Vistaprint 2011 Annual Report Download - page 3

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Dear Fellow Shareholder:
Vistaprint delivered strong financial results in fiscal year 2011, with revenue of $817 million and
U.S. GAAP earnings per share of $1.83. Compared to the prior fiscal year revenue grew 22
percent while earnings per share grew 23 percent. Cash from operations was also strong at
$162.6 million. High return on invested capital reflected the positive financial payback on past
investments.
Operationally we also performed well last year. We acquired over 7.4 million new customers
and grew our unique customer count to 11.4 million. Average bookings per customer increased
to $72 for the year. Our revenue from non-U.S. markets grew 29 percent as we continued to
capture share in Europe and Asia Pacific, a testament to the focus we have placed on building
our teams around the globe and expanding our geographic reach over the years.
Importantly, last year we also began to execute on initiatives that we believe will drive higher
revenue growth, build scale, and drive competitive advantage. We believe that improving the
customer experience, extending customer reach through lifetime value based marketing, and
driving further efficiencies and quality via manufacturing and engineering efforts will help us to
capture the large opportunity still ahead of us. We have adjusted our investment strategy in
order to fund robustly these and other operating strategies. We expect that this new investment
approach will result in a material reduction in earnings in fiscal year 2012. However, we believe
that by investing strongly in our operational strategies we will improve our long-term revenue
and earnings growth. To reflect this belief, we have introduced targets for fiscal 2016 of
revenue of at least $2 billion and U.S. GAAP earnings per share of about $5.00.
Neither the strong year we just delivered nor our plans to build a bigger, stronger company for
the future would be possible without our talented and dedicated employees. Vistaprint employs
over 2,800 people in 12 countries, and their drive and commitment are invaluable. As CEO of
the company, I thank them all for their contributions.
I have always had high expectations for Vistaprint and I continue to believe that each year we
make progress toward building a transformational and enduring business. Our strong record
over the years reinforces our belief that the right thing to do is to continue to invest decisively so
as to build even greater value for our customers, our employees, and our shareholders.
Yours very truly,
Robert S. Keane
Chairman of the Management Board, President and CEO
Special Note Regarding Forward-Looking Statements
The statements in this letter concerning our expectations for the future growth and development of our business constitute forward-
looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including
but not limited to statements about our five-year revenue and earnings per share targets, our planned investments in our business
and the anticipated effects of those investments. Our actual results may differ materially from those indicated by these forward-
looking statements as a result of various important factors, including but not limited to those contained in the Risk Factors section of
this Annual Report.