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DFIN Exhibit 99.1 - DFIN Reports Third Quarter 2021 Results CHICAGO - November 3 , 2021 – Donnelley Financial Solutions , Inc. ( NYSE : DFIN ) , ( the " Company " or " DFIN " ) today reported financial results for the third quarter of 2021 . Net Sales Third - quarter 2021 $ 247.7 million Third - quarter 2020 $ 209.5 million $ Change $ 38.2 million % Change 18.2 % Net Earnings $ 42.2 million $ 7.1 million $ 35.1 million nm Adjusted EBITDA ( a ) $ 82.5 million $ 47.6 million $ 34.9 million 73.3 % Operating Cash Flow $ 110.9 million $ 76.4 million $ 34.5 million 45.2 % $ 100.4 million $ 67.6 million $ 32.8 million 48.5 % Free Cash Flow ( a ) ( b ) ( a ) 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 . ( b ) Defined as operating cash flow less capital expenditures . nm - Not meaningful Highlights for the third quarter of 2021 : Net sales of $ 247.7 million , up $ 38.2 million , or 18.2 % , from the third 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 35.9 % from the third quarter of 2020 . Record quarterly software solutions net sales of $ 69.3 million , up $ 18.2 million , or 35.6 % , from the third quarter of 2020 ; software solutions net sales accounted for 28.0 % of total net sales , up from 24.4 % in the third quarter of 2020 ; net sales from software solutions exceeded print and distribution sales for the first time in the Company's history . Net earnings of $ 42.2 million , up $ 35.1 million from the third quarter of 2020 , primarily driven by higher sales volumes , a favorable sales mix , a decrease in charges related to LSC multiemployer pension plan obligation , and cost control initiatives , partially offset by higher selling expense and incentive compensation expense . Record quarterly Adjusted EBITDA of $ 82.5 million , up $ 34.9 million , or 73.3 % , from the third quarter of 2020 , primarily driven by higher sales volumes , a favorable sales mix and cost control initiatives , partially offset by higher selling expense and incentive compensation expense . Adjusted EBITDA margin of 33.3 % , up 1,060 basis points from the third quarter of 2020 ; the ninth consecutive quarter of year - over - year Adjusted EBITDA margin expansion . Record quarterly operating cash flow of $ 110.9 million , an increase of $ 34.5 million , or 45.2 % , from the third quarter of 2020 ; record quarterly Free Cash Flow of $ 100.4 million , an increase of $ 32.8 million , or 48.5 % , from the third quarter of 2020 . Non - GAAP gross leverage of 0.9x and non - GAAP net leverage of 0.4x as of September 30 , 2021 ; down 0.9x and 1.1x , respectively , from September 30 , 2020 . During the third quarter , the Company repurchased 238,072 shares in open market transactions for $ 8.2 million at an average price of $ 34.37 per share . As of September 30 , 2021 , the remaining share repurchase authorization was $ 31.4 million . On October 15 , 2021 , the Company redeemed the remaining outstanding 8.25 % Senior Notes balance of $ 233.0 million at the redemption price of 102.063 , plus accrued and unpaid interest of $ 9.6 million , using $ 200.0 million of proceeds from the Company's delayed - draw term loan A facility and cash on hand . At current interest rates , the expected annualized interest savings are approximately $ 14 million .