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Sep 30, 2021
Cimpress Q1 2022 Earnings Report
Revenue increased due to improved product mix, but operating income and adjusted EBITDA decreased due to increased advertising spend and organic investments.
Key Takeaways
Cimpress' Q1 FY2022 revenue increased by 12% year-over-year, driven by recovery in Upload and Print businesses and new product categories. However, GAAP operating income and adjusted EBITDA declined due to increased advertising spend and investments in Vista's transformation.
Total revenue was $657.6 million, a 12% increase year over year.
GAAP operating income declined to $16.9 million, compared to $36.0 million in the year-ago period.
Adjusted EBITDA decreased to $67.6 million, down from $88.5 million in Q1 FY2021.
The company continues to invest in Vista's transformation and technology infrastructure.
Cimpress
Cimpress
Cimpress Revenue by Segment
Revenue by Segment
PrintBrothers Revenue
CapyFin.comThe Print Group Revenue
CapyFin.comNational Pen Revenue
CapyFin.comAll Other Businesses Revenue
CapyFin.com Forward Guidance
Cimpress plans to continue with increased organic growth investments in FY2022, including the necessary investment to integrate the Depositphotos and Crello offerings.
Positive Outlook
- Optimistic about the businesses' ability to cope with lingering pandemic impacts.
- Confident in the businesses' ability to drive sustainable growth as they emerge from the pandemic.
- New product introduction and capabilities driving growth for businesses that are back to growth.
- Expected similar results once the technology platform migration in Vista is complete.
- Continued organic growth investments planned for FY2022.
Challenges Ahead
- Lingering pandemic impacts including supply chain pressures.
- Rising input costs in several COGS-related areas.
- Net impact of year-over-year currency movements unfavorably influenced adjusted EBITDA.
- Working capital movements were unfavorable compared to Q1 FY2021.
- BuildASign had pulled back on advertising and other operating expenses
Revenue & Expenses
Visualization of income flow from segment revenue to net income