Quad/Graphics, Inc. (QUAD) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
U.S. Print and Related Services	2,628.6	2,627.6	3,521.0	3,598.7	3,559.9	3,927.0	4,208.6	4,330.9
Product	2,247.1	2,228.7	3,098.3	3,184.4	3,348.8
Service	713.3	700.9	825.1	801.4	602.4
International	331.8	302.0	402.4	387.1	391.3	402.5	388.5	446.7
Total revenues [+]	2,960.4	2,929.6	3,923.4	3,985.8	3,951.2	4,329.5	4,597.1	4,777.6
Products	2,960.4	2,929.6	3,923.4	3,985.8	3,951.2	3,717.1	3,949.7	4,112.7
Services						612.4	647.4	664.9
Revenue growth [+]	1.1%	-25.3%	-1.6%	0.9%	-8.7%	-5.8%	-3.8%	-0.4%
U.S. Print and Related Services	0.0%	-25.4%	-2.2%	1.1%	-9.3%	-6.7%	-2.8%	-0.2%
Product	0.8%	-28.1%	-2.7%	-4.9%
Service	1.8%	-15.1%	3.0%	33.0%
International	9.9%	-25.0%	4.0%	-1.1%	-2.8%	3.6%	-13.0%	-2.1%
Cost of goods sold [+]	2,389.9	2,334.8	3,192.2	3,221.4	3,091.3	3,394.8	3,680.3	3,807.1
Cost of product sales						2,971.0	3,213.5	3,336.6
Cost of services						423.8	466.8	470.5
Gross profit	570.5	594.8	731.2	764.4	859.9	934.7	916.8	970.5
Gross margin	19.3%	20.3%	18.6%	19.2%	21.8%	21.6%	19.9%	20.3%
Selling, general and administrative	326.0	335.1	397.6	358.9	408.7	466.7	448.3	425.5
Equity in earnings	0.3	-0.2	-0.3	1.0		-1.4	-6.3	-2.7
Other operating expenses	-24.5
EBITDA [+]	269.3	259.5	333.3	406.5	451.2	466.6	462.2	542.3
EBITDA growth	3.8%	-22.1%	-18.0%	-9.9%	-3.3%	1.0%	-14.8%	-6.6%
EBITDA margin	9.1%	8.9%	8.5%	10.2%	11.4%	10.8%	10.1%	11.4%
Depreciation	125.8	142.5	164.7	180.5	200.2	226.4	245.7	260.5
EBITA	143.5	117.0	168.6	226.0	251.0	240.2	216.5	281.8
EBITA margin	4.8%	4.0%	4.3%	5.7%	6.4%	5.5%	4.7%	5.9%
Amortization of intangibles	31.5	39.1	44.8	34.4	18.3	50.7	79.6	75.9
EBIT [+]	112.0	77.9	123.8	191.6	232.7	189.5	136.9	205.9
EBIT growth	43.8%	-37.1%	-35.4%	-17.7%	22.8%	38.4%	-33.5%	-14.2%
EBIT margin	3.8%	2.7%	3.2%	4.8%	5.9%	4.4%	3.0%	4.3%
Non-recurring items [+]	18.9	124.1	89.4	103.3	59.9	73.6	973.2	67.3
Asset impairment	18.9	124.1	89.4	103.3	59.9	73.6	973.2
Interest expense	59.6	68.8	90.0	73.2	70.9	77.2	88.4	92.9
Interest expense	59.6	68.8	90.0	73.2	70.9	77.2	88.4	92.9
Other income (expense), net [+]	13.5	8.9	-24.2	11.4	7.0	20.6	6.3	-4.5
Gain (loss) on debt retirement	-0.7	-1.8	-30.5		-2.6	14.1		7.2
Pre-tax income	47.0	-106.1	-79.8	26.5	108.9	59.3	-918.4	41.2
Income taxes	9.5	0.3	-24.4	-2.4	-9.2	13.0	-282.8	20.2
Tax rate	20.2%		30.6%			21.9%	30.8%	49.0%
Minority interest		-0.2		-0.6				-0.3
Earnings from continuing ops	37.8	-106.4	-55.7	60.4	236.2	44.9	-641.9	18.6
Earnings from discontinued ops		-21.9	-100.6	-22.0	-10.9
Net income	37.8	-128.3	-156.3	38.4	225.3	44.9	-641.9	18.6
Net margin	1.3%	-4.4%	-4.0%	1.0%	5.7%	1.0%	-14.0%	0.4%

Basic EPS [+]	$0.74	($2.10)	($1.11)	$1.21	$4.76	$0.94	($13.40)	$0.39
Growth	-135.0%	88.8%	-191.8%	-74.5%	408.0%	-107.0%	-3522.3%	-43.4%
Diluted EPS [+]	$0.71	($2.10)	($1.11)	$1.17	$4.56	$0.90	($13.40)	$0.38
Growth	-133.9%	88.8%	-195.2%	-74.3%	405.7%	-106.7%	-3594.3%	-43.4%

Dividends per share [+]	$0.03	$0.15	$1.05	$1.20	$1.20	$1.20	$1.20	$1.20
Growth	-81.8%	-85.7%	-12.5%	0.0%	0.0%	0.0%	0.0%	0.0%

Shares outstanding (basic) [+]	51.3	50.6	50.0	49.8	49.6	47.9	47.9	47.5
Growth	1.4%	1.2%	0.4%	0.4%	3.5%	0.0%	0.8%	1.1%
Shares outstanding (diluted) [+]	53.0	50.6	50.0	51.6	51.8	49.8	47.9	48.5
Growth	4.7%	1.2%	-3.1%	-0.4%	4.0%	4.0%	-1.2%	1.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.