The following tables include selected financial data for the Company’s reportable segments for the three months ended March 31, 2026 and 2025:
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Capital Markets - Software Solutions |
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Capital Markets - Compliance and Communications Management |
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Investment Companies - Software Solutions |
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Investment Companies - Compliance and Communications Management |
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Total |
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Three Months Ended March 31, 2026 |
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Net sales |
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$ |
58.6 |
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$ |
82.8 |
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$ |
33.1 |
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$ |
31.0 |
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$ |
205.5 |
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Less: |
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Cost of sales (a) |
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13.9 |
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32.9 |
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13.8 |
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14.8 |
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SG&A expenses (a) |
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25.5 |
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16.2 |
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6.2 |
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4.1 |
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Segment Adjusted EBITDA |
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$ |
19.2 |
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$ |
33.7 |
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$ |
13.1 |
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$ |
12.1 |
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$ |
78.1 |
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Reconciliation of total Segment Adjusted EBITDA |
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Corporate (b) |
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(7.5 |
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Restructuring, impairment and other charges, net |
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(0.7 |
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Share-based compensation expense |
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(6.4 |
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Depreciation and amortization |
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(15.0 |
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Interest expense, net |
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(2.8 |
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Investment and other loss, net |
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(0.3 |
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Earnings before income taxes |
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$ |
45.4 |
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Three Months Ended March 31, 2025 |
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Net sales |
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$ |
51.9 |
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$ |
83.9 |
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$ |
32.7 |
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$ |
32.6 |
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$ |
201.1 |
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Less: |
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Cost of sales (a) |
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14.3 |
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30.4 |
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13.3 |
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16.2 |
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SG&A expenses (a) |
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23.6 |
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16.9 |
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6.7 |
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4.2 |
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Other segment items (a) |
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0.1 |
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(0.1 |
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(0.1 |
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— |
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Segment Adjusted EBITDA |
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$ |
13.9 |
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$ |
36.7 |
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$ |
12.8 |
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$ |
12.2 |
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$ |
75.6 |
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Reconciliation of total Segment Adjusted EBITDA |
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Corporate (b) |
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(7.4 |
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Restructuring, impairment and other charges, net |
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(2.9 |
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Share-based compensation expense |
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(6.0 |
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Gain on sale of long-lived assets |
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0.5 |
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Non-income tax, net |
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0.1 |
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Depreciation and amortization |
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(14.1 |
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Interest expense, net |
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(3.1 |
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Investment and other loss, net |
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(0.5 |
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Earnings before income taxes |
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$ |
42.2 |
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(a)The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM. (b)Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.
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Three Months Ended March 31, |
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2026 |
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2025 |
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Depreciation and amortization |
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Capital Markets - Software Solutions |
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$ |
7.6 |
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$ |
7.0 |
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Capital Markets - Compliance and Communications Management |
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1.6 |
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1.4 |
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Investment Companies - Software Solutions |
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4.8 |
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4.8 |
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Investment Companies - Compliance and Communications Management |
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1.0 |
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0.9 |
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Total operating segments |
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15.0 |
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14.1 |
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Corporate |
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— |
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— |
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Total |
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$ |
15.0 |
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$ |
14.1 |
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Capital expenditures |
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Capital Markets - Software Solutions |
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$ |
5.3 |
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$ |
6.2 |
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Capital Markets - Compliance and Communications Management |
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1.5 |
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2.0 |
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Investment Companies - Software Solutions |
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2.8 |
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4.5 |
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Investment Companies - Compliance and Communications Management |
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0.3 |
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0.5 |
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Total operating segments |
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9.9 |
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13.2 |
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Corporate |
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0.5 |
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0.1 |
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Total |
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$ |
10.4 |
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$ |
13.3 |
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