Robert S. Keane

Certainly. Robert speaking here. When you say run rate, run rate into the future years, are you speaking about the investment?

Carter Malloy - Stephens Inc., Research Division

Correct. You guys, I think, in the slides, pretty deep in the slides called out about $12 million in incremental investment or unexpected investment this year. So just help us understand the rationale behind the incremental investment and what now.

Robert S. Keane

Sure. So -- and so this is something which we spoke about probably for the last 2 years as a adjacency in which we believe there was an opportunity for us to grow. If I step way back, Vistaprint has been very successful as a company going into multiple international markets. We're in well over 20 countries and we have roughly 50% of our revenues outside of the United States today. And we -- when we went into the APAC region, broadly that was 3 or 4 years ago, we focused on the Australian market primarily because it was a -- albeit a smaller market, it was a -- more similar to the markets in Europe and North America where we've been successful. But we always saw that as a stepping stone towards the Asian markets. A year ago when we talked about adjacencies to our core business where we'd like to build foundations for future growth, we spoke about this. And at the time, we had reached an agreement, although we had not yet closed, on the PrintBell deal in India. That closed in November. At the same time, we were -- although we didn't talk about it publicly, we were in discussions with a number of people in China and we were in a strategic review of the Chinese market. The reason it took so -- until now is really because we really wanted to make sure we were going down the right path at the right speed rather than going there too precipitously. We also took a lot of time to recruit senior executive teams who are based in Singapore, who had deep experience with Western technology companies in the Asia Pacific markets like India and China, albeit our President there, our legal teams, our high-end [ph] teams, our technology teams and the like. So referring to your question, we spent roughly $5 million in Asia last year in these types of investments, and this incremental investment you talk about is beyond that. We don't talk about the specifics of what we see the profile being in the out years beyond FY '13. That's not something we're disclosing. But we do not believe it will be accretive in the near term. This -- we view this as a -- potentially the largest market we ever will be in the long term but this is a long-term investment. And when we talk about our 5-year aspirations from an earnings perspective, we think the aggregate of the various moves into adjacencies, be it the Webs acquisition, the Albumprinter acquisition or this Asian acquisition, will be accretive in the 2016 time frame. But we have not run into more detail and we're not disclosing at the time what our expectations are for the FY '14 to '16 investment in Asia specifically, other than we certainly do not expect it to be profitable at that time.

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