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Segment Information (Tables)

9 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Segment Reporting, Revenue Reconciling Item [Line Items]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth revenue by reportable segments, as well as disaggregation of revenue by major geographic regions and reportable segments.

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Revenue:
Vistaprint (1)	$	349,901			$	357,606			$	1,121,156			$	1,105,557
Upload and Print (2)	188,135				183,768				564,099				536,685
National Pen (3)	79,721				81,545				278,643				267,360
All Other Businesses (4)	50,109				18,865				130,824				67,913
Total segment revenue	667,866				641,784				2,094,722				1,977,515
Inter-segment eliminations	(6,052		)		(5,715		)		(18,360		)		(16,108		)
Total consolidated revenue	$	661,814			$	636,069			$	2,076,362			$	1,961,407

_____________________

(1) Vistaprint segment revenues include inter-segment revenue of $3,198 and $9,463 for the three and nine months ended March 31, 2019, respectively, and $2,747 and $7,753 for the prior comparative periods, respectively.

(2) Upload and Print segment revenues include inter-segment revenue of $159 and $887 for the three and nine months ended March 31, 2019, respectively and $329 and $1,137 for the prior comparative periods, respectively.

(3) National Pen segment revenues include inter-segment revenue of $1,280 and $2,784 for the three and nine months ended March 31, 2019, respectively, and $805 and $2,275 for the prior comparative periods, respectively.

(4) All Other Businesses segment revenues include inter-segment revenue of $1,415 and $5,226 for the three and nine months ended March 31, 2019, respectively, and $1,834 and $4,943 for the prior comparative periods, respectively. The All Other Businesses segment includes the revenue of the VIDA and BuildASign's businesses since its acquisition of July 2, 2018 and October 1, 2018, respectively, as well as the Albumprinter business during the nine months ended March 31, 2018 until the sale completion date of August 31, 2017.

Disaggregation of Revenue

	Three Months Ended March 31, 2018
	Vistaprint				Upload and Print				National Pen				All Other				Total
North America	$	244,561			$	45			$	40,813			$	6,008			$	291,427
Europe	92,305				183,394				31,983				576				308,258
Other	17,993				—				7,944				10,447				36,384
Inter-segment	2,747				329				805				1,834				5,715
Total segment revenue	357,606				183,768				81,545				18,865				641,784
Less: inter-segment elimination	(2,747		)		(329		)		(805		)		(1,834		)		(5,715		)
Total external revenue	$	354,859			$	183,439			$	80,740			$	17,031			$	636,069

	Three Months Ended March 31, 2019
	Vistaprint				Upload and Print				National Pen				All Other				Total
North America	$	244,830			$	—			$	41,697			$	38,279			$	324,806
Europe	85,575				187,976				29,895				756				304,202
Other	16,298				—				6,849				9,659				32,806
Inter-segment	3,198				159				1,280				1,415				6,052
Total segment revenue	349,901				188,135				79,721				50,109				667,866
Less: inter-segment elimination	(3,198		)		(159		)		(1,280		)		(1,415		)		(6,052		)
Total external revenue	$	346,703			$	187,976			$	78,441			$	48,694			$	661,814

	Nine Months Ended March 31, 2019
	Vistaprint				Upload and Print				National Pen				All Other				Total
North America	$	765,684			$	—			$	137,603			$	92,490			$	995,777
Europe	291,506				563,212				113,404				2,226				970,348
Other	54,503				—				24,852				30,882				110,237
Inter-segment	9,463				887				2,784				5,226				18,360
Total segment revenue	1,121,156				564,099				278,643				130,824				2,094,722
Less: inter-segment elimination	(9,463		)		(887		)		(2,784		)		(5,226		)		(18,360		)
Total external revenue	$	1,111,693			$	563,212			$	275,859			$	125,598			$	2,076,362

	Nine Months Ended March 31, 2018
	Vistaprint				Upload and Print				National Pen				All Other				Total
North America	$	738,921			$	2,141			$	131,100			$	14,928			$	887,090
Europe	300,477				533,407				112,261				14,251				960,396
Other	58,406				—				21,724				33,791				113,921
Inter-segment	7,753				1,137				2,275				4,943				16,108
Total segment revenue	1,105,557				536,685				267,360				67,913				1,977,515
Less: inter-segment elimination	(7,753		)		(1,137		)		(2,275		)		(4,943		)		(16,108		)
Total external revenue	$	1,097,804			$	535,548			$	265,085			$	62,970			$	1,961,407

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table includes segment profit (loss) by reportable segment, total income from operations and total income before income taxes.

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Segment profit (loss):
Vistaprint	$	69,713			$	57,661			$	200,765			$	187,605
Upload and Print	17,865				17,367				56,498				54,605
National Pen (1)	(1,713		)		355				5,113				19,185
All Other Businesses	(6,964		)		(9,342		)		(24,117		)		(25,459		)
Total segment profit	78,901				66,041				238,259				235,936
Central and corporate costs	(28,499		)		(35,891		)		(76,540		)		(97,558		)
Acquisition-related amortization and depreciation	(14,089		)		(13,030		)		(40,372		)		(38,330		)
Earn-out related charges (2)	—				—				—				(2,391		)
Share-based compensation related to investment consideration	—				—				(2,893		)		(1,047		)
Certain impairments and other adjustments (3)	(607		)		—				(607		)		—
Restructuring-related charges	(7,866		)		(2,331		)		(9,062		)		(14,686		)
Interest expense for Waltham, MA lease	1,775				1,838				5,457				5,645
Gain on the purchase or sale of subsidiaries (4)	—				—				—				48,380
Total income from operations	29,615				16,627				114,242				135,949
Other (expense) income, net	(2,495		)		(1,558		)		17,386				(25,602		)
Interest expense, net	(16,787		)		(12,652		)		(47,372		)		(38,263		)
Income before income taxes	$	10,333			$	2,417			$	84,256			$	72,084

___________________

(1) During the first quarter of fiscal 2019, we adopted ASC 606, Revenue from Contracts with Customers, which is the new revenue standard described in Note 2 of the accompanying consolidated financial statements. We applied the new standard under the modified retrospective method, in which we did not apply the new standard to the prior comparable period. The adoption of the new standard resulted in lower direct mail advertising costs within our National Pen business during the three months ended March 31, 2019 of $1,486, as compared to the prior comparative period, due to the earlier recognition of costs during the first quarter of fiscal 2019. During the nine months ended March 31, 2019, the new standard had a negative impact on operating income and adjusted net operating profit of $486, as compared to the prior comparative period. Direct mail advertising costs were previously capitalized and amortized over the customer response period (typically 3-4 months) and now costs are recognized when the direct mail is sent to the customers.

(2) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment.

(3) Includes the impact of certain impairments of goodwill and other long-lived assets as defined by ASC 350 - "Intangibles - Goodwill and Other", as well as reserves recognized for loans as defined by ASC 326 - "Financial Instruments - Credit Losses."

(4) Includes the impact of the gain on the sale of Albumprinter that was recognized in general and administrative expense in our consolidated statement of operations during the nine months ended March 31, 2018.

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Depreciation and amortization:
Vistaprint	$	16,317			$	16,460			$	48,185			$	48,943
Upload and Print	12,702				15,701				40,196				45,426
National Pen	5,371				5,372				15,814				15,742
All Other Businesses	6,935				2,538				15,587				6,981
Central and corporate costs	3,009				3,366				9,772				10,028
Total depreciation and amortization	$	44,334			$	43,437			$	129,554			$	127,120

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Purchases of property, plant and equipment:
Vistaprint	$	4,628			$	4,843			$	25,860			$	29,342
Upload and Print	952				2,279				8,111				11,270
National Pen	745				1,183				7,780				4,891
All Other Businesses	12,228				252				15,077				1,231
Central and corporate costs	614				210				1,106				707
Total purchases of property, plant and equipment	$	19,167			$	8,767			$	57,934			$	47,441

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Capitalization of software and website development costs:
Vistaprint	$	6,659			$	7,186			$	19,274			$	18,266
Upload and Print	962				1,149				2,964				2,939
National Pen	1,035				302				2,511				669
All Other Businesses	1,517				443				3,329				1,811
Central and corporate costs	2,543				2,282				6,559				5,791
Total capitalization of software and website development costs	$	12,716			$	11,362			$	34,637			$	29,476

Revenues and long-lived assets by geographic area

The following table sets forth long-lived assets by geographic area:

	March 31, 2019				June 30, 2018
Long-lived assets (1):
Netherlands	$	84,313			$	109,556
Canada	75,427				81,334
United States	57,492				45,709
Switzerland	55,976				52,523
Italy	41,475				42,514
Jamaica	21,741				21,720
Australia	21,504				22,418
France	19,277				20,131
Japan	17,769				19,117
Other	79,140				67,842
Total	$	474,114			$	482,864

___________________

(1) Excludes goodwill of $720,734 and $520,843, intangible assets, net of $273,831 and $230,201, build-to-suit lease assets of $121,108 and $111,926, and deferred tax assets of $57,885 and $67,087 as of March 31, 2019 and June 30, 2018, respectively.

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