2019 Global High Yield & Leveraged Finance Conference
2019 Global High Yield &Leveraged Finance ConferenceFebruary 25, 2019
Presenters & Forward-Looking StatementsJoel QuadracciChairman, President &Chief Executive OfficerDave HonanExecutive Vice President &Chief Financial OfficerKelly VanderboomExecutive Vice President &TreasurerKyle EganAssistant Treasurer &Director of Investor RelationsForward-Looking StatementsThis communication contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results,financial condition, revenue, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects,projections and outlook of the Company and can generally be identified by the use of words or phrases such as "may," "will," "expect," "intend,""estimate," "anticipate," "plan," "foresee," "project," "believe," "continue" or the negatives of these terms, variations on them and other similarexpressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual resultsto be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largelyon the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable andbeyond our control.The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printed materials andsignificant overcapacity in the highly competitive environment creates downward pricing pressures and potential underutilization of assets; theimpact of digital media and similar technological changes, including digital substitution by consumers; the impact of fluctuations in costs (includinglabor and labor-related costs, energy costs, freight rates and raw materials) and the impact of fluctuations in the availability of raw materials; thefailure to successfully identify, manage, complete and integrate acquisitions and investments, including the proposed acquisition of LSCCommunications, Inc. (“LSC”); the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet marketconditions; the impact of increased business complexity as a result of the Company's transformation into a marketing solutions provider; theimpact of regulatory matters and legislative developments or changes in laws, including changes in cyber-security, privacy and environmentallaws; the impact of changing future economic conditions; the failure of clients to perform under contracts or to renew contracts with clients onfavorable terms or at all; the failure to attract and retain qualified talent across the enterprise; significant capital expenditures may be needed tomaintain the Company's platforms and processes and to remain technologically and economically competitive; the impact of changes in postalrates, service levels or regulations; the fragility and decline in overall distribution channels, including newspaper distribution channels; the impactof the various restrictive covenants in the Company's debt facilities on the Company's ability to operate its business; the impact of risks associatedwith the operations outside of the United States, including costs incurred or reputational damage suffered due to improper conduct of itsemployees, contractors or agents; the impact on the holders of Quad’s class A common stock of a limited active market for such shares and theinability to independently elect directors or control decisions due to the voting power of the class B common stock; the impact of an other thantemporary decline in operating results and enterprise value that could lead to non-cash impairment charges due to the impairment of property,plant and equipment and intangible assets; the impacts that the proposed acquisition of LSC may have on the Company, both prior to andfollowing consummation of that acquisition; and the other risk factors identified in the Company's most recent Annual Report on Form 10-K, whichmay be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and ExchangeCommission.Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.2
Quad Overview
Quad OverviewQuad is a worldwide marketing solutions partnerdedicated to creating a better way for its clients through a data-driven, integrated marketing platform that helpsclients reduce complexity, increase efficiency and enhance marketing spend effectiveness6,100Clients RepresentingDiverse Vertical Industries 4.2 billion2018 Net Sales20,600EmployeesWorldwide60Manufacturing & DistributionFacilities Worldwide60 Client-Based MarketingOn-Site Locationsin the United States4
Quad’s Evolution3.0Continued Multi-Channel EDIAPRODUCTIONPHOTO/VIDEOIndustry ersifying offering tosupport customers withintegrated marketing KMEDIA PLANNING &PLACEMENTAcquired to extend printoffering & improve efficienciesFoundational GrowthCATALOGRETAIL INSERTSLOGISTICSQUADMEDBuilt a strong print platform that continues today5
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Integrated Marketing Solutions OfferingMARKETING STRATEGYPLANUnderstand and connectwith your customerMANAGE &MEASUREAlleviate operational burdenand reduce complexityMARKETING MANAGEMENT SERVICESMediaPlanningCampaignPlanningCREATIVE SOLUTIONSContent WorkflowSolutionsCreativeServicesCustomerInsights &AnalyticsContentProductionServicesSourcing andProcurementBroadcastDigitalPrint & PaperManagementMarketingOutsourcingProduction ServicesOutsourcingPrintPRODUCECreate contentassets smarter and fasterDEPLOYReach the right customerat the right timeIn-StorePackagingMEDIA DEPLOYMENT7
2018 Pro Forma Net Sales9%MediaSolutions10%LatinAmerica1%Directories 4.3 Billion4%2%10%OtherEuropeDirect Mail &Commercial2018 Pro FormaNet Sales(1)5%MagazinesRetail InsertsIntegrated vicesCatalogsLogistics2%19%15%4%Large ScaleExecutionSpecial InterestPublications(1) 2018 Pro Forma Net Sales — Reflects the January 3, 2019 acquisition of Periscope, Inc2018 Pro FormaNet Sales(1)TargetedExecution30%Packaging &InstoreTargeted Execution 4.3 Billion40%Large Scale ExecutionInternationalOther8
Evolution of Quad 3.0 — Net Sales5 Year 4.8 billion 4.6 billion 4.3 billion 4.1 tion36%39%41%41%Large 148%3%9%3%9%3%201520162017(1) 2018 Pro Forma Net Sales — Reflects the January 3, 2019 acquisition of Periscope, Incbillion(1)AnnualGrowthOrganicGrowth19% 7%- 1%40% 1%0%30%- 8%- 10%9%2%2018(1)- 3%- 3% 4.39
Acquisition Evolution Aligned to Long-Term StrategyExpanding ContentCreation CapabilitiesFortifying Leading Content Execution ExpertiseNet Sales 1.8billion 3.1billion20092010 4.2billion 4.0billion 4.7billion 4.8billion 4.6billion 4.3billion 4.1billion sitionCriteriaGood Strategic FitIntegrated ServicesEconomics MakeSenseExecutableIntegrationTargeted ExecutionBalance SheetIntegrityLarge Scale Execution(1) 2018 Pro Forma Net Sales — Reflects the January 3, 2019 acquisition of Periscope, Inc10
A Year of TransformationBrand Evolution197120152019Transformative Acquisitions & InvestmentsCompleted inFebruary 2018Majority Investment inMarch 2018Completed inJanuary 2019PendingAcquisition11
Stronger TogetherLKSDA worldwide marketing solutions provider.A global leader in print and digital media solutions. 4.3 billion 3.8 billion2018 Pro Forma Net ide60Manufacturing &DistributionFacilitiesWorldwide(1) 2018 Pro Forma Net Sales — Reflects the January 3, 2019 acquisition of Periscope, Inc2018 Net 59Manufacturing &DistributionFacilitiesWorldwide12
Strategic Rationale for Pending LSC AcquisitionFuels Quad 3.0 transformation through additionalcombined Free Cash Flow and broadens Quad’sintegrated services clients.Delivers cost and time-savingsopportunities for clients to maintainlong-term relevance of print.Generates 135 million in netsynergies in less than two years Preserves long-term strategicvision of Quadracci Family.All-stock transaction allows Quadto maintain strong & healthybalance sheet for future capitaldeployment opportunities.13
Financial Overview
Financial OverviewFourth QuarterUS MillionsDecember 31, 2018Full YearDecember 31, 2017December 31, 2018December 31, 2017STATEMENT OF OPERATIONSNet SalesCost of SalesSelling, General and Administrative ExpensesAdjusted EBITDA(1)Adjusted EBITDA Margin(1) 1,181.6 1,164.2 4,193.7 4,131.4978.5928.53,429.33,259.493.6113.4372.1423.8 109.5 122.3 414.6 448.29.3%10.5%9.9%10.8% 260.6 344.0(96.3)(85.9) 164.3 258.1STATEMENT OF CASH FLOWSNet Cash Provided By Operating ActivitiesCapital ExpendituresFree Cash Flow(1)(1)See slide 22 for definitions of our non-GAAP measures and slides 23 & 24 for reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin and slide 25 for a reconciliation of Free Cash Flow as non-GAAP measures.15
Debt & Pension ObligationsDebt Leverage Ratio(1)Debt & Pension Obligations2.60xUS Millions2.46x2.50x2.40xDebt2.28x2.15x2.20xCapital Leases2.25x2.23xDecember 31,2017 925.5 945.5 (20.0)15.419.3(3.9) 940.9 964.8 (23.9) 82.6 84.1 (1.5)50.928.222.7 133.5 112.3 21.2ChangeDebt & Capital Leases2.34x2.30xDecember 31,2018Total Debt & Capital LeasesPension & MEPP Obligations2.10x2.11x2.00x2.03xPension ObligationsMEPP ObligationsLong-Term Targeted Range of 2.0x to 2.5x1.90xTotal Pension & MEPP Obligations1.80xQ4 2017Q1 2018Debt Leverage Ratio(1)(1)(2)Q2 2018Q3 2018Q4 2018Debt Leverage Ratio — Net of Excess Cash(2)See slide 22 for definitions of our Non-GAAP measures and slide 26 for a reconciliation of Debt Leverage Ratio as a Non-GAAP measure.The Company typically has cash balance of approximately 10 million. The Debt Leverage Ratio – Net of Excess Cash assumes that any cash balance over 10 million is used to further pay down debt.16
Debt Capital Structure & RefinancingDebt Refinancing SummaryRevolverTerm Loan A(Delayed Draw)Term Loan B 725 million 800 million 375 million 825 million 300 million 500 millionPrevious CapacityNew Capacity20212024Previous MaturityNew MaturityPreviousNew20212024Previous MaturityNew MaturityPreviousNew20212026Previous MaturityNew MaturityDebt Capital Structure — December 31, 20185.4%Blended Interest Rate 691millionAvailable on Revolver34%Floating66%Fixed17
2019 Annual Guidance(1)US Millions2019Net Sales 4.05 to 4.25 billionAdjusted EBITDA(2) 360 to 400 millionFree Cash Flow(2) Before LSC-Related Payments(3) 145 to 185 millionLSC-Related Payments(3) 20 to 30 millionInterest Expense 90 to 100 millionDepreciation & Amortization 225 to 235 millionRestructuring and Transaction-Related Cash ExpenseCapital ExpendituresPension Cash Contributio
outdoor media group the content collective hearts & science. national advertising agencies goodby, silverstein and partners gsd&m martin williams merkley & partners zimmerman advertising 180 amsterdam 180 la. public relations bluecurrent public relations cls strategies cone communications .
Figure 3 Leveraged Loan Yield vs High Yield Bond Yield January 1992 - December 2012 Source: Credit Suisse 5 8 11 14 17 20 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 Y ield (%) Correlation 0.88 HY Yield-to-Worst CS Lev Loan Index Yield (Assumes 3-yr Re ) 12/31/12 6.25% 5.93% Figure 4 Cumulative Returns of Bonds, Loans and Equities
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global leveraged loan market is as high as USD 3.2tn (EUR 2.9tn)5, which is still more than the USD 1.5tn (EUR 1.4tn) quoted by market analysts. . Association (LSTA) Loan Index, the reference index for US leveraged loans, has moved around 2% whereas the S&P European Leveraged Loan Index (ELLI) stayed at 0% for several months during .
Handbook, “Leveraged Lending” supplements the general guidance in the . Leveraged lending is a type of corporate finance used for mergers and acquisitions, business recapitalization and refinancing, equity buyouts, and business or product line build-outs and expansions. It is used to increase . Leveraged loans are typically structured
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leveraged ETFs. The Controversy Over Rebalancing The controversies surrounding leveraged ETFs involve the fact that with any approach to leveraged investing, if the exposure to the underlying investment isn't adjusted periodically, the degree of leverage changes as returns are generated. For example, an investor can achieve
the day, leveraged ETF trading could account for 16.8% of the MOC volume. If the ma rket moves 5%, 50% of the MOC volume could be accounted for by leveraged ETF trading. Thus, broad moves could be exacerbated by the rebalancing that leveraged ETFs undertake towards the end of the day. 3. The Rebalancing Argument
are an important constituent for leveraged ETFs. At the same time, at the beginning of the trading day the aggregate gamma of market makers was close to zero. By 15:30, Apple shares had dropped by 2:24%. As a consequence, leveraged ETF had to sell large quantities of Apple shares to rebalance their portfolio of leveraged swaps for an estimated
