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Quad is a global marketing experience company that simplifies marketing complexities by removing friction throughout the marketing journey. The company employs a results-driven approach to enable stronger marketing operations, leading to real, repeatable success for its clients. Quad offers a comprehensive range of marketing and print services, integrating creative, production, and media solutions across online and offline channels.
- United States Print and Related Services - Manages U.S. printing operations as one integrated platform, covering print execution and logistics for various printed products and marketing services.
- International - Operates printing services in Europe and Latin America, providing printed products and marketing services similar to the U.S. segment.
- Corporate - Includes unallocated general and administrative activities, such as executive, legal, and finance functions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David J. Honan ExecutiveBoard | Executive Vice President and Chief Operating Officer | Advisory Board Member at FM Global | David J. Honan is currently the Executive Vice President and Chief Operating Officer at QUAD since January 2022. He previously served as Executive Vice President and Chief Financial Officer and has held multiple financial leadership roles at QUAD, and he also serves as an Advisory Board Member at FM Global. | |
Eric N. Ashworth ExecutiveBoard | Executive Vice President of Product and Market Strategy | Uniting Voices Chicago; The BrandLab | Eric N. Ashworth is Executive Vice President of Product and Market Strategy at QUAD since 2015 and has served as President of Quad Agency Solutions since April 2016. He has a distinguished career in marketing strategy and also serves on the boards of Uniting Voices Chicago and The BrandLab. | |
J. Joel Quadracci ExecutiveBoard | Chairman, President, and Chief Executive Officer | Board member at Plexus Corp.; Board member at Pixability, Inc.; Board member at Road America, Inc.; Board member at National Association of Manufacturers; Board member at Metropolitan Milwaukee Association of Commerce; Trustee at Milwaukee Art Museum; Advisory Council member at Smithsonian National Postal Museum | J. Joel Quadracci has served as Chairman, President, and Chief Executive Officer at Quad since January 2010. He joined Quad in 1991 and held previous key leadership positions including President (since January 2005) and President & CEO (since July 2006). | View Report → |
Joshua J. Golden ExecutiveBoard | Chief Marketing Officer | Board of directors of the National Epilepsy Foundation | Joshua J. Golden is the Chief Marketing Officer at Quad since July 2021. He also serves on the board of directors of the National Epilepsy Foundation and has held key roles at organizations such as Ad Age and Xerox. | |
Julie A. Currie ExecutiveBoard | Executive Vice President and Chief Revenue Officer | Board of Directors, Boys & Girls Club of Lake County, Illinois | Julie A. Currie is the Executive Vice President and Chief Revenue Officer at QUAD since November 2020, and she serves on the board of directors of the Boys & Girls Club of Lake County, Illinois. | |
Anne M. Bauer Executive | Vice President and Chief Accounting Officer | Anne M. Bauer is the Vice President and Chief Accounting Officer at Quad, serving as Chief Accounting Officer since March 2017 and as Vice President since January 2022. Previously, she served as Director - Corporate Controller from May 2016 to March 2017 and Director of Corporate Accounting beginning in September 2011. | ||
Anthony C. Staniak Executive | Chief Financial Officer | Anthony C. Staniak has served as the Chief Financial Officer at Quad/Graphics, Inc. since at least February 20, 2025. No additional board or external roles are recorded. | ||
Dana B. Gruen Executive | General Counsel, Corporate Secretary, and Chief Risk & Compliance Officer | Dana B. Gruen has been serving as General Counsel, Corporate Secretary, and Chief Risk & Compliance Officer at Quad since February 10, 2023, following a distinguished career progression that began in 2007. She has been instrumental in shaping the company's legal, compliance, and risk management functions. | ||
Donald M. McKenna Executive | Executive Vice President and Chief Administrative Officer | Donald M. McKenna has served as Executive Vice President and Chief Administrative Officer at Quad since January 2022. He previously held roles such as Senior Vice President of Sales Administration (August 2018 to January 2022) and Vice President of Sales Administration (June 2013 to August 2018). | ||
Kelly A. Vanderboom Executive | Executive Vice President and Treasurer; Head of Agency Operations | Kelly A. Vanderboom has served as Executive Vice President at QUAD since 2018, Treasurer since March 2014, and also took on roles including President of Logistics and leadership of EBITDA initiatives in October 2019. | ||
Robert H. Quadracci Executive | Chief Human Resources Officer | Robert H. Quadracci has served as the Chief Human Resources Officer at Quad since February 2023. Prior roles include Vice President of Human Resources - Sales, Marketing & Quad Agency Solutions (January 2022 to February 2023), Executive Director – Human Resources (2014 to 2022), and Human Resources Director (1999 to 2014), with earlier experience at Edison International from 1992 to 1999. | ||
Steven D. Jaeger Executive | Vice President and Chief Information Officer | Steven D. Jaeger has served as Vice President and Chief Information Officer at QUAD since November 2015, following executive roles including Executive Vice President, President of Direct Marketing from November 2014 to November 2015 and other leadership positions dating back to 1998. |
- With organic net sales expected to decline between 2% and 6%, how does management plan to counteract the negative impact from lower paper, logistics, and agency solutions sales, particularly in light of ongoing tariff uncertainties?
- Given the shifting client behaviors observed with catalog and publication spending, can you detail the specific measures management is taking to address potential dislocations in demand due to tariff-related supply chain challenges?
- In light of the $42 million divestiture of European operations and the subsequent focus on U.S. markets, what are the plans to mitigate the impact of losing a large grocery client while ensuring sustainable revenue growth?
- With free cash flow turning increasingly negative due to proactive inventory purchases and working capital timing, what specific steps are being implemented to improve working capital efficiency and restore positive cash flow trends?
- Considering the anticipated 10% postal rate increase and the complex test promotion for catalogers, how does management plan to adjust pricing strategies and cost structures to maintain margins in an evolving postal cost environment?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Enru | 2025 | Completed on April 1, 2025, the acquisition was structured as $16.3M cash at closing with an additional $2.0M due later in 2025, and a potential earn-out of up to $16.0M over five years, contingent on meeting financial targets. The deal strategically enhances Quad’s capabilities by adding high-density co-mail manufacturing equipment, technology, and client relationships, thereby improving co-mail postal optimization and harnessing economies of scale for increased postage savings. |
Recent press releases and 8-K filings for QUAD.
- Q1 2025 Financial Highlights: Quad reported net sales of $629.4 million (, ), adjusted EBITDA of $45.5 million (, ), and negative free cash flow of $(100.3) million (, ).
- Comparative Performance: Q1 2025 net sales declined 2% vs Q1 2024, with adjusted EBITDA down from $51M and diluted EPS doubling to $0.20 ().
- Full-Year Guidance & Capital Allocation: The company reaffirmed its 2025 outlook, targeting adjusted EBITDA of $180–$220 million, free cash flow of $40–$60 million, and a year-end net debt leverage of 1.5x, plus a 50% dividend increase and ongoing share repurchases (, , , ).
- Debt Reduction: Net debt was reduced by $81M in Q1 2025 ().
- Strategic Asset Sales: Quad divested its European operations for $42M and sold a Sacramento property for $5M, reinforcing its capital allocation strategy ().
- Net Earnings turned positive with $6 million in Q1 2025 (up from a $28 million loss in Q1 2024) alongside diluted EPS of $0.11 and improved adjusted diluted EPS of $0.20 (up from $0.10) .
- Net Sales were $629 million in Q1 2025, marking a 4% decline versus Q1 2024, driven by lower paper, logistics, and agency solutions sales and the divestiture of European operations .
- Quad repurchased 1.2 million shares year-to-date and declared a quarterly dividend of $0.075 per share, while reaffirming its full-year 2025 guidance amid macroeconomic uncertainty .
- Adjusted EBITDA declined to $46 million compared to $51 million in Q1 2024, reflecting the impact of lower sales and increased investments in innovative offerings .
- Executive Departure: On April 1, 2025, Eric N. Ashworth, Executive VP of Product and Market Strategy and President of Quad Agency Solutions, announced his departure effective May 1, 2025.
- SEC Form 8-K Filing: The report was filed on April 2, 2025, confirming the executive departure.
- Quad/Graphics Inc completed the sale of its European operations to Capmont for €41 million (approximately $42 million, with $14 million received at close), covering print, ink-manufacturing, and agency operations in Poland and across Europe.
- The transaction supports the company's strategy to optimize its portfolio and invest in enhancing its marketing experience (MX) solutions, particularly focusing on growth in the Americas.
- Q4 2024 results: Reported Q4 net sales of $708 million (a 10.1% decline YoY) and full-year net sales of $2.7 billion with margins improving to 8.8% from 8.3% .
- Adjusted EBITDA: Achieved $224 million in Q4 adjusted EBITDA, reflecting stable performance .
- Cash flow & debt management: Generated $56 million in free cash flow, used to reduce net debt by $120 million (a 66% reduction since 2020) and maintained a 1.6x debt leverage ratio .
- Dividend increase: Management raised the quarterly dividend by 50% to $0.075 per share, supporting shareholder returns .
- 2025 Guidance & strategic investments: For 2025, expects an organic net sales decline of 2%-6% with full-year adjusted EBITDA between $180 million and $220 million, while investing in technology and new offerings like At-Home Connect and In-Store Connect to drive revenue diversification into higher-margin segments between 2027 and 2028 .
- Q4 2024 performance: Reported net sales of $708 million and net earnings of $5 million, a turnaround from a loss of $22 million .
- Full-year 2024 results: Achieved $2.7 billion in net sales, an adjusted EBITDA of $224 million, and a net loss narrowed to $51 million .
- Reduced net debt to $350 million with a debt leverage ratio of 1.6x, reflecting ongoing debt reduction efforts .
- Dividend update: Increased the quarterly dividend by 50% to $0.075 per share .
- Guidance update: Introduced 2025 guidance aiming to further lower debt leverage to approximately 1.5x .
- Quad increased its quarterly dividend from $0.05 to $0.075 per share (annualized from $0.20 to $0.30) with a payment date set for March 14, 2025 and a record date of February 28, 2025.
- The board highlighted the company’s focus on strategic growth, strong cash generation, and debt reduction, along with the flexibility to pursue future share repurchases.