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FORM 10-K

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Exact name of registrant as specified in its charter)

Wisconsin						39-1152983
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

Securities registered pursuant to Section 12(b) of the Act:

Title of Class

Trading Symbol

Name of Each Exchange on Which Registered

Class A Common Stock, par value $0.025 per share

QUAD

The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☐  No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ☐  No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐  No ☒

The aggregate market value of the class A common stock (based on the closing price of $4.15 per share on the New York Stock Exchange) on June 30, 2021, the last business day of the registrant’s most recently completed second fiscal quarter, held by non-affiliates was $146,450,960. The registrant’s class B common stock is not listed on a national securities exchange or traded in an organized over-the-counter market, but each share of the registrant’s class B common stock is convertible into one share of the registrant’s class A common stock.

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

Class						Outstanding as of January 31, 2022
Class A Common Stock						42,416,771
Class B Common Stock						13,556,858
Class C Common Stock						—

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement for the registrant’s 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

									Page No.
Forward-Looking Statements									1
Part I
Item 1.			Business						2
Item 1A.			Risk Factors						20
Item 1B.			Unresolved Staff Comments						33
Item 2.			Properties						33
Item 3.			Legal Proceedings						34
Item 4.			Mine Safety Disclosures						34
Part II
Item 5.			Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities						35
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						37
Item 7A.			Quantitative and Qualitative Disclosures About Market Risk						61
Item 8.			Financial Statements and Supplementary Data						65
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure						122
Item 9A.			Controls and Procedures						122
Item 9B.			Other Information						123
Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections						123
Part III
Item 10.			Directors, Executive Officers and Corporate Governance						124
Item 11.			Executive Compensation						124
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters						124
Item 13.			Certain Relationships and Related Transactions, and Director Independence						125
Item 14.			Principal Accountant Fees and Services						125
Part IV
Item 15.			Exhibit Index and Financial Statement Schedules						126
Item 16			Form 10-K Summary						132
Signatures									133

More information regarding Quad is available on the Company’s website at QUAD.com. Quad is not including the information contained on or available through its website as part of, or incorporating such information by reference into, this Annual Report on Form 10-K. The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports are made available to the public at no charge through a link appearing on the Investor Relations section of the Company’s website. Quad provides access to such materials through its website as soon as reasonably practicable after electronically filing such material with, or furnishing it to, the SEC.

The commercial print industry is also highly fragmented. According to the October 2021 Printing in the U.S. IBISWorld industry report, the United States commercial printing industry, in the aggregate, generates an estimated $78 billion in annual revenue, employs approximately 350,000 people and is comprised of over 45,000 companies. The report also states that no printing company accounts for more than 5% of total commercial print industry annual revenue in the United States.

•Acquire new and expand existing account relationships by introducing clients to the Company’s complete through-the-line marketing offering – from strategy and creative through production, execution and analytics – that helps them market more efficiently and effectively. To this end, Quad is focused on ensuring it has the right talent in the right positions to facilitate strategic marketing conversations and tailored solutions based on a better understanding of their needs.

•Expand in key vertical industries with growth opportunities, such as consumer technology, consumer-packaged goods, financial services, insurance, healthcare and direct-to-consumer, while continuing to capitalize on the Company’s established expertise in retail and publishing. Through existing and new offerings, Quad delivers solutions dedicated to solving client marketing and process challenges.

•Make disciplined and compelling investments that take many different forms. The Company intends to continue to pursue growth investments that help expand and strengthen its integrated marketing platform. In addition, the Company intends to continue making long-term investments in its talent, such as hiring business professionals with client-side marketing experience and consulting expertise to enhance its position as a marketing solutions partner, as well as investments to attract new employees and increase existing employee engagement, retention and productivity.

The Company has hired talent with client-side marketing experience and consulting expertise to help advance conversations with clients to be more solutions-based. Quad’s Sales team is focused on understanding client pain points, and aims to expand relationships with higher-level executives responsible for corporate strategy, including Chief Executive Officers and Chief Marketing Officers, to create and implement solutions that incorporate a broad range of Quad’s products and services. Through these relationships, the Company is able to gain insights into additional client marketing needs, and then uses a disciplined process to develop and commercialize those solutions to expand and deepen Quad’s relationships. These solutions include media products, and innovative solutions for cost-effective mailing and distribution, as well as online and cloud-based solutions for effectively integrating multichannel campaigns.

Marketing Strategy: The Company has made recent investments in its data and analytics capabilities, including campaign planning and media services, to improve marketing execution and drive stronger results for clients and advertisers. The Company’s data-driven customer insights and analytics services not only help clients identify their optimal target audience based on behaviors and demographics, but also the best content and mix of channels to reach and engage that audience at the moment they are most receptive across all paid, owned and earned touchpoints. Proprietary and highly valuable household-level data and insights are derived from Quad’s unique data set, Profile Collective – a database of in-home resident media and mobile engagements, including QR code scans, that only Quad can compile. This unique information is augmented with existing third-party data and clients’ first-party information to create an unparalleled audience and household targeting tool.

Creative Solutions: With its premier marketing, advertising and creative talent, Quad creates world-class campaigns that attract attention and activate audiences, and then implements those campaigns using processes that save money and time to get in market faster. Technology plays a key role in Quad’s Creative Solutions which include content workflow solutions that simplify and optimize the creative process, from concept through production; content production services that enable clients to generate high-volume, high-quality content with a noncompetitive, complementary partner; creative services that seamlessly connect strategy, concept and design; and mar-tech solutions centered on solving client challenges in the areas of marketing operations, content accessibility, content production (including but not limited to copywriting, videography and photography), content workflows, asset management, content deployment and data optimization. Clients credit the Company’s creative solutions for providing a more integrated, channel agnostic, content-first approach.

Media Deployment: Unlike traditional creative agencies or agency holding companies, Quad has the ability to seamlessly activate through-the-line media – both online and offline – and create value by understanding how every touchpoint in a client’s marketing and media mix is performing at a particular moment in time and then guiding how to optimize that investment to provide the greatest return. The Company manages hundreds of millions of dollars of gross media billings annually on behalf of its clients. As the number of marketing channels expands, each with its own return-on-investment measurement, the Company continues to innovate mar-tech solutions that help marketers know where to allocate their marketing budget to achieve their business goals. For example, through Connex, its proprietary cross-channel media optimization platform, Quad helps digital marketers eliminate the noise of disparate data sets and helps marketers identify the specific value-driving actions they need to take in real time to drive revenue and grow their business.

Marketing Management: Quad leverages its deep expertise and expansive network to help clients manage their operations the way it runs its own – with diligence toward efficiency and cost-savings. Through this innovative approach, Quad removes friction in the process, offering clients its network of in-house experts and capabilities for marketing and production outsourcing; sourcing and procurement of goods and services; and print and paper management. As a result, clients can focus on other critical aspects of business while leveraging Quad’s expertise and purchasing power.

•Aligning the Company’s efforts and initiatives with environmentally focused United Nations Sustainable Development Goals (SDG) such as SDG 12: Responsible Consumption and Production and SDG 15: Life on Land.

•Partnering with federal, state and local regulatory agencies; educational institutions; industry trade groups; and non-profit organizations to share information, best-management practices, development of new tools and metrics, and innovative technology that lead to the reduction or elimination of environmental impacts.

•Benchmarking environmental performance to evaluate the effectiveness of current environmental management programs and to identify program areas that need improvement or need to be developed.

•Reclaiming materials and diverting them from the landfill through industrial and office recycling programs.

•Becoming a founding member of Forests in Focus, a sustainability verification tool that offers the first landscape-level assessment of U.S. timberlands, giving brands reliable data on sustainability risks that may be present in the forest where they source wood fiber, the raw material used to make paper and packaging.

•Maintaining chain-of-custody certifications for sourcing materials from responsibly managed forests (Forest Stewardship Council®, Sustainable Forest Initiative, and Program for the Endorsement of Forest Certification).

•Formulating its own brand of Envirotech™ inks that contain a high percentage of renewable resource (i.e., vegetable) content.

•Developing a co-mailing program - now believed to be the largest in the printing industry - that helps consolidate loads of mail and, thereby, reduce greenhouse gas emissions impact by putting fewer trucks on the road.

•Equipping the Company’s web offset presses with dryers that can collect volatile organic compounds and use them as a supplementary fuel source to natural gas.

•Becoming a founding partner of the U.S. Department of Energy’s Better Plants Program, a voluntary program to save energy and money, and reduce the Company’s environmental footprint.

•Being an active participant in the State of Wisconsin’s Focus on Energy program, an energy efficiency and renewable resource program through which the Company has implemented multiple energy-saving upgrades to its facilities and operations.

•Becoming ISO 50001 Ready through the U.S. Department of Energy in the Company’s Hartford and West Allis, Wis., facilities, recognizing that these plants have created sound energy policies, established objectives and built structured improvements to generate deep, sustained energy savings.

•Helping clients meet their sustainability goals through sourcing sustainable materials and reporting how the Company’s performance affects their carbon footprint.

•Putting the Company’s 300-acre plus “Camp Quad” recreational center into conservancy through non-profit Tall Pines Conservancy, ensuring the land will remain undeveloped and will always be managed as a private preserve for plant life and wildlife.

•Proactively managing water consumption through a combination of best practices, capital investments, efficient platform and efforts.

Geographic Region			Number of FTE Employees
North America (Includes Mexico, Central America and the Caribbean)			12,700
Europe, Middle East and Africa			1,500
South America			800
Asia			100

•Providing and maintaining a world-class culture and environment for health and safety. The Company strives for zero workplace injuries and illnesses through its Safety Accountability for All Employees (SAFE) policy which states that no department is considered properly managed – regardless of proficiency in other managerial areas – unless it maintains an acceptable level of safety performance. All employees, from entry-level through senior management, are held accountable for adhering to the Company’s safety policies. In 2020, the Company also implemented a Safe at Work program in response to the COVID-19 pandemic, which prioritizes the health and safety of employees through a variety of initiatives. (For additional information on this program, see “COVID-19” below).

•Creating jobs with competitive pay and innovative benefits that support families, strengthen communities and provide long-term career growth opportunities. The Company regularly evaluates its pay practices and structures, including implementing a new wage structure over the past few years for hourly manufacturing employees in its most competitive labor markets.

•Offering career development through a variety of programs, including Accelerated Career Training, which provides a fast-track for career advancement in manufacturing positions; People Leading People that focuses on best-in-class manager behaviors; Corporate Trainee Program, which develops skills and leadership abilities through a series of agency and corporate rotations; and hands-on, mentor-led manufacturing apprenticeship programs, including registered apprenticeships and youth apprenticeships.

•Listening to employees through annual engagement surveys and open forums at department and company-wide meetings to help better understand what employees like about working for the Company, what it can improve, and what could drive greater job satisfaction, and acting on that employee feedback.

•Fostering pride through employee recognition programs, including a new engagement and retention award for manufacturing locations that work to create an engaging workplace; employee and family events; and community outreach activities.

•Comprehensive medical, prescription, dental and vision coverage to employees, including access to 24/7 telemedicine and virtual care being piloted in certain regions.

•On-site and near-site primary and specialty healthcare, pharmacy, dental, vision and physical therapy services and fitness centers at several large-scale employee locations, owned and operated by the Company’s health and wellness subsidiary, QuadMed.

•Robust holistic wellness programming for physical, emotional, financial and social well-being through the company’s QLife Wellness Program.

•401(k) retirement savings program with annual discretionary Company match as well as retirement planning and financial wellness resources and webinars.

•Paid vacation time and holidays.

•Short- and long-term disability insurance, and employer-paid life insurance.

•Launching a DEI task force to build and execute a more comprehensive and sustainable strategy that supports learning and development, intercultural awareness and growth, removes inhibitors to true inclusion in areas such as workforce policies and procedures, procurement and how the Company serves its clients, creates a consistent and common language throughout the organization to increase understanding, and establishes metric reporting.

•Strengthening Quad’s commitment to DEI through partnerships with nationally recognized DEI experts, consultants and researchers that include tailored learning and development programs for employees.

•Supporting employee-led Business Resource Groups (BRGs), which are designed to cultivate an open company culture for employees who share common interests and can easily and regularly connect to encourage the growth and development of each other. The Company currently has six BRGs supporting women, military veterans and their families, the LGBTQIA+ community, Black employees, Hispanic / Latinx employees and working parents.

•Investing in programs to support underserved communities, such as Milwaukee-based Running Rebels’ Pipeline2Promise workforce development program where Quad connects people to jobs, and provides the tools, training and transportation to set them up for success.

•Engaging employees in DEI-related topics through I am. We Are., an internal education and communication platform.

•Supporting the education and advancement of talent from underrepresented communities in the creative industry through scholarships at institutions committed to diversifying the talent pipeline and talent development programs, such as The Brandlab, a non-profit that introduces young people who are racially or ethnically diverse or from lower-income households to viable creative careers.

•Important community pillars, such as firefighters, schools, libraries and military veterans groups;

•Organizations that help underserved communities, such as non-profits dedicated to improving educational or employment opportunities for individuals who are racially or ethnically diverse or from lower-income households; and

•Maintaining consistent, stable leadership that is focused on making decisions in the best long-term interest of the Company. It is able to do this because of the Quadracci family voting control, which enables the Company to manage its strategy and disciplined financial policy by being able to avoid the pitfalls of short-term decision making that could potentially jeopardize the stability and longevity of the Company.

•Retaining an experienced management team with a proven track record that is committed to preserving the Company’s values-based culture. The senior management team includes entrepreneurially minded leaders with a long tenure at Quad combined with strategic new hires or leaders from recent acquisitions, further supplemented by managers and employees committed to advancing the Company as a marketing solutions partner. The Company believes the experience and stability of senior management, paired with next-generation talent, will contribute to its long-term success.

•Sustaining a disciplined approach to managing operations and commitment to innovating solutions to drive growth for clients and the Company.

•Reducing risk to the business and to clients through a formal enterprise risk management program that is guided by a team that takes a strategic role in risk identification and response planning, and is managed by an executive risk steering committee with overall program responsibility.

•Maintaining a high standard for corporate compliance and ethical business practices to keep the business healthy and protect the Company and its stakeholders from risk. The Company’s values, especially Do the Right Thing, serve as the foundation for Quad’s ethical approach to decision-making and business practices. The Company’s Code of Conduct appears on the employee intranet and corporate website, and explicitly states that Quad is committed to a workplace where every employee, regardless of job title or position, is responsible for doing the right thing.

•Training all employees annually on a suite of ethics and compliance topics, including Code of Conduct, anti-harassment, conflict of interest, C-TPAT, data privacy, HIPAA, information security and physical security, acceptable use policy for technology assets, and, where relevant, fraud, waste and abuse training, and anti-bribery and anti-corruption training.

•Making it safe and easy for employees to report violations of the Code of Conduct through multiple channels, including a 24/7 Ethics and Compliance Hotline or web-based reporting tool with guidance in multiple languages.

•Continually updating and strengthening the Company’s information and data security program to address the fast-changing threat landscape and ensure oversight. The program includes ongoing employee

•Strongly encourages all employees and family members to get the COVID-19 vaccine and booster, making it as easy as possible to do so through the Company’s own QuadMed health clinics and on-site vaccination events. Quad also offered incentives and a competition between manufacturing facilities to achieve higher vaccination rates.

•Details policies and procedures for mask wearing, social distancing, good hygiene, daily disinfecting and more to protect against COVID-19.

•Features an internal Rapid Response Team of HR and other professionals to assess each potential COVID-19 case, perform contact tracing, and support and track employees through their return to work at the appropriate time.

•Includes a branded communication strategy built on transparent, frequent and consistent communication across multiple channels and regularly featuring QuadMed healthcare professionals.

The following table sets forth the names, ages (as of January 31, 2022) and positions of Quad’s executive officers.

Name

Age

Position

J. Joel Quadracci

53

Chairman, President and Chief Executive Officer

Eric N. Ashworth

56

Executive Vice President of Product and Market Strategy, and President of Quad Agency Solutions

Julie A. Currie

59

Executive Vice President and Chief Revenue Officer

Joshua J. Golden

50

Chief Marketing Officer

David J. Honan

53

Executive Vice President and Chief Operating Officer

Jennifer J. Kent

50

Executive Vice President and Chief People & Legal Officer

Donald M. McKenna

49

Executive Vice President and Chief Administrative Officer

Anthony C. Staniak

49

Chief Financial Officer

Kelly A. Vanderboom

47

Executive Vice President, President of Logistics and Treasurer

Anne M. Bauer

57

Vice President and Chief Accounting Officer

Steven D. Jaeger

57

Vice President and Chief Information Officer

Mr. Golden has served as Chief Marketing Officer since joining Quad in July 2021. Prior to joining Quad, Mr. Golden was the President & Publisher of Ad Age from 2016 to 2021. Prior thereto, Mr. Golden served as VP, Global Digital Marketing & Communications of Xerox from March 2015 to June 2016; as Chief Marketing Officer of Story Worldwide from September 2011 to March 2015; as Chief Digital Officer of Grey Worldwide from September 2010 to September 2011; as Managing Director, Digital of Euro RSCG Worldwide from December 2007 to September 2010; as Group Director of Digital Marketing of NBC Universal from January 2006 to December 2007; and as Integrated Account Director, AT&T and Xerox at Young & Rubicam from November 2000 to January 2006.

The Company and the overall printing industry continues to experience a reduction in demand for printed materials and overcapacity due to various factors including the sustained and increasing shift of digital substitution by marketers and advertisers (to both replace and augment campaigns that were historically focused on print), as well as the continuing COVID-19 pandemic and prior recessions (which have severely impacted print volumes and further accelerated the impact of media disruption). The impacts of overcapacity, as well as intense competition, have led to the Company experiencing significant downward pricing pressures for printing services in recent years and such pricing may continue to decline from current levels. Any future increases in the supply of printing services or decreases in demand could cause prices to continue to decline, and prolonged periods of low prices, weak demand and/or excess supply could have a material adverse effect on the Company’s business growth, results of operations and liquidity.

The COVID-19 pandemic resulted in national, state and local government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, border closings, restrictions on public gatherings, quarantining of people who may have been exposed to the virus, shelter-in-place restrictions, and limitations or shutdowns of business operations. These measures, some of which are continuing or being re-implemented in light of new variants of the virus, have impacted and may further impact the Company’s workforce and operations, the operations of its clients, and those of its suppliers. Quad has significant operations in the United States and printing operations or investments in printing operations in England, France, Germany, Poland, Argentina, Colombia, Mexico, Peru, Brazil and India, and each of these countries has been affected by the pandemic and taken measures to try to contain it, resulting in disruptions at some of the Company’s printing facilities and support operations. There is still uncertainty regarding the full impact and duration of such measures and potential future measures, and restrictions on the Company’s access to its facilities or on its support operations or workforce, or similar limitations for Quad’s suppliers.

QuadMed provides employer-sponsored healthcare solutions in the United States to employers of all sizes, including the Company and other private and public-sector companies. These solutions include, but are not limited to, on-site and near-site healthcare clinics, occupational health services, telemedicine, and health and wellness programs. The healthcare industry is heavily regulated, constantly evolving and subject to significant change and fluctuation. The United States federal and state healthcare laws and regulations that impact the QuadMed subsidiary business include, among others, those: (a) regarding privacy, security and transmission of individually identifiable health information; (b) prohibiting, among other things, soliciting, receiving or providing remuneration to induce the referral of an individual for an item or service or the purchasing or ordering of an item or service for which payment may be made under healthcare programs; (c) prohibiting, among other things, knowingly presenting or causing to be presented claims for payment from third-party payors that are false or fraudulent; and (d) prohibiting the corporate practice of medicine.

The Company is a controlled company within the meaning of the rules of the New York Stock Exchange (“NYSE”) and, as a result, it relies on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.

Since the Quad Voting Trust owns more than 50% of the total voting power of the Company’s stock, the Company is considered a controlled company under the corporate governance listing standards of the NYSE. As a controlled company, an exception under the NYSE listing standards exempts the Company from the obligation to comply with certain of the NYSE’s corporate governance requirements, including the requirements that (a) the Company have a corporate governance and nominating committee that is composed entirely of independent directors with a written

Accordingly, for so long as the Company is a controlled company, holders of class A stock may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the NYSE.

Locations			Square Feet			Property Type			Segment
Lomira, Wisconsin, United States			2,174,000			Owned			United States Print and Related Services
Sussex, Wisconsin, United States			1,971,000			Owned			United States Print and Related Services
Martinsburg, West Virginia, United States			1,740,000			Owned			United States Print and Related Services
Hartford, Wisconsin, United States			1,682,000			Owned			United States Print and Related Services
Saratoga Springs, New York, United States			1,034,000			Owned			United States Print and Related Services
West Allis, Wisconsin, United States			913,000			Leased			United States Print and Related Services
The Rock, Georgia, United States			797,000			Owned			United States Print and Related Services
Wyszkow, Poland			709,000			Owned			International
Effingham, Illinois, United States			564,000			Owned			United States Print and Related Services
Merced, California, United States			539,000			Owned			United States Print and Related Services

Information about the Company’s repurchases of its class A common stock during the three months ended December 31, 2021, was as follows:

						Issuer Purchases of Equity Securities
Period						Total Number of Shares Purchased(1)						Average Price Paid Per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)						Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)
October 1, 2021 to October 31, 2021						—						—						—						$	100,000,000
November 1, 2021 to November 30, 2021						—						—						—						100,000,000
December 1, 2021 to December 31, 2021						—						—						—						100,000,000
Total						—												—

(1)Represents shares of the Company’s class A common stock.

(2)On July 30, 2018, the Company’s Board of Directors authorized a share repurchase program of up to $100.0 million of the Company’s outstanding class A common stock. Under the authorization, share repurchases may be made at the Company’s discretion, from time to time, in the open market and/or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will depend on economic and market conditions, share price, trading volume, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. There were no shares of the Company’s class A stock repurchased during the years December 31, 2021 and 2020. As of December 31, 2021, there were $100.0 million of authorized repurchases remaining under the program.

•Overview. This section includes a general description of the Company’s business and segments, an overview of key performance metrics the Company’s management measures and utilizes to evaluate business performance, and an overview of trends affecting the Company, including management’s actions related to the trends.

•Results of Operations. This section contains an analysis of the Company’s results of operations by comparing the results for the year ended December 31, 2021, to the year ended December 31, 2020. The comparability of the Company’s results of operations between periods was impacted by acquisitions, strategic investments and divestitures, including the divestiture of the Omaha, Nebraska packaging plant, which was sold on January 31, 2020, the additional investment in Rise in June 2020, and the divestiture of Company’s third-party logistics business on June 30, 2021. The results of operations of the packaging plant and the third-party logistics divestitures are included in the Company’s consolidated results until the date of disposition, and the results of operations of the investment in Rise reflect the Company’s ownership interest from the respective dates of change in ownership. The results of the Company’s United States Book business (“Book business”) have been reported as discontinued operations for the year ended December 31, 2020.  Forward-looking statements providing a general description of recent and projected industry and Company developments that are important to understanding the Company’s results of operations are included in this section. This section also provides a discussion of EBITDA and EBITDA margin, financial measures that the Company uses to assess the performance of its business that are not prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

•Liquidity and Capital Resources. This section provides an analysis of the Company’s capitalization, cash flows and a discussion and table of outstanding debt and commitments. Forward-looking statements important to understanding the Company’s financial condition are included in this section. This section also provides a discussion of Free Cash Flow and Debt Leverage Ratio, non-GAAP financial measures that the Company uses to assess liquidity and capital allocation and deployment.

•Critical Accounting Policies and Estimates. This section contains a discussion of the accounting policies that the Company’s management believes are important to the Company’s financial condition and results of operations, as well as allowances and reserves that require significant judgment and estimates on the part of the Company’s management. In addition, all of the Company’s significant accounting policies, including critical accounting policies, are summarized in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies,” to the consolidated financial statements in Part II, Item 8, “Financial Statements and Supplementary Data,” of this Annual Report on Form 10-K.

Net sales growth. The Company uses period-over-period net sales growth as a key performance metric. The Company’s management assesses net sales growth based on the ability to generate increased net sales through increased sales to existing clients, sales to new clients, sales of new or expanded solutions to existing and new clients, and opportunities to expand sales through strategic investments, including acquisitions.

EBITDA and EBITDA margin. The Company uses EBITDA and EBITDA margin as metrics to assess operating performance. The Company’s management assesses EBITDA and EBITDA margin based on the ability to increase revenues while controlling variable expense growth.

Net cash provided by operating activities. The Company uses net cash provided by operating activities as a metric to assess liquidity. The Company’s management assesses net cash provided by operating activities based on the ability to meet recurring cash obligations while increasing available cash to fund debt service requirements, capital expenditures, cash restructuring requirements related to cost reduction activities, World Color Press single employer pension plan contributions, World Color Press MEPPs withdrawal liabilities, acquisitions and other investments in future growth, shareholder dividends and share repurchases. Net cash provided by operating activities can be significantly impacted by the timing of non-recurring or infrequent receipts or expenditures.

Free Cash Flow. The Company uses Free Cash Flow as a metric to assess liquidity and capital deployment. The Company’s management assesses Free Cash Flow as a measure to quantify cash available for strengthening the balance sheet (debt and pension liability reduction), for strategic capital allocation and deployment through investments in the business (acquisitions and strategic investments) and for returning capital to the shareholders (dividends and share repurchases). The Company’s priorities for capital allocation and deployment will change as circumstances dictate for the business, and Free Cash Flow can be significantly impacted by the Company’s restructuring activities and other unusual items.

Debt Leverage Ratio. The Company uses the Debt Leverage Ratio as a metric to assess liquidity and the flexibility of its balance sheet. Consistent with other liquidity metrics, the Company monitors the Debt Leverage Ratio as a measure to determine the appropriate level of debt the Company believes is optimal to operate its business, and accordingly, to quantify debt capacity available for strengthening the balance sheet (debt and pension liability reduction), for strategic capital allocation and deployment through investments in the business (capital expenditures, acquisitions and strategic investments), and for returning capital to the shareholders (dividends and share repurchases). The Company’s priorities for capital allocation and deployment will change as circumstances dictate for the business, and the Debt Leverage Ratio can be significantly impacted by the amount and timing of large expenditures requiring debt financing, as well as changes in profitability.

The Company’s operating income (loss) from continuing operations, operating margin, net earnings (loss) attributable to Quad common shareholders (computed using a 25% normalized tax rate for all items subject to tax) and diluted earnings (loss) per share attributable to Quad common shareholders for the year ended December 31, 2021, changed from the year ended December 31, 2020, as follows (dollars in millions, except per share data):

			Operating Income (Loss) from Continuing Operations						Operating Margin						Net Earnings (Loss) Attributable to Quad Common Shareholders						Diluted Earnings (Loss) Per Share Attributable to Quad Common Shareholders
For the year ended December 31, 2020			$	(46.0)					(1.6)		%				$	(128.3)					$	(2.53)
Gains from sale and leaseback (1)			24.5						0.8		%				18.4						0.35
Restructuring, impairment and transaction-related charges (2)			105.2						3.6		%				78.9						1.58
Interest expense (3)			N/A						N/A						6.9						0.18
Net pension income (4)			N/A						N/A						3.0						0.05
Loss on debt extinguishment (5)			N/A						N/A						0.8						0.02
Income taxes (6)			N/A						N/A						29.1						0.55
Loss from discontinued operations, net of tax (7)			N/A						N/A						21.9						0.43
Investments in unconsolidated entity and noncontrolling interests, net of tax (8)			N/A						N/A						0.3						0.01
Operating income (loss) from continuing operations (9)			9.1						0.3		%				6.8						0.07
For the year ended December 31, 2021			$	92.8					3.1		%				$	37.8					$	0.71

(1)The Company executed sale and leaseback transactions of its Chalfont, Pennsylvania and West Allis, Wisconsin facilities resulting in $24.5 million ($18.4 million, net of tax) in gains during the year ended December 31, 2021.

(2)Restructuring, impairment and transaction-related charges decreased $105.2 million ($78.9 million, net of tax), to $18.9 million during the year ended December 31, 2021, and included the following:

(6)The $29.1 million increase in income tax benefit as calculated in the following table is primarily due to a $54.1 million increase from decreased valuation allowance reserves, partially offset by the following: (1) a $14.3 million income tax benefit related to the Coronavirus Aid, Relief, and Economic Security Act net operating loss carry back provisions in 2020 that did not repeat in 2021; (2) a $6.2 million decrease from impairment charges related to foreign investments in 2021; and (3) a $2.4 million decrease from income in foreign branches.

			Year Ended December 31,
			2021						2020						$ Change
Income (loss) from continuing operations before income taxes and equity in loss of unconsolidated entity			$	47.0					$	(106.1)					$	153.1
Normalized tax rate			25.0		%				25.0		%
Income tax expense (benefit) at normalized tax rate			11.7						(26.6)						38.3
Less: Income tax expense (benefit) from the consolidated statements of operations			9.5						0.3						9.2
Impact of income taxes			$	2.2					$	(26.9)					$	29.1

The following table sets forth certain information from the Company’s consolidated statements of operations on an absolute dollar basis and as a relative percentage of total net sales for each noted period, together with the relative percentage change in such information between the periods set forth below:

			Year Ended December 31,
			2021												2020
			(dollars in millions)
			Amount						% of Net Sales						Amount						% of Net Sales						$ Change						% Change
Net sales:
Products			$	2,247.1					75.9		%				$	2,228.7					76.1		%				$	18.4					0.8		%
Services			713.3						24.1		%				700.9						23.9		%				12.4						1.8		%
Total net sales			2,960.4						100.0		%				2,929.6						100.0		%				30.8						1.1		%
Cost of sales:
Products			1,861.0						62.9		%				1,831.5						62.5		%				29.5						1.6		%
Services			528.9						17.9		%				503.3						17.2		%				25.6						5.1		%
Total cost of sales			2,389.9						80.8		%				2,334.8						79.7		%				55.1						2.4		%
Selling, general & administrative expenses			326.0						11.0		%				335.1						11.4		%				(9.1)						(2.7)		%
Gains from sale and leaseback			(24.5)						(0.8)		%				—						—		%				(24.5)						(100.0)		%
Depreciation and amortization			157.3						5.3		%				181.6						6.2		%				(24.3)						(13.4)		%
Restructuring, impairment and transaction-related charges			18.9						0.6		%				124.1						4.2		%				(105.2)						(84.8)		%
Total operating expenses			2,867.6						96.9		%				2,975.6						101.5		%				(108.0)						(3.6)		%
Operating income (loss) from continuing operations			$	92.8					3.1		%				$	(46.0)					(1.6)		%				$	138.8					nm

The Company executed sale and leaseback transactions of its Chalfont, Pennsylvania and West Allis, Wisconsin facilities resulting in $24.5 million ($18.4 million, net of tax) in gains during the year ended December 31, 2021.

Restructuring, impairment and transaction-related charges decreased $105.2 million, or 84.8%, for the year ended December 31, 2021, compared to the year ended December 31, 2020, primarily due to the following:

			Year Ended December 31,
			2021						2020						$ Change
Employee termination charges			$	9.9					$	34.7					$	(24.8)
Impairment charges (a)			34.9						64.1						(29.2)
Transaction-related charges			0.6						1.4						(0.8)
Integration costs			—						1.9						(1.9)
Other restructuring charges (income)
Vacant facility carrying costs and lease exit charges			19.8						11.5						8.3
Equipment and infrastructure removal costs			1.6						1.1						0.5
Gains on the sale of facilities (b)			(24.8)						(1.6)						(23.2)
Other restructuring activities (c)			(23.1)						11.0						(34.1)
Other restructuring charges (income)			(26.5)						22.0						(48.5)
Total restructuring, impairment and transaction-related charges			$	18.9					$	124.1					$	(105.2)

(a)Includes $2.8 million and $22.1 million of impairment charges for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction and strategic divestiture activities during the years ended December 31, 2021 and 2020, respectively; and $42.0 million of land and building impairment charges during the year ended December 31, 2020. $56.6 million of the impairment charges recorded during the year ended December 31, 2020 were related to property, plant and equipment for the Oklahoma City, Oklahoma facility. $32.1 million of the impairment charges recorded during the year ended December 31, 2021 were related to the Company’s decision to sell the investment in Plural.

(b)Includes a $13.8 million gain on the sale of the Oklahoma City, Oklahoma facility, a $7.6 million gain on the sale of the Riverside, California facility, a $1.0 million gain on the sale of the Fernley, Nevada facility and a $2.4 million gain on the sale of other facilities during the year ended December 31, 2021; and a $0.8 million gain on the sale of the Shakopee, Minnesota facility and a $0.8 million gain on the sale of the Midland, Michigan facility during the year ended December 31, 2020.

(c)Includes a $20.9 million gain on the sale of a business and a $2.7 million gain from the reclassification of foreign currency translation adjustments during the year ended December 31, 2021; and a $2.9 million loss on the sale of a business during the year ended December 31, 2020.

EBITDA and EBITDA margin for the year ended December 31, 2021, compared to the year ended December 31, 2020, were as follows:

			Year Ended December 31,
			2021												2020
			Amount						% of Net Sales						Amount						% of Net Sales
			(dollars in millions)
EBITDA and EBITDA margin (non-GAAP)			$	264.2					8.9		%				$	122.4					4.2		%

A reconciliation of EBITDA to net earnings (loss) attributable to Quad common shareholders for the years ended December 31, 2021 and 2020, was as follows:

			Year Ended December 31,
			2021						2020
			(dollars in millions)
Net earnings (loss) attributable to Quad common shareholders(1)			$	37.8					$	(128.3)
Interest expense			59.6						68.8
Income tax expense			9.5						0.3
Depreciation and amortization			157.3						181.6
EBITDA (non-GAAP)			$	264.2					$	122.4

(1)Net earnings (loss) attributable to Quad common shareholders included the following:

a.Restructuring, impairment and transaction-related charges of $18.9 million and $124.1 million for the years ended December 31, 2021 and 2020, respectively;

b.Gains from sale and leaseback of $24.5 million for the year ended December 31, 2021;

c.Net pension income of $14.5 million and $10.5 million for the years ended December 31, 2021 and 2020, respectively;

d.Loss on debt extinguishment of $0.7 million and $1.8 million for the years ended December 31, 2021 and 2020, respectively;

e.Equity in earnings of unconsolidated entity of $0.3 million for the year ended December 31, 2021 and equity in loss of unconsolidated entity of $0.2 million for the yeas ended December 31, 2020;

f.Loss from discontinued operations, net of tax, of $21.9 million for the year ended December 31, 2020; and

g.Net loss attributable to noncontrolling interests of $0.2 million for the year ended December 31, 2020.

The following table summarizes net sales, operating income from continuing operations, operating margin and certain items impacting comparability within the United States Print and Related Services segment:

			Year Ended December 31,
			2021						2020
			(dollars in millions)
			Amount						Amount						$ Change						% Change
Net sales:
Products			$	1,935.8					$	1,944.0					$	(8.2)					(0.4)		%
Services			692.8						683.6						9.2						1.3		%
Operating income from continuing operations (including restructuring, impairment and transaction-related charges)			163.1						1.7						161.4						nm
Operating margin			6.2		%				0.1		%				N/A						N/A
Restructuring, impairment and transaction-related charges			$	(14.5)					$	110.1					$	(124.6)					(113.2)		%

Restructuring, impairment and transaction-related charges for the United States Print and Related Services segment decreased $124.6 million for the year ended December 31, 2021, compared to the year ended December 31, 2020, primarily due to the following:

			Year Ended December 31,
			2021						2020						$ Change
Employee termination charges			$	8.2					$	30.0					$	(21.8)
Impairment charges (a)			2.8						64.0						(61.2)
Transaction-related charges			—						0.1						(0.1)
Integration costs			—						1.9						(1.9)
Other restructuring charges (income)
Vacant facility carrying costs and lease exit charges			19.8						11.5						8.3
Equipment and infrastructure removal costs			1.6						1.1						0.5
Gains on the sale of facilities (b)			(24.8)						(1.6)						(23.2)
Other restructuring activities (c)			(22.1)						3.1						(25.2)
Other restructuring charges (income)			(25.5)						14.1						(39.6)
Total restructuring, impairment and transaction-related charges			$	(14.5)					$	110.1					$	(124.6)

(a)Includes $2.8 million and $22.0 million of impairment charges for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction and strategic divestiture activities during the years ended December 31, 2021 and 2020, respectively; and $42.0 million of land and building impairment charges during the year ended December 31, 2020. $56.6 million of the impairment charges recorded during the year ended December 31, 2020 were related to property, plant and equipment for the Oklahoma City, Oklahoma facility.

The following table summarizes net sales, operating income from continuing operations, operating margin, certain items impacting comparability and equity in loss of unconsolidated entities within the International segment:

			Year Ended December 31,
			2021						2020
			(dollars in millions)
			Amount						Amount						$ Change						% Change
Net sales:
Products			$	311.3					$	284.7					$	26.6					9.3		%
Services			20.5						17.3						3.2						18.5		%
Operating loss from continuing operations (including restructuring, impairment and transaction-related charges)			(16.1)						(0.8)						(15.3)						nm
Operating margin			(4.9)		%				(0.3)		%				N/A						N/A
Restructuring, impairment and transaction-related charges			$	31.3					$	12.2					$	19.1					156.6		%
Equity in (earnings) loss of unconsolidated entity			(0.3)						0.2						(0.5)						250.0		%

Restructuring, impairment and transaction-related charges for the International segment increased $19.1 million, or 156.6%, for the year ended December 31, 2021, compared to the year ended December 31, 2020, primarily due to the following:

			Year Ended December 31,
			2021						2020						$ Change
Employee termination charges			$	1.2					$	4.5					$	(3.3)
Impairment charges (a)			32.1						0.1						32.0
Other restructuring charges (income) (b)			(2.0)						7.6						(9.6)
Total restructuring, impairment and transaction-related charges			$	31.3					$	12.2					$	19.1

(a)Includes $32.1 million of impairment charges related to the Company’s decision to sell the investment in Plural during the year ended December 31, 2021; and $0.1 million of impairment charges for machinery and equipment no longer being utilized in production as a result of facility consolidations, as well as other capacity reduction and strategic divestiture activities during the year ended December 31, 2020.

The following table summarizes unallocated operating expenses presented as Corporate:

			Year Ended December 31,
			2021						2020
			(dollars in millions)
			Amount						Amount						$ Change						% Change
Operating expenses (including restructuring, impairment and transaction-related charges)			$	54.2					$	46.9					$	7.3					15.6		%
Restructuring, impairment and transaction-related charges			2.1						1.8						0.3						16.7		%

Corporate restructuring, impairment and transaction-related charges increased $0.3 million, or 16.7%, for the year ended December 31, 2021, compared to the year ended December 31, 2020, primarily due to the following:

			Year Ended December 31,
			2021						2020						$ Change
Employee termination charges			$	0.5					$	0.2					$	0.3
Transaction-related charges			0.6						1.3						(0.7)
Other restructuring charges			1.0						0.3						0.7
Total restructuring, impairment and transaction-related charges			$	2.1					$	1.8					$	0.3

Free Cash Flow for the years ended December 31, 2021 and 2020, was as follows:

			Year Ended December 31,
			2021						2020
			(dollars in millions)
Net cash provided by operating activities			$	136.5					$	190.2
Less: purchases of property, plant and equipment			(50.0)						(61.0)
Free Cash Flow (non-GAAP)			$	86.5					$	129.2

The Debt Leverage Ratio as of December 31, 2021 and 2020, was as follows:

			December 31, 2021						December 31, 2020
			(dollars in millions)
Total debt and finance lease obligations on the consolidated balance sheets			$	803.7					$	928.2
Less: Cash and cash equivalents			179.9						55.2
Net Debt (non-GAAP)			$	623.8					$	873.0
Divided by: Adjusted EBITDA for the year ended (non-GAAP)			$	246.0					$	260.4
Debt Leverage Ratio (non-GAAP)			2.54		x				3.35		x

The calculation of Adjusted EBITDA for the years ended December 31, 2021 and 2020, was as follows:

			Year Ended December 31,
			2021						2020
			(dollars in millions)
Net earnings (loss) attributable to Quad common shareholders			$	37.8					$	(128.3)
Interest expense			59.6						68.8
Income tax expense			9.5						0.3
Depreciation and amortization			157.3						181.6
EBITDA (non-GAAP)			$	264.2					$	122.4
Restructuring, impairment and transaction-related charges			18.9						124.1
Loss from discontinued operations, net of tax			—						21.9
Net pension income			(14.5)						(10.5)
Gains from sale and leaseback			(24.5)						—
Loss on debt extinguishment			0.7						1.8
Other (1)			1.2						0.7
Adjusted EBITDA (non-GAAP)			$	246.0					$	260.4

•Total Leverage Ratio. On a rolling twelve-month basis, the Total Leverage Ratio, defined as consolidated total indebtedness to consolidated EBITDA, shall not exceed 3.75 to 1.00 (for the twelve months ended December 31, 2021, the Company’s Total Leverage Ratio was 3.22 to 1.00).

◦Senior Secured Leverage Ratio. On a rolling four-quarter basis, the Senior Secured Leverage Ratio, defined as the ratio of consolidated senior secured net indebtedness to consolidated EBITDA, shall not exceed (a) 3.50 to 1.00 for any fiscal quarter ending prior to December 31, 2023, and (b) 3.25 to 1.00 for any fiscal quarter ending on or after December 31, 2023 (other than, in the case of this clause (b), any fiscal quarter ending September 30 of any year, each of which shall be subject to a maximum Senior Secured Leverage Ratio not to exceed 3.50 to 1.00) (for the twelve months ended December 31, 2021, the Company’s Senior Secured Leverage Ratio was 1.68 to 1.00).

•Interest Coverage Ratio. On a rolling twelve-month basis, the Interest Coverage Ratio, defined as consolidated EBITDA to cash consolidated interest expense, shall not be less than 3.00 to 1.00 (for the twelve months ended December 31, 2021, the Company’s Interest Coverage Ratio was 5.35 to 1.00).

•If the Company’s Senior Secured Leverage Ratio is greater than 3.00 to 1.00 or the Company’s Total Net Leverage Ratio which, on a rolling twelve-month basis, is defined as consolidated net indebtedness to consolidated EBITDA, is greater than 3.50 to 1.00, the Company is prohibited from voluntarily prepaying any of the Senior Unsecured Notes and from voluntarily prepaying any other unsecured or subordinated indebtedness, with certain exceptions (including any mandatory prepayments on the Senior Unsecured Notes or any other unsecured or subordinated debt). If the Senior Secured Leverage Ratio is less than 3.00 to 1.00 and the Total Net Leverage Ratio is less than 3.50 to 1.00, there are no such restrictions. The limitations described above are currently not applicable, as the Company’s Senior Secured Leverage Ratio was 1.68 to 1.00 and Total Net Leverage Ratio was 2.53 to 1.00, as of December 31, 2021.

The Company’s contractual cash obligations at December 31, 2021, were as follows (in millions):

			Payments Due by Period
			Total						2022						2023						2024						2025						2026						Thereafter
Debt obligations(1)			$	907.0					$	277.4					$	73.4					$	164.2					$	85.3					$	306.7					$	—
Operating lease obligations(2)			148.2						34.4						29.5						21.9						17.8						14.5						30.1
MEPPs withdrawal obligations(3)			45.0						6.1						6.1						4.1						3.9						3.9						20.9
Pension benefit obligations(4)			4.2						1.7						0.7						0.6						0.6						0.6						—
Finance lease obligations(5)			3.4						1.9						0.8						0.4						0.3						—						—
Purchase obligations(6)			21.4						14.9						2.9						2.1						1.3						0.2						—
Total(7)(8)			$	1,129.2					$	336.4					$	113.4					$	193.3					$	109.2					$	325.9					$	51.0

(1)Debt obligations include $97.4 million for anticipated future interest payments, including $5.2 million of estimated interest payments from the interest rate swaps, and excludes $9.1 million for future amortization of debt issuance costs. During 2021, the Company paid in advance $35.7 million on its Term Loan A for the year ended December 31, 2022. The Company also paid in advance $62.4 million of required amortization payments on its Term Loan A for the year ended December 31, 2023.