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Jun 30, 2023
Cimpress Q4 2023 Earnings Report
Cimpress closed FY2023 with a strong fourth quarter, with revenue growth and improved profitability.
Key Takeaways
Cimpress' Q4 2023 results exceeded expectations, driven by strong performance from Vista and Upload & Print. Consolidated revenue grew 9% on both reported and organic constant-currency bases, with significant growth in operating income and adjusted EBITDA compared to the prior year.
Consolidated revenue grew 9% on both reported and organic constant-currency bases.
Operating income improved by $81.1 million year over year.
Adjusted EBITDA grew by $76.2 million year over year.
Net leverage reduced to 3.90 times trailing-twelve-month EBITDA.
Forward Guidance
Cimpress expects consolidated FY2024 reported revenue growth of at least 8% and adjusted EBITDA of at least $420 million.
Positive Outlook
- Expects consolidated FY2024 reported revenue growth of at least 8%.
- Expects organic constant-currency revenue growth of at least 6%.
- Expects FY2024 operating income of at least $205 million.
- Expects FY2024 adjusted EBITDA of at least $420 million.
- Expects to reduce net leverage to below 3.25x by the end of FY2024.
Challenges Ahead
- Organic constant-currency revenue growth is expected to be lower than in FY2023.
- Currency movements are expected to negatively impact adjusted EBITDA by approximately $20 million in FY2024 compared to FY2023.
- Cash taxes are expected to be approximately $10 million higher than in FY2023.
- Net cash interest expense is expected to be approximately $115 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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