Vistaprint Reports First Quarter Fiscal Year 2015 Financial Results
-
First quarter 2015 results:
-
Revenue grew 21 percent year over year to
$333.9 million - Revenue grew 6 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
$0.71 , compared with$0.01 in the same quarter last year -
Non-GAAP adjusted net income per diluted share increased 87
percent year over year to
$0.86
-
Revenue grew 21 percent year over year to
VENLO,
“We are off to a good start to fiscal 2015 and remain confident in our
strategy and our ability to execute operationally,” said
Consolidated Financial Metrics:
-
Revenue for the first quarter of fiscal year 2015 was
$333.9 million , a 21 percent increase compared to revenue of$275.1 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 6 percent year over year in the first quarter. -
Gross margin (revenue minus the cost of revenue as a percent of total
revenue) in the first quarter was 61.0 percent, down from 65.2 percent
in the same quarter a year ago. The year-over-year reduction in gross
margin was primarily due to our recent acquisitions of
People & Print Group and Pixartprinting, which have lower gross margins than ourVistaprint -branded business. Excluding the businesses we acquired during the past twelve months, our gross margin increased slightly year over year. -
Operating income in the first quarter was
$16.9 million , or 5.1 percent of revenue, a significant increase compared to$8.4 million , or 3.1 percent of revenue, in the same quarter a year ago. -
GAAP net income for the first quarter was
$23.7 million , or 7.1 percent of revenue, compared to$0.4 million , or 0.1 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 which created losses in the year-ago period but gains in the current period. -
GAAP net income per diluted share for the first quarter was
$0.71 , versus$0.01 in the same quarter a year ago, due in part to the currency movements described above. -
Non-GAAP adjusted net income for the first 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, and share-based compensation
expense and its related tax effect, was
$28.8 million , or 8.6 percent of revenue, representing a 79 percent increase compared to$16.1 million , or 5.9 percent of revenue, in the same quarter a year ago. -
Non-GAAP adjusted net income per diluted share for the first quarter,
as defined above, was
$0.86 , versus$0.46 in the same quarter a year ago. -
Capital expenditures in the first quarter were
$16.7 million , or 5.0 percent of revenue. -
During the first quarter, the company generated
$52.6 million of cash from operations and$32.3 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
September 30, 2014 , the company had$60.9 million in cash and cash equivalents and$447.9 million of debt. After considering debt covenant limitations, as ofSeptember 30, 2014 the company had$268.1 million available for borrowing under its committed credit facility.
Operating metrics are provided as a table-based supplement to this press
release. Starting in the first quarter of fiscal 2014, all operating
metrics include Albumprinter and Webs, and post-acquisition prior-period
comparisons have been adjusted to reflect the same consolidated view.
The recent acquisitions of
Fiscal 2015 Outlook as of
Financial Guidance as of
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
Fiscal Year 2015 Revenue
-
The company expects revenue of approximately
$1,430 million to $1,500 million , or 13 percent to 18 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
-
The company expects GAAP net income per diluted share of approximately
$2.24 to $2.74 , which assumes 33.3 million weighted average diluted shares outstanding. 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.
Fiscal Year 2015 Non-GAAP Adjusted Net Income Per Diluted Share
-
The company expects non-GAAP adjusted net income per diluted share of
approximately
$3.46 to $3.96 , which excludes our expectations for the following items:-
Acquisition-related amortization of intangible assets of
approximately
$21.7 million or approximately$0.64 per diluted share -
Share-based compensation expense and its related tax effect of
approximately
$22.9 million or approximately$0.68 per diluted share -
The change in fair-value estimate of our acquisition-related
earn-outs of approximately
$3.7 million or approximately$0.11 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 transaction gain of
$8.0 million , or$0.23 per diluted share, based on a recent 30-day currency exchange rate for relevant currencies
-
Acquisition-related amortization of intangible assets of
approximately
- 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 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
-
The company expects depreciation and amortization expense to be
approximately
$100 million to $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. -
The company expects to make capital expenditures of approximately
$80 million to $100 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 to $25 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 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
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 |
||||||||
(Unaudited in thousands, except share and per share data) |
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September 30, 2014 |
June 30, 2014 |
|||||||
Assets |
|
|||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 60,921 | $ | 62,508 | ||||
Marketable securities | 9,399 | 13,857 | ||||||
Accounts receivable, net of allowances of $262 and $212, respectively | 26,111 | 23,515 | ||||||
Inventory | 13,004 | 12,138 | ||||||
Prepaid expenses and other current assets | 34,815 | 45,923 | ||||||
Total current assets | 144,250 | 157,941 | ||||||
Property, plant and equipment, net | 357,287 | 352,221 | ||||||
Software and web site development costs, net | 14,857 | 14,016 | ||||||
Deferred tax assets | 9,820 | 8,762 | ||||||
Goodwill | 321,743 | 317,187 | ||||||
Intangible assets, net | 104,921 | 110,214 | ||||||
Other assets | 31,270 | 28,644 | ||||||
Total assets | $ | 984,148 | $ | 988,985 | ||||
Liabilities, noncontrolling interests and shareholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 57,567 | $ | 52,770 | ||||
Accrued expenses | 117,976 | 121,177 | ||||||
Deferred revenue | 27,445 | 26,913 | ||||||
Deferred tax liabilities | 1,393 | 2,178 | ||||||
Short-term debt | 14,384 | 37,575 | ||||||
Other current liabilities | 170 | 888 | ||||||
Total current liabilities | 218,935 | 241,501 | ||||||
Deferred tax liabilities | 28,788 | 30,846 | ||||||
Lease financing obligation | 31,083 | 18,117 | ||||||
Long-term debt | 433,486 | 410,484 | ||||||
Other liabilities | 45,562 | 44,420 | ||||||
Total liabilities | 757,854 | 745,368 | ||||||
Redeemable noncontrolling interests | 10,109 | 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 32,453,590 and 32,329,244 shares outstanding, respectively | 615 | 615 | ||||||
Treasury shares, at cost, 11,627,073 and 11,751,383 shares, respectively | (418,968 | ) | (423,101 | ) | ||||
Additional paid-in capital | 310,805 | 309,990 | ||||||
Retained earnings | 366,534 | 342,840 | ||||||
Accumulated other comprehensive (loss) income | (47,215 | ) | 2,113 | |||||
Total shareholders’ equity attributable to Vistaprint N.V. | 211,771 | 232,457 | ||||||
Noncontrolling interest | 4,414 | — | ||||||
Total shareholders' equity | 216,185 | 232,457 | ||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 984,148 | $ | 988,985 | ||||
VISTAPRINT N.V. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Unaudited in thousands, except share and per share data) |
||||||||
Three Months Ended September 30, |
||||||||
2014 | 2013 | |||||||
Revenue | $ | 333,932 | $ | 275,089 | ||||
Cost of revenue (1) | 130,221 | 95,790 | ||||||
Technology and development expense (1) | 43,901 | 42,247 | ||||||
Marketing and selling expense (1) | 111,823 | 102,433 | ||||||
General and administrative expense (1) | 31,107 | 26,210 | ||||||
Income from operations | 16,880 | 8,409 | ||||||
Other income (expense), net | 12,114 | (4,826 | ) | |||||
Interest expense, net | (3,345 | ) | (1,577 | ) | ||||
Income before income taxes and loss in equity interests | 25,649 | 2,006 | ||||||
Income tax provision | 2,232 | 815 | ||||||
Loss in equity interests | — | 779 | ||||||
Net income | 23,417 | 412 | ||||||
Add: Net loss attributable to noncontrolling interests | 277 | — | ||||||
Net income attributable to Vistaprint N.V. | $ | 23,694 | $ | 412 | ||||
Basic net income per share attributable to Vistaprint N.V. | $ | 0.73 | $ | 0.01 | ||||
Diluted net income per share attributable to Vistaprint N.V. | $ | 0.71 | $ | 0.01 | ||||
Weighted average shares outstanding — basic | 32,386,820 | 32,659,375 | ||||||
Weighted average shares outstanding — diluted | 33,154,436 | 34,373,818 | ||||||
____________________________________________ |
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(1) Share-based compensation is allocated as follows: |
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Three Months Ended |
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2014 |
2013 |
|||||||
Cost of revenue |
$ |
31 |
$ |
66 |
||||
Technology and development expense |
927 |
2,460 |
||||||
Marketing and selling expense |
914 |
1,689 |
||||||
General and administrative expense |
3,870 |
4,170 |
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VISTAPRINT N.V. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Unaudited in thousands) |
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Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Operating activities | ||||||||
Net income | $ | 23,417 | $ | 412 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 24,459 | 15,625 | ||||||
Share-based compensation expense | 5,742 | 8,385 | ||||||
Excess tax benefits derived from share-based compensation awards | (319 | ) | (1,494 | ) | ||||
Deferred taxes | (4,157 | ) | (2,224 | ) | ||||
Loss in equity interests | — | 779 | ||||||
Unrealized (gain) loss on derivative instruments included in net income | (3,468 | ) | 4,856 | |||||
Change in fair value of contingent consideration | 3,677 | — | ||||||
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (10,112 | ) | (169 | ) | ||||
Other non-cash items | 541 | 233 | ||||||
Changes in operating assets and liabilities excluding the effect of business acquisitions: | ||||||||
Accounts receivable | (2,566 | ) | (2,818 | ) | ||||
Inventory | (497 | ) | 124 | |||||
Prepaid expenses and other assets | 16,787 | (4,108 | ) | |||||
Accounts payable | 6,452 | (2,835 | ) | |||||
Accrued expenses and other liabilities | (7,336 | ) | (16,889 | ) | ||||
Net cash provided by (used in) operating activities | 52,620 | (123 | ) | |||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (16,684 | ) | (17,577 | ) | ||||
Business acquisitions, net of cash acquired | (25,907 | ) | — | |||||
Proceeds from sale of intangible assets | — | 137 | ||||||
Purchases of intangible assets | (85 | ) | (75 | ) | ||||
Capitalization of software and website development costs | (3,539 | ) | (1,814 | ) | ||||
Investment in equity interests | — | (100 | ) | |||||
Net cash used in investing activities | (46,215 | ) | (19,429 | ) | ||||
Financing activities | ||||||||
Proceeds from borrowings of debt | 100,000 | 43,500 | ||||||
Payments of debt and debt issuance costs | (103,012 | ) | (12,637 | ) | ||||
Payments of withholding taxes in connection with share awards | (1,511 | ) | (2,662 | ) | ||||
Payment of capital lease obligations | (1,261 | ) | — | |||||
Excess tax benefits derived from share-based compensation awards | 319 | 1,494 | ||||||
Proceeds from issuance of ordinary shares | 845 | 3,496 | ||||||
Net cash (used in) provided by financing activities | (4,620 | ) | 33,191 | |||||
Effect of exchange rate changes on cash | (3,372 | ) | 947 | |||||
Net increase (decrease) in cash and cash equivalents | (1,587 | ) | 14,586 | |||||
Cash and cash equivalents at beginning of period | 62,508 | 50,065 | ||||||
Cash and cash equivalents at end of period | $ | 60,921 | $ | 64,651 | ||||
VISTAPRINT N.V. |
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RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES |
||||||||||
(Unaudited in thousands, except share and per share data) |
||||||||||
Three Months Ended September 30, | ||||||||||
2014 | 2013 | |||||||||
Non-GAAP adjusted net income reconciliation: | ||||||||||
Net income attributable to Vistaprint N.V. | $ | 23,694 | $ | 412 | ||||||
Add back: | ||||||||||
Share-based compensation expense, inclusive of income tax effects | 5,769 | (a) | 8,576 | (b) | ||||||
Amortization of acquisition-related intangible assets | 6,539 | 2,200 | ||||||||
Tax cost of transfer of intellectual property | 546 | 63 | ||||||||
Change in fair value of contingent consideration | 3,677 | — | ||||||||
Changes in unrealized (gain) loss on currency forward contracts included in net income | (3,468 | ) | 4,856 | |||||||
Unrealized currency transaction (gain) loss on intercompany loans, inclusive of income tax effects | (7,986 | ) | — | |||||||
Non-GAAP adjusted net income | $ | 28,771 | $ | 16,107 | ||||||
Non-GAAP adjusted net income per diluted share reconciliation: | ||||||||||
Net income per diluted share | $ | 0.71 | $ | 0.01 | ||||||
Add back: | ||||||||||
Share-based compensation expense, inclusive of income tax effects | 0.17 | 0.25 | ||||||||
Amortization of acquisition-related intangible assets | 0.19 | 0.06 | ||||||||
Tax cost of transfer of intellectual property | 0.02 | — | ||||||||
Change in fair value of contingent consideration | 0.10 | — | ||||||||
Changes in unrealized (gain) loss on currency forward contracts included in net income | (0.10 | ) | 0.14 | |||||||
Unrealized currency transaction (gain) loss on intercompany loan, inclusive of income tax effects | (0.23 | ) | — | |||||||
Non-GAAP adjusted net income per diluted share | $ | 0.86 | $ | 0.46 | ||||||
Non-GAAP adjusted weighted average shares reconciliation: | ||||||||||
GAAP weighted average shares outstanding - diluted | 33,154,436 | 34,373,818 | ||||||||
Add: | ||||||||||
Additional shares due to unamortized share-based compensation | 451,312 | 631,648 | ||||||||
Non-GAAP adjusted weighted average shares outstanding - diluted | 33,605,748 | 35,005,466 |
(a) Includes share-based compensation charges of
(b) 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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|
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Three Months Ended September 30, | ||||||||
2014 | 2013 | |||||||
Free cash flow reconciliation: | ||||||||
Net cash provided by (used in) operating activities | $ | 52,620 | $ | (123 | ) | |||
Purchases of property, plant and equipment | (16,684 | ) | (17,577 | ) | ||||
Purchases of intangible assets not related to acquisitions | (85 | ) | (75 | ) | ||||
Capitalization of software and website development costs | (3,539 | ) | (1,814 | ) | ||||
Free cash flow | $ | 32,312 | $ | (19,589 | ) |
GAAP Revenue |
Constant - |
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Three Months Ended |
Currency |
Constant- |
Impact of |
|||||||||||||||
2014 | 2013 | % Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Revenue |
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Revenue growth reconciliation by region: | ||||||||||||||||||
North America | $ | 177,742 | $ | 164,774 | 8% | —% | 8% | —% | 8% | |||||||||
Europe | 138,369 | 94,704 | 46% | (1)% | 45% | (44)% | 1% | |||||||||||
Asia Pacific | 17,821 | 15,611 | 14% | (1)% | 13% | —% | 13% | |||||||||||
Total revenue | $ | 333,932 | $ | 275,089 | 21% | —% | 21% | (15)% | 6% | |||||||||
GAAP Revenue |
Constant- |
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Three months ended |
Currency |
Constant- |
Impact of |
|||||||||||||||
2014 | 2013 |
% Change |
(Favorable)/ |
Revenue |
(Favorable)/ |
Excluding |
||||||||||||
Revenue growth reconciliation by reportable segment: | ||||||||||||||||||
Vistaprint Business Unit | $ | 271,685 | $ | 255,780 | 6% | —% | 6% | —% | 6% | |||||||||
All Other Business Units | 62,247 | 19,309 | 222% | 2% | 224% | (218)% | 6% | |||||||||||
Total revenue | $ | 333,932 | $ | 275,089 | 21% | —% | 21% | (15)% | 6% | |||||||||
VISTAPRINT N.V. | ||||||||||||||||||||
Supplemental Financial Information and Operating Metrics | ||||||||||||||||||||
Q1 FY2014 | Q2 FY2014 | Q3 FY2014 | Q4 FY2014 | FY2014 | Q1 FY2015 | |||||||||||||||
1 | New Customer Orders (millions) - excludes acquisitions made since Q4 FY 2014 | 2.2 | 2.9 | 2.4 | 2.2 | 9.7 | 2.1 | |||||||||||||
y/y growth | -4% | -12% | -8% | 0% | -8% | -5% | ||||||||||||||
2 | Total Order Volume (millions) - excludes acquisitions made since Q4 2014 | 7.1 | 9.1 | 7.3 | 7.0 | 30.5 | 6.8 | |||||||||||||
y/y growth | 0% | -7% | -6% | -1% | -4% | -4% | ||||||||||||||
3 | Average Order Value - excludes acquisitions made since Q4 2014 ($USD) | $ | 39.40 | $ | 40.92 | $ | 40.14 | $ | 42.50 | $ | 40.74 | $ | 43.32 | |||||||
y/y growth | 10% | 15% | 7% | 9% | 10% | 10% | ||||||||||||||
4 | TTM Unique Active Customer Count - excludes acquisitions made since Q4 2014 (millions) | 17.1 | 16.9 | 16.8 | 16.7 | 16.7 | ||||||||||||||
y/y growth | 8% | 2% | -1% | -2% | -2% | |||||||||||||||
TTM new customer count (millions) | 10.4 | 10.0 | 9.8 | 9.7 | 9.6 | |||||||||||||||
TTM repeat customer count (millions) | 6.7 | 6.9 | 7.0 | 7.0 | 7.1 | |||||||||||||||
5 | TTM Average Bookings per Unique Active Customer - excludes acquisitions made since Q4 2014 | $ | 70 | $ | 72 | $ | 73 | $ | 74 | $ | 75 | |||||||||
y/y growth | 4% | 7% | 7% | 7% | 7% | |||||||||||||||
TTM average bookings per new customer (approx.) | $ | 52 | $ | 53 | $ | 53 | $ | 54 | $ | 55 | ||||||||||
TTM average bookings per repeat customer (approx.) | $ | 98 | $ | 100 | $ | 101 | $ | 102 | $ | 103 | ||||||||||
6 | Advertising & Commissions Expense - excluding acquisitions made since Q4 2014 (millions) | $ | 63.1 | $ | 81.6 | $ | 65.9 | 55.7 | $ | 266.4 | $ | 62.2 | ||||||||
as % of revenue | 22.9% | 22.0% | 23.0% | 18.9% | 21.7% | 21.3% | ||||||||||||||
7 | Advertising & Commissions Expense - Consolidated (millions) | $ | 63.1 | $ | 81.6 | $ | 65.9 | $ | 57.1 | $ | 267.7 | $ | 63.9 | |||||||
as % of revenue | 22.9% | 22.0% | 23.0% | 16.9% | 21.1% | 19.1% | ||||||||||||||
Revenue - Consolidated as Reported ($ millions) | $ | 275.1 | $ | 370.8 | $ | 286.2 | $ | 338.2 | $ | 1,270.2 | $ | 333.9 | ||||||||
y/y growth | 9% | 6% | -1% | 21% | 9% | 21% | ||||||||||||||
y/y growth in constant currency | 9% | 6% | -1% | 19% | 8% | 21% | ||||||||||||||
North America ($ millions) | $ | 164.8 | $ | 189.4 | $ | 166.1 | $ | 179.9 | $ | 700.2 | $ | 177.7 | ||||||||
y/y growth | 14% | 13% | 2% | 6% | 9% | 8% | ||||||||||||||
y/y growth in constant currency | 15% | 14% | 3% | 7% | 9% | 8% | ||||||||||||||
as % of revenue | 60% | 51% | 58% | 53% | 55% | 53% | ||||||||||||||
Europe ($ millions) | $ | 94.7 | $ | 161.0 | $ | 104.2 | $ | 142.2 | $ | 502.1 | $ | 138.4 | ||||||||
y/y growth | 6% | 1% | -4% | 50% | 11% | 46% | ||||||||||||||
y/y growth in constant currency | 2% | -2% | -7% | 43% | 7% | 45% | ||||||||||||||
as % of revenue | 34% | 43% | 36% | 42% | 40% | 42% | ||||||||||||||
Asia Pacific ($ millions) | $ | 15.6 | $ | 20.3 | $ | 15.9 | $ | 16.1 | $ | 67.9 | $ | 17.8 | ||||||||
y/y growth | -11% | -5% | -3% | 3% | -4% | 14% | ||||||||||||||
y/y growth in constant currency | 2% | 6% | 10% | 8% | 6% | 13% | ||||||||||||||
as % of revenue | 6% | 6% | 6% | 5% | 5% | 5% | ||||||||||||||
8 | Physical printed products and other ($ millions) | $ | 254.3 | $ | 350.5 | 266.4 | $ | 318.7 | $ | 1,189.9 | $ | 315.1 | ||||||||
Digital products/services ($ millions) | $ | 20.8 | $ | 20.3 | 19.7 | $ | 19.5 | $ | 80.3 | $ | 18.8 | |||||||||
Headcount at end of period | 4,198 | 4,642 | 4,494 | 5,127 | 5,336 | |||||||||||||||
Full-time employees | 4,055 | 4,217 | 4,370 | 4,901 | 5,040 | |||||||||||||||
Temporary employees | 143 | 425 | 124 | 226 | 296 | |||||||||||||||
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, 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
2
Total order volume in period, excluding
3 Total bookings,
including shipping and processing, divided by total orders, excluding
4
Number of individual customers who purchased from us in a given period,
with no regard to frequency of purchase, excluding
5 Total bookings
for a trailing twelve month period, including shipping and processing,
divided by number of unique customers in the same period, excluding
6
External advertising and commissions expense, excluding
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