Yeah. Our next presenting company is Quad/Graphics. It trades on the Nasdaq under the ticker QUAD. The company is in the consumer marketing space and does some digital and print. If you head home tonight or tomorrow after the conference, you may have something from them in your mailbox. Here today to lead off the presentation is Tony Staniak, CFO and Treasurer. He will be handing off later in the presentation to Julie Fraundorf, who heads up the Corp Dev and IR. Tony? Great. Thank you. Okay, safe harbor statements. Everyone read. No, just kidding. Okay, we will move on. Quad started in 1971. Its current CEO is the second generation of the founder, Harry Quadracci, who started Quad/Graphics. That is where the Quad came from. So 55 years in business, $2.4 billion in revenues, 2,100 clients, 10,000 active employees, so an operation of some scale. We have been through transformation, as we get to this next slide. The company, again, started in 1971. Up through 2010 was a private company. Growth through organic, putting up printing plants in different locations, focus on magazines, retail inserts, i.e., coupons, and also catalogs, some direct mail. When we hit 2010, we did an acquisition of a company called World Color Press, or Quebecor, some may know it as. Through that acquisition, we went public through an S4 process. Not a traditional S1, but a merger process that took us public. We did a couple other consolidating acquisitions. That was a time in the commercial printing industry where the choice was acquire or be acquired, and us and R.R. Donnelley were doing the acquiring. That leads us to 2018 when we started our journey towards being a marketing experience company. So handling all areas for the chief marketing officer. Still with a foundation in print, but also did other acquisitions such as, we acquired a creative agency called Periscope, now called Betty, in the lower right-hand corner there. Also acquired a digital agency here in Chicago called Rise Interactive, so that we would be able to offer all things to the chief marketing officer within one house. If we move on, that is what this slide shows, kind of articulates our offerings. It all starts with data and intelligence. Julie will tell you about the amount of mail that we put into the postal stream. But through that, and then through some other third-party sources, we have a proprietary data stack that allows us to print the most efficiently and effectively, through targeting to individuals that receive our mail. The creative part of it in the pink circle, through the Betty agency, we have the ability to do creative. We still can do the production, the big print invoices, as well as digital TV ads. Also, search engine optimization, other digital campaigns, and we place that media in the right spot with our Rise Interactive offering. If you compare us to a large advertising agency like an Omnicom or Publicis, they do not have the heavy iron, so they have to use a number of subcontractors to ultimately deliver an ad campaign. Or the ones who have heavy iron do not have the creative. We are the ones in the U.S. that have the full offering, all the way through creative, through design, through ultimately execution of the campaign. We do that for over 2,100 clients. A pretty nice who's who list of customers. Seeing Amazon in the upper left, people do not think of Amazon as a cataloger, but maybe some of you get the toy catalog for your children that Amazon puts out every year. Over 30 million catalogs go out from Amazon. They are a top five catalog producer in the U.S. People would not think that about Amazon. We do that printing. Kids can still go through, circle what they want, like they used to in the old days. Parent can order through a QR code, so it connects an offline catalog piece with online digital ordering. Santa, i.e. Amazon, delivers the present, and you are all set for the Christmas season. AARP in the lower right, another very large customer of ours. Maybe some of you get AARP mailings. I do. We coordinate all of that mailing for them and print everything else. You can see we go across different consumer segments. With that, I am going to kick it over to Julie, and then I will come back up in a little bit. It does not look like our timer started. I do not know where we are at. All right. I am going to pick up from the map here. You can see the map represents our manufacturing facilities in the U.S., with four of those being mega plants. I think we have to advance here. Go back one slide. Sorry about that. You can see the map here. Four of these are mega plants that have about 1.5 million square feet each. We are going to- Clicking backward -pause for a second because the slides I'm going back. Back. Yeah. You always have to look at this one. I'll be the one on this one. Yeah. Yeah. Yeah. All right. Sorry about that. 20 plants located throughout the U.S., four of those being mega plants. Yeah, it does seem to want to be advancing itself. Okay. I think we might have a technical I'm going to continue, and we'll see if you guys can help us figure out the slides. What the map would highlight is that we have about 70% of the square footage that we own. 10 million square foot of owned real estate, which we really believe is an advantage for us because, not only are we not at the whim of having to worry about lease costs escalating or not being able to stay in the space we want, these are assets that we can monetize as we rationalize our print platforms. As we look at capacity and consolidate, we often are able to free up capacity, and then we can use that asset value to either invest further in the business or pay down debt. Right now, what you can see is we currently have two locations for sale in the U.S. Those are for facilities that have closed in Waukee, Iowa, and The Rock, Georgia. We also have a facility in Lima, Peru, that we have announced closure of, and we are ceasing operations in Q2 of 2026. As we continue on, when you look at revisiting the MX solutions suite in the context of AI and how we're integrating AI across the entire offering, innovation and automation always have been part of what has been core to Quad. Within the production environment, and you just saw the map there, we've long been focused on operating efficiencies through robotics and automation on the plant floor. We really believe our plants are the best in class in the industry from this perspective. Our current AI focus is really more on automating, scheduling, waste planning within that environment. You'll also hear more about postal optimization technology here shortly as well. Additionally, we see AI enhancements within our creative and content offerings, the pink circle there, within the studio space and the modeling of images to allow for more efficient reproduction, and variation of images and less need for personal models to do those shoots. Internal work streams are also a focus area to further optimize processes, resulting in cost savings. But really one of the more impactful areas of the AI focus is on the left side of the slide, and that's the area of MX: Intelligence. Tony referenced our data stack and data analytics platform. This is what really allows us to develop strategies for each client and project based on critical audience intelligence to determine the right set of consumers to bring a product or service to that results in the returns those brands are looking for. A little more about our proprietary data stack. We use this to generate targeted, highly responsive audiences. Our data stack includes over 3 billion of continuously revalidated data points. That's on a monthly basis. It covers about 97% of the adult U.S. population, 92% of U.S. households. Where does that data come from? Our data stack's informed by over our 50-year history of what is mailed into consumer mailboxes. Quad today touches 10% of the volume that runs through the USPS if you exclude first-class letters and packages. We have really unique consumer information, based on what's received at a consumer's home address. People can have a lot of different email addresses, but the home is a resilient and unique identifier. This is the important feature of our data stack, that it's built on unique data over a long history from subscriptions and interests, combined with additional data points that we can bring in from the outside, social platforms and credit data, purchase behavior, and it all feeds this Audience Builder creation tool. What we've done is we've supplemented that Audience Builder platform with AI enhancements such as natural language prompting that's powered by Snowflake AI. It really allows our full staff of employees within the agency universe to leverage those 20,000 attributes and personas and develop the right audiences easily without having to have a highly advanced technical data and analytics degree. This robust audience creation tool is really one of the unique aspects and a critical element of our newly launched DM Agency Direct, which we are going to cover next here. Our DM agency was formally launched earlier this year and branded Direct. It really leverages the data stack to generate these highly responsive audiences. You can see the evolution to where we are today with the launch of the full-service agency, and it goes back about 20 years. We launched our direct mail offering in 1992 and built the strong print platform with this foundation. Over the next 20 years, both through organic investments and acquisitions, including the World Color acquisition in 2010 and Vertis in 2013. In the mid-teens, Quad invested in the industry's first HP PageWide Web Press T490 digital press. It was a focus on personalization at scale. In 2017, we began what we now have as our fully assembled proprietary data stack, which I just was covering. Tony covered the acquisitions in 2018 and 2019 of Betty, a rebranded creative agency, and Rise. We also launched Accelerated Marketing Insights, which we refer to as AMI, and this is a pre-market testing program, which allows us to develop content and validate and test it before we really do the full runs to see what is going to work in these pre-test market campaigns. As these elements have come together in a very purposeful way, it connects every stage of the direct marketing journey into one offering, and you can kind of see that represented in the circle at the top right-hand corner of the slide. This now is a bigger visual of that flywheel in action. The capabilities related to the direct agency's offering are, number one, strategy and planning. That is really important to work with the client on the front end to figure out what we are trying to achieve here. That feeds into the audience identification and activation, which is powered by our data stack. That feeds into then the creative development and pre-market testing on the AMI platform. Then goes into the in-house production platform, including things like our DM automation with At-Home Connect by Quad and the use of our industry-leading postal optimization and logistics technology. To round it out, we have our measurement and insights group, which allows for the measurement of the success of various campaigns, and is it meeting the targets that we have laid out. We can continually refine by testing and learning what is working, what is not, and refine the audiences. What is important about this is we are unifying what is often very siloed services into one robust platform to allow clients to achieve scaled, personalized direct mail. We see that being a highly responsive channel. The flywheel also supports integrating direct mail beyond just the printed pieces, but also with digital and email channels, which further boost response rates through layered channel approaches, all of which can be continually refined. In addition to our growth within the DM agency space, our packaging business continues to scale. We saw growth in 2025 and expect to see continued growth in 2026. To build on that momentum, we have rounded out our national packaging footprint by opening a new facility in Salt Lake City, Utah, which we expect to be operational in the fourth quarter of this year. This is going to join our existing folding carton operations in Franklin, Wisconsin, and Spartanburg, South Carolina. It will enhance our ability to serve our clients across the country and pursue additional packaging opportunities for new and existing clients as well. The location is important because it provides direct access to major transportation routes and key markets in the Western United States. Additionally, Salt Lake City was identified because it is an established hub for high-growth CPG companies and near-term co-manufacturers that work with producers like Quad to print and fill packaged goods orders on behalf of CPG brands. For our current clients, this is also important because it is going to help reduce lead times in getting product to the West Coast and improve the logistics efficiency and support programs while maintaining quality and consistency in the partnership that they expect from us. This 100,000 square foot facility, the lease has been signed, equipment is being installed, and we expect it to be operational, like I said, by the end of the year. We also continue to invest in our global packaging operations, and we serve clients from our facility in Santo Domingo, Dominican Republic today, alongside packaging partnerships that we have in Central America and across Asia as well. I am going to now talk a little bit more about our postal optimization solutions. In April 2025, we announced the acquisition of some select co-mail assets, client volume, and technology from Enru, which was a third-party co-mail and logistics provider. This acquisition was really important for Quad because we did a lot of co-mailing on our own, but for the volume that we printed in our own facilities. This acquisition allowed us the opportunity to bring third-party volume into our facilities, which helped to expand the pool sizes, and that helps drive additional postal savings through those economies of scale. So you are able to achieve improved sortation levels with larger mail pieces in the pools to get those greater postal savings. Why is that important? For everybody here to recognize, postage remains the single largest marketing expense for mailers and a key factor in shaping marketing decisions. The USPS over the last five years has continued to increase postage rates partially to address some of their financial challenges. If you look back, rates over the last five years have increased since 2020, over 55% at a time where that is double the rate of inflation. To help clients mitigate those ongoing rate increases, Quad has tried to deploy a two-pronged approach. Improve response rates of the pieces that we are mailing, and we covered some of the strategies to do that with our offerings like our DM agency. Also finding ways to maximize postal cost savings that we provide to our clients. When you think about millions of pieces of mail being mailed, even small percentages of savings can translate to millions of dollars. This is an example where you can see if a client starts with the USPS rates, how you could reduce the rate you are paying and what kind of discount you would achieve by participating in some of the programs we offer for postal optimization. So it shows it is a layered approach. You could start by saying, "Okay, I will join the standard co-mail pools," and that alone is going to save you about 20% from what you would be paying otherwise. Clients can then also realize additional savings per piece when you get into high-density delivery areas by using more advanced co-mailing solutions. Some of that is what we were able to bring to the table through the Enru acquisition. Further savings can be achieved with additional programs that we have, such as Household Fusion, where we are combining multiple publications and catalogs into a single mail piece. Then in parallel, we have teams of staff that work with the clients to apply for all postage U.S. promotions that they would be eligible for, and that can lower costs even further. In this example that you are looking at, you can see these solutions cut postage costs by 27%. That is really notable when you think that cost makes up about 70% of the total cost to the marketer. It is important to note that these savings generally increase as the size of the weekly mail pools grow. As more and more clients adopt our postal optimization programs, we expect to generate higher savings for all participants. Moving into another area that Quad has recently invested in is In-Store Connect by Quad is another new initiative for the company that is showing some early successes. When you think of Quad's business, a large part of historical print offerings included retail inserts, so the coupons that would get mailed to generate traffic into the stores. CPG brands wanted to get those coupons into people's hands. Retailers, grocers, brands, they are still looking for ways to connect with shoppers to reach the consumer and encourage purchase decisions. We have been developing our own retail media network by connecting the retail brick-and-mortar locations with CPG brand content on the screens to reach the consumer at the point of purchase. Quad owns these screens and sells the ad time inventory to the brand. The success of this can be if you see those screens at the point of purchase near the product that you are debating buying, it helps influence those purchase decisions. The interaction and the attention of the shopper is critical because research shows that over 80% of purchase decisions are still made in-store today. The objective of this strategy is really focused on regional mid-tier grocers that could not afford to deploy the screens in the store themselves just due to the capital requirement and needing to assemble a more nationwide network with broader coverage. If we assemble a number of different tiered retailers around different areas of the country, we are able to get a network of scale, both in terms of the number of stores, but in the size of the audience that really matters to the CPG brands as they decide where they are allocating their advertising dollars. Over the course of the past year and a half, we have launched this offering in late 2024. We have got with four retailers live today. We have seen expansions within two of them. We have recently announced two new grocers that are going to be expanding and joining the program as well. We are seeing the development and doubling of the size and the number of stores that we are in. We expect to be there by the end of the year. But in addition to that, what's important is we've seen measurable lift in the campaigns that we've run for the CPG brands. So when we compare running a cycle campaign on stores that have the screens in place versus a set of control stores, we've seen measurable lift in cases up to in the 20% ranges for things like frozen food and CPG products in aisle, as well as a lot of drink products. And when you think about more commoditized stable products like laundry detergent, we've even seen sales lift in the single-digit ranges, which is impressive when you think of a stable product category like that. And one of the new expansions that we just covered is with a client called Wakefern. So Wakefern is a good example of how the MX solution suite that we've put together allows us to sell more than one thing to a client and really present an end-to-end offering, covering a lot of different marketing needs for a customer. Wakefern is the nation's largest retailer and grocery cooperative, and they've recently decided to pursue a more banner-driven marketing strategy. We've long-standing had a relationship with them where we've done their print retail circulars. But this interest on their part to focus on banner-driven strategy allowed us to go in and make a number of proposals to them, and we now are providing paid media strategy, content creation, and in-store retail media services for them. So as we combine all of that, the services together can strengthen the banners and help us strategize and reach to the local identity of each of the member-owned stores. One of the components of this offering is the expansion within Rise, which is the media agency of record, and that's doing a lot of work that's really powered by our proprietary data stack. And then, as I mentioned, they're deploying In-Store Connect by Quad in the 30 ShopRite locations. So it's the largest retailer to date to adopt our in-store retail media solution, and as we get past phase one, really presents a lot of opportunity for sizable growth for this offering in the months to come. And it's really examples like Wakefern that demonstrate how we can expand existing relationship into broader, higher value marketing partnerships. And when you look at the roster of clients that Tony showed you, really a lot of opportunities for Quad to increase engagements, increase share of wallet, and really continue to diversify some of our revenue streams. Okay. We'll go through some numbers for everyone as well. This is our revenue mix going back to 2018 on the left, 2025 in the middle, 2028 on the far right-hand side. The reason we show 2028 is what we call it internally the flip year. It's the inflection point that we believe Quad becomes a revenue growth year-over-year. These other years, we've dealt with organic decline. I'll talk about that next. So this large-scale print, magazines with conversions to e-readers, retail inserts, coupons with less newspapers. It's an area that you can see in the blue, this shade of blue, has been through decline, down to 23%, and we think 16% in 2028. It's a $500 million piece of our business revenue-wise. So that's been significant for us to overcome. On the growth side, targeted print, what Julie spends a lot of time talking about, direct mail, folding carton packaging, catalogs, in-store signage, where we take data and make it resonate most. That is where we have seen growth, where we are taking share from others, as well as growth within those underlying units. With the packaging expansion that Julie talked about in Salt Lake City, we think more growth as we look out into 2028. Integrated solutions is a combination of the agency solutions that we have spent time talking to you about, the creative agency, the digital agency. It also includes our logistics offerings. We make sure that anything we print, we get to the United States Postal Service, or we get it to the stores that need it. That revenue falls within integrated solutions. We think that the agency solutions will continue to grow. Things like the In-Store Connect, the screens in stores that Julie just showed. Then international print, relatively stable. We sold off our European operations last year in Poland. Mexico makes up the majority of the remaining 8%. That does print both locally in Mexico as well as print that comes into the U.S. that has not been impacted by any tariffs at this point through the USMCA agreement. If we take that 2028 pie that was on the far right of the last slide and include it here, we have now added the margins for each that we get on the engagements. That large scale print, that is the most commoditized. That is like printing a million Sports Illustrateds, right? That is at an 8%-10% EBITDA margin on those engagements. Whereas on the targeted print, instead of blanketing all of you with the exact same direct mail piece, we can target it based on your past buying habits. As a result, there is a premium to that. But also for the customer, you are more efficient and effective because you are not mailing out as many, but you are getting a higher hit rate on the ones you do mail because it is targeted. That is a 10%-15% margin within those categories. Then integrated solutions, the highest at 15%-20%, international at 10%-15%. As we continue to grow in targeted print and integrated solutions, we will see our margin increase. Currently, our adjusted EBITDA margin is in the low 8%s, but we see ability for that to increase. We will talk about that further in a little bit. We are a strong cash generator. This slide is showing both free cash flow as well as cash from asset sales. As we have had to rationalize our platform over the years in response to declining print volumes, we have owned the majority of those buildings, as Julie showed you on the map earlier. We have monetized those, and we have got $870 million plus since the beginning of the decade, which we used to bring down debt. We were a little over $1 billion in debt at the beginning of the decade through some of the acquisitions we did to build out the marketing experience story. We are now down at the last two years at 1.6x leverage, and this year we think we will be at 1.5x leverage, which is the low end of our long-term targeted range of 1.5x-2x. So very proud of the debt reduction that we have done. We're the who's who of banks led by JP Morgan. All the banks on this top row, those are the joint book runners, total of 12 banks. The debt agreement goes out to late 2029. It's at a 6.6% blended interest rate of term loan A and revolver, so in a strong position. We continue to decrease that debt, which decreases future interest payments. From a capital allocation standpoint, while we're focusing on keeping debt low at that 1.5x leverage at the end of the year, we're also continuing to increase or invest in CapEx, about 2% of our revenue every year. We look at acquisitions, smaller acquisitions that tuck in, like the Enru acquisition that Julie talked about, and shareholder returns. We're currently paying out right about a 4% dividend yield, $0.40 a year, $0.10 a quarter on a $10 stock. We're buying back shares to also support the value further. Right now, we're trading at $10. We're up 70% on a year-to-date basis. So we're having a nice run this year. I think investors are realizing what is all offered within Quad. It's not just the proverbial melting ice cube that people think about. That's showing up now in the stock price. Our analysts, two of them have targets at $13, one at $13.50, and we're still only today at a four and a half multiple. So we believe the shares still have room to run. So we'll support that with share buybacks and dividend. As we look out into the long-term financial goals and we look at 2028, that's where we think in that top row, we're going to hit the net sales inflection point. From 2023 to 2024, our revenue decreased 10%. Last year, it decreased 5%. This year, at the midpoint of our guidance, a 1%-5% decline, a 3% decline. So we're making steady steps towards this inflection point. Through the first two quarters, we're actually a little bit better than that 3% decline pace. So happy to see how we're progressing there. Both adjusted EBITDA and free cash flow at the midpoints of the guidance are basically equal with last year. So free cash flow is a $50 million midpoint. It was $51 million last year, so $1 million different. Same thing with adjusted EBITDA, $196 million last year versus $195 million at the midpoint this year. We believe we're on track for midpoints. Year-to-date net debt leverage ratio low at 1.5x. We see from a cash story, which is really important, the ability to increase our free cash flow conversion going forward, less interest payments as we reduce the debt, less restructuring payments, and CapEx that will continue to be evaluated as we put less money into heavy iron. So last slide, just to summarize what you've heard today. So what makes Quad different or why Quad? Integrated marketing platform, the only one in the U.S. who can go all the way from creative through design through execution of the campaigns, all in one shop. The proprietary data stack that Julie talked about, 10% of the mail produced at Quad. That allows us to put our secret sauce, if you will, of knowing what goes into people's mailboxes on top of other data that we can acquire, and we can target our print better. Postal solutions. If you are in the printing game, the lower that you can lower that postal cost keeps more images printing. So very important. We have the largest distribution platform by far. We have the best technology through the Enru acquisition. So we can offer something to customers that no one else in the United States can. Lastly, the disciplined financial foundation, the good work we have done to pay down debt, which allows for diversified capital allocation, strong dividend, share buybacks to support shareholders. With that, we have five plus minutes left. Questions? Awesome. Can we go back to the product print slide? Yes. Something that I am curious about here is how each of these different pieces will respond to increases or decreases in volume. So what is the operating leverage of each one of those components? Yeah. If we look at that large scale print category, that is where we have had to close a lot of facilities over time. If we date back to the World Color acquisition in 2010, we have closed over 60 facilities, unfortunately, that we have had to lower for capacity. We will continue to look at that going forward. It provides strong cash flow. We are able to adjust maybe within a plant where we can close down some lines or close a whole plant and take out the fixed costs as well. So feel good about our ability to adjust in those areas. The other areas we see as growth areas, so we will look at targeted print. That is one of the reasons we are expanding packaging. We need more production capacity, especially on the West Coast where we are not currently. How can we continue to expand that, right? We see better margins and stronger leverage in those categories. Okay. Got you. Just to be clear, though, the ones that you are expanding into, so the targeted print and integrated solutions, do those have higher operating leverage than the ones that you are divesting from? Yeah, they do. Okay. That's fantastic. Also, your main customers are typically consumer discretionaries? Yeah. I would, I guess, mainly call it that. B2B business, a mix of different customers rearranging on that previous slide I showed from magazines to et cetera, but we think kind of fits in with a GDP-type business. Okay. Thank you. Thanks. Okay. Any other questions? Yes. The in-store screen business. Yes. You mentioned that you're starting with smaller competitors or smaller grocers. Grocers, yep. As those stores grow, do they ultimately grow out of you and replace you with their own screens if they decide it's successful? Interesting question. We're hoping that by the fact that they're going to be part of a network larger than themselves, so a number of grocers that are in the Quad network, that that makes us sticky because the national brands will want as much store coverage as possible. When you think of Walmart, they're going to do their own in-store. They acquired VIZIO. One of the reasons was because they wanted screens to be able to put in their own retail environments. So you've got Walmart, Kroger, maybe Albertsons, that have very large store counts and may do this themselves. But like Wakefern, the other one that Julie went through, very large on the East Coast, and wants to be part of this larger network to attract the national dollars. Is it through programmatically trading or how do they charge for it? Yeah. For the screen time? Yeah, from the ad company. Right now, we are selling with the help of the retailers directly to the CPGs. The CPGs make the payment. We get the majority of the revenue. The retailer gets the minority of the revenue. To the retailer, it is a huge win because we are paying for the CapEx. They go direct to Pepsi. It's not like The Trade Desk or somebody else that can offer us- Yeah. We look at those avenues as well, but mainly it's a direct sale. Again, the retailers are now able to monetize foot traffic that they weren't previously. We're fronting the CapEx for it to get that majority of the revenue share. Anything else, Julie, that you'd add to that question? No. To supplement, today we are going direct to the brands themselves through a combination of our team with the retailers, but we are looking at programmatic options to fill in kind of open inventory slots over time and are negotiating some opportunities there. Then you split it with the retailer, or what's the mix? Do you get your money back from the CapEx? How does it typically work? How do you get paid back? Yeah. It depends on each retailer, and some of them, if they are going to put more sales effort into selling screens, we will give them an increased amount of the share. But in all cases, we get the majority of what the CPG pays for it. Again, our CEO will call this almost like venture capital, right? Because this is pre-profit, small, but CPGs need a way to reach their customers, and with less coupons, which in the grocery environment, clipped coupons were very highly effective. This is a way to get someone right at the screen at store and say, "Oh, $0.50 off on Crest this week? Let me pick that up. I was not planning on buying toothpaste, but the screen reminded me it was $0.50 off." So they are looking for new ways to reach their customers. We got 37 seconds left, so I think we are good for today. Thank you for listening to the Quad story.