Quad reports fourth quarter and full-year 2022 results

Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), today reported results for the fourth quarter and full year ended December 31, 2022.

Recent Highlights
• Increased Net Sales by 9%, or 11% when excluding divestitures, outperforming the 2022 guidance range of 8% to 10% growth when excluding divestitures, due to increased sales in all offerings.
• Delivered Net Earnings of $9 million in 2022 compared to $38 million in 2021, primarily due to higher 2021 net non-recurring earnings of $72.0 million ($54.0 million, net of 25% normalized tax) from asset sales and a property insurance gain.
• Achieved Adjusted EBITDA of $252 million in 2022, near the high end of the $235 million to $255 million guidance range, and an increase of $5 million compared to 2021 when excluding a $13 million property insurance gain in 2021.
• Grew Adjusted Diluted Earnings Per Share to $0.89 in 2022 compared to $0.60 in 2021.
• Generated $155 million of Net Cash from Operating Activities in 2022, an increase of $18 million compared to 2021, and Free Cash Flow of $94 million in 2022, an increase of $8 million compared to 2021.
• Reduced Net Debt by $489 million or 47% over the past three years, achieving Net Debt Leverage of 2.16x at December 31, 2022, and the lowest Net Debt Leverage since 2018.
• Provides 2023 guidance including using Free Cash Flow to reduce Net Debt Leverage to approximately 2.0x, the low end of our long-term targeted leverage range of 2.0x – 2.5x.

Joel Quadracci, Chairman, President & CEO of Quad, said: “We delivered strong 2022 results, outperforming our top-line guidance with an 11% increase in Net Sales when excluding divestitures. These results reflect increased sales in all our offerings, including increases in pricing to partially offset inflationary costs, print segment share gains from both new and existing clients, as well as continued growth in our Agency Solutions offerings and international locations. Our strategy as a marketing experience, or MX, company is effective. Increasingly, brands and marketers recognize the unique value that only Quad can provide through our integrated marketing platform. They are engaging us for holistic, multichannel, through-the-line solutions that remove friction and speed the marketing process, while improving results.

“Throughout 2022, we navigated multiple challenges, including paper and supply chain disruptions, inflationary cost pressures and labor shortages. We worked thoughtfully and diligently to mitigate the impact of these external factors on our business while proactively managing client expectations. Of note, we reduced Net Debt by 47% over the past three years and have a strong balance sheet that allows us to continue to make strategic investments in our business, accelerate our competitive position and drive profitable long-term growth.

Results for the fourth quarter ended December 31, 2022, include:
• Net Sales — Net Sales were $885 million in the fourth quarter of 2022, an increase of 4% compared to the same period in 2021.
• Net Loss — Net Loss was $9 million in the fourth quarter of 2022, an improvement of $12 million compared to the fourth quarter of 2021, which had a Net Loss of $21 million.

Results for the year ended December 31, 2022, include:
• Net Sales — Net Sales were $3.2 billion in 2022, up 9% from the same period in 2021, or up 11% year-over-year excluding the impact of the QuadExpress divestiture.
• Net Earnings — Net Earnings were $9 million in 2022 as compared to Net Earnings of $38 million in 2021.
details at: https://www.quad.com/about/newsroom/quad-reports-fourth-quarter-and-full-year-2022-results

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