SEC Filings

10-Q
CIMPRESS N.V. filed this Form 10-Q on 11/03/2017
Entire Document
 

Our credit agreement and senior unsecured notes indenture also contain customary representations, warranties and events of default. As of September 30, 2017, we were in compliance with all financial and other covenants under the credit agreement and senior unsecured notes indenture.
Other debt. Other debt primarily consists of term loans acquired as part of our fiscal 2015 acquisition of Exagroup SAS. As of September 30, 2017 we had $8.2 million outstanding for other debt payable through September 2024.
Our expectations for fiscal year 2018. We believe that our available cash, cash flows generated from operations, and cash available under our committed debt financing will be sufficient to satisfy our liabilities and planned investments to support our long-term growth strategy for at least the next twelve months. We endeavor to invest large amounts of capital that we believe will generate returns that are above our weighted average cost of capital. We consider any use of cash that we expect to require more than 12 months to return our invested capital to be an allocation of capital. For fiscal 2018 we expect to allocate capital to the following broad categories and consider our capital to be fungible across all of these categories:
Organic investments will continue to be made across a wide spectrum of activities. These range from large, discrete projects that we believe can provide us with materially important competitive capabilities and/or market positions over the longer term to smaller investments intended to maintain or improve our competitive position and support value-creating revenue growth.
Purchases of ordinary shares
Corporate acquisitions and similar investments
Reduction of debt
Contractual Obligations
Contractual obligations at September 30, 2017 are as follows:
 In thousands
Payments Due by Period
 
Total
 
Less
than 1
year
 
1-3
years
 
3-5
years
 
More
than 5
years
Operating leases, net of subleases
$
57,228

 
$
18,019

 
$
27,660

 
$
9,748

 
$
1,801

Build-to-suit lease
105,583

 
12,569

 
25,138

 
24,693

 
43,183

Purchase commitments
83,919

 
59,432


24,487

 



Senior unsecured notes and interest payments
371,250

 
19,250

 
38,500

 
313,500

 

Other debt and interest payments
648,266

 
39,930

 
98,339

 
506,050

 
3,947

Capital leases
38,853

 
13,675

 
17,303

 
4,892

 
2,983

Other
56,563

 
50,259

 
5,650

 
654

 

Total (1)
$
1,361,662

 
$
213,134

 
$
237,077

 
$
859,537

 
$
51,914

___________________
(1) We may be required to make cash outlays related to our uncertain tax positions. However, due to the uncertainty of the timing of future cash flows associated with our uncertain tax positions, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, uncertain tax positions of $6.0 million as of September 30, 2017 have been excluded from the contractual obligations table above. For further information on uncertain tax positions, see Note 9 to the accompanying consolidated financial statements.
Operating Leases. We rent office space under operating leases expiring on various dates through 2026. Future minimum rental payments required under our leases are an aggregate of approximately $57.2 million. The terms of certain lease agreements require security deposits in the form of bank guarantees and letters of credit in the amount of $2.8 million.
Build-to-suit lease. Represents the cash payments for our leased facility in Waltham, Massachusetts, USA. Please refer to Note 2 in the accompanying consolidated financial statements for additional details.
Purchase Commitments. At September 30, 2017, we had unrecorded commitments under contract of $83.9 million. Purchase commitments consisted of professional and consulting fees of $4.0 million, commitments for production and computer equipment purchases of approximately $9.6 million, third-party web services of $28.2

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