[April 29, 2015] |
|
Cimpress Reports Third Quarter Fiscal Year 2015 Financial Results
Cimpress N.V. (Nasdaq: CMPR), the world leader in mass customization,
today announced financial results for the three month period ended
March 31, 2015, the third quarter of its 2015 fiscal year.
"Our Vistaprint brand continues to show positive customer loyalty
momentum in the wake of significant and on-going improvements to its
customer value proposition," said Robert Keane, president and chief
executive officer. "This includes continued reductions to traditional
Vistaprint practices such as aggressive cross-selling, which create
on-going revenue headwinds in all Vistaprint geographic markets.
However, Vistaprint's net growth rate continues to improve in
geographies where the value proposition improvements are most advanced
because the force of long-term loyalty tailwinds is overcoming that of
the revenue headwinds."
Keane added, "We also continue to invest heavily in our vision to build
a common mass customization platform that we bring to market via
multiple, focused brands; in new product development; and in building
foundational capabilities in potentially large and valuable geographic
markets such as India, Japan and Brazil.
"As we pass the anniversary of the Pixartprinting and Printdeal
acquisitions, we have been pleased with their sustained revenue and
bottom-line performance," Keane continued. "Subsequent to the end of the
quarter we closed the acquisitions of Exagroup and Druck.at, which
together represent an initial investment of over €110 million. As we
integrate these firms into Cimpress over the coming years, we expect
them to bring strong operational capabilities that we will incorporate
into our mass customization platform and focused brands that will
operate as part of our growing portfolio of brands."
Ernst Teunissen, executive vice president and chief financial officer,
added, "This quarter, we completed a Senior Notes debt offering which we
believe adds to our ability to deploy capital to the type of investments
described above. Turning to our third quarter results, revenue was in
line with expectations, and our non-GAAP net income was moderately ahead
of expectations. Our third quarter GAAP net income was significantly
higher than expected due to below-the-line currency movements caused by
a material change in the value of the Swiss Franc relative to the U.S.
Dollar following January 28, 2015, the date we last issued guidance.
This impact is non-cash and non-operational, and is excluded from our
non-GAAP results."
Consolidated Financial Metrics:
-
Revenue for the third quarter of fiscal year 2015 was $339.9 million,
a 19 percent increase compared to revenue of $286.2 million reported
in the same quarter a year ago. The year-over-year strengthening of
the U.S. Dollar has negatively impacted the U.S. Dollar value of our
revenues generated from countries other than the United States.
Excluding the estimated impact from currency exchange rate
fluctuations and revenue from businesses acquired during the past
twelve months, total revenue grew 11 percent year over year in the
third quarter, in line with our expectations.
-
Gross margin (revenue minus the cost of revenue as a percent of total
revenue) in the third quarter was 63.1 percent, down from 64.7 percent
in the same quarter a year ago. The year-over-year reduction in gross
margin was primarily due to the mix effect of our acquisitions of
Printdeal and Pixartprinting, which have lower gross margins than our
Vistaprint-branded business. Excluding the businesses we acquired
during the past twelve months, our gross margin increased moderately
year over year driven by efficiency gains and currency fluctuations.
-
Operating income in the third quarter was $4.3 million, or 1.3 percent
of revenue, a decrease in both absolute dollars and as a percent of
revenue compared to $5.2 million, or 1.8 percent of revenue, in the
same quarter a year ago. This operating margin compression was largely
driven by a $7.5 million impact of acquisition-related earn-outs.
-
GAAP net income for the third quarter was $8.6 million, or 2.5 percent
of revenue, compared to $1.4 million, or 0.5 percent of revenue in the
same quarter a year ago. The impact of acquisition-related earn-outs
was offset by below-the-line currency movements that created
significant gains in the current period.
-
GAAP net income per diluted share for the third quarter was $0.25,
versus $0.04 in the same quarter a year ago.
-
Non-GAAP adjusted net income for the third quarter, which excludes
amortization expense for acquisition-related intangible assets, tax
charges related to the alignment of acquisition-related intellectual
property with our operational structure, the impact of
acquisition-related earn-outs and related currency gains, unrealized
currency gains and losses on derivative instruments and intercompany
financing arrangements included in net income, share-based
compensation expense, and the related income tax effect of these
items, was $25.1 million, or 7.4 percent of revenue, representing a
203 percent increase compared to $8.3 million, or 2.9 percent of
revenue, in the same quarter a year ago.
-
Non-GAAP adjusted net income per diluted share for the third quarter,
as defined above, was $0.72, versus $0.24 in the same quarter a year
ago.
-
Capital expenditures in the third quarter were $15.2 million, or 4.5
percent of revenue.
-
During the third quarter, the company generated $1.6 million of cash
from operations and a loss of $17.5 million in free cash flow, defined
as cash from operations less purchases of property, plant and
equipment, purchases of intangible assets not related to acquisitions,
and capitalization of software and website development costs, plus
payment of contingent consideration in excess of acquisition-date fair
value. This negative free cash flow for the quarter was primarily due
to the seasonality of accruals in our second quarter that pay out in
the third quarter.
-
As of March 31, 2015, the company had $134.2 million in cash and cash
equivalents and $430.5 million of debt. After considering debt
covenant limitations, as of March 31, 2015 the company had $609.7
million available for borrowing under its committed credit facility.
Operating metrics are provided as a table-based supplement to this press
release. The acquisitions of Printdeal, Pixartprinting, and FotoKnudsen
and the investment in Printi are not yet incorporated into our customer
metrics.
Fiscal 2015 Outlook as of April 29, 2015:
Ernst Teunissen noted, "Our outlook for fiscal year 2015 constant
currency revenue growth excluding fourth quarter acquisitions remains
consistent with our expectations set throughout the year. We are making
some adjustments to our revenue outlook for currency, which has a
negative impact on this year, and to include the acquisitions of
Exagroup and Druck.at. Our GAAP and non-GAAP EPS ranges have been
adjusted upward for underlying operational improvements, and our new
GAAP EPS range reflects further non-cash and non-operational currency
benefits since last quarter."
Financial Guidance as of April 29, 2015:
The following guidance incorporates completed acquisitions and share
repurchases, and outstanding debt obligations, as of April 29, 2015.
Based on current and anticipated levels of demand, the company expects
the following financial results:
Fiscal Year 2015 Revenue
-
The company expects revenue of approximately $1,460 million to $1,480
million, or 15 percent to 17 percent growth year over year in reported
terms and 21 percent to 22 percent growth on a constant-currency
basis. Constant-currency growth expectations assume a recent 30-day
currency exchange rate for all currencies.
-
The drivers of this revenue guidance relative to the guidance we gave
on January 28, 2015 are:
-
The addition of recent acquisitions Exagroup and Druck.at, which
we expect will deliver about $30 million in revenue during the
fourth quarter.
-
A negative impact of about $20 million at the high end of the
prior range due to recent weakening of currencies against the US
dollar, particularly European currencies.
Fiscal Year 2015 GAAP Net Income Per Diluted
Share
-
The company expects GAAP net income per diluted share of approximately
$2.72 to $2.92, which assumes 33.6 million weighted average diluted
shares outstanding.
-
Based on a recent 30-day currency exchange rate for relevant
currencies, we estimate that realized net gains on currency forward
contracts as well as natural hedges will largely offset the currency
impact to revenue in our full-year net income results.
-
However, we are increasing our GAAP EPS guidance range versus the
guidance we last gave on January 28, 2015 in large part due to Swiss
Franc movements previously described, which have a non-cash,
non-operational impact on a US dollar denominated intercompany loan.
If the USD to CHF exchange rates remain the same as a recent 30-day
average, we expect a small fourth quarter loss, and a full year gain
on the intercompany loans we have recorded in our GAAP net income.
This projected full year gain is excluded from our non-GAAP EPS
expectation below.
-
Our fiscal 2015 GAAP EPS guidance range reflects improved underlying
operational performance in our business.
-
The GAAP EPS guidance also reflects the addition of our fourth quarter
acquisitions of Exagroup and Druck.at. We expect approximately $2.5
million of dilution to GAAP net income ($0.07 per diluted share),
inclusive of transaction fees of $0.7 million already incurred in the
third quarter of 2015.
Fiscal Year 2015 Non-GAAP Adjusted Net Income
Per Diluted Share
-
The company expects non-GAAP adjusted net income per diluted share of
approximately $4.00 to $4.20, which excludes our expectations for the
following items inclusive of their tax effects:
-
Acquisition-related amortization of intangible assets of
approximately $23.7 million or approximately $0.70 per diluted
share.
-
Share-based compensation expense of approximately $22.5 million or
approximately $0.66 per diluted share.
-
The impact of acquisition-related earn-outs of approximately $14.9
million or approximately $0.44 per diluted share.
-
Currency (gains) related to the acquisition-related earn-outs of
approximately $(2.3) million or approximately $(0.07) per diluted
share.
-
Tax charges related to the alignment of acquisition-related
intellectual property with global operations of approximately $2.2
million, or $0.06 per diluted share.
-
A non-cash, non-operational currency (gain) on U.S. Dollar
denominated intercompany loans of $(11.4) million, or $(0.34) per
diluted share, based on a recent 30-day currency exchange rate for
relevant currencies.
-
Changes in unrealized (gains) on currency forward contracts of
$(5.3) million, or $(0.16) per diluted share, based on a recent
30-day currency exchange rate for relevant currencies.
-
This guidance assumes a non-GAAP weighted average diluted share count
of approximately 34.0 million shares.
-
The acquisitions of Exagroup and Druck.at are expected to be neutral
to our fiscal year 2015 non-GAAP EPS.
Fiscal Year 2015 Depreciation and Amortization
and Capital Expenditures
-
The company expects depreciation and amortization expense to be
approximately $95 million to $100 million. This includes the
amortization of acquisition-related intangible assets described above
in our non-GAAP earnings per share expectations, as well as our
expectations for capitalized software development costs.
-
The company expects to make capital expenditures of approximately $80
million to $90 million. The majority of planned capital investments
are designed to support the planned long-term growth of the business.
This fiscal year, we expect to invest about $20 million to build a new
manufacturing facility in Japan as part of our joint venture there and
about $20 million in the expansion of our product lines and other new
manufacturing capabilities.
The above guidance incorporates estimates for the impact of the fourth
quarter acquisitions of Exagroup and Druck.at. These estimates are
preliminary and subject to change based on the completion of purchase
accounting during the fourth quarter ending June 30, 2015. The foregoing
guidance supersedes any guidance previously issued by the company. All
such previous guidance should no longer be relied upon.
Cimpress has posted an end-of-quarter presentation with accompanying
prepared remarks at ir.cimpress.com.
On Thursday, April 30, 2015 at 7:30 a.m. (EDT) the company will host a
live Q&A conference call with management to discuss the financial
results, which will be available via web cast at ir.cimpress.com
and via dial-in at +1 (866) 953-6857, access code 33138716. A replay of
the Q&A session will be available on the company's Web site following
the call on April 30, 2015.
Important Reminder of Cimpress' Three Priorities
We ask investors and potential investors in Cimpress to understand the
three upper-most priorities by which we endeavor to make all decisions,
including investment decisions. Often we make decisions in service of
these priorities that could be considered non-optimal were they to be
evaluated based on other criteria such as (but not limited to) near- and
mid- term cash flow, EBITDA, EPS, and non-GAAP EPS.
Our three priorities are:
-
Leadership: being the world leader in
mass customization.
-
Long-termism: multi-decade, mutual
success for the benefit of the following stakeholders: customers, team
members, society and long-term investors.
-
Intrinsic value per share: the free cash
flow per share that, in our best judgment, will occur between now and
the long-term future, appropriately discounted to reflect our cost of
capital.
About non-GAAP financial measures
To supplement Cimpress' consolidated financial statements presented in
accordance with U.S. generally accepted accounting principles, or GAAP,
Cimpress has used the following measures defined as non-GAAP financial
measures by Securities and Exchange Commission, or SEC, rules: non-GAAP
adjusted net income, non-GAAP adjusted net income per diluted share,
free cash flow, constant-currency revenue growth and constant-currency
revenue growth excluding revenue from acquisitions made in fiscal 2014
and 2015. The items excluded from the non-GAAP adjusted net income
measurements are share-based compensation expense, amortization of
acquisition-related intangibles, tax charges related to the alignment of
acquisition-related intellectual property with global operations,
changes in unrealized gains and losses on derivative instruments,
non-cash currency gains and losses on intercompany financing
arrangements, the charge for the disposal of our minority investment in
China, the impact of acquisition-related earn-outs and related currency
impact, and the related income tax effect of these items. Free cash flow
is defined as net cash provided by operating activities less purchases
of property, plant and equipment, purchases of intangible assets not
related to acquisitions, and capitalization of software and website
development costs, plus payment of contingent consideration in excess of
acquisition-date fair value. Constant-currency revenue growth is
estimated by translating all non-U.S. dollar denominated revenue
generated in the current period using the prior year period's average
exchange rate for each currency to the U.S. dollar and excludes the
impact of gains and losses on effective currency hedges recognized in
revenue in the prior year periods. Constant-currency revenue growth
excluding revenue from acquisitions made in fiscal 2014 and 2015
excludes the impact of currency as defined above and revenue from
Printdeal, Pixartprinting, FotoKnudsen, Printi, and in future quarters
Exagroup and Druck.at.
The presentation of non-GAAP financial information is not intended to be
considered in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. For more information on
these non-GAAP financial measures, please see the tables captioned
"Reconciliations of Non-GAAP Financial Measures" included at the end of
this release. The tables have more details on the GAAP financial
measures that are most directly comparable to non-GAAP financial
measures and the related reconciliation between these financial measures.
Cimpress' management believes that these non-GAAP financial measures
provide meaningful supplemental information in assessing our performance
and liquidity by excluding certain items that may not be indicative of
our recurring core business operating results, which could be non-cash
charges or discrete cash charges that are infrequent in nature. These
non-GAAP financial measures also have facilitated management's internal
comparisons to Cimpress' historical performance and our competitors'
operating results.
About Cimpress
Cimpress N.V. (Nasdaq: CMPR) is the world leader in mass customization.
For 20 years, the company has focused on developing software and
manufacturing capabilities that transform traditional markets in order
to make customized products accessible and affordable to everyone.
Cimpress' portfolio of brands includes Vistaprint, Albelli,
Drukwerkdeal, Exaprint, Pixartprinting and others. That portfolio serves
multiple customer segments across many applications for mass
customization. The company produces more than 80 million unique products
a year via its network of computer integrated manufacturing facilities.
To learn more, visit www.cimpress.com.
Cimpress and the Cimpress logo are trademarks of Cimpress N.V. or its
subsidiaries. All other brand and product names appearing on this
announcement may be trademarks or registered trademarks of their
respective holders.
This press release contains statements about our future expectations,
plans and prospects of our business that constitute forward-looking
statements for purposes of the safe harbor provisions under the Private
Securities Litigation Reform Act of 1995, including but not limited to
our expectations for the growth, development, and profitability of our
business and our recent acquisitions, the results of our investments in
our business and our acquisitions, and our financial outlook and
guidance set forth under the headings "Fiscal 2015 Outlook as of April
29, 2015" and "Financial Guidance as of April 29, 2015." Forward-looking
projections and expectations are inherently uncertain, are based on
assumptions and judgments by management, and may turn out to be wrong.
Our actual results may differ materially from those indicated by these
forward-looking statements as a result of various important factors,
including but not limited to flaws in the assumptions and judgments upon
which our forecasts are based; our failure to execute our strategy; our
inability to make the investments in our business that we plan to make;
the failure of our strategy, investments, and efforts to reposition the
Vistaprint brand to have the effects that we expect; our failure to
promote and strengthen our brands; our failure to acquire new customers
and enter new markets, retain our current customers and sell more
products to current and new customers; our failure to identify and
address the causes of our revenue weakness in some of our markets; our
failure to manage the growth and complexity of our business and expand
our operations; costs and disruptions caused by acquisitions and
strategic investments; the failure of the businesses we acquire or
invest in to perform as expected; the willingness of purchasers of
marketing services and products to shop online; the failure of our
current and new marketing channels to attract customers; currency
fluctuations that affect our revenues and costs including the impact of
currency hedging strategies and intercompany transactions; unanticipated
changes in our markets, customers, or business; competitive pressures;
interruptions in or failures of our websites, network infrastructure or
manufacturing operations; our failure to retain key employees; our
failure to maintain compliance with the covenants in our revolving
credit facility and Senior Notes or to pay our debts when due; costs and
judgments resulting from litigation; changes in the laws and regulations
or in the interpretations of laws or regulations to which we are
subject, including tax laws, or the institution of new laws or
regulations that affect our business; general economic conditions; and
other factors described in our Form 10-Q for the fiscal quarter ended
December 31, 2014 and the other documents we periodically file with the
U.S. Securities and Exchange Commission.
In addition, the statements and projections in this press release
represent our expectations and beliefs as of the date of this press
release, and subsequent events and developments may cause these
expectations, beliefs, and projections to change. We specifically
disclaim any obligation to update any forward-looking statements. These
forward-looking statements should not be relied upon as representing our
expectations or beliefs as of any date subsequent to the date of this
press release.
Operational Metrics & Financial Tables to Follow
|
CIMPRESS N.V.
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
March 31, 2015
|
|
June 30, 2014
|
Assets
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
134,212
|
|
|
$
|
62,508
|
|
Marketable securities
|
|
7,987
|
|
|
13,857
|
|
Accounts receivable, net of allowances of $286 and $212, respectively
|
|
22,028
|
|
|
23,515
|
|
Inventory
|
|
13,334
|
|
|
12,138
|
|
Prepaid expenses and other current assets
|
|
44,587
|
|
|
45,923
|
|
Total current assets
|
|
222,148
|
|
|
157,941
|
|
Property, plant and equipment, net
|
|
391,761
|
|
|
352,221
|
|
Software and web site development costs, net
|
|
18,645
|
|
|
14,016
|
|
Deferred tax assets
|
|
12,646
|
|
|
8,762
|
|
Goodwill
|
|
283,567
|
|
|
317,187
|
|
Intangible assets, net
|
|
80,488
|
|
|
110,214
|
|
Other assets
|
|
31,861
|
|
|
28,644
|
|
Total assets
|
|
$
|
1,041,116
|
|
|
$
|
988,985
|
|
Liabilities, noncontrolling interests and shareholders' equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
46,321
|
|
|
$
|
52,770
|
|
Accrued expenses
|
|
142,526
|
|
|
121,177
|
|
Deferred revenue
|
|
25,229
|
|
|
26,913
|
|
Deferred tax liabilities
|
|
830
|
|
|
2,178
|
|
Short-term debt
|
|
11,884
|
|
|
37,575
|
|
Other current liabilities
|
|
7,851
|
|
|
888
|
|
Total current liabilities
|
|
234,641
|
|
|
241,501
|
|
Deferred tax liabilities
|
|
24,462
|
|
|
30,846
|
|
Lease financing obligation
|
|
70,587
|
|
|
18,117
|
|
Long-term debt
|
|
418,594
|
|
|
410,484
|
|
Other liabilities
|
|
44,207
|
|
|
44,420
|
|
Total liabilities
|
|
792,491
|
|
|
745,368
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
12,698
|
|
|
11,160
|
|
Shareholders' equity:
|
|
|
|
|
Preferred shares, par value €0.01 per share, 100,000,000 shares
authorized; none issued and outstanding
|
|
-
|
|
|
-
|
|
Ordinary shares, par value €0.01 per share, 100,000,000 shares
authorized; 44,080,627 shares issued; and 32,790,444 and 32,329,244
shares outstanding, respectively
|
|
615
|
|
|
615
|
|
Treasury shares, at cost, 11,290,183 and 11,751,383 shares,
respectively
|
|
(408,220
|
)
|
|
(423,101
|
)
|
Additional paid-in capital
|
|
320,270
|
|
|
309,990
|
|
Retained earnings
|
|
438,754
|
|
|
342,840
|
|
Accumulated other comprehensive (loss) income
|
|
(116,475
|
)
|
|
2,113
|
|
Total shareholders' equity attributable to Cimpress N.V.
|
|
234,944
|
|
|
232,457
|
|
Noncontrolling interest
|
|
983
|
|
|
-
|
|
Total shareholders' equity
|
|
235,927
|
|
|
232,457
|
|
Total liabilities, noncontrolling interests and shareholders' equity
|
|
$
|
1,041,116
|
|
|
$
|
988,985
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue
|
|
$
|
339,901
|
|
|
$
|
286,185
|
|
|
$
|
1,113,738
|
|
|
$
|
932,081
|
|
Cost of revenue (1)
|
|
125,540
|
|
|
100,903
|
|
|
412,381
|
|
|
317,482
|
|
Technology and development expense (1)
|
|
48,311
|
|
|
42,434
|
|
|
138,841
|
|
|
127,555
|
|
Marketing and selling expense (1)
|
|
120,795
|
|
|
109,118
|
|
|
371,680
|
|
|
335,679
|
|
General and administrative expense (1)
|
|
40,914
|
|
|
28,491
|
|
|
109,748
|
|
|
85,195
|
|
Income from operations
|
|
4,341
|
|
|
5,239
|
|
|
81,088
|
|
|
66,170
|
|
Other income (expense), net
|
|
8,291
|
|
|
(116
|
)
|
|
30,282
|
|
|
(8,151
|
)
|
Interest expense, net
|
|
(3,131
|
)
|
|
(1,725
|
)
|
|
(9,508
|
)
|
|
(4,868
|
)
|
Income before income taxes and loss in equity interests
|
|
9,501
|
|
|
3,398
|
|
|
101,862
|
|
|
53,151
|
|
Income tax provision
|
|
1,576
|
|
|
999
|
|
|
7,658
|
|
|
7,819
|
|
Loss in equity interests
|
|
-
|
|
|
1,058
|
|
|
-
|
|
|
2,704
|
|
Net income
|
|
7,925
|
|
|
1,341
|
|
|
94,204
|
|
|
42,628
|
|
Add: Net loss attributable to noncontrolling interests
|
|
686
|
|
|
34
|
|
|
1,710
|
|
|
34
|
|
Net income attributable to Cimpress N.V.
|
|
$
|
8,611
|
|
|
$
|
1,375
|
|
|
$
|
95,914
|
|
|
$
|
42,662
|
|
Basic net income per share attributable to Cimpress N.V.
|
|
$
|
0.26
|
|
|
$
|
0.04
|
|
|
$
|
2.95
|
|
|
$
|
1.30
|
|
Diluted net income per share attributable to Cimpress N.V.
|
|
$
|
0.25
|
|
|
$
|
0.04
|
|
|
$
|
2.85
|
|
|
$
|
1.24
|
|
Weighted average shares outstanding - basic
|
|
32,694,354
|
|
|
33,249,419
|
|
|
32,537,940
|
|
|
32,921,016
|
|
Weighted average shares outstanding - diluted
|
|
34,180,563
|
|
|
34,356,990
|
|
|
33,637,567
|
|
|
34,425,288
|
|
____________________________________________
|
|
|
|
|
|
|
|
|
(1) Share-based compensation is allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of revenue
|
|
$
|
17
|
|
|
$
|
55
|
|
|
$
|
62
|
|
|
$
|
193
|
|
Technology and development expense
|
|
1,032
|
|
|
1,022
|
|
|
2,961
|
|
|
5,900
|
|
Marketing and selling expense
|
|
465
|
|
|
876
|
|
|
1,437
|
|
|
4,153
|
|
General and administrative expense
|
|
5,124
|
|
|
3,639
|
|
|
14,304
|
|
|
11,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited in thousands)
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
7,925
|
|
|
$
|
1,341
|
|
|
$
|
94,204
|
|
|
$
|
42,628
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
22,402
|
|
|
16,881
|
|
|
69,756
|
|
|
49,346
|
|
Share-based compensation expense
|
|
6,638
|
|
|
5,592
|
|
|
18,764
|
|
|
21,850
|
|
Excess tax benefits derived from share-based compensation awards
|
|
(1,344
|
)
|
|
(3,480
|
)
|
|
(2,686
|
)
|
|
(5,467
|
)
|
Deferred taxes
|
|
(424
|
)
|
|
(3,360
|
)
|
|
(8,666
|
)
|
|
(10,954
|
)
|
Loss in equity interests
|
|
-
|
|
|
1,058
|
|
|
-
|
|
|
2,704
|
|
Unrealized (gain) loss on derivative instruments included in net
income
|
|
(3,953
|
)
|
|
(1,046
|
)
|
|
(7,435
|
)
|
|
2,655
|
|
Change in fair value of contingent consideration
|
|
7,512
|
|
|
-
|
|
|
14,890
|
|
|
-
|
|
Effect of exchange rate changes on monetary assets and liabilities
denominated in non-functional currency
|
|
2,665
|
|
|
(1,885
|
)
|
|
(15,932
|
)
|
|
983
|
|
Other non-cash items
|
|
1,354
|
|
|
406
|
|
|
3,126
|
|
|
729
|
|
Changes in operating assets and liabilities excluding the effect of
business acquisitions:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
6,086
|
|
|
3,707
|
|
|
(855
|
)
|
|
2,293
|
|
Inventory
|
|
1,055
|
|
|
915
|
|
|
(2,201
|
)
|
|
352
|
|
Prepaid expenses and other assets
|
|
3,326
|
|
|
3,648
|
|
|
18,064
|
|
|
(9,217
|
)
|
Accounts payable
|
|
(26,660
|
)
|
|
3,228
|
|
|
(5,049
|
)
|
|
7,979
|
|
Accrued expenses and other liabilities
|
|
(25,012
|
)
|
|
(23,863
|
)
|
|
16,434
|
|
|
(7,835
|
)
|
Net cash provided by operating activities
|
|
1,570
|
|
|
3,142
|
|
|
192,414
|
|
|
98,046
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(15,153
|
)
|
|
(11,830
|
)
|
|
(50,105
|
)
|
|
(53,999
|
)
|
Proceeds from sale of assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
137
|
|
Business acquisitions, net of cash acquired
|
|
-
|
|
|
-
|
|
|
(22,997
|
)
|
|
-
|
|
Purchases of intangible assets
|
|
(56
|
)
|
|
(83
|
)
|
|
(201
|
)
|
|
(202
|
)
|
Purchase of available-for-sale securities
|
|
-
|
|
|
(4,629
|
)
|
|
-
|
|
|
(4,629
|
)
|
Capitalization of software and website development costs
|
|
(5,068
|
)
|
|
(2,920
|
)
|
|
(12,517
|
)
|
|
(7,339
|
)
|
Investment in equity interests
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4,994
|
)
|
Net cash used in investing activities
|
|
(20,277
|
)
|
|
(19,462
|
)
|
|
(85,820
|
)
|
|
(71,026
|
)
|
Financing activities
|
|
|
|
|
|
|
|
|
Proceeds from borrowings of debt
|
|
79,000
|
|
|
42,000
|
|
|
218,500
|
|
|
109,000
|
|
Proceeds from issuance of senior notes
|
|
275,000
|
|
|
-
|
|
|
275,000
|
|
|
-
|
|
Payments of debt
|
|
(270,500
|
)
|
|
(44,546
|
)
|
|
(512,251
|
)
|
|
(145,796
|
)
|
Payments of debt issuance costs
|
|
(4,858
|
)
|
|
(1,000
|
)
|
|
(6,373
|
)
|
|
(1,354
|
)
|
Payment of contingent consideration included in acquisition-date
fair value
|
|
(7,021
|
)
|
|
-
|
|
|
(7,021
|
)
|
|
-
|
|
Payments of withholding taxes in connection with share awards
|
|
(1,533
|
)
|
|
(4,459
|
)
|
|
(4,297
|
)
|
|
(8,400
|
)
|
Payments of capital lease obligations
|
|
(1,473
|
)
|
|
-
|
|
|
(4,315
|
)
|
|
-
|
|
Excess tax benefits derived from share-based compensation awards
|
|
1,344
|
|
|
3,480
|
|
|
2,686
|
|
|
5,467
|
|
Proceeds from issuance of ordinary shares
|
|
6,185
|
|
|
111
|
|
|
10,967
|
|
|
4,274
|
|
Capital contribution from noncontrolling interest
|
|
4,160
|
|
|
4,821
|
|
|
4,160
|
|
|
4,821
|
|
Issuance of dividend to noncontrolling interest
|
|
(26
|
)
|
|
-
|
|
|
(118
|
)
|
|
-
|
|
Net cash provided by (used in) financing activities
|
|
80,278
|
|
|
407
|
|
|
(23,062
|
)
|
|
(31,988
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(5,240
|
)
|
|
148
|
|
|
(11,828
|
)
|
|
1,448
|
|
Net increase (decrease) in cash and cash equivalents
|
|
56,331
|
|
|
(15,765
|
)
|
|
71,704
|
|
|
(3,520
|
)
|
Cash and cash equivalents at beginning of period
|
|
77,881
|
|
|
62,310
|
|
|
62,508
|
|
|
50,065
|
|
Cash and cash equivalents at end of period
|
|
$
|
134,212
|
|
|
$
|
46,545
|
|
|
$
|
134,212
|
|
|
$
|
46,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Non-GAAP adjusted net income reconciliation:
|
|
|
|
|
|
|
|
|
Net income attributable to Cimpress N.V.
|
|
$
|
8,611
|
|
|
$
|
1,375
|
|
|
$
|
95,914
|
|
|
$
|
42,662
|
|
|
|
|
|
|
|
|
|
Add back inclusive of tax effect:
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
6,006
|
|
|
5,773
|
|
|
17,172
|
|
|
22,411
|
Amortization of acquisition-related intangible assets
|
|
4,650
|
|
|
2,228
|
|
|
16,564
|
|
|
6,677
|
Tax cost of transfer of intellectual property
|
|
274
|
|
|
312
|
|
|
2,055
|
|
|
1,843
|
Change in fair value of contingent consideration
|
|
7,512
|
|
|
-
|
|
|
14,890
|
|
|
-
|
Currency (gain) loss on contingent consideration liability*
|
|
(1,183
|
)
|
|
-
|
|
|
(2,278
|
)
|
|
-
|
Changes in unrealized (gain) loss on derivative instruments included
in net income
|
|
(3,953
|
)
|
|
(1,131
|
)
|
|
(7,435
|
)
|
|
2,570
|
Non-cash currency (gain) loss on intercompany loans
|
|
3,178
|
|
|
(283
|
)
|
|
(12,013
|
)
|
|
880
|
Non-GAAP adjusted net income
|
|
$
|
25,095
|
|
|
$
|
8,274
|
|
|
$
|
124,869
|
|
|
$
|
77,043
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income per diluted share reconciliation:
|
|
|
|
|
|
|
|
|
Net income per diluted share attributable to Cimpress N.V.
|
|
$
|
0.25
|
|
|
$
|
0.04
|
|
|
$
|
2.85
|
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
Add back inclusive of tax effect:
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
0.17
|
|
|
0.17
|
|
|
0.50
|
|
|
0.64
|
Amortization of acquisition-related intangible assets
|
|
0.13
|
|
|
0.06
|
|
|
0.48
|
|
|
0.19
|
Tax cost of transfer of intellectual property
|
|
0.01
|
|
|
0.01
|
|
|
0.06
|
|
|
0.04
|
Change in fair value of contingent consideration
|
|
0.22
|
|
|
-
|
|
|
0.43
|
|
|
-
|
Currency (gain) loss on contingent consideration liability*
|
|
(0.04
|
)
|
|
-
|
|
|
(0.07
|
)
|
|
-
|
Changes in unrealized (gain) loss on derivative instruments included
in net income
|
|
(0.11
|
)
|
|
(0.03
|
)
|
|
(0.23
|
)
|
|
0.07
|
Non-cash currency (gain) loss on intercompany loans
|
|
0.09
|
|
|
(0.01
|
)
|
|
(0.36
|
)
|
|
0.02
|
Non-GAAP adjusted net income per diluted share
|
|
$
|
0.72
|
|
|
$
|
0.24
|
|
|
$
|
3.66
|
|
|
$
|
2.20
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted weighted average shares reconciliation:
|
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding - diluted
|
|
34,180,563
|
|
|
34,356,990
|
|
33,637,567
|
|
|
34,425,288
|
Add:
|
|
|
|
|
|
|
|
|
Additional shares due to unamortized share-based compensation
|
|
460,922
|
|
|
500,289
|
|
|
471,785
|
|
|
566,045
|
Non-GAAP adjusted weighted average shares outstanding - diluted
|
|
34,641,485
|
|
34,857,279
|
|
|
34,109,352
|
|
34,991,333
|
|
|
|
|
|
|
|
|
|
|
*Our non-GAAP results for the three and nine months ended March 31, 2015
have been recast to exclude the currency (gain)/loss on our contingent
consideration liability.
|
CIMPRESS N.V.
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Free cash flow reconciliation:
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
1,570
|
|
|
$
|
3,142
|
|
|
$
|
192,414
|
|
|
$
|
98,046
|
|
Purchases of property, plant and equipment
|
|
(15,153
|
)
|
|
(11,830
|
)
|
|
(50,105
|
)
|
|
(53,999
|
)
|
Purchases of intangible assets not related to acquisitions
|
|
(56
|
)
|
|
(83
|
)
|
|
(201
|
)
|
|
(202
|
)
|
Capitalization of software and website development costs
|
|
(5,068
|
)
|
|
(2,920
|
)
|
|
(12,517
|
)
|
|
(7,339
|
)
|
Payment of contingent consideration in excess of acquisition-date
fair value
|
|
1,249
|
|
|
-
|
|
|
1,249
|
|
|
-
|
|
Free cash flow
|
|
$
|
(17,458
|
)
|
|
$
|
(11,691
|
)
|
|
$
|
130,840
|
|
|
$
|
36,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
Constant - currency excluding acquisitions
|
|
|
Three Months Ended March 31,
|
|
|
|
Currency Impact:
|
|
Constant- Currency
|
|
Impact of Acquisitions
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
Revenue growth reconciliation by region:
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
189,761
|
|
|
$
|
166,118
|
|
|
14
|
%
|
|
1
|
%
|
|
15
|
%
|
|
-
|
%
|
|
15
|
%
|
Europe
|
|
133,241
|
|
|
104,177
|
|
|
28
|
%
|
|
16
|
%
|
|
44
|
%
|
|
(39
|
)%
|
|
5
|
%
|
Other
|
|
16,899
|
|
|
15,890
|
|
|
6
|
%
|
|
15
|
%
|
|
21
|
%
|
|
(7
|
)%
|
|
14
|
%
|
Total revenue
|
|
$
|
339,901
|
|
|
$
|
286,185
|
|
|
19
|
%
|
|
7
|
%
|
|
26
|
%
|
|
(15
|
)%
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
Constant- Currency revenue growth
|
|
|
Nine Months Ended March 31,
|
|
|
|
Currency Impact:
|
|
Constant- Currency
|
|
Impact of Acquisitions
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
|
(Favorable)/ Unfavorable
|
|
Excluding acquisitions
|
Revenue growth reconciliation by region:
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
574,000
|
|
|
$
|
520,339
|
|
|
10
|
%
|
|
1
|
%
|
|
11
|
%
|
|
-
|
%
|
|
11
|
%
|
Europe
|
|
480,209
|
|
|
359,912
|
|
|
33
|
%
|
|
8
|
%
|
|
41
|
%
|
|
(38
|
)%
|
|
3
|
%
|
Other
|
|
59,529
|
|
|
51,830
|
|
|
15
|
%
|
|
9
|
%
|
|
24
|
%
|
|
(11
|
)%
|
|
13
|
%
|
Total revenue
|
|
$
|
1,113,738
|
|
|
$
|
932,081
|
|
|
19
|
%
|
|
4
|
%
|
|
23
|
%
|
|
(15
|
)%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
Constant- Currency revenue growth
|
|
|
Three Months Ended March 31,
|
|
|
|
Currency Impact:
|
|
Constant- Currency
|
|
Impact of Acquisitions
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
|
(Favorable)/ Unfavorable
|
|
Excluding acquisitions
|
Revenue growth reconciliation by reportable segment:
|
|
|
|
|
|
|
|
|
Vistaprint Business Unit
|
|
$
|
280,577
|
|
|
$
|
267,706
|
|
|
5
|
%
|
|
6
|
%
|
|
11
|
%
|
|
-
|
%
|
|
11
|
%
|
All Other Business Units
|
|
59,324
|
|
|
18,479
|
|
|
221
|
%
|
|
16
|
%
|
|
237
|
%
|
|
(227
|
)%
|
|
10
|
%
|
Total revenue
|
|
$
|
339,901
|
|
|
$
|
286,185
|
|
|
19
|
%
|
|
7
|
%
|
|
26
|
%
|
|
(15
|
)%
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
Constant- Currency revenue growth
|
|
|
Nine Months Ended March 31,
|
|
|
|
Currency Impact:
|
|
Constant- Currency
|
|
Impact of Acquisitions
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
|
(Favorable)/ Unfavorable
|
|
Excluding acquisitions
|
Revenue growth reconciliation by reportable segment:
|
|
|
|
|
|
|
|
|
Vistaprint Business Unit
|
|
$
|
908,521
|
|
|
$
|
868,351
|
|
|
5
|
%
|
|
3
|
%
|
|
8
|
%
|
|
-
|
%
|
|
8
|
%
|
All Other Business Units
|
|
205,217
|
|
|
63,730
|
|
|
222
|
%
|
|
7
|
%
|
|
229
|
%
|
|
(223
|
)%
|
|
6
|
%
|
Total revenue
|
|
$
|
1,113,738
|
|
|
$
|
932,081
|
|
|
19
|
%
|
|
4
|
%
|
|
23
|
%
|
|
(15
|
)%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of acquisitions considers acquisitions and joint ventures from
fiscal 2014 and fiscal 2015.
|
CIMPRESS N.V.
|
Supplemental Financial Information and Operating Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 FY2014
|
|
Q4 FY2014
|
|
FY2014
|
|
Q1 FY2015
|
|
Q2 FY2015
|
|
Q3 FY2015
|
|
YTD FY2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
New Customer Orders (millions) - excludes acquisitions made since Q4
FY 2014
|
|
2.4
|
|
|
2.2
|
|
|
9.7
|
|
|
2.1
|
|
|
2.7
|
|
|
2.2
|
|
|
7.1
|
|
|
|
y/y growth
|
|
(8
|
)%
|
|
-
|
%
|
|
(8
|
)%
|
|
(5
|
)%
|
|
(7
|
)%
|
|
(8
|
)%
|
|
(6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
Total Order Volume (millions) - excludes acquisitions made since Q4
2014
|
|
7.3
|
|
|
7.0
|
|
|
30.5
|
|
|
6.8
|
|
|
8.8
|
|
|
7.2
|
|
|
22.8
|
|
|
|
y/y growth
|
|
(6
|
)%
|
|
(1
|
)%
|
|
(4
|
)%
|
|
(4
|
)%
|
|
(3
|
)%
|
|
(1
|
)%
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
Average Order Value - excludes acquisitions made since Q4 2014 ($USD)
|
|
$
|
40.14
|
|
|
$
|
42.50
|
|
|
$
|
40.74
|
|
|
$
|
43.32
|
|
|
$
|
43.55
|
|
|
$
|
42.08
|
|
|
$
|
43.02
|
|
|
|
y/y growth
|
|
7
|
%
|
|
9
|
%
|
|
10
|
%
|
|
10
|
%
|
|
6
|
%
|
|
5
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
TTM Unique Active Customer Count - excludes acquisitions made since
Q4 2014 (millions)
|
|
16.8
|
|
|
16.7
|
|
|
|
|
16.7
|
|
|
16.6
|
|
|
16.7
|
|
|
|
|
|
y/y growth
|
|
(1
|
)%
|
|
(2
|
)%
|
|
|
|
(2
|
)%
|
|
(2
|
)%
|
|
(1
|
)%
|
|
|
|
|
|
|
TTM new customer count (millions)
|
|
9.8
|
|
|
9.7
|
|
|
|
|
9.6
|
|
|
9.4
|
|
|
9.3
|
|
|
|
|
|
|
|
TTM repeat customer count (millions)
|
|
7.0
|
|
|
7.0
|
|
|
|
|
7.1
|
|
|
7.2
|
|
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
TTM Average Bookings per Unique Active Customer - excludes
acquisitions made since Q4 2014
|
|
$
|
73
|
|
|
$
|
74
|
|
|
|
|
$
|
75
|
|
|
$
|
76
|
|
|
$
|
77
|
|
|
|
|
|
y/y growth
|
|
7
|
%
|
|
7
|
%
|
|
|
|
7
|
%
|
|
6
|
%
|
|
5
|
%
|
|
|
|
|
|
|
TTM average bookings per new customer (approx.)
|
|
$
|
53
|
|
|
$
|
54
|
|
|
|
|
$
|
55
|
|
|
$
|
56
|
|
|
$
|
56
|
|
|
|
|
|
|
|
TTM average bookings per repeat customer (approx.)
|
|
$
|
101
|
|
|
$
|
102
|
|
|
|
|
$
|
103
|
|
|
$
|
103
|
|
|
$
|
103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Advertising & Commissions Expense - excluding acquisitions made
since Q4 2014 (millions)
|
|
$
|
65.9
|
|
|
$
|
55.7
|
|
|
$
|
266.4
|
|
|
$
|
62.2
|
|
|
$
|
83.1
|
|
|
$
|
70.5
|
|
|
$
|
215.8
|
|
|
|
as % of revenue
|
|
23.0
|
%
|
|
18.9
|
%
|
|
21.7
|
%
|
|
21.3
|
%
|
|
21.8
|
%
|
|
23.7
|
%
|
|
22.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
Advertising & Commissions Expense - Consolidated (millions)
|
|
$
|
65.9
|
|
|
$
|
57.1
|
|
|
$
|
267.7
|
|
|
$
|
63.9
|
|
|
$
|
85.6
|
|
|
$
|
72.1
|
|
|
$
|
221.6
|
|
|
|
as % of revenue
|
|
23.0
|
%
|
|
16.9
|
%
|
|
21.1
|
%
|
|
19.1
|
%
|
|
19.5
|
%
|
|
21.2
|
%
|
|
19.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue - Consolidated as Reported ($ millions)
|
|
$
|
286.2
|
|
|
$
|
338.2
|
|
|
$
|
1,270.2
|
|
|
$
|
333.9
|
|
|
$
|
439.9
|
|
|
$
|
339.9
|
|
|
$
|
1,113.7
|
|
|
|
y/y growth
|
|
(1
|
)%
|
|
21
|
%
|
|
9
|
%
|
|
21
|
%
|
|
19
|
%
|
|
19
|
%
|
|
19
|
%
|
|
|
y/y growth in constant currency
|
|
(1
|
)%
|
|
19
|
%
|
|
8
|
%
|
|
21
|
%
|
|
23
|
%
|
|
26
|
%
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America ($ millions)
|
|
$
|
166.1
|
|
|
$
|
179.9
|
|
|
$
|
700.2
|
|
|
$
|
177.7
|
|
|
$
|
206.5
|
|
|
$
|
189.8
|
|
|
$
|
574.0
|
|
|
|
y/y growth
|
|
2
|
%
|
|
6
|
%
|
|
9
|
%
|
|
8
|
%
|
|
9
|
%
|
|
14
|
%
|
|
10
|
%
|
|
|
y/y growth in constant currency
|
|
3
|
%
|
|
7
|
%
|
|
9
|
%
|
|
8
|
%
|
|
10
|
%
|
|
15
|
%
|
|
11
|
%
|
|
|
as % of revenue
|
|
58
|
%
|
|
53
|
%
|
|
55
|
%
|
|
53
|
%
|
|
47
|
%
|
|
56
|
%
|
|
52
|
%
|
|
|
Europe ($ millions)
|
|
$
|
104.2
|
|
|
$
|
142.2
|
|
|
$
|
502.1
|
|
|
$
|
138.4
|
|
|
$
|
208.6
|
|
|
$
|
133.2
|
|
|
$
|
480.2
|
|
|
|
y/y growth
|
|
(4
|
)%
|
|
50
|
%
|
|
11
|
%
|
|
46
|
%
|
|
30
|
%
|
|
28
|
%
|
|
33
|
%
|
|
|
y/y growth in constant currency
|
|
(7
|
)%
|
|
43
|
%
|
|
7
|
%
|
|
45
|
%
|
|
41
|
%
|
|
44
|
%
|
|
41
|
%
|
|
|
as % of revenue
|
|
36
|
%
|
|
42
|
%
|
|
40
|
%
|
|
42
|
%
|
|
47
|
%
|
|
39
|
%
|
|
43
|
%
|
|
|
Other Regions ($ millions)
|
|
$
|
15.9
|
|
|
$
|
16.1
|
|
|
$
|
67.9
|
|
|
$
|
17.8
|
|
|
$
|
24.8
|
|
|
$
|
16.9
|
|
|
$
|
59.5
|
|
|
|
y/y growth
|
|
(3
|
)%
|
|
3
|
%
|
|
(4
|
)%
|
|
14
|
%
|
|
22
|
%
|
|
6
|
%
|
|
15
|
%
|
|
|
y/y growth in constant currency
|
|
10
|
%
|
|
8
|
%
|
|
6
|
%
|
|
13
|
%
|
|
27
|
%
|
|
21
|
%
|
|
24
|
%
|
|
|
as % of revenue
|
|
6
|
%
|
|
5
|
%
|
|
5
|
%
|
|
5
|
%
|
|
6
|
%
|
|
5
|
%
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
Physical printed products and other ($ millions)
|
|
$
|
266.4
|
|
|
$
|
318.7
|
|
|
$
|
1,189.9
|
|
|
$
|
315.1
|
|
|
$
|
422.1
|
|
|
$
|
322.6
|
|
|
$
|
1,059.8
|
|
|
|
Digital products/services ($ millions)
|
|
$
|
19.7
|
|
|
$
|
19.5
|
|
|
$
|
80.3
|
|
|
$
|
18.8
|
|
|
$
|
17.8
|
|
|
$
|
17.3
|
|
|
$
|
53.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Headcount at end of period
|
|
4,494
|
|
|
5,127
|
|
|
|
|
5,336
|
|
|
5,859
|
|
|
5,839
|
|
|
|
|
|
|
|
Full-time employees
|
|
4,370
|
|
|
4,901
|
|
|
|
|
5,040
|
|
|
5,203
|
|
|
5,534
|
|
|
|
|
|
|
|
Temporary employees
|
|
124
|
|
|
226
|
|
|
|
|
296
|
|
|
656
|
|
|
305
|
|
|
|
|
|
Notes:
|
|
Some numbers may not add due to rounding. Metrics are unaudited and
where noted, approximate.
|
|
|
|
|
Printi, Printdeal, Pixartprinting and FotoKnudsen are not included
in the customer metrics above.
|
1
|
|
Orders from first-time customers in period, excluding Printi,
Printdeal, Pixartprinting and FotoKnudsen
|
2
|
|
Total order volume in period, excluding Printi, Printdeal,
Pixartprinting and FotoKnudsen
|
3
|
|
Total bookings, including shipping and processing, divided by total
orders, excluding Printi, Printdeal, Pixartprinting and FotoKnudsen
|
4
|
|
Number of individual customers who purchased from us in a given
period, with no regard to frequency of purchase, excluding Printi,
Printdeal, Pixartprinting and FotoKnudsen
|
5
|
|
Total bookings for a trailing twelve month period, including
shipping and processing, divided by number of unique customers in
the same period, excluding Printi, Printdeal, Pixartprinting and
FotoKnudsen
|
6
|
|
External advertising and commissions expense, excluding Printi,
Printdeal, Pixartprinting and FotoKnudsen
|
7
|
|
External advertising and commissions expense for the consolidated
business
|
8
|
|
Other revenue includes miscellaneous items which account for less
than 1% of revenue
|
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|