Cimpress : Q2 2022 Financial and Operating Metrics
January 26, 2022 at 04:20 pm EST
Share
Statement of Income and Margin
Consolidated Statement of Income and Margin Metrics1 In $ thousands, except share count and per share data
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
Q1 16
Q2 16
Q3 16
Q4 16
FY 2016
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
STATEMENT OF INCOME:
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
(Sep 15)
(Dec 15)
(Mar 16)
(Jun 16)
Total
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
Revenue2
$58,784
$90,885
$152,149
$255,933
$400,657
$515,826
$670,035
$817,009
$1,020,269
$1,167,478
$1,270,236
$1,494,206
$375,748
$496,274
$436,817
$479,205
$1,788,044
$443,713
$576,851
$550,585
$564,256
$2,135,405
$563,284
$762,054
$636,069
$631,134
$2,592,541
$588,981
$825,567
$661,814
$674,714
$2,751,076
$633,959
$820,333
$597,960
$429,106
$2,481,358
$586,500
$780,904
$573,362
$635,195
$2,575,961
$657,599
$849,716
$1,507,315
Cost of revenue2,7
23,837
36,528
49,858
89,971
154,122
191,944
240,195
287,806
355,205
400,293
451,093
568,572
157,170
197,462
196,911
222,097
773,640
213,050
276,366
268,482
279,077
1,036,975
283,755
360,285
319,209
316,550
1,279,799
302,471
411,496
342,700
344,677
1,401,344
325,665
394,018
309,598
219,590
1,248,871
298,844
380,738
296,533
323,774
1,299,889
338,989
423,937
762,926
Gross profit
34,947
54,357
102,291
165,962
246,535
323,882
429,840
529,203
665,064
767,185
819,143
925,634
218,578
298,812
239,906
257,108
1,014,404
230,663
300,485
282,103
285,179
1,098,430
279,529
401,769
316,860
314,584
1,312,742
286,510
414,071
319,114
330,037
1,349,732
308,294
426,315
288,362
209,516
1,232,487
287,656
400,166
276,829
311,421
1,276,072
318,610
425,779
744,389
Technology and development expense7
8,515
10,839
15,628
27,176
44,828
60,921
78,387
93,626
129,162
164,859
176,344
186,770
48,513
49,424
54,597
57,546
210,080
59,010
56,282
63,236
64,702
243,230
62,103
59,228
61,267
63,160
245,758
58,178
56,707
59,656
62,256
236,797
63,167
64,427
67,693
57,965
253,252
58,489
65,036
62,572
66,963
253,060
67,277
70,267
137,544
Marketing and selling expense7
19,138
32,372
51,174
87,887
127,975
159,143
216,574
271,838
375,538
446,116
440,311
472,079
114,714
135,426
124,655
133,707
508,502
132,668
151,358
167,284
159,622
610,932
166,093
200,785
179,591
168,185
714,654
181,673
210,661
170,202
151,327
713,863
160,917
173,336
148,803
90,985
574,041
138,150
182,322
154,472
173,447
648,391
174,697
208,616
383,313
General and administrative expense7
3,968
5,813
16,624
23,694
32,572
42,236
58,031
70,659
105,190
110,086
116,574
142,996
33,281
36,655
36,532
39,376
145,844
56,580
48,161
45,730
57,098
207,569
38,778
44,988
44,103
49,089
176,958
41,176
40,216
37,753
43,507
162,652
43,623
51,910
45,148
42,373
183,054
41,812
42,979
62,358
48,503
195,652
46,548
46,726
93,274
Loss on contract termination
-
21,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Amortization of acquired intangibles4
-
-
-
-
-
-
-
-
-
-
-
24,263
9,714
9,588
10,812
10,449
40,563
10,213
9,879
13,450
12,603
46,145
12,633
12,558
12,941
11,749
49,881
11,301
14,846
14,022
13,087
53,256
13,018
13,150
12,693
12,925
51,786
13,305
13,453
13,506
13,554
53,818
13,458
13,882
27,340
Restructuring expense7
-
-
-
-
-
-
-
-
-
-
-
3,202
271
110
-
-
381
-
1,100
24,790
810
26,700
854
11,501
2,331
550
15,236
170
1,026
7,866
2,992
12,054
2,190
1,897
919
8,537
13,543
(86)
2,182
(382)
(73)
1,641
(309)
307
(2)
Gain on sale of subsidiaries
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(47,545)
-
-
-
(47,545)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Impairment of goodwill and acquired intangible assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,841
-
30,841
-
-
9,556
-
9,556
-
-
-
-
-
-
-
-
7,503
7,503
-
-
100,842
-
100,842
-
-
-
-
-
-
-
-
Total costs and expenses (incl. cost of revenue)
55,458
106,552
133,284
228,728
359,497
454,244
593,187
723,929
965,095
1,121,354
1,184,322
1,397,882
363,663
428,665
454,348
463,175
1,709,851
471,521
543,146
592,528
573,912
2,181,107
516,671
689,345
619,442
609,283
2,434,741
594,969
734,952
632,199
625,349
2,587,469
608,580
698,738
685,696
432,375
2,425,389
550,514
691,951
594,548
631,990
2,469,003
640,660
763,735
1,404,395
Income (loss) from operations
3,326
(15,667)
18,865
27,205
41,160
61,582
76,848
93,080
55,174
46,124
85,914
96,324
12,085
67,609
(17,531)
16,030
78,193
(27,808)
33,705
(41,943)
(9,656)
(45,702)
46,613
72,709
16,627
21,851
157,800
(5,988)
90,615
29,615
49,365
163,607
25,379
121,595
(87,736)
(3,269)
55,969
35,986
94,194
(15,697)
9,027
123,510
16,939
85,981
102,920
Other income (expense), net 6
47
(78)
2,409
(45)
427
(803)
(1,491)
(2,197)
2,350
(63)
(21,630)
20,134
9,242
7,690
(9,003)
18,169
26,098
(2,132)
30,549
(6,582)
(11,473)
10,362
(16,312)
(7,732)
(1,558)
4,570
(21,032)
10,252
9,629
(2,495)
9,090
26,476
15,674
(9,040)
22,537
(6,297)
22,874
(8,754)
(17,198)
9,785
(3,186)
(19,353)
13,170
12,839
26,009
Interest (expense), net5
(83)
(390)
(1,256)
2,863
2,505
324
(343)
239
(1,679)
(5,329)
(7,674)
(16,705)
(8,126)
(10,160)
(10,091)
(9,819)
(38,196)
(9,904)
(9,631)
(11,584)
(12,858)
(43,977)
(13,082)
(12,529)
(12,652)
(14,780)
(53,043)
(13,777)
(16,808)
(16,787)
(15,799)
(63,171)
(15,087)
(15,701)
(17,262)
(27,790)
(75,840)
(30,516)
(30,141)
(29,002)
(29,709)
(119,368)
(25,688)
(25,369)
(51,057)
Loss on early extinguishment of debt
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(17,359)
(17,359)
-
-
-
-
-
-
-
-
-
-
-
-
-
(48,343)
(48,343)
-
-
-
Income (loss) before income taxes 6
3,290
(16,135)
20,018
30,023
44,092
61,103
75,014
91,122
55,845
40,732
56,610
99,753
13,201
65,139
(36,625)
24,380
66,095
(39,844)
54,623
(60,109)
(33,987)
(79,317)
17,219
52,448
2,417
(5,718)
66,366
(9,513)
83,436
10,333
42,656
126,912
25,966
96,854
(82,461)
(37,356)
3,003
(3,284)
46,855
(34,914)
(72,211)
(63,554)
4,421
73,451
77,872
Income tax provision (benefit)
(150)
84
783
2,880
4,261
5,417
7,273
9,013
11,851
9,387
10,590
10,441
3,179
6,148
(854)
7,211
15,684
(9,814)
19,601
(17,431)
526
(7,118)
(6,187)
21,825
4,019
(79)
19,578
5,481
14,399
4,091
9,461
33,432
6,115
(93,795)
1,039
5,649
(80,992)
6,794
12,954
3,927
(4,772)
18,903
9,381
17,298
26,679
Loss in equity interests
-
-
-
-
-
-
-
-
-
1,910
2,704
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net income (loss) 6
3,440
(16,219)
19,235
27,143
39,831
55,686
67,741
82,109
43,994
29,435
43,316
89,312
10,022
58,991
(35,771)
17,169
50,411
(30,030)
35,022
(42,678)
(34,513)
(72,199)
23,406
30,623
(1,602)
(5,639)
46,788
(14,994)
69,037
6,242
33,195
93,480
19,851
190,649
(83,500)
(43,005)
83,995
(10,078)
33,901
(38,841)
(67,439)
(82,457)
(4,960)
56,153
51,193
Net (income) loss attributable to noncontrolling interest
-
-
-
-
-
-
-
-
-
-
$380
$2,900
$749
$328
$3,100
($239)
$3,938
$927
$6
($256)
($189)
$488
($43)
($688)
($663)
($1,661)
($3,055)
$355
($23)
$288
$952
$1,572
$180
($426)
($1,384)
$1,000
($630)
($677)
($1,614)
($209)
($272)
($2,772)
($1,738)
($1,364)
($3,102)
Net income (loss) attributable to Cimpress plc 6
$414
($21,032)
$19,235
$27,143
$39,831
$55,686
$67,741
$82,109
$43,994
$29,435
$43,696
$92,212
$10,771
$59,319
($32,671)
$16,930
$54,349
($29,103)
$35,028
($42,934)
($34,702)
($71,711)
$23,363
$29,935
($2,265)
($7,300)
$43,733
($14,639)
$69,014
$6,530
$34,147
$95,052
$20,031
$190,223
($84,884)
($42,005)
$83,365
($10,755)
$32,287
($39,050)
($67,711)
($85,229)
($6,698)
$54,789
$48,091
Diluted net income (loss) per share 6
$0.03
($1.85)
$0.45
$0.60
$0.87
$1.25
$1.49
$1.83
$1.13
$0.85
$1.28
$2.73
$0.32
$1.81
($1.04)
$0.51
$1.64
($0.92)
$1.07
($1.38)
($1.11)
($2.29)
$0.72
$0.93
($0.07)
($0.24)
$1.36
($0.47)
$2.17
$0.21
$1.09
$3.00
$0.66
$6.81
($3.26)
($1.62)
$3.00
($0.41)
$1.22
($1.50)
($2.60)
($3.28)
($0.26)
$2.08
$1.82
Weighted average shares outstanding - diluted (basic in loss case) 6
12,539,644
11,358,575
42,624,689
45,364,257
46,016,364
44,634,191
45,336,561
44,951,199
38,953,179
34,472,004
34,239,909
33,816,498
33,757,378
32,735,447
31,343,711
32,996,473
33,049,454
31,570,824
32,614,013
31,103,388
31,195,625
31,291,581
32,332,162
32,319,022
30,724,018
30,812,113
32,220,401
30,883,617
31,820,497
31,514,793
31,305,201
31,662,705
30,529,472
27,916,759
26,024,229
25,880,081
27,773,286
25,945,998
26,384,460
26,003,675
26,033,525
25,996,572
26,072,249
26,402,703
26,493,258
MARGIN METRICS:
Gross profit as a percent of revenue
59.4 %
59.8 %
67.2 %
64.8 %
61.5 %
62.8 %
64.2 %
64.8 %
65.2 %
65.7 %
64.5 %
61.9 %
58.2 %
60.2 %
54.9 %
53.7 %
56.7 %
52.0 %
52.1 %
51.2 %
50.5 %
51.4 %
49.6 %
52.7 %
49.8 %
49.8 %
50.6 %
48.6 %
50.2 %
48.2 %
48.9 %
49.1 %
48.6 %
52.0 %
48.2 %
48.8 %
49.7 %
49.0 %
50.9 %
47.8 %
48.6 %
49.2 %
48.5 %
50.1 %
49.4 %
Contribution profit as a percent of revenue3
38.3 %
45.0 %
42.1 %
40.0 %
41.3 %
40.5 %
40.5 %
40.5 %
38.2 %
39.1 %
41.5 %
41.0 %
37.8 %
41.3 %
36.3 %
36.1 %
37.9 %
32.5 %
34.1 %
31.4 %
32.9 %
32.8 %
31.0 %
34.3 %
31.2 %
32.6 %
32.4 %
27.7 %
32.3 %
31.8 %
35.4 %
31.9 %
32.3 %
38.6 %
33.7 %
38.6 %
35.8 %
35.5 %
36.7 %
33.0 %
33.4 %
34.8 %
33.2 %
35.2 %
34.4 %
Operating income (loss) as a percent of revenue
5.7 %
(17.2)%
12.4 %
10.6 %
10.3 %
11.9 %
11.5 %
11.4 %
5.4 %
4.0 %
6.8 %
6.4 %
3.2 %
13.6 %
(4.0)%
3.3 %
4.4 %
(6.3)%
5.8 %
(7.6)%
(1.7)%
(2.1)%
8.3 %
9.5 %
2.6 %
3.5 %
6.1 %
(1.0)%
11.0 %
4.5 %
7.3 %
5.9 %
4.0 %
14.8 %
(14.7)%
(0.8)%
2.3 %
6.1 %
12.0 %
(2.7)%
1.4 %
4.8 %
2.6 %
10.1 %
6.8 %
Net income (loss) as a percent of revenue
5.9 %
(17.8)%
12.6 %
10.6 %
9.9 %
10.8 %
10.1 %
10.0 %
4.3 %
2.5 %
3.4 %
6.0 %
2.7 %
11.9 %
(8.2)%
3.6 %
2.8 %
(6.8)%
6.1 %
(7.8)%
(6.2)%
(3.4)%
4.1 %
3.9 %
(0.4)%
(1.2)%
1.7 %
(2.5)%
8.4 %
1.0 %
5.1 %
3.5 %
3.2 %
23.2 %
(14.2)%
(9.8)%
3.4 %
(1.8)%
4.1 %
(6.7)%
(10.7)%
(3.3)%
(1.0)%
6.4 %
3.2 %
1 Quarterly results are unaudited and when added together, may not equal annual results due to rounding. 2 During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased revenue and cost of revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,522 for the fiscal year ended June 30, 2021. 3 Contribution margin is defined as revenue minus the cost of revenue, the cost of advertising and payment processing, as a percent of total revenue. Historical consolidated advertising expense and payment processing is in the "Operating Metrics" tab of this spreadsheet. 4 During the third quarter of FY2017 we changed the presentation of amortization expense for acquired intangible assets. The expense was previously classified within each of the respective expense lines of our consolidated statement of operations and now is presented as a separate financial statement line item, "Amortization of acquired intangible assets". Periods presented before FY2015 were not recast to reflect this change. 5 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842, which resulted in a change in classification of our Waltham, Massachusetts build-to-suit lease from a finance lease to an operating lease. For the periods from Q1 FY2016 through Q4 FY2019, we presented approximately $28.7 million of expense associated with this lease within interest expense, net. Due to the change in lease classification during Q1 FY2020, we now recognize the impact of all expense related to the lease within operating expenses. We did not recast the prior periods to reflect this change in classification. 6 During the second quarter of fiscal year 2022, we identified an immaterial error related to the recognition of foreign currency gains that were included in other income (expense), net, and revised our previously reported results to recognize the hedging instrument's foreign currency gains of $7,518 and $9,027 for the fourth quarter of fiscal 2021 and first quarter of fiscal 2022, respectively, within accumulated other comprehensive loss. 7 The amounts in the table above include share-based compensation (SBC) as follows:
Cost of revenue
N/A
N/A
$79
$427
$755
$745
$840
$686
$329
$398
$251
$78
$26
$28
$3
$15
$72
$43
$75
$91
$80
$289
$40
$95
$105
$121
$361
$115
$163
$42
$135
$455
$88
$97
$66
$235
$486
$100
$34
$99
$154
$387
$116
$127
$243
Technology and development expense
N/A
N/A
596
2,184
4,108
5,053
5,790
4,178
5,171
9,209
7,041
4,139
1,330
1,422
1,606
1,534
5,892
2,325
3,118
1,123
2,158
8,724
1,856
2,818
3,242
2,664
10,580
2,208
(1,528)
1,320
1,765
3,765
1,734
2,043
2,014
3,212
9,003
2,191
1,215
2,284
3,373
9,063
2,903
3,355
6,258
Marketing and selling expense
N/A
N/A
159
3,176
3,722
4,021
4,965
3,841
2,692
6,354
5,082
1,952
411
425
387
368
1,591
820
1,480
1,242
1,315
4,857
985
1,858
2,138
1,702
6,683
1,363
(1,877)
1,187
520
1,193
(1,311)
533
1,145
2,336
2,703
1,685
754
1,808
2,700
6,947
2,677
2,798
5,475
General and administrative expense
N/A
N/A
4,016
2,978
6,162
9,654
10,785
12,972
17,221
16,967
15,412
17,906
4,423
4,191
3,957
3,702
16,273
8,383
6,604
4,084
9,429
28,500
3,928
8,037
7,289
12,261
31,515
5,230
522
1,955
5,175
12,882
4,239
5,652
5,683
5,487
21,061
4,307
3,240
5,354
7,736
20,637
5,310
6,225
11,535
Restructuring expense
N/A
N/A
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,257
-
6,257
103
506
718
-
1,327
-
-
3,250
171
3,421
664
108
(16)
865
1,621
-
-
-
-
-
-
-
-
Total share-based compensation expense
N/A
N/A
$4,850
$8,765
$14,747
$19,473
$22,380
$21,677
$25,413
$32,928
$27,786
$24,075
$6,190
$6,066
$5,953
$5,619
$23,828
$11,571
$11,277
$12,797
$12,982
$48,627
$6,912
$13,314
$13,492
$16,748
$50,466
$8,916
($2,720)
$7,754
$7,766
$21,716
$5,414
$8,433
$8,892
$12,135
$34,874
$8,283
$5,243
$9,545
$13,963
$37,034
$11,006
$12,505
$23,511
Balance Sheet
Balance Sheet1 In $ thousands
June 30, 2005
June 30, 2006
June 30, 2007
June 30, 2008
June 30, 2009
June 30, 2010
June 30, 2011
June 30, 2012
June 30, 2013
June 30, 2014
June 30, 2015
Q1 16
Q2 16
Q3 16
Q4 16
June 30, 2016
Q1 17
Q2 17
Q3 17
Q4 17
June 30, 2017
Q1 18
Q2 18
Q3 18
Q4 18
June 30, 2018
Q1 19
Q2 19
Q3 19
Q4 19
June 30, 2019
Q1 20
Q2 20
Q3 20
Q4 20
June 30, 2020
Q1 21
Q2 21
Q3 21
Q4 21
June 30, 2021
Q1 22
Q2 22
CONSOLIDATED BALANCE SHEET:
(Sep 15)
(Dec 15)
(Mar 16)
(Jun 16)
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
(Sep 21)
(Dec 21)
Assets
Current assets:
Cash and cash equivalents
$26,402
$64,653
$69,464
$103,145
$133,988
$162,727
$236,552
$62,203
$50,065
$62,508
$103,584
$93,816
$73,201
$76,726
$77,426
$77,426
$53,625
$49,588
$43,467
$25,697
$25,697
$42,800
$40,064
$49,878
$44,227
$44,227
$48,068
$48,264
$44,258
$35,279
$35,279
$31,234
$36,917
$228,265
$45,021
$45,021
$40,229
$36,883
$36,364
$183,023
$183,023
$193,231
$231,159
Marketable securities
-
43,474
38,578
26,598
-
9,604
529
-
-
13,857
6,910
5,745
5,883
6,194
7,893
7,893
7,312
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
152,248
152,248
152,028
147,199
Accounts receivable, net of allowances
1,186
1,465
4,647
6,105
5,672
9,389
13,389
20,125
22,026
23,515
32,145
38,699
36,100
36,992
32,327
32,327
30,121
52,179
51,426
48,630
48,630
58,413
66,876
65,632
55,621
55,621
63,131
68,100
70,095
60,646
60,646
68,518
70,496
46,974
34,596
34,596
47,549
51,404
45,365
50,679
50,679
56,624
61,537
Inventory
354
1,407
1,144
2,548
4,384
6,223
8,377
7,168
7,620
12,138
18,356
19,835
20,890
19,640
18,125
18,125
19,510
41,422
44,661
46,563
46,563
56,754
55,263
63,009
60,602
60,602
78,407
75,171
67,203
66,310
66,310
82,282
80,151
70,822
80,179
80,179
91,504
85,932
76,104
70,044
70,044
90,737
96,656
Prepaid expenses and other current assets
2,651
3,564
4,962
5,678
12,819
15,059
13,444
26,102
20,520
45,923
55,103
59,274
61,320
64,656
64,997
64,997
64,629
98,786
77,240
78,835
78,835
75,921
73,282
69,231
78,846
78,846
73,855
95,903
92,048
78,065
78,065
87,161
72,751
93,317
88,608
88,608
82,408
84,965
75,717
72,504
72,504
81,431
94,000
Assets held for sale
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,276
46,276
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total current assets
30,593
114,563
118,795
144,074
156,863
203,002
272,291
115,598
100,231
157,941
216,098
217,369
197,394
204,208
200,768
200,768
175,197
241,975
216,794
246,001
246,001
233,888
235,485
247,750
239,296
239,296
263,461
287,438
273,604
240,300
240,300
269,195
260,315
439,378
248,404
248,404
261,690
259,184
233,550
528,498
528,498
574,051
630,551
Property, plant and equipment, net
29,913
50,311
106,192
154,520
193,622
249,961
262,104
261,228
280,022
352,221
467,511
495,097
490,605
497,182
493,163
493,163
495,175
505,278
513,148
511,947
511,947
511,890
507,299
501,115
483,664
483,664
486,284
495,107
498,324
490,755
490,755
362,045
364,155
347,228
338,659
338,659
330,309
332,824
312,560
328,679
328,679
321,773
301,909
Operating lease assets, net2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
176,677
173,156
164,391
156,258
156,258
146,557
149,851
84,581
87,626
87,626
82,271
82,413
Software and website development costs, net
1,916
2,417
3,841
5,380
6,754
6,426
6,046
5,186
9,071
14,016
22,109
23,332
27,148
31,850
35,212
35,212
39,018
42,856
47,711
48,470
48,470
50,312
52,040
56,279
56,199
56,199
59,046
62,176
64,882
69,840
69,840
70,090
72,148
73,477
71,465
71,465
77,595
82,581
81,677
87,690
87,690
88,432
90,431
Deferred tax assets
317
435
-
2,956
7,035
7,277
6,522
327
581
8,762
17,172
19,016
20,772
21,560
26,093
26,093
41,556
18,344
34,248
48,004
48,004
78,748
66,022
66,753
67,087
67,087
68,364
59,336
57,885
59,906
59,906
57,527
160,058
143,571
143,496
143,496
146,807
146,814
135,491
149,618
149,618
146,431
138,805
Goodwill
1,556
-
-
-
-
-
4,168
140,429
140,893
317,187
400,629
408,767
399,102
474,736
466,005
466,005
470,819
528,895
516,013
514,963
514,963
525,806
531,199
542,369
520,843
520,843
547,109
727,577
720,734
718,880
718,880
711,670
721,057
615,333
621,904
621,904
637,568
726,813
706,626
726,979
726,979
717,970
783,159
Intangible assets, net
-
1,417
1,277
-
-
-
1,042
40,271
30,337
110,214
151,063
155,471
141,589
232,100
216,970
216,970
209,387
292,591
280,133
275,924
275,924
268,678
258,657
250,593
230,201
230,201
218,257
290,242
273,831
262,701
262,701
245,514
235,031
220,827
209,228
209,228
200,493
212,078
194,502
186,744
186,744
171,944
180,960
Marketable securities, non-current
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,713
50,713
40,400
27,693
Other assets
1,691
2,249
4,748
9,022
5,275
11,223
3,727
29,390
40,432
28,644
25,213
24,621
25,921
24,905
25,658
25,658
25,163
34,007
29,860
34,560
34,560
26,772
28,238
44,994
54,927
54,927
58,598
50,295
32,022
25,994
25,994
46,751
37,414
35,222
25,592
25,592
21,010
20,368
34,276
35,951
35,951
41,416
39,456
Total assets
$65,986
$171,392
$234,853
$315,952
$369,549
$477,889
$555,900
$592,429
$601,567
$988,985
$1,299,795
$1,343,673
$1,302,531
$1,486,541
$1,463,869
$1,463,869
$1,456,315
$1,663,946
$1,637,907
$1,679,869
$1,679,869
$1,696,094
$1,678,940
$1,709,853
$1,652,217
$1,652,217
$1,701,119
$1,972,171
$1,921,282
$1,868,376
$1,868,376
$1,939,469
$2,023,334
$2,039,427
$1,815,006
$1,815,006
$1,822,029
$1,930,513
$1,783,263
$2,182,498
$2,182,498
$2,184,688
$2,275,377
Liabilities, noncontrolling interests and shareholders' equity (deficit)
Current liabilities:
Accounts payable
$4,517
$6,240
$9,445
$8,486
$11,347
$16,664
$15,998
$25,931
$22,597
$52,770
$65,875
$65,768
$73,748
$72,068
$86,682
$86,682
$76,858
$116,251
$110,339
$127,386
$127,386
$121,119
$165,798
$147,089
$152,436
$152,436
$159,072
$204,429
$167,611
$185,096
$185,096
$182,858
$216,991
$187,829
$163,891
$163,891
$211,087
$236,540
$174,947
$199,831
$199,831
$219,769
$271,430
Accrued expenses
10,585
13,716
22,403
35,655
43,724
65,609
68,989
98,402
103,338
121,177
172,826
179,155
200,661
191,757
178,987
178,987
169,828
223,932
201,213
175,567
175,567
186,502
219,707
210,407
186,661
186,661
196,017
237,564
207,918
194,715
194,715
216,000
237,171
190,097
210,764
210,764
243,821
291,039
265,593
247,513
247,513
261,161
260,930
Deferred revenue
540
1,924
746
1,893
3,393
4,138
8,819
15,978
18,668
26,913
23,407
23,378
23,593
29,383
25,842
25,842
32,295
25,503
32,802
30,372
30,372
39,239
28,824
34,991
27,697
27,697
30,204
32,132
34,941
31,780
31,780
35,533
32,574
28,096
39,130
39,130
36,390
41,913
42,298
50,868
50,868
49,071
57,521
Deferred tax liabilities
-
-
-
-
-
-
-
1,668
1,466
2,178
1,043
1,752
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Short-term debt
1,281
2,482
3,202
3,304
8,349
5,222
-
-
8,750
37,575
21,057
18,001
19,331
19,842
21,717
21,717
28,221
46,115
31,216
28,926
28,926
19,941
35,569
26,214
59,259
59,259
39,806
46,549
64,516
81,277
81,277
63,136
73,755
24,364
17,933
17,933
22,666
12,603
9,012
9,895
9,895
11,373
11,217
Operating lease liabilities, current2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
36,274
37,698
37,405
41,772
41,772
39,426
38,315
29,508
26,551
26,551
26,340
28,522
Other current liabilities
-
-
-
-
-
-
-
-
207
888
21,470
23,889
22,701
24,900
22,635
22,635
24,522
24,234
53,900
78,435
78,435
86,998
89,269
42,922
54,971
54,971
53,054
46,642
42,866
27,881
27,881
12,714
11,444
13,144
13,268
13,268
21,589
40,966
77,669
103,515
103,515
95,441
75,599
Liabilities held for sale
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8,797
8,797
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total current liabilities
16,923
24,362
35,796
49,338
66,813
91,633
93,806
141,979
155,026
241,501
305,678
311,943
340,034
337,950
335,863
335,863
331,724
436,035
429,470
449,483
449,483
453,799
539,167
461,623
481,024
481,024
478,153
567,316
517,852
520,749
520,749
546,515
609,633
480,935
486,758
486,758
574,979
661,376
599,027
638,173
638,173
663,155
705,219
Deferred tax liabilities
-
-
1,225
2,656
1,637
3,151
3,794
18,359
12,246
30,846
48,007
49,970
44,819
72,792
69,430
69,430
67,166
69,676
56,047
60,743
60,743
58,805
57,008
56,089
51,243
51,243
49,109
46,979
45,656
44,531
44,531
37,967
36,216
34,690
33,811
33,811
33,057
30,941
27,612
27,433
27,433
24,707
23,161
Long-term debt
15,696
23,046
21,772
19,507
10,465
-
-
229,000
230,000
410,484
493,039
637,316
528,395
676,805
656,794
656,794
654,300
829,998
860,237
847,730
847,730
800,860
664,961
786,401
767,585
767,585
823,836
1,001,900
1,010,599
942,290
942,290
1,164,696
1,296,535
1,647,214
1,415,657
1,415,657
1,331,549
1,258,535
1,332,234
1,732,511
1,732,511
1,718,311
1,707,052
Lease financing obligation
-
-
-
-
-
-
-
-
-
18,117
93,841
107,233
111,972
111,109
110,232
110,232
109,363
108,481
107,540
106,606
106,606
105,679
104,737
103,737
102,743
102,743
104,579
106,971
111,956
112,096
112,096
-
-
-
-
-
-
-
-
-
-
-
-
Operating lease liabilities, non-current2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
146,678
143,276
134,267
128,963
128,963
119,817
122,006
72,142
66,222
66,222
61,459
59,444
Other liabilities
-
-
-
1,946
5,100
6,991
8,207
13,804
14,734
44,420
52,073
62,019
54,424
71,231
60,173
60,173
81,325
78,113
57,284
94,683
94,683
108,607
107,884
120,610
69,524
69,524
71,912
67,447
53,916
53,716
53,716
53,708
49,997
76,972
88,187
88,187
105,845
157,076
92,786
96,410
96,410
88,279
78,522
Total liabilities
32,619
47,408
58,793
73,447
84,015
101,775
105,807
403,142
412,006
745,368
992,638
1,168,481
1,079,644
1,269,887
1,232,492
1,232,492
1,243,878
1,522,303
1,510,578
1,559,245
1,559,245
1,527,750
1,473,757
1,528,460
1,472,119
1,472,119
1,527,589
1,790,613
1,739,979
1,673,382
1,673,382
1,949,564
2,135,657
2,374,078
2,153,376
2,153,376
2,165,247
2,229,934
2,123,801
2,560,749
2,560,749
2,555,911
2,573,398
Commitments and contingencies
Redeemable noncontrolling interests
-
-
-
-
-
-
-
-
-
11,160
57,738
65,120
64,833
64,871
65,301
65,301
64,949
41,824
42,604
45,412
45,412
83,841
85,478
87,805
86,151
86,151
91,426
53,371
52,366
63,182
63,182
65,507
68,201
69,682
69,106
69,106
71,209
65,510
64,250
71,120
71,120
79,593
84,783
Shareholders' equity (deficit):
Preferred shares, nominal value €0.01 per share
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Ordinary shares, nominal value €0.01 per share
11
42
43
44
688
698
699
699
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
615
Deferred ordinary shares, nominal value €1.00 per share3
28
28
28
28
28
28
28
28
28
28
28
Treasury shares, at cost
-
-
-
-
(29,881)
(29,637)
(85,377)
(378,941)
(398,301)
(423,101)
(412,132)
(547,448)
(546,879)
(550,766)
(548,549)
(548,549)
(549,499)
(598,343)
(597,000)
(588,365)
(588,365)
(627,002)
(638,414)
(675,536)
(685,577)
(685,577)
(685,801)
(696,499)
(708,140)
(737,447)
(737,447)
(969,833)
(1,275,057)
(1,377,022)
(1,376,496)
(1,376,496)
(1,368,723)
(1,368,723)
(1,368,721)
(1,368,595)
(1,368,595)
(1,365,079)
(1,364,336)
Series A redeemable convertible preferred shares
13,556
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Series B redeemable convertible preferred shares
57,880
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Additional paid-in capital
2,679
146,354
170,029
191,271
212,221
249,153
273,260
285,633
299,659
309,990
324,281
324,370
327,968
335,272
335,192
335,192
339,929
348,732
358,170
361,376
361,376
366,684
378,121
390,758
395,682
395,682
403,005
396,648
403,989
411,079
411,079
415,984
424,058
404,409
438,616
438,616
433,827
438,863
448,432
459,904
459,904
464,938
476,002
Retained earnings 4
(41,017)
(23,077)
4,066
43,098
98,784
166,525
248,634
292,628
299,144
342,840
435,052
442,804
499,121
465,168
486,482
486,482
457,379
492,407
449,477
414,771
414,771
432,273
462,205
459,940
452,756
452,756
434,871
496,745
503,275
537,422
537,422
560,596
745,326
660,442
618,437
618,437
607,682
638,883
599,833
530,159
530,159
515,869
562,214
Accumulated other income (loss) 4
258
665
1,922
8,092
3,722
(10,625)
12,877
(10,732)
(11,556)
2,113
(98,909)
(110,653)
(123,158)
(98,864)
(108,015)
(108,015)
(101,249)
(143,915)
(126,858)
(113,398)
(113,398)
(88,325)
(83,093)
(82,476)
(69,814)
(69,814)
(70,586)
(69,322)
(70,802)
(79,857)
(79,857)
(82,964)
(75,494)
(92,805)
(88,676)
(88,676)
(87,856)
(74,597)
(84,975)
(71,482)
(71,482)
(67,187)
(57,327)
Total shareholders' equity (deficit) attributable to Cimpress plc
33,367
123,984
176,060
242,505
285,534
376,114
450,093
189,287
189,561
232,457
248,907
109,688
157,667
151,425
165,725
165,725
147,175
99,496
84,404
74,999
74,999
84,245
119,434
93,301
93,662
93,662
82,104
128,187
128,937
131,812
131,812
(75,602)
(180,524)
(404,333)
(407,476)
(407,476)
(414,427)
(364,931)
(404,788)
(449,371)
(449,371)
(450,816)
(382,804)
Noncontrolling interests
-
-
-
-
-
-
-
-
-
-
512
384
387
358
351
351
313
323
321
213
213
258
271
287
285
285
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total shareholders' equity (deficit)
33,367
123,984
176,060
242,505
285,534
376,114
450,093
189,287
189,561
232,457
249,419
110,072
158,054
151,783
166,076
166,076
147,488
99,819
84,725
75,212
75,212
84,503
119,705
93,588
93,947
93,947
82,104
128,187
128,937
131,812
131,812
(75,602)
(180,524)
(404,333)
(407,476)
(407,476)
(414,427)
(364,931)
(404,788)
(449,371)
(449,371)
(450,816)
(382,804)
Total liabilities, noncontrolling interests and shareholders' equity (deficit)
$65,986
$171,392
$234,853
$315,952
$369,549
$477,889
$555,900
$592,429
$601,567
$988,985
$1,299,795
$1,343,673
$1,302,531
$1,486,541
$1,463,869
$1,463,869
$1,456,315
$1,663,946
$1,637,907
$1,679,869
$1,679,869
$1,696,094
$1,678,940
$1,709,853
$1,652,217
$1,652,217
$1,701,119
$1,972,171
$1,921,282
$1,868,376
$1,868,376
$1,939,469
$2,023,334
$2,039,427
$1,815,006
$1,815,006
$1,822,029
$1,930,513
$1,783,263
$2,182,498
$2,182,498
$2,184,688
$2,275,377
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Before adopting this new standard, operating leases were recognized in the consolidated statement of operations on a straight-line basis over the term of the lease, with impacts of straight-line accounting recognized in other assets and liabilities on the consolidated balance sheet. Beginning in Q1 FY2020, we have recognized operating lease assets and liabilities on the consolidated balance sheet, which replaced the impact of straight-line accounting in other assets and liabilities.
3 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.
4 During the second quarter of fiscal year 2022, we identified an immaterial error related to the recognition of foreign currency gains that were included in other income (expense), net, and revised our previously reported results to recognize the hedging instrument's foreign currency gains of $7,518 and $9,027 for the fourth quarter of fiscal 2021 and first quarter of fiscal 2022, respectively, within accumulated other comprehensive loss.
Cash Flow Statement
Cash Flow Statement1 In $ thousands
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
FY 2009
FY 2010
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
Q1 16
Q2 16
Q3 16
Q4 16
FY 2016
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
(Sep 15)
(Dec 15)
(Mar 16)
(Jun 16)
Total
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
CONSOLIDATED STATEMENTS OF CASH FLOWS:
Operating activities
Net income (loss)
$3,440
($16,219)
$19,235
$27,143
$39,831
$55,686
$67,741
$82,109
$43,994
$29,435
$43,316
$89,312
$10,022
$58,991
($35,771)
$17,169
$50,411
$(30,030)
$35,022
$(42,678)
$(34,513)
$(72,199)
$23,406
$30,623
$(1,602)
$(5,639)
$46,788
($14,994)
$69,037
$6,242
$33,195
$93,480
$19,851
$190,649
($83,500)
($43,005)
$83,995
($10,078)
$33,901
($38,841)
($67,439)
$ (82,457)
($4,960)
$56,153
$ 51,193
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
4,209
5,902
7,786
14,874
25,193
35,713
44,367
50,627
59,427
64,325
72,282
97,500
30,258
31,805
34,454
35,401
131,918
35,405
36,977
43,402
42,616
158,400
42,384
41,299
43,437
41,885
169,005
40,718
44,502
44,334
44,217
173,771
42,535
42,356
41,840
41,212
167,943
42,290
43,597
42,809
44,516
$ 173,212
44,432
45,314
$ 89,746
Impairment of goodwill and acquired intangible assets
-
-
-
-
-
-
920
-
-
-
-
-
-
-
30,841
-
30,841
-
-
9,556
-
9,556
-
-
-
-
-
-
-
-
7,503
7,503
-
-
100,842
-
100,842
-
-
-
-
-
-
-
-
Amortization of premiums and discounts on short-term investments
-
-
-
-
-
-
127
163
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Share-based compensation expense
-
-
4,850
8,765
14,747
19,473
22,380
21,677
25,413
32,928
27,786
24,075
6,190
6,066
5,897
5,619
23,772
11,571
11,277
12,797
12,982
48,627
6,912
13,314
13,492
16,748
50,466
8,916
(2,720)
7,754
7,766
21,716
5,414
8,433
8,892
12,135
34,874
8,283
5,243
9,545
13,963
37,034
11,006
12,505
23,511
Impairment of long-lived assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19,882
-
19,882
-
-
-
Deferred taxes
(527)
(420)
218
1,290
(2,029)
(4,538)
179
1,614
(1,810)
(8,626)
(12,807)
(14,940)
(2,649)
(5,690)
(2,842)
(4,741)
(15,922)
(18,163)
655
(20,341)
(3,509)
(41,358)
(16,589)
9,720
(2,683)
(4,487)
(14,039)
(3,963)
12,207
769
(2,175)
6,838
(960)
(104,615)
(4,415)
3,126
(106,864)
(32)
2,713
(168)
(12,797)
(10,284)
(1,138)
5,115
3,977
Loss on sale of equity method investment
-
-
-
-
-
-
-
-
-
-
12,681
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Loss in equity interests
-
-
-
-
-
-
-
-
-
1,910
2,704
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Non-cash gain on equipment
-
-
-
-
-
-
-
-
-
(1,414)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Provision for (recovery of) doubtful accounts
(162)
9
(7)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Abandonment of long-lived assets
-
-
-
1,350
133
1,892
535
486
-
1,529
7
-
-
3,022
6,741
1,216
10,979
-
-
1,730
678
2,408
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Gain on sale of subsidiaries
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(47,545)
-
-
-
(47,545)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Loss on early extinguishment of debt
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17,359
17,359
-
-
-
-
-
-
-
-
-
-
-
-
-
48,343
48,343
-
-
-
Change in contingent earn-out liability
-
-
-
-
-
-
-
-
-
(588)
2,192
14,890
-
-
-
-
-
16,020
6,746
4,598
12,013
39,377
827
947
-
-
1,774
-
-
-
-
-
-
-
-
(54)
(54)
-
-
-
-
-
-
-
-
Gain on sale of available-for-sale securities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,268)
-
-
(2,268)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Unrealized loss on derivatives not designated as hedging instruments included in net income (loss)
-
-
-
-
-
-
-
-
-
-
425
(1,868)
(2,052)
134
2,897
(9,142)
(8,163)
1,811
(6,384)
5,412
14,974
15,813
6,066
(1,525)
4,705
(24,786)
(15,540)
(5,766)
(3,815)
3,649
574
(5,358)
(14,527)
22,075
(12,152)
12,335
7,731
14,628
17,917
(14,265)
(957)
17,323
(16,534)
(6,486)
(23,020)
Payments of contingent consideration in excess of acquisition date fair value
-
-
-
-
-
-
-
-
-
-
-
(8,055)
-
-
-
(8,613)
(8,613)
-
-
-
-
-
-
-
(4,639)
-
(4,639)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency
-
-
-
-
-
-
-
-
-
29
748
(6,455)
(7,793)
(3,036)
7,657
(6,027)
(9,199)
3,027
(16,273)
6,031
1,525
(5,690)
8,386
4,889
(8,064)
14,249
19,460
(2,856)
193
3,939
(5,640)
(4,364)
5,028
(3,669)
(2,386)
225
(802)
(4,958)
1,826
5,669
(2,297)
240
174
(6,476)
(6,302)
Other non-cash items
-
-
-
-
-
-
-
71
361
1,329
1,328
4,130
887
643
1,265
2,989
5,784
670
1,049
674
493
2,886
23
794
1,312
2,539
4,668
745
1,675
2,322
4,467
9,209
1,365
1,680
1,891
6,347
11,283
3,192
1,637
(2,680)
4,892
7,041
(471)
(1,228)
(1,699)
Gain on proceeds from insurance
-
-
-
-
-
-
-
-
-
-
-
-
(1,587)
(1,549)
-
-
(3,136)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Changes in operating assets and liabilities:
Accounts receivable
(233)
(457)
(266)
(3,124)
(1,257)
276
(3,727)
(3,454)
(1,405)
(1,532)
4,008
2,057
(5,943)
4,314
3,999
4,396
6,766
2,917
(2,095)
2,612
1,267
4,701
(8,839)
(7,617)
1,760
9,573
(5,123)
(7,291)
(4,575)
(1,946)
9,626
(4,186)
(6,595)
(1,645)
21,990
12,909
26,659
(12,448)
(1,811)
4,608
(1,823)
(11,474)
(7,149)
(5,953)
(13,102)
Interest receivable
-
-
(351)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Inventory
(46)
(316)
(1,030)
298
(1,309)
(1,921)
(2,224)
(1,466)
1,150
(525)
(1,055)
(4,491)
(1,710)
(1,377)
1,771
1,305
(11)
(1,220)
(2,967)
(2,949)
(1,563)
(8,699)
(8,985)
1,628
(4,747)
5,036
(7,068)
(11,316)
1,862
377
5,450
(3,627)
(6,410)
(4,270)
2,804
(10,452)
(18,328)
(3,111)
3,621
4,472
11,400
16,382
(11,744)
(11,583)
(23,327)
Prepaid expenses and other assets
(281)
(1,774)
(1,682)
(3,177)
(2,173)
(4,879)
3,792
9,936
(5,768)
10,791
(15,336)
8,597
3,157
(5,551)
(1,875)
(3,399)
(7,668)
671
(14,961)
16,679
(1,868)
521
(4,893)
719
4,310
(2,608)
(2,472)
783
(9,180)
3,079
9,793
4,475
737
(2,992)
13,886
315
11,946
2,523
(2,445)
(5,320)
2,636
(2,606)
(4,832)
(5,137)
(9,969)
Accounts payable
(522)
1,665
1,649
(240)
2,439
3,148
6,176
(2,610)
5,667
557
14,945
(4,026)
10,520
10,259
(8,283)
13,174
25,670
(7,952)
29,760
(11,900)
15,424
25,332
(1,621)
45,225
(25,156)
3,334
21,782
1,586
47,253
(36,432)
7,428
19,835
(11,038)
35,470
(18,842)
(23,137)
(17,547)
38,684
22,116
(50,210)
18,777
29,367
10,290
59,028
69,318
Accrued expenses and other liabilities
3,291
4,939
4,235
7,061
13,457
24,804
19,707
5,996
19,720
11,660
515
41,296
(11,874)
36,858
(13,846)
2,791
13,929
(5,127)
28,521
(16,638)
(27,427)
(20,671)
16,847
20,347
(54,234)
(25,504)
(42,544)
15,658
26,831
(17,107)
(13,579)
11,803
27,505
18,720
(51,886)
42,427
36,766
26,708
22,172
(12,721)
(12,941)
23,218
17,493
2,092
19,585
Net cash provided by (used in) operating activities
9,169
(6,671)
34,637
54,240
89,032
129,654
159,973
165,149
146,749
141,808
153,739
242,022
27,426
134,889
32,905
52,138
247,358
9,600
105,059
8,985
33,092
156,736
16,379
160,363
(32,109)
47,699
192,332
22,220
183,270
16,980
108,625
331,095
62,905
202,192
18,964
54,383
338,444
105,681
150,487
(37,220)
46,273
265,221
36,567
143,344
179,911
Investing activities
Purchases of property, plant and equipment
(13,374)
(18,629)
(24,929)
(62,845)
(62,740)
(76,286)
(101,326)
(37,405)
(46,420)
(78,999)
(72,122)
(75,813)
(24,393)
(19,156)
(19,092)
(17,794)
(80,435)
(19,319)
(16,941)
(20,656)
(17,241)
(74,157)
(20,457)
(18,217)
(8,767)
(13,489)
(60,930)
(21,026)
(17,741)
(19,167)
(12,629)
(70,563)
(14,193)
(13,901)
(10,544)
(11,829)
(50,467)
(8,383)
(8,407)
(5,946)
(15,788)
(38,524)
(8,624)
(17,915)
(26,539)
Proceeds from the sale of subsidiaries, net of transactions costs and cash divested
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
93,779
-
-
-
93,779
-
-
-
-
-
-
-
-
(1,124)
(1,124)
-
-
-
-
-
-
-
-
Business acquisitions, net of cash acquired
-
-
-
-
-
-
(6,496)
-
(180,675)
-
(216,384)
(123,804)
(22,815)
(4,717)
(134,908)
(1,972)
(164,412)
(580)
(206,236)
1,941
-
(204,875)
(110)
-
-
-
(110)
(18,000)
(271,269)
(651)
-
(289,920)
(4,272)
-
-
-
(4,272)
-
(36,395)
-
(17,015)
(53,410)
-
(68,946)
(68,946)
Purchases of intangible assets
(1,183)
-
-
-
(1,250)
-
-
(205)
(239)
(750)
(253)
(250)
(357)
(45)
(51)
(23)
(476)
(26)
(62)
(22)
(87)
(197)
(24)
(254)
(30)
-
(308)
(22)
-
-
(42)
(64)
-
-
-
-
-
-
-
-
-
-
-
-
-
Purchases of marketable securities
-
-
(75,705)
(52,399)
(49,487)
(6,078)
(9,804)
-
-
-
(4,629)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(203,581)
(203,581)
-
-
-
Capitalization of software and website development costs
(3,523)
(1,908)
(2,656)
(4,189)
(5,696)
(7,168)
(6,516)
(6,290)
(5,463)
(7,667)
(9,749)
(17,323)
(4,910)
(7,217)
(6,057)
(8,140)
(26,324)
(8,312)
(10,798)
(9,568)
(8,629)
(37,307)
(8,934)
(9,180)
(11,362)
(11,371)
(40,847)
(11,233)
(10,688)
(12,716)
(14,015)
(48,652)
(12,471)
(10,946)
(12,407)
(8,168)
(43,992)
(14,804)
(11,641)
(18,876)
(15,616)
(60,937)
(15,639)
(16,495)
(32,134)
Investment in equity interests
-
-
-
-
-
-
-
-
-
(12,753)
(4,994)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds from sale of available-for-sale securities
-
-
31,880
57,000
61,117
31,937
100
9,570
529
-
-
-
-
-
-
-
-
-
6,346
-
-
6,346
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,000
17,000
27,000
Sale of equity securities
-
-
-
-
-
-
-
-
-
-
449
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds from the sale of assets
-
-
-
256
-
-
177
-
-
1,750
137
-
-
-
-
-
-
-
-
3,585
282
4,513
-
-
-
401
886
318
205
27
90
640
670
177
786
11
1,644
2,103
1,269
202
2,122
5,696
1,699
24,136
25,835
Proceeds from insurance related to investing activities
-
-
-
-
-
-
-
-
-
-
-
-
2,075
1,549
-
-
3,624
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds (payments) for settlement of derivatives designated as hedging instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(12,016)
(12,016)
-
-
27,732
2,059
29,791
-
-
-
(3,291)
(3,291)
-
(1,880)
(1,880)
Other investing activities
-
-
-
-
-
-
-
-
-
(512)
561
-
-
775
-
1,710
2,485
785
442
1,915
1,392
3,888
(1,956)
1,287
(1,796)
(114)
(3,064)
395
(447)
461
-
409
903
217
436
-
1,556
-
(419)
150
-
(269)
(617)
-
(617)
Net cash provided by (used in) investing activities
(18,080)
(20,537)
(71,410)
(62,177)
(58,056)
(57,595)
(123,865)
(34,330)
(232,268)
(98,931)
(306,984)
(217,190)
(50,400)
(28,811)
(160,108)
(26,219)
(265,538)
(27,452)
(227,249)
(22,805)
(24,283)
(301,789)
62,298
(26,364)
(21,955)
(24,573)
(10,594)
(49,568)
(299,940)
(32,046)
(38,612)
(420,166)
(29,363)
(24,453)
6,003
(19,051)
(66,864)
(21,084)
(55,593)
(24,470)
(253,169)
(354,316)
(13,181)
(64,100)
(77,281)
Financing activities
Proceeds from borrowings of debt
6,021
11,361
9,600
1,630
-
-
-
-
408,500
113,712
482,800
367,500
214,999
55,000
246,009
82,000
598,008
87,000
360,000
165,004
125,071
737,075
179,532
131,817
279,159
215,487
805,995
245,096
447,842
233,440
214,229
1,140,607
277,785
356,300
409,515
237,890
1,281,490
99,000
202,000
233,051
131,631
665,682
-
-
-
Proceeds from Term Loan B
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,149,751
1,149,751
-
-
-
Proceeds from issuance of senior notes
-
-
-
-
-
-
-
-
-
-
-
275,000
-
-
-
-
-
-
-
-
-
-
-
-
-
400,000
400,000
-
-
-
-
-
-
-
210,500
-
210,500
-
-
-
-
-
-
-
-
Proceeds from issuance of second lien notes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
271,568
271,568
-
-
-
-
-
-
-
-
Payments of debt
-
(307)
(1,386)
(2,620)
(3,251)
(3,219)
(13,848)
(5,222)
(179,500)
(104,125)
(273,490)
(581,920)
(73,318)
(162,014)
(96,859)
(98,501)
(430,622)
(82,725)
(165,046)
(150,511)
(141,631)
(539,913)
(237,929)
(252,788)
(168,687)
(318,628)
(974,781)
(206,692)
(268,305)
(206,035)
(266,664)
(947,696)
(74,392)
(218,054)
(310,603)
(734,285)
(1,337,334)
(182,726)
(289,743)
(167,050)
(603,087)
(1,242,606)
(4,111)
(3,560)
(7,671)
Payments for early redemption of second lien notes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(309,000)
(309,000)
-
-
-
Payments for early redemptions of senior notes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(275,000)
(275,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments of early redemption fees for senior notes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(14,438)
(14,438)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments of debt issuance costs
-
-
-
-
-
-
-
-
(1,819)
(1,536)
(1,364)
(6,373)
(8)
-
(62)
-
(70)
-
-
-
(229)
(229)
(3,251)
-
-
(7,378)
(10,629)
(1,458)
(13)
(1,258)
-
(2,729)
-
-
(4,862)
(17,708)
(22,570)
(410)
(641)
(1,410)
(9,502)
(11,963)
(1,137)
(298)
(1,435)
Payment of deferred offering costs
-
(255)
(1,387)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net proceeds from public offering
-
-
61,380
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments of purchase consideration included in acquisition-date fair value
-
-
-
-
-
-
-
-
-
-
-
(11,105)
-
-
(4,350)
(2,980)
(7,330)
-
-
(539)
-
(539)
-
(83)
(2,022)
-
(2,105)
-
-
-
(3,282)
(3,282)
-
-
-
-
-
(648)
-
(557)
-
(1,205)
-
-
-
Proceeds from issuance of warrants
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
22,432
22,432
-
-
-
-
-
-
-
-
Payments of withholding taxes in connection with equity awards
-
-
-
-
(3,391)
(4,176)
(6,142)
(5,653)
(4,149)
(3,556)
(9,430)
(29,351)
(2,741)
(1,505)
(1,522)
(1,699)
(7,467)
(7,549)
(1,315)
(1,952)
(3,752)
(14,568)
(1,190)
(908)
(982)
(16,618)
(19,698)
(1,766)
(359)
(277)
(3,577)
(5,979)
(359)
(103)
(40,955)
(292)
(41,709)
(5,592)
-
(1)
(164)
(5,757)
(2,579)
(319)
(2,898)
Payments of finance lease obligations2
-
-
-
-
-
-
-
-
-
-
(1,297)
(5,750)
(2,183)
(4,194)
(3,760)
(3,796)
(13,933)
(3,276)
(3,538)
(5,215)
(3,858)
(15,887)
(4,658)
(4,804)
(4,317)
(3,839)
(17,618)
(4,182)
(4,598)
(3,942)
(4,341)
(17,063)
(2,719)
(2,645)
(2,990)
(1,157)
(9,511)
(1,592)
(1,683)
(2,211)
(2,514)
(8,000)
(2,526)
(30,581)
(33,107)
Purchase of ordinary shares
(5,156)
-
-
-
-
(45,518)
-
(56,935)
(309,701)
(64,351)
(42,016)
-
(127,793)
(14,411)
(11,263)
-
(153,467)
-
(50,008)
-
-
(50,008)
(40,674)
(14,465)
(39,571)
-
(94,710)
-
(14,043)
(12,074)
(29,450)
(55,567)
(231,883)
(305,690)
(89,483)
-
(627,056)
-
-
-
-
-
-
-
-
Purchase of noncontrolling interests
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(20,230)
-
-
(20,230)
-
-
-
(1,144)
(1,144)
-
(41,177)
-
(44,343)
(85,520)
-
-
-
-
-
-
(5,063)
-
-
(5,063)
-
(324)
(324)
Proceeds from sale of noncontrolling interest
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
35,390
-
-
-
35,390
-
-
-
57,046
57,046
-
-
-
-
-
-
-
-
-
-
-
-
-
Distribution to noncontrolling interests
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3,375)
-
-
(3,375)
-
(3,921)
(34)
-
(3,955)
-
(4,599)
-
(148)
(4,747)
-
(3,963)
(3,963)
Proceeds from issuance of ordinary shares
711
47
6,644
13,706
8,321
12,067
14,977
7,013
1,394
4,805
4,425
13,123
282
1,770
1,327
1,326
4,705
-
257
74
5,861
6,192
6,070
2,949
2,497
465
11,981
-
2,891
(134)
646
3,403
-
6
-
-
6
-
-
-
(2,280)
(2,280)
-
-
-
Proceeds from issuance of Series B preferred shares, net
28,187
22,688
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Repurchase of Series A preferred shares
(3,961)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Issuance of loans
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(12,000)
-
(4,500)
(4,500)
(21,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Capital contribution from noncontrolling interest
-
-
-
-
-
-
-
-
-
-
4,821
4,160
5,141
-
-
-
5,141
-
1,404
-
-
1,404
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other financing activities
-
-
-
-
-
-
-
-
-
-
-
(118)
(85)
(218)
-
-
(303)
-
1,281
-
-
1,281
-
-
-
-
-
645
(645)
2,319
(175)
2,144
(1,437)
(278)
(454)
53
(2,116)
(11)
(46)
(253)
(374)
(684)
2
39
41
Net cash (used in) provided by financing activities
25,802
33,534
74,851
12,716
1,679
(40,846)
(5,013)
(60,797)
(85,275)
(55,051)
164,449
25,166
14,302
(125,572)
129,582
(23,650)
(5,338)
(6,550)
122,805
6,861
(18,538)
104,578
(75,459)
(138,282)
61,577
(25,593)
(177,757)
31,643
118,218
12,039
(79,911)
81,989
(33,005)
(174,385)
170,634
(221,499)
(258,255)
(91,979)
(99,775)
61,569
354,313
224,128
(10,351)
(39,006)
(49,357)
Effect of exchange rate changes on cash and cash equivalents
20
16
173
32
1,026
(370)
(2,356)
3,804
(3,555)
36
1,239
(8,922)
(1,096)
(1,121)
1,148
(1,569)
(2,640)
601
(4,652)
838
4,001
788
1,843
1,547
2,301
(3,184)
2,507
(454)
(1,352)
(979)
919
(1,866)
(4,582)
2,329
(2,927)
1,597
(3,583)
2,590
1,535
(398)
(758)
2,969
(2,827)
(2,310)
(5,137)
Change in cash held for sale
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,042
12,042
12,042
-
-
-
12,042
-
-
-
-
-
-
-
(1,326)
1,326
-
-
-
-
-
-
-
-
-
Net increase (decrease) in cash and cash equivalents
16,911
6,342
38,251
4,811
33,681
30,843
28,739
73,825
(174,349)
(12,138)
12,443
41,076
(9,768)
(20,615)
3,527
700
(26,158)
(23,801)
(4,037)
(6,121)
(17,770)
(51,729)
17,103
(2,736)
9,814
(5,651)
18,530
3,841
196
(4,006)
(8,979)
(8,948)
(4,045)
5,683
191,348
(183,244)
9,742
(4,792)
(3,346)
(519)
146,659
138,002
10,208
37,928
48,136
Cash and cash equivalents at beginning of period
3,149
20,060
26,402
64,653
69,464
103,145
133,988
162,727
236,552
62,203
50,065
62,508
103,584
93,816
73,199
76,726
103,584
77,426
53,625
49,588
43,467
77,426
25,697
42,800
40,064
49,878
25,697
44,227
48,068
48,264
44,258
44,227
35,279
31,234
36,917
228,265
35,279
45,021
40,229
36,883
36,364
45,021
183,023
193,231
376,254
Cash and cash equivalents at end of period
$20,060
$26,402
$64,653
$69,464
$103,145
$133,988
$162,727
$236,552
$62,203
$50,065
$62,508
$103,584
$93,816
$73,201
$76,726
$77,426
$77,426
$53,625
$49,588
$43,467
$25,697
$25,697
$42,800
$40,064
$49,878
$44,227
$44,227
$48,068
$48,264
$44,258
$35,279
$35,279
$31,234
$36,917
$228,265
$45,021
$45,021
$40,229
$36,883
$36,364
$183,023
$ 183,023
$193,231
$231,159
$ 424,390
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842, which resulted in a change in classification of our Waltham, Massachusetts build-to-suit lease from a finance lease to an operating lease. For the periods from Q2 FY2016 through Q4 FY2019, we presented approximately $1 million of quarterly payments related this lease within financing activities. Due to the change in lease classification during Q1 FY2020, the impact of these payments is now presented within operating activities. We did not recast the prior periods to reflect this change in classification.
Segment Revenue
Segment Revenue1 In $ thousands except where noted
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
REVENUE:
Vista2
$ 294,062
$ 391,401
$ 330,848
$ 329,810
$ 1,346,121
$ 326,286
$ 439,332
$ 366,627
$ 366,896
$ 1,499,141
$ 345,320
$ 443,940
$ 358,660
$ 360,402
$ 1,508,322
$ 343,171
$ 433,305
$ 316,310
$ 244,505
$ 1,337,291
$ 329,291
$ 431,076
$ 321,965
$ 345,923
$ 1,428,255
$ 349,480
$ 448,114
$ 797,594
as % of revenue
66 %
68 %
60 %
58 %
63 %
58 %
58 %
58 %
58 %
58 %
59 %
54 %
54 %
53 %
55 %
54 %
53 %
53 %
57 %
54 %
56 %
56 %
57 %
55 %
56 %
53 %
53 %
53 %
PrintBrothers
72,853
82,549
77,117
85,669
318,188
91,874
107,366
103,685
107,851
410,776
101,389
116,314
109,305
116,979
443,987
109,290
126,617
109,496
72,518
417,921
100,112
121,806
93,997
105,851
421,766
125,357
137,694
263,051
as % of revenue
16 %
14 %
14 %
15 %
15 %
16 %
14 %
16 %
17 %
16 %
17 %
14 %
16 %
17 %
16 %
17 %
15 %
18 %
17 %
17 %
17 %
15 %
16 %
17 %
16 %
19 %
16 %
17 %
The Print Group
59,104
69,839
65,359
76,123
270,425
68,612
85,631
80,463
85,767
320,473
71,000
87,740
79,027
88,105
325,872
72,258
87,699
68,537
46,720
275,214
66,437
76,204
59,945
72,948
275,534
72,820
90,130
162,950
as % of revenue
13 %
12 %
12 %
13 %
13 %
12 %
11 %
13 %
14 %
12 %
12 %
11 %
12 %
13 %
12 %
11 %
11 %
11 %
11 %
11 %
11 %
10 %
10 %
11 %
11 %
11 %
11 %
11 %
National Pen
N/A
N/A
58,828
53,884
112,712
59,717
126,098
81,545
65,906
333,266
65,971
132,951
79,721
69,766
348,409
70,163
127,985
68,362
32,964
299,474
67,649
114,692
62,220
68,967
313,528
69,264
124,717
193,981
as % of revenue
N/A
N/A
11 %
10 %
5 %
11 %
17 %
13 %
10 %
13 %
11 %
16 %
12 %
10 %
13 %
11 %
16 %
11 %
8 %
12 %
12 %
15 %
11 %
11 %
12 %
11 %
15 %
13 %
All Other Businesses
18,807
34,469
19,983
20,390
93,649
18,704
7,498
6,998
7,030
40,230
7,715
48,256
38,016
42,215
136,202
42,276
49,774
39,237
42,502
173,789
43,478
55,365
44,062
49,133
192,038
47,871
57,719
105,590
as % of revenue
4 %
6 %
4 %
4 %
4 %
3 %
1 %
1 %
1 %
2 %
1 %
6 %
6 %
6 %
5 %
7 %
6 %
7 %
10 %
7 %
7 %
7 %
8 %
8 %
7 %
7 %
7 %
7 %
Inter-segment eliminations3,4
(1,113)
(1,407)
(1,550)
(1,620)
(5,690)
(1,909)
(3,871)
(3,249)
(2,316)
(11,345)
(2,414)
(3,634)
(2,915)
(2,753)
(11,716)
(3,199)
(5,047)
(3,982)
(10,103)
(22,331)
(20,467)
(18,239)
(8,827)
(7,627)
(55,160)
(7,193)
(8,658)
(15,851)
Total revenue2
$443,713
$576,851
$550,585
$564,256
$2,135,405
$563,284
$762,054
$636,069
$631,134
$2,592,541
$588,981
$825,567
$661,814
$674,714
$2,751,076
$633,959
$820,333
$597,960
$429,106
$2,481,358
$586,500
$780,904
$573,362
$635,195
$2,575,961
$657,599
$849,716
$1,507,315
3INTER-SEGMENT REVENUE:
Vista
$ 1,113
$ 1,407
$ 1,550
$ 1,620
$ 5,690
$ 1,039
$ 1,896
$ 1,736
$ 958
$ 5,629
$ 1,250
$ 2,088
$ 1,279
$ 1,233
$ 5,851
$ 1,328
$ 2,525
$ 1,607
$ 720
$ 6,180
$ 422
$ 671
$ 611
$ 634
$ 2,338
$ 702
$ 1,105
$ 1,807
PrintBrothers
-
-
-
-
-
424
596
480
569
2,068
358
353
242
273
1,226
243
329
250
112
934
171
242
166
241
820
229
521
750
The Print Group
-
-
-
-
-
-
354
228
109
691
58
439
112
187
796
432
986
920
3,656
5,994
6,059
6,861
2,409
1,975
17,304
1,665
2,534
4,199
National Pen
N/A
N/A
-
-
-
446
1,024
805
681
2,956
750
754
1,280
945
3,729
981
966
981
4,878
7,806
13,076
9,737
5,079
4,013
31,905
3,842
3,715
7,557
All Other Businesses
-
-
-
-
-
-
-
-
-
-
-
-
-
112
112
215
241
224
737
1,417
739
728
562
764
2,793
755
783
1,538
Total inter-segment revenue4
$1,113
$1,407
$1,550
$1,620
$5,690
$1,909
$3,871
$3,249
$2,316
$11,345
$2,414
$3,634
$2,915
$2,753
$11,715
$3,199
$5,047
$3,982
$10,103
$22,331
$20,467
$18,239
$8,827
$7,627
$55,160
$7,193
$8,658
$15,851
SEGMENT REVENUE BY GEOGRAPHIC REGION5:
Vista4
North America
N/A
N/A
N/A
N/A
$ 917,125
$227,010
$276,264
$249,749
$260,751
$1,013,774
$246,121
$285,304
$250,229
$259,274
$1,040,928
$247,085
$284,345
$222,294
$174,944
$928,668
$232,095
$268,736
$214,663
$239,786
$955,280
$244,449
$289,615
$534,064
Europe
N/A
N/A
N/A
N/A
340,286
76,674
132,495
92,881
84,092
386,142
76,670
130,731
86,332
80,034
373,767
74,458
121,143
74,335
55,303
325,239
77,248
126,877
73,524
72,621
350,270
71,533
117,627
189,160
Other2
N/A
N/A
N/A
N/A
83,020
21,563
28,677
22,261
21,095
93,596
21,279
25,816
20,821
19,860
87,776
20,300
25,292
18,074
13,538
77,204
19,526
34,792
33,167
32,882
120,367
32,796
39,767
72,563
Inter-segment revenue
N/A
N/A
N/A
N/A
5,690
1,039
1,896
1,736
958
5,629
1,250
2,088
1,279
1,233
5,851
1,328
2,525
1,607
720
6,180
422
671
611
634
2,338
702
1,105
1,807
Total segment revenue2
N/A
N/A
N/A
N/A
$ 1,346,121
$326,286
$439,332
$366,627
$366,896
$1,499,141
$345,320
$443,940
$358,660
$360,402
$1,508,322
$343,171
$433,305
$316,310
$244,505
$1,337,291
$329,291
$431,076
$321,965
$345,923
$1,428,255
$349,480
$448,114
$797,594
PrintBrothers4
North America
N/A
N/A
N/A
N/A
N/A
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
Europe
N/A
N/A
N/A
N/A
$ 318,188
91,450
106,770
103,205
107,283
408,708
101,031
115,960
109,062
116,706
442,760
109,047
126,288
109,246
72,406
416,987
99,941
121,564
93,831
105,610
420,946
125,128
137,173
262,301
Other
N/A
N/A
N/A
N/A
N/A
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Inter-segment revenue
N/A
N/A
N/A
N/A
N/A
424
596
480
569
2,068
358
353
242
273
1,227
243
329
250
112
934
171
242
166
241
820
229
521
750
Total segment revenue
N/A
N/A
N/A
N/A
$ 318,188
$91,874
$107,366
$103,685
$107,851
$410,776
$101,389
$116,313
$109,305
$116,979
$443,987
$109,290
$126,617
$109,496
$72,518
$417,921
$100,112
$121,806
$93,997
$105,851
$421,766
$125,357
$137,694
$263,051
The Print Group4
North America
N/A
N/A
N/A
N/A
$ 2,063
$1,016
$1,079
$45
($5)
$2,136
$-
$-
$-
$ -
$-
$-
$-
$-
$ -
$-
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
Europe
N/A
N/A
N/A
N/A
$ 268,362
67,596
84,198
80,190
85,663
317,646
70,944
87,302
78,914
87,918
325,076
71,826
86,713
67,617
43,064
269,220
60,378
69,343
57,536
70,973
258,230
71,155
87,596
158,751
Other
N/A
N/A
N/A
N/A
N/A
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Inter-segment revenue
N/A
N/A
N/A
N/A
N/A
-
354
228
109
691
58
439
112
187
796
432
986
920
3,656
5,994
6,059
6,861
2,409
1,975
17,304
1,665
2,534
4,199
Total segment revenue
N/A
N/A
N/A
N/A
$ 270,425
$68,612
$85,631
$80,463
$85,767
$320,473
$71,000
$87,740
$79,027
$88,105
$325,872
$72,258
$87,699
$68,537
$46,720
$275,214
$66,437
$76,204
$59,945
$72,948
$275,534
$72,820
$90,130
$162,950
National Pen
North America
N/A
N/A
N/A
N/A
$ 62,614
$35,001
$55,286
$40,813
$39,646
$170,746
$38,558
$57,348
$41,697
$41,822
$179,425
$41,542
$54,400
$41,093
$17,597
$154,632
$30,321
$48,678
$33,398
$42,460
$154,857
$41,038
$57,976
$99,014
Europe
N/A
N/A
N/A
N/A
$ 39,693
19,459
60,820
31,983
20,091
132,353
21,036
62,473
29,895
20,977
134,381
22,313
60,887
21,146
7,700
112,046
20,604
47,578
19,731
18,091
106,004
20,851
53,797
74,648
Other
N/A
N/A
N/A
N/A
$ 10,405
4,812
8,968
7,944
5,489
27,213
5,627
12,376
6,849
6,022
30,874
5,327
11,732
5,142
2,789
24,990
3,648
8,699
4,012
4,403
20,762
3,533
9,229
12,762
Inter-segment revenue
N/A
N/A
N/A
N/A
N/A
446
1,024
805
681
2,956
750
754
1,280
945
3,729
981
966
981
4,878
7,806
13,076
9,737
5,079
4,013
31,905
3,842
3,715
7,557
Total segment revenue
N/A
N/A
N/A
N/A
$ 112,712
$59,717
$126,098
$81,545
$65,906
$333,266
$65,971
$132,951
$79,721
$69,766
$348,409
$70,163
$127,985
$68,362
$32,964
$299,474
$67,649
$114,692
$62,220
$68,967
$313,528
$69,264
$124,717
$193,981
All Other Businesses4
North America
N/A
N/A
N/A
N/A
$ -
$1
$5
$819
$893
$1,718
$1,727
$41,911
$32,880
$35,698
$112,216
$35,406
$44,221
$35,040
$39,128
$153,795
$38,944
$49,662
$39,407
$43,385
$171,398
$41,308
$51,035
$92,343
Europe
N/A
N/A
N/A
N/A
$ 78,954
12,678
-
-
-
12,678
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other
N/A
N/A
N/A
N/A
$ 14,695
6,025
7,493
6,180
6,137
25,835
5,987
6,344
5,136
6,404
23,871
6,655
5,312
3,973
2,637
18,577
3,795
4,975
4,093
4,984
17,847
5,808
5,901
11,709
Inter-segment revenue
N/A
N/A
N/A
N/A
$ -
-
-
-
-
-
-
-
-
112
112
215
241
224
737
1,417
739
728
562
764
2,793
755
783
1,538
Total segment revenue
N/A
N/A
N/A
N/A
$ 93,649
$18,704
$7,498
$6,998
$7,030
$40,230
$7,715
$48,256
$38,016
$42,215
$136,202
$42,276
$49,774
$39,237
$42,502
$173,789
$43,478
$55,365
$44,062
$49,133
$192,038
$47,871
$57,719
$105,590
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased Vista segment revenue and consolidated revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,552 for the fiscal year ended June 30, 2021.
4 In Q4 FY2019 we began reporting the Upload and Print businesses as two separate reportable segments - PrintBrothers and The Print Group. In Q1 FY2020 we moved three businesses previously included in our All Other Businesses segment into our Vista segment. We have recast historical results back to Q1 FY2017 to reflect both of these changes, including inter-segment revenue.
5 Segment revenue by geographic region is in USD.
Note: During Q1 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. In addition, we adjusted our historical segment profitability for the allocation of certain IT costs that are allocated to each of our businesses in FY2018.
Segment EBITDA & Other
Segment EBITDA & Other1,2 In $ thousands except where noted
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
SEGMENT EBITDA (LOSS):
Vista
$34,875
$78,874
$49,441
$49,412
$212,602
$46,419
$115,635
$75,050
$72,679
$309,783
$65,540
$102,511
$88,097
$93,549
$349,697
$87,303
$138,858
$73,780
$66,393
$366,334
$90,157
$112,331
$64,333
$57,894
$324,715
$68,039
$92,689
$160,728
as % of segment revenue10
12 %
20 %
15 %
15 %
16 %
13 %
25 %
19 %
19 %
19 %
17 %
22 %
23 %
24 %
22 %
23 %
31 %
21 %
27 %
27 %
27 %
26 %
20 %
17 %
23 %
19 %
21 %
20 %
PrintBrothers
8,872
8,849
7,064
8,084
32,869
8,468
11,982
9,114
11,565
41,129
10,571
11,691
8,099
13,113
43,474
10,777
16,459
8,686
3,451
39,373
9,715
16,457
7,560
9,412
43,144
16,283
18,605
34,888
as % of segment revenue
12 %
11 %
9 %
9 %
10 %
9 %
11 %
9 %
11 %
10 %
10 %
10 %
7 %
11 %
10 %
10 %
13 %
8 %
5 %
9 %
10 %
14 %
8 %
9 %
10 %
13 %
14 %
13 %
The Print Group
9,491
12,840
11,058
17,625
51,014
12,223
16,777
15,029
19,500
63,529
11,846
16,368
15,658
20,125
63,997
13,634
18,105
10,934
8,933
51,606
12,183
12,569
6,475
11,899
43,126
14,389
16,358
30,747
as % of segment revenue
16 %
18 %
17 %
23 %
19 %
18 %
20 %
19 %
23 %
20 %
17 %
19 %
20 %
23 %
20 %
19 %
21 %
16 %
19 %
19 %
18 %
16 %
11 %
16 %
16 %
20 %
18 %
19 %
National Pen
N/A
N/A
(1,497)
2,430
933
2,706
19,367
2,136
5,229
29,438
(16,468)
26,634
113
7,020
17,299
(9,850)
28,099
(1,244)
(9,400)
7,605
(10,671)
18,728
(3,324)
6,911
11,644
(8,048)
31,599
23,551
as % of segment revenue
N/A
N/A
(3)%
5 %
1 %
5 %
15 %
3 %
8 %
9 %
(25)%
20 %
- %
10 %
5 %
(14)%
22 %
(2)%
(29)%
3 %
(16)%
16 %
(5)%
10 %
4 %
(12)%
25 %
12 %
All Other Businesses
(1,705)
5,184
(904)
(1,559)
1,016
(330)
(3,009)
(3,419)
(3,845)
(10,603)
(4,722)
(2,294)
(1,149)
1,848
(6,317)
1,717
3,668
3,187
8,902
17,474
8,609
10,657
6,515
5,926
31,707
4,891
6,264
11,155
as % of segment revenue
(9)%
15 %
(5)%
(8)%
1 %
(2)%
(40)%
(49)%
(55)%
(26)%
(61)%
(5)%
(3)%
4 %
(5)%
4 %
7 %
8 %
21 %
10 %
20 %
19 %
15 %
12 %
17 %
10 %
11 %
11 %
Total Segment EBITDA3
51,533
105,747
65,162
75,992
298,434
69,486
160,752
97,910
105,128
433,276
66,767
154,910
110,818
135,655
468,150
103,581
205,189
95,343
78,279
482,392
109,993
170,742
81,559
92,042
454,336
95,554
165,515
261,069
Central and corporate costs ex. unallocated SBC4
(24,343)
(24,035)
(23,739)
(23,779)
(95,895)
(27,708)
(27,547)
(28,616)
(28,968)
(112,839)
(30,765)
(29,811)
(31,151)
(29,340)
(121,067)
(34,152)
(35,631)
(34,646)
(29,042)
(133,471)
(29,870)
(30,490)
(32,842)
(35,578)
(128,780)
(34,141)
(34,725)
(68,866)
Unallocated SBC4
(1,457)
(5,305)
(2,011)
(4,573)
(13,346)
(2,072)
(7,486)
(8,600)
(7,040)
(25,198)
(4,068)
11,138
(150)
(3,149)
3,771
499
(2,774)
(3,698)
(954)
(6,927)
(1,150)
(494)
(1,302)
(3,672)
(6,618)
(1,131)
(1,901)
(3,032)
Exclude: share-based compensation included in segment EBITDA
7,467
10,676
6,165
8,423
32,731
6,769
11,801
12,774
11,003
42,347
8,917
(5,612)
4,504
7,594
15,403
4,750
8,325
8,908
11,269
33,252
8,283
5,243
9,545
13,963
37,034
11,006
12,505
23,511
Include: Realized gains (losses) on certain currency derivatives not included in segment EBITDA
1,888
6,839
4,591
3,156
16,474
(634)
(3,513)
(4,811)
(2,487)
(11,445)
1,607
7,446
4,836
6,400
20,289
4,838
10,408
5,001
4,286
24,533
1,217
(1,578)
(1,936)
(4,557)
(6,854)
(3,672)
674
(2,998)
Adjusted EBITDA
35,089
93,922
50,169
59,219
238,399
45,841
134,007
68,657
77,636
326,141
42,457
138,071
88,857
117,162
386,547
79,516
185,517
70,908
63,838
399,779
88,473
143,423
55,024
62,198
349,118
67,616
142,068
209,684
Depreciation and amortization
(35,541)
(36,977)
(44,522)
(42,616)
(159,656)
(42,384)
(41,299)
(43,437)
(41,885)
(169,005)
(40,718)
(44,502)
(44,055)
(43,682)
(172,957)
(42,535)
(42,356)
(41,840)
(41,212)
(167,943)
(42,290)
(43,597)
(42,809)
(44,516)
(173,212)
(44,432)
(45,314)
(89,746)
Waltham, MA lease depreciation adjustment5
1,030
1,030
1,030
1,030
4,120
1,030
1,030
1,030
1,030
4,120
1,030
1,030
1,030
1,030
4,120
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds from insurance
(650)
-
(157)
-
(807)
-
(377)
(299)
-
(676)
-
-
-
-
-
-
-
-
-
-
-
-
(122)
-
(122)
-
-
-
Earn-out related charges
(16,247)
(7,010)
(4,882)
(12,245)
(40,384)
(1,137)
(1,254)
-
-
(2,391)
-
-
-
-
-
-
-
-
54
54
-
-
-
-
-
-
-
-
Share-based compensation expense6
(11,571)
(11,277)
(6,541)
(12,982)
(42,371)
(6,809)
(12,808)
(12,774)
(16,748)
(49,139)
(8,916)
2,720
(4,504)
(7,596)
(18,296)
(4,750)
(8,325)
(8,908)
(11,269)
(33,252)
(8,283)
(5,243)
(9,545)
(13,963)
(37,034)
(11,006)
(12,505)
(23,511)
Certain impairments and other adjustments (1)
-
-
(9,556)
-
(9,556)
1
(498)
(868)
(1,528)
(2,893)
87
(65)
(786)
(9,936)
(10,700)
176
(936)
(101,976)
(1,857)
(104,593)
(783)
215
(20,563)
678
(20,453)
780
2,713
3,493
Restructuring-related charges
-
(1,100)
(24,790)
(810)
(26,700)
(854)
(11,501)
(2,331)
(550)
(15,236)
(170)
(1,026)
(7,866)
(2,992)
(12,054)
(2,190)
(1,897)
(919)
(8,537)
(13,543)
86
(2,182)
382
73
(1,641)
309
(307)
2
Interest expense for Waltham, MA lease5
1,970
1,956
1,897
1,904
7,727
1,911
1,896
1,838
1,844
7,489
1,849
1,833
1,775
1,779
7,236
-
-
-
-
-
-
-
-
-
-
-
-
-
Gain on purchase or sale of subsidiaries7
-
-
-
-
-
48,380
-
-
(435)
47,945
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Realized (gains) losses on currency derivatives not included in operating income
(1,888)
(6,839)
(4,591)
(3,156)
(16,474)
634
3,513
4,811
2,487
11,445
(1,607)
(7,446)
(4,836)
(6,400)
(20,289)
(4,838)
(10,408)
(5,001)
(4,286)
(24,533)
(1,217)
1,578
1,936
4,557
6,854
3,672
(674)
2,998
Total income from operations
($27,808)
$33,705
($41,943)
($9,656)
($45,702)
46,613
72,709
16,627
21,851
$157,800
(5,988)
90,615
29,615
49,365
$163,607
25,379
121,595
(87,736)
(3,269)
$55,969
35,986
94,194
(15,697)
9,027
123,510
16,939
85,981
102,920
Operating income margin
(6)%
6 %
(8)%
(2)%
(2)%
8 %
10 %
3 %
3 %
6 %
(1)%
11 %
4 %
7 %
6 %
4 %
15 %
(15)%
(1)%
2 %
6 %
12 %
(3)%
1 %
1 %
3 %
10 %
7 %
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding. 2 In Q4 FY2019 we began reporting the Upload and Print businesses as two separate reportable segments - PrintBrothers and The Print Group. In Q1 FY2020 we moved three businesses previously included in our All Other Businesses segment into our Vista segment. We have recast historical results back to Q1 FY2017 to reflect both of these changes, including inter-segment revenue. 5 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. 6 Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to earn-out mechanisms dependent upon continued employment. 7 Includes the impact of the gain on the sale of Albumprinter, as well as 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. 8In Q4 FY2020, we reorganized technology teams that previously existed within our Vista business and our central teams. The reorganization resulted in the transfer of employees to our central team, which is intended to better align technology tribes and accelerate the Vista re-platforming efforts. We have revised our presentation of prior periods since Q1 FY18 presented to reflect our revised segment reporting for the two changes made during fiscal 2020. 10 During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased Vista segment revenue and consolidated revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,810 for the fiscal year ended June 30, 2021.
3 SHARE-BASED COMPENSATION INCLUDED IN SEGMENT EBITDA:
Vista
$2,857
$2,609
$2,183
$1,862
$9,511
$2,114
$1,893
$1,730
$1,646
$7,383
$1,892
$1,807
$1,370
$1,083
$6,152
$836
$1,264
$1,131
$3,869
$7,100
$2,364
$1,215
$2,775
$3,811
$10,165
$4,241
$4,625
$8,866
PrintBrothers
60
59
72
62
253
84
79
92
82
337
96
102
97
88
383
84
81
74
313
552
112
59
73
80
324
64
64
128
The Print Group
165
333
126
128
752
157
155
371
(74)
609
160
168
125
116
569
87
75
71
162
395
159
33
196
(9)
379
61
60
121
National Pen
N/A
N/A
49
98
147
139
139
139
126
543
206
206
206
206
824
221
221
224
489
1,155
359
224
184
164
931
104
99
203
All Other Businesses
88
81
74
70
313
50
38
9
23
120
1
67
100
333
501
94
94
94
341
623
209
94
109
116
528
113
113
226
Central and Corporate Costs
4,297
7,594
3,661
6,203
21,755
4,225
9,497
10,433
9,200
33,355
6,562
(7,962)
2,606
5,768
6,974
3,428
6,591
7,315
6,095
23,429
5,080
3,618
6,208
9,801
24,707
6,424
7,545
13,969
Total share-based compensation included in Segment EBITDA9
$7,467
$10,676
$6,165
$8,423
$32,731
$6,769
$11,801
$12,774
$11,003
$42,347
$8,917
($5,612)
$4,504
$7,594
$15,403
$4,750
$8,325
$8,908
$11,269
$33,252
$8,283
$5,243
$9,545
$13,963
$37,034
$11,006
$12,505
$23,511
4 CENTRAL AND CORPORATE COSTS DETAIL:
Corporate costs
$11,779
$13,282
$10,125
$10,008
$45,194
$9,587
$9,381
$9,675
$10,218
$38,861
$10,858
$8,919
$9,807
$8,966
$38,550
$11,725
$12,633
$11,859
$10,362
$46,579
$9,775
$8,226
$12,267
$12,329
$42,597
$11,635
$10,844
$22,479
Central operating costs
8,076
6,928
8,493
8,813
32,310
13,249
13,266
13,788
13,673
53,976
14,599
15,233
15,601
14,967
60,400
16,685
17,042
16,926
13,643
64,296
14,052
16,381
14,101
15,864
60,398
15,400
16,340
31,740
MCP investment
4,488
3,825
5,121
4,958
18,392
4,872
4,900
5,153
5,078
20,003
5,309
5,657
5,743
5,407
22,116
5,742
5,956
5,860
5,037
22,595
6,043
5,883
6,475
7,385
25,786
7,106
7,543
14,649
Unallocated SBC
1,457
5,305
2,011
4,573
13,346
2,072
7,486
8,600
7,040
25,198
4,068
(11,138)
150
3,149
(3,771)
(499)
2,774
3,698
954
6,927
1,150
494
1,302
3,672
6,618
1,131
1,901
3,032
Total central and corporate costs
$25,800
$29,340
$25,750
$28,352
$109,242
$29,780
$35,033
$37,216
$36,009
$138,038
$34,834
$18,671
$31,301
$32,489
$117,295
$33,653
$38,405
$38,344
$29,996
$140,398
$31,020
$30,984
$34,145
$39,250
$135,399
$35,272
$36,628
$71,900
DEPRECIATION AND AMORTIZATION8:
Vista
$15,855
$17,217
$19,164
$17,479
$69,715
$18,232
$17,126
$17,704
$17,436
$70,498
$17,024
$16,977
$16,885
$16,431
$67,317
$15,640
$15,042
$14,609
$13,738
$59,029
$13,587
$14,952
$14,881
$15,093
$58,513
$16,403
$17,563
$33,966
as % of segment revenue
5 %
4 %
6 %
5 %
5 %
6 %
4 %
5 %
5 %
5 %
5 %
4 %
5 %
5 %
5 %
5 %
3 %
5 %
6 %
5 %
4 %
3 %
5 %
4 %
4 %
5 %
4 %
4 %
PrintBrothers
5,688
5,451
5,505
5,515
22,159
6,014
6,230
6,675
6,086
25,005
6,413
5,663
5,364
4,668
22,108
5,255
5,553
5,064
5,138
21,010
5,462
5,509
5,493
5,625
22,089
5,234
5,106
10,340
as % of segment revenue
8 %
7 %
7 %
6 %
7 %
7 %
6 %
6 %
6 %
6 %
6 %
5 %
5 %
4 %
5 %
5 %
4 %
5 %
7 %
6 %
5 %
5 %
6 %
5 %
5 %
4 %
4 %
4 %
The Print Group
8,777
8,116
8,646
8,375
33,914
8,706
8,775
9,026
8,087
34,594
7,731
7,687
7,338
6,681
29,437
6,233
6,609
6,083
5,844
24,769
6,581
6,641
6,630
7,214
27,066
6,584
6,612
13,196
as % of segment revenue
15 %
12 %
13 %
11 %
13 %
13 %
10 %
11 %
9 %
11 %
11 %
9 %
9 %
8 %
9 %
9 %
8 %
9 %
13 %
11 %
10 %
9 %
11 %
10 %
10 %
9 %
7 %
8 %
National Pen
N/A
N/A
5,277
4,991
10,268
5,095
5,275
5,372
5,804
21,546
5,124
5,319
5,371
5,828
21,642
5,581
5,523
6,294
6,256
23,654
6,067
6,255
6,304
6,497
25,123
5,908
6,220
12,128
as % of segment revenue
N/A
N/A
9 %
9 %
9 %
9 %
4 %
7 %
9 %
6 %
8 %
4 %
7 %
8 %
6 %
8 %
4 %
9 %
19 %
9 %
9 %
5 %
10 %
9 %
9 %
9 %
5 %
6 %
All Other Businesses
2,520
2,641
1,419
2,702
9,282
807
649
1,137
1,336
3,929
583
5,259
5,905
5,321
17,068
5,973
5,888
6,049
5,845
23,755
5,868
4,391
4,524
5,028
19,811
5,042
4,381
9,423
as % of segment revenue
13 %
8 %
7 %
13 %
10 %
4 %
9 %
16 %
19 %
10 %
8 %
11 %
16 %
13 %
13 %
14 %
12 %
15 %
14 %
18 %
13 %
8 %
10 %
10 %
10 %
11 %
8 %
9 %
Central and Corporate Costs
2,565
3,552
3,392
3,578
13,087
3,530
3,244
3,523
3,136
13,433
3,843
3,597
3,471
5,288
16,199
3,853
3,741
3,741
4,391
15,726
4,725
5,849
4,977
5,059
20,610
5,261
5,432
10,693
as % of segment revenue
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total depreciation and amortization
$35,405
$36,977
$43,403
$42,640
$158,425
$42,384
$41,299
$43,437
$41,885
$169,005
$40,718
$44,502
$44,334
$44,217
$173,771
$42,535
$42,356
$41,840
$41,212
$167,943
$42,290
$43,597
$42,809
$44,516
$173,212
$44,432
$45,314
$89,746
8 ACQUISITION-RELATED AMORTIZATION AND DEPRECIATION INCLUDED IN TOTAL DEPRECIATION AND AMORTIZATION ABOVE:
Vista
$152
$148
$148
$151
$599
$154
$150
$157
$151
$612
$151
$149
$-
$-
$300
$-
$-
$-
$-
$-
$-
$1,499
$1,499
$1,499
$4,497
$1,499
$2,760
$4,259
PrintBrothers
4,421
4,278
4,222
4,100
17,021
4,381
4,415
4,596
4,358
17,750
4,224
4,147
3,639
3,346
15,356
3,317
3,334
3,315
3,309
13,275
3,496
3,567
3,608
3,464
14,135
3,368
3,267
6,635
The Print Group
5,066
5,031
5,033
4,287
19,417
4,558
4,471
4,669
3,733
17,431
3,431
3,342
3,172
2,461
12,406
2,491
2,610
2,147
2,389
9,637
2,531
2,536
2,548
2,592
10,207
2,517
2,443
4,960
National Pen
N/A
N/A
3,549
3,562
7,111
3,574
3,554
3,587
3,555
14,270
3,556
3,547
3,546
3,547
14,196
3,556
3,552
3,565
3,574
14,247
3,612
3,619
3,619
3,612
14,462
3,606
3,602
7,208
All Other Businesses
574
562
556
562
2,254
20
22
22
22
86
7
3,729
3,733
3,800
11,269
3,720
3,719
3,719
3,719
14,877
3,719
2,232
2,232
2,387
10,570
2,468
1,810
4,278
Total acquisition-related amortization and depreciation included in total depreciation and amortization above
$10,213
$10,019
$13,508
$12,662
$46,402
$12,687
$12,612
$13,031
$11,819
$50,149
$11,369
$14,914
$14,090
$13,154
$53,527
$13,084
$13,215
$12,746
$12,991
$52,036
$13,358
$13,453
$13,506
$13,554
$53,871
$13,458
$13,882
$27,340
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT:
Vista
$11,599
$8,707
$12,366
$7,872
$40,544
$ 13,946
$ 10,932
$ 4,944
$ 6,176
$ 35,998
$ 12,056
$ 9,378
$ 4,718
$ 6,668
$ 32,820
$ 4,505
$ 6,192
$ 134
$ 5,155
$ 15,986
$ 1,934
$ 2,515
$ 2,411
$ 5,472
$ 12,332
$ 2,478
$ 7,881
$ 10,359
as % of segment revenue10
4 %
2 %
4 %
2 %
3 %
4 %
2 %
1 %
2 %
2 %
3 %
2 %
1 %
2 %
2 %
1 %
1 %
- %
2 %
1 %
1 %
1 %
1 %
2 %
1 %
1 %
2 %
1 %
PrintBrothers
542
847
411
1,512
3,312
1,149
2,870
1,411
1,039
6,469
1,729
647
395
750
3,521
331
668
2,397
919
4,315
925
213
286
2,185
3,609
1,512
1,204
2,716
as % of segment revenue
1 %
1 %
1 %
2 %
1 %
1 %
3 %
1 %
1 %
2 %
2 %
2 %
1 %
1 %
1 %
- %
1 %
2 %
1 %
1 %
1 %
- %
- %
2 %
2 %
1 %
1 %
1 %
The Print Group
4,258
2,337
2,483
2,485
11,563
2,108
2,863
868
3,904
9,743
1,996
2,787
557
2,568
7,908
4,105
4,889
4,949
3,193
17,136
2,887
3,043
980
4,937
11,847
1,428
5,249
6,677
as % of segment revenue
7 %
3 %
4 %
3 %
4 %
3 %
3 %
1 %
5 %
- %
3 %
3 %
1 %
3 %
2 %
6 %
6 %
7 %
7 %
7 %
4 %
4 %
2 %
7 %
7 %
2 %
6 %
4 %
National Pen
N/A
N/A
1,013
2,701
3,714
2,490
1,219
1,183
1,673
6,565
4,727
2,308
745
566
8,346
2,016
761
728
1,511
5,016
1,452
1,372
679
100
3,603
1,188
1,023
2,211
as % of segment revenue
N/A
N/A
2 %
5 %
3 %
4 %
1 %
1 %
3 %
2 %
7 %
2 %
1 %
1 %
2 %
3 %
1 %
1 %
5 %
2 %
2 %
1 %
1 %
- %
- %
2 %
1 %
1 %
All Other Businesses
2,249
3,502
3,814
1,060
10,625
389
211
151
196
947
285
2,362
12,138
2,211
16,996
1,775
595
1,523
349
4,242
954
1,014
744
2,754
5,466
1,515
2,157
3,672
as % of segment revenue
12 %
10 %
19 %
5 %
10 %
2 %
3 %
2 %
3 %
2 %
4 %
5 %
32 %
5 %
8 %
4 %
1 %
4 %
1 %
3 %
2 %
2 %
2 %
6 %
6 %
3 %
4 %
3 %
Central and Corporate Costs
671
1,548
569
1,608
4,396
375
122
210
467
1,174
233
259
614
(134)
972
1,461
796
813
702
3,772
231
250
846
340
1,667
503
401
904
as % of segment revenue
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total purchases of property, plant and equipment
$19,319
$16,941
$20,656
$17,238
$74,154
$20,457
$18,217
$8,767
$13,455
$60,896
$21,026
$17,741
$19,167
$12,629
$70,563
$14,193
$13,901
$10,544
$11,829
$50,467
$8,383
$8,407
$5,946
$15,788
$38,524
$8,624
$17,915
$26,539
CAPITALIZATION OF SOFTWARE AND WEBSITE DEVELOPMENT COSTS:
Vista
$4,216
$5,985
$7,313
$6,917
$24,431
$ 5,504
$ 5,036
$ 6,763
$ 6,154
$23,457
$ 6,264
$ 5,214
$ 6,084
$ 5,807
$23,369
$ 5,422
$ 4,357
$ 5,895
$ 2,707
$ 18,381
$ 6,987
$ 4,429
$ 10,414
$ 6,467
$ 28,297
$ 7,572
$ 8,618
$ 16,190
as % of segment revenue
1 %
2 %
2 %
2 %
2 %
2 %
1 %
2 %
2 %
2 %
2 %
1 %
2 %
2 %
2 %
2 %
1 %
2 %
1 %
2 %
2 %
1 %
3 %
2 %
2 %
2 %
2 %
2 %
PrintBrothers
263
370
387
1,638
2,658
393
435
532
476
1,836
287
517
437
546
1,787
331
291
90
278
990
406
185
379
495
1,465
232
236
468
as % of segment revenue
- %
- %
1 %
2 %
- %
- %
- %
1 %
- %
- %
- %
1 %
1 %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
The Print Group
181
299
127
908
1,515
381
581
617
595
2,174
495
703
525
604
2,327
451
424
374
235
1,484
230
433
398
542
1,603
426
519
945
as % of segment revenue
- %
- %
- %
1 %
- %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
- %
1 %
1 %
1 %
- %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
National Pen
N/A
N/A
-
-
-
-
367
302
813
1,482
900
576
1,035
1,113
3,624
836
979
775
700
3,290
714
355
604
1,442
3,115
678
1,053
1,731
as % of segment revenue
N/A
N/A
- %
- %
- %
- %
- %
- %
1 %
- %
1 %
- %
1 %
2 %
1 %
1 %
1 %
1 %
2 %
1 %
1 %
- %
1 %
2 %
2 %
1 %
1 %
1 %
All Other Businesses
186
180
179
216
761
230
64
59
92
445
90
871
1,098
889
2,948
963
1,116
890
715
3,684
1,061
681
897
1,107
3,746
1,184
1,083
2,267
as % of segment revenue
1 %
1 %
1 %
1 %
3 %
1 %
1 %
1 %
1 %
3 %
1 %
2 %
3 %
2 %
2 %
2 %
2 %
2 %
2 %
3 %
2 %
1 %
2 %
2 %
2 %
2 %
2 %
2 %
Central and Corporate Costs
3,466
3,964
1,562
1,468
10,460
2,426
2,697
3,089
3,241
11,453
3,197
2,807
3,537
5,056
14,597
4,468
3,779
4,383
3,533
16,163
5,406
5,558
6,184
5,563
22,711
5,547
4,986
10,533
as % of segment revenue
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Total capitalization of software and website development costs
$8,312
$10,798
$9,568
$11,147
$39,825
$8,934
$9,180
$11,362
$11,371
$40,847
$11,233
$10,688
$12,716
$14,015
$48,652
$12,471
$10,946
$12,407
$8,168
$43,992
$14,804
$11,641
$18,876
$15,616
$60,937
$15,639
$16,495
$32,134
9 SBC included in segment EBITDA may not sum to total SBC because segment EBITDA excludes restructuring expense, and is therefore excluded from this view as well. Additionally, the accounting value of the Supplemental PSUs (SPSUs) expense or benefit, if any, are included in Central and Corporate Costs.
Operating Metrics
Operating Metrics1 In $ thousands except headcount and where noted
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
REVENUE METRICS:
U.S. revenue
N/A
N/A
N/A
N/A
$901,061
N/A
N/A
N/A
N/A
$1,078,544
N/A
N/A
N/A
N/A
$1,361,438
N/A
N/A
N/A
N/A
$1,251,531
N/A
N/A
N/A
N/A
$1,199,436
N/A
N/A
N/A
Germany revenue
N/A
N/A
N/A
N/A
$256,069
N/A
N/A
N/A
N/A
$340,881
N/A
N/A
N/A
N/A
$367,375
N/A
N/A
N/A
N/A
$351,348
N/A
N/A
N/A
N/A
$350,281
N/A
N/A
N/A
Other revenue
N/A
N/A
N/A
N/A
$978,275
N/A
N/A
N/A
N/A
$1,173,116
N/A
N/A
N/A
N/A
$1,022,263
N/A
N/A
N/A
N/A
$878,479
N/A
N/A
N/A
N/A
$1,042,796
N/A
N/A
N/A
Physical printed products and other
N/A
N/A
N/A
N/A
$2,076,564
N/A
N/A
N/A
N/A
$2,537,201
N/A
N/A
N/A
N/A
$2,700,167
N/A
N/A
N/A
N/A
$2,431,367
N/A
N/A
N/A
N/A
$2,477,158
N/A
N/A
N/A
Digital products/services
N/A
N/A
N/A
N/A
$58,841
N/A
N/A
N/A
N/A
$55,340
N/A
N/A
N/A
N/A
$50,909
N/A
N/A
N/A
N/A
$49,991
N/A
N/A
N/A
N/A
$115,355
N/A
N/A
N/A
EMPLOYEE HEADCOUNT:
Full-time employees
8,066
9,923
10,323
10,704
10,704
10,892
10,864
10,868
10,814
10,814
11,659
11,986
12,042
12,123
12,123
12,217
12,328
11,710
11,880
11,880
11,695
12,312
12,428
13,064
13,064
13,476
14,322
14,322
Temporary employees
456
1,389
586
935
935
1,948
1,953
1,205
1,212
1,212
2,251
2,208
1,411
1,391
1,391
2,092
2,184
839
1,074
1,074
1,540
2,495
1,364
1,404
1,404
2,238
2,018
2,018
Total Cimpress headcount at end of period
8,522
11,312
10,909
11,639
11,639
12,840
12,817
12,073
12,026
12,026
13,910
14,194
13,453
13,514
13,514
14,309
14,512
12,550
12,954
12,954
13,235
14,807
13,792
14,468
14,468
15,714
16,340
16,340
CONSOLIDATED ADVERTISING SPEND:
Total advertising & commissions expense ($ millions)
$78.3
$94.1
$100.4
$91.1
$363.9
$95.8
$129.2
$108.4
$99.1
$432.5
$112.0
$136.9
$98.1
$80.7
$427.7
$93.1
$96.7
$77.1
$35.6
$302.5
$68.9
$99.9
$77.3
$87.5
$333.6
$88.1
$111.2
$199.3
as % of revenue
18 %
16 %
18 %
16 %
17 %
17 %
17 %
17 %
16 %
17 %
19 %
17 %
15 %
12 %
16 %
15 %
12 %
13 %
8 %
12 %
12%
13%
13%
14%
13 %
13%
13%
13 %
Total advertising & payment processing fees ($ millions)2
$86.4
$103.6
$109.4
$99.4
$398.8
$105.0
$140.8
$118.5
$108.8
$473.1
$123.4
$147.8
$108.7
$91.5
$471.4
$103.5
$109.6
$86.9
$43.8
$343.8
$79.2
$113.8
$87.8
$99.1
$379.9
$100.1
$126.5
$226.6
VISTA ADVERTISING SPEND:
Vista advertising & commissions expense ($ millions)3
$69.8
$81.6
$75.2
$70.4
$296.9
$74.9
$90.7
$78.5
$78.3
$322.4
$74.1
$91.8
$62.0
$53.7
$281.6
$52.5
$61.0
$44.9
$18.9
$177.3
$35.2
$66.7
$44.7
$59.9
$206.5
$48.1
$73.1
$121.2
as % of Vista revenue3
24 %
21 %
23 %
21 %
22 %
23 %
21 %
21 %
21 %
22 %
22 %
21 %
17 %
15 %
19 %
15 %
14 %
14 %
8 %
13 %
11%
15%
14%
17%
14 %
14%
16%
15 %
1 Metrics are unaudited, approximate, and when added together may not equal annual results due to rounding.
2 Total advertising and payment processing fees includes the Total advertising and commissions expense above, as well as the fees associated with processing customer payments. This number is used to calculate "contribution margin" included on the income statement tab of this spreadsheet.
3 Vista advertising expense ($ and as a percent of revenue) has been recast to reflect the addition of Vista Corporate Solutions, Vista India and Vista Japan.
Note: values may not sum to total due to rounding.
Non-GAAP Reconciliations
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, BuildASign revenue from Q2 FY2019 through Q1 FY2020, 99designs revenue from Q2 FY2021 through Q1 FY2022, Despositphotos for all periods, and the revenue for a small acquisition in our All Other Businesses reportable segment for all periods. •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-Month Return 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. Non-GAAP measures are unaudited.
Constant-Currency Revenue Growt
Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
REVENUE GROWTH RECONCILATION BY REPORTABLE SEGMENT:
Vista1
Revenue
$294,062
$391,401
$330,848
$329,810
$1,346,121
$326,286
$439,332
$366,627
$366,896
$1,499,141
$345,320
$443,940
$358,660
$360,402
$1,508,322
$343,171
$433,305
$316,310
$244,505
$1,337,291
$329,291
$431,076
$321,965
$345,923
$1,428,255
$349,480
$448,114
$797,594
% Change1
N/A
N/A
N/A
N/A
N/A
11 %
12 %
11 %
11 %
11 %
6 %
1 %
(2)%
(2)%
1 %
(1)%
(2)%
(12)%
(32)%
(11)%
(4)%
(1)%
2 %
42 %
7 %
6 %
4 %
5 %
Currency Impact: (Favorable)/Unfavorable1
N/A
N/A
N/A
N/A
N/A
(1)%
(3)%
(4)%
(2)%
(2)%
1 %
2 %
3 %
2 %
2 %
2 %
- %
1 %
1 %
1 %
(1)%
(3)%
(3)%
(5)%
(3)%
(1)%
1 %
- %
Constant-Currency Revenue Growth1
N/A
N/A
N/A
N/A
N/A
10 %
9 %
7 %
9 %
9 %
7 %
3 %
1 %
- %
3 %
1 %
(2)%
(11)%
(31)%
(10)%
(5)%
(4)%
(1)%
37 %
4 %
5 %
5 %
5 %
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable1
1 During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased Vista segment revenue and consolidated revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,810 for the fiscal year ended June 30, 2021. 2 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. 3 During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased revenue and cost of revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,810 for the fiscal year ended June 30, 2021.
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.
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
Q1 16
Q2 16
Q3 16
Q4 16
FY 2016
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
(Sep 15)
(Dec 15)
(Mar 16)
(Jun 16)
Total
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
GAAP operating income (loss)
$18,865
$27,205
$41,160
$61,582
$76,848
$93,080
$55,174
$46,124
$85,914
$96,324
$12,085
$67,609
($17,531)
$16,030
$78,193
($27,808)
$33,705
($41,943)
($9,656)
($45,702)
$46,613
$72,709
$16,627
$21,851
$157,800
($5,988)
$90,615
$29,615
$49,365
$163,607
$25,379
$121,595
($87,736)
($3,269)
$55,969
$35,986
$94,194
($15,697)
$9,027
$123,510
$16,939
$85,981
$102,920
Depreciation and amortization2
7,786
14,874
25,193
35,713
44,367
50,627
59,427
64,325
72,282
97,487
30,226
31,805
34,561
35,527
132,119
35,541
36,977
44,522
42,616
159,656
42,384
41,299
43,437
41,885
169,005
40,718
44,502
44,055
43,682
172,957
42,535
42,356
41,840
41,212
167,943
42,290
43,597
42,809
44,516
173,212
44,432
45,314
89,746
Waltham, MA lease depreciation adjustment
-
-
-
-
-
-
-
-
-
-
(328)
(1,045)
(1,030)
(1,030)
(3,433)
(1,030)
(1,030)
(1,030)
(1,030)
(4,120)
(1,030)
(1,030)
(1,030)
(1,030)
(4,120)
(1,030)
(1,030)
(1,030)
(1,030)
(4,120)
-
-
-
-
-
-
-
-
-
-
-
-
-
Share-based compensation expense3
4,850
8,765
14,747
19,473
22,380
21,677
25,413
32,928
27,786
24,075
6,190
6,066
5,897
5,619
23,772
11,571
11,277
6,541
12,982
42,371
6,809
12,808
12,774
16,748
49,139
8,916
(2,720)
4,504
7,596
18,296
4,750
8,325
8,908
11,269
33,252
8,283
5,243
9,545
13,963
37,034
11,006
12,505
23,511
Proceeds from insurance
-
-
-
-
-
-
-
-
-
-
1,584
1,553
-
824
3,961
650
-
157
-
807
-
377
299
-
676
-
-
-
-
-
-
-
-
-
-
-
-
122
-
122
-
-
-
Interest expense associated with Waltham, MA lease
-
-
-
-
-
-
-
-
-
-
(350)
(2,001)
(1,975)
(1,961)
(6,287)
(1,970)
(1,956)
(1,897)
(1,904)
(7,727)
(1,911)
(1,896)
(1,838)
(1,844)
(7,489)
(1,849)
(1,833)
(1,775)
(1,779)
(7,236)
-
-
-
-
-
-
-
-
-
-
-
-
-
Earn-out related charges
-
-
-
-
-
-
-
-
2,192
15,276
289
3,413
883
1,793
6,378
16,247
7,010
4,882
12,245
40,384
1,137
1,254
-
-
2,391
-
-
-
-
-
-
-
-
(54)
(54)
-
-
-
-
-
-
-
-
Certain impairments and other adjustments
-
-
-
-
920
-
-
-
-
-
-
3,022
37,582
1,216
41,820
-
-
9,556
-
9,556
(1)
498
868
1,528
2,893
(87)
65
786
9,936
10,700
(176)
936
101,976
1,857
104,593
783
(215)
20,563
(678)
20,453
(780)
(2,713)
(3,493)
Gain on purchase or sale of subsidiaries
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(48,380)
-
-
435
(47,945)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Restructuring related charges
-
-
-
-
-
-
-
-
-
2,528
271
110
-
-
381
-
1,100
24,790
810
26,700
854
11,501
2,331
550
15,236
170
1,026
7,866
2,992
12,054
2,190
1,897
919
8,537
13,543
(86)
2,182
(382)
(73)
1,641
(309)
307
(2)
Realized gains (losses) on currency derivatives not included in operating income
-
-
-
-
-
-
-
29
(7,048)
7,450
316
3,319
1,391
837
5,863
1,888
6,839
4,591
3,156
16,474
(634)
(3,513)
(4,811)
(2,487)
(11,445)
1,607
7,446
4,836
6,400
20,289
4,838
10,408
5,001
4,286
24,533
1,217
(1,578)
(1,936)
(4,557)
(6,854)
(3,672)
674
(2,998)
Adjusted EBITDA1,4
$31,501
$50,844
$81,100
$116,768
$144,515
$165,384
$140,014
$143,406
$181,126
$243,140
$50,283
$113,851
$59,778
$58,855
$282,767
$35,089
$93,922
$50,169
$59,219
$238,399
$45,841
$134,007
$68,657
$77,636
$326,141
$42,457
$138,071
$88,857
$117,162
$386,547
$79,516
$185,517
$70,908
$63,838
$399,779
$88,473
$143,423
$55,024
$62,198
$349,118
$67,616
$142,068
$209,684
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 SBC expense in this reconciliation excludes any portion already included in restructuring-related charges to avoid double counting.
4 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.
Consolidation Net Leverage Ratio*
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.25
1.81
2.18
2.11
2.11
2.34
3.34
3.49
3.37
3.37
3.28
2.51
2.71
2.71
2.71
2.74
3.17
3.13
2.71
2.71
2.95
2.96
2.92
3.52
3.52
3.31
3.33
3.77
3.72
3.72
3.87
3.85
3.85
Note: values may not sum to total due to rounding.
*Consolidated Leverage Ratio as calculated per our amended credit agreement definitions
Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow 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
Q1 17
Q2 17
Q3 17
Q4 17
FY 2017
Q1 18
Q2 18
Q3 18
Q4 18
FY 2018
Q1 19
Q2 19
Q3 19
Q4 19
FY 2019
Q1 20
Q2 20
Q3 20
Q4 20
FY 2020
Q1 21
Q2 21
Q3 21
Q4 21
FY 2021
Q1 22
Q2 22
FY 2022
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
Total
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
Total
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
Total
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
Total
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
Total
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
Total
(Sep 21)
(Dec 21)
YTD
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
$9,600
$105,059
$8,985
$33,092
$156,736
$16,379
$160,363
($32,109)
$47,699
$192,332
$22,220
$183,270
$16,980
$108,625
$331,095
$62,905
$202,192
$18,964
$54,383
$338,444
$105,681
$150,487
($37,220)
$46,273
$265,221
$36,567
$143,344
$179,911
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)
(19,319)
(16,941)
(20,656)
(17,241)
(74,157)
(20,457)
(18,217)
(8,767)
(13,489)
(60,930)
(21,026)
(17,741)
(19,167)
(12,629)
(70,563)
(14,193)
(13,901)
(10,544)
(11,829)
(50,467)
(8,383)
(8,407)
(5,946)
(15,788)
(38,524)
(8,624)
(17,915)
(26,539)
Purchases of intangible assets not related to acquisition
-
-
(1,250)
-
-
(205)
(239)
(750)
(253)
(250)
(476)
(26)
(62)
(22)
(87)
(197)
(24)
(254)
(30)
-
(308)
(22)
-
-
(42)
(64)
-
-
-
-
-
-
-
-
-
-
-
-
-
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)
(8,312)
(10,798)
(9,568)
(8,629)
(37,307)
(8,934)
(9,180)
(11,362)
(11,371)
(40,847)
(11,233)
(10,688)
(12,716)
(14,015)
(48,652)
(12,471)
(10,946)
(12,407)
(8,168)
(43,992)
(14,804)
(11,641)
(18,876)
(15,616)
(60,937)
(15,639)
(16,495)
(32,134)
Payment of contingent earn-out liabilities
-
-
-
-
-
-
-
-
-
8,055
8,613
-
-
-
-
-
-
-
49,241
-
49,241
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds from insurance related to investing activities
-
-
-
-
-
-
-
-
-
-
3,624
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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
($18,057)
$77,258
($21,261)
$7,135
$45,075
($13,036)
$132,712
($3,027)
$22,839
$139,488
($10,061)
$154,841
($14,903)
$81,939
$211,816
$36,241
$177,345
($3,987)
$34,386
$243,985
$82,494
$130,439
($62,042)
$14,869
$165,760
$12,304
$108,934
$121,238
Reference:
Value of capital leases
$-
$-
$-
$-
$-
$-
$-
$-
$-
$13,192
$7,535
$2,077
$2,835
$7,187
$2,323
$14,422
$-
$112
$419
$-
$531
$3,565
$3,660
$4,395
$251
$11,871
$-
$140
$1,451
$14
$1,605
$76
$74
$5,480
$1,366
$6,996
$865
$2,731
$3,596
Cash restructuring payments
-
-
-
-
-
-
-
-
-
519
2,608
-
-
7,523
7,499
15,022
4,082
6,844
4,180
2,236
17,342
1,231
425
3,120
1,256
6,032
2,262
494
2,314
4,017
9,087
2,515
1,446
144
2,515
6,620
-
244
244
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
$5,362
$14,793
$7,275
$17,845
$45,275
$8,430
$17,433
$7,991
$22,760
$56,614
$7,549
$22,256
$10,082
$24,053
$63,940
$9,384
$23,929
$9,450
$30,143
$72,906
$9,078
$49,221
$8,015
$50,663
$116,977
$14,358
$35,329
$49,687
Interest expense for Waltham, Massachusetts Lease
-
-
-
-
-
-
-
-
-
-
(6,287)
(1,970)
(1,956)
(1,897)
(1,904)
(7,727)
(1,911)
(1,896)
(1,838)
(1,844)
(7,489)
(1,849)
(1,833)
(1,775)
(1,779)
(7,236)
-
-
-
-
-
-
-
-
-
-
-
-
-
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
$3,392
$12,837
$5,378
$15,941
$37,548
$6,519
$15,537
$6,153
$20,916
$49,125
$5,700
$20,423
$8,307
$22,274
$56,704
$9,384
$23,929
$9,450
$30,143
$72,906
$9,078
$49,221
$8,015
$50,663
$116,977
$14,358
$35,329
$49,687
Capital expenditures as a percent of total revenue
16.4 %
24.6 %
15.7 %
14.8 %
15.1 %
4.6 %
4.5 %
6.8 %
5.7 %
4.9 %
4.5 %
4.4 %
2.9 %
3.8 %
3.1 %
3.5 %
3.6 %
2.4 %
1.4 %
2.1 %
2.4 %
3.6 %
2.1 %
2.9 %
1.9 %
2.6 %
2.2 %
1.7 %
1.8 %
2.8 %
2.0 %
1.4 %
1.1 %
1%
3%
1.5 %
1%
2%
1.8 %
Capital expenditures plus capital leases as a percent of total revenue
16.4 %
24.6 %
15.7 %
14.8 %
15.1 %
4.6 %
4.5 %
6.8 %
5.7 %
6.0 %
4.9 %
4.8 %
3.4 %
5.1 %
3.5 %
4.1 %
3.6 %
2.4 %
1.4 %
2.1 %
2.4 %
4.2 %
2.6 %
3.6 %
1.9 %
3.0 %
2.2 %
1.7 %
2.0 %
2.8 %
2.3 %
1.4 %
1.1 %
2%
3%
1.8 %
1%
2%
2.0 %
Note: values may not sum to total due to rounding.
Trailing-Twelve Month ROIC
Reconciliation of Trailing-Twelve Month (TTM) Return on Invested Capital In $ thousands except where noted
Q1 16
Q2 16
Q3 16
Q4 16
Q1 17
Q2 17
Q3 17
Q4 17
Q1 18
Q2 18
Q3 18
Q4 18
Q1 19
Q2 19
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
Q4 20
Q1 21
Q2 21
Q3 21
Q4 21
Q1 22
Q2 22
(Sep 15)
(Dec 15)
(Mar 16)
(Jun 16)
(Sep 16)
(Dec 16)
(Mar 17)
(Jun 17)
(Sep 17)
(Dec 17)
(Mar 18)
(Jun 18)
(Sep 18)
(Dec 18)
(Mar 19)
(Jun 19)
(Sep 19)
(Dec 19)
(Mar 20)
(Jun 20)
(Sep 20)
(Dec 20)
(Mar 21)
(Jun 21)
(Sep 21)
(Dec 21)
QUARTERLY DATA
Short-term debt
$18,001
$19,331
$19,842
$21,717
$28,221
$46,115
$31,216
$28,926
$19,941
$35,569
$26,214
$59,259
$39,806
$46,549
$64,516
$81,277
$63,136
$73,755
$24,364
$17,933
$22,666
$12,603
$9,012
$9,895
$11,373
$11,217
Long-term debt
637,316
528,395
676,805
656,794
654,300
829,998
860,237
847,730
800,860
664,961
786,401
767,585
823,836
1,001,900
1,010,599
942,290
1,164,696
1,296,535
1,647,214
1,415,657
1,331,549
1,258,535
1,332,234
1,732,511
1,718,311
1,707,052
Redeemable noncontrolling interest
65,120
64,833
64,871
65,301
64,949
41,824
42,604
45,412
83,841
85,478
87,805
86,151
91,426
53,371
52,366
63,182
65,507
68,201
69,682
69,106
71,209
65,510
64,250
71,120
79,593
84,783
Total shareholders' equity (deficit)
110,072
158,054
151,783
166,076
147,488
99,819
84,725
75,212
84,503
119,705
93,588
93,947
82,104
128,187
128,937
131,812
(75,602)
(180,524)
(404,333)
(407,476)
(414,427)
(364,931)
(404,788)
(449,371)
(450,816)
(382,804)
Excess cash¹,6
33,271
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(91,917)
-
-
-
-
(257,186)
(253,306)
(270,257)
Invested capital²,6
797,238
770,613
913,301
909,888
894,958
1,017,756
1,018,782
997,280
989,145
905,713
994,008
1,006,942
1,037,172
1,230,007
1,256,418
1,218,561
1,217,737
1,257,967
1,245,010
1,095,220
1,010,997
971,717
1,000,708
1,106,969
1,105,155
1,149,991
Average invested capital³
712,325
742,206
818,383
847,760
872,190
933,976
960,346
982,194
1,005,741
977,730
971,537
973,952
985,959
1,067,032
1,132,635
1,185,540
1,230,681
1,237,671
1,234,819
1,203,984
1,152,299
1,080,736
1,019,661
1,046,137
1,046,137
1,090,706
Adjusted EBITDA (from reconciliation on prior tab)
$50,283
$113,851
$59,778
$58,855
$35,089
$93,922
$50,169
$59,219
$45,841
$134,007
$68,657
$77,636
$42,457
$138,071
$88,857
$117,162
$79,516
$185,517
$70,908
$63,838
$88,473
$143,423
$55,024
$62,198
$67,616
$142,068
Depreciation and amortization
(30,226)
(31,805)
(34,561)
(35,527)
(35,541)
(36,977)
(44,522)
(42,616)
(42,384)
(41,299)
(43,437)
(41,885)
(40,718)
(44,502)
(44,055)
(43,682)
(42,535)
(42,356)
(41,840)
(41,212)
(42,290)
(43,597)
(42,809)
(44,516)
(44,432)
(45,314)
Waltham, MA lease depreciation adjustment
328
1,045
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
1,030
-
-
-
-
-
-
-
-
-
-
Amortization of acquired intangible assets adjustment
9,714
9,588
10,812
10,449
10,213
9,879
13,450
12,603
12,633
12,558
12,941
11,749
11,301
14,846
14,022
13,087
13,018
13,150
12,693
12,925
13,305
13,453
13,506
13,554
13,458
13,882
Share-based compensation not related to investment consideration or restructuring4
1 Excess cash is cash and equivalents greater than 5% of last twelve month revenues and if negative, is capped at zero.
2 Invested capital is debt plus redeemable noncontrolling interest plus shareholders equity, less excess cash.
3 Average invested capital represents a four quarter average of total debt, redeemable noncontrolling interests and total shareholders' equity, less excess cash.
4 Adjusted 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. Excess cash for FY2021 is cash and cash equivalents, including current and non-current marketable securities, greater than 5% of the last twelve month revenues and if negative, is capped at zero.
5 TTM adjusted ROIC (with and without SBC) is now based on adjusted NOPAT that reconciles to adjusted EBITDA instead of adjusted NOP. With this change in Q1 FY20, there are minor changes to ROIC compared to the ROIC we previously reported.
Note: values may not sum to total due to rounding.
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Cimpress plc published this content on 26 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 January 2022 21:19:30 UTC.
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