Cimpress(CMPR) - 2024 Q4 - Annual Results

Revenue Growth - Revenue for Q4 FY2024 grew 6% on a reported basis and on an organic constant-currency basis, totaling $832.6 million[3]. - Full-year FY2024 revenue grew 7% on a reported basis and 5% on an organic constant-currency basis, reaching $3.29 billion[5]. - Vista segment revenue grew 8% in Q4 FY2024, driven by customer experience improvements and new product introductions[7]. - National Pen revenue grew 2% in Q4 FY2024, supported by strong e-commerce performance[9]. - The company anticipates a revenue increase in PrintBrothers, projecting Q4 FY2024 revenue at $24,900, up from $20,480 in Q4 FY2023[18]. - The company expects a revenue growth in constant currency of 5% for FY2024[92]. - The overall reported revenue growth for FY2023 was 7%, with a constant currency growth of 5% projected for FY2024[92]. - National Pen segment reported revenue growth of 7% in FY2023, with constant currency growth of 12%[94]. Profitability and EBITDA - Adjusted EBITDA for Q4 FY2024 increased by $5.4 million year over year to $119.4 million, with a negative impact of $3.1 million from currency movements[3]. - Consolidated operating income for FY2024 increased by $190 million year over year to $247.4 million[5]. - Adjusted EBITDA for FY2023 was $339,832, reflecting a year-over-year growth of 21% from FY2022's $281,063[18]. - Adjusted EBITDA margin improved to 14% in FY2023, up from 10% in FY2022, with expectations to maintain this margin in FY2024[18]. - The company expects adjusted EBITDA to reach $468.7 million in FY2024, indicating a projected growth of 37.9%[100]. Cash Flow and Capital Expenditures - Operating cash flow for Q4 FY2024 rose by $63.3 million year over year to $125.1 million[4]. - Net cash provided by operating activities in Q4 FY2023 was $61,815, a decline from Q4 FY2022's $87,820, but expected to rebound to $125,095 in Q4 FY2024[19]. - Capital expenditures for FY2023 totaled $54,927, with a forecast of $58,307 for FY2024, indicating ongoing investment in growth[20]. - Net cash provided by operating activities was $125,095 for the three months ended June 30, 2024, up from $61,815 in the same period last year[85]. - Cash interest paid in Q4 FY23 was $132.3 million, compared to $98.1 million in Q4 FY22, indicating a 34.7% rise[104]. Share Repurchase and Debt Management - The company repurchased 1.7 million shares for $157 million during FY2024, representing a 7% reduction in shares outstanding[5]. - The company’s net debt as of Q4 FY2023 was $1,473 million, a slight decrease from $1,494 million in Q2 FY2023[34]. - Consolidated net leverage decreased from 5.52 in Q4 FY22 to 1.78 in Q4 FY24, indicating improved financial stability[36]. - The company emphasizes the importance of maintaining compliance with debt covenants and managing economic conditions[108]. Market Outlook and Future Guidance - The company expects consolidated constant-currency organic revenue to grow annually at mid-single-digit rates in the coming years[11]. - Future outlook includes expectations for revenue growth and adjusted EBITDA, with a focus on capital allocation strategies[107]. - Forward-looking statements indicate potential risks including supply chain constraints and market changes that could affect performance[109]. Segment Performance - VISTA's quarterly revenue reached $485 million in Q4 FY24, reflecting a 14% growth compared to the previous year[37]. - Annual revenue for VISTA in FY24 was $1,742 million, representing an 11% increase from FY23[43]. - Segment EBITDA for VISTA was $103 million in Q4 FY24, with a margin of 21%[41]. - Segment EBITDA for FY2024 was $90 million, representing a margin of 14%[56]. - Segment EBITDA for the Upload & Print segment in FY2024 was $5.2 million, with a negative impact of $0.5 million from currency[78]. Currency Impact - Currency impacts negatively affected reported revenue growth in Q4 FY2024 by less than 100 basis points[75]. - Adjusted EBITDA for FY2024 was negatively impacted by currency fluctuations, with a reported loss of $0.8 million in other income[75]. - The impact of currency fluctuations on total company revenue was a positive 3% in Q4FY23, while the impact on PrintBrothers was a negative 2%[90]. - Currency impact on reported revenue for FY2023 was 8%, with a negative impact projected at (3%) for FY2024[94].