XML 18 R11.htm IDEA: XBRL DOCUMENT
v3.25.2

Revenue | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue Recognition [Abstract] |
Revenue | 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. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s 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 separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore is not distinct. Revenue for the Company’s software solutions, tech-enabled services and print and distribution offerings is recognized either over time or at a point in time, as further disclosed in the Annual Report. Disaggregation of Revenue The following table disaggregates revenue between software solutions, tech-enabled services and print and distribution by reportable segment:
|  | Three Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | Software Solutions |  |  | Tech-enabled Services |  |  | Print and Distribution |  |  | Total |  |  | Software Solutions |  |  | Tech-enabled Services |  |  | Print and Distribution |  |  | Total |
Capital Markets - Software Solutions |  | $ | 59.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 59.1 |  |  | $ | 57.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 57.3 |
Capital Markets - Compliance and Communications Management |  |  | — |  |  |  | 65.6 |  |  |  | 27.9 |  |  |  | 93.5 |  |  |  | — |  |  |  | 81.3 |  |  |  | 32.5 |  |  |  | 113.8 |
Investment Companies - Software Solutions |  |  | 33.1 |  |  |  | — |  |  |  | — |  |  |  | 33.1 |  |  |  | 28.3 |  |  |  | — |  |  |  | — |  |  |  | 28.3 |
Investment Companies - Compliance and Communications Management |  |  | — |  |  |  | 19.6 |  |  |  | 12.8 |  |  |  | 32.4 |  |  |  | — |  |  |  | 20.9 |  |  |  | 22.4 |  |  |  | 43.3 |
Total net sales |  | $ | 92.2 |  |  | $ | 85.2 |  |  | $ | 40.7 |  |  | $ | 218.1 |  |  | $ | 85.6 |  |  | $ | 102.2 |  |  | $ | 54.9 |  |  | $ | 242.7 |
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | Software Solutions |  |  | Tech-enabled Services |  |  | Print and Distribution |  |  | Total |  |  | Software Solutions |  |  | Tech-enabled Services |  |  | Print and Distribution |  |  | Total |
Capital Markets - Software Solutions |  | $ | 111.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 111.0 |  |  | $ | 110.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 110.3 |
Capital Markets - Compliance and Communications Management |  |  | — |  |  |  | 125.4 |  |  |  | 52.0 |  |  |  | 177.4 |  |  |  | — |  |  |  | 147.3 |  |  |  | 57.6 |  |  |  | 204.9 |
Investment Companies - Software Solutions |  |  | 65.8 |  |  |  | — |  |  |  | — |  |  |  | 65.8 |  |  |  | 55.6 |  |  |  | — |  |  |  | — |  |  |  | 55.6 |
Investment Companies - Compliance and Communications Management |  |  | — |  |  |  | 36.3 |  |  |  | 28.7 |  |  |  | 65.0 |  |  |  | — |  |  |  | 37.8 |  |  |  | 37.5 |  |  |  | 75.3 |
Total net sales |  | $ | 176.8 |  |  | $ | 161.7 |  |  | $ | 80.7 |  |  | $ | 419.2 |  |  | $ | 165.9 |  |  | $ | 185.1 |  |  | $ | 95.1 |  |  | $ | 446.1 |
Unbilled Receivables and Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets, unbilled receivables or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on the historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, the estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Determining whether there will be a significant revenue reversal in the future and the determination of the amount of the constraint requires significant judgment. Contract assets were $15.0 million and $13.8 million at June 30, 2025 and December 31, 2024, respectively. Generally, the contract assets balance is impacted by the recognition of additional revenue, amounts invoiced to customers and changes in the level of constraint applied to variable consideration. Amounts recognized as revenue exceeded the estimates for performance obligations satisfied in previous periods by approximately $8.8 million and $13.3 million for the three months ended June 30, 2025 and 2024, respectively, and $16.6 million and $15.8 million for the six months ended June 30, 2025 and 2024, respectively, primarily due to changes in the Company’s estimate of variable consideration and the application of the constraint. Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price. Unbilled receivables were $42.5 million and $24.1 million at June 30, 2025 and December 31, 2024, respectively. Unbilled receivables and contract assets are included in receivables, less allowances for expected losses on the Unaudited Condensed Consolidated Balance Sheets. Contract liabilities consist of deferred revenue and progress billings, the majority of which is included in accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Contract liabilities were $61.9 million and $52.9 million at June 30, 2025 and December 31, 2024, respectively. Contract liabilities increased during the period due to amounts invoiced for performance obligations before the revenue recognition criteria were met, which were offset by decreases due to revenue recognized in the period. The Company recognized $16.5 million and $9.2 million for the three months ended June 30, 2025 and 2024, respectively, and $37.5 million and $28.3 million of revenue during the six months ended June 30, 2025 and 2024, respectively, that was included in the deferred revenue balances at the beginning of the respective annual periods. Most of the Company’s contracts with significant remaining performance obligations have an initial expected duration of one year or less. As of June 30, 2025, the future estimated revenue related to unsatisfied or partially satisfied performance obligations under contracts with an original contractual term in excess of one year was approximately $165 million, of which approximately 50% is expected to be recognized as revenue over the succeeding twelve months, and the remainder recognized thereafter.

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueRecognitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration