v3.25.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables include selected financial data for the Company’s reportable segments for the years ended December 31, 2025, 2024 and 2023:
|  | Capital Markets - Software Solutions |  |  | Capital Markets - Compliance and Communications Management |  |  | Investment Companies - Software Solutions |  |  | Investment Companies - Compliance and Communications Management |  |  | Total |
Year Ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 230.0 |  |  | $ | 296.2 |  |  | $ | 128.4 |  |  | $ | 112.4 |  |  | $ | 767.0 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (a) |  |  | 58.2 |  |  |  | 111.4 |  |  |  | 53.1 |  |  |  | 57.9 |  |  |  |
SG&A expenses (a) |  |  | 96.7 |  |  |  | 70.9 |  |  |  | 24.9 |  |  |  | 15.0 |  |  |  |
Other segment items (a) |  |  | 0.1 |  |  |  | 0.1 |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  |
Segment Adjusted EBITDA |  | $ | 75.0 |  |  | $ | 113.8 |  |  | $ | 50.3 |  |  | $ | 39.6 |  |  | $ | 278.7 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38.9 | )
Restructuring, impairment and other charges, net |  |  |  |  |  |  |  |  |  |  |  |  | (10.4 | )
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31.4 | )
Pension plan settlement charge |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (82.8 | )
Accelerated rent benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.6 |
Gain on sale of long-lived assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.5 |
Non-income tax, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.3 |
Gain on investments in equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.1 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (59.3 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12.9 | )
Investment and other loss, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2.4 | )
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 43.1 |
(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 section 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.
|  | Capital Markets - Software Solutions |  |  | Capital Markets - Compliance and Communications Management |  |  | Investment Companies - Software Solutions |  |  | Investment Companies - Compliance and Communications Management |  |  | Total |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 213.6 |  |  | $ | 321.7 |  |  | $ | 116.1 |  |  | $ | 130.5 |  |  | $ | 781.9 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (a) |  |  | 57.8 |  |  |  | 120.4 |  |  |  | 49.6 |  |  |  | 70.3 |  |  |  |
SG&A expenses (a) |  |  | 92.2 |  |  |  | 90.5 |  |  |  | 26.8 |  |  |  | 18.6 |  |  |  |
Other segment items (a) |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | — |  |  |  | 0.1 |  |  |  |
Segment Adjusted EBITDA |  | $ | 63.5 |  |  | $ | 110.9 |  |  | $ | 39.7 |  |  | $ | 41.5 |  |  | $ | 255.6 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38.3 | )
Restructuring, impairment and other charges, net |  |  |  |  |  |  |  |  |  |  |  |  | (6.6 | )
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (25.2 | )
Gain on sale of long-lived assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9.8 |
Non-income tax, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |
Gain on investments in equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.4 |
Gain on sale of a business |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.4 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (60.2 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12.9 | )
Investment and other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.0 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 125.1 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 185.9 |  |  | $ | 355.4 |  |  | $ | 106.8 |  |  | $ | 149.1 |  |  | $ | 797.2 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (a) |  |  | 61.2 |  |  |  | 141.4 |  |  |  | 47.1 |  |  |  | 81.5 |  |  |  |
SG&A expenses (a) |  |  | 79.5 |  |  |  | 94.5 |  |  |  | 22.9 |  |  |  | 18.2 |  |  |  |
Other segment items (a) |  |  | — |  |  |  | 0.1 |  |  |  | (0.1 | ) |  |  | — |  |  |  |
Segment Adjusted EBITDA |  | $ | 45.2 |  |  | $ | 119.4 |  |  | $ | 36.9 |  |  | $ | 49.4 |  |  | $ | 250.9 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (43.5 | )
Restructuring, impairment and other charges, net |  |  |  |  |  |  |  |  |  |  |  |  | (9.8 | )
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (22.5 | )
Loss on sale of a business |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6.1 | )
Accelerated rent expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3.7 | )
Disposition-related expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (0.3 | )
Gain on investments in equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7.0 |
Non-income tax, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.9 |
Gain on sale of long-lived assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (56.7 | )
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15.8 | )
Investment and other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 102.0 |
(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 section 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.
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Depreciation and amortization |  |  |  |  |  |  |  |  |
Capital Markets - Software Solutions |  | $ | 30.1 |  |  | $ | 27.6 |  |  | $ | 29.8 |
Capital Markets - Compliance and Communications Management |  |  | 6.2 |  |  |  | 9.8 |  |  |  | 8.0 |
Investment Companies - Software Solutions |  |  | 19.1 |  |  |  | 18.2 |  |  |  | 14.2 |
Investment Companies - Compliance and Communications Management |  |  | 3.9 |  |  |  | 4.5 |  |  |  | 4.6 |
Total operating segments |  |  | 59.3 |  |  |  | 60.1 |  |  |  | 56.6 |
Corporate |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Total |  | $ | 59.3 |  |  | $ | 60.2 |  |  | $ | 56.7 |
Capital expenditures |  |  |  |  |  |  |  |  |
Capital Markets - Software Solutions |  | $ | 28.6 |  |  | $ | 32.5 |  |  | $ | 31.5 |
Capital Markets - Compliance and Communications Management |  |  | 8.4 |  |  |  | 7.7 |  |  |  | 7.4 |
Investment Companies - Software Solutions |  |  | 16.4 |  |  |  | 21.1 |  |  |  | 18.8 |
Investment Companies - Compliance and Communications Management |  |  | 2.1 |  |  |  | 2.7 |  |  |  | 1.8 |
Total operating segments |  |  | 55.5 |  |  |  | 64.0 |  |  |  | 59.5 |
Corporate |  |  | 1.6 |  |  |  | 1.9 |  |  |  | 2.3 |
Total |  | $ | 57.1 |  |  | $ | 65.9 |  |  | $ | 61.8 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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