Vistaprint Reports Fourth Quarter and Fiscal Year 2014 Financial Results
-
Fourth quarter 2014 results:
-
Revenue grew 21 percent year over year to
$338.2 million - Revenue grew 4 percent year over year excluding the impact of currency exchange rate fluctuations and revenue from fiscal year 2014 acquisitions
-
GAAP net income per diluted share decreased 57 percent year over
year to
$0.03 -
Non-GAAP adjusted net income per diluted share increased 83
percent year over year to
$0.75
-
Revenue grew 21 percent year over year to
-
Fiscal year 2014 results:
-
Revenue grew 9 percent year over year to
$1,270.2 million - Revenue grew 4 percent year over year excluding the impact of currency exchange rate fluctuations and revenue from fiscal year 2014 acquisitions
-
GAAP net income per diluted share increased 51 percent year over
year to
$1.28 -
Non-GAAP adjusted net income per diluted share increased 37
percent year over year to
$2.95
-
Revenue grew 9 percent year over year to
VENLO,
“Our fourth quarter revenue growth and operating profitability improved
meaningfully versus our third quarter results,” said
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 ourVistaprint -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 inChina . For the full fiscal year, GAAP net income attributable toVistaprint 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 ofJune 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 inMay 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
Fiscal 2015 Outlook as of
Financial Guidance as of
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 inJapan 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
About non-GAAP financial measures
To supplement Vistaprint’s 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.
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
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
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. |
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CONSOLIDATED BALANCE SHEETS |
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(Unaudited in thousands, except share and per share data) |
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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. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited in thousands, except share and per share data) |
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Three Months Ended |
Year Ended June 30, |
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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: |
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Three Months Ended |
Year Ended June 30, |
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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
VISTAPRINT N.V. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited in thousands) |
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Three Months Ended |
Year Ended |
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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. |
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
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(Unaudited in thousands, except share and per share data) |
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Three Months Ended |
Year Ended |
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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
(b) Includes share-based compensation charges of
(c) Includes share-based compensation charges of $27,786 and the income
tax effects related to those charges of
(d) Includes share-based compensation charges of
VISTAPRINT N.V. |
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED) |
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(Unaudited in thousands, except share and per share data) |
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Three Months Ended June 30, |
Year Ended June 30, |
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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 - |
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Three Months Ended |
Currency |
Constant- |
Impact of |
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2014 | 2013 | % Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Revenue |
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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 - |
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Year Ended |
Currency |
Constant- |
Impact of |
|||||||||||||||
2014 | 2013 | % Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Revenue |
||||||||||||
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 |
Source:
Vistaprint N.V.
Investor Relations:
Meredith Burns,
+1-781-652-6480
ir@vistaprint.com
or
Media
Relations:
Sara Nash, +1-781-652-6444
publicrelations@vistaprint.com