Vistaprint 2007 Annual Report Download - page 58

printing facilities, $15.9 million were related to construction and land acquisition costs at our printing
facilities and $11.6 million were related to purchases of information technology and facility related assets.
Cash used in investing activities in fiscal 2006 of $71.4 million was attributable to net purchases
of short-term marketable securities of $43.8 million resulting from the investment of a portion of the net
proceeds received from our IPO, capital expenditures of $24.9 million, and capitalized software and
website development costs of $2.7 million. Capital expenditures of $19.2 million during the period were
related to the purchase of print production equipment for our printing facilities located in Windsor,
Ontario, Canada and Venlo, the Netherlands, $2.9 million were related to purchases of information
technology assets and $1.4 million were for facility related assets.
Financing Activities. Cash provided by financing activities in fiscal 2007 of $12.7 million was
primarily attributable to the issuance of common shares pursuant to share option exercises of $13.7
million, offset by net payments in connection with our equipment loan facilities of $1.0 million
associated with the purchase of production assets for our Canadian and Dutch printing facilities.
Cash provided by financing activities in fiscal 2006 of $74.8 million was attributable to the net
proceeds received from our IPO of $61.4 million, partially offset by the payment of offering costs of
$1.4 million, net borrowings from equipment loan facilities of $8.2 million associated with the purchase
of production equipment for our Canadian and Dutch printing facilities and the issuance of common
shares pursuant to share option exercises of $6.6 million.
Contractual Obligations
Contractual obligations at June 30, 2007 are as follows:
Payments Due by Period
Total
Less
than 1
year
1-3
years
3-5
years
More
than 5
years
(In thousands)
Long-term Debt Obligations (1) .......................... $24,974 $3,202 $11,525 $ 6,102 $ 4,145
Operating Lease Obligations ............................ 46,113 4,025 9,115 9,359 23,614
Total .............................................. $71,087 $7,227 $20,640 $15,461 $27,759
(1) Long-term debt obligations excludes amounts payable for interest.
Long-Term Debt. In November 2003, VistaPrint B.V., our Dutch subsidiary, entered into a
5.0 million euro revolving credit agreement with ABN AMRO Bank N.V., a Netherlands based bank.
The borrowings were used to finance the construction of our printing facility located in Venlo, the
Netherlands. The loan is secured by a mortgage on the land and building and is payable in quarterly
installments of 62,500 euros ($84,600 at June 30, 2007), beginning on October 1, 2004 and continuing
through 2024. Prior to April 1, 2006, interest on the loan accrued at a rate equal to a EURIBOR rate
plus 1.15%. On April 1, 2006, we elected a fixed rate option and the interest rate was fixed at 5.20%
through April 1, 2016, at which time the rate will be reset. At June 30, 2007, there was $5.8 million
outstanding under this credit agreement.
In November 2004, VistaPrint B.V. amended the existing credit agreement with ABN AMRO to
include an additional 1.2 million euro loan. The borrowings were used to finance a new printing press
for the Venlo printing facility. The loan is secured by the printing press and is payable in quarterly
installments of 50,000 euros ($67,700 at June 30, 2007), beginning on April 1, 2005 and continuing
through 2011. Prior to April 1, 2006, interest on the loan accrued at a EURIBOR rate plus 1.40%. On
April 1, 2006, we elected a fixed rate option and the interest rate was fixed at 5.10% over the remaining
term of the loan. At June 30, 2007, there was $1.0 million outstanding under this amendment to the
credit agreement.
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