DATA Communications Management Q3 2024 Earnings Call Transcript

Quartr
Provided by Quartr
November 13, 2024

There are 4 speakers on the call.

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Data Communications Management Corp. 3rd Quarter Fiscal 20 24 Financial Results Conference Call. My name is James Lorimer, the CFO of DCM, and I'm pleased to be hosting today's call. Joining me on the call today is Richard Kellum, our President and Chief Executive Officer.

Operator

Following our prepared remarks, we will be moderating a Q and A session. As a reminder, this conference call is being broadcast live and recorded. We'd also like to remind everyone that Richard and I can be available after the call for any follow-up questions that you might have. Before we begin, I will remind everyone that we'll 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 release and more fully within our public disclosure filings on SEDAR Plus.

Operator

We had posted a brief message from Richard along with a summary of our results and our key initiatives for the Q3 on our website in the form of an infographic. Our detailed information is also available on our website and SEDAR Plus. Please follow us on LinkedIn to keep up with other business developments. I'd now like to turn the call over to Richard.

Speaker 1

Thank you, James. Good morning, and I guess good afternoon and good evening for anybody joining us from other time zones. Agenda today is very clear. I want to talk about our performance on Q3 year to date, get into a deeper review of the financial results and we'll turn it over for Q and A at the end. Okay?

Speaker 1

So quick progress on priorities first. Our priorities for 2024 are very clear, very, very clear and it was all about advancing integration in 2024 so that we have a very clear and clean platform to grow off

Speaker 2

of in

Speaker 1

2025, reminding shareholders that we've done a ton of work and you'll see a little bit as we get through the deck here on operational consolidation, on organizational consolidation, on commercial leadership. And then of course, one thing we don't talk about much, but is systems integration, which is kind of a very heavy lift. So lots of work on integration. Also to remind shareholders originally when we were in the pre merger integration process and then stepping into post merger integration, originally our plan was to have everything complete by mid and latest Q3 2025, have to report that all of our integration work will be complete by the end of 2024. We'll talk a little bit more detail as we progress through the deck here.

Speaker 1

So lots of heavy lift, probably the heaviest quarter we've had on the year given the closure of some facilities, but a lot of work on the integration side and advancing the integration. Some good work on gross margin improvements to build a better platform and a better base for growth over time, resetting kind of our base to get back to profitable growth, we'll talk about that today. And then obviously driving higher levels of cash flow. So lots of good work from the team as you'll see in a few slides here. We announced the 4 plant closures, 3 are now complete.

Speaker 1

You can see on the left here, our Fergus plant is complete and swept clean and keys are going back to the landlord. And then our Trenton facility, which we're shifting into Torbjorn, we only have one line left in the floor and that will be complete and closed by the end of November, sweeping the floors in December and handing back the keys to the landlord, our lease expires the 15th January. So both of those are about 6 months to 8 months ahead of what we originally planned in our pre merger integration process. So very, very good result there. Again, the other 2 factories are already closed.

Speaker 1

So again, as we exit this year and enter into next year, we've got a nice clean platform. We've also invested in new equipment. Up in the far left is the Heidelberg Speedmaster, state of the art Heidelberg press, commercial printing press, runs 18,000 sheets an hour and we're running that fully utilized right now. We actually took 3 presses into 1 as a result of this additional or this kit. In the center of the page, the new DIRS, they're large format presses, put 1 in our Burlington facility and 1 in Calgary, getting great results on that.

Speaker 1

Bottom left is our Saddle Stitcher. We took 3 saddle stitchers into 1, again to drive efficiency and productivity. And then bottom right is our new omet press that is to run labels. It's got incredible capability. We're just in the final stages of commissioning the 1st press in our Torbjorn Brampton facility and 2 more presses are on the water that we installed by year end and that has taken 6 presses down to 3 given the state of the art labeling press that we've acquired here.

Speaker 1

So great platform as we think about moving into 2025 that we all installed and incredible efficiency and productivity. Our technology migration, we haven't really talked to shareholders too much about this, but I'd say this is probably the heaviest lift in addition to the factory closures, but the heaviest lift we've had. Migrating all of our customers on a DCM Flex, The MCC legacy clients were using a product called Custom Point. So all of those clients are now using DCM Flex. So that's happy to report that that is complete.

Speaker 1

We've only got a couple left to complete by year end. Our ERP and manufacturing, so ERP and MRP migration from SAP, SAP was MCC legacy ERP solution into Microsoft D365. We've been managing that sequentially, so it wouldn't disrupt our business. And that will all be complete by year end. It's essentially kind of 90%, 95% complete at this point.

Speaker 1

And then lots of work obviously on technology and security and infrastructure given the importance of security in our business. And I can say that we've successfully done that PCI compliant in a couple of facilities and we're fully SOC 2 compliant across our business. So great work from the team from a

Operator

security and from an infrastructure standpoint.

Speaker 1

From a new business perspective, we these are year to date numbers. We continue to win new business, dollars 5,100,000 in revenue year to date. We'll see that increase significantly as we move into 2025 now that our commercial teams can really focus on the market versus focus internally on integration changes. And then we've had some good wallet share, about $28,000,000 in annualized growth within existing accounts as well across multiple number of verticals. We've also got a very active pace on contract renewals and extensions.

Speaker 1

And I can say that we forgot 100% retention rate on any contracts that have come up for renewal. We've had 15 enterprise client renewals that have come up to be renewed anywhere from 2 years to 5 years across verticals representing 20% of our revenue. And we've had a 100% win rate. So it shows the quality and capability of our team here to be able to secure 100% of that client base moving forward. So really positive results on our extensions.

Speaker 1

And then we've had some good tech enabled service wins. We obviously can't talk about the clients publicly, but we've had some wins with alternative lender, a couple of financial wins, some good wins on a company that specializes in loyalty, in healthcare and DNA Airlines. So good progress on some of the tech enabled solutions that we're delivering to clients and continue to drive that client penetration. We launched Assemble in July. We really didn't get started until people got back to work in September, right, post holidays.

Speaker 1

So we really got in the market in September. We're making good progress. We've got a very active funnel. We already have again, for competitive reasons, I won't tell you how many are active in top of funnel, but we've got many that are already in bottom funnel in proposal stage. To remind shareholders, the average kind of time to revenue is about 180 days in the digital asset management solutioning space.

Speaker 1

And so we will certainly be announcing some good success as we get as we continue to progress and get those proposals into conversion and into clients, okay. But really good progress. The platform demos very well and it's incredible platform that we've built. So we'll see some good success there. Also, I'm sure shareholders read the announcement we put out, it was about a week ago, James, right, closing the deal of an acquisition we did called Zabi.

Speaker 1

Zabi is a software as a service solution that was founded in New Zealand about 5 or 6 years ago. It plays in the social media analytics and management space of MarTech. That is a very sizable category currently given the amount of investment in social media by large enterprises. And that category is growing. You can see on the chart here, it's currently a $4,800,000,000 market, just the analytics side of the market and management side of the market.

Speaker 1

And it's projected to grow to $14,700,000,000 So really pleased with this acquisition. The team that founded it had done a great job in New Zealand, but New Zealand is a relatively small market, of course. So they could only go so far. We have the opportunity to bring it out and put it into our commercial team and really kind of North Americanize the product. I will I'll be clear in terms of what we paid for it.

Speaker 1

We paid $800,000 for this platform it already has about CAD600,000 in ARR. So a good opportunity for us to build off of something that's kind of well established. We're very pleased with that acquisition and we'll be able to report progress on that as we move forward. We're already accelerating the introduction to our commercial teams. Okay.

Speaker 1

Also happy to report that we published our first ESG report and you can see it here, very well received by our client base and we did a good marketing effort around it to let current clients and future clients understand our leadership in ESG. So very good success behind launching that report. Okay. Now moving over to our financial results in quarter 3 year to date. On the revenue side, our revenue was certainly lower than we expected at $108,700,000 We were down 11.4%.

Speaker 1

And the reason we were down in the quarter, few reasons. One is, obviously, we've continue to exit lower margin businesses and you'll see that when we look at our gross profit line. We obviously were pretty internally focused in the quarter. It's the heaviest quarter of restructuring that we've had, especially on the factory closures and legacy system migrations. And then we had a few, not many, but we had a few large enterprise accounts that had some budget shifts that we'll see reappear as we move into 2025.

Speaker 1

So again, a little less than what we expected, but you'll see that return as we exit this year and into next year. Okay? Year to date revenue is still positive at 14.5 percent, just over $360,000,000 in revenue year to date. Now the line I want to draw your attention to, of course, is that gross profit line because we've always said we want to continue to improve gross profit, build a better platform for growth off of. And you can see that we're up just over 1% on gross profit and gross margin rather gross profit down slightly and that's really just a function of revenue.

Speaker 1

So as our revenue grows up of a much stronger client base, a much more profitable client base, a much more profitable mix of business, a far more effective and efficient way of running our business as well, you'll see that gross profit increase as a result of the gross margin increase. Okay. Gross profit on a year to date basis, dollars 27,400,000,000 in gross profit and you can see the increase of about 15.7% over a year ago. Right. Turning over to James to talk about SG and A.

Operator

Thanks, Richard. SG and A expenses came in nicely down about $2,700,000 compared to last year, which is really kind of the first direct comparable. We had started to accelerate a lot of our overheads reductions in the Q2 of last year, but really kind of got at it in the 3rd 4th quarters of last year. And then you would have seen additional plant overheads reducing throughout the 1st part of this year. So nicely about 20.6% of revenue.

Operator

And we expect those kind of levels to maintain through the next few quarters. SG and A year to date is about $71,700,000 up a little bit, but last year the comparable period included or sorry, this year included the full 1st 4 months of the year, which we didn't have the MCC acquisition last year. Adjusted EBITDA, despite the lower levels of revenue, the overhead improvements that we've made contributed to a 6.6% increase in adjusted EBITDA. On a year over year basis, we came in at $12,600,000 up almost $1,000,000 from last year and 11.6% of revenue. We continue to really strive for that kind of north of 14% adjusted EBITDA margin as a percent of revenues.

Operator

Adjusted EBITDA on a year to date basis is up 25.4%. Again, we include the full benefit of the MCC acquisition here. Synergies, we're pleased to say that we substantially completed our plans to drive our $30,000,000 to $35,000,000 of annualized synergies following the acquisition of Moore Canada. The organizational, operational and procurement synergies well in place and we've been pushing hard on the revenue synergies. We think those will really accelerate next year, particularly through some of our strategic revenue management opportunities.

Operator

You can see the fairly significant declines in headcount that we've gone through since the acquisition. We're sitting a little bit north of 1600 active employees today. That's helped drive revenue per associate to continue continued higher levels. We're up about 3.7% on a revenue per associate since the closing of the acquisition. Net debt has continued to be at very nice levels.

Operator

We're down about $68,000,000 since the acquisition closed, almost 50% reduction. That's largely because of the real estate sales that we completed right after the acquisition and last year, as well as equity offering that we did about a year ago and free cash flow generation. So our revolver is kind of floating in around the $75,000,000 to $77,000,000 on kind of a net basis. We have brought our cash balance down. It's below $10,000,000 now.

Operator

With that, I'd like to turn the call over to the audience for questions. And if you have a question and are accessing the call through Teams, you can use the raise your hand feature in Teams and we'll queue up questions. Alternatively, you can also use the chat feature in Teams and we will respond to chat questions as well. I see a call from Max Ingram. Max, would you like to go ahead please?

Operator

There you are, Max.

Speaker 2

Sorry about that. Can you hear me okay?

Operator

Yes. Yes. We are right now, Matt. Thanks.

Speaker 2

Okay. Yes. Sorry about that. Thanks, guys. Good morning.

Speaker 2

So my first question is on the revenue line. You touched on Richard, you touched on budgetary shifts from some large enterprise clients. Can you just touch on the visibility you have there? Like is this going to be like a Q1, 'twenty five thing? Maybe some will hit in Q4.

Speaker 2

It kind of feels to me like just based on your commentary, maybe it's a Q1 type of event, but any color you'd have would be helpful.

Speaker 1

Yes, we've got thanks, Max. Good question. We have very good sight lines and workflow through to our top enterprise clients. We're seeing a very healthy kind of pipeline as we move into 2025. There will be some work that will flow back in, in 2024, but majority will shift in to the early part of 2025 at this point.

Speaker 2

Okay, that's helpful. And then my second question is pivoting on the Zavvi acquisition, congrats on that. It seems like you paid a pretty reasonable multiple. Can you just touch on the M and A pipeline, maybe some color on the composition, valuations you're seeing that would be helpful?

Operator

Sure, Max. We've got a very healthy M and A pipeline. There's kind of 3 different markets that we've talked about as opportunities where we're targeting. One would be conventional print companies and we have a nice pipeline in that market. The other would be marketing services businesses and think about companies that provide strategy or advice to clients, but don't own any print, But there might be some downstream print opportunities that we could fall out of that if we were to own those.

Operator

So we've got a few companies that we're looking at in that space. The other area that we looked at was marketing technology applications and opportunities. We Savvy was certainly in that bucket and we're pleased to get that deal. We're really excited about it. We continue to look at some other opportunities out there.

Operator

In the conventional print market, we are looking a little bit at some kind of adjacencies with some of the new equipment that we have. We're seeing some market opportunities to go after in areas that are a little bit different from what we've historically done, but leveraging the same kind of print and kind of project management and complex projects expertise that we have. So say that kind of first market that I talked about, we see that probably expanding a little bit.

Speaker 2

Okay. Thanks so much for the color. I'll pass the line.

Speaker 1

Yes. I want to I still want to amplify or come back to your first question as well regarding the revenue line. So as I said, we've got very good sight lines through our CRM. We use Microsoft Dynamics E365 as our CRM. So we have a good understanding what our funnel looks like moving into 2025.

Speaker 1

I can tell you that the team has had a lot more time recently to spend on new business development and new business development doesn't come overnight as you know, right, start and then eventually you see it appear. But much more time spent obviously in the market versus internally and we'll see that move through in new business wins as we progress into 2025. So we're actually very optimistic that we've got a nice kind of clean, clear, profitable platform to now grow off of in 2025 and the fact that all of our restructuring will be complete and behind us. And listen, it's a heavy lift moving 2 ERP systems into 1. For a period of time, all of our CX folks, right, all of our customer service people and all of our sales people needed to understand how to operate within 2 systems.

Speaker 1

We've been essentially invoicing MCC legacy clients on an MCC invoice and invoicing DCM clients on a DCM invoice. All that is behind us as we close the year. So it will be a very different year in 2025.

Speaker 2

Thanks Richard.

Operator

And I have a caller here, Clarus. I think this is Noel Atkinson. Please go ahead, Noel. No, I think you should be good now. All right, apologies Noel, maybe we'll come back to you in a minute here.

Operator

Chris Thompson?

Speaker 3

Hey, can you hear me guys?

Speaker 1

Yes, Chris, we got it.

Operator

Yes, go ahead, Chris. Good morning.

Speaker 3

Great. Thanks. Congrats on the quarter. Just wanted to have a couple of questions on your lease liabilities. It seemed to increase quite substantially.

Speaker 3

You did make a comment on doing some acquisitions of equipment. Can you just give me a little more color on the quarter and how you see that playing out, say, maybe in Q4 and maybe early next

Operator

year? Yes. Chris, we had a number of the pieces of equipment that Richard highlighted earlier in the presentation came on or are kind of in flight right now. The Heidelberg press in Bonn Thistle that commenced I guess it was really kind of operational in June. So we started to see the full impact of that lease expense and liability in the Q3.

Speaker 3

The

Operator

Saddle Stitcher as well came on in the Q3 in Bond. The OMET the 3 OMET presses, first one is just getting set up right now. So we'll see that come on this quarter and the remaining 2, which are literally on the water on a boat from Italy right now, are expected to be delivered in late November, probably early December. So we'll start to see those leases come on probably more in the Q1. We also had the 2 Durst presses, 1 in Burlington, 1 in Calgary.

Operator

Those were installed in July. So those would be kind of the primary pieces of equipment that we installed in the quarter. We've got 1 or 2 other small things coming on. We will see kind of our overall lease liabilities come down a little bit next year with the exit of the Trenton and Fergus facilities. Our Trenton lease expires June January 15th and the Fergus lease is December 31.

Operator

So starting in the Q1, we'll see a little bit of an offset from those reductions.

Speaker 3

Okay. So by my calculations and looking at your financials, there's about $12,000,000 this quarter in expenses, additional equipment. Is that like a portion is that covering up all the equipment? Or is there going to be another sort of half that amount in Q4 then as the other stuff comes online?

Operator

Yes. Some of the equipment that's coming in or to be installed in the balance of the year has been prepayments have been advanced for those. So you'll see a little bit we had some interim funding agreements for those with the leasing companies that are financing those. So once those are fully installed, they'll flip to a kind of a complete lease.

Speaker 3

Great. Okay. And on the debt side, how much debt did you go down? I have about $5,000,000 this quarter. Is that sort of correct, right?

Speaker 3

And is that sort of what you're going to go forward with moving for Q4 and Q1?

Operator

Yes. I think net debt was flat, up a little bit compared to last year or sorry, last quarter. We'll see it likely come down a little bit with some working capital in the improvements in the Q4. The 4th quarter is typically a stronger quarter as we kind of gear up for the Q1, which is typically strongest with the transactional print business in particular that does personalized communications, tax forms, etcetera in the Q1. So yes, we will see certainly we expect free cash flow to improve as some of the heavier kind of capital expenditures are behind us this year.

Operator

And so our I think our capital expenditures year to date are a little over $9,000,000 $9,500,000 We expect CapEx will come down by probably 30% next year.

Speaker 3

Great. Just on your the technical sales, I see that like when I'm looking at your breakdown, you don't seem to be sort of gaining traction in your tech enabled subscription service sales on that side of things. How are you seeing that going to be changing going into Q4 and into 2025?

Operator

Yes. We had a couple of smaller clients that we ceased work with. They were doing kind of lower margin scanning and archiving work that was not very profitable for us. So you'll see a little bit of a revenue decline there, about $500,000 not material at all from a margin perspective. So we are kind of focusing on kind of high grading some of the tech services that we're offering.

Operator

And tech services will definitely kind of bump up in the Q4 and then the Q1 because those are kind of heavier quarters for some of the programming work that we do for transactional print.

Speaker 3

Got you. Okay. I'll yield the floor to questions. Thanks for your time.

Operator

Thanks, Chris. Okay. Thanks, Chris. Paul back in. Bill, do you want to try and chat here?

Operator

Yes. We have a Q and A here. I'm just teeing up a question. Thanks, Noel, for the question in the chat. What are you seeing for business activity so far in Q4?

Operator

And also, what do you see as annual market opportunity for Zavvi revenue within our enterprise client base?

Speaker 3

Do you want to

Speaker 1

handle that? I'll handle Lazavi and you can take on Q4. Yes, so huge opportunities obviously within our client base. Most of our large enterprise B2C clients are doing a fair bit of social media buying, social media communication and few have an analytics tool today. So we see a big opportunity.

Speaker 1

We had 53 of our commercial leaders on the line on Monday to introduce Savi to the teams. We were quick to introduce it to the team. We already have about 4 or 5 demos lined up over the course of the next week, week and a half. So we see a big opportunity. The platform is a great platform.

Speaker 1

They've built an incredible piece of software. I spent a lot more money building it than we paid for it by the way. So we get the benefit of that. And it's very quick to demo and the time to revenue is shorter than a digital asset management solution because remember a digital asset management solution you essentially have to change your workflow and adopt a different process when you're introducing a DAM, you may be moving from a SharePoint or moving from a different kind of internal system. Whereas a social media analytics platform, you can switch it on kind of overnight and start understanding how you're performing, how your posts are performing relative to your competition.

Speaker 1

So it really is a great solution. So we're quite optimistic about how we'll progress from a revenue perspective on that given it's now in our world. You want to talk about quarter 4 outlook?

Operator

Yes. So the second question or maybe the first question I guess for Noel was what are you seeing for business activity so far in Q4? We are seeing improved strength certainly compared to Q3. Couple of our larger facilities, we're seeing healthy backlog, which is good sign. We have some programs that are coming on in the Q4.

Operator

So, we think we'll end the Q4 certainly better than we performed in the Q3. Do you want to add anything, Richard?

Speaker 1

No, I'd say that also no, I'd say, we're certainly seeing improvements as we move into quarter 4. Also, to remind shareholders, quarter 1 and quarter 2, but especially quarter 1 is a big, big quarter for us because that's when we do a lot of, we call it business communication services, a lot of tax stuff. And our factories or our plants run kind of all in high utilization. So you'll see that happen again as we get into quarter 1 and quarter 2 and you'll see that margin turn as well because of course you've got the high utilization and fixed cost overhead recovery. So that BCS business is kind of runs hard in quarter 1, quarter 2 that drops a little bit obviously in quarter 3 and quarter 4 and then peaks again in quarter 1, quarter 2.

Speaker 1

We're trying to obviously flatten the trough a little bit by putting hyper personalized direct mail communication through those facilities. We'll see that continue to improve as we progress through 2025. But yes, you know what, we've got a good pipeline. We've got good client renewals, has said 100%, 15 clients who represent 20% of our revenue fully renewed for future. And we're expecting to see good profitable growth.

Speaker 1

So not growth at any expense, but profitable growth as we step in or move forward into 2025.

Operator

Thanks, Richard. And then Noel has a follow on question. Do all $30,000,000 to $35,000,000 per year of expected merger synergies still get recognized in or realized in 2025 results for their revenue baseline exiting Q3 2024? I can talk about one. No, it's

Speaker 1

a great question. So we said that the 30 to 35 operations, organization and procurement were hard synergies, not soft synergies. So of course, operations are hard synergy. Those are hard cost savings when you close 4 facilities, same with organization when you're downsizing, working with fewer people. The only one there's a slight variability on obviously is procurement, about 50% of what we projected would be somewhat volume variable.

Speaker 1

Obviously, if you're buying less, you're saving less. If you're buying more, you're saving more, right? But we're still comfortable in that 30 to 35 range given what procurement represented as a total of those synergy savings. And we track this stuff every day. So we're comfortable in the 30 to 35 range even if volume at the base that it's at right now

Operator

given

Speaker 1

their hard synergies. And there's opportunities. One thing James pointed to in that slide is the revenue synergy line. We haven't forecasted any revenue synergies in that 30% to 35%. So as we return to growth and that growth is profitable growth, we see margin improvements then there's an upside there as well.

Operator

Okay. Thanks, Noel. We have a question from Nick Corcoran at Acumen. Nick's asking recent news with the rotating strike at Canada Post and postage rates increase in 2025, how may this impact your business? Yes.

Operator

I guess, we're certainly kind of keeping a close eye for both of those events or possibilities. The potential for rotating strike is certainly kind of near term here. We're actively engaged in discussions with our clients for kind of alternative distributions and other things that we can do to serve them better in this period. We're also working actively with our clients on their direct mail programs and other kind of personalized communications, transactional mail work. The postage rate increase is scheduled to go into effect in kind of mid January.

Operator

So we're certainly working with customers to see how best to communicate with their clients. Are there opportunities to maybe bring some of that work forward and get some mailing done before those rate increases kick in?

Speaker 1

Yes. And just on that on the postal increase, I think it's important to understand that there is a regulatory requirement that if I'm a client of a financial institution or utility that I get paper, right? So clients can't just switch off a paper statement because of a postal increase. Of course, clients, of course, the FIs and the utilities of the world, anybody printing paper statements are continually trying to get people to move to digital. It's kind of a headwind that we face.

Speaker 1

We face that forever, right? But there's still a requirement, a regulatory requirement to offer paper. So we've actually looked at and modeled this out when there have been postal increases, what the impact of business is and it's not that significant, believe it or not. So obviously, it could be a little more significant on the discretionary side. So, a hyper personalized direct mail, let's say you're a, I don't know, not for profit and you're mailing personalized communication out, then you may that's discretionary, right?

Speaker 1

You may decide to mail fewer of them, but more targeted. And of course, you get a better return if they're more targeted. So that may move around a little bit. And then on the strike, hard to predict what the impact of that could be. How long it will if there is a strike, how long it will last?

Speaker 1

What will happen with mail during that time? What will happen with certainly, there will be an impact, but it's very hard to predict exactly what that impact could be on any of anybody in the industry's business. Okay. So hopefully that helps. It's a great question though.

Operator

It looks like we have no further questions. Richard, did you want to provide some closing remarks?

Speaker 1

No. I'd just say thanks to our all of our associates, our 1600 plus associates doing a fantastic job at bringing these two companies together and building a good solid platform for profitable growth as we move into 2025. Again, it's been a heavy lift and I appreciate the efforts of the entire team and thank you to all of our clients for standing by us and we appreciate doing fantastic work for you as well. So we'll report back to shareholders as we close out

Operator

the year and step into 2025. I guess our next contact will be sometime in middle of March.

Speaker 1

Mid March, yes, mid March. Okay. So we'll have lots to report at that time, but thank

Operator

you. Thanks, everyone.

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DATA Communications Management Q3 2024
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