[January 28, 2015] |
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Cimpress Reports Second 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
December 31, 2014, the second quarter of its 2015 fiscal year.
"We delivered good results across the business in our second quarter,"
said Robert Keane, president and chief executive officer. "Quarterly
revenue reflected continued improvement in the growth of our Vistaprint
brand as a result of our investments in our customer value proposition,
as well as continued strong growth of our recent acquisitions.
Profitability, operating cash flow and free cash flow were also strong.
In November, our shareholders overwhelmingly supported the name change
of our corporate parent company to Cimpress, as a clear reflection of
our strategy to extend our mass customization capabilities well beyond
our traditional Vistaprint-branded business. In pursuit of this vision
we have embarked on a major multi-year investment to engineer a shared
platform of software-driven mass customization capabilities that we can
leverage across multiple customer-facing brands."
Consolidated Financial Metrics:
-
Revenue for the second quarter of fiscal year 2015 was $439.9 million,
a 19 percent increase compared to revenue of $370.8 million reported
in the same quarter a year ago. Excluding the estimated impact from
currency exchange rate fluctuations and revenue from businesses
acquired during the past twelve months, total revenue grew 7 percent
year over year in the second quarter.
-
Gross margin (revenue minus the cost of revenue as a percent of total
revenue) in the second quarter was 64.4 percent, down from 67.4
percent in the same quarter a year ago. The year-over-year reduction
in gross margin was primarily due to our recent acquisitions of
Printdeal (formerly named People & Print Group) 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 slightly year over year.
-
Operating income in the second quarter was $59.9 million, or 13.6
percent of revenue, an increase in absolute dollars but a decrease as
a percent of revenue compared to $52.5 million, or 14.2 percent of
revenue, in the same quarter a year ago. This operating margin
compression is driven by increased amortization expense for
acquisition-related intangible assets, as well as the change in
fair-value of our acquisition-related earn-outs.
-
GAAP net income for the second quarter was $63.6 million, or 14.5
percent of revenue, compared to $40.9 million, or 11.0 percent of
revenue in the same quarter a year ago. Part of the significant
year-over-year growth in GAAP net income is due to below-the-line
currency movements that created losses in the year-ago period but
gains in the current period.
-
GAAP net income per diluted share for the second quarter was $1.89,
versus $1.18 in the same quarter a year ago, due in part to the
currency movements described above.
-
Non-GAAP adjusted net income for the second 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 change in the 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, share-based compensation expense,
and the related income tax effect of these items, was $72.1 million,
or 16.4 percent of revenue, representing a 37 percent increase
compared to $52.7 million, or 14.2 percent of revenue, in the same
quarter a year ago.
-
Non-GAAP adjusted net income per diluted share for the second quarter,
as defined above, was $2.12, versus $1.50 in the same quarter a year
ago.
-
Capital expenditures in the second quarter were $18.3 million, or 4.2
percent of revenue.
-
During the second quarter, the company generated $138.2 million of
cash from operations and $116.0 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.
-
As of December 31, 2014, the company had $77.9 million in cash and
cash equivalents and $346.9 million of debt. After considering debt
covenant limitations, as of December 31, 2014 the company had $399.1
million available for borrowing under its committed credit facility.
Operating metrics are provided as a table-based supplement to this press
release. The recent acquisitions of Printdeal, Pixartprinting,
FotoKnudsen and the recent investment in Printi are not yet incorporated
into our customer metrics.
Fiscal 2015 Outlook as of January 28, 2015:
Ernst Teunissen, executive vice president and chief financial officer,
said, "Now that we are halfway through our fiscal year, we are adjusting
our guidance to reflect, on the one hand currency headwinds but, on the
other hand, solid year-to-date operational results."
Financial Guidance as of January 28, 2015:
The company provides revenue and earnings guidance on only a fiscal year
basis, not quarterly. Our guidance incorporates completed acquisitions
and share repurchases, and outstanding debt obligations, as of
January 28, 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 $1,430 million to $1,470
million, or 13 percent to 16 percent growth year over year in reported
terms and 17 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.
-
This constant-currency growth expectation remains the same as the
guidance we last gave on October 29, 2014 at the top end of the range.
We have increased the low end of the range.
-
Our reported revenue outlook has been lowered at the high end of the
range by about $30 million 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
$2.00 to $2.30, which assumes 33.6 million weighted average diluted
shares outstanding.
-
We expect our fiscal 2015 GAAP net income to benefit from strong
year-to-date operational performance.
-
Based on a recent 30-day currency exchange rate for relevant
currencies, we estimate that realized gains and losses 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 decreasing our GAAP EPS guidance range versus the
guidance we last gave on October 29, 2014 because of a large projected
GAAP loss in the third quarter resulting from the recent appreciation
of the Swiss Franc, which has a non-cash, non-operational impact on a
US dollar denominated intercompany loan. If the USD to CHF exchange
rates remain the same as late January rates, we expect this loss will
more than offset the year-to-date currency gains on the intercompany
loan we have recorded in our GAAP net income. This projected loss is
excluded from our non-GAAP EPS expectation.
Fiscal Year 2015 Non-GAAP Adjusted Net Income
Per Diluted Share
-
The company expects non-GAAP adjusted net income per diluted share of
approximately $3.80 to $4.10, which excludes our expectations for the
following items inclusive of their tax effects:
-
Acquisition-related amortization of intangible assets of
approximately $22.2 million or approximately $0.65 per diluted
share
-
Share-based compensation expense of approximately $21.7 million or
approximately $0.64 per diluted share
-
The change in fair-value estimate of our acquisition-related
earn-outs of approximately $7.4 million or approximately $0.22 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.
-
An unrealized currency loss of $(11.0) million, or $(0.32) per
diluted share, based on a recent spot rate of relevant currencies
(USD to Swiss Franc).
-
Changes in unrealized gains on currency forward contracts of $2.3
million, or $0.07 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.
-
This non-GAAP EPS guidance is higher than the guidance we last gave on
October 29, 2014 to reflect our strong performance to date.
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 $85
million to $95 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 foregoing guidance supersedes any guidance previously issued by the
company. All such previous guidance should no longer be relied upon.
Cimpress has posted at ir.cimpress.com
an end-of-quarter presentation with accompanying prepared remarks. On
Thursday, January 29, 2015 at 7:30 a.m. (EST) 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 (877) 703-6108, access code 90951641. A replay of
the Q&A session will be available on the company's Web site following
the call on January 29, 2015.
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 during the past
year. 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 currency forward contracts,
unrealized currency gains and losses on intercompany financing
arrangements, the charge for the disposal of our minority investment in
China, the change in fair-value estimate of our acquisition-related
earn-outs, 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. 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 during the past year excludes the impact of currency as
defined above and revenue from Printdeal, Pixartprinting and FotoKnudsen.
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 that includes Vistaprint, Albelli,
Drukwerkdeal, Pixartprinting and others serves many 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 http://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 and our financial outlook and
guidance set forth under the headings "Fiscal 2015 Outlook as of January
28, 2015" and "Financial Guidance as of January 28, 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, including Printdeal, Pixartprinting, FotoKnudsen, and Printi
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 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 September 30,
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
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CIMPRESS N.V.
CONSOLIDATED BALANCE SHEETS
(Unaudited in thousands, except share and per share data)
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December 31, 2014
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June 30, 2014
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Assets
|
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Current assets:
|
|
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|
|
|
|
|
|
|
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Cash and cash equivalents
|
|
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|
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$
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77,881
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|
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$
|
62,508
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Marketable securities
|
|
|
|
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8,557
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|
|
|
13,857
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Accounts receivable, net of allowances of $286 and $212, respectively
|
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|
|
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30,733
|
|
|
|
23,515
|
|
Inventory
|
|
|
|
|
15,246
|
|
|
|
12,138
|
|
Prepaid expenses and other current assets
|
|
|
|
|
46,648
|
|
|
|
45,923
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|
Total current assets
|
|
|
|
|
179,065
|
|
|
|
157,941
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|
Property, plant and equipment, net
|
|
|
|
|
391,016
|
|
|
|
352,221
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|
Software and web site development costs, net
|
|
|
|
|
16,091
|
|
|
|
14,016
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|
Deferred tax assets
|
|
|
|
|
12,987
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|
|
|
8,762
|
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Goodwill
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|
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|
|
305,013
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|
|
|
317,187
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|
Intangible assets, net
|
|
|
|
|
94,887
|
|
|
|
110,214
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Other assets
|
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|
|
|
27,438
|
|
|
|
28,644
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Total assets
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|
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$
|
1,026,497
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|
|
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$
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988,985
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Liabilities, noncontrolling interests and shareholders' equity
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Current liabilities:
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|
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|
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Accounts payable
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$
|
72,065
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|
|
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$
|
52,770
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Accrued expenses
|
|
|
|
|
181,581
|
|
|
|
121,177
|
|
Deferred revenue
|
|
|
|
|
25,584
|
|
|
|
26,913
|
|
Deferred tax liabilities
|
|
|
|
|
1,219
|
|
|
|
2,178
|
|
Short-term debt
|
|
|
|
|
14,884
|
|
|
|
37,575
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Other current liabilities
|
|
|
|
|
518
|
|
|
|
888
|
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Total current liabilities
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|
|
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295,851
|
|
|
|
241,501
|
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Deferred tax liabilities
|
|
|
|
|
27,031
|
|
|
|
30,846
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Lease financing obligation
|
|
|
|
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55,870
|
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|
|
18,117
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Long-term debt
|
|
|
|
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332,065
|
|
|
|
410,484
|
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Other liabilities
|
|
|
|
|
48,379
|
|
|
|
44,420
|
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Total liabilities
|
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|
|
|
759,196
|
|
|
|
745,368
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|
|
|
|
|
|
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Redeemable noncontrolling interests
|
|
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|
|
9,466
|
|
|
|
11,160
|
|
Shareholders' equity:
|
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|
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|
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Preferred shares, par value €0.01 per share, 100,000,000 shares
authorized; none issued and outstanding
|
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|
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-
|
|
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-
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Ordinary shares, par value €0.01 per share, 100,000,000 shares
authorized; 44,080,627 shares issued; and 32,603,954 and 32,329,244
shares outstanding, respectively
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|
|
|
615
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|
615
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Treasury shares, at cost, 11,476,673 and 11,751,383 shares,
respectively
|
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(414,104
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)
|
|
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(423,101
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)
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Additional paid-in capital
|
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|
|
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314,954
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|
|
|
309,990
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Retained earnings
|
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|
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|
430,143
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342,840
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Accumulated other comprehensive (loss) income
|
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(75,416
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)
|
|
|
2,113
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Total shareholders' equity attributable to Cimpress N.V.
|
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|
|
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256,192
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232,457
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Noncontrolling interest
|
|
|
|
|
1,643
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|
|
-
|
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Total shareholders' equity
|
|
|
|
|
257,835
|
|
|
|
232,457
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Total liabilities, noncontrolling interests and shareholders' equity
|
|
|
|
|
$
|
1,026,497
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|
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$
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988,985
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CIMPRESS N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited in thousands, except share and per share data)
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Three Months Ended December 31,
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Six Months Ended December 31,
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2014
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2013
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2014
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2013
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Revenue
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$
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439,905
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$
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370,807
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$
|
773,837
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$
|
645,896
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Cost of revenue (1)
|
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156,620
|
|
|
|
120,789
|
|
|
|
|
286,840
|
|
|
|
216,579
|
|
Technology and development expense (1)
|
|
|
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|
|
46,625
|
|
|
|
42,874
|
|
|
|
|
90,530
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|
85,121
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Marketing and selling expense (1)
|
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139,058
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|
124,128
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250,885
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|
|
226,561
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General and administrative expense (1)
|
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37,714
|
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|
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30,494
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68,835
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|
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56,704
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Income from operations
|
|
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|
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59,888
|
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|
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52,522
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|
|
|
76,747
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|
|
|
60,931
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Other income (expense), net
|
|
|
|
|
|
9,855
|
|
|
|
(3,209
|
)
|
|
|
|
21,991
|
|
|
|
(8,035
|
)
|
Interest income (expense), net
|
|
|
|
|
|
(3,031
|
)
|
|
|
(1,566
|
)
|
|
|
|
(6,377
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)
|
|
|
(3,143
|
)
|
Income before income taxes and loss in equity interests
|
|
|
|
|
|
66,712
|
|
|
|
47,747
|
|
|
|
|
92,361
|
|
|
|
49,753
|
|
Income tax provision
|
|
|
|
|
|
3,850
|
|
|
|
6,005
|
|
|
|
|
6,082
|
|
|
|
6,820
|
|
Loss in equity interests
|
|
|
|
|
|
-
|
|
|
|
867
|
|
|
|
|
-
|
|
|
|
1,646
|
|
Net income
|
|
|
|
|
|
62,862
|
|
|
|
40,875
|
|
|
|
|
86,279
|
|
|
|
41,287
|
|
Add: Net loss attributable to noncontrolling interests
|
|
|
|
|
|
747
|
|
|
|
-
|
|
|
|
|
1,024
|
|
|
|
-
|
|
Net income attributable to Cimpress N.V.
|
|
|
|
|
$
|
63,609
|
|
|
$
|
40,875
|
|
|
|
$
|
87,303
|
|
|
$
|
41,287
|
|
Basic net income per share attributable to Cimpress N.V.
|
|
|
|
|
$
|
1.96
|
|
|
$
|
1.24
|
|
|
|
$
|
2.69
|
|
|
$
|
1.26
|
|
Diluted net income per share attributable to Cimpress N.V.
|
|
|
|
|
$
|
1.89
|
|
|
$
|
1.18
|
|
|
|
$
|
2.62
|
|
|
$
|
1.20
|
|
Weighted average shares outstanding - basic
|
|
|
|
|
|
32,536,046
|
|
|
|
32,861,393
|
|
|
|
|
32,461,432
|
|
|
|
32,760,384
|
|
Weighted average shares outstanding - diluted
|
|
|
|
|
|
33,581,100
|
|
|
|
34,552,194
|
|
|
|
|
33,367,767
|
|
|
|
34,463,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation is allocated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2014
|
|
2013
|
Cost of revenue
|
|
|
|
|
$
|
14
|
|
|
$
|
72
|
|
|
|
$
|
45
|
|
|
$
|
138
|
|
Technology and development expense
|
|
|
|
|
|
1,002
|
|
|
|
2,418
|
|
|
|
|
1,929
|
|
|
|
4,878
|
|
Marketing and selling expense
|
|
|
|
|
|
58
|
|
|
|
1,588
|
|
|
|
|
972
|
|
|
|
3,277
|
|
General and administrative expense
|
|
|
|
|
|
5,310
|
|
|
|
3,795
|
|
|
|
|
9,180
|
|
|
|
7,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
62,862
|
|
|
$
|
40,875
|
|
|
|
$
|
86,279
|
|
|
$
|
41,287
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
22,895
|
|
|
16,840
|
|
|
|
47,354
|
|
|
32,465
|
|
Share-based compensation expense
|
|
|
|
|
6,384
|
|
|
7,873
|
|
|
|
12,126
|
|
|
16,258
|
|
Excess tax benefits derived from share-based compensation awards
|
|
|
|
|
(1,023
|
)
|
|
(493
|
)
|
|
|
(1,342
|
)
|
|
(1,987
|
)
|
Deferred taxes
|
|
|
|
|
(4,085
|
)
|
|
(5,370
|
)
|
|
|
(8,242
|
)
|
|
(7,594
|
)
|
Loss in equity interests
|
|
|
|
|
-
|
|
|
867
|
|
|
|
-
|
|
|
1,646
|
|
Unrealized (gain) loss on derivative instruments included in net
income
|
|
|
|
|
(14
|
)
|
|
(1,155
|
)
|
|
|
(3,482
|
)
|
|
3,701
|
|
Change in fair value of contingent consideration
|
|
|
|
|
3,701
|
|
|
-
|
|
|
|
7,378
|
|
|
-
|
|
Effect of exchange rate changes on monetary assets and liabilities
denominated in non-functional currency
|
|
|
|
|
(8,485
|
)
|
|
3,036
|
|
|
|
(18,597
|
)
|
|
2,868
|
|
Other non-cash items
|
|
|
|
|
1,231
|
|
|
90
|
|
|
|
1,772
|
|
|
323
|
|
Changes in operating assets and liabilities excluding the effect of
business acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
(4,375
|
)
|
|
1,403
|
|
|
|
(6,941
|
)
|
|
(1,414
|
)
|
Inventory
|
|
|
|
|
(2,759
|
)
|
|
(687
|
)
|
|
|
(3,256
|
)
|
|
(563
|
)
|
Prepaid expenses and other assets
|
|
|
|
|
(2,049
|
)
|
|
(8,757
|
)
|
|
|
14,738
|
|
|
(12,865
|
)
|
Accounts payable
|
|
|
|
|
15,159
|
|
|
7,587
|
|
|
|
21,611
|
|
|
4,751
|
|
Accrued expenses and other liabilities
|
|
|
|
|
48,782
|
|
|
32,918
|
|
|
|
41,446
|
|
|
16,028
|
|
Net cash provided by operating activities
|
|
|
|
|
138,224
|
|
|
95,027
|
|
|
|
190,844
|
|
|
94,904
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
|
|
(18,268
|
)
|
|
(24,592
|
)
|
|
|
(34,952
|
)
|
|
(42,169
|
)
|
Business acquisitions, net of cash acquired
|
|
|
|
|
2,910
|
|
|
-
|
|
|
|
(22,997
|
)
|
|
-
|
|
Proceeds from sale of intangible assets
|
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
137
|
|
Purchases of intangible assets
|
|
|
|
|
(60
|
)
|
|
(44
|
)
|
|
|
(145
|
)
|
|
(119
|
)
|
Capitalization of software and website development costs
|
|
|
|
|
(3,910
|
)
|
|
(2,605
|
)
|
|
|
(7,449
|
)
|
|
(4,419
|
)
|
Investment in equity interests
|
|
|
|
|
-
|
|
|
(4,894
|
)
|
|
|
-
|
|
|
(4,994
|
)
|
Net cash used in investing activities
|
|
|
|
|
(19,328
|
)
|
|
(32,135
|
)
|
|
|
(65,543
|
)
|
|
(51,564
|
)
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowings of debt
|
|
|
|
|
39,500
|
|
|
23,500
|
|
|
|
139,500
|
|
|
67,000
|
|
Payments of debt and debt issuance costs
|
|
|
|
|
(140,254
|
)
|
|
(88,967
|
)
|
|
|
(243,266
|
)
|
|
(101,604
|
)
|
Payments of withholding taxes in connection with share awards
|
|
|
|
|
(1,253
|
)
|
|
(1,279
|
)
|
|
|
(2,764
|
)
|
|
(3,941
|
)
|
Payments of capital lease obligations
|
|
|
|
|
(1,581
|
)
|
|
-
|
|
|
|
(2,842
|
)
|
|
-
|
|
Excess tax benefits derived from share-based compensation awards
|
|
|
|
|
1,023
|
|
|
493
|
|
|
|
1,342
|
|
|
1,987
|
|
Proceeds from issuance of ordinary shares
|
|
|
|
|
3,937
|
|
|
667
|
|
|
|
4,782
|
|
|
4,163
|
|
Payment of dividend to noncontrolling interest
|
|
|
|
|
(92
|
)
|
|
-
|
|
|
|
(92
|
)
|
|
-
|
|
Net cash used in financing activities
|
|
|
|
|
(98,720
|
)
|
|
(65,586
|
)
|
|
|
(103,340
|
)
|
|
(32,395
|
)
|
Effect of exchange rate changes on cash
|
|
|
|
|
(3,216
|
)
|
|
353
|
|
|
|
(6,588
|
)
|
|
1,300
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
16,960
|
|
|
(2,341
|
)
|
|
|
15,373
|
|
|
12,245
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
60,921
|
|
|
64,651
|
|
|
|
62,508
|
|
|
50,065
|
|
Cash and cash equivalents at end of period
|
|
|
|
|
$
|
77,881
|
|
|
$
|
62,310
|
|
|
|
$
|
77,881
|
|
|
$
|
62,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Unaudited in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Non-GAAP adjusted net income reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Cimpress N.V.
|
|
|
|
|
63,609
|
|
|
$
|
40,875
|
|
|
|
$
|
87,303
|
|
|
$
|
41,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back inclusive of tax effect:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
|
5,397
|
|
|
8,062
|
|
|
|
11,166
|
|
|
16,638
|
Amortization of acquisition-related intangible assets
|
|
|
|
|
5,375
|
|
|
2,249
|
|
|
|
11,914
|
|
|
4,449
|
Tax cost of transfer of intellectual property
|
|
|
|
|
1,235
|
|
|
1,468
|
|
|
|
1,781
|
|
|
1,531
|
Change in fair value of contingent consideration
|
|
|
|
|
3,701
|
|
|
|
|
|
|
7,378
|
|
|
-
|
Changes in unrealized (gain) loss on currency forward contracts
included in net income
|
|
|
|
|
(14
|
)
|
|
(1,155
|
)
|
|
|
(3,482
|
)
|
|
3,701
|
Unrealized currency (gain) loss on intercompany loans
|
|
|
|
|
(7,205
|
)
|
|
1,163
|
|
|
|
(15,191
|
)
|
|
1,163
|
Non-GAAP adjusted net income
|
|
|
|
|
$
|
72,098
|
|
|
$
|
52,662
|
|
|
|
$
|
100,869
|
|
|
$
|
68,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted net income per diluted share reconciliation:
|
|
|
|
|
|
Net income per diluted share
|
|
|
|
|
$
|
1.89
|
|
|
$
|
1.18
|
|
|
|
$
|
2.62
|
|
|
$
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back inclusive of tax effect:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense
|
|
|
|
|
0.16
|
|
|
0.22
|
|
|
|
0.32
|
|
|
0.47
|
Amortization of acquisition-related intangible assets
|
|
|
|
|
0.15
|
|
|
0.06
|
|
|
|
0.34
|
|
|
0.12
|
Tax cost of transfer of intellectual property
|
|
|
|
|
0.03
|
|
|
0.04
|
|
|
|
0.04
|
|
|
0.04
|
Change in fair value of contingent consideration
|
|
|
|
|
0.10
|
|
|
-
|
|
|
|
0.21
|
|
|
-
|
Changes in unrealized (gain) loss on currency forward contracts
included in net income
|
|
|
|
|
-
|
|
|
(0.03
|
)
|
|
|
(0.10
|
)
|
|
0.10
|
Unrealized currency transaction (gain) loss on intercompany loan
|
|
|
|
|
(0.21
|
)
|
|
0.03
|
|
|
|
(0.45
|
)
|
|
0.03
|
Non-GAAP adjusted net income per diluted share
|
|
|
|
|
$
|
2.12
|
|
|
$
|
1.50
|
|
|
|
$
|
2.98
|
|
|
$
|
1.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted weighted average shares reconciliation:
|
|
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding - diluted
|
|
|
|
|
33,581,100
|
|
|
34,552,194
|
|
|
|
33,367,767
|
|
|
34,463,006
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares due to unamortized share-based compensation
|
|
|
|
|
503,120
|
|
|
566,199
|
|
|
|
477,216
|
|
|
598,923
|
Non-GAAP adjusted weighted average shares outstanding - diluted
|
|
|
|
|
34,084,220
|
|
|
35,118,393
|
|
|
|
33,844,983
|
|
|
35,061,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)
(Unaudited in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Free cash flow reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
$
|
138,224
|
|
|
$
|
95,027
|
|
|
|
$
|
190,844
|
|
|
$
|
94,904
|
|
Purchases of property, plant and equipment
|
|
|
|
|
(18,268
|
)
|
|
(24,592
|
)
|
|
|
(34,952
|
)
|
|
(42,169
|
)
|
Purchases of intangible assets not related to acquisitions
|
|
|
|
|
(60
|
)
|
|
(44
|
)
|
|
|
(145
|
)
|
|
(119
|
)
|
Capitalization of software and website development costs
|
|
|
|
|
(3,910
|
)
|
|
(2,605
|
)
|
|
|
(7,449
|
)
|
|
(4,419
|
)
|
Free cash flow
|
|
|
|
|
$
|
115,986
|
|
|
$
|
67,786
|
|
|
|
$
|
148,298
|
|
|
$
|
48,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant - currency excluding acquisitions
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
Currency Impact:
|
|
|
Constant- Currency
|
|
|
Impact of Acquisitions
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
|
Revenue Growth
|
|
|
(Favorable)/ Unfavorable
|
|
|
Revenue Growth
|
Revenue growth reconciliation by region:
|
North America
|
|
|
|
|
$
|
206,497
|
|
$
|
189,447
|
|
|
|
9%
|
|
|
1%
|
|
|
10%
|
|
|
-%
|
|
|
10%
|
Europe
|
|
|
|
|
208,606
|
|
161,031
|
|
|
|
30%
|
|
|
11%
|
|
|
41%
|
|
|
(37)%
|
|
|
4%
|
Other
|
|
|
|
|
24,802
|
|
20,329
|
|
|
|
22%
|
|
|
5%
|
|
|
27%
|
|
|
(17)%
|
|
|
10%
|
Total revenue
|
|
|
|
|
$
|
439,905
|
|
$
|
370,807
|
|
|
|
19%
|
|
|
4%
|
|
|
23%
|
|
|
(16)%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant - currency excluding acquisitions
|
|
|
|
|
|
Six Months Ended December 31,
|
|
|
|
|
|
Currency Impact:
|
|
|
Constant- Currency
|
|
|
Impact of Acquisitions
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
|
Revenue Growth
|
|
|
(Favorable)/ Unfavorable
|
|
|
Revenue Growth
|
Revenue growth reconciliation by region:
|
North America
|
|
|
|
|
$
|
384,239
|
|
$
|
354,221
|
|
|
|
8%
|
|
|
1%
|
|
|
9%
|
|
|
-%
|
|
|
9%
|
Europe
|
|
|
|
|
346,968
|
|
255,735
|
|
|
|
36%
|
|
|
6%
|
|
|
42%
|
|
|
(40)%
|
|
|
2%
|
Other
|
|
|
|
|
42,630
|
|
35,940
|
|
|
|
19%
|
|
|
2%
|
|
|
21%
|
|
|
(12)%
|
|
|
9%
|
Total revenue
|
|
|
|
|
$
|
773,837
|
|
$
|
645,896
|
|
|
|
20%
|
|
|
2%
|
|
|
22%
|
|
|
(16)%
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant - Currency revenue growth
|
|
|
|
|
|
Three months ended December 31,
|
|
|
|
|
|
Currency Impact:
|
|
|
Constant- Currency
|
|
|
Impact of Acquisitions
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
|
Revenue Growth
|
|
|
(Favorable)/ Unfavorable
|
|
|
Excluding acquisitions
|
Revenue growth reconciliation by reportable segment:
|
Vistaprint Business Unit
|
|
|
|
|
$
|
356,259
|
|
$
|
344,865
|
|
|
|
3%
|
|
|
4%
|
|
|
7%
|
|
|
-%
|
|
|
7%
|
All Other Business Units
|
|
|
|
|
83,646
|
|
25,942
|
|
|
|
222%
|
|
|
7%
|
|
|
229%
|
|
|
(222)%
|
|
|
7%
|
Total revenue
|
|
|
|
|
$
|
439,905
|
|
$
|
370,807
|
|
|
|
19%
|
|
|
4%
|
|
|
23%
|
|
|
(16)%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant - Currency revenue growth
|
|
|
|
|
|
Six months ended December 31,
|
|
|
|
|
|
Currency Impact:
|
|
|
Constant- Currency
|
|
|
Impact of Acquisitions
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
|
% Change
|
|
|
(Favorable)/ Unfavorable
|
|
|
Revenue Growth
|
|
|
(Favorable)/ Unfavorable
|
|
|
Excluding acquisitions
|
Revenue growth reconciliation by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Vistaprint Business Unit
|
|
|
|
|
$
|
627,944
|
|
$
|
600,645
|
|
|
|
5%
|
|
|
2%
|
|
|
7%
|
|
|
-%
|
|
|
7%
|
All Other Business Units
|
|
|
|
|
145,893
|
|
45,251
|
|
|
|
222%
|
|
|
4%
|
|
|
226%
|
|
|
(221)%
|
|
|
5%
|
Total revenue
|
|
|
|
|
$
|
773,837
|
|
$
|
645,896
|
|
|
|
20%
|
|
|
2%
|
|
|
22%
|
|
|
(16)%
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CIMPRESS N.V.
|
Supplemental Financial Information and Operating Metrics
|
|
|
|
|
|
|
|
Q2 FY2014
|
|
|
Q3 FY2014
|
|
|
Q4 FY2014
|
|
|
FY2014
|
|
|
Q1 FY2015
|
|
|
Q2 FY2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
New Customer Orders (millions) - excludes acquisitions made since Q4
FY 2014
|
|
|
|
|
2.9
|
|
|
|
2.4
|
|
|
|
2.2
|
|
|
|
9.7
|
|
|
|
2.1
|
|
|
|
2.7
|
|
|
|
y/y growth
|
|
|
|
|
(12
|
)%
|
|
|
(8
|
)%
|
|
|
-
|
%
|
|
|
(8
|
)%
|
|
|
(5
|
)%
|
|
|
(7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
Total Order Volume (millions) - excludes acquisitions made since Q4
2014
|
|
|
|
|
9.1
|
|
|
|
7.3
|
|
|
|
7.0
|
|
|
|
30.5
|
|
|
|
6.8
|
|
|
|
8.8
|
|
|
|
y/y growth
|
|
|
|
|
(7
|
)%
|
|
|
(6
|
)%
|
|
|
(1
|
)%
|
|
|
(4
|
)%
|
|
|
(4
|
)%
|
|
|
(3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
Average Order Value - excludes acquisitions made since Q4 2014 ($USD)
|
|
|
|
|
$
|
40.92
|
|
|
|
$
|
40.14
|
|
|
|
$
|
42.50
|
|
|
|
$
|
40.74
|
|
|
|
$
|
43.32
|
|
|
|
$
|
43.55
|
|
|
|
y/y growth
|
|
|
|
|
15
|
%
|
|
|
7
|
%
|
|
|
9
|
%
|
|
|
10
|
%
|
|
|
10
|
%
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
TTM Unique Active Customer Count - excludes acquisitions made since
Q4 2014 (millions)
|
|
|
|
|
16.9
|
|
|
|
16.8
|
|
|
|
16.7
|
|
|
|
|
|
|
|
16.7
|
|
|
|
16.6
|
|
|
|
y/y growth
|
|
|
|
|
2
|
%
|
|
|
(1
|
)%
|
|
|
(2
|
)%
|
|
|
|
|
|
|
(2
|
)%
|
|
|
(2
|
)%
|
|
|
TTM new customer count (millions)
|
|
|
|
|
10.0
|
|
|
|
9.8
|
|
|
|
9.7
|
|
|
|
|
|
|
|
9.6
|
|
|
|
9.4
|
|
|
|
TTM repeat customer count (millions)
|
|
|
|
|
6.9
|
|
|
|
7.0
|
|
|
|
7.0
|
|
|
|
|
|
|
|
7.1
|
|
|
|
7.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
TTM Average Bookings per Unique Active Customer - excludes
acquisitions made since Q4 2014
|
|
|
|
|
$
|
72
|
|
|
|
$
|
73
|
|
|
|
$
|
74
|
|
|
|
|
|
|
|
$
|
75
|
|
|
|
$
|
76
|
|
|
|
y/y growth
|
|
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
|
|
|
|
7
|
%
|
|
|
6
|
%
|
|
|
TTM average bookings per new customer (approx.)
|
|
|
|
|
$
|
53
|
|
|
|
$
|
53
|
|
|
|
$
|
54
|
|
|
|
|
|
|
|
$
|
55
|
|
|
|
$
|
56
|
|
|
|
TTM average bookings per repeat customer (approx.)
|
|
|
|
|
$
|
100
|
|
|
|
$
|
101
|
|
|
|
$
|
102
|
|
|
|
|
|
|
|
$
|
103
|
|
|
|
$
|
103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Advertising & Commissions Expense - excluding acquisitions made
since Q4 2014 (millions)
|
|
|
|
|
$
|
81.6
|
|
|
|
$
|
65.9
|
|
|
|
55.7
|
|
|
|
$
|
266.4
|
|
|
|
$
|
62.2
|
|
|
|
$
|
83.1
|
|
|
|
as % of revenue
|
|
|
|
|
22.0
|
%
|
|
|
23.0
|
%
|
|
|
18.9
|
%
|
|
|
21.7
|
%
|
|
|
21.3
|
%
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
Advertising & Commissions Expense - Consolidated (millions)
|
|
|
|
|
$
|
81.6
|
|
|
|
$
|
65.9
|
|
|
|
$
|
57.1
|
|
|
|
$
|
267.7
|
|
|
|
$
|
63.9
|
|
|
|
$
|
85.6
|
|
|
|
as % of revenue
|
|
|
|
|
22.0
|
%
|
|
|
23.0
|
%
|
|
|
16.9
|
%
|
|
|
21.1
|
%
|
|
|
19.1
|
%
|
|
|
19.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue - Consolidated as Reported ($ millions)
|
|
|
|
|
$
|
370.8
|
|
|
|
$
|
286.2
|
|
|
|
$
|
338.2
|
|
|
|
$
|
1,270.2
|
|
|
|
$
|
333.9
|
|
|
|
$
|
439.9
|
|
|
|
y/y growth
|
|
|
|
|
6
|
%
|
|
|
(1
|
)%
|
|
|
21
|
%
|
|
|
9
|
%
|
|
|
21
|
%
|
|
|
19
|
%
|
|
|
y/y growth in constant currency
|
|
|
|
|
6
|
%
|
|
|
(1
|
)%
|
|
|
19
|
%
|
|
|
8
|
%
|
|
|
21
|
%
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America ($ millions)
|
|
|
|
|
$
|
189.4
|
|
|
|
$
|
166.1
|
|
|
|
$
|
179.9
|
|
|
|
$
|
700.2
|
|
|
|
$
|
177.7
|
|
|
|
$
|
206.5
|
|
|
|
y/y growth
|
|
|
|
|
13
|
%
|
|
|
2
|
%
|
|
|
6
|
%
|
|
|
9
|
%
|
|
|
8
|
%
|
|
|
9
|
%
|
|
|
y/y growth in constant currency
|
|
|
|
|
14
|
%
|
|
|
3
|
%
|
|
|
7
|
%
|
|
|
9
|
%
|
|
|
8
|
%
|
|
|
10
|
%
|
|
|
as % of revenue
|
|
|
|
|
51
|
%
|
|
|
58
|
%
|
|
|
53
|
%
|
|
|
55
|
%
|
|
|
53
|
%
|
|
|
47
|
%
|
|
|
Europe ($ millions)
|
|
|
|
|
$
|
161.0
|
|
|
|
$
|
104.2
|
|
|
|
$
|
142.2
|
|
|
|
$
|
502.1
|
|
|
|
$
|
138.4
|
|
|
|
$
|
208.6
|
|
|
|
y/y growth
|
|
|
|
|
1
|
%
|
|
|
(4
|
)%
|
|
|
50
|
%
|
|
|
11
|
%
|
|
|
46
|
%
|
|
|
30
|
%
|
|
|
y/y growth in constant currency
|
|
|
|
|
(2
|
)%
|
|
|
(7
|
)%
|
|
|
43
|
%
|
|
|
7
|
%
|
|
|
45
|
%
|
|
|
41
|
%
|
|
|
as % of revenue
|
|
|
|
|
43
|
%
|
|
|
36
|
%
|
|
|
42
|
%
|
|
|
40
|
%
|
|
|
42
|
%
|
|
|
47
|
%
|
|
|
Other Regions ($ millions)
|
|
|
|
|
$
|
20.3
|
|
|
|
$
|
15.9
|
|
|
|
$
|
16.1
|
|
|
|
$
|
67.9
|
|
|
|
$
|
17.8
|
|
|
|
$
|
24.8
|
|
|
|
y/y growth
|
|
|
|
|
(5
|
)%
|
|
|
(3
|
)%
|
|
|
3
|
%
|
|
|
(4
|
)%
|
|
|
14
|
%
|
|
|
22
|
%
|
|
|
y/y growth in constant currency
|
|
|
|
|
6
|
%
|
|
|
10
|
%
|
|
|
8
|
%
|
|
|
6
|
%
|
|
|
13
|
%
|
|
|
27
|
%
|
|
|
as % of revenue
|
|
|
|
|
6
|
%
|
|
|
6
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
Physical printed products and other ($ millions)
|
|
|
|
|
$
|
350.5
|
|
|
|
266.4
|
|
|
|
$
|
318.7
|
|
|
|
$
|
1,189.9
|
|
|
|
$
|
315.1
|
|
|
|
$
|
422.1
|
|
|
|
Digital products/services ($ millions)
|
|
|
|
|
$
|
20.3
|
|
|
|
19.7
|
|
|
|
$
|
19.5
|
|
|
|
$
|
80.3
|
|
|
|
$
|
18.8
|
|
|
|
$
|
17.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Headcount at end of period
|
|
|
|
|
4,642
|
|
|
|
4,494
|
|
|
|
5,127
|
|
|
|
|
|
|
|
5,336
|
|
|
|
5,859
|
|
|
|
|
Full-time employees
|
|
|
|
|
4,217
|
|
|
|
4,370
|
|
|
|
4,901
|
|
|
|
|
|
|
|
5,040
|
|
|
|
5,203
|
|
|
|
|
Temporary employees
|
|
|
|
|
425
|
|
|
|
124
|
|
|
|
226
|
|
|
|
|
|
|
|
296
|
|
|
|
656
|
|
|
|
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. Printi, Printdeal, Pixartprinting and
FotoKnudsen 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
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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