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8-K - FORM 8-K - CIMPRESS plc | b84528e8vk.htm |
Exhibit 99.1
Contacts: | ||
Investor Relations: | ||
Angela White | ||
ir@vistaprint.com | ||
+1 (781) 652-6480 | ||
Media Relations: | ||
Jason Keith | ||
publicrelations@vistaprint.com | ||
+1 (781) 652-6444 |
Vistaprint Reports 2011 Fiscal Year Second Quarter Financial Results
| Second quarter revenue grew 20 percent year over year to $234.1 million |
| Second quarter revenue grew 23 percent year over year excluding the impact of currency exchange fluctuations |
| GAAP net income per diluted share grew 27 percent year over year to $0.75 |
| Non-GAAP adjusted net income per diluted share grew 22 percent year over year to $0.89 |
Venlo, the Netherlands, January 27, 2011 Vistaprint N.V. (Nasdaq: VPRT), a leading online
provider of professional marketing products and services to micro businesses and the home, today
announced financial results for the three month period ended December 31, 2010, the second quarter
of its 2011 fiscal year.
Vistaprint delivered very good second quarter results, said Robert Keane, president and chief
executive officer. Revenue strength was largely driven by our seasonal holiday business,
particularly in Europe. Earnings exceeded our expectations due to the higher-than-anticipated
revenue and volume-related gross margin improvements. Overall, I am very pleased that we were able
to deliver these results in the near term, while at the same time reorganizing the management
reporting structures in our business to help us achieve our growth objectives over the longer
term.
Page 1 of 8
Financial Metrics:
| Revenue for the second quarter of fiscal year 2011 grew to $234.1 million, a 20 percent increase over revenue of $194.6 million reported in the same quarter a year ago. Excluding the estimated impact from currency exchange rate fluctuations, total revenue grew 23 percent from the same quarter a year ago. Excluding the impact of the termination of membership programs which generated 0.9 percent of total revenue in the second quarter of 2010, but 0 percent of total revenue in the second quarter of 2011, constant currency revenue growth was 25 percent year over year. | ||
| Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the second quarter was 66.3 percent, compared to 65.1 percent in the same quarter a year ago. | ||
| Operating income in the second quarter was $38.2 million, or 16.3 percent of revenue, and reflected a 24 percent increase compared to $30.7 million, or 15.8 percent of revenue in the same quarter a year ago. | ||
| GAAP net income for the second quarter was $34.0 million, or 14.5 percent of revenue, representing a 26 percent increase compared to $26.9 million, or 13.8 percent of revenue in the same quarter a year ago. | ||
| GAAP net income per diluted share for the second quarter was $0.75, versus $0.59 in the same quarter a year ago. | ||
| Non-GAAP adjusted net income for the second quarter, which excludes share-based compensation expense and its related tax effect, was $40.4 million, or 17.3 percent of revenue, representing a 20 percent increase compared to $33.6 million, or 17.3 percent of revenue in the same quarter a year ago. | ||
| Non-GAAP adjusted net income per diluted share for the second quarter, which excludes share-based compensation expense and its related tax effect, was $0.89, versus $0.73 in the same quarter a year ago. | ||
| Capital expenditures in the second quarter were $10.8 million or 4.6 percent of revenue. |
Page 2 of 8
| During the second quarter, the company generated $73.9 million in cash from operations and $61.6 million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets, and capitalization of software and website development costs. | ||
| The company had $177.6 million in cash, cash equivalents, and short-term marketable securities as of December 31, 2010. | ||
| During the second quarter, the company purchased 1,294,081 of its ordinary shares for $55.5 million, inclusive of transaction costs, at an average per-share cost of $42.86, as part of the share repurchase program authorized by the Supervisory Board in November 2010. |
Operating Metrics:
| Vistaprint acquired approximately 2.2 million new customers in the second fiscal quarter ended December 31, 2010, compared with 1.8 million in the same quarter a year ago. | ||
| Repeat customers generated approximately 67 percent of total quarterly bookings in the second quarter, compared with 66 percent in the same quarter a year ago. | ||
| Average daily order volume in the second quarter of fiscal year 2011 was approximately 71,000, reflecting an increase of approximately 25 percent over an average of approximately 57,000 orders per day in the same quarter a year ago. | ||
| Advertising and commissions expense was $52.2 million, or 22.3 percent of revenue in the second quarter, compared to $39.4 million, or 20.2 percent of revenue in the same quarter a year ago. | ||
| The U.S. market contributed 47 percent of total revenue in the second quarter, down from 49 percent in the same quarter a year ago, representing a 15 percent increase in revenue year over year. Non-U.S. markets contributed 53 percent of total revenue in the second quarter, up from 51 percent in the same quarter a year ago, representing a 26 percent increase in revenue year over year and 32 percent in constant currency. |
Page 3 of 8
| North American, European and Asia-Pacific revenue contributions in the second quarter of the fiscal year 2011 were 50, 45, and 5 percent of total revenue, respectively. | ||
| Average order value in the second quarter, including revenue from shipping and processing, was $36.17, compared with $36.63 in the same quarter a year ago. | ||
| Website sessions in the second quarter were 87.7 million, a 9 percent increase over 80.5 million in the same quarter a year ago. | ||
| Conversion rates were 7.5 percent in the second quarter of fiscal 2011, compared to 6.6 percent in the same quarter a year ago. |
Year to date, we have made good progress toward our fiscal 2011 goals, said Mike Giannetto, chief
financial officer. We are executing to our financial strategy to invest for higher revenue and
scale within the boundaries of our earnings per share targets for the year. Now that we are
halfway through the year, with our seasonally driven and largest revenue and earnings quarter
behind us, we feel comfortable raising our fiscal 2011 revenue guidance to reflect our recent
performance, and narrowing our EPS range toward the high end of the previously established range.
Financial Guidance as of January 27, 2011:
Based on current and anticipated levels of demand, the company expects the following financial
results:
Revenue
| For the third quarter of fiscal year 2011, ending March 31, 2011, the company expects revenue of approximately $190 million to $196 million. | ||
| For the full fiscal year ending June 30, 2011, the company expects revenue of approximately $785 million to $800 million. |
Page 4 of 8
GAAP Diluted Earnings Per Share
| For the third quarter of fiscal year 2011, ending March 31, 2011, the company expects GAAP diluted earnings per share of approximately $0.35 to $0.38, which assumes 44.5 million weighted average diluted shares outstanding. | ||
| For the full fiscal year ending June 30, 2011, the company expects GAAP diluted earnings per share of approximately $1.72 to $1.80, which assumes 44.9 million weighted average diluted shares outstanding. |
Non-GAAP Adjusted Net Income Per Diluted Share
| For the third quarter of fiscal year 2011, ending March 31, 2011, the company expects non-GAAP adjusted net income per diluted share of approximately $0.46 to $0.49, which excludes expected share-based compensation expense and its related tax effect of approximately $5.2 million, and assumes a non-GAAP weighted average diluted share count of approximately 45.0 million shares. | ||
| For the full fiscal year ending June 30, 2011, the company expects non-GAAP adjusted net income per diluted share of approximately $2.19 to $2.27, which excludes expected share-based compensation expense and its related tax effect of approximately $22.2 million, and assumes a non-GAAP weighted average diluted share count of approximately 45.4 million shares. |
Capital Expenditures
For the full fiscal year ending June 30, 2011, the company expects to make capital expenditures of
approximately $45 million to $55 million. Planned capital investments are designed to support the
planned growth of the business.
The foregoing guidance supersedes any guidance previously issued by the company. All such previous
guidance should no longer be relied upon.
At approximately 4:20 p.m. (EST) on January 27, 2011, Vistaprint will post, on the Investor
Relations section of www.vistaprint.com, a link to a pre-recorded audio visual end-of-quarter
presentation along with a downloadable transcript of the prepared remarks that accompany that
presentation. At 5:15 p.m. (EST) the company will host a live Q&A
Page 5 of 8
conference call with management,
which will be available via web cast on the Investor Relations section of www.vistaprint.com and
via dial-in at (866) 831-6224, access code 89683712. A replay of the Q&A session will be available
on the companys website following the call on January 27, 2011.
About non-GAAP financial measures
To supplement Vistaprints consolidated financial statements presented in accordance with U.S.
generally accepted accounting principles, or GAAP, Vistaprint has used the following measures
defined as non-GAAP financial measures by Securities and Exchange Commission (or SEC) rules:
non-GAAP adjusted net income, non-GAAP adjusted net income per diluted share, free cash flow,
constant currency revenue growth, and constant currency revenue growth, ex-membership. The items
excluded from the non-GAAP adjusted net income measurements are share-based compensation expense
and its related tax effect. Free cash flow is defined as net cash provided by operating activities
less purchases of property, plant and equipment, purchases of intangible assets, and capitalization
of software and website development costs. Constant currency revenue growth is estimated by
translating all non-U.S. dollar denominated revenue generated in the current period using the prior
year periods average exchange rate for each currency to the U.S. dollar. Constant currency
revenue growth, ex-membership excludes both the
estimated impact of currency described above, as well as the revenue from membership programs in
the prior year period that were previously offered by Vistaprint.
The presentation of non-GAAP financial information is not intended to be considered in isolation or
as a substitute for the financial information prepared and presented in accordance with GAAP. For
more information on these non-GAAP financial measures, please see the tables captioned
Reconciliations of Non-GAAP Financial Measures included at the end of this release. The tables
have more details on the GAAP financial measures that are most directly comparable to non-GAAP
financial measures and the related reconciliation between these financial measures.
Page 6 of 8
Vistaprints management believes that these non-GAAP financial measures provide meaningful
supplemental information in assessing our performance and when forecasting and analyzing future
periods. These non-GAAP financial measures also have facilitated managements internal comparisons
to Vistaprints historical performance and our competitors operating results.
Management provides these non-GAAP financial measures as a courtesy to investors. However, to gain
a more complete understanding of the companys financial performance, management does (and
investors should) rely upon GAAP statements of operations and cash flow.
About Vistaprint
Vistaprint N.V. (Nasdaq:VPRT) empowers more than 9 million micro businesses and consumers annually
with affordable, professional options to make an impression. With a unique business model supported
by proprietary technologies, high-volume production facilities, and direct marketing expertise,
Vistaprint offers a wide variety of products and services that micro businesses can use to expand
their business. A global company, Vistaprint employs over 2,700 people, operates 24 localized
websites globally and ships to more than 120 countries around the world. Vistaprints broad range
of products and
services are easy to access online, 24 hours a day at www.vistaprint.com.
Vistaprint and the Vistaprint logo are trademarks of Vistaprint N.V. or its subsidiaries. All other
brand and product names appearing on this announcement may be trademarks or registered trademarks
of their respective holders.
This press release contains statements about managements 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, including, but not limited
to, statements about the expected growth and development of our business during our third fiscal
quarter, the remainder of fiscal year 2011 and beyond, our financial guidance set forth under the
heading Financial Guidance as of January 27,
Page 7 of 8
2011, our planned investments in our business and
the anticipated effects of those investments on the growth of our business, and the anticipated
effects of the reorganization of our management reporting structures. Actual results may differ
materially from those indicated by these forward-looking statements as a result of various
important factors including, but not limited to, our ability to attract and retain customers and to
do so in a cost-effective manner, the willingness of purchasers of graphic design services and
products to shop online, our failure to increase our revenue and keep our expenses consistent with
revenue, unexpected increases in our use of funds, currency exchange rate fluctuations, our ability
to manage the growth of our business, the failure of our investments in our business, the failure
of the reorganization of our management reporting structures to realize expected benefits, the
challenges associated with our international operations, failures of our websites or network
infrastructure, the inability of our manufacturing operations to meet customer demand, changes in
or interpretation of tax laws and treaties, downturns in general economic conditions, and other
factors that are discussed in our Annual Report on Form 10-K for the fiscal year ended June 30,
2010, our Form 10-Q for the quarter ended September 30, 2010, and other documents we periodically
file with the SEC.
In addition, the statements in this press release represent our expectations and beliefs as
of the date of this press release. We anticipate that subsequent events and developments may cause
these expectations and beliefs to change. We specifically disclaim any obligation to update any
forward-looking statements. These forward-looking statements should not be relied upon as
representing our expectations or beliefs as of any date subsequent to the date of this press
release.
Financial Tables to Follow
Page 8 of 8
VISTAPRINT N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited in thousands, except share and per share data)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited in thousands, except share and per share data)
December 31, | June 30, | |||||||
2010 | 2010 | |||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 173,106 | $ | 162,727 | ||||
Marketable securities |
4,448 | 9,604 | ||||||
Accounts receivable, net of allowances of $79 and $53, respectively |
10,353 | 9,389 | ||||||
Inventory |
8,563 | 6,223 | ||||||
Prepaid expenses and other current assets |
14,047 | 15,059 | ||||||
Total current assets |
210,517 | 203,002 | ||||||
Property, plant and equipment, net |
260,846 | 249,961 | ||||||
Software and web site development costs, net |
6,110 | 6,426 | ||||||
Deferred tax assets |
7,359 | 7,277 | ||||||
Other assets |
10,932 | 11,223 | ||||||
Total assets |
$ | 495,764 | $ | 477,889 | ||||
Liabilities and shareholders equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 16,568 | $ | 16,664 | ||||
Accrued expenses |
73,206 | 65,609 | ||||||
Deferred revenue |
6,150 | 4,138 | ||||||
Current portion of long-term debt |
| 5,222 | ||||||
Total current liabilities |
95,924 | 91,633 | ||||||
Deferred tax liabilities |
3,035 | 3,151 | ||||||
Other liabilities |
7,474 | 6,991 | ||||||
Total liabilities |
106,433 | 101,775 | ||||||
Shareholders equity: |
||||||||
Ordinary shares, par value 0.01 per share, 120,000,000 shares authorized;
49,950,289 and 49,891,244 shares issued
and 42,785,687
and 43,855,164 outstanding, respectively |
699 | 698 | ||||||
Treasury shares, at cost, 7,164,602 and 6,036,080, respectively |
(86,263 | ) | (29,637 | ) | ||||
Additional paid-in capital |
261,489 | 249,153 | ||||||
Retained earnings |
211,320 | 166,525 | ||||||
Accumulated other comprehensive income (loss) |
2,086 | (10,625 | ) | |||||
Total shareholders equity |
389,331 | 376,114 | ||||||
Total liabilities and shareholders equity |
$ | 495,764 | $ | 477,889 | ||||
VISTAPRINT N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited in thousands, except share and per share data)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited in thousands, except share and per share data)
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Revenue |
$ | 234,064 | $ | 194,612 | $ | 404,551 | $ | 339,703 | ||||||||
Cost of revenue (1) |
78,834 | 67,876 | 141,667 | 120,741 | ||||||||||||
Technology and development expense (1) |
22,287 | 20,497 | 45,494 | 38,169 | ||||||||||||
Marketing and selling expense (1) |
76,411 | 60,013 | 133,944 | 106,545 | ||||||||||||
General and administrative expense (1) |
18,347 | 15,500 | 32,928 | 29,116 | ||||||||||||
Income from operations |
38,185 | 30,726 | 50,518 | 45,132 | ||||||||||||
Interest income |
92 | 85 | 191 | 212 | ||||||||||||
Other expense, net |
251 | 823 | 503 | 632 | ||||||||||||
Interest expense |
89 | 165 | 196 | 548 | ||||||||||||
Income before income taxes |
37,937 | 29,823 | 50,010 | 44,164 | ||||||||||||
Income tax provision |
3,923 | 2,875 | 5,215 | 4,240 | ||||||||||||
Net income |
$ | 34,014 | $ | 26,948 | $ | 44,795 | $ | 39,924 | ||||||||
Basic net income per share |
$ | 0.78 | $ | 0.62 | $ | 1.02 | $ | 0.93 | ||||||||
Diluted net income per share |
$ | 0.75 | $ | 0.59 | $ | 0.99 | $ | 0.89 | ||||||||
Weighted average shares outstanding basic |
43,689,651 | 43,208,490 | 43,792,280 | 43,066,621 | ||||||||||||
Weighted average shares outstanding diluted |
45,107,135 | 45,336,174 | 45,168,760 | 45,066,949 | ||||||||||||
(1) Share-based compensation is allocated as follows: |
||||||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Cost of revenue |
$ | 197 | $ | 250 | $ | 400 | $ | 447 | ||||||||
Technology and development expense |
1,108 | 1,804 | 2,240 | 3,274 | ||||||||||||
Marketing and selling expense |
1,085 | 1,497 | 2,134 | 2,620 | ||||||||||||
General and administrative expense |
3,834 | 2,896 | 6,821 | 5,416 |
VISTAPRINT N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited in thousands)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited in thousands)
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Operating activities |
||||||||||||||||
Net income |
$ | 34,014 | $ | 26,948 | $ | 44,795 | $ | 39,924 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||||||
Depreciation and amortization |
12,826 | 10,989 | 24,954 | 21,303 | ||||||||||||
Abandonment of acquired intangible assets |
| 920 | | 920 | ||||||||||||
Loss on sale, disposal or impairment of long-lived assets |
109 | 6 | 120 | 146 | ||||||||||||
Amortization
of premiums and discounts on marketable securities |
60 | | 143 | | ||||||||||||
Share-based compensation expense |
6,224 | 6,447 | 11,595 | 11,757 | ||||||||||||
Tax benefits derived from share-based compensation awards |
(169 | ) | (2,226 | ) | (318 | ) | (2,930 | ) | ||||||||
Deferred taxes |
(26 | ) | (25 | ) | (96 | ) | (25 | ) | ||||||||
Changes in operating assets and liabilities, excluding the effect of an acquisition: |
||||||||||||||||
Accounts receivable |
561 | (307 | ) | (815 | ) | (3,088 | ) | |||||||||
Inventory |
(1,490 | ) | (1,391 | ) | (1,988 | ) | (2,332 | ) | ||||||||
Prepaid expenses and other assets |
1,230 | 8,171 | 336 | (463 | ) | |||||||||||
Accounts payable |
4,727 | (1,645 | ) | (379 | ) | 3,535 | ||||||||||
Accrued expenses and other liabilities |
15,809 | 10,010 | 14,330 | 21,599 | ||||||||||||
Net cash provided by operating activities |
73,875 | 57,897 | 92,677 | 90,346 | ||||||||||||
Investing activities |
||||||||||||||||
Purchases of property, plant and equipment |
(10,831 | ) | (30,878 | ) | (24,978 | ) | (50,948 | ) | ||||||||
Business acquisition, net of cash acquired |
| (6,496 | ) | | (6,496 | ) | ||||||||||
Maturities and redemptions of marketable securities |
3,240 | | 5,140 | 100 | ||||||||||||
Purchases of intangible assets |
(116 | ) | | (116 | ) | | ||||||||||
Capitalization of software and website development costs |
(1,297 | ) | (1,472 | ) | (3,088 | ) | (3,147 | ) | ||||||||
Net cash used in investing activities |
(9,004 | ) | (38,846 | ) | (23,042 | ) | (60,491 | ) | ||||||||
Financing activities |
||||||||||||||||
Repayments of long-term debt |
(4,889 | ) | (6,399 | ) | (5,222 | ) | (13,128 | ) | ||||||||
Payment of withholding taxes in connection with vesting of restricted share units |
(1,121 | ) | (1,469 | ) | (2,408 | ) | (2,712 | ) | ||||||||
Repurchase of ordinary shares |
(55,458 | ) | | (55,458 | ) | | ||||||||||
Tax benefits derived from share-based compensation awards |
169 | 2,226 | 318 | 2,930 | ||||||||||||
Proceeds from issuance of shares |
1,154 | 4,698 | 1,815 | 8,069 | ||||||||||||
Net cash used in financing activities |
(60,145 | ) | (944 | ) | (60,955 | ) | (4,841 | ) | ||||||||
Effect of exchange rate changes on cash |
(602 | ) | (427 | ) | 1,699 | 123 | ||||||||||
Net increase in cash and cash equivalents |
4,124 | 17,680 | 10,379 | 25,137 | ||||||||||||
Cash and cash equivalents at beginning of period |
168,982 | 141,445 | 162,727 | 133,988 | ||||||||||||
Cash and cash equivalents at end of period |
$ | 173,106 | $ | 159,125 | $ | 173,106 | $ | 159,125 | ||||||||
VISTAPRINT N.V.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Unaudited in thousands, except share and per share data)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Unaudited in thousands, except share and per share data)
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Non-GAAP adjusted net income reconciliation: |
||||||||||||||||
Net income |
$ | 34,014 | $ | 26,948 | $ | 44,795 | $ | 39,924 | ||||||||
Add back: |
||||||||||||||||
Share-based compensation expense, inclusive of income tax effects |
6,435 | (a) | 6,679 | (b) | 11,986 | (c) | 12,179 | (d) | ||||||||
Non-GAAP adjusted net income |
$ | 40,449 | $ | 33,627 | $ | 56,781 | $ | 52,103 | ||||||||
Non-GAAP adjusted net income per diluted share reconciliation: |
||||||||||||||||
Net income per diluted share |
$ | 0.75 | $ | 0.59 | $ | 0.99 | $ | 0.89 | ||||||||
Add back: |
||||||||||||||||
Share-based compensation expense, inclusive of income tax effects |
0.14 | 0.14 | 0.25 | 0.25 | ||||||||||||
Non-GAAP adjusted net income per diluted share |
$ | 0.89 | $ | 0.73 | $ | 1.24 | $ | 1.14 | ||||||||
Non-GAAP weighted average shares outstanding diluted |
45,625,486 | 46,026,723 | 45,664,490 | 45,794,043 | ||||||||||||
(a) Includes share-based
compensation charges of $6,224 and the
income tax effects related to those charges of $211 |
||||||||||||||||
(b) Includes share-based
compensation charges of $6,447 and the income tax effects related to
those charges of $232 |
||||||||||||||||
(c) Includes share-based
compensation charges of $11,595 and the income tax effects related to
those charges of $391 |
||||||||||||||||
(d) Includes
share-based
compensation charges of $11,757 and the income tax effects related to
those charges of $422 |
||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Free cash flow reconciliation: |
||||||||||||||||
Net cash provided by operating activities |
$ | 73,875 | $ | 57,897 | $ | 92,677 | $ | 90,346 | ||||||||
Purchases of property, plant and equipment |
(10,831 | ) | (30,878 | ) | (24,978 | ) | (50,948 | ) | ||||||||
Purchases of intangible assets |
(116 | ) | | (116 | ) | | ||||||||||
Capitalization of software and website
development costs |
(1,297 | ) | (1,472 | ) | (3,088 | ) | (3,147 | ) | ||||||||
Free cash flow |
$ | 61,631 | $ | 25,547 | $ | 64,495 | $ | 36,251 | ||||||||
GAAP Revenue | GAAP Revenue | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2010 | 2009 | % Change | 2010 | 2009 | % Change | |||||||||||||||||||
Constant currency and constant currency ex-membership reconciliations: |
||||||||||||||||||||||||
Revenue, as reported |
$ | 234,064 | $ | 194,612 | 20 | % | $ | 404,551 | $ | 339,703 | 19 | % | ||||||||||||
Estimated impact of currency fluctuations |
3 | % | 3 | % | ||||||||||||||||||||
Constant currency revenue growth |
23 | % | 22 | % | ||||||||||||||||||||
Impact of membership program termination (1) |
2 | % | 2 | % | ||||||||||||||||||||
Constant currency revenue growth, ex-membership |
25 | % | 24 | % | ||||||||||||||||||||
(1) | Referral fee revenue from membership discount programs was $0 for the three and six months ended December 31, 2010, and $1,825 and $5,151 for the three and six months ended December 31, 2009, respectively. |
GAAP Revenue | ||||||||||||||||||||
Three Months Ended | Constant | |||||||||||||||||||
December 31, | Currency | |||||||||||||||||||
Currency | Revenue | |||||||||||||||||||
2010 | 2009 | % Change | Impact | Growth | ||||||||||||||||
Constant currency reconciliation by segment: |
||||||||||||||||||||
North America (1) |
$ | 116,697 | $ | 100,185 | 16 | % | | % | 16 | % | ||||||||||
Europe |
105,285 | 86,623 | 22 | % | 8 | % | 30 | % | ||||||||||||
Asia-Pacific |
12,082 | 7,804 | 55 | % | (12) | % | 43 | % | ||||||||||||
Total revenue |
$ | 234,064 | $ | 194,612 | 20 | % | 3 | % | 23 | % | ||||||||||
Constant
currency reconciliation by geographic area: |
||||||||||||||||||||
US |
$ | 110,517 | $ | 96,281 | 15 | % | | % | 15 | % | ||||||||||
Non-US |
123,547 | 98,331 | 26 | % | 6 | % | 32 | % | ||||||||||||
Total revenue |
$ | 234,064 | $ | 194,612 | 20 | % | 3 | % | 23 | % | ||||||||||
GAAP Revenue | ||||||||||||||||||||
Six Months Ended | Constant | |||||||||||||||||||
December 31, | Currency | |||||||||||||||||||
Currency | Revenue | |||||||||||||||||||
2010 | 2009 | % Change | Impact | Growth | ||||||||||||||||
Constant
currency reconciliation by segment: |
||||||||||||||||||||
North America (1) |
$ | 218,009 | $ | 187,889 | 16 | % | | % | 16 | % | ||||||||||
Europe |
166,274 | 138,484 | 20 | % | 9 | % | 29 | % | ||||||||||||
Asia-Pacific |
20,268 | 13,330 | 52 | % | (12) | % | 40 | % | ||||||||||||
Total revenue |
$ | 404,551 | $ | 339,703 | 19 | % | 3 | % | 22 | % | ||||||||||
Constant
currency reconciliation by geographic area: |
||||||||||||||||||||
US |
$ | 207,530 | $ | 181,592 | 14 | % | | % | 14 | % | ||||||||||
Non-US |
197,021 | 158,111 | 25 | % | 6 | % | 31 | % | ||||||||||||
Total revenue |
$ | 404,551 | $ | 339,703 | 19 | % | 3 | % | 22 | % | ||||||||||
(1) | Includes referral fee revenue from membership discount programs of $0 for the three and six months ended December 31, 2010, and $1,825 and $5,151 for the three and six months ended December 31, 2009, respectively. |