<p>Quad/Graphics, Inc. A 类的最近一次财报电话会议反映出一种谨慎乐观的情绪。尽管公司正在经历积极的发展，例如人工智能技术的整合、其 In-Store Connect 平台销售的增长以及自由现金流的改善，但也面临着净销售额下降、调整后 EBITDA 减少和邮政成本高企等挑战。整体语气表明，在这些持续的挑战中，战略投资显示出希望。</p>
<h2>人工智能整合与数据智能</h2>
<p>Quad 成功将生成式 AI 聊天功能整合到其 Audience Builder 平台中。这一增强功能利用了 Snowflake 的 Cortex AI 功能，使媒体策略师能够更好地挖掘消费者洞察，标志着数据智能和战略营销能力的重大进步。</p>
<h2>In-Store Connect 的成功</h2>
<p>公司的 In-Store Connect 平台在消费品（CPG）活动中记录了显著的销售提升。显著的例子包括 Nestle USA 的销售提升 23 个百分点和 PepsiCo 的销售提升 25 个百分点，突显了该平台在提升店内销售方面的有效性。</p>
<h2>收入结构改善</h2>
<p>Quad 的收入结构有所改善，针对性的印刷产品显示出增长。直接营销增长超过 6%，包装增长超过 9%，店内产品增长 11%，表明公司正在向更有利可图的细分市场战略转型。</p>
<h2>USPS 决策的积极影响</h2>
<p>美国邮政服务局决定在 1 月份不提高市场主导邮件的价格，对客户 2026 年的媒体计划产生了积极影响，为 Quad 的客户提供了更稳定的成本环境。</p>
<h2>自由现金流和股东回报改善</h2>
<p>Quad 报告称，自由现金流年初至今改善了 500 万美元，共向股东返还 1900 万美元。这包括 1100 万美元的股息和 800 万美元的股票回购，反映出公司对提升股东价值的承诺。</p>
<h2>净销售额下降</h2>
<p>公司在 2025 年第三季度报告净销售额为 5.88 亿美元，比 2024 年第三季度下降了 7%。这一下降主要归因于纸张销售减少和欧洲业务的剥离。</p>
<h2>调整后 EBITDA 下降</h2>
<p>调整后 EBITDA 在 2025 年第三季度降至 5300 万美元，较 2024 年第三季度的 5900 万美元下降，调整后 EBITDA 利润率年初至今从 8.2% 降至 7.9%，显示出盈利能力受到压力。</p>
<h2>高邮政成本影响目录</h2>
<p>自 2021 年以来，邮政费率的大幅上涨对目录表现产生了负面影响，费率上涨了 60%，给 Quad 的这一业务领域带来了挑战。</p>
<h2>资产出售挑战</h2>
<p>公司在伊利诺伊州 Effingham 的建筑物出售中面临低于预期的收益，主要由于地理位置的影响，影响了其资产剥离战略。</p>
<h2>前瞻性指导</h2>
<p>在 2025 年第三季度电话会议上，Quad 提供了 2025 年全年的更新指导。公司预计净销售额将下降 3% 至 5%，不包括欧洲业务剥离的影响。调整后 EBITDA 预计在 1.9 亿至 2 亿美元之间，自由现金流预计在 5000 万至 6000 万美元之间。资本支出调整为 5000 万至 5500 万美元，净债务杠杆比率预计到年底略微上升至约 1.6 倍。Quad 专注于针对性的印刷产品和人工智能驱动的工具，力争到 2028 年实现净销售增长。</p>
<p>总之，Quad/Graphics, Inc. A 类的财报电话会议突显了有希望的发展与持续的挑战的结合。公司在人工智能和针对性印刷产品上的战略投资显示出潜力，同时也在应对净销售额下降和高邮政成本。前瞻性指导表明谨慎但乐观的前景，专注于到 2028 年实现增长。</p>

QUAD

<p>Quad/Graphics, Inc. A 类股票最近的财报电话会议显示出在挑战中谨慎乐观。该公司正在整合人工智能技术，并在其 In-Store Connect 平台上看到销售增长，但面临净销售额下降和高邮政成本的问题。报告显示消费品推广活动的销售有所提升，自由现金流也有所改善。然而，净销售额同比下降了 7%，调整后的息税折旧摊销前利润（EBITDA）也有所减少。公司预计 2025 年净销售额将下降 3-5%，并将重点放在人工智能和针对性印刷产品的未来增长上</p>

<p>The recent earnings call for Quad/Graphics, Inc. Class A reflected a sentiment of cautious optimism. While the company is experiencing positive developments such as the integration of AI technology, increased sales from its In-Store Connect platform, and improved free cash flow, it also faces challenges like declining net sales, reduced adjusted EBITDA, and high postal costs. The overall tone suggests that strategic investments are showing promise amidst these ongoing challenges.</p>
<div class="lb-trans"><p>Quad/Graphics, Inc. A 类的最近一次财报电话会议反映出一种谨慎乐观的情绪。尽管公司正在经历积极的发展，例如人工智能技术的整合、其 In-Store Connect 平台销售的增长以及自由现金流的改善，但也面临着净销售额下降、调整后 EBITDA 减少和邮政成本高企等挑战。整体语气表明，在这些持续的挑战中，战略投资显示出希望。</p>
</div><h2>AI Integration and Data Intelligence</h2>
<div class="lb-trans"><h2>人工智能整合与数据智能</h2>
</div><p>Quad has successfully integrated a generative AI chat feature into its Audience Builder platform. This enhancement, utilizing Cortex AI functionality from Snowflake, allows media strategists to better uncover consumer insights, marking a significant step forward in data intelligence and strategic marketing capabilities.</p>
<div class="lb-trans"><p>Quad 成功将生成式 AI 聊天功能整合到其 Audience Builder 平台中。这一增强功能利用了 Snowflake 的 Cortex AI 功能，使媒体策略师能够更好地挖掘消费者洞察，标志着数据智能和战略营销能力的重大进步。</p>
</div><h2>In-Store Connect Success</h2>
<div class="lb-trans"><h2>In-Store Connect 的成功</h2>
</div><p>The company’s In-Store Connect platform has recorded significant sales lifts for consumer packaged goods (CPG) campaigns. Notable examples include a 23 percentage point sales lift for Nestle USA and a 25 percentage point increase for PepsiCo, highlighting the platform’s effectiveness in boosting in-store sales.</p>
<div class="lb-trans"><p>公司的 In-Store Connect 平台在消费品（CPG）活动中记录了显著的销售提升。显著的例子包括 Nestle USA 的销售提升 23 个百分点和 PepsiCo 的销售提升 25 个百分点，突显了该平台在提升店内销售方面的有效性。</p>
</div><h2>Revenue Mix Improvement</h2>
<div class="lb-trans"><h2>收入结构改善</h2>
</div><p>Quad has seen an improvement in its revenue mix, with targeted print offerings showing growth. Direct marketing has increased by over 6%, packaging by over 9%, and in-store offerings by 11% year-to-date, indicating a strategic shift towards more profitable segments.</p>
<div class="lb-trans"><p>Quad 的收入结构有所改善，针对性的印刷产品显示出增长。直接营销增长超过 6%，包装增长超过 9%，店内产品增长 11%，表明公司正在向更有利可图的细分市场战略转型。</p>
</div><h2>Positive Impact from USPS Decision</h2>
<div class="lb-trans"><h2>USPS 决策的积极影响</h2>
</div><p>The United States Postal Service’s decision not to increase prices for market dominant mail in January has positively influenced client plans for 2026 media, providing a more stable cost environment for Quad’s clients.</p>
<div class="lb-trans"><p>美国邮政服务局决定在 1 月份不提高市场主导邮件的价格，对客户 2026 年的媒体计划产生了积极影响，为 Quad 的客户提供了更稳定的成本环境。</p>
</div><h2>Improved Free Cash Flow and Shareholder Returns</h2>
<div class="lb-trans"><h2>自由现金流和股东回报改善</h2>
</div><p>Quad reported an improvement in free cash flow by $5 million year-to-date, with $19 million returned to shareholders. This includes $11 million in dividends and $8 million in share repurchases, reflecting a commitment to enhancing shareholder value.</p>
<div class="lb-trans"><p>Quad 报告称，自由现金流年初至今改善了 500 万美元，共向股东返还 1900 万美元。这包括 1100 万美元的股息和 800 万美元的股票回购，反映出公司对提升股东价值的承诺。</p>
</div><h2>Net Sales Decline</h2>
<div class="lb-trans"><h2>净销售额下降</h2>
</div><p>The company reported net sales of $588 million in Q3 2025, a 7% decrease compared to Q3 2024. This decline is primarily attributed to lower paper sales and the divestiture of European operations.</p>
<div class="lb-trans"><p>公司在 2025 年第三季度报告净销售额为 5.88 亿美元，比 2024 年第三季度下降了 7%。这一下降主要归因于纸张销售减少和欧洲业务的剥离。</p>
</div><h2>Adjusted EBITDA Decrease</h2>
<div class="lb-trans"><h2>调整后 EBITDA 下降</h2>
</div><p>Adjusted EBITDA decreased to $53 million in Q3 2025 from $59 million in Q3 2024, with the adjusted EBITDA margin declining year-to-date from 8.2% to 7.9%, indicating pressure on profitability.</p>
<div class="lb-trans"><p>调整后 EBITDA 在 2025 年第三季度降至 5300 万美元，较 2024 年第三季度的 5900 万美元下降，调整后 EBITDA 利润率年初至今从 8.2% 降至 7.9%，显示出盈利能力受到压力。</p>
</div><h2>High Postal Costs Impacting Catalogs</h2>
<div class="lb-trans"><h2>高邮政成本影响目录</h2>
</div><p>Significant postal rate increases since 2021 have negatively impacted catalog performance, with rates rising by 60%, posing a challenge to this segment of Quad’s business.</p>
<div class="lb-trans"><p>自 2021 年以来，邮政费率的大幅上涨对目录表现产生了负面影响，费率上涨了 60%，给 Quad 的这一业务领域带来了挑战。</p>
</div><h2>Asset Sale Challenges</h2>
<div class="lb-trans"><h2>资产出售挑战</h2>
</div><p>The company faced challenges with lower-than-expected proceeds from the sale of buildings in Effingham, Illinois, primarily due to the geographic location, affecting its asset divestiture strategy.</p>
<div class="lb-trans"><p>公司在伊利诺伊州 Effingham 的建筑物出售中面临低于预期的收益，主要由于地理位置的影响，影响了其资产剥离战略。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>During the Third Quarter 2025 Conference Call, Quad provided updated guidance for the full year 2025. The company expects net sales to decline by 3% to 5%, excluding the impact of the European operations divestiture. Adjusted EBITDA is projected to be between $190 million and $200 million, with free cash flow anticipated to range from $50 million to $60 million. Capital expenditures are adjusted to $50 million to $55 million, and the net debt leverage ratio is expected to slightly increase to approximately 1.6x by year-end. Quad is focusing on targeted print offerings and AI-powered tools, aiming for net sales growth by 2028.</p>
<div class="lb-trans"><p>在 2025 年第三季度电话会议上，Quad 提供了 2025 年全年的更新指导。公司预计净销售额将下降 3% 至 5%，不包括欧洲业务剥离的影响。调整后 EBITDA 预计在 1.9 亿至 2 亿美元之间，自由现金流预计在 5000 万至 6000 万美元之间。资本支出调整为 5000 万至 5500 万美元，净债务杠杆比率预计到年底略微上升至约 1.6 倍。Quad 专注于针对性的印刷产品和人工智能驱动的工具，力争到 2028 年实现净销售增长。</p>
</div><p>In summary, Quad/Graphics, Inc. Class A’s earnings call highlighted a mix of promising developments and ongoing challenges. The company’s strategic investments in AI and targeted print offerings are showing potential, while it navigates declining net sales and high postal costs. The forward-looking guidance suggests a cautious yet optimistic outlook, with a focus on achieving growth by 2028.</p>
<div class="lb-trans"><p>总之，Quad/Graphics, Inc. A 类的财报电话会议突显了有希望的发展与持续的挑战的结合。公司在人工智能和针对性印刷产品上的战略投资显示出潜力，同时也在应对净销售额下降和高邮政成本。前瞻性指导表明谨慎但乐观的前景，专注于到 2028 年实现增长。</p>
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Quad Graphics 财报电话会议：人工智能整合与战略增长