Cimpress (CMPR) Bank of America Securities 2024 Leveraged Finance Conference summary

Business overview and growth

• Achieved a 22% CAGR in revenue over 20 years, with $3.3B in consolidated revenue last fiscal year and over $2.2B in unlevered free cash flow over the last decade.

• Offers 23,000 unique products and 300M+ product variants, serving millions of customers annually with a focus on small order quantities and mass customization.

• Mass customization model enables cost advantages, broad product choice, and fast delivery, supported by e-commerce, software-driven production, and democratized design.

• Operates in a $100B+ highly fragmented market, with significant share gains from traditional providers.

• Scale and technology investments drive customer value and market share, with 30M custom orders delivered last year.

Technology and operational investments

• Significant technology replatforming over the past five years has modernized operations and enabled faster product launches.

• Mass customization platform investment benefits all business segments, improving customer experience and profitability.

• Technology investments are now complete, allowing focus on execution and customer experience.

• Recent results show improved financial performance and accelerated new product introduction.

Financial performance and capital allocation

• Achieved record $469M Adjusted EBITDA and record free cash flow last fiscal year, with mid-single-digit revenue growth.

• Net leverage reduced to 3.0x trailing 12-month EBITDA, with ongoing organic investment and share repurchases.

• Issued new eight-year senior notes and launched repricing of Term Loan B, supported by credit rating upgrades.

• Leverage policy targets net leverage at or below 2.5x EBITDA, with flexibility for opportunistic share repurchases.

• FY25 plans include continued deleveraging, organic investment, increased CapEx for growth, and limited M&A.