Cimpress : Q3 Fiscal Year 2024 Financial and Operating Metrics
May 01, 2024 at 04:11 pm
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About Non-GAAP Financial Measur
ABOUT NON-GAAP FINANCIAL MEASURES: To supplement Cimpress' consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cimpress has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: Constant-currency revenue growth, constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the last twelve months, constant-currency gross profit growth, adjusted EBITDA, adjusted free cash flow and cash interest, net: •Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the past twelve months excludes the impact of currency as defined above. The organic constant-currency growth rate excludes 99designs revenue from Q2 FY2021 through Q1 FY2022, Depositphotos/VistaCreate revenue from Q2 FY2022 through Q1 FY2023, and the revenue from several small acquired businesses for the first year after acquisition. •Constant-currency gross profit growth is estimated by translating all non-U.S. dollar denominated revenue and cost of revenue generated or incurred in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Adjusted EBITDA is defined as GAAP operating income plus depreciation and amortization plus share-based compensation expense plus proceeds from insurance not already included in operating income plus earn-out related charges plus certain impairments plus restructuring related charges plus realized gains or losses on currency derivatives less the gain or loss on purchase or sale of subsidiaries as well as the disposal of assets. •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, gains on proceeds from insurance, and proceeds from the sale of assets. •Cash interest, net is cash paid for interest, less cash received for interest. These non-GAAP financial measures are provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons they are used by management. For example, for acquisitions we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP operating income. As another example, as we do not apply hedge accounting for certain derivative contracts, we believe inclusion of realized gains and losses on these contracts that are intended to be matched against operational currency fluctuations provides further insight into our operating performance in addition to that provided by our GAAP operating income. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Non-GAAP Financial Measures" included at the end of this document. The tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures. Non-GAAP measures are unaudited.
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
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
$657,412
$722,828
$2,887,555
$703,415
$845,202
$742,164
$788,846
$3,079,627
$757,294
$921,363
$780,588
$2,459,245
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
347,452
382,348
1,492,726
377,735
455,393
394,908
412,589
1,640,625
398,783
463,423
404,668
1,266,874
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
309,960
340,480
1,394,829
325,680
389,809
347,256
376,257
1,439,002
358,511
457,940
375,920
1,192,371
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
75,291
80,010
292,845
74,475
77,723
78,287
71,772
302,257
74,330
79,961
83,790
238,081
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
194,618
211,310
789,241
200,930
205,148
187,234
180,658
773,970
192,188
211,843
191,591
595,622
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
50,888
53,183
197,345
54,072
49,791
52,578
52,805
209,246
48,341
48,793
54,254
151,388
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
14,180
12,977
54,497
12,350
12,362
11,239
10,903
46,854
9,886
9,181
6,919
25,986
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
3,420
10,185
13,603
1,820
11,207
30,115
615
43,757
(334)
483
128
277
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
-
-
-
-
-
-
-
-
-
-
-
-
-
5,609
5,609
-
-
-
-
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
686,710
589,059
626,168
2,452,451
640,660
763,735
685,849
750,013
2,840,257
721,382
811,624
754,361
734,951
3,022,318
723,194
813,684
741,350
2,278,228
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
(28,437)
(27,185)
47,298
(17,967)
33,578
(12,197)
53,895
57,309
34,100
107,679
39,238
181,017
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
12,321
23,133
61,463
27,397
(17,392)
1,377
7,116
18,498
6,419
(391)
(3,651)
2,377
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)
(24,247)
(24,126)
(99,430)
(24,806)
(28,597)
(30,515)
(28,875)
(112,793)
(29,200)
(30,588)
(30,158)
(89,946)
Gain on early extinguishment of debt
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(17,359)
(17,359)
-
-
-
-
-
-
-
-
-
-
-
-
-
(48,343)
(48,343)
-
-
-
-
-
-
-
-
6,764
6,764
1,372
349
-
1,721
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
(40,363)
(28,178)
9,331
(15,376)
(12,411)
(41,335)
38,900
(30,222)
12,691
77,049
5,429
95,169
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
29,529
3,693
59,901
9,365
126,129
8,475
11,524
155,493
8,122
16,795
10,610
35,527
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
(69,892)
(31,871)
(50,570)
(24,741)
(138,540)
(49,810)
27,376
(185,715)
4,569
60,254
(5,181)
59,642
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)
(1,925)
1,266
(3,761)
(700)
(1,460)
484
1,413
(263)
(15)
(2,149)
1,203
(961)
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
($71,817)
($30,605)
($54,331)
($25,441)
($140,000)
($49,326)
$28,789
($185,978)
$4,554
$58,105
($3,978)
$58,681
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
($2.75)
($1.17)
($2.08)
($0.97)
($5.34)
($1.88)
$1.08
($7.08)
$0.17
$2.14
($0.15)
$2.16
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
26,102,610
26,108,034
26,094,842
26,178,818
26,234,747
26,268,301
26,617,054
26,252,860
27,079,455
27,179,073
26,216,216
27,143,619
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 %
47.1 %
47.1 %
48.3 %
46.3 %
46.1 %
46.8 %
47.7 %
46.7 %
47.3 %
49.7 %
48.2 %
48.5 %
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 %
30.6 %
29.7 %
32.3 %
29.0 %
30.6 %
31.8 %
33.8 %
31.4 %
31.2 %
34.6 %
33.3 %
33.1 %
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 %
(4.3)%
(3.8)%
1.6 %
(2.6)%
4.0 %
(1.6)%
6.8 %
1.9 %
4.5 %
11.7 %
5.0 %
7.4 %
Net income (loss) attributable to Cimpress plc as a percent of revenue
0.7 %
(23.1)%
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 %
(10.9)%
(4.2)%
(1.9)%
(3.6)%
(16.6)%
(6.6)%
3.6 %
(6.0)%
0.6 %
6.3 %
(0.5)%
2.4 %
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
$137
$158
$538
$193
$176
$42
$63
$474
$167
$229
$245
$641
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
3,397
3,927
13,582
3,041
4,267
2,500
3,194
13,002
4,209
5,700
5,692
15,601
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
2,961
2,946
11,382
2,459
1,752
(323)
1,805
5,693
2,218
3,089
3,318
8,625
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
6,209
6,520
24,264
4,782
5,352
5,023
5,356
20,513
5,859
8,631
9,142
23,632
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
-
-
-
-
-
-
-
-
-
-
156
493
1,492
299
2,440
-
-
-
-
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
$12,704
$13,551
$49,766
$10,631
$12,040
$8,734
$10,717
$42,122
$12,453
$17,649
$18,397
$48,499
TTM Variable and Fixed Cost Com
Variable and Fixed Cost Commentary1 In $USD millions except percentages
As of
March 31, 2024
TTM Total Revenue
$ 3,248
TTM Expenses
% of revenue
Depreciation, Amortization and Impairment
Share-Based Compensation
Expenses excluding D&A, Impairment and SBC
% of Revenue (ex. D&A, Impairment and SBC)
Variable/Fixed Commentary
COGS
$ 1,679
51.7 %
$ 50
$ 1
$ 1,629
50.2 %
Materials, shipping, third-party fulfillers
$ 1,209
37.2 %
$ -
$ -
$ 1,209
37.2 %
These costs are variable and fluctuate based on volume.
Labor
$ 291
9.0 %
$ -
$ 1
$ 290
8.9 %
Includes direct (~80%) and indirect (~20%) labor. Direct labor is managed relative to demand so operates like a variable cost but requires an action to affect that change.
Overhead and other fixed cost
$ 179
5.5 %
$ 50
$ 129
4.0 %
While there is some fluctuation with volume, these are primarily fixed costs such as utilities, maintenance, repairs, lease costs and training.
Marketing and selling
$ 776
23.9 %
$ 8
$ 10
$ 758
23.3 %
External advertising
$ 428
13.2 %
$ -
$ -
$ 428
13.2 %
A portion of performance marketing is variable but all of these costs can be increased or decreased based on demand with three exceptions: (1) multi-year sports marketing commitments (multiple teams) that are roughly $15M annually (2) pre-committed media buying for television which is a fixed cost but not material (pre-commitment usually about 2-3 weeks; (3) certain direct mail spend where spend was already made such as production of mailings or buying of lists, both of which would be a sunk cost from a cash perspective.
Payment processing
$ 59
1.8 %
$ -
$ -
$ 59
1.8 %
These costs are variable and fluctuate based on volume.
Customer services and telesales labor
$ 99
3.1 %
$ -
$ 0
$ 99
3.0 %
The vast majority of this is managed relative to demand so operates like a variable cost but requires an action to affect that change.
Other (internal marketing and related costs, third party costs including agencies and consulting, etc.)
$ 190
5.8 %
$ 8
$ 10
$ 172
5.3 %
These are fixed costs, although they include significant discretionary spend and this was a large source of the increase in growth investment in Vista in 2022 and 2023 (this started to decrease in H2 FY2023).
Technology and development
$ 310
9.5 %
$ 58
$ 19
$ 233
7.2 %
These are fixed costs, although they include significant discretionary spend, and this was a source of the increase in growth investment in 2022 and 2023.
General and administrative
$ 204
6.3 %
$ 4
$ 29
$ 171
5.3 %
These are fixed costs, although they include significant discretionary spend.
Amortization of acquired intangibles
$ 37
1.1 %
$ 37
$ -
$ -
- %
N/A
Restructuring expense
$ 1
0.0 %
$ -
$ 0
$ 1
0.0 %
These expenses are event-driven.
Impairment of goodwill and intangible assets
$ 6
0.2 %
$ 6
$ -
$ -
- %
N/A
Total Expenses
$ 3,013
92.8 %
$ 163
$ 59
$ 2,791
85.9 %
1 This is a breakdown of our cost base with commentary to provide further visibility of variable and fixed costs. All figures are based on the trailing-twelve-month period ended March 31, 2024 as reported.
Note: values may not sum to total due to rounding.
Adjusted EBITDA (Non-GAAP)
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
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
($28,437)
($27,185)
$47,298
($17,967)
$33,578
($12,197)
$53,895
$57,309
$34,100
$107,679
$39,238
$181,017
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
43,651
42,284
175,681
40,942
40,874
39,751
40,861
162,428
39,942
39,089
37,072
116,103
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
12,704
13,551
49,766
10,475
11,547
7,242
10,418
39,682
12,453
17,649
18,397
48,499
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)
277
(6,493)
(9,709)
3,456
(925)
(549)
4,950
6,932
525
589
(328)
786
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
3,420
10,185
13,603
1,820
11,207
30,115
615
43,757
(334)
483
128
277
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
2,011
5,411
4,424
6,869
14,901
4,783
3,171
29,724
2,050
945
(349)
2,646
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
$33,626
$37,753
$281,063
$45,595
$111,182
$69,145
$113,910
$339,832
$88,736
$166,434
$94,158
$349,328
Adjusted EBITDA as percent of total revenue
21 %
20 %
20 %
23 %
22 %
20 %
14 %
12 %
14 %
16 %
13 %
23 %
14 %
12 %
16 %
8 %
16 %
9 %
10 %
11 %
8 %
18 %
11 %
12 %
13 %
7 %
17 %
13 %
17 %
14 %
13 %
23 %
12 %
15 %
16 %
15 %
18 %
10 %
10 %
14 %
10 %
17 %
5 %
5 %
10 %
6 %
13 %
9 %
14 %
11 %
12 %
18 %
12 %
14 %
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.
Note: values may not sum to total due to rounding.
Reference:
Consolidated revenue
$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
$657,412
$722,828
$2,887,555
$703,415
$845,202
$742,164
$788,846
$3,079,627
$757,294
$921,363
$780,588
$2,459,245
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY2023
Q1 24
Q2 24
Q3 24
YTD FY2024
(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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
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
$349,216
$368,099
$1,514,909
$369,369
$437,736
$396,642
$410,140
$1,613,887
$396,647
$485,151
$417,896
$1,299,694
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 %
51 %
52 %
53 %
52 %
53 %
52 %
52 %
52 %
53 %
54 %
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
119,960
143,941
526,952
132,699
148,598
139,569
157,565
578,431
152,221
165,148
150,304
467,673
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 %
18 %
20 %
18 %
19 %
18 %
19 %
20 %
19 %
20 %
18 %
19 %
19 %
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
75,361
91,279
329,590
76,823
89,336
85,504
95,286
346,949
80,539
93,268
88,049
261,856
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 %
13 %
11 %
11 %
11 %
12 %
12 %
11 %
11 %
10 %
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
72,243
75,608
341,832
81,666
120,621
81,113
82,894
366,294
87,255
130,572
89,181
307,008
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 %
11 %
10 %
12 %
12 %
14 %
11 %
11 %
12 %
12 %
14 %
11 %
12 %
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
48,486
51,786
205,862
51,827
59,998
49,037
52,593
213,455
51,800
60,283
49,103
161,186
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 %
7 %
7 %
7 %
7 %
7 %
7 %
7 %
7 %
7 %
6 %
7 %
Inter-segment eliminations*,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)
(7,854)
(7,885)
(31,590)
(8,969)
(11,087)
(9,701)
(9,632)
(39,389)
(11,168)
(13,059)
(13,945)
(38,172)
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
$657,412
$722,828
$2,887,555
$703,415
$845,202
$742,164
$788,846
$3,079,627
$757,294
$921,363
$780,588
$2,459,245
*INTER-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
$1,550
$12
$3,370
$510
$502
$270
$295
$1,577
$295
$440
$265
$1,000
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
607
371
1,728
317
509
382
505
1,713
679
770
752
2,201
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
1,476
1,600
7,275
1,832
3,045
2,408
2,652
9,937
2,737
3,242
2,517
8,496
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
3,143
4,199
14,898
4,722
5,484
5,184
4,434
19,824
5,406
5,830
7,138
18,374
All Other Businesses
-
-
-
-
-
-
-
-
-
-
-
-
-
112
112
215
241
224
737
1,417
739
728
562
764
2,793
755
783
1,078
1,703
4,319
1,588
1,547
1,457
1,746
6,338
2,051
2,777
3,273
8,101
Total inter-segment revenue4
$1,113
$1,407
$1,550
$1,620
$5,690
$1,909
$3,870
$3,249
$2,317
$11,345
$2,416
$3,634
$2,913
$2,750
$11,713
$3,199
$5,047
$3,982
$10,103
$22,331
$20,467
$18,239
$8,827
$7,627
$55,160
$7,193
$8,658
$7,854
$7,885
$31,590
$8,969
$11,087
$9,701
$9,632
$39,389
$11,168
$13,059
$13,945
$38,172
SEGMENT REVENUE BY GEOGRAPHIC REGION5:
Vista3
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
$233,998
$277,365
$224,047
$249,500
$984,910
$253,940
$296,575
$245,303
$267,572
$1,063,390
$273,658
$298,698
$284,457
$298,187
$1,155,000
$289,055
$325,693
$296,717
$911,465
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
75,344
$128,870
75,704
74,628
354,546
73,161
121,471
80,945
77,698
353,275
72,795
112,698
90,332
90,419
366,244
85,407
131,138
99,381
315,926
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
19,527
$24,170
21,603
21,161
86,461
21,677
28,963
21,418
22,816
94,874
22,406
25,838
21,583
21,239
91,066
21,890
27,880
21,533
71,303
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
1,550
12
3,370
510
502
270
295
1,577
295
440
265
1,000
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
$443,939
$358,661
$360,401
$1,508,321
$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
$349,216
$368,098
$1,514,908
$369,369
$437,736
$396,642
$410,140
$1,613,887
$396,647
$485,151
$417,896
$1,299,694
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
119,353
143,570
525,224
132,382
148,089
139,187
157,060
576,718
151,542
164,378
149,552
465,472
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
2,069
358
353
242
273
1,227
243
329
250
112
934
171
242
166
241
820
229
521
607
371
1,728
317
509
382
505
1,713
679
770
752
2,201
Total segment revenue
N/A
N/A
N/A
N/A
$318,188
$91,874
$107,366
$103,685
$107,852
$410,777
$101,389
$116,313
$109,304
$116,979
$443,985
$109,290
$126,617
$109,496
$72,518
$417,921
$100,112
$121,806
$93,997
$105,851
$421,766
$125,357
$137,694
$119,960
$143,941
$526,952
$132,699
$148,598
$139,569
$157,565
$578,431
$152,221
$165,148
$150,304
$467,673
The Print Group4
North America
N/A
N/A
N/A
N/A
$2,063
$1,016
$1,079
$45
($5)
$2,136
($0)
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
$-
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
73,885
89,679
322,315
74,991
86,291
83,096
92,634
337,012
77,802
90,026
85,532
253,360
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
1,476
1,600
7,275
1,832
3,045
2,408
2,652
9,937
2,737
3,242
2,517
8,496
Total segment revenue
N/A
N/A
N/A
N/A
$270,425
$68,612
$85,631
$80,463
$85,767
$320,473
$71,002
$87,741
$79,026
$88,105
325,874
72,258
87,699
68,537
46,720
$275,214
$66,437
$76,204
$59,945
$72,948
$275,534
$72,820
$90,130
$75,361
$91,279
$329,590
$76,823
$89,336
$85,504
$95,286
$346,949
$80,539
$93,268
$88,049
$261,856
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
$43,483
$50,558
$193,055
$49,447
$62,208
$50,938
$54,097
$216,690
$52,735
$59,229
$51,932
$163,896
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
21,876
17,297
113,821
24,945
50,799
23,811
22,452
122,007
27,737
63,482
28,928
120,147
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
3,741
3,554
20,058
2,552
2,130
1,180
1,910
7,772
1,377
2,031
1,183
4,591
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
3,143
4,199
14,898
4,722
5,484
5,184
4,434
19,824
5,406
5,830
7,138
18,374
Total segment revenue
N/A
N/A
N/A
N/A
$112,712
$59,718
$126,098
$81,545
$65,907
$333,268
$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
$72,243
$75,608
$341,832
$81,666
$120,621
$81,113
$82,893
$366,293
$87,255
$130,572
$89,181
$307,008
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
$42,047
$43,478
$177,868
$43,292
$52,200
$41,524
$44,129
$181,145
$42,214
$50,570
$39,743
$132,527
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
5,361
6,605
23,675
6,947
6,251
6,056
6,718
25,972
7,535
6,936
6,087
20,558
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
1,078
1,703
4,319
1,588
1,547
1,457
1,746
6,338
2,051
2,777
3,273
8,101
Total segment revenue
N/A
N/A
N/A
N/A
$93,649
$18,704
$7,498
$6,999
$7,030
$40,231
$7,714
$48,255
$38,016
$42,214
$136,199
$42,276
$49,774
$39,237
$42,502
$173,789
$43,478
$55,365
$44,062
$49,133
$192,038
$47,871
$57,719
$48,486
$51,786
$205,862
$51,827
$59,998
$49,037
$52,593
$213,455
$51,800
$60,283
$49,103
$161,186
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.
3 During the fourth quarter of fiscal year 2023, we identified an immaterial error in our previously disclosed revenue by geographic region for Vista for the fiscal years ended June 30, 2021 and 2022, as well as the first three quarters of fiscal year 2023. The previously disclosed figures understated the revenue in North America and Europe, with an offsetting overstatement for the Other markets. We have corrected the disclosed figures as included herein.
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.
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
(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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
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
$349,216
$368,099
$1,514,909
$369,369
$437,736
$396,642
$410,140
$1,613,887
$396,647
$485,151
$417,896
$1,299,694
% 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 %
8 %
6 %
6 %
6 %
(2)%
14 %
11 %
7 %
7 %
11 %
5 %
8 %
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 %
2 %
4 %
1 %
4 %
4 %
2 %
1 %
2 %
(1)%
(2)%
- %
(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 %
10 %
10 %
7 %
10 %
2 %
16 %
12 %
9 %
6 %
9 %
5 %
7 %
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.
Note: During the first quarter of FY2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business unit for purposes of measuring and reporting our segment financial performance. We have revised historical results to reflect the consistent application of our current accounting methodology.
Note: values may not sum to total due to rounding.
Segment 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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
(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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Dec 23)
Total
SEGMENT EBITDA (LOSS):
Vista8, 11
$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
$86,748
$137,558
$72,609
$65,674
$362,590
$89,380
$110,554
$62,726
$56,024
$318,684
$66,920
$90,766
$25,534
$12,101
$195,321
$30,737
$55,157
$60,392
$77,795
$224,081
$74,424
$103,176
$71,802
$249,402
as % of segment revenue10
12 %
20 %
15 %
15 %
16 %
14 %
26 %
20 %
20 %
21 %
19 %
23 %
25 %
26 %
23 %
25 %
32 %
23 %
27 %
27 %
27 %
26 %
19 %
16 %
23 %
19 %
20 %
7 %
3 %
13 %
8 %
13 %
15 %
19 %
14 %
19 %
21 %
17 %
19 %
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
12,392
19,494
66,774
14,991
19,509
15,886
20,480
70,866
19,826
28,341
16,809
64,976
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 %
10 %
14 %
13 %
11 %
13 %
11 %
13 %
12 %
13 %
17 %
11 %
14 %
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
11,923
15,994
58,664
12,220
13,681
13,589
20,599
60,089
13,608
18,442
18,190
50,240
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 %
16 %
18 %
18 %
16 %
15 %
16 %
22 %
17 %
17 %
20 %
21 %
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
(898)
4,192
26,845
(1,297)
24,783
(3,336)
3,564
23,714
(8,303)
25,865
4,815
22,377
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 %
(1)%
6 %
8 %
(2)%
21 %
(4)%
4 %
6 %
(10)%
20 %
5 %
7 %
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
6,044
6,028
23,227
6,178
5,406
5,036
8,595
25,215
6,458
7,983
3,966
18,407
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 %
12 %
12 %
11 %
12 %
9 %
10 %
16 %
12 %
12 %
13 %
8 %
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
103,026
203,889
94,172
77,560
478,648
109,216
168,965
79,952
90,172
448,305
94,435
163,592
54,995
57,809
370,831
62,829
118,536
91,567
131,033
403,965
106,013
183,807
115,582
405,402
Central and corporate costs ex. unallocated SBC4, 8, 11
(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)
(33,597)
(34,331)
(33,475)
(28,323)
(129,726)
(29,093)
(28,713)
(31,235)
(33,708)
(122,749)
(33,022)
(32,802)
(34,264)
(37,027)
(137,115)
(35,535)
(35,569)
(38,384)
(31,919)
(141,407)
(32,128)
(32,084)
(34,949)
(99,161)
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)
(1,820)
(1,991)
(6,843)
957
1,767
3,937
1,207
7,868
348
(3,883)
(4,523)
(8,058)
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
12,704
13,551
49,766
10,475
11,547
7,242
10,418
39,682
12,453
17,649
18,397
48,499
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
2,011
5,411
4,424
6,869
14,901
4,783
3,171
29,724
2,050
945
(349)
2,646
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
33,626
37,753
281,063
45,595
111,182
69,145
113,910
339,832
88,736
166,434
94,158
349,328
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)
(43,651)
(42,284)
(175,681)
(40,942)
(40,874)
(39,751)
(40,861)
(162,428)
(39,942)
(39,089)
(37,072)
(116,103)
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)
(12,704)
(13,551)
(49,766)
(10,475)
(11,547)
(7,242)
(10,418)
(39,682)
(12,453)
(17,649)
(18,397)
(48,499)
Certain impairments and other adjustments
-
-
(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
(277)
6,493
9,709
(3,456)
925
549
(4,950)
(6,932)
(525)
(589)
328
(786)
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)
(3,420)
(10,185)
(13,603)
(1,820)
(11,207)
(30,115)
(615)
(43,757)
334
(483)
(128)
(277)
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)
(2,011)
(5,411)
(4,424)
(6,869)
(14,901)
(4,783)
(3,171)
(29,724)
(2,050)
(945)
349
(2,646)
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
(28,437)
(27,185)
47,298
(17,967)
33,578
(12,197)
53,895
57,309
34,100
107,679
39,238
181,017
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 %
5 %
3 %
10 %
(4)%
(4)%
2 %
(3)%
4 %
(2)%
7 %
2 %
5 %
12 %
5 %
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. 11 In Q4 FY2022, we transferred certain variable costs previously included in Central and corporate costs to Cimpress businesses to drive better financial accountability for these costs. These costs are managed by our central technology team but directly relate to consumption by our businesses. The only material cost transfer relates to Vista, which we have recast backwards to all periods starting in FY2020 forward to ensure comparability for Vista and these central and corporate costs. The recast transferred $4.9 million, $6.0 million and $3.7 million of cost for FY2022 (Q3YTD), FY2021, and FY2020, respectively, from central and corporate costs to Vista. Additionally, we reduced our previously reported MCP investments for Q1 FY2022, Q2 FY2022, and Q3 FY2022 as the transfer of these variable costs reduced our estimated investment in the platform. All other business impacts are immaterial and will be reported in each business in future periods as they use these services
SEGMENT GROSS PROFIT:
Vista
$184,340
$236,782
$198,549
$195,176
$814,847
$191,005
$270,215
$217,901
$218,735
$897,856
$199,613
$258,476
$208,230
$212,569
$878,888
$202,106
$267,857
$188,025
$144,363
$802,351
$191,752
$257,827
$182,542
$201,970
$834,091
$201,826
$262,022
$193,284
$207,715
$864,847
$199,105
$228,743
$218,781
$229,584
$876,213
$218,569
$273,696
$230,366
$722,630
as % of segment revenue
63 %
60 %
60 %
59 %
61 %
63 %
60 %
60 %
59 %
60 %
58 %
58 %
58 %
59 %
58 %
59 %
62 %
59 %
59 %
60 %
58 %
60 %
57 %
58 %
58 %
58 %
58 %
55 %
56 %
57 %
54 %
52 %
55 %
56 %
54 %
55 %
56 %
55 %
56 %
PrintBrothers
18,530
20,030
19,008
21,340
78,908
21,608
25,823
23,831
27,337
98,599
25,643
28,377
24,773
29,546
108,339
26,802
33,072
24,705
16,085
100,664
24,132
31,512
23,470
24,963
104,077
33,294
35,644
31,408
37,731
138,077
33,765
39,685
36,062
42,490
152,002
41,361
51,232
42,580
135,173
as % of segment revenue
25 %
24 %
25 %
25 %
25 %
25 %
24 %
25 %
25 %
24 %
25 %
24 %
23 %
25 %
24 %
25 %
26 %
23 %
22 %
24 %
24 %
26 %
25 %
24 %
25 %
27 %
26 %
26 %
26 %
26 %
25 %
27 %
26 %
27 %
26 %
27 %
31 %
28 %
29 %
The Print Group
19,243
24,825
22,373
28,440
94,881
23,181
30,470
27,297
30,633
111,581
22,872
28,919
26,851
31,915
110,557
23,713
29,820
20,848
15,574
89,955
21,197
25,862
18,586
27,059
92,704
25,891
32,874
24,920
32,084
115,769
24,768
29,587
30,640
38,278
123,273
30,023
34,156
33,832
98,011
as % of segment revenue
33 %
36 %
34 %
37 %
35 %
33 %
36 %
34 %
37 %
35 %
32 %
33 %
34 %
36 %
34 %
33 %
34 %
30 %
33 %
33 %
32 %
34 %
31 %
37 %
34 %
36 %
36 %
33 %
35 %
35 %
32 %
33 %
36 %
40 %
36 %
37 %
37 %
38 %
37 %
National Pen
-
-
33,395
30,670
64,065
33,916
74,641
47,193
37,312
193,062
35,649
79,166
43,522
38,639
196,976
38,312
72,641
36,838
11,396
159,187
29,325
56,801
31,934
34,722
152,782
35,742
69,077
38,271
38,962
182,052
44,433
64,736
41,439
41,565
192,173
45,105
71,840
47,940
164,885
as % of segment revenue
- %
- %
57 %
57 %
57 %
- %
- %
57 %
57 %
58 %
54 %
60 %
55 %
55 %
57 %
55 %
57 %
54 %
35 %
53 %
43 %
50 %
51 %
50 %
49 %
52 %
55 %
53 %
52 %
53 %
54 %
54 %
51 %
50 %
52 %
52 %
55 %
54 %
54 %
All Other Businesses
8,607
18,897
8,767
9,609
45,880
9,807
946
737
751
12,241
2,830
19,009
15,731
17,421
54,991
17,372
23,043
17,844
22,174
80,433
21,555
28,199
22,070
23,870
95,694
22,292
26,392
22,229
24,714
95,627
23,623
27,247
20,402
24,379
95,651
23,788
26,967
21,190
71,946
as % of segment revenue
46 %
55 %
44 %
47 %
49 %
46 %
55 %
44 %
47 %
30 %
37 %
39 %
41 %
41 %
40 %
41 %
46 %
45 %
52 %
46 %
50 %
51 %
50 %
49 %
50 %
47 %
46 %
46 %
48 %
46 %
46 %
45 %
42 %
46 %
45 %
46 %
45 %
43 %
45 %
Corporate & Eliminations
(56)
($50)
$11
($53)
(148)
14
($327)
($100)
($183)
(596)
(97)
$124
$7
($53)
(19)
(13)
($118)
$100
($76)
(107)
(305)
($36)
($1,772)
($1,164)
(3,277)
(435)
($230)
($153)
($727)
(1,545)
(13)
($189)
($68)
($39)
(309)
(336)
48
12
(276)
Total
$230,664
$300,484
$282,103
$285,182
$1,098,433
$279,531
$401,768
$316,859
$314,585
$1,312,743
$286,510
$414,071
$319,114
$330,037
$1,349,732
$308,292
$426,315
$288,360
$209,516
$1,232,483
$287,656
$400,165
$276,830
$311,420
$1,276,071
$318,610
$425,779
$309,959
$340,479
$1,394,827
$325,681
$389,809
$347,256
$376,257
$1,439,003
$358,510
$457,939
$375,919
$1,192,369
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
$4,904
$5,178
$18,948
$5,546
$6,246
$4,615
$5,179
$21,586
$6,270
$6,852
$6,814
$19,936
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
65
65
258
48
47
51
48
194
46
197
279
522
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
58
58
237
47
45
45
46
183
19
19
19
57
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
99
99
401
42
42
42
84
210
70
67
67
204
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
113
113
452
113
31
31
31
206
19
19
26
64
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
7,465
8,039
29,473
4,679
5,135
2,458
5,030
17,302
6,029
10,495
11,192
27,716
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
$12,703
$13,552
$49,766
$10,475
$11,547
$7,242
$10,418
$39,682
$12,453
$17,649
$18,397
$48,499
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
$9,005
$45,222
$8,606
$9,744
$9,856
$12,321
$40,527
$11,635
$10,844
$11,615
$12,718
$46,812
$12,847
$12,517
$15,699
$11,897
$52,960
$12,078
$11,851
$12,287
$36,216
Central operating costs11
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
16,130
15,742
15,755
13,275
60,902
14,604
12,494
13,994
16,024
57,116
16,024
16,053
16,348
17,678
66,103
16,905
17,131
16,675
17,123
67,834
17,021
17,380
19,466
53,867
MCP investment11
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
6,043
23,601
5,883
6,475
7,385
5,363
25,106
5,363
5,906
6,299
6,631
24,199
5,783
5,921
6,010
2,899
20,613
3,029
2,853
3,196
9,078
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
1,820
1,991
6,843
(957)
(1,767)
(3,937)
(1,207)
(7,868)
(348)
3,883
4,523
8,058
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
$33,098
$37,105
$37,173
$29,277
$136,653
$30,243
$29,207
$32,537
$37,380
$129,367
$34,153
$34,705
$36,082
$39,018
$143,958
$34,578
$33,802
$34,447
$30,712
$133,539
$31,780
$35,967
$39,472
$107,219
DEPRECIATION AND AMORTIZATION12:
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
$15,791
$15,732
$65,489
$14,670
$14,193
$14,480
$15,121
$58,464
$14,875
$13,176
$13,040
$41,091
as % of segment revenue
5 %
4 %
6 %
5 %
5 %
6 %
4 %
5 %
5 %
5 %
5 %
4 %
5 %
5 %
5 %
5 %
3 %
5 %
6 %
4 %
4 %
3 %
5 %
4 %
4 %
5 %
4 %
5 %
4 %
4 %
4 %
3 %
4 %
4 %
4 %
4 %
3 %
3 %
3 %
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
5,466
4,984
20,790
4,773
5,149
4,175
4,038
18,135
3,889
4,024
3,789
11,702
as % of segment revenue
8 %
7 %
7 %
6 %
7 %
7 %
6 %
6 %
6 %
6 %
6 %
5 %
5 %
4 %
5 %
5 %
4 %
5 %
7 %
5 %
5 %
5 %
6 %
5 %
5 %
4 %
4 %
5 %
3 %
4 %
4 %
3 %
3 %
3 %
3 %
3 %
2 %
3 %
3 %
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
6,459
6,002
25,657
5,862
5,799
5,269
5,880
22,810
5,822
6,000
6,184
18,006
as % of segment revenue
15 %
12 %
13 %
11 %
13 %
13 %
10 %
11 %
9 %
11 %
11 %
9 %
9 %
8 %
9 %
9 %
8 %
9 %
13 %
9 %
10 %
9 %
11 %
10 %
10 %
9 %
7 %
9 %
7 %
7 %
8 %
6 %
6 %
6 %
7 %
7 %
6 %
7 %
7 %
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
5,933
6,200
24,261
5,891
5,795
4,820
4,860
21,366
5,188
4,992
3,228
13,408
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 %
8 %
9 %
5 %
10 %
9 %
8 %
9 %
5 %
8 %
8 %
7 %
7 %
5 %
6 %
6 %
6 %
6 %
4 %
4 %
4 %
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
4,519
4,594
18,536
4,516
4,326
4,375
4,477
17,694
4,547
4,509
4,604
13,660
as % of segment revenue
13 %
8 %
7 %
13 %
10 %
4 %
9 %
16 %
19 %
10 %
8 %
11 %
16 %
13 %
13 %
14 %
12 %
15 %
14 %
14 %
13 %
8 %
10 %
10 %
10 %
11 %
8 %
9 %
9 %
9 %
9 %
7 %
9 %
9 %
8 %
9 %
7 %
9 %
8 %
Central and Corporate Costs
2,565
3,552
3,392
3,554
13,063
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
5,483
4,772
20,948
5,230
5,612
6,632
6,485
23,959
5,621
6,388
6,227
18,236
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
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
$42,616
$158,401
$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
$43,651
$42,284
$175,681
$40,942
$40,874
$39,751
$40,861
$162,428
$39,942
$39,089
$37,072
$116,103
12 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
$2,758
$3,255
$10,272
$2,479
$2,479
$2,991
$2,588
$10,537
$1,826
$1,187
$1,186
$4,199
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
3,611
3,144
13,390
2,985
3,020
2,122
2,149
10,276
1,934
1,912
1,657
5,503
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
2,401
1,714
9,075
1,536
1,511
1,588
1,629
6,264
1,613
1,595
1,590
4,798
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
3,601
3,565
14,374
3,564
3,566
2,751
2,750
12,631
2,750
2,750
750
6,250
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
1,810
1,808
7,896
1,787
1,787
1,787
1,787
7,148
1,763
1,737
1,736
5,236
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
$14,181
$13,486
$55,007
$12,350
$12,362
$11,239
$10,903
$46,854
$9,886
$9,181
$6,919
$25,986
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT:
Vista
$11,599
$8,707
$12,366
$7,872
$40,544
$13,946
$10,932
$4,944
$6,187
$36,009
$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
$ 4,132
$ 2,707
$ 17,198
$ 3,124
$ 6,445
$ 3,006
$ 5,029
$ 17,604
$ 3,611
$ 5,859
$ 6,488
$ 15,958
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 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
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
665
407
3,788
708
1,053
2,010
651
4,422
5,152
90
(132)
5,110
as % of segment revenue
1 %
1 %
1 %
2 %
1 %
1 %
3 %
1 %
1 %
2 %
2 %
1 %
0 %
1 %
1 %
- %
1 %
2 %
1 %
1 %
1 %
- %
- %
2 %
1 %
1 %
1 %
1 %
- %
1 %
1 %
1 %
1 %
- %
1 %
3 %
- %
- %
1 %
The Print Group
4,258
2,337
2,483
2,485
11,563
2,108
2,863
868
3,927
9,766
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
7,560
5,640
19,877
4,819
5,270
3,995
5,599
19,683
8,496
2,547
1,933
12,976
as % of segment revenue
7 %
3 %
4 %
3 %
4 %
3 %
3 %
1 %
5 %
3 %
3 %
3 %
1 %
3 %
2 %
6 %
6 %
7 %
7 %
7 %
4 %
4 %
2 %
7 %
4 %
2 %
6 %
10 %
6 %
6 %
6 %
6 %
5 %
6 %
6 %
11 %
3 %
2 %
5 %
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
644
1,477
4,332
1,601
846
889
2,667
6,003
2,669
1,486
313
4,468
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 %
- %
1 %
2 %
1 %
1 %
2 %
1 %
2 %
1 %
1 %
3 %
2 %
3 %
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
2,130
1,225
7,027
1,068
767
815
2,143
4,793
2,235
1,181
1,455
4,871
as % of segment revenue
12 %
10 %
19 %
5 %
10 %
2 %
3 %
2 %
3 %
2 %
4 %
5 %
32 %
5 %
8 %
4 %
1 %
4 %
1 %
2 %
2 %
2 %
2 %
6 %
3 %
3 %
4 %
4 %
2 %
3 %
2 %
1 %
2 %
4 %
2 %
4 %
2 %
3 %
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
472
442
1,818
438
351
281
197
1,267
402
227
413
1,042
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
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
$13,489
$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
$15,603
$11,898
$54,040
$11,758
$14,732
$10,996
$16,286
$53,772
$22,565
$11,390
$10,470
$44,425
CAPITALIZATION OF SOFTWARE AND WEBSITE DEVELOPMENT COSTS:
Vista
$4,216
$5,985
$7,313
$4,399
$21,913
$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
$ 8,235
$ 6,569
$ 30,994
$ 6,635
$ 5,139
$ 5,894
$ 4,891
$ 22,559
$ 6,640
$ 6,050
$ 6,231
$ 18,921
as % of segment revenue
1 %
2 %
2 %
2 %
2 %
2 %
1 %
2 %
2 %
2 %
2 %
1 %
2 %
2 %
2 %
2 %
1 %
2 %
1 %
1 %
2 %
1 %
3 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
1 %
1 %
1 %
1 %
2 %
1 %
1 %
1 %
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
361
310
1,139
389
1,069
104
448
2,010
457
456
521
1,434
as % of segment revenue
- %
- %
1 %
2 %
- %
- %
- %
1 %
- %
- %
- %
1 %
1 %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
- %
0 %
- %
- %
- %
- %
0 %
- %
1 %
- %
- %
0 %
- %
- %
- %
0 %
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
790
684
2,419
490
771
866
870
2,997
694
1,056
891
2,641
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 %
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
877
782
3,390
588
512
778
1,035
2,913
805
1,171
1,111
3,087
as % of segment revenue
N/A
N/A
- %
- %
- %
- %
- %
- %
1 %
- %
1 %
- %
1 %
2 %
1 %
1 %
1 %
1 %
2 %
1 %
1 %
- %
1 %
2 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
- %
1 %
1 %
1 %
1 %
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
981
849
4,097
924
899
1,008
1,468
4,299
1,187
1,110
1,582
3,879
as % of segment revenue
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
1 %
2 %
3 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
1 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
2 %
1 %
2 %
3 %
2 %
2 %
2 %
3 %
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
6,497
6,228
23,258
6,304
5,526
6,285
4,894
23,009
4,614
4,104
4,699
13,417
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
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
$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
$17,741
$15,422
$65,297
$15,330
$13,916
$14,935
$13,606
$57,787
$14,397
$13,947
$15,035
$43,379
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.
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
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
($69,892)
($31,871)
($50,570)
($24,741)
($138,540)
($49,810)
$27,376
($185,715)
$4,569
$60,254
($5,181)
$59,642
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
43,651
42,284
175,681
40,942
40,874
39,751
40,861
162,428
39,942
39,089
37,072
116,103
Impairment of goodwill and acquired intangible assets
-
-
-
-
-
-
920
-
-
-
-
-
-
-
30,841
-
30,841
-
-
9,556
-
9,556
-
-
-
-
-
-
-
-
7,503
7,503
-
-
100,842
-
100,842
-
-
-
-
-
-
-
-
-
-
-
-
-
5,609
5,609
-
-
-
-
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
12,704
13,551
49,766
10,631
12,040
8,734
10,717
42,122
12,453
17,649
18,397
48,499
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
22,659
(3,757)
22,879
(1,024)
117,951
(943)
(1,072)
114,912
(1,118)
(997)
3,185
1,070
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 (gain) on early extinguishment of debt
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
17,359
17,359
-
-
-
-
-
-
-
-
-
-
-
-
-
48,343
48,343
-
-
-
-
-
-
-
-
(6,764)
(6,764)
(1,372)
(349)
-
(1,721)
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)
(2,619)
(14,769)
(40,408)
(14,024)
39,921
6,615
1,881
34,393
(6,261)
11,129
(9,420)
(4,552)
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)
455
6,384
537
(749)
(4,233)
(1,990)
(5,016)
(11,988)
1,885
(12,548)
11,041
378
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)
(6,505)
(5,500)
(13,704)
2,158
9,750
3,292
(1,965)
13,235
(1,229)
459
1,313
543
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)
(4,662)
(355)
(18,119)
(9,460)
3,995
625
597
(4,243)
(2,209)
4,730
(8,950)
(6,429)
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)
(8,637)
(12,125)
(44,089)
(36,434)
10,185
23,654
13,947
11,352
(401)
5,710
1,697
7,006
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)
(8,807)
12,787
(5,989)
3,151
(16,327)
8,105
6,839
1,768
4,214
(3,333)
4,079
4,960
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
(33,458)
74,117
109,977
(12,013)
22,973
(55,954)
16,122
(28,872)
(22,209)
77,226
(66,481)
(11,464)
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
6,916
7,074
33,575
16,312
(17,463)
30,520
(47,317)
(17,948)
13,990
(24,073)
21,675
11,592
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
(48,195)
87,820
219,536
(25,251)
81,126
12,599
61,815
130,289
42,254
174,946
8,427
225,627
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)
(15,603)
(11,898)
(54,040)
(11,758)
(14,732)
(10,996)
(16,286)
(53,772)
(22,565)
(11,390)
(10,470)
(44,425)
Proceeds from the sale of subsidiaries, net of transactions costs and cash divested
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
93,779
-
-
-
93,779
-
-
-
-
-
-
-
-
(1,124)
(1,124)
-
-
-
-
-
-
-
-
-
-
-
-
(4,130)
-
(4,130)
-
-
-
-
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)
(6,312)
-
(75,258)
-
(498)
-
-
(498)
-
-
-
-
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)
-
-
-
-
-
(84,030)
-
-
-
(84,030)
-
-
-
-
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)
(17,741)
(15,422)
(65,297)
(15,330)
(13,916)
(14,935)
(13,606)
(57,787)
(14,397)
(13,947)
(15,035)
(43,379)
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
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds from maturity of held-to-maturity investments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,000
17,000
66,679
57,521
151,200
9,953
22,377
27,780
32,000
92,110
20,500
5,416
10,760
36,676
Sale of equity securities
-
-
-
-
-
-
-
-
-
-
449
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Proceeds from the sale of assets
-
-
-
256
-
-
177
-
-
1,750
137
-
-
-
-
-
-
303
343
3,585
282
4,513
217
117
151
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
1,631
10,305
37,771
122
1,243
499
2,795
4,659
5,636
352
431
6,419
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)
-
4,124
2,244
-
-
-
-
-
-
-
-
-
Other investing activities
-
-
-
-
-
-
-
-
-
(512)
561
-
-
775
-
1,710
2,485
482
99
1,915
1,392
3,888
(2,173)
1,170
(1,947)
(114)
(3,064)
395
(447)
461
-
409
903
217
436
-
1,556
-
(419)
150
-
(269)
(617)
-
-
-
(617)
-
-
-
(277)
(277)
-
-
-
-
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)
28,654
44,630
(3,997)
(101,043)
(5,526)
(1,782)
4,626
(103,725)
(10,826)
(19,569)
(14,314)
(44,709)
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
-
-
-
-
-
10,000
-
38,264
-
48,264
173
347
366
886
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 12% Senior Secured Notes due 2025
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
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)
(73,310)
(162,014)
(96,797)
(98,501)
(430,622)
(82,725)
(165,046)
(150,511)
(141,631)
(539,913)
(234,678)
(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)
(3,478)
(3,361)
(14,510)
(13,256)
(3,330)
(41,361)
(3,363)
(61,310)
(3,784)
(3,891)
(4,108)
(11,783)
Payments for early redemption of second lien notes
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(309,000)
(309,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Payments for early redemption of 7% Senior Notes due 2026
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(44,994)
(44,994)
(19,815)
(4,656)
-
(24,471)
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)
(5)
(4)
(1,444)
(23)
(28)
-
-
(51)
-
-
-
-
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)
-
-
(43,647)
-
(43,647)
(225)
-
(6,875)
-
(7,100)
-
-
-
-
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)
(200)
(121)
(3,219)
(2,212)
(158)
(1,439)
(639)
(4,448)
(8,404)
(1,784)
(3,881)
(14,069)
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)
(1,992)
(2,413)
(37,512)
(2,412)
(1,852)
(1,753)
(2,273)
(8,290)
(2,768)
(2,112)
(2,621)
(7,501)
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)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(100,729)
(100,729)
Purchase of noncontrolling interests
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(20,230)
-
-
(20,230)
-
-
-
(1,144)
(1,144)
-
(41,177)
-
(44,343)
(85,520)
-
-
-
-
-
-
(5,063)
-
-
(5,063)
-
(324)
-
(1,841)
(2,165)
-
(95,567)
-
-
(95,567)
-
-
(65)
(65)
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)
(3,652)
-
-
-
(3,652)
(549)
-
-
(549)
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)
-
-
-
-
-
-
-
-
327
327
82
6
687
775
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
(67)
(86)
(112)
-
-
113
(398)
(285)
-
-
-
-
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)
(49,389)
(7,826)
(106,572)
(11,780)
(100,935)
(13,051)
(51,340)
(177,106)
(35,065)
(12,090)
(110,351)
(157,506)
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)
(717)
(9,083)
(14,937)
(6,879)
8,644
1,815
222
3,802
(1,477)
5,722
(3,632)
613
Change in cash held for sale
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12,042
12,042
12,042
-
-
-
12,042
-
-
-
-
-
-
-
(1,326)
1,326
-
-
-
-
-
-
-
-
-
-
-
-
(4,130)
4,130
-
-
-
-
-
-
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
(69,647)
115,541
94,030
(144,953)
(20,821)
3,711
15,323
(146,740)
(5,114)
149,009
(119,870)
24,025
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
231,159
161,512
183,023
277,053
132,100
111,279
114,990
277,053
130.31300000000002
125,199
274,208
130,313
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
$161,512
$277,053
$277,053
$132,100
$111,279
$114,990
$130,313
$130,313
$125.199
$274,208
$154,338
$154,338
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.
Adjusted Free Cash Flow (Non-GA
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
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
($48,195)
$87,820
$219,536
($25,251)
$81,126
$12,599
$61,815
$130,289
$42,254
$174,946
$8,427
$225,627
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)
(15,603)
(11,898)
($54,040)
($11,758)
($14,732)
($10,996)
($16,286)
($53,772)
(22,565)
(11,390)
(10,470)
(44,425)
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)
-
-
-
-
-
-
-
-
-
$0
-
-
-
-
$0
$0
$0
$0
$0
$0
-
-
-
-
Capitalization of software and website development costs
(2,656)
(4,189)
(5,696)
(7,168)
(6,516)
(6,290)
(5,463)
(7,667)
(9,749)
(17,323)
(26,324)
(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)
(17,741)
(15,422)
($65,297)
($15,330)
($13,916)
($14,935)
($13,606)
($57,787)
(14,397)
(13,947)
(15,035)
(43,379)
Proceeds from sale of assets 1
-
256
-
-
177
-
-
1,750
137
-
-
303
343
3,585
282
4,513
217
117
151
401
886
318
205
27
90
640
670
177
786
11
1,644
2,103
1,269
202
2,122
$5,696
1,699
910
1,631
10,305
$14,545
$122
$1,243
$499
$2,795
$4,659
5,636
352
431
6,419
Payment of contingent earn-out liabilities
-
-
-
-
-
-
-
-
-
8,055
8,613
-
-
-
-
-
-
-
49,241
-
49,241
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$0
-
-
-
-
$0
$0
$0
$0
$0
$0
-
-
-
-
Proceeds from insurance related to investing activities
-
-
-
-
-
-
-
-
-
-
3,624
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$0
-
-
-
-
$0
$0
$0
$0
$0
$0
-
-
-
-
Adjusted free cash flow
$7,052
($12,401)
$19,346
$46,200
$52,308
$121,249
$94,627
$56,142
$71,752
$156,691
$152,360
($17,754)
$77,601
($17,676)
$7,417
$49,588
($12,819)
$132,829
($2,876)
$23,240
$140,374
($9,743)
$155,046
($14,876)
$82,029
$212,456
$36,911
$177,522
($3,201)
$34,397
$245,629
$84,597
$131,708
($61,840)
$16,991
$171,456
$14,003
$109,844
($79,908)
$70,805
$114,744
($52,217)
$53,721
($12,833)
$34,718
$23,389
$10,928
$149,961
($16,647)
$144,242
Reference:
Value of new finance 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
$159
$3,278
$7,033
$2,412
$6,231
$5,762
$5,898
$20,303
$386
$1,823
$2,231
$4,440
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
-
21
265
7,931
1,896
5,032
22,288
37,147
5,715
1,223
459
7,397
Cash taxes paid in current period
766
1,349
1,841
3,021
1,573
4,259
7,104
13,656
18,485
14,284
19,750
8,555
11,754
15,658
13,375
49,342
5,369
5,083
7,436
14,390
32,278
5,449
5,512
5,162
10,246
26,369
4,472
711
4,537
3,800
13,520
352
4,639
8,065
14,814
27,870
7,767
8,058
7,762
9,400
32,987
4,257
6,909
12,328
7,690
31,184
15,794
10,640
12,873
39,307
Cash paid 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
$13,811
$34,601
$98,099
$15,060
$35,760
$19,976
$43,156
$113,952
$24,239
$42,407
$23,910
$90,556
Cash received for interest
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
(797)
(764)
(797)
(413)
(2,771)
(587)
(344)
(420)
(489)
(1,840)
(691)
(710)
(789)
(1,040)
($3,230)
(2,074)
(2,954)
(2,980)
(3,443)
(11,451)
(3,349)
(2,816)
(5,043)
(11,208)
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, net, (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
$8,587
$23,165
$8,653
$29,730
$70,135
$8,491
$48,877
$7,595
$50,174
$115,137
$13,667
$34,619
$13,022
$33,561
$94,869
$12,986
$32,806
$16,996
$39,713
$102,501
$20,890
$39,591
$18,867
$79,348
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 %
1.0 %
2.5 %
1.5 %
1.3 %
2.1 %
2.4 %
1.6 %
1.8 %
1.7 %
1.7 %
1.5 %
2.1 %
1.7 %
3.0 %
1.2 %
1.3 %
1.8 %
Capital expenditures plus new finance 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 %
2.0 %
2.7 %
1.8 %
1.4 %
2.4 %
2.4 %
2.1 %
2.1 %
2.0 %
2.5 %
2.3 %
2.8 %
2.4 %
3.0 %
1.4 %
1.6 %
2.0 %
Note: values may not sum to total due to rounding.
* Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities as of Q1 FY2020 in this document. The presentation of information prior to this quarter shows only the cash interest payments, but cash interest received was immaterial in these periods.
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
Q3 22
Q4 22
June 30, 2022
Q1 23
Q2 23
Q3 23
Q4 23
June 30, 2023
Q1 24
Q2 24
Q3 24
March 31, 2024
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)
(Mar 22)
(Jun 22)
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
(Sep 23)
(Dec 23)
(Mar 24)
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
$161,512
$277,053
$277,053
$132,100
$111,279
$114,990
$130,313
$130,313
$125,199
$274,208
$154,338
$154,338
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
95,637
49,952
49,952
101,726
85,070
68,305
38,540
38,540
22,613
17,239
6,499
6,499
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
66,702
63,885
63,885
70,533
70,433
67,869
67,353
67,353
68,892
63,222
71,070
71,070
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
97,919
126,728
126,728
153,504
140,517
116,379
107,835
107,835
113,985
104,635
96,319
96,319
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
108,740
108,697
108,697
121,428
118,015
102,582
96,986
96,986
113,230
118,730
113,952
113,952
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
530,510
626,315
626,315
579,291
525,314
470,125
441,027
441,027
443,919
578,034
442,178
442,178
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
298,827
286,826
286,826
272,625
278,347
284,128
287,574
287,574
271,507
276,901
270,040
270,040
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
79,051
80,694
80,694
64,389
70,142
75,406
76,776
76,776
74,519
69,228
70,459
70,459
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
92,266
90,474
90,474
89,661
93,686
95,511
95,315
95,315
92,620
97,822
92,701
92,701
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
113,059
113,088
113,088
114,020
9,519
10,093
12,740
12,740
12,060
11,773
9,435
9,435
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
787,572
766,600
766,600
748,055
776,788
787,291
781,541
781,541
772,165
790,967
779,263
779,263
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
171,813
154,730
154,730
139,864
131,274
119,931
109,196
109,196
98,836
90,617
83,235
83,235
Marketable securities, non-current
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,713
50,713
40,400
27,693
12,116
-
-
22,449
17,107
6,466
4,497
4,497
-
-
-
-
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
38,296
48,945
48,945
67,693
49,929
44,486
46,193
46,193
43,845
32,647
37,002
37,002
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
$2,123,510
$2,167,672
$2,167,672
$2,098,047
$1,952,106
$1,893,437
$1,854,859
$1,854,859
$1,809,471
$1,947,989
$1,784,313
$1,784,313
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
$229,774
$313,710
$313,710
$285,226
$318,554
$263,980
$285,784
$285,784
$264,032
$343,997
$269,108
$269,108
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
262,620
253,841
253,841
266,196
264,510
300,013
257,109
257,109
272,819
265,461
271,093
271,093
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
59,556
58,861
58,861
54,229
48,911
55,222
44,698
44,698
49,490
45,113
49,838
49,838
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
10,922
10,386
10,386
9,900
10,218
10,696
10,713
10,713
10,877
11,083
10,935
10,935
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
28,293
27,706
27,706
23,013
22,857
23,855
22,559
22,559
21,851
20,403
19,315
19,315
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
27,206
28,035
28,035
33,061
31,685
21,824
24,469
24,469
20,114
21,649
15,631
15,631
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
618,371
692,539
692,539
671,625
696,735
675,590
645,332
645,332
639,183
707,706
635,920
635,920
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
30,682
41,142
41,142
48,418
47,178
43,759
47,351
47,351
49,407
44,611
47,221
47,221
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
1,699,434
1,675,562
1,675,562
1,654,529
1,679,059
1,682,658
1,627,243
1,627,243
1,594,942
1,600,942
1,590,676
1,590,676
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
55,888
57,474
57,474
44,783
50,218
53,404
56,668
56,668
55,051
51,550
54,160
54,160
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
62,753
64,394
64,394
56,443
79,662
87,927
90,058
90,058
73,668
81,704
79,591
79,591
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
2,467,128
2,531,111
2,531,111
2,475,798
2,552,852
2,543,338
2,466,652
2,466,652
2,412,251
2,486,513
2,407,568
2,407,568
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
119,834
131,483
131,483
129,909
12,565
11,974
10,893
10,893
10,848
13,392
12,140
12,140
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
615
615
615
615
615
615
615
615
615
621
610
610
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)
(1,363,956)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
(1,363,550)
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
488,149
501,003
501,003
509,444
521,531
528,983
539,454
539,454
543,754
560,019
561,930
561,930
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
461,363
414,138
414,138
385,972
256,152
206,826
235,396
235,396
239,620
297,590
206,295
206,295
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)
(49,623)
(47,128)
(47,128)
(40,141)
(28,059)
(35,291)
(35,060)
(35,060)
(34,622)
(47,223)
(41,303)
(41,303)
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)
(463,452)
(494,922)
(494,922)
(507,660)
(613,311)
(662,417)
(623,145)
(623,145)
(614,183)
(552,543)
(636,018)
(636,018)
Noncontrolling interests
-
-
-
-
-
-
-
-
-
-
512
384
387
358
351
351
313
323
321
213
213
258
271
287
285
285
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
542
459
459
555
627
623
623
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)
(463,452)
(494,922)
(494,922)
(507,660)
(613,311)
(661,875)
(622,686)
(622,686)
(613,628)
(551,916)
(635,395)
(635,395)
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
$2,123,510
$2,167,672
$2,167,672
$2,098,047
$1,952,106
$1,893,437
$1,854,859
$1,854,859
$1,809,471
$1,947,989
$1,784,313
$1,784,313
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.
Debt-Related Metrics
Debt-Related Metrics In $ thousands except where noted
FY 2011
FY 2012
FY 2013
FY 2014
FY 2015
FY 2016
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
Total
Total
Total
Total
Total
Total
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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
NET CASH (DEBT):
Cash and cash equivalents
$236,552
$62,203
$50,065
$62,508
$103,584
$77,426
$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
$161,512
$277,053
$277,053
$132,100
$111,279
$114,990
$130,313
$130,313
$125,199
$274,208
$154,338
$154,338
Plus: marketable securities (current)
529
-
-
13,857
6,910
7,893
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
152,248
152,248
152,028
147,199
95,637
49,952
49,952
101,726
85,070
68,305
38,540
38,540
22,613
17,239
6,499
6,499
Plus: marketable securities (non-current)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,713
50,713
40,400
27,693
12,116
-
-
22,449
17,107
6,466
4,497
4,497
-
-
-
-
Less: Short-term debt
-
-
(8,750)
(37,575)
(21,057)
(21,717)
(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)
(10,922)
(10,386)
(10,386)
(9,900)
(10,218)
(10,696)
(10,713)
(10,713)
(10,877)
(11,083)
(10,935)
(10,935)
Less: Long-term debt
-
(227,387)
(227,037)
(406,994)
(493,039)
(656,794)
(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)
(1,699,434)
(1,675,562)
(1,675,562)
(1,654,529)
(1,679,059)
(1,682,658)
(1,627,243)
(1,627,243)
(1,594,942)
(1,600,942)
(1,590,676)
(1,590,676)
Less: Debt issuance costs, debt discounts and debt premiums
-
(1,613)
(2,963)
(3,490)
(8,940)
(7,386)
(5,922)
(8,488)
(8,030)
(7,567)
(12,585)
(12,585)
(12,526)
(11,872)
(12,488)
(12,018)
(12,018)
(11,390)
(10,773)
(5,912)
(48,587)
(48,587)
(46,572)
(44,234)
(42,883)
(22,450)
(22,450)
(21,850)
(21,158)
(20,294)
(19,417)
(19,417)
(18,548)
(17,695)
(16,833)
(16,033)
(16,033)
(15,182)
(14,300)
(13,426)
(13,426)
Net cash (debt)
$237,081
($166,797)
($188,685)
($371,694)
($412,542)
($600,578)
($856,881)
($786,489)
($668,496)
($770,304)
($795,202)
($795,202)
($828,100)
($1,012,057)
($1,043,345)
($1,000,306)
($1,000,306)
($1,207,988)
($1,344,146)
($1,449,225)
($1,437,156)
($1,437,156)
($1,360,558)
($1,278,489)
($1,347,765)
($1,378,872)
($1,378,872)
($1,365,875)
($1,333,376)
($1,461,385)
($1,378,360)
($1,378,360)
($1,426,702)
($1,493,516)
($1,520,426)
($1,480,639)
($1,480,639)
($1,473,189)
($1,334,878)
($1,454,200)
($1,454,200)
DEBT COMPONENTS:
High Yield Notes
N/A
N/A
N/A
N/A
($275,000)
($275,000)
($275,000)
($275,000)
($275,000)
($275,000)
($400,000)
($400,000)
($400,000)
($400,000)
($400,000)
($400,000)
($400,000)
($400,000)
($400,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($600,000)
($548,300)
($548,300)
($527,135)
($522,135)
($522,135)
($522,135)
Term Loans
N/A
N/A
(98,750)
(153,859)
(154,000)
(140,000)
(124,000)
(296,250)
(292,500)
(288,750)
(285,000)
(285,000)
(279,375)
(273,750)
(515,562)
(505,209)
(505,209)
(491,405)
(477,600)
(452,010)
(148,125)
(148,125)
(146,250)
(144,375)
(142,500)
(1,152,021)
(1,152,021)
(1,140,187)
(1,128,999)
(1,121,365)
(1,097,302)
(1,097,302)
(1,076,279)
(1,100,238)
(1,102,509)
(1,098,613)
(1,098,613)
(1,087,383)
(1,098,366)
(1,088,140)
(1,088,140)
2nd Lien Debt
N/A
N/A
N/A
N/A
$-
$-
$-
-
-
-
-
-
$-
$-
$-
$-
$-
-
-
-
(300,000)
(300,000)
(300,000)
(300,000)
(300,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Revolving Credit Facility (Drawn Amounts)
N/A
(229,000)
(140,000)
(294,200)
(77,507)
(260,809)
(476,037)
(249,793)
(133,007)
(248,526)
(147,414)
(147,414)
(191,059)
(376,357)
(156,352)
(116,015)
(116,015)
(331,276)
(488,076)
(611,826)
(422,358)
(422,358)
(343,517)
(260,000)
(329,000)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other debt
N/A
N/A
N/A
N/A
(11,500)
(10,088)
(7,541)
(8,246)
(8,053)
(7,906)
(7,015)
(7,015)
(5,734)
(10,214)
(15,689)
(14,361)
(14,361)
(16,541)
(15,387)
(13,654)
(11,694)
(11,694)
(11,020)
(10,997)
(12,629)
(12,835)
(12,835)
(11,347)
(10,428)
(9,285)
(8,063)
(8,063)
(6,698)
(6,734)
(7,678)
(7,076)
(7,076)
(6,483)
(5,824)
(4,762)
(4,762)
Consolidated Net Leverage Ratio*
N/A
N/A
N/A
N/A
N/A
2.11
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
4.44
4.23
4.23
4.82
5.52
4.83
3.90
3.90
3.51
2.87
3.01
3.01
Senior Secured Net Leverage Ratio*
N/A
N/A
N/A
N/A
N/A
1.19
2.37
2.24
1.58
1.84
1.46
1.46
1.53
2.01
2.01
1.70
1.70
2.02
2.13
1.74
2.12
2.12
1.92
1.84
2.17
2.16
2.16
2.23
2.15
2.65
2.42
2.42
2.82
3.34
2.97
2.49
2.49
2.29
1.78
1.95
1.95
*Consolidated and Senior Secured Net Leverage Ratios as calculated per our amended credit agreement definitions
Note: values may not sum to total due to rounding.
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
Q3 22
Q4 22
FY 2022
Q1 23
Q2 23
Q3 23
Q4 23
FY 2023
Q1 24
Q2 24
Q3 24
YTD FY2024
(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)
(Mar 22)
(Jun 22)
Total
(Sep 22)
(Dec 22)
(Mar 23)
(Jun 23)
Total
(Sep 23)
(Dec 23)
(Mar 24)
Total
REVENUE METRICS4:
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
$1,226,606
N/A
N/A
N/A
N/A
$1,320,347
N/A
N/A
N/A
N/A
$1,407,691
N/A
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
$353,253
N/A
N/A
N/A
N/A
$420,041
N/A
N/A
N/A
N/A
$460,516
N/A
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
$996,102
N/A
N/A
N/A
N/A
$1,147,167
N/A
N/A
N/A
N/A
$1,211,420
N/A
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
N/A
$2,789,600
N/A
N/A
N/A
N/A
$2,990,041
N/A
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
$98,803
N/A
N/A
N/A
N/A
$97,955
N/A
N/A
N/A
N/A
$89,586
N/A
N/A
N/A
N/A
EMPLOYEE HEADCOUNT:
Full-time employees
8,066
9,923
10,323
10,704
10,704
10,892
10,864
10,868
10,814
10,814
11,659
11,986
12,042
12,123
12,123
12,217
12,328
11,710
11,880
11,880
11,695
12,312
12,428
13,064
13,064
13,476
14,322
14,685
15,077
15,077
14,864
15,111
14,867
14,734
14,734
14,711
14,927
14,821
14,821
Temporary employees
456
1,389
586
935
935
1,948
1,953
1,205
1,212
1,212
2,251
2,208
1,411
1,391
1,391
2,092
2,184
839
1,074
1,074
1,540
2,495
1,364
1,404
1,404
2,238
2,018
1,537
1,474
1,474
1,658
1,669
974
817
817
1,083
707
960
960
Total Cimpress headcount at end of period
8,522
11,312
10,909
11,639
11,639
12,840
12,817
12,073
12,026
12,026
13,910
14,194
13,453
13,514
13,514
14,309
14,512
12,550
12,954
12,954
13,235
14,807
13,792
14,468
14,468
15,714
16,340
16,222
16,551
16,551
16,522
16,780
15,841
15,551
15,551
15,794
15,634
15,781
15,781
CONSOLIDATED ADVERTISING SPEND:
Total advertising & commissions expense ($ 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
$96.7
$112.7
$408.6
$108.8
$116.2
$97.5
$95.4
$417.9
$107.7
$122.9
$101.9
$332.5
as % of revenue
18.0 %
16.3 %
18.0 %
16.0 %
17.0 %
17.0 %
17.0 %
17.0 %
16.0 %
17.0 %
19.0 %
16.6 %
14.8 %
12.0 %
16.0 %
15.0 %
12.0 %
13.0 %
8.0 %
12.0 %
11.8 %
12.7 %
13.4 %
13.6 %
13.0 %
13.4 %
13.1 %
14.7 %
15.6 %
14.0 %
15.5 %
13.8 %
13.1 %
12.1 %
13.6 %
14.2 %
13.3 %
13.1 %
13.5 %
Total advertising & payment processing fees ($ 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
$109.0
$126.0
$461.6
$121.6
$131.0
$111.1
$109.6
$473.3
$122.0
$139.3
$116.4
$377.8
VISTA ADVERTISING SPEND:
Vista lower-funnel advertising spend ($M)
$35.2
$62.4
$36.9
$45.8
$180.3
$44.9
$69.4
$51.3
$63.6
$229.3
$49.5
$56.6
$47.2
$42.1
$195.4
$46.5
$61.4
$47.6
$155.5
as % of Vista revenue
10.7 %
14.5 %
11.5 %
13.3 %
12.6 %
12.9 %
15.5 %
14.7 %
17.3 %
15.1 %
13.4 %
12.9 %
11.9 %
10.3 %
12.1 %
11.7 %
12.7 %
11.4 %
12.0 %
Vista mid/upper-funnel advertising spend ($M)
$0.0
$4.3
$7.8
$14.0
$26.2
$3.2
$3.7
$10.2
$17.3
$34.4
$18.6
$20.0
$10.2
$18.3
$67.1
$11.5
$18.5
$15.2
$45.1
as % of Vista revenue
- %
1.0 %
2.4 %
4.0 %
1.8 %
0.9 %
0.8 %
2.9 %
4.7 %
2.3 %
5.0 %
4.6 %
2.6 %
4.5 %
4.2 %
2.9 %
3.8 %
3.6 %
3.5 %
Total Vista advertising & commissions expense ($ 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
$61.5
$80.9
$263.6
$68.1
$76.6
$57.4
$60.4
$262.5
$57.9
$79.8
$62.8
$200.6
as % of Vista revenue3
23.7 %
20.8 %
22.7 %
21.3 %
22.1 %
23.0 %
20.6 %
21.4 %
21.3 %
21.5 %
21.5 %
20.7 %
17.3 %
14.9 %
18.7 %
15.3 %
14.1 %
14.2 %
7.7 %
13.3 %
10.7 %
15.5 %
13.9 %
17.3 %
14.5 %
13.8 %
16.3 %
17.6 %
22.0 %
17.4 %
18.4 %
17.5 %
14.5 %
14.7 %
16.3 %
14.6 %
16.5 %
15.0 %
15.4 %
1 Metrics are unaudited, approximate, and when added together may not equal annual results due to rounding.
2 Total advertising and payment processing fees includes the Total advertising and commissions expense above, as well as the fees associated with processing customer payments. This number is used to calculate "contribution margin" included on the income statement tab of this spreadsheet.
3 Vista advertising expense ($ and as a percent of revenue) has been recast to reflect the addition of Vista Corporate Solutions, Vista India and Vista Japan.
4 During the fourth quarter of fiscal year 2023, we identified an immaterial error in our previously disclosed revenue by geographic area for the fiscal year ended June 30, 2022 and 2021, which understated revenue in the United States and Germany, with an offsetting overstatement in the Other geographies. We have corrected the disclosed figures as included herein.
Note: values may not sum to total due to rounding.
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Cimpress plc published this content on
01 May 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
01 May 2024 20:10:22 UTC.
Cimpress plc is focused on mass customization of printing and related products, via which it delivers volumes of individually small-sized customized orders. Its segments include Vista, PrintBrothers, The Print Group, National Pen and All Other Businesses. The Vista segment includes Vista, the parent brand of multiple offerings, including VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Depositphotos. The PrintBrothers segment includes its druck.at, Printdeal, and WIRmachenDRUCK businesses. The Print Group segment includes its Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses. The National Pen segment includes the global operations of its National Pen business, which manufactures and markets custom writing instruments and promotional products, apparel and gifts. The All Other Businesses segment includes two businesses grouped together based on materiality. Its products are marketing materials, business cards, signage, packaging and others.