Cimpress plc (CMPR) Earnings Call Transcript & Summary

Welcome to the Cimpress Q4 Fiscal Year 2026 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 Keane, 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, the commentary and outlook, particularly at year-end. This live Q&A session will last about 45 minutes or so, and we'll answer both pre-submitted and live questions. You can submit questions 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 earnings document we published yesterday on our website. We also have published non-GAAP reconciliations for our financial results on our IR website, and we invite you to read all of those. So now I'll turn things over to Robert.

Hi, everyone. Thank you very much for joining us today, and it's great to be here. Meredith, thank you. I want to start with my perspective on the strong progress that we've made against the strategic and the operational themes that we've been pursuing for a while now. Then Sean is going to take you through our Q4 results and our updated guidance. We made great progress in fiscal 2026, right along the path that we've been describing for the past few years. That's true of our strategic objectives, manufacturing and supply chain excellence, elevated products and design enablement. And it's true of our ways of working, the handful of shared capabilities like our mass customization platform, our velocity and our efficiency. I gave a lot of examples in my annual letter, so I won't go through them again here, but I'd really encourage you to read it. It lays out these themes and where we're investing to grow revenue and take out cost. For those of you who have not yet read the letter, excuse me, there's one thing I want to call out, our new strategic partnership with Canva. Canva is one of the largest design platforms in the world, hundreds of millions of people use it every month. We've launched a first set of Vistaprint-branded products in Canada and the U.S. And by the end of September, we'll have expanded that range significantly, and we'll have gone live in more than 25 additional countries. Canva is a real leader in Artificial Intelligence, and Canva AI will plug directly into Cimpress systems. There's a deep technical integration. So a customer can go from a design prompt to a professionally produced print-ready Vistaprint product without ever leaving Canva. That gives us a meaningful new on-ramp to customers at scale, and it gives Canva a production partner it can trust for its print shop strategy. It's a real growth opportunity for both companies. The strategic partnership is in its early days, and we're excited about where this can go. I'm sure you'll have questions, but I'll tell you upfront, we can't share much more today because of the confidentiality terms of the partnership. One more piece of progress that's worth speaking about today is since our last call, we did close on the acquisition of Saxoprint. The logic here is simple. Saxoprint gives us a high capability focused production hub, exactly the kind of asset our cross-Cimpress fulfillment strategy is built on. It will strengthen PrintBrothers directly in the near term. And over the longer, I'd say, midterm, the value will extend beyond PrintBrothers across our European businesses. It's another deliberate step in building the shared production capabilities and capacity that make the whole of Cimpress network stronger. We're excited to have Saxoprint on our team. So let's step back to the big picture of where Cimpress is overall. First, the momentum we built this past year puts us in a strong position to deliver our profitability and free cash flow commitments through fiscal 2028. And the investments we're making will keep those metrics going well beyond 2028. Second, our competitive advantages are significant. We have thousands of talented, dedicated people, all pulling in the same direction on strategy, on operations, on our financial goals. And every year, we give our customers more value. No competitor matches our scale and none matches our ability or our willingness to keep investing in new product categories and in world-class manufacturing and supply chain. Third, ever since our start-up days, we've harnessed digital technologies and software to create real value for customers while driving down costs. And AI is going to be a very exciting next chapter in that long history. But here's the thing. We've always made our money by producing customized physical products better than anyone else. These are real tangible things. So even as AI speeds up the velocity with which we can create value and take out cost, it does not threaten our core economic engine. That engine is a huge growing range of customized physical products that we produce every day with high quality, low cost and fast turnaround. So to sum it up, Cimpress is executing well against the plans I laid out in my investor letter a year ago and which our executive team walked you through in more detail at our Investor Day last September. And those plans build on years of work and the investment before that. We're building real capabilities and real advantages, ones that let us serve customers better and keep up our multi-decade disruption of a very large, very fragmented market for customized marketing products and branded merchandise. Better profitability will show the intrinsic value that we're building per share. It will deliver it without ever losing sight of the long term. Our path ahead is clear. On the numbers, this progress has let us raise our at least target for 2028 -- fiscal 2028 to $615 million of adjusted EBITDA with free cash flow conversion of around 45%. Now let me be clear about why we share a multiyear EBITDA target. It is not because EBITDA is our top objective. It isn't. Our top objective is and has always been intrinsic value per share. We share EBITDA as a target because it's public, it's measurable. It's a milestone on the path to much higher cash flow per share, and it holds us accountable. And it gives you a concrete way to track our progress. And I want to be direct about this. We would not chase this target through decisions we thought sacrificed intrinsic value per share for the near term. We just wouldn't do that. But we strongly believe that we can see multiple years of EBITDA expansion compatible with our intrinsic value per share objectives. With that, I'll hand it over to Sean to walk through the quarter and our financial outlook for the next 2 years. Sean?

Great. Thanks, Robert, and thanks, everyone, for joining us today. As Robert said, fiscal year 2026 was a strong year for Cimpress. We're on the right path operationally. And importantly, we have cohesive plans for delivering on what we've laid out for the next 2 years in our fiscal '27 guidance and also our increased fiscal '28 targets. The full year revenue in fiscal 2026 reached $3.74 billion, up 10% on a reported basis and 4% on an organic constant currency basis. Adjusted EBITDA grew 6% for the year and that was getting us to $458.5 million in total. For Q4, consolidated revenue grew 9% on a reported basis and 3% on an organic constant currency basis. We continue to see good progress in our ability to better serve high-value customers. One of the best indications of that is the continued variable gross profit per customer growth in Vistaprint, which we've been reporting throughout this year, and that increased 9% year-over-year, continuing that multiyear trend. For the quarter, adjusted EBITDA was $120.4 million. As noted in yesterday's release, Q4 profitability was impacted by a few items outside of our core operations. We had $7.1 million in higher start-up costs for our North American manufacturing network build-out. We had $4.7 million write-off of Canadian duty drawback receivables that we're actively contesting after a long-standing ruling was revoked and that happened right at the end of the quarter. And we had $1.8 million of inventory write-downs and all that was partially offset by the IEEPA tariff refunds that we had in the quarter of $6.9 million. Relative to guidance, we came in below where we expected. The duty drawback topic, the inventory write-downs and also an adjustment that was necessary for variable long-term incentives all came up at the very end of the quarter. That was about $10 million of negative impact on adjusted EBITDA. We also had 2 other smaller items. The impact of currency was less favorable than we had expected just based on changes in rates from the end of April when we had updated guidance. And then we had transaction costs for the Saxoprint acquisition as well. The 2 of those combined are about $2 million. Candidly, that's a lot of noise there. As demonstrated from our go-forward guidance that I'll review in a moment, these topics don't change our charted profitability and cash flow growth path. Adjusted free cash flow was $70.5 million for Q4, and it was $122.4 million for the year. As we've discussed throughout the year, this reflects our higher manufacturing capital expenditures, all those to drive unit cost reductions and also expand elevated product capacity and capabilities. Net working capital was a significant inflow in Q4 as it normally is. But for the full year, the impact of net working capital was an $11 million use of cash, which we expected to be a small inflow for the year. That's just timing, nothing structural there, but that was the other impact relative to our full year guidance. We ended fiscal 2026 in a strong balance sheet position. Net leverage was 2.9x. Trailing 12 months EBITDA is calculated based on our credit agreement. That was consistent with what we guided to throughout the year, and that's down from 3.1x at the end of fiscal 2025. Our liquidity remains robust. We had $249 million in cash and cash equivalents at the end of the year. We also have our $250 million revolving credit facility. And I should note that we, during the quarter, closed on a new $1.1 billion Term Loan B that's now due 2033 and replaces our prior Term Loan B that was due in 2028. So turning to our outlook now. Our fiscal 2027 guidance reflects strong continued financial momentum and also significant growth in profitability and cash generation. Specifically, we expect reported revenue growth of at least 7% on an organic constant currency basis, that's 3%, net income of at least $125 million, adjusted EBITDA of at least $520 million, that represents over 13% growth year-over-year and then operating cash flow of approximately $370 million and adjusted free cash flow of approximately $200 million. That's also significant growth year-over-year. In the earnings document, we provided some additional commentary that you might find helpful just as the assumptions and context for our fiscal 2027 guidance. I'm not going to go through all that here, but I thought it might be useful to just provide a high-level bridge from where we ended up fiscal 2026 at $458.5 million of adjusted EBITDA to the guidance of at least $520 million for next year. And the first one is, as we noted in our release yesterday, the contribution from M&A. So we had a number of recent tuck-in acquisitions. We expect those to contribute $18 million to $21 million in incremental adjusted EBITDA growth. So that is the growth year-over-year. The revenue attached to those is $165 million to $175 million in fiscal '27. And all that incremental EBITDA is both the full year run rate earnings from the stand-alone businesses, but also the initial synergy realization as well, which we'll be ramping throughout the year. From a currency standpoint, we do expect currency to be favorable in fiscal '27. Based on current exchange rates and also our contracted hedges, currency is expected to provide $5 million to $10 million positive year-over-year impact on profitability, which that is contracted, so we have visibility to that. And then the remaining $31 million to $39 million of adjusted EBITDA growth comes from a combination of the contribution from organic growth, but also all the cost efficiencies that we're executing on as we've been outlining over the last year. And those cost efficiencies include both the structural cost of goods sold reductions that are driven by cross-Cimpress fulfillment and focused production hubs and also the investments that we've been making in -- throughout our production network, but also operating expense savings, including the full year impact of actions that have already been taken in fiscal '26. On the cash flow side, in fiscal ' 27, we expect CapEx and capitalized software will remain at similar levels to fiscal '26, while lower cash taxes and the adjusted EBITDA growth that I just outlined will drive the significant growth in adjusted free cash flow to the $200 million. Just quickly on the topic of tariffs as it relates to fiscal '27. The trade environment remains dynamic. There were 2 new U.S. tariff measures announced last week. The first one is a broad-based Section 301 tariffs of 10% to 12.5%. Those have already taken effect, and those replaced the 10% global tariff rate that had expired that same day that these went into effect. Our outlook had already assumed the 10% continuation of the Section 301 duties previously. And so this one is, in essence, built into our guidance. The second one is the 50% tariff on certain Canadian goods under Section 338, and those were announced to take effect on August 19. Given the implementation uncertainties, we haven't included those Section 338 tariffs in our guidance. But of course, we've been doing plenty of work on this. Our preliminary review shows that these duties would affect a small portion of products fulfilled in Canada for U.S. customers, and we're actively operationalizing supply chain and fulfillment adjustments to mitigate a substantial portion of any prospective cost impact. As hopefully, has been clear over the last 1.5 years, I think our team has done a great job being dynamic and addressing these changes as needed when they come up. Turning to our fiscal '28 targets. We remain confident, as Robert said, in our organic constant currency revenue growth expectation of 4% to 6%. But importantly, in yesterday's release, we raised our fiscal '28 profitability and cash flow targets to net income of at least $192 million, adjusted EBITDA raised to at least $615 million, up from our prior target of at least $600 million and then adjusted free cash flow conversion of approximately 45%, which is consistent with our prior guidance, but on the higher EBITDA base implies roughly $275 million in adjusted free cash flow. The primary driver of this target increase is a higher expected contribution from M&A compared to our prior remarks, and that's based on the transactions that have closed over the last few quarters. Otherwise, I'd say we remain on track for the other components required to deliver against this at least, and that's important at least target, namely the cost savings previously outlined, the runoff of plant start-up costs, which, as noted for fiscal '26 were sizable, the favorable currency impact and then the contribution from organic growth that's required to bridge the remainder. Achieving these targets will drive a meaningful reduction in our debt leverage as well. We continue to expect net leverage to decrease to approximately 2.5x exiting fiscal '27 on the way to be meaningfully below 2.0x by the end of fiscal '28, all subject to capital allocation choices such as share repurchases. With that, Meredith, why don't we open it up for questions?

Thanks, Sean. As a reminder, you can submit questions during this webcast via the questions and answers box at the bottom left of the screen. We also have pre-submitted questions, and then we'll mix some live questions in as well. We've had some overlapping questions. So let's jump to our first one. Robert, this one is going to be for you. Actually, there's a couple of questions on Canva, unsurprisingly. Robert, can you expand more on the economics and nature of the partnership with Canva? Why was now the time to enter this strategic partnership? And how big could the Canva strategic partnership be? How much does Canva benefit your FY '27 and FY '28 guidance?

Okay. Well, thank you. Let me start with the nature of the partnership. This is a deep technical integration. Both Canva and Cimpress, first and foremost, we worry about the value we bring to customers, empowering our customers to do great things that make them really proud of what they've designed and, in our case, printed. But right underneath that, supporting that commitment is incredibly high-quality software talent at both companies. And a key aspect of this partnership is that we have the technology chops, the technology talent to work as an equal partner with Canva. And our engineers are working together every day. We've actually built a dedicated team in Australia that includes great engineers who've been part of our tech team since we acquired 99designs 5 years ago. And that's really valuable to both parties, given that Sydney is the headquarters of Canva, and we are able to work very closely with them. So our ability to work at high speed and a tech talent equal differentiates us. I'd say that's the overwhelming nature of the partnership that you don't see from the service. Second, the nature of the partnership is this huge breadth of depth and products in markets and geographies across the world, including our brands, Vistaprint in the future, Printi in Brazil in the very near future that customers know and trust. And that's important for Canva, I believe, I can't speak for them in having brands that customers recognize and trust. So in summary, all of the organic investment and the acquisitions as well that we've done over the last 12 years have gotten us to a place where we've been in a very good position to work with Canva, and that includes our technology, our product and our service operations investments. As to why is this a good time now, and I'll say why is it good for both parties. Again, I can't speak for Canva, but I can say some things that are for us certainly and then what they've spoken about publicly. Both companies have in the past 2 years or so evolved how we think about this intersection of design and print. I wrote in the letter last night, we spoke last year at our Investor Day in September about design enablement. And we see the design is being democratized, that customers have a wide choice of design tools. They're certainly our own excellent print-focused tools, but they include third-party tools and increasingly generative AI. And they bring capability or choice to customers to design any way they want, and they can move fluidly. They want to move fluidly between these, and we recognize and embrace that kind of cross tool fluidity. So our aim is customer happiness rather than trying to lock anyone into our own proprietary tools. And hundreds of millions of customers per month design at Canva primarily for digital applications like social media and presentations, but clearly, many of them also want to produce physical manifestations of their designs. And Canva is, therefore, very important for us in our design democratization understanding. And I would add that Canva really is at the leading edge of bringing Artificial Intelligence capabilities into design. So again, sticking to the words you can see Canva say for themselves, they have at Canva Create, their annual launch event, spoken about a launch of Print Shop where they recognize print as an increasingly key aspect of their full suite of the types of products that they want to empower their customers to design on from presentations and social media and many other digital media, but including the physical world. And only Cimpress has the breadth, the depth, the quality, the cost-effective or the cost competitiveness and the geographic coverage of customized printed products. So again, I think from a -- why is a good time for both parties, we both had slight evolutions in our respective strategies at that intersection of print and design. As to economics, I noted in my comments, we can't share more today because of the confidential terms of the partnership and because it's in its early days. Just let me say that we think, and I believe Canva very much thinks this is an opportunity to provide great value to our customers and in doing so, to be very economically attractive to our shareholders. One thing which is obvious, so it's not confidential, but just to be clear, we do gain a major channel to reach customers that we haven't had before, and we think that is economically attractive. So I'll close by saying our past 10 or 12 years, we've been making huge investments in technology modernization in the mass customization platform and new product introductions and production efficiency and competitiveness and geographic expansion and moving towards higher-value customers. And I think that those investments are very healthy for Cimpress overall, but this Canva partnership is a third-party specialist expert evaluation of how valuable those investments have been. And so we think it, in many ways, reinforces our belief that we've been on the right path making these investments over the past years.

Thank you, Robert. Great. Next question that we had come in. Sean what are the drivers of growth acceleration between FY '27 and '28? Organic constant currency revenue growth of at least 3% in FY '27 and 4% to 6% in FY '28. Also, what accounts for the lowered net income guide for FY '28 to at least $192 million, it had been $200 million before.

Yes. Okay. On the growth side, I mean, I think, first of all, like when we set our guidance for fiscal '27, we want to set that at a level that we feel very comfortable with. And I think despite some of the noise at the end of Q4 there from an adjusted EBITDA perspective, you see this in terms of how we establish guidance in fiscal '26 and then performed against that. For recall, we started out fiscal '26 with revenue guidance growth of 2% to 3% organic, and we ended up at 4%. So as we enter fiscal '27, we want to take a similar approach. So for the growth rate, at least 3% that is -- that does imply a slight deceleration from what we did for the full year of fiscal '26. It is consistent with what we did for Q4. Again, we want to set that at the appropriate level. As we turn to fiscal '28, and we've been talking about 4% to 6%, what can drive that acceleration. I think there are a number of things. This isn't where I would naturally start, but given Robert was just talking about the relationship with Canva, of course, new channels like that would be one driver. But from an organic perspective, we've been making a lot of investments. It was a big CapEx year in fiscal '26. It will be another big CapEx year in fiscal '27. A lot of that is for efficiency drivers, but there's a big part of it that is also for growth drivers in terms of expanding our elevated products, capabilities and capacity, things like pushing further into packaging, for example, is a great example of a new growth driver. So that is really what drives the organic acceleration. It is the continued push into -- further and further into elevated products. As we do that, we're almost sort of entering into new markets within the context of our total addressable market and then the new channels, like I said, like Canva as an example. On the net income front, to be honest, there's not much to read into that. The net income, even though we've increased our fiscal '28 adjusted EBITDA target, the net income as a starting point went down a little bit. There's a few pieces to that just in terms of our GAAP results. There's a little bit of higher depreciation, but there's amortization from the recent M&A that we've done. There's some small changes to our GAAP tax expense, but that doesn't flow through to changes in our cash taxes. So I really wouldn't read too much into that, just some small tweaks from a GAAP perspective.

Thank you, Sean. All right. Robert, a couple of questions for you on the topic of mergers and acquisitions. First, what have been the main lessons from past M&A successes and failures? And how does that relate to why the M&A that we did in FY '26 made sense? And how should we think about the shift to more M&A in FY '26 compared to '24 and '25? Is there now an opportunity set that has opened up that didn't exist before? Or was it simply that there were other capital allocation opportunities that were more compelling in FY '24 and '25, for example, share repurchases?

Okay. Let me start with the lessons and start with the lessons of our mistakes, which are -- we don't have time on the call to go through all my mistakes in my life, but let's talk about M&A. I think, one, don't stray into digital or into new geographies where both of those really didn't match what we were excellent at. Let me talk about digital. Over the multiple decades, as you followed us, we've been attracted to Webs, it's websites, ourselves, Depositphotos and Crello, which is now VistaCreate because it was obvious to us from a customer need that customers wanted to design and protect their brand and their image in digital spaces as well as in physical spaces. And we just found in retrospect, the competition there, the focus needed there, we did not have the capabilities to really lead and frankly, the valuations of those markets for acquisitions are very elevated. And so we found that those didn't work. And then I'd say geographically, although today, we're very optimistic about what we're doing in Brazil, in India, especially with the partnerships with people at Canva, the economics there have been very tough for us. And I'd say that we also -- for those again who followed us for multiple decades, our early attempts to go into China and Japan, just really made it -- I think we were not successful. So stick to our knitting of print in geographic markets where we already are there. So where have we been really successful? I think it's been a great way to bring in capabilities of just product and talent that we don't have or to strengthen talent and product ranges we have. Examples of that are certainly getting into Upload & Print, which today is really a critical part of our business and a very important part and growing part of Cimpress overall, getting into packaging, promotional product areas where we've just seen -- although we've talked about National Pen not being the type of ROI we really would have wanted to have. When you actually look at the nonquantifiable benefits of getting into a very strong supply chain for promotional products, it's been very helpful. So I think its capabilities are building the product. And an important lesson is avoid paying anything other than very reasonable multiples of cash flow and EBITDA. And I think that maybe is a lesson that applies to anyone in any M&A world. So how do we think about the shift towards this? I wouldn't call it a shift. I think there are many different opportunities in the spectrum of capital allocation we have ranging from just keeping dry powder for future to share buybacks to organic investment. We do think about those all as fungible. The types of acquisitions we've been doing right now, and I think that very much represent what we'd be doing in the future are tuck-in acquisitions where we're buying relatively small businesses directly related to what we do as a business in the areas I just mentioned. And I think our future acquisitions to the extent we do them, will follow that pattern.

Thank you, Robert. All right. Moving on to a question for Sean. Sean, can you clarify or expand on expectations for incremental returns on invested capital organically and via M&A, especially as CapEx normalizes working capital as a source of funds in the coming years?

Sure. And I think the reference to working capital and CapEx normalization is just -- I think that speaks to the kind of access to capital that we'll have beyond fiscal '28. So the -- I think in terms of organic incremental returns, one, we've been very happy with what we've been seeing, including in the fiscal '26 organic investments that we've been making, CapEx and manufacturing and supply chain being probably the main domain where those investments are being made, but it's, of course, not exclusive to that. When you look at the results, our aggregate results get weighed down by things like the start-up costs that are attached to that, that have a near-term impact on earnings. But as we deliver on both the cost reductions that we've outlined, as some of those start-up costs come off, as we make more progress pushing into elevated products, growing with high-value customers, I think those strong returns on the organic investments that we've been making recently will start to shine through a bit more, and that's actually a big part of the fiscal '28 targets that we have, starting to really see that come through and also see that come through in the form of higher EBITDA margins because the incremental returns on organic investment have more impact. And I think at a consolidated level, like I said, that sometimes gets -- that gets blended in also with parts of the business that have less growth. We talked about legacy products in some places declining. And we'll see more impact from the incremental returns on invested capital organically that we've been doing, but also from an M&A perspective. At our last Investor Day, we shared on the CapEx side, which is a big part of those investments, some specific examples of the return on invested capital for those investments. And you can see, if you look back to those, they're generally 20%-plus type returns. Many of them also quite fast paybacks. And so these are pretty obvious investments that we would want to continue to make, and we think we'll have continued opportunities to make well beyond fiscal '28 from a CapEx perspective. On the M&A side of things, we've said that for the recent M&A that we've done, I think we said this for each of the 4 that we've announced over the last 6 to 8 months or so that we expect to generate base case returns on capital that are well in excess of 20%. And I think that for the those types of tuck-in acquisitions, and Robert just talked about some of the learnings that we've had on the M&A front, I think that's a pretty fair benchmark for what we would expect as we think about both the stand-alone businesses, but also the synergies we can bring. And we do plan to go through this in a bit more detail on our September Investor Day, just explaining kind of the economics of these tuck-in acquisitions and giving you some of the kind of archetypes of what we think makes sense, but also going through some of the numbers of recent ones that we've done, so you can see what the returns have been there. And then I think as we get out to fiscal '28 and free cash flow increases, I think this maybe is the point of the question, you combine that with lower net leverage, we'll have ample capital to reinvest, whether it be in organic investments, whether it be in some tuck-in M&A, share repurchases, we can pay down debt and we'll be patient on that, and we'll evaluate all those opportunities on a relative basis. But we think that there's a -- there are -- we kind of like these layers of possible avenues to reinvest capital at high rates after fiscal '28 when we'll have a lot more available capital to do so.

Thank you, Sean. All right. We've had some questions on our market opportunity and our future opportunity. So I've got a representative one that covers all the bases here for you, Robert. Can you provide some color on the runway and length of time you see beyond FY 2028 in terms of continued growth in cash flow per share as you address the TAM that you've outlined in past Investor Days. Conceptually, is this TAM growing or declining over time? And does it even matter given the degree of white space?

Thank you. We see a long runway for continued cash flow growth well beyond 2028. And we're going to be leveraging our competitive scale across this huge market. I'll come back to the TAM in one moment, but the investments we've made over the past several years over the past decade in modernizing our technology, in repositioning Vistaprint, moving into elevated product categories really position us to sustain growth past our fiscal '28 targets in n terms of EBITDA, but also cash flow. And the direction of cash flow will clearly be up and to the right as far as we believe. And there will probably be annual fluctuations, especially in cash flow, but we definitely also believe that we are going to be able to avoid the major cash flow swings that we've seen in the past 5 to 7 years, which we had as we navigated the pandemic, the subsequent supply chain inflation. And while doing so, said we were going to continue on our commitment to invest in tech migration and the repositioning of Vistaprint during that -- those tough times. So I think looking forward to that continued growth in cash flow per share definitely up to the right with much less volatility than we've seen in the past, although some annual fluctuations in cash flow, I think, are probably part of that. But we're very optimistic. As to our TAM, you're right. It's about what we see. It is what we think it's been for quite some time, roughly $100 billion. But there are underlying product categories that are shifting. So products like promotional products, logo apparel, packaging are pretty much growing with GDP at the market level. We're growing much faster than that, whereas legacy print categories like business cards or flyers are slowly declining. But when you put all that together, the market is steady to slightly growing. And our investments in moving into elevated products are really getting us into a lot of those markets that are not facing the headwinds we see in some of our legacy products. We're also getting into markets that are much less penetrated from an online perspective. So that's why we really believe the wallet share of our existing customers is a big driver of how we can drive into that TAM as well as, of course, getting to new customers, including our own customer acquisition channels and partnerships like we are doing with Canva. So I agree with your question, which said something to the fact that given the size of this white space doesn't really matter. It doesn't really matter. We're a roughly $4 billion company over the coming 12 months and $100 billion market. So what's most critical is continuing our low-cost producer status through manufacturing efficiencies and scale and having incredible customer value across the user experience.