Cimpress cuts debt, lifts adjusted EBITDA, shrinking leverage to 3.5x

By Devika Patel

Knoxville, Tenn., Oct. 26 – Cimpress plc decreased its net leverage sequentially to just over 3.5x trailing 12 months EBITDA at the end of the last quarter and is making serious efforts to reduce debt and net leverage.

“We’ve been prioritizing a reduction in net leverage, and that’s happening at a good pace,” executive vice president and chief financial officer Sean Quinn said on the company’s first quarter ended Sept. 30 earnings conference call on Thursday.

On that note, the company repurchased over $20 million of notes last quarter and grew trailing 12 months adjusted EBITDA 68% since December.

“We purchased $21.2 million notional value of our 7% senior notes for $19.8 million during the first quarter,” management stated in a Wednesday letter to shareholders.

Trailing 12-month adjusted EBITDA as of Sept. 30, 2023 was $383 million, compared to $228 million as of Dec. 31, 2022.

Adjusted EBITDA grew $43 million year over year in the first quarter to $89 million.

Cash and cash equivalents were $125,199,000 as of Sept. 30, compared to $130,313,000 as of June 30.

Long-term debt was $1,594,942,000 as of Sept. 30, compared to $1,627,243,000 as of June 30.

Short-term debt was $10,877,000 as of Sept. 30, compared to $10,713,000 as of June 30.

Dundalk, Ireland-based Cimpress invests in and operates businesses that use mass customization to configure and produce small quantities of individually customized goods.

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