3 unchanged sentences
The Company’s outstanding capital stock as of December 31, 2025, consisted of 37.6 million shares of class A stock, 13.3 million shares of class B stock and no shares of class C common stock or preferred stock.
−Removed: As of January 31, 2025, there were 1,994 record holders of the class A stock and 22 record holders of the class B stock.
+Added: As of February 6, 2026, there were 1,843 record holders of the class A stock and 22 record holders of the class B stock.
The Company’s class A stock is listed on the NYSE under the symbol “QUAD”.
7 unchanged sentences
Pursuant to the Company’s debt facilities, the Company is subject to limitations on dividends and repurchases of capital stock.
−Removed: If the Company’s Total Leverage Ratio is greater than 2.75 to 1.00, as defined in the Company’s Senior Secured Credit Facility, last amended on October 18, 2024, (see Note 10.
+Added: If the Company’s Total Leverage Ratio is greater than 2.75 to 1.00, as defined in the Company’s Senior Secured Credit Facility, last amended on August 20, 2025, (see Note 10.
“Debt,” for more details on the amendment), the Company is prohibited from making greater than $60.0 million of dividend payments, capital stock repurchases and certain other payments, over the course of the agreement.
12 unchanged sentences
— — 69,482,744
+Added: Total 46,268 46,268
______________________________
4 unchanged sentences
The program may be suspended or discontinued at any time.
−Removed: There were no shares of the Company’s class A stock repurchased during the year ended December 31, 2024.
−Removed: There were 2,852,501 shares repurchased during the year ended December 31, 2023.
+Added: There were 1,485,803 shares of the Company’s class A stock repurchased during the year ended December 31, 2025.
+Added: There were no shares repurchased during the year ended December 31, 2024.
As of December 31, 2025, there were $69.5 million of authorized repurchases remaining under the program.
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.