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Quad/photographs Inc (QUAD) Q1 2019 earnings call Transcript | 9E0-851 Real Questions and VCE Practice Test

Logo of jester cap with thought bubble.

photograph supply: The Motley fool.

Quad/graphics Inc  (NYSE:QUAD)Q1 2019 revenue CallMay. 01, 2019, 10:00 a.m. ET

  • organized Remarks
  • Questions and solutions
  • name participants
  • organized Remarks:


    good morning, women and gents, and welcome to the Quad First Quarter 2019 convention name. (Operator guidelines) A slide presentation accompanies brand new webcast and members are invited to observe along, advancing the slides themselves. To access the webcast, follow the guidance posted in this morning's earnings free up.

    alternatively, that you may entry the slide presentation on the traders element of Quad's website, under the hobbies and up to date shows hyperlink. Following state-of-the-art presentation, the convention might be open for questions. (Operator instructions) Please notice, this adventure is being recorded.

    and i will now like to flip the convention over to Kyle Egan, Quad's Director of Investor family members and Assistant Treasurer. Kyle, please go ahead.

    Kyle Egan -- Assistant Treasurer and Director of Investor relations

    thanks, operator, and respectable morning, all and sundry. With me today are Joel Quadracci, Quad's Chairman, President and Chief executive Officer; and Dave Honan, Quad's executive vp and Chief financial Officer. Joel will lead off brand new name with discussions of their endured Quad three.0 transformation, Dave will observe with a abstract of Quad's first quarter 2019 economic consequences adopted through mp;A.

    i might want to remind everybody that this name is being webcast, and forward-searching statements are field to safe harbor provisions as outlined in their quarterly news release and in state-of-the-art slide presentation on Slide 2.

    Quad's fiscal results are prepared in keeping with often accredited accounting ideas. besides the fact that children, this presentation also includes non-GAAP economic measures, together with adjusted EBITDA, adjusted EBITDA margin, free cash flow and debt leverage ratio. they have blanketed within the slide presentation reconciliations of these non-GAAP monetary measures to GAAP financial measures.

    at last, a replay of the call and the slide presentation may be obtainable on the traders portion of quad.com, presently after their name concludes today.

    i'll now hand the name over to Joel.

    Joel Quadracci -- Chairman, President & CEO

    thanks, Kyle, and welcome, everybody. Their first quarter 2019 effects had been based on their expectations and replicate consistent execution in opposition t their strategic priorities. As all the time, they continue to be disciplined in how they run all points of their enterprise and continue to make the crucial strategic investments to ensure they grow their enterprise profitably, while strengthening their core company and holding their business place as a superior, least expensive producer. They continue to work toward completing the acquisition of LSC Communications and are expecting the all-stock transaction to close in mid-2019.

    Quad stockholders voted to approve the issuance of shares in reference to the acquisition at a special meeting held on February 25. In a separate assembly, LSC shareholders voted to undertake the agreement and plan of merger. they are enthusiastic about the price and steadiness this transaction will create for their customers and shareholders.

    As outlined on Slide 3, through this enterprise mixture, they can boost their tremendously effective print platform to fuel their Quad three.0 transformation and make stronger the position of print in a multi-channel world. carry time and price-discounts alternatives to shoppers from their complementary platforms to maintain the lengthy-term relevance of print and maintain the lengthy-time period strategic vision of the Quadracci family unit, as they stream ahead in a disrupted market, generate synergies and further potent free money movement to create more ecocnomic enterprise and raise balance by way of retaining their effective and match balance sheet from the all-inventory transaction structure. In turn, this could allow us to regulate for ongoing digital media disruption and offset print trade declines through increase in their integrated capabilities providing in Quad three.0.

    We continue to construct on their Quad three.0 momentum. A fresh acquisition of Periscope, a leading impartial artistic agency, quickens their transformation with its most useful-in-classification capabilities and strategy, creative analytics, media purchasing and more. through their built-in advertising solutions platform, they create greater cost than the typical silo company method that exists nowadays. Their customers advantage from reduced complexity, elevated efficiencies and enhanced advertising spend effectiveness as well as cycle time reduction.

    On Slide 4, they exhibit some Periscope's first rate creative work it's winning consciousness. The group currently received distinct awards at the demonstrate 2019 and annual events subsidized via the promoting Federation of Minnesota, honoring superb inventive work from organizations. Periscope took domestic the coveted better of reveal plus a fantastic 25 other wins for purchasers similar to Trolli candy, The Minnesota Lottery, extremely good Clips Hair Salons and Schwan's frozen foods for work regarding social media execution, tv and internet commercials, integrated promoting campaigns and more. here's an enormous honor and displays how Periscope offers on its mission to do things people love. moreover, Quad additionally gained a couple of other awards, together with a Gold AVA Digital Award for video work and American advertising Awards or Addys for social media work.

    As a marketing solutions partner, their focus is on solving problems for their consumers, which in flip generates greater income for Quad throughout all their company categories. These classes, which might be proven on Slide four, 5 include built-in capabilities, which has experienced 40% growth seeing that 2017 and is now essentially 20% of complete revenues. centered execution with such a robust base for Quad 3.0 boom and massive scale of execution, which offers the size on money move indispensable for future funding opportunities.

    Our Quad 3.0 method is working as evidenced within the new and expanded relationships with shoppers and is a significant driver behind their most reliable quarterly organic earnings performance on account that 2014. The work they are doing nowadays for omnichannel retailer, mattress, bathtub & past is a great instance of how we're partnering with their customers to boost their strategies and desires via ingenious use of their integrated advertising solutions platform.

    we have had a 20-yr relationship with bed, bath & beyond. And over that time, had build a strong relationship situated on mutual admire and believe and dedication to innovation. mattress, bathtub & past chosen us an inventive partner to collaborate and execute on a solution that could enable them to better leverage accessible information to greater precisely goal crusade content and presents and do it efficaciously at scale. Their solution has the additional benefit of simultaneously cutting back prices and production cycle time, a win-win. This success opened the door for us to do greater for mattress, bath & beyond, including information capabilities and full logistics features. i am comfortable to share that bed, bathtub & beyond recently signed a contract extension with us.

    Sirius XM, the realm's biggest audio entertainment business, is one other client with whom they partnered -- partnering to convey Quad three.0 options, concentrated on enhancing response fees. these days, Sirius XM effectively completed the migration of its unsolicited mail business to Quad as part of a new 5-yr multimillion greenback contract. Now that this migration is comprehensive, Sirius XM looks ahead to exploring additional strategic opportunities with Quad and we're organized to convey.

    The work we're doing for purchasers like mattress, bathtub & beyond and Sirius XM shows that their Quad three.0 strategy is working. Their built-in marketing options platform, which comprises advertising approach and artistic through execution throughout all channels reduces complexity, raises effectivity and improves effectiveness. As they proceed to adapt their providing and bring more price to their purchasers, they stay concentrated on their consistent priorities to make lengthy-term strategic investments that further speed up their transformation and proactively tackle the changing wants of their clientele, generate sustainable potent free cash circulation, force EBITDA enhancement, toughen the balance sheet and show their ongoing commitment to offering lengthy-term shareholder returns.

    I wish to thank all of their employees for the essential position they play in their ongoing transformation as a advertising solutions associate. together, we're growing an improved manner for their purchasers, their shareholders and their collective future.

    With that, i will now flip the call over to Dave.

    Dave Honan -- govt vice chairman & Chief monetary Officer

    thank you, Joel, and decent morning, everyone. Their first quarter outcomes have been based on their expectation and they continue to be on course for offering their full year 2019 economic counsel. For competitive functions, the first quarter of 2019 contains the acquisition of Periscope, which was accomplished on January three, 2019.

    Slide 6 provides a snapshot of their first quarter fiscal results.

    net earnings expanded 3.8% to $1 billion, pushed through a 4.four% boost from the Periscope, Ivie and rise acquisitions, in part offset by way of biological earnings decline of 0.6%. covered in the biological income decline become a 0.eight% bad impact from international exchange losses. apart from these overseas exchange losses, first quarter 2019 biological earnings grew by means of 0.2%, their first biological revenue enhance on account that 2014. They continue to recognise incremental income from increasing customer relationship as part of their Quad 3.0 providing, which helps us offset one of the crucial biological declines in print because of ongoing print industry extent and cost pressures, essentially in their massive scale execution category regarding magazines, retail inserts and directories.

    Our annual revenue tips assumptions continue to include downward cost pressures of 1% to 1.5% and print quantity declines of 1% to four%. First quarter 2019 adjusted EBITDA of $70 million was at the midpoint of their suggestions range of $sixty five million to $75 million. This compares to $a hundred and ten million of adjusted EBITDA in the first quarter of 2018. A $forty million lower was due to $22 million of nonrecurring advantages in 2018 that didn't repeat in 2019, which covered a profit on property of coverage declare and a metamorphosis in worker vacation coverage. The the rest of the decrease changed into an $eight million affect from strategic investments made to boost hourly production wages in their most aggressive labor markets and the have an impact on from biological print pricing and extent declines basically in magazines, retail inserts and directories. as a result of these variances and the dilutive affect on their margins from extended move-through paper sale, adjusted EBITDA margins declined to 7% from 11.4% in 2018.

    As they mentioned on their last earnings call, they predicted a decrease in adjusted EBITDA in the entrance half of 2019, with increase in the returned half. within the entrance half of 2019, they expect a sequential growth in adjusted EBITDA within the 2d quarter as compared to their first quarter and predict second quarter adjusted EBITDA to be within the range of $70 million to $80 million.

    inside the returned half of the 12 months, they predict year-over-12 months boom because of extended synergies from acquisitions and revenues in their Quad three.0 integrated capabilities providing as well as productiveness improvements from the further lengthy-time period investments in employees and in automation.

    Free cash flow turned into terrible $101 million as in comparison to bad $22 million within the first quarter of 2018 and was in accordance with their expectation. The lower is primarily due to accelerated capital charges, up $21 million from the lengthy-term investments in automation and productivity in their manufacturing platform, $19 million in lessen internet earnings and an expected lessen in cash offered from seasonal working capital alterations. furthermore, they incurred $3.three million of LSC transaction-connected payments within the first quarter of 2019, which they exclude from free money stream.

    As a reminder, they realized their strongest volumes in the back half of the year due to seasonality. And in consequence, the majority of their free cash movement could be generated in the fourth quarter of the yr.

    Slide 7 includes a summary of their debt capital structure as of March 31. They accomplished an modification and extension of their credit score facility throughout the quarter, which provides us with the liquidity and structural flexibility for the pending acquisition of LSC Communications and maintains their amazing and versatile balance sheet.

    The change elevated their present debt capital structure through $725 million and extended maturities of the revolving credit score facility and term personal loan A via 2024 and the term mortgage B through 2026. Debt expanded $201 million to end the first quarter at $1.1 billion, basically due to $a hundred and twenty million of net cash paid for the Periscope acquisition and seasonal poor free money circulate as in the past discussed.

    We entire the first quarter of 2019 with a debt leverage ratio of 2.99x. As they have mentioned earlier than, now and then they may also operate backyard their lengthy-time period targeted leverage latitude of 2 to 2.5x reckoning on the timing of compelling strategic funding alternatives such because the January 2019 acquisition of Periscope. for this reason, their latest priority for using money might be debt discount until we're returned in their long-term leverage goal range. moreover, the pending all-stock acquisition of LSC will also boost leverage. despite the fact, they do are expecting to be returned in the 2 to 2.5x targeted leverage range inside 2 years of completing the LSC acquisition. here's in step with their background of deleveraging back into their lengthy-term centered leverage latitude inside 2 years of finishing a big acquisition, as they have tested with the area colour, Vertis and Brown Printing acquisitions.

    during the quarter, they entered into a 5-12 months $one hundred thirty million activity cost swap to convert variable prices into fastened price debt. together with the impact of the swap, their debt capital structure is now sixty six% fastened and 34% floating with the blended interest rate of 6.four% as of March 31, 2019. They estimate that their present blended interest price of 6.four% will reduce to about 5.7% upon the completion of the LSC acquisition as delayed draw time period mortgage A will then thoroughly fund at a decrease hobby price. attainable liquidity beneath their $800 million revolver became $516 million as of March 31, and they don't have any significant maturities except may of 2022. They believe they have enough liquidity for present business needs pursing future growth alternatives and returning value to their shareholders.

    Slide eight suggests their continued commitment to their dividend, which is likely one of the techniques during which they return value to their shareholder. Their subsequent quarterly dividend of $0.30 per share may be payable on June 7 to shareholders of record as of can also 28, 2019. They at all times paid a quarterly dividend and their annual dividend of $1.20 per share is yielding approximately 10% or represents lower than 40% of their free money flow at the midpoint of their 2019 information.

    furthermore, the free money flow yield on their stock price on the shut of business the previous day become about 27%, which is large in latest market. whereas a good deal of the 12 months nonetheless is still in front of us, we're glad that their first quarter results had been in accordance with their expectations and that they stay on course for offering their 2019 financial suggestions.

    we've made significant investments such because the Periscope, Ivie and upward push acquisitions to extend their offering beyond print construction to encompass an built-in stack of higher-margin advertising features. This expanded providing, at a time of persevered media disruption, offers us with a different possibility with their customers and they trust makes Quad a compelling lengthy-time period funding for their shareholders. They continue to work toward finishing the acquisition of LSC Communications, a combination that they consider will make stronger their print platform to gas their Quad three.0 strategy and create enhanced price for their customers. Given their adventure in acquisitions of this nature and scale, we're assured in their ability to execute on this integration and create future cost for all shareholders.

    And now i'd want to flip the call again to their operator who will facilitate taking your questions. Cole?

    Questions and solutions:


    (Operator directions) First query nowadays comes from Jamie Clement with Buckingham analysis community.Please go forward.

    Jamie Clement -- Buckingham analysis neighborhood -- Analyst

    good morning gentlemen. Joel, if i will, so definitely accurate line efficiency most efficient considering that 2014, are you able to talk a little bit about where the electricity came from and kind of how an awful lot it is built-in capabilities? How a good deal of here is extra on the execution side? And also, the blend of the two like turning execution shoppers into kind of features valued clientele and vice versa?

    Joel Quadracci -- Chairman, President & CEO

    yes. I mean, everything is really morphing towards this three.0 sale and it's truly making a change. but let me just variety of walk you in the course of the diverse classes. after I analyze retail inserts, that business continues to be down about 12% for the quarter, however they fared greatly more desirable being about 7% off because of some recent wins there. And again, sellers have lots of want for aid at the moment and the whole story about the built-in advertising truly resonates with them. So while they should be would becould very well be down a bit bit in retail inserts there, we're additionally offering lots of distinct capabilities, such as in-keep signage with recent wins that they now have carried out there as well as one of the inventive functions that they should offer. The catalog industry is the place the industry is of about 2%. I consider that they are usually 2nd-half heavy. after I study publications, they may be those who proceed to fight to compete with the digital media obtainable as they fight with turning their providing within the printed world into pages. They were off about double-digit. We're a little bit worse than that simply from the standpoint of some shuttered titles that came about and some frequency trade. but also, as they -- one evidence of how they persisted to compete or attempting to complete ESPN magazine, they just introduced that they will catch the print edition. they're going to continue to do some special gadgets there, but it is some thing coming sooner or later. and then after I analyze books, books has been an improved story as of late than I believe americans have concept, but it's nevertheless a challenged area. and that they were off about 4% in case you appear on the business. but additionally huge announcement this morning, which really shows how they need to continue to navigate this digital world and the way they compete with it is Cengage and McGraw-Hill simply introduced a merger this morning.

    Jamie Clement -- Buckingham analysis community -- Analyst

    smartly, that changed into my 2d question, so go forward.

    Joel Quadracci -- Chairman, President & CEO

    yes. well, you could see that all and sundry is trying to work out how to navigate it. I mean, books aren't going away, but they ought to be capable of compete with digital choices in terms of lessen-can charge objects with on-line education and issues like that, which is stated of their press unlock. but a true first-rate story right here this quarter especially is junk mail. The business turned into -- had growth in it, however they had massive growth this quarter. They have been well into the double-digit p.c boom in direct mail. i discussed Sirius XM was an immense win for us, but we've got had assorted wins. And these are 3.0 wins, where we're using things like Accelerated Insights, which is their digital trying out platform to assist americans determine how they're going to force information and use aggressive personalization in print. and that i want to maintain reiterating the skill we've, no longer just in unsolicited mail, but in catalogs and magazines, is they are able to really pressure colossal amounts of personalization if people are using the facts appropriately. and since we're helping them use the information appropriately, we're seeing in direct mail when individuals personalize and after they work with us to determine what's the correct data, we're seeing double-digit increases in response charges, which as you comprehend is a significant deal for their consumers. And so they proceed to peer that, that the unsolicited mail stays and intensely a good deal develop within the complexity of doing. and i should inform you and that i requested all of the personnel who work on personalization at Quad, not just in junk mail, but on the catalog facet, i'm all the time amazed at what they could do the place every piece will also be completely diverse. And it suggests in the response cost changes. So while they now have challenges in definite category, we're very proud of the most appropriate organic boom that we've got had in the long term and it truly is as a result of the manner we're selling print and assisting people make it extra responsive as neatly as the extra services and different kinds of print that include it.

    Jamie Clement -- Buckingham analysis neighborhood -- Analyst

    ok. I thank you for that Joel.ok. And if I may, Dave, turn to you, I suppose my number is close to right here. but if I take the entire 12 months -- the 380 midpoint of full 12 months EBITDA assistance. I feel that implies your -- if i can take the midpoint of type of the 70 to 80 that you simply discussed in the second quarter, I suppose you are form of somewhere to the tune of like up $20 million. can you assist us bridge that a little bit as a result of I mean i might -- i do know you outlined acquisition synergies, however I mean, I can not think about you acquired $20 million of synergy with Periscope?

    Dave Honan -- govt vice president & Chief economic Officer

    yes. No, it be a mix of things. And Jamie, or not it's a extremely first rate query. Your numbers are appropriate on in line with how we're guiding the 12 months just the midpoint of the counsel. nearly all of where you are going to peer improvement from us is within the productivity and price-discount standpoint. they have now made lots of funding into their platform when it comes to automation, but they have now also and they mentioned this beginning final -- in the third quarter of ultimate year, they made massive investments in this starting wages in very competitive wage markets in their plan. That has had the outcomes of decreasing turnover in their amenities and getting us to more full employment ranges, which in turn with their training and their education of those employees, it be allowing us to drive productiveness in those facilities. And it be not a light swap. So it takes a while to come back round and we're beginning to see that ensue in the first quarter of this 12 months and that's the reason building. Predominantly, they now have weighed that in their information to the back half of this year, as they continue to peer that growth in productivity.

    Joel Quadracci -- Chairman, President & CEO

    i'll just additional element out, Jamie, if you seem to be ultimately yr, closing fall, or not it's -- they simplest attempt for more desirable productivity, however closing fall become down from '17. And so they know when they have the appropriate people and we're now not struggling to find their bodies and coach them up. They understand they are able to get lower back there. And we've considered a drastic improvement in their pipeline of people, no longer simply in getting bodies, but additionally the excellent of americans coming in. And so they now have really put loads of emphasis on practising as a result of they understand they are able to get correct lower back

    there on the productivity and that's a large part of what you might be going to peer

    Dave Honan -- government vice chairman & Chief fiscal Officer

    yes. and that i think that the last component i would simply say about the cost-reduction aspect is with the amount of attainable ability in this trade, there is lots of extra skill, you almost carry that to supply within the greater seasonal peak for volumes, which is into the third quarter and beginning of the fourth quarter. What you'll see from a value-reduction standpoint is then we'll be in a position to tackle a few of these mounted costs once they come via that busy season into the late fourth quarter. And so a few of this is also built into the fourth quarter as they projected this year..

    Jamie Clement -- Buckingham analysis group -- Analyst

    Is it additionally reasonable to claim if you are investing in automation and the flora that it's not simply the capital funding, but you've gotten additionally e-book, I do not know even if it's practising and simply form of no matter if that impacts your productiveness briefly also, so or not it's a little -- as addition by using subtraction as a few of that goes away. Is that also a little bit actual?

    Joel Quadracci -- Chairman, President & CEO

    sure. See it be form of -- or not it's all sort of layered together. so that you have a multipronged method in how they have to manipulate the platform and automation is definitely a large part of it.

    Dave Honan -- govt vice chairman & Chief economic Officer

    sure. You saw their CapEx in the first quarter, it was up $21 million over final 12 months. And that -- then it truly is the timing of that automation funding, which began relatively heavy within the lower back half of final yr as they were coping with the entire employment stages and attempting to get to those full employment degrees, but additionally the ability to take fixed expenses out of the platform and being able to automate and upgrade device and the persisted investment we're making with their consumers so that they can offer more tremendous personalization in their -- in the 4 walls of their vegetation.

    Jamie Clement -- Buckingham analysis neighborhood -- Analyst

    okay. I -- i'll pause for now get lower back in the queue. k. Thanks.

    Dave Honan -- government vice president & Chief monetary Officer

    Thanks. Operator?


    And their subsequent question comes from Dan Jacome with Sidoti & company.Please go ahead together with your query.

    Joel Quadracci -- Chairman, President & CEO

    first rate morning.

    Dan Jacome -- Sidoti & business -- Analyst

    first rate morning. can you hear me.

    Joel Quadracci -- Chairman, President & CEO


    Dan Jacome -- Sidoti & company -- Analyst

    So can you speak a bit bit more about Cengage motion. i do know you worked it, something on it came here in 2017 as a minimum and i are aware of it's too early to tell, but how do you believe this transformation information they heard this morning across the industry may affect issues like publication fulfillment after which industry pricing within the next couple of years? i am simply trying to be mindful, do you consider it be going to be -- and it sounds like, yes, however you do consider it's going to be a internet fantastic or impartial? Or how are you looking at it just on this initial glance?

    Joel Quadracci -- Chairman, President & CEO

    well, I consider, I can not communicate for them. but in their free up, they did focus on a huge part of the cause is to more desirable compete with digital alternate options and that stuff is real. so that you could me, or not it's a net effective as a result of I need them to be match. I desire them to be effective and that i desire them to be capable of print books. And collectively, both those companies, they have now labored with them on lowering inventory levels, being greater just-in-time and basically proposing that digital print facet that we've got pointed out during the past that in fact helps to manage the print side even more desirable. So I study it as a net advantageous and it additionally goes to show you that they still need to navigate this challenging multi-channel world.

    Dan Jacome -- Sidoti & company -- Analyst

    ok. terrific. and then my subsequent query become simply on the approval technique for the LSC, I consider financing is there. you've got the shareholders approving. Did you get any further request or anything to that remember from regulators in the closing couple of months? i'm simply curious greater than the rest.

    Joel Quadracci -- Chairman, President & CEO

    sure. I suggest, this process is what the manner is, which is they ask for advice and they respond with it. And so we've got been in active dialogue with them the entire approach along the style in the anticipated process that we're in. And so nothing has in reality modified right here. They expect to close mid-yr.

    Dan Jacome -- Sidoti & enterprise -- Analyst

    thank you.

    Joel Quadracci -- Chairman, President & CEO

    Thanks. Thanks then operator. any further questions.


    Yep.we have a follow-up query from Jamie Clement with BRG. Please go ahead.

    Jamie Clement -- Buckingham analysis community -- Analyst

    Yeah. hey guys. Thanks.in terms of the timing from regulatory approval to precise close, just type of if the weeks go on and that kind of element simply variety of for modeling functions and that form of stuff like, once or not it's permitted, assuming it's accredited, how lengthy wouldn't it take to close?

    Dave Honan -- government vp & Chief monetary Officer

    yes, Jamie, they predict as quickly as possible after receiving that approval to movement forward to shut. So they still consider it be form of the mid-12 months assistance, however we're actively working with the DOJ at the moment and attempting to aid them comprehensive the evaluate.

    Jamie Clement -- Buckingham analysis group -- Analyst

    ok. So like I mean simply but now not a matter of months. I imply, you are speakme means lower than that, correct?

    Joel Quadracci -- Chairman, President & CEO

    sure. that's is a...

    Jamie Clement -- Buckingham research community -- Analyst

    From approval to close like I do not know what it be going to be authorized, obviously, however good enough. and then just the other issue in terms of just like the choice and timing of the funding within the flora, whether it's automation or no matter if it be possibly additional group of workers is a part of this in anticipation of the deal, like in different phrases, more quantity is eventually going to be flown in these flowers. is this -- I imply -- and then additionally like is that this money part of your $one hundred thirty five million, greenback for dollar calculation on can charge to know synergies? Or are they no longer there yet?

    Joel Quadracci -- Chairman, President & CEO

    neatly, it's all form of jumbled in, so complicated to delineate as a result of they automate anyway and they make investments in the platform anyway, but they are doing -- the 2 corporations are nevertheless competing. So or not it's very -- not a lot of planning in between the 2 companies, however they actually plan -- their planning on their aspect of the steps they should take when it closes and that contains one of the investment that we've got made in these mega flora to definitely be certain that it be -- we're competent for some thing decisions they need to make. So yes, I suggest, it be -- this size of time to move through a manner like here is difficult since you wish to get in and plan extra collectively, however we're doing a lot of stuff on their facet. And as you know, this isn't their first journey within the rodeo. they have now achieved some enormous integrations during the past, and that i suppose they fairly a great deal lived up to every thing we've got mentioned, they would surpassed customarily what we've mentioned they might do. And so what's great about it too and that i feel I observed this during the past is they now have a PMO office it truly is in fact is aware of the way to form of deal with and manipulate this. And when weren't doing acquisitions, they actually simply stayed in area and helped us control charge. So or not it's now not like they have to stir up their ability that they had a few years ago and capabilities proceed to operate in a distinct mode and now very with ease or not it's transitioning over to the integration side.

    Jamie Clement -- Buckingham analysis community -- Analyst

    ok. after which Dave, I imply, most likely the stock goes to do what the inventory goes to do. but if you -- once you close this, I cannot remember exactly what you talked about your standard borrowing charge turned into, however became within the 5s. You conceivably -- I suggest, if it became at the moment, I mean, your dividend yield would be twice your general borrowing charges. Is there anything within the new amenities a good way to prevent you going into the market and being opportunistic and buying back inventory as you've got periodically over the years?

    Dave Honan -- executive vice chairman & Chief monetary Officer

    No. Their debt agreements permit that flexibility to be very balanced with their capital strategy. I did say in my organized remarks that their fundamental usage goes to be debt reduction. They like to function in that 2 to 2.5x leverage latitude. It offers us a lot of opportunity to take knowledge of displacement in the industry or just have the capacity to make the correct investments that in fact healthy the three.0 strategy. So I feel you may have seen in their previous, Jamie. they have now persisted to be balanced about this opportunistically. There were instances we've long past into the market and bought some shares. they now have $a hundred million share repurchase authorization it really is evergreen and so one can take advantage of that at the right time. however once more, I really aspect to my commentary, which is about debt reduction and that is the reason definitely important for us to have even greater steadiness sheet as they move ahead.

    Joel Quadracci -- Chairman, President & CEO

    And Jamie, I can not overemphasize my excitement around three.0. i'm seeing things occur which are really enjoyable and it be going to -- they will are looking to take capabilities of investments that they could want to make sooner or later on it, no matter if or not it's in talent, capacity or development from an innovation standpoint. And so again, they see this as a real shift happening. And to be sincere, i'm truly seeing people who didn't use print earlier than are starting to try it. And my favourite quote I heard from a consumer, smartly, I may not identify from the millennial neighborhood after seeing the outcomes of some junk mail changed into: "Wow, these things definitely works. does not it?" And so or not it's just about like a brand new expertise for equal americans, however...

    Jamie Clement -- Buckingham analysis community -- Analyst

    sure. I get it. I get it. but Dave, well, all i was getting at it become it like -- I mean, definitely, if you are retiring shares, those are dividend tests, you would not have to pay out, it's truly cash stream accretive. You comprehend what I supposed?

    Joel Quadracci -- Chairman, President & CEO

    correct.ok guys thanks very a good deal I appreciate the time as all the time. All appropriate because of you Jimmy. Operator subsequent question.


    And this can truly conclude their question-and-reply session. So i'd like to flip the conference returned over to Mr. Joel Quadracci for any closing remarks.

    Joel Quadracci -- Chairman, President & CEO

    thanks, operator, and thanks keen on becoming a member of us. they are able to actually proceed to update you as appropriate on the manner we're in on the acquisition side, however additionally as the world turns with three.0 and they will see you subsequent quarter. thank you.


    The conference has now concluded. thanks for attending present day presentation. You may additionally now disconnect.

    duration: 35 minutes

    call contributors:

    Kyle Egan -- Assistant Treasurer and Director of Investor members of the family

    Joel Quadracci -- Chairman, President & CEO

    Dave Honan -- executive vice chairman & Chief fiscal Officer

    Jamie Clement -- Buckingham research community -- Analyst

    Dan Jacome -- Sidoti & business -- Analyst

    greater QUAD evaluation

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