Vistaprint 2014 Annual Report Download - page 149

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Non-GAAP Reconciliation
Free Cash Flow per Share
In thousands except per share data ($ USD)
About Non-GAAP Financial Measures
To supplement Vistaprint’s consolidated financial statements presented in accordance with U.S. generally
accepted accounting principles, or GAAP, Vistaprint has used the following measure defined as non-GAAP
financial measures by Securities and Exchange Commission, or SEC, rules: free cash flow per share, defined as
net cash provided by operating activities minus purchases of property, plant and equipment minus purchases of
intangible assets not related to acquisitions minus capitalization of software and website development costs,
divided by Non-GAAP diluted weighted average shares outstanding, which excludes the impact of unamortized
share-based compensation included in the calculation of GAAP diluted weighted average shares outstanding.
The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute
for the financial information prepared and presented in accordance with GAAP. For more information on these non-
GAAP financial measures, please see the table below, which has more details on the GAAP financial measure that
is most directly comparable to non-GAAP financial measure and the related reconciliation between these financial
measures.
Vistaprint’s management believes that this non-GAAP financial measure provides meaningful supplemental
information in assessing our performance and liquidity. This non-GAAP financial measure also has facilitated
management’s internal comparisons to Vistaprint’s historical performance and our competitors’ operating results.
2006 2007 2008 2009 2010 2011 2012 2013 2014
Net cash provided by
operating activities $34,637 $54,240 $87,731 $120,051 $153,701 $162,634 $140,641 $140,012 $148,580
Purchase of property,
plant, and equipment (24,929) (62,845) (62,740) (76,286) (101,326) (37,405) (46,420) (78,999) (72,122)
Purchases of intangible
assets not related to
acquisitions - - (1,250) - - (205) (239) (750) (253)
Capitalization of software
and website development
costs (2,656) (4,189) (5,696) (7,168) (6,516) (6,290) (5,463) (7,667) (9,749)
Free Cash Flow $7,052 ($12,794) $18,045 $36,597 $45,859 $118,734 $88,519 $52,596 $66,456
Weighted average shares
used in computing Non-
GAAP EPS* 42,651 45,825 46,780 45,099 45,989 45,448 39,426 35,201 34,793
Free cash flow per share $0.17 ($0.28) $0.39 $0.81 $1.00 $2.61 $2.25 $1.49 $1.91
* GAAP weighted average diluted shares have been used in FY 2006 and FY 2007 calculations, as Non-GAAP
share count is not available.