Quad/Graphics(US:QUAD)2021-05-05 17:06Financial Performance - Net sales decreased from $822.5 million to $705.8 million[16] - Adjusted EBITDA decreased from $75.4 million to $65.8 million[16] - Adjusted EBITDA margin increased slightly from 9.2% to 9.3%[16] - Free cash flow increased significantly from $15.7 million to $56.0 million[16] - The debt leverage ratio improved from 3.35x to 3.24x[37] Debt and Liquidity - Cash on hand was $81 million[21] - Unused capacity under the revolver was $463 million[21] - Next significant debt maturity is $239 million in May 2022[21] - 72% of debt is fixed rate[20] Outlook - The company expects full-year net sales to be flat to down a low single-digit percentage compared to 2020[22] - For the second quarter, the company expects net sales to increase by 10% to 13% compared to Q2 2020[23] - The company expects to further improve the Debt Leverage Ratio to be at or near 30x by the end of 2021[25]