04/20/2021 | Press release | Distributed by Public on 04/21/2021 02:36
ABOUT NON-GAAP FINANCIAL MEASURES: To supplement Cimpress' consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cimpress has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: Constant-currency revenue growth, constant-currency revenue growth excluding revenue from acquisitions and divestitures made in the last twelve months, upload and print group revenue growth, constant currency revenue growth and profit, adjusted EBITDA, adjusted free cash flow and trailing-twelve-month return on invested capital: •Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the past twelve months excludes the impact of currency as defined above. The organic constant-currency growth rate excludes Albumprinter revenue from Q1 FY2017 through Q1 FY2018, Digipri (the part of our Japan business that we previously sold) revenue for Q2 FY2018, VIDA revenue from Q1 FY2019 through Q4 FY2019, and BuildASign revenue from Q2 FY2019 through Q1 FY2020. •Upload and print group revenue growth is the combination of revenue for PrintBrothers and The Print Group in USD, adjusted to exclude inter-segment revenue when conducted between businesses in these segments. Upload and print group constant-currency revenue growth is the combination of revenue for PrintBrothers and The Print Group in constant currencies, adjusted to exclude inter-segment revenue when conducted between businesses in these segments. Upload and print group EBITDA is the combination of segment EBITDA for PrintBrothers and The Print Group. •Adjusted EBITDA is defined as operating income plus depreciation and amortization (excluding depreciation and amortization related to our Waltham, Massachusetts office lease) plus share-based compensation expense plus proceeds from insurance plus earn-out related charges plus certain impairments plus restructuring related charges plus realized gains or losses on currency derivatives less interest expense related to our Waltham, Massachusetts office lease less gain on purchase or sale of subsidiaries. •Adjusted free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs, plus payment of contingent consideration in excess of acquisition-date fair value, plus gains on proceeds from insurance. These non-GAAP financial measures are provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons they are used by management. For example, as we have become more acquisitive over recent years we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP operating income. As another example, as we do not apply hedge accounting for our currency forward contracts, we believe inclusion of realized gains and losses on these contracts that are intended to be matched against operational currency fluctuations provides further insight into our operating performance in addition to that provided by our GAAP operating income. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Non-GAAP Financial Measures" included at the end of this document. The tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures. Non-GAAP measures are unaudited. |
Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted | ||||||||||||
FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | TTM Feb | FY 2020 | TTM Dec | |
Total | Total | Total | Total | Total | Total | Total | Total | Total | 20201 | Total | 2020 | |
CONSOLIDATED REVENUE GROWTH RECONCILATION: | ||||||||||||
Revenue | $817,009 | $1,020,269 | $1,167,478 | $1,270,236 | $1,494,206 | $1,788,044 | $2,135,405 | $2,592,541 | $2,751,076 | $2,797,138 | $2,481,358 | $2,399,711 |
% Change | 22 % | 25 % | 14 % | 9 % | 18 % | 20 % | 19 % | 21 % | 6 % | 4 % | (10)% | (14)% |
Currency Impact: (Favorable)/Unfavorable | - % | - % | 2 % | (1)% | 5 % | 4 % | 2 % | (4)% | 3 % | 2 % | 1 % | (1)% |
Constant-Currency Revenue Growth | 22 % | 25 % | 16 % | 8 % | 13 % | 24 % | 21 % | 17 % | 9 % | 6 % | (9)% | (15)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | - % | - % | - % | (4)% | (14)% | (13)% | (13)% | (6)% | (4)% | (3)% | (2)% | (1)% |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 22 % | 25 % | 16 % | 4 % | 9 % | 11 % | 8 % | 11 % | 5 % | 3 % | (11)% | (16)% |
1 Information for the trailing twelve months ended February 29, 2020 is unaudited. | ||||||||||||
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 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | TTM Feb | FY 2020 | TTM Dec | H1 | H1 | |
Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | 20206 | Total | 2020 | FY2019 | FY2021 | |
CONSOLIDATED ADJUSTED EBITDA RECONCILATION: | |||||||||||||||||||
GAAP operating income (loss) | $18,865 | $27,205 | $41,160 | $61,582 | $76,848 | $93,080 | $55,174 | $46,124 | $85,914 | $96,324 | $78,193 | ($45,702) | $157,800 | $163,607 | $235,697 | $55,969 | $39,175 | $84,627 | $130,180 |
Depreciation and amortization2 | 7,786 | 14,874 | 25,193 | 35,713 | 44,367 | 50,627 | 59,427 | 64,325 | 72,282 | 97,487 | 132,119 | 159,656 | 169,005 | 172,957 | 170,995 | 167,943 | 168,939 | 85,220 | 85,887 |
Waltham, MA lease depreciation adjustment3 | - | - | - | - | - | - | - | - | - | - | (3,433) | (4,120) | (4,120) | (4,120) | (1,373) | - 0 | - 0 | (2,060) | - 0 |
Share-based compensation expense4 | 4,850 | 8,765 | 14,747 | 19,473 | 22,380 | 21,677 | 25,413 | 32,928 | 27,786 | 24,075 | 23,772 | 42,371 | 49,139 | 18,296 | 25,494 | 33,252 | 33,703 | 6,196 | 13,526 |
Proceeds from insurance | - | - | - | - | - | - | - | - | - | - | 3,961 | 807 | 676 | - | - 0 | - 0 | - 0 | - 0 | - 0 |
Interest expense associated with Waltham, MA lease3 | - | - | - | - | - | - | - | - | - | - | (6,287) | (7,727) | (7,489) | (7,236) | (2,389) | - 0 | - 0 | (3,682) | - 0 |
Earn-out related charges | - | - | - | - | - | - | - | - | 2,192 | 15,276 | 6,378 | 40,384 | 2,391 | - | - 0 | (54) | (54) | - 0 | - 0 |
Certain impairments and other adjustments | - | - | - | - | 920 | - | - | - | - | - | 41,820 | 9,556 | 2,893 | 10,700 | 10,943 | 104,593 | 104,401 | (22) | 568 |
Gain on purchase or sale of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | - | (47,945) | - | - 0 | - 0 | - 0 | - 0 | - 0 |
Restructuring related charges | - | - | - | - | - | - | - | - | - | 2,528 | 381 | 26,700 | 15,236 | 12,054 | 11,024 | 13,543 | 11,552 | 1,196 | 2,096 |
Realized gains (losses) on currency derivatives not included in operating income | - | - | - | - | - | - | - | 29 | (7,048) | 7,450 | 5,863 | 16,474 | (11,445) | 20,289 | 26,590 | 24,533 | 8,926 | 9,053 | (361) |
Adjusted EBITDA1,5 | $31,501 | $50,844 | $81,100 | $116,768 | $144,515 | $165,384 | $140,014 | $143,406 | $181,126 | $243,140 | $282,767 | $238,399 | $326,141 | $386,547 | $476,981 | $399,779 | $366,642 | $180,528 | $231,896 |
1 This spreadsheet uses the definition of Adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions; however, the senior unsecured notes' covenants allow for the inclusion of pro-forma impacts to Adjusted EBITDA. | |||||||||||||||||||
2 Depreciation and amortization in this reconciliation prior to 2018 may be slightly different than depreciation and amortization on our cash flow statement to avoid double counting software amortization already captured in SBC. | |||||||||||||||||||
3 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Our Waltham, MA lease, which was previously classified as build-to-suit, is now classified as an operating lease under the new standard. The Waltham depreciation and interest expense adjustments that were made in comparative periods are no longer made beginning in FY2020, as any impact from the Waltham lease is reflected in operating income. | |||||||||||||||||||
4 SBC expense in this reconciliation excludes any portion already included in restructuring-related charges to avoid double counting. | |||||||||||||||||||
5 Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not give effect to Adjusted EBITDA attributable to noncontrolling interests. This is to most closely align to our debt covenant and cash flow reporting. | |||||||||||||||||||
6 Information for the trailing twelve months ended February 29, 2020 is unaudited. | |||||||||||||||||||
Note: values may not sum to total due to rounding. |
Reconciliation of Adjusted Free Cash Flow and Cash In (Out) from Working Capital In $ thousands except where noted | |||||||||||||||||||
FY 2006 | FY 2007 | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | TTM Feb | FY 2020 | TTM Dec | H1 | H1 | |
Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | 20202 | Total | 2020 | FY2019 | FY2021 | |
ADJUSTED FREE CASH FLOW AND SELECTED CASH FLOW METRICS: | |||||||||||||||||||
Net cash provided by (used in) operations | $34,637 | $54,377 | $89,032 | $129,654 | $159,973 | $165,149 | $146,749 | $141,808 | $153,739 | $242,022 | $247,358 | $156,736 | $192,332 | $331,095 | $395,292 | $338,444 | $329,515 | $205,490 | $256,168 |
Purchases of property, plant & equipment | (24,929) | (62,845) | (62,740) | (76,286) | (101,326) | (37,405) | (46,420) | (78,999) | (72,122) | (75,813) | (80,435) | (74,157) | (60,930) | (70,563) | (51,795) | (50,467) | (39,163) | (38,767) | (16,790) |
Purchases of intangible assets not related to acquisition | - | - | (1,250) | - | - | (205) | (239) | (750) | (253) | (250) | (476) | (197) | (308) | (64) | (42) | - 0 | - 0 | (22) | - 0 |
Capitalization of software and website development costs | (2,656) | (4,189) | (5,696) | (7,168) | (6,516) | (6,290) | (5,463) | (7,667) | (9,749) | (17,323) | (26,324) | (37,307) | (40,847) | (48,652) | (50,472) | (43,992) | (47,020) | (21,921) | (26,445) |
Payment of contingent earn-out liabilities | - | - | - | - | - | - | - | - | - | 8,055 | 8,613 | - | 49,241 | - | - 0 | - 0 | - 0 | - 0 | - 0 |
Proceeds from insurance related to investing activities | - | - | - | - | - | - | - | - | - | - | 3,624 | - | - | - | - 0 | - 0 | - 0 | - 0 | - 0 |
Adjusted free cash flow | $7,052 | ($12,657) | $19,346 | $46,200 | $52,131 | $121,249 | $94,627 | $54,392 | $71,615 | $156,691 | $152,360 | $45,075 | $139,488 | $211,816 | $292,983 | $243,985 | $243,332 | $144,780 | $212,933 |
Cash paid during the period for interest | (1,089) | (1,789) | (1,635) | (1,391) | (883) | (219) | (1,487) | (4,762) | (6,446) | (8,520) | (37,623) | (45,275) | (56,614) | (63,940) | (68,985) | (72,906) | (97,892) | (29,805) | (58,299) |
Interest expense for Waltham, Massachusetts Lease1 | - | - | - | - | - | - | - | - | - | - | 6,287 | 7,727 | 7,489 | 7,236 | 2,389 | - 0 | - 0 | 3,682 | - 0 |
Cash interest related to borrowing | ($1,089) | ($1,789) | ($1,635) | ($1,391) | ($883) | ($219) | ($1,487) | ($4,762) | ($6,446) | ($8,520) | ($31,336) | ($37,548) | ($49,125) | ($56,704) | ($66,596) | ($72,906) | ($97,892) | ($26,123) | ($58,299) |
Reference: | |||||||||||||||||||
Value of capital leases | $- | $- | $- | $- | $- | $- | $- | $- | $- | ($13,192) | ($7,535) | ($14,422) | ($531) | ($11,871) | ($4,512) | ($1,605) | ($1,615) | ($7,225) | ($150) |
Cash restructuring payments | $- | $- | $- | $- | $- | $- | $- | $- | $- | ($519) | ($2,608) | ($15,022) | ($17,342) | ($6,032) | N/A | ($9,087) | ($10,292) | ($1,656) | ($3,961) |
Cash taxes | ($766) | ($1,349) | ($1,841) | ($3,021) | ($1,573) | ($4,259) | ($7,104) | ($13,656) | ($18,485) | ($14,284) | ($19,750) | ($49,342) | ($32,278) | ($26,369) | N/A | ($13,520) | ($13,328) | ($10,961) | ($4,991) |
CASH IN (OUT) FROM WORKING CAPITAL | |||||||||||||||||||
Adjusted free cash flow (from above) | $7,052 | ($12,657) | $19,346 | $46,200 | $52,131 | $121,249 | $94,627 | $54,392 | $71,615 | $156,691 | $152,360 | $45,075 | $139,488 | $211,816 | $243,985 | $243,332 | $144,780 | $212,933 | |
Adjusted EBITDA (from previous tab) | 31,501 | 50,844 | 81,100 | 116,768 | 144,515 | 165,384 | 140,014 | 143,406 | 181,126 | 243,140 | 282,767 | 238,399 | 326,141 | 386,547 | 399,779 | 366,642 | 180,528 | 231,896 | |
Cash restructuring payments | - | - | - | - | - | - | - | - | - | (519) | (2,608) | (15,022) | (17,342) | (6,032) | (9,087) | (10,292) | (1,656) | (3,961) | |
Cash taxes | (766) | (1,349) | (1,841) | (3,021) | (1,573) | (4,259) | (7,104) | (13,656) | (18,485) | (14,284) | (19,750) | (49,342) | (32,278) | (26,369) | (13,520) | (13,328) | (10,961) | (4,991) | |
Cash interest related to borrowing | (1,089) | (1,789) | (1,635) | (1,391) | (883) | (219) | (1,487) | (4,762) | (6,446) | (8,520) | (31,336) | (37,548) | (49,125) | (56,704) | (72,906) | (97,892) | (26,123) | (58,299) | |
Purchases of property, plant & equipment | ($24,929) | ($62,845) | ($62,740) | ($76,286) | ($101,326) | ($37,405) | ($46,420) | ($78,999) | ($72,122) | ($75,813) | ($80,435) | ($74,157) | ($60,930) | ($70,563) | ($50,467) | ($39,163) | ($38,767) | ($16,790) | |
Purchases of intangible assets not related to acquisition | $0 | $0 | ($1,250) | $0 | $0 | ($205) | ($239) | ($750) | ($253) | ($250) | ($476) | ($197) | ($308) | ($64) | $0 | $0 | ($22) | $0 | |
Capitalization of software and website development costs | ($2,656) | ($4,189) | ($5,696) | ($7,168) | ($6,516) | ($6,290) | ($5,463) | ($7,667) | ($9,749) | ($17,323) | ($26,324) | ($37,307) | ($40,847) | ($48,652) | ($43,992) | ($47,020) | ($21,921) | ($26,445) | |
Cash in (out) from working capital | $4,991 | $6,671 | $11,408 | $17,298 | $17,914 | $4,243 | $15,326 | $16,820 | ($2,456) | $30,260 | $30,522 | $20,249 | $14,177 | $33,653 | $34,178 | $84,385 | $63,702 | $91,523 | |
1 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Our Waltham, MA lease, which was previously classified as build-to-suit, is now classified as an operating lease under the new standard. The Waltham interest expense adjustments that were made in comparative periods are no longer made beginning in FY2020, as any impact from the Waltham lease is reflected in cash provided by (used in) operations. | |||||||||||||||||||
2 Information for the trailing twelve months ended February 29, 2020 is unaudited. | |||||||||||||||||||
Note: values may not sum to total due to rounding. |
Credit Statistics In $ thousands except where noted | |||||||||||
FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | TTM Dec | |
Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | 2020 | |
NET CASH (DEBT): | |||||||||||
Cash and cash equivalents | $236,552 | $62,203 | $50,065 | $62,508 | $103,584 | $77,426 | $25,697 | $44,227 | $35,279 | $45,021 | $36,883 |
Less: Short-term debt | - | - | (8,750) | (37,575) | (21,057) | (21,717) | (28,926) | (59,259) | (81,277) | (17,933) | (12,603) |
Less: Long-term debt | - | (227,387) | (227,037) | (406,994) | (493,039) | (656,794) | (847,730) | (767,585) | (942,290) | (1,415,657) | (1,258,535) |
Less: Debt issuance costs, debt discounts and debt premiums | - | (1,613) | (2,963) | (3,490) | (8,940) | (7,386) | (5,922) | (12,585) | (12,018) | (48,587) | (44,234) |
Net cash (debt) | $236,552 | ($166,797) | ($188,685) | ($385,551) | ($419,452) | ($608,471) | ($856,881) | ($795,202) | ($1,000,306) | ($1,437,156) | ($1,278,489) |
LIQUIDITY: | |||||||||||
Cash and cash equivalents | $236,552 | $62,203 | $50,065 | $62,508 | $103,584 | $77,426 | $25,697 | $44,227 | $35,279 | $45,021 | $36,883 |
Amount available for borrowing as of period end | N/A | 136,488 | 228,580 | 172,068 | 589,597 | 427,450 | 211,768 | 567,541 | 603,812 | 423,668 | 585,050 |
Liquidity | $236,552 | $198,691 | $278,645 | $234,576 | $693,181 | $504,876 | $237,465 | $611,768 | $639,091 | $468,689 | $621,933 |
Note: values may not sum to total due to rounding. |
Reconciliation of Component Revenue to Segment Revenue In $ millions except where noted | |||||
FY 2017 | FY 2018 | FY 2019 | FY 2020 | TTM Dec | |
Total | Total | Total | Total | 2020 | |
REVENUE BY COMPONENT: | |||||
Upload and Print | |||||
PrintBrothers reported revenue | $318.2 | $410.8 | $444.0 | $417.9 | $403.9 |
The Print Group reported revenue | 270.4 | 320.5 | 325.9 | 275.2 | 257.9 |
Upload and Print inter-segment eliminations | N/A | (1.2) | (1.0) | (1.0) | (1.3) |
Total Upload and Print revenue | $588.6 | $730.0 | $768.9 | $692.1 | $660.5 |
1 Information for the trailing twelve months ended February 29, 2020 is unaudited. | |||||
Note: values may not sum to total due to rounding. |
Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted | ||||
FY 2018 | FY 2019 | FY 2020 | TTM Dec | |
Total | Total | Total | 2020 | |
REVENUE GROWTH RECONCILATION BY REPORTABLE SEGMENT: | ||||
Vistaprint | ||||
Revenue | $1,499,141 | $1,508,322 | $1,337,291 | $1,326,423 |
% Change | 11 % | 1 % | (11)% | (11)% |
Currency Impact: (Favorable)/Unfavorable | (2)% | 2 % | 1 % | (1)% |
Constant-Currency Revenue Growth | 9 % | 3 % | (10)% | (12)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 9 % | 3 % | (10)% | (12)% |
PrintBrothers | ||||
Revenue | $410,776 | $443,987 | $417,921 | $403,932 |
% Change | 29 % | 8 % | (6)% | (13)% |
Currency Impact: (Favorable)/Unfavorable | (11)% | 5 % | 3 % | (2)% |
Constant-Currency Revenue Growth | 18 % | 13 % | (3)% | (15)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | - % | - % | (2)% | (2)% |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 18 % | 13 % | (5)% | (17)% |
The Print Group | ||||
Revenue | $320,473 | $325,872 | $275,214 | $257,898 |
% Change | 19 % | 2 % | (16)% | (21)% |
Currency Impact: (Favorable)/Unfavorable | (10)% | 4 % | 3 % | (2)% |
Constant-Currency Revenue Growth | 9 % | 6 % | (13)% | (23)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | - % | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 9 % | 6 % | (13)% | (23)% |
Combined Upload & Print | ||||
Revenue | $730,009 | $768,923 | $692,085 | $660,457 |
% Change | 24 % | 5 % | (10)% | (16)% |
Currency Impact: (Favorable)/Unfavorable | (11)% | 5 % | 3 % | (2)% |
Constant-Currency Revenue Growth | 13 % | 10 % | (7)% | (18)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | - % | - % | - % | -% |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 13 % | 10 % | (7)% | (18)% |
National Pen | ||||
Revenue | $333,266 | $348,409 | $299,474 | $283,667 |
% Change1 | 196 % | 5 % | (14)% | (18)% |
Currency Impact: (Favorable)/Unfavorable | (6)% | 2 % | 1 % | (1)% |
Constant-Currency Revenue Growth | 190 % | 7 % | (13)% | (19)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | (165)% | - % | - % | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 25 % | 7 % | (13)% | (19)% |
Pro Forma Growth Rates: | ||||
Pro Forma Revenue Growth in U.S. Dollars | 23 % | N/A | N/A | N/A |
Currency Impact: (Favorable)/Unfavorable | (4)% | N/A | N/A | N/A |
Pro Forma Revenue Growth in Constant Currency | 19 % | N/A | N/A | N/A |
Impact of Discontinued Operations | 1 % | N/A | N/A | N/A |
Pro Forma Constant-Currency Revenue Growth Excluding Discontinued Operations | 20 % | N/A | N/A | N/A |
All Other Businesses | ||||
Revenue | $40,230 | $136,202 | $173,789 | $180,582 |
% Change | (57)% | 239 % | 28 % | 5 % |
Currency Impact: (Favorable)/Unfavorable | - % | 9 % | 1 % | 2 % |
Constant-Currency Revenue Growth | (57)% | 248 % | 29 % | 7 % |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | 111 % | (241)% | (25)% | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 54 % | 7 % | 4 % | 7 % |
Inter-Segment Eliminations | ($11,345) | ($11,716) | ($22,331) | ($52,791) |
Total Revenue | ||||
Revenue | $2,592,541 | $2,751,076 | $2,481,358 | $2,399,711 |
% Change | 21 % | 6 % | (10)% | (14)% |
Currency Impact: (Favorable)/Unfavorable | (4)% | 3 % | 1 % | (1)% |
Constant-Currency Revenue Growth | 17 % | 9 % | (9)% | (15)% |
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable | (6)% | (4)% | (2)% | - % |
Constant-Currency Revenue Growth Excluding Acquisitions/Divestitures | 11 % | 5 % | (11)% | (15)% |
1 National Pen's reported revenue growth was 100% in Q3 FY2017, Q4 FY2017, Q1 FY2018 and Q2 FY2018 since we did not own this business in the year-ago period. | ||||
Note: During the first quarter of FY2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business unit for purposes of measuring and reporting our segment financial performance. We have revised historical results to reflect the consistent application of our current accounting methodology. | ||||
Note: values may not sum to total due to rounding. |
Reconciliation of Segment Unlevered Free Cash Flow In $ thousands except where noted | ||||
FY 2018 | FY 2019 | FY 2020 | TTM Dec | |
Total | Total | Total | 2020 | |
UNLEVERED FREE CASH FLOW BY COMPONENT: | ||||
Vistaprint | ||||
Segment EBITDA | $309,783 | $349,697 | $366,334 | $342,661 |
Capital Expenditures | (35,998) | (32,820) | (15,986) | (9,738) |
Capitalized Software | (23,457) | (23,369) | (18,381) | (20,018) |
SBC expense treated as cash | 7,384 | 6,153 | 7,101 | 8,579 |
Other reconciling items1 | (6,232) | 13,023 | 8 | 34,113 |
Unlevered free cash flow | $251,480 | $312,684 | $339,076 | $355,597 |
Upload and Print | ||||
PrintBrothers Segment EBITDA | $41,129 | $43,474 | $39,373 | $38,309 |
The Print Group Segment EBITDA | 63,529 | 63,997 | 51,606 | 44,619 |
Combined Upload and Print Segment EBITDA | $104,658 | $107,471 | $90,979 | $82,928 |
Capital Expenditures | (16,212) | (11,429) | (21,451) | (18,526) |
Capitalized Software | (4,010) | (4,114) | (2,474) | (2,231) |
SBC expense treated as cash | 944 | 952 | 946 | 983 |
Other reconciling items1 | (10,788) | (15,166) | (16,548) | 7,312 |
Combined Upload and Print Unlevered free cash flow | $74,592 | $77,714 | $51,452 | $70,466 |
National Pen | ||||
Segment EBITDA | $29,438 | $17,299 | $7,605 | ($2,587) |
Capital Expenditures | (6,565) | (8,346) | (5,016) | (5,063) |
Capitalized Software | (1,482) | (3,624) | (3,290) | (2,544) |
SBC expense treated as cash | 543 | 824 | 1,155 | 1,297 |
Other reconciling items1 | 2,432 | 4,052 | (14,877) | 17,801 |
Unlevered free cash flow | $24,366 | $10,205 | ($14,423) | $8,904 |
All Other Businesses | ||||
Segment EBITDA | ($10,603) | ($6,317) | $17,474 | $31,355 |
Capital Expenditures | (848) | (17,052) | (4,243) | (3,840) |
Capitalized Software | (322) | (2,926) | (3,685) | (3,347) |
SBC expense treated as cash | 109 | 501 | 622 | 737 |
Other reconciling items1 | 385 | (1,322) | 7,161 | 3,536 |
Unlevered free cash flow | ($11,279) | ($27,116) | $17,329 | $28,441 |
1 "Other reconciling items" includes net working capital changes and estimated tax allocation. | ||||
2 Information for the trailing twelve months ended December 31, 2020 is unaudited. | ||||
3 Albumprinter Segment EBITDA is included in All Other Businesses Segment EBITDA through its divestiture date of August 31, 2017. | ||||
Note: values may not sum to total due to rounding. |
Stated Currency Rates | |
Used for Year-over-Year Bookings Growth and Vistaprint Cumulative Gross Profit $ per Customer by Acquisition Cohort | |
Currency | Exchange Rate (USD per Currency) |
Australian Dollar | 0.690 |
Brazilian Real | 0.260 |
Canadian Dollar | 0.750 |
Danish Krone | 0.151 |
Euro | 1.127 |
Great British Pound | 1.267 |
Indian Rupee | 0.014 |
Jamaican Dollar | 0.008 |
Japanese Yen | 0.009 |
New Zealand Dollar | 0.653 |
Norwegian Krone | 0.115 |
Philippine Peso | 0.019 |
Swedish Krona | 0.105 |
Swiss Franc | 1.006 |
Tunisian Dinar | 0.342 |