(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Date: | April 30, 2024 | ||||||||||
QUAD/GRAPHICS, INC. | |||||||||||
By: | /s/ Anthony C. Staniak | ||||||||||
Anthony C. Staniak | |||||||||||
Chief Financial Officer |
Financial Metric | 2024 Guidance | ||||
Annual Net Sales Change | 5% to 9% decline | ||||
Full-Year Adjusted EBITDA | $205 million to $245 million | ||||
Free Cash Flow | $50 million to $70 million | ||||
Capital Expenditures | $60 million to $70 million | ||||
Year-End Debt Leverage Ratio (1) | Approximately 1.8x |
Investor Relations Contact | ||
Don Pontes | ||
Executive Director of Investor Relations | ||
916-532-7074 | ||
dwpontes@quad.com | ||
Media Contact | ||
Claire Ho | ||
Director of Marketing Communications | ||
414-566-2955 | ||
cho@quad.com |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net sales | $ | 654.8 | $ | 766.5 | |||||||
Cost of sales | 521.3 | 617.5 | |||||||||
Selling, general and administrative expenses | 83.1 | 89.2 | |||||||||
Depreciation and amortization | 28.6 | 33.7 | |||||||||
Restructuring, impairment and transaction-related charges | 32.5 | 26.0 | |||||||||
Total operating expenses | 665.5 | 766.4 | |||||||||
Operating income (loss) | (10.7) | 0.1 | |||||||||
Interest expense | 15.2 | 16.3 | |||||||||
Net pension income | (0.2) | (0.4) | |||||||||
Loss before income taxes | (25.7) | (15.8) | |||||||||
Income tax expense | 2.4 | 8.8 | |||||||||
Net loss | $ | (28.1) | $ | (24.6) | |||||||
Loss per share | |||||||||||
Basic and diluted | $ | (0.60) | $ | (0.50) | |||||||
Weighted average number of common shares outstanding | |||||||||||
Basic and diluted | 47.2 | 49.2 | |||||||||
(UNAUDITED) March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 10.2 | $ | 52.9 | |||||||
Receivables, less allowances for credit losses | 302.7 | 316.2 | |||||||||
Inventories | 180.6 | 178.8 | |||||||||
Prepaid expenses and other current assets | 56.3 | 39.8 | |||||||||
Total current assets | 549.8 | 587.7 | |||||||||
Property, plant and equipment—net | 601.8 | 620.6 | |||||||||
Operating lease right-of-use assets—net | 91.8 | 96.6 | |||||||||
Goodwill | 100.3 | 103.0 | |||||||||
Other intangible assets—net | 17.7 | 21.8 | |||||||||
Other long-term assets | 62.3 | 80.0 | |||||||||
Total assets | $ | 1,423.7 | $ | 1,509.7 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Accounts payable | $ | 359.8 | $ | 373.6 | |||||||
Other current liabilities | 174.0 | 237.6 | |||||||||
Short-term debt and current portion of long-term debt | 71.5 | 151.7 | |||||||||
Current portion of finance lease obligations | 2.4 | 2.5 | |||||||||
Current portion of operating lease obligations | 23.6 | 25.4 | |||||||||
Total current liabilities | 631.3 | 790.8 | |||||||||
Long-term debt | 473.9 | 362.5 | |||||||||
Finance lease obligations | 6.0 | 6.0 | |||||||||
Operating lease obligations | 74.6 | 77.2 | |||||||||
Deferred income taxes | 5.9 | 5.1 | |||||||||
Other long-term liabilities | 142.8 | 148.6 | |||||||||
Total liabilities | 1,334.5 | 1,390.2 | |||||||||
Shareholders’ equity | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 1.4 | 1.4 | |||||||||
Additional paid-in capital | 838.0 | 842.7 | |||||||||
Treasury stock, at cost | (28.7) | (33.1) | |||||||||
Accumulated deficit | (604.6) | (573.9) | |||||||||
Accumulated other comprehensive loss | (116.9) | (117.6) | |||||||||
Total shareholders’ equity | 89.2 | 119.5 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,423.7 | $ | 1,509.7 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net loss | $ | (28.1) | $ | (24.6) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 28.6 | 33.7 | |||||||||
Impairment charges | 12.6 | 9.5 | |||||||||
Stock-based compensation | 1.8 | 1.0 | |||||||||
Gain on the sale or disposal of property, plant and equipment, net | (0.9) | (0.1) | |||||||||
Deferred income taxes | 0.3 | 10.3 | |||||||||
Other non-cash adjustments to net loss | 0.3 | 0.5 | |||||||||
Changes in operating assets and liabilities | (66.8) | (80.9) | |||||||||
Net cash used in operating activities | (52.2) | (50.6) | |||||||||
INVESTING ACTIVITIES | |||||||||||
Purchases of property, plant and equipment | (17.9) | (28.7) | |||||||||
Cost investment in unconsolidated entities | (0.2) | (0.3) | |||||||||
Proceeds from the sale of property, plant and equipment | 1.7 | 7.1 | |||||||||
Other investing activities | 0.5 | (4.5) | |||||||||
Net cash used in investing activities | (15.9) | (26.4) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of long-term debt | 52.8 | — | |||||||||
Payments of current and long-term debt | (101.0) | (7.4) | |||||||||
Payments of finance lease obligations | (0.8) | (0.3) | |||||||||
Borrowings on revolving credit facilities | 468.3 | 413.8 | |||||||||
Payments on revolving credit facilities | (389.1) | (343.5) | |||||||||
Purchases of treasury stock | — | (0.3) | |||||||||
Equity awards redeemed to pay employees’ tax obligations | (2.1) | (1.7) | |||||||||
Payment of cash dividends | (2.4) | (0.1) | |||||||||
Other financing activities | (0.2) | (0.2) | |||||||||
Net cash provided by financing activities | 25.5 | 60.3 | |||||||||
Effect of exchange rates on cash and cash equivalents | (0.1) | 0.2 | |||||||||
Net decrease in cash and cash equivalents | (42.7) | (16.5) | |||||||||
Cash and cash equivalents at beginning of period | 52.9 | 25.2 | |||||||||
Cash and cash equivalents at end of period | $ | 10.2 | $ | 8.7 |
Net Sales | Operating Income (Loss) | Restructuring, Impairment and Transaction-Related Charges (1) | |||||||||||||||
Three months ended March 31, 2024 | |||||||||||||||||
United States Print and Related Services | $ | 578.9 | $ | (1.3) | $ | 31.6 | |||||||||||
International | 75.9 | 3.4 | 0.8 | ||||||||||||||
Total operating segments | 654.8 | 2.1 | 32.4 | ||||||||||||||
Corporate | — | (12.8) | 0.1 | ||||||||||||||
Total | $ | 654.8 | $ | (10.7) | $ | 32.5 | |||||||||||
Three months ended March 31, 2023 | |||||||||||||||||
United States Print and Related Services | $ | 657.6 | $ | 7.3 | $ | 22.5 | |||||||||||
International | 108.9 | 7.7 | 2.6 | ||||||||||||||
Total operating segments | 766.5 | 15.0 | 25.1 | ||||||||||||||
Corporate | — | (14.9) | 0.9 | ||||||||||||||
Total | $ | 766.5 | $ | 0.1 | $ | 26.0 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net loss | $ | (28.1) | $ | (24.6) | |||||||
Interest expense | 15.2 | 16.3 | |||||||||
Income tax expense | 2.4 | 8.8 | |||||||||
Depreciation and amortization | 28.6 | 33.7 | |||||||||
EBITDA (non-GAAP) | $ | 18.1 | $ | 34.2 | |||||||
EBITDA Margin (non-GAAP) | 2.8 | % | 4.5 | % | |||||||
Restructuring, impairment and transaction-related charges (1) | 32.5 | 26.0 | |||||||||
Adjusted EBITDA (non-GAAP) | $ | 50.6 | $ | 60.2 | |||||||
Adjusted EBITDA Margin (non-GAAP) | 7.7 | % | 7.9 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Employee termination charges (a) | $ | 13.7 | $ | 13.1 | |||||||
Impairment charges (b) | 12.6 | 9.5 | |||||||||
Transaction-related charges (c) | 0.5 | 0.6 | |||||||||
Integration costs (d) | 0.1 | 0.5 | |||||||||
Other restructuring charges (e) | 5.6 | 2.3 | |||||||||
Restructuring, impairment and transaction-related charges | $ | 32.5 | $ | 26.0 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net cash used in operating activities | $ | (52.2) | $ | (50.6) | |||||||
Less: purchases of property, plant and equipment | 17.9 | 28.7 | |||||||||
Free Cash Flow (non-GAAP) | $ | (70.1) | $ | (79.3) |
(UNAUDITED) March 31, 2024 | December 31, 2023 | ||||||||||
Total debt and finance lease obligations on the condensed consolidated balance sheets | $ | 553.8 | $ | 522.7 | |||||||
Less: Cash and cash equivalents | 10.2 | 52.9 | |||||||||
Net Debt (non-GAAP) | $ | 543.6 | $ | 469.8 | |||||||
Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1) | $ | 224.1 | $ | 233.7 | |||||||
Debt Leverage Ratio (non-GAAP) | 2.43 | x | 2.01 | x |
Add | Subtract | Trailing Twelve Months Ended | |||||||||||||||||||||
Year Ended | Three Months Ended | ||||||||||||||||||||||
December 31, 2023(a) | (UNAUDITED) March 31, 2024 | (UNAUDITED) March 31, 2023 | (UNAUDITED) March 31, 2024 | ||||||||||||||||||||
Net loss | $ | (55.4) | $ | (28.1) | $ | (24.6) | $ | (58.9) | |||||||||||||||
Interest expense | 70.0 | 15.2 | 16.3 | 68.9 | |||||||||||||||||||
Income tax expense | 12.8 | 2.4 | 8.8 | 6.4 | |||||||||||||||||||
Depreciation and amortization | 128.8 | 28.6 | 33.7 | 123.7 | |||||||||||||||||||
EBITDA (non-GAAP) | $ | 156.2 | $ | 18.1 | $ | 34.2 | $ | 140.1 | |||||||||||||||
Restructuring, impairment and transaction-related charges | 77.5 | 32.5 | 26.0 | 84.0 | |||||||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 233.7 | $ | 50.6 | $ | 60.2 | $ | 224.1 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Loss before income taxes | $ | (25.7) | $ | (15.8) | |||||||
Restructuring, impairment and transaction-related charges | 32.5 | 26.0 | |||||||||
Adjusted net earnings, before income taxes (non-GAAP) | 6.8 | 10.2 | |||||||||
Income tax expense at 25% normalized tax rate | 1.7 | 2.6 | |||||||||
Adjusted net earnings (non-GAAP) | $ | 5.1 | $ | 7.6 | |||||||
Basic weighted average number of common shares outstanding | 47.2 | 49.2 | |||||||||
Plus: effect of dilutive equity incentive instruments (non-GAAP) | 2.6 | 2.1 | |||||||||
Diluted weighted average number of common shares outstanding (non-GAAP) | 49.8 | 51.3 | |||||||||
Adjusted diluted earnings per share (non-GAAP) (1) | $ | 0.10 | $ | 0.15 | |||||||
Diluted loss per share (GAAP) | $ | (0.60) | $ | (0.50) | |||||||
Restructuring, impairment and transaction-related charges per share | 0.65 | 0.51 | |||||||||
Income tax expense from condensed consolidated statement of operations per share | 0.05 | 0.17 | |||||||||
Income tax expense at 25% normalized tax rate per share | (0.03) | (0.05) | |||||||||
Effect of dilutive equity incentive instruments | 0.03 | 0.02 | |||||||||
Adjusted diluted earnings per share (non-GAAP) (1) | $ | 0.10 | $ | 0.15 |
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end
(]'M;X 85Y$Q(OT<88?@: /SYHKZRUC] MECPI>2,^D:IJ&G9Z(Q691^>#^M5?[MO:"/\ 4LW\J]%\+? OP)X6E2>'2O[0NDY$]^WFD'U"_='Y M4 ?-OPT^"'B#Q[<175U%)I>BYR]Y,F&D'I&I^]]>G\J^P?#/AG2O"&@6^CZ% M:K;VD X Y9V[LQ[L>YK550JA5 P !TI: /A3XSP"V^,WB5!WO-_P#WTH;^ MM7Z!ZAX!\(ZMJ$M]JGAK2KN[F(,D\]HCNYQCDD9/ %5O\ A6'@7_H4-%_\ M 8_\* /@6BOOK_A6'@7_ *%#1?\ P!C_ ,*/^%8>!?\ H4-%_P# &/\ PH ^ M!:]B_9P\=0^%_',ND:E,(K'6E6(.QPJ3J?D/MG)7ZD5],?\ "L/ O_0H:+_X M Q_X4J_#+P,C!E\(Z*&4Y!%C'P?RH ZBB@# P** "LKQ)X9TGQ;H$I9;[P\DFM:0,L#$F9X1_M(.H'J/R M%>0LI1BK JP."".E?I%7'>*_A1X,\9%I-9T6'[4W_+U;_NI?J67K^.: /@VB MOI[6/V3M-E9FT+Q) V05KF9_V4/$RN?LVO:3(O8R"1#^04T > M#T5[W:_LG^(G;?$.F0KW,222'\B%KL-#_95\.VC*^O:S>ZD1UCA40(?YG] M: /EFUM+B^NDMK*"6XGD.$BB0LS'T ')KW+X=_LT:MJ\D5_XX=M*LLAA9H09 MY1Z'L@_,^PKZ-\->!O#7@^'R_#FC6MD<8:54S(WU I)]3S7R'^TC_R6B^_Z]H/_0!7V;6%JO@?PMKE^U]K M/A[3+ZZ8!6GN+5'<@=!DC- 'Y\T5]]?\*P\"_P#0H:+_ . ,?^%'_"L/ O\ MT*&B_P#@#'_A0!\"T5]]?\*P\"_]"AHO_@#'_A1_PK#P+_T*&B_^ ,?^% 'R M3\$/'$?@;XD6UQ?2>7IU\OV2Z8GA%8@JY^C ?AFOMY65U#(0RL,@@Y!% +JW7S8C[[EZ?CBOO2@C(P>10!^ M;A@\&BOT"U;P!X2UQBVK>'--N7/\;VR[O^^@,USLOP&^&LKECX8B4G^Y ;N\4Q1 >H)Y;\ :I?$ M+P!J?PZ\3'2-499E:,2P7,:D),IZD9]#D$5]\UFZOXHB'/E_ M:H%DV9ZXR..E 'YW5U?PX\=7OP]\96VL6FYX/]7=VX.!-$3R/KW'N*^T_P#A M6_@K_H4]&_\ &/_ H_X5OX*_Z%/1O_ !C_P * -G2-6LM=T>UU32YUGM+ MN,2Q2+_$#_6I[JTM[ZUDMKV".X@E7;)%*@97'H0>#4.FZ78:-8K9:39P65JA M)6&",(BDG)P!QUJW0!X-XZ_9ATG59)+WP7=C2;AOF-G-EX&/L?O)^H^E>#^) M?A+XV\*,YU30;EX%_P"7FU7SH\>NY -% 'YNLC(Q5U*L.H(P125^AV MH^%M U?/]J:)I]YNZF>U1R?S%8C?"3P [9/A'2L^UN!_*@#X,K6T7PMKWB*= M8="T>]OW;_GA S ?4] / M\#Z;]C\.:?';!@/,F/S2RGU9CR?Y5T%% !1110 4444 %%%% !1110 4444 M%%%% !1110 4444 %%%% !1110 4444 <5\4_AU9_$?PC)I\FV+4(,R6-R1_ MJY/0_P"R>A_/M7PWJ>F7FC:I %5:X9(]9LE"7L(XW'M(H_N MM^AR/2NH_P"$+\,?]"[I?_@''_A5JP\/Z-I4YGTS2K*SE9=I>WMU1B/3('2@ M#1HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * &*** /__9 end
Cover Page |
Apr. 30, 2024 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001481792 |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Apr. 30, 2024 |
Entity Registrant Name | Quad/Graphics, Inc. |
Entity Incorporation, State or Country Code | WI |
Entity File Number | 001-34806 |
Entity Tax Identification Number | 39-1152983 |
Entity Address, Address Line One | N61 W23044 Harry’s Way |
Entity Address, City or Town | Sussex |
Entity Address, State or Province | WI |
Entity Address, Postal Zip Code | 53089-3995 |
City Area Code | 414 |
Local Phone Number | 566-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.025 per share |
Trading Symbol | QUAD |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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end
*O) J;Y0E1\+01.@47D@":&.TS%^WWR_MH*
M@&6&ZX$ABVL0%K9I!;A>%
M+1H-6%G2<8L$,PIWD$2"2>?B.^+($@G8!*TWN!S^AE_!^AZC%:"$:I]"= I@P
MC#ZH/\X=[7 OUWL#[5KZR_Y?"XN:O=6'T!ORCQ+X[6
M,O_^SM)YPVAVJ]UFO<,:3=[OL[[1Z/!J>\ '35-G_VJ_B^X9>3,9&W+*S_A6
MIAKFC\Q^9E-_G@ICL.&3)%^DUEJ6+3$N!SC$HL+F:^^20$!^N^]]^?WFXJ'T
MXWN]53V_N;U8#T&4%V&XN+N]O+I]N+K4X+>'NT\WE[U'^./A$7Y\OKI]?-#N
MKK6[+U?WO<<;N"#W\[F66<*/(PQ.?A;QN"LZ.J*>%X(U4>,+"F)@*4SNYW6&
M]5 ",1#3 ,41SZQW J9&?
-]OEO][TOO]])3$2KFYO:C,3R&'TO!P]=OGJ]M'3>*;]#YI
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M+ -HXNQE+,Y>.)Z]B$ +'Y$@'>:!,U,,(\.K4AJ^.
MA>UG'P(JD_GB61+56X;>M ?N/5G&90];"MM-ZHGU_8&U+"
M5V5)ZT
?DYKW-+RA\5UY1655=\Z&VKKFEM:V]H[.K>W!H>&1T[.OX!&9V;O['
MPN+2\@IN:WMG=V\??T#XV2\Z@)[N%_V[_>*@]>L0 P,] _//?M$=\O]9@8.!
M\90"TW%M4V8;;TX1Q8>'N2Z]R"K[=$14Z3J6V_;^ N/F#)&'/>S:[_W[/^L
M8X_^2SW[JV/_Z-<$P$9/1YL\>@X A#T8J0R#_V/3-(E&_DV;SL67%6K]YZ2
MEW_;L@3OM2)SDIZ
$9,@,V*LX7(K!45!CP .W:2KE
M/.5!W]@)DMNFVD''WBWL4P,_$QXK?4H%F:7_Q=>0P;.D!XB/8P/# +0'7I5"
MBK,&TU38:4)BXHCE_5/]YJ HY>"FV[K[)?T^H5E09K]6*K?EV D)Y5;\R;>%8)6MT
M>4]OH9Z2;&8^.WTD[*29H5W[NW-?S=,K]**G]#8@*4% L[[S/#0NICR]B/[1
MT2#>*$T)98/D*6&SY^R,@VPUI,/^A)CM;IGL)R)Y1WQN.,G)'-'G%K(H(@WL
M"#XIR5]Y$36T>2H]2)0-4; BO2"SR/4@KD6O]YD:]WF1RE,X]K)#Z[$WZDR7
M%_GW;-)E@K%$1'IARQ
LKA^C"3P
MU%-NWW.CSOJC?M"[+]D/Y,+S6Y23UPC*?&97_E@'\1D.X>?P(R2H+01S_"^:
M8)>BWTZ@2OGU WDT"6>/T\@!& =;% #AG?UNKJHT_D-U.",^UY-<=![]ZKJ=
MTHX!4S>JI>D@FF_D&KQ2)6*X/?]U1O
G;I^^N=5&-8>39GKM8^-I&='-\>>GDKO(SGFNY8AWQ-GI_,$.2."11[, U/:U;\!?45:OR7.DLQJ\F-(
MT^8FI@?'6J!J=4=L#/;ZI,:5K+:K[TU(BQ\^MSB9AM?;(ZQKQB,I_GP=J/@K
MVS\'%],^84A$[^E\Z')6Y$M!_+ZBL#6#'/L9)A?I1RQ96YQYI8
XNZRWFEZ@R.8G@J)A==.E Z^NLM'./BB< M<]02QH(\ZMPL<
M;&G&KY]RQC.X80PS7(LBM^1^) \Y\^7,$0<8:#6#CQ.4S