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Dec 31, 2021
Quad Q4 2021 Earnings Report
Quad's Q4 2021 results reflected a 1% increase in net sales, driven by growth in print and agency solutions, despite cost inflation and supply chain disruptions, with a net loss of $21 million.
Key Takeaways
Quad reported a 1% increase in net sales to $855 million for Q4 2021. The increase in net sales was due to a 4% increase in year-over-year print Net Sales and a 4% increase in year-over-year Agency Solutions Net Sales. Net loss from continuing operations was $21 million, an improvement of $65 million compared to the fourth quarter of 2020. Adjusted EBITDA was $56 million, compared to $64 million in the same period in 2020.
Net Sales increased 1% (5% excluding divestiture of QuadExpress) driven by growth in print and agency solutions.
Net Loss From Continuing Operations improved by $65 million compared to Q4 2020.
Adjusted EBITDA decreased to $56 million due to cost inflation and supply chain disruptions.
Company reduced Net Debt by 40% over the past two years, reaching Debt Leverage of 2.5x.
Revenue by Segment
Forward Guidance
The Company provides 2022 financial guidance: annual net sales change of 3-7% increase, full-year adjusted EBITDA of $230 to $270 million, free cash flow of $70 to $100 million, capital expenditures of $55 to $65 million, and year-end debt leverage ratio of approximately 2.25x.
Positive Outlook
- Annual Net Sales Change excludes the Net Sales impact from the divestiture of QuadExpress, which was sold on June 30, 2021.
- Expect an additional 5% sales growth in 2022.
- Continue to be a strong Free Cash Flow generator.
- Used cash along with proceeds from asset sales to return to our long-term targeted leverage range of 2.0x to 2.5x.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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