Technology
Quad Reports Third Quarter and Year-to-Date 2024 Results
Published
2 months agoon
By
Updates full-year 2024 financial guidance, including reducing anticipated year-end Net Debt Leverage from approximately 1.8x to 1.5x due to strong cash generation
Company to share strategy and growth opportunities at its upcoming Investor Day on November 20, 2024
SUSSEX, Wis., Oct. 28, 2024 /PRNewswire/ — Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), a global marketing experience company, today reported results for the third quarter ended September 30, 2024.
Recent Highlights
Recognized Net Sales of $675 million in the third quarter of 2024 compared to $700 million in 2023, and realized Net Loss of $25 million or $0.52 Diluted Loss Per Share for the third quarter of 2024.Achieved Non-GAAP Adjusted EBITDA of $59 million in the third quarter of 2024, increased from $57 million in the third quarter of 2023, and delivered $0.26 Adjusted Diluted Earnings Per Share for the third quarter of 2024.Increased Adjusted EBITDA Margin by 54 basis points to 8.7% in the third quarter of 2024 compared to the same period in 2023.Amended and extended $690 million bank debt agreement to October 2029.Built sales momentum for its in-store retail media network, In-Store Connect by Quad.Announced collaboration with Google Cloud to power next-generation, AI-driven marketing solutions.Received $41 million of net cash proceeds from the sale of its former Saratoga Springs, New York, manufacturing facility.Entered into a definitive agreement to sell the majority of its European operations for an enterprise value of €41 million (approximately $45 million) to Capmont; expects to close the transaction by year end.Declared quarterly dividend of $0.05 per share.Updates full-year 2024 financial guidance, including Net Sales trending to the higher end of decline in its original guidance range, while maintaining guidance midpoints for Adjusted EBITDA and Free Cash Flow and improving anticipated year-end 2024 Net Debt Leverage from approximately 1.8x to 1.5x.
Joel Quadracci, Chairman, President and CEO of Quad, said: “During the third quarter, we continued our focus on differentiating ourselves as a marketing experience, or MX, company, including investments in innovative solutions that align with our growth priorities. I am pleased to report that our in-store retail media network is expanding and producing measurable results for both retailers and consumer brands. Already, we have launched a test phase of In-Store Connect by Quad in 15 stores with The Save Mart Companies and are rolling out testing phases with two additional grocery chains by year end.
“In the third quarter, we also announced an exciting collaboration with Google Cloud to launch AI-powered solutions that will enable brands to create highly personalized content at scale across multiple marketing channels. By combining our data expertise with Google Cloud’s advanced AI capabilities, we not only will improve audience targeting, but will also reimagine how brands connect with consumers through streamlined, automated solutions that drive impactful results without compromising their unique brand voice.
“As always, we remain focused on delivering superior service to our clients while driving profitability, further enhancing Quad’s financial strength and creating shareholder value. Last week, we announced our agreement to sell the majority of our European operations, which represents just 5% of our total Net Sales, to Capmont for an enterprise value of €41 million or approximately $45 million. This proposed sale aligns with Quad’s ongoing strategic focus to optimize our business portfolio for growth as an MX company. We expect to use proceeds from the sale to reduce debt and make further investments in our solutions suite. We will continue to maintain state-of-the-art print operations in locations that support our MX offering, including The Americas, with North America comprising our largest base of operations.
“We look forward to sharing a more comprehensive update on our strategy and growth opportunities at our upcoming Investor Day on November 20, 2024, in New York City.”
Added Tony Staniak, Chief Financial Officer of Quad: “Our flexible operating model, higher labor productivity and disciplined approach to managing all aspects of our business enabled us to deliver higher Adjusted EBITDA Margin in the third quarter and on a year-to-date basis compared to the prior year, despite Net Sales pressure. We also continued to be a strong cash generator, including realizing $41 million of net proceeds from the sale of our former Saratoga Springs, New York, manufacturing facility, and we expect to receive approximately $32 million in cash and $13 million in debt reduction for a total enterprise value of approximately $45 million by year end from the sale of the majority of our European operations. Our full-year Net Sales is trending toward the higher end of decline in our original guidance range; however, we are maintaining the midpoints of our guidance ranges for Adjusted EBITDA and Free Cash Flow due to increased manufacturing productivity and cost reductions. With our strong cash generation, we expect to reduce Net Debt by over $700 million, or 68%, compared to January 1, 2020, to reach Net Debt Leverage of approximately 1.5x. Additionally, we are pleased to have recently extended our $690 million bank debt agreement to October 2029 due to the continued long-term partnership and support of our premier bank group. Given the strength of our balance sheet, we will continue to make strategic investments in our business, accelerate our offerings as a marketing experience company, and return capital to shareholders through our quarterly dividend. We also expect to be opportunistic in terms of our future share repurchases.”
Third Quarter 2024 Financial Results
Net Sales were $675 million in the third quarter of 2024, a decrease of 4% compared to the same period in 2023 primarily due to lower paper and agency solutions sales, including the loss of a large grocery client.Net Loss was $25 million in the third quarter of 2024 compared to a Net Loss of $3 million in the same period in 2023. The increase was primarily due to a $28 million increase in restructuring, impairment and transaction-related charges, net (including a $47 million increase in non-cash impairment charges primarily related to the European divestiture partially offset by a $21 million gain on the sale of the former Saratoga Springs, New York, facility) and the impact from lower Net Sales, partially offset by benefits from increased manufacturing productivity, savings from cost reduction initiatives, and lower depreciation and amortization.Adjusted EBITDA was $59 million in the third quarter of 2024 compared to $57 million in the same period in 2023, primarily due to increased manufacturing productivity and savings from cost reduction initiatives, partially offset by the impact from lower Net Sales.Adjusted Diluted Earnings Per Share was $0.26 in the third quarter of 2024 compared to $0.11 in the same period in 2023.
Year-to-Date 2024 Financial Results
Net Sales were $2 billion in the nine months ended September 30, 2024, a decrease of 9% compared to the same period in 2023 primarily due to lower paper sales and lower print volumes, including the impact from client mix and increased gravure volume that has a lower unit price with a higher profit margin, as well as lower agency solutions sales, including the loss of a large grocery client.Net Loss was $56 million in the nine months ended September 30, 2024, compared to Net Loss of $33 million in the same period in 2023. The increase was primarily due to a $35 million increase in restructuring, impairment and transactions-related charges, net (including a $50 million increase in non-cash impairment charges primarily related to the European divestiture partially offset by a $21 million gain on the sale of the former Saratoga Springs, New York, facility) and the impact from lower Net Sales, partially offset by benefits from increased manufacturing productivity, savings from cost reduction initiatives, and lower depreciation and amortization.Adjusted EBITDA was $161 million in the nine months ended September 30, 2024, a decrease of $7 million compared to the same period in 2023. The decrease was due to lower Net Sales, partially offset by benefits from increased manufacturing productivity and savings from cost reduction initiatives.Adjusted Diluted Earnings Per Share was $0.49 in the nine months ended September 30, 2024, compared to $0.28 in the same period in 2023, primarily due to higher Adjusted Net Earnings and the beneficial impact from the Company repurchasing Class A shares totaling approximately 11% of its outstanding shares since the second quarter of 2022.Net Cash Used in Operating Activities was $46 million in the nine months ended September 30, 2024, compared to Net Cash Provided by Operating Activities of $41 million in the nine months ended September 30, 2023. Free Cash Flow was negative $92 million in the nine months ended September 30, 2024, compared to negative $18 million in the same period in 2023, as the Company realized working capital benefits in 2023 from decreasing inventory due to an improved supply chain environment compared to 2022. As a reminder, the Company historically generates most of its Free Cash Flow in the fourth quarter of the year, and we expect fourth quarter 2024 Free Cash Flow to be $142 million to $162 million.Net Debt was $490 million at September 30, 2024, compared to $470 million at December 31, 2023 and $584 million at September 30, 2023. Compared to December 31, 2023, Net Debt increased primarily due to the negative $92 million of Free Cash Flow in the nine months ended September 30, 2024, less $69 million of proceeds from asset sales. Quad now expects to reduce Net Debt to approximately $330 million, or 1.5x Net Debt Leverage, at the end of this year pending the sale of the majority of its European operations. With the amended and extended bank debt agreement, the Company will make regular quarterly amortization payments, a $9 million payment in November 2026 and a $193 million payment at maturity in October 2029.
Dividend
Quad’s next quarterly dividend of $0.05 per share will be payable on December 6, 2024, to shareholders of record as of November 18, 2024.
2024 Guidance
The Company updates its full-year 2024 financial guidance as follows:
Financial Metric
Original 2024 Guidance Range
Updated 2024 Guidance Range
Annual Net Sales Change
5% to 9% decline
Approximately 9% decline
Full-Year Adjusted EBITDA
$205 million to $245 million
$215 million to $235 million
Free Cash Flow
$50 million to $70 million
$50 million to $70 million
Capital Expenditures
$60 million to $70 million
Approximately $65 million
Year-End Debt Leverage Ratio (1)
Approximately 1.8x
Approximately 1.5x
(1) Debt Leverage Ratio is calculated at the midpoint of the Adjusted EBITDA guidance.
Conference Call and Webcast Information
Quad will hold a conference call at 8:30 a.m. ET on Tuesday, October 29, 2024, hosted by Joel Quadracci, Quad Chairman, President and CEO, and Tony Staniak, Quad CFO. The full earnings release and slide presentation will be concurrently available on the Investors section of Quad’s website at http://www.quad.com/investor-relations. As part of the conference call, Quad will conduct a question and answer session.
Participants can pre-register for the webcast by navigating to https://dpregister.com/sreg/10193063/fd9659683c. Participants will be given a unique PIN to access the call on October 29. Participants may pre-register at any time, including up to and after the call start time.
Alternatively, participants may dial in on the day of the call as follows:
U.S. Toll-Free: 1-877-328-5508International Toll: 1-412-317-5424
An audio replay of the call will be posted on the Investors section of Quad’s website shortly after the conference call ends. In addition, telephone playback will also be available until November 29, 2024, accessible as follows:
U.S. Toll-Free: 1-877-344-7529International Toll: 1-412-317-0088Replay Access Code: 9141656
About Quad
Quad (NYSE: QUAD) is a global marketing experience company that helps brands make direct consumer connections, from household to in-store to online. Supported by state-of-the-art technology and data-driven intelligence, Quad uses its suite of media, creative and production solutions to streamline the complexities of marketing and remove friction from wherever it occurs in the marketing journey. Quad tailors its uniquely flexible, scalable and connected solutions to clients’ objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness, and delivering value on client investments.
Quad employs approximately 13,000 people in 14 countries and serves approximately 2,700 clients including industry leading blue-chip companies that serve both businesses and consumers in multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods, and direct-to-consumer; financial services; and health. Quad is ranked among the largest agency companies in the U.S. by Ad Age, buoyed by its full-service Rise media agency and Betty creative agency. Quad is also one the largest commercial printers in North America, according to Printing Impressions.
For more information about Quad, including its commitment to ongoing innovation, culture and sustainable impact, visit quad.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company’s future results, financial condition, sales, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company and can generally be identified by the use of words or phrases such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,” “project,” “believe,” “continue” or the negatives of these terms, variations on them and other similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company’s expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control.
The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printing services and significant overcapacity in a highly competitive environment creates downward pricing pressures and potential under-utilization of assets; the impact of increased business complexity as a result of the Company’s transformation to a marketing experience company, including adapting marketing offerings and business processes as required by new markets and technologies, such as artificial intelligence; the impact of changes in postal rates, service levels or regulations, including delivery delays; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials, including paper and the materials to manufacture ink) and the impact of fluctuations in the availability of raw materials, including paper, parts for equipment and the materials to manufacture ink; the impact macroeconomic conditions, including inflation, high interest rates and recessionary concerns, as well as cost and labor pressures, distribution challenges and the price and availability of paper, have had, and may continue to have, on the Company’s business, financial condition, cash flows and results of operations (including future uncertain impacts); the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of a data-breach of sensitive information, ransomware attack or other cyber incident on the Company; the fragility and decline in overall distribution channels; the failure to attract and retain qualified talent across the enterprise; the impact of digital media and similar technological changes, including digital substitution by consumers; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the impact of risks associated with the operations outside of the United States (“U.S.”), including trade restrictions, currency fluctuations, the global economy, costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents, and geopolitical events like war and terrorism; the failure to successfully identify, manage, complete and integrate acquisitions, investment opportunities or other significant transactions, as well as the successful identification and execution of strategic divestitures; the impact negative publicity could have on our business and brand reputation; significant capital expenditures and investments may be needed to sustain and grow the Company’s platforms, processes, systems, client and product technology, marketing and talent, and to remain technologically and economically competitive; the impact of the various restrictive covenants in the Company’s debt facilities on the Company’s ability to operate its business, as well as the uncertain negative impacts macroeconomic conditions may have on the Company’s ability to continue to be in compliance with these restrictive covenants; the impact of an other than temporary decline in operating results and enterprise value that could lead to non-cash impairment charges due to the impairment of property, plant and equipment and other intangible assets; the impact of regulatory matters and legislative developments or changes in laws, including changes in cybersecurity, privacy and environmental laws; the impact on the holders of Quad’s class A common stock of a limited active market for such shares and the inability to independently elect directors or control decisions due to the voting power of the class B common stock; and the other risk factors identified in the Company’s most recent Annual Report on Form 10-K, which may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.
Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains financial measures not prepared in accordance with generally accepted accounting principles (referred to as non-GAAP), specifically Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense (benefit), depreciation and amortization and restructuring, impairment and transaction-related charges, net. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Free Cash Flow is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. Debt Leverage Ratio is defined as total debt and finance lease obligations less cash and cash equivalents (Net Debt) divided by the last twelve months of Adjusted EBITDA. Adjusted Diluted Earnings Per Share is defined as earnings (loss) before income taxes excluding restructuring, impairment and transaction-related charges, net, and adjusted for income tax expense at a normalized tax rate, divided by diluted weighted average number of common shares outstanding.
The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies. Reconciliation to the GAAP equivalent of these non-GAAP measures are contained in tabular form on the attached unaudited financial statements.
Investor Relations Contact
Don Pontes
Executive Director of Investor Relations
916-532-7074
dwpontes@quad.com
Media Contact
Claire Ho
Director of Marketing Communications
414-566-2955
cho@quad.com
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended September 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Three Months Ended September 30,
2024
2023
Net sales
$ 674.8
$ 700.2
Cost of sales
527.6
560.8
Selling, general and administrative expenses
88.4
82.5
Depreciation and amortization
24.4
32.0
Restructuring, impairment and transaction-related charges, net
39.3
11.2
Total operating expenses
679.7
686.5
Operating income (loss)
(4.9)
13.7
Interest expense
17.0
17.7
Net pension income
(0.2)
(0.5)
Loss before income taxes
(21.7)
(3.5)
Income tax expense (benefit)
3.0
(0.8)
Net loss
$ (24.7)
$ (2.7)
Loss per share
Basic and diluted
$ (0.52)
$ (0.06)
Weighted average number of common shares outstanding
Basic and diluted
47.8
48.0
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Nine Months Ended September 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Nine Months Ended September 30,
2024
2023
Net sales
$ 1,963.8
$ 2,169.8
Cost of sales
1,542.8
1,748.1
Selling, general and administrative expenses
260.2
255.0
Depreciation and amortization
79.4
97.7
Restructuring, impairment and transaction-related charges, net
81.9
46.8
Total operating expenses
1,964.3
2,147.6
Operating income (loss)
(0.5)
22.2
Interest expense
49.4
51.0
Net pension income
(0.6)
(1.3)
Loss before income taxes
(49.3)
(27.5)
Income tax expense
6.3
5.9
Net loss
$ (55.6)
$ (33.4)
Loss per share
Basic and diluted
$ (1.17)
$ (0.68)
Weighted average number of common shares outstanding
Basic and diluted
47.6
48.8
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2024 and December 31, 2023
(in millions)
(UNAUDITED)
September 30,
2024
December 31,
2023
ASSETS
Cash and cash equivalents
$ 12.5
$ 52.9
Receivables, less allowances for credit losses
305.6
316.2
Inventories
201.7
178.8
Prepaid expenses and other current assets
72.1
39.8
Total current assets
591.9
587.7
Property, plant and equipment—net
512.7
620.6
Operating lease right-of-use assets—net
82.7
96.6
Goodwill
100.3
103.0
Other intangible assets—net
10.6
21.8
Other long-term assets
90.6
80.0
Total assets
$ 1,388.8
$ 1,509.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable
$ 336.6
$ 373.6
Other current liabilities
259.9
237.6
Short-term debt and current portion of long-term debt
77.2
151.7
Current portion of finance lease obligations
0.8
2.5
Current portion of operating lease obligations
23.6
25.4
Total current liabilities
698.1
790.8
Long-term debt
423.4
362.5
Finance lease obligations
1.4
6.0
Operating lease obligations
66.1
77.2
Deferred income taxes
4.0
5.1
Other long-term liabilities
144.9
148.6
Total liabilities
1,337.9
1,390.2
Shareholders’ equity
Preferred stock
—
—
Common stock
1.4
1.4
Additional paid-in capital
841.3
842.7
Treasury stock, at cost
(27.9)
(33.1)
Accumulated deficit
(637.2)
(573.9)
Accumulated other comprehensive loss
(126.7)
(117.6)
Total shareholders’ equity
50.9
119.5
Total liabilities and shareholders’ equity
$ 1,388.8
$ 1,509.7
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2024 and 2023
(in millions)
(UNAUDITED)
Nine Months Ended September 30,
2024
2023
OPERATING ACTIVITIES
Net loss
$ (55.6)
$ (33.4)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
79.4
97.7
Impairment charges
65.9
15.8
Amortization of debt issuance costs and original issue discount
1.2
1.5
Stock-based compensation
5.9
4.6
Gain on the sale of an investment
(4.1)
—
Gains on the sale or disposal of property, plant and equipment, net
(22.2)
(0.5)
Deferred income taxes
0.1
—
Changes in operating assets and liabilities
(116.5)
(44.6)
Net cash provided by (used in) operating activities
(45.9)
41.1
INVESTING ACTIVITIES
Purchases of property, plant and equipment
(45.7)
(59.5)
Cost investment in unconsolidated entities
(0.2)
(0.7)
Proceeds from the sale of property, plant and equipment
46.5
7.9
Proceeds from the sale of an investment
22.2
—
Loan to an unconsolidated entity
—
(0.6)
Other investing activities
(0.9)
(4.5)
Net cash provided by (used in) investing activities
21.9
(57.4)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt
52.8
0.6
Payments of current and long-term debt
(137.0)
(37.5)
Payments of finance lease obligations
(2.1)
(1.8)
Borrowings on revolving credit facilities
1,113.3
1,136.1
Payments on revolving credit facilities
(1,034.0)
(1,082.8)
Purchases of treasury stock
—
(10.2)
Equity awards redeemed to pay employees’ tax obligations
(2.1)
(1.7)
Payment of cash dividends
(7.0)
(0.1)
Other financing activities
(0.2)
(0.5)
Net cash provided by (used in) financing activities
(16.3)
2.1
Effect of exchange rates on cash and cash equivalents
(0.1)
—
Net decrease in cash and cash equivalents
(40.4)
(14.2)
Cash and cash equivalents at beginning of period
52.9
25.2
Cash and cash equivalents at end of period
$ 12.5
$ 11.0
QUAD/GRAPHICS, INC.
SEGMENT FINANCIAL INFORMATION
For the Three and Nine Months Ended September 30, 2024 and 2023
(in millions)
(UNAUDITED)
Net Sales
Operating
Income (Loss)
Restructuring,
Impairment and
Transaction-Related
Charges, Net (1)
Three months ended September 30, 2024
United States Print and Related Services
$ 579.1
$ 51.2
$ (12.7)
International
95.7
(46.5)
51.9
Total operating segments
674.8
4.7
39.2
Corporate
—
(9.6)
0.1
Total
$ 674.8
$ (4.9)
$ 39.3
Three months ended September 30, 2023
United States Print and Related Services
$ 608.0
$ 18.9
$ 10.7
International
92.2
4.2
0.6
Total operating segments
700.2
23.1
11.3
Corporate
—
(9.4)
(0.1)
Total
$ 700.2
$ 13.7
$ 11.2
Nine months ended September 30, 2024
United States Print and Related Services
$ 1,702.3
$ 75.3
$ 28.2
International
261.5
(40.8)
53.5
Total operating segments
1,963.8
34.5
81.7
Corporate
—
(35.0)
0.2
Total
$ 1,963.8
$ (0.5)
$ 81.9
Nine months ended September 30, 2023
United States Print and Related Services
$ 1,854.1
$ 38.0
$ 41.8
International
315.7
20.2
4.2
Total operating segments
2,169.8
58.2
46.0
Corporate
—
(36.0)
0.8
Total
$ 2,169.8
$ 22.2
$ 46.8
______________________________
(1)
Restructuring, impairment and transaction-related charges, net are included within operating income (loss).
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
For the Three Months Ended September 30, 2024 and 2023
(in millions, except margin data)
(UNAUDITED)
Three Months Ended September 30,
2024
2023
Net loss
$ (24.7)
$ (2.7)
Interest expense
17.0
17.7
Income tax expense (benefit)
3.0
(0.8)
Depreciation and amortization
24.4
32.0
EBITDA (non-GAAP)
$ 19.7
$ 46.2
EBITDA Margin (non-GAAP)
2.9 %
6.6 %
Restructuring, impairment and transaction-related charges, net (1)
39.3
11.2
Adjusted EBITDA (non-GAAP)
$ 59.0
$ 57.4
Adjusted EBITDA Margin (non-GAAP)
8.7 %
8.2 %
______________________________
(1)
Operating results for the three months ended September 30, 2024 and 2023, were affected by the following restructuring, impairment and transaction-related charges, net:
Three Months Ended September 30,
2024
2023
Employee termination charges (a)
$ 2.2
$ 1.6
Impairment charges (b)
52.2
5.2
Transaction-related charges (c)
0.9
0.5
Integration costs (d)
0.1
—
Other restructuring charges (income) (e)
(16.1)
3.9
Restructuring, impairment and transaction-related charges, net
$ 39.3
$ 11.2
______________________________
(a)
Employee termination charges were related to workforce reductions through facility consolidations and separation programs.
(b)
Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction and strategic divestiture activities, including $50.9 million related to the sale of the majority of the European operations to reduce the carrying value to fair value during the three months ended September 30, 2024, as well as charges for operating lease right-of-use assets.
(c)
Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities.
(d)
Integration costs were primarily costs related to the integration of acquired companies.
(e)
Other restructuring charges (income) primarily include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of a $20.5 million gain on the sale of the Saratoga Springs, New York facility during the three months ended September 30, 2024.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
For the Nine Months Ended September 30, 2024 and 2023
(in millions, except margin data)
(UNAUDITED)
Nine Months Ended September 30,
2024
2023
Net loss
$ (55.6)
$ (33.4)
Interest expense
49.4
51.0
Income tax expense
6.3
5.9
Depreciation and amortization
79.4
97.7
EBITDA (non-GAAP)
$ 79.5
$ 121.2
EBITDA Margin (non-GAAP)
4.0 %
5.6 %
Restructuring, impairment and transaction-related charges, net (1)
81.9
46.8
Adjusted EBITDA (non-GAAP)
$ 161.4
$ 168.0
Adjusted EBITDA Margin (non-GAAP)
8.2 %
7.7 %
______________________________
(1)
Operating results for the nine months ended September 30, 2024 and 2023, were affected by the following restructuring, impairment and transaction-related charges, net:
Nine Months Ended September 30,
2024
2023
Employee termination charges (a)
$ 19.1
$ 16.6
Impairment charges (b)
65.9
15.8
Transaction-related charges (c)
1.8
1.1
Integration costs (d)
0.3
1.0
Other restructuring charges (income) (e)
(5.2)
12.3
Restructuring, impairment and transaction-related charges, net
$ 81.9
$ 46.8
______________________________
(a)
Employee termination charges were related to workforce reductions through facility consolidations and separation programs.
(b)
Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility consolidations and other capacity reduction and strategic divestiture activities, including $50.9 million related to the sale of the majority of the European operations to reduce the carrying value to fair value during the nine months ended September 30, 2024, as well as charges for operating lease right-of-use assets.
(c)
Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities.
(d)
Integration costs were primarily costs related to the integration of acquired companies.
(e)
Other restructuring charges (income) primarily include costs to maintain and exit closed facilities, as well as lease exit charges, and are presented net of a $20.5 million gain on the sale of the Saratoga Springs, New York facility during the nine months ended September 30, 2024.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
FREE CASH FLOW
For the Nine Months Ended September 30, 2024 and 2023
(in millions)
(UNAUDITED)
Nine Months Ended September 30,
2024
2023
Net cash provided by (used in) operating activities
$ (45.9)
$ 41.1
Less: purchases of property, plant and equipment
45.7
59.5
Free Cash Flow (non-GAAP)
$ (91.6)
$ (18.4)
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
NET DEBT AND DEBT LEVERAGE RATIO
As of September 30, 2024 and December 31, 2023
(in millions, except ratio)
(UNAUDITED)
September 30,
2024
December 31,
2023
Total debt and finance lease obligations on the condensed consolidated balance sheets
$ 502.8
$ 522.7
Less: Cash and cash equivalents
12.5
52.9
Net Debt (non-GAAP)
$ 490.3
$ 469.8
Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1)
$ 227.1
$ 233.7
Debt Leverage Ratio (non-GAAP)
2.16 x
2.01 x
______________________________
(1)
The calculation of Adjusted EBITDA for the trailing twelve months ended September 30, 2024, and December 31, 2023, was as follows:
Add
Subtract
Trailing Twelve
Months Ended
Year Ended
Nine Months Ended
December 31,
2023(a)
(UNAUDITED)
September 30,
2024
(UNAUDITED)
September 30,
2023
(UNAUDITED)
September 30,
2024
Net loss
$ (55.4)
$ (55.6)
$ (33.4)
$ (77.6)
Interest expense
70.0
49.4
51.0
68.4
Income tax expense
12.8
6.3
5.9
13.2
Depreciation and amortization
128.8
79.4
97.7
110.5
EBITDA (non-GAAP)
$ 156.2
$ 79.5
$ 121.2
$ 114.5
Restructuring, impairment and transaction-related
charges, net
77.5
81.9
46.8
112.6
Adjusted EBITDA (non-GAAP)
$ 233.7
$ 161.4
$ 168.0
$ 227.1
______________________________
(a)
Financial information for the year ended December 31, 2023, is included as reported in the Company’s 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
ADJUSTED DILUTED EARNINGS PER SHARE
For the Three Months Ended September 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Three Months Ended September 30,
2024
2023
Loss before income taxes
$ (21.7)
$ (3.5)
Restructuring, impairment and transaction-related charges, net
39.3
11.2
Adjusted net earnings, before income taxes (non-GAAP)
17.6
7.7
Income tax expense at 25% normalized tax rate
4.4
1.9
Adjusted net earnings (non-GAAP)
$ 13.2
$ 5.8
Basic weighted average number of common shares outstanding
47.8
48.0
Plus: effect of dilutive equity incentive instruments (non-GAAP)
2.7
2.7
Diluted weighted average number of common shares outstanding (non-GAAP)
50.5
50.7
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.26
$ 0.11
Diluted loss per share (GAAP)
$ (0.52)
$ (0.06)
Restructuring, impairment and transaction-related charges, net per share
0.78
0.22
Income tax expense (benefit) from condensed consolidated statement of operations per share
0.06
(0.02)
Income tax expense at 25% normalized tax rate per share
(0.09)
(0.04)
Effect of dilutive equity incentive instruments
0.03
0.01
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.26
$ 0.11
______________________________
(1)
Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges, net and (ii) discrete income tax items.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
ADJUSTED DILUTED EARNINGS PER SHARE
For the Nine Months Ended September 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Nine Months Ended September 30,
2024
2023
Loss before income taxes
$ (49.3)
$ (27.5)
Restructuring, impairment and transaction-related charges, net
81.9
46.8
Adjusted net earnings, before income taxes (non-GAAP)
32.6
19.3
Income tax expense at 25% normalized tax rate
8.2
4.8
Adjusted net earnings (non-GAAP)
$ 24.4
$ 14.5
Basic weighted average number of common shares outstanding
47.6
48.8
Plus: effect of dilutive equity incentive instruments (non-GAAP)
2.5
2.1
Diluted weighted average number of common shares outstanding (non-GAAP)
50.1
50.9
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.49
$ 0.28
Diluted loss per share (GAAP)
$ (1.17)
$ (0.68)
Restructuring, impairment and transaction-related charges, net per share
1.63
0.92
Income tax expense from condensed consolidated statement of operations per share
0.13
0.12
Income tax expense at 25% normalized tax rate per share
(0.16)
(0.09)
Effect of dilutive equity incentive instruments
0.06
0.01
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.49
$ 0.28
______________________________
(1)
Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges, net and (ii) discrete income tax items.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
View original content to download multimedia:https://www.prnewswire.com/news-releases/quad-reports-third-quarter-and-year-to-date-2024-results-302289205.html
SOURCE Quad
You may like
Technology
ZT Mining Pioneers Innovative Solutions in the Cloud Mining Industry
Published
6 hours agoon
December 28, 2024By
ZT Mining launches user-friendly cloud mining services with free options, renewable energy integration, and educational resources, promoting sustainable cryptocurrency mining.
READING, England, Dec. 28, 2024 /PRNewswire-PRWeb/ — As the cryptocurrency industry grows, the demand for accessible and efficient mining solutions has never been higher. ZT Mining, a leading innovator in cloud mining, announces a new range of services designed to democratize access to cryptocurrency mining while addressing environmental concerns.
Cloud Mining Made Simple
ZT Mining provides a platform for users to mine Bitcoin and other cryptocurrencies without the need for specialized hardware or technical expertise. By simplifying the process, the company caters to a broad audience, from crypto enthusiasts to first-time investors. Its streamlined registration and user-friendly interface allow participants to start mining in minutes.
Free Cloud Mining Option for Starters
The platform introduces free cloud mining opportunities, enabling users to begin their mining journey without upfront costs. This initiative lowers barriers to entry, making it easier for individuals to explore the cryptocurrency space.
Sustainability at the Core
Recognizing the environmental impact of traditional mining, ZT Mining incorporates renewable energy into its operations. By leveraging green energy sources, the company reduces its carbon footprint, aligning with global sustainability goals.
A Trusted Name in Cloud Mining
ZT Mining emphasizes transparency and reliability. Contracts come with clear terms, competitive rates, and no hidden fees. The platform also offers robust security measures, ensuring user data and funds remain protected.
Empowering Users Through Education
To support informed decision-making, ZT Mining provides educational resources on cryptocurrency and cloud mining. Users can access guides and insights to better understand mining profitability and industry trends.
Industry Recognition
ZT Mining’s innovative approach has positioned it as one of the best cloud mining platforms in the industry. With endorsements from leading crypto analysts and positive user feedback, the company is quickly becoming a trusted name for mining solutions.
Looking Ahead
ZT Mining continues to innovate, aiming to provide even more opportunities for users to benefit from cloud mining. With plans to expand its renewable energy partnerships and introduce advanced mining algorithms, the company is setting the standard for sustainable and user-friendly cryptocurrency mining.
For more information, visit ZT Mining’s official website.
Media Contact
Nancy Delia, ZT CLOUD SERVICES LIMITED, 44 7301463290, nancy.delia@ztmining.com, https://ztmining.com
View original content to download multimedia:https://www.prweb.com/releases/zt-mining-pioneers-innovative-solutions-in-the-cloud-mining-industry-302339664.html
SOURCE ZT CLOUD SERVICES LIMITED
Technology
UBHOME Collaborates with Qualcomm to Release the Smart Lawn Mower, Co-Creating a New Era of Smart Life
Published
11 hours agoon
December 28, 2024By
The 2025 CES in the United States is about to unveil a brand-new chapter in the future intelligent home gardening
LAS VEGAS, Dec. 28, 2024 /PRNewswire/ — UBHOME, a sub-brand of UBTECH Robotics, announced an intelligent service robot in collaboration with Qualcomm Technologies, Inc. The Robotic Mower M10 is a revolutionary smart lawn mower announced at the 2025 International Consumer Electronics Show (CES) in the United States. This product is powered by the Qualcomm® RB1 Robotics Platform, showcases UBHOME’s rich experience in robot research and development, and focuses on solving the pain points of traditional lawn-mowing equipment, providing users with a worry-free and labor-saving smart gardening experience, and creates a new model of gardening intelligence.
User-Oriented: The All-New Convenience Brought by the Smart Lawn Mower to Life
The Robotic Mower M10 is not only a high performance tool but also an upgrade of the smart lifestyle. In response to the pain points of users when using traditional lawn-mowing equipment, this product offers a series of practical functions, bringing brand-new convenience to home gardening:
Wireless and Borderless Mowing: There is no need for cumbersome boundary wire installation anymore. The device relies on accurate environmental perception and navigation technology to independently plan the work area, allowing users to use it right out of the box, saving installation time and energy.
Automatic Mowing, Saving Time and Effort: The device can automatically complete the lawn mowing work according to the preset schedule or real-time instructions, enabling users to manage the lawn care through delegation to the mower.
Wide Coverage and Stable Signal: It supports a large-scale signal connection of up to 130,000 square meters. Even for extremely large courtyards, stable operation can be ensured, and there is no need to worry about signal loss.
Real-time Online, in-control Anytime: Through APP remote control and real-time monitoring, users can adjust the mowing plan or check the device status at any time, managing the courtyard work as they like.
The combination of these functions not only greatly simplifies the complexity of mowing work but also liberates users from repetitive physical labor, allowing them to focus on enjoying the wonderful moments of life.
UBHOME: In-depth Layout in Smart Home
UBHOME is a brand under UBTECH Robotics that focuses on providing smart solutions for families. As a world-leading robot enterprise, UBTECH, with its strong R&D strength and technological accumulation, has successfully launched Walker, China’s first commercial bipedal human-sized humanoid robot. The launch of the Robotic Mower M10 by UBHOME this time is an important step in its layout in the smart home field.
Relying on UBTECH’s technological accumulation in robots and its in-depth understanding of user needs, the Robotic Mower M10 achieves the best mowing effect through environmental recognition and dynamic adjustment. Whether it is complex terrain, steep slopes, or high requirements for fine mowing, it can perform perfectly, demonstrating its excellent technical capabilities and brand commitment.
Powered by Qualcomm Technologies, Facilitating Intelligent Upgrading
As a global leader in wireless technology and edge intelligence, Qualcomm Technologies provides cutting-edge technical support for the Robotic Mower M10, including intelligent edge computing platforms, dynamic path planning, and environmental perception technologies. These technologies ensure that the device can operate efficiently in various environments, providing users with a precise and efficient smart experience. The Robotic Mower M10 utilizes the Qualcomm RB1 Robotics Platform to ensure the superior operation of the Robotic Mower M10 in large-scale courtyards, laying a solid foundation for realizing smart life.
Industry Significance and Trend: Promoting the Development of Gardening Intelligence
With the continuous increase in the demand for home intelligence, the market for smart gardening equipment is in a period of rapid development. As a typical representative of this trend, the smart lawn mower not only meets consumers’ pursuit of a convenient lifestyle but also provides a direction for the transformation of the gardening industry from tool manufacturing to smart services.
The product released by UBHOME not only fills the gap in the high-performance lawn-mowing equipment market but also sets a new industry benchmark. Through the multiple advantages of wireless, real-time connection, and fully automated operation, it endows home gardening with new value, making users no longer regard mowing as a burden but feel the convenience and fun brought by technology.
Innovation Hand in Hand, Co-creating Smart Life
The collaboration between UBHOME and Qualcomm Technologies showcases a strong collaboration of technology and innovation. Both parties are committed to bringing more convenient and efficient life experiences to consumers through technological innovation.
At the 2025 CES, UBHOME and Qualcomm Technologies will showcase the innovative functions and application scenarios of this Robotic Mower M10.
About UBHOME
UBHOME is a brand under UBTECH Robotics, focusing on providing smart solutions for families. UBTECH is a world-leading robot enterprise dedicated to the research and development and application of artificial intelligence and robot technology and has successfully served more than 900 enterprise-level customers in more than 50 countries around the world.
Media Contact Information
For more information, please contact:
UBHOME Brand Team: mbu-sales@ubtrobot.com
Qualcomm is a trademark or registered trademark of Qualcomm Incorporated. Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ubhome-collaborates-with-qualcomm-to-release-the-smart-lawn-mower-co-creating-a-new-era-of-smart-life-302339211.html
SOURCE UBTECH ROBOTICS CORP LTD
Technology
Global Launch of JETOUR T2 i-DM: Reshaping the Hybrid SUV Market
Published
11 hours agoon
December 28, 2024By
DOHA, Qatar, Dec. 28, 2024 /PRNewswire/ — On December 25, 2024, the First JETOUR Fan’s Festival and the Launch of T2 i-DM was held in Qatar, themed “Think Future”. During the event, JETOUR launched its user brand “Traveler” in the Middle East and its first hybrid model, JETOUR T2 i-DM. The launch event highlights JETOUR’s commitment to exploring sustainable travel modes and ambition to become the “The World’s Leading Brand in Hybrid Off-road Vehicles” under the “Travel+” strategy.
JETOUR T2 i-DM not only inherits the strengths of T2 series, but also achieves high energy efficiency, high performance, high safety, and high intelligence with its advanced hybrid technology, i-DM. With a maximum combined power of 280kW and torque of 610N•m, T2 i-DM boasts a NEDC pure electric range of 139km and an overall range exceeding 1,000km at just 0.8L/100km, addressing range anxiety and promoting green travel.
Mr. Dai Lihong, executive vice president of JETOUR Auto, emphasized technology’s role in producing world-class products. The launch also introduced “Traveler”, enriching user experience through diverse products and superior performance. This year, JETOUR has ranked third in sales across the Qatari auto market. The Fan’s Festival invited user representatives from across the Middle East to witness the unveiling of “Traveler”, experiencing “Travel+” culture through city tours and co-creation workshops.
JETOUR prioritizes users, listening to their needs and co-creating products, brand, and lifestyle. Through “Traveler,” JETOUR aims to provide richer travel experiences and benefits globally, leveraging the platform to spread the “Travel+” culture worldwide. Mr. Alex Tan, Vice President of JETOUR International, said, “Serving ‘JETOUR users’ and being ‘a user-oriented JETOUR’ are JETOUR’s development philosophy. JETOUR will continue to build a travel community centered around users, cars, and lifestyles, sharing the joy of traveling together with users.”
JETOUR also partnered with Diamond League to promote athletics in Qatar and the Middle East, embodying JETOUR Speed and the brand’s image of breakthroughs and innovations. With T2 selling over 150,000 units globally, T2 i-DM will continue its success to meet customers’ needs and reshape the hybrid SUV market.
The launch of T2 i-DM marks JETOUR’s new journey towards “the World’s Leading Brand in Hybrid Off-road Vehicles.” JETOUR plans to introduce more hybrid and off-road models, providing customers with eco-friendly and diversified travel choices. With its innovative spirit and user-oriented philosophy, JETOUR will lead the global automotive industry towards a more sustainable and smarter future.
SOURCE JETOUR AUTO
Will ETH outperform BTC in Jan? IRS DeFi broker rules, and more: Hodler’s Digest, Dec. 22 – 28
DeFi has 3 options if IRS rule isn't rolled back — Alex Thorn
Trump's Bitcoin policies depend on US economic standing — Ki Young Ju
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days ago
LG’S LATEST INDOOR GARDENING APPLIANCE SHOWS OFF FRESH NEW DESIGN AT CES 2025
-
Technology4 days ago
TESSAN Teams Up with One Tree Planted to Launch Global Tree Planting Initiative
-
Coin Market4 days ago
Stablecoin predictions for 2025: What’s next for the $200B market?
-
Coin Market4 days ago
Why Ethereum maxis say ETH will be the ‘comeback kid’ of 2025
-
Technology5 days ago
Spectral Capital Announces Transformation into a Deep Quantum Technology Platform
-
Technology5 days ago
From Local Innovator to Global Player: XData Group’s 2024 Milestones
-
Technology5 days ago
Movate Recognized as a Leader in Everest Group’s Digital Workplace Services PEAK Matrix® Assessment 2024 for Mid-Market Enterprises
-
Technology5 days ago
AIMA Technology Group to Showcase Seven Groundbreaking Products at CES 2025 and Announce Strategic Partnership with Renowned Italian Brand