Quad/Graphics Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	20.6	-50.9	-55.4	9.3	37.8	-128.3
Depreciation & Amortization	82.8	102.5	128.8	141.3	157.3	181.6
Other Amortization	1.6	1.6	2	2.2	3	2.6
Loss (Gain) From Sale of Assets	-4.5	-22.5	-10.9	20.8	-69.9	1.7
Asset Writedown & Restructuring Costs	14.1	74.9	25.2	2.2	2.8	64.1
Loss (Gain) From Sale of Investments	-	-4.1	-	-	32.1	-
Loss (Gain) on Equity Investments	-	-	-	-	-0.3	0.2
Stock-Based Compensation	6.5	7.3	5.6	6	6.2	10.6
Other Operating Activities	-0.7	-2	-3.7	2.4	-9.2	45.4
Change in Accounts Receivable	14.8	14.8	65	-18.6	12.7	72.8
Change in Inventory	2.4	2.4	90.3	-41.1	-58.3	45.8
Change in Accounts Payable	7.2	7.2	-106.7	63.9	49	-90.5
Change in Other Net Operating Assets	-36	-18.3	7.4	-33.8	-26.7	-27.3
Operating Cash Flow	108.8	112.9	147.6	154.6	136.5	190.2
Operating Cash Flow Growth	79.54%	-23.51%	-4.53%	13.26%	-28.23%	22.31%
Capital Expenditures	-48	-57.2	-70.8	-60.3	-50	-61
Sale of Property, Plant & Equipment	15.1	49.1	31.7	4.6	126.3	7.4
Cash Acquisitions	-16.3	-	-1.5	-2.6	-	-2.2
Divestitures	-	-	-	-	39.7	61.3
Investment in Securities	-0.3	22	-0.7	-3.3	-1.4	-0.5
Other Investing Activities	-3	-1.2	-5.1	1.1	14.8	4.7
Investing Cash Flow	-52.5	12.7	-46.4	-60.5	129.4	9.7
Long-Term Debt Issued	-	1,511	1,439	998.8	461	351.6
Long-Term Debt Repaid	-	-1,644	-1,497	-1,233	-583	-537
Net Debt Issued (Repaid)	-35.5	-133	-58.6	-234.2	-122	-185.4
Repurchase of Common Stock	-11.4	-2.1	-14.3	-12.5	-1.1	-1
Common Dividends Paid	-13.3	-9.4	-0.1	-1.4	-1.4	-9.5
Other Financing Activities	-4.4	-4.6	-0.6	-0.6	-16.4	-27.7
Financing Cash Flow	-64.6	-149.1	-73.6	-248.7	-140.9	-223.6
Foreign Exchange Rate Adjustments	0.3	-0.2	0.1	-0.1	-0.3	0.2
Net Cash Flow	-6.3	-23.7	27.7	-154.7	124.7	-23.5
Free Cash Flow	60.8	55.7	76.8	94.3	86.5	129.2
Free Cash Flow Growth	1588.89%	-27.47%	-18.56%	9.02%	-33.05%	190.34%
Free Cash Flow Margin	2.43%	2.08%	2.60%	2.93%	2.92%	4.41%
Free Cash Flow Per Share	1.23	1.17	1.59	1.80	1.63	2.55
Cash Interest Paid	52.9	52.9	55.9	44	41.8	52.3
Cash Income Tax Paid	10.7	10.7	12.2	6.2	4.3	2.7
Levered Free Cash Flow	25.81	153.33	134.51	106.76	179.34	249.68
Unlevered Free Cash Flow	57.65	192.04	176.26	134.81	213.59	290.08
Change in Working Capital	-11.6	6.1	56	-29.6	-23.3	0.8

Source: S&P Global Market Intelligence. Standard template. Financial Sources.