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Business Combinations | 12 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | Business Combinations and Divestitures Fiscal 2018 divestiture Divestiture of Albumprinter On August 31, 2017 we sold our Albumprinter business, including FotoKnudsen AS, for a total of €78,382 ($93,071 based on the exchange rate as of the date of sale) in cash, net of transaction costs and cash divested (after $11,874 in pre-closing dividends). As a result of the sale, we recognized a gain of $47,545, net of transaction costs, within our consolidated statement of operations for the year ended June 30, 2018. In connection with the divestiture, we entered into an agreement with Albumprinter under which Albumprinter will continue to fulfill photo book orders for our Vistaprint business. Additionally, we agreed to provide Albumprinter with certain transitional support services for a period of up to one year from the date of the sale. The transaction did not qualify for discontinued operations presentation, and as of June 30, 2017, the Albumprinter business assets and liabilities were presented as held-for-sale in our consolidated balance sheet. Fiscal 2017 acquisition Acquisition of National Pen Co. LLC On December 30, 2016, we acquired 100% of the equity interests of National Pen Co. LLC, a manufacturer and marketer of custom writing instruments for small- and medium-sized businesses. At closing, we paid $214,573 in cash, subject to post closing adjustments based on acquired cash, debt and working capital balances. During the third quarter of fiscal 2017, we finalized and received payment for the post closing adjustment, which reduced the purchase price by $1,941. The acquisition supports our strategy to build competitively differentiated supply chain capabilities that we can make available via our mass customization platform, which we bring to market through a portfolio of focused brands. We expect National Pen will also complement our organic investments in technology and supply chain capabilities for promotional products, apparel and gift offerings. The table below details the consideration transferred to acquire National Pen:
Cash consideration | $ | 214,573 |
Final post closing adjustment | (1,941 | )
Total purchase price | $ | 212,632 |
The excess purchase price over the fair value of National Pen's net assets was recorded as goodwill, which is primarily attributable to the value of its workforce, its manufacturing and marketing process and know-how, as well as synergies which include leveraging National Pen's scale-based sourcing channels, integrating into our mass customization platform, and supporting the development of its e-commerce platform. We attributed $34,520 of goodwill to the National Pen reportable segment, and allocated $23,200 of goodwill to the Vistaprint segment for certain synergies that are expected to be realized by the Vistaprint segment as a result of the acquisition. The amount of goodwill that is deductible for tax purposes is approximately $19,000. The fair value of the assets acquired and liabilities assumed was:
| Amount |  | Weighted Average Useful Life in Years
Tangible assets acquired and liabilities assumed (1): |  |  |
Cash and cash equivalents | $ | 8,337 |  |  | n/a
Accounts receivable, net | 20,921 |  |  | n/a
Inventory | 19,854 |  |  | n/a
Other current assets | 11,281 |  |  | n/a
Property, plant and equipment, net | 29,472 |  |  | n/a
Other non-current assets | 1,270 |  |  | n/a
Accounts payable | (12,590 | ) |  | n/a
Accrued expenses | (17,805 | ) |  | n/a
Other current liabilities | (908 | ) |  | n/a
Deferred tax liabilities | (3,255 | ) |  | n/a
Long-term liabilities | (9,665 | ) |  | n/a
Identifiable intangible assets: |  |  |
Developed Technology | 19,000 |  |  | 6
Trade Name | 33,000 |  |  | 11
Customer Relationships | 56,000 |  |  | 7
Goodwill | 57,720 |  |  | n/a
Total purchase price | $ | 212,632 |  |  |
(1) National Pen has materially impacted our working capital balances post-acquisition, resulting in increased accounts receivable, inventory, accounts payable and accrued expenses balances in our consolidated balance sheet. National Pen Pro Forma Financial Information National Pen has been included in our consolidated financial statements starting on its acquisition date. The following unaudited pro forma financial information presents our results as if the National Pen acquisition had occurred on July 1, 2015. The pro forma financial information for all periods presented adjusts for the effects of material business combination items, including estimated amortization of acquired intangible assets and transaction related costs. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented as the pre-acquisition results include revenue and profit related to certain operations that are no longer active:
| Year Ended June 30,
2017 |  | 2016
Pro forma revenue | $ | 2,294,347 |  |  | $ | 2,060,426 |
Pro forma net (loss) income attributable to Cimpress N.V. | (71,084 | ) |  | 41,370 |
We utilized proceeds from our credit facility in order to finance the acquisition. In connection with the acquisition, we incurred $2,005 in general and administrative expenses during the year ended June 30, 2017, primarily related to legal, financial, and other professional services. Fiscal 2016 acquisitions Acquisition of WIRmachenDRUCK GmbH On February 1, 2016, we acquired 100% of the outstanding shares of WIRmachenDRUCK GmbH, a web-to-print business focused primarily on the German market. At closing, we paid €138,383 ($150,128 based on the exchange rate as of the date of acquisition) in cash and transferred €8,121 ($8,810 based on the exchange rate as of the date of acquisition) in ordinary shares of Cimpress N.V. We paid €1,850 in cash ($2,082 based on the exchange rate on the date of payment) during the fourth quarter of fiscal 2016 as a post-closing adjustment based on WIRmachenDRUCK's net cash and working capital position as of the acquisition date. In addition, we agreed to a sliding scale earn-out of up to €40,000 ($43,395 based on the exchange rate as of the date of acquisition) based on the achievement of a cumulative gross profit target for calendar years 2016 and 2017. The maximum earn-out was paid in cash during the third quarter of 2018. Refer to Note 9 for additional discussion relating to the earn-out arrangement. The acquisition supports our strategy to invest in and build customer-focused entrepreneurial, mass customization businesses for the long-term, which we manage in a decentralized and autonomous manner and complements similar previous investments in Europe. WIRmachenDRUCK brings internet-based capabilities that aggregate and route large numbers of small orders to a network of specialized production partners. Their outsourced supply chain model allows them to compete across a vast selection of product types, formats, sizes, finishing options and delivery choices. Our consolidated financial statements include WIRmachenDRUCK from February 1, 2016, the date of acquisition. WIRmachenDRUCK's revenue included in our consolidated revenues for the year ended June 30, 2016 was $72,620. WIRmachenDRUCK's net income included in our consolidated net income attributable to Cimpress N.V. for the year ended June 30, 2016 was $3,420, inclusive of amortization of identifiable intangible assets but exclusive of earn-out related compensation expense and corporate level interest expense. The table below details the consideration transferred to acquire WIRmachenDRUCK:
Cash consideration | $ | 152,100 |
Cimpress N.V. shares transferred | 8,810 |
Fair value of contingent consideration | 1,185 |
Total consideration | $ | 162,095 |
The excess of the purchase price paid over the fair value of WIRmachenDRUCK's net assets was recorded as goodwill, which is primarily attributed to expected expansion of the customer base and value of the workforce of WIRmachenDRUCK. Goodwill is not expected to be deductible for tax purposes, and has been attributed to our Upload and Print reportable segment. The fair value of the assets acquired and liabilities assumed was:
| Amount |  | Weighted Average Useful Life in Years
Tangible assets acquired and liabilities assumed |  |  |
Cash and cash equivalents | $ | 15,220 |  |  | n/a
Other current assets | 5,231 |  |  | n/a
Other non-current assets | 1,259 |  |  | n/a
Accounts payable and other current liabilities | (17,566 | ) |  | n/a
Deferred tax liability | (26,863 | ) |  | n/a
Identifiable intangible assets: |  |  |
Customer relationships | 24,952 |  |  | 7
Trade name | 24,952 |  |  | 15
Print network | 23,867 |  |  | 9
Referral network | 10,849 |  |  | 7
Developed technology | 8,679 |  |  | 3
Goodwill | 91,515 |  |  | n/a
Total purchase price | $ | 162,095 |  |  |
Other fiscal 2016 acquisitions During fiscal 2016, we acquired two businesses that were not material to our results either individually or in the aggregate. Complementing our Upload and Print segment, we acquired all of the outstanding capital stock of Tradeprint Distribution Limited (formerly known as Fairprint Distribution Limited) and Litotipografia Alcione S.r.l. on July 31, 2015 and July 29, 2015, respectively. The aggregate consideration for these two acquisitions was $25,547, net of cash acquired. The consideration was allocated to the fair value of the assets acquired and liabilities assumed based on estimated fair values as of the respective acquisition dates. The aggregate allocation to goodwill, intangible assets, and net tangible assets was $9,571, $14,359 and $1,617, respectively. During the third quarter of fiscal 2017 we recognized a charge for the full impairment of goodwill and a portion of the intangible assets related to the Tradeprint reporting unit. Refer to our discussion in Note 8 for additional details of the impairment loss. Goodwill is calculated as the excess of the consideration over the fair value of the net assets, including intangible assets, and is primarily related to expected synergies from the transactions. The goodwill for these two acquisitions is not deductible for tax purposes, and has been attributed to our Upload and Print reportable segment. The results of these acquisitions have been included in the consolidated financial statements from the date of purchase and were not material for the year ended June 30, 2016. We utilized proceeds from our credit facility to finance our fiscal 2016 acquisitions. In connection with these acquisitions, we incurred transaction costs related to investment banking, legal, financial, and other professional services of $1,289 during the year ended June 30, 2016. We have not presented pro forma results of the operations of the companies we acquired in fiscal 2016 because the effects of the acquired companies are not material to our consolidated financial statements.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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