QUAD - Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to Quad's First Quarter 2024 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 the earnings release. Alternatively, you can access the slide presentation on the Investors section of Quad's website under the Events and Presentations link. this the being Krebsbach, conference Relations note like would Quad's Please Manager. turn to over Instructions] event recorded.I is now Investor [Operator to Katie Katie, go -- ahead. Please please

Katie Krebsbach

followed me XXXX follow and are in with remind update morning, quarter Chairman, presentation operator, generally accepted Quad's a results, and is slide Officer; release Financial business by Quad's Executive accordance with with outlined and everyone that of being webcast news Tony would like prepared today's Chief Joel first Q&A.I to safe lead on Officer. you, Thank as Joel President everyone. With this Slide and will a subject Quadracci, provisions quarterly today principles. in summary call good forward-looking accounting financial Quad's Staniak, harbor X.Quad's our Chief statements financial in will and and Tony are are to today's results call

EBITDA, non-GAAP debt However, margin, and this net contains ratio. earnings also debt flow, adjusted presentation including, leverage financial adjusted share, cash diluted EBITDA per free adjusted measures,

Investors will of available hand in of today.I over call reconciliations financial Joel. presentation slide to the presentation measures.Finally, financial now of section the after non-GAAP shortly our We have call slide to included a measures the the replay on quad.com will these and GAAP be concludes the call

J. Joel Quadracci

morning, you, Katie, and everyone. good Thank

our XXXX line in year were on expectations, achieve and to our results with quarter first Our guidance. full remain track financial we

factors generation impacted as returning consolidating dividend a next includes capital costs cost our significant increases and business manage of economic print reducing longer payable all we strong the any subsequently negatively manufacturing structure like to mailings. to our the and rates, we all for to loss remain a revenue shareholders, assets continue record share, manufacturing work to of to and of no and by can EBITDA also flow net our greatest recent required achieve use significant in elevated in May delivering free the treating offerings, $X.XX direct ability financial June optimizing our clients will quarter, to and by so per marketing experience headwinds, ongoing focus As decrease XXXX.External flow year-over-year our can confident sales by better led in on XX. scaling we platform and diverse first shareholders first our our large quarter earnings aligning revenue asset communicated to Slide capital services fuel best quarterly such debt of selling on sales X, X Despite improved most grocery where through investing deliver as we operations.Turning and into execute the on impacting of business continue would opportunities, postal service. variable, strategy have last our on efficiencies in to of Free which mission plants anticipated to we aspects the strategy.This cash uncertainty client. as to customer our included the in call, adjusted interest our cash cash rate sales and were quarter from we decrease a Sales allocation further

intelligence clients solutions and drive spaces. client cost in speed to to and of flexible, on AI-driven each continually efficiencies, tailor market and included by to are to strengthen online solutions At MX journey across X. data-driven effectiveness, new and the we offline, Our supported and facet and for from media, scalable solutions marketing technology and to state-of-the-art connected marketing span production are Slide investments.Moving new value every and deliver on of improve these creative, solutions.We Quad, our objectives, innovating

the are the announced to most advertising the over we XXXX. consumer which is on entry our messages or recent spend channel. omnichannel experience on announced companies store the Save deliver Connect In-Store a will grocer Quad's critical predicts we private retailers its our this Companies, physical solutions and goods Mart our deep the to Through ad eMarketer of in-store The quarter, elements solutions fortified best shopping the into new advancing DART shelf, by with environments.Our In-Store engaging an the next by media in builds at focus Retail decision.Earlier provider. expertise and purchasing billion in grow During right of the taking launch RMN. on in-store store with partnership In-Store big is regional promotions bringing the and $XXX digital RMNs, we and packaged Networks it by into RMNs Innovation, acquisition Media digital moment brands Connect, help week, largest Coast West commerce

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our Our for medical recommended work.On which engaged a consumer us we the Costco response influencers our of April, media ever.We client for drive has better large Sugar time campaign helped this are work product nation's revenue. the together summer, experience work brand. a In but SpinLife, also the XX media it partnership so at us within client a on services our increased provide XX, space X. as social company our New to representatives retailer we hosting rates York The office supported is solutions its for so how hard already now stores providing it recently first for durable show team first media much for suite Slide been with and to equipment our City launched wellness promote health clients. direct-to-consumer direct-to-consumer we shown thrilled XXXX product connections and event largest to and another helping Raw example the creative Slide help of launch and to pop-up in at MX by and the marketing market rollout strengthen

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Anthony Staniak

we XX, our Thanks On everyone. diverse show and good revenue morning, Slide Joel, mix.

sales.Our due including During and volumes the first well quarter $XXX the XXXX XXXX, the by uncertainty were agency of solution were to to net our rate print XX% sales of postal and a lower impacted significant of client. paper, compared a first ongoing as headwinds, quarter as million, large negatively decline external economic loss increases grocery print

lower partially restructuring revenue with The ending response first sales, impacted our the sales, and we diluted savings expect Springs, per to cost adjusted million lower volume of to the partially first decrease offset and recent to offset Bolingbrook, first first repurchased cost million as of stock.Free last New Saratoga savings and to generate America, earnings, of to largest of benefits last count the of $XX to flow such primarily first margin quarter's compared our share negative quarter due expenditures. York quarter included stock a the X% actions magazines communicated improvement Since buybacks. from from United productivity call, segment to to States.Slide our snapshot which consistent we manufacturing well while trends XXXX educational the in Latin improved compared Adjusted initiatives.This XXXX XXXX, year-over-year by decrease results. quarter, due and have up.In year common we $X.XX of completed from primarily from of ramping is million adjusted that EBITDA to the lower quarter in restructuring share lower EBITDA a XX% a earnings during the quarter book $XX on $XX as $X announcements were lower quarter was first to in mix due capital Illinois by reduced first cost X.X%. the declined was Additional first quarter million outstanding the reduction anticipated adjusted the a XX approximately of of XXXX.Adjusted in decrease the was be XXXX, XXXX, second plant primarily the due a increase the to closures, XXXX, our in as had $X.XX EBITDA in as the we million during exported savings due XXXX AARP as in X% in what full that actions quarter will cash of quarter was earnings compared XXXX, net total we with first wins $XX in in of the share impact primarily provides X.X% of to financial quarter beginning

of to of target X% continue sales. net We annual expenditures approximately capital our

will sales we sold for provider closed in plant a services print as million in April, of have solutions total and As expect quarter, from free XX.During asset flow to asset X-year of portions of we XXXX and by generate $XXX to from facilities.In as leading we addition sales due million, XXXX, sales over to in on end-to-end non-core we our strong quarter. $XX which certain headquartered in last from Manipal of proceeds divestitures period flow Technologies, of received as the third XXXX, of our end sales. cash Slide balance shared and we April the minority India, continue already $XX million proceeds with free shown from the business These property, generate business equipment the of proceeds cash well to include investment

X of with progress a to $XXX forma commitment collar by printing rate million. to we credit the our X and cash addition our the At the reminder, floating on the term-loan if interest continue our facility arrangements X.X% We by owned entered end A generated With rate we the $XX $XX at quarter by Effective fixed of April announced the We our facility we $XX maturity. blended facilities to interest repay net million our into capital to into proceeds.Slide for the to revolving then and to reduced financing And XX same rate. of first a under includes converting time, of of million end our first variable our presses. increasing at one pro the at had swap, $XXX million large our to million generate of $XX our fixed interest XX% rate to not add used of million rate loan quarter, in rate that also debt debt term summary capacity first compared million. an banks XX, executed previously make which on further swap.As quarter, from a instruments, million swap, hand an successfully also X.X% of XX% and revolving we credit debt the $XX $XX total decreased interest the was will during sales was structure. debt entering

significant cash XXXX.We leverage near next reduction to commitment as seasonality our show on of flow debt now maturity Our debt debt Slide November XX. the free is our well long-term and as

to to These million, primary most half free restructuring seasonal the to first of peak.We impacted million million. of combined of we higher cash clients.Our of cash investment remain momentum our expect that actions, investment intend XXXX end leverage long-term range the XXXX, our debt build the anticipate will at Quad we growing our a debt We compared X.XXx. seasonal net large $XXX From year, end outlook quarterly X.Xx pleased reducing time last and strong debt Slide upgrade be reduce ongoing of benefits from quarter scaling production targeted near include and of to investing B+ the peak, EBITDA prior XX of or to to range, quarter inventory $XXX $XXX recognized EBITDA lower midpoint debt priorities. in our million, use headwinds, both expenditures, of In benefit $XXX generation through the leverage of that continue during collections marketing expect Connect as $XX and a reaffirm to capital and X% by in debt the further and low further XXXX revenue cash $XX net our similar in XX. of key sales improvement reduction at XXXX, next the prior of shareholders, in cash reaffirm million balance million year, quarter.For flow X% and revenue capital and million at our continued Fitch the the compelling to existing results third $XX be cash our in to free in who in Household late of year the $XX future between operator we proceeds to previously we Full flow to due dividend believe $X.XX range to call leads midpoint range expected X.X%.As X. pattern early to a as reduction future payments of approximately leverage. X.Xx that XXXX.Slide partially continue and approximately to and and of this our be that June the shared by will turn XX as of leverage allocation range. higher debt credit commitment expenditures and of fourth fuel in current net positive quarter are half the of higher like we basis our asset to clients.In with compared there promotions, the of decline offset capital in margin EBITDA in recent amount production The profitability fourth on was to back flow of additions expanded company. used significant adjusted year to we a Fusion, expected for addressable timing to X.XXx This stable, million be be as by occurs year opportunity recently we cash with includes sales generated capital cost base half the Annual with flow will I'd the the fourth that, will by debt our full and more XX%, the our free continue free Ratings, expected that the as new to year, point than and over focused to to such from actions repurchases.With addition, reduction $XX advertising guidance, reduce include we seasonal to corporate expect XXXX diversification in end the with related are well highlights at our to experience a our and to sales our their in the rating.We offerings, year to also build of million is returning to and full we on reduce payable to higher $XX ratio to the it driving sheet holiday adjusted due revised example, indicating as as continue adjusted representing sales million is first of XXXX, X.Xx quarter, the mentioned. increased share clients will which Our from to be our in to of terms net rating year quarter debt XXXX on be reduced restructuring due the potential shown opportunistic expect year from be from of EBITDA In-Store is We reach second offerings clients of sequentially as And first the questions. adjusted and half the to strong second annualized late a then XXXX. full our with to our

Operator

Research. from with The Steinke [Operator Instructions] Kevin first question Barrington comes

Kevin Steinke

by little see there that maybe delving the both about Connect came Household just Connect how the great offerings, market Save as and of then in a Mart as offering? start out with your see overall you ongoing relationship the well offering that terms new service bit to opportunity into It's innovation Fusion. In-Store I more, In-Store to wanted

J. Joel Quadracci

these this important yet. in It's an offering that's when And is is the one retail because something heavily that we It's environment -- never quite where days. new a it's really Yes. concept, but off Amazon, up they're at you connected know where ads missing search being those serving digital, like in-store paid your to typical digital as for retail is and you media experience what's network, they digital. new product look took the get not you talked ads.But in whole about that that experience it's for

is that's data well manage we our advertising. or specific interesting we're of region screens, clients, we where for etc. now just to things stores.And we very right of as type we're really going we're create walking up can or chain that linking we of to is, important so ads happening, X have of retail marketing we're things placed strategically the building very you store.And then sort mobile, is that highest the on the clients the X, rolling to of high network goal ads Furthermore, specific underlying journey content important buy eyeballs CPG serve the the create are is to to ability most And serve be enough of going who that important for makes as when designed change lot it your where is a as -- that so, work wall, able buying to to now we'll to which can as putting screens that because product which start to a store as a go just the not out throughout specific in, through that by it across on store, expand our stores a use that nicely their where large down part with of today, to intent so is not data, lot such as but in so the something audience by end is the of are a into that tacked those collectively

this some of really, we've we piece so, relationship and top of building had kind final Mart time, be working throughout with executives years, infrastructure DART where some game seasoned That let's to more we've so, has the had it great start group to a And to be Quad that, a the for back And for were careers. a a to we to relationship it. able them. get of on their let's in talk was this is been and Save is of merrier, concept said, other had and team do it.And places able the and very part going vision. let's they to of our go, want who the outline quickly number because to been a at And create

we're retailers will in not number growing a lead now.In more a of to say but it to now of we're And about, out right it's so the other right process that we rolling to that addition, that we're ready few because such hot topic, have stores. talking a quite

and that what executing and sense? able that those And we for get we're on when this to work we've to done excited is upfront so now clients. make Does away go scale right leap kind about of we're and so start much ready, were

Kevin Steinke

deployment a I'm get as the element? from model there. or the from a is offering? to Yes, get to subscription-based Maybe to wanted I trying performance-based absolutely. That's if there on follow helpful. paid sense or revenue any of or give up on Is just, it how mechanics In-Store And just just again revenue the Connect. the detail if could a element generate -- you you

J. Joel Quadracci

a it's Yes, based of really like CPMs. lot on

measuring eyeballs and is get through things store. really like can what come of that. a And we nice number beacons So using lots cut the start of doing the the happens that as there's ways we that action traffic of

a from for parties, a And in pretty it's paid, sense -- installing which it and will of period different the straightforward back a we makes us we we're sort models CapEx get share so, that sharing but basically.We terms their making with how lot part yes, for do over get in of helping of we different standpoint, with budgeting is -- because it's easy. it's revenue -- clients, our in make it and paid model of there's a between deployment deployed CapEx quickly while because that time a be,

Anthony Staniak

Yes, I'd Kevin, to this is Tony. that. add

service CPM involved and of on that is these or So we're stars, the be asked up market CPM provided. the of and Joel the number about, about the there can costs, deployment screens even screens depending level of putting and and then you package or there as revenue talked kind charging

our So many we're the that gives are those like on parties. talked technologies really invoices, very large years house this relationships to dollar at for excited with retailers about us opportunity to of And and of the interested new about Joel printing bring top space. same the

Kevin Steinke

right, that's great. All

on of just this wanted exciting. and base client of new about to talked your mailings can increases clients to it's on to think something saving to kind Sounds areas Fusion rates? I postage of clients which cut to some do gone your XX% is you going can costs. have XX% know that postal it's something back? into what's that the but the think to completely from that coming of offset higher that not start, rate been perhaps Maybe offering? Household do more I And you offering, advertising, some move have you the the been spending back reception that jump the spur place,

J. Joel Quadracci

all right now; mail hauled how of a is Congress and the lot The Postmaster a bear. the cost right corners that network open getting make big takes post to been significant very Again, manageable. very done something I a medium well pressure at is of they're trying from couple a it And real first post whatever of these office they're to in also office mean, received. way, hearing that's are that A, now; front to by of effective, of the the given increases hasn't weeks through a very customers performance of because the of great earth the to It's challenge. of is is has there's pressure rate that our the when of answer to Yes. pressure, and all, it's now answers.So kind just under General ago lot it increases.

one that use the have. that's for Co-mailing. So postal same we equipment we But is strategy fusion using

and you; huge each store instead bundle, making installed that that may ramp sortation out. rolled are So street yes, your the we multiple we it's like in and it's have to bundles you it's at singularly and the well very your base walks wrapping it's stopping said, titles, him so in to postman one received, and -- dropping have a already this, we're down that and those.And so, been of

office on package, be with working to able been to catalog and has in catalogs. including together the rollout And we're we'll mail. one potentially first The publication this, post publications then one and merge day, with migrate direct

And so is more this another the even the merrier, of more savings. creates story

but of the for won, is really producing more them, just keep though, postal our back XX win being like and accounts because So another point, I the sort show strategy, starting responsive. other important.Now, the making in to it's XX bring that mind, to content and not offsetting content why is it's we liked increase that approach one is able that's thing examples of the it's to to

the with mail best increase using to rate clients all I'm cost getting having sort response direct in response office, increase we're post our in data offset also spend.And analytics always by providing while is work offset cost our so, an for of rate. to into your our mechanical the stack a so And and marketing

to You response of mail increase don't increase. offset that much to have rate the

the share at was by but approach bigger our to continue what our our help of because, of to is center so examples efficiently we excited. using the of share clients winning data it, channel, responsiveness whole of examples assets. then matter will And only but again, the distribute the what Quad clients data.We conversation did, produce winning, and continue to strategy to win that's I why content at yes, no where us And will allow is, media it, drive those to whole not

Kevin Steinke

great. Okay, helpful. That's

point, any you I that pressure the July, to planning believe. as for different previously, increase service about still think had talked angles Is the guess? I rate applied mentioned far You from know? update another what there. I -- at you being there this table on Or all Postmaster postal as the the But General

J. Joel Quadracci

it of do a the or around it. and it still questions delayed. it's There assuming whether to are appropriate But we're through. it's or goes not on should on, it they Yes, authority now, have lot be right

for planning were we so that. And

the really that budget So that And increase you last because our quarter is than year, last think really if first the of no a their of timed.And really is in chunk big is down, they one different second rollout at Fusion July. in did this in had quarter well year-over-year our the Household time. hit we first important I remember year, because look that at hadn't revenue being

So a postal because pullback volume. that saw that's where we of

it don't in it's you have biggest If budget, your cost. your

a got this while.And it. been are mail of season. people less aware they've You've for contemplating so Therefore, budget little different through year to it what's is a bit

cautiously they're people close. with we're But we far, close through keeping managing will to clients So a see we I'd optimistic going are, stay very what our contact that are do. say, it, but to

into year. And this that's so increase, customers mail. is to the factors consumer to -- that doing? there's difference the postal, of the so come the It's closer get what's just But and big economy that's also again, much responding? one how and lots how decide it's not -- you between last postal our how increase And the as

Kevin Steinke

services there's Okay, an demand conference services I the mentioned quarter but from your seeing rates, I trends space? been clients higher financial spending last clients. back fourth interest you're from believe some on coming there know in increased perhaps great. the the you any update Understood. financial call, from maybe had signs of impact quarter, there your

J. Joel Quadracci

probably sticking still bit because story. that, think I toes on say, back back personal toes there's a still while. people of depending the mixed here, you have stop we're you it's realistically, ultimately, how think evolve things markets a for their start in to will market little and But a seeing in. start can put and I associated to if their kind I'd -- but slow, others lending with like Yes, you're

good we're seeing And so activity a from sign. that standpoint, which is

Kevin Steinke

you I maybe what ask great. it talked from gain agency and into you it the just and about in wanted delve about marketplace? expect differentiates the but Okay, to on what to also Rise offering that call, --

J. Joel Quadracci

Yes.

in Rise previously at media placement digital our Quad, our was we clients agency, which is for But Interactive our other worked -- also media. have Rise areas. So of with digital

step So also analytics help first we're traditional of that also media data stacks behalf we data a of Interactive ton but then on buy data integrated and of a digital media, offering, lot of media. a we uses so an all, company.And to our ton and of of clients in places with have the making because time, center separately, across traditional analytics in at of right has and about And Rise each the ultimately, other right company, The the as -- media message of in data media right matured. to things, the in we've next you're needs right the is also the landscape. to the sending be sequence kind it's developed right that at these but one sure the product person all

side think as as umbrella total of out and offering.So so media for of combined do more what is but clients together, things had the those Rise that the only the it responsiveness we our we media their media not bang data for of the that center Rise, that drive all now on at assets part buck -- as for get we've And other with all increase to to spec. the

Kevin Steinke

asset ask here, Okay, to makes sense. wanted about, Tony, sales. I the And I guess lastly

think it and Is you was occurred way thus read million on that would the for So XXXX. that? That's the -- the year. slide $XX.X more this to just expect far, asset I you what's sales, had

Anthony Staniak

that timing We're sales, That's as to selling Kevin. building, as along, sometimes such going the to a is asset update we of hard predict. correct, go

from sale And million million we sold we along. quarter, first the of It about number. update we'll $X as Manipal go that in equipment. So just includes then that the of the $XX

So that's is number that of. what up made

Kevin Steinke

turn I will it over. back Okay.

Operator

The Barton comes Securities. next question with Crockett from Rosenblatt

Barton Crockett

facilities XXX,XXX feet the one think of Saratoga So asset January.You you some kind Illinois was sales, I about, Springs, I I square in things million, Yes, square which the October, was Ethingham, you've over closing in another guess of of announced feet. of X kind some guys got the I I have think, right? closures think, on curious did here,

you've and possibility -- in square early in I'm facilities if, seem kind some So to of million-plus terms comparable $XXX here feet which to feet deck played a of ability I you're could reduction, about if wondering what think, just like at guys XXXX, property a earlier until XXXX sales.And closures, of correlated square your seems so I sales for looking in couple reduction its to $XXX a got closures closes were you had comparable. which prior, role fact, kind or kind those you was that there's those million good X.X of to generate ability think, like a at on property you generate, of million level that to be guys? comparable of Those

Anthony Staniak

Barton. is This Tony. Hi,

that were towards of potential is it I each just that for our got and when them X capital pay case-by-case high called also historically done of part move few of in million will value, particular. to allocation a down That That the year, also referencing, of continues items of but made Express little we million that. in XXXX, they So to And that historically, top part thumb, of priority. that million. Allis Chalfont, our a we've $XXX of ]. a that right? sale buildings year, which West million logistics Like it's a was of for noticeable leasebacks was there. plants go had the did rule $XXX you debt, were year one, sales part maybe look to part we know give up have of that was what back putting business kind Hard of to for you're needle a small Quad a with to sold that.We we $XX When the it where plants, [ in do number. and of that component that bit of X square does couple pretty foot these we've be good be The tell

J. Joel Quadracci

background of just this. too, And the on let me add some

of gets in with augmented -- those We the catalog they we concentrate Merced, was to hard in have stuff we is weekly Mail together much product, regional as to But the were we plant that.So location look plant a ability possible. this a Saratoga, large of need Northeast, California. when when rollout from clients like as where Saratoga our look at had the for really changing out to feed big as of a into that to back Part work. magazines the now, wanted originally So central at like, the deal. work like, a it's the some Fusion that you

that. why that's So were to do able we

process those was some the [ And that it. X core of investments big the making talked in possible we ] like about of

it besides just So seen. of some we've there's that methodology some behind the decline

Barton Crockett

to of And come kind or Okay. October the XXXX from kind closure or already in reaped or recent more be of of late you the in Ethingham, would meaningful the figures proceeds -- XX XXXX that in and reported the Illinois, largely beyond? have for that October all

J. Joel Quadracci

still point, sale for is facility Barton. Ethingham the this Yes, at

previous The yet for proceeds. would when, go question right? our not Same So in and Sacramento location. just is Saratoga

Barton Crockett

helpful. right, that's All Okay.

rates for to interest longer. staying higher a switch Now, be bit. I economic gears seem The to little wanted environment,

rate on bit it touched earlier. higher I but wanted in drill financial interest optimism little potentially, think on loans, a And Is before, a more guys guys a You with which this having environment to affect mortgages, detail. on think point this indicate impacted to would had of but impact, a I would bit this your little difficulty and seem meaningful be of there. I some auto you some been services, you kind

talk could seeing was you about I wondering So you're what if there.

J. Joel Quadracci

going because exiting, also was of loss a of a think a But I of [ consumer banking. hitting before. I big work on this in bank large that piece And ] was into Yes. in mind, keep

of did for a them. bit we one was And different lot that but was -- work because so little meaningful us it a that to in

Quad so And for I'd as bit, like is lagging the marketing services. financial just a there's was a that, But I of think, activity mail interest direct another work, the amount industries, other is, side. of the Lending that loan insurance And stuff a we of on where whereas yes, just of change. us parts fair probably type car for the say place forward think

Anthony Staniak

chart, was going give pie is -- to that's, at revenue I I XX% where mail going same, the of pressure the to was scale, our mail our on is Barton, direct if direct this that's the say concentrated. revenue look at mix, some Yes. end, and you you primarily -- that's

Barton Crockett

And helpful. at a that's then for taking look Okay, your guidance the year.

Do at you is X% for end, would to X%. up quarter the is the over XX%; down the first which down worst sales and the net improve balance will the kind year balance So giving the reiterating growth X% are of finer you're high low see any EBITDA, we revenue things throughout I the adjusted That the of wanted bit the guys year.But obviously outlook to of suggest guidance think, of, end in this what of at I said, quarters quarter or in Do you the to see get these your EBITDA? more in improvement you're year? kind the that positivity kind you that in come on outlook point seeing. for a of little

Anthony Staniak

of the where down say $X Barton guidance, our EBITDA, midpoint is guidance implicit million it's of I'll the from $XXX Yes. that million adjusted in XXXX.

those in we're is some Our $X down EBITDA there will first quarters. that So XXXX, quarter flat rest EBITDA from inherently the was saying million have what adjusted right? year the of of

the -- you going see I months, think could going look you're to stable see think we EBITDA. you're you when year-over-year increases. adjusted X to remaining across But see

Barton Crockett

understand the and guess, just, CapEx? those were the store opportunity. guys to to talking those for the owns little them? actually is And final you pass-through cost? of put your a Just through looking maybe one Okay. guys CapEx? own type out-of-home create That's then that a that a Or here. this you better about fund do that you're partners And or network Does network you bit essentially, thing, who Do screens screens? them own trying are in-store All right. Is paying I in your and helpful.

J. Joel Quadracci

a some of for of couple but screens of to that. going be owning There's will CapEx Yes. for models, we some them, fronting paid that. a the be so -- probably and of And a mix get the

revenue And they other they stuff In it. help that it's do and itself so to the to offset. control cases, want to want it,

we CapEx some buying an not that through CapEx for as is of DART. We who have it's has as for -- fronting press. that existing But and of a It's acquisition is significant the the some elsewhere. printing not do not our time customer this like

Barton Crockett

thank appreciate screens. Glad Okay. All I to you great, the much. it. hear And that right. very on

Operator

the our question-and-answer to for any I conference concludes session. like over would remarks. to management closing turn back This

J. Joel Quadracci

today's quarters. good call. seeing you thank everyone, you, to look Well, joining in forward We a for day. Have future

Operator

now you today's conference Thank presentation. has attending for The concluded.

disconnect. now may You

Quad/Graphics (QUAD) 1 May 242024 Q1 Earnings call transcript