Cimpress PLC (CMPR) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cimpress second-quarter fiscal Year 2025 earnings call. I will introduce Meredith Burns, Vice President of Investor Relations and Sustainability. Please go ahead.

女士們、先生們，感謝你們的支持。歡迎參加 Cimpress 2025 財政年度第二季財報電話會議。我將介紹投資者關係和永續發展副總裁梅雷迪斯·伯恩斯 (Meredith Burns)。請繼續。

Thank you, Michelle, and thank you for everyone joining us. With us today are Robert Keane, our Founder, Chairman and Chief Executive Officer; and Sean Quinn, EVP and Chief Financial Officer. We appreciate the time that you've dedicated to understand our results, commentary and outlook. This live Q&A session will last about 45 minutes or so we got a lot of questions, and we'll answer both presubmitted and live questions. You can submit questions via the questions and answers box at the bottom left of the screen.

謝謝你，米歇爾，也謝謝大家的參與。今天與我們在一起的有我們的創始人、董事長兼首席執行官羅伯特·基恩 (Robert Keane)；以及執行副總裁兼首席財務官 Sean Quinn。我們感謝您花時間了解我們的結果、評論和展望。本次現場問答環節將持續約 45 分鐘左右，我們收到了許多問題，我們將回答預先提交的問題和現場提問。您可以透過螢幕左下方的問答框提交問題。

Before we start, I'll note that in this session, we will make statements about the future. Our actual results may differ materially from these statements due to risk factors that are outlined in detail in our SEC filings and the documents we published yesterday on our website. We also have published non-GAAP reconciliations for our financial results on our IR website, and we invite you to read all of them.

在我們開始之前，我要指出，在本次會議中，我們將對未來做出聲明。由於我們在美國證券交易委員會 (SEC) 文件和昨天在我們網站上發布的文件中詳細列出的風險因素，我們的實際結果可能與這些聲明有重大差異。我們也在我們的 IR 網站上發布了我們的財務結果的非 GAAP 對帳表，我們邀請您閱讀所有對帳表。

And now I will turn things over to Robert.

現在我將把事情交給羅伯特。

Well, thank you, Meredith, and thanks to all of you who are joining us today. As we covered in last night's release, we continue to progress against the objectives that I outlined in my letter to you and to all investors at the end of July and which we also covered in detail in our September Investor Day. That being said, our Q2 results were not what we were planning to deliver. And that was due to a number of different items which Sean is going to cover in a moment. To be clear, we consider the financial results we just delivered to be disappointing.

好吧，謝謝你，梅雷迪斯，也感謝今天加入我們的所有人。正如我們昨晚的發布中所述，我們將繼續朝著我在 7 月底寫給您和所有投資者的信中概述的目標前進，我們也在 9 月份的投資者日中詳細介紹了這些目標。話雖如此，我們的第二季業績並未達到我們計劃的效果。這是由多種不同因素造成的，Sean 稍後將會談到這些因素。需要明確的是，我們認為剛剛公佈的財務結果令人失望。

We understand the underlying issues behind them. We are addressing those issues, and we're doubling down to ensure that we continue to progress against what are very well-established and communicated strategic and operational objectives. And that's why we believe that in the coming quarters and years when we look back at the second quarter of this fiscal '25, it's going to be seen as turbulence rather than a change of the upward financial path, which we have been on for the past several years.

我們了解這些背後的根本問題。我們正在解決這些問題，並加倍努力確保我們繼續朝著已經明確並傳達的策略和營運目標前進。這就是為什麼我們相信，在未來幾個季度和幾年裡，當我們回顧 2025 財年第二季度時，它將被視為一種動盪，而不是過去幾年一直處於的財務上行路徑的改變。

In our earnings document, I outlined a number of examples that give us confidence in our ability to grow our profits and our cash flow in the ways we've described focused production hubs the cost of goods that we produce and also increase revenues via new product introduction are one example of that. Others are the pending launch of our Upload & Print business model in the US.

在我們的收益文件中，我概述了許多例子，這些例子讓我們對我們增加利潤和現金流的能力充滿信心，我們描述了集中生產中心、我們生產的商品成本以及透過推出新產品增加收入就是其中一個例子。其他包括我們即將在美國推出的上傳和列印業務模式。

Another example is the high growth of Vista's highest value customers and their strong growth at Vista and across all of Cimpress in new growth categories. All of these exemplify the progress that we've made and the opportunity we have ahead for the remainder of the fiscal year and beyond this fiscal year. If you haven't read that part of the earnings document yet, I do strongly encourage you to do so, and I look forward to taking your questions on these topics shortly.

另一個例子是 Vista 最高價值客戶的高成長以及他們在 Vista 和整個 Cimpress 在新成長類別中的強勁成長。所有這些都反映了我們所取得的進展以及本財年剩餘時間及以後我們面臨的機會。如果您還沒有閱讀收益文件的這一部分，我強烈建議您這樣做，並且我期待很快回答您關於這些主題的問題。

More details also available in the September Investor Day presentation. All the things we're doing here described in those documents, or activities that we believe are going to extend our competitive advantages and enable Cimpress to continue our long track record of profitable growth for years to come. In most of our businesses, we do face headwinds of slowing growth in some products and channels.

更多詳細資訊請參閱九月投資者日演示中。我們在這些文件中描述的所有事情或活動都將擴大我們的競爭優勢，並使 Cimpress 在未來幾年繼續保持長期獲利成長的記錄。在我們的大多數業務中，我們確實面臨某些產品和通路成長放緩的阻力。

However, we have tailwinds from higher growth product categories that are growing stronger every year. And those tailwinds are in areas of our market that represent a much larger portion of our total addressable market than the market segments of our legacy products.

然而，我們擁有來自高成長產品類別的順風，這些產品類別每年都在不斷增強。這些順風因素所處的市場領域占我們整個潛在市場的比重比我們傳統產品的細分市場大得多。

Now I founded this business 30 years ago this month, and there are a lot that has stayed true over the last three decades. First of all, we continue to operate in a very large market that still is served primarily by traditional suppliers and competitors second scale-based competitive advantages across multiple parts of our value chain and give us market-leading capabilities.

這個月是我創立這家公司 30 週年，30 年來，有很多事情始終沒有改變。首先，我們繼續在一個非常大的市場中運營，這個市場仍然主要由傳統供應商和競爭對手提供服務；其次，我們價值鏈多個部分的規模競爭優勢使我們擁有市場領先的能力。

Importantly, our strategy remains constant to what we've been pursuing for the last several years, and we are maintaining our -- what we call, our focus on focus. In other words, an execution rigor to capitalize on our opportunity. Financially speaking, as I just mentioned before, we do feel confident that having exited the turbulence of the past quarter, we can return to the financial path of our previously provided outlook and when you find all this together, I'm very confident that as ever, we have an ability to grow our per share value over time.

重要的是，我們的策略與過去幾年我們一直追求的目標保持一致，並且我們保持著所謂的「專注」。換句話說，我們需要嚴謹的執行才能把握機會。從財務角度來說，正如我之前提到的，我們確實有信心，在走出上個季度的動盪之後，我們可以回到之前提供的展望中的財務軌道，當你發現所有這些因素結合在一起時，我非常有信心，我們一如既往地有能力隨著時間的推移提高每股價值。

And with that, I'd like to turn this over to you, Sean, to discuss some of the financial results and outlook in more detail.

現在，我想把這個時間交給你，肖恩，更詳細地討論一些財務結果和前景。

Great. Thanks a lot, Robert, and thanks to everyone that's joined us today. We did provide a lot of information in the document yesterday. I'll try and keep my remarks brief, just so we can get to the questions. There's a lot of questions that will come in.

偉大的。非常感謝，羅伯特，也感謝今天參加我們的每個人。我們昨天確實在文件中提供了很多資訊。我將盡量簡短地發言，以便我們能夠直接回答問題。將會有很多問題出現。

Bob, we were disappointed with (inaudible) Q2 results and of course, that's altered our outlook for the full year as we outlined last night. Robert commented on our strategic focus. I'm going to turn to an overview of our financial results and let me just start a little bit more big picture as an overview.

鮑勃，我們對（聽不清楚）第二季的業績感到失望，當然，這改變了我們昨晚概述的全年前景。羅伯特評論了我們的策略重點。我將概述我們的財務業績，並且讓我先從更宏觀的角度進行概述。

And there are a lot of onetime items, including the lapping of significant benefits that we had last year which, frankly, was more than normal, and that does create some noise. We've quantified those things. And so hopefully, that was clear in what we've provided.

還有很多一次性項目，包括去年我們獲得的重大福利，坦白說，這比正常情況下要多，這確實引起了一些轟動。我們已經量化了這些事物。因此希望我們提供的內容能清楚說明這一點。

But beyond that, the vast majority of what drove the weakness relative to our plan was in the United States. And the biggest dollars are in Vista, but that was also present for a National Pen for BuildASign as well. In Vista, there's a few things to call out first. As we noted in the US overall, we saw lower performance in organic search, and that was impacted by changes to the Google core algorithm and search engine results page in the US.

但除此之外，導致我們計劃未能順利實施的主要原因是美國。其中最大的資金投入是 Vista，但國家筆投資項目 BuildASign 也獲得了這筆資金。在 Vista 中，首先需要注意幾點。正如我們在美國整體上所注意到的，我們發現有機搜尋的表現較低，這是受到美國Google核心演算法和搜尋引擎結果頁面變化的影響。

That impacted new customer acquisition, and that was most notable in business cards and consumer which in terms of customer count from a new customer acquisition perspective, those are the largest categories in Q2 for new customers. We've been optimizing now against those changes.

這對新客戶的取得產生了影響，其中最明顯的是商業卡和消費者類客戶，從新客戶獲取的角度來看，就客戶數量而言，這兩個類別是第二季新客戶數量最多的類別。我們現在已經針對這些變更進行了最佳化。

In our December quarter, the revenue mix in Vista changes to about 25% of our bookings coming from the consumer category. It's actually a higher percentage in Europe than it is in North America. And we had planned for only slight growth in that category on the back of really two things: one, strong holiday season last year and also the shortened holiday season this year just in terms of the number of buying days between American Thanksgiving and Christmas.

在 12 月季度，Vista 的收入結構發生變化，約有 25% 的預訂來自消費者類別。事實上，歐洲的比例高於北美。我們原本計劃該類別的銷售額只會略有增長，這主要得益於兩個因素：第一，去年假日季銷售強勁，而今年假日季卻縮短了，僅從美國感恩節和聖誕節之間的購物天數來看。

In the US, it was also a less favorable environment than last year just overall. The cost of performance advertising was significantly higher, nearly 50% higher, and the competitive intensity was also higher from discounting from some of our competitors, particularly in some of our legacy products. For business cards and holiday cards in the US, we do see market demand down, and that's also factored into our multiyear forecast.

在美國，整體環境也比去年更差。效果廣告的成本明顯更高，高出近 50％，而且由於一些競爭對手的折扣，競爭強度也更高，特別是在我們的一些傳統產品上。對於美國的名片和節日賀卡，我們確實看到市場需求下降，這也被計入了我們的多年預測中。

So there was not necessarily anything new there. But that was further accentuated by these other topics that I just mentioned that were particularly there in Q2. As a point of reference, business cards in Europe were stable year-over-year, and consumer in Europe was slightly up versus last year and actually a little bit ahead of our plan. Also, as we turned to the month of January, which is now nearly complete, consumer in North America is back to modest growth.

因此那裡不一定有什麼新東西。但我剛才提到的其他問題進一步強調了這一點，這些問題在第二季度尤其明顯。作為參考，歐洲的名片數量比去年同期保持穩定，歐洲的消費者數量較去年同期略有增長，實際上略高於我們的計劃。此外，隨著一月的臨近，北美的消費又恢復了溫和成長。

In National Pen and BuildASign, there are some specifics there tied to go-to-market channels. But overall, we don't see a dramatic change that cuts across the US market despite the fact that that's where most of the weakness was in the quarter, so nothing new that indicates that something has changed. There were a number of specific drivers.

在 National Pen 和 BuildASign 中，有一些與市場進入通路相關的細節。但總體而言，儘管本季度美國市場表現最為疲軟，但我們並未看到美國市場發生重大變化，因此並沒有什麼新的跡象表明情況發生了變化。有許多具體的驅動因素。

As we talked about at our September Investor Day, business cards and consumer, have been growing more slowly in the last years than other categories. And in the case of business cards, more recently had a slight decline. We do expect that to continue, but there are other additional factors at play this quarter.

正如我們在九月投資者日所討論的那樣，近年來，名片和消費者的成長速度比其他類別要慢。而就名片而言，最近出現了略微的下降。我們確實預計這種情況將會持續下去，但本季還有其他因素在起作用。

As for the specific results, our consolidated revenue 2% on both a reported basis and organic constant currency basis, but adjusted EBITDA declined just over $34 million. We were expecting a slight decline in adjusted EBITDA because of the extent of onetime benefit in last year's Q2 results, which is about $12 million last year.

至於具體結果，我們的綜合收入按報告基礎和有機固定匯率計算均增長了 2%，但調整後的 EBITDA 下降了 3400 多萬美元。我們預計調整後的 EBITDA 將略有下降，因為去年第二季的一次性收益較大，去年約為 1,200 萬美元。

And we, of course, are copying those, but we also had the short holiday buying season, so we had factored that into our forecast. Beyond that, we also had unfavorable onetime impacts to our profitability this quarter as well that weighed on adjusted EBITDA by another nearly $5 million, and we outlined those in the release last night. That leaves about $18 million of year-over-year EBITDA declines this quarter outside of those onetime items.

當然，我們正在複製這些，但我們也有一個短暫的假期購買季節，所以我們已將其考慮到我們的預測中。除此之外，本季我們的獲利能力還受到一次性不利影響，導致調整後的 EBITDA 又減少了近 500 萬美元，我們在昨晚的新聞稿中對此進行了概述。除這些一次性項目外，本季的 EBITDA 年比下降約 1800 萬美元。

And as previously outlined, most of that coming from the US market with weaker sales of consumer-related holiday products like holiday cards and home decor, not just specific to Vista as well as year-over-year declines in business cards in Vista. Signage, promotional products and packaging categories had strong growth globally.

如同前面所概述的，其中大部分來自美國市場，節日賀卡和家居裝飾等消費相關節日產品的銷售疲軟，不僅僅是 Vista 的情況，而且 Vista 的名片銷量也同比下降。全球範圍內，標牌、促銷產品和包裝類別均呈現強勁成長。

That strength was not enough to overcome the weakness in those higher-margin legacy products in the US market. And with that weakness concentrated in free channels like organic search, the shortfall had a more direct impact on EBITDA than we would typically see given advertising spend and operating expenses increase year-over-year. We have a lot of improvements in flight already in addition to the examples of progress against our strategic objectives that Robert will get to some of those in the questions.

這種優勢不足以克服美國市場上那些利潤率較高的傳統產品的弱點。由於這種弱點集中在自然搜尋等免費管道，因此，鑑於廣告支出和營運費用逐年增加，這種缺口對 EBITDA 產生了比我們通常看到的更直接的影響。除了羅伯特將在問題中談到的策略目標進展的例子之外，我們在飛行方面已經取得了許多改進。

As for our outlook, we remain committed to multiyear growth in revenue, EBITDA and free cash flow. However, in light of our Q2 financial results, we are setting our expectation for the year to incorporate our Q2 underperformance. For the second half of the year, we expect revenue in constant currencies to grow at least 4%.

至於我們的前景，我們仍然致力於收入、EBITDA 和自由現金流的多年成長。然而，鑑於我們第二季的財務業績，我們在設定年度​​預期時將第二季的業績不佳情況考慮在內。我們預計今年下半年以固定匯率計算的收入將至少成長 4%。

We expect adjusted EBITDA to be at least $220 million and adjusted free cash flow to be at, at least $50 million. We have initiated multiple actions to improve performance, reduce operating expenses or slow their growth and to optimize our pricing. Again, we'll get into some more of that in the questions. That's factored into our updated fiscal 2025 guidance as is some prolonged effect from just some of the weakness that we experienced this past quarter. We also now expect to exit this year with net leverage of approximately 3.0 times our trailing total bond EBITDA as calculated under our credit agreement.

我們預計調整後的 EBITDA 至少為 2.2 億美元，調整後的自由現金流至少為 5,000 萬美元。我們已經採取多項措施來提高業績，降低營運費用或減緩其成長，並優化我們的定價。再次，我們將在問題中進一步討論這個問題。這已計入我們更新的 2025 財年指引中，因為這是我們上個季度經歷的一些疲軟因素的長期影響。我們也預計，根據我們的信用協議計算，今年的淨槓桿率將約為過去總債券 EBITDA 的 3.0 倍。

We do remain committed to our plans to reduce net leverage to our target of approximately 2.5 times or below, but that will be slightly delayed from our prior expectations.

我們確實仍致力於將淨槓桿率降低至約 2.5 倍或以下的目標計劃，但這將比我們之前的預期略有延遲。

With that, Meredith, let's open it up for questions.

好了，梅雷迪斯，我們現在開始提問吧。

(Event Instructions)

(活動須知)

Sean, I'm going to ask this question to you. To what do you attribute the underperformance in business cards and holiday cards? Should we be thinking about this as incremental secular pressure on those product lines, what trends in these categories are baked into your multiyear outlook?

肖恩，我要問你這個問題。您認為導致名片和節慶賀卡銷售不佳的原因是什麼？我們是否應該將此視為對這些產品線的長期壓力，這些類別中的哪些趨勢已融入您的多年展望中？

Yeah, thanks. I touched on a little bit of this in the remarks just now, but it's an important topic. Let me try and get a little bit more specific I'll start on the consumer side. We said overall that Vista consumer revenue declined 3% that was in the release last night. That's about $4 million when you play through the math year-over-year.

是的，謝謝。我剛才的評論中提到了一點這一點，但這是一個重要的主題。讓我嘗試更具體一點，我將從消費者方面開始。我們在昨晚的發表會上表示，Vista 消費者收入總體下降了 3%。如果你逐年計算的話，這個數字約為 400 萬美元。

and nearly $3 million of that was attributable to the Canadian postal strike, which is not indicative of normal market demand. And by the way, we see Canada kind of snap back to more normal expected performance once that strike was over. and including in January. We did have growth in part of that consumer category, but the main driver of the decline was holiday cards and to a lesser extent, calendars.

其中近 300 萬美元的損失是由於加拿大郵政罷工造成的，這並不代表市場需求正常。順便說一句，我們看到罷工結束後加拿大的表現很快就恢復到更正常的預期。包括一月份。我們在該消費類別的部分銷量確實有所增長，但銷量下滑的主要原因是節日賀卡，其次是日曆。

I covered this earlier, but there were a number of factors at play that impacted that the shorter holiday season, the higher cost of performance advertising. I mentioned it was up 50% of the peak weeks in the US competitive behavior was different than last year. As I said earlier, that consumer products grew overall in Vista's European markets, including from holiday cards. Holiday cards as a subcategory is more mature, and we don't expect it to be a growth product based on market demand.

我之前已經介紹過這一點，但有許多因素導致假期越短，效果廣告的成本就越高。我提到，美國的高峰週成長了 50%，競爭行為與去年不同。正如我之前所說，Vista 的歐洲市場消費產品整體呈現成長趨勢，包括節日賀卡。節日賀卡作為一個子類別已經比較成熟，我們預期它不會成為基於市場需求的成長型產品。

We do have some credit card data that we have visibility to that indicates it was -- there was a decline for most of our competitors in the US in that area of the season and that lower rates to ours. And some of those competitors are quite intense with discounting and advertising. We can see that.

我們確實有一些可見的信用卡數據，這些數據表明——在那個季節，我們在美國大多數競爭對手的信用卡信用額度都出現了下滑，而我們的信用額度也較低。其中一些競爭對手在折扣和廣告方面非常激進。我們可以看到這一點。

But in our multiyear outlook, we don't assume growth from those specific products. For BuildASign, sticking with consumer, we build a sign Canvas Print revenue is down year-over-year about $5 million. And this is part of a trend we've seen really since going back to the pandemic, there was a pretty tremendous acceleration of demand in those products. And then since then, we've seen some decline, those are still relevant products. We have strong capabilities, but that was down year-over-year this quarter.

但在我們的多年展望中，我們並不認為這些特定產品能夠成長。對於 BuildASign 來說，堅持面向消費者，我們打造的標誌帆布印刷收入年減約 500 萬美元。這是我們自疫情爆發以來看到的趨勢，這些產品的需求出現了相當大的成長。從那以後，我們看到了一些下降，但那些仍然是相關產品。我們擁有強大的能力，但本季的能力較去年同期有所下降。

Q2 is seasonally important for consumer, of course, but these -- the weight of consumer does come down in the next during the rest of the year. So as we noted in our earnings document outside of the holiday period, this has been growing revenue for consumer products modestly outside of the holiday period, when it's not the concentration of holiday cards, calenders, canvas print and so on. And we did see that continue in January once we're out of the holiday season. We're back to modest growth in consumer across this. We did receive another question.

當然，第二季對消費者來說是一個重要的季節性因素，但在接下來的一年中，消費者的權重確實會下降。因此，正如我們在假日以外的收益文件中所指出的那樣，在假日以外，消費品的收入一直在小幅增長，而假日的重點並不在節日賀卡、日曆、帆布印刷品等方面。我們確實看到，在假期過後，一月這種趨勢仍會持續。我們的消費又恢復了適度成長。我們確實收到了另一個問題。

I just kind of touch on here while we're on the consumer topic just around competitive behavior and on the marketing front, if we tighten marketing investment in response to higher advertising costs. And on the competitive behavior, it does change every year. Last year was overall a more benign environment, I would say. We set our plans in terms of promotions that we run in our advertising and so on for the season and then we make adjustments along the way. But we don't chase if we see behavior changing that we view to be irrational when it comes to just thinking about the impact on unit economics.

我只是在這裡簡單談一下，當我們討論消費者的競爭行為和行銷方面的問題時，如果我們為了應對更高的廣告成本而收緊行銷投資。就競爭行為而言，它每年都會改變。我想說，去年的整體環境比較好。我們根據本季的廣告促銷等情況制定計劃，然後不斷進行調整。但如果我們發現行為變化是非理性的，只考慮對單位經濟的影響，我們就不會去追逐它。

That's what we did from an ad spend perspective this year as well. The increase in our ad spend this quarter in North America was mostly in display and TV channels. So that was not specific to consumer. We held to our marginal return thresholds and that spend in performance channels was therefore a good return, but it didn't go as far as last year because the unit pricing was far higher. So it just had less impact overall in terms of especially new customer acquisition.

從廣告支出的角度來看，我們今年也是這樣做的。本季我們在北美的廣告支出增加主要集中在展示和電視管道。所以這並不是針對消費者的。我們堅守邊際回報門檻，因此在績效管道上的支出獲得了良好的回報，但由於單位定價高得多，因此回報不如去年那麼多。因此，就新客戶獲取而言，其整體影響較小。

The question asked about business cards as well. This is business cards and stationery category was down about $5 million year-over-year in Q2 in the US. We don't think that there's any sort of sudden change in demand for that product that happened -- we have been seeing pretty stable trends over many years where our boys were decreasing slowly over time, but that was being offset by more feature enhancements or change in order sizes as we attract different types of customers, but also optimizing net pricing discounts had come down from where they were some years ago. As I mentioned in my earlier remarks, in Q2, business cards in the U.S. were also impacted by organic search.

問題也詢問了名片。美國第二季的名片和文具類別銷售額較去年同期下降約 500 萬美元。我們不認為產品的需求發生了任何突然的變化——多年來，我們一直看到相當穩定的趨勢，我們的員工數量隨著時間的推移而緩慢減少，但隨著我們吸引不同類型的客戶，更多的功能增強或訂單規模的變化抵消了這一趨勢，而且優化淨定價折扣也比幾年前有所下降。正如我之前提到的，在第二季度，美國的名片也受到了自然搜尋的影響。

And I won't go into that again, but like that definitely had an impact on business cards. We'll continue to make improvements and optimizations in that category, whether it be in the product offering, how we merchandise, design services and how that's integrated into the offering acquisition offers and a number of other things, all with the goal to protect that profit pool. That's what we talked about at our Investor Day as well. Our H2 guidance that we've outlined does factor in modest growth consumer for Vista, and we're back to that in January. It does factor in continued pressure in BuildASign in terms of their end market.

我不會再談論這個了，但這肯定會對名片產生影響。我們將繼續對該類別進行改進和優化，無論是在產品供應、商品銷售方式、設計服務以及如何將其融入產品收購要約和其他一些方面，所有這些都是為了保護該利潤池。這也是我們在投資者日上談論的內容。我們所概述的下半年指引確實將 Vista 的適度成長消費者考慮在內，而我們將在 1 月重新回到這一水平。這確實考慮到了 BuildASign 在終端市場方面持續面臨的壓力。

And then for business cards, it does factor in a decline, that's a bit more modest than what we saw in Q2. And by the way, that's also consistent with what we're seeing so far in January bookings. From a on-tour outlook perspective on business cards, we don't assume growth. We do factor in some modest consumer growth, as I said, outside of the holiday group.

對於名片來說，確實存在下降的因素，但比我們在第二季度看到的下降要溫和一些。順便說一句，這也與我們目前看到的一月預訂情況一致。從名片上的巡迴前景角度來看，我們並不認為會出現成長。正如我所說，我們確實考慮了假日群體之外的一些適度的消費者成長。

Thank you, Sean. Excellent. Okay. My next question, Robert, is going to be for you. Why does it make sense -- why does it make more sense to have Pixartprinting enter the US market versus extending an existing Cimpress business with infrastructure already built stateside into Upload & Print?

謝謝你，肖恩。出色的。好的。羅伯特，我的下一個問題是問你的。為什麼這樣做有意義——為什麼讓 Pixartprinting 進入美國市場比將現有的 Cimpress 業務（其基礎設施已經在美國建成）擴展到 Upload & Print 更有意義？

Well, at the highest level, our strong success we've had in Europe with the Upload & Print business model has taught us that it is very complementary to other segments we have in Cimpress, like Vista and National Pen. So let me explain that a little bit by speaking about two different perspectives.

嗯，從最高層面來說，我們在歐洲透過上傳和列印業務模式的巨大成功告訴我們，它與 Cimpress 的其他部門（如 Vista 和 National Pen）具有很好的互補性。因此，讓我透過兩個不同的觀點來稍微解釋一下這一點。

First, let me talk to the customer need we're addressing with Upload & Print and then I'll turn more specifically to the production infrastructure that you're asking about. For the customer value that we need to deliver, of course, all the segments produce mass customized print. But the customers and the customer needs are typically different across our reporting segments.

首先，讓我談談我們透過上傳和列印解決的客戶需求，然後我將更具體地談談您所詢問的生產基礎設施。當然，為了實現我們需要傳遞的客戶價值，所有部門都會進行大規模客製化印刷。但我們的各報告分部中的客戶和客戶需求通常有所不同。

They are concentric circles, they overlap each other. But in general, they serve different customers that we've spoken about for many years and to give a quick synopsis of Upload & Print customers. These are people who feel comfortable using professional graphic fine tools.

它們是同心圓，互相重疊。但總的來說，他們服務於我們多年來一直在談論的不同客戶，並對上傳和列印客戶進行簡要概述。這些人能夠輕鬆地使用專業圖形精細工具。

You can think of something like Adobe Illustrator or Adobe InDesign. And they use that with -- and the skills they have to create complex graphic design that is inherent in more complex products like packaging, booklet, catalogs, very large format, signage and other products. And beyond the graphic design, they often have higher quantity orders. They're still low by industry standards, but they're higher than Vistaprint.

您可以考慮像 Adob​​e Illustrator 或 Adob​​e InDesign 之類的東西。他們利用這些技術和所掌握的技能，創造出複雜的圖形設計，這些設計適用於更複雜的產品，如包裝、小冊子、目錄、超大幅面、標誌和其他產品。除了平面設計之外，他們通常還會接到更大數量的訂單。以業界標準來看，這個價格仍然很低，但比 Vistaprint 還要高。

So a focused business unit or business segment is very helpful in understanding these needs and serving them, given they differ from customers that typically come to Vista, National Pen or BuildASign. So that's, first and foremost, why we want to enter the market is to serve those customer needs.

因此，鑑於這些需求與通常來 Vista、National Pen 或 BuildASign 的客戶不同，專門的業務部門或業務部門對於理解這些需求並滿足這些需求非常有幫助。所以，我們進入這個市場的首要原因就是為了滿足顧客的需求。

And now as to the production operations or infrastructure, let me step back and we've talked about this for many, many years, but the mass customization of print, the economic and operational skill we've developed depends on aggregating together very large numbers of very similar orders in highly specialized production lines. And so you get a lot of repetitive production operations because we aggregate all these orders together.

現在談到生產營運或基礎設施，讓我回顧一下，我們已經討論這個問題很多年了，但印刷的大規模定制，我們所開發的經濟和運營技能，依賴於在高度專業化的生產線上聚集大量非常相似的訂單。由於我們將所有這些訂單匯總在一起，因此您將獲得大量重複的生產操作。

And that specialization has a bunch of different factors. It could be by quantity with someone typically order 10 or 100 versus 1,000 or 5,000 or something by decoration type, is it embroidery versus laser versus print versus different types of print, sometimes by proximity to the customer that helps with shipping or proximity to suppliers, and all that specialization means that the production lines, although it's all mass customization of print can vary between our different businesses. For example, Vista is generally focused on smaller orders of relatively simple to produce products. And with orders that are -- where we very often ship multiple items put together in the same box and ship together.

這種專業化有很多不同的因素。可能是按數量劃分，一般來說某人訂購 10 或 100 件，而不是 1,000 或 5,000 件；也可能按裝飾類型劃分，是刺繡、激光、印刷還是不同類型的印刷；有時是根據與客戶的距離來幫助運輸，或者根據與供應商的距離，所有這些專業化生產線，儘管我們會有所不同的例如，Vista 通常專注於生產相對簡單的產品的小額訂單。對於這樣的訂單，我們常常會把多件物品放在同一個箱子裡一起運送。

On the other hand, Upload & Print businesses tend to focus on larger order quantities, again, still small compared to traditional competitors and more complex products. And so that second type of product, the Upload & Print products represent the type of production lines, which we are building out in our new Pennsylvania facility.

另一方面，上傳和列印業務傾向於關注更大的訂單數量，但與傳統競爭對手和更複雜的產品相比，訂單數量仍然較小。第二種產品，即上傳和列印產品，代表了我們在賓州新工廠建造的生產線類型。

Now that being said, there's definitely overlap. I mentioned the concentric circles. And that overlap in some ways is growing over time, which is why we are pushing forward with the concepts you've heard us talk about across Cimpress fulfillment and why we are moving more and more towards focused production hubs to further aggregate volumes and get some of the benefits I just spoke about.

話雖這麼說，但肯定存在重疊。我提到了同心圓。而且這種重疊在某種程度上隨著時間的推移而不斷增長，這就是為什麼我們正在推動您在 Cimpress 履行過程中聽到的這些概念，以及為什麼我們越來越多地轉向集中生產中心以進一步聚集產量並獲得我剛才談到的一些好處。

So to be clear, the new Pixartprinting facility in the US will produce products for Vista and national -- likewise, National Pen, BuildASign and Pixartprinting -- I'm sorry, National Pen, BuildASign and Vista will fulfill for Pixartprinting in the US. Hopefully, that helps you understand again why we're entering the market with this very successful brand and business, but also why we've chosen the operational footprint that we've described.

所以要明確的是，Pixartprinting 在美國的新工廠將為 Vista 和 National 生產產品——同樣，National Pen、BuildASign 和 Pixartprinting——抱歉，National Pen、BuildASign 和 Vista 將在美國為 Pixartprinting 履行職責。希望這能幫助您再次理解為什麼我們要帶著這個非常成功的品牌和業務進入市場，以及為什麼我們選擇了我們所描述的營運足跡。

Great. Thank you, Robert. I'm looking forward to seeing that launch and grow in Q4. Next question is for Sean. Sean, we were surprised by the low growth experienced by both National Pen and all other businesses this past quarter. For National Pen, how material is their mail order business? And is that the main headwind facing that business? For all other businesses with the current growth and profit dynamics for each of BuildASign and Print G?

偉大的。謝謝你，羅伯特。我期待著看到它在第四季度的推出和發展。下一個問題是問肖恩的。肖恩，我們對國家筆會和所有其他企業上個季度經歷的低成長感到驚訝。對 National Pen 來說，他們的郵購業務有多重要？這是該業務面臨的主要阻力嗎？對於所有其他具有 BuildASign 和 Print G 當前成長和利潤動態的企業？

Yeah. I'll just -- I'll touch on each of these businesses briefly, and I'll start with National Pen. We have been and we've talked about this for the last few quarters, at least now, we've been reducing our direct mail advertising spend in National Pen and that's really focused around optimizing for profitability in that channel. And of course, when you do that, that does have some impact on revenue. and it was a lower growth channel in any case, and then that has a further impact on revenue, but we're optimizing for profitability.

是的。我將簡單介紹這些業務，首先介紹一下 National Pen。過去幾季我們一直在談論這個問題，至少現在，我們一直在減少國家筆的直郵廣告支出，重點是優化該管道的獲利能力。當然，當你這樣做的時候，確實會對收入產生一定的影響。無論如何，它都是一個成長較低的管道，這會對收入產生進一步影響，但我們正在優化獲利能力。

From a profitability perspective, we do -- like in National Pen, we often see some timing differences in profitability because of the timing of mailings in that channel. We take the cost when we -- when the mailings happen and not when they have impact us early. So quarter-to-quarter, you see some different year-over-year trends. In Q1, we're favorable year-over-year in that regard. We see some of the opposite of that in Q2.

從盈利能力的角度來看，我們確實如此 - 就像在 National Pen 一樣，我們經常會看到盈利能力因該渠道郵寄時間的不同而存在一些時間差異。我們是在郵件發送時承擔費用，而不是在它們提前對我們造成影響時承擔費用。因此，每個季度都會出現一些不同的同比趨勢。就第一季而言，我們在這方面的表現比去年同期更好。我們在第二季度看到了一些相反的情況。

Just in terms of the weight of channels, e-commerce, call sales and then now the cross-Cimpress fulfillment, for that National Pen is doing. All those are growing well. And now those together are larger than direct mail alone. Direct mail is about 25% of National Pen revenue from a channel perspective.

僅從通路權重、電子商務、電話銷售以及現在的跨 Cimpress 履行來看，National Pen 正在這樣做。所有這些都生長得很好。現在這些加在一起比單獨的直接郵寄要大得多。從通路角度來看，直效郵件約佔 National Pen 收入的 25%。

And then the combination of e-commerce, telesales and across impress fulfillment is about 60% for National Pen and then the remainder is their distributor business for larger accounts. In Q2, the profit impact was weaker from direct mail sales. There is also some product mix and higher inbound freight costs, as we called out in the release. On BuildASign. BuildASign, we've continued to see growth in signage products. That was in Q2, offset by the declines that we saw, and I outlined earlier in home decor, which is consumer focused.

而對 National Pen 來說，電子商務、電話銷售和 Impress 履行業務合計約佔 60%，其餘則是針對大客戶的分銷業務。第二季度，直效郵件銷售對利潤的影響較小。正如我們在新聞稿中指出的那樣，還存在一些產品組合和更高的入境運費成本。在 BuildASign 上。BuildASign，我們持續看到標牌產品的成長。那是在第二季度，被我們看到的下滑所抵消，我之前概述過以消費者為中心的家居裝飾。

In the holiday quarter, that impact from home decor is bigger. That's what drove the year-over-year decline this quarter in their stand-alone business in terms of them serving end customers. The fulfillment for Vista that they're doing as part of the cross suppress fulfillment at significant growth. And so at a segment level, you still do see year-over-year slight growth. But in their stand-alone business, that was a decline and a lot of the growth driven from crossties fulfillment.

在假期季，家居裝飾的影響更大。這就是本季度其獨立業務在服務終端客戶方面較去年同期下滑的原因。他們作為交叉抑制履行的一部分對 Vista 進行的履行在顯著增長時有所抑制。因此，從細分市場來看，您仍然會看到同比略有增長。但在他們的獨立業務中，這是一個下滑趨勢，大部分的成長都是由交叉軌枕木履行所推動的。

Outside of the December quarter for BuildASign, we expect that to ramp in cross-Cimpress fulfillment will continue, and that will continue to be a more dominant trend in the overall revenue number because of BuildASign strong production capabilities and signage in particular and also home decor products, we're moving most production volumes for Vista's US business to BuildASign and that not only saves cost and increase the rate at which Vista can introduce new products with a lot of focus there. But it's also freed up production space in Vista for new product introduction, which allows us to avoid future CapEx and then lead into these more focused production hubs that Robert was talking about earlier.

除了 BuildASign 12 月季度之外，我們預計跨 Cimpress 訂單履行將繼續增加，而且這將繼續成為整體收入數字中更主要的趨勢，因為 BuildASign 擁有強大的生產能力，特別是標牌和家居裝飾產品，我們正在將 Vista 美國業務的大部分生產量轉移到 BuildASign，這不僅是節省了成本，而且提高了 Vista 在那裡。但它也釋放了 Vista 的生產空間以用於推出新產品，這使我們能夠避免未來的資本支出，然後進入羅伯特之前談到的這些更集中的生產中心。

For Print G, just quickly, print small in our overall results. They've been putting the ingredients in place for a next chapter of growth, including necessary technology platforming, which is not unlike what most of our businesses have had to do at some point in time.

對於列印 G，只需快速地在我們的整體結果中列印小尺寸即可。他們一直在為下一階段的成長做好準備，包括必要的技術平台，這與我們大多數企業在某個時間點必須做的事情並沒有什麼不同。

And then also expansion into new categories, which really modeled after the success that we've had in our European Upload & Print businesses. And so they're not recreating the wheel there, but if you will, importing some of the capabilities that we've seen [Vista] successful in Europe.

然後我們還擴展到新的類別，這實際上模仿了我們在歐洲上傳和列印業務中的成功。所以他們不是在重複做無用功，而是引進一些我們在歐洲取得成功（Vista）的能力。

Print G's operating near breakeven, sometimes higher. But this quarter, some of these bigger changes that we're rolling out do cause some discrete disruption, but they open up opportunity for them in what's still a large and relatively untapped market. But those new capabilities have a lot of opportunity for growth. It just -- it's going to take a few quarters to get ramped up, especially from a production efficiency perspective.

Print G 的營運接近損益平衡，有時甚至更高。但本季度，我們推出的一些較大變化確實造成了一些個別的擾動，但它們為他們在仍然龐大且相對未開發的市場中打開了機會。但這些新功能還有很大的發展機會。只是——需要幾個季度才能實現提升，特別是從生產效率的角度來看。

Great. Thank you, Sean. I'm going to stick with you for the next one. This is a question that we got from multiple people, and so this is sort of a more combined question here. So in the letter, you called out that you're taking multiple actions to improve performance/reduce OpEx and optimize pricing.

偉大的。謝謝你，肖恩。我會在接下來的時間裡繼續支持你。這是我們從多個人那裡得到的問題，因此這是一個更全面的問題。因此，在信中，您指出您正在採取多項措施來提高效能/降低營運支出並優化定價。

Can you unpack that a bit and provide some color in terms of how we should be thinking in terms of the quantitative impact of these actions? And have you already baked that into your revised targets for the year? Or are these plans still being developed?

您能否稍微解釋一下這個問題，並提供一些關於我們應該如何思考這些行動的量化影響的詳細資訊？您是否已將其納入今年修訂後的目標中了？或者這些計劃仍在製定中？

Yeah, there were a number of questions on this and some live questions or two. I think if you take a step back and you look at the second half of last year, about 90% of our adjusted EBITDA from a segment EBITDA perspective came from Vista and Upload & Print. So like that's where the vast majority of the profit came from last year, we expect that roughly that would continue this year, not that specific percentage, but that's where the weight of it will be.

是的，關於這個問題有很多問題，還有一兩個現場問題。我認為，如果回顧去年下半年，從分部 EBITDA 角度來看，我們調整後的 EBITDA 中約 90% 來自 Vista 和 Upload & Print。因此，就像去年絕大多數利潤來自於此一樣，我們預期今年的利潤也將大致如此，雖然不是具體的百分比，但這就是利潤的比重。

So I'll focus on those two first. In Upload & Print, there was year-over-year puts and takes in Q2, but like those businesses have been executing well, investing in new product introduction, driving efficiency gains. Robert outlined, bringing the model to the North America market and we're going to continue on that path in the back half of FY25 and beyond. So we just stayed the course there in terms of our plans. Those businesses, in aggregate, were quite close to the plan that we set out in Q2. So we continue to course there.

因此我將首先關注這兩個。在上傳和列印方面，第二季的收益和利潤與去年同期相比有所增加，但與這些業務一樣，其執行情況良好，投資於新產品的推出，並提高了效率。羅伯特概述了將該模式引入北美市場，我們將在 25 財年下半年及以後繼續沿著這條道路前進。因此我們只是堅持執行我們的計劃。總體而言，這些業務與我們在第二季制定的計劃非常接近。因此我們繼續在那裡學習。

In Vista in terms of the actions, we've already taken a number of actions or put things in place. There's more being worked on very actively, and that ranges across cost efficiency relative to our prior plans, prioritization of product road map focused on areas that we need to have the most impact relative to where we were seeing some of the sources of weakness in Q2. Some reallocation of our ad spend from a channel perspective, again, in response to where we see the biggest need and the big impact as well. Pricing optimization, and I could go on, there's other examples, too.

在Vista中就行動而言，我們已經採取了一些行動或將一些事情落實到位。我們正非常積極地進行更多工作，其中包括相對於我們先前計劃的成本效率、產品路線圖的優先排序，重點關注我們需要產生最大影響的領域，相對於我們在第二季度看到的一些弱點。我們從管道角度對廣告支出進行了一些重新分配，這再次表明我們需要根據最大的需求和最大的影響來做出反應。定價優化，我還可以繼續，還有其他例子。

I think it's worth noting that we had already planned -- if you just think about the first half of the year versus the second half of the year, we had already planned, coming into the year that the year-over-year profile of our advertising spend would be lower in the second half of the year than it was in the first half of the year. And so that will have an impact as well just in terms of year-over-year profitability. That was already a more favorable setup for the second half of the year than the first half of the year.

我認為值得注意的是，我們已經計劃好了——如果你只考慮一下上半年和下半年的對比，我們已經計劃好了，進入今年，下半年我們的廣告支出同比狀況將低於上半年。因此，這也會對年比獲利能力產生影響。這對下半年來說已經是比上半年更有利的情況。

That includes some large brand partnerships that we had last year if you recall. We won't have those in H2 this year, just one example of one of the drivers of that. We're not embarking in Vista or in Upload & Print and said we stay the course there.

如果你還記得的話，其中包括我們去年建立的一些大型品牌合作夥伴關係。今年下半年我們不會有這些情況，這只是其中一個驅動因素的例子。我們不會進入 Vista 或 Upload & Print 領域，並表示會堅持下去。

We're not embarking on major changes or major cost reduction programs. It's really about driving focus and urgency against the areas where we see the most opportunity. Of course, we're driving cost controls along the way. And so that is absolutely a focus, but it's not in the form of large restructuring actions.

我們不會實施重大變革或重大成本削減計劃。這其實是為了將注意力集中在我們認為最有機會的領域並加快步伐。當然，我們也在不斷推動成本控制。所以這絕對是一個重點，但它不會採取大規模重組行動的形式。

For National Pen and BuildASign, as I said smaller part of our overall profitability in the second half of the year. Where they're focused, especially is on continuing to grow fulfillment for Vista in North America having been executing well to find opportunities for scale-based efficiency gains, but also new product introduction, we've seen clear examples of that. That will continue in the second half of the year. And of course, they'll be focused on making sure from a cost perspective, we continue to optimize as well.

對於 National Pen 和 BuildASign，正如我所說，它們占我們下半年整體盈利的較小部分。他們的重點是，特別專注於繼續擴大 Vista 在北美的業務，並一直努力尋找基於規模的效率提升機會，同時推出新產品，我們已經看到了明顯的例子。這一趨勢也將持續到今年下半年。當然，他們會專注於確保從成本角度我們也能夠繼續優化。

We haven't specifically unified what the aggregate impact of all that is. but it is baked into the at least framework of guidance that we provided for the second half of the year.

我們還沒有具體統一所有這些的整體影響是什麼。但它至少已經融入了我們為今年下半年提供的指導框架中。

Thank you, Sean. Okay. Robert, the next question is for you. It's on a lot of people's minds. We have been getting this question.

謝謝你，肖恩。好的。羅伯特，下一個問題是問你的。很多人都在考慮這個問題。我們一直在思考這個問題。

If tariffs are put in place on Canadian goods and if the de minimis exemption on imports to the US is repealed and the asker does recognize that those are both big if, how might the company respond? What percentage of the company's US revenues come from the Ontario facility and how much of this could be shifted to other US plants?

如果對加拿大商品徵收關稅，並且如果美國進口產品的最低限度豁免被取消，而提問者確實認識到這兩個問題都是大問題，那麼該公司將如何應對？該公司在美國的收入中有多少比例來自安大略工廠，其中有多少可以轉移到其他美國工廠？

How much do you estimate it would cost to recreate the Ontario facility in the US and how long would it take? And what is your US manufacturing footprint, and can it accommodate the volumes that you're currently producing in Canada and Mexico?

您估計在美國重建安大略工廠需要花費多少錢以及需要多長時間？您在美國的生產基地是怎樣的？能否容納您目前在加拿大和墨西哥的生產量？

Okay. Thank you all. I know there's a lot of questions to come in. I can first of all, step back and assure you that we've obviously been aware of this for a long time, even before knowing the election results. And we spend a significant amount of time doing scenario planning.

好的。謝謝大家。我知道還有很多問題要問。首先，我可以退一步向您保證，我們顯然早就意識到了這一點，甚至在知道選舉結果之前就已經意識到了這一點。我們花了大量時間進行情境規劃。

And as you said in one of your questions, these are big ifs. No one knows what's happening or what will happen and because there are so many unknowns, I can't outline specific plans, but we can provide you with some context in some of the background facts, which you're asking for. So let me start with the facilities we have. Our North American production is across Canada, the US and Mexico. In the US, we have four facilities, the Reno, Nevada; Tennessee, Austin, Texas and Indiana.

正如您在其中一個問題中所說，這些都是很大的“如果”。沒有人知道正在發生什麼或將會發生什麼，因為有太多未知數，我無法概述具體的計劃，但我們可以為您提供一些您所要求的背景事實。那麼讓我先介紹一下我們現有的設施。我們的北美生產遍及加拿大、美國和墨西哥。在美國，我們有四個工廠，位於內華達州里諾；田納西州、德克薩斯州奧斯汀和印第安納州。

We have additional facility, as we mentioned, which we are fitting out outside of Pittsburgh, Pennsylvania. And you add up all those five facilities, and it's a little bit less than 400,000 square feet of production space. I believe, and I could be wrong, but I think everyone of those are leased, and they're in places where we could lease more facilities. It's not a capital expense if we were to expand them.

正如我們所提到的，我們有額外的設施，正在賓州匹茲堡市外進行裝修。將這五個設施加起來，生產面積略少於 40 萬平方英尺。我相信，儘管我可能錯了，但我認為所有這些都是租賃的，而且它們位於我們可以租賃更多設施的地方。如果我們要擴大它們，這並不是一項資本支出。

Our Canadian and Mexican facilities, we do own our Canadian facility, but we see Mexican facilities are collectively about 800,000 square feet roughly double the US facilities. Windsor is our biggest facility. And -- what we -- look at that -- given today, roughly two-thirds of our North American production space is in Mexico and Canada. The facilities that we have now or that we're about to open up in Pennsylvania, wouldn't, in their current form, be able to handle this volume without expansion.

我們在加拿大和墨西哥擁有自己的工廠，但墨西哥工廠的總面積約為 80 萬平方英尺，大約是美國工廠的兩倍。溫莎是我們最大的工廠。而且 — — 我們 — — 鑑於今天的情況，我們大約三分之二的北美生產空間在墨西哥和加拿大。我們現在在賓州擁有的設施或即將開放的設施，如果不進行擴建，就無法以現有的形式處理如此大量的貨物。

That being said, in the case of, I'll call it the worst case of Trump tariff taxes, the -- it would not be a question of buying new capital equipment. It would be a question of moving the capital equipment, training up new teams or to expand that facility. We do not deny or ignore the fact that that's a possibility. I think it's -- personally, I think it's an unlikely possibility it would be that extreme, but we are taking that into our scenario planning.

話雖如此，在這種情況下，我稱之為川普關稅稅的最壞情況，這不是購買新資本設備的問題。這將是一個轉移資本設備、培訓新團隊或擴大設施的問題。我們並不否認或忽略這種可能性。我認為——就我個人而言，情況不太可能如此極端，但我們正在將其納入我們的情境規劃中。

Now to the extent we end up do moving facilities. We do have quite a bit of experience doing that. As an example, and again, we are not planning this. We are planning for scenarios and once we have more details, we would decide what we would do, more details about what actually happens in terms of the new tariff taxes. I think that the -- well, let me start with some experiences. We recently moved our Irish facility to the Czech Republic for National Pen.

現在我們最終要搬遷設施。我們確實有相當多這方面的經驗。舉個例子，我再說一遍，我們沒有計劃這樣做。我們正在為各種場景做規劃，一旦我們掌握了更多的細節，我們就會決定要做什麼，並提供更多有關新關稅政策的細節。我認為——好吧，讓我從一些經歷開始說。我們最近將愛爾蘭工廠遷至捷克共和國，以用於 National Pen。

We recently moved a very large amount of our production operations from Canada to Mexico for large-format production. And I can go into other examples. In Tennessee, we moved facilities, and we also moved part of the Tennessee facilities production out to Mexico.

我們最近將大量生產業務從加拿大遷至墨西哥，以進行大幅面生產。我還可以舉出其他例子。在田納西州，我們遷移了工廠，並且還將田納西州工廠的部分生產遷移到了墨西哥。

So we have experience moving facilities, and we've done that for years. We would not be duplicating CapEx, again, we'd be shifting it. Now there's -- you asked a question about the de minimis exception -- exemption, excuse me, under Section 321. For those who are not familiar with it, that allows smaller value orders to be imported without -- with exemptions to tariffs. There's a lot of questions, including under the Biden administration, a question of looking into that.

我們有設施搬遷的經驗，而且我們已經做了很多年。我們不會重複資本支出，相反，我們會轉移它。現在 — — 您問了一個關於最低限度例外 — — 豁免的問題，對不起，根據第 321 條。對於那些不熟悉的人來說，這允許小額訂單在無需免關稅的情況下進口。有很多問題，包括拜登政府對此進行調查的問題。

And so we've been aware of that for quite some time. To the extent that, that changes for us, we do have plans to be able to work around that, not in place right now, but again, in our scenario planning. If 321 was in its worst case, permanently eliminated for all products, it would have a material impact on us in the near term until we were able to shift production resources.

我們已經意識到這一點很久了。就我們而言，這種情況會發生變化，我們確實有計劃來解決這個問題，雖然不是現在就實施，但仍然在我們的情境規劃中。如果 321 最糟糕的情況是所有產品都永久取消，那麼在我們能夠轉移生產資源之前，它將在短期內對我們產生重大影響。

And we would obviously consider things like pricing -- passing that pricing through to customers. To the extent we have pricing power. And I think that a lot of these changes we're talking about in tariffs could give us pricing power in different parts of our product line.

我們顯然會考慮定價等因素——將定價轉嫁給客戶。在我們擁有定價權的範圍內。我認為，我們談論的關稅方面的許多變化可能會賦予我們產品線不同部分的定價權。

So I realize I'm touching on many different hypotheticals because that is where we are right now and that's where I think the entire US economy that works with imports is right now. But again, I'll go back to what I said at the beginning. We're spending a lot of time on this, understanding different scenarios and quote-unquote, war gaming, or what would happen under different scenarios.

因此，我意識到我正在觸及許多不同的假設，因為這就是我們現在所處的狀況，而且我認為這就是整個依賴進口的美國經濟現在所處的狀況。但我還是要回到一開始所說的內容。我們花了很多時間在這上面，了解不同的場景，以及所謂的戰爭遊戲，或者說在不同場景下會發生什麼。

Thank you, Robert. I'm going to stick with you for the next question. It's a quicker one. In reviewing past transcripts, in the May 2 call, management said of the new customer acquisition cohort for Vista, it was the sixth quarter in a row of growth. But cohorts was not mentioned in this last quarter's announcement. Are you seeing a decline in new customer cohorts? And if so, what is driving that?

謝謝你，羅伯特。我將繼續回答您的下一個問題。這是一個更快的方法。在回顧過去的記錄時，在 5 月 2 日的電話會議上，管理層表示 Vista 的新客戶獲取群體已經連續第六個季度成長。但上一季的公告中並未提及隊列。您是否發現新客戶數量正在減少？如果確實如此，那麼原因何在？

So yes, actually, Q2 customer cohort at Vista was down slightly. It's continuing to grow on a trailing 12-month basis. We don't give our cohort data every quarter. So that wasn't an intentional -- it was not an intentional [omission] I mentioned earlier, in Q2, we -- and Sean talked a lot about these, there are a number of different specific impacts that were related to our channels.

是的，實際上，Vista 第二季的客戶數量略有下降。在過去 12 個月中，該數字持續成長。我們不會每季都提供我們的同類群組數據。所以這不是故意的——這不是我之前提到過的故意的[遺漏]，在第二季度，我們——肖恩談了很多這些，有許多與我們的管道相關的具體影響。

And we don't see that as a longer-term change to the cohort growth. The cohort growth, just for those who are not familiar, we define the value of cohort as the gross profit we generate from customers acquired in a given quarter or a given year. And we look at that gross profit over the first quarter of acquisition or over a longer period, like a one- or two-year period.

我們並不認為這會對群體成長產生長期影響。對於那些不熟悉的人來說，我們將群組成長定義為我們從特定季度或特定年份獲得的客戶中產生的毛利。我們會關注收購後第一季或較長時期（例如一到兩年）的毛利。

And the improvements we've been making and here I'm focusing specifically on Vista, which was the question, but it's true across Cimpress, is to grow customer value, and that comes from a number of different areas, but the underlying trends we see at Vista remain consistent. And so I certainly expect this to -- us to continue the long-term trend of cohort expansion.

我們一直在進行的改進，在這裡我特別關注 Vista，這是問題所在，但對於 Cimpress 來說，這確實是為了增加客戶價值，這來自許多不同的領域，但我們在 Vista 看到的潛在趨勢保持一致。因此，我當然希望我們能夠延續群體擴大的長期趨勢。

Importantly, I'm certainly not making a prediction here, but you have to understand that a cohort, because it's a measure of value over time, is the first quarter value of gross profit. But then there's the slope at which that grows over time through repeat business.

重要的是，我當然不是在這裡做出預測，但你必須明白，由於它是一個隨時間變化的價值衡量標準，所以群組是第一季的毛利價值。但隨著時間的推移，透過重複業務，這一比例會逐漸增加。

And we've generally increased the slope of cohort value growth, the rate at which it increases as you move into the future, as we move to higher-value customers in just in -- I certainly expect that to continue, which, again, without getting into the specifics of the Q2 cohort, it means that sometimes that you can start at a lower value, but still catch up to others because of higher -- steeper slope.

而且，我們通常會增加群組價值成長的斜率，即隨著未來發展，隨著我們轉向更高價值的客戶，其增長速度也會隨之增加 - 我當然希望這種情況能夠繼續下去，同樣，在不涉及第二季度群組具體情況的情況下，這意味著有時您可以從較低的價值開始，但由於斜率更高（更陡），您仍然可以趕上其他人。

This particular quarter did have the unique characteristics, again, that we've talked about in this call. So that may or may not be the case. But overall, that should be the case, and we don't expect to change from the general trend we've been seeing in the increase in the value of each cohort going forward.

正如我們在本次電話會議中所討論的那樣，這個特定季度確實具有其獨特之處。事實或許如此，或許不然。但總體來說，情況應該如此，我們預期未來每個群體價值成長的整體趨勢不會改變。

Thank you very much, Robert. Okay, Sean. Next one's for you. Vista Print advertising spend as a percentage of revenue has increased year-over-year for the past three quarters. What is driving that? Is it also due to your competitors? As a follow-up, is there inflation on advertising costs? Are customers harder to reach? Do they need to see an advertisement more time to make a purchase decision? And if so, why?

非常感謝，羅伯特。好的，肖恩。下一個是給你的。過去三個季度，Vista Print 廣告支出佔營收的百分比年增。是什麼原因導致的呢？這也是因為你的競爭對手嗎？另外，廣告費用是否有通貨膨脹？客戶更難聯絡？他們是否需要看更多時間才能做出購買決定？如果是的話，為什麼？

Yeah. I covered some of this earlier. Maybe just to add on to that, I think there's a number of things in this question. There's -- in Q2, certainly, there were impacts from the free channels that I mentioned before. But we did plan to increase advertising spend also in Q1. If you go back to Q1, you can see that, too.

是的。我之前談過一些這方面的內容。也許只是為了補充一下，我認為這個問題包含很多內容。在第二季度，我之前提到的免費管道確實產生了影響。但我們確實計劃在第一季增加廣告支出。如果您回到 Q1，您也會看到這一點。

Yeah, that was consistent with our plans. And as I mentioned earlier, our plan also was that in the second half of the year, the year-over-year growth in advertising spend would be less. I think stepping back way back for a second, over the last years, we've said in a number of different public forums that the range of advertising spend as a percentage of revenue would be in that 15% to 17% on an annual basis. We were operating on the low end of that, actually sometimes even slightly below that. And then -- but we said that, that would vary quarter by quarter, year by year.

是的，這與我們的計劃一致。正如我之前提到的，我們的計劃是，下半年廣告支出的年增率將會減少。我想回顧一下，過去幾年，我們在許多不同的公共論壇上都說過，廣告支出佔收入的百分比範圍在每年 15% 到 17% 之間。我們的營運成本處於該水準的低端，實際上有時甚至略低於該水準。然後 — — 但我們說過，這會隨著季度、年份的不同而變化。

And so I think we're still kind of in that range. We have added more spend into our mid- and upper funnel channels in some regions from time to time. So over the aggregate of this year, that's the case. That doesn't really show through so much on a consolidated basis this quarter. But that's one of the drivers.

所以我認為我們仍然處於這個範圍內。我們會不時在某些地區的中上層漏斗管道中增加更多支出。所以從今年整體來看，情況確實如此。從本季的綜合數據來看，這一點並沒有明顯反映出來。但這只是驅動因素之一。

And so that won't change quarter-to-quarter, but I think we're still in this range that we expected and that will come down likely in Q3 and Q4 as a point of comparison. In terms of the increased advertising costs or the inflation -- potential inflation (inaudible) said in Q2, in the US, cost per click during the peak holiday week was up about 50% for -- in the consumer category, and that's a huge increase. That was not something that we see across the board. And actually, as a point of comparison, in Europe, cost per click was actually down.

因此，這不會逐季度發生變化，但我認為我們仍然處於預期的範圍內，並且作為比較點，在第三季度和第四季度，這一數字可能會下降。就廣告成本的增加或通貨膨脹而言——潛在的通貨膨脹（聽不清楚）在第二季度表示，在美國，假期高峰週期間消費者類別的每次點擊費用上漲了約 50％，這是一個巨大的增長。這並不是我們普遍看到的情況。實際上，作為比較點，在歐洲，每次點擊的費用實際上有所下降。

And so these things change from time to time. I think the direction of travel in the cost of advertising and performance channels is an upward one. But there, we're continuing to work on efficiency. And again, that's a multiyear trend. So I don't think there's anything necessarily to read into that in the back half of the year. We'll see a slightly different picture, again, consistent with what we had planned coming into the year.

所以這些事情會時常改變。我認為廣告和表演管道成本的走勢是上升的。但我們仍在持續努力提高效率。這是一個多年的趨勢。因此，我認為今年下半年沒有必要對此進行解讀。我們將看到略有不同的情況，但這與我們今年的計劃一致。

Thanks, Sean. Another one for you. What was the $12 million of onetime favorable items in the year ago period?

謝謝，肖恩。再給你一個。去年同期的 1,200 萬美元一次性優惠項目價值幾何？

Yeah. I'll probably won't list out all of them, but these are all things that we disclosed last year as well. So it's not like these are kind of new things that we discovered. Just as a couple of examples, yeah, there were some of these that impact the cost of goods sold and therefore, impacted gross margin favorably last year. Some of them were OpEx but a few examples we had a VAT refund last year because of a ruling that we got, that was $3 million that favorably impacted Vista's cost of goods sold last year.

是的。我可能不會一一列出，但這些都是我們去年揭露的內容。所以這並不是我們發現的新事物。舉幾個例子，是的，其中一些因素影響了銷售成本，因此對去年的毛利率產生了積極影響。其中一些是營運支出，但有幾個例子，由於我們得到的一項裁決，我們去年獲得了增值稅退稅，金額為 300 萬美元，這對 Vista 去年的銷售成本產生了有利影響。

We had some government subsidies that we received that was kind of in the aftermath of COVID, some of these things shaking out in Europe that favorably impacted PrintBrothers by a few million last year. We had some COGS timing differences we called out last year in PrintBrothers as well that had a favorable impact. So I won't go through all of them, but they were kind of these discrete things.

在新冠疫情爆發後，我們收到了一些政府補貼，其中一些補貼在歐洲發生，這給 PrintBrothers 帶來了去年幾百萬美元的有利影響。去年，我們在 PrintBrothers 中也指出了某些 COGS 時間差異，但這也產生了有利的影響。所以我不會一一介紹它們，但它們都是一些離散的東西。

We don't -- I'd like to think we hold the bar high there in terms of the things that we would call out. And these, again, they are all things that we disclosed that are kind of one-off and across COGS and OpEx, but that adds up to $12 million year-over-year. And then, as I said, to earlier, and we called out in the release, there was another $5 million of impact, including from the Canadian postal strike in this year's Q2 as well.

我們不會—我想，就我們所要呼籲的事情而言，我們會保持較高的標準。這些都是我們揭露的一次性費用，涵蓋了銷售成本和營運支出，但比去年同期增加額達到 1,200 萬美元。然後，正如我之前所說的，我們在發表會上指出，還有另外 500 萬美元的影響，其中包括今年第二季的加拿大郵政罷工。

Great. Thanks, Sean. I'm going to skip to Robert for this next question. Robert, what gives you confidence in Vista's ability to reignite growth in the US? And how should we think about the business card business from here on in?

偉大的。謝謝，肖恩。我將跳到羅伯特來回答下一個問題。羅伯特，是什麼讓您對 Vista 能夠重新在美國實現成長充滿信心？那麼，今後我們該如何看待名片業務呢？

As to what gives us confidence, I'd point you to all the things we've highlighted certainly today, but also in our July Letter to Investors in the September Investor Day presentation. In summary, it's the growth of the more complicated but very important and very large product categories, which we've talked about for years.

至於是什麼讓我們有信心，我想指出我們今天強調的所有內容，以及我們在 9 月份投資者日演示中的 7 月份致投資者的信中強調的內容。總而言之，這是更複雜但非常重要和非常大的產品類別的成長，我們已經談論了很多年。

And that includes Vista growing in that, where traditionally, they were more in our Upload & Print businesses. I'd also say Vista a point of confidence is Vista's continued success in improving its value proposition and across the board, but especially with higher value customers.

其中包括 Vista 在該領域的發展，傳統上他們更專注於上傳和列印業務。我還要說，Vista 的一個信心點在於 Vista 在全面改善其價值主張方面不斷取得成功，尤其是針對高價值客戶。

And again, what we've spoken about for multiple years the importance and the success that Vista is having in serving customers that are in its top couple of deciles and the value of those top deciles -- individual customers in those top deciles is growing over time.

再說一遍，我們多年來一直在談論 Vista 在服務頂級客戶方面的重要性和成功，以及這些頂級客戶的價值——這些頂級客戶的個人價值正在隨著時間的推移而增長。

As for business cards, we've spoken quite a bit about it today. I won't repeat all that for time, but I would summarize by saying something that Sean said just a few moments ago, which is we don't see this as a -- we see Q2 drop not as a fundamental change and suddenly after years of slow growth or a slight decline.

至於名片，我們今天已經談了很多。由於時間關係，我不會重複這些，但我將總結一下肖恩剛才說的話，那就是我們並不認為這是——我們認為第二季度的下降並不是一個根本性的變化，也不是在多年緩慢增長或略有下滑之後突然出現的。

There was a rapid decline in the market. We see it as more a variety of short-term factors, and we do not plan on that market growing, but we do think that it's going to be returning to its multiyear slow, steady move away -- as society moves away from using that product just like in the past, there's been a slow steady way move away from people sending Christmas or other holiday cards.

市場急劇下滑。我們認為這更多的是各種短期因素，我們也不打算讓這個市場成長，但我們確實認為它將恢復到多年來緩慢、穩定的狀態——隨著社會逐漸不再使用該產品，就像過去一樣，人們也在緩慢、穩定地減少發送聖誕或其他節日賀卡。

So going back to what gives us confidence, I think that in the US, we have those tailwinds, which are quite strong, especially when you get out of the second quarter. In terms of reigniting growth, I'd actually reframe it slightly. In Vista, we grew 8% for each of the two quarters before this last quarter. And last year, we grew in Q2, 9%.

所以回到讓我們有信心的因素，我認為在美國，我們擁有相當強勁的順風，特別是在第二季之後。就重新激發成長而言，我實際上會稍微重新建構它。在 Vista 中，我們在最後一個季度之前的兩個季度每個季度都實現了 8% 的成長。去年第二季我們成長了 9%。

So again, there's always variation year-to-year. But we are addressing the specific drivers from this last quarter, as we've talked about today. And that I think will give us confidence in the Cimpress revenues overall, not just Vista.

所以，每年都會有變動。但正如我們今天所討論的，我們正在解決上個季度的具體驅動因素。我認為這將使我們對 Cimpress 整體的收入充滿信心，而不僅僅是 Vista。

Thanks, Robert. Sean, next one for you. Can you unpack the updated second half FY25 guidance as it pertains to Vista? How are you thinking about the growth cadence at Vista throughout the remainder of the year? And which businesses are most impactful to the second half of FY25 outlook and the growth rates that you expect to see in the second half?

謝謝，羅伯特。肖恩，下一個給你。您能否解讀與 Vista 相關的 2025 財年下半年更新指南？您如何看待 Vista 今年剩餘時間的成長節奏？哪些業務對 2025 財年下半年的前景以及您預計下半年的成長率影響最大？

Yeah. The -- earlier, I talked about how Vista and Upload & Print make up the vast majority of our segment EBITDA last year and the second half of the year and how we expect that would be similar for this year. But we're not going to give specific segment level guidance for the back half of the year ago.

是的。之前，我談到了 Vista 和 Upload & Print 如何構成我們去年和下半年部門 EBITDA 的絕大部分，以及我們預計今年的情況也將如此。但我們不會針對去年下半年給予具體的細分層面的指導。

But we all expect here to grow the (inaudible) in Q2, and we are expecting more meaningful year-over-year EBITDA growth in Vista as well in the second half of the year. I mentioned earlier that the year-over-year ad spend profile has already been planned to be a higher year-over-year increase in H1 compared to H2.

但我們都預計第二季的 (聽不清楚) 將會成長，並且我們預計 Vista 的 EBITDA 在下半年也將實現更有意義的同比增長。我之前提到過，已經規劃好了上半年的廣告支出年增率將高於下半年。

And so that is one of the drivers there, too, that helps that. One of the drivers of that, as I mentioned, too, is just that we had a significant brand partnership last year, and there was also media directed at that, and we don't have that in H2 this year. So that's just one of many of the drivers there.

這也是有助於實現這一目標的驅動因素之一。正如我所提到的，其中一個驅動因素是，我們去年建立了重要的品牌合作關係，並且也有針對該合作關係的媒體，但今年下半年我們沒有這樣的合作。這只是眾多驅動因素之一。

For Upload & Print, I would expect to see more of what we've been seeing in terms of trends for growth and profitability. For National Pen and BuildASign, I would continue to expect to see more of their growth coming from cross impress fulfillment as that continues to ramp and be a more material part of what drives their revenue.

對於上傳和列印，我希望看到更多我們在成長和獲利趨勢方面所看到的內容。對於 National Pen 和 BuildASign 而言，我將繼續期望看到他們的更多成長來自於交叉印刷履行，因為這一領域將繼續成長並成為推動他們收入的更重要的因素。

Great. Next question also for Sean, a housekeeping question. Why did the weight average share count go up sequentially by $738,000 despite the $533,000 in share repurchases this quarter?

偉大的。下一個問題也是問肖恩的，一個常規問題。為什麼儘管本季的股票回購金額為 533,000 美元，但加權平均股票數量仍比上一季增加了 738,000 美元？

Yes. This is a little bit more of a kind of a technical thing. Our weighted average shares outstanding decreased and actually a few -- compared to last year, our weighted average diluted shares are down -- or shares outstanding are down by over, I think, over 1.6 million shares year-over-year.

是的。這更多的是一種技術性的事情。我們的加權平均流通股數減少了，實際上與去年相比，我們的加權平均稀釋股數減少了，或者說流通股數比去年同期減少了超過 160 萬股。

The sequential increase that you referred to is really an accounting topic. When you have a loss in your GAAP net income, what we did in Q1, largely because of unrealized losses that we had on our currency hedges, were required to use our basic shares as our diluted areas because otherwise, you're effectively reducing your GAAP EPS if you have a loss per share. So that's just the rule. So that's a little bit nuanced.

您提到的連續成長實際上是一個會計主題。當您的 GAAP 淨收入出現虧損時，我們在第一季所做的操作，主要是因為我們在貨幣對沖中產生的未實現虧損，需要使用我們的基本股份作為我們的稀釋面積，因為否則，如果您的每股虧損，您實際上是在降低 GAAP EPS。這就是規則。這有點微妙。

In terms of the actual trend, like the actual diluted shares outstanding, yes, it has come down with the repurchases. And if you look at the basic shares outstanding that we have, you'll see that sequential decrease because of the repurchases.

就實際趨勢而言，例如實際稀釋的流通股數量，是的，它隨著回購而下降了。如果你看我們已發行的基本股，你會看到由於回購而導致的連續下降。

Great. Sean, sticking with you again here. Cimpress undertook a 50-basis point repricing and upside of its term loan in early December which closed on November 17. Certain lenders may be frustrated with lower prices today, with management not aware of the severity of the decline in EBITDA that far into the quarter, how is EBITDA tracking in October and November?

偉大的。肖恩，我再次和你在一起。Cimpress 於 12 月初對其定期貸款進行了 50 個基點的重新定價和上調，並於 11 月 17 日完成。某些貸款人可能會對當今的較低價格感到沮喪，而管理層並沒有意識到本季 EBITDA 下滑的嚴重程度，10 月和 11 月的 EBITDA 情況如何？

Yeah. I understand the question. The -- in Q2, which is unique to Q2, the holiday peak is a concentrated period of time, of course. And then the extent of our year-over-year profit impact this year, especially combined with the fact that it was a condensed buying period was really not known until we closed the books for December because December had the biggest impact. Certainly, relative to what we had planned December had the biggest impact relative to those plans.

是的。我明白這個問題。在第二季度，這是獨一無二的，當然，假期高峰是一個集中的時間段。然後，我們今年的同比利潤影響程度，特別是考慮到這是一個壓縮的購買期，直到我們結清 12 月份的賬目時才真正知道，因為 12 月份的影響最大。當然，相對於我們的計劃，12 月份的影響最大。

And again, with the shift of the holiday season, that was more so the case this year and it becomes harder to forecast how that's going to profile from a consumer perspective. So relative to early December, certainly, the results were worse than we had expected and worse than what we were forecasting at that time.

而且，隨著假期季節的轉變，今年的情況更是如此，而且從消費者的角度來看，預測假期季節將如何變化變得更加困難。因此，相對於 12 月初，結果肯定比我們預期的要差，也比我們當時預測的要差。

Great. Last question. Here, given the 3.1 times net leverage versus your target of 2.5 times, combined with the weaker year-over-year EBITDA, do you anticipate buying stock if it remains in the '70s? Will the Board reevaluate its leverage policy and/or target if the stock declines into the 60s or lower? Sean, why don't you take that one?

偉大的。最後一個問題。這裡，考慮到淨槓桿率為 3.1 倍，而您的目標為 2.5 倍，再加上同比 EBITDA 較弱，如果槓桿率保持在 70 多倍，您是否預計會買入股票？如果股價跌至 60 或更低，董事會是否會重新評估其槓桿政策和/或目標？肖恩，你為什麼不拿那個？

Yes, we ended with 3.1x leverage, net leverage. Our fiscal '25 guidance now shows that we have a slight increase to EBITDA. Again, we've used this at lease framework. So using that at least framework, it implies a slight increase to EBITDA in the back half of the year. So EBITDA expansion also $50 million of free cash flow at least in the back half of the year.

是的，我們最終的槓桿率為 3.1 倍，淨槓桿。我們的 25 財年指引現在顯示我們的 EBITDA 略有增加。再次，我們在租賃框架中使用了這個。因此，至少使用該框架，這意味著今年下半年的 EBITDA 將略有增加。因此，EBITDA 擴張至少在下半年也將帶來 5,000 萬美元的自由現金流。

And most of that would be used to bring the leverage back to the approximately 3.0 times that we've talked about in our guidance, ending the year end. So at those levels, there is some room for share repurchase, but we wouldn't expect it to be material. That would be somewhat dependent on our actual results relative to that guidance. We obviously can't comment on hypotheticals for what the Board might decide in the future, but there's no plan of changing that leverage policy as we sit here today.

其中大部分將用於將槓桿率恢復到我們在年底指導中提到的約 3.0 倍。因此，在這些水平上，存在一些股票回購的空間，但我們預計它不會是實質的。這在某種程度上取決於我們相對於該指導的實際結果。顯然，我們無法對董事會未來可能做出的決定進行假設性評論，但就目前情況而言，我們還沒有改變槓桿政策的計劃。

Thank you, Sean. All right. With that, Robert, I'm going to hand the call back over to you to wrap things up.

謝謝你，肖恩。好的。說完這些，羅伯特，我會把電話交還給你，讓你完成事情。

Okay. Thank you, Meredith. Let me summarize by saying we're continuing to execute on the plans and strategic plans and operational plans we laid out in September on our Investor Day. Although our Q2 results were not good, there are so many signs of progress happening across Cimpress today that we do see those Q2 results is an undesirable unwanted, but certainly addressable short-term turbulence, and we do not see them as a change to our overall trajectory.

好的。謝謝你，梅雷迪斯。讓我總結一下，我們將繼續執行我們在九月投資者日制定的計劃、策略計劃和營運計劃。儘管我們的第二季業績並不好，但如今 Cimpress 取得瞭如此多的進步跡象，我們確實認為第二季的業績是一種不受歡迎但肯定可以解決的短期動盪，我們並不認為它們會改變我們的整體軌跡。

So by staying focused on our plans by focusing on focus and on execution, we do expect to continue to deliver improvements to the value that we deliver to our customers that will in turn continue to support growth year-on-year in our financial results and the long-term trajectory that we've discussed so many times.

因此，透過專注於我們的計劃、專注於重點和執行，我們確實期望繼續提高我們為客戶提供的價值，這反過來將繼續支持我們的財務表現和我們多次討論過的長期發展軌蹟的逐年增長。

So let me wrap up by saying thank you to our investors for joining the call and to continuing to entrust your capital with us.

最後，我要感謝我們的投資者參加電話會議並繼續將資金委託給我們。