Q4 2024 Cimpress PLC Earnings Call Transcript
Key Points
- Cimpress PLC (CMPR) reported a strong finish to the fiscal year with Q4 consolidated revenue growth of 6% on both a reported and organic constant currency basis.
- Adjusted EBITDA grew by $5 million year-over-year in Q4, reaching $190 million, despite currency headwinds.
- The company achieved its highest ever adjusted free cash flow for a fiscal year and fourth quarter, with $117 million for Q4 and $261 million for the full year.
- Cimpress PLC (CMPR) successfully repurchased 1.7 million shares, reducing shares outstanding by 7% while decreasing leverage and increasing liquidity.
- The company maintains a positive multiyear outlook, expecting to grow organic constant currency revenue at mid-single digit rates and adjusted EBITDA slightly faster than revenue.
- National Pen segment experienced a decline in revenue growth due to reduced advertising spend, although profitability improved.
- Currency headwinds negatively impacted adjusted EBITDA by $90 million for the full year and $3 million for Q4.
- Some segments, particularly those serving resellers, faced challenges due to market shifts towards direct-to-customer e-commerce models.
- The company plans to increase capital expenditures, which may impact cash flow, although it is within the context of their deleveraging policy.
- There are concerns about the subjectivity in estimating the attractiveness of organic investments in Vista, with past investments having been value-destroying.
Welcome to the Cimpress Q4 FY 2024 earnings call. I will introduce Meredith Burns, Vice President of Investor Relations and Sustainability.
Thank you, [Dee], and thanks, everyone, for joining us. With us today are Robert Keane, Founder, Chairman and Chief Executive Officer, and Sean Quinn, EVP and Chief Financial Officer. We appreciate the time that you've dedicated to understand our results commentary and outlook. This live Q&A session will last about 45 minutes, and we'll answer both pre-submitted and live questions. You can submit questions via the questions and answers box at the bottom left of your webcast screen.
Before we start, I'll note that in this session we will make statements about the [convert]. Our actual results may differ materially from these statements due to risk factors that are outlined in detail in our SEC filings and the documents we published yesterday on our website. We also have published non-GAAP reconciliations for our financial results on our IR website, and we invite
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