Cimpress plc (NASDAQ:CMPR) Q3 2024 Earnings Call Transcript

Who knows when and if the interest rates will ever go back to where they were before. Finally, I’d say that there’s a lot of value in not doing unnatural things that disrupt the business. And again, we’ve seen that in the pandemic. We – in the very early days, we had to really quickly cut costs, but then we had to go back and invest in areas we felt we needed to turn around the business for the longer term. And again, being at a lower level really helps us give us the flexibility in those types of cases, which are out of the middle of the bell curve of future events. That’s all why it come down, going back to why we can go lower. Again, we do see a lot of opportunity to invest capital at above our cost of capital, and this level still gives us that, and therefore, again, it helps us in terms of returns on equity.

And again, we don’t know where we’re not going to necessarily pay 2.5x and stay there. We certainly have no problem with building up dry powder with operating cash flow. We’ll cross that bridge when we get to it.

Meredith Burns: Great. Thank you, Robert. All right. We have exhausted the list of questions from a presubmitted and live perspective. And so I am going to ask Robert to wrap up the call.

Robert Keane: Okay. Well, thank you, Meredith. And thank you to all of the investors for joining this call, and thank you for continuing to entrust your capital with us. We remain very focused on execution. Our team is very motivated and incentivized to continuously improve. Most importantly, the value we deliver to our customers, and we really believe in doing so that will continue to drive the financial results we deliver to our shareholders. Strategically and operationally, our significant investments over the past five years have really positioned us well for the future. Financially speaking, our strong profitability and a return to stronger profitability as we plan to do does mean that we’re going to be operating at much more comfortable levels of leverage, as I just spoke about in the last question, even as we will continue to invest in our customer value and in doing so, investing and continuing to grow our intrinsic value per share.

So have a great day, everyone. Again, we appreciate your interest and trust with us.

Operator: Thank you. This concludes today’s conference, ladies and gentlemen. Thank you for your participation. Have a great day. You may now disconnect.