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
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8-K 2021-02-16
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8-K 2020-11-25
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8-K 2018-09-23
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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-10.1 ex101creditagreement.htm
EX-31.1 ex31133121.htm
EX-31.2 ex31233121.htm
EX-32.1 ex32133121.htm

Cimpress Earnings 2021-03-31

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 endedMarch 31, 2021
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 April 26, 2021, there were 26,033,704 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Nine Months ended March 31, 2021

TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of March 31, 2021 and June 30, 2020
Consolidated Statements of Operations for the three and nine months ended March 31, 2021 and 2020
Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2021 and 2020
Consolidated Statements of Shareholders' Equity (Deficit) for the three and nine months ended March 31, 2021 and 2020
Consolidated Statements of Cash Flows for the nine months ended March 31, 2021 and 2020
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)
March 31,
2021
June 30,
2020
Assets  
Current assets:  
Cash and cash equivalents$36,364 $45,021 
Accounts receivable, net of allowances of $10,103 and $9,651, respectively
45,365 34,596 
Inventory76,104 80,179 
Prepaid expenses and other current assets75,717 88,608 
Total current assets233,550 248,404 
Property, plant and equipment, net312,560 338,659 
Operating lease assets, net84,581 156,258 
Software and website development costs, net81,677 71,465 
Deferred tax assets135,491 143,496 
Goodwill706,626 621,904 
Intangible assets, net194,502 209,228 
Other assets34,276 25,592 
Total assets$1,783,263 $1,815,006 
Liabilities, noncontrolling interests and shareholders’ deficit  
Current liabilities:  
Accounts payable$174,947 $163,891 
Accrued expenses265,593 210,764 
Deferred revenue42,298 39,130 
Short-term debt9,012 17,933 
Operating lease liabilities, current29,508 41,772 
Other current liabilities77,669 13,268 
Total current liabilities599,027 486,758 
Deferred tax liabilities27,612 33,811 
Long-term debt1,332,234 1,415,657 
Operating lease liabilities, non-current72,142 128,963 
Other liabilities92,786 88,187 
Total liabilities2,123,801 2,153,376 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests64,250 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; 26,003,676 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, 18,076,951 and 18,194,952 shares, respectively
(1,368,721)(1,376,496)
Additional paid-in capital448,432 438,616 
Retained earnings599,833 618,437 
Accumulated other comprehensive loss(84,975)(88,676)
Total shareholders' deficit(404,788)(407,476)
Total liabilities, noncontrolling interests and shareholders’ deficit$1,783,263 $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 March 31, Nine Months Ended March 31,
 2021202020212020
Revenue$578,851 $597,960 $1,951,496 $2,052,252 
Cost of revenue (1)302,022 309,598 986,845 1,029,281 
Technology and development expense (1)62,572 67,693 186,097 195,287 
Marketing and selling expense (1)154,472 148,803 474,944 483,056 
General and administrative expense (1)62,358 45,148 147,149 140,681 
Amortization of acquired intangible assets13,506 12,693 40,264 38,861 
Restructuring expense (1)(382)919 1,714 5,006 
Impairment of goodwill— 100,842  100,842 
(Loss) income from operations(15,697)(87,736)114,483 59,238 
Other income (expense), net9,785 22,537 (16,167)29,171 
Interest expense, net(29,002)(17,262)(89,659)(48,050)
(Loss) income before income taxes(34,914)(82,461)8,657 40,359 
Income tax expense (benefit)3,927 1,039 23,675 (86,641)
Net (loss) income(38,841)(83,500)(15,018)127,000 
Add: Net income attributable to noncontrolling interest(209)(1,384)(2,500)(1,630)
Net (loss) income attributable to Cimpress plc$(39,050)$(84,884)$(17,518)$125,370 
Basic net (loss) income per share attributable to Cimpress plc$(1.50)$(3.26)$(0.67)$4.54 
Diluted net (loss) income per share attributable to Cimpress plc$(1.50)$(3.26)$(0.67)$4.43 
Weighted average shares outstanding — basic26,003,675 26,024,229 25,984,300 27,608,387 
Weighted average shares outstanding — diluted26,003,675 26,024,229 25,984,300 28,317,440 
____________________________________________
(1) Share-based compensation is allocated as follows:
 Three Months Ended March 31, Nine Months Ended March 31,
 2021202020212020
Cost of revenue$99 $66 $233 $251 
Technology and development expense2,284 2,014 5,690 5,791 
Marketing and selling expense1,808 1,145 4,247 367 
General and administrative expense5,354 5,683 12,901 15,574 
Restructuring expense (16) 756 

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited in thousands)
Three Months Ended March 31, Nine Months Ended March 31,
2021202020212020
Net (loss) income$(38,841)$(83,500)$(15,018)$127,000 
Other comprehensive (loss) income, net of tax:
Foreign currency translation (losses) gains, net of hedges(14,571)1,490 192 3,110 
Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges5,809 (21,201)13,447 (22,258)
Amounts reclassified from accumulated other comprehensive (loss) income to net (loss) income on derivative instruments(3,085)2,531 (8,382)5,537 
Loss on pension benefit obligation, net— — (336) 
Comprehensive (loss) income(50,688)(100,680)(10,097)113,389 
Add: Comprehensive loss (income) attributable to noncontrolling interests1,260 (1,515)(3,720)(967)
Total comprehensive (loss) income attributable to Cimpress plc$(49,428)$(102,195)$(13,817)$112,422 
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 December 31, 201944,080 $615 25 $28 (17,875)$(1,275,057)$424,058 $745,326 $(75,494)$(180,524)
Restricted share units vested, net of shares withheld for taxes— — — — 1 44 (88)— — (44)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes— — — — 431 (12,526)(28,386)— — (40,912)
Share-based compensation expense— — — — — — 8,825 — — 8,825 
Purchase of ordinary shares— — — — (759)(89,483)— — — (89,483)
Net loss attributable to Cimpress plc— — — — — — — (84,884)— (84,884)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — (18,670)(18,670)
Foreign currency translation, net of hedges— — — — — — — — 1,359 1,359 
Balance at March 31, 202044,080 $615 25 $28 (18,202)$(1,377,022)$404,409 $660,442 $(92,805)$(404,333)
See accompanying notes.






















5


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.
6



CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (CONTINUED)
(unaudited in thousands)