Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the DATA Communications Management Corp. Second Quarter 2023 Financial Results conference call. I'm James Lorimer, CFO of DCM, and I'm pleased to be hosting today's call. Joining me on the call today is Richard Kellam, our President and CEO. Following our prepared remarks, we will be moderating a Q&A session. As a reminder, this conference 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 you might have. Before we begin, I'd like to remind everyone that we will be referring to forward-looking information as well as non-IFRS measures 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 from last night, and more fully within our public disclosure filings on SEDAR. We have posted a brief video message from Richard, along with a summary of our results and key initiatives for the quarter, on our website in the form of an infographic. This presentation will also be added to our website for your reference, along with a post-view recording and transcript. Our detailed information is also available on our website and SEDAR. Please also follow us on LinkedIn to keep up to date with other business developments. I'd now like to turn the call over to Richard. Thank you, James, and good morning, and good afternoon, good evening for anybody joining us in other time zones. We had a very exciting third quarter. Looking forward to unpacking that quarter with shareholders today. Here's what we wanna do from an objective standpoint. We're gonna first start off with an update on our merger integration, and then we'll talk about our consolidated results on Q3 and year to date, and then we'll turn it over for any Q&A. So first, with the merger integration, it's progressing very, very well and ahead of target, and pretty much on schedule. We talked to shareholders many times about our focus areas, those being operational, organizational, procurement, and revenue. Originally, we put a target to the street of CAD 25million-CAD 30 million. We're happy today, very happy, to be revising that target to between 30 and 35 million dollars in annual savings. So we're certainly off to an incredible start. Identified a lot of opportunities across these four areas, which I'll talk about in a minute. And I will say, and you'll see it later in the, in the deck, that, to date, we have, generated CAD 17.5 million in, annualized synergies that will flow through in 2024, so about 53% of that midpoint target of 30 to 35. We'll talk about in a little bit more detail when we get into the deck. So off to a very good start. Here are some details in and across each of the areas, starting with the operational initiatives. We will be consolidating and optimizing our operational facilities from 14 plants to 10. That consolidation is already announced across our network. That will increase our average revenue per plant to north of 45%, so 45% increase. The first plant that we are consolidating is Edmonton, and we've moved very quickly on that into our Calgary facility, and that's all happening in December of this year. Three other consolidations are gonna happen over the course of the next 18-24 months. Obviously, we need to ensure that we're protecting client experience. Of that CAD 17.5 million, 18% of it is coming from operational initiatives, so roughly CAD 3.75 million of that CAD 17.5 million that we've already secured to date. Obviously, much more will flow through as we consolidate the other three facilities over time, over the next 18-24 months. So great progress from an operational perspective. Moving on to organization. Happy to report that our sales, or we call it our commercial team, is now fully integrated, so we now have 1 team that's responsible for client leadership. We've optimized our spans and layers across all functions. We've completed payroll integration from 4 payroll systems to 1, so fantastic effort from our our HR team to deliver that payroll integration process. We're in the process of benefit alignment. The annualized impact on organizational initiatives is roughly CAD 9 million. It will flow through in 2024, so 51% of that CAD 17.5 million 2024 savings are coming from the organizational initiatives that we have already implemented and executed. So great progress from our teams here. On the procurement side, again, you know, a great momentum. We've optimized our vendor base. We've leveraged our scale. We've centralized purchasing and outsourcing. We've delivered, or we'll deliver, CAD 4.7 million in annualized savings in 2024, and that's 27% of that CAD 17.5 million. And then on the revenue side, see the growth initiatives that we're delivering, our priority focus has really been on, on, on commercial momentum or growth right from the day we closed this deal. We have a very, very strong collaboration and cross-selling across the business, and we've already delivered, some sizable new business wins across retail, healthcare, QSR, manufacturing, and transportation, just over CAD 18 million in new business wins, since we closed the transaction. So very proud of the progress we're making from a commercial leadership perspective. Okay, so, our integration initiatives are very much on track. And as I said, you know, fantastic plans to deliver CAD 30 million-CAD 35 million, of which CAD 17.5 million is already initiated and will flow through in 2024. Okay? All the others are gonna happen, obviously, over the course of the next 18-24 months, as we've communicated several times to shareholders. So great progress and great team that's working to deliver these initiatives. Now I'll move on to talk about the quarter, and I'm gonna start off with what we're doing to build a better business. So I'm gonna start off with SG&A. You can see that our SG&A, as a percent of revenue is down by just over 1 point, at 20.4%. Obviously, the total SG&A is up in value, obviously, because of the acquisition, but the percentage is down, so, so very good, very good progress there. And you'll see on the next slide, when we talk about year to date, our year-to-date SG&A, as a percent of revenue, is 19.5%, so, well, you know, in the range that we put to shareholders of 18%-20%. And we certainly see opportunities to continue to progress to the low end of that range. Okay, so really good progress on continuing to build a better business while we build a bigger business at the same time. And then just a quick look at restructuring expenses. Our restructuring expenses on the quarter are CAD 7 million, and that reflects a lot of the announcements that we made in terms of consolidating organizations and operations. We obviously book those expenses, the people expenses, once we make the announcement. The cash expenses actually happen later. Those are reflected in the quarter. CAD 9.7 million in restructuring year to date, and exactly what we expected, sort of a one-to-one payout. Acquisition expenses were a lot lighter on the quarter at CAD 200,000. So most of the expenses that we incurred, you know, on the deal costs have been complete, and they're behind us. Then, as already mentioned in the upfront section, CAD 17.5 million in annual savings to date from integration initiatives. So, you know, already well identified, and those will flow through, as we exit out of this year, but importantly, as we enter into 2024. Okay? I also have to report headcount productivity improvements. We've shown this chart to shareholders many times. If we look at the right-hand side of the chart, you can see that our revenue per employee is now north of 300,000, so CAD 306,000 per employee, up 2% over last year and about 36% over the last 5 or 6 years. So very good improvement and progress there. As we continue to deliver our synergies in operation and organization, you'll see that revenue per employee continue to increase as well. So very good momentum there in terms of productivity improvements. Also happy to report that we are and have been very active in our ESG efforts, and one that we are and have been proud of is the reforestation, our environmental reforestation efforts. And since we started this program, which is little less than two years ago, we have reforested 100% of our paper use, so about 90 million pounds of paper that we've used in our workflow for clients, and we've reforested 100% of that, so that's equivalent of just under 1.1 million trees. So we celebrated the cross of 1 million trees in September, and this has been an incredible program for us. You know, we're very committed to deliver a sustainable environment. And it's a great program, and those credits flow through to our clients as well. Okay, and on our DCM digital journey, we have not taken our eye off the ball here at all. In fact, we are all in on our digital efforts, with our DCMFlex platform, with the digital asset management solutioning, with some of the work we're doing on personalized video marketing campaign optimization, and then our omnichannel platform. This is the first time we're actually reporting the consolidated DCM digital revenues, and those revenues include software revenues and marketing services or digital services revenues, managed services revenues. And you see the chart here, we're actually up over 255% over a year ago, and we're just under CAD 10 million year to date in those software revenues and managed services revenues. So great progress on our DCM digital journey as well. And, very a lot of exciting stuff that we're working on as we enter into 2024. James, you wanna talk about debt reduction? Sure. We continue to focus on debt reduction. At the end of the third quarter, our total credit facilities sat at about CAD 118 million. These, you know, are down a little over 18%, since we closed the acquisition, which, as everyone, I think, will appreciate, was fully financed with debt. Slide here, we talk about kind of net debt, and at the end of the quarter, we had a CAD 22.5 million cash balance. So we ended up with net debt at about CAD 95.5 million. We've been very active through initiatives to complete the sale and leaseback of our Oshawa plant, which was announced last quarter, and through the equity private placement we did back in May to pay down debt. We're also pleased to announce that we have entered into agreements to sell both our Fergus and our Trenton facilities, which are the two remaining owned facilities that we acquired as part of the MCC acquisition. Collectively, those two sales will generate about CAD 15 million in net proceeds. Shareholders will recall, when we first did the acquisition, we had allocated about CAD 30 million for the real estate. Once everything is said and done, and these transactions close, we'll actually have generated about CAD 38 million. That kind of term loan that was associated with the credit facility will be fully paid down by the end of this year with the sale of our Fergus facility, which is expected to be completed before the end of 2023. Then we'll have some excess cash to apply to our credit facilities when the Trenton facility closes, and that's expected early in 2024. Okay. Thank you, James. So let's, you know, our integration efforts, the work that we're doing to build a better business, and now we're gonna move to the next chapter, which is what we're doing to build a bigger business and some of those bigger business results. We'll talk about Q3, and we'll look at the year-to-date results as well. Q3 revenue up 93.6%, so obviously, solid growth in revenue. Underlying growth on DCM legacy and acquired growth as well. And you can see the number, CAD 122 million on the quarter, up CAD 63 million versus Q3 2022. We'll look at our year-to-date results. Year-to-date, up 58.3%. Remind shareholders, the acquisition happened the 24th of April. So we now have all the acquired growth incorporated into our into this quarter, first full quarter. And just over CAD 317 million in revenue generated year to date. Our underlying business performance, if we strip all the kind of noise out from the acquisition, is exactly on target, the target we put to the street, our 5-year target we put to the street. Right around 5% or just over 5%, growth across across our acquired business and current business, if you will, DCM legacy, MCC legacy. So very very much on track to to the numbers we put to the street. So very very pleased, very proud of the the revenue growth we're delivering. One of the, you know, one of the more difficult things to do when you do a, a transaction of this size is maintain revenue flow or client leadership in the marketplace, and the team's done an outstanding job to, to maintain that momentum, which puts us in a very good place as we move into final quarter and into next year. If we look at revenue momentum by quarter, we've delivered eight consecutive quarters of year-over-year growth. Okay? Now moving on to gross profit. Our gross profit was up 52.4% at just over CAD 30 million. And our gross margin came in at 24.7%, and that is down versus a year ago. But I want to explain, this is very clear, and we made it very clear to shareholders that the acquired company, the MCC-acquired company, had roughly a 20% margin, and DCM legacy, roughly a 30% margin. So when you blend those margins, obviously you're gonna get a decrease in margin for a period of time as we work the journey back to north of 30, and that's exactly what happened in the quarter, exactly what was expected. But I'm gonna give you- I'm gonna give shareholders a little bit more granularity on the next chart, just to look at how the difference in margin by quarter, okay? So James, you just go to the next one. If we look at the chart on the left here, this is all pre-acquisition. The dark blue line is the gross margin percentage for legacy DCM, and you see it pretty flat, obviously growing, but pretty flat across all the quarters. And that's really due to how the legacy DCM workflows and how the operations are kind of optimized, if you will. If you look at the MCC legacy business, this is all legacy pre-acquisition, you can see the quarters are a little lumpy from a gross margin flow, and a lot of that's due to the transactional business that that MCC legacy has had in their workflow. So a very strong sort of quarter one and quarter two, and then it drops in quarter three and quarter four. So all that is obviously taken into consideration when you look at our slight margin, our combined margin, if you will, for the quarter. And what I will tell shareholders is we, and we've said this many times, we've got a very active plan to get our new combined margin, if you will, north of 30%. So it's a very clear plan that will come through what we call strategic revenue management, it'll come through mix, and it'll come through all the operational efficiencies that we've already announced, those consolidation of facilities. So this is very much what we expected, very much what we planned, okay? I just wanted to give a little bit more detail to put it into context. Okay, so year-to-date gross profit, same story. You can look at the far right. Our combined gross margin year to date is 27.1% versus 30.2% year ago. And as I said, we've got a lot of detailed plans to get this back north of 30% and back into that range of north of 35% that we put to the street a couple of years ago. Going on to the next slide, if we look at gross profit momentum, we've actually had nine, so eight consecutive quarters of revenue growth, nine consecutive quarters of gross profit momentum. Gross profit, as I said, James, is our best friend, and we continue to be relentlessly focused on driving gross profit momentum. Okay? And over to James to talk about Adjusted EBITDA. Yeah, Adjusted EBITDA as a result of the, you know, revenue and gross profit performance that Richard described. Adjusted EBITDA was up a little over 28%, this quarter compared to last year, coming in at CAD 11.8 million. As a percent of revenue, that worked out to 9.6% compared to 14.5% last year. And just as we have a clear plan in place to return our gross profit margins to 90%, along with the, you know, targets to increase our revenue by 5% a year or more, you know, we believe that that 14% Adjusted EBITDA margin is certainly achievable over the next few years. So that's a major initiative for us. You can see on a year-to-date basis, Adjusted EBITDA is up 35%. And I'll just remind everyone, this was the first full quarter that we had the results for MCC included. In the second quarter, we had about two months plus a week. So as in this quarter going forward, we'll have the combined results of both businesses. Likewise, you can see how our Adjusted EBITDA has performed over the last almost three years now. And you know, given continued strength, we certainly believe that that should continue in the fourth quarter this year. We included a brief summary of our financial results here, comparing this year to last year. Really just a different presentation of some of the adjustments that Richard talked about, so I won't go into detail on those other than to highlight that, you know, we certainly guided the street that our restructuring expenses were gonna track pretty much a dollar for dollar with the synergy targets that we have, and we're seeing that play out over the next kind of 18-24 months still. Also, as Richard mentioned, the acquisition integration costs have tailed off, and those kind of non-recurring costs should really not continue going forward. On a year-to-date basis, you can see where we've landed from a restructuring side and acquisition costs and also from an Adjusted EBITDA perspective. Okay. So thank you, James. So, look, we had a good quarter. Lots of work, you know, really proud of the team. Incredible efforts and a big lift on all the integration work that's happening. Continue to focus on building that better business while we build a bigger business at the same time. The market is good. We're playing our strength into the market, and we're seeing the results. Happy to continue to report that we are on track on our five-year strategic financial objectives of north of 5% organic growth, getting EBITDA north of 14%. You saw our aggressive debt repayment, so we'll be in that less than one times EBITDA range over the course of five years. In fact, well, less than 5. And then continue to focus on our DCM digital journey. And we see a path to well over north of 60% growth in our MarTech stack and margins of north of 80%. So good progress on the quarter and continue to commit to our 5-year financial objectives here. So now, with that, James, we turn over to Q&A? Yeah, sure. We'd like to take questions for the audience. If you have a question and are accessing the call directly through Teams, you can either use the Raise Your Hand feature in Teams, and we'll queue up questions. Or alternatively, you can also use the chat feature, and we will respond to chat questions as well. If you have dialed in through the telephone access code, you may press star five to raise or lower your hand, and pressing star six will mute or unmute your microphone. Please introduce yourself once you are introduced to the session. Great, we have a question from Noel Atkinson. Noel, would you like to go ahead? Hi, can you hear me now? Yeah, there we go, Noel. Yeah, we hear you, Noel. Yeah. So good morning, Richard, James. Thanks for taking our questions. Nice to see the merger synergy target going up. That's great. ... I guess just firstly, on the synergy outlook. So for 2024, talking about that CAD 17.5 million. So is that, you know, is that an annualized number so that at the end of 2024, you know, you're at that CAD 17.5 million a year run rate? Or is that the actual savings that will flow into the income statement through 2024? Yeah, we see that, Noel, as being a number that will hit the income statement on a full year basis in 2024. Okay, great. Yep. And there's no revenue synergies in that number, right? No, we don't have any revenue synergies in the number at all. And, I mean, the best way to think about revenue synergies are every CAD 10 million dollars in growth, if we're at 14% EBITDA, is CAD 1.4 million in EBITDA, right? So we haven't modeled... In that 30-35, we have not modeled any growth synergies into that, into that 30-35 number. So just, just hard synergies is what we, is what we factor into the 30-35. So yes, it's a great question, Noel. Growth synergies are, are an opportunity. Okay? Okay. And then Q4, so how should we be thinking about sort of the cost savings flowing into the income statement in Q4 of this year, in the current quarter? And do you see material cost savings from what you recorded in Q3 to what you would be able to achieve in Q4? Yeah, Noel, it's James. Yeah, we should start to see, particularly some of the organizational savings that we, that we introduced. A lot of those were completed in September, so we'll, you know, we'll start to see the benefit of those in the, in the fourth quarter. Some of the operational savings will be kind of modest in the fourth quarter. You know, a good chunk of that is coming from our Edmonton plant closure, and that's gonna be completed in, kind of middle of December. So we won't see a lot of those benefits, this year, but, you know, we should start the year off in January with, with the full, full, full positive impact of that. Okay. And then likewise, with the procurement savings, you know, a lot of those are in place right now. There's some things like, you know, early pay discounts that were, you know, we've negotiated with our suppliers, given our, you know, kind of higher purchasing amount. Those will probably be phased in and should hit the ground, you know, on a kind of 100% running, probably beginning in January. But, you know, we will get a little bit of those procurement savings, you know, in the fourth quarter. Okay. Then just a couple more quick ones, if you don't mind. Richard, the 5% pro forma year-over-year revenue growth of the business that you mentioned in your remarks, is that Q3, or is that sort of nine months year to date? It's year to date. Okay, thanks. Yeah. And then, I noticed in the filings that you mentioned sort of the, you know, you're getting, you know, some good traction in the digital side, and that you're, you know, still expecting some solid growth over the medium term in that business. But, you know, when I look at the Q3 numbers, your tech-enabled subscriptions and fees more than doubled, quarter-over-quarter in Q3. Like, it's like the biggest jump I think we've ever seen. Is there some catch-up in there? Or is it just, you know, you're winning new customers? And can you talk at all about, you know, what are the services or platforms that you're where you're winning contracts there? Sure. I'll maybe start it, and then in terms of the numbers, then turn it over to Richard to elaborate more on the platforms. So this was the first quarter, Noel, that we included the MCC results in there. And a good chunk, you know, a good chunk of that increase was related to including the MCC kind of technology services. They tend to not have a lot of like subscription services like we do. They tend to be more professional services and program management fees. But there's great opportunity for us to move their clients over to some of our technology platforms. And in fact, their legacy platform, which would be comparable to our Flex platform, is called Custom Point. We've already started to migrate, you know, a number of their customers over to, over to our Flex platform. And, you know, there's great excitement in terms of some of the other platforms that we have. Richard? Yeah, and in addition, we have had a couple of recent wins, Noel. One pretty sizable win for a managed service model for digital asset management solutioning for a large transportation company that flowed through in the quarter. And some of the monetization efforts that we're having around our DCM Flex platform are starting to flow through as well. Okay, great. That's all for me. Thanks so much. Thanks, Noel. Okay, thanks, Noel. And then we have a call. I believe this is Chris Thompson from eResearch. Thanks. Am I unmuted? Yes, you are. Yes, you are. Go ahead, Chris. Good question. Yeah, it's Chris Thompson from eResearch. I just wanted to a couple of questions. Noel answered some of mine already, or you answered some of Noel's that were similar. On the restructuring charges, you talked about, you know, the Edmonton plant. There's a large, you know, CAD 7 million restructuring charge this quarter. As you move through the other plants, is this the high water mark, but every quarter we're going to see, like, CAD 1 million-CAD 2 million because you're closing and shifting plants? Or how is that gonna play out over the next four quarters? Yeah, they'll Chris, there'll probably be some, you know, kind of modest restructuring in the fourth quarter. You know, the bigger plant closures are gonna be our Fergus and Trenton plants, and those are, you know, expected towards the end of 2024. So it may be actually a little bit lumpier than that. You know, we'll probably see some kind of modest expenses, and you're probably not far off in that kind of CAD 1 million-CAD 2 million a quarter. But probably a little bit lumpier as we firm up our plans in the second half of next year, on some of the bigger plant closures. With our Thistle move into Bond, that's not expected to have any kind of material restructuring expenses. So it's really the kind of two bigger plants towards the end of next year. Okay. On the revenue side, just looking at typically, your Q3 historically has been your, you know, one of your lowest quarters. With the merger happening, I also wanted your comment on the actual market you're seeing. You know, there's a lot of talk about slowdown, et cetera. How are you seeing this revenue number for Q3 as a benchmark, say, for the next couple of quarters with what you're seeing from client demand? Yeah, Chris, our client demand is still very strong. We're not seeing kind of any impact from existing clients. The way we look at it is quite simple, right? It's a CAD 10 billion market. We're, call it combined, annualized, CAD 530 million-CAD 540 million in revenue. So a lot of opportunities for us to deliver new business development. And we've got a very growth-obsessed commercial team, and really good structure for us to go and identify and secure business opportunities. Even if there are, you know, any potential kind of headwinds that we'll experience, we are not seeing any right now, Chris, but if they do materialize at some point, the growth agenda we've got is a solid growth agenda. Okay. And then I might- That's all my questions. Oh. Yeah, I might just elaborate a little bit, Chris, as well, just in terms of kind of quarterly patterns. You know, we typically, as you rightly noted, Q3 tends to be weaker. Q4 tends to be stronger than Q3 from a revenue perspective. And then, both the kind of legacy DCM and the legacy MCC businesses tend to have, you know, very strong quarters in the first quarter. So kind of fourth quarter kind of builds, and then first quarter tends to be stronger, and that's largely due, particularly the first quarter, MCC does a lot of kind of year-end tax statements and transaction statement processing. And you saw that kind of higher gross margin that Richard alluded to in the slides, showing kind of historical quarterly gross margins. That's also kind of associated with a higher revenue in that quarter as well. And then we also have some kind of projects in the first quarter that tend to, you know, help us with just kind of timing in the first quarter. Great. Thanks for answering my questions. Yep, no problem. Thanks, Chris. Bye. Oh, we've got a couple questions that were emailed in overnight here, James. Sure. You're making me put my reading glasses on now. Okay, these came from Aaron. So, I believe last quarter, you guys were in beta testing for, let's just say, for more of the DAM products. How's it going? Okay, so that's our. I think the question is relating to our ASMBL. We actually are in beta right now. It's going very well. We're still obviously learning through beta, that we can incorporate into our, we call it our MVP, but essentially our product that we will go to market with, sort of towards the end of quarter one next year. But we're getting good results from our beta test with the clients, both internal and external clients that are using it. So not a lot more to say on that. Great progress, and good momentum there from a development perspective. Question two here, maybe I'll turn to you, James. If you could break down the amount of subscription/digital services revenue for the quarter compared to last year's quarter, that would be great. So we talked a little bit about that today. Yeah, we talked, we talked a little bit about that earlier. Yeah. In our detailed financial statements, I think it's Note 15, we lay out how we kind of segment our revenue between product sales, warehousing and freight services, which are typically kind of hand in hand. We also break out technology-enabled hardware solutions, and that would be a lot of product that we resell. You know, applications there would be distribution centers or healthcare networks, where they're using printers and scanners and tied into some consumable products that we would sell. So kind of equipment that we resell and get a pretty good margin on. There's also some kind of modest other things in there. We also break out tech-enabled subscription services and fees, and we don't, at least today, we don't break that out specifically, but it includes a mixture of program management fees, subscription fees that we charge for our products like Flex and ASMBL and Personal, and some of those other marketing campaign management tools. But it also includes some professional services fees. You'll see a big jump when you look at those numbers for the three months. Last year, we reported CAD 1.4 million in that category. This quarter, we've reported CAD 4.5 million. You know, the big part of that jump is really now including the MCC business. And then likewise, on a year-to-date basis, we reported about CAD 3.6 million, and for the nine months ended this year, we reported CAD 9.3 million. And, you know, that kind of not, I guess, CAD 4.5 million-CAD 5.5 million dollar bump is largely related to MCC, and they typically don't have a lot of subscription services. A lot of their revenue is really more program management and, you know, recurring programs that they run every year. So I hope that helps. Okay. Thanks, James. We have one final question from Aaron here, question number three: What would be the biggest disappointment metric so far in the past year, and what do you guys plan to do to improve? Well, great question. Look, we were very, very well planned coming into, well, through due diligence and coming into the acquisition of MCC. I think we told shareholders we used Boston Consulting Group, group that I had done a lot of work with, in my prior world, so we were very well prepared. So it would be, there's really nothing disappointing in the metrics so far. Things have gone very well. You can see that we're over target on integration. Our growth momentum continues. We have a path back on our gross margin, which we fully kind of planned and baked into the deal as well. We see great... We've got a fantastic team, acquired team, a new team, an integrated team, so really nothing disappointing, not from my side. The first time we've seen the question, James, anything disappointing from your side? No, I'd echo Richard's comments. You know, we are very pleased with how the integration is going. Obviously, there's a bit of, you know, noise in our financial results this year, given, you know, the magnitude of the acquisition. But as we, you know, continue to report combined numbers, you know, we think that'll help the street kind of better understand what the combined business looks like. Okay, I think that's all the questions, right, James? Yeah, I don't see any further questions. Okay. Thank you very much, everyone, for attending. Richard and I are certainly available if anyone has any follow-up questions. Thank you, everybody, and a big thanks to our entire DCM team for delivering a very solid quarter, and look forward to reporting quarter four and year-end. Thank you.