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Vistaprint Again Reports Double-Digital Gains

January 27, 2011
VENLO, NETHERLANDS—Jan. 27, 2011—Vistaprint N.V. announced its financial results for the three month period ended Dec. 31, 2010, the second quarter of its 2011 fiscal year.

“Vistaprint delivered very good second quarter results,” said Robert Keane, president and CEO. “Revenue strength was largely driven by our seasonal holiday business, particularly in Europe. Earnings exceeded our expectations due to the higher-than-anticipated revenue and volume-related gross margin improvements. Overall, I am very pleased that we were able to deliver these results in the near term, while at the same time reorganizing the management reporting structures in our business to help us achieve our growth objectives over the longer term.”

Financial Metrics:

Revenue for the second quarter of fiscal year 2011 grew to $234.1 million, a 20 percent increase over revenue of $194.6 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 23 percent from the same quarter a year ago.

Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the second quarter was 66.3 percent, compared to 65.1 percent in the same quarter a year ago.

Operating income in the second quarter was $38.2 million, or 16.3 percent of revenue, and reflected a 24 percent increase compared to $30.7 million, or 15.8 percent of revenue in the same quarter a year ago.

GAAP net income for the second quarter was $34.0 million, or 14.5 percent of revenue, representing a 26 percent increase compared to $26.9 million, or 13.8 percent of revenue in the same quarter a year ago.

Non-GAAP adjusted net income for the second quarter, which excludes share-based compensation expense and its related tax effect, was $40.4 million, or 17.3 percent of revenue, representing a 20 percent increase compared to $33.6 million, or 17.3 percent of revenue in the same quarter a year ago.

During the second quarter, the company generated $73.9 million in cash from operations and $61.6 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets, and capitalization of software and Website development costs.

The company had $177.6 million in cash, cash equivalents, and short-term marketable securities as of Dec. 31, 2010.

Operating Metrics:

Vistaprint acquired approximately 2.2 million new customers in the second fiscal quarter ended Dec. 31, 2010, compared with 1.8 million in the same quarter a year ago.

Repeat customers generated approximately 67 percent of total quarterly bookings in the second quarter, compared with 66 percent in the same quarter a year ago.
 

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