Vistaprint 2015 Annual Report Download - page 158

Download and view the complete annual report

Please find page 158 of the 2015 Vistaprint annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

46
Reconciliation of Non-GAAP Financial Measures (cont.)
Adjusted NOPAT
Annual, in $ millions
2013 2014 2015
GAAP operating income $46.1 $85.9 $96.3
Less: Cash taxes attributable to current period (see separate reconciliation below) $(14.0) $(20.1) $(25.0)
Exclude expense (benefit) impact of:
Amortization of acquisition-related intangible assets 10.9 12.
6
24.3
Earn-out related charges Includes expense recognized for the change in fair value of
contingent consideration and compensation expense related to cash-based earn-out
mechanisms dependent upon continued employment. (0.
6
)
2.2 15.3
Share-based compensation related to investment consideration 7.9 4.4 3.
6
Restructuring charges - 6.
0
3.2
Include: Realized gain (loss) on currency forward contracts not included in operating income - (
7
)
7.4
Adjusted NOPAT $50.3 $84.0 $125.1
Cash taxes attributable to current period (used in NOPAT)
Annual, in $ millions
2013 2014 2015
Cash taxes paid in the current period $13.7 $18.5 $14.3
Less: cash taxes related to prior periods (0.
5
)
(6.5
)
(5.
5
)
Plus: cash taxes attributable to the current period but not yet paid 2.9 6.0 6.
7
Plus: cash impact of excess tax benefit on equity awards attributable to current period $1.4 $5.6 12.9
Less: installment payment related to the transfer of IP in a prior year $(3.4) $(3.4) (3.4
)
Cash taxes attributable to current period $14.0 $20.1 $25.0