Cimpress plc (CMPR) shows a deeply negative liquidation recovery posture as of March 31, 2026, consistent with its capital structure and asset composition. MFFAIS reports a cash liquidation value of approximately -$2.24B and an operating liquidation value of -$2.04B, confirming equity has zero recovery under any liquidation scenario. Total assets are $2.05B against total liabilities of $2.51B, producing GAAP stockholders' equity of -$524M before considering liquidation haircuts. Under the liquidation lens, the asset side deteriorates further: goodwill of $818M and intangible assets net of $52M receive zero recovery (combined $870M wiped out); PP&E net of $353M recovers at best 50-70% ($177M-$247M haircut); capitalized software of $107M receives zero recovery as it is embedded in the intangible category; deferred tax assets of $55M are also zero-recovery in liquidation. Applying standard haircuts, recoverable assets are primarily cash ($189M at 100%), accounts receivable ($73M gross at 90-95%, net of $7M allowance already taken = ~$69M recovery), and inventory ($124M at 60% = ~$74M). Tangible non-current assets excluding zero-recovery items (goodwill, intangibles, DTA, capitalized software) include PP&E of $353M and operating lease ROU assets of $107M. PP&E recovery at 60% yields ~$212M; ROU assets have near-zero liquidation value as leases don't extinguish. Total liquidation asset recovery is roughly $189M + $69M + $74M + $212M + small other current assets = approximately $600-650M against face-value liabilities of $2.51B, implying a liquidation shortfall of approximately $1.85B-$1.90B, consistent with the MFFAIS CLV figure. The liability stack is dominated by $1.60B of gross debt ($1.06B senior secured term loan maturing May 2028, $525M 7.375% senior unsecured notes maturing September 2032), operating and finance lease obligations ($135M and $56M respectively per contractual table), $308M accounts payable, $303M accrued liabilities, $54M deferred revenue, and $112M operating and finance lease liabilities on balance sheet. Supply chain finance obligations of $67M are embedded in accounts payable at face value. Unrecorded purchase commitments of $351M (predominantly $226M cloud services, $69M third-party fulfillment) do not extinguish on windup and add to the effective liquidation liability stack. Redeemable noncontrolling interests of $70M (carrying value) also rank ahead of equity. Compared to the prior filing (December 31, 2025), total debt decreased marginally from $1.608B to $1.605B via term loan amortization; cash declined from $258M to $189M as capital expenditures ($75M YTD), share repurchases ($50M YTD), and NCI acquisitions ($24M) consumed operating cash flows of $173M. Goodwill declined slightly from $826M to $818M, primarily FX translation. The filing discusses potential tariff duty refunds in MD&A but has not recognized any benefit; the amount and timing are unquantifiable. Filing does not separately tag the unrecorded purchase obligation breakdown components beyond the aggregate $351M XBRL tag.
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