Financial Performance - Net sales reached $32 billion in 2022, an 11% increase compared to 2021, excluding divestitures[60] - The company achieved an Adjusted EBITDA of $2522 million for the full year 2022[20] - Adjusted Diluted Earnings Per Share for the full year 2022 was $089[78] - Free Cash Flow for the year ended December 31, 2022, was $943 million[100] Debt Management - Net debt was reduced by $489 million, a 47% reduction over the past three years[46] - Net Debt as of December 31, 2022, was $545 million[22] - The Debt Leverage Ratio as of December 31, 2022, was 216x[22] - The company is targeting approximately 20x Debt Leverage by the end of 2023, a 55% reduction in debt since January 1, 2020[6] 2023 Guidance - The company anticipates an annual net sales change of 0% to 5% decline in 2023[84] - Full-year Adjusted EBITDA is projected to be between $210 million and $250 million in 2023[74]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34806 QUAD/GRAPHICS, INC. (Exact name of registrant as specified in its charter) Wisconsin 39-1152983 (State or other jurisdiction of incorporat ...

Financial Data and Key Metrics Changes - The company reported a 4% increase in net sales for Q4 2022 compared to Q4 2021, with full-year net sales reaching $3.2 billion, up 9% from 2021 [25][28] - Adjusted EBITDA for Q4 2022 was $79 million, a 32% increase from $16 million in Q4 2021, while full-year adjusted EBITDA was $252 million, near the high end of guidance [29][30] - Free cash flow increased to $94 million in 2022, up $8 million from the previous year, despite a $10 million increase in capital expenditures [31][41] - The company reduced net debt by $79 million to $545 million at the end of 2022, achieving a debt leverage ratio of 2.16x, the lowest since 2018 [31][39] Business Line Data and Key Metrics Changes - The print segment saw a 20% decline in retail inserts and a 12% reduction in large run publications in 2022, while packaging increased by 16% due to new client wins [46][49][51] - Direct mail was down 2%, impacted by the financial sector, while in-store signage grew over 26% [52][53] - Agency solutions are expected to continue growing, although print volumes are anticipated to decline [33][36] Market Data and Key Metrics Changes - The company experienced growth in international sales, particularly in Latin America, which contributed to overall net sales growth [12] - Economic uncertainty has led clients to adopt a more conservative approach, particularly in print advertising spending [10][54] Company Strategy and Development Direction - The company is focused on transforming into a marketing experience (MX) company, investing in people, processes, and technology to enhance agency solutions [11][14] - Strategic investments are being made in high-value, high-margin offerings, with a commitment to ongoing innovation and integrated marketing platforms [14][22] - The company aims to diversify revenue streams and strengthen its competitive position through strategic leadership appointments and partnerships [13][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as inflation, supply chain disruptions, and labor shortages, but expressed confidence in navigating these issues [9][10] - The company anticipates a decrease in net sales from lower print volumes in 2023, while continuing to invest in growth areas [33][35] - Management remains optimistic about the growth of agency solutions and the need for marketing services during economic downturns [55][56] Other Important Information - The company has entered into interest rate collar contracts to manage cash flow variability from interest payments [38] - A commitment to environmental, social, and governance (ESG) initiatives was highlighted, including increased diversity and sustainable practices [22] Q&A Session Summary Question: How are clients impacted by the current macroeconomic environment? - Management noted a significant decline in large-scale print volumes, with a 20% drop in retail inserts and a 12% reduction in publications, while packaging and in-store signage saw growth [46][49][52] Question: How is Quad ensuring its financial strength in the current economy? - The company emphasized disciplined management of cash flow and continued debt reduction, which supports investment in growth and shareholder returns [56][58] Question: What actions are being taken to invest in long-term growth? - The focus is on investing in services, analytics, and talent to enhance client support and drive growth in agency solutions [59]

Financial Data and Key Metrics Changes - The company reported net sales of $830 million in Q3 2022, an 18% increase year-over-year, marking the sixth consecutive quarter of sales growth [7][32] - Adjusted EBITDA for Q3 2022 was $69 million, up over 25% from $55 million in Q3 2021, driven by sales growth and proactive investments [38] - Adjusted diluted earnings per share increased to $0.32 in Q3 2022, a 78% increase compared to $0.18 in Q3 2021 [39] - Free cash flow decreased to negative $80 million for the first nine months of 2022, primarily due to higher working capital driven by inflation and supply chain disruptions [40] Business Line Data and Key Metrics Changes - The print segment saw share gains and increased pricing, contributing to overall sales growth [37] - International sales, particularly in Latin America, were a significant contributor, with Mexico showing strong performance [12] - Large-scale print decreased as a percentage of total net sales, primarily due to expected organic declines in retail inserts [11] - Targeted print categories, including catalog and direct mail, showed growth, with catalog sales up 10% and in-store sales up 19% [55][59] Market Data and Key Metrics Changes - The company noted a decline in retail inserts by about 20% and publications by 15%, attributed to shifts in consumer behavior and advertising pressures [52][54] - Direct mail volume was down only 1%, but revenue increased by 18% due to inflationary pressures and a shift to more complex targeted direct mail [56] - The packaging segment grew over 15%, driven by new product lines related to COVID testing [57] Company Strategy and Development Direction - The company is transforming into a marketing experience (MX) company, focusing on integrated marketing solutions and enhancing client relationships [13][14] - Investments in talent and technology are ongoing, with a new location opened in New York City to boost client engagement [16][17] - The company aims to maintain a strong balance sheet with a focus on debt reduction and capital allocation, including share repurchases [47][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges but expressed confidence in the company's ability to navigate inflationary pressures and supply chain constraints [10][66] - The company raised its full-year net sales guidance from 3%-7% to 8%-10% growth, reflecting strong performance in the first nine months [8][45] - Management remains optimistic about achieving year-end debt leverage guidance of approximately 2.25x, supported by projected strong cash flow in Q4 [35][42] Other Important Information - The company has been recognized for its commitment to environmental, social, and governance (ESG) initiatives, receiving awards for its sustainability efforts [25][26] - The company is actively working on diversity, equity, and inclusion (DEI) strategies to improve representation within its workforce [27][28] Q&A Session Summary Question: Can you provide additional commentary on print segment share gains and international sales? - Management highlighted strong performance in international sales, particularly in Mexico, as a key contributor to growth, while noting expected declines in retail inserts and publications [51] Question: Can you comment on areas of the business impacted by the economic downturn? - Management observed mixed impacts on retail clients, with some retailers adjusting their strategies for Black Friday, but expressed readiness to adapt to economic changes [61][62] Question: Can you provide commentary on supply chain constraints experienced during the quarter? - Management reported navigating paper shortages effectively by purchasing ahead and managing client relationships, while also addressing labor challenges through early hiring and wage increases [64][66] Question: Do you anticipate continuing share repurchase activity in the near term? - Management confirmed plans to pursue share repurchases when deemed a compelling use of capital, having already repurchased over 5% of outstanding shares [69][70]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34806 Quad/Graphics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

Quad/Graphics, Inc. (QUAD) Q2 2022 Earnings Conference Call August 3, 2022 10:00 AM ET Company Participants Katie Krebsbach - Investor Relations Manager Joel Quadracci - Chairman, President, and Chief Executive Officer Tony Staniak - Chief Financial Officer Conference Call Participants Operator Good morning, ladies and gentlemen. Welcome to Quad's Second Quarter Conference Call. During today's call, all participants will be in a listen-only mode. [Operator Instructions] A slide presentation accompanies toda ...

2 nd Quarter 2022 Earnings Call August 3, 2022 Call Participants & Forward-Looking Statements Tony Staniak Chief Financial Officer Forward-Looking Statements Joel Quadracci Chairman, President & Chief Executive 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 cond ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34806 Quad/Graphics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpor ...

Financial Data and Key Metrics Changes - The company achieved a 9% increase in net sales, excluding divestitures, marking the fourth consecutive quarter of sales growth [8][27] - Net sales for Q1 2022 were $744 million, up 5% from 2021, with a 9% increase when excluding the June 2021 divestiture [28] - Adjusted EBITDA decreased to $49 million in Q1 2022 from $70 million in Q1 2021, primarily due to supply chain disruptions and cost inflation [30] - Adjusted diluted earnings per share fell to $0.04 in Q1 2022 from $0.19 in Q1 2021 [31] - Free cash flow was negative $36 million in Q1 2022, a decrease of $92 million compared to 2021 [32] - Net debt increased by $40 million to $664 million as of March 31, 2022, with a debt leverage ratio of 2.77 times [33] Business Line Data and Key Metrics Changes - The targeted print segment saw a 3% increase in catalog business for the quarter and a 20% increase over the trailing 12 months [42] - Direct mail increased over 21% in the quarter, while packaging grew by about 4% [42] - Large scale print, including retail inserts and magazines, experienced declines of about 20% and 7% respectively [40] Market Data and Key Metrics Changes - The company faced macroeconomic headwinds such as inflationary cost pressures and supply chain constraints, impacting net earnings and adjusted EBITDA [9] - The company implemented a price increase effective May 15, 2022, in response to rising costs [9][30] Company Strategy and Development Direction - The company is transforming into a marketing experience company, focusing on integrated marketing solutions that streamline and enhance client engagement [11][12] - Investments are being made in talent acquisition, technology solutions, and next-gen printing capabilities to strengthen competitive positioning [13][14] - The company aims to diversify revenue into higher value and higher-margin offerings while managing expected declines in large scale print [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges from inflation and supply chain issues but expressed confidence in the company's strategy and future as a marketing experience company [56] - The company plans to remain nimble with pricing to mitigate negative impacts from supply chain disruptions and cost inflation [36] Other Important Information - The Postal Service Reform Act was signed into law, which is expected to save the Postal Service approximately $50 billion over the next 10 years [17] - The company is committed to sustainability and has been recognized for its efforts in this area, which is a core part of its ESG strategy [21][23] Q&A Session Summary Question: Insights on industry and segment trends - Management noted that large scale print is expected to continue its organic decline, with retail inserts down about 20% and magazines down about 7% [40] - Targeted print segments performed well, with catalog business up 3% and direct mail up over 21% [42] Question: Unique position as a marketing experience company - The company differentiates itself by offering a one-stop shop that integrates both planning and execution in marketing [44][46] Question: Impact of paper constraints - Paper constraints affected net sales, which were guided to increase by 3% to 7%, but the company managed to achieve a 9% increase despite these challenges [48] Question: Growth investments to distinguish marketing platform - The company invested $19 million in capital expenditures in Q1 2022, focusing on automation and faster printing presses [51] - Additional investments in labor and talent acquisition were highlighted to prepare for peak season [52][54]

J.P. Morgan 2022 Global High Yield & Leveraged Finance Conference March 2, 2022 Presenters & Forward-Looking Statements Tony Staniak Chief Financial Officer Kelly Vanderboom Executive Vice President, Treasurer & President of Logistics Forward-Looking Statements 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 t ...