Cimpress : Investor Day 2020 – Presentation

INVESTOR DAY 2020

AUGUST 5, 2020

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

2

1

CIMPRESS LEADERS

Kees Arends	Robert Keane	Florian Baumgartner
CEO, PrintBrothers	Founder, Chairman and CEO	President, International Business, Vistaprint
Background: Cimpress 25 years; prior experience GM of
Background: Previously CEO of Albumprinter, which	Background: 15 years in eCommerce at Amazon and
a small OEM electronics engineering company
was sold to Cimpress; returned to company in 2015;	McKinsey & Company
entrepreneur having built 5 companies in past 25 years	Education: B.A. economics, Harvard College; M.B.A.,	Education: Diplome Business Administration and
	INSEAD
Education: Nijenrode Business School in Breukelen,	Management, Ecole de Management de Lyon; M.B.A.
The Netherlands		and Ph.D., WHU Otto Beisheim Graduate School of
		Management
Peter Kelly	Sean Quinn	Ricky Engelberg
CEO, National Pen	EVP & Chief Financial Officer	Chief Marketing Officer, Vistaprint
Background: Cimpress December 2016; previously CEO
Background: Cimpress 10 years increasing scope in	Background: 20 years in marketing, brand and customer
of National Pen, CEO of National Pen's business in
finance roles; prior experience as a certified public	experience at Nike and Converse
Europe; prior experience in textiles and legal
accountant	Education: B.A., Marketing, New Media, University of
Education: Undergraduate and Master's Degree in law
Education: B.S. accounting, Saint Joseph's University	Georgia
(B.C.L; LL.M) and a Master's degree in corporate
leadership (MSc.) from universities in Ireland and
Scotland
Bryan Kranik	Maarten Wensveen	Sebastian Klapdor
CEO, BuildASign	EVP & Chief Technology Officer	Chief Data Officer, Vistaprint
Background: Various technology roles in Cimpress,	Background: 12 years at McKinsey & Company
Background: 15 years at Dell (last role: GM, Consumer
Albumprinter; started first company at age 25
& Small Business)	Education: M.S.c., Finance and Information
Education: B.S. accounting, Penn State; M.B.A., Kellogg	Education: Hugo Grotius College	Management, The Hong Kong University of Science and
	Technology; Ph.D., Digital Marketing / Quantitative
School of Management, Northwestern University
	methods, Technische Universität München
Paolo Roatta		Emily Whittaker
CEO, The Print Group, and CEO, Pixartprinting		President, North American Business, Vistaprint
Background: 20 years in the media industry at		Background: 11 years at Cimpress in customer
Bertelsmann Music Group Entertainment, tj net, and		experience, technology and organizational roles; 8 years
Arkimedia, a mobile media start up he founded		consulting at Accenture and Palladium
Education: B.A. business/managerial economics,		Education: B.B.A. computer information systems, James
Sapienza Universita di Roma; M.B.A. Harvard Business		Madison University
School
		3

PRESENTERS AND PANELISTS TODAY

Robert Keane	Florian Baumgartner
Founder, Chairman and CEO	President, International Business, Vistaprint
Background: Cimpress 25 years; prior experience GM of
Background: 15 years in eCommerce at Amazon and
a small OEM electronics engineering company
McKinsey & Company
Education: B.A. economics, Harvard College; M.B.A.,
Education: Diplome Business Administration and
INSEAD
Management, Ecole de Management de Lyon; M.B.A.
	and Ph.D., WHU Otto Beisheim Graduate School of
	Management

Peter Kelly	Sean Quinn
CEO, National Pen	EVP & Chief Financial Officer
Background: Cimpress December 2016; previously CEO
Background: Cimpress 10 years increasing scope in
of National Pen, CEO of National Pen's business in
finance roles; prior experience as a certified public
Europe; prior experience in textiles and legal
accountant
Education: Undergraduate and Master's Degree in law
Education: B.S. accounting, Saint Joseph's University
(B.C.L; LL.M) and a Master's degree in corporate
leadership (MSc.) from universities in Ireland and
Scotland

Maarten Wensveen	Sebastian Klapdor
EVP & Chief Technology Officer	Chief Data Officer, Vistaprint
Background: Various technology roles in Cimpress,	Background: 12 years at McKinsey & Company
Albumprinter; started first company at age 25	Education: M.S.c., Finance and Information
Education: Hugo Grotius College	Management, The Hong Kong University of Science and
	Technology; Ph.D., Digital Marketing / Quantitative
	methods, Technische Universität München

Paolo Roatta	Emily Whittaker
CEO, The Print Group, and CEO, Pixartprinting	President, North American Business, Vistaprint
Background: 20 years in the media industry at	Background: 11 years at Cimpress in customer
Bertelsmann Music Group Entertainment, tj net, and	experience, technology and organizational roles; 8 years
Arkimedia, a mobile media start up he founded	consulting at Accenture and Palladium
Education: B.A. business/managerial economics,	Education: B.B.A. computer information systems, James
Sapienza Universita di Roma; M.B.A. Harvard Business	Madison University
School
	4

2

WHAT TO EXPECT FROM THIS VIRTUAL EVENT

• Our best effort to make the meeting engaging and informative
• Insights from leaders you have and haven't heard from before
• Video webinar participants can submit questions using the Q&A button in your zoom app; we will also cover a lot of ground on your pre-submitted questions during our three panel discussions
• The audio and slides from this event are also being streamed live on ir.cimpress.com o After the event, we will replace the audio stream with a video recording of the zoom webinar o We'll also post the transcript as we typically do
• We will take quick 3-5 minute breaks between each session
• Non-GAAPreconciliations for any non-GAAP financials we discuss are posted on ir.cimpress.com
• We will provide our thoughts on the future…

5

SAFE HARBOR STATEMENT

The investor day presentations and accompanying commentary contain statements about our future expectations, plans, and prospects of our business that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including but not limited to our expectations for the growth and development of our businesses, revenues, cash flows, and competitive position during and after the pandemic, including our expectations for recovery; our expectations and the timeline for Vistaprint's technology platform; the anticipated benefits of our mass customization platform; our estimates and plans for costs, investments in our business, and capital allocation in fiscal year 2021; and our future cash and debt positions. Forward-looking projections and expectations are inherently uncertain, are based on assumptions and judgments by management, and may turn out to be wrong. Our actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our forecasts and estimates are based; our failure to execute on our strategy; 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 make the investments that we plan to take or the failure of those investments 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 platform 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 failure to attract new customers and retain our current customers; our failure to manage the growth and complexity of our business; changes in the laws and regulations, or in the interpretation of laws and regulations, that affect our businesses; our ability to maintain compliance with our debt covenants and pay our debts when due; general economic conditions; and other factors described in our Form 10-K for the fiscal year ended June 30, 2019, Form 10-Q for the fiscal quarter ended March 31, 2020, and the other documents we periodically file with the U.S. Securities and Exchange Commission.

6

3

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

7

VALUE CREATION BEFORE AND AFTER

THE PANDEMIC

ROBERT KEANE, FOUNDER, CHAIRMAN AND CEO

4

SESSION AGENDA

1

2

3

State of Cimpress before the pandemic

Pandemic response and FY20 highlights by segment

Ability to win in FY21 and beyond

9

THEME OF THIS PRESENTATION

RESILIENCE, STRATEGIC AND OPERATIONAL FOUNDATIONS AND FINANCIAL EXECUTION IN FY2020

"We cannot let the

spectacularly negative short- term impact of the pandemic obscure three important highlights of Cimpress' fiscal year 2020… resilience… laying foundations for the future… and we significantly improved the key proxy [for] multi-yearchanges to IVPS."

10

5

VALUE CREATION THROUGH FOCUSED EXECUTION

																	11
STRONG FINANCIAL RESULTS THROUGH FEBRUARY
ANNUAL REVENUE ($M)			ADJUSTED EBITDA ($M)			FREE CASH FLOW
			& CASH INTEREST ($M)
								Adjusted FCF	Cash interest related to borrowing
TTM February 2020		$2,797	$600	TTM February 2020						TTM February 2020
	$2,751		$475
constant currency organic	$2,593		EBITDA grew 23% vs. FY19*					Adjusted FCF grew 44% vs.
growth of 3% vs. FY19									FY19 and FCF + interest grew
		$500				$477
					FY06-							34%*
(4% reported growth)
$2,135				$375
				FY20
			$400			$387										$67
	$1,788
							$326
$1,494						$275
	$300			$283
														$57
$1,270						$243	$238
$1,167
$1,020						$181	$175								$31
			$200	$165							$9		$49
$817
			$145	$140$143											$293
$670
			$117
$516												$1				$212
			$81
$401			$100									$6 $157	$152
				$75								$139
$256				$51						$1	$121		$38
										$5
$152				$32					$2	$1	$52		$95	$54 $72
								$2	$46				$45
			$-				$71	$19
						$(13)
							$(25)
	*Growth rates reflect BuildASign acquisition date of October 1, 2018												12

6

SIGNIFICANT IMPROVEMENT IN OUR ESTIMATE OF SSFC

			$485
			$430
$385			$455
$351	$340	$340	$400
$271	$290	$300
$210

FY15

FY16

FY17

FY18

FY19

TTM Feb 2020

In USD, millions

13

14

7

PANDEMIC RESPONSE: DEFENSE

TEAM MEMBER SAFETY AND	QUICK ACTION TO		NEW CAPITAL STRUCTURE &
BUSINESS CONTINUITY	REDUCE COSTS		CREDIT FACILITY AMENDMENT
	Significant reduction of
	fixed costs and reduction
	of variable costs in line
	with COVID-19 demand
	impact.
	Ensure we save cash
	during a period of
	reduced demand.
MCP	Protecting most promising
	growth investments.
			15

PANDEMIC RESPONSE: OFFENSE

16

8

PANDEMIC RESPONSE: OFFENSE

New products aiding our recovery, though majority of improvement is from sales of existing products

CY2020 Weekly Bookings vs. CY2019

10%												Total Cimpress +/-				Exc. Covid-19
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week
	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30
Total Cimpress +/-	-4%	-9%	10%	8%	2%	4%	8%	2%	0%	0%	-15%	-55%	-64%	-66%	-63%	-55%	-35%	-35%	-33%	-25%-25%-18%	-32%	-16%	-15%	-12%	-6%	-6%	-5%	-3%
Exc. Covid-19																							-41%	-36%	-37%	-25%	-37%	-21%	-19%	-17%	-12%	-13%	-13%	-11%

Bookings is an internal metric we use to understand customer demand. It differs from GAAP revenue due to orders not yet shipped, refunds and credits, and changes in currency rates compared to the U.S. dollar (see stated rates in non-GAAP reconciliations for Investor Day on ir.cimpress.com). Cimpress weekly bookings "Excluding Covid-19" exclude products newly 17 introduced in Q4 FY2020 including face masks and face shields. It does not exclude previously existing Cimpress products used for pandemic response purposes such as wayfinding signs.

OUR STRATEGY

Decentralized structure with shared strategic capabilities enabled our nimble response

	Cimpress invests in and		We drive competitive
	builds customer-focused,	advantage across Cimpress		We limit all other central
	entrepreneurial, mass	by investing in a select few
	activities to only those which
	customization businesses	shared strategic capabilities
		absolutely must be
for the long term, which we		that have the greatest
		performed centrally.
manage in a decentralized,	potential to create company-
	autonomous manner.		wide value.

18

9

OUR BUSINESSES

						Early-Stage
Vistaprint	Upload & Print	National Pen	BuildASign	Businesses

% of Cimpress	53%	28%	13%	5%	1%
Revenue

(TTM Dec 2019)

Print Brothers

The Print Group

19

VISTAPRINT

20

10

VISTAPRINT FOUNDATIONAL BASICS

Customer obsessed

Cost competitive

Data driven

Execution oriented

Financially rigorous

Magnetic to talent

Technology supercharged

21

VISTAPRINT CUMULATIVE GROSS PROFIT PER CUSTOMER BY CY COHORT

CY 2019 (& Feb. TTM) show a reversal of the stagnation & decline of cohort value from CY15 to CY18

$85					2015	2014
					2013
				2016			2012
$75
$65			2017
$55		2018
$45	2019
$35
$25
$15
FO	YR1	YR2	YR3	YR4	YR5	YR6	YR7	YR8

Years Following First Order

Acquisition Cohorts: based on new customers acquired in each calendar year and their cumulative GP $s of the cohort divided by the number of new customers following their first

order. Does not include Digital, Webs, VCS, and Partner Revenue from Offers, Services, Products and Referrals. All amounts in USD translated at currency rates stated in the non- 22 GAAP reconciliation for investor day at ir.cimpress.com.

11

UPLOAD AND PRINT:

CONTINUED INNOVATION AND LEVERAGE

NATIONAL PEN:

EFFICIENCY GAINS AND E-COMMERCE INVESTMENT

12

BUILDASIGN:

PRODUCTION EXPANSION AND CONTINUED GROWTH

25

EARLY-STAGE BUSINESSES:

NARROWED SCOPE, REDUCED LOSSES & TRACTION IN CHINA

26

13

CORPORATE SOCIAL RESPONSIBILITY

• Continued progress in converting paper to FSC across Cimpress
• New commitment to ensure use at 3rd party fulfillers
• New commitment to ensure packaging is FSC-certified or recycled content
• Strong progress on reducing Scope 1 & 2 carbon footprint
• New commitment to extend to Scope 3
• New commitment to achieve carbon neutrality by 2040

• New commitments to use 100% recyclable plastics in products and packaging and reduce use of plastics while increasing recycled content
• Elevating diversity and inclusion to business-level initiative
• Increased team member education and awareness
• Executive sponsorship added to employee resource groups

27

OUR ABILITY TO WIN

IN FY21 AND BEYOND

28

14

Dotcom	Global	Covid-19
Financial
Crash	Crisis	Pandemic

1995

2000

2008

2020

29

30

15

31

OUR BUSINESS MODEL

Scale Advantages in Production & Supply Chain

32

16

OUR BUSINESS MODEL

Scale Advantages from High Quality, Low Cost Service Operations

• Workflow software & CRM automation
• High efficiency customer-support
• Talented, engaged team members
• 24 x 7 x 365 global operations
• Co-designwith customers
• 5,000 service ops team members

1. Major centers in Tunisia, Philippines, India, Jamaica, Ireland

1. Smaller-scalefacilities in Germany,
   Italy, Japan, Tennessee, Texas, and elsewhere

33

OUR BUSINESS MODEL

Autonomous & accountable businesses that leverage our select few shared strategic capabilities

Mass Customization

Platform

Procurement

Cimpress India

34

17

We have done this before

E-Commerce Acceleration

New Business Formations

Our Business Model

35

INVESTOR DAY 2020

AUGUST 5, 2020

18

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

37

CAPITAL ALLOCATION

SEAN QUINN, EVP AND CHIEF FINANCIAL OFFICER

19

SESSION AGENDA

1

2

3

Looking back: momentum as of February 2020 and FY2020 results

Capital allocation & capital structure

Sources of confidence for FY2021

39

REVENUE

REVENUE & REPORTED REVENUE GROWTH ($M)

ORGANIC CONSTANT-CURRENCY REVENUE GROWTH

$3,000	$2,751	$2,797
	$2,593	$2,481
$2,500
	$2,135
$2,000	25%
	$1,788

35%

25% 22%

20%

20%

25%

$1,500

$1,000

$500

$-

22%		$1,494		21%	15%
$1,167$1,270	20%
	19%
	$1,020	18%			15%
$817	14%
			10%

9%	5%	5%
6%
4%
			0%

12%	11%	11%
	9%	8%
		6%
	4%	5%

-5%

$(500)-5%

-10%

$(1,000)	-15%-10%	-11%
	TTM February 2020 results are unaudited. Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.	40
	-15%

20

PROFITABILITY

		GAAP OPERATING INCOME ($M)					ADJUSTED EBITDA ($M)
				$236	$600
						$500				$477
			$158	$164							$387		$400
						$400
$93			$96								$326
	$86								$283
		$78			$300
									$243	$238
	$55	$46				$56
									$181
						$200	$165
									$140	$143
						$100
			($46)			$-
								41
			TTM February 2020 results are unaudited. Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.

CASH FLOW

														ADJUSTED FREE CASH FLOW &
			CASH FLOW FROM OPERATIONS ($M)				CASH INTEREST RELATED TO BORROWING ($M)
$450									$350				Adjusted FCF			Cash interest related to borrowing
				$395														$67
$400
										$300
$350					$331		$338														$73
										$250											$57
$300
$250				$242	$247				$200
$200	$165				$192				$150						$9	$31		$49	$293
$150	$147	$142	$154	$157															$212		$244
										$100		$1
													$6	$157	$152		$139
$100														$38
										$50	$121	$95	$5	$72
$50											$54
																		$45
$-										$-
					TTM February 2020 results are unaudited. Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.			42

21

ADJUSTED ROIC

ADJUSTED ROIC

	Adjusted ROIC	Adjusted ROIC excl. SBC
42%
34%
22%	23%				25%
	21%		21%	22%
	20%
			18%	23%
	17%
	20%	18%		19%	20%
16%
15%		8%	14%
	11%
			5%
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019	TTM FY2020
					Feb 20

• What is driving improvements to FY20 ROIC?

• Improved Vistaprint results
• Improved BuildASign results
• Reduced cash burn from early-stage investments
• Lower cash taxes (aided by acquisitions)
• What is weighing on FY20 adjusted ROIC?
• Pandemic effects
• Continued growth investments in key areas

TTM February 2020 results are unaudited. Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.

43

RESULTS BY COMPONENT: REVENUE ($M)

$1,499	$1,508	$1,497
			$1,337
				$730	$769	$796
						$692
								$333	$348	$343	$299
												$108	$149	$153
												$-			$28	$28	$26	$21
FY18	FY19	TTM	FY20	FY18	FY19	TTM	FY20	FY18	FY19	TTM	FY20	FY18 FY19	TTM	FY20	FY18	FY19	TTM	FY20
	Feb20				Feb20				Feb20			Feb20				Feb20
Vistaprint	Upload & Print	National Pen	BuildASign	Early-Stage Businesses

TTM February 2020 results are unaudited.

44

22

RESULTS BY COMPONENT: SEGMENT EBITDA ($M)

		$415
	$350		$366
$310
				$105	$107	$118	$91
								$29	$17	$23	$8	$16	$23	$29
											$-
															$(12)	$(22)	$(15)	$(11)
FY18	FY19	TTM	FY20	FY18	FY19	TTM	FY20	FY18	FY19	TTM	FY20	FY18 FY19	TTM	FY20	FY18	FY19	TTM	FY20
		Feb20				Feb20				Feb20			Feb20				Feb20
	Vistaprint		Upload & Print	National Pen	BuildASign	Early-Stage Businesses

TTM February 2020 results are unaudited.

45

RESULTS BY COMPONENT: UFCF ($M)

		$376
			$339
	$313
$251
				$75	$78	$88
							$52								$32
								$24		$19			$14	$17
								$10
										$-
											$(15)					$(13)	$(40)	$(28)	$(14)
FY18	FY19	TTM	FY20	FY18	FY19	TTM	FY20	FY18	FY19	TTM	FY20	FY18 FY19	TTM	FY20	FY18	FY19	TTM	FY20
		Feb20				Feb20				Feb20				Feb20				Feb20
	Vistaprint		Upload & Print	National Pen		BuildASign	Early-Stage Businesses

TTM February 2020 results are unaudited.

46

23

NET DEBT AND SHARE COUNT

NET CASH (DEBT)1 ($M)								SHARES OUTSTANDING (M)
									Weighted Diluted Shares Outstanding
$237									Shares Outstanding at June 30
		45.0	39.0
($167) ($189)
43.1
	34.5	34.2	33.8	33.0	32.6	32.2
($386) ($419)							31.7
					34.1	32.8		33.2		27.8
($608)						32.3	31.5	31.4	30.9	30.4
($857) ($795)															25.9
	($1,000)
	($1,437)
1 Net (debt) is defined as the sum of our credit facility debt, senior unsecured notes and other debt less cash and cash equivalents.				47
2 Weighted average shares outstanding for FY2017 represent the number of shares we would have reported if we recorded a profit instead of a loss that year. The basic

weighted shares outstanding we reported that year was 31.3M.

INTRINSIC VALUE PER SHARE

(a)
UFCF/diluted share
that will occur	-	(b)
between now and
net debt per
long-term future,
diluted share
discounted to
reflect cost of
capital
		48

24

STEADY-STATE FREE CASH FLOW (SSFCF)

Steady state is having a sustainable and defensible business that is capable of growing after-tax unlevered free cash flow per share at the rate of U.S. inflation over the long term

CONCEPTUAL SSFCF CALCULATION

	SSFCF range
	estimate
Range of	based on range
estimate	of non-steady-
variation	state
	investments
Low end of
non-steady-
state
investment
	SSFCF
UFCF

49

FY2020 SSFCF RANGE ESTIMATE

TTM February 2020

$5 Pro-forma impact of FY20 restructuring

($7) Pro-forma impact of non-steady state working capital change

($20) Adjustment for below steady-state costs not included in UFCF$149 $455 - $485 ($2) Pro-forma NCI / M&A impact

		$119
	$67	$336
$293		($24)

Adjusted Free Cash Flow	Cash Interest Expense	Adjustments to normalize unlevered	Normalized Pro-Forma Unlevered	Range estimate of investments not	SSFCF Range
		FCF	Free Cash Flow	needed for Steady State

In USD, millions

Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.

50

25

EVOLUTION OF OUR SSFCF RANGE ESTIMATES

$485

$430

• Believe the precision of our estimates is

$385

$455

$351 $340 $340 $400

$271 $290 $300

• Adjust each year for non-steady-state impacts like restructuring and net working capital

$210

FY15 FY16 FY17 FY18 FY19 TTM Feb 2020

In USD, millions

• May take some time for several of our past growth investments to materially impact our SSFCF estimates (e.g., early-stage investments)
• Decentralization has increased accountability for and focus on driving returns

We have not retroactively changed or narrowed the range from our past analyses. Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.

51

SHARE REPURCHASES

Shares repurchased through FY20201 (M)

SHARES REPURCHASED:

25.9 million - 50%

Total cost of $1,499.4 million at $57.84/share*

CURRENT SHARES OUTSTANDING:

25.9 million - 50%

SHARE REPURCHASES

• Over long term, represent attractive opportunity for value creation
• Take up little management bandwidth

FY19 FY18 1%

FY17 2% FY16 1%

4%

FY14

2%

FY13

4%

FY12

19%

FY11

2%

FY09

5%

FY20

10%

25.9M

1 Share Repurchase activity for FY2020 was from July 1, 2019 through Mar 4, 2020. *Inclusive of transaction costs

52

26

OPPORTUNITY COST

CAPITAL STRUCTURE

			HISTORICAL LEVERAGE RATIO1		As of June 30, 2020 (except market equity):
										Credit facility debt	$570M
				3.4x 3.6x 3.5x 3.4x		3.2x	3.2x	3.4x 3.6x
	2.8x					3.0x 3.0x	Senior unsecured notes	$600M
	2.6x	2.5x 2.7x	2.6x	2.8x 2.8x 2.8x		2.7x
		2.2x
										Second lien notes	$300M
										Other debt	$12M
										Cash and cash equivalents	($45M)
	• Liquidity (cash plus available revolver) was $469M as of
		June 30, 2020
	• Capital available to deploy if we see good opportunities for	Net debt	$1,437M
		high returns
	• We will remain disciplined in our investment approach	Market equity as of Aug 3, 2020	$2,523M

• Will pay down credit facility with excess cash over $100M

Enterprise value	$3,960M
1 As defined by our suspended debt covenants.	54

27

SOURCES OF CONFIDENCE FOR FY2021

55

RECENT BOOKINGS TRENDS

Improved demand, use of data, rapid new product introduction

CY2020 Weekly Bookings vs. CY2019

10%												Total Cimpress +/-				Exc. Covid-19
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week	Week
	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27	28	29	30
Total Cimpress +/-	-4%	-9%	10%	8%	2%	4%	8%	2%	0%	0%	-15%	-55%	-64%	-66%	-63%	-55%	-35%	-35%	-33%	-25%-25%-18%	-32%	-16%	-15%	-12%	-6%	-6%	-5%	-3%
Exc. Covid-19																							-41%	-36%	-37%	-25%	-37%	-21%	-19%	-17%	-12%	-13%	-13%	-11%

Bookings is an internal metric we use to understand customer demand. It differs from GAAP revenue due to orders not yet shipped, refunds and credits, and changes in currency rates compared to the U.S. dollar (see stated rates in non-GAAP reconciliations for Investor Day on ir.cimpress.com). Cimpress weekly bookings "Excluding Covid-19" exclude products newly 56 introduced in Q4 FY2020 including face masks and face shields. It does not exclude previously existing Cimpress products used for pandemic response purposes such as wayfinding signs.

28

ADVERTISING SPEND EFFICIENCY GAINS
New tooling and data usage driving improved returns
	Revenue ($M) and Advertising Spend as % of Revenue
	Revenue	Ad Spend as % of Revenue
$3,500				30.0%
$3,000	$2,751	$2,797		25.0%
$2,593	$2,481
$2,500
16.7%				20.0%
15.5%
$2,000
		12.9%	12.2%	15.0%
$1,500
				10.0%
$1,000
$500				5.0%
$-				0.0%
FY18	FY19	TTM Feb20	FY20
				57

OPERATING COST

Roughly $30M of permanent cost reductions that will not come back

Expect to keep variable costs roughly

flat as a percent of revenue

Roughly $20M of FY21 savings from temporary cost reductions that will be added back during the year

Increased or sustained investments in

technology, data, upper funnel

advertising

58

29

DEEPER LOOK AT COST REDUCTIONS IN FY21

Comparison to TTM December 2019

						Early-Stage	Central Teams
Vistaprint	Upload & Print	National Pen	BuildASign	Businesses

Permanent

Cost~$13M ~$1M~$3MNM~$4M ~$9M

Reductions

Temporary

Cost~$10M ~$2M~$3MNMNM~$5M

Reductions

59

FCF CONSIDERATIONS FOR FY21

Cash		Cash		Cash
Interest		Taxes		Restructuring
Working		Capital		Capitalized
Capital		Expenditures		Software
			60

30

IMPACT OF STRONG EXECUTION ON CAPITAL ALLOCATION

Near-term use of capital is select organic investments and debt repayment; after suspension period other options open up with strong execution

ORGANIC INVESTMENTS		M&A

SHARE REPURCHASES		DEBT REPAYMENT

61

INVESTOR DAY 2020

AUGUST 5, 2020

31

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

63

MCP AND CIMPRESS TECHNOLOGY UPDATE

MAARTEN WENSVEEN, CHIEF TECHNOLOGY OFFICER

64

32

SESSION AGENDA

1

2

3

MCP overview and adoption in FY2020

What's coming in FY2021

E-commerce drill down

65

MASS CUSTOMIZATION PLATFORM

BENEFITS FOR				BENEFITS FOR
CUSTOMERS				CIMPRESS
	Faster New Product Introduction
Improved customer		Improved Site User Experience		Incremental Revenue
experience
		Graphic File Processing Quality & Efficiency
		Lower Fulfillment Costs
Better Value/		Automation of Manual Tasks		Expense Reduction
Lower Price
		Shared IT Infrastructure

66

33

OUR APPROACH

We build for flexibility, scale and self-service

MICROSERVICES

PRODUCTS

SOLUTIONS

67

OUR PLATFORM SOFTWARE PRODUCT DOMAINS

Artwork Pipeline

Artwork needs for

fulfillment anywhere

Marketplace	Logistics &	Ecommerce &	Data Platform
Optimization	Personalization
Businesses can	Best cost provider for	Modern e-commerce	Our frameworks allow
independently source	production and shipping	solutions that give greatest	data owners to publish
and sell any product		reach with highest degree	trustworthy,
seamlessly, with trust		of personalization	understandable and
and confidence			accessible data

Mass customization for	Diverse, highly	Manufacturing solutions	Data-driven insights	Data Science platform
any product from any	configurable products	optimized for high	power personalized	that empowers deep
device, including new	can be modeled with	volumes of small orders	customer experiences	insights and analysis
and unique decorating	speed and simplicity

technologies

High-performing, inclusive organization which attracts & retains top talent

68

34

WINS IN FY20 NOT RELATED TO THE PANDEMIC

			69
MCP SERVICES BEING USED
Jul '17	Production	Exploring	Today
			70

35

CROSS-BUSINESS REVENUE EVOLUTION BY BUYER

71

AREAS OF INNOVATION FOR FY21

MobileProduction

experienceautomation

Content &

Design Visualization

Ecommerce &

Personalization

Data-driven

Marketing

72

36

E-COMMERCE DRILL DOWN

73

NEW E-COMMERCE TECHNOLOGY ACROSS CIMPRESS

74

37

LARGELY ON TRACK WITH TIMELINE FOR NEW VISTAPRINT TECHNOLOGY PLATFORM

• Still aiming to complete all launches by end of FY21
• Few months behind on country rollout due to COVID-19, resetting our KPIs, and people allocation impacts.
• Pandemic created disruption and also opportunity…

Timeline from 2019 investor day:

FY2019			FY2020			FY2021
Q4	Q1	Q2		Q3	Q4	Q1	Q2	Q3	Q4
Get started	Proof of concept	Test site live	3+ other small	5+ additional	More sites (all but	Pause	U.S. & Canada	All countries
country launches	countries	U.S. & Canada)	for holiday
		Rapid-cycle iterations, driving to	Hopefully exceed performance	Test high-season		Optimize &
		performance parity with existing sites	with existing technology	scalability		improve
									75

PLATFORM ARCHITECTURE EXAMPLE: VISTAPRINT

Vistaprint

MCP

SaaS 3rd party

76

38

New mobile-first site for Vistaprint masks helped accelerate

aspects of broader Vistaprint e-commerce launch

Mobile

Desktop

Tablet

Experience provided significant learnings in mobile site UX and scalability

Rapid launch gave us language and payments capabilities that allow us to launch full site in most European countries in coming months

https://www.vistaprint.com/masks/

MOBILE UX EXAMPLE

1

2

3

4

78

39

VIDEO IN PROGRESS

79

INVESTOR DAY 2020

AUGUST 5, 2020

40

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

81

MANAGING RISKS AND UNKNOWNS AND LOOKING AHEAD

Peter Kelly

CEO, National Pen

Background: Cimpress December 2016; previously CEO of National Pen, CEO of National Pen's business in Europe; prior experience in textiles and legal

Education: Undergraduate and Master's Degree in law (B.C.L; LL.M) and a Master's degree in corporate leadership (MSc.) from universities in Ireland and Scotland

Robert Keane

Founder, Chairman and CEO

Background: Cimpress 25 years; prior experience GM of a small OEM electronics engineering company

Education: B.A. economics, Harvard College; M.B.A.,

INSEAD

Sean Quinn

EVP & Chief Financial Officer

Background: Cimpress 10 years increasing scope in finance roles; prior experience as a certified public accountant

Education: B.S. accounting, Saint Joseph's University

Maarten Wensveen

EVP & Chief Technology Officer

Background: Various technology roles in Cimpress, Albumprinter; started first company at age 25

Education: Hugo Grotius College

Florian Baumgartner

President, International Business, Vistaprint

Background: 15 years in eCommerce at Amazon and McKinsey & Company

Education: Diplome Business Administration and Management, Ecole de Management de Lyon; M.B.A. and Ph.D., WHU Otto Beisheim Graduate School of Management

Paolo Roatta

CEO, The Print Group, and CEO, Pixartprinting

Background: 20 years in the media industry at Bertelsmann Music Group Entertainment, tj net, and Arkimedia, a mobile media start up he founded

Education: B.A. business/managerial economics, Sapienza Universita di Roma; M.B.A. Harvard Business School

Emily Whittaker

President, North American Business, Vistaprint

Background: 11 years at Cimpress in customer experience, technology and organizational roles; 8 years consulting at Accenture and Palladium

Education: B.B.A. computer information systems, James Madison University

82

41

INVESTOR DAY 2020

AUGUST 5, 2020

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

84

42

THE ROLE OF DATA IN VALUE CREATION

85

INVESTOR DAY 2020

AUGUST 5, 2020

43

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

87

INNOVATION DURING AND AFTER THE PANDEMIC

Paolo Roatta

CEO, The Print Group, and CEO, Pixartprinting

Background: 20 years in the media industry at Bertelsmann Music Group Entertainment, tj net, and Arkimedia, a mobile media start up he founded

Education: B.A. business/managerial economics, Sapienza Universita di Roma; M.B.A. Harvard Business School

Emily Whittaker

President, North American Business, Vistaprint

Background: 11 years at Cimpress in customer experience, technology and organizational roles; 8 years consulting at Accenture and Palladium

Education: B.B.A. computer information systems, James Madison University

88

44

INVESTOR DAY 2020

AUGUST 5, 2020

AGENDA

1	Welcome and Introductions
2	Value Creation Before and After the Pandemic | Robert Keane
3	Capital Allocation | Sean Quinn
4	MCP and Technology Update | Maarten Wensveen
5	Panel Discussion: Managing Risk and Unknowns and Looking Ahead
6	Panel Discussion: The Role of Data in Value Creation
7	Panel Discussion: Innovation During and After the Pandemic
8	Q&A

90

45

INVESTOR DAY 2020

AUGUST 5, 2020

46