Vistaprint 2011 Annual Report Download - page 58
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Form 10-K
VISTAPRINT N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
2011 2010 2009
Year Ended June 30,
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 817,009 $ 670,035 $ 515,826
Cost of revenue (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,806 240,195 191,944
Technology and development expense (1) . . . . . . . . . . . . . 93,626 78,387 60,921
Marketing and selling expense (1) . . . . . . . . . . . . . . . . . . . 271,838 216,574 159,143
General and administrative expense (1) . . . . . . . . . . . . . . . 70,659 58,031 42,236
Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . 93,080 76,848 61,582
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435 441 1,725
Other expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,197 1,491 803
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 784 1,401
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . 91,122 75,014 61,103
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,013 7,273 5,417
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 82,109 $ 67,741 $ 55,686
Basic net income per share . . . . . . . . . . . . . . . . . . . . . . . $ 1.89 $ 1.56 $ 1.29
Diluted net income per share . . . . . . . . . . . . . . . . . . . . . . $ 1.83 $ 1.49 $ 1.25
Weighted average shares outstanding — basic . . . . . . . . . . 43,431,326 43,365,872 43,330,166
Weighted average shares outstanding — diluted . . . . . . . . . 44,951,199 45,336,561 44,634,191
(1) Share-based compensation is allocated as follows:
2011 2010 2009
Year Ended June 30,
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 686 $ 840 $ 745
Technology and development expense. . . . . . . . . . . . . . . . 4,178 5,790 5,053
Marketing and selling expense . . . . . . . . . . . . . . . . . . . . . 3,841 4,965 4,021
General and administrative expense . . . . . . . . . . . . . . . . . 12,972 10,785 9,654
See accompanying notes.
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