatory platform, in January.
As regulatory requirements continue to shift globally, the need to consolidate reporting solutions has never been more critical. Arc regulatory offers a full suite of cloud-based reporting solutions to meet the complex regulatory demands. Next, I would like to provide a bit more context to the upcoming SEC rule 30e-3 regulatory change and associated manufacturing platform optimization initiatives. On our lastearnings call we discussed our efforts to take a broader look at client product and job profitability to optimize our platform given upcoming demand changes.
Our analysis includes the mutual fund and variable annuity shareholder reports, print and distribution work that will be reduced in January 2021, in addition to specific customer contracts and business lines that in absence of the work related to 30e-3 would no longer generate enough profit to justify maintaining our network of third party and internal print and distribution capacity necessary to produce that work.As such, we have decided to terminate certain contracts and proactively refrained from accepting certain types of future printing and distribution production. These actions align with our strategy to move away from lower-margin, print-based revenue streams toward higher-margin software and service-based solutions. Regarding the profit implications, the impact of revenue is almost exclusively print and distribution in nature and generates much lower profit margins than our software solutions and tech-enabled services offerings. This means that we can shed this revenue while only modestly impacting profit in the process.
Our team has been working diligently to refine our planning, and we now estimate that the total annual reduction in revenue will be in the range of $130 million to $140 million, and the annual reduction to EBITDA will be in the range of $10 million to $50 million starting in January 2021. Further, we expect these changes to have only a de minimis effect on our 2021 free cash flow as the after-tax cash impacts from the reduction in EBITDA and restructuring charges are mostly offset by the associated working capital being freed up. We're currently working through the final details of our platform optimization efforts and will provide more detail on the specific actions on or prior to our nextearnings call I should also note that we do not expect these changes to have a meaningful impact on our 2020 results.
Further, we continue to expect low- to mid-teens growth in our software solutions revenue and recognize that, while we describe the 30e-3 regulatory driven reduction in print and its impacts in isolation, even absent 30e-3 each year, we face a decline in print for which we need to overcome by growth elsewhere in the portfolio, as well as cost management. Moving next to an update on our longer-term objectives. In May of 2018, we hosted our first investor day where we introduced DFIN as a stand-alone company and communicated our strategic objectives, which included changing the revenue mix, protecting our core markets and evolving the culture. We remain focused on growing our software revenue base by leveraging our domain expertise, market position and strong sales and service organizations with a goal of 44% of our total revenue being derived from software solutions by 2024.We believe that the focus on driving software revenue is the right strategy for both the company and investors.
As we have an opportunity to continue to serve our clients in the manner in which they desire to be served, scale our existing offerings and high incremental margins while also introducing new offerings into our existing client relationships, as we did with Arc regulatory this quarter. In addition to helping improve our overall margins, the recurring nature of the software revenues will help stabilize and increase visibility of our quarterly and annual financial performance. Similarly, maintaining our market-leading position and SEC compliance filing for both corporations and mutual funds carries forward as an objective from 2018. Our market leadership and strong customer relationships not only provide us with a steady base of annual business but also give us the opportunity to introduce new offerings to our existing clients to help them solve an ever-increasing set of compliance obligations.
From a culture perspective, we continue to merge the talent that we have post spinoff with new leaders from the technology industry who have infused the culture with new ideas, helping to modernize our business, at the same time, retaining the industry expertise that makes DFIN a trusted partner. We will execute on these strategic objectives while also continuing to aggressively drive operating efficiencies and leverage our industry and regulatory domain expertise to assist clients in meeting their compliance obligations. Finally, I wanted to provide a few longer-term financial objectives to help illustrate why we feel that our strategy will produce compelling returns for our shareholders.While the variability of our transactional offerings makes it difficult to provide consistent annual targets, our current plan which includes conservative estimates for transactional revenues and the introduction of products already in development as our 2024 adjusted EBITDA margin increasing to approximately 20%, representing an average annual increase of approximately 75 basis points. In addition to the improved margin, our current plan realizes the benefits associated with our consistent deleveraging and the opportunity to refinance our 8.25% 2024 senior notes, producing average annual non-GAAP net earnings-per-share growth of approximately 15%.
With an opportunity to further increase this earnings-per-share growth through future share repurchases. Given the shifting mix, we would expect low single-digit organic revenue growth during 2022, free cash flow exceeding $60 million in 2023 and zero net debt in 2024 again, the capital allocation policy for modeling purposes is that all cash builds, and we achieve our plan organically. We are very excited about the next chapter of our software lead business transformations. We believe we have the client relationships and right strategy to deliver market-leading compliance solutions to our customers and excellent returns to our shareholders.
With that, I'll turn it over to Dave to discuss our perspective on the balance of the year. Dave?
Dave Gardella -- Chief Financial Officer
Thank you, Dan. As we stated in this morning's press release, we have retracted our guidance for 2020. In the absence of specific guidance, however, I would like to provide some guardrails for the year and also a high-level outlook for the second quarter. First, the guardrails.
Over 60% of our business is recurring in nature. Corporations and mutual funds are still required to comply with their ongoing SEC compliance obligations, so we expect this portion of our revenue to be mostly unaffected. Our transactional-related revenue, including Venue, will certainly be impacted by the overall environment, but the magnitude and duration of the impact is very difficult to predict, which is why we retracted and are not updating our 2020 guidance until visibility improves. As I've mentioned often previously, our transactional-related revenue can be challenging to forecast in more stable environments, and the current macro environment makes it much more so.
To add some context of size, revenue for our transaction-related revenue, including Venue, in the last three quarters of 2019 was approximately $255 million, nearly 40% of our total revenue for the last three quarters of 2019. Meanwhile, we continue to aggressively manage our cost structure to mitigate as much of the impact to our bottom line as possible. And as the market leader in transactional filings, we remain well-positioned to capture transactional revenue and profit growth when market conditions return to a more normalized level. Other items that we feel we have enough visibility to comment on include depreciation and amortization, which we continue to expect to be approximately $55 million; interest expense, which we expect to be approximately $30 million, reflecting the partial-year benefit of retiring a portion of our 8.25% notes, partially offset by a higher revolver balance.
Regarding capital expenditures, which we previously expected to be approximately $35 million, we now expect to be in a range of $30 million to $35 million in light of the current situation in our end markets. Full year fully diluted shares are expected to be approximately $34.5 million, assuming no additional share repurchases. Lastly, for the second quarter, we're expecting net sales to be in the range of $220 million to $230 million, down approximately 13% year over year at the midpoint due largely to the impact of COVID-19 on our transactional and Venue offerings. Again for size context, these offerings generated approximately $90 million of revenue in the second quarter of 2019.
Regarding profitability, we expect our second-quarter non-GAAP adjusted EBITDA margin to be in the range of 16% to 17%, down approximately 500 basis points from the second quarter of 2019 due to the expected lower level of transactional activity, partially offset by the impact of our ongoing cost-savings initiatives. I'll now turn it back to Dan before we open it up for Q&A.
Dan Leib -- President and Chief Executive Officer
Thank you, Dave. In closing, I want to thank the DFIN employees around the world who have been working tirelessly to maintain our business operations and ensure our clients continue to receive the highest-quality service without disruption. Your efforts have been inspiring. Stay safe and healthy.
Operator, we're ready for questions.
Questions & Answers:
Operator
[Operator instructions] And our first question is from Charlie Strauzer with CJS. Please go ahead.
Charlie Strauzer -- CJS Securities -- Analyst
Couple of just quick questions on the 30e-3. Thank you for the additional and quantification there. Just as we think about next year, the ramp of that $130 million to $140 million decline in revenue, how should we think about the ramp of that over the course of the year?
Dan Leib -- President and Chief Executive Officer
Sure. Yes. So I'll start off. Tom and Dave can jump in as well.
So the regulation kicks in January. And just this background, it allows mutual funds and variable annuities to distribute their shareholder reports electronically by default rather than by option, and then the balance is another client work that we're exiting. So when we think about organizationally our content management, software and service organization role is unchanged. Our system continues to manage client content and financials for SEC filing and shareholder viewing.
As we've said previously from print and distribution, we have our own assets, and then we also rely on the trade. So the team has been planning for options, in light of the volume demands and including secular trends and printing as we design a platform, both internal and external, to serve our needs. So when we look at the financial impact, as you're familiar on the print side, a lot of the revenue here is passed through materials, paper and ink primarily that's 100% variable and fluctuates with volume. Beyond that, we get into addressing or designing the network to serve our needs.
And then, as I mentioned in my prepared remarks, from a strategic perspective, we're excited. It accelerates the strategy and delivering the 44% of our revenue from software by 2024.
Charlie Strauzer -- CJS Securities -- Analyst
Great. Thank you for that. And looking kind of near term. There has been a lot of talk in the news about the company is doing debt offerings, follow on equity offerings, etc.
to short their balance sheets. Are you seeing some of the benefits of that? And what is kind of baked into that forecast for Q2 that you gave out?
Dan Leib -- President and Chief Executive Officer
Sure, yes. So let me start. I'll take the broader guidance view and then, Dave, if you want to jump in as well. So you know, as Dave said, about 60% of our revenue is recurring driven by compliance requirements within both the corporate and the fun space that works predictable.
Within software and non-software segments, the mix of the same roughly 60% of our software revenues derived from recurring requirements. The balance of the work, as you highlighted, is driven by transactions, including the Venue data room. Within transactional offerings, our total filings are actually up year to year. However, the mix began to change in the last half of March and into April.
So transactions that more market-sensitive IPOs, M&A spin were reduced and product lines, such as debt issuances, were markedly higher. In the short term, we'd expect the disruption given market events until advisors and companies have a clear view on valuations, the market stabilizes and that ample liquidity is maintained in the market. So as that happens, we're bullish on M&A in the medium and long term. Regardless of the level that defines the new normal, there is tremendous amount of dry powder that will be deployed, valuations have in some spots come down, and we'll find their level.
And we would expect this favorable low interest rate environment and access to financing, as well as some of the underlying dynamics of digital transformation technological disruption etc., to continue. In terms of Dave's comments on Q2, I'll let him jump in here in a minute. The one thing I would say is, as we've seen with transactions, they can dry up relatively quickly, and they can also restart relatively quickly. Our overall business has seasonality to it.
Roughly 60% of our activities in the first half of the year driven largely by client compliance schedules. And in the meantime, we've remained aggressive on the cost side despite shrinking revenue. We've expanded margins over the past three quarters. We'll continue to be disciplined as it relates to capital deployment and be opportunistic as we think about the balance sheet as well.
So David, you want to jump in more specific to the Q2 question?
Dave Gardella -- Chief Financial Officer
Yes. Sure, Charlie, just on Q2. As we look at the transactional pipeline of identified transactions that are significant size, the pipeline is actually a little bit better in terms of the number of deals than where we were a year ago at this point. I think the big question for us obviously is with the current macroenvironment, how long or how impactful the COVID-19 impact on the overall market will continue to be.
And so we're optimistic, as Dan said, about the pipeline building and the fact that we're hopeful these will come back later in the year or come to market later in the year. It's just from a timing perspective, tough to predict. The other comment I would make with respect to your question around that offerings, we've certainly seen debt activity there and get our fair share of that work. But from a deal value size, as we've talked about in the past, certainly IPO and M&A are more valuable from an overall size of deal than debt offerings are.
Operator
And your next question is from Peter Heckmann with Davidson & Company. Please go ahead.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
This is Alexis on for Pete. Good morning. So thank you for all of the incremental details. It's definitely very helpful.
I also wanted to touch on 30e-3. So the estimated loss from printing is about double what you would set at the investor day in 2018. I think it was $70 million at the time. But the EBITDA reduction is essentially saying the same.
So I'm hoping that you can provide a bit more detail on the assumptions going into this. And then really, how much of that is 30e-3? And how much of it is practically terminating contracts?
Dan Leib -- President and Chief Executive Officer
Sure. Thanks. So there is a couple of new components. As you highlighted, the overall revenue impact about double the profit impact about the same.
In addition to funds, shareholder reporting, we've also assumed variable annuity, shareholder reporting will go electronic as well. And then we've taken the assumption and actions on some client contracts.So, as we think about, as I mentioned, the revenue and the composition of costs, there is a high content of variable costs. And then as we think about our platform, both internally managed as well as in the trade, we've just been able to do more work and refine those numbers and get to a better spot in terms of mitigating the impact. So roughly half the margin impact that we thought it would be originally, and as we're excited about the prospect because it does help us accelerate the transformation of the company into a much more software and tech-enabled service mix of revenue.
And Dave, I don't know if you have something to add.
Dave Gardella -- Chief Financial Officer
Yes. Alexis, I would just say when we look at the overall cost structure in terms of our ability to move work, either out of the trade at a lower cost and move them on to our own assets or take additional fixed costs out of the platform that Dan mentioned in his prepared remarks, really the combination of those two things are what has allowed us to have a better. Yes, just the one ad is that the majority of the reduction is regulatory driven. And the summary was moved into 2021.
So that was originally contemplated to be further out.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
OK. Thank you for that, and it was nicely done. I suppose my next question, which was-wondering if you could quantify the expense savings in the quarter, and how much of the cost-cutting initiatives would you consider sustainable?
Dave Gardella -- Chief Financial Officer
Yes. Alexis, so I'll take that one. We haven't quantified specifically the amount of cost savings in the quarter. We talked about frankly over the quarters through the last handful years, cost reduction is an ongoing aspect here, Dan mentioned in his prepared remarks that even absent regulatory changes, we still face headwinds on the secular decline related to print and are always looking at cost reductions.
I think the cost reductions related to 30e-3 are not yet in place. And so while we had the plans and ready to execute as appropriate, that would be in addition to kind of a normal cost mitigation effort.
Dan Leib -- President and Chief Executive Officer
Yes. The only thing I'd add to that, this is Dan, is that these are sustained cost savings, and some of it, facilitated by business mix shift and just what the company needs to look like and tremendous job by the everyone within the company, thinking of ways of doing business differently and driving efficiencies throughout the company at all levels.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
Understood. Thank you. And then one last one for us. So on the capital markets transactional side, it sounds like, based on our review, that IPO transactions actually maintained fairly well in the first quarter.
And so I'm inferring that most of it is going to be coming from M&A volumes lower, which, of course, then leads to Venue trends. Have you seen any improvement in April that's maybe leading to your more bullish outlook on M&A in the medium and long term?
Dan Leib -- President and Chief Executive Officer
Yes. One comment, and I'll jump in and start and then Dave. So as we think about the market and comparison to last year, certainly last year we had the SEC was closed for the first month or so, so it was a pretty light IPO environment. And then we did see the impact of the virus early on coming in the Asia-Pacific region.
Thankfully, we've seen some of that rebound as the viruses has moved on from that region. So yes, I think when we think about that, IPOs were up a little quarter to quarter. But when we look at March and April activity levels, it doesn't look so good. And then obviously in the M&A arena was a pretty soft quarter, actually worldwide, so both domestic and international.
And the good news there is, as I mentioned in my comments, I think it was Charlie's question, I think there's a lot of dynamics out there that would foreshadow a better M&A environment as things stabilize. Then Dave, do you want to add?
Dave Gardella -- Chief Financial Officer
No, Dan. You covered what I was going to say. Thanks.
Operator
And your next question is from Raj Sharma with Donnelly Financial. Please go ahead.
Raj Sharma -- Donnelly Financial -- Analyst
A couple of areas I just wanted to touch on. So you mentioned that the guidance this year, there's no material change from 30e-3. Obviously, that starts in the beginning of the new year. And also, you said free cash flow impact in fiscal 2021 would be immaterial from 30e-3.
Is that correct? Is that because of the working capital savings?
Dave Gardella -- Chief Financial Officer
That's correct.
Raj Sharma -- Donnelly Financial -- Analyst
And then the SaaS offerings, what was overall number the percentage of the business? What is the SaaS now as a percentage of the business? And what was the overall growth year on year? I know that FundSuite are up in double-digits.
Dave Gardella -- Chief Financial Officer
You're right. So overall growth was 5.6%. And in terms of the total revenue of the portfolio that it represents, I think if you just take the two software solution segments that you get to the number that you're looking for.
Dan Leib -- President and Chief Executive Officer
Yes, just over 21% or so.
Operator
And your next question is from Richard Sosa, investor. Please go ahead.
Richard Sosa -- Investor
Just -- I am a individual investor, and I do want to congratulate you on buying back so much of your debt. You rarely see that from companies. And $66 million at that discount to par makes me very happy. I know you probably can't comment on April, but will you be able to continue to be in the debt markets? I know that the bonds are still trading at a discount.
Or is that something you can't discuss there and we have to wait?
Dan Leib -- President and Chief Executive Officer
Yes, yes. That's not something that we would comment on.
Richard Sosa -- Investor
And second question, just looking into 2021 and 2022. Just like is there like a kind of-if all else being equal, should we be seeing maybe something like 750, 780 in sales? Is that kind of -- what else should we be thinking about? Or is that a little bit higher or lower?
Dan Leib -- President and Chief Executive Officer
Yes. So we have given specific guidance there. On the out-years, I think you can start to get the pieces right. We still expect the software revenue to grow, as we've indicated, I think, if you do the math on the impact that we talked about in terms of 30e-3 and some of the contracts that we're exiting.
And then the secular decline on print, you should be able to get pretty close to what our estimates would be. Obviously, the big variable would be the transactional-related work in both the capital markets, communications-compliance and communications management, as well as the Venue portion of capital markets software solutions.
Richard Sosa -- Investor
So the pullback in sales for 30e-3 should take like a year, right, to kind of fully -- is that the right way we should think about that? Could it be all at once, correct. It's going to be over a year --
Dan Leib -- President and Chief Executive Officer
It will be throughout 2021.
Richard Sosa -- Investor
OK. Throughout 2021, OK. And then as that happens, are there any further asset sales we could expect, selling of a printer or anything like that? Or is that -- most of that been done already?
Dan Leib -- President and Chief Executive Officer
Yes. Again, wouldn't comment on any specific asset sales, other than to say we're always looking at monetizing things that we can. You've seen us do some transactions in the past where we generated cash. We're always looking at ways to get the best value from our assets but don't have any specific comments on that.
Richard Sosa -- Investor
And my last question. With you buying so much of that $300 million at term debt, is there any chance to see a refinance prior to the October call date? Or is that out of the question-you can't take out additional debt to the further pay that off, correct?
Dan Leib -- President and Chief Executive Officer
Yes. Again, wouldn't comment on any specific transactions that we are contemplating or not contemplating. Obviously, a lot of it's driven by market conditions that that note is callable in October of next year at 102. But beyond that, wouldn't say anything about any refinancing plans.
Richard Sosa -- Investor
OK, perfect. And I appreciate you guys taking my call, and great quarter again. I love seeing you guys being so aggressive with the debt and stock, and I really appreciate that.
Operator
[Operator instructions] We have no further questions at this time.
Dan Leib -- President and Chief Executive Officer
OK. Thank you very much, and thank you to everyone for joining. We look forward to seeing you, if not in person, virtually, in the near future, and thanks again for your interest.
Operator
[Operator signoff]
Duration: 53 minutes
Call participants:
Justin Ritchie -- Head of Investor Relations
Dan Leib -- President and Chief Executive Officer
Dave Gardella -- Chief Financial Officer
Charlie Strauzer -- CJS Securities -- Analyst
Alexis Huseby -- D.A. Davidson and Company -- Analyst
Raj Sharma -- Donnelly Financial -- Analyst
Richard Sosa -- Investor
More DFIN analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelly Financial Solutions (NYSE: DFIN) Q1 2020 Earnings Call May 07, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. From all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Donnelly Financial Solutions (NYSE: DFIN) Q1 2020 Earnings Call May 07, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. From all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Donnelly Financial Solutions (NYSE: DFIN) Q1 2020 Earnings Call May 07, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. From all of us at DFIN, we hope that you and your families are staying safe and healthy.
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Davidson and Company -- Analyst Raj Sharma -- Donnelly Financial -- Analyst Richard Sosa -- Investor More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q1 2020 Earnings Call May 07, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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2020-05-08 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Spirit Airlines, Roku, Disney, Uber
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DFIN
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-spirit-airlines-roku-disney-uber-2020-05-08
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
U.S. stock index futures jumped about 1% on Friday as signs of an easing in U.S.-China friction boosted sentiment ahead of a closely watched jobs report that is likely to show the steepest plunge in payrolls since the Great Depression. .N
At 8:16 ET, Dow e-minis 1YMc1 were up 0.81% at 24,037. S&P 500 e-minis ESc1 were up 0.85% at 2,904.5, while Nasdaq 100 e-minis NQc1 were up 0.81% at 9,181.75. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Camping World Holdings Inc CWH.N, up 26.7% ** Colony Credit Real Estate Inc CLNC.N, up 25.4% ** Ocwen Financial Corp OCN.N, up 25.0% The top three NYSE percentage losers premarket .PRPL.NQ: ** AG Mortgage Investment Trust Inc MITT.N, down 38.7% ** Donnelley Financial Solutions Inc DFIN.N, down 22.2% ** Cloudflare Inc NET.N, down 12.6% The top two Nasdaq percentage gainers premarket .PRPG.O: ** Fuel Tech Inc FTEK.O, up 89.6% ** Everspin Technologies Inc MRAM.O, up 37.2% The top three Nasdaq percentage losers premarket .PRPL.O: ** Microvision Inc MVIS.O, down 26.3% ** Nanthealth Inc NH.O, down 24% ** Mammoth Energy Services Inc TUSK.O, down 14.8% ** Uber Technologies Inc UBER.N: up 5.9% premarket BUZZ-Street View: Uber set to speed past rivals as lockdowns ease ** Qorvo Inc QRVO.O: up 6.9% premarket BUZZ-Rises on Q4 beat, raised outlook ** Roku Inc ROKU.O: down 8.2% premarket BUZZ-Falls on declining advertising sales ** Pluristem Therapeutics Inc PSTI.O: up 23.8% premarket BUZZ-Rises on FDA nod for mid-stage COVID-19 treatment study ** SunPower Corp SPWR.O: up 11.6% premarket BUZZ-Rises on lower-than-expected Q1 loss, revenue beat ** Walt Disney Co DIS.N: up 2.4% premarket BUZZ-Rises as tickets for Shanghai park sell out like hot cakes ** Diamond S Shipping Inc DSSI.N: up 5.4% premarket BUZZ-Rises as improved tanker market drives Q1 profit ** RedHill Biopharma Ltd RDHL.O: up 10.9% premarket BUZZ-Rises on FDA approval for COVID-19 drug study ** Fortress Biotech Inc FBIO.O: up 16.3% premarket BUZZ-Fortress Biotech surges; co's potential platform being explored as COVID-19 treatment ** Fluor Corp FLR.N: down 4.6% premarket BUZZ-Falls after being subpoenaed by U.S. DOJ
(Compiled by Trisha Roy in Bengaluru)
((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Camping World Holdings Inc CWH.N, up 26.7% ** Colony Credit Real Estate Inc CLNC.N, up 25.4% ** Ocwen Financial Corp OCN.N, up 25.0% The top three NYSE percentage losers premarket .PRPL.NQ: ** AG Mortgage Investment Trust Inc MITT.N, down 38.7% ** Donnelley Financial Solutions Inc DFIN.N, down 22.2% ** Cloudflare Inc NET.N, down 12.6% The top two Nasdaq percentage gainers premarket .PRPG.O: ** Fuel Tech Inc FTEK.O, up 89.6% ** Everspin Technologies Inc MRAM.O, up 37.2% The top three Nasdaq percentage losers premarket .PRPL.O: ** Microvision Inc MVIS.O, down 26.3% ** Nanthealth Inc NH.O, down 24% ** Mammoth Energy Services Inc TUSK.O, down 14.8% ** Uber Technologies Inc UBER.N: up 5.9% premarket BUZZ-Street View: Uber set to speed past rivals as lockdowns ease ** Qorvo Inc QRVO.O: up 6.9% premarket BUZZ-Rises on Q4 beat, raised outlook ** Roku Inc ROKU.O: down 8.2% premarket BUZZ-Falls on declining advertising sales ** Pluristem Therapeutics Inc PSTI.O: up 23.8% premarket BUZZ-Rises on FDA nod for mid-stage COVID-19 treatment study ** SunPower Corp SPWR.O: up 11.6% premarket BUZZ-Rises on lower-than-expected Q1 loss, revenue beat ** Walt Disney Co DIS.N: up 2.4% premarket BUZZ-Rises as tickets for Shanghai park sell out like hot cakes ** Diamond S Shipping Inc DSSI.N: up 5.4% premarket BUZZ-Rises as improved tanker market drives Q1 profit ** RedHill Biopharma Ltd RDHL.O: up 10.9% premarket BUZZ-Rises on FDA approval for COVID-19 drug study ** Fortress Biotech Inc FBIO.O: up 16.3% premarket BUZZ-Fortress Biotech surges; co's potential platform being explored as COVID-19 treatment ** Fluor Corp FLR.N: down 4.6% premarket BUZZ-Falls after being subpoenaed by U.S. DOJ (Compiled by Trisha Roy in Bengaluru) ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures jumped about 1% on Friday as signs of an easing in U.S.-China friction boosted sentiment ahead of a closely watched jobs report that is likely to show the steepest plunge in payrolls since the Great Depression. .N At 8:16 ET, Dow e-minis 1YMc1 were up 0.81% at 24,037.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Camping World Holdings Inc CWH.N, up 26.7% ** Colony Credit Real Estate Inc CLNC.N, up 25.4% ** Ocwen Financial Corp OCN.N, up 25.0% The top three NYSE percentage losers premarket .PRPL.NQ: ** AG Mortgage Investment Trust Inc MITT.N, down 38.7% ** Donnelley Financial Solutions Inc DFIN.N, down 22.2% ** Cloudflare Inc NET.N, down 12.6% The top two Nasdaq percentage gainers premarket .PRPG.O: ** Fuel Tech Inc FTEK.O, up 89.6% ** Everspin Technologies Inc MRAM.O, up 37.2% The top three Nasdaq percentage losers premarket .PRPL.O: ** Microvision Inc MVIS.O, down 26.3% ** Nanthealth Inc NH.O, down 24% ** Mammoth Energy Services Inc TUSK.O, down 14.8% ** Uber Technologies Inc UBER.N: up 5.9% premarket BUZZ-Street View: Uber set to speed past rivals as lockdowns ease ** Qorvo Inc QRVO.O: up 6.9% premarket BUZZ-Rises on Q4 beat, raised outlook ** Roku Inc ROKU.O: down 8.2% premarket BUZZ-Falls on declining advertising sales ** Pluristem Therapeutics Inc PSTI.O: up 23.8% premarket BUZZ-Rises on FDA nod for mid-stage COVID-19 treatment study ** SunPower Corp SPWR.O: up 11.6% premarket BUZZ-Rises on lower-than-expected Q1 loss, revenue beat ** Walt Disney Co DIS.N: up 2.4% premarket BUZZ-Rises as tickets for Shanghai park sell out like hot cakes ** Diamond S Shipping Inc DSSI.N: up 5.4% premarket BUZZ-Rises as improved tanker market drives Q1 profit ** RedHill Biopharma Ltd RDHL.O: up 10.9% premarket BUZZ-Rises on FDA approval for COVID-19 drug study ** Fortress Biotech Inc FBIO.O: up 16.3% premarket BUZZ-Fortress Biotech surges; co's potential platform being explored as COVID-19 treatment ** Fluor Corp FLR.N: down 4.6% premarket BUZZ-Falls after being subpoenaed by U.S. DOJ (Compiled by Trisha Roy in Bengaluru) ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures jumped about 1% on Friday as signs of an easing in U.S.-China friction boosted sentiment ahead of a closely watched jobs report that is likely to show the steepest plunge in payrolls since the Great Depression. S&P 500 e-minis ESc1 were up 0.85% at 2,904.5, while Nasdaq 100 e-minis NQc1 were up 0.81% at 9,181.75.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Camping World Holdings Inc CWH.N, up 26.7% ** Colony Credit Real Estate Inc CLNC.N, up 25.4% ** Ocwen Financial Corp OCN.N, up 25.0% The top three NYSE percentage losers premarket .PRPL.NQ: ** AG Mortgage Investment Trust Inc MITT.N, down 38.7% ** Donnelley Financial Solutions Inc DFIN.N, down 22.2% ** Cloudflare Inc NET.N, down 12.6% The top two Nasdaq percentage gainers premarket .PRPG.O: ** Fuel Tech Inc FTEK.O, up 89.6% ** Everspin Technologies Inc MRAM.O, up 37.2% The top three Nasdaq percentage losers premarket .PRPL.O: ** Microvision Inc MVIS.O, down 26.3% ** Nanthealth Inc NH.O, down 24% ** Mammoth Energy Services Inc TUSK.O, down 14.8% ** Uber Technologies Inc UBER.N: up 5.9% premarket BUZZ-Street View: Uber set to speed past rivals as lockdowns ease ** Qorvo Inc QRVO.O: up 6.9% premarket BUZZ-Rises on Q4 beat, raised outlook ** Roku Inc ROKU.O: down 8.2% premarket BUZZ-Falls on declining advertising sales ** Pluristem Therapeutics Inc PSTI.O: up 23.8% premarket BUZZ-Rises on FDA nod for mid-stage COVID-19 treatment study ** SunPower Corp SPWR.O: up 11.6% premarket BUZZ-Rises on lower-than-expected Q1 loss, revenue beat ** Walt Disney Co DIS.N: up 2.4% premarket BUZZ-Rises as tickets for Shanghai park sell out like hot cakes ** Diamond S Shipping Inc DSSI.N: up 5.4% premarket BUZZ-Rises as improved tanker market drives Q1 profit ** RedHill Biopharma Ltd RDHL.O: up 10.9% premarket BUZZ-Rises on FDA approval for COVID-19 drug study ** Fortress Biotech Inc FBIO.O: up 16.3% premarket BUZZ-Fortress Biotech surges; co's potential platform being explored as COVID-19 treatment ** Fluor Corp FLR.N: down 4.6% premarket BUZZ-Falls after being subpoenaed by U.S. DOJ (Compiled by Trisha Roy in Bengaluru) ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures jumped about 1% on Friday as signs of an easing in U.S.-China friction boosted sentiment ahead of a closely watched jobs report that is likely to show the steepest plunge in payrolls since the Great Depression. S&P 500 e-minis ESc1 were up 0.85% at 2,904.5, while Nasdaq 100 e-minis NQc1 were up 0.81% at 9,181.75.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Camping World Holdings Inc CWH.N, up 26.7% ** Colony Credit Real Estate Inc CLNC.N, up 25.4% ** Ocwen Financial Corp OCN.N, up 25.0% The top three NYSE percentage losers premarket .PRPL.NQ: ** AG Mortgage Investment Trust Inc MITT.N, down 38.7% ** Donnelley Financial Solutions Inc DFIN.N, down 22.2% ** Cloudflare Inc NET.N, down 12.6% The top two Nasdaq percentage gainers premarket .PRPG.O: ** Fuel Tech Inc FTEK.O, up 89.6% ** Everspin Technologies Inc MRAM.O, up 37.2% The top three Nasdaq percentage losers premarket .PRPL.O: ** Microvision Inc MVIS.O, down 26.3% ** Nanthealth Inc NH.O, down 24% ** Mammoth Energy Services Inc TUSK.O, down 14.8% ** Uber Technologies Inc UBER.N: up 5.9% premarket BUZZ-Street View: Uber set to speed past rivals as lockdowns ease ** Qorvo Inc QRVO.O: up 6.9% premarket BUZZ-Rises on Q4 beat, raised outlook ** Roku Inc ROKU.O: down 8.2% premarket BUZZ-Falls on declining advertising sales ** Pluristem Therapeutics Inc PSTI.O: up 23.8% premarket BUZZ-Rises on FDA nod for mid-stage COVID-19 treatment study ** SunPower Corp SPWR.O: up 11.6% premarket BUZZ-Rises on lower-than-expected Q1 loss, revenue beat ** Walt Disney Co DIS.N: up 2.4% premarket BUZZ-Rises as tickets for Shanghai park sell out like hot cakes ** Diamond S Shipping Inc DSSI.N: up 5.4% premarket BUZZ-Rises as improved tanker market drives Q1 profit ** RedHill Biopharma Ltd RDHL.O: up 10.9% premarket BUZZ-Rises on FDA approval for COVID-19 drug study ** Fortress Biotech Inc FBIO.O: up 16.3% premarket BUZZ-Fortress Biotech surges; co's potential platform being explored as COVID-19 treatment ** Fluor Corp FLR.N: down 4.6% premarket BUZZ-Falls after being subpoenaed by U.S. DOJ (Compiled by Trisha Roy in Bengaluru) ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6182 3635;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures jumped about 1% on Friday as signs of an easing in U.S.-China friction boosted sentiment ahead of a closely watched jobs report that is likely to show the steepest plunge in payrolls since the Great Depression. .N At 8:16 ET, Dow e-minis 1YMc1 were up 0.81% at 24,037.
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fb650a6c-7120-4761-b144-853de5bc4275
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728851.0
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2020-05-03 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 5/3/2020
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-5-3-2020-2020-05-03
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nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
CDK GLOBAL INC (CDK) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: CDK Global Inc. is a global provider of integrated information technology solutions to the automotive retail and adjacent industries. Its operating segments are: CDK North America and CDK International. The Company is focused on enabling end-to-end automotive commerce, and provides solutions to dealers in more than 100 countries worldwide, serving approximately 30,000 retail locations and to automotive manufacturers. Its offered solutions automates and integrates all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. It offers Dealer Management System (DMS) software solutions that are hosted enterprise resource planning applications tailored according to the requirements of the retail automotive industry. Its DMS products facilitate the sale of new and used vehicles, consumer financing, repair and maintenance services, and vehicle and parts inventory management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
COGNIZANT TECHNOLOGY SOLUTIONS CORP (CTSH) is a large-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services. The Healthcare segment includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies. The Manufacturing/Retail/Logistics segment includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services. The Other segment includes its information, media and entertainment services, communications and high technology operating segments. Its services include consulting and technology services and outsourcing services. Its outsourcing services include application maintenance, IT infrastructure services and business process services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
Since its inception, Validea's strategy based on Joel Greenblatt has returned 50.09% vs. 123.76% for the S&P 500. For more details on this strategy, click here
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. It offers Dealer Management System (DMS) software solutions that are hosted enterprise resource planning applications tailored according to the requirements of the retail automotive industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. For a full detailed analysis using NASDAQ's Guru Analysis tool, click here CDK GLOBAL INC (CDK) is a mid-cap growth stock in the Software & Programming industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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e7284674-8a40-4f95-b2df-c9e55744a45b
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728852.0
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2020-04-10 00:00:00 UTC
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Validea Joel Greenblatt Strategy Daily Upgrade Report - 4/10/2020
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DFIN
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https://www.nasdaq.com/articles/validea-joel-greenblatt-strategy-daily-upgrade-report-4-10-2020-2020-04-10
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nan
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nan
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The following are today's upgrades for Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt changed from 0% to 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
TEGNA INC (TGNA) is a mid-cap value stock in the Broadcasting & Cable TV industry. The rating according to our strategy based on Joel Greenblatt changed from 70% to 80% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Tegna Inc. is a media company. The Company provides stories, investigations and marketing services. It operates 47 television stations in 39 United States markets and owns four network affiliates. It also provides services to advertisers through solutions, including its over the top (OTT) local advertising network, Premion. The Company provides local and national partners custom campaigns through TEGNA Marketing Solutions (TMS). Its digital marketing services (DMS) business is a one-stop shop for local businesses to connect with consumers through digital marketing. Premion is an advertising platform that places advertisements alongside premium long-form (full-episode) and live streaming content across networks.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: FAIL
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
Since its inception, Validea's strategy based on Joel Greenblatt has returned 41.76% vs. 117.32% for the S&P 500. For more details on this strategy, click here
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The following are today's upgrades for Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The United States segment consists of two reporting units: capital markets, investment markets and other. For a full detailed analysis using NASDAQ's Guru Analysis tool, click here TEGNA INC (TGNA) is a mid-cap value stock in the Broadcasting & Cable TV industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. For a full detailed analysis using NASDAQ's Guru Analysis tool, click here Since its inception, Validea's strategy based on Joel Greenblatt has returned 41.76% vs. 117.32% for the S&P 500.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The following are today's upgrades for Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company.
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c0927575-0efe-4b62-9b86-e6793d0dc970
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728853.0
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2020-03-01 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 3/1/2020
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-3-1-2020-2020-03-01
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nan
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
PERION NETWORK LTD (PERI) is a small-cap value stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
ASGN INC (ASGN) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: ASGN Incorporated is engaged in providing information technology (IT) and professional services in the technology, digital, creative, healthcare technology, engineering, life sciences, and government sectors. Its operating segments include Apex, Oxford, and ECS segments. The Apex Segment provides technical, scientific, digital and creative services and solutions to Fortune 1000 and mid-market clients across the United States and Canada. The Oxford Segment provides hard to find technical, digital, engineering and Life Sciences services and solutions in select skill and geographic markets. The ECS Segment delivers advanced solutions in cloud, cyber security, artificial intelligence, machine learning, software development, IT modernization, and science and engineering and is primarily focused on Federal Government activities.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
CISCO SYSTEMS, INC. (CSCO) is a large-cap value stock in the Communications Equipment industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. It operates through three geographic segments: Americas; Europe, Middle East, and Africa; and Asia Pacific, Japan, and China. Its product and technologies includes infrastructure platforms; applications; security and other products. It also offers technical support services and advanced services. Infrastructure Platforms consists of its core networking technologies of switching, routing, data center products and wireless that are designed to work together to deliver networking capabilities and transport and store data. Application product category consists primarily of software-related offerings that utilize the core networking and data center platforms to provide their functions. Security product category primarily includes Company's unified threat management products, advanced threat security products, and web security products.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
Since its inception, Validea's strategy based on Joel Greenblatt has returned 81.99% vs. 133.52% for the S&P 500. For more details on this strategy, click here
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. The ECS Segment delivers advanced solutions in cloud, cyber security, artificial intelligence, machine learning, software development, IT modernization, and science and engineering and is primarily focused on Federal Government activities.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Company Description: ASGN Incorporated is engaged in providing information technology (IT) and professional services in the technology, digital, creative, healthcare technology, engineering, life sciences, and government sectors. Security product category primarily includes Company's unified threat management products, advanced threat security products, and web security products.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Security product category primarily includes Company's unified threat management products, advanced threat security products, and web security products. For a full detailed analysis using NASDAQ's Guru Analysis tool, click here EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development.
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2020-02-27 00:00:00 UTC
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Donnelly Financial Solutions (DFIN) Q4 2019 Earnings Call Transcript
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DFIN
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https://www.nasdaq.com/articles/donnelly-financial-solutions-dfin-q4-2019-earnings-call-transcript-2020-02-27
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Image source: The Motley Fool.
Donnelly Financial Solutions (NYSE: DFIN)
Q4 2019 Earnings Call
Feb 26, 2020, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Donnelley Financial Solutions fourth-quarterearnings conference call [Operator instructions] I would now like to hand the conference over to Justin Ritchie, head of investor relations. Thank you. Please go ahead.
Justin Ritchie -- Head of Investor Relations
Thank you, Denise. Good morning, everyone, and thank you for joining Donnelley Financial Solutions fourth-quarter and full-year 2019 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. During the call, we will refer to forward-looking statements that are subject to uncertainty.
For a complete discussion, please refer to the cautionary statements included in our earnings release and further detailed in our annual report on Form 10-K and other filings with the SEC. Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only.
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Please refer to the press release and related tables for GAAP financial information and reconciliations of GAAP to non-GAAP financial information. I'm joined this morning by Dan Leib, Dave Gardella, Kami Turner, and Tom Juhase. I will now turn the call over to Dan.
Dan Leib
Thank you, Justin, and good morning, everyone. We finished 2019 by delivering solid fourth-quarter results, including record quarterly SaaS sales, which made up 26.2% of total sales as well as significant year-over-year increases in quarterly earnings, earnings per share, and free cash flow. By continuing to focus on operating efficiencies, our team managed to improve fourth-quarter non-GAAP EBITDA margin by 400 basis points. Our fourth-quarter performance allows us to enter 2020 with momentum as we continue to execute on our long-term strategy.
For the full year, we reported net sales of $874.7 million and non-GAAP adjusted EBITDA of $137 million, holding non-GAAP EBITDA margin relatively flat year over year. We delivered solid results despite the significant headwinds that we faced over the course of the year in capital markets transactions and Venue, two of our most profitable offerings. Related to the first quarter SEC shutdown, uncertainties in Europe related to brexit, civil unrest in Hong Kong and an overall slowdown of global M&A activity. As the year progressed, our team stayed focused on closing our share of business available in the market while also driving efficiencies throughout the company.
Our operating efficiency focus helped us to expand non-GAAP adjusted EBITDA margins in the final two quarters of the year, keeping us on solid footing heading into 2020. We also continue to responsibly manage our asset base during 2019, selling nonstrategic assets to free up cash that was used to help reduce our total debt by $66.7 million. Since becoming a stand-alone company in 2016, we reduced our outstanding debt by $340 million, including fully paying off our term loan. We are also pleased to have ended the year at two times net leverage, below the low end of our targeted leverage range, giving us enhanced flexibility related to our capital deployment priorities.
2019 was another significant year for our continued digital transformation. We made steady progress against our strategic priorities, including maintaining strong market share in our core markets, improving our revenue mix, all while evolving the company. Focusing specifically on our market share performance in 2019 for a moment, we're pleased to have increased our market share in 10-K, 10-Q, and notice and proxy filings for the first time in 10 years, partially by capturing the opportunity presented by the SEC's iXBRL and FAST Act mandates. Moving next to the improvement of our revenue mix, continued success in selling Venue, ActiveDisclosure and FundSuite Arc, along with a healthy contribution from eBrevia, led to total SaaS net sales approaching 22% of total net sales for the year.
This represents a 290-basis-point increase from 2018, and a 770-basis-point increase from year-end 2016, demonstrating steady progress toward our previously stated revenue mix objectives. We continue to place an emphasis on fostering innovation at DFIN, making key appointments within our product and technology organizations, aimed at accelerating the pace of development. This innovation focus led to several key enhancements across our various platforms, including iXBRL capabilities, key infrastructure improvements, as well as a new user interface and improved upload speeds in Venue. We also continue to make investments in our employees aimed at increasing productivity and job satisfaction and are pleased to announce that we were recently named as a Best Place to Work, Chicago, by the technology community hub, Built In.
Moving now to fourth-quarter operating highlights. In Capital Markets, ActiveDisclosure had a strong quarter, growing fourth-quarter revenues by nearly 21% year over year, again, adding dozens of new clients. In addition to deeper integration with our Venue offering, eBrevia also announced an integration with iManage, a leading software vendor in the legal vertical. By pairing eBrevia with iManage's industry-leading document and email management system, clients can immediately benefit from a turnkey workflow solution while opening up a great opportunity for us to introduce eBrevia to iManage's large client base.
Elsewhere, in our capital markets transactional and Venue offerings, the M&A environment remains soft in the fourth quarter with total closed M&A transactions as well as SEC merger filings, both being down over 25% versus the fourth quarter of 2018. However, IPO net sales again remained solid, with DFIN holding meaningful market share, especially in large complex deals, including supporting the largest IPO in history in the fourth quarter. ArcPro, which is part of our FundSuite Arc platform, continued its momentum in the fourth quarter with two more marquee wins. The first, a large Kansas City-based asset manager, will onboard their funds to ArcPro in early 2020.
The second, a large Midwest third-party-funded administrator, intends to use our software to manage their proprietary funds and ultimately, to support the compliance needs of their administration clients. This one represents the seventh third-party administrator to choose ArcPro to support their needs and those of their clients. In another fourth-quarter highlight, a large investment insurance client adopted ArcPro to help manage a considerable undertaking associated with their corporate rebranding. This effort will continue throughout 2020 as they leverage our software, combined with our services team, to complete the rebranding of their corporate documents.
This is yet another proof-point of how our core software solutions solve our clients' companywide challenges. Shifting gears, as we have discussed before, in our continuing efforts to generate long-term value for shareholders, our board of directors regularly evaluates all aspects of the company's strategy, including capital allocation. As such, the board recently approved a $25 million share repurchase program. This repurchase program demonstrates the board's confidence in our strategy and future prospects.
Going forward, we will maintain our disciplined approach to capital allocation and plan to opportunistically repurchase our stock while maintaining ample liquidity and financial flexibility. Before turning things over to Dave, I wanted to provide a quick update on our strategic priorities going into next year. We remain committed to driving our strategy to support our clients when, where, and how they want to work in the digital world. In 2020, you can expect our primary focus to remain on executing our business mix shift by continuing to grow our recurring SaaS revenue base while maintaining share in our core traditional businesses, including transactions.
In addition, similar to last year, we plan to continue to drive cost efficiencies to expand margins. Focusing on that point for a moment, as we plan for the upcoming SEC rule 30e-3 regulatory change that will significantly reduce demand for printing, we plan to further optimize our manufacturing platform. As part of this platform optimization, we are also taking a broader look at client, product, and job profitability outside of 30e-3, likely reducing our 2020 print volume in other offerings as well. We feel that the -- by proactively rightsizing our platform now, we set ourselves up for future profit margin and cash flow improvement by adjusting our overall fixed costs.
With that, I'll turn it over to Dave to provide more details on our financial performance and guidance for 2020. Dave?
Dave Gardella
Thank you, Dan. Good morning, everyone. Before I discuss our fourth-quarter financial performance, I'd like to recap a few housekeeping items, some of which impact our year-over-year comparability. First, as part of our ongoing effort to actively manage our asset base, we sold 50% of our investment in AuditBoard, receiving proceeds of $12.8 million in the fourth quarter of 2019.
This transaction resulted in a combined realized and unrealized gain of $13.6 million, freeing up cash for other uses, including debt repayment. Next, certain pension plan participants elected to receive lump sum pension payments in the fourth quarter, which resulted in a noncash settlement charge of $3.9 million in the fourth quarter. We also paid off the remaining balance of our term loan credit facility of $72.5 million in the fourth quarter. As a result, we recognized a pre-tax loss on extinguishment of debt of $4.1 million related to unamortized debt issuance cost and the original issuance discount.
This loss is included in our fourth-quarter 2019 interest expense. All three of these items are excluded from our non-GAAP results. GAAP income tax expense for the fourth quarter of 2019 was a benefit of $2 million due to favorable return to provision adjustments, primarily related to our foreign-derived intangible income deduction, state and local income taxes, and our research and development credits. Finally, as we have discussed on the last several calls, we completed the sale of our Language Solutions business in the third quarter of 2018.
For the year, the sale negatively impacts the year-over-year net sales comparison by $41.8 million and negatively impacted our gross profit and non-GAAP adjusted EBITDA comparisons by approximately $12 million and $3 million, respectively, inclusive of net stranded costs. The sale did not impact the year-over-year comparisons in the fourth quarter of 2019. Keeping these items in mind, let's review our fourth-quarter financial results. On a consolidated basis, net sales for the fourth quarter of 2019 were $190.3 million, a decrease of $10 million or 5% from the fourth quarter of 2018.
After adjusting for the 2018 acquisition of eBrevia and the impact of foreign exchange rates, organic net sales decreased 5.2%, as a reacceleration in growth in our SaaS solutions, led by ActiveDisclosure and FundSuite Arc, was more than offset by lower capital markets transactional and compliance print volume as well as lower investment markets, mutual fund, and healthcare print volume. Services net sales in the fourth quarter increased by $2.4 million, or 1.8%, compared to the fourth quarter of 2018, primarily driven by growth in our SaaS solutions. Products net sales decreased by $12.4 million or 18.2%, due primarily to lower investment markets, mutual fund, and healthcare print volume as well as lower capital markets transactional and compliance print volume. Fourth-quarter gross margin was 37.9% or 270 basis points higher than the fourth quarter of 2018, primarily driven by a favorable mix, featuring higher-margin SaaS -- services net sales, combined with lower overall print volume.
Non-GAAP SG&A expense in the quarter was $46 million, $5.1 million lower than the fourth quarter of 2018. As a percentage of revenue, non-GAAP SG&A was 24.2%, a decrease of 130 basis points from the fourth quarter of 2018. The decrease in non-GAAP SG&A expense is primarily due to the impact of ongoing cost savings initiatives. Our fourth quarter non-GAAP adjusted EBITDA was $26.1 million, an increase of $6.7 million from the fourth quarter of 2018.
Our fourth-quarter non-GAAP adjusted EBITDA margin was 13.7%, an increase of 400 basis points from the fourth quarter of 2018, again, primarily driven by the impact of ongoing cost savings initiatives and a more favorable revenue mix. Turning now to our segment results. Net sales in our U.S. segment were $161.7 million in the fourth quarter of 2019, a decrease of 5.3% from last year's fourth quarter.
On an organic basis, net sales were down 5.7%. Net sales in U.S. capital markets decreased 6.8% on an organic basis, due primarily to lower transactional and compliance activity, partially offset by growth in our SaaS solutions, primarily in ActiveDisclosure. Net sales in U.S.
investment markets decreased 4.4% on an organic basis, driven by lower mutual fund and healthcare print volume, partially offset by solid growth in FundSuite Arc. Non-GAAP adjusted EBITDA margin for the segment of 16.7% increased 250 basis points from the fourth quarter of 2018, primarily due to the impact of ongoing cost savings initiatives. Net sales in our international segment were $28.6 million in the fourth quarter of 2019, a decrease of 3.4% from the fourth quarter of 2018. On an organic basis, excluding the impact of changes in foreign exchange rates, net sales in the fourth quarter were down 3%.
Non-GAAP adjusted EBITDA margin for the segment was 11.9%, an increase of 510 basis points from the fourth quarter of 2018. The increase in non-GAAP adjusted EBITDA margin was primarily due to the impact of ongoing cost savings initiatives. Our fourth quarter 2019 non-GAAP unallocated corporate expenses, excluding depreciation and amortization, were $4.3 million, a decrease of $2.5 million from the fourth quarter of last year. The decline in unallocated corporate cost was primarily driven by cost savings initiatives.
Consolidated free cash flow in the quarter was $49 million, $7.4 million higher than the fourth quarter of 2018, primarily due to higher EBITDA, lower interest payments and lower capital expenditures. As we have discussed on the last few calls, we are actively engaged in an initiative to improve our quote-to-cash processes with the goal of driving better cash conversion. We are already starting to see results in the first quarter of 2020, with improvement in our year-over-year cash flow through the first several weeks of the year, and are targeting ongoing improvement in this area throughout the year. We paid off our term loan in the fourth quarter of 2019, ending the year with $296 million of total debt and $278.8 million of net debt, with nothing drawn on our net revolver, and net available liquidity of $248.8 million.
As of December 31, 2019, our net leverage ratio was 2.0 times, flat from a year ago. Lastly, at year-end 2019, our pension and other post-retirement plans were $60.2 million underfunded, a decline in funding levels of $7.7 million compared to year end 2018. With that covered, let me now provide some color on the full-year 2020 guidance summarized in this morning's press release. Specifically, we expect 2020 total consolidated net sales to be in the range of $860 million to $880 million, staying essentially flat year over year at the midpoint as SaaS net sales growth of low double digits is offset by the proactive reductions in less profitable sales that Dan mentioned earlier as well as any potential unfavorable election year impacts to our transactional business, which we are assuming to be flat to slightly down for the year.
We expect our non-GAAP adjusted EBITDA to be in the range of $140 million to $145 million, up approximately 4%, as we continue to see the benefits of our improved revenue mix as well as the continued run rate impact of our ongoing cost savings initiatives. Depreciation and amortization is expected to be approximately $55 million. We expect interest expense of approximately $30 million. Our full-year non-GAAP tax rate is expected to be in the range of 29% to 31%.
We project the full-year fully diluted weighted average share count to be approximately 35 million shares, not including any potential impact of the share repurchase program that Dan mentioned earlier. We expect capital expenditures to be approximately $35 million, down nearly $10 million from 2019, primarily related to the one-time investment in digital print equipment in 2019. And lastly, we expect free cash flow in the range of $35 million to $40 million. Regarding our outlook for the first quarter, we're expecting net sales to be in the range of $220 million to $230 million, down approximately 2% year over year at the midpoint, due largely to a $4 million nonrecurring special proxy project in U.S.
investment markets in the first quarter of 2019, as well as the expected unfavorable impacts to our business related to the coronavirus outbreak, specifically in our international segment. Regarding profitability, we expect our non-GAAP adjusted EBITDA margin to improve compared to the first quarter of 2019, as we continue to see the run rate impact of our ongoing cost savings initiatives show up in the results. Regarding seasonality of our cash flow, our normal cash flow pattern has us as a net user of cash in the first half of the year, generating most of our cash in the back half of the year. We do, however, expect to see improvements in cash flow related to the quote-to-cash initiative I mentioned earlier, some of which, we expect to see in the first half of the year.
Finally, we're planning to make changes to certain disclosures in the first quarter of 2020, aimed at providing additional clarity around the performance of our traditional and SaaS offerings. We look forward to sharing these changes with you beginning with our first quarter 2020 results. And with that, I'll turn it back to Dan.
Dan Leib
Thank you, Dave. Before we open it up for Q&A, I wanted to share a few additional thoughts. Over the three years, I'm proud that our team has established DFIN as a profitable stand-alone company, made significant progress against our strategic priorities to improve our mix of business, protected our core markets, and evolved our company, all while significantly deleveraging the business. Moving into 2020, we are entering a new chapter of our digital transformation, one that will feature an enhanced focus on accelerating our software growth and continuing to improve our overall business performance.
We firmly believe in our strategy and remain focused on delivering value to our shareholders. And with that, let's open the line for Q&A.
Questions & Answers:
Operator
[Operator instructions] Your first question comes from Michael Cho with JP Morgan. Your line is open.
Michael Cho -- J.P. Morgan -- Analyst
Hi. Good morning. Thanks for taking my question. I just wanted to ask --
Dan Leib
Good morning, Mike.
Michael Cho -- J.P. Morgan -- Analyst
Hi. Good morning -- on -- you mentioned some comments around rightsizing the platform and taking proactive, I guess, reductions in the profitability of the business. Can you just give a little bit more flavor on what that kind of looks like? What that means to you from a -- one, from a physical operating perspective? And then two, from a financial perspective?
Dan Leib
Yeah, sure. So, we own several facilities, in which we print our own products, and that represents work that -- or of our total work, that represents roughly 50% of our own. We use our own capacity for 50% of our production work, and we outsource the rest, etc. And so, as we think through that, and we know what's coming in terms of regulatory change, the fixed cost nature of a platform, taking into consideration what we can also offshore, we want to look at all of the work that gets produced.
And it's both within our physical platform as well as what we're doing on the software side. We're looking at all client profitability and product profitability and job profitability. But in this regard, it's looking at how we optimize our physical assets in order to drive a higher level of profit and cash, recognizing that we know there's a reduction, regulatory-driven, in print volume. In terms of sizing it for you, we'll plan to do that later this year.
But, you know, that's our thinking. And I think we made good progress against it, and well on the way to being finalized with that analysis.
Michael Cho -- J.P. Morgan -- Analyst
OK, great. And if I could just ask one follow-up on the software business. I mean, just given strength in the quarter around the software business, maybe can you just remind us how big some of the components are that you mentioned, whether it's ActiveDisclosure, Venue, or ArcPro?
Dan Leib
Yeah, sure. So we -- and we've broken these out before. So Venue is the largest, followed by FundSuite Arc, and then ActiveDisclosure. ActiveDisclosure has had the nicest growth this quarter as well as through the balance of the year.
And that's consistent with what we've seen going in, starting probably midyear last year.
Michael Cho -- J.P. Morgan -- Analyst
Alright. Great. Thank you.
Dan Leib
Thank you.
Operator
Your next question comes from Peter Heckmann with Davidson. Your line is open.
Peter Heckmann -- D.A. Davidson and Company -- Analyst
Good morning, gentlemen. Thanks for taking the question. Looks like Capital Markets for the year, on a global basis, is maybe between 55% and 60% of revenue. Can you talk about how much of the transactional business made up of that? And if possible, maybe some rough quantification of IPOs and M&A?
Dan Leib
Yeah. Yeah so, Pete, on a global basis, transactional was roughly $250 million of total revenue, about $190 million of that in the U.S. and $60 million internationally.
Peter Heckmann -- D.A. Davidson and Company -- Analyst
OK.
Dan Leib
And then as you look at -- within transactions on a full-year basis, the biggest decline, as we've talked about all year long, the biggest challenge was in M&A activity. And that volume was certainly down on a year-over-year basis, IPOs. And I'm looking for the detail here, hang on a second. The S-1 activity was up for the year, about $6 million in revenue.
And when we look at total, S-4 revenue was down about $27 million.
Peter Heckmann -- D.A. Davidson and Company -- Analyst
Got it. OK. And then in terms of what you're seeing right now, the IPO activity year to date looks OK, some questions that you said about the election, the coronavirus. But I guess, how do you feel about the pipeline, what you're seeing today, still relatively solid and reflecting solid market share?
Dave Gardella
Yeah. So certainly, the pipeline is good. We are certainly internationally seeing the impact of the virus. And that will -- in the region, most of our offices, not all, but most of the offices have people working from home, and we've seen a standstill there.
Early in the year, as I mentioned, pipeline is good, share seems stronger, and M&A is still not where -- still not fully picked up, but seeing a little bit of firming up there.
Peter Heckmann -- D.A. Davidson and Company -- Analyst
Got it. Got it. Thank you. I'll get back in the queue.
Dave Gardella
Thank you.
Operator
Your next question comes from Charlie Strauzer with CJS. Your line is open.
Charlie Strauzer -- CJS Securities -- Analyst
Hi. Good morning.
Dan Leib
Hey, Charlie.
Charlie Strauzer -- CJS Securities -- Analyst
Hey. If you could talk a little bit more about 30e-3? And I assume we're still on the same start date there for next year?
Dan Leib
Yes, yes. It's first quarter of 2021.
Charlie Strauzer -- CJS Securities -- Analyst
Got it. And any changes to your thoughts on the potential revenue impact there?
Dan Leib
You know, we're doing more work there. There's certainly the fund side. There's the variable annuity side of it as well. And as we layer in some of the work we -- that I mentioned on the profitability side, we'll come back with an overall estimate of what we think that looks like, but making good progress there.
On the profit side, I think we're pretty well-covered in terms of our ability to mitigate the impact on the bottom line.
Charlie Strauzer -- CJS Securities -- Analyst
Excellent. And if you -- on Q1, you talked about improvement year over year on EBITDA margin. Maybe a little bit more color there and a little bit more quantification, if you could. Thanks.
Dave Gardella
Yeah, Charlie. So I think we talked about the cost savings rolling through. A lot of the margin improvement is going to depend on the level of transactional activity that we see and then the impact internationally, as we talked about of the coronavirus and how that impacts international transactional activity. But I think we're expecting that to be, obviously, softer.
But all in all, still expecting overall EBITDA margin improvement, again, largely driven by the cost savings. We haven't specifically quantified it only because of the variability that, as you know, transactional could have.
Charlie Strauzer -- CJS Securities -- Analyst
OK, great. Thank you very much.
Dave Gardella
Thank you.
Operator
Your next question comes from Bill Warmington with Wells Fargo. Your line is open.
Bill Warmington -- Wells Fargo Securities -- Analyst
Good morning, everyone.
Dave Gardella
Good morning, Bill.
Bill Warmington -- Wells Fargo Securities -- Analyst
So to follow up on that question, what's the incremental margin running on the transactional business these days?
Dave Gardella
Yeah. It's still, Bill, in the -- we would call it, probably in the 50% to 60% range. Now, you know, a lot of it depends on the mix of transactions, right? So, you know, something -- there's variance between debt deals, IPO, M&A. And then within those transactions, the size and complexity could also drive variance in the incremental margins on each.
But I think if you looked at it overall, we would say in the 50-plus percent range.
Bill Warmington -- Wells Fargo Securities -- Analyst
Got it. And then the, you know, operating cash flow guidance improvement, I just want to know if you could talk a little bit about the drivers there? I know you had mentioned in a cash flow improvement program that you had, but I wasn't sure if that was driving all of it or some of it?
Dave Gardella
Yeah. So it's some of it. I think when you look at the cash flow in 2019, we were just under $10 million in free cash, but there's about $25 million or so of either unusual items or incremental investment. We noted in the press release this morning that there was just over $18 million associated with some taxes related to -- in 2019 to the gain on Language Solutions as well as the sale of the Secaucus facility.
And then in addition, in the free cash flow number, there was about $7 million of capex related to the digitization of the print platform in 2019 that we don't expect to recur in 2020. And as I mentioned in the prepared remarks, you know, so far, 7 or 8 weeks into the year, we're starting -- we're already starting to see some of the benefits of the initiatives.
Bill Warmington -- Wells Fargo Securities -- Analyst
Got it. And then, I was also going to ask about the -- you named a number of new business wins, and I just wanted to ask for some color there. Are they -- is that -- are those typically net new clients or the existing clients buying new products? Some color there would help.
Dan Leib
Sure. Yeah, it's a little bit of both. What -- in the example I gave on using ArcPro, that's actually an existing client finding a new use case for our software to solve a firmwide challenge that they had. And so, given our strong share in all of our core offerings, you know, typically, we find a lot of opportunity to expand share of wallet with existing clients.
In some of the more transactional offerings, you'll also find new clients there. Specific to these, it's a little bit of both.
Bill Warmington -- Wells Fargo Securities -- Analyst
Alright. Thank you very much.
Dan Leib
Thank you.
Operator
Your next question comes from Bill Mastoris with Baird. Your line is open.
Bill Mastoris -- Robert W. Baird and Company -- Analyst
Thank you. Dan, you talked about the -- you're entering a new chapter of digital transformation. You also highlighted the regulatory change, which is going to reduce print volume. I'm just kind of wondering right now, what is kind of the breakdown between maybe print transactions and digital transactions? And then anything that you could comment on, just in terms of trends that you would expect? You know, obviously, with the new regulatory requirement, I would expect them to drop off, but any color that you -- any additional color that you could provide would be greatly appreciated.
Dan Leib
Yeah, sure. Thanks, Bill. So, we stated our software revenue was roughly 22% for the full year, print would be in that 35% to 37% range, and the balance would be services. And to your point, as 30e-3 takes hold, and there's obviously, there's -- as I mentioned, the mutual fund piece, there's a variable annuity piece, which may come in over different times, but that will take print down in aggregate, for sure.
And then, you know, what we've seen as we model it out, and you know, as Dave mentioned, some additional disclosures coming next quarter, and you'll be able to see it more clearly. But the -- as we model it out, you see good growth in software this year, low double digits. And so, when you remix this, you continue to see the shift that we've seen, which is quite positive from our perspective, generates a higher incremental margin, generates good free cash flow. And so that's the shift that we're talking about, Bill.
Bill Mastoris -- Robert W. Baird and Company -- Analyst
OK, great. And Dave, a question for you on kind of the cadence of the change in leverage ratios. As you mentioned, you're a cash user for the first half of the year, and during the back half of the year, you generate considerable cash. Would we see a similar fluctuation to, let's say, 2019 in leverage ratios, where we're going to have an increase of maybe a half turn to maybe a full turn in the first half of the year and then we get back down to near two times at the tail end of the year? How is that going to work out that cadence? And I do acknowledge, of course, that the international division is going to have an impact depending upon how long the coronavirus actually plays out?
Dave Gardella
Yeah, Bill. And I think generally, similar pattern, I think it will be, based on what we're seeing so far this year and some of the initiatives in place, it will be less pronounced in terms of the cash usage, specifically, in the first and second quarters of the year. And then that we start to overlap some of the benefits. But I think, generally, that pattern of being a user in the first half will hold this year, But again, less dramatic than what we've seen in -- certainly in '19 and in all previous years.
Bill Mastoris -- Robert W. Baird and Company -- Analyst
OK. Thank you very much.
Dave Gardella
You're welcome.
Dan Leib
Thank you.
Operator
[Operator instructions] Your next question comes from Michael Cho with JPMorgan. Your line is open.
Michael Cho -- J.P. Morgan -- Analyst
Thanks, guys. Thank you for squeezing me back in. I -- you made a quick comment on -- in your intro comments around winning market share for the first time in a long time. So I was just -- and I assume that has to do with ActiveDisclosure.
But I'm trying to get a little bit more color behind that comment. I mean, you're winning share in the 10-K, 10-Q compliance solutions area. I mean, is it just ActiveDisclosure is just winning more RFPs or displacing a competitor? Or was there something else in the competitive backdrop? Thanks.
Dave Gardella
Sure. Yes. So, when we look at the overall compliance side, there are -- or there is some impact from transactional offerings that have compliance types filings, which is why we were pretty specific on the 10-K, 10-Q notice and proxy. But as you characterized it, it is driven by success of ActiveDisclosure and winning more in the marketplace.
The 21% growth is a strong quarter for us. We have won dozens of new clients, consistent with prior quarters, and that's on a net basis. And so, that's the biggest driver.
Michael Cho -- J.P. Morgan -- Analyst
OK, great. Thank you.
Dave Gardella
Thank you.
Operator
Your next question comes from Raj Sharma with B. Riley FBR. Your line is open.
Raj Sharma -- B. Riley FBR -- Analyst
Hi. Good morning, guys. I was wondering if you could provide some more color on what you're assuming in your first-quarter guidance? Is the transactions, is it in line with sort of -- what level of transactional business are you assuming for the first quarter and for the rest of the year?
Dave Gardella
Yeah, so as we said, for the full year, transactional, expected to be flat to slightly down. For the first quarter, and again, largely depending on what we see in international, flattish is probably the right way to think about it.
Raj Sharma -- B. Riley FBR -- Analyst
Right. And then what -- for 2020, what sort of print/services breakdown are you assuming on the $860 million to $880 million number?
Dave Gardella
So, we -- the print versus software and service in 2019 was 37% print and 63% service.
Raj Sharma -- B. Riley FBR -- Analyst
Right.
Dave Gardella
The print probably comes down a few hundred basis points to closer to 35%, so probably 35-65. And in the 65%, we would expect the SaaS number, as Dan mentioned, was approaching 22% in 2019, we would expect that to increase a few hundred basis points.
Raj Sharma -- B. Riley FBR -- Analyst
Right. Up 200 basis points. And then what sort of margins? I hear -- I heard that you said transactions was around 50% margins than transactions-related business?
Dan Leib
Yeah, that's on an incremental basis, Raj.
Raj Sharma -- B. Riley FBR -- Analyst
So, what sort of margins are you getting on the overall SaaS business?
Dan Leib
More to come on that. The -- as we go throughout the year here and part of our comments on the additional disclosures regarding traditional and SaaS. And the expectation is that throughout 2020, you'll start to see more of that.
Raj Sharma -- B. Riley FBR -- Analyst
Got it. Thank you.
Operator
There are no further questions at this time. I'll turn the call back over to Dan Leib for closing remarks.
Dan Leib
Thank you. And thank you, everyone, for joining. We'll look forward to speaking with you again in May. Thanks.
Bye.
Operator
[Operator signoff]
Duration: 42 minutes
Call participants:
Justin Ritchie -- Head of Investor Relations
Dan Leib
Dave Gardella
Michael Cho -- J.P. Morgan -- Analyst
Peter Heckmann -- D.A. Davidson and Company -- Analyst
Charlie Strauzer -- CJS Securities -- Analyst
Bill Warmington -- Wells Fargo Securities -- Analyst
Bill Mastoris -- Robert W. Baird and Company -- Analyst
Raj Sharma -- B. Riley FBR -- Analyst
More DFIN analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelly Financial Solutions (NYSE: DFIN) Q4 2019 Earnings Call Feb 26, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. We continue to place an emphasis on fostering innovation at DFIN, making key appointments within our product and technology organizations, aimed at accelerating the pace of development.
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Davidson and Company -- Analyst Charlie Strauzer -- CJS Securities -- Analyst Bill Warmington -- Wells Fargo Securities -- Analyst Bill Mastoris -- Robert W. Baird and Company -- Analyst Raj Sharma -- B. Riley FBR -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q4 2019 Earnings Call Feb 26, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Davidson and Company -- Analyst Charlie Strauzer -- CJS Securities -- Analyst Bill Warmington -- Wells Fargo Securities -- Analyst Bill Mastoris -- Robert W. Baird and Company -- Analyst Raj Sharma -- B. Riley FBR -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q4 2019 Earnings Call Feb 26, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Davidson and Company -- Analyst Charlie Strauzer -- CJS Securities -- Analyst Bill Warmington -- Wells Fargo Securities -- Analyst Bill Mastoris -- Robert W. Baird and Company -- Analyst Raj Sharma -- B. Riley FBR -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q4 2019 Earnings Call Feb 26, 2020, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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2020-02-03 00:00:00 UTC
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Notable Monday Option Activity: EIGI, DFIN, YEXT
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DFIN
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https://www.nasdaq.com/articles/notable-monday-option-activity%3A-eigi-dfin-yext-2020-02-03
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nan
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Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Endurance International Group Holdings Inc (Symbol: EIGI), where a total volume of 1,372 contracts has been traded thus far today, a contract volume which is representative of approximately 137,200 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 51.8% of EIGI's average daily trading volume over the past month, of 265,005 shares. Especially high volume was seen for the $5 strike put option expiring August 21, 2020, with 1,300 contracts trading so far today, representing approximately 130,000 underlying shares of EIGI. Below is a chart showing EIGI's trailing twelve month trading history, with the $5 strike highlighted in orange:
Donnelley Financial Solutions Inc (Symbol: DFIN) saw options trading volume of 1,000 contracts, representing approximately 100,000 underlying shares or approximately 50.5% of DFIN's average daily trading volume over the past month, of 198,010 shares. Particularly high volume was seen for the $2.50 strike put option expiring July 17, 2020, with 700 contracts trading so far today, representing approximately 70,000 underlying shares of DFIN. Below is a chart showing DFIN's trailing twelve month trading history, with the $2.50 strike highlighted in orange:
And Yext Inc (Symbol: YEXT) saw options trading volume of 4,103 contracts, representing approximately 410,300 underlying shares or approximately 49.7% of YEXT's average daily trading volume over the past month, of 826,185 shares. Especially high volume was seen for the $15 strike put option expiring February 21, 2020, with 3,332 contracts trading so far today, representing approximately 333,200 underlying shares of YEXT. Below is a chart showing YEXT's trailing twelve month trading history, with the $15 strike highlighted in orange:
For the various different available expirations for EIGI options, DFIN options, or YEXT options, visit StockOptionsChannel.com.
Today's Most Active Call & Put Options of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Particularly high volume was seen for the $2.50 strike put option expiring July 17, 2020, with 700 contracts trading so far today, representing approximately 70,000 underlying shares of DFIN. Below is a chart showing EIGI's trailing twelve month trading history, with the $5 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) saw options trading volume of 1,000 contracts, representing approximately 100,000 underlying shares or approximately 50.5% of DFIN's average daily trading volume over the past month, of 198,010 shares. Below is a chart showing DFIN's trailing twelve month trading history, with the $2.50 strike highlighted in orange: And Yext Inc (Symbol: YEXT) saw options trading volume of 4,103 contracts, representing approximately 410,300 underlying shares or approximately 49.7% of YEXT's average daily trading volume over the past month, of 826,185 shares.
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Below is a chart showing EIGI's trailing twelve month trading history, with the $5 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) saw options trading volume of 1,000 contracts, representing approximately 100,000 underlying shares or approximately 50.5% of DFIN's average daily trading volume over the past month, of 198,010 shares. Below is a chart showing DFIN's trailing twelve month trading history, with the $2.50 strike highlighted in orange: And Yext Inc (Symbol: YEXT) saw options trading volume of 4,103 contracts, representing approximately 410,300 underlying shares or approximately 49.7% of YEXT's average daily trading volume over the past month, of 826,185 shares. Below is a chart showing YEXT's trailing twelve month trading history, with the $15 strike highlighted in orange: For the various different available expirations for EIGI options, DFIN options, or YEXT options, visit StockOptionsChannel.com.
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Below is a chart showing EIGI's trailing twelve month trading history, with the $5 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) saw options trading volume of 1,000 contracts, representing approximately 100,000 underlying shares or approximately 50.5% of DFIN's average daily trading volume over the past month, of 198,010 shares. Below is a chart showing DFIN's trailing twelve month trading history, with the $2.50 strike highlighted in orange: And Yext Inc (Symbol: YEXT) saw options trading volume of 4,103 contracts, representing approximately 410,300 underlying shares or approximately 49.7% of YEXT's average daily trading volume over the past month, of 826,185 shares. Particularly high volume was seen for the $2.50 strike put option expiring July 17, 2020, with 700 contracts trading so far today, representing approximately 70,000 underlying shares of DFIN.
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Below is a chart showing EIGI's trailing twelve month trading history, with the $5 strike highlighted in orange: Donnelley Financial Solutions Inc (Symbol: DFIN) saw options trading volume of 1,000 contracts, representing approximately 100,000 underlying shares or approximately 50.5% of DFIN's average daily trading volume over the past month, of 198,010 shares. Particularly high volume was seen for the $2.50 strike put option expiring July 17, 2020, with 700 contracts trading so far today, representing approximately 70,000 underlying shares of DFIN. Below is a chart showing DFIN's trailing twelve month trading history, with the $2.50 strike highlighted in orange: And Yext Inc (Symbol: YEXT) saw options trading volume of 4,103 contracts, representing approximately 410,300 underlying shares or approximately 49.7% of YEXT's average daily trading volume over the past month, of 826,185 shares.
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2020-02-02 00:00:00 UTC
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Validea's Top Five Technology Stocks Based On Joel Greenblatt - 2/2/2020
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DFIN
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https://www.nasdaq.com/articles/valideas-top-five-technology-stocks-based-on-joel-greenblatt-2-2-2020-2020-02-02
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nan
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The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Donnelley Financial Solutions, Inc. is a financial communications services company. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. The Company provides content management, multi-channel content distribution, data management and analytics services, and collaborative workflow and business reporting tools. The Company operates in two business segments: United States and International. The United States segment consists of two reporting units: capital markets, investment markets and other.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. The Company provides personal computing and other access devices, imaging and printing products, and related technologies, solutions and services. Its segments include Personal Systems, Printing and Corporate Investments. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. The Printing segment provides consumer and commercial printer hardware, supplies, media, solutions and services, as well as scanning devices. The Corporate Investments segment includes the operations of HP Labs and certain business incubation projects.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
PERION NETWORK LTD (PERI) is a small-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Perion Network Ltd is an Israel-based global technology company. It delivers online advertising solutions and search monetization to brands and publishers. It provides data-driven execution, from high-impact ad formats to branded search and a unified social and mobile programmatic platform. Its business solutions include Undertone, Codefuel, MakeMeReach and Smilebox. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms. CodeFuel is search solution platform, which allows publishers to create new revenue streams and search experience by bringing monetization to content and application developers. MakeMeReach platform helps advertisers and agencies create, manage and optimize their marketing campaigns on multiple social channels. Smilebox enables people to tell the stories of their lives with customizable eCards, slideshows and invitations.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Ebix, Inc. (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS). Ebix operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance. Ebix designs and deploys back-end systems for P&C insurance brokers across the world. Ebix also designs and deploys on-demand and back-end systems for P&C insurance companies. Ebix focus in RCS channel pertains to business process outsourcing services that include providing project management, time and material consulting to clients across the world, and claims adjudication/settlement services.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
HEWLETT PACKARD ENTERPRISE CO (HPE) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Hewlett Packard Enterprise Company is a provider of technology solutions. The Company's segments include: Enterprise Group, Software, Financial Services and Corporate Investments. The Enterprise Group segment provides its customers with the technology infrastructure they need to optimize traditional information technology (IT). The Software segment allows its customers to automate IT operations to simplify, accelerate and secure business processes and drives the analytics that turn raw data into actionable knowledge. The Financial Services segment enables flexible IT consumption models, financial architectures and customized investment solutions for its customers. The Corporate Investments segment includes Hewlett Packard Labs and certain business incubation projects, among others.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
EARNINGS YIELD: NEUTRAL
RETURN ON TANGIBLE CAPITAL: NEUTRAL
FINAL RANKING: PASS
For a full detailed analysis using NASDAQ's Guru Analysis tool, click here
Since its inception, Validea's strategy based on Joel Greenblatt has returned 90.99% vs. 154.97% for the S&P 500. For more details on this strategy, click here
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors. Undertone's synchronized digital branding solution delivers creative experiences through cohesive stories to the portfolio of Websites, mobile applications, touchpoints, screens, and platforms.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The Personal Systems segment provides Commercial personal computers (PCs), Consumer PCs, workstations, thin clients, Commercial tablets and mobility devices, retail point-of-sale systems, displays and other accessories, software, support and services for the commercial and consumer markets. For a full detailed analysis using NASDAQ's Guru Analysis tool, click here EBIX INC (EBIX) is a small-cap value stock in the Software & Programming industry.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The Company supports global capital markets compliance and transaction needs for its corporate clients and their advisors (such as law firms and investment bankers), and global investment markets compliance and analytics needs for mutual fund companies, variable annuity providers and broker/dealers. Company Description: HP Inc. is a provider of products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses, and enterprises, including customers in the government, health and education sectors.
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DONNELLEY FINANCIAL SOLUTIONS INC (DFIN) is a small-cap value stock in the Software & Programming industry. The following are the top rated Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development.
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2019-11-06 00:00:00 UTC
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Donnelly Financial Solutions (DFIN) Q3 2019 Earnings Call Transcript
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DFIN
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https://www.nasdaq.com/articles/donnelly-financial-solutions-dfin-q3-2019-earnings-call-transcript-2019-11-07
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nan
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Image source: The Motley Fool.
Donnelly Financial Solutions (NYSE: DFIN)
Q3 2019 Earnings Call
Nov 05, 2019, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Donnelley Financial Solutions third-quarterearnings conference call [Operator instructions] Please be advised that today's program is being recorded. I would now like to hand your conference over to host today, Justin Ritchie, head of investor relations. Thank you.
Please go ahead.
Justin Ritchie -- Head of Investor Relations
Thank you, Rob. Good morning, everyone, and thank you for joining the Donnelley Financial Solutions third-quarter 2019 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. During this call, we refer to forward-looking statements that are subject to uncertainty.
For a complete discussion, please refer to the cautionary statements included in our earnings release, and further detailed in our annual report on Form 10-K and other filings with the SEC. Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information provide -- concerning the company's ongoing operations, and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only.
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Please refer to the press release and related footnotes for GAAP financial information and a reconciliation of GAAP to non-GAAP financial information. I'm joined this morning by Dan Leib, Dave Gardella, Kami Turner, and Tom Juhase. I will now turn the call over to Dan.
Dan Leib -- President and Chief Executive Officer
Thank you, Justin, and good morning, everyone. On today's call, I will provide an update on our third-quarter performance, as well as detail various operating highlights from across the business. Following my comments, Dave will provide additional detail on our third-quarter financial results and update on guidance and some additional color on the fourth quarter. We will then open it up for Q&A.
We recorded consolidated net sales of $195.9 million in the third quarter, down 8.2% on an organic basis and below our expectations, due largely to a weak transactional environment, where the market slowdown in M&A activity, which we mentioned on the lastearnings call continued. Specifically, the third quarter global M&A market declined 21% for deal completions greater than $100 million. The weaker M&A activity also continued to be a headwind for Venue. Despite soft revenue performance, our third-quarter adjusted EBITDA margin increased by 150 basis points year over year.
This was driven by tight cost control and a shifting business mix. Lower margin print and distribution revenue was down 16.5% in the quarter, while we saw a modest growth of 2.5% in SaaS sales. SaaS revenue represented just over 23% of total revenue in the quarter. Operating cash flow for the quarter was consistent with the third quarter of 2018.
Looking deeper into our third-quarter transactional performance, despite fewer quarterly IPO filings year over year, we recognized increased domestic IPO-related net sales in the quarter. This increase was partially driven by a handful of large projects, including two large deals where the client ended up withdrawing their transactions, though the value of those deals to us was lower than if they had priced. The increase in domestic IPO-related net sales was offset by slower M&A activity. The 21% decline in global M&A completions over $100 million drove down total merger-related SEC filings by 16% in the third quarter, with filings over $2 billion, a segment where DFIN maintains very strong market share, being down significantly more.
Our international transactional net sales were also down year over year, specifically in Asia, where geopolitical unrest led to a slowdown in transactional activity during the quarter. Focusing on SaaS net sales growth was 2.5% in the quarter and made up 23.4% of third quarter net sales, up 280 basis points year over year. SaaS net sales growth was led by ActiveDisclosure at 12.8%, driven by continued strong customer adoption. During the quarter, we increased the number of third-quarter ActiveDisclosure direct competitive wins year over year as our value proposition, including our strong services team continues to resonate with clients.
Sales of our Venue data room, our largest SaaS offering in terms of sales, were again below our longer-term trend, largely due to the more challenging M&A environment. Overall, we anticipate improved SaaS net sales growth in the fourth quarter, driven by ActiveDisclosure, FundSuite Arc and eBrevia and are looking to carry this improvement into next year. Moving now to operating highlights. In capital markets, in addition to the continued growth of ActiveDisclosure, the quarter was also highlighted by strong domestic IPO net sales, with DFIN again maintaining its market share, while supporting many of the higher profile transactions that came to market.
Our clients recognize DFIN's leadership in transactional filings, proven out by the thousands of IPOs and other registration statements that we have handled over the last several years. DFIN platforms, including Venue, eBrevia and ActiveDisclosure, combined with the domain expertise provided by our services teams, give us a competitive advantage and are the key to achieving our strategic imperative to protect our core markets. Focusing on eBrevia, one of our audit and consulting clients, is now delivering $800,000 in annual recurring revenue to DFIN, after starting with a $5,000 initial pilot with eBrevia back in 2016. The adoption of eBrevia within this client is broad, spanning several divisions, including advisory, audit and tax.
And is yet another proof point of how DFIN Solutions are helping to add value by eliminating time-consuming and error-prone tasks. And in late October, Venue was awarded with its second consecutive America's Data Room of The Year award from the Global M&A Network. Switching to investment markets. We continue to drive new sales with our ArcPro solution, signing up nine marquee clients in the quarter.
Firms choose ArcPro as it allows their teams to automate the creation of regulatory and compliance-driven documents and forms, incorporating workflow efficiencies with an easy-to-use interface, relying on familiar editing applications, Microsoft Word, and Excel. We are also proud to announce that in addition to DFIN winning the 2019 NICSA NOVA award for innovation in product and marketing, our ArcReporting software was recently awarded to Fund Intelligence Operations and Service Award for best regulatory reporting solution. Before I turn it over to Dave, I'd like to highlight the opportunity we have ahead of us when the global transactional environment improves. Over the last 12 months, we've experienced significant challenges from the turbulence in the capital markets environment, including the impact of the SEC shutdown at the beginning of the year.
Over that time frame, our global transactional revenue has declined $44 million. Not only have we protected our market share, but we've also been aggressive in managing our cost structure and been prudent with capital allocation as we navigate through the cycle. Our efforts in these areas keep us well-positioned to capture the benefits of an improved transactional environment when the cycle turns positive. With that, I will turn it over to Dave.
Dave Gardella -- Executive Vice President and Chief Financial Officer
Thank you, Dan, and good morning, everyone. Before I discuss our third-quarter financial performance, I'd like to recap a few significant items in the quarter that impact our year-over-year comparability. As we have discussed on the last few earnings calls, we completed the sale of our language solutions business in the third quarter of 2018. Our third-quarter 2019 results exclude language solutions, while the third quarter of 2018 includes language solutions through the disposition date of July 22, 2018.
As indicated on our last call, the sale negatively impacted our third-quarter reported net sales comparison by $3.2 million and negatively impacted our gross profit and non-GAAP adjusted EBITDA comparisons by approximately $1.2 million and $0.5 million, respectively, inclusive of net stranded costs. Next, we completed the sale leaseback of our Secaucus, New Jersey printing facility in the third quarter, resulting in net proceeds of approximately $21 million, which were used to reduce outstanding debt in the fourth quarter. Please note that while the sale proceeds will not benefit free cash flow, taxes and fees related to the sale transaction will negatively impact full-year 2019 free cash flow by approximately $10 million. I'll revisit this again later when I discuss our 2019 guidance.
Lastly, the effective income tax rate in the quarter was 38.8%, compared to 29.1% for the three months ended September 30th, 2018. The effective income tax rate for the three months ended September 30th, 2019, reflects the recognition of a valuation allowance recorded in the international segment during the third quarter of 2019. The valuation allowance increased our quarterly GAAP and non-GAAP tax expense by $1.9 million in the quarter or approximately $0.06 per share. This noncash charge is related to certain legal entities within our international segment that have historical losses and for which we were historically recording a deferred tax asset related to such losses.
I will discuss this impact that this adjustment has on our forecasted tax rate later in my remarks. Keeping these items in mind, let's review the third-quarter financial results. As Dan mentioned earlier, on a consolidated basis, net sales for the third quarter were $195.9 million, a decrease of $21 million or 9.7% from the third quarter of 2018. After adjusting for the sale of language solutions, changes in foreign exchange rates and the acquisition of eBrevia, organic net sales decreased 8.2%.
The year-over-year decline was largely driven by a decrease in global capital markets transactional activity, as well as lower print and print-related services in investment markets. Focusing on transactional activity. As mentioned earlier, another strong domestic IPO quarter was offset by fewer M&A deals being completed when compared to the third quarter of 2018, resulting in transactional net sales being down from the third quarter of 2018 in total. As I mentioned on last quarter's call, this quarter would be a tough comparison as the third quarter of 2018 included a single very large M&A deal that totaled approximately $6 million in net sales.
The third quarter declines in our traditional capital markets and investment markets net sales that I just detailed were partially offset by continued growth in our SaaS offerings led by ActiveDisclosure along with strong demand for FundSuite Arc in Europe. Our third quarter gross margin was 38.1% or 40 basis points lower than the third quarter of 2018, primarily driven by a drop in higher margin capital markets transactional net sales. Non-GAAP SG&A expense in the quarter was $43.5 million, $8.8 million lower than the third quarter of 2018. As a percentage of revenue, non-GAAP SG&A was 22.2%, down 190 basis points compared to the third quarter of 2018.
The decrease in expense was primarily driven by the impact of cost control initiatives and lower variable compensation expense. Our third quarter non-GAAP adjusted EBITDA was $31.1 million, a decrease of $0.2 million from the third quarter of 2018 as decreased capital markets transactional activity and lower mutual fund print and print-related services and investment markets were largely offset by growth in our SaaS offerings, the impact of cost control initiatives and lower variable compensation expense. As I noted earlier, the sale of language solutions negatively impacted the third quarter EBITDA comparison by approximately $0.5 million. Turning now to our segment results.
Net sales in our U.S. segment were $173.7 million in the third quarter of 2019, a decrease of 6.4% from last year's third quarter. On an organic basis, after adjusting for the sale of language solutions and the purchase of eBrevia, net sales declined 6%. Net sales in U.S.
capital markets decreased 5.9% on an organic basis, due primarily to lower transactional activity, offset by continued growth in our SaaS offerings, primarily in ActiveDisclosure. Net sales in U.S. investment markets decreased 6.4% on an organic basis, primarily driven by lower mutual fund print volumes and print-related services. Non-GAAP adjusted EBITDA margin for the segment of 18.5% was flat when compared to the third quarter of 2018 as the margin impact of reduced volume was offset by cost control initiatives and lower variable compensation expense.
Net sales in our international segment were $22.2 million in the third quarter of 2019, a decrease of 29.3% from the third quarter of 2018. On an organic basis, excluding the impact of the sale of the language solutions business and changes in foreign exchange rates, net sales in the third quarter were down 21%, due primarily to a decrease in transactional activity primarily in Asia and lower mutual fund print and print-related services. These declines were partially offset by growth in our SaaS offerings, which continues to be driven by demand for FundSuite Arc in Europe. Non-GAAP adjusted EBITDA margin for the segment was 5%, down 330 basis points due to the decreased level of transactional activity, partially offset by the impact of cost savings initiatives and lower variable compensation expense.
Our third-quarter 2019 non-GAAP unallocated corporate expenses, excluding depreciation and amortization, were $2.2 million, a decrease of $3.4 million from the third quarter of 2018. The decrease was primarily driven by the impact of cost savings initiatives and lower variable compensation expense. Consolidated free cash flow in the quarter was $52.2 million, $1.2 million unfavorable to the third quarter of 2018 as decreased interest payments and improved working capital were offset by higher cash taxes and restructuring payments associated with our cost control efforts. Our controllable working capital rate, which we define as accounts receivable plus inventory, less accounts payable as a percentage -- as a percent of our trailing three-month annualized net sales was 21%, up 160 basis points from the third quarter of 2018, due primarily to increased vendor payments made in the quarter when compared to the third quarter of 2018.
We continue to actively focus on improving our management of working capital and expect the year-over-year trend in this ratio to improve, ending the year at approximately 17.5%. We ended the quarter with $364.1 million of total debt, and $332 million of net debt with nothing drawn on our revolver, and we had net available liquidity of $155.4 million. As of September 30th, 2019, our non-GAAP net leverage ratio was 2.5 times, up 0.5 times from September 30th, 2018. We continue to target a leverage ratio in the range of 2.25 times to 2.75 times and expect to be below the low end of that range by the end of this year.
With that covered, let me provide some color on our guidance. As highlighted in this morning's press release, we are updating our full-year 2019 guidance to reflect the continuing impacts of a weaker-than-expected transactional environment, as well as the negative impact on free cash flow related to the sale leaseback of our Secaucus print facility. Specifically, we expect 2019 total net sales to be in the range of $870 million to $890 million, representing organic growth of approximately negative 5% at the midpoint, due primarily to lower year-over-year transactional net sales. We expect our non-GAAP adjusted EBITDA to be approximately $135 million as lower profits from transactional activity are expected to be offset by benefits of our continued cost control efforts.
Depreciation and amortization is expected to be approximately $50 million. We expect interest expense of approximately $34 million. Our full year non-GAAP effective tax rate is expected to be approximately 32%, up from our previous expectations due to the valuation allowance I noted earlier. We project the full-year fully diluted weighted average share count to be approximately 35 million shares.
And lastly, we expect capital expenditures to be approximately $45 million, with free cash flow in the range of $20 million to $25 million, down from our previous guidance due to the impacts of decreased transactional activity, as well as the $10 million of taxes and fees related to the sale leaseback of our Secaucus facility. I also want to add a quick reminder regarding the impact of the language solutions sale. On a full-year basis, the sale negatively impacts the year-over-year net sales comparison by $41.8 million and negatively impacts the gross profit and non-GAAP adjusted EBITDA comparisons by approximately $12 million and $3 million, respectively, inclusive of net stranded costs. These impacts are all reflected in our full-year guidance.
I should also note that all of these year-over-year impacts occurred during the first three quarters of the year, so our fourth-quarter comparison is not affected by the sale. Regarding our outlook for the balance of the year, we are expecting fourth-quarter net sales to be down approximately 3% year over year at the midpoint of our guidance, due largely to anticipated year-over-year declines in both international, transactional and worldwide print-related net sales. Regarding profitability, we expect our non-GAAP adjusted EBITDA margin to improve compared to the fourth quarter of 2018 as the impacts of lower transactional sales are expected to be more than offset by the benefits of our continued cost savings efforts. And with that, I'll turn it back to Dan.
Dan Leib -- President and Chief Executive Officer
Thank you, Dave. Our third-quarter results, while impacted by a weak transactional market environment, included several proof points indicating that our digital focus strategy is working, while also showing that we continue to protect our core markets and, at the same time, demonstrating our ability to improve margins. We remain nimble, focused on our long-term strategy, continuing to explore ways to accelerate our ability to more quickly evolve our revenue mix, diligently managing costs, while keeping our clients, employees and shareholders at the center of what we do. And with that, let's open up the line for Q&A.
Questions & Answers:
Operator
[Operator instructions] Your first question comes from the line of Charlie Strauzer from CJS. Your line is open.
Charlie Strauzer -- CJS Securities -- Analyst
Hi, good morning.
Dan Leib -- President and Chief Executive Officer
Good morning, Charlie.
Charlie Strauzer -- CJS Securities -- Analyst
If I look at the guidance a little bit here, obviously, not a big surprise that transactional still hasn't recovered yet, but can you give us a little bit more color on the assumptions you're baking into the new guidance, especially on the top line, if you could?
Dan Leib -- President and Chief Executive Officer
Yes, sure. So let me -- I'll start off, and then Tom or Dave can weigh in. So a couple of thoughts. In our last 2 calls, we've talked about the healthy deal pipeline and as we've seen with the tail end of Q2 and even into -- and certainly in Q3, the deals just haven't closed at the pace that we envisioned.
So as we think about Q4, we're comfortable with the pipeline we have today, but with two months left we're thinking that -- or I should say, our guidance incorporates the transactions market looking consistent with what we saw in Q3. We've talked about this inherent uncertainty, given the product mix that we have. And so as we think about managing costs and how we deploy capital, that's what sits at the disciplined approach that we've taken. And as I mentioned in my prepared remarks, we continue to see the mix shift that we talked about previously, including at our May investor day.
And so with software now at 23.5% of revenue, we would expect this transition to continue to take place.
Charlie Strauzer -- CJS Securities -- Analyst
And if you look at -- I know Asia had a pretty big drop off in the quarter two in transactional. What is Asia's kind of a percentage of revenue these days?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yes, Charlie, let me dig that up. I'll come back to you on it.
Charlie Strauzer -- CJS Securities -- Analyst
Great. And then just lastly, Dan, maybe talk a little bit more about the efforts you had mentioned about kind of transitioning more toward digital assets and growth avenues, what are some of the things that you have on the plate that you could share with us?
Dan Leib -- President and Chief Executive Officer
Yeah, sure. So when we think about our core products, and we -- the platform, so ActiveDisclosure, we've continued to see good progress in terms of just account wins, and our service organization does a great job behind the product. We don't see that changing, certainly a healthy IPO market would help that accelerate. When we look at Venue, clearly the biggest driver there and the biggest headwind that we've had thus far has been the soft M&A environment.
We've seen very good uptake of the product, given the new improvements we've made with the product around the new UI and some of the added features and functionality that we've added to Venue. So feel very good about the product. We just need an accommodative market right now. And for FundSuite Arc, we pointed to some of the wins that we had in ArcPro, which is a module of FundSuite Arc.
ArcReporting has also won industry awards and continues to have a pretty nice position in the overall market. So we think there's good organic opportunity within all three of those products, markets accommodating. And then we've continued to look at some added features and some added ways of serving the existing customer base, both within corporations and the finance and legal suite, including eBrevia, which has its own use case. On the legal side, we've seen good uptake.
We mentioned it in our prepared remarks, and then also as a part of Venue and through deeper integration with Venue, which is now complete and in the market.
Dave Gardella -- Executive Vice President and Chief Financial Officer
And Charlie, with respect to your question on Asia, last year was about 6% of our total revenue. And within Asia, roughly 80% of that is transactional. This year, we saw a pretty substantial drop in the transactional revenue in Asia, and that was really driving all the decline. So this year, Asia was about -- is about 4% of our total revenue in the quarter.
Charlie Strauzer -- CJS Securities -- Analyst
Great. Thanks very much.
Dan Leib -- President and Chief Executive Officer
Thank you.
Operator
Your next question comes from the line of Peter Heckmann from D.A. Davidson & Company. Your line is open.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
Hey, guys. This is Alexis, on for Pete.
Dan Leib -- President and Chief Executive Officer
Hi, Alexis.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
Hi. So firstly, could you go into a little bit more detail on the revenue decline in investment markets and also Venue? So how much of that was the lower print and M&A volumes, respectively, versus any change in competitive dynamics or market share?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Sure, yes. So I think on investment markets, really driven by lower print volumes, across the board, really, there were some timing shifts, but generally lower volume drove investment markets down. And then with respect to Venue, I don't think we're seeing anything in terms of market share losses. In fact, based on some of the data that we can gather, it looks like we're doing pretty well from a share perspective, but our data room offering is closely tied to the M&A environment.
And so we think that's what's driving the softness there.
Dan Leib -- President and Chief Executive Officer
Yeah. We don't have, from a market perspective on Venue, great insights either because the major competitors are private and/or parts of larger organizations that don't break out their respective products separately, but we've certainly seen some upheaval in some of those organizations. And so we -- as we get market information, we feel like we are likely gaining share even in a relatively flat to slightly declining performance and/or certainly holding share.
Tom Juhase -- Executive Vice President and Chief Operating Officer
The only thing I'd add on -- Alexis, it's Tom. The only thing I'd add on the Venue because of what you're seeing with the transactional business affecting Venue revenue, as well as the capital markets transactions, we're pivoting the venue product with the help of eBrevia to more of a corporate repository. So as -- we have the access to the corporations and as they're using Venue with eBrevia, they're using it on a more recurring revenue basis throughout the year. The documents are in the data room.
And then when transactional work comes up or compliance work comes up, they can pull the documents more easily. So it keeps us stickier and more embedded with the clients.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
OK, thanks. And then the cost control initiatives that have been driving the EBITDA margin improvement, I know that's baked into 2019 guidance, but what are your expectations for those to continue beyond 2019?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yeah. So there's a couple of pieces of it. I think, certainly, we've done some headcount reductions and exited certain leases, things like that. I think when you look at, specifically, in the third quarter, we also mentioned -- sorry, so if I stick with those, we review those as permanent reductions.
I think we -- in the third quarter, we also mentioned the lower variable comp expense. So bonus tied to financial performance targets and things like that. We would expect that those get reset going into 2020 back to normalized levels, obviously, subject to internal targets that we set here.
Dan Leib -- President and Chief Executive Officer
Yeah. And the only thing I'd add to that is some of this is a business mix shift. And so supporting our clients in the way they want to work, right, drives a different mix of our revenue, and then we're being very deliberate in terms of how we build our platform and digitize the operations within our business and that also results in additional efficiencies. So we -- well, we'll talk about cost saves in a given period.
We've been squeezing out cost, digitizing the business, becoming more efficient, certainly, since we've been out on our own as a public company, and we would expect those to continue for sure.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
OK, got it. And then just one last one. Are there any pending regulatory changes that you're paying attention to that we should be monitoring?
Tom Juhase -- Executive Vice President and Chief Operating Officer
Yeah, Alexis. It's Tom. It's -- the big one for us is 30e-3, comes into effect in 2021. And sort of the answers to the last question is the same as we've been watching our variable and fixed costs in terms of composition, print and bind and distribution.
So when that 30e-3 comes into effect, we have to, if you will, rightsize or reset the platform of fixed and variable to address that. And it's mainly -- it's -- just to be clear, it's in the GIM business so that regulation will affect that side of the house.
Alexis Huseby -- D.A. Davidson and Company -- Analyst
OK. Thanks, guys.
Dan Leib -- President and Chief Executive Officer
Thank you.
Operator
Your next question comes from the line of Bill Warmington from Wells Fargo. Your line is open.
Jake Williams -- Wells Fargo Securities -- Analyst
Good morning, everyone. This is Jake, on for Bill.
Dan Leib -- President and Chief Executive Officer
Good morning.
Jake Williams -- Wells Fargo Securities -- Analyst
Given that you are on track to hit the low end of your leverage range by the end of the year, can we expect an updated capital allocation? Or should we continue to expect it to be balanced moving forward?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yes. I think we haven't changed our perspective. I think when you look back, Jake, over the last, well, three years now since the spin and the priorities that we laid out at investor day, it's been around managing the leverage, obviously, through debt repayment. We monetized the language solutions business.
I think when you look at the leverage and our seasonality of cash flows and the unpredictability, this year being a great example of the transactional market, not planning on updating anything from a capital deployment perspective, I think that range is still appropriate. Through the cycle and through the seasonality of our cash flows puts us at different places during the year. And so we'll continue to be disciplined about all capital deployment, whether it be the internal organic growth around capex, M&A, etc.
Jake Williams -- Wells Fargo Securities -- Analyst
Got it. Very helpful. And is the ongoing decline in print revenue, is that benefiting working capital by freeing up any print inventory? Or is that not particularly large?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yeah. So we don't carry a whole lot of inventory, certainly, from an AR perspective. There's a little bit of help there that -- you get the natural help as revenue comes down, but not significantly on the inventory line.
Jake Williams -- Wells Fargo Securities -- Analyst
Got it. Thank you very much.
Dan Leib -- President and Chief Executive Officer
Thank you.
Operator
[Operator instructions] Your next question comes from the line of Michael Cho from JP Morgan. Your line is open.
Michael Cho -- J.P. Morgan -- Analyst
Hi, good morning. Thanks for taking my question.
Dan Leib -- President and Chief Executive Officer
Good morning.
Michael Cho -- J.P. Morgan -- Analyst
Just one follow-up on the capital allocation that you provided, just more specifically on capex. I guess, in the past, you talked about 2020 capex coming down from 2019 levels. I guess, one, is that still the case? And two, maybe if you can give some color on the -- I guess, on the current priorities of reinvestment kind of looking ahead?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yes, sure. So yes, that is the case. As we mentioned on the prior call, we have about $7 million that we spent in capital this year, which was the onetime digitization of our print assets. So we would take that off the top.
In terms of the balance of capex, a lot of it is capitalized technology development. And we expect, obviously, that's a priority for the company as we shift and evolve. And -- but we are looking at efficiency options relative to the overall capex that we spend in the business. Clearly, we've been very disciplined around capital allocation, both as we've looked at M&A in the market and given assets being at inflated prices.
And we have grown via -- in the technology area by spending more on technology development. But as we're in the middle of our budget cycle right now, our intent would be to give you an update when we're back on the phone in February.
Michael Cho -- J.P. Morgan -- Analyst
OK, great. Maybe I could just ask one on the software, the SaaS revenues. Is there -- I could certainly appreciate the volatility you had in the Venue transactional piece. Can you give us a sense of how much of the SaaS revenues are transactional versus more recurring? And I guess, is there a way to think about a more normalized mix as kind of DFIN's approaches a bigger piece of SaaS revenues ahead?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yeah, Mike, great question. So I think when we look at Venue, to your point, obviously, tied to the transactional activity. And then the two other major SaaS offerings, ActiveDisclosure, which is recurring, and FundSuite Arc on the investment market side is recurring. And so from time-to-time, we'll add some implementation and other service revenue in there, so it won't be kind of a linear growth.
There's some lumpiness there. But broadly, if you look at those two offerings, we would generally say those are recurring. Now Venue is the biggest piece. It's roughly just under half of our total SaaS revenue.
And then the other two make up the difference.
Michael Cho -- J.P. Morgan -- Analyst
OK. Thank you.
Dan Leib -- President and Chief Executive Officer
Thank you.
Operator
Your next question comes from the line of Raj Sharma from B. Riley FBR. Your line is open.
Raj Sharma -- B. Riley FBR -- Analyst
Hi, good morning, guys.
Dan Leib -- President and Chief Executive Officer
Good morning.
Raj Sharma -- B. Riley FBR -- Analyst
I wanted to follow -- I wanted to follow-up on the SaaS revenue. The SaaS revenue growth was up 12.8%. Is that -- so while the Venue -- if I understand this correctly, while the Venue sales were behind, so is that because ActiveDisclosure was higher, FundSuite Arc was higher? It seems like the growth rate is higher than the first half growth rate in SaaS.
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yeah. No, so the growth rate in -- I think the 12.8% that you referenced was specifically for ActiveDisclosure. Venue was down slightly and the FundSuite Arc was in the 11% range on a worldwide basis.
Raj Sharma -- B. Riley FBR -- Analyst
Could you comment on the overall SaaS growth rate then and also the non-software/print growth rate? Do you break it down?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Sorry, say that again, Raj?
Raj Sharma -- B. Riley FBR -- Analyst
Could you comment on the year to date sort of what growth rates SaaS is showing and also relative to the transactional piece of the business?
Dave Gardella -- Executive Vice President and Chief Financial Officer
Yeah. So I think it's in the -- and I don't have it broken out component by component, but roughly 6% or so on a year-to-date basis.
Raj Sharma -- B. Riley FBR -- Analyst
Got it.
Dave Gardella -- Executive Vice President and Chief Financial Officer
And then transactional revenue in total on a trailing 12-month basis is about $250 million, and that's worldwide.
Dan Leib -- President and Chief Executive Officer
And that's down about $44 million from a year ago on trailing 12 months.
Raj Sharma -- B. Riley FBR -- Analyst
Got it. That's really helpful. And then any comment on the mix, the services and the product mix. Is that -- is print declining at a faster pace in the second half than you expected?
Dan Leib -- President and Chief Executive Officer
Yes, sure, absolutely. So, yeah, print in the third quarter was down 16.5% print and distribution. That is a faster pace than would be envisioned. Some of that's driven out of transactional decreases and a big piece of that, as Dave mentioned in his comments, driven out of the mutual fund side and healthcare side.
Raj Sharma -- B. Riley FBR -- Analyst
So you don't necessarily expect that to change if transactional activity was to pick up, the print piece would pick up, as well?
Dan Leib -- President and Chief Executive Officer
Yes. So just -- if we take a step back, print has historically been down in the 6% range or so, relatively consistent. There's obviously some anomalies to that, this quarter being one of them. So in a more normalized environment, we would expect print to be down in that 6% range or so.
And then as we've talked in the past, the 30e-3 regulation that Tom Juhase referenced comes into effect in 2021. And so that will be more of an event that will take a chunk of print out at that time. And we'll provide some additional details on that when we all connect in February.
Raj Sharma -- B. Riley FBR -- Analyst
Great. Thank you.
Dave Gardella -- Executive Vice President and Chief Financial Officer
And then, Raj, I think I gave you a bad number on the FundSuite Arc, it was flat in the quarter.
Raj Sharma -- B. Riley FBR -- Analyst
OK. Got it. Thank you.
Operator
And we have no further questions at this time. I'll now turn the call back to Dan Leib for closing remarks.
Dan Leib -- President and Chief Executive Officer
Great. Thank you, and thank you, everyone, for joining. And we look forward to speaking with you soon.
Duration: 42 minutes
Call participants:
Justin Ritchie -- Head of Investor Relations
Dan Leib -- President and Chief Executive Officer
Dave Gardella -- Executive Vice President and Chief Financial Officer
Charlie Strauzer -- CJS Securities -- Analyst
Alexis Huseby -- D.A. Davidson and Company -- Analyst
Tom Juhase -- Executive Vice President and Chief Operating Officer
Jake Williams -- Wells Fargo Securities -- Analyst
Michael Cho -- J.P. Morgan -- Analyst
Raj Sharma -- B. Riley FBR -- Analyst
More DFIN analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelly Financial Solutions (NYSE: DFIN) Q3 2019 Earnings Call Nov 05, 2019, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. The 21% decline in global M&A completions over $100 million drove down total merger-related SEC filings by 16% in the third quarter, with filings over $2 billion, a segment where DFIN maintains very strong market share, being down significantly more.
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Davidson and Company -- Analyst Tom Juhase -- Executive Vice President and Chief Operating Officer Jake Williams -- Wells Fargo Securities -- Analyst Michael Cho -- J.P. Morgan -- Analyst Raj Sharma -- B. Riley FBR -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q3 2019 Earnings Call Nov 05, 2019, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Davidson and Company -- Analyst Tom Juhase -- Executive Vice President and Chief Operating Officer Jake Williams -- Wells Fargo Securities -- Analyst Michael Cho -- J.P. Morgan -- Analyst Raj Sharma -- B. Riley FBR -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q3 2019 Earnings Call Nov 05, 2019, 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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In capital markets, in addition to the continued growth of ActiveDisclosure, the quarter was also highlighted by strong domestic IPO net sales, with DFIN again maintaining its market share, while supporting many of the higher profile transactions that came to market. Davidson and Company -- Analyst Tom Juhase -- Executive Vice President and Chief Operating Officer Jake Williams -- Wells Fargo Securities -- Analyst Michael Cho -- J.P. Morgan -- Analyst Raj Sharma -- B. Riley FBR -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q3 2019 Earnings Call Nov 05, 2019, 9:00 a.m.
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2019-08-26 00:00:00 UTC
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Monday 8/26 Insider Buying Report: ICPT, DFIN
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DFIN
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https://www.nasdaq.com/articles/monday-8-26-insider-buying-report%3A-icpt-dfin-2019-08-26
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Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Thursday, Intercept Pharmaceuticals' Director, Srinivas Akkaraju, made a $4.5M buy of ICPT, purchasing 67,784 shares at a cost of $66.37 each. Investors have the opportunity to bag ICPT even cheaper than Akkaraju did, with shares changing hands as low as $61.10 in trading on Monday which is 7.9% under Akkaraju's purchase price. Intercept Pharmaceuticals is trading up about 0.9% on the day Monday. This purchase marks the first one filed by Akkaraju in the past twelve months.
And at Donnelley Financial Solutions, there was insider buying on Thursday, by Director Jeffrey Jacobowitz who purchased 314,057 shares at a cost of $11.42 each, for a total investment of $3.59M. This buy marks the first one filed by Jacobowitz in the past year. Donnelley Financial Solutions is trading up about 6% on the day Monday.
VIDEO: Monday 8/26 Insider Buying Report: ICPT, DFIN
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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VIDEO: Monday 8/26 Insider Buying Report: ICPT, DFIN The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. On Thursday, Intercept Pharmaceuticals' Director, Srinivas Akkaraju, made a $4.5M buy of ICPT, purchasing 67,784 shares at a cost of $66.37 each.
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VIDEO: Monday 8/26 Insider Buying Report: ICPT, DFIN The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. On Thursday, Intercept Pharmaceuticals' Director, Srinivas Akkaraju, made a $4.5M buy of ICPT, purchasing 67,784 shares at a cost of $66.37 each. And at Donnelley Financial Solutions, there was insider buying on Thursday, by Director Jeffrey Jacobowitz who purchased 314,057 shares at a cost of $11.42 each, for a total investment of $3.59M.
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VIDEO: Monday 8/26 Insider Buying Report: ICPT, DFIN The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. On Thursday, Intercept Pharmaceuticals' Director, Srinivas Akkaraju, made a $4.5M buy of ICPT, purchasing 67,784 shares at a cost of $66.37 each.
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VIDEO: Monday 8/26 Insider Buying Report: ICPT, DFIN The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Investors have the opportunity to bag ICPT even cheaper than Akkaraju did, with shares changing hands as low as $61.10 in trading on Monday which is 7.9% under Akkaraju's purchase price. Intercept Pharmaceuticals is trading up about 0.9% on the day Monday.
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2019-08-02 00:00:00 UTC
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Donnelly Financial Solutions (DFIN) Q2 2019 Earnings Call Transcript
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https://www.nasdaq.com/articles/donnelly-financial-solutions-dfin-q2-2019-earnings-call-transcript-2019-08-02
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Donnelly Financial Solutions (NYSE: DFIN)
Q2 2019 Earnings Call
Aug 01, 2019, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning. And welcome to the DFIN second-quarterearnings call My name is Brandon. I'll be your operator for today.
[Operator instructions] Please note, this conference is being recorded. And I will now turn it over to Justin Ritchie, head of investor relations. You may begin, sir.
Justin Ritchie -- Head of Investor Relations
Thank you, Brandon. Good morning, everyone, and thank you for joining the Donnelley Financial Solutions' second-quarter 2019 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. During this call, we'll refer to forward-looking statements that are subject to uncertainty.
For a complete discussion, please refer to the cautionary statements included in our earnings release and further detailed in our annual report on Form 10-K and other filings with the SEC. Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only.
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Please refer to the press release and related footnotes for GAAP financial information and a reconciliation of GAAP to non-GAAP financial information. I'm joined this morning by Dan Leib, Dave Gardella, Kenny Turner, and Tom Juhase. I'll now turn the call over to Dan.
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Thank you, Justin, and good morning, everyone. On today's call, I will provide an update on our second-quarter performance, as well as detail various operating highlights from across the business. Following my comments, Dave will provide additional detail on our second-quarter financial results, as well as our outlook for the second half of the year. We will then open it up for Q&A. We reported solid second-quarter results with consolidated net sales of $258.9 million and a non-GAAP adjusted EBITDA margin of 21.7%, which were both largely in line with our expectations, showing significant improvement in the trend from the first quarter where transactional activity was heavily impacted by the U.S.
government shutdown. The softer M&A environment that we mentioned on the lastearnings callcontinued to impact transactional and venue sales in the quarter. However, sales growth in investment markets and elsewhere in our SaaS portfolio, combined with our continued focus on controlling costs, kept margins essentially flat year over year. Operating cash flow for the quarter was largely consistent with the second quarter of 2018, and total debt is down $67.2 million from the second quarter of last year, reflecting our continued commitment to deleveraging the business. Looking deeper into our second-quarter transactional performance, we capitalized on the influx of IPO activity in the markets, increasing the number of priced U.S. IPOs that we completed by 33% compared to the second quarter of 2018. We supported many of the highest profile IPO listings.
Switching to M&A,global marketactivity continued to fall short of last year. As a result, the number of second-quarter U.S. M&A transactions we completed was down significantly. The net sales impact of the lower level of M&A activity was compounded by a cluster of larger M&A deals in the second quarter of last year.
After a very difficult fourth quarter of 2018, transactional sales from debt offerings started to rebound in the first quarter this year and improved again this quarter, though we're slightly below the second quarter of 2018. Regarding our transactional sales pipeline, we are encouraged by the activity levels we are seeing in our forecast, with increased numbers of deals on track to be completed in all key categories over the remainder of the year. IPO should continue to lead the way, accompanied by an expected improvement in M&A. Focusing on SaaS net sales, growth was 4.1% in the quarter, accounting for 18.6% of second-quarter net sales. SaaS net sales growth was led by active disclosure at 11.4%, driven by continued strong customer adoption. During the quarter, we won new logos at a faster pace than earlier in the year, including net new competitive wins.
We believe that there is additional net sales growth upside for active disclosure in the second half of 2019 as there's often a lag between adding a customer and the start of revenue recognition due to new clients signing up in advance of switching to our platform. Sales of our venue data room, our largest SaaS offering in terms of revenue, were again below trend, largely due to lower overall M&A activity. Activity in private equity, one of our key market segments, has been particularly light so far this year and has impacted the number of new rooms opened. As I mentioned a few moments ago, transactional activity is forecasted to pick up, which should help to improve venue sales growth in the second half of the year. Overall, we anticipate an improvement in the trend of our SaaS revenue growth down from our longer-term trend, but much stronger than we experienced in the first half. From an overall mix perspective, services were down 240 basis points as a percentage of total second-quarter net sales as continued higher margin SaaS growth was more than offset by lower overall capital markets' transactional net sales, along with continued year-over-year growth in investment market's mutual fund product net sales.
The result was a slightly less favorable mix compared to the second quarter of 2018, ultimately leading to a 60 basis point decline in gross margin in the quarter versus the prior year. Looking ahead to the second half of the year, we anticipate that gross margin will start to show year-over-year improvement due to the impact of the sale of the language solutions business, our cost savings initiatives, and an increasingly favorable mix, featuring proportionally more transactional and SaaS sales relative to the mix we've seen in the first half of the year. Moving now to operating highlights. In investment markets, in addition to the continued demand, we are seeing for our mutual fund proxy and regulatory compliance solutions, we continue to add new business with our FundSuite Arc product suite. We're optimizing the product suite to ensure our clients are prepared for new, more complex and more data-intensive SEC regulations. In the quarter, we helped our clients complete the first-ever successful submission of the new form N-PORT with the SEC using our filing solution. And we're pleased to share that all our investment market clients successfully completed the new form N-PORT ahead of the May 30 deadline.
Our successful completion rate of both N-CEN filings last September and N-PORT this spring is testament to our commitment to provide the most accurate, secure and efficient technology to our clients. Finally, on June 19th, we held our 15th Annual FundSuite Arc User Conference in New York. One source of confidence was the theme this year. Clients had the opportunity to learn about the latest FundSuite Arc developments, including a new AI-driven model called Fund Analyzer that helps analyze clients' funds faster for faster onboarding. In Capital Markets, the quarter was highlighted by a rebound in quarterly U.S. IPO net sales.
With DFIN supporting a larger share of the higher profile transactions. Our relationships in the industry, coupled with our unique value proposition of full-service solutions from a secure data room and AI capabilities, to composition and industry-leading expertise make us a leader in the market. We continue to invest in our solutions and recently launched a new experience for venue clients with an intuitive design. Up to 30% faster uploads and calendar view tracking of reports, data and insights, powered by the integration of Venue and eBrevia. eBrevia continues to accelerate providing a significant contribution to our overall SaaS growth in the quarter.
eBrevia's integration with Venue has been used on large global law firm projects to assist with the storage and analysis of contracts, such as the processing and retention of 10,000 leases. The company is increasingly seeing interest in joint proposals in the corporate space as well, where eBrevia will provide the analysis with Venue acting as repository for documents. Our eBrevia customer base is diversifying and now includes corporate legal departments, law firms, audit consulting firms, financial institutions, commercial real estate firms and legal process outsourcers. Active Disclosure also had a solid quarter, with sales growing double digits while, again, adding dozens of net new clients. What makes Active Disclosure and DFIN different and what clients appreciate is that we allow them the flexibility to choose how they work with us, providing a combination of software and/or services to meet their needs. With that, I will turn it over to Dave.
Dave Gardella -- Chief Financial Officer
Thank you, Dan, and good morning, everyone. Before I discuss our second-quarter financial performance, I'd like to recap a significant item in the quarter that impacts our year-over-year comparability. As we've discussed on the last few earnings calls, we completed the sale of our language solutions business in the third quarter of 2018. Our second-quarter 2019 results exclude language solutions, while the second quarter of 2018 includes language solutions for the entire quarter. As I indicated on our last call, the sale negatively impacted our second-quarter reported net sales comparison by $19.8 million, and negatively impacted our gross profit and non-GAAP adjusted EBITDA comparisons by approximately $5.3 million and $1.5 million, respectively, inclusive of net stranded cost.
Keeping this in mind, I'll review the second-quarter results. On a consolidated basis, net sales for the second quarter were $258.9 million, a decrease of $31.7 million or 10.9% from the second quarter of 2018, primarily due to the sale of the language solutions business, along with lower U.S. Capital Markets transactional and compliance activity. After adjusting for the sale of language solutions, changes in foreign exchange rates and the acquisition of eBrevia, organic net sales decreased 4%. The decrease was largely driven by U.S.
Capital Markets transactional net sales as a strong IPO quarter was more than offset by fewer M&A deals being completed when compared to the second quarter of 2018, resulting in U.S. Capital Markets transactional net sales being down from the second quarter of 2018. The second quarter of 2018 also included a single multi-million dollars M&A deal, and the same deal had a similar impact on the third-quarter 2018 transactional sales, which I will touch on again when I discuss our third-quarter outlook. U.S. Capital Markets compliance net sales were down year over year as we recognize more compliance sales in the first quarter of this year due to earlier completion of recurring work.
The second quarter declines were partially offset by continued growth in our SaaS offerings, led by Active Disclosure, combined with strong demand for proxy and regulatory compliance solutions in U.S. investment markets and increased transactional activity in Asia. As Dan Highlighted, our second-quarter gross margin was 42.4% or 60 basis points lower than the second quarter of 2018, primarily driven by an unfavorable mix between higher-margin services, including capital markets transactional net sales and lower-margin products net sales. Non-GAAP SG&A expense in the quarter was $53.8 million, $7.8 million lower than the second quarter of 2018. As a percentage of revenue, non-GAAP SG&A was 20.8%, down 40 basis points compared to the second quarter of 2018.
The decrease in expense was primarily driven by the impact from the sale of the language solutions business, cost control initiatives and lower variable compensation expense related to underperformance in SaaS net sales growth relative to our internal plan. Our second-quarter non-GAAP adjusted EBITDA was $56.1 million, a decrease of $7.3 million from the second quarter of 2018, primarily driven by lower overall Capital Markets transactional and compliance activity, along with the sale of the language solutions business, partially offset by the impact of cost control initiatives and lower variable compensation expense. As I noted earlier, the sale of the language solutions business negatively impacted the second quarter EBITDA comparison by approximately $1.5 million. Turning now to our segment results. Net sales in our U.S.
segment were $223.2 million in the second quarter of 2019, a decrease of 8% from last year's second quarter. On an organic basis, after adjusting for the sale of language solutions and the purchase of eBrevia, net sales declined 5.6%. Net sales in U.S. Capital markets decreased 11.8% on an organic basis, due primarily to lower overall transactional and compliance activity.
This was partially offset by net sales growth in U.S. Investment Markets, which increased 3.7% on an organic basis, primarily driven by increased demand for proxy and regulatory compliance solutions. Non-GAAP adjusted EBITDA margin for the segment of 24.4% decreased 230 basis points from the second quarter of 2018, primarily due to lower U.S. Capital Markets transactional and compliance activity. Net sales in our International segment were $35.7 million in the second quarter of 2019, a decrease of 25.8% from the second quarter of last year.
On an organic basis, excluding the impact of the sale of language solutions and changes in foreign exchange rates, net sales in the second quarter were up 4.4% due to an increase in transactional activity in Asia. Non-GAAP adjusted EBITDA margin for the segment was 15.1%, up 490 basis points, due to the increased level of transactional activity, the sale of the language solutions business and the impact of cost savings initiatives. Our second-quarter 2019 non-GAAP unallocated corporate expenses, excluding depreciation and amortization, were $3.7 million, a decrease of $2.5 million from the second quarter of 2018. The decrease was primarily driven by the impact of cost savings initiatives and lower variable compensation expense. Consolidated free cash flow in the quarter was a use of $8.1 million, $2.3 million unfavorable to the second quarter of 2018. Relative to last year's second quarter, the higher use of cash was primarily driven by lower EBITDA, the timing of various tax payments, as well as higher capital expenditures.
This was partially offset by a benefit of working capital and lower interest payments related to our debt reduction. Our controllable working capital rate, which we define as accounts receivable, plus inventory, less accounts payable as a percent of our trailing three-month annualized net sales was 18.9%, up 250 basis points from the second quarter of 2018, due primarily to higher receivable balances at quarter end. We continue to actively work to enhance our customer collections processes and expect the year-over-year trend in this ratio to improve throughout the year, ending the year at approximately 17.5%. We ended the quarter with $419.1 million of total debt and $409.6 million of net debt, including $55.5 million drawn on our revolver, and we had net available liquidity of $88.7 million. As of June 30th, 2019, our non-GAAP net leverage ratio was 3.1 times, up 0.3 times from June 2018, and up 1.1 times from year-end 2018. The increase from year-end was partially driven by normal seasonality of our cash flow, as well as lower EBITDA resulting from decreased transactional activity in the first half of the year. We continue to target a gross leverage ratio in the range of 2.25 times to 2.75 times and expect to be below the low end of that range by the end of this year.
As highlighted in this morning's press release, we are reiterating the full-year 2019 guidance that we previously provided. While there's no change to our guidance, I will recap our expectations. We expect 2019 total net sales to be in the range of 910 to $940 million, likely coming in toward the lower end of the range due to the year-to-date impact of a soft M&A environment on transactions in Venue. We expect our non-GAAP adjusted EBITDA to be in the range of $145 million to $155 million as we continue to focus on our cost control efforts to keep us on track to meeting our profit and cash flow goals. Depreciation and amortization is expected to be $48 million.
We expect interest of approximately $35 million. Our full-year non-GAAP effective tax rate is expected to be in the range of 29 to 31%. We project the full year fully diluted weighted average share count to be approximately 35 million shares. And lastly, we expect capital expenditures in the range of 40 to $45 million, with free cash flow also in the range of 40 to $45 million. I also want to add a quick reminder regarding the impact of language solutions on the next quarter.
As noted in this morning's press release, the year-over-year negative impacts in the third quarter will be $3.2 million in net sales, $1.2 million in gross profit, and $0.5 million in non-GAAP adjusted EBITDA. On a full-year basis, the sale negatively impacts the year-over-year net sales comparison by $41.8 million and negatively impacts the gross profit and non-GAAP adjusted EBITDA comparisons by approximately $12 million and $3 million, respectively, inclusive of estimated net stranded cost. These impacts are all reflected in our full-year guidance. Regarding our outlook for next quarter, we're expecting third-quarter net sales to be in the range of 205 to $210 million, and approximate 1.7% year-over-year organic decline at the midpoint, due in part to the very large M&A transaction in last year's third quarter that I mentioned earlier. Regarding profitability, we expect that our non-GAAP adjusted EBITDA margin should improve slightly when compared to the third quarter of 2018 due to the sale of the language solutions business and the impact of our cost savings initiatives, as well as an improved sales mix. To summarize, second-quarter Capital Markets transactional activity, while strong in IPOs, was negatively impacted by fewer completed M&A deals compared to the prior year, including a very large deal that span both the second and third quarters of last year. Compliance net sales were also down in the quarter, but were largely on track for the first half.
SaaS net sales growth, while remaining temporarily off-trend this quarter was healthy in Active Disclosure, eBrevia and FundSuite Arc, with Venue showing signs of a rebound heading into Q3. Going into the second half of 2019, we've built a strong transactional pipeline, prudently invested in growth opportunities, all while diligently managing cost. As such, our full-year guidance remains unchanged. Before I turn it back to Dan, one last housekeeping item that I'd like to mention, we will be including additional net sales details, including SaaS, as well as our quarterly sales mix in our investor presentation starting this quarter. Our latest presentation, which will be posted later today and updated each quarter, can be found on the investor page of our website. And with that, I'll turn it back to Dan.
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Thank you, Dave. Our second-quarter results were largely in line with what we expected. We are encouraged by the balance of results across the business and believe we have opportunity for strong performance through the remainder of the year. We remain focused on our long-term strategy, continuing to explore ways to accelerate our ability to more quickly evolve our revenue mix, diligently managing costs while keeping our clients, employees and shareholders at the center of what we do and with that, let's open up the line for Q&A.
Questions & Answers:
Operator
[Operator instructions]. And from D.A. Davidson, we have Peter Heckmann. Please go ahead.
Peter Heckmann -- D.A. Davidson -- Analyst
Morning, gentlemen, thanks for taking the question. Given the seasonality of your cash flows and your free cash flow guidance for the year, they're at 40 to 45 million. It seems like there's a potential to be at or below three times net levered at the end of the year. Is that a possibility?
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Yes, Pete, I think that math is correct. Yes.
Peter Heckmann -- D.A. Davidson -- Analyst
OK. And then any updated thoughts on the outlook for capital allocation now that you're below your target, when you get to be below your leverage target in terms of M&A, potentially stock repurchases. Any other thoughts on capital allocation?
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Sure. Yes. No. So the targets we've given, obviously, are the longer-term leverage ranges.
In terms of our priority, we continue to be very active in looking at in the M&A environment as purchasers. Clearly, we haven't done anything since last December when we purchased eBrevia, which we've been very happy with that. We did just for -- to refresh everyone's memory, we did have a minority stake in eBrevia before we purchased it. We have not found assets that we've been able to transact at what we would term intrinsic or attractive value.
And so, we'll continue to be diligent. We are continuing to look. In the absence of that, we have put a little bit more capex into the business to grow organically, as we saw from our 2019 expected capital spending. We've referenced in the past, we do expect that number to come down a bit next year.
And so, we understand the various ways of deploying capital. We look at them all. But you want to have that balance around finding the right opportunities to help grow the business. The board discusses the various ways of allocating capital with management at nearly every meeting.
So it's front and center. No change in the strategy. We are on the right path in terms of driving the revenue mix shift. And so, no change to announce in our capital allocation priorities.
Peter Heckmann -- D.A. Davidson -- Analyst
OK. And just one more, and I'll get back in the queue. But in terms of, let's say, pending regulatory developments, things that the SEC might be having an open comment period for, opportunities and risks, just any major items that we should monitor over the next 18 months.
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
No. There's always various -- to your point or implied in your question, there's always plenty of items being discussed, but nothing we would highlight at this time.
Peter Heckmann -- D.A. Davidson -- Analyst
All right. Thank you very much.
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Thank you.
Operator
From CJS Securities, we have Charles Strauzer. Please go ahead.
Charles Strauzer -- CJS Securities -- Analyst
Good morning. A couple of things. First, can you just repeat the Q3 guidance again? I didn't get the last part of that, especially on the EBITDA side, what you were kind of implying there?
Dave Gardella -- Chief Financial Officer
Yes. Sorry -- Charlie, thanks for the question. I think I misspoke on that. So revenue expected to be in the range of 205 to 215 million.
I think I said 205 to 210 million. 210 million is the midpoint of our range. And that implies on an organic basis, down about 1.7% at the midpoint. And then from an EBITDA margin perspective, expected to be slightly improved relative to last year's third quarter.
Charles Strauzer -- CJS Securities -- Analyst
Gotcha. When you say slight improvement, just maybe, 10, 20 basis points? Is that about right?
Dave Gardella -- Chief Financial Officer
Yes. That's the right ballpark.
Charles Strauzer -- CJS Securities -- Analyst
Great. And then that implies then Q4, kind of flat to slightly up revenue sequentially from Q3. Is that the way that you kind of think about that? Low in the range?
Dave Gardella -- Chief Financial Officer
Yes. I think Q4 would be the -- where we see the most significant year-over-year increase. Dan noted earlier the soft Q4 we had last year, particularly in November and December, with some of the transactional activity that really got slow at the tail end of the year.
Charles Strauzer -- CJS Securities -- Analyst
Got it. And then just looking at Q2 and Q3. A, transactional activity. What was the delta year-over-year in Q2 in M&A.? It sounds like there's a pretty big drop off there.
Maybe you can talk about what the level of decline was year over year in Q2? And then you mentioned a onetime deal in Q3. Can you quantify that? And are there any other kind of one-timer difficult comps in Q3 we should pay attention to?
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Yes. And Charlie, we don't break out M&A, specifically. I think, from an overall market perspective, we've seen some statistics out there, that M&A has been down 20% or so. And so, we obviously, as a pretty significant player in that arena, feel the impact there.
The transaction -- the M&A transaction that I mentioned that impacted last year, it was about $11 million in total. Roughly 5 million of it impacting Q2 and 6 million of it impacting Q3 of last year. And then to your last question on anything else. The second quarter last year, we had a pretty significant Venue data room for about $1 million that was in the -- this year's year-over-year comparison.
Charles Strauzer -- CJS Securities -- Analyst
That obviously ties into the M&A activity being better last year, too, I would imagine, right?
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Correct. Absolutely.
Charles Strauzer -- CJS Securities -- Analyst
Great. And then how should we model the International segment versus U.S. segments in terms of Q3, just in terms of anything more weighted toward the one versus the other?
Dave Gardella -- Chief Financial Officer
Yes. I think the biggest part -- the biggest swings that we'll see in International will again be transactional. We noted a pretty good quarter in Asia in Q2. I think from a pipeline perspective, our commentary around transactional is pretty broad-based, not only in U.S., but also globally.
Charles Strauzer -- CJS Securities -- Analyst
Got it. Just one last thing just on the IPO side. It seems like a pretty robust rebound in Q2. Do you feel like you've got your share of the business that was out there, or even took some share maybe there?
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Yes. So I think you're correct that we did see a nice market rebound. And I think from a share perspective, continuing to get our fair share. And again, as we look at the pipeline, not only from an IPO perspective, but also M&A transactions, debt deals, etc.
Feel like we're doing pretty well from a market share perspective.
Charles Strauzer -- CJS Securities -- Analyst
Great. Thanks very much.
Operator
[Operator instructions]
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Any questions, Brandon?
Operator
So far, no further questions.
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
OK. And with that, thank you, everyone, for joining. We look forward to catching up in late October, early November. Thank you.
Bye.
Operator
[Operator signoff]
Duration: 31 minutes
Call participants:
Justin Ritchie -- Head of Investor Relations
Dan Leib -- President and Chief Executive Officer, and a Member of the Board
Dave Gardella -- Chief Financial Officer
Peter Heckmann -- D.A. Davidson -- Analyst
Charles Strauzer -- CJS Securities -- Analyst
More DFIN analysis
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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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Donnelly Financial Solutions (NYSE: DFIN) Q2 2019 Earnings Call Aug 01, 2019, 9:00 a.m. And welcome to the DFIN second-quarterearnings call My name is Brandon. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Donnelly Financial Solutions (NYSE: DFIN) Q2 2019 Earnings Call Aug 01, 2019, 9:00 a.m. And welcome to the DFIN second-quarterearnings call My name is Brandon. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Donnelly Financial Solutions (NYSE: DFIN) Q2 2019 Earnings Call Aug 01, 2019, 9:00 a.m. And welcome to the DFIN second-quarterearnings call My name is Brandon. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Davidson -- Analyst Charles Strauzer -- CJS Securities -- Analyst More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q2 2019 Earnings Call Aug 01, 2019, 9:00 a.m. And welcome to the DFIN second-quarterearnings call My name is Brandon.
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Donnelly Financial Solutions (DFIN) Q1 2019 Earnings Call Transcript
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DFIN
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https://www.nasdaq.com/articles/donnelly-financial-solutions-dfin-q1-2019-earnings-call-transcript-2019-05-04
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Image source: The Motley Fool.
Donnelly Financial Solutions (NYSE: DFIN)
Q1 2019 Earnings Call
May. 02, 2019, 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Welcome to the DFIN Q1earnings call My name is John, and I will be your Operator for today's call. [Operator instructions] Please note the conference is being recorded. Now I will turn the call over to Justin Ritchie, head of investor relations.
Justin Ritchie -- Head of Investor Relations
Thank you, John. Good morning, everyone, and thank you for joining the Donnelley Financial Solutions first-quarter 2019 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. During this call we will refer to forward-looking statements that are subject to uncertainty.
For a complete discussion, please refer to the cautionary statements included in our earnings release and further detailed in our annual report on Form 10-K and other filings with the SEC. Further, we'll discuss non-GAAP financial information. We believe the presentation of non-GAAP financial information provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance. They are, however, provided for informational purposes only.
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*Stock Advisor returns as of March 1, 2019
Please refer to the press release and related footnotes for GAAP financial information and reconciliation of GAAP to non-GAAP financial information. I'm joined this morning by Dan Leib; Dave Gardella; and Kami Turner; and Tom Juhase. I will now turn the call over to Dan.
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Thank you, Justin, and good morning, everyone. As you saw in our press release this morning, 2019 began as we expected, with first-quarter results reflecting a slow start to the year for our capital markets transactional offerings, driven by the lingering effects of fourth-quarter market volatility, followed by the U.S. government shutdown. The year-over-year trends improved in each successive month within the quarter following the government reopening on January 25.
The capital markets transactional decline was partially offset by net sales growth in U.S. investment markets, where our year-over-year organic growth was 4%. Total SaaS net sales growth in the quarter was 6.5%, led by ActiveDisclosure, which grew 15.6%, driven by continued strong customer adoption. While sales of our venue data room were well below trend due to lower transactional activity early in the quarter, activity has since rebounded and we expect performance to improve in the second quarter.
Over all, we anticipate that we will achieve double-digit sales growth in our SaaS offerings for the full year, consistent with our longer-term trend and much stronger than we experienced in the first quarter. From an overall business mix perspective, we saw a shift toward more print-heavy net sales in the quarter, driven largely by a special proxy project in U.S. investment markets, as well as increased annual report volumes in U.S. capital markets.
This, when coupled with year-over-year decline in transactional net sales and the temporary slowdown in SaaS growth, led to the decreased gross margins in the quarter. Looking ahead, we anticipate gross margins improving in the second quarter as transactions continue to pick up and the mix shifts back toward higher-margin tech-enabled services and SaaS revenue. First-quarter organic net sales, which excludes the impact of the sale of the language solutions business, changes in foreign exchange rates and the acquisition of eBrevia, were down 2.5% versus the first quarter of 2018, primarily driven by a 22% year-over-year decline in U.S. capital markets transactional net sales.
As mentioned, market conditions for transactional-driven offerings were extremely challenging in January due to the lingering effects of recent market volatility and the government shutdown. In late February, we started to see improvement as companies began to reinitiate IPOs, debt offerings and M&A deals. In March, we saw momentum gain and a return to more normalized market conditions. Looking ahead, we enter the second quarter with positive momentum and a strong transactional pipeline, with IPOs being a bright spot, offset by softer M&A.
We see positive market trends, and our overall view for the year remains cautiously optimistic. As I mentioned, momentum picked up in March and DFIN is leading the IPO market, supporting numerous companies' debuts this quarter, including some of the largest high-profile filers to date. Following the government shutdown in January, companies are now starting to enter the markets more aggressively to ensure they're able to list this year. Our venue virtual data room was recently named Global Data Room of the Year for the fourth year in a row by the Global M&A Network.
Venue provides clients a highly secure data room platform that allows them to manage sensitive deal-related data, make complex financial transactions and confidently share critical information in real time. Venue users are also reaping the benefits of eBrevia's artificial intelligence technology in the form of more accurate data extraction and increased productivity, coupled with powerful encryption. The addition of eBrevia into our portfolio of end-to-end risk and compliance solutions has accelerated growth opportunities for DFIN within the legal, audit, consulting and LPO verticals. Moving forward, we expect to explore additional opportunities as we continue to integrate the technology across the company.
In fact, in just the few short months since the acquisition we've already seen indications of this, with expansions into engagements with global financial institutions. The regulatory and compliance space is evolving into the digital world, and we have the solutions to help our clients as they transition. But what makes us different is that we couple our technology solutions with world-class service, a key differentiator for us and our clients. We're leading our clients through industry transformation and giving them both the tools and support to confidently navigate an already complex environment.
For example, in the first quarter we saw dozens of clients adopt our user-friendly ActiveDisclosure platform that provides an end-to-end solution for financial reporting. Within our investment markets business, we had several key wins in the quarter, particularly with our proxy services, where we provide our clients leading-edge technology, an established global distribution network and a team of dedicated experts to engage their shareholders and simplify their fund proxy management. Our FundSuite Arc software solution helps registered investment companies, private equity, hedge funds and alternative investment companies produce annual, semiannual, quarterly and other ad hoc reports. The technology makes it easy for clients by automating work flows and ingesting data from several different accounting systems and other client data sources to produce high-quality financial reporting.
A recent win, this one in the alternative investment space, involves implementing modules of our FundSuite Arc SaaS product for over 800 of their alternative investment funds over the course of this year. We also continue to focus on optimizing our solutions to support our clients in meeting critical dates, like the upcoming N-PORT deadline on May 30. Clients are currently filing with the SEC using our solution to automate and simplify the process. For example, we're pleased to announce that our team successfully filed the industry's first live N-PORT filing on behalf of one of the largest third-party fund administrators this April.
With that, I'll turn it over to Dave to give more details on our financial performance. Dave?
Dave Gardella -- Senior Vice President, Investor Relations
Thank you, Dan, and good morning, everyone. Before I discuss our first-quarter financial performance, I'd like to recap two significant items in the quarter that impact our year-over-year comparability. First, as we had discussed on the last two earnings calls, we completed the sale of our language solutions business in the third quarter of 2018. Our first-quarter 2019 results exclude language solutions, while the first quarter of 2018 includes language solutions for the entire quarter.
As I mentioned on the fourth-quarter call, the sale negatively impacted our first-quarter reported net sales comparison by $18.8 million and negatively impacted our gross profit and non-GAAP adjusted EBITDA comparisons by approximately $5.5 million and $1 million, respectively, inclusive of net stranded costs. Next, I'd like to recap a new accounting standard that we adopted during the first quarter of 2019. As of January 1, we adopted the new lease accounting standard which requires lessees to put most leases on the balance sheet while continuing to recognize expense in the income statement in a manner similar to the former accounting standard. This resulted in the company recognizing a lease liability of $101.6 million and a right-of-use asset of $100.8 million for operating leases at January 1, 2019.
The company adopted this standard and all related amendments on January 1, 2019, using the optional transition method. The comparative periods have not been restated and continue to be reported under the accounting standards in effect for those periods. The new lease accounting standard had no impact on the income statement. Keeping these items in mind, let's review the first-quarter financial results.
On a consolidated basis, net sales for the first quarter of 2019 were $229.6 million, a decrease of $25.6 million, or 10%, from the first quarter of 2018, primarily due to the sale of language solutions and lower capital markets transactional activity. After adjusting for the sale of the language solutions business, changes in foreign exchange rates and the acquisition of eBrevia, organic net sales decreased 2.5%. U.S. capital markets transactional net sales were down 22%, due in large part to the impact of the U.S.
government shutdown. The impact of the decline in transactional net sales was largely offset by continued growth in our SaaS offerings, led by ActiveDisclosure, combined with a large nonrecurring special proxy project in U.S. investment markets and growth in U.S. capital markets compliance activity.
Adjusted for the sale of language solutions, services net sales in the first quarter decreased by $12.8 million, or 9.1%, as compared to the first quarter of 2018, driven by lower capital markets transactional activity, partially offset by continuing growth in our SaaS offerings. Products net sales increased by $6 million, or 6.3%, due to the increased volume in U.S. investment markets mutual fund and U.S. capital markets compliance activity that I mentioned earlier.
First-quarter gross margin was 33%, or 490 basis points lower than the first quarter of 2018, primarily driven by an unfavorable mix between higher-margin services, including capital markets transactional net sales, and lower-margin products net sales. Non-GAAP SG&A expense in the quarter was $52 million, $3.8 million lower than the first quarter of 2018. As a percentage of revenue, non-GAAP SG&A was 22.6%, up 70 basis points compared to the first quarter of 2018. The decrease in expense was primarily driven by the sale of language solutions and the impact of cost savings initiatives, partially offset by investments in support of our strategic priorities.
Our first-quarter non-GAAP adjusted EBITDA was $23.7 million, a decrease of $17.1 million from the first quarter of 2018, primarily driven by the weak capital markets transactional activity and the sale of the language solutions business. As I noted earlier,the sale of the language solutions business negatively impacted first-quarter EBITDA comparison by approximately $1 million. Weakness in the capital markets transactional activity also negatively impacted our non-GAAP adjusted EBITDA margin in the quarter. Turning now to our segment results, net sales in our U.S.
segment were $202.8 million in the first quarter of 2019, a decrease of 4.8% from last year's first quarter. On an organic basis, after adjusting for the sale of language solutions, the purchase of eBrevia, net sales declined 2.3%. Net sales in U.S. capital markets decreased 7.1% on an organic basis due primarily to weak transactional activity.
This was partially offset by net sales growth in U.S. investment markets, which increased 4% on an organic basis, primarily driven by a large special proxy project and timing shifts related to recurring revenue that was recognized in the second quarter last year but in the first quarter this year. Non-GAAP adjusted EBITDA margin for the segment of 15.9% decreased 390 basis points from the first quarter of 2018, primarily due to lower U.S. capital markets transactional activity.
Net sales in our international segment were $26.8 million in the first quarter of 2019, a decrease of 36.3% from the first quarter of last year. On an organic basis, excluding the impact of the sale of the language solutions business and changes in foreign exchange rates, net sales in the first quarter were down 3.6% due to a decline in capital markets transactional activity, partially offset by continued SaaS growth in Europe. Non-GAAP adjusted EBITDA margin for the segment was negative 4.1%, reflective of the low level of capital markets transactional net sales. Our first-quarter 2019 non-GAAP unallocated corporate expenses, excluding depreciation and amortization, were $7.4 million, an increase of $2.1 million from the first quarter of 2018.
The increase was primarily driven by investment spending in support of our strategic priorities, partially offset by the impact of cost savings initiatives. Consolidated free cash flow in the quarter was a use of $83.4 million, $23.4 million unfavorable to the first quarter of 2018. Relative to last year's first quarter, the higher use of cash was primarily driven by lower EBITDA stemming from the slowdown in transactional sales, the timing of various tax payments, as well as higher capital expenditures, including most of the digital print investment that I mentioned on our last call. This was partially offset by a benefit of working capital and lower interest payments related to our debt reduction.
Our controllable working capital rate, which we define as accounts receivable plus inventory less accounts payable as a percent of our trailing three-month annualized net sales, was 16.6%, approximately flat to the first quarter of 2018. We ended the first quarter with $411.7 million of total debt and $401.2 million of net debt, including $48.5 million drawn on our revolver, and we had net available liquidity of $123.1 million. As of March 31, 2019, our net leverage ratio was 2.9x, up 0.1 times from March 2018 and up 0.9 times from year-end 2018. The increase from year end was partially driven by normal seasonality of our cash flow.
We continue to target a gross leverage ratio in the range of 2.25 times to 2.75 times and expect to be below the low end of that range by the end of this year. As highlighted in this morning's press release, we are reiterating the full-year guidance that we previously provided. While there is no change to our guidance, I will recap our expectations. We expect 2019 total net sales to be in the range of $910 million to $940 million.
We expect non-GAAP adjusted EBITDA to be in the range of $145 million to $155 million. Depreciation and amortization is expected to be approximately $48 million. We expect interest expense of approximately $35 million. Our full-year non-GAAP effective tax rate is expected to be in the range of 29% to 31%.
We project the full year, fully diluted weighted average share count to be approximately 35 million shares. And lastly, we expect capital expenditures in the range of $40 million to $45 million, with free cash flow also in the range of $40 million to $45 million. I also want to add a quick reminder regarding the impact of the language solutions sale on our upcoming quarters. As noted in this morning's press release, the year-over-year negative impacts in the second quarter will be $19.8 million in net sales, $5.3 million in gross profit and $1.5 million in non-GAAP adjusted EBITDA.
Looking ahead to the third quarter, the year-over-year negative impacts will be $3.2 million in net sales, $1.2 million in gross profit and $0.5 million in non-GAAP adjusted EBITDA. All of these impacts are inclusive of estimated net stranded costs and are included in our full-year guidance. Regarding seasonality, we are expecting second-quarter net sales to be in the range of $260 million to $270 million, down approximately 2% year over year at the midpoint, due to a softer M&A environment and this year's revenue timing shift from Q2 to Q1 in U.S. investment markets that I had mentioned earlier.
Regarding profitability, we expect that our non-GAAP EBITDA margin in the second quarter will be similar to the second quarter of 2018. Also with respect to timing, we expect most of the year growth to come in the fourth quarter given the relatively easier comparison in Q4, a result of last year's market volatility. To summarize, as we expected, first-quarter capital markets transactional activity was negatively impacted by the lingering effects of the fourth-quarter market volatility and the U.S. government shutdown at the beginning of the quarter, steadily improving each month before returning to normalized levels in March.
The net sales impact of the transactional slowdown was largely offset by net sales increases in our SaaS and other regulatory and compliance solutions. We have a strong transactional pipeline heading into the second quarter and positive momentum in the rest of the business. As such, our full-year guidance remains unchanged. And with that, I'll turn it back to Dan.
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Thank you, Dave. We remain focused on our long-term strategic plan, with a specific focus on our operating priorities, including changing the mix of business, protecting our current market position and reshaping our culture. We will continue to seize opportunities to serve our clients when, where and how they choose to work. As we execute on our strategy, we will remain disciplined around all capital deployment, while appropriately investing in the business and maintaining our focus on delivering shareholder value.
And with that, let's open up the line for Q&A.
Questions & Answers:
Operator
[Operator instructions] And our first question is from Charles Strauzer, from CJS.
Charles Strauzer -- CJS Securities -- Analyst
Just looking at the transactional pipeline a little bit, you talked about it being strong kind of heading into Q2. Obviously, there's some pretty high-profile IPOs still waiting to come to market. One of them talked about doing a direct registration in the New York Stock Exchange. Are you seeing any kind of a trend toward that more happening, going forward, in the pipeline? And also, does that impact the amount of work that you do with those companies?
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Thanks, Charlie. We have not seen a large trend toward that. There are a few companies that have pursued that and a few more, as you mentioned, that are rumored to be going down that path. Importantly, it does not change the requirements from the regulator of what needs to be done, and that's really what drives what we provide for our clients, as well as, obviously, process management and the technology in order to get things filed through the SEC.
So no impact to us. It may have impact further up the chain in the IPO cycle, but no impact to us.
Charles Strauzer -- CJS Securities -- Analyst
And then you talked about M&A being a little bit softer than last year. Are you starting to see some of that improvement as you head into the middle of Q2 here?
Dan Leib -- Vice President, Finance, Strategy, and Transformation
We have seen M&A activity pick up. M&A typically has a relatively long lead time. So as those deals pick up, and to Dave's comment on the back part of the year being where we see the lift given easier comps, some of that is embedded in that guidance. And then that's also what's driving that.
And we did have a rather large, relative to Q2, we had a large deal last year that sat between Q2 and Q3. So that has a bit of an impact relative to timing within the year.
Charles Strauzer -- CJS Securities -- Analyst
Got it. Great. And then just lastly on the N-PORT deadline, I think you said it was, what, May 30?
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Correct.
Charles Strauzer -- CJS Securities -- Analyst
Do you feel that the customers that you're talking to are ready for that deadline? And if not, do you think there will be an extension there?
Dan Leib -- Vice President, Finance, Strategy, and Transformation
We do. We feel good about our solution. We were first into the market and we've made the right amount of investments and we've had good success with clients. I think it is a lot more information and data that is being filed.
There was a change made a couple months back to push the deadline back a month, but we're not hearing anything relative to changing the deadline at this point.
Operator
Our next question is from Peter Heckmann, from D.A. Davidson.
Peter Heckmann -- D.A. Davidson -- Analyst
Dan, could you go over those ActiveDisclosure growth numbers and then just elaborate a little bit? I thought you said dozens of wins, and I just wanted to make sure I understand what types of wins you're talking about there.
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Sure. So ActiveDisclosure grew 15.6% in the quarter. As we talked over last year, we had good performance throughout the year last year, adding literally dozens of clients on a net basis each quarter. And the way we look at it is obviously you have competitive wins and losses that flow among the various participants in the market and then there are noncompetitive in terms of delistings or mergers and acquisitions and those sorts of things.
But on a net basis we added roughly a couple dozen logos in the first quarter. And consistently, as I mentioned, last year and really beginning in the back half of 2017 we've been adding about at that same pace each quarter.
Peter Heckmann -- D.A. Davidson -- Analyst
That's great. And would you attribute that to the investments that you've made in the functionality in the technology platform over the last two years? And if so, I think you've talked about potentially that level of spend plateauing here for 2020? Is that still consistent with our expectation?
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Sure. So I think it's a variety of factors, and I'll ask if Tom and Dave want to weigh in as well. But from my perspective, our model of having the service network that stands behind is very helpful. So oftentimes what we're finding in ActiveDisclosure, and we're relatively late in this cycle where first movers may have moved over to and more comfortable with a tech-only solution, we feel like the service that we can put around the technology is helpful and desired by clients.
And so we have a number of clients that at this point are relying solely on ActiveDisclosure, and then we have other clients which are using a combination of the technology and relying on some of the service. Clearly, incremental investment has helped. And if we take it up a level to your question on overall capex spending, Dave mentioned on the last call that we have an investment to digitize our print platform that is hitting in 2019. We don't expect to have that, going forward.
And then as we just look at overall capex, we do think that we're hitting a plateau and we should see that number coming down, moving forward.
Peter Heckmann -- D.A. Davidson -- Analyst
Great. Great. And then just lastly, before I get back in the queue, on the SG&A line good decline there. You talked about seeing some of the cost efficiencies or cost saves materialize.
And so how are you thinking about that for the full year? Are we kind of seeing gains we're going to see for the full year in the first quarter? Or potentially there's some additional savings to be had?
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Sure. And I'll let Dave jump into some of the numbers. Just at a high level, certainly business mix impacts the level of SG&A and gross margins, as we mentioned on the call, which we do expect to increase toward the back part of this year. And we are very diligent about the cost side of the business and need to be moving forward as well.
So there's no change there. We continue to expect to be aggressive on the cost side. And I'll let Dave weigh in if there's anything specific on SG&A you want to hit.
Dave Gardella -- Senior Vice President, Investor Relations
Pete, the only other thing I would say there is some of that was obviously the language solutions business coming out in the back half of 2018. And so we'll be overlapping that. I think from a run-rate perspective somewhere in kind of the low $50 million mark, and obviously some of that depends on the seasonality in the revenue in the quarter. But in that kind of low $50s per quarter makes sense for the back half of the year.
Operator
Our next question is from Michael Cho, from J.P. Morgan.
Michael Cho -- J.P. Morgan -- Analyst
I was wondering if I can just get a little more color on the investment markets segment. I think you called on the special proxy, some higher print volumes and some revenue shift. First, can you just give us a sense of, like, those buckets of revenues, one, that shifted and, two, kind of the piece from the higher print volumes that you saw particularly in the quarter. And then just to follow up on that, just taking a step back, can you talk a little bit about the pricing environment that you're seeing in the investment markets segment?
Dave Gardella -- Senior Vice President, Investor Relations
Sure, Mike. I think when you look at U.S. investment markets on a year-over-year basis there was growth of about almost $4 million. And so when we look at the special proxy, that work was about also $4 million.
And then some of the timing shifts out of Q2 into Q1 were worth a couple million dollars. And then from a pricing perspective, not too much difference there in terms of what we've seen in overall trends. Obviously, as the funds are under fee pressure, kind of coming back to us and looking to reduce costs, I think we've talked about it in the past some of the solutions that we can provide with the FundSuite Arc platform allow us to help our clients achieve that cost reduction without necessarily being any pure price reduction to us.
Michael Cho -- J.P. Morgan -- Analyst
Understood. And if I could just squeeze one in on the capital markets segment, I think you said year-over-year volumes improved as the quarter went on, and I think you used the term normalized in March. Can I just ask what's the exit rate that you saw for March year over year in terms of the capital markets volumes?
Dave Gardella -- Senior Vice President, Investor Relations
So March was still down slightly on a year-over-year basis. As Dan and I both talked about, the pipeline is starting to build and looks, I'd say, fairly similar to what we saw last year. Strength on the IPO side, as we noted; a little bit softer on the m&A side. So from an overall Q2 perspective, like I said, kind of leaving the first-quarter March was still down slightly but clearly momentum coming in to Q2.
Operator
Our next question is from David Ridley-Lane, from Merrill Lynch.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
On the digital print investment, when would that be kind of up and running? And how quickly could that start to show up in better profitability on the print side?
Tom Juhase -- Chief Operating Officer
David, it's Tom. We were up and running and in production in April. So we took delivery at the beginning of the year and we went into production in April. So it's starting.
As we start to load it, it starts to flow through our business.
Dave Gardella -- Senior Vice President, Investor Relations
And David, just to be clear, from an incremental revenue perspective we don't expect it to have much impact. It's really more of a productivity play, being able to load assets on a more cost-effective basis. And that's obviously part of our cost reduction initiatives and baked into our full-year guidance.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Got it. And then I just missed, just to check on the numbers, for your expectations around second-quarter revenue.
Dave Gardella -- Senior Vice President, Investor Relations
So second-quarter revenue in the range of $260 million to $270 million. And that's obviously $19 million on a year-over-year basis, $19 million is the decline related to language solutions. And then when you look from an organic perspective, at the high end of the range it's essentially flat. At the midpoint it's down I think almost 2%.
And again, some of that is related to the softer M&A environment, as well as some of the timing shifts we saw on the investment markets side.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Got it. And then last one for me. Clearly, the U.S. IPO market has come roaring back here.
Wondering if you have become more optimistic around the capital markets environment as we've gone through the quarter.
Dan Leib -- Vice President, Finance, Strategy, and Transformation
I think certainly, as we said even on the fourth-quarter call, our expectation with the volatility that we saw in Q4 and then saw with the government shutdown, we expected what we experienced in terms of the lack of activity early in the quarter. There was a lot of confidence leading into 2019 on a robust IPO market, and I would say our expectations have narrowed as we've moved further along. So we are seeing the robust IPO market. As we mentioned, we feel very good about the deals that we're getting.
I think the M&A market, to the earlier comments, is a lot of things are now being announced and are being put into the pipeline. The lead time there tends to be a little bit longer, which is why we see that taking place in the back part of the year. But we feel very good about the IPO market, specific to your question. OK.
It appears no more questions. So operator, with that, we would thank everyone for participating. And we'll talk to you in early August. Thank you.
Operator
[Operator signoff]
Duration: 37 minutes
Call participants:
Justin Ritchie -- Head of Investor Relations
Dan Leib -- Vice President, Finance, Strategy, and Transformation
Dave Gardella -- Senior Vice President, Investor Relations
Charles Strauzer -- CJS Securities -- Analyst
Peter Heckmann -- D.A. Davidson -- Analyst
Michael Cho -- J.P. Morgan -- Analyst
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Tom Juhase -- Chief Operating Officer
More DFIN analysis
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As I mentioned, momentum picked up in March and DFIN is leading the IPO market, supporting numerous companies' debuts this quarter, including some of the largest high-profile filers to date. Donnelly Financial Solutions (NYSE: DFIN) Q1 2019 Earnings Call May. Operator Welcome to the DFIN Q1earnings call My name is John, and I will be your Operator for today's call.
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Davidson -- Analyst Michael Cho -- J.P. Morgan -- Analyst David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst Tom Juhase -- Chief Operating Officer More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q1 2019 Earnings Call May. Operator Welcome to the DFIN Q1earnings call My name is John, and I will be your Operator for today's call.
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Donnelly Financial Solutions (NYSE: DFIN) Q1 2019 Earnings Call May. Operator Welcome to the DFIN Q1earnings call My name is John, and I will be your Operator for today's 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.
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Davidson -- Analyst Michael Cho -- J.P. Morgan -- Analyst David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst Tom Juhase -- Chief Operating Officer More DFIN analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Donnelly Financial Solutions (NYSE: DFIN) Q1 2019 Earnings Call May. Operator Welcome to the DFIN Q1earnings call My name is John, and I will be your Operator for today's call.
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Donnelley Financial Solutions, Inc. (DFIN) Q4 2018 Earnings Conference Call Transcript
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https://www.nasdaq.com/articles/donnelley-financial-solutions-inc-dfin-q4-2018-earnings-conference-call-transcript-2019-02
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Donnelley Financial Solutions, Inc. (NYSE: DFIN)
Q4 2018 Earnings Conference Call
Feb. 27, 2019 , 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Welcome to the Donnelley Financial Solutions Fourth Quarter 2018 Results Conference Call. My name is Silvia, and I will be your operator for today's call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions) Please note that this conference is being recorded.
And I will now turn the call over to Justin Ritchie. Justin, you may begin.
Justin Ritchie -- -- Analyst
Thank you Silvia, good morning everyone and thank you for joining the Donnelley Financial Solutions third quarter 2018 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.
During this call, we'll refer to forward-looking statements that are subject to uncertainty. For a complete discussion, please refer to the cautionary statement included in our earnings release and further detailed in our annual report on Form 10- K and other filings with the SEC. Further, we will discuss non-GAAP financial information. We believe that presentation of non-GAAP results provides you with useful supplementary information concerning the company's ongoing operations and is an appropriate way for you to evaluate the company's performance.
They are, however, provided for informational purposes only. Please refer to the press release and related footnotes for GAAP financial information and a reconciliation of GAAP to non-GAAP financial information. I'm joined this morning by Dan Leib; Dave Gardella, and Tom Juhase.
I will now turn the call over to, Dan.
Daniel Leib -- Chief Executive Officer, Director
Thank you Justin, and good morning everyone. 2018 was a year of continued transformation. We made significant progress against our strategic priorities, including maintaining strong market share in our core markets, while continuing to evolve our revenue mix. The sale of the Language Solutions business and the purchase of eBrevia furthered our revenue mix shift, while at the same time allowing us to strengthen our balance sheet and create additional financial flexibility.
The increased investment in talent and in technology solutions to meet the needs of clients positions us for long-term success. Regarding our 2018 financial performance, we reported net sales of $963 million and non-GAAP adjusted EBITDA of $154.9 million. We also responsibly managed our balance sheet, reducing our total debt by $95.6 million from year-end 2017.
Over the last two years, we've reduced our net debt by $235 million, representing a reduction in net leverage from 3.4 times to 2 times. Highlighting the year was the accelerated pace of our SaaS revenue growth, which grew at 15.4% in 2018.
We saw strong double-digit net sales growth in our SaaS offerings throughout 2018, and we expect this trend to continue in 2019. During the fourth quarter, positive trends within our SaaS offerings, which were up 19.3% companywide as well as a rebound in our investment markets offerings were overshadowed by a very challenging market for corporate transactions in the latter half of the fourth quarter. On a consolidated basis, organic net sales were down 1.4% year-over-year, driven by an 11.5% year-over-year decline in our fourth quarter global transactional net sales, which more than offset 4.2% growth in the remainder of our business.
Despite stable market share performance, US capital market transaction activity was impacted negatively by the capital market volatility, primarily in the United States in November and December.
This market volatility, coupled with broader geopolitical uncertainties during the fourth quarter created a dampening effect on deal completion in the IPO debt and M&A markets with some companies opting to delay transactions into 2019. This was further exacerbated by the government shutdown, beginning in late December, as the SEC had limited ability to review filings, provide interpretive advice, issue no-action letters, open new funds and conduct their normal business activities.
Specifically, global IPO activity was down significantly in the quarter, and no high yield debt deals completed in December. Wrapping up on transactions, while it's been a challenging environment over the last few months, the change of transaction markets can be swift. And we are pleased to see a high level of activity returning to the pipeline, since the government reopened on January 25 and look forward to completing more deals in the coming months.
As I mentioned earlier, fourth quarter SaaS revenue grew by 19.3% year-over-year, led by growth in our FundSuiteArc platform, followed by venue and active disclosure. A key driver of this growth was the implementation of our N-CEN and N-PORT solution within the FundSuiteArc. We led the first successful submission of Form N-CEN with the SEC, and are currently preparing clients for the even more complex and data intensive monthly N-PORT filings, beginning in April 2019.
In addition to an increase in N-CEN and N-PORT filings, we saw a strong global growth in the quarter, driven by third-party administrator and mutual fund regulatory and reporting growth, as well as strong growth in the EU related to the PRIIPs regulation. Specifically, content management accelerated as asset managers continued to streamline their operations, reducing turnaround times and cost by moving away from traditional service to our SaaS solutions. Industry leading mutual fund and insurance companies expanded their usage of our ArcPro platform, a dynamic content management software that allows our clients to cost efficiently create consistent and accurate prospectuses and statements of additional information online.
We also saw strong growth in our ArcReporting solution with asset managers and third-party administrators, moving away from manual workflows, to our enterprise platform solution. We expect this trend to continue and see a solid pipeline ahead, as the industry accelerates their need to increase efficiency and lower cost.
Shifting to our Data Room software offering, we are proud that our Venue Virtual Data Room product was named America's Data Room of the year by the Global M&A Network. This recognition comes on the heels of Venue receiving the Global Data Room of the Year Award, earlier in the year.
Now, let's talk about ActiveDisclosure platform where we are helping clients prepare for the SEC's new in-line XBRL reporting requirements taking effect this year. Our financial disclosure technology reduces review times by an average of 40% and leads the industry in accuracy. As we planned for the 2019, iXBRL mandate, which is a complex reporting requirement, we are delivering technology solutions and regulatory expertise to our clients that comes from being the largest filer with the SEC.
Lastly, consistent with the comments we provided earlier in 2018, within our US investment markets business, we saw a turnaround with net sales growth of 5.3% year-over-year, supported by strong SaaS growth, increased fund growth and improved performance in our healthcare business, driven by increased digital print and distribution of pre-enrollment materials. Within our core investment market, compliance business, there was increased proxy activity during the back half of the year.
Focusing now on our operating priorities, we continued to execute on our long-term strategy and achieved several key milestones in the fourth quarter that sets us up for long-term success. Our commitment to invest responsibly in innovation and technology was exemplified in the purchase of the remainder of eBrevia in December. Our relationship with eBrevia began in 2015, with a minority investment in a commercial agreement. With the help of our sales team and diverse client base, eBrevia has managed to separate from the competition.
eBrevia's platform integrates with DFIN's Venue Data Room solution, providing intelligence on end-to-end deals. Clients are already benefiting from AI backed data extraction, lightening fast efficiency, plus, the integration with and data security within Venue. Most importantly, the platform aligns with our commitment to providing clients with best-in-class secured data aggregation, due diligence, compliance and risk management solutions as well as additional applications for our broader business.
Together with eBrevia, we are excited to provide superior artificial intelligence based solutions to our global clients. In November, we launched our go-to-market brand identity DFIN, which aligns to our vision and strategy in the global risk and compliance market and highlights the increasingly digital nature of our suite of global risk and compliance solutions. In our industry, we see technology evolve and regulation shift. We are committed to deploying technologies such as machine learning and data analytics to unlock the unique potential of clients' risk and compliance needs.
Our fourth quarter and overall 2018 performance reflects our evolution and business mix shift to support our clients when, where and how they want to work in a digital world. We're pleased with the steady pace of our revolving revenue mix toward SaaS and technology-enabled services and will remain diligent in managing the business effectively through this evolution.
With that, I will turn it over to Dave to give more details on our financial performance and guidance for 2019. Dave?
David Gardella -- Chief Financial Officer
Thank you Dan, and good morning everyone. Before I discuss our fourth quarter financial performance, I'd like to recap a significant item in the quarter that impacts our year-over-year comparability. As we announced on the last earnings call , we completed the sale of our Language Solutions business in the third quarter of 2018. Our fourth quarter 2018 results exclude Language Solutions, while the fourth quarter of 2017 includes Language Solutions for the entire quarter.
As I mentioned on our third quarter call, the sale negatively impacted our reported revenue comparison by $21.2 million and negatively impacted our non-GAAP adjusted EBITDA comparison by approximately $3.9 million in the quarter, inclusive of net stranded costs.
Keeping this in mind, let's review our fourth quarter financial results. On a consolidated basis, net sales for the fourth quarter of 2018 were $200.3 million, a decrease of $24.5 million or 10.9% from the fourth quarter of 2017, primarily due to the sale of Language Solutions. After adjusting for the sale of Language Solutions, changes in foreign exchange rates and the impact of the adoption of the new revenue recognition standard, organic net sales decreased 1.4%.
Continued strong growth in our SaaS offerings, led by FundSuiteArc, combined with a rebound in activity within the balance of our Investment Markets business, nearly offset the decline in US capital markets transaction activity that Dan mentioned earlier. Adjusted for the sale of Language Solutions, Services' net sales in the fourth quarter decreased by $7.4 million or 5.3% as compared to the fourth quarter of 2017, driven by lower US capital markets transactional activity, partially offset by continuing growth in our SaaS offerings. Products net sales increased by $4.1 million or 6.4% due to a rebound in investment markets, mutual fund and healthcare volumes in the quarter. Fourth quarter gross margin was 35.2% or 310 basis points, lower than the fourth quarter of 2017, primarily driven by an unfavorable mix between higher margin services, including transactional revenue and lower margin Products net sales.
Non-GAAP SG&A expense in the quarter was $51.1 million, $2.9 million lower than the fourth quarter of 2017. As a percentage of revenue, non-GAAP SG&A was 25.5% or 150 basis points higher than the fourth quarter of 2017, primarily due to the sale of Language Solutions and the associated stranded cost, as well as investments in our strategic priorities.
Our fourth quarter non-GAAP adjusted EBITDA was $19.4 million, a decrease of $12.7 million from the fourth quarter of 2017, primarily driven by the weak US capital markets transactional activity, and the sale of Language Solutions, which as I noted earlier, negatively impacted the fourth quarter comparison by $3.9 million.
Weakness in the US capital markets' transactional activity also negatively impacted our non-GAAP adjusted EBITDA margin in the quarter. Turning now to our segment results. Net sales in our US segment were $170.7 million in the fourth quarter of 2018, a decrease of 10% from last year's fourth quarter. On an organic basis, after adjusting for the sale of Language Solutions and the impact of the new revenue recognition standard, net sales were down 5.6%.
Net sales in US capital markets decreased 13.1% on an organic basis, primarily due to weak transactional activity, again driven by a significant reduction in IPOs and debt deals in the later part of the quarter. This was partially offset by net sales in US investment markets, which increased 4.1% on an organic basis, driven by growth in our SaaS offerings, along with a rebound in mutual fund and healthcare volumes.
Non-GAAP adjusted EBITDA margin for the segment of 14.2% decreased 490 basis points from the fourth quarter of 2017, primarily due to lower capital markets transactional activity. Net sales in our International segment were $29.6 million in the fourth quarter of 2018, a decrease of 15.7% from the fourth quarter of last year.
On an organic basis, excluding the impact of the Language Solutions' disposition and unfavorable impact of changes in foreign exchange rates and the new revenue recognition standard, net sales in the fourth quarter were up 21.7% driven by growth in our SaaS offerings and continued strong transactional activity in Asia. Non-GAAP adjusted EBITDA margin for the segment of 6.8%, decreased 60 basis points from the fourth quarter of 2017, due to increased technology expenses, offset by a more favorable mix of business, due to the sale of Language Solutions.
Our fourth quarter 2018 non-GAAP unallocated corporate expenses, excluding depreciation and amortization were $6.8 million and were flat with the fourth quarter of 2017. Consolidated free cash flow in the quarter was $41.6 million, $8.3 million lower than the fourth quarter of 2017, primarily due to lower EBITDA, increased capital expenditures, primarily related to capitalized software development costs related to our growth initiatives, along with less cash generated by working capital.
Our controllable working capital rate, which we define as accounts receivable, plus inventory less accounts payable as a percent of our trailing three month annualized net sales, increased approximately 60 basis points from 13.4% at year-end 2017 to just over 14% at year-end 2018, primarily due to higher accounts receivable balances. We are targeting improvement in this area in 2019.
We ended the quarter with $362.7 million of total debt and $315.4 million of net debt, with nothing drawn on our revolver, and we had net available liquidity of $302 million. As of December 31 2018, our net leverage ratio was 2.0 times, down 0.4 times from a year ago. Lastly, at year-end 2018, our pension and other post-retirement plans were $52.5 million under-funded, an improvement in funding levels of $2.2 million compared to year-end 2017.
Before I turn it back to Dan, I again want to mention the impact to our year-over-year comparability in 2019 related to the sale of Language Solutions, which we sold in the third quarter of 2018. The Language Solutions -- the sale of Language Solutions, negatively impacts our 2019 year-over-year comparisons by approximately $42 million in revenue and approximately $3 million in EBITDA over the first three quarters of the year.
The year-over-year revenue impacts for Q1, Q2 and Q3 are $19 million, $20 million and $3 million respectively. The corresponding year-over-year EBITDA impacts, inclusive of stranded costs are $1 million in Q1, $1.5 million in Q2 and $0.5 million in Q3.
With that covered, let me now provide some color on the full year 2019 guidance, summarized in this morning's press release. We remain excited about the growth we're seeing in our SaaS solutions, however, given the state of the transactional market that Dan described earlier, we're taking a cautious approach to our initial guidance.
We are seeing high levels of activity in our current transactional pipeline, but deal completion is ramping up as companies receive feedback from the SEC. As a reminder, we recognized revenue on transactions, when our work on the deal was complete. We do expect these deals to ultimately come to market, but the delay is effectively shortening our transactions here. This results in our expectation for less overall transactional net sales in 2019, with the first quarter being down year-over-year, followed by growth in the last three quarters.
To mitigate the expected decrease in transactional net sales and profits, we are making the necessary adjustments to our operating plan, to achieve modest non-GAAP EBITDA margin growth for the year, while also continuing to invest in the SaaS solutions and technology-enabled services that will drive the future organic growth, outlined in our long-term financial model.
Specifically, we expect 2019 total net sales to be in the range of $910 million to $940 million, representing organic growth of approximately 0.4% at the midpoint, as SaaS growth is projected to continue to grow in the mid-teens, and more than offsets any year-over-year declines in transactional and print related net sales.
We expect our non-GAAP adjusted EBITDA to be in the range of $145 million to $155 million. Depreciation and amortization is expected to be approximately $48 million. We expect interest expense of approximately $35 million, our full-year non-GAAP tax rate is expected to be in the range of 29% to 31%. We project the full year fully diluted weighted average share count to be approximately 35 million shares, and lastly, we expect capital expenditures in the range of $40 million to $45 million with free cash flow also in the range of $40 million to $45 million.
Regarding timing and seasonality, we expect the first quarter to have a difficult year-over-year comparison due to the sale of Language Solutions, which as I mentioned, negatively impacts first quarter net sales and EBITDA comparisons by $19 million and $1.5 million respectively, along with the headwinds facing US capital markets transactions. In total, we're expecting first quarter net sales to be in the range of $220 million to $230 million, down approximately 5% year-over-year, when excluding the impact of Language Solutions, as SaaS growth is expected to be strong and should partially offset the delays in completing transactions. While we expect to see the pace of transactional deals pick-up, starting in March, our assumption for the full year is that transactional net sales will be down approximately 4% versus full year 2018. We'll continue to keep you updated on how transactional activity levels and deal completions are progressing as the year goes on.
Also from a seasonality perspective, our normal timing of cash flow has us as a net user of cash, in the first half of the year, generating more than all of our annual cash flows in the back half of the year, driven by the peak proxy season in the second quarter. Given the transactional headwind that we will face early in the year, we expect our seasonality of cash flow in 2019 to be even more heavily weighted to the back half of the year compared to a more typical year.
In summary, we're pleased with the continued success we're seeing in SaaS and believe that the fourth quarter growth of 19.3% provides additional proof that our strategy to continue to invest in these offerings is sound. As we've seen, transactions will continue to be variable. So, we will closely monitor the relative strength of our end markets, adjusting our plans as needed to drive long-term growth while also achieving improvements in our non-GAAP adjusted EBITDA margin and free cash flow.
And with that, I'll turn it back to Dan.
Daniel Leib -- Chief Executive Officer, Director
Thank you Dave. We have started to see encouraging activity in the market and have a strong pipeline. While the transactional side of our business is market-sensitive, we are confident that an open government, normalized valuations and return of constructive investor sentiment will provide the foundation for a solid 2019, despite an effectively shorter year in which to transact.
Looking ahead, our long-term strategic plan remains unchanged. We are focused on driving our strategy to be a growth company in the digital world, while enabling our clients to navigate the complex risk and compliance environment.
In 2019, you can expect continued progress on the initiatives outlined in our strategic plan, with a specific focus on our operating priorities, including changing the mix of business, protecting our current market position, and reshaping our culture. As we execute our strategy, we will continue to explore the M&A market, looking for opportunities to accelerate our strategic evolution. As we have proven, we will also continue to be disciplined around all capital deployment. We feel very good about what we've invested back into the business and the pace at which we're proceeding.
And with that, let's open the line for Q&A.
Questions and Answers:
Operator
Thank you. We will now begin the question-and-answer session. (Operator Instructions) And our first question comes from Peter Heckmann from DA Davidson.
Peter Heckmann -- DA Davidson -- Analyst
Good morning gentlemen. Thanks for taking my questions. On the N-CEN, N-PORT opportunity, starting to generate some revenue in the fourth quarter, did that pull forward that benefit? And can you talk about, have you been able to fine tune your forecast at all, about the revenue benefit from both of those new rule changes?
David Gardella -- Chief Financial Officer
Yeah Pete, this is Dave. So thanks for the question. We did start to see some of the benefits from some of those filings. I think, more to come in 2019 as you know, the more significant impact start to hit us in April of 2019 and we should see some incremental growth year-over-year there.
Peter Heckmann -- DA Davidson -- Analyst
Okay. And then eBrevia, should we assume fairly small revenue contribution, a couple of million maybe?
David Gardella -- Chief Financial Officer
Yeah. I think, a fair assumption. As we look at its integration with Venue and we have robust plans with Venue, we see opportunity as a stand-alone and an opportunity as an integrated offering with Venue. So, I think relative to its impact overall, I think your comment of not being a huge number makes sense. I think, at some point it gets hard to know, how much Venue sales are driven because of the integrated offering. So, as we think about it, we think of it in those two lanes, independent and then as part of Venue, but I think as the independent piece, I think that's a fair way to think about it.
Thomas Juhase -- Chief Operating Officer
Yeah, Peter, it's Tom Juhase. So, it clicks a couple of box, eBrevia. So, the first one, you will see is the leveraging the sales channel and the Venue product, as a repository. So, where the documents go into Venue and then eBrevia can analyze those same documents for clients. So, it's going to be in the Venue revenue stream and then it clicks the box on risk and compliance solutions and then using AI technology. So, on a broader scale, the eBrevia will start to stand on its own as its own product, in terms of our solution set for risk and compliance solutions. So, that's how we're thinking of it, the first ramp inside the Venue product and then the second ramp on their own.
Peter Heckmann -- DA Davidson -- Analyst
Got it, got it. And then just last question, I'll get back in the queue. But, it appears your total shares outstanding guidance does not contemplate any material level of share repurchases. Can you talk about any updated thoughts from the Board in that regard?
Daniel Leib -- Chief Executive Officer, Director
Yes, sure. So, it's correct. Our guidance assumes status quo and as a Board, we evaluate all potential avenues of capital deployment. In the context of overall leverage, as we've said, we've been active in the M&A market. Valuations have been richer than we would like, and so we've been very disciplined around how we deploy capital and we've been paying down debt aggressively, but certainly as a Board, consider all the various avenues.
Peter Heckmann -- DA Davidson -- Analyst
Got it, thank you.
Daniel Leib -- Chief Executive Officer, Director
Thank you.
Operator
Our following question comes from Charles Strauzer from CJS Securities.
Charles Strauzer -- CJS Securities -- Analyst
Hi good morning.
Daniel Leib -- Chief Executive Officer, Director
Good morning.
Charles Strauzer -- CJS Securities -- Analyst
Couple of questions, first on the revenue guidance, I know you kind of give up the transactional down 4%, but maybe you can give us some thoughts on the other segments and the growth rate assumptions underlying the revenue guidance. Thanks. And I'll follow up in a second.
Daniel Leib -- Chief Executive Officer, Director
Yes, sure. It's only a couple of comments and then maybe Dave can weigh in a bit on seasonality as well. So, our guidance we shared at the Investor Day, back in May regarding the mix of business shift and specifically on the SaaS offerings and our embedded within our guidance is a continuation of the success we've had on the SaaS side. So, I'd think of that in the mid-teens level range of continued growth in the SaaS offerings. Transactions as Dave mentioned, was down to 4% (ph) and then I don't know if you want to go into anything on seasonality or anything on...
David Gardella -- Chief Financial Officer
Yes. So, Charlie, the only thing I would say is Dan noted the SaaS revenue, our expectation still in the mid teens, I think when you look at the Products based net sales, the print side, which is predominantly in investment markets, we would continue to expect to see that decline at kind of the mid-single digit rates. So, investment markets on a year-over-year basis, probably down a little bit, and again all print related.
I think when you roll up the year, the decline in transactional and then obviously not having Language Solutions in the numbers really accounts for all of the delta on a year-over-year basis.
Charles Strauzer -- CJS Securities -- Analyst
Great. And then just looking at the Q1 discussion you had there about the revenue kind of being to $220 million to $230 million, I think you said -- what kind of EBITDA margin assumption should we use on that? I think, last quarter, in Q4 you had about a 10% EBITDA margin, given the headwinds in transactional, is that kind of a good number to use for EBITDA?
David Gardella -- Chief Financial Officer
Yeah. So, it's good question. So, first of all Language Solutions on a year-over-year basis right, there is about $1.5 million coming out of Q1 from an EBITDA perspective, and then when you look at where we expect to see the decline in capital markets transaction, as you know, and as we saw in Q4 that tends to carry a pretty high incremental or in this case detrimental margin. So, we would expect margins to come down kind of in line with what we've seen historically on the changes in transactional revenue.
Charles Strauzer -- CJS Securities -- Analyst
Got it. And then just lastly, just a housekeeping on the guidance for interest expense of about $35 million, it seems a little higher than I would have thought, given the debt pay down that you guys have done over the years. Any thoughts there?
David Gardella -- Chief Financial Officer
Yes. So, and one of the things I mentioned, just from a timing just from a timing of cash flow perspective. We've seen rates come up a little bit throughout 2018, so the year-over-year delta there and then from a cash flow timing perspective, I mentioned will be a user of cash at the beginning in the year, and then you -- we're typically a user of cash in the beginning of the year, you couple that with the weak transactional activity, the comments on EBITDA in Q1, that's going to be exacerbated; we'll be more of a user of cash in Q1.
All of our cash flow will be more heavily weighted to the back half of the year. So, on an overall basis, we think that $35 million is in the ballpark.
Charles Strauzer -- CJS Securities -- Analyst
Excellent. Thank you very much.
David Gardella -- Chief Financial Officer
Thank you.
Operator
Our following question comes from Bill Warmington from Wells Fargo.
Bill Warmington -- Wells Fargo -- Analyst
Good morning everyone.
Daniel Leib -- Chief Executive Officer, Director
Good morning Bill.
Bill Warmington -- Wells Fargo -- Analyst
So I just wanted to ask for some help on the 2019 revenue guidance just to understand the constant currency organic revenue growth, adjusted that's embedded there. I know there are a bunch of puts and takes, and I just want to make sure I get them right in terms of eBrevia coming in, FX, Language Solutions going away and the revenue recognition. I just want to make sure, I know kind of like what's the underlying constant currency organic revenue growth in that $910 million to $940 million range.
David Gardella -- Chief Financial Officer
It's just under 0.5% at the midpoint.
Bill Warmington -- Wells Fargo -- Analyst
Got it. And then, with the eBrevia, I wanted to double check, does that go into the SaaS revenue total or not?
Daniel Leib -- Chief Executive Officer, Director
Yes, it will. Yes. So, when we talk about the growth rate, we're talking an organic growth rate in the mid-teens, and then to your question eBrevia will be on top of that.
Bill Warmington -- Wells Fargo -- Analyst
Got it. And then, if you could talk a little bit about how the cross-selling has been going with eBrevia? It seems like there were a lot of applications that would pull along -- it would open doors and pull long potentially business for other parts of the organization, has that actually been happening and you're starting to actually see it in the results?
Thomas Juhase -- Chief Operating Officer
Yeah, this is Tom. So, we had a -- we had the partnership, so we were seeding those relationships early on. We're seeing definitely an uptick coming in, at the beginning of this year with some larger contract opportunities, so the sales channel targets -- the public corporations, right, in terms of the number of contracts that are sitting inside their regulatory events like a GDPR or Brexit, that can go in and see where they need to amend their contracts.
Looking or pinpointing contracts or non-standard terms with corporations to characterize risks or exposure in a contract, so all these things are being brought to the corporate risk and compliance side as well as the legal side. And then another sales channel for us is the legal, the firms themselves, the law firms themselves and the fact that they can scale, they can do large scale contract analytics.
So, the sales channel has definitely been seeded well, and now with the news that we own the corporation rather than we have a stake in it. I think, our customers look to us to sort of have skin in the game and when we own the solution ourselves, we see an uptick in confidence that we can stand by the product. So, it's been good. Good out of the gate...
Bill Warmington -- Wells Fargo -- Analyst
And one more, just kind of housekeeping item, the guidance on CapEx, $40 million to $45 million versus $37 million last year. Is that increase going, mostly into active disclosure -- does it start to trail off? I'm trying to get a sense for going forward, what we should think about as the ongoing level of CapEx?
Daniel Leib -- Chief Executive Officer, Director
Yes, sure. So Dave, will go in a little more specifics. We do have a couple of projects that are driving that a little bit higher in 2019. Overall, we do expect it to go down in 2020. The vast majority of our capital is for technology development. But -- and as we've mentioned on prior calls, and I think our guidance heading into 2018 rather was in that same range and then we're coming in a little bit below that and that is a function of as we go through our processes around required return on projects, if the project doesn't have the required return, we don't approve it, and the spending isn't done.
So, very disciplined around capital allocation. It is a bit of an increase, at least, embedded in the guidance and we do expect it to go down in 2020.
Bill Warmington -- Wells Fargo -- Analyst
Got it.
David Gardella -- Chief Financial Officer
Yes Bill. Just one addition there, some of the increase Dan alluded to -- we're making some investments to digitize a portion of our print platform, and there's a nice productivity play for us there and then also as Dan noted in 2020, we would expect that to come back, probably in the -- call it mid-to-high $30 million range.
Bill Warmington -- Wells Fargo -- Analyst
So, it's not going to be a build-out of Justin Ritchie's new office?
David Gardella -- Chief Financial Officer
No. That's was covered within this year's.
Bill Warmington -- Wells Fargo -- Analyst
Okay. All right. Excellent. All right. Listen, thank you very much for the update.
David Gardella -- Chief Financial Officer
Thank you.
Operator
Our following question comes from David Ridley-Lane from Bank of America Merrill Lynch.
David Ridley Lane -- Bank of America Merrill Lynch -- Analyst
Sure. Wanted to give you an opportunity, end of the year was a good time to recap how DFIN is doing against the competition in the SaaS space. How do you think on the Virtual Data Rooms you're doing. Did you pick up share in 2018 versus the competition, and then on the sort of the active disclosure side, have you seen when loss rates continue to trend in your favor, on a volume basis, did you pick up more corporates -- publicly traded companies? Thank you.
Daniel Leib -- Chief Executive Officer, Director
Yes, sure. So, let me start there. So, relative to the software product and the three main products and defining the overall market in that progress -- in that market, we feel good in terms of being a share taker really in all three of our products, and if we look at the year that we had and depending upon the market information, you can get -- start with Venue, so we mentioned the awards in terms of Data Room of the Year, et cetera. Having double-digit growth in that market, there's a couple different publications out there projecting out what the market has grown at, and if you look at those two, you're probably in the high single-digit range for the market and we're above that.
Similarly, when you go to active disclosure, we feel good about the progress there. I think for the year, we were in the low '20s or approximately 20% or so of growth, and when we look at, to your question on net account wins and this is -- we look at it a couple of different ways. One is net wins and losses, taking into account all factors including de-listings and bankruptcies and mergers. So, reasons that the total number of companies might decrease, yet aren't really due to competition.
But, on a net win basis, including some of those non-competitive factors, we were over 100 new logos, coming onto the platform, so, very happy with that. When we take into account obvious, just the competitive side of, it, it's higher than that. So, feel good about the progress we've made and certainly trending in the right way on active disclosure as well and then on the FundSuiteArc side, they had a very good year. Growth was over 20% coming in FundSuiteArc on the tech side, and feel really good about what they've accomplished, both domestically with our ArcReporting, ArcPro and N-CEN, N-PORT as we've talked about before, and then encouraging in what we've seen in the European market, and we do think there is a continued growth opportunity available to us there.
So, the 15.4% aggregate which includes a small piece of EDGAR Online, we're pretty happy with, and then obviously you want to drive that higher and to the earlier question, both organically, want to drive it higher and then the addition of eBrevia will add that to the mix. I think in the fourth quarter alone, the technology as a percentage of the total was 22% or so. So, we're seeing the mix shift take place, it's obviously favorable from a margin perspective, as products get to scale. So, we feel pretty good about it.
David Ridley Lane -- Bank of America Merrill Lynch -- Analyst
Thank you. And then just a quick one for Dave, just so that I understand. When you're giving these Language Solution adjusted EBITDA contribution, are you saying that basically that was the EBITDA contribution in the quarters of 2018, that just won't show up because of the divestiture or you're trying to say that there will be a continued drag from stranded cost in the first quarters of 2019 2020 -- second quarter of 2019 and third quarter of 2019.
David Gardella -- Chief Financial Officer
Yes. It's really the combined. The lost EBITDA, in addition to the net stranded costs. So, really thinking about it as a year-over-year delta.
David Ridley Lane -- Bank of America Merrill Lynch -- Analyst
Got it. And then, have you worked down the stranded cost already or is there still work to do for you around that in 2019?
David Gardella -- Chief Financial Officer
Yes. We've actually done a -- I think a pretty good job on that. I think, when we initially looked at the overall EBITDA impact to relate it to the sale, we had estimated that, on a run rate basis, it would negatively impact consolidated EBITDA by about $8 million. After the sale last year, we took our guidance down by $5 million, related to the sale and then the $3 million this year. So, we've executed pretty well on shedding some of those stranded costs.
David Ridley Lane -- Bank of America Merrill Lynch -- Analyst
Okay. All right. Thank you very much.
David Gardella -- Chief Financial Officer
Yes. Thank you.
Operator
We have no further questions at this time.
Daniel Leib -- Chief Executive Officer, Director
Great. So, thank you and we will look forward to reconnecting after Q1 in May. Thank you very much.
Operator
Thank you, ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.
Duration: 42 minutes
Call participants:
Justin Ritchie -- -- Analyst
Daniel Leib -- Chief Executive Officer, Director
David Gardella -- Chief Financial Officer
Peter Heckmann -- DA Davidson -- Analyst
Thomas Juhase -- Chief Operating Officer
Charles Strauzer -- CJS Securities -- Analyst
Bill Warmington -- Wells Fargo -- Analyst
David Ridley Lane -- Bank of America Merrill Lynch -- Analyst
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q4 2018 Earnings Conference Call Feb. 27, 2019 , 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com. eBrevia's platform integrates with DFIN's Venue Data Room solution, providing intelligence on end-to-end deals.
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Duration: 42 minutes Call participants: Justin Ritchie -- -- Analyst Daniel Leib -- Chief Executive Officer, Director David Gardella -- Chief Financial Officer Peter Heckmann -- DA Davidson -- Analyst Thomas Juhase -- Chief Operating Officer Charles Strauzer -- CJS Securities -- Analyst Bill Warmington -- Wells Fargo -- Analyst David Ridley Lane -- Bank of America Merrill Lynch -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q4 2018 Earnings Conference Call Feb. 27, 2019 , 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Duration: 42 minutes Call participants: Justin Ritchie -- -- Analyst Daniel Leib -- Chief Executive Officer, Director David Gardella -- Chief Financial Officer Peter Heckmann -- DA Davidson -- Analyst Thomas Juhase -- Chief Operating Officer Charles Strauzer -- CJS Securities -- Analyst Bill Warmington -- Wells Fargo -- Analyst David Ridley Lane -- Bank of America Merrill Lynch -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q4 2018 Earnings Conference Call Feb. 27, 2019 , 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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Duration: 42 minutes Call participants: Justin Ritchie -- -- Analyst Daniel Leib -- Chief Executive Officer, Director David Gardella -- Chief Financial Officer Peter Heckmann -- DA Davidson -- Analyst Thomas Juhase -- Chief Operating Officer Charles Strauzer -- CJS Securities -- Analyst Bill Warmington -- Wells Fargo -- Analyst David Ridley Lane -- Bank of America Merrill Lynch -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q4 2018 Earnings Conference Call Feb. 27, 2019 , 9:00 a.m. This morning, we released our earnings report, a copy of which can be found in the Investors section of our website at dfinsolutions.com.
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1835b781-c5e5-4a70-a323-a685b7b09d37
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728862.0
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2019-02-27 00:00:00 UTC
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Financial Sector Update for 02/27/2019: OCN, PSEC, DFIN, JPM, WFC, BAC, C, USB
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-02272019-ocn-psec-dfin-jpm-wfc-bac-c-usb-2019-02-27
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nan
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Top Financial Stocks:
JPM: -0.28%
BAC: -0.29%
WFC: -0.18%
C: -0.11%
USB: Flat
Most financial heavyweights were retreating pre-bell Wednesday.
Stocks moving on news include:
(+) Ocwen Financial ( OCN ), which was advancing by over 15% as it posted a Q4 net loss of $0.03 per share compared with a loss of $0.34 per share in the fourth quarter of 2017. Analysts polled by Capital IQ were expecting a loss of $0.45 per share.
In other sector news:
(-) Prospect Capital ( PSEC ) was down more than 1% after unveiling plans to issue $150 million unsecured convertible notes due 2025 in an underwritten public offering.
(=) Donnelley Financial Solutions ( DFIN ) was flat after posting a Q4 loss of $0.06 per share, compared with earnings of $0.14 per share in the same period a year ago. Analysts polled by Capital IQ expected earnings of $0.15 per share.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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(=) Donnelley Financial Solutions ( DFIN ) was flat after posting a Q4 loss of $0.06 per share, compared with earnings of $0.14 per share in the same period a year ago. USB: Flat Most financial heavyweights were retreating pre-bell Wednesday. Stocks moving on news include: (+) Ocwen Financial ( OCN ), which was advancing by over 15% as it posted a Q4 net loss of $0.03 per share compared with a loss of $0.34 per share in the fourth quarter of 2017.
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(=) Donnelley Financial Solutions ( DFIN ) was flat after posting a Q4 loss of $0.06 per share, compared with earnings of $0.14 per share in the same period a year ago. Analysts polled by Capital IQ were expecting a loss of $0.45 per share. Analysts polled by Capital IQ expected earnings of $0.15 per share.
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(=) Donnelley Financial Solutions ( DFIN ) was flat after posting a Q4 loss of $0.06 per share, compared with earnings of $0.14 per share in the same period a year ago. Stocks moving on news include: (+) Ocwen Financial ( OCN ), which was advancing by over 15% as it posted a Q4 net loss of $0.03 per share compared with a loss of $0.34 per share in the fourth quarter of 2017. Analysts polled by Capital IQ were expecting a loss of $0.45 per share.
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(=) Donnelley Financial Solutions ( DFIN ) was flat after posting a Q4 loss of $0.06 per share, compared with earnings of $0.14 per share in the same period a year ago. Stocks moving on news include: (+) Ocwen Financial ( OCN ), which was advancing by over 15% as it posted a Q4 net loss of $0.03 per share compared with a loss of $0.34 per share in the fourth quarter of 2017. Analysts polled by Capital IQ were expecting a loss of $0.45 per share.
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71599152-d902-482a-8f62-4034f72b02e6
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728863.0
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2019-02-27 00:00:00 UTC
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Financial Sector Update for 02/27/2019: DOC,OCN,PSEC,DFIN
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-02272019-dococnpsecdfin-2019-02-27
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nan
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Top Financial Stocks
JPM -0.14%
BAC +1.05%
WFC +0.47%
C +0.70%
USB +0.39%
Financial stocks have turned moderately higher this afternoon, including a more than 0.2% advance for the NYSE Financial Index in late trade while shares of financial companies in the S&P 500 were climbing almost 0.5%. The Philadelphia Housing Index was falling nearly 0.1%.
Among financial stocks moving on news:
(-) Physicans Realty Trust ( DOC ) was down about 2% in late Wednesday trading, recovering from a nearly 5% mid-day decline. In addition to reporting above-consensus Q4 revenue and in-line earnings, the company Tuesday night said it was promoting Mark Theine to executive vice president for asset management at the real estate investment trust. It also named John Lucey to be the company's new chief accounting and administrative officer while Laurie Becker will become controller.
In other sector news:
(+) Ocwen Financial ( OCN ) was nearly 16% higher during Wednesday trading after the mortgage servicing company reported a Q4 net loss of $0.03 per share, paring a $0.34 per share net loss during the final three months of 2017 and beating the Street view expecting a $0.45 per share net loss for the three months ended Dec. 31.
(+) Prospect Capital ( PSEC ) was narrowly higher in recent trading after pricing an upsized $175 million private placement of 6.375% senior unsecured convertible notes maturing in March 2025. The notes are convertible into Prospect Capital common stock at $9.03 a share, a 31.8% premium to Tuesday's closing price.
(-) Donnelley Financial Solutions ( DFIN ) slumped 12% on Wednesday after the investment analytics company reported a Q4 net loss of $0.06 per share, reversing a $0.14 per share profit during the same period in 2017 and missing the Capital IQ consensus by $0.09 per share.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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(-) Donnelley Financial Solutions ( DFIN ) slumped 12% on Wednesday after the investment analytics company reported a Q4 net loss of $0.06 per share, reversing a $0.14 per share profit during the same period in 2017 and missing the Capital IQ consensus by $0.09 per share. Among financial stocks moving on news: (-) Physicans Realty Trust ( DOC ) was down about 2% in late Wednesday trading, recovering from a nearly 5% mid-day decline. In addition to reporting above-consensus Q4 revenue and in-line earnings, the company Tuesday night said it was promoting Mark Theine to executive vice president for asset management at the real estate investment trust.
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(-) Donnelley Financial Solutions ( DFIN ) slumped 12% on Wednesday after the investment analytics company reported a Q4 net loss of $0.06 per share, reversing a $0.14 per share profit during the same period in 2017 and missing the Capital IQ consensus by $0.09 per share. Financial stocks have turned moderately higher this afternoon, including a more than 0.2% advance for the NYSE Financial Index in late trade while shares of financial companies in the S&P 500 were climbing almost 0.5%. In other sector news: (+) Ocwen Financial ( OCN ) was nearly 16% higher during Wednesday trading after the mortgage servicing company reported a Q4 net loss of $0.03 per share, paring a $0.34 per share net loss during the final three months of 2017 and beating the Street view expecting a $0.45 per share net loss for the three months ended Dec. 31.
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(-) Donnelley Financial Solutions ( DFIN ) slumped 12% on Wednesday after the investment analytics company reported a Q4 net loss of $0.06 per share, reversing a $0.14 per share profit during the same period in 2017 and missing the Capital IQ consensus by $0.09 per share. Financial stocks have turned moderately higher this afternoon, including a more than 0.2% advance for the NYSE Financial Index in late trade while shares of financial companies in the S&P 500 were climbing almost 0.5%. In other sector news: (+) Ocwen Financial ( OCN ) was nearly 16% higher during Wednesday trading after the mortgage servicing company reported a Q4 net loss of $0.03 per share, paring a $0.34 per share net loss during the final three months of 2017 and beating the Street view expecting a $0.45 per share net loss for the three months ended Dec. 31.
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(-) Donnelley Financial Solutions ( DFIN ) slumped 12% on Wednesday after the investment analytics company reported a Q4 net loss of $0.06 per share, reversing a $0.14 per share profit during the same period in 2017 and missing the Capital IQ consensus by $0.09 per share. Financial stocks have turned moderately higher this afternoon, including a more than 0.2% advance for the NYSE Financial Index in late trade while shares of financial companies in the S&P 500 were climbing almost 0.5%. The notes are convertible into Prospect Capital common stock at $9.03 a share, a 31.8% premium to Tuesday's closing price.
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3da08446-2d49-45bf-bd22-ec5716d1b7dd
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728864.0
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2019-02-20 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
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DFIN
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-earnings-expected-to-grow%3A-what-to-know-ahead-of-next
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nan
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Donnelley Financial Solutions (DFIN) is expected to deliver a year-over-year increase in earnings on lower revenues when i t report s results for the quarter ended December 2018. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on February 27. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus Estimate
This financial communications and data services provider is expected to pos t quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +14.3%.
Revenues are expected to be $212.17 million, down 5.6% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time , and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Donnelley Financial?
For Donnelley Financial, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Donnelley Financial will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Donnelley Financial would pos t earnings of $0.20 per share when it actually produced earnings of $0.27, delivering a surprise of +35%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Donnelley Financial doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) is expected to deliver a year-over-year increase in earnings on lower revenues when i t report s results for the quarter ended December 2018. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
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Donnelley Financial Solutions (DFIN) is expected to deliver a year-over-year increase in earnings on lower revenues when i t report s results for the quarter ended December 2018. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. Price, Consensus and EPS Surprise Earnings Whisper Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out.
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Donnelley Financial Solutions (DFIN) is expected to deliver a year-over-year increase in earnings on lower revenues when i t report s results for the quarter ended December 2018. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. Price, Consensus and EPS Surprise Earnings Whisper Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out.
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Donnelley Financial Solutions (DFIN) is expected to deliver a year-over-year increase in earnings on lower revenues when i t report s results for the quarter ended December 2018. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. Price, Consensus and EPS Surprise Earnings Whisper Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out.
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e433c4b3-e551-48d6-86b2-8923dcdf3ddf
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728865.0
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2019-01-31 00:00:00 UTC
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Will Donnelley Financial (DFIN) Beat Estimates Again in Its Next Earnings Report?
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DFIN
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https://www.nasdaq.com/articles/will-donnelley-financial-dfin-beat-estimates-again-in-its-next-earnings-report-2019-01-31
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nan
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Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its nex t quarterly report ? Donnelley Financial Solutions (DFIN), which belongs to the Zacks Internet - Software and Services industry, could be a great candidate to consider.
This financial communications and data services provider has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 22.38%.
For the las t report ed quarter, Donnelley Financial came out with earnings of $0.27 per share versus the Zacks Consensus Estimate of $0.20 per share, representing a surprise of 35%. For the previous quarter, the company was expected to pos t earnings of $0.82 per share and it actually produced earnings of $0.90 per share, delivering a surprise of 9.76%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Donnelley Financial. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time . In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Donnelley Financial currently has an Earnings ESP of +6.25%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's nex t earnings report to be released on February 27, 2019.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN), which belongs to the Zacks Internet - Software and Services industry, could be a great candidate to consider. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. This financial communications and data services provider has an established record of topping earnings estimates, especially when looking at the previous two reports.
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Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. Donnelley Financial Solutions (DFIN), which belongs to the Zacks Internet - Software and Services industry, could be a great candidate to consider. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
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Donnelley Financial Solutions (DFIN), which belongs to the Zacks Internet - Software and Services industry, could be a great candidate to consider. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. For the las t report ed quarter, Donnelley Financial came out with earnings of $0.27 per share versus the Zacks Consensus Estimate of $0.20 per share, representing a surprise of 35%.
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Donnelley Financial Solutions (DFIN), which belongs to the Zacks Internet - Software and Services industry, could be a great candidate to consider. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. For the previous quarter, the company was expected to pos t earnings of $0.82 per share and it actually produced earnings of $0.90 per share, delivering a surprise of 9.76%.
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359588d7-494e-4ab7-8ca4-26dc1e241d44
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728866.0
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2019-01-08 00:00:00 UTC
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DFIN vs. RNG: Which Stock Should Value Investors Buy Now?
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DFIN
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https://www.nasdaq.com/articles/dfin-vs.-rng%3A-which-stock-should-value-investors-buy-now-2019-01-08
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nan
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Investors interested in stocks from the Internet - Software and Services sector have probably already heard of Donnelley Financial Solutions (DFIN) and RingCentral (RNG). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Donnelley Financial Solutions has a Zacks Rank of #2 (Buy), while RingCentral has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that DFIN likely has seen a stronger improvement to its earnings outlook than RNG has recently. But this is just one piece of the puzzle for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
DFIN currently has a forward P/E ratio of 8.84, while RNG has a forward P/E of 129.96. We also note that DFIN has a PEG ratio of 1.10. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. RNG currently has a PEG ratio of 3.71.
Another notable valuation metric for DFIN is its P/B ratio of 2.20. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, RNG has a P/B of 23.03.
These are just a few of the metrics contributing to DFIN's Value grade of A and RNG's Value grade of F.
DFIN sticks out from RNG in both our Zacks Rank and Style Scores models, so value investors will likely feel that DFIN is the better option right now.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report
Ringcentral, Inc. (RNG): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors interested in stocks from the Internet - Software and Services sector have probably already heard of Donnelley Financial Solutions (DFIN) and RingCentral (RNG). Investors should feel comfortable knowing that DFIN likely has seen a stronger improvement to its earnings outlook than RNG has recently. DFIN currently has a forward P/E ratio of 8.84, while RNG has a forward P/E of 129.96.
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These are just a few of the metrics contributing to DFIN's Value grade of A and RNG's Value grade of F. DFIN sticks out from RNG in both our Zacks Rank and Style Scores models, so value investors will likely feel that DFIN is the better option right now. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report Ringcentral, Inc. (RNG): Free Stock Analysis Report To read this article on Zacks.com click here. Investors interested in stocks from the Internet - Software and Services sector have probably already heard of Donnelley Financial Solutions (DFIN) and RingCentral (RNG).
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These are just a few of the metrics contributing to DFIN's Value grade of A and RNG's Value grade of F. DFIN sticks out from RNG in both our Zacks Rank and Style Scores models, so value investors will likely feel that DFIN is the better option right now. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report Ringcentral, Inc. (RNG): Free Stock Analysis Report To read this article on Zacks.com click here. Investors interested in stocks from the Internet - Software and Services sector have probably already heard of Donnelley Financial Solutions (DFIN) and RingCentral (RNG).
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These are just a few of the metrics contributing to DFIN's Value grade of A and RNG's Value grade of F. DFIN sticks out from RNG in both our Zacks Rank and Style Scores models, so value investors will likely feel that DFIN is the better option right now. Investors interested in stocks from the Internet - Software and Services sector have probably already heard of Donnelley Financial Solutions (DFIN) and RingCentral (RNG). Investors should feel comfortable knowing that DFIN likely has seen a stronger improvement to its earnings outlook than RNG has recently.
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15b0732f-60e6-4040-9e20-eb7c1977e35d
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728867.0
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2018-11-08 00:00:00 UTC
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DFIN or VG: Which Is the Better Value Stock Right Now?
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DFIN
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https://www.nasdaq.com/articles/dfin-or-vg%3A-which-is-the-better-value-stock-right-now-2018-11-08
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nan
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Investors interested in Internet - Software and Services stocks are likely familiar with Donnelley Financial Solutions (DFIN) and Vonage Holdings (VG). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Donnelley Financial Solutions and Vonage Holdings are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that DFIN has an improving earnings outlook. But this is only part of the picture for value investors.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
DFIN currently has a forward P/E ratio of 10.24, while VG has a forward P/E of 36.85. We also note that DFIN has a PEG ratio of 1.27. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. VG currently has a PEG ratio of 7.37.
Another notable valuation metric for DFIN is its P/B ratio of 2.57. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, VG has a P/B of 5.21.
These metrics, and several others, help DFIN earn a Value grade of A, while VG has been given a Value grade of C.
DFIN has seen stronger estimate revision activity and sports more attractive valuation metrics than VG, so it seems like value investors will conclude that DFIN is the superior option right now.
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Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report
Vonage Holdings Corp. (VG): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors interested in Internet - Software and Services stocks are likely familiar with Donnelley Financial Solutions (DFIN) and Vonage Holdings (VG). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that DFIN has an improving earnings outlook. DFIN currently has a forward P/E ratio of 10.24, while VG has a forward P/E of 36.85.
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Investors interested in Internet - Software and Services stocks are likely familiar with Donnelley Financial Solutions (DFIN) and Vonage Holdings (VG). Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report Vonage Holdings Corp. (VG): Free Stock Analysis Report To read this article on Zacks.com click here. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that DFIN has an improving earnings outlook.
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These metrics, and several others, help DFIN earn a Value grade of A, while VG has been given a Value grade of C. DFIN has seen stronger estimate revision activity and sports more attractive valuation metrics than VG, so it seems like value investors will conclude that DFIN is the superior option right now. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report Vonage Holdings Corp. (VG): Free Stock Analysis Report To read this article on Zacks.com click here. Investors interested in Internet - Software and Services stocks are likely familiar with Donnelley Financial Solutions (DFIN) and Vonage Holdings (VG).
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These metrics, and several others, help DFIN earn a Value grade of A, while VG has been given a Value grade of C. DFIN has seen stronger estimate revision activity and sports more attractive valuation metrics than VG, so it seems like value investors will conclude that DFIN is the superior option right now. Investors interested in Internet - Software and Services stocks are likely familiar with Donnelley Financial Solutions (DFIN) and Vonage Holdings (VG). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that DFIN has an improving earnings outlook.
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2018-11-07 00:00:00 UTC
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Donnelley Financial Solutions (DFIN) Q3 Earnings Beat Estimates
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https://www.nasdaq.com/articles/donnelley-financial-solutions-dfin-q3-earnings-beat-estimates-2018-11-07
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.20 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 35%. A quarter ago, it was expected that this financial communications and data services provider would post earnings of $0.82 per share when it actually produced earnings of $0.90, delivering a surprise of 9.76%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $216.90 million for the quarter ended September 2018, missing the Zacks Consensus Estimate by 0.51%. This compares to year-ago revenues of $222.60 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Donnelley Financial shares have lost about 19.1% since the beginning of the year versus the S&P 500's gain of 3.1%.
What's Next for Donnelley Financial?
While Donnelley Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Donnelley Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $211.69 million in revenues for the coming quarter and $1.71 on $975.46 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software and Services is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.20 per share. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook.
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Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.20 per share. Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $216.90 million for the quarter ended September 2018, missing the Zacks Consensus Estimate by 0.51%.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.20 per share. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. Donnelley Financial, which belongs to the Zacks Internet - Software and Services industry, posted revenues of $216.90 million for the quarter ended September 2018, missing the Zacks Consensus Estimate by 0.51%.
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Donnelley Financial Solutions (DFIN) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.20 per share. Click to get this free report Donnelley Financial Solutions Inc. (DFIN): Free Stock Analysis Report To read this article on Zacks.com click here. The company has topped consensus revenue estimates just once over the last four quarters.
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2018-11-07 00:00:00 UTC
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Donnelley Financial Solutions, Inc. (DFIN) Q3 2018 Earnings Conference Call Transcript
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https://www.nasdaq.com/articles/donnelley-financial-solutions-inc-dfin-q3-2018-earnings-conference-call-transcript-2018-11
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Donnelley Financial Solutions, Inc. (NYSE: DFIN)
Q3 2018 Earnings Conference Call
Nov. 07, 2018 , 9:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good morning and welcome to the Donnelley Financial Solutions Third Quarter 2018 Results Conference Call. My name is Brandon, and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct the question-and-answer session (Operator Instructions) Please note this conference is being recorded.
And I will now turn it over to Sanja Burklow. Sanja, you may begin.
Sanja Burklow -- Investor Relations
Thank you, Brandon. Good morning, everyone and thank you for joining Donnelley Financial Solutions third quarter 2018 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 dfsco.com.
During this call, we'll refer to forward-looking statements that are subject to uncertainty. For a complete discussion, please refer to the cautionary statement included in our earnings release and further detailed in our Annual Report on Form 10-K and other filings with the SEC. Further, we will discuss non-GAAP financial information.
We believe the presentation of non-GAAP results provide you with useful supplementary information concerning the Company's ongoing operations and is an appropriate way for you to evaluate the Company's performance. They are however, provided for informational purposes only. Please refer to the press release and related footnotes for GAAP information and a reconciliation of GAAP to non-GAAP information. I'm joined this morning by Dan Leib; Dave Gardella; and Tom Juhase.
I will now turn the call over to Dan.
Daniel N. Leib -- President & Chief Executive Officer
Thank you, Sanja and good morning, everyone. We are pleased with our third quarter results which continued to highlight the business mix shift we've outlined in our long-term guidance. Total organic revenue grew 5.1% in the quarter due to strong performance within US capital markets and across the company in our SaaS offerings. Disciplined cost management along with the positive mix shift led to expanding non-GAAP adjusted EBITDA margins.
Our software offerings achieved nearly 15% revenue growth in the quarter and now represent approximately 20% of total revenue. For reference, as a percentage of revenue, software was 13% in 2016. Third quarter growth in software was primarily driven by our FundSuiteArc content management platform and the active disclosure, each of which grew by more than 20% on a global basis.
On our second quarter conference call, we said we expected to see stronger relative performance within our global investment markets offering in the back half of the year and the third quarter performance improved as expected. Our software sales were supported by key arc reporting wins with top-tier financial services firms and growth in our report modernization regulatory platform.
Overall, print revenue declined 4.7% in the quarter in line with the longer-term trend and consistent with our expectation we communicated on our last call with you. We're pleased with the steady balance of our revolving revenue mix as we shift from print to software and related services. Early in the quarter, we finalized the sale of our Language Solutions business, an important step in executing our long-term strategy. Proceeds from the sale were used to pay down debt, creating additional financial flexibility.
Now I'd like to cover our operating priorities. We continue to make strong progress against our long-term strategic plan with a focus on driving growth in our core and adjacent markets, accelerating innovation and investing in our people. As I mentioned, we saw positive results in our US capital markets business driven primarily by an increase in IPO and secondary offerings and increased M&A activity. We are pleased with the progress we made within our software offerings.
As we've discussed previously, we're committed to investing in best-in-class artificial intelligence within our Venue Virtual Data Room solution to provide clients improved operational efficiency. Our partnership with eBrevia, an integration with our Venue offering differentiates us and gives clients industry-leading artificial intelligence to streamline and expedite the standard deal cycle.
And we're expanding what Venue can do for our clients even further with our recent partnership with Ceridian. With the adoption of Ceridian's Intelligent Cloud routing, our clients are getting the best performance from any location globally to complete the due diligence process. This adds another layer of speed, ease, reliability and security to our Venue product and ultimately our clients. We've made significant investments in developing our active disclosure offering. We saw a substantial number of clients on board to the solution. Our compliance business has benefited from a strong IPO market as well as our strong market share within that business.
The third quarter was marked by a focus on delivering a holistic proxy solutions to capital markets' clients. This included numerous proxy-focused events across the country and the recent distribution of our 6th addition of the guide to effective proxies, a comprehensive review of innovative and shareholder-friendly best practice disclosures drawn from the public filings of Donnelley Financial Solutions' blue clip -- blue-chip client base.
The guide has become a trusted go-to resource for companies looking to transform proxy statements from traditional compliance documents to compelling shareholder communications. Investor expectations have shifted and proxy statements have evolved dramatically to keep pace. By sharing our expertise, companies can meet these changing requirements and promote greater transparency and enhanced communications with shareholders. We see opportunity in the proxy space, offering new and innovative ways to service and support the business evolution of our clients.
Shifting to investment markets, we continue to see the effects of the change in revenue mix and stronger growth in software sales, particularly with the addition of N-CEN, N-PORT and Prep solutions. Last quarter, we saw the implementation of SEC modernization and the related implications N-CEN and N-PORT reporting. In September, we went live with our solution to support clients' filings, through our arc filing platform and completed the first ever successful submission of the new Form N-CEN with the SEC.
The filings are the first to use the XML-based Form N-CEN, part of the SEC's modernization initiative along with Form N-PORT. To handle the new complexity and scale, our arc filing product was developed as a cloud native solution capable of scaling to meet the high demands of the increase in data.
We expect to complete N-CEN filings covering approximately 4,000 investment funds in the first year of the new requirement. To-date, we filed with 100% success rate. Donnelley Financial remains the largest EDGAR filer by volume, as reported by the SEC and the only company offering end-to-end solutions that provide a single cloud-based application to create package and submit documents directly to the SEC.
As we head into the fourth quarter, we've commenced test filings with the SEC for N-PORT via our regulatory platform. This is a critical step ahead of the April 2019 N-PORT filing requirement. We're excited about the future direction of our regulatory platform as we continue helping our clients, not only with US regulatory requirements but also on a global basis.
Also in the quarter, we announced the partnership with Bloomberg, integrating their liquidity assessment tool into our arc filing platform, which helps mutual funds comply with the new requirements mandated by the SEC's liquidity and report modernization rules. Our Bloomberg partnership as well as integration with ICE and MSCI, leading providers of research-based indexes and analytics, position us as a leading provider of data and analytics for clients meeting compliance and regulatory filing requirements.
As we continue to make progress against our strategy and evolve our business model to meet the needs of our clients, we are diligent in managing the business effectively, simultaneously reducing costs while also investing further in the business. We've made very good progress on the balance sheet, while also increasing our organic investment back into the business.
We ended the third quarter with $341 million of net debt, representing net leverage of 2 times. In the two years since the spin, we have reduced our net debt by $242 million or 42%, while we have continued to invest more in the business and are looking for ways to accelerate our strategic plan, we continue to be disciplined around all investments.
With that, I will turn it over to Dave. Dave?
David A. Gardella -- Chief Financial Officer
Thank you, Dan and good morning, everyone. Before I discuss our third quarter operating performance in more detail, I'd like to recap a couple of significant items in this quarter that are impacting our year-over-year comparability. As we previously announced, we completed the sale of our Language Solutions business on July 22nd, 2018 for $77.5 million in cash. Our third quarter 2018 results include Language Solutions through the disposition date, while the third quarter of last year includes Language Solutions for the whole quarter.
In addition, third quarter of 2018 GAAP results -- include the gain on the sale of Language Solutions of $38.4 million on an after-tax basis, as well as a gain on equity investment of $8.5 million. Both gains are excluded from our non-GAAP results that I will be discussing today and our organic revenue was adjusted to exclude the impact of the Language Solutions sale.
On a consolidated basis, net sales for the third quarter were $216.9 million, a decrease of $5.7 million or 2.6% from the third quarter of 2017, primarily due to the sale of Language Solutions. After adjusting for the sale of Language Solutions, changes in foreign exchange rates and the impact of the adoption of the new revenue recognition standard, organic sales increased 5.1% as strong capital markets' transactional volume and growth in our SaaS offerings more than offset declines in capital markets' compliance volume and healthcare and commercial print volume within investment markets.
Adjusted for the sale of Language Solutions, our total services revenue grew by $12.5 million or 10.2% driven by double-digit growth in both capital markets' transactional revenue and our SaaS revenue, which was partially offset by a $3.9 million or 4.7% decline in print-based revenue. Third quarter gross margin was 38.5% or 170 basis points higher than the third quarter of 2017, primarily driven by a favorable mix between higher margin services and lower margin products revenue.
Non-GAAP SG&A expense in the quarter was $52.3 million, $1.8 million higher than the third quarter of 2017. As a percentage of revenue, non-GAAP SG&A was 24.1% or 140 basis points higher than the third quarter of 2017. The increase in SG&A was primarily driven by higher investment spending in support of our strategic priorities as well as a revenue mix that continues to be more heavily weighted toward our SaaS offerings.
Our third quarter non-GAAP adjusted EBITDA was $31.3 million, a decrease of $0.2 million from the third quarter of 2017. The sale of Language Solutions negatively impacted the year-over-year EBITDA comparison by approximately $1.7 million. Non-GAAP adjusted EBITDA margin in the quarter of 14.4% was 20 basis points higher than the third quarter of last year, primarily driven by the favorable mix of revenue.
Turning now to our segment results. Revenue in our US segment was $185.5 million in the third quarter of 2018, a decrease of 0.3% from last year's third quarter. On an organic basis, after adjusting for the sale of Language Solutions and the impact of the new revenue recognition standard, revenue increased 3.2%. Revenue in capital markets grew 9.3% on an organic basis, primarily due to strong transactional volume driven by continued strong market activity in IPOs and a couple of large M&A deals in the quarter.
Higher transactional volume was partially offset by lower compliance revenue where we had a tough year-over-year comparison with a couple of non-recurring proxy deals in last year's third quarter. We did however, continue to see strong growth in active disclosure revenue which grew 15.9% from the third quarter of 2017.
Revenue in investment market declined 3.6% on an organic basis, driven by secular declines in print-based revenue in our healthcare and commercial offerings. The decline in print-based revenue was only partially offset by growth in our FundSuiteArc's SaaS solution. Non-GAAP adjusted EBITDA margin for the segment of 18.5% increased 80 basis points from the third quarter of 2017, primarily due to the favorable mix between services and products revenue.
Revenue in our international segment was $31.4 million in the third quarter of 2018, a decrease of 14% from the third quarter of last year. On an organic basis, excluding the impact of the Language Solutions' disposition, an unfavorable impact of changes in foreign exchange rates and the new revenue recognition standard, revenue in the third quarter increased by 14.8%, driven by growth in our SaaS offerings and strong transactional volume in Asia. Non-GAAP adjusted EBITDA margin for the segment of 8.3% increased 10 basis points from the third quarter of 2017 as mix of revenue and cost savings initiatives more than offset stranded costs related to the Language Solutions' sale.
Our third quarter 2018 non-GAAP unallocated corporate expenses, excluding depreciation and amortization were $5.6 million, an increase of $1.1 million from the third quarter of 2017, primarily driven by investment in strategic initiatives. Consolidated free cash flow in the quarter was $53.4 million, a $11.7 million lower than the third quarter of 2017, primarily due to less cash generated by working capital, partially offset by lower tax and interest payments.
Net proceeds from the sale of Language Solutions of approximately $60 million were used to reduce the outstanding debt under our term loan. We ended the quarter with $397.2 million of total debt and $341 million of net debt with nothing drawn -- on our revolver and we had net available liquidity of $265.3 million. As of September 30th, 2018, our gross leverage ratio was 2.4 times and our net leverage ratio was 2.0 times, down 0.4 times from year end 2017 and down 0.8 times from a year ago.
Based on the seasonality of our cash flow, we expect to drive this down further by year end.
As we enter the last quarter of the year, let me share more detail on the full year 2018 guidance that was summarized in this morning's press release. We expect 2018 revenue to be in the range of $970 million to $990 million. This range implies fourth quarter organic growth of approximately 5% at the midpoint.
We expect our non-GAAP adjusted EBITDA to be in the range of $160 million to $170 million. Depreciation and amortization is expected to be $45 million, $3 million lower than previous guidance. We expect interest expense of approximately $36 million. Our full year non-GAAP effective tax rate is expected to be in the range of 30% to 31%.
We project the full year fully diluted weighted average share count to be approximately 34 million shares. We expect capital expenditures in the range of $35 million to $40 million, $5 million lower than previous guidance, as we continue to be disciplined around not spending if the appropriate returns are not available. And lastly, we expect free cash flow in the range of $35 million to $40 million.
Regarding the fourth quarter comparison to last year, the most notable item impacting comparability is the sale of Language Solutions, which will negatively impact our reported revenue comparison by $21.2 million, and negatively impact our non-GAAP adjusted EBITDA comparison by approximately -- $3.9 million, inclusive of net stranded costs.
And with that, I'll turn it back to Dan.
Daniel N. Leib -- President & Chief Executive Officer
Thank you, Dave. In closing, we are pleased with the progress we've made this year in driving our strategy forward, and are excited by the opportunities to grow, while reasonably managing our shifting mix of business. Our focus has not changed, we are committed to serving our clients well and leading them through a digital transformation, while also remaining purposeful in how we execute our strategy. Well, our balance sheet has been well managed and we now sit at 2 times leverage on a net debt basis, we'll continue to be disciplined while investing in growth opportunities to improve our overall portfolio.
Finally, before I open it up for questions, I'd like to share a recent addition to our Board of Directors, Juliet Ellis, Chief Investment Officer of US Growth Equities for Invesco joined the Board on October 11th. Juliet brings expertise in the investment management industry, and has a long track record in financial leadership and investment oversight for strategy spanning asset classes and industries. We're looking forward to the critical insights we know she will bring to the Board as we continue to execute on our business plan to drive growth and enhance shareholder value. Juliet replaces Oliver Sockwell, who has retired after over 20 years of service as a Board member to Donnelley Financial and RR Donnelley. We thank Oliver for his contributions over the years, and wish him well in retirement.
And with that, let's open up the line for Q&A.
Questions and Answers:
Operator
Thank you and we will now begin the question-and-answer session. (Operator Instructions) And from CJS Securities, we have Charlie Strauzer. Please go ahead.
Charles S. Strauzer -- CJS Securities -- Analyst
Hi. Good morning.
Daniel N. Leib -- President & Chief Executive Officer
Good morning, Charlie.
Charles S. Strauzer -- CJS Securities -- Analyst
Just to clarify on the revenue guide, Dave, you talked about the 5% at the midpoint, does that exclude Language from the comparison there?
David A. Gardella -- Chief Financial Officer
Yeah, yeah. So that's an organic number in Q4.
Charles S. Strauzer -- CJS Securities -- Analyst
Got it, great. And then how -- you expect to strip that out of the kind of your segmentation going forward?
David A. Gardella -- Chief Financial Officer
That will be left in the results that we report, given the way that we've done the accounting on it, going forward. But we intend to continue throughout next year to quantify the impact as we go through the quarters there.
Charles S. Strauzer -- CJS Securities -- Analyst
Got it. And then on the lower CapEx, I know you said about $5 million less. Are you -- I guess, satisfied is a word, I guess, like I'm looking forward in terms of the spend that you've made this year in terms of you know, keeping your products fresh and competitive?
Daniel N. Leib -- President & Chief Executive Officer
Yeah, absolutely. We increased the spending on CapEx from the prior year, quite a bit. And when we did that said, we have a disciplined process around how we spend. So it just ends up being that balance of spending responsibly with continuing to grow those products and so as you can see by the growth rate that we've achieved, and some of that is obviously not yet in the product, given the timing between spend and realizing the benefit. But feel very good about what we've invested back into the products, and the pace at which we're going. Always like to move faster, but we want to balance being disciplined around how much we're putting in, and the benefit we get now.
David A. Gardella -- Chief Financial Officer
And Charlie, just to clarify, most of that spend still goes to the software offerings that Dan was referring to.
Charles S. Strauzer -- CJS Securities -- Analyst
Excellent, thank you. And then just lastly, when you look at the competitive environment with Toppan buying Merrill, just maybe some thoughts there, and just overall any other major changes in the competitive environment that we should pay attention to? Thanks.
Daniel N. Leib -- President & Chief Executive Officer
Yes, thanks. So certainly we have seen a fair number of assets move in our environment. The one you mentioned being one and then we've seen other assets that have moved to both strategics, as well as private equity and we look at those as opportunities for us. There's always some amount of disruption. But we don't see a major change in the competitive environment, driven by M&A happening with the competitor.
Charles S. Strauzer -- CJS Securities -- Analyst
Great. Thank you very much.
Daniel N. Leib -- President & Chief Executive Officer
Thank you.
Operator
From JPMorgan, we have Michael Cho. Please go ahead.
Michael Cho -- JPMorgan -- Analyst
Hi. Good morning, guys.
Daniel N. Leib -- President & Chief Executive Officer
Good morning.
Michael Cho -- JPMorgan -- Analyst
Just given the growing, I guess, presence of mixes with SaaS business or SaaS revenues. Can you just give a comment on margins today, and then I guess where you hope to kind of roughly get to when it is more closer to the longer-term target of quarter of the business?
Daniel N. Leib -- President & Chief Executive Officer
Sure. Yes, you're cutting out a bit. I think I got the question though. So yeah we see among the three main customer-facing products, Venue, ArcSuite and active disclosure, while we haven't broken out the margins for public consumption. We do see what you would expect at a gross margin level and then some of the products are at scale and generating pretty high margins, and others that the products are coming up that scale ramp. But we do think, and do see on an incremental basis, very good flow through on margin. So the growth is very helpful.
We made a couple of comments on it in terms of the flow through an impact to margin, if you reflect back, excuse me, on our prior calls in our discussion around investing more in the business, so back to Charlie's question on the CapEx side, with that CapEx also often comes expense. And so we highlighted that we would be investing more in the business. So we're seeing the level of performance that we have, which is this growth and the profitability flow through is offsetting the incremental investment. So very happy with the model as it's playing out this year.
Michael Cho -- JPMorgan -- Analyst
Okay. Great, thanks that's helpful. Just one quick follow-up on the fourth quarter guide on organic. I don't know if you've mentioned it, but can you give the comment on the rough I guess, mix that's implied in terms of the capital markets and investment markets segments when you are -- when you up about the 5% organic like the fourth quarter?
David A. Gardella -- Chief Financial Officer
Yeah, yeah. Thanks, Mike. So, and we didn't mention it specifically, but I can tell you, as we mentioned on the last call with respect to investment markets, we said that we expected the year-over-year comparisons to improve in the back half of the year, relative to the comparisons that we saw in the first half of the year and obviously that did come through in Q3. And then from a capital markets perspective, we would expect that the transactional activity remains relatively healthy, similar to what we saw in Q3.
Michael Cho -- JPMorgan -- Analyst
Okay, great. Thank you.
David A. Gardella -- Chief Financial Officer
Thank you.
Operator
From D.A. Davidson, we have Peter Heckmann. Please go ahead.
Peter Heckmann -- D.A. Davidson -- Analyst
Good morning, gentlemen.
Daniel N. Leib -- President & Chief Executive Officer
Good morning.
Peter Heckmann -- D.A. Davidson -- Analyst
I wanted to follow-up on that organic growth question. In terms of the shift -- the continued mix shift as well as divestiture of Language, does that change in any way some of your thoughts around kind of the intermediate term, organic -- growth outlook and for that matter as we start to look to 2019, even though I know you're not giving guidance, any particular tough comparisons that we should be keeping an eye out for as we model 2019?
Daniel N. Leib -- President & Chief Executive Officer
Yeah. So, Pete, I think with respect to Language Solutions and how that sale impacts our longer-term guidance, I think if you go back to Investor Day in May, we had given a range of organic growth that amounted to 1% to 1.5% baked in their Language Solutions was growing faster than the overall, I think in a few presentations that we've posted to revise for the sale of Language Solutions that longer-term organic range comes down by about 25 basis points, so it's basically 1% at the midpoint.
Peter Heckmann -- D.A. Davidson -- Analyst
Okay, the Language. Okay. And then --
Daniel N. Leib -- President & Chief Executive Officer
And which -- and then underpinning that right at the same growth that you've seen in the software offering so continue to see the expansion there with print declines continuing in that 5% or so range.
David A. Gardella -- Chief Financial Officer
Yeah and then the only thing I would say about 2019 and again relative to kind of the five-year CAGRs that we gave at Investor Day, the impact of 33, then the negative impact was built in to that five-year CAGR, and with that being deferred till 2021, the expectation would be that the '19 revenue growth would exceed what we had laid out in that presentation.
Peter Heckmann -- D.A. Davidson -- Analyst
That's right, that's right. Okay. And then just in terms of any updated thoughts on capital allocation continue to have an appetite for M&A, do you sense that that you're not able to source and negotiate favorable terms for acquisitions, how do you feel about other capital allocations specifically we purchased down here?
Daniel N. Leib -- President & Chief Executive Officer
Yeah. Thanks, Pete. So yeah, as you mentioned, we're certainly pleased with the progress we've made in deleveraging since the spin. And as I mentioned on the call and Dave hit as well, just for reference, we spun out in October of '16 with about $584 million of net debt and we expect our net debt at the end of this year to be less than the $300 million. We do feel good about the underlying business performance and free cash flow generation and then the sale of Language Solutions that's allowed us to accomplish this. And we've also been, as I mentioned, investing more in the business organically and then we've had some spin-related cash costs running through as well.
So we do continue to look at a lot of M&A opportunities in the current environment. Things are expensive and we're certainly very disciplined around the acquisition criteria, we did share our capital deployment priorities at Investor Day and continue to believe that there are great opportunities in our end markets. That said, as we think about capital deployment, we do think about all avenues, including return of capital to shareholders and we're always assessing the best use of capital.
Peter Heckmann -- D.A. Davidson -- Analyst
Great. Okay. I'll get back in the queue. Appreciate it.
Daniel N. Leib -- President & Chief Executive Officer
Thank you.
Operator
From Bank of America Merrill Lynch, we have David Ridley-Lane. Please go ahead.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Yeah. Good morning. Back in the first quarter you gave us some numbers around the impact of ASC 606, the revenue rack change. Do you have any update around what that would be in the fourth quarter?
David A. Gardella -- Chief Financial Officer
So we said, on a full year basis, we expected it to be approximately flat and I think if you look at the year-to-date organic revenue schedule that we have in the press release, we show that it was -- 0.1% impact on the organic growth rate and so I think overall, pretty close to zero impact for the year still holds.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Okay. And then what give you confidence in the capital markets revenue in fourth quarter, given the volatility that the market shared in October. Is it pipelines, is it things that you know are already in the market, just how much visibility you have, how much confidence do you have in that expectation?
Daniel N. Leib -- President & Chief Executive Officer
Yeah. So a lot of it just based on the deals that we're seeing that we know are in progress, I would say, and we've talked about it pretty consistently quarter in and quarter out, that remains the part of the business that does have the most volatility and that can change quickly. So it's our best view at this point in time.
David A. Gardella -- Chief Financial Officer
Yeah. And as we sit here, the first week of November, obviously, the benefit of seeing some activity levels in October and then to Dave's point, what we've seen come through in the market in pipeline gives us a level of confidence with the caveat that Dave laid for this one.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Okay. And then the benefit that you're going to get from implementing the N-PORT and N-CEN solutions that you have. Is that full revenue run rate start in the fourth quarter since you went live in September or does it kind of build gradually as we go into 2019?
Daniel N. Leib -- President & Chief Executive Officer
Yeah, it builds gradually with the biggest impact that will start to see it in the second quarter of 2019.
David A. Gardella -- Chief Financial Officer
Yeah. The big N -- N-PORT kicks off in April of '19.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Got it. So the solution is launched. But the revenue racks really doesn't start until the client turns it on.
Daniel N. Leib -- President & Chief Executive Officer
Yeah, those are small amount rogers through now, but it's --
David A. Gardella -- Chief Financial Officer
the lion's share of it starts in April of '19.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
April of '19, OK. And then last one for me, what's the aggregate dollar amount of stranded costs from Language Solution's sale and how quickly could you kind of work on that?
Daniel N. Leib -- President & Chief Executive Officer
Yeah. So, we think on a run rate basis it will get it down to about $3 million. We obviously start from a much higher level, the expectation would be that that probably from a run rate perspective, we would be pretty close to that by the end of '19 or early 2020.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
And just a last one from me real quickly. You gave that dollar amount for Language Solutions contribution for revenue and EBITDA just you went pretty fast at the end of the guidance.
David A. Gardella -- Chief Financial Officer
Yeah. So Q4, $22 million of revenue -- the $21.2 million of revenue and $3.9 million of EBITDA.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Okay. And that's what Language Solutions contributed in the fourth quarter of '17?
David A. Gardella -- Chief Financial Officer
Yeah, and that's inclusive of the kind of the some of the stranded costs that will absorb this year, so the year-over-year delta we've reached (ph).
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
The year-over-year delta. Okay.
David A. Gardella -- Chief Financial Officer
Yeah, yeah.
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
Okay, thank you.
Daniel N. Leib -- President & Chief Executive Officer
Thank you.
Operator
From Wells Fargo Securities, we have William Warmington. Please go ahead.
William A. Warmington -- Wells Fargo Securities -- Analyst
Good morning, everyone. So on the lower -- on the free cash flow guidance, I noticed that you had lowered the CapEx guidance by about $5 million you kept the free cash flow guidance the same, you had mentioned working capital, just wanted to ask what was going on there if I can get some color?
David A. Gardella -- Chief Financial Officer
Yeah, so the comment on working capital was specific to Q3, to your point on the math around the CapEx coming down and free cash staying the same, interest was up a $1 million. The effective tax rate is up a little bit higher than the previous guidance. And we've had some cost it kind of running through spin-related expense that had it -- and been anticipated as capital and so you combine all those things and the fact that we're frankly not that precise on the -- what the year end working capital number is, we're just holding that same free cash range.
William A. Warmington -- Wells Fargo Securities -- Analyst
And then I wanted to ask a question on rule 30e-3, just was curious if that was -- your finding that's now been a catalyst for conversations with clients or is that still too far off?
Daniel N. Leib -- President & Chief Executive Officer
There is quite a bit of conversation with clients and in the industry about alternative solutions and how Investor Communications can be delivered to enhance that access to information, et cetera. And so there is quite a bit of conversation at all levels with clients, with the industry, with the regulator, et cetera.
William A. Warmington -- Wells Fargo Securities -- Analyst
Okay. Well, thank you very much.
Daniel N. Leib -- President & Chief Executive Officer
Thank you.
Operator
From Citi, we have Peter Christiansen. Please go ahead.
Peter Christiansen -- Citigroup -- Analyst
Good morning, thanks for taking my question. I was wondering if you could talk about the -- how the pipeline for international has shifted if any at all in the last couple of months, not only given what we've seen in terms of added volatility in the market, but is there any impact that we should be concerned about as it relates to trade tariffs?
David A. Gardella -- Chief Financial Officer
Yeah, so Pete I think the -- now that Language Solutions is out of the mix. The biggest piece of international is the capital markets' transactional work and so the same comments that I made earlier around the volatility and visibility, I mentioned in the third quarter, a lot of what we saw in international was driven by transactional work in Asia. This is really that -- that's transactional work outside of the US acts very similar to what we see within the US and just don't have the great visibility, but I don't think anything specific on trade tariffs influencing our numbers.
Daniel N. Leib -- President & Chief Executive Officer
Yeah and the only thing I'd add to that is, we -- we've talked a bit about this previously, the -- we pushed into the global filing area and have added capabilities internationally within our investment markets business. And so some of this success I mentioned it in my prepared comments on Prep some of the success that we've had in growth and technology has being driven out of the investment markets area as well.
Peter Christiansen -- Citigroup -- Analyst
Great, thanks. And then, do you see any benefit from implementation of FAS -- FASB 842 that the new lease reporting requirements that kick in next year. Do you see that as a potential tailwind at least for the -- some of the active disclosure sales?
David A. Gardella -- Chief Financial Officer
No, I think it's -- not really, we've -- additional disclosures will exist, but relative to that driving incremental opportunity for us there will be, our domain expertise will be helpful for customers around the service organization and things like that, but relative to the software product, it will just be another disclosure that we need to make and that our customers need to make as well.
Peter Christiansen -- Citigroup -- Analyst
Great. And last one from me. Dan, I was wondering if you could help us understand some of the AI capabilities that you now have with the eBrevia partnership and with the Venue Data Room. And how much of that do you believe is a competitive advantage?
Daniel N. Leib -- President & Chief Executive Officer
Sure. Yeah. So we have a partnership with an ownership stake in eBrevia and it's a contract analytics capability. So in the diligence process drives additional efficiency and it's proven to resonate quite well with customers and has been a very good arrangement for both, for us and for eBrevia. So that's on the AI side within Venue. And then, if we look at within our own operations, we're looking at machine learning in AI, in terms of driving some efficiencies within our own business. But specific to eBrevia, we think it's a very nice capability that have added to the Venue Data Room and it does make the diligence process more efficient.
Peter Christiansen -- Citigroup -- Analyst
How does this change the user experience?
Daniel N. Leib -- President & Chief Executive Officer
So it's quite a nice thing on the legal documentation for the most part to allow faster cycle time. And so from our user experience, it just makes the process smoother, less time intensive and it allows people to focus on higher value-added activities, because the intelligence in the tool is certainly through some of the lower value-added type of things. And then obviously as the process learns itself, you can move higher up the value chain. So we've had very positive feedback from corporate clients and then also from the legal community on that relationship and that capability.
Peter Christiansen -- Citigroup -- Analyst
Okay, thank you.
Daniel N. Leib -- President & Chief Executive Officer
Yeah, thank you.
Operator
And from Baird & Company, Bill Mastoris. Please go ahead.
William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst
Thank you very much. A lot of my questions have been answered, but I'd like to go back to the capital allocation question. Dave, one of the things that you indicated and Dan, I think you also touched on it. Is that, in your capital allocation policy nothing has yet been really finalized or determined. You have 8.25 coupon out there that's really expensive. Would part of that capital allocation policy include open market purchases of debt?
David A. Gardella -- Chief Financial Officer
Yeah, Bill. So the first thing I would say is, we have communicated our priorities for capital allocation, reinvesting back in the business. And then at the low-end or at the bottom-end of that kind of the share repurchases and dividends, and Dan talked about that earlier. And Dan also mentioned, I think when Pete asked the question that we're always assessing the best uses of capital, which obviously includes the full gamut of the structure.
Daniel N. Leib -- President & Chief Executive Officer
Yeah, specific to your question. Yeah, those -- that bond was put into place at the spin. There are certain restrictions on time to call, et cetera, relative to whether or not we would make open market purchases we certainly wouldn't comment on that.
William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst
Okay, that does it for me. Thank you.
Daniel N. Leib -- President & Chief Executive Officer
Okay, thank you. And with that operator, I understand no more questions. So I appreciate everyone's time and look forward to talking to you again soon. Thank you. Bye.
Operator
Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.
Duration: 45 minutes
Call participants:
Sanja Burklow -- Investor Relations
Daniel N. Leib -- President & Chief Executive Officer
David A. Gardella -- Chief Financial Officer
Charles S. Strauzer -- CJS Securities -- Analyst
Michael Cho -- JPMorgan -- Analyst
Peter Heckmann -- D.A. Davidson -- Analyst
David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst
William A. Warmington -- Wells Fargo Securities -- Analyst
Peter Christiansen -- Citigroup -- Analyst
William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst
More DFIN analysis
Transcript powered by AlphaStreet
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see ourTerms and Conditionsfor additional details, including our Obligatory Capitalized Disclaimers of Liability.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q3 2018 Earnings Conference Call Nov. 07, 2018 , 9:00 a.m. Davidson -- Analyst David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst William A. Warmington -- Wells Fargo Securities -- Analyst Peter Christiansen -- Citigroup -- Analyst William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. This included numerous proxy-focused events across the country and the recent distribution of our 6th addition of the guide to effective proxies, a comprehensive review of innovative and shareholder-friendly best practice disclosures drawn from the public filings of Donnelley Financial Solutions' blue clip -- blue-chip client base.
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Davidson -- Analyst David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst William A. Warmington -- Wells Fargo Securities -- Analyst Peter Christiansen -- Citigroup -- Analyst William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q3 2018 Earnings Conference Call Nov. 07, 2018 , 9:00 a.m. After adjusting for the sale of Language Solutions, changes in foreign exchange rates and the impact of the adoption of the new revenue recognition standard, organic sales increased 5.1% as strong capital markets' transactional volume and growth in our SaaS offerings more than offset declines in capital markets' compliance volume and healthcare and commercial print volume within investment markets.
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Davidson -- Analyst David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst William A. Warmington -- Wells Fargo Securities -- Analyst Peter Christiansen -- Citigroup -- Analyst William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q3 2018 Earnings Conference Call Nov. 07, 2018 , 9:00 a.m. Adjusted for the sale of Language Solutions, our total services revenue grew by $12.5 million or 10.2% driven by double-digit growth in both capital markets' transactional revenue and our SaaS revenue, which was partially offset by a $3.9 million or 4.7% decline in print-based revenue.
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Davidson -- Analyst David Ridley-Lane -- Bank of America Merrill Lynch -- Analyst William A. Warmington -- Wells Fargo Securities -- Analyst Peter Christiansen -- Citigroup -- Analyst William McGoldrick Mastoris -- Robert W. Baird & Company -- Analyst More DFIN analysis Transcript powered by AlphaStreet This article is a transcript of this conference call produced for The Motley Fool. Donnelley Financial Solutions, Inc. (NYSE: DFIN) Q3 2018 Earnings Conference Call Nov. 07, 2018 , 9:00 a.m. David A. Gardella -- Chief Financial Officer Yeah, so Pete I think the -- now that Language Solutions is out of the mix.
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2018-06-08 00:00:00 UTC
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Financial Sector Update for 06/08/2018: DFIN, PZN, ITG
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-06082018-dfin-pzn-itg-2018-06-08
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nan
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Top Financial Shares:
JPM: -0.3%
BAC: -0.2%
WFC: -0.2%
C: -0.2%
USB: flat
Financial shares were weaker ahead of Friday's open, tracking the broader market, as worries over the outcome to this weekend's Group of Seven meeting coupled with the continued meltdown in emerging markets and selling pressure on Apple ( AAPL ) elevated investors' risk aversion.
Expected movers:
- Pzena Investment Management ( PZN ): reported assets under management were $37.10 billion as of May 31, up from $33.10 billion a year earlier
- Donnelley Financial Solutions ( DFIN ): urged by Denali Investors to form of a special committee to pursue strategic alternatives
Other news:
- Investment Technology Group ( ITG ): reported May US trading volume of 2.7 billion shares and average daily volume ( ADV ) was 124 million shares
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Expected movers: - Pzena Investment Management ( PZN ): reported assets under management were $37.10 billion as of May 31, up from $33.10 billion a year earlier - Donnelley Financial Solutions ( DFIN ): urged by Denali Investors to form of a special committee to pursue strategic alternatives Other news: - Investment Technology Group ( ITG ): reported May US trading volume of 2.7 billion shares and average daily volume ( ADV ) was 124 million shares The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. USB: flat Financial shares were weaker ahead of Friday's open, tracking the broader market, as worries over the outcome to this weekend's Group of Seven meeting coupled with the continued meltdown in emerging markets and selling pressure on Apple ( AAPL ) elevated investors' risk aversion. Unauthorized reproduction is strictly prohibited.
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Expected movers: - Pzena Investment Management ( PZN ): reported assets under management were $37.10 billion as of May 31, up from $33.10 billion a year earlier - Donnelley Financial Solutions ( DFIN ): urged by Denali Investors to form of a special committee to pursue strategic alternatives Other news: - Investment Technology Group ( ITG ): reported May US trading volume of 2.7 billion shares and average daily volume ( ADV ) was 124 million shares The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Top Financial Shares: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Expected movers: - Pzena Investment Management ( PZN ): reported assets under management were $37.10 billion as of May 31, up from $33.10 billion a year earlier - Donnelley Financial Solutions ( DFIN ): urged by Denali Investors to form of a special committee to pursue strategic alternatives Other news: - Investment Technology Group ( ITG ): reported May US trading volume of 2.7 billion shares and average daily volume ( ADV ) was 124 million shares The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. All rights reserved. Unauthorized reproduction is strictly prohibited.
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Expected movers: - Pzena Investment Management ( PZN ): reported assets under management were $37.10 billion as of May 31, up from $33.10 billion a year earlier - Donnelley Financial Solutions ( DFIN ): urged by Denali Investors to form of a special committee to pursue strategic alternatives Other news: - Investment Technology Group ( ITG ): reported May US trading volume of 2.7 billion shares and average daily volume ( ADV ) was 124 million shares The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Top Financial Shares: USB: flat Financial shares were weaker ahead of Friday's open, tracking the broader market, as worries over the outcome to this weekend's Group of Seven meeting coupled with the continued meltdown in emerging markets and selling pressure on Apple ( AAPL ) elevated investors' risk aversion.
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042aca80-7859-4108-b383-ea90f77e4de5
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728871.0
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2018-06-08 00:00:00 UTC
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Financial Sector Update for 06/08/2018: DFIN,PZN,ITG
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-06082018-dfinpznitg-2018-06-08
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nan
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nan
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Top Financial Stocks
JPM -0.11%
BAC -0.48%
WFC +0.11%
C -0.04%
USB +0.23%
Financial stocks were slightly positive this afternoon, with the NYSE Financial Sector Index rising less than 0.1% while financial companies in the S&P 500 Index also was ahead less than 0.1%. The Philadelphia Housing Sector Index was riding a more than 1.7% increase.
Among financial stocks moving on news:
+ Donnelley Financial Solutions ( DFIN ) climbed as much as 1% on Friday after a New York investment manager urged the financial data and analytics company to form a special committee to pursue strategic alternatives. In a letter to the Donnelley board, Denali Investors said "the two-year mark for the company's spinoff is rapidly approaching," later adding the company's stock price has dropped over 47% since the spinoff was proposed compared with a 26% rise for the S&P 500 index over the same span. The Denali letter arrived just days after Groveland Capital also, similiarly said Donnelley should pursue strategic alternatives because of the company's "unacceptable" stock price performance.
In other sector news:
+ Pzena Investment Management ( PZN ) rose almost 2% on Friday after the asset manager reported a 12.1% increase in assets under management on May 31 compared with year-ago levels, rising to $37.10 billion from $33.10 billion at the end of May 2017. The current assets include $25.10 billion in the United States and $12 billion internationally.
- Investment Technology Group ( ITG ) retreated Friday, at one point falling just over 1%, after the brokerage reported a 16.2% decline in average daily trading volume during May compared with year-ago levels. The company averaged 124 million shares per day last month, up from a daily average of 117 million shares in April but lagging the 148 million share per day average in May 2017. US volume also 15.6% year over year to 2.7 billion shares during May from 3.2 billion shares last year. There were 22 trading days in 2018 and 2017.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Among financial stocks moving on news: + Donnelley Financial Solutions ( DFIN ) climbed as much as 1% on Friday after a New York investment manager urged the financial data and analytics company to form a special committee to pursue strategic alternatives. In a letter to the Donnelley board, Denali Investors said "the two-year mark for the company's spinoff is rapidly approaching," later adding the company's stock price has dropped over 47% since the spinoff was proposed compared with a 26% rise for the S&P 500 index over the same span. The Denali letter arrived just days after Groveland Capital also, similiarly said Donnelley should pursue strategic alternatives because of the company's "unacceptable" stock price performance.
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Among financial stocks moving on news: + Donnelley Financial Solutions ( DFIN ) climbed as much as 1% on Friday after a New York investment manager urged the financial data and analytics company to form a special committee to pursue strategic alternatives. In other sector news: + Pzena Investment Management ( PZN ) rose almost 2% on Friday after the asset manager reported a 12.1% increase in assets under management on May 31 compared with year-ago levels, rising to $37.10 billion from $33.10 billion at the end of May 2017. - Investment Technology Group ( ITG ) retreated Friday, at one point falling just over 1%, after the brokerage reported a 16.2% decline in average daily trading volume during May compared with year-ago levels.
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Among financial stocks moving on news: + Donnelley Financial Solutions ( DFIN ) climbed as much as 1% on Friday after a New York investment manager urged the financial data and analytics company to form a special committee to pursue strategic alternatives. In other sector news: + Pzena Investment Management ( PZN ) rose almost 2% on Friday after the asset manager reported a 12.1% increase in assets under management on May 31 compared with year-ago levels, rising to $37.10 billion from $33.10 billion at the end of May 2017. The company averaged 124 million shares per day last month, up from a daily average of 117 million shares in April but lagging the 148 million share per day average in May 2017.
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Among financial stocks moving on news: + Donnelley Financial Solutions ( DFIN ) climbed as much as 1% on Friday after a New York investment manager urged the financial data and analytics company to form a special committee to pursue strategic alternatives. Financial stocks were slightly positive this afternoon, with the NYSE Financial Sector Index rising less than 0.1% while financial companies in the S&P 500 Index also was ahead less than 0.1%. In other sector news: + Pzena Investment Management ( PZN ) rose almost 2% on Friday after the asset manager reported a 12.1% increase in assets under management on May 31 compared with year-ago levels, rising to $37.10 billion from $33.10 billion at the end of May 2017.
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728872.0
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2018-06-06 00:00:00 UTC
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Financial Sector Update for 06/06/2018: DFIN,IVZ,TD
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-06062018-dfinivztd-2018-06-06
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nan
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Top Financial Stocks
JPM +2.36%
BAC +2.44%
WFC +1.94%
C +1.94%
USB +1.19%
Financial stocks were sharply higher, with the NYSE Financial Sector Index rising almost 1.2% while financial companies in the S&P 500 Index were gaining nearly 1.6% in recent trading. The Philadelphia Housing Sector Index was posting a more than 0.2% advance.
Among financial stocks moving on news:
+ Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company.
In other sector news:
+ Invesco ( IVZ ) was edging higher during Wednesday trading, rising nearly 1%, after the company said it purchased British fin-tech company Intelliflo for an undisclosed amount. Privately held Intelliflo currently works with roughly 30% of the UK's financial advisors and has become the backbone of the British wealth sector, Invesco said.
+ Toronto-Dominion Bank ( TD ) was fractionally higher in choppy Wednesday trade after the bank said it plans to redeem all 5.39 million shares of its outstanding Series S non-cumulative Class A first preferred stock Shares at $25 apiece, or about $135 million overall. The lender also plans to spend about $115 million to redeem all 4.61 million shares of its Series T non-cumulative Class A first preferred stock at $25 each. Both redemptions are scheduled for July 31.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Among financial stocks moving on news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Privately held Intelliflo currently works with roughly 30% of the UK's financial advisors and has become the backbone of the British wealth sector, Invesco said. + Toronto-Dominion Bank ( TD ) was fractionally higher in choppy Wednesday trade after the bank said it plans to redeem all 5.39 million shares of its outstanding Series S non-cumulative Class A first preferred stock Shares at $25 apiece, or about $135 million overall.
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Among financial stocks moving on news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Financial stocks were sharply higher, with the NYSE Financial Sector Index rising almost 1.2% while financial companies in the S&P 500 Index were gaining nearly 1.6% in recent trading. In other sector news: + Invesco ( IVZ ) was edging higher during Wednesday trading, rising nearly 1%, after the company said it purchased British fin-tech company Intelliflo for an undisclosed amount.
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Among financial stocks moving on news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Financial stocks were sharply higher, with the NYSE Financial Sector Index rising almost 1.2% while financial companies in the S&P 500 Index were gaining nearly 1.6% in recent trading. + Toronto-Dominion Bank ( TD ) was fractionally higher in choppy Wednesday trade after the bank said it plans to redeem all 5.39 million shares of its outstanding Series S non-cumulative Class A first preferred stock Shares at $25 apiece, or about $135 million overall.
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Among financial stocks moving on news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Financial stocks were sharply higher, with the NYSE Financial Sector Index rising almost 1.2% while financial companies in the S&P 500 Index were gaining nearly 1.6% in recent trading. In other sector news: + Invesco ( IVZ ) was edging higher during Wednesday trading, rising nearly 1%, after the company said it purchased British fin-tech company Intelliflo for an undisclosed amount.
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b57a4178-7ea7-4118-a5b0-7a61169fd0b0
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728873.0
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2018-06-06 00:00:00 UTC
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Financial Sector Update for 06/06/2018: JEF,DFIN,IVZ,TD,TD.TO
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DFIN
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https://www.nasdaq.com/articles/financial-sector-update-06062018-jefdfinivztdtdto-2018-06-06
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Top Financial Stocks
JPM +2.16%
BAC +3.00%
WFC +1.86%
C +2.15%
USB +0.87%
Financial stocks were ending sharply higher today, with the NYSE Financial Sector Index rising more than 1.3% while financial companies in the S&P 500 Index were gaining over 1.7% in late trade. The Philadelphia Housing Sector Index was posting a nearly 0.6% advance.
Among financial stocks moving on news:
+ Jefferies Financial Group ( JEF ) was almost 4% higher in recent Wednesday trading, staying within close range of its intra-day high, after the financial services company known as Leucadia National Corp until May 23 late Tuesday said it has completed the sale of a 48% ownership interest in National Beef to Brazilian food processor Marfrig Global Foods, paring its National Beef stake to 31%. Jefferies received about $1.1 billion in cash at closing, including transaction proceeds and other pre-closing distributions. The company is expecting to pocket a pre-tax gain of between $860 million to $880 million from the sale, which will be included in Q2 financial results.
In other sector news:
+ Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company.
+ Invesco ( IVZ ): buys UK-based Intelliflo was edging higher during Wednesday trading, rising nearly 1%, after saying it purchased has acquired British fin-tech company Intelliflo for an undisclosed amount. Privately held Intelliflo currently works with roughly 30% of the UK's financial advisors and has become the backbone of the British wealth sector, Invesco said.
+ Toronto-Dominion Bank (TD,TD.TO) was fractionally higher in choppy Wednesday trade after saying it plans to redeem all 5.39 million shares of its outstanding Series S non-cumulative Class A first preferred stock Shares at $25 apiece, or about $135 million overall. The lender also plans to spend about $115 million to redeem all 4.61 million shares of its Series T non-cumulative Class A first preferred stock at $25 each. Both redemptions are scheduled for July 31.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In other sector news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Among financial stocks moving on news: + Jefferies Financial Group ( JEF ) was almost 4% higher in recent Wednesday trading, staying within close range of its intra-day high, after the financial services company known as Leucadia National Corp until May 23 late Tuesday said it has completed the sale of a 48% ownership interest in National Beef to Brazilian food processor Marfrig Global Foods, paring its National Beef stake to 31%. Jefferies received about $1.1 billion in cash at closing, including transaction proceeds and other pre-closing distributions.
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In other sector news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Financial stocks were ending sharply higher today, with the NYSE Financial Sector Index rising more than 1.3% while financial companies in the S&P 500 Index were gaining over 1.7% in late trade. + Toronto-Dominion Bank (TD,TD.TO) was fractionally higher in choppy Wednesday trade after saying it plans to redeem all 5.39 million shares of its outstanding Series S non-cumulative Class A first preferred stock Shares at $25 apiece, or about $135 million overall.
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In other sector news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Financial stocks were ending sharply higher today, with the NYSE Financial Sector Index rising more than 1.3% while financial companies in the S&P 500 Index were gaining over 1.7% in late trade. Among financial stocks moving on news: + Jefferies Financial Group ( JEF ) was almost 4% higher in recent Wednesday trading, staying within close range of its intra-day high, after the financial services company known as Leucadia National Corp until May 23 late Tuesday said it has completed the sale of a 48% ownership interest in National Beef to Brazilian food processor Marfrig Global Foods, paring its National Beef stake to 31%.
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In other sector news: + Donnelly Financial ( DFIN ) was seeing seeing significant upward momentum on Wednesday, at one point rising almost 5%, after Groveland Capital urged the Donnelly board to begin a formal review of the company's strategic alternatives, stating it believes the recent shift at the company to a software-as-a-service sales model would be best purused either as a private entity or as a subsidiary of a larger complementary company. Financial stocks were ending sharply higher today, with the NYSE Financial Sector Index rising more than 1.3% while financial companies in the S&P 500 Index were gaining over 1.7% in late trade. The company is expecting to pocket a pre-tax gain of between $860 million to $880 million from the sale, which will be included in Q2 financial results.
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