Financial Analysis

Note 7. Commitments and Contingencies Litigation From time to time, the Companys customers and other counterparties file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation or other dispute resolution proceedings arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation or other proceedings will not have a material adverse effect on the Companys consolidated results of operations, financial position or cash flows. …

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Note 8. Debt The Companys debt as of June 30, 2026 and December 31, 2025 consisted of the following: June 30, 2026 December 31, 2025 Term Loan A Facility $ 107.8 $ 110.7 Borrowings under the Revolving Facility 96.5 61.0 Unamortized debt issuance costs ( 0.3 ) ( 0.4 ) Total debt 204.0 171.3 Less: current portion of long-term debt 5.8 5.8 Long-term debt $ 198.2 $ 165.5 Credit Agreement On March 13, 2025, the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the Credit Agreement, and the Credit Agreement, as so amended and restated, the Amended and Restated Credit Agreement), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to provide for a $ 115.0 million term loan A facility (the Term Loan A Facility), establish a $ 300.0 million revolving facility (the Revolving Facility) with a maturity date of March 13, 2030 to replace the entire amount of the revolving facility and modify the financial maintenance and negative covenants in the Amended and Restated Credit Agreement, among other things. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Amended and Restated Credit Agreement, that, in part, restrict the Companys ability to incur additional indeb …

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The following tables disaggregate revenue between software solutions, tech-enabled services and print and distribution by reportable segment for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 Software Solutions Tech-enabled Services Print and Distribution Total Software Solutions Tech-enabled Services Print and Distribution Total Capital Markets - Software Solutions $ 65.7 $ $ $ 65.7 $ 59.1 $ $ $ 59.1 Capital Markets - Compliance and Communications Management 71.5 24.4 95.9 65.6 27.9 93.5 Investment Companies - Software Solutions 33.7 33.7 33.1 33.1 Investment Companies - Compliance and Communications Management 18.7 10.2 28.9 19.6 12.8 32.4 Total net sales $ 99.4 $ 90.2 $ 34.6 $ 224.2 $ 92.2 $ 85.2 $ 40.7 $ 218.1 Six Months Ended June 30, 2026 2025 Software Solutions Tech-enabled Services Print and Distribution Total Software Solutions Tech-enabled Services Print and Distribution Total Capital Markets - Software Solutions $ 124.3 $ $ $ 124.3 $ 111.0 $ $ $ 111.0 Capital Markets - Compliance and Communications Management 124.8 53.9 178.7 125.4 52.0 177.4 Investment Companies - Software Solutions 66.8 66.8 65.8 65.8 Investment Companies - Compliance and Communications Management 35.5 24.4 59.9 36.3 28.7 65.0 Total net sales $ 191.1 $ 160.3 $ 78.3 $ 429.7 $ 176.8 $ 161.7 $ 80.7 $ 419.2 …

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Note 10. Share-based Compensation Total share-based compensation expense was $ 9.3 million and $ 7.5 million for the three months ended June 30, 2026 and 2025, respectively, and $ 15.7 million and $ 13.5 million for the six months ended June 30, 2026 and 2025, respectively. The income tax benefit related to share-based compensation expense was $ 2.5 million and $ 2.0 million for the three months ended June 30, 2026 and 2025, respectively, and $ 4.7 million and $ 4.3 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, $ 56.8 million of total unrecognized share-based compensation expense is expected to be recognized over a weighted-average period of 2.1 years. Restricted Stock Units RSUs outstanding as of June 30, 2026 and December 31, 2025, and changes during the six months ended June 30, 2026, were as follows: Shares (thousands) Weighted-Average Grant Date Fair Value Nonvested at December 31, 2025 654 $ 48.58 Granted 467 49.73 Vested ( 279 ) 50.43 Forfeited ( 21 ) 51.91 Nonvested at June 30, 2026 821 $ 48.52 As of June 30, 2026, $ 28.6 million of unrecognized share-based compensation expense related to RSUs is expected to be recognized over a weighted-average period of 2.2 years. Performance Share Units PSUs include a market condition related to the Companys stock price performance relative to a peer group, or relative total shareholder return (TSR) modifier, which can affect the number of shares ultimately issued to grantees at the end …

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Note 4. Leases The Company has operating leases for certain service centers, office space and equipment. Cash paid for operating leases was $ 1.2 million and $ 2.6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 2.9 million and $ 5.5 million for the six months ended June 30, 2026 and 2025, respectively. The components of lease expense for the three and six months ended June 30, 2026 and 2025 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating lease expense: Operating lease expense $ 1.6 $ 1.8 $ 3.4 $ 3.7 Sublease income ( 0.6 ) ( 0.9 ) ( 1.5 ) ( 1.8 ) Net operating lease expense $ 1.0 $ 0.9 $ 1.9 $ 1.9

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Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient when developing reasonable and supportable forecasts as part of estimating expected credit losses that all entities may assume current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted the standard prospectively in the first quarter of 2026 and elected to utilize the practical expedient upon adoption. The adoption of the standard did not have an impact on the Companys consolidated financial stateme nts. …

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Note 6. Retirement Plans In 2025, the Company settled its primary defined benefit plan, as further disclosed in the Annual Report. The components of net pension plan expense for the three and six months ended June 30, 2026 and 2025 are included in investment and other loss, net on the Unaudited Condensed Consolidated Statements of Operations and were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Interest cost $ 0.3 $ 2.5 $ 0.6 $ 5.1 Expected return on assets ( 2.5 ) ( 5.0 ) Amortization, net 0.4 0.1 0.8 Net pension plan expense $ 0.3 $ 0.4 $ 0.7 $ 0.9 …

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Note 2. Revenue Revenue Recognition The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as performs tagging of documents using Inline eXtensible Business Reporting Language (iXBRL) and other services. Clients are provided with EDGAR filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure, Arc Suite and Venue, and provides digital document creation, online content management and print and distribution solutions. Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products, which may include fixed consideration, variable consideration or a combination of the two. The Companys services include software solutions and tech-enabled services whereas the Companys products are comprised of print and distribution offerings. The Companys arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for s …

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Note 13. Segment Information The Company operates its business through four operating and reportable segments: Capital Markets Software Solutions, Capital Markets Compliance and Communications Management, Investment Companies Software Solutions and Investment Companies Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (SG&A) activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain expenses and income of employee benefits plans, such as net pension plan expense as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments. Capital Markets The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act of 1933, as amended (the Securities Act), and the Exchange Act. Capital markets clients leverage the Companys software offerings, proprietary technology, deep industry expertise and experience to successfully navigate the SECs specified file formats when submitting compliance documents through the SECs EDGAR system for their transactional and ongoing compliance needs. The Company assists its capital markets clients throughout the …

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Note 11. Capital Stock The Company has authorized for issuance 65 million shares of $ 0.01 par value common stock and one million shares of $ 0.01 par value preferred stock. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock. Common Stock Repurchases On April 16, 2026, the Board authorized the repurchase of up to $ 150 million of the Companys outstanding common stock commencing on April 17, 2026, with an expiration date of December 31, 2027 . This new share repurchase program replaced the previous $ 150 million program, which had been authorized on May 15, 2025 and was scheduled to expire on December 31, 2026 . As of June 30, 2026 , the remaining authorized amount was $ 125.4 million. The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the Exchange Act). Repurchases may also be made under a Rule 10b5-1 plan, which would per …

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