Quad/Graphics, Inc. (QUAD) Q4 2022 Earnings Conference Call February 22, 2023 10:00 AM ET
Company Participants
Katie Krebsbach - Quad's Investor Relations Manager
Joel Quadracci - Chairman, President, and Chief Executive Officer
Anthony Staniak - Chief Financial Officer
Operator
Good morning, ladies and gentlemen. Welcome to Quad's Fourth Quarter Conference Call. During today's call, all participants will be in a listen-only mode. [Operator Instructions] A slide presentation accompanies today's webcast and participants are invited to follow along, advancing 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 Recent Presentations link. Please also note today's event is being recorded.
At this time, I'd like to turn the conference call over to Katie Krebsbach, Quad's Investor Relations Manager. Katie, please go ahead.
Katie Krebsbach
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 off today's call with a business update, and Tony will follow with a summary of Quad's fourth quarter and full year 2022 financial results, followed by Q&A.
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, Slide 2. 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 debt leverage ratio.
We have included in the slide presentation reconciliations of these non-GAAP financial measures to the financial measures. Finally, a replay of the call and the slide presentation will be available on the Investors section of quad.com shortly after our call concludes today.
I will now hand over the call to Joel.
Joel Quadracci
Thank you, Katie, and good morning, everyone. Beginning on Slide 3, I am pleased to report that we delivered strong 2022 results, meeting or exceeding our guidance across all metrics, including outperforming our top line guidance with an 11% increase in net sales when excluding divestitures. These results reflect increased sales in all our offerings, including increases in pricing to partially offset inflationary costs, print segment share gains from both new and existing clients, as well as continued growth in our agency solutions offerings and international locations.