Vistaprint N.V. (VPRT) Q1 2012 Earnings Call October 27, 2011 5:15 pm ET Executives Meredith Mendola - VP of Corporate Communications Ernst Teunissen - Chief Financial officer, Executive Vice President and Director of Management Board Robert Keane - Founder, Chairman of the Management Board, Chief Executive Officer and President Analysts Mayuresh Masurekar - Collins Stewart LLC, Research Division Mark May - Barclays Capital, Research Division James H. Friedland - Cowen and Company, LLC, Research Division Shawn C. Milne - Janney Montgomery Scott LLC, Research Division Mitch Barlett - Craig-Hallum Capital Group LLC, Research Division Youssef H. Squali - Jefferies & Company, Inc., Research Division Mark J. Zgutowicz - Piper Jaffray Companies, Research Division Ingrid Chung - Goldman Sachs Group Inc., Research Division Zachary Arrick - Morgan Stanley, Research Division PresentationQuestion-and-Answer SessionOperator
Ladies and gentlemen, welcome to the Vistaprint Fiscal Year 2012 First Quarter Question-and-Answer Earnings Conference Call. My name is Laura, and I will be your operator for today. This call is being hosted by Robert Keane, President and CEO; and Ernst Teunissen, Executive Vice President and CFO. Before we take the first call, as noted in the Safe Harbor statement at the beginning of the earnings presentation, comments may include forward-looking statements, including statements regarding revenue and earnings guidance, and actual results may differ materially. Risks that could impact those statements are described in the documents that are periodically filed with the Securities and Exchange Commission. Now we'll proceed with the first call. Your first question comes from the line of Youssef Squali. Youssef H. Squali - Jefferies & Company, Inc., Research Division So a couple of questions. First, I guess starting with you, Robert, if I look at Q2 and fiscal 2012, particularly at the low end, it basically implies year-on-year growth, which is below that 20% CAGR you're hoping to achieve through 2016. Maybe can you just walk us through the different growth dials that you can basically tweak to reaccelerate growth, which you'll obviously have to do starting, I guess, in second half of -- or starting in 2013 to get there? And then the other thing is on the Albumprinter acquisition. It seems to us that that's mostly a B2B2C cost play, which is different than what you guys have done so far. It looks like the majority of the revenues are not direct to consumers. So can you speak to the rationale behind that deal and what you're hoping to achieve with it?