Cimpress Plc · NASDAQ:CMPR
Cimpress — Vistaprint — Q1 FY2013 Earnings Presentation
70 slides from Cimpress's earnings presentation, Oct 30, 2012
Slide 1: Q1 Fiscal Year 2013 Earnings Presentation, Commentary & Financial Results Supplement
Exhibit 99.2 Q1 Fiscal Year 2013 Earnings Presentation, Commentary & Financial Results Supplement October 25, 2012
Slide 2: Earnings commentary introduction
This document is Vistaprint’s first 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 Q1 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 • Q1 FY13 operating and www.vistaprint.com financial results • Looking ahead to Q2 and • Hosted by: remainder of fiscal
Slide 6: Presentation organization notes
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* $0.97 Organic revenue (millions) $300 $0.89 $0.82 $258 $250 $251 $0.75 $234 $212 $0.63 $204 $209 $0.51 $0.43 $0.40 $0.32 $0.31 $0.29 $0.25 $0.19 $0.10 $0.01 Q2 FY11 Q3 FY11 Q4 FY1
Slide 8: Consolidated revenue commentary
Our consolidated revenue in the first quarter of the new fiscal year was at the low end of our guidance range set three months ago. Revenue grew 23% on a consolidated constant currency basis, to $251 million, including revenue from our Albumprinter and Webs acquisitions. On an organic constant curre
Slide 9: Operational Performance: Reinvigorate Growth in the Core Business
Operational Performance: Reinvigorate Growth in the Core Business Strategy Element Description Long-Term Goals Q1 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: Core business initiatives commentary
During the quarter, we continued to roll out initiatives in each of our strategy elements designed to reinvigorate growth in our core business. First, we are steadily improving our customer value proposition. Compared to a year ago we have more customer service, better quality product substrates, fa
Slide 11: Operational Performance: Regional Review
Operational Performance: Regional Review North America Europe • Acceleration of growth rate • Poor revenue performance o Improved customer value proposition o Weak macroeconomic backdrop, but we are focusing on improving our o LTV based advertising, including but own execution not limited to televis
Slide 12: Regional review commentary
The strategic initiatives we just described are being rolledglobally, out but with some differences in timing. We also have seen differences in our operational execution across regions. Let’s take a moment to review our two largest geographic regions and the differences that we believe are factors i
Slide 13: Operational Performance: Build Foundations for Future Growth
Operational Performance: Build Foundations for Future Growth Strategy Element Description Long-Term Goals Q1 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 commentary
In addition to our initiatives in the core business, efforts in our adjacencies continued. Our Vistaprint-branded digital subscriber base reached 353,000 customers with continued improvement in monthly revenue per customer, and our Webs-branded paid subscriber base grew at a healthy clip. Our Webs P
Slide 15: Q1 FY 2013 Operating and Financial Results
Q1 FY 2013 Operating and Financial Results 8
Slide 16: Q1 FY 2013: Key Financial Metrics
Consolidated Q1 FY 2013: Key Financial Metrics* Quarter Ended 09/30/2012 Revenue • $251.4 million 18% y/y growth 23% y/y constant currency growth 13% y/y organic constant currency (ex-acquisitions) GAAP Net Income (Loss) • $(1.7) million (0.7)% net margin vs. 3.8% last year decrease of 121% y/y • $(
Slide 17: Financial results commentary
Turning to financials, Vistaprint generated revenues of $251 million in the first quarter, reflecting an 18% year over year increase. In organic constant-currency terms, excluding Albumprinter and Webs, this reflects 13% year over year growth for the business, at the low end of the constant-currency
Slide 18: Cash Flow & ROIC Highlights
Consolidated Cash Flow & ROIC Highlights* Balance sheet (in millions, as of September 30, 2012) Cash and cash equivalents $59.3 Quarterly cash flows and investments (in millions) Q1FY13 Q1FY12 Cash flow from operations $6.6 $30.5 Free cash flow** $(22.4) $17.8 Capital expenditures $27.8 $11.0 as % o
Slide 19: Cash flow and ROIC commentary
Cash and cash equivalents were approximately $59.3 million September as of 30, 2012. During the quarter, Vistaprint generated $6.6 million in cash from operations, compared with $30.5 million in the first quarter of fiscal 2012. Free cash flow was $(22.4) million in the first quarter, down from $17.
Slide 20: Geographic Segment Revenue - Quarterly
Consolidated Geographic Segment Revenue - Quarterly (millions) Asia-Pacific Albumprinter (inc. in Europe) Q1 FY2013 Europe $17.0 Webs (inc. in North America) $15.7 Asia Pacific: North America 7% of total revenue $15.4 28% y/y growth $15.1 $17.5 $11.8 29% y/y constant currency $12.1 $12.9 $15.4 growt
Slide 21: Revenue by geography commentary
For the first quarter, revenue performance by geography, inclusive of Albumprinter and Webs revenues, was as follows: • North American revenue was $144.2 million, reflecting 22% growthyear over year in both reported and constant currency terms. This revenue is inclusive of the $2.6 million of revenu
Slide 22: Operational Metrics
Organic Operational Metrics (Excludes Albumprinter and Webs) Orders (M) Average Order Value 8.3 $37.75 $36.63 $36.73 $36.78 $36.17 $36.03 $36.38 $35.38 7.0 $34.79 $34.56 $34.69 $34.61 6.5 6.4 6.5 5.8 5.9 5.6 5.3 5.0 4.8 4.8 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY10
Slide 23: Orders and average order value commentary
Vistaprint’s organic business metrics, excluding Albumprinter and Webs, were as follows: Total orders processed in the quarter were approximately 6.5 million reflecting growth of 10% year over year. Average order value was $36.78, roughly flat versus an average order value of $36.38 in Q1 of last fi
Slide 24: Operational Metrics: New Customers and Advertising
Organic Operational Metrics (Excludes Albumprinter and Webs) New Customers Advertising as (million) Implied COCA % of Revenue 3.0 35 $ 35% 30 $ $28 30% 2.5 $27 2.2 $26 $26 $26 27% 26% $25 26% $24 $24 24% 25 $ $23 25% 24% 2.0 $22 $22 23% 22% $21 20% 21% 21% 21% 20% 20 $ 20% 1.5 15 $ 15% 1.0 10 $ 10%
Slide 25: Customer metrics commentary
Additional customer metrics for the business on an organic basis, for the period ending September 30, 2012, were as follows: Quarterly new customer additions were approximately 2.2 million, reflecting 16% year over year growth over the approximately 1.9 million new customer adds in Q1 of last fiscal
Slide 26: Historical Revenue Driver Metrics
Organic Historical Revenue Driver Metrics (Quarterly) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 TTM* Unique Customers (M) FY11 FY11 FY11 FY12 FY12 FY12 FY12 FY13 14.9 TTM Unique Customers (M) 10.6 11.1 11.4 11.9 12.9 13.8 14.4 14.9 14.4 13.8 TTM New Customers (M) 7.0 7.2 7.4 7.7 8.4 9.0 9.4 9.7 12.9 11.9 TTM Repeatin
Slide 27: Unique customer metrics commentary
Our unique customer metrics for the core business on a trailing twelve month basis were as follows: On a TTM basis, unique customer count was 14.9 million, reflecting 25% year over year growth of unique customers. First-time unique customers in the TTM period ending September 30, 2012 grew 26% year
Slide 28: Historical Revenue Driver Metrics: Average Spend
Organic Historical Revenue Driver Metrics Average Spend Per Unique Customer (USD) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY11 FY11 FY11 FY12 FY12 FY12 FY12 FY13 Average Spend per Unique $70 $70 $72 $73 $71 $69 $68 $67 $100 $102 $100 Customer $100 $98 $99 $99 $99 Average Spend per New $54 $54 $55 $55 $53 $52 $51 $5
Slide 29: Average spend per customer commentary
Average spend per unique customer for the core business on a trailing twelve month basis developed as follows: • Average spend per unique customer during the TTM period ending September 30, 2012 was $67, reflecting an 8% decline year over year. We believe this decline was due to several factors: • T
Slide 30: Looking Ahead
Looking Ahead ISTAPTINE vse inowse
Slide 31: Outlook Commentary
Outlook Commentary • Revenue range reduced by $10M o Underperformance of European business (adjusted down by about $25M) o Currency outlook (adjusted up by about $15M) • EPS guidance unchanged; actively managing expenses to enable EPS performance in line with FY13 plan o Protecting revenue-generatin
Slide 32: Guidance adjustment commentary
After the first quarter of fiscal 2013, we are adjusting our full fiscal year 13 guidance as follows: Revenue We are lowering our revenue guidance range by $10M. This reflects two factors: • Our operational expectations for European revenue have been lowered by about $25M for the full year. • Curren
Slide 33: Financial Guidance
Consolidated Financial Guidance* (as of October 25, 2012) FY13 Q2 FY13 ending 06/30/2013 ending 12/31/2012 Revenue $1,165 - $1,215 $335 - $355 Revenue growth from FY 2012 period 14% - 19% 12% - 18% Organic constant currency revenue growth estimate 12% - 17% 11% - 17% GAAP EPS $0.40 - $0.70 EPS decli
Slide 34: Financial guidance commentary
The table above is Vistaprint’s financial guidance as of October 25, 2012. This guidance reflects our expected market opportunity and our ongoing commitment to making investmentsgrowthfor and competitive advantage. Vistaprint specifically disclaims any obligation to update any forward-looking statem
Slide 35: Financial Guidance
Consolidated Financial Guidance* (as of October 25, 2012) FY13 Q2 FY13 ending 06/30/2013 ending 12/31/2012 Revenue $1,165 - $1,215 $335 - $355 Revenue growth from FY 2012 period 14% - 19% 12% - 18% Organic constant currency revenue growth estimate 12% - 17% 11% - 17% GAAP EPS $0.40 - $0.70 EPS decli
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 $1.62 and $1.92, and excludes expected acquisition-
Slide 37: Capital Expenditures Guidance
Consolidated Capital Expenditures Guidance (as of October 25, 2012) Expressed as percent of revenue FY 2013 Guidance: 25% • $80M - $95M • 7% - 8% of revenue 3% guidance midpoint 8% 16% 15% 15% Other 3% 2% 3% Land and Facilities 7% 7% 8% Manufacturing & 9% Automation Equipment 14% 2% 7% 5% 5% 1% 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 o Albumprinter increases seasonal effect of December quarter • Expect to deliver majority of annual GAAP EPS in our second quarter o In line w
Slide 40: Seasonality commentary
With one quarter behind us, and the seasonality of our upcoming second quarter, we want to provide some color on the expected trends in the business: • We expect the seasonal revenue trends in our core business to continue, notwithstanding recent weakness in Europe, which typically has a higher perc
Slide 41: Summary
Summary • Mixed results, most notably poor EU performance o Addressing issues, but this is a longer term effort • Strong progress in all other parts of the business o Value proposition, LTV advertising, manufacturing o Foundations for future in digital, photo books & Asia o Great results in North Am
Slide 42: Summary commentary
In summary, this quarter’s results were mixed. The notable shortcoming was our poor revenue performance in Europe. We recognize the need to address this issue and are making to plans do so, while being realistic that this will not be a short-term turnaround. In almost every other part of our busines
Slide 43: 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 October 25, 2012
Slide 44: Q1 Fiscal Year 2013 Financial and Operating Results Supplement
Q1 Fiscal Year 2013 Financial and Operating Results Supplement
Slide 45: 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% 13% constant-currency 15% 10% 10% reported 5% 0% Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 FY10 FY11 FY12 28% const
Slide 46: Segment Revenue Growth Rates
Organic Segment Revenue Growth Rates Constant Currency Organic APAC Europe 70% 70% North America 70% 60% 56%58% 60% 60% 50% 48% 50% 50% 45% 45% 43% 40% 36% 39% 40% 37% 38% 35% 40% 40% 33% 28% 30% 30% 30% 27% 30% 29% 21%22% 21%22% 21% 21% 21% 19% 20% 18% 18% 16% 17% 20% 20% 18% 20% 11% 17% 18% 15% 10
Slide 47: Gross Margin and Gross Profit
Consolidated Gross Margin and Gross Profit Gross Profit (millions) GM % 66.3% 66.8% 65.5% 65.1% 64.1% 65.3% 64.6% 65.0% 63.6% 63.1% 63.9% 63.2% $200 $169 $162 $163 $155 $133 $133 $134 $127 $106 $105 $108 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13
Slide 48: 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% $58 13.8% $53 11.3% 10.6% $48 9.7% 10.0% $43 7.1% $38 6.9% 6.3% $34 $33 $32 $28 $27 3.8% 5.0% $23 $23 1.5% 0.1% $18 $16 $14 $13 $12 $11 -0.7% 0.0% $8 $8 $4 $3 $0 $(2) -5.0% Q2 FY10 Q3 F
Slide 49: 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% 17.3% 12.6% $40 13.8% $38 12.9% $34 10.5% $28 9.6% 9.4% $21 $20 6.1% 5.9% $17 $16 $15 $13 3.5% $11 $9 4.4% Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4
Slide 50: Q1 Income Statement Comparison to Prior Year
Consolidated Q1 Income Statement Comparison to Prior Year (as a percentage of revenue) 35.0% 36.8% Cost of revenue Marketing and selling Technology and development 39.8% 35.9% General and administrative Income from operations 12.6% 15.0% 10.1% 10.1% 0.1% 4.6% Q1 FY2013 Q1 FY2012 30
Slide 51: Q1 Income Statement Comparison to Prior Quarter
Consolidated Q1 Income Statement Comparison to Prior Quarter (as a percentage of revenue) 35.0% 35.4% Cost of revenue Marketing and selling Technology and development 39.8% 36.3% General and administrative Income from operations 14.8% 15.0% 11.5% 10.1% 0.1% 2.0% Q1 FY2013 Q4 FY2012 31
Slide 52: Share-Based Compensation
Consolidated Share-Based Compensation* (millions) $8.6 $8.4 $7.6 $6.7 $6.4 $5.7 $5.3 $5.6 $5.3 $5.1 $4.9 $5.0 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 FY10 $23.2 FY11 $22.4 FY12 $26.1 * Share-based compensation (SBC) expense includes SBC-related
Slide 53: Revenue Seasonality
Organic Revenue Seasonality (Excludes Albumprinter and Webs) $284 Small Business Marketing Home and Family* $244 $234 $235 $233 $209 $212 $204 $195 $166 $164 $170 Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 * Home and family revenue is calculated u
Slide 54: Q1 FY 2013 Bookings by Marketing Channel
Organic Q1 FY 2013 Bookings by Marketing Channel (excludes Albumprinter and Webs bookings) ~2.2 million new customers in Q1 FY2013 Our Own rd Permission-Based 3 Party Permission- email Based email Our Own Permission-Based Other email Channels and Partners Paid Repeat Order Bookings: 68% Search First
Slide 55: Balance Sheet Highlights
Consolidated Balance Sheet Highlights Balance Sheet highlights, in millions, at period end 09/30/12 06/30/12 3/31/12 12/31/11 09/30/11 Total assets $620.5 $592.4 $588.0 $590.3 $469.0 Cash and cash equivalents $59.3 $62.2 $52.1 $67.5 $161.1 Total current assets $114.6 $115.6 $103.5 $123.7 $194.0 Good
Slide 56: 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: o Senior leverage ratio not to exceed 2.75x TTM EBITDA o Total leverage ratio not to exceed 3
Slide 57: Q1 FY13 Capital Expenditure Breakdown
Consolidated Q1 FY13 Capital Expenditure Breakdown Q1 CapEx: $27.8M 22% Land/Facilities1 2 56% Mfg & Automation Equipment 22% Other 3 1 Land, building and construction, leasehold improvements, and furniture and fixtures 2 All manufacturing and automation equipment, including offset and digital print
Slide 58: Appendix
Appendix Including a Reconciliation of GAAP to Non-GAAP Financial Measures
Slide 59: About non-GAAP financial measures
About non-GAAP financial measures To supplement Vistaprint’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Vistaprint has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission,
Slide 60: About non-GAAP financial measures (continued)
About non-GAAP financial measures continued… Vistaprint’s management believes that these non-GAAP financial measures provide meaningful supplemental information in assessing our performance and when forecasting and analyzing future periods. These non-GAAP financial measures also have facilitated man
Slide 61: Reconciliation: GAAP to Non-GAAP Results - Annual Net Income
Reconciliation: GAAP to Non-GAAP Results Net Income – Annual ($ 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 $8,76
Slide 62: Reconciliation: GAAP to Non-GAAP Results - Quarterly Net Income
Reconciliation: GAAP to Non-GAAP Results Net Income – Quarterly ($ in thousands) Fiscal . Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Year 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 GAAP Net Income $26,948 $16,167 $11,650 $10,781 $34,014 $22,917 $14,397 $8,172 $31,697 $274 $3,851 $(1,696) Share
Slide 63: Reconciliation: GAAP to Non-GAAP Results - Annual EPS
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 64: Reconciliation: GAAP to Non-GAAP Results - Quarterly EPS
Reconciliation: GAAP to Non-GAAP Results Earnings Per Diluted Share - Quarterly Fiscal . Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Year 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 GAAP Net Income Per $0.59 $0.35 $0.26 $0.24 $0.75 $0.51 $0.32 $0.19 $0.82 $0.01 $0.10 $(0.05) Share Share-based Co
Slide 65: Reconciliation: Free Cash Flow
Reconciliation: Free Cash Flow (in thousands) Three Months Ended September 30, 2012 2011 Net cash provided by operating activities $ 6,650 $ 30,541 Purchases of property, plant and equipment (10,998) (27,759) Purchases of intangibles assets (9) (89) Capitalization of software and website (1,301) (1,
Slide 66: Reconciliation: Constant-Currency Revenue Growth Rates Quarterly
Reconciliation: Constant-Currency Revenue Growth Rates Quarterly Q2 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 FY2010 Reported revenue growth 40% 30% 22% 18% 20% 23% 27% 25% 28% 26% 20% 18% Currency impact (8%) (5%) 0% 2% 3% (1%) (7%) (5%) 0% 2% 5% 5% Rev
Slide 67: 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 acquisition to growth in constant currency - - - (5%) Revenue growth rate, ex a
Slide 68: Reconciliation: Non-U.S. Constant-Currency Revenue Growth, ex Albumprinter
Reconciliation: Non-U.S. Constant-Currency Revenue Growth Rates and Reported Growth Rates, ex Albumprinter Non-US Revenue Growth Q2 FY10 Q3 FY10 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Non-US reported revenue 68% 55% 30% 23% 26% 27% 41% 35% 36% 31% 20% 15% gro
Slide 69: Reconciliation: Constant-Currency Growth Rates (U.S. v. Non-U.S.)
Reconciliation: Constant-Currency Revenue Growth Rates and Reported Growth Rates (U.S. v. Non-U.S.) Total Q1 FY2013 US Non-US Company Reported revenue growth 21% 15% 18% Currency impact - 10% 5% Revenue growth in constant currency 21% 25% 23% Impact of acquisition to growth in (2%) (18%) (10%) const
Slide 70: Reconciliation: Geographic Segment Constant-Currency Revenue Growth
Reconciliation: Geographic Segment Constant-Currency Revenue Growth Rates and Reported Growth Rates Total Q1 FY2013 North America Europe Asia-Pacific Company Reported revenue growth 22% 12% 28% 18% Currency impact -% 11% 1% 5% Revenue growth in constant currency 22% 23% 29% 23% Note: Constant-curren