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Segment Information (Tables)

6 Months Ended

Dec. 31, 2019

Dec. 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 December 31,								Six Months Ended December 31,
	2019				2018				2019				2018
Revenue:
Vistaprint (1)	$	433,305			$	443,940			$	776,476			$	789,260
PrintBrothers (2)	126,617				116,314				235,907				217,703
The Print Group (3)	87,699				87,740				159,957				158,740
National Pen (4)	127,985				132,951				198,148				198,922
All Other Businesses (5)	49,774				48,256				92,050				55,971
Total segment revenue	825,380				829,201				1,462,538				1,420,596
Inter-segment eliminations	(5,047		)		(3,634		)		(8,246		)		(6,048		)
Total consolidated revenue	$	820,333			$	825,567			$	1,454,292			$	1,414,548

_____________________

(1) Vistaprint segment revenues include inter-segment revenue of $2,525 and $3,853 for the three and six months ended December 31, 2019, respectively, and $2,088 and $3,338 for the prior comparative periods, respectively.

(2) PrintBrothers segment revenues include inter-segment revenue of $329 and $572 for the three and six months ended December 31, 2019, respectively, and $353 and $711 for the prior comparative periods, respectively.

(3) The Print Group segment revenues include inter-segment revenue of $986 and $1,418 for the three and six months ended December 31, 2019, respectively, and $439 and $495 for the prior comparative periods, respectively.

(4) National Pen segment revenues include inter-segment revenue of $966 and $1,947 for the three and six months ended December 31, 2019 respectively, and $754 and $1,504 for the prior comparative periods, respectively.

(5) All Other Businesses segment revenues include inter-segment revenue of $241 and $456 for the three and six months ended December 31, 2019. There was no inter-segment revenue for the three and six months ended December 31, 2018. Our All Other Businesses segment includes the revenue from our BuildASign acquisition from October 1, 2018

Disaggregation of Revenue

	Three Months Ended December 31, 2019
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	284,345			$	—			$	—			$	54,400			$	44,221			$	382,966
Europe	121,143				126,288				86,713				60,887				—				395,031
Other	25,292				—				—				11,732				5,312				42,336
Inter-segment	2,525				329				986				966				241				5,047
Total segment revenue	433,305				126,617				87,699				127,985				49,774				825,380
Less: inter-segment elimination	(2,525		)		(329		)		(986		)		(966		)		(241		)		(5,047		)
Total external revenue	$	430,780			$	126,288			$	86,713			$	127,019			$	49,533			$	820,333

	Six Months Ended December 31, 2019
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	531,430			$	—			$	—			$	95,942			$	79,627			$	706,999
Europe	195,601				235,335				158,539				83,200				—				672,675
Other	45,592				—				—				17,059				11,967				74,618
Inter-segment	3,853				572				1,418				1,947				456				8,246
Total segment revenue	776,476				235,907				159,957				198,148				92,050				1,462,538
Less: inter-segment elimination	(3,853		)		(572		)		(1,418		)		(1,947		)		(456		)		(8,246		)
Total external revenue	$	772,623			$	235,335			$	158,539			$	196,201			$	91,594			$	1,454,292

	Three Months Ended December 31, 2018
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	285,304			$	—			$	—			$	57,348			$	41,911			$	384,563
Europe	130,731				115,961				87,301				62,473				—				396,466
Other	25,817				—				—				12,376				6,345				44,538
Inter-segment	2,088				353				439				754				—				3,634
Total segment revenue	443,940				116,314				87,740				132,951				48,256				829,201
Less: inter-segment elimination	(2,088		)		(353		)		(439		)		(754		)		—				(3,634		)
Total external revenue	$	441,852			$	115,961			$	87,301			$	132,197			$	48,256			$	825,567

	Six Months Ended December 31, 2018
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	531,425			$	—			$	—			$	95,906			$	43,639			$	670,970
Europe	207,402				216,992				158,245				83,509				—				666,148
Other	47,095				—				—				18,003				12,332				77,430
Inter-segment	3,338				711				495				1,504				—				6,048
Total segment revenue	789,260				217,703				158,740				198,922				55,971				1,420,596
Less: inter-segment elimination	(3,338		)		(711		)		(495		)		(1,504		)		—				(6,048		)
Total external revenue	$	785,922			$	216,992			$	158,245			$	197,418			$	55,971			$	1,414,548

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table includes segment EBITDA by reportable segment, total income from operations and total income before income taxes.

	Three Months Ended December 31,									Six Months Ended December 31,
	2019				2018					2019				2018
Segment EBITDA:
Vistaprint	$	132,160			$	96,963				$	212,740			$	156,957
PrintBrothers	16,459				11,691					27,236				22,262
The Print Group	18,105				16,368					31,739				28,214
National Pen	28,099				26,634					18,249				10,166
All Other Businesses	3,668				(2,294		)			5,385				(7,016		)
Total segment EBITDA	198,491				149,362					295,349				210,583
Central and corporate costs	(31,707		)		(13,124		)			(58,637		)		(42,411		)
Depreciation and amortization	(42,356		)		(44,502		)			(84,891		)		(85,220		)
Waltham, MA lease depreciation adjustment (1)	—				1,030					—				2,060
Share-based compensation related to investment consideration	—				(2,893		)			—				(2,893		)
Certain impairments and other adjustments	(936		)		(65		)			(760		)		22
Restructuring-related charges	(1,897		)		(1,026		)			(4,087		)		(1,196		)
Interest expense for Waltham, MA lease (1)	—				1,833					—				3,682
Total income from operations	121,595				90,615					146,974				84,627
Other (expense) income, net	(9,040		)		9,629			—		6,634				19,881
Interest expense, net	(15,701		)		(16,808		)	—		(30,788		)		(30,585		)
Income before income taxes	$	96,854			$	83,436				$	122,820			$	73,923

___________________

(1) Upon the adoption of the new leasing standard on July 1, 2019, our Waltham, MA lease, which was previously classified as build-to-suit, is now classified as an operating lease under the new standard. Therefore, the Waltham depreciation and interest expense adjustments that were made in comparative periods will no longer be made beginning in the first fiscal quarter of 2020, as any impact from the Waltham lease will be reflected in operating income. Refer to Note 2 for additional details.

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

	Three Months Ended December 31,								Six Months Ended December 31,
	2019				2018				2019				2018
Depreciation and amortization:
Vistaprint	$	15,781			$	17,357			$	32,056			$	34,678
PrintBrothers	5,553				5,663				10,808				12,076
The Print Group	6,609				7,687				12,842				15,418
National Pen	5,523				5,319				11,104				10,443
All Other Businesses	5,888				5,259				11,861				5,842
Central and corporate costs	3,002				3,217				6,220				6,763
Total depreciation and amortization	$	42,356			$	44,502			$	84,891			$	85,220

	Three Months Ended December 31,								Six Months Ended December 31,
	2019				2018				2019				2018
Purchases of property, plant and equipment:
Vistaprint	$	6,192			$	9,378			$	10,697			$	21,434
PrintBrothers	668				647				999				2,376
The Print Group	4,889				2,787				8,994				4,783
National Pen	761				2,308				2,777				7,035
All Other Businesses	595				2,362				2,370				2,647
Central and corporate costs	796				259				2,257				492
Total purchases of property, plant and equipment	$	13,901			$	17,741			$	28,094			$	38,767

	Three Months Ended December 31,								Six Months Ended December 31,
	2019				2018				2019				2018
Capitalization of software and website development costs:
Vistaprint	$	5,625			$	6,208			$	12,290			$	13,466
PrintBrothers	291				517				622				804
The Print Group	424				703				875				1,198
National Pen	979				576				1,815				1,476
All Other Businesses	1,116				871				2,079				961
Central and corporate costs	2,511				1,813				5,736				4,016
Total capitalization of software and website development costs	$	10,946			$	10,688			$	23,417			$	21,921

Revenues and long-lived assets by geographic area

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

	December 31, 2019				June 30, 2019
Long-lived assets (1):
United States	$	169,989			$	57,118
Netherlands	98,624				73,601
Canada	75,055				73,447
Switzerland	62,140				57,488
Italy	50,261				43,203
Jamaica	21,218				21,267
Australia	21,273				20,749
France	25,312				18,533
Japan	16,364				17,768
Other	106,603				79,006
Total	$	646,839			$	462,180

___________________

(1) Excludes goodwill of $721,057 and $718,880, intangible assets, net of $235,031 and $262,701, and deferred tax assets of $160,058 and $59,906 as of December 31, 2019 and June 30, 2019, respectively. Build-to-suit lease assets of $124,408 are excluded for the year ended June 30, 2019, and upon our adoption of ASC 842 on July 1, 2019, our Waltham, MA and Dallas, TX build-to-suit lease asset balances were de-recognized.     

As of December 31, 2019, all operating lease assets are recognized within the balances above. Refer to Note 2 for additional details.

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