Vistaprint 2010 Annual Report Download - page 48

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2010 2009 2008 2007 2006
As of June 30,
(In thousands)
Consolidated balance sheet data:
Cash and cash equivalents . . . . . . . . . . $ 162,727 $ 133,988 $ 103,145 $ 69,464 $ 64,653
Marketable securities . . . . . . . . . . . . . . 9,604 — 26,598 38,578 43,474
Property, plant and equipment, net. . . . . 249,961 193,622 154,520 106,192 50,311
Total assets . . . . . . . . . . . . . . . . . . . . . 477,889 369,549 315,952 234,853 171,392
Total long-term debt, net of current
portion . . . . . . . . . . . . . . . . . . . . . . — 10,465 19,507 21,772 23,046
Total shareholders’ equity . . . . . . . . . . . 376,114 285,534 242,505 176,060 123,984
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
The following discussion and analysis of the financial condition and results of our operations
should be read in conjunction with the consolidated financial statements and the notes to those
statements included elsewhere in this Annual Report. This discussion contains forward-looking
statements that involve risks and uncertainties. Our actual results could differ materially from those
discussed below. Factors that could cause or contribute to such differences include, but are not limited
to, those identified below, and those discussed in the section titled “Risk Factors” included elsewhere
in this Annual Report.
Executive Overview
In 2010, we reported 30% revenue growth to $670.0 million. Diluted earnings per share (“EPS”)
grew 19% to EPS of $1.49.
Our long-term goal is to continue to grow profitably and become the leading online provider of
micro business marketing solutions. We believe that the strength of our solution gives us the
opportunity not only to capture an increasing share of the existing printing needs in our targeted
markets, but also to address marketing services demand by making available to our customers cost-
effective solutions to grow their businesses. In order to accomplish this objective, we intend to execute
on the following:
Provide “All Things Marketing” for Micro Businesses
We believe our customers currently spend only a small portion of their annual budget for
marketing products and services with us. By expanding the scope of our services and by improving
the quality and selection of our products and services along with the customer experience, we intend
to increase the amount of money our customers spend with us each year. During fiscal year 2010, we
added personalized notebooks, mugs, on-line search profiles, new business card options, ladies’ t-
shirts, stickers, mailing labels and other offerings. We also acquired Soft Sight to support future entry
into the custom embroidered product market. We plan to continue to expand and enhance our product
and service offerings in order to provide a greater selection to our existing customers and to attract
customers seeking a variety of products and services. Additionally, by continuing to improve our
customer acquisition and retention marketing programs, our customer service, sales and design
support, and our value proposition, we seek to increase the number of products purchased by each
customer.
Expand Global Reach
For the fiscal year ended June 30, 2010, revenue generated from non-United States websites
accounted for approximately 45% of our total revenue. We believe that we have significant opportunity
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