Cimpress Plc · NASDAQ:CMPR
Cimpress — Vistaprint — Q2 FY2013 Earnings Presentation
72 slides from Cimpress's earnings presentation, Feb 1, 2013
Slide 1: Q2 Fiscal Year 2013 Earnings Presentation, Commentary & Financial Results Supplement
Exhibit 99.2 Q2 Fiscal Year 2013 Earnings Presentation, Commentary & Financial Results Supplement January 31, 2013
Slide 2: Earnings commentary document note
This document is Vistaprint’s second quarter fiscal year 2013 earnings commentary. This document contains slides and accompanying comments in the “notes” section below each slide.
Slide 3: Safe Harbor Statement
Safe Harbor Statement This presentation and the accompanying notes contain statements about our future expectations, plans and prospects of our business that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, i
Slide 4: Safe harbor and non-GAAP reference
Please read the above safe harbor statement. Additionally, a detailed reconciliation of GAAP and non-GAAP measures is posted in the appendix of the Q2 fiscal 2013 earnings presentation that accompanies these remarks.
Slide 5: Presentation Organization & Call Details
Presentation Organization & Call Details Presentation Organization: Live Q&A Session: • Quarterly review and update • 5:15 p.m. Eastern on initiatives • Link from the IR section of • Q2 FY13 operating and www.vistaprint.com financial results • Looking ahead to Q3 and • Hosted by: remainder of fiscal
Slide 6: Presentation organization and call details
This presentation is organized into the categories shown on the left hand of this slide. Robert Keane, CEO, and Ernst Teunissen, CFO, will host a live question and answer conference call at 5:15 p.m. US Eastern time which you can access through a link on the investor relations section of www.vistapr
Slide 7: Quarterly Financial Results
Consolidated Quarterly Financial Results Webs revenue (millions) GAAP EPS* Albumprinter revenue (millions) Non-GAAP EPS* $1.02 Organic revenue (millions) $348 $0.97 $300 $0.82 $258 $250 $251 $0.63 $0.66 $212 $204 $209 $0.51 $0.43 $0.40 $0.32 $0.31 $0.29 $0.25 $0.19 $0.10 $0.01 Q3 FY11 Q4 FY11 Q1 FY1
Slide 8: Consolidated revenue and EPS commentary
Our consolidated revenue in the second quarter of fiscal 2013 was above the midpoint of the range we set three months ago. Revenue grew 17% on a consolidated constant currency basis, to $348 million, including revenue from our Albumprinter and Webs acquisitions. On an organic constant currency basis
Slide 9: Operational Performance: Reinvigorate Growth in the Core Business
Operational Performance: Reinvigorate Growth in the Core Business Strategy Element Description Long-Term Goals Q2 FY13 Results/Examples Major improvements to customer Change success metrics from • Continued improvements in net experience, satisfaction and loyalty short-term transaction-focused promo
Slide 10: Progress in strategic initiatives
During the quarter, we made progress in each of our strategic initiatives that are designed to reinvigorate growth in our organic business. In terms of improving our customer value proposition, we introduced better substrates for many of our products, we increased the exposure of our service telepho
Slide 11: Regional Strategy Execution Update
Regional Strategy Execution Update Common Strategy Additional NA Strengths in North America and Europe • Advertising consistent with brand values • Product quality improvements • Integrated cross-channel advertising • Manufacturing process investments • Pricing methodology improvements • Improved cr
Slide 12: North America and Europe performance divergence
As you know, we made some structural and management changes in our marketing organization at the beginning of FY13. Six months have passed, and we continue to improve our understanding of the factors that have led to our diverging performance in our North American and European businesses. Some of ou
Slide 13: Operational Performance: Build Foundations for Future Growth
Operational Performance: Build Foundations for Future Growth Strategy Element Description Long-Term Goals Q2 FY13 Results/Examples Digital Marketing Digital small business marketing Lay foundations for continued rapid • Continued digital subscriber adds in offerings (websites, email growth five and
Slide 14: Adjacencies and emerging markets commentary
In addition to our initiatives impacting our organic business, efforts in our adjacencies continued, with the objective of building foundations for future growth. Our Vistaprint-branded digital subscriber base reached 357,000 customers with continued improvement in monthly revenue per customer. In a
Slide 15: Q2 FY 2013 Operating and Financial Results
Q2 FY 2013 Operating and Financial Results 8
Slide 16: Q2 FY 2013: Key Financial Metrics
Consolidated Q2 FY 2013: Key Financial Metrics* Quarter Ended 12/31/2012 YTD Period Ending 12/31/2012 Revenue • $348.3 million • $599.7 million 16% y/y growth 17% y/y growth 17% y/y constant currency growth 19% y/y constant currency growth 14% y/y organic constant currency 14% y/y organic constant c
Slide 17: Financial results commentary
Turning to financials, and as noted above, Vistaprint generated revenue of $348 million in the second quarter, reflecting a 16% year over year increase. In organic constant- currency terms, excluding Albumprinter and Webs, this reflected 14% year over year growth for the business, at the midpoint of
Slide 18: Cash Flow & ROIC Highlights
Consolidated Cash Flow & ROIC Highlights* Balance sheet (in millions, as of December 31, 2012) Cash and cash equivalents $64.7 Quarterly cash flows and investments (in millions) Q2FY13 Q2FY12 Cash flow from operations $88.5 $81.1 Free cash flow** $58.7 $66.4 Capital expenditures $27.6 $13.4 as % of
Slide 19: Cash, cash flow and share repurchase commentary
Cash and cash equivalents were approximately $64.7 million December as of 31, 2012. During the quarter, Vistaprint generated $88.5 million in cash from operations, compared with $81.1 million in the second quarter of fiscal 2012. Free cash flow was $58.7 million in the second quarter, down from $66.
Slide 20: Geographic Segment Revenue - Quarterly
Consolidated Geographic Segment Revenue - Quarterly (millions) Asia-Pacific Albumprinter (inc. in Europe) Q2 FY2013 Europe $21.5 Webs (inc. in North America) $22.8 Asia Pacific: North America 6% of total revenue $17.0 26% y/y growth $15.7 24% y/y constant currency $15.4 growth $15.1 $17.5 $11.8 $136
Slide 21: Revenue performance by geography
For the second quarter, revenue performance by geography, inclusive of Albumprinter and Webs revenues, was as follows: • North American revenue was $167.5 million, reflecting 20% growth year over year in both reported and constant currency terms. This revenue is inclusive of the $2.8 million of reve
Slide 22: Operational Metrics: Orders and Average Order Value
Organic Operational Metrics (Excludes Albumprinter and Webs) Average Order Value Orders (M) $37.75 $36.73 $36.78 $36.17 $36.03 $36.38 $36.25 9.0 $35.38 $34.79 $34.56 $34.69 $34.61 8.3 7.0 6.5 6.4 6.5 5.8 5.9 5.6 5.0 4.8 4.8 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY10
Slide 23: Organic business metrics commentary
Vistaprint’s organic business metrics, excluding Albumprinter and Webs, were as follows: • Total orders processed in the quarter were approximately 9.0 million reflecting growth of 8% year over year. • Average order value was $36.25, up from an average order value of $34.61 in Q2 of last fiscal year
Slide 24: Operational Metrics: New Customers, COCA, Advertising
Organic Operational Metrics (Excludes Albumprinter and Webs) New Customers Advertising as (million) Implied COCA % of Revenue 3.5 35 $ 35% 3.2 3.0 30 $ 30% $27 $28 $27 27% 27% $26 $26 $26 26% 26% $25 24% 2.5 25 $ $24 $24 25% 24% $23 22% 23% $22 21% 21% $21 21% 20% 2.0 20 $ 20% 1.5 15 $ 15% 1.0 10 $
Slide 25: Additional customer metrics commentary
Additional customer metrics for the organic business for the period ending December 31, 2012, were as follows: • Quarterly new customer additions excluding Albumprinter and Webs were approximately 3.2 million, reflecting 10% year over year growth over the approximately 2.9 million new customer adds
Slide 26: Historical Revenue Driver Metrics
Organic Historical Revenue Driver Metrics (Quarterly) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 TTM* Unique Customers (M) FY11 FY11 FY12 FY12 FY12 FY12 FY13 FY13 TTM Unique Customers (M) 11.1 11.4 11.9 12.9 13.8 14.4 14.9 15.4 TTM New Customers (M) 7.2 7.4 7.7 8.4 9.0 9.4 9.7 10.0 15.4 14.9 TTM Repeating Customers (M
Slide 27: Unique customer metrics commentary
Our unique customer metrics for the organic business on a trailing twelve month basis were as follows: • On a TTM basis for the period ending December 31, 2012, unique customer count was 15.4 million, reflecting 19% year over year growth of unique customers. • First-time unique customers in the TTM
Slide 28: Historical Revenue Driver Metrics: Average Spend
Organic Historical Revenue Driver Metrics Average Spend Per Unique Customer (USD) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY11 FY11 FY12 FY12 FY12 FY12 FY13 FY13 Average Spend per Unique $102 $70 $72 $73 $71 $69 $68 $67 $67 $100 $100 $100 $99 Customer $99 $99 $97 Average Spend per New $54 $55 $55 $53 $52 $51 $50 $5
Slide 29: Average spend per unique customer commentary
Average spend per unique customer for the organic business on a trailing twelve month basis for the period ended December 31, 2012 developed as follows: • Average spend per unique customer during the TTM period endingDecember 31, 2012 was $67, reflecting a 6% decline year over year. We believe this
Slide 30: Looking Ahead
Looking Ahead VISEAPTINE sie ssinownen
Slide 31: FY13 Outlook Commentary
FY13 Outlook Commentary • Revenue guidance midpoint reduced by $30M o Operational performance: underperformance of European business plus reduction in advertising expense (adjusted down by about $35M) o Currency outlook (adjusted up by about $5M) • EPS guidance unchanged o Positives: continued GM st
Slide 32: Revised full fiscal year guidance commentary
With the first half of the fiscal year behind us, we are adjusting our full fiscal year 13 guidance as follows: Revenue We are lowering our revenue guidance range by $30M at the guidance range midpoint. This reflects two primary factors: • Our expectations for revenue have been lowered by about $35M
Slide 33: Financial Guidance
Consolidated Financial Guidance* (as of October 25, 2012) FY13 Q3 FY13 ending 06/30/2013 ending 3/31/2013 Revenue $1,145 - $1,175 $275 - $290 Revenue growth from FY 2012 period 12% - 15% 7% - 13% Organic constant currency revenue growth estimate 10% - 13% 5% - 11% GAAP EPS $0.50 - $0.70 EPS decline
Slide 34: Financial guidance commentary
The table above is Vistaprint’s financial guidance as of January 31, 2013. This guidance reflects our expected market opportunity and planned investments for growth and competitive advantage. Vistaprint specifically disclaims any obligation to update any forward-looking statements, which should not
Slide 35: Financial Guidance
Consolidated Financial Guidance* (as of October 25, 2012) FY13 Q3 FY13 ending 06/30/2013 ending 3/31/2013 Revenue $1,145 - $1,175 $275 - $290 Revenue growth from FY 2012 period 12% - 15% 7% - 13% Organic constant currency revenue growth estimate 10% - 13% 5% - 11% GAAP EPS $0.50 - $0.70 EPS decline
Slide 36: Non-GAAP guidance assumptions commentary
We are providing the assumptions noted on our guidance slide to facilitate comparisons with non-GAAP adjusted net income per diluted share. • Based on these assumptions, for the full fiscal year 2013, non-GAAP adjusted EPS is expected to be between $1.79 and $1.99, and excludes expected acquisition-
Slide 37: Capital Expenditures Guidance
Consolidated Capital Expenditures Guidance (as of January 31, 2013) Expressed as percent of revenue FY 2013 Guidance: 25% • $85M - $95M • 7% - 8% of revenue 3% guidance midpoint 8% 16% 15% 15% Other 3% 2% 3% Land and Facilities 7% 7% Manufacturing & 8% Automation Equipment 9% 7% 14% 2% 5% 5% 2% 1% 1
Slide 38: Capital expenditures commentary
This chart shows capital expenditures in dollars and as a percentage of revenue for the past several years, and also shows our expectations for fiscal 2013 at the midpoint of our revenue guidance range. We expect capital expenditures as a percentage of revenue and in absolute dollars to increase in
Slide 39: Commentary on Revenue and EPS Seasonality
Commentary on Revenue and EPS Seasonality • As previously noted, no longer provide quarterly EPS guidance • Expect our typical seasonality trends to continue • We have already delivered majority of annual GAAP EPS in our second fiscal quarter o In line with recent years • Will provide quarterly reve
Slide 40: Seasonality commentary
Our business is seasonal. We want to provide some color on the expected trends in the business through the year: • We expect the seasonal revenue trends in our business to continue, notwithstanding recent weakness in Europe, which typically has a higher percentage of home and family oriented revenue
Slide 41: Commentary on Long-Term Outlook
Commentary on Long-Term Outlook Revenue Profit • Continue to believe scale matters and • Despite weaker revenue outlook, we market opportunity is large believe we have multiple levers for profit growth • Continue to target $2B in annual revenue and beyond as we strive to create • Still targeting FY1
Slide 42: Long-term outlook commentary
Before closing, we’d like to comment on our long-term outlook. In the past we have described publicly our 2016 financial targets as part of our long-term strategy and investment approach. As a growing business, we regularly make investment trade-off decisions that we anticipate will have near- and l
Slide 43: Investor Day Update
Investor Day Update • Investor Day will be postponed to August 6, 2013 to align with our annual planning sequence • We expect a higher quality event at that time as we will have completed our FY14 planning process and can provide more concrete insight into our investment decisions and their impact t
Slide 44: Investor Day postponement commentary
Finally, as our shareholders know, we had been planning to host an Investor Day on February 7, 2013. We have decided to postpone this event until after our Q4 2013 earnings announcement. The new date will be August 6, 2013. We believe that moving the date to the beginning of the new fiscal year, aft
Slide 45: Summary
Summary • Solid revenue results relative to guidance, with continued mixed execution: o Stronger NA marketing execution o Weaker EU marketing execution • Strong progress in other parts of the business o Value proposition, LTV advertising, manufacturing o Foundations for future in digital, Asia & EU
Slide 46: Summary commentary
In summary, our second fiscal quarter revenue results were solidrelative to the expectations we set three months ago, but tracking below our longer-term aspirations largely due to continued challenges in our European business. We are working hard to address this issue, but believe this will nota be
Slide 47: Q&A Session
Q&A Session Please go to the Investor Relations section of www.vistaprint.com for the live Q&A call at 5:15 pm EDT on January 31, 2013
Slide 48: Q2 Fiscal Year 2013 Financial and Operating Results Supplement
Q2 Fiscal Year 2013 Financial and Operating Results Supplement
Slide 49: Total Company Organic Growth Rates
Organic Total Company Organic Growth Rates (Excludes Albumprinter and Webs) 50% Constant-Currency 45% Reported 40% 35% 30% 25% 20% 14% constant-currency 15% 14% 10% reported 5% 0% Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 FY10 FY11 FY12 YTD FY13
Slide 50: Segment Revenue Growth Rates
Organic Segment Revenue Growth Rates Constant Currency Organic APAC Europe North America 70% 70% 70% 60% 58% 60% 60% 50% 50% 45% 45% 50% 43% 40% 40% 39% 37% 40% 38% 40% 36% 35% 33% 29% 30% 30% 30% 28% 27% 30% 22% 21% 21% 22% 21% 20% 24% 20% 21% 18% 20% 18% 19% 18% 20% 17% 15% 18% 18% 11% 17% 16% 10%
Slide 51: Gross Margin and Gross Profit
Consolidated Gross Margin and Gross Profit Gross Profit (millions) GM % 66.3% 65.3% 66.8% 65.5% $234 64.1% 63.6% 63.9% 64.6% 65.0% 63.1% 63.2% 67.2% $200 $169 $162 $163 $155 $133 $133 $134 $106 $105 $108 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13
Slide 52: GAAP Net Income (Loss) and Net Margin
Consolidated GAAP Net Income (Loss) and Net Margin GAAP Net Income (loss), in millions GAAP Net Margin 14.5% 15.0% 11.3% 10.6% 9.7% 10.0% 7.1% 6.3% $34 6.9% 6.6% $32 3.8% 5.0% $23 1.5% $23 $16 0.1% $14 -0.7% $12 $11 0.0% $8 $4 $0 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY1
Slide 53: Non-GAAP Adjusted Net Income and Adjusted Net Margin
Consolidated Non-GAAP Adjusted Net Income* and Adjusted Net Margin Non-GAAP Adjusted Net Income (millions) Non-GAAP Adjusted Net Margin 17.3% $40 $38 13.8% 12.9% 12.6% $36 10.5% 9.6% 10.3% $28 9.4% $21 $20 4.4% $17 6.1% $16 $15 $13 3.5% $11 5.9% $9 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1
Slide 54: Q2 Income Statement Comparison to Prior Year
Consolidated Q2 Income Statement Comparison to Prior Year (as a percentage of revenue) 32.8% 33.2% Cost of revenue Marketing and selling Technology and development 38.6% 36.9% General and administrative Income from operations 11.5% 9.9% 7.6% 9.1% 9.5% 10.9% Q2 FY2013 Q2 FY2012 32
Slide 55: Q2 Income Statement Comparison to Prior Quarter
Consolidated Q2 Income Statement Comparison to Prior Quarter (as a percentage of revenue) 32.8% 35.0% Cost of revenue Marketing and selling Technology and development 38.6% 39.8% General and administrative Income from operations 11.5% 15.0% 7.6% 9.5% 10.1% 0.1% Q2 FY2013 Q1 FY2013 33
Slide 56: Share-Based Compensation
Consolidated Share-Based Compensation* (millions) $8.6 $8.5 $8.4 $7.6 $6.4 $5.7 $5.6 $5.3 $5.3 $5.1 $4.9 $5.0 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 FY10 $23.2 FY11 $22.4 FY12 $26.1 * Share-based compensation (SBC) expense includes SBC-related
Slide 57: Revenue Seasonality
Organic Revenue Seasonality (Excludes Albumprinter and Webs) $323 Small Business Marketing Home and Family* $284 $244 $234 $235 $233 $212 $209 $204 $170 $166 $164 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 * Home and family revenue is calculated u
Slide 58: Q2 FY 2013 Bookings by Marketing Channel
Organic Q2 FY 2013 Bookings by Marketing Channel (excludes Albumprinter and Webs bookings) ~3.2 million new customers in Q2 FY2013 Our Own Permission-Based rd 3 Party Permission- email Based email Our Own Permission-Based Other email Channels and Partners Paid Repeat Order Bookings: 68% Search First
Slide 59: Balance Sheet Highlights
Consolidated Balance Sheet Highlights Balance Sheet highlights, in millions, at period end 12/31/12 09/30/12 06/30/12 3/31/12 12/31/11 Total assets $653.7 $620.5 $592.4 $588.0 $590.3 Cash and cash equivalents $64.7 $59.3 $62.2 $52.1 $67.5 Total current assets $132.3 $114.6 $115.6 $103.5 $123.7 Goodw
Slide 60: Long-Term Debt
Consolidated Long-Term Debt • Credit facility in place with aggregate loan commitments of $387.5M • Interest rate is LIBOR plus 1.25% - 1.50% • Currently in compliance with all covenants. Key covenants are: Senior leverage ratio not to exceed 2.75x TTM EBITDA Total leverage ratio not to exceed 3.5x
Slide 61: Q2 FY13 Capital Expenditure Breakdown
Consolidated Q2 FY13 Capital Expenditure Breakdown Q2 CapEx: $27.6M 17% Land/Facilities1 52% 2 Mfg & Automation Equipment 32% 3 Other 1 Land, building and construction, leasehold improvements, and furniture and fixtures 2 All manufacturing and automation equipment, including offset and digital print
Slide 62: Appendix
Appendix Including a Reconciliation of GAAP to Non-GAAP Financial Measures
Slide 63: About non-GAAP financial measures
About non-GAAP financial measures To supplement Vistaprint’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Vistaprint has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission,
Slide 64: About non-GAAP financial measures (continued)
About non-GAAP financial measures continued… Vistaprint’s management believes that these non-GAAP financial measures provide meaningful supplemental information in assessing our performance and when forecasting and analyzing future periods. These non-GAAP financial measures also have facilitated man
Slide 65: Reconciliation: GAAP to Non-GAAP Results - Net Income Annual
Reconciliation: GAAP to Non-GAAP Results Net Income – Annual ($ in thousands) FY 2003 FY 2004 FY 2005* FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY2011 FY2012 GAAP Net Income $473 $3,440 ($16,218) $19,234 $27,143 $39,831 $55,686 $67,741 $82,109 $43,994 Share-based compensation and $0 $0 $0 $4,850 $8,76
Slide 66: Reconciliation: GAAP to Non-GAAP Results - Net Income Quarterly
Reconciliation: GAAP to Non-GAAP Results Net Income (Loss) – Quarterly ($ in thousands) . Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 GAAP Net Income $16,167 $11,650 $10,781 $34,014 $22,917 $14,397 $8,172 $31,697 $274 $3,851 $(1,696) $22,96
Slide 67: Reconciliation: Diluted EPS Annual
Reconciliation: GAAP to Non-GAAP Results Diluted Earnings Per Share - Annual FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY2011 FY2012 GAAP Net Income Per Share $0.45 $0.60 $0.87 $1.25 $1.49 $1.83 $1.13 Share-based Compensation $0.09 $0.18 $0.31 $0.43 $0.49 $0.47 $0.65 Per Share* Amortization of acquired
Slide 68: Reconciliation: Diluted EPS Quarterly
Reconciliation: GAAP to Non-GAAP Results Earnings Per Diluted Share - Quarterly . Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 GAAP Net Income Per $0.35 $0.26 $0.24 $0.75 $0.51 $0.32 $0.19 $0.82 $0.01 $0.10 $(0.05) $0.66 Share Share-based Co
Slide 69: Reconciliation: Free Cash Flow
Reconciliation: Free Cash Flow (in thousands) Three Months Ended Six Months Ended December 31, December 31 2012 2011 2012 2011 Net cash provided by operating activities $ 88,533 $ 81,138 $ 95,183 $ 111,680 Purchases of property, plant and equipment (27,609) (13,447) (55,368) (24,445) Purchases of in
Slide 70: Reconciliation: Constant-Currency Revenue Growth Rates Quarterly
Reconciliation: Constant-Currency Revenue Growth Rates Quarterly Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Reported revenue growth 30% 22% 18% 20% 23% 27% 25% 28% 26% 20% 18% 16% Currency impact (5%) 0% 2% 3% (1%) (7%) (5%) 0% 2% 5% 5% 1% Revenue
Slide 71: Reconciliation: Constant-Currency Revenue Growth Rates Annual
Reconciliation: Constant-Currency Revenue Growth Rates Annual FY2009 FY2010 FY2011 FY2012 Reported revenue growth 29% 30% 22% 25% Currency impact 7% (2%) - 0% Revenue growth in constant currency 36% 28% 22% 25% Impact of acquisitions to growth in constant currency - - - (5%) Revenue growth rate, ex
Slide 72: Reconciliation: Geographic Segment Constant-Currency Growth Rates
Reconciliation: Geographic Segment Constant-Currency Revenue Growth Rates and Reported Growth Rates Total Q2 FY2013 North America Europe Asia-Pacific Company Reported revenue growth 20% 11% 26% 16% Currency impact -% 3% (2%) 1% Revenue growth in constant currency 20% 14% 24% 17% Impact of acquisitio