Quad/Graphics Inc. reported net sales of $588 million for the third quarter of 2025, down from $675 million in the same period in 2024, a decrease of 13%. Excluding the impact of the February 28, 2025 divestiture of its European operations, net sales declined 7%. Net earnings for the third quarter of 2025 were $10 million, compared to a net loss of $25 million in 2024. Adjusted diluted earnings per share for the quarter were $0.31, up 19% from $0.26 in the third quarter of 2024. For the first nine months of 2025, net sales totaled $1.8 billion, a decrease of 9% compared to the same period in 2024. Excluding the 5% impact of the European business divestiture, net sales declined 4%. The decline in net sales was primarily due to lower paper sales, lower print volumes, and lower logistics and agency solutions sales, including the loss of a large grocery client that annualized at the beginning of March 2025. Year-to-date, Quad/Graphics returned $19 million of capital to shareholders through $11 million of cash dividends and $8 million of share repurchases. The company declared a quarterly dividend of $0.075 per share. The company updated its full-year 2025 financial guidance, narrowing its adjusted annual net sales change to a 3% to 5% decline, adjusted EBITDA to a range of $190 million to $200 million, free cash flow to $50 million to $60 million, capital expenditures to $50 million to $55 million, and anticipates a year-end net debt leverage ratio of approximately 1.6x.