Core Insights - Cimpress plc (CMPR) is experiencing strong growth across its Vista, National Pen, and Upload & Print segments, driven by e-commerce and improved customer experience [1][2] Segment Performance - In Q4 of fiscal 2024, the Vista segment's revenues increased by 8% year over year, while Upload & Print saw a 6% rise, and National Pen grew by 1% [2] - The company's operations provide small businesses access to quality products and services, with an expanded product line catering to marketing needs [3] Financial Metrics - Cimpress is focused on cost-control measures, resulting in a 100 basis point increase in gross margin year over year in Q4 [4] - The adjusted EBITDA margin remained consistent with the previous year's quarter [4] - However, the cost of revenues rose by 2.5% year over year due to increased production and shipping costs, while general and administrative expenses increased by 2.9% [6] Debt and Cash Position - As of the end of fiscal 2024, Cimpress had a long-term debt of $1.6 billion, which raises concerns given its cash and cash equivalents of $203.8 million [6] Stock Performance - Over the past year, Cimpress shares have gained 19.5%, outperforming the industry growth of 18.2% [5]

Cimpress plc (CMPR) recently completed its earlier announced private offering of senior notes worth $525 million in aggregate principal amount. CMPR's shares lost 0.4% on the last trading day to eventually close the trading session at $81.84. Inside the Headlines The senior notes carry an interest rate of 7.375% and are scheduled to mature in 2032. The notes are priced at 100% of the principal amount. Interest on the notes will be paid on a semi-annual basis. Along with the senior notes offering, Cimpress r ...

Cimpress plc (CMPR) recently priced its earlier announced private offering of senior notes worth $525 million in aggregate principal amount. The offering comprises 7.375% senior notes due to expire in 2032. It is worth mentioning here that the company's shares lost 0.4% yesterday, ending the trading session at $79.94. Inside the Headlines As communicated by the company, the notes have been priced at 100% of the principal amount. Interest rates on the notes will be paid semi-annually. Subject to customary co ...

Cimpress plc (CMPR) announced that it has commenced the offering of senior notes worth $525 million in aggregate principal amount. The senior notes due in 2032 will be offered through private placement. It is worth mentioning here that the company's shares lost 4.1% yesterday, ending the trading session at $80.23. Inside the Headlines With the completion of the notes offering, CMPR plans to amend its existing credit agreement by extending its revolving credit facility's maturity and adjusting the interest r ...

Core Insights - Cimpress plc is experiencing growth across its Vista, National Pen, and Upload & Print segments, driven by technology investments and product innovation [1] - The company is benefiting from increased customer count and higher average order values, particularly in the Vista segment [1] - E-commerce growth is significantly impacting the National Pen segment, while the Upload & Print segment is expected to see revenue benefits from rising order rates [2] Financial Performance - Cimpress' gross margin improved by 100 basis points year-over-year in Q4 of fiscal 2024, with adjusted EBITDA margin remaining stable compared to the previous year [2] - The company's cost of revenues increased by 3.3% in fiscal 2024, influenced by rising costs for materials and shipping [5] - Long-term debt stood at $1.6 billion in fiscal 2024, with a CAGR of 2.4% over the last five years, raising concerns about the company's financial leverage [6] Operational Efficiency - The company is restructuring its product development teams to enhance customer value and operational efficiency [4] - Cimpress has expanded its product line to cater to a variety of marketing needs for small business customers, leveraging its scale to provide quality services [3] Cost Management - Effective cost-control measures have supported Cimpress' margin performance despite rising input costs, which increased the cost of sales by 6.3% from fiscal 2020 to fiscal 2024 [4][5] - General and administrative expenses rose by 2.9% year-over-year in Q4 due to increased travel, training, and consulting costs [5]

Financial Performance - Revenue for fiscal year 2024 increased by 7% to $3,291.9 million compared to $3,079.6 million in fiscal year 2023[142] - Organic constant-currency revenue growth was 5% for fiscal year 2024[142] - Operating income rose by $190.0 million to $247.4 million, driven by a $157.8 million increase in gross profit and operating expense efficiencies[143] - Adjusted EBITDA increased by $128.9 million to $468.7 million for fiscal year 2024[142] - Diluted net income per share attributable to Cimpress plc improved to $6.43 from a loss of $7.08 in the prior fiscal year[142] - Cash provided by operating activities increased by $220.4 million to $350.7 million[142] - Adjusted free cash flow rose by $237.7 million to $261.1 million, supported by increased operating cash flow and higher proceeds from asset sales[146] Revenue Breakdown - Revenue growth was observed across all segments, with Vista business revenue driven by new and repeat customers[142] - Vista's reported revenue grew by 8% to $1.742 billion, with segment EBITDA increasing by 47% to $328.472 million, representing 19% of revenue[166][168] - PrintBrothers reported revenue increased by 10% to $638.036 million, with segment EBITDA growing by 27% to $89.876 million, representing 14% of revenue[169][171] - The Print Group reported revenue of $358,918,000 for the year ended June 30, 2024, representing a 3% increase compared to $346,949,000 in 2023[173] - National Pen's revenue increased by 7% to $391,192,000 for the year ended June 30, 2024, compared to $366,294,000 in 2023[176] - All Other Businesses reported revenue of $215,807,000, a slight increase of 1% from $213,455,000 in 2023[179] Expenses and Costs - Cost of revenue increased by $54.4 million year over year, with cost of revenue as a percentage of revenue decreasing to 51.5% from 53.3%[150] - Technology and development expenses increased by $19.7 million to $321.968 million for the year ended June 30, 2024, representing 9.8% of revenue, unchanged from the prior year[151][153] - Marketing and selling expenses rose by $15.9 million to $789.872 million, accounting for 24.0% of revenue, down from 25.1% in the previous year[156] - General and administrative expenses decreased by $3.5 million to $205.737 million, representing 6.2% of revenue, down from 6.8%[158] - Central and corporate costs increased by $11.8 million in 2024, primarily due to a $20.5 million rise in share-based compensation expenses[184] Tax and Other Income - The company recognized $204.9 million of lower income tax expense, primarily due to a partial reversal of a valuation allowance on Swiss deferred tax assets[145] - The effective tax rate improved to -38.4% for the year ended June 30, 2024, compared to -514.5% in the prior year, due to a partial release of the valuation allowance on Swiss deferred tax assets[162][163] - Other income, net decreased to $1.583 million from $18.498 million, primarily due to currency exchange rate volatility impacting derivatives not designated as hedging instruments[159][160] Cash Flow and Debt - Net cash provided by operating activities was $350,722,000 in 2024, significantly up from $130,289,000 in 2023[185] - The company had $203.8 million in cash and cash equivalents and $1,616.6 million in debt as of June 30, 2024[186] - Total contractual obligations amounted to $2,356,025,000, with significant commitments in operating leases and purchase commitments[191] - The company repurchased 1,723,393 ordinary shares for $157 million during the year ended June 30, 2024[187] - As of June 30, 2024, the company has borrowings of $1,084.6 million under its senior secured credit agreement, with a final maturity date of May 17, 2028[193] - The company has a $250.0 million senior secured revolving credit facility, with $238.0 million unused as of June 30, 2024[193] Interest Rate and Currency Risk - The company had $1,084.6 million of variable-rate debt, exposing it to market risk from interest rate changes[222] - A hypothetical 100 basis point increase in interest rates would result in an $8.8 million increase in interest expense over the next 12 months[222] - The company manages currency exchange rate risk through normal operating activities and derivative financial instruments, with significant exposures in the Euro and British Pound[223] - A hypothetical 10% decrease in exchange rates against the functional currency would have resulted in an $8.8 million change in income (loss) before income taxes for the year ended June 30, 2024[227] Goodwill and Intangible Assets - The company evaluates goodwill and indefinite-lived intangible assets for impairment annually, with no impairments recognized for the year ended June 30, 2024[219] - The fair value of identifiable intangible assets acquired in business combinations is based on detailed cash flow valuations, which may differ materially from actual results[215] - The company has not experienced significant impairments of capitalized software and website development costs historically[214] - Costs related to business acquisitions are expensed as incurred, while any excess purchase price over fair value is allocated to goodwill[216] Financial Instruments - The company utilizes interest rate swap contracts to mitigate exposure to interest rate changes related to its variable-rate debt[222] - The company revised its adjusted free cash flow definition to include proceeds from the sale of assets, providing a clearer picture of cash flow generation[199]

Financial Data and Key Metrics Changes - In Q4 FY 2024, consolidated revenue grew 6% on both a reported basis and organic constant currency basis [3] - For the full year, revenue grew 7% on a reported basis and over 5% on an organic constant currency basis [3] - Adjusted EBITDA increased by $5 million year-over-year in Q4 to $119 million, despite currency headwinds of over $3 million [3][4] - Full year adjusted EBITDA grew $129 million year-over-year to $469 million, representing a 38% increase [4] - Adjusted EBITDA margins improved by over 300 basis points to 14.2% in FY 2024 [4] Business Segment Data and Key Metrics Changes - Every segment accelerated revenue growth sequentially in Q4, except for National Pen, which reduced advertising spend impacting revenue growth but improved profitability [4] - Vista experienced growth in per customer value and had its sixth consecutive quarter of growth in the number of customers served [5] Market Data and Key Metrics Changes - The company noted a shift towards direct-to-customer e-commerce models, impacting reseller dynamics in the Print Group [12][13] - Revenue growth in Upload and Print has been primarily driven by volume, with a muted growth in businesses serving resellers [14] Company Strategy and Development Direction - The company plans to increase capital expenditures to enhance manufacturing and supply chain advantages, focusing on operational execution [16][18] - Investments will target production efficiency, new product introductions, and quality improvements [18][19] - The multiyear outlook remains positive, with expectations for mid-single-digit organic constant currency revenue growth and adjusted EBITDA growth slightly faster than revenue [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial strength and operational capabilities, attributing it to significant investments made over the past six years [31] - The company is focused on leveraging scale-based advantages and improving customer value [31] Other Important Information - Adjusted free cash flow was $117 million for Q4 and $261 million for the full year, marking the highest cash flow results for both periods [5][6] - The company repurchased 1.7 million shares for $157 million in FY 2024, reducing shares outstanding by 7% [6] Q&A Session Summary Question: Can you provide an apples-to-apples breakdown of run rate EBITDA growth for Q4 FY '24 versus Q4 FY '23? - Management highlighted that currency negatively impacted EBITDA by over $3 million and noted onetime benefits from the previous year that did not repeat [9][10] Question: Can you talk about the reseller challenges in Print Group? - Management clarified that they do not see competitors "eating their lunch" and emphasized the shift towards direct-to-customer models [12][13] Question: What makes now the time to accelerate capital expenditures? - Management indicated that the focus on operational execution and the financial strength achieved over the past years justify the increase in capital expenditures [16][18] Question: Any new thinking about refinancing the 2026 bonds? - Management stated there are no new developments but confirmed they are regularly considering refinancing options [20] Question: What are the plans for the small EUR 46 million TLB tranche? - Management confirmed the plan is to hold the tranche until maturity unless circumstances change [21] Question: How do we increase the likelihood that organic investments in Vista are attractive? - Management discussed improvements in data analytics, organizational changes, and regular progress reviews to enhance investment outcomes [22][24][27]

Cimpress plc (CMPR) reported fourth-quarter fiscal 2024 (ended Jun 30, 2024) adjusted earnings of $4.33 per share, which beat the Zacks Consensus Estimate of 77 cents. The company reported adjusted earnings of $1.08 per share in the year-ago quarter. Top-Line Details Total revenues were $832.6 million, reflecting an increase of 5.6% from $788.8 million in the year-ago quarter. The organic constant-currency revenue growth was 6% year over year, driven by growth in each of its businesses. The top line was in ...

Core Insights - Cimpress reported revenue of $832.61 million for the quarter ended June 2024, reflecting a year-over-year increase of 5.6% and an EPS of $4.33, significantly up from $1.08 in the same quarter last year [1] - The revenue slightly missed the Zacks Consensus Estimate of $832.9 million by 0.04%, while the EPS exceeded expectations by 462.34% against a consensus estimate of $0.77 [1] Revenue Breakdown - Revenue from Vista was $441.91 million, surpassing the average estimate of $438.34 million, marking a year-over-year increase of 7.8% [3] - Revenue from Inter-segment eliminations was reported at -$15.53 million, worse than the estimated -$13.60 million, but showed a significant year-over-year improvement of 61.2% [4] - Revenue from All Other Businesses reached $54.62 million, exceeding the average estimate of $52.60 million, with a year-over-year change of 3.9% [5] - National Pen generated revenue of $84.18 million, below the estimated $89.04 million, but still reflecting a year-over-year increase of 1.6% [6] Stock Performance - Cimpress shares have returned 2.8% over the past month, outperforming the Zacks S&P 500 composite, which declined by 0.4% [6] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [6]

分组1 - Cimpress reported quarterly earnings of $4.33 per share, significantly exceeding the Zacks Consensus Estimate of $0.77 per share, representing an earnings surprise of 462.34% [1] - The company posted revenues of $832.61 million for the quarter ended June 2024, slightly missing the Zacks Consensus Estimate by 0.04%, compared to $788.85 million in the same quarter last year [2] - Cimpress has surpassed consensus EPS estimates three times over the last four quarters, while it has topped consensus revenue estimates only once during the same period [2] 分组2 - The stock has gained approximately 14% since the beginning of the year, matching the S&P 500's gain of 14% [3] - The current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $808.19 million, and for the current fiscal year, it is $4.25 on revenues of $3.48 billion [7] - The Zacks Industry Rank for Consumer Services - Miscellaneous is in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]