DATA Communications Management

2024
Annual Report

Letter to shareholders
Dear Shareholders,
I am pleased to report on our achievements in 2024 and provide some details on our outlook for 2025.
Our focus throughout the past year was to complete the complex integration of our acquisition of Moore Canada 
Corporation. We accelerated our plans on several fronts in 2024 and successfully delivered on our key priorities. 
These included consolidating our plant network from 14 to 10 facilities, integrating our ERP and back-office systems, 
and investing in new capital equipment to enhance our production capabilities and position us to drive additional 
operating efficiencies. We completed these actions on budget and nearly a full year ahead of our original schedule.  
We also took action to strengthen our competitive position and build a platform for profitable growth. We increased 
our presence in key industrial verticals including financial services and healthcare and launched a strategic revenue 
management program focused on driving margin improvement across the business. We also expanded our suite of 
tech-enabled solutions with the launch of two proprietary, AI-enabled, SaaS-based marketing technology platforms: 
ASMBL, a digital asset management platform developed from the ground up by DCM and Zavy Limited, a social 
media analytics platform we acquired.
With the internal focus of the integration now behind us and having completed our restructuring plans, we believe we 
are well-positioned to leverage our larger scale, expanded product mix and the skills and capabilities of our team to 
deliver on our commitment to driving profitable growth. 
From a financial performance perspective, we achieved record levels of revenues, gross profit, and adjusted EBITDA 
in 2024:
•
Revenues of $480.0 million were up +7.2%, or +$32.2 million vs. 2023;
•
Gross profit of $130.1 million increased +9.4% or $11.2 million year over year; and
•
Adjusted EBITDA of $63.9 million was up +19.7% vs. the prior year.
While we did not achieve our planned growth in revenue, we demonstrated progress in our objective to return to pre-
acquisition margins: 
•
Gross profit as a percentage of revenues was 27.1% in 2024, up from 26.6% last year;
•
Adjusted EBITDA represented 13.3% of revenues, compared to 11.9% for 2023.
Turning to our 2025 outlook, while we are pleased with our early results, we continue to carefully monitor economic 
conditions and the geopolitical environment for developments that could impact on our results. These include the 
recent introduction of cross-border tariffs, raw material cost increases and any softening of demand in our end 
markets. Should any of these risks materialize, we will pursue opportunities to mitigate their impact.
We recently announced a special one-time cash dividend of $0.20 per share and the commencement of a regular 
quarterly dividend program, with the first $0.025 per share payment in early April. This dividend plan reflects our 
confidence in DCM’s growth potential and free cash flow generation capabilities moving forward.
I look forward to reporting on our performance in the first quarter in May 2025 and thank the DCM team for their 
contributions to our success in 2024. 
For a full description of our financial results for fiscal 2024, please refer to our consolidated financial statements for 
the year ended December 31, 2024, and related management’s discussion and analysis (“MD&A”), copies of which 
are available on SEDAR+.
Certain statements in this letter constitute “forward-looking” statements that involve known and unknown risks, 
uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, 
or industry results, to be materially different from any future results, performance, objectives, or achievements 
expressed or implied by such forward-looking statements. See “Forward-Looking Statements” in our MD&A. This 
letter also includes certain non-IFRS Accounting Standards measures and ratios as supplementary information. See 
“Non-IFRS Accounting Standards measures” and Tables 1, 3, 4 and 5 in our MD&A, each of which is incorporated by 
reference in this document.
Yours truly, 
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DATA Communications Management Corp.
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(Signed) "Richard Kellam"
Richard C. Kellam 
President & CEO 
DATA Communications Management Corp. 
March 2025
DATA Communications Management Corp.
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Management’s discussion and analysis of financial condition and results of operations
The following management’s discussion and analysis (“MD&A”) is intended to assist readers in understanding the 
business environment, strategies, performance and risk factors of DATA Communications Management Corp. (TSX: 
DCM; OTCQX: DCMDF) and its subsidiaries (referred to herein as “DCM” or the “Company”) for the years ended 
December 31, 2024 and 2023. This MD&A should be read in conjunction with the audited consolidated financial 
statements and accompanying notes of DCM for the years ended December 31, 2024 and 2023. Additional 
information about the Company, including its most recently filed audited consolidated financial statements, Annual 
Information Form and Management Information Circular, may also be obtained on SEDAR+ (www.sedarplus.ca). 
Unless otherwise indicated, all amounts are expressed in Canadian dollars.
The Company's Board of Directors (“Board”), on the recommendation of its Audit Committee, approved the contents 
of this MD&A on March 12, 2025. This MD&A reflects information as of March 12, 2025.
Basis of presentation
DCM prepares its consolidated financial statements in accordance with International Financial Reporting Standards 
as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). The accounting policies 
applied in these consolidated financial statements are based on IFRS Accounting Standards effective for the year 
ending December 31, 2024, as issued and outstanding as of March 12, 2025 the date the Board approved these 
financial statements.
Forward-looking statements
Certain statements in this MD&A constitute “forward-looking” statements that involve known and unknown risks, 
uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM, 
or industry results, to be materially different from any future results, performance, objectives or achievements 
expressed or implied by such forward-looking statements. When used in this MD&A, words such as “may”, “would”, 
“could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended 
to identify forward-looking statements. These statements reflect DCM’s current views regarding future events and 
operating performance, are based on information currently available to DCM, and speak only as of the date of this 
MD&A.  
These forward-looking statements involve a number of risks, uncertainties, and assumptions. They should not be 
read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not 
such performance or results will be achieved. Many factors could cause the actual results, performance, objectives or 
achievements of DCM to be materially different from any future results, performance, objectives or achievements that 
may be expressed or implied by such forward-looking statements. We caution readers of this MD&A not to place 
undue reliance on our forward-looking statements since a number of factors could cause actual future results, 
conditions, actions, or events to differ materially from the targets, expectations, estimates or intentions expressed in 
these forward-looking statements.
The principal factors, assumptions and risks that DCM made or took into account in the preparation of these forward-
looking statements and which could cause our actual results and financial condition to differ materially from those 
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indicated in the forward-looking statements include but are not limited to the following: industry conditions are 
influenced by numerous factors over which the Company has no control, including: declines in print consumption; 
labour disruptions at suppliers and customers, including Canada Post; the impact of tariffs and responses thereto 
(including by governments, trade partners and customers), which may include, without limitation, retaliatory tariffs, 
export taxes, restrictions on exports to the U.S. or other measures, and the effect of governmental regulations and 
policies in general; our ability to achieve and meet our revenue, profitability, free cash flow and debt reduction targets 
for 2025 and in the future; while we have received consents from our lenders for the declaration and payment of the 
special dividend and regular recurring dividend, including the exclusion of the special dividend from our fixed charge 
coverage ratios, our financial leverage may increase, and there is no guarantee that we will pay such dividends in the 
future; and, our ability to comply with our financial and other covenants under our credit facilities, which may preclude 
us from paying future dividends if our outlook and future financial liquidity changes.
Additional factors are discussed elsewhere in this MD&A under the headings “Liquidity and capital resources” and 
“Risks and Uncertainties” and in DCM’s Annual Information Form and other publicly available disclosure documents, 
as filed by DCM on SEDAR+ (www.sedarplus.ca). Should one or more of these risks or uncertainties materialize, or 
should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially 
from those described in this MD&A as intended, planned, anticipated, believed, estimated or expected. Unless 
required by applicable securities law, DCM does not intend and does not assume any obligation to update these 
forward-looking statements.
Non-IFRS Accounting Standards measures
NON-IFRS ACCOUNTING STANDARDS AND OTHER FINANCIAL MEASURES
This MD&A includes certain non-IFRS Accounting Standards measures, ratios and other financial measures as 
supplementary information. This supplementary information does not represent earnings measures recognized by 
IFRS Accounting Standards and does not have any standardized meanings prescribed by IFRS Accounting 
Standards. Therefore, these non-IFRS Accounting Standards measures, ratios and other financial measures are 
unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that this 
supplementary information should not be construed as alternatives to net income (loss) determined in accordance 
with IFRS Accounting Standards as an indicator of DCM’s performance.  
DEFINITIONS OF NON-IFRS ACCOUNTING STANDARDS, FINANCIAL MEASURES AND RATIOS
We use adjusted financial measures because we believe they are useful for providing investors with supplemental 
measures of DCM’s operating performance and highlight trends in our business that may not otherwise be apparent 
when relying solely on IFRS Accounting Standards financial measures. DCM also believes that securities analysts, 
investors, rating agencies and other interested parties frequently use such information in the evaluation of issuers. 
Further, DCM’s management uses such adjusted information to facilitate operating performance comparisons from 
period to period, prepare annual operating budgets, assess its ability to meet future debt service, capital expenditure 
and working capital requirements and to evaluate potential acquisitions and the subsequent performance of 
completed acquisitions.
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EBITDA means earnings before interest and finance costs, taxes, depreciation and amortization. The most 
comparable IFRS Accounting Standards measure for EBITDA is net income (loss). For a reconciliation of net income 
(loss) to EBITDA, see Table 5 below. 
Adjusted EBITDA represents EBITDA, adjusted for acquisition and integration costs, restructuring expenses, the net 
fair value (gains) losses on financial liabilities at fair value through profit or loss for restricted share units (“RSUs”) and 
deferred shared units (“DSUs”) and other adjustments for other specific items that may be significant but are not 
reflective of our underlying operations. Specific items are subjective; however, we use our judgement and informed 
decision-making when identifying items to be excluded in calculating our Adjusted EBITDA. We use Adjusted EBITDA 
as a measure of pre-tax operating cash flow. The most comparable IFRS Accounting Standards measure of Adjusted 
EBITDA is net income (loss). For a reconciliation of net income (loss) to Adjusted EBITDA, see Table 6 below.
Adjusted net income (loss) represents net income (loss) before acquisition and integration costs, restructuring 
expenses, the net fair value (gains) losses on financial liabilities at fair value through profit or loss for RSUs and 
DSUs and other adjustments for other specific items that may be significant but are not reflective of our underlying 
operations, all on an after-tax basis. Specific items are subjective; however, we use our judgement and informed 
decision-making when identifying items to be excluded in calculating our Adjusted net income (loss). We use Adjusted 
net income (loss) as a measure of overall profitability. The most comparable IFRS Accounting Standards measure of 
Adjusted net income (loss) is net income (loss). For a reconciliation of net income (loss) to Adjusted net income 
(loss), see Table 6 below. 
Adjusted net income (loss) per share (EPS) (basic and diluted) is a non-IFRS Accounting Standards ratio 
calculated by dividing Adjusted net income (loss) (defined above) for a given period by the weighted average number 
of common shares of DCM (basic and diluted) outstanding, respectively, during the period. 
Margin is calculated as a percentage of revenues, which is itself an IFRS Accounting Standards financial measure, 
and we monitor margins in comparison to our internal targets. Margin is a non-IFRS Accounting Standards ratio when 
applied to non-IFRS Accounting Standards financial measures. 
Free cash flow is a non-IFRS Accounting Standards financial measure we use to monitor the availability of 
discretionary cash as part of our capital management. It is defined as total cash generated from operating activities, 
less net capital expenditures (comprised of purchase of property, plant and equipment (including transfers from non-
current assets), less proceeds on disposal of property, plant and equipment, other than proceeds on sale and 
leaseback of properties), less lease principal payments. A reconciliation of free cash flow to its most comparable IFRS 
Accounting Standards measure, total cash generated from operating activities, is included in “Additional 
Reconciliations of Non-IFRS Accounting Standards Financial Measures” in Table 1.
SUPPLEMENTARY FINANCIAL MEASURES
Annualized synergies is a non-IFRS Accounting Standards financial measure we use to evaluate the integration 
progress of our acquisition of MCC. These represent annualized operating savings management expects to derive 
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from its post-acquisition integration activities relating to the acquisition. We believe these synergy estimates are 
important to investors to inform on our potential and evaluate our progress on initiatives relating to management’s 
cost reduction objectives. These metrics were initially determined based on management’s own pre- acquisition due 
diligence of the MCC business prior to closing and the advice of its external integration consultants and have 
subsequently been refined and tracked based on actual progress against such preliminary objectives. These 
estimates are primarily based on management’s expectations relating to (1) organizational savings through 
eliminating duplicative positions, (2) operational savings from initiatives including planned plant closures and 
optimization initiatives, and (3) procurement savings anticipated from a larger purchasing base and are expected by 
management to be achieved through the combination and integration of the two companies. From time to time, we 
also quantify the impacts of certain unusual, non-recurring events to provide useful information to investors to help 
better understand our financial outlook. Also see “Forward-looking statements”.
Compound Annual Growth Rate (CAGR) is a supplementary financial measure when applied to IFRS Accounting 
Standards financial measures.  
Revenue per associate is a metric we use to evaluate the productivity of our employees, who we refer to as 
“associates”, and is a non-IFRS Accounting Standards financial measure. It is determined by dividing revenues, an 
IFRS Accounting Standards financial measure, for a specific twelve-month period, typically being a fiscal year, or four 
consecutive fiscal quarters, by the total number of associates at the end of that period.
Lease Payments is a non-IFRS Accounting Standards ratio used as part of our assessment of total expenses related 
to leases we’ve entered into for our facilities, machinery and office equipment. It is defined as Principal Lease 
payments plus Interest expense on lease liabilities, for a particular period.
Margin (defined above) is a supplementary financial measure when applied to IFRS Accounting Standards 
measures.
Net Debt to Adjusted EBITDA (net of Lease Payments) is a non-IFRS Accounting Standards ratio used as part of 
our assessment of our capital structure. Net debt is defined as (1) the total balance of our credit facilities less cash 
and equivalents at a given period (net of bank overdraft), divided by (2) Adjusted EBITDA less Lease Payments, for 
the most recent four quarters then ended. Net Debt to Adjusted EBITDA (net of Lease Payments) is quantified in 
“Additional Reconciliations of Non-IFRS Accounting Standards Financial Measures” in Table 2.
Working capital is a supplementary non-IFRS Accounting Standards financial measure that we use as a measure for 
assessing our overall liquidity. It is calculated by subtracting current liabilities from current assets. 
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ADDITIONAL RECONCILIATIONS OF NON-IFRS ACCOUNTING STANDARDS FINANCIAL MEASURES 
TABLE 1 
The following table sets out free cash flow for the periods noted.
Free Cash Flow reconciliation
(in thousands of Canadian dollars, unaudited)
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Total cash generated from operating activities
 
24,740 
 
25,797 
Less: Purchase of property, plant and equipment
 
(12,307)  
(4,222) 
(Net of): Proceeds on disposal of property, plant and equipment  
845 
 
1,282 
Less: Lease principal payments
 
(7,812)  
(6,315) 
Free cash flow
$ 
5,466 
$ 
16,542 
TABLE 2
The following table sets out Net Debt to Adjusted EBITDA (net of Lease Payments) for the periods 
noted.
Net Debt to Adjusted EBITDA (net of Lease Payments) 
(in thousands of Canadian dollars, except net Debt to Adjusted EBITDA, 
unaudited)
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Total credit facilities 
 
84,745 
 
101,866 
Less: Cash and equivalents (net of bank overdraft) 
 
(5,893)  
(16,088) 
Net Debt
$ 
78,852 
$ 
85,778 
Adjusted EBITDA
 
63,908 
 
53,390 
Less: Lease payments
 
(20,345)  
(13,321) 
Adjusted EBITDA (net of Lease Payments)
$ 
43,563 
$ 
40,069 
Net Debt to Adjusted EBITDA (net of Lease Payments)
1.81x
2.14x
Business of DCM
Overview
DCM is a leading Canadian tech-enabled provider of print and digital solutions that help simplify complex marketing 
communications and operations workflow. DCM serves over 2,500 clients including 70 of the 100 largest Canadian 
corporations and leading government agencies.  Our core strength lies in delivering individualized services to our 
clients that simplify their communications, including customized printing, highly personalized marketing 
communications, campaign management, digital signage, and digital asset management.  From omnichannel 
marketing campaigns to large-scale print and digital workflows, our goal is to make complex tasks surprisingly simple, 
allowing our clients to focus on what they do best. 
DCM’s manufacturing operations are characterized by a high degree of complexity, as our products and services are 
customized to meet the unique requirements of each customer. The end products are derived through integrated 
production processes spanning multiple product categories and revenue streams. These processes typically involve 
various stages of work in a plant or across multiple plants, culminating in the delivery of a finished product. As a result 
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of the complex nature of this production landscape, conventional metrics such as selling prices and the volume or 
quantity of products or services are challenging to discern and are not relevant other than in the aggregate in 
management’s view.
Customer agreements and contract terms typically include provisions consistent with industry practice, which allow 
DCM to pass along increases in the cost of paper and other raw materials used to manufacture products subject to 
various notice periods and reference indices.
DCM’s revenue is subject to the mailing patterns and purchasing patterns of its customers. Typically, higher revenues 
and profit are generated in the first quarter relative to the other three quarters, however this can vary from time to time 
due to changes in customers’ purchasing decisions throughout the year. As a result, DCM’s revenue and financial 
performance for any single quarter may not be indicative of revenue and financial performance, which may be 
expected for the full year.
DCM has approximately 1,400 employees in Canada and the United States and had revenues of $480.0 million in 
2024. 
Recent Developments 
Special and Recurring Dividend
On February 20, 2025, DCM announced that its Board has approved a special cash dividend of $0.20 per common 
share, payable on March 25, 2025, to shareholders of record as of March 12, 2025. Additionally, the Company also 
announced a new recurring, quarterly dividend program. As part of this program, DCM announced an initial quarterly 
dividend of $0.025 per common share, which will be paid on April 4, 2025, to shareholders of record as of March 21, 
2025. DCM intends to review the dividend policy on an annual basis and with these initiatives. DCM has committed 
an initial $12.4 million to be distributed to shareholders.
Restructuring Initiatives 
DCM has now completed its planned MCC integration initiatives, including streamlining its organizational structure 
and optimizing its operational footprint. Since the integration process has been finalized, we expect modest to little 
restructuring expenses in 2025. Since closing of the MCC acquisition, total head count has been reduced by 
approximately 435 individuals. These workforce initiatives primarily related to reductions in our operations team, 
including the closure of our Fergus and Trenton facilities which were completed in the fourth quarter of 2024, and 
other optimization initiatives throughout 2023 and 2024. In total, $4.4 million of restructuring expenses were taken in 
2024. While its restructuring initiatives related to the MCC acquisition are substantially completed, DCM continues to 
evaluate further opportunities to enhance productivity and reduce its cost of operations. 
Capital Investment
The Company completed its planned accelerated investment in new state-of-the-art capital equipment in 2024 in 
support of its growth objectives. In aggregate, the Company invested more than $21 million in new capital equipment 
and now expects that capital expenditures in 2025 and going forward will return to more normalized levels. 
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This new capital equipment and its enhanced capabilities are already providing opportunities in new markets and 
applications targeted for growth, including paperboard packaging, prime and shrink wrap labels, high-volume 
personalized direct mail, and customer communications management applications, a new business for DCM as a 
result of the MCC acquisition.
Revenue Recognition Policy
DCM recognizes revenue when control of the products or services it provides to its customers has been transferred. 
The 2023 acquisition of MCC did not affect this policy as their products and services are similar to those of DCM. The 
following is a description of the principal activities from which DCM generates its revenue, along with the 
corresponding revenue recognition accounting policies. 
Product Sales
DCM manufactures customized products based on specifications pre-approved by its customers. At its customers' 
request, DCM will also purchase product from third-party vendors and resell that to its customers (including 
Technology-Enabled Hardware Solutions - see below). For products that DCM purchases and resells to its customers, 
DCM is typically a principal in these arrangements as it is responsible for making key decisions over the purchasing 
of product and has the economic risks and rewards that are customary with control. Accordingly, third-party product 
revenue is typically presented on a gross basis in revenue with the corresponding product purchase cost and 
associated costs recognized in costs of revenue. DCM recognizes revenue when control over the product transfers to 
the customer, which is effectively transferred upon the completion of production or when a resale product is 
purchased from a third-party vendor and inducted into DCM's warehouses or shipped directly to customers from third-
party vendors due to the custom nature of the product, as it does not have an alternative use to DCM, such that DCM 
is entitled to payment once the quantity of product pursuant to an individual purchase order is produced or purchased 
from a third-party vendor and inducted into its warehouses. Given the manufactured products are customized or 
purchased specifically at the customer’s request, product returns are insignificant.
In some instances, DCM's customers obtain the product directly from DCM following the completion of production or 
directly from third-party vendors. In other instances, DCM’s contracts involve the provision of warehousing and 
shipment services, in addition to manufacturing or purchasing of third-party products. Based on DCM's contractual 
arrangements with its customers related to product, certain of DCM's contracts with customers include the provision 
of warehousing, freight and financing services, in addition to manufacturing or purchase from third-parties of 
customized products based on specifications pre-approved by its customers. For bundled pricing arrangements, DCM 
allocates the transaction price to each performance obligation based on their relative stand-alone selling prices. 
Management applied judgment and assumptions in determining the stand-alone selling prices in allocating revenue 
between the various performance obligations based on non-bundled pricing arrangements and comparable market 
data, where applicable. DCM stores customized or purchased product at the request of the customer; the product is 
identifiable as the customer’s product; the product is ready for transfer to the customer upon the customer’s request; 
and DCM cannot re-direct the product nor use the product to fulfill another customer’s product order under the 
contract. DCM recognizes product revenues when control has transferred over the product upon product manufacture 
by DCM or upon receipt of third-party product into DCM's warehouses. Based on the contractual terms with its 
customers, DCM either issues an invoice when product that is manufactured by DCM or purchased from third-party 
vendors is inducted into DCM's warehouse, or alternatively, the invoice is issued for some customers when the 
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product is dispatched from its warehouses. In instances where DCM issues an invoice on dispatch of product from its 
warehouses, rather than at the date of transfer of control, DCM is still entitled to payment for the purchased or 
manufactured product. Accordingly, revenue is recognized for the product manufactured by DCM or purchased from 
third parties and a corresponding balance for “unbilled receivables” are recognized within trade receivables in the 
consolidated statement of financial position. Unbilled receivables are transferred to accounts receivables when the 
invoices are issued to the customers. Deferred revenue represents amounts that have been invoiced to the customer 
but not yet recognized as revenue, including advance payments and billings in excess of revenue. Deferred revenue 
is recognized as revenue when DCM completes the production of product or upon receipt of third-party product in its 
warehouses or when Warehousing Services and Freight Services are provided (see below).
Warehousing Services
DCM provides custodial services to store customer product in its warehouse over a specified agreed upon period of 
time. For non-bundled pricing arrangements, warehousing revenues are recognized over the period that Warehousing 
Services are provided to the customer. For bundled pricing arrangements, DCM allocates a portion of the initial 
transaction price for Warehousing Services and recognizes revenue on a straight-line basis over the agreed period of 
the warehousing as it best represents the pattern of performance. Amounts are typically invoiced as Warehousing 
Services are performed in accordance with agreed upon contractual terms at periodic intervals. When DCM receives 
advance payments or issues billings in excess of revenue, these are recognized as deferred revenue in the statement 
of financial position. Deferred revenue is recognized as revenue when or as DCM provides custodial services over 
the agreed upon warehouse term.
Freight Services
DCM has identified it has a distinct performance obligation for the shipment of product for certain contracts where it 
has an obligation to arrange shipment services where control of the product has been transferred to the customer 
prior to shipment. DCM contracts with third parties to deliver product. DCM is typically a principal for such shipment 
services as it is responsible for making key decisions over the shipment arrangements and has the economic risks 
and rewards associated with such control as a principal DCM recognizes shipment revenues when the performance 
of the shipping service has occurred as products are shipped.
Marketing and Other Services
Marketing services include fee-for-service marketing strategy, creative and other marketing services fees, and other 
ancillary services include fees related to financing charges associated with customers where DCM stores customer 
product in the warehouse over a period of time and invoices the customer when the product is dispatched from 
DCM's warehouse. Revenue from marketing services is recognized over time as the services are performed. 
Revenue for other ancillary services is recognized upon completion of the performance obligations to its customers. 
Financing income is recognized as DCM provides custodial services to its customers over the agreed upon 
warehouse term.
Technology-Enabled Hardware Solutions
DCM procure certain products and services from third-party providers to ensure that our clients’ complete business 
and marketing communications needs are met while providing comprehensive vendor management strategies. 
Technology-Enabled Hardware Solutions include scanners, printers, tablets, and other technology applications, often 
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with barcoding and RFID functionality, and digital signage applications. Such products typically complement our 
Product Sales, and Other Services, and are sold to clients as part of an integrated offering. Technology-Enabled 
Hardware Solutions represent a distinct performance obligation (from our Product Sales and Other Services), and 
revenue is recognized when the product is shipped from the vendor or inducted into DCM's warehouse. 
Technology-Enabled Subscription Services and Fees
Technology-Enabled Subscription Services and Fees include the provision of marketing technology workflow 
applications including revenues generated by the digital asset management (“DAM”) solutions such as our ASMBL 
product, newly acquired Zavy Limited, software subscription fees, managed technology services, program 
management services, professional services fees, content management fees, and implementation and development 
fees. Typically, these services and fees are contracted on either a project basis in the case of professional services, 
implementation, and development services fees or for periods of one to five-year terms, often with one to two-year 
renewal options in the case of software subscription fees and managed technology services. Revenue is measured 
based on the consideration DCM expects to be entitled to in exchange for providing services as they are delivered, or 
ratably over the term of the contract, and represent a distinct performance obligation. When DCM receives advance 
payments or issues billings in excess of revenue, these are recognized as deferred revenue in the statement of 
financial position. Deferred revenue is recognized as revenue when or as DCM provides the services over the 
contract term. 
Cost of Revenues and Other Expenses
DCM’s cost of revenues primarily consists of raw materials, manufacturing salaries and health benefits, occupancy 
costs, depreciation of owned equipment, and depreciation of the right-of-use asset (“ROU Asset”) for property leases 
and equipment leases. DCM’s raw material costs consist primarily of paper, carbon and ink. Manufacturing salaries 
and benefits costs primarily consist of employee salaries and health benefits at DCM’s printing and warehousing 
facilities. Occupancy costs consist primarily of depreciation of the ROU Asset for property leases, and costs related to 
utilities, insurance and building maintenance. DCM’s other expenses primarily consist of selling, depreciation and 
amortization, and general and administration expenses. Selling expenses consist primarily of employee salaries, 
health benefits and commissions, and include related costs for travel, corporate communications, trade shows, and 
marketing programs. Depreciation and amortization represent the allocation to income of the cost of property, plant 
and equipment, the ROU Asset, and intangible assets over their estimated useful lives. General and administration 
expenses consist primarily of employee salaries, health benefits, and other personnel related expenses for executive, 
financial and administrative personnel, as well as the depreciation of the ROU Asset for property leases, 
telecommunications, pension plan expenses and professional service fees.
Selected Consolidated Financial Information
The following tables set out a summary of consolidated financial information and supplemental information for the 
periods indicated. The summary annual financial information for each of fiscal 2024, fiscal 2023 and fiscal 2022 has 
been derived from DCM’s audited consolidated financial statements, prepared in accordance with IFRS Accounting 
Standards. The unaudited financial information presented has been prepared on a basis consistent with our audited 
consolidated financial statements. In the opinion of management, such unaudited financial data reflects all 
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adjustments, consisting of normal and non-recurring adjustments, necessary for a fair presentation of the results for 
those periods.
The principal factors that caused period to period variations in the financial information set forth in Table 3 below are 
as follows:
•
Revenues, gross profit and SG&A increases were primarily driven by the full year inclusion of MCC in DCM 
consolidated financial results in 2024, with revenues partially offset by reduced customer spending and 
discontinuation of certain lower margin accounts to enhance profitability;
•
Lower SG&A expenses due to overhead reduction strategies including headcount reductions since the MCC 
acquisition;
•
Restructuring initiatives in 2024 and 2023 related to post-acquisition integration initiatives;
•
Lower net fair value losses in 2024 attributable to relative decreases in DCM’s common share price trading 
value compared to prior periods;
•
Higher acquisition and integration costs in 2023 related to the MCC acquisition and subsequent post-
acquisition initiatives. Acquisition costs in 2024 related to the acquisition of Zavy, and integration costs in 
2024 related to ongoing post-acquisition integration initiatives of MCC;
•
Higher levels of interest expense in 2024 primarily due to the recognition of lease liabilities for new capital 
equipment investment and modification of existing property facilities. However, this was partially offset by a 
reduction in the Canadian prime interest rate, which lowered the cost of floating-rate debt, as well as a 
decrease in outstanding debt as of December 31, 2024; 
•
Other gains in 2024 from one-time gains related to the changes in the defined benefit pension under the 
MCC Pension Plan, and changes to the long-term employee benefit plans;
•
Improved levels of net income and earnings per share attributable to the above.
There have been no material changes in accounting principles in our financial reporting over the three most recently 
completed financial years. 
DATA Communications Management Corp.
. . M D & A . .
10

TABLE 3
The following table sets out selected historical consolidated financial information for the periods noted.
For the years ended December 31, 2024, 
2023 and 2022
January 1 to 
December 31, 2024
January 1 to 
December 31, 2023
January 1 to 
December 31, 2022
(in thousands of Canadian dollars, except 
share and per share amounts, unaudited)
Revenues
$ 
479,956 
$ 
447,725 $ 
273,804 
Cost of revenues
 
349,889 
 
328,814  
189,580 
Gross profit
 
130,067 
 
118,911  
84,224 
Selling, general and administrative expenses
 
87,579 
 
83,440  
54,439 
Research and development expenses
 
4,829 
 
3,804 
Restructuring expenses
 
4,378 
 
20,308  
— 
Acquisition and integration costs
 
8,773 
 
10,903  
1,870 
Net fair value (gains) losses on financial 
liabilities at fair value through profit or loss
 
(279)  
7,122  
2,711 
Other gains
 
(2,500)  
—  
— 
 
102,780 
 
125,577   
59,020 
Income (loss) before finance costs and 
income taxes
 
27,287 
 
(6,666)  
25,204 
Finance costs 
Interest expense, net
 
21,483 
 
15,321  
4,965 
Amortization of transaction costs, net of 
debt extinguishment gain
 
560 
 
457  
344 
 
22,043 
 
15,778  
5,309 
Income (loss) before income taxes
 
5,244 
 
(22,444)  
19,895 
Income tax expense (recovery)
Current
 
2,338 
 
1,209  
5,456 
Deferred
 
(664)  
(7,799)  
473 
 
1,674 
 
(6,590)  
5,929 
Net income (loss) for the year
$ 
3,570 
$ 
(15,854) $ 
13,966 
Basic earnings (loss) per share
$ 
0.06 
$ 
(0.31) $ 
0.32 
Diluted earnings (loss) per share
$ 
0.06 
$ 
(0.31) $ 
0.30 
Weighted average number of common 
shares outstanding, basic
55,222,122
50,832,543
44,062,831
Weighted average number of common 
shares outstanding, diluted
57,731,674
50,832,543
46,572,066
As at December 31, 2024, 2023 and 2022
As at December 31, 
2024
As at December 31, 
2023
As at December 31, 
2022
(in thousands of Canadian dollars, unaudited)
Current assets
$ 
143,482 
$ 
181,051 $ 
82,057 
Current liabilities
$ 
100,685 
$ 
116,531 $ 
69,479 
Total assets
$ 
392,303 
$ 
418,754 $ 
149,481 
Total non-current liabilities
$ 
251,658 
$ 
273,459 $ 
57,155 
Shareholders’ equity
$ 
39,960 
$ 
28,764 $ 
22,847 
. . M D & A . .
DATA Communications Management Corp.
11

TABLE 4 
The following table sets out selected historical consolidated financial information for the periods noted.  
See the “Non-IFRS Accounting Standards Measures” section above for more details and Tables 5 and 6 
below for reconciliations of net income to Adjusted EBITDA and net income to Adjusted net income. 
For the years ended December 31, 2024, 
2023 and 2022
January 1 to 
December 31, 2024
January 1 to 
December 31, 2023
January 1 to 
December 31, 2022
(in thousands of Canadian dollars, except 
percentage amounts, unaudited)
Revenues
$ 
479,956 
$ 
447,725 
$ 
273,804 
Gross profit
$ 
130,067 
$ 
118,911 
$ 
84,224 
As a percentage of revenues
 27.1 %
 26.6 %
 30.8 %
Selling, general and administrative and 
research and development expenses
$ 
92,408 
$ 
87,244 
$ 
54,439 
   As a percentage of revenues
 19.3 %
 19.5 %
 19.9 %
Adjusted EBITDA (see Table 5)
$ 
63,908 
$ 
53,390 
$ 
40,965 
   As a percentage of revenues
 13.3 %
 11.9 %
 15.0 %
Net income (loss) for the year
$ 
3,570 
$ 
(15,854) 
$ 
13,966 
Adjusted net income (see Table 6)
$ 
11,325 
$ 
12,827 
$ 
17,388 
   As a percentage of revenues
 2.4 %
 2.9 %
 6.4 %
DATA Communications Management Corp.
. . M D & A . .
12

TABLE 5 
The following table provides reconciliations of net income to EBITDA and of net income to Adjusted 
EBITDA for the periods noted. See “Non-IFRS Accounting Standards Measures” section above for more 
details.
EBITDA and Adjusted EBITDA reconciliation
For the years ended December 31, 2024, 
2023 and 2022
January 1 to 
December 31, 2024
January 1 to 
December 31, 2023
January 1 to 
December 31, 2022
(in thousands of Canadian dollars, unaudited)
Net income (loss) for the year
$ 
3,570 $ 
(15,854) $ 
13,966 
Interest expense, net
 
21,483  
15,321  
4,965 
Amortization of transaction costs
 
560  
457  
344 
Current income tax expense 
 
2,338  
1,209  
5,456 
Deferred income tax (recovery) expense
 
(664)  
(7,799)  
473 
Depreciation of property, plant and equipment
 
6,200  
6,165  
2,965 
Amortization of intangible assets
 
2,011  
2,881  
1,606 
Depreciation of the ROU Asset
 
18,038  
12,677  
6,609 
EBITDA 
$ 
53,536 $ 
15,057 $ 
36,384 
Acquisition and integration costs
 
8,773  
10,903  
1,870 
Restructuring expenses
 
4,378  
20,308  
— 
Net fair value (gains) losses on financial 
liabilities at fair value through profit or loss
 
(279)  
7,122  
2,711 
Other gains
 
(2,500)  
—  
— 
Adjusted EBITDA 
$ 
63,908 $ 
53,390 $ 
40,965 
. . M D & A . .
DATA Communications Management Corp.
13

TABLE 6 
The following table provides reconciliations of net income to Adjusted net income and a presentation of 
Adjusted net income per share for the periods noted. See “Non-IFRS Accounting Standards Measures” 
section above for more details.
Adjusted net income reconciliation
For the years ended December 31, 2024, 
2023 and 2022
January 1 to 
December 31, 2024
January 1 to 
December 31, 2023
January 1 to 
December 31, 2022
(in thousands of Canadian dollars, except 
share and per share amounts, unaudited)
Net income (loss) for the year
$ 
3,570 
$ 
(15,854) $ 
13,966 
Acquisition and integration costs
 
8,773 
 
10,903  
1,870 
Restructuring expenses
 
4,378 
 
20,308  
— 
Net fair value (gains) losses on financial 
liabilities at fair value through profit or loss
 
(279)  
7,122  
2,711 
Other Income
 
(2,500)  
—  
— 
Tax effect of the above adjustments
 
(2,617)  
(9,652)  
(1,159) 
Adjusted net income for the year
$ 
11,325 
$ 
12,827 $ 
17,388 
Adjusted net income per share, basic 
$ 
0.21 
$ 
0.25 $ 
0.39 
Adjusted net income per share, diluted
$ 
0.20 
$ 
0.25 $ 
0.37 
Weighted average number of common 
shares outstanding, basic
55,222,122
 
50,832,543  
44,062,831 
Weighted average number of common 
shares outstanding, diluted
57,731,674
 
50,832,543  
46,572,066 
Number of common shares outstanding, 
basic
55,308,951
 
55,022,883 
44,062,831
Number of common shares outstanding, 
diluted
57,818,503
 
50,832,542  
46,572,066 
RESULTS OF OPERATIONS
REVENUES
For the year ended December 31, 2024, DCM recorded revenues of $480.0 million, an increase of $32.2 million or 
7.2% compared with the same period in 2023. Revenue increased primarily due to the full-year inclusion of MCC in 
DCM’s consolidated financial results following the acquisition in April 2023. This was partially offset by reduced 
spending by some of our large enterprise clients, the deferral or elimination of certain larger, non-recurring client 
projects, as well as the Canadian postal strike in the latter part of the year. DCM also discontinued certain lower 
margin accounts to enhance overall profitability and focus more resources on higher margin business.
DCM revenue is comprised of six revenue streams: Product Sales, Technology-Enabled Subscription Services and 
Fees, Freight Services, Warehousing Services, Technology-Enabled Hardware Solutions, and Marketing and Other 
Services. 
DATA Communications Management Corp.
. . M D & A . .
14

(in thousands of Canadian dollars, except 
share and per share amounts, unaudited)
January 1 to 
December 31, 2024
January 1 to 
December 31, 2023
Revenue Percentage 
Change
Product Sales
$ 
418,487 $ 
396,316 
 5.6 %
Technology-Enabled Subscription Services 
and Fees
 
20,029  
14,721 
 36.1 %
Freight Services
 
13,994  
13,247 
 5.6 %
Warehousing Services
 
15,948  
12,173 
 31.0 %
Technology-Enabled Hardware Solutions
 
8,846  
8,516 
 3.9 %
Marketing and Other Services
 
2,652  
2,752 
 (3.6) %
$ 
479,956 
$447,725
 7.20 %
For fiscal 2024, Product Sales grew 5.6% year over year, mainly due to the MCC acquisition, though this was partially 
offset by DCM's intentional reduction in sales of lower-margin client products and other factors as listed above. 
Technology-Enabled Subscription Services and Fees grew 36.1% year over year, driven by higher professional 
services fees from MCC's transactional print services, which are charged separately from Product Sales on a fee-for-
service basis. Freight Services and Warehousing Services grew by 5.6% and 31.0%, respectively, year over year. 
Freight Services tracked closely with product growth, while the increase in Warehousing Services was primarily due 
to revised allocations of Warehousing Services as a percentage of Product Sales in bundled pricing arrangements 
with our clients, better reflecting the value of distribution and logistics services. Technology-Enabled Hardware 
Solutions increased by 3.9%, while Marketing and Other Services decreased by 3.6% year over year due to timing of 
customer projects compared to 2023.
COST OF REVENUES AND GROSS PROFIT
For the year ended December 31, 2024, DCM recorded cost of revenues of $349.9 million, an increase of $21.1 
million or 6.4% from $328.8 million for the same period in 2023. The increase in cost of revenues on a year over year 
basis was primarily due to the full year inclusion of MCC in DCM's consolidated financial results in 2024. 
Gross profit for the year ended December 31, 2024 was $130.1 million, an increase of $11.2 million or 9.4% from 
$118.9 million for the same period in 2023. Gross profit as a percentage of revenues increased to 27.1% for the year 
ended December 31, 2024, compared to 26.6% for the same period in 2023.
Gross profit as a percentage of revenues for the year ended December 31, 2024 improved from the prior year, driven 
by synergies from integration activities, alignment of pricing strategies with our clients, focusing on more profitable 
business opportunities, improved purchasing practices, and reduced outsourcing while increasing inter-plant 
production. DCM accelerated and completed plant consolidations during the year, driving operational efficiencies in 
connection with the MCC acquisition. These efforts helped optimize the company's operational footprint, reduce 
headcount, and position the company to realize improved gross profit margins. Additionally, DCM intentionally 
reduced or deferred lower-margin Product Sales, which further contributed to the higher gross profit margin. However, 
this increase was partially offset by a full-year inclusion of contribution from MCC, whose average gross profit margin 
has historically been lower than that of DCM’s legacy business. DCM also experienced modest price increases for 
raw material purchases and continues to pass on paper and other raw material price increases to our clients where 
practical. There were no material changes in cost of sales or gross profit as a percentage of revenues between our 
. . M D & A . .
DATA Communications Management Corp.
15

six revenue streams, although MCC's professional services fees typically had higher gross levels than its Product 
Sales. 
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
SG&A expenses for the year ended December 31, 2024 were $87.6 million, or 18.2% of total revenues, an increase 
of $4.1 million or 5.0%, from $83.4 million, or 18.6% of total revenues, for the same period in 2023.
SG&A expenses for the year ended December 31, 2024 increased from the prior year, although SG&A as a 
percentage of revenues slightly declined. The increase in SG&A dollars was primarily due to the full year inclusion of 
MCC’s SG&A expenses and one-time project costs. This increase was offset by headcount reductions and synergies 
achieved from the integration of MCC and DCM business.
RESEARCH AND DEVELOPMENT EXPENSES ("R&D Expenses")
R&D expenses for the year ended December 31, 2024 were $4.8 million compared to $3.8 million for the same period 
in 2023. R&D expenses increased mainly due to additional costs incurred for ASMBL, our digital asset management 
platform. 
ACQUISITION AND INTEGRATION COSTS
DCM incurred $8.8 million for one-time, non-recurring acquisition costs and integration costs related to the MCC 
acquisition, and to a much lesser extent, the Zavy acquisition. Of this total, $8.5 million related to one-time, non-
recurring post-integration costs, including consulting, legal fees, strategic advisory fees and plant consolidation 
expenses, which covered transportation, dismantling and installation of equipment, as well as inventory and 
equipment write-offs. The plant consolidation expenses were related to the successful closure of the Fergus, Ontario 
facility in October 2024, and the Trenton, Ontario facility in November 2024, with their operations consolidated into the 
Company’s Drummondville, Quebec and Brampton, Ontario facilities, respectively. These plant closures follow the 
previous closure of the Company’s two Toronto, Ontario commercial print facilities into its Bond Avenue facility, now 
referred to as Thistle, in June 2024.
The remaining $0.3 million related specifically to Zavy acquisition costs, including legal fees and other direct 
acquisition costs for the year ended December 31, 2024. 
RESTRUCTURING EXPENSES
DCM incurred total one-time, non-recurring restructuring expenses of $4.4 million for the year ended December 31, 
2024 compared to $20.3 million for the same period in 2023, all of which related to post-acquisition integration 
initiatives following the MCC acquisition. DCM commenced its planned initiatives to drive synergies in connection with 
the acquisition of MCC in the second quarter of 2023 and accelerated those initiatives in the third and fourth quarters 
of 2023 and throughout 2024. These initiatives included headcount reductions while streamlining its organizational 
structure and optimizing its operational footprint. The restructuring expenses include headcount reductions across 
various functions, including operations, senior executive management, sales and other SG&A functional roles, as well 
as other eligible costs associated with plant consolidations (see discussion above).
DATA Communications Management Corp.
. . M D & A . .
16

NET FAIR VALUE (GAINS) LOSSES ON FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND 
LOSS ("NET FVTPL")
The trading price of our common share decreased by 20.2% for the year ended December 31, 2024, from $2.62 on 
January 1, 2024 to $2.09 as of December 31, 2024. As a result, we recognized a gain of $0.3 million for the year 
ended December 31, 2024, compared to an expense of $7.1 million for the same period in 2023, when the share 
price increased by 80.7% from $1.45 on January 1, 2023 to $2.62 on December 31, 2023. DCM recorded these non-
cash accruals for mark-to-market expense and the normal vesting expense for outstanding long-term incentive 
compensation in the form of RSUs and DSUs.
OTHER GAINS 
DCM recognized $2.5 million of other gains for the year ended December 31, 2024. This related to changes in the 
defined benefit pension under the MCC Pension Plan, and changes to the long-term employee benefit plans. These 
relate to the following: 
•
DCM closed its production facilities in Fergus, Ontario and Trenton, Ontario and reduced the number of 
active employees receiving a defined benefit pension under the MCC Pension Plan. This plan amendment 
resulted in a past service credit of $0.8 million.
•
DCM made a change to the other long-term employee benefit plans for certain employees on long-term 
disability under the DCM OPEB LTD Plan and under the MCC OPEB LTD Plan. Previously, employees on 
long-term disability received health care and dental care benefits up to age 65 and this benefit was replaced 
with coverage that ends two years following the date of disability. In addition, employees who were on long-
term disability as of July 2024 will continue to receive health care and dental care benefits capped at a 
maximum of two years and their two-year coverage will end in July 2026. As a result of this change, a past 
service credit of $1.3 million was recognized; and
•
DCM discontinued providing other long-term employee benefits to certain employees on long-term disability 
who previously worked at the Fergus, Ontario and Trenton, Ontario closed production facilities. As a result of 
this change, a portion of the experience gains of $0.4 million was recognized. 
EBITDA AND ADJUSTED EBITDA
For the year ended December 31, 2024, EBITDA was $53.5 million or 11.2% of revenues compared to $15.1 million 
or 3.4% of revenues in the same period in 2023. For the year ended December 31, 2024, Adjusted EBITDA was 
$63.9 million or 13.3% of revenues after adjusting EBITDA for $4.4 million of restructuring costs, $8.8 million in 
acquisition costs and integration costs, $0.3 million of net FVTPL and $2.5 million of other gains, compared to $53.4 
million or 11.9% of revenues after adjusting EBITDA for acquisition costs and integration costs of $10.9 million, 
restructuring costs of $20.3 million and $7.1 million of net FVTPL for the same period in 2023.
The increase in EBITDA and Adjusted EBITDA for the year ended December 31, 2024 compared to the prior year in 
2023 was due to an increase in overall revenues and gross profit due to the full year inclusion of MCC in DCM's 
consolidated financial results. Specifically, EBITDA was higher in the current year due to lower one-time costs related 
to restructuring expenses and net FVTPL. 
. . M D & A . .
DATA Communications Management Corp.
17

Adjusted EBITDA as a percentage of revenues increased for the year ended December 31, 2024, reflecting DCM's 
focus on prioritizing higher-margin and profitable business opportunities. For a description of the material factors and 
assumptions on which we have based our expected total annualized synergies estimates, see “Forward-looking 
statements.”
FINANCE AND OTHER COSTS
Finance costs include interest on debt outstanding under DCM’s credit facilities, interest on pension obligations, debt 
extinguishment gains, amortization of debt transaction costs, amortization of asset retirement obligations, loss on 
accounting sale and leaseback and interest expense on lease liabilities under IFRS 16. For the year ended December 
31, 2024, DCM incurred $22.0 million of finance costs compared to $15.8 million for the same period in 2023. 
Interest expense for the year ended December 31, 2024 increased primarily due to the full-year inclusion of MCC 
lease liabilities. Additionally, DCM entered into leases related to the new capital equipment investments in the fourth 
quarter of 2023 and throughout 2024 and modification of existing property leases in 2023, contributing to the higher 
lease interest expense. This increase was partially offset by the closure of the Edmonton, Ontario during the year, 
which somewhat offset overall lease interest expense. 
Interest expense for the year on long-term debt and pensions increased by $0.6 million, primarily due to the additional 
debt incurred by DCM to finance the MCC acquisition in April 2023. Additionally, DCM incurred interest expense on 
the Interim Funding Leasing Facilities related to the sale and lease back transactions, with a balance of $6.5 million 
as of December 31, 2024. This increase in interest expense was offset by utilizing advances under Canadian 
Overnight Repo Rate Average ("CORRA") loans. Furthermore, the overall balance under the Bank Credit Facility 
decreased from $44.0 million as of December 31, 2023 to $26.8 million as of December 31, 2024, and the prime 
interest rate on floating rate debt was reduced throughout the year. 
INCOME TAXES
DCM reported income before income taxes of $5.2 million and a net income tax expense of $1.7 million for the year 
ended December 31, 2024 compared to loss before income taxes of $22.4 million and net income tax recovery of 
$6.6 million for the same period in 2023. The deferred income tax expense was adjusted for any changes in 
estimates of future reversals of temporary differences. 
NET (LOSS) INCOME 
Net income for the year ended December 31, 2024 was $3.6 million compared to a net loss of $15.9 million for the 
same period in 2023.
The increase in comparable profitability for the year ended December 31, 2024 was driven by higher revenue and 
gross margin dollars from the full-year inclusion of MCC, a reduction in restructuring costs and acquisition and 
integration costs, recognition of a net FVTPL of $0.3 million (compared to an loss of $7.1 million in 2023), and one-
time other gain of $2.5 million. This increase in profitability was partially offset by higher SG&A due to one-time 
projects and increased spending on research and development, as well as additional interest expense from new 
leases entered into during the fourth quarter of 2023 and throughout 2024. 
DATA Communications Management Corp.
. . M D & A . .
18

ADJUSTED NET INCOME 
Adjusted net income for the year ended December 31, 2024 was $11.3 million compared to $12.8 million for the same 
period in 2023. For a reconciliation of net income (loss) to Adjusted net income for the periods noted, see Table 6 
above.
The decrease in comparable profitability for the year ended December 31, 2024 was driven by increased SG&A from 
one-time projects and increased spending on research and development, as well as additional interest expense from 
leases related to the new capital equipment investments entered into during the fourth quarter of 2023 and throughout 
2024. This was partially offset by higher revenues and gross margin dollars from the full-year inclusion of MCC. 
LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY
DCM's strategic allocation of funds has been guided by a comprehensive approach encompassing various financial 
priorities. The primary focus areas for fund utilization have encompassed working capital needs, capital investments, 
business acquisitions, organic growth initiatives, and the repayment of outstanding indebtedness. DCM has funded 
these liquidity requirements primarily with cash generated from operating activities and funds drawn from its unused 
committed credit facilities and long-term debt. Additionally, the Company has supplemented its financial resources 
through the net proceeds derived from asset sales. 
In assessing its ongoing liquidity requirements, DCM conducts a comprehensive analysis, considering its current cash 
position, anticipated cash inflows from operational activities, projected availability of funds from unused credit 
facilities, cash from investing activities such as sales of real estate acquired with the acquisition of MCC and of 
redundant assets, its dividend policy, access to the capital markets and expected reductions resulting from existing 
restructuring activities, as well as its ongoing cash needs for its existing operations, including capital investment 
plans. 
DCM’s working capital requirements consist primarily of the costs associated with manufacturing and delivering its 
products and services. These include expenditures related to wages, facility operations, payments to suppliers for raw 
materials, debt repayments, and other operational necessities. DCM’s working capital requirements are primarily 
affected by the level of operating activities, including the length of the Company’s operating cycles, printed products 
inventory turnover, and collection of accounts receivable.
Looking ahead, DCM anticipates that a combination of cash reserves, future operational cash flows, and access to 
committed credit facilities will enable the Company to meet its projected operating requirements for the next 12 
months. This includes generating adequate levels of working capital, funding expenditures related to its growth 
strategy, expenses related to ongoing restructuring initiatives (particularly related to severance payments), 
investments in productivity improvement initiatives, contributions to its pension plans, payment of income tax 
liabilities, financing of planned capital expenditures, fulfilling debt repayment obligations, and distributions related to 
its newly instituted dividend program. To the extent required, the Company also believes it has access to equity 
markets to fund additional capital needs. 
. . M D & A . .
DATA Communications Management Corp.
19

DCM believes the following factors could adversely impact cash flows from operations, sources of liquidity and 
operational capabilities in the future: diminished demand for the Company’s products and services, including, in 
particular, decreased demand for traditional business forms and print-related products; risk of cross-border tariffs on 
our supply chain and potential lower demand of our sales into the United States; pricing pressures from both existing 
and new customers; competition; rising manufacturing, distribution and other operating costs, including increases in 
the costs of freight, paper, ink, and other raw material inputs used by DCM in the conduct of its business, including as 
a result of continued inflationary pressures, and higher wages; other supply chain disruptions unrelated to tariffs; 
seasonal variations in customer spending; and higher wage costs; and future additional restructuring expenses 
should they be required.
CREDIT AGREEMENTS
BANK FACILITIES
DCM has established a revolving credit facility (the “Bank Credit Facility”) pursuant to a third amended and restated 
credit agreement (the “Bank Credit Agreement”) with a Canadian chartered bank (the “Bank”). Under the terms of the 
amended Bank Credit Agreement, the maximum principal amount available under the Bank Credit Facility is $90.0 
million. The Bank Credit Facility also includes an “accordion” feature, which can provide up to an additional $20 
million of capacity under the revolving facility. The Bank Credit Facility matures on April 24, 2026. This facility is 
available to DCM in the form of a Loan Facility (Revolving Facility and/or Term Facility), a Hedging Facility, a Leasing 
Facility and a MasterCard Facility.
The Loan Facility is available to be drawn by way of either Prime Rate loans, Base Rate loans, CORRA loans, 
Secured Overnight Financing Rate (SOFR) loans, and/or Letters of Credit.
Prime rate loans charge interest based on the Canadian prime rate plus a margin whereby the prime rate is the 
greater of the Bank’s published reference rate on Canadian Dollar denominated commercial loans and the adjusted 
Term CORRA for a period of one month plus 100 basis points per annum.  Currently, advances under the Bank Credit 
Facility may not, at any time, exceed the lesser of $90.0 million and a fixed percentage of DCM’s aggregate accounts 
receivable and inventory (less certain amounts). Advances under the Bank Credit Facility of $8.8 million as at 
December 31, 2024 are currently subject to floating interest rates based upon the Canadian prime rate plus an 
applicable margin of 1.00% for a total interest rate of 6.45% as at December 31, 2024.
Base Rate loans are US dollar denominated loans that charge interest at the greater of the Bank's published 
reference rate on the US dollar denominated commercial loans and the Federal Reserve plus 100 basis points. SOFR 
loans bear interest at the secured overnight financing rate published by the Federal Reserve Bank of New York on the 
next succeeding Business Day. DCM has a discretion of availing CORRA loan advances under the Loan Facility for 1, 
2 and 3 month terms ("CORRA loan").
As at December 31, 2024, DCM had $18.0 million advances under CORRA loans, but no advances under SOFR and 
Base Rate loans. As at December 31, 2024, three advances were outstanding under the CORRA loan for an amount 
of $4.0 million ("CORRA Loan I"), $7.0 million ("CORRA Loan II) and $7.0 million ("CORRA Loan III"). The applicable 
CORRA loan interest rate on these terms is calculated as the adjusted Term CORRA rate plus an applicable margin 
for total annualized interest rate of 6.31%, 6.67% and 6.10%, respectively.
DATA Communications Management Corp.
. . M D & A . .
20

In April 2024, DCM signed an Interim Funding Agreement (“IFA”) with the Bank using the available Leasing Facility 
(Bank Leasing Facility) to finance some equipment purchases. According to the terms of the credit agreement, the 
maximum principal amount available under the IFA is $8.2 million, with the facility expiring on February 28, 2025 
(amended from the original expiration date of October 10, 2024 and amended expiration of January 2, 2025). The 
interest fee on the IFA is charged based on one-month forward looking term rate based on the CORRA published on 
such determination date, plus a margin of 3.75%. During the period, $5.4 million was drawn to partially fund $8.3 
million in installment payments for equipment. These payments are recorded as other non-current assets on the 
consolidated statement of financial position, prior to being transferred to right-of-use assets as the equipment is 
intended to be sold to, and leased back from the Bank upon completion of installation.
On June 5, 2024, DCM entered into an amendment to its Bank Credit Agreement. The applicable Canadian Dollar 
Offered Rate ("CDOR") was replaced by the CORRA plus 0.3%. 
During the third and fourth quarters of 2024, DCM completed two sale and leaseback transaction for various 
equipment with the Bank under the Bank Leasing Facility for total proceeds of $2.9 million. In conjunction with these 
transactions, DCM entered into two Amendments to the Interim Funding Agreement ("Amended IFA") to reduce the 
maximum principal amount available under the IFA from $8.2 million to $6.6 million to reflect the first completed sale 
and leaseback transaction, and from $6.6 million to $5.3 million to reflect the second completed sale and leaseback 
transaction.
Subsequent to year-end, DCM entered into the third and fourth, and final, sale and leaseback transactions with the 
Bank under the Bank Leasing Facility for total proceeds of $5.6 million. 
In January 2024, DCM completed a sale and leaseback for its Trenton, Ontario manufacturing facility for net proceeds 
of $8.5 million (after deducting rent deposits paid), which were applied towards paying down the Bank Credit Facility.
As at December 31, 2024, DCM had access to $34.7 million of available credit under the New Bank Credit Facility 
and had cash and cash equivalents, of $6.8 million as shown on the consolidated statement of financial position as at 
December 31, 2024. The bank overdraft balance of $0.9 million (2023 - $1.6 million) shown on the consolidated 
statement of financial position as at December 31, 2024 represents outstanding cheques net of deposits which when 
cashed would increase the borrowing under the Bank Credit Facility. 
OTHER LEASING FACILITIES
During the fourth quarter of 2024, DCM entered into a Progress Funding Term ("PFT") with a leasing company to 
finance additional equipment purchases. According to the terms of the Master Lease Agreement, the maximum 
principal amount available under the PFT is $3.0 million, with the facility expiring upon lease commencement. During 
the period, $1.1 million was drawn to partially fund $1.1 million in installment payments for equipment. These 
payments are recorded as other non-current assets in the consolidated statement of financial position as at 
December 31, 2024 as the equipment is intended to be sold and leased back from the leasing company upon 
completion of installation.
. . M D & A . .
DATA Communications Management Corp.
21

Subsequent to year-end, DCM entered into the sale and leaseback transaction for the various equipment with the 
leasing company for total proceeds of $1.1 million. 
FPD FACILITIES
DCM has two amortizing term loan facilities (the “FPD VI Credit Facilities”) with Fiera Private Debt VI L.P. (“FPD VI”), 
which is a fund managed by Fiera Private Debt Fund GP Inc. (“FPD”) pursuant to an amended and restated credit 
agreement dated as of April 24, 2023 (the “FPD Credit Agreement”). On October 22, 2024 a second amended and 
restated credit agreement was entered into to align the financial covenants on the term loans with those on the Bank 
revolving facility. The amended covenants are reflected in the table below.
COVENANT REQUIREMENTS
Each of the Bank Credit Agreement and the FPD Credit Agreement contains customary representations and 
warranties, certain financial covenant requirements (see below), as well as certain restrictive covenants which limit 
the discretion of the Board and management with respect to certain business matters, including the declaration or 
payment of dividends on the common shares of DCM without the consent of the Bank and FPD VI, as applicable. 
Borrowings 
subject to 
financial 
covenants 
Financial 
Covenant 
Frequency 
Tested 
Ratios to be compliant   
Ratios at 
December 31,
2024
Term loans
Total Funded 
Debt to 
Adjusted 
EBITDA
Quarterly
From December 31, 2024 to December 30, 2025 < 
3.50 : 1.00 
From December 31, 2025 to loan maturity < 2.75 : 1:00
1.93 : 1.00
Fixed charge 
coverage 
ratio
Quarterly
From December 31, 2024 to loan maturity > 1.10 : 1.00
1.80 : 1.00
Working 
capital ratio
Quarterly
At all times > 1.10 : 1.00
1.59 : 1.00
Revolving 
facility
Fixed charge 
coverage 
ratio
Monthly
At all times > 1.10 : 1.00
1.80 : 1.00
Capital 
expenditures Annually
Less than 120% of annual budgeted capital 
expenditures
 108 %
For purposes of the Bank Credit Agreement and the FPD Credit Agreement, “EBITDA” means net income or net loss 
for the relevant period, calculated on a consolidated basis, plus amounts deducted, or minus amounts added, in 
calculating net income or net loss in respect of: (a) the aggregate expense incurred for interest on debt and other 
costs of obtaining credit; (b) income taxes, whether or not deferred; (c) depreciation and amortization; non-cash 
expenses resulting from employee or management compensation, including the grant of stock options or restricted 
options to employees; any gain or loss attributable to the sale, conversion or other disposition of property out of the 
ordinary course of business; interest or dividend income; foreign exchange gain or loss; gains resulting from the write 
up of property and losses resulting from the write-down of property (except allowances for doubtful accounts 
receivable and non-cash reserves for obsolete inventory); any gain or loss on the repurchase or redemption of any 
DATA Communications Management Corp.
. . M D & A . .
22

securities (including in connection with the early retirement or defeasance of any debt); goodwill and other intangible 
asset write-downs; lease payments to convert on a pre-IFRS 16 basis; and any other extraordinary, nonrecurring or 
unusual items such as restructuring costs (as agreed to by the lender) provided the amounts added back pursuant to 
clause (c) above in respect of cash expenses (other than acquisition, integration and restructuring costs related to the 
April 2023 MCC acquisition) are capped at 15% of unadjusted EBITDA. The pro forma financial results from any 
acquisitions completed by DCM during a given year are included on a trailing twelve month basis effective as of the 
closing date of the acquisitions for the purposes of DCM’s covenant calculations.  
As of December 31, 2024, DCM was in compliance with all its financial covenants.  
The continued ability to comply with financial covenants under the Company’s credit facilities for at least the next 
twelve months is contingent on management’s ability to meet budgeted revenue, profitability and working capital 
targets.  The estimate of future cash flows in the Company’s 2025 budget and forecasts through to March 31, 2026 
include a number of key assumptions to support the financial covenant calculations, specifically related to forecast 
revenues and gross margins (which in turn impact EBITDA).  Management are satisfied that the Company’s forecasts 
and projections, taking account of reasonably possible changes in results and other uncertainties, will not result in 
any breach of the financial covenants on its credit facilities within the next fifteen months.
A failure by DCM to comply with its obligations under the Bank Credit Agreement or the FPD Credit Agreement, 
together with certain other events, including a change of control of DCM and a change in DCM’s Chief Executive 
Officer ("CEO"), President or Chief Financial Officer ("CFO") (unless a replacement officer acceptable to FPD, acting 
reasonably, is appointed within 60 days of the effective date of such officer’s resignation), could result in an event of 
default which, if not cured or waived, would result in the interest rate on borrowings increasing by 2% while in default 
and could result in the indebtedness outstanding becoming immediately due and payable under each of those 
agreements if called by the lenders.
INTER-CREDITOR AGREEMENT
DCM’s obligations under the New Bank Credit Facility and the FPD VI Credit Facility are secured by conventional 
security charging all of the property and assets of DCM and its subsidiaries. DCM has entered into an inter-creditor 
agreement between the Bank and FPD VI, which, among other things, establishes the rights and priorities of the 
respective liens of the Bank and FPD VI on the present and after-acquired property of DCM and its subsidiaries. 
The movement in credit facilities during the years ended December 31, 2024 and 2023 are as follows:
. . M D & A . .
DATA Communications Management Corp.
23

(in thousands of Canadian dollars, except share and per share 
amounts, unaudited)
December 31,
2024
December 31,
2023
Balance - Beginning of year, net of transaction costs and debt 
premiums and discounts
$ 
100,251 
$ 
27,047 
Changes from financing cash flows
Proceeds from credit facilities 
$ 
50,962 
 
162,140 
Repayment of credit facilities
 
(68,083)  
(87,592) 
Transaction costs
 
— 
 
(1,801) 
Total change from financing cash flows
 
(17,121)  
72,747 
Non-cash movements
Amortization of transaction costs, net of debt modification gain
 
560 
 
457 
Balance - End of year, net of transaction costs and debt 
premiums and discounts
$ 
83,690 
$ 
100,251 
The scheduled principal repayments on the long-term debt are as follows:
2025 (1)
 
15,175 
2026
 
38,618 
2027
 
7,143 
2028
 
23,809 
$ 
84,745 
(1) Includes the $6.5 million for interim funding received to date under the leasing facilities which is expected to be 
converted into a lease liability on execution of the lease agreements in the first quarter of 2025. 
CASH FLOW FROM OPERATIONS
During the year ended December 31, 2024, cash flows generated by operating activities were $24.7 million compared 
to cash flows generated by operating activities of $25.8 million during the same period in 2023. The current period 
cash flow from operations, before adjusting for changes in working capital, generated a total of $21.0 million 
compared with $19.9 million during the same period in 2023. The slight decrease in the current period cash flow from 
operations was primarily due to an increase in provisions paid for restructuring initiatives, which was offset by higher 
profitability, including the full-year inclusion of MCC results. 
Changes in working capital during the year ended December 31, 2024 generated $3.7 million in cash compared to 
$5.9 million of cash generated in the prior year. During the year ended December 31, 2024, DCM had a cash outflow 
of $15.5 million resulting from a decrease in trade and accrued liabilities compared to an outflow of $3.5 million for the 
same period in 2023. This was partially offset by a cash inflow resulting from a decrease in trade receivables of $14.6 
million compared to an outflow of $3.6 million for the same period in 2023, and a cash inflow of $5.0 million resulting 
in a decrease in inventory compared to an inflow of $14.4 million for the same period in 2023. These improvements 
were primarily due to better accounts receivable collections and better inventory management, resulting in lower 
accounts receivable and inventory levels as of December 31, 2024. These inflows enabled DCM to pay vendors in a 
more timely basis. 
DATA Communications Management Corp.
. . M D & A . .
24

INVESTING ACTIVITIES
For the year ended December 31, 2024, $10.1 million in cash flows were used for investing activities compared with 
$104.5 million used during the same period in 2023. The higher cash outflows in 2023 were specifically due to the 
$131.0 million paid for the MCC acquisition, which was offset by the $29.5 million of proceeds received on sale and 
leaseback transactions for the Fergus, Ontario and Trenton, Ontario facilities. In 2024, DCM received $11.5 million of 
proceeds on sale and lease back transactions of equipment ($8.5 million from the sale and leaseback of the Trenton 
property and $3.0 million from the sale and leaseback of new equipment purchases), netted by the $9.4 million of 
deposits paid for these equipment (see financing activities below). Additionally, DCM made investments of $12.3 
million in property, plant and equipment, compared to $4.2 million in the prior year. 
FINANCING ACTIVITIES
For the year ended December 31, 2024, the cash flow used by financing activities was $25.6 million compared with 
$92.2 million generated during the same period in 2023.
The higher cash inflow in 2023 was primarily driven by borrowings of $162.1 million under its Credit Facilities, of 
which $132.2 million related to the MCC acquisition and $24.2 million was generated from a private placement of 
common shares of the Company completed during the second quarter of 2023. In 2024, DCM borrowed $51.0 million, 
which is more in line with regular borrowing activity under its the Bank Credit Facility. 
In 2024, DCM repaid $68.1 million of outstanding debt, of which $61.8 million was related to repayments on the Bank 
Credit Facility and $6.3 million were repayments on the FPD facilities, compared to $87.6 million repaid in 2023. 
Lease principal payments increased from $6.3 million in 2023 to $7.8 million in 2024, reflecting the new leases 
entered into by DCM. 
OUTSTANDING SHARE DATA
At March 12, 2025, and December 31, 2024, there were 55,308,951 common shares of DCM outstanding. At 
December 31, 2023, there were 55,022,883 common shares of the Company outstanding.
At March 12, 2025 and December 31, 2024, there were options outstanding to purchase up to 4,223,800 common 
shares of the Company. At December 31, 2023, there were options outstanding to purchase up to 4,529,000 common 
shares of the Company.
At March 12, 2025, December 31, 2024 and December 31, 2023, there were warrants outstanding to purchase up to 
261,216 common shares of the Company.
. . M D & A . .
DATA Communications Management Corp.
25

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
DCM’s financial instruments consist of cash, trade receivables, bank overdraft, trade payables and accrued liabilities, 
credit facilities, and lease liabilities. All of DCM's financial instruments are non-derivative in nature and DCM does not 
enter into financial instruments for trading or speculative purposes.
FAIR VALUE
DCM's non-derivative financial instruments are comprised of cash, trade receivables, bank overdraft, trade payables 
and accrued liabilities, credit facilities, and lease liabilities. Non-derivative financial instruments are recognized initially 
at fair value plus, for instruments not at fair value through profit or loss, any directly attributable transaction costs. 
Subsequent to initial recognition non-derivative financial instruments are measured as described below.
Non-derivative financial instruments at fair value through the profit and loss include restricted share units and director 
share units, which are recorded as a liability at fair value on the grant date and are subsequently adjusted for 
changes in the price of DCM's common shares through the consolidated statements of operations. 
The fair value for other non-derivative financial instruments such as cash, trade receivables, bank overdraft, trade 
payables and accrued liabilities approximates their carrying value because of the short-term maturity of these 
instruments. Credit facilities are initially recognized at the discounted present value of the amounts required to be 
paid to derive their fair value and are then measured at amortized costs using the effective interest method. The fair 
values are not materially different from their carrying amounts since the interest payable on these borrowings is close 
to market rates. 
CREDIT RISK
Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its 
contractual obligations. Financial instruments that potentially subjected DCM to credit risk consisted of cash and trade 
receivables.
DCM grants credit to customers in the normal course of business. DCM typically does not require collateral or other 
security from customers; however, credit evaluations are performed prior to the initial granting of credit terms when 
warranted and periodically thereafter. Normal credit terms for amounts due from customers call for payment within 0 
to 60 days.
DCM has trade receivables from clients engaged in various industries, including financial institutions, insurance, 
healthcare, lottery and gaming, retailing, not-for-profit, energy and governmental agencies that are not concentrated 
in any specific geographic area. DCM does not believe that any single industry or geographic region represents 
significant credit risk. DCM’s large client base mitigates credit risk concentration with respect to trade receivables.
To measure the estimated credit losses (“ECL”), trade receivables, including unbilled receivables, have been grouped 
based on similar credit risk characteristics, past due status and other relevant factors.  The expected default rates are 
calculated based on management’s estimate as well as historical credit losses. The historical loss rates are adjusted 
DATA Communications Management Corp.
. . M D & A . .
26

to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle 
the trade receivable.
On that basis, the loss allowance as at December 31, 2024 was determined using default rates under the provision 
matrix for an amount of $1.5 million (2023 – $1.7 million), of which $0.8 million (2023 – $1.2 million) relates to unbilled 
receivables.
The following default rates are used to calculate the ECLs on billed receivables as at December 31, 2024 and 
December 31, 2023, respectively:
December 31, 2024 (in thousands of 
Canadian dollars, except percentage 
amounts)
Total
Current 
period
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.14%
0.20%
0.32%
14.30%
Billed receivables balance
$67,911
$38,644
$16,910
$8,344
$4,013
Billed receivables ECL
$689
$54
$34
$27
$574
December 31, 2023 (in thousands of 
Canadian dollars, except percentage 
amounts)
Total
Current 
period
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.11%
0.22%
0.30%
9.66%
Billed receivables balance
$85,989
$49,828
$23,055
$9,048
$4,058
Billed receivables ECL
$523
$54
$50
$27
$392
December 31, 2022 (in thousands of 
Canadian dollars, except percentage 
amounts)
Total
Current 
period
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.13%
0.13%
0.33%
22.60%
Billed receivables balance
$41,554
$26,316
$10,369
$3,291
$1,578
Billed receivables ECL
$415
$34
$13
$11
$357
The following default rates are used to calculate the ECLs on unbilled receivables as at December 31, 2024 and 
December 31, 2023, respectively:
December 31, 2024 (in thousands of Canadian 
dollars, except percentage amounts)
Total
Less than 
30 days
Over 30 
days
Over 60 
days
Over 90 
days
Unbilled receivables
0.46%
0.66%
1.06%
4.66%
Unbilled receivables balance
$36,991
13,805
6,250
3,493
13,443
Unbilled receivables ECL
$768
$64
$41
$37
$626
December 31, 2023 (in thousands of Canadian 
dollars, except percentage amounts)
Total
Current 
period
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.81%
0.91%
1.03%
13.44%
Unbilled receivables balance
$33,687
22,308
2,753
1,358
7,268
Unbilled receivables ECL
$1,197
$181
$25
$14
$977
. . M D & A . .
DATA Communications Management Corp.
27

December 31, 2022 (in thousands of Canadian 
dollars, except percentage amounts)
Total
Current 
period
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.86%
1.56%
1.28%
15.75%
Unbilled receivables balance
$14,641
3,840
2,765
1,327
6,709
Unbilled receivables ECL
$1,150
$33
$43
$17
$1,057
At the end of each reporting period, management reassesses the default rates. Default rates are applied to the billed 
and unbilled receivable balances to calculate the credit default reserve. Management assesses the adequacy of this 
reserve quarterly, taking into account historical experience, current collection trends, the age of receivables and, 
when warranted and available, the financial condition of specific counterparties. When collection efforts have been 
reasonably exhausted, specific balances are written off. As at  December 31, 2024 the Company has $4.0 million 
(6%) of its billed receivables that are over 90 days old (2023 - $4.1 million or 5%). The decrease in billed receivables 
is primarily due to improved collection efforts throughout the year.
Judgment by management is required to determine both (a) the revenue and billed receivables to be recognized, 
where price concessions may need to be given to encourage customers to settle older amounts promptly as a result 
of billing issues under IFRS 15 (as revenue can only be recognized to the extent that it is highly probable that a 
significant reversal in the amount of revenue will not occur when the uncertainty associated with the variable 
consideration is subsequently resolved), and (b) ECL provisions required under IFRS 9 to reflect impairments of its 
trace receivables as a result of customers inability to settle the billed receivables.  
LIQUIDITY RISK
In assessing DCM’s liquidity requirements, DCM takes into account its level of cash, together with currently projected 
cash to be provided by operating activities, cash available from its unused credit facilities, cash from investing 
activities such as sales of redundant assets, access to the capital markets and anticipated reductions in operating 
costs projected to result from existing restructuring activities, as well as its ongoing cash needs for its existing 
operations.
Liquidity risk is the risk that DCM may encounter difficulties in meeting obligations associated with financial liabilities 
as they become due. In assessing DCM’s liquidity requirements, DCM believes that the currently projected cash flow 
from operations, cash available from its unused credit facilities, cash from investing activities such as sales of 
redundant assets, access to the capital markets and anticipated reductions in operating costs projected to result from 
existing restructuring activities, as well as its ongoing cash needs for its existing operations will be sufficient to fund its 
currently projected operating requirements, including expenditures related to its growth strategy, payments associated 
with provisions as a result of on-going productivity improvement initiatives, payment of income tax liabilities, 
contributions to its pension plans, maintenance or investment in new capital expenditures, and interest and scheduled 
repayments of borrowings under its credit facilities. See “Contractual obligations” section below, which contains 
additional information on the contractual undiscounted cash flows of DCM’s significant financial liabilities and the 
future commitments of the Company.
DATA Communications Management Corp.
. . M D & A . .
28

The continued ability to comply with financial covenants on the Company’s credit facilities for at least the next twelve 
months is contingent on management’s ability to meet budgeted revenue, profitability and working capital targets. The 
estimate of future cash flows in the Company’s 2025 budget include a number of key assumptions to support the 
financial covenant projections, specifically related to forecast revenues and gross margins (which in turn impact 
earnings before interest, income taxes, depreciation and amortization (EBITDA)). Management is satisfied that the 
Company’s forecasts and projections through to March 31, 2026, taking account of reasonably possible changes in 
results and other uncertainties, will not result in any breach of the financial covenants on its credit facilities within the 
next year. As a result, the Company has concluded that it will have adequate access to liquidity to satisfy its 
obligations within the next fifteen months.
There can be no assurances that DCM will be successful in meeting its financial covenants for at least the next twelve 
months or that future waivers will be provided by the lenders if the covenants are not met. 
MARKET RISK
INTEREST RATE RISK
Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the financial 
instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest bearing financial 
assets and liabilities. DCM’s interest rate risk arises from credit facilities issuances at floating interest rates. 
At December 31, 2024, $33.2 million of DCM’s indebtedness outstanding was subject to floating interest rates; a 1% 
increase/decrease in interest rates would have resulted in an increase/decrease in the loss by $0.3 million for the 
year ended December 31, 2024 (2023 – $0.4 million), respectively. At December 31, 2024, $51.5 million was subject 
to a fixed interest rate. 
CURRENCY RISK
Currency risk is the risk that the fair value of future cash flows arising from a financial instrument will fluctuate 
because of changes in foreign currency exchange rates. In the normal course of business, DCM does not have 
significant foreign exchange transactions, and accordingly, the amounts and currency risk are not expected to have 
an adverse material impact on the operations of DCM. Management considers the currency risk to be low and does 
not hedge its currency risk; therefore, sensitivity analysis is not presented.
CONTRACTUAL OBLIGATIONS
DCM believes it will have sufficient resources from its operating cash flow, existing cash resources and borrowing 
under available credit facilities to meet its projected contractual obligations as they become due. Contractual 
obligations have been defined as contractual commitments in existence but not paid for as at December 31, 2024. 
Short-term commitments such as month-to-month office leases, which are easily cancelled, are excluded from this 
definition.
. . M D & A . .
DATA Communications Management Corp.
29

DCM believes that its existing cash resources and projected cash flows from operations will be sufficient to fund its 
currently projected operating requirements and that it will continue to remain compliant with its covenants and other 
obligations under its credit facilities.
TABLE 7 
The following table sets out DCM’s significant contractual obligations and commitments as of 
December 31, 2024.
(in thousands of 
Canadian dollars, 
unaudited)
Total
Less than
a year
1 to 3 years
4 to 5 years
5 years and 
greater
Pension funding 
$ 
24,250 $ 
1,254 $ 
7,466  
3,089  
12,441 
Lease liabilities
$ 
285,957  
18,737  
63,161  
19,583  
184,476 
Termination 
(Severance) 
Obligations
$ 
9,295 
 
8,016  
1,279  
—  
— 
Long-term debt (2)
$ 
97,381  
20,782  
76,599  
—  
— 
Total
$ 
416,883 $ 
48,789 $ 
148,505 $ 
22,672 $ 
196,917 
(1) DCM is required under applicable pension legislation to make monthly, annual and/or one-time cash 
contributions to its defined benefit pension plans to fund current or future funding deficiencies which may emerge 
in the defined benefit provision of those plans. See “Liquidity and capital resources – Pension funding 
obligations” above. The table above includes amounts payable under DCM's SERP plans. DCM’s obligations 
under the SERPs consist of benefits payable as a single life annuity with a five to fifteen year guarantee.  The 
duration of these payments is dependent on the length of each participant's life and, in certain cases, that of their 
designated beneficiary, and their age in any given year.
(2) Credit facilities as at December 31, 2024 subject to floating interest rates consisting of the Bank Credit Facility, 
expiring on April 24, 2026, the Bank Leasing Facility, expiring on February 28, 2025, and Other Leasing Facility, 
expiring on January 9, 2025. As at December 31, 2024, the outstanding balances on the Bank Credit Facility 
totaled $8.8 million and bore interest at a floating rate of 6.45%; CORRA loan I totaled $4.0 million and bore 
interest of 6.31%; CORRA Loan II totaled $7.0 million and bore interest of 6.67%; and CORRA Loan III totaled 
$7.0 million and bore interest of 6.10%. The amounts at December 31, 2024 include estimated interest totaling 
$1.7 million for 2025 and  $0.7 million for 2026. As at December 31, 2024, the outstanding balances on the 
Leasing Facilities totaled $6.5 million and bore interest at a floating rate of 7.30% and 4.25%. The amounts at 
December 31, 2024 include estimated interest totaling $118 thousand for 2025. Credit facilities at December 31, 
2024 subject to fixed interest rates consisting of the FPD VI Credit Facility, expiring on December 17, 2026 and 
the FPD VI New Credit Facility expiring on April 21, 2028. As at December 31, 2024, the outstanding balances 
totaled $51.5 million, of which $6.3 million bore interest at a fixed rate of 5.95% and $45.2 million bore interest at 
a fixed rate of 8.08% per annum. The amounts at December 31, 2024 include estimated interest totaling $3.8 
million for 2025, $3.1 million for 2026, $2.3 million for 2027 and $0.9 million for 2028. 
DCM has experienced significant growth in contractual obligations and commitments due to various factors. The 
principal factors that caused DCM’s significant contractual obligations and commitments to grow are as follows:
•
The long-term debt decreased considerably, mainly due to the repayment of long term debt. 
•
The decrease in termination obligations is primarily due to relatively higher 2023 restructuring initiatives 
related to post-merger integration initiatives following the MCC acquisition.
•
The increase in contractual obligations from lease liabilities was due to the incremental leases signed as a 
result of DCM's strategic planned accelerated investment in new state-of-the-art capital equipment.
TRANSACTIONS WITH RELATED PARTIES
During the year ended December 31, 2024, there were regular inter-company activities between DCM and its 
subsidiaries during the normal course of business. These transactions and balances are eliminated in DCM’s 
DATA Communications Management Corp.
. . M D & A . .
30

consolidated financial statements. Related parties are defined as individuals who can influence the direction or 
management of DCM or any of its subsidiaries and therefore, the directors and officers of DCM’s subsidiaries are 
considered related parties.
On March 15, 2018, DCM entered into a loan agreement with a key member of management, of $0.1 million to 
finance the purchase of common shares of the Company. Initially set to expire on March 15, 2023, the loan term was 
subsequently extended by an additional three years. Interest accrues at a floating interest rate based upon the 
Canadian prime rate plus an applicable margin of 1.00% for a total interest rate of 6.45% as at December 31, 2024 on 
the unpaid balance of the loan. The loan is unsecured and repayable upon maturity. At December 31, 2024, the 
balance owing on the loan was $0.1 million.
COMPENSATION OF KEY MANAGEMENT
Key management personnel are deemed to be Directors on DCM's Board, the CEO, the CFO and other members of 
the senior executive team. 
TABLE 8 
The following table sets out DCM's compensation awarded to key management personnel, 
excluding compensation awarded to Directors as of December 31, 2024.
(in thousands of Canadian dollars, unaudited)
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Salaries and other short-term employee benefits
$ 
2,858 
$ 
3,473 
Termination and retirement benefits
 
— 
 
1,567 
Post-employment benefits
 
13 
 
10 
Share-based compensation expense
 
821 
 
2,978 
Total
$ 
3,692 
$ 
8,028 
For the year ended December 31, 2024, DCM recorded share-based compensation awards expense of $0.8 million, a 
decrease of $2.2 million or 72% compared with the same period in 2023. For the year ended December 31, 2024, 
DCM granted 172,073 RSUs to key management personnel (excluding compensation awarded to Directors) 
compared to 252,260 RSUs granted in 2023. Additionally, the key management personnel (excluding compensation 
awarded to Directors) were not issued any options this year, while in the same period in 2023, DCM issued 750,000 
options to purchase common shares of the Company, of which 250,000 options were subsequently forfeited. The 
remaining 500,000 options vest at a rate of 1/2 each year beginning on April 27, 2024.
. . M D & A . .
DATA Communications Management Corp.
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Operating results for the fourth quarter of 2024, 2023 and 2022
TABLE 9
The following table sets out selected consolidated quarterly financial information for the periods noted.
(in thousands of Canadian dollars, except share 
and per share amounts, unaudited)
October 1 to 
December 31, 2024
October 1 to 
December 31, 2023
October 1 to 
December 31, 2022
Revenues
$ 
116,225 
$ 
129,964 $ 
73,045 
Cost of revenues
 
85,812 
 
97,204  
49,491 
Gross profit
 
30,413 
 
32,760  
23,554 
Selling, general and administrative expenses
 
19,657 
 
24,030  
13,636 
Research and development expenses
 
1,075 
 
1,270  
— 
Restructuring expenses
 
1,032 
 
10,570  
— 
Acquisition and integration costs
 
6,170 
 
704  
1,870 
Net fair value (gains) losses on financial 
liabilities at fair value through profit or loss
 
(2,194)  
(956)  
1,225 
Other gains
 
(2,500)  
—  
— 
 
23,240 
 
35,618  
16,731 
Income (loss) before finance costs and 
income taxes
 
7,173 
 
(2,858)  
6,823 
Finance costs
Interest expense, net
 
5,291 
 
5,667  
1,134 
Amortization of transaction costs, net of 
debt extinguishment
 
140 
 
137  
87 
 
5,431 
 
5,804  
1,221 
Income (loss) before income taxes
 
1,742 
 
(8,662)  
5,602 
Income tax expense (recovery)
Current
 
333 
 
367  
1,653 
Deferred 
 
710 
 
(2,671)  
269 
 
1,043 
 
(2,304)  
1,922 
Net income (loss) for the period
$ 
699 
$ 
(6,358) $ 
3,680 
Basic (loss) earnings per share
 
0.01 
 
(0.12)  
0.08 
Diluted (loss) earnings per share
 
0.01 
 
(0.12)  
0.08 
Weighted average number of common 
shares outstanding, basic
 
55,308,952 
 
55,022,883  
44,062,831 
Weighted average number of common 
shares outstanding, diluted
 
57,481,819 
 
55,022,883  
46,796,407 
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TABLE 10 
The following table provides reconciliations of net income to EBITDA and of net income to Adjusted 
EBITDA for the periods noted. See “Non-IFRS Accounting Standards Measures” section above for 
more details.
EBITDA and Adjusted EBITDA reconciliation
(in thousands of Canadian dollars, unaudited)
October 1 to 
December 31, 2024
October 1 to 
December 31, 2023
October 1 to 
December 31, 2022
Net income (loss) for the period
$ 
699 $ 
(6,358) $ 
3,680 
Interest expense, net
 
5,291  
5,667  
1,134 
Amortization of transaction costs
 
140  
137  
87 
Current income tax expense
 
333  
367  
1,653 
Deferred income tax expense (recovery)
 
710  
(2,671)  
269 
Depreciation of property, plant and equipment
 
1,062  
2,058  
644 
Amortization of intangible assets
 
495  
829  
393 
Depreciation of the ROU Asset
 
4,550  
4,665  
1,610 
EBITDA
$ 
13,280 $ 
4,694 $ 
9,470 
Acquisition and integration costs
 
6,170  
704  
1,870 
Restructuring expenses
 
1,032  
10,570  
— 
Net fair value (gains) losses on financial 
liabilities at fair value through profit or loss
 
(2,194)  
(956)  
1,225 
Other gains
 
(2,500)  
—  
— 
Adjusted EBITDA
$ 
15,788 $ 
15,012 $ 
12,565 
. . M D & A . .
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TABLE 11 
The following table provides reconciliations of net income (loss) to Adjusted net income (loss). See 
“Non-IFRS Accounting Standards Measures” section above for more details.
Adjusted net income (loss) reconciliation
(in thousands of Canadian dollars, unaudited)
October 1 to 
December 31, 2024
October 1 to 
December 31, 2023
October 1 to 
December 31, 2021
Net income (loss) for the period
$ 
699 $ 
(6,358) $ 
3,680 
Acquisition and integration costs
 
6,170  
704  
1,870 
Restructuring expenses
 
1,032  
10,570  
— 
Net fair value (gains) losses on financial 
liabilities at fair value through profit or loss
 
(2,194)  
(956)  
1,225 
Other gains
 
(2,500)  
—  
— 
Tax effect of above adjustments
 
(633)  
(2,598)  
(473) 
Adjusted net income (loss)
$ 
2,574 $ 
1,362 $ 
6,302 
Adjusted net income per share, basic
$ 
0.05 $ 
0.02 $ 
0.14 
Adjusted net income per share, diluted
$ 
0.04 $ 
0.02 $ 
0.13 
Weighted average number of common 
shares outstanding, basic
55,308,952
 
55,022,883  
44,062,831 
Weighted average number of common 
shares outstanding, diluted
57,481,819
 
55,022,883  
46,796,407 
REVENUES
For the quarter ended December 31, 2024, DCM recorded revenues of $116.2 million, a decrease of $13.7 million or 
10.6% compared with the same period in 2023. The decrease in revenues was primarily driven by reduced spending 
by some of our large enterprise clients, the deferral or elimination of certain larger, non-recurring client projects, as 
well as the Canadian postal strike in the quarter. DCM also discontinued certain lower margin accounts to enhance 
overall profitability and focus more resources on higher margin business.
COST OF REVENUES AND GROSS PROFIT
For the quarter ended December 31, 2024, DCM recorded cost of revenues of $85.8 million, a decrease of $11.4 
million or 11.7% from $97.2 million for the same period in 2023. Gross profit for the quarter ended December 31, 
2024 was $30.4 million, a decrease of $2.3 million or 7.2% from $32.8 million for the same period in 2023.
Gross profit as a percentage of revenues for the quarter ended December 31, 2024 was 26.2%, an increase from the 
prior period of 25.2%. Gross profit as a percentage of revenues for the quarter ended December 31, 2024 improved 
from the prior period, driven by synergies from integration activities, alignment of pricing strategies with our clients, 
focusing on more profitable business opportunities, improved purchasing practices, and reduced outsourcing while 
increasing inter-plant production. Additionally, DCM intentionally reduced or deferred lower-margin Product Sales, 
which further contributed to the higher gross profit margin.
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
SG&A expenses for the quarter ended December 31, 2024 were $19.7 million or 16.9% of total revenues, decrease of 
$4.4 million or 18%, from $24.0 million, or 18.5% of total revenues, in the same period in 2023. The decrease in 
SG&A expenses and SG&A as a percentage of revenues for the quarter ended December 31, 2024 was primarily 
driven by headcount reductions and synergies achieved from the integration of MCC.
RESEARCH AND DEVELOPMENT EXPENSES
R&D expenses for the quarter ended December 31, 2024 were $1.1 million compared to $1.3 million, a decrease of 
$0.2 million or 15% of total revenues, in the same period in 2023. The change in R&D expenses was mainly due to 
the timing of costs incurred for ASMBL, our digital asset management platform.
ACQUISITION COSTS AND INTEGRATION COSTS
DCM incurred $6.2 million for one-time, non-recurring acquisition costs and integration costs related to the MCC 
acquisition, and to a much lesser extent, the Zavy acquisition. Of this total, $5.9 million related to one-time, non-
recurring post-integration costs, including consulting, legal fees, strategic advisory fees and plant consolidation 
expenses, which covered transportation, dismantling and installation of equipment, as well as inventory and 
equipment write-offs. The plant consolidation expenses were related to the successful closure of the Fergus, Ontario 
facility in October 2024, and the Trenton, Ontario facility in November 2024, with their operations consolidated into the 
Company’s Drummondville, Quebec and Brampton, Ontario facilities, respectively.
The remaining $0.3 million related specifically to Zavy acquisition costs, including legal fees and other direct 
acquisition costs.
RESTRUCTURING EXPENSES
For the quarter ended December 31, 2024, DCM incurred restructuring expenses of $1.0 million compared to 
$10.6 million in the same period in 2023, all of which related to post-acquisition integration initiatives following the 
MCC acquisition. DCM completed its planned initiatives to drive synergies in connection with the acquisition of MCC 
during the year ended 2024, including initiatives to align its organizational structure and optimize its operational 
footprint. The restructuring expenses include headcount reductions across various functions, including operations, 
senior executive management, sales and other SG&A functional roles, as well as eligible costs associated with plant 
consolidations (see discussion above). 
NET FAIR VALUE (GAINS) LOSSES ON FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT AND 
LOSS
The trading price of our common share decreased by 29.2% for the quarter ended December 31, 2024, from $2.70 on 
October 1, 2024 to $2.09 as of December 31, 2024. As a result, we recognized a gain of $2.2 million for the quarter 
ended December 31, 2024, compared to a gain of $1.0 million for the same period in 2023, where the share price 
decreased by 13.0% from $2.96 on October 1, 2023 to $2.62 on December 31, 2023. DCM recorded these non-cash 
accruals for mark-to-market expense and the normal vesting expense for outstanding long-term incentive 
compensation in the form of RSUs and DSUs.
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OTHER GAINS 
DCM recognized $2.5 million of other gains for the quarter ended December 31, 2024. This related to changes in the 
defined benefit pension under the MCC Pension Plan, and changes to the long-term employee benefit plans. These 
relate to the following: 
•
DCM closed its production facilities in Fergus, Ontario and Trenton, Ontario and reduced the number of 
active employees receiving a defined benefit pension under the MCC Pension Plan. This plan amendment 
resulted in a past service credit of $0.8 million.
•
DCM made a change to the other long-term employee benefit plans for certain employees on long-term 
disability under the DCM OPEB LTD Plan and under the MCC OPEB LTD Plan. Previously, employees on 
long-term disability received health care and dental care benefits up to age 65 and this benefit was replaced 
with coverage that ends two years following the date of disability. In addition, an employee who was on long-
term disability as of July 2024, will continue to receive health care and dental care benefits capped at a 
maximum of two years and their two-year coverage will end in July 2026. As a result of this change, a past 
service credit of $1.3 million was recognized; and
•
DCM discontinued providing other long-term employee benefits to certain employees on long-term disability 
who previously worked at the Fergus, Ontario and Trenton, Ontario closed production facilities. As a result of 
this change, a portion of the experience gains of $0.4 million was recognized. 
EBITDA AND ADJUSTED EBITDA
For the quarter ended December 31, 2024, EBITDA was $13.3 million or 11.4% of revenues compared to $4.7 million 
or 3.6% of revenues in the same period in 2023. For the quarter ended December 31, 2024, Adjusted EBITDA was 
$15.8 million or 13.6% of revenues after adjusting EBITDA for $6.2 million in acquisition and integration costs, $1.0 
million in restructuring costs, $2.5 million in other gains, and $2.2 million loss in net FVTPL compared to $15.0 million 
or 15.5% of revenues after adjusting EBITDA for $0.7 million in acquisition and integration costs, $10.6 million in 
restructuring costs and $1.0 million gain in net FVTPL.
The increase in EBITDA for the quarter ended December 31, 2024 compared to the period in 2023 was primarily 
driven by a reduction in restructuring costs of $1.0 million, a one-time other gain of $2.5 million, and lower SG&A. 
This was offset by decreased revenue and gross profit, as well as higher acquisition and integration costs of $6.2 
million. 
The slight decrease in Adjusted EBITDA for the quarter ended December 31, 2024 compared to the period in 2023 
was primarily driven by a decrease in overall revenues and gross profit, partially offset by lower SG&A. 
FINANCE COSTS
Finance costs include interest on debt outstanding under DCM’s credit facilities, interest on pension obligations, debt 
extinguishment gains, amortization of debt transaction costs, amortization of asset retirement obligations, and interest 
expense on lease liabilities under IFRS 16. For the quarter ended December 31, 2024, finance costs were $5.4 
million compared to $5.8 million for the same period in 2023. Interest expense for the quarter ended December 31, 
2024 decreased from the prior period by utilizing advances under CORRA loans. Additionally, the prime interest rate 
on floating rate debt was reduced throughout the quarter which contributed to the decreased in overall interest 
DATA Communications Management Corp.
. . M D & A . .
36

expense. This decline was partially offset by an increase in interest expense for leases, as DCM entered into leases 
related to new capital equipment investments, and modification of leases for existing property facilities. 
INCOME TAXES
DCM reported a income before income taxes of $1.7 million and a net income tax expense of $1.0 million for the 
quarter ended December 31, 2024 compared to loss before income taxes of $8.7 million and a net income tax 
recovery of $2.3 million for the quarter ended December 31, 2023.
NET INCOME (LOSS)
The net income for the quarter ended December 31, 2024 was $0.7 million compared to net loss of $6.4 million for 
the quarter ended December 31, 2023. The increase in comparable profitability for the quarter ended December 31, 
2024 was primarily driven by a reduction in restructuring costs of $1.0 million, a one-time other gain of $2.5 million, 
and lower SG&A. This was offset by decreased revenue and gross profit, as well as higher acquisition and integration 
costs of $6.2 million. 
ADJUSTED NET INCOME (LOSS) 
Adjusted net income for the quarter ended December 31, 2024 was $2.6 million compared to adjusted net income of 
$1.4 million for the same period in 2023. The increase in comparable profitability for the quarter ended December 31, 
2024 was due to lower SG&A. This was offset by decreased revenue and gross profit. 
Summary of eight quarter results
TABLE 12
The following table summarizes quarterly financial information for the past eight quarters.
(in thousands of Canadian dollars, except per share amounts, unaudited)
2024
Q4
Q3
Q2
Q1
Revenues
$ 
116,225 $ 
108,726 $ 
125,751 $ 
129,254 
Net income (loss) attributable to shareholders
 
699  
(2,668)  
4,064  
1,475 
Basic earnings (loss) per share
 
0.01  
(0.05)  
0.07  
0.03 
Diluted earnings (loss) per share
 
0.01  
(0.05)  
0.07  
0.02 
2023
Q4
Q3
Q2
Q1
Revenues
$ 
129,964 $ 
122,721 $ 
118,963 $ 
76,077 
Net income (loss) attributable to shareholders
 
(6,358)  
(4,185)  
(2,879)  
(2,431) 
Basic earnings (loss) per share
 
(0.12)  
(0.08)  
(0.06)  
(0.06) 
Diluted earnings (loss) per share
 
(0.12)  
(0.08)  
(0.06)  
(0.06) 
The variations in DCM’s quarterly revenues and net income (loss) over the eight quarters ended December 31, 2024 
can be attributed to several principal factors: the acquisition of MCC as of April 24, 2023; increases in the costs of 
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DATA Communications Management Corp.
37

freight, paper, ink, and other raw material inputs used by DCM in the conduct of its business; seasonal variations in 
customer spending related to marketing campaigns and business communications; refinement of DCM’s pricing 
discipline; fair value (gains) losses on financial liabilities at fair value through profit or loss for RSUs and DSUs; 
acquisition and integration costs related to the acquisition of MCC; and restructuring expenses related to DCM’s 
ongoing productivity improvement and cost reduction initiatives.
DCM’s net loss for the fourth quarter of 2024 included higher net income and gross profit as a percentage of revenue 
due to the synergies from MCC and DCM integration, DCM's initiatives to target higher-margin business, and fair 
value (gains) losses on financial liabilities at fair value through profit or loss for RSUs and DSUs of approximately 
$2.2 million. This was offset by one-time costs related to restructuring expenses of $1.0 million and acquisition and 
integration costs of $6.2 million. However, DCM’s net income for the fourth quarter of 2023 included a lower gross 
profit as a percentage of revenues, and one-time costs related to restructuring expense for $10.6 million. 
DCM’s net income for the third quarter of 2024 included higher gross margins as a percentage of revenue, attributed 
to the synergies from MCC and DCM integration and DCM's initiatives to target higher-margin business and fair value 
(gains) losses on financial liabilities at fair value through profit or loss for RSUs and DSUs of approximately $0.1 
million. This was offset by the decrease in revenue of $11.7 million, one-time costs related to restructuring expenses 
of $1.2 million and acquisition and integration costs of $2.1 million. DCM’s net income for the third quarter of 2023 
included restructuring expenses of $7.0 million, acquisition and integration costs of $0.2 million, one-time fair market 
value adjustment of RSUs and DSUs of approximately $0.7 million included in cost of sales and SG&A.
DCM’s net income for the second quarter of 2024 included higher gross margins, attributed to the synergies from 
MCC and DCM integration and DCM's initiatives to target higher-margin business and fair value (gains) losses on 
financial liabilities at fair value through profit or loss for RSUs and DSUs of approximately $1.4 million. This was offset 
by the one-time costs related to restructuring expenses of $1.1 million and integration costs of $0.2 million. DCM’s net 
income for the second quarter of 2023 included restructuring expenses of $2.7 million, acquisition and integration 
costs of $3.8 million, one-time fair market value adjustment of RSUs and DSUs of approximately $2.3 million included 
in cost of sales and SG&A.
DCM’s net income for the first quarter of 2024 included higher revenues and lower gross margins attributable to the 
operations of MCC. This was offset by one-time costs related to restructuring expenses of $1.1 million and integration 
costs of $0.3 million, and fair value (gains) losses on financial liabilities at fair value through profit or loss for RSUs 
and DSUs of approximately $3.2 million. DCM’s net income for the first quarter of 2023 included acquisition and 
integration costs of $6.1 million, one-time fair market value adjustment of RSUs and DSUs of approximately $5.0 
million included in cost of sales and SG&A and no restructuring expenses.
ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES
The accounting policies used in the preparation of the consolidated financial statements are outlined in notes 2 and 3 
of the Notes to the consolidated financial statements of DCM for the year ended December 31, 2024. 
DATA Communications Management Corp.
. . M D & A . .
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NEW AND AMENDED STANDARDS ADOPTED
AMENDMENTS TO IAS 1 PRESENTATION OF FINANCIAL STATEMENTS: CLASSIFICATION OF LIABILITIES AS 
CURRENT OR NON-CURRENT, AND NON-CURRENT LIABILITIES WITH COVENANTS 
In January 2020 the IASB issued an amendment to ‘Classification of Liabilities as Current or Non-current (2020 
Amendments). This standard was amended to promote consistency in applying the requirements by helping 
companies determine whether debt and other liabilities with an uncertain settlement date should be classified as 
current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the 
classification requirements for debt a company might settle by converting it into equity. In October 2022 the IASB 
issued a further amendment ‘Non-current Liabilities with Covenants' (2022 amendments) which also deferred the 
effective date of the 2020 amendments). The 2022 amendments aim to improve the information an entity provides 
when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the 
reporting period. The amendments were adopted effective January 1, 2024 and did not have an impact on the 
consolidated financial statements (see note 13 for details of the financial covenants that DCM is required to comply 
with over the next twelve months).
AMENDMENTS TO IFRS 16 LEASES: LEASE LIABILITY IN A SALE AND LEASEBACK
In September 2022 the IASB issued narrow-scope amendments to the requirements for sale and leaseback 
transactions in IFRS 16 explaining how a seller-lessee accounts for a sale and leaseback after the date of the 
transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that 
do not depend on an index or a rate are impacted. The amendments were adopted January 1, 2024 and did not have 
any significant impact on the consolidated financial statements.
AMENDMENTS TO IAS 7 STATEMENT OF CASH FLOWS AND IFRS 7 FINANCIAL INSTRUMENTS: SUPPLIER 
FINANCING AGREEMENTS 
In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: 
Disclosures, addressing the presentation of liabilities and the associated cash flows arising out of supplier finance 
arrangements. The disclosure requirements in the amendments enhance the previous requirements and are intended 
to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s 
liabilities, cash flows and exposure to liquidity risk. The amendments were adopted January 1, 2024. and did not have 
any significant impact on the consolidated financial statements.
FUTURE ACCOUNTING STANDARDS NOT YET ADOPTED
AMENDMENTS TO IAS 21: LACK OF EXCHANGEABILITY 
In August 2023, the IASB amended IAS 21 to address challenges in determining exchangeability between currencies 
and establishing the spot exchange rate in cases where exchangeability is lacking. Previously, IAS 21 provided 
guidance for situations of temporary lack of exchangeability but did not address scenarios of non-temporary lack of 
exchangeability. The amendments are effective for reporting periods beginning on or after January 1, 2025. DCM is 
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DATA Communications Management Corp.
39

currently evaluating the impact but does not expect these amendments to have any significant impact on the 
condensed interim consolidated financial statements. 
NEW STANDARD: IFRS 18: PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS 
In April 2024 the IASB issued a new standard, IFRS 18 "Presentation and Disclosure in Financial Statements". This 
standard will replace IAS 1 and (i) provides a defined structure for the statement of profit or loss and will require items 
in the statement to be classified into one of five categories: operating, investing, financing, income taxes and 
discontinued operations, (ii) requires enhanced disclosures within the notes to the financial statements for certain 
non-GAAP profit or loss performance measures (management defined performance measures, “MPM”) that are 
reported outside an entity’s financial statements including a reconciliation between the MPM and the most similar 
specified subtotal in IFRS Accounting Standards, and (iii) provides clarification on aggregation and disaggregation in 
the primary financial statements and note disclosures. The new standard will apply to reporting periods beginning on 
or after January 1, 2027 and will apply to comparative information. Management is currently evaluating the impact of 
this future policy on the consolidated financial statements.
AMENDMENTS TO IFRS 9 and IFRS 7: CLASSIFICATION AND MEASUREMENT OF FINANCIAL INSTRUMENTS
In May 2024, the IASB amended IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”. 
The amendments (i) clarify the date of recognition and derecognition of some financial assets and liabilities, with a 
new exception for some financial liabilities settled through an electronic cash transfer system; (ii) clarify and add 
further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) 
criterion; (iii) add new disclosures for certain instruments with contractual terms that can change cash flows (such as 
some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and 
(iv) update the disclosures for equity instruments designated at fair value through other comprehensive income 
(FVOCI). The amendments are effective for reporting periods beginning on or after January 1, 2026. DCM is currently 
evaluating the impact on the condensed interim consolidated financial statements. 
There are no other IFRS Accounting Standards or International Financial Reporting Interpretations Committee 
(‘IFRIC’) interpretations that are not yet effective that would be expected to have a significant impact on DCM.
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of financial statements requires management to make judgments, estimates and assumptions that 
are not readily apparent from other sources about the carrying amounts of assets and liabilities, and reporting income 
and expenses. The estimates and associated assumptions are based on historical experience and other factors that 
are considered to be relevant. Actual results may differ materially from these estimates. The estimates and underlying 
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized during the period 
in which the estimate is revised if the revision affects only that period or in the period of the revision and future 
periods if the revision affects both current and future periods.
DATA Communications Management Corp.
. . M D & A . .
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BUSINESS COMBINATIONS 
On October 31, 2024, DCM acquired Zavy for a total purchase price of $0.6 million. The identifiable assets acquired 
and liabilities assumed, with limited exceptions are measured at their fair values at the acquisition date with the 
excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed 
being recognized as goodwill. The fair value of the identifiable assets acquired included $0.4 million related to 
intangible assets. 
On April 24, 2023, DCM acquired MCC for a total purchase price of $135.8 million after adjusting for the post-closing 
working capital adjustments. The identifiable assets acquired and liabilities assumed, with limited exceptions are 
measured at their fair values at the acquisition date with the excess of the consideration transferred over the fair 
value of the identifiable assets acquired and liabilities assumed being recognized as goodwill. The fair value of the 
identifiable assets acquired included $41.4 million related to properties (including $25.8 million classified as assets 
held for sale) and $26.1 million related to plant, equipment, presses and printing equipment, office furniture and 
equipment and leasehold improvements. Management applied significant judgment in estimating the fair values of the 
acquired properties, plant and equipment.
The fair value of the properties acquired was estimated with the assistance of a third-party appraiser (management’s 
property expert) using a combination of the income (direct capitalization) method and market (direct comparison) 
method.  Significant assumptions related to the direct comparison method included the sales values of comparable 
properties, and subsequent sale and leaseback transactions (including market rental rates and incremental borrowing 
rates).  Significant assumptions related to the direct capitalization approach included capitalization rates and 
comparable market rental rates.
The fair value of the plant and equipment assets acquired was estimated with the assistance of a third-party appraiser 
(management’s plant and equipment expert) using a combination of the market and cost (direct and indirect) 
approaches.  Significant assumptions related to the cost approach included inflation adjustments, replacement cost 
new, physical depreciation, useful lives and functional obsolescence.  Significant assumptions related to the market 
approach included resale values. 
IMPAIRMENT OF GOODWILL
Goodwill is tested for impairment annually at the end of each fiscal year or more frequently if events or changes in 
circumstances indicate there may be impairment. The determination of the impairment of goodwill is impacted by the 
determination of the CGUs, estimates of the recoverable value of those CGUs, assumptions of future cash flows, and 
achieving forecasted business results. 
The acquisition of MCC brought together two similar sized businesses with similar economic characteristics 
particularly in terms of the nature of the products and services, production processes, types of customers and 
methods used to provide these product and services to customers. The acquisition of Zavy added to DCM's offering 
of AI-enabled marketing technology services. These businesses have been integrated into one consolidated 
operation and senior management team under the leadership of the Chief Executive Officer ("CEO") as the Company 
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41

operates as an integrated marketing communications and business solutions provider to its customers. Consequently 
in management’s judgment DCM has a single goodwill CGU, being the Company as a whole, reflecting the manner in 
which the operating results are being reviewed by the chief operating decision maker ("CODM") to make decisions 
about resources to be allocated and to assess the Company's performance as an integrated marketing and business 
solutions provider to its customers. This is the level at which goodwill is monitored for internal management purposes. 
The recoverable amount of this CGU was determined based on its estimated fair value less the cost of disposal using 
a discounted cash flow model. Management applied considerable judgment in estimating the recoverable amounts of 
the Company, which included the use of significant assumptions relating to revenue growth rates, gross margins and 
the discount rate. While the recoverable amount from the discounted cash flow model is sensitive to key assumptions 
used for forecast revenues, gross margins and the discount rate, management is satisfied that the Company’s 
forecasts and assumptions, taking account of reasonably possible changes in results and other uncertainties, will not 
change the result of DCM's impairment analysis.
MANAGEMENT’S REPORT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING
DISCLOSURE CONTROLS AND PROCEDURES
DCM maintains a set of disclosure controls and procedures (as defined in National Instrument 52-109) (“DC&P”) 
designed to provide reasonable assurance that information required to be disclosed in its public filings or otherwise 
under securities legislation is recorded, processed, summarized and reported on a timely basis and that such controls 
and procedures are designed to ensure that information required to be so disclosed is accumulated and 
communicated to its management, including its certifying officers, as appropriate to allow timely decisions regarding 
required disclosure. With the supervision and participation of DCM’s senior management team, the CEO of DCM and 
the CFO of DCM are responsible for designing disclosure controls and procedures of DCM to provide reasonable 
assurance that (i) material information relating to DCM was made known to management, and (ii) information required 
to be disclosed by DCM in its annual filings, interim filings or other reports filed or submitted by it under securities 
legislation is recorded, processed, summarized and reported within the time periods specified in the securities 
legislation.
MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROLS OVER FINANCIAL REPORTING
National Instrument 52-109 requires the CEO and CFO to certify they are responsible for establishing and 
maintaining internal control over financial reporting (“ICFR”) for the Company and that ICFR has been designed and 
is effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of 
financial statements in accordance with IFRS Accounting Standard. The CEO and CFO are also responsible for 
disclosing any changes to the Company’s internal controls during the most recent period that have materially affected, 
or are reasonably likely to materially affect, its internal controls over financial reporting. DCM’s internal control over 
financial reporting is a process designed by, or under the supervision of, the CEO and CFO, or persons performing 
similar functions, and effected by DCM's Board of Directors, management and other personnel. DCM’s internal 
control over financial reporting includes those policies and procedures that pertain to the maintenance of records that, 
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; 
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial 
statements in accordance with IFRS Accounting Standards and that receipts and expenditures of the Company are 
DATA Communications Management Corp.
. . M D & A . .
42

being made only in accordance with authorizations of management and directors; and provide reasonable assurance 
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that 
could have a material effect on the financial statements. Because of its inherent limitations, internal control over 
financial reporting may not prevent or detect misstatements. Furthermore, projections of any evaluation of 
effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in 
conditions or that the degree of compliance with the policies or procedures may deteriorate. A material weakness is a 
deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable 
possibility that a material misstatement of DCM’s annual or interim financial statements will not be prevented or 
detected on a timely basis. 
Based on management’s assessment, DCM’s CEO and CFO have certified that, based on their knowledge, the 
Company’s internal controls over financial reporting are effective and the financial statements fairly present in all 
material respects the financial condition, results of operations and cash flows of the Company as of, and for, the year 
ended December 31, 2024.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
As at December 31, 2024, there were no changes in the Company’s internal control over financial reporting that 
occurred during the twelve months ended December 31, 2024 that have materially affected, or are reasonably likely 
to materially affect, DCM’s internal control over financial reporting.  
OUTLOOK
With the internal focus of the MCC integration now behind us and having completed our restructuring plans, we 
believe we are well-positioned to leverage our larger scale, expanded product mix and the skills and capabilities of 
our team to deliver on our commitment to driving profitable growth. We increased our presence in key industrial 
verticals including financial services and healthcare and launched a strategic revenue management program focused 
on driving margin improvement across the business. We are also focused on achieving a return on the investment in 
new capital equipment to enhance our production capabilities and position us to drive additional operating 
efficiencies. 
Overall, we expect revenue to return to modest levels of growth in 2025, with improvement in gross profit margins, 
operating income and Adjusted EBITDA as a percentage of revenues. With the planned MCC integration now 
complete, DCM does not expect any further integration costs related to the MCC in 2025.
While we are pleased with our early results in 2025, we continue to carefully monitor economic conditions and the 
geopolitical environment for developments that could impact on our results. These include the introduction of cross-
border tariffs, raw material cost increases and any softening of demand in our end markets. We are determined to 
demonstrate agility and adaptability to effectively navigate this environment and are actively pursuing opportunities to 
mitigate against these risks, including taking initiatives to diversify our supply chain.
. . M D & A . .
DATA Communications Management Corp.
43

In addition, we are closely monitoring continued labour negotiations between Canada Post and the Canadian Union 
of Postal Workers and the potential impact of further labour disruption on our business, as well as increases in 
regulated postage rates which became effective in mid-January 2025.
Finally, the Company reaffirms its long-term growth 5-year objective of +5% revenue CAGR, gross profit as a 
percentage of revenues in excess of 30% and Adjusted EBITDA margin in excess of 14% on an annual basis. The 
Company also maintains its long-term net debt to adjusted EBITDA objective of less than 1.0x. In 2024, our revenue 
growth rate of 7.2% was in excess of our long-term target, but did benefit from the acquisition of MCC, particularly in 
the first quarter of 2024. Our gross margin and adjusted EBITDA margin both improved on a year-over-year basis in 
2024, trending towards our long-term guidance. We note that the actions we took during 2024 to accelerate the 
consolidation of our plant network, integrate our ERP and back-office systems, and harmonize our offerings to 
customers required a significant investment of time, resources, and attention by our teams. These actions, along with 
decisions we made to exit certain low margin accounts, shifts in project timing for some large enterprise clients, and 
the Canada Post strike at year-end impacted our growth in 2024. 
RISKS AND UNCERTAINTIES
An investment in DCM’s securities involves risks. In addition to the other information contained in this report, 
investors should carefully consider the risks described in DCM’s most recent Annual Information Form ("AIF") and 
other continuous disclosure filings made by DCM with Canadian securities regulatory authorities before investing in 
the securities of DCM. The risks described in this report, the Annual Information Form and those other filings are not 
the only ones facing DCM. Additional risks not currently known to DCM or that DCM currently believes are immaterial 
may also impair the business, results of operations, financial condition and liquidity of DCM.
DATA Communications Management Corp.
. . M D & A . .
44

Financial reporting responsibility of management
The accompanying consolidated financial statements of DATA Communications Management Corp. (“DCM”) have 
been prepared by management and approved by the Board of Directors of DCM. Management of DCM is responsible 
for the preparation and presentation of the consolidated financial statements and all the financial information 
contained within this Annual Report within reasonable limits of materiality. The consolidated financial statements have 
been prepared in accordance with International Financial Reporting Standards as issued by the International 
Accounting Standards Board ("IFRS Accounting Standards"). In the preparation of the consolidated financial 
statements, estimates are sometimes necessary because a precise determination of certain assets and liabilities is 
dependent on future events. Management believes such estimates have been based on available information and 
careful judgements and have been properly reflected in the accompanying consolidated financial statements. The 
financial information throughout the text of this Annual Report is consistent with that in the consolidated financial 
statements.
To assist management in discharging these responsibilities, DCM maintains a system of internal controls which are 
designed to provide reasonable assurance that DCM’s consolidated assets are safeguarded, that transactions are 
executed in accordance with management’s authorization and that the financial records form a reliable base for the 
preparation of accurate and timely financial information.
Management recognizes its responsibilities for conducting DCM’s affairs in compliance with established financial 
standards and applicable laws, and for the maintenance of proper standards of conduct in its activities.
PricewaterhouseCoopers LLP are appointed by the shareholders and have audited the consolidated financial 
statements of DCM in accordance with Canadian generally accepted auditing standards. Their report outlines the 
nature of their audit and expresses their opinion on the consolidated financial statements of DCM.
The Board of Directors has appointed an Audit Committee composed of three directors who are not members of 
management of DCM. The Audit Committee meets periodically with management and the auditors to discuss internal 
controls over the financial reporting process, auditing matters and financial reporting issues. It is responsible for 
reviewing DCM’s annual and interim consolidated financial statements and the report of the auditors. The Audit 
Committee reports the results of such reviews to the Board of Directors and makes recommendations with respect to 
the appointment of DCM’s auditors. In addition, the Board of Directors may refer to the Audit Committee other matters 
and questions relating to the financial position of DCM.
The Board of Directors are responsible for ensuring that management fulfills its responsibilities for financial reporting, 
and are responsible for approving the consolidated financial statements of DCM.
(Signed) "Richard Kellam"  
 
            (Signed) "James E. Lorimer"
  
 
 
 
Richard Kellam
James E. Lorimer
President and Chief Executive Officer
Chief Financial Officer
DATA Communications Management Corp.
DATA Communications Management Corp.
March 12, 2025
Brampton, Ontario
DATA Communications Management Corp.
45

 
 
 
PricewaterhouseCoopers LLP 
PwC Tower, 18 York Street, Suite 2500, Toronto, Ontario, Canada  M5J 0B2 
T.: +1 416 863 1133, F.: +1 416 365 8215, Fax to mail: ca_toronto_18_york_fax@pwc.com 
 
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 
 
Independent auditor’s report 
To the Shareholders of DATA Communications Management Corp. 
Our opinion 
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, 
the financial position of DATA Communications Management Corp. and its subsidiaries (together, the 
Company) as at December 31, 2024 and 2023, and its financial performance and its cash flows for the 
years then ended in accordance with International Financial Reporting Standards as issued by the 
International Accounting Standards Board (IFRS Accounting Standards). 
What we have audited 
The Company’s consolidated financial statements comprise: 
 
the consolidated statements of financial position as at December 31, 2024 and 2023; 
 
the consolidated statements of operations for the years then ended; 
 
the consolidated statements of comprehensive income (loss) for the years then ended; 
 
the consolidated statements of changes in shareholders’ equity for the years then ended; 
 
the consolidated statements of cash flows for the years then ended; and 
 
the notes to the consolidated financial statements, comprising material accounting policy information 
and other explanatory information. 
Basis for opinion 
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of 
the consolidated financial statements section of our report. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 
our opinion. 
Independence 
We are independent of the Company in accordance with the ethical requirements that are relevant to our 
audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities 
in accordance with these requirements. 

 
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the year ended December 31, 2024. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a separate opinion on these matters. 
Key audit matter 
How our audit addressed the key audit matter 
Goodwill impairment assessment 
Refer to note 2 – Material accounting policies and 
note 10 – Goodwill to the consolidated financial 
statements. 
The carrying value of the Company’s goodwill was 
$22.7 million as at December 31, 2024. The 
Company has a single operating segment being the 
Company as a whole, which is the level at which 
goodwill is monitored for internal management 
purposes reflecting the way the Company manages 
its operations. 
Management performs a goodwill impairment 
assessment annually at the end of each fiscal year 
or more frequently if events or changes in 
circumstances indicate that the carrying value of 
goodwill may be impaired. Impairment is 
determined by assessing if the carrying value of the 
Company exceeds its recoverable amount. The 
recoverable amount of the Company was 
determined based on its estimated fair value less 
cost of disposal using a discounted cash flow 
model. 
Management applied considerable judgment in 
estimating the recoverable amount of the Company, 
which included the use of significant assumptions 
relating to revenue growth rates, gross margins and 
the discount rate. Management concluded that 
there was no impairment of the Company’s goodwill 
carrying value as at December 31, 2024. 
Our approach to addressing the matter included the 
following procedures, among others: 
 
Evaluated how management determined the 
level at which goodwill is monitored for 
impairment by considering the Company’s 
internal organizational structure and 
management reporting. 
 
Evaluated how management determined the 
recoverable amount of the Company, which 
included the following: 
 
Tested the mathematical accuracy of the 
discounted cash flow model. 
 
Tested the underlying data used in the 
discounted cash flow model. 
 
Evaluated the reasonableness of 
significant assumptions used by 
management related to revenue growth 
rates and gross margins by considering (i) 
the current and past performance of the 
Company; (ii) the consistency with external 
industry data; and (iii) whether these 
assumptions were consistent with 
evidence obtained in other areas of the 
audit. 
 
Professionals with specialized skill and 
knowledge in the field of valuation assisted 
in evaluating the appropriateness of 
management’s discounted cash flow 
model and in testing the reasonableness 
of the discount rate used by management. 

 
Key audit matter 
How our audit addressed the key audit matter 
We considered this a key audit matter due to the 
magnitude of the goodwill balance and the 
considerable judgment by management in 
estimating the recoverable amount of the Company. 
This led to a high degree of auditor judgment, 
subjectivity and effort in performing procedures and 
evaluating management’s significant assumptions. 
Professionals with specialized skill and knowledge 
in the field of valuation assisted us in performing 
our procedures. 
 
Assessed the disclosures in the consolidated 
financial statements, including management’s 
sensitivity disclosures on significant 
assumptions related to revenue growth rates, 
gross margins and the discount rate. 
Other information 
Management is responsible for the other information. The other information comprises the Management’s 
Discussion and Analysis and the information, other than the consolidated financial statements and our 
auditor’s report thereon, included in the annual report. 
Our opinion on the consolidated financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information identified above and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or 
otherwise appears to be materially misstated. 
If, based on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in this regard. 
Responsibilities of management and those charged with governance for the 
consolidated financial statements 
Management is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with IFRS Accounting Standards, and for such internal control as management 
determines is necessary to enable the preparation of consolidated financial statements that are free from 
material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, management is responsible for assessing the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going 
concern and using the going concern basis of accounting unless management either intends to liquidate 
the Company or to cease operations, or has no realistic alternative but to do so. 

 
Those charged with governance are responsible for overseeing the Company’s financial reporting 
process. 
Auditor’s responsibilities for the audit of the consolidated financial statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee 
that an audit conducted in accordance with Canadian generally accepted auditing standards will always 
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise 
professional judgment and maintain professional skepticism throughout the audit. We also: 
 
Identify and assess the risks of material misstatement of the consolidated financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, 
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control. 
 
Obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the 
effectiveness of the Company’s internal control. 
 
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 
estimates and related disclosures made by management. 
 
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, 
based on the audit evidence obtained, whether a material uncertainty exists related to events or 
conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If 
we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report 
to the related disclosures in the consolidated financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or conditions may cause the Company to 
cease to continue as a going concern. 
 
Evaluate the overall presentation, structure and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements represent the underlying 
transactions and events in a manner that achieves fair presentation. 

 
 
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial 
information of the entities or business units within the Company as a basis for forming an opinion on 
the consolidated financial statements. We are responsible for the direction, supervision and review of 
the audit work performed for the purposes of the group audit. We remain solely responsible for our 
audit opinion. 
We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal 
control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with relevant 
ethical requirements regarding independence, and to communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, related 
safeguards. 
From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and 
are therefore the key audit matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we 
determine that a matter should not be communicated in our report because the adverse consequences of 
doing so would reasonably be expected to outweigh the public interest benefits of such communication. 
The engagement partner on the audit resulting in this independent auditor’s report is Simon Kent. 
 
 
/s/PricewaterhouseCoopers LLP 
 
 
Chartered Professional Accountants, Licensed Public Accountants 
Toronto, Ontario 
March 13, 2025 
 

Consolidated statements of financial position
(in thousands of Canadian dollars)
December 31, 2024
December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents 
$ 
6,773 
$ 
17,652 
Trade receivables (note 5)
 
103,445 
 
117,956 
Inventories (note 6)
 
23,843 
 
28,840 
Prepaid expenses and other current assets 
 
5,989 
 
5,313 
Income taxes receivable
 
3,432 
 
2,640 
Assets held for sale (note 20)
 
— 
 
8,650 
 
143,482 
 
181,051 
NON-CURRENT ASSETS
Other non-current assets
 
9,104 
 
2,900 
Deferred income tax assets (note 14)
 
8,224 
 
9,801 
Property, plant and equipment (note 7)
 
34,812 
 
30,358 
Right-of-use assets (note 8)
 
162,510 
 
159,801 
Pension assets (note 15)
 
3,142 
 
1,962 
Intangible assets (note 9)
 
8,282 
 
10,616 
Goodwill (note 10)
 
22,747 
 
22,265 
$ 
392,303 
$ 
418,754 
LIABILITIES
CURRENT LIABILITIES
Bank overdraft 
$ 
880 
$ 
1,564 
Trade payables and accrued liabilities
 
59,890 
 
75,766 
Current portion of credit facilities (notes 1 and 13)
 
15,175 
 
6,333 
Current portion of lease liabilities (note 12)
 
10,525 
 
10,322 
Provisions (note 11)
 
8,016 
 
16,325 
Deferred revenue
 
6,199 
 
6,221 
 
100,685 
 
116,531 
NON-CURRENT LIABILITIES
Provisions (note 11)
 
1,279 
 
1,004 
Credit facilities (notes 1 and 13)
 
68,515 
 
93,918 
Lease liabilities (note 12)
 
158,603 
 
144,993 
Deferred income tax liabilities (note 14)
 
60 
 
— 
Pension obligations (note 15)
 
18,354 
 
26,386 
Other post-employment benefit plans (note 16)
 
1,409 
 
3,606 
Asset retirement obligation
 
3,438 
 
3,552 
$ 
352,343 
$ 
389,990 
EQUITY
SHAREHOLDERS’ EQUITY
Shares (note 17)
$ 
284,592 
$ 
283,738 
Warrants (note 17)
 
219 
 
219 
Contributed surplus 
 
3,078 
 
3,135 
Translation reserve
 
307 
 
177 
Deficit
 
(248,236)  
(258,505) 
$ 
39,960 
$ 
28,764 
$ 
392,303 
$ 
418,754 
Commitments and Contingencies (note 21); Subsequent events (note 28)
Approved by Board of Directors
  (Signed) "J.R. Kingsley Ward" 
Director                     (Signed) "Richard Kellam"       
    Director
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
51

Consolidated statements of operations
REVENUES (note 25)
$ 
479,956 
$ 
447,725 
COST OF REVENUES
 
349,889 
 
328,814 
GROSS PROFIT
 
130,067 
 
118,911 
EXPENSES (OTHER INCOME)
Selling, commissions and expenses
 
40,112 
 
39,195 
General and administration expenses
 
47,467 
 
44,245 
Research and development expenses
 
4,829 
 
3,804 
Restructuring expenses (note 11)
 
4,378 
 
20,308 
Acquisition and integration costs (notes 4, 7, 8, 9 and 24)
 
8,773 
 
10,903 
Net fair value (gains) losses on financial liabilities at fair value 
through profit or loss (note 17)
 
(279)  
7,122 
Other gains (notes 15 and 16)
 
(2,500)  
— 
 
102,780 
 
125,577 
INCOME (LOSS) BEFORE FINANCE COSTS AND INCOME 
TAXES
 
27,287 
 
(6,666) 
FINANCE COSTS
Interest expense on long term debt and pensions, net
 
8,950 
 
8,315 
Interest expense on lease liabilities (note 12)
 
12,533 
 
7,006 
Amortization of transaction costs, net of debt extinguishment gain 
(note 13)
 
560 
 
457 
 
22,043 
 
15,778 
INCOME (LOSS) BEFORE INCOME TAXES
 
5,244 
 
(22,444) 
INCOME TAX EXPENSE (RECOVERY)
Current (note 14)
 
2,338 
 
1,209 
Deferred (note 14)
 
(664)  
(7,799) 
 
1,674 
 
(6,590) 
NET INCOME (LOSS) FOR THE YEAR
$ 
3,570 
$ 
(15,854) 
BASIC EARNINGS (LOSS) PER SHARE (note 18)
$ 
0.06 
$ 
(0.31) 
DILUTED EARNINGS (LOSS) PER SHARE (note 18)
$ 
0.06 
$ 
(0.31) 
(in thousands of Canadian dollars, except per share amounts)
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
52

Consolidated statements of comprehensive income (loss)
NET INCOME (LOSS) FOR THE YEAR
$ 
3,570 
$ 
(15,854) 
OTHER COMPREHENSIVE INCOME (LOSS):
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO 
NET INCOME (LOSS)
Foreign currency translation
 
130 
 
(30) 
 
130 
 
(30) 
ITEMS THAT WILL NOT BE RECLASSIFIED TO NET INCOME 
(LOSS)
Re-measurements of pension and other post-employment benefit 
obligations (notes 15 and 16)
 
8,983 
 
(6,525) 
Taxes related to pension and other post-employment benefit 
adjustment above (note 14)
 
(2,284)  
1,712 
 
6,699 
 
(4,813) 
OTHER COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, 
NET OF TAX
$ 
6,829 
$ 
(4,843) 
COMPREHENSIVE INCOME (LOSS) FOR THE YEAR
$ 
10,399 
$ 
(20,697) 
(in thousands of Canadian dollars)
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
53

Consolidated statements of changes in shareholders' equity 
(in thousands of Canadian dollars)
Shares
Warrants
Contributed 
surplus
Translation 
reserve
Deficit 
Total equity
BALANCE AS AT DECEMBER 31, 
2022
$ 
256,478 $ 
869 $ 
3,131 $ 
207 $ 
(237,838) $ 
22,847 
Net loss for the year
 
—  
—  
—  
—  
(15,854)  
(15,854) 
Other comprehensive loss for the 
year
 
—  
—  
—  
(30)  
(4,813)  
(4,843) 
Total comprehensive loss for the 
year
 
—  
—  
—  
(30)  
(20,667)  
(20,697) 
Issuance of common shares and 
broker warrants, net (note 17)
 
24,480  
219  
—  
—  
—  
24,699 
Exercise of warrants (note 17)
 
1,358  
(869)  
—  
—  
—  
489 
Share-based compensation 
expense (note 17)
 
—  
—  
675  
—  
—  
675 
Exercise of options (note 17)
 
1,422  
—  
(671)  
—  
—  
751 
BALANCE AS AT DECEMBER 31, 
2023
$ 
283,738 $ 
219 $ 
3,135 $ 
177 $ 
(258,505) $ 
28,764 
BALANCE AS AT DECEMBER 31, 
2023
$ 
283,738 $ 
219 $ 
3,135 $ 
177 $ 
(258,505) $ 
28,764 
Net income for the year
 
—  
—  
—  
—  
3,570  
3,570 
Other comprehensive income for the 
year
 
—  
—  
—  
130  
6,699  
6,829 
Total comprehensive income for the 
year
 
—  
—  
—  
130  
10,269  
10,399 
Exercise of options (note 17)
 
854  
—  
(517)  
—  
—  
337 
Share-based compensation 
expense (note 17)
 
—  
—  
460  
—  
—  
460 
BALANCE AS AT DECEMBER 31, 
2024
$ 
284,592 $ 
219 $ 
3,078 $ 
307 $ 
(248,236) $ 
39,960 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
54

Consolidated statements of cash flows
(in thousands of Canadian dollars)
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
CASH PROVIDED BY (USED IN)
(Revised - note 27)
OPERATING ACTIVITIES
Net income (loss) for the year
$ 
3,570 
$ 
(15,854) 
Items not affecting cash
Depreciation of property, plant and equipment (note 7)
 
6,200 
 
6,165 
Amortization of intangible assets (note 9)
 
2,011 
 
2,881 
Depreciation of right-of-use-assets (note 8)
 
18,038 
 
12,677 
Share-based compensation expense (note 17)
 
460 
 
675 
Net fair value (gains) losses on financial liabilities at fair value 
through profit or loss (note 17)
 
(279)  
7,122 
Pension expense (note 15)
 
1,040 
 
1,245 
(Gain) loss on disposal of property, plant and equipment
 
911 
 
487 
Loss on disposal of sale and leaseback (note 8)
 
(11)  
— 
Provisions (note 11)
 
4,378 
 
20,308 
Amortization of transaction costs, net of debt extinguishment gain 
(note 13)
 
560 
 
457 
Accretion of asset retirement obligation, net of reversals 
 
(114)  
24 
Other post-employment benefit plan expense (note 16)
 
(1,904)  
515 
Right-of-use assets impairment (note 8)
 
445 
 
464 
Intangible assets impairment (note 9)
 
1,072 
 
— 
Income tax expense (recovery) (note 14)
 
1,674 
 
(6,590) 
Changes in non cash working capital (note 19)
 
3,721 
 
5,863 
Employee incentive bonus accruals (note 4)
 
(108)  
— 
Contributions made to pension plans (note 15)
 
(1,281)  
(1,124) 
Contributions made to other post-employment benefit plans (note 16)
 
(281)  
(471) 
Provisions paid (note 11)
 
(12,002)  
(4,975) 
Income taxes paid (note 14)
 
(3,360)  
(4,072) 
Total cash generated from operating activities
 
24,740 
 
25,797 
INVESTING ACTIVITIES
Acquisition of Zavy, net of cash acquired (note 4)
 
(363)  
— 
Acquisition of MCC, net of cash acquired (note 4)
 
— 
 
(130,953) 
Purchase of property, plant and equipment (note 7)
 
(12,307)  
(4,222) 
Proceeds on sale and leaseback transactions (notes 8, 13 and 20)
 
11,536 
 
29,533 
Purchase of intangible assets (note 9)
 
(360)  
(127) 
Proceeds on disposal of property, plant and equipment
 
845 
 
1,282 
Purchase of non-current assets
 
(9,426)  
— 
Total cash used in investing activities
 
(10,075)  
(104,487) 
FINANCING ACTIVITIES
Issuance of common shares and warrants, net (note 17)
 
— 
 
24,221 
Proceeds from credit facilities (note 13)
 
50,962 
 
162,140 
Repayment of credit facilities (note 13)
 
(68,083)  
(87,592) 
Repayment of Zavy loans (note 4)
 
(314)  
— 
Proceeds from exercise of warrants (note 17)
 
— 
 
489 
Increase in bank overdrafts
 
(684)  
282 
Proceeds from exercise of options (note 17)
 
337 
 
751 
Transaction costs (note 13)
 
— 
 
(1,801) 
Principal portion of lease payments (note 12)
 
(7,812)  
(6,315) 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
55

Total cash (used in) provided by financing activities
 
(25,594)  
92,175 
CHANGE IN CASH AND CASH EQUIVALENTS DURING THE 
YEAR
 
(10,929)  
13,485 
CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR
$ 
17,652 
$ 
4,208 
EFFECTS OF FOREIGN EXCHANGE ON CASH BALANCES
 
50 
 
(41) 
CASH AND CASH EQUIVALENTS – END OF YEAR
$ 
6,773 
$ 
17,652 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
56

1  General information and basis of preparation
DATA Communications Management Corp ("DCM" or the "Company") is a Canadian provider of print and digital 
solutions, serving major brands in vertical markets including financial services, retail, healthcare, energy, other 
regulated industries, and the public sector.
These financial statements have been prepared using International Financial Reporting Standards as issued by the 
International Accounting Standards Board ("IFRS Accounting Standards") applicable to a going concern, which 
contemplates the realization of assets and settlement of liabilities in the normal course of business as they become 
due. The Company's ability to continue as a going concern is dependent upon management’s ability to meet forecast 
revenue and profitability targets for at least the next twelve months in order to comply with its financial covenants on 
its credit facilities (note 13) or to obtain financial covenant waivers from its lenders if necessary. While estimated 
forecast compliance with financial covenants is sensitive to key assumptions used for forecast revenues, gross 
margins and expenses (which in turn impact earnings before interest, income taxes, depreciation and amortization 
(EBITDA)), management is satisfied that the Company’s forecasts and projections through to March 31, 2026, taking 
account of reasonably possible changes in results and other uncertainties will not result in any breach of the financial 
covenants on its credit facilities. For this reason, management continues to believe that there is no material 
uncertainty regarding the ability of the Company to continue as a going concern. 
The common shares of DCM are listed on the Toronto Stock Exchange (“TSX”) under the symbol “DCM” and traded 
on OTC Markets Group (“OTCQX”) under the symbol "DCMDF". The address of the registered office of DCM is 9195 
Torbram Road, Brampton, Ontario. These consolidated financial statements were approved by the Board of Directors 
("Board") of DCM, on March 12, 2025. 
2  Material accounting policies 
The material accounting policies set out below have been applied consistently to all periods presented in these 
consolidated financial statements.
BASIS OF MEASUREMENT
The consolidated financial statements have been prepared under the historical cost convention, except for the 
revaluation of certain financial assets, financial liabilities and employee future benefits to fair value (notes 3, 15, 16 
and 17).
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction 
between market participants at the measurement date, regardless of whether that price is directly observable or 
estimated using another valuation technique. In estimating the fair value of an asset or liability, DCM takes into 
account the characteristics of the asset or liability if market participants would take those characteristics into account 
when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in 
these consolidated financial statements is determined on such a basis, except for share-based payment transactions 
that are within the scope of IFRS 2 Share based-payments, IFRS 16 Leases (as IFRS 7 does not require fair value 
disclosures for lease liabilities), and measurements that have some similarities to fair value but are not fair value, 
such as net realizable value in IAS 2 Inventories or value in use in IAS 36 Impairment of assets.
In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on 
the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the 
fair value measurements in its entirety, which are described as follows:
•
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can 
access at the measurement date;
•
Level 2 inputs are inputs, other than quoted prices included within Level 1; that are observable for the asset or 
liability; either directly or indirectly; and 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
57

•
Level 3 inputs are unobservable inputs for the asset or liability.
PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of DCM and its subsidiaries. All intercompany 
transactions, balances and unrealized gains and losses from intercompany transactions are eliminated upon 
consolidation.
i.Subsidiaries
Subsidiaries are all entities (including structured entities) over which DCM has control. Control exists when DCM is 
exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those 
returns through its power over the entity. Subsidiaries are fully consolidated from the date which control is obtained. 
They are unconsolidated from the date that control ceases. As at December 31, 2024, DCM has four wholly owned 
subsidiaries, being Moore Canada Corporation ("MCC"), Data Communications Management (US) Corp. ("DCM 
USA"), Zavy Limited and Zavy Australia Pty Ltd. (collectively, "Zavy"). On January 1, 2025, MCC was amalgamated 
with DCM. 
ii.Changes in ownership interests in subsidiaries without change of control
Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions 
– that is, as transactions with the owners in their capacity as owners. The difference between fair value of any 
consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in 
equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
iii.Disposal of subsidiaries
When DCM ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when 
control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying 
amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or 
financial asset. In addition, any amounts previously recognized in other comprehensive income (loss) in respect of 
that entity are accounted for as if DCM had directly disposed of the related assets or liabilities. This may mean that 
amounts previously recognized in other comprehensive income (loss) are reclassified to the statement of operations.
BUSINESS COMBINATIONS
Business combinations are accounted for using the acquisition method, and their operating results are included in the 
consolidated financial statements as of the acquisition date. The consideration transferred is the total fair value of the 
assets transferred, equity instruments issued, liabilities incurred to the former owners of the acquired business and 
contingent considerations on the acquisition date in exchange for control of the acquired entity. The excess of the 
consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed is recognized 
as goodwill. The transaction costs attributable to the acquisition are recognized in the statement of operations when 
they are incurred.
If the agreement includes a contingent consideration, it is measured at fair value as of the acquisition date and added 
to the consideration transferred, and a liability for the same amount is recognized. Any subsequent change to the fair 
value of the contingent consideration will be recognized in the statement of operations.
If the initial recognition of the business combination is incomplete when the financial statements are issued for the 
period during which the acquisition occurred, DCM records a provisional amount for the items for which measurement 
is incomplete. Adjustments to the original recognition of the business combination will be recorded as an adjustment 
to the assets acquired and liabilities assumed during the measurement period, and the adjustments must be applied 
retroactively. The measurement period is the period from the acquisition date to the date on which DCM has received 
complete information on the facts and circumstances that existed as of the acquisition date.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
58

If a business combination is achieved in stages, DCM reassesses the share it held previously in the acquiree at fair 
value at the acquisition date and includes the gain or loss resulting, if any, to the statement of operations.
In the case of a business combination of less than 100%, a non-controlling interest is measured, either at fair value or 
at the non-controlling interest's share of the net identifiable assets of the acquiree. The basis of measurement is 
determined on a transaction-by-transaction basis.
FOREIGN CURRENCY TRANSLATION
Items included in the financial statements of each entity within DCM are measured using the currency of the primary 
economic environment in which the entity operates (the “functional currency”). These consolidated financial 
statements are presented in Canadian dollars, which is DCM’s functional currency. The functional currency of DCM’s 
United States operations is U.S. dollars. 
Monetary assets and liabilities denominated in foreign currencies are translated into each entity's functional currency 
at rates of exchange in effect at the statement of financial position date. Revenues and expenses denominated in 
foreign currencies are translated into each entity's functional currency at rates prevailing on the transaction dates. 
Gains and losses resulting from the translation of monetary assets and liabilities denominated in currencies other 
than each entity's functional currency are included in the determination of income for the year.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisitions, 
are translated to Canadian dollars at exchange rates at the reporting date. The income and expenses of foreign 
operations are translated to Canadian dollars at the average exchange rate during the period. Foreign currency 
differences are recognized in other comprehensive income (loss) in the foreign currency translation reserve account.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash on hand, deposits held with banks and bank overdraft and highly liquid 
short-term interest-bearing securities with maturities of three months or less at the date of purchase.
TRADE RECEIVABLES
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of 
business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade 
receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant 
financing components when they are recognized at fair value. DCM holds trade receivables with the objective of 
collecting the contractual cashflows and therefore measures them subsequently at amortized cost using the effective 
interest method, less loss allowance. See note 23 for a description of the Company’s impairment policies and the 
calculation of the loss allowance.
INVENTORIES
Raw materials inventories, base stock finished goods and work-in-progress are recorded at the lower of cost and net 
realizable value. Raw materials are recorded at standard cost. The cost of finished goods and work-in-process are 
determined using the first-in, first-out method. Inventory manufactured includes the cost of materials, labour and 
production overheads (based on normal operating capacity), including applicable depreciation on property, plant and 
equipment. Net realizable value is the estimated selling price less cost to complete and applicable selling expenses.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are recorded at cost less accumulated depreciation and impairments. Costs include 
expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset’s 
carrying value or recognized as a separate asset, as appropriate, only when it is probable that future economic 
benefits associated with the item will flow to DCM and the cost can be measured reliably. The carrying value of a 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
59

replaced asset is derecognized when replaced. Maintenance and repairs are expensed as incurred. Property, plant 
and equipment are depreciated from the point at which the asset is ready for use. Depreciation is computed using the 
methods and rates based on the estimated useful lives of the property, plant and equipment as outlined below:
Basis
Rate
Leasehold improvements
 straight-line
   Shorter of life or 
lease term
Office furniture and equipment
 straight-line
   5 years  
Presses and printing equipment
 straight-line
  3 to 10 years
Computer hardware 
 straight-line
   2 to 5 years
Vehicles
 straight-line
3 years
DCM allocates the amount initially recognized with respect to an item of property, plant, and equipment to its 
significant parts and depreciates each such part separately. Residual values, the method of depreciation and the 
useful lives of the assets are reviewed annually and adjusted if appropriate.
Gains and losses on disposals of property, plant and equipment are determined by comparing the proceeds with the 
carrying amount of the asset and are included in general and administration expenses in the statement of operations.
INTANGIBLE ASSETS
Separately acquired intangible assets are initially measured at cost. Customer relationships, trade names, trademarks 
and non-compete agreements acquired in a business combination are recognized at fair value at the acquisition date, 
which is their deemed cost. Where these assets have a finite life, they are subsequently carried at cost less 
accumulated amortization and impairment losses. 
Research costs are recognized as an expense as incurred. Development costs that are directly attributable to the 
design and testing of identifiable and unique software products controlled by DCM are recognized as intangible 
assets when the following criteria are met:
•
it is technically feasible to complete the software so that it will be available for use
•
management intends to complete the software and use or sell it
•
there is an ability to use or sell the software
•
it can be demonstrated how the software will generate probable future economic benefits
•
adequate technical, financial and other resources to complete the development and to use or sell the 
software are available, and
•
the expenditure attributable to the software during its development can be reliably measured.
Certain configuration and customization activities undertaken in implementing a cloud computing arrangement may 
give rise to a separate asset in limited circumstances where DCM controls the intellectual property of the underlying 
software code (e.g. the development of bridging modules to existing on-premise systems or bespoke additional 
software capability). In all other instances, configuration and customization costs are expensed as incurred. Directly 
attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of 
relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at 
which the asset is ready for use.
Management’s judgment is required to determine the useful lives of intangible assets, including reviewing the length 
of customer relationships and other factors. These finite life assets are amortized over their estimated useful lives, as 
outlined below.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
60

Basis
Rate
Customer relationships
 straight-line
  1.5 to 12 years
Software and technology
 straight-line
 1 to 7 years
Trademarks, trade names and non-compete agreements
 straight-line
  2 to 10 years
Residual values, the method of amortization and the useful lives of the assets are reviewed annually and adjusted if 
appropriate.
GOODWILL
Goodwill represents the excess of the aggregate of consideration transferred in a business combination and the non-
controlling interest in the acquired business over the fair value of net identifiable assets and liabilities acquired. 
Adjustments to fair value assessments are recorded to goodwill over the measurement period, not exceeding one 
year from the date of acquisition. Goodwill is allocated to the cash generating unit (“CGU”) or a group of CGUs to 
which it relates. A CGU is an identifiable group of assets that are largely independent of the cash flows from other 
assets or group of assets, which is not higher than an operating segment.
Goodwill is not amortized but is evaluated for impairment annually or more frequently if events or changes in 
circumstances indicate there may be impairment. Impairment is determined for goodwill by assessing if the carrying 
value of a cash generating unit, including the allocated goodwill, exceeds its recoverable amount, determined as the 
greater of the estimated fair value less costs to sell or the value in use. Impairment losses recognized in respect of a 
CGU are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets 
in the CGU. Any goodwill impairment is charged to the consolidated statement of operations in the period in which the 
impairment is identified. Impairment losses on goodwill are not subsequently reversed.
IMPAIRMENT OF NON-FINANCIAL ASSETS
Goodwill and indefinite life intangible assets are not subject to amortization and are tested annually for impairment or 
more frequently if events or changes in circumstances indicate that they might be impaired. Other assets (property, 
plant and equipment, right-of-use assets and definite life intangible assets) are tested for impairment when events or 
changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of measuring 
recoverable amounts, assets are grouped at the lowest levels for which there are separately identifiable cash flows 
(CGUs). The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use (being 
the present value of the expected future cash flows of the relevant asset or CGU). The projections of future cash 
flows take into account the relevant operating plans and management’s best estimate of the most probable set of 
conditions anticipated to prevail, including a number of estimates and assumptions such as projected revenue growth 
rates, gross margin and discount rates.
An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable 
amount. Impairment losses are recorded as impairment provisions within accumulated depreciation for depreciable 
assets. DCM evaluates impairment losses, other than goodwill impairment, for potential reversals when events or 
circumstances warrant such consideration. Where an impairment loss subsequently reverses the carrying amount of 
the asset or CGU is increased to the lesser of the revised estimate of recoverable amount and the carrying amount 
that would have been recorded had no impairment loss been recognized previously.
TRADE PAYABLES AND ACCRUED LIABILITIES
The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are 
presented as current liabilities unless payment is not due within 12 months after the reporting period. They are 
recognized initially at their fair value and subsequently measured at amortized cost using the effective interest 
method.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
61

BORROWINGS
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently 
measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption 
amount is recognized in the consolidated statement of operations over the period of the borrowings using the 
effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the 
loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred 
until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be 
drawn down, the fee is capitalised as a prepayment for liquidity services and amortized over the period of the facility 
to which it relates. 
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled 
or expired. The difference between the carrying amount of a financial liability that has been extinguished or 
transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities 
assumed, is recognized in the consolidated statement of operations as other income or finance costs. 
Borrowings are classified as current liabilities unless DCM has an unconditional right to defer settlement of the liability 
for at least twelve months after the reporting period.
SHARE-BASED COMPENSATION
DCM has share-based compensation plans as part of DCM’s long-term incentive plan, as described in note 17. All 
transactions involving share-based payments are recognized as an expense in the statement of operations over the 
vesting period.
Equity-settled share-based payment transactions, such as stock option awards, are measured at the grant date at the 
fair value of employee services received in exchange for the grant of options or share awards and, for non-employee 
transactions, at the fair value of the goods or services received at the date on which the entity recognizes the goods 
or services. The total amount of the expense recognized in the statement of operations is determined by reference to 
the fair value of the share awards or options granted, which factors in the number of options expected to vest. Equity-
settled share-based payment transactions are not remeasured once the grant date fair value has been determined.
Cash-settled share-based payment transactions are measured at the fair value of the liability. The liability is 
remeasured at each reporting date and at the date of settlement, with changes in fair value recognized in the 
statement of operations.
EMPLOYEE BENEFITS
DCM maintains a hybrid defined benefit and defined contribution pension plan (the “DATA Communications 
Management Pension Plan”) and a defined benefit plan (the “Moore Canada Corporation Pension Plan”) for some of 
its employees. Defined benefit pension benefits are primarily based on years of service, compensation and accrued 
contributions with investment earnings. DCM's funding policy is to fund the annual amount required to meet or exceed 
the minimum statutory requirements. Actuarial valuations are required to be completed every three years.
DCM also contributes to a multi-employer defined benefit plan, the Québec Graphic Communication Pension Plan 
(the “GCPP”) for certain employees at its Drummondville plant in Québec and a number of Unifor Local 591G union 
administered defined benefit employee pension and non-pension benefit plans for the unionized hourly employees of 
its Thistle plant and Tristar plant ("Unifor Pension & Benefit Plans"). The GCPP and Unifor Pension & Benefit Plans 
provide post-employment benefits to unionized employees in the printing industry jointly-trusteed by representatives 
of the employers and the unions. DCM's obligation to the GCPP and Unifor Pension & Benefit Plans are limited to the 
amounts agreed to in the respective collective bargaining agreements of each plan.
Certain former senior executives of a predecessor corporation and certain current and former employees of DCM 
participate in Supplementary Executive Retirement Plans (“SERPs”). The former executives of a predecessor 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
62

corporation are provided with pension benefits payable as a single life annuity with a five-year guarantee. In addition, 
certain current and former employees of MCC, who are members of the Moore Canada Corporation Pension Plan, 
are provided defined benefits that are in excess of the maximum benefits allowed in accordance with the income tax 
act of Canada and pension regulations.
DCM also contributes to various Registered Retirement Saving Plan for all eligible Canadian employees and a 401K 
for all eligible U.S. employees ("RRSP Matching Plans") which are similar to defined contribution pension plans. 
DCM provides non-pension post-employment benefits, including health care and life insurance benefits on retirement 
to certain former employees, their beneficiaries and covered dependents ("DCM OPEB Plan"). DCM also provides 
other long-term employee benefit plans including pension, health care and dental care benefits for certain employees 
on long-term disability ("DCM OPEB LTD Plan"). Similarly, MCC provides other long-term employee benefit plans, 
including health care and dental care benefits for certain employees on long-term disability ("MCC OPEB LTD Plan"). 
Together, these plans are collectively referred to as ("OPEB LTD Plans").
(a)
Defined contribution pension plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a 
separate entity and has no legal or constructive obligation to pay further amounts. Pension benefits for defined 
contribution formula are based on the accrued contributions with investment earnings. DCM’s annual pension 
expense is based on the amounts contributed in respect of eligible employees when they are due. 
(b)
Defined benefit pension plans
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. Pension benefits for 
the defined benefit formula are generally calculated based on the number of years of service and the maximum 
average eligible earnings of each employee during any period of five consecutive years. DCM accrues its obligations 
for the defined benefit provision and related costs, net of plan assets, where applicable. The cost of pensions earned 
by employees covered by these plans are actuarially determined using the projected unit credit method taking into 
account management’s best estimate of salary escalation, retirement ages and longevity of employees, where 
applicable. When the calculation results in a benefit to DCM, the recognized asset is limited to the present value of 
economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the 
plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding 
requirements that apply to any plan in DCM. An economic benefit is available to DCM if it is realizable during the life 
of the plan, or on settlement of the plan liabilities.
Improvements to the pension plans are recognized as past service costs in the period of the plan amendment. 
Current service costs are expensed in the period that the benefits are accrued. Current service costs, administration 
costs and past services costs are recognized as period costs in general and administration expenses in the statement 
of operations. Net interest is calculated by applying the discount rate at the beginning of the period to the net benefit 
liability or asset and is recognized in finance costs (income) in the statement of operations.
The discount rate used to determine the accrued benefit obligation is determined by reference to yields on high 
quality corporate bonds and that have terms to maturity approximating the terms of the related pension liability.
Actuarial gains and losses arise from the difference between actual rate of return on plan assets and the discount rate 
for that period, from changes in actuarial assumptions used to determine the accrued benefit obligation and from 
changes to accrued benefit obligation resulting from actual experience differing from long-term assumptions used to 
determine the accrued benefit obligation. Re-measurements, comprising actuarial gains and losses, the effect of the 
changes to the asset ceiling (if applicable) and the actual return on plan assets (excluding interest), is reflected 
immediately in the statement of financial position with a charge or credit recognized in other comprehensive income 
(loss) in the period in which they occur. Re-measurements recognized in other comprehensive income (loss) are 
reflected immediately in retained earnings (deficit) and will not be reclassified to the statement of operations.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
63

The retirement benefit obligation recognized in the statement of financial position represents the actual deficit or 
surplus in the DCM’s defined benefit plans. When the payment in the future of minimum funding requirements related 
to past service would result in a net defined benefit surplus or an increase in a surplus, the minimum funding 
requirements are recognized as a liability to the extent that the surplus would not be fully available as a refund or a 
reduction in future contributions to the plans.
A liability for termination benefits is recognized at the earlier of when the entity can no longer withdraw the offer of the 
termination benefit and when the entity recognizes any related restructuring provisions. Termination benefits that 
require future services are required to be recognized over the periods the future services are provided.
The SERPs are unfunded.
The GCPP and the Unifor Pension & Benefit Plans are negotiated contribution, defined benefit plans, however, the 
trustees of these plans are not able to provide sufficient information for DCM to account for these plans as a defined 
benefit plan. Notably, GCPP is a multi-employer plan, while Unifor Pension & Benefit Plans are subject to a union 
agreement rather than being categorized as a multi-employer plans. DCM has accounted for these plans on a defined 
contribution basis as DCM does not believe there is sufficient information to recognize participation on a defined 
benefit basis.
(c)
Other post-employment and long-term employee benefit plans
DCM’s net obligation in respect of its DCM OPEB Plan is the amount of future benefit that employees have earned in 
return for their service in the current and prior periods; that benefit is discounted to determine its present value. The 
calculation is performed using the projected unit credit method. Any actuarial gains and losses related to non-pension 
post-employment benefit plans are recognized in other comprehensive loss in the period in which they arise and will 
not be reclassified to statement of operations.
DCM’s net obligation in respect of its OPEB LTD Plans is the actuarial present value of all future projected benefits 
determined as at the valuation date. Any actuarial gains and losses related to other long-term employee benefit plans 
are recognized in the statement of operations in the period in which they arise.
The discount rate is the yield at the reporting date on yields on high quality corporate bonds that have maturity dates 
approximating the terms of DCM’s obligations. The DCM OPEB Plan and OPEB LTD Plans are funded on a pay-as-
you-go basis.
PROVISIONS
Provisions are liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, DCM 
has a present legal or constructive obligation for which the amount can be estimated reliably, and it is probable that 
an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management’s 
best estimate of the expenditure required to settle the obligation. When the effect of discounting is significant, the 
amount of the provision is determined by discounting the expected cash flows at a pre-tax rate that reflects current 
market assessments of the time value of money and the risks specific to the liability. Provisions are reviewed at each 
reporting date and any changes to estimates are reflected in the statement of operations. The unwinding of the 
discount is recognized as a finance cost. A provision for restructuring is recognized when DCM has approved a 
detailed and formal restructuring plan, and has raised a valid expectation in those affected that it will carry out the 
restructuring by starting to implement the plan or announcing its main features to those affected by it. Future 
operating losses associated with plant closures are not provided for.
INCOME TAXES
Income tax expense comprises current and deferred tax. Current income tax and deferred income tax are recognized 
in the statement of operations except to the extent that it relates to a business combination or items recognized 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
64

directly in equity or in other comprehensive income (loss), in which case the current and/or deferred tax is also 
recognized directly in equity or other comprehensive income (loss).
Current income taxes are the expected tax payable or receivable on the taxable income or loss for the year, using tax 
rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous 
years that are expected to be paid. Management periodically evaluates positions taken in tax returns with respect to 
situations in which applicable tax regulation is subject to interpretation. DCM establishes provisions where 
appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized in 
respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting 
purposes and the amounts used for taxation purposes. Deferred income tax is not recognized for the following 
temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination 
and that affects neither accounting nor taxable profit or loss, and temporary differences relating to investments in 
subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable 
future. In addition, deferred income tax is not recognized for taxable temporary differences arising on the initial 
recognition of goodwill. Deferred income tax is measured on a non-discounted basis at the tax rates that are expected 
to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively 
enacted by the reporting date.
A deferred income tax asset is recognized for unused tax losses, tax credits and deductible temporary differences to 
the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred 
income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that 
the related tax benefit will be realized in the foreseeable future.
Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities 
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity or on different 
tax entities but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will 
be realized simultaneously.
Deferred income tax assets and liabilities are presented as non-current.
LEASES
DCM leases various offices, manufacturing facilities, warehouses and machinery and office equipment. Rental 
contracts are typically made for fixed periods of 1 to 15 years but may have extension options. Lease terms are 
negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements 
do not impose any covenants, but leased assets may not be used as security for borrowing purposes. DCM has 
options to purchase certain manufacturing equipment for a nominal amount or the then fair market value, to extend 
the term, or to return the equipment at the end of the lease term. The obligations are secured by the lessors’ title to 
the leased asset for such leases. DCM also occasionally enters into sub-leases as an intermediate lessor. 
The accounting policies for leases are as follows:
AS A LESSEE
DCM assesses, at the inception of a contract, whether a contract is, or contains, a lease.  A lease is a contract in 
which the right to control the use of an identified asset is granted for an agreed upon period of time in exchange for 
consideration. DCM assesses whether a contract conveys the right to control the use of an identified asset when 
there is both the right to direct the use of the asset and obtain substantially all the economic benefits from that use. 
At the commencement of a lease contract:
(i)
a lease liability is initially measured at the present value of the non-cancellable lease payments over the lease 
term and discounted at DCM's incremental borrowing rate, which represents the rate DCM would pay to borrow 
funds to obtain the underlying asset over a similar term and with similar security. Lease payments include fixed 
payments and such variable payments that depend on an index or a rate; less any lease incentives receivable. In 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
65

determining the lease term, management considers all facts and circumstances that create an economic 
incentive to exercise an extension option or not exercise a termination option. Extension options (or periods after 
termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not 
terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs 
which affects this assessment and that is within the control of the lessee. 
(ii)
a right-of-use asset ("ROU Asset") is initially measured at cost, which comprises the initial lease liability, lease 
payments made at or before the lease commencement date, initial direct costs and restoration obligations less 
lease incentives. 
The ROU Asset is depreciated in subsequent periods over the shorter of the asset's useful life and the lease term on 
a straight-line basis. The lease term includes periods covered by an option to extend if DCM is reasonably certain to 
exercise that option. The ROU Asset is assessed for impairment in accordance with the requirements of IAS 36 
Impairment of Assets. 
The lease liability is measured in subsequent periods at amortized cost using the effective interest method. Lease 
payments are allocated between principal and interest cost. The interest cost is charged to the consolidated 
statement of operations over the lease term so as to produce a constant periodic rate of interest on the remaining 
balance of the liability each period. The lease liability is remeasured when there is a change in future lease payments 
arising from a change in an index or rate, if there is a change in DCM’s estimate of the amount expected to be 
payable under a residual value guarantee, or if DCM changes its assessment of whether it will exercise a purchase, 
extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the 
carrying amount of the ROU Asset, with any difference recorded in the consolidated statement of operations. When a 
lease contract is modified to increase the scope of the lease and the change to the lease payments is commensurate 
with the stand-alone price for the increased scope the modification is accounted for as a separate lease contract. In 
all other cases the lease liability is remeasured using a revised discount rate for the remainder of the lease term and 
the ROU asset is adjusted either downwards in the case of scope decreases to reflect the partial or full termination of 
the lease (with any gain or loss recognized in the consolidated statement of operations) or upwards by the same 
adjustment to the lease liability for scope increases. 
On a lease by lease basis, DCM also exercises the option available for contracts comprising lease components as 
well as non-lease components, not to separate these components. Payments to the lessor for variable costs 
associated with the lease, including variable payments to the lessor related to non-lease components, are not 
included in the measurement of the lease liability and are expensed as incurred in the consolidated statement of 
operations. 
Extension and termination options exist for DCM’s property leases. DCM remeasures the lease liability when there is 
a change in the assessment of the inclusion of the extension option in the lease term, resulting from a change in facts 
and circumstances. 
Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as 
an expense in the consolidated statement of operations. Short-term leases are leases with a lease term of twelve 
months or less. Low value assets comprise IT equipment and small items of office furniture. 
AS AN INTERMEDIATE LESSOR 
For sub-leases where DCM is an intermediate lessor, the head lease and sub-lease interest are accounted for 
separately. DCM assesses the lease classification of a sub-lease as either an operating lease or a finance lease with 
reference to the ROU Asset arising from the head lease. 
SHARE CAPITAL AND WARRANTS
Common shares and warrants are classified as equity instruments. Incremental costs directly attributable to the issue 
of common shares and warrants are recognized as a deduction from equity, net of any tax effects.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
66

EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares 
outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting net income (loss) and 
weighted average number of shares outstanding during the period for the effects of dilutive potential shares, which 
includes any options granted.
REVENUE RECOGNITION
DCM recognizes revenue when control of the goods or services has been transferred. Revenue is measured at the 
amount of consideration to which DCM expects to be entitled to, net of incentives given to its customers, including 
volume-based incentives, price concessions and cash discounts.
The following is a description of the principal activities from which DCM generates its revenue, along with the 
corresponding revenue recognition accounting policies applied:
(a) Product Sales - DCM manufactures customized products based on specifications pre-approved by its customers. 
At its customers' request, DCM will also purchase product from third-party vendors and resell that to its 
customers (including Technology-Enabled Hardware Solutions - see below). For products that DCM purchases 
and resells to its customers, DCM is typically a principal in these arrangements as it is responsible for making 
key decisions over the purchasing of product and has the economic risks and rewards that are customary with 
control. Accordingly, third-party product revenue is typically presented on a gross basis in revenue with the 
corresponding product purchase cost and associated costs recognized in costs of revenue. DCM recognizes 
revenue when control over the product transfers to the customer, which is effectively transferred upon the 
completion of production or when a resale product is purchased from a third-party vendor and inducted into 
DCM's warehouses or shipped directly to customers from third-party vendors due to the custom nature of the 
product, as it does not have an alternative use to DCM, such that DCM is entitled to payment once the quantity of 
product pursuant to an individual purchase order is produced or purchased from a third-party vendor and 
inducted into its warehouses. Given the manufactured products are customized or purchased specifically at the 
customer’s request, product returns are insignificant.
In some instances, DCM's customers obtain the product directly from DCM following the completion of production 
or directly from third-party vendors. In other instances, DCM’s contracts involve the provision of warehousing and 
shipment services, in addition to manufacturing or purchasing of third-party products. Based on DCM's 
contractual arrangements with its customers related to product, certain of DCM's contracts with customers 
include the provision of warehousing, freight and financing services, in addition to manufacturing or purchase 
from third-parties of customized products based on specifications pre-approved by its customers. For bundled 
pricing arrangements, DCM allocates the transaction price to each performance obligation based on their relative 
stand-alone selling prices. Management applied judgment and assumptions in determining the stand-alone 
selling prices in allocating revenue between the various performance obligations based on non-bundled pricing 
arrangements and comparable market data, where applicable. DCM stores customized or purchased product at 
the request of the customer; the product is identifiable as the customer’s product; the product is ready for transfer 
to the customer upon the customer’s request; and DCM cannot re-direct the product nor use the product to fulfill 
another customer’s product order under the contract. DCM recognizes product revenues when control has 
transferred over the product upon product manufacture by DCM or upon receipt of third-party product into DCM's 
warehouses. Based on the contractual terms with its customers, DCM either issues an invoice when product that 
is manufactured by DCM or purchased from third-party vendors is inducted into DCM's warehouse, or 
alternatively, the invoice is issued for some customers when the product is dispatched from its warehouses. In 
instances where DCM issues an invoice on dispatch of product from its warehouses, rather than at the date of 
transfer of control, DCM is still entitled to payment for the purchased or manufactured product. Accordingly, 
revenue is recognized for the product manufactured by DCM or purchased from third parties and a 
corresponding balance for “unbilled receivables” are recognized within trade receivables in the consolidated 
statement of financial position. Unbilled receivables are transferred to accounts receivables when the invoices 
are issued to the customers. Deferred revenue represents amounts that have been invoiced to the customer but 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
67

not yet recognized as revenue, including advance payments and billings in excess of revenue. Deferred revenue 
is recognized as revenue when DCM completes the production of product or upon receipt of third-party product in 
its warehouses or when Warehousing Services and Freight Services are provided (see below).
(b) Warehousing Services - DCM provides custodial services to store customer product in its warehouse over a 
specified agreed upon period of time. For non-bundled pricing arrangements, warehousing revenues are 
recognized over the period that Warehousing Services are provided to the customer. For bundled pricing 
arrangements, DCM allocates a portion of the initial transaction price for Warehousing Services and recognizes 
revenue on a straight-line basis over the agreed period of the warehousing as it best represents the pattern of 
performance. Amounts are typically invoiced as Warehousing Services are performed in accordance with agreed 
upon contractual terms at periodic intervals. When DCM receives advance payments or issues billings in excess 
of revenue, these are recognized as deferred revenue in the statement of financial position. Deferred revenue is 
recognized as revenue when or as DCM provides custodial services over the agreed upon warehouse term.
(c)
Freight Services - DCM has identified it has a distinct performance obligation for the shipment of product for 
certain contracts where it has an obligation to arrange shipment services where control of the product has been 
transferred to the customer prior to shipment. DCM contracts with third parties to deliver product. DCM is 
typically a principal for such shipment services as it is responsible for making key decisions over the shipment 
arrangements and has the economic risks and rewards associated with such control as a principal DCM 
recognizes shipment revenues when the performance of the shipping service has occurred as products are 
shipped.
(d) Marketing and Other Services - Marketing services include fee-for-service marketing strategy, creative and other 
marketing services fees, and other ancillary services include fees related to financing charges associated with 
customers where DCM stores customer product in the warehouse over a period of time and invoices the 
customer when the product is dispatched from DCM's warehouse. Revenue from marketing services is 
recognized over time as the services are performed. Revenue for other ancillary services is recognized upon 
completion of the performance obligations to its customers. Financing income is recognized as DCM provides 
custodial services to its customers over the agreed upon warehouse term.
(e) Technology-Enabled Hardware Solutions - We procure certain products and services from third-party providers to 
ensure that our clients’ complete business and marketing communications needs are met while providing 
comprehensive vendor management strategies. Technology-Enabled Hardware Solutions include scanners, 
printers, tablets, and other technology applications, often with barcoding and RFID functionality, and digital 
signage applications. Such products typically complement our Product Sales, and Other Services, and are sold 
to clients as part of an integrated offering. Technology-Enabled Hardware Solutions represent a distinct 
performance obligation (from our Product Sales and Other Services), and revenue is recognized when the 
product is shipped from the vendor or inducted into DCM's warehouse. 
(f)
Technology-Enabled Subscription Services and Fees - Our Technology-Enabled Subscription Services and Fees 
include the provision of marketing technology workflow applications including revenues generated by the digital 
asset management (“DAM”) solution such as our ASMBL product, newly acquired Zavy Limited (see note 4)), 
software subscription fees, managed technology services, program management services, professional services 
fees, content management fees, and implementation and development fees. Typically, these services and fees 
are contracted on either a project basis in the case of professional services, implementation, and development 
services fees or for periods of one to five-year terms, often with one to two-year renewal options in the case of 
software subscription fees and managed technology services. Revenue is measured based on the consideration 
DCM expects to be entitled to in exchange for providing services as they are delivered, or ratably over the term 
of the contract, and represent a distinct performance obligation. When DCM receives advance payments or 
issues billings in excess of revenue, these are recognized as deferred revenue in the statement of financial 
position. Deferred revenue is recognized as revenue when or as DCM provides the services over the contract 
term. 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
68

VARIABLE CONSIDERATION
Some contracts with customers provide volume-based incentives specific to Product Sales. In addition, price 
concessions (adjustments to the amount charged to a customer made outside of the initial contact terms) are 
sometimes provided to customers if there are billing disputes or customers have experienced some level of 
dissatisfaction in order to encourage customers to pay for previous purchases and continue making future purchases. 
Such incentive offerings and price concessions give rise to variable consideration and are required to be estimated at 
contract inception by using either the expected value or the most likely amount, depending on which method better 
predicts the amount of consideration to which the customer will be entitled. The estimates are based on various 
assumptions, including past experience with customers and other relevant factors. DCM uses the most likely amount 
when determining the expected amount of volume-based incentives and price concessions it will give to its customers 
and records these as a reduction to revenue in the consolidated statement of operations. DCM reduces the 
transaction price for any price concessions expected to be provided to customers, as revenue can only be recognized 
to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur when the 
uncertainty associated with the variable consideration is subsequently resolved. 
CONTRACT COSTS
Contract costs represent incremental costs incurred, such as sales commissions for sales made to certain customers. 
Contract costs are deferred and included within prepaid expenses and other assets for contracts expected to be 
delivered after more than one year and then amortized over their estimated useful lives. Contract costs are carried at 
cost less accumulated amortization. For the years ended December 31, 2024 and 2023, DCM did not have any 
significant contract cost balances or transactions.
FINANCIAL INSTRUMENTS
CLASSIFICATION AND MEASUREMENT
Financial assets are classified and measured based on these categories: amortized cost, fair value through other 
comprehensive income ("FVTOCI"), and fair value through profit and loss (“FVTPL”).
Financial liabilities are classified and measured based on two categories: amortized cost or FVTPL. Derivatives 
embedded in contracts where the host is a financial asset in the scope of the standard are not separated, but the 
hybrid financial instrument as a whole is assessed for classification. DCM currently has no derivatives.
Financial assets and liabilities at FVTPL: A financial asset or liability is classified in this category if acquired principally 
for the purpose of selling or repurchasing in the short-term. Derivatives are also included in this category unless they 
are designated as hedges. Financial instruments in this category are recognized initially and subsequently at fair 
value. Transaction costs are expensed in the consolidated statement of operations and are included in finance costs. 
Gains and losses arising from changes in fair value are presented in the consolidated statement of operations within 
expenses in the period in which they arise. Financial assets and liabilities at FVTPL are classified as current except 
for the portion expected to be realized or paid beyond twelve months of the statement of financial position date, which 
is classified as non-current.
Financial assets and liabilities at amortized cost: Financial assets and liabilities at amortized cost are initially 
recognized at fair value, except for trade receivables that do not contain a significant financing component which are 
measured at the transaction price, plus or minus transaction costs, respectively, and subsequently carried at 
amortized cost less any impairment.
Financial assets through other comprehensive income: Financial assets carried at FVOCI are measured at fair value. 
Interest, dividends and impairment gains and losses are recognized in the consolidated statement of operations on 
the same basis as for amortized cost assets. Changes in fair value are recognized initially in other comprehensive 
income. When the assets are derecognized or reclassified, the cumulative changes in fair value are reclassified to the 
consolidated statement of operations (except where they relate to investments in equity instruments). DCM currently 
has no financial instruments measured at fair value through other comprehensive loss.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
69

DCM determines the classification of financial assets and liabilities at initial recognition. The classification of DCM's 
financial assets and liabilities is disclosed in note 23.
IMPAIRMENT OF FINANCIAL ASSETS
DCM applies the 'expected credit loss' ("ECL") model to assess the impairment of its financial assets at each balance 
sheet date. The ECL model requires considerable judgment, including consideration of how changes in economic 
factors affect ECLs, which are determined on a probability-weighted basis. DCM measures loss allowance at an 
amount equal to lifetime ECLs. 
DCM applies the simplified approach to determine ECLs on trade receivables by using a provision matrix based on 
historical credit loss experiences. The historical results were used to calculate the run rates of default, which were 
then applied over the expected life of the trade receivables, adjusted for forward looking information of economic and 
other factors. Trade receivables are written off when there is no reasonable expectation of recovering the asset or a 
portion thereof.
Impairment losses are recorded in general and administration expenses in the consolidated statements of operations. 
Where there is a change that will cause a significant reduction in the loss, the impairment loss previously recognized 
is reversed through the consolidated statements of operations. 
DERECOGNITION
Financial Assets: The Company derecognizes financial assets only when the contractual rights to cash flows from the 
financial assets expire or when it transfers the financial assets and substantially all of the associated risks and 
rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the 
consolidated statements of operations.
Financial liabilities: The Company derecognizes financial liabilities only when its obligations under the financial 
liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial 
liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities 
assumed, is recognized in the consolidated statements of operations.
ASSETS HELD FOR SALE
Pursuant to IFRS 5, non-current assets are classified as held for sale if their carrying amount will be recovered 
principally through a sale transaction rather than through continuing use. This condition is regarded as met only when 
the asset or disposal group is available for immediate sale in its present condition, subject only to terms that are usual 
and customary for sales of such an asset, the appropriate level of management must be committed to a plan to sell 
the asset and an active program to locate a buyer and complete the plan must have been initiated. Further, the asset 
must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale is 
highly probable to complete within one year from the date of classification, except as permitted under certain events 
and circumstances. If the aforesaid criteria are no longer met, DCM ceases to classify the asset as held for sale.
Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount 
and fair value less costs to sell and are presented separately in the Statement of Financial Position. DCM does not 
depreciate or amortize a non-current asset while it is classified as held for sale. Immediately before the initial 
classification of the assets as held for sale, the carrying amounts of the asset are measured in accordance with 
applicable IFRS Accounting Standard. Non-current assets are not classified as held for sale within the comparative 
period presented for the Statement of Financial Position.
USE OF ESTIMATES, MEASUREMENT UNCERTAINTY AND JUDGMENTS
The preparation of consolidated financial statements requires management to make critical judgments, estimates and 
assumptions that affect the reported amount of certain assets and liabilities and the disclosure of the contingent 
assets and liabilities at the date of the consolidated financial statements and revenues and expenses for the period 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
70

reported. Management must also make estimates and judgments about future results of operations, related specific 
elements of the business and operations in assessing the recoverability of assets and recorded value of liabilities. 
Significant areas of estimates, measurement uncertainty and judgments are summarized below. For each item, actual 
results could differ from estimates and judgments made by management.
BUSINESS COMBINATIONS 
On October 31, 2024, DCM acquired Zavy for a total purchase price of $569. The identifiable assets acquired and 
liabilities assumed, with limited exceptions are measured at their fair values at the acquisition date with the excess of 
the consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed being 
recognized as goodwill. The fair value of the identifiable assets acquired included $389 related to intangible assets 
(notes 4 and 9). 
On April 24, 2023, DCM acquired MCC for a total purchase price of $135,757 after adjusting for the post-closing 
working capital adjustments. The identifiable assets acquired and liabilities assumed, with limited exceptions are 
measured at their fair values at the acquisition date with the excess of the consideration transferred over the fair 
value of the identifiable assets acquired and liabilities assumed being recognized as goodwill. The fair value of the 
identifiable assets acquired included $41,385 related to properties (including $25,800 classified as assets held for 
sale) and $26,139 related to plant, equipment, presses and printing equipment, office furniture and equipment and 
leasehold improvements (notes 4, 7 and 20). Management applied significant judgment in estimating the fair values of 
the acquired properties, plant and equipment.
The fair value of the properties acquired was estimated with the assistance of a third-party appraiser (management’s 
property expert) using a combination of the income (direct capitalization) method and market (direct comparison) 
method. Significant assumptions related to the direct comparison method included the sales values of comparable 
properties, and subsequent sale and leaseback transactions (including market rental rates and incremental borrowing 
rates). Significant assumptions related to the direct capitalization approach included capitalization rates and 
comparable market rental rates.
The fair value of the plant and equipment assets acquired was estimated with the assistance of a third-party appraiser 
(management’s plant and equipment expert) using a combination of the market and cost (direct and indirect) 
approaches. Significant assumptions related to the cost approach included inflation adjustments, replacement cost 
new, physical depreciation, useful lives and functional obsolescence. Significant assumptions related to the market 
approach included resale values. 
IMPAIRMENT OF GOODWILL
Goodwill is tested for impairment annually at the end of each fiscal year or more frequently if events or changes in 
circumstances indicate there may be impairment. The determination of the impairment of goodwill is impacted by the 
determination of the CGUs, estimates of the recoverable value of those CGUs, assumptions of future cash flows, and 
achieving forecasted business results. 
The acquisition of MCC brought together two similar sized businesses with similar economic characteristics 
particularly in terms of the nature of the products and services, production processes, types of customers and 
methods used to provide these product and services to customers. The acquisition of Zavy added to DCM's offering 
of AI-enabled marketing technology services. These businesses have been integrated into one consolidated 
operation and senior management team under the leadership of the Chief Executive Officer ("CEO") as the Company 
operates as an integrated marketing communications and business solutions provider to its customers. Consequently 
in management’s judgment DCM has a single goodwill CGU, being the Company as a whole, reflecting the manner in 
which the operating results are being reviewed by the chief operating decision maker ("CODM") to make decisions 
about resources to be allocated and to assess the Company's performance as an integrated marketing and business 
solutions provider to its customers. This is the level at which goodwill is monitored for internal management purposes. 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
71

The recoverable amount of this CGU was determined based on its estimated fair value less the cost of disposal using 
a discounted cash flow model. Management applied considerable judgment in estimating the recoverable amounts of 
the Company, which included the use of significant assumptions relating to revenue growth rates, gross margins and 
the discount rate. While the recoverable amount from the discounted cash flow model is sensitive to key assumptions 
used for forecast revenues, gross margins and the discount rate, management is satisfied that the Company’s 
forecasts and assumptions, taking account of reasonably possible changes in results and other uncertainties, will not 
change the result of DCM's impairment analysis (see also note 10 for the sensitivity of the model to changes in these 
significant assumptions).
3  Change in accounting policies
(a) New and amended standards adopted
AMENDMENTS TO IFRS 8 OPERATING SEGMENTS
In July 2024, the IFRS Interpretations Committee (“IFRIC”) issued a clarification on segment disclosure requirements, 
with an application, if necessary, to commence for annual reports dated as of December 31, 2024. Under the existing 
IFRS 8 guidance, entities are required to disclose certain specified income and expense items that are part of the 
segment profit measures provided to the chief operating decision-maker. The details disclosed are not limited by 
whether material items are unusual or non-recurring. The IFRIC agenda decision requires entities to consider their 
existing processes and controls in determining segment disclosures and whether more disclosure is required. The 
amendments were adopted effective December 31, 2024, and did not have an impact on the consolidated financial 
statements (see note 25).
AMENDMENTS TO IAS 1 PRESENTATION OF FINANCIAL STATEMENTS: CLASSIFICATION OF LIABILITIES 
AS CURRENT OR NON-CURRENT, AND NON-CURRENT LIABILITIES WITH COVENANTS 
In January 2020 the IASB issued an amendment to ‘Classification of Liabilities as Current or Non-current (2020 
Amendments). This standard was amended to promote consistency in applying the requirements by helping 
companies determine whether debt and other liabilities with an uncertain settlement date should be classified as 
current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the 
classification requirements for debt a company might settle by converting it into equity. In October 2022 the IASB 
issued a further amendment ‘Non-current Liabilities with Covenants' (2022 amendments) which also deferred the 
effective date of the 2020 amendments). The 2022 amendments aim to improve the information an entity provides 
when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the 
reporting period. The amendments were adopted effective January 1, 2024 and did not have an impact on the 
consolidated financial statements (see note 13 for details of the financial covenants that DCM is required to comply 
with over the next twelve months).
AMENDMENTS TO IFRS 16 LEASES: LEASE LIABILITY IN A SALE AND LEASEBACK
In September 2022 the IASB issued narrow-scope amendments to the requirements for sale and leaseback 
transactions in IFRS 16 explaining how a seller-lessee accounts for a sale and leaseback after the date of the 
transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that 
do not depend on an index or a rate are impacted. The amendments were adopted January 1, 2024 and did not have 
any significant impact on the consolidated financial statements.
AMENDMENTS TO IAS 7 STATEMENT OF CASH FLOWS AND IFRS 7 FINANCIAL INSTRUMENTS: SUPPLIER 
FINANCING AGREEMENTS 
In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: 
Disclosures, addressing the presentation of liabilities and the associated cash flows arising out of supplier finance 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
72

arrangements. The disclosure requirements in the amendments enhance the previous requirements and are intended 
to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s 
liabilities, cash flows and exposure to liquidity risk. The amendments were adopted January 1, 2024. and did not have 
any significant impact on the consolidated financial statements.
(b) Future accounting standards not yet adopted
AMENDMENTS TO IAS 21: LACK OF EXCHANGEABILITY 
In August 2023, the IASB amended IAS 21 to address challenges in determining exchangeability between currencies 
and establishing the spot exchange rate in cases where exchangeability is lacking. Previously, IAS 21 provided 
guidance for situations of temporary lack of exchangeability but did not address scenarios of non-temporary lack of 
exchangeability. The amendments are effective for reporting periods beginning on or after January 1, 2025. DCM is 
currently evaluating the impact but does not expect these amendments to have any significant impact on the 
condensed interim consolidated financial statements. 
NEW STANDARD: IFRS 18: PRESENTATION AND DISCLOSURE IN FINANCIAL STATEMENTS 
In April 2024 the IASB issued a new standard, IFRS 18 "Presentation and Disclosure in Financial Statements". This 
standard will replace IAS 1 and (i) provides a defined structure for the statement of profit or loss and will require items 
in the statement to be classified into one of five categories: operating, investing, financing, income taxes and 
discontinued operations, (ii) requires enhanced disclosures within the notes to the financial statements for certain 
non-GAAP profit or loss performance measures (management defined performance measures, “MPM”) that are 
reported outside an entity’s financial statements including a reconciliation between the MPM and the most similar 
specified subtotal in IFRS Accounting Standards, and (iii) provides clarification on aggregation and disaggregation in 
the primary financial statements and note disclosures. The new standard will apply to reporting periods beginning on 
or after January 1, 2027 and will apply to comparative information. Management is currently evaluating the impact of 
this future policy on the consolidated financial statements.
AMENDMENTS TO IFRS 9 and IFRS 7: CLASSIFICATION AND MEASUREMENT OF FINANCIAL 
INSTRUMENTS
In May 2024, the IASB amended IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”. 
The amendments (i) clarify the date of recognition and derecognition of some financial assets and liabilities, with a 
new exception for some financial liabilities settled through an electronic cash transfer system; (ii) clarify and add 
further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) 
criterion; (iii) add new disclosures for certain instruments with contractual terms that can change cash flows (such as 
some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and 
(iv) update the disclosures for equity instruments designated at fair value through other comprehensive income 
(FVOCI). The amendments are effective for reporting periods beginning on or after January 1, 2026. DCM is currently 
evaluating the impact on the condensed interim consolidated financial statements. 
There are no other IFRS Accounting Standards or International Financial Reporting Interpretations Committee 
(‘IFRIC’) interpretations that are not yet effective that would be expected to have a significant impact on DCM.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
73

4  Business Acquisition
ACQUISITION OF ZAVY
On October 31, 2024 (the "Closing Date"), DCM acquired 100% of the share capital of Zavy in an all-cash transaction 
of approximately $569. With the completion of the acquisition, Zavy is a wholly-owned subsidiary of DCM. Zavy is a 
New Zealand-based Software-as-a-Service (“SaaS”) AI-enabled marketing technology (“martech”) company that 
helps companies optimize their social media effectiveness. DCM plans to integrate Zavy into its suite of martech 
offerings and utilize it as a tool to sell to the Company’s existing customer base and target new clients in North 
America.
The acquisition is being accounted for as a business combination using the acquisition method and the consideration 
paid and the allocation of the consideration to the fair values of the assets acquired and liabilities assumed in the 
acquisition as of the Closing Date were as follows: 
Recognized amounts of identifiable assets acquired and liabilities assumed     
As at October 31, 2024
Cash
$ 
206 
Net working capital 
 
(69) 
Loans
 
(314) 
Employee incentive bonus accrual
 
(108) 
Deferred Taxes (note 14)
 
(17) 
Intangible assets
 
389 
Total identifiable net assets
 
87 
Goodwill
 
482 
Total
$ 
569 
The accounting for the business combination was finalised during the fourth quarter of 2024. 
The identifiable intangible assets acquired primarily relate to Zavy IP, which will be amortized over an expected useful 
life of five years. Goodwill of $482 arising from the acquisition is attributable to expected future sales growth from both 
existing and new customers, leveraging cross-selling opportunities in the North American market. Additionally, it is 
associated with the company's workforce, and it is not eligible for tax deductions. The loans and employee incentive 
bonus accrual were settled on closing. 
Acquisition costs recognized during the year ended December 31, 2024 were $297. 
The revenue and net loss contributed by Zavy and included in the consolidated statement of operations for the year 
ended December 31, 2024, were $91 and $18, respectively. 
If the acquisition had occurred on January 1, 2024, the estimated proforma consolidated revenue and net loss for the 
year ended December 31, 2024 would have been approximately $626 and $19, respectively, adjusting net income for 
additional amortization that would have been charged assuming the fair value adjustments to intangible assets had 
applied from January 1, 2024 together with the consequential tax effect.
ACQUISITION OF MCC
On April 24, 2023 (the "Closing Date"), DCM acquired 100% of the share capital of MCC for a total cash purchase 
price of $130,835, subject to post-closing working capital adjustments. During the year ended December 31, 2023, 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
74

the post-closing working capital adjustments to the purchase price were $4,922 for a total cash purchase price of 
$135,757. With the completion of the acquisition, MCC is a wholly-owned subsidiary of DCM. The acquisition was 
funded through an expanded revolving, floating rate credit facility from a Canadian chartered bank, which includes up 
to $90,000 of revolving credit capacity; a $30,000 floating rate bridge facility from the bank (which was subsequently 
repaid during 2023); and a new $50,000 fixed rate credit facility from Fiera Private Debt (see note 13 for further 
information). 
The acquisition is being accounted for as a business combination using the acquisition method. The accounting for 
the business combination was finalised during the fourth quarter of 2023 and the consideration paid and the allocation 
of the consideration to the fair values of the assets acquired and liabilities assumed in the acquisition as of the 
Closing Date were as follows: 
Recognized amounts of identifiable assets acquired and liabilities assumed     
As at April 24, 2023
Cash and cash equivalents
$ 
4,804 
Trade receivables
 
58,240 
Inventories
 
22,981 
Prepaid expenses and other assets
 
1,542 
Other non-current assets
 
704 
Property, plant and equipment
 
41,724 
Assets held for sale (note  20) 
 
25,800 
Right-of-use assets
 
45,525 
Intangible assets
 
10,863 
Income taxes receivable
 
1,391 
Trade payables and accrued liabilities
 
(28,016) 
Bank overdraft
 
(1,282) 
Deferred revenue
 
(1,688) 
Lease liabilities
 
(30,034) 
Provisions
 
(680) 
Deferred income tax liabilities
 
(5,018) 
Pension obligations
 
(14,092) 
Other post-employment benefits plans
 
(848) 
Asset retirement obligation
 
(1,451) 
Total identifiable net assets
$ 
130,465 
Goodwill
 
5,292 
Total
$ 
135,757 
The fair value of trade receivables acquired was $58,240. The gross contractual amount of trade receivables due is 
$59,011, of which $771 was deemed uncollectible. The identifiable intangible assets acquired primarily relate to 
customer relationships and trademarks, which will be amortized over an expected useful life of nine to ten years.  
Acquisition costs relating to this acquisition recognized in 2023 were $5,640.
Integration costs during the year were $8,476 (2023 - $5,263) pertaining to the integration of MCC into the DCM 
business and plant consolidation costs that were not eligible for inclusion in restructuring expenses. These costs 
included a $974 loss on disposal of property, plant and equipment (note 7), a $445 (2023 - $464) impairment of right 
of use assets (note 8) and a $1,072 impairment of trademark intangible assets (note 9). 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
75

Goodwill of $5,292 arising from the acquisition is attributable to the expected future growth in sales from existing and 
new customers through cross selling opportunities, in addition to the Company's skilled workforce and is not 
deductible for tax purposes.
The revenue and net loss contributed by MCC and included in the consolidated statement of operations for the year 
ended December 31, 2023, were $173,600 and $28,359, respectively. 
If the acquisition had occurred on January 1, 2023, the estimated proforma consolidated revenue and net loss for the 
year ended December 31, 2023 would have been approximately $538,149 and $9,023, respectively, adjusting net 
income for additional depreciation and amortization that would have been charged assuming the fair value 
adjustments to property, plant and equipment and intangible assets had applied from January 1, 2023 together with 
the consequential tax effect.
5  Trade receivables
December 31,
2024
December 31,
2023
Trade receivables
$ 
104,902 
$ 
119,676 
Provision for expected credit losses (note 23)
 
(1,457)  
(1,720) 
$ 
103,445 
$ 
117,956 
As at December 31, 2024, trade receivables include unbilled receivables of $36,223 (2023 – $32,490), net of an 
expected credit loss allowance of $768 (2023 – $1,197).
6  Inventories
December 31,
2024
December 31,
2023
Raw materials
$ 
18,261 
$ 
22,051 
Work-in-progress
 
2,719 
 
4,392 
Finished goods
 
2,863 
 
2,397 
$ 
23,843 
$ 
28,840 
Raw materials inventory amount is net of obsolescence reserves of $731 (2023 – $1,040). Finished goods consist of 
base stock items.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
76

7  Property, plant and equipment
The following tables present changes in property, plant and equipment for the years ended December 31, 2024 and 
2023:
Leasehold
improvemen
ts
Office
furniture and
equipment
Presses and
printing
equipment
Computer
hardware
Construction 
in Progress 
(1)
Total
Year ended December 31, 2024
Opening net book value
 
4,154  
735  
23,777  
563  
1,129  
30,358 
Additions for the year
 
6,497  
370  
4,151  
209  
1,080  
12,307 
Reclassifications for the 
year
 
1,394 
 
—  
(1,394)  
— 
Disposals for the year
 
(7)  
—  
(1,687)  
(62)  
—  
(1,756) 
Depreciation for the year
 
(513)  
(379)  
(5,092)  
(216)  
—  
(6,200) 
Effect of movement in 
exchange rates
 
64  
23  
(8)  
24  
—  
103 
Closing net book value
$ 
11,589 $ 
749 $ 
21,141 $ 
518 $ 
815 $ 
34,812 
At December 31, 2024
Cost
 
22,952  
2,727  
56,596  
3,068  
815 $ 
86,158 
Accumulated depreciation
 
(11,363)  
(1,978)  
(35,455)  
(2,550)  
—  
(51,346) 
Net book value
$ 
11,589 $ 
749 $ 
21,141 $ 
518 $ 
815 $ 
34,812 
Leasehold
improveme
nts
Office
furniture 
and
equipment
Presses 
and
printing
equipment
Computer
hardware 
Constructio
n in 
Progress (1)
Land and 
Building
Total
Year ended December 31, 2023
Opening net book value
$ 
2,541 $ 
70 $ 
3,664 $ 
504 
$ 
—  
6,779 
Acquisition of MCC (note 4)
 
1,171  
453  
24,515  
—  
—  
15,585  
41,724 
Additions for the year
 
1,502  
498  
872  
221  
1,129  
—  
4,222 
Sale and leaseback 
transactions (note 8)
 
—  
—  
—  
—  
—  
(6,342)  
(6,342) 
Assets classified as held for 
sale (note 20)
 
—  
—  
—  
—  
—  
(8,650)  
(8,650) 
Other disposals for the year
 
(28)  
(39)  
(1,126)  
(17)  
—  
—  
(1,210) 
Depreciation for the year
 
(1,032)  
(247)  
(4,146)  
(147) 
 
(593)  
(6,165) 
Effect of movement in 
exchange rates
 
—  
—  
(2)  
2  
—  
—  
— 
Closing net book value
$ 
4,154 $ 
735 $ 
23,777 $ 
563 $ 
1,129 $ 
— $ 
30,358 
At December 31, 2023
Cost
$ 
15,321 $ 
2,305 $ 
58,162 $ 
3,078 $ 
1,129 $ 
— $ 
79,995 
Accumulated depreciation
 
(11,167)  
(1,570)  
(34,385)  
(2,515)  
—  
—  
(49,637) 
Net book value
$ 
4,154 $ 
735 $ 
23,777 $ 
563 $ 
1,129 $ 
— $ 
30,358 
(1) Construction in progress was included in office furniture and equipment in the comparative table. This has been 
presented as a separate category in the current year, and the comparative table has been adjusted accordingly. 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
77

During the year ended December 31, 2024, DCM disposed of various equipment due to the closure of the Fergus, 
Ontario and Trenton, Ontario facilities. Of the total disposals, $974 was recorded as a loss on disposals and is 
recorded in acquisition and integration costs in the consolidated statements of operations. 
8  Right-of-use asset
The following tables present changes in the right-of-use assets ("ROU assets") for the years ended December 31, 
2024 and 2023:
Property
Office 
Equipment
Production 
Equipment
Total 
Year ended December 31, 2024
Opening net book value 
$ 
153,465 $ 
2,288 $ 
4,048 $ 
159,801 
Additions for the year
 
1,484  
2,895  
13,595  
17,974 
Modifications for the year
 
3,361  
341  
(567)  
3,135 
Impairment  
 
(445)  
—  
—  
(445) 
Depreciation for the year
 
(13,751)  
(1,142)  
(3,145)  
(18,038) 
Effect of movement in exchange 
rates
 
85  
13  
(15)  
83 
Closing net book value
$ 
144,199 $ 
4,395 $ 
13,916 $ 
162,510 
At December 31, 2024
Cost
$ 
182,716 $ 
9,790 $ 
33,059 $ 
225,565 
Accumulated depreciation
 
(38,517)  
(5,395)  
(19,143)  
(63,055) 
Net book value
$ 
144,199 $ 
4,395 $ 
13,916 $ 
162,510 
Property
Office 
Equipment
Production 
Equipment
Total
Year ended December 31, 2023
Opening net book value
$ 
26,834 $ 
3,084 $ 
3,587 $ 
33,505 
Acquisition of MCC
 
45,059  
—  
466  
45,525 
Impairment
 
(464)  
—  
—  
(464) 
Sales and leaseback transactions
 
24,357  
—  
—  
24,357 
Additions for the year
 
—  
—  
1,968 $ 
1,968 
Modifications and disposals for the 
year
 
66,618  
45  
940 $ 
67,603 
Depreciation for the year
 
(8,923)  
(841)  
(2,913) $ 
(12,677) 
Effect of movement in exchange 
rates
 
(16)  
—  
—  
(16) 
Closing net book value
$ 
153,465 $ 
2,288 $ 
4,048 $ 
159,801 
At December 31, 2023
Cost
$ 
178,231 $ 
6,541 $ 
20,046 $ 
204,818 
Accumulated depreciation
 
(24,766)  
(4,253)  
(15,998)  
(45,017) 
Net book value
$ 
153,465 $ 
2,288 $ 
4,048 $ 
159,801 
During the years ended December 31, 2024 and 2023, DCM modified certain leases by entering into renewal and/or 
amending agreements to extend/reduce a lease term and/or increase/reduce the lease payments.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
78

In the fourth quarter of 2023, DCM closed the Edmonton, Alberta manufacturing facility (see note 11) which was 
subject to a long-term lease arrangement ending in September 2027. A $464 impairment provision was recorded 
against the carrying amount of the ROU asset for this leased facility, as the intention was to sublease the property for 
the remaining term. The impairment charge was recorded in acquisition and integration costs in the consolidated 
statement of operations. On June 28, 2024, DCM delivered a Termination of Lease Agreement (the “Lease 
Termination Notice”) to the landlord related to this leased facility. As of this date, DCM recorded an additional 
impairment of the ROU asset of $88 in acquisition and integration costs in the consolidated statements of operations. 
Upon final negotiations, DCM signed a Termination of Lease Agreement (the “Lease Termination Agreement”) on 
August 27, 2024 with the landlord, effective August 31, 2024 (the “Effective Date”). The Lease Termination Agreement 
required DCM to pay an aggregate of $800 in consideration of terminating the lease, payable on the effective date on 
August 31, 2024 resulting in a modification loss of $410 which was recorded as restructuring expense (note 11) in the 
consolidated statement of operations for the year ended December 31, 2024. 
On January 11, 2024, DCM completed a sale and leaseback of its Trenton, Ontario manufacturing facility. Gross 
proceeds realized on the sale were $9,000, and, after deducting closing commissions, rent deposit, and other 
expenses, net proceeds were $8,500. This transaction includes a one year leaseback arrangement with extension 
options for up to an additional six months to allow the Company sufficient time to complete the planned closure of the 
facility.
During the year ended December 31, 2024, DCM reduced the expected lease term of Fergus, Ontario and Trenton, 
Ontario leased facilities to exclude extension options as management determined that it was no longer considered 
reasonably certain that they would be exercised. As of December 31, 2024, both leased facilities were exited. A $357 
impairment provision was recorded against the carrying amount of the ROU asset. The impairment charge was 
recorded in acquisition and integration costs in the consolidated statement of operations.
During the year ended December 31, 2023, DCM executed renewal agreements for its Brampton, Ontario and Bond 
Avenue, Toronto, Ontario facilities. The lease term for the Brampton facility, set to expire on December 31, 2025, was 
extended by an additional 15 years. This extension includes 10 years of the lease term and an additional 5 years of 
an extension option, now expiring on December 31, 2040. Similarly, the lease terms for the Toronto facility, originally 
set to expire on December 18, 2026, was also extended by an additional 10 years, now expiring on December 18, 
2036. 
In June 2023 and December 2023, DCM completed sale and leaseback transactions of its Oshawa, Ontario 
warehouse facility and Fergus, Ontario manufacturing facility, respectively, that were acquired as part of the 
Company’s acquisition of MCC. Gross proceeds received on the sale of these properties were $30.5 million, and, 
after deducting closing commissions, rent deposit, and other expenses, net proceeds of $29.5 million were applied 
towards the $30 million Real Estate Bridge Loan with a Canadian chartered bank (note 13). In addition, proceeds of 
$1.5 million are being held in escrow by the landlord of the Oshawa, Ontario warehouse facility (which is included in 
other non-current assets on the consolidated statement of financial position) to secure the completion by DCM of 
certain identified building maintenance, repairs and capital improvements that are to be completed by DCM within 3 
years of the lease commencement date. The Oshawa, Ontario warehouse facility leaseback has a lease term of 20 
years (an initial lease term of 10 years and two additional 5 year extension options). The Fergus, Ontario 
manufacturing facility leaseback has a lease term of 2 years (an initial lease term of 1 year and two additional 6 
month extension options) to allow the Company sufficient time to complete the closure of this facility (see also note 
11). No gain or loss was recognized on these sale and leaseback transactions. The related closing costs and other 
expenses associated with these transactions of $859 were reflected in general and administrative expenses in the 
consolidated statement of operations for the year ended December 31, 2023.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
79

9  Intangible assets
The following tables present changes in intangible assets for the years ended December 31, 2024 and 2023:
Customer
relationships
Software and
 technology
Trademarks,
trade names 
and non-
compete 
agreements
Total
Year ended December 31, 2024
Opening net book value
$ 
8,831 $ 
496 $ 
1,289 $ 
10,616 
Acquisition of Zavy (note 4)
 
389 
 
389 
Additions for the year
 
—  
360  
—  
360 
Impairments for the year
 
—  
—  
(1,072)  
(1,072) 
Amortization for the year
 
(1,267)  
(543)  
(201)  
(2,011) 
Closing net book value
$ 
7,564 $ 
702 $ 
16 $ 
8,282 
At December 31, 2024
Cost
$ 
96,833 $ 
12,608 $ 
8,697 $ 
118,138 
Accumulated amortization
 
(89,269)  
(11,906)  
(8,681)  
(109,856) 
Net book value
$ 
7,564 $ 
702 $ 
16 $ 
8,282 
Customer
relationships
Software and
 technology
Trademarks,
trade names and 
non-compete 
agreements
Total
Year ended December 31, 2023
Opening net book value
$ 
2,397 $ 
66 $ 
44 $ 
2,507 
Acquisition of MCC
 
9,100  
443  
1,320  
10,863 
Additions for the year
 
—  
127  
—  
127 
Amortization for the year
 
(2,666)  
(140)  
(75)  
(2,881) 
Closing net book value
$ 
8,831 $ 
496 $ 
1,289 $ 
10,616 
At December 31, 2023
Cost
$ 
96,833 $ 
12,522 $ 
10,017 $ 
119,372 
Accumulated amortization
 
(88,002)  
(12,026)  
(8,728)  
(108,756) 
Net book value
$ 
8,831 $ 
496 $ 
1,289 $ 
10,616 
The estimated remaining useful lives of the customer relationships are between 1 and 10 years.
During the year ended December 31, 2024, DCM ceased using the trademarks acquired during the MCC acquisition. 
Their remaining net book value of $1,072 was recorded as an impairment charge in acquisition and integration costs 
in the consolidated statement of operations and the assets were removed from the cost and accumulated 
amortization table above as of December 31, 2024. 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
80

10  Goodwill
December 31,
2024
December 31,
2023
Opening balance
$ 
22,265 
$ 
16,973 
Acquisition of Zavy (note 4)
 
482 
 
— 
Acquisition of MCC (note 4)
 
— 
 
5,292 
Ending balance
$ 
22,747 
$ 
22,265 
DCM has a single operating segment, being the Company as a whole, which is the level at which goodwill is 
monitored for internal management purposes reflecting the way DCM manages its operations. As at January 1, 2024, 
there was $22,265 goodwill in the DCM CGU. However, during the year ended December 31, 2024, DCM recognized 
an additional $482 of goodwill which was derived from the acquisition of Zavy (note 4). During the year ended 
December 31, 2023, DCM recognized an additional $5,292 of goodwill which was derived from the acquisition of 
MCC.
At December 31, 2024, DCM performed its annual review for impairment of goodwill to determine if the carrying 
amount of the Company exceeds its recoverable amount. DCM did not make any changes to the valuation 
methodology used to assess for impairment since its last annual impairment test. The recoverable amount of its CGU 
has been determined based on the fair value less cost of disposal. DCM uses the income approach to estimate the 
recoverable amount of its CGU considering estimated cash flows from the perspective of an independent market 
participant, which would be classified within Level 3 of the fair value hierarchy. The income approach is predicated on 
the value of the future cash flows that a business will generate going forward. A discounted cash flow model was used 
which involves projecting cash flows and converting them into a present value through discounting. The discounting 
uses a rate of return that is commensurate with the risk associated with the business and the time value of money. 
This approach required significant assumptions about projected revenue growth rates, gross margins and discount 
rate. 
Revenue growth rates and gross margins were based on the 2025 budget internally approved and presented to the 
Board and further projected over a five-year forecast period. The average annual cumulative revenue growth rates 
over the forecast period of 3.0% (2023 – 2.4%) was applied to revenue over the forecast period in consideration of 
management's assessment of the current economic conditions that existed as at December 31, 2024 and growth 
expectations. A perpetual long-term growth rate of 0% (2023 – 0%) was used thereafter to derive the recoverable 
amount of the CGU. The average forecasted gross margin over the five-year forecast period is 30.8% (2023 – 
27.8%).
Furthermore, DCM derived an after-tax discount rate to calculate the present value of the projected cash flows using 
a weighted average cost of capital (“WACC”). This represents an estimate of the total overall required rate of return 
on an investment for both debt and equity owners. Determination of the WACC requires separate analysis of cost of 
equity and debt, and considers a risk premium based on the assessment of risks related to the projected cash flows. 
A discount rate of 14.5% was used (2023 – 14.5%). The discount rate reflect management’s judgment as to the 
specific risks relating to the CGU and industry in which it operates. 
The estimated recoverable amount exceeded its carrying value by $209,135 (2023 – $204,891). While the 
recoverable amount from the discounted cash flow model is sensitive to key assumptions used for forecast revenues, 
gross margins and discount rate, management are satisfied that the Company’s forecasts and assumptions, taking 
account of reasonably possible changes in results and other uncertainties will not change the result of DCM's 
impairment analysis. As a result of these tests, it was concluded that there was no impairment of goodwill during the 
year. 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
81

The recoverable amount would equal its carrying value if the key assumptions were changed to the following (in each 
case with all other assumptions remaining unchanged).
December 31,
2024
December 31,
2023
Discount rate
 36.4 %
 31.5 %
Revenue growth rate over 5-year forecast period and in perpetuity 
 (3.4) %
 (2.5) %
Gross Margin
 24.4 %
 22.3 %
11  Provisions
Termination 
provisions
Plant Closure
Total
Balance – December 31, 2023
$ 
16,809  
520 $ 
17,329 
Additional charge during the year
 
3,389  
989  
4,378 
Modification loss on termination of lease (note 8)
 
—  
(410)  
(410) 
Utilized during the year
 
(10,903)  
(1,099)  
(12,002) 
Balance – December 31, 2024
$ 
9,295 $ 
— $ 
9,295 
Less: Current portion of provisions
 
(8,016)  
—  
(8,016) 
As at December 31, 2024
$ 
1,279 $ 
— $ 
1,279 
Termination 
provisions
Plant Closure
Total
Balance – December 31, 2022
$ 
1,316 $ 
— $ 
1,316 
Acquisition of MCC
 
680  
— $ 
680 
Additional charge during the year
 
19,788  
520  
20,308 
Utilized during the year
 
(4,975)  
—  
(4,975) 
Balance – December 31, 2023
$ 
16,809 $ 
520 $ 
17,329 
Less: Current portion of provisions
 
(15,805)  
(520)  
(16,325) 
As at December 31, 2023
$ 
1,004 $ 
— $ 
1,004 
TERMINATION PROVISIONS
During the years ended December 31, 2024 and 2023, DCM continued initiatives to drive synergies in connection 
with the acquisition of MCC, including initiatives to align its organizational structure and optimize its operational 
footprint
In the fourth quarter of 2023, DCM closed the Edmonton, Alberta manufacturing facility. The Edmonton property was 
subject to a long-term lease arrangement ending in September 2027, which was terminated effective August 31, 2024 
(note 8) resulting in a modification loss of $410 which was recorded as restructuring expense in the consolidated 
statement of operations for the year ended December 31, 2024. 
In the fourth quarter of 2023, DCM completed the sale of the Fergus, Ontario property. In the first quarter of 2024, 
DCM completed the sale of the Trenton, Ontario property. Both of these sale transactions included a one-year 
leaseback agreement with extension options for up to an additional six to twelve months to allow DCM sufficient time 
to complete the closure of these facilities. The Fergus, Ontario lease agreement was terminated effective December 
15, 2024 and the Trenton, Ontario lease agreement was terminated on January 15, 2025. However, production in 
both leased facilities was discontinued as of December 31, 2024. In the third quarter of 2024, DCM also completed 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
82

the consolidation of its Thistle commercial printing facility in North York, Ontario (which was being leased on a month-
to-month basis) and MCC’s Toronto, Ontario commercial printing operation bringing together the two facilities at 
MCC’s Toronto, Ontario facility.
During the year ended December 31, 2024, these initiatives resulted in $3,389 of termination provisions due to 
expected headcount reduction and consolidation of plants across DCM’s operations, and $989 of plant closure costs 
for costs associated with the closure of Fergus, Trenton, Edmonton and Thistle facilities. Costs that were related to 
the plant closures but did not qualify as restructuring expenses, were recognized in Acquisition and Integration costs 
in the consolidated statement of operations. During the year ended December 31, 2024, cash payments of $12,002 
(2023 - $4,975) were made to former employees for severances and other restructuring costs. The remaining 
severance and restructuring accruals are expected to be paid in 2025 and 2026.
12  Lease liabilities
(i)
LEASE LIABILITIES
DCM currently leases manufacturing, warehouse and office space, office equipment and production equipment. A 
lease liability has been recognized equal to the present value of remaining lease payments discounted at the interest 
rate implicit in the lease, or if that rate cannot be readily determined, DCM’s incremental borrowing rate for a similar 
asset over a similar term and with a similar security.
Property
Office 
Equipment
Production 
Equipment
Total
Balance - January 1, 2024
$ 
148,669 $ 
2,575 $ 
4,071 $ 
155,315 
Additions for the year
 
1,484  
2,895  
13,595  
17,974 
Modifications for the year
 
3,771  
341  
(567)  
3,545 
Payments for the year
 
(15,318)  
(1,199)  
(3,828)  
(20,345) 
Interest charge for the year
 
11,727  
167  
639  
12,533 
Effects of movement in FX rates
 
119  
(5)  
(8)  
106 
Balance - December 31, 2024
$ 
150,452 $ 
4,774 $ 
13,902 $ 
169,128 
Property
Office 
Equipment
Production 
Equipment
Total
Balance - January 1, 2023
$ 
32,648 $ 
3,311 $ 
3,843 $ 
39,802 
Acquisition of MCC
 
29,568  
—  
466  
30,034 
Additions for the year
 
24,257  
—  
1,968  
26,225 
Modifications for the year
 
64,596  
45  
940  
65,581 
Payments for the year
 
(9,032)  
(889)  
(3,400)  
(13,321) 
Interest charge for the year
 
6,643  
108  
255  
7,006 
Effects of movement in FX rates
 
(11)  
—  
(1)  
(12) 
Balance - December 31, 2023
$ 
148,669 $ 
2,575 $ 
4,071 $ 
155,315 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
83

The contractual undiscounted cash flows of DCM’s lease liabilities are as follows: 
Contractual 
Cash Flows
Extension 
Options
Total December 
31, 2024
Not later than one year
$ 
18,737 
$ 
— 
$ 
18,737 
Later than one and not later than five years
 
76,974 
 
5,770 
 
82,744 
Later than five years
 
76,230 
 
108,246 
 
184,476 
Total undiscounted lease liabilities
$ 
171,941 
$ 
114,016 
$ 
285,957 
Impact of discount rate
 
(116,829) 
Lease liabilities
$ 
169,128 
Current 
 
10,525 
Non-current
$ 
158,603 
(ii)
AMOUNTS RECOGNIZED IN THE STATEMENT OF OPERATIONS
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Variable lease payments not included in the measurement of 
lease liabilities
$ 
14,229 $ 
11,859 
Income from sub-leasing right-of-use assets
$ 
1,006 $ 
712 
Expenses relating to short-term leases and leases of low value 
assets
$ 
539 $ 
728 
All extension options that are reasonably certain to be exercised have been included in the measurement of the lease 
obligation. The Company reassesses the likelihood of extension options to be exercised when there was a significant 
event or change in circumstances. During the year ended December 31, 2024, the undiscounted cashflows related to 
lease extension options that are not reflected in the measurement of the lease liability total $7,834 (2023 - $7,834). 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
84

13  Credit facilities
December 31,
2024
December 31,
2023
Term loans
- 5.95% term debt, maturing December 17, 2026 (FPD VI 
Credit facility)
 
6,286 
 
7,857 
- 8.08% term debt, maturing April 21, 2028 (FPD VI New 
Credit facility)
 
45,238 
 
50,000 
Revolving facilities
- floating rate debt, maturing April 24, 2026 (Bank Credit 
Facility)
 
26,759 
 
44,009 
Leasing facilities
- Interim Funding, maturing February 28, 2025 (Bank 
Leasing Facility)
 
5,395  
— 
- Interim Funding, maturing January 9, 2025 (Other 
Leasing Facility)
 
1,067  
— 
Credit facilities
$ 
84,745 
$ 
101,866 
Unamortized transaction costs
 
(1,055)  
(1,615) 
$ 
83,690 
$ 
100,251 
Less: Current portion of Credit facilities
 
(15,175)  
(6,333) 
Credit facilities
$ 
68,515 
$ 
93,918 
CREDIT AGREEMENTS
BANK FACILITIES
DCM has established a revolving credit facility (the “Bank Credit Facility”) pursuant to a third amended and restated 
credit agreement (the “Bank Credit Agreement”) with a Canadian chartered bank (the “Bank”). Under the terms of the 
amended Bank Credit Agreement, the maximum principal amount available under the Bank Credit Facility is $90,000.  
The Bank Credit Facility also includes an “accordion” feature, which can provide up to an additional $20,000 of 
capacity under the revolving facility. The Bank Credit Facility matures on April 24, 2026. This facility is available to 
DCM in the form of a Loan Facility (Revolving Facility and/or Term Facility), a Hedging Facility, a Leasing Facility and 
a MasterCard Facility.
The Loan Facility is available to be drawn by way of either Prime Rate loans, Base Rate loans, Canadian Overnight 
Repo Rate Average (CORRA) loans, Secured Overnight Financing Rate (SOFR) loans, and/or Letters of Credit.
Prime rate loans charge interest based on the Canadian prime rate plus a margin whereby the prime rate is the 
greater of the Bank’s published reference rate on Canadian Dollar denominated commercial loans and the adjusted 
Term CORRA for a period of one month plus 100 basis points per annum. Currently, advances under the Bank Credit 
Facility may not, at any time, exceed the lesser of $90,000 and a fixed percentage of DCM’s aggregate accounts 
receivable and inventory (less certain amounts). Advances under the Bank Credit Facility of $8,759 as at December 
31, 2024 are currently subject to floating interest rates based upon the Canadian prime rate plus an applicable margin 
of 1.00% for a total interest rate of 6.45% as at December 31, 2024.
Base Rate loans are US dollar denominated loans that charge interest at the greater of the Bank's published 
reference rate on the US dollar denominated commercial loans and the Federal Reserve plus 100 basis points. SOFR 
loans bear interest at the secured overnight financing rate published by the Federal Reserve Bank of New York on the 
next succeeding Business Day. DCM has a discretion of availing CORRA loan advances under the Loan Facility for 1, 
2 and 3 month terms ("CORRA loan").
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
85

As at December 31, 2024, DCM had $18,000 of advances under CORRA loans, but no advances under SOFR and 
Base Rate loans. As at December 31, 2024, three advances were outstanding under the CORRA loan for an amount 
of $4,000 ("CORRA Loan I"), $7,000 ("CORRA Loan II) and $7,000 ("CORRA Loan III"). The applicable CORRA loan 
interest rate on these terms is calculated as the adjusted Term CORRA rate plus an applicable margin for total 
annualized interest rate of 6.31%, 6.67% and 6.10%, respectively.
In April 2024, DCM signed an Interim Funding Agreement (“IFA”) with the Bank using the available Leasing Facility 
(Bank Leasing Facility) to finance some equipment purchases. According to the terms of the credit agreement, the 
maximum principal amount available under the IFA is $8,155, with the facility expiring on February 28, 2025 
(amended from the original expiration date of October 10, 2024 and amended expiration of January 2, 2025). The 
interest fee on the IFA is charged based on one-month forward looking term rate based on the CORRA published on 
such determination date, plus a margin of 3.75%. During the period, $5,395 was drawn to partially fund $8,312 in 
installment payments for equipment. These payments are recorded as other non-current assets on the consolidated 
statement of financial position, prior to being transferred to right-of-use assets as the equipment is intended to be sold 
to, and leased back from the Bank upon completion of installation. As at December 31, 2024, payments of $5,426 are 
included in other non-current assets. 
On June 5, 2024, DCM entered into an amendment to its Bank Credit Agreement. The applicable Canadian Dollar 
Offered Rate ("CDOR") was replaced by the CORRA plus 0.3%. 
During the third and fourth quarters of 2024, DCM completed two sale and leaseback transaction for various 
equipment with the Bank under the Bank Leasing Facility for total proceeds of $2,875. In conjunction with these 
transactions, DCM entered into two Amendments to the Interim Funding Agreement ("Amended IFA") to reduce the 
maximum principal amount available under the IFA from $8,155 to $6,598 to reflect the first completed sale and 
leaseback transaction, and from $6,598 to $5,280 to reflect the second completed sale and leaseback transaction.
Subsequent to year-end, DCM entered into the third and fourth, and final, sale and leaseback transactions with the 
Bank under the Bank Leasing Facility for total proceeds of $5,570.
In January 2024, DCM completed a sale and leaseback for its Trenton, Ontario manufacturing facility for net proceeds 
of $8,500 (after deducting rent deposits paid), which were applied towards paying down the Bank Credit Facility.
As at December 31, 2024, DCM had access to $34,673 of available credit under the New Bank Credit Facility and 
had cash and cash equivalents, of $6,773 as shown on the consolidated statement of financial position as at 
December 31, 2024. The bank overdraft balance of $880 (2023 - $1,564) shown on the consolidated statement of 
financial position as at December 31, 2024 represents outstanding cheques net of deposits which when cashed 
would increase the borrowing under the Bank Credit Facility. 
OTHER LEASING FACILITIES
During the fourth quarter of 2024, DCM entered into a Progress Funding Term ("PFT") with a leasing company to 
finance additional equipment purchases. According to the terms of the Master Lease Agreement, the maximum 
principal amount available under the PFT is $3,000, with the facility expiring upon lease commencement. During the 
period, $1,067 was drawn to partially fund $1,125 in installment payments for equipment. These payments are 
recorded as other non-current assets in the consolidated statement of financial position as at December 31, 2024 as 
the equipment is intended to be sold and leased back from the leasing company upon completion of installation.
Subsequent to year-end, DCM entered into the sale and leaseback transaction for the various equipment with the 
leasing company for total proceeds of $1,125. 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
86

FPD FACILITIES
DCM has two amortizing term loan facilities (the “FPD VI Credit Facilities”) with Fiera Private Debt VI L.P. (“FPD VI”), 
which is a fund managed by Fiera Private Debt Fund GP Inc. (“FPD”) pursuant to an amended and restated credit 
agreement dated as of April 24, 2023 (the “FPD Credit Agreement”). On October 22, 2024 a second amended and 
restated credit agreement was entered into to align the financial covenants on the term loans with those on the Bank 
revolving facility. The amended covenants are reflected in the table below.
COVENANT REQUIREMENTS
Each of the Bank Credit Agreement and the FPD Credit Agreement contains customary representations and 
warranties, certain financial covenant requirements (see below), as well as certain restrictive covenants which limit 
the discretion of the Board and management with respect to certain business matters, including the declaration or 
payment of dividends on the common shares of DCM without the consent of the Bank and FPD VI, as applicable. 
Borrowings 
subject to 
financial 
covenants 
Financial 
Covenant 
Frequency 
Tested 
Ratios to be compliant   
Ratios at 
December 31,
2024
Term loans
Total Funded 
Debt to 
Adjusted 
EBITDA
Quarterly
From December 31, 2024 to December 30, 2025 < 
3.50 : 1.00 
From December 31, 2025 to loan maturity < 2.75 : 1:00
1.93 : 1.00
Fixed charge 
coverage 
ratio
Quarterly
From December 31, 2024 to loan maturity > 1.10 : 1.00
1.80 : 1.00
Working 
capital ratio
Quarterly
At all times > 1.10 : 1.00
1.59 : 1.00
Revolving 
facility
Fixed charge 
coverage 
ratio
Monthly
At all times > 1.10 : 1.00
1.80 : 1.00
Capital 
expenditures Annually
Less than 120% of annual budgeted capital 
expenditures
 108 %
For purposes of the Bank Credit Agreement and the FPD Credit Agreement, “EBITDA” means net income or net loss 
for the relevant period, calculated on a consolidated basis, plus amounts deducted, or minus amounts added, in 
calculating net income or net loss in respect of: (a) the aggregate expense incurred for interest on debt and other 
costs of obtaining credit; (b) income taxes, whether or not deferred; (c) depreciation and amortization; non-cash 
expenses resulting from employee or management compensation, including the grant of stock options or restricted 
options to employees; any gain or loss attributable to the sale, conversion or other disposition of property out of the 
ordinary course of business; interest or dividend income; foreign exchange gain or loss; gains resulting from the write 
up of property and losses resulting from the write-down of property (except allowances for doubtful accounts 
receivable and non-cash reserves for obsolete inventory); any gain or loss on the repurchase or redemption of any 
securities (including in connection with the early retirement or defeasance of any debt); goodwill and other intangible 
asset write-downs; lease payments to convert on a pre-IFRS 16 basis; and any other extraordinary, nonrecurring or 
unusual items such as restructuring costs (as agreed to by the lender) provided the amounts added back pursuant to 
clause (c) above in respect of cash expenses (other than acquisition, integration and restructuring costs related to the 
April 2023 MCC acquisition) are capped at 15% of unadjusted EBITDA. The pro forma financial results from any 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
87

acquisitions completed by DCM during a given year are included on a trailing twelve month basis effective as of the 
closing date of the acquisitions for the purposes of DCM’s covenant calculations. 
As of December 31, 2024, DCM was in compliance with all its financial covenants. 
The continued ability to comply with financial covenants under the Company’s credit facilities for at least the next 
twelve months is contingent on management’s ability to meet budgeted revenue, profitability and working capital 
targets. The estimate of future cash flows in the Company’s 2025 budget and forecasts through to March 31, 2026 
include a number of key assumptions to support the financial covenant calculations, specifically related to forecast 
revenues and gross margins (which in turn impact earnings before interest, income taxes, depreciation and 
amortization (EBITDA)). Management is satisfied that the Company’s forecasts and projections, taking account of 
reasonably possible changes in results and other uncertainties, will not result in any breach of the financial covenants 
on its credit facilities within the next fifteen months.
A failure by DCM to comply with its obligations under the Bank Credit Agreement or the FPD Credit Agreement, 
together with certain other events, including a change of control of DCM and a change in DCM’s Chief Executive 
Officer, President or Chief Financial Officer (unless a replacement officer acceptable to FPD, acting reasonably, is 
appointed within 60 days of the effective date of such officer’s resignation), could result in an event of default which, if 
not cured or waived, would result in the interest rate on borrowings increasing by 2% while in default and could result 
in the indebtedness outstanding becoming immediately due and payable under each of those agreements if called by 
the lenders.
INTER-CREDITOR AGREEMENT
DCM’s obligations under the New Bank Credit Facility and the FPD VI Credit Facility are secured by conventional 
security charging all of the property and assets of DCM and its subsidiaries. DCM has entered into an inter-creditor 
agreement between the Bank and FPD VI, which, among other things, establishes the rights and priorities of the 
respective liens of the Bank and FPD VI on the present and after-acquired property of DCM and its subsidiaries. 
The movement in credit facilities during the years ended December 31, 2024 and 2023 are as follows:
December 31,
2024
December 31,
2023
Balance - Beginning of year, net of transaction costs and debt 
premiums and discounts
$ 
100,251 
$ 
27,047 
Changes from financing cash flows
Proceeds from credit facilities 
$ 
50,962 
 
162,140 
Repayment of credit facilities
 
(68,083)  
(87,592) 
Transaction costs
 
— 
 
(1,801) 
Total change from financing cash flows
 
(17,121)  
72,747 
Non-cash movements
Amortization of transaction costs, net of debt modification gain
 
560 
 
457 
Balance - End of year, net of transaction costs and debt 
premiums and discounts
$ 
83,690 
$ 
100,251 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
88

The scheduled principal repayments on the long-term debt are as follows:
2025 (1)
 
15,175 
2026
 
38,618 
2027
 
7,143 
2028
 
23,809 
$ 
84,745 
(1) Includes the $6,462 for interim funding received to date under the leasing facilities which is expected to be 
converted into a lease liability on execution of the lease agreements in the first quarter of 2025. 
14  Income taxes
Significant components of DCM’s deferred income tax assets and liabilities as of December 31, 2024 and 2023 are as 
follows:
December 31, 2024
Assets
Liabilities
Net
Pension obligations and other post-employment benefit plans
$ 
4,227 $ 
— $ 
4,227 
Property, plant and equipment, ROU assets and lease liabilities
 
—  
(719)  
(719) 
Benefit of income tax loss and other carry-forwards
 
89  
—  
89 
Deferred finance fees and debt premiums
 
1,181  
—  
1,181 
Deductible reserves
 
2,946  
—  
2,946 
Intangible assets
 
1,338 
 
1,338 
Other
 
—  
(898)  
(898) 
Total deferred income tax assets (liabilities)
$ 
9,781 $ 
(1,617) $ 
8,164 
Set-off of deferred income tax assets (liabilities) pursuant to set off 
provisions
 
(1,557)  
1,557  
— 
Net deferred income tax assets (liabilities)
$ 
8,224 $ 
(60) $ 
8,164 
December 31, 2023
Assets
Liabilities
Net
Pension obligations and other post-employment benefit plans
$ 
7,320 $ 
— $ 
7,320 
Property, plant and equipment, ROU assets and lease liabilities
 
—  
(5,327)  
(5,327) 
Deferred finance fees and debt premiums
 
1,304  
—  
1,304 
Deductible reserves
 
5,793  
—  
5,793 
Intangible assets
 
973  
—  
973 
Other
 
—  
(262)  
(262) 
Total deferred income tax assets (liabilities)
$ 
15,390 $ 
(5,589) $ 
9,801 
Set-off of deferred income tax assets (liabilities) pursuant to set off 
provisions
 
(5,589)  
5,589 $ 
— 
Net deferred income tax assets (liabilities)
$ 
9,801 $ 
— $ 
9,801 
As at December 31, 2024, DCM recorded net deferred income tax assets of $8,224 (2023 – $9,801) and net deferred 
income tax liabilities of $60 (2023 – nil) in its consolidated statements of financial position. The deferred income tax 
assets are only offset against deferred income tax liabilities where DCM has a legally enforceable right to offset these 
amounts, and the deferred income tax assets and deferred income tax liabilities are related to income taxes levied by 
the same taxation authority.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
89

Changes in deferred income tax assets and liabilities during the years ended December 31, 2024 and 2023 are as 
follows:
Balance at 
January 1,
2024
Acquisition 
of Zavy  
(note 4)
Recognized
in statement
operations
Recognized in
comprehensive
income
Balance at 
December 
31,
2024
Pension obligations and other post-
employment benefit plans
$ 
7,320 $ 
— $ 
(809) $ 
(2,284) $ 
4,227 
Property, plant and equipment, ROU 
assets and lease liabilities
 
(5,327)  
—  
4,608  
— $ 
(719) 
Benefit of income tax loss and other 
carry-forwards
 
—  
89  
—  
— $ 
89 
Deferred finance fees and debt 
premiums
 
1,304  
—  
(123)  
— $ 
1,181 
Deductible reserves
 
5,793  
(1)  
(2,846)  
— $ 
2,946 
Intangible assets
 
973  
(104)  
469  
— $ 
1,338 
Other
 
(262)  
(1)  
(635)  
— $ 
(898) 
Deferred income tax assets 
(liabilities), net
$ 
9,801 $ 
(17) $ 
664 $ 
(2,284) $ 
8,164 
Balance at 
January 1,
2023
Acquisition 
of MCC  
(note 4)
Recognized
in statement
operations
Recognized in
other 
comprehensive
income
Recognized 
in equity 
(note 17)
Balance at 
December 
31,
2023
Pension obligations 
and other post-
employment benefit 
plans
$ 
1,618 $ 
3,946 $ 
44 $ 
1,712 $ 
— $ 
7,320 
Property, plant and 
equipment, ROU 
assets and lease 
liabilities
 
1,071  
(9,915)  
3,517  
—  
—  
(5,327) 
Benefit of income tax 
loss and other carry-
forwards
 
65  
—  
(65)  
—  
—  
— 
Deferred finance fees 
and debt premiums
 
144  
383  
299  
—  
478  
1,304 
Deductible reserves
 
1,408  
558  
3,827  
—  
—  
5,793 
Intangible assets
 
543  
(53)  
483  
—  
—  
973 
Other
 
(19)  
63  
(306)  
—  
—  
(262) 
Deferred income tax 
assets (liabilities), net
$ 
4,830 $ 
(5,018) $ 
7,799 $ 
1,712 $ 
478 $ 
9,801 
The realization of the deferred income tax assets is dependent on the generation of future taxable income during the 
years in which those temporary differences become deductible. Based on management's projections of future taxable 
income and tax planning strategies, management expects to realize these net deferred income tax assets in advance 
of expiry. As at December 31, 2024, DCM has US Federal tax loss carryforwards of $169 and US state tax loss 
carryforwards of $1,233 for which no deferred tax asset has been recognized. The loss carryforwards expire in 
varying amounts starting in 2039 (2023 – 2039).
In the ordinary course of business, DCM and its subsidiaries and predecessors have entered into transactions where 
the ultimate tax determination may be uncertain. These uncertainties require management to make estimates of the 
ultimate tax liabilities and, accordingly, the provision for income taxes. Since there are inherent uncertainties, 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
90

additional tax liabilities may result if tax matters are ultimately resolved or settled at amounts different from those 
estimates.
The major components of income tax expense (recovery) for the years ended December 31, 2024 and 2023 are set 
out below:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Current income tax expense:
Current tax on profits for the year
$ 
2,338 
$ 
2,616 
Adjustment for current tax of prior periods
 
— 
 
(1,407) 
Total current income tax expense
$ 
2,338 
$ 
1,209 
Total deferred income tax recovery
 
(664)  
(7,799) 
Total income tax expense (recovery) for the year
$ 
1,674 
$ 
(6,590) 
For the year ended December 31, 2024, deferred income tax expense on the recognition of actuarial gains (losses) 
related to DCM's defined benefit plans of $2,284 (2023 – recovery of $1,712) were recognized in the statements of 
comprehensive income.
The following are reconciliations of income tax expense (recovery) calculated at the statutory rate of Canadian 
corporate income taxes to the income tax expense (recovery) for the years ended December 31, 2024 and 2023:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Income (loss) before income taxes
$ 
5,244 
$ 
(22,444) 
Expected income tax expense calculated at statutory income 
tax rate (1)
 
1,323 
 
(5,652) 
Adjustment to income taxes resulting from:
Difference between Canadian rates and rates applicable to 
subsidiary in another country or rates applicable to wholly 
owned Canadian subsidiaries
 
8 
 
(223) 
Unrecognized tax losses and temporary differences
 
37 
 
(256) 
Adjustment for current tax of prior periods
 
(554)  
(1,407) 
Non-deductible expenses and other items
 
860 
 
948 
Total income tax expense (recovery) for the year
$ 
1,674 
$ 
(6,590) 
(1) The calculation of the current income tax is based on a combined federal and provincial statutory income tax rate 
of 25.23% (2023 – 25.18%).
The combined federal and provincial statutory income tax rate for the current year is 0.05% higher than 2023 due to 
the effect of changes in statutory tax rates and the allocation of taxable income between provinces. Deferred income 
tax assets and liabilities are measured at tax rates that are expected to apply to the period when the asset is realized 
or the liability is settled. Deferred income tax assets and liabilities have been measured using an expected average 
combined statutory income tax rate of 25.43% (2023 – 25.18%) based on the tax rates in years when the temporary 
differences are expected to reverse.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
91

15  Pension obligations, assets and expenses
DCM sponsors defined benefit and defined contribution pension plans for its employees, including the employees of 
MCC. Certain employees and former employees are provided defined benefit pensions under the DATA 
Communications Management Pension Plan or are provided defined benefit pensions and in some cases an 
unfunded SERP under the Moore Canada Corporation Pension Plan. Certain former senior executives of a 
predecessor corporation participated in a SERP, which provides pension benefits payable as a single life annuity with 
a five-year guarantee.
Both the DATA Communications Management Pension Plan and Moore Canada Corporation Pension Plan are frozen 
and no further service credits are accruing under the defined benefit provision of the DATA Communications 
Management Pension Plan and under the Moore Canada Corporation Pension Plan, respectively.
Actuarial valuations are typically performed at least every three years. Based on those valuations, the annual cash 
contributions in respect of the defined benefit provision of these pension plans are dependent on the plan’s 
investment performance and changes in long-term interest rates, estimates of the price of annuities, and other 
elements of pension plan experience such as demographic changes and administration expenses, among others. 
Under applicable pension regulations, the plan’s solvency deficiency can be funded over a maximum period of five 
years.
During the year ended December 31, 2022, DCM engaged actuaries to complete an updated actuarial valuation of 
the defined benefit provision of the DATA Communications Management Pension Plan, which confirmed that, as at 
December 31, 2021, the solvency position of the defined benefit provision of the DATA Communications Management 
Pension Plan had improved since the previous valuation. Based upon the December 31, 2021 actuarial report, DCM's 
annual minimum funding obligation for the defined benefit provision of the DATA Communications Management 
Pension Plan for 2023 and 2024 is $322 each year. The next valuation will be done during 2025 with an effective date 
of December 31, 2024 and the next funding obligation for DATA Communications Management Pension Plan will be 
based on the valuation.
During the year ended December 31, 2023, DCM engaged actuaries to complete an updated actuarial valuation of 
the Moore Canada Corporation Pension Plan, which confirmed that, as at January 1, 2023, the solvency position of 
the Moore Canada Corporation Pension Plan had improved since the previous valuation. Based upon the January 1, 
2023 actuarial report, DCM's annual minimum funding obligation for the Moore Canada Corporation Pension Plan for 
2023 to 2025 is $nil each year. 
During the year ended December 31, 2024, DCM closed its production facilities in Fergus, Ontario and Trenton, 
Ontario and reduced the number of active employees receiving a defined benefit pension under the Moore Canada 
Corporation Pension Plan. This plan amendment resulted in a past service credit of $846, which was recognized in 
consolidated statement of income (loss) under Other Gains.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
92

The following is a summary of DCM’s net pension obligations for the defined benefit provisions and unfunded SERPs, 
including plans assumed on the acquisition of Moore Canada Corporation:
DCM
MCC
Total December 
31,
2024
Present value of funded obligations
$ 
46,481 $ 
169,186 $ 
215,667 
Less: Fair value of plan assets
 
(49,623)  
(161,792)  
(211,415) 
Deficit (surplus) of funded plans
 
(3,142)  
7,394  
4,252 
Present value of unfunded obligations
 
6,018  
4,942  
10,960 
Defined benefit pension obligations, net
$ 
2,876 $ 
12,336 $ 
15,212 
DCM
MCC
Total December 
31,
2023
Present value of funded obligations
$ 
47,459 $ 
173,185 $ 
220,644 
Less: Fair value of plan assets
 
(49,421)  
(158,091)  
(207,512) 
Deficit (surplus) of funded plans
 
(1,962)  
15,094  
13,132 
Present value of unfunded obligations
 
6,167  
5,125  
11,292 
Defined benefit pension obligations, net
$ 
4,205 $ 
20,219 $ 
24,424 
Total December 
31, 2024
December 31,
2023
Defined benefit pension plan obligations
$ 
18,354 $ 
26,386 
Less: Defined benefit pension assets
 
(3,142)  
(1,962) 
Defined benefit pension obligations, net
$ 
15,212 $ 
24,424 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
93

CHANGE IN THE PRESENT VALUE OF DEFINED BENEFIT PLAN OBLIGATIONS
The following is a summary of the change in DCM’s net pension obligations for the defined benefit provisions of the 
funded DATA Communications Management Pension Plan, Moore Canada Corporation Pension Plan and their 
respective unfunded SERPs:
Funded
Unfunded
December 31,
2024
Balance – Beginning of year
$ 
220,644 $ 
11,292 $ 
231,936 
Interest expense
 
9,825  
498  
10,323 
Past service credit
 
(846)  
—  
(846) 
Benefits paid
 
(14,193)  
(959)  
(15,152) 
Re-measurements:
- Loss from change in financial assumptions
 
—  
44  
44 
- Experience losses
 
237  
85  
322 
Balance – End of year
$ 
215,667 $ 
10,960 $ 
226,627 
Funded
Unfunded
December 31,
2023
Balance – Beginning of year
$ 
45,062 $ 
6,069 $ 
51,131 
Interest expense
 
7,553  
462  
8,015 
Benefits paid
 
(10,412)  
(801)  
(11,213) 
Balance - Acquired from acquisition of MCC
 
167,560  
5,130  
172,690 
Re-measurements:
- Loss from change in financial assumptions
 
6,224  
380  
6,604 
- Experience losses
 
4,657  
52  
4,709 
Balance – End of year
$ 
220,644 $ 
11,292 $ 
231,936 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
94

CHANGE IN THE FAIR VALUE OF PLAN ASSETS
The following is a summary of the change in the fair value of the plan assets for the defined benefit provisions of the 
DCM and MCC pension plans and unfunded SERPs:
Funded
Unfunded
December 31,
2024
Balance – Beginning of year
$ 
207,512 $ 
— $ 
207,512 
Interest income
 
9,211  
—  
9,211 
Employer contributions
 
322  
959  
1,281 
Benefits paid
 
(14,193)  
(959)  
(15,152) 
Administrative expenses paid from plan assets
 
(774)  
—  
(774) 
Re-measurements:
- Gain on plan assets, excluding amounts included in 
interest income
 
9,337  
—  
9,337 
Balance – End of year
$ 
211,415 $ 
— $ 
211,415 
Funded
Unfunded
December 31,
2023
Balance – Beginning of year
$ 
47,426 $ 
— $ 
47,426 
Interest income
 
7,387  
—  
7,387 
Employer contributions
 
323  
801  
1,124 
Benefits paid
 
(10,412)  
(801)  
(11,213) 
Administrative expenses paid from plan assets
 
(617)  
—  
(617) 
Balance - Acquired from acquisition of MCC
 
158,598  
—  
158,598 
Re-measurements:
- Gain on plan assets, excluding amounts included in 
interest income
 
4,807  
—  
4,807 
Balance – End of year
$ 
207,512 $ 
— $ 
207,512 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
95

DEFINED BENEFIT PENSION PLAN ASSET COMPOSITION
The following is a summary of the composition in plan assets of the defined benefit provisions of the DCM and MCC 
pension plans:
For the year ended 
December 31, 2024
DCM Plan
MCC Plan
Quoted
Percentage of 
plan assets
Domestic equities
$ 
189 $ 
1,801 $ 
1,990 
Foreign equities
 
10,309  
54,577  
64,886 
Equity instruments
$ 
10,498 $ 
56,378 $ 
66,876 
 32 %
Short and mid-term bonds
$ 
6,278 $ 
15,686 $ 
21,964 
Long-term bonds
 
25,415  
72,416  
97,831 
Commercial mortgages
 
7,195  
15,766  
22,961 
Debt instruments
$ 
38,888 $ 
103,868 $ 
142,756 
 67 %
Cash and cash equivalents
$ 
237 $ 
1,546 $ 
1,783 
 1 %
Total
$ 
49,623 $ 
161,792 $ 
211,415 
 100 %
For the year ended 
December 31, 2023
DCM Plan
MCC Plan
Quoted
Percentage of 
plan assets
Domestic equities
$ 
485 $ 
21,681 $ 
22,166 
Foreign equities
 
9,718  
39,874  
49,592 
Equity instruments
$ 
10,203 $ 
61,555 $ 
71,758 
 35 %
Short and mid-term bonds
$ 
6,967 $ 
11,456 $ 
18,423 
Long-term bonds
 
25,121  
82,988  
108,109 
Commercial mortgages
 
6,715  
—  
6,715 
Debt instruments
$ 
38,803 $ 
94,444 $ 
133,247 
 64 %
Cash and cash equivalents
$ 
416 $ 
2,091 $ 
2,507 
 1 %
Total
$ 
49,422 $ 
158,090 $ 
207,512 
 100 %
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
96

ELEMENTS OF DEFINED BENEFIT EXPENSE RECOGNIZED IN THE STATEMENTS OF OPERATIONS
The following is a summary of the expense recognized for the defined benefit provisions and unfunded SERPs of the 
DCM and MCC pension plans:
Funded
Unfunded
December 31,
2024
Administration expenses
$ 
774 $ 
— $ 
774 
Past service credit (1)
 
(846)  
— $ 
(846) 
Interest expense
 
9,825  
498  
10,323 
Interest income
 
(9,211)  
—  
(9,211) 
Total net interest expenses
 
614  
498  
1,112 
Defined benefit expense recognized
$ 
542 $ 
498 $ 
1,040 
Funded
Unfunded
December 31,
2023
Administration expenses
$ 
617 $ 
— $ 
617 
Interest expense
 
7,553  
462  
8,015 
Interest income
 
(7,387)  
—  
(7,387) 
Total net interest expense
 
166  
462  
628 
Defined benefit expense recognized
$ 
783 $ 
462 $ 
1,245 
(1) Included in consolidated statement of income (loss) under Other Gains totaling $2,500.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
97

AMOUNTS RECOGNIZED IN THE STATEMENT OF COMPREHENSIVE INCOME
The following is a summary of the amounts recognized in the statement of comprehensive income (loss) for the 
defined benefit provisions of the DCM and MCC pension plans and unfunded SERPs:
Funded
Unfunded
December 31,
2024
Re-measurements:
- Loss from change in financial assumptions
$ 
— $ 
44 $ 
44 
- Experience losses
 
237  
85  
322 
- Gain on plan assets, excluding amounts included in 
interest income
 
(9,337)  
—  
(9,337) 
 
(9,100)  
129  
(8,971) 
Deferred income tax effect
 
2,314  
(33)  
2,281 
Defined benefit (recovery) expense recognized
$ 
(6,786) $ 
96 $ 
(6,690) 
Funded
Unfunded
December 31,
2023
Re-measurements:
- Loss from change in financial assumptions
$ 
6,224 $ 
380 $ 
6,604 
- Experience losses
 
4,657  
52  
4,709 
- Gain on plan assets, excluding amounts included in 
interest income
 
(4,807)  
—  
(4,807) 
 
6,074  
432  
6,506 
Deferred income tax effect
 
(1,597)  
(110)  
(1,707) 
Defined benefit expense recognized
$ 
4,477 $ 
322 $ 
4,799 
DCM manages its pension plans by meeting with an actuarial consultant and the fund managers on a regular basis 
and reviews periodic reports outlining changes in the plan liabilities and the return on pension assets relative to the 
market. Assumptions are reviewed on an ongoing basis and adjustments are made whenever management believes 
that conditions have materially changed.
SIGNIFICANT ACTUARIAL ASSUMPTIONS ADOPTED IN MEASURING DCM’S DEFINED BENEFIT 
OBLIGATIONS
December 31,
2024
December 31,
2023
Defined Benefit Pension Plans
Discount rate
 4.60 %
 4.60 %
Rate of compensation increase
 3.00 %
 3.00 %
SERPs
Discount rate
 4.60 %
 4.60 %
DCM decreased the discount rate that was used to calculate its defined benefit obligations as at December 31, 2024 
to reflect current Canadian economic conditions and long-term interest rates. The salary increase assumption 
remained unchanged at December 31, 2024.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
98

Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and 
experience in Canada. These assumptions translate into an average life expectancy in years for a pensioner retiring 
at age 65:
December 31,
2024
December 31,
2023
Retiring at the end of the reporting period:
Male
22.1 - 22.0
22.0 - 21.9
Female
24.4 - 24.6
24.4 - 24.6
Retiring in 25 years after the end of the reporting period:
Male
23.3 - 23.8
23.3 - 23.7
Female
25.6 - 26.3
25.5 - 26.2
Through its defined benefit plans, DCM is exposed to a number of risks, the most significant of which are detailed 
below:
ASSET VOLATILITY
For a defined benefit pension plan, fluctuations in the value of plan assets are assessed in the context of fluctuations 
in the plan liabilities. The plan liabilities are calculated using a discount rate set with reference to high quality 
corporate bond yields.  As discount rates change, the value of the plan liabilities will fluctuate, if the growth of plan 
liabilities exceeds that of plan assets a deficit will result. 
The defined benefit provision of the DATA Communications Management Pension Plan and Moore Canada 
Corporation Pension Plan are closed to new membership, which means the investment time horizon is shrinking as 
the plans matures. 
The defined benefit provision of the DATA Communications Management Pension Plan currently holds a small 
proportion of equities, approximately 21% of total assets, which are expected to outperform corporate bonds in the 
long-term while providing volatility and risk in the short-term. The defined benefit provision of the DATA 
Communications Management Pension Plan’s investment time horizon and financial position are key inputs in 
deciding on the proportion of equities held. 
The investment strategy for the DATA Communications Management Pension Plan reflects an ongoing (rather than 
solvency) focus following a duration matching strategy using pooled funds in an attempt to match the interest rate 
sensitivity of plan assets to plan liabilities. The equity and bond target allocations are 20% and 80%, respectively, and 
the equity portfolio structure did not change relative to the previous year.
Prior to the acquisition by DCM, the Moore Canada Corporation Pension Plan funded ratio was in the 90% funded 
target category and 50% of the plan's assets were invested 50% in a growth portfolio and the other 50% of the plan's 
assets were invested in a liability hedging portfolio. During the remainder of 2023, the plan's funded ratio improved to 
the 95% funded target category and the plan's assets allocation was revised to be 45% invested in a growth portfolio 
and 55% invested in a liability hedging portfolio. During the year ended 2024, DCM implemented an alternative 
derisking strategy to enhance the plan's asset return while seeking to reduce interest rate risk and as the plan 
matures, the Moore Canada Corporation Pension Plan Pension Plan’s level of investment risk is expected to reduce 
by lowering the proportion of the growth portfolio consisting of primary equities and increasing the proportion of the 
liability hedging portfolio consisting of bonds which are a better match to the plan liabilities. This de-risking glide path 
will dynamically shift the plan's assets from the growth portfolio to the liability hedging portfolio to better match 
liabilities commenced and will be concluded when the solvency ratio reaches 105%. 
Through the derisking schedule, the Moore Canada Corporation Pension Plan is expected to lower its interest rate 
risk, inflation risk and equity risk. As at December 31, 2024, the Moore Canada Corporation Pension Plan holds 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
99

approximately 45% of its assets in the growth portfolio and 55% in the liability hedging portfolio. When the solvency 
ratio reaches 105%, the Moore Canada Corporation Pension Plan is expected to have 20% in the growth portfolio 
and 80% in the liability hedging portfolio. This derisking strategy is reviewed annually to consider the current 
environment and may be revised at any point in time.
CHANGES IN BOND YIELDS
A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in 
the value of the plan’s bond holdings.
SALARY RISK
The present value of the pension benefit obligations is calculated by reference to the future salaries of plan 
participants, so salary increases of the plan participants greater than assumed will increase plan liabilities.
LIFE EXPECTANCY
The majority of the plans’ obligations provide benefits for the life of the member, so increases in life expectancy will 
result in an increase in the plans’ liabilities.
The sensitivity of the defined benefit obligations for the DATA Communications Management Pension Plan, Moore 
Canada Corporation Pension Plan and their respective SERPs to changes in assumptions at December 31, 2024 and 
at December 31, 2023 are set out below. The effects on each plan of a change in an assumption are weighted 
proportionately to the total plan obligations to determine the total impact for each assumption presented.
December 31, 2024
Impact on defined benefit obligations
Change in assumption
Increase in assumption
Decrease in assumption
Discount rate
0.25%
$ 
(5,480) $ 
5,722 
Salary growth rate
0.25%
 
640  
(623) 
Increase by 1 year in 
assumption
Decrease by 1 year in 
assumption
Life expectancy
$ 
6,402 $ 
(6,025) 
December 31, 2023
Impact on defined benefit obligations
Change in assumption
Increase in assumption
Decrease in assumption
Discount rate
0.25%
$ 
(5,759) $ 
6,019 
Salary growth rate
0.25%
 
612  
(595) 
Increase by 1 year in 
assumption
Decrease by 1 year in 
assumption
Life expectancy
$ 
6,123 $ 
(5,763) 
Each sensitivity analysis disclosed in this note is based on changing one assumption while holding all other 
assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be 
correlated. When calculating the sensitivity of the defined benefit obligations to variations in significant actuarial 
assumptions, the same method (present value of the defined benefit obligations calculated with the projected unit 
credit method at the end of the reporting period) has been applied as for calculating the liability recognized in the 
statements of financial position.
The weighted average duration of the defined benefit obligations is 10.34 years (2023 – 10.62 years).
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
100

Expected maturity analysis of undiscounted pension benefits:
Less than
a year
Between 1 to 2 
years
Between 3 to 5 
years
Between 5 to 10 
years
At December 31, 2024
$ 
15,281 $ 
15,493 $ 
47,740 $ 
79,197 
At December 31, 2023
$ 
15,033 $ 
15,274 $ 
47,106 $ 
79,836 
The annual pension expense for the defined contribution provision of the DATA Communications Management 
Pension Plan and RRSP Matching Plans are based on the amounts contributed in respect of eligible employees. The 
annual pension expense for the GCCP and Unifor Pension & Benefit Plans, which are accounted for as a defined 
contribution plan, is based on amounts contributed based on a percentage of wages of unionized employees who are 
covered by the respective collective bargaining agreements, all of whom are employed at DCM facilities located in the 
Province of Québec and Ontario.
DCM’s pension expense related to DCM’s defined contribution plans are as follows:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Defined contribution plan
$ 
1,516 
$ 
1,350 
Defined benefit multi-employer plans
$ 
391 
$ 
395 
DCM expects that, in 2025, contributions to the defined benefit provision of the DATA Communications Management 
Pension Plan will be approximately $322, contributions to the defined contribution provision of the DATA 
Communications Management Pension Plan and RRSP Matching Plans will be approximately $2,656, contributions 
to the SERPs will be approximately $931, contributions to the GCPP will be approximately $458 and contributions to 
the Unifor Pension & Benefit Plans will be approximately $88.
16  Other post-employment benefit plans 
Costs related to the DCM OPEB Plan and the OPEB LTD Plans are actuarially determined using the projected unit 
credit method. The actuarial present value of all future projected benefits determined as at the valuation date and 
management’s best assumptions.
During the year ended December 31, 2024, DCM made a change to the other long-term employee benefit plans for 
certain employees on long-term disability under DCM OPEB LTD Plan and under the MCC OPEB LTD Plan. 
Previously, employees on long-term disability received health care and dental care benefit up to age 65 and this 
benefit was replaced with a two-year coverage that ends following the date of disability. In addition, an employee who 
was on long-term disability as of July 2024, will continue to receive health care and dental care benefits and their two-
year coverage will end in July 2026. As a result of this change, a past service credit of $1,264 was recognized in 
consolidated statement of income (loss) under Other Gains.
During the year ended December 31, 2024, DCM discontinued providing other long-term employee benefits to certain 
employees on long-term disability who previously worked at Fergus, Ontario and Trenton, Ontario closed production 
facilities. As a result of this change, a portion of the re-measurements resulting from Experience gains of $390 was 
recognized in consolidated statement of income (loss) under Other Gains.
The following summarizes the change in the obligations related to the DCM OPEB Plan and OPEB LTD Plans, 
including the plan assumed on the acquisition of Moore Canada Corporation:
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
101

December 31,
2024
December 31,
2023
Balance – Beginning of year
$ 
3,606 
$ 
2,695 
Current service cost
 
422 
 
385 
Past service credit
 
(1,264)  
— 
Interest expense
 
174 
 
176 
Benefits paid
 
(281)  
(471) 
Balance - Acquired from acquisition of MCC
 
— 
 
848 
Re-measurements:
- Loss (gain) from change in demographic assumptions
 
(138)  
36 
- Loss from change in financial assumptions
 
11 
 
109 
- Experience gains
 
(1,121)  
(172) 
Balance – End of year
$ 
1,409 
$ 
3,606 
ELEMENTS OF OTHER POST EMPLOYMENT BENEFIT EXPENSE RECOGNIZED IN THE STATEMENTS OF 
OPERATIONS
The following summarizes the elements of the benefit expense related to the DCM OPEB Plan and OPEB LTD Plans:
December 31,
2024
December 31,
2023
Current service cost
$ 
422 
$ 
385 
Past service credit (1)
 
(1,264)  
— 
Interest expense
 
174 
 
176 
Re-measurements:
- (Gain) loss from change in demographic assumptions
 
(138)  
36 
- Loss from change in financial assumptions
 
1 
 
72 
- Experience gains  (2)
 
(1,099)  
(154) 
Benefit (recovery) recognized
$ 
(1,904) $ 
515 
(1) Included in consolidated statement of income (loss) under Other Gains totaling $2,500.
(2) $320 of this is included in consolidated statement of income (loss) under Other Gains totaling $2,500 .
AMOUNTS RECOGNIZED IN THE COMPREHENSIVE INCOME
The following summarizes the amounts recognized in the statement of comprehensive income (loss) related to the 
DCM OPEB Plan:
December 31,
2024
December 31,
2023
Re-measurements:
- Loss from change in financial assumptions
 
10 
 
37 
- Experience gains
 
(22)  
(18) 
 
(12)  
19 
Deferred income tax effect
 
3 
 
(5) 
Benefit (recovery) expense recognized
$ 
(9) $ 
14 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
102

SIGNIFICANT ACTUARIAL ASSUMPTIONS ADOPTED IN MEASURING DCM’S OTHER POST-EMPLOYMENT 
BENEFIT OBLIGATIONS
DCM OPEB Plan
December 31,
2024
December 31,
2023
Discount rate
 4.40 %
 4.60 %
Health care cost trend rate – Initial
 5.70 %
 5.78 %
Health care cost trend rate declines by 2040 (2023 – 2040)
 4.00 %
 4.00 %
OPEB LTD Plans
December 31,
2024
December 31,
2023
Discount rate
 4.30 %
 4.60 %
Health care cost trend rate – Initial
 5.19 %
 5.23 %
Health care cost trend rate declines by 2040 (2023 – 2040)
 4.00 %
 4.00 %
SENSITIVITY ANALYSIS ON OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS
The effects on the DCM OPEB Plan and OPEB LTD Plans of a change in an assumption are weighted proportionately 
to the total plan obligations to determine the total impact for each assumption presented.
Impact on other post-employment benefit obligations
At December 31, 2024
Change in assumption
Increase in 
assumption
Decrease in 
assumption
Discount rate
0.25%
$ 
(15) $ 
16 
Health care cost trend rates
1.00%
 
52  
(48) 
Increase by 1 year in 
assumption
Decrease by 1 year in 
assumption
Life expectancy
$ 
51 $ 
(49) 
Impact on other post-employment benefit obligations
At December 31, 2023
Change in assumption
Increase in assumption
Decrease in assumption
Discount rate
0.25%
$ 
(52) $ 
54 
Health care cost trend rates
1.00%
 
198  
(180) 
Increase by 1 year in 
assumption
Decrease by 1 year in 
assumption
Life expectancy
$ 
50 $ 
(49) 
Expected maturity analysis of undiscounted other post-employment benefits:
Less than
a year
Between 1 to 
2 years
Between 3 to 
5 years
Between 5 to 
10 years
At December 31, 2024
$ 
412 $ 
224 $ 
335 $ 
423 
At December 31, 2023
$ 
502 $ 
474 $ 
1,309 $ 
2,326 
DCM expects that, in 2025, contributions to its DCM OPEB Plan and OPEB LTD Plans will be approximately $412.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
103

17  Shares and warrants
SHARES
DCM is authorized to issue an unlimited number of common shares. The common shares have a stated capital of one 
dollar. Each common share is entitled to one vote at any meeting of shareholders. Each holder of the common shares 
will be entitled to receive dividends if, as and when declared by the Board. In the event of the liquidation, dissolution, 
winding up of DCM or other distribution of assets of DCM among its shareholders for the purpose of winding up its 
affairs, the holders of the common shares will be entitled to receive assets of DCM upon such a distribution. Such 
distribution will be made in equal amounts per share on all the common shares at the time outstanding without 
preference or distinction.
The following summarizes the change in number of issued and outstanding common shares during the year:
Number of
Common shares
Amount
Balance – December 31, 2023
55,022,883
$ 
283,738 
Exercise of options – Apr 12, 2024
218,000
 
654 
Exercise of options – May 16, 2024
68,068
 
200 
Balance – December 31, 2024
 
55,308,951 
 
284,592 
Number of
Common shares
Amount
Balance – December 31, 2022
44,062,831
$ 
256,478 
Exercise of warrants – April 3, 2023
138,157
 
167 
Exercise of warrants – April 21, 2023
1,510,000
 
1,191 
Exercise of options – May 23, 2023
604,695
 
1,422 
Shares issued – May 25, 2023
8,707,200
 
24,480 
Balance – December 31, 2023
 
55,022,883 
$ 
283,738 
During the year ended December 31, 2023, DCM completed a private placement (the “Offering”) of common shares 
of the Company (“Common Shares”). Upon closing of the Offering, the Company issued 8,707,200 Common Shares 
at a price per share of $3.00 for gross proceeds of $26,121 (or $24,221 after closing costs). A total of $478 was 
recorded in equity as the deferred tax impact on the share issue costs. In connection with the Offering, the Company 
issued Agent broker warrants (see further discussion below). 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
104

WARRANTS
A summary of warrant activities for the year ended December 31, 2024 and the year ended December 31, 2023 is as 
follows:
2024
2023
Number of 
Warrants
Weighted 
average 
Exercise Price
Number of 
Warrants
Weighted 
average Exercise 
Price
Warrants outstanding - beginning of 
year
 
261,216 $ 
3.16 
 
1,648,157 $ 
0.30 
Granted
 
—  
— 
 
261,216  
3.16 
Exercised
 
—  
— 
 
(1,648,157)  
0.30 
Warrants outstanding - end of year
 
261,216 $ 
3.16 
 
261,216 $ 
3.16 
The outstanding warrants had an exercise price range as follows:
December 31, 2024
December 31, 2023
Number of Warrants
Number of Warrants
$3.16
 
261,216 
 
261,216 
During the year ended December 31, 2024, there were no warrants exercised. During the year ended December 31, 
2023, 1,648,157 warrants were exercised for total proceeds of $489. 
In connection with the 2023 Offering, DCM issued 261,216 broker warrants. Each warrant entitles the holder to 
acquire one Common Share at an exercise price of $3.16 for a period of 2 years, commencing on May 25, 2023. The 
total fair value of the warrants issued was estimated to be $219 using the Black-Scholes option-pricing model, 
assuming a risk-free interest of 4.23%, a weighted average life of 2.0 years, a dividend yield of nil and an expected 
volatility of 55.95% based on comparable companies.
SHARE-BASED COMPENSATION
DCM has adopted a Long-Term Incentive Plan ("LTIP") to: recruit and retain highly qualified directors, officers, 
employees and consultants (the "Participants"); provide Participants with an incentive for productivity and an 
opportunity to share in the growth and the value of DCM; and, align the interests of Participants with those of the 
shareholders of DCM. Awards to Participants are primarily based on the financial results of DCM and services 
provided. The aggregate maximum number of common shares available for issuance from DCM's treasury under the 
LTIP is 5,530,895 common shares, or 10% of the issued and outstanding common shares of DCM. The shares to be 
awarded will be authorized and unissued shares.
DCM's share-based compensation plan consists of five types of awards: restricted share unit ("RSUs"), options, 
deferred share unit ("DSUs"), restricted shares or stock appreciation right ("SARs") awards. No restricted shares or 
SARs have been granted to date.
(a)
Restricted share unit (“RSU”)
Under the RSU portion of the LTIP, selected employees are granted RSUs where each RSU represents the right to 
receive a distribution from DCM in an amount equal to the fair value of one DCM common share. RSUs granted are 
performance and non-performance based. The performance component is based on Company specific financial 
targets approved by the Board, and the non-performance component is based on continued employment. RSUs 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
105

generally vest over three years, require continued employment with DCM for the duration of the vesting period and 
settle in cash upon final vesting. 
A liability for RSUs is measured at fair value on the grant date and is subsequently adjusted for changes in fair value. 
The liability is recognized on a graded vesting basis over the vesting period, with a corresponding charge to 
compensation expense as a component of costs of revenues, selling, commissions and expenses, and general and 
administration expenses. The RSUs payable are included in trade payables and accrued liabilities. Compensation 
expenses for RSUs incorporate an estimate for expected forfeiture rates based on which the fair value is adjusted.
December 31,
2024
December 31,
2023
Number of RSUs
Number of RSUs
Balance - beginning of year
 
2,197,937 
 
3,154,305 
Units granted
 
227,872 
 
348,110 
Units forfeited
 
(34,692)  
(115,920) 
Units paid out
 
(1,026,344)  
(1,188,558) 
Balance - end of year
 
1,364,773 
 
2,197,937 
During the year ended December 31, 2024, the CEO and President of DCM was granted 94,972 RSUs (2023 – 
143,506 RSUs) and a total of 132,900 RSUs (2023 – 204,604 RSUs) were awarded to other members of DCM's 
management.
Of the total outstanding RSUs at December 31, 2024, nil (December 31, 2023 – nil) have vested and are payable. 
The carrying amount of the liability relating to the RSUs at December 31, 2024 included in accounts payable and 
accruals was $2,420 (December 31, 2023 – $4,814).
During the year ended December 31, 2024, compensation expense of $917 (2023 – $3,762) was recognized in the 
net fair value (gains) losses on financial liabilities at fair value through profit or loss related to vesting of RSUs 
granted, and fair value adjustments. RSUs and DSUs are categorized as level 2 inputs in the fair value hierarchy 
given their valuations include inputs other than quoted prices for which all significant inputs are observable, either 
directly or indirectly. There were no transfers between levels 1, 2 or 3 during the period.
(b)
Options (“Options”)
A summary of Options activities for the year ended December 31, 2024 and the year ended December 31, 2023 is as 
follows:
2024
2023
Number of 
Options
Weighted 
average 
Exercise Price
Number of 
Options
Weighted 
average Exercise 
Price
Options outstanding - beginning of year
 
4,529,000 $ 
1.18  
4,700,886 $ 
0.97 
Granted
 
— 
 
750,000  
3.42 
Forfeited
 
— 
 
(250,000)  
3.42 
Exercised
 
(305,200)  
1.29  
(671,886)  
1.38 
Options outstanding - end of year
 
4,223,800 $ 
1.18  
4,529,000 $ 
1.18 
Exercisable
 
3,723,800 $ 
1.02  
2,987,333 $ 
0.89 
The outstanding Options had an exercise price range as follows:
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
106

December 31, 2024
December 31, 2023
Number of Options
Number of Options
$0.69
 
2,500,000 
 
2,500,000 
$0.85
 
125,000 
 
125,000 
$1.29
 
348,800 
 
654,000 
$1.30
 
750,000 
 
750,000 
$3.42
 
500,000 
 
500,000 
Options outstanding
 
4,223,800 
 
4,529,000 
The Black-Scholes option-pricing model inputs used to compute compensation expense for the options granted under 
the fair value-based method are as follows:
April 27, 2023
Expected life (years)
 
7.0 
Expected volatility
 60 %
Dividend yield
 — %
Risk free rate of return
 2.92 %
Weighted average fair value of options granted
$ 
2.09 
Forfeiture rate
 10 %
During the year ended December 31, 2024, 305,200 options were exercised in exchange for 286,069 (2023 - 
604,695) common shares (as a result of the net settlement of certain options) for total proceeds of $337 (2023 - 
$751). 
On April 27, 2023, options to purchase up to 750,000 common shares were awarded to a member of key 
management. Once vested, the options are exercisable for a period of seven years from the grant date at an exercise 
price of $3.42 per share, representing the fair value of the Common Shares on the date of grant. 250,000 of these 
options were forfeited during the year and the remaining 500,000 options vest at a rate of 1/2 each year beginning on 
April 27, 2024. 
During the year ended December 31, 2024, compensation expense of $460 (2023 – $675) was recognized in the 
consolidated statement of operations related to the vesting of options granted.
(c)
Deferred share unit (“DSU”)
Each director is required to receive at least half of his or her annual retainer in DSUs and has the option to elect to 
receive all or any other part of his or her other compensation in DSUs.
Each DSU represents the right to receive a distribution from DCM in an amount equal to the fair value of one DCM 
common share on the date of the termination of service of the respective director. The number of DSUs payable to 
each director is determined by multiplying the total Director Fees payable by the percent elected to be paid in DSUs 
and dividing the product by the Fair Value of one DCM common share on the grant date. A liability for DSUs is 
measured at fair value on the grant date and is subsequently adjusted for changes in fair value. The DSUs payable is 
included in trade payables and accrued liabilities.
During the year ended December 31, 2024, 94,376 DSUs (2023 – 195,701 DSUs) were granted, and nil DSUs were 
paid out (2023 – nil). The carrying amount of the liability included in accounts payable and accruals relating to the 
2,723,780 DSUs outstanding at December 31, 2024 was $5,693 (December 31, 2023 – $6,889 and 2,629,404 DSUs 
outstanding).
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
107

During the year ended December 31, 2024, a recovery of $1,196 (2023 – an expense of $3,360) was recognized in 
the net fair value (gains) losses on financial liabilities at fair value through profit or loss in the consolidated statement 
of operations related to DSUs granted, and fair value adjustments.
18  Earnings per share
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
BASIC EARNINGS PER SHARE
Net income (loss) for the year attributable to common 
shareholders
$ 
3,570 
$ 
(15,854) 
Weighted average number of shares
55,222,122
50,832,543
Basic earnings (loss) per share
$ 
0.06 
$ 
(0.31) 
DILUTED EARNINGS PER SHARE
Net income (loss) for the year attributable to common 
shareholders
$ 
3,570 
$ 
(15,854) 
Weighted average number of shares
55,222,122
50,832,543
Adjustments for calculation of diluted earnings per share:
Options
 
2,509,552 
 
— 
Warrants
 
— 
 
— 
Weighted average number of shares in calculating diluted 
earnings per share
57,731,674
50,832,543
Diluted earnings (loss) per share
$ 
0.06 
$ 
(0.31) 
For the year ended December 31, 2024, options to purchase up to 500,000 common shares and warrants to 
purchase up to 261,216 common shares were excluded from the computation of diluted earnings per share as their 
effect would have been anti-dilutive as of December 31, 2024.
During the year ended December 31, 2023, options to purchase up to 4,029,000 common shares and warrants to 
purchase up to 261,216 common shares were excluded from the computation of diluted earnings per share as their 
effect would have been anti-dilutive as of December 31, 2023. 
19  Changes in working capital
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Trade receivables
$ 
14,580 
$ 
(3,586) 
Inventories
 
4,997 
 
14,361 
Prepaid expenses and other current and non-current assets
 
(317)  
(2,051) 
Trade payables and accrued liabilities
 
(15,453)  
(3,452) 
Deferred revenue
 
(86)  
591 
$ 
3,721 
$ 
5,863 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
108

20  Assets Held for Sale
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Opening Balance - beginning of year
$ 
8,650 
$ 
— 
Acquisition of MCC (note 4)
 
— 
 
25,800 
Disposals during the year
 
(8,650)  
(25,800) 
Reclassification from property, plant and equipment (note 7) 
 
— 
 
8,650 
Closing Balance - end of year
$ 
— 
$ 
8,650 
On March 30, 2023, DCM entered into a sale and leaseback agreement to sell the MCC Oshawa warehouse facility 
subject to closing the acquisition. The transaction closed on June 8, 2023 (note 8). 
During the year ended December 31, 2023, DCM announced its decision to close the Trenton, Ontario manufacturing 
facility and transfer production to its Brampton, Ontario manufacturing facility. In October 2023, DCM entered into an 
agreement to sell the facility subject to customary closing conditions and completed the sale in January 2024. This 
sales transaction included a one year leaseback arrangement with extension options for up to an additional six 
months to allow the Company sufficient time to complete the closure of this facility (note 8). Gross proceeds realized 
on the sale were $9 million, and after deducting closing commissions, rent deposit, and other expenses, net proceeds 
were $8.5 million.
21  Commitments and Contingencies
DCM and its subsidiaries are subject to various claims, potential claims and lawsuits. While the outcome of these 
matters is not determinable, DCM’s management does not believe that the ultimate resolution of such matters will 
have a material adverse impact on DCM’s financial position.
Directors and officers are indemnified by the Company for various items including, but not limited to, costs to settle 
lawsuits or actions due to their association with the Company, subject to certain restrictions. DCM has purchased 
directors’ and officers’ liability insurance to mitigate the costs of any potential future lawsuits or actions. The term of 
the indemnification covers the period during which the indemnified party served as a director or officer of the 
Company.
In the normal course of business, DCM has entered into agreements that include indemnities in favour of third parties, 
such as purchase and sale agreements, confidentiality agreements, engagement letters with advisors and 
consultants, leasing contracts and license agreements. These indemnification arrangements may sometimes require 
such third parties to compensate counterparties for losses as a result of breaches in representations, covenants and 
warranties provided by the Company or as a result of litigation or other third-party claims or statutory sanctions that 
may be suffered by the counterparties as a consequence of the relevant transaction. In some instances, the terms of 
these indemnities are not explicitly defined. No accruals have been required to be made as at December 31, 2024 
with respect to these agreements.
Executive employment agreements allow for additional payments of approximately $5,172 if the individuals are 
terminated without cause, and approximately $5,172 in the event of a change in control. 
DCM makes contributions to the Québec Graphic Communication Pension Plan (the “GCPP”), based on a 
percentage of the wages of its unionized employees covered by the respective collective bargaining agreements, all 
of whom are employed at DCM facilities located in the Province of Québec. 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
109

The GCPP is a negotiated contribution defined benefit multi-employer pension plan which provides retirement 
benefits to unionized employees in the printing industry. The GCPP is administered by a joint Board of Trustees 
composed of representatives of participating employers and of the unions representing plan members in collective 
bargaining. Based upon the terms of those applicable collective agreements, DCM’s estimated annual negotiated 
contribution to the GCPP for 2025 is $458.
The GCPP’s most recent funding actuarial report (as at December 31, 2023) disclosed a going concern surplus of 
105.1% and that negotiated contributions are in excess of the current service cost of the plan. On a solvency basis (or 
wind up basis) the valuation shows a deficit on a solvency or wind up basis of 10.1%. 
Bill 34 was adopted by Québec in April 2015 to clarify Québec pension legislation for negotiated contribution defined 
benefit multi-employer pension plans to, among other things: 
•
limit required employer contributions only to those amounts specified in the applicable collective agreements 
negotiated with the relevant unions; 
•
eliminate the employer's obligation to fund deficiencies; and
•
require the Board of Trustees to develop and implement a recovery plan when the negotiated contributions 
are not sufficient to fund the plan, including the reduction of accrued benefits of all members.
22  Capital structure
DCM’s objectives when managing its capital structure are:
▪
To seek to ensure sufficient liquidity to safeguard DCM’s ability to continue as a going concern;
▪
To maintain a strong capital base so as to maintain shareholders’, creditors’, customers', suppliers' and market 
confidence; and
▪
To deploy capital to provide an appropriate investment return to its shareholders
DCM’s capital structure consists of long-term debt (including the current portion) and shareholders’ equity. DCM’s 
primary uses of capital are to finance increases in working capital, make payments towards its long-term obligations, 
and fund investments in capital expenditures and business acquisitions.
DCM manages its capital structure and makes adjustments to it in light of changes in economic conditions and the 
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure in line with its present 
strategic plan, DCM may issue new shares. Management anticipates that any major acquisition or significant growth 
initiatives would be financed in part with additional equity and debt.
DCM is not subject to any externally imposed capital requirements other than the covenants and restrictions under 
the terms of its Credit Facilities, including the requirement to meet certain financial ratios and financial conditions 
pertaining to permitted investments, acquisitions, lease agreements, dividends and subordinated debt.
DCM’s capital structure is as follows:
December 31,
2024
December 31,
2023
Credit facilities (note 13)
$ 
83,690 
$ 
100,251 
Lease liabilities (note 12)
 
169,128 
 
155,315 
Total long-term debt
$ 
252,818 
$ 
255,566 
Total equity
$ 
39,960 
$ 
28,764 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
110

23  Financial instruments
DCM’s financial instruments consist of cash, trade receivables, bank overdraft, trade payables and accrued liabilities, 
credit facilities, and lease liabilities, as indicated in DCM’s statements of consolidated financial position as at 
December 31, 2024 and 2023. DCM does not enter into financial instruments for trading or speculative purposes.
FAIR VALUE OF FINANCIAL INSTRUMENTS
DCM's non-derivative financial instruments are comprised of cash, trade receivables, bank overdraft, trade payables 
and accrued liabilities, credit facilities, and lease liabilities. Non-derivative financial instruments are recognized initially 
at fair value plus, for instruments not at fair value through profit or loss, any directly attributable transaction costs. 
Subsequent to initial recognition non-derivative financial instruments are measured as described below. 
Non-derivative financial instruments at fair value through the profit and loss include restricted share units and director 
share units, which are recorded as a liability at fair value on the grant date and are subsequently adjusted for 
changes in the price of DCM's common shares through the consolidated statements of operations. 
The fair value for other non-derivative financial instruments such as cash, trade receivables, bank overdraft, trade 
payables and accrued liabilities approximates their carrying value because of the short-term maturity of these 
instruments. Credit facilities are initially recognized at the discounted present value of the amounts required to be 
paid to derive their fair value and are then measured at amortized costs using the effective interest method. The fair 
values are not materially different from their carrying amounts since the interest payable on these borrowings is close 
to market rates. 
CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES
The carrying values and the fair values of DCM’s financial instruments are classified into the categories listed below 
in accordance with IFRS 9. 
December 31, 2024
Carrying Value
Fair Value
Financial assets at amortized cost (1)
$110,218
$110,218
Financial liabilities at amortized cost (2)
301,874
302,929
Financial liabilities FVTPL (3)
8,113
8,113
December 31, 2023
Carrying Value
Fair Value
Financial assets at amortized cost (1)
$135,608
$135,608
Financial liabilities at amortized cost (2)
317,592
319,207
Financial liabilities FVTPL(3)
11,703
11,703
(1) Includes cash and cash equivalents, and trade receivables.
(2) Includes trade payables and accrued liabilities (excluding financial liabilities related to commodity taxes that are 
not contractual and that arise as a result of statutory requirements imposed by governments and, therefore, do 
not meet the definition of financial assets or financial liabilities), bank overdrafts, credit facilities, and lease 
liabilities (as IFRS 7 does not require disclosure of the fair value of leases, the fair value column in the table 
above reflects their carrying value).
(3) Includes RSUs and DSUs.
Credit facilities are categorized as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs 
including own credit risk. RSUs and DSUs are categorized as level 2 inputs in the fair value hierarchy, given their 
valuations include inputs other than quoted prices for which all significant inputs are observable, either directly or 
indirectly. There were no transfers between levels 1, 2 or 3 during the year.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
111

RISKS ARISING FROM FINANCIAL INSTRUMENTS
DCM is exposed to various risks as it relates to financial instruments. These risks and the processes for managing 
the risk are set out below.
CREDIT RISK
Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its 
contractual obligations. Financial instruments that potentially subjected DCM to credit risk consisted of cash and trade 
receivables. The carrying amount of assets included in the consolidated statements of financial position represents 
the maximum credit exposure.
DCM grants credit to customers in the normal course of business. DCM typically does not require collateral or other 
security from customers; however, credit evaluations are performed prior to the initial granting of credit terms when 
warranted and periodically thereafter. Normal credit terms for amounts due from customers call for payment within 0 
to 60 days. 
DCM has trade receivables from clients engaged in various industries, including financial institutions, insurance, 
healthcare, lottery and gaming, retailing, not-for-profit, energy and governmental agencies that are not concentrated 
in any specific geographic area. DCM does not believe that any single industry or geographic region represents 
significant credit risk. Credit risk concentration with respect to trade receivables is mitigated by DCM’s large client 
base. 
To measure the expected credit losses (ECLs), trade receivables, including unbilled receivables, have been grouped 
based on similar credit risk characteristics, past due status and other relevant factors. The expected default rates are 
calculated based on management’s estimate as well as historical credit losses. The historical loss rates are adjusted 
to reflect current and forward-looking information on economic factors affecting the ability of the customers to settle 
the trade receivable.
On that basis, the loss allowance as at December 31, 2024 was determined using default rates under the provision 
matrix for an amount of $1,457 (2023 – $1,720), of which $768 (2023 – $1,197) relates to unbilled receivables.
The following default rates are used to calculate the ECLs on billed receivables as at December 31, 2024 and 
December 31, 2023, respectively:
December 31, 2024
Total
Less than 30 
days
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.14%
0.20%
0.32%
14.30%
Billed receivables balance
$67,911
$38,644
$16,910
$8,344
$4,013
Billed receivables ECL
$689
$54
$34
$27
$574
December 31, 2023
Total
Less than 30 
days
Over 30 days Over 60 days Over 90 days
Default rates
0.11%
0.22%
0.30%
9.66%
Billed receivables balance
$85,989
$49,828
$23,055
$9,048
$4,058
Billed receivables ECL
$523
$54
$50
$27
$392
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
112

The following default rates are used to calculate the ECLs on unbilled receivables as at December 31, 2024 and 
December 31, 2023, respectively:
December 31, 2024
Total
Less than 30 
days
Over 30 
days
Over 60 
days
Over 90 
days
Default rates
0.46%
0.66%
1.06%
4.66%
Unbilled receivables balance
$36,991
$13,805
$6,250
$3,493
$13,443
Unbilled receivables ECL
$768
$64
$41
$37
$626
December 31, 2023
Total
Less than 30 
days
Over 30 days Over 60 days Over 90 days
Default rates
0.81%
0.91%
1.03%
13.44%
Unbilled receivables balance
$33,687
$22,308
$2,753
$1,358
$7,268
Unbilled receivables ECL
$1,197
$181
$25
$14
$977
At the end of each reporting period, management reassesses the default rates. Default rates are applied to the billed 
and unbilled receivable balances to calculate the credit default reserve. Management assesses the adequacy of this 
reserve quarterly, taking into account historical experience, current collection trends, the age of receivables and, 
when warranted and available, the financial condition of specific counterparties. When collection efforts have been 
reasonably exhausted, specific balances are written off. As at December 31, 2024 the Company has $4,013 (6%) of 
its billed receivables that are over 90 days old (2023 - $4,058 or 5%).
Judgment by management is required to determine both (a) the revenue and billed receivables to be recognized, 
where price concessions may need to be given to encourage customers to settle older amounts promptly as a result 
of billing issues under IFRS 15 (as revenue can only be recognized to the extent that it is highly probable that a 
significant reversal in the amount of revenue will not occur when the uncertainty associated with the variable 
consideration is subsequently resolved), and (b) ECL provisions required under IFRS 9 to reflect impairments of its 
trace receivables as a result of customers inability to settle the billed receivables. DCM has recorded a provision of 
$448 (2023 - $400) within the billed receivable balance (and against revenue) for potential price concessions that 
may need to be given to customers, separately from the expected credit losses in the table above. 
The movement in DCM’s expected credit loss provision for 2024 and 2023 are as follows:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Balance – Beginning of year
$ 
1,720 
$ 
1,565 
Acquisition of MCC 
 
— 
 
384 
Net recovery (write offs) of receivables during the year
 
(90)  
861 
Increase (decrease) in loan loss allowance
 
(173)  
(1,090) 
Balance – End of year
$ 
1,457 
$ 
1,720 
LIQUIDITY RISK
Liquidity risk is the risk that DCM may encounter difficulties in meeting obligations associated with financial liabilities 
as they become due.
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
113

The contractual undiscounted cash flows of DCM’s significant financial liabilities are as follows:
December 31, 2024
Less than
a year
1 to 3 years
4 years and 
greater
Total
Trade payables and accrued liabilities
$ 
59,890 $ 
— $ 
— $ 
59,890 
Lease liabilities (note 12)
 
18,737  
63,161  
204,059  
285,957 
Credit facilities (note 13) (1)
 
20,782  
76,599  
—  
97,381 
Total
$ 
99,409 $ 
139,760 $ 
204,059 $ 
443,228 
December 31, 2023
Less than
a year
1 to 3 years
4 years and 
greater
Total
Trade payables and accrued liabilities
$ 
75,766 $ 
— $ 
— $ 
75,766 
Lease liabilities
 
16,578  
66,136  
198,331  
281,045 
Credit facilities (1)
 
14,440  
86,467  
24,736  
125,643 
Total
$ 
106,784 $ 
152,603 $ 
223,067 $ 
482,454 
(1) Credit facilities as at December 31, 2024 subject to floating interest rates consisting of the Bank Credit Facility, 
expiring on April 24, 2026, the Bank Leasing Facility, expiring on February 28, 2025, and Other Leasing Facility, 
expiring on January 9, 2025. As at December 31, 2024, the outstanding balances on the Bank Credit Facility 
totaled $8,759 and bore interest at a floating rate of 6.45%; CORRA loan I totaled $4,000 and bore interest of 
6.31%; CORRA Loan II totaled $7,000 and bore interest of 6.67%; and CORRA Loan III totaled $7,000 and bore 
interest of 6.10%. The amounts at December 31, 2024 include estimated interest totaling $1,711 for 2025 and  
$715 for 2026. As at December 31, 2024, the outstanding balances on the Leasing Facilities totaled $6,462 and 
bore interest at a floating rate of 7.30% and 4.25%. The amounts at December 31, 2024 include estimated 
interest totaling $118 for 2025. Credit facilities at December 31, 2024 subject to fixed interest rates consisting of 
the FPD VI Credit Facility, expiring on December 17, 2026 and the FPD VI New Credit Facility expiring on 
April 21, 2028. As at December 31, 2024, the outstanding balances totaled $51,524, of which $6,286 bore 
interest at a fixed rate of 5.95% and $45,238 bore interest at a fixed rate of 8.08% per annum. The amounts at 
December 31, 2024 include estimated interest totaling $3,778 for 2025, $3,105 for 2026, $2,284 for 2027 and 
$926 for 2028. 
(2) Credit facilities as at December 31, 2023 subject to floating interest rates consisting of the Bank Credit Facility, 
expiring on April 24, 2026.  As at December 31, 2023, the outstanding balances totaled $44,009 and bore interest 
at a floating rate of 8.45% per annum.  The amounts at December 31, 2023 include estimated interest totaling 
$3,719 for 2024, $3,719 for 2025 and $1,859 for 2026. The estimated interest was calculated based on the total 
borrowings outstanding at the end of the year and the annual floating interest rate in effect as at December 31, 
2023.  Credit facilities at December 31, 2023 subject to fixed interest rates consisting of the FPD VI Credit 
Facility, expiring on December 17, 2026 and the FPD VI New Credit Facility expiring on April 21, 2028.  As at 
December 31, 2023, the outstanding balances totaled $57,857, of which $7,857 bore interest at a fixed rate of 
5.95% and $50,000 bore interest at a fixed rate of 8.08% per annum. The amounts at December 31, 2023 include 
estimated interest totaling $4,388 for 2024, $3,778 for 2025, $3,105 for 2026 and $3,210 for 2027/2028.
DCM also has contingent obligations in the form of letters of credit. DCM believes that the currently projected cash 
flow from operations and cash on hand will be sufficient to fund its currently projected operating requirements, 
including expenditures related to its growth strategy, payments associated with provisions as a result of on-going 
productivity improvement initiatives, payment of income tax liabilities, contributions to its pension plans, maintenance 
or investment in new capital expenditures, and interest and scheduled repayments of borrowings under its credit 
facilities. 
While estimated forecast compliance with financial covenants is sensitive to key assumptions used for forecast 
revenues, gross margins and expenses (which in turn impact EBITDA), management are satisfied that the 
Company’s forecasts and projections through to March 31, 2026 taking account of reasonably possible changes in 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
114

results and other uncertainties will not result in any breach of the financial covenants on its credit facilities. As a result, 
the Company has concluded that it will have adequate access to liquidity to satisfy its obligations within the next 
fifteen months(note 1).
MARKET RISK
INTEREST RATE RISK
Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the financial 
instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest bearing financial 
assets and liabilities. DCM’s interest rate risk arises from credit facilities issuances at floating interest rates.
At December 31, 2024, $33,221 of DCM’s indebtedness outstanding was subject to floating interest rates; a 1% 
increase/decrease in interest rates would have resulted in an increase/decrease in the loss by $332 for the year 
ended December 31, 2024 (2023 – $440), respectively. At December 31, 2024, $51,524 of DCM's indebtedness was 
subject to fixed interest rates. 
CURRENCY RISK
Currency risk is the risk that the fair value of future cash flows arising from a financial instrument will fluctuate 
because of changes in foreign currency exchange rates. In the normal course of business, DCM does not have 
significant foreign exchange transactions, and accordingly, the amounts and currency risk are not expected to have 
an adverse material impact on the operations of DCM. Management considers the currency risk to be low and does 
not hedge its currency risk; therefore, sensitivity analysis is not presented.
24  Expenses by nature
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Raw materials and consumable purchases
$ 
206,885 
$ 
210,458 
Wages and benefits
 
150,949 
 
139,850 
Occupancy costs
 
20,170 
 
19,719 
Restructuring expenses
 
4,378 
 
20,308 
Depreciation and amortization
 
26,246 
 
21,659 
Acquisition and integration costs (excluding ROU and intangible 
asset impairments) 
 
7,256 
 
10,439 
Right-of-use asset impairment (note 8)
 
445 
 
464 
Intangible assets impairment (note 9)
 
1,072 
 
— 
Consulting, legal, banking and other professional fees
 
20,257 
 
17,078 
Other expenses
 
15,290 
 
7,294 
Net fair value (gains) losses on financial liabilities at fair value 
through profit or loss
 
(279)  
7,122 
Total cost of revenues and operating expenses
$ 
452,669 
 
454,391 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
115

25  Segmented information 
The CEO of DCM is the CODM.
DCM has a single operating segment, being the Company as a whole, reflecting the manner in which the operating 
results are being reviewed by the CODM to make decisions about resources to be allocated and to assess the 
Company's performance. The 2023 acquisition of the MCC business brought together two similar sized businesses 
with similar economic characteristics, particularly in terms of the nature of the products and services, production 
processes, type of customers and methods used to provide these products and services to customers. The recently 
acquired Zavy business enhances DCM's existing technology-enabled revenue services portfolio. 
Management evaluates the performance of its reportable segment based on income before finance costs, other 
income and income taxes. Certain corporate expenses, certain non-recurring expenses, interest expense, finance 
costs and income taxes are not taken into account in the evaluation of the performance of the reporting segment. 
Revenue by geographical location of our customers is set out below:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Canada
$ 
447,063 $ 
419,893 
United States
 
32,893  
27,832 
$ 
479,956 $ 
447,725 
DCM has disclosed revenue on a disaggregated basis based on the nature of the major products and services it 
provides to its customers as follows:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Product sales
$ 
418,487 $ 
396,316 
Technology-enabled subscription services and fees
 
20,029  
14,721 
Freight services
 
13,994  
13,247 
Warehousing services
 
15,948  
12,173 
Technology-enabled hardware solutions
 
8,846  
8,516 
Marketing and other services
 
2,652  
2,752 
$ 
479,956 $ 
447,725 
26  Related party transactions 
On March 15, 2018, DCM entered into a loan agreement with a key member of management, of $107 to finance the 
purchase of Common Shares. The original maturity date was March 15, 2023, the loan term was subsequently 
extended by an additional three years. The unpaid balance is currently subject to a floating interest rate based upon 
the Canadian prime rate plus an applicable margin of 1.00% for a total interest rate of 6.45% as at December 31, 
2024 (2023 - 8.45%). The loan is unsecured and repayable upon maturity. As at December 31, 2024, the balance 
owing of $104 (2023 – $114) was included within other non-current assets in the consolidated statement of financial 
position.
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
116

COMPENSATION OF KEY MANAGEMENT
Key management personnel are deemed to be Directors on DCM's Board, the CEO, the Chief Financial Officer and 
other members of the senior executive team. Compensation awarded to key management personnel, excluding 
compensation awarded to Directors, which are described below, included:
For the year ended 
December 31, 2024
For the year ended 
December 31, 2023
Salaries and other short-term employee benefits
$ 
2,858 
$ 
3,473 
Termination and retirement benefits
 
— 
 
1,567 
Post-employment benefits
 
13 
 
10 
Share-based compensation expense
 
821 
 
2,978 
Total
$ 
3,692 
$ 
8,028 
During the year ended December 31, 2024, key management personnel (excluding compensation awarded to 
Directors) were granted 172,073 RSUs (2023 – 252,260 RSUs). During the year ended December 31, 2024, there 
were no options granted to key management personnel (excluding compensation awarded to Directors) to purchase 
common shares of the Company (2023 - 750,000 options were granted, of which 250,000 options were subsequently 
forfeited - note 17). 
During the year ended December 31, 2024, DCM’s general and administration expenses included an expense of 
$821 (2023 – $2,978) for these share-based compensation awards.
During the year ended December 31, 2024, DCM’s general and administration expenses include a recovery of $811 
(2023 – $3,360) for duties performed by DCM's Board, of which $1,491 (2023 – $2,715) relates to a fair value 
adjustment (note 17).
27  Comparative figures
To align with the presentation adopted in the current year the comparative figures in the cash flow statement have 
been revised to reclassify the $7,006 interest portion of lease payments from financing activities to operating activities 
to be consistent with the presentation of interest payments on the credit facilities.
28  Subsequent events
Effective January 1, 2025, MCC was amalgamated with DCM, with DCM continuing as the successor company.
In January 2025, DCM exited its Trenton, Ontario leased facility. 
In January 2025, DCM entered into the third and fourth, and final, sale and leaseback transactions with the Bank 
under the Bank Leasing Facility for total proceeds of $5,570. DCM also entered into a sale and leaseback transaction 
with another leasing company for total proceeds of $1,125. 
On February 1, 2025, President Trump signed an executive order (the “Executive Order”) imposing a 25% tariff on all 
goods originating in Canada and imported into the U.S. and a 10% tariff on “energy and energy resources” from 
Canada. Implementation of the Executive Order was initially delayed subject to negotiations, but ultimately came into 
effect on March 4th. In response, the Government of Canada imposed 25% tariffs on $30 billion in goods imported 
from the U.S., with a further $125 billion to be applied following a 21-day consultation period. On March 6, 2025, 
President Trump amended the Executive Order to exempt goods originating from Canada and Mexico that are 
covered under the 2020 USMCA trade pact until April 2, 2025. We will continue to carefully monitor economic 
DATA Communications Management Corp.
. . FINANCIAL STATEMENTS . .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
117

conditions and the geopolitical environment from the recent introduction of these cross-border tariffs, including raw 
material cost increases and any softening of demand in our end markets. We are actively pursuing opportunities to 
mitigate against these risks, including initiatives to diversify our supply chain.
On February 20, 2025, DCM declared a special dividend to shareholders and approved the commencement of a 
regular quarterly dividend program. 
Special Dividend
The Board has approved the declaration of a special cash dividend of $0.20 per common share (total of $11,062) to 
be paid on March 25, 2025 to shareholders of record on March 12, 2025. Approximately $0.10 of the special dividend 
is designated as an eligible dividend and $0.10 is designated as an ineligible dividend for Canadian income tax 
purposes.
Regular Dividend Program
The Board has also initiated a recurring, quarterly dividend program. In connection with the new dividend program, 
the Board has approved an initial quarterly dividend of $0.025 per common share (total of $1,383) to be paid on April 
4, 2025 to shareholders of record as of March 21, 2025. The initial quarterly dividend will be designated as an eligible 
dividend for Canadian income tax purposes. The Board currently intends to review its dividend policy on an annual 
basis.
On March 4, 2025, DCM entered into the second amendment to its Bank Credit Agreement, extending the Bank 
Credit Facility up to May 31, 2026, and securing approval for both the special dividend and regular dividend program. 
. . FINANCIAL STATEMENTS . .
DATA Communications Management Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2024 and 2023
(in thousands of Canadian dollars, except percentages, shares and per share amounts)
118

Member, Audit Committee
(Chairperson is Michael G. Sifton)
Member, Corporate
Governance Committee 
(Chairperson is Derek J.Watchorn)
Member, Human Resources &
Compensation Committee
(Chairperson is J.R. Kingsley Ward)
1
2
3
Corporate Information
Directors
J.R. Kingsley Ward 3
Chairman, Director
Gregory J. Cochrane 3 
Vice Chairman, Director 
Merri L. Jones 1, 3
Director 
James J. Murray O.Ont., SIOR 2
Director
Michael G. Sifton 1, 2
Director 
Alison Simpson 3
Director
Derek J. Watchorn 1, 2
Director
Richard Kellam 
Director
Officers
Richard Kellam
President & Chief
Executive Officer 
James E. Lorimer
Chief Financial Officer &
Corporate Secretary
Christine Custodio
Senior Vice President, Operations
Jason Sharpe
Senior Vice President,
Commercial Leadership
Corporate Information
Auditors
PricewaterhouseCoopers LLP
Transfer Agent
Computershare Investor 
Services Inc.
Corporate Counsel
McCarthy Tétrault LLP
Corporate Office
9195 Torbram Road
Brampton, Ontario L6S 6H2
Telephone:  905-791-3151
Facsimile:  905-791-1713
Website
datacm.com
Toronto Stock 
Exchange Symbol
DCM
OTCQX Symbol
DCMDF

DATA Communications Management Corp.
9195 Torbram Road  |  Brampton, Ontario L6S 6H2