Vistaprint 2012 Annual Report Download - page 20

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revenue or EPS growth as anticipated. Some of the factors that could cause our investment strategy and our overall
business strategy to fail to achieve our objectives include, among others:
• our failure to adequately execute our operational strategy or anticipate and overcome obstacles to
achieving our strategic goals;
• our failure to make our intended investments because the investments are more costly than we
expected or because we are unable to devote the necessary operational and financial resources;
• our inability to purchase or develop technologies and production platforms to increase our efficiency,
enhance our competitive advantage and scale our operations;
• the failure of our current supply chain to provide the resources we need and our inability to develop
new or enhanced supply chains;
• our failure to acquire new customers and enter new markets, retain our current customers, and sell
more products to current and new customers;
• our failure to promote, strengthen, and protect our brands;
• the failure of our current and new marketing channels to attract customers;
• our failure to manage the growth and complexity of our business and expand our operations;
• our failure to realize our net income margin goals due to higher than expected costs or taxes;
• our failure to acquire businesses that enhance the growth and development of our business or to
effectively integrate the businesses we do acquire into our business;
• unanticipated changes in our business, current and anticipated markets, industry, or competitive
landscape; and
• general economic conditions.
In addition, projections are inherently uncertain and are based on assumptions and judgments by
management that may be flawed or based on information about our business and markets that may change in the
future in ways that may be beyond our control. Our actual results may differ materially from our projections due to
various factors, including but not limited to the factors listed immediately above; currency exchange fluctuations,
which may affect our revenues and costs; changes in the laws and regulations or in the interpretations of laws and
regulations to which we are subject, including tax laws, or the institution of new laws or regulations that affect our
business; costs and judgments resulting from litigation; and costs and disruptions caused by acquisitions.
If our strategy is not successful, or if there is a market perception that our strategy is not successful, then
our revenue and earnings may not grow as anticipated or may decline, we may not be profitable, our reputation and
brand may be damaged, and the price of our shares may decline. In addition, we may change our financial strategy
or other components of our overall business strategy if we believe our current strategy is not effective, if our
business or markets change, or for other reasons, which may cause fluctuations in our financial results and volatility
in our share price.
We may not succeed in promoting and strengthening the Vistaprint brand and the brands of our acquired
companies, which would prevent us from acquiring new customers and increasing revenues.
A primary component of our business strategy is to promote and strengthen the Vistaprint brand and the
brands of our acquired companies in order to attract new and repeat customers to our websites. In addition to the
challenges posed by establishing and promoting our brands among the many businesses that promote products
and services on the Internet, we face significant competition from other companies in the various markets we serve