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Segment Information | 3 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segment Information | Segment Information Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”) for purposes of making decisions about how to allocate resources and assess performance. As of September 30, 2020, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments: •Vistaprint - Includes the operations of our global Vistaprint websites and our Webs-branded business, which is managed with the Vistaprint-branded digital business. Also included is our Vistaprint Corporate Solutions business which serves medium-sized businesses and large corporations, as well as a legacy revenue stream with retail partners and franchise businesses •PrintBrothers - Includes the results of our druck.at, Printdeal, and WIRmachenDRUCK businesses •The Print Group - Includes the results of our Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses •National Pen - Includes the global operations of our National Pen business, which manufactures and markets custom writing instruments and promotional products, apparel and gifts •All Other Businesses - Includes a collection of businesses grouped together based on materiality: ◦BuildASign is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas. ◦Printi is an online printing leader in Brazil, which offers a superior customer experience with transparent and attractive pricing, reliable service and quality. ◦YSD is a startup operation that provides end-to-end mass customization solutions to brands and intellectual property owners in China, supporting multiple channels including retail stores, websites, WeChat and e-commerce platforms to enhance brand awareness and competitiveness and develop new markets. Central and corporate costs consist primarily of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as hosting and security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our Board of Directors, CEO, and the team members necessary for managing corporate activities, such as treasury, tax, capital allocation, financial consolidation, internal audit and legal. These costs also include certain unallocated share-based compensation costs. For awards granted under our 2016 Performance Equity Plan, the PSU expense value is based on a Monte Carlo fair value analysis and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of the amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs. All expense or benefit associated with our supplemental PSUs is recognized within central and corporate costs. Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results. With the exception of BuildASign, which is a larger and profitable business, the All Other Businesses reportable segment consists of two early-stage businesses that we continue to manage at a relatively modest operating loss. Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below. Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. 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 September 30, |  |
|  |  |  |  | 2020 |  | 2019 |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |
Vistaprint (1) |  |  |  |  | $ | 329,291 |  |  | $ | 343,171 |  |  |  |  |
PrintBrothers (2) |  |  |  |  | 100,112 |  |  | 109,290 |  |  |  |  |
The Print Group (3) |  |  |  |  | 66,437 |  |  | 72,258 |  |  |  |  |
National Pen (4) |  |  |  |  | 67,649 |  |  | 70,163 |  |  |  |  |
All Other Businesses (5) |  |  |  |  | 43,478 |  |  | 42,276 |  |  |  |  |
Total segment revenue |  |  |  |  | 606,967 |  |  | 637,158 |  |  |  |  |
Inter-segment eliminations |  |  |  |  | (20,467) |  |  | (3,199) |  |  |  |  |
Total consolidated revenue |  |  |  |  | $ | 586,500 |  |  | $ | 633,959 |  |  |  |  |
_____________________ (1) Vistaprint segment revenues include inter-segment revenue of $422 and $1,328 for the three months ended September 30, 2020 and 2019, respectively. (2) PrintBrothers segment revenues include inter-segment revenue of $171 and $243 for the three months ended September 30, 2020 and 2019, respectively. (3) The Print Group segment revenues include inter-segment revenue of $6,059 and $432 for the three months ended September 30, 2020 and 2019, respectively. (4) National Pen segment revenues include inter-segment revenue of $13,076 and $981 for the three months ended September 30, 2020 and 2019, respectively. (5) All Other Businesses segment revenues include inter-segment revenue of $739 and $215 for the three months ended September 30, 2020 and 2019, respectively. Our All Other Businesses segment includes the revenue from our VIDA acquisition from July 2, 2018 through the divestiture date of April 10, 2020.
| Three Months Ended September 30, 2020
| Vistaprint |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 232,095 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,321 |  |  | $ | 38,944 |  |  | $ | 301,360 |
Europe | 77,248 |  |  | 99,941 |  |  | 60,378 |  |  | 20,604 |  |  | — |  |  | 258,171 |
Other | 19,526 |  |  | — |  |  | — |  |  | 3,648 |  |  | 3,795 |  |  | 26,969 |
Inter-segment | 422 |  |  | 171 |  |  | 6,059 |  |  | 13,076 |  |  | 739 |  |  | 20,467 |
Total segment revenue | 329,291 |  |  | 100,112 |  |  | 66,437 |  |  | 67,649 |  |  | 43,478 |  |  | 606,967 |
Less: inter-segment elimination | (422) |  |  | (171) |  |  | (6,059) |  |  | (13,076) |  |  | (739) |  |  | (20,467) |
Total external revenue | $ | 328,869 |  |  | $ | 99,941 |  |  | $ | 60,378 |  |  | $ | 54,573 |  |  | $ | 42,739 |  |  | $ | 586,500 |
| Three Months Ended September 30, 2019
| Vistaprint |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 247,085 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,542 |  |  | $ | 35,406 |  |  | $ | 324,033 |
Europe | 74,458 |  |  | 109,047 |  |  | 71,826 |  |  | 22,313 |  |  | — |  |  | 277,644 |
Other | 20,300 |  |  | — |  |  | — |  |  | 5,327 |  |  | 6,655 |  |  | 32,282 |
Inter-segment | 1,328 |  |  | 243 |  |  | 432 |  |  | 981 |  |  | 215 |  |  | 3,199 |
Total segment revenue | 343,171 |  |  | 109,290 |  |  | 72,258 |  |  | 70,163 |  |  | 42,276 |  |  | 637,158 |
Less: inter-segment elimination | (1,328) |  |  | (243) |  |  | (432) |  |  | (981) |  |  | (215) |  |  | (3,199) |
Total external revenue | $ | 341,843 |  |  | $ | 109,047 |  |  | $ | 71,826 |  |  | $ | 69,182 |  |  | $ | 42,061 |  |  | $ | 633,959 |
The following table includes segment EBITDA by reportable segment, total income from operations and total income before income taxes.
|  |  | Three Months Ended September 30,
|  |  |  |  | 2020 |  | 2019 |  |  |  |
Segment EBITDA: |  |  |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 90,157 |  |  | $ | 87,303 |  |  |  |  |
PrintBrothers |  |  |  |  | 9,715 |  |  | 10,777 |  |  |  |  |
The Print Group |  |  |  |  | 12,183 |  |  | 13,634 |  |  |  |  |
National Pen |  |  |  |  | (10,671) |  |  | (9,850) |  |  |  |  |
All Other Businesses |  |  |  |  | 8,609 |  |  | 1,717 |  |  |  |  |
Total segment EBITDA |  |  |  |  | 109,993 |  |  | 103,581 |  |  |  |  |
Central and corporate costs |  |  |  |  | (31,020) |  |  | (33,653) |  |  |  |  |
Depreciation and amortization |  |  |  |  | (42,290) |  |  | (42,535) |  |  |  |  |
Certain impairments and other adjustments |  |  |  |  | (783) |  |  | 176 |  |  |  |  |
Restructuring-related charges |  |  |  |  | 86 |  |  | (2,190) |  |  |  |  |
Total income from operations |  |  |  |  | 35,986 |  |  | 25,379 |  |  |  |  |
Other (expense) income, net |  |  |  |  | (8,754) |  |  | 15,674 |  |  |  |  |
Interest expense, net |  |  |  |  | (30,516) |  |  | (15,087) |  |  |  |  |
(Loss) income before income taxes |  |  |  |  | $ | (3,284) |  |  | $ | 25,966 |  |  |  |  |
|  |  | Three Months Ended September 30,
|  |  |  |  | 2020 |  | 2019 |  |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 13,587 |  |  | $ | 15,640 |  |  |
PrintBrothers |  |  |  |  | 5,462 |  |  | 5,255 |  |  |
The Print Group |  |  |  |  | 6,581 |  |  | 6,233 |  |  |
National Pen |  |  |  |  | 6,067 |  |  | 5,581 |  |  |
All Other Businesses |  |  |  |  | 5,868 |  |  | 5,973 |  |  |
Central and corporate costs |  |  |  |  | 4,725 |  |  | 3,853 |  |  |
Total depreciation and amortization |  |  |  |  | $ | 42,290 |  |  | $ | 42,535 |  |  |
|  |  | Three Months Ended September 30,
|  |  |  |  | 2020 |  | 2019 |  |
Purchases of property, plant and equipment: |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 1,934 |  |  | $ | 4,505 |  |  |
PrintBrothers |  |  |  |  | 925 |  |  | 331 |  |  |
The Print Group |  |  |  |  | 2,887 |  |  | 4,105 |  |  |
National Pen |  |  |  |  | 1,452 |  |  | 2,016 |  |  |
All Other Businesses |  |  |  |  | 954 |  |  | 1,775 |  |  |
Central and corporate costs |  |  |  |  | 231 |  |  | 1,461 |  |  |
Total purchases of property, plant and equipment |  |  |  |  | $ | 8,383 |  |  | $ | 14,193 |  |  |
|  |  | Three Months Ended September 30,
|  |  |  |  | 2020 |  | 2019 |  |
Capitalization of software and website development costs: |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 6,987 |  |  | $ | 5,422 |  |  |
PrintBrothers |  |  |  |  | 406 |  |  | 331 |  |  |
The Print Group |  |  |  |  | 230 |  |  | 451 |  |  |
National Pen |  |  |  |  | 714 |  |  | 836 |  |  |
All Other Businesses |  |  |  |  | 1,061 |  |  | 963 |  |  |
Central and corporate costs |  |  |  |  | 5,406 |  |  | 4,468 |  |  |
Total capitalization of software and website development costs |  |  |  |  | $ | 14,804 |  |  | $ | 12,471 |  |  |
The following table sets forth long-lived assets by geographic area:
| September 30, 2020 |  | June 30, 2020
Long-lived assets (1): |  |  |
United States | $ | 153,484 |  |  | $ | 161,853 |
Netherlands | 79,211 |  |  | 82,897 |
Canada | 64,133 |  |  | 67,367 |
Switzerland | 62,304 |  |  | 58,013 |
Italy | 44,267 |  |  | 46,317 |
Jamaica | 21,777 |  |  | 21,563 |
Australia | 20,094 |  |  | 19,695 |
France | 23,770 |  |  | 23,917 |
Japan | 15,840 |  |  | 15,430 |
Other | 90,592 |  |  | 94,922 |
Total | $ | 575,472 |  |  | $ | 591,974 |
___________________ (1) Excludes goodwill of $637,568 and $621,904, intangible assets, net of $200,493 and $209,228, and deferred tax assets of $146,807 and $143,496 as of September 30, 2020 and June 30, 2020, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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