Cimpress plc reported its financial results for the three months ended September 30, 2024, showing a revenue increase to $804.97 million, up 6% from $757.29 million in the same period of 2023. The growth was primarily driven by the Vista segment, which experienced an 8% increase in revenue due to enhancements in customer experience and new product introductions. Total segment revenue also rose to $824.53 million from $767.08 million year-over-year.
Despite the revenue growth, Cimpress reported a net loss of $12.55 million for the quarter, a significant decline from a net income of $4.55 million in the prior year. This resulted in a basic and diluted net loss per share of $(0.50), compared to earnings of $0.17 per share in the same quarter of 2023. The net loss was attributed to increased operating expenses, including a $6.3 million rise in advertising costs and higher technology and development expenses, which increased by $7.5 million.
Operating income improved to $39.34 million from $34.10 million year-over-year, while adjusted EBITDA decreased slightly to $87.80 million from $88.80 million. The company faced challenges with cash flow, reporting net cash provided by operating activities of $4.38 million, down from $42.25 million in the previous year, largely due to unfavorable changes in working capital and higher cash interest payments.
Cimpress's total assets as of September 30, 2024, were $1.88 billion, a slight decrease from $1.89 billion at the end of June 2024. Total liabilities increased to $2.43 billion from $2.42 billion, resulting in a total shareholders’ deficit attributable to Cimpress plc of $(570.99 million), compared to $(550.15 million) in the prior quarter.
In terms of strategic developments, Cimpress completed a private placement of $525 million in 7.375% senior unsecured notes due 2032 on September 26, 2024. The proceeds were used to redeem $522.14 million of 7.0% senior notes due 2026, resulting in a gain on extinguishment of debt of $0.34 million. The company also repurchased 123,325 ordinary shares for $10.62 million during the quarter.
Overall, Cimpress continues to navigate a challenging market environment while focusing on revenue growth and operational improvements across its various segments.
About CIMPRESS plc
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