XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information
 3 Months Ended
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,
 20202019
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 revenue606,967 637,158 
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
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$232,095 $— $— $30,321 $38,944 $301,360 
Europe77,248 99,941 60,378 20,604 — 258,171 
Other19,526 — — 3,648 3,795 26,969 
Inter-segment422 171 6,059 13,076 739 20,467 
   Total segment revenue329,291 100,112 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
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$247,085 $— $— $41,542 $35,406 $324,033 
Europe74,458 109,047 71,826 22,313 — 277,644 
Other20,300 — — 5,327 6,655 32,282 
Inter-segment1,328 243 432 981 215 3,199 
   Total segment revenue343,171 109,290 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,
 20202019
Segment EBITDA:
Vistaprint$90,157 $87,303 
PrintBrothers9,715 10,777 
The Print Group12,183 13,634 
National Pen(10,671)(9,850)
All Other Businesses8,609 1,717 
Total segment EBITDA109,993 103,581 
Central and corporate costs(31,020)(33,653)
Depreciation and amortization(42,290)(42,535)
Certain impairments and other adjustments(783)176 
Restructuring-related charges86 (2,190)
Total income from operations35,986 25,379 
Other (expense) income, net(8,754)15,674 
Interest expense, net(30,516)(15,087)
(Loss) income before income taxes$(3,284)$25,966 
 Three Months Ended September 30,
 20202019
Depreciation and amortization:
Vistaprint$13,587 $15,640 
PrintBrothers5,462 5,255 
The Print Group6,581 6,233 
National Pen6,067 5,581 
All Other Businesses5,868 5,973 
Central and corporate costs4,725 3,853 
Total depreciation and amortization$42,290 $42,535 
Three Months Ended September 30,
20202019
Purchases of property, plant and equipment:
Vistaprint$1,934 $4,505 
PrintBrothers925 331 
The Print Group2,887 4,105 
National Pen1,452 2,016 
All Other Businesses954 1,775 
Central and corporate costs231 1,461 
Total purchases of property, plant and equipment$8,383 $14,193 
Three Months Ended September 30,
20202019
Capitalization of software and website development costs:
Vistaprint$6,987 $5,422 
PrintBrothers406 331 
The Print Group230 451 
National Pen714 836 
All Other Businesses1,061 963 
Central and corporate costs5,406 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, 2020June 30, 2020
Long-lived assets (1):  
United States$153,484 $161,853 
Netherlands79,211 82,897 
Canada64,133 67,367 
Switzerland62,304 58,013 
Italy44,267 46,317 
Jamaica21,777 21,563 
Australia20,094 19,695 
France23,770 23,917 
Japan15,840 15,430 
Other90,592 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.