Financial Performance - Net Sales for Q4 2023 were $788 million, an 11% decrease compared to Q4 2022, primarily due to lower paper, print, and logistics sales, as well as the divestiture of the Argentina print operations[12] - Net Loss for Q4 2023 was $22 million, compared to a Net Loss of $9 million in Q4 2022, driven by lower sales, increased interest expense, and lower pension income[12] - Adjusted EBITDA for Q4 2023 was $66 million, down from $79 million in Q4 2022, due to lower sales and pension income, partially offset by improved manufacturing productivity[12] - Full-year 2023 Net Sales were $3.0 billion, an 8% decline from 2022, primarily due to lower print, paper, and logistics sales, and the divestiture of Argentina operations[14] - Full-year 2023 Net Loss was $55 million, compared to Net Earnings of $9 million in 2022, driven by lower sales, higher restructuring charges, and increased interest expense[14] - Adjusted EBITDA for 2023 was $234 million, down from $252 million in 2022, primarily due to lower pension income and sales, partially offset by cost savings[14] - Net sales for Q4 2023 decreased to $787.9 million from $885.2 million in Q4 2022, representing a decline of approximately 11%[29] - Full-year net sales for 2023 were $2,957.7 million, down from $3,217.0 million in 2022, a decrease of about 8.1%[31] - Net loss for Q4 2023 was $22.0 million, compared to a net loss of $8.7 million in Q4 2022[29] - Full-year net loss for 2023 was $55.4 million, compared to net earnings of $9.3 million in 2022[31] - Net earnings (loss) for 2023 was $(55.4) million, compared to $9.3 million in 2022, indicating a significant decline in profitability[35] - Adjusted EBITDA for 2023 was $233.7 million, down from $252.2 million in 2022, with Adjusted EBITDA Margin slightly increasing to 7.9% from 7.8%[38] - Adjusted net earnings (non-GAAP) for 2023 were $26.2 million, compared to $46.9 million in 2022[50] - Adjusted diluted earnings per share (non-GAAP) for 2023 was $0.52, down from $0.89 in 2022[50] - Earnings (loss) before income taxes were $(42.6) million in 2023, compared to $17.7 million in 2022[50] - Income tax expense at 25% normalized tax rate was $8.7 million in 2023, down from $15.6 million in 2022[50] Debt and Liquidity - Net Debt decreased by $75 million to $470 million at the end of 2023, with a Debt Leverage Ratio of 2.0x, down from 2.2x in 2022[14] - Cash and cash equivalents increased to $52.9 million as of December 31, 2023, up from $25.2 million at the end of 2022[33] - Total debt decreased to $362.5 million in 2023 from $506.7 million in 2022, reflecting a reduction in long-term debt[33] - Net Debt decreased to $469.8 million in 2023 from $545.0 million in 2022, with the Debt Leverage Ratio improving to 2.01x from 2.16x[44] - Net cash provided by operating activities decreased to $147.6 million in 2023 from $154.6 million in 2022[35] - Free Cash Flow for 2023 was $76.8 million, a decrease from $94.3 million in 2022[39] Cost Management and Restructuring - The company anticipates $60 million in cost savings from plant capacity and labor reduction initiatives in response to external headwinds[8] - Restructuring, impairment, and transaction-related charges for 2023 totaled $77.5 million, up from $44.8 million in 2022, primarily due to higher employee termination and impairment charges[38] - Restructuring, impairment, and transaction-related charges increased to $77.5 million in 2023 from $44.8 million in 2022[50] Guidance and Future Outlook - 2024 guidance includes a projected 5% to 9% decline in Annual Net Sales and Adjusted EBITDA of $205 million to $245 million, with a target Debt Leverage Ratio of approximately 1.8x[15] - The company reinstated a quarterly dividend of $0.05 per share and expects to continue opportunistic share repurchases[8] Operational Metrics - The company employs approximately 13,000 people across 14 countries and serves around 2,700 clients[25] - Quad is ranked as the 14th largest agency company in the U.S. by Ad Age (2023) and the second-largest commercial printer in North America[25] - The company highlights the impact of macroeconomic conditions, including inflation and high interest rates, on its business operations and financial performance[20] Non-GAAP Financial Measures - Adjusted EBITDA margin for 2023 was not explicitly stated, but the company emphasizes its importance as a key profitability metric[22][23] - The company uses non-GAAP financial measures such as EBITDA, Adjusted EBITDA, and Free Cash Flow to assess profitability and liquidity[51] Capital Expenditures and Depreciation - Depreciation and amortization expenses decreased to $128.8 million in 2023 from $141.3 million in 2022[35] - Purchases of property, plant, and equipment increased to $70.8 million in 2023 from $60.3 million in 2022, indicating higher capital expenditures[35] Shareholder Returns - Diluted weighted average number of common shares outstanding (non-GAAP) decreased to 50.7 million in 2023 from 52.5 million in 2022[50] - Basic weighted average number of common shares outstanding decreased to 48.4 million in 2023 from 50.7 million in 2022[50]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ 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 incorporation or organization) (I.R.S. Employer Identification No.) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Quad/Graphics Inc. (QUAD) Q3 2023 Earnings Conference Call November 1, 2023 10:00 AM ET Company Participants Katie Krebsbach - Investor Relations Joel Quadracci - Chairman, President and CEO Anthony Staniak - Chief Financial Officer Kevin Steinke - Barrington Research Associates Operator Good morning, and welcome to the Quad's third quarter conference call. [Operator Instructions] A slide presentation accompanies today's webcast and participants are invited to follow along, advancing the slides themselves. ...

Quad/Graphics, Inc. (QUAD) Q2 2023 Results Conference Call August 2, 2023 10:00 AM ET Company Participants Katie Krebsbach - IR Manager Joel Quadracci - Chairman, President and CEO Tony Staniak - CFO Conference Call Participants Kevin Steinke - Barrington Research Associates Operator Good morning, and welcome to Quad's second quarter conference call. [Operator Instructions] A slide presentation accompanies today's webcast and participants are invited to follow along, advancing the slides themselves. To acce ...

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, 2023 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 juri ...

• Debt Leverage Ratio is defined as total debt and finance lease obligations less cash and cash equivalents ("Net Debt") divided by the last twelve months of Adjusted EBITDA. Net Debt and Debt Leverage Ratio Income tax expense at 25% normalized tax rate 2.6 0.7 Quad Adjusted Diluted Earnings Per Share May 11, 2023 Chairman, President & Chief Executive Officer The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printed materials and sign ...

Chairman, President & Chief Executive Officer The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printed materials and significant overcapacity in a highly competitive environment creates downward pricing pressures and potential under-utilization of assets; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials, including paper and the materials to manufacture ink) an ...

Quad/Graphics, Inc. (QUAD) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Katie Krebsbach - IR Manager Joel Quadracci - Chairman, President, and CEO Anthony Staniak - CFO Conference Call Participants Operator Good morning, and welcome to the Quad's First Quarter Conference Call. [Operator Instructions] A slide presentation accompanies today's webcast, and participants are invited to follow along, advancing the slides themselves. To access the webcast, follow the instructions p ...

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, 2023 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) (414) 566-6000 (Registrant's telephone n ...

Improved the representation among our U.S. employees and U.S. management team in both gender, and race and ethnicity Quad 10 STATEMENT OF OPERATIONS 6.2% $25 million $400 million Januarv 2024 Quad (1) See slide 18 for definitions of our Non-GAAP measures and slide 22 for a reconciliation of Debt Leverage Ratio as a Non-GAAP measure Net Debt Reduction Free Cash Flow (1) $50 to $90 million Key Investment Highlights One-of-a-Kind Integrated · Featuring through-the-line marketing solutions deployed across offli ...