Cimpress Reports Second Quarter Fiscal Year 2015 Financial Results
-
Second quarter 2015 results:
-
Revenue grew 19 percent year over year to
$439.9 million - Revenue grew 7 percent year over year excluding the impact of currency exchange rate fluctuations and revenue from businesses acquired during the past twelve months
-
GAAP net income per diluted share increased to
$1.89 , compared with$1.18 in the same quarter last year -
Non-GAAP adjusted net income per diluted share increased 41
percent year over year to
$2.12
-
Revenue grew 19 percent year over year to
VENLO,
“We delivered good results across the business in our second quarter,”
said
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:
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.
-
Acquisition-related amortization of intangible assets of
approximately
- 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 inJapan 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.
About non-GAAP financial measures
To supplement Cimpress’ consolidated financial statements presented in
accordance with U.S. generally accepted accounting principles, or GAAP,
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
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
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) |
||||||||||||
December 31, |
June 30, |
|||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 77,881 | $ | 62,508 | ||||||||
Marketable securities | 8,557 | 13,857 | ||||||||||
Accounts receivable, net of allowances of $286 and $212, respectively | 30,733 | 23,515 | ||||||||||
Inventory | 15,246 | 12,138 | ||||||||||
Prepaid expenses and other current assets | 46,648 | 45,923 | ||||||||||
Total current assets | 179,065 | 157,941 | ||||||||||
Property, plant and equipment, net | 391,016 | 352,221 | ||||||||||
Software and web site development costs, net | 16,091 | 14,016 | ||||||||||
Deferred tax assets | 12,987 | 8,762 | ||||||||||
Goodwill | 305,013 | 317,187 | ||||||||||
Intangible assets, net | 94,887 | 110,214 | ||||||||||
Other assets | 27,438 | 28,644 | ||||||||||
Total assets | $ | 1,026,497 | $ | 988,985 | ||||||||
Liabilities, noncontrolling interests and shareholders’ equity | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 72,065 | $ | 52,770 | ||||||||
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 | ||||||||||
Other current liabilities | 518 | 888 | ||||||||||
Total current liabilities | 295,851 | 241,501 | ||||||||||
Deferred tax liabilities | 27,031 | 30,846 | ||||||||||
Lease financing obligation | 55,870 | 18,117 | ||||||||||
Long-term debt | 332,065 | 410,484 | ||||||||||
Other liabilities | 48,379 | 44,420 | ||||||||||
Total liabilities | 759,196 | 745,368 | ||||||||||
Redeemable noncontrolling interests | 9,466 | 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 32,603,954 and 32,329,244 shares outstanding, respectively | 615 | 615 | ||||||||||
Treasury shares, at cost, 11,476,673 and 11,751,383 shares, respectively | (414,104 | ) | (423,101 | ) | ||||||||
Additional paid-in capital | 314,954 | 309,990 | ||||||||||
Retained earnings | 430,143 | 342,840 | ||||||||||
Accumulated other comprehensive (loss) income | (75,416 | ) | 2,113 | |||||||||
Total shareholders’ equity attributable to Cimpress N.V. | 256,192 | 232,457 | ||||||||||
Noncontrolling interest | 1,643 | — | ||||||||||
Total shareholders' equity | 257,835 | 232,457 | ||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 1,026,497 | $ | 988,985 | ||||||||
CIMPRESS N.V. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited in thousands, except share and per share data) |
||||||||||||||||||||
Three Months Ended |
Six Months Ended December 31, |
|||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Revenue |
$ |
439,905 |
$ |
370,807 |
$ |
773,837 |
$ |
645,896 |
||||||||||||
Cost of revenue (1) | 156,620 | 120,789 | 286,840 | 216,579 | ||||||||||||||||
Technology and development expense (1) | 46,625 | 42,874 | 90,530 | 85,121 | ||||||||||||||||
Marketing and selling expense (1) | 139,058 | 124,128 | 250,885 | 226,561 | ||||||||||||||||
General and administrative expense (1) | 37,714 | 30,494 | 68,835 | 56,704 | ||||||||||||||||
Income from operations | 59,888 | 52,522 | 76,747 | 60,931 | ||||||||||||||||
Other income (expense), net | 9,855 | (3,209 | ) | 21,991 | (8,035 | ) | ||||||||||||||
Interest income (expense), net | (3,031 | ) | (1,566 | ) | (6,377 | ) | (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 |
Six Months Ended |
|||||||||||||||||||
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 |
Six Months Ended |
|||||||||||||||||||
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) |
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Three Months Ended |
Six Months Ended |
||||||||||||||||||
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 |
Six Months Ended |
|||||||||||||||||||
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 - |
||||||||||||||||||||||||
Three Months Ended |
Currency |
Constant- |
Impact of |
||||||||||||||||||||||
2014 | 2013 | % Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Revenue |
|||||||||||||||||||
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 - |
||||||||||||||||||||||||
Six Months Ended |
Currency |
Constant- Currency |
Impact of |
||||||||||||||||||||||
2014 | 2013 | % Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Revenue |
|||||||||||||||||||
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 - |
||||||||||||||||||||||||
Three months ended |
Currency |
Constant- Currency |
Impact of |
||||||||||||||||||||||
2014 | 2013 |
% Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Excluding |
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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 - |
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Six months ended |
Currency |
Constant- Currency |
Impact of |
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2014 | 2013 |
% Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Excluding |
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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. | |||||||||||||||||||||||||||||||||||
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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
Source:
Cimpress N.V.
Investor Relations:
Meredith Burns,
+1-781-652-6480
ir@cimpress.com
or
Media
Relations:
Cheryl Wadsworth
mediarelations@cimpress.com