4th Quarter 2023 Earnings Call Statements The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printing services and significant overcapacity in a highly competitive environment creates downward pricing pressures and potential under-utilization of assets; the impact of increased business complexity as a result of the Company's transformation to a marketing experience company; the impact of changes in postal rates, service levels or regul ...

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 ...

Financial Data and Key Metrics Changes - Net sales for Q3 2023 were $700 million, a 16% decline compared to Q3 2022, with year-to-date net sales at $2.2 billion, down 7% from 2022 [31] - Adjusted EBITDA for Q3 2023 was $57 million, down from $69 million in Q3 2022, with an adjusted EBITDA margin slightly declining to 8.2% [33] - Adjusted diluted earnings per share were $0.11 in Q3 2023, compared to $0.32 in Q3 2022, with year-to-date adjusted diluted earnings per share at $0.28, down from $0.49 in 2022 [34] - Free cash flow was negative $18 million in the first nine months of 2023, but improved by $61 million compared to the same period in 2022, with $27 million generated in Q3 2023 [34][35] - Net debt increased by $39 million to $584 million as of September 30, 2023, with a debt leverage ratio of 2.36x [36] Business Line Data and Key Metrics Changes - Direct mail revenue decreased from 14% to 11% of total revenues year-to-date, but growth is expected in future years [32] - In-store signage product offerings continued to show high revenue growth, contributing positively to the overall revenue mix [32] Market Data and Key Metrics Changes - The company experienced industry-wide print volume reductions due to economic uncertainty, postal rate increases, and rising interest rates affecting specific clients [10][31] - The company noted a significant impact on categories sensitive to rising interest rates, such as financial services and direct mail [10] Company Strategy and Development Direction - The company is evolving into a marketing experience company, integrating various marketing resources to enhance client service [12][18] - The appointment of new board members and executives aims to strengthen the company's strategic leadership and drive revenue growth [14][16] - The company is focused on reducing debt and maintaining a strong balance sheet while investing in growth opportunities [42][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing economic uncertainty and its impact on print volumes, but expressed confidence in managing these challenges through disciplined cost management [10][11] - The company expects a seasonal ramp-up in sales for Q4, despite a lower base due to previous declines [61] - Management remains optimistic about future growth opportunities, particularly in integrated marketing solutions [70] Other Important Information - The company has made progress on its ESG commitments, focusing on diversity, sustainable resource consumption, and employee wellness [28] - The company plans to continue investing in automation initiatives to enhance operational efficiency [35] Q&A Session Summary Question: Flexibility of the business model and maintaining profitability - Management highlighted the ability to adjust costs and improve productivity as key factors in maintaining profitability despite lower sales outlook [46][49] Question: Changes in sales outlook and product category trends - Management noted economic softness as a primary factor affecting sales, with specific declines in large-scale print and targeted print categories [53][54] Question: Impact of postage rate increases on client behavior - Management indicated that clients typically adjust their strategies in response to rapid cost increases, focusing on data-driven marketing approaches [72][75] Question: International market performance - Management reported softness in Europe but noted strong growth in Mexico, with new product lines and customer acquisitions [79]

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 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by $11 million, or 24%, in the quarter, driven by net sales growth, improved manufacturing productivity, and cost reduction initiatives [5][39] - Net sales increased by 3% in the quarter, attributed to higher product sales in the United States and Mexico, as well as increased agency solution sales [17][25] - Adjusted diluted earnings per share rose to $0.15 in Q1 2023 from $0.04 in Q1 2022, primarily due to higher adjusted net earnings and stock repurchases [26] - Net debt increased by $87 million to $632 million as of March 31, 2023, with a debt leverage ratio of 2.39x, up 23 basis points from the previous quarter [13][27] Business Line Data and Key Metrics Changes - Growth in net sales was driven by the Mexico operations, catalogs, and agency solutions offerings, despite organic declines in large-scale print [25][12] - The company continues to gain segment share in large-scale print, winning significant contracts such as Reader's Digest [12] Market Data and Key Metrics Changes - The company is focused on accelerating market penetration and gaining visibility with new brands and verticals through participation in industry events [20] - The company hosted its 23rd Postal conference, which attracted approximately 300 clients, focusing on effective print delivery [21] Company Strategy and Development Direction - The company is pursuing a growth strategy as a marketing experience (MX) company, emphasizing integrated service excellence and evolving its culture [6][7] - The company aims to capitalize on its unique maker culture to attract top talent in the marketing industry [9] - The company is committed to reducing complexities for clients by providing integrated marketing solutions across all media channels [33] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty has led clients to adopt a more conservative approach to marketing investments [5] - The company expects lower print volumes for the remainder of the year due to ongoing macroeconomic concerns, despite positive first-quarter growth [28] - Management reaffirmed the 2023 guidance and expressed confidence in achieving the low end of the targeted debt leverage range by year-end [27][43] Other Important Information - Free cash flow was negative $79 million in Q1 2023, primarily due to working capital timing and capital expenditures [40] - The company maintains strong liquidity with $321 million available under its revolving credit agreement and $9 million in cash [41] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a smooth conference call with no significant inquiries from participants [31][32]

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 ...