Slide 1: Q4 & Fiscal Year 2015 Earnings Presentation
CIMPRESS N.V. Q4 & Fiscal Year 2015 Earnings presentation, commentary & financial results supplement July 29, 2015 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 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
Slide 3: Presentation Organization & Call Details
Presentation Organization & Call Details 3 • Q4 FY2015 Overview • Q4 FY2015 Operating and financial results • Looking ahead • Supplementary information • Reconciliation of GAAP to non-GAAP results Live Q&A Session: THURSDAY MORNING July 30, 2015, 7:30 a.m. ET Link from ir.cimpress.com Hosted by: Rob
Slide 4: 10-year Revenue and Net Income
Net Income FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 $19 $27 $40 $56 $68 $82 $44 $29 $44 $92 $23 $36 $55 $76 $91 $105 $77 $76 $103 $148 10-year Revenue and Net Income Revenue FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 $152 $256 $401 $516 $670 $817 $1,020 $1,167 $1,270 $1,494 In USD mi
Slide 5: 10-year Free Cash Flow & Share Count
10-year Free Cash Flow & Share Count Free Cash Flow* FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 $7 $(13) $18 $37 $46 $119 $89 $53 $66 $144 Shares Outstanding** FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 42.6 45.4 46.0 44.6 45.3 45.0 39.0 34.5 34.2 33.8 5 *In USD millions. Please see re
Slide 6: Solid Q4 Performance
Solid Q4 Performance • Continued progress against strategic goals • Good revenue growth year-over-year – Constant Currency • 22% consolidated • 10% for Vistaprint business unit – Reported (USD) Growth • 13% consolidated revenue growth at reported currency rates • Non-GAAP Net Income ahead of expecta
Slide 7: Vistaprint Business Unit
Vistaprint Business Unit • Continued traction with customer value proposition changes – As expected, growth lower than Q3 FY15 due to tougher comparison, but higher than in Q4 FY14 and Q1 and Q2 FY15 – Continue to see strong growth from "higher expectations" customers – Gross profit per customer con
Slide 8: Other Business Units
• Upload and Print – Continued strong growth at Pixartprinting and Printdeal – Partial quarter of Exagroup, druck.at and Easyflyer results – Integration activities progressing as expected • Albumprinter and FotoKnudsen – Continue to perform well • Japan/India/Brazil – Remain in “foundation building”
Slide 9: Strategic and Financial Objectives
Strategic and Financial Objectives • Strategic: To be world leader in mass customization – Producing, with the reliability, quality and affordability of mass production, small individual orders where each and every one embodies the personal relevance inherent to customized physical products • Financ
Slide 10: Mass Customization Platform
Mass Customization Platform 10 • Remain at the early stages of this multi-year project – Talent and software technology investments ramping up – Includes the integration & leveraging of the fulfillment operations of acquired companies • Brought to market by our growing portfolio of focused brands •
Slide 11: Important Letter to Investors
11 Important Letter to Investors • See letter published July 29, 2015 – Available at ir.cimpress.com • Subjects discussed – Looking back – Where we are today – Capital allocation for FY15 & FY16 – Discretionary growth spending – Steady state free cash flow per share – Actual free cash flow vs. stead
Slide 12: Q4 FY2015 Financial & Operating Metrics
Q4 FY2015 Financial & Operating Metrics
Slide 13: Q4 FY2015: Revenue Growth
Q4 FY2015: Revenue Growth Consolidated Total Revenue (reported, USD in millions) Total Revenue Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 $280 $275 $371 $286 $338 $334 $440 $340 $380 Year-over-Year Constant Currency Growth excl. TTM acquisitions and joint ventures Year-o
Slide 14: Q4 FY2015: Profit Metrics
Q4 FY2015: Profit Metrics In USD millions except per share data. Please see reconciliation to GAAP net income at the end of this presentation. *Our non-GAAP results for the periods Q4 FY14 - Q3 FY15 have been recast to exclude the currency impact on acquisition-related earn-outs. Consolidated 14 GAA
Slide 15: Currency Impacts (Q4 and FY 2015)
Currency Impacts (Q4 and FY 2015) • Impact on our operational results (included in GAAP and Non-GAAP Results): – Reduced our YoY revenue growth by 900 bps (Q4) and 500 bps (FY15) – More limited impact on bottom line due to natural hedges, and an active currency hedging program; realized hedging gain
Slide 16: Cash Flow and ROIC Highlights
Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 7% 6% 5% 5% 6% 5% 5% 5% 5% Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 $140 $133 $140 $135 $149 $201 $245 $243 $229 Cash Flow and ROIC Highlights TTM Capital Expenditures TTM Return on Invested Capital TTM Fre
Slide 17: Debt Related Metrics
Debt Related Metrics Availability under our senior secured credit facility (In USD, millions)* 06/30/2015 Maximum aggregate available for borrowing $ 844.0 Outstanding borrowings of senior secured credit facilities $ (232.0) Remaining amount $ 612.0 Limitations to borrowing due to debt covenants and
Slide 18: Geographic Region Revenue Annual
Geographic Region Revenue Annual (millions) Europe: 43% of total revenue 28% y/y growth 39% y/y constant currency growth 6% y/y constant currency growth ex. acquisitions from past year¹ North America: 52% of total revenue 11% y/y growth 11% y/y constant currency growth *All Printdeal, Pixartprinting
Slide 19: Geographic Region Revenue Quarterly
Geographic Region Revenue Quarterly (millions) Europe: 43% of total revenue 16% y/y growth 35% y/y constant currency growth 14% y/y constant currency growth ex. acquisitions from past year¹ North America: 53% of total revenue 11% y/y growth 12% y/y constant currency growth Q4 FY2015* Consolidated No
Slide 20: Operational Metrics: Orders and Average Order Value
Operational Metrics* Vistaprint, Albumprinterand Webs Orders (M) Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 7.1 9.8 7.8 7.1 7.1 9.1 7.3 7.0 6.8 8.8 7.2 7.0 Average Order Value Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15
Slide 21: Operational Metrics: New Customers, COCA, Advertising
Vistaprint, Albumprinter and Webs New Customers (millions) 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Q1 FY 13 Q2 FY 13 Q3 FY 13 Q4 FY 13 Q1 FY 14 Q2 FY 14 Q3 FY 14 Q4 FY 14 Q1 FY 15 Q2 FY 15 Q3 FY 15 Q4 FY 15 2.3 3.3 2.6 2.3 2.2 2.9 2.4 2.2 2.1 2.7 2.2 2.1 Implied COCA $35 $30 $25 $20 $15 $10 $5 $0 Q1 FY 13 Q
Slide 22: Historical Revenue Driver Metrics: Unique Customers
TTM* Unique Customers (M) Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 6.7 6.9 7.0 7.0 7.1 7.2 7.4 7.4 10.4 10.0 9.8 9.7 9.6 9.4 9.3 9.2 Historical Revenue Driver Metrics¹ 16.7 16.9 16.8 16.7 16.7 16.6 Vistaprint, Albumprinter and Webs 17.1 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15
Slide 23: Historical Revenue Driver Metrics: Bookings per Customer
Historical Revenue Driver Metrics Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Average TTM Bookings per Unique Customer $ 70 $ 72 $ 73 $ 74 $ 75 $ 76 $ 77 $ 77 Average TTM Bookings per New Customer $ 52 $ 53 $ 53 $ 54 $ 55 $ 56 $ 56 $ 56 Average TTM Bookings per Repeat Customer $ 98 $ 100
Slide 24: Looking Ahead
Looking Ahead <> cimpress
Slide 25: New Guidance Approach
New Guidance Approach Align external conversations with how we are managing Cimpress • Our view (estimated range) of steady state free cash flow • Planned discretionary growth investments for the next fiscal year • Our view of potential longer-term revenue growth by operating segment • Commentary fo
Slide 26: New Financial Metric: Adjusted NOPAT
New Financial Metric: Adjusted NOPAT Definition 26 GAAP operating income Less: cash taxes attributable to the current period operations (actual cash taxes paid or to be paid adjusted for any non-operational items and excluding the excess tax benefit from equity awards) Exclude: M&A related items (am
Slide 27: Expected FY 2016 Investments
Expected FY 2016 Investments Please see reconciliations to GAAP measures at the end of this presentation. 27 * Does not factor in potential M&A activity We will provide additional detail at Investor Day on August 5, 2015 USD, In millions Approximate Impact of Discretionary Growth Spending Major Orga
Slide 28: Steady State Free Cash Flow Analysis
Steady State Free Cash Flow Analysis Please see reconciliations to GAAP measures at the end of this presentation. 28 FY 2015 Free Cash Flow as reported $ 144 Adjustments for pro-forma of recent M&A and non-steady state working capital change $ (14) Add back Major Organic Long-Term Investments $ 80 F
Slide 29: Constant-Currency Revenue Growth
Constant-Currency Revenue Growth 29 • Vistaprint business unit – Expect to continue to grow near term at single digits constant-currency growth rate – Potential to return to growth rates above 10% over the coming years • All other business units – Currently growing at strong double-digit constant-cu
Slide 30: Other Forward-Looking Commentary
Other Forward-Looking Commentary 30 • Full year impact of our recent acquisitions Exagroup, druck.at and Easyflyer, which we expect to be accretive to FCF and Adjusted NOPAT • Expect continued momentum in our Vistaprint brand as well as our new acquisitions, which we expect to result in growing oper
Slide 31: Summary
Summary • Clear priorities – Strategic: to be the world leader in mass customization – Financial: to maximize intrinsic value per share • Evolving investor communications to better align with the way we invest in and manage our business • Solid performance FY 2015 – Investments in technology for com
Slide 32: Q&A Session
Q&A Session Please go to ir.cimpress.com for the live Q&A call at 7:30 am EDT on July 30, 2015
Slide 33: Q4 Fiscal Year 2015 Financial and Operating Results Supplement
Q4 Fiscal Year 2015 Financial and Operating Results Supplement
Slide 34: Revenue Growth Rates
*All acquisitions included as of acquisition date. For a description of acquisition and joint ventures that are excluded from constant currency growth, please see reconciliation to reported revenue growth rates at the end of this presentation. 23% constant-currency growth Revenue Growth Rates* Const
Slide 35: Constant Currency Geographic Region Revenue Growth
Europe 50% 40% 30% 20% 10% 0% -10% Q1 FY 13 Q2 FY 13 Q3 FY 13 Q4 FY 13 Q1 FY 14 Q2 FY 14 Q3 FY 14 Q4 FY 14 Q1 FY 15 Q2 FY 15 Q3 FY 15 Q4 FY 15 23% 14% 8% 2% 2% (2)% (7)% 43% 45% 41% 44% 35% (2)% 1% 4% 5% 14% Other 50% 40% 30% 20% 10% 0% -10% Q1 FY 13 Q2 FY 13 Q3 FY 13 Q4 FY 13 Q1 FY 14 Q2 FY 14 Q3 F
Slide 36: Gross Margin and Gross Profit
Gross Profit (millions) GM % Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 $163 $234 $189 $181 $179 $250 $185 $205 $204 $283 $214 $224 65.0% 67.2% 65.5% 64.6% 65.2% 67.4% 64.7% 60.5% 61.0% 64.4% 63.1% 58.9% Gross Margin and Gross Profit 36 FY13 65.7%
Slide 37: GAAP Net Income (Loss) and Net Margin
GAAP Net Income (Loss) and Net Margin FY13 $29 FY14 $44 Consolidated FY15 $92 37 GAAP Adjusted Net Income (millions) GAAP Adjusted Net Margin Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 $(2) $23 $6 $2 $— $41 $1 $1 $24 $64 $9 $(4) (0.7)% 6.6% 2.0% 0.8% 0.1% 11.
Slide 38: Non-GAAP Adjusted Net Income & Net Margin
Non-GAAP Adjusted Net Income (millions) Non-GAAP Adjusted Net Margin Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 $9 $36 $17 $14 $16 $53 $8 $25 $28 $72 $25 $23 3.6% 10.3% 5.9% 5.0% 5.9% 14.2% 2.9% 7.6% 8.6% 16.4% 7.4% 6.0% Non-GAAP Adjusted Net Income* & Non-GA
Slide 39: Fiscal Year Income Statement Comparison to Prior Year
FY2015 FY 2014 6.4% 6.8% 9.7% 9.2% 13.0% 13.9% 32.8% 34.6% 38.1% 35.5% Fiscal Year Income Statement Comparison to Prior Year, as a percentage of revenue Consolidated 39
Slide 40: Q4 Income Statement Comparison to Prior Year
Q4 FY15 Q4 FY14 4.0% 5.8% 9.3% 9.3% 14.6% 14.4% 31.0% 31.0% 41.1% 39.5% Q4 Income Statement Comparison to Prior Year, as a percentage of revenue Consolidated 40
Slide 41: Q4 Income Statement Comparison to Prior Quarter
Q4 FY15 Q3 FY15 4.0% 1.3% 9.3% 12.1% 14.6% 14.2% 31.0% 35.5% 41.1% 36.9% Q4 Income Statement Comparison to Prior Quarter, as a percentage of revenue Consolidated 41
Slide 42: Share-Based Compensation
Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 $8.4 $8.5 $8.4 $8.3 $8.6 $8.1 $5.8 $6.1 $5.8 $5.4 $6.0 $5.0 Share-Based Compensation* (millions) 42 * Share-based compensation (SBC) expense includes SBC-related tax adjustment. The period from Q1 FY13 to Q2 FY14 inc
Slide 43: Balance Sheet Highlights
Balance Sheet Highlights Balance Sheet highlights, USD in millions, at period end 6/30/2015 3/31/2015 12/31/2014 9/30/2014 6/30/2014 Total assets $ 1,308.2 $ 1,041.1 $ 1,026.5 $ 984.1 $ 989.0 Cash and cash equivalents $ 103.6 $ 134.2 $ 77.9 $ 60.9 $ 62.5 Total current assets $ 217.6 $ 222.1 $ 179.1
Slide 44: Q4 & FY2015 Capital Expenditures
44 1 Land, building and construction, leasehold improvements, and furniture and fixtures 2 Including printing presses and related equipment, finishing equipment, and automation. 3 IT infrastructure, software and office equipment Consolidated 36% Q4 & FY2015 Capital Expenditures 23% 41% 36% 24% 44% 3
Slide 45: Appendix Including a Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix Including a Reconciliation of GAAP to Non-GAAP Financial Measures
Slide 46: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures • To supplement Cimpress' consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cimpress has used the following measures defined as non- GAAP financial measures by Securities and Exchange Commission, o
Slide 47: Non-GAAP Financial Measures Definitions
Non-GAAP Financial Measures Definitions Non-GAAP Measure Definition Non-GAAP Net Income/EPS The items excluded from the non-GAAP adjusted net income measurements are share-based compensation expense and its related tax effect, amortization of acquisition-related intangibles, tax charges related to t
Slide 48: Non-GAAP Financial Measures Definitions (cont.)
Non-GAAP Financial Measures Definitions (cont.) Non-GAAP Measure Definition Adjusted NOPAT Adjusted NOPAT is defined as GAAP Operating Income minus cash taxes attributable to the current period (see definition below), with the following adjustments: exclude the impact of M&A related items including
Slide 49: GAAP to Non-GAAP Net Income Annual
. FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 GAAP Net Income attributable to Cimpress N.V. $19,235 $27,143 $39,831 $55,686 $67,741 $82,109 $43,994 $29,435 $43,696 $92,212 Share-based compensation and related tax effect $4,850 $8,765 $15,275 $20,177 $23,156 $22,400 $26,
Slide 50: Reconciliation: GAAP to Non-GAAP Results Net Income (Loss)
Reconciliation: GAAP to Non-GAAP Results Net Income (Loss) . Fiscal Year 2013 Fiscal Year 2014 Fiscal Year 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GAAP Net Income attributable to Cimpress N.V. $(1,696) $22,960 $5,866 $2,305 $412 $40,875 $1,375 $1,034 $23,694 $63,609 $8,611 $(3,702) Share-based comp
Slide 51: Reconciliation: GAAP to Non-GAAP Results Earnings per Diluted Share
Reconciliation: GAAP to Non-GAAP Results Earnings per Diluted Share Quarterly 51 Fiscal Year 2013 Fiscal Year 2014 Fiscal Year 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GAAP Net Income per share attributable to Cimpress N.V. $(0.05) $0.66 $0.17 $0.07 $0.01 $1.18 $0.04 $0.03 $0.71 $1.89 $0.25 $(0.11)
Slide 52: Reconciliation: Free Cash Flow Annual
Reconciliation: Free Cash Flow Annual, In thousands 52 FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 Net cash (used in) provided by operating activities $34,637 $54,377 $87,731 $120,051 $153,701 $162,634 $140,641 $140,012 $148,580 $228,876 Purchases of property, plant and
Slide 53: Reconciliation: Free Cash Flow Quarterly
Reconciliation: Free Cash Flow Q4 FY14 Q4 FY15 Net cash (used in) provided by operating activities $50,534 $36,462 Purchases of property, plant and equipment $(18,123) $(25,708) Purchases of intangible assets not related to acquisitions $(51) $(49) Capitalization of software and website development
Slide 54: Reconciliation: TTM Free Cash Flow
Reconciliation: TTM Free Cash Flow TTM Q4 FY13 TTM Q1 FY14 TTM Q2 FY14 TTM Q3 FY14 TTM Q4 FY14 TTM Q1 FY15 TTM Q2 FY15 TTM Q3 FY15 TTM Q4 FY15 Net cash provided by operating activities $140,012 $133,239 $139,733 $134,740 $148,580 $201,323 $244,520 $242,948 $228,876 Purchase of property, plant, and e
Slide 55: Reconciliation: TTM ROIC
Reconciliation: TTM ROIC ¹See explanation of average invested capital on next slide. In Q1 FY15, we updated our definition of ROIC to include invested capital inclusive of redeemable non-controlling interests, which date back to Q4 FY14. In Q3 FY15 we corrected an error in our ROIC calculation where
Slide 56: Reconciliation: Average Invested Capital
Reconciliation: Average Invested Capital ¹Excess cash is cash and equivalents > 5% of last twelve month revenues; if negative, capped at zero ²Average invested capital represents a four quarter average of total debt, redeemable non-controlling interests and total shareholder equity, less excess cash
Slide 57: Reconciliation: Adjusted EBITDA Quarterly
Reconciliation: Adjusted EBITDA1,2 Quarterly, in thousands Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 GAAP Net income $ (1,697) $ 22,960 $ 5,866 $ 2,305 $ 412 $ 40,875 $ 1,341 $ 688 $ 23,418 $ 62,861 $ 7,925 $ (4,892) Interest expense (net) $ 1,162 $ 1,263 $
Slide 58: Reconciliation: Adjusted EBITDA TTM
Reconciliation: Adjusted EBITDA1,2 TTM Q4FY13 TTM Q1FY14 TTM Q2FY14 TTM Q3FY14 TTM Q4FY14 TTM Q1FY15 TTM Q2FY15 TTM Q3FY15 TTM Q4FY15 GAAP Net income $29,435 $31,543 $49,458 $44,933 $43,316 $66,321 $88,308 $94,892 $89,312 Interest expense (net) $5,329 $5,744 $6,046 $6,489 $7,674 $9,442 $10,908 $12,3
Slide 59: Reconciliation: Constant-Currency Growth Europe and Other
EUROPE Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Reported revenue growth 12% 11% 8% 3% 6% 1% (4)% 50% 46% 30% 28% 16% Currency impact 11% 3% —% (1)% (4)% (3)% (3)% (7)% (1)% 11% 16% 19% Revenue growth in constant currency 23% 14% 8% 2% 2% (2)% (7
Slide 60: Reconciliation: Constant-Currency Growth Total Company and North America
TOTAL COMPANY Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Reported revenue growth 18% 16% 12% 12% 9% 6% (1)% 21% 21% 19% 19% 13% Currency impact 5% 1% 0% 0% 0% 0% 0% (2)% 0% 4% 7% 9% Revenue growth in constant currency 23% 17% 12% 12% 9% 6% (1)% 19
Slide 61: Reconciliation: Constant-Currency Growth by Region Annual
FY 2015 North America Europe Other Total Company Reported revenue growth 11% 28% 12% 18% Currency impact —% 11% 11% 5% Revenue growth in constant currency 11% 39% 23% 23% Impact of TTM acquisitions and joint ventures —% (33)% (10)% (14)% Revenue growth in constant currency ex. TTM acquisitions and j
Slide 62: Reconciliation: Constant-Currency Growth Annual
FY2012 FY2013 FY2014 FY2015 Reported revenue growth 25% 14% 9% 18% Currency impact 0% 2% (1)% 5% Revenue growth in constant currency 25% 16% 8% 23% Impact of TTM acquisitions and joint ventures (5)% (4)% (4)% (14)% Revenue growth in constant currency ex. TTM acquisitions and joint ventures 20% 12% 4
Slide 63: Reconciliation: Constant-Currency Growth by Reportable Segment
Reconciliation: Constant-Currency Revenue Growth Rates by Reportable Segment Q4 FY2015 Vistprint Business Unit All Other Business Units Total Company Reported revenue growth 4% 51% 13% Currency impact 6% 25% 9% Revenue growth in constant currency 10% 76% 22% Impact of TTM joint ventures —% (52)% (9)
Slide 64: Reconciliation: Adjusted NOPAT
Reconciliation: Adjusted NOPAT 64 FY2015 GAAP operating income $96.3 Less: Cash taxes attributable to current period (see separate reconciliation) (25.0) Exclude expense (benefit) impact of: Amortization of acquisition-related intangible assets 24.3 Earn-out related charges (1) 15.3 Share-based comp