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DFIN DFIN Reports First - Quarter 2021 Results Exhibit 99.1 - CHICAGO- May 5 , 2021 – Donnelley Financial Solutions , Inc. ( NYSE : DFIN ) , ( the “ Company ” ) today reported financial results for the first quarter of 2021 . $ 4.1 million $ 30.1 million First - quarter 2021 First - quarter 2020 Net Sales Net Earnings Operating Cash Flow $ 245.3 million $ 220.7 million $ 35.2 million Non - GAAP Adjusted EBITDA ( ¹ ) $ 71.1 million Free Cash Flow ( 1 ) ( 2 ) $ ( 38.3 ) million $ ( 46.3 ) million $ ( 37.1 ) million $ ( 44.0 ) million ( 1 ) Non - GAAP Adjusted EBITDA ( " Adjusted EBITDA " ) and Free Cash Flow are non - GAAP financial measures that exclude the impact of certain items noted in the reconciliation tables below . The tables below provide reconciliations to the most comparable GAAP measures . ( 2 ) Defined as operating cash flow less capital expenditures . First - quarter 2021 financial highlights : • Net sales of $ 245.3 million , up $ 24.6 million , or 11.1 % , from the first quarter of 2020 , driven by continued strength in capital markets and growth in software solutions sales , partially offset by lower print volume as a result of SEC Rule 30e - 3 . Record quarterly software solutions net sales of $ 60.3 million , up 27.5 % from the first quarter of 2020 ; software solutions net sales accounted for 24.6 % of total first - quarter 2021 net sales , up from 21.4 % in the first quarter of 2020 . Actions to mitigate the impact of SEC Rules 30e - 3 and 498A are on plan ; first - quarter 2021 gross margin for print and distribution was 32.6 % , an improvement of 770 basis points from the first quarter of 2020 , despite a decline in print and distribution sales of $ 25.0 million , or 27.3 % , from the first quarter of 2020 . Net earnings of $ 35.2 million , up $ 31.1 million from the first quarter of 2020 , primarily driven by a favorable sales mix , operating leverage on sales growth and cost control initiatives , partially offset by the LSC multiemployer pension plans obligation charge , higher incentive compensation and selling expenses . Adjusted EBITDA of $ 71.1 million , up 136.2 % from the first quarter of 2020 , and Adjusted EBITDA margin of 29.0 % , more than double the first - quarter 2020 Adjusted EBITDA margin ; the significant improvements in both Adjusted EBITDA and Adjusted EBITDA margin were primarily driven by a favorable sales mix , operating leverage on sales growth and cost control initiatives , partially offset by higher incentive compensation and selling expenses . Non - GAAP gross leverage of 1.2x and non - GAAP net leverage of 1.0x as of March 31 , 2021 ; down 1.1x and 1.3x , respectively , from March 31 , 2020 . During the first quarter , the Company repurchased 126,682 shares in open market transactions for $ 3.4 million at an average price of $ 26.92 per share . As of March 31 , 2021 , the remaining repurchase authorization was approximately $ 46.7 million . " We are pleased with the excellent performance to begin the year , highlighted by nearly 28 % growth in our software solutions sales versus the first quarter of 2020 ; more than 136 % growth in Adjusted EBITDA versus the first quarter of 2020 ; and Adjusted EBITDA margin of 29.0 % , more than double the margin we achieved in the first quarter of 2020. In addition , we are encouraged by client adoption of our new recurring software products . ArcDigital , which we launched last May , is off to a strong start in 2021 , and our next - generation , built - from - the - ground - up ActiveDisclosure platform , which we launched in the first quarter , will begin contributing to our software solutions sales in the second quarter , as we convert clients from ActiveDisclosure 3.0 and onboard new clients , " said Daniel N. Leib , DFIN's president and chief executive officer . Leib continued , " The momentum of the transactional activity , including demand for our Venue data room , within equity capital markets that began to build in the second half of 2020 accelerated in the first quarter , as did our shift in business mix , growing our software solutions and tech - enabled services sales , and reducing our sales derived from print and distribution . Excluding print and distribution , our net sales grew over 38 % in the quarter . ”