Cimpress(US:CMPR)2024-10-30 20:08Revenue Growth - Cimpress reported a 6% increase in revenue for Q1 FY2025 compared to Q1 FY2024, with total revenue reaching $804.97 million[4]. - Vista's revenue grew by 8% in Q1 FY2025, driven by customer experience improvements and new product introductions[5]. - National Pen's revenue increased by 8% on a reported basis and 7% on an organic constant-currency basis during Q1 FY2025[10]. - All Other Businesses saw a revenue growth of 11% year-over-year, led by significant growth from BuildASign[11]. - Revenue for the three months ended September 30, 2024, was $804,969 thousand, an increase from $757,294 thousand in the same period last year, representing a growth of approximately 6.5%[50]. - Revenue for Q1 FY2024 reached $921 million, reflecting a 13% growth compared to the previous year[20]. - The Print Group reported revenue of $96 million for Q1 FY2023, reflecting a 12% year-over-year growth[39]. - National Pen achieved revenue of $130 million in Q1 FY2023, with an organic constant-currency revenue growth of 24%[41]. EBITDA and Profitability - Adjusted EBITDA for Q1 FY2025 decreased by $1.0 million year-over-year to $87.8 million, impacted by negative currency movements[4]. - Adjusted EBITDA for Q1 FY2024 was $88,736 million, showing a significant increase from $45,595 million in Q1 FY2023[19]. - Segment EBITDA margin for the Vista segment was 22% in Q1 FY2024, up from 20% in Q1 FY2023[34]. - Total segment EBITDA for Q1 FY2025 was $111.4 million, compared to $106.0 million in Q4 FY2024[60]. - Operating income margin for Q1 FY2025 was 5%, reflecting a year-over-year growth of 15%[60]. - Adjusted free cash flow before cash interest, net, improved to $31,818 million in Q1 FY2024 from a negative $39,231 million in Q1 FY2023[19]. Cash Flow and Working Capital - Operating cash flow fell by $37.9 million year-over-year to $4.4 million, primarily due to changes in working capital and increased cash interest payments[4]. - Cash flow from operations for Q1 FY2024 was $175 million, indicating a positive trend in operational efficiency[25]. - Net cash provided by operating activities was $4,384 thousand, a decrease from $42,254 thousand in the previous year[52]. - Total cash and cash equivalents at the end of the period were $152,951 thousand, compared to $125,199 thousand at the end of the same quarter last year, showing an increase of approximately 22.3%[52]. - Net cash provided by operating activities for Q1 FY24 was $130.3 million, an increase from $95.5 million in Q2 FY23[65]. Debt and Leverage - Net leverage improved to 3.1 times trailing-twelve month EBITDA as of September 30, 2024, down from 3.5 times the previous year[4]. - The company expects to reduce net leverage to approximately 2.75 times trailing twelve month EBITDA by the end of FY2025[13]. - The company reported a net debt of $1,473 million as of Q1 FY2024, down from $1,427 million in Q1 FY2023[32]. - Long-term debt stood at $1.59 billion, showing a slight decrease from the previous quarter[49]. Expenses and Costs - Central and corporate costs increased by $3.1 million year-over-year in Q1 FY2025 due to higher volume-related operating costs[12]. - Marketing and selling expenses for the quarter were $203,847 thousand, up from $192,188 thousand, reflecting an increase of about 3.4% year-over-year[50]. - Technology and development expenses rose to $81,861 thousand from $74,330 thousand, marking an increase of approximately 10.5%[50]. - The company reported a restructuring expense of $99 thousand, compared to a gain of $(334) thousand in the same quarter last year[50]. Future Expectations - The company anticipates continued growth in constant currency for the upcoming quarters, with a focus on market expansion and new product development[56]. - Future expectations include a focus on cross-Cimpress fulfillment and organic revenue growth, with an emphasis on capital allocation strategies[68]. - The company anticipates continued improvements in customer experience and competitive positioning, despite potential market uncertainties[69].