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RR Donnelley & Sons (RRD)

Participants
Johan Nystedt SVP, Finance
Daniel Knotts President, CEO & Director
Terry Peterson EVP & CFO
Charles Strauzer CJS Securities
James Clement The Buckingham Research Group
Call transcript
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Operator

Welcome to the RRD's Fourth Quarter 2019 Results Conference Call. My name is Brad, and I'll be your operator for today's call. [Operator Instructions]. Please note that this call is being recorded. I'll now turn the call over to Johan Nystedt, Senior Vice President of Finance.

Johan Nystedt

thank Conference for Call. and Quarter RRD's Brad, Results XXXX you, you, joining everyone, Fourth Thank

Peterson, Officer. Joining Knotts, prepared questions. Chief Terry RRD's on remarks, President Chief me today's I and Executive call Dan, Terry Officer; will of the conclusion At are and Dan our today's Financial take and

reminder, a be supplemental at on Investors the prepared found our rrd.com. today's website for As slides have section we can call, of which

we year we who page will review by call, fourth themselves. on As slides wish participants slides along reference full from those results supplemental and follow the advancing numbers the today's quarter for to

information The the on SEC section was we of fourth be our quarter to call this press rrd.com. X-K filed also yesterday. our release, furnished website the is Investors at of during This posted addressed that a information on more is in will in Form detail copy the reviewed which

will our our Therefore, statements, results we and forward-looking uncertainties. differ also our to and call, which expectations. risks of from materially outlook this all could financial Throughout involves refer on current actual comments including strategy,

the risk complete other statement earnings annual factors with discussion of to cause in filings and XX-K, on could actual included report to factors the our the included a Form differ in please release XX-Q on refer that and results our materially, SEC. reports Form For our the cautionary our quarterly

comparable section financial are Any website press These presentation references believe part to of reconciled information Further, of measures way and purposes non-GAAP in non-GAAP we results company's to an concerning non-GAAP to operations will ongoing only. the provides Investors are the of company's is investors evaluate discuss financial We information. provided useful our performance. release. the our as financial results the informational with measures supplementary GAAP non-GAAP the appropriate for

over to I the will Dan. now call turn

Daniel Knotts

actions by performance improve the morning, priorities our year performance key flexibility. our ongoing rationalizing XXXX areas, us. sheet our driven strategic Across Good meaningful further drive balance businesses, research Brazilian took for was asset execution you to thank our and everyone, the sales revenue operating of market, in structure. our aggressively Johan. completing global the exiting a footprint, solid and managing year, each RRD, of Thanks, divesting we our and strengthen including development of document of and for in joining solutions cost these core,

capabilities and At the we same revenue industry-leading through technology-focused product logos. growth time, and deployed platform services win our our new categories, relationships in client expand delivered strategic our successfully expanded new to

increase versus operations adjusted an in we outstanding. operating debt from delivered income and and margin substantially also our We last reduced year, total

highest the the now actions, we to end remain collective firmly communications. our having path XXXX, by stronger we $XXX total RRD financial availability of as level since Through provider our spin, leading on our a foundation, on advance of of a lowered have credit facility including million. exited customer we these strategic with outstanding XXXX the debt Since and

performance. financial our to Shifting

quarter. the share our QX Our charge expectations, in the incurred excluding $X.XX in were we per results with line tax

logistics, state logistics market our volume the the the in our were current of and line, due divestiture as top in the print by of exiting to quarter, the sales well impacted broader net primarily the as sales overall reflective lower market. of GDS On lower reported Organic the Brazilian commercial negatively the softness election-related were of within business and market.

markets. commercial the related X.X%, year for and in largely softness logistics sales print to declined full Organic also the

product work full higher shift year strategic as to product marketing, Importantly, opportunities. labels and our of mix organic reported print, and our the categories, fourth quarter direct digital growth value both we towards X for growth the

with for operations prior our the line to quarter in year, unfavorable from was the fourth income expectations. Adjusted

strong our be Our we largest year. overall of service the quarter delivered as performance execution to and continued operational

For margin operations the sales. in lower as from as well increase organic adjusted an operating year, improvement we full despite reported in income an

favorable cost across year for number and Our performance including full our continuing clients. of our structure, our managing earnings markets navigate a to while of SG&A, challenging is result deliver teams aggressively a value direct

Our team demanding in members of brands the operations perform mission-critical some world. the for most

scale, help capabilities their grow communications their in we customers to solutions Our them whatever more execute right needed to earning delivering Every they their stories, or ultimately to create with with day, maximize and results. clients deeper experiences by and want are drive performance. the tell their expertise the and connected form format customer our business

do of how recent some clients Here we're our that. helping examples just are

supplier years provide their scale. print their more centralized platform global of include XX further communications With to management automate we Airlines, experience. our American than to the and a as a a print cloud-based wanted of the Airlines process print management a expanded on chain print to American workflow supply communication relationship preferred seamless

with Airlines speed mail, the they their brand in-flight cost materials, reduce cards, American tags, direct baggage their improve briefing integrated brochures, and our labels, and signage. we're communication Through consistency, helping which safety including menus, stationery produce solution, increase

to in-store services a We our Store marketing serving Store's Microsoft each and content first their than in Leveraging days power combined Puerto solution, a locations its and rather of boost to are solutions in-store contract recently the creative our new able efforts. groups, retail signed in dynamic an to to is workflow in retail Canada. the we market. States, Through order gain Microsoft conditions print market of Rico retail with provide as Microsoft in hours edge competitive within Store United react signage complete studio to and

As prescription RRD innovation chain. turn transformational decades, infuse to client recently drugstore more program labels we This X into growth accomplish a launched national that for produce communications, customer them and a a to in than help objective. for their final example, to

signage, solution integrated direct brand printed execution in-store formats. web and providing increased seamless Our consistency mail collateral, all design, entails now and across

In still and we're new increased relationships integrate XXXX, print introduced sitting that to clients expand capabilities engagement. and digital we our to assist services existing X clients, new development. we're leveraging win not while communications in channels And product new our current generating regarding

Cloud add-on direct mail custom the a and customers as Salesforce certain a Marketing serves RRD take actions to triggers by Direct piece when automatically online. Cloud

data We also platform formats. an circulars continuing flyers that XXXX, interactive recommendations momentum, including future converts success solution with This give services, data-backed the integrates new with test new strategies. expertise we're will and e-commerce measure shoppable development launch in-store product several in-store insights. our of our launched display In research retailers catalogs, into new and and and Digicom, shopper the to analytics of

unboxing kits new to brand better called a to offering out kits. loyalty elevate These brands deliver experiences experience customers help and rolled the we their experience welcome, their connected packaging and Additionally, promotional employees.

offering Marketing revenue. to that for industry as as And RRD some pleased share annual and our in I'm networks AdAge's media XX well released marketing biggest recently recognition of as guide marketers, an agencies. the scale fact focus top an our the Last, Solutions employer. marketing notable pack, solutions by ranks reflects agency

XXXX the career who Outsourcing awarded organization prospects Impact this Association the the providing for RRD Additionally, success individuals have in our hiring opportunities purchasing Sourcing Global of limited and employment. category. International in ongoing development Award Professionals to received award otherwise for sustainable We

in like Terry over are situation projected call COVID-XX. the in before real-time impacted will impact like assessing as on cover unfold. on continues briefly And most quarter, financial Terry, business companies, to the to to the we comment this which turning our I'd first

safety priority employees are health and well-being supporting health teammates this we of and is focused emergency. The our the China of our health during and on our foremost public

reopened. production facilities have of All our

operations of due ramp However, our facing to a we slower are availability. labor

efforts To your our emergency. amidst of health and in your you and commitment thinking for to to your team safety, our we and to our we're company China, grateful clients public health are this and

call I'll over to And turn with Terry. that, the

Terry Peterson

Dan. you, Thank

noted, improving with significant sheet. in XXXX made logos clients. revenue relationships which just expanded Dan our higher-value our flexibility the priorities, core growth, our Top offerings, progress In to we growth we of strategic added against revenue in and X existing include strengthening regards new and As balance driving driving executing

our major ability the milestones work. continue successfully or We to census complex on we meet our XXXX for deliver exceed also large, to all clients demonstrated as projects

To strengthen and progress in actions, SG&A. reductions productivity cost made aggressive other cost lowering serve takeout significant our our through core, we including to improvements

to unprofitable selling the and operating businesses, We facilities away two Brazilian closing exiting steps work. reshape by from also our business aggressive walking market, took

operations the While sales impacted XXXX our and year was from for year, than prior were points. XX in higher negatively the margin income basis our improved actions, from operating adjusted these adjusted

the We industry are of these especially results proud backdrop. given difficult

reduced the our sheet year-end by balance year Lastly, we bringing as debt million, strategic $XXX in a front achievement XXXX. reduction we $XX since was investments XXXX our accomplished us million by important total This while million. XXXX $XXX total was to for increased capital on big

on provide a of me by XX.X% expense interest also addition, but reduce debt our lowered weighted let later I'll review fourth continue In interest results. details average with started rate. our our financial we and quarter to more our get

to the Net a slides. associated of $XXX associated U.S. of dollar. million X% the million $X.XX the X of recent in Brazil, billion Turning were business a plus sales dispositions which Page of million down Reported organically. $XX were of a the sales and net with stronger included reduction $X with quarter, supplemental reduction X closure down

X.X%, commercial lower segments, an logistics. of print business in reported by services and the driven volumes decline For organic primarily

election-related by was business, exit ongoing plant China Commercial estimate Print the negatively and print in lower rate commercial annualized the our Sales closures, unprofitable decline and sales. On organic for sales between an X% be X%. impacted secular tariffs continued we basis, that to secular of declines, products

as the fourth declined Our the in reported quarter. continued the Logistics industry in challenges business quarter previously

reported labels. one categories XXXX. of and the front, by higher in organic increase product primarily performance Labels, our growth in Solutions marketing shipping a performance direct to digital as our largely the to in due is growth industrial and volumes driven higher Marketing strong in well clients. substantially through was benefited On sales significant of as including fulfillment. Print of XX.X%, existing strategic quarter, organic reported to marketing expanded work with Digital in census relationships volumes, XXXX from clients. expected retail with and contribute April significantly Favorable Census growth performance attributable Fulfillment print and Direct production

On operations of fourth adjusted our than was the lower XXXX. X, of $XX $XX quarter from million income Page million

incentive higher Our by-product and also to adjustment compensation were incentive reserve recoveries XXXX. compensation to in XXXX, expense XXXX, in lower was due an our in

quarter by impact third and the and Brazil provided headwind business. pressure mix. partially fourth nature the of that normal our addition, were In for factors, in a the XXXX, initiatives cost-reduction closure presented and of the ongoing product volume plus offset while us strong for to pricing only quarter it due tailwind favorable These of a seasonal second the of lower

quarter in execution earnings Adjusted $XX is impact year, per reflecting the fourth prior the SG&A earnings from of compared Adjusted per of serve. of down $XXX X.X% lower and to million period. year to to expense our share $X.XX the strategic of objective or $X.XX of ongoing as the prior dispositions fourth our million $X.XX cost share quarter decreased in the in recent

was primarily The from and was reduction due offset by EPS to operations, we driven The expense. to lower from and outstanding, our actions higher reduction decline expense income average lower taxes reduce in by benefited interest teams' interest debt rates. partially an interest $X million also adjusted

XX% repeat Our to XXXX, $X for XXXX not certain adjusted state valuation reserve effective that tax charge million of a benefits due XXXX, in did rate in the a year. increased NOLs and primarily to discrete current from against in XX% in XXXX in

primarily tax deduction. effective disallowed statutory the than rates, the higher rate been due Our interest has to

and expense, interest our rate reduce help to both rate through years. efforts ongoing management, in repayment future among tax will debt improve other our effective expect initiatives, We

in results to Our reporting a charges other unit of logistics $XX and of other million. and the recognize restructuring the including million, of the million restructuring for and impairment quarter noncash charge goodwill of a included GAAP charges results $X GAAP $XX net included restructuring our initially the on of provisional prior related onetime million and refinancing, million to December $XX associated and tax other charge charge recorded tax $XX The year XX, debt XXXX. transition charges with a million $XXX

cash balance X. Turning and sheet now on flow Page the to

level against on including had facility total we end availability on XXXX. since $XXX the hand million of $XX the the of XXXX, credit availability spin drawn debt in represents which credit billion, XX, highest $XXX Remaining year, of facility. the million total million December of and outstanding was cash at our of $X.XX the As

compared quarter the negatively million were in million XXXX reduction increase Net the as million, million tax of expenditures down activities impacted payments $XX flat to in of year. million of primarily to a prior in refunds quarter by were year. Capital fourth quarter prior the a essentially cash tax due $XX $XXX was $XX the payments. provided by in tax to net Net $XX in operating the

few, XX $XXX several XXXX. To a cash taken since have repatriated during year, flexibility summarizes locations. key million our foreign we Page highlight sheet of from we improve actions the to balance

since our also X to proceeds bringing XXXX We million. businesses, sold dispositions $XXX business total from

We nonrefundable XXXX. sale Proceeds also sold the building from X XXXX now in deposits facilities since and $XXX million. sales collected facility X on additional total China

our improve the facility since to reduction in total China. of or to efforts printing in our nearly Shenzhen, pending sheet balance $XXX yielded Collectively, our of have debt million regards XXXX. In sale XX% outstanding a

a gain Once approvals, the to with secure transaction necessary During work approved, another we obtain last collected to significant related $XX expect quarter and all the record collected the government completed our activities $XX million. to the I we The close, the have they on to in continues which deposit quarter, project. sale. important cumulative will XXXX. million, to this nonrefundable of buyer amount that mentioned expect bringing we to

with to purchase sale close. pay obtained even not government's does reminder, price, requires entire not buyer the a if As approval them and our the contract is the the

some Page slides take XX supplemental outstanding million. maturities of to minutes by going with to category. show few our year, total scheduled on and XXXX a plan in the December sheet our to reflected maturities. in outstanding XX. last the reduced as are $XXX notes, current mature Since are debt have perspective debt for of balance the we June of various I'm $XX outstanding nearly upcoming the of balance provide our The on million, an

we those retired of million facility, to repay notes notes matured XXXX that $XXX credit last We similar February. availability plan how our on to using

flow facility currently have our we ABL additional XXXX, from proceeds we both potential cash from and due expand Although in further assets, to retire availability our financial maturities to sufficient through business facility dispositions. coming monetizing sales plan flexibility including and positive

a XXXX, our interest value rate addition, paying. we $XXX interest fourth rate of swap quarter on notional to term of the the LIBOR entered into part rate resulting during with rate fix early the were variable of million the in lower a In and loan, opportunistically agreements portion than we

our end partially due is year-end, level The $XXX to asset and increase up by plans Planned million, the at is contributions pension strong by which million of post-retirement at rates, lower Also returns. XXXX. unfunded $XXX other slight were offset underfunded from the discount XXXX to $XX as be XXXX, in which our expected Income all to million, to compared other plans, million be from and is post-retirement is XXXX. to funding pension million approximately recorded $XX under XXXX approximately are level. expected similar from $XX all plans in

year Our reflected on XXXX expectations for are full Page XX.

to of predict on is have negative will in coronavirus, it early known our impact sales that it from expect also quarter. While and a first too income do the full COVID-XX, operations still the as year impact we

still facilities weeks our early even are running at of in operations capacity and were due we All than our X shortages. to for January China full late closed less February. in nearly And labor production now though full open, are

China us in are we produce virus obtain what products. have predict COVID-XX to as At to time, certain unable the for are unable beyond ship also products chain this impacted our supply all addition, required to is will first we the and quarter. In by impact

Our is factors, work on including employees production demand, recover. the ramp-up to recovery our predicated quickly unknown in how ability to client suppliers and return of and many resume our

as quarters and including we recoveries. impact, better sales provide of to in the timing can full assess year updates learn continue on situation future will possible this We more the

lower our which sales negatively expect million from $XXX The range For the comparison Versus of by full decrease slight impacted sales midpoint contract in will dispositions. billion in census $X.XX the business $X.XX a the performance, XXXX, sales platform. assumes to XXXX we year, net be to rationalization billion. sales range from operating reflects of further organic net and global previous to of year-over-year our related approximately

Adjusted focus includes from range our volume range higher continued from million, income which labor to from is strong initiatives. and operations midpoint changes. our rate impact $XXX assumes neutral exchange $XXX census to The foreign expected cost-reduction a the of million lower costs, impact on of

reflecting interest expected share and effective $X.XX in Adjusted tax from per a $X.XX, expense earnings range rate. to reductions to is lower

Our will our effective and allowance the benefit for valuation debt be lower we interest lower expect outstanding to rate, is XXXX expect to the a charge incur to average expected lower and from expense rate because we while tax tax repeat, less interest. nondeductible don't

our to Shifting XXXX cash flow.

We flow million $XXX expect will million, in million cash an from improvement XXXX. which operating that be $XXX is the our between and $XXX reported

and improvements capital lower We interest payments partially by payments. working will expect offset restructuring only higher in that be

to to million repatriate $XX XXXX. also the additional in expect We U.S. $XX to million an

million down expected in is are XXXX. from to $XX expenditures range $XX which to million $XXX Capital from million,

spend line capital more levels. with XXXX historical in is expected to Our spend be capital

nonrefundable third to XXXX related collect approximately We our facility. expect quarter million China the in also deposit to sale a of the of of $XX

recall, that provided may periodic for sell nonrefundable deposits us from -- you As to the buyer. agreement the to this facility

Our capital remain priorities unchanged. ongoing

As to including I've our portfolio potential to in and demonstrated our by business. business, opportunities investments both recent investments of past evaluate make acquisitions in the Solutions strategic Document we organic Global to as continuously expect our continue stated quarters, and optimize sale we

our first like wrap comment would performance for Before the quarter. I up, on I to expected

We year. to previous collectively down net dispositions, which sales due million of the sales $XX be XXXX, expect from net prior business reported primarily to in

business ongoing But in expected by quarters. which too China, the impacted mentioned early the how disruption disruption impact is will business impact relatively roughly it predict million to business is as this The revenue directly is estimated The this be quarter. first flat is to COVID-XX. $XX of earlier, with future I exception from

earnings Adjusted from to the the flat first to impact additional and after adjusted disruption. expected reductions XXXX share improved be COVID-XX is and the expected favorable prior cost earnings the slightly, rate tax Brazil, quarter. the perspective, year. in into loss also anticipate up operations from be From taking are consideration income reporting Interest per effective negative an to expense we to from the

let's operator, up line open now for And the questions.

Operator

to with [Operator And Jamie Clement Buckingham. of we'll Instructions]. go line

James Clement

give your cycle us of think, you see think mini the of in kind logistics you sense for revenue Dan, XXXX? industry-wide, of us can kind you outlook XXXX. Obviously, an you where of are I a give you where update Can in kind bit caveat business. little some and of a challenges,

Daniel Knotts

Sure, Jamie.

cycle in fairly the at trajectory downward that of you strong end to fourth a I take -- quarter look began quickly XXXX. towards think at really that a in move very was really if the XXXX, the

move we didn't As for into as which And the really did. see was I we we there look here stabilization logistics lapping expected quarter, key XXXX, really to of 'XX, continue, and that at trajectory market industry. across all expected was the is, that QX the tremendous think it the

So a industry dynamic surprise little from bit of QX an perspective. a in

you that about and of which look of As different et projections reported year, XXXX, kind of we think a are kind cetera, all have as the see how all reading the mixed we you it bag at out for feel that if start through is there I transcripts, players their well.

who There early back in seen full first is continue to year. the those have There be there are to those believe volume softer And year on uptick stronger are a those are half. projecting challenged. a who that going the are half, who

that's what the logistics I does is, temporary are U.S.? have start impact about it our coming the people And for that But up? on that to pretty not? to So our The of across the back industry. business. about terms does in or ramp feel overall year the Is good COVID-XX runs saying question gamut product that, an

Operator

Charlie And with of next, Strauzer line we'll CJS. go to the

Charles Strauzer

stats million I correct? that you've -- at and top a clarify end the you, guidance. revenue just kind the with gave sold you just can $XXX of impacting there, exited mentioned of of line Terry, lot Is

Terry Peterson

also, Yes. Brazil quarter And one we sale then final GDS that's primarily that completed we the from closure. October. in And the have

Charles Strauzer

on mentioned, but that flattish, thought too, saying the impacted Is of QX in Got correct would line? million. be just you by about kind it. that top And be commentary, the the you China would $XX basis also,

Terry Peterson

correct. That's Yes.

Charles Strauzer

that just there, business seeing the commercial Dan, on on you're not fall Okay. Trends sure Good to exited QX of kind to you pick that could a give of much kind big of a obviously, of there. -- exited bit little side. I'm color the more was And print if hear. you there? then related maybe, how question now unprofitable to Jamie's some up from in business, to off that shifting

Daniel Knotts

Yes.

election exited part revenue, organically, emphasize. I'd Commercial X% So from of a that a has U.S. in all that, standpoint. I neighborhood there's that Commercial. that somewhere to parts QX businesses Print the X% and two in closures and would played say the think We And facility of

it The first commercial general remains market, the print is challenge. in a

the nondescript terms print in commercial that is So softness products. general again, out there of, just

second is the have to a The we leveraging I And a variable because print, continue Print. that majority of that of have stress backdrop, that more of And clients piece of against print against Commercial Print those client the why market. digital, believe still of element to customized our existing what and part vast we be that with existing is relationships it's base tremendous the key to because Commercial opportunity clients. expand importance

sales commercial client within the to into how local that our actively base to mitigate So drive more the relative offset level that challenges print to on are or from we coordinate current teams, national commercial our efforts print teams do the help are our more of level, market. connecting to going our capabilities --

Charles Strauzer

a to that's it a customer of or of just more general, is print both? combination Or it just think in is -- less, [indiscerinible] I you just the do dialed of mean, kind future a . discretionary looking back? into yes, And they're

Daniel Knotts

have are it's as think that. their and the time, impact having are in that the positive business of marketing in print. do a results. we've we into it. on impact for back clients to clients print others print of to a that going -- curtailing I think both, efforts drive choice Charlie. actually -- seeing mean, the got combination their accelerating They're it's I are a print I part strategic we They it's primarily And yes, have are accelerating first that

have. kind got all the it or level. to get do to to And runs care look patterns a bit it's down of an -- you we it it's There's if sectors, of So client is no because clients at you've individual the cetera. segmentation, or gamut across we by technology, health et strategies. retail It services, individual financial that specific within client-by-client see their driven really difficult

Charles Strauzer

color sheet. a Excellent. And -- then maybe balance just little on the bit just more

You was little How had a down additional paid maybe pretty a commentary much on release. then about thoughts more sales. good know little that, chunk in of of color year. just asset on debt bit last I And that, some QX? that in you too? A the

Terry Peterson

Sure, Yes. that. I'll Charlie. take

-- that cash third quarters, quarter, of when level here. largest primarily, free the sizable quarter, debt always which strongest -- too, coming fourth piece in fourth quarter of the and paydown was so had the repatriated a of our flow the that's paydown But is cash in helped certainly amounts our then Our the we in elevate back. fourth

years, quarter had we So it in -- number -- came have of don't the does to hundred spin. me, I out in -- was going contemplate fourth have close but like since here. exact of from past in certainly And a our third the million the our dollars additional front do down. debt we was to couple quarter cost it guidance really actions

And to mix business. expect also more of to do our and also mix like our the continue further at improve we And -- cost I to monetize will to execute rationalize opportunities businesses look structure we'll said, actual dispositions. on through opportunities more We the operations.

focus not a anything point. we're specific this does that continuation guidance contemplate structure. cost strong of our certainly at our announcing But So on

Daniel Knotts

it's And to just I'd Dan, add Charlie, that.

I to think us. strategy very committed for real and areas talk doing that the that's we about that within, we're when important it's focus that advancing our

obviously, daily So our important X basis, that, driving it components. are on business but as underneath really a charts also incorporates performance

of of as and And of done geographies in in also we've as reflect you the it sheet and we business all we've and combination the going our driving realities reality our operate. the the critically capabilities feed our our our balance consolidations if strong fixing market that our of that reflects improving facilities through balance exits to is And sheet. need demonstrated portfolio driving look of -- fixing at towards -- and which performance businesses which strong commitment forward, is the the of markets optimization our commitment we And important. the XXXX, or our to the strategic -- fixing that portfolio, adjusting

those on of continue be All our radar screen. to

Operator

[Operator further continue. questions queue. Please Instructions]. no And currently, in

Daniel Knotts

Okay.

the it's I are for thank us just call. just key to messages call of to wrap the the of So XX are A up Slide recap listed everyone Dan, supplemental want our materials. joining our on today. for on -- quarter

And just delivered closing comments. market conditions. I'm proud of the performance we in XXXX challenging against

our have cost a a pipeline. and customer on We're opportunity have our to of as relentless going we focus position provider to financial we execute XXXX, strengthened communications. maintain lowering strong to leading strategy a to look we client As our serve,

our for want employees closing, your to sincerely around I XXXX. in So all of hard throughout work the thank world

operational service excellence and is knowledge worldwide. clients execution on focus more to than to with Thank you. makes what And partner us a that, Johan, and back unparalleled Your trusted laser and XX,XXX you. industry

Johan Nystedt

Thanks, Dan.

that As fourth quarter and section earnings in of of call. you our copy a be RRD reminder, the fourth which information the Investors joining our us, concludes to XXXX RRD's a telephonic can at a results Thank quarter access release, rrd.com. XXXX posted is quarter press for of website fourth on replay found