 Q1 Fiscal Year 2014 Earnings Presentation, Commentary & Financial Results Supplement October 29, 2013 Exhibit 99.2 |
 Safe Harbor Statement 2 This presentation and the accompanying notes contain statements about our future expectations, plans and prospects of our business that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including but not limited to our financial guidance, outlook, expectations, and investment areas for the fiscal year 2014; our planned investments in our business and the anticipated effects of those investments; and the anticipated development of our business, markets, and financial results in fiscal 2014 and beyond, including the impact of our hedging activities. Forward-looking projections and expectations are inherently uncertain, are based on assumptions and judgments by management, and may turn out to be wrong. Our actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our projections and guidance are based; our failure to execute our strategy; our failure to make the investments in our business that we plan to make or the failure of those investments to have the effects that we expect; our failure to identify and address the causes of our revenue weakness in Europe; our failure to acquire new customers and enter new markets, retain our current customers, and sell more products to current and new customers; the willingness of purchasers of marketing services and products to shop online; currency fluctuations that affect our revenues and costs, including the impact of our currency hedging strategies; costs and disruptions caused by acquisitions; the failure of our acquired businesses to perform as expected; unanticipated changes in our market, customers or business; our failure to promote and strengthen our brand; the failure of our current and new marketing channels to attract customers; our failure to manage the growth, changes, and complexity of our business and expand our operations; competitive pressures; our failure to maintain compliance with the financial covenants in our revolving credit facility or to pay our debts when due; costs and judgments resulting from litigation; changes in the laws and regulations or in the interpretations of laws or regulations to which we are subject, including tax laws, or the institution of new laws or regulations that affect our business; and general economic conditions. You can also find other factors described in our Form 10-K for the fiscal year ended June 30, 2013 and the other documents we periodically file with the U.S. Securities and Exchange Commission. |
 Presentation Organization & Call Details 3 Presentation Organization: • Q1 FY14 overview • Q1 FY14 operating and financial results • FY14 outlook • Supplementary information • Reconciliation of GAAP to Non-GAAP results Live Q&A Session: • 5:15 p.m. Eastern • Link from the IR section of www.vistaprint.com • Hosted by: Robert Keane President & CEO Ernst Teunissen EVP & CFO |
 Quarterly Financial Results 4 Revenue and EPS results for the consolidated business, including Albumprinter and Webs results since October 31, 2011 and December 28, 2011 (dates of purchase, respectively). Non-GAAP adjusted net income per diluted share for all periods presented excludes the impact of share-based compensation expense and its related tax effect, amortization of acquired intangible assets and a tax charge related to the alignment of Webs IP with our global operations. Please see reconciliation to GAAP net income (loss) at the end of this presentation. * Per diluted share |
 FY14 Operational Performance: Invigorate the Core Business 5 Strategy Element Description Long-Term Goals Q1FY14 Examples Major improvements to customer experience, satisfaction and loyalty Change success metrics from short-term transaction-focused value to longer-term life time value and achieve higher life time value per customer • Launched market standard formats for business cards in EU and NA • Launched range of brilliant finish options for business cards • Rolled out pricing and messaging changes in various countries Invest more deeply into selected traditional Vistaprint marketing channels and expand in relatively new channels such as broadcast with higher than average COCA, but excellent longer term ROI. Accelerate new customer acquisition Reach offline audiences not currently looking to online suppliers • Continued to optimize spend in relatively new channels • Trimmed ad expense in Europe with change in customer economics Accelerate investment in production process improvements, employee training, supply chain management and manufacturing-related engineering Step function changes in quality and reliability Significantly lower unit manufacturing costs • Introduction of brilliant finish and market standard format business cards • Tested binning and packing improvements in Venlo • Neared completion of new Design and Technology Center in Winterthur, Switzerland to support growing engineering, supply chain and R&D teams Customer Value Proposition Improvements Life Time Value Based Marketing World Class Manufacturing |
 FY14 Operational Performance: Build Foundations for Future Growth 6 Strategy Element Description Long-Term Goals Q1FY14 Examples Digital small business marketing offerings (websites, email marketing, social media) Lay foundations for continued rapid growth five and more years in the future Seek M&A opportunities of firms that possess technology, market presence and/or expertise in target areas • Total Q1 digital marketing services revenue of approx. $21 million (includes Webs) or approx. 8% of revenue. • Integrated Webs site-builder technologies into Vistaprint digital website product and rolled out to customers Enable customers to share and preserve memories through personalized products for home and family use • Expanded design content in preparation for Q2 holiday season • Launched custom mobile phone cases to Albumprinter customer base Expand to markets beyond North America and Europe • Continued focus on supporting growth in India, Japan and China • Decision to manage emerging markets differently going forward Digital Marketing Home & Family Geographic Expansion |
 Q1 FY 2014 Financial and Operating Results 7 |
 Q1 FY 2014: Key Financial Metrics 8 ** Non-GAAP adjusted net income and non-GAAP adjusted EPS exclude share-based compensation expense and its related tax effect, amortization of acquired intangible assets, and charges related to the alignment of Webs IP with our global operations. Please see reconciliation to GAAP net income (loss) and EPS at the end of this presentation. Quarter Ended 09/30/2013 Revenue • $275.1 million 9% y/y growth 9% y/y constant currency growth GAAP Net Income • $0.4 million 0.1% net margin vs. (0.7)% last year increase of 124% y/y • $0.01 Diluted EPS increase of 120% y/y Non-GAAP Adjusted Net Income** • $11.3 million 4.1% net margin vs. 3.6% last year increase of 26% y/y • $0.32 Non-GAAP Diluted EPS increase of 28% y/y |
 Cash Flow & ROIC Highlights Quarterly cash flows and investments (in millions) Q1FY14 Q1FY13 Cash flow from operations $(0.1) $6.6 Free cash flow* $(19.6) $(22.4) Capital expenditures $17.6 $27.8 as % of revenue 6.4% 11.0% Trailing Twelve Month Return on Invested Capital** (GAAP) 10% 7% Trailing Twelve Month Return on Invested Capital** (Non-GAAP) 20% 15% * FCF = Cash Flow from Operations – Capital Expenditures – Purchases of Intangible assets not related to acquisitions – Capitalized Software Expenses ** ROIC = NOPAT / (Debt + Equity – Excess Cash) Net operating profit after taxes (NOPAT) Excess cash is cash and investments of 5% of last twelve month revenues Operating leases have not been converted to debt Non-GAAP TTM ROIC excludes share-based compensation expense and its related tax effect, amortization of acquired intangibles, and charges related to the alignment of Webs IP with our global operations Excess cash definition updated in period ending 03/31/2013 and for prior periods. 9 Share repurchase program Q1FY14 Shares purchased - Average cost per share - Total purchase spend, inclusive of transaction costs, in millions - Balance sheet (in millions, as of September 30, 2013) Cash and cash equivalents $64.7 |
 Geographic Segment Revenue - Quarterly (millions) North America: 60% of total revenue 14% y/y growth 15% y/y constant currency growth Europe: 34% of total revenue 6% y/y growth 2% y/y constant currency growth Asia Pacific: 6% of total revenue -11% y/y growth 2% y/y constant currency growth Revenue results for the consolidated business, including Albumprinter and Webs results since respective acquisition dates. All Albumprinter revenue included in European segment. All Webs revenue included in NA segment. Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar and excludes the impact of gains and losses on effective currency hedges recognized in revenue. Please see reconciliation to reported revenue growth rates at the end of this presentation. Q1 FY2014 10 |
 Operational Metrics (Includes Albumprinter and Webs as of acquisition dates) 11 *Albumprinter and Webs included starting Q3FY12 Also starting in the same period, a minor calculation methodology change was made in order to accommodate the consolidation of metrics. |
 Operational Metrics (Includes Albumprinter and Webs as of acquisition dates) 12 *Albumprinter and Webs included starting Q3FY12 Also starting in the same period, a minor calculation methodology change was made in order to accommodate the consolidation of metrics. |
 Historical Revenue Driver Metrics (Includes Albumprinter and Webs as of acquisition dates) 13 *trailing twelve month at period end **TTM repeating customers as % of year-ago unique customers Starting in Q3 FY12, impact of Albumprinter and Webs has been included. |
 Historical Revenue Driver Metrics (Includes Albumprinter and Webs as of acquisition dates) 14 Starting in Q3 FY12, impact of Albumprinter and Webs has been included. |
 Looking Ahead 15 |
 FY14 Outlook Commentary 16 • Revenue guidance range increase of $15M updated only to reflect recent currency movements; no update to operational outlook o NA continued growth rates in mid-teens o EU revenue essentially flat versus FY13 • Re-building the foundation • Roll-out of initiatives starting in largest markets o Asia-Pacific growth rates in high single to low double digits • EPS guidance remains unchanged o Continue to drive toward margin expansion and EPS growth o Discipline in P&L management and expected improvement in European profitability o Remain committed to balancing meaningful earnings growth and margin expansion with revenue targets |
 Financial Guidance* (as of October 29, 2013) The Company is providing the following assumptions to facilitate non-GAAP adjusted net income per diluted share comparisons that exclude share- based compensation related expenses, amortization of acquired intangible assets and tax charges related to the alignment of IP with our global operations: FY14 ending 06/30/2014 Revenue $1,250 - $1,300 Revenue growth from FY 2013 period 7% - 11% Constant currency revenue growth estimate 7% - 11% GAAP EPS $1.35 - $1.70 EPS growth from FY 2013 period 59% - 100% GAAP share count 34.4 million FY14 ending 06/30/2014 Non-GAAP adjusted EPS $2.49 - $2.83 EPS growth from FY 2013 period 16% – 32% Non-GAAP share count 35.0 million Non-GAAP exclusions $40.5 * Millions, except share and per share amounts and as noted 17 |
 Capital Expenditures Guidance (as of October 29, 2013) Expressed as percent of revenue FY 2014 Guidance: Actuals Guidance $63M $63M $76M $100M $85M $101M $37M 18 $46M $79M • $85M - $100M • 7% - 8% of revenue guidance midpoint |
 Summary • In-line Q1 results • Focus on strategic initiatives and operational implementation • Continued focus on driving: o Long-term revenue and profit growth o Competitive advantage o Significant value for long-term shareholders 19 |
 Q&A Session Please go to the Investor Relations section of www.vistaprint.com for the live Q&A call at 5:15 pm EDT on October 29, 2013 |
 Q1 Fiscal Year 2014 Financial and Operating Results Supplement |
 Total Company Growth Rates* *Starting in Q2FY2012, revenue from acquired companies included. Note: Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar and excludes the impact of gains and losses on effective currency hedges recognized in revenue. Please see reconciliation to reported revenue growth rates at the end of this presentation. 9% reported 9% constant-currency 22 22% constant-currency growth FY11 FY12 25% constant-currency growth FY13 16% constant-currency growth |
 Segment Revenue Growth Rates* Constant Currency 23 *Starting in Q2FY2012, revenue from acquired companies included. Note: Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar and excludes the impact of gains and losses on effective currency hedges recognized in revenue. Please see reconciliation to reported revenue growth rates at the end of this presentation. |
 Gross Margin and Gross Profit 24 |
 GAAP Net Income (Loss) and Net Margin 25 |
 Non-GAAP Adjusted Net Income* and Adjusted Net Margin *Non-GAAP adjusted net income for all periods presented excludes the impact of share-based compensation expense and its related tax effect, amortization of acquired intangibles, and charges related to the alignment of Webs IP with our global structure. Please see reconciliation to GAAP net income at the end of this presentation. 26 |
 Q1 Income Statement Comparison to Prior Year (as a percentage of revenue) 27 |
 Q1 Income Statement Comparison to Prior Quarter (as a percentage of revenue) 28 |
 Share-Based Compensation* (millions) * Share-based compensation (SBC) expense includes SBC-related tax adjustment. 29 |
 Revenue Seasonality (Includes Albumprinter and Webs as of the dates of acquisition) * Home and family revenue is calculated using a product format-based approach; all Albumprinter revenue is included in home and family and all Webs revenue is included in Small business marketing 30 |
 Balance Sheet Highlights Balance Sheet highlights, in millions, at period end 09/30/2013 06/30/13 03/31/13 12/31/12 09/30/12 Total assets $638.7 $601.6 $616.4 $653.7 $620.5 Cash and cash equivalents $64.7 $50.1 $51.3 $64.7 $59.3 Total current assets $121.8 $100.2 $104.4 $132.3 $114.6 Goodwill and intangible assets $171.5 $171.2 $174.3 $179.2 $179.5 Total liabilities $432.0 $412.0 $414.7 $443.8 $421.3 Current liabilities $144.3 $155.0 $154.0 $182.4 $129.4 Long-term debt $262.5 $230.0 $229.0 $230.5 $259.3 Shareholders’ Equity $206.7 $189.6 $201.7 $209.9 $199.2 Treasury shares (in millions) 11.0 11.3 10.9 16.4 15.7 31 |
 Total Debt Availability under our credit facility 9/30/13 Maximum aggregate available borrowing amounts $497.5M Outstanding borrowings of credit facility ($270.0M) Remaining amount $227.5M Limitations to borrowing due to debt covenants and other obligations* ($1.5M) Amount available for borrowing as of September 30, 2013 $226.0M 32 • Aggregate loan commitments of $497.5M • Interest rate of LIBOR plus 1.50% - 2.0%, depending on leverage • Currently in compliance with all covenants. Key covenants are: o Total leverage ratio not to exceed 3.5x TTM EBITDA (reducing to 3.25x on 3/31/14 and 3.0x on 3/31/15). o Interest coverage ratio of at least 3.0x TTM EBITDA. • The use of available borrowings for share repurchases or mergers and acquisitions is subject to more restrictive covenants that lower available borrowings for such purposes relative to the general availability described in the table below. * Our borrowing ability can be limited by our debt covenants each quarter. These covenants may limit our borrowing capacity depending on our leverage, other indebtedness, such as installment obligations and letters of credit, and other factors that are outlined in our credit agreement filed as an exhibit in our Form 8-K filed on February 13, 2013. |
 Q1 FY14 Capital Expenditure Breakdown 1 Land, building and construction, leasehold improvements, and furniture and fixtures 2 All manufacturing and automation equipment, including offset and digital print lines, other printing equipment, pre-press and post-press equipment such as cutters, and automation equipment 3 IT infrastructure, software and office equipment 33 Q1 FY14 CapEx: $17.6M |
 Appendix Including a Reconciliation of GAAP to Non-GAAP Financial Measures |
 About non-GAAP financial measures To supplement Vistaprint’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles, or GAAP, Vistaprint has used the following measures defined as non-GAAP financial measures by Securities and Exchange Commission, or SEC, rules: non-GAAP adjusted net income, non-GAAP adjusted net income per diluted share, free cash flow, constant-currency revenue growth, and constant-currency organic revenue growth. The items excluded from the non-GAAP adjusted net income measurements are share-based compensation expense and its related tax effect, amortization of acquisition-related intangibles, and tax charges related to the alignment of acquisition- related intellectual property with global operations. Free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, purchases of intangible assets, and capitalization of software and website development costs. Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar and excludes the impact of gains and losses on effective currency hedges recognized in revenue. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Reconciliations of Non-GAAP Financial Measures” included at the end of this release. The tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliation between these financial measures. (continued on next page) 35 |
 About non-GAAP financial measures continued… Vistaprint’s management believes that these non-GAAP financial measures provide meaningful supplemental information in assessing our performance and when forecasting and analyzing future periods. These non-GAAP financial measures also have facilitated management’s internal comparisons to Vistaprint’s historical performance and our competitors’ operating results. Management provides these non-GAAP financial measures as a courtesy to investors. However, to gain a more complete understanding of the company’s financial performance, management does (and investors should) rely upon GAAP statements of operations and cash flow. 36 |
 Reconciliation: GAAP to Non-GAAP Results FY 2003 FY 2004 FY 2005* FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY2011 FY2012 FY2013 GAAP Net Income $473 $3,440 ($16,218) $19,234 $27,143 $39,831 $55,686 $67,741 $82,109 $43,994 $29,435 Share-based compensation and related tax effect $0 $0 $0 $4,850 $8,765 $15,275 $20,177 $23,156 $22,400 $26,060 $33,662 Amortization of acquired intangible assets - - - - - - - - - $5,754 $10,361 Tax Impact of Webs IP transfer - - - - - - - - - $1,235 $2,387 Non-GAAP Adjusted Net Income $473 $3,440 $4,782 $23,146 $35,908 $55,106 $75,863 $90,897 $104,509 $77,043 $75,845 Net Income (Loss) – Annual ($ in thousands) *Fiscal 2005 non-GAAP results exclude a contract termination payment of $21mm 37 |
 Reconciliation: GAAP to Non-GAAP Results . Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 FY2014 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 GAAP Net Income $34,014 $22,917 $14,397 $8,172 $31,697 $274 $3,851 $(1,696) $22,960 $5,866 $2,305 $412 Share-based compensation and related tax effect $6,435 $5,285 $5,129 $4,876 $5,021 $7,566 $8,596 $8,445 $8,540 $8,353 $8,324 $8,576 Amortization of acquired intangible assets - - - - $1,148 $2,381 $2,225 $2,178 $2,243 $2,275 $3,665 $2,200 Tax Impact of Webs IP Transfer - - - - - $1,017 $218 - $2,164 $431 ($208) $63 Non-GAAP Adjusted Net Income $40,449 $28,202 $19,526 $13,048 $37,866 $11,238 $14,890 $8,927 $35,907 $16,925 $14,086 $11,251 Net Income (Loss) – Quarterly ($ in thousands) 38 |
 Diluted Earnings Per Share - Annual Reconciliation: GAAP to Non-GAAP Results 39 FY 2006 FY 2007 FY 2008 FY 2009 FY2010 FY2011 FY2012 FY2013 GAAP Net Income per share $0.45 $0.60 $0.87 $1.25 $1.49 $1.83 $1.13 $0.85 Share-based Compensation and related tax effect per share $0.09 $0.18 $0.31 $0.43 $0.49 $0.47 $0.65 $0.95 Amortization of acquired intangible assets per share - - - - - - $0.14 $0.29 Tax Impact of Webs IP Transfer per share - - - - - - $0.03 $0.06 Non-GAAP Adjusted Net Income Per Share $0.54 $0.78 $1.18 $1.68 $1.98 $2.30 $1.95 $2.15 Weighted average shares used in computing Non- GAAP EPS (millions) 42.651 45.825 46.780 45.099 45.989 45.448 39.426 35.201 |
 Reconciliation: GAAP to Non-GAAP Results Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013 FY2014 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 GAAP Net Income per share $0.75 $0.51 $0.32 $0.19 $0.82 $0.01 $0.10 $(0.05) $0.66 $0.17 $0.07 $0.01 Share-based Compensation and related tax effect per share $0.14 $0.12 $0.11 $0.12 $0.12 $0.20 $0.23 $0.24 $0.24 $0.24 $0.24 $0.25 Amortization of acquired intangible assets per share - - - - $0.03 $0.06 $0.06 $0.06 $0.06 $0.06 $0.11 $0.06 Tax impact of Webs IP Transfer per share - - - - - $0.02 $0.01 - $0.06 $0.01 $(0.01) $0.0 Non-GAAP Adjusted Net Income per share $0.89 $0.63 $0.43 $0.31 $0.97 $0.29 $0.40 $0.25 $1.02 $0.48 $0.41 $0.32 Weighted average shares used in computing Non- GAAP EPS (millions) 45.625 45.079 45.156 42.569 39.041 38.346 37.620 35.793 35.156 35.217 34.633 35.005 Earnings Per Diluted Share - Quarterly 40 |
 Reconciliation: Free Cash Flow (in thousands) 41 Three Months Ended September 30, 2013 2012 Net cash provided by operating activities $ (123) $ 6,650 Purchases of property, plant and equipment (17,577) (27,759) Purchases of intangibles assets (75) (9) Capitalization of software and website development costs (1,814) (1,301) Free cash flow $ (19,589) $ (22,419) |
 Reconciliation: Constant-Currency Revenue Growth Rates Quarterly 42 ASIA-PACIFIC Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Reported revenue growth 55% 50% 65% 67% 41% 47% 28% 28% 26% 6% 4% (11%) Currency impact (12%) (15%) (26%) (22%) (4%) (7%) 5% 2% (3%) 4% 4% 13% Revenue growth in constant currency 43% 35% 39% 45% 37% 40% 33% 29% 24% 10% 8% 2% Note: Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar and excludes the impact of gains and losses on effective currency hedges recognized in revenue. EUROPE Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Reported revenue growth 22% 22% 38% 31% 36% 29% 18% 12% 11% 8% 3% 6% Currency impact 8% (1%) (15%) (10%) 1% 5% 12% 11% 2% 0% (1%) (4%) Revenue growth in constant currency 30% 21% 22% 21% 37% 34% 30% 23% 14% 8% 2% 2% |
 Reconciliation: Constant-Currency Revenue Growth Rates Quarterly 43 NORTH AMERICA Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Reported revenue growth 16% 21% 18% 17% 20% 23% 20% 22% 20% 15% 18% 14% Currency impact 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 1% Revenue growth in constant currency 16% 21% 18% 17% 20% 23% 21% 22% 20% 15% 18% 15% Note: Constant-currency revenue growth is estimated by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar and excludes the impact of gains and losses on effective currency hedges recognized in revenue. TOTAL COMPANY Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 Q1 FY14 Reported revenue growth 20% 23% 27% 25% 28% 26% 20% 18% 16% 12% 12% 9% Currency impact 3% (1%) (7%) (5%) 0% 2% 5% 5% 1% 0% 0% 0% Revenue growth in constant currency 23% 22% 20% 20% 28% 28% 25% 23% 17% 12% 12% 9% |