Cimpress plc

Welcome to the SEMPRESS Q1 Fiscal Year 2025 Earnings Call. I will introduce Meredith Burns, Vice President of Investor Relations and Sustainability.

Thank you, Michelle, and thank you, everyone, for joining us. And happy Halloween to those who celebrate. With us today are Robert Keene, our Founder, Chairman, and Chief Executive Officer, and Sean Quinn, EVP and Chief Financial Officer. We appreciate the time that you've dedicated to understand our results, commentary, and outlook. This live Q&A session will last about 45 minutes and will answer both pre-submitted and live questions. You can submit questions via the live questions and answers box at the bottom left of the screen. Before we start, I'll note that in this session we will make statements about the future. Our actual results may differ materially from these statements due to risk factors that are outlined in detail in our SEC filings and the documents we published yesterday on our website. We have also published non-GAAP reconciliations for financial results on our website as well. We invite you to read them. And now I will turn things over to Robert.

Thank you, Meredith. Thank you to all of you for joining us. Sean, in a moment, is going to speak about our first quarter financial results. But first, let me share some personal insights on how, across CIMPRESS, our talented and our engaged team members are driving significant customer value and efficiency through focused execution. And this call in particular is a great time to do so because I personally have just spent the month of October visiting over 20 different SimPress locations across North America and Europe. And the observations I want to share with you today are coming really straight from the front lines. So first of all, we are continually improving our customer experience. For example, in the past week, I sat side by side with team members from product development, with frontline designers, with service team members, who all showed me improvements they're driving to things like file revision and design creation and file upload processes. And as an even more specific example, in one sit-down session, I was with one of our designers in our team in Tunisia, and he was designing beautiful product labels for a high-value customer in our upload and print group who was extending her line of aromatherapy products. And these are capabilities we simply didn't have a few years ago. Second, we are driving efficiency, improving quality, increasing speed of delivery across the value chain. And as part of that month of travel, I was at about a dozen of our production facilities. No matter what size of facility or what product focus, team members consistently demonstrated a combination of continuous improvement and capital investment, which together are reducing costs and improving quality. Third, we are growing lifetime customer value, the lifetime value of our customers, as well as our revenues through more complex products and supporting those complex products with customer experience improvements. For example, I visited our team in Europe who is responsible for flexible packaging and our U.S. team who's leading our drive into corrugated packaging. Both of these are small currently, but they're potentially large product categories in which we're currently growing at well over 25% a year. And the average lifetime value of these customers is many times our typical or our average customer. And almost all of these packaging customers are small and medium-sized businesses who form the core of Sympress's total addressable market. Fourth, I really saw firsthand how Vista has continued building momentum based on the foundations we've been investing in for five years or more. And that includes a modern, flexible technology and data infrastructure, the strengthening of Vista's product development capabilities, and repositioning of Vista print away from the previous discount-driven brand image. And the results are really an improved customer experience that attracts and retains high-value customers. During my travels, team members who are part of the Vista teams who are driving growth in packaging and logo apparel and large format walked me through production floor operations where I could personally touch and feel these gorgeous quality products of countless real-life customers in these important growth categories. And last but not least, across all my visits, I saw how our select few shared strategic capabilities are really deeply integrated into the ways of working. They're helping us drive customer value and competitive advantage. As one of two examples I'll describe, I was at a equipment supplier with a capital equipment specialist from our global procurement team and multiple leaders from two different reporting segments. And we were at a half-day deep dive at the engineering facility of an innovative equipment supplier with whom we are working to develop yet even more innovation applications for a new product category we're working on. And likewise, in all my visits to our facilities, I saw how businesses are leveraging MCP's functionality for artwork, for e-commerce, for fulfillment operations, for cross-SIMPRESS fulfillment, and for data. So three months ago, SIMPRESS completed our record-best fiscal year in terms of revenue and profitability. And looking forward, the type of focused execution that I'm describing today, which I personally saw over the last month, and our clear and consistent strategy makes us confident that in fiscal 25, we're going to again set new records for both revenue and profits. More importantly, The type of frontline talent and the initiatives that I've had the pleasure of seeing reassure me that for many years to come, we can relentlessly improve the value we deliver to our customers and strengthen our print mass customization capabilities. And in doing so, we expect to continue to earn market share gains in this very large fragmented landscape where traditional competitors still account for the majority of the market. With that, Sean, let me turn it over to you to talk about our first quarter financial results.