Cimpress(CMPR) - 2025 Q4 - Annual Results

Revenue Growth - Revenue grew 4% on a reported basis and 2% on an organic constant-currency basis in Q4 FY2025[4] - Vista reported Q4 revenue growth of 6% year over year and 4% on an organic constant-currency basis, with significant growth in promotional products and packaging[5] - National Pen Q4 revenue grew 12% year over year on a reported basis, driven by increased fulfillment and growth in telesales and e-commerce[13] - For FY2025, combined Upload & Print revenue exceeded $1 billion for the first time, although EBITDA declined by $3.6 million to $154.3 million[12] - Total revenue for FY2025 is reported at $3,403.079 million, reflecting a year-over-year growth of 3%[28] - Revenue for Q1 FY2024 was reported at $498 million, reflecting an 11% growth compared to the previous quarter[75] - Annual revenue for FY2024 is projected to be $1,824 million, representing an 8% increase from FY2023[83] - Total company reported revenue growth for FY2023 was 7%, with a constant currency revenue growth of 11%[172] - Reported revenue growth for FY2023 was 7% compared to FY2022, with a total revenue of $921.4 million[174] - Total Upload and Print revenue for FY2023 reached $921.4 million, with a reported growth of 8%[174] Profitability and Income - Net income decreased by $146.5 million to a net loss of $28.4 million, primarily due to a $126.7 million increase in income tax expense[4] - Adjusted EBITDA increased by $3.1 million to $122.4 million, benefiting from year-over-year currency changes of approximately $3.6 million[4] - Adjusted EBITDA for FY2025 is projected at $433.167 million, with an adjusted EBITDA margin of 13%[29] - Net income is anticipated to be at least $72 million, with adjusted EBITDA expected to reach at least $450 million, factoring in start-up losses from the Pixartprinting U.S. facility[27] - Net income for FY2024 was $177.8 million, a significant recovery from a net loss of $185.7 million in FY2023[186] - Net income for FY2023 was $(185.7) million, with a projected net income of $177.8 million for FY2024[196] Cash Flow and Expenses - Operating cash flow decreased by $17.6 million to $107.5 million, driven by lower net working capital inflows[4] - Operating cash flow is forecasted at $310 million, and adjusted free cash flow is estimated to be approximately $140 million[27] - Cash taxes are projected to be between $55 million and $60 million, significantly higher than FY2025 due to non-repeating tax refunds[27] - Cash provided by operating activities for the year ended June 30, 2025, was $298.070 million, a decrease from $350.722 million in 2024, showing a decline of 15%[160] - Adjusted free cash flow for FY2025 is estimated at $148.033 million[33] - Adjusted free cash flow for the TTM was $118 million, with cash interest netting at $129 million[65] Capital Expenditures and Debt - Capital expenditures are expected to be roughly $100 million, with capitalized software expenses around $70 million[27] - The company reported a net debt of $1,481 million as of Q4 FY2023, with a consolidated net leverage ratio of 3.90[70][73] - The company’s long-term debt as of June 30, 2025, was reported at $1,576,178 thousand, a slight decrease from $1,591,807 thousand in 2024[156] Market Outlook and Guidance - Guidance for FY2026 incorporates continued risks from the trade and macroeconomic environment, with a strong liquidity position and no near-term debt maturities[21] - Revenue growth is projected at 5% - 6%, with organic constant-currency revenue growth expected to be 2% - 3%[27] - The company expects a revenue growth of 5% for FY2025, indicating a cautious outlook[174] Segment Performance - Segment EBITDA for Q1 FY2024 reached $108 million, corresponding to a segment EBITDA margin of 22%[78] - Total segment EBITDA for FY2024 was $546.0 million, an increase of 35.2% from FY2023's $404.0 million[185] - Adjusted EBITDA for FY2024 was $468.7 million, compared to $339.8 million in FY2023, reflecting a growth of 37.9%[186] - National Pen's segment EBITDA for FY2024 was $29.8 million, an increase from $23.2 million in FY2023, marking a growth of 28.3%[186] Currency Impact - The year-over-year impact of currency movements on adjusted EBITDA is expected to be slightly favorable relative to FY2025[27] - The impact of currency fluctuations on total company revenue was a negative 2% for FY2024[172] - The impact of currency fluctuations on revenue growth was noted, with a 3% positive impact in FY2023[174]