Cimpress plc

05/01/2024 | Press release | Distributed by Public on 05/01/2024 14:08

Q3 Fiscal Year 2024 Financial and Operating Metrics

About Non-GAAP Financial Measur

ABOUT NON-GAAP FINANCIAL MEASURES: To supplement Cimpress' consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cimpress has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: Constant-currency revenue growth, constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the last twelve months, constant-currency gross profit growth, adjusted EBITDA, adjusted free cash flow and cash interest, net: •Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Constant-currency revenue growth excluding revenue from acquisitions and divestitures made during the past twelve months excludes the impact of currency as defined above. The organic constant-currency growth rate excludes 99designs revenue from Q2 FY2021 through Q1 FY2022, Depositphotos/VistaCreate revenue from Q2 FY2022 through Q1 FY2023, and the revenue from several small acquired businesses for the first year after acquisition. •Constant-currency gross profit growth is estimated by translating all non-U.S. dollar denominated revenue and cost of revenue generated or incurred in the current period using the prior year period's average exchange rate for each currency to the U.S. dollar. •Adjusted EBITDA is defined as GAAP operating income plus depreciation and amortization plus share-based compensation expense plus proceeds from insurance not already included in operating income plus earn-out related charges plus certain impairments plus restructuring related charges plus realized gains or losses on currency derivatives less the gain or loss on purchase or sale of subsidiaries as well as the disposal of assets. •Adjusted free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs, plus payment of contingent consideration in excess of acquisition-date fair value, gains on proceeds from insurance, and proceeds from the sale of assets. •Cash interest, net is cash paid for interest, less cash received for interest. These non-GAAP financial measures are provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons they are used by management. For example, for acquisitions we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP operating income. As another example, as we do not apply hedge accounting for certain derivative contracts, we believe inclusion of realized gains and losses on these contracts that are intended to be matched against operational currency fluctuations provides further insight into our operating performance in addition to that provided by our GAAP operating income. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of Non-GAAP Financial Measures" included at the end of this document. The tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures. Non-GAAP measures are unaudited.

Statement of Income and Margin

Consolidated Statement of Income and Margin Metrics1 In $ thousands, except share count and per share data
FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Q1 16 Q2 16 Q3 16 Q4 16 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
STATEMENT OF INCOME: Total Total Total Total Total Total Total Total Total Total Total Total (Sep 15) (Dec 15) (Mar 16) (Jun 16) Total (Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
Revenue2 $58,784 $90,885 $152,149 $255,933 $400,657 $515,826 $670,035 $817,009 $1,020,269 $1,167,478 $1,270,236 $1,494,206 $375,748 $496,274 $436,817 $479,205 $1,788,044 $443,713 $576,851 $550,585 $564,256 $2,135,405 $563,284 $762,054 $636,069 $631,134 $2,592,541 $588,981 $825,567 $661,814 $674,714 $2,751,076 $633,959 $820,333 $597,960 $429,106 $2,481,358 $586,500 $780,904 $573,362 $635,195 $2,575,961 $657,599 $849,716 $657,412 $722,828 $2,887,555 $703,415 $845,202 $742,164 $788,846 $3,079,627 $757,294 $921,363 $780,588 $2,459,245
Cost of revenue2,7 23,837 36,528 49,858 89,971 154,122 191,944 240,195 287,806 355,205 400,293 451,093 568,572 157,170 197,462 196,911 222,097 773,640 213,050 276,366 268,482 279,077 1,036,975 283,755 360,285 319,209 316,550 1,279,799 302,471 411,496 342,700 344,677 1,401,344 325,665 394,018 309,598 219,590 1,248,871 298,844 380,738 296,533 323,774 1,299,889 338,989 423,937 347,452 382,348 1,492,726 377,735 455,393 394,908 412,589 1,640,625 398,783 463,423 404,668 1,266,874
Gross profit 34,947 54,357 102,291 165,962 246,535 323,882 429,840 529,203 665,064 767,185 819,143 925,634 218,578 298,812 239,906 257,108 1,014,404 230,663 300,485 282,103 285,179 1,098,430 279,529 401,769 316,860 314,584 1,312,742 286,510 414,071 319,114 330,037 1,349,732 308,294 426,315 288,362 209,516 1,232,487 287,656 400,166 276,829 311,421 1,276,072 318,610 425,779 309,960 340,480 1,394,829 325,680 389,809 347,256 376,257 1,439,002 358,511 457,940 375,920 1,192,371
Technology and development expense7 8,515 10,839 15,628 27,176 44,828 60,921 78,387 93,626 129,162 164,859 176,344 186,770 48,513 49,424 54,597 57,546 210,080 59,010 56,282 63,236 64,702 243,230 62,103 59,228 61,267 63,160 245,758 58,178 56,707 59,656 62,256 236,797 63,167 64,427 67,693 57,965 253,252 58,489 65,036 62,572 66,963 253,060 67,277 70,267 75,291 80,010 292,845 74,475 77,723 78,287 71,772 302,257 74,330 79,961 83,790 238,081
Marketing and selling expense7 19,138 32,372 51,174 87,887 127,975 159,143 216,574 271,838 375,538 446,116 440,311 472,079 114,714 135,426 124,655 133,707 508,502 132,668 151,358 167,284 159,622 610,932 166,093 200,785 179,591 168,185 714,654 181,673 210,661 170,202 151,327 713,863 160,917 173,336 148,803 90,985 574,041 138,150 182,322 154,472 173,447 648,391 174,697 208,616 194,618 211,310 789,241 200,930 205,148 187,234 180,658 773,970 192,188 211,843 191,591 595,622
General and administrative expense7 3,968 5,813 16,624 23,694 32,572 42,236 58,031 70,659 105,190 110,086 116,574 142,996 33,281 36,655 36,532 39,376 145,844 56,580 48,161 45,730 57,098 207,569 38,778 44,988 44,103 49,089 176,958 41,176 40,216 37,753 43,507 162,652 43,623 51,910 45,148 42,373 183,054 41,812 42,979 62,358 48,503 195,652 46,548 46,726 50,888 53,183 197,345 54,072 49,791 52,578 52,805 209,246 48,341 48,793 54,254 151,388
Loss on contract termination - 21,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Amortization of acquired intangibles4 - - - - - - - - - - - 24,263 9,714 9,588 10,812 10,449 40,563 10,213 9,879 13,450 12,603 46,145 12,633 12,558 12,941 11,749 49,881 11,301 14,846 14,022 13,087 53,256 13,018 13,150 12,693 12,925 51,786 13,305 13,453 13,506 13,554 53,818 13,458 13,882 14,180 12,977 54,497 12,350 12,362 11,239 10,903 46,854 9,886 9,181 6,919 25,986
Restructuring expense7 - - - - - - - - - - - 3,202 271 110 - - 381 - 1,100 24,790 810 26,700 854 11,501 2,331 550 15,236 170 1,026 7,866 2,992 12,054 2,190 1,897 919 8,537 13,543 (86) 2,182 (382) (73) 1,641 (309) 307 3,420 10,185 13,603 1,820 11,207 30,115 615 43,757 (334) 483 128 277
Gain on sale of subsidiaries - - - - - - - - - - - - - - - - - - - - - - (47,545) - - - (47,545) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Impairment of goodwill and acquired intangible assets - - - - - - - - - - - - - - 30,841 - 30,841 - - 9,556 - 9,556 - - - - - - - - 7,503 7,503 - - 100,842 - 100,842 - - - - - - - - - - - - - 5,609 5,609 - - - -
Total costs and expenses (incl. cost of revenue) 55,458 106,552 133,284 228,728 359,497 454,244 593,187 723,929 965,095 1,121,354 1,184,322 1,397,882 363,663 428,665 454,348 463,175 1,709,851 471,521 543,146 592,528 573,912 2,181,107 516,671 689,345 619,442 609,283 2,434,741 594,969 734,952 632,199 625,349 2,587,469 608,580 698,738 685,696 432,375 2,425,389 550,514 686,710 589,059 626,168 2,452,451 640,660 763,735 685,849 750,013 2,840,257 721,382 811,624 754,361 734,951 3,022,318 723,194 813,684 741,350 2,278,228
Income (loss) from operations 3,326 (15,667) 18,865 27,205 41,160 61,582 76,848 93,080 55,174 46,124 85,914 96,324 12,085 67,609 (17,531) 16,030 78,193 (27,808) 33,705 (41,943) (9,656) (45,702) 46,613 72,709 16,627 21,851 157,800 (5,988) 90,615 29,615 49,365 163,607 25,379 121,595 (87,736) (3,269) 55,969 35,986 94,194 (15,697) 9,027 123,510 16,939 85,981 (28,437) (27,185) 47,298 (17,967) 33,578 (12,197) 53,895 57,309 34,100 107,679 39,238 181,017
Other income (expense), net 6 47 (78) 2,409 (45) 427 (803) (1,491) (2,197) 2,350 (63) (21,630) 20,134 9,242 7,690 (9,003) 18,169 26,098 (2,132) 30,549 (6,582) (11,473) 10,362 (16,312) (7,732) (1,558) 4,570 (21,032) 10,252 9,629 (2,495) 9,090 26,476 15,674 (9,040) 22,537 (6,297) 22,874 (8,754) (17,198) 9,785 (3,186) (19,353) 13,170 12,839 12,321 23,133 61,463 27,397 (17,392) 1,377 7,116 18,498 6,419 (391) (3,651) 2,377
Interest (expense), net5 (83) (390) (1,256) 2,863 2,505 324 (343) 239 (1,679) (5,329) (7,674) (16,705) (8,126) (10,160) (10,091) (9,819) (38,196) (9,904) (9,631) (11,584) (12,858) (43,977) (13,082) (12,529) (12,652) (14,780) (53,043) (13,777) (16,808) (16,787) (15,799) (63,171) (15,087) (15,701) (17,262) (27,790) (75,840) (30,516) (30,141) (29,002) (29,709) (119,368) (25,688) (25,369) (24,247) (24,126) (99,430) (24,806) (28,597) (30,515) (28,875) (112,793) (29,200) (30,588) (30,158) (89,946)
Gain on early extinguishment of debt - - - - - - - - - - - - - - - - - - - - - - - - - (17,359) (17,359) - - - - - - - - - - - - - (48,343) (48,343) - - - - - - - - 6,764 6,764 1,372 349 - 1,721
Income (loss) before income taxes 6 3,290 (16,135) 20,018 30,023 44,092 61,103 75,014 91,122 55,845 40,732 56,610 99,753 13,201 65,139 (36,625) 24,380 66,095 (39,844) 54,623 (60,109) (33,987) (79,317) 17,219 52,448 2,417 (5,718) 66,366 (9,513) 83,436 10,333 42,656 126,912 25,966 96,854 (82,461) (37,356) 3,003 (3,284) 46,855 (34,914) (72,211) (63,554) 4,421 73,451 (40,363) (28,178) 9,331 (15,376) (12,411) (41,335) 38,900 (30,222) 12,691 77,049 5,429 95,169
Income tax provision (benefit) (150) 84 783 2,880 4,261 5,417 7,273 9,013 11,851 9,387 10,590 10,441 3,179 6,148 (854) 7,211 15,684 (9,814) 19,601 (17,431) 526 (7,118) (6,187) 21,825 4,019 (79) 19,578 5,481 14,399 4,091 9,461 33,432 6,115 (93,795) 1,039 5,649 (80,992) 6,794 12,954 3,927 (4,772) 18,903 9,381 17,298 29,529 3,693 59,901 9,365 126,129 8,475 11,524 155,493 8,122 16,795 10,610 35,527
Loss in equity interests - - - - - - - - - 1,910 2,704 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net income (loss) 6 3,440 (16,219) 19,235 27,143 39,831 55,686 67,741 82,109 43,994 29,435 43,316 89,312 10,022 58,991 (35,771) 17,169 50,411 (30,030) 35,022 (42,678) (34,513) (72,199) 23,406 30,623 (1,602) (5,639) 46,788 (14,994) 69,037 6,242 33,195 93,480 19,851 190,649 (83,500) (43,005) 83,995 (10,078) 33,901 (38,841) (67,439) (82,457) (4,960) 56,153 (69,892) (31,871) (50,570) (24,741) (138,540) (49,810) 27,376 (185,715) 4,569 60,254 (5,181) 59,642
Net (income) loss attributable to noncontrolling interest - - - - - - - - - - 380 2,900 749 328 3,100 (239) 3,938 927 6 (256) (189) 488 (43) (688) (663) (1,661) (3,055) 355 (23) 288 952 1,572 180 (426) (1,384) 1,000 (630) (677) (1,614) (209) (272) (2,772) (1,738) (1,364) (1,925) 1,266 (3,761) (700) (1,460) 484 1,413 (263) (15) (2,149) 1,203 (961)
Net income (loss) attributable to Cimpress plc 6 $414 ($21,032) $19,235 $27,143 $39,831 $55,686 $67,741 $82,109 $43,994 $29,435 $43,696 $92,212 $10,771 $59,319 ($32,671) $16,930 $54,349 ($29,103) $35,028 ($42,934) ($34,702) ($71,711) $23,363 $29,935 ($2,265) ($7,300) $43,733 ($14,639) $69,014 $6,530 $34,147 $95,052 $20,031 $190,223 ($84,884) ($42,005) $83,365 ($10,755) $32,287 ($39,050) ($67,711) ($85,229) ($6,698) $54,789 ($71,817) ($30,605) ($54,331) ($25,441) ($140,000) ($49,326) $28,789 ($185,978) $4,554 $58,105 ($3,978) $58,681
Diluted net income (loss) per share 6 $0.03 ($1.85) $0.45 $0.60 $0.87 $1.25 $1.49 $1.83 $1.13 $0.85 $1.28 $2.73 $0.32 $1.81 ($1.04) $0.51 $1.64 ($0.92) $1.07 ($1.38) ($1.11) ($2.29) $0.72 $0.93 ($0.07) ($0.24) $1.36 ($0.47) $2.17 $0.21 $1.09 $3.00 $0.66 $6.81 ($3.26) ($1.62) $3.00 ($0.41) $1.22 ($1.50) ($2.60) ($3.28) ($0.26) $2.08 ($2.75) ($1.17) ($2.08) ($0.97) ($5.34) ($1.88) $1.08 ($7.08) $0.17 $2.14 ($0.15) $2.16
Weighted average shares outstanding - diluted (basic in loss case) 6 12,539,644 11,358,575 42,624,689 45,364,257 46,016,364 44,634,191 45,336,561 44,951,199 38,953,179 34,472,004 34,239,909 33,816,498 33,757,378 32,735,447 31,343,711 32,996,473 33,049,454 31,570,824 32,614,013 31,103,388 31,195,625 31,291,581 32,332,162 32,319,022 30,724,018 30,812,113 32,220,401 30,883,617 31,820,497 31,514,793 31,305,201 31,662,705 30,529,472 27,916,759 26,024,229 25,880,081 27,773,286 25,945,998 26,384,460 26,003,675 26,033,525 25,996,572 26,072,249 26,402,703 26,102,610 26,108,034 26,094,842 26,178,818 26,234,747 26,268,301 26,617,054 26,252,860 27,079,455 27,179,073 26,216,216 27,143,619
MARGIN METRICS:
Gross profit as a percent of revenue 59.4 % 59.8 % 67.2 % 64.8 % 61.5 % 62.8 % 64.2 % 64.8 % 65.2 % 65.7 % 64.5 % 61.9 % 58.2 % 60.2 % 54.9 % 53.7 % 56.7 % 52.0 % 52.1 % 51.2 % 50.5 % 51.4 % 49.6 % 52.7 % 49.8 % 49.8 % 50.6 % 48.6 % 50.2 % 48.2 % 48.9 % 49.1 % 48.6 % 52.0 % 48.2 % 48.8 % 49.7 % 49.0 % 50.9 % 47.8 % 48.6 % 49.2 % 48.5 % 50.1 % 47.1 % 47.1 % 48.3 % 46.3 % 46.1 % 46.8 % 47.7 % 46.7 % 47.3 % 49.7 % 48.2 % 48.5 %
Contribution profit as a percent of revenue3 38.3 % 45.0 % 42.1 % 40.0 % 41.3 % 40.5 % 40.5 % 40.5 % 38.2 % 39.1 % 41.5 % 41.0 % 37.8 % 41.3 % 36.3 % 36.1 % 37.9 % 32.5 % 34.1 % 31.4 % 32.9 % 32.8 % 31.0 % 34.3 % 31.2 % 32.6 % 32.4 % 27.7 % 32.3 % 31.8 % 35.4 % 31.9 % 32.3 % 38.6 % 33.7 % 38.6 % 35.8 % 35.5 % 36.7 % 33.0 % 33.4 % 34.8 % 33.2 % 35.2 % 30.6 % 29.7 % 32.3 % 29.0 % 30.6 % 31.8 % 33.8 % 31.4 % 31.2 % 34.6 % 33.3 % 33.1 %
Operating income (loss) as a percent of revenue 5.7 % (17.2)% 12.4 % 10.6 % 10.3 % 11.9 % 11.5 % 11.4 % 5.4 % 4.0 % 6.8 % 6.4 % 3.2 % 13.6 % (4.0)% 3.3 % 4.4 % (6.3)% 5.8 % (7.6)% (1.7)% (2.1)% 8.3 % 9.5 % 2.6 % 3.5 % 6.1 % (1.0)% 11.0 % 4.5 % 7.3 % 5.9 % 4.0 % 14.8 % (14.7)% (0.8)% 2.3 % 6.1 % 12.0 % (2.7)% 1.4 % 4.8 % 2.6 % 10.1 % (4.3)% (3.8)% 1.6 % (2.6)% 4.0 % (1.6)% 6.8 % 1.9 % 4.5 % 11.7 % 5.0 % 7.4 %
Net income (loss) attributable to Cimpress plc as a percent of revenue 0.7 % (23.1)% 12.6 % 10.6 % 9.9 % 10.8 % 10.1 % 10.0 % 4.3 % 2.5 % 3.4 % 6.0 % 2.7 % 11.9 % (8.2)% 3.6 % 2.8 % (6.8)% 6.1 % (7.8)% (6.2)% (3.4)% 4.1 % 3.9 % (0.4)% (1.2)% 1.7 % (2.5)% 8.4 % 1.0 % 5.1 % 3.5 % 3.2 % 23.2 % (14.2)% (9.8)% 3.4 % (1.8)% 4.1 % (6.7)% (10.7)% (3.3)% (1.0)% 6.4 % (10.9)% (4.2)% (1.9)% (3.6)% (16.6)% (6.6)% 3.6 % (6.0)% 0.6 % 6.3 % (0.5)% 2.4 %
1 Quarterly results are unaudited and when added together, may not equal annual results due to rounding. 2 During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased revenue and cost of revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,522 for the fiscal year ended June 30, 2021. 3 Contribution margin is defined as revenue minus the cost of revenue, the cost of advertising and payment processing, as a percent of total revenue. Historical consolidated advertising expense and payment processing is in the "Operating Metrics" tab of this spreadsheet. 4 During the third quarter of FY2017 we changed the presentation of amortization expense for acquired intangible assets. The expense was previously classified within each of the respective expense lines of our consolidated statement of operations and now is presented as a separate financial statement line item, "Amortization of acquired intangible assets". Periods presented before FY2015 were not recast to reflect this change. 5 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842, which resulted in a change in classification of our Waltham, Massachusetts build-to-suit lease from a finance lease to an operating lease. For the periods from Q1 FY2016 through Q4 FY2019, we presented approximately $28.7 million of expense associated with this lease within interest expense, net. Due to the change in lease classification during Q1 FY2020, we now recognize the impact of all expense related to the lease within operating expenses. We did not recast the prior periods to reflect this change in classification. 6 During the second quarter of fiscal year 2022, we identified an immaterial error related to the recognition of foreign currency gains that were included in other income (expense), net, and revised our previously reported results to recognize the hedging instrument's foreign currency gains of $7,518 and $9,027 for the fourth quarter of fiscal 2021 and first quarter of fiscal 2022, respectively, within accumulated other comprehensive loss. 7 The amounts in the table above include share-based compensation (SBC) as follows:
Cost of revenue N/A N/A $79 $427 $755 $745 $840 $686 $329 $398 $251 $78 $26 $28 $3 $15 $72 $43 $75 $91 $80 $289 $40 $95 $105 $121 $361 $115 $163 $42 $135 $455 $88 $97 $66 $235 $486 $100 $34 $99 $154 $387 $116 $127 $137 $158 $538 $193 $176 $42 $63 $474 $167 $229 $245 $641
Technology and development expense N/A N/A 596 2,184 4,108 5,053 5,790 4,178 5,171 9,209 7,041 4,139 1,330 1,422 1,606 1,534 5,892 2,325 3,118 1,123 2,158 8,724 1,856 2,818 3,242 2,664 10,580 2,208 (1,528) 1,320 1,765 3,765 1,734 2,043 2,014 3,212 9,003 2,191 1,215 2,284 3,373 9,063 2,903 3,355 3,397 3,927 13,582 3,041 4,267 2,500 3,194 13,002 4,209 5,700 5,692 15,601
Marketing and selling expense N/A N/A 159 3,176 3,722 4,021 4,965 3,841 2,692 6,354 5,082 1,952 411 425 387 368 1,591 820 1,480 1,242 1,315 4,857 985 1,858 2,138 1,702 6,683 1,363 (1,877) 1,187 520 1,193 (1,311) 533 1,145 2,336 2,703 1,685 754 1,808 2,700 6,947 2,677 2,798 2,961 2,946 11,382 2,459 1,752 (323) 1,805 5,693 2,218 3,089 3,318 8,625
General and administrative expense N/A N/A 4,016 2,978 6,162 9,654 10,785 12,972 17,221 16,967 15,412 17,906 4,423 4,191 3,957 3,702 16,273 8,383 6,604 4,084 9,429 28,500 3,928 8,037 7,289 12,261 31,515 5,230 522 1,955 5,175 12,882 4,239 5,652 5,683 5,487 21,061 4,307 3,240 5,354 7,736 20,637 5,310 6,225 6,209 6,520 24,264 4,782 5,352 5,023 5,356 20,513 5,859 8,631 9,142 23,632
Restructuring expense N/A N/A - - - - - - - - - - - - - - - - - 6,257 - 6,257 103 506 718 - 1,327 - - 3,250 171 3,421 664 108 (16) 865 1,621 - - - - - - - - - - 156 493 1,492 299 2,440 - - - -
Total share-based compensation expense N/A N/A $4,850 $8,765 $14,747 $19,473 $22,380 $21,677 $25,413 $32,928 $27,786 $24,075 $6,190 $6,066 $5,953 $5,619 $23,828 $11,571 $11,277 $12,797 $12,982 $48,627 $6,912 $13,314 $13,492 $16,748 $50,466 $8,916 ($2,720) $7,754 $7,766 $21,716 $5,414 $8,433 $8,892 $12,135 $34,874 $8,283 $5,243 $9,545 $13,963 $37,034 $11,006 $12,505 $12,704 $13,551 $49,766 $10,631 $12,040 $8,734 $10,717 $42,122 $12,453 $17,649 $18,397 $48,499

TTM Variable and Fixed Cost Com

Variable and Fixed Cost Commentary1 In $USD millions except percentages
As of
March 31, 2024
TTM Total Revenue $ 3,248
TTM Expenses % of revenue Depreciation, Amortization and Impairment Share-Based Compensation Expenses excluding D&A, Impairment and SBC % of Revenue (ex. D&A, Impairment and SBC) Variable/Fixed Commentary
COGS $ 1,679 51.7 % $ 50 $ 1 $ 1,629 50.2 %
Materials, shipping, third-party fulfillers $ 1,209 37.2 % $ - $ - $ 1,209 37.2 % These costs are variable and fluctuate based on volume.
Labor $ 291 9.0 % $ - $ 1 $ 290 8.9 % Includes direct (~80%) and indirect (~20%) labor. Direct labor is managed relative to demand so operates like a variable cost but requires an action to affect that change.
Overhead and other fixed cost $ 179 5.5 % $ 50 $ 129 4.0 % While there is some fluctuation with volume, these are primarily fixed costs such as utilities, maintenance, repairs, lease costs and training.
Marketing and selling $ 776 23.9 % $ 8 $ 10 $ 758 23.3 %
External advertising $ 428 13.2 % $ - $ - $ 428 13.2 % A portion of performance marketing is variable but all of these costs can be increased or decreased based on demand with three exceptions: (1) multi-year sports marketing commitments (multiple teams) that are roughly $15M annually (2) pre-committed media buying for television which is a fixed cost but not material (pre-commitment usually about 2-3 weeks; (3) certain direct mail spend where spend was already made such as production of mailings or buying of lists, both of which would be a sunk cost from a cash perspective.
Payment processing $ 59 1.8 % $ - $ - $ 59 1.8 % These costs are variable and fluctuate based on volume.
Customer services and telesales labor $ 99 3.1 % $ - $ 0 $ 99 3.0 % The vast majority of this is managed relative to demand so operates like a variable cost but requires an action to affect that change.
Other (internal marketing and related costs, third party costs including agencies and consulting, etc.) $ 190 5.8 % $ 8 $ 10 $ 172 5.3 % These are fixed costs, although they include significant discretionary spend and this was a large source of the increase in growth investment in Vista in 2022 and 2023 (this started to decrease in H2 FY2023).
Technology and development $ 310 9.5 % $ 58 $ 19 $ 233 7.2 % These are fixed costs, although they include significant discretionary spend, and this was a source of the increase in growth investment in 2022 and 2023.
General and administrative $ 204 6.3 % $ 4 $ 29 $ 171 5.3 % These are fixed costs, although they include significant discretionary spend.
Amortization of acquired intangibles $ 37 1.1 % $ 37 $ - $ - - % N/A
Restructuring expense $ 1 0.0 % $ - $ 0 $ 1 0.0 % These expenses are event-driven.
Impairment of goodwill and intangible assets $ 6 0.2 % $ 6 $ - $ - - % N/A
Total Expenses $ 3,013 92.8 % $ 163 $ 59 $ 2,791 85.9 %
1 This is a breakdown of our cost base with commentary to provide further visibility of variable and fixed costs. All figures are based on the trailing-twelve-month period ended March 31, 2024 as reported.
Note: values may not sum to total due to rounding.

Adjusted EBITDA (Non-GAAP)

Reconciliation of Adjusted EBITDA1 In $ thousands except leverage ratios
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Q1 16 Q2 16 Q3 16 Q4 16 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
Total Total Total Total Total Total Total Total Total Total (Sep 15) (Dec 15) (Mar 16) (Jun 16) Total (Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
GAAP operating income (loss) $18,865 $27,205 $41,160 $61,582 $76,848 $93,080 $55,174 $46,124 $85,914 $96,324 $12,085 $67,609 ($17,531) $16,030 $78,193 ($27,808) $33,705 ($41,943) ($9,656) ($45,702) $46,613 $72,709 $16,627 $21,851 $157,800 ($5,988) $90,615 $29,615 $49,365 $163,607 $25,379 $121,595 ($87,736) ($3,269) $55,969 $35,986 $94,194 ($15,697) $9,027 $123,510 $16,939 $85,981 ($28,437) ($27,185) $47,298 ($17,967) $33,578 ($12,197) $53,895 $57,309 $34,100 $107,679 $39,238 $181,017
Depreciation and amortization2 7,786 14,874 25,193 35,713 44,367 50,627 59,427 64,325 72,282 97,487 30,226 31,805 34,561 35,527 132,119 35,541 36,977 44,522 42,616 159,656 42,384 41,299 43,437 41,885 169,005 40,718 44,502 44,055 43,682 172,957 42,535 42,356 41,840 41,212 167,943 42,290 43,597 42,809 44,516 173,212 44,432 45,314 43,651 42,284 175,681 40,942 40,874 39,751 40,861 162,428 39,942 39,089 37,072 116,103
Waltham, MA lease depreciation adjustment - - - - - - - - - - (328) (1,045) (1,030) (1,030) (3,433) (1,030) (1,030) (1,030) (1,030) (4,120) (1,030) (1,030) (1,030) (1,030) (4,120) (1,030) (1,030) (1,030) (1,030) (4,120) - - - - - - - - - - - - - - - - - - - - - - - -
Share-based compensation expense3 4,850 8,765 14,747 19,473 22,380 21,677 25,413 32,928 27,786 24,075 6,190 6,066 5,897 5,619 23,772 11,571 11,277 6,541 12,982 42,371 6,809 12,808 12,774 16,748 49,139 8,916 (2,720) 4,504 7,596 18,296 4,750 8,325 8,908 11,269 33,252 8,283 5,243 9,545 13,963 37,034 11,006 12,505 12,704 13,551 49,766 10,475 11,547 7,242 10,418 39,682 12,453 17,649 18,397 48,499
Proceeds from insurance - - - - - - - - - - 1,584 1,553 - 824 3,961 650 - 157 - 807 - 377 299 - 676 - - - - - - - - - - - - 122 - 122 - - - - - - - - - - - - - -
Interest expense associated with Waltham, MA lease - - - - - - - - - - (350) (2,001) (1,975) (1,961) (6,287) (1,970) (1,956) (1,897) (1,904) (7,727) (1,911) (1,896) (1,838) (1,844) (7,489) (1,849) (1,833) (1,775) (1,779) (7,236) - - - - - - - - - - - - - - - - - - - - - - - -
Earn-out related charges - - - - - - - - 2,192 15,276 289 3,413 883 1,793 6,378 16,247 7,010 4,882 12,245 40,384 1,137 1,254 - - 2,391 - - - - - - - - (54) (54) - - - - - - - - - - - - - - - - - - -
Certain impairments and other adjustments - - - - 920 - - - - - - 3,022 37,582 1,216 41,820 - - 9,556 - 9,556 (1) 498 868 1,528 2,893 (87) 65 786 9,936 10,700 (176) 936 101,976 1,857 104,593 783 (215) 20,563 (678) 20,453 (780) (2,713) 277 (6,493) (9,709) 3,456 (925) (549) 4,950 6,932 525 589 (328) 786
Gain on purchase or sale of subsidiaries - - - - - - - - - - - - - - - - - - - - (48,380) - - 435 (47,945) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Restructuring related charges - - - - - - - - - 2,528 271 110 - - 381 - 1,100 24,790 810 26,700 854 11,501 2,331 550 15,236 170 1,026 7,866 2,992 12,054 2,190 1,897 919 8,537 13,543 (86) 2,182 (382) (73) 1,641 (309) 307 3,420 10,185 13,603 1,820 11,207 30,115 615 43,757 (334) 483 128 277
Realized gains (losses) on currency derivatives not included in operating income - - - - - - - 29 (7,048) 7,450 316 3,319 1,391 837 5,863 1,888 6,839 4,591 3,156 16,474 (634) (3,513) (4,811) (2,487) (11,445) 1,607 7,446 4,836 6,400 20,289 4,838 10,408 5,001 4,286 24,533 1,217 (1,578) (1,936) (4,557) (6,854) (3,672) 674 2,011 5,411 4,424 6,869 14,901 4,783 3,171 29,724 2,050 945 (349) 2,646
Adjusted EBITDA1,4 $31,501 $50,844 $81,100 $116,768 $144,515 $165,384 $140,014 $143,406 $181,126 $243,140 $50,283 $113,851 $59,778 $58,855 $282,767 $35,089 $93,922 $50,169 $59,219 $238,399 $45,841 $134,007 $68,657 $77,636 $326,141 $42,457 $138,071 $88,857 $117,162 $386,547 $79,516 $185,517 $70,908 $63,838 $399,779 $88,473 $143,423 $55,024 $62,198 $349,118 $67,616 $142,068 $33,626 $37,753 $281,063 $45,595 $111,182 $69,145 $113,910 $339,832 $88,736 $166,434 $94,158 $349,328
Adjusted EBITDA as percent of total revenue 21 % 20 % 20 % 23 % 22 % 20 % 14 % 12 % 14 % 16 % 13 % 23 % 14 % 12 % 16 % 8 % 16 % 9 % 10 % 11 % 8 % 18 % 11 % 12 % 13 % 7 % 17 % 13 % 17 % 14 % 13 % 23 % 12 % 15 % 16 % 15 % 18 % 10 % 10 % 14 % 10 % 17 % 5 % 5 % 10 % 6 % 13 % 9 % 14 % 11 % 12 % 18 % 12 % 14 %
1 This spreadsheet uses the definition of Adjusted EBITDA as outlined above and therefore does not include the pro-forma impact of acquisitions; however, the senior unsecured notes' covenants allow for the inclusion of pro-forma impacts to Adjusted EBITDA.
2 Depreciation and amortization in this reconciliation prior to 2018 may be slightly different than depreciation and amortization on our cash flow statement to avoid double counting software amortization already captured in SBC.
3 SBC expense in this reconciliation excludes any portion already included in restructuring-related charges to avoid double counting.
4 Adjusted EBITDA includes 100% of the results of our consolidated subsidiaries and therefore does not give effect to Adjusted EBITDA attributable to noncontrolling interests. This is to most closely align to our debt covenant and cash flow reporting.
Note: values may not sum to total due to rounding.
Reference:
Consolidated revenue $152,149 $255,933 $400,657 $515,826 $670,035 $817,009 $1,020,269 $1,167,478 $1,270,236 $1,494,206 $375,748 $496,274 $436,817 $479,205 $1,788,044 $443,713 $576,851 $550,585 $564,256 $2,135,405 $563,284 $762,054 $636,069 $631,134 $2,592,541 $588,981 $825,567 $661,814 $674,714 $2,751,076 $633,959 $820,333 $597,960 $429,106 $2,481,358 $586,500 $780,904 $573,362 $635,195 $2,575,961 $657,599 $849,716 $657,412 $722,828 $2,887,555 $703,415 $845,202 $742,164 $788,846 $3,079,627 $757,294 $921,363 $780,588 $2,459,245

Segment Revenue

Segment Revenue1 In $ thousands except where noted
Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY2023 Q1 24 Q2 24 Q3 24 YTD FY2024
(Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
REVENUE:
Vista2 $294,062 $391,401 $330,848 $329,810 $1,346,121 $326,286 $439,332 $366,627 $366,896 $1,499,141 $345,320 $443,940 $358,660 $360,402 $1,508,322 $343,171 $433,305 $316,310 $244,505 $1,337,291 $329,291 $431,076 $321,965 $345,923 $1,428,255 $349,480 $448,114 $349,216 $368,099 $1,514,909 $369,369 $437,736 $396,642 $410,140 $1,613,887 $396,647 $485,151 $417,896 $1,299,694
as % of revenue 66 % 68 % 60 % 58 % 63 % 58 % 58 % 58 % 58 % 58 % 59 % 54 % 54 % 53 % 55 % 54 % 53 % 53 % 57 % 54 % 56 % 56 % 57 % 55 % 56 % 53 % 53 % 53 % 51 % 52 % 53 % 52 % 53 % 52 % 52 % 52 % 53 % 54 % 53 %
PrintBrothers $72,853 82,549 77,117 85,669 318,188 91,874 107,366 103,685 107,851 410,776 101,389 116,314 109,305 116,979 443,987 109,290 126,617 109,496 72,518 417,921 100,112 121,806 93,997 105,851 421,766 125,357 137,694 119,960 143,941 526,952 132,699 148,598 139,569 157,565 578,431 152,221 165,148 150,304 467,673
as % of revenue 16 % 14 % 14 % 15 % 15 % 16 % 14 % 16 % 17 % 16 % 17 % 14 % 16 % 17 % 16 % 17 % 15 % 18 % 17 % 17 % 17 % 15 % 16 % 17 % 16 % 19 % 16 % 18 % 20 % 18 % 19 % 18 % 19 % 20 % 19 % 20 % 18 % 19 % 19 %
The Print Group $59,104 69,839 65,359 76,123 270,425 68,612 85,631 80,463 85,767 320,473 71,000 87,740 79,027 88,105 325,872 72,258 87,699 68,537 46,720 275,214 66,437 76,204 59,945 72,948 275,534 72,820 90,130 75,361 91,279 329,590 76,823 89,336 85,504 95,286 346,949 80,539 93,268 88,049 261,856
as % of revenue 13 % 12 % 12 % 13 % 13 % 12 % 11 % 13 % 14 % 12 % 12 % 11 % 12 % 13 % 12 % 11 % 11 % 11 % 11 % 11 % 11 % 10 % 10 % 11 % 11 % 11 % 11 % 11 % 13 % 11 % 11 % 11 % 12 % 12 % 11 % 11 % 10 % 11 % 11 %
National Pen N/A N/A 58,828 53,884 112,712 59,717 126,098 81,545 65,906 333,266 65,971 132,951 79,721 69,766 348,409 70,163 127,985 68,362 32,964 299,474 67,649 114,692 62,220 68,967 313,528 69,264 124,717 72,243 75,608 341,832 81,666 120,621 81,113 82,894 366,294 87,255 130,572 89,181 307,008
as % of revenue N/A N/A 11 % 10 % 5 % 11 % 17 % 13 % 10 % 13 % 11 % 16 % 12 % 10 % 13 % 11 % 16 % 11 % 8 % 12 % 12 % 15 % 11 % 11 % 12 % 11 % 15 % 11 % 10 % 12 % 12 % 14 % 11 % 11 % 12 % 12 % 14 % 11 % 12 %
All Other Businesses $18,807 34,469 19,983 20,390 93,649 18,704 7,498 6,998 7,030 40,230 7,715 48,256 38,016 42,215 136,202 42,276 49,774 39,237 42,502 173,789 43,478 55,365 44,062 49,133 192,038 47,871 57,719 48,486 51,786 205,862 51,827 59,998 49,037 52,593 213,455 51,800 60,283 49,103 161,186
as % of revenue 4 % 6 % 4 % 4 % 4 % 3 % 1 % 1 % 1 % 2 % 1 % 6 % 6 % 6 % 5 % 7 % 6 % 7 % 10 % 7 % 7 % 7 % 8 % 8 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 7 % 6 % 7 %
Inter-segment eliminations*,4 ($1,113) (1,407) (1,550) (1,620) (5,690) (1,909) (3,871) (3,249) (2,316) (11,345) (2,414) (3,634) (2,915) (2,753) (11,716) (3,199) (5,047) (3,982) (10,103) (22,331) (20,467) (18,239) (8,827) (7,627) (55,160) (7,193) (8,658) (7,854) (7,885) (31,590) (8,969) (11,087) (9,701) (9,632) (39,389) (11,168) (13,059) (13,945) (38,172)
Total revenue2 $443,713 576,851 550,585 564,256 2,135,405 $563,284 $762,054 $636,069 $631,134 $2,592,541 $588,981 $825,567 $661,814 $674,714 $2,751,076 $633,959 $820,333 $597,960 $429,106 $2,481,358 $586,500 $780,904 $573,362 $635,195 $2,575,961 $657,599 $849,716 $657,412 $722,828 $2,887,555 $703,415 $845,202 $742,164 $788,846 $3,079,627 $757,294 $921,363 $780,588 $2,459,245
*INTER-SEGMENT REVENUE:
Vista $1,113 $1,407 $1,550 $1,620 $5,690 $1,039 $1,896 $1,736 $958 $5,629 $1,250 $2,088 $1,279 $1,233 $5,851 $1,328 $2,525 $1,607 $720 $6,180 $422 $671 $611 $634 $2,338 $702 $1,105 $1,550 $12 $3,370 $510 $502 $270 $295 $1,577 $295 $440 $265 $1,000
PrintBrothers - - - - - 424 596 480 569 2,068 358 353 242 273 1,226 243 329 250 112 934 171 242 166 241 820 229 521 607 371 1,728 317 509 382 505 1,713 679 770 752 2,201
The Print Group - - - - - - 354 228 109 691 58 439 112 187 796 432 986 920 3,656 5,994 6,059 6,861 2,409 1,975 17,304 1,665 2,534 1,476 1,600 7,275 1,832 3,045 2,408 2,652 9,937 2,737 3,242 2,517 8,496
National Pen N/A N/A - - - 446 1,024 805 681 2,956 750 754 1,280 945 3,729 981 966 981 4,878 7,806 13,076 9,737 5,079 4,013 31,905 3,842 3,715 3,143 4,199 14,898 4,722 5,484 5,184 4,434 19,824 5,406 5,830 7,138 18,374
All Other Businesses - - - - - - - - - - - - - 112 112 215 241 224 737 1,417 739 728 562 764 2,793 755 783 1,078 1,703 4,319 1,588 1,547 1,457 1,746 6,338 2,051 2,777 3,273 8,101
Total inter-segment revenue4 $1,113 $1,407 $1,550 $1,620 $5,690 $1,909 $3,870 $3,249 $2,317 $11,345 $2,416 $3,634 $2,913 $2,750 $11,713 $3,199 $5,047 $3,982 $10,103 $22,331 $20,467 $18,239 $8,827 $7,627 $55,160 $7,193 $8,658 $7,854 $7,885 $31,590 $8,969 $11,087 $9,701 $9,632 $39,389 $11,168 $13,059 $13,945 $38,172
SEGMENT REVENUE BY GEOGRAPHIC REGION5:
Vista3
North America N/A N/A N/A N/A $917,125 $227,010 $276,264 $249,749 $260,751 $1,013,774 $246,121 $285,304 $250,229 $259,274 $1,040,928 $247,085 $284,345 $222,294 $174,944 $928,668 $233,998 $277,365 $224,047 $249,500 $984,910 $253,940 $296,575 $245,303 $267,572 $1,063,390 $273,658 $298,698 $284,457 $298,187 $1,155,000 $289,055 $325,693 $296,717 $911,465
Europe N/A N/A N/A N/A 340,286 76,674 132,495 92,881 84,092 386,142 76,670 130,731 86,332 80,034 373,767 74,458 121,143 74,335 55,303 325,239 75,344 $128,870 75,704 74,628 354,546 73,161 121,471 80,945 77,698 353,275 72,795 112,698 90,332 90,419 366,244 85,407 131,138 99,381 315,926
Other2 N/A N/A N/A N/A 83,020 21,563 28,677 22,261 21,095 93,596 21,279 25,816 20,821 19,860 87,776 20,300 25,292 18,074 13,538 77,204 19,527 $24,170 21,603 21,161 86,461 21,677 28,963 21,418 22,816 94,874 22,406 25,838 21,583 21,239 91,066 21,890 27,880 21,533 71,303
Inter-segment revenue N/A N/A N/A N/A 5,690 1,039 1,896 1,736 958 5,629 1,250 2,088 1,279 1,233 5,851 1,328 2,525 1,607 720 6,180 422 671 611 634 2,338 702 1,105 1,550 12 3,370 510 502 270 295 1,577 295 440 265 1,000
Total segment revenue2 N/A N/A N/A N/A $1,346,121 $326,286 $439,332 $366,627 $366,896 $1,499,141 $345,320 $443,939 $358,661 $360,401 $1,508,321 $343,171 $433,305 $316,310 $244,505 $1,337,291 $329,291 $431,076 $321,965 $345,923 $1,428,255 $349,480 $448,114 $349,216 $368,098 $1,514,908 $369,369 $437,736 $396,642 $410,140 $1,613,887 $396,647 $485,151 $417,896 $1,299,694
PrintBrothers4
North America N/A N/A N/A N/A N/A $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $-
Europe N/A N/A N/A N/A $318,188 91,450 106,770 103,205 107,283 408,708 101,031 115,960 109,062 116,706 442,760 109,047 126,288 109,246 72,406 416,987 99,941 121,564 93,831 105,610 420,946 125,128 137,173 119,353 143,570 525,224 132,382 148,089 139,187 157,060 576,718 151,542 164,378 149,552 465,472
Other N/A N/A N/A N/A N/A - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Inter-segment revenue N/A N/A N/A N/A N/A 424 596 480 569 2,069 358 353 242 273 1,227 243 329 250 112 934 171 242 166 241 820 229 521 607 371 1,728 317 509 382 505 1,713 679 770 752 2,201
Total segment revenue N/A N/A N/A N/A $318,188 $91,874 $107,366 $103,685 $107,852 $410,777 $101,389 $116,313 $109,304 $116,979 $443,985 $109,290 $126,617 $109,496 $72,518 $417,921 $100,112 $121,806 $93,997 $105,851 $421,766 $125,357 $137,694 $119,960 $143,941 $526,952 $132,699 $148,598 $139,569 $157,565 $578,431 $152,221 $165,148 $150,304 $467,673
The Print Group4
North America N/A N/A N/A N/A $2,063 $1,016 $1,079 $45 ($5) $2,136 ($0) $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $- $-
Europe N/A N/A N/A N/A 268,362 67,596 84,198 80,190 85,663 317,646 70,944 87,302 78,914 87,918 325,076 71,826 86,713 67,617 43,064 269,220 60,378 69,343 57,536 70,973 258,230 71,155 87,596 73,885 89,679 322,315 74,991 86,291 83,096 92,634 337,012 77,802 90,026 85,532 253,360
Other N/A N/A N/A N/A N/A - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Inter-segment revenue N/A N/A N/A N/A N/A - 354 228 109 691 58 439 112 187 796 432 986 920 3,656 5,994 6,059 6,861 2,409 1,975 17,304 1,665 2,534 1,476 1,600 7,275 1,832 3,045 2,408 2,652 9,937 2,737 3,242 2,517 8,496
Total segment revenue N/A N/A N/A N/A $270,425 $68,612 $85,631 $80,463 $85,767 $320,473 $71,002 $87,741 $79,026 $88,105 325,874 72,258 87,699 68,537 46,720 $275,214 $66,437 $76,204 $59,945 $72,948 $275,534 $72,820 $90,130 $75,361 $91,279 $329,590 $76,823 $89,336 $85,504 $95,286 $346,949 $80,539 $93,268 $88,049 $261,856
National Pen
North America N/A N/A N/A N/A $62,614 $35,001 $55,286 $40,813 $39,646 $170,746 $38,558 $57,348 $41,697 $41,822 $179,425 $41,542 $54,400 $41,093 $17,597 $154,632 $30,321 $48,678 $33,398 $42,460 $154,857 $41,038 $57,976 $43,483 $50,558 $193,055 $49,447 $62,208 $50,938 $54,097 $216,690 $52,735 $59,229 $51,932 $163,896
Europe N/A N/A N/A N/A 39,693 19,459 60,820 31,983 20,091 132,353 21,036 62,473 29,895 20,977 134,381 22,313 60,887 21,146 7,700 112,046 20,604 47,578 19,731 18,091 106,004 20,851 53,797 21,876 17,297 113,821 24,945 50,799 23,811 22,452 122,007 27,737 63,482 28,928 120,147
Other N/A N/A N/A N/A 10,405 4,812 8,968 7,944 5,489 27,213 5,627 12,376 6,849 6,022 30,874 5,327 11,732 5,142 2,789 24,990 3,648 8,699 4,012 4,403 20,762 3,533 9,229 3,741 3,554 20,058 2,552 2,130 1,180 1,910 7,772 1,377 2,031 1,183 4,591
Inter-segment revenue N/A N/A N/A N/A N/A 446 1,024 805 681 2,956 750 754 1,280 945 3,729 981 966 981 4,878 7,806 13,076 9,737 5,079 4,013 31,905 3,842 3,715 3,143 4,199 14,898 4,722 5,484 5,184 4,434 19,824 5,406 5,830 7,138 18,374
Total segment revenue N/A N/A N/A N/A $112,712 $59,718 $126,098 $81,545 $65,907 $333,268 $65,971 $132,951 $79,721 $69,766 $348,409 $70,163 $127,985 $68,362 $32,964 $299,474 $67,649 $114,692 $62,220 $68,967 $313,528 $69,264 $124,717 $72,243 $75,608 $341,832 $81,666 $120,621 $81,113 $82,893 $366,293 $87,255 $130,572 $89,181 $307,008
All Other Businesses4
North America N/A N/A N/A N/A $- $1 $5 $819 $893 $1,718 $1,727 $41,911 $32,880 $35,698 $112,216 $35,406 $44,221 $35,040 $39,128 $153,795 $38,944 $49,662 $39,407 $43,385 $171,398 $41,308 $51,035 $42,047 $43,478 $177,868 $43,292 $52,200 $41,524 $44,129 $181,145 $42,214 $50,570 $39,743 $132,527
Europe N/A N/A N/A N/A 78,954 12,678 - - - 12,678 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Other N/A N/A N/A N/A 14,695 6,025 7,493 6,180 6,137 25,835 5,987 6,344 5,136 6,404 23,871 6,655 5,312 3,973 2,637 18,577 3,795 4,975 4,093 4,984 17,847 5,808 5,901 5,361 6,605 23,675 6,947 6,251 6,056 6,718 25,972 7,535 6,936 6,087 20,558
Inter-segment revenue N/A N/A N/A N/A - - - - - - - - - 112 112 215 241 224 737 1,417 739 728 562 764 2,793 755 783 1,078 1,703 4,319 1,588 1,547 1,457 1,746 6,338 2,051 2,777 3,273 8,101
Total segment revenue N/A N/A N/A N/A $93,649 $18,704 $7,498 $6,999 $7,030 $40,231 $7,714 $48,255 $38,016 $42,214 $136,199 $42,276 $49,774 $39,237 $42,502 $173,789 $43,478 $55,365 $44,062 $49,133 $192,038 $47,871 $57,719 $48,486 $51,786 $205,862 $51,827 $59,998 $49,037 $52,593 $213,455 $51,800 $60,283 $49,103 $161,186
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased Vista segment revenue and consolidated revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,552 for the fiscal year ended June 30, 2021.
3 During the fourth quarter of fiscal year 2023, we identified an immaterial error in our previously disclosed revenue by geographic region for Vista for the fiscal years ended June 30, 2021 and 2022, as well as the first three quarters of fiscal year 2023. The previously disclosed figures understated the revenue in North America and Europe, with an offsetting overstatement for the Other markets. We have corrected the disclosed figures as included herein.
4 In Q4 FY2019 we began reporting the Upload and Print businesses as two separate reportable segments - PrintBrothers and The Print Group. In Q1 FY2020 we moved three businesses previously included in our All Other Businesses segment into our Vista segment. We have recast historical results back to Q1 FY2017 to reflect both of these changes, including inter-segment revenue.
5 Segment revenue by geographic region is in USD.
Note: During Q1 FY2018, we began presenting inter-segment fulfillment activity as revenue for the fulfilling business unit for purposes of measuring and reporting our segment financial performance. We have revised historical results to reflect the consistent application of our current accounting methodology. In addition, we adjusted our historical segment profitability for the allocation of certain IT costs that are allocated to each of our businesses in FY2018.

Constant-Currency Revenue Growt

Reconciliation of Constant-Currency Revenue Growth In $ thousands except where noted
Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
(Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
REVENUE GROWTH RECONCILATION BY REPORTABLE SEGMENT:
Vista1
Revenue $294,062 $391,401 $330,848 $329,810 $1,346,121 $326,286 $439,332 $366,627 $366,896 $1,499,141 $345,320 $443,940 $358,660 $360,402 $1,508,322 $343,171 $433,305 $316,310 $244,505 $1,337,291 $329,291 $431,076 $321,965 $345,923 $1,428,255 $349,480 $448,114 $349,216 $368,099 $1,514,909 $369,369 $437,736 $396,642 $410,140 $1,613,887 $396,647 $485,151 $417,896 $1,299,694
% Change1 N/A N/A N/A N/A N/A 11 % 12 % 11 % 11 % 11 % 6 % 1 % (2)% (2)% 1 % (1)% (2)% (12)% (32)% (11)% (4)% (1)% 2 % 42 % 7 % 6 % 4 % 8 % 6 % 6 % 6 % (2)% 14 % 11 % 7 % 7 % 11 % 5 % 8 %
Currency Impact: (Favorable)/Unfavorable1 N/A N/A N/A N/A N/A (1)% (3)% (4)% (2)% (2)% 1 % 2 % 3 % 2 % 2 % 2 % - % 1 % 1 % 1 % (1)% (3)% (3)% (5)% (3)% (1)% 1 % 2 % 4 % 1 % 4 % 4 % 2 % 1 % 2 % (1)% (2)% - % (1)%
Constant-Currency Revenue Growth1 N/A N/A N/A N/A N/A 10 % 9 % 7 % 9 % 9 % 7 % 3 % 1 % - % 3 % 1 % (2)% (11)% (31)% (10)% (5)% (4)% (1)% 37 % 4 % 5 % 5 % 10 % 10 % 7 % 10 % 2 % 16 % 12 % 9 % 6 % 9 % 5 % 7 %
Impact of Acquisitions/Divestitures: (Favorable)/Unfavorable1 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 & Other

Segment EBITDA & Other1,2 In $ thousands except where noted
Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
(Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Dec 23) Total
SEGMENT EBITDA (LOSS):
Vista8, 11 $34,875 $78,874 $49,441 $49,412 $212,602 $46,419 $115,635 $75,050 $72,679 $309,783 $65,540 $102,511 $88,097 $93,549 $349,697 $86,748 $137,558 $72,609 $65,674 $362,590 $89,380 $110,554 $62,726 $56,024 $318,684 $66,920 $90,766 $25,534 $12,101 $195,321 $30,737 $55,157 $60,392 $77,795 $224,081 $74,424 $103,176 $71,802 $249,402
as % of segment revenue10 12 % 20 % 15 % 15 % 16 % 14 % 26 % 20 % 20 % 21 % 19 % 23 % 25 % 26 % 23 % 25 % 32 % 23 % 27 % 27 % 27 % 26 % 19 % 16 % 23 % 19 % 20 % 7 % 3 % 13 % 8 % 13 % 15 % 19 % 14 % 19 % 21 % 17 % 19 %
PrintBrothers 8,872 8,849 7,064 8,084 32,869 8,468 11,982 9,114 11,565 41,129 10,571 11,691 8,099 13,113 43,474 10,777 16,459 8,686 3,451 39,373 9,715 16,457 7,560 9,412 43,144 16,283 18,605 12,392 19,494 66,774 14,991 19,509 15,886 20,480 70,866 19,826 28,341 16,809 64,976
as % of segment revenue 12 % 11 % 9 % 9 % 10 % 9 % 11 % 9 % 11 % 10 % 10 % 10 % 7 % 11 % 10 % 10 % 13 % 8 % 5 % 9 % 10 % 14 % 8 % 9 % 10 % 13 % 14 % 10 % 14 % 13 % 11 % 13 % 11 % 13 % 12 % 13 % 17 % 11 % 14 %
The Print Group 9,491 12,840 11,058 17,625 51,014 12,223 16,777 15,029 19,500 63,529 11,846 16,368 15,658 20,125 63,997 13,634 18,105 10,934 8,933 51,606 12,183 12,569 6,475 11,899 43,126 14,389 16,358 11,923 15,994 58,664 12,220 13,681 13,589 20,599 60,089 13,608 18,442 18,190 50,240
as % of segment revenue 16 % 18 % 17 % 23 % 19 % 18 % 20 % 19 % 23 % 20 % 17 % 19 % 20 % 23 % 20 % 19 % 21 % 16 % 19 % 19 % 18 % 16 % 11 % 16 % 16 % 20 % 18 % 16 % 18 % 18 % 16 % 15 % 16 % 22 % 17 % 17 % 20 % 21 % 19 %
National Pen N/A N/A (1,497) 2,430 933 2,706 19,367 2,136 5,229 29,438 (16,468) 26,634 113 7,020 17,299 (9,850) 28,099 (1,244) (9,400) 7,605 (10,671) 18,728 (3,324) 6,911 11,644 (8,048) 31,599 (898) 4,192 26,845 (1,297) 24,783 (3,336) 3,564 23,714 (8,303) 25,865 4,815 22,377
as % of segment revenue N/A N/A (3)% 5 % 1 % 5 % 15 % 3 % 8 % 9 % (25)% 20 % - % 10 % 5 % (14)% 22 % (2)% (29)% 3 % (16)% 16 % (5)% 10 % 4 % (12)% 25 % (1)% 6 % 8 % (2)% 21 % (4)% 4 % 6 % (10)% 20 % 5 % 7 %
All Other Businesses (1,705) 5,184 (904) (1,559) 1,016 (330) (3,009) (3,419) (3,845) (10,603) (4,722) (2,294) (1,149) 1,848 (6,317) 1,717 3,668 3,187 8,902 17,474 8,609 10,657 6,515 5,926 31,707 4,891 6,264 6,044 6,028 23,227 6,178 5,406 5,036 8,595 25,215 6,458 7,983 3,966 18,407
as % of segment revenue (9)% 15 % (5)% (8)% 1 % (2)% (40)% (49)% (55)% (26)% (61)% (5)% (3)% 4 % (5)% 4 % 7 % 8 % 21 % 10 % 20 % 19 % 15 % 12 % 17 % 10 % 11 % 12 % 12 % 11 % 12 % 9 % 10 % 16 % 12 % 12 % 13 % 8 % 11 %
Total Segment EBITDA3 51,533 105,747 65,162 75,992 298,434 69,486 160,752 97,910 105,128 433,276 66,767 154,910 110,818 135,655 468,150 103,026 203,889 94,172 77,560 478,648 109,216 168,965 79,952 90,172 448,305 94,435 163,592 54,995 57,809 370,831 62,829 118,536 91,567 131,033 403,965 106,013 183,807 115,582 405,402
Central and corporate costs ex. unallocated SBC4, 8, 11 (24,343) (24,035) (23,739) (23,779) (95,895) (27,708) (27,547) (28,616) (28,968) (112,839) (30,765) (29,811) (31,151) (29,340) (121,067) (33,597) (34,331) (33,475) (28,323) (129,726) (29,093) (28,713) (31,235) (33,708) (122,749) (33,022) (32,802) (34,264) (37,027) (137,115) (35,535) (35,569) (38,384) (31,919) (141,407) (32,128) (32,084) (34,949) (99,161)
Unallocated SBC4 (1,457) (5,305) (2,011) (4,573) (13,346) (2,072) (7,486) (8,600) (7,040) (25,198) (4,068) 11,138 (150) (3,149) 3,771 499 (2,774) (3,698) (954) (6,927) (1,150) (494) (1,302) (3,672) (6,618) (1,131) (1,901) (1,820) (1,991) (6,843) 957 1,767 3,937 1,207 7,868 348 (3,883) (4,523) (8,058)
Exclude: share-based compensation included in segment EBITDA 7,467 10,676 6,165 8,423 32,731 6,769 11,801 12,774 11,003 42,347 8,917 (5,612) 4,504 7,594 15,403 4,750 8,325 8,908 11,269 33,252 8,283 5,243 9,545 13,963 37,034 11,006 12,505 12,704 13,551 49,766 10,475 11,547 7,242 10,418 39,682 12,453 17,649 18,397 48,499
Include: Realized gains (losses) on certain currency derivatives not included in segment EBITDA 1,888 6,839 4,591 3,156 16,474 (634) (3,513) (4,811) (2,487) (11,445) 1,607 7,446 4,836 6,400 20,289 4,838 10,408 5,001 4,286 24,533 1,217 (1,578) (1,936) (4,557) (6,854) (3,672) 674 2,011 5,411 4,424 6,869 14,901 4,783 3,171 29,724 2,050 945 (349) 2,646
Adjusted EBITDA 35,089 93,922 50,169 59,219 238,399 45,841 134,007 68,657 77,636 326,141 42,457 138,071 88,857 117,162 386,547 79,516 185,517 70,908 63,838 399,779 88,473 143,423 55,024 62,198 349,118 67,616 142,068 33,626 37,753 281,063 45,595 111,182 69,145 113,910 339,832 88,736 166,434 94,158 349,328
Depreciation and amortization (35,541) (36,977) (44,522) (42,616) (159,656) (42,384) (41,299) (43,437) (41,885) (169,005) (40,718) (44,502) (44,055) (43,682) (172,957) (42,535) (42,356) (41,840) (41,212) (167,943) (42,290) (43,597) (42,809) (44,516) (173,212) (44,432) (45,314) (43,651) (42,284) (175,681) (40,942) (40,874) (39,751) (40,861) (162,428) (39,942) (39,089) (37,072) (116,103)
Waltham, MA lease depreciation adjustment5 1,030 1,030 1,030 1,030 4,120 1,030 1,030 1,030 1,030 4,120 1,030 1,030 1,030 1,030 4,120 - - - - - - - - - - - - - - - - - - - - - - - -
Proceeds from insurance (650) - (157) - (807) - (377) (299) - (676) - - - - - - - - - - - - (122) - (122) - - - - - - - - - - - - - -
Earn-out related charges (16,247) (7,010) (4,882) (12,245) (40,384) (1,137) (1,254) - - (2,391) - - - - - - - - 54 54 - - - - - - - - - - - - - - - - - - -
Share-based compensation expense6 (11,571) (11,277) (6,541) (12,982) (42,371) (6,809) (12,808) (12,774) (16,748) (49,139) (8,916) 2,720 (4,504) (7,596) (18,296) (4,750) (8,325) (8,908) (11,269) (33,252) (8,283) (5,243) (9,545) (13,963) (37,034) (11,006) (12,505) (12,704) (13,551) (49,766) (10,475) (11,547) (7,242) (10,418) (39,682) (12,453) (17,649) (18,397) (48,499)
Certain impairments and other adjustments - - (9,556) - (9,556) 1 (498) (868) (1,528) (2,893) 87 (65) (786) (9,936) (10,700) 176 (936) (101,976) (1,857) (104,593) (783) 215 (20,563) 678 (20,453) 780 2,713 (277) 6,493 9,709 (3,456) 925 549 (4,950) (6,932) (525) (589) 328 (786)
Restructuring-related charges - (1,100) (24,790) (810) (26,700) (854) (11,501) (2,331) (550) (15,236) (170) (1,026) (7,866) (2,992) (12,054) (2,190) (1,897) (919) (8,537) (13,543) 86 (2,182) 382 73 (1,641) 309 (307) (3,420) (10,185) (13,603) (1,820) (11,207) (30,115) (615) (43,757) 334 (483) (128) (277)
Interest expense for Waltham, MA lease5 1,970 1,956 1,897 1,904 7,727 1,911 1,896 1,838 1,844 7,489 1,849 1,833 1,775 1,779 7,236 - - - - - - - - - - - - - - - - - - - - - - - -
Gain on purchase or sale of subsidiaries7 - - - - - 48,380 - - (435) 47,945 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Realized (gains) losses on currency derivatives not included in operating income (1,888) (6,839) (4,591) (3,156) (16,474) 634 3,513 4,811 2,487 11,445 (1,607) (7,446) (4,836) (6,400) (20,289) (4,838) (10,408) (5,001) (4,286) (24,533) (1,217) 1,578 1,936 4,557 6,854 3,672 (674) (2,011) (5,411) (4,424) (6,869) (14,901) (4,783) (3,171) (29,724) (2,050) (945) 349 (2,646)
Total income from operations ($27,808) $33,705 ($41,943) ($9,656) ($45,702) $46,613 $72,709 $16,627 $21,851 $157,800 ($5,988) $90,615 $29,615 $49,365 $163,607 $25,379 $121,595 ($87,736) ($3,269) $55,969 35,986 94,194 (15,697) 9,027 123,510 16,939 85,981 (28,437) (27,185) 47,298 (17,967) 33,578 (12,197) 53,895 57,309 34,100 107,679 39,238 181,017
Operating income margin (6)% 6 % (8)% (2)% (2)% 8 % 10 % 3 % 3 % 6 % (1)% 11 % 4 % 7 % 6 % 4 % 15 % (15)% (1)% 2 % 6 % 12 % (3)% 1 % 5 % 3 % 10 % (4)% (4)% 2 % (3)% 4 % (2)% 7 % 2 % 5 % 12 % 5 % 7 %
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding. 2 In Q4 FY2019 we began reporting the Upload and Print businesses as two separate reportable segments - PrintBrothers and The Print Group. In Q1 FY2020 we moved three businesses previously included in our All Other Businesses segment into our Vista segment. We have recast historical results back to Q1 FY2017 to reflect both of these changes, including inter-segment revenue. 5 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Our Waltham, MA lease, which was previously classified as build-to-suit, is now classified as an operating lease under the new standard. The Waltham depreciation and interest expense adjustments that were made in comparative periods are no longer made beginning in FY2020, as any impact from the Waltham lease is reflected in operating income. 6 Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to earn-out mechanisms dependent upon continued employment. 7 Includes the impact of the gain on the sale of Albumprinter, as well as a bargain purchase gain as defined by ASC 805-30 for an acquisition in which the identifiable assets acquired and liabilities assumed are greater than the consideration transferred, that was recognized in general and administrative expense in our consolidated statement of operations during the three months ended September 30, 2017. 8In Q4 FY2020, we reorganized technology teams that previously existed within our Vista business and our central teams. The reorganization resulted in the transfer of employees to our central team, which is intended to better align technology tribes and accelerate the Vista re-platforming efforts. We have revised our presentation of prior periods since Q1 FY18 presented to reflect our revised segment reporting for the two changes made during fiscal 2020. 10 During the first quarter of fiscal year 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. As a result, we have revised our previously reported results to present these transactions on a net basis, which decreased Vista segment revenue and consolidated revenue by $5,241, $5,489 and $5,822 in the second, third and fourth quarters of fiscal year 2021, respectively, and $16,810 for the fiscal year ended June 30, 2021. 11 In Q4 FY2022, we transferred certain variable costs previously included in Central and corporate costs to Cimpress businesses to drive better financial accountability for these costs. These costs are managed by our central technology team but directly relate to consumption by our businesses. The only material cost transfer relates to Vista, which we have recast backwards to all periods starting in FY2020 forward to ensure comparability for Vista and these central and corporate costs. The recast transferred $4.9 million, $6.0 million and $3.7 million of cost for FY2022 (Q3YTD), FY2021, and FY2020, respectively, from central and corporate costs to Vista. Additionally, we reduced our previously reported MCP investments for Q1 FY2022, Q2 FY2022, and Q3 FY2022 as the transfer of these variable costs reduced our estimated investment in the platform. All other business impacts are immaterial and will be reported in each business in future periods as they use these services
SEGMENT GROSS PROFIT:
Vista $184,340 $236,782 $198,549 $195,176 $814,847 $191,005 $270,215 $217,901 $218,735 $897,856 $199,613 $258,476 $208,230 $212,569 $878,888 $202,106 $267,857 $188,025 $144,363 $802,351 $191,752 $257,827 $182,542 $201,970 $834,091 $201,826 $262,022 $193,284 $207,715 $864,847 $199,105 $228,743 $218,781 $229,584 $876,213 $218,569 $273,696 $230,366 $722,630
as % of segment revenue 63 % 60 % 60 % 59 % 61 % 63 % 60 % 60 % 59 % 60 % 58 % 58 % 58 % 59 % 58 % 59 % 62 % 59 % 59 % 60 % 58 % 60 % 57 % 58 % 58 % 58 % 58 % 55 % 56 % 57 % 54 % 52 % 55 % 56 % 54 % 55 % 56 % 55 % 56 %
PrintBrothers 18,530 20,030 19,008 21,340 78,908 21,608 25,823 23,831 27,337 98,599 25,643 28,377 24,773 29,546 108,339 26,802 33,072 24,705 16,085 100,664 24,132 31,512 23,470 24,963 104,077 33,294 35,644 31,408 37,731 138,077 33,765 39,685 36,062 42,490 152,002 41,361 51,232 42,580 135,173
as % of segment revenue 25 % 24 % 25 % 25 % 25 % 25 % 24 % 25 % 25 % 24 % 25 % 24 % 23 % 25 % 24 % 25 % 26 % 23 % 22 % 24 % 24 % 26 % 25 % 24 % 25 % 27 % 26 % 26 % 26 % 26 % 25 % 27 % 26 % 27 % 26 % 27 % 31 % 28 % 29 %
The Print Group 19,243 24,825 22,373 28,440 94,881 23,181 30,470 27,297 30,633 111,581 22,872 28,919 26,851 31,915 110,557 23,713 29,820 20,848 15,574 89,955 21,197 25,862 18,586 27,059 92,704 25,891 32,874 24,920 32,084 115,769 24,768 29,587 30,640 38,278 123,273 30,023 34,156 33,832 98,011
as % of segment revenue 33 % 36 % 34 % 37 % 35 % 33 % 36 % 34 % 37 % 35 % 32 % 33 % 34 % 36 % 34 % 33 % 34 % 30 % 33 % 33 % 32 % 34 % 31 % 37 % 34 % 36 % 36 % 33 % 35 % 35 % 32 % 33 % 36 % 40 % 36 % 37 % 37 % 38 % 37 %
National Pen - - 33,395 30,670 64,065 33,916 74,641 47,193 37,312 193,062 35,649 79,166 43,522 38,639 196,976 38,312 72,641 36,838 11,396 159,187 29,325 56,801 31,934 34,722 152,782 35,742 69,077 38,271 38,962 182,052 44,433 64,736 41,439 41,565 192,173 45,105 71,840 47,940 164,885
as % of segment revenue - % - % 57 % 57 % 57 % - % - % 57 % 57 % 58 % 54 % 60 % 55 % 55 % 57 % 55 % 57 % 54 % 35 % 53 % 43 % 50 % 51 % 50 % 49 % 52 % 55 % 53 % 52 % 53 % 54 % 54 % 51 % 50 % 52 % 52 % 55 % 54 % 54 %
All Other Businesses 8,607 18,897 8,767 9,609 45,880 9,807 946 737 751 12,241 2,830 19,009 15,731 17,421 54,991 17,372 23,043 17,844 22,174 80,433 21,555 28,199 22,070 23,870 95,694 22,292 26,392 22,229 24,714 95,627 23,623 27,247 20,402 24,379 95,651 23,788 26,967 21,190 71,946
as % of segment revenue 46 % 55 % 44 % 47 % 49 % 46 % 55 % 44 % 47 % 30 % 37 % 39 % 41 % 41 % 40 % 41 % 46 % 45 % 52 % 46 % 50 % 51 % 50 % 49 % 50 % 47 % 46 % 46 % 48 % 46 % 46 % 45 % 42 % 46 % 45 % 46 % 45 % 43 % 45 %
Corporate & Eliminations (56) ($50) $11 ($53) (148) 14 ($327) ($100) ($183) (596) (97) $124 $7 ($53) (19) (13) ($118) $100 ($76) (107) (305) ($36) ($1,772) ($1,164) (3,277) (435) ($230) ($153) ($727) (1,545) (13) ($189) ($68) ($39) (309) (336) 48 12 (276)
Total $230,664 $300,484 $282,103 $285,182 $1,098,433 $279,531 $401,768 $316,859 $314,585 $1,312,743 $286,510 $414,071 $319,114 $330,037 $1,349,732 $308,292 $426,315 $288,360 $209,516 $1,232,483 $287,656 $400,165 $276,830 $311,420 $1,276,071 $318,610 $425,779 $309,959 $340,479 $1,394,827 $325,681 $389,809 $347,256 $376,257 $1,439,003 $358,510 $457,939 $375,919 $1,192,369
3 SHARE-BASED COMPENSATION INCLUDED IN SEGMENT EBITDA:
Vista $2,857 $2,609 $2,183 $1,862 $9,511 $2,114 $1,893 $1,730 $1,646 $7,383 $1,892 $1,807 $1,370 $1,083 $6,152 $836 $1,264 $1,131 $3,869 $7,100 $2,364 $1,215 $2,775 $3,811 $10,165 $4,241 $4,625 $4,904 $5,178 $18,948 $5,546 $6,246 $4,615 $5,179 $21,586 $6,270 $6,852 $6,814 $19,936
PrintBrothers 60 59 72 62 253 84 79 92 82 337 96 102 97 88 383 84 81 74 313 552 112 59 73 80 324 64 64 65 65 258 48 47 51 48 194 46 197 279 522
The Print Group 165 333 126 128 752 157 155 371 (74) 609 160 168 125 116 569 87 75 71 162 395 159 33 196 (9) 379 61 60 58 58 237 47 45 45 46 183 19 19 19 57
National Pen N/A N/A 49 98 147 139 139 139 126 543 206 206 206 206 824 221 221 224 489 1,155 359 224 184 164 931 104 99 99 99 401 42 42 42 84 210 70 67 67 204
All Other Businesses 88 81 74 70 313 50 38 9 23 120 1 67 100 333 501 94 94 94 341 623 209 94 109 116 528 113 113 113 113 452 113 31 31 31 206 19 19 26 64
Central and Corporate Costs 4,297 7,594 3,661 6,203 21,755 4,225 9,497 10,433 9,200 33,355 6,562 (7,962) 2,606 5,768 6,974 3,428 6,591 7,315 6,095 23,429 5,080 3,618 6,208 9,801 24,707 6,424 7,545 7,465 8,039 29,473 4,679 5,135 2,458 5,030 17,302 6,029 10,495 11,192 27,716
Total share-based compensation included in Segment EBITDA9 $7,467 $10,676 $6,165 $8,423 $32,731 $6,769 $11,801 $12,774 $11,003 $42,347 $8,917 ($5,612) $4,504 $7,594 $15,403 $4,750 $8,325 $8,908 $11,269 $33,252 $8,283 $5,243 $9,545 $13,963 $37,034 $11,006 $12,505 $12,703 $13,552 $49,766 $10,475 $11,547 $7,242 $10,418 $39,682 $12,453 $17,649 $18,397 $48,499
4 CENTRAL AND CORPORATE COSTS DETAIL:
Corporate costs $11,779 $13,282 $10,125 $10,008 $45,194 $9,587 $9,381 $9,675 $10,218 $38,861 $10,858 $8,919 $9,807 $8,966 $38,550 $11,725 $12,633 $11,859 $9,005 $45,222 $8,606 $9,744 $9,856 $12,321 $40,527 $11,635 $10,844 $11,615 $12,718 $46,812 $12,847 $12,517 $15,699 $11,897 $52,960 $12,078 $11,851 $12,287 $36,216
Central operating costs11 8,076 6,928 8,493 8,813 32,310 13,249 13,266 13,788 13,673 53,976 14,599 15,233 15,601 14,967 60,400 16,130 15,742 15,755 13,275 60,902 14,604 12,494 13,994 16,024 57,116 16,024 16,053 16,348 17,678 66,103 16,905 17,131 16,675 17,123 67,834 17,021 17,380 19,466 53,867
MCP investment11 4,488 3,825 5,121 4,958 18,392 4,872 4,900 5,153 5,078 20,003 5,309 5,657 5,743 5,407 22,116 5,742 5,956 5,860 6,043 23,601 5,883 6,475 7,385 5,363 25,106 5,363 5,906 6,299 6,631 24,199 5,783 5,921 6,010 2,899 20,613 3,029 2,853 3,196 9,078
Unallocated SBC 1,457 5,305 2,011 4,573 13,346 2,072 7,486 8,600 7,040 25,198 4,068 (11,138) 150 3,149 (3,771) (499) 2,774 3,698 954 6,927 1,150 494 1,302 3,672 6,618 1,131 1,901 1,820 1,991 6,843 (957) (1,767) (3,937) (1,207) (7,868) (348) 3,883 4,523 8,058
Total central and corporate costs $25,800 $29,340 $25,750 $28,352 $109,242 $29,780 $35,033 $37,216 $36,009 $138,038 $34,834 $18,671 $31,301 $32,489 $117,295 $33,098 $37,105 $37,173 $29,277 $136,653 $30,243 $29,207 $32,537 $37,380 $129,367 $34,153 $34,705 $36,082 $39,018 $143,958 $34,578 $33,802 $34,447 $30,712 $133,539 $31,780 $35,967 $39,472 $107,219
DEPRECIATION AND AMORTIZATION12:
Vista $15,855 $17,217 $19,164 $17,479 $69,715 $18,232 $17,126 $17,704 $17,436 $70,498 $17,024 $16,977 $16,885 $16,431 $67,317 $15,640 $15,042 $14,609 $13,738 $59,029 $13,587 $14,952 $14,881 $15,093 $58,513 $16,403 $17,563 $15,791 $15,732 $65,489 $14,670 $14,193 $14,480 $15,121 $58,464 $14,875 $13,176 $13,040 $41,091
as % of segment revenue 5 % 4 % 6 % 5 % 5 % 6 % 4 % 5 % 5 % 5 % 5 % 4 % 5 % 5 % 5 % 5 % 3 % 5 % 6 % 4 % 4 % 3 % 5 % 4 % 4 % 5 % 4 % 5 % 4 % 4 % 4 % 3 % 4 % 4 % 4 % 4 % 3 % 3 % 3 %
PrintBrothers 5,688 5,451 5,505 5,515 22,159 6,014 6,230 6,675 6,086 25,005 6,413 5,663 5,364 4,668 22,108 5,255 5,553 5,064 5,138 21,010 5,462 5,509 5,493 5,625 22,089 5,234 5,106 5,466 4,984 20,790 4,773 5,149 4,175 4,038 18,135 3,889 4,024 3,789 11,702
as % of segment revenue 8 % 7 % 7 % 6 % 7 % 7 % 6 % 6 % 6 % 6 % 6 % 5 % 5 % 4 % 5 % 5 % 4 % 5 % 7 % 5 % 5 % 5 % 6 % 5 % 5 % 4 % 4 % 5 % 3 % 4 % 4 % 3 % 3 % 3 % 3 % 3 % 2 % 3 % 3 %
The Print Group 8,777 8,116 8,646 8,375 33,914 8,706 8,775 9,026 8,087 34,594 7,731 7,687 7,338 6,681 29,437 6,233 6,609 6,083 5,844 24,769 6,581 6,641 6,630 7,214 27,066 6,584 6,612 6,459 6,002 25,657 5,862 5,799 5,269 5,880 22,810 5,822 6,000 6,184 18,006
as % of segment revenue 15 % 12 % 13 % 11 % 13 % 13 % 10 % 11 % 9 % 11 % 11 % 9 % 9 % 8 % 9 % 9 % 8 % 9 % 13 % 9 % 10 % 9 % 11 % 10 % 10 % 9 % 7 % 9 % 7 % 7 % 8 % 6 % 6 % 6 % 7 % 7 % 6 % 7 % 7 %
National Pen N/A N/A 5,277 4,991 10,268 5,095 5,275 5,372 5,804 21,546 5,124 5,319 5,371 5,828 21,642 5,581 5,523 6,294 6,256 23,654 6,067 6,255 6,304 6,497 25,123 5,908 6,220 5,933 6,200 24,261 5,891 5,795 4,820 4,860 21,366 5,188 4,992 3,228 13,408
as % of segment revenue N/A N/A 9 % 9 % 9 % 9 % 4 % 7 % 9 % 6 % 8 % 4 % 7 % 8 % 6 % 8 % 4 % 9 % 19 % 8 % 9 % 5 % 10 % 9 % 8 % 9 % 5 % 8 % 8 % 7 % 7 % 5 % 6 % 6 % 6 % 6 % 4 % 4 % 4 %
All Other Businesses 2,520 2,641 1,419 2,702 9,282 807 649 1,137 1,336 3,929 583 5,259 5,905 5,321 17,068 5,973 5,888 6,049 5,845 23,755 5,868 4,391 4,524 5,028 19,811 5,042 4,381 4,519 4,594 18,536 4,516 4,326 4,375 4,477 17,694 4,547 4,509 4,604 13,660
as % of segment revenue 13 % 8 % 7 % 13 % 10 % 4 % 9 % 16 % 19 % 10 % 8 % 11 % 16 % 13 % 13 % 14 % 12 % 15 % 14 % 14 % 13 % 8 % 10 % 10 % 10 % 11 % 8 % 9 % 9 % 9 % 9 % 7 % 9 % 9 % 8 % 9 % 7 % 9 % 8 %
Central and Corporate Costs 2,565 3,552 3,392 3,554 13,063 3,530 3,244 3,523 3,136 13,433 3,843 3,597 3,471 5,288 16,199 3,853 3,741 3,741 4,391 15,726 4,725 5,849 4,977 5,059 20,610 5,261 5,432 5,483 4,772 20,948 5,230 5,612 6,632 6,485 23,959 5,621 6,388 6,227 18,236
as % of segment revenue N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Total depreciation and amortization $35,405 $36,977 $43,403 $42,616 $158,401 $42,384 $41,299 $43,437 $41,885 $169,005 $40,718 $44,502 $44,334 $44,217 $173,771 $42,535 $42,356 $41,840 $41,212 $167,943 $42,290 $43,597 $42,809 $44,516 $173,212 $44,432 $45,314 $43,651 $42,284 $175,681 $40,942 $40,874 $39,751 $40,861 $162,428 $39,942 $39,089 $37,072 $116,103
12 ACQUISITION-RELATED AMORTIZATION AND DEPRECIATION INCLUDED IN TOTAL DEPRECIATION AND AMORTIZATION ABOVE:
Vista $152 $148 $148 $151 $599 $154 $150 $157 $151 $612 $151 $149 $- $- $300 $- $- $- $- $- $- $1,499 $1,499 $1,499 $4,497 $1,499 $2,760 $2,758 $3,255 $10,272 $2,479 $2,479 $2,991 $2,588 $10,537 $1,826 $1,187 $1,186 $4,199
PrintBrothers 4,421 4,278 4,222 4,100 17,021 4,381 4,415 4,596 4,358 17,750 4,224 4,147 3,639 3,346 15,356 3,317 3,334 3,315 3,309 13,275 3,496 3,567 3,608 3,464 14,135 3,368 3,267 3,611 3,144 13,390 2,985 3,020 2,122 2,149 10,276 1,934 1,912 1,657 5,503
The Print Group 5,066 5,031 5,033 4,287 19,417 4,558 4,471 4,669 3,733 17,431 3,431 3,342 3,172 2,461 12,406 2,491 2,610 2,147 2,389 9,637 2,531 2,536 2,548 2,592 10,207 2,517 2,443 2,401 1,714 9,075 1,536 1,511 1,588 1,629 6,264 1,613 1,595 1,590 4,798
National Pen N/A N/A 3,549 3,562 7,111 3,574 3,554 3,587 3,555 14,270 3,556 3,547 3,546 3,547 14,196 3,556 3,552 3,565 3,574 14,247 3,612 3,619 3,619 3,612 14,462 3,606 3,602 3,601 3,565 14,374 3,564 3,566 2,751 2,750 12,631 2,750 2,750 750 6,250
All Other Businesses 574 562 556 562 2,254 20 22 22 22 86 7 3,729 3,733 3,800 11,269 3,720 3,719 3,719 3,719 14,877 3,719 2,232 2,232 2,387 10,570 2,468 1,810 1,810 1,808 7,896 1,787 1,787 1,787 1,787 7,148 1,763 1,737 1,736 5,236
Total acquisition-related amortization and depreciation included in total depreciation and amortization above $10,213 $10,019 $13,508 $12,662 $46,402 $12,687 $12,612 $13,031 $11,819 $50,149 $11,369 $14,914 $14,090 $13,154 $53,527 $13,084 $13,215 $12,746 $12,991 $52,036 $13,358 $13,453 $13,506 $13,554 $53,871 $13,458 $13,882 $14,181 $13,486 $55,007 $12,350 $12,362 $11,239 $10,903 $46,854 $9,886 $9,181 $6,919 $25,986
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT:
Vista $11,599 $8,707 $12,366 $7,872 $40,544 $13,946 $10,932 $4,944 $6,187 $36,009 $12,056 $9,378 $4,718 $6,668 $32,820 $4,505 $6,192 $134 $5,155 $15,986 $ 1,934 $ 2,515 $ 2,411 $ 5,472 $ 12,332 $ 2,478 $ 7,881 $ 4,132 $ 2,707 $ 17,198 $ 3,124 $ 6,445 $ 3,006 $ 5,029 $ 17,604 $ 3,611 $ 5,859 $ 6,488 $ 15,958
as % of segment revenue10 4 % 2 % 4 % 2 % 3 % 4 % 2 % 1 % 2 % 2 % 3 % 2 % 1 % 2 % 2 % 1 % 1 % - % 2 % 1 % 1 % 1 % 1 % 2 % 1 % 1 % 2 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 2 % 1 %
PrintBrothers 542 847 411 1,512 3,312 1,149 2,870 1,411 1,039 6,469 1,729 647 395 750 3,521 331 668 2,397 919 4,315 925 213 286 2,185 3,609 1,512 1,204 665 407 3,788 708 1,053 2,010 651 4,422 5,152 90 (132) 5,110
as % of segment revenue 1 % 1 % 1 % 2 % 1 % 1 % 3 % 1 % 1 % 2 % 2 % 1 % 0 % 1 % 1 % - % 1 % 2 % 1 % 1 % 1 % - % - % 2 % 1 % 1 % 1 % 1 % - % 1 % 1 % 1 % 1 % - % 1 % 3 % - % - % 1 %
The Print Group 4,258 2,337 2,483 2,485 11,563 2,108 2,863 868 3,927 9,766 1,996 2,787 557 2,568 7,908 4,105 4,889 4,949 3,193 17,136 2,887 3,043 980 4,937 11,847 1,428 5,249 7,560 5,640 19,877 4,819 5,270 3,995 5,599 19,683 8,496 2,547 1,933 12,976
as % of segment revenue 7 % 3 % 4 % 3 % 4 % 3 % 3 % 1 % 5 % 3 % 3 % 3 % 1 % 3 % 2 % 6 % 6 % 7 % 7 % 7 % 4 % 4 % 2 % 7 % 4 % 2 % 6 % 10 % 6 % 6 % 6 % 6 % 5 % 6 % 6 % 11 % 3 % 2 % 5 %
National Pen N/A N/A 1,013 2,701 3,714 2,490 1,219 1,183 1,673 6,565 4,727 2,308 745 566 8,346 2,016 761 728 1,511 5,016 1,452 1,372 679 100 3,603 1,188 1,023 644 1,477 4,332 1,601 846 889 2,667 6,003 2,669 1,486 313 4,468
as % of segment revenue N/A N/A 2 % 5 % 3 % 4 % 1 % 1 % 3 % 2 % 7 % 2 % 1 % 1 % 2 % 3 % 1 % 1 % 5 % 2 % 2 % 1 % 1 % - % 1 % 2 % 1 % 1 % 2 % 1 % 2 % 1 % 1 % 3 % 2 % 3 % 1 % - % 1 %
All Other Businesses 2,249 3,502 3,814 1,060 10,625 389 211 151 196 947 285 2,362 12,138 2,211 16,996 1,775 595 1,523 349 4,242 954 1,014 744 2,754 5,466 1,515 2,157 2,130 1,225 7,027 1,068 767 815 2,143 4,793 2,235 1,181 1,455 4,871
as % of segment revenue 12 % 10 % 19 % 5 % 10 % 2 % 3 % 2 % 3 % 2 % 4 % 5 % 32 % 5 % 8 % 4 % 1 % 4 % 1 % 2 % 2 % 2 % 2 % 6 % 3 % 3 % 4 % 4 % 2 % 3 % 2 % 1 % 2 % 4 % 2 % 4 % 2 % 3 % 3 %
Central and Corporate Costs 671 1,548 569 1,608 4,396 375 122 210 467 1,174 233 259 614 (134) 972 1,461 796 813 702 3,772 231 250 846 340 1,667 503 401 472 442 1,818 438 351 281 197 1,267 402 227 413 1,042
as % of segment revenue N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Total purchases of property, plant and equipment $19,319 $16,941 $20,656 $17,238 $74,154 $20,457 $18,217 $8,767 $13,489 $60,930 $21,026 $17,741 $19,167 $12,629 $70,563 $14,193 $13,901 $10,544 $11,829 $50,467 $8,383 $8,407 $5,946 $15,788 $38,524 $8,624 $17,915 $15,603 $11,898 $54,040 $11,758 $14,732 $10,996 $16,286 $53,772 $22,565 $11,390 $10,470 $44,425
CAPITALIZATION OF SOFTWARE AND WEBSITE DEVELOPMENT COSTS:
Vista $4,216 $5,985 $7,313 $4,399 $21,913 $5,504 $5,036 $6,763 $6,154 $23,457 $6,264 $5,214 $6,084 $5,807 $23,369 $5,422 $4,357 $5,895 $2,707 $18,381 $ 6,987 $ 4,429 $ 10,414 $ 6,467 $ 28,297 $ 7,572 $ 8,618 $ 8,235 $ 6,569 $ 30,994 $ 6,635 $ 5,139 $ 5,894 $ 4,891 $ 22,559 $ 6,640 $ 6,050 $ 6,231 $ 18,921
as % of segment revenue 1 % 2 % 2 % 2 % 2 % 2 % 1 % 2 % 2 % 2 % 2 % 1 % 2 % 2 % 2 % 2 % 1 % 2 % 1 % 1 % 2 % 1 % 3 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 1 % 1 % 1 % 1 % 2 % 1 % 1 % 1 %
PrintBrothers 263 370 387 1,638 2,658 393 435 532 476 1,836 287 517 437 546 1,787 331 291 90 278 990 406 185 379 495 1,465 232 236 361 310 1,139 389 1,069 104 448 2,010 457 456 521 1,434
as % of segment revenue - % - % 1 % 2 % - % - % - % 1 % - % - % - % 1 % 1 % - % - % - % - % - % - % - % - % - % - % - % 0 % - % - % - % - % 0 % - % 1 % - % - % 0 % - % - % - % 0 %
The Print Group 181 299 127 908 1,515 381 581 617 595 2,174 495 703 525 604 2,327 451 424 374 235 1,484 230 433 398 542 1,603 426 519 790 684 2,419 490 771 866 870 2,997 694 1,056 891 2,641
as % of segment revenue - % - % - % 1 % - % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % - % 1 % 1 % 1 % - % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 %
National Pen N/A N/A - - - - 367 302 813 1,482 900 576 1,035 1,113 3,624 836 979 775 700 3,290 714 355 604 1,442 3,115 678 1,053 877 782 3,390 588 512 778 1,035 2,913 805 1,171 1,111 3,087
as % of segment revenue N/A N/A - % - % - % - % - % - % 1 % - % 1 % - % 1 % 2 % 1 % 1 % 1 % 1 % 2 % 1 % 1 % - % 1 % 2 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % - % 1 % 1 % 1 % 1 % 1 % 1 % 1 %
All Other Businesses 186 180 179 216 761 230 64 59 92 445 90 871 1,098 889 2,948 963 1,116 890 715 3,684 1,061 681 897 1,107 3,746 1,184 1,083 981 849 4,097 924 899 1,008 1,468 4,299 1,187 1,110 1,582 3,879
as % of segment revenue 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 1 % 2 % 3 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 1 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 2 % 1 % 2 % 3 % 2 % 2 % 2 % 3 % 2 %
Central and Corporate Costs 3,466 3,964 1,562 1,468 10,460 2,426 2,697 3,089 3,241 11,453 3,197 2,807 3,537 5,056 14,597 4,468 3,779 4,383 3,533 16,163 5,406 5,558 6,184 5,563 22,711 5,547 4,986 6,497 6,228 23,258 6,304 5,526 6,285 4,894 23,009 4,614 4,104 4,699 13,417
as % of segment revenue N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Total capitalization of software and website development costs $8,312 $10,798 $9,568 $8,629 $37,307 $8,934 $9,180 $11,362 $11,371 $40,847 $11,233 $10,688 $12,716 $14,015 $48,652 $12,471 $10,946 $12,407 $8,168 $43,992 $14,804 $11,641 $18,876 $15,616 $60,937 $15,639 $16,495 $17,741 $15,422 $65,297 $15,330 $13,916 $14,935 $13,606 $57,787 $14,397 $13,947 $15,035 $43,379
9 SBC included in segment EBITDA may not sum to total SBC because segment EBITDA excludes restructuring expense, and is therefore excluded from this view as well. Additionally, the accounting value of the Supplemental PSUs (SPSUs) expense or benefit, if any, are included in Central and Corporate Costs.

Cash Flow Statement

Cash Flow Statement1 In $ thousands
FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Q1 16 Q2 16 Q3 16 Q4 16 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
Total Total Total Total Total Total Total Total Total Total Total Total (Sep 15) (Dec 15) (Mar 16) (Jun 16) Total (Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
CONSOLIDATED STATEMENTS OF CASH FLOWS:
Operating activities
Net income (loss) $3,440 ($16,219) $19,235 $27,143 $39,831 $55,686 $67,741 $82,109 $43,994 $29,435 $43,316 $89,312 $10,022 $58,991 ($35,771) $17,169 $50,411 ($30,030) $35,022 ($42,678) ($34,513) ($72,199) $23,406 $30,623 ($1,602) ($5,639) $46,788 ($14,994) $69,037 $6,242 $33,195 $93,480 $19,851 $190,649 ($83,500) ($43,005) $83,995 ($10,078) $33,901 ($38,841) ($67,439) ($82,457) ($4,960) $56,153 ($69,892) ($31,871) ($50,570) ($24,741) ($138,540) ($49,810) $27,376 ($185,715) $4,569 $60,254 ($5,181) $59,642
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 4,209 5,902 7,786 14,874 25,193 35,713 44,367 50,627 59,427 64,325 72,282 97,500 30,258 31,805 34,454 35,401 131,918 35,405 36,977 43,402 42,616 158,400 42,384 41,299 43,437 41,885 169,005 40,718 44,502 44,334 44,217 173,771 42,535 42,356 41,840 41,212 167,943 42,290 43,597 42,809 44,516 173,212 44,432 45,314 43,651 42,284 175,681 40,942 40,874 39,751 40,861 162,428 39,942 39,089 37,072 116,103
Impairment of goodwill and acquired intangible assets - - - - - - 920 - - - - - - - 30,841 - 30,841 - - 9,556 - 9,556 - - - - - - - - 7,503 7,503 - - 100,842 - 100,842 - - - - - - - - - - - - - 5,609 5,609 - - - -
Amortization of premiums and discounts on short-term investments - - - - - - 127 163 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Share-based compensation expense - - 4,850 8,765 14,747 19,473 22,380 21,677 25,413 32,928 27,786 24,075 6,190 6,066 5,897 5,619 23,772 11,571 11,277 12,797 12,982 48,627 6,912 13,314 13,492 16,748 50,466 8,916 (2,720) 7,754 7,766 21,716 5,414 8,433 8,892 12,135 34,874 8,283 5,243 9,545 13,963 37,034 11,006 12,505 12,704 13,551 49,766 10,631 12,040 8,734 10,717 42,122 12,453 17,649 18,397 48,499
Impairment of long-lived assets - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 19,882 - 19,882 - - - - - - - - - - - - - -
Deferred taxes (527) (420) 218 1,290 (2,029) (4,538) 179 1,614 (1,810) (8,626) (12,807) (14,940) (2,649) (5,690) (2,842) (4,741) (15,922) (18,163) 655 (20,341) (3,509) (41,358) (16,589) 9,720 (2,683) (4,487) (14,039) (3,963) 12,207 769 (2,175) 6,838 (960) (104,615) (4,415) 3,126 (106,864) (32) 2,713 (168) (12,797) (10,284) (1,138) 5,115 22,659 (3,757) 22,879 (1,024) 117,951 (943) (1,072) 114,912 (1,118) (997) 3,185 1,070
Loss on sale of equity method investment - - - - - - - - - - 12,681 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Loss in equity interests - - - - - - - - - 1,910 2,704 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Non-cash gain on equipment - - - - - - - - - (1,414) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Provision for (recovery of) doubtful accounts (162) 9 (7) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Abandonment of long-lived assets - - - 1,350 133 1,892 535 486 - 1,529 7 - - 3,022 6,741 1,216 10,979 - - 1,730 678 2,408 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Gain on sale of subsidiaries - - - - - - - - - - - - - - - - - - - - - - (47,545) - - - (47,545) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Loss (gain) on early extinguishment of debt - - - - - - - - - - - - - - - - - - - - - - - - - 17,359 17,359 - - - - - - - - - - - - - 48,343 48,343 - - - - - - - - (6,764) (6,764) (1,372) (349) - (1,721)
Change in contingent earn-out liability - - - - - - - - - (588) 2,192 14,890 - - - - - 16,020 6,746 4,598 12,013 39,377 827 947 - - 1,774 - - - - - - - - (54) (54) - - - - - - - - - - - - - - - - - - -
Gain on sale of available-for-sale securities - - - - - - - - - - - - - - - - - - (2,268) - - (2,268) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Unrealized loss on derivatives not designated as hedging instruments included in net income (loss) - - - - - - - - - - 425 (1,868) (2,052) 134 2,897 (9,142) (8,163) 1,811 (6,384) 5,412 14,974 15,813 6,066 (1,525) 4,705 (24,786) (15,540) (5,766) (3,815) 3,649 574 (5,358) (14,527) 22,075 (12,152) 12,335 7,731 14,628 17,917 (14,265) (957) 17,323 (16,534) (6,486) (2,619) (14,769) (40,408) (14,024) 39,921 6,615 1,881 34,393 (6,261) 11,129 (9,420) (4,552)
Payments of contingent consideration in excess of acquisition date fair value - - - - - - - - - - - (8,055) - - - (8,613) (8,613) - - - - - - - (4,639) - (4,639) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency - - - - - - - - - 29 748 (6,455) (7,793) (3,036) 7,657 (6,027) (9,199) 3,027 (16,273) 6,031 1,525 (5,690) 8,386 4,889 (8,064) 14,249 19,460 (2,856) 193 3,939 (5,640) (4,364) 5,028 (3,669) (2,386) 225 (802) (4,958) 1,826 5,669 (2,297) 240 174 (6,476) 455 6,384 537 (749) (4,233) (1,990) (5,016) (11,988) 1,885 (12,548) 11,041 378
Other non-cash items - - - - - - - 71 361 1,329 1,328 4,130 887 643 1,265 2,989 5,784 670 1,049 674 493 2,886 23 794 1,312 2,539 4,668 745 1,675 2,322 4,467 9,209 1,365 1,680 1,891 6,347 11,283 3,192 1,637 (2,680) 4,892 7,041 (471) (1,228) (6,505) (5,500) (13,704) 2,158 9,750 3,292 (1,965) 13,235 (1,229) 459 1,313 543
Gain on proceeds from insurance - - - - - - - - - - - - (1,587) (1,549) - - (3,136) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Changes in operating assets and liabilities:
Accounts receivable (233) (457) (266) (3,124) (1,257) 276 (3,727) (3,454) (1,405) (1,532) 4,008 2,057 (5,943) 4,314 3,999 4,396 6,766 2,917 (2,095) 2,612 1,267 4,701 (8,839) (7,617) 1,760 9,573 (5,123) (7,291) (4,575) (1,946) 9,626 (4,186) (6,595) (1,645) 21,990 12,909 26,659 (12,448) (1,811) 4,608 (1,823) (11,474) (7,149) (5,953) (4,662) (355) (18,119) (9,460) 3,995 625 597 (4,243) (2,209) 4,730 (8,950) (6,429)
Interest receivable - - (351) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Inventory (46) (316) (1,030) 298 (1,309) (1,921) (2,224) (1,466) 1,150 (525) (1,055) (4,491) (1,710) (1,377) 1,771 1,305 (11) (1,220) (2,967) (2,949) (1,563) (8,699) (8,985) 1,628 (4,747) 5,036 (7,068) (11,316) 1,862 377 5,450 (3,627) (6,410) (4,270) 2,804 (10,452) (18,328) (3,111) 3,621 4,472 11,400 16,382 (11,744) (11,583) (8,637) (12,125) (44,089) (36,434) 10,185 23,654 13,947 11,352 (401) 5,710 1,697 7,006
Prepaid expenses and other assets (281) (1,774) (1,682) (3,177) (2,173) (4,879) 3,792 9,936 (5,768) 10,791 (15,336) 8,597 3,157 (5,551) (1,875) (3,399) (7,668) 671 (14,961) 16,679 (1,868) 521 (4,893) 719 4,310 (2,608) (2,472) 783 (9,180) 3,079 9,793 4,475 737 (2,992) 13,886 315 11,946 2,523 (2,445) (5,320) 2,636 (2,606) (4,832) (5,137) (8,807) 12,787 (5,989) 3,151 (16,327) 8,105 6,839 1,768 4,214 (3,333) 4,079 4,960
Accounts payable (522) 1,665 1,649 (240) 2,439 3,148 6,176 (2,610) 5,667 557 14,945 (4,026) 10,520 10,259 (8,283) 13,174 25,670 (7,952) 29,760 (11,900) 15,424 25,332 (1,621) 45,225 (25,156) 3,334 21,782 1,586 47,253 (36,432) 7,428 19,835 (11,038) 35,470 (18,842) (23,137) (17,547) 38,684 22,116 (50,210) 18,777 29,367 10,290 59,028 (33,458) 74,117 109,977 (12,013) 22,973 (55,954) 16,122 (28,872) (22,209) 77,226 (66,481) (11,464)
Accrued expenses and other liabilities 3,291 4,939 4,235 7,061 13,457 24,804 19,707 5,996 19,720 11,660 515 41,296 (11,874) 36,858 (13,846) 2,791 13,929 (5,127) 28,521 (16,638) (27,427) (20,671) 16,847 20,347 (54,234) (25,504) (42,544) 15,658 26,831 (17,107) (13,579) 11,803 27,505 18,720 (51,886) 42,427 36,766 26,708 22,172 (12,721) (12,941) 23,218 17,493 2,092 6,916 7,074 33,575 16,312 (17,463) 30,520 (47,317) (17,948) 13,990 (24,073) 21,675 11,592
Net cash provided by (used in) operating activities 9,169 (6,671) 34,637 54,240 89,032 129,654 159,973 165,149 146,749 141,808 153,739 242,022 27,426 134,889 32,905 52,138 247,358 9,600 105,059 8,985 33,092 156,736 16,379 160,363 (32,109) 47,699 192,332 22,220 183,270 16,980 108,625 331,095 62,905 202,192 18,964 54,383 338,444 105,681 150,487 (37,220) 46,273 265,221 36,567 143,344 (48,195) 87,820 219,536 (25,251) 81,126 12,599 61,815 130,289 42,254 174,946 8,427 225,627
Investing activities
Purchases of property, plant and equipment (13,374) (18,629) (24,929) (62,845) (62,740) (76,286) (101,326) (37,405) (46,420) (78,999) (72,122) (75,813) (24,393) (19,156) (19,092) (17,794) (80,435) (19,319) (16,941) (20,656) (17,241) (74,157) (20,457) (18,217) (8,767) (13,489) (60,930) (21,026) (17,741) (19,167) (12,629) (70,563) (14,193) (13,901) (10,544) (11,829) (50,467) (8,383) (8,407) (5,946) (15,788) (38,524) (8,624) (17,915) (15,603) (11,898) (54,040) (11,758) (14,732) (10,996) (16,286) (53,772) (22,565) (11,390) (10,470) (44,425)
Proceeds from the sale of subsidiaries, net of transactions costs and cash divested - - - - - - - - - - - - - - - - - - - - - - 93,779 - - - 93,779 - - - - - - - - (1,124) (1,124) - - - - - - - - - - - - (4,130) - (4,130) - - - -
Business acquisitions, net of cash acquired - - - - - - (6,496) - (180,675) - (216,384) (123,804) (22,815) (4,717) (134,908) (1,972) (164,412) (580) (206,236) 1,941 - (204,875) (110) - - - (110) (18,000) (271,269) (651) - (289,920) (4,272) - - - (4,272) - (36,395) - (17,015) (53,410) - (68,946) (6,312) - (75,258) - (498) - - (498) - - - -
Purchases of intangible assets (1,183) - - - (1,250) - - (205) (239) (750) (253) (250) (357) (45) (51) (23) (476) (26) (62) (22) (87) (197) (24) (254) (30) - (308) (22) - - (42) (64) - - - - - - - - - - - - - - - - - - - - - - - -
Purchases of marketable securities - - (75,705) (52,399) (49,487) (6,078) (9,804) - - - (4,629) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (203,581) (203,581) - - - - - (84,030) - - - (84,030) - - - -
Capitalization of software and website development costs (3,523) (1,908) (2,656) (4,189) (5,696) (7,168) (6,516) (6,290) (5,463) (7,667) (9,749) (17,323) (4,910) (7,217) (6,057) (8,140) (26,324) (8,312) (10,798) (9,568) (8,629) (37,307) (8,934) (9,180) (11,362) (11,371) (40,847) (11,233) (10,688) (12,716) (14,015) (48,652) (12,471) (10,946) (12,407) (8,168) (43,992) (14,804) (11,641) (18,876) (15,616) (60,937) (15,639) (16,495) (17,741) (15,422) (65,297) (15,330) (13,916) (14,935) (13,606) (57,787) (14,397) (13,947) (15,035) (43,379)
Investment in equity interests - - - - - - - - - (12,753) (4,994) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Proceeds from sale of available-for-sale securities - - 31,880 57,000 61,117 31,937 100 9,570 529 - - - - - - - - - 6,346 - - 6,346 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Proceeds from maturity of held-to-maturity investments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10,000 17,000 66,679 57,521 151,200 9,953 22,377 27,780 32,000 92,110 20,500 5,416 10,760 36,676
Sale of equity securities - - - - - - - - - - 449 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Proceeds from the sale of assets - - - 256 - - 177 - - 1,750 137 - - - - - - 303 343 3,585 282 4,513 217 117 151 401 886 318 205 27 90 640 670 177 786 11 1,644 2,103 1,269 202 2,122 5,696 1,699 24,136 1,631 10,305 37,771 122 1,243 499 2,795 4,659 5,636 352 431 6,419
Proceeds from insurance related to investing activities - - - - - - - - - - - - 2,075 1,549 - - 3,624 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Proceeds (payments) for settlement of derivatives designated as hedging instruments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (12,016) (12,016) - - 27,732 2,059 29,791 - - - (3,291) (3,291) - (1,880) - 4,124 2,244 - - - - - - - - -
Other investing activities - - - - - - - - - (512) 561 - - 775 - 1,710 2,485 482 99 1,915 1,392 3,888 (2,173) 1,170 (1,947) (114) (3,064) 395 (447) 461 - 409 903 217 436 - 1,556 - (419) 150 - (269) (617) - - - (617) - - - (277) (277) - - - -
Net cash provided by (used in) investing activities (18,080) (20,537) (71,410) (62,177) (58,056) (57,595) (123,865) (34,330) (232,268) (98,931) (306,984) (217,190) (50,400) (28,811) (160,108) (26,219) (265,538) (27,452) (227,249) (22,805) (24,283) (301,789) 62,298 (26,364) (21,955) (24,573) (10,594) (49,568) (299,940) (32,046) (38,612) (420,166) (29,363) (24,453) 6,003 (19,051) (66,864) (21,084) (55,593) (24,470) (253,169) (354,316) (13,181) (64,100) 28,654 44,630 (3,997) (101,043) (5,526) (1,782) 4,626 (103,725) (10,826) (19,569) (14,314) (44,709)
Financing activities
Proceeds from borrowings of debt 6,021 11,361 9,600 1,630 - - - - 408,500 113,712 482,800 367,500 214,999 55,000 246,009 82,000 598,008 87,000 360,000 165,004 125,071 737,075 179,532 131,817 279,159 215,487 805,995 245,096 447,842 233,440 214,229 1,140,607 277,785 356,300 409,515 237,890 1,281,490 99,000 202,000 233,051 131,631 665,682 - - - - - 10,000 - 38,264 - 48,264 173 347 366 886
Proceeds from Term Loan B - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,149,751 1,149,751 - - - - - - - - - - - - - -
Proceeds from issuance of senior notes - - - - - - - - - - - 275,000 - - - - - - - - - - - - - 400,000 400,000 - - - - - - - 210,500 - 210,500 - - - - - - - - - - - - - - - - - - -
Proceeds from issuance of 12% Senior Secured Notes due 2025 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 271,568 271,568 - - - - - - - - - - - - - - - - - - -
Payments of debt - (307) (1,386) (2,620) (3,251) (3,219) (13,848) (5,222) (179,500) (104,125) (273,490) (581,920) (73,310) (162,014) (96,797) (98,501) (430,622) (82,725) (165,046) (150,511) (141,631) (539,913) (234,678) (252,788) (168,687) (318,628) (974,781) (206,692) (268,305) (206,035) (266,664) (947,696) (74,392) (218,054) (310,603) (734,285) (1,337,334) (182,726) (289,743) (167,050) (603,087) (1,242,606) (4,111) (3,560) (3,478) (3,361) (14,510) (13,256) (3,330) (41,361) (3,363) (61,310) (3,784) (3,891) (4,108) (11,783)
Payments for early redemption of second lien notes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (309,000) (309,000) - - - - - - - - - - - - - -
Payments for early redemption of 7% Senior Notes due 2026 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (44,994) (44,994) (19,815) (4,656) - (24,471)
Payments for early redemptions of senior notes - - - - - - - - - - - - - - - - - - - - - - - - - (275,000) (275,000) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Payments of early redemption fees for senior notes - - - - - - - - - - - - - - - - - - - - - - - - - (14,438) (14,438) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Payments of debt issuance costs - - - - - - - - (1,819) (1,536) (1,364) (6,373) (8) - (62) - (70) - - - (229) (229) (3,251) - - (7,378) (10,629) (1,458) (13) (1,258) - (2,729) - - (4,862) (17,708) (22,570) (410) (641) (1,410) (9,502) (11,963) (1,137) (298) (5) (4) (1,444) (23) (28) - - (51) - - - -
Payment of deferred offering costs - (255) (1,387) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net proceeds from public offering - - 61,380 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Payments of purchase consideration included in acquisition-date fair value - - - - - - - - - - - (11,105) - - (4,350) (2,980) (7,330) - - (539) - (539) - (83) (2,022) - (2,105) - - - (3,282) (3,282) - - - - - (648) - (557) - (1,205) - - (43,647) - (43,647) (225) - (6,875) - (7,100) - - - -
Proceeds from issuance of warrants - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22,432 22,432 - - - - - - - - - - - - - - - - - - -
Payments of withholding taxes in connection with equity awards - - - - (3,391) (4,176) (6,142) (5,653) (4,149) (3,556) (9,430) (29,351) (2,741) (1,505) (1,522) (1,699) (7,467) (7,549) (1,315) (1,952) (3,752) (14,568) (1,190) (908) (982) (16,618) (19,698) (1,766) (359) (277) (3,577) (5,979) (359) (103) (40,955) (292) (41,709) (5,592) - (1) (164) (5,757) (2,579) (319) (200) (121) (3,219) (2,212) (158) (1,439) (639) (4,448) (8,404) (1,784) (3,881) (14,069)
Payments of finance lease obligations2 - - - - - - - - - - (1,297) (5,750) (2,183) (4,194) (3,760) (3,796) (13,933) (3,276) (3,538) (5,215) (3,858) (15,887) (4,658) (4,804) (4,317) (3,839) (17,618) (4,182) (4,598) (3,942) (4,341) (17,063) (2,719) (2,645) (2,990) (1,157) (9,511) (1,592) (1,683) (2,211) (2,514) (8,000) (2,526) (30,581) (1,992) (2,413) (37,512) (2,412) (1,852) (1,753) (2,273) (8,290) (2,768) (2,112) (2,621) (7,501)
Purchase of ordinary shares (5,156) - - - - (45,518) - (56,935) (309,701) (64,351) (42,016) - (127,793) (14,411) (11,263) - (153,467) - (50,008) - - (50,008) (40,674) (14,465) (39,571) - (94,710) - (14,043) (12,074) (29,450) (55,567) (231,883) (305,690) (89,483) - (627,056) - - - - - - - - - - - - - - - - - (100,729) (100,729)
Purchase of noncontrolling interests - - - - - - - - - - - - - - - - - - (20,230) - - (20,230) - - - (1,144) (1,144) - (41,177) - (44,343) (85,520) - - - - - - (5,063) - - (5,063) - (324) - (1,841) (2,165) - (95,567) - - (95,567) - - (65) (65)
Proceeds from sale of noncontrolling interest - - - - - - - - - - - - - - - - - - - - - - 35,390 - - - 35,390 - - - 57,046 57,046 - - - - - - - - - - - - - - - - - - - - - - - -
Distribution to noncontrolling interests - - - - - - - - - - - - - - - - - - - - - - - - - - - - (3,375) - - (3,375) - (3,921) (34) - (3,955) - (4,599) - (148) (4,747) - (3,963) - - (3,963) (3,652) - - - (3,652) (549) - - (549)
Proceeds from issuance of ordinary shares 711 47 6,644 13,706 8,321 12,067 14,977 7,013 1,394 4,805 4,425 13,123 282 1,770 1,327 1,326 4,705 - 257 74 5,861 6,192 6,070 2,949 2,497 465 11,981 - 2,891 (134) 646 3,403 - 6 - - 6 - - - (2,280) (2,280) - - - - - - - - 327 327 82 6 687 775
Proceeds from issuance of Series B preferred shares, net 28,187 22,688 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Repurchase of Series A preferred shares (3,961) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Issuance of loans - - - - - - - - - - - - - - - - - - - - - - (12,000) - (4,500) (4,500) (21,000) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Capital contribution from noncontrolling interest - - - - - - - - - - 4,821 4,160 5,141 - - - 5,141 - 1,404 - - 1,404 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Other financing activities - - - - - - - - - - - (118) (85) (218) - - (303) - 1,281 - - 1,281 - - - - - 645 (645) 2,319 (175) 2,144 (1,437) (278) (454) 53 (2,116) (11) (46) (253) (374) (684) 2 39 (67) (86) (112) - - 113 (398) (285) - - - -
Net cash (used in) provided by financing activities 25,802 33,534 74,851 12,716 1,679 (40,846) (5,013) (60,797) (85,275) (55,051) 164,449 25,166 14,302 (125,572) 129,582 (23,650) (5,338) (6,550) 122,805 6,861 (18,538) 104,578 (75,459) (138,282) 61,577 (25,593) (177,757) 31,643 118,218 12,039 (79,911) 81,989 (33,005) (174,385) 170,634 (221,499) (258,255) (91,979) (99,775) 61,569 354,313 224,128 (10,351) (39,006) (49,389) (7,826) (106,572) (11,780) (100,935) (13,051) (51,340) (177,106) (35,065) (12,090) (110,351) (157,506)
Effect of exchange rate changes on cash and cash equivalents 20 16 173 32 1,026 (370) (2,356) 3,804 (3,555) 36 1,239 (8,922) (1,096) (1,121) 1,148 (1,569) (2,640) 601 (4,652) 838 4,001 788 1,843 1,547 2,301 (3,184) 2,507 (454) (1,352) (979) 919 (1,866) (4,582) 2,329 (2,927) 1,597 (3,583) 2,590 1,535 (398) (758) 2,969 (2,827) (2,310) (717) (9,083) (14,937) (6,879) 8,644 1,815 222 3,802 (1,477) 5,722 (3,632) 613
Change in cash held for sale - - - - - - - - - - - - - - - - - - - - 12,042 12,042 12,042 - - - 12,042 - - - - - - - (1,326) 1,326 - - - - - - - - - - - - (4,130) 4,130 - - - - - -
Net increase (decrease) in cash and cash equivalents 16,911 6,342 38,251 4,811 33,681 30,843 28,739 73,825 (174,349) (12,138) 12,443 41,076 (9,768) (20,615) 3,527 700 (26,158) (23,801) (4,037) (6,121) (17,770) (51,729) 17,103 (2,736) 9,814 (5,651) 18,530 3,841 196 (4,006) (8,979) (8,948) (4,045) 5,683 191,348 (183,244) 9,742 (4,792) (3,346) (519) 146,659 138,002 10,208 37,928 (69,647) 115,541 94,030 (144,953) (20,821) 3,711 15,323 (146,740) (5,114) 149,009 (119,870) 24,025
Cash and cash equivalents at beginning of period 3,149 20,060 26,402 64,653 69,464 103,145 133,988 162,727 236,552 62,203 50,065 62,508 103,584 93,816 73,199 76,726 103,584 77,426 53,625 49,588 43,467 77,426 25,697 42,800 40,064 49,878 25,697 44,227 48,068 48,264 44,258 44,227 35,279 31,234 36,917 228,265 35,279 45,021 40,229 36,883 36,364 45,021 183,023 193,231 231,159 161,512 183,023 277,053 132,100 111,279 114,990 277,053 130.31300000000002 125,199 274,208 130,313
Cash and cash equivalents at end of period $20,060 $26,402 $64,653 $69,464 $103,145 $133,988 $162,727 $236,552 $62,203 $50,065 $62,508 $103,584 $93,816 $73,201 $76,726 $77,426 $77,426 $53,625 $49,588 $43,467 $25,697 $25,697 $42,800 $40,064 $49,878 $44,227 $44,227 $48,068 $48,264 $44,258 $35,279 $35,279 $31,234 $36,917 $228,265 $45,021 $45,021 $40,229 $36,883 $36,364 $183,023 $183,023 $193,231 $231,159 $161,512 $277,053 $277,053 $132,100 $111,279 $114,990 $130,313 $130,313 $125.199 $274,208 $154,338 $154,338
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842, which resulted in a change in classification of our Waltham, Massachusetts build-to-suit lease from a finance lease to an operating lease. For the periods from Q2 FY2016 through Q4 FY2019, we presented approximately $1 million of quarterly payments related this lease within financing activities. Due to the change in lease classification during Q1 FY2020, the impact of these payments is now presented within operating activities. We did not recast the prior periods to reflect this change in classification.

Adjusted Free Cash Flow (Non-GA

Reconciliation of Adjusted Free Cash Flow In $ thousands except where noted
FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
Total Total Total Total Total Total Total Total Total Total Total (Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
ADJUSTED FREE CASH FLOW AND SELECTED CASH FLOW METRICS:
Net cash provided by (used in) operations $34,637 $54,377 $89,032 $129,654 $159,973 $165,149 $146,749 $141,808 $153,739 $242,022 $247,358 $9,600 $105,059 $8,985 $33,092 $156,736 $16,379 $160,363 ($32,109) $47,699 $192,332 $22,220 $183,270 $16,980 $108,625 $331,095 $62,905 $202,192 $18,964 $54,383 $338,444 $105,681 $150,487 ($37,220) $46,273 $265,221 $36,567 $143,344 ($48,195) $87,820 $219,536 ($25,251) $81,126 $12,599 $61,815 $130,289 $42,254 $174,946 $8,427 $225,627
Purchases of property, plant & equipment (24,929) (62,845) (62,740) (76,286) (101,326) (37,405) (46,420) (78,999) (72,122) (75,813) (80,435) (19,319) (16,941) (20,656) (17,241) (74,157) (20,457) (18,217) (8,767) (13,489) (60,930) (21,026) (17,741) (19,167) (12,629) (70,563) (14,193) (13,901) (10,544) (11,829) (50,467) (8,383) (8,407) (5,946) (15,788) ($38,524) (8,624) (17,915) (15,603) (11,898) ($54,040) ($11,758) ($14,732) ($10,996) ($16,286) ($53,772) (22,565) (11,390) (10,470) (44,425)
Purchases of intangible assets not related to acquisition - - (1,250) - - (205) (239) (750) (253) (250) (476) (26) (62) (22) (87) (197) (24) (254) (30) - (308) (22) - - (42) (64) - - - - - - - - - $0 - - - - $0 $0 $0 $0 $0 $0 - - - -
Capitalization of software and website development costs (2,656) (4,189) (5,696) (7,168) (6,516) (6,290) (5,463) (7,667) (9,749) (17,323) (26,324) (8,312) (10,798) (9,568) (8,629) (37,307) (8,934) (9,180) (11,362) (11,371) (40,847) (11,233) (10,688) (12,716) (14,015) (48,652) (12,471) (10,946) (12,407) (8,168) (43,992) (14,804) (11,641) (18,876) (15,616) ($60,937) (15,639) (16,495) (17,741) (15,422) ($65,297) ($15,330) ($13,916) ($14,935) ($13,606) ($57,787) (14,397) (13,947) (15,035) (43,379)
Proceeds from sale of assets 1 - 256 - - 177 - - 1,750 137 - - 303 343 3,585 282 4,513 217 117 151 401 886 318 205 27 90 640 670 177 786 11 1,644 2,103 1,269 202 2,122 $5,696 1,699 910 1,631 10,305 $14,545 $122 $1,243 $499 $2,795 $4,659 5,636 352 431 6,419
Payment of contingent earn-out liabilities - - - - - - - - - 8,055 8,613 - - - - - - - 49,241 - 49,241 - - - - - - - - - - - - - - $0 - - - - $0 $0 $0 $0 $0 $0 - - - -
Proceeds from insurance related to investing activities - - - - - - - - - - 3,624 - - - - - - - - - - - - - - - - - - - - - - - - $0 - - - - $0 $0 $0 $0 $0 $0 - - - -
Adjusted free cash flow $7,052 ($12,401) $19,346 $46,200 $52,308 $121,249 $94,627 $56,142 $71,752 $156,691 $152,360 ($17,754) $77,601 ($17,676) $7,417 $49,588 ($12,819) $132,829 ($2,876) $23,240 $140,374 ($9,743) $155,046 ($14,876) $82,029 $212,456 $36,911 $177,522 ($3,201) $34,397 $245,629 $84,597 $131,708 ($61,840) $16,991 $171,456 $14,003 $109,844 ($79,908) $70,805 $114,744 ($52,217) $53,721 ($12,833) $34,718 $23,389 $10,928 $149,961 ($16,647) $144,242
Reference:
Value of new finance leases $- $- $- $- $- $- $- $- $- $13,192 $7,535 $2,077 $2,835 $7,187 $2,323 $14,422 $- $112 $419 $- $531 $3,565 $3,660 $4,395 $251 $11,871 $- $140 $1,451 $14 $1,605 $76 $74 $5,480 $1,366 $6,996 $865 $2,731 $159 $3,278 $7,033 $2,412 $6,231 $5,762 $5,898 $20,303 $386 $1,823 $2,231 $4,440
Cash restructuring payments - - - - - - - - - 519 2,608 - - 7,523 7,499 15,022 4,082 6,844 4,180 2,236 17,342 1,231 425 3,120 1,256 6,032 2,262 494 2,314 4,017 9,087 2,515 1,446 144 2,515 6,620 - 244 - 21 265 7,931 1,896 5,032 22,288 37,147 5,715 1,223 459 7,397
Cash taxes paid in current period 766 1,349 1,841 3,021 1,573 4,259 7,104 13,656 18,485 14,284 19,750 8,555 11,754 15,658 13,375 49,342 5,369 5,083 7,436 14,390 32,278 5,449 5,512 5,162 10,246 26,369 4,472 711 4,537 3,800 13,520 352 4,639 8,065 14,814 27,870 7,767 8,058 7,762 9,400 32,987 4,257 6,909 12,328 7,690 31,184 15,794 10,640 12,873 39,307
Cash paid for interest $1,089 $1,789 $1,635 $1,391 $883 $219 $1,487 $4,762 $6,446 $8,520 $37,623 $5,362 $14,793 $7,275 $17,845 $45,275 $8,430 $17,433 $7,991 $22,760 $56,614 $7,549 $22,256 $10,082 $24,053 $63,940 $9,384 $23,929 $9,450 $30,143 $72,906 $9,078 $49,221 $8,015 $50,663 $116,977 $14,358 $35,329 $13,811 $34,601 $98,099 $15,060 $35,760 $19,976 $43,156 $113,952 $24,239 $42,407 $23,910 $90,556
Cash received for interest N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A (797) (764) (797) (413) (2,771) (587) (344) (420) (489) (1,840) (691) (710) (789) (1,040) ($3,230) (2,074) (2,954) (2,980) (3,443) (11,451) (3,349) (2,816) (5,043) (11,208)
Interest expense for Waltham, Massachusetts lease - - - - - - - - - - (6,287) (1,970) (1,956) (1,897) (1,904) (7,727) (1,911) (1,896) (1,838) (1,844) (7,489) (1,849) (1,833) (1,775) (1,779) (7,236) - - - - - - - - - - - - - - - - - - - - - - - -
Cash interest, net, (related to borrowing) $1,089 $1,789 $1,635 $1,391 $883 $219 $1,487 $4,762 $6,446 $8,520 $31,336 $3,392 $12,837 $5,378 $15,941 $37,548 $6,519 $15,537 $6,153 $20,916 $49,125 $5,700 $20,423 $8,307 $22,274 $56,704 $8,587 $23,165 $8,653 $29,730 $70,135 $8,491 $48,877 $7,595 $50,174 $115,137 $13,667 $34,619 $13,022 $33,561 $94,869 $12,986 $32,806 $16,996 $39,713 $102,501 $20,890 $39,591 $18,867 $79,348
Capital expenditures as a percent of total revenue 16.4 % 24.6 % 15.7 % 14.8 % 15.1 % 4.6 % 4.5 % 6.8 % 5.7 % 4.9 % 4.5 % 4.4 % 2.9 % 3.8 % 3.1 % 3.5 % 3.6 % 2.4 % 1.4 % 2.1 % 2.4 % 3.6 % 2.1 % 2.9 % 1.9 % 2.6 % 2.2 % 1.7 % 1.8 % 2.8 % 2.0 % 1.4 % 1.1 % 1.0 % 2.5 % 1.5 % 1.3 % 2.1 % 2.4 % 1.6 % 1.8 % 1.7 % 1.7 % 1.5 % 2.1 % 1.7 % 3.0 % 1.2 % 1.3 % 1.8 %
Capital expenditures plus new finance leases as a percent of total revenue 16.4 % 24.6 % 15.7 % 14.8 % 15.1 % 4.6 % 4.5 % 6.8 % 5.7 % 6.0 % 4.9 % 4.8 % 3.4 % 5.1 % 3.5 % 4.1 % 3.6 % 2.4 % 1.4 % 2.1 % 2.4 % 4.2 % 2.6 % 3.6 % 1.9 % 3.0 % 2.2 % 1.7 % 2.0 % 2.8 % 2.3 % 1.4 % 1.1 % 2.0 % 2.7 % 1.8 % 1.4 % 2.4 % 2.4 % 2.1 % 2.1 % 2.0 % 2.5 % 2.3 % 2.8 % 2.4 % 3.0 % 1.4 % 1.6 % 2.0 %
Note: values may not sum to total due to rounding.
* Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities as of Q1 FY2020 in this document. The presentation of information prior to this quarter shows only the cash interest payments, but cash interest received was immaterial in these periods.

Balance Sheet

Balance Sheet1 In $ thousands
June 30, 2005 June 30, 2006 June 30, 2007 June 30, 2008 June 30, 2009 June 30, 2010 June 30, 2011 June 30, 2012 June 30, 2013 June 30, 2014 June 30, 2015 Q1 16 Q2 16 Q3 16 Q4 16 June 30, 2016 Q1 17 Q2 17 Q3 17 Q4 17 June 30, 2017 Q1 18 Q2 18 Q3 18 Q4 18 June 30, 2018 Q1 19 Q2 19 Q3 19 Q4 19 June 30, 2019 Q1 20 Q2 20 Q3 20 Q4 20 June 30, 2020 Q1 21 Q2 21 Q3 21 Q4 21 June 30, 2021 Q1 22 Q2 22 Q3 22 Q4 22 June 30, 2022 Q1 23 Q2 23 Q3 23 Q4 23 June 30, 2023 Q1 24 Q2 24 Q3 24 March 31, 2024
CONSOLIDATED BALANCE SHEET: (Sep 15) (Dec 15) (Mar 16) (Jun 16) (Sep 16) (Dec 16) (Mar 17) (Jun 17) (Sep 17) (Dec 17) (Mar 18) (Jun 18) (Sep 18) (Dec 18) (Mar 19) (Jun 19) (Sep 19) (Dec 19) (Mar 20) (Jun 20) (Sep 20) (Dec 20) (Mar 21) (Jun 21) (Sep 21) (Dec 21) (Mar 22) (Jun 22) (Sep 22) (Dec 22) (Mar 23) (Jun 23) (Sep 23) (Dec 23) (Mar 24)
Assets
Current assets:
Cash and cash equivalents $26,402 $64,653 $69,464 $103,145 $133,988 $162,727 $236,552 $62,203 $50,065 $62,508 $103,584 $93,816 $73,201 $76,726 $77,426 $77,426 $53,625 $49,588 $43,467 $25,697 $25,697 $42,800 $40,064 $49,878 $44,227 $44,227 $48,068 $48,264 $44,258 $35,279 $35,279 $31,234 $36,917 $228,265 $45,021 $45,021 $40,229 $36,883 $36,364 $183,023 $183,023 $193,231 $231,159 $161,512 $277,053 $277,053 $132,100 $111,279 $114,990 $130,313 $130,313 $125,199 $274,208 $154,338 $154,338
Marketable securities - 43,474 38,578 26,598 - 9,604 529 - - 13,857 6,910 5,745 5,883 6,194 7,893 7,893 7,312 - - - - - - - - - - - - - - - - - - - - - - 152,248 152,248 152,028 147,199 95,637 49,952 49,952 101,726 85,070 68,305 38,540 38,540 22,613 17,239 6,499 6,499
Accounts receivable, net of allowances 1,186 1,465 4,647 6,105 5,672 9,389 13,389 20,125 22,026 23,515 32,145 38,699 36,100 36,992 32,327 32,327 30,121 52,179 51,426 48,630 48,630 58,413 66,876 65,632 55,621 55,621 63,131 68,100 70,095 60,646 60,646 68,518 70,496 46,974 34,596 34,596 47,549 51,404 45,365 50,679 50,679 56,624 61,537 66,702 63,885 63,885 70,533 70,433 67,869 67,353 67,353 68,892 63,222 71,070 71,070
Inventory 354 1,407 1,144 2,548 4,384 6,223 8,377 7,168 7,620 12,138 18,356 19,835 20,890 19,640 18,125 18,125 19,510 41,422 44,661 46,563 46,563 56,754 55,263 63,009 60,602 60,602 78,407 75,171 67,203 66,310 66,310 82,282 80,151 70,822 80,179 80,179 91,504 85,932 76,104 70,044 70,044 90,737 96,656 97,919 126,728 126,728 153,504 140,517 116,379 107,835 107,835 113,985 104,635 96,319 96,319
Prepaid expenses and other current assets 2,651 3,564 4,962 5,678 12,819 15,059 13,444 26,102 20,520 45,923 55,103 59,274 61,320 64,656 64,997 64,997 64,629 98,786 77,240 78,835 78,835 75,921 73,282 69,231 78,846 78,846 73,855 95,903 92,048 78,065 78,065 87,161 72,751 93,317 88,608 88,608 82,408 84,965 75,717 72,504 72,504 81,431 94,000 108,740 108,697 108,697 121,428 118,015 102,582 96,986 96,986 113,230 118,730 113,952 113,952
Assets held for sale - - - - - - - - - - - - - - - - - - - 46,276 46,276 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total current assets 30,593 114,563 118,795 144,074 156,863 203,002 272,291 115,598 100,231 157,941 216,098 217,369 197,394 204,208 200,768 200,768 175,197 241,975 216,794 246,001 246,001 233,888 235,485 247,750 239,296 239,296 263,461 287,438 273,604 240,300 240,300 269,195 260,315 439,378 248,404 248,404 261,690 259,184 233,550 528,498 528,498 574,051 630,551 530,510 626,315 626,315 579,291 525,314 470,125 441,027 441,027 443,919 578,034 442,178 442,178
Property, plant and equipment, net 29,913 50,311 106,192 154,520 193,622 249,961 262,104 261,228 280,022 352,221 467,511 495,097 490,605 497,182 493,163 493,163 495,175 505,278 513,148 511,947 511,947 511,890 507,299 501,115 483,664 483,664 486,284 495,107 498,324 490,755 490,755 362,045 364,155 347,228 338,659 338,659 330,309 332,824 312,560 328,679 328,679 321,773 301,909 298,827 286,826 286,826 272,625 278,347 284,128 287,574 287,574 271,507 276,901 270,040 270,040
Operating lease assets, net2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 176,677 173,156 164,391 156,258 156,258 146,557 149,851 84,581 87,626 87,626 82,271 82,413 79,051 80,694 80,694 64,389 70,142 75,406 76,776 76,776 74,519 69,228 70,459 70,459
Software and website development costs, net 1,916 2,417 3,841 5,380 6,754 6,426 6,046 5,186 9,071 14,016 22,109 23,332 27,148 31,850 35,212 35,212 39,018 42,856 47,711 48,470 48,470 50,312 52,040 56,279 56,199 56,199 59,046 62,176 64,882 69,840 69,840 70,090 72,148 73,477 71,465 71,465 77,595 82,581 81,677 87,690 87,690 88,432 90,431 92,266 90,474 90,474 89,661 93,686 95,511 95,315 95,315 92,620 97,822 92,701 92,701
Deferred tax assets 317 435 - 2,956 7,035 7,277 6,522 327 581 8,762 17,172 19,016 20,772 21,560 26,093 26,093 41,556 18,344 34,248 48,004 48,004 78,748 66,022 66,753 67,087 67,087 68,364 59,336 57,885 59,906 59,906 57,527 160,058 143,571 143,496 143,496 146,807 146,814 135,491 149,618 149,618 146,431 138,805 113,059 113,088 113,088 114,020 9,519 10,093 12,740 12,740 12,060 11,773 9,435 9,435
Goodwill 1,556 - - - - - 4,168 140,429 140,893 317,187 400,629 408,767 399,102 474,736 466,005 466,005 470,819 528,895 516,013 514,963 514,963 525,806 531,199 542,369 520,843 520,843 547,109 727,577 720,734 718,880 718,880 711,670 721,057 615,333 621,904 621,904 637,568 726,813 706,626 726,979 726,979 717,970 783,159 787,572 766,600 766,600 748,055 776,788 787,291 781,541 781,541 772,165 790,967 779,263 779,263
Intangible assets, net - 1,417 1,277 - - - 1,042 40,271 30,337 110,214 151,063 155,471 141,589 232,100 216,970 216,970 209,387 292,591 280,133 275,924 275,924 268,678 258,657 250,593 230,201 230,201 218,257 290,242 273,831 262,701 262,701 245,514 235,031 220,827 209,228 209,228 200,493 212,078 194,502 186,744 186,744 171,944 180,960 171,813 154,730 154,730 139,864 131,274 119,931 109,196 109,196 98,836 90,617 83,235 83,235
Marketable securities, non-current - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50,713 50,713 40,400 27,693 12,116 - - 22,449 17,107 6,466 4,497 4,497 - - - -
Other assets 1,691 2,249 4,748 9,022 5,275 11,223 3,727 29,390 40,432 28,644 25,213 24,621 25,921 24,905 25,658 25,658 25,163 34,007 29,860 34,560 34,560 26,772 28,238 44,994 54,927 54,927 58,598 50,295 32,022 25,994 25,994 46,751 37,414 35,222 25,592 25,592 21,010 20,368 34,276 35,951 35,951 41,416 39,456 38,296 48,945 48,945 67,693 49,929 44,486 46,193 46,193 43,845 32,647 37,002 37,002
Total assets 65,986 171,392 234,853 315,952 369,549 477,889 555,900 592,429 601,567 988,985 1,299,795 1,343,673 1,302,531 1,486,541 1,463,869 1,463,869 1,456,315 1,663,946 1,637,907 1,679,869 1,679,869 1,696,094 1,678,940 1,709,853 1,652,217 1,652,217 1,701,119 1,972,171 1,921,282 1,868,376 1,868,376 1,939,469 2,023,334 2,039,427 1,815,006 1,815,006 $1,822,029 $1,930,513 $1,783,263 $2,182,498 $2,182,498 $2,184,688 $2,275,377 $2,123,510 $2,167,672 $2,167,672 $2,098,047 $1,952,106 $1,893,437 $1,854,859 $1,854,859 $1,809,471 $1,947,989 $1,784,313 $1,784,313
Liabilities, noncontrolling interests and shareholders' equity (deficit) - - - - -
Current liabilities: - - - - -
Accounts payable 4,517 6,240 9,445 8,486 11,347 16,664 15,998 25,931 22,597 52,770 65,875 65,768 73,748 72,068 86,682 86,682 76,858 116,251 110,339 127,386 127,386 121,119 165,798 147,089 152,436 152,436 159,072 204,429 167,611 185,096 185,096 182,858 216,991 187,829 163,891 163,891 $211,087 $236,540 $174,947 $199,831 $199,831 $219,769 $271,430 $229,774 $313,710 $313,710 $285,226 $318,554 $263,980 $285,784 $285,784 $264,032 $343,997 $269,108 $269,108
Accrued expenses 10,585 13,716 22,403 35,655 43,724 65,609 68,989 98,402 103,338 121,177 172,826 179,155 200,661 191,757 178,987 178,987 169,828 223,932 201,213 175,567 175,567 186,502 219,707 210,407 186,661 186,661 196,017 237,564 207,918 194,715 194,715 216,000 237,171 190,097 210,764 210,764 243,821 291,039 265,593 247,513 247,513 261,161 260,930 262,620 253,841 253,841 266,196 264,510 300,013 257,109 257,109 272,819 265,461 271,093 271,093
Deferred revenue 540 1,924 746 1,893 3,393 4,138 8,819 15,978 18,668 26,913 23,407 23,378 23,593 29,383 25,842 25,842 32,295 25,503 32,802 30,372 30,372 39,239 28,824 34,991 27,697 27,697 30,204 32,132 34,941 31,780 31,780 35,533 32,574 28,096 39,130 39,130 36,390 41,913 42,298 50,868 50,868 49,071 57,521 59,556 58,861 58,861 54,229 48,911 55,222 44,698 44,698 49,490 45,113 49,838 49,838
Deferred tax liabilities - - - - - - - 1,668 1,466 2,178 1,043 1,752 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Short-term debt 1,281 2,482 3,202 3,304 8,349 5,222 - - 8,750 37,575 21,057 18,001 19,331 19,842 21,717 21,717 28,221 46,115 31,216 28,926 28,926 19,941 35,569 26,214 59,259 59,259 39,806 46,549 64,516 81,277 81,277 63,136 73,755 24,364 17,933 17,933 22,666 12,603 9,012 9,895 9,895 11,373 11,217 10,922 10,386 10,386 9,900 10,218 10,696 10,713 10,713 10,877 11,083 10,935 10,935
Operating lease liabilities, current2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36,274 37,698 37,405 41,772 41,772 39,426 38,315 29,508 26,551 26,551 26,340 28,522 28,293 27,706 27,706 23,013 22,857 23,855 22,559 22,559 21,851 20,403 19,315 19,315
Other current liabilities - - - - - - - - 207 888 21,470 23,889 22,701 24,900 22,635 22,635 24,522 24,234 53,900 78,435 78,435 86,998 89,269 42,922 54,971 54,971 53,054 46,642 42,866 27,881 27,881 12,714 11,444 13,144 13,268 13,268 21,589 40,966 77,669 103,515 103,515 95,441 75,599 27,206 28,035 28,035 33,061 31,685 21,824 24,469 24,469 20,114 21,649 15,631 15,631
Liabilities held for sale - - - - - - - - - - - - - - - - - - - 8,797 8,797 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Total current liabilities 16,923 24,362 35,796 49,338 66,813 91,633 93,806 141,979 155,026 241,501 305,678 311,943 340,034 337,950 335,863 335,863 331,724 436,035 429,470 449,483 449,483 453,799 539,167 461,623 481,024 481,024 478,153 567,316 517,852 520,749 520,749 546,515 609,633 480,935 486,758 486,758 574,979 661,376 599,027 638,173 638,173 663,155 705,219 618,371 692,539 692,539 671,625 696,735 675,590 645,332 645,332 639,183 707,706 635,920 635,920
Deferred tax liabilities - - 1,225 2,656 1,637 3,151 3,794 18,359 12,246 30,846 48,007 49,970 44,819 72,792 69,430 69,430 67,166 69,676 56,047 60,743 60,743 58,805 57,008 56,089 51,243 51,243 49,109 46,979 45,656 44,531 44,531 37,967 36,216 34,690 33,811 33,811 33,057 30,941 27,612 27,433 27,433 24,707 23,161 30,682 41,142 41,142 48,418 47,178 43,759 47,351 47,351 49,407 44,611 47,221 47,221
Long-term debt 15,696 23,046 21,772 19,507 10,465 - - 229,000 230,000 410,484 493,039 637,316 528,395 676,805 656,794 656,794 654,300 829,998 860,237 847,730 847,730 800,860 664,961 786,401 767,585 767,585 823,836 1,001,900 1,010,599 942,290 942,290 1,164,696 1,296,535 1,647,214 1,415,657 1,415,657 1,331,549 1,258,535 1,332,234 1,732,511 1,732,511 1,718,311 1,707,052 1,699,434 1,675,562 1,675,562 1,654,529 1,679,059 1,682,658 1,627,243 1,627,243 1,594,942 1,600,942 1,590,676 1,590,676
Lease financing obligation - - - - - - - - - 18,117 93,841 107,233 111,972 111,109 110,232 110,232 109,363 108,481 107,540 106,606 106,606 105,679 104,737 103,737 102,743 102,743 104,579 106,971 111,956 112,096 112,096 - - - - - - - - - - - - - - - - - - - - - - - -
Operating lease liabilities, non-current2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 146,678 143,276 134,267 128,963 128,963 119,817 122,006 72,142 66,222 66,222 61,459 59,444 55,888 57,474 57,474 44,783 50,218 53,404 56,668 56,668 55,051 51,550 54,160 54,160
Other liabilities - - - 1,946 5,100 6,991 8,207 13,804 14,734 44,420 52,073 62,019 54,424 71,231 60,173 60,173 81,325 78,113 57,284 94,683 94,683 108,607 107,884 120,610 69,524 69,524 71,912 67,447 53,916 53,716 53,716 53,708 49,997 76,972 88,187 88,187 105,845 157,076 92,786 96,410 96,410 88,279 78,522 62,753 64,394 64,394 56,443 79,662 87,927 90,058 90,058 73,668 81,704 79,591 79,591
Total liabilities 32,619 47,408 58,793 73,447 84,015 101,775 105,807 403,142 412,006 745,368 992,638 1,168,481 1,079,644 1,269,887 1,232,492 1,232,492 1,243,878 1,522,303 1,510,578 1,559,245 1,559,245 1,527,750 1,473,757 1,528,460 1,472,119 1,472,119 1,527,589 1,790,613 1,739,979 1,673,382 1,673,382 1,949,564 2,135,657 2,374,078 2,153,376 2,153,376 2,165,247 2,229,934 2,123,801 2,560,749 2,560,749 2,555,911 2,573,398 2,467,128 2,531,111 2,531,111 2,475,798 2,552,852 2,543,338 2,466,652 2,466,652 2,412,251 2,486,513 2,407,568 2,407,568
Commitments and contingencies
Redeemable noncontrolling interests - - - - - - - - - 11,160 57,738 65,120 64,833 64,871 65,301 65,301 64,949 41,824 42,604 45,412 45,412 83,841 85,478 87,805 86,151 86,151 91,426 53,371 52,366 63,182 63,182 65,507 68,201 69,682 69,106 69,106 71,209 65,510 64,250 71,120 71,120 79,593 84,783 119,834 131,483 131,483 129,909 12,565 11,974 10,893 10,893 10,848 13,392 12,140 12,140
Shareholders' equity (deficit):
Preferred shares, nominal value €0.01 per share - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Ordinary shares, nominal value €0.01 per share 11 42 43 44 688 698 699 699 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 615 621 610 610
Deferred ordinary shares, nominal value €1.00 per share3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 28 28 28 28 28 28 28 28 28 28 28 - - - - - - - - - - - -
Treasury shares, at cost - - - - (29,881) (29,637) (85,377) (378,941) (398,301) (423,101) (412,132) (547,448) (546,879) (550,766) (548,549) (548,549) (549,499) (598,343) (597,000) (588,365) (588,365) (627,002) (638,414) (675,536) (685,577) (685,577) (685,801) (696,499) (708,140) (737,447) (737,447) (969,833) (1,275,057) (1,377,022) (1,376,496) (1,376,496) (1,368,723) (1,368,723) (1,368,721) (1,368,595) (1,368,595) (1,365,079) (1,364,336) (1,363,956) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550) (1,363,550)
Series A redeemable convertible preferred shares 13,556 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Series B redeemable convertible preferred shares 57,880 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Additional paid-in capital 2,679 146,354 170,029 191,271 212,221 249,153 273,260 285,633 299,659 309,990 324,281 324,370 327,968 335,272 335,192 335,192 339,929 348,732 358,170 361,376 361,376 366,684 378,121 390,758 395,682 395,682 403,005 396,648 403,989 411,079 411,079 415,984 424,058 404,409 438,616 438,616 433,827 438,863 448,432 459,904 459,904 464,938 476,002 488,149 501,003 501,003 509,444 521,531 528,983 539,454 539,454 543,754 560,019 561,930 561,930
Retained earnings 4 (41,017) (23,077) 4,066 43,098 98,784 166,525 248,634 292,628 299,144 342,840 435,052 442,804 499,121 465,168 486,482 486,482 457,379 492,407 449,477 414,771 414,771 432,273 462,205 459,940 452,756 452,756 434,871 496,745 503,275 537,422 537,422 560,596 745,326 660,442 618,437 618,437 607,682 638,883 599,833 530,159 530,159 515,869 562,214 461,363 414,138 414,138 385,972 256,152 206,826 235,396 235,396 239,620 297,590 206,295 206,295
Accumulated other income (loss) 4 258 665 1,922 8,092 3,722 (10,625) 12,877 (10,732) (11,556) 2,113 (98,909) (110,653) (123,158) (98,864) (108,015) (108,015) (101,249) (143,915) (126,858) (113,398) (113,398) (88,325) (83,093) (82,476) (69,814) (69,814) (70,586) (69,322) (70,802) (79,857) (79,857) (82,964) (75,494) (92,805) (88,676) (88,676) (87,856) (74,597) (84,975) (71,482) (71,482) (67,187) (57,327) (49,623) (47,128) (47,128) (40,141) (28,059) (35,291) (35,060) (35,060) (34,622) (47,223) (41,303) (41,303)
Total shareholders' equity (deficit) attributable to Cimpress plc 33,367 123,984 176,060 242,505 285,534 376,114 450,093 189,287 189,561 232,457 248,907 109,688 157,667 151,425 165,725 165,725 147,175 99,496 84,404 74,999 74,999 84,245 119,434 93,301 93,662 93,662 82,104 128,187 128,937 131,812 131,812 (75,602) (180,524) (404,333) (407,476) (407,476) (414,427) (364,931) (404,788) (449,371) (449,371) (450,816) (382,804) (463,452) (494,922) (494,922) (507,660) (613,311) (662,417) (623,145) (623,145) (614,183) (552,543) (636,018) (636,018)
Noncontrolling interests - - - - - - - - - - 512 384 387 358 351 351 313 323 321 213 213 258 271 287 285 285 - - - - - - - - - - - - - - - - - - - - - - 542 459 459 555 627 623 623
Total shareholders' equity (deficit) 33,367 123,984 176,060 242,505 285,534 376,114 450,093 189,287 189,561 232,457 249,419 110,072 158,054 151,783 166,076 166,076 147,488 99,819 84,725 75,212 75,212 84,503 119,705 93,588 93,947 93,947 82,104 128,187 128,937 131,812 131,812 (75,602) (180,524) (404,333) (407,476) (407,476) (414,427) (364,931) (404,788) (449,371) (449,371) (450,816) (382,804) (463,452) (494,922) (494,922) (507,660) (613,311) (661,875) (622,686) (622,686) (613,628) (551,916) (635,395) (635,395)
Total liabilities, noncontrolling interests and shareholders' equity (deficit) 65,986 171,392 234,853 315,952 369,549 477,889 555,900 592,429 601,567 988,985 1,299,795 1,343,673 1,302,531 1,486,541 1,463,869 1,463,869 1,456,315 1,663,946 1,637,907 1,679,869 1,679,869 1,696,094 1,678,940 1,709,853 1,652,217 1,652,217 1,701,119 1,972,171 1,921,282 1,868,376 1,868,376 1,939,469 2,023,334 2,039,427 1,815,006 1,815,006 $1,822,029 $1,930,513 $1,783,263 $2,182,498 $2,182,498 $2,184,688 $2,275,377 $2,123,510 $2,167,672 $2,167,672 $2,098,047 $1,952,106 $1,893,437 $1,854,859 $1,854,859 $1,809,471 $1,947,989 $1,784,313 $1,784,313
1 Quarterly results are unaudited and when added together may not equal annual results due to rounding.
2 During Q1 FY2020, we adopted the new lease accounting standard, ASC 842. Before adopting this new standard, operating leases were recognized in the consolidated statement of operations on a straight-line basis over the term of the lease, with impacts of straight-line accounting recognized in other assets and liabilities on the consolidated balance sheet. Beginning in Q1 FY2020, we have recognized operating lease assets and liabilities on the consolidated balance sheet, which replaced the impact of straight-line accounting in other assets and liabilities.
3 In conjunction with the cross-border merger to Ireland, 25,000 Cimpress plc deferred ordinary shares were issued to meet the statutory minimum capital requirements of an Irish public limited company. These deferred ordinary shares will not dilute the economic ownership of Cimpress plc shareholders as they have no voting rights, and do not entitle the holders to dividends or distributions, or to participate in surplus assets beyond the nominal value of the shares.
4 During the second quarter of fiscal year 2022, we identified an immaterial error related to the recognition of foreign currency gains that were included in other income (expense), net, and revised our previously reported results to recognize the hedging instrument's foreign currency gains of $7,518 and $9,027 for the fourth quarter of fiscal 2021 and first quarter of fiscal 2022, respectively, within accumulated other comprehensive loss.

Debt-Related Metrics

Debt-Related Metrics In $ thousands except where noted
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
Total Total Total Total Total Total Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
NET CASH (DEBT):
Cash and cash equivalents $236,552 $62,203 $50,065 $62,508 $103,584 $77,426 $25,697 $42,800 $40,064 $49,878 $44,227 $44,227 $48,068 $48,264 $44,258 $35,279 $35,279 $31,234 $36,917 $228,265 $45,021 $45,021 $40,229 $36,883 $36,364 $183,023 $183,023 $193,231 $231,159 $161,512 $277,053 $277,053 $132,100 $111,279 $114,990 $130,313 $130,313 $125,199 $274,208 $154,338 $154,338
Plus: marketable securities (current) 529 - - 13,857 6,910 7,893 - - - - - - - - - - - - - - - - - - - 152,248 152,248 152,028 147,199 95,637 49,952 49,952 101,726 85,070 68,305 38,540 38,540 22,613 17,239 6,499 6,499
Plus: marketable securities (non-current) - - - - - - - - - - - - - - - - - - - - - - - 50,713 50,713 40,400 27,693 12,116 - - 22,449 17,107 6,466 4,497 4,497 - - - -
Less: Short-term debt - - (8,750) (37,575) (21,057) (21,717) (28,926) (19,941) (35,569) (26,214) (59,259) (59,259) (39,806) (46,549) (64,516) (81,277) (81,277) (63,136) (73,755) (24,364) (17,933) (17,933) (22,666) (12,603) (9,012) (9,895) (9,895) (11,373) (11,217) (10,922) (10,386) (10,386) (9,900) (10,218) (10,696) (10,713) (10,713) (10,877) (11,083) (10,935) (10,935)
Less: Long-term debt - (227,387) (227,037) (406,994) (493,039) (656,794) (847,730) (800,860) (664,961) (786,401) (767,585) (767,585) (823,836) (1,001,900) (1,010,599) (942,290) (942,290) (1,164,696) (1,296,535) (1,647,214) (1,415,657) (1,415,657) (1,331,549) (1,258,535) (1,332,234) (1,732,511) (1,732,511) (1,718,311) (1,707,052) (1,699,434) (1,675,562) (1,675,562) (1,654,529) (1,679,059) (1,682,658) (1,627,243) (1,627,243) (1,594,942) (1,600,942) (1,590,676) (1,590,676)
Less: Debt issuance costs, debt discounts and debt premiums - (1,613) (2,963) (3,490) (8,940) (7,386) (5,922) (8,488) (8,030) (7,567) (12,585) (12,585) (12,526) (11,872) (12,488) (12,018) (12,018) (11,390) (10,773) (5,912) (48,587) (48,587) (46,572) (44,234) (42,883) (22,450) (22,450) (21,850) (21,158) (20,294) (19,417) (19,417) (18,548) (17,695) (16,833) (16,033) (16,033) (15,182) (14,300) (13,426) (13,426)
Net cash (debt) $237,081 ($166,797) ($188,685) ($371,694) ($412,542) ($600,578) ($856,881) ($786,489) ($668,496) ($770,304) ($795,202) ($795,202) ($828,100) ($1,012,057) ($1,043,345) ($1,000,306) ($1,000,306) ($1,207,988) ($1,344,146) ($1,449,225) ($1,437,156) ($1,437,156) ($1,360,558) ($1,278,489) ($1,347,765) ($1,378,872) ($1,378,872) ($1,365,875) ($1,333,376) ($1,461,385) ($1,378,360) ($1,378,360) ($1,426,702) ($1,493,516) ($1,520,426) ($1,480,639) ($1,480,639) ($1,473,189) ($1,334,878) ($1,454,200) ($1,454,200)
DEBT COMPONENTS:
High Yield Notes N/A N/A N/A N/A ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($275,000) ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($400,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($600,000) ($548,300) ($548,300) ($527,135) ($522,135) ($522,135) ($522,135)
Term Loans N/A N/A (98,750) (153,859) (154,000) (140,000) (124,000) (296,250) (292,500) (288,750) (285,000) (285,000) (279,375) (273,750) (515,562) (505,209) (505,209) (491,405) (477,600) (452,010) (148,125) (148,125) (146,250) (144,375) (142,500) (1,152,021) (1,152,021) (1,140,187) (1,128,999) (1,121,365) (1,097,302) (1,097,302) (1,076,279) (1,100,238) (1,102,509) (1,098,613) (1,098,613) (1,087,383) (1,098,366) (1,088,140) (1,088,140)
2nd Lien Debt N/A N/A N/A N/A $- $- $- - - - - - $- $- $- $- $- - - - (300,000) (300,000) (300,000) (300,000) (300,000) - - - - - - - - - - - - - - - -
Revolving Credit Facility (Drawn Amounts) N/A (229,000) (140,000) (294,200) (77,507) (260,809) (476,037) (249,793) (133,007) (248,526) (147,414) (147,414) (191,059) (376,357) (156,352) (116,015) (116,015) (331,276) (488,076) (611,826) (422,358) (422,358) (343,517) (260,000) (329,000) - - - - - - - - - - - - - - - -
Other debt N/A N/A N/A N/A (11,500) (10,088) (7,541) (8,246) (8,053) (7,906) (7,015) (7,015) (5,734) (10,214) (15,689) (14,361) (14,361) (16,541) (15,387) (13,654) (11,694) (11,694) (11,020) (10,997) (12,629) (12,835) (12,835) (11,347) (10,428) (9,285) (8,063) (8,063) (6,698) (6,734) (7,678) (7,076) (7,076) (6,483) (5,824) (4,762) (4,762)
Consolidated Net Leverage Ratio* N/A N/A N/A N/A N/A 2.11 3.37 3.28 2.51 2.71 2.71 2.71 2.74 3.17 3.13 2.71 2.71 2.95 2.96 2.92 3.52 3.52 3.31 3.33 3.77 3.72 3.72 3.87 3.85 4.44 4.23 4.23 4.82 5.52 4.83 3.90 3.90 3.51 2.87 3.01 3.01
Senior Secured Net Leverage Ratio* N/A N/A N/A N/A N/A 1.19 2.37 2.24 1.58 1.84 1.46 1.46 1.53 2.01 2.01 1.70 1.70 2.02 2.13 1.74 2.12 2.12 1.92 1.84 2.17 2.16 2.16 2.23 2.15 2.65 2.42 2.42 2.82 3.34 2.97 2.49 2.49 2.29 1.78 1.95 1.95
*Consolidated and Senior Secured Net Leverage Ratios as calculated per our amended credit agreement definitions
Note: values may not sum to total due to rounding.

Operating Metrics

Operating Metrics1 In $ thousands except headcount and where noted
Q1 17 Q2 17 Q3 17 Q4 17 FY 2017 Q1 18 Q2 18 Q3 18 Q4 18 FY 2018 Q1 19 Q2 19 Q3 19 Q4 19 FY 2019 Q1 20 Q2 20 Q3 20 Q4 20 FY 2020 Q1 21 Q2 21 Q3 21 Q4 21 FY 2021 Q1 22 Q2 22 Q3 22 Q4 22 FY 2022 Q1 23 Q2 23 Q3 23 Q4 23 FY 2023 Q1 24 Q2 24 Q3 24 YTD FY2024
(Sep 16) (Dec 16) (Mar 17) (Jun 17) Total (Sep 17) (Dec 17) (Mar 18) (Jun 18) Total (Sep 18) (Dec 18) (Mar 19) (Jun 19) Total (Sep 19) (Dec 19) (Mar 20) (Jun 20) Total (Sep 20) (Dec 20) (Mar 21) (Jun 21) Total (Sep 21) (Dec 21) (Mar 22) (Jun 22) Total (Sep 22) (Dec 22) (Mar 23) (Jun 23) Total (Sep 23) (Dec 23) (Mar 24) Total
REVENUE METRICS4:
U.S. revenue N/A N/A N/A N/A $901,061 N/A N/A N/A N/A $1,078,544 N/A N/A N/A N/A $1,361,438 N/A N/A N/A N/A $1,251,531 N/A N/A N/A N/A $1,226,606 N/A N/A N/A N/A $1,320,347 N/A N/A N/A N/A $1,407,691 N/A N/A N/A N/A
Germany revenue N/A N/A N/A N/A $256,069 N/A N/A N/A N/A $340,881 N/A N/A N/A N/A $367,375 N/A N/A N/A N/A $351,348 N/A N/A N/A N/A $353,253 N/A N/A N/A N/A $420,041 N/A N/A N/A N/A $460,516 N/A N/A N/A N/A
Other revenue N/A N/A N/A N/A $978,275 N/A N/A N/A N/A $1,173,116 N/A N/A N/A N/A $1,022,263 N/A N/A N/A N/A $878,479 N/A N/A N/A N/A $996,102 N/A N/A N/A N/A $1,147,167 N/A N/A N/A N/A $1,211,420 N/A N/A N/A N/A
Physical printed products and other N/A N/A N/A N/A $2,076,564 N/A N/A N/A N/A $2,537,201 N/A N/A N/A N/A $2,700,167 N/A N/A N/A N/A $2,431,367 N/A N/A N/A N/A $2,477,158 N/A N/A N/A N/A $2,789,600 N/A N/A N/A N/A $2,990,041 N/A N/A N/A N/A
Digital products/services N/A N/A N/A N/A $58,841 N/A N/A N/A N/A $55,340 N/A N/A N/A N/A $50,909 N/A N/A N/A N/A $49,991 N/A N/A N/A N/A $98,803 N/A N/A N/A N/A $97,955 N/A N/A N/A N/A $89,586 N/A N/A N/A N/A
EMPLOYEE HEADCOUNT:
Full-time employees 8,066 9,923 10,323 10,704 10,704 10,892 10,864 10,868 10,814 10,814 11,659 11,986 12,042 12,123 12,123 12,217 12,328 11,710 11,880 11,880 11,695 12,312 12,428 13,064 13,064 13,476 14,322 14,685 15,077 15,077 14,864 15,111 14,867 14,734 14,734 14,711 14,927 14,821 14,821
Temporary employees 456 1,389 586 935 935 1,948 1,953 1,205 1,212 1,212 2,251 2,208 1,411 1,391 1,391 2,092 2,184 839 1,074 1,074 1,540 2,495 1,364 1,404 1,404 2,238 2,018 1,537 1,474 1,474 1,658 1,669 974 817 817 1,083 707 960 960
Total Cimpress headcount at end of period 8,522 11,312 10,909 11,639 11,639 12,840 12,817 12,073 12,026 12,026 13,910 14,194 13,453 13,514 13,514 14,309 14,512 12,550 12,954 12,954 13,235 14,807 13,792 14,468 14,468 15,714 16,340 16,222 16,551 16,551 16,522 16,780 15,841 15,551 15,551 15,794 15,634 15,781 15,781
CONSOLIDATED ADVERTISING SPEND:
Total advertising & commissions expense ($ millions) $78.3 $94.1 $100.4 $91.1 $363.9 $95.8 $129.2 $108.4 $99.1 $432.5 $112.0 $136.9 $98.1 $80.7 $427.7 $93.1 $96.7 $77.1 $35.6 $302.5 $68.9 $99.9 $77.3 $87.5 $333.6 $88.1 $111.2 $96.7 $112.7 $408.6 $108.8 $116.2 $97.5 $95.4 $417.9 $107.7 $122.9 $101.9 $332.5
as % of revenue 18.0 % 16.3 % 18.0 % 16.0 % 17.0 % 17.0 % 17.0 % 17.0 % 16.0 % 17.0 % 19.0 % 16.6 % 14.8 % 12.0 % 16.0 % 15.0 % 12.0 % 13.0 % 8.0 % 12.0 % 11.8 % 12.7 % 13.4 % 13.6 % 13.0 % 13.4 % 13.1 % 14.7 % 15.6 % 14.0 % 15.5 % 13.8 % 13.1 % 12.1 % 13.6 % 14.2 % 13.3 % 13.1 % 13.5 %
Total advertising & payment processing fees ($ millions)2 $86.4 $103.6 $109.4 $99.4 $398.8 $105.0 $140.8 $118.5 $108.8 $473.1 $123.4 $147.8 $108.7 $91.5 $471.4 $103.5 $109.6 $86.9 $43.8 $343.8 $79.2 $113.8 $87.8 $99.1 $379.9 $100.1 $126.5 $109.0 $126.0 $461.6 $121.6 $131.0 $111.1 $109.6 $473.3 $122.0 $139.3 $116.4 $377.8
VISTA ADVERTISING SPEND:
Vista lower-funnel advertising spend ($M) $35.2 $62.4 $36.9 $45.8 $180.3 $44.9 $69.4 $51.3 $63.6 $229.3 $49.5 $56.6 $47.2 $42.1 $195.4 $46.5 $61.4 $47.6 $155.5
as % of Vista revenue 10.7 % 14.5 % 11.5 % 13.3 % 12.6 % 12.9 % 15.5 % 14.7 % 17.3 % 15.1 % 13.4 % 12.9 % 11.9 % 10.3 % 12.1 % 11.7 % 12.7 % 11.4 % 12.0 %
Vista mid/upper-funnel advertising spend ($M) $0.0 $4.3 $7.8 $14.0 $26.2 $3.2 $3.7 $10.2 $17.3 $34.4 $18.6 $20.0 $10.2 $18.3 $67.1 $11.5 $18.5 $15.2 $45.1
as % of Vista revenue - % 1.0 % 2.4 % 4.0 % 1.8 % 0.9 % 0.8 % 2.9 % 4.7 % 2.3 % 5.0 % 4.6 % 2.6 % 4.5 % 4.2 % 2.9 % 3.8 % 3.6 % 3.5 %
Total Vista advertising & commissions expense ($ millions)3 $69.8 $81.6 $75.2 $70.4 $296.9 $74.9 $90.7 $78.5 $78.3 $322.4 $74.1 $91.8 $62.0 $53.7 $281.6 $52.5 $61.0 $44.9 $18.9 $177.3 $35.2 $66.7 $44.7 $59.9 $206.5 $48.1 $73.1 $61.5 $80.9 $263.6 $68.1 $76.6 $57.4 $60.4 $262.5 $57.9 $79.8 $62.8 $200.6
as % of Vista revenue3 23.7 % 20.8 % 22.7 % 21.3 % 22.1 % 23.0 % 20.6 % 21.4 % 21.3 % 21.5 % 21.5 % 20.7 % 17.3 % 14.9 % 18.7 % 15.3 % 14.1 % 14.2 % 7.7 % 13.3 % 10.7 % 15.5 % 13.9 % 17.3 % 14.5 % 13.8 % 16.3 % 17.6 % 22.0 % 17.4 % 18.4 % 17.5 % 14.5 % 14.7 % 16.3 % 14.6 % 16.5 % 15.0 % 15.4 %
1 Metrics are unaudited, approximate, and when added together may not equal annual results due to rounding.
2 Total advertising and payment processing fees includes the Total advertising and commissions expense above, as well as the fees associated with processing customer payments. This number is used to calculate "contribution margin" included on the income statement tab of this spreadsheet.
3 Vista advertising expense ($ and as a percent of revenue) has been recast to reflect the addition of Vista Corporate Solutions, Vista India and Vista Japan.
4 During the fourth quarter of fiscal year 2023, we identified an immaterial error in our previously disclosed revenue by geographic area for the fiscal year ended June 30, 2022 and 2021, which understated revenue in the United States and Germany, with an offsetting overstatement in the Other geographies. We have corrected the disclosed figures as included herein.
Note: values may not sum to total due to rounding.