QUAD - Earnings call transcript Q3 2019

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Operator

Good morning, ladies and gentlemen, welcome to Quad's Third Quarter 2019 Conference Call. [Operator Instructions]. A slide presentation accompanies today's webcast and participants are invited to follow along, advancing the slides themselves. To access the webcast, follow the instructions posted in this morning's earnings release. Alternatively, you can access the slide presentation on the Investors section of Quad's website under the Events & Recent Presentations link. Instructions]. [Operator event this being is note, recorded. Please

now Mr. Kyle would like Investor to to over conference the Egan, turn g I Quad's of Director

Kyle Egan

are Dave Honan, and With Executive Vice President Thank morning, Chief Quad's Chief Joel Financial and today Officer. and and operator, Chairman, Quadracci, Officer; you, Executive President Quad's good me everyone.

Quad's discussion financial follow agenda X.X transformation Quad followed our of lead with terms Quad's summary Joel will XXXX off Dave of will third the by Q&A. In today, call results, a of with quarter a strategy.

would being like presentation slide as release are safe to call I news remind everyone today's provisions, webcast subject on this that Slide harbor outlined is quarterly in statements in X. our and forward-looking and to

accounting Quad's principles. financial prepared generally results are in accordance accepted with

financial included in financial slide these presentation adjusted cash measures financial contains including to free margin, of this EBITDA, the We've and EBITDA also debt ratio. GAAP non-GAAP flow non-GAAP measures, presentation reconciliations leverage adjusted However, measures.

the slide shortly a concludes after call quad.com Finally, today. and our of be of presentation available the section the replay call Investors on will

to hand now over Joel. call the I'll

Joel Quadracci

Kyle, you, welcome, Thank everyone. and

of process our to companies. that from production all holding marketing Through the growth the created shareholder differentiation advantage an We decline. full and it campaign which the challenges. includes sales are to accelerate point of and sharing traditional helps to our business us our Quad provide global will print points decisions important a of marketing solutions Quad sales and customer that take that opportunities we rapidly and together effectively of and success $XXX printers agency XXXX, will organic making non-siloed media pleased over strategy approach changing analytics, in incremental is ability large long-term on This growth through X.X, optimization X have strategies, to platform percentage X.X address investments generate with print drive update we're by you industry. woven in transformation I'm our bold having offset uniquely integrated on expected annual in clients' million value

Slide compromise an helps our of that multiple on multiple which marketing clients the eliminating programs they the handoffs complexity at executed. well of shown partners, strategy X, as working offering, As manufacturing both industry-leading with which reduce platform, as integrated the speed are includes

and enhanced also spend optimization effectiveness We through data-driven production all and strategy. insights, process improved creative channels across workflow content media planning and efficiencies reengineering, consumer and through campaign marketing

time fine-tune solutions platform Quad and have scale revenue. We to our incremental to drive our additional resources X.X invested continue to and

like grow based is explain further how relationship client to our To apparel in leading X, I Wisconsin. working, Kenosha, retailer, recent Jockey, wins. the our continued see you'll we've to strategy would Slide with share On some

in And prep Then the upcoming XXXX, expanded packaging doing providing for relationship analytics and international print division creative the began added with e-commerce catalog. social its through holiday We're online brand and additional prospecting. catalog media catalogs. channels. promote time, for We photography. photography with retailer and began Jockey's social production, Jockey's work. Jockey's customer direction video Our and supporting data we that Instagram year, copywriting we're first also print, for live retail, we've into including stories and catalog photography and the This

new underperforming existing data channels Historically, and customers and business. thinking a executing This to repeat on X use how on We markets. to program expand Slide insights provides of supported bring that and acquisition in marketing and they digital the led new and in of to be a print is an We direct them we campaign. which planning to researching created hand, started creative by With its customer. new capitalized an a its new launched mail customer opportunity better mail those retailer, included could was customers on direct format of effectively. complementary print-only to marketing proprietary the new behaviors and gleaned by a Accelerated helping early program success this demonstrate program Based virtual and launching XXXX, the more an campaign. integrated digital Quad's example make Quad new additional insights digital of in Quad testing through acquire large are digital the multinational leveraging a of program, platform, Insights. this direct mail into we drive

incremental XXXX this have had. account we with has otherwise one that would million multichannel relationship in organic ever-expanding in $X.X resulted over Our of not revenue

grocery for is circular printed the been Lastly, about hosting placement, June, only X,XXX-plus chain. print services growing retail Slide awarded program, X followed Since circular. rapidly we Quad's discount chain's the digital production stores. we've media circulars creative large its weekly Until for by national a and with partnership then,

It for the accomplish media particular, to relationship In matches the capabilities and We harness addition, probability the thoughtful to include of highest trip. has the buying. this all our the leading and solution channel offers and because media broadcast approach most the In business right multichannel it right on through client's our to and grown to the the in this digital goals. content was shopping accomplished the geography. time had best client right to planning opportune at media integrated services inspiring been way guidance a looking

X also performance incremental insights modeling KPIs. mix would client's spend managing for Furthermore, client this go-forward basis. this is the X measures Through this media will had. to organic media Quad we on million million relationship, mixes to $XX study that been the on more necessary able a by on increase that or spend procuring This excess behalf into the of we against we otherwise media improve future. produce in be started of have and than different have study $X.X a will client that media Furthermore, revenue multichannel in not the XXXX

expected organic with on as build I Quad relationships a new solutions trusted our incremental of continue a million products range client even sales marketing wide XXXX more transform value across and earlier. examples, will to relationships, existing and continue growth the client along current to in ourselves These contributed to many partner. $XXX provide of to services, has others discussed and

Quad Given our our to costs industry. will in X.X to which portfolio optimizing alignment to opportunities provide streamlining resetting scale product maintain our dividend, X.X, our Quad additional our success rapidly accelerate financial flexibility vision, further ensure further while strong actions and sheet advantage our changing to are continue we and Quad decisive taking strategy with transformation with take being X.X balance able to of a print the through also

the businesses. reviewing product divest decision made X the recent to In portfolio, our we

we Transpak, quarter. niche third Quad industrial but was first divested business, This a it great the was our The wood in noncore business, to was which crating X.X.

business sense Now book million. at as annual up look generates our portfolio which transformation we makes we product our strategy. are through of $XXX X.X lens this business, underperforming of the Quad Divesting divesting our revenues

years, and investments book the platform our significant all long-term. industry the have made will in which Over talent, benefit we

we serving pursue continued clients focus our well. the on As this sale, employees we our thank for

will proactively advance and capitalize optimize we portfolio our to landscape. to ever-changing continue ahead, our on Quad media product Looking the X.X strategy

Dave focus a share details management, We on moment. which cost more on also in continue our will

in reset X.X strategy, our decision growth-focused additional that for over long we ability our opportunities the also rapidly provide clients' have to proactive address the opportunities us help to term. It evolving Quad made with will financial needs with accelerate changing Lastly, to balance and advantage strong us will sheet print maintain quarterly flexibility of provide the our take a dividend. industry. This the

long-term capital the make a all best that that ability disciplined our helps do, interest of employees, we and strategy have shareholders deployment to continue that are us decisions and In this. we in to through our client, pride we

that, to I turn call the With Dave. now will over

David Honan

sales that and Joel, business of our in of operations financial information. the X acquisitions, third in of the $XXX you, comparative Organic flow with exception everyone. today's our of million results. compared excludes discontinued to XXXX, the Please results Slide financial in Thank XXXX which good snapshot X.X% provides all periods, discussion quarter during cash sales, morning, down quarter. the note Net quarter declined exclude book as X.X%. third $XXX the million a were

earlier, pricing exchange. negative X.X% mentioned at foreign sales X.X from organic were Quad ongoing offset benefited by generated from revenue pressures strategy but impact from print a and volume Joel As new the industry

year-to-date flat XXXX. with sales net basis, billion, a were $X.X On

reflect industry volume print sales organic The generated revenues negative X.X%. and foreign and strategy, ongoing acquisitions, Excluding sales from exchange. X.X% organic new pricing a from the declined by pressures Quad offset X.X impact

strategy over X transformation is helping growth of $XXX X.X annual points Quad decline. incremental print percentage Our in offset organic sales of which expected XXXX, sales to driving is million

$XX an increase variance to year decline, compared XXXX of quarter production an and million impact sales XX%, margin from prior was reduction in $XXX Adjusted byproduct and was The EBITDA market EBITDA million in $X the to reflects for prices primarily third from to the XXXX, the hourly X.X% as X.X% compared million adjusted organic impacts a respectively. paper investments strategic million from impact to made $X recoveries wages. of as

and last we markets wages unemployment labor increase an low to most due incorporated rates This wages, benefits entry-level hourly a production retain our open employees. investments basis positions As historically labor necessary annualized year, strong $XX quality million to make began training reminder, needed additional and the totaling employees. strategy competitive on in programs and to challenge of fill competitive our to and enough skilled finding

EBITDA compared due to September ended X.X% XXXX level was market increase primarily reduction in paper impact $XX $XX a $XXX decline, XXXX, the to from as wages margin same benefits to a respectively. million $XX a sales that made prices at X.X% in for and XX, in months and million investments the organic million repeat production XX.X%, $XXX X The realized the nonrecurring to XXXX, million from was EBITDA year hourly adjusted for in prior Adjusted did recoveries. variance impact byproduct in million the from impact was as not compared to XXXX, strategic

cost the was in by the we the nature certain reduction terminated which the related acquisition, performance synergies. financial LSC of Our for prolonged in delayed third integration of negatively anticipation quarter activities impacted

a will and of in year in be in to of the at cost a cost cost anticipate rest be to $XX Given savings. by of quarter, savings annual was the savings total We million savings subsequently the XXXX $XX these third program the which those rate quarter million end delays, recognized realize the of we increased $XX million of fourth announced run XXXX. the basis by full

payments, million capital and lower to long-term investments on net automation platform. The manufacturing higher earnings in improvement in expenditures in cash on free is offset increased $XX cash by We continue partially million cost provided savings million grow projects LSC-related excluding cash negative this to million future. of $XX as flow, million $XX Year-to-date, savings $XX additional free to program into cost the work working negative proactively our XXXX. flow $X capital, compared was primarily in by further due and to productivity

reminder, we flow generated a in to in strongest As volumes free the fourth be of quarter. a And back the the majority half due of result, year seasonality. the cash realized our as our will

included we've X, The updated reflect a update to Slide guidance business business book summary updated of operations On to guidance. XXXX our of trends. the was exclude and the discontinued annual

expect million of the net our net updated We sales $X.XX approximately billion, billion $X.XX guidance exclude of to $X.X sales full original from be business. year $XXX billion to to book range from XXXX approximately

year Full to of business million, range range book from is update to to the guidance discontinued the million million updated in $XXX business current of expected to and EBITDA for adjusted $XXX the of trends. to operations our XXXX $XXX exclude $XXX primarily original be million,

by impacting savings the an several these Subsequently, previously the million estimated reduction impact such year-to-date delay guidance of that terminated from annual savings in LSC We cost related our acquisition. in trends the and $XX from were now anticipation the delays activities further quarter as results offset million, cost discussed quarter fourth partially program. synergies $XX

to lower Also, year, weakened EBITDA half in recoveries, full least adjusted XXXX on million. back which the expected year byproduct of impact paper by prices at significantly the market are $XX

in $XX wages And long-term investment by yet improvements. not production finally, offset is the productivity million hourly being fully

improvements and term. realize labor expect savings in these long strong over from investments the to productivity more seen have XXXX We

expected $XXX $XX million to $XXX million expected excluding our updated in Full of LSC-related primarily flow million to $XX discontinued million, to free flow cash the of EBITDA operations million payments, from business, million flow is cash which of the was impact the the This of cash cash range book the the included reduced free in from to year guidance free consolidated in XXXX range impact are $XX $XXX adjusted reflecting after million. $XX from flow, of original be guidance negative and activity.

quarter million related Slide a capital million previously includes Periscope the cash and increased LSC of cash to the acquisition, XX at to terminated September as to flow, $XXX million of of $XX third for of $XXX the end Debt summary of negative paid million debt costs billion, acquisition net $X.X XX. since free due structure our $XX year-end as primarily discussed.

is structure at XX% a rate XX% September floating capital debt blended XX. and with interest of Our fixed X.X%

we liquidity of Available our million, $XXX was significant XXXX. have under May $XXX no and maturities million until revolver

have quarterly resources to dividend. growth capital We our to and pursue through the opportunities shareholders our financial future return

Our payable on per will of share be December as XXXX. next XXXX, quarterly dividend of $X.XX November shareholders of to XX, X, record

finished is leverage to range third above of of quarter of leverage We the X.Xx. with which debt X our targeted XXXX long-term X.XXx,

for range. compelling will priority opportunities, the as reduction. we timing may continue will the While of Periscope X to X.Xx debt term, target this long-term leverage outside near strategic investment of to our cash our range be operate due we acquisition, continue to In such the to

provides balance and our announced wood sheet sold transformation. strengthen Since industrial for taken provide vacant yesterday more capital X.X over XX Quad million crating overview cash that to $XX XX accelerate actions an business to our strategy, further Quad and our million businesses decision noncore the book our of in recently to sale XXXX, facilities divest the to such the our to are Slide we've we as business. of for X.X divested we $XXX

more our Term to million retirement in also transformation, cost reducing cash levels dividend in accelerating by optimizing delivering value addition working million Loan financial the our program on $XX We stakeholders. through to leverage efforts efforts. third additional latest long-term cost Quad of all through savings reducing million approximately flexibility, B remain improvement debt reserve capital our our These measures savings $XX further continuous to sustainable focused of and the and quarter, through X.X focused resetting flows quarterly on are driving the interest $XX annual costs our annually improving

questions. I'd now will who facilitate And to your turn our operator call taking the like back to Sean?

Operator

[Operator Instructions].

come Our Jamie today will first question Buckingham. with Clement from

James Clement

-- books can Dave, couple I like housekeeping number get Joel I've that's got if item quarter, would to second from the a the versus just EBITDA okay. with discontinued? one look I I'll the going million months third there, quarter, then If numbers just all for first at you, $XXX.X reported about start a questions that quarter, I X for and if of here. million Is like the difference $XXX is

David Honan

That's give will you put you out to numbers back Jamie, XXXX quarterly yesterday correct. an we've And through restated X-K help that too. reconcile that,

James Clement

Great. Right.

to wanted make sure. Just

Okay.

back like So I the gains going on it all some getting XXXX, Joel, investments not productivity, them. sounds you're guess, of in efficiency to but

of savings to part next As plan? the there, that is gains into you addition in to? Or expect year, cost we of would is look kind that get $XX million any

Joel Quadracci

let this. so hit Well, me on

of look you from labor suffered back productivity the standpoint 'XX, when So market. to we because a changing

-- than worse productivity transaction, people past. without we have to And plans run or these we the with was LSC had either the actually to given well-trained efficiently. And so our in need

made really decision result. the to bite you as as significantly wage we to had biggest where And concentrated areas did a have increase the then bullet in the well tough and that And starting we as with deal so problems. the we compression

industry long after What talk seems, wage putting is industry, entity we as of market, inevitable I In -- saw it everyone's you as that the the but off that you to our off, days case, find interesting about the pressure, it. with talking I known labor everyone's put if as these possible.

away. when productivity light cost all comes pretty way hard. a is it And the come do switch. the do you It you The hurt and on improvements later. did, we problem get this, You right is in the

in when of I'd in that And there's turnover. we've again. train side over actually year-to-date. the you less we've the to tight spending a rates hard as increase the lot from day. so We've of have that you impact had training to 'XX we've this. don't then improvements the well money pretty you because 'XX, but And it's a remember, higher-quality And because gets in say productivity seen hurt one timing significant, market, start able someone because to been productivity turnover labor wherever as labor definitely employee And the incredible seen have you're

the point in year. correct, XXXX, saw feel the we the in throughout no, trend gotten productivity of we totally happening productivity increase it. you're in So to But improvements. of we But about haven't continuing that offsetting terms good upward

David Honan

to, that productivity happen longer to to in investment you're will get million the directly outside to where wages. term Jamie, $XX million $XX going about this the of I -- think in specific the that we're And savings Yes. point, cost over are talking these related programs the

Joel Quadracci

Right.

that's of things productivity continue is the of improvement, do The will So typical et that. we a continuous outside that cetera. lot stuff at stuff

James Clement

know I to you a I do productivity or in XX? much over or how specific X it's months I much get the a think maybe don't more -- How you mean, do you'd it's maybe way it's of -- X target? next the I able XX moving goal. be mean, if to But

Joel Quadracci

I'd I probably the we're fair? to guess don't in eighth know. Is seventh inning. it

David Honan

Yes.

I of to And than to what we fully more really markets the happens months low in see labor take the other XX in external be unemployment. on impact. based faced it's factors think going it's the on challenge to which going

more are do like And been so nature plants increased despite of because asking moved complexity personalized print. will have what the we've customers where to that, with with but these the teams the tell time us to through progress making in our on of we print really speeds

put get time. rates longer the rise, just it's quality and Joel as just said, retention tremendous, the been So on out and -- books see more to quality door the

Joel Quadracci

of we innovation does not wage cities, to. of this. it's that populations. lot We've who we started recruit, terms inner there's a in obviously, how things with just recruit We've where underserved And done

approach. really top over it's that's here regular top line. one at heavily bit been the our I surprise you decline So important Almost GDP holistic by opposite. we've far offset sort the the to able of some on echoed really of at look really retail. is And think line of understand different a performance things I of not -- that on And mean saying now, in morning, sentiment significant. got we so retail to it's We've volume areas focused look right you if X But inserts. sluggishness the at as decline, see the a on report where the points this I it this percentage with that's pretty little by year. look if we retail that there's sluggishness side is they had

mind, But while offering, of I'll the spending insert, here rest helps I also say that, sluggishness retailers, invoice well. through more retail money Those of examples the offset, the be in a which revenue used some amount on that the products, our may in -- and number it insignificant revenue are our in have smaller couple basis. today, an of actually on ones resulted dollar services, products there we also account-by-account weren't as lose in the which but more a these typical are increases

So is important. why X.X that's

James Clement

a of understand maybe borrowing press the language help the more. in release this from and Joel, some little bit us

bit? might as those transformation. X language accelerating not thing around some you same a together think necessarily print that the Can that the is of X.X taking for little advantage changes us in bridge think the industry I

Joel Quadracci

in that they a walk did think when dynamically needed we because I way it employees, of sides blocking the But away I with the delay to way DOJ didn't was this risk for that I That's the mean, that from walked industry get LSC understood it. lot away look would've potential great we industry changing actually And They of -- felt, dynamic uncertainty do a felt, been didn't both. that the LSC in to clients, of that if transaction, the shareholders. block. think that But reset, you the okay? look, media remember, sued the constituents. all trends, it. the point we controlled at because It's higher another Certainly. both with a -- a

that still the hasn't reset and so not And a now, is changed happening, doing what industry needs we're it.

us apart, after continue to look at running rate. saw at best-performing we labor to plants sure are deal fell a close make and our the two platforms high that You ways

there. flow use they Now consolidating to if be at And that you to always we really to look creating cash there's and continue so we ourselves. being said, transform can going know, if to they're as strong great, affordable shakeout us that opportunities lend other itself free

And and We've points is not It's bridging no so X.X that's faster. that showing we're now, been on an second your of ago. accelerating longer X is being scoreboard faster question part the experiment putting the an like you years experiment. and it's

lifting And type takes that's gaps so in bridging lot talent, of sale scale. the we've reorganizing terms creating done to this That's departments, at infrastructure a heavy it between of that's units. do of hiring business sales different

of to done so it's adding the everybody. great lot that. we're to all analytic continue now, spaces I We've multichannel in represent sharing the us, that, to the keep that M&A. space, a in right whether talent And some space, video different the examples with in But scale going we're of

be proven opportunities, on I can't go path we've we've to when to about above opportunities really think do to be, pick have where But I X.X. so in have go down. it's if a important time, to but wherewithal for we're And to -- we the over but we reset. there's have to that's those able come. prepared the We do that going a sheet, like has it's forward always through for both, potential balance kind prepared And it, Because dynamic talked you want industry we that and we always think be going always as a range aggressively that actually on we that. industry, got good why of to our

here. at advantage decision and to that when is on when the that. back But predict wind company that to that large the some have happening, tough going has, And means to to future, a predict things me, I my wherewithal very we making responsibility to Quad strong is accelerate a making and can me, can't able to it into be already -- and I so to the is of I happen. sure shareholder our X.X take sure they're on we're dividend. going I'm the mean

James Clement

opportunities with opportunity your of respect of to Vertis-type Joel, some a way them that problems. arise, what I for kind do of your that may you're way, you Okay. mean Is given of kind lot that to? are scale, many sub anticipate way, having competitors situations going forward? alluding

Joel Quadracci

be. could It

as to printing and it's you what you us. in in just the manage forward you focus it just things on, at organic then numbers is keep Vertis table we're was it, you is for a to very we again, there. conjunction with know. sake there here, doing way, at tell by go tell look as to because light to acquire. We're that's been But brings -- the the out My continue that and this products is but of If and do switch, be have to the get decline. on ourselves. But about organic there it that we're organic how you That's and restructuring. with as a what is not There But depends doing showing the for that you with that's need What then to going be large to X.X to tough putting going will dealing offsetting the the know. what look replace grow. LSC. just not we've opportunities out decline. recall, you're to could environment really goal I to But the competitor -- the still And strategy I decline you it

James Clement

customers Joel, educating and of I know I provide, But base of solutions X.X did -- terms. encountering like services hey, the along you if not that talk all all to say, X-inning did you still in to print know your in don't how on related are far want of customer like terms that? you that you the kind

Joel Quadracci

It's geographies who not your marketing in are using to right the suppliers and whether changed in they that holding people this right the Print data time integrated been people different someone in people the under of spend It's point, in change. at everybody going product, is consumer who right about This winners right marketing marketing challenge can have the -- managing having managing is to was there, execution. from market. broadly. a the using to always going silos an out way, really the from you. idea place. standpoint. and in that say the companies use one noticeable losers from in way It's the fragmented dramatically. now expect just this separate print. you're a way analytics circumstances, is it very right but the that's buying you But to not I'd used big the because pressure about The great is that is a to year if the a it's I'm outpace and has marketing And talking just

over were The of seeing acceleration when direct of We with Tim lot you and necessarily one out that's it able we've is is sponsored to well digital, the fragmented of in aren't the an dtx have We talk people our users use other to at dropping. a print. Armstrong, nonprint for And of A starting think about thing the now really Adweek. with rapidly mail. power sections. that's of measure that that marketers about done expense years. the Because is while digital-only doing and But seen proper very effectiveness way. the it even increasing this where trend the we're partnership

way, were very print, think at If drop see dot-com X.X into coming tried and When they or channel. I the ones when like online. if something off opportunity digital this now an original They you replace you made L.L.Bean were And by early people they volume look came, to they we saw to to And came so significant cut one catalogers, right? it and on. mistake names the consumer, print, that, along, saw print-only all direct the about that they an print. opportunity think as

so them. And different to have you that you have layer learned they when media channels,

strategy. You it can't as use a replacement

legacy And is side, and digital-only to to going on have channel. to they digital a to basic even where to marketers, learning going happening cost they're now that in the includes billboard, now print, be always that it's layer what's not The petering It's everything. the disappearing. so same is is effectiveness that lesson. they're out. commercials, TV, It's realizing But great back channels up

kind is going only I here if not integration marketing, are clients talking people about I understand, it. about and for about on the the what the lack take so in shift is for the think time with out to models educate and with anything a to having there do we're of who to educating were do And marketer investing understand it's the them need help to to available truly of that X.X,

to now out us this And people's The long heard left customer that I'd they field so took hard. of to early minds, listen process coming years the we're process here hadn't that of a to get of because has But say it accelerated. really before. a kind in was most and time

actually less I mean, inserts creating than ago. examples, for people. retail Some of months printing we're and we're commercials Suddenly, buying those TV X video just

you in So educating. turning lot understanding I see in of We what, turning increasing. not is of them pace spent spent know We've down. up marketers, a lot we're a marketing. is And on the time doing of pressure the money what

long-winded is... but the Sorry this for answer,

James Clement

No. at Not No. Very all. helpful.

Joel Quadracci

doing everyone for understand, announced point important what it. in really a context to of we've why today is and we're especially This

Operator

Quadracci, would I any This will over conclude Mr. today's CEO, conference for like the remarks. Joel session. closing to now to back turn question-and-answer

Joel Quadracci

Thank everyone, us. joining you, and thank for operator, you,

As is which in strategy, are call, confident Quad we we X.X shared our today's on working.

to work. existing as new expand We continue as clients work with well win

Given opportunities to our ability success investments are will long-term to the with that accelerate transformation, take industry. value us print our provide business shareholder the growth our Quad making X.X, changing in of and proactive in taking with and steps drive we rapidly further advantage

making in best of long-term As and remain on our decisions always, focused shareholders the we clients, employees. interest

quarter. next speaking look to and you with thank again I that, with forward you So

Operator

has today's now Thank concluded. disconnect. for may you and conference presentation, The now attending you

Quad/Graphics (QUAD) 30 Oct 192019 Q3 Earnings call transcript