Quad Reports Second Quarter and Year-to-Date 2025 Results
Quad (NYSE:QUAD) reported its Q2 2025 financial results, with net sales of $572 million, down 10% year-over-year (4% decline excluding European operations divestiture). The company posted a minimal net loss of $0.1 million ($0.00 per share) compared to a $3 million loss in Q2 2024.
Key metrics include Adjusted EBITDA of $43 million (down from $52 million in 2024) and Adjusted Diluted EPS of $0.14 (up from $0.12). The company reaffirmed its 2025 guidance, projecting a 2-6% decline in adjusted annual net sales and Adjusted EBITDA between $180-220 million.
Strategic initiatives include investments in data intelligence, AI tools, and retail media network expansion. The company declared a quarterly dividend of $0.075 per share and continued its share repurchase program, having bought back 1.4 million shares in 2025.
Quad (NYSE:QUAD) ha comunicato i risultati finanziari del secondo trimestre 2025, con vendite nette pari a 572 milioni di dollari, in calo del 10% su base annua (declino del 4% escludendo la cessione delle operazioni europee). La società ha registrato una perdita netta minima di 0,1 milioni di dollari (0,00 dollari per azione) rispetto a una perdita di 3 milioni di dollari nel Q2 2024.
I principali indicatori includono un EBITDA rettificato di 43 milioni di dollari (in diminuzione rispetto ai 52 milioni del 2024) e un utile per azione diluito rettificato di 0,14 dollari (in aumento rispetto a 0,12). L’azienda ha confermato le previsioni per il 2025, prevedendo un calo annuo delle vendite nette rettificate tra il 2% e il 6% e un EBITDA rettificato compreso tra 180 e 220 milioni di dollari.
Le iniziative strategiche comprendono investimenti in data intelligence, strumenti di intelligenza artificiale e l’espansione della rete media retail. La società ha dichiarato un dividendo trimestrale di 0,075 dollari per azione e ha proseguito il programma di riacquisto di azioni, avendo riacquistato 1,4 milioni di azioni nel 2025.
Quad (NYSE:QUAD) presentó sus resultados financieros del segundo trimestre de 2025, con ventas netas de 572 millones de dólares, una disminución del 10% interanual (4% menos si se excluye la venta de operaciones europeas). La compañía registró una pérdida neta mínima de 0,1 millones de dólares (0,00 dólares por acción) en comparación con una pérdida de 3 millones en el Q2 de 2024.
Las métricas clave incluyen un EBITDA ajustado de 43 millones de dólares (frente a 52 millones en 2024) y un EPS diluido ajustado de 0,14 dólares (frente a 0,12). La empresa reafirmó sus previsiones para 2025, proyectando una caída anual ajustada de ventas netas entre el 2% y el 6% y un EBITDA ajustado entre 180 y 220 millones de dólares.
Las iniciativas estratégicas incluyen inversiones en inteligencia de datos, herramientas de IA y expansión de la red de medios retail. La compañía declaró un dividendo trimestral de 0,075 dólares por acción y continuó su programa de recompra de acciones, habiendo recomprado 1,4 millones de acciones en 2025.
Quad (NYSE:QUAD)는 2025년 2분기 재무 결과를 발표했으며, 순매출은 5억 7,200만 달러로 전년 동기 대비 10% 감소했습니다(유럽 사업 매각을 제외하면 4% 감소). 회사는 2024년 2분기 300만 달러 적자에 비해 100,000달러의 미미한 순손실(주당 0.00달러)을 기록했습니다.
주요 지표로는 조정 EBITDA 4,300만 달러(2024년 5,200만 달러에서 감소)와 조정 희석 주당순이익 0.14달러(0.12달러에서 증가)가 있습니다. 회사는 2025년 가이던스를 재확인하며, 조정 연간 순매출이 2~6% 감소하고 조정 EBITDA가 1억 8,000만~2억 2,000만 달러 사이일 것으로 전망했습니다.
전략적 이니셔티브로는 데이터 인텔리전스, AI 도구 및 리테일 미디어 네트워크 확장에 대한 투자가 포함됩니다. 회사는 주당 분기 배당금 0.075달러를 선언했으며, 2025년에 140만 주를 재매입하는 주식 환매 프로그램도 계속 진행 중입니다.
Quad (NYSE:QUAD) a publié ses résultats financiers du deuxième trimestre 2025, avec un chiffre d'affaires net de 572 millions de dollars, en baisse de 10 % en glissement annuel (baisse de 4 % hors cession des opérations européennes). La société a enregistré une perte nette minimale de 0,1 million de dollars (0,00 dollar par action) contre une perte de 3 millions au T2 2024.
Les indicateurs clés incluent un EBITDA ajusté de 43 millions de dollars (en baisse par rapport à 52 millions en 2024) et un BPA dilué ajusté de 0,14 dollar (en hausse par rapport à 0,12). La société a confirmé ses prévisions pour 2025, anticipant une baisse annuelle ajustée des ventes nettes de 2 à 6 % et un EBITDA ajusté compris entre 180 et 220 millions de dollars.
Les initiatives stratégiques comprennent des investissements dans l'intelligence des données, les outils d'IA et l'expansion du réseau média retail. La société a déclaré un dividende trimestriel de 0,075 dollar par action et a poursuivi son programme de rachat d'actions, ayant racheté 1,4 million d'actions en 2025.
Quad (NYSE:QUAD) meldete seine Finanzergebnisse für das zweite Quartal 2025 mit Nettoumsätzen von 572 Millionen US-Dollar, was einem Rückgang von 10 % im Jahresvergleich entspricht (4 % Rückgang ohne den Verkauf der europäischen Geschäftsbereiche). Das Unternehmen verzeichnete einen minimalen Nettoverlust von 0,1 Millionen US-Dollar (0,00 US-Dollar pro Aktie) im Vergleich zu einem Verlust von 3 Millionen US-Dollar im zweiten Quartal 2024.
Wichtige Kennzahlen umfassen ein bereinigtes EBITDA von 43 Millionen US-Dollar (gegenüber 52 Millionen im Jahr 2024) und ein bereinigtes verwässertes Ergebnis je Aktie von 0,14 US-Dollar (gegenüber 0,12 US-Dollar). Das Unternehmen bestätigte seine Prognose für 2025 und erwartet einen Rückgang der bereinigten Nettoumsätze um 2 bis 6 % sowie ein bereinigtes EBITDA zwischen 180 und 220 Millionen US-Dollar.
Strategische Initiativen umfassen Investitionen in Datenintelligenz, KI-Tools und den Ausbau des Retail-Media-Netzwerks. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,075 US-Dollar pro Aktie und setzte sein Aktienrückkaufprogramm fort, bei dem im Jahr 2025 1,4 Millionen Aktien zurückgekauft wurden.
- None.
- Net sales declined 10% to $572 million year-over-year
- Adjusted EBITDA decreased to $43 million from $52 million in Q2 2024
- Negative Free Cash Flow of $66 million in first half of 2025
- Net Debt increased from $350 million to $448 million since December 2024
- Projected 2-6% decline in adjusted annual net sales for 2025
Insights
Quad's Q2 shows mixed results with declining revenue but improved EPS, maintaining guidance amid strategic investments in growth areas.
Quad delivered mixed Q2 results that highlight its ongoing transformation from traditional printer to marketing experience company. Net sales declined
Adjusted EBITDA of
The company's strategic pivot toward higher-margin marketing technology services continues with investments in three key areas: data/audience intelligence, AI-enabled tools, and in-store retail media networks. The launch of Audience Builder 2.0 leverages Quad's proprietary data on
From a balance sheet perspective, net debt stands at
Management's reaffirmed 2025 guidance (
Reaffirms Full-Year 2025 Financial Guidance
Continues Investing in Strategic Growth Areas — Data and Audience Intelligence, AI-Enabled Tools and Systems, and In-Store Retail Media Network
Recent Highlights
- Realized Net Sales of
$572 million $634 million 10% decline in Net Sales. Net Sales declined4% when excluding the6% impact of the February 28, 2025, divestiture of the Company's European operations. - Recognized Net Loss of
$0.1 million $0.00 $3 million $0.06 - Achieved Non-GAAP Adjusted EBITDA of
$43 million $52 million - Reported
$0.14 $0.12 - Released Audience Builder 2.0, continuing to activate Quad's proprietary household-based data stack with clients to enhance media buying with precision at scale and to increase response rates through improved audience intelligence.
- Announced In-Store Connect retail media network partnership with Vallarta Supermarkets, one of
California's leading Latino-owned grocery chains. - Repurchased 1.4 million shares of Quad Class A common stock in 2025, bringing total repurchases to 7.3 million shares since commencing buybacks in 2022, representing approximately
13% of Quad's March 31, 2022, outstanding shares. - Declared quarterly dividend of
$0.07 5 - Reaffirms full-year 2025 financial guidance.
Joel Quadracci, Chairman, President and Chief Executive Officer of Quad, said: "Second quarter and year-to-date results met our expectations as we continue to differentiate ourselves as a marketing experience company that simplifies the complexities of marketing for brands and marketers. This includes ongoing investments in strategic growth areas such as data and audience intelligence, AI-enabled tools and systems, and our In-Store Connect retail media network. We remain confident in Quad's vision and our ability to unlock diversified growth, improve print and marketing efficiencies, and create value for our stakeholders.
"Marketers increasingly rely on audience intelligence to drive stronger campaign outcomes and quantifiable ROI, and Quad's proprietary household-based data stack gives us a competitive edge. We are actively applying our AI-powered data stack to client work across all channels—digital and physical. With strategic insights on
"We continue to grow our In-Store Connect retail media network among mid-market grocers and CPG brands seeking deeper engagement with high-value shopper audiences. We recently signed a new partnership with Vallarta, one of
Added Tony Staniak, Chief Financial Officer of Quad: "Despite ongoing uncertainties in the macroeconomic environment, we are reaffirming our 2025 guidance. We will continue to closely monitor the potential impacts of tariffs and inflationary pressures, as well as postal rate increases, on our clients while investing in innovative offerings to achieve our long-term financial goals, including net sales growth. Additionally, with our balanced capital allocation we have returned
Second Quarter 2025 Financial Results
- Net Sales were
$572 million 10% compared to the same period in 2024. Excluding the6% impact of the divestiture of the Company's European operations, Net Sales declined4% . The decline in Net Sales was primarily due to lower paper and logistics sales. - Net Loss was
$0.1 million $0.00 $3 million $0.06 - Adjusted EBITDA was
$43 million $52 million - Adjusted Diluted Earnings Per Share was
$0.14 $0.12
Year-to-Date 2025 Financial Results
- Net Sales were
$1.2 billion 7% compared to the same period in 2024. Excluding the4% impact of the divestiture of the Company's European operations, Net Sales declined3% . The decline in Net Sales was primarily due to lower paper sales and lower logistics and agency solutions sales, including the loss of a large grocery client. - Net Earnings were
$6 million $0.11 $31 million $0.65 - Adjusted EBITDA was
$89 million $102 million - Adjusted Diluted Earnings Per Share was
$0.34 $0.22 - Net Cash Used in Operating Activities was
$42 million $48 million $16 million $66 million $34 million $9 million - Net Debt was
$448 million $350 million $532 million $66 million $16 million $15 million
Dividend
Quad's next quarterly dividend of
2025 Guidance
The Company's full-year 2025 financial guidance is unchanged and is as follows:
Financial Metric | 2025 Guidance |
Adjusted Annual Net Sales Change (1) | |
Full-Year Adjusted EBITDA | |
Free Cash Flow | |
Capital Expenditures | |
Year-End Debt Leverage Ratio (2) | Approximately 1.5x |
(1) Adjusted Annual Net Sales Change excludes the 2025 Net Sales of |
(2) Debt Leverage Ratio is calculated at the midpoint of the Adjusted EBITDA guidance. |
Conference Call and Webcast Information
Quad will hold a conference call at 8:30 a.m. ET on Wednesday, July 30, 2025, hosted by Joel Quadracci, Chairman, President and CEO of Quad, and Tony Staniak, Chief Financial Officer of Quad. The full earnings release and slide presentation will be concurrently available on the Investors section of Quad's website at http://www.quad.com/investor-relations. As part of the conference call, Quad will conduct a question-and-answer session.
Participants can pre-register for the webcast by navigating to https://dpregister.com/sreg/10200660/ff66008eec. Participants will be given a unique PIN to access the call on July 30. Participants may pre-register at any time, including up to and after the call start time.
Alternatively, participants may dial in on the day of the call as follows:
U.S. Toll-Free: 1-877-328-5508- International Toll: 1-412-317-5424
An audio replay of the call will be posted on the Investors section of Quad's website shortly after the conference call ends. In addition, telephone playback will also be available until August 30, 2025, accessible as follows:
U.S. Toll-Free: 1-877-344-7529- International Toll: 1-412-317-0088
- Replay Access Code: 4343586
About Quad
Quad (NYSE: QUAD) is a marketing experience, or MX, company that helps brands make direct consumer connections, from household to in-store to online. The company does this through its MX Solutions Suite, a comprehensive range of marketing and print services that seamlessly integrate creative, production and media solutions across online and offline channels. Supported by state-of-the-art technology and data-driven intelligence, Quad simplifies the complexities of marketing by removing friction wherever it occurs along the marketing journey. The company tailors its uniquely flexible, scalable and connected solutions to each clients' objectives, driving cost efficiencies, improving speed-to-market, strengthening marketing effectiveness and delivering value on client investments.
Quad employs approximately 11,000 people in 11 countries and serves approximately 2,100 clients including industry leading blue-chip companies that serve both businesses and consumers in multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods, and direct-to-consumer; financial services; and health. Quad is ranked among the largest agency companies in the
For more information about Quad, including its commitment to operating responsibly, intentional innovation and values-driven culture, visit quad.com.
Forward-Looking Statements
This press release 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 condition, sales, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company and can generally be identified by the use of words or phrases such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "project," "believe," "continue" or the negatives of these terms, variations on them and other similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control.
The factors that could cause actual results to materially differ include, among others: the impact of increased business complexity as a result of the Company's transformation to a marketing experience company, including adapting marketing offerings and business processes as required by new markets and technologies, such as artificial intelligence; 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 increases in its operating costs, including the cost and availability of raw materials (such as paper, ink components and other materials), inventory, parts for equipment, labor, fuel and other energy costs and freight rates; the impact of changes in postal rates, service levels or regulations; the impact macroeconomic conditions, including inflation and elevated interest rates, as well as postal rate increases, tariffs, trade restrictions, cost pressures and the price and availability of paper, have had, and may continue to have, on the Company's business, financial condition, cash flows and results of operations (including future uncertain impacts); the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of a data-breach of sensitive information, ransomware attack or other cyber incident on the Company; the fragility and decline in overall distribution channels; the failure to attract and retain qualified talent across the enterprise; the impact of digital media and similar technological changes, including digital substitution by consumers; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the impact of risks associated with the operations outside of
Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains financial measures not prepared in accordance with generally accepted accounting principles (referred to as non-GAAP), specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense, depreciation and amortization (EBITDA) and restructuring, impairment and transaction-related charges, net. EBITDA Margin and Adjusted EBITDA Margin are defined as either EBITDA or Adjusted EBITDA divided by net sales. Free Cash Flow is defined as net cash used in operating activities less purchases of property, plant and equipment. 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. Adjusted Diluted Earnings Per Share is defined as earnings (loss) before income taxes excluding restructuring, impairment and transaction-related charges, net, and adjusted for income tax expense at a normalized tax rate, divided by diluted weighted average number of common shares outstanding.
The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad's performance and are important measures by which Quad's management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows used in operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies. Reconciliations to the GAAP equivalent of these non-GAAP measures are contained in tabular form on the attached unaudited financial statements.
Investor Relations Contact
Don Pontes
Executive Director of Investor Relations
916-532-7074
dwpontes@quad.com
Media Contact
Claire Ho
Director of Corporate Communications
414-566-2955
cho@quad.com
QUAD/GRAPHICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended June 30, 2025 and 2024 (in millions, except per share data) (UNAUDITED)
| |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Net sales | $ 571.9 | $ 634.2 | |
Cost of sales | 448.1 | 493.9 | |
Selling, general and administrative expenses | 80.2 | 88.7 | |
Depreciation and amortization | 20.7 | 26.4 | |
Restructuring, impairment and transaction-related charges, net | 9.2 | 10.1 | |
Total operating expenses | 558.2 | 619.1 | |
Operating income | 13.7 | 15.1 | |
Interest expense | 13.2 | 17.2 | |
Net pension expense (income) | 0.3 | (0.2) | |
Earnings (loss) before income taxes | 0.2 | (1.9) | |
Income tax expense | 0.3 | 0.9 | |
Net loss | $ (0.1) | $ (2.8) | |
Loss per share | |||
Basic and diluted | $ 0.00 | $ (0.06) | |
Weighted average number of common shares outstanding | |||
Basic and diluted | 47.6 | 47.7 | |
QUAD/GRAPHICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2025 and 2024 (in millions, except per share data) (UNAUDITED)
| |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Net sales | $ 1,201.3 | $ 1,289.0 | |
Cost of sales | 948.1 | 1,015.2 | |
Selling, general and administrative expenses | 163.7 | 171.8 | |
Depreciation and amortization | 40.4 | 55.0 | |
Restructuring, impairment and transaction-related charges, net | 15.8 | 42.6 | |
Total operating expenses | 1,168.0 | 1,284.6 | |
Operating income | 33.3 | 4.4 | |
Interest expense | 25.6 | 32.4 | |
Net pension expense (income) | 0.7 | (0.4) | |
Earnings (loss) before income taxes | 7.0 | (27.6) | |
Income tax expense | 1.3 | 3.3 | |
Net earnings (loss) | $ 5.7 | $ (30.9) | |
Earnings (loss) per share | |||
Basic | $ 0.12 | $ (0.65) | |
Diluted | $ 0.11 | $ (0.65) | |
Weighted average number of common shares outstanding | |||
Basic | 47.8 | 47.4 | |
Diluted | 50.1 | 47.4 | |
QUAD/GRAPHICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2025 and December 31, 2024 (in millions)
| |||
(UNAUDITED) | December 31, | ||
ASSETS | |||
Cash and cash equivalents | $ 6.7 | $ 29.2 | |
Receivables, less allowances for credit losses | 290.0 | 273.2 | |
Inventories | 153.4 | 162.4 | |
Prepaid expenses and other current assets | 42.7 | 69.5 | |
Total current assets | 492.8 | 534.3 | |
Property, plant and equipment—net | 485.8 | 499.7 | |
Operating lease right-of-use assets—net | 74.2 | 78.9 | |
Goodwill | 107.6 | 100.3 | |
Other intangible assets—net | 16.4 | 7.2 | |
Other long-term assets | 64.0 | 78.6 | |
Total assets | $ 1,240.8 | $ 1,299.0 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Accounts payable | $ 288.4 | $ 356.7 | |
Other current liabilities | 190.0 | 289.2 | |
Short-term debt and current portion of long-term debt | 32.5 | 28.0 | |
Current portion of finance lease obligations | 0.8 | 0.8 | |
Current portion of operating lease obligations | 22.6 | 24.0 | |
Total current liabilities | 534.3 | 698.7 | |
Long-term debt | 420.5 | 349.1 | |
Finance lease obligations | 1.1 | 1.3 | |
Operating lease obligations | 57.1 | 61.4 | |
Deferred income taxes | 3.8 | 3.2 | |
Other long-term liabilities | 137.0 | 135.4 | |
Total liabilities | 1,153.8 | 1,249.1 | |
Shareholders' equity | |||
Preferred stock | — | — | |
Common stock | 1.4 | 1.4 | |
Additional paid-in capital | 843.1 | 842.8 | |
Treasury stock, at cost | (35.5) | (28.0) | |
Accumulated deficit | (637.0) | (635.1) | |
Accumulated other comprehensive loss | (85.0) | (131.2) | |
Total shareholders' equity | 87.0 | 49.9 | |
Total liabilities and shareholders' equity | $ 1,240.8 | $ 1,299.0 | |
QUAD/GRAPHICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Months Ended June 30, 2025 and 2024 (in millions) (UNAUDITED)
| |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
OPERATING ACTIVITIES | |||
Net earnings (loss) | $ 5.7 | $ (30.9) | |
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 40.4 | 55.0 | |
Impairment charges | 4.5 | 13.7 | |
Amortization of debt issuance costs and original issue discount | 0.8 | 0.8 | |
Stock-based compensation | 3.8 | 4.4 | |
Loss on the sale of a business | 0.5 | — | |
Gain on the sale of an investment | — | (4.1) | |
Gain on the sale or disposal of property, plant and equipment, net | (4.5) | (1.4) | |
Deferred income taxes | 0.6 | (0.1) | |
Changes in operating assets and liabilities - net of acquisitions and divestitures | (93.4) | (85.7) | |
Net cash used in operating activities | (41.6) | (48.3) | |
INVESTING ACTIVITIES | |||
Purchases of property, plant and equipment | (24.3) | (33.5) | |
Cost investment in unconsolidated entities | (0.2) | (0.2) | |
Proceeds from the sale of property, plant and equipment | 5.3 | 4.8 | |
Proceeds from the sale of an investment | — | 22.2 | |
Acquisition of a business | (16.3) | — | |
Other investing activities | (2.7) | 0.5 | |
Net cash used in investing activities | (38.2) | (6.2) | |
FINANCING ACTIVITIES | |||
Payments of current and long-term debt | (13.0) | (119.3) | |
Payments of finance lease obligations | (0.7) | (1.6) | |
Borrowings on revolving credit facilities | 678.4 | 776.0 | |
Payments on revolving credit facilities | (590.7) | (686.4) | |
Proceeds from issuance of long-term debt | — | 52.8 | |
Purchases of treasury stock | (7.6) | — | |
Equity awards redeemed to pay employees' tax obligations | (3.6) | (2.1) | |
Payment of cash dividends | (7.4) | (4.7) | |
Other financing activities | — | (0.2) | |
Net cash provided by financing activities | 55.4 | 14.5 | |
Effect of exchange rates on cash and cash equivalents | 0.2 | (0.1) | |
Net decrease in cash and cash equivalents, including cash classified as held for sale | (24.2) | (40.1) | |
Less: net decrease in cash classified as held for sale | (1.7) | — | |
Net decrease in cash and cash equivalents | (22.5) | (40.1) | |
Cash and cash equivalents at beginning of period | 29.2 | 52.9 | |
Cash and cash equivalents at end of period | $ 6.7 | $ 12.8 | |
QUAD/GRAPHICS, INC. SEGMENT FINANCIAL INFORMATION For the Three and Six Months Ended June 30, 2025 and 2024 (in millions) (UNAUDITED)
| |||||
Net Sales | Operating Income (Loss) | Restructuring, Impairment and Transaction-Related Charges, Net (1) | |||
Three months ended June 30, 2025 | |||||
United States Print and Related Services | $ 524.5 | $ 22.8 | $ 8.6 | ||
International | 47.4 | 3.9 | 0.2 | ||
Total operating segments | 571.9 | 26.7 | 8.8 | ||
Corporate | — | (13.0) | 0.4 | ||
Total | $ 571.9 | $ 13.7 | $ 9.2 | ||
Three months ended June 30, 2024 | |||||
United States Print and Related Services | $ 544.3 | $ 25.4 | $ 9.3 | ||
International | 89.9 | 2.3 | 0.8 | ||
Total operating segments | 634.2 | 27.7 | 10.1 | ||
Corporate | — | (12.6) | — | ||
Total | $ 634.2 | $ 15.1 | $ 10.1 | ||
Six months ended June 30, 2025 | |||||
United States Print and Related Services | $ 1,078.3 | $ 54.5 | $ 12.1 | ||
International | 123.0 | 4.5 | 3.0 | ||
Total operating segments | 1,201.3 | 59.0 | 15.1 | ||
Corporate | — | (25.7) | 0.7 | ||
Total | $ 1,201.3 | $ 33.3 | $ 15.8 | ||
Six months ended June 30, 2024 | |||||
United States Print and Related Services | $ 1,123.2 | $ 24.1 | $ 40.9 | ||
International | 165.8 | 5.7 | 1.6 | ||
Total operating segments | 1,289.0 | 29.8 | 42.5 | ||
Corporate | — | (25.4) | 0.1 | ||
Total | $ 1,289.0 | $ 4.4 | $ 42.6 | ||
______________________________ |
(1) Restructuring, impairment and transaction-related charges, net are included within operating income (loss). |
QUAD/GRAPHICS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN For the Three Months Ended June 30, 2025 and 2024 (in millions, except margin data) (UNAUDITED)
| |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Net loss | $ (0.1) | $ (2.8) | |
Interest expense | 13.2 | 17.2 | |
Income tax expense | 0.3 | 0.9 | |
Depreciation and amortization | 20.7 | 26.4 | |
EBITDA (non-GAAP) | $ 34.1 | $ 41.7 | |
EBITDA Margin (non-GAAP) | 6.0 % | 6.6 % | |
Restructuring, impairment and transaction-related charges, net (1) | 9.2 | 10.1 | |
Adjusted EBITDA (non-GAAP) | $ 43.3 | $ 51.8 | |
Adjusted EBITDA Margin (non-GAAP) | 7.6 % | 8.2 % | |
______________________________ | |
(1) | Operating results for the three months ended June 30, 2025 and 2024, were affected by the following restructuring, impairment and transaction-related charges, net: |
Three Months Ended June 30, | |||
2025 | 2024 | ||
Employee termination charges (a) | $ 5.8 | $ 3.2 | |
Impairment charges (b) | 4.2 | 1.1 | |
Transaction-related charges (c) | 0.4 | 0.4 | |
Integration costs (d) | 0.2 | 0.1 | |
Other restructuring charges (income) (e) | (1.4) | 5.3 | |
Restructuring, impairment and transaction-related charges, net | $ 9.2 | $ 10.1 | |
______________________________ | |
(a) | Employee termination charges were related to workforce reductions through facility consolidations and separation programs. |
(b) | Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction activities, as well as software licensing and related implementation costs from a terminated project, and charges for operating lease right-of-use assets. |
(c) | Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities. |
(d) | Integration costs were primarily costs related to the integration of acquired companies. |
(e) | Other restructuring charges (income) primarily include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of a |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN For the Six Months Ended June 30, 2025 and 2024 (in millions, except margin data) (UNAUDITED)
| |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Net earnings (loss) | $ 5.7 | $ (30.9) | |
Interest expense | 25.6 | 32.4 | |
Income tax expense | 1.3 | 3.3 | |
Depreciation and amortization | 40.4 | 55.0 | |
EBITDA (non-GAAP) | $ 73.0 | $ 59.8 | |
EBITDA Margin (non-GAAP) | 6.1 % | 4.6 % | |
Restructuring, impairment and transaction-related charges, net (1) | 15.8 | 42.6 | |
Adjusted EBITDA (non-GAAP) | $ 88.8 | $ 102.4 | |
Adjusted EBITDA Margin (non-GAAP) | 7.4 % | 7.9 % | |
______________________________ | |
(1) | Operating results for the six months ended June 30, 2025 and 2024, were affected by the following restructuring, impairment and transaction-related charges, net: |
Six Months Ended June 30, | |||
2025 | 2024 | ||
Employee termination charges (a) | $ 6.5 | $ 16.9 | |
Impairment charges (b) | 4.5 | 13.7 | |
Transaction-related charges (c) | 3.0 | 0.9 | |
Integration costs (d) | 0.2 | 0.2 | |
Other restructuring charges (e) | 1.6 | 10.9 | |
Restructuring, impairment and transaction-related charges, net | $ 15.8 | $ 42.6 | |
______________________________ | |
(a) | Employee termination charges were related to workforce reductions through facility consolidations and separation programs. |
(b) | Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction activities, as well as software licensing and related implementation costs from a terminated project, and charges for operating lease right-of-use assets. |
(c) | Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities, including charges related to the sale of the European operations. |
(d) | Integration costs were primarily costs related to the integration of acquired companies. |
(e) | Other restructuring charges primarily include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of a |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES FREE CASH FLOW For the Six Months Ended June 30, 2025 and 2024 (in millions) (UNAUDITED)
| |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Net cash used in operating activities | $ (41.6) | $ (48.3) | |
Less: purchases of property, plant and equipment | 24.3 | 33.5 | |
Free Cash Flow (non-GAAP) | $ (65.9) | $ (81.8) | |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES NET DEBT AND DEBT LEVERAGE RATIO As of June 30, 2025 and December 31, 2024 (in millions, except ratio)
| |||
(UNAUDITED) | December 31, | ||
Total debt and finance lease obligations on the condensed consolidated balance sheets | $ 454.9 | $ 379.2 | |
Less: Cash and cash equivalents | 6.7 | 29.2 | |
Net Debt (non-GAAP) | $ 448.2 | $ 350.0 | |
Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1) | $ 210.4 | $ 224.0 | |
Debt Leverage Ratio (non-GAAP) | 2.13 x | 1.56 x | |
______________________________ | |
(1) | The calculation of Adjusted EBITDA for the trailing twelve months ended June 30, 2025, and December 31, 2024, was as follows: |
Add | Subtract | Trailing Twelve | |||||
Year Ended | Six Months Ended | ||||||
December 31, 2024(a) | (UNAUDITED) | (UNAUDITED) | (UNAUDITED) | ||||
Net earnings (loss) | $ (50.9) | $ 5.7 | $ (30.9) | $ (14.3) | |||
Interest expense | 64.5 | 25.6 | 32.4 | 57.7 | |||
Income tax expense | 6.4 | 1.3 | 3.3 | 4.4 | |||
Depreciation and amortization | 102.5 | 40.4 | 55.0 | 87.9 | |||
EBITDA (non-GAAP) | $ 122.5 | $ 73.0 | $ 59.8 | $ 135.7 | |||
Restructuring, impairment and transaction-related charges, net | 101.5 | 15.8 | 42.6 | 74.7 | |||
Adjusted EBITDA (non-GAAP) | $ 224.0 | $ 88.8 | $ 102.4 | $ 210.4 | |||
______________________________ | |
(a) | Financial information for the year ended December 31, 2024, is included as reported in the Company's 2024 Annual Report on Form 10-K filed with the SEC on February 21, 2025. |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED DILUTED EARNINGS PER SHARE For the Three Months Ended June 30, 2025 and 2024 (in millions, except per share data) (UNAUDITED)
| |||
Three Months Ended June 30, | |||
2025 | 2024 | ||
Earnings (loss) before income taxes | $ 0.2 | $ (1.9) | |
Restructuring, impairment and transaction-related charges, net | 9.2 | 10.1 | |
Adjusted net earnings, before income taxes (non-GAAP) | 9.4 | 8.2 | |
Income tax expense at | 2.4 | 2.1 | |
Adjusted net earnings (non-GAAP) | $ 7.0 | $ 6.1 | |
Basic weighted average number of common shares outstanding | 47.6 | 47.7 | |
Plus: effect of dilutive equity incentive instruments (non-GAAP) | 1.9 | 2.4 | |
Diluted weighted average number of common shares outstanding (non-GAAP) | 49.5 | 50.1 | |
Adjusted diluted earnings per share (non-GAAP) (1) | $ 0.14 | $ 0.12 | |
Diluted loss per share (GAAP) | $ 0.00 | $ (0.06) | |
Restructuring, impairment and transaction-related charges, net per share | 0.19 | 0.20 | |
Income tax expense from condensed consolidated statement of operations per share | 0.01 | 0.02 | |
Income tax expense at | (0.05) | (0.04) | |
Effect of dilutive equity incentive instruments | (0.01) | — | |
Adjusted diluted earnings per share (non-GAAP) (1) | $ 0.14 | $ 0.12 | |
______________________________ | |
(1) | Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges, net and (ii) discrete income tax items. |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
QUAD/GRAPHICS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES ADJUSTED DILUTED EARNINGS PER SHARE For the Six Months Ended June 30, 2025 and 2024 (in millions, except per share data) (UNAUDITED)
| |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Earnings (loss) before income taxes | $ 7.0 | $ (27.6) | |
Restructuring, impairment and transaction-related charges, net | 15.8 | 42.6 | |
Adjusted net earnings, before income taxes (non-GAAP) | 22.8 | 15.0 | |
Income tax expense at | 5.7 | 3.8 | |
Adjusted net earnings (non-GAAP) | $ 17.1 | $ 11.2 | |
Basic weighted average number of common shares outstanding | 47.8 | 47.4 | |
Plus: effect of dilutive equity incentive instruments (1) | 2.3 | 2.5 | |
Diluted weighted average number of common shares outstanding (1) | 50.1 | 49.9 | |
Adjusted diluted earnings per share (non-GAAP) (2) | $ 0.34 | $ 0.22 | |
Diluted earnings (loss) per share (GAAP) | $ 0.11 | $ (0.65) | |
Restructuring, impairment and transaction-related charges, net per share | 0.32 | 0.85 | |
Income tax expense from condensed consolidated statement of operations per share | 0.03 | 0.07 | |
Income tax expense at | (0.11) | (0.08) | |
Effect of dilutive equity incentive instruments | (0.01) | 0.03 | |
Adjusted diluted earnings per share (non-GAAP) (2) | $ 0.34 | $ 0.22 | |
______________________________ | |
(1) | Effect of dilutive equity incentive instruments and diluted weighted average number of common shares outstanding for the six months ended June 30, 2024 are non-GAAP. |
(2) | Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges, net and (ii) discrete income tax items. |
In addition to financial measures prepared in accordance with accounting principles generally accepted in
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SOURCE Quad
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