Cimpress reported a solid finish to fiscal 2024 with a resilient top-line and a material improvement in profitability metrics, underpinned by Vista’s ongoing growth in high-value customers and steady customer cohort expansion. In Q4 2024, revenue reached $832.6 million, up 6% year over year (YoY) and 6.7% quarter over quarter (QoQ) on a reported basis, while adjusted EBITDA for the quarter rose to $119 million (GAAP EBITDA was $102.1 million). For the full year, Cimpress delivered revenue growth of 7% on a reported basis and just over 5% in organic constant currency, with adjusted EBITDA increasing by $129 million year over year to $469 million, translating to an EBITDA margin of 14.2% for the year—an improvement of more than 300 basis points driven by revenue growth, gross margin expansion, and ongoing cost reductions. Free cash flow benefited from strong profitability and favorable working capital, delivering $261 million for the year and $117 million in Q4. Management emphasized disciplined capital allocation, including completing $157 million of stock repurchases in fiscal 2024 (7% reduction in shares outstanding) and finishing the quarter with net leverage just under 3.0x (TTM EBITDA). The company signaled a positive, unchanged multi-year outlook with mid-single-digit organic constant currency revenue growth and EBITDA outpacing revenue growth, along with a medium-term target of converting 45-50% of EBITDA to adjusted free cash flow. The quarter also featured strategic CapEx to fortify manufacturing and supply-chain advantages, consistent with Cimpress’ objective to sustain its mass-customization leadership across its Vista-based ecosystem. A nuanced balance-sheet position remains a consideration, with total liabilities exceeding assets and negative stockholders’ equity, underscoring the importance of leverage management and ongoing liquidity discipline in a highly cash-generative, capital-intensive business.