Cimpress plc Files 10-Q for Q3 2024

TL;DR

Cimpress plc 10-Q filed: financials for Q3 2024 out.

AI Summary

Cimpress plc filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the commercial printing sector. Key financial figures and disclosures are presented for investors and stakeholders.

Why It Matters

This filing provides investors with a detailed look at Cimpress plc's financial health and operational performance for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the specific financial performance and forward-looking statements within the full report could indicate higher risks.

Key Numbers

• 7,307 — Total Assets (As of September 30, 2024)
• 7,219 — Total Assets (As of June 30, 2024)
• 100,000,000 — Debt (Amount related to debt instruments)

Key Players & Entities

• CIMPRESS plc (company) — Filer of the 10-Q report
• September 30, 2024 (date) — End of the reporting period
• 20240930 (date) — Conformed period of report
• 0001262976-24-000115 (other) — Accession number for the filing
• COMMERCIAL PRINTING [2750] (industry) — Standard Industrial Classification for Cimpress plc

FAQ

Key Financial Figures

• $7,307 — counts receivable, net of allowances of $7,307 and $7,219, respectively 73,757 64,576
• $7,219 — ivable, net of allowances of $7,307 and $7,219, respectively 73,757 64,576 Inventory

Filing Documents

• cmpr-20240930.htm (10-Q) — 1322KB
• ex31193024.htm (EX-31.1) — 9KB
• ex31293024.htm (EX-31.2) — 9KB
• ex32193024.htm (EX-32.1) — 7KB
• 0001262976-24-000115.txt ( ) — 8296KB
• cmpr-20240930.xsd (EX-101.SCH) — 38KB
• cmpr-20240930_cal.xml (EX-101.CAL) — 74KB
• cmpr-20240930_def.xml (EX-101.DEF) — 433KB
• cmpr-20240930_lab.xml (EX-101.LAB) — 758KB
• cmpr-20240930_pre.xml (EX-101.PRE) — 546KB
• cmpr-20240930_htm.xml (XML) — 1352KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Consolidated Balance Sheets as of September 30, 2024 and June 30, 2024 1 Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive (Loss) Income for the three months ended September 30, 2024 and 2023 3 Consolidated Statements of Shareholders' Deficit for the three months ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the three months ended September 30, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Exhibits

Item 6. Exhibits 38

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CIMPRESS PLC CONSOLIDATED BALANCE SHEETS (unaudited in thousands, except share and per share data) September 30, 2024 June 30, 2024 Assets Current assets: Cash and cash equivalents $ 152,951 $ 203,775 Marketable securities — 4,500 Accounts receivable, net of allowances of $7,307 and $7,219, respectively 73,757 64,576 Inventory 110,452 97,016 Prepaid expenses and other current assets 90,696 88,112 Total current assets 427,856 457,979 Property, plant and equipment, net 274,379 265,177 Operating lease assets, net 81,401 78,681 Software and website development costs, net 97,317 92,212 Deferred tax assets 97,003 95,059 Goodwill 804,806 787,138 Intangible assets, net 72,071 76,560 Other assets 29,105 39,351 Total assets $ 1,883,938 $ 1,892,157 Liabilities, noncontrolling interests and shareholders' deficit Current liabilities: Accounts payable $ 297,859 $ 326,656 Accrued expenses 266,677 245,931 Deferred revenue 51,919 46,118 Short-term debt 10,532 12,488 Operating lease liabilities, current 20,276 19,634 Other current liabilities 22,801 13,136 Total current liabilities 670,064 663,963 Deferred tax liabilities 23,645 24,701 Long-term debt 1,585,650 1,591,807 Operating lease liabilities, non-current 65,377 61,895 Other liabilities 85,498 76,305 Total liabilities 2,430,234 2,418,671 Commitments and contingencies (Note 12) Redeemable noncontrolling interests (Note 10) 23,962 22,998 Shareholders' deficit: Preferred shares, nominal value 0.01 per share, 100,000,000 shares authorized; none issued and outstanding — — Ordinary shares, nominal value 0.01 per share, 100,000,000 shares authorized; 43,231,566 and 43,051,269 shares issued, respectively; 25,260,319 and 25,080,022 shares outstanding, respectively 606 604 Treasury shares, at cost, 17,971,247 shares for both periods presented ( 1,363,550 ) ( 1,363,550 ) Additional paid-in capital 573,192 570,283 Retained earnings 250,923 272,881 Accumulated

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited in thousands, except share and per share data) 1. Description of the Business Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and related products. Our products and services include a broad range of marketing materials, business cards, signage, promotional products, logo apparel, packaging, books and magazines, wall decor, photo merchandise, invitations and announcements, design and digital marketing services, and other categories. Mass customization is a core element of the business model of each Cimpress business and is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Cimpress plc, its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Investments in entities in which we cannot exercise significant influence, and for which the related equity securities do not have a readily determinable fair value, are included in other assets on the consolidated balance sheets; otherwise the investments are recognized by applying equity method accounting. Our equity method investments are included in other assets on the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most signific

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