Vistaprint 2012 Annual Report Download - page 58
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54
VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
Year Ended June 30,
2012 2011 2010
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,020,269 $ 817,009 $ 670,035
Cost of revenue (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355,205 287,806 240,195
Technology and development expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,162 93,626 78,387
Marketing and selling expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375,538 271,838 216,574
General and administrative expense (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,190 70,659 58,031
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,174 93,080 76,848
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 435 441
Other income (expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,350 (2,197) (1,491)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,871 196 784
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,845 91,122 75,014
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,851 9,013 7,273
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43,994 $ 82,109 $ 67,741
Basic net income per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.16 $ 1.89 $ 1.56
Diluted net income per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.13 $ 1.83 $ 1.49
Weighted average shares outstanding — basic . . . . . . . . . . . . . . . . . . . . . . . 37,813,504 43,431,326 43,365,872
Weighted average shares outstanding — diluted . . . . . . . . . . . . . . . . . . . . . . 38,953,179 44,951,199 45,336,561
____________________________________________
(1) Share-based compensation is allocated as follows:
Year Ended June 30,
2012 2011 2010
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $329$686$840
Technology and development expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,171 4,178 5,790
Marketing and selling expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,692 3,841 4,965
General and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,221 12,972 10,785
See accompanying notes.