7 unchanged sentences
As of December 31, 2024, there was no outstanding balance on the revolving credit facility.
−Removed: In order to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable-rate debt, the Company entered into a $130.0 million interest rate swap in March 2019, and two $75.0 million interest rate collars in February 2023, and has classified $280.0 million of the Company’s variable rate debt as fixed rate debt.
+Added: In order to reduce the variability of cash flows from interest payments related to a portion of Quad’s variable-rate debt, the Company entered into two $75.0 million interest rate collars in February 2023 and a $50.0 million interest rate swap in April 2024, and has classified $200.0 million of the Company’s variable rate debt as fixed rate debt.
Including the impact of the $200.0 million interest rate hedges of variable rate to fixed rate debt, Quad had variable rate debt outstanding of $165.4 million at a current weighted average interest rate of 7.9% and fixed rate debt and finance leases outstanding of $213.8 million at a current weighted average interest rate of 7.6% as of December 31, 2024.
−Removed: A hypothetical 10% increase in the market interest rates impacting the Company’s current weighted average interest rate on variable rate debt obligations would not have a material impact on the Company’s interest expense.
+Added: A hypothetical 10% increase in the market interest rates impacting the Company’s current weighted average interest rate on variable rate debt obligations would change the fair value of floating rate debt at December 31, 2024 by approximately $1.4 million.
In addition, a hypothetical 10% change in market interest rates would change the fair value of fixed rate debt at December 31, 2024 by approximately $0.2 million.
20 unchanged sentences
Some of the Company’s clients are highly leveraged or otherwise subject to their own operating and regulatory ri sks.
−Removed: Based on those client account reviews and the continued uncertainty of the global economy, the Company has established an allowance for credit losses of $25.7 million as of December 31, 2023.
+Added: Based on those client account reviews and the continued uncertainty of the global economy, the Company has established an allowance for credit losses o f $21.5 million as of December 31, 2024.
The Company has a large, diverse client base and does not have a high degree of concentration with any single client account.
9 unchanged sentences
This volatility may continue and the Company may experience increases in the costs of its raw materials in the future as prices in the overall paper, ink and energy markets are expected to remain beyond its control.
−Removed: The price and availability of paper may also be adversely affected by paper mills’ permanent or temporary closures, and mills’ access to raw materials, conversion to produce other types of paper, and ability to transport paper produced.
+Added: The price and availability of paper may also be adversely affected by paper mills’ permanent or temporary closures;
+Added: paper mills’ access to raw materials, conversion to produce other types of paper, and ability to transport paper produced;
+Added: and tariffs and trade restrictions.
Approximately half of the paper used by the Company is supplied directly by its clients.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.