Vistaprint 2014 Annual Report Download - page 90

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86
The following table summarizes the restructuring activity for the year ended June 30, 2014:
Employee
Termination
Benefits
Facility Termination
Costs
Accrued restructuring balance as of June 30, 2013 . . . . . . . . . . . . . . . . . . . . . . . $—$—
Restructuring additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,238 270
Cash payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,706) (270)
Accrued restructuring balance as of June 30, 2014 . . . . . . . . . . . . . . . . . . . . . . . $ 2,532 $ —
During the year ended June 30, 2014 we recognized restructuring expense of $3,164 in general and
administrative, $1,274 in technology and development expense, $1,317 in marketing and selling expense and $225
in cost of goods sold. We do not expect to incur any additional costs related to these activities in future periods,
however estimates may change which could result in additional expense.
20. Quarterly Financial Data (unaudited)
Year Ended June 30, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 275,089 $ 370,807 $ 286,185 $ 338,156
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,790 120,789 100,903 133,611
Net income attributable to Vistaprint N.V. . . . . . . . . . . . . . . 412 40,875 1,375 1,034
Net income per share attributable to Vistaprint N.V.:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.01 $ 1.24 $ 0.04 $ 0.03
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.01 $ 1.18 $ 0.04 $ 0.03
Year Ended June 30, 2013 First Quarter Second Quarter Third Quarter Fourth Quarter
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 251,416 $ 348,312 $ 287,684 $ 280,066
Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,027 114,150 99,107 99,009
Net income (loss) attributable to Vistaprint N.V. . . . . . . . . . (1,696) 22,960 5,866 2,305
Net income (loss) per share attributable to Vistaprint N.V.:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(0.05) $ 0.69 $ 0.18 $ 0.07
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(0.05) $ 0.66 $ 0.17 $ 0.07
Basic and diluted net income (loss) per share attributable to Vistaprint N.V. are computed independently for
each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not
equal annual basic and diluted net income per share.
21. Subsequent Events
On July 1, 2014 we acquired 100% of the outstanding shares of Fotoknudsen AS, a Norwegian consumer
photo product company. At closing we paid €14,045 in cash ($19,224 based on the exchange rate as of the date of
acquisition), subject to working capital and other adjustments. We utilized proceeds from our credit facility to finance
the acquisition.
On August 7, 2014 we made a capital investment in Printi LLC, which operates in Brazil through a
subsidiary. We paid $8,210 in cash, resulting in a 41.6% equity interest with options to increase our ownership
incrementally over 9 years. This investment provides us access to a new market and an opportunity to drive longer-
term growth in Brazil.