DATA COMMUNICATIONS MANAGEMENT (DCMDF) research, news, and more from GeoInvesting

Company description

Fri, 17 Mar 2023 13:46:04 GMT

DATA Communications Management Corp is a communication solutions partner that adds value for major companies across North America by creating more meaningful connections with their customers. It pairs customer insights and thought leadership with cutting-edge products, modular enabling technology and services to power its clients' go-to market strategies. The company helps its clients manage how their brands come to life, determine which channels are right for them, manage multimedia campaigns, deploy location-specific and 1:1 marketing, execute custom loyalty programs, and fulfill their commercial printing needs all in one place.

Research

Fri, 21 Feb 2025 15:03:11 GMT

DATA Communications Management Corp (OTC:DCMDF) (TSX:DCM) ($1.31; $72.3M market cap) announced the initiation of a dividend program and declared a special cash dividend.

Special cash dividend of $0.20 per share payable on March 25, 2025 to shareholders of record on March 12, 2025
Initial regular quarterly dividend of $0.025 per share payable on April 4, 2025 to shareholders of record on March 21, 2025

“The Board’s approval of this dividend program reflects our commitment to enhancing shareholder returns and underscores our confidence in DCM’s growth potential and free cash flow1 generation capabilities moving forward, following the accelerated integration of the Moore Canada Corporation business into DCM,” said J.R. Kingsley Ward, Chair of the Board.

This dividend program is made possible by the Company’s significantly improved financial leverage subsequent to the acquisition and accelerated integration of Moore Capital Corporation and higher levels of free cash flow expected to be generated in 2025 and in the future.”

Please review our April 2023 take on the company,” Data Communications Management (DCMDF): A Technology First Approach Adds Fuel To This Print Company's Turnaround.”

Analyst EPS estimates for 2025 are $0.38CAD ($0.27), however investors should note that the company’s balance sheet carries a lot of debt ($248 million)

DCMDF is a provider of solutions to solve complex marketing and communication workflows.

Research

Tue, 14 May 2024 18:29:52 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM-TO) ($2.27; $131.5M market cap),, announced first quarter 2024 results: (all figures in CAD, unless otherwise specified)

Sales of $129.3 million vs $76.1 million in the prior year
Company issued adjusted EPS of $0.08 vs $0.12 in the prior year
Best EPS quarter the company has reported since closing the acquisition of Donnelly (Canada) in April 2023.
We continue to believe that 2025 sill be the breakout year for EPS growth, potentially offering over 200% upside from current prices.

“Our focus in the first quarter and for the balance of the year is on delivering our post-acquisition integration commitments. These priorities include consolidating our plant network, integrating legacy MCC systems, completing our restructuring plans, focusing on profitable growth, and realizing total annualized post-acquisition synergies of between $30 and $35 million within the next year.”

“We are optimistic about our full year outlook based on order trends we are seeing, new logo wins, and progress on our initiatives to drive improved operating performance, including strategic revenue management opportunities, improving product mix, and leveraging our expanded suite of product and service offerings.”

Please review our April 2023 take on DCMDF,” Data Communications Management (DCMDF): A Technology First Approach Adds Fuel To This Print Company's Turnaround.” The company provides solutions to solve complex marketing and communication workflows. It offers DCMFlex workflow management; digital asset management; and print and communication management.

DCMDF is a provider of solutions to solve complex marketing and communication workflows.

Research

Wed, 20 Mar 2024 15:11:38 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM-TO) ($2.83; $155.7M market cap),, announced fourth quarter 2023 results: (all figures in CAD, unless otherwise specified)

Sales of $129.9 million vs $73.0 million in the prior year; in line with analyst estimates of $129.6 million
Company issued adjusted EPS of $0.02 vs $0.13 in the prior year and ahead of analyst estimates of $0.01

“We are pleased to report on the results of our performance in 2023,” said Richard Kellam, President & CEO of DCM. “This was a transformative year for DCM highlighted by the completion of our acquisition of Moore Canada Corporation and the significant progress we made in our post-merger planning and execution.”

As we’ve stated, 2025 should be the year when the 2024 acquisition of Donnelly (Canada) should positively impact earnings.

Research

Wed, 17 Jan 2024 15:24:03 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM-TO) ($2.08; $115.4M market cap) completed the sale of its Trenton, Ontario facility for gross proceeds of $9.0 million.

“DCM has now completed the planned sale and leaseback of all three owned facilities which were included in the Company’s acquisition of Moore Canada Corporation in April 2023. Collectively, these transactions have generated a total of $39.8 million in gross proceeds, and approximately $37.8 million in net proceeds, which have been used to pay down acquisition-related financing.”

Research

Thu, 09 Nov 2023 15:58:59 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM-TO) ($2.07; $114.6M market cap), a provider of solutions to solve complex marketing and communication workflows, announced third quarter 2023 results: (all figures in CAD, unless otherwise specified)

Sales of $122.7 million vs $63.3 million in the prior year; below analyst estimates of $124.7 million
Company issued adjusted EPS of $0.03 vs $0.08 in the prior year and ahead of analyst estimates of a loss of $0.02

“Our post-merger initiatives are progressing ahead of plan and given our success to date driving savings and efficiency improvements, we are revising our guidance for expected total annualized synergies to a range between $30 and $35 million over the next 18 to 24 months, from a previous range of $25 to $30 million. We are excited about the opportunities in front of us to build on our strong start as a combined company focusing on driving growth and value creation.”

Year over year earnings per share comparisons will likely be a little soft until the company is finished integrating the acquisition of RR Donelly (Canada) so that gross margins expand to back over 30% vs. about the current 25% level and sufficient cash flow is generated in order to pay off the debt associated with the acquisition. Note that interest expense increased to $5 million from $1.2 million. These facts should not be a surprise to the market.

Research

Fri, 11 Aug 2023 16:53:41 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM-TO) ($2.50; $137.5M market cap), a provider of solutions to solve complex marketing and communication workflows, announced second quarter 2023 results: (all figures in CAD, unless otherwise specified)

Sales of $118.9 million vs $68.1 million in the prior year
Company issued adjusted EPS of $0.08 vs $0.08 in the prior year

“We’d like to remind shareholders that we closed the MCC acquisition on April 24, 2023, and the results we are reporting include the combined results of our DCM business and MCC’s operations for one week in April, plus the months of May and June, so not quite a full quarter...

...We remain on track to achieve our targeted total annualized post-merger synergies in the range of $25 - $30 million over the next 18 - 24 months and have already announced $4.2 million of this target has been achieved to date...

...In the procurement area, our team is well on track to deliver anticipated savings by harmonizing our purchasing activities and leveraging our expanded scale to secure more favorable pricing for raw materials. We’ll report back on anticipated savings from these initiatives in the coming quarters.”

Research

Thu, 11 May 2023 15:12:01 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM-TO) ($2.35; $105.4M market cap), a provider of solutions to solve complex marketing and communication workflows, announced first quarter 2023 results: (all figures in CAD, unless otherwise specified)

Sales of $76.1 million vs $69.2 million in the prior year
Company issued adjusted EPS of $0.04 vs $0.08 in the prior year
Our non-GAAP EPS is $0.12 (fully taxed) vs $0.08 in the prior year. It seems the company did not adjust for the $4.5 non-cash mark to market expense in the quarter.

"In connection with the closing of the MCC acquisition, we announced our updated five-year strategic financial objectives. We are now targeting organic annual revenue growth at a compounded annual growth of 5% per year and Adjusted EBITDA as a percentage of revenue of more than 14% over the next five years. As a combined company, we are also focused on driving greater efficiency across the business, including our organization, operations, and procurement. We expect to realize total annualized post-merger synergies in the range of $25 - $30 million over the next 18 to 24 months."

The first quarter adjusted earnings per share results were ahead of what we thought the company would report. This comes after a strong 2022 fourth quarter EPS of CAD $0.11. If the company can hold this run rate, that would put annual earnings per share at around $0.48. A reasonable P/E of 10 would equate to a price target of CAD $4.80 ($3.56 U.S.)

Additionally, the first quarter revenue was sequentially up from fourth quarter 2022 revenue of $73 million.

Keep in mind that the numbers are going to get a little messy moving forward as the company integrates Donnelly into the operations. We presume that Donnelly is losing money. So, we we will have to make a significant amount of adjustments to figure out what the run rate for earnings per share number will be after Donnelly is fully integrated into the company and starts to benefit from the synergies of the acquisition

Unfortunately, the company did not calculate a fully adjusted earnings per share number, so their year over year calculation looks like a weak comparison.

We were on the conference call this morning to see if management would offer more clarity on the Non-Gaap earnings for the quarter, here is the exchange we had with management:

Our question:

“Adding back the acquisition cost of $6.1 million and the $4.5 million non cash charge, non-GAAP EPS for the quarter is closer to $0.17 (untaxed).”

CFO James Lorimer answer:

“I did a little bit of math on that earlier. I got about $0.15 on a basic basis and about 11.6% on a diluted basis. that's applying a 25% assumed tax rate on the differences. So in our tables in the MD&A, we report adjusted net income of $2.1 million. If we were to tax effect that and adjust for the -- that adjusted net income includes an adjustment for the $6.1 million of -- sorry, $4.5 million of mark-to-market adjustments and $6.1 million of the deal costs. So I get to kind of an adjusted net income of about $5.5 million when that's tax affected. So call it, $0.115 to $0.125 either basic or fully diluted.”

Research

Wed, 03 May 2023 15:35:07 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM:TO) ($2.56; $112.8M market cap), aprovider of solutions to solve complex marketing and communication workflows, announced it has entered into an agreement for a private placement for up to $25 million or 8.3 million shares to be priced at $3.00 CAD ($2.20USD).

While the pricing seems pretty strong and the company will likely use the proceeds to pay down debt from recently consummate acquisition of Donnelly, we are surprised by the offering as management gave the impression it did not need to raise capital during our interviews/fireside chat.

The offering isn't totally unexpected given the strength of the stock since shares are up roughly 100% since the company announced the acquisition of Donnelly.

Reasons For Tracking

Sun, 02 Apr 2023 04:00:00 GMT

If you were told that the global print media market is growing, you might say…”Wait, print is still growing?” The answer is yes, it’s not going away. Last time we checked, brick and mortar retail is still around for those companies that adapted to technology (internet). And that is what Data Communications Management (OOTC:DCMDF) (DCM.TO) (“DCM”) is doing in its commercial print markets. The global commercial print total addressable market (TAM) is still sizable, including in Canada, a stock market in which we are getting more comfortable investing.

The country is offering us a chance to research another investment opportunity in DCMDF. Yes, on the surface, the company operates in the “boring” print business, but there is much more than meets the eye in this particular case. It’s taking a boring story and making it a little more exciting, a situation that we think can lead to a material expansion in the stock's current low P/E (7x). It also fits nicely into our BigCapMicro theme.

See our Full RFT on DCMDF Here.

Research

Mon, 27 Mar 2023 13:44:49 GMT

DCMDF CliffsNotes, Courtesy of MS Microcaps (updated to take into account interview with management last week and Q4 results)

DATA Communications Management Corp (OTC:DCMDF) (DCM.TO)

The company finished 2022 with CAD $273 million in sales. DCMDF allows its customers to create, organize and distribute their marketing and business communication collateral. As far as we understand, the collateral is usually distributed in print form (DCMDF prints it).

Since the arrival of a new CEO in March 2021, the company has been transforming its business to more of a digital technology first model, as opposed to print first model:

"We are very pleased with the progress we made in 2021. Since I joined DCM on March 8, 2021, we’ve implemented a clear strategy to move from a “print first” company to a “digital first” company with a well-defined five-year strategic plan to drive our execution."

Prior to the CEO's arrival, the company had experienced a decline in sales for 9 straight quarters. It's worth watching for a few reasons:

The company has now posted 5 consecutive quarters of sales growth and 6 straight quarters of EPS growth.
It has reduced debt from $80M in 2019 to $27M.
DCMDF just announced an acquisition (Donnelley and Sons Canadian division) that will more than double the size of the company.
It reduced expenses through cuts in staffing and the closing of certain locations.

Valuation:

Shares are selling at a P/E of 7. While that might be an appropriate valuation in-line with the company's slow-growth-industry, the P/E could re-rate as the company's digital focus gains momentum. For reference, Ennis, Inc. (NYSE:EBF) is a comp in growth mode, selling at a P/E of 12x.

CAVEATS:

The company will take on significant debt ($123M) to complete the acquisition.
The company could be negatively impacted during a recession
Marketing solution companies can exhibit lumpy quarterly revenue due the project based nature of the business. However, inclusion of Donnelly should ensure consistent revenue growth for at least the next year.
Shareholder equity is negative, due to business’ condition before the arrival of the new CEO.
Sales have only been increasing at less than 10% and, along with EPS, are forecast to be flat in 2023. However, the new acquisition (if consummated) will double the size of the company, so sales growth is going to look good. We need to dig into what impact the acquisition will have on EPS.

Research

Wed, 22 Mar 2023 19:19:21 GMT

DATA Communications Management Corp (OTC:DCMDF) (DCM.TO), a provider of marketing and business communication solutions to companies across North America, announced Q4 2022 results:

Sales of $73.0 million vs $60.8 million in the prior year
EPS of $0.08 vs a loss of $0.04 in the prior year

“We are confident that RRD Canada will be an excellent strategic fit with our business and that the acquisition will enable us to better serve our customers by adding new capabilities to our existing offerings and accelerating our speed to market for new innovations. Importantly, we believe that combining DCM and RRD Canada will better position our business for sustainable and long-term success serving customers across North America. We believe the transaction also represents a compelling strategic opportunity for shareholders, as we expect the combined company to benefit from accelerated sales growth, reduced costs, enhanced financial performance, further operational efficiencies, and ultimately value creation."

"I would like to thank the entire DCM team for a strong finish to 2022, and a special thanks to the team’s continued, relentless focus on building both a better and a bigger business. Results like these only come when everyone is moving forward together. We look forward to reporting on continued positive momentum through fiscal 2023."

Conference Call

Thu, 23 Feb 2023 05:00:00 GMT

Data Communications Management Corp To Acquire Canadian Operations of R.R. Donnelley & Sons- M&A Call (source Sentieo)

BRAMPTON Feb 23, 2023 (Thomson StreetEvents) -- Edited Transcript of Data Communications Management Corp M&A conference call or presentation Thursday, February 23, 2023 at 2:00:00pm GMT

TEXT version of TranscriptCorporate Participants

* James E. Lorimer DATA Communications Management Corp. - CFO & Corporate Secretary

* Richard Clarence Kellam DATA Communications Management Corp. - President, CEO & Director

Presentation

James E. Lorimer, DATA Communications Management Corp. - CFO & Corporate Secretary

Good morning, everyone, and thank you for joining us today for our call. We'd like to welcome all our DCM shareholders as well as any RRD Canada employees that may be listening in today.

Speaking on the call this morning will be Richard Kellam, our President and CEO; and myself, James Lorimer, CFO. We'd like to remind everyone that Richard and I can be available after the call for any follow-up questions that you may have.

Before we begin, I'll remind everyone that we will be referring to forward-looking information on today's call. This information is subject to certain risks and uncertainties as outlined in the forward-looking information disclosure in our press releases that we issued last night and more fully -- in our fully public -- in our public disclosure filings on SEDAR.

We will be adding a brief video from Richard along with the summary of our press releases from the last night on our website following the call. And our detailed information will ultimately be published on our website as well. You can also follow us on LinkedIn for some additional color and information on our recent press releases. With that, I'd like to introduce Richard Kellam, our President and CEO.

Richard Clarence Kellam, DATA Communications Management Corp. - President, CEO & Director [

Thank you, James, and good morning, good afternoon, good evening, everybody that's dialing in from another time zone. Here's what we want to accomplish on our call today.

First, we want to have a quick look at our preliminary 2022 results. We did a press release last night. So we're going to bring a little color to those. And then we want to dive a little deeper on the announcement we made last evening of the acquisition of RRD Canada, talk about some of the transaction highlights, have a quick look at RRD Canada, some of the benefits of the transaction and then talk about how we're going to be better together. So that's what we want to achieve on the call today. So thank you for joining us.

Starting off with DCM full year 2022 preliminary results. You've heard me say this many times, we've got great momentum in our business. And as we like to say, momentum builds momentum and you're certainly seeing that in our performance.

Before I get into the results here and unpack some of the details, I just want to thank the entire DCM team. Without the team that we've got here in DC, there's no way we could be delivering the results we're delivering. So congratulations and thank you to the entire team.

We had a very solid year on revenue and revenue acceleration. Our range is between $270 million and $274 million and that would lead to a 15% to a 16.5% growth versus 2021. So one of the best growth years that we've delivered on record here in DCM. We're very proud of the revenue acceleration and the value we're bringing to clients in the marketplace.

Our gross profit also improved despite some of the raw material headwinds we experienced in the marketplace are ranged between 30.5% to 31%. And that's an improvement in overall gross profit between 20% to 21%. Now one thing we always like to see is gross profit growing faster than revenue, and you're seeing that there. Revenue 15% to 16.5% and gross profit 20% to 21% growth versus last year. So again, team has done a fantastic job to make sure we're continuing to deliver high value to our clients, and we're recouping that value for the value we bring.

Another important metric is SG&A. We talked a lot about delivering a better business. And our range in SG&A is between 21% of revenue to 21.5% of revenue, and that's a full 2.8% to 3.3% percentage points versus last year. So very good momentum, doing more with less and driving productivity, and we're really working hard on our 0 overhead growth momentum. So very happy with the team and the results that we're delivering there. So standard revenue, great gross profit and continuing to build a better business on the SG&A side.

From an EBITDA perspective, our EBITDA range between $35.5 million and $36.5 million and that's a full 41% to 45% increase over 2021. So fantastic results in EBITDA, obviously driven from solid revenue that solid gross margin, that improvement in SG&A.

Also really happy to report that our debt is down over 35% versus last year. And we delivered on our commitment. At the beginning of the year, we said we will have no restructuring expenses and we delivered on 0 restructuring, which obviously means that our net income will be solid. We'll report that in March versus a $9.7 million restructuring charge last year. So all metrics, revenue metrics, margin metrics, operating metrics are very, very positive in 2022 versus where we were a year ago.

So we've been focusing on obviously building both a better and a bigger business. And I trust these results show our -- demonstrate our capabilities to do both at the same time. So we'll give you a lot more details, obviously, on the 21st of March, once we get our final audit complete. And we'll give you more details on the final quarter and the year, but those are the preliminary results. And again, we're very proud of the momentum that the entire team is delivering here.

Now I want to move to the second point of the agenda, which is the acquisition we announced last night of RRD Canada. So here are some of the transaction highlights. We've entered into a definitive agreement for a share purchase of the Canadian operations of RRD Canada. Our total purchase price is $123 million, and that's obviously subject to working capital and other customary post-closing adjustments. I'll come back to reference on that $123 million in a minute.

And RRD Canada, I'll give you a little bit more detail on them in a minute. But they've got total revenues of approximately $250 million in 2022. We expect to close the transaction sometime in quarter 2 of this year. And this transaction is subject to customary closing conditions and regulatory approvals, including under the Canada Competition Act, and we will be filing our -- with the Competition Bureau today.

From a financing perspective, 100% of the financing will be -- is fully committed through facilities from a Canadian Chartered Bank and Fiera Private Debt. So we're funding this with 100% facility.

And this is what I want to come back to on that purchase price of $123 million. Our lending includes a $30 million bridge facility related to 3 owned properties that are being acquired. So part of that $123 million is a $30 million tranche, if you will, for real estate. And we certainly planned to sell and lease back that real estate. In fact, we already have interest in those properties right now.

And then we'll take our leverage from 3.25x down to 2.65x following that intended sale and leaseback. So we're very pleased with how we've architected the finance to get this deal, and we appreciate the partners -- our lending partners here.

So a quick look at RRD Canada. They provide print and related services to over 1,000 customers across Canada. They've got very deep roots in Canada. They started off as more business forms back in 1882. I'll show you a map of RRD's presence in a minute. They serve key verticals from financial institutions, retail, insurance, transportation, government and other regulated industries. So a lot of diversification in their client base sort of similar to DCM, the diversification we have. So client base and verticals and serving highly complementary to the operating model that we have here at DCM. So what we say is sort of a perfect fit.

Some of the benefits of the transaction, it obviously combines 2 companies with complementary operating models and best-in-class products, strong -- and very strong customer relationships. It's also very complementary to some of the digital-first technology capabilities we've built here at DCM and the opportunity to expand those into RRD's clients. There's many meaningful benefits for our clients and for our customers, being bigger and better together and obviously, attractive financial benefits and value creation opportunities for DCM.

Now a quick look at DCM and RRD Canada together. So as I said earlier, the DCM revenues are just north of $270 million, RRD's have got $250 million. So combined revenue as a start from day 1 will be just north of $520 million in revenue.

At DCM, we have 280 enterprise clients. RRD has 250 enterprise clients. We deliver a lot of value to those enterprise highly complex clients across Canada. DCM, we've got 11 locations and 10 locations at Donnelley. And our business is well north of 900 employees here and about 1,000 employees across. So lots of opportunities here to be better together over time, and you can see the numbers on the right hand of the slide, north of $500 million in revenue together, over 400 enterprise clients, just around 21 locations and just under 2,000 employees.

So I know there's still a lot of time for anybody that's looking at the video here, but people on audio, looking at a map of Canada that has the footprint for DCM and for RRD. And you can see that we got great coverage as a combined entity across Canada to be able to meet those -- all clients and including those kind of highly -- those high enterprise clients across Canada. So very good footprint to meet the needs of the Canadian marketplace.

Now I just want to talk about just for a minute here. What we're really excited about on this deal is the market is still a very sizable market in Canada. There are significant opportunities for future growth being a combined entity. The marketing and advertising services market in Canada is north of a $68 billion market. The marketing and print media market and marketing technology market is north of a $22 billion market.

And if we zoom a little narrower to where -- to some of the work that we do here at DCM and Donnelley, that's a $19 billion market. Zooming a little bit further, just the print market alone is around a $10 billion market. So there's a sizable market here in Canada for us to play into. And we're confident that we can do that better together and continue to drive accelerated growth.

So some of the rationale for doing the deal is the proven track record that we've built here at DCM. You saw the numbers earlier, our revenue growth between 15% and 16% this year, and we've got very strong business momentum. We've got a relentless focus on providing enhanced value to our clients and our clients have really love working with us and they see the value that we create for them.

We've got strong operational focus. The DCM, our gross margins have improved from the low 20s in 2015. So numbers I showed you today north of 30% in 2022. And these results reflect priority of driving operational efficiencies and also delivering good value to our clients.

We also have a very deep leadership bench here at DCM. We've got extensive experience in print, in marketing, in communications and digital. And we've got experience in doing M&A transactions, large and small. Personally, I've been responsible for several 5 or 6 very large transactions in my prior role. So we have great experience in M&A, both as a leadership team as well as an entire company.

We've also proven that we can reduce debt quickly. We've got great cash flows from our business. You saw on the slide earlier that in 2020 -- in 2022 versus '21, we reduced that by 35%. Actually, in the last 2 years or 3 years, we reduced it by 65%. And we remain committed to targeting a less than 1% debt to EBITDA. And again, with the cash flows, we deliver certainly a very achievable objective. And again, we've proven that over the last few years.

Then from an acquisition perspective, as I said earlier, we've done 5 deals very successfully here at DCM that we've integrated over the last 10 years, and that's certainly created value to our business.

And then we'll be partnering with Boston Consulting Group. We actually work with Boston Consulting Group. I'm sure most listeners on the call understand that they're kind of best-in-class in -- and world-class in merger integration and due diligence. Boston Consulting Group helped us through the entire due diligence process and will help us through the post-merger integration process well, the pre- and post-merger integration process. I personally have a lot of experience working with Boston Consulting Group and the team that we're working with is a team that I've worked with several times in the past. So we're very comfortable that we will deliver the targets that we're -- we've set up to deliver, okay?

So certainly a proven track record. So we are very excited about this acquisition, about the announcement we made last night, and we strongly believe that we will build a better and bigger business together. Now I'm just going to move my glasses on here, so I want to read this clearly. So thank you for joining our call this morning. And over the next several weeks, our focus will remain on running DCM as a separate and competing business, really important to understand well the Competition Bureau -- while the Competition Bureau reviews this acquisition, right, we've got a process. We've got to go through with the Competition Bureau. We will remain separate companies as that Competition Bureau reviews the filing.

We expect the transaction to close during the second quarter and then to begin our merger integration planning thereafter. And as this work proceeds, we'll be in a better position to provide guidance on our expectation for the combined company.

And then we also look forward, obviously, to speaking to all of our shareholders on March 21, following the release of our full year financial results, and we'll give you a little bit more color on the progress we're making through the Competition Bureau and what our plans are moving forward.

So thank you for attending our call today. As I said, we're super excited as a team here at DCM and hopefully, our new team over Donnelley is excited, as well, though building it better and a bigger business together. Thank you.