DFIN Donnelley Financial Solutions, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2025: $14M, Q2 2025: $20M, Q1 2025: $31M, Q3 2024: $15M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $14M vs trailing avg $22M (-37%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-67M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 1,649,629 shares = 5.7% of 28,700,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

16 open-market purchases by 6 insiders

• GREENFIELD GARY G () bought 1,000 shares at $48.89 on 2025-02-21
• Jacobowitz Jeffrey () bought 232,759 shares at $26.83 on 2022-05-11
• Jacobowitz Jeffrey () bought 1,398 shares at $27.51 on 2022-05-11
• Simcoe Capital Management, LLC () bought 222,426 shares at $26.85 on 2022-05-11
• Simcoe Capital Management, LLC () bought 11,731 shares at $26.85 on 2022-05-11
• GREENFIELD GARY G () bought 1,820 shares at $27.32 on 2022-05-11
• Jacobowitz Jeffrey () bought 160,664 shares at $26.73 on 2022-05-10
• Jacobowitz Jeffrey () bought 24,697 shares at $27.08 on 2022-05-10
• Simcoe Capital Management, LLC () bought 176,075 shares at $26.79 on 2022-05-10
• Simcoe Capital Management, LLC () bought 9,286 shares at $26.79 on 2022-05-10

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $27M, sold $272M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 10.2x more than bought. 6 C-suite officers among sellers

• Johnson Eric J (President, GIC) sold 20,280 shares on 2026-03-06
• Williams Robert Kirk (Chief People & Admin Officer) sold 4,237 shares on 2026-03-03
• Williams Robert Kirk (Chief People & Admin Officer) sold 7,684 shares on 2026-03-04
• Leib Daniel (Chief Executive Officer) sold 10,000 shares on 2026-02-26
• Leib Daniel (Chief Executive Officer) sold 12,867 shares on 2025-08-14
• Leib Daniel (Chief Executive Officer) sold 6,333 shares on 2025-08-14
• Leib Daniel (Chief Executive Officer) sold 800 shares on 2025-08-14
• Williams Robert Kirk (Chief People & Admin Officer) sold 10,000 shares on 2025-06-10
• Clay Craig (President, GCM) sold 11,022 shares on 2025-05-23
• Johnson Eric J (President, GIC) sold 5,000 shares on 2025-05-20