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-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the past twelve months excludes the impact of currency as defined above. The organic constant-currency growth rate excludes 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. 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. Non-GAAP measures are unaudited.
CC Revenue Growth-Consolidated
Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
TTM Feb
FY 2020
TTM Dec
Total
Total
Total
Total
Total
Total
Total
Total
Total
20201
Total
2020
CONSOLIDATED REVENUE GROWTH RECONCILATION:
Revenue
$817,009
$1,020,269
$1,167,478
$1,270,236
$1,494,206
$1,788,044
$2,135,405
$2,592,541
$2,751,076
$2,797,138
$2,481,358
$2,399,711
% Change
22 %
25 %
14 %
9 %
18 %
20 %
19 %
21 %
6 %
4 %
(10)%
(14)%
Currency Impact: (Favorable)/Unfavorable
- %
- %
2 %
(1)%
5 %
4 %
2 %
(4)%
3 %
2 %
1 %
(1)%
Constant-Currency Revenue Growth
22 %
25 %
16 %
8 %
13 %
24 %
21 %
17 %
9 %
6 %
(9)%
(15)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable
1 Information for the trailing twelve months ended February 29, 2020 is unaudited.
Note: values may not sum to total due to rounding.
Consolidated Adjusted EBITDA
Reconciliation of Adjusted EBITDA1 In $ thousands except leverage ratios
FY 2006
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
TTM Feb
FY 2020
TTM Dec
H1
H1
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
20206
Total
2020
FY2019
FY2021
CONSOLIDATED ADJUSTED EBITDA RECONCILATION:
GAAP operating income (loss)
$18,865
$27,205
$41,160
$61,582
$76,848
$93,080
$55,174
$46,124
$85,914
$96,324
$78,193
($45,702)
$157,800
$163,607
$235,697
$55,969
$39,175
$84,627
$130,180
Depreciation and amortization2
7,786
14,874
25,193
35,713
44,367
50,627
59,427
64,325
72,282
97,487
132,119
159,656
169,005
172,957
170,995
167,943
168,939
85,220
85,887
Waltham, MA lease depreciation adjustment3
-
-
-
-
-
-
-
-
-
-
(3,433)
(4,120)
(4,120)
(4,120)
(1,373)
- 0
- 0
(2,060)
- 0
Share-based compensation expense4
4,850
8,765
14,747
19,473
22,380
21,677
25,413
32,928
27,786
24,075
23,772
42,371
49,139
18,296
25,494
33,252
33,703
6,196
13,526
Proceeds from insurance
-
-
-
-
-
-
-
-
-
-
3,961
807
676
-
- 0
- 0
- 0
- 0
- 0
Interest expense associated with Waltham, MA lease3
-
-
-
-
-
-
-
-
-
-
(6,287)
(7,727)
(7,489)
(7,236)
(2,389)
- 0
- 0
(3,682)
- 0
Earn-out related charges
-
-
-
-
-
-
-
-
2,192
15,276
6,378
40,384
2,391
-
- 0
(54)
(54)
- 0
- 0
Certain impairments and other adjustments
-
-
-
-
920
-
-
-
-
-
41,820
9,556
2,893
10,700
10,943
104,593
104,401
(22)
568
Gain on purchase or sale of subsidiaries
-
-
-
-
-
-
-
-
-
-
-
-
(47,945)
-
- 0
- 0
- 0
- 0
- 0
Restructuring related charges
-
-
-
-
-
-
-
-
-
2,528
381
26,700
15,236
12,054
11,024
13,543
11,552
1,196
2,096
Realized gains (losses) on currency derivatives not included in operating income
-
-
-
-
-
-
-
29
(7,048)
7,450
5,863
16,474
(11,445)
20,289
26,590
24,533
8,926
9,053
(361)
Adjusted EBITDA1,5
$31,501
$50,844
$81,100
$116,768
$144,515
$165,384
$140,014
$143,406
$181,126
$243,140
$282,767
$238,399
$326,141
$386,547
$476,981
$399,779
$366,642
$180,528
$231,896
1 This spreadsheet uses the definition of Adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions; however, the senior unsecured notes' covenants allow for the inclusion of pro-forma impacts to Adjusted EBITDA.
2 Depreciation and amortization in this reconciliation prior to 2018 may be slightly different than depreciation and amortization on our cash flow statement to avoid double counting software amortization already captured in SBC.
3 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.
4 SBC expense in this reconciliation excludes any portion already included in restructuring-related charges to avoid double counting.
5 Adjusted 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.
6 Information for the trailing twelve months ended February 29, 2020 is unaudited.
Note: values may not sum to total due to rounding.
Consolidated Adjusted FCF
Reconciliation of Adjusted Free Cash Flow and Cash In (Out) from Working Capital In $ thousands except where noted
FY 2006
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
TTM Feb
FY 2020
TTM Dec
H1
H1
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
20202
Total
2020
FY2019
FY2021
ADJUSTED FREE CASH FLOW AND SELECTED CASH FLOW METRICS:
Net cash provided by (used in) operations
$34,637
$54,377
$89,032
$129,654
$159,973
$165,149
$146,749
$141,808
$153,739
$242,022
$247,358
$156,736
$192,332
$331,095
$395,292
$338,444
$329,515
$205,490
$256,168
Purchases of property, plant & equipment
(24,929)
(62,845)
(62,740)
(76,286)
(101,326)
(37,405)
(46,420)
(78,999)
(72,122)
(75,813)
(80,435)
(74,157)
(60,930)
(70,563)
(51,795)
(50,467)
(39,163)
(38,767)
(16,790)
Purchases of intangible assets not related to acquisition
-
-
(1,250)
-
-
(205)
(239)
(750)
(253)
(250)
(476)
(197)
(308)
(64)
(42)
- 0
- 0
(22)
- 0
Capitalization of software and website development costs
(2,656)
(4,189)
(5,696)
(7,168)
(6,516)
(6,290)
(5,463)
(7,667)
(9,749)
(17,323)
(26,324)
(37,307)
(40,847)
(48,652)
(50,472)
(43,992)
(47,020)
(21,921)
(26,445)
Payment of contingent earn-out liabilities
-
-
-
-
-
-
-
-
-
8,055
8,613
-
49,241
-
- 0
- 0
- 0
- 0
- 0
Proceeds from insurance related to investing activities
-
-
-
-
-
-
-
-
-
-
3,624
-
-
-
- 0
- 0
- 0
- 0
- 0
Adjusted free cash flow
$7,052
($12,657)
$19,346
$46,200
$52,131
$121,249
$94,627
$54,392
$71,615
$156,691
$152,360
$45,075
$139,488
$211,816
$292,983
$243,985
$243,332
$144,780
$212,933
Cash paid during the period for interest
(1,089)
(1,789)
(1,635)
(1,391)
(883)
(219)
(1,487)
(4,762)
(6,446)
(8,520)
(37,623)
(45,275)
(56,614)
(63,940)
(68,985)
(72,906)
(97,892)
(29,805)
(58,299)
Interest expense for Waltham, Massachusetts Lease1
-
-
-
-
-
-
-
-
-
-
6,287
7,727
7,489
7,236
2,389
- 0
- 0
3,682
- 0
Cash interest related to borrowing
($1,089)
($1,789)
($1,635)
($1,391)
($883)
($219)
($1,487)
($4,762)
($6,446)
($8,520)
($31,336)
($37,548)
($49,125)
($56,704)
($66,596)
($72,906)
($97,892)
($26,123)
($58,299)
Reference:
Value of capital leases
$-
$-
$-
$-
$-
$-
$-
$-
$-
($13,192)
($7,535)
($14,422)
($531)
($11,871)
($4,512)
($1,605)
($1,615)
($7,225)
($150)
Cash restructuring payments
$-
$-
$-
$-
$-
$-
$-
$-
$-
($519)
($2,608)
($15,022)
($17,342)
($6,032)
N/A
($9,087)
($10,292)
($1,656)
($3,961)
Cash taxes
($766)
($1,349)
($1,841)
($3,021)
($1,573)
($4,259)
($7,104)
($13,656)
($18,485)
($14,284)
($19,750)
($49,342)
($32,278)
($26,369)
N/A
($13,520)
($13,328)
($10,961)
($4,991)
CASH IN (OUT) FROM WORKING CAPITAL
Adjusted free cash flow (from above)
$7,052
($12,657)
$19,346
$46,200
$52,131
$121,249
$94,627
$54,392
$71,615
$156,691
$152,360
$45,075
$139,488
$211,816
$243,985
$243,332
$144,780
$212,933
Adjusted EBITDA (from previous tab)
31,501
50,844
81,100
116,768
144,515
165,384
140,014
143,406
181,126
243,140
282,767
238,399
326,141
386,547
399,779
366,642
180,528
231,896
Cash restructuring payments
-
-
-
-
-
-
-
-
-
(519)
(2,608)
(15,022)
(17,342)
(6,032)
(9,087)
(10,292)
(1,656)
(3,961)
Cash taxes
(766)
(1,349)
(1,841)
(3,021)
(1,573)
(4,259)
(7,104)
(13,656)
(18,485)
(14,284)
(19,750)
(49,342)
(32,278)
(26,369)
(13,520)
(13,328)
(10,961)
(4,991)
Cash interest related to borrowing
(1,089)
(1,789)
(1,635)
(1,391)
(883)
(219)
(1,487)
(4,762)
(6,446)
(8,520)
(31,336)
(37,548)
(49,125)
(56,704)
(72,906)
(97,892)
(26,123)
(58,299)
Purchases of property, plant & equipment
($24,929)
($62,845)
($62,740)
($76,286)
($101,326)
($37,405)
($46,420)
($78,999)
($72,122)
($75,813)
($80,435)
($74,157)
($60,930)
($70,563)
($50,467)
($39,163)
($38,767)
($16,790)
Purchases of intangible assets not related to acquisition
$0
$0
($1,250)
$0
$0
($205)
($239)
($750)
($253)
($250)
($476)
($197)
($308)
($64)
$0
$0
($22)
$0
Capitalization of software and website development costs
($2,656)
($4,189)
($5,696)
($7,168)
($6,516)
($6,290)
($5,463)
($7,667)
($9,749)
($17,323)
($26,324)
($37,307)
($40,847)
($48,652)
($43,992)
($47,020)
($21,921)
($26,445)
Cash in (out) from working capital
$4,991
$6,671
$11,408
$17,298
$17,914
$4,243
$15,326
$16,820
($2,456)
$30,260
$30,522
$20,249
$14,177
$33,653
$34,178
$84,385
$63,702
$91,523
1 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 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 cash provided by (used in) operations.
2 Information for the trailing twelve months ended February 29, 2020 is unaudited.
Note: values may not sum to total due to rounding.
Credit Statistics
Credit Statistics In $ thousands except where noted
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
TTM Dec
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
2020
NET CASH (DEBT):
Cash and cash equivalents
$236,552
$62,203
$50,065
$62,508
$103,584
$77,426
$25,697
$44,227
$35,279
$45,021
$36,883
Less: Short-term debt
-
-
(8,750)
(37,575)
(21,057)
(21,717)
(28,926)
(59,259)
(81,277)
(17,933)
(12,603)
Less: Long-term debt
-
(227,387)
(227,037)
(406,994)
(493,039)
(656,794)
(847,730)
(767,585)
(942,290)
(1,415,657)
(1,258,535)
Less: Debt issuance costs, debt discounts and debt premiums
-
(1,613)
(2,963)
(3,490)
(8,940)
(7,386)
(5,922)
(12,585)
(12,018)
(48,587)
(44,234)
Net cash (debt)
$236,552
($166,797)
($188,685)
($385,551)
($419,452)
($608,471)
($856,881)
($795,202)
($1,000,306)
($1,437,156)
($1,278,489)
LIQUIDITY:
Cash and cash equivalents
$236,552
$62,203
$50,065
$62,508
$103,584
$77,426
$25,697
$44,227
$35,279
$45,021
$36,883
Amount available for borrowing as of period end
N/A
136,488
228,580
172,068
589,597
427,450
211,768
567,541
603,812
423,668
585,050
Liquidity
$236,552
$198,691
$278,645
$234,576
$693,181
$504,876
$237,465
$611,768
$639,091
$468,689
$621,933
Note: values may not sum to total due to rounding.
Component Revenue
Reconciliation of Component Revenue to Segment Revenue In $ millions except where noted
FY 2017
FY 2018
FY 2019
FY 2020
TTM Dec
Total
Total
Total
Total
2020
REVENUE BY COMPONENT:
Upload and Print
PrintBrothers reported revenue
$318.2
$410.8
$444.0
$417.9
$403.9
The Print Group reported revenue
270.4
320.5
325.9
275.2
257.9
Upload and Print inter-segment eliminations
N/A
(1.2)
(1.0)
(1.0)
(1.3)
Total Upload and Print revenue
$588.6
$730.0
$768.9
$692.1
$660.5
1 Information for the trailing twelve months ended February 29, 2020 is unaudited.
Note: values may not sum to total due to rounding.
CC Revenue Growth-Segment
Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted
FY 2018
FY 2019
FY 2020
TTM Dec
Total
Total
Total
2020
REVENUE GROWTH RECONCILATION BY REPORTABLE SEGMENT:
Vistaprint
Revenue
$1,499,141
$1,508,322
$1,337,291
$1,326,423
% Change
11 %
1 %
(11)%
(11)%
Currency Impact: (Favorable)/Unfavorable
(2)%
2 %
1 %
(1)%
Constant-Currency Revenue Growth
9 %
3 %
(10)%
(12)%
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable
1 National Pen's reported revenue growth was 100% in Q3 FY2017, Q4 FY2017, Q1 FY2018 and Q2 FY2018 since we did not own this business in the year-ago period.
Note: During the first quarter of FY2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business unit for purposes of measuring and reporting our segment financial performance. We have revised historical results to reflect the consistent application of our current accounting methodology.
Note: values may not sum to total due to rounding.
Segment UFCF
Reconciliation of Segment Unlevered Free Cash Flow In $ thousands except where noted
FY 2018
FY 2019
FY 2020
TTM Dec
Total
Total
Total
2020
UNLEVERED FREE CASH FLOW BY COMPONENT:
Vistaprint
Segment EBITDA
$309,783
$349,697
$366,334
$342,661
Capital Expenditures
(35,998)
(32,820)
(15,986)
(9,738)
Capitalized Software
(23,457)
(23,369)
(18,381)
(20,018)
SBC expense treated as cash
7,384
6,153
7,101
8,579
Other reconciling items1
(6,232)
13,023
8
34,113
Unlevered free cash flow
$251,480
$312,684
$339,076
$355,597
Upload and Print
PrintBrothers Segment EBITDA
$41,129
$43,474
$39,373
$38,309
The Print Group Segment EBITDA
63,529
63,997
51,606
44,619
Combined Upload and Print Segment EBITDA
$104,658
$107,471
$90,979
$82,928
Capital Expenditures
(16,212)
(11,429)
(21,451)
(18,526)
Capitalized Software
(4,010)
(4,114)
(2,474)
(2,231)
SBC expense treated as cash
944
952
946
983
Other reconciling items1
(10,788)
(15,166)
(16,548)
7,312
Combined Upload and Print Unlevered free cash flow
$74,592
$77,714
$51,452
$70,466
National Pen
Segment EBITDA
$29,438
$17,299
$7,605
($2,587)
Capital Expenditures
(6,565)
(8,346)
(5,016)
(5,063)
Capitalized Software
(1,482)
(3,624)
(3,290)
(2,544)
SBC expense treated as cash
543
824
1,155
1,297
Other reconciling items1
2,432
4,052
(14,877)
17,801
Unlevered free cash flow
$24,366
$10,205
($14,423)
$8,904
All Other Businesses
Segment EBITDA
($10,603)
($6,317)
$17,474
$31,355
Capital Expenditures
(848)
(17,052)
(4,243)
(3,840)
Capitalized Software
(322)
(2,926)
(3,685)
(3,347)
SBC expense treated as cash
109
501
622
737
Other reconciling items1
385
(1,322)
7,161
3,536
Unlevered free cash flow
($11,279)
($27,116)
$17,329
$28,441
1 "Other reconciling items" includes net working capital changes and estimated tax allocation.
2 Information for the trailing twelve months ended December 31, 2020 is unaudited.
3 Albumprinter Segment EBITDA is included in All Other Businesses Segment EBITDA through its divestiture date of August 31, 2017.
Note: values may not sum to total due to rounding.
Stated Currency Rates
Stated Currency Rates
Used for Year-over-Year Bookings Growth and Vistaprint Cumulative Gross Profit $ per Customer by Acquisition Cohort
Currency
Exchange Rate (USD per Currency)
Australian Dollar
0.690
Brazilian Real
0.260
Canadian Dollar
0.750
Danish Krone
0.151
Euro
1.127
Great British Pound
1.267
Indian Rupee
0.014
Jamaican Dollar
0.008
Japanese Yen
0.009
New Zealand Dollar
0.653
Norwegian Krone
0.115
Philippine Peso
0.019
Swedish Krona
0.105
Swiss Franc
1.006
Tunisian Dinar
0.342
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Cimpress plc published this content on 20 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2021 08:37:02 UTC.
Cimpress plc is focused on mass customization of printing and related products, via which it delivers volumes of individually small-sized customized orders. Its segments include Vista, PrintBrothers, The Print Group, National Pen and All Other Businesses. The Vista segment includes Vista, the parent brand of multiple offerings, including VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Depositphotos. The PrintBrothers segment includes its druck.at, Printdeal, and WIRmachenDRUCK businesses. The Print Group segment includes its Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses. The National Pen segment includes the global operations of its National Pen business, which manufactures and markets custom writing instruments and promotional products, apparel and gifts. The All Other Businesses segment includes two businesses grouped together based on materiality. Its products are marketing materials, business cards, signage, packaging and others.