Quad Reports Second Quarter and Year-to-Date 2023 Results

Recent Highlights
• Reported Net Sales of $703 million and Net Loss of $6 million in the second quarter of 2023, or $0.12 diluted loss per share.
• Achieved Adjusted EBITDA of $50 million in the second quarter of 2023 compared to Adjusted EBITDA of $56 million in the second quarter of 2022, and Adjusted EBITDA of $111 million in the first half of 2023 compared to Adjusted EBITDA of $105 million in the first half of 2022.
• Delivered Adjusted Diluted Earnings Per Share of $0.02 in the second quarter of 2023, compared to $0.13 in the second quarter of 2022, and in the first half of the year, delivered $0.17 Adjusted Diluted Earnings Per Share in both 2023 and 2022.
• Increased Net Cash Provided by Operating Activities by $24 million for the six months ended June 30, 2023, compared to the same period in 2022.
• Increased Free Cash Flow by $12 million for the six months ended June 30, 2023, compared to the same period in 2022, including $34 million of Free Cash Flow generation in the second quarter of 2023.
• Reduced Net Debt by $80 million over last 12 months to end the second quarter with a Debt Leverage Ratio of 2.34x, which is within the company’s long-term targeted leverage range of 2.0x – 2.5x.
• Returned value to shareholders by repurchasing approximately 8% of the company’s total outstanding common stock beginning in the second quarter of 2022.
• Reaffirms full-year 2023 financial guidance.

Joel Quadracci, Chairman, President and CEO of Quad, said: “Our results for the second quarter of 2023 were in line with our expectations as we continue to advance as a marketing experience, or MX, company that brings together all the resources companies need for frictionless marketing execution. Through our uniquely integrated marketing platform, we help companies reduce the complexity they experience from working with multiple agency partners and vendors; increase their marketing process efficiency; and maximize the effectiveness of their marketing efforts.

“Our ability to seamlessly connect every facet of the marketing journey is the centerpiece of our new brand campaign, Built on Quad. We launched the campaign in June in conjunction with the Cannes Lions Festival of Creativity – the premier gathering of the global advertising and creative communications industry. Our uniqueness as an MX company resonates with brands and marketers. Because we provide a better marketing experience for our clients, they can focus on delivering the best customer experience.

“While some marketers have reduced print volumes due to economic uncertainty and postage rate increases, we continue to help them through our holistic marketing solutions. As these companies contemplate where and how to invest their marketing dollars, we remain ready to meet their needs with an integrated marketing platform that easily supports their shifts in marketing spend. Printing continues to be a core part of our business, and a clear and competitive differentiator from traditional agencies. Our reputation for quality, on-time production, ongoing investments in automation and equipment, and a well-trained, skilled workforce enables us to continue to gain segment share across all categories of print.
details at: https://www.quad.com/about/newsroom/quad-reports-second-quarter-and-year-to-date-2023-results

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