Quad/Graphics Inc (QUAD) 2025 Q3 法說會逐字稿

Good morning, and welcome to Quad's third-quarter 2025 conference call. (Operator Instructions)

早上好，歡迎參加 Quad 2025 年第三季電話會議。（操作說明）

A slide presentation accompanies today's webcast. The 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. (Operator Instructions)

今天的網路直播配有幻燈片簡報。參加者可自行翻閱投影片。如需觀看網路直播，請依照財報發布中的說明進行操作。或者，您也可以訪問 Quad 網站“投資者”部分的“活動和演示”鏈接，查看幻燈片演示文稿。（操作說明）

Please note this event is being recorded. I will now turn the conference over to Katie Krebsbach, Quad's Senior Manager of Investor Relations. Katie, please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給 Quad 的投資者關係高級經理 Katie Krebsbach。凱蒂，請繼續。

Thank you, operator, and good morning, everyone. With me today are Joel Quadracci, Quad's Chairman, President and Chief Executive Officer; and Tony Staniak, Quad's Chief Financial Officer. Joel will lead today's call with a business update, and Tony will follow with a summary of Quad's third quarter and year-to-date financial results followed by Q&A.

謝謝接線員，大家早安。今天陪同我的是 Quad 公司董事長、總裁兼執行長 Joel Quadracci，以及 Quad 公司財務長 Tony Staniak。Joel 將主持今天的電話會議，介紹公司最新業務狀況，隨後 Tony 將總結 Quad 第三季和年初至今的財務業績，之後進行問答環節。

I would like to remind everyone that this call is being webcast and forward-looking statements are subject to safe harbor provisions, as outlined in our quarterly news release and in today's slide presentation on slide 2.

我想提醒大家，本次電話會議將進行網路直播，並且前瞻性聲明受安全港條款的約束，如我們的季度新聞稿和今天幻燈片簡報第 2 頁所述。

Quad's financial results are prepared in accordance with generally accepted accounting principles. However, this presentation also contains non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, free cash flow, net debt, and net debt leverage ratio. We have included in the slide presentation reconciliations of these non-GAAP financial measures to GAAP financial measures.

Quad的財務表現是依照公認會計原則編製的。然而，本次演示也包含非GAAP財務指標，包括調整後的EBITDA、調整後的EBITDA利潤率、調整後的稀釋每股盈餘、自由現金流量、淨債務和淨債務槓桿率。我們在投影片簡報中加入了這些非GAAP財務指標與GAAP財務指標的調節表。

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

最後，本次電話會議的錄音回放將在今天電話會議結束後不久發佈在 quad.com 的投資者關係版塊。

I will now hand over the call to Joel.

現在我將把電話交給喬爾。

Thank you, Katie, and good morning, everyone. Our results met our expectations and on slide 3, we outlined key highlights from our third quarter and year-to-date performance. We continue making targeted investments in AI power tools and systems, data and audience intelligence services, and our in-store connect retail media network.

謝謝你，凱蒂，大家早安。我們的業績符合預期，在第 3 張幻燈片中，我們概述了第三季和年初至今的業績亮點。我們將繼續有針對性地投資人工智慧工具和系統、數據和受眾智慧服務，以及我們的店內連接零售媒體網路。

These investments combined with our creative marketing services and premier print platform fortified Quad's differentiated strengths as a marketing experience company that simplifies the complexities of marketing for brands and marketers.

這些投資，加上我們富有創意的行銷服務和一流的印刷平台，鞏固了 Quad 作為行銷體驗公司的獨特優勢，該公司簡化了品牌和行銷人員的行銷複雜性。

They also advance our revenue diversification strategy which aims to return Quad to net sales growth in 2028. Quad's continued strong balance sheet and our disciplined approach to managing the business have enabled us to return $19 million of capital to shareholders year-to-date.

它們也推進了我們的收入多元化策略，該策略旨在使 Quad 在 2028 年恢復淨銷售額成長。Quad 持續強勁的資產負債表和我們嚴謹的業務管理方式，使我們今年迄今已向股東返還了 1,900 萬美元的資本。

Additionally, we are updating our full-year 2025 guidance by narrowing our ranges for sales, adjusted EBITDA and cash flow, which Tony will walk through later. Quad's MX offering shown on slide 4 includes a suite of integrated solutions for creative, production, and media, backed by intelligence and tech across all digital and physical channels.

此外，我們正在更新 2025 年全年業績指引，縮小銷售額、調整後 EBITDA 和現金流量的預期範圍，Tony 稍後會詳細介紹。Quad 的 MX 產品（如圖 4 所示）包括一套用於創意、製作和媒體的整合解決方案，並以智慧和技術為支撐，涵蓋所有數位和實體管道。

As we invest in our growing solution set, we also continue to monitor macroeconomic pressures such as inflation, employment rates, tariffs, and high postage costs, which may negatively impact our clients' mission critical marketing plans.

隨著我們對不斷增長的解決方案組合進行投資，我們也持續關注通貨膨脹、就業率、關稅和高郵資等宏觀經濟壓力，這些壓力可能會對我們客戶的關鍵行銷計劃產生負面影響。

Quad's overall supply chain continues to have limited direct exposure to tariffs. Our largest imports, the paper we bring in from Canada and the books we manufacture for US clients in our Mexico facilities, are compliant under the USMCA and remain exempt from tariffs.

Quad的整體供應鏈仍很少直接受到關稅的影響。我們最大的進口商品，即從加拿大進口的紙張和我們在墨西哥工廠為美國客戶生產的書籍，均符合美墨加協定 (USMCA) 的規定，並繼續免關稅。

However, tariffs have increased the cost of certain print-related materials such as ink pigments and plates. As a result, we have notified our clients that Quad will pass along these costs through a January 1 price increase consistent with the rest of the industry. During the third quarter, we did not see a significant pullback from clients due to tariffs. However, we are closely monitoring client actions given ongoing uncertainty around the macro environment.

然而，關稅增加了某些印刷相關材料（如油墨顏料和印版）的成本。因此，我們已通知客戶，Quad 將從 1 月 1 日起透過提價將這些成本轉嫁給客戶，與業內其他公司保持一致。第三季度，我們沒有看到客戶因關稅而出現明顯的撤資。然而，鑑於宏觀環境持續存在不確定性，我們正在密切關注客戶的行動。

With postage being [mailers'] single largest marketing expense, high postage rates continue to significantly impact our industry. However, marketers received positive news in September when the USPS announced that it would not issue a January price increase for market dominant mail, which includes magazines, catalogs, and direct mail. This announcement comes at an important time for marketers as they formalize their 2026 media plans.

由於郵資是郵寄商最大的單一行銷支出，高昂的郵資持續對我們的產業產生重大影響。然而，9 月份，行銷人員收到了好消息，美國郵政總局宣布不會在 1 月份提高市場主導郵件（包括雜誌、目錄和直郵）的價格。對於正在製定 2026 年媒體計畫的行銷人員來說，這項公告發布得正值關鍵時期。

During the quarter, Quad leaders and I met with the USPS to have an open discussion about mailers' concerns. We presented data on a variety of topics including how twice annual rate increases and inconsistent delivery service negatively affect our industry. We also discussed work sharing whereby private sector mailers like Quad performed tasks that the USPS would otherwise handle in exchange for discounted rates. The USPS has recently affirmed that this type of public-private partnership is critical to the postal landscape and as it reduces operational costs for the government and lowers postage costs for mailers.

本季度，我和 Quad 的領導與美國郵政總局 (USPS) 會面，就郵件寄送者的擔憂進行了公開討論。我們展示了有關各種主題的數據，包括每年兩次的費率上漲和不穩定的交付服務如何對我們的行業產生負面影響。我們也討論了工作共享，即像 Quad 這樣的私人郵件服務商執行美國郵政服務公司原本要處理的任務，以換取折扣價格。美國郵政總局最近重申，這種公私合作模式對郵政體系至關重要，因為它既能降低政府的營運成本，又能降低寄件者的郵資成本。

I appreciate the USPS's renewed engagement with the mailing industry under the new Postmaster General and look forward to continued collaboration to keep print a vital part of the marketing mix. We continue to deploy a strategic two-pronged approach to help clients mitigate the impacts of high postal rates. Our approach focuses on maximizing savings while increasing marketing effectiveness.

我讚賞美國郵政總局在新任郵政局長領導下重新與郵寄行業建立聯繫，並期待繼續合作，使印刷品繼續成為行銷組合的重要組成部分。我們持續採取雙管齊下的策略方法，幫助客戶減輕高郵資帶來的影響。我們的方法著重於在提高行銷效率的同時最大限度地節省成本。

To maximize savings, we provide clients with innovative postal optimization solutions. Earlier this year, we expanded our co-mailing capabilities by acquiring the co-mail assets of Enru to support high density pre-sort levels, which generates additional savings through economies of scale. We also offer innovative bundling services like household fusion, which combines different mail pieces destined for a single household in the one package for a discounted rate.

為了最大限度地節省成本，我們為客戶提供創新的郵政優化解決方案。今年早些時候，我們透過收購 Enru 的聯合郵件資產擴大了我們的聯合郵件能力，以支持高密度預分揀水平，從而透過規模經濟產生額外的節省。我們還提供創新的捆綁服務，例如家庭郵件合併服務，將寄往同一家庭的不同郵件合併到一個包裹中，以享受折扣價。

To drive marketing effectiveness, we create smarter audience segments and deploy personalized content. This ultimately yields a higher response rate and greater return on investment, which offsets the cost of postage.

為了提高行銷效果，我們創建更聰明的受眾細分並投放個人化內容。這最終會帶來更高的回覆率和更大的投資回報，從而抵消郵資成本。

Transitioning to slide 5, audience data is the lifeblood of today's marketing ecosystem. Quad is uniquely positioned to provide audience intelligence through our proprietary data stack, which is anchored in physical household centric data.

接下來是第 5 張投影片，受眾數據是當今行銷生態系統的命脈。Quad 擁有獨特的優勢，能夠透過我們專有的資料堆疊提供受眾情報，該堆疊以家庭為中心的實際數據為基礎。

Our stack represents 92% of US households and includes more than 20,000 addressable demographic, transactional, attitudinal, and behavioral characteristics, as well as hundreds of proprietary interests or what we call passions.

我們的技術堆疊涵蓋了 92% 的美國家庭，包含超過 20,000 個可尋址的人口統計、交易、態度和行為特徵，以及數百個專有興趣或我們稱之為熱情。

Addressable data enables precisely targeted marketing efforts that drive measurable results. Using our data stack, we create a single knowable audience that can be built and bought across multiple media partners, supporting physical and digital channels. This unified buying experience helps clients understand who they are targeting and where, breaking down the walled gardens put in place by other media platforms and thereby removing unintentional audience duplication.

可尋址數據能夠實現精準的市場行銷，從而帶來可衡量的成效。利用我們的數據堆棧，我們創建了一個可知的單一受眾群體，該群體可以跨多個媒體合作夥伴進行構建和購買，從而支持實體和數位管道。這種統一的購買體驗幫助客戶了解他們的目標受眾是誰以及在哪裡，打破了其他媒體平台設置的圍牆，從而消除了無意的受眾重複。

The biggest hurdle to scaling the application of our data stack has been the time and specialized knowledge required to interpret the relevant data for each particular use case. During last quarter's earnings call, I shared the launch of Quad's Audience Builder, a proprietary platform that enables employees to easily access our data stack and create complex high propensity audiences.

擴展我們資料堆疊應用的最大障礙是，解讀每個特定用例的相關資料需要時間和專業知識。在上個季度的財報電話會議上，我分享了 Quad 的 Audience Builder 的推出，這是一個專有平台，使員工能夠輕鬆存取我們的資料堆疊並創建複雜的高傾向性受眾。

I'm pleased to share that Quad has successfully integrated a generative AI chat feature into the platform, which provides an even faster and more effective way for our media strategists, analysts, and planners to uncover consumer insights and design high performing audiences. This new feature uses cortex AI functionality from Snowflake, a leading cloud data platform, to interpret prompts, analyze stored audience attributes, and enrich results with external demographic data.

我很高興地宣布，Quad 已成功將生成式 AI 聊天功能整合到平台中，這為我們的媒體策略師、分析師和策劃人員提供了一種更快、更有效的方式來發現消費者洞察並設計高績效受眾。這項新功能利用領先的雲端資料平台 Snowflake 的 Cortex AI 功能來解釋提示、分析儲存的受眾屬性，並使用外部人口統計資料豐富結果。

Erin Foxworthy, Global Head of Marketing and Advertising at Snowflake, said, our collaboration with Quad is a testament to the power of AI to transform how marketers interact with their data. We're making it possible for brands to unlock sophisticated insights and act at them with speed and precision.

Snowflake 全球行銷和廣告主管 Erin Foxworthy 表示，我們與 Quad 的合作證明了人工智慧在改變行銷人員與其數據互動方式方面的強大力量。我們讓品牌能夠獲得複雜的洞察，並快速、精準地採取行動。

Turning to slide 6, while the consumer journey today is more complicated and convoluted than ever, in-store shopping remains an important and engaging channel for our consumers. Recent research presented by Quad and conducted by the Harris Poll, one of the longest running surveys in the US, finds that 76% of Americans believe physical retail experiences help them connect more deeply with people and brands, and 86% of Gen Z and millennials report that touching and feeling products are essential to their purchase decisions.

翻到第 6 張投影片，雖然如今消費者的購物旅程比以往任何時候都更加複雜和曲折，但實體店購物仍然是我們消費者一個重要且引人入勝的管道。Quad 最近發布的由美國歷史最悠久的調查之一 Harris Poll 進行的一項研究發現，76% 的美國人認為實體零售體驗有助於他們與人和品牌建立更深層次的聯繫，86% 的 Z 世代和千禧一代表示，觸摸和感受產品對他們的購買決定至關重要。

In the coming days, Quad will release results from the Harris Polls follow-up survey that shows a significant consumer preference for in-person shopping during the holiday due to its ability to spur brand discovery and human connection. These findings underscore how tactile brand experiences remain essential to driving sales and strengthening brand loyalty, especially as new technologies like AI disrupt traditional marketing methods.

未來幾天，Quad 將公佈哈里斯民意調查的後續調查結果，該調查顯示，由於線下購物能夠促進品牌發現和人際互動，消費者在假期期間更傾向於線下購物。這些研究結果強調了觸覺品牌體驗對於推動銷售和增強品牌忠誠度仍然至關重要，尤其是在人工智慧等新技術顛覆傳統行銷方式的情況下。

On slide 7, we highlight how Favorite Child, the brand strategy and design practice within Quad's creative agency, is helping retailers like ALDI turn their private label packaging into powerful brand amplifier. With more than 2,500 US locations, ALDI is widely recognized as the nation's fastest growing grocery chain. Although 90% of its 3,000 plus products are private label, many shoppers don't realize these items are exclusive to ALDI. The retailer hired Favorite Child to address this lack of brand visibility, leading ALDI's largest packaging refresh to date.

在第 7 張投影片中，我們重點介紹了 Quad 創意機構內的品牌策略和設計實踐 Favorite Child 如何幫助像 ALDI 這樣的零售商將自有品牌包裝轉化為強大的品牌擴大機。ALDI 在美國擁有超過 2500 家門市，被公認為是美國發展速度最快的連鎖超市。雖然其 3000 多種產品中有 90% 是自有品牌，但許多購物者並沒有意識到這些商品是 ALDI 獨家銷售的。該零售商聘請 Favorite Child 來解決品牌知名度不足的問題，促成了 ALDI 迄今為止最大的包裝更新。

To start, Favorite Child created ALDI's first ever namesake brand, which puts its name on every product for recognizability and will replace many of the grocer's 90 previous brand names. The new ALDI packaging brand relies on a strategic design system comprised of flexible layouts, cohesive colors, and bold fonts to balance brand consistency with eye-catching variety that pops on the shelf.

首先，Favorite Child 為 ALDI 創建了第一個同名品牌，該品牌將印在每件產品上以提高辨識度，並將取代這家雜貨商之前的 90 個品牌名稱中的許多。ALDI 的全新包裝品牌依靠一套策略設計系統，由靈活的佈局、協調的顏色和醒目的字體組成，以在保持品牌一致性的同時，打造引人注目的多樣性，使其在貨架上脫穎而出。

In addition, Favorite Child is working alongside other creative agencies to refresh some of the grocer's most popular private label brands like Clancy's, Simply Nature, and Southern Grove. The rejuvenated packaging will include the tag, an Aldi Original, to strengthen the product's connections to the retailer's overall brand. Certain ALDI branded products are already on shelves, and rollout will continue to scale throughout 2026.

此外，Favorite Child 還與其他創意機構合作，為這家雜貨商最受歡迎的一些自有品牌（如 Clancy's、Simply Nature 和 Southern Grove）進行品牌重塑。重新設計的包裝將包含「Aldi Original」標籤，以加強產品與零售商整體品牌的連結。部分ALDI品牌產品已上架銷售，並將於2026年持續擴大銷售規模。

Moving to slide 8, we spotlight how In-Store Connect, our retail media network for brick-and-mortar stores, supports retailers and CPG brands by leveraging digital technology within the physical store environment. During the quarter, we introduced advancement to our solution, including three new digital signage form factors, all of which are designed to grab shopper attention and increase brand visibility.

接下來是第 8 張投影片，我們將重點介紹 In-Store Connect（我們的實體店零售媒體網路）如何透過在實體店環境中利用數位技術來支援零售商和消費品品牌。本季度，我們對解決方案進行了改進，包括三種新的數位看板外形，所有這些設計都是為了吸引購物者的注意力並提高品牌知名度。

We continue to receive positive results from CPG campaigns demonstrating the effectiveness of our in-store retail media network. Earlier this year, we conducted a test and control study with multiple clients, including Procter and Gamble, PepsiCo, and Nestle USA. The study tracked year-over-year brand sales lift across a four-week period with The Save Mart Companies. The results showed significantly higher sales lift in locations deploying our solution versus those without it.

我們持續從消費品推廣活動中獲得正面成果，證明了店內零售媒體網路的有效性。今年早些時候，我們與包括寶潔公司、百事可樂公司和雀巢美國公司在內的多家客戶進行了測試和對照研究。該研究追蹤了 Save Mart 公司在四周時間內品牌銷售額的年增率。結果顯示，採用我們解決方案的地區的銷售額提升幅度明顯高於未採用此解決方案的地區。

Nestle USA deployed a campaign for DiGiorno Frozen pizza and experienced a 23 percentage point sales lift in test stores versus control stores. PepsiCo used our retail media network to drive awareness of its new six-pack Rockstar Energy drink and experienced a sales lift of 25 percentage points.

雀巢美國公司為 DiGiorno 冷凍披薩進行了一項推廣活動，結果顯示，測試門市的銷售額比對照門市提高了 23 個百分點。百事公司利用我們的零售媒體網絡來提高其新款六瓶裝 Rockstar 能量飲料的知名度，並實現了 25 個百分點的銷售成長。

In high velocity retail categories, achieving significant sales lift can be difficult, particularly for mature brands like Procter and Gamble. Using In-Store Connect to promote laundry products such as Tide, Downy, and Bounce, PNG realized a sales lift of 8 percentage points. With these strong results and growing pipeline of CPGs, we're optimistic about In-Store Connect's future growth.

在高週轉率的零售品類中，要實現顯著的銷售成長可能很困難，尤其是對於像寶潔這樣的成熟品牌。PNG 利用 In-Store Connect 推廣 Tide、Downy 和 Bounce 等洗衣產品，實現了 8 個百分點的銷售額提升。憑藉這些強勁的業績和不斷成長的消費品供應管道，我們對 In-Store Connect 的未來成長充滿信心。

When clients integrate their marketing efforts, they improve business outcomes, accelerate their speed to market, and realize cost efficiencies. While traditional holding companies focus their efforts on individual agency capabilities, cobbling together businesses that operate in silos, Quad has structured our services to work harmoniously together, producing results greater than the sum of their parts. Throughout 2025, Quad has seen particularly strong momentum in our integrated approach to direct mail.

當客戶整合行銷工作時，他們可以改善業務成果，加快產品上市速度，並實現成本效益。傳統控股公司專注於各個代理商的能力，將各自為政的業務拼湊在一起，而 Quad 則建構了能夠和諧運作的各項服務，從而產生大於各部分總和的結果。2025 年全年，Quad 在整合直效郵件方面取得了特別強勁的發展勢頭。

On slide 9, we share an example of this through our work with one of the nation's largest auto insurers. Quad partnered with the client to re-launch its direct mail channel through a scalable data-backed strategy. Our end-to-end service model has helped the client modernize its direct marketing efforts with significantly condensing its number of partners compared to past programs.

在第 9 張投影片中，我們將透過與美國最大的汽車保險公司之一的合作來分享一個例子。Quad 與客戶合作，透過可擴展的資料支援策略重新推出其直效郵件管道。我們的端到端服務模式幫助客戶實現了直接行銷工作的現代化，與以往的方案相比，合作夥伴數量大幅減少。

Quad's support includes strategic guidance on the client's quarterly and annual DM plans; audience targeting for customer acquisition campaigns; DM creative design backed by Quad's proprietary accelerated marketing insights; pre-market testing to connect the best content, creative, and format; print execution through our state-of-the-art manufacturing platform; postal optimization services and guidance to maximize USPS discounts; and comprehensive analytics to fuel growth through test and learn tactics.

Quad 提供的支援包括：為客戶的季度和年度 DM 計劃提供策略指導；為客戶獲取活動進行受眾定位；利用 Quad 專有的加速營銷洞察進行 DM 創意設計；進行市場前測試，以結合最佳內容、創意和格式；透過我們最先進的製造平台進行印刷執行；提供郵政優化服務和指導，以最大限度地利用 USPS 折扣；

The iterative nature of this approach, conducted all under one roof, has enabled the client to evolve its strategy over time based on consumer response rates. With this strategy, we've helped the client successfully relaunch its direct mail channel, mailing more than 30 million pieces through the first three quarters of 2025.

這種迭代式的方法，所有環節都在同一個屋簷下進行，使客戶能夠根據消費者回饋率不斷改進其策略。透過這項策略，我們幫助客戶成功重啟了其直效郵件管道，在 2025 年前三個季度寄出了超過 3,000 萬份郵件。

Before I turn the call over to Tony, I would like to recognize our employees and thank them for their continued hard work during our traditionally busiest season of the year. Whether it's on the manufacturing floor, in-agency services, or anywhere in between, your hard work and commitment to innovation is helping solve client problems, drive diversified business and advance our long-term strategic goals.

在將電話交給托尼之前，我想表揚一下我們的員工，感謝他們在我們一年中最繁忙的季節裡持續辛勤工作。無論是在生產車間、代理商服務部門，還是介於兩者之間的任何地方，您的辛勤工作和對創新的承諾都在幫助解決客戶問題、推動業務多元化並推進我們的長期戰略目標。

With that, I'll turn the call over Tony.

好了，我把電話交給東尼了。

Thanks, Joel, and good morning, everyone. On slide 10, we show our diverse revenue mix. Net sales were $588 million in the third quarter of 2025, a decrease of 7% compared to the third quarter of 2024, when excluding the 6% impact of the February 28, 2025, divestiture of our European operations. The decline in net sales during the third quarter was primarily due to lower paper sales, lower print volumes, and lower logistics and agency solution sales.

謝謝喬爾，大家早安。第 10 張投影片展示了我們多元化的收入組成。2025 年第三季淨銷售額為 5.88 億美元，與 2024 年第三季相比下降了 7%，不包括 2025 年 2 月 28 日剝離歐洲業務帶來的 6% 的影響。第三季淨銷售額下降主要是因為紙張銷售下降、印刷量下降以及物流和代理商解決方案銷售額下降。

Net sales were $1.8 billion in the first nine months of 2025, a 4% decline compared to the first nine months of 2024, when excluding the 5% impact of the Europe divestiture due to the same factors as the third quarter, and including the loss of a large grocery client which annualized at the beginning of March 2025.

2025 年頭九個月的淨銷售額為 18 億美元，與 2024 年前九個月相比下降了 4%。這不包括與第三季度相同的因素而導致的歐洲業務剝離造成的 5% 的影響，但包括了 2025 年 3 月初開始計算的一家大型食品雜貨客戶的流失。

Comparing our net sales breakdown between the first nine months of 2024 and 2025, our revenue mix as a percentage of total net sales increased 2% in our targeted print offerings, driven by growth in direct marketing, packaging, and in-store.

對比 2024 年前九個月和 2025 年前九個月的淨銷售額構成，我們的目標印刷產品收入佔總淨銷售額的百分比增長了 2%，這主要得益於直接營銷、包裝和店內銷售的增長。

Slide 11 provides a snapshot of our third-quarter 2025 and year-to-date financial results. Adjusted EBITDA was $53 million in the third quarter of 2025 as compared to $59 million in the third quarter of 2024, and adjusted EBITDA margin improved from 8.7% to 8.9%.

第 11 頁概述了我們 2025 年第三季和年初至今的財務表現。2025 年第三季調整後 EBITDA 為 5,300 萬美元，而 2024 年第三季為 5,900 萬美元，調整後 EBITDA 利潤率從 8.7% 提高到 8.9%。

On a year-to-date basis, adjusted EBITDA was $141 million in 2025 compared to $161 million in 2024. An adjusted EBITDA margin declined from 8.2% to 7.9%. The decrease in adjusted EBITDA in bulk periods was primarily due to the impact of lower net sales, increased investments in innovative offerings to drive future revenue growth, and the divestiture of our European operations, partially offset by lower selling general and administrative expenses and benefits from improved manufacturing and productivity.

截至目前，2025 年調整後 EBITDA 為 1.41 億美元，而 2024 年為 1.61 億美元。調整後的 EBITDA 利潤率從 8.2% 下降至 7.9%。大宗交易期間調整後 EBITDA 的下降主要是由於淨銷售額下降、為推動未來收入增長而增加對創新產品的投資以及剝離歐洲業務所致，部分被銷售一般及行政費用的降低以及製造和生產效率提高帶來的收益所抵消。

Adjusted diluted earnings per share was $0.31 in the third quarter of 2025, increased 19% from $0.26 in the third quarter of 2024. Year-to-date, adjusted diluted earnings per share was $0.65 in 2025, increased 33% from $0.49 in 2024. The increases are due to higher earnings, including lower restructuring, impairment and transaction-related charges, lower depreciation and amortization, and lower interest expense, as well as the beneficial impact of share repurchases.

2025 年第三季調整後稀釋每股收益為 0.31 美元，比 2024 年第三季的 0.26 美元增加 19%。截至目前，2025 年調整後稀釋每股收益為 0.65 美元，比 2024 年的 0.49 美元增加了 33%。成長主要歸功於更高的收益，包括更低的重組、減損和交易相關費用、更低的折舊和攤提費用以及更低的利息支出，以及股票回購的正面影響。

Free cash flow improved $5 million from last year to negative $87 million in the nine months ended September 30, 2025. The improvement in free cash flow is primarily due to a $9 million decrease in capital expenditures partially offset by a $4 million increase in net cash used in operating activities.

截至 2025 年 9 月 30 日的九個月內，自由現金流較上年同期改善 500 萬美元，變為負 8,700 萬美元。自由現金流的改善主要是由於資本支出減少了 900 萬美元，但部分被營運活動淨現金流出增加 400 萬美元所抵銷。

We show the seasonality of our free cash flow and net debt on slide 12. Due to the seasonality of our business from the timing of holiday-related advertising and promotions, we typically generate negative free cash flow in the first nine months of the year, followed by large positive free cash flow in the fourth quarter, resulting in reduced net debt at the end of the year.

我們在第 12 張投影片中展示了自由現金流和淨債務的季節性變化。由於假日相關的廣告和促銷活動的時間會影響我們業務的季節性，我們通常在每年的前九個月產生負自由現金流，然後在第四季度產生大量的正自由現金流，從而在年底減少淨債務。

For the remainder of 2025, we anticipate a similar seasonal pattern for our free cash flow and net debt, and we expect free cash flow in the fourth quarter to be in the range of $137 million to $147 million. When removing the impact of seasonality, our net debt has decreased by $25 million from September 30, 2024, to September 30, 2025.

在 2025 年剩餘的時間裡，我們預計自由現金流和淨債務將呈現類似的季節性模式，我們預計第四季度的自由現金流將在 1.37 億美元至 1.47 億美元之間。在剔除季節性因素的影響後，從 2024 年 9 月 30 日至 2025 年 9 月 30 日，我們的淨債務減少了 2,500 萬美元。

Our free cash flow, in addition to proceeds from asset sales, fuels our capital allocation strategy as shown on slide 13. During the third quarter, we made additional progress on the sale of closed facilities, including the sale of our two buildings in Effingham, Illinois for $6.5 million. The geographic location and the length of the sales process resulted in a lower price per square foot compared to what we have received in previous real estate transactions. We continue to expect to generate future cash proceeds from additional owned facilities that are currently for sale, including in Greenville, Michigan; Lockheed, Iowa; and an ancillary building in Sussex, Wisconsin.

我們的自由現金流，加上資產出售所得，為我們的資本配置策略提供了動力，如第 13 頁幻燈片所示。第三季度，我們在出售已關閉的設施方面取得了進一步進展，包括以 650 萬美元的價格出售了我們在伊利諾伊州埃芬漢姆的兩棟建築物。由於地理位置和銷售過程較長，最終每平方英尺的價格比我們先前房地產交易中獲得的價格要低。我們繼續期望從目前正在出售的其他自有設施中獲得未來的現金收益，包括位於密西根州格林維爾的設施；位於愛荷華州洛克希德的設施；以及位於威斯康辛州蘇塞克斯的一棟附屬建築。

Our strong cash generation has enabled us to deepen our product offering through acquisitions such as the co-mailing assets of Enru, maintain low debt balances, and return $19 million of capital to shareholders year-to-date through $11 million of cash dividends and $8 million of share repurchases.

我們強勁的現金流使我們能夠透過收購 Enru 的聯合郵寄資產等方式深化我們的產品供應，保持較低的債務餘額，並透過 1,100 萬美元的現金股息和 800 萬美元的股票回購，在今年迄今為止向股東返還了 1,900 萬美元的資本。

This year, we increased the quarterly dividend by 50% to $0.075 per share, and our next dividend is payable on December 5. In addition, we repurchased 1.4 million shares of Class A Common stock thus far in 2025. This brings total repurchases to 7.4 million shares since we commenced buybacks in 2022, or approximately 13% of Quad's March 31, 2022, outstanding shares. We believe this represents strong value, and we will remain opportunistic in terms of our future share repurchases.

今年，我們將季度股息提高了 50%，達到每股 0.075 美元，下一次股息將於 12 月 5 日支付。此外，截至 2025 年，我們已回購 140 萬股 A​​ 類普通股。自 2022 年開始回購以來，我們已累積回購 740 萬股，約佔 Quad 截至 2022 年 3 月 31 日流通股的 13%。我們認為這代表著很高的價值，未來我們將繼續抓住機會進行股票回購。

Slide 14 includes a summary of our debt capital structure. In August, we were pleased to add Flagstar Bank, one of the largest regional lenders in the country, to our bank group. With this addition, the aggregate outstanding principal amount of our term loan A was increased by $20 million and our revolving credit availability was increased by $15 million, further bolstering our liquidity.

第 14 頁包含我們債務資本結構的摘要。8 月，我們很高興地將 Flagstar Bank（美國最大的區域貸款機構之一）納入我們的銀行集團。透過此次新增，我們的 A 類定期貸款未償還本金總額增加了 2,000 萬美元，循環信貸額度增加了 1,500 萬美元，進一步增強了我們的流動性。

At the end of the third quarter, our total available liquidity, including cash on hand under our most restrictive debt covenant, was $166 million with our next significant maturity of $205 million not due until October 2029. As a reminder, given uncertainty regarding interest rates, we entered into two interest rate collar agreements for $150 million in notional value during 2023, with $75 million maturing on October 31, 2025.

第三季末，我們的可用流動資金總額（包括根據我們最嚴格的債務契約持有的現金）為 1.66 億美元，而我們下一筆重大到期債務 2.05 億美元要到 2029 年 10 月才會到期。提醒各位，鑑於利率的不確定性，我們在 2023 年簽訂了兩份名義價值為 1.5 億美元的利率區間協議，其中 7500 萬美元將於 2025 年 10 月 31 日到期。

Due to the upcoming maturity, during the third quarter, we entered into $80 million of interest rate swaps. Including these interest derivatives, at the end of the third quarter, our blended interest rate was 7.1%, and we would pay lower interest expense on approximately 70% of our debt if interest rates decline.

由於即將到期，我們在第三季簽訂了 8000 萬美元的利率互換合約。在計入這些利息衍生性商品後，截至第三季末，我們的綜合利率為 7.1%，如果利率下降，我們將有約 70% 的債務支付較低的利息支出。

We update our 2025 guidance as shown on slide 15. For net sales, we are narrowing the range and reaffirming the midpoint of our guidance. We now expect net sales to decline 3% to 5% or 4% at the midpoint compared to previous guidance of a 2% to 6% decline, when excluding 2025 net sales of $23 million and 2024 net sales of $153 million from our divested European operations.

我們更新了 2025 年的指導方針，如幻燈片 15 所示。對於淨銷售額，我們將縮小預期範圍，並重申預期中位數。我們現在預計淨銷售額將下降 3% 至 5% 或 4%（取中間值），而此前的預期為下降 2% 至 6%，這其中不包括我們剝離的歐洲業務在 2025 年的淨銷售額 2300 萬美元和在 2024 年的淨銷售額 1.53 億美元。

We're also narrowing adjusted EBITDA and free cash flow within our original guidance ranges. Full-year 2025 adjusted EBITDA is now expected to be between $190 million and $200 million compared to previous guidance of $180 million to $220 million while free cash flow is expected to be at the higher end of our original guidance range at $50 million to $60 million compared to previous guidance of $40 million to $60 million. Capital expenditures are now expected to be between $50 million and $55 million compared to previous guidance of $65 million to $75 million as part of our balanced capital allocation strategy.

我們也將調整後的 EBITDA 和自由現金流預期範圍縮小到原先的預期範圍內。2025 年全年調整後 EBITDA 預計在 1.9 億美元至 2 億美元之間，而此前的預期為 1.8 億美元至 2.2 億美元；自由現金流預計將達到我們最初預期範圍的較高水平，為 5000 萬美元至 6000 萬美元，而此前的預期為 4600 萬美元。根據我們均衡的資本配置策略，目前的資本支出預計在 5,000 萬美元至 5,500 萬美元之間，而先前的預期為 6,500 萬美元至 7,500 萬美元。

Finally, our net debt leverage ratio is expected to slightly increase from approximately 1.5 times to approximately 1.6 times by the end of 2025. This increase is due to cash used in the acquisition of the co-mailing assets of Enru, as well as lower than expected proceeds received from the sale of the Effingham, Illinois buildings, partially offset by higher pre-cash flow at the midpoint of our updated guidance.

最後，預計到 2025 年底，我們的淨債務槓桿將從約 1.5 倍略微上升到約 1.6 倍。這一增長是由於收購 Enru 的聯合郵件資產所使用的現金，以及出售伊利諾伊州埃芬漢姆建築物所得款項低於預期，部分被我們更新後的指導意見中點更高的現金前流量所抵消。

Our net debt leverage ratio remains near the low end of our long-term targeted leverage range of 1.5 times to 2.0 times. And as a reminder, we may operate above this range at certain times of the year, primarily due to the seasonality of our business.

我們的淨債務槓桿率仍然接近我們長期目標槓桿率範圍 1.5 倍至 2.0 倍的低端。再次提醒大家，由於業務的季節性影響，我們一年中的某些時候可能會超出這個範圍。

We are closely monitoring the potential impacts of tariffs and inflationary pressures on our clients, in addition to the recent pulse rate increases, which could affect print and marketing spend. We will remain nimble and adapt to the changing demand environment while following our disciplined approach to how we manage all aspects of our business, including treating all costs as variable, optimizing capacity utilization, and maintaining strong labor management.

除了最近的脈搏加快可能會影響印刷和行銷支出外，我們還密切關注關稅和通膨壓力對客戶的潛在影響。我們將保持靈活，適應不斷變化的市場需求環境，同時堅持我們嚴謹的業務管理方法，包括將所有成本視為可變成本、優化產能利用率以及保持強大的勞動力管理。

Slide 16 includes a summary of our 2028 financial outlook and long-term financial goals as we continue to build on our momentum as a marketing experienced company. Compared to net sales declining 9.7% in 2024, we continue to expect the rate of net sales decline to improve to negative 4% in 2025, excluding the Europe divestiture, and then reach an inflection point of net sales growth in 2028.

第 16 頁總結了我們 2028 年的財務展望和長期財務目標，我們將繼續鞏固我們作為一家擁有豐富行銷經驗的公司的發展勢頭。與 2024 年淨銷售額下降 9.7% 相比，我們繼續預計，在不考慮歐洲資產剝離的情況下，2025 年淨銷售額下降率將改善至 -4%，然後在 2028 年達到淨銷售額增長的拐點。

We are strategically investing for the future as we expect growth in our integrated solutions and targeted print offerings to outpace organic decline in our large-scale print product lines. Excluding the large-scale print offerings of retail inserts, magazines, and directories, we anticipate the business to grow at a 3% CAGR through 2028.

我們正在進行面向未來的策略性投資，因為我們預計整合解決方案和定向印刷產品的成長速度將超過我們的大規模印刷產品線的自然衰退速度。除零售插頁、雜誌和名錄等大規模印刷產品外，我們預計到 2028 年，該業務將以 3% 的複合年增長率成長。

In addition, by 2028, we expect to improve adjusted EBITDA margin by at least 100 basis points compared to the 8.4% margin in 2024 and then reach low double-digit adjusted EBITDA margins in the long-term as our net sales mix of higher margin services and products increases while continuing to improve manufacturing productivity and reduce costs.

此外，我們預計到 2028 年，調整後的 EBITDA 利潤率將比 2024 年的 8.4% 至少提高 100 個基點，然後隨著我們高利潤率服務和產品的淨銷售組合增加，同時繼續提高生產效率和降低成本，長期來看，調整後的 EBITDA 利潤率將達到兩位數的低水平。

Regarding free cash flow, we expect to improve our free cash flow conversion as a percentage of adjusted EBITDA from approximately 28% based on our updated 2025 guidance to 35% by 2028 and to 40% in the long-term, primarily due to lower interest payments on decreasing debt balances and lower restructuring payments.

關於自由現金流，我們預計自由現金流佔調整後 EBITDA 的百分比將從我們更新後的 2025 年指導意見中的約 28% 提高到 2028 年的 35%，長期來看將達到 40%，這主要是由於債務餘額減少導致利息支出降低以及重組支出減少。

Finally, we continue to expect to maintain our current long-term targeted net debt leverage ratio in the range of 1.5 times to 2.0 times as part of our balanced capital allocation strategy. We believe that Quad is a compelling long-term investment, and we remain focused on achieving our financial goals.

最後，作為我們均衡資本配置策略的一部分，我們將繼續維持目前長期目標淨負債槓桿率在 1.5 倍至 2.0 倍的範圍內。我們相信 Quad 是一項極具吸引力的長期投資，我們將繼續專注於實現我們的財務目標。

With that, I'd like to turn the call back to our operator for questions.

那麼，我將把電話轉回給我們的接線員，以便回答您的​​問題。

(Operator Instructions) Kevin Steinke, Barrington Research.

（操作說明）凱文‧史坦克，巴林頓研究公司。

I wanted to start out by talking about some of the trends you're seeing in your targeted print categories. You presented your normal slides, showing that those targeted print categories continue to increase as a percentage of revenue, so I don't know if there's any in particular that you might want to call out year-to-date and what you're seeing in terms of uptake by clients and growth trends or growth rates.

我想先談談您在目標印刷品類別中看到的一些趨勢。您展示了常規的幻燈片，顯示這些目標印刷類別的收入百分比持續增長，所以我不知道您是否想特別指出今年迄今為止的任何類別，以及您在客戶接受度、增長趨勢或增長率方面觀察到的情況。

Yeah, no, that's a good question. I'd say, just starting with catalog, which is in that, continues to be a bit muted because of the significant postal increase that happened in July. But when you look at direct mails up year-to-date by like over 6%, packaging over 9% year-to-date, in-store plus 11% year-to-date.

嗯，沒錯，這確實是個好問題。我想說，就目錄而言，由於7月郵資大幅上漲，目錄的銷售情況仍有些低迷。但如果你看看今年迄今為止的直接郵件，成長超過 6%，包裝成長超過 9%，店內成長超過 11%。

So, again, these are areas where a lot of the approach we're taking and sort of the consultative approach with our clients are really working. And specifically, when you think about direct mail, that is really benefiting quite a bit from how we really push using the data stack and using data to really drive personalization, which thereby increases the responsiveness of it.

所以，再次強調，在這些領域，我們採取的許多方法以及與客戶進行的諮詢方法都真正發揮了作用。具體來說，就直效郵件而言，它確實受益於我們如何大力推進資料堆疊的使用，以及如何利用資料來真正推動個人化，從而提高其回應速度。

And we're getting a lot of great, new wins from that as well as customers growing their volume with us. And so, yeah, the direct-to-targeted print area has some great story to it here.

我們也因此獲得了許多新的成功案例，同時客戶的業務量也不斷成長。所以，沒錯，直接面向目標受眾的印刷領域確實有一些精彩的故事。

So you mentioned there the postal increases impacting catalogs, but it sounds like a pretty significant piece of news that the postal -- US Postal Services is putting off price increase for some categories. I mean, how significant do you see that as being? And it just sounds like a lot more favorable environment for your clients. And I don't know if there's any early reaction you've gotten from clients and what that might mean for their future marketing campaigns.

您剛才提到郵資上漲會影響商品目錄，但美國郵政服務公司推遲某些類別的商品漲價，這聽起來像是一個相當重要的消息。我的意思是，你覺得這件事有多重要？聽起來這對您的客戶來說是一個更有利的環境。我不知道您是否已經從客戶那裡得到了任何初步回饋，以及這可能對他們未來的行銷活動意味著什麼。

Yeah. It's certainly news well received because that increase would be somewhere in the, I don't know, 5%, 6% range, and they've foregone that, which is great news. Again, the challenge as I share with the post office is the last increase of 11% is on top of several years of significant inflation busting rates.

是的。這無疑是個好消息，因為原本的漲幅大概在 5% 到 6% 之間，而他們放棄了這個漲幅，這真是個好消息。我和郵局面臨的挑戰是，最近 11% 的漲幅是在連續幾年大幅通膨之後出現的。

So if you look at from 2021, 2022 to today, while total inflation might be up in the 16 plus percent range, the rates on postal are up like 60%. And so we're still going to be suffering from that because it just makes it very difficult to have the response rates make up for it.

所以，如果你看看 2021 年、2022 年至今，雖然總通貨膨脹率可能在 16% 以上，但郵政費率卻上漲了 60% 左右。因此，我們仍然會受到這個問題的影響，因為這使得提高回應率來彌補這個問題變得非常困難。

That being said, we're very excited about what we've done with Enru, which is the co-mail acquisition we did. For a reminder, this is a third-party co-mailer that used to be a part of LSC, that co-mails, not just for them, but also for the other printers throughout the industry to be able to aggregate enough volume to create discounts.

話雖如此，我們對我們透過 Enru 的成就感到非常興奮，Enru 是我們完成的聯合郵件收購。提醒一下，這是一家第三方聯合郵件服務商，以前是 LSC 的一部分，它不僅為 LSC 提供聯合郵件服務，還為業內其他印刷商提供聯合郵件服務，以便能夠聚集足夠的郵件量來創造折扣。

And there's a slightly different philosophy that they had, which is trying to target high-density mailing, where we're more five digits. So what's happened is, as we've rolled this out, we're experiencing pretty significant increases in discounts for our clients.

他們的理念略有不同，他們試圖瞄準高密度郵件，而我們的郵件數量則更多是五位數。因此，隨著這項措施的推行，我們發現客戶的折扣強度顯著加大。

I would tell you that in the first three or four cycles of this, the amount of stuff we got into the high density, which you should translate into the next phase of discount, is quite a bit more than we originally anticipated. And so, it's always a little bit frustrating because we do all this work and spend this money investing in things like Enru to offset increases that probably shouldn't have happened.

我可以告訴你，在前三、四個週期中，我們進入高密度銷售階段的商品數量（你應該將其轉化為下一階段的折扣）遠遠超出了我們最初的預期。因此，這總是讓人有點沮喪，因為我們投入了這麼多精力和資金，投資像 Enru 這樣的項目，是為了抵消一些不應該發生的成長。

But the good news is the work we've done on Enru, I think, combined with not having the increase in January, I'm hoping shows a little bit of a positive for customers as they go into the 2026 planning. And so we're watching them closely to see what happens as they put their '26 plans together.

但好消息是，我們在 Enru 上所做的工作，我認為，再加上 1 月沒有漲價，我希望這能給客戶在製定 2026 年計劃時帶來一些積極影響。因此，我們正在密切關注他們，看看他們在製定 2026 年計劃時會發生什麼。

Okay. That's helpful. I wanted to just talk about some of the updated guidance ranges. Obviously narrowed the net sales, comparable or organic range to down 3% to down 5%. That still implies a fairly meaningful range of outcomes for the fourth quarter. So maybe just can you talk about what would kind of get you to the lower end or the higher end of the sales outlook for the fourth quarter or how you might have planned that from a scenario perspective?

好的。那很有幫助。我只想談談一些更新後的指導範圍。顯然，淨銷售額、可比較銷售額或有機銷售額的下降幅度縮小至 3% 至 5%。這仍然意味著第四季度可能出現相當多種結果。那麼，您能否談談是什麼因素會使您預測的第四季度銷售額達到預期下限或上限，或者從情境分析的角度來看，您會如何制定計劃？

Yeah, I'll start. I'd say that the one area that can bounce a little more significantly is in the direct mail areas. It's more transactional. And so as people kind of get to the end of the year and they're looking at their budgets, they may shift some in or shift some out, accordingly. So that's where sometimes you'll see a little bit more of variability as we get into the fourth quarter. A lot of the catalog stuff would already be kind of set.

好的，我先來。我認為，波動幅度可能比較大的一個領域是直郵領域。它更偏向交易性質。因此，當人們到了年底，審視自己的預算時，他們可能會相應地調整一些支出，增加一些支出，或減少一些支出。所以，到了第四季度，你會看到一些波動。很多產品目錄的內容其實已經基本定型了。

But Tony, maybe you can add on.

不過東尼，或許你可以補充一些內容。

Yeah. I think fourth quarter is a seasonally busy quarter for us, so it can be prone to a little more fluctuation. But as you saw, Kevin, we reaffirmed the midpoint at 4%. Year-to-date without Poland, we're basically at 4%. So we're indicating that the fourth quarter is going to end at about the same rate.

是的。我認為第四季是我們公司的旺季，所以波動可能會比較大。但正如你所看到的，凱文，我們再次確認了 4% 的中點。今年迄今為止，不包括波蘭，我們的成長率基本上為 4%。因此，我們預計第四季將以大致相同的速度結束。

Right, okay, yeah, understood. Thank you. And maybe just also touch on the adjusted EBITDA range. You narrowed that the midpoint came down a bit, not a lot, but maybe talk about that. And then also the CapEx range came down in terms of what you're expecting to spend this year.

好的，明白了。謝謝。或許還可以簡單談談調整後的 EBITDA 範圍。你已經縮小了範圍，中點略有下降，雖然幅度不大，但或許可以討論一下這一點。此外，今年的資本支出範圍也下調了，預計支出金額減少。

Sure. I mean, the adjusted EBITDA range and the midpoint, as you pointed out, decreased from $200 million to $195 million, a relatively small shift in that adjusted EBITDA for the year. We're happy to be within the range, as we said in the scripted comments. As you look at free cash flow, that's increasing $5 million. And due to lower capital expenditures, we remain committed over the long-term to put 2% of our revenue back into CapEx.

當然。我的意思是，正如你所指出的，調整後的 EBITDA 範圍和中點從 2 億美元下降到 1.95 億美元，這是該年度調整後 EBITDA 的一個相對較小的變化。正如我們在事先準備好的評論中所說，我們很高興能夠達到預期目標。從自由現金流來看，這增加了 500 萬美元。由於資本支出減少，我們仍致力於長期將收入的 2% 重新投入資本支出。

We think that CapEx will shift over time from less, large machines like some of the $15 million presses we've bought over the years to more technology and automation focus for the floor. But, overall, right, we're still over 2% this year even at the updated guidance, 2.2% invested in CapEx. So that's lifting our free cash flow by $5 million at the midpoint.

我們認為，隨著時間的推移，資本支出將從像我們這些年來購買的一些價值 1500 萬美元的印刷機這樣的小型大型機器，轉向更注重車間技術和自動化。但總的來說，沒錯，即使按照更新後的指導方針，我們今年的投資額仍超過 2%，資本支出投資額為 2.2%。因此，這將使我們的自由現金流中位數增加 500 萬美元。

I also wanted to ask about In-Store Connect, some continued exciting developments there. But just any update on the pace of deployment or pipeline of potential deployments. Obviously, you're getting some good data in terms of the sales lift so how much is that piquing the interest of grocers or others who might want to deploy the offering?

我還想詢問一下店內互聯（In-Store Connect）方面的情況，它目前有一些令人興奮的進展。但只是想了解部署進度或潛在部署計劃的最新情況。顯然，你們在銷售提升方面獲得了一些不錯的數據，那麼這些數據對可能想要推廣該產品的雜貨商或其他商家來說，究竟有多大吸引力呢？

Yeah, it's a really interesting story because we were at the grocery shop in Vegas just about a month or so ago, and that's where all the CPGs and grocery retailers will be. And if I compare this year to last year, last year, it was a lot of people kicking tires and a lot of people kind of saying, yes, we know we sort of got to think about this, but we're doing work on that.

是的，這真是一個有趣的故事，因為大約一個月前，我們去了拉斯維加斯的一家雜貨店，那裡聚集了所有的消費品公司和食品零售商。如果將今年與去年進行比較，去年很多人都在觀望，很多人都在說，是的，我們知道我們得考慮一下這個問題，但我們正在努力解決這個問題。

And so it was very much like an investigative sort of approach. This year, it was much more along the lines of we got to get going with this, or we are going with this. And with some of the existing customers we've rolled out with, we're talking about going to the next phase of rollout like we're doing with Save Mart where we've gone -- we've already been installing the next phase for them.

因此，這很像是一種調查性的方法。今年，情況更像是「我們必須開始做這件事了」或「我們正在做這件事」。對於我們已經推出的一些現有客戶，我們正在討論進入下一階段的推廣，就像我們與 Save Mart 合作一樣——我們已經為他們安裝了下一階段的系統。

And so the pipeline, it looks pretty interesting, but I think the overall story in the industry is one from kind of investigating it and trying to determine, is it a way to go, to much more stronger feeling that at some point we have to go. And so, I also say that some of the form factors that we evolved, and as we learn more about how it impacts the different categories like that, if you look in that picture, we have that what I call the wedge which is the vertical sign that is in aisle.

所以這條管道看起來很有意思，但我認為整個行業的情況是從調查研究並試圖確定這是否是一條可行的道路，轉變為越來越強烈地認為在某個時候我們必須走這條路。所以，我也要說，我們發展出的一些外形尺寸，以及隨著我們對它如何影響不同類別的了解越來越多，如果你看看那張圖片，我們會看到我稱之為楔形的東西，也就是過道裡的垂直標誌。

That's a new form factor to us, and you would have -- at the grocery shop, it felt like you would have thought we were inventing the iPhone because the reaction from CPGs and clients was great because of the visibility, the improved visibility that it gives as you walk down an aisle. We have filed a patent on it, so it's patent pending because we think this thing will have a lot of uses on a go-forward basis. But we're also learning a lot about, again, how some of these different categories work.

對我們來說，這是一種全新的外型設計。在雜貨店裡，你會感覺我們好像在發明 iPhone，因為消費品公司和客戶的反應非常好，因為它的可見性更好，當你走過過道時，它的可見性得到了提升。我們已經為此申請了專利，目前處於專利申請中狀態，因為我們認為這項技術在未來會有很多用途。但我們也再次了解到這些不同類別是如何運作的。

So, like in the pizza case with the DiGiorno, getting that big lift, it's a big lift because when you're walking through the grocery store, typically, the frozen pizzas, is a discretionary spend item. And so when you throw pizza in front of people while they're picking up their beer, it's amazing how much responsiveness this gets, and I think that's the big key here is we continue to show responsiveness of advertising within markets.

所以，就像 DiGiorno 披薩櫃檯裡的披薩一樣，銷量大幅提升，這確實是一個很大的提升，因為當你逛超市時，冷凍披薩通常是一種可自由支配的消費品。所以，當你在人們拿起啤酒的時候把披薩扔到他們面前時，你會驚訝地發現這種做法能獲得如此多的反響，我認為這才是關鍵所在，我們要繼續在市場中展現廣告的響應能力。

And I continue to believe that the pressure is going to be on in how you get your brand in front of consumers, because as digital advertising continues to get disrupted, where AI is summarizing things for you, you're not clicking through to the publishers, which therefore means you're not seeing advertising, I think every marketer is trying to look at how they continue to build brand. And still 90% of the food bought out there is done within a grocery store. And so it is a place where people intend to purchase. They're there to purchase. Therefore, just trying to get them to go down the extra aisle or put in the extra piece of food is really important and responsive. So we're pretty excited about it.

我仍然認為，如何讓你的品牌出現在消費者面前將是一個很大的壓力，因為隨著數位廣告不斷被顛覆，人工智慧會為你總結訊息，你不會點擊進入發布商的網站，這意味著你看不到廣告，我認為每個行銷人員都在努力思考如何繼續打造品牌。目前，90% 的食品購買仍然是在超市內完成的。所以這裡是人們打算購物的地方。他們在那裡是為了購物。因此，只是想辦法讓他們去多走一趟走道或多放一份食物，都是非常重要且有效的措施。所以我們對此感到非常興奮。

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特，羅森布拉特證券。

I wanted to ask about if you're seeing an impact from this announcement that there's no postage rate hike for your categories in January. The marketers are doing their planning. Are they, do you think, inclined to -- is that going to impact their spend? Is that going to impact your revenue, do you think, potentially?

我想問一下，1 月份郵資類別不上漲的公告是否對您產生了影響。市場營銷人員正在進行計劃。你認為他們是否傾向於——這會影響他們的消費嗎？你認為這可能會對你的收入產生影響嗎？

Yeah. I mean, one would hope so. I think that they're still like deep into it because they're also still getting through the end of this year, which will impact how they think about next year. So it's a little early for us to tell what the impact will be for 2026.

是的。我的意思是，但願如此。我認為他們仍然深陷其中，因為他們還在努力應對今年的挑戰，這將影響他們對明年的看法。所以現在判斷對 2026 年的影響還為時過早。

But certainly, as we think about not having the increase in January, the fact that they are doing that for cataloguers, they are doing this test period from October through I think June of trying to offset the 11% increase that happened in July, plus the fact that we're showing a lot of customers increased savings through high density mailing, which will only improve as this continues to get rolled out, I would hope that we will see some positive results of that or less negative results on some of the volume hits that have happened as a result of the illogical pricing increases that the post office has done.

但可以肯定的是，考慮到1月份不會漲價，而且郵局正在對郵編目錄商進行測試，從10月到次年6月（我認為是這樣），試圖抵消7月份11%的漲幅，再加上我們已經向很多客戶展示了通過高密度郵件節省的費用，而且隨著這項措施的繼續推廣，節省的費用只會越來越多，我希望我們能看到一些積極的結果，或者至少在郵局不合理的漲價導致的郵件量下降方面，能看到一些不那麼負面的結果。

Okay. And is there -- is it too early to have any sense of whether this is a one and done or whether it's regime change and maybe postage going up well in excess of inflation is over? Is it too early to say that?

好的。現在判斷這是否只是一次性的現象，或者是否標誌著政權更迭，以及郵資漲幅是否遠超通貨膨脹，是否為時過早？現在下這個結論是不是太早了？

It's too early to say that. I worry about, okay, no increase in January, but what will they do in July? And I think you've got a very practical Postmaster General. David Steiner is a very practical leader. And if you watched his career, he's obviously very talented. So I think he's in the phase of really kind of building what his strategy is. But clearly, there's an impact by not extending the increases. I think that they're realizing that they're pushing it too far and that's hurting volume. So yeah, a little bit too soon to see. There's going to be a lot of, I think, more news to come on what his strategy will roll out to be.

現在下結論還為時過早。我擔心，好吧，1月不漲價，但7月他們會怎麼做呢？我認為你們有一位非常務實的郵政局長。大衛·施泰納是一位非常務實的領導者。如果你了解他的職業生涯，你會發現他顯然非常有天賦。所以我認為他現在正處於制定戰略的階段。但很顯然，不延長加薪期限會產生影響。我認為他們意識到自己做得太過火了，這影響了銷量。所以，現在下結論還太早。我認為，接下來還會有更多關於他的策略將如何推出的消息。

Then one of the real positive things there is we had the whole previous regime that really didn't want to engage with the community or talk to the community, and David is very accessible, I think, and is meeting with the community, wants to understand what's going on and taking that feedback. So we very much welcome his approach of re-engagement with the industry.

其中一個真正的正面是，之前的整個政府根本不想與社區互動或與社區對話，而大衛非常平易近人，我認為，他會與社區見面，想要了解正在發生的事情，並接受反饋。因此，我們非常歡迎他重新與業界建立聯繫的做法。

That's great. So switching gears a little bit on the holiday season. Maybe this is a bit of a reiteration, but just to make sure I understand what you're seeing. The tariff grinch isn't stealing Christmas. I mean, the environment for Christmas seems normal after all this volatility at this point. Is that correct?

那太棒了。所以，讓我們稍微轉換一下關於假期的話題。也許這有點重複，但只是為了確保我理解你所看到的內容。關稅怪胎並沒有偷走聖誕節。我的意思是，經歷了之前的種種動盪之後，現在看來聖誕節的氣氛似乎很正常。是這樣嗎？

That's what we're feeling. We're not seeing anything that's like out of the crazy norm other than just there's a lot of variables that will probably come into play here, but yeah, it doesn't feel like the grinch is stealing Christmas.

我們也有同樣的感受。除了有很多變數可能會起作用之外，我們沒有看到任何超出正常範圍的事情，但是，是的，感覺不像是聖誕怪傑要偷走聖誕節。

Okay, that's great. And then in terms of the asset sales, it seems like you took on Effingham a meaningful step down from that $40 per square foot norm that you've been posting previously.

好的，太好了。至於資產出售方面，你似乎對埃芬厄姆的售價大幅下調了，低於你之前公佈的每平方英尺 40 美元的標準。

For the remaining kind of properties that are for sale, any early thoughts about whether Effingham is more representative or the $40 buyer is more representative of what one should expect you're able to get in proceeds from this stuff?

對於剩餘的待售房產，您初步認為埃芬厄姆的情況更具代表性，還是40美元的買家更能代表人們預期從這類房產中獲得的收益？

Yeah, I'd say the biggest problem with Effingham is location. It's just not sort of the place people want to be. But, Tony, go ahead.

是的，我認為埃芬厄姆最大的問題就是地理位置。這裡並不是人們想待的地方。但是，托尼，你繼續吧。

Yeah. I'd add to that part and I think we've got enough historical basis that I think that that rule of thumb that you just mentioned is still the one to use. The properties that we have for sale now that I talked about, they're smaller buildings, right, than what we saw in the case of Effingham or some of the previous, but I still think that rule of thumb is a good one to use going forward.

是的。我還要補充一點，我認為我們有足夠的歷史依據，所以你剛才提到的那一條經驗法則仍然是適用的。我剛才提到的這些待售房產，它們的建築規模比我們在埃芬厄姆或之前的一些房產要小，對吧？但我仍然認為這條經驗法則在未來仍然適用。

Okay. And the square footage, just tell me how much is for sale on Sussex.

好的。還有房屋面積，告訴我蘇塞克斯街上待售的房屋面積是多少就行了。

It's about 200,000 square feet in a building that is remote or across the street from our headquarters.

它位於一棟遠離我們總部或就在我們總部街對面的建築內，面積約 20 萬平方英尺。

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

我們的問答環節到此結束。我謹將會議交還給喬爾·誇德拉奇，請他作總結發言。

Now thank you, everybody, for joining today. I just want to close by reiterating that Quad remains steadfast in our strategic vision, leveraging our integrated marketing platform to unlock diversified growth, improve print and marketing efficiencies, and create meaningful value for all our stakeholders. With that, thank you again and have a great day.

謝謝各位今天到場。最後，我想重申，Quad 將繼續堅定不移地執行我們的策略願景，利用我們的一體化行銷平台，釋放多元化成長潛力，提高印刷和行銷效率，並為所有利害關係人創造有意義的價值。再次感謝，祝您有美好的一天。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。