The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Maybe just a follow-up on all the price increase commentary. In terms of raw materials, non-raw materials, just I guess, inflation in general, are
there more -- is there still more price increases that you're pushing through or passing through or need to pass through? Or at this point, are they
largely put in place?
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Got it. I guess just in terms of margin percentage, I guess, I'm less concerned about the percentage or dollar amount. But just -- I guess, just by way
of math, just given all the inflation that's gone through the business, I mean, should we -- the margin percentage, should we think about a slightly
lower percentage than where it was, the business was maybe 2 years ago? Just -- again, just given the math?
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. Sorry, Dan, you said roughly 100 basis points from inflation?
Question: Mark Neville - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. In terms of the outlook, correct me if I'm wrong, but I think the expectations for print being flat. It's down a bit from prior. I think prior was that
it would grow. And I guess my question is, is the difference there just, again, all the inflationary cost in distribution, would that explain the difference?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: A number of my questions have been answered, so thank you for the color. Just a couple of things I wanted to follow up on. Firstly, in the Packaging
business, just to pull on the thread around margins a bit more here. Do you think given where inflation is and how much price you've passed
through, you could sort of get back into that 15%, 16% margin range pushing into 2023 or potentially 2024?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Right. Okay. No, that's helpful. And then just turning to the Media and other segment, yes, nice contribution in the quarter to the full consolidated
numbers. And I'm just curious if -- would you expect that as you roll into next year, barring no major changes in the acquisition landscape, would
you expect to continue to drive margins higher at the newly acquired contributor for that business?
Question: Stephen MacLeod - BMO Capital Markets Equity Research - Analyst
: Okay. That's great. And then maybe just one more. I don't think I heard it in your prepared remarks, Donald, but I'm just wondering if you could
confirm the tax rate expectation would be sort of mid-20s for this year. And I think previously, you had expected cash taxes in the $80 million range.
Are those still reasonable assumptions?
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