2024-02-20 11:41:07 ET
Donnelley Financial Solutions, Inc. (DFIN)
Q4 2023 Earnings Conference Call
February 20, 2024 9:00 AM ET
Company Participants
Mike Zhao – Head-Investor Relations
Dan Leib – Chief Executive Officer
Dave Gardella – Chief Financial Officer
Eric Johnson – President-Global Investment Companies
Craig Clay – President-Global Capital Markets
Conference Call Participants
Charles Strauzer – CJS Securities
Pete Heckmann – D. A. Davidson
Raj Sharma – B. Riley Securities
Kyle Peterson – Needham
Presentation
Operator
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Donnelley Financial Solutions Fourth Quarter and Full Year 2023 Earnings Conference Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
At this time, I would like to turn the conference over to Mike Zhao, Head of Investor Relations. Please go ahead.
Mike Zhao
Thank you. Good morning, everyone, and thank you for joining Donnelley Financial Solutions' fourth quarter and full year 2023 results conference call. This morning, we released our earnings report, supplemental trending schedules of historical results and the latest investor presentation, which includes our updated long-term projections, all 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 and other filings with the SEC. Further, we will discuss certain non-GAAP financial information such as adjusted EBITDA, adjusted EBITDA margin and organic net sales. 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 Kami Turner.
I will now turn the call over to Dan.
Dan Leib
Thank you, Mike, and good morning, everyone. We finished 2023 by delivering strong fourth quarter results, highlighted by 5.4% organic consolidated net sales growth, year-over-year growth in adjusted EBITDA and strong adjusted EBITDA margin performance. I am encouraged by the reacceleration of sales growth in the fourth quarter despite the continued headwind in our event-driven capital markets transactional offering. I am also pleased by the performance of our Venue dataroom product, which delivered net sales growth of approximately 26% in the quarter. As a result of focused execution, we grew consolidated adjusted EBITDA by $2 million or 5.1% year-over-year and delivered an adjusted EBITDA margin of 23.4% in the quarter, in line with last year's fourth quarter, despite 9% lower event-driven revenue within capital markets....
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Donnelley Financial Solutions, Inc. (DFIN) Q4 2023 Earnings Call Transcript