Q2 2026 Data Communications Management Corp Earnings Call

August 11, 2026

Speaker #1: Of which to, IFRS measures, can be found in our most recent public disclosure, which is also filed on CR+. Presentation recording and transcript will be available on our website following the call.

[Company Representative] (DCM): of which to IFRS measures can be found in our most recent public disclosure, which is also filed on SEDAR+. Presentation recording and transcript will be available on our website following the call. Additional information relating to DCM is available on our website and on SEDAR+. We also invite you to follow DCM on LinkedIn for updates on our business developments. I will now turn the call over to Richard.

Operator: Of which to IFRS measures can be found in our most recent public disclosure, which is also filed on SEDAR+. Presentation recording and transcript will be available on our website following the call. Additional information relating to DCM is available on our website and on SEDAR+. We also invite you to follow DCM on LinkedIn for updates on our business developments. I will now turn the call over to Richard.

Speaker #1: Additional information relating to DCM is available on our website and on CR+. We also invite you to follow DCM on LinkedIn for updates on our business developments.

Speaker #1: And I'll now turn the call over to Richard.

Speaker #2: Thank you, James, and good morning, and good afternoon, and good evening to any shareholders joining us from other markets or other time zones. As you— as many on the call have likely already reviewed the press release, our second quarter results were generally in line with what we expected, while revenue remained slightly below prior-year levels.

[Company Representative] (DCM): Thank you, James, and good morning and good afternoon and good evening to any shareholders joining us from other markets or other time zones. As many on the call have likely already reviewed the press release, our Q2 results were generally in line with what we expected. While revenue remained slightly below prior levels, our sales activity did remain very robust. We generated strong free cash flows. We continued to pay down debt quite significantly on the quarter. We completed, of course, this very strategic acquisition of Octacom, and we are going to spend a majority of our time on the call today reviewing that acquisition. I will move pretty quickly through the quarter.

Richard Kellam: Thank you, James, and good morning and good afternoon and good evening to any shareholders joining us from other markets or other time zones. As many on the call have likely already reviewed the press release, our Q2 results were generally in line with what we expected. While revenue remained slightly below prior levels, our sales activity did remain very robust. We generated strong free cash flows. We continued to pay down debt quite significantly on the quarter. We completed, of course, this very strategic acquisition of Octacom, and we are going to spend a majority of our time on the call today reviewing that acquisition. I will move pretty quickly through the quarter.

Speaker #2: Our sales activity did remain— remained very robust, generated strong free cash flows. We continued to pay down debt quite significantly on the quarter, and we completed, of course, this very strategic acquisition of Octacon, and we're going to spend a majority of our time on the call today reviewing that acquisition.

Speaker #2: So I'll move pretty quickly through the quarter. As noted on our press release, moving through the third quarter and into the second half of the year, we are seeing very encouraging signs.

[Company Representative] (DCM): As noted on our press release, moving through Q3 and into the H2 of the year, we are seeing very encouraging signs, including an expected return to positive year-over-year revenue growth, a more favorable business mix contributing to improved gross profit, a continued momentum in new business development, which I will talk to on the next page, and then, of course, continued strong free cash flows. In addition, of course, the Octacom acquisition is going to deliver enhanced revenue and earnings contribution through the balance of the year, and we will talk a little bit more detail as we progress through the call here today. Again, I am going to move fairly quickly on the numbers for the quarter because I do want to spend the majority of our time with Lee on this fantastic acquisition of Octacom.

Richard Kellam: As noted on our press release, moving through Q3 and into the H2 of the year, we are seeing very encouraging signs, including an expected return to positive year-over-year revenue growth, a more favorable business mix contributing to improved gross profit, a continued momentum in new business development, which I will talk to on the next page, and then, of course, continued strong free cash flows. In addition, of course, the Octacom acquisition is going to deliver enhanced revenue and earnings contribution through the balance of the year, and we will talk a little bit more detail as we progress through the call here today. Again, I am going to move fairly quickly on the numbers for the quarter because I do want to spend the majority of our time with Lee on this fantastic acquisition of Octacom.

Speaker #2: Including an expected return to positive year-over-year revenue growth, a more favorable business mix contributing to improved gross profit, a continued momentum in new business development, which I'll talk to you on the next page, and then, of course, continued strong free cash flows.

Speaker #2: In addition, of course, the Octacon acquisition is going to deliver enhanced revenue and earnings contribution through the balance of the year, and we'll talk in a little bit more detail as we progress through the call here today.

Speaker #2: So again, I'm going to move fairly quickly on the numbers for the quarter because I do want to spend the majority of our time with Lee on the fantastic acquisition of Octagon.

Speaker #2: So as I said, kind of in line with what we expected, revenue decelerating on the quarter, and we're seeing that continue to stabilize, and we'll see that obviously stability as we progress into quarter 3s and quarter 4.

[Company Representative] (DCM): As I said, kind of in line with what we expected, revenue decelerating on the quarter, and we are seeing that continue to stabilize, and we will see that, obviously, stability as we progress into Q3 and Q4. From a new business development standpoint, our revenue from new logo wins did accelerate quite significantly, actually. Much higher rate than a year ago, and plus the average value per client is considerably higher. Obviously, this positions us well and why we are confident we are going to see that return to growth in Q3 and Q4. Our tech-enabled service hardware and revenue from software continues to grow, up 10.4% on the quarter. We are now about 7.3% of total revenue. Gross profit was in line with what we expected on the quarter.

Richard Kellam: As I said, kind of in line with what we expected, revenue decelerating on the quarter, and we are seeing that continue to stabilize, and we will see that, obviously, stability as we progress into Q3 and Q4. From a new business development standpoint, our revenue from new logo wins did accelerate quite significantly, actually. Much higher rate than a year ago, and plus the average value per client is considerably higher. Obviously, this positions us well and why we are confident we are going to see that return to growth in Q3 and Q4. Our tech-enabled service hardware and revenue from software continues to grow, up 10.4% on the quarter. We are now about 7.3% of total revenue. Gross profit was in line with what we expected on the quarter.

Speaker #2: From a new business development standpoint, our revenue from new logo wins did accelerate quite significantly, actually. Much higher rate than a year ago, and plus the average value per client is considerably higher.

Speaker #2: Obviously, this positions us well in why we're confident we're going to see that return to growth in quarter 3 and quarter 4. Our tech-enabled service hardware and revenue from software continues to grow.

Speaker #2: Up 10.4% on the quarter. We're now about 7.3% of total revenue. Gross profit was in line with what we expected on the quarter, and our SG&A, we continue to build a better business, and you can see that our SG&A continues to decrease over a year ago, and adjusted EBITDA in line just under 13% of total revenue.

[Company Representative] (DCM): Our SG&A, we continue to build a better business, and you can see that our SG&A continues to decrease over a year ago. Adjusted EBITDA, in line, just under 13% of total revenue. Again, we will see that progress as we move into Q3 and Q4 with the base business as well as the addition of Octacom. Free cash flow is extremely strong, up CAD 15.7 million in the H1 of 2026. It is about a CAD 16.3 million swing versus a year ago, so very solid free cash flow delivery. Net debt, we are very pleased with our continued progress on reducing debt. Obviously, this is prior to the Octacom acquisition, which we will see included into our Q3 results. We are down 26% of the year, and it is the lowest leverage we have seen in three years. So real good progress on continuing to pay down debt.

Richard Kellam: Our SG&A, we continue to build a better business, and you can see that our SG&A continues to decrease over a year ago. Adjusted EBITDA, in line, just under 13% of total revenue. Again, we will see that progress as we move into Q3 and Q4 with the base business as well as the addition of Octacom. Free cash flow is extremely strong, up CAD 15.7 million in the H1 of 2026. It is about a CAD 16.3 million swing versus a year ago, so very solid free cash flow delivery. Net debt, we are very pleased with our continued progress on reducing debt. Obviously, this is prior to the Octacom acquisition, which we will see included into our Q3 results. We are down 26% of the year, and it is the lowest leverage we have seen in three years. So real good progress on continuing to pay down debt.

Speaker #2: Again, we'll see that progress as we move into Q3 and Q4, with the base business as well as the addition of Octacon. Free cash flow is extremely strong.

Speaker #2: Up 15.7 million in the first half of 2026, and it's about a 16.3 million swing versus a year ago. So very solid free cash flow delivery.

Speaker #2: Net debt—we're very pleased with our continued progress on reducing debt. Obviously, this is prior to the Octacon acquisition, which we'll see included in our Q3 results.

Speaker #2: We're down 26% for the year, and it's the lowest leverage we've seen in 3 years. So, real good progress on continuing to pay down debt. And then, of course, we returned a solid amount of capital to shareholders—about $3.4 million in the quarter.

[Company Representative] (DCM): Then, of course, we returned a solid amount of capital to shareholders, about CAD 3.4 million in the quarter. So again, in line with what we expected and decent progress through the quarter. As I said at the top of the call, we do want to spend a majority of this call with reviewing the Octacom acquisition. Lee Berger sitting beside me here, our new Managing Director, managing the Octacom division of DCM. Lee is going to provide you with an update of the Octacom business, so a good overview of the Octacom business. He is going to talk about the intelligent document processing market, the size and growth of that market, why the market is growing so quickly. He is going to also talk about opportunities for Octacom and IDP as now being part of DCM. Listen, we are very excited about the acquisition.

Richard Kellam: Then, of course, we returned a solid amount of capital to shareholders, about CAD 3.4 million in the quarter. So again, in line with what we expected and decent progress through the quarter. As I said at the top of the call, we do want to spend a majority of this call with reviewing the Octacom acquisition. Lee Berger sitting beside me here, our new Managing Director, managing the Octacom division of DCM. Lee is going to provide you with an update of the Octacom business, so a good overview of the Octacom business. He is going to talk about the intelligent document processing market, the size and growth of that market, why the market is growing so quickly. He is going to also talk about opportunities for Octacom and IDP as now being part of DCM. Listen, we are very excited about the acquisition.

Speaker #2: So again, in line with what we expected, and, you know, kind of decent progress through the quarter. So I— as I said at the top of the call, we do want to spend a majority of this call with reviewing the Octacon acquisition.

Speaker #2: Lee Berger, sitting beside me here, our new managing director, managing the Octacon division of DCM, and Lee is going to provide you with an update of the Octacon business.

Speaker #2: So a good overview of the Octacon business. He's going to talk about the intelligent document processing market, the size and growth of that market, why the market's growing so quickly, and he's going to also talk about opportunities for Octacon and IDP is now being part of DCM.

Speaker #2: So we're—listen, we're very excited about the acquisition. You know, you read the press release, and you can hear my excitement in the call today.

[Company Representative] (DCM): You read the press release, and you can hear my excitement in the call today. It is just a month ago, it is actually a month and two days since we completed the acquisition, and we are already off to a great start. I want to be clear to shareholders that the IDP or intelligent document processing market is not new to DCM. We started down that path about two years ago with very serious intentions to build a business here in IDP. We saw lots of inbound coming from clients, and we have already built a much smaller, obviously, than Octacom, but a small piece of business in IDP that is a fast-growing piece of business. So it is not new to us, and the addition of Octacom obviously just allowed us to get there a lot faster, buying versus building and buying one of the fastest-growing IDP companies in Canada.

Richard Kellam: You read the press release, and you can hear my excitement in the call today. It is just a month ago, it is actually a month and two days since we completed the acquisition, and we are already off to a great start. I want to be clear to shareholders that the IDP or intelligent document processing market is not new to DCM. We started down that path about two years ago with very serious intentions to build a business here in IDP. We saw lots of inbound coming from clients, and we have already built a much smaller, obviously, than Octacom, but a small piece of business in IDP that is a fast-growing piece of business. So it is not new to us, and the addition of Octacom obviously just allowed us to get there a lot faster, buying versus building and buying one of the fastest-growing IDP companies in Canada.

Speaker #2: It's just a month ago, it's actually a month and 2 days since we completed the acquisition, and we're already off to a great start.

Speaker #2: But I want to be clear to shareholders that the IDP or intelligent document processing market is not new to DCM. We started down the path about 2 years ago, with very serious contentions to build a business here in IDP.

Speaker #2: We saw lots of kind of inbound coming from clients, and we've already built a small, much smaller, obviously, than Octacon, but a small piece of business in IDP.

Speaker #2: That is a fast-growing piece of business, so it's not new to us, and the addition of Octacon, obviously, just allowed us to get there a lot faster, you know, buying versus building, and, you know, buying one of the fastest-growing IDP companies in Canada.

Speaker #2: So we're very excited, and it certainly makes us a much stronger competitor in this space right from day one. So, I'm going to turn the call over now to Lee.

[Company Representative] (DCM): We are very excited, and it certainly makes us a much stronger competitor in this space right from day one. I am going to turn the call over now to Lee. Lee, welcome to your first earnings call here, and excited to hear about Octacom.

Richard Kellam: We are very excited, and it certainly makes us a much stronger competitor in this space right from day one. I am going to turn the call over now to Lee. Lee, welcome to your first earnings call here, and excited to hear about Octacom.

Speaker #2: So Lee, welcome to your first earnings call here, and we're excited to hear about Octacon.

Speaker #3: Excellent, thanks. Thanks, Richard. Thanks, James. Glad to be here with everybody on today's call. What I plan to do is provide an introduction on Octacon and an introduction to the IDP market, as it is probably a relatively new market for some investors.

Lee Berger: Excellent. Thanks, Richard. Thanks, James. Glad to be here with everybody on today's call. What I plan to do is provide an introduction on Octacom, an introduction to the IDP market, as it is probably a relatively new market for some investors here on the call, as well as talk a little bit about how we're collaborating already with DCM in the acceleration of our go-to-market plans now that we're united here. From an investment standpoint, there's some highlights you'll see there on the slides. Ultimately, Octacom is a scaled operation. In the trailing 12-month period, we've generated just over CAD 23 million of revenue. We would be one of the leading IDP players here in Canada, and we deliver our solutions through a combination of different technology platforms, largely built in-house, that allow us to deliver really efficient, automated, end-to-end solutions for our customers.

Speaker #3: Here on the call, as well as talk a little bit about how we're collaborating already with DCM in the acceleration of our go-to-market plans now that we're—now that we're united here.

Speaker #3: From an investment standpoint, there's some highlights you'll see there on the slides. Ultimately, Octacon is a scaled operation in the trailing 12-month period. We've generated just over 23 million dollars of revenue.

Speaker #3: We would be one of the leading IDP players here in Canada. And we deliver our solutions through a combination of different technology platforms, largely built in-house, that allow us to deliver really efficient, automated, end-to-end solutions for our customers.

Speaker #3: And what that results in is very high recurring revenue, high churn, the ability to augment our solutions over time, and drive strength and margins, and ultimately drive strong free cash flow.

Lee Berger: What that results in is very high recurring revenue, high churn, the ability to augment our solutions over time and drive strength in margins, and ultimately drive strong free cash flow. Octacom has been in this market for the last 50 years. I've been with the company for the last 10, driving the latest stage of growth, and we see a tremendous amount of opportunity ahead as we join the DCM team and accelerate our go-to-market plans. Takeaway here, really profitable growth, fast growing business, sticky customer base, proprietary technology that we continue to augment and intend to augment even faster with the strength of DCM behind us. Moving to the next slide, a little bit of an overview of what IDP is. There's many use cases for IDP, but there's a couple different solutions that land in the IDP sphere.

Speaker #3: Octacon has been in this market for the last 50 years. I've been with the company for the last 10, driving the latest stage of growth, and we see a tremendous amount of opportunity ahead as we join the DCM team, and accelerate our go-to-market plans.

Speaker #3: So takeaway here, really profitable growth, fast-growing business, sticky customer base, proprietary technology that we continue to augment and intend to augment even faster with the strength of DCM behind us.

Speaker #3: Moving to the next slide a little bit of an overview of what IDP is. So there's really a couple different use cases for— there's many use cases for IDP, but there's a couple different solutions that land in the IDP sphere, and the most comprehensive of those solutions is a workflow that you'll see up on your screen right now, which really entails automating complex document-intensive processes, which are the backbone of a large number of large enterprise and government customers, and prospects that exist out there.

Lee Berger: The most comprehensive of those solutions is a workflow that you'll see up on your screen right now, which really entails automating complex document-intensive processes, which are the backbone of a large number of large enterprise and government customers and prospects that exist out there. This is really leveraging a multi-step process to intake, extract, classify, and feed downstream systems with relevant data that's been extracted and validated in the document-intensive workflow. That involves a capture stage, a classification stage, an extraction stage, a validation stage, typically some form of workflow automation, whether it be within our ODAS platform, our proprietary web-based platform where clients can interact with documents, workflow them, drive automated rules, and ultimately through system integration between ODAS and multiple different types of downstream systems. In our process, we use a combination of different innovative tools to drive automation.

Speaker #3: So this is really leveraging multi-step process to intake extract classify and feed downstream systems with relevant data that's been extracted and validated in the document-intensive workflow.

Speaker #3: And so that involves a capture stage, a classification stage, an extraction stage, a validation stage, typically some form of workflow automation, whether it be within our Otis platform, our proprietary web-based platform where clients can interact with documents, workflow them, drive automated rules, and ultimately through system integration between Otis and multiple different types of downstream systems.

Speaker #3: In our process, we use a combination of different innovative tools to drive automation, we use OCR, ICR, we use AI, we use machine learning, we use natural language processing, we use a series of different intelligent tools and really AI-augmented tools to allow us to deliver our solutions both efficiently from a delivery time perspective as well as from a cost.

Lee Berger: We use OCR, ICR, we use AI, we use machine learning, we use natural language processing. We use a series of different intelligent tools and really AI-augmented tools to allow us to deliver our solutions both efficiently from a delivery time perspective as well as from a cost perspective. With a little bit of a background on what it is that we do, and we're sort of that solution provider behind the scenes within lots of organizations that we would all be familiar with, it's important to understand what does this market look like. As we've displayed over the last nine or 10 years of ownership, we're able to grow at a very rapid rate, taking advantage of both a rising tide in this IDP market, as well as this ultimate digitization wave that we're seeing from a lot of our clients.

Speaker #3: A cost perspective. With a little bit of a background on what it is that we do, and we're sort of that solution provider, you know, behind the scenes within lots of organizations that we would all be familiar with, it's important to understand what does this market look like, and as we've displayed over the last 9 years, 9 or 10 years of ownership, we're able to grow at a very rapid rate, taking advantage of both a rise in tide in this IDP market, as well as this ultimate digitization wave that we're seeing from a lot of our— a lot of our clients.

Speaker #3: And so as we look at the market looking forward, we're seeing that 30% plus compound annual growth rate continuing, there's a number of drivers for that, there's AI drivers and sort of richness and value and legacy information, should it be not yet digitized, there's rising rates in digital adoption, in terms of taking physical processes, converting them to digital, or bridging the gap, having hybrid environments where there's both digital input and physical input, and ultimately we do stand out in the field of data sovereignty, and our services being performed in Canada, in secure facilities across both the Octacon and the DCM network, and we're going to talk a little bit more about that in the next few slides.

Lee Berger: As we look at the market looking forward, we are seeing that 30%-plus compound annual growth rate continuing. There is a number of drivers for that. There are AI drivers and richness and value in legacy information, should it be not yet digitized. There are rising rates in digital adoption in terms of taking physical processes, converting them to digital or bridging the gap, having hybrid environments where there is both digital input and physical input. Ultimately, we do stand out in the field of data sovereignty and our services being performed in Canada in secure facilities across both the Octacom and the DCM network, and we are going to talk a little bit more about that in the next few slides. From a market driver standpoint, cost is probably what matters most to investors. Manual data entry is generally expensive for large enterprise and governments.

Speaker #3: From a market driver standpoint, really, cost is probably what matters most to investors. Manual data entry is generally expensive for large enterprises and government. There's a lot of automation opportunity that exists within these specific spheres that are our target market.

Lee Berger: There is a lot of automation opportunity that exists within these specific spheres that are our target market. IDP can cut the cost of that entry from CAD 5 to CAD 25 a document down to much more diminished rates of between pennies and CAD 1 per document. It allows us to go into new opportunities with a cost lens or an ROI lens that is rather accelerated, and that has been part of what has helped us in our growth trajectory to this point. Ultimately, there are lots of market drivers that are presented to you up on screen there. There is lots of unstructured data that clients are looking to structure, extract, validate, and use for inputs to data models or otherwise. We are able to leverage, in our environments, various different AI models to augment our processing.

Speaker #3: IDP can cut the cost of that entry from 5 to 25 dollars a document, down to, you know, much more diminished rates, of, you know, between pennies and a dollar per document, and so it allows us to go into new opportunities with a cost lens, or an ROI lens, that is rather accelerated.

Speaker #3: And that has been part of what has helped us in our growth trajectory to this point. But ultimately there's lots of market drivers, they're presented to you up on screen there, but lots of unstructured data that clients are looking to structure, extract, validate, and use for inputs to data models or otherwise we're able to leverage in our environment various different AI models to augment our processing, that has been a boon for us, and an area in which we've been able to take advantage of AI innovation and changes that are taking place in the market, and building a rather modular platform that allows us to plug and play different models for different use cases, to be that compliance layer, while delivering value to our clients.

Lee Berger: That has been a boon for us and an area in which we have been able to take advantage of AI innovation and changes that are taking place in the market. We are building a rather modular platform that allows us to plug and play different models for different use cases to be that compliance layer while delivering value to our clients. There is a series of other drivers. I mentioned a few moments ago, general digital transformation. When we look at the government of Canada, the provincial government, and municipalities, for instance, we see massive archives of physical information. The same holds true in the healthcare space as well. We see massive archives of historical information that once did not have the value that it does today.

Speaker #3: And there's a series of other drivers, I mean, I mentioned a few moments ago, general digital transformation, when we look at the government of Canada, the provincial government, and municipalities, for instance, we see massive archives of physical information, the same holds true in the healthcare space as well, we see massive archives of historical information that once did not have the value that it does today, and we're seeing budgets coming to bear and opening up, allowing us to digitize that information and leverage that information for use cases and feeding certain models to enable these clients to get more value out of the documents and the data that exist, and free up that storage space, physical storage space, that, you know, once occupied, buildings and buildings worth of space.

Lee Berger: We are seeing budgets coming to bear and opening up, allowing us to digitize that information and leverage that information for use cases and feeding certain models to enable these clients to get more value out of the documents and the data that exist. We are freeing up that storage space, physical storage space that once occupied buildings and buildings worth of space. Just looking at where IDP is relevant. It really is across all industries and all verticals. More so at the large enterprise, mid-market enterprise. Less so at the startup level, as you can imagine. As we look at industries with the highest opportunity set and the largest addressable market, we are looking primarily to continue to focus on the government sphere. Good examples would be general records modernization, benefits processing, citizen correspondence, application forms for passports, et cetera.

Speaker #3: So just looking at where IDP is relevant, it really is across all industries and all verticals—more so at the large enterprise, mid-market enterprise, less so at sort of the startup level, as you can imagine.

Speaker #3: And so as we look at, you know, industries with the highest opportunity set and the largest addressable market, we're looking primarily to continue to focus on the government sphere, a good examples would be general records modernization, benefits processing, citizen correspondence application forms for passports, et cetera, et cetera, in the healthcare sphere, we do a fair amount of work in this space, medical record digitization and data extraction, claims processing, referral routing is another great example that you'll see up on screen there.

Lee Berger: In the healthcare sphere, we do a fair amount of work in this space. Medical record digitization and data extraction, claims processing, referral routing is another great example that you'll see up on screen there. On the BFSI side, financial services, we see a host of opportunities, probably the largest opportunity set second to government, in my opinion, exists in the financial services space. This is a space that DCM has a really strong footing in and was really one of the drivers for our collaboration and how we're going to market. Octacom had very little exposure to BFSI. DCM holds tremendous relationships with really all of the, or most of the financial services organizations in Canada. Taking our platform and our solution suite over to assist with things like new account opening, loan and mortgage processing, compliance archiving, these are valuable use cases.

Speaker #3: On the BFSI side—financial services—we see a host of opportunities. Probably the largest opportunity set, second to government in my opinion, exists in the financial services space. This is a space that DCM has a really strong footing in, and was really one of the drivers for our collaboration and how we're going to market.

Speaker #3: Octacon had very little exposure to BFSI, DCM holds tremendous relationships with really all of the, or most of the financial services organizations in Canada, and so taking our platform and our solution suite over to assist with things like new account opening, loan and mortgage processing, compliance archiving, these are, you know, valuable use cases, digital mailrooms are another good example, and we talked a little bit in a press release, we talked a little bit about our recent announcement that we'll mention on the next slide, these are really high value sticky use cases that we anticipate growing across the prospect base that we do have.

Lee Berger: Digital mailrooms are another good example, and we talked a little bit in a press release. We talked a little bit about our recent announcement that we'll mention on the next slide. These are really high-value, sticky use cases that we anticipate growing across the prospect base that we do have. Finally, transportation logistics. Octacom's pretty active in this space already, have a really solid solution from a proof of delivery management standpoint. This is managing bills of lading, extensive data extraction off of them, receipt and packing slip gathering. We have quite a comprehensive proof of delivery documentation process and solution that's in place, and we see tremendous amount of opportunity scaling that out across the DCM world. I've gotten the question a few times, why DCM? I think it really can be distilled to a couple key drivers.

Speaker #3: And finally, transportation logistics, Octacon's pretty active in this space already, have a really solid solution from a proof of delivery management standpoint, this is managing bills of lading, extensive data extraction off of them, receipt and packing slip gathering, we have quite a comprehensive proof of delivery documentation, process and solution that's in place, and we see tremendous amount of opportunity scaling that out across the DCM world.

Speaker #2: I've gotten the question a few times why DCM, and I think, you know, it really can be distilled to a couple key drivers. Octacon really brings a platform, a team, and an incredibly strong base of blue chip business.

Lee Berger: Octacom really brings a platform, a team, and an incredibly strong base of blue-chip business. This is a business that's strengthened over the years. We've invested as we've profitably grown the business and our technology and our team. We hit an inflection point where we felt that another organization, and it's an institution almost, with a broad enterprise client base, could help us accelerate the growth of Octacom into this next stage. DCM really brings the commercial reach, those enterprise and government relationships that we don't already have, the knowhow and the ability to drive outbound pipeline generation in a more scaled manner, and a national infrastructure. When I talk national infrastructure, I'm really talking about leveraging existing DCM premises to broaden the IDP footprint and service offering. There is somewhat of a local element to some of the IDP services that are provided.

Speaker #2: This is a business that's strengthened over the years. We've invested, as we've profitably grown the business, in our technology and our team. We hit an inflection point where we felt that another organization—and it's an institution, almost, with a broad enterprise client base—could help us accelerate the growth of Octacon into this next stage.

Speaker #2: And so DCM really brings the commercial reach, those enterprise and government relationships that we don't already have, the know-how, and the ability to drive outbound pipeline generation in a more scaled manner, and a national infrastructure.

Speaker #2: And when I talk national infrastructure, I'm really talking about leveraging existing DCM premises to broaden the IDP footprint and service offering. There is somewhat of a local element to some of the IDP services that are provided, and so the ability to have with relative ease a new facility added in a low capex, a relatively new, sorry, a new facility added in several new locations allows us to both drive margin as well as drive top line growth through new customers in those respective geographies.

Lee Berger: The ability to have, with relative ease, a new facility added and low CapEx are a relatively new. Sorry, a new facility added in several new locations allows us to both drive margin as well as drive top-line growth through new customers in those respective geographies. Between the two organizations, there really is a tremendous fit culturally and a tremendous moat from a go-to-market standpoint. That is, we have top-tier security compliance and privacy standards across both organizations, so the fit has been incredibly smooth. We also hold, between the two organizations, MSAs with over 70 of the top 100 large enterprise and government organizations in Canada, which gives us a great pool of prospective customers to continue to push our use cases into. That's really exciting.

Speaker #2: And then, between the two organizations, there really is a tremendous fit culturally and a tremendous moat from a go-to-market standpoint. That is, you know, we have top-tier security, compliance, and privacy standards across both organizations, so the fit has been incredibly smooth.

Speaker #2: We also hold, between the two organizations, over 70 MSAs with over 70 of the top 100 large enterprise and government organizations in Canada, which gives us a great pool of prospective customers to continue to push our use cases into.

Speaker #2: And that's really exciting. The last note that I'll throw in there before I passing it back or opening it up is, we're really are off to strong start.

Lee Berger: The last note that I'll throw in there before passing it back or opening it up is, we really are off to a strong start. We closed, as Richard mentioned, 8 July, so not that long ago. Lots of integration activities underway, lots of sales and marketing collaboration opportunities that we're deep in pursuit on already, which is fantastic. As just one case study or case in point was a recent announcement of a Schedule I Canadian bank that we are now onboarding and have signed on with for a large, broad-based digital mailroom operation that is currently in implementation. We're incredibly excited about taking our platform into an existing DCM customer and having collaborated on a very quick execution point here that we anticipate replicating going forward. Maybe last point, lots of cross-sell opportunity.

Speaker #2: We closed, as Richard mentioned, July 8th, so not that long ago. There are lots of integration activities underway, and lots of sales and marketing collaboration opportunities that we're already deep in pursuit of, which is fantastic.

Speaker #2: And as just one case study or case in point was a recent announcement of a schedule one Canadian bank that we are now onboarding and have signed on with for a large, broad-based digital mailroom operation that is currently in implementation, and we're incredibly excited about taking our platform into an existing DCM customer and having collaborated on a very quick execution point here that we anticipate replicating going forward.

Speaker #2: And maybe last point, lots of cross-sell opportunity—I think you’ve probably picked that up from me throughout the discussion over the last 10 or 15 minutes. But ultimately, there’s active collaboration with the sales and marketing team here at DCM, and across DCM’s 2,500-plus customers we should see a tremendous amount of opportunity to sustain and potentially accelerate the Octacom growth rate looking forward.

Lee Berger: I think you've probably picked that up from me throughout the discussion over the last 10 or 15 minutes. Ultimately, there's active collaboration with the sales and marketing team here at DCM and across DCM's 2,500-plus customers. We should see a tremendous amount of opportunity to sustain and potentially accelerate the Octacom growth rate looking forward. I'm incredibly excited about that. I'm excited about being invested alongside you all and the team here in helping drive the future of the business.

Speaker #2: So, I'm incredibly excited about that. I'm excited about being invested alongside you all and the team here in helping drive the future of the business.

Speaker #1: Thank you, Lee, and I'll just add one other point to what Lee said, if we don't need to go back to the chart, but if you think about government, BFSI, healthcare, and transportation, and you think about the physical element, when I say physical, the physical paper or forms that are now converted through the Octacon IDP process into intelligence, we actually print a significant percentage of those physical forms, so think of the value we can now bring to our client base, and that's what they distill, you know, kind of super attractive as well.

[Company Representative] (DCM): Thank you, Lee. I'll just add one other point to what Lee said. We don't need to go back to the chart, but if you think about government, BFSI, healthcare, and transportation, and you think about the physical element. When I say physical, the physical paper or forms that are now converted through the Octacom IDP process into intelligence. We actually print a significant percentage of those physical forms. Think of the value we can now bring to our client base, and that's what made this deal super attractive as well. Just closing. You can see on the left-hand side of the slide here, clearly Octacom and DCM, we've got a very bright future together. It truly allows us to accelerate our IDP leadership in a market that's growing and expanding very quickly.

Richard Kellam: Thank you, Lee. I'll just add one other point to what Lee said. We don't need to go back to the chart, but if you think about government, BFSI, healthcare, and transportation, and you think about the physical element. When I say physical, the physical paper or forms that are now converted through the Octacom IDP process into intelligence. We actually print a significant percentage of those physical forms. Think of the value we can now bring to our client base, and that's what made this deal super attractive as well. Just closing. You can see on the left-hand side of the slide here, clearly Octacom and DCM, we've got a very bright future together. It truly allows us to accelerate our IDP leadership in a market that's growing and expanding very quickly.

Speaker #1: So yeah, just closing you can see on the left-hand side of the slide here, clearly Octacon and DCM, we've got a very bright future together.

Speaker #1: It truly allows us to accelerate our IDP leadership at a market that's growing and expanding very quickly, we've got built-in operating leverage with the existing facilities that are fully sort of compliant and very low capex, the revenue and the margin and profitability of DCM, of Octacon coming into DCM world very strong to build off of, very new complementary business building on the point that I said earlier, serving large regular regulated enterprises and government, and again, we can now offer that value-added service on top of the forms and paperwork producing for these clients.

[Company Representative] (DCM): We've got built-in operating leverage with the existing facilities that are fully compliant, and very low CapEx. The revenue and the margin and profitability of Octacom coming into DCM world, very strong to build off of. Very new complementary business, building on the point that I said earlier, serving large, regulated enterprises and government. Again, we can now offer that value-added service on top of the forms and paper we're producing for these clients. You read in the original release that we have an enhanced credit facility and lots of bandwidth to grow. Then obviously, we're going to continue the commitment to shareholders with quarterly cash dividends. Very strong acquisition and certainly a stronger DCM right from day one. Okay, I'm going to close on our priorities for 2026. Obviously, the top left box here, we're going to maintain high revenue retention and drive new business development.

Richard Kellam: We've got built-in operating leverage with the existing facilities that are fully compliant, and very low CapEx. The revenue and the margin and profitability of Octacom coming into DCM world, very strong to build off of. Very new complementary business, building on the point that I said earlier, serving large, regulated enterprises and government. Again, we can now offer that value-added service on top of the forms and paper we're producing for these clients. You read in the original release that we have an enhanced credit facility and lots of bandwidth to grow. Then obviously, we're going to continue the commitment to shareholders with quarterly cash dividends. Very strong acquisition and certainly a stronger DCM right from day one. Okay, I'm going to close on our priorities for 2026. Obviously, the top left box here, we're going to maintain high revenue retention and drive new business development.

Speaker #1: We read in the original release that we have an enhanced credit facility and lots of bandwidth to grow, and then, obviously, we're going to continue the commitment to shareholders with quarterly cash dividends. So, very strong acquisition and certainly a stronger DCM right from day one.

Speaker #1: Okay, I'm going to close on our priorities for 2026, obviously the top left box here, we're going to maintain high revenue retention and drive new business development.

Speaker #1: Again, we've been off to a really good run recently on new business, and we're moving from strength to strength there, and we'll see that continue through the balance of the year.

[Company Representative] (DCM): Again, we have been off to a really good run recently on new business, and we are moving to strength to strength there, and we will see that continue through the balance of the year. We are going to continue to focus on improved gross margins, and those gross margins will flow through, obviously, with the addition of the Octacom acquisition. But importantly, as well as that base business stabilizes and starts to grow, and we see better utilization of our assets, then that obviously naturally improves gross margin. Then we have been improving mix quite considerably as well. We are going to generate robust cash flow to support our debt reduction.

Richard Kellam: Again, we have been off to a really good run recently on new business, and we are moving to strength to strength there, and we will see that continue through the balance of the year. We are going to continue to focus on improved gross margins, and those gross margins will flow through, obviously, with the addition of the Octacom acquisition. But importantly, as well as that base business stabilizes and starts to grow, and we see better utilization of our assets, then that obviously naturally improves gross margin. Then we have been improving mix quite considerably as well. We are going to generate robust cash flow to support our debt reduction.

Speaker #1: We're going to continue to focus on improved gross margins and those gross margins will flow through, obviously with the addition of the Octacon acquisition, but importantly as well as that base business stabilizes and starts to grow, and we see better utilization of our assets than that obviously naturally improves gross margin, and then we've been improving mix quite considerably as well.

Speaker #1: We're going to generate robust cash flow to support our debt reduction, and finally, if you look at that top box there, our main strategy in addition to obviously driving that base business and that growth and continue to build a better and bigger base business is to fuel the Octacon's growth by leveraging the DCM commercial reach and the supply chain that we've got and our team is just there to kind of assist Lee and his team on continuing to accelerate and, as I said, we're off to, and Lee said we're off to a very good start in the first four weeks.

[Company Representative] (DCM): Finally, if you look at that top box there, our main strategy, in addition to obviously driving that base business and that growth and continue to build a better and bigger base business, is to fuel the Octacom's growth by leveraging the DCM commercial reach and the supply chain that we have got. Our team is just there to assist Lee and his team on continuing to accelerate. As Lee said, we are off to a very good start in the first four weeks. Look, I will just close on this page. We will turn over to Q&A. Building momentum in the H2. Lots of new logos that we have won. A good, healthy pipeline. We are seeing that market stabilize. Obviously, Octacom contributes to the quarter in Q3. Strong cash flow and liquidity to fund growth.

Richard Kellam: Finally, if you look at that top box there, our main strategy, in addition to obviously driving that base business and that growth and continue to build a better and bigger base business, is to fuel the Octacom's growth by leveraging the DCM commercial reach and the supply chain that we have got. Our team is just there to assist Lee and his team on continuing to accelerate. As Lee said, we are off to a very good start in the first four weeks. Look, I will just close on this page. We will turn over to Q&A. Building momentum in the H2. Lots of new logos that we have won. A good, healthy pipeline. We are seeing that market stabilize. Obviously, Octacom contributes to the quarter in Q3. Strong cash flow and liquidity to fund growth.

Speaker #1: Oh look, I'll just close on this page, we'll turn it over to Q&A, building momentum in the second half, lots of new logos that we've won, a good healthy pipeline, we're seeing that market stabilize, obviously Octacon contributes to the quarter and quarter three, strong cash flow and liquidity to fund growth, and certainly well positioned, as I said, to deliver this expanded IDP opportunity the operational discipline and profitability growth that we're committed to deliver, we're still committed obviously to that quarterly dividend program, and then we will continue as we always have to monitor any trade policy or tariffs or macro uncertainty, we're not having any headwinds right now with the recent announcement from south of border, but we'll continue to monitor that, monitor that, okay?

[Company Representative] (DCM): Certainly well-positioned, as I said, to deliver this expanded IDP opportunity, the operational discipline, and profitable growth that we are committed to deliver. We are still committed, obviously, to that quarterly dividend program. Then we will continue, as we always have, to monitor any trade policy or tariffs or macro uncertainty. We are not having any headwinds right now with the recent announcement

Richard Kellam: Certainly well-positioned, as I said, to deliver this expanded IDP opportunity, the operational discipline, and profitable growth that we are committed to deliver. We are still committed, obviously, to that quarterly dividend program. Then we will continue, as we always have, to monitor any trade policy or tariffs or macro uncertainty. We are not having any headwinds right now with the recent announcement from south of the border, but we will continue to monitor that. Okay? So that is the outlook, and we will now turn it over to questions.

[Company Representative] (DCM): from south of the border, but we will continue to monitor that. Okay? So that is the outlook, and we will now turn it over to questions. Thanks, Richard. We will now take questions from the audience. If you are joining through Teams, please use the raise your hand feature, and we will queue up questions. You may also submit questions through the chat bar. When called on, please unmute and introduce yourself before asking your question. We have some questions here. Why do not we take Noel Atkinson please?

Speaker #1: So that's the outlook, and we'll now turn it over to questions.

Speaker #3: Thanks, Richard. We'll now take questions from the audience. If you are joining through Teams, please use the raise your hand feature. And we'll queue up questions.

Operator: Thanks, Richard. We will now take questions from the audience. If you are joining through Teams, please use the raise your hand feature, and we will queue up questions. You may also submit questions through the chat bar. When called on, please unmute and introduce yourself before asking your question. We have some questions here. Why do not we take Noel Atkinson please?

Speaker #3: You may also submit questions through the chat bar. When called on, please unmute and introduce yourself before asking your question. We have some questions here.

Speaker #3: Why don't we take Noel Atkinson, please.

Speaker #4: Yeah, hi guys, it's Noel Atkinson from Claris Securities. Good morning, Richard and James, and welcome, Lee. Thanks for taking my questions. Okay, first off, just on Octacon and sort of the overall IDP division for DCM, can you guys talk a little bit about what you've seen for momentum within that division so far in 2026?

Noel Atkinson: Yeah. Hi guys, it's Noel Atkinson from Clarus Securities. Good morning.

Noel Atkinson: Yeah. Hi guys, it's Noel Atkinson from Clarus Securities. Good morning. Richard and James, and welcome, Lee. Thanks for taking our questions. Okay. First off, just on Octacom and the overall IDP division for DCM. Can you guys talk a little bit about what you've seen for momentum within that division so far in 2026?

Lee Berger: Yeah

Lee Berger: Richard and James, and welcome, Lee. Thanks for taking our questions.

Lee Berger: No.

Noel Atkinson: Okay. First off, just on Octacom and the overall IDP division for DCM. Can you guys talk a little bit about what you've seen for momentum within that division so far in 2026?

Speaker #2: For me?

Speaker #4: Sure.

Lee Berger: For me?

Speaker #2: Yeah, we've no, we really came into the deal on strength, and so our pipeline has been robust through the entire duration of 2026 to date, and continues to be rather robust.

Noel Atkinson: Sure.

Richard Kellam: Sure.

Lee Berger: Yeah, we really came into the deal on strength. Our pipeline has been robust through the entire duration of 2026 to date, and continues to be rather robust. The DCM opportunity set that's coming in is really augmenting our pipeline, and we're working on how to scale our ability to manage that pipeline. That's where some of our focus has been, is, A, educating the DCM team on the IDP solution set to help drive opportunities, and then, B, to be able to intake, manage, and ultimately execute on those opportunities, from the Octacom execution standpoint. I would say we've come in strong. We've continued to be strong. We're seeing substantial growth year over year in 2026 over 2025.

Speaker #2: The DCM opportunity set that’s coming in is really augmenting our pipeline, and we’re working on how to scale our ability to manage that pipeline. And so that’s where some of our focus has been. A, educating the DCM team on the IDP solution set, to help drive opportunities, and then B, to be able to intake, manage, and ultimately execute on those opportunities from the Octacon execution standpoint.

Speaker #2: So I would say we've come in strong, we've continued to be strong, we're seeing substantial growth year over year in 2026 over 2025, with Octacon we do have a fiscal year change, and so we're moving from a May fiscal year to a December fiscal year as we join the DCM team, and so we're working through sort of syncing up all of our KPIs to be able to report that in a way that's valuable to you.

Lee Berger: With Octacom, we do have a fiscal year change. We're moving from a May fiscal year to a December fiscal year as we join the DCM team. We're working through syncing up all of our KPIs to be able to report that, in a way that's valuable to you.

Speaker #4: Great. And in terms of building the sales funnel—and this is both for the DCM guys and for Lee, on the Octacom side—so have you been building your sales funnel, has it been you've been outbound marketing through your sales teams, or has it been inbounds and pursuing RFPs?

Noel Atkinson: Great. In terms of building the sales funnel to, and this is both for the DCM guys and for Lee on the Octacom side. Have you been building your sales funnel? Has it been you've been outbound marketing through your sales teams, or has it been inbounds and go pursuing RFPs?

Speaker #2: Maybe I'll talk first about Octacon, pre-DCM. The vast majority of Octacon's business has come through what I'll call "inbounds"—a combination of quite literally inbound traffic to the website, from content that we have out there, from RFPs, and from referrals.

Lee Berger: Well, I'll talk first.

Noel Atkinson: Sure. Yeah.

Richard Kellam: Sure. Yeah.

Lee Berger: From the Octacom side pre-DCM, the vast majority of Octacom's business has come through what I will call inbound. So a combination of quite literally, inbound into the website from content that we have out there, from RFPs and from referrals. So those have really been the core drivers of the Octacom pipeline historically. We have had candidly little to no outbound targeted effort historically. That was a function of our lack of scaling our commercial go-to-market team. That is one of the reasons for this particular partnership, for us believing that there is a tremendous amount of upside here. So yeah, Noel, I would say it is largely been inbound from the Octacom side. There are certain pockets, certain industries, certain use cases where we have had some marked success.

Speaker #2: So those have really been the core drivers of the Octacon pipeline. Historically, we have had, candidly, little to no outbound targeted effort, and that was a function of our lack of scaling our commercial.

Speaker #2: Go-to-market team, and one of the reasons for this particular partnership for us is believing that there's a tremendous amount of upside here. So yeah, no, I'd say it's largely been inbound from the Octagon side.

Speaker #2: There are certain pockets, certain industries, certain use cases where we've had some marked success, and in those scenarios we do sort of build a bit of a consultant network for referrals and at times we have done outbound campaigns, but we're talking incredibly sparse.

[Company Representative] (DCM): In those scenarios, we do build a bit of a consultant network for referrals. At times we have done outbound campaigns, but we are talking incredibly sparse. This is a lot of the value add that is currently being actioned from the DCM side to help augment that funnel. Maybe just building on that. The first thing we did as well, Noel and shareholders is, as I said, IDP is not new to DCM. We had a leader that was actually reporting directly to me, Andrew Varga, who is our IDP subject matter expert and commercial leader. First thing they did was put him directly into Lee and Lee's team. So we have that conduit now between call it the DCM commercial team and the Octacom team. So that has already been implemented. We obviously brought, we did not come with an empty funnel either, right?

Lee Berger: In those scenarios, we do build a bit of a consultant network for referrals. At times we have done outbound campaigns, but we are talking incredibly sparse. This is a lot of the value add that is currently being actioned from the DCM side to help augment that funnel.

Speaker #2: And so this is a lot of the value add that is currently being actioned from the DCM side to help augment that funnel.

Speaker #1: Yeah, maybe just building on that, the first thing we did as well, Noel, and shareholders is, as I said, IDP is not new to DCM, we had a leader that was actually reporting directly to me, Andrew Varga, who was our IDP subject matter expert and commercial leader.

Richard Kellam: Maybe just building on that. The first thing we did as well, Noel and shareholders is, as I said, IDP is not new to DCM. We had a leader that was actually reporting directly to me, Andrew Varga, who is our IDP subject matter expert and commercial leader. First thing they did was put him directly into Lee and Lee's team. So we have that conduit now between call it the DCM commercial team and the Octacom team. So that has already been implemented. We obviously brought, we did not come with an empty funnel either, right?

Speaker #1: First thing he did was put him directly into Lee, and Lee's team, so we have that conduit now between the DCM commercial team and the Octacon team. So that's already been implemented.

Speaker #1: We obviously brought we didn't come with an empty funnel either, right? So Andrew was working on a pretty active funnel for the last several months over the last well, actually over the last year.

[Company Representative] (DCM): Andrew was working on a pretty active funnel for the last several months, actually over the last year. So that funnel is now part of the Octacom world. Then we are just actually preparing for all the marketing optimization and outbound programming. So we got the marketing team working on that. So you will see a lot of activity as we move in, progress into Q3 and certainly, September, October, you see a lot of activity. Actually, what you Googled, intelligent document processing Canada, you would see that DCM comes up ranked as number 1 or number 2. We are much smaller than Octacom, right? So we know how to optimize and drive marketing optimization. So you will see that all shift to the Octacom world. As I said, the marketing team is very active on that right now.

Richard Kellam: Andrew was working on a pretty active funnel for the last several months, actually over the last year. So that funnel is now part of the Octacom world. Then we are just actually preparing for all the marketing optimization and outbound programming. So we got the marketing team working on that. So you will see a lot of activity as we move in, progress into Q3 and certainly, September, October, you see a lot of activity. Actually, what you Googled, intelligent document processing Canada, you would see that DCM comes up ranked as number 1 or number 2. We are much smaller than Octacom, right? So we know how to optimize and drive marketing optimization. So you will see that all shift to the Octacom world. As I said, the marketing team is very active on that right now.

Speaker #1: So that funnel is now part of the Octacon world. And then we're just actually preparing for all the marketing optimization and outbound programming, so we've got the marketing team working on that, so you'll see a lot of activity as we move in progress into quarter three and certainly September, October, you'll see a lot of activity.

Speaker #1: You actually went and you Googled intelligent document processing Canada, you'd see that DCM comes up ranked as number one or number two. And we're much smaller than Octacon, right?

Speaker #1: So we know how to kind of optimize and drive marketing optimization. So, you'll see that all kind of shift to the Octacon world, and I said the marketing team is very active on that right now.

Speaker #4: Great. And then just lastly for me, going back to the printing segment, can you guys talk a little bit about how the revenue activity progressed through the quarter?

Noel Atkinson: Great. Then just lastly for me, going back to the printing segment, can you guys talk a little bit about how the revenue activity progressed through the quarter? Were you seeing improved momentum as you got through Q2?

Speaker #4: Were you seeing improved momentum as you got through Q2?

Speaker #2: Yeah, want to talk about that?

Speaker #3: Yeah, I'd say generally through the second quarter, Noel, we were tracking quite well. We had a bit of a blip in one of the months, but overall, I'd say we were tracking well.

[Company Representative] (DCM): Yeah. You want me to start with that?

Richard Kellam: Yeah. You want me to start with that?

[Company Representative] (DCM): Yeah. I'd say generally through Q2, Noel, we were tracking quite well. We had a bit of a blip in one of the months, but overall, I'd say we're tracking well. Early stages, but kind of optimistic about Q3 and the balance of the year. As Richard mentioned, the kind of new logo, call it maybe value and number of opportunities is helping contribute to that. Seems to have accelerated this year compared to last year. Some of the vertical markets that were challenged last year have shown some improvements. We talked about that in our MD&A.

James Lorimer: Yeah. I'd say generally through Q2, Noel, we were tracking quite well. We had a bit of a blip in one of the months, but overall, I'd say we're tracking well. Early stages, but kind of optimistic about Q3 and the balance of the year. As Richard mentioned, the kind of new logo, call it maybe value and number of opportunities is helping contribute to that. Seems to have accelerated this year compared to last year. Some of the vertical markets that were challenged last year have shown some improvements. We talked about that in our MD&A.

Speaker #3: And early stages, but kind of optimistic about Q3 and the balance of the year. As Richard mentioned, the kind of new logo call it maybe value and number of opportunities is helping contribute to that.

Speaker #3: It seems to have accelerated this year compared to last year. And some of the vertical markets that were challenged last year, have shown some improvements.

Speaker #3: We talked about that in our MD&A, so particularly manufacturing, lottery, and a couple of others. Other vertical markets have largely stabilized and have a positive outlook for the balance of the year.

Noel Atkinson: Yeah.

Richard Kellam: Yeah.

[Company Representative] (DCM): So particularly, kind of manufacturing, lottery, and a couple of others. Then other vertical markets largely kind of stabilized and have positive outlooks for the balance of the year. The one kind of vertical that has been a little bit tougher for us is the financial services market, but we're hard at work in that market. As you can imagine, a lot of the IDP opportunities that we had in our pipeline, DCM alone, were in the financial services market. So we're optimistic there that we'll have good conversion rates.

James Lorimer: So particularly, kind of manufacturing, lottery, and a couple of others. Then other vertical markets largely kind of stabilized and have positive outlooks for the balance of the year. The one kind of vertical that has been a little bit tougher for us is the financial services market, but we're hard at work in that market. As you can imagine, a lot of the IDP opportunities that we had in our pipeline, DCM alone, were in the financial services market. So we're optimistic there that we'll have good conversion rates.

Speaker #3: The one kind of vertical that has been a little bit tougher for us is the financial services market, but we're hard at work on that.

Speaker #3: Market. And as you can imagine, a lot of the IDP opportunities that we had in our pipeline, DCM alone, were in the financial services market.

Speaker #3: So we're optimistic there that we'll have good conversion rates.

Speaker #4: Okay, great. All right, thanks very much.

Noel Atkinson: Okay, great. All right. Thanks very much.

Speaker #3: Thanks, Noel.

[Company Representative] (DCM): Thanks, Noel.

Richard Kellam: Thanks, Noel.

Speaker #2: Thanks, Noel. Next question we have is from Daniel Rosenberg at Paradigm.

[Company Representative] (DCM): Thanks, Noel. Next question we have is from Daniel Rosenberg at Paradigm. Morning, Daniel.

Operator: Thanks, Noel. Next question we have is from Daniel Rosenberg at Paradigm. Morning, Daniel.

Speaker #3: Morning, Daniel.

Speaker #5: Hi, good morning, guys. Thanks for taking my question. My first one goes to Richard and Lee. I’m curious about the roadmap for integration. Are there any milestones or key targets that you guys are hoping to achieve?

Daniel Rosenberg: Hi. Good morning, guys. Thanks for taking my question. My first one goes to Richard and Lee. I am curious on the roadmap for integration. Are there any milestones, key targets that you guys are hoping to achieve? Is there much work on the integrations front? Just any color there would be helpful. Thank you.

Speaker #5: Is there much work on the integration front? So just any color there would be helpful.

Speaker #1: Yeah, maybe I'll just kick that off and then turn it over to Lee. To be clear, Octacon is a division of DCM, so we're not physically integrating Octacon into the DCM world.

[Company Representative] (DCM): Yeah, maybe I'll just kick that off and then turn it over to Lee. To be clear, Octacom is a division of DCM, so we're not physically integrating Octacom into the DCM world for obvious reasons. They're a rocket ship in terms of growth. We just want to help fuel the growth and provide the services, the commercial services, supply chain services, the financial services, HR services that we have at DCM into the Octacom organization. A lot of those will be shared services as opposed to embedded services.

Richard Kellam: Yeah, maybe I'll just kick that off and then turn it over to Lee. To be clear, Octacom is a division of DCM, so we're not physically integrating Octacom into the DCM world for obvious reasons. They're a rocket ship in terms of growth. We just want to help fuel the growth and provide the services, the commercial services, supply chain services, the financial services, HR services that we have at DCM into the Octacom organization. A lot of those will be shared services as opposed to embedded services.

Speaker #1: For obvious reasons, right? They're a rocket ship in terms of growth. We just want to help fuel that growth and provide the services.

Speaker #1: The commercial services supply chain services, the financial services, HR services that we have at DCM into the Octacon organization. And then and a lot of those will be kind of shared services as opposed to embedded services.

Speaker #2: Yeah, no, I think that's I think that's spot on. And good to meet you, first of all. We really are looking at a few specific shared services, some elements include infrastructure and security, IT infrastructure and security, and finance are sort of the two sort of biggest thing areas to help alleviate some of our bottlenecks and allow us to focus on the commercial side of the equation.

Lee Berger: Yeah, I think that's spot on, and good to meet you, first of all. We really are looking at a few specific shared services. Some elements include infrastructure and security, IT infrastructure and security, and finance are the two biggest bang areas to help alleviate some of our bottlenecks, and allow us to focus on the commercial side of the equation. But that's probably all that's worth noting at this point, quite candidly. We continue to operate independently. There's a lot of collaboration going on across the organization. If we want to call that integration, we can, but it's very much collaboration and supporting the Octacom team and continuing to hit our certain internal milestones and revenue milestones that we have set for ourselves.

Speaker #2: But that's probably all that's worth noting at this point, quite candidly. We continue to operate independently. There's a lot of collaboration going on across the organization.

Speaker #2: If we want to call that integration, we can, but it's very much sort of collaboration and supporting the Octacon team in continuing to hit sort of internal milestones and revenue milestones that we have set for ourselves.

Speaker #1: Yeah, I would just add, this is very different than the Moore Canada Corporation acquisition, which was really a synergy deal, and it was direct integration.

[Company Representative] (DCM): Yeah, I would just add, this is very different than the Moore Canada Corporation acquisition, which was really a synergy deal, and it was direct integration. We consolidated four facilities, had to bring a sales force together, had to bring two ERP solutions together. So a massive amount of integration. Also a massive amount of disruption to the business as well, as we went through that heavy integration process. So none of that obviously happening on the Octacom side. We're just there to kind of fuel and help Lee and his team kind of accelerate their growth agenda.

Richard Kellam: Yeah, I would just add, this is very different than the Moore Canada Corporation acquisition, which was really a synergy deal, and it was direct integration. We consolidated four facilities, had to bring a sales force together, had to bring two ERP solutions together. So a massive amount of integration. Also a massive amount of disruption to the business as well, as we went through that heavy integration process. So none of that obviously happening on the Octacom side. We're just there to kind of fuel and help Lee and his team kind of accelerate their growth agenda.

Speaker #1: We consolidated four facilities, had to bring Salesforce together, and had to bring two ERP solutions together. So, a massive amount of integration—also a massive amount of disruption to the business as we went through that heavy integration process.

Speaker #1: So none of that is obviously happening on the Octagon side. We're just there to kind of fuel and help Lee and his team accelerate their growth agenda.

Speaker #4: Thanks for that.

Speaker #5: And then, just turning to the sales cycle at Octacon, I was curious about what the lead times look like from an introduction to a customer standing them up.

Daniel Rosenberg: Thanks for that. Just turning to the sales cycle at Octacom. I was curious about what the lead times look like from an introduction to a customer, standing them up. Obviously, there's various amount of solutions, but just generalized. I was a bit surprised to hear that a lot of it came from inbound referrals. So I was curious, how does that come about? Do customers refer other customers? Is there some network effects in terms of what you're doing? If you could speak to that, please.

Speaker #5: Obviously, there's a variety of solutions, but just to generalize—and then I was a bit surprised to hear that a lot of it came from inbound referrals.

Speaker #5: So I was curious, how does that come about? Do customers, or other customers—is there some network effect in terms of what you're doing?

Speaker #5: If you could speak to that, please.

Speaker #2: Yeah, sure. Maybe I'll speak to that. I'll speak to that first. A lot of these are highly embedded solutions, to a large extent.

Lee Berger: Yeah, sure. Maybe I will speak to that first. These are highly embedded solutions to a large extent. About 90% of our revenue comes from what we call day-forward services, so highly embedded, typically technically integrated solutions with our clients. We have become sort of a relied-upon as an integrated partner to our clients under our service model. From a referral standpoint, we do see a tremendous amount of referrals. Whether it is folks that have left one company and moved to another and given us a call to say, "Hey, you have done a good job with us at the last organization. Here are the problems that we are having. Can you help us?

Speaker #2: About 90% of our revenue comes from what we call day forward services. So highly embedded, technically integrated solutions with our clients. And we become a sort of a relied upon as an integrated partner to our clients under our service model.

Speaker #2: And so from a referral standpoint, we do see a tremendous amount of referrals, whether it's folks that have left one company and moved to another and given us a call to say, "Hey, you did a good job with us at the last organization. Here are the problems that we're having."

Speaker #2: Can you help us? It's also some use cases are pretty particular, I would say. And so as the prospect is poking around for vendors that may be able to support them, oftentimes they'll find some of our content online perhaps ask around about us and then give us a call.

Lee Berger: It is also some use cases are pretty particular, I would say. As the prospect is poking around for vendors that may be able to support them, oftentimes they will find some of our content online, perhaps ask around about us, and then give us a call. When I talk inbound, I am genuinely talking, we are filling a need that exists in a particular use case. We are identified, and then there is outreach that occurs. I do not want to underweight, though, there is RFP activity. Those are public boards. Generally, we are often invited to different bids, but often from a government standpoint, there are often boards that these bids are posted on. We do attend conferences as well, and we have seen opportunity flow open from conferences and networking and so forth.

Speaker #2: And so yeah, I mean, when I talk inbound, I'm genuinely talking we're filling a need that exists. In a particular use case, we're identified and then there's outreach that occurs.

Speaker #2: I don't want to underweight, though. There is RFP activity—that's, those are public boards, generally. We're often invited to different bids, but often, from a government standpoint, there are boards that these bids are posted on.

Speaker #2: We do attend conferences as well, and we've seen opportunity flow open from conferences and networking, and so forth. But hopefully, this gives you a flavor that when I talk about inbound, I'm really just excluding targeted outbound—pick up the phone and call, or email campaigns.

Lee Berger: That hopefully gives you a flavor that when I talk inbound, I am really just excluding targeted outbound, pick up the phone and call or email campaigns. That is not the type of activity that we have pursued historically. It is usually been a use case-driven or divisional specific-driven entry point. We do have a little bit of a land and expand opportunity that we have opened up over the years. Once we are in large enterprise A with department A, oftentimes there are opportunities to broaden what we do to other departments within the organization that are also struggling with document-intensive processing challenges. If you do not mind just repeating the first part of the question, that would be great.

Speaker #2: That's not the type of activity that we've pursued historically. It's usually been a use case driven or divisional specific driven entry point. And we do have a little bit of a land and expand opportunity that we've opened up over the years.

Speaker #2: And so, once we're in large enterprise A with department A, oftentimes there are opportunities to broaden what we do to other departments within the organization that are also struggling with document-intensive processes and challenges.

Speaker #2: First, if you don't mind just repeating the first part of the question, that would be great.

Speaker #5: I think you kind of covered it, but just it was the sales function from first introduction to.

Daniel Rosenberg: I think you kind of covered it, but it was the sales function from first introduction to

Speaker #2: Oh, got it. Yeah. Call it up. Apologies. Yeah, it varies, so I'll generalize. On the government side, we see anywhere between 6 and 18 months; on the enterprise side—

Lee Berger: Oh, got it. Yeah, apologies. Yeah, it varies. I will generalize. On the government side, we see anywhere between 6 and 18 months. On the enterprise side, we see anywhere between, really, the quickest to revenue post-implementation is 2 to 3 months, and at times that can extend to 9 to 12 months. That hopefully gives you a general sense that a lot of the work that we are doing now with the DCM team is obviously there was an existing pipeline. We are fostering that pipeline, and that will turn to revenue quicker because those opportunities are chunky and have been in the works for some time already. We do anticipate more of those opportunities, the cross-sell opportunities crystallizing at a later point. I do not believe that we will see revenue coming from those opportunities in this calendar year.

Speaker #2: We see anywhere between really the quickest to revenue is quickest to revenue post-implementation is 2 to 3 months. And at times that can extend to 9 to 12 months.

Speaker #2: So that hopefully gives you a general sense that a lot of the work that we're doing now with the DCM team is—obviously, there was an existing pipeline. We're fostering that pipeline, and that will turn to revenue quicker because those opportunities are chunky and have been in the works for some time already.

Speaker #2: But we do anticipate more of those opportunities—the cross-sell opportunities—crystallizing at a later point. I don't believe that we'll see revenue coming from those opportunities in this calendar year.

Speaker #2: And so, it just gives you a sense, with the time to revenue that I mentioned a few moments ago and the pipeline that did exist, as to what the next quarter or two should look like.

Lee Berger: It just gives you a sense, with the time to revenue that I mentioned a few moments ago and the pipeline that did exist, as to what the next quarter or 2 should look like.

Speaker #5: Makes sense. Thanks for that. And just last question. I was curious about overall for DCM. I know you spoke to growth profit margin likely improving here in the near term, but balancing that idea of, okay, cross-sell and the impacts on the bottom line any thoughts whether just directionally somewhat timing on when how that margin profile looks like as a combined entity on an EBITDA basis whether it be next year or what have you.

Daniel Rosenberg: Thanks, Dan. Thanks for that. Last question. I was curious about overall for DCM. I know you spoke to gross profit margin likely improving here in the near term, but balancing that idea of cross-sell and the impacts on the bottom line. Any thoughts whether, just directionally, somewhat timing on how that margin profile looks like as a combined entity on an EBITDA basis whether it be next year or what have you? Then I will pass to line. Thank you.

Speaker #5: And then I'll pass the line. Thank you.

Speaker #2: Sure. I think, as you recall, typically the third quarter is kind of a wider quarter for us with some of the growth profiles. We see that moderating and returning to a bit of growth compared to last year.

[Company Representative] (DCM): Sure. I think, as you recall, typically Q3 is kind of a quieter quarter for us with some of the growth profiles. We see that moderating and returning to a bit of growth compared to last year. We just, in our kind of natural business, we will see, I would call it maybe modest margin improvement. We will have almost 3 months of the Octacom acquisition when we report Q3 included in that, and their gross profit margins and EBITDA margins are a fair bit higher than ours, Daniel. We will start to see a little bit of benefit from that. Then I would say particularly as we get into Q4, which tends to be a bit stronger quarter for us anyways, Octacom does not really have the same kind of seasonality, just given their growth profile.

James Lorimer: Sure. I think, as you recall, typically Q3 is kind of a quieter quarter for us with some of the growth profiles. We see that moderating and returning to a bit of growth compared to last year. We just, in our kind of natural business, we will see, I would call it maybe modest margin improvement. We will have almost 3 months of the Octacom acquisition when we report Q3 included in that, and their gross profit margins and EBITDA margins are a fair bit higher than ours, Daniel. We will start to see a little bit of benefit from that. Then I would say particularly as we get into Q4, which tends to be a bit stronger quarter for us anyways, Octacom does not really have the same kind of seasonality, just given their growth profile.

Speaker #2: We just did our kind of natural business. We'll see. I'd call it maybe modest margin improvement, but we'll have almost three months of the Octacom acquisition when we report Q3 included in that.

Speaker #2: And their gross profit margins and EBITDA margins are a fair bit higher than ours, Daniel. So we will start to see a little bit of benefit from that.

Speaker #2: And then I'd say, particularly as we get into kind of the fourth quarter, which tends to be a bit stronger quarter for us anyways, Octacom doesn't really have the same kind of seasonality, just given their growth profile.

Speaker #2: They're kind of growing every year, and don't quite have the—they don't seem to, at least at this point, have the kind of seasonality that we've historically had.

[Company Representative] (DCM): They are kind of growing every year and do not quite have the, they do not seem to, at least at this point, have the kind of seasonality that we have historically had. We will really see some of the improvements probably with the benefit of some of these bigger kind of cross-selling opportunities, given the sales cycle and onboarding. I would really expect to see those in kind of H1 2027.

James Lorimer: They are kind of growing every year and do not quite have the, they do not seem to, at least at this point, have the kind of seasonality that we have historically had. We will really see some of the improvements probably with the benefit of some of these bigger kind of cross-selling opportunities, given the sales cycle and onboarding. I would really expect to see those in kind of H1 2027.

Speaker #2: So, we'll really see some of the improvements, probably with the benefit of some of these bigger kind of cross-selling opportunities, given the sales cycle and onboarding.

Speaker #2: I would really expect to see those in kind of first half of 2027.

Speaker #5: Great, thanks for taking my questions.

Daniel Rosenberg: Great. Thanks for taking my questions.

Speaker #2: Great. Thanks, Daniel. Next question is from Chris Thompson at eResearch.

[Company Representative] (DCM): Okay. Thank you. Thanks, Daniel. Next question is from Chris Thompson at eResearch.

James Lorimer: Okay. Thank you.

Richard Kellam: Thanks, Daniel.

Operator: Next question is from Chris Thompson at eResearch.

Speaker #1: Can you hear me now?

Speaker #2: Yeah. Hey, Chris.

Chris Thompson: Can you hear me now?

Speaker #1: Hey, thanks. I'm Chris Thompson from eResearch. Thanks for taking my call. I just wanted to ask you a question about the restructuring and acquisition costs.

[Company Representative] (DCM): Yeah. Hey, Chris.

Richard Kellam: Yeah. Hey, Chris.

Chris Thompson: Hey, thanks. I am Chris Thompson from eResearch. Thanks for taking my call. Just wanted to ask you a question about the restructuring and acquisition costs. You had about CAD 2.3 million in the H1 of the year, and about CAD 1.3 of restructuring and about CAD 1.3 in this quarter. How does this going to sort of go forward for the rest of the year?

Speaker #1: You had about $2.3 million in the first half of the year, and about $1.3 million of restructuring, and about $1.3 million in this quarter. How is this going to sort of go forward for the rest of the year?

Speaker #2: Yeah. From a restructuring perspective, Chris, we'll see that come down in the second half of the year. Really some of that was a little bit of the kind of the echo from the more Canada acquisition as we got the benefit of further kind of systems alignment and finance team alignment and some other kind of fine-tuning.

[Company Representative] (DCM): Yeah. From a restructuring perspective, Chris, we will see that come down in the H2 of the year. Really some of that was a little bit of the echo from the Moore Canada acquisition as we got the benefit of further systems alignment and finance team alignment and some other fine-tuning. The acquisition and integration costs you saw in the Q2 were related to the Octacom acquisition, so pre-closing costs, legal and advisors. So we will see a little bit more of that in the Q3, and then we are not expecting any restructuring charges at all from the Octacom acquisition. As Richard described earlier, this is really an opportunity for growth as opposed to synergies. So, we are not expecting any restructuring charges from the Octacom acquisition itself, and the DCM charges are largely done.

James Lorimer: Yeah. From a restructuring perspective, Chris, we will see that come down in the H2 of the year. Really some of that was a little bit of the echo from the Moore Canada acquisition as we got the benefit of further systems alignment and finance team alignment and some other fine-tuning. The acquisition and integration costs you saw in the Q2 were related to the Octacom acquisition, so pre-closing costs, legal and advisors. So we will see a little bit more of that in the Q3, and then we are not expecting any restructuring charges at all from the Octacom acquisition. As Richard described earlier, this is really an opportunity for growth as opposed to synergies. So, we are not expecting any restructuring charges from the Octacom acquisition itself, and the DCM charges are largely done.

Speaker #2: The acquisition and integration costs you saw in the second quarter were related to the Octacom acquisition, so kind of pre-closing costs—kind of legal and advisors.

Speaker #2: So, we'll see a little bit more of that in the third quarter. And then we won't see any—we're not expecting any—restructuring charges at all from the Octacom acquisition, as Richard described earlier.

Speaker #2: This is really an opportunity for growth as opposed to synergies. So we'll see those. We're not expecting any restructuring charges from the Octacom acquisition itself, and the DCM charges are largely done.

Speaker #1: Okay. Great. My second question is, can you just sort of review your capital allocation strategies for the rest of the year considering you have a much larger debt load and I'm assuming you're going to keep the dividend going forward and also how you're going to factor in your debt covenants?

Chris Thompson: Okay, great. My second question is, can you just sort of review your capital allocation strategies for the rest of the year, considering you have a much larger debt load and I am assuming you are going to keep the dividend going forward, and also how you are going to factor in your debt covenants?

Speaker #2: Yeah, sure. Good question. From a kind of capital allocation, our priority is really, I guess, maybe twofold: one, continuing the dividend that we have, and secondly, paying down debt.

[Company Representative] (DCM): Yeah, sure. Good question. From a capital allocation, our priority is really, I guess maybe twofold. One, continuing the dividend that we have, and secondly, paying down debt. We put a new credit facility in place, which I think you have seen the details on. We are within the kind of net debt-EBITDA and fixed charge coverage ratios for that. Given the nice free cash flow generating position that not only DCM is in, but also that Octacom is in, we expect to see our net debt-to-EBITDA decline nicely over the next year to year and a half to levels that we were before the acquisition. We expect to see debt repayment is going to be a real priority. We are going to focus less on M&A, particularly in the traditional print space.

James Lorimer: Yeah, sure. Good question. From a capital allocation, our priority is really, I guess maybe twofold. One, continuing the dividend that we have, and secondly, paying down debt. We put a new credit facility in place, which I think you have seen the details on. We are within the kind of net debt-EBITDA and fixed charge coverage ratios for that. Given the nice free cash flow generating position that not only DCM is in, but also that Octacom is in, we expect to see our net debt-to-EBITDA decline nicely over the next year to year and a half to levels that we were before the acquisition. We expect to see debt repayment is going to be a real priority. We are going to focus less on M&A, particularly in the traditional print space.

Speaker #2: We put a new credit facility in place, which I think you've seen the details on. We're within the kind of debt/EBITDA and fixed charge coverage ratios for that.

Speaker #2: Given the kind of nice free cash flow generating position that not only DCM is in, but also that Octacom is in, we accept expect to see our kind of net debt EBITDA decline nicely over the next year to year and a half to kind of levels that we were kind of before the acquisition.

Speaker #2: So, we expect to see that debt repayment is going to be a real priority. We're going to focus less on M&A, particularly in the traditional print space.

Speaker #2: We're still seeing lots of interesting opportunities, but I'd say at this point, our real focus is continuing to build out and support the IDP business here, and also continue to feed—or I guess, harvest—the traditional kind of DCM business.

[Company Representative] (DCM): We are still seeing lots of interesting opportunities, but I would say at this point, our real focus is continuing to build out and support the IDP business here and also continue to feed, I guess, or harvest the traditional kind of DCM business.

James Lorimer: We are still seeing lots of interesting opportunities, but I would say at this point, our real focus is continuing to build out and support the IDP business here and also continue to feed, I guess, or harvest the traditional kind of DCM business.

Speaker #1: Great. Thanks. My last question is about your tech side of it. And I guess it's going to be really impacted by the acquisition. But although it was kind of up year over year, it was sort of down quarter over quarter.

Chris Thompson: Great, thanks. My last question is about your tech side, and I guess it is going to be really impacted by the acquisition. But although it was up year-over-year, it was sort of down quarter-over-quarter. How much of that is seasonality, and then how much of the focus is really going to be on the acquisition when it comes to your tech plan?

Speaker #1: How much of that is seasonality? And then, how much of the focus is really going to be on the acquisition when it comes to, sort of, your tech plan?

Speaker #2: Yeah, there was some seasonality in that. A large proportion of what we report is tech-enabled services. It relates to programming services, and last year, some of those services kind of continued in the second quarter.

[Company Representative] (DCM): Yeah, there was some seasonality in that. A large proportion of what we report as tech-enabled services relates to programming services. Last year, some of those services kind of continued in Q2. They are typically largely focused on Q1, but they do happen throughout the year, and sometimes things happen a little bit earlier, let us say in Q4 compared to Q1, a little bit later in Q2 as opposed to Q1. So that is really kind of largely that, Chris. And yes, going forward, we expect to report the Octacom results in that tech-enabled services bundle. So you should see an increase in that segment.

James Lorimer: Yeah, there was some seasonality in that. A large proportion of what we report as tech-enabled services relates to programming services. Last year, some of those services kind of continued in Q2. They are typically largely focused on Q1, but they do happen throughout the year, and sometimes things happen a little bit earlier, let us say in Q4 compared to Q1, a little bit later in Q2 as opposed to Q1. So that is really kind of largely that, Chris. And yes, going forward, we expect to report the Octacom results in that tech-enabled services bundle. So you should see an increase in that segment.

Speaker #2: They're typically kind of largely focused on the first quarter of the year, but they do happen throughout the year. And sometimes things happen a little bit earlier—let's say, in the fourth quarter compared to the first quarter.

Speaker #2: A little bit later in the second quarter as opposed to the first quarter. So that's really kind of largely that, Chris. And yes, going forward, we expect to report the Octacom results in that tech services, tech-enabled services bundle.

Speaker #2: So you'll see the you should see an increase in that segment.

Speaker #1: That's it for all of my questions. Thanks for your time.

Speaker #2: Thanks, Chris. Chris?

Chris Thompson: That is it for all of my questions. Thanks for your time.

[Company Representative] (DCM): Thanks, Chris. Chris? We have no further questions. Did you have any closing comments? My closing comments, thank you. Thank you to our shareholders. Thanks for listening today. We certainly appreciate your support and commitment. You can hear that we are very excited about the Octacom acquisition. Great company that Lee and his team have built. Tremendous success. So thank you, Lee. We are just there to fuel growth. As said, we are starting to see stabilization in our core business, in our base business, so we are going to leverage that from a client perspective to drive leads and to help Lee continue to accelerate the growth of IDP. I would also like to thank the DCM associates and our new associates from Octacom. Thank you for a good solid quarter. We look forward to continuing the progress through the balance of the year.

Richard Kellam: Thanks, Chris. Chris?

Speaker #3: Yep, we have no further questions. Did you have any closing comments?

Operator: We have no further questions. Did you have any closing comments?

Speaker #2: Yeah, no, my closing comments: thank you. Thank you to our shareholders. Thanks for listening today. We certainly appreciate your support and commitment. You can hear that we're very excited about the Octacom acquisition.

Richard Kellam: My closing comments, thank you. Thank you to our shareholders. Thanks for listening today. We certainly appreciate your support and commitment. You can hear that we are very excited about the Octacom acquisition. Great company that Lee and his team have built. Tremendous success. So thank you, Lee. We are just there to fuel growth. As said, we are starting to see stabilization in our core business, in our base business, so we are going to leverage that from a client perspective to drive leads and to help Lee continue to accelerate the growth of IDP. I would also like to thank the DCM associates and our new associates from Octacom. Thank you for a good solid quarter. We look forward to continuing the progress through the balance of the year.

Speaker #2: Great company that Lee and his team have built. Tremendous success. So thank you, Lee. And we're just there to fuel growth. As I said, we're starting to see stabilization in our core business and our base business.

Speaker #2: So we're going to leverage that from a client perspective to drive leads and to help Lee continue to accelerate the growth of IDP. I'd also like to thank the DCM associates and our new associates from Octacom.

Speaker #2: Thank you for a good, solid quarter. We look forward to continuing the progress through the balance of the year. And I would say that, maybe in summary, we're only getting started.

[Company Representative] (DCM): I would say that, maybe in summary, we are only getting started. We are four weeks in, and we are only getting started, and we are looking forward to reporting the success of Q3 to shareholders a few months from now. Thank you. Thanks, Richard. This concludes the Q&A portion of today's call. Thank you everyone for joining us and your continued interest in DCM. As a reminder, Richard and I can be available after the call for any follow-up questions. This concludes our call. Have a great day. Thank you. Thank you.

Richard Kellam: I would say that, maybe in summary, we are only getting started. We are four weeks in, and we are only getting started, and we are looking forward to reporting the success of Q3 to shareholders a few months from now. Thank you.

Speaker #2: We're four weeks in, and we're only getting started. We're looking forward to reporting the success of Q3 to shareholders a few months from now.

Speaker #2: Thank you.

Speaker #1: Thanks, Richard. This concludes the Q&A portion of today's call. Thank you everyone for joining us in your continued interest in DCM. As a reminder, Richard and I can be available after the call for any follow-up questions.

Operator: Thanks, Richard. This concludes the Q&A portion of today's call. Thank you everyone for joining us and your continued interest in DCM. As a reminder, Richard and I can be available after the call for any follow-up questions. This concludes our call. Have a great day. Thank you. Thank you.

Speaker #1: And this concludes our call. Have a great day.

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