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Exhibit 99.1

 

LOGO   Contacts:
 

 

Investor Relations:

 

Angela White

 

ir@vistaprint.com

 

+1 (781) 652-6480

 

Media Relations:

 

Kaitlin Ambrogio

 

publicrelations@vistaprint.com

 

+1 (781) 652-6444

Vistaprint Reports Second Quarter Fiscal Year 2013 Financial Results

Second quarter 2013 results:

 

 

Revenue grew 16 percent year over year to $348.3 million

 

 

Revenue grew 17 percent year over year excluding the impact of currency exchange rate fluctuations

 

 

Revenue grew 14 percent year over year excluding the impact of currency exchange rate fluctuations and revenue from acquisitions

 

 

GAAP net income per diluted share decreased 20 percent year over year to $0.66

 

 

Non-GAAP adjusted net income per diluted share increased 5 percent year over year to $1.02

Venlo, the Netherlands, January 31, 2013 — Vistaprint N.V. (Nasdaq: VPRT), a leading online provider of professional marketing products and services to micro businesses and the home, today announced financial results for the three month period ended December 31, 2012, the second quarter of its 2013 fiscal year.

“Our second quarter results were solid,” said Robert Keane, president and chief executive officer. “We delivered good results for our consumer and holiday business around the world. We continued to execute well in North America. Though our European growth rate improved versus our disappointing first quarter results, we believe this was primarily due to the seasonal strength of our holiday-related business in Europe, and we continue to expect our European marketing execution turn-around to take time and significant effort. Turning to profit, our gross

 

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margins continued to expand, despite incurring incremental costs associated with product quality improvements and new product launches. We believe a significant portion of this success is due to our strategic commitment to invest in world-class manufacturing capabilities. Our quarterly earnings per share were above our expectations, due in part to our strong gross margins and one-time favorability in our tax rate.”

Financial Metrics (including Albumprinter and Webs results unless otherwise stated):

 

   

Revenue for the second quarter of fiscal year 2013 grew to $348.3 million, a 16 percent increase over revenue of $299.9 million reported in the same quarter a year ago. Excluding Albumprinter and Webs combined revenue of $25.6 million, total second quarter revenue was $322.7 million. Excluding the estimated impact from currency exchange rate fluctuations and revenue from acquired businesses, total revenue grew 14 percent year over year in the second quarter.

 

   

Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the second quarter was 67.2 percent, compared to 66.8 percent in the same quarter a year ago.

 

   

Operating income in the second quarter was $33.0 million, or 9.5 percent of revenue, and reflected a slight increase compared to operating income of $32.5 million, or 10.9 percent of revenue, in the same quarter a year ago.

 

   

GAAP net income for the second quarter was $23.0 million, or 6.6 percent of revenue, representing a 28 percent decrease compared to $31.7 million, or 10.6 percent of revenue in the same quarter a year ago. Despite improved operating income year over year, our GAAP net income declined due to several year-over-year differences in below-the-line items, including interest expense, other income, our tax provision, and the effect of our new indirect minority equity interest in China.

 

   

GAAP net income per diluted share for the second quarter was $0.66, versus $0.82 in the same quarter a year ago.

 

   

Non-GAAP adjusted net income for the second quarter, which excludes amortization expense for acquisition-related intangible assets, tax charges related to the alignment of acquisition-related intellectual property with global operations, and share-based compensation expense and its related tax effect, was $35.9 million, or 10.3 percent of revenue, representing a 5 percent decrease compared to non-GAAP adjusted net income of $37.9 million, or 12.6 percent of revenue, in the same quarter a year ago.

 

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Non-GAAP adjusted net income per diluted share for the second quarter, as defined above, was $1.02, versus $0.97 in the same quarter a year ago.

 

   

Capital expenditures in the second quarter were $27.6 million, or 7.9 percent of revenue.

 

   

During the second quarter, the company generated $88.5 million of cash from operations and $58.7 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs.

 

   

As of December 31, 2012, the company had $64.7 million in cash and cash equivalents and $230.5 million in long-term debt, with $157.0 million remaining under its credit facility.

 

   

During the second quarter, the company purchased 827,346 of its ordinary shares for $24.8 million, inclusive of transaction costs, at an average per-share cost of $29.94, as part of the share repurchase program authorized by the Supervisory Board in February 2012.

Operating metrics are now provided as a table-based supplement to this press release.

Fiscal 2013 Outlook as of January 31, 2013:

Ernst Teunissen, executive vice president and chief financial officer, said, “Looking ahead to the second half of the fiscal year, we expect to continue to benefit from solid execution in North America and strong manufacturing results around the world. We continue to believe that our European marketing execution turn-around will take time, and our revenue weakness there will persist through at least the remainder of fiscal 2013. Given our continuing challenges in Europe, we expect that the shift from a strong seasonal consumer focus in our second fiscal quarter to small-business-oriented campaigns for the second half of the fiscal year will be more difficult than it has been in past years. Despite continued revenue weakness, we remain confident in our earnings per share outlook for the remainder of the year. Our guidance today reflects these factors. We are lowering and narrowing our revenue guidance range for the fiscal year, but narrowing our earnings per share guidance range to the upper part of the prior guidance range due to our strong earnings performance through the first half of the year.”

 

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Financial Guidance as of January 31, 2013:

As previously stated, beginning with fiscal year 2013, the company is providing revenue guidance on an annual and quarterly basis, and earnings guidance on an annual basis. Based on current and anticipated levels of demand, the company expects the following financial results:

Fiscal Year and Third Quarter 2013 Revenue

 

   

For the full fiscal year ending June 30, 2013, the company expects revenue of approximately $1,145 million to $1,175 million, or 12 percent to 15 percent growth year over year in reported terms. Excluding currency movements and acquired revenue, we expect constant-currency organic growth of approximately 10 percent to 13 percent. Reported (USD) growth expectations assume a recent 30-day currency exchange rate for all currencies. Constant-currency growth is estimated by applying the respective prior year quarterly average exchange rates to all estimated non-U.S. dollar denominated revenue expected for future periods.

 

   

For the third quarter of fiscal year 2013, ending March 31, 2013, the company expects revenue of approximately $275 million to $290 million, or 7 percent to 13 percent growth year over year in reported terms. We expect constant-currency organic growth of approximately 5 percent to 11 percent.

Fiscal Year 2013 GAAP Net Income Per Diluted Share

 

   

For the full fiscal year ending June 30, 2013, the company expects GAAP net income per diluted share of approximately $0.50 to $0.70, which assumes 34.6 million weighted average diluted shares outstanding.

Fiscal Year 2013 Non-GAAP Adjusted Net Income Per Diluted Share

 

   

For the full fiscal year ending June 30, 2013, the company expects non-GAAP adjusted net income per diluted share of approximately $1.79 to $1.99, which excludes expected acquisition-related amortization of intangible assets of approximately $8.4 million or

 

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approximately $0.24 per diluted share, share-based compensation expense and its related tax effect of approximately $34.6 million or approximately $0.98 per diluted share, and tax charges related to the alignment of acquisition-related intellectual property with global operations of approximately $2.4 million, or $0.07 per diluted share. This guidance assumes a non-GAAP weighted average diluted share count of approximately 35.2 million shares.

Fiscal Year 2013 Capital Expenditures

For the full fiscal year ending June 30, 2013, the company expects to make capital expenditures of approximately $85 million to $95 million. Planned capital investments are designed to support the planned growth of the business and are expected to include the expansion of our European production capacity in our Dutch (Venlo) facility and other investments.

The foregoing guidance supersedes any guidance previously issued by the company. All such previous guidance should no longer be relied upon.

At approximately 4:20 p.m. (EST) on January 31, 2013, Vistaprint will post, on the Investor Relations section of www.vistaprint.com, an end-of-quarter presentation along with a downloadable transcript of the prepared remarks that accompany that presentation. At 5:15 p.m. the company will host a live Q&A conference call with management, which will be available via web cast on the Investor Relations section of www.vistaprint.com and via dial-in at (800) 599-9816, access code 94030400. A replay of the Q&A session will be available on the company’s Web site following the call on January 31, 2013.

About non-GAAP financial measures

To supplement Vistaprint’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Vistaprint has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: non-GAAP adjusted net income, non-GAAP adjusted net income per diluted share, free cash flow, constant-currency revenue growth, and constant-currency organic revenue growth. The items excluded from the non-GAAP adjusted net income measurements are share-based

 

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compensation expense and its related tax effect, amortization of acquisition-related intangibles, and tax charges related to the alignment of acquisition-related intellectual property with global operations. 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. 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 and excludes the impact of gains and losses on effective foreign currency hedges recognized in revenue. Constant-currency organic revenue growth excludes the impact of currency as defined above and revenue from acquired companies.

The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented 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 release. 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.

Vistaprint’s management believes that these non-GAAP financial measures provide meaningful supplemental information in assessing our performance and when forecasting and analyzing future periods. These non-GAAP financial measures also have facilitated management’s internal comparisons to Vistaprint’s historical performance and our competitors’ operating results.

Management provides these non-GAAP financial measures as a courtesy to investors. However, to gain a more complete understanding of the company’s financial performance, management does (and investors should) rely upon GAAP statements of operations and cash flow.

About Vistaprint

Vistaprint N.V. (Nasdaq: VPRT) empowers more than 15 million micro businesses and consumers annually with affordable, professional options to make an impression. With a unique business model supported by proprietary technologies, high-volume production facilities, and direct marketing expertise, Vistaprint offers a wide variety of products and services that micro

 

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businesses can use to expand their business. A global company, Vistaprint employs over 4,400 people, operates more than 25 localized websites globally and ships to more than 130 countries around the world. Vistaprint’s broad range of products and services are easy to access online, 24 hours a day at www.vistaprint.com.

Vistaprint and the Vistaprint logo are trademarks of Vistaprint N.V. or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.

This press release contains statements about our future expectations, plans and prospects of our business that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including but not limited to our expectations for the growth and development of our business, especially in Europe, and our financial outlook and guidance set forth under the headings “Fiscal 2013 Outlook as of January 31, 2013” and “Financial Guidance as of January 31, 2013.” Forward-looking projections and expectations are inherently uncertain, are based on assumptions and judgments by management, and may turn out to be wrong. Our actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our forecasts are based; our failure to execute our strategy; our inability to make the investments in our business that we plan to make because the investments are more costly than we expected or because we are unable to devote the necessary operational and financial resources; the failure of our investments to have the effects that we expect; our failure to acquire new customers and enter new markets, retain our current customers and sell more products to current and new customers; our failure to identify and address the causes of our revenue weakness in Europe; the willingness of purchasers of marketing services and products to shop online; our failure to promote and strengthen our brand; the failure of our current and new marketing channels to attract customers; our failure to manage growth and changes in our organization and senior management; our failure to manage the complexity of our business and expand our operations; currency fluctuations that affect our revenues and costs; costs and disruptions caused by acquisitions; the failure of our acquired businesses to perform as expected; difficulties or higher than anticipated costs in integrating the

 

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systems and operations of our acquired businesses into our systems and operations; unanticipated changes in our market, customers or business; competitive pressures; interruptions in or failures of our websites, network infrastructure or manufacturing operations; our failure to retain key employees of Vistaprint or of our acquired businesses; our failure to maintain compliance with the financial covenants in our revolving credit facility or to pay our debts when due; costs and judgments resulting from litigation; changes in the laws and regulations or in the interpretations of laws or regulations to which we are subject, including tax laws, or the institution of new laws or regulations that affect our business; general economic conditions; and other factors described in our Form 10-Q for the fiscal quarter ended September 30, 2012 and the other documents we periodically file with the U.S. Securities and Exchange Commission.

In addition, the statements and projections in this press release represent our expectations and beliefs as of the date of this press release, and subsequent events and developments may cause these expectations, beliefs, and projections to change. We specifically disclaim any obligation to update any forward-looking statements. These forward-looking statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to the date of this press release.

Operational Metrics & Financial Tables to Follow

 

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VISTAPRINT N.V.

CONSOLIDATED BALANCE SHEETS

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

 

     December 31,
2012
    June 30,
2012
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 64,728      $ 62,203   

Accounts receivable, net of allowances of $349 and $189, respectively

     23,467        20,125   

Inventory

     10,215        7,168   

Prepaid expenses and other current assets

     33,935        26,102   
  

 

 

   

 

 

 

Total current assets

     132,345        115,598   

Property, plant and equipment, net

     293,295        261,228   

Software and web site development costs, net

     6,965        5,186   

Deferred tax assets

     333        327   

Goodwill

     142,193        140,429   

Intangible assets, net

     37,050        40,271   

Other assets

     28,310        29,390   

Investment in equity interests

     13,169        —     
  

 

 

   

 

 

 

Total assets

   $ 653,660      $ 592,429   
  

 

 

   

 

 

 

Liabilities and shareholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 31,641      $ 25,931   

Accrued expenses

     130,248        98,402   

Deferred revenue

     18,214        15,978   

Deferred tax liabilities

     1,686        1,668   

Other current liabilities

     621        —     
  

 

 

   

 

 

 

Total current liabilities

     182,410        141,979   

Deferred tax liabilities

     16,128        18,359   

Other liabilities

     14,727        13,804   

Long-term debt

     230,500        229,000   
  

 

 

   

 

 

 

Total liabilities

     443,765        403,142   
  

 

 

   

 

 

 

Shareholders’ equity:

    

Preferred shares, par value €0.01 per share, 100,000,000 and 120,000,000 shares authorized, respectively; none issued and outstanding

     —          —     

Ordinary shares, par value €0.01 per share, 100,000,000 and 120,000,000 shares authorized, respectively; 49,950,289 shares issued and 33,525,856 and 34,119,637 shares outstanding, respectively

     699        699   

Treasury shares, at cost, 16,424,433 and 15,830,652 shares, respectively

     (398,617     (378,941

Additional paid-in capital

     296,942        285,633   

Retained earnings

     313,892        292,628   

Accumulated other comprehensive loss

     (3,021     (10,732
  

 

 

   

 

 

 

Total shareholders’ equity

     209,895        189,287   
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 653,660      $ 592,429   
  

 

 

   

 

 

 

 

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VISTAPRINT N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

 

     Three Months Ended
December 31,
    Six Months Ended
December 31,
 
     2012     2011     2012     2011  

Revenue

   $ 348,312      $ 299,862      $ 599,728      $ 512,222   

Cost of revenue (1)

     114,150        99,661        202,177        177,725   

Technology and development expense (1)

     40,045        29,792        77,702        56,466   

Marketing and selling expense (1)

     134,364        110,644        234,361        186,988   

General and administrative expense (1)

     26,712        27,223        52,213        48,755   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     33,041        32,542        33,275        42,288   

Other (expense) income, net

     (310     2,448        (819     2,898   

Interest expense, net

     (1,264     (422     (2,426     (339
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes and loss in equity interests

     31,467        34,568        30,030        44,847   

Income tax provision

     8,189        2,871        8,323        4,978   

Loss in equity interests

     (318     —          (443     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 22,960      $ 31,697      $ 21,264      $ 39,869   
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic net income per share

   $ 0.69      $ 0.84      $ 0.63      $ 1.01   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted net income per share

   $ 0.66      $ 0.82      $ 0.61      $ 0.99   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding — basic

     33,377,045        37,638,224        33,525,669        39,439,181   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding — diluted

     34,544,965        38,654,740        34,754,574        40,474,021   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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

       

     Three Months Ended
December 31,
    Six Months Ended
December 31,
 
     2012     2011     2012     2011  

Cost of revenue

   $ 107      $ 77      $ 205      $ 171   

Technology and development expense

     2,366        834        4,606        1,693   

Marketing and selling expense

     1,590        498        3,139        1,053   

General and administrative expense

     4,287        3,454        8,667        6,669   

 

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VISTAPRINT N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited in thousands)

 

     Three Months Ended
December 31,
    Six Months Ended
December 31,
 
     2012     2011     2012     2011  

Operating activities

        

Net income

   $ 22,960      $ 31,697      $ 21,264      $ 39,869   

Adjustments to reconcile net income to net cash provided by operating activities:

        

Depreciation and amortization

     16,166        14,169        30,824        27,276   

Share-based compensation expense

     8,350        4,863        16,617        9,586   

Excess tax benefits from share-based awards

     22        123        201        (11

Deferred taxes

     (2,804     (2,748     (3,859     (3,001

Other non-cash items

     61        81        (31     107   

Loss in equity interest

     318        —          443        —     

Non-cash gain on equipment

     (135     —          (1,414     —     

Changes in operating assets and liabilities excluding the effect of business acquisitions:

        

Accounts receivable

     (2,421     (2,885     (2,754     (2,576

Inventory

     (2,027     (45     (2,890     (487

Prepaid expenses and other assets

     (4,391     (6,273     (4,391     (7,494

Accounts payable

     12,141        5,074        8,603        3,123   

Accrued expenses and other liabilities

     40,293        37,083        32,570        45,288   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     88,533        81,139        95,183        111,680   
  

 

 

   

 

 

   

 

 

   

 

 

 

Investing activities

        

Purchases of property, plant and equipment

     (27,609     (13,447     (55,368     (24,445

Business acquisitions, net of cash acquired

     —          (184,822     —          (184,822

Proceeds from sale of intangible assets

     —          —          1,750        —     

Purchases of intangible assets

     (361     (42     (370     (131

Maturities and redemptions of marketable securities

     —          —          —          529   

Capitalization of software and website development costs

     (1,839     (1,209     (3,140     (2,891

Investment in equity interests

     (100     —          (12,753     —     

Issuance of note receivable

     (512     —          (512     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (30,421     (199,520     (70,393     (211,760
  

 

 

   

 

 

   

 

 

   

 

 

 

Financing activities

        

Proceeds from borrowings of long-term debt

     16,000        161,500        55,212        161,500   

Payments of long-term debt and debt issuance costs

     (44,887     (16,145     (53,895     (16,145

Payments of withholding taxes in connection with vesting of restricted share units

     (624     (880     (1,790     (1,955

Purchases of ordinary shares

     (24,775     (118,557     (24,775     (209,645

Excess tax benefits from share-based awards

     (22     (123     (201     11   

Proceeds from issuance of shares

     867        70        1,758        139   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in financing activities

     (53,441     25,865        (23,691     (66,095
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash

     738        (1,106     1,426        (2,907
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     5,409        (93,622     2,525        (169,082

Cash and cash equivalents at beginning of period

     59,319        161,092        62,203        236,552   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 64,728      $ 67,470      $ 64,728      $ 67,470   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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VISTAPRINT N.V.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

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

 

     Three Months Ended
December 31,
    Six Months Ended
December 31,
 
     2012     2011     2012     2011  

Non-GAAP adjusted net income reconciliation:

        

Net income

   $ 22,960      $ 31,697      $ 21,264      $ 39,869   

Add back:

        

Share-based compensation expense, inclusive of income tax effects

     8,540  (a)      5,021  (b)      16,985  (c)      9,897  (d) 

Amortization of acquisition-related intangible assets

     2,243        1,148        4,421        1,148   

Tax cost of transfer of intellectual property

     2,164        —          2,164        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income

   $ 35,907      $ 37,866      $ 44,834      $ 50,914   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income per diluted share reconciliation:

        

Net income per diluted share

   $ 0.66      $ 0.82      $ 0.61      $ 0.99   

Add back:

        

Share-based compensation expense, inclusive of income tax effects

     0.24        0.12        0.47        0.23   

Amortization of acquisition-related intangible assets

     0.06        0.03        0.12        0.03   

Tax cost of transfer of intellectual property

     0.06        —          0.06        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted net income per diluted share

   $ 1.02      $ 0.97      $ 1.26      $ 1.25   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted weighted average shares reconciliation:

        

GAAP weighted average shares outstanding - diluted

     34,544,965        38,654,740        34,754,574        40,474,021   

Add:

        

Additional shares due to unamortized share-based compensation

     611,007        385,882        719,986        161,363   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP adjusted weighted average shares outstanding - diluted

     35,155,972        39,040,622        35,474,560        40,635,384   
  

 

 

   

 

 

   

 

 

   

 

 

 

(a)    Includes share-based compensation charges of $8,350 and the income tax effects related to those charges of $190.

(b)    Includes share-based compensation charges of $4,863 and the income tax effects related to those charges of $158.

(c)    Includes share-based compensation charges of $16,617 and the income tax effects related to those charges of $368.

(d)    Includes share-based compensation charges of $9,586 and the income tax effects related to those charges of $311.

       

       

       

       

     Three Months Ended
December 31,
    Six Months Ended
December 31,
 
     2012     2011     2012     2011  

Free cash flow reconciliation:

        

Net cash provided by operating activities

   $ 88,533      $ 81,139      $ 95,183      $ 111,680   

Purchases of property, plant and equipment

     (27,609     (13,447     (55,368     (24,445

Purchases of intangible assets not related to acquisitions

     (361     (42     (370     (131

Capitalization of software and website development costs

     (1,839     (1,209     (3,140     (2,891
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 58,724      $ 66,441      $ 36,305      $ 84,213   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

Page 12 of 14


VISTAPRINT N.V.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)

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

 

     GAAP Revenue                                 
     Three Months Ended
December 31,
           Currency
Impact:
    Constant-
Currency
    Impact of
Acquisitions:
    Constant-
Currency
Organic
 
     2012      2011      % Change     (Favorable)/
Unfavorable
    Revenue
Growth
    (Favorable)/
Unfavorable
    Revenue
Growth
 

Revenue growth reconciliation by segment:

                

North America

   $ 167,511       $ 139,807         20     —       20     (2 )%      18

Europe

     159,339         143,048         11     3     14     (5 )%      9

Most of World

     21,462         17,007         26     (2 )%      24     —       24
  

 

 

    

 

 

            

Total revenue

   $ 348,312       $ 299,862         16     1     17     (3 )%      14
  

 

 

    

 

 

            

 

     GAAP Revenue                                 
     Six Months Ended
December 31,
          

Currency

Impact:

   

Constant-

Currency

    Impact of
Acquisitions:
   

Constant-

Currency
Organic

 
     2012      2011      % Change     (Favorable)/
Unfavorable
    Revenue
Growth
    (Favorable)/
Unfavorable
    Revenue
Growth
 

Revenue growth reconciliation by segment:

                

North America

   $ 311,749       $ 258,498         21     —       21     (3 )%      18

Europe

     249,052         223,027         12     5     17     (11 )%      6

Most of World

     38,927         30,697         27     (1 )%      26     —       26
  

 

 

    

 

 

            

Total revenue

   $ 599,728       $ 512,222         17     2     19     (5 )%      14
  

 

 

    

 

 

            

 

Page 13 of 14


VISTAPRINT N.V.

Supplemental Financial Information and Operating Metrics

 

    Q2 FY2012     Q3 FY2012     Q4 FY2012     FY2012     Q1 FY2013     Q2 FY2013  

1   New Customer Orders (millions) - Organic

    2.9        2.4        2.2        9.4        2.2        3.2   

y/y growth

    32     33     22     27     16     10

2   Total Order Volume (millions) - Organic

    8.3        7.0        6.4        27.6        6.5        9.0   

y/y growth

    28     21     14     21     10     8

3   Average Order Value - Organic ($USD)

  $ 34.61      $ 35.38      $ 36.73      $ 35.78      $ 36.78      $ 36.25   

y/y growth

    4     2     3     1     1     5

4   TTM Unique Active Customer Count - Organic (millions)

    12.9        13.8        14.4          14.9        15.4   

y/y growth

    22     24     26       25     19

TTM new customer count (millions)

    8.4        9.0        9.4          9.7        10.0   

TTM repeat customer count (millions)

    4.5        4.8        5.0          5.2        5.4   

5   TTM Average Bookings per Unique Active Customer - Organic

  $ 71      $ 69      $ 68        $ 67      $ 67   

y/y growth

    1     1     6       8     6

TTM average bookings per new customer (approx.)

  $ 53      $ 52      $ 51        $ 50      $ 50   

TTM average bookings per repeat customer (approx.)

  $ 100      $ 100      $ 99        $ 99      $ 97   

6   Advertising & Commissions Expense - Consolidated (millions)

  $ 78.8      $ 64.5      $ 57.7      $ 252.8      $ 65.2      $ 93.9   

as % of revenue

    26.3     25.0     23.0     24.8     25.9     27.0

Revenue - Consolidated as Reported ($ millions)

  $ 299.9      $ 257.6      $ 250.4      $ 1,020.3      $ 251.4      $ 348.3   

y/y growth

    28     26     20     25     18     16

y/y growth in constant currency

    28     28     25     26     23     17

North America ($ millions)

  $ 139.8      $ 142.0      $ 143.4      $ 543.9      $ 144.2      $ 167.5   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

y/y growth

    20     23     20     20     22     20

y/y growth in constant currency

    20     23     21     20     22     20

as % of revenue

    47     55     57     53     57     48

Europe ($ millions)

  $ 143.0      $ 100.2      $ 92.0      $ 415.2      $ 89.7      $ 159.3   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

y/y growth

    36     29     18     29     12     11

y/y growth in constant currency

    37     34     30     31     23     14

as % of revenue

    48     39     37     41     36     46

Asia Pacific ($ millions)

  $ 17.0      $ 15.4      $ 15.1      $ 61.2      $ 17.5      $ 21.5   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

y/y growth

    41     47     28     44     28     26

y/y growth in constant currency

    37     40     33     38     29     24

as % of revenue

    6     6     6     6     7     6

7   Revenue - Organic ($ millions)

  $ 284.2      $ 243.6      $ 235.0      $ 975.1      $ 233.4      $ 322.7   

y/y growth

    21     20     13     19     10     14

y/y growth in constant currency

    21     21     17     20     13     14

North America - Organic ($ millions)

  $ 139.8      $ 139.7      $ 140.9      $ 539.1      $ 141.6      $ 164.7   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

y/y growth

    20     21     18     19     19     18

y/y growth in constant currency

    20     21     18     19     19     18

as % of revenue

    49     57     60     55     61     51

Europe - Organic ($ millions)

  $ 127.3      $ 88.4      $ 79.1      $ 374.8      $ 74.3      $ 136.5   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

y/y growth

    21     14     2     17     7     7

y/y growth in constant currency

    22     18     11     18     1     9

as % of revenue

    45     36     34     38     32     42

Asia Pacific - Organic ($ millions)

  $ 17.0      $ 15.4      $ 15.1      $ 61.2      $ 17.5      $ 21.5   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

y/y growth

    41     47     28     44     28     26

y/y growth in constant currency

    37     40     33     38     29     24

as % of revenue

    6     6     6     6     7     7

Other metrics

           

8   Unique digital paying subscribers at end of period (approximate)

    340,000        342,000        351,000          353,000        357,000   

Headcount at end of period

    3,741        3,641        3,789          4,101        4,418   

Full-time employees

    3,310        3,404        3,543          3,798        3,936   

Temporary employees

    431        237        246          303        482   

 

Notes:    Some numbers may not add due to rounding
   Metrics are unaudited and where noted, approximate

 

1 

Orders from first-time customers in period

2 

Total order volume in period

3 

Total bookings, including shipping and processing, divided by total orders

4 

Number of individual customers who purchased from us in a given period, with no regard to frequency of purchase

5 

Total bookings for a trailing twelve month period, including shipping and processing, divided by number of unique customers in the same period

6 

External advertising and commissions expense for the consolidated business

7 

Organic revenue excludes revenue from acquired companies Webs and Albumprinter

8 

Organic - digital subscribers exclude Webs customers

 

Page 14 of 14