TABLE OF CONTENTS

Page

IMPORTANT NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

LETTER FROM CEO ROBERT KEANE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

COST REDUCTION ACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

SUMMARY CONSOLIDATED RESULTS: 3-YEARTREND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

SUMMARY CONSOLIDATED RESULTS: QUARTERLY TREND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

INCOME STATEMENT HIGHLIGHTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12

CASH FLOW AND RETURN ON INVESTED CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14

DEBT AND SHARE REPURCHASES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16

SEGMENT RESULTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

VISTAPRINT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

UPLOAD AND PRINT: PRINTBROTHERS AND THE PRINT GROUP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18

NATIONAL PEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20

ALL OTHER BUSINESSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21

CENTRAL AND CORPORATE COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22

CURRENCY IMPACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23

CURRENT OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24

FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24

BALANCE SHEET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25

INCOME STATEMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

CASH FLOW STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27

ABOUT NON-GAAPMEASURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28

NON-GAAPRECONCILIATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29

ABOUT CIMPRESS, SAFE HARBOR STATEMENT AND CONTACT INFORMATION . . . . . . . . . . . . . . . . . . . . . . . .

38

Page 2 of 38

CIMPRESS' UPPERMOST FINANCIAL OBJECTIVE

Our uppermost financial objective is to maximize our intrinsic value per share ("IVPS"). We define IVPS as (a) the unlevered free cash flow per diluted share that, in our best judgment, will occur between now and the long-term future, appropriately discounted to reflect our cost of capital, minus (b) net debt per diluted share. We define unlevered free cash flow as adjusted free cash flow plus cash interest expense related to borrowing.

We endeavor to make all financial decisions in service of this priority. As such, we often make decisions that could be considered non-optimal were they to be evaluated based on other criteria such as (but not limited to) near- and mid-term revenue, operating income, net income, EPS, adjusted EBITDA, and cash flow.

IVPS is inherently long term in nature. Thus an explicit outcome of this is that we accept fluctuations in our financial metrics as we make investments that we believe will deliver attractive long-term returns on investment.

OUR STRATEGY

Cimpress invests in and builds customer-focused, entrepreneurial, mass customization businesses for the long term, which we manage in a decentralized, autonomous manner.

We drive competitive advantage across Cimpress through a select few shared strategic capabilities that have the greatest potential to create company-wide value.

We limit all other central activities to only those which absolutely must be performed centrally.

Page 3 of 38

LETTER FROM ROBERT

Dear Investor,

The COVID-19 pandemic has deeply impacted the small and medium businesses who constitute the vast majority of Cimpress' customers, and near-term demand for our products has fallen dramatically as a result. In response, we have taken decisive and proactive measures that you will read about below.

We could not have done so without enormous contributions by our team members over the past two months, and I thank them on the part of all shareholders for everything they have accomplished while also managing concerns for the health and safety of family members, the education of their children, and the suspension of local services that make each day challenging to many. I also thank their families and friends who have supported them through this intense period of work.

We have had to manage through very difficult periods several times in our 25-year history. Way back in the dot com bust of 2000, we cut costs deeply and raised funds at a low valuation in order to be able to maintain investment in Vistaprint's technology. In the aftermath of the global financial crisis of 2008, we reduced costs in many parts of the business even as we continued to invest in new capabilities. During the Italian and Spanish sovereign debt crisis of several years, Pixartprinting stayed very frugal in most areas in order to invest heavily in production technology to drive quality up and costs down. In each of those historical examples, our belt tightening enabled us to maintain key investments despite a difficult macro-economic environment, which allowed us to improve customer value delivery, lower cost structures, and set the stage for subsequent growth. Following each of these periods, we benefited from a competitive landscape that accelerated the shift of demand from traditional suppliers to the mass customization paradigm where we excel.

While in no way underestimating the near-term effort required or the impacts Cimpress will feel, we think this current situation will yield a similar result. There are multiple reasons to support this belief. We serve our customers with a fundamentally more competitive business model than the highly-fragmented,sub-scale traditional suppliers. Shelter-at-home experiences are making e-commerce and service-at-a-distance experiences like ours more mainstream. As we have done in past economic downturns, we have an opportunity to serve millions of individuals who take up self-employment or freelance roles. Cimpress' value derives from the long term, whether that value be measured in terms of how we serve our customers better, transform the competitive market, provide career opportunity to team members, or grow the net present value of the cash flow per share we deliver over the decades to come. That is why, even though the period between now and the post-pandemic future will be challenging, we will stay focused on execution of our fundamentally sound and attractive business model.

I would like to share some of the activities our teams have been engaged in since late February, because I believe it is helpful for long-term equity and debt investors to understand the quality of the people behind the company in which you are invested. I categorize these efforts into four areas that map to our key stakeholders: ensuring the health and safety of our team members, resiliency in serving our customers, financial flexibility to weather the effects of the pandemic for our long-term shareholders, and innovation to provide customers and our communities the things they need during this pandemic.

Team member health and safety

In these extraordinary pandemic times, our first priority has been to safeguard the health and safety of our team members around the world. All team members who have the ability to do so have been working from home and are doing so productively thanks to the flexible cloud-based tools we were already using prior to the pandemic. In cases where it is not possible for team members to work from home, such as at our manufacturing or customer service facilities, our businesses are working closely with local government and health authorities to ensure compliance with all laws and health guidelines. Front-line teams moved quickly to implement critical safety protocols such as social distancing measures, temperature checks, mandatory face masks or face shields, and frequent deep cleaning of facilities.

Resiliency in serving our customers

Our team members have shown great dedication to serving our customers during this time. Manufacturing and customer service teams put contingency plans in place in the event that facilities needed to shut temporarily. Via our mass customization platform we have rerouted customer orders in several circumstances to be fulfilled at other manufacturing facilities within the Cimpress network so that we could meet customer needs on time.

Please see non-GAAP reconciliations at the end of this document.

Page 4 of 38

The same holds true for several of our customer service facilities, where we have rerouted to other facilities when needed.

Financial flexibility

Many team members across Cimpress have worked tirelessly to ensure that we maintain our financial strength and flexibility during this period of uncertainty to protect key investments in our ability to deliver customer value. As we announced on April 29, 2020 and closed on May 1, 2020, we have raised $300 million to pay down a portion of our term loan in order to secure the suspension of our quarterly maintenance covenants related to our leverage and interest coverage ratios until the quarter ending December 31, 2021. Starting in early March, we also moved very quickly to implement a deep and broad set of cost-reduction measures. Those included scaling down our variable production costs, advertising, and customer service in line with decreases in demand, reducing cash fixed costs, and partnering with suppliers to delay payments. For additional information on our cost-reduction and cash preservation actions, please refer to the Cost Reduction Actions section on pages 6-7 of this document.

Innovation

Last but certainly not least, Cimpress is innovating. We have shifted production lines typically used for marketing materials to provide items that are needed during this pandemic, ranging from face shields and masks to signage products that help businesses mark proper social distancing guidelines. PrintBrothers and The Print Group have introduced hundreds of new products and Vistaprint's new technology stack enabled it to launch a new mobile-first site dedicated to face masks. There are many other examples across the company.

Cimpress' strategy has proven to be of great value to us during this crisis; we could not have reacted as proactively, effectively or quickly had we not put in place our strategy and organizational structure several years ago. Our decentralized model allowed our businesses to respond quickly to local restrictions, customer needs, and the health and safety of our team members, and leaders shared information and best practices across the group. Our shared strategic capabilities in procurement helped us to address supply chain risks and agree to extensions of supplier payments, and the mass customization platform helped us to route orders between production facilities when needed due to temporary closures. Our central finance and legal teams secured the financial flexibility described above.

In the following pages we provide details on the current demand impact across our businesses, where we have removed costs, and commentary on the expected financial impact for our fourth quarter of FY2020. We don't know how long the impacts of this pandemic will persist, or what the recovery path will look like. Nonetheless, I am comfortable that, through our recent credit facility amendment and the cost reductions we have and will continue to make, we have secured the financial flexibility needed to stay focused on execution and to invest to continue to improve our capabilities and customer value. Looking to the long term, I am confident small and medium businesses will eventually get back to work, that we will still be standing side by side with them, and that Cimpress will have returned to the trajectory we were on prior to the pandemic.

Please take care of yourselves and your families during this time. Sean and I look forward to speaking with you in the coming weeks and months, whether that is on the phone, via video conference, or eventually, in person.

Sincerely,

Robert S. Keane

Founder, Chairman & CEO

Please see non-GAAP reconciliations at the end of this document.

Page 5 of 38

COST REDUCTION ACTIONS

Because the ultimate duration and scope of the pandemic is unknown, we executed on significant cost reductions in order to fortify our financial position. When reading the list of actions below, it will be helpful for investors to reference the spreadsheet of fixed and variable costs for the TTM period as of December 2019, which we posted on ir.cimpress.com concurrent with this Q3 FY2020 earnings document. All actions, unless otherwise noted, were effective in March 2020:

Variable and Semi-Variable Cost Reductions

We have brought variable and semi-variable costs down generally in line with demand (i.e., we have kept these costs as a percent of revenue approximately the same). For most of these costs, the reduction happens naturally as demand fluctuates (referred to as variable costs) such as shipping costs, payment processing fees, and part of our performance advertising where costs are based on keyword searches and clicks. For others, reduction in costs requires an action (referred to as semi-variable costs) such as temporarily reducing direct labor in production facilities or service locations or changing payback guidelines on advertising. It's worth noting that as a matter of policy, we seek to avoid guaranteed minimums or rebate structures in supplier contracts to the greatest extent possible. We have very limited instances where variable costs increase as demand decreases and we have no material guaranteed minimum purchase levels that would turn variable costs into fixed costs. Examples of cost reductions in this category are as follows:

  • Demand-dependentcost of goods sold including third-party fulfillment, materials, and shipping costs have decreased with demand.
  • Labor costs in manufacturing, service and telesales teams: we have removed temporary labor contracts, furloughed many full-time team members, reduced the number of shifts and shift lengths, and introduced part-time work arrangements. Wherever possible, we have looked to utilize local government relief programs.
  • Advertising spend has been reduced at least in line with the reduction in demand. There are three categories of reduction in this area: (1) in performance marketing channels advertising costs decrease as the volume of searches or impressions decreases; (2) in addition to what happens naturally per point 1, we have decreased payback thresholds in the near term which has further reduced advertising costs; and (3) upper funnel brand spend and television ad spend have in most instances been reduced to zero and other offline channels have been dramatically reduced in the near-term.
  • Payment processing fees automatically fluctuate with changes in revenue.

Note that there is some inefficiency that has been introduced with lower volumes as it relates to our variable costs, for example in direct labor where pandemic-related health and safety protocols have impacted productivity. At the same time, there are also opportunities to gain efficiencies with lower volumes by in-sourcing from third-parties and by consolidating volumes to our most efficient locations. We do not expect the net impact of this inefficiency to be material to our results.

Fixed Cost Reductions

In total, we have identified and/or implemented actions that we expect will deliver about $140 million of annualized cash-based fixed cost reduction relative to our annualized Q4 FY2020 budgeted expense assuming these reductions remained in place for a full year. We do anticipate that many of these lowered fixed cost will come back into the business when and if activity necessitates such costs including travel or hiring or as the recovery path becomes more certain such that team member benefits can be restored.

Our goal with the fixed cost reductions made to date has been to protect key growth investments and as much full- time employment as possible so that when demand begins to recover, we are well positioned to regain momentum. To the greatest extent possible, we have also focused on cost reduction measures that do not themselves necessitate material cash outflows and, as a result, our restructuring charges in the March quarter were not material. Examples of these cash-based fixed cost reductions are as follows:

  • Limited hiring across all Cimpress businesses.
  • Eliminated discretionary spend such as travel, training, and events.
  • Instituted reduced work schedules or mandatory PTO usage where possible.
  • Paused company 401(k) match for U.S. team members.

Please see non-GAAP reconciliations at the end of this document.

Page 6 of 38

  • Ceased or otherwise deferred all consulting projects other than those that were essential or had very obvious near term payback.
  • Eliminated most contractors, unless deemed essential to operations.
  • Replaced approximately $36 million annualized cash compensation with restricted share units (RSUs). The first grant of these RSUs was on April 1, 2020, and they will be granted quarterly for as long as this program remains in place. The value of each grant is the portion of cash compensation being replaced, and the number of RSUs granted will be dependent on grant date share price. It should be noted that this specific action does not reduce operating expense, but does benefit cash flow and adjusted EBITDA. The service vesting for each quarter's grant is generally 4.5 months, relatively in line with the 3-month compensation period it is meant to replace.

Capital Expenditures

Across all businesses, we have paused or eliminated all capital expenditures other than for critical maintenance, or in limited circumstances, for new equipment to support new product introduction or existing products that are still driving growth during this pandemic. We estimate our recent maintenance capex under normal demand circumstances was between 1.5% and 2.0% of revenue. We will not make decisions in this area that would avoid cash outflows in the near term at the expense of higher cash outflows in future periods such as avoiding scheduled and necessary maintenance.

Net Working Capital

In most of our businesses, we operate with negative working capital due to a favorable cash conversion cycle. For these businesses, when revenue is growing working capital changes provide a cash inflow subject to quarterly fluctuations with seasonality and timing. At a consolidated level, in most of our past fiscal years changes in net working capital have resulted in a cash inflow. However, in periods of decreasing revenue the opposite would be true - changes in net working capital would naturally lead to a cash outflow without intervention.

Our third fiscal quarter ended in March is seasonally a quarter when changes in net working capital result in a cash outflow after our seasonally high revenue quarter in December. This was the case for quarter ended March 31, 2020; however, the change in net working capital was favorable year over year despite the drop in revenue in March as a result of our proactive partnering with suppliers and landlords to delay payments. This is an ongoing effort, but to date, we have successfully delayed more than $20 million of supplier payments previously due in March through June 2020 to future quarters.

We have not identified any material exposure in inventory or accounts receivable as a result of the pandemic. For most of our transactions with customers, payments are made at the time of order through credit cards and other payment types.

Please see non-GAAP reconciliations at the end of this document.

Page 7 of 38

SUMMARY CONSOLIDATED RESULTS: THREE-YEAR TREND

$ in thousands, except percentages

REVENUE BY REPORTABLE SEGMENT, TOTAL REVENUE AND INCOME (LOSS) FROM OPERATIONS:

Q3 FY2018

Q3 FY2019

Q3 FY2020

YTD FY2018

YTD FY2019

YTD FY2020

Vistaprint

$

366,627

$

358,660

$

316,310

$

1,132,245

$

1,147,920

$

1,092,786

PrintBrothers

103,685

109,305

109,496

302,925

327,008

345,403

The Print Group

80,463

79,027

68,537

234,706

237,767

228,494

National Pen

81,545

79,721

68,362

267,360

278,643

266,510

All Other Businesses

6,998

38,016

39,237

33,200

93,987

131,287

Inter-segment eliminations

(3,249)

(2,915)

(3,982)

(9,029)

(8,963)

(12,228)

Total revenue

$

636,069

$

661,814

$

597,960

$

1,961,407

$

2,076,362

$

2,052,252

Reported revenue growth

16%

4%

(10)%

25%

6%

(1)%

Organic constant currency revenue growth

11%

3%

(9)%

11%

6%

(1)%

Income (loss) from operations

$

16,627

$

29,615

$

(87,736)

$

135,949

$

114,242

$

59,238

Income (loss) from operations margin

3%

5%

(15)%

7%

6%

3 %

EBITDA (LOSS) BY REPORTABLE SEGMENT ("SEGMENT EBITDA") AND ADJUSTED EBITDA:

Q3 FY2018

Q3 FY2019

Q3 FY2020

YTD FY2018

YTD FY2019

YTD FY2020

Vistaprint

$

70,422

$

82,550

$

67,444

$

223,220

$

239,507

$

280,184

PrintBrothers

9,114

8,099

8,686

29,564

30,361

35,922

The Print Group

15,029

15,658

10,934

44,029

43,872

42,673

National Pen

2,136

113

(1,244)

24,209

10,279

17,005

All Other Businesses

(3,419)

(1,149)

3,187

(6,758)

(8,165)

8,572

Total segment EBITDA

$

93,282

$

105,271

$

89,007

$

314,264

$

315,854

$

384,356

Central and corporate costs

(23,988)

(25,604)

(28,309)

(69,987)

(75,085)

(84,671)

Unallocated share-based compensation

(8,600)

(150)

(3,698)

(18,158)

6,920

(5,973)

Exclude: share-based compensation

12,774

4,504

8,908

31,344

7,807

21,983

included in segment EBITDA

Include: Realized gains (losses) on certain

(4,811)

4,836

5,001

(8,958)

13,889

20,247

currency derivatives not included in

segment EBITDA

Adjusted EBITDA

$

68,657

$

88,857

$

70,908

$

248,505

$

269,385

$

335,941

Adjusted EBITDA margin

11%

13%

12 %

13%

13%

16%

Adjusted EBITDA year-over-year growth

37%

29%

(20)%

39%

8%

25%

CASH FLOW AND OTHER METRICS:

Net cash (used in) provided by operating activities

Net cash (used in) provided by investing activities1

Net cash (used in) provided by financing activities

Adjusted free cash flow

Cash interest related to borrowing

Q3 FY2018

Q3 FY2019

Q3 FY2020

$

(32,109)

$

16,980

$

18,964

(21,955)

(32,046)

6,003

61,577

12,039

170,634

(3,027)

(14,903)

(3,987)

6,153

8,307

9,450

YTD FY2018

YTD FY2019

YTD FY2020

$ 144,633

$ 222,470

$ 284,061

13,979

(381,554)

(47,813)

(152,164)

161,900

(36,756)

116,649

129,877

209,599

28,209

34,430

42,763

  • In Q1 of FY2018, Cimpress divested the Albumprinter business for $93,071, net of transactions costs and cash divested. Pro-forma net cash (used in) investing activities excluding this divestiture was $(79,092) in YTD Q3 FY2018.

Please see non-GAAP reconciliations at the end of this document.

Page 8 of 38

SUMMARY CONSOLIDATED RESULTS: THREE-YEAR TREND (CONTINUED)

$ in thousands, except where noted

COMPONENTS OF ADJUSTED FREE CASH FLOW:

Adjusted EBITDA

Cash restructuring payments

Cash taxes

Other changes in net working capital (ex. earn-out payments) and other reconciling items

Purchases of property, plant and equipment

Purchases of intangible assets not related to acquisitions

Capitalization of software and website development costs

Adjusted free cash flow before cash interest related to borrowing

Cash interest related to borrowing

Adjusted free cash flow

Q3 FY2018

Q3 FY2019

Q3 FY2020

YTD FY2018

YTD FY2019

YTD FY2020

$

68,657

$

88,857

$

70,908

$ 248,505

$ 269,385

$ 335,941

(4,180)

(3,120)

(2,314)

(15,106)

(4,776)

(5,070)

(7,436)

(5,140)

(4,537)

(17,888)

(16,101)

(9,720)

(33,756)

(55,310)

(35,643)

6,572

8,392

5,673

(8,767)

(19,167)

(10,544)

(47,441)

(57,934)

(38,638)

(30)

-

-

(308)

(22)

-

(11,362)

(12,716)

(12,407)

(29,476)

(34,637)

(35,824)

$

3,126

$

(6,596)

$

5,463

$

144,858

$

164,307

$

252,362

(6,153)

(8,307)

(9,450)

(28,209)

(34,430)

(42,763)

$

(3,027)

$

(14,903)

$

(3,987)

$

116,649

$

129,877

$

209,599

Q3 FY2020 COMPONENTS OF ADJUSTED FREE CASH FLOW ($M)

$70.9

($2.3)

($4.5)

($35.6)

$5.5

($10.5)

($12.4)

($9.5)

($4.0)

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YTD FY2020 COMPONENTS OF ADJUSTED FREE CASH FLOW ($M)

$335.9

$5.7

($5.1)

($9.7)

$252.4

($38.6)

$209.6

($35.8)

($42.8)

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ap

s

s

Ad

C

tere

tere

er

NW

re

in

sh

in

th

fo

a

O

w

be

C

sh

flo

e

ca

d

fre

te

jus

Ad

Please see non-GAAP reconciliations at the end of this document.

Page 9 of 38

SUMMARY CONSOLIDATED RESULTS: QUARTERLY TREND

$ in millions, except percentages and share data

Revenue & Reported Revenue Growth (1)

Organic Constant-Currency Revenue Growth

$826

$820

$636

$631

$662

$675

$634

$589

$598

16%

12%

8%

8%

11%

11%

5%

7%

8%

4%

6%

5%

(1)%

3%

4%

-%

(10)%

(9)%

8

8

9

9

9

9

0

0

20

8

8

9

9

9

9

0

0

0

Y1

1

1

1

1

1

Y2

Y2

Y1

Y1

1

1

1

1

2

2

2

4FY

1FY

Y

Y

Y

FY

Y

Y

Y

Y

Y

Y

FY

3F

2F

F

F

1F

2F

3

4

Q3

F

F

F

F

F

F

F

F

Q

Q

Q

Q

Q

Q

Q

Q

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

  1. Reported revenue growth rates are impacted by the timing of acquisitions and divestitures.

Cash Flow from Operations (2)

$202

$183

$109

$63

$48

$22

$17

$19

$(32)

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

2

Y

Y

Y

Y

Y

Y

Y

Y

Y

F

4F

F

F

F

F

F

F

F

3

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Adjusted Free Cash Flow &

Cash Interest Related to Borrowing (3)

Adj. FCF

Interest

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

2

Y

Y

Y

Y

Y

Y

Y

Y

FY

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

  1. Q3FY18 cash flow from operations includes the payment of contingent earn-out liabilities of $49.2 million related to the WIRmachenDRUCK and Easyflyer acquisitions.
  2. Cash interest related to borrowing is total cash interest less interest expense for Waltham, MA lease.

Q318

Q418

Q119

Q219

Q319

Q419

Q120

Q220

Q320

Adj. FCF

($3)

$23

($10)

$155

($15)

$82

$36

$177

($4)

Interest (3)

$6

$21

$6

$20

$8

$22

$9

$24

$9

Please see non-GAAP reconciliations at the end of this document.

Page 10 of 38

SUMMARY CONSOLIDATED RESULTS: QUARTERLY TREND (CONTINUED)

$ in millions, except percentages and share data

GAAP Operating Income (Loss)

Net Income (Loss) Attributable to Cimpress

& Adjusted EBITDA

GAAP OI (Loss)

Adjusted EBITDA

$186

$138

$122

$117

$91

$89

$80

$69

$78

$71

$42

$49

$30

$25

$17

$22

($6)

($2)

($7)

($15)

$190

$69

$34

$20

$7

($85)

($88)

Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20

Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3

FY20

Net Debt (1)

Weighted Average Shares Outstanding

(Millions) (2)

Cash / cash equivalents

High yield notes

Term loan

Basic

Diluted

Revolver

Other debt

$50

$44

$48

$48

$44

$35

$31

$37

$228

30.7

30.8

30.9

31.8

31.5

31.3

30.5

($275)

($400)

($400)

($400)

($400)

($400) ($400)

($400)

($600)

30.7

30.8

30.9

30.9

30.8

30.6

29.7

27.9

($289)

26.0

($285)

($279)

($274)

27.0

($249)

($516)

($505) ($491) ($478)

26.0

($147)

($191)

($376)

($452)

($8)

($7)

($6)

($156)

($116)

($770) ($795)

($828)

($10)

($16)

($14)

($331) ($488)

($1,012)

($1,000) ($17)

($1,043)

($1,208)

($15)

($612)

($1,344) ($14)

($1,449)

Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20

Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20

  1. Excludes debt issuance costs; please see cash and debt commentary on page 16 of this document.
  2. Basic and diluted shares are the same in certain periods where we reported a GAAP net loss.

Please see non-GAAP reconciliations at the end of this document.

Page 11 of 38

INCOME STATEMENT HIGHLIGHTS

Our reported revenue declined 10% in Q3, and organic constant-currencyrevenue declined 9%. Revenue trends through February were in line with previously outlined expectations and consolidated revenue grew 2%. However, in March, consolidated revenue declined 30%, as most of our businesses experienced a significant decline in revenue that intensified through the month due to government restrictions and other impacts of the COVID-19 pandemic. These impacts hurt our revenue in Europe earlier than in North America.

Q3 FY2020 GAAP operating income (loss) decreased $117.4 million year over year to an operating loss of $87.7 million due to decreased profitability as a result of the revenue decline in March from COVID-19,and combined goodwill impairments of $100.8 million at National Pen, Exaprint, and VIDA. The near-termimpacts of the pandemic had negative impacts on the longer-termtrajectory of these businesses when compared to our most recent cash flow estimates, resulting in non-cashgoodwill impairment charges in the quarter. Operating income in January and February 2020 was up $10 million compared to the same two months in the prior-yearperiod.

Adjusted EBITDA for Q3 FY2020 was $70.9 million, down 20% from Q3 FY2019. Adjusted EBITDA declined year over year as a result of the revenue decline in March. In January and February 2020, adjusted EBITDA was up $6 million compared to the same two months in the prior-year period. Note that impairments, share-based compensation, restructuring charges and amortization of intangible assets are excluded from our adjusted EBITDA calculation. Another meaningful difference between operating income and adjusted EBITDA is the inclusion of realized gains or losses on our currency derivatives intended to hedge EBITDA, the details of which can be found on page 23. The year over year net impact of currency on adjusted EBITDA was minimal.

GAAP net income (loss) per diluted share for the third quarter was $(3.26), versus $0.21 in the same quarter a year ago, as a result of the same impacts as operating income. This was partially offset by non-operational,non- cash year-over-yearcurrency gains in Other income (expense), net (details on page 23).

(continued on next page)

2-Year Stacked Reported Revenue Growth

Earlier period

Later period

42%

30%

32%

40%

16%

8%

20%

19%

12%

5%

13%

26%

27%

32%

4%

7%

7%

18%

8%

16%

12%

8%

4%

5%

(1)%

(10)%

-6%

8

8

9

9

9

9

0

0

0

'1

'1

'1

'1

'1

'1

2

2'2

2

3

4

1

2

3

4

1'

3'

Q

Q

Q

Q

Q

Q

Q

Q

Q

+

'17+

8+

'18+

'18+

+

+

9+

'19+

'17

'1

'18

'19

'1

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

2-Year Stacked Organic Constant-Currency

Revenue Growth

Earlier period

Later period

22%

20%

20%

17%

14%

16%

12%

11%

11%

8%

6%

6%

3%

5%

4%

11%

9%

12%

11%

11%

11%

8%

6%

3%

(9)%

-6%

'18

'18

'19

'19

'19

'19

20

2'20

20

3

4

1

2

3

4

1'

3'

7

Q

Q

Q

Q

Q

8

Q

9

Q

Q

Q

7+

8+

8+

8+

9+

9+

1

+

4'1

1

2'1

3'1

4'1

+

'1

+

2'1

3'1

3'

1'

1

Q

Q

Q

Q

Q

Q

Q

Q

Q

GAAP Operating Income (Loss) ($M)

& Margin (%) (Quarterly)

$91

$122

$49

$17

$22

$30

$25

15%

($6)

11%

5%

7%

(15)%

3%

4%

4%

(1)%

($88)

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

Y2

Y

Y

Y

FY

Y

Y

FY

Y

F

F

F

F

F

F

F

Q3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Adjusted EBITDA ($M) & Margin (%)

(Quarterly)

$138

$186

$117

$89

$69

$78

$80

$71

$42

23%

17%

17%

11%

12%

13%

13%

12%

7%

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

Y2

Y

Y

Y

FY

Y

Y

FY

Y

F

F

F

F

F

2F

3F

3

4

1

2

3

4

1

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 12 of 38

INCOME STATEMENT HIGHLIGHTS (CONTINUED)

Gross profit (revenue minus the cost of revenue) decreased year over year by $30.8 million in the third quarter, all of which occurred in March due to pandemic- induced revenue decrease following growth in January and February. Currency also had a negative impact.

Gross margin (revenue minus the cost of revenue expressed as a percent of revenue) in the third quarter was 48.2%, flat compared to the same quarter a year ago despite revenue declines in March.

Contribution profit (revenue minus the cost of revenue, advertising and payment processing) decreased year over year by $8.9 million in Q3. The decrease in gross profit mentioned above was largely offset by reduced advertising spend as a result of year over year reductions in Vistaprint in January and February and material pullbacks across our businesses in March in response to reduced demand. Payment processing fees also decreased in line with revenue.

Contribution margin (revenue minus the cost of revenue, the cost of advertising and payment processing, expressed as a percent of revenue) in the third quarter was 33.7%, up from 31.8% in the same quarter a year ago. This was driven by the reduction in advertising spend as a result of COVID-19, as well as improved efficiency of Vistaprint advertising spend compared to the same period last year.

Advertising as a percent of revenue decreased year over year for the third quarter from 14.8% to 12.9%, for the same reasons described above.

GAAP Operating Income & Adjusted EBITDA ($M)

(TTM)

TTM OI

TTM Adj EBITDA

$471

$453

$424

$347

$387

$308

$326

$323

$327

$195

$226

$158

$164

$126

$123

$136

$105

$109

8

8

9

9

9

9

0

0

0

Y1

Y1

Y1

Y1

Y1

1

Y2

2

Y2

Y

Y

Q3F

F

F

2F

Q3F

4F

Q1F

2F

3F

4

1

Q

Q

Q

Q

Q

Q

Gross Profit ($M) & Gross Margin (%)

Gross Profit

Gross Margin %

$414

$426

$317

$315

$287

$319

$330

$308

$288

49.8%

49.8%

48.6%

50.2%

48.2%

48.9%

48.6%

52.0%

48.2%

18

18

19

19

19

19

20

20

0

Y

Y

Y

FY

Y

Y

FY

Y

Y2

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Contribution Profit ($M) & Contribution Margin (%)

Contribution Profit

Contribution Margin %

$317

$266

$239

$210

$198

$206

$205

$201

$163

32.6%

32.3%

35.4%

32.3%

38.6%

33.7%

31.2%

27.7%

31.8%

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

2

Y

Y

Y

FY

Y

Y

FY

Y

Y

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 13 of 38

CASH FLOW & RETURN ON INVESTED CAPITAL

We generated $19.0 million of cash from operations in Q3 FY2020, compared with $17.0 million in the year-ago period. Despite the $17.9 million decrease in adjusted EBITDA as described on page 12 of this document, we partnered with suppliers in March to delay payments which had a favorable year-over-year impact on working capital. Additionally, we had proceeds of $9.2 million from the termination of a cross-currency swap.

Adjusted free cash flow was ($4.0) million in the third quarter of FY2020 compared to ($14.9) million in the same period a year ago. Adjusted free cash flow was impacted by similar factors as our operating cash flow. In addition, Q3 FY2020 capital expenditures decreased by $8.6 million compared to the year-ago period.

Internally, our most important annual performance metric is unlevered free cash flow, which we define as adjusted free cash flow plus cash interest expense related to borrowing. The top two charts at the right illustrate these components on a quarterly and trailing-twelve-month basis.

The GAAP operating measures that we use as a basis to calculate adjusted return on invested capital (adjusted ROIC) are total debt, total shareholders' equity, and operating income. Debt increased compared to the year- ago period in conjunction with our recent share repurchases and our decision to hold significantly more cash on the balance sheet as of quarter-end during this period of volatility. Excess cash is excluded from our calculation of invested capital. On a trailing-twelve-month basis, adjusted ROIC as of March 31, 2020 improved significantly compared to the prior-year Q3 TTM period due to improved profitability, although slightly decreased sequentially due to the pandemic-related decrease in revenue and profitability in March.

Adjusted Free Cash Flow &

Cash Interest Related to Borrowing ($M)

(Quarterly)

FCFInterest

8

8

9

Y19

Y19

Y

9

Y20

Y

0

0

Y1

Y1

Y1

Y2

Q3F

F

F

F

Q3F Q

F

1

F

F

2

F

Q

Q

Q

Q

Q

Q1

4

1

2

4

2

3

Q3FY

Q4FY

Q1FY

Q2FY

Q3FY

Q4FY

Q1FY

Q2FY

Q3FY

18

18

19

19

19

19

20

20

20

Adj. FCF

($3)

$23

($10)

$155

($15)

$82

$36

$177

($4)

Interest

$6

$21

$6

$20

$8

$22

$9

$24

$9

Adjusted Free Cash Flow &

Cash Interest Related to Borrowing ($M)

(TTM)

FCFInterest

$60

$64

$65

$57

$53

$44

$49

$48

$55

$281

$292

$258

$165

$212

$124

$139

$142

$153

18

18

19

9

19

19

20

0

20

1

Y2

Y

Y

Y

Y

Y

Y

Y

Y

3F

4F

F

2F

3F

4F

F

2F

F

1

1

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Adjusted Return on Invested Capital

(TTM)

Adjusted ROIC

Adjusted ROIC ex SBC

21%

23%

27%

26%

18%

18%

18%

17%

17%

25%

22%

23%

19%

14%

14%

16%

13%

13%

Y

8

Y

8

Y

9

Y

9

Y

9

9

0

0

0

1

2

Y2

2

F

1

F

1

F

1

F

1

F

1

F

FY

FY

FY

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 14 of 38

CASH FLOW & ROIC (CONTINUED)

Cash Flow from Operations ($M)

(Quarterly)

$183

$202

$109

$48

$63

$22

$17

$19

$(32)

8

8

9

9

9

9

0

0

0

Y1

Y1

Y1

Y1

Y1

Y1

Y2

Y2

Y2

F

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Cash Flow from Operations ($M)

(TTM)

$372

$391

$393

$331

$221

$270

$178

$192

$198

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

2

Y

Y

Y

FY

Y

FY

Y

FY

FY

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Certain Cash Payments Impacting Cash Flow from Operations ($M)* (Quarterly)

Cash Restructuring

Cash Interest Related to Borrowing

Cash Earn-Out Payments

$59

$49

$23

$20

$23

$24

$21

$7

$20

$11

$22

$11

$24

$11

$6

$8

$9

$9

$6

$4

$2

$3

$1

$2

$2

$1

20

18

8

19

19

9

19

20

0

1

1

2

Y

Y

Y

Y

Y

FY

FY

Y

Y

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Certain Cash Payments Impacting Cash Flow from Operations ($M)* (TTM)

Cash Restructuring

Cash Interest Related to Borrowing

Cash Earn-Out Payments

$116

$115

$111

$110

$49

$49

$49

$49

$71

$71

$67

$62

$63

$44

$49

$48

$53

$55

$57

$60

$64

$65

$23

$17

$14

$8

$7

$6

$7

$7

$6

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

Y2

2

Y

Y

Y

Y

Y

Y

Y

FY

F

F

1F

F

F

F

F

F

3

4

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Capital Expenditures & Capitalization of Software

  • Website Development Costs ($M) (Quarterly)

Capital Expenditures

Capitalized Software

$32

$29

$32

$27

$24

$26

$25

$20

$11

$11

$13

$23

$14

$12

$11

$11

$11

$12

$21

$18

$19

$9

$13

$13

$14

$14

$11

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

2

Y

Y

Y

Y

Y

Y

Y

Y

Y

F

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

  • Cash restructuring and cash interest related to borrowing impact both cash flow from operations and adjusted free cash flow. Cash earn-out payments impact cash flow from operations but are excluded from adjusted free cash flow.

Capital Expenditures & Capitalization of Software

  • Website Development Costs ($M) (TTM)

Capital Expenditures

Capitalized Software

$103

$102

$104

$106

$117

$120

$114

$110

$101

$46

$49

$38

$41

$43

$45

$50

$50

$50

$65

$61

$61

$61

$71

$71

$64

$60

$51

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

Y2

2

Y

Y

Y

Y

Y

Y

Y

FY

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 15 of 38

DEBT & SHARE REPURCHASES

As of March 31, 2020, our total debt net of issuance costs, was $1,671.6 million. Net debt, excluding issuance costs and net of cash on the balance sheet, was $1,449.2 million. Typically we keep a minimal amount of cash on the balance sheet, but we drew down on our revolver toward the end of March as a result of the uncertainty created by the pandemic resulting in a significant cash balance.

On May 1, 2020 we amended our credit facility to ensure financial flexibility while we are responding to the effects of this pandemic. The credit facility amendment suspends maintenance covenants including the total and senior secured leverage covenants and interest coverage ratio covenant, until the publication of results for the quarter ending December 31, 2021, for which quarter the pre- amendment maintenance covenants will be reinstated. The covenant suspension period could end earlier at the company's election if we have total leverage equal to or lower than 4.75x annualized EBITDA for each of two consecutive quarters and are compliant with the pre- amendment maintenance covenants. During the suspension period, we will have new maintenance covenants requiring minimum liquidity (defined as cash plus unused revolver) of $50 million and EBITDA above zero in each of the quarters ending June 30 and September 30, 2021.

The calculation of our debt-covenant-defined leverage ratio (either total or senior secured debt to trailing-twelve-month EBITDA) uses definitions of both debt and EBITDA that differ from the corresponding figures reported in this document. For example, the EBITDA defined in our debt covenants gives pro forma effect for cost savings and acquired and divested businesses that closed within each trailing-twelve-month period, and other smaller differences. When calculated this way, our total leverage ratio was 3.42 as of March 31, 2020, an increase from December 31, 2019, and our senior secured leverage ratio was 2.19, also up from last quarter. Those calculations are based on gross leverage and do not reflect cash on the balance sheet. If calculated on a net basis as of March 31, 2020 our total leverage ratio was 2.96 and our senior secured leverage ratio was 1.74. We would have had approximately $437 million of cash plus available revolver on March 31, 2020 after adjusting for the recent financing transaction and credit facility amendment.

During Q3 FY2020 we repurchased 758,653 Cimpress shares for $89.5 million at an average price per share of $117.94. Year to date, we have repurchased 5,002,018 Cimpress shares for $627.0 million at an average price per share of $125.36. The repurchases in Q3 FY2020 were completed between February 3 and March 4, 2020 at which point we discontinued repurchases as a result of pandemic-related uncertainty. As part of the recent amendment to our credit facility we will not be able to repurchase shares during the suspension period.

Total Leverage Ratio*

2.79

2.75

2.81

3.21

3.19

2.74

3.00

2.99

3.42

8

8

9

9

Y

9

9

Y

0

0

0

Y1

Y1

Y1

Y1

Y1

Y2

Y2

Q3F

F

F

Q2F

Q3F

1

Q4F

Q1F

2

Q2F

Q3F

Q4

Q1

*Total leverage ratio as calculated in accordance with our debt covenants

Amount Available for Borrowing ($M)

$568

$564

$604

$522

$531

$485

$439

$424

$439

8

18

9

9

9

9

0

0

0

1

1

Y1

1

1

2

Y2

2

FY

4FY

Y

FY

Y

Y

FY

1F

F

F

F

F

Q3

2

Q3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Interest Expense Related to Borrowing ($M)*

(Income Statement View)

$14

$15

$14

$15

$16

$17

$11

$11

$12

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

Y2

2

Y

Y

Y

Y

Y

Y

Y

FY

F

F

1F

F

F

F

F

F

3

4

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

*Excludes interest expense associated with our Waltham, Massachusetts lease as well as investment consideration

Share Repurchases ($M)

$305

$232

$40

$29

$89

$-

$-

$14

$12

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

Y2

2

Y

Y

Y

Y

Y

Y

Y

FY

F

4F

F

F

F

F

F

F

3

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 16 of 38

SEGMENT RESULTS

VISTAPRINT

Vistaprint's Q3 FY2020 reported revenue declined 12% on a reported basis and declined 11% in constant currencies due to reduced demand in March as a result of the pandemic.

Vistaprint's segment EBITDA declined year over year by 18%, or $15.1 million, in Q3 FY2020. Vistaprint's gross profit declined approximately 10% as a result of the March revenue decline, although gross margin still expanded year over year. Advertising spend declined $17.1 million, a 28% decrease, and operating expenses increased with higher technology investments and consulting costs.

Vistaprint teams continue to work across the many areas that we have outlined in the past to improve customer value and optimize efficiency and performance. We have identified and begun to implement changes that make better use of data in advertising, discounting, pricing and personalization. These activities and changes will continue through this period of pandemic impact, but the extent of financial benefit is volume dependent.

Vistaprint's technology team is making steady progress on the multi-year project to rebuild its technology infrastructure. In April 2020, we launched in an additional relatively small geography built on this new technology. We are happy with progress to date, but caution that we remain only in the very early stages of this technology development process, and we still do not expect to launch in our largest (U.S.) market prior to Q3 of FY2021.

One of the benefits of the new e-commerce stack is nimbleness and flexibility. Using the new architecture as a framework, Vistaprint has launched a new mobile-friendly site dedicated to selling personal face masks in a variety of designs. You can experience the new site at www.vistaprint.com/masks.

Revenue ($M) & Reported Revenue Growth

Quarterly

$367

$367

$345

$444

$359

$360

$343

$433

$316

11%

11%

6%

1%

(2)%

(2)%

(1)%

(2%)

(12%)

8

8

9

9

9

9

0

0

0

Y1

Y1

Y1

Y1

Y1

Y1

Y2

Y2

Y

Q4F Q1F Q2F Q3F Q4F Q1F

F

Q3F

2

Q

Q

3F

2

Organic Constant-Currency Revenue Growth

Quarterly

7%

9%

7%

3%

1%

-%

1%

(2)%

(11)%

18

18

Y19

9

9

19

20

0

20

1

1

Y2

FY

Y

FY

FY

Y

Y

Y

4F

1F

F

F

F

F

3

Q2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

2-Year Stacked Organic Constant-Currency

Revenue Growth

Earlier period

Later period

8%

9%

8%

1%

1%

9%

1%

7%

7%

3%

1%

(2)%

(11)%

-10%

Q3'18+Q3'19 Q4'18+Q4'19 Q1'19+Q1'20 Q2'19+Q2'20 Q3'19+Q3'20

Segment EBITDA ($M) & Segment EBITDA Margin

Quarterly

$97

$83

$88

$132

$70

$68

$60

$81

$67

22%

23%

24%

23%

31%

19%

19%

17%

21%

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

Y2

Y

Y

Y

FY

Y

Y

FY

Y

F

F

F

F

F

2F

3F

3

4

1

2

3

4

1

Q

Q

Q

Q

Q

Q

Q

Q

Q

Vistaprint Advertising ($M) & as % of Revenue

$78

$78

$74

$92

$62

$54

$53

$61

$45

21%

21%

22%

21%

17%

15%

15%

14%

14%

1

1

1

1

1

1

2

2

20

Y

8

Y

8

Y

9

Y

9

Y

9

Y

9

Y

0

Y

0

Y

F

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 17 of 38

UPLOAD AND PRINT

Financial results for PrintBrothers and The Print Group are presented on page 5 of this document, as well as on the next page.

Combined upload and print revenue (i.e., the combination of revenue for PrintBrothers and The Print Group, adjusted to exclude inter-segment revenue when conducted between businesses in these segments) in Q3 FY2020 declined year over year by 5% in both USD and on an organic constant-currency basis, as the effects of the pandemic significantly impacted revenue growth in March.

Combined upload and print EBITDA (i.e., the combination of segment EBITDA for PrintBrothers and The Print Group) decreased by 17%, or $4.1 million, year over year in Q3 FY2020, as revenue declines in March impacted profitability.

We continue to invest in key areas within our upload and print businesses to ensure they work more closely together to exploit scale advantages and improve their cost competitiveness. These businesses also continue to invest in modernized e-commerce technologies and increasing adoption of our mass customization platform (MCP), which we believe over the long term will further improve customer value and the efficiency of each business.

WHAT BUSINESSES ARE IN THESE SEGMENTS?

PRINTBROTHERS:

THE PRINT GROUP:

Please see non-GAAP reconciliations at the end of this document.

Page 18 of 38

PRINTBROTHERS:

THE PRINT GROUP:

Revenue ($M) & Reported Revenue Growth

Quarterly

$104

$108

$101

$116

$109

$117

$109

$127

$109

35%

26%

10%

8%

5%

8%

8%

9%

-%

8

8

9

9

9

Y

9

0

0

0

Y1

Y1

Y2

FY2

3FY1

4FY1

1FY1

2F

3F

4F

1

1F

2FY2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Revenue ($M) & Reported Revenue Growth

Quarterly

$80

$86

$71

$88

$79

$88

$72

$88

$69

23%

13%

4%

3%

(2)%

3%

2%

-%

(13)%

8

8

9

9

9

9

0

0

0

3FY1

4FY1

1FY1

2FY1

3FY1

4FY1

1F

2F

2

3F

2

Q

Q

Q

Q

Q

Q

Y2

Q

Y

Q

Y

Q

Organic Constant-Currency Revenue Growth

Organic Constant-Currency Revenue Growth

Quarterly

Quarterly

17%

16%

12%

12%

14%

15%

13%

7%

4%

5%

6%

6%

9%

7%

3%

8%

-%

(10)%

18

Y18

19

Y19

19

19

20

20

20

18

18

Y19

19

19

19

2

20

20

Y

FY

Y

FY

Y

FY

FY

FY

FY

FY

Y

Y

Y

0

Y

Y

3F

F

F

3F

1F

F

3F

F

F

F

F

4

1

2

Q4

2

3

3

4

Q1

2

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

Q

2-Year Stacked Organic Constant-Currency

Revenue Growth

Earlier period

Later period

31%

31%

25%

14%

15%

20%

13%

14%

8%

17%

16%

14%

12%

12%

Q3'18+Q3'19 Q4'18+Q4'19 Q1'19+Q1'20 Q2'19+Q2'20 Q3'19+Q3'20

2-Year Stacked Organic Constant-Currency

Revenue Growth

Earlier period

Later period

13%

13%

12%

9%

6%

9%

7%

3%

6%

7%

4%

5%

6%

(10)%

-4%

Q3'18+Q3'19 Q4'18+Q4'19 Q1'19+Q1'20 Q2'19+Q2'20 Q3'19+Q3'20

Segment EBITDA ($M) & Segment EBITDA Margin

Quarterly

$12

$12

$13

$16

$9

$11

$8

$11

$9

9%

11%

10%

10%

7%

11%

10%

13%

8%

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

2

Y

Y

Y

Y

Y

Y

Y

Y

Y

F

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Segment EBITDA ($M) & Segment EBITDA Margin

Quarterly

$15

$20

$16

$16

$20

$18

$14

$12

$11

19%

23%

19%

20%

23%

19%

21%

17%

16%

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

Y2

Y

Y

FY

Y

Y

FY

Y

Y

F

F

2F

F

F

F

F

3

4

1

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 19 of 38

NATIONAL PEN

National Pen's Q3 FY2020 revenue declined 14% on a reported basis and declined 13% in constant currencies, largely the result of the effects of the pandemic on revenue growth in March, in particular the mail order and telesales portions of the business.

Segment EBITDA declined year over year by $1.4 million in Q3 FY2020. The impacts of lower revenue on profitability were mitigated by National Pen's move to reduce variable costs in March. The year-to-date EBITDA improvement of $6.7 million provides a more complete picture of the year- over-year changes we have made.

Despite the goodwill impairment recognized in the quarter (excluded from segment EBITDA), we maintain a positive long-term outlook on this business based on the pre- pandemic results this fiscal year, the team's quick pivot to remove variable costs and reduce fixed costs in response to the pandemic-induced drop in demand, the strength of the underlying direct mail business, and the investments we continue to make in National Pen's technology capabilities.

Revenue ($M) & Reported Revenue Growth

Quarterly

$133

$128

$82

$66

$66

$80

$70

$70

$68

39%

22%

10%

5%

6%

6%

(2%)

(4%)

(14%)

8

8

9

9

9

9

0

0

0

Y1

Y1

Y1

Y1

1

Y1

2

Y2

Y2

Y

Y

F

F

F

F

F

F

F

F

F

3

4

1

2

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Organic Constant-Currency Revenue Growth

Quarterly

19%

11%

7%

8%

8%

-%

1%

(3%)

(13%)

18

8

9

9

9

9

0

0

0

1

Y1

1

1

1

2

Y2

2

3FY

4

Y

1

2FY

Y

Y

Y

3

Y

3F

4F

1F

2F

Q

Q

F

Q

F

Q

Q

Q

Q

Q

Q

F

Segment EBITDA (Loss) ($M)* &

Segment EBITDA (Loss) Margin

Quarterly

$5

$27

$7

$28

$2

$-

20%

22%

10%

($10)

3%

8%

-%

($1)

(2%)

($16)

(14%)

(25%)

8

8

9

9

9

9

0

0

0

Y1

1

Y1

FY1

1

Y1

FY2

Y2

2

Y

Y

Y

F

F

F

F

F

F

F

3

Q4

Q1

Q2

Q3

Q4

Q1

2

3

Q

Q

Q

*Starting in Q1 FY2019, segment EBITDA was impacted by the adoption of the new U.S. GAAP revenue recognition standard that resulted in the earlier recognition of direct mail expenses in our National Pen business.This is an expense timing impact only that created fluctuations in year-over-year segment EBITDA trends throughout FY19. The accounting treatment for FY2020 and FY2019 is comparable.

Please see non-GAAP reconciliations at the end of this document.

Page 20 of 38

ALL OTHER BUSINESSES

The growth rates for the various businesses that comprise this segment vary greatly from each other and tend to fluctuate from quarter to quarter. This segment delivered relatively attractive results during Q3 FY2020, mostly driven by relatively strong performance from BuildASign, whose home decor and newly introduced pandemic- focused signage products have been fairly resilient, and Printi in Brazil, where the pandemic impact hit much later than in other markets served by our other businesses. The organic growth rate for this segment continues to be suppressed by actions we took at the beginning of the fiscal year to restructure our Printi business in Brazil, where we are still seeing year-over-year improvements in profitability, as described in recent quarters.

Q3 FY2020 segment EBITDA (loss) improved year over year by $4.3 million, primarily driven by reduced losses in our Printi business, as well as profit growth in BuildASign, partially offset by increased investments in our other early- stage businesses. Segment EBITDA (loss) margin improved substantially year over year from (3%) last year to 8% in Q3 FY2020.

On April 10, 2020, we sold our shares in VIDA to increase focus on our other businesses, and recognized a loss of $1 million on the sale. Please note this will remove about $5 million of annualized segment EBITDA expense in the future relative to the trailing-twelve month period.

BUSINESSES IN THIS REPORTABLE SEGMENT:

With the exception of BuildASign, which is a larger and profitable business, the All Other Businesses segment consists of rapidly evolving early-stage businesses that we continue to manage at an operating loss as previously described and planned. These businesses are subject to high degrees of risk and we expect fluctuations in growth as each of their business models rapidly evolve in function of customer feedback, testing, and entrepreneurial pivoting.

BuildASign is an e-commerce provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas.

Printi, the online printing leader in Brazil, offers a superior customer experience with transparent and attractive pricing, reliable service and quality.

VIDA is an innovative startup that brings manufacturing access and an e-commerce marketplace to artists, thereby enabling artists to convert ideas into beautiful, original products for customers, ranging from custom fashion, jewelry and accessories to home accent pieces.

YSD is a startup business in China that provides end-to-end mass customization software solutions to brands and IP owners, supporting multiple channels including retail stores, websites, WeChat and e-commerce platforms to enhance brand awareness and competitiveness, and develop new markets.

Revenue ($M) & Reported Revenue Growth

Quarterly

Revenue

Reported Revenue Growth

$48

$50

$42

$42

$39

544%

$38

500%

448%

443%

$7

$7

$8

(59%)

3%

3%

(65%)

(66%)

18

18

9

9

9

9

0

0

0

1

1

1

1

2

2

Y2

3FY

Y

Y

2FY

Y

Y

1FY

2

Y

3

4F

1F

3F

4F

Q

Q

Q

Q

Q

Q

Q

Q

F

Q

F

Organic Constant-Currency Revenue Growth

Quarterly

79%

59%

41%

12%

-%

(15%)

(4%)

4%

5%

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

Y2

2

Y

Y

Y

Y

Y

Y

Y

Y

3F

F

F

2F

3F

4F

1F

2F

F

4

1

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Segment EBITDA (Loss) ($M) &

Segment EBITDA (Loss) Margin

Quarterly

$2

$4

$3

($2)

($1)

$2

7%

8%

($3)

4%

4%

($4)

(3%)

($5)

(5%)

(49%)

(55%)

(61%)

8

8

9

9

9

9

0

0

0

1

1

1

1

1

1

2

2

Y2

Y

Y

Y

Y

Y

Y

FY

Y

F

F

F

F

F

F

2F

3F

3

4

1

2

3

4

1

Q

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 21 of 38

CENTRAL AND CORPORATE COSTS

Central and corporate costs increased 24% year over year in Q3 FY2020 from $25.8 million to $32.0 million, largely due to increased share-based compensation expense.

Excluding unallocated SBC, central and corporate costs were up 11%, or $2.7 million, year over year during the quarter, reflecting increased professional fees and a $1.3 million increase in payroll tax associated with recent option exercises.

Central and Corporate Costs ($M)*

Quarterly

Corporate Costs

Central Operating Costs

MCP Investment

Unallocated SBC

Our central technology teams continue to make good progress in developing new MCP technologies and in helping our businesses adopt pre-existing ones. Focus areas continue to be intra-Cimpress wholesale transactions, the adoption of modern e-commerce technologies, and technologies that improve customer experience, drive higher conversion rates and automate manual processes. Additionally, we continue to invest to help our businesses make their systems and information more secure.

$33

$31

$29

$27

$27

$9

$7

$13

$26

$4

$3

$6

$5

$5

$5

$6

$6

$5

$10

$9

$9

$9

$10

$10

$9

$10

$10

$11

$9

$10

$9

$12

($1)

$(11)

$32 $32

$3 $4

$6 $6

$10 $11

$13

$12

WHAT ARE CENTRAL AND CORPORATE COSTS?

The GAAP accounting value of performance

share units (PSUs) across Cimpress, minus

Unallocated

what we cross-charge either to our businesses

or to the above central cost categories. We

Share

cross-charge the cash grant value of a long-term

Based

incentive award. Additionally, the accounting

Comp

value of the Supplemental PSUs (SPSUs)

expense or benefit, if any, are included in this

category.

MCP

Software engineering and related costs to

expand the functionality of our Mass

Investment

Customization Platform (MCP).

Our operationally oriented shared-service

organizations of (1) global procurement, (2) the

Central

technical maintenance and hosting of the MCP,

and (3) privacy and information security

Operating

management, plus the administrative costs of

Costs

our Cimpress India offices where numerous

Cimpress businesses have dedicated business-

specific team members. These costs are

required to operate our businesses.

Corporate activities, including the office of the

CEO, the board, directors and officers

insurance, treasury, tax, capital allocation,

Corporate

financial consolidation, audit, corporate legal,

internal company-wide communications,

Costs

investor relations and corporate strategy.

Additionally, the expense or benefit, if any, for

the supplemental performance cash awards that

accompany some of the SPSUs are included in

this category.

Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20

*Q2 FY2019 Central and Corporate Costs were impacted by the reversal of the previously recognized $15.4 million expense for our SPSUs, when we concluded that the achievement of the performance condition was no longer probable. Please see our Q2 FY2019 "Quarterly Earnings Document" for more context.

Central and Corporate Costs

Excluding Unallocated Share-Based Comp*

($M and as a % of Total Revenue)

$26

$27

$29

$28

$25

$24

$24

$24

$24

4%

4%

4%

4%

4%

4%

4%

5%

3%

Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20

*We present this cost category excluding the Unallocated SBC to help our investors see the potential for scale leverage in these central costs without the volatility and accounting complexities of the Unallocated SBC. For avoidance of doubt, we view SBC as a cost, and believe investors should too. As a reminder, we charge our businesses a cost based on the cash value of long-term incentive grants, which excludes some of these accounting complexities, and which is included in each segment's results each period. You can find additional information on the LTI overview document posted on ir.cimpress.com. All numbers are rounded to the nearest million and may not sum to total Central and Corporate Costs when combined with the rounded Unallocated SBC figures in the chart above.

Please see non-GAAP reconciliations at the end of this document.

Page 22 of 38

CURRENCY IMPACTS

Changes in currency rates negatively impacted our year- over-year reported revenue growth rate by 200 basis points in Q3 FY2020, though this impacted some segments more than others. There are many natural expense offsets in local currencies in our business and, therefore, the net currency impact to our bottom line is less pronounced than it is to revenue. As such, we look at constant-currency growth rates to understand revenue trends in the absence of currency movements but typically evaluate our bottom line inclusive of currency movements.

Our most significant net currency exposures by volume are the Euro and the British Pound. We enter into currency derivative contracts to hedge the risk for certain currencies where we have a net adjusted EBITDA exposure. We hedge our adjusted EBITDA exposures because a slightly different but similar EBITDA measure is the primary metric normally used in our debt covenants. 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 $22.5 million in Q3 FY2020. The vast majority of this is currency related, as follows:

  • Realizedgains on certain currency hedges were $5.0 million for the third quarter. These realized gains affect our net income, adjusted EBITDA, and adjusted free cash flow. They are not allocated to segment-level
    EBITDA.
  • Unrealizedcurrency net gains of approximately $17.5 million in Q3 were primarily related to the revaluation of intercompany, cash, debt balances, and currency derivatives. These are included in our net income but excluded from our adjusted EBITDA.

In March, we terminated some of our net investment and mark-to-market hedges that were in a gain position and locked in about $27.7 million of cash proceeds, which was recognized within cash from investing activities in our cash flow statement. Also, we terminated a cash flow hedge and locked in about $9.2 million of cash proceeds, which was recognized within cash provided by operating activities in our cash flow statement. In most cases, we rolled into new hedges to replace the terminated hedge positions. As these hedges are not intended to hedge our EBITDA, the gains are not included in adjusted EBITDA.

Overall, for the reasons described on this page, year-over- year fluctuations in currencies create different impacts on the various financial results you see throughout this document. Below is a table describing these directional net currency impacts when compared to the prior-year period. For the quarter the net impact of currency on EBITDA was negligible and the net impact of currency on adjusted free cash flow was slightly unfavorable.

Y/Y Impact from Currency*

Financial Measure

Q3 FY2020

Revenue

Negative

Operating income

Negative

Net income

Negative

Segment EBITDA

Mixed by segment

Adjusted EBITDA

Neutral

Adjusted free cash flow

Negative

*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.

Other Income (Expense), Net ($M)

$23

$16

$10

$10

$9

$5

($2)

($2)

($9)

8

8

8

8

9

9

0

0

0

1

1

1

1

Y1

Y1

Y2

2

2

Y

Y

Y

Y

Y

FY

F

2F

F

F

F

F

F

F

1

3

4

3

4

1

2

3

Q

Q

Q

Q

Q

Q

Q

Q

Q

Realized Gains (Losses) on

Certain Currency Derivatives ($M)

$10

$7

$6

$5

$5

$5

$2

($2)

($5)

8

8

8

8

9

9

0

0

0

1

1

1

1

1

1

Y2

Y2

2

Y

Y

Y

Y

Y

Y

Y

F

F

F

F

F

F

F

F

F

1

2

3

4

3

4

1

Q2

3

Q

Q

Q

Q

Q

Q

Q

Q

Please see non-GAAP reconciliations at the end of this document.

Page 23 of 38

CURRENT OUTLOOK

Our near-term outlook has changed significantly in light of the COVID-19 pandemic and the impact it has had on our customers, and therefore, our results. We should note that our long-term view has strengthened as a result of the pandemic for reasons described below. However, the near-term environment is unprecedented and, as described previously, we believe there will be a material negative impact on our financial results, despite the significant actions we have already taken to reduce costs. The duration of that impact is impossible to predict at this time.

As our investors know, we have a policy of not issuing quarterly financial guidance. However, given the extraordinary events of the pandemic, below we outline what we are seeing so far in the fourth quarter.

Q4 FY2020:

As noted in our release on April 29, 2020, demand worsened through the month of March, with consolidated bookings declining approximately 65% year over year in the last week of the month and first week of April. For the month of April, our consolidated bookings declined approximately 51% year over year. All segments' bookings performance improved in the second half of April relative to the first half and in the last two weeks ended Saturday May 2, 2020, the rate of consolidated year-over-year decline lessened to about 35%. We believe that is the result of our shift in focus to products and product templates that our customers need in the current environment, but also most recently in some geographies the start, although minimal, of relaxing government restrictions to restart economic activity.

Underneath the consolidated bookings numbers, the impact of the pandemic on revenue growth has differed significantly by business, country, product line and week. Segment bookings performance for April 2020 compared to April 2019 was approximately as follows:

  • Vistaprint bookings declined about 51%.
  • Combined upload and print bookings declined about 57%.
  • National Pen bookings declined about 65%.
  • All Other Businesses bookings declined about 6%.

We cannot predict what our revenue results will be for the remainder of Q4 FY2020, which we believe will be highly dependent on the extent to which government restrictions are maintained or relaxed. Our expectation is that as restrictions are gradually lifted, we will see improvement relative to recent revenue trends described above. In National Pen we do expect the revenue recovery curve is likely to lag other segments given the amount of their revenue that is generated through direct mail channels that will lag e-commerce channels.

Beyond FY2020:

We are not in a position to comment on our outlook beyond FY2020 given the uncertainty of both the extent and duration of the impact of COVID-19 on our customers and operations. Given the reduction in costs, temporary suspension of maintenance covenants, innovation, and focus of our teams leveraging our Cimpress strategy each of which was discussed briefly in Robert's letter above, we believe that even in scenarios worse than our current forecast we will maintain adequate liquidity and compliance with the covenants in our recently amended credit facility. We intend to protect organic investments to the greatest extent as we remain focused on building Cimpress for the time when the effects of the pandemic dissipate.

We remain long-term positive about our ability to return to a trajectory similar to, or better than, what we were experiencing through February, for several reasons:

  • Small businesses have been a vital engine for the global economy, and though they are hurting now, we fundamentally believe in humanity's perseverance and courage to be entrepreneurial and successful.
  • Our businesses have done well during past economic recessions, because we offer a better value proposition for a lower price than traditional sources of our products. Additionally, during times that unemployment has increased, people start freelancing, a creative endeavor, or a new job search, and our convenient, professional products offered in low quantities at affordable prices help people get started. This has been particularly true with Vistaprint customers.
  • We believe the competitive landscape is likely to change dramatically in favor of those who are flexible enough to make it through this current period, including Cimpress.

Please see non-GAAP reconciliations at the end of this document.

Page 24 of 38

CIMPRESS PLC

CONSOLIDATED BALANCE SHEETS

(unaudited in thousands, except share and per share data)

March 31,

June 30,

2020

2019

Assets

Current assets:

Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

228,265

$

35,279

Accounts receivable, net of allowances of $9,753 and $7,313, respectively . . . . . . . . . . . . . . . .

46,974

60,646

Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

70,822

66,310

Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

93,317

78,065

Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

439,378

240,300

Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

347,228

490,755

Operating lease assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

164,391

-

Software and website development costs, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

73,477

69,840

Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

143,571

59,906

Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

615,333

718,880

Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

220,827

262,701

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35,222

25,994

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

2,039,427

$

1,868,376

Liabilities, noncontrolling interests and shareholders' (deficit) equity

Current liabilities:

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

187,829

$

185,096

Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

190,097

194,715

Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,096

31,780

Short-termdebt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24,364

81,277

Operating lease liabilities, current. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37,405

-

Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13,144

27,881

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

480,935

520,749

Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34,690

44,531

Long-termdebt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,647,214

942,290

Lease financing obligation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

112,096

Operating lease liabilities, non-current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

134,267

-

Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

76,972

53,716

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,374,078

1,673,382

Commitments and contingencies

Redeemable noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

69,682

63,182

Shareholders' (deficit) equity:

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; 44,080,627

615

615

shares issued; and 25,878,300 and 30,445,669 shares outstanding, respectively . . . . . . . . . . .

Deferred ordinary shares, nominal value €1.00 per share, 25,000 shares authorized, issued

28

-

and outstanding (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Treasury shares, at cost, 18,202,327 and 13,634,958 shares, respectively. . . . . . . . . . . . . . . . .

(1,377,022)

(737,447)

Additional paid-incapital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

404,409

411,079

Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

660,442

537,422

Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(92,805)

(79,857)

Total shareholders' (deficit) equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(404,333)

131,812

Total liabilities, noncontrolling interests and shareholders' (deficit) equity . . . . . . . . . . . . . . . . . . .

$

2,039,427

$

1,868,376

  1. In conjunction with the cross-border merger to Ireland, 25,000 Cimpress plc deferred ordinary shares were issued to meet the statutory minimum capital requirements of an Irish public limited company. These deferred ordinary shares will not dilute the economic ownership of Cimpress plc shareholders as they have no voting rights, and do not entitle the holders to dividends or distributions, or to participate in surplus assets beyond the nominal value of the shares.

Page 25 of 38

CIMPRESS PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited in thousands, except share and per share data)

Three Months Ended March

Nine Months Ended March

31,

31,

2020

2019

2020

2019

Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

597,960

$

661,814

$2,052,252

$2,076,362

Cost of revenue (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

309,598

342,700

1,029,281

1,056,667

Technology and development expense (1). . . . . . . . . . . . . . . . . . . .

67,693

59,656

195,287

174,541

Marketing and selling expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . .

148,803

170,202

483,056

562,536

General and administrative expense (1) . . . . . . . . . . . . . . . . . . . . .

45,148

37,753

140,681

119,145

Amortization of acquired intangible assets. . . . . . . . . . . . . . . . . . . .

12,693

14,022

38,861

40,169

Restructuring expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

919

7,866

5,006

9,062

Impairment of goodwill (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100,842

-

100,842

-

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(87,736)

29,615

59,238

114,242

Other (expense) income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22,537

(2,495)

29,171

17,386

Interest expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(17,262)

(16,787)

(48,050)

(47,372)

Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(82,461)

10,333

40,359

84,256

Income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,039

4,091

(86,641)

23,971

Net (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(83,500)

6,242

127,000

60,285

Add: Net (loss) income attributable to noncontrolling interest . . . . .

(1,384)

288

(1,630)

620

. . . . . . . . . . . . . . . . .Net (loss) income attributable to Cimpress plc

$

(84,884)

$

6,530

$125,370

$60,905

Basic net (loss) income per share attributable to Cimpress plc

$

(3.26)

$

0.21

$4.54

$1.98

Diluted net (loss) income per share attributable to Cimpress plc

$

(3.26)

$

0.21

$4.43

$1.92

Weighted average shares outstanding - basic

26,024,229

30,763,055

27,608,387

30,837,207

Weighted average shares outstanding - diluted

26,024,229

31,514,793

28,317,440

31,781,141

____________________________________________

(1) Share-based compensation is allocated as follows:

Three Months Ended March

Nine Months Ended March

31,

31,

2020

2019

2020

2019

Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

66

$

42

$251

$320

Technology and development expense . . . . . . . . . . . . . . . . . . . . . .

2,014

1,320

5,791

2,000

Marketing and selling expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,145

1,187

367

673

General and administrative expense . . . . . . . . . . . . . . . . . . . . . . . .

5,683

1,955

15,574

7,707

Restructuring expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(16)

3,250

756

3,250

  1. For the three and nine months ended March 31, 2020 we recognized a full goodwill impairment charge for our National Pen and VIDA reporting units, which amounted to $34.4 million and $26.0 million, respectively, as well as a partial goodwill impairment charge for our Exaprint reporting unit of $40.4 million.

Page 26 of 38

CIMPRESS PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Three Months Ended March

Nine Months Ended March

31,

31,

2020

2019

2020

2019

Operating activities

Net (loss) income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

(83,500)

$

6,242

$

127,000

$

60,285

Adjustments to reconcile net income to net cash provided by

operating activities:

Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41,840

44,334

126,731

129,554

Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100,842

-

100,842

-

Share-basedcompensation expense . . . . . . . . . . . . . . . . . . . . . . . . .

8,892

7,754

22,739

13,950

Deferred taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4,415)

769

(109,990)

9,013

Unrealized gain/(loss) on derivatives not designated as hedging

(12,152)

3,649

(4,604)

(5,932)

instruments included in net income. . . . . . . . . . . . . . . . . . . . . . . . . . .

Effect of exchange rate changes on monetary assets and liabilities

(2,386)

3,939

(1,027)

1,276

denominated in non-functionalcurrency . . . . . . . . . . . . . . . . . . . . . . .

Other non-cashitems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,891

2,322

4,936

4,742

Changes in operating assets and liabilities:

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,990

(1,946)

13,750

(13,812)

Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,804

377

(7,876)

(9,077)

Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . .

13,886

3,079

11,631

(5,318)

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(18,842)

(36,432)

5,590

12,407

Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . .

(51,886)

(17,107)

(5,661)

25,382

Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . .

18,964

16,980

284,061

222,470

Investing activities

Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . .

(10,544)

(19,167)

(38,638)

(57,934)

Business acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . .

-

(651)

(4,272)

(289,920)

Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

(22)

Capitalization of software and website development costs . . . . . . . . . .

(12,407)

(12,716)

(35,824)

(34,637)

Proceeds from the sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

786

27

1,633

550

Proceeds from settlement of derivatives designated as hedging

27,732

-

27,732

-

instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

436

461

1,556

409

Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . .

6,003

(32,046)

(47,813)

(381,554)

Financing activities

Proceeds from borrowings of debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

409,515

233,440

1,043,600

926,378

Proceeds from issuance of senior notes . . . . . . . . . . . . . . . . . . . . . . . .

210,500

-

210,500

-

Payments of debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(310,603)

(206,035)

(603,049)

(681,032)

Payments of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4,862)

(1,258)

(4,862)

(2,729)

Payments of withholding taxes in connection with equity awards . . . . .

(40,955)

(277)

(41,417)

(2,402)

Payments of finance lease obligations . . . . . . . . . . . . . . . . . . . . . . . . .

(2,990)

(3,942)

(8,354)

(12,722)

Purchase of noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . .

-

-

-

(41,177)

Purchase of ordinary shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(89,483)

(12,074)

(627,056)

(26,117)

Proceeds from issuance of ordinary shares . . . . . . . . . . . . . . . . . . . . .

-

(134)

6

2,757

Distribution to noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . .

(34)

-

(3,955)

(3,375)

Other financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(454)

2,319

(2,169)

2,319

Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . .

170,634

12,039

(36,756)

161,900

Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . .

(2,927)

(979)

(5,180)

(2,785)

Change in cash held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,326)

-

(1,326)

-

Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . .

191,348

(4,006)

192,986

31

Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . .

36,917

48,264

35,279

44,227

Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . .

$

228,265

$

44,258

$

228,265

$

44,258

Page 27 of 38

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 in the last twelve months, upload and print group revenue growth, constant currency revenue growth and profit, adjusted EBITDA, adjusted free cash flow and trailing- twelve-month return on invested capital:

  • Constant-currencyrevenue 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-currencyrevenue 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 Albumprinter revenue from Q1 FY2017 through Q1 FY2018, Digipri (the part of our Japan business that we previously sold) revenue for Q2 FY2018, VIDA revenue from Q1 FY2019 through Q4 FY2019, and BuildASign revenue from Q2 FY2019 through Q1 FY2020.
  • Upload and print group revenue growth is the combination of revenue for PrintBrothers and The Print Group in USD, adjusted to exclude inter-segment revenue when conducted between businesses in these segments. Upload and print group constant-currency revenue growth is the combination of revenue for PrintBrothers and The Print Group in constant currencies, adjusted to exclude inter-segment revenue when conducted between businesses in these segments. Upload and print group EBITDA is the combination of segment EBITDA for PrintBrothers and The Print Group.
  • Adjusted EBITDA is defined as operating income plus depreciation and amortization (excluding depreciation and amortization related to our Waltham, Massachusetts office lease) 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 less interest expense related to our Waltham, Massachusetts office lease less gain on purchase or sale of subsidiaries.
  • 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.
  • Trailing-Twelve-MonthReturn on Invested Capital is adjusted net operating profit after tax (NOPAT) or adjusted NOPAT excluding share-based compensation, divided by debt plus redeemable noncontrolling interest plus shareholders' equity, less excess cash. Adjusted NOPAT is defined as adjusted EBITDA from above, plus depreciation and amortization (except depreciation related to Waltham lease and amortization of acquired intangibles), plus share-based compensation not related to investment consideration or restructuring, less cash taxes. Adjusted NOPAT excluding share-based compensation removes all share-based compensation expense in Adjusted NOPAT. Excess cash is cash and equivalents greater than 5% of last twelve month revenues and, if negative, is capped at zero. Leases have not been converted to debt for purposes of this calculation.

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, as we have become more acquisitive over recent years 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 our currency forward 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 28 of 38

CONSTANT-CURRENCY REVENUE GROWTH RATES

(Quarterly and Year to Date)

Total Company

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

16 %

12 %

5%

8 %

4 %

7 %

8 %

(1)%

(10)%

Currency impact

(8)%

(4)%

1%

3 %

5 %

3 %

2 %

2 %

2 %

Revenue growth in constant currency

8 %

8 %

6%

11 %

9 %

10 %

10 %

1 %

(8)%

Impact of TTM acquisitions, divestitures & JVs

3 %

3 %

2%

(5)%

(6)%

(5)%

(6)%

(1)%

(1)%

Revenue growth in constant currency ex. TTM

11 %

11 %

8%

6 %

3 %

5 %

4 %

- %

(9)%

acquisitions, divestitures & JVs

Total Company

YTD

YTD

YTD

2018

2019

2020

Reported revenue growth

25 %

6 %

(1)%

Currency impact

(5)%

3 %

2 %

Revenue growth in constant currency

20 %

9 %

1 %

Impact of TTM acquisitions, divestitures & JVs

(9)%

(3)%

(2)%

Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs

11 %

6 %

(1)%

Vistaprint

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

11 %

11 %

6%

1%

(2)%

(2)%

(1)%

(2)%

(12)%

Currency impact

(4)%

(2)%

1%

2%

3 %

2 %

2 %

- %

1 %

Revenue growth in constant currency

7 %

9 %

7%

3%

1 %

- %

1 %

(2)%

(11)%

Upload and Print ($M)

Q3FY19

Q3FY20

YTD

YTD

Q3FY2019

Q3FY2020

PrintBrothers reported revenue

$

109.3

$

109.5

$

327.0

$

345.4

The Print Group reported revenue

$

79.0

$

68.5

$

237.8

$

228.5

Upload and Print inter-segment eliminations

$

(0.2)

$

(0.2)

$

(0.7)

$

(0.7)

Total Upload and Print revenue in USD

$

188.1

$

177.8

$

564.1

$

573.2

Upload and Print

Q1FY20

Q2FY20

Q3FY20

YTD

YTD

Q3FY2019

Q3FY2020

Reported revenue growth

5%

5 %

(5)%

5%

2 %

Currency impact

5%

3 %

2 %

5%

3 %

Revenue growth in constant currency

10%

8 %

(3)%

10%

5 %

Impact of TTM acquisitions

-%

(2)%

(2)%

-%

(1)%

Revenue growth in constant currency excl. TTM acquisitions

10%

6 %

(5)%

10%

4 %

Values may not sum to total due to rounding.

Page 29 of 38

CONSTANT-CURRENCY REVENUE GROWTH RATES (CONT'D)

(Quarterly)

PrintBrothers

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

35 %

26 %

10%

8%

5%

8%

8%

9 %

- %

Currency impact

(18)%

(10)%

2%

4%

9%

7%

5%

3 %

3 %

Revenue growth in constant currency

17 %

16 %

12%

12%

14%

15%

13%

12 %

3 %

Impact of TTM acquisitions

- %

- %

-%

-%

-%

-%

-%

(4)%

(3)%

Revenue growth in constant currency excl. TTM

17 %

16 %

12%

12%

14%

15%

13%

8 %

- %

acquisitions

The Print Group

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

23 %

13 %

4%

3%

(2)%

3%

2%

-%

(13)%

Currency impact

(16)%

(9)%

1%

3%

8 %

6%

5%

3%

3 %

Revenue growth in constant currency

7 %

4 %

5%

6%

6 %

9%

7%

3%

(10)%

Impact of TTM acquisitions

- %

- %

-%

-%

- %

-%

-%

-%

- %

Revenue growth in constant currency excl. TTM

7 %

4 %

5%

6%

6 %

9%

7%

3%

(10)%

acquisitions

National Pen

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth1

39 %

22 %

10%

5%

(2)%

6%

6%

(4)%

(14)%

Currency impact

(9)%

(3)%

1%

2%

3 %

2%

2%

1 %

1 %

Revenue growth in constant currency

30 %

19 %

11%

7%

1 %

8%

8%

(3)%

(13)%

Impact of TTM acquisitions

- %

- %

-%

-%

- %

-%

-%

- %

- %

Revenue growth in constant currency excl. TTM

30 %

19 %

11%

7%

1 %

8%

8%

(3)%

(13)%

acquisitions

Pro Forma National Pen Growth Rates:

Pro forma revenue growth in U.S. dollars

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Currency impact

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Pro forma revenue growth in constant currency

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Impact of discontinued operations

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Pro forma revenue growth in constant currency,

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

excluding discontinued operations

All Other Businesses

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

(65)%

(66)%

(59)%

544 %

443 %

500 %

448 %

3%

3%

Currency impact

1 %

4 %

8 %

14 %

12 %

9 %

1 %

1%

2%

Revenue growth in constant currency

(64)%

(62)%

(51)%

558 %

455 %

509 %

449 %

4%

5%

Impact of TTM acquisitions and divestitures

143 %

121 %

92 %

(546)%

(470)%

(509)%

(453)%

-%

-%

Revenue growth in constant currency excl. TTM

79 %

59 %

41 %

12 %

(15)%

- %

(4)%

4%

5%

acquisitions & divestitures

Values may not sum to total due to rounding.

Page 30 of 38

TWO-YEAR STACKED CONSTANT-CURRENCY ORGANIC REVENUE GROWTH RATES

(Quarterly)

Total Company

Q3FY17

Q4FY17

Q1FY18

Q2FY18

Reported revenue growth

26 %

18 %

27 %

32 %

Currency impact

2 %

2 %

(3)%

(5)%

Revenue growth in constant currency

28 %

20 %

24 %

27 %

Impact of TTM acquisitions, divestitures & JVs

(17)%

(11)%

(12)%

(16)%

Revenue growth in constant currency ex. TTM acquisitions, divestitures & JVs

11 %

9 %

12 %

11 %

Total Company

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

16 %

12 %

5%

8 %

4 %

7 %

8 %

(1)%

(10)%

Currency impact

(8)%

(4)%

1%

3 %

5 %

3 %

2 %

2 %

2 %

Revenue growth in constant currency

8 %

8 %

6%

11 %

9 %

10 %

10 %

1 %

(8)%

Impact of TTM acquisitions, divestitures & JVs

3 %

3 %

2%

(5)%

(6)%

(5)%

(6)%

(1)%

(1)%

Revenue growth in constant currency ex. TTM

11 %

11 %

8%

6 %

3 %

5 %

4 %

- %

(9)%

acquisitions, divestitures & JVs

2-Year Stacked Organic Constant-Currency

Q3'17+

Q4'17+

Q1'18+

Q2'18+

Q3'18+

Q4'18+

Q1'19+

Q2'19+

Q3'19+

Q3'18

Q4'18

Q1'19

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

Year 1

(Earlier of the 2 Stacked Periods)

11 %

9 %

12%

11 %

11 %

11 %

8 %

6 %

3 %

Year 2

(More Recent of the 2 Stacked Periods)

11 %

11 %

8%

6 %

3 %

5 %

4 %

- %

(9)%

Year 1

+ Year 2

22 %

20 %

20%

17 %

14 %

16 %

12 %

6 %

(6)%

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 Albumprinter revenue from Q1 FY2017 through Q1 FY2018, Digipri (the part of our Japan business that we previously sold) revenue, for Q2 FY2018, and VIDA revenue from Q1 FY2019 through Q4 FY2019 and BuildASign revenue from Q2 FY2019 through Q1 FY2020.

Vistaprint

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

11 %

11 %

6%

1%

(2)%

(2)%

(1)%

(2)%

(12)%

Currency impact

(4)%

(2)%

1%

2%

3 %

2 %

2 %

- %

1 %

Revenue growth in constant currency

7 %

9 %

7%

3%

1 %

- %

1 %

(2)%

(11)%

Impact of TTM acquisitions, divestitures & JVs

- %

- %

-%

-%

- %

- %

- %

- %

- %

Revenue growth in constant currency ex. TTM

7 %

9 %

7%

3%

1 %

- %

1 %

(2)%

(11)%

acquisitions, divestitures & JVs

2-Year Stacked Organic Constant-Currency

Q3'18+

Q4'18+

Q1'19+

Q2'19+

Q3'19+

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

Year 1

(Earlier of the 2 Stacked Periods)

7 %

9 %

7 %

3 %

1 %

Year 2

(More Recent of the 2 Stacked Periods)

1 %

- %

1 %

(2)%

(11)%

Year 1

+ Year 2

8 %

9 %

8 %

1 %

(10)%

Values may not sum to total due to rounding.

Page 31 of 38

TWO-YEAR STACKED CONSTANT-CURRENCY ORGANIC REVENUE GROWTH RATES (CONT'D)

(Quarterly)

PrintBrothers

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

35 %

26 %

10%

8%

5%

8%

8%

9 %

- %

Currency impact

(18)%

(10)%

2%

4%

9%

7%

5%

3 %

3 %

Revenue growth in constant currency

17 %

16 %

12%

12%

14%

15%

13%

12 %

3 %

Impact of TTM acquisitions, divestitures & JVs

- %

- %

-%

-%

-%

-%

-%

(4)%

(3)%

Revenue growth in constant currency ex. TTM

17 %

16 %

12%

12%

14%

15%

13%

8 %

- %

acquisitions, divestitures & JVs

2-Year Stacked Organic Constant-Currency

Q3'18+

Q4'18+

Q1'19+

Q2'19+

Q3'19+

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

Year 1 (Earlier of the 2 Stacked Periods)

17%

16%

12%

12 %

14 %

Year 2 (More Recent of the 2 Stacked Periods)

14%

15%

13%

8 %

- %

Year 1 + Year 2

31%

31%

25%

20 %

14 %

The Print Group

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Reported revenue growth

23 %

13 %

4%

3%

(2)%

3%

2%

-%

(13)%

Currency impact

(16)%

(9)%

1%

3%

8 %

6%

5%

3%

3 %

Revenue growth in constant currency

7 %

4 %

5%

6%

6 %

9%

7%

3%

(10)%

Impact of TTM acquisitions, divestitures & JVs

- %

- %

-%

-%

- %

-%

-%

-%

- %

Revenue growth in constant currency ex. TTM

7 %

4 %

5%

6%

6 %

9%

7%

3%

(10)%

acquisitions, divestitures & JVs

2-Year Stacked Organic Constant-Currency

Q3'18+

Q4'18+

Q1'19+

Q2'19+

Q3'19+

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

Year 1 (Earlier of the 2 Stacked Periods)

7 %

4%

5%

6%

6 %

Year 2 (More Recent of the 2 Stacked Periods)

6 %

9%

7%

3%

(10)%

Year 1 + Year 2

13 %

13%

12%

9%

(4)%

GROSS PROFIT AND CONTRIBUTION PROFIT

(Quarterly, in millions except percentages)

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Total revenue

$636.1

$631.1

$589.0

$825.6

$661.8

$674.7

$634.0

$820.3

$598.0

Cost of revenue

$319.2

$316.6

$302.5

$411.5

$342.7

$344.7

$325.7

$394.0

$309.6

Gross profit (revenue minus cost of revenue)

$316.9

$314.6

$286.5

$414.1

$319.1

$330.0

$308.3

$426.3

$288.4

as a percent of total revenue

49.8%

49.8%

48.6%

50.2%

48.2%

48.9%

48.6%

52.0%

48.2%

Advertising expense and payment processing fees

$118.5

$108.8

$123.4

$147.8

$108.7

$91.5

$103.5

$109.6

$86.9

Contribution profit (gross profit minus

$198.4

$205.7

$163.2

$266.3

$210.4

$238.5

$204.8

$316.8

$201.5

advertising/processing fees)

as a percent of total revenue

31.2%

32.6%

27.7%

32.3%

31.8%

35.4%

32.3%

38.6%

33.7%

Values may not sum to total due to rounding.

Page 32 of 38

EBITDA (LOSS) BY REPORTABLE SEGMENT ("SEGMENT EBITDA")

(Quarterly, in millions)

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Vistaprint

$

70.4

$

68.1

$

60.0

$

97.0

$

82.6

$

88.0

$

80.6

$ 132.2

$ 67.4

PrintBrothers

9.1

11.6

10.6

11.7

8.1

13.1

10.8

16.5

8.7

The Print Group

15.0

19.5

11.8

16.4

15.7

20.1

13.6

18.1

10.9

National Pen

2.1

5.2

(16.5)

26.6

0.1

7.0

(9.9)

28.1

(1.2)

All Other Businesses

(3.4)

(3.8)

(4.7)

(2.3)

(1.1)

1.8

1.7

3.7

3.2

Total segment EBITDA (loss)

$

93.3

$

100.5

$

61.2

$

149.4

$

105.3

$

130.1

$

96.9

$ 198.5

$ 89.0

Central and corporate costs ex. unallocated

(24.0)

(24.3)

(25.2)

(24.3)

(25.6)

(23.8)

(27.4)

(28.9)

(28.3)

SBC

Unallocated SBC

(8.6)

(7.0)

(4.1)

11.1

(0.2)

(3.1)

0.5

(2.8)

(3.7)

Exclude: share-based compensation included in

12.8

11.0

8.9

(5.6)

4.5

7.6

4.8

8.3

8.9

segment EBITDA

Include: Realized gains (losses) on certain

(4.8)

(2.5)

1.6

7.4

4.8

6.4

4.8

10.4

5.0

currency derivatives not included in segment

EBITDA

Adjusted EBITDA

$

68.7

$

77.6

$

42.5

$

138.1

$

88.9

$

117.2

$

79.5

$ 185.5

$ 70.9

Depreciation and amortization

(43.4)

(41.9)

(40.7)

(44.5)

(44.1)

(43.7)

(42.5)

(42.4)

(41.8)

Waltham, MA lease depreciation adjustment1

1.0

1.0

1.0

1.0

1.0

1.0

-

-

-

Proceeds from insurance

(0.3)

-

-

-

-

-

-

-

-

Earn-out related charges

-

-

-

-

-

-

-

-

-

Share-based compensation expense2

(12.8)

(16.7)

(8.9)

2.7

(4.5)

(7.6)

(4.8)

(8.3)

(8.9)

Certain impairments and other adjustments

(0.9)

(1.5)

0.1

(0.1)

(0.8)

(9.9)

0.2

(0.9)

(102.0)

Restructuring-related charges

(2.3)

(0.6)

(0.2)

(1.0)

(7.9)

(3.0)

(2.2)

(1.9)

(0.9)

Interest expense for Waltham, MA lease1

1.8

1.8

1.8

1.8

1.8

1.8

-

-

-

Gain on purchase or sale of subsidiaries3

-

(0.4)

-

-

-

-

-

-

-

Realized (gains) losses on currency derivatives

4.8

2.5

(1.6)

(7.4)

(4.8)

(6.4)

(4.8)

(10.4)

(5.0)

not included in operating income

Total income from operations

$

16.6

$

21.9

$

(6.0)

$

90.6

$

29.6

$

49.4

$

25.4

$ 121.6

$ (87.7)

Operating income margin

3%

3%

(1)%

11%

4%

7%

4%

15%

(15)%

Operating income year-over-year growth

140%

326%

(113)%

25%

78%

126%

524%

34%

(396)%

  • During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Our Waltham, MA lease, which was previously classified as build- to-suit, is now classified as an operating lease under the new standard. The Waltham depreciation and interest expense adjustments that were
    made in comparative periods are no longer made beginning in FY2020, as any impact from the Waltham lease is reflected in operating income.
    2 Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to earn-out mechanisms
    dependent upon continued employment.
    3Includes the impact of a bargain purchase gain as defined by ASC 805-30 for an acquisition in which the identifiable assets acquired and liabilities assumed are greater than the consideration transferred, that was recognized in general and administrative expense in our consolidated statement of operations during the three months ended September 30, 2017.

Values may not sum to total due to rounding.

Page 33 of 38

ADJUSTED EBITDA (Quarterly, in millions)

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

GAAP operating income (loss)

$16.6

$21.9

($6.0)

$90.6

$29.6

$49.4

$25.4

$121.6

($87.7)

Depreciation and amortization

$43.4

$41.9

$40.7

$44.5

$44.1

$43.7

$42.5

$42.4

$41.8

Waltham, MA lease depreciation adjustment

($1.0)

($1.0)

($1.0)

($1.0)

($1.0)

($1.0)

$-

$-

$-

Share-based compensation expense1

$12.8

$16.7

$8.9

($2.7)

$4.5

$7.6

$4.8

$8.3

$8.9

Proceeds from insurance

$0.3

$-

$-

$-

$-

$-

$-

$-

$-

Interest expense associated with Waltham, MA

($1.8)

($1.8)

($1.8)

($1.8)

($1.8)

($1.8)

$-

$-

$-

lease

Certain impairments and other adjustments

$0.9

$1.5

($0.1)

$0.1

$0.8

$9.9

($0.2)

$0.9

$102.0

Gain on purchase or sale of subsidiaries

$-

$0.4

$-

$-

$-

$-

$-

$-

$-

Restructuring related charges

$2.3

$0.6

$0.2

$1.0

$7.9

$3.0

$2.2

$1.9

$0.9

Realized gains (losses) on currency derivatives

($4.8)

($2.5)

$1.6

$7.4

$4.8

$6.4

$4.8

$10.4

$5.0

not included in operating income

Adjusted EBITDA2,3

$68.7

$77.6

$42.5

$138.1

$88.9

$117.2

$79.5

$185.5

$70.9

ADJUSTED EBITDA

(YTD, in millions)

YTD

YTD

YTD

FY2018

FY2019

FY2020

GAAP operating income (loss)

$135.9

$114.2

$59.2

Depreciation and amortization

$127.1

$129.3

$126.7

Waltham, MA lease depreciation adjustment

($3.1)

($3.1)

$-

Share-based compensation expense1

$32.4

$10.7

$22.0

Proceeds from insurance

$0.7

$-

$-

Interest expense associated with Waltham, MA lease

($5.6)

($5.5)

$-

Earn-out related charges

$2.4

$-

$-

Certain impairments and other adjustments

$1.4

$0.8

$102.7

Gain on purchase or sale of subsidiaries

($48.4)

$-

$-

Restructuring related charges

$14.7

$9.1

$5.0

Realized gains (losses) on currency derivatives not included in operating income

($9.0)

$13.9

$20.2

Adjusted EBITDA2,3

$248.5

$269.4

$335.9

1SBC expense listed here excludes the portion included in restructuring-related charges to avoid double counting.

2This letter uses the definition of adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions or divestitures; 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 34 of 38

ADJUSTED EBITDA

(TTM, in millions)

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

GAAP operating income (loss)

$126.3

$157.8

$105.2

$123.1

$136.1

$163.6

$195.0

$226.0

$108.6

Depreciation and amortization

$169.7

$169.0

$167.3

$170.5

$171.2

$173.0

$174.8

$172.6

$170.4

Waltham, MA lease depreciation adjustment

($4.1)

($4.1)

($4.1)

($4.1)

($4.1)

($4.1)

($3.1)

($2.1)

($1.0)

Share-based compensation expense1

$45.4

$49.1

$51.2

$35.7

$27.4

$18.3

$14.1

$25.2

$29.6

Proceeds from insurance

$0.7

$0.7

$0.7

$0.3

$-

$-

$-

$-

$-

Interest expense associated with Waltham, MA

($7.5)

($7.5)

($7.4)

($7.4)

($7.3)

($7.2)

($5.4)

($3.6)

($1.8)

lease

Earn-out related charges

$14.6

$2.4

$1.3

$-

$-

$-

$-

$-

$-

Certain impairments and other adjustments

$1.4

$2.9

$2.8

$2.4

$2.3

$10.7

$10.6

$11.5

$112.7

Gain on purchase or sale of subsidiaries

($48.4)

($47.9)

$0.4

$0.4

$0.4

$-

$-

$-

$-

Restructuring related charges

$15.5

$15.2

$14.6

$4.1

$9.6

$12.1

$14.1

$14.9

$8.0

Realized gains (losses) on currency derivatives

($5.8)

($11.4)

($9.2)

$1.8

$11.4

$20.3

$23.5

$26.5

$26.6

not included in operating income

Adjusted EBITDA2,3

$307.7

$326.1

$322.8

$326.8

$347.0

$386.5

$423.6

$471.1

$453.1

1SBC expense listed here excludes the portion included in restructuring-related charges to avoid double counting.

2This letter uses the definition of adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions or divestitures; 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.

ADJUSTED FREE CASH FLOW

(Quarterly, in millions)

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Net cash provided by operating activities

($32.1)

$47.7

$22.2

$183.3

$17.0

$108.6

$62.9

$202.2

$19.0

Purchases of property, plant and equipment

($8.8)

($13.5)

($21.0)

($17.7)

($19.2)

($12.6)

($14.2)

($13.9)

($10.5)

Purchases of intangible assets not related to

$-

$-

$-

$-

$-

$-

$-

$-

$-

acquisitions

Capitalization of software and website

($11.4)

($11.4)

($11.2)

($10.7)

($12.7)

($14.0)

($12.5)

($10.9)

($12.4)

development costs

Payment of contingent earn-out liabilities

$49.2

$-

$-

$-

$-

$-

$-

$-

$-

Adjusted free cash flow

($3.0)

$22.8

($10.1)

$154.8

($14.9)

$81.9

$36.2

$177.3

($4.0)

Reference:

Value of capital leases

$0.4

$-

$3.6

$3.7

$4.4

$0.3

$-

$0.1

$1.5

Cash restructuring payments

$4.2

$2.2

$1.2

$0.4

$3.1

$1.3

$2.3

$0.5

$2.3

Cash paid during the period for interest

$8.0

$22.8

$7.5

$22.3

$10.1

$24.1

$9.4

$23.9

$9.5

Interest expense for Waltham, MA Lease

($1.8)

($1.8)

($1.8)

($1.8)

($1.8)

($1.8)

$-

$-

$-

Cash interest related to borrowing

$6.2

$20.9

$5.7

$20.4

$8.3

$22.3

$9.4

$23.9

$9.5

Values may not sum to total due to rounding.

Page 35 of 38

ADJUSTED FREE CASH FLOW

(YTD, in millions)

YTD

YTD

YTD

2018

2019

2020

Net cash provided by operating activities

$144.6

$222.5

$284.1

Purchases of property, plant and equipment

($47.4)

($57.9)

($38.6)

Purchases of intangible assets not related to acquisitions

($0.3)

$-

$-

Capitalization of software and website development costs

($29.5)

($34.6)

($35.8)

Payment of contingent earn-out liabilities

$49.2

$-

$-

Proceeds from insurance related to investing activities

$-

$-

$-

Adjusted free cash flow

$116.6

$129.9

$209.6

ADJUSTED FREE CASH FLOW

(TTM, in millions)

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Net cash provided by operating activities

$177.7

$192.3

$198.2

$221.1

$270.2

$331.1

$371.8

$390.7

$392.7

Purchases of property, plant and equipment

($64.7)

($60.9)

($61.5)

($61.0)

($71.4)

($70.6)

($63.7)

($59.9)

($51.3)

Purchases of intangible assets not related to

($0.4)

($0.3)

($0.3)

($0.1)

$-

($0.1)

$-

$-

$-

acquisitions

Capitalization of software and website

($38.1)

($40.8)

($43.1)

($44.7)

($46.0)

($48.7)

($49.9)

($50.1)

($49.8)

development costs

Payment of contingent earn-out liabilities

$49.2

$49.2

$49.2

$49.2

$-

$-

$-

$-

$-

Adjusted free cash flow

$123.8

$139.5

$142.5

$164.6

$152.7

$211.8

$258.1

$280.6

$291.5

Reference:

Value of capital leases

$2.9

$0.5

$4.1

$7.6

$11.6

$11.9

$8.3

$4.8

$1.8

Cash restructuring payments

$22.6

$17.3

$14.5

$8.1

$7.0

$6.0

$7.1

$7.1

$6.3

Cash paid during the period for interest

$51.7

$56.6

$55.7

$60.6

$62.6

$63.9

$65.8

$67.4

$66.8

Interest expense for Waltham, MA Lease

($7.5)

($7.5)

($7.4)

($7.4)

($7.3)

($7.2)

($5.4)

($3.6)

($1.8)

Cash interest related to borrowing

$44.2

$49.1

$48.3

$53.2

$55.3

$56.7

$60.4

$63.9

$65.0

INTEREST EXPENSE RELATED TO BORROWING (P&L VIEW)

(Quarterly, in millions)

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

P&L view of interest expense

$12.7

$14.8

$13.8

$16.8

$16.8

$15.8

$15.1

$15.7

$17.3

Less: Interest expense associated with

($1.8)

($1.8)

($1.8)

($1.8)

($1.8)

($1.8)

$-

$-

$-

Waltham, MA Lease

Less: Interest expense related to

($0.1)

($1.6)

$-

($0.8)

$-

$-

$-

$-

$-

investment consideration

Interest expense related to borrowing

$10.7

$11.3

$11.9

$14.2

$15.0

$14.0

$15.1

$15.7

$17.3

Values may not sum to total due to rounding.

Page 36 of 38

RETURN ON INVESTED CAPITAL (TTM, in millions except percentages)

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Total Debt

$812.6

$826.8

$863.6

$1,048.4

$1,075.1

$1,023.6

$1,227.8

$1,370.3

$1,671.6

Redeemable Noncontrolling Interest

$87.8

$86.2

$91.4

$53.4

$52.4

$63.2

$65.5

$68.2

$69.7

Total Shareholders' Equity

$93.6

$93.9

$82.1

$128.2

$128.9

$131.8

($75.6)

($180.5)

($404.3)

Excess Cash¹

$-

$-

$-

$-

$-

$-

$-

$-

($91.9)

Invested Capital²

$994.0

$1,006.9

$1,037.2

$1,230.0

$1,256.4

$1,218.6

$1,217.7

$1,258.0

$1,245.0

Average Invested Capital³

$971.5

$974.0

$986.0

$1,067.0

$1,132.6

$1,185.5

$1,230.7

$1,237.7

$1,234.8

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

TTM

Q3FY18

Q4FY18

Q1FY19

Q2FY19

Q3FY19

Q4FY19

Q1FY20

Q2FY20

Q3FY20

Adjusted EBITDA

$307.7

$326.1

$322.8

$326.8

$347.0

$386.5

$423.6

$471.1

$453.1

Depreciation and amortization

($169.7)

($169.0)

($167.3)

($170.5)

($171.2)

($173.0)

($174.8)

($172.6)

($170.4)

Waltham, MA lease depreciation

$4.1

$4.1

$4.1

$4.1

$4.1

$4.1

$3.1

$2.1

$1.0

adjustment

Amortization of acquired intangible

$50.7

$49.9

$48.5

$50.8

$51.9

$53.3

$55.0

$53.3

$51.9

assets adjustment

Share-based compensation ex.

($39.8)

($42.3)

($44.5)

($27.1)

($18.8)

($15.4)

($11.2)

($25.2)

($29.6)

restructuring and investment

consideration

Cash taxes paid in the current

($31.3)

($32.3)

($32.4)

($32.8)

($30.5)

($26.3)

($25.4)

($20.6)

($20.0)

period

Adjusted NOPAT

$121.8

$136.5

$131.2

$151.4

$182.6

$229.2

$270.3

$308.0

$286.1

Average Invested Capital3 (from

$971.5

$974.0

$986.0

$1,067.0

$1,132.6

$1,185.5

$1,230.7

$1,237.7

$1,234.8

above)

TTM Adjusted ROIC

13%

14%

13%

14%

16%

19%

22%

25%

23%

Adjusted NOPAT (from above)

$121.8

$136.5

$131.2

$151.4

$182.6

$229.2

$270.3

$308.0

$286.1

Add back: SBC excluding

$39.8

$42.3

$44.5

$27.1

$18.8

$15.4

$11.2

$25.2

$29.6

investment consideration and

restructuring4

TTM Adjusted NOPAT excluding

$161.6

$178.9

$175.7

$178.4

$201.4

$244.6

$281.5

$333.2

$315.7

SBC

Average Invested Capital3 (from

$971.5

$974.0

$986.0

$1,067.0

$1,132.6

$1,185.5

$1,230.7

$1,237.7

$1,234.8

above)

TTM Adjusted ROIC excluding

17%

18%

18%

17%

18%

21%

23%

27%

26%

SBC

1Excess cash is cash and equivalents > 5% of last twelve month revenues; if negative, capped at zero.

2,3Average invested capital represents a four quarter average of total debt, redeemable noncontrolling interests and total shareholder equity, less excess cash.

4Adjusted EBITDA excludes all SBC. We show adjusted NOPAT for the purposes of the ROIC calculation including SBC not related to investment consideration and restructuring, and also without.

Values may not sum to total due to rounding.

Page 37 of 38

ABOUT CIMPRESS:

Cimpress plc (Nasdaq: CMPR) invests in and builds customer-focused, entrepreneurial, 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, Vistaprint and WIRmachenDRUCK.

To learn more, visithttp://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 and revenues during and after the pandemic; Cimpress' financial position and results for the fourth quarter of fiscal year 2020 and over the long term, including intrinsic value per share, financial resources and liquidity, and compliance with our debt covenants; the anticipated effects of the cost reduction measures we are undertaking and plan to undertake, including the anticipated cost savings; the post-pandemic competitive landscape and possibility of an economic recession; the development of technology infrastructure in our Vistaprint business; the deployment and anticipated benefits to our businesses of our mass customization platform; and the information set forth in the Current Outlook section of this document.

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 the COVID-19 pandemic; our failure to anticipate and react to the effects of the pandemic on our customers, supply chain, markets, team members, and business; our inability to take the actions that we plan to take or the failure of those actions to achieve the results we expect; loss or unavailability of key personnel; our failure to develop and deploy our mass customization platform or Vistaprint technology infrastructure or the failure of either platform to drive the performance, efficiencies, and competitive advantage we expect; unanticipated changes in our markets, customers, or businesses; our ability to maintain compliance with our debt covenants and pay our debts when due; general economic conditions; and other factors described in our Form 10-K for the fiscal year ended June 30, 2019 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.

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Cimpress plc published this content on 05 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2020 20:33:21 UTC