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10-Q Filing

QUAD/GRAPHICS, INC. CIK: 1481792 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001481792-23-000026
Period End Date 20230331
Filing Date 20230503
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance quad-20230331_htm.xml
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Allowances for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $26.40M USD Point-in-time
Allowances for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $26.80M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $25.20M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $8.70M USD Point-in-time
Receivables, less allowance for credit losses of $26.8 million at March 31, 2023, and $26.4 million at December 31, 2022 ReceivablesNetCurrent $372.60M USD Point-in-time
Receivables, less allowance for credit losses of $26.8 million at March 31, 2023, and $26.4 million at December 31, 2022 ReceivablesNetCurrent $348.60M USD Point-in-time
Inventories InventoryNet $260.70M USD Point-in-time
Inventories InventoryNet $239.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $45.50M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $46.00M USD Point-in-time
Total current assets AssetsCurrent $704.50M USD Point-in-time
Total current assets AssetsCurrent $642.10M USD Point-in-time
Property, plant and equipmentnet PropertyPlantAndEquipmentNet $668.80M USD Point-in-time
Property, plant and equipmentnet PropertyPlantAndEquipmentNet $672.10M USD Point-in-time
Operating lease right-of-use assetsnet OperatingLeaseRightOfUseAsset $111.10M USD Point-in-time
Operating lease right-of-use assetsnet OperatingLeaseRightOfUseAsset $104.70M USD Point-in-time
Goodwill Goodwill $86.40M USD Point-in-time
Goodwill Goodwill $86.40M USD Point-in-time
Other intangible assetsnet IntangibleAssetsNetExcludingGoodwill $46.90M USD Point-in-time
Other intangible assetsnet IntangibleAssetsNetExcludingGoodwill $40.20M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $80.80M USD Point-in-time
Other long-term assets OtherAssetsNoncurrent $84.70M USD Point-in-time
Total assets Assets $1.63B USD Point-in-time
Total assets Assets $1.70B USD Point-in-time
Accounts payable AccountsPayableCurrent $405.80M USD Point-in-time
Accounts payable AccountsPayableCurrent $456.60M USD Point-in-time
Other current liabilities AccruedLiabilitiesCurrent $174.00M USD Point-in-time
Other current liabilities AccruedLiabilitiesCurrent $249.10M USD Point-in-time
Short-term debt and current portion of long-term debt LongTermDebtCurrent $61.10M USD Point-in-time
Short-term debt and current portion of long-term debt LongTermDebtCurrent $152.40M USD Point-in-time
Current portion of finance lease obligations FinanceLeaseLiabilityCurrent $800.00K USD Point-in-time
Current portion of finance lease obligations FinanceLeaseLiabilityCurrent $2.00M USD Point-in-time
Current portion of operating lease obligations OperatingLeaseLiabilityCurrent $26.20M USD Point-in-time
Current portion of operating lease obligations OperatingLeaseLiabilityCurrent $27.80M USD Point-in-time
Total current liabilities LiabilitiesCurrent $760.40M USD Point-in-time
Total current liabilities LiabilitiesCurrent $795.40M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $478.90M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $506.70M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityNoncurrent $1.60M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityNoncurrent $6.90M USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityNoncurrent $82.30M USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityNoncurrent $87.10M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $9.30M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $22.20M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $121.70M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $128.80M USD Point-in-time
Total liabilities Liabilities $1.47B USD Point-in-time
Total liabilities Liabilities $1.53B USD Point-in-time
Commitments and contingencies (Note 6) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 6) CommitmentsAndContingencies - USD Point-in-time
Preferred stock PreferredStockValue - USD Point-in-time
Preferred stock PreferredStockValue - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $841.80M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $838.50M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $23.50M USD Point-in-time
Treasury stock, at cost TreasuryStockValue $21.20M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-518.50M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-543.10M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-128.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-161.20M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-159.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-121.10M USD Point-in-time
Total shareholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $172.90M USD Point-in-time
Total shareholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $154.50M USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.70B USD Point-in-time
Total liabilities and shareholders equity LiabilitiesAndStockholdersEquity $1.63B USD Point-in-time
Income Statement 32 line items
Line Item Tag Value Unit Period
Total net sales RevenueFromContractWithCustomerExcludingAssessedTax $766.50M USD 1 Quarter
Total net sales RevenueFromContractWithCustomerExcludingAssessedTax $744.20M USD 1 Quarter
Total cost of sales CostOfGoodsAndServicesSold $617.50M USD 1 Quarter
Total cost of sales CostOfGoodsAndServicesSold $619.60M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $79.10M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $89.20M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $36.50M USD 1 Quarter
Depreciation and amortization OtherDepreciationAndAmortization $33.70M USD 1 Quarter
Restructuring, impairment and transaction-related charges RestructuringSettlementAndImpairmentProvisions $26.00M USD 1 Quarter
Restructuring, impairment and transaction-related charges RestructuringSettlementAndImpairmentProvisions $3.60M USD 1 Quarter
Total operating expenses CostsAndExpenses $738.80M USD 1 Quarter
Total operating expenses CostsAndExpenses $766.40M USD 1 Quarter
Operating income OperatingIncomeLoss $5.40M USD 1 Quarter
Operating income OperatingIncomeLoss $100.00K USD 1 Quarter
Interest expense InterestExpense $16.30M USD 1 Quarter
Interest expense InterestExpense $9.30M USD 1 Quarter
Net pension income DefinedBenefitPlanNetPeriodicBenefitCost $-400.00K USD 1 Quarter
Net pension income DefinedBenefitPlanNetPeriodicBenefitCost $-3.20M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-15.80M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-700.00K USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $8.80M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $300.00K USD 1 Quarter
Net loss NetIncomeLoss $-24.60M USD 1 Quarter
Net loss NetIncomeLoss $-1.00M USD 1 Quarter
Basic (USD per share) EarningsPerShareBasic $-0.50 USD 1 Quarter
Basic (USD per share) EarningsPerShareBasic $-0.02 USD 1 Quarter
Diluted (USD per share) EarningsPerShareDiluted $-0.50 USD 1 Quarter
Diluted (USD per share) EarningsPerShareDiluted $-0.02 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 51.50M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 49.20M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 49.20M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 51.50M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-24.60M USD 1 Quarter
Net loss NetIncomeLoss $-1.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $36.50M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $33.70M USD 1 Quarter
Impairment charges RestructuringCostsAndAssetImpairmentChargesExcludingGoodwillImpairment $9.50M USD 1 Quarter
Impairment charges RestructuringCostsAndAssetImpairmentChargesExcludingGoodwillImpairment $100.00K USD 1 Quarter
Amortization of debt issuance costs and original issue discount AmortizationOfFinancingCostsAndDiscounts $700.00K USD 1 Quarter
Amortization of debt issuance costs and original issue discount AmortizationOfFinancingCostsAndDiscounts $500.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.00M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.90M USD 1 Quarter
Gain on the sale or disposal of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $100.00K USD 1 Quarter
Gain on the sale or disposal of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $400.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $10.30M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $300.00K USD 1 Quarter
Changes in operating assets and liabilitiesnet of divestitures IncreaseDecreaseInOtherOperatingCapitalNet $55.00M USD 1 Quarter
Changes in operating assets and liabilitiesnet of divestitures IncreaseDecreaseInOtherOperatingCapitalNet $80.90M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-50.60M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-16.90M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $19.10M USD 1 Quarter
Purchases of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $28.70M USD 1 Quarter
Cost investment in unconsolidated entities PaymentsToAcquireAdditionalInterestInSubsidiaries $1.90M USD 1 Quarter
Cost investment in unconsolidated entities PaymentsToAcquireAdditionalInterestInSubsidiaries $300.00K USD 1 Quarter
Proceeds from the sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $7.10M USD 1 Quarter
Proceeds from the sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $500.00K USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $-1.80M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $4.50M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-26.40M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-18.70M USD 1 Quarter
Payments of current and long-term debt RepaymentsOfOtherLongTermDebt $7.40M USD 1 Quarter
Payments of current and long-term debt RepaymentsOfOtherLongTermDebt $3.70M USD 1 Quarter
Payments of finance lease obligations FinanceLeasePrincipalPayments $300.00K USD 1 Quarter
Payments of finance lease obligations FinanceLeasePrincipalPayments $800.00K USD 1 Quarter
Borrowings on revolving credit facilities ProceedsFromLongTermLinesOfCredit $413.80M USD 1 Quarter
Borrowings on revolving credit facilities ProceedsFromLongTermLinesOfCredit $25.50M USD 1 Quarter
Payments on revolving credit facilities RepaymentsOfLongTermLinesOfCredit $23.10M USD 1 Quarter
Payments on revolving credit facilities RepaymentsOfLongTermLinesOfCredit $343.50M USD 1 Quarter
Purchases of treasury stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Purchases of treasury stock PaymentsForRepurchaseOfCommonStock $300.00K USD 1 Quarter
Equity awards redeemed to pay employees tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.50M USD 1 Quarter
Equity awards redeemed to pay employees tax obligations PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.70M USD 1 Quarter
Payment of cash dividends PaymentsOfDividends $1.40M USD 1 Quarter
Payment of cash dividends PaymentsOfDividends $100.00K USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-100.00K USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-200.00K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-6.10M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $60.30M USD 1 Quarter
Effect of exchange rates on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $200.00K USD 1 Quarter
Effect of exchange rates on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $100.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-16.50M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-41.60M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $179.90M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $138.30M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.20M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.70M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $179.90M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $138.30M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $25.20M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.70M USD Point-in-time
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Beginning balance, Quad's shareholders equity StockholdersEquity $172.90M USD Point-in-time
Beginning balance, Quad's shareholders equity StockholdersEquity $136.80M USD Point-in-time
Beginning balance, Quad's shareholders equity StockholdersEquity $137.30M USD Point-in-time
Beginning balance, Quad's shareholders equity StockholdersEquity $154.50M USD Point-in-time
Net loss NetIncomeLoss $-24.60M USD 1 Quarter
Net loss NetIncomeLoss $-1.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $800.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $6.50M USD 1 Quarter
Interest rate derivatives adjustments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $1.10M USD 1 Quarter
Interest rate derivatives adjustments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $600.00K USD 1 Quarter
Pension benefit plan adjustments, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $100.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.70M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $1.00M USD 1 Quarter
Purchases of treasury stock TreasuryStockValueAcquiredCostMethod $300.00K USD 1 Quarter
Issuance of share-based awards, net of other activity StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $400.00K USD 1 Quarter
Issuance of share-based awards, net of other activity StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Equity awards redeemed to pay employees tax obligations AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $2.50M USD 1 Quarter
Equity awards redeemed to pay employees tax obligations AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $1.70M USD 1 Quarter
Ending balance, Quad's shareholders' equity StockholdersEquity $172.90M USD Point-in-time
Ending balance, Quad's shareholders' equity StockholdersEquity $136.80M USD Point-in-time
Ending balance, Quad's shareholders' equity StockholdersEquity $137.30M USD Point-in-time
Ending balance, Quad's shareholders' equity StockholdersEquity $154.50M USD Point-in-time
Comprehensive Income 16 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-24.60M USD 1 Quarter
Net loss NetIncomeLoss $-1.00M USD 1 Quarter
Translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $800.00K USD 1 Quarter
Translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $6.50M USD 1 Quarter
Interest rate derivatives adjustments OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTax $1.40M USD 1 Quarter
Interest rate derivatives adjustments OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationBeforeTax $800.00K USD 1 Quarter
Pension benefit plan adjustments OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax $-100.00K USD 1 Quarter
Pension benefit plan adjustments OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax - USD 1 Quarter
Other comprehensive income, before tax OtherComprehensiveIncomeLossBeforeTax $7.40M USD 1 Quarter
Other comprehensive income, before tax OtherComprehensiveIncomeLossBeforeTax $2.20M USD 1 Quarter
Income tax impact related to items of other comprehensive income OtherComprehensiveIncomeLossTax $300.00K USD 1 Quarter
Income tax impact related to items of other comprehensive income OtherComprehensiveIncomeLossTax $200.00K USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTax $7.20M USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTax $1.90M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $900.00K USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-17.40M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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