This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Vistaprint Reports First Quarter Fiscal Year 2013 Financial Results

Stocks in this article: VPRT

In addition, the statements and projections in this press release represent our expectations and beliefs as of the date of this press release. We anticipate that subsequent events and developments may cause these expectations, beliefs and projections to change. We specifically disclaim any obligation to update any forward-looking statements. These forward-looking statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to the date of this press release.

 

Operational Metrics & Financial Tables to Follow

 

VISTAPRINT N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited in thousands, except share and per share data)

   

September 30, 2012

June 30, 2012

Assets
Current assets:
Cash and cash equivalents $ 59,319 $ 62,203
Accounts receivable, net of allowances of $205 and $189, respectively 20,598 20,125
Inventory 8,095 7,168
Prepaid expenses and other current assets 26,567   26,102  
Total current assets 114,579 115,598
Property, plant and equipment, net 277,428 261,228
Software and web site development costs, net 5,840 5,186
Deferred tax assets 1,204 327
Goodwill 141,066 140,429
Intangible assets, net 38,433 40,271
Other assets 28,892 29,390
Investment in equity interests 13,028    
Total assets $ 620,470   $ 592,429  
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable $ 19,577 $ 25,931
Accrued expenses 90,767 98,402
Deferred revenue 16,863 15,978
Deferred tax liabilities 1,677 1,668
Other current liabilities 512    
Total current liabilities 129,396 141,979
Deferred tax liabilities 18,226 18,359
Other liabilities 14,348 13,804
Long-term debt 259,314   229,000  
Total liabilities 421,284   403,142  
Shareholders’ equity:
Preferred shares, par value €0.01 per share, 120,000,000 shares authorized; none issued and outstanding

Ordinary shares, par value €0.01 per share, 120,000,000 shares authorized; 49,950,289 shares issued

and 34,247,761 and 34,119,637 shares outstanding, respectively

699 699
Treasury shares, at cost, 15,702,528 and 15,830,652 shares, respectively (376,241 ) (378,941 )
Additional paid-in capital 290,728 285,633
Retained earnings 290,932 292,628
Accumulated other comprehensive loss (6,932 ) (10,732 )
Total shareholders’ equity 199,186   189,287  
Total liabilities and shareholders’ equity $ 620,470   $ 592,429  
 
 

VISTAPRINT N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited in thousands, except share and per share data)

 

Three Months Ended September 30,

2012   2011
Revenue $ 251,416 $ 212,360
Cost of revenue (1) 88,027 78,064
Technology and development expense (1) 37,657 26,674
Marketing and selling expense (1) 99,997 76,344
General and administrative expense (1) 25,501   21,532
Income from operations 234 9,746
Interest income 42 83

Other (expense) income, net

(509 ) 450
Interest expense 1,204  
(Loss) income before income taxes and (loss) earnings in equity interests (1,437 ) 10,279
Income tax provision (benefit) 134 2,107
(Loss) earnings in equity interests (125 )
Net (loss) income $ (1,696 ) $ 8,172
Basic net (loss) income per share $ (0.05 ) $ 0.20
Diluted net (loss) income per share $ (0.05 ) $ 0.19
Weighted average shares outstanding — basic 33,674,293   41,256,341
Weighted average shares outstanding — diluted 33,674,293   42,309,506
 

(1) Share-based compensation is allocated as follows:

 

Three Months Ended September 30,

2012 2011
Cost of revenue $ 98 $ 94
Technology and development expense 2,240 859
Marketing and selling expense 1,549 555
General and administrative expense 4,380 3,215
 
 

VISTAPRINT N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited in thousands)

 
 

Three Months Ended September 30,

2012   2011
Operating activities
Net (loss) income $ (1,696 ) $ 8,172
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 14,658 13,107
Share-based compensation expense 8,267 4,723
Excess tax benefits derived from share-based compensation awards 179 (134 )
Deferred taxes (1,055 ) (253 )
Other non-cash items (92 ) 26
Loss in equity interest 125
Non-cash gain on equipment (1,279 )
Changes in operating assets and liabilities:
Accounts receivable (333 ) 309
Inventory (863 ) (442 )
Prepaid expenses and other assets 472
Accounts payable (3,538 ) (1,951 )
Accrued expenses and other liabilities (7,723 ) 6,512  
Net cash provided by operating activities 6,650   30,541  
Investing activities
Purchases of property, plant and equipment (27,759 ) (10,998 )
Proceeds from sale of intangible assets 1,750
Maturities and redemptions of marketable securities 529
Purchases of intangible assets (9 ) (89 )
Capitalization of software and website development costs (1,301 ) (1,682 )
Investment in equity interest (12,653 )  
Net cash used in investing activities (39,972 ) (12,240 )
Financing activities
Proceeds from borrowings of long-term debt 39,212
Payments of long-term debt and debt issuance costs (9,008 )
Payments of withholding taxes in connection with vesting of restricted share units (1,166 ) (1,075 )
Purchases of ordinary shares (91,088 )
Excess tax benefits derived from share-based compensation awards (179 ) 134
Proceeds from issuance of shares 891   69  
Net cash provided by (used in) financing activities 29,750   (91,960 )
Effect of exchange rate changes on cash 688   (1,801 )
Net decrease in cash and cash equivalents (2,884 ) (75,460 )
Cash and cash equivalents at beginning of period 62,203   236,552  
Cash and cash equivalents at end of period $ 59,319   $ 161,092  
 
 

VISTAPRINT N.V.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

(Unaudited in thousands, except share and per share data)

 
Three Months Ended September 30,
2012   2011
Non-GAAP adjusted net income reconciliation:
Net (loss) income $ (1,696 ) $ 8,172
Add back:
Share-based compensation expense, inclusive of income tax effects 8,445 (a) 4,876 (b)
Amortization of acquisition-related intangible assets 2,178    
Non-GAAP adjusted net income $ 8,927   $ 13,048  
 
Non-GAAP adjusted net income per diluted share reconciliation:
Net (loss) income per diluted share $ (0.05 ) $ 0.19
Add back:
Share-based compensation expense, inclusive of income tax effects 0.24 0.12
Amortization of acquisition-related intangible assets 0.06    
Non-GAAP adjusted net income per diluted share $ 0.25   $ 0.31  
 
Non-GAAP adjusted weighted average shares reconciliation:
GAAP weighted average shares outstanding - diluted 33,674,293 42,309,506
Add:
Additional shares due to unamortized share-based compensation 828,964 259,570
Impact of GAAP dilutive shares due to GAAP net loss 1,289,891    
Non-GAAP adjusted weighted average shares outstanding - diluted 35,793,148   42,569,076  
 

(a) Includes share-based compensation charges of $8,267 and the income tax effects related to those charges of $178.

 

(b) Includes share-based compensation charges of $4,723 and the income tax effects related to those charges of $153.

 
Three Months Ended September 30,
2012 2011
Free cash flow reconciliation:
Net cash provided by operating activities $ 6,650 $ 30,541
Purchases of property, plant and equipment (27,759 ) (10,998 )
Purchases of intangible assets not related to acquisitions (9 ) (89 )
Capitalization of software and website development costs (1,301 ) (1,682 )
Free cash flow $ (22,419 ) $ 17,772  
 
               
GAAP Revenue

Three Months Ended September 30,

Currency Constant- Impact of

Constant- Currency

2012     2011 % Change

Impact: (Favorable)/ Unfavorable

Currency Revenue Growth

Acquisitions: (Favorable)/ Unfavorable

Organic Revenue Growth

Revenue growth reconciliation by segment:
North America $ 144,237 $ 118,691 22% —% 22% (3)% 19%
Europe 89,714 79,979 12% 11% 23% (22)% 1%
Most of World 17,465   13,690   28% 1% 29% —% 29%
Total revenue $ 251,416   $ 212,360   18% 5% 23% (10)% 13%
 
 
VISTAPRINT N.V.
Supplemental Financial Information and Operating Metrics
                             
Q1 FY2012   Q2 FY2012   Q3 FY2012   Q4 FY2012   FY2012 Q1 FY2013
       

1

New Customer Orders (millions) - Organic 1.9 2.9 2.4 2.2 9.4 2.2
y/y growth 19% 32% 33% 22% 27% 16%
 

2

Total Order Volume (millions) - Organic 5.9 8.3 7.0 6.4 27.6 6.5
y/y growth 18% 28% 21% 14% 21% 10%
 

3

Average Order Value - Organic ($USD) $ 36.38 $ 34.61 $ 35.38 $ 36.73 $ 35.78 $ 36.78
y/y growth 5% 4% -2% -3% -1% 1%
 

4

TTM Unique Active Customer Count - Organic (millions) 11.9 12.9 13.8 14.4 14.9
y/y growth 19% 22% 24% 26% 25%
TTM new customer count (millions) 7.7 8.4 9.0 9.4 9.7
TTM repeat customer count (millions) 4.2 4.5 4.8 5.0 5.2
 

5

TTM Average Bookings per Unique Active Customer - Organic $ 73 $ 71 $ 69 $ 68 $ 67
y/y growth 4% 1% -1% -6% -8%
TTM average bookings per new customer (approx.) $ 55 $ 53 $ 52 $ 51 $ 50
TTM average bookings per repeat customer (approx.) $ 102 $ 100 $ 100 $ 99 $ 99
 

6

Advertising & Commissions Expense - Consolidated (millions) $ 51.8 $ 78.8 $ 64.5 $ 57.7 $ 252.8 $ 65.2
as % of revenue 24.4% 26.3% 25.0% 23.0% 24.8% 25.9%
 
Revenue - Consolidated as Reported ($ millions) $ 212.4 $ 299.9 $ 257.6 $ 250.4 $ 1,020.3 $ 251.4
y/y growth 25% 28% 26% 20% 25% 18%
y/y growth in constant currency 20% 28% 28% 25% 26% 23%
 
North America ($ millions) $ 118.7 $ 139.8 $ 142.0 $ 143.4 $ 543.9 $ 144.2
y/y growth 17% 20% 23% 20% 20% 22%
y/y growth in constant currency 17% 20% 23% 21% 20% 22%
as % of revenue 56% 47% 55% 57% 53% 57%
Europe ($ millions) $ 80.0 $ 143.0 $ 100.2 $ 92.0 $ 415.2 $ 89.7
y/y growth 31% 36% 29% 18% 29% 12%
y/y growth in constant currency 21% 37% 34% 30% 31% 23%
as % of revenue 38% 48% 39% 37% 41% 36%
Asia Pacific ($ millions) $ 13.7 $ 17.0 $ 15.4 $ 15.1 $ 61.2 $ 17.5
y/y growth 67% 41% 47% 28% 44% 28%
y/y growth in constant currency 45% 37% 40% 33% 38% 29%
as % of revenue 6% 6% 6% 6% 6% 7%
 

7

Revenue - Organic ($ millions) $ 212.4 $ 284.2 $ 243.6 $ 235.0 $ 975.1 $ 233.4
y/y growth 25% 21% 20% 13% 19% 10%
y/y growth in constant currency 20% 21% 21% 17% 20% 13%
 
North America - Organic ($ millions) $ 118.7 $ 139.8 $ 139.7 $ 140.9 $ 539.1 $ 141.6
y/y growth 17% 20% 21% 18% 19% 19%
y/y growth in constant currency 17% 20% 21% 18% 19% 19%
as % of revenue 56% 49% 57% 60% 55% 61%
Europe - Organic ($ millions) $ 80.0 $ 127.3 $ 88.4 $ 79.1 $ 374.8 $ 74.3
y/y growth 31% 21% 14% 2% 17% -7%
y/y growth in constant currency 21% 22% 18% 11% 18% 1%
as % of revenue 38% 45% 36% 34% 38% 32%
Asia Pacific - Organic ($ millions) $ 13.7 $ 17.0 $ 15.4 $ 15.1 $ 61.2 $ 17.5
y/y growth 67% 41% 47% 28% 44% 28%
y/y growth in constant currency 45% 37% 40% 33% 38% 29%
as % of revenue 6% 6% 6% 6% 6% 7%
 
Other metrics

8

Unique digital paying subscribers at end of period (approximate) 340,000 340,000 342,000 351,000 353,000
 
Headcount at end of period 3,145 3,741 3,641 3,789 4,101
Full-time employees 2,886 3,310 3,404 3,543 3,798
Temporary employees 259 431 237 246 303
                       
Notes: Some numbers may not add due to rounding
Metrics are unaudited and where noted, approximate
 
1 Orders from first-time customers in period
2 Total order volume in period
3 Total bookings, including shipping and processing, divided by total orders
4 Number of individual customers who purchased from us in a given period, with no regard to frequency of purchase
5 Total bookings for a trailing twelve month period, including shipping and processing, divided by number of unique customers in the same period
6 External advertising and commissions expense for the consolidated business.
7 Organic revenue excludes revenue from acquired companies Webs and Albumprinter
8

Organic - digital subscribers exclude Webs customers





6 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs