Company Quick10K Filing
⚲
Cimpress
Financials
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
Filings
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
Reports
8-K 2020-05-05 Earnings, Exhibits
8-K 2020-05-01 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2020-04-28 Enter Agreement, Earnings, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2020-03-31 Officers, Exhibits
8-K 2020-02-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-02-11 Other Events, Exhibits
8-K 2020-02-10 Regulation FD, Other Events, Exhibits
8-K 2020-02-10 Other Events, Exhibits
8-K 2020-01-29 Enter Agreement, Earnings, Exhibits
8-K 2019-11-22 Shareholder Vote, Other Events
8-K 2019-11-12 Officers
8-K 2019-11-05 Other Events
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-10-25 Amend Bylaw, Shareholder Vote
8-K 2019-10-11
8-K 2019-09-17 Enter Agreement, Regulation FD, Exhibits
8-K 2019-08-12 Officers, Exhibits
8-K 2019-07-26 Earnings, Officers, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-02-12 Other Events
8-K 2019-02-12 Other Events
8-K 2019-01-29 Earnings, Officers, Exhibits
8-K 2019-01-09 Officers
8-K 2019-01-07 Enter Agreement, Exhibits
8-K 2018-12-20 Officers, Exhibits
8-K 2018-11-13 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-10-31 Earnings, Exhibits
8-K 2018-10-01 M&A, Exhibits
8-K 2018-09-23
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-26 Amend Bylaw
8-K 2018-06-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-06-01 Regulation FD, Other Events, Exhibits
8-K 2018-05-29 Regulation FD, Other Events, Exhibits
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-01-31 Earnings, Exhibits

CMPR 10Q Quarterly Report

Content
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Exhibits
EX-31.1 ex31103312020.htm
EX-31.2 ex31203312020.htm
EX-32.1 ex32103312020.htm

Cimpress Earnings 2020-03-31

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
Document
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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 ended
March 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)
_________________________________
Ireland
 
98-0417483
(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 Class
 
Trading Symbol(s)
 
Name of Exchange on Which Registered
Ordinary Shares, nominal value of €0.01 per share
 
CMPR
 
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 filer
☐
Non-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 May 4, 2020, there were 25,878,436 Cimpress plc ordinary shares outstanding.

 


EXPLANATORY NOTE

This Quarterly Report on Form 10-Q is being filed pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by Cimpress plc, an Irish public limited company, as successor to Cimpress N.V., a Dutch public limited company. On December 3, 2019, Cimpress completed its previously announced cross-border merger pursuant to which Cimpress N.V. merged with and into Cimpress plc, with Cimpress plc surviving the merger (the "Irish Merger"). As a result of the Irish Merger, all of Cimpress N.V.'s outstanding ordinary shares, par value €0.01 per share, were exchanged on a one-for-one basis for newly issued ordinary shares, nominal value of €0.01 per share, of Cimpress plc, and Cimpress plc assumed all of Cimpress N.V.'s rights and obligations. This Report includes the full nine months ended March 31, 2020, including the activity of Cimpress N.V. before the Irish Merger.
 



CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Nine Months Ended March 31, 2020

TABLE OF CONTENTS
 
 
Page
PART I FINANCIAL INFORMATION
 
Item 1. Financial Statements (unaudited)
     Consolidated Balance Sheets as of March 31, 2020 and June 30, 2019
     Consolidated Statements of Operations for the three and nine months ended March 31, 2020 and 2019
     Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2020 and 2019
     Consolidated Statements of Shareholders' Equity for the three and nine months ended March 31, 2020 and 2019
     Consolidated Statements of Cash Flows for the nine months ended March 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)

March 31,
2020

June 30,
2019
Assets
 


 

Current assets:
 


 

Cash and cash equivalents
$
228,265


$
35,279

Accounts receivable, net of allowances of $9,753 and $7,313, respectively
46,974


60,646

Inventory
70,822


66,310

Prepaid expenses and other current assets
93,317


78,065

Total current assets
439,378


240,300

Property, plant and equipment, net
347,228


490,755

Operating lease assets, net
164,391


—

Software and website development costs, net
73,477


69,840

Deferred tax assets
143,571


59,906

Goodwill
615,333


718,880

Intangible assets, net
220,827


262,701

Other assets
35,222


25,994

Total assets
$
2,039,427


$
1,868,376

Liabilities, noncontrolling interests and shareholders’ (deficit) equity
 


 

Current liabilities:
 


 

Accounts payable
$
187,829


$
185,096

Accrued expenses
190,097


194,715

Deferred revenue
28,096


31,780

Short-term debt
24,364

 
81,277

Operating lease liabilities, current
37,405


—

Other current liabilities
13,144

 
27,881

Total current liabilities
480,935


520,749

Deferred tax liabilities
34,690


44,531

Long-term debt
1,647,214


942,290

Lease financing obligation
—

 
112,096

Operating lease liabilities, non-current
134,267


—

Other liabilities
76,972


53,716

Total liabilities
2,374,078


1,673,382

Commitments and contingencies (Note 14)
 
 
 
Redeemable noncontrolling interests
69,682


63,182

Shareholders’ (deficit) equity:
 


 

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; and 25,878,300 and 30,445,669 shares outstanding, respectively
615


615

Deferred ordinary shares, nominal value €1.00 per share, 25,000 shares authorized, issued and outstanding
28


—

Treasury shares, at cost, 18,202,327 and 13,634,958 shares, respectively
(1,377,022
)

(737,447
)
Additional paid-in capital
404,409


411,079

Retained earnings
660,442


537,422

Accumulated other comprehensive loss
(92,805
)

(79,857
)
Total shareholders' (deficit) equity
(404,333
)
 
131,812

Total liabilities, noncontrolling interests and shareholders’ (deficit) equity
$
2,039,427


$
1,868,376

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,
 
2020
 
2019
 
2020
 
2019
Revenue
$
597,960

 
$
661,814

 
$
2,052,252

 
$
2,076,362

Cost of revenue (1)
309,598

 
342,700

 
1,029,281

 
1,056,667

Technology and development expense (1)
67,693

 
59,656

 
195,287

 
174,541

Marketing and selling expense (1)
148,803

 
170,202

 
483,056

 
562,536

General and administrative expense (1)
45,148

 
37,753

 
140,681

 
119,145

Amortization of acquired intangible assets
12,693

 
14,022

 
38,861

 
40,169

Restructuring expense (1)
919

 
7,866

 
5,006

 
9,062

Impairment of goodwill
100,842

 
—

 
100,842

 
—

(Loss) income from operations
(87,736
)
 
29,615

 
59,238

 
114,242

Other income (expense), net
22,537

 
(2,495
)
 
29,171

 
17,386

Interest expense, net
(17,262
)
 
(16,787
)
 
(48,050
)
 
(47,372
)
(Loss) income before income taxes
(82,461
)
 
10,333

 
40,359

 
84,256

Income tax expense (benefit)
1,039

 
4,091

 
(86,641
)
 
23,971

Net (loss) income
(83,500
)
 
6,242

 
127,000

 
60,285

Add: Net (income) loss attributable to noncontrolling interest
(1,384
)
 
288

 
(1,630
)
 
620

Net (loss) income attributable to Cimpress plc
$
(84,884
)
 
$
6,530

 
$
125,370

 
$
60,905

Basic net (loss) income per share attributable to Cimpress plc
$
(3.26
)
 
$
0.21

 
$
4.54

 
$
1.98

Diluted net (loss) income per share attributable to Cimpress plc
$
(3.26
)
 
$
0.21

 
$
4.43

 
$
1.92

Weighted average shares outstanding — basic
26,024,229

 
30,763,055

 
27,608,387

 
30,837,207

Weighted average shares outstanding — diluted
26,024,229

 
31,514,793

 
28,317,440

 
31,781,141

____________________________________________
(1) Share-based compensation is allocated as follows:
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Cost of revenue
$
66

 
$
42

 
$
251

 
$
320

Technology and development expense
2,014

 
1,320

 
5,791

 
2,000

Marketing and selling expense
1,145

 
1,187

 
367

 
673

General and administrative expense
5,683

 
1,955

 
15,574

 
7,707

Restructuring expense
(16
)
 
3,250

 
756

 
3,250


See accompanying notes.

2

CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited in thousands)
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
2020
 
2019
 
2020
 
2019
Net (loss) income
$
(83,500
)
 
$
6,242

 
$
127,000

 
$
60,285

Other comprehensive income, net of tax:

 

 

 
 
Foreign currency translation gains, net of hedges
1,490

 
3,802

 
3,110

 
3,720

Net unrealized losses on derivative instruments designated and qualifying as cash flow hedges
(21,201
)
 
(7,375
)
 
(22,258
)
 
(13,572
)
Amounts reclassified from accumulated other comprehensive loss to net (loss) income on derivative instruments
2,531

 
1,374


5,537

 
4,361

Comprehensive (loss) income
(100,680
)
 
4,043

 
113,389

 
54,794

Add: Comprehensive (income) loss attributable to noncontrolling interests
(1,515
)
 
1,005

 
(967
)
 
5,121

Total comprehensive (loss) income attributable to Cimpress plc
$
(102,195
)
 
$
5,048

 
$
112,422

 
$
59,915

See accompanying notes.

3


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited in thousands)
 
Ordinary Shares
 
Treasury Shares
 
 
 
 
 
 
 
 
 
Number of
Shares
Issued
 
Amount
 
Number
of
Shares
 
Amount
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive
Loss
 
Total
Shareholders’
Equity
Balance at June 30, 2018
44,080


$
615


(13,206
)

$
(685,577
)

$
395,682


$
452,756


$
(69,814
)

$
93,662

Restricted share units vested, net of shares withheld for taxes
—

 
—

 
20

 
64

 
(1,533
)
 
—

 
—

 
(1,469
)
Grant of restricted share awards
—

 
—

 
(2)
 
(288
)
 
—

 
—

 
—

 
(288
)
Share-based compensation expense
—

 
—

 
—

 
—

 
8,856

 
—

 
—

 
8,856

Net loss attributable to Cimpress plc
—

 
—

 
—

 
—

 
—

 
(14,639
)
 
—

 
(14,639
)
Adoption of new accounting standard
—

 
—

 
—

 
—

 
—

 
(3,246
)
 
—

 
(3,246
)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges
—

 
—

 
—

 
—

 
—

 
—

 
1,413

 
1,413

Foreign currency translation, net of hedges
—

 
—

 
—

 
—

 
—

 
—

 
(2,185
)
 
(2,185
)
Balance at September 30, 2018
44,080

 
$
615

 
(13,188
)
 
$
(685,801
)
 
$
403,005

 
$
434,871

 
$
(70,586
)
 
$
82,104

Restricted share units vested, net of shares withheld for taxes
—

 
—

 
7

 
146

 
(506
)
 
—

 
—

 
(360
)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes
—

 
—

 
55

 
2,887

 
(445
)
 
—

 
—

 
2,442

Grant of restricted share awards
—

 
—

 
6

 
312

 
—

 
—

 
—

 
312

Share-based compensation expense
—

 
—

 
—

 
—

 
(5,997
)
 
—

 
—

 
(5,997
)
Purchase of ordinary shares
—

 
—

 
(118
)
 
(14,043
)
 
—

 
—

 
—

 
(14,043
)
Net income attributable to Cimpress plc
—

 
—

 
—

 
—

 
—

 
69,014

 
—

 
69,014

Adjustment to noncontrolling interest for share forfeiture
—

 
—

 
—

 
—

 
591

 
—

 
—

 
591

Redeemable noncontrolling interest accretion to redemption value
—

 
—

 
—

 
—

 
—

 
(7,140
)
 
—

 
(7,140
)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges
—

 
—

 
—

 
—

 
—

 
—

 
(4,623
)
 
(4,623
)
Foreign currency translation, net of hedges
—

 
—

 
—

 
—

 
—

 
—

 
5,887

 
5,887

Balance at December 31, 2018
44,080

 
$
615

 
(13,238
)
 
$
(696,499
)
 
$
396,648

 
$
496,745

 
$
(69,322
)
 
$
128,187

Restricted share units vested, net of shares withheld for taxes
—

 
—

 
7

 
223

 
(520
)
 
—

 
—

 
(297
)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes
—

 
—

 
4

 
210

 
107

 
—

 
—

 
317

Share-based compensation expense
—

 
—

 
—

 
—

 
7,754

 
—

 
—

 
7,754

Purchase of ordinary shares
—

 
—

 
(149
)
 
(12,074
)
 
—

 
—

 
—

 
(12,074
)
Net income attributable to Cimpress plc
—

 
—

 
—

 
—

 
—

 
6,530

 
—

 
6,530

Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges
—

 
—

 
—

 
—

 
—

 
—

 
(6,001
)
 
(6,001
)
Foreign currency translation, net of hedges
—

 
—

 
—

 
—

 
—

 
—

 
4,521

 
4,521

Balance at March 31, 2019
44,080

 
$
615

 
(13,376
)
 
$
(708,140
)
 
$
403,989

 
$
503,275

 
$
(70,802
)
 
$
128,937

See accompanying notes.

4


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (CONTINUED)
(unaudited in thousands)
 
Ordinary Shares
 
Deferred Ordinary Shares
 
Treasury Shares
 
 
 
 
 
 
 
 
 
Number of
Shares
Issued
 
Amount
 
Number of
Shares
Issued
 
Amount
 
Number
of
Shares
 
Amount
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other
Comprehensive
Loss
 
Total
Shareholders’
Equity (Deficit)
Balance at June 30, 2019
44,080

 
$
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, 2019
44,080

 
$
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
—