Cimpress plc

Good day and thank you for standing by. Welcome to the Sympress Q4 fiscal year 2025 earnings call. I will now introduce Meredith Burns, Vice President of Investor Relations and Sustainability.

Thank you, Ari, and thank you everyone for joining us. With us today are Robert Keene, our Founder, Chairman, and Chief Executive Officer, and Sean Quinn, our 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 or so and will answer both pre-submitted and live questions. You can submit questions live via the 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 also have published non-GAAP reconciliations for our financial results on our website, and we invite you to read them. So now I will turn things over to Robert.

Thanks, Meredith. Thank you to all our investors for joining us today. Yesterday, we published two documents, our Q4 and FY25 earnings document, as well as our annual letter to investors. Sean is going to cover details of the earnings document. I will start with a quick review of that annual letter. To start off, Sympress is a profitable global company that helps millions of businesses build brands, stand out, and grow. And our consistent investment for the long term has led to production capabilities, to technology, and to service capabilities that tower above other firms in the printing or related industries. And no competitor has our scale, our global reach, or Sympress's wide array of products. The biggest near-term challenge we face is that we are in a major transition in terms of what product categories drive our success. This transition dilutes our near-term growth rate and profit percentage margins. but we believe it will lead to a future of steady growth of gross profit dollars and much higher per customer lifetime value. In summary, we are succeeding in this transition. Since at least 2022 in our annual investor days and in other investor forums, we've discussed key components of this transition. First, the large opportunity for categories like packaging, promotional product, apparel labels signage booklets catalogs magazines and books these can more offset the maturation of categories like business cards and other legacy products second we've spoken about how we have been consistently investing in manufacturing in new product introductions in design enablement technology and importantly, in an improved customer experience, all of that investment designed to capture the opportunity I just described. Third, the value and the profit growth of high-value customers across SYNPRESS has been something we've described, including, for example, speaking about the top several deciles of VISTA's customers. That being said, do recognize that many investors don't fully appreciate either this transition's success to date or its promise for tomorrow, and that we've failed to give specific enough data to model its impact. That's why in this year's letter to investors, we provide quantified examples of the successes we've been delivering in large, new, elevated product categories. Yesterday's letter also includes a table of revenue share, revenue growth, and variable gross margins by product category for fiscal 2025, which should help you model our business. The examples and the data in that letter illustrate that CINPRESS is successfully building on our long-term foundational capabilities, which have traditionally addressed only a small portion of our total addressable market via our legacy products. Thanks to our continuously expanding product range and our investment in an improved customer experience, we are successfully earning customer trust for a much larger share of their print and promo wallet, and they are becoming much higher lifetime value customers for Sympress. This expansion of our capabilities in elevated products and Importantly, the associated rise of lifetime value promises to extend Sympress' multi-decade market disruption. That disruption is transforming a fragmented traditional print and promo landscape which has tens of thousands of small job shops and small distributors towards a future of a limited number of larger firms of which Sympress is the clear market leader who master mass customization and web to print. As we've conveyed many times before, we estimate that our total addressable market in Europe, North America, and Australia exceeds $100 billion per year, and that more than 60% of that market value is still served by those traditional suppliers. Within this context of market opportunity, this year's annual letter discussed the strategic and financial logic which led us to invest in fiscal 25 and why we plan to invest in fiscal 26 at levels of capital expenditures and capitalized software that are well above maintenance levels. In brief, we believe that these investments will not only accelerate our momentum in elevated products and in higher lifetime value customers, but we also believe that they will allow us to deliver cost reductions worth about $70 to $80 million of incremental annualized adjusted EBITDA improvements by the end of fiscal 27, above and beyond what we would otherwise do. On top of our well-established traditional legacy products, we see that Sympress' successful expansion to elevated products and higher value customers offers a future of significantly increased cash flow per share, yet our equity valuation does not reflect that perspective. Now, we certainly seek to close that value gap over time by delivering revenue and profit growth, by being rigorous in our capital allocation, by clearly communicating to investors tangible examples of progress and of return on investment, and of providing disclosure that allows you to track and understand this progress. In the meantime, if our shares continue to trade at these levels, we see this as an opportunity to take advantage of the price-to-value gap through share repurchases like we have just done in the past quarter, even as we maintain a strong balance sheet. Now, I'll turn things over to Sean to discuss the financial results and the outlook commentary.