Vistaprint Revenues Up 25 Percent
Vistaprint N.V., a leading online provider of professional marketing products and services to micro businesses and the home, announced financial results for the three month period ended Sept. 30, the first quarter of its 2012 fiscal year.
"First quarter revenue and earnings met our expectations, and our full year is off to a good start," said Robert Keane, president and chief executive officer. "This was a quarter of solid performance against our plan. Four months into our multi-year plan, we remain confident that we are making the right decisions in funding our long-term strategy for growth and competitive advantage. This quarter we made disciplined investments designed to better position us to capture what we believe to be a large opportunity, and build a strong company for many years to come."
Financial Metrics:
• Revenue for the first quarter of fiscal year 2012 grew to $212.4 million, a 25 percent increase over revenue of $170.5 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 20 percent from the same quarter a year ago.
• Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the first quarter was 63.2 percent, compared to 63.1 percent in the same quarter a year ago.
• Operating income in the first quarter was $9.7 million, or 4.6 percent of revenue, and reflected a 21 percent decrease compared to operating income of $12.3 million, or 7.2 percent of revenue in the same quarter a year ago.
• GAAP net income for the first quarter was $8.2 million, or 3.8 percent of revenue, representing a 24 percent decrease compared to $10.8 million, or 6.3 percent of revenue in the same quarter a year ago.
• GAAP net income per diluted share for the first quarter was $0.19, versus $0.24 in the same quarter a year ago.
• Non-GAAP adjusted net income for the first quarter, which excludes share-based compensation expense and its related tax effect, was $13.0 million, or 6.1 percent of revenue, representing a 20 percent decrease compared to non-GAAP adjusted net income of $16.3 million, or 9.6 percent of revenue, in the same quarter a year ago.
• Non-GAAP adjusted net income per diluted share for the first quarter, which excludes share-based compensation expense and its related tax effect, was $0.31, versus $0.36 in the same quarter a year ago.
• Capital expenditures in the first quarter were $11.0 million or 5.2 percent of revenue.
• During the first quarter, the company generated $30.5 million of cash from operations and $17.8 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 $161.1 million in cash and cash equivalents as of Sept. 30, 2011.
• During the first quarter, the company purchased 3.1 million of its ordinary shares for $91.1 million, inclusive of transaction costs, at an average per-share cost of $29.62, as part of the share repurchase program authorized by the Supervisory Board in November 2010.
• Subsequent to the end of our first quarter and through Oct. 21, 2011, the company purchased an additional 1.8 million shares for $50.4 million, inclusive of transaction costs, at an average per-share cost of $28.68, pursuant to a new program that our Supervisory Board authorized in August 2011.
Operating Highlights:
• Vistaprint acquired approximately 1.9 million new customers in the first fiscal quarter ended Sept. 30.
• On a trailing 12-month basis, unique active customer count was 11.9 million. Unique active customer count is the number of individual customers who purchased from us in a given period, with no regard to the frequency of purchase.
• Total order volume in the first quarter of fiscal 2012 was approximately 5.9 million, reflecting an increase of approximately 18 percent over total orders of approximately 5 million in the same quarter a year ago.
• Average order value in the first quarter including revenue from shipping and processing was $36.38, compared to $34.69 in the same quarter a year ago.
• Advertising and commissions expense in the first quarter was $51.8 million, or 24.4 percent of revenue compared to $36.1 million, or 21.2 percent of revenue in the same quarter a year ago.
• Revenue from customers in North America was $118.7 million, or 56 percent of total revenue in the first quarter. This represents 17 percent growth year over year in reported terms and in constant currency.
• Revenue from customers in Europe was $80 million, or 38 percent of total revenue in the first quarter. This represents 31 percent growth year over year in reported terms and 21 percent growth in constant currency.
• Revenue from customers in Asia Pacific was $13.7 million, or 6 percent of total revenue in the first quarter. This represents 67 percent growth year over year in reported terms and 45 percent growth in constant currency.
For more information, visit www.vistaprint.com.
- People:
- Robert Keane