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Segment Information (Tables)

9 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Segment Reporting, Revenue Reconciling Item [Line Items]

Reconciliation of Revenue from Segments to Consolidated

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

	Three Months Ended March 31,								Nine Months Ended March 31,
	2020				2019				2020				2019
Revenue:
Vistaprint (1)	$	316,310			$	358,660			$	1,092,786			$	1,147,920
PrintBrothers (2)	109,496				109,305				345,403				327,008
The Print Group (3)	68,537				79,027				228,494				237,767
National Pen (4)	68,362				79,721				266,510				278,643
All Other Businesses (5)	39,237				38,016				131,287				93,987
Total segment revenue	601,942				664,729				2,064,480				2,085,325
Inter-segment eliminations	(3,982		)		(2,915		)		(12,228		)		(8,963		)
Total consolidated revenue	$	597,960			$	661,814			$	2,052,252			$	2,076,362

_____________________

(1) Vistaprint segment revenues include inter-segment revenue of $1,607 and $5,460 for the three and nine months ended March 31, 2020, respectively, and $1,279 and $4,616 for the prior comparative periods, respectively.

(2) PrintBrothers segment revenues include inter-segment revenue of $250 and $822 for the three and nine months ended March 31, 2020, respectively, and $243 and $955 for the prior comparative periods, respectively.

(3) The Print Group segment revenues include inter-segment revenue of $920 and $2,338 for the three and nine months ended March 31, 2020, respectively, and $113 and $608 for the prior comparative periods, respectively.

(4) National Pen segment revenues include inter-segment revenue of $981 and $2,928 for the three and nine months ended March 31, 2020, respectively, and $1,280 and $2,784 for the prior comparative periods, respectively.

(5) All Other Businesses segment revenues include inter-segment revenue of $224 and $680 for the three and nine months ended March 31, 2020. There was no inter-segment revenue for the three and nine months ended March 31, 2019. Our All Other Businesses segment includes the revenue from our BuildASign acquisition from October 1, 2018

Disaggregation of Revenue

	Three Months Ended March 31, 2020
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	222,294			$	—			$	—			$	41,093			$	35,040			$	298,427
Europe	74,335				109,246				67,617				21,146				—				272,344
Other	18,074				—				—				5,142				3,973				27,189
Inter-segment	1,607				250				920				981				224				3,982
Total segment revenue	316,310				109,496				68,537				68,362				39,237				601,942
Less: inter-segment elimination	(1,607		)		(250		)		(920		)		(981		)		(224		)		(3,982		)
Total external revenue	$	314,703			$	109,246			$	67,617			$	67,381			$	39,013			$	597,960

	Nine Months Ended March 31, 2020
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	753,724			$	—			$	—			$	137,035			$	114,667			$	1,005,426
Europe	269,936				344,581				226,156				104,346				—				945,019
Other	63,666				—				—				22,201				15,940				101,807
Inter-segment	5,460				822				2,338				2,928				680				12,228
Total segment revenue	1,092,786				345,403				228,494				266,510				131,287				2,064,480
Less: inter-segment elimination	(5,460		)		(822		)		(2,338		)		(2,928		)		(680		)		(12,228		)
Total external revenue	$	1,087,326			$	344,581			$	226,156			$	263,582			$	130,607			$	2,052,252

	Three Months Ended March 31, 2019
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	250,229			$	—			$	—			$	41,697			$	32,880			$	324,806
Europe	86,332				109,062				78,914				29,895				—				304,203
Other	20,820				—				—				6,849				5,136				32,805
Inter-segment	1,279				243				113				1,280				—				2,915
Total segment revenue	358,660				109,305				79,027				79,721				38,016				664,729
Less: inter-segment elimination	(1,279		)		(243		)		(113		)		(1,280		)		—				(2,915		)
Total external revenue	$	357,381			$	109,062			$	78,914			$	78,441			$	38,016			$	661,814

	Nine Months Ended March 31, 2019
	Vistaprint				PrintBrothers				The Print Group				National Pen				All Other				Total
Revenue by Geographic Region:
North America	$	781,654			$	—			$	—			$	137,603			$	76,518			$	995,775
Europe	293,734				326,053				237,159				113,404				—				970,350
Other	67,916				—				—				24,852				17,469				110,237
Inter-segment	4,616				955				608				2,784				—				8,963
Total segment revenue	1,147,920				327,008				237,767				278,643				93,987				2,085,325
Less: inter-segment elimination	(4,616		)		(955		)		(608		)		(2,784		)		—				(8,963		)
Total external revenue	$	1,143,304			$	326,053			$	237,159			$	275,859			$	93,987			$	2,076,362

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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

	Three Months Ended March 31,									Nine Months Ended March 31,
	2020				2019					2020				2019
Segment EBITDA:
Vistaprint	$	67,444			$	82,550				$	280,184			$	239,507
PrintBrothers	8,686				8,099					35,922				30,361
The Print Group	10,934				15,658					42,673				43,872
National Pen	(1,244		)		113					17,005				10,279
All Other Businesses	3,187				(1,149		)			8,572				(8,165		)
Total segment EBITDA	89,007				105,271					384,356				315,854
Central and corporate costs	(32,008		)		(25,754		)			(90,645		)		(68,165		)
Depreciation and amortization	(41,840		)		(44,055		)			(126,731		)		(129,275		)
Waltham, MA lease depreciation adjustment (1)	—				1,030					—				3,090
Share-based compensation related to investment consideration	—				—					—				(2,893		)
Certain impairments and other adjustments (2)	(101,976		)		(786		)			(102,736		)		(764		)
Restructuring-related charges	(919		)		(7,866		)			(5,006		)		(9,062		)
Interest expense for Waltham, MA lease (1)	—				1,775					—				5,457
Total (loss) income from operations	(87,736		)		29,615					59,238				114,242
Other income (expense), net	22,537				(2,495		)	—		29,171				17,386
Interest expense, net	(17,262		)		(16,787		)	—		(48,050		)		(47,372		)
(Loss) income before income taxes	$	(82,461	)		$	10,333				$	40,359			$	84,256

___________________

(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.

(2) Includes impairments of goodwill defined by ASC 350 - "Intangibles - Goodwill and Other" of $100,842, as well as losses of $999 recognized for fair value adjustments to the disposal group associated with held for sale assets and liabilities as defined by ASC 360 - "Property, Plant, and Equipment" related to our VIDA business for the three and nine months ended March 31, 2020. During the three and nine months ended March 31, 2019, we recognized reserves for loans as defined by ASC 326 - "Financial Instruments - Credit Losses".

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

	Three Months Ended March 31,								Nine Months Ended March 31,
	2020				2019				2020				2019
Depreciation and amortization:
Vistaprint	$	15,466			$	17,347			$	47,522			$	52,025
PrintBrothers	5,064				5,364				15,872				17,440
The Print Group	6,083				7,338				18,925				22,756
National Pen	6,294				5,371				17,398				15,814
All Other Businesses	6,049				5,905				17,910				11,747
Central and corporate costs	2,884				3,009				9,104				9,772
Total depreciation and amortization	$	41,840			$	44,334			$	126,731			$	129,554

	Three Months Ended March 31,								Nine Months Ended March 31,
	2020				2019				2020				2019
Purchases of property, plant and equipment:
Vistaprint	$	134			$	4,718			$	10,831			$	26,152
PrintBrothers	2,397				395				3,396				2,771
The Print Group	4,949				557				13,943				5,340
National Pen	728				745				3,505				7,780
All Other Businesses	1,523				12,138				3,893				14,785
Central and corporate costs	813				614				3,070				1,106
Total purchases of property, plant and equipment	$	10,544			$	19,167			$	38,638			$	57,934

	Three Months Ended March 31,								Nine Months Ended March 31,
	2020				2019				2020				2019
Capitalization of software and website development costs:
Vistaprint	$	7,552			$	7,078			$	19,842			$	20,544
PrintBrothers	90				437				712				1,241
The Print Group	374				525				1,249				1,723
National Pen	775				1,035				2,590				2,511
All Other Businesses	890				1,098				2,969				2,059
Central and corporate costs	2,726				2,543				8,462				6,559
Total capitalization of software and website development costs	$	12,407			$	12,716			$	35,824			$	34,637

Revenues and long-lived assets by geographic area

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

	March 31, 2020				June 30, 2019
Long-lived assets (1):
United States	$	166,395			$	57,118
Netherlands	90,956				73,601
Canada	71,300				73,447
Switzerland	61,346				57,488
Italy	48,147				43,203
Jamaica	21,873				21,267
Australia	18,162				20,749
France	24,505				18,533
Japan	16,132				17,768
Other	101,502				79,006
Total	$	620,318			$	462,180

___________________

(1) Excludes goodwill of $615,333 and $718,880, intangible assets, net of $220,827 and $262,701, and deferred tax assets of $143,571 and $59,906 as of March 31, 2020 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 March 31, 2020, all operating lease assets are recognized within the balances above. Refer to Note 2 for additional details.

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