The following is a summary of the Cimpress Plc (CMPR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Cimpress reported a Q3 consolidated revenue growth of 5%, and 4% on an organic constant currency basis.

• An external impact of the Easter holiday resulted in a negative impact on consolidated organic revenue growth.

• The company experienced adjusted EBITDA growth of $25 million year-over-year in Q3 to $94 million.

• There was an improvement in adjusted EBITDA margins, which were up nearly 300 basis points to just over 12%, driven by gross margin expansion and operating expense efficiency.

• Cimpress experienced an outflow in its adjusted free cash flow amounting to $16.6 million in Q3.

• Cimpress bought back 1.3 million shares worth $120 million at an average price of $93 per share.

Business Progress:

• Cimpress expects mid-single-digit rates in organic constant currency revenue growth for FY2025 and beyond.

• The company is looking at growth in adjusted EBITDA at a slightly faster pace than revenue, and expects a conversion rate of adjusted EBITDA to adjusted free cash flow in the 45%-50% range.

• They have introduced a new leverage policy that targets net leverage to approximately 2.5x or below, indicating responsibility in financial management.

• The company anticipates higher CapEx in FY2025 for new product introduction and efficiency improvements.

• Strategic focus remains on customer value improvement, managing excess cash for either liquidity enhancement, debt reduction, or share buybacks.

• They consider their significant investments over the past five years as positioning them well for the future, balancing between enhancing customer value and investing in growth for their intrinsic value per share.

More details: Cimpress IR

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