Core Insights - Diamond Hill Capital's "Select Fund" underperformed the Russell 3000 Index in Q3 2025, returning 4.98% compared to the index's 8% gain [1] - Cimpress plc (NASDAQ:CMPR) was highlighted as a top contributor in the fund's performance, with a one-month return of 3.06% and a 52-week loss of 6.32% [2][3] Company Performance - Cimpress plc's stock closed at $66.75 on October 29, 2025, with a market capitalization of $1.647 billion [2] - The management team of Cimpress plc is noted for its ownership mindset and long-term focus, aiming for solid revenue and profit growth [3] Hedge Fund Interest - Cimpress plc is held by 15 hedge fund portfolios as of the end of Q2 2025, an increase from 13 in the previous quarter [4] - Despite its potential, the company is not among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer better upside potential [4]

Core Insights - Cimpress reported revenue of $863.28 million for the quarter ended September 2025, reflecting a year-over-year increase of 7.2% and surpassing the Zacks Consensus Estimate of $841.63 million by 2.57% [1] - The company's EPS for the quarter was $0.30, a significant improvement from -$0.50 in the same quarter last year, and also exceeded the consensus EPS estimate of $0.29 by 3.45% [1] Revenue Breakdown - Revenue from Vista was $454.91 million, slightly above the estimated $449.9 million, marking a year-over-year increase of 5.9% [4] - Inter-segment eliminations reported revenue of -$38 million, which was worse than the average estimate of -$27.44 million, but showed a substantial year-over-year change of +94.3% [4] - Revenue from All Other Businesses was $61.74 million, exceeding the average estimate of $60.63 million, with a year-over-year increase of 8.1% [4] - National Pen generated revenue of $103.21 million, surpassing the average estimate of $99.76 million, representing a year-over-year growth of 10.5% [4] Stock Performance - Cimpress shares have returned +5.8% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Cimpress (CMPR) reported quarterly earnings of $0.3 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and a significant improvement from a loss of $0.5 per share a year ago, resulting in an earnings surprise of +3.45% [1] - The company achieved revenues of $863.28 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.57% and showing an increase from $804.97 million in the same quarter last year [2] - Cimpress has underperformed the market, with shares down about 7% year-to-date compared to the S&P 500's gain of 17.2% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.53 on revenues of $993.44 million, and for the current fiscal year, it is $3.15 on revenues of $3.59 billion [7] - The estimate revisions trend for Cimpress was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Consumer Services - Miscellaneous industry, to which Cimpress belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - The Beachbody Company, Inc. (BODI), another company in the same industry, is expected to report a quarterly loss of $0.39 per share, reflecting a year-over-year change of +77.7%, with revenues projected at $55.8 million, down 45.4% from the previous year [9]

Financial Performance - Q1 FY2026 revenue increased by 7% year over year to $863.3 million, with organic constant-currency growth of 4%[22] - Adjusted EBITDA reached $98.7 million, marking a 12% increase compared to Q1 FY2025 and the highest-ever Q1 adjusted EBITDA[6] - Net income improved to $6.5 million, an increase of $18.9 million year over year, driven by operating income growth and unrealized gains on currency hedges[6] - Operating cash flow rose by $20.7 million to $25.1 million, primarily due to a reduction in net working capital outflows[6] - National Pen's revenue grew by 10% year over year, supported by cross-Cimpress fulfillment and tariff-related pricing increases[10] - The company expects FY2026 net income of at least $72 million and adjusted EBITDA of at least $450 million[17] - By FY2028, the company anticipates achieving $200 million in net income and $600 million in adjusted EBITDA, with a net leverage ratio of approximately 2.5x trailing-twelve-month EBITDA[14] Revenue Growth - Vista segment revenue grew 6% year over year, with a 5% increase on an organic constant-currency basis; promotional products and packaging grew at double-digit rates[3] - PrintBrothers and The Print Group each reported a 15% revenue growth year over year, with organic constant-currency growth of 8%[8] - Reported revenue for Q1 FY2026 was $185 million, reflecting a 15% growth compared to the previous quarter[82] - Organic constant-currency revenue growth for Q1 FY2026 was 10%[82] - National Pen reported revenue of $131 million for Q1 FY2026, with a 12% year-over-year growth[94] - All Other Businesses generated revenue of $62 million in Q1 FY2026, with a reported growth of 10%[107] - Revenue for the three months ended September 30, 2025, was $863,277, an increase of 7.2% compared to $804,969 for the same period in 2024[134] Profitability Metrics - Gross Profit for Q1 FY2024 was $458 million, with a gross margin of 50%[32] - Contribution Profit for Q1 FY2024 was $319 million, representing a contribution margin of 35%[38] - GAAP Net Income for Q1 FY2024 was $118 million, with a margin of 14%[43] - Gross profit for Q1 FY2026 was $53 million, with a gross margin of 39%[82] - Gross profit for National Pen was $71 million, achieving a gross margin of 53%[96] - Contribution margin for the total company was 31% in Q1 FY24, slightly fluctuating but projected to remain around 31% in Q1 FY26[148] Cash Flow and Liquidity - Cash and cash equivalents stood at $200.5 million as of September 30, 2025, with a $250 million revolving credit facility remaining undrawn[6] - Adjusted Free Cash Flow for Q1 FY2024 was $10.928 million, a decrease from $(25.618) million in Q1 FY2025 and $(17.759) million in Q1 FY2026[27] - Cash Flow from Operations for Q1 FY2024 was $175 million, showing a positive trend compared to previous quarters[53] - Net Debt as of Q1 FY2026 was $(1.371) billion, indicating a reduction in debt levels[65] - Adjusted free cash flow for FY2026 is projected to be $140.0 million, with net cash provided by operating activities at $310.0 million[180] Cost Management - Central and corporate costs for Q1 FY2026 totaled $41 million, consistent with the previous quarter[117] - The company incurred $84,886 in technology and development expenses for the three months ended September 30, 2025, compared to $81,861 for the same period in 2024[134] - Share-based compensation expense was $12.5 million in Q1 FY24, increasing to $17.6 million in Q2 FY24, and projected to be $14.8 million by Q1 FY26[156] - Interest expense, net was $29.2 million in Q1 FY24, with a slight increase to $30.6 million in Q2 FY24, and expected to be $28.1 million by Q1 FY26[156] Future Outlook - The company plans to continue focusing on organic growth strategies, excluding the impact of TTM acquisitions and divestitures, to stabilize revenue growth rates[146] - The company expects reported revenue growth of 5% - 6% for FY2026, with organic constant-currency revenue growth projected at 2% - 3%[174] - Adjusted EBITDA outlook for FY2026 is set at $450.0 million, increasing to at least $600.0 million by FY2028[176] - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[162] Risks and Challenges - The company faces various risks including supply chain constraints, inflation fluctuations, and investment performance issues[185] - Key personnel loss and recruitment challenges are identified as potential risks to business performance[185] - Geopolitical events and changes in governmental policies may disrupt business operations and affect market conditions[185] - The company acknowledges competitive pressures and general economic conditions as significant factors impacting performance[185] Miscellaneous - The company revised its internal organizational structure in Q1 FY26 to drive efficiencies, impacting segment reporting[153] - Forward-looking projections are inherently uncertain and based on management's assumptions and judgments, which may lead to material differences in actual results[185] - There is a disclaimer regarding the obligation to update forward-looking statements based on subsequent events[186] - The company’s expectations and beliefs are subject to change, reflecting the dynamic nature of the market[186]

Core Insights - Cimpress is hosting its 2025 Investor Day to showcase progress across its various business segments [1] - The event will feature presentations from executives of Cimpress, Vista, Upload & Print, and BuildASign [1][2] - The agenda includes discussions on leveraging strengths across businesses, financial outlook, and advancements in technology and supply chain [2][3] Group 1 - The event will begin with Robert discussing the competitive advantages and synergies among Cimpress businesses [2] - Florian will present updates on the progress made in the Vista segment [2] - Paolo will explain the strategy for expanding the Upload & Print model into North America [2] Group 2 - Sean will review the company's financials, capital allocation strategies, and future outlook [2] - After a short break, there will be three panel discussions focusing on product elevation, manufacturing excellence, and technology integration [3] - The event will conclude with a Q&A session addressing both pre-submitted and live questions from attendees [4]

Summary of Cimpress 2025 Investor Day Company Overview - **Company**: Cimpress (NasdaqGS:CMPR) - **Event**: 2025 Investor Day held on September 16, 2025 - **Key Segments**: Sympress, Vista, Upload and Print, Build A Sign Core Industry Insights - **Industry**: Custom print and promotional products - **Market Size**: Cimpress operates in a $100 billion total addressable market for products like signage, promotional products, apparel, and packaging [doc id='13']. Key Points and Arguments 1. **Elevated Products**: Cimpress is focusing on elevated products that enhance customer lifetime value and are driving significant growth opportunities [doc id='6'][doc id='14']. 2. **Financial Outlook**: The company projects a clear path to achieving at least $600 million in EBITDA by fiscal 2028, with significant deleveraging expected along the way [doc id='6'][doc id='46']. 3. **Customer Value Proposition**: Cimpress emphasizes its mastery of web-to-print mass customization, which allows for high-quality, affordable custom products [doc id='7'][doc id='8']. 4. **Market Penetration**: While Cimpress has strong penetration in business identification products, there is still low penetration in other product categories, indicating room for growth [doc id='12'][doc id='13']. 5. **AI Integration**: The company is leveraging artificial intelligence to enhance user experience and operational efficiency, which is expected to supercharge growth [doc id='6'][doc id='42']. 6. **Operational Efficiency**: Investments in mass customization platforms and manufacturing capabilities are reducing costs and improving product introduction velocity [doc id='26'][doc id='30']. 7. **Customer Retention**: The focus has shifted to retaining high-value customers, with significant increases in variable gross profit from top customer deciles [doc id='72']. Financial Performance - **Revenue Growth**: Cimpress has consistently taken market share and remained EBITDA profitable, even during challenging economic conditions [doc id='11']. - **Variable Gross Profit**: The top 2% of customers contribute significantly to variable gross profit, indicating a shift towards high-value customer acquisition [doc id='60'][doc id='72']. Additional Insights 1. **Customer Case Study**: A small maple syrup farm increased its lifetime variable gross profit with Cimpress by over five times through repeat orders of elevated products like custom paper cups [doc id='20'][doc id='21']. 2. **Cross-Sympress Fulfillment (XCF)**: This initiative has driven significant gross profit from cost savings and increased revenue through collaboration between Cimpress businesses [doc id='37'][doc id='38']. 3. **Design Enablement**: Cimpress is investing in design tools and support to help customers create custom products more easily, which is crucial for elevated products [doc id='40'][doc id='42']. 4. **Advertising Efficiency**: The company has reduced advertising spend as a percentage of revenue while maintaining brand awareness, indicating improved marketing efficiency [doc id='81']. Conclusion Cimpress is strategically positioned to capitalize on growth opportunities in the custom print industry through a focus on elevated products, operational efficiencies, and enhanced customer experiences. The company's financial outlook remains strong, with a clear path to significant EBITDA growth by 2028.

Business Strategy & Growth Drivers - Cimpress is focused on helping millions of businesses build brands and grow through custom print and promotional products[37] - Elevated products are driving increased customer lifetime value (LTV) and wallet share[36, 139] - The company is investing in its Mass Customization Platform (MCP), manufacturing, and AI to reduce costs and improve product development[36, 83] - Cimpress is expanding its addressable market and wallet share with elevated products, which customers value more highly[58] Financial Performance & Outlook - Cimpress aims for an FY28 adjusted EBITDA of at least $600 million and significantly lower net leverage[36, 139] - Cross-Cimpress fulfillment (XCF) drove over $15 million of incremental FY25 gross profit from COGS alone[97] - The company projects FY26 revenue growth of 5%-6% and adjusted EBITDA of at least $450 million[375] - Cimpress anticipates FY28 constant-currency revenue growth of 4%-6% and adjusted EBITDA of at least $600 million[380] Strategic Initiatives - Cimpress is focused on design enablement to help customers create quality designs, integrating AI to improve efficiency[115, 118] - The company is bringing the Upload & Print model to North America, leveraging Pixartprinting's capabilities[268, 292] - Cimpress is committed to operating within its leverage policy, targeting net leverage at or below approximately 2.5x trailing-twelve-month EBITDA[373]

Core Insights - Cimpress plc (CMPR) is experiencing strong momentum in its Vista, National Pen, and Upload & Print segments, driven by increased demand for promotional products, apparel, gifts, signage, packaging, and labels [1][7] - The company's scale enables small businesses to access high-quality products and printing services, while its product portfolio has expanded to meet diverse marketing needs [2] - Cimpress is restructuring operations to consolidate product development teams, aiming to enhance customer value and improve long-term efficiency [2][3] Financial Performance - In fiscal 2025, Cimpress saw a 5.3% year-over-year increase in the cost of revenues, attributed to rising production and shipping costs, with the cost as a percentage of net revenues increasing by 100 basis points to 52.5% [6] - Selling, general, and administrative expenses rose by 3.7% year-over-year due to higher long-term incentive compensation and cash compensation costs [6] - The gross profit margin decreased by approximately 110 basis points to 47.5% in the fourth quarter of fiscal 2025, raising concerns about profitability due to escalating costs [6][7] Market Position - Cimpress shares gained 17.2% over the past month, contrasting with a 1.8% decline in the industry [4] - The company's emphasis on customer service, efficient operations, strong supply-chain management, and continuous product innovation positions it well for future growth [3]

Part I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Cimpress specializes in print mass customization, using a decentralized model and shared platforms to maximize long-term intrinsic value per share - Cimpress' core business model is **print mass customization**, producing customized goods with near mass production efficiency[15](index=15&type=chunk)[24](index=24&type=chunk) - The company's strategy involves investing in customer-focused, entrepreneurial print mass customization businesses, managed in a **decentralized manner**, and leveraging shared strategic capabilities[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - The uppermost financial objective is to maximize **intrinsic value per share (IVPS)**, prioritizing long-term returns over short-term metrics[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) Revenue Growth (Fiscal Year 2006 vs. 2025) | Fiscal Year | Revenue (billions USD) | | :---------- | :--------------------- | | 2006 | $0.2 | | 2025 | $3.4 | [Overview & Strategy](index=4&type=section&id=Overview%20%26%20Strategy) [Mass Customization](index=5&type=section&id=Mass%20Customization) [Market and Industry Background](index=6&type=section&id=Market%20and%20Industry%20Background) [Our Businesses](index=8&type=section&id=Our%20Businesses) [Central Procurement](index=11&type=section&id=Central%20Procurement) [Technology](index=11&type=section&id=Technology) [Information Privacy and Security](index=12&type=section&id=Information%20Privacy%20and%20Security) [Shared Talent Infrastructure](index=12&type=section&id=Shared%20Talent%20Infrastructure) [Competition](index=12&type=section&id=Competition) [Social and Environmental Responsibility](index=13&type=section&id=Social%20and%20Environmental%20Responsibility) [Intellectual Property](index=14&type=section&id=Intellectual%20Property) [Seasonality](index=14&type=section&id=Seasonality) [Human Capital](index=15&type=section&id=Human%20Capital) [Corporate Information](index=15&type=section&id=Corporate%20Information) [Available Information](index=15&type=section&id=Available%20Information) [Item 1A. Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) Cimpress faces risks from financial volatility, brand reputation, global operations, trade policies, cybersecurity, and debt structure - Financial results may fluctuate due to **long-term investment strategy** and various external and internal factors[87](index=87&type=chunk)[89](index=89&type=chunk) - The evolving trade and tariff environment, including the expected end of the **de minimis exemption for U.S. imports on August 29, 2025**, poses a risk of increased costs and adverse financial impacts[92](index=92&type=chunk)[94](index=94&type=chunk) - **Cybersecurity threats**, including those enhanced by AI, pose risks to information systems, confidential data, reputation, and could lead to litigation and financial harm[97](index=97&type=chunk)[98](index=98&type=chunk) - Shifts in online search behavior due to **generative AI tools** and agentic search technologies may negatively impact customer traffic and acquisition efficiency[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The company's substantial debt (**$1.6045 billion as of June 30, 2025**) and variable interest rates expose it to interest rate risk, with a hypothetical **100 basis point increase leading to an $8.3 million increase in interest expense** over 12 months[132](index=132&type=chunk)[135](index=135&type=chunk)[138](index=138&type=chunk) [Item 1B. Unresolved Staff Comments](index=29&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments from the SEC - The company has **no unresolved staff comments**[151](index=151&type=chunk) [Item 1C. Cybersecurity](index=29&type=section&id=Item%201C.%20Cybersecurity) Cimpress maintains robust cybersecurity policies, procedures, and processes, managed by a central security and privacy team, to protect information assets and operations - Cimpress has established policies, procedures, and processes for assessing, identifying, and managing cybersecurity risks, led by a **central security and privacy team**[152](index=152&type=chunk) - Cybersecurity measures include procedural and technical safeguards, response plans, regular vulnerability and penetration tests, incident simulations, and **annual employee training**[152](index=152&type=chunk)[153](index=153&type=chunk) - The **Audit Committee** oversees cybersecurity risk, receiving regular updates from the Chief Security and Privacy Officer, who has over **20 years of experience**[154](index=154&type=chunk) [Item 2. Properties](index=29&type=section&id=Item%202.%20Properties) Cimpress owns and leases various manufacturing and office facilities globally, totaling approximately 3 million square feet of production space - Cimpress owns and operates approximately **3 million square feet of production space** globally[49](index=49&type=chunk) - Key owned manufacturing facilities include a **582,000 sq ft facility in Ontario, Canada**, a **492,000 sq ft facility in Shelbyville, Tennessee** (held for sale), a **362,000 sq ft facility in Venlo, Netherlands**, and a **124,000 sq ft facility in Deer Park, Australia**[156](index=156&type=chunk) Leased Space by Business Segment (as of June 30, 2025) | Business Segment | Square Feet | | :--------------- | :---------- | | Vista | 330,870 | | PrintBrothers | 531,795 | | The Print Group | 523,760 | | National Pen | 703,601 | | All Other Businesses | 407,739 | [Item 3. Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) Cimpress is not currently involved in any material legal proceedings - Cimpress is **not currently party to any material legal proceedings**[537](index=537&type=chunk) - The company does not expect current legal matters to have a **material adverse impact** on its consolidated financial results or position[537](index=537&type=chunk) [Item 4. Mine Safety Disclosure](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) Cimpress has no disclosures related to mine safety - There are **no disclosures regarding mine safety**[161](index=161&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issued Purchases of Equity Securities](index=30&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issued%20Purchases%20of%20Equity%20Securities) Cimpress plc ordinary shares are traded on the Nasdaq Global Select Market under the symbol 'CMPR' - Cimpress plc ordinary shares are traded on the **Nasdaq Global Select Market (CMPR)**[163](index=163&type=chunk) - The company has **never paid cash dividends** and does not anticipate paying any in the foreseeable future[164](index=164&type=chunk) - A share repurchase program authorized in May 2024 for up to **$200.0 million** had approximately **$115.3 million remaining** as of June 30, 2025[165](index=165&type=chunk)[167](index=167&type=chunk) Issuer Purchases of Equity Securities (Q4 FY2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share (USD) | Approximate Dollar Value Remaining (millions USD) | | :--------------------------------- | :----------------------------- | :--------------------------- | :------------------------------------------ | | April 1, 2025 through April 30, 2025 | — | $— | $136.1 | | May 1, 2025 through May 31, 2025 | 333,243 | $43.20 | $121.7 | | June 1, 2025 through June 30, 2025 | 145,445 | $44.32 | $115.3 | | **Total** | **478,688** | **$43.54** | **$115.3** | [Item 6. [Reserved]](index=31&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and not applicable - Item 6 is **reserved and not applicable**[173](index=173&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Cimpress' FY2025 revenue grew 3% to $3.4 billion, but operating income and net income declined significantly due to tax and hedging losses Fiscal Year 2025 Financial Summary | Metric | FY2025 Value (millions USD) | Change vs. FY2024 (millions USD) | | :------------------------------------------ | :---------------------- | :------------------------------- | | Revenue | $3,403.1 | +3% | | Organic constant-currency revenue growth | 3% | - | | Operating income | $226.3 | -$21.1 | | Net income | $12.9 | -$165.0 | | Adjusted EBITDA | $433.2 | -$35.5 | | Diluted net income per share attributable to Cimpress plc | $0.58 | -$5.85 | | Cash provided by operating activities | $298.1 | -$52.7 | | Adjusted free cash flow | $148.0 | -$113.0 | - Operating income decreased by **$21.1 million** due to non-recurring prior-year benefits, discrete negative impacts, increased U.S. tariffs, and lower gross margins[183](index=183&type=chunk)[185](index=185&type=chunk) - Net income decreased by **$165.0 million**, primarily due to a **$133.5 million increase in income tax expense** and higher unrealized hedging losses[186](index=186&type=chunk) - U.S. tariffs resulted in approximately **$3 million in net costs** during Q4 FY2025, with the **de minimis exemption expected to end on August 29, 2025**[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk) [Executive Overview](index=32&type=section&id=Executive%20Overview) [U.S. Tariffs](index=32&type=section&id=U.S.%20Tariffs) [Financial Summary](index=33&type=section&id=Financial%20Summary) [Consolidated Results of Operations](index=34&type=section&id=Consolidated%20Results%20of%20Operations) [Reportable Segment Results](index=38&type=section&id=Reportable%20Segment%20Results) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) [Additional Non-GAAP Financial Measures](index=44&type=section&id=Additional%20Non-GAAP%20Financial%20Measures) [Critical Accounting Policies and Estimates](index=46&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Cimpress manages interest rate and currency risks using derivatives, facing potential significant impacts from market fluctuations - Cimpress has **$1,072.8 million in variable-rate debt as of June 30, 2025**, exposing it to interest rate risk[289](index=289&type=chunk) - A hypothetical **100 basis point increase in interest rates** would result in an **$8.3 million increase in interest expense** over the next 12 months[289](index=289&type=chunk) - The company uses **interest rate swap contracts** and **currency derivatives** to mitigate interest rate and foreign currency exposures, primarily in Euro and British Pound[290](index=290&type=chunk)[291](index=291&type=chunk)[411](index=411&type=chunk)[414](index=414&type=chunk)[416](index=416&type=chunk)[418](index=418&type=chunk) - A hypothetical **10% decrease in exchange rates** against functional currencies would result in a **$22.6 million change on income before income taxes** for the year ended June 30, 2025[292](index=292&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Cimpress' audited consolidated financial statements for FY2025, 2024, and 2023, including detailed notes on accounting policies - The consolidated financial statements for the fiscal years ended **June 30, 2025, 2024, and 2023** are presented, including the auditor's report[297](index=297&type=chunk)[298](index=298&type=chunk) Consolidated Balance Sheet Highlights (as of June 30, thousands USD) | Item | 2025 | 2024 | | :----------------------------------- | :------- | :------- | | Total Assets | $1,968,144 | $1,892,157 | | Total Liabilities | $2,531,590 | $2,418,671 | | Total Shareholders' Deficit | $(582,503) | $(549,512) | Consolidated Statements of Operations Highlights (Year Ended June 30, thousands USD) | Item | 2025 | 2024 | 2023 | | :----------------------------------- | :--------- | :--------- | :--------- | | Revenue | $3,403,079 | $3,291,856 | $3,079,627 | | Income from operations | $226,270 | $247,351 | $57,309 | | Net income (loss) | $12,852 | $177,808 | $(185,715) | Consolidated Statements of Cash Flows Highlights (Year Ended June 30, thousands USD) | Item | 2025 | 2024 | 2023 | | :----------------------------------- | :--------- | :--------- | :--------- | | Net cash provided by operating activities | $298,070 | $350,722 | $130,289 | | Net cash used in investing activities | $(140,757) | $(54,614) | $(103,725) | | Net cash used in financing activities | $(135,921) | $(222,552) | $(177,106) | [Report of Independent Registered Public Accounting Firm](index=51&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) [Consolidated Balance Sheets](index=53&type=section&id=Consolidated%20Balance%20Sheets) [Consolidated Statements of Operations](index=54&type=section&id=Consolidated%20Statements%20of%20Operations) [Consolidated Statements of Comprehensive Income (Loss)](index=55&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) [Consolidated Statements of Shareholders' Deficit](index=56&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Deficit) [Consolidated Statements of Cash Flows](index=58&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) [Notes to Consolidated Financial Statements](index=60&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Item 9. Changes in and Disagreements with Accountants and Financial Disclosure](index=95&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20and%20Financial%20Disclosure) Cimpress reports no changes in or disagreements with its accountants on accounting and financial disclosure matters - There are **no changes in or disagreements with accountants on accounting and financial disclosure**[547](index=547&type=chunk) [Item 9A. Controls and Procedures](index=95&type=section&id=Item%209A.%20Controls%20and%20Procedures) Cimpress' management, including the CEO and CFO, assessed the effectiveness of its disclosure controls and procedures as of June 30, 2025, concluding they were effective at a reasonable assurance level - Management concluded that **disclosure controls and procedures were effective** at the reasonable assurance level as of June 30, 2025[548](index=548&type=chunk) - **No significant changes in internal control over financial reporting** occurred during the three months ended June 30, 2025[549](index=549&type=chunk) - Management assessed and concluded that **internal control over financial reporting was effective** as of June 30, 2025, based on the COSO framework[552](index=552&type=chunk) [Item 9B. Other Information](index=100&type=section&id=Item%209B.%20Other%20Information) This item is not applicable and contains no other information - Item 9B is **not applicable**[555](index=555&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=100&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable and contains no disclosures regarding foreign jurisdictions that prevent inspections - Item 9C is **not applicable**[556](index=556&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=100&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance, including the code of business conduct and ethics, is incorporated by reference from the company's 2025 Proxy Statement - Information on directors, executive officers, and corporate governance is **incorporated by reference from the 2025 Proxy Statement**[558](index=558&type=chunk) - Cimpress has a written **code of business conduct and ethics** applicable to all employees, with **no waivers granted in FY2025**[559](index=559&type=chunk) [Item 11. Executive Compensation](index=100&type=section&id=Item%2011.%20Executive%20Compensation) Details on executive compensation, including compensation discussion and analysis, summary compensation tables, and compensation of the Board of Directors, are incorporated by reference from the 2025 Proxy Statement - Executive compensation information is **incorporated by reference from the 2025 Proxy Statement**[560](index=560&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=100&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of certain beneficial owners and management, as well as securities authorized for issuance under equity compensation plans, is incorporated by reference from the 2025 Proxy Statement - Security ownership information for beneficial owners and management, and equity compensation plan details, are **incorporated by reference from the 2025 Proxy Statement**[560](index=560&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=100&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information concerning certain relationships, related transactions, and director independence is incorporated by reference from the 2025 Proxy Statement - Information on related party transactions and director independence is **incorporated by reference from the 2025 Proxy Statement**[561](index=561&type=chunk) [Item 14. Principal Accountant Fees and Services](index=100&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2025 Proxy Statement - Information on principal accountant fees and services is **incorporated by reference from the 2025 Proxy Statement**[561](index=561&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=101&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules filed as part of the 10-K report, covering corporate governance, debt, and equity documents - The section provides a comprehensive list of exhibits, including **corporate governance documents, debt instruments, equity plans, and employment agreements**[563](index=563&type=chunk)[565](index=565&type=chunk) [Item 16. Form 10-K Summary](index=102&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item indicates that no Form 10-K Summary is provided - **No Form 10-K Summary is provided**[564](index=564&type=chunk) [Signatures](index=103&type=section&id=Signatures) The report is signed by authorized representatives of Cimpress plc, including the Founder and Chief Executive Officer, Robert S. Keane, and the Chief Financial Officer, Sean E. Quinn, along with other directors, as of August 8, 2025 - The report is signed by **Robert S. Keane (Founder and CEO)** and **Sean E. Quinn (CFO)**, along with other directors, on **August 8, 2025**[568](index=568&type=chunk)[569](index=569&type=chunk)

Core Insights - Cimpress plc (CMPR) reported a fourth-quarter fiscal 2025 adjusted loss of $1.02 per share, missing the Zacks Consensus Estimate of earnings of 97 cents per share, compared to adjusted earnings of $4.33 per share in the same quarter last year [1][10] Revenue Performance - Total revenues for the quarter were $869.5 million, reflecting a 4.4% increase year-over-year, and beating the Zacks Consensus Estimate of $844 million [2][10] - Organic constant-currency revenue growth was 2% year-over-year, driven by growth across all business segments [2] Segment Analysis - The National Pen segment generated revenues of $93.6 million, up from $83.6 million in the year-ago quarter, exceeding the estimate of $84 million [3] - The Vista segment, the largest revenue generator, reported revenues of $466.4 million compared to $442.1 million in the prior year, surpassing the estimate of $452.6 million [3] - The Upload and Print segment's revenues increased to $284.2 million from $266.9 million, with PrintBrothers generating $178.2 million and The Print Group $106 million, both exceeding estimates [4] - Revenues from All Other Businesses were $58.8 million, up from $53.7 million, also beating the estimate of $55.9 million [5] Margin and Cost Analysis - Cimpress' cost of revenues was $456.7 million, a 6.6% increase year-over-year, while marketing and selling expenses decreased by 0.7% to $193 million [6] - General and administrative expenses rose to $59.1 million from $54.3 million in the previous year [6] - Gross profit increased by 2.2% year-over-year to $413 million, with a margin of 47%, down 200 basis points from the previous year [7] - Adjusted EBITDA increased by 3% year-over-year to $122.4 million [7] Balance Sheet and Cash Flow - As of June 30, 2025, Cimpress had $234 million in cash and cash equivalents, up from $203.8 million at the end of the previous fiscal year [8] - Long-term debt was reported at $1.58 billion, a 1% decrease from the previous year [8] - Net cash provided by operating activities was $107.5 million, down from $125.1 million in the year-ago quarter, with share repurchases totaling $20.8 million during the quarter [9] Future Outlook - For fiscal 2026, Cimpress expects revenue growth of 5-6% on a reported basis and 2-3% on an organic constant-currency basis, with net income projected to be at least $72 million [11] - Adjusted EBITDA is anticipated to be at least $450 million, with cash from operating activities expected to be around $310 million and adjusted free cash flow of $140 million [11] - The company aims to reduce net leverage to 2.5x trailing-12-month EBITDA over time [12]