Financial Analysis

Commitments and Contingencies Litigation The Company is named as a defendant in various lawsuits in which claims are asserted against the Company in the normal course of business. The liabilities, if any, which ultimately result from such lawsuits are not expected by management to have a material impact on the consolidated financial statements of the Company. Environmental Reserves The Company is subject to various laws, regulations and government policies relating to health and safety, to the generation, storage, transportation, and disposal of hazardous substances, and to environmental protection in general. The Company provides for expenses associated with environmental remediation obligations when such amounts are probable and can be reasonably estimated. Such reserves are adjusted as new information develops or as circumstances change. The environmental reserves are not discounted. The Company believes it is in compliance with such laws, regulations and government policies in all material respects. Furthermore, the Company does not anticipate that maintaining compliance with such environmental statutes will have a material impact upon the Companys consolidated financial position. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables provide information about disaggregated revenue by the Companys operating segments and major products and services offerings for the three and six months ended June 30, 2026 and 2025: United States Print and Related Services International Total Three Months Ended June 30, 2026 Catalog, publications, retail inserts and directories $ 256.5 $ 27.9 $ 284.4 Direct mail and other printed products 138.6 23.6 162.2 Other 5.2 5.2 Total products 400.3 51.5 451.8 Logistics services 56.5 56.5 Marketing services and medical services 69.2 69.2 Total services 125.7 125.7 Total net sales $ 526.0 $ 51.5 $ 577.5 Three Months Ended June 30, 2025 Catalog, publications, retail inserts and directories $ 266.3 $ 24.9 $ 291.2 Direct mail and other printed products 132.0 22.5 154.5 Other 2.3 2.3 Total products 400.6 47.4 448.0 Logistics services 50.4 50.4 Marketing services and medical services 73.5 73.5 Total services 123.9 123.9 Total net sales $ 524.5 $ 47.4 $ 571.9 United States Print and Related Services International Total Six Months Ended June 30, 2026 Catalog, publications, retail inserts and directories $ 527.3 $ 54.1 $ 581.4 Direct mail and other printed products 270.9 47.4 318.3 Other 8.3 8.3 Total products 806.5 101.5 908.0 Logistics services 113.3 113.3 Marketing services and medical services 137.2 137.2 Total services 250.5 250.5 Total net sales $ 1,057.0 $ 101.5 $ 1,158.5 Six Months Ended June 30, 2025 Catalog, publications, retail inserts and directories $ 560.3 $ …

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Equity Incentive Programs Equity Incentive Compensation Expense Equity incentive compensation expense was recorded primarily in selling, general and administrative expenses in the condensed consolidated statements of operations. The total compensation expense recognized related to all equity incentive programs for the three and six months ended June 30, 2026 and 2025, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Restricted Stock (RS) and Restricted Stock Units (RSU) equity awards expense $ 1.7 $ 1.2 $ 3.0 $ 2.8 Deferred Stock Units (DSU) awards expense 1.2 1.0 1.2 1.0 Total equity incentive compensation expense $ 2.9 $ 2.2 $ 4.2 $ 3.8 Total future compensation expense related to all equity incentive programs granted as of June 30, 2026, was estimated to be $13.1 million, which consists entirely of expense for RS and RSU awards. Estimated future compensation expense is $3.5 million for the remainder of 2026, $5.4 million for 2027, $3.6 million for 2028 and $0.6 million for 2029. Restricted Stock and Restricted Stock Units The following table is a summary of RS and RSU award activity for the six months ended June 30, 2026: Restricted Stock Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (years) Units Weighted- Average Grant Date Fair Value Per Unit Weighted- Average Remaining Contractual Term (years) Nonvested at December 31, 2025 3,418,940 $ 5.23 1.0 123,04 …

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Income Taxes The Company records income tax expense on an interim basis. The estimated annual effective income tax rate is adjusted quarterly. For the six months ended June 30, 2026, the estimated annual effective income tax rate differs from the statutory tax rate primarily due to net decreases in valuation allowance reserves and non-deductible expenses. For the six months ended June 30, 2025, the estimated annual effective income tax rate differs from the statutory tax rate primarily due to net decreases in valuation allowance reserves. The Company currently has various open tax audits in multiple jurisdictions. From time to time, the Company will receive tax assessments as part of the process. During the three months ended June 30, 2026, the Company received a final decision on outstanding income tax and value-added tax litigation related to the 2011 audit assessment of a Mexican subsidiary. Based on the information available as of June 30, 2026, the Company has adjusted its best estimate of the potential settlement of the Mexico tax litigation to $17.4 million, of which $12.1 million is for income tax and related interest and $5.3 million is for value-added tax and related interest. As of December 31, 2025, the reserve for the Mexico tax litigation was $17.5 million, of which $10.6 million was for income tax and related interest and $6.9 million was for value-added tax and related interest. The Company has also recorded its best estimate of the potential settlement of oth …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Employee Retirement Plans Pension Plans The Company assumed various funded and unfunded frozen pension plans for a portion of its full-time employees in the United States as part of the acquisition of World Color Press Inc. (World Color Press) in 2010. Benefits are generally based upon years of service and compensation. These plans are funded in conformity with the applicable government regulations. The Company funds at least the minimum amount required for all qualified plans using actuarial cost methods and assumptions acceptable under government regulations. The components of net pension income (expense) for the three and six months ended June 30, 2026 and 2025, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Interest cost $ (2.1) $ (3.8) $ (4.2) $ (7.6) Expected return on plan assets 2.4 3.7 4.8 7.4 Net periodic pension income (expense) 0.3 (0.1) 0.6 (0.2) Amortization of actuarial loss (0.1) (0.2) (0.2) (0.5) Net pension income (expense) $ 0.2 $ (0.3) $ 0.4 $ (0.7) The Company made $0.3 million in benefit payments to its non-qualified defined benefit pension plans and made no contributions to its qualified defined benefit pension plans during the six months ended June 30, 2026. Multiemployer Pension Plans (MEPPs) The Company has withdrawn from all significant MEPPs and replaced these union sponsored promise to pay in the future defined benefit plans with a Company sponsored pay as you go defined contribution plan. As a result of …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Revenue Disaggregation The following tables provide information about disaggregated revenue by the Companys operating segments and major products and services offerings for the three and six months ended June 30, 2026 and 2025: United States Print and Related Services International Total Three Months Ended June 30, 2026 Catalog, publications, retail inserts and directories $ 256.5 $ 27.9 $ 284.4 Direct mail and other printed products 138.6 23.6 162.2 Other 5.2 5.2 Total products 400.3 51.5 451.8 Logistics services 56.5 56.5 Marketing services and medical services 69.2 69.2 Total services 125.7 125.7 Total net sales $ 526.0 $ 51.5 $ 577.5 Three Months Ended June 30, 2025 Catalog, publications, retail inserts and directories $ 266.3 $ 24.9 $ 291.2 Direct mail and other printed products 132.0 22.5 154.5 Other 2.3 2.3 Total products 400.6 47.4 448.0 Logistics services 50.4 50.4 Marketing services and medical services 73.5 73.5 Total services 123.9 123.9 Total net sales $ 524.5 $ 47.4 $ 571.9 United States Print and Related Services International Total Six Months Ended June 30, 2026 Catalog, publications, retail inserts and directories $ 527.3 $ 54.1 $ 581.4 Direct mail and other printed products 270.9 47.4 318.3 Other 8.3 8.3 Total products 806.5 101.5 908.0 Logistics services 113.3 113.3 Marketing services and medical services 137.2 137.2 Total services 250.5 250.5 Total net sales $ 1,057.0 $ 101.5 $ 1,158.5 Six Months Ended June 30, 2025 Catalog, publication …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Companys operating and reportable segments are aligned with how the chief operating decision-maker of the Company currently manages the business. The Companys operating and reportable segments, including their product and service offerings, and a Corporate category, are summarized below. Intercompany transactions, including sales between the Companys operating and reportable segments, have been eliminated in consolidation. United States Print and Related Services The United States Print and Related Services segment is predominantly comprised of the Companys United States printing operations, managed as one integrated platform, and marketing and other complementary services. The printing operations include print execution and logistics for retail inserts, catalogs, long-run publications, special interest publications, journals, direct mail, directories, in-store marketing and promotion, packaging, custom print products, as well as other commercial and specialty printed products, along with global paper procurement and the manufacture of ink. Marketing and other complementary services include data intelligence and analytics, technology solutions, media planning, placement and optimization, creative strategy and content creation, as well as execution in non-print channels (e.g., digital and broadcast). This segment also includes medical services. International The International segment consists of the Companys printing operations in Latin America, includi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity The Company has three classes of common stock as follows (share data in millions): Issued Common Stock Authorized Shares Outstanding Treasury Total Issued Shares Class A stock ($0.025 par value) June 30, 2026 105.0 38.2 4.3 42.5 December 31, 2025 105.0 37.6 4.9 42.5 Class B stock ($0.025 par value) June 30, 2026 80.0 13.3 13.3 December 31, 2025 80.0 13.3 13.3 Class C stock ($0.025 par value) June 30, 2026 20.0 0.5 0.5 December 31, 2025 20.0 0.5 0.5 In accordance with the Articles of Incorporation, each class A common share has one vote per share and each class B and class C common share has ten votes per share on all matters voted upon by the Companys shareholders. Liquidation rights are the same for all three classes of common stock. The Company also has 0.5 million shares of $0.01 par value preferred stock authorized, of which none were issued at June 30, 2026, and December 31, 2025. The Company has no present plans to issue any preferred stock. On July 30, 2018, the Companys Board of Directors authorized a share repurchase program of up to $100.0 million of the Companys outstanding class A common stock. The following repurchases occurred during the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Shares of Class A common stock 277,774 832,439 445,111 1,396,655 Weighted average price per share $ 7.41 $ 5.11 $ 7.05 $ 5.41 Total repurchases during the period $ 2.1 $ 4.3 $ 3.2 $ 7.6 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events Declaration of Quarterly Dividend On July 20, 2026, the Company declared a quarterly dividend of $0.10 per share, which will be paid on September 4, 2026, to shareholders of record as of August 17, 2026.

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