Slide 1: Q3 Fiscal Year 2013 Earnings Presentation, Commentary & Financial Results Supplement
Q3 Fiscal Year 2013 Earnings Presentation, Commentary & Financial Results Supplement April 25, 2013
Slide 2: Earnings commentary document notice
This document is Vistaprint’s third 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 Q3 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 • 5:15 p.m. Eastern operational update • Link from the IR section of • Q3 FY13 operating and www.vistaprint.com financial results • Looking ahead • Hosted by: o Remainder of FY13 o Guidance o
Slide 6: Presentation organization and call 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* $1.02 Organic revenue (millions) $348 $0.97 $300 $288 $0.82 $258 $250 $251 $0.66 $209 $212 $0.48 $0.43 $0.40 $0.32 $0.31 $0.29 $0.25 $0.19 $0.17 $0.10 $0.01 Q4 FY11 Q1 FY12 Q2 FY1
Slide 8: Q3 revenue and EPS commentary
Our consolidated revenue in the third quarter of fiscal 2013 was in the upper part of the guidance range we set three months ago. Revenue grew 12% on a consolidated constant currency basis, to $288 million, including revenue from our Albumprinter and Webs acquisitions. On an organic constant currenc
Slide 9: Operational Update
Operational Update • Organic constant-currency results still mixed o North America up 15% o Europe up 5% o Asia Pacific up 10% • Continued effort to improve execution in Europe and drive toward a more customer-centric culture globally • Acquired companies (Albumprinter and Webs) o Post-acquisition i
Slide 10: Operational results commentary
At a high level, our operational results were as follows: • Organic revenue growth by region continues to vary. Our new customer growth continues to be relatively in line with our expectations given our advertising spend, and our repeat orders continue to lag our expectations. The many changes we ar
Slide 11: Operational Performance: Reinvigorate Growth in the Core Business
Operational Performance: Reinvigorate Growth in the Core Business Strategy Element Description Long-Term Goals Q3 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 12: Progress on strategic initiatives commentary
During the quarter, we made progress in each of our strategic initiatives to reinvigorate growth in our organic business. In terms of improving our customer value proposition, this quarter we continued our efforts to improve the clarity of pricing, offers and messaging; we continued with extensive m
Slide 13: Operational Performance: Build Foundations for Future Growth
Operational Performance: Build Foundations for Future Growth Strategy Element Description Long-Term Goals Q3 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: Growth foundations commentary
In addition to our initiatives in our organic business, our efforts to build foundations for future growth in adjacent markets continued. Digital: Our Vistaprint-branded digital subscriber base was 356,000 customers as of March 31, with continued improvement in monthly revenue per customer. In addit
Slide 15: Q3 FY 2013 Financial and Operating Results
Q3 FY 2013 Financial and Operating Results 8
Slide 16: Q3 FY 2013: Key Financial Metrics
Consolidated Q3 FY 2013: Key Financial Metrics* Quarter Ended 03/31/2013 YTD Period Ending 03/31/2013 Revenue • $287.7 million • $887.4 million 12% y/y growth 15% y/y growth 12% y/y constant currency growth 17% y/y constant currency growth 11% y/y organic constant currency 13% y/y organic constant c
Slide 17: Financial results commentary
Turning to financials, and as noted above, Vistaprint generated revenue of $288 million in the third quarter, reflecting a 12% year-over-year increase. In organic constant-currency terms, excluding Albumprinter and Webs, this reflected 11% year-over-year growth for the business, at the high end of t
Slide 18: Cash Flow & ROIC Highlights
Consolidated Cash Flow & ROIC Highlights* Balance sheet (in millions, as of March 31, 2013) Cash and cash equivalents $51.3 Quarterly cash flows and investments (in millions) Q3FY13 Q3FY12 YTD FY13 YTD FY12 Cash flow from operations $8.1 $9.6 $103.3 $121.3 Free cash flow** $(5.5) $(0.3) $30.8 $83.9
Slide 19: Cash, cash flow and share repurchase commentary
Cash and cash equivalents were approximately $51.3 million as of March 31, 2013. During the quarter, Vistaprint generated $8.1 million in cash from operations, compared with $9.6 million in the third quarter of fiscal 2012. Free cash flow was ($5.5) million in the third quarter, down from ($0.3) mil
Slide 20: Geographic Segment Revenue - Quarterly
Consolidated Geographic Segment Revenue - Quarterly (millions) Asia-Pacific Albumprinter (inc. in Europe) Q3 FY2013 Europe $21.5 Webs (inc. in North America) $22.8 Asia Pacific: North America 6% of total revenue $17.0 6% y/y growth $15.7 $16.4 10% y/y constant currency $15.1 $15.4 growth $11.8 $15.1
Slide 21: Revenue performance by geography commentary
For the third quarter, revenue performance by geography, inclusive of Albumprinter and Webs revenues, was as follows: North American revenue was $163.0 million, reflecting 15% growth year over year in both reported and constant currency terms. This revenue is inclusive of the $2.9 million of revenue
Slide 22: Operational Metrics: Orders and Average Order Value
Organic Operational Metrics (Excludes Albumprinter and Webs) Average Order Value Orders (M) $38.43 $37.75 $36.73 $36.78 $36.17 $36.03 $36.38 $36.25 9.0 $35.38 $34.56 $34.69 $34.61 8.3 7.2 7.0 6.5 6.4 6.5 5.8 5.9 5.6 5.0 4.8 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 7.2 million reflecting growth of 3% year over year. Average order value was $38.43, up 9% from an average order value of $35.38 in Q3 of last fiscal year.
Slide 24: Operational Metrics: New Customers and Advertising
Organic Operational Metrics (Excludes Albumprinter and Webs) New Customers Advertising as (million) Implied COCA % of Revenue 3.5 35 $ 35% 3.0 30 $ 30% $27 $28 $27 $27 27% 27% $26 $26 $26 26% $25 26% 2.5 25% 2.5 25 $ $24 $24 25% 24% 24% $23 22% $22 23% 21% 21% 21% 2.0 20 $ 20% 1.5 15 $ 15% 1.0 10 $
Slide 25: Customer metrics commentary
Additional customer metrics for the organic business for the period ending March 31, 2013, were as follows: Quarterly new customer additions excluding Albumprinter and Webs were approximately 2.5 million, reflecting 4% year over year growth over the approximately 2.4 million new customer adds in Q3
Slide 26: Historical Revenue Driver Metrics
Organic Historical Revenue Driver Metrics (Quarterly) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 TTM* Unique Customers (M) FY11 FY12 FY12 FY12 FY12 FY13 FY13 FY13 TTM Unique Customers (M) 11.4 11.9 12.9 13.8 14.4 14.9 15.4 15.7 TTM New Customers (M) 7.4 7.7 8.4 9.0 9.4 9.7 10.0 10.1 14.9 15.4 15.7 14.4 TTM Repeating C
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 March 31, 2013, unique customer count was 15.7 million, reflecting 14% year over year growth of unique customers. First-time unique customers in the TTM period
Slide 28: Historical Revenue Driver Metrics: Average Spend
Organic Historical Revenue Driver Metrics Average Spend Per Unique Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Customer (USD) FY11 FY12 FY12 FY12 FY12 FY13 FY13 FY13 Average Spend per Unique $72 $73 $71 $69 $68 $67 $67 $68 $100 $102 $100 $100 $99 $99 Customer $97 $98 Average Spend per New $55 $55 $53 $52 $51 $50 $50 $5
Slide 29: Average spend per customer commentary
Average spend per unique customer for the organic business on a trailing twelve month basis for the period ended March 31, 2013 was as follows: • Average spend per unique customer during the TTM period ending March 31, 2013 was $68, reflecting a 1% decline year over year. We believe this decline was
Slide 30: Looking Ahead
Looking Ahead ISEAPTINE sre inowsson
Slide 31: FY13 Outlook Commentary
FY13 Outlook Commentary • Narrowing revenue guidance range with one quarter remaining in fiscal year o Operational performance on track o Currency fluctuations since January guidance reduce FY outlook by ~$4M o Result is that we are narrowing the revenue guidance range around the former guidance mid
Slide 32: Full year guidance commentary
With just one quarter remaining in FY 2013, we are adjusting our full fiscal year guidance as follows: Revenue We are narrowing our revenue guidance range around the guidance midpoint set in January after adjusting for currency movements. • Operationally, our expectations for revenue are in line wit
Slide 33: Financial Guidance
Consolidated Financial Guidance* (as of April 25, 2013) FY13 Q4 FY13 ending 06/30/2013 ending 6/30/2013 Revenue $1,150 - $1,165 $263 - $278 Revenue growth from FY 2012 period 13% - 14% 5% - 11% Organic constant currency revenue growth estimate 11% - 12% 5% - 11% GAAP EPS $0.60 - $0.80 EPS decline fr
Slide 34: Financial guidance commentary
The table above is Vistaprint’s financial guidance as of April 25, 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 be
Slide 35: Financial Guidance
Consolidated Financial Guidance* (as of April 25, 2013) FY13 Q4 FY13 ending 06/30/2013 ending 6/30/2013 Revenue $1,150 - $1,165 $263 - $278 Revenue growth from FY 2012 period 13% - 14% 5% - 11% Organic constant currency revenue growth estimate 11% - 12% 5% - 11% GAAP EPS $0.60 - $0.80 EPS decline fr
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 $1.94 and $2.14, and excludes expected acquisition-re
Slide 37: Capital Expenditures Guidance
Consolidated Capital Expenditures Guidance (as of April 25, 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% 9% 7% Automation Equipment 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: Ceasing Quarterly Guidance in FY14
Ceasing Quarterly Guidance in FY14 • Stopped quarterly EPS guidance last year • Stopping quarterly revenue guidance effective next earnings release o Consistent with fiscal year focus of management objectives o Focus on long-term value creation • Expect to guide to annual revenue and EPS for foresee
Slide 40: Quarterly guidance change commentary
Please recall that we stopped providing quarterly EPS guidance at the beginning of FY2013. Effective with our next earnings release we will also stop providing quarterly revenue guidance. We manage our financial budgets on a fiscal year basis, not quarterly. We believe that managing to quarterly pub
Slide 41: Early Thoughts on FY14
Early Thoughts on FY14 • FY14 planning not yet completed o Comments on this page are preliminary and subject to change • Remain committed to driving toward meaningful EPS growth and margin expansion in FY14 o Specific profit levels to be established over coming months o Expect to seek balance of lon
Slide 42: FY14 planning commentary
We have not yet completed our planning process for FY14, so the following comments are preliminary and subject to change. Over the next three months, we will make decisions about our FY14 operating plan that will have an impact on our financial objectives for next year. As such it’s too early to sha
Slide 43: Summary
Summary • Solid revenue results relative to guidance, but lower growth than original plan for the year • Continued focus on strategic initiatives • Believe we have the right strategy to drive o Long-term revenue and profit growth o Competitive advantage o Significant value for long-term shareholders
Slide 44: Summary commentary
In summary, our third quarter revenue results were solid relative to the expectations we set three months ago. Though our revenue growth is tracking below our initial plan for the year, we remain confident in our ability to improve our execution over time. In the meantime, we will continue to focus
Slide 45: 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 April 25, 2013
Slide 46: Q3 Fiscal Year 2013 Financial and Operating Results Supplement
Q3 Fiscal Year 2013 Financial and Operating Results Supplement
Slide 47: Total Company Organic Growth Rates
Organic Total Company Organic Growth Rates (Excludes Albumprinter and Webs) 50% Constant-Currency 45% Reported 40% 35% 30% 25% 11% 20% constant-currency 15% 11% 10% reported 5% 0% Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 FY10 FY11 FY12 YTD FY13
Slide 48: Segment Revenue Growth Rates
Organic Segment Revenue Growth Rates Constant Currency Organic APAC Europe North America 70% 70% 70% 60% 60% 60% 50% 50% 45% 45% 50% 43% 39% 40% 40% 36% 35% 37% 40% 40% 33% 29% 30% 30% 30% 28% 27% 30% 24% 22% 21% 21%22% 21% 20% 18% 20% 18% 20% 18% 16% 17% 18% 18% 21% 20% 15% 19% 11% 15% 10% 9% 10% 1
Slide 49: Gross Margin and Gross Profit
Consolidated Gross Margin and Gross Profit Gross Profit (millions) GM % 67.2% 66.3% 65.3% 66.8% 65.5% $234 63.9% 64.6% 65.0% 65.5% 63.6% 63.1% 63.2% $200 $189 $169 $162 $163 $155 $133 $133 $134 $105 $108 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13
Slide 50: 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 $53 11.3% $48 10.6% 10.0% $43 $38 6.9% 6.6% 7.1% 6.3% $34 $33 $32 5.0% $28 3.8% $23 $23 $23 1.5% 2.0% $18 $14 0.1% $13 $12 $11 0.0% $8 $8 -0.7% $6 $4 $3 $0 $(2) -5.0% Q4 FY10 Q1 FY1
Slide 51: 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% 13.8% 12.6% $40 10.3% $38 $36 10.5% 9.6% 9.4% $28 6.1% 5.9% $20 5.9% $17 4.4% $17 $16 $15 3.5% $13 $11 $9 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 F
Slide 52: Q3 Income Statement Comparison to Prior Year
Consolidated Q3 Income Statement Comparison to Prior Year (as a percentage of revenue) 34.5% 34.5% Cost of revenue Marketing and selling Technology and development 38.2% 37.9% General and administrative Income from operations 14.9% 13.8% 9.0% 10.8% 3.4% 3.0% Q3 FY2013 Q3 FY2012 31
Slide 53: Q3 Income Statement Comparison to Prior Quarter
Consolidated Q3 Income Statement Comparison to Prior Quarter (as a percentage of revenue) 34.5% 32.8% Cost of revenue Marketing and selling Technology and development 38.2% 38.6% General and administrative Income from operations 11.5% 14.9% 7.6% 9.0% 3.4% 9.5% Q3 FY2013 Q2 FY2013 32
Slide 54: Share-Based Compensation
Consolidated Share-Based Compensation* (millions) $8.6 $8.5 $8.4 $8.4 $7.6 $6.4 $5.7 $5.6 $5.3 $5.1 $4.9 $5.0 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 FY10 $23.2 FY11 $22.4 FY12 $26.1 YTD FY13 $25.3 * Share-based compensation (SBC) expense inclu
Slide 55: Revenue Seasonality
Organic Revenue Seasonality (Excludes Albumprinter and Webs) $323 Small Business Marketing Home and Family* $284 $270 $244 $235 $233 $234 $209 $212 $204 $164 $167 Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 * Home and family revenue is calculated u
Slide 56: Q3 FY 2013 Bookings by Marketing Channel
Organic Q3 FY 2013 Bookings by Marketing Channel (excludes Albumprinter and Webs bookings) ~2.5 million new customers in Q3 FY2013 Our Own Permission-Based rd email 3 Party Permission- Based email Our Own Permission-Based Other email Channels and Partners Paid Search Repeat Order Bookings: 68% First
Slide 57: Balance Sheet Highlights
Consolidated Balance Sheet Highlights Balance Sheet highlights, in millions, at period end 03/31/13 12/31/12 09/30/12 06/30/12 3/31/12 Total assets $616.4 $653.7 $620.5 $592.4 $588.0 Cash and cash equivalents $51.3 $64.7 $59.3 $62.2 $52.1 Total current assets $104.4 $132.3 $114.6 $115.6 $103.5 Goodw
Slide 58: Total Debt
Consolidated Total Debt • Credit facility in place with aggregate loan commitments of $500.0M • Interest rate is LIBOR plus 1.25% - 2.0%, depending on leverage • Currently in compliance with all covenants. Key covenants are: o Total leverage ratio not to exceed 3.5x TTM EBITDA (reducing to 3.25x in
Slide 59: Q3 FY13 Capital Expenditure Breakdown
Consolidated Q3 FY13 Capital Expenditure Breakdown Q3 CapEx: $11.2M 29% Land/Facilities 1 40% 2 Mfg & Automation Equipment 3 Other 31% 1 Land, building and construction, leasehold improvements, and furniture and fixtures 2 All manufacturing and automation equipment, including offset and digital prin
Slide 60: Appendix: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix Including a Reconciliation of GAAP to Non-GAAP Financial Measures
Slide 61: About non-GAAP financial measures
About non-GAAP financial measures To supplement Vistaprint’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Vistaprint has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission,
Slide 62: About non-GAAP financial measures (continued)
About non-GAAP financial measures continued… Vistaprint’s management believes that these non-GAAP financial measures provide meaningful supplemental information in assessing our performance and when forecasting and analyzing future periods. These non-GAAP financial measures also have facilitated man
Slide 63: Reconciliation: GAAP to Non-GAAP Results, Net Income Annual
Reconciliation: GAAP to Non-GAAP Results Net Income – Annual ($ 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 $8,76
Slide 64: Reconciliation: GAAP to Non-GAAP Results, Net Income Quarterly
Reconciliation: GAAP to Non-GAAP Results Net Income (Loss) – Quarterly ($ in thousands) Fiscal . Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 Year 2010 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 GAAP Net Income $11,650 $10,781 $34,014 $22,917 $14,397 $8,172 $31,697 $274 $3,851 $(1,696) $22,960 $5,866
Slide 65: 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 66: Reconciliation: Diluted EPS Quarterly
Reconciliation: GAAP to Non-GAAP Results Earnings Per Diluted Share - Quarterly Fiscal . Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 Year 2010 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 GAAP Net Income Per $0.26 $0.24 $0.75 $0.51 $0.32 $0.19 $0.82 $0.01 $0.10 $(0.05) $0.66 $0.17 Share Share-based $0
Slide 67: Reconciliation: Free Cash Flow
Reconciliation: Free Cash Flow (in thousands) Three Months Ended Nine Months Ended March 31, March 31 2013 2012 2013 2012 Net cash provided by operating activities $ 8,135 $ 9,620 $ 103,318 $ 121,300 Purchases of property, plant and equipment (11,155) (8,493) (66,523) (32,938) Purchases of intangibl
Slide 68: Reconciliation: Constant-Currency Revenue Growth Rates Quarterly
Reconciliation: Constant-Currency Revenue Growth Rates Quarterly ASIA-PACIFIC Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Reported revenue growth 69% 48% 55% 50% 65% 67% 41% 47% 28% 28% 26% 6% Currency impact (24%) (12%) (12%) (15%) (26%) (22%) (4%
Slide 69: Reconciliation: Constant-Currency Revenue Growth Rates Quarterly
Reconciliation: Constant-Currency Revenue Growth Rates Quarterly NORTH AMERICA Q4 FY10 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Reported revenue growth 19% 16% 16% 21% 18% 17% 20% 23% 20% 22% 20% 15% Currency impact (1%) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Slide 70: 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