RE:RE:RE:RE:RE:Fiscal 2021 and Fourth Quarter 2021 Financial Resultssure, I understand that and I would be ok with all of that. The problem for me is the type of communication and reality of what management has been communicating.
When they make the excuse of covid for revenue declines sure that's fine. this quarter was basically communicated that it was coming out of covid and they were seeing a shift back to previous levels. if you look at pre covid revenue, especially excluding the growth of their digital, its is essentially non existant. if you take out their digital growth, their revenues would be definitely down.. not "getting back to normal" the problem is that to me it is looking more evident that this is a decline in their business and not just covid related which is an easy out which I was worried about. Not saying all of it is not covid but this past quarter shows me that either its not mostly covid related to the declines and/or customers are not "coming back" to the levels of business they did with dcm pre covid.
Its how they communicated on how things were going is what I have a problem with.
Also, restructuring expense after restructuring expense. Isn't it every quarter they say yep that's pretty much it, then we get hit with more. Like i said in previous posts. they are communicating but over promising and under delivering. in my experience in general good management teams under promise and over deliver.