[July 30, 2014] |
|
Vistaprint Reports Fourth Quarter and Fiscal Year 2014 Financial Results
VENLO, Netherlands --(Business Wire)--
Vistaprint N.V. (Nasdaq: VPRT), a leading online provider of
professional marketing products and services to micro businesses and the
home, today announced financial results for the three month period ended
June 30, 2014, the fourth quarter of its 2014 fiscal year.
"Our fourth quarter revenue growth and operating profitability improved
meaningfully versus our third quarter results," said Robert Keane,
president and chief executive officer. "Revenue performance improved in
the markets in which we had implemented major pricing and marketing
changes for the Vistaprint brand in fiscal 2014 - the U.S., UK and
Germany. We still have more work to do to improve our results and our
customer value proposition around the world, including in those three
countries, but we are confident that our efforts will support long-term
growth and profitability of our business. Our recent acquisitions of
People & Print Group and Pixartprinting grew ahead of our expectations."
Keane continued, "Our results for the quarter and the full fiscal year
reflect good execution against our plan to expand operating profit
margins. Yet even as we delivered margin expansion, we also invested
heavily in proprietary technology, improvements to product quality and
selection, customer service and user experience. As we have for the past
several years, we made major investments in our industry-leading
manufacturing and supply chain infrastructure, which we believe is an
operational asset that can drive long-term scale advantage across our
multiple customer-facing brands."
Consolidated Financial Metrics:
-
Revenue for the fourth quarter of fiscal year 2014 was $338.2 million,
a 21 percent increase compared to revenue of $280.1 million reported
in the same quarter a year ago. For the full fiscal year, revenue grew
to $1,270.2 million, a 9 percent increase over revenue of $1,167.5
million in fiscal year 2013. Excluding the estimated impact from
currency exchange rate fluctuations and revenue from businesses
acquired in 2014, total revenue grew 4 percent year over year in the
fourth quarter and for the full year.
-
Gross margin (revenue minus the cost of revenue as a percent of total
revenue) in the fourth quarter was 60.5 percent, down from 64.6
percent in the same quarter a year ago. For the full fiscal year,
gross margin was 64.5 percent, compared to 65.7 percent in fiscal year
2013. The year-over-year reduction in gross margin in both periods was
primarily due to our recent acquisitions of People & Print Group and
Pixartprinting, which have a different business model with lower gross
margins than our Vistaprint-branded business.
-
Operating income in the fourth quarter was $19.7 million, or 5.8
percent of revenue, and reflected a significant increase compared to
operating income of $3.1 million, or 1.1 percent of revenue, in the
same quarter a year ago. For the full fiscal year, operating income
was $85.9 million, or 6.8 percent of revenue, an 86 percent increase
compared to operating income of $46.1 million, or 4.0 percent of
revenue, in the prior fiscal year.
-
GAAP net income attributable to Vistaprint for the fourth quarter was
$1.0 million, or 0.3 percent of revenue, compared to $2.3 million, or
0.8 percent of revenue in the same quarter a year ago. During the
quarter, we recognized an income statement loss of $12.7 million
related to the disposal of our minority equity interest in China. For
the full fiscal year, GAAP net income attributable to Vistaprint was
$43.7 million, or 3.4 percent of revenue, a 49 percent increase
compared to GAAP net income of $29.4 million, or 2.5 percent of
revenue, in the prior fiscal year.
-
GAAP net income per diluted share for the fourth quarter was $0.03,
versus $0.07 in the same quarter a year ago. For the full fiscal year,
GAAP net income per diluted share was $1.28, versus $0.85 in the prior
full fiscal year.
-
Non-GAAP adjusted net income for the fourth quarter, which excludes
amortization expense for acquisition-related intangible assets, the
charge related to the disposal of our minority equity interest in
China, tax charges related to the alignment of acquisition-related
intellectual property with global operations, the change in fair-value
estimate of our acquisition-related earn-outs, unrealized currency
gains and losses on currency hedges and intercompany financing
arrangements included in net income, and share-based compensation
expense and its related tax effect, was $25.6 million, or 7.6 percent
of revenue, representing an 82 percent increase compared to non-GAAP
adjusted net income of $14.1 million, or 5.0 percent of revenue, in
the same quarter a year ago. For the full fiscal year, non-GAAP
adjusted net income was $102.6 million, or 8.1 percent of revenue, a
35 percent increase compared to non-GAAP adjusted net income of $75.8
million, or 6.5 percent of revenue, in the prior fiscal year.
-
Non-GAAP adjusted net income per diluted share for the fourth quarter,
as defined above, was $0.75, versus $0.41 in the same quarter a year
ago. For the 2014 full fiscal year, non-GAAP adjusted net income per
diluted share was $2.95, versus $2.15 in the prior fiscal year.
-
Capital expenditures in the fourth quarter were $18.1 million, or 5.4
percent of revenue. During the full fiscal year capital expenditures
were $72.1 million or 5.7 percent of revenue.
-
During the fourth quarter, the company generated $50.5 million of cash
from operations and $30.0 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. During the
full fiscal year, the company generated $148.6 million of cash from
operations and $66.5 million in free cash flow.
-
As of June 30, 2014, the company had $62.5 million in cash and cash
equivalents and $448.1 million of debt. After considering debt
covenant limitations, as of June 30, 2014 the company had $172.6
million available for borrowing under its committed credit facility.
-
During the fourth quarter, the company purchased 1,044,136 of its
ordinary shares for $42.0 million, inclusive of transaction costs, at
an average per-share cost of $40.24, as part of the share repurchase
program authorized by the Supervisory Board in May 2014.
Operating metrics are provided as a table-based supplement to this press
release. Starting in the first quarter of fiscal 2014, all operating
metrics reflect the consolidated business including our Albumprinter and
Webs acquisitions, and post-acquisition prior-period comparisons have
been adjusted to reflect the same consolidated view. The acquisitions of
People & Print Group and Pixartprinting are not incorporated into our
customer metrics.
Fiscal 2015 Outlook as of July 30, 2014:
Ernst Teunissen, executive vice president and chief financial officer,
said, "Looking ahead to fiscal 2015, we have built our plan around three
important expectations. First, we expect our ongoing efforts to
reposition the Vistaprint brand will continue to create revenue
headwinds for us. While we remain in this transition, we believe it is
prudent to expect only modest revenue growth rates for the Vistaprint
brand for the year. The second expectation is that our consolidated
revenue growth will benefit from the addition of our recent
acquisitions. We expect People & Print Group and Pixartprinting to
continue to show healthy double-digit revenue growth during fiscal 2015,
and we also will receive a timing benefit as we do not pass the
anniversary of these acquisitions until the fourth quarter of fiscal
2015. The third expectation is that we can continue to improve operating
margin, earnings and free cash flow due to a continued focus on
productivity and efficiency efforts in G&A and manufacturing, and the
non-recurrence of certain below-the-line items. We expect these
year-over-year gains will be partially offset by investments we are
making in new geographies, product expansion and quality improvements,
as well as modest dilution from our recent acquisitions. The combination
of these factors is incorporated into our guidance below."
Financial Guidance as of July 30, 2014:
As previously stated, beginning with fiscal year 2014, the company
provides revenue and earnings guidance on only a fiscal year basis, not
quarterly. Based on current and anticipated levels of demand, the
company expects the following financial results:
Fiscal Year 2015 Revenue
-
For the full fiscal year ending June 30, 2015, the company expects
revenue of approximately $1,470 million to $1,540 million, or 16
percent to 21 percent growth year over year in reported terms and 15
percent to 20 percent growth on a constant-currency basis.
Constant-currency growth expectations assume a recent 30-day currency
exchange rate for all currencies.
Fiscal Year 2015 GAAP Net Income Per Diluted
Share
-
For the full fiscal year ending June 30, 2015, the company expects
GAAP net income per diluted share of approximately $2.15 to $2.65,
which assumes 33.3 million weighted average diluted shares outstanding.
Fiscal Year 2015 Non-GAAP Adjusted Net Income
Per Diluted Share
-
For the full fiscal year ending June 30, 2015, the company expects
non-GAAP adjusted net income per diluted share of approximately $3.46
to $3.96, which excludes expected acquisition-related amortization of
intangible assets of approximately $20.3 million or approximately
$0.60 per diluted share, share-based compensation expense and its
related tax effect of approximately $22.9 million or approximately
$0.68 per diluted share, and 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. Based on a
recent 30-day currency exchange rate for relevant currencies, we
estimate that changes in unrealized gains and losses on currency
forward contracts and estimated unrealized currency transaction gains
and losses on intercompany financing arrangements will have an
immaterial impact on our full-year results. This guidance assumes a
non-GAAP weighted average diluted share count of approximately 33.8
million shares.
Fiscal Year 2015 Depreciation and Amortization
and Capital Expenditures
-
For the full fiscal year ending June 30, 2015, the company expects
depreciation and amortization expense to be approximately $100 million
- $105 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. Vistaprint now provides this expectation to aid
investor understanding of cash flow drivers.
-
For the full fiscal year ending June 30, 2015, the company expects to
make capital expenditures of approximately $80 million to $100
million. The majority of planned fiscal 2015 capital investments are
designed to support the planned long-term growth of the business. This
fiscal year, we expect to spend about $20 million to build a new
manufacturing facility in Japan as part of our joint venture there. We
also are investing about $20 million - $25 million in the expansion of
our product selection and other new manufacturing capabilities.
The foregoing guidance supersedes any guidance previously issued by the
company. All such previous guidance should no longer be relied upon.
At approximately 4:20 p.m. (EDT) on July 30, 2014, Vistaprint will post,
on the Investor Relations section of www.vistaprint.com,
an end-of-quarter presentation with accompanying prepared remarks. At
5:15 p.m. the company will host a live Q&A conference call with
management, which will be available via web cast on the Investor
Relations section of www.vistaprint.com
and via dial-in at (877) 299-4454, access code 28372286. A replay of the
Q&A session will be available on the company's Web site following the
call on July 30, 2014.
About non-GAAP financial measures
To supplement Vistaprint's consolidated financial statements presented
in accordance with U.S. generally accepted accounting principles, or
GAAP, Vistaprint 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 fiscal 2014
acquisitions. The items excluded from the non-GAAP adjusted net income
measurements are share-based compensation expense and its related tax
effect, 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
currency forward contracts, unrealized currency transaction gains and
losses on intercompany financing arrangements and the related tax
effect, the charge for the disposal of our minority investment in China,
and the change in fair-value estimate of our acquisition-related
earn-outs. 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. 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 fiscal 2014 acquisitions excludes the impact of
currency as defined above and revenue from People & Print Group and
Pixartprinting.
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.
Vistaprint's 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 Vistaprint's historical performance and our competitors'
operating results.
About Vistaprint
Vistaprint N.V. (Nasdaq: VPRT) empowers more than 16 million micro
businesses and consumers annually with affordable, professional options
to make an impression. With a unique business model supported by
proprietary technologies, high-volume production facilities, and direct
marketing expertise, Vistaprint offers a wide variety of products and
services that micro businesses can use to expand their business. A
global company, Vistaprint employs over 5,100 people, operates more than
30 localized websites globally and ships to more than 130 countries
around the world. Vistaprint's broad range of products and services are
easy to access online, 24 hours a day at www.vistaprint.com.
Vistaprint and the Vistaprint logo are trademarks of Vistaprint 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 and our financial outlook and
guidance set forth under the headings "Fiscal 2015 Outlook as of
July 30, 2014" and "Financial Guidance as of July 30, 2014."
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; our failure to manage
the 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, including People &
Print Group and Pixartprinting, 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;
our failure to manage growth and changes in our organization; 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 financial covenants in our
revolving credit facility 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
March 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
|
VISTAPRINT N.V.
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
June 30, 2014
|
|
June 30, 2013
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
62,508
|
|
|
$
|
50,065
|
|
Marketable securities
|
|
13,857
|
|
|
-
|
|
Accounts receivable, net of allowances of $212 and $104, respectively
|
|
23,515
|
|
|
22,026
|
|
Inventory
|
|
12,138
|
|
|
7,620
|
|
Prepaid expenses and other current assets
|
|
45,923
|
|
|
20,520
|
|
Total current assets
|
|
157,941
|
|
|
100,231
|
|
Property, plant and equipment, net
|
|
352,221
|
|
|
280,022
|
|
Software and web site development costs, net
|
|
14,016
|
|
|
9,071
|
|
Deferred tax assets
|
|
8,762
|
|
|
581
|
|
Goodwill
|
|
317,187
|
|
|
140,893
|
|
Intangible assets, net
|
|
110,214
|
|
|
30,337
|
|
Other assets
|
|
28,644
|
|
|
29,184
|
|
Investment in equity interests
|
|
-
|
|
|
11,248
|
|
Total assets
|
|
$
|
988,985
|
|
|
$
|
601,567
|
|
Liabilities and shareholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
52,770
|
|
|
$
|
22,597
|
|
Accrued expenses
|
|
121,177
|
|
|
103,338
|
|
Deferred revenue
|
|
26,913
|
|
|
18,668
|
|
Deferred tax liabilities
|
|
2,178
|
|
|
1,466
|
|
Short-term debt
|
|
37,575
|
|
|
8,750
|
|
Other current liabilities
|
|
888
|
|
|
207
|
|
Total current liabilities
|
|
241,501
|
|
|
155,026
|
|
Deferred tax liabilities
|
|
30,846
|
|
|
12,246
|
|
Other liabilities
|
|
44,420
|
|
|
14,734
|
|
Lease financing obligation
|
|
18,117
|
|
|
-
|
|
Long-term debt
|
|
410,484
|
|
|
230,000
|
|
Total liabilities
|
|
745,368
|
|
|
412,006
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
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 32,329,244 and 32,791,338
shares outstanding, respectively
|
|
615
|
|
|
615
|
|
Treasury shares, at cost, 11,751,383 and 11,289,289 shares,
respectively
|
|
(423,101
|
)
|
|
(398,301
|
)
|
Additional paid-in capital
|
|
309,990
|
|
|
299,659
|
|
Retained earnings
|
|
342,840
|
|
|
299,144
|
|
Accumulated other comprehensive income (loss)
|
|
2,113
|
|
|
(11,556
|
)
|
Total shareholders' equity
|
|
232,457
|
|
|
189,561
|
|
Total liabilities, noncontrolling interests and shareholders' equity
|
|
$
|
988,985
|
|
|
$
|
601,567
|
|
|
|
|
|
|
|
|
|
|
|
VISTAPRINT N.V.
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
Three Months Ended June 30,
|
|
Year Ended June 30,
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Revenue
|
|
$
|
338,156
|
|
|
$
|
280,066
|
|
|
$
|
1,270,236
|
|
|
$
|
1,167,478
|
|
Cost of revenue (1)
|
|
133,611
|
|
|
99,009
|
|
|
451,093
|
|
|
400,293
|
|
Technology and development expense (1)
|
|
48,790
|
|
|
44,153
|
|
|
176,344
|
|
|
164,859
|
|
Marketing and selling expense (1)
|
|
104,632
|
|
|
101,789
|
|
|
440,311
|
|
|
446,116
|
|
General and administrative expense (1)
|
|
31,379
|
|
|
31,999
|
|
|
116,574
|
|
|
110,086
|
|
Income from operations
|
|
19,744
|
|
|
3,116
|
|
|
85,914
|
|
|
46,124
|
|
Other (expense) income, net (2)
|
|
(13,478
|
)
|
|
496
|
|
|
(21,630
|
)
|
|
(63
|
)
|
Interest expense, net
|
|
(2,807
|
)
|
|
(1,620
|
)
|
|
(7,674
|
)
|
|
(5,329
|
)
|
Income before income taxes and loss in equity interests
|
|
3,459
|
|
|
1,992
|
|
|
56,610
|
|
|
40,732
|
|
Income tax provision (benefit)
|
|
2,771
|
|
|
(1,200
|
)
|
|
10,590
|
|
|
9,387
|
|
Loss in equity interests
|
|
-
|
|
|
887
|
|
|
2,704
|
|
|
1,910
|
|
Net income
|
|
688
|
|
|
2,305
|
|
|
43,316
|
|
|
29,435
|
|
Add: Net loss attributable to noncontrolling interests
|
|
346
|
|
|
-
|
|
|
380
|
|
|
-
|
|
Net income attributable to Vistaprint N.V.
|
|
$
|
1,034
|
|
|
$
|
2,305
|
|
|
$
|
43,696
|
|
|
$
|
29,435
|
|
Basic net income per share attributable to Vistaprint N.V.
|
|
$
|
0.03
|
|
|
$
|
0.07
|
|
|
$
|
1.33
|
|
|
$
|
0.89
|
|
Diluted net income per share attributable to Vistaprint N.V.
|
|
$
|
0.03
|
|
|
$
|
0.07
|
|
|
$
|
1.28
|
|
|
$
|
0.85
|
|
Weighted average shares outstanding - basic
|
|
32,728,581
|
|
|
32,511,960
|
|
|
32,873,234
|
|
|
33,209,172
|
|
Weighted average shares outstanding - diluted
|
|
33,682,468
|
|
|
33,978,085
|
|
|
34,239,909
|
|
|
34,472,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation is allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Year Ended June 30,
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
|
2013
|
|
Cost of revenue
|
|
$
|
58
|
|
|
$
|
89
|
|
|
$
|
251
|
|
|
$
|
398
|
|
Technology and development expense
|
|
1,142
|
|
|
2,306
|
|
|
7,041
|
|
|
9,209
|
|
Marketing and selling expense
|
|
929
|
|
|
1,621
|
|
|
5,082
|
|
|
6,354
|
|
General and administrative expense
|
|
3,807
|
|
|
4,125
|
|
|
15,412
|
|
|
16,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) The three and twelve months ended June 30, 2014 include $12.7
million of loss related to the disposal of our equity method investment
in Namex Limited.
|
VISTAPRINT N.V.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited in thousands)
|
|
|
|
Three Months Ended June 30,
|
|
Year Ended June 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
688
|
|
|
$
|
2,305
|
|
|
$
|
43,316
|
|
|
$
|
29,435
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
22,936
|
|
|
17,332
|
|
|
72,282
|
|
|
64,325
|
|
Share-based compensation expense
|
|
5,936
|
|
|
8,141
|
|
|
27,786
|
|
|
32,928
|
|
Excess tax shortfall (benefits) derived from share-based
compensation awards
|
|
308
|
|
|
(3,604
|
)
|
|
(5,159
|
)
|
|
(1,796
|
)
|
Deferred taxes
|
|
(1,853
|
)
|
|
(4,496
|
)
|
|
(12,807
|
)
|
|
(8,626
|
)
|
Loss on disposal of equity method investment
|
|
12,681
|
|
|
-
|
|
|
12,681
|
|
|
-
|
|
Loss in equity interests
|
|
-
|
|
|
887
|
|
|
2,704
|
|
|
1,910
|
|
Non-cash gain on equipment
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,414
|
)
|
Abandonment of long-lived assets
|
|
7
|
|
|
552
|
|
|
7
|
|
|
1,529
|
|
Unrealized (gain) loss on derivative instruments included in net
income
|
|
(2,230
|
)
|
|
-
|
|
|
425
|
|
|
-
|
|
Change in fair value of contingent consideration
|
|
2,197
|
|
|
-
|
|
|
2,197
|
|
|
-
|
|
Effect of exchange rate changes on monetary assets and liabilities
denominated in non-functional currency
|
|
(240
|
)
|
|
51
|
|
|
743
|
|
|
29
|
|
Other non-cash items
|
|
599
|
|
|
616
|
|
|
1,328
|
|
|
741
|
|
Changes in operating assets and liabilities excluding the effect of
business acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
1,715
|
|
|
(360
|
)
|
|
4,008
|
|
|
(1,532
|
)
|
Inventory
|
|
(1,407
|
)
|
|
618
|
|
|
(1,055
|
)
|
|
(525
|
)
|
Prepaid expenses and other assets
|
|
(3,804
|
)
|
|
3,505
|
|
|
(15,336
|
)
|
|
10,791
|
|
Accounts payable
|
|
6,966
|
|
|
3,810
|
|
|
14,945
|
|
|
557
|
|
Accrued expenses and other liabilities
|
|
6,035
|
|
|
7,337
|
|
|
515
|
|
|
11,660
|
|
Net cash provided by operating activities
|
|
50,534
|
|
|
36,694
|
|
|
148,580
|
|
|
140,012
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(18,123
|
)
|
|
(12,476
|
)
|
|
(72,122
|
)
|
|
(78,999
|
)
|
Business acquisitions, net of cash acquired
|
|
(216,384
|
)
|
|
-
|
|
|
(216,384
|
)
|
|
-
|
|
Proceeds from sale of intangible assets
|
|
-
|
|
|
-
|
|
|
137
|
|
|
1,750
|
|
Purchases of intangible assets
|
|
(51
|
)
|
|
(298
|
)
|
|
(253
|
)
|
|
(750
|
)
|
Purchase of available-for-sale securities
|
|
-
|
|
|
-
|
|
|
(4,629
|
)
|
|
-
|
|
Capitalization of software and website development costs
|
|
(2,410
|
)
|
|
(2,088
|
)
|
|
(9,749
|
)
|
|
(7,667
|
)
|
Investment in equity interests
|
|
-
|
|
|
-
|
|
|
(4,994
|
)
|
|
(12,753
|
)
|
Proceeds from sale of equity interests
|
|
449
|
|
|
-
|
|
|
449
|
|
|
-
|
|
Proceeds from (issuance of) loans
|
|
561
|
|
|
-
|
|
|
561
|
|
|
(512
|
)
|
Net cash used in investing activities
|
|
(235,958
|
)
|
|
(14,862
|
)
|
|
(306,984
|
)
|
|
(98,931
|
)
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings of debt
|
|
373,800
|
|
|
34,000
|
|
|
482,800
|
|
|
113,712
|
|
Payments of debt and debt issuance costs
|
|
(127,704
|
)
|
|
(33,947
|
)
|
|
(274,854
|
)
|
|
(105,661
|
)
|
Payments of withholding taxes in connection with share awards
|
|
(1,030
|
)
|
|
(1,096
|
)
|
|
(9,430
|
)
|
|
(3,556
|
)
|
Purchases of ordinary shares
|
|
(42,016
|
)
|
|
(28,061
|
)
|
|
(42,016
|
)
|
|
(64,351
|
)
|
Payment of capital lease obligations
|
|
(1,297
|
)
|
|
-
|
|
|
(1,297
|
)
|
|
-
|
|
Excess tax (shortfall) benefits derived from share-based
compensation awards
|
|
(308
|
)
|
|
3,604
|
|
|
5,159
|
|
|
1,796
|
|
Proceeds from issuance of ordinary shares
|
|
151
|
|
|
2,781
|
|
|
4,425
|
|
|
4,805
|
|
Capital contribution form noncontrolling interest
|
|
-
|
|
|
-
|
|
|
4,821
|
|
|
-
|
|
Net cash provided by (used in) financing activities
|
|
201,596
|
|
|
(22,719
|
)
|
|
169,608
|
|
|
(53,255
|
)
|
Effect of exchange rate changes on cash
|
|
(209
|
)
|
|
(354
|
)
|
|
1,239
|
|
|
36
|
|
Net increase (decrease) in cash and cash equivalents
|
|
15,963
|
|
|
(1,241
|
)
|
|
12,443
|
|
|
(12,138
|
)
|
Cash and cash equivalents at beginning of period
|
|
46,545
|
|
|
51,306
|
|
|
50,065
|
|
|
62,203
|
|
Cash and cash equivalents at end of period
|
|
$
|
62,508
|
|
|
$
|
50,065
|
|
|
$
|
62,508
|
|
|
$
|
50,065
|
|
|
VISTAPRINT N.V.
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
Three Months Ended June 30,
|
|
|
Year Ended June 30,
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
2013
|
|
Non-GAAP adjusted net income reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Vistaprint N.V.
|
|
$
|
1,034
|
|
|
|
$
|
2,305
|
|
|
|
$
|
43,696
|
|
|
|
$
|
29,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense, inclusive of income tax effects
|
|
6,109
|
|
(a)
|
|
8,324
|
|
(b)
|
|
28,520
|
|
(c)
|
|
33,662
|
|
(d)
|
Amortization of acquisition-related intangible assets
|
|
5,510
|
|
|
|
3,665
|
|
|
|
12,187
|
|
|
|
10,361
|
|
|
Tax cost of transfer of intellectual property
|
|
477
|
|
|
|
(208
|
)
|
|
|
2,320
|
|
|
|
2,387
|
|
|
Loss on disposal of Namex Investment
|
|
12,681
|
|
|
|
-
|
|
|
|
12,681
|
|
|
|
-
|
|
|
Change in fair value of contingent consideration
|
|
2,192
|
|
|
|
-
|
|
|
|
2,192
|
|
|
|
-
|
|
|
Changes in unrealized (gain) loss on currency forward contracts
included in net income
|
|
(2,145
|
)
|
|
|
-
|
|
|
|
425
|
|
|
|
-
|
|
|
Unrealized currency transaction (gain) loss on intercompany loans,
inclusive of income tax effects
|
|
(295
|
)
|
|
|
-
|
|
|
|
585
|
|
|
|
-
|
|
|
Non-GAAP adjusted net income
|
|
$
|
25,563
|
|
|
|
$
|
14,086
|
|
|
|
$
|
102,606
|
|
|
|
$
|
75,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income per diluted share reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted share
|
|
$
|
0.03
|
|
|
|
$
|
0.07
|
|
|
|
$
|
1.28
|
|
|
|
$
|
0.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense, inclusive of income tax effects
|
|
0.18
|
|
|
|
0.24
|
|
|
|
0.82
|
|
|
|
0.95
|
|
|
Amortization of acquisition-related intangible assets
|
|
0.16
|
|
|
|
0.11
|
|
|
|
0.35
|
|
|
|
0.29
|
|
|
Tax cost of transfer of intellectual property
|
|
0.01
|
|
|
|
(0.01
|
)
|
|
|
0.06
|
|
|
|
0.06
|
|
|
Loss on disposal of Namex investment
|
|
0.37
|
|
|
|
-
|
|
|
|
0.36
|
|
|
|
-
|
|
|
Change in fair value of contingent consideration
|
|
0.07
|
|
|
|
-
|
|
|
|
0.06
|
|
|
|
-
|
|
|
Changes in unrealized (gain) loss on currency forward contracts
included in net income
|
|
(0.06
|
)
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
Unrealized currency transaction (gain) loss on intercompany loan,
inclusive of income tax effects
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
0.01
|
|
|
|
-
|
|
|
Non-GAAP adjusted net income per diluted share
|
|
$
|
0.75
|
|
|
|
$
|
0.41
|
|
|
|
$
|
2.95
|
|
|
|
$
|
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted weighted average shares reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding - diluted
|
|
33,682,468
|
|
|
|
33,978,085
|
|
|
|
34,239,909
|
|
|
|
34,472,004
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares due to unamortized share-based compensation
|
|
512,796
|
|
|
|
654,959
|
|
|
|
552,733
|
|
|
|
729,460
|
|
|
Non-GAAP adjusted weighted average shares outstanding - diluted
|
|
34,195,264
|
|
|
|
34,633,044
|
|
|
|
34,792,642
|
|
|
|
35,201,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes share-based compensation charges of $5,936 and the income
tax effects related to those charges of $173
(b) Includes share-based compensation charges of $8,141 and the income
tax effects related to those charges of $183
(c) Includes share-based compensation charges of $27,786 and the income
tax effects related to those charges of $734
(d) Includes share-based compensation charges of $32,928 and the income
tax effect related to those charges of $734
|
VISTAPRINT N.V.
|
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)
|
(Unaudited in thousands, except share and per share data)
|
|
|
|
Three Months Ended June 30,
|
|
Year Ended June 30,
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
2013
|
Free cash flow reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
50,534
|
|
|
$
|
36,694
|
|
|
$
|
148,580
|
|
|
$
|
140,012
|
|
Purchases of property, plant and equipment
|
|
(18,123
|
)
|
|
(12,476
|
)
|
|
(72,122
|
)
|
|
(78,999
|
)
|
Purchases of intangible assets not related to acquisitions
|
|
(51
|
)
|
|
(298
|
)
|
|
(253
|
)
|
|
(750
|
)
|
Capitalization of software and website development costs
|
|
(2,410
|
)
|
|
(2,088
|
)
|
|
(9,749
|
)
|
|
(7,667
|
)
|
Free cash flow
|
|
$
|
29,950
|
|
|
$
|
21,832
|
|
|
$
|
66,456
|
|
|
$
|
52,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
Constant - currency excluding acquisitions
|
|
|
Three Months Ended June 30,
|
|
|
|
Currency Impact:
|
|
Constant- Currency
|
|
Impact of Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% Change
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
Revenue growth reconciliation by segment:
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
179,858
|
|
|
$
|
169,549
|
|
|
6%
|
|
1%
|
|
7%
|
|
-%
|
|
7%
|
Europe
|
|
142,178
|
|
|
94,894
|
|
|
50%
|
|
(7)%
|
|
43%
|
|
(45)%
|
|
(2)%
|
Most of World
|
|
16,120
|
|
|
15,623
|
|
|
3%
|
|
5%
|
|
8%
|
|
-%
|
|
8%
|
Total revenue
|
|
$
|
338,156
|
|
|
$
|
280,066
|
|
|
21%
|
|
(2)%
|
|
19%
|
|
(15)%
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
Constant - currency excluding acquisitions
|
|
|
Year Ended June 30,
|
|
|
|
Currency Impact:
|
|
Constant- Currency
|
|
Impact of Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% Change
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
|
(Favorable)/ Unfavorable
|
|
Revenue Growth
|
Revenue growth reconciliation by segment:
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
700,197
|
|
|
$
|
644,326
|
|
|
9%
|
|
-%
|
|
9%
|
|
-%
|
|
9%
|
Europe
|
|
502,090
|
|
|
452,202
|
|
|
11%
|
|
(4)%
|
|
7%
|
|
(10)%
|
|
(3)%
|
Most of World
|
|
67,949
|
|
|
70,950
|
|
|
(4)%
|
|
10%
|
|
6%
|
|
-%
|
|
6%
|
Total revenue
|
|
$
|
1,270,236
|
|
|
$
|
1,167,478
|
|
|
9%
|
|
(1)%
|
|
8%
|
|
(4)%
|
|
4%
|
|
VISTAPRINT N.V.
|
Supplemental Financial Information and Operating Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 FY2013
|
|
FY2013
|
|
Q1 FY2014
|
|
Q2 FY2014
|
|
Q3 FY2014
|
|
Q4 FY2014
|
|
FY2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
New Customer Orders (millions) - excludes FY 2014 acquisitions
|
|
|
2.3
|
|
|
10.5
|
|
|
2.2
|
|
|
2.9
|
|
|
2.4
|
|
|
2.2
|
|
|
9.7
|
|
|
y/y growth
|
|
|
0%
|
|
|
8%
|
|
|
-4%
|
|
|
-12%
|
|
|
-8%
|
|
|
0%
|
|
|
-8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
Total Order Volume (millions) - excludes FY 2014 acquisitions
|
|
|
7.1
|
|
|
31.8
|
|
|
7.1
|
|
|
9.1
|
|
|
7.3
|
|
|
7.0
|
|
|
30.5
|
|
|
y/y growth
|
|
|
1%
|
|
|
10%
|
|
|
0%
|
|
|
-7%
|
|
|
-6%
|
|
|
-1%
|
|
|
-4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
Average Order Value - excludes FY 2014 acquisitions ($USD)
|
|
$
|
39.08
|
|
$
|
36.94
|
|
$
|
39.40
|
|
$
|
40.92
|
|
$
|
40.14
|
|
$
|
42.50
|
|
$
|
40.74
|
|
|
y/y growth
|
|
|
9%
|
|
|
6%
|
|
|
10%
|
|
|
15%
|
|
|
7%
|
|
|
9%
|
|
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
TTM Unique Active Customer Count - excludes FY 2014 acquisitions
(millions)
|
|
|
17.0
|
|
|
|
|
17.1
|
|
|
16.9
|
|
|
16.8
|
|
|
16.7
|
|
|
|
|
y/y growth
|
|
|
13%
|
|
|
|
|
8%
|
|
|
2%
|
|
|
-1%
|
|
|
-2%
|
|
|
|
|
|
|
TTM new customer count (millions)
|
|
|
10.5
|
|
|
|
|
10.4
|
|
|
10.0
|
|
|
9.8
|
|
|
9.7
|
|
|
|
|
|
|
TTM repeat customer count (millions)
|
|
|
6.5
|
|
|
|
|
6.7
|
|
|
6.9
|
|
|
7.0
|
|
|
7.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
TTM Average Bookings per Unique Active Customer - excludes FY 2014
acquisitions
|
|
$
|
69
|
|
|
|
$
|
70
|
|
$
|
72
|
|
$
|
73
|
|
$
|
74
|
|
|
|
|
y/y growth
|
|
|
1%
|
|
|
|
|
4%
|
|
|
7%
|
|
|
7%
|
|
|
7%
|
|
|
|
|
|
|
TTM average bookings per new customer (approx.)
|
|
$
|
51
|
|
|
|
$
|
52
|
|
$
|
53
|
|
$
|
53
|
|
$
|
54
|
|
|
|
|
|
|
TTM average bookings per repeat customer (approx.)
|
|
$
|
97
|
|
|
|
$
|
98
|
|
$
|
100
|
|
$
|
101
|
|
$
|
102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Advertising & Commissions Expense - excluding FY 2014 acquisitions
(millions)
|
|
|
|
|
|
$
|
63.1
|
|
$
|
81.6
|
|
$
|
65.9
|
|
|
55.7
|
|
$
|
266.4
|
|
|
as % of revenue
|
|
|
|
|
|
|
22.9%
|
|
|
22.0%
|
|
|
23.0%
|
|
|
18.9%
|
|
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
Advertising & Commissions Expense - Consolidated (millions)
|
|
$
|
59.0
|
|
$
|
287.2
|
|
$
|
63.1
|
|
$
|
81.6
|
|
$
|
65.9
|
|
$
|
57.1
|
|
$
|
267.7
|
|
|
as % of revenue
|
|
|
21.1%
|
|
|
24.6%
|
|
|
22.9%
|
|
|
22.0%
|
|
|
23.0%
|
|
|
16.9%
|
|
|
21.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue - Consolidated as Reported ($ millions)
|
|
$
|
280.1
|
|
$
|
1,167.5
|
|
$
|
275.1
|
|
$
|
370.8
|
|
$
|
286.2
|
|
$
|
338.2
|
|
$
|
1,270.2
|
|
|
y/y growth
|
|
|
12%
|
|
|
14%
|
|
|
9%
|
|
|
6%
|
|
|
-1%
|
|
|
21%
|
|
|
9%
|
|
|
y/y growth in constant currency
|
|
|
12%
|
|
|
16%
|
|
|
9%
|
|
|
6%
|
|
|
-1%
|
|
|
19%
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America ($ millions)
|
|
$
|
169.5
|
|
$
|
644.3
|
|
$
|
164.8
|
|
$
|
189.4
|
|
$
|
166.1
|
|
$
|
179.9
|
|
$
|
700.2
|
|
|
y/y growth
|
|
|
18%
|
|
|
18%
|
|
|
14%
|
|
|
13%
|
|
|
2%
|
|
|
6%
|
|
|
9%
|
|
|
y/y growth in constant currency
|
|
|
18%
|
|
|
18%
|
|
|
15%
|
|
|
14%
|
|
|
3%
|
|
|
7%
|
|
|
9%
|
|
|
as % of revenue
|
|
|
61%
|
|
|
55%
|
|
|
60%
|
|
|
51%
|
|
|
58%
|
|
|
53%
|
|
|
55%
|
|
|
Europe ($ millions)
|
|
$
|
94.9
|
|
$
|
452.2
|
|
$
|
94.7
|
|
$
|
161.0
|
|
$
|
104.2
|
|
$
|
142.2
|
|
$
|
502.1
|
|
|
y/y growth
|
|
|
3%
|
|
|
9%
|
|
|
6%
|
|
|
1%
|
|
|
-4%
|
|
|
50%
|
|
|
11%
|
|
|
y/y growth in constant currency
|
|
|
2%
|
|
|
11%
|
|
|
2%
|
|
|
-2%
|
|
|
-7%
|
|
|
43%
|
|
|
7%
|
|
|
as % of revenue
|
|
|
34%
|
|
|
39%
|
|
|
34%
|
|
|
43%
|
|
|
36%
|
|
|
42%
|
|
|
40%
|
|
|
Asia Pacific ($ millions)
|
|
$
|
15.6
|
|
$
|
71.0
|
|
$
|
15.6
|
|
$
|
20.3
|
|
$
|
15.9
|
|
$
|
16.1
|
|
$
|
67.9
|
|
|
y/y growth
|
|
|
4%
|
|
|
16%
|
|
|
-11%
|
|
|
-5%
|
|
|
-3%
|
|
|
3%
|
|
|
-4%
|
|
|
y/y growth in constant currency
|
|
|
8%
|
|
|
17%
|
|
|
2%
|
|
|
6%
|
|
|
10%
|
|
|
8%
|
|
|
6%
|
|
|
as % of revenue
|
|
|
6%
|
|
|
6%
|
|
|
6%
|
|
|
6%
|
|
|
6%
|
|
|
5%
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
Physical printed products and other ($ millions)
|
|
|
|
$
|
1,084.7
|
|
$
|
254.3
|
|
$
|
350.5
|
|
|
266.4
|
|
$
|
318.7
|
|
$
|
1,189.9
|
|
|
Digital products/services ($ millions)
|
|
|
|
$
|
82.8
|
|
$
|
20.8
|
|
$
|
20.3
|
|
|
19.7
|
|
$
|
19.5
|
|
$
|
80.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Headcount at end of period
|
|
|
4,151
|
|
|
|
|
4,198
|
|
|
4,642
|
|
|
4,494
|
|
|
5,127
|
|
|
|
|
|
|
Full-time employees
|
|
|
3,996
|
|
|
|
|
4,055
|
|
|
4,217
|
|
|
4,370
|
|
|
4,901
|
|
|
|
|
|
|
Temporary employees
|
|
|
155
|
|
|
|
|
143
|
|
|
425
|
|
|
124
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
Some numbers may not add due to rounding.
|
|
|
|
|
Metrics are unaudited and where noted, approximate.
|
|
|
|
|
Starting in Q3 Fiscal 2012, Albumprinter and Webs results have been
included in customer metrics. People & Print Group and
Pixartprinting are not included in the customer metrics above.
|
|
|
|
|
Also starting in the same period, a minor calculation methodology
change was made in order to accommodate the consolidation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Orders from first-time customers in period, excluding People & Print
Group and Pixartprinting
|
2
|
|
Total order volume in period, excluding People & Print Group and
Pixartprinting
|
3
|
|
Total bookings, including shipping and processing, divided by total
orders, excluding People & Print Group and Pixartprinting
|
4
|
|
Number of individual customers who purchased from us in a given
period, with no regard to frequency of purchase, excluding People &
Print Group and Pixartprinting
|
5
|
|
Total bookings for a trailing twelve month period, including
shipping and processing, divided by number of unique customers in
the same period, excluding People & Print Group and Pixartprinting
|
6
|
|
External advertising and commissions expense, excluding People &
Print Group and Pixartprinting
|
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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|