Cimpress PLC (CMPR) 2026 Q1 法說會逐字稿

Good morning and thank you for standing by. Welcome to Cimpress's first-quarter fiscal year 2026 earnings follow-up call.

早上好，感謝您的耐心等待。歡迎參加 Cimpress 2026 財年第一季財報後續電話會議。

I would like to introduce Meredith Burns, Vice President of Invest Relations and Sustainability. Please go ahead.

我謹向大家介紹投資關係與永續發展副總裁梅瑞迪斯‧伯恩斯。請繼續。

Thanks, Michelle, and thank you, everyone, for 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, and we'll answer both pre-submitted and live questions. You can submit questions live via the Questions and Answers box at the bottom left of the screen.

謝謝米歇爾，也謝謝大家的參與。今天與我們在一起的是我們的創辦人、董事長兼執行長羅伯特·基恩；以及執行副總裁兼財務長肖恩·奎因。感謝您抽空了解我們的研究結果、評論和展望。本次線上問答環節將持續約 45 分鐘，我們將回答預先提交的問題和現場提出的問題。您可以透過螢幕左下角的問答框即時提交問題。

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 earnings document we published yesterday on our website. We also have published non-GAAP reconciliations for our financial results on our IR website. We invite you to read them.

在開始之前，我要說明的是，本次會議我們將對未來做出一些展望。由於我們在提交給美國證券交易委員會的文件和我們昨天在網站上發布的盈利文件中詳細列出的風險因素，我們的實際業績可能與這些聲明有重大差異。我們也在我們的投資者關係網站上發布了非GAAP財務績效調節表。我們誠摯邀請您閱讀這些文章。

And now I'll turn things over to Robert.

現在我把麥克風交給羅伯特。

Thanks, Meredith, and thank you to our investors for joining today. Before Sean goes into a review of the Q1 financial results, I'm going to recap several of the strategic and operational themes that we covered in detail in our annual letter of July 29 and at our September Investor Day, and I'll provide a few examples from the first quarter of progress we've made in these areas.

謝謝梅雷迪思，也感謝各位投資人今天蒞臨。在肖恩開始回顧第一季財務表現之前，我將回顧我們在 7 月 29 日的年度信函和 9 月的投資者日上詳細討論的幾個戰略和營運主題，並舉例說明我們在第一季在這些領域取得的進展。

First, elevated products are driving a step function improvement in Cimpress's per customer lifetime value, especially at Vistaprint. By elevated products, we mean products that customers value more highly than our legacy products for building their brands and growing their businesses. Note as well that elevated products are typically still in the early stages of the web-to-print and the mass customization market disruption curve and that means there's still a long runway for future market gain and market share gains by Cimpress.

首先，高階產品正在推動 Cimpress 的每位客戶終身價值實現階梯式提升，尤其是在 Vistaprint。所謂高端產品，是指顧客認為比我們傳統產品更能幫助他們打造品牌、發展業務的產品。還要注意的是，高端產品通常仍處於網路印刷和大規模客製化市場顛覆性變革的早期階段，這意味著 Cimpress 在未來獲得市場份額和提升市場份額方面還有很長的路要走。

Elevated products make up a high percentage of product categories like signage, logo apparel, promotional products, packaging, labels, and multi-page small format products like books, catalogs, magazines, and booklets. With these products, we are earning customer trust for a much larger portion of their needs, which means they become higher lifetime value customers, the customers with higher lifetime value. And we're achieving this both with businesses who are already Cimpress customers as well as with newly acquired customers.

高端產品在標誌、帶有公司標誌的服裝、促銷產品、包裝、標籤以及書籍、目錄、雜誌和小冊子等多頁小型產品類別中佔比很高。憑藉這些產品，我們贏得了客戶的信任，滿足了他們更大比例的需求，這意味著他們成為了終身價值較高的客戶。我們不僅在現有 Cimpress 客戶中實現了這一目標，而且在新客戶中也實現了這一目標。

In the first quarter, Vistaprint grew revenues from promotional products, apparel and gifts as well as packaging and labels at double-digit rates year over year. In our September Investor Day, I give an example of custom paper cups and the impact that those products had take one customer's lifetime value and multiply it fivefold in terms of gross profits. In the first quarter, Vistaprint started to optimize that new product offering and that optimization drove an increase of more than 50% to the average item quantity.

第一季度，Vistaprint 的促銷產品、服裝和禮品以及包裝和標籤的收入同比增長了兩位數。在九月的投資者日上，我舉了一個客製化紙杯的例子，說明這些產品如何將一個客戶的終身價值在毛利方面提高五倍。第一季度，Vistaprint 開始優化新產品供應，優化後平均商品數量成長超過 50%。

Another example is that we are capitalizing on executing on our past and ongoing investments in our mass customization platform and our growing scale in elevated product categories in order to reduce our cost of goods sold and to increase the velocity of new product introductions. Doing so expands upon our already significant scale-based competitive advantages which we have in manufacturing, and it explains why we're investing significant CapEx in our production operations this year.

另一個例子是，我們正在利用過去和正在進行的投資，在大規模客製化平台和高端產品類別中不斷擴大的規模，來降低銷售成本並加快新產品推出的速度。這樣做可以擴大我們在製造業中已經擁有的顯著規模競爭優勢，這也解釋了為什麼我們今年要在生產營運方面投入大量資本支出。

At the same time, we are consolidating volumes of similar products from multiple Cimpress businesses into focused production hubs, which further reduces cost and increases the returns on our capital expenditures. A key enabler of this is MCP enabled Cross Cimpress Fulfillment. XCF connects the fulfillment operations of each of our businesses to the customer facing operations of each of our other businesses, and it drove an incremental $15 million of gross profit in our last fiscal year, and we remain in the early stages of a multi-year layering of Cross-Cimpress Fulfillment driven gross profits on top of last year's results.

同時，我們將來自多個 Cimpress 業務部門的類似產品的數量整合到集中生產中心，這進一步降低了成本，提高了我們的資本支出回報。實現這一目標的關鍵因素是 MCP 支持的 Cross Cimpress 履行。XCF 將我們每個業務的履行營運與我們其他業務的面向客戶的營運連接起來，並在上一個財政年度為我們帶來了 1500 萬美元的額外毛利，我們仍處於在去年業績的基礎上，透過 Cross-Cimpress Fulfillment 實現多年毛利疊加的早期階段。

So here are a few examples from this last quarter, Q1 FY26, of how manufacturing excellence is driving both cost reductions and benefits to our customers. First, all segments grew their Cross-Cimpress Fulfillment revenue by double-digit or triple digit growth rates this quarter. And that's now a material part of the volume growth for Upload-and-Print, National Pen, and BuildASign segments and it shows up in their revenues. And XF is also, very importantly, a material driver of how Vistaprint is rapidly expanding into elevated products which, as I just mentioned, help us expand our wallet share of the Vistaprint customer base.

以下是上個季度（2026 財年第一季）的一些例子，說明卓越的製造能力如何降低成本並為我們的客戶帶來收益。首先，本季所有業務部門的 Cross-Cimpress 履行收入均達到了兩位數或三位數的成長率。現在，這已成為上傳列印、National Pen 和 BuildASign 業務量成長的重要組成部分，並且體現在它們的收入中。而且，非常重要的是，XF 也是 Vistaprint 快速擴展到高端產品的重要推動因素，正如我剛才提到的，這有助於我們擴大在 Vistaprint 客戶群中的市場份額。

In terms of improved value for our customers, MCP's newest fulfillment software has enabled Vistaprint to launch next day delivery of business cards in the US in the last quarter. And National Pen migrated to the MCP shipping and logistics platform for National Pen's largest production facility, which immediately improved its ability to predict delivery dates and improve the accuracy of all the related customer communication around delivery. It also supports network-wide optimization and smarter decision making across Cimpress since National Pen is a very important fulfiller to other Cimpress businesses.

為了提升客戶價值，MCP 最新的履行軟體使 Vistaprint 能夠在上個季度在美國推出名片隔天送達服務。National Pen 將其最大的生產設施遷移到 MCP 運輸和物流平台，這立即提高了其預測交貨日期的能力，並提高了所有與交貨相關的客戶溝通的準確性。它還支援 Cimpress 全網優化和更聰明的決策，因為 National Pen 是 Cimpress 其他業務非常重要的履行商。

Third, shared technology, organizational delayering and artificial intelligence are helping constrain operating expenses while improving customer value. For example, in Q1, Exaprint migrated it's Spanish site to MCP e-commerce infrastructure. And that is paving the way to migrate all of Exaprint's geographies in the coming year, which will lower technology costs and improve the Exaprint site functionality.

第三，共享技術、組織層級精簡和人工智慧正在幫助企業在控制營運成本的同時提升客戶價值。例如，在第一季度，Exaprint 將其西班牙網站遷移到了 MCP 電子商務基礎設施。這將為 Exaprint 在未來一年內遷移其所有地區鋪平道路，從而降低技術成本並提高 Exaprint 網站的功能。

In another Q1 example, Vistaprint rolled out generative AI chatbot, agent assist and customer self-service features that have collectively improved customer care efficiency by 6% year over year. And fourth, we have a strong financial future with a path to FY28. EBITDA of at least $600 million coupled with very significant delevering on our balance sheet.

在第一季的另一個例子中，Vistaprint 推出了生成式 AI 聊天機器人、代理協助和客戶自助服務功能，這些功能使客戶服務效率同比增長了 6%。第四，我們擁有強勁的財務前景，並已為 2028 財年做好充分準備。EBITDA 至少達到 6 億美元，同時大幅降低資產負債比率。

The cost reductions which we took in the second half of fiscal '25 are already supporting and operating expense leverage in both Vistaprint and National Pen. We see many more opportunities, big and small, that will allow us to deliver on the $70 million to $80 million of annualized adjusted EBITDA improvements that we expect to have exiting fiscal '27 as part of our bridge to FY28 targets.

我們在 2025 財年下半年採取的成本削減措施已經對 Vistaprint 和 National Pen 的營運費用槓桿作用起到了支持作用。我們看到了更多大大小小的機會，這將使我們能夠實現預計在 2027 財年結束時每年調整 EBITDA 提高 7000 萬至 8000 萬美元的目標，這是我們向 2028 財年目標過渡的一部分。

A portion of these savings will come from improvements in our cost of goods as we continue to progress in manufacturing and supply chain excellence via our CapEx investments, Cross-Cimpress Fulfillment and focused production hubs. Another portion will come from opportunities to further reduce operating expense via organizational simplification and generative AI.

這些節省的一部分將來自我們商品成本的改善，因為我們將繼續透過資本支出投資、Cross-Cimpress 履行和專注的生產中心，在製造和供應鏈卓越性方面取得進步。另一部分收益將來自透過簡化組織結構和運用生成式人工智慧進一步降低營運成本的機會。

Next, our tech modernization and the operating model which it enables has continued to mature, and this has made the capabilities and the strengths of each of Cimpress's businesses more and more extensible to other Cimpress businesses, thanks to more standardized and shared software services.

其次，我們的技術現代化及其所支援的營運模式不斷成熟，這使得 Cimpress 旗下各業務的能力和優勢越來越能夠擴展到其他 Cimpress 業務，這得益於更加標準化和共享的軟體服務。

Cross-Cimpress Fulfillment has been an early example of shared product catalogs -- Cross-Cimpress Fulfillment with its examples of shared product catalogs and supply chains has been the first instance of this, but over time, this approach will also allow us to consider new approaches to how we allocate our resources in areas like advertising and operating expense in support of both revenue growth and efficiency. So we're excited about the opportunities ahead to fulfill our multi-year financial objectives and we're actively working to chart an even stronger financial course over this time period.

Cross-Cimpress Fulfillment 是共享產品目錄的早期範例——Cross-Cimpress Fulfillment 及其共享產品目錄和供應鏈的範例是這方面的首例，但隨著時間的推移，這種方法也將使我們能夠考慮在廣告和營運費用等領域如何分配資源的新方法，以支援收入成長和效率。因此，我們對未來實現多年財務目標的機會感到興奮，並且我們正在積極努力，爭取在此期間制定更強勁的財務路線。

Now, I'll turn things over to Sean, who can discuss the financial results for the quarter as well as our outlook.

現在，我將把發言權交給肖恩，他將討論本季的財務表現以及我們的展望。

Great, thanks a lot, Robert, and thank you to everyone for joining us today on the call. As we noted in last night's release, our first quarter marked a strong start to the fiscal year. Our revenue growth rate improved sequentially, exceeding our annual guidance range. And when you couple that with strong profitability, this provides a good foundation for achieving or exceeding our fiscal 2026 financial objectives.

太好了，非常感謝羅伯特，也感謝今天參加我們電話會議的各位。正如我們在昨晚發布的新聞稿中提到的，我們第一季的業績標誌著本財年開局強勁。我們的營收成長率環比提高，超過了我們年度預期範圍。再加上強勁的獲利能力，這將為我們實現或超越 2026 財年的財務目標奠定良好的基礎。

So let me walk through some of the details. Our consolidated Q1 revenue grew 7% on a reported basis and 4% on an organic constant currency basis. For those that joined us for our September investor Day, there I had said our organic constant currency growth, at that time, was tracking to about 5%. That was in September. We ended at 4.4% with backlog a little higher that we had planned, so we maintained that pace. The main sources of growth in the quarter were from Vista and our PrrintBrothers segment.

那麼就讓我來詳細介紹一下。我們第一季合併收入按報告基準增長了 7%，按有機增長固定匯率基準增長了 4%。對於參加了我們九月投資者日活動的人，我當時曾說過，我們以固定匯率計算的有機成長率當時約為 5%。那是九月的事。我們最終完成了 4.4% 的工作量，積壓訂單比計劃的略高，所以我們保持了這個進度。本季主要成長來源是 Vista 和我們的 PrrintBrothers 業務部門。

In Vista, we drove continued strength in elevated products, and specifically within promotional products of apparel and gifts and packaging and labels which each grew significantly year over year. These product categories contribute to our ability to attract and retain high value customers.

在 Vista，我們持續推動高端產品的發展，尤其是在服裝、禮品、包裝和標籤等促銷產品方面，這些產品每年都實現了顯著增長。這些產品類別有助於我們吸引和留住高價值客戶。

Turning to our legacy products, there in the business cards and stationary category, we declined 1% this quarter in constant currency versus a 4% decline in Q1 of last year. So that was an improvement as well. And there, we're benefiting from the work that we've done over the last year to improve the offering, but also to optimize after the organic search algorithm changes that we experienced last year as well as the passing of the anniversary of the reallocation of some of our advertising spent away from that category based on incrementality testing that we had done.

再來看我們的傳統產品，在名片和文具類別中，本季以固定匯率計算下降了 1%，而去年第一季下降了 4%。所以這方面也有改進。而且，我們正受益於過去一年為改進產品和服務所做的工作，同時也在去年經歷了自然搜尋演算法的變化後進行了優化，並且根據我們所做的增量測試，將部分廣告支出從該類別重新分配了一年。

Turning to our other segments. Upload-and-Print delivered solid growth through customer growth and also order volume growth. Reported growth there was 15% and constant currency growth was 8% combined. And then, National Pen, BuildASign, there the revenue growth was driven through their growing role as a key fulfillment partner for Vista.

接下來我們來看看其他環節。上傳列印業務透過客戶成長和訂單量成長實現了穩健成長。據報道，當地經濟成長率為 15%，以固定匯率計算的成長率為 8%。此外，National Pen 和 BuildASign 的營收成長得益於它們作為 Vista 關鍵履行合作夥伴的角色日益增強。

Turning to profitability, our adjusted EBITDA increased $10.9 million year-over-year. That was our highest ever EBITDA for a Q1 period. It was an 11% improvement over our previous high, which was in Q1 of fiscal '24, and it was a 12% increase over last year. So strong profitability result for the quarter. In Q1, gross profit dollars grew 5% on a consolidated basis from the continued success that we've seen in elevated products, as I mentioned previously. And gross margins at the same time contracted 80 basis points partially due to the ongoing product mix shift that we've been talking about for some time now.

從獲利能力來看，我們調整後的 EBITDA 年成長了 1,090 萬美元。這是我們第一季 EBITDA 的最高紀錄。這比我們之前的最高紀錄（2024 財年第一季）提高了 11%，比去年同期提高了 12%。因此，本季獲利表現強勁。正如我之前提到的，由於高端產品持續成功，第一季合併毛利成長了5%。同時，毛利率下降了80個基點，部分原因是因為我們一直在討論的產品組合調整。

In Vista, as we continue to move Vistaprint to be the preferred print provider for a broad set of customer needs, especially with high value small business customers, it's important that we're able to acquire and grow the wallet share of these customers. Robert referred to this a bit earlier. We added a new metric for Vistaprint in the earnings document, also in our financial and operating metrics spreadsheet that we published on our IR site, which is our variable gross profit per customer, that's one way for investors to be able to understand our progress over time and also sort of look back and how that's trended over the last years.

在 Vista，隨著我們不斷努力將 Vistaprint 打造成滿足各種客戶需求的首選列印服務提供商，尤其是高價值的小型企業客戶，能夠獲得併擴大這些客戶的錢包份額就顯得尤為重要。羅伯特之前也提到過這一點。我們在收益文件中為 Vistaprint 添加了一個新的指標，該指標也出現在我們投資者關係網站上發布的財務和營運指標電子表格中，即每位客戶的可變毛利。這是投資者了解我們一段時間以來的發展情況，以及回顧過去幾年發展趨勢的一種方式。

As noted in our release, that variable gross profit per customer grew 7% year over year. And consistent with what we covered at our Investor Day, nearly all of this growth in Q1 is coming from our top two customer deciles, and in particular top decile, which we think is a positive signal relative to the areas of our strategic focus.

正如我們在新聞稿中所述，每位客戶的可變毛利年增了7%。與我們在投資者日上所闡述的一致，第一季幾乎所有的成長都來自我們排名前兩位的客戶，尤其是前十分位的客戶，我們認為這對於我們戰略重點領域而言是一個積極的信號。

The net impact of tariffs on our gross profit was minimal this quarter. I saw a question just come in on that, so we'll cover that in a bit in some more detail. There we were able to offset almost all impact through pricing adjustments. Our largest tariff exposure remains at our National Pen business, and we continue to focus on mitigation there through pricing and supply chain optimization.

本季關稅對我們毛利潤的淨影響微乎其微。我看到剛才有人問到這個問題，所以我們稍後會更詳細地討論一下。我們透過價格調整抵消了幾乎所有影響。我們最大的關稅風險敞口仍然在於我們的 National Pen 業務，我們將繼續專注於透過定價和供應鏈優化來降低該業務的風險。

We also continue to execute against our plan to drive advertising efficiency, advertising spend as a percent of revenue was down 80 basis points. And then lastly, currency had a $2.9 million benefit to our adjusted EBITDA during the quarter as well, and we do expect to have some further year-over-year currency benefits over the remainder of the year.

我們也持續執行提高廣告效率的計劃，廣告支出佔收入的百分比下降了 80 個基點。最後，匯率波動也為本季我們的調整後 EBITDA 帶來了 290 萬美元的收益，我們預計在今年剩餘的時間裡，匯率波動還會帶來一些同比收益。

Adjust free cash flow improved year over year too but was an outflow of $17.8 million driven by the typical seasonality of our networking capital, but also planned higher capital expenditures and capitalized software expense versus the prior year. And from a balance sheet perspective, our net leverage at the end of Q1 was 3.1 times, trailing 12 months EBITDA as calculated under our credit agreement. That's flat from last quarter and our liquidity position remains strong with cash and cash equivalents just over $200 million at the end of the quarter and our $250 million revolving credit facility remained undrawn at the end of the quarter as well.

調整後的自由現金流也同比有所改善，但由於網路資本的典型季節性波動，以及與上一年相比計劃增加的資本支出和資本化軟體費用，出現了 1780 萬美元的流出。從資產負債表角度來看，截至第一季末，我們的淨槓桿比率為3.1倍（過去12個月）。根據我們的信貸協議計算的 EBITDA。與上一季相比持平，我們的流動性狀況依然強勁，截至季度末，現金及現金等價物略高於 2 億美元，2.5 億美元的循環信貸額度在季度末也尚未動用。

Turning to our guidance, we've reiterated our expectations for the fiscal year, which is that we expect revenue growth of 5% to 6% or 2.3% -- 2% to 3% organic constant currency revenue growth. Net income of at least $72 million and adjusted EBITDA of at least $450 million. We expect operating cash flow of approximately $310 million and adjusted free cash flow of approximately $140 million.

展望未來，我們重申了對本財年的預期，即預期營收成長 5% 至 6%，或以固定匯率計算的有機收入成長 2.3% 至 2% 至 3%。淨利潤至少為7,200萬美元，調整後EBITDA至少為4.5億美元。我們預計經營活動產生的現金流約為3.1億美元，調整後自由現金流約為1.4億美元。

And we expect net leverage to decrease slightly by the end of the fiscal year, and we expect to drive more significant decreases in our net leverage in fiscal '27 and fiscal '28 as we execute on our multi-year plans. That all while still being able to allocate capital to the repurchase of shares along the way. So our Q1 results position us well to meet or exceed these FY26 expectations that we've reiterated.

我們預計到本財年末淨槓桿率將略有下降，並且隨著我們多年計劃的實施，我們預計在 2027 財年和 2028 財年淨槓桿率將出現更大幅度的下降。同時，也能隨時撥出資金用於回購股票。因此，我們第一季的業績使我們能夠很好地達到或超越我們重申的 2026 財年預期目標。

At our September Investor Day, we also discussed, and Robert referred to this earlier, our outlook through fiscal '28. And one of the reasons we did that is that's the first full year that we expect to see approximately $70 million to $80 million of benefits from efficiency gains that we described at the start of the year. The successful execution of our plans would result in Cimpress delivering at least $200 million of net income and at least $600 million of adjusted EBITDA in fiscal '28, with approximately 45% conversion of adjusted EBITDA to adjusted free cash flow.

在九月的投資者日上，我們也討論了（羅伯特之前也提到過），我們對 2028 財年的展望。我們這樣做的原因之一是，這是我們預計在年初所描述的效率提升帶來約 7,000 萬至 8,000 萬美元收益的第一個完整年度。我們的計畫若能成功實施，Cimpress 在 2028 財年將實現至少 2 億美元的淨收入和至少 6 億美元的調整後 EBITDA，其中約 45% 的調整後 EBITDA 將轉化為調整後自由現金流。

As Robert said, we have goals and aspirations to try an even stronger financial course over this time period. That's something that we're actively working to do. And with that, why don't we turn it over to questions. Meredith?

正如羅伯特所說，我們在此期間有目標和願望，並嘗試採取更強勁的財務策略。這是我們正在積極努力的方向。那麼，接下來就交給提問環節吧。梅雷迪思？

(Event Instructions) So our first question is for Roberts.

（活動說明）那我們的第一個問題是問羅伯茲的。

Congratulations on a strong quarter. How was consolidated revenue, quote, unquote, only up 4% on an organic constant currency basis if Vista was up 5%, Print Brothers up 8%, Print Group up 8%, National Pen up 8%, and all other businesses up 8%. Again, all on an organic constant currency basis. I'm sure I'm missing something.

恭喜你們本季業績出色。如果 Vista 成長 5%，Print Brothers 成長 8%，Print Group 成長 8%，National Pen 成長 8%，所有其他業務成長 8%，那麼合併收入（以有機固定匯率計算）怎麼可能只成長 4% 呢？再次強調，所有數據均以恆定匯率為基礎。我肯定漏掉了什麼。

Hey. Thank you for the question. It's a good question and it's also important to understand one of the core parts of our strategy. This is due to Cross-Cimpress Fulfillment where businesses get revenues and profits from fulfilling for each other. But that revenue for business selling to another Cimpress segment is eliminated in our consolidated results. And you can see that at the table at the top of page 5 of last night's release. This is the intersegment eliminations line just above the total revenue line.

嘿。謝謝你的提問。這是一個很好的問題，而且了解我們策略的核心部分之一也很重要。這是由於跨平台履約模式，企業透過互相提供履約服務來獲得收入和利潤。但向 Cimpress 其他業務部門銷售的這部分收入已在我們的合併業績中剔除。您可以在昨晚發布的第 5 頁頂部的表格中看到這一點。這是位於總收入線上方的部門間抵銷線。

Our segment reporting follows our internal management reporting to incentivize our teams to drive Cross-Cimpress Fulfillment. Now let me step back again and just touch on Cross-Cimpress Fulfillment and see why we're so excited about this because it is very beneficial to Cimpress as a whole, and this change in how we do the internal accounting and financial incentives has been one of the pillars of driving this growth because it incentivizes the teams to look beyond their own business.

我們的分部報告遵循內部管理報告，以激勵我們的團隊推動 Cross-Cimpress 履行。現在讓我再退一步，簡單談談 Cross-Cimpress Fulfillment，看看我們為什麼對此如此興奮，因為它對整個 Cimpress 都非常有利，而且我們內部會計和財務激勵方式的這種改變一直是推動增長的支柱之一，因為它激勵團隊關注自身業務之外的事情。

And we're channeling very strong manufacturing and supply chain [capabilities] that come from a given part of Cimpress towards other parts of Cimpress who have customers and customer bases who want those products, and this is happening in many different directions, including Vistaprint supporting other parts of Cimpress. But it's happening most significantly where National Pen, BuildASign and Upload-and-Print are fulfilling for Vistaprint and driving or helping [different] drive into elevated products and the service of high value customers. So we do expect this to continue to increase and it's a great example where we are leveraging synergies across all of Cimpress.

我們正在將 Cimpress 某個部門的強大製造和供應鏈能力引導至 Cimpress 的其他部門，這些部門擁有需要這些產品的客戶和客戶群，這種情況正在以多種不同的方式發生，包括 Vistaprint 為 Cimpress 的其他部門提供支援。但最顯著的情況是，National Pen、BuildASign 和 Upload-and-Print 為 Vistaprint 服務，並推動或協助 [不同的] 推動產品升級，為高價值客戶提供服務。因此，我們預計這一數字將繼續成長，這是一個很好的例子，說明我們如何利用 Cimpress 各部門之間的協同效應。

Thank you, Robert. Next question is for Sean. Sean, what is the current status of your dealings with Spruce House, who filed as an activist over the summer. Have you talked to them?

謝謝你，羅伯特。下一個問題問肖恩。肖恩，你目前與Spruce House的合作進展如何？他們今年夏天註冊成為維權組織。你和他們談過嗎？

Sure, yeah. We have met with Spruce House, and we appreciate their feedback. We appreciate the feedback of all of our shareholders and debt holders, many of which we've also spoken to in the normal course over the last quarter. I think as we wrote in our annual letter in July, we believe that the recent share price doesn't reflect our intrinsic value.

當然，我們已經和Spruce House會面了，並感謝他們的回饋。我們也感謝所有股東和債權人的回饋，其中許多人在過去一個季度中也與我們進行了正常的溝通。我認為，正如我們在7月的年度信函中所寫的那樣，我們認為最近的股價並沒有反映出我們的內在價值。

So that's where all of our focus is, and we believe that as we execute against the plans that we outlined, both in September at our Investor Day, but also we've reiterated last night and today, we think that that's what can change that paradigm. And so that's where all of our focus is but we certainly appreciate their feedback and the feedback of any of our investors in terms of how we can best do that. And yeah, that's where all of our focus is.

所以，這就是我們所有工作的重點。我們相信，只要我們執行在9月份投資者日上以及昨晚和今天重申的計劃，就能改變這種局面。因此，這就是我們所有工作的重點。當然，我們也十分感謝他們的回饋，以及所有投資人對如何更好地實現目標的建議。是的，這就是我們所有工作的重點。

Great, thank you. Sean, I'm going to stick with you. So question. On the fiscal 1Q guide which you reiterated, I think that's for the fiscal year that we reiterated. Can you unpack a bit more how the first quarter of '26 results position you for the remainder of the year and how you're thinking about the shape of the year?

太好了，謝謝。肖恩，我會一直陪著你。所以問題來了。關於您重申的第一季財報指引，我認為那是針對我們重申的本財年的。您能否更詳細地解釋一下 2026 年第一季的業績將如何影響您今年剩餘時間的業績，以及您如何看待今年的發展趨勢？

Yeah. I mean, we didn't give quarter-by-quarter guidance, but I think, clearly -- obviously, our revenue growth rate was ahead of the annual growth range that we provided. So we're off to a good start there. Yeah, I think you all have less visibility to the pacing from an EBITDA perspective in terms of what's required to hit that at least $450 million, and I think it's fair to say that our Q1 results were kind of ahead of the pace needed in our plans to do that. And that's why you see language like Q1 being a strong foundation for us to be able to achieve or exceed our plans for the full year.

是的。我的意思是，我們沒有給出季度業績指引，但很明顯，我們的營收成長率高於我們給出的年度成長預期。所以，我們在這方面開局不錯。是的，我認為你們對從 EBITDA 角度來看，要達到至少 4.5 億美元的目標所需的進度不太清楚，而且我認為可以公平地說，我們第一季的業績已經超過了我們計劃中所需的進度。正因如此，我們才會看到「第一季是我們實現或超越全年計畫的堅實基礎」這樣的表述。

So I think the main takeaway should be, off to a good start. We feel confident, very confident, about our plans to meet or exceed the guidance. And listen, like we put that guidance in place with a clear understanding that we have a very strong commitment and a need to meet or exceed that. And so off to a good start.

所以我認為最重要的結論是，開局良好。我們對我們的計劃充滿信心，非常有信心，能夠達到甚至超越這些指導方針。而且，當我們制定這些指導方針時，就清楚地認識到我們有非常堅定的決心和義務去達到甚至超越這些目標。開局不錯。

Q2 is obviously a very important quarter for us. And so, we need to make sure that we continue that execution through Q2 and of course the remainder of the year as well, but let's get through a strong Q2. And yeah, we'll update everyone again in a few months on that and we'll go from there. But I think the takeaway should be off to a good start and the pacing is ahead of the pacing needed to meet the guidance that we provided for the full year.

第二季度對我們來說顯然非常重要。因此，我們需要確保在第二季以及今年剩餘的時間內繼續保持目前的執行力，但首先，我們要確保第二季取得強勁的業績。是的，幾個月後我們會再次向大家報告最新情況，然後再做打算。但我認為，外送業務應該會有一個良好的開端，目前的進度已經超過了我們為全年設定的預期目標所需的進度。

Thank you, Sean All right, next question. I'll stick with you, Sean. Can you speak to the impact of tariffs during the quarter? Was it something that had an initial shock and then normalized throughout the quarter or was the overall impact relatively muted?

謝謝你，肖恩。好的，下一個問題。我會一直支持你，肖恩。您能否談談本季關稅的影響？這件事最初是造成了衝擊，然後在整個季度逐漸恢復正常，還是整體影響相對較小？

Yeah, sure. A lot happening and continues to happen on this front. I think the headline here is that, as I mentioned briefly in my remarks earlier, the impact of tariffs was pretty minimal. Yeah, it's less than a $1 million on the net basis for the quarter.

當然可以。這方面已經發生了很多事情，而且還在繼續發生。我認為重點是，正如我之前簡要提到的，關稅的影響微乎其微。是的，本季淨收入不到100萬美元。

And there was no -- in terms of like was there an initial shock and then normalization, I would say no. There was not any sort of strangeness in the profile of how that happened in the quarter. One of the things that changed during the quarter was the removal of the de minimis exemption and we really didn't see anything of any material nature there as a result of that change, which is good to see. And we continue to be very focused on our risk mitigation efforts there.

至於是否存在最初的衝擊然後逐漸恢復正常的情況，我認為沒有。本季的情況發展沒有任何異常之處。本季發生變化的一件事是取消了最低限度豁免，但我們並沒有看到這項變更帶來任何實質的影響，這令人欣慰。我們將繼續高度重視那裡的風險緩解工作。

Taking a step back, the overall picture really hasn't changed from what we outlined even back in the April timeframe, and we've updated since then, which is that there are a large part of our revenue base in terms of the things that are fulfilled outside of the United States, for United States customers, that are excluded or exempted under IEEPA, but also USMCA. And so, that broad coverage still exists, and so we feel quite good about where we're positioned right now.

回顧過去，整體情況與我們四月概述的情況基本一致，此後我們也進行了更新。我們收入的很大一部分來自在美國境外為美國客戶提供的服務，這些服務根據《國際緊急經濟權力法案》(IEEPA)和《美墨加協定》(USMCA)均被排除或豁免。因此，這種廣泛的保障依然存在，我們對目前的情況感到非常滿意。

That doesn't change the fact that we'll continue to make sure that, from a supply chain perspective, that we're doing everything we can in terms of risk mitigation. But really no overall change to our position from what we would have updated three months ago. We feel good about our position. And yeah, very minimal impact in the quarter.

但這並沒有改變我們將繼續從供應鏈的角度出發，盡一切可能降低風險的事實。但實際上，我們的立場與三個月前更新的立場相比，整體上並沒有什麼改變。我們對自己目前的處境感到滿意。是的，對本季的影響微乎其微。

Thanks, Sean. All right. So Sean, we've had a couple of questions about the holiday quarter as well. So is there a framework that you can provide for how to think about the upcoming holiday season. Past experience has shown that competition for holiday-related consumer products has put pressure on your revenue growth as others try to compete more forcefully on price. And how are you thinking about the business's position heading into the holiday season, especially the consumers.

謝謝你，肖恩。好的。肖恩，我們也收到了一些關於假日季度的問題。那麼，您能否提供一個框架，幫助我們思考即將到來的假期季節？過去的經驗表明，假日相關消費品的競爭會對您的收入成長帶來壓力，因為其他公司會增加價格戰力度。您如何看待公司在假期季節的市場定位，尤其是如何看待消費者？

Sure. Yeah, there's a lot here. It's obviously a very important time of the year for us and there's a lot of planning that goes into it. I think last year we had a number of headwinds that were, from a macro perspective, were kind of outside of our control. We also had, just structurally in terms of how the calendar was set up, the most unfavorable setup, also a Presidential election which tends to be unfavorable because it kind of distracts from some of the buying season, especially the early part of the buying season.

當然。是的，這裡東西很多。顯然，這對我們來說是一年中非常重要的時期，需要大量的規劃。我認為去年我們遇到了一些不利因素，從宏觀角度來看，這些因素是我們無法控制的。從日程安排的結構上看，我們也面臨著最不利的安排，再加上總統選舉，這往往也是不利的，因為它會分散人們對購買季的注意力，尤其是購買季的早期階段。

And then we had new organic search changes which were a real headwind last year as well. So if you sort of fast forward to this year and how those things change, I think -- of course, there continues to be some volatility from a macro perspective and it's impossible to know exactly what impact, if any, that can have on consumer behavior, but also things like the postal system in Canada, for example.

然後，去年我們還面臨新的自然搜尋變化，這給我們帶來了很大的不利影響。所以，如果你快轉到今年，看看這些事情發生了怎樣的變化，我認為——當然，從宏觀角度來看，仍然存在一些波動，而且不可能確切地知道這會對消費者行為產生什麼影響（如果有的話），以及對加拿大郵政系統等事物的影響。

But I think structurally it's better than last year. We have one extra buying day. The headwinds that we face in organic search, we feel very good about the progress that we've made there. The growth in the organic search channel for a number of reasons, but we put a lot of emphasis there, has been showing very nice results even heading to the holiday season. So we feel good about having addressed that material headwind last year.

但我認為從結構上看，它比去年更好。我們多出一天採購日。儘管我們在自然搜尋方面面臨許多不利因素，但我們對我們在該領域的進展感到非常滿意。由於多種原因，自然搜尋管道的成長，尤其是我們非常重視該管道，即使在假期臨近之際，也取得了非常好的成果。因此，我們對去年已經克服了這一實質的不利因素感到滿意。

So we're confident in the plans as we head in. I think one of the things that we've really -- the question refers to some of the competition that really spiked in those peak weeks, and what we've really tried to do is take that back this year and think about how do we really lean into our strengths, our areas of strategic focus that have been driving success, not -- outside of the holiday season as well and where's their relevance in the holiday season to really lean in further to those areas.

所以我們對即將採取的計劃充滿信心。我認為我們真正需要做的一件事——這個問題指的是在高峰期幾週內出現的一些激烈的競爭，而我們今年真正努力做的就是重新審視這些競爭，思考如何真正發揮我們的優勢，我們一直推動成功的戰略重點領域，不僅在節假日期間，而且在節假日期間，這些優勢和重點領域又有什麼意義，以便我們能夠進一步加強這些領域。

So we feel really confident about the plans. The team's ready to execute. And like I said, I think, we're lapping what were some structural headwinds last year or some other headwinds that we feel like we've addressed. And so we feel good heading into the holiday season.

所以我們對這些計劃非常有信心。團隊已經做好執行任務的準備。就像我說的，我認為我們已經克服了去年的一些結構性阻力或其他一些我們覺得已經解決的阻力。因此，我們對即將到來的假期充滿信心。

Excellent. Thank you, Sean. I'm going to stick with you again, and this is a question that I don't think you've seen yet. So why was tax expense and so high at $17.8 million eating up most of the $24.4 million income before tax. Can we expect high tax rates in the future?

出色的。謝謝你，肖恩。我還要再問你一個問題，我想你之前應該沒看過。那麼，為什麼稅項支出高達 1,780 萬美元，幾乎吞噬了稅前 2,440 萬美元收入的大部分呢？未來稅率會很高嗎？

Yeah, listen. I think our GAAP tax expense and our GAAP tax rate, to be honest, I think are difficult to understand quarter by quarter because of a number of things, both in our structure, but also the ways that the accounting rules require us to handle certain things quarter by quarter, especially with the seasonality of our profitability as well.

是的，聽著。說實話，我認為由於多種因素，包括我們的組織結構以及會計準則要求我們按季度處理某些事項的方式，我們的GAAP稅項支出和GAAP稅率很難按季度理解，尤其還要考慮到我們盈利能力的季節性波動。

And so the headline to your question is tax expense increased because our year-over-year increase in profitability. I would encourage you to focus more on cash taxes because I think that's both a more straight forward story, but also one that, as you think about how you model it, I think is one that you can more consistently model those economic drivers in relation to our profitability.

所以，您問題的重點在於：由於我們獲利能力年增，稅項支出也隨之增加。我建議您更多地關注現金稅項，因為我認為這不僅更容易理解，而且在您考慮如何建立模型時，我認為您可以更一致地模擬這些經濟驅動因素與盈利能力之間的關係。

And there, cash taxes were lower than the P&L expense, but they're higher year over year and we talked about this in some of our remarks at the end of July that we expected cash taxes to be higher this year and that was one of the principal drivers of that is that we received some refunds last year that won't repeat and so that was one of the drivers for Q1. But we do expect that for the full year, our cash taxes will increase, also driven by profitability increases that we expect this year as well.

而且，現金稅額低於損益表費用，但同比較高。我們在 7 月底的一些演講中談到過這一點，我們預計今年的現金稅款會更高，其中一個主要原因是，我們去年收到了一些退款，而這些退款不會再次出現，因此這是第一季的一個驅動因素。但我們預計，全年現金稅收將會增加，這也得益於我們預計今年獲利能力的提高。

Great. Thank you. That is all of the pre-submitted and live questions that we have received. So I'm going to turn things back to Robert to wrap the call up.

偉大的。謝謝。以上就是我們收到的所有預先提交和正在回答的問題。那麼，我將把發言權交還給羅伯特，讓他來總結一下這通通話。

Right. Thank you, Meredith. As I hope you've heard, Cimpress is off to a great start for fiscal '26, and we're progressing in the three key areas that I discussed briefly today. And we covered in much more detail, both in our Investor Day and in the July letter.

正確的。謝謝你，梅雷迪思。正如我希望你們已經聽到的，Cimpress 在 2026 財年開局良好，我們在我今天簡要討論的三個關鍵領域都取得了進展。我們在投資者日和7月份的信函中對此進行了更詳細的介紹。

So first, elevated products are driving a step function improvement to Cimpress's per lifetime customer value and that's especially true in Vistaprint. Second, we are capitalizing on our past and ongoing investments in our mass customization platform and our growing scale in elevated product categories to reduce our cost of goods sold and to increase the velocity of new product introductions.

首先，高階產品正在推動 Cimpress 的客戶終身價值實現階躍式提升，這點在 Vistaprint 上尤其明顯。其次，我們正在利用過去和現在對大規模客製化平台的投資，以及在高端產品類別中不斷擴大的規模，來降低銷售成本，並加快新產品推出的速度。

Third, shared technology, organizational delayering, simplification, and artificial intelligence are helping us to constrain operating expenses while improving our value that we deliver to our customers. And finally, we have a strong financial future with a clear path to fiscal '28 EBITDA at least $600 million accompanied by very significant debt deleveraging.

第三，共享技術、組織層級精簡、簡化流程和人工智慧正在幫助我們控制營運成本，同時提高我們為客戶提供的價值。最後，我們擁有強勁的財務前景，2028 財年 EBITDA 至少達到 6 億美元，同時債務槓桿率也將大幅下降。

So I'll wrap up by saying thank you to our investors for joining the call and thank you for continuing to entrust your capital with Cimpress. Have a great day.

最後，我要感謝各位投資人參加本次電話會議，感謝你們繼續將資金交給 Cimpress。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。