Cimpress Sees Strong Results in Q2
WALTHAM, Mass. - February 1, 2018 - Cimpress has reported its second quarter fiscal year 2018 results.
In a quarterly letter to investors, Robert Keane, founder, president and CEO of Cimpress, highlighted the following results and activities for Q2 FY 2018:
- Our businesses delivered strong results and we remain on track relative to our internal objectives for all of fiscal year 2018.
- Consolidated revenue grew 32% year over year, and organic constant-currency revenue grew 11%.
- Cash flow from operations and free cash flow improved materially, in line with our expectations.
- Vistaprint implemented the organizational restructuring, as announced in last quarter's earnings materials. The restructuring charge was lower than we originally estimated; however we believe the anticipated savings will materialize as expected.
- National Pen delivered substantial growth in its seasonally important December quarter, its first such quarter as part of Cimpress. Thirteen months following the transaction, we remain pleased with the National Pen acquisition.
- We repurchased 121,444 of our own shares during Q2 for $14.5 million at an average price per share of $119.11. We repurchased an additional 321,113 shares for $39.6 million at an average price of $123.23 subsequent to the end of that quarter.
- We reduced our leverage ratio from 3.39 times trailing-12 month EBITDA at the end of September, 2017 to 2.58 at the end of December, 2017, through a combination of EBITDA expansion and debt repayment.
Across Cimpress, we see evidence that the decentralization of the past year is helping us to "stay small as we get big." That organizational change has significantly increased the accountability for key success drivers, including but not limited to customer value improvements, the attraction and motivation of talented team members, the operation of our businesses in a socially responsible manner, and the delivery of attractive returns on investment.
In summary, Q2 was a strong quarter and we are on track to deliver on our plans for the remainder of this fiscal year. We believe the capital we are allocating across our company, combined with the organizational and strategic changes we have implemented recently, are solidifying our leadership position in mass customization and continuing to increase our intrinsic value per share.
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of Printing Impressions.