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DFIN Exhibit 99.1 DFIN Reports Second Quarter 2021 Results CHICAGO- August 4 , 2021 – Donnelley Financial Solutions , Inc. ( NYSE : DFIN ) , ( the " Company " or " DFIN " ) today reported financial results for the second quarter of 2021 . Net Sales Net Earnings ( Loss ) Adjusted EBITDA ( 1 ) Operating Cash Flow Free Cash Flow ( 1 ) ( 2 ) Second - quarter 2021 $ 267.5 million $ 42.9 million $ 79.9 million $ 30.6 million $ 20.9 million Second - quarter 2020 $ 254.0 million $ Change $ 13.5 million % Change 5.3 % ( $ 1.3 million ) $ 44.2 million nm $ 60.8 million $ 19.1 million 31.4 % $ 13.2 million $ 17.4 million 131.8 % $ 4.4 million $ 16.5 million 375.0 % ( 1 ) 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 . nm - Not meaningful Highlights for the second quarter of 2021 : Net sales of $ 267.5 million , up $ 13.5 million , or 5.3 % , from the second quarter of 2020 , primarily driven by continued strength in capital markets and growth in software solutions net sales , partially offset by lower print and distribution volume as a result of the impact of regulatory changes ; excluding print and distribution , net sales grew 23.1 % from the second quarter of 2020 . Record quarterly software solutions net sales of $ 66.6 million , up $ 19.0 million , or 39.9 % , from the second quarter of 2020 ; software solutions net sales accounted for 24.9 % of total net sales , up from 18.7 % in the second quarter of 2020 . Net earnings of $ 42.9 million , up $ 44.2 million from the second quarter of 2020 , primarily driven by a decrease in restructuring , impairment , and other charges , favorable sales mix , a decrease in charges related to LSC multiemployer pension plan obligation and cost control initiatives . Adjusted EBITDA of $ 79.9 million , up $ 19.1 million or 31.4 % , from the second quarter of 2020 , primarily driven by a favorable sales mix and cost control initiatives , partially offset by higher incentive compensation expense . Adjusted EBITDA margin of 29.9 % , up 600 basis points from the second quarter of 2020 ; the eighth consecutive quarter of year - over - year Adjusted EBITDA margin expansion . • Operating cash flow improved $ 17.4 million from the second quarter of 2020 ; year - to - date operating cash flow improved $ 16.2 million compared to the first half of 2020 . Non - GAAP gross leverage of 1.0x and non - GAAP net leverage of 0.9x as of June 30 , 2021 ; down 1.4x and 1.2x , respectively , from June 30 , 2020 . The Company amended its credit agreement to provide for a $ 200 million delayed - draw term loan A facility , which it intends to access , in combination with cash on hand , to redeem the Company's remaining $ 233 million of 8.25 % Senior Notes , which are redeemable October 2021 ; in addition , the Company extended the maturity of its $ 300 million revolving facility to May 27 , 2026 . The Company repurchased 250,567 shares in open market transaction for $ 7.1 million at an average price of $ 28.19 per share during the quarter . As of June 30 , 2021 , the remaining repurchase authorization was $ 39.6 million . " We are pleased with the ongoing positive market response to our software solutions , including our recently introduced products . The sales momentum across our software solutions offerings accelerated in the second quarter , where we posted 40 % growth compared to last year's second quarter , which included 44 % growth in Investment Companies software solutions sales and nearly 38 % growth in Capital Markets software solutions sales . In addition , the capital markets transactional environment , as well as our market share , remained strong , driving 38 % growth in our transactional sales , " said Daniel N. Leib , DFIN'S president and chief executive officer .