Company Quick10K Filing
Cimpress
Price130.51 EPS4
Shares31 P/E31
MCap3,984 P/FCF21
Net Debt1,133 EBIT200
TEV5,118 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-01-28
10-Q 2020-09-30 Filed 2020-10-29
10-K 2020-06-30 Filed 2020-08-11
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-01-30
10-Q 2019-09-30 Filed 2019-10-31
10-K 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-02
10-Q 2018-12-31 Filed 2019-01-31
10-Q 2018-09-30 Filed 2018-11-01
10-K 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-05-03
10-Q 2017-12-31 Filed 2018-02-01
10-Q 2017-09-30 Filed 2017-11-03
10-K 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-04-27
10-Q 2016-12-31 Filed 2017-01-30
10-Q 2016-09-30 Filed 2016-10-28
10-K 2016-08-12 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-04-28
10-Q 2015-12-31 Filed 2016-01-29
10-Q 2015-09-30 Filed 2015-10-30
10-K 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-04-30
10-Q 2014-12-31 Filed 2015-01-30
10-Q 2014-09-30 Filed 2014-10-30
10-K 2014-06-30 Filed 2014-08-15
10-Q 2014-03-31 Filed 2014-04-30
10-Q 2013-12-31 Filed 2014-01-31
10-Q 2013-09-30 Filed 2013-10-30
10-K 2013-06-30 Filed 2013-08-15
10-Q 2012-12-31 Filed 2013-02-01
10-Q 2012-09-30 Filed 2012-10-26
10-K 2012-06-30 Filed 2012-08-15
10-Q 2012-03-31 Filed 2012-04-27
10-Q 2011-12-31 Filed 2012-02-01
10-Q 2011-09-30 Filed 2011-10-28
10-K 2011-06-30 Filed 2011-08-17
10-Q 2011-03-31 Filed 2011-04-29
10-Q 2010-12-31 Filed 2011-01-28
10-Q 2010-09-30 Filed 2010-10-29
10-K 2010-06-30 Filed 2010-08-27
10-Q 2010-03-31 Filed 2010-04-30
10-Q 2009-12-31 Filed 2010-01-29
8-K 2021-02-16 Enter Agreement, Exhibits
8-K 2021-01-27 Earnings, Exhibits
8-K 2020-11-25
8-K 2020-10-28
8-K 2020-10-01
8-K 2020-09-28
8-K 2020-07-29
8-K 2020-06-12
8-K 2020-05-05
8-K 2020-05-01
8-K 2020-04-28
8-K 2020-03-31
8-K 2020-02-13
8-K 2020-02-11
8-K 2020-02-10
8-K 2020-02-10
8-K 2020-01-29
8-K 2019-11-22
8-K 2019-11-12
8-K 2019-11-05
8-K 2019-10-30
8-K 2019-10-25
8-K 2019-10-11
8-K 2019-09-17
8-K 2019-08-12
8-K 2019-07-26
8-K 2019-05-01
8-K 2019-02-12
8-K 2019-02-12
8-K 2019-01-29
8-K 2019-01-09
8-K 2019-01-07
8-K 2018-12-20
8-K 2018-11-13
8-K 2018-10-31
8-K 2018-10-01
8-K 2018-09-23
8-K 2018-08-01
8-K 2018-06-26
8-K 2018-06-14
8-K 2018-06-01
8-K 2018-05-29
8-K 2018-05-02
8-K 2018-04-25
8-K 2018-01-31

CMPR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits, Financial Statement Schedules
EX-10.3 ex103employeepsuagreement.htm
EX-10.4 ex104ceopsuagreement.htm
EX-10.5 ex105bodpsuagreement.htm
EX-31.1 ex31112312020.htm
EX-31.2 ex31212312020.htm
EX-32.1 ex32112312020.htm
EX-102 ex102rsuagreement.htm

Cimpress Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
2.01.61.20.70.3-0.12012201420172020
Assets, Equity
0.90.70.50.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period endedDecember 31, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from               to               
Commission file number 000-51539
_________________________________
Cimpress plc

(Exact Name of Registrant as Specified in Its Charter)
_________________________________
Ireland98-0417483
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
Building D, Xerox Technology Park A91 H9N9,
Dundalk, Co. Louth
Ireland
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: 353 42 938 8500
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Exchange on Which Registered
Ordinary Shares, nominal value of €0.01 per shareCMPR NASDAQ Global Select Market
______________________________
    Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  þ
Accelerated filerNon-accelerated filer
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).  Yes      No þ
As of January 25, 2021, there were 26,003,676 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Six Months ended December 31, 2020

TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of December 31, 2020 and June 30, 2020
Consolidated Statements of Operations for the three and six months ended December 31, 2020 and 2019
Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2020 and 2019
Consolidated Statements of Shareholders' Equity (Deficit) for the three and six months ended December 31, 2020 and 2019
Consolidated Statements of Cash Flows for the six months ended December 31, 2020 and 2019
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II OTHER INFORMATION
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Signatures





PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CIMPRESS PLC
CONSOLIDATED BALANCE SHEETS
(unaudited in thousands, except share and per share data)
December 31,
2020
June 30,
2020
Assets  
Current assets:  
Cash and cash equivalents$36,883 $45,021 
Accounts receivable, net of allowances of $10,797 and $9,651, respectively
51,404 34,596 
Inventory85,932 80,179 
Prepaid expenses and other current assets84,965 88,608 
Total current assets259,184 248,404 
Property, plant and equipment, net332,824 338,659 
Operating lease assets, net149,851 156,258 
Software and website development costs, net82,581 71,465 
Deferred tax assets146,814 143,496 
Goodwill726,813 621,904 
Intangible assets, net212,078 209,228 
Other assets20,368 25,592 
Total assets$1,930,513 $1,815,006 
Liabilities, noncontrolling interests and shareholders’ deficit  
Current liabilities:  
Accounts payable$236,540 $163,891 
Accrued expenses291,039 210,764 
Deferred revenue41,913 39,130 
Short-term debt12,603 17,933 
Operating lease liabilities, current38,315 41,772 
Other current liabilities40,966 13,268 
Total current liabilities661,376 486,758 
Deferred tax liabilities30,941 33,811 
Long-term debt1,258,535 1,415,657 
Operating lease liabilities, non-current122,006 128,963 
Other liabilities157,076 88,187 
Total liabilities2,229,934 2,153,376 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests65,510 69,106 
Shareholders’ deficit:  
Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding  
Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,080,627 shares issued; 26,003,649 and 25,885,675 shares outstanding, respectively
615 615 
Deferred ordinary shares, nominal value €1.00 per share, 25,000 shares authorized, issued and outstanding28 28 
Treasury shares, at cost, 18,076,978 and 18,194,952 shares, respectively
(1,368,723)(1,376,496)
Additional paid-in capital438,863 438,616 
Retained earnings638,883 618,437 
Accumulated other comprehensive loss(74,597)(88,676)
Total shareholders' deficit(364,931)(407,476)
Total liabilities, noncontrolling interests and shareholders’ deficit$1,930,513 $1,815,006 
See accompanying notes.
1


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited in thousands, except share and per share data)
 Three Months Ended December 31, Six Months Ended December 31,
 2020201920202019
Revenue$786,145 $820,333 $1,372,645 $1,454,292 
Cost of revenue (1)385,979 394,018 684,823 719,683 
Technology and development expense (1)65,036 64,427 123,525 127,594 
Marketing and selling expense (1)182,322 173,336 320,472 334,253 
General and administrative expense (1)42,979 51,910 84,791 95,533 
Amortization of acquired intangible assets13,453 13,150 26,758 26,168 
Restructuring expense (1)2,182 1,897 2,096 4,087 
Income from operations94,194 121,595 130,180 146,974 
Other (expense) income, net(17,198)(9,040)(25,952)6,634 
Interest expense, net(30,141)(15,701)(60,657)(30,788)
Income before income taxes46,855 96,854 43,571 122,820 
Income tax expense (benefit)12,954 (93,795)19,748 (87,680)
Net income33,901 190,649 23,823 210,500 
Add: Net income attributable to noncontrolling interest(1,614)(426)(2,291)(246)
Net income attributable to Cimpress plc$32,287 $190,223 $21,532 $210,254 
Basic net income per share attributable to Cimpress plc$1.24 $7.04 $0.83 $7.41 
Diluted net income per share attributable to Cimpress plc$1.22 $6.81 $0.82 $7.19 
Weighted average shares outstanding — basic26,003,649 27,036,675 25,974,823 28,391,855 
Weighted average shares outstanding — diluted26,384,460 27,916,759 26,390,273 29,223,116 
____________________________________________
(1) Share-based compensation is allocated as follows:
 Three Months Ended December 31, Six Months Ended December 31,
 2020201920202019
Cost of revenue$34 $97 $134 $185 
Technology and development expense1,215 2,043 3,406 3,777 
Marketing and selling expense754 533 2,439 (778)
General and administrative expense3,240 5,652 7,547 9,891 
Restructuring expense 108  772 

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited in thousands)
Three Months Ended December 31, Six Months Ended December 31,
2020201920202019
Net income$33,901 $190,649 $23,823 $210,500 
Other comprehensive income, net of tax:
Foreign currency translation gains, net of hedges13,946 3,180 14,763 1,620 
Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges3,802 6,131 7,638 (1,057)
Amounts reclassified from accumulated other comprehensive (loss) income to net income on derivative instruments(3,226)(1,145)(5,297)3,006 
Loss on pension benefit obligation, net— — (336) 
Comprehensive income48,423 198,815 40,591 214,069 
Add: Comprehensive (income) loss attributable to noncontrolling interests(2,877)(1,122)(4,980)548 
Total comprehensive income attributable to Cimpress plc$45,546 $197,693 $35,611 $214,617 
See accompanying notes.
3


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Equity (Deficit)
Balance at June 30, 201944,080 $615 — $— (13,635)$(737,447)$411,079 $537,422 $(79,857)$131,812 
Restricted share units vested, net of shares withheld for taxes— — — — 4 87 (259)— — (172)
Grant of restricted share awards— — — — (2)(187)— — — (187)
Share-based compensation expense— — — — — — 5,164 — — 5,164 
Purchase of ordinary shares— — — — (1,964)(232,286)— — — (232,286)
Net income attributable to Cimpress plc— — — — — — — 20,031 — 20,031 
Adoption of new accounting standards— — — — — — — 3,143 — 3,143 
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — (3,037)(3,037)
Foreign currency translation, net of hedges— — — — — — — — (70)(70)
Balance at September 30, 201944,080 $615 — $— (15,597)$(969,833)$415,984 $560,596 $(82,964)$(75,602)
Restricted share units vested, net of shares withheld for taxes— — — — 1 55 (152)— — (97)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes— — — — 1 8 (2)— — 6 
Issuance of deferred ordinary shares— — 25 28 — — — — — 28 
Share-based compensation expense— — — — — — 8,228 — — 8,228 
Purchase of ordinary shares— — — — (2,280)(305,287)— — — (305,287)
Net income attributable to Cimpress plc— — — — — — — 190,223 — 190,223 
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (5,493)— (5,493)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 4,986 4,986 
Foreign currency translation, net of hedges— — — — — — — — 2,484 2,484 
Balance at December 31, 201944,080 $615 25 $28 (17,875)$(1,275,057)$424,058 $745,326 $(75,494)$(180,524)
See accompanying notes.


4




CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (CONTINUED)
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Equity (Deficit)
Balance at June 30, 202044,080 $615 25 $28 (18,195)$(1,376,496)$438,616 $618,437 $(88,676)$(407,476)
Restricted share units vested, net of shares withheld for taxes— — — — 118 7,773 (13,366)— — (5,593)
Share-based compensation expense— — — — — — 8,577 — — 8,577 
Net loss attributable to Cimpress plc— — — — — — — (10,755)— (10,755)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 1,765 1,765 
Foreign currency translation, net of hedges— — — — — — — — (609)(609)
Unrealized loss on pension benefit obligation, net of tax— — — — — — — — (336)(336)
Balance at September 30, 202044,080 $615 25 $28 (18,077)$(1,368,723)$433,827 $607,682 $(87,856)$(414,427)
Share-based compensation expense— — — — — — 5,036 — — 5,036 
Net income attributable to Cimpress plc— — — — — — — 32,287 — 32,287 
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (1,086)— (1,086)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 576 576 
Foreign currency translation, net of hedges— — — — — — — — 12,683 12,683 
Balance at December 31, 202044,080 $615 25 $28 (18,077)$(1,368,723)$438,863 $638,883 $(74,597)$(364,931)
See accompanying notes.
5


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited in thousands)

Six Months Ended December 31,
 20202019
Operating activities  
Net income$23,823 $210,500 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization85,887 84,891 
Share-based compensation expense13,526 13,847 
Deferred taxes2,681 (105,575)
Unrealized loss on derivatives not designated as hedging instruments included in net income32,545 7,548 
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency(3,132)1,359 
Other non-cash items4,829 3,045 
Changes in operating assets and liabilities: 
Accounts receivable(14,259)(8,240)
Inventory510 (10,680)
Prepaid expenses and other assets78 (2,255)
Accounts payable60,800 24,432 
Accrued expenses and other liabilities48,880 46,225 
Net cash provided by operating activities256,168 265,097 
Investing activities  
Purchases of property, plant and equipment(16,790)(28,094)
Business acquisitions, net of cash acquired(36,395)(4,272)
Capitalization of software and website development costs(26,445)(23,417)
Proceeds from the sale of assets3,372 847 
Other investing activities(419)1,120 
Net cash used in investing activities(76,677)(53,816)
Financing activities
Proceeds from borrowings of debt 301,000 634,085 
Payments of debt(472,469)(292,446)
Payments of debt issuance costs(1,051) 
Payments of purchase consideration included in acquisition-date fair value(648) 
Payments of withholding taxes in connection with equity awards(5,592)(462)
Payments of finance lease obligations(3,275)(5,364)
Purchase of noncontrolling interests(5,063) 
Purchase of ordinary shares (537,573)
Proceeds from issuance of ordinary shares— 6 
Distribution to noncontrolling interest(4,599)(3,921)
Other financing activities(57)(1,715)
Net cash used in financing activities(191,754)(207,390)
Effect of exchange rate changes on cash4,125 (2,253)
Net decrease in cash and cash equivalents(8,138)1,638 
Cash and cash equivalents at beginning of period45,021 35,279 
Cash and cash equivalents at end of period$36,883 $36,917 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$58,299 $33,313 </