QUAD FY 2021 Earnings Report — Quad/Graphics, Inc. Revenue & Financial Results | Market Cap Arena

Quad/Graphics, Inc.QUAD

FY 2021 Earnings

Reported February 23, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$3.0B	—	$2.9B	—	1.1%
Op. Income	$90M	—	$82M	—	9.5%
Gross Margin	14.1%	—	14.2%	—	-0.1pp
Net Margin	1.3%	—	-4.4%	—	5.7pp
EPS (Diluted)	$0.71	—	$-2.53	—	128.0%
Free Cash Flow	$87M	—	$129M	—	-33.0%

Revenue Flow

Item	Amount
REVENUE	$3.0B
Cost of Revenue	$2.5B
GROSS PROFIT	$416M
R&D Expenses	$3M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$323M
Other Expenses	$0
Operating Expenses	$326M
Cost & Expenses	$2.9B
OPERATING INCOME	$90M
Interest Income	$0
Interest Expense	$60M
Other Income/Expenses	-$43M
INCOME BEFORE TAX	$47M
Income Tax Expense	$10M
Net Income from Continuing Ops	$38M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$38M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$38M
D&A	$157M
EBIT	$109M
EBITDA	$266M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$3.0B
Cost of Revenue	$2.5B
GROSS PROFIT	$416M
R&D Expenses	$3M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$323M
Other Expenses	$0
Operating Expenses	$326M
Cost & Expenses	$2.9B
OPERATING INCOME	$90M
Interest Income	$0
Interest Expense	$60M
Other Income/Expenses	-$43M
INCOME BEFORE TAX	$47M
Income Tax Expense	$10M
Net Income from Continuing Ops	$38M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$38M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$38M
D&A	$157M
EBIT	$109M
EBITDA	$266M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$38M
Depreciation & Amortization	$157M
Stock-Based Compensation	$6M
Deferred Income Tax	$5M
Other Non-Cash Items	-$47M
Change in Working Capital	-$23M
OPERATING CASH FLOW	$137M
Capital Expenditure	-$50M
Acquisitions (Net)	$38M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$141M
NET CASH FROM INVESTING	$129M
Net Debt Issuance	-$122M
Common Stock Repurchased	$0
Common Dividends Paid	-$1M
Other Financing Activities	-$18M
NET CASH FROM FINANCING	-$141M
FREE CASH FLOW	$87M
Net Change in Cash	$125M

Balance Sheet

Item	Amount
Cash & Equivalents	$180M
Short-Term Investments	$0
Net Receivables	$362M
Inventory	$226M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$809M
PP&E (Net)	$853M
Goodwill	$86M
Intangible Assets	$75M
Long-Term Investments	-$12M
Tax Assets	$12M
Other Non-Current Assets	$67M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$1.9B
Account Payables	$367M
Short-Term Debt	$246M
Deferred Revenue	$66M
Other Current Liabilities	$119M
TOTAL CURRENT LIABILITIES	$957M
Long-Term Debt	$555M
Deferred Revenue NC	$2M
Deferred Tax Liabilities	$12M
Other Non-Current Liabilities	$126M
TOTAL NON-CURRENT LIABILITIES	$796M
TOTAL LIABILITIES	$1.8B
Common Stock	$1M
Additional Paid-In Capital	$839M
Retained Earnings	-$528M
Treasury Stock	-$15M
Accum. Other Comp. Income	-$161M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$137M
Minority Interest	$0
TOTAL EQUITY	$137M
TOTAL LIABILITIES & EQUITY	$1.9B
Total Debt	$932M
Net Debt	$752M