UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
Form 8-K
| CURRENT REPORT | |||||
| Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||
| Date of Report (Date of earliest event reported): | |||||
(Exact Name of Registrant as Specified in Its Charter)
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| (Address of Principal Executive Offices) | |||||
Registrant’s telephone number, including area code: +353 42 938 8500
not applicable
(Former Name or Former Address, if Changed Since Last Report)
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| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | ||||||||||||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||||||||
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Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||||||||||||||
| Global Select Market | |||||||||||||||||
Item 2.02. Results of Operations and Financial Condition
On July 26, 2023, Cimpress plc posted on its web site its Q4 & Fiscal Year 2023 Quarterly Earnings Document announcing and discussing its financial results for the fiscal quarter and year ended June 30, 2023. The full text of the earnings document is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02 and the exhibit to this report are not "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor are they incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit | ||||||||
| No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File, formatted in iXBRL | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| July 26, 2023 | Cimpress plc | ||||
| By: | /s/ Sean E. Quinn | |||||||
| Sean E. Quinn | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
LETTER FROM ROBERT JULY 26, 2023 Dear Investor, Cimpress closed FY2023 with a strong fourth quarter, in which consolidated revenue grew 9% on both reported and organic constant-currency bases. Full year revenue grew 7% on a reported basis and 11% on an organic constant- currency basis. As discussed further below, operating income and adjusted EBITDA grew significantly compared to the same quarter last year. The strong Q4 financial results exceeded our expectations thanks to strong performance by Vista and our Upload & Print businesses. We maintain strong momentum as we move into FY2024, a year in which we expect our financial trajectory to continue in a favorable direction. The tables below show the year-over-year change in quarterly and full year revenue and gross profit by reportable segment. Change Q4 FY2023 versus Q4 FY2022 Revenue Gross Profit Segment: Reported Organic Constant Currency Reported Constant Currency Vista 11% 12% 11% 11% PrintBrothers 9% 7% 13% 9% The Print Group 4% 2% 19% 17% National Pen 10% 10% 7% 11% All Other Businesses 2% 2% (1)% (1)% Total 9% 9% 11% 11% Change FY2023 versus FY2022 Revenue Gross Profit Segment: Reported Organic Constant Currency Reported Constant Currency Vista 7% 9% 1% 3% PrintBrothers 10% 17% 10% 17% The Print Group 5% 13% 6% 14% National Pen 7% 12% 6% 13% All Other Businesses 4% 4% —% —% Total 7% 11% 3% 7% Operating income in Q4 and FY2023 improved $81.1 million and $10.0 million year over year, respectively, to $53.9 million and $57.3 million. Adjusted EBITDA grew $76.2 million year over year in Q4 to $113.9 million, and full-year FY2023 adjusted EBITDA was $339.8 million, up $58.8 million from FY2022. To put this in perspective, in the last two quarters our consolidated trailing-twelve-month adjusted EBITDA increased $111.7 million, yet this increase only includes one full fiscal quarter of benefit from the $100 million of recurring annualized cost reductions we have implemented. Q4 year-over-year savings from the cost reductions we announced in March were approximately $22 million. Please see non-GAAP reconciliations at the end of this document. Page 2 of 31
Segment Commentary We have streamlined this quarterly earnings document by moving our commentary about segment-level financial performance into this introductory letter while still providing, in the subsequent sections, the same data and charts that we have traditionally provided. Vista Q4 revenue growth was strong, driven by the continuation of both year-over-year pricing increases and new customer growth; constant-currency revenue growth was well balanced across geographic regions and core product categories. Segment profitability expanded year over year by $65.7 million in Q4 FY2023, also in a balanced manner: $21.9 million of gross profit growth, $20.5 million of reduced advertising, and reductions in other operating expenses of approximately $23.3 million. The comparison to last year is striking and illustrates Vista's improved pricing, reduced cost base, increased focus of investments, and the shift of development resources from technology migration to activities such as user experience improvements, experimentation and new product introduction. Our Upload & Print businesses (PrintBrothers and The Print Group) delivered strong results in Q4 FY2023. Revenue growth in Q4 slowed as expected as these businesses lapped prior-year price increases and the extremely strong revenue growth in the year-ago period. These combined businesses expanded their profitability in Q4 FY2023 with improving input costs and other efficiencies, which is particularly evident in the gross profit growth of The Print Group segment. Currency movements reduced combined Upload & Print EBITDA by $7.7 million for the full year. National Pen also delivered good results in Q4 FY2023, benefiting from its continued shift toward faster-growing e- commerce sales and continued product category expansion. National Pen completed the relocation of its European production from Ireland to the Czech Republic in June, meaning it continued to have some duplicative costs through the end of FY2023. Currency movements reduced National Pen segment EBITDA by $8.1 million for the full year. All Other Businesses revenue grew modestly in Q4 FY2023. Segment EBITDA expanded as the result of realized savings from our decision earlier in FY2023 to discontinue our loss-making operations in China. Q4 profitability was also helped by reduced input costs year over year, offset by an increase in advertising spend in BuildASign. Central and Corporate Costs decreased year over year in Q4 FY2023 as a result of savings from our recent cost reductions. Cash Flow and Liquidity Operating cash flow and adjusted free cash flow for the quarter decreased year over year by $26.0 million and $28.6 million, respectively. These cash flow measures decreased despite significantly higher adjusted EBITDA due to an abnormally strong working capital inflow in the prior year and $22.3 million of restructuring payments in the current quarter connected to cost reductions. We maintained ample liquidity of $173.4 million in cash and marketable securities at June 30, 2023, after purchasing $51.7 million notional value of our 7% senior notes for $45.0 million during the fourth quarter as previously disclosed in June. Net leverage of 3.90 times trailing-twelve-month EBITDA as defined by our credit agreement was lower sequentially and down from a high of 5.52 times trailing-twelve month EBITDA two quarters ago. This rapid reduction in leverage demonstrates the strong underlying profitability and cash flow characteristics of our business model. Outlook We provided detailed quarterly guidance in March and April 2023 to help investors understand the significant profitability expansion we expected and subsequently exceeded. For FY2024 we are providing annual guidance only. We expect consolidated FY2024 reported revenue growth (assuming recent currency rates) of at least 8%, and organic constant-currency revenue growth of at least 6%, lower than the growth in FY2023 since we have passed the anniversary of nearly all pricing increases designed to offset input cost inflation. We expect FY2024 operating income of at least $205 million, and adjusted EBITDA of at least $420 million. Consistent with our prior guidance, we expect conversion of adjusted EBITDA to adjusted free cash flow of approximately 40%. Please see non-GAAP reconciliations at the end of this document. Page 3 of 31
As noted above, we expect our recent cost reductions to deliver $100 million of recurring annualized benefit to adjusted EBITDA. They have already delivered about $24 million of benefit in FY2023, leaving an incremental $76 million of year-over-year savings expected in FY2024. Our guidance for materially improved profitability assumes continued long-term growth investments to enhance the value we deliver to customers and our competitive advantages. We expect the combination of our cost reductions and continued investment will allow us to not only sustain our market share but also enhance our long-term prospects combined with sharper focus and simplification of operational objectives. We continue to expect that currency movements will negatively impact our adjusted EBITDA by approximately $20 million in FY2024 compared to FY2023, based on the visibility we have to our contracted rates on currency hedges and options compared to recent spot rates. We expect that capital expenditures will continue to be at or below 2% of revenue, that capitalized software expense in FY2024 will be flat or slightly lower than in FY2023 due to the impact of our cost reductions, that cash taxes will be approximately $10 million higher than in FY2023, and that our net cash interest expense will be approximately $115 million. We also expect the remaining cash restructuring payments from recent cost reductions will be approximately $8 million in FY2024. Based on these expectations for FY2024, we now expect we will reduce our net leverage as defined by our credit agreement to below 3.25x by the end of FY2024, which is an improvement from the "below 3.5x" guidance previously provided. Conclusion The financial results and outlook in this document further illustrate that Cimpress has positioned itself for sustained profitable growth in FY2024 and beyond. Our path to get there took a couple of twists and turns as a result of difficult but necessary investments to transform our Vista business, the global pandemic, and inflationary pressure on our cost base. I remain grateful for your support as we strive to enhance the value we deliver to our customers and long-term investors. As we do each year, today we also published our annual letter to investors that evaluates our progress toward our uppermost financial objective of maximizing intrinsic value per share, context on how we manage Cimpress, an assessment of prior capital allocation, and estimates of our steady-state free cash flow. Sean and I look forward to taking your questions about our financial results on our public earnings call tomorrow, July 27, 2023 at 8:00 am ET, which you can join using the link on the events section of ir.cimpress.com. You may pre-submit questions by emailing ir@cimpress.com, and you may also ask questions via chat during the live call. Sincerely, Robert S. Keane Founder, Chairman & CEO Please see non-GAAP reconciliations at the end of this document. Page 4 of 31
SUMMARY CONSOLIDATED RESULTS: THREE-YEAR TREND $ in thousands, except percentages REVENUE BY REPORTABLE SEGMENT, TOTAL REVENUE AND INCOME FROM OPERATIONS: Q4 FY2021 Q4 FY2022 Q4 FY2023 FY2021 FY2022 FY2023 Vista $ 345,923 $ 368,099 $ 410,140 $ 1,428,255 $ 1,514,909 $ 1,613,887 PrintBrothers 105,851 143,941 157,565 421,766 526,952 578,431 The Print Group 72,948 91,279 95,286 275,534 329,590 346,949 National Pen 68,967 75,608 82,894 313,528 341,832 366,294 All Other Businesses 49,133 51,786 52,593 192,038 205,862 213,455 Inter-segment eliminations (7,627) (7,885) (9,632) (55,160) (31,590) (39,389) Total revenue $ 635,195 $ 722,828 $ 788,846 $ 2,575,961 $ 2,887,555 $ 3,079,627 Reported revenue growth 48 % 14 % 9 % 4 % 12 % 7 % Organic constant currency revenue growth 38 % 19 % 9 % (1) % 13 % 11 % Income from operations $ 9,027 $ (27,185) $ 53,895 $ 123,510 $ 47,298 $ 57,309 Income from operations margin 1 % (4) % 7 % 5 % 2 % 2 % EBITDA (LOSS) BY REPORTABLE SEGMENT ("SEGMENT EBITDA") AND ADJUSTED EBITDA: Q4 FY2021 Q4 FY2022 Q4 FY2023 FY2021 FY2022 FY2023 Vista $ 56,024 $ 12,101 $ 77,795 $ 318,684 $ 195,321 $ 224,081 PrintBrothers 9,412 19,494 20,480 43,144 66,774 70,866 The Print Group 11,899 15,994 20,599 43,126 58,664 60,089 National Pen 6,911 4,192 3,564 11,644 26,845 23,714 All Other Businesses 5,926 6,028 8,595 31,707 23,227 25,215 Total segment EBITDA $ 90,172 $ 57,809 $ 131,033 $ 448,305 $ 370,831 $ 403,965 Central and corporate costs (33,708) (37,027) (31,919) (122,749) (137,115) (141,407) Unallocated share-based compensation (3,672) (1,991) 1,207 (6,618) (6,843) 7,868 Exclude: share-based compensation expense1 13,963 13,551 10,418 37,034 49,766 39,682 Include: Realized gains (losses) on certain currency derivatives not included in segment EBITDA (4,557) 5,411 3,171 (6,854) 4,424 29,724 Adjusted EBITDA $ 62,198 $ 37,753 $ 113,910 $ 349,118 $ 281,063 $ 339,832 Adjusted EBITDA margin 10 % 5 % 14 % 14 % 10 % 11 % Adjusted EBITDA year-over-year (decline) growth (3) % (39) % 202 % (13) % (19) % 21 % 1 SBC expense listed above excludes the portion included in restructuring-related charges to avoid double counting. Please see non-GAAP reconciliations at the end of this document. Page 5 of 31
SUMMARY CONSOLIDATED RESULTS: THREE-YEAR TREND (CONTINUED) $ in thousands, except where noted CASH FLOW AND OTHER METRICS: Q4 FY2021 Q4 FY2022 Q4 FY2023 FY2021 FY2022 FY2023 Net cash provided by (used in) operating activities $ 46,273 $ 87,820 $ 61,815 $ 265,221 $ 219,536 $ 130,289 Net cash provided by (used in) investing activities (253,169) 44,630 4,626 (354,316) (3,997) (103,725) Net cash provided by (used in) financing activities 354,313 (7,826) (51,340) 224,128 (106,572) (177,106) Adjusted free cash flow 14,869 60,500 31,923 165,760 100,199 18,730 Cash interest, net1 50,174 33,561 39,713 115,137 94,869 102,501 1 Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities. Prior to the third quarter of FY2023, we showed only the cash interest payments related to our borrowing activity in this chart in our earnings materials. We have recast all periods in the chart above to include the netting interest received and will report this way in future periods. COMPONENTS OF ADJUSTED FREE CASH FLOW: Q4 FY2021 Q4 FY2022 Q4 FY2023 FY2021 FY2022 FY2023 Adjusted EBITDA $ 62,198 $ 37,753 $ 113,910 $ 349,118 $ 281,063 $ 339,832 Cash restructuring payments (2,460) (21) (22,288) (6,565) (265) (37,147) Cash taxes (14,814) (9,400) (7,690) (27,870) (32,987) (31,184) Other changes in net working capital and other reconciling items 51,523 93,049 17,596 65,675 66,594 (38,711) Purchases of property, plant and equipment (15,788) (11,898) (16,286) (38,524) (54,040) (53,772) Capitalization of software and website development costs (15,616) (15,422) (13,606) (60,937) (65,297) (57,787) Adjusted free cash flow before cash interest, net $ 65,043 $ 94,061 $ 71,636 $ 280,897 $ 195,068 $ 121,231 Cash interest, net1 (50,174) (33,561) (39,713) (115,137) (94,869) (102,501) Adjusted free cash flow $ 14,869 $ 60,500 $ 31,923 $ 165,760 $ 100,199 $ 18,730 1 Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities. Prior to the third quarter of FY2023, we showed only the cash interest payments related to our borrowing activity in this chart in our earnings materials. We have recast all periods in the chart above to include the netting interest received and will report this way in future periods. Please see non-GAAP reconciliations at the end of this document. Page 6 of 31
INCOME STATEMENT HIGHLIGHTS Revenue & Reported Revenue Growth (Decline) $635 $658 $850 $657 $723 $703 $845 $742 $789 48% 12% 9% 15% 14% 7% (1)% 13% 9% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross Profit ($M) & Gross Margin (%) $311 $319 $426 $310 $340 $326 $390 $347 $376 49.0% 48.5% 50.1% 47.1% 47.1% 46.3% 46.1% 46.8% 47.7% Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2FY23 Q3FY23 Q4FY23 GAAP Operating Income (Loss) ($M) & Margin (%) (Quarterly) $9 $17 $86 ($28) ($27) ($18) $34 ($12) $54 1% 3% 10% (4)% (4)% (3)% 4% (2)% 7% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Adjusted EBITDA ($M) & Margin (%) (Quarterly) $62 $68 $142 $34 $38 $46 $111 $69 $114 10% 10% 17% 5% 5% 7% 13% 9% 14% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Organic Constant-Currency Revenue Growth 38% 9% 9% 17% 19% 14% 5% 16% 9% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Contribution Profit ($M) & Contribution Margin (%) $212 $219 $299 $201 $215 $204 $259 $236 $267 33.4% 33.2% 35.2% 30.6% 29.7% 29.0% 30.6% 31.8% 33.8% Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2FY23 Q3FY23 Q4FY23 GAAP Operating Income (Loss) ($M) & Margin (%) (TTM) $124 $104 $96 $84 $47 $12 ($40) ($24) $57 5% 4% 4% 3% 2% —% (1)% (1)% 2% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Adjusted EBITDA ($M) & Margin (%) (TTM) $349 $328 $327 $306 $281 $259 $228 $264 $340 14% 12% 12% 11% 10% 9% 8% 9% 11% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 7 of 31
CASH FLOW Cash Flow from Operations ($M) (Quarterly) $46 $37 $143 ($48) $88 $(25) $81 $13 $62 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Adjusted Free Cash Flow & Cash Interest, Net ($M) (Quarterly) $15 $12 $109 ($82) $61 ($52) $52 ($13) $32 $50 $14 $35 $13 $34 $13 $33 $17 $40 FCF Cash interest, net Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Capital Expenditures & Capitalization of Software & Website Development Costs ($M) (Quarterly) $16 $9 $18 $16 $12 $12 $15 $11 $16 $16 $16 $16 $18 $15 $15 $14 $15 $14 $32 $25 $34 $34 $27 $27 $29 $26 $30 Capital expenditures Capitalized software Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Cash Flow from Operations ($M) (TTM) $265 $196 $189 $178 $220 $158 $96 $156 $130 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Adjusted Free Cash Flow & Cash Interest, Net ($M) (TTM) $166 $96 $74 $55 $100 $36 $(21) $47 $19 $115 $120 $106 $111 $95 $94 $92 $96 $103 FCF Cash interest, net Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Capital Expenditures & Capitalization of Software & Website Development Costs ($M) (TTM) $39 $39 $48 $58 $54 $57 $54 $49 $54 $61 $62 $67 $65 $65 $65 $62 $60 $58 $100 $101 $115 $123 $119 $122 $116 $109 $112 Capital expenditures Capitalized software Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 8 of 31
CAPITAL STRUCTURE Net Debt (1) ($M) Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Cash / equivalents $ 183 $ 193 $ 231 $ 162 $ 277 $ 132 $ 111 $ 115 $ 130 Marketable securities $203 $192 $175 $108 $50 $124 $102 $75 $43 HY notes ($600) ($600) ($600) ($600) ($600) ($600) ($600) ($600) ($548) Term loans ($1,152) ($1,140) ($1,129) ($1,121) ($1,097) ($1,076) ($1,100) ($1,103) ($1,099) Revolver $— $— $— $— $— $— $— $— $— Other debt ($13) ($11) ($10) ($9) ($8) ($7) ($7) ($8) ($7) Net debt ($1,379) ($1,366) ($1,333) ($1,461) ($1,378) ($1,427) ($1,494) ($1,520) ($1,481) (1) Excludes debt issuance costs, debt premiums and discounts. Values may not sum to total due to rounding. Weighted Average Shares Outstanding (Millions) (2) 26.0 26.1 26.1 26.1 26.1 26.2 26.2 26.3 26.3 26.0 26.1 26.4 26.1 26.1 26.2 26.2 26.3 26.6 Basic Diluted Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 (2) Basic and diluted shares are the same in certain periods where we reported a GAAP net loss. Consolidated Net Leverage Ratios (3) 3.72 3.87 3.85 4.44 4.23 4.82 5.52 4.83 3.90 2.16 2.23 2.15 2.65 2.42 2.82 3.34 2.97 2.49 Consolidated net leverage Senior secured net leverage Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 (3) Consolidated Net Leverage Ratios as calculated per our credit agreement definitions. Please see non-GAAP reconciliations at the end of this document. Page 9 of 31
SEGMENT RESULTS VISTA (QUARTERLY) Revenue ($M) & Reported Revenue Growth Quarterly $346 $349 $448 $349 $368 $369 $438 $397 $410 42% 6% 4% 8% 6% 6% (2)% 14% 11% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross Profit ($M) & Gross Margin (%) Quarterly $202 $202 $262 $193 $208 $199 $229 $219 $230 58% 58% 58% 55% 56% 54% 52% 55% 56% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Segment EBITDA ($M) & Segment EBITDA Margin (%) Quarterly $56 $67 $91 $26 $12 $31 $55 $60 $78 16% 19% 20% 7% 3% 8% 13% 15% 19% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Organic Constant-Currency Revenue Growth Quarterly 32% 2% 3% 8% 8% 8% 2% 16% 12% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Advertising ($M) & as % of Revenue Quarterly $60 $48 $73 $62 $81 $68 $77 $57 $60 $46 $45 $69 $51 $64 $49 $57 $47 $42 $14 $3 $4 $10 $17 $19 $20 $10 $18 17% 14% 16% 18% 22% 18% 18% 15% 15% Lower-funnel ($M) Mid- & upper-funnel ($M) Total as % of revenue Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 10 of 31
VISTA (ANNUAL) Revenue ($M) & Reported Revenue Growth Annual $1,499 $1,508 $1,337 $1,428 $1,515 $1,614 11% 1% (11)% 7% 6% 7% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Gross Profit ($M) & Gross Margin (%) Annual $898 $879 $802 $834 $865 $876 60% 58% 60% 58% 57% 54% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Segment EBITDA ($M) & Segment EBITDA Margin (%) Annual $310 $350 $363 $319 $195 $224 21% 23% 27% 22% 13% 14% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Organic Constant-Currency Revenue Growth Annual 9% 3% (10)% 1% 5% 9% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Advertising ($M) & as % of Revenue Annual $322 $282 $177 $206 $264 $262$322 $282 $177 $180 $229 $195 $26 $34 $67 22% 19% 13% 14% 17% 16% Lower-funnel ($M) [Total pre-2021] Mid- & upper-funnel ($M) Total as % of revenue FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Please see non-GAAP reconciliations at the end of this document. Page 11 of 31
UPLOAD AND PRINT PRINTBROTHERS (QUARTERLY): Revenue ($M) & Reported Revenue Growth Quarterly $106 $125 $138 $120 $144 $133 $149 $140 $158 46% 25% 13% 28% 36% 6% 8% 16% 9% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Organic Constant-Currency Revenue Growth Quarterly 34% 24% 18% 36% 52% 22% 18% 22% 7% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross Profit ($M) & Gross Margin (%) Quarterly $25 $33 $36 $31 $38 $34 $40 $36 $42 24% 27% 26% 26% 26% 25% 27% 26% 27% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Segment EBITDA ($M) & Segment EBITDA Margin (%) Quarterly $9 $16 $19 $12 $19 $15 $20 $16 $20 9% 13% 14% 10% 14% 11% 13% 11% 13% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 THE PRINT GROUP (QUARTERLY): Revenue ($M) & Reported Revenue Growth Quarterly $73 $73 $90 $75 $91 $77 $89 $86 $95 56% 10% 18% 26% 25% 6% 13% 4% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 0 100 Organic Constant-Currency Revenue Growth Quarterly 43% 8% 23% 35% 42% 24% 11% 19% 2% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross Profit ($M) & Gross Margin (%) Quarterly $27 $26 $33 $25 $32 $25 $30 $31 $38 37% 36% 36% 33% 35% 32% 33% 36% 40% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Segment EBITDA ($M) & Segment EBITDA Margin (%) Quarterly $12 $14 $16 $12 $16 $12 $14 $14 $21 16% 20% 18% 16% 18% 16% 15% 16% 22% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 12 of 31
PRINTBROTHERS (ANNUAL): Revenue ($M) & Revenue Growth Annual $411 $444 $418 $422 $527 $578 29% 8% (6)% 1% 25% 10% 18% 13% (5)% (7)% 32% 17% Reported Revenue ($M) Reported Revenue Growth Organic Constant Currency Revenue Growth FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Gross Profit ($M) & Margin Annual $99 $108 $101 $104 $138 $152 24% 24% 24% 25% 26% 26% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Segment EBITDA ($M) & Segment EBITDA Margin Annual $41 $43 $39 $43 $67 $71 10% 10% 9% 10% 13% 12% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 THE PRINT GROUP (ANNUAL): Revenue ($M) & Revenue Growth Annual $320 $326 $275 $276 $330 $347 19% 2% (16)% —% 20% 5%9% 6% (13)% (7)% 27% 13% Reported Revenue ($M) Reported Revenue Growth Organic Constant Currency Revenue Growth FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Gross Profit ($M) & Gross Margin Annual $112 $111 $90 $93 $116 $123 35% 34% 33% 34% 35% 36% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Segment EBITDA ($M) & Segment EBITDA Margin Annual $64 $64 $52 $43 $59 $60 20% 20% 19% 16% 18% 17% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Please see non-GAAP reconciliations at the end of this document. Page 13 of 31
NATIONAL PEN (QUARTERLY) Revenue ($M) & Reported Revenue Growth Quarterly $69 $69 $125 $72 $76 $82 $121 $81 $83 109% 2% 9% 16% 10% 18% (3%) 12% 10% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross Profit ($M) & Gross Margin (%) Quarterly $35 $36 $69 $38 $39 $44 $65 $41 $42 50% 52% 55% 53% 52% 54% 54% 51% 50% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Organic Constant-Currency Revenue Growth Quarterly 103% 2% 11% 19% 14% 24% 3% 15% 10% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Segment EBITDA (Loss) ($M) & Segment EBITDA (Loss) Margin (%) Quarterly $7 ($8) $32 ($1) $4 ($1) $25 ($3) $4 10% (12%) 25% (1%) 6% (2%) 21% (4%) 4% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 14 of 31
NATIONAL PEN (ANNUAL) Revenue ($M) & Reported Revenue Growth Annual $333 $348 $299 $314 $342 $366 5% (14)% 5% 9% 7% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Gross Profit ($M) & Gross Margin (%) Annual $193 $197 $159 $153 $182 $192 58% 57% 53% 49% 53% 52% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 National Pen was acquired at the end of Q2 FY2017. The charts above show results since FY2018, the first full fiscal year of ownership. Organic Constant-Currency Revenue Growth Annual 7% (13)% 2% 11% 12% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Segment EBITDA ($M) & Segment EBITDA Margin (%) Annual $29 $17 $8 $12 $27 $24 9% 5% 3% 4% 8% 6% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Please see non-GAAP reconciliations at the end of this document. Page 15 of 31
ALL OTHER BUSINESSES (QUARTERLY) Revenue ($M) & Reported Revenue Growth Quarterly $49 $48 $58 $48 $52 $52 $60 $49 $53 16% 10% 4% 10% 5% 8% 4% 1% 2% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Gross Profit ($M) & Gross Margin (%) Quarterly $24 $22 $26 $22 $25 $24 $27 $20 $24 49% 47% 46% 46% 48% 46% 45% 42% 46% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Organic Constant-Currency Revenue Growth Quarterly 13% 5% —% 5% 3% 8% 3% 1% 2% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Segment EBITDA ($M) & Segment EBITDA Margin (%) Quarterly $6 $5 $6 $6 $6 $6 $5 $5 $9 12% 10% 11% 12% 12% 12% 9% 10% 16% Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 16 of 31
ALL OTHER BUSINESSES (ANNUAL) Revenue ($M) & Reported Revenue Growth Annual $40 $136 $174 $192 $206 $213 (57%) 239% 28% 11% 7% 4% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Gross Profit ($M) & Gross Margin (%) Annual $12 $55 $80 $96 $96 $96 30% 40% 46% 50% 46% 45% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Organic Constant-Currency Revenue Growth Annual 54% 7% 4% 12% 3% 4% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Segment EBITDA (Loss) ($M) & Segment EBITDA (Loss) Margin (%) Annual ($11) ($6) $17 $32 $23 $25 (27%) (5%) 10% 17% 11% 12% FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Please see non-GAAP reconciliations at the end of this document. Page 17 of 31
CENTRAL AND CORPORATE COSTS Central and Corporate Costs ($M) Quarterly $12 $12 $11 $12 $13 $13 $13 $16 $12 $14 $16 $16 $16 $18 $17 $17 $17 $17 $7 $5 $6 $6 $7 $6 $6 $6 $3 $4 $1 $2 $2 $2 ($1) ($2) ($4) ($1) $37 $34 $35 $36 $39 $35 $34 $34 $31 Corporate Costs Central Operating Costs MCP Investment Unallocated SBC Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Central and Corporate Costs ($M) TTM $43 $44 $47 $46 $47 $48 $50 $54 $53 $54 $57 $59 $62 $66 $67 $68 $68 $68 $26 $25 $25 $25 $24 $25 $25 $24 $21$7 $7 $8 $9 $7 $5 $1 ($5) ($8) $129 $133 $139 $142 $144 $144 $143 $142 $134 Corporate Costs Central Operating Costs MCP Investment Unallocated SBC Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 18 of 31
CURRENCY IMPACTS Changes in currency rates were neutral to our year-over- year reported revenue growth in Q4 FY2023. There are many natural expense offsets in local currencies in our business, so the net currency impact to our bottom line is less pronounced than it is to revenue. We enter into currency derivative contracts to hedge the risk for certain currencies where we have a net adjusted EBITDA exposure. We do not apply hedge accounting to these hedges, which increases the volatility of the gains or losses that are included in our net income from quarter to quarter. Realized and unrealized gains or losses from these hedges are recorded in Other income (expense), net, along with other currency-related gains or losses. The realized gains or losses on our hedging contracts are added to our adjusted EBITDA to show the economic impact of our hedging activities. Our Other income (expense), net was $7.1 million in Q4 FY2023, mainly driven by: • Realized gains on certain currency hedges intended to hedge EBITDA were $3.2 million for the fourth quarter. These realized gains affect our net income, adjusted EBITDA, and adjusted free cash flow. They are not allocated to segment-level EBITDA. • Other net gains were $3.9 million in Q4, primarily related to unrealized gains on the revaluation of currency derivatives, and intercompany, cash and debt balances. These are included in our net income but excluded from our adjusted EBITDA. On the right side of this page is a table describing the directional net currency impacts when compared to the prior-year period, as well as a table describing impacts to segment EBITDA. Y/Y Impact from Currency* Financial Measure Q4 FY2023 FY2023 Revenue Positive Negative Operating income Negative Negative Net income Negative Negative Adjusted EBITDA Negative Positive Adjusted free cash flow Positive Positive *Net income includes both realized and unrealized gains or losses from currency hedges and intercompany loan balances. Adjusted EBITDA includes only realized gains or losses from certain currency hedges. Adjusted free cash flow includes realized gains or losses on currency hedges as well as the currency impact of the timing of receivables, payments and other working capital settlements. Revenue, operating income and segment EBITDA do not reflect any impacts from currency hedges or balance sheet translation. Y/Y Impact from Currency* Segment EBITDA Q4 FY2023 FY2023 Vista Neutral ($1.4)M Upload & Print $1.2M ($7.7)M National Pen ($1.6)M ($8.1)M All Other Businesses Neutral Neutral *Realized gains or losses on currency hedges that we include in adjusted EBITDA are not allocated to segment-level EBITDA. Other Income (Expense), Net ($M) ($3) $13 $13 $12 $23 $27 ($17) $1 $7 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Realized Gains (Losses) on Certain Currency Derivatives Intended to Hedge EBITDA ($M) ($5) ($4) $1 $2 $5 $7 $15 $5 $3 Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Please see non-GAAP reconciliations at the end of this document. Page 19 of 31
CIMPRESS PLC CONSOLIDATED BALANCE SHEETS (unaudited in thousands, except share and per share data) June 30, 2023 June 30, 2022 Assets Current assets: Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,313 $ 277,053 Marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,540 49,952 Accounts receivable, net of allowances of $6,630 and $6,140, respectively . . . . . . . . . . . . . . . . . 67,353 63,885 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,835 126,728 Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,986 108,697 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441,027 626,315 Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,574 286,826 Operating lease assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,776 80,694 Software and website development costs, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,315 90,474 Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,740 113,088 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 781,541 766,600 Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,196 154,730 Marketable securities, non-current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,497 — Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,193 48,945 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,854,859 $ 2,167,672 Liabilities, noncontrolling interests and shareholders’ deficit Current liabilities: Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 285,784 $ 313,710 Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,109 253,841 Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,698 58,861 Short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,713 10,386 Operating lease liabilities, current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,559 27,706 Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,469 28,035 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 645,332 692,539 Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,351 41,142 Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,627,243 1,675,562 Operating lease liabilities, non-current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,668 57,474 Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,058 64,394 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,466,652 2,531,111 Redeemable noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,893 131,483 Shareholders’ deficit: Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,315,855 and 44,083,569 shares issued; 26,344,608 and 26,112,322 shares outstanding, respectively . . 615 615 Treasury shares, at cost, 17,971,247 for both periods presented . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,363,550) (1,363,550) Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539,454 501,003 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,396 414,138 Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,060) (47,128) Total shareholders’ deficit attributable to Cimpress plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (623,145) (494,922) Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459 — Total shareholders' deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (622,686) (494,922) Total liabilities, noncontrolling interests and shareholders’ deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,854,859 $ 2,167,672 Page 20 of 31
CIMPRESS PLC CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited in thousands, except share and per share data) Three Months Ended June 30, Year Ended June 30, 2023 2022 2023 2022 Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $788,846 $722,828 $3,079,627 $2,887,555 Cost of revenue (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412,589 382,348 1,640,625 1,492,726 Technology and development expense (1) . . . . . . . . . . . . . . . . . . . . . . . 71,772 80,010 302,257 292,845 Marketing and selling expense (1, 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,658 211,310 773,970 789,241 General and administrative expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . 52,805 53,183 209,246 197,345 Amortization of acquired intangible assets . . . . . . . . . . . . . . . . . . . . . . . 10,903 12,977 46,854 54,497 Restructuring expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615 10,185 43,757 13,603 Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,609 — 5,609 — Income (loss) from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,895 (27,185) 57,309 47,298 Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,116 23,133 18,498 61,463 Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28,875) (24,126) (112,793) (99,430) Gain on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,764 — 6,764 — Income (loss) before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,900 (28,178) (30,222) 9,331 Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,524 3,693 155,493 59,901 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,376 (31,871) (185,715) (50,570) Add: Net loss (income) attributable to noncontrolling interest . . . . . . . 1,413 1,266 (263) (3,761) Net income (loss) attributable to Cimpress plc . . . . . . . . . . . . . . . . . . . . $28,789 ($30,605) ($185,978) ($54,331) Basic net income (loss) per share attributable to Cimpress plc . . . . . . $1.09 ($1.17) ($7.08) ($2.08) Diluted net income (loss) per share attributable to Cimpress plc . . . . $1.08 ($1.17) ($7.08) ($2.08) Weighted average shares outstanding — basic . . . . . . . . . . . . . . . . . . . 26,330,801 26,108,034 26,252,860 26,094,842 Weighted average shares outstanding — diluted . . . . . . . . . . . . . . . . . . 26,617,054 26,108,034 26,252,860 26,094,842 ____________________________________________ (1) Share-based compensation is allocated as follows: Three Months Ended June 30, Year Ended June 30, 2023 2022 2023 2022 Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63 $ 158 $ 474 $ 538 Technology and development expense . . . . . . . . . . . . . . . . . . . . . . . . . . 3,194 3,927 13,002 13,582 Marketing and selling expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,805 2,946 5,693 11,382 General and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,356 6,520 20,513 24,264 Restructuring expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299 — 2,440 — (2) Marketing and selling expense components are as follows: Three Months Ended June 30, Year Ended June 30, 2023 2022 2023 2022 Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95,389 $ 112,658 $ 417,886 $ 408,567 Payment processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,196 13,302 55,424 52,987 All other marketing and selling expense . . . . . . . . . . . . . . . . . . . . . . . . . 71,073 85,350 300,660 327,687 Page 21 of 31
CIMPRESS PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited in thousands) Three Months Ended June 30, Year Ended June 30, 2023 2022 2023 2022 Operating activities Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,376 $ (31,871) $ (185,715) $ (50,570) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,861 42,284 162,428 175,681 Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,609 — 5,609 — Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,717 13,551 42,122 49,766 Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,072) (3,757) 114,912 22,879 Gain on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,764) — (6,764) — Unrealized loss (gain) on derivatives not designated as hedging instruments included in net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,881 (14,769) 34,393 (40,408) Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,016) 6,384 (11,988) 537 Other non-cash items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,965) (5,500) 13,235 (13,704) Changes in operating assets and liabilities, net of effects of businesses acquired: . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 597 (355) (4,243) (18,119) Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,947 (12,125) 11,352 (44,089) Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,839 12,787 1,768 (5,989) Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,122 74,117 (28,872) 109,977 Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,317) 7,074 (17,948) 33,575 Net cash provided by operating activities 61,815 87,820 130,289 219,536 Investing activities Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,286) (11,898) (53,772) (54,040) Business acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (498) (75,258) Capitalization of software and website development costs . . . . . . . . . . . . . . . . . . . . . . . (13,606) (15,422) (57,787) (65,297) Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (84,030) — Proceeds from maturity of held-to-maturity investments . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 57,521 92,110 151,200 Proceeds from the sale of subsidiaries, net of transaction costs and cash divested . — — (4,130) — Proceeds from the sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,795 10,305 4,659 37,771 Proceeds from the settlement of derivatives designated as hedging instruments . . . . — 4,124 — 2,244 Other investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (277) — (277) (617) Net cash provided by (used in) investing activities 4,626 44,630 (103,725) (3,997) Financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Proceeds from borrowings of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 48,264 — Payments of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,363) (3,361) (61,310) (14,510) Payments for early redemption of 7% Senior Notes due 2026 . . . . . . . . . . . . . . . . . . . . (44,994) — (44,994) — Payments of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (4) (51) (1,444) Payments of purchase consideration included in acquisition-date fair value . . . . . . . . — — (7,100) (43,647) Proceeds from issuance of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327 — 327 — Payments of withholding taxes in connection with equity awards . . . . . . . . . . . . . . . . . (639) (121) (4,448) (3,219) Payments of finance lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,273) (2,413) (8,290) (37,512) Purchase of noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,841) (95,567) (2,165) Distributions to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (3,652) (3,963) Other financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (398) (86) (285) (112) Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51,340) (7,826) (177,106) (106,572) Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 (9,083) 3,802 (14,937) Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . 15,323 115,541 (146,740) 94,030 Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,990 161,512 277,053 183,023 Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,313 $ 277,053 $ 130,313 $ 277,053 Page 22 of 31
ABOUT NON-GAAP FINANCIAL MEASURES: To supplement Cimpress’ consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cimpress has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: Constant-currency revenue growth, constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the last twelve months, constant-currency gross profit growth, adjusted EBITDA, adjusted free cash flow and cash interest, net: • Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar. • Constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the past twelve months excludes the impact of currency as defined above. The organic constant-currency growth rate excludes 99designs revenue from Q2 FY2021 through Q1 FY2022, Depositphotos/VistaCreate revenue from Q2 FY2022 through Q1 FY2023, and the revenue from several small acquired businesses for the first year after acquisition. • Constant-currency gross profit growth is estimated by translating all non-U.S. dollar denominated revenue and cost of revenue generated or incurred in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar. • Adjusted EBITDA is defined as operating income plus depreciation and amortization plus share-based compensation expense plus proceeds from insurance plus earn-out related charges plus certain impairments plus restructuring related charges plus realized gains or losses on currency derivatives intended to hedge EBITDA. • Adjusted free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs, plus payment of contingent consideration in excess of acquisition-date fair value, plus gains on proceeds from insurance. • Cash interest, net is cash paid for interest, less cash received for interest. These non-GAAP financial measures are provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons they are used by management. For example, for acquisitions we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP operating income. As another example, as we do not apply hedge accounting for certain derivative contracts, we believe inclusion of realized gains and losses on these contracts that are intended to be matched against operational currency fluctuations provides further insight into our operating performance in addition to that provided by our GAAP operating income. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared 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 document. 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. Page 23 of 31
CONSTANT-CURRENCY REVENUE GROWTH RATES (Quarterly) Total Company Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Reported revenue growth 48 % 12 % 9 % 15 % 14 % 7 % (1) % 13 % 9 % Currency impact (6) % (1) % 2 % 4 % 7 % 8 % 7 % 3 % — % Revenue growth in constant currency 42 % 11 % 11 % 19 % 21 % 15 % 6 % 16 % 9 % Impact of TTM acquisitions, divestitures & JVs (4) % (2) % (2) % (2) % (2) % (1) % (1) % — % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 38 % 9 % 9 % 17 % 19 % 14 % 5 % 16 % 9 % Vista Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Reported revenue growth 42 % 6 % 4 % 8 % 6 % 6 % (2) % 14 % 11 % Currency impact (5) % (1) % 1 % 2 % 4 % 4 % 4 % 2 % 1 % Revenue growth in constant currency 37 % 5 % 5 % 10 % 10 % 10 % 2 % 16 % 12 % Impact of TTM acquisitions, divestitures & JVs (5) % (3) % (2) % (2) % (2) % (2) % — % — % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 32 % 2 % 3 % 8 % 8 % 8 % 2 % 16 % 12 % PrintBrothers Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Reported revenue growth 46 % 25 % 13 % 28 % 36 % 6 % 8 % 16 % 9 % Currency impact (12) % (1) % 5 % 9 % 18 % 17 % 12 % 5 % (2) % Revenue growth in constant currency 34 % 24 % 18 % 37 % 54 % 23 % 20 % 21 % 7 % Impact of TTM acquisitions — % — % — % (1) % (2) % (1) % (2) % 1 % — % Revenue growth in constant currency excl. TTM acquisitions 34 % 24 % 18 % 36 % 52 % 22 % 18 % 22 % 7 % The Print Group Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Reported revenue growth 56 % 10 % 18 % 26 % 25 % 6 % (1) % 13 % 4 % Currency impact (13) % (2) % 5 % 9 % 17 % 18 % 12 % 6 % (2) % Revenue growth in constant currency 43 % 8 % 23 % 35 % 42 % 24 % 11 % 19 % 2 % National Pen Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Reported revenue growth 109 % 2 % 9 % 16 % 10 % 18 % (3) % 12 % 10 % Currency impact (6) % — % 2 % 3 % 4 % 6 % 6 % 3 % — % Revenue growth in constant currency 103 % 2 % 11 % 19 % 14 % 24 % 3 % 15 % 10 % All Other Businesses Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Reported revenue growth 16 % 10 % 4 % 10 % 5 % 8 % 4 % 1 % 2 % Currency impact (1) % — % 1 % (1) % (1) % — % (1) % — % — % Revenue growth in constant currency 15 % 10 % 5 % 9 % 4 % 8 % 3 % 1 % 2 % Impact of TTM acquisitions and divestitures (2) % (5) % (5) % (4) % (1) % — % — % — % — % Revenue growth in constant currency excl. TTM acquisitions & divestitures 13 % 5 % — % 5 % 3 % 8 % 3 % 1 % 2 % Note: Total company revenue growth in constant currency excluding TTM acquisitions, divestitures and joint ventures for all periods excludes the impact of currency. The organic constant-currency growth rate excludes 99designs revenue from Q2 FY2021 through Q1 FY2022, Depositphotos/ VistaCreate revenue from Q2 FY2022 through Q1 FY2023, and the revenue from several small acquired businesses for the first year after acquisition. Values may not sum to total due to rounding. Page 24 of 31
CONSTANT-CURRENCY REVENUE GROWTH RATES (Annual) Total Company FY2021 FY2022 FY2023 Reported revenue growth 4 % 12 % 7 % Currency impact (3) % 3 % 4 % Revenue growth in constant currency 1 % 15 % 11 % Impact of TTM acquisitions, divestitures & JVs (2) % (2) % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs (1) % 13 % 11 % Vista FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Reported revenue growth 11 % 1 % (11) % 7 % 6 % 7 % Currency impact (2) % 2 % 1 % (3) % 1 % 2 % Revenue growth in constant currency 9 % 3 % (10) % 4 % 7 % 9 % Impact of TTM acquisitions, divestitures & JVs — % — % — % (3) % (2) % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 9 % 3 % (10) % 1 % 5 % 9 % PrintBrothers FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Reported revenue growth 29 % 8 % (6) % 1 % 25 % 10 % Currency impact (11) % 5 % 3 % (7) % 8 % 8 % Revenue growth in constant currency 18 % 13 % (3) % (6) % 33 % 18 % Impact of TTM acquisitions, divestitures & JVs — % — % (2) % (1) % (1) % (1) % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 18 % 13 % (5) % (7) % 32 % 17 % The Print Group FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Reported revenue growth 19 % 2 % (16) % — % 20 % 5 % Currency impact (10) % 4 % 3 % (7) % 7 % 8 % Revenue growth in constant currency 9 % 6 % (13) % (7) % 27 % 13 % Impact of TTM acquisitions, divestitures & JVs — % — % — % — % — % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 9 % 6 % (13) % (7) % 27 % 13 % National Pen FY2019 FY2020 FY2021 FY2022 FY2023 Reported revenue growth 5 % (14) % 5 % 9 % 7 % Currency impact 2 % 1 % (3) % 2 % 5 % Revenue growth in constant currency 7 % (13) % 2 % 11 % 12 % Impact of TTM acquisitions, divestitures & JVs — % — % — % — % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 7 % (13) % 2 % 11 % 12 % Values may not sum to total due to rounding. Page 25 of 31
CONSTANT-CURRENCY REVENUE GROWTH RATES (CONTINUED) (Annual) All Other Businesses FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Reported revenue growth (57) % 239 % 28 % 11 % 7 % 4 % Currency impact — % 9 % 1 % 1 % — % — % Revenue growth in constant currency (57) % 248 % 29 % 12 % 7 % 4 % Impact of TTM acquisitions, divestitures & JVs 110 % (241) % (25) % — % (4) % — % Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs 54 % 7 % 4 % 12 % 3 % 4 % CONSTANT-CURRENCY GROSS PROFIT GROWTH RATE (Quarterly and Annual) Consolidated Q4FY23 FY2023 Reported gross profit growth 11 % 3 % Currency impact — % 4 % Gross profit growth in constant currency 11 % 7 % Vista Q4FY23 FY2023 Reported gross profit growth 11 % 1 % Currency impact — % 2 % Gross profit growth in constant currency 11 % 3 % PrintBrothers Q4FY23 FY2023 Reported gross profit growth 13 % 10 % Currency impact (4) % 7 % Gross profit growth in constant currency 9 % 17 % The Print Group Q4FY23 FY2023 Reported gross profit growth 19 % 6 % Currency impact (2) % 8 % Gross profit growth in constant currency 17 % 14 % National Pen Q4FY23 FY2023 Reported gross profit growth 7 % 6 % Currency impact 4 % 7 % Gross profit growth in constant currency 11 % 13 % All Other Businesses Q4FY23 FY2023 Reported gross profit growth (1) % — % Currency impact — % — % Gross profit growth in constant currency (1) % — % Values may not sum to total due to rounding. Page 26 of 31
EBITDA (LOSS) BY REPORTABLE SEGMENT ("SEGMENT EBITDA") (Quarterly, in millions) Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Vista $ 56.0 $ 66.9 $ 90.8 $ 25.5 $ 12.1 $ 30.7 $ 55.2 $ 60.4 $ 77.8 PrintBrothers 9.4 16.3 18.6 12.4 19.5 15.0 19.5 15.9 20.5 The Print Group 11.9 14.4 16.4 11.9 16.0 12.2 13.7 13.6 20.6 National Pen 6.9 (8.0) 31.6 (0.9) 4.2 (1.3) 24.8 (3.3) 3.6 All Other Businesses 5.9 4.9 6.3 6.0 6.0 6.2 5.4 5.0 8.6 Total segment EBITDA (loss) $ 90.2 $ 94.4 $ 163.6 $ 55.0 $ 57.8 $ 62.8 $ 118.5 $ 91.6 $ 131.0 Central and corporate costs ex. unallocated SBC (33.7) (33.0) (32.8) (34.3) (37.0) (35.5) (35.6) (38.4) (31.9) Unallocated SBC (3.7) (1.1) (1.9) (1.8) (2.0) 1.0 1.8 3.9 1.2 Exclude: share-based compensation included in segment EBITDA 14.0 11.0 12.5 12.7 13.6 10.5 11.5 7.2 10.4 Include: Realized gains (losses) on certain currency derivatives not included in segment EBITDA (4.6) (3.7) 0.7 2.0 5.4 6.9 14.9 4.8 3.2 Adjusted EBITDA2,3 $ 62.2 $ 67.6 $ 142.1 $ 33.6 $ 37.8 $ 45.6 $ 111.2 $ 69.1 $ 113.9 Depreciation and amortization (44.5) (44.4) (45.3) (43.7) (42.3) (40.9) (40.9) (39.8) (40.9) Share-based compensation expense1 (14.0) (11.0) (12.5) (12.7) (13.6) (10.5) (11.5) (7.2) (10.4) Certain impairments and other adjustments 0.7 0.8 2.7 (0.3) 6.5 (3.5) 0.9 0.5 (5.0) Restructuring-related charges 0.1 0.3 (0.3) (3.4) (10.2) (1.8) (11.2) (30.1) (0.6) Realized (gains) losses on currency derivatives not included in operating income 4.6 3.7 (0.7) (2.0) (5.4) (6.9) (14.9) (4.8) (3.2) Total income (loss) from operations $ 9.0 $ 16.9 $ 86.0 $ (28.4) $ (27.2) $ (18.0) $ 33.6 $ (12.2) $ 53.9 Operating income (loss) margin 1 % 3 % 10 % (4) % (4) % (3) % 4 % (2) % 7 % Operating income (loss) year-over-year growth 376 % (53) % (9) % 81 % (401) % (206) % (61) % 57 % 298 % 1SBC expense listed here excludes the portion included in restructuring-related charges to avoid double counting. 2This metric uses the definition of adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions, divestitures or the annualized benefit from actioned cost saving initiatives; however, our debt covenants allow for the inclusion of pro-forma impacts to adjusted EBITDA. 3Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not give effect to adjusted EBITDA attributable to noncontrolling interests. This is to most closely align to our debt covenant and cash flow reporting. Values may not sum to total due to rounding. Page 27 of 31
ADJUSTED EBITDA (Quarterly, in millions) Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 GAAP operating income (loss) $9.0 $16.9 $86.0 ($28.4) ($27.2) ($18.0) $33.6 ($12.2) $53.9 Depreciation and amortization $44.5 $44.4 $45.3 $43.7 $42.3 $40.9 $40.9 $39.8 $40.9 Share-based compensation expense1 $14.0 $11.0 $12.5 $12.7 $13.6 $10.5 $11.5 $7.2 $10.4 Proceeds from insurance $— $— $— $— $— $— $— $— $— Certain impairments and other adjustments ($0.7) ($0.8) ($2.7) $0.3 ($6.5) $3.5 ($0.9) ($0.5) $5.0 Restructuring related charges ($0.1) ($0.3) $0.3 $3.4 $10.2 $1.8 $11.2 $30.1 $0.6 Realized gains (losses) on currency derivatives not included in operating income ($4.6) ($3.7) $0.7 $2.0 $5.4 $6.9 $14.9 $4.8 $3.2 Adjusted EBITDA2,3 $62.2 $67.6 $142.1 $33.6 $37.8 $45.6 $111.2 $69.1 $113.9 ADJUSTED EBITDA (Annual, in millions) FY2021 FY2022 FY2023 GAAP operating income (loss) $123.5 $47.3 $57.3 Depreciation and amortization $173.2 $175.7 $162.4 Share-based compensation expense1 $37.0 $49.8 $39.7 Proceeds from insurance $0.1 $— $— Certain impairments and other adjustments $20.5 ($9.7) $6.9 Restructuring related charges $1.6 $13.6 $43.8 Realized gains (losses) on currency derivatives not included in operating income ($6.9) $4.4 $29.7 Adjusted EBITDA 2,3 $349.1 $281.1 $339.8 ADJUSTED EBITDA (TTM, in millions) TTM Q4FY21 TTM Q1FY22 TTM Q2FY22 TTM Q3FY22 TTM Q4FY22 TTM Q1FY23 TTM Q2FY23 TTM Q3FY23 TTM Q4FY23 GAAP operating income (loss) $123.5 $104.5 $96.3 $83.5 $47.3 $12.4 ($40.0) ($23.8) $57.3 Depreciation and amortization $173.2 $175.4 $177.1 $177.9 $175.7 $172.2 $167.8 $163.9 $162.4 Share-based compensation expense1 $37.0 $39.8 $47.0 $50.2 $49.8 $49.2 $48.3 $42.8 $39.7 Proceeds from insurance $0.1 $0.1 $0.1 $— $— $— $— $— $— Certain impairments and other adjustments $20.5 $18.9 $16.4 ($3.9) ($9.7) ($5.5) ($3.7) ($4.5) $6.9 Restructuring related charges $1.6 $1.4 ($0.5) $3.3 $13.6 $15.7 $26.6 $53.3 $43.8 Realized gains (losses) on currency derivatives not included in operating income ($6.9) ($11.7) ($9.5) ($5.5) $4.4 $15.0 $29.2 $32.0 $29.7 Adjusted EBITDA2,3 $349.1 $328.3 $326.9 $305.5 $281.1 $259.0 $228.2 $263.7 $339.8 1SBC expense listed here excludes the portion included in restructuring-related charges to avoid double counting. 2This metric uses the definition of adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions, divestitures or the annualized benefit from actioned cost saving initiatives; however, our debt covenants allow for the inclusion of pro-forma impacts to adjusted EBITDA. 3Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not give effect to adjusted EBITDA attributable to noncontrolling interests. This is to most closely align to our debt covenant and cash flow reporting. Values may not sum to total due to rounding. Page 28 of 31
ADJUSTED FREE CASH FLOW (Quarterly, in millions) Q4FY21 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Net cash provided by (used in) operating activities $46.3 $36.6 $143.3 ($48.2) $87.8 ($25.3) $81.1 $12.6 $61.8 Purchases of property, plant and equipment ($15.8) ($8.6) ($17.9) ($15.6) ($11.9) ($11.8) ($14.7) ($11.0) ($16.3) Capitalization of software and website development costs ($15.6) ($15.6) ($16.5) ($17.7) ($15.4) ($15.3) ($13.9) ($14.9) ($13.6) Adjusted free cash flow $14.9 $12.3 $108.9 ($81.5) $60.5 ($52.3) $52.5 ($13.3) $31.9 Reference: Value of finance leases $1.4 $0.9 $2.7 $0.2 $3.3 $2.4 $6.2 $5.8 $5.9 Cash restructuring payments $2.5 $— $0.2 $— $— $7.9 $1.9 $5.0 $22.3 Cash paid for interest $50.7 $14.4 $35.3 $13.8 $34.6 $15.1 $35.8 $20.0 $43.2 Cash received for interest ($0.5) ($0.7) ($0.7) ($0.8) ($1.0) ($2.1) ($3.0) ($3.0) ($3.4) Cash interest, net1 $50.2 $13.7 $34.6 $13.0 $33.6 $13.0 $32.8 $17.0 $39.7 1 Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities. Prior to this quarter, we showed only the cash interest payments related to our borrowing activity in this chart in our earnings materials. We have recast all periods in the chart above to include the netting interest received and will report this way in future periods. ADJUSTED FREE CASH FLOW (Annual, in millions) FY2021 FY2022 FY2023 Net cash provided by operating activities $265.2 $219.5 $130.3 Purchases of property, plant and equipment ($38.5) ($54.0) ($53.8) Capitalization of software and website development costs ($60.9) ($65.3) ($57.8) Adjusted free cash flow $165.8 $100.2 $18.7 Reference: Value of finance leases $7.0 $7.0 $20.3 Cash restructuring payments $6.6 $0.3 $37.1 Cash paid for interest $117.0 $98.1 $114.0 Cash received for interest ($1.8) ($3.2) ($11.5) Cash interest, net1 $115.1 $94.9 $102.5 1 Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities. Prior to Q3 FY2023 we showed only the cash interest payments related to our borrowing activity in this chart in our earnings materials. We have recast all periods in the chart above to include the netting interest received and will report this way in future periods Values may not sum to total due to rounding. Page 29 of 31
ADJUSTED FREE CASH FLOW (TTM, in millions) TTM Q4FY21 TTM Q1FY22 TTM Q2FY22 TTM Q3FY22 TTM Q4FY22 TTM Q1FY23 TTM Q2FY23 TTM Q3FY23 TTM Q4FY23 Net cash provided by operating activities $265.2 $196.1 $189.0 $178.0 $219.5 $157.7 $95.5 $156.3 $130.3 Purchases of property, plant and equipment ($38.5) ($38.8) ($48.3) ($57.9) ($54.0) ($57.2) ($54.0) ($49.4) ($53.8) Capitalization of software and website development costs ($60.9) ($61.8) ($66.6) ($65.5) ($65.3) ($65.0) ($62.4) ($59.6) ($57.8) Adjusted free cash flow $165.8 $95.6 $74.1 $54.6 $100.2 $35.6 ($20.9) $47.3 $18.7 Reference: Value of new finance leases $7.0 $7.8 $10.4 $5.1 $7.0 $8.6 $12.1 $17.7 $20.3 Cash restructuring payments $6.6 $4.1 $2.8 $2.7 $0.3 $8.2 $9.8 $14.9 $37.1 Cash paid for interest $117.0 $122.3 $108.4 $114.2 $98.1 $98.8 $99.2 $105.4 $114.0 Cash received for interest ($1.8) ($1.9) ($2.3) ($2.7) ($3.2) ($4.6) ($6.9) ($9.0) ($11.5) Cash interest, net1 $115.1 $120.3 $106.1 $111.5 $94.9 $94.2 $92.4 $96.3 $102.5 1 Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities. Prior to Q3 FY2023, we showed only the cash interest payments related to our borrowing activity in this chart in our earnings materials. We have recast all periods in the chart above to include the netting interest received and will report this way in future periods. CONSTANT-CURRENCY REVENUE GROWTH OUTLOOK FY2024 (at least...) Reported revenue growth (using recent currency rates) 8% Currency impact (2)% Impact of TTM acquisitions, divestitures & JVs (as of July 26, 2023) —% Organic constant-currency revenue growth 6% ADJUSTED EBITDA OUTLOOK (in millions) FY2024 (at least...) GAAP operating income (loss) $205.2 Depreciation and amortization $158.0 Share-based compensation expense1 $56.0 Certain impairments and other adjustments2 $— Restructuring related charges $— Realized gains (losses) on currency derivatives not included in operating income $0.8 Adjusted EBITDA 2,3 $420.0 1SBC expense listed here excludes the portion included in restructuring-related charges to avoid double counting. 2This metric uses the definition of adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions, divestitures or the annualized benefit from actioned cost saving initiatives; however, our debt covenants allow for the inclusion of pro-forma impacts to adjusted EBITDA. 3Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not give effect to adjusted EBITDA attributable to noncontrolling interests. This is to most closely align to our debt covenant and cash flow reporting. Values may not sum to total due to rounding. Page 30 of 31
ABOUT CIMPRESS: Cimpress plc (Nasdaq: CMPR) invests in and builds customer-focused, entrepreneurial, print mass-customization businesses for the long term. Mass customization is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. Cimpress businesses include BuildASign, Drukwerkdeal, Exaprint, National Pen, Pixartprinting, Printi, Vista and WIRmachenDRUCK. To learn more, visit https://www.cimpress.com. Cimpress and the Cimpress logo are trademarks of Cimpress plc or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders. CONTACT INFORMATION: Investor Relations: Media Relations: Meredith Burns Paul McKinlay ir@cimpress.com mediarelations@cimpress.com +1.781.652.6480 SAFE HARBOR STATEMENT: This earnings commentary 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 our expectations for the growth and development of our businesses, revenue growth, profitability, income, cash flows, net leverage, and other financial results, including our outlook for fiscal year 2024; expected effects of our cost reductions on our financial results, including anticipated costs savings and restructuring payments in fiscal year 2024; expected effects of our investments in our business; our expectations with respect to cash taxes and currency in fiscal year 2024; and the impact of our mass customization platform. 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 the forward-looking statements in this document as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our forecasts and estimates are based; the development, duration, and severity of supply chain constraints, inflation, and the lingering effects of the COVID-19 pandemic; our failure to execute on the transformation of the Vista business; the failure of our cost reductions to affect our financial results as expected; costs and disruptions caused by acquisitions; the failure of the businesses we acquire or invest in to perform as expected; our inability to make the investments in our businesses that we plan to make or the failure of those investments to achieve the results we expect; loss of key personnel or our inability to hire and retain talented personnel; our failure to develop and deploy our mass customization platform or the failure of the mass customization platform to drive the performance, efficiencies, and competitive advantage we expect; unanticipated changes in our markets, customers, or businesses; our failure to attract new customers and retain our current customers; our failure to manage the growth and complexity of our business; changes in the laws and regulations, or in the interpretation of laws and regulations, that affect our businesses; our ability to maintain compliance with our debt covenants and pay our debts when due; general economic conditions, including the possibility of an economic downturn in some or all of our markets; and other factors described in our Form 10-K for the fiscal year ended June 30, 2022 and the other documents we periodically file with the U.S. SEC. In addition, the statements and projections in this quarterly earnings document represent our expectations and beliefs as of the date of this document, 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 document. Page 31 of 31