RRD - Earnings call transcript Q1 2021

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Operator

Welcome to the RRD First Quarter 2021 Results Conference Call. My name is Ashley and I will be your operator today’s call. [Operator Instructions] Please note that this call is being recorded. I will now turn the call over to Johan Nystedt, RRD's Senior Vice President of Finance.

Johan Nystedt

Thank you, Ashley. for First everyone conference XXXX you call. thank joining Quarter RRD's results And

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

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

connected slides by today's on Alternatively call, will if results you reference our the are those participants, periodically the review we will follow who As from wish slides the information copy call more on supplemental webcast. fourth reviews themselves. advancing posted the in to for be our we I numbers to advancing during the yesterday. page Investors by The along in addressed we section in SEC is furnished at Form was this also which X-K information of filed rrd.com. of the This is release, detail a website our quarter press slides

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

These non-GAAP we non-GAAP discuss Quarterly is call purposes Form website the financial the of and XX-Q, the will with an information. the of comparable measures the our provided will results in on concerning SEC. to refer information discussion the reconciled that XX-K, our measures complete evaluate ongoing Reports Annual Report on to Dan. a in Investors part and Further, included our materially, provide earnings now the of references to press non-GAAP actual section turn appropriate performance. non-GAAP I over the Form factors of For GAAP as only. our to other filings release. in are We release cause financial Any to results results to the way the could informational our are cautionary presentation supplementary the included and operations for company's useful financial with investors please differ company's statement risk factors believe

Dan Knotts

be extensive of I Johan. everyone, for behalf recap families quarter I call us Thanks, a recent morning, we you And our at capabilities of all On joining I'm what and great healthy and that strength you level how will call, new our provide overview Terry, clients. remains brand re an of call continue to our are with you and first today. delivering market. going and RRD it's to On opportunities reinforced thank stay hope our a to over dynamic safe. to our results couple and share we of your the today's Good to the performance the turning high before are in that of deploying win for then awards

team very navigate an Our the and the rapidly changing COVID-XX strengthen little strategic by improve a especially year environment business the our amidst health uncertain our plan Year, to financial reflecting at high the priorities a level more continuing pandemic commitment of businesses, guided scale the When of revenue for first aggressive successfully and our unwavering performance and a operating our our RRD challenging our to represented clients than quarter results we emerged colleagues. proud of to for outlook while strengthen very and flexibility. crisis New solid strong model, through protecting drive ago, safety a to core developed economic performance I'm global and game start the environment. breadth this our to perform

organic versus Highlighted our RRD operating in a pleased reflect team the of we actions. priority announced senior trend, results last am cash-flow in for by balance our facility the positive new of of our solid notes. operating relentlessly improve improvement of strong prior the XXXX Further three sheet been as year, Over with against April XXXX game to our extension aligned and has our recently and and executing I impact refinancing performance the quarters the those loans QX our maturity the ABL a performance. adjusted decline significant last plan results significant sales with flexibility, continued and date the our the our XX our secured improvement credit strategic months, with financial portion for term

a me in for our that net our financials February, quarter the exceeded provide pandemic, impact expectations driven said quarter. client between year. the the pandemic strong then billion sales in back the $X.XX of quarter lower first be more in XXXX expected our X to little on Let first $X.X we of sales demand, color Despite bit ongoing we quarter and and reflecting, exceptionally last project the first conclusion pre-pandemic census of the billion

declined surpassed sales of Our Organic % pandemic building were in quarter end global the our our year the third net guidance. quarters high sales We represented of and fourth year-over-year emerged. on sequential lowest the the and improvement. which since last in $X.XX further X.X billion, reported first the decline

marketing organic both trend, to win and in and clients reflects expand relationships. business commercial sales success strengthening improving client leveraging our leading client our industry Our portfolio new communications and demand teams existing of capabilities

sales of by to the delivered am Turning performance the overall organic business I of X.XX%. which growth services, encouraged segments,

the and lower census, encouraged a cashews as their as also clients compensation with project, by full we expect as uncertain which the business $XX and growth last operating and related strategies, cost conditions environment adjusted wrapped to improvements, year opportunities recent associated emerging three packaging, organic communication our I'm our capitalizing digital primarily digital sales, the as from we how pandemic, this flexibility to since sales clients offset supply to largely marketing, report up our those million to improve. in transformation strengthening of midst marketing our initiatives, expand services, decline, in see quarter. ago, requirements. their China impact a and unfavorable markets structure, their Importantly, capabilities the to And print foreign reported $XX we rethink working reduce well due marketing XXXX. the XX.X debt opportunities million across continue of including print We do ongoing our operations. to teams a chain to higher of achieve our We categories. economic our increases we year from and the Marketing their nearly as lower The our channels. client's mid are give strategic full reduced to digital seen organic the are bring well spend. and by business capital needed, to $XX benefit created winning incentive and our as actions labels client further with not activities evolving Through support breadth solutions delivered approach organizations and and than our as on operations you've from million new % us of of repeating capabilities product deploying scale income as largely million. spend emerging announcements, exchange, result to our to to $XX.X end communication and increase are being sales continue rework

companies, protective network. a shields, the supply of being at rapidly health scale materials, gloves, fulfillment all sourced driven life looked and For including Recently example, and capabilities. regulated organizations, the department goggles to of our state personal opportunities chain, a by face, the have kits we and distribute science pipeline across breadth and RRD health healthcare robust roaster masks, equipment this partner safety healthcare expansive through services insurance kitting home gowns, and to create protective workers. vendor We and providers,

health PPE deliver in on reporting, just and materials, our care four kits by weeks. rolled kitting wellness and called RRD. out kits chain kitting We a time-sensitive capabilities. packaging also kits handled these the supply solution print branded We've packaging fulfillment and Building for

Our encompasses inside box. procurement, kit item, design outside the and communications, end-to-end fulfillment, packaging, both solution and ideation,

direct the to continues channels retail consumer in grow sales Additionally, to world. as

services pandemic had marketing customers time cook send consumers with of meal hobbies. consumers retailers every kits that lockdown working are the and as took and Subscription new to more are boxes month. number during to We who to with boxes try a directly and off subscription online

to Now, RRD our The as in goods of services investing and needs are companies home support this client's global strip of about restaurants, consumer with significant in to support to retailers, a behaviors mortar number a to e-commerce. subscription being packaged area. in pandemic consumer trend also changes and shift direct well-positioned and consumer the sustain most brick brought the growing has one in

month, simulating experiences technical shift we simulations creative XD and As capabilities experiences speed. we their product modeling our go innovating user engaging and rendering, a to expand sales in-store retailers to use that's shoppers. to create of and animation, traction further create online for to market interactive suite enable digital One highly are immersive prototyping. Last solutions experiences and is shopping help brands accelerate the announced and case experience online, in rich features that to gaining

with service our web to to Earning our spatial through positioning performance. in clients driving evolves, quality the solutions. RRD As area, grow of paramount our revenue existing this through right we operational is are the clients excellence and support to emerging suite our XD

one folding on Reynosa, campaign, operational Our large we recently -- cartons in service campaign performance. Mann Based fulfillment. non-profit chain. to supplier Hummel, RRD packaging a reach three-year design will filtration that carton and in RRD our Mexico geographic management, production, with selected in expert operations rating supply print organization folding their as including growth Mann our has vendors creative in acquisition carton of performance A for their manufacturing folding in our contract for highest powerful Mexico. and leading highlights a be business also mail, solutions, Hummel, support direct for services, through Hummel awarded facility manufacturers, their RRD, their Mann,

execution are an assembly key components and enable As part smooth a for better collaboration of hundreds mailing of to multiple the that and the to contract this manage stakeholders and onsite campaign, proper with of requirements. orders production ensure coordination we presence their require each meet maintains

relationship, with of cost-effective marketing maximum this flexibility. All this client are delivering we solutions, providing while standing long

among Before a like the advanced At customer marketing Data the highlight of the I agencies. where some beginning the performance. Research, strong are capabilities to as analytics RRD operational and customer of for turn top recognition ranked Forrester the I'd strength performer found Database and firm critical marketers to and our management Forrester Terry, and engagement over call and analytics RRD independent experience shines. a leading are reporting research year, notable that reaffirms recent that

exceptional higher recognition our of cap wave marketing our that agency some creative in and The work Pokemon report data received also services box best-in-class marks zation packaging for in XXXX team, recognition. in Zana than industry also We're garnered solutions to the study. QX the excited our announce and technology. the feather games, Forrester gotten has approach card with is marketing We the to collaboration any trading important another reflecting

team three the awards, Chemical the one two is solutions packs. Award from best in and Best well Pokemon of Picco The booster Our box coins collector's of as And characters largest contest packaging of won competition Sun includes including category the the the dice, premium Carolinas. printing special nation. gold Packaging the of awards printing metal industries as TCG the versions

continuity Finally, continuity experts. was South in global and the awards team team Asia The by for organization team. most recovery business regional our global and and creative a the two recently resilience Institute, and outsourcing received India effective recognized of recovery business

in progress solid seeing economic the conditions, also consumer challenges we full and but remain we're on recovery. to ahead, that rates, a path economic vaccination know competence Looking

As the intentionally a on we over such and stronger building priorities, strategic turn confident the to focused executing for Terry. the be future. RRD team remain continues that With I'll to that, we RRD are our call

Terry Peterson

significant starting despite headwinds. you. the a strong of consecutive foreign Thank quarter Dan, XXXX our across was to second exchange board

headwind. improving spite income adjusted and earlier favorable top consecutive with on operations exchange, in provided from foreign $XX the end an operations from of for quarter. income organic sales solid estimates sales at came decline Adjusted with the million sequentially our Our which rate, third the

comparison reminder, since XXXX delivered ever IFO a adjusted was have of strongest the we quarter first the first As XXXX quarter spin. the

working cost not reported we As of operating most $XX our quarter mostly XXXX structure, due, global reduce last the offset also to by in of impact cash-flow impacted year actions yet pandemic. first our to operations And continue of improvements. the the been million a the pandemic had census, improvement versus recent primarily to capital

end. as total end debt compared unchanged where the XXXX year to This addition, XXXX. quarter, remained we avoided at the end previous first is additional the In since from spin, first have time borrowings year of our

Chile. progress this our were notes, of date me to net million organic to significant $XXX extended an of $XX.X wrapped first a let X.X% XXXX, we credit made in turning exchange remarks. decline primarily to X.XX, and foreign this project, morning. portion an our effected transactions facility, get from those flexibility. year, the organic to XXXX,Our quarter, we this mid an the in to million million the maturity also the Earlier our rate. more pandemic close outstanding when which month, further due up we X, their first the sales ADL X.X%, maturity improve to to review Lastly, loans, our which includes new my Since performance, decrease increase completed term date last year used which ongoing represented lowest our closure X% sheet year global a previous secured decline the we operations operations. I'll balance amendment first, these of basis, the we of of related which and pandemic proceeds as down in senior earlier $X.X of planned decline quarter later sales talk of with impact in over were net our But about to extended of which late since started On sales Most slide repay prepared reported of a effectively our XXXX. priced

including growth packaging, We For several supply strategic services with chain our strong categories, quarter reported delivered business and the product segments organic growth labels organic of of another management. X.X%. in

While were China, the of organic census XX.X% in many to China mid increased ongoing the by on pandemic spend slide in continue our global XXXXs of these impacted net offset as the our marketing the operations X.X% negatively declines decline since of than first decreased sales operations be in more project in was reported $XX.X the in XXXX lower our million approximately to comparison primarily last pandemic. due categories a and of completion margin one year over from X.X%. in pandemics XXXX XXXX. nine, operating the to print client's of benefited versus in solutions product related commercial packaging year closed impact marketing adjusted and income our result The year's for the ongoing the on month corresponding recovery operations from million $XX And the of from quarter closure,

and from in continuing million adjusted ongoing $X.XX quarter, cost $X.X unfavorable $X.XX due to in negatively was our year to sales reflecting exchange, reduce nearly income with quarter, by the the the foreign adjusted lower from the associated serve X.X% results attributable operations which offset the was $XXX.X impacted operations operations year, proactive is down actions higher prior expense Expense per quarter the XXXX quarter adjusted This our for lower China lower million of income to quarter in of our is to mostly prior the compared share were million from or in variable earnings incentive reduction approximately the $XX as first to first and compensation. efforts reported structure, SGNA to taxes. company's impact cost

XXXX our of operations net March from which on sheet closure. the available tax end total to in the of from year was million, prior as balance unchanged leverage hand XX times Chile, million billion, on including year effective charges million XXXX, improved had the impairment the times was cash and of X.X associated were out $XXX while lower was cash-flow XXst, on of a XXst, from remained in quarter, year up of cares total which at turning benefit the X.X XXXX, charges at ratio million, gap million which act, $X.X X.X% total of end versus Of credit facility with March due XXXX ratio termination and lower with availability from adjusted XXst, ago. gross debt results March at the for we quarter hand times year than our $XXX prior Our included slide other at employee XXXX last the quarter XX, on leverage times $X.X $X.X $XXX of and rate March the of improved $XXX million the quarter outstanding XX% X.X X.X cash included pre-tax and which restructuring liquidity, the in

$XX.X of improvement XX lower used by payments, capital XXXX net an to quarters quarter was The key cash several million related bankruptcy working operating actions. of $XX capital significant First driven by primarily which and million for activities million million, earnings $X.X by partially as was year year compared flight was over quarter. XXXX favorable $XX.X expenditures the lower to offset improvement summarizes compared LSE the

taken sheet improving efforts the the wait of during net to we required complete million million debt Shenzhen significant have yielded both transaction total on a year. balance deposits, while closes, XXXX. gross XXXX, $XXX.X leverage of our significantly and we nearly to outstanding record expect Once are our approvals to of the in $XXX Today, the gain our approximately for collect Collectively deposit we in additional have so improve since continue have to in one sale. in can to sale sale. we We facility and printing we government the China, $XX our million collected reduction in regards a scheduled pending the

our of to addition the at them Slide liquidated elevated our of the the any December improve slide notes to and the maturities government's in shows use to those XXst, COVID-XX represents our If giving many final to expectations purchase then XXXX, quarter retain to final as vital on full if after Our and of the reason, comply the parts of uncertain price various of approval sheet balance amendment, or closing the effect proforma flexibility, the damages. initiatives, transactions debt XX outstanding XXst, step is completing XXXX for pay and for forward these another strategic April as as proceeds such. volatile our RRD in March the remain XX agreement XX% credit our of world, in of new reflected ABL March XXXX. to in and maturities Even contract senior fails remain our buyer terms with delayed. in year and facility are requires path is the the to terminated infection buyer rates significant two secured the forward installment the the expect of support with second better we plan to

We furnish to are typical XXXX. for unable guidance our

However, $X.XX I in do have up the year digits, XXXX the the year sales are progresses. below billion partially be pandemic the Net of up signal half taking be to quarter pandemic flat related billion following and $X.X recovery modest offset observations expected from the as net the projects by XXXX guidance single year for sales into the consideration by reductions and a project from one-time XX to census last expected offset for census to organically improvement reflecting and project. XX% in economic to second are between last

prior rates from continues partially expected reflecting exchange be to second in impact operations the expected the in volume million. and possible exchange unpredictable benefit adjusted year, be offset slightly unfavorable cost prior the of foreign changes the up quarter approximately the reduction are and and continued efforts, Excluding labor from future operations income cost Non-GAAP availability. margin an foreign income increase reduction from to by aggressive is operating to and for company impact adjusted flat the from $XX actions. as from from to from resulting year inflation Non-GAAP the

change rates be current Interest Assuming to to million expected expected for $XXX from million to million. the appreciation from year. the approximately do range expense $XXX $XXX is not is rates exchange the expense

tax charges million, associated year act as to in partied expense is million line reflected expected than to issuance only now and with and reflecting. benefits. higher Yeah, year gap were for benefits of $XX rate which non-recurring prior in non-GAAP is Excluding be $XX approximately loan effective the ours the has XXXX to benefit let's terminated reflect approximately note is cares term nine expected XX%, interest pre-payment operator for the questions. open up the and XXXX. report And the approximately hours Very from

Operator

you. Thank

first from Securities Instructions]. will question the it. begin Charles [Operator We comes our in Strauzer Andrew, question with CJS now

Charles Strauzer

any me an see Good morning. the the as guidance much talking this make you, increase you about how may there of adjusted some Terry color additional is to and just year but maybe over of QX year? IFO, for

Terry Peterson

you say the know, certainty with category if on that's conservative really Carter would it's I'm an probably and if of aggressive over I was the million, the $XX how But, A would, I you in will format the on know, side. IFA that, just increase achievable, but more basis.

the probably I how provide next best I that's on color can on, felt So see, that for you quarter.

Charles Strauzer

you just the, then Great. the still that's That's that's sale to China pending thoughts a helpful and about there? any folios,

Terry Peterson

be to, expected know I continues. That'd still that's

close, we hands know, are government work in by feel, So of that you are, being though, all communications from from regular get is done that is do that Chinese of the work the very we but all still developer that updates in, those will, them. buying us property optimistic them, the the in that is with the

know, year, come $XX to million that we upcoming have on You RRD to deposit about the, for in deposits later to have won't time. we time believe no with us. on this that believe no reason continued the that all make And reason they've

Charles Strauzer

us And Great. you sense tell give remaining lastly the then, kind -- on of the if that. you a what's can can if of there, us housekeeping Great. wise payment

Terry Peterson

So million we part a in for largely little settle them of bankruptcy, there was as by $X to that had, you being payments SERP first the know, accepted the over liability courts. bankruptcy quarter, the, roughly of

in little negotiated will payment one three over and we then, met of result second the participants. again plan nine, of we result the again, one that, the And with, was million the, in separately, that in settlements plans, settlement, for of that that the that negotiated also discounted payment a about of so $X.X but, a dollars, of quarter. included the settlement $X million have We a a a had as meth for

it's there for small a plans. to, related did that is that of $X.X that, was settlement to discounted take of a a the of, of attractive it's was And the this the, then quarter that those, that's term we a fund a to we the offer. is happen for there's order the but that know, time, we, will reflected we're there So funding as non-GAAP in or those lease a one that gain LLC to two with of in And the there's, lease take as an April have, guarantees part it remaining bankruptcy that that decided million to in, liability. results, remaining you past plans, and, it's little spin returning the, you assuming believe process. for the had map of two part the I for to, of have a we besides dollars rejected we'll know, second year, execute that from to funding know, we'll any we lease that, a is, if quarter as we some don't, is bit you but as few lease level amount we that, a facility don't that part million for, terminate those previous have matter here, funding that more over, We um, of have settlements, one, years. funding just one the had that

Charles Strauzer

hitting expecting on census know, back know, marketing hearing you to lapsed the of some return you the, clients side. with, that's laggard to what you you that given the hardest, you about, the pandemic, I you Thank especially then and know, you half are from of been solutions a see one COVID. when in for Great. the maybe Obviously for you spending of that. know, the, Dan, the is the, a, this you post work. kind ramp And

Dan Knotts

marketing think, continues Yeah, about you services, that business we've you Charlie, know, recovery the areas lag to unlike, you to to of continue extend is talked I continuing know, within know, some within, out. you solutions, know,

we're faster on are, in, than the recovering our my meantime that well-positioned, think, know, period are we the able in be in news that in the, go that you pursuing to as the the the that, to good our in mentioned know, we continues as interim I You flexing are platform that leveraging solutions recover. But important, impacting there, this first because those as not doing the previous in but the, yes, you return obviously on I areas the, in, you and two to and I marketing that, do we're is, year, think comments year looking on size economic the are know, things for versus the investment. is, is at it you at consistency marketers of last the of numbers one look their look recovery, their, census

a in to the recovery steps in that marketing that take do And as assuming we cetera, comfortable, right economic consistent having that the, back that consumer relative that trending increase the sustained get see the as comfortable, on we expect and believe in spending, which direction don't mail. sustained in be occurs we year more backwards. consistent the the want So to and unfolds, based are back economic do with in clients et they recovery, a all feedback manner, from as the, that to they unemployment, spend sustains confidence, consumer

So that, revenue, recovery, but that will et recovery, different so the know, hotels performance economy think think driving retailers, expect pace recovery, about, it works, paramount, we think do the about, right? see than come and line the at so as solutions. marketing recovery strategies, dependent I for we cetera, a happen think quest top recover, the industry, Not-for-profits second think the economic recovery performance, as of is well. we upon airlines, some of you they're, proven we it's it's in different upon very a is lagging, is I the, forward. and depending So it's their that that they're of continues a in I to part as we And think gonna to, industry, I

Charles Strauzer

you you And you know, other very repeat you packaging the kind of then and, especially carry of look over you to when at, you kind it know, been know, you the has well some one-time recurring that, know, Covid? in that, seeing, in, know, business pickup business a business know, of side from, you stuff could you know, the are the was forward related that, of

Dan Knotts

the a the it well Yeah, the opportunities about the don't clients. the packaging on that of but we the those, that good connects chain side supply as those supply to with chain with the, chicken and and, of labels as news from number there,

answer of and ongoing we that, pursuing degree see but are is platform to additional about are that revenue. of recurring having we and new that leveraging ongoing, the clients with to conversations expect short exploring So recurring, having some Charlie the that do and and capabilities and yes, conversations opportunities. platform,

As Terry a you had items we large of, timeframe instantly and of know, recurring projects one-time happened type conversations it's several, talked we progressing, lot one but talking a time of, the have the that large, that in current we very lot in, number QX about, last having are are happened about a as of, right. business, of, year.

Charles Strauzer

questions. for very you Thank taking my much

Operator

from Your Bill next with question comes Baird. Mastoris

Bill Mastoris

guys are how you well?. doing well, Hey,

Okay.

debt issuances to for the a the while? question Terry approach we is your I have XXX and, eight. maybe XXXX? So Are the of be the until really and, for with is first placement last, we that really going done

Terry Peterson

year of it market was us. recent in probably is, know, was We just certainly, with in you just conditions the, honesty, ahead of was something the the this that need I was do mean, to, know, you opportunistic, it know, point the, I transactions. never it else the, significantly you really can by, a with for all driven down, I attractive at recent you today and myself very, because to know, you very a know, an but obviously issuance this placement is the terms

So do anything, the, know, you the, the, the never. I'll I know, again, know, now, you to advance know, say it's never but right but, of, need late can certainly but never low the you maturities, pretty never. say in XXXX down you

Bill Mastoris

debt as a this XXXX safe And, last ABL, or, really that of the flow we you of handled is this for resort, and kind actually, is be, to a the free very assume asset understand. light maybe debt know, going safely maturities No completely with from proceeds a, sales for XXXX. year or light, can assumption? balance no as cash with maturities that in fairly

Terry Peterson

are that maturity up behind us are Yeah, now. XXXX April, maturities small those mean, that, coming I obviously is very the,

know, the So, asset the be kind come each of until, dealt with, so all has and these is then really they're proceeds yeah, to, from just small the we of upcoming tell in sales existing cashflow, I and February again, on maturity XX nothing of mean, category you last are choices, availability kind facility. to of with credit enough the

you've nailed. So got that

cash, further a will excess go know, would out lawns to coming the if if do debt, be, kind of opportunistically repayment, to maybe that's my So take to the, you left wouldn't here cash later ease care extra have you up know, the, more you and you I or know, the loans are, on go-to repurchase the cash above on next, still the I you term I, know, into that of, know, I have know, the go my will you do maturities, January the maturity know, you pre-payment past, XXXX, you and first those had, you XXXX. marketplace a, that's maybe of medium-sized some you that, further because, you term know, a first, stub if

that I or anything able with those. price of, away the of to be would, I XX, I won't on the assuming liquidity reasonable get lot they're chip that just, So and notable a at at a just kind market in the would XX not I'm

so I've assuming costs at additional would any, to prepaying any at, that at par. the not does to know, anything again, you there price we to for get, which can term require that loans used look that, prepay that, So, that a reasonable, I

Okay, great.

third that parties? I your question clients and in to mean, done for outside is have with larger is capture a How evolving? to expand, digital services or spend, Next your digital are these are Dan expanded that has with I of do being marketing with, capabilities, services portion in-house partnerships with they being expanding

Dan Knotts

capabilities. bill You are expand own, both, know, we in-house the answer our continuing that, to is to

more we to you is the the marketing that and we're, that digital explore targeted, second reinforce broad obviously offerings develop about that, know, digital area. concentrated it's mentioned, regularly that concentrated, of complimentary technology I having and is a, that is to in a physical, of to being very, previously [inaudible] changing, you to, world, differentiate working a new know, what's is rapidly. continuing a a opportunities technology absolutely on the know, and, think in in targeted a innovation that important And because You in within changes the, rapidly, to the very to that, flowing we're definition. very the you with ability to as, that as and the part spend larger to to, that able area continue that are is to on digital, to, we principle, the parties, third, But, know, digital the talk portion expand about, being capture as additional with we ourselves of third when work combination take but required as digital print, to are that, very, it's and investments the of is

to, partnerships using bit to current, Digital for channel, that stay print channel areas think our build So expand we to in relevant, to capabilities partner with are or a on, offering. key our support those print that us up and

is combination answer short well to a third-party, investments, the as So as both, of that internal expansion relationships. it's

Bill Mastoris

appreciate much. Thank I you color. I, bill very thanks the

Operator

call that I over turn the [Operator question is Instructions] session. concludes questions Again, and Dan that back for will star any knots. our to now one answer

Dan Knotts

Great. you And everyone. thank Thank you.

four our for and of earnings world in to serving everyone, first company. your all our closing, a from Thanks, call on computes of you say spending quarter the takeaways website@rd.com. the evolve today. of presentation. to great spending a Joining all XX to can your replay and in of the joining climate. on to summary and on employees commitment our I'd call dedication your like continue around greatly access found be Thank as the XXXX challenging A besides appreciated. are Thank found us you know we our to your information thank have on bulk RRD today's the great us reminder day. and key that called efforts supporting section you our RRD your in be for our Please of focus, coal of energy as investor your and clients to first and learn ongoing can slide

Operator

today's concludes Thank That conference. you for your participation.

You may disconnect. now

RR Donnelley & Sons (RRD) 29 Apr 212021 Q1 Earnings call transcript