05/01/2024 | Press release | Distributed by Public on 05/01/2024 14:08
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. |
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 |
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. |
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 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. |
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 | N/A | N/A | N/A | N/A | N/A | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | (2)% | (4)% | (5)% | (3)% | (3)% | (2)% | (2)% | (2)% | (2)% | (2)% | - % | - % | - % | - % | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 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)% | (6)% | (5)% | 32 % | 1 % | 2 % | 3 % | 8 % | 8 % | 5 % | 8 % | 2 % | 16 % | 12 % | 9 % | 6 % | 9 % | 5 % | 7 % |
PrintBrothers | |||||||||||||||||||||||||||||||||||||||
Revenue | $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 |
% Change | N/A | N/A | N/A | N/A | N/A | 26 % | 30 % | 35 % | 26 % | 29 % | 10 % | 8 % | 5 % | 8 % | 8 % | 8 % | 9 % | - % | (38)% | (6)% | (8)% | (4)% | (14)% | 46 % | 1 % | 25 % | 13 % | 28 % | 36 % | 25 % | 6 % | 8 % | 16 % | 9 % | 10 % | 15 % | 11 % | 8 % | 11 % |
Currency Impact: (Favorable)/Unfavorable | N/A | N/A | N/A | N/A | N/A | (6)% | (11)% | (18)% | (10)% | (11)% | 2 % | 4 % | 9 % | 7 % | 5 % | 5 % | 3 % | 3 % | 1 % | 3 % | (5)% | (7)% | (7)% | (12)% | (7)% | (1)% | 5 % | 9 % | 18 % | 8 % | 17 % | 12 % | 5 % | (2)% | 8 % | (9)% | (6)% | (2)% | (5)% |
Constant-Currency Revenue Growth | N/A | N/A | N/A | N/A | N/A | 20 % | 19 % | 17 % | 16 % | 18 % | 12 % | 12 % | 14 % | 15 % | 13 % | 13 % | 12 % | 3 % | (37)% | (3)% | (13)% | (11)% | (21)% | 34 % | (6)% | 24 % | 18 % | 37 % | 54 % | 33 % | 23 % | 20 % | 21 % | 7 % | 18 % | 6 % | 5 % | 6 % | 6 % |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | N/A | N/A | N/A | N/A | N/A | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | (4)% | (3)% | (2)% | (2)% | (2)% | - % | - % | - % | (1)% | - % | - % | (1)% | (2)% | (1)% | (1)% | (2)% | 1 % | - % | (1)% | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | N/A | N/A | N/A | N/A | N/A | 20 % | 19 % | 17 % | 16 % | 18 % | 12 % | 12 % | 14 % | 15 % | 13 % | 13 % | 8 % | - % | (39)% | (5)% | (15)% | (11)% | (21)% | 34 % | (7)% | 24 % | 18 % | 36 % | 52 % | 32 % | 22 % | 18 % | 22 % | 7 % | 17 % | 6 % | 5 % | 6 % | 6 % |
The Print Group | |||||||||||||||||||||||||||||||||||||||
Revenue | $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 |
% Change | N/A | N/A | N/A | N/A | N/A | 16 % | 23 % | 23 % | 13 % | 19 % | 4 % | 3 % | (2)% | 3 % | 2 % | 2 % | - % | (13)% | (47)% | (16)% | (8)% | (13)% | (13)% | 56 % | 0 % | 10 % | 18 % | 26 % | 25 % | 20 % | 6 % | (1)% | 13 % | 4 % | 5 % | 5 % | 4 % | 3 % | 4 % |
Currency Impact: (Favorable)/Unfavorable | N/A | N/A | N/A | N/A | N/A | (5)% | (10)% | (16)% | (9)% | (10)% | 1 % | 3 % | 8 % | 6 % | 4 % | 5 % | 3 % | 3 % | 1 % | 3 % | (4)% | (6)% | (7)% | (13)% | (7)% | (2)% | 5 % | 9 % | 17 % | 7 % | 18 % | 12 % | 6 % | (2)% | 8 % | (8)% | (5)% | (1)% | (5)% |
Constant-Currency Revenue Growth | N/A | N/A | N/A | N/A | N/A | 11 % | 13 % | 7 % | 4 % | 9 % | 5 % | 6 % | 6 % | 9 % | 6 % | 7 % | 3 % | (10)% | (46)% | (13)% | (12)% | (19)% | (20)% | 43 % | (7)% | 8 % | 23 % | 35 % | 42 % | 27 % | 24 % | 11 % | 19 % | 2 % | 13 % | (3)% | (1)% | 2 % | (1)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | N/A | N/A | N/A | N/A | N/A | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | N/A | N/A | N/A | N/A | N/A | 11 % | 13 % | 7 % | 4 % | 9 % | 5 % | 6 % | 6 % | 9 % | 6 % | 7 % | 3 % | (10)% | (46)% | (13)% | (12)% | (19)% | (20)% | 43 % | (7)% | 8 % | 23 % | 35 % | 42 % | 27 % | 24 % | 11 % | 19 % | 2 % | 13 % | (3)% | (1)% | 2 % | (1)% |
National Pen | |||||||||||||||||||||||||||||||||||||||
Revenue | 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 |
% Change2 | N/A | N/A | 100 % | 100 % | 100 % | 100 % | 100 % | 39 % | 22 % | 196 % | 10 % | 5 % | (2)% | 6 % | 5 % | 6 % | (4)% | (14)% | (53)% | (14)% | (4)% | (10)% | (9)% | 109 % | 5 % | 2 % | 9 % | 16 % | 10 % | 9 % | 18 % | (3)% | 12 % | 10 % | 7 % | 7 % | 8 % | 10 % | 8 % |
Currency Impact: (Favorable)/Unfavorable | N/A | N/A | - % | - % | N/A | - % | - % | (9)% | (3)% | (6)% | 1 % | 2 % | 3 % | 2 % | 2 % | 2 % | 1 % | 1 % | - % | 1 % | (1)% | (3)% | (3)% | (6)% | (3)% | - % | 2 % | 3 % | 4 % | 2 % | 6 % | 6 % | 3 % | - % | 5 % | (2)% | (3)% | - % | (2)% |
Constant-Currency Revenue Growth | N/A | N/A | 100 % | 100 % | N/A | 100 % | 100 % | 30 % | 19 % | 190 % | 11 % | 7 % | 1 % | 8 % | 7 % | 8 % | (3)% | (13)% | (53)% | (13)% | (5)% | (13)% | (12)% | 103 % | 2 % | 2 % | 11 % | 19 % | 14 % | 11 % | 24 % | 3 % | 15 % | 10 % | 12 % | 5 % | 5 % | 10 % | 6 % |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | N/A | N/A | (100)% | (100)% | N/A | (100)% | (100)% | - % | - % | (165)% | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | N/A | N/A | - % | - % | N/A | - % | - % | 30 % | 19 % | 25 % | 11 % | 7 % | 1 % | 8 % | 7 % | 8 % | (3)% | (13)% | (53)% | (13)% | (5)% | (13)% | (12)% | 103 % | 2 % | 2 % | 11 % | 19 % | 14 % | 11 % | 24 % | 3 % | 15 % | 10 % | 12 % | 5 % | 5 % | 10 % | 6 % |
Pro Forma Growth Rates: | |||||||||||||||||||||||||||||||||||||||
Pro Forma Revenue Growth in U.S. Dollars | N/A | N/A | (8)% | (5)% | N/A | (5)% | 33 % | N/A | N/A | 23 % | 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 |
Currency Impact: (Favorable)/Unfavorable | N/A | N/A | 3 % | 3 % | N/A | (2)% | (5)% | N/A | N/A | (4)% | 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 |
Pro Forma Revenue Growth in Constant Currency | N/A | N/A | (5)% | (2)% | N/A | (7)% | 28 % | N/A | N/A | 19 % | 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 |
Impact of Discontinued Operations | N/A | N/A | 3 % | 3 % | N/A | 4 % | - % | N/A | N/A | 1 % | 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 |
Pro Forma Constant-Currency Revenue Growth Excluding Discontinued Operations | N/A | N/A | (2)% | 1 % | N/A | (3)% | 28 % | N/A | N/A | 20 % | 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 |
All Other Businesses | |||||||||||||||||||||||||||||||||||||||
Revenue | $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 |
% Change | N/A | N/A | N/A | N/A | N/A | (1)% | (78)% | (65)% | (66)% | (57)% | (59)% | 544 % | 443 % | 500 % | 239 % | 448 % | 3 % | 3 % | 1 % | 28 % | 3 % | 11 % | 12 % | 16 % | 11 % | 10 % | 4 % | 10 % | 5 % | 7 % | 8 % | 4 % | 1 % | 2 % | 4 % | - % | - % | - % | 0 % |
Currency Impact: (Favorable)/Unfavorable | N/A | N/A | N/A | N/A | N/A | (3)% | (1)% | 1 % | 4 % | - % | 8 % | 14 % | 12 % | 9 % | 9 % | 1 % | 1 % | 2 % | 2 % | 1 % | 3 % | 3 % | 3 % | (1)% | 1 % | - % | 1 % | (1)% | (1)% | - % | - % | (1)% | - % | - % | - % | (1)% | - % | - % | (1)% |
Constant-Currency Revenue Growth | N/A | N/A | N/A | N/A | N/A | (4)% | (79)% | (64)% | (62)% | (57)% | (51)% | 558 % | 455 % | 509 % | 248 % | 449 % | 4 % | 5 % | 3 % | 29 % | 6 % | 14 % | 15 % | 15 % | 12 % | 10 % | 5 % | 9 % | 4 % | 7 % | 8 % | 3 % | 1 % | 2 % | 4 % | (1)% | - % | - % | (1)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | N/A | N/A | N/A | N/A | N/A | 78 % | 95 % | 143 % | 121 % | 111 % | 92 % | (546)% | (470)% | (509)% | (241)% | (453)% | - % | - % | 1 % | (25)% | - % | - % | - % | (2)% | - % | (5)% | (5)% | (4)% | (1)% | (4)% | - % | - % | - % | - % | - % | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | N/A | N/A | N/A | N/A | N/A | 74 % | 16 % | 79 % | 59 % | 54 % | 41 % | 12 % | (15)% | - % | 7 % | (4)% | 4 % | 5 % | 4 % | 4 % | 6 % | 14 % | 15 % | 13 % | 12 % | 5 % | - % | 5 % | 3 % | 3 % | 8 % | 3 % | 1 % | 2 % | 4 % | (1)% | - % | - % | (1)% |
Inter-Segment Eliminations | ($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 Revenue | |||||||||||||||||||||||||||||||||||||||
Revenue1 | $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 |
% Change1 | 18 % | 16 % | 26 % | 18 % | 19 % | 27 % | 32 % | 16 % | 12 % | 21 % | 5 % | 8 % | 4 % | 7 % | 6 % | 8 % | (1)% | (10)% | (36)% | (10)% | (7)% | (5)% | (4)% | 48 % | 4 % | 12 % | 9 % | 15 % | 14 % | 12 % | 7 % | (1)% | 13 % | 9 % | 7 % | 8 % | 9 % | 5 % | 7 % |
Currency Impact: (Favorable)/Unfavorable | 1 % | 2 % | 2 % | 2 % | 2 % | (3)% | (5)% | (8)% | (4)% | (4)% | 1 % | 3 % | 5 % | 3 % | 3 % | 2 % | 2 % | 2 % | 1 % | 1 % | (2)% | (3)% | (4)% | (6)% | (3)% | (1)% | 2 % | 4 % | 7 % | 3 % | 8 % | 7 % | 3 % | - % | 4 % | (4)% | (3)% | (1)% | (2)% |
Constant-Currency Revenue Growth1 | 19 % | 18 % | 28 % | 20 % | 21 % | 24 % | 27 % | 8 % | 8 % | 17 % | 6 % | 11 % | 9 % | 10 % | 9 % | 10 % | 1 % | (8)% | (35)% | (9)% | (9)% | (8)% | (8)% | 42 % | 1 % | 11 % | 11 % | 19 % | 21 % | 15 % | 15 % | 6 % | 16 % | 9 % | 11 % | 4 % | 6 % | 4 % | 5 % |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable1 | (13)% | (10)% | (17)% | (11)% | (13)% | (12)% | (16)% | 3 % | 3 % | (6)% | 2 % | (5)% | (6)% | (5)% | (4)% | (6)% | (1)% | (1)% | (1)% | (2)% | (1)% | (1)% | (2)% | (4)% | (2)% | (2)% | (2)% | (2)% | (2)% | (2)% | (1)% | (1)% | - % | - % | - % | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 6 % | 8 % | 11 % | 9 % | 8 % | 12 % | 11 % | 11 % | 11 % | 11 % | 8 % | 6 % | 3 % | 5 % | 5 % | 4 % | - % | (9)% | (36)% | (11)% | (10)% | (9)% | (10)% | 38 % | (1)% | 9 % | 9 % | 17 % | 19 % | 13 % | 14 % | 5 % | 16 % | 9 % | 11 % | 4 % | 6 % | 4 % | 5 % |
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 & 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 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. |
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 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 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 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. |