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     146  0 Kommentare Quad Reports Second Quarter and Year-to-Date 2020 Results

    Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today reported results for its second quarter ended June 30, 2020.

    Recent Highlights

    • Aggressively implemented risk-mitigating and cost-reduction efforts while growing print segment share through its integrated marketing solutions for clients.
    • Generated positive cash flow during the second quarter and increased year-to-date net cash provided by operating activities by $51 million and increased Free Cash Flow by $79 million, compared to the first half of 2019.
    • Reduced net debt by $125 million over last 12 months to end the quarter with a Debt Leverage Ratio of 3.18x, net of excess cash.
    • Maintained significant liquidity as of June 30, 2020, including $70 million of cash on hand and up to $465 million in unused capacity under Quad’s revolving credit agreement.
    • Sold Versailles, Ky., book manufacturing facility on July 1 as part of ongoing efforts to optimize product portfolio.

    “Our second quarter performance was strong despite the significant economic impact from the COVID-19 pandemic. We proactively aligned our cost structure with lower demand while also continuing to improve productivity, leading to higher Adjusted EBITDA margin and increased cash flow. Throughout the quarter, we remained unwavering in our focus to: 1) maintain our employees’ health and well-being; 2) provide high-quality, on-time delivery for our clients; and 3) ensure the long-term financial health of the Company,” said Joel Quadracci, Quad Chairman, President and CEO.

    “I am extremely proud of our team’s ability to come together and act with urgency to not only navigate this unprecedented period in history, but to continue to innovate for our clients,” Quadracci added. “We continue to advance our strategic transformation as a marketing solutions partner, making investments in talent and technology, and innovating new integrated solutions that help our clients simplify their executional requirements to deliver content and campaigns more efficiently and effectively. Our Quad 3.0 strategy provides us with the right tools, talent and platform to exit the COVID-19 pandemic from a position of strength. Despite the disruptive impact of COVID-19, we continue to demonstrate our value to clients by offering innovative solutions such as content workflow re-engineering, freeing clients to focus on developing strategies that will drive response and revenues.”

    Quadracci concluded: “As we look forward, we will continue to closely monitor the COVID-19 pandemic and its impacts on our clients and the worldwide economy, and adjust our priorities accordingly to support our financial objectives, all while continuing to keep our employees safe and serving our clients’ evolving needs.”

    Summary Results

    Results for the three months ended June 30, 2020, included:

    • Net Sales (excluding discontinued operations) — Net sales were $585 million in 2020, down 38% from 2019. Sales declined 36% during the quarter, excluding the impact of the January 2020 sale of the Omaha packaging plant primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume and pricing pressures.
    • Net Loss From Continuing Operations — Excluding the results from discontinued operations, net loss from continuing operations was $15 million in 2020, or $0.29 diluted loss per share, compared to net loss from continuing operations of $3 million in 2019, or $0.07 diluted loss per share.
    • Adjusted EBITDA (excluding discontinued operations) — Adjusted EBITDA was $60 million in 2020, as compared to $81 million in 2019, while Adjusted EBITDA margin improved to 10.2% in 2020, as compared to 8.5% in 2019. The Adjusted EBITDA variance to prior year primarily reflects the impact from the sales decline due to the COVID-19 pandemic as well as ongoing printing industry volume and pricing pressures, partially offset by savings from cost reduction initiatives. Adjusted EBITDA margin grew by 170 basis points in the quarter due to cost savings initiatives more than offsetting the relative percentage decline in sales.

    Results for the six months ended June 30, 2020, included:

    • Net Sales (excluding discontinued operations) — Net sales were $1.4 billion in 2020 as compared to $1.9 billion in 2019, down 26%. Sales declined 25% during the six months ended June 30, 2020, after excluding the impact of the January 2020 sale of the Omaha packaging plant primarily due to the economic impact from the COVID-19 pandemic, and ongoing print industry volume and pricing pressures.
    • Net Loss From Continuing Operations — Excluding the results from discontinued operations, net loss from continuing operations was $24 million in 2020, or $0.46 diluted loss per share, as compared to net loss from continuing operations of $16 million in 2019, or $0.31 diluted loss per share.
    • Adjusted EBITDA (excluding discontinued operations) — Adjusted EBITDA was $135 million in 2020, as compared to $159 million in 2019, while Adjusted EBITDA margin improved to 9.6% in 2020, as compared to 8.3% in 2019. The Adjusted EBITDA variance to prior year primarily reflects the impact from the sales decline, an $11 million decrease in paper byproduct recoveries, and a $7 million increase in hourly production wages due to strategic investments made to increase starting wages, partially offset by savings from cost reduction initiatives, a $9 million net non-cash benefit from a change in vacation policy, and a $6 million net reduction in workers’ compensation reserves from improved production safety initiatives. Adjusted EBITDA margin grew by 130 basis points year-to-date due to cost savings initiatives more than offsetting the relative percentage decline in sales.
    • Net Cash Provided by Operating Activities — Net cash provided by operating activities was $67 million for the six months ended June 30, 2020, an increase of $51 million from 2019, primarily due to improvements in working capital.
    • Free Cash Flow — Free Cash Flow was $29 million for the six months ended June 30, 2020, an increase of $79 million from 2019, primarily due to improvements in working capital and a $37 million decrease in capital expenditures. As a reminder, the Company historically generates the majority of its Free Cash Flow in the fourth quarter of the year.

    Dave Honan, Executive Vice President and CFO, concluded: “We continue to demonstrate our ability to manage through the pandemic by showing disciplined cost management and cash conservation efforts, while also continuing to grow print segment share through our integrated marketing solutions for our clients. We delivered strong second quarter operating and cash performance when considering the significant economic impact that the pandemic had on our net sales. These efforts, along with ongoing debt reduction, also helped protect the health of our balance sheet. In the last 12 months, we have reduced net debt by $125 million, and have ample liquidity and no material maturities in our debt capital structure until May of 2022.”

    Quarterly Conference Call

    Quad will hold a conference call at 10 a.m. ET on Wednesday, August 5, 2020, to discuss second quarter and full-year results.

    Participants can pre-register for the webcast by navigating to http://dpregister.com/10145463. Participants will be given a unique PIN to gain immediate access to the call on August 5, bypassing the live operator. Participants may pre-register at any time, including up to and after the call start time.

    Alternatively, participants without internet access 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 September 5, 2020, accessible as follows:

    • U.S. Toll-Free: 1-877-344-7529
    • International Toll: 1-412-317-0088
    • Replay Access Code: 10145463

    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 uncertain negative impacts the coronavirus (COVID-19) will have on the Company’s business, financial condition, cash flows, results of operations and supply chain, as well as the global economy in general; the impact of decreasing demand for printed materials and significant overcapacity in the highly competitive environment creates downward pricing pressures and potential underutilization of assets; the impact of digital media and similar technological changes, including digital substitution by consumers; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials) and the impact of fluctuations in the availability of raw materials; the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of the various restrictive covenants in the Company’s debt facilities on the Company’s ability to operate its business, as well as the uncertain negative impacts COVID-19 may have on the Company’s ability to continue to be in compliance with these restrictive covenants; the impact of increased business complexity as a result of the Company’s transformation to a marketing solutions partner; the impact negative publicity could have on our business; the failure to successfully identify, manage, complete and integrate acquisitions and other significant transactions, as well as the successful identification and execution of strategic divestitures; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the impact of changing future economic conditions; the fragility and decline in overall distribution channels, including newspaper distribution channels; the impact of changes in postal rates, service levels or regulations; the failure to attract and retain qualified talent across the enterprise; the impact of regulatory matters and legislative developments or changes in laws, including changes in cyber-security, privacy and environmental laws; significant capital expenditures may be needed to maintain the Company’s platforms and processes and to remain technologically and economically competitive; the impact of risks associated with the operations outside of the United States, including costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents; the impact of an other than temporary decline in operating results and enterprise value that could lead to non-cash impairment charges due to the impairment of property, plant and equipment and intangible assets; the impact on the holders of Quad’s class A common stock of a limited active market for such shares and the inability to independently elect directors or control decisions due to the voting power of the class B common stock; and the other risk factors identified in the Company’s most recent Annual Report on Form 10-K, which may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.

    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 Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share From Continuing Operations. Adjusted EBITDA is defined as net earnings (loss) attributable to Quad common shareholders excluding interest expense, income tax expense (benefit), depreciation and amortization, restructuring, impairment and transaction-related charges, (loss) earnings from discontinued operations, net of tax, net pension income, loss (gain) on debt extinguishment, equity in (earnings) loss of unconsolidated entity, the Adjusted EBITDA for unconsolidated equity method investments (calculated in a consistent manner with the calculation for Quad) and net earnings (loss) attributable to noncontrolling interests. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Free Cash Flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, plus LSC-related payments primarily related to incremental interest payments associated with the 2019 amended debt refinancing and transaction-related costs. Debt Leverage Ratio is defined as total debt and finance lease obligations divided by the last twelve months of Adjusted EBITDA. Adjusted Diluted Earnings (Loss) Per Share From Continuing Operations is defined as earnings (loss) from continuing operations before income taxes and equity in (earnings) loss of unconsolidated entity excluding restructuring, impairment and transaction-related charges, loss (gain) on debt extinguishment, 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies. Reconciliation to the GAAP equivalent of these Non-GAAP measures are contained in tabular form on the attached unaudited financial statements.

    About Quad

    Quad (NYSE: QUAD) is a worldwide marketing solutions partner dedicated to creating a better way for its clients through a data-driven, integrated marketing platform that helps reduce complexity, increase efficiency and enhance marketing spend effectiveness. Quad provides its clients with unmatched scale for client on-site services and expanded subject expertise in marketing strategy, creative solutions, media deployment (which includes a strong foundation in print) and marketing management services. With a client-centric approach that drives its expanded offering, combined with leading-edge technology and single-source simplicity, Quad has the resources and knowledge to help a wide variety of clients in multiple vertical industries, including retail, financial/insurance, healthcare, consumer packaged goods, publishing and direct-to-consumer. Quad has multiple locations throughout North America, South America and Europe, and strategic partnerships in Asia and other parts of the world. For additional information visit www.Quad.com.

    QUAD/GRAPHICS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Three Months Ended June 30, 2020 and 2019

    (in millions, except per share data)

    (UNAUDITED)

     

     

    Three Months Ended June 30,

     

    2020

     

    2019

    Net sales

    $

    584.5

     

     

    $

    948.9

     

    Cost of sales

    460.9

     

     

    771.5

     

    Selling, general and administrative expenses

    63.3

     

     

    96.4

     

    Depreciation and amortization

    46.7

     

     

    52.9

     

    Restructuring, impairment and transaction-related charges

    16.4

     

     

    9.4

     

    Total operating expenses

    587.3

     

     

    930.2

     

    Operating income (loss) from continuing operations

    (2.8

    )

     

    18.7

     

    Interest expense

    16.2

     

     

    25.8

     

    Net pension income

    (2.6

    )

     

    (1.5

    )

    Loss on debt extinguishment

    2.4

     

     

     

    Loss from continuing operations before income taxes and equity in loss of unconsolidated entity

    (18.8

    )

     

    (5.6

    )

    Income tax benefit

    (4.3

    )

     

    (3.2

    )

    Loss from continuing operations before equity in loss of unconsolidated entity

    (14.5

    )

     

    (2.4

    )

    Equity in loss of unconsolidated entity

    0.5

     

     

    0.7

     

    Net loss from continuing operations

    (15.0

    )

     

    (3.1

    )

    Loss from discontinued operations, net of tax

    (8.7

    )

     

    (11.6

    )

    Net loss

    (23.7

    )

     

    (14.7

    )

    Less: net earnings (loss) attributable to noncontrolling interests

    (0.2

    )

     

    0.1

     

    Net loss attributable to Quad common shareholders

    $

    (23.5

    )

     

    $

    (14.8

    )

     

     

     

     

    Loss per share attributable to Quad common shareholders

     

     

     

    Basic and diluted:

     

     

     

    Continuing operations

    $

    (0.29

    )

     

    $

    (0.07

    )

    Discontinued operations

    (0.17

    )

     

    (0.23

    )

    Basic and diluted loss per share attributable to Quad common shareholders

    $

    (0.46

    )

     

    $

    (0.30

    )

     

     

     

     

    Weighted average number of common shares outstanding

     

     

     

    Basic and diluted

    50.7

     

     

    50.1

     

    QUAD/GRAPHICS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Six Months Ended June 30, 2020 and 2019

    (in millions, except per share data)

    (UNAUDITED)

     

     

    Six Months Ended June 30,

     

    2020

     

    2019

    Net sales

    $

    1,407.0

     

     

    $

    1,909.9

     

    Cost of sales

    1,108.6

     

     

    1,559.8

     

    Selling, general and administrative expenses

    162.9

     

     

    190.9

     

    Depreciation and amortization

    94.1

     

     

    107.1

     

    Restructuring, impairment and transaction-related charges

    39.2

     

     

    17.0

     

    Total operating expenses

    1,404.8

     

     

    1,874.8

     

    Operating income from continuing operations

    2.2

     

     

    35.1

     

    Interest expense

    34.3

     

     

    47.6

     

    Net pension income

    (5.3

    )

     

    (3.0

    )

    Loss on debt extinguishment

    1.8

     

     

    15.9

     

    Loss from continuing operations before income taxes and equity in loss of unconsolidated entity

    (28.6

    )

     

    (25.4

    )

    Income tax benefit

    (5.5

    )

     

    (10.4

    )

    Loss from continuing operations before equity in loss of unconsolidated entity

    (23.1

    )

     

    (15.0

    )

    Equity in loss of unconsolidated entity

    0.5

     

     

    0.8

     

    Net loss from continuing operations

    (23.6

    )

     

    (15.8

    )

    Loss from discontinued operations, net of tax

    (12.5

    )

     

    (21.7

    )

    Net loss

    (36.1

    )

     

    (37.5

    )

    Less: net loss attributable to noncontrolling interests

    (0.2

    )

     

    (0.2

    )

    Net loss attributable to Quad common shareholders

    $

    (35.9

    )

     

    $

    (37.3

    )

     

     

     

     

    Loss per share attributable to Quad common shareholders

     

     

     

    Basic and diluted:

     

     

     

    Continuing operations

    $

    (0.46

    )

     

    $

    (0.31

    )

    Discontinued operations

    (0.25

    )

     

    (0.44

    )

    Basic and diluted loss per share attributable to Quad common shareholders

    $

    (0.71

    )

     

    $

    (0.75

    )

     

     

     

     

    Weighted average number of common shares outstanding

     

     

     

    Basic and diluted

    50.6

     

     

    49.9

     

    QUAD/GRAPHICS, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    As of June 30, 2020 and December 31, 2019

    (in millions)

    (UNAUDITED)

     

     

    June 30,
    2020

     

    December 31,
    2019

    ASSETS

     

     

     

    Cash and cash equivalents

    $

    70.2

     

     

    $

    78.7

     

    Receivables, less allowance for credit losses

    331.1

     

     

    456.1

     

    Inventories

    169.5

     

     

    210.5

     

    Prepaid expenses and other current assets

    88.3

     

     

    109.0

     

    Current assets of discontinued operations

    35.2

     

     

    56.6

     

    Total current assets

    694.3

     

     

    910.9

     

    Property, plant and equipment—net

    977.9

     

     

    1,036.5

     

    Operating lease right-of-use assets—net

    86.5

     

     

    97.9

     

    Goodwill

    103.0

     

     

    103.0

     

    Other intangible assets—net

    122.5

     

     

    137.2

     

    Equity method investment in unconsolidated entity

    2.1

     

     

    3.6

     

    Other long-term assets

    116.8

     

     

    127.5

     

    Long-term assets of discontinued operations

     

     

    0.5

     

    Total assets

    $

    2,103.1

     

     

    $

    2,417.1

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS’ EQUITY

     

     

     

    Accounts payable

    $

    309.4

     

     

    $

    416.7

     

    Other current liabilities

    247.2

     

     

    303.0

     

    Short-term debt and current portion of long-term debt

    57.9

     

     

    40.0

     

    Current portion of finance lease obligations

    3.3

     

     

    7.7

     

    Current portion of operating lease obligations

    28.9

     

     

    30.2

     

    Current liabilities of discontinued operations

    13.2

     

     

    15.8

     

    Total current liabilities

    659.9

     

     

    813.4

     

    Long-term debt

    983.7

     

     

    1,058.5

     

    Finance lease obligations

    2.7

     

     

    6.0

     

    Operating lease obligations

    59.9

     

     

    70.4

     

    Deferred income taxes

    3.4

     

     

    2.8

     

    Other long-term liabilities

    238.0

     

     

    221.1

     

    Long-term liabilities of discontinued operations

    0.6

     

     

    0.6

     

    Total liabilities

    1,948.2

     

     

    2,172.8

     

     

     

     

     

    Shareholders’ equity

     

     

     

    Preferred stock

     

     

     

    Common stock

    1.4

     

     

    1.4

     

    Additional paid-in capital

    828.0

     

     

    847.4

     

    Treasury stock, at cost

    (12.9

    )

     

    (31.5

    )

    Accumulated deficit

    (473.6

    )

     

    (423.5

    )

    Accumulated other comprehensive loss

    (188.7

    )

     

    (167.2

    )

    Quad’s shareholders’ equity

    154.2

     

     

    226.6

     

    Noncontrolling interests

    0.7

     

     

    17.7

     

    Total shareholders’ equity and noncontrolling interests

    154.9

     

     

    244.3

     

    Total liabilities and shareholders’ equity

    $

    2,103.1

     

     

    $

    2,417.1

     

    QUAD/GRAPHICS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    For the Six Months Ended June 30, 2020 and 2019

    (in millions)

    (UNAUDITED)

     

     

    Six Months Ended June 30,

     

    2020

     

    2019

    OPERATING ACTIVITIES

     

     

     

    Net loss

    $

    (36.1

    )

     

    $

    (37.5

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

    94.1

     

     

    116.4

     

    Impairment charges

    15.5

     

     

    2.1

     

    Loss on debt extinguishment

    1.8

     

     

    15.9

     

    Stock-based compensation

    5.6

     

     

    7.7

     

    Gain from property insurance claims

     

     

    (0.8

    )

    Loss on the sale of a business

    2.9

     

     

     

    Gain on the sale or disposal of property, plant and equipment

    (0.9

    )

     

    (5.5

    )

    Deferred income taxes

    6.8

     

     

    (21.2

    )

    Other non-cash adjustments to net loss

    1.8

     

     

    3.1

     

    Changes in operating assets and liabilities—net of acquisitions

    (24.3

    )

     

    (63.9

    )

    Net cash provided by operating activities

    67.2

     

     

    16.3

     

    INVESTING ACTIVITIES

     

     

     

    Purchases of property, plant and equipment

    (38.0

    )

     

    (74.6

    )

    Proceeds from the sale of property, plant and equipment

    4.0

     

     

    14.7

     

    Proceeds from the sale of business

    40.1

     

     

     

    Proceeds from property insurance claims

     

     

    0.3

     

    Acquisition of businesses—net of cash acquired

    (1.8

    )

     

    (121.0

    )

    Other investing activities

    1.8

     

     

     

    Net cash provided by (used in) investing activities

    6.1

     

     

    (180.6

    )

    FINANCING ACTIVITIES

     

     

     

    Proceeds from issuance of long-term debt

    0.1

     

     

    491.5

     

    Payments of long-term debt

    (56.3

    )

     

    (551.4

    )

    Payments of finance lease obligations

    (5.1

    )

     

    (2.9

    )

    Borrowings on revolving credit facilities

    311.7

     

     

    2,495.5

     

    Payments on revolving credit facilities

    (312.4

    )

     

    (2,261.7

    )

    Payments of debt issuance costs and financing fees

    (2.7

    )

     

    (20.2

    )

    Change in ownership of noncontrolling interests

    (6.4

    )

     

     

    Equity awards redeemed to pay employees’ tax obligations

    (1.0

    )

     

    (6.6

    )

    Payment of cash dividends

    (9.5

    )

     

    (34.3

    )

    Other financing activities

    0.1

     

     

    (5.3

    )

    Net cash provided by (used in) financing activities

    (81.5

    )

     

    104.6

     

     

     

     

     

    Effect of exchange rates on cash and cash equivalents

    (0.3

    )

     

    0.2

     

    Net decrease in cash and cash equivalents

    (8.5

    )

     

    (59.5

    )

    Cash and cash equivalents at beginning of period

    78.7

     

     

    69.5

     

    Cash and cash equivalents at end of period

    $

    70.2

     

     

    $

    10.0

     

    The Condensed Consolidated Statements of Cash Flows include the cash flows related to the United States Book business for all periods presented.

    QUAD/GRAPHICS, INC.

    SEGMENT FINANCIAL INFORMATION

    For the Three and Six Months Ended June 30, 2020 and 2019

    (in millions)

    (UNAUDITED)

     

     

    Net Sales

     

    Operating
    Income (Loss) from
    Continuing
    Operations

     

    Restructuring,
    Impairment and
    Transaction-Related
    Charges (1)

    Three months ended June 30, 2020

     

     

     

     

     

    United States Print and Related Services

    $

    526.5

     

    $

    8.3

     

     

    $

    13.4

    International

    58.0

     

    (0.7

    )

     

    2.8

    Total operating segments

    584.5

     

    7.6

     

     

    16.2

    Corporate

     

    (10.4

    )

     

    0.2

    Total

    $

    584.5

     

    $

    (2.8

    )

     

    $

    16.4

     

     

     

     

     

     

    Three months ended June 30, 2019

     

     

     

     

     

    United States Print and Related Services

    $

    854.0

     

    $

    33.5

     

     

    $

    3.3

    International

    94.9

     

    0.3

     

     

    3.4

    Total operating segments

    948.9

     

    33.8

     

     

    6.7

    Corporate

     

    (15.1

    )

     

    2.7

    Total

    $

    948.9

     

    $

    18.7

     

     

    $

    9.4

     

     

     

     

     

     

    Six months ended June 30, 2020

     

     

     

     

     

    United States Print and Related Services

    $

    1,263.1

     

    $

    24.6

     

     

    $

    34.2

    International

    143.9

     

    (0.4

    )

     

    4.1

    Total operating segments

    1,407.0

     

    24.2

     

     

    38.3

    Corporate

     

    (22.0

    )

     

    0.9

    Total

    $

    1,407.0

     

    $

    2.2

     

     

    $

    39.2

     

     

     

     

     

     

    Six months ended June 30, 2019

     

     

     

     

     

    United States Print and Related Services

    $

    1,709.0

     

    $

    62.8

     

     

    $

    7.8

    International

    200.9

     

    2.2

     

     

    5.0

    Total operating segments

    1,909.9

     

    65.0

     

     

    12.8

    Corporate

     

    (29.9

    )

     

    4.2

    Total

    $

    1,909.9

     

    $

    35.1

     

     

    $

    17.0

    ______________________________

    (1)

    Restructuring, impairment and transaction-related charges are included within operating income (loss) from continuing operations.

    The segment information contained in the above table does not include the operating results related to the United States Book business.

    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, 2020 and 2019

    (in millions, except margin data)

    (UNAUDITED)

     

     

    Three Months Ended June 30,

     

    2020

     

    2019

    Net loss attributable to Quad common shareholders

    $

    (23.5

    )

     

     

    $

    (14.8

    )

     

    Interest expense

    16.2

     

     

     

    25.8

     

     

    Income tax benefit

    (4.3

    )

     

     

    (3.2

    )

     

    Depreciation and amortization

    46.7

     

     

     

    52.9

     

     

    EBITDA (Non-GAAP)

    $

    35.1

     

     

     

    $

    60.7

     

     

    EBITDA Margin (Non-GAAP)

    6.0

     

    %

     

    6.4

     

    %

     

     

     

     

    Restructuring, impairment and transaction-related charges (1)

    16.4

     

     

     

    9.4

     

     

    Loss from discontinued operations, net of tax (2)

    8.7

     

     

     

    11.6

     

     

    Net pension income (3)

    (2.6

    )

     

     

    (1.5

    )

     

    Loss on debt extinguishment (4)

    2.4

     

     

     

     

     

    Other (5)

    (0.1

    )

     

     

    0.8

     

     

    Adjusted EBITDA (Non-GAAP)

    $

    59.9

     

     

     

    $

    81.0

     

     

    Adjusted EBITDA Margin (Non-GAAP)

    10.2

     

    %

     

    8.5

     

    %

    ______________________________

    (1)

    Operating results from continuing operations for the three months ended June 30, 2020 and 2019, were affected by the following restructuring, impairment and transaction-related charges:

     

    Three Months Ended June 30,

     

    2020

     

    2019

    Employee termination charges (a)

    $

    9.5

     

    $

    3.3

    Impairment charges (b)

    1.7

     

    0.4

    Transaction-related charges (c)

    0.3

     

    2.7

    Integration costs (d)

    0.4

     

    0.8

    Other restructuring charges (e)

    4.5

     

    2.2

    Restructuring, impairment and transaction-related charges

    $

    16.4

     

    $

    9.4

    ______________________________

    (a)

    Employee termination charges were related to workforce reductions through separation programs and facility consolidations.

    (b)

    Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations.

    (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 include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of gains on the sale of facilities and businesses, including a gain on the sale of the Franklin, Kentucky facility during the three months ended June 30, 2019.

    (2)

    Loss from discontinued operations, net of tax, includes the results of operations for the Company’s United States Book business. During the third quarter of 2019, the Company made the decision to sell its United States Book business. Accordingly, the Company has applied discontinued operations treatment for the intended sale of its Book business in all periods presented, as required by United States GAAP.

    (3)

    As required by United States GAAP, pension components other than service cost are required to be excluded from operating income. The Company has also excluded pension income from the calculation of Adjusted EBITDA, which is reflected in all periods presented.

    (4)

    The $2.4 million loss on debt extinguishment recorded during the three months ended June 30, 2020, relates to the fourth amendment to the Company’s April 28, 2014 Senior Secured Credit Facility, completed on June 29, 2020.

    (5)

    Other includes the following items: (a) the equity in (earnings) loss of unconsolidated entity, which includes the results of operations for an investment in an entity where Quad has the ability to exert significant influence, but not control, and is accounted for using the equity method of accounting; (b) the Adjusted EBITDA for unconsolidated equity method investments, which was calculated in a consistent manner with the calculation above for Quad; and (c) the net earnings (loss) attributable to noncontrolling interests, which is the portion of the net earnings (loss) not owned by Quad for an investment where Quad has a controlling financial interest.

    In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations. 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.

    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, 2020 and 2019

    (in millions, except margin data)

    (UNAUDITED)

     

     

    Six Months Ended June 30,

     

    2020

     

    2019

    Net loss attributable to Quad common shareholders

    $

    (35.9

    )

     

     

    $

    (37.3

    )

     

    Interest expense

    34.3

     

     

     

    47.6

     

     

    Income tax benefit

    (5.5

    )

     

     

    (10.4

    )

     

    Depreciation and amortization

    94.1

     

     

     

    107.1

     

     

    EBITDA (Non-GAAP)

    $

    87.0

     

     

     

    $

    107.0

     

     

    EBITDA Margin (Non-GAAP)

    6.2

     

    %

     

    5.6

     

    %

     

     

     

     

    Restructuring, impairment and transaction-related charges (1)

    39.2

     

     

     

    17.0

     

     

    Loss from discontinued operations, net of tax (2)

    12.5

     

     

     

    21.7

     

     

    Net pension income (3)

    (5.3

    )

     

     

    (3.0

    )

     

    Loss on debt extinguishment (4)

    1.8

     

     

     

    15.9

     

     

    Other (5)

    0.1

     

     

     

    0.8

     

     

    Adjusted EBITDA (Non-GAAP)

    $

    135.3

     

     

     

    $

    159.4

     

     

    Adjusted EBITDA Margin (Non-GAAP)

    9.6

     

    %

     

    8.3

     

    %

    ______________________________

    (1)

    Operating results from continuing operations for the six months ended June 30, 2020 and 2019, were affected by the following restructuring, impairment and transaction-related charges:

     

    Six Months Ended June 30,

     

    2020

     

    2019

    Employee termination charges (a)

    $

    22.1

     

    $

    7.6

    Impairment charges (b)

    4.2

     

    2.1

    Transaction-related charges (c)

    0.8

     

    4.2

    Integration costs (d)

    1.1

     

    1.6

    Other restructuring charges (e)

    11.0

     

    1.5

    Restructuring, impairment and transaction-related charges

    $

    39.2

     

    $

    17.0

    ______________________________________

    (a)

    Employee termination charges were related to workforce reductions through separation programs and facility consolidations.

    (b)

    Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations.

    (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 include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of gains on the sale of facilities and businesses. Gains included in other restructuring charges were $0.8 million and $6.0 million during the six months ended June 30, 2020 and 2019, respectively.

    (2)

    Loss from discontinued operations, net of tax, includes the results of operations for the Company’s United States Book business. During the third quarter of 2019, the Company made the decision to sell its United States Book business. Accordingly, the Company has applied discontinued operations treatment for the intended sale of its Book business in all periods presented, as required by United States GAAP.

    (3)

    As required by United States GAAP, pension components other than service cost are required to be excluded from operating income. The Company has also excluded pension income from the calculation of Adjusted EBITDA, which is reflected in all periods presented.

    (4)

    The $1.8 million loss on debt extinguishment recorded during the six months ended June 30, 2020, relates to a $2.4 million loss on debt extinguishment from the fourth amendment to the Company’s April 28, 2014 Senior Secured Credit Facility, completed on June 29, 2020, partially offset by a $0.6 million gain on debt extinguishment recorded during the first quarter of 2020, primarily related to the repurchase of the Company’s unsecured 7.0% senior notes due May 1, 2022. The $15.9 million loss on debt extinguishment recorded during the six months ended June 30, 2019, relates to the third amendment to the Company’s April 28, 2014 Senior Secured Credit Facility, completed on January 31, 2019.

    (5)

    Other includes the following items: (a) the equity in (earnings) loss of unconsolidated entity, which includes the results of operations for an investment in an entity where Quad has the ability to exert significant influence, but not control, and is accounted for using the equity method of accounting; (b) the Adjusted EBITDA for unconsolidated equity method investments, which was calculated in a consistent manner with the calculation above for Quad; and (c) the net earnings (loss) attributable to noncontrolling interests, which is the portion of the net earnings (loss) not owned by Quad for an investment where Quad has a controlling financial interest.

    In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations. 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.

    QUAD/GRAPHICS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP MEASURES

    FREE CASH FLOW

    For the Six Months Ended June 30, 2020 and 2019

    (in millions)

    (UNAUDITED)

     

     

    Six Months Ended June 30,

     

    2020

     

    2019

    Net cash provided by operating activities

    $

    67.2

     

     

    $

    16.3

     

     

     

     

     

    Less: purchases of property, plant and equipment

    (38.0

    )

     

    (74.6

    )

    Plus: LSC-related payments (1)

     

     

    8.5

     

     

     

     

     

    Free Cash Flow (Non-GAAP)

    $

    29.2

     

     

    $

    (49.8

    )

    ______________________________

    (1)

    LSC-related payments include transaction-related costs associated with the proposed, but now terminated, acquisition of LSC and incremental interest payments associated with the 2019 amended debt refinancing.

    The above calculation of Free Cash Flow includes the cash flows related to the United States Book business for all periods presented.

    In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations. 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.

    QUAD/GRAPHICS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP MEASURES

    DEBT LEVERAGE RATIO

    As of June 30, 2020 and December 31, 2019

    (in millions, except ratio)

    (UNAUDITED)

     

     

    June 30,
    2020

     

    December 31,
    2019

    Total debt and finance lease obligations on the condensed consolidated balance sheets (1)

    $

    1,047.6

     

     

    $

    1,112.2

     

     

     

     

     

    Divided by: trailing twelve months Adjusted EBITDA (Non-GAAP) (2)

    $

    310.8

     

     

    $

    334.9

     

     

     

     

     

    Debt Leverage Ratio (Non-GAAP)

    3.37

    x

     

    3.32

    x

     

     

     

     

    Debt Leverage Ratio—net of excess cash (Non-GAAP) (3)

    3.18

    x

     

    3.12

    x

    ______________________________

    (1)

    Total debt and finance lease obligations on the condensed consolidated balance sheets exclude finance lease obligations related to the United States Book business.

    (2)

    The calculation of Adjusted EBITDA for the trailing twelve months ended June 30, 2020, and December 31, 2019, was as follows:

     

     

     

    Add

     

    Subtract

     

    Trailing Twelve
    Months Ended

     

    Year Ended

     

    Six Months Ended

     

     

    December 31,

    2019 (a)

     

    June 30,
    2020

     

    June 30,
    2019

     

    June 30,
    2020

    Net loss attributable to Quad common shareholders

    $

    (156.3

    )

     

    $

    (35.9

    )

     

    $

    (37.3

    )

     

    $

    (154.9

    )

    Interest expense

    90.0

     

     

    34.3

     

     

    47.6

     

     

    76.7

     

    Income tax benefit

    (24.4

    )

     

    (5.5

    )

     

    (10.4

    )

     

    (19.5

    )

    Depreciation and amortization

    209.5

     

     

    94.1

     

     

    107.1

     

     

    196.5

     

    EBITDA (Non-GAAP)

    $

    118.8

     

     

    $

    87.0

     

     

    $

    107.0

     

     

    $

    98.8

     

    Restructuring, impairment and transaction-related charges

    89.4

     

     

    39.2

     

     

    17.0

     

     

    111.6

     

    Loss from discontinued operations, net of tax

    100.6

     

     

    12.5

     

     

    21.7

     

     

    91.4

     

    Net pension income

    (6.0

    )

     

    (5.3

    )

     

    (3.0

    )

     

    (8.3

    )

    Loss on debt extinguishment

    30.5

     

     

    1.8

     

     

    15.9

     

     

    16.4

     

    Other (b)

    1.6

     

     

    0.1

     

     

    0.8

     

     

    0.9

     

    Adjusted EBITDA (Non-GAAP)

    $

    334.9

     

     

    $

    135.3

     

     

    $

    159.4

     

     

    $

    310.8

     

    ______________________________

      (a)

    Financial information for the year ended December 31, 2019, is included as reported in the Company’s 2019 Annual Report on Form 10-K filed with the SEC on February 19, 2020.

      (b)

    Other is comprised of equity in (earnings) loss of unconsolidated entity, Adjusted EBITDA for unconsolidated equity method investments and net earnings (loss) attributable to noncontrolling interests.

    (3)

     

    The Company had $70 million and $79 million in cash and cash equivalents at June 30, 2020, and December 31, 2019, respectively. Based on the Company’s typical year-end cash balance of approximately $10 million, Quad had $60 million and $69 million of excess cash at June 30, 2020, and December 31, 2019, respectively. If the excess cash was used to further pay down debt, the Debt Leverage Ratio would have been 3.18x and 3.12x at June 30, 2020, and December 31, 2019, respectively.

    In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations. 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.

    QUAD/GRAPHICS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP MEASURES

    ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS

    For the Three Months Ended June 30, 2020 and 2019

    (in millions, except per share data)

    (UNAUDITED)

     

     

    Three Months Ended June 30,

     

    2020

     

    2019

    Loss from continuing operations before income taxes and equity in loss of unconsolidated entity

    $

    (18.8

    )

     

    $

    (5.6

    )

     

     

     

     

    Restructuring, impairment and transaction-related charges

    16.4

     

     

    9.4

     

    Loss on debt extinguishment

    2.4

     

     

     

    Adjusted net earnings from continuing operations, before income taxes (Non-GAAP)

     

     

    3.8

     

     

     

     

     

    Income tax expense at 25% normalized tax rate

     

     

    1.0

     

    Adjusted net earnings from continuing operations (Non-GAAP)

    $

     

     

    $

    2.8

     

     

     

     

     

    Basic weighted average number of common shares outstanding

    50.7

     

     

    50.1

     

    Plus: effect of dilutive equity incentive instruments (Non-GAAP)

    0.3

     

     

    0.9

     

    Diluted weighted average number of common shares outstanding (Non-GAAP)

    51.0

     

     

    51.0

     

     

     

     

     

    Adjusted diluted earnings per share from continuing operations (Non-GAAP) (1)

    $

     

     

    $

    0.05

     

     

     

     

     

     

     

     

     

    Diluted loss per share from continuing operations (GAAP)

    $

    (0.29

    )

     

    $

    (0.07

    )

    Restructuring, impairment and transaction-related charges per share

    0.32

     

     

    0.18

     

    Loss on debt extinguishment per share

    0.05

     

     

     

    Income tax benefit from condensed consolidated statement of operations per share

    (0.08

    )

     

    (0.06

    )

    Income tax expense at 25% normalized tax rate per share

     

     

    (0.02

    )

    Other items from condensed consolidated statement of operations per share (2)

     

     

    0.02

     

    Adjusted diluted earnings per share from continuing operations (Non-GAAP) (1)

    $

     

     

    $

    0.05

     

    ______________________________

    (1)

    Adjusted diluted earnings per share from continuing operations excludes the following: (i) the results operations for the United States Book business; (ii) restructuring, impairment and transaction-related charges; (iii) loss on debt extinguishment; (iv) discrete income tax items; (v) equity in loss of unconsolidated entity; and (vi) net earnings (loss) attributable to noncontrolling interests.

    (2)

    Other items from condensed consolidated statement of operations per share is comprised of the diluted loss per share impacts of equity in loss of unconsolidated entity and net earnings (loss) attributable to noncontrolling interests.

    In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations. 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.

    QUAD/GRAPHICS, INC.

    RECONCILIATION OF GAAP TO NON-GAAP MEASURES

    ADJUSTED DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS

    For the Six Months Ended June 30, 2020 and 2019

    (in millions, except per share data)

    (UNAUDITED)

     

     

    Six Months Ended June 30,

     

    2020

     

    2019

    Loss from continuing operations before income taxes and equity in loss of unconsolidated entity

    $

    (28.6

    )

     

    $

    (25.4

    )

     

     

     

     

    Restructuring, impairment and transaction-related charges

    39.2

     

     

    17.0

     

    Loss on debt extinguishment

    1.8

     

     

    15.9

     

    Adjusted net earnings from continuing operations, before income taxes (Non-GAAP)

    12.4

     

     

    7.5

     

     

     

     

     

    Income tax expense at 25% normalized tax rate

    3.1

     

     

    1.9

     

    Adjusted net earnings from continuing operations (Non-GAAP)

    $

    9.3

     

     

    $

    5.6

     

     

     

     

     

    Basic weighted average number of common shares outstanding

    50.6

     

     

    49.9

     

    Plus: effect of dilutive equity incentive instruments (Non-GAAP)

    0.4

     

     

    0.9

     

    Diluted weighted average number of common shares outstanding (Non-GAAP)

    51.0

     

     

    50.8

     

     

     

     

     

    Adjusted diluted earnings per share from continuing operations (Non-GAAP) (1)

    $

    0.18

     

     

    $

    0.11

     

     

     

     

     

     

     

     

     

    Diluted loss per share from continuing operations (GAAP)

    $

    (0.46

    )

     

    $

    (0.31

    )

    Restructuring, impairment and transaction-related charges per share

    0.77

     

     

    0.34

     

    Loss on debt extinguishment per share

    0.03

     

     

    0.31

     

    Income tax benefit from condensed consolidated statement of operations per share

    (0.11

    )

     

    (0.20

    )

    Income tax expense at 25% normalized tax rate per share

    (0.06

    )

     

    (0.04

    )

    Other items from condensed consolidated statement of operations per share (2)

    0.01

     

     

    0.01

     

    Adjusted diluted earnings per share from continuing operations (Non-GAAP) (1)

    $

    0.18

     

     

    $

    0.11

     

    ______________________________

    (1)

    Adjusted diluted earnings per share from continuing operations excludes the following: (i) the results of operations for the United States Book business; (ii) restructuring, impairment and transaction-related charges; (iii) loss on debt extinguishment; (iv) discrete income tax items; (v) equity in loss of unconsolidated entity; and (vi) net loss attributable to noncontrolling interests.

    (2)

    Other items from condensed consolidated statement of operations per share is comprised of the diluted loss per share impacts of equity in loss of unconsolidated entity and net loss attributable to noncontrolling interests.

    In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains Non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Debt Leverage Ratio and Adjusted Diluted Earnings (Loss) Per Share from Continuing Operations. 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 provided by operating activities as a measure of liquidity. These Non-GAAP measures may be different than Non-GAAP financial measures used by other companies.



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    Quad Reports Second Quarter and Year-to-Date 2020 Results Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today reported results for its second quarter ended June 30, 2020. Recent Highlights Aggressively implemented risk-mitigating and cost-reduction efforts while growing print segment share …