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3rd Quarter 2024 Earnings Call October 29, 2024 Quad 88 Call Participants & Forward-Looking Statements Chairman, President & Chief Executive Officer Chief Financial Officer This communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results, financial condition, sales, earnings, free cash flow, margin ...

Group 1: Earnings Performance - Quad/Graphics reported quarterly earnings of $0.26 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, and up from $0.11 per share a year ago, representing a 30% earnings surprise [1] - The company has surpassed consensus EPS estimates in all four of the last quarters [2] - The revenue for the quarter ended September 2024 was $674.8 million, surpassing the Zacks Consensus Estimate by 3.04%, although it decreased from $700.2 million year-over-year [2] Group 2: Stock Performance and Outlook - Quad/Graphics shares have declined approximately 5.7% since the beginning of the year, while the S&P 500 has gained 21.8% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.34 on revenues of $748.5 million, and for the current fiscal year, it is $0.76 on revenues of $2.69 billion [7] Group 3: Industry Context - The Commercial Printing industry, to which Quad/Graphics belongs, is currently ranked in the top 11% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5][6]

Core Viewpoint - Quad/Graphics, Inc. updates its full-year 2024 financial guidance, reducing anticipated year-end Net Debt Leverage from approximately 1.8x to 1.5x due to strong cash generation and plans to share strategy and growth opportunities at its upcoming Investor Day on November 20, 2024 [1][2][6] Financial Performance - Net Sales for Q3 2024 were $675 million, a decrease of 4% compared to $700 million in Q3 2023, primarily due to lower paper and agency solutions sales [2][7] - The company reported a Net Loss of $25 million or $0.52 Diluted Loss Per Share for Q3 2024, compared to a Net Loss of $3 million in Q3 2023 [2][8] - Non-GAAP Adjusted EBITDA for Q3 2024 was $59 million, up from $57 million in Q3 2023, with an Adjusted EBITDA Margin increase of 54 basis points to 8.7% [2][8] - Year-to-date Net Sales for 2024 were $2 billion, a decrease of 9% compared to the same period in 2023 [10] Strategic Initiatives - The company amended and extended its $690 million bank debt agreement to October 2029 [2][6] - Quad is building sales momentum for its in-store retail media network, In-Store Connect by Quad, with tests launched in 15 stores [3][4] - A collaboration with Google Cloud was announced to develop AI-driven marketing solutions [4][5] Divestitures and Asset Sales - Quad received $41 million in net cash proceeds from the sale of its former Saratoga Springs manufacturing facility [2][6] - The company entered into a definitive agreement to sell the majority of its European operations for an enterprise value of €41 million (approximately $45 million) to Capmont, expected to close by year-end [2][5][6] Financial Guidance - The updated full-year 2024 financial guidance includes a projected Net Sales decline of approximately 9%, while maintaining midpoints for Adjusted EBITDA and Free Cash Flow [2][9] - The company expects to reduce Net Debt to approximately $330 million, achieving a Net Debt Leverage of 1.5x by year-end [10][6]

SUSSEX, Wis., Oct. 22, 2024 /PRNewswire/ -- Quad/Graphics, Inc. (NYSE: QUAD) ("Quad" or the "Company"), a global marketing experience (MX) company, today announced that it has entered into a definitive agreement to sell the majority of its European operations for €41 million (approximately $45 million) to Germany-based entrepreneurial private capital investment manager Capmont GmbH ("Capmont").The transaction includes all employees and facilities for Quad/Graphics Europe print and ink-manufacturing headquar ...

SUSSEX, Wis., Oct. 21, 2024 /PRNewswire/ -- Quad/Graphics, Inc. (NYSE: QUAD) ("Quad" or the "Company"), a global marketing experience company, today announced that it has completed the ninth amendment to the Company's April 28, 2014, bank debt agreement to: (1) reduce the aggregate amount of the existing revolving credit facility from $342.5 million to $324.6 million, and extend the maturity of a portion of the revolving credit facility such that $17.7 million under the revolving credit facility will be due ...

Core Viewpoint - Quad/Graphics, Inc. will release its third quarter and year-to-date 2024 financial results on October 28, 2024, followed by a conference call on October 29, 2024, to discuss these results [1][2]. Company Overview - Quad is a global marketing experience company that facilitates direct consumer connections across various platforms, including household, in-store, and online [4]. - The company utilizes advanced technology and data-driven intelligence to streamline marketing processes, enhance cost efficiencies, and improve marketing effectiveness [4]. - Quad employs approximately 13,000 people across 14 countries and serves around 2,700 clients, including major blue-chip companies in sectors such as retail, consumer packaged goods, financial services, and health [5]. Conference Call Details - The conference call will be hosted by Joel Quadracci (Chairman, President, and CEO) and Tony Staniak (CFO) [2]. - Participants can pre-register for the webcast or dial in on the day of the call using provided toll-free and international numbers [3]. - An audio replay of the call will be available shortly after it concludes, with playback accessible until November 29, 2024 [3].

Design industry veteran Kirstin Stahl rejoins design practice as Group Creative Director MINNEAPOLIS, Oct. 2, 2024 /PRNewswire/ -- Today, creative agency Betty (a Quad agency) announced the return of Kirstin Stahl as the company's newest Group Creative Director (GCD) for its dedicated design practice, Favorite Child. Stahl reports to Vice President, Head of Design, Veronica Padilla, and will be responsible for bolstering the momentum and success of Favorite Child's brand and packaging design offering for br ...

SUSSEX, Wis., Sept. 23, 2024 /PRNewswire/ -- Quad/Graphics, Inc. (NYSE: QUAD), a global marketing experience company, today announced a collaboration with Google Cloud to leverage its cloud services in the development of a data, creative and personalization powerhouse. Quad's leading-edge solutions are designed to give advertisers and marketers exceptional accuracy, transparency and cost-efficiency in making direct connections – on-line and off-line – with their customers. By empowering Quad's proprietary d ...

Core Insights - Quad/Graphics, Inc and the Windhover Foundation announced a new three-year, $1 million investment in The BrandLab to create career opportunities for diverse youth in marketing [1][2] - The partnership aims to enhance The BrandLab's programs, including increasing BIPOC youth exposure by 20% and internship placements by 40% by 2027 [2][3] Investment and Commitment - The new investment builds on a previous three-year, $1 million commitment made in 2021 to support The BrandLab's expansion in Milwaukee [1] - Quad's investment will support the enhancement of Fearless Workshops and events to introduce high school students to marketing careers [2] Scholarship Program - A new scholarship program has been established to support students pursuing degrees in marketing or advertising, including the Future Innovators Scholarship for Milwaukee youth [3] - The 2024 scholarship recipient is Cristal Ortiz, a junior at the University of Wisconsin-Madison, highlighting the program's impact on first-generation students [3] Impact and Achievements - Since its founding in 2009, The BrandLab has placed over 500 interns in various corporations and agencies, with a 94% full-time employment rate for recent graduates [3] - In the last three years, Quad has helped establish 35 partner relationships and placed 81 interns in Milwaukee [4] Company Overview - Quad is a global marketing experience company employing approximately 13,000 people across 14 countries, serving around 2,700 clients [6] - The company focuses on various industry verticals, including retail, consumer packaged goods, financial services, and health [6]