Quad/Graphics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Quad/Graphics, Inc. filed its 2023 10-K, reporting $1.96B in assets and $1.01B in debt, with $119.5M in net income.</b>

AI Summary

Quad/Graphics, Inc. (QUAD) filed a Annual Report (10-K) with the SEC on February 22, 2024. Quad/Graphics, Inc. reported its fiscal year 2023 results on February 22, 2024. The company's total assets were $1,955,700,000 as of December 31, 2023. Total debt for Quad/Graphics, Inc. was $1,007,700,000 as of December 31, 2023. The company's net income for the fiscal year ending December 31, 2023, was $119,469,691. Quad/Graphics, Inc. reported $0 in revenue growth for its product segment in 2023 compared to 2022.

Why It Matters

For investors and stakeholders tracking Quad/Graphics, Inc., this filing contains several important signals. The filing provides a comprehensive overview of Quad/Graphics' financial health and operational performance for the fiscal year 2023, including detailed financial statements and risk factors. Investors and stakeholders can use this report to assess the company's financial position, profitability, and potential risks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — Quad/Graphics, Inc. shows moderate risk based on this filing. The company has significant debt ($1,007,700,000) relative to its assets ($1,955,700,000), indicating a moderate level of financial risk.

Analyst Insight

Monitor the company's debt levels and its ability to service its debt obligations in future filings.

Financial Highlights

total Assets

1,955,700,000

total Debt

1,007,700,000

net Income

119,469,691

eps

0.333

Revenue Breakdown

Key Numbers

• 119,469,691 — Net Income (For the fiscal year ended December 31, 2023)
• 1,955,700,000 — Total Assets (As of December 31, 2023)
• 1,007,700,000 — Total Debt (As of December 31, 2023)
• 0.333 — Diluted EPS (For the fiscal year ended December 31, 2023)

Key Players & Entities

• Quad/Graphics, Inc. (company) — Filer of the 10-K report
• 2023-12-31 (date) — Conformed period of report
• 2024-02-22 (date) — Filing date
• WI (location) — State of incorporation
• N61 W23044 HARRY'S WAY (address) — Business address
• SUSSEX (location) — City of business address
• 53089-3995 (postal_code) — ZIP code of business address
• 414-566-6000 (phone_number) — Business phone number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K

Key Financial Figures

• $0.025 — stered Class A Common Stock, par value $0.025 per share QUAD The New York Stock Excha
• $3.76 — on stock (based on the closing price of $3.76 per share on the New York Stock Exchang

Filing Documents

• quad-20231231.htm (10-K) — 2547KB
• exhibit32amendmentstotheam.htm (EX-3.2) — 191KB
• exhibit33amendedbylawsofqu.htm (EX-3.3) — 187KB
• exhibit46quad2023amendment.htm (EX-4.6) — 1759KB
• exhibit92amendmenttovoting.htm (EX-9.2) — 6KB
• exhibit21q42023.htm (EX-21) — 39KB
• exhibit23q42023.htm (EX-23) — 2KB
• exhibit311q42023.htm (EX-31.1) — 11KB
• exhibit312q42023.htm (EX-31.2) — 11KB
• exhibit32q42023.htm (EX-32) — 5KB
• exhibit97quadgraphicsincco.htm (EX-97) — 24KB
• image_11.jpg (GRAPHIC) — 7KB
• 0001481792-24-000007.txt (&nbsp;) — 16763KB
• quad-20231231.xsd (EX-101.SCH) — 92KB
• quad-20231231_cal.xml (EX-101.CAL) — 141KB
• quad-20231231_def.xml (EX-101.DEF) — 513KB
• quad-20231231_lab.xml (EX-101.LAB) — 1199KB
• quad-20231231_pre.xml (EX-101.PRE) — 824KB
• quad-20231231_htm.xml (XML) — 2401KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112 Item 9A.

Controls and Procedures

Controls and Procedures 112 Item 9B. Other Information 113 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 Part III Item 10. Directors, Executive Officers and Corporate Governance 114 Item 11.

Executive Compensation

Executive Compensation 114 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114 Item 13. Certain Relationships and Related Transactions, and Director Independence 115 Item 14. Principal Accountant Fees and Services 115 Part IV Item 15. Exhibit Index and Financial Statement Schedules 116 Item 16 Form 10-K Summary 121

Signatures

Signatures 122 i Table of Contents Cautionary Statement Regarding Forward-Looking Statements To the extent any statements in this Annual Report on Form 10-K contain information that is not historical, these statements are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, the objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of Quad/Graphics, Inc. (the "Company" or "Quad"), and can generally be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "continue" or the negatives of these terms, variations on them and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties and other factors could cause actual results to differ materially from those expressed or implied by those forward-looking statements. Among risks, uncertainties and other factors that may impact Quad are those described in Part I, Item 1A, "Risk Factors," of this Annual Report on Form 10-K, as such may be amended or supplemented in Part II, Item 1A, "Risk Factors," of the Company's subsequently filed Quarterly Reports on Form 10-Q, and the following: 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 increased business complexity as a result of the Company's transformation to a marketing experience company; The impact of changes in pos

Business

Item 1. Business Overview Quad is a global marketing experience (MX) company that helps brands make direct consumer connections, from household to in-store to online. The Company is focused on providing a better marketing experience for its clients, so they can focus on delivering the best customer experience to theirs. Quad does this with a suite of marketing solutions that is flexible, scalable and connected. Supported by state-of-the-art technology and data-driven intelligence, these solutions are designed to streamline the complexities of marketing and remove friction from wherever it occurs in the marketing journey. Quad tailors its solutions to its clients' objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness, and delivering value on their investments. Quad's footprint spans 14 countries, including 43 manufacturing and distribution facilities and more than 70 client dedicated teams. The Company supports a diverse base of approximately 2,700 clients, including industry-leading blue-chip companies that serve both businesses and consumers across multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods and direct-to-consumer; financial services; and health. Quad prides itself on its long-standing relationships, with its largest clients averaging more than 22 years in duration. In 2023, its 10 largest clients accounted for approximately 19% of consolidated sales, with none representing more than 5% individually. Quad was founded in Pewaukee, Wisconsin, as a Wisconsin corporation, in 1971 by the late Harry V. Quadracci. For many years, the Company operated as Quad/Graphics and focused on commercial printing. It grew rapidly and built a premier print manufacturing and distribution platform. Beginning in 2018, the Company accelerated its transformation to an MX company through strategic investments in marketing services, talent and technology, and, in 2019, ev

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View this 10-K filing on SEC EDGAR