Summary of Significant Accounting Policies Summary of Significant Accounting Principles (Tables)

3 Months Ended

Sep. 30, 2020

Sep. 30, 2019

The following table summarizes the components of other (expense) income, net:


	Three Months Ended September 30,
		2020		2019
(Losses) gains on derivatives not designated as hedging instruments (1)		$	(13,495)	$	19,357
Currency-related gains (losses), net (2)		4,075		(3,412)
Other gains (losses)		666		(271)
Total other (expense) income, net		$	(8,754)	$	15,674

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(1) Primarily relates to both realized and unrealized gains and losses on derivative currency forward and option contracts not designated as hedging instruments, as well as certain interest rate swap contracts that have been de-designated from hedge accounting due to their ineffectiveness.

(2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the three months ended September 30, 2020 and 2019 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. The unrealized losses related to cross-currency swaps were $5,437 for the three months ended September 30, 2020, as compared to unrealized gains of $4,678 for the three months ended September 30, 2019.

Schedule of Weighted Average Number of Shares

The following table sets forth the reconciliation of the weighted-average number of ordinary shares:


	Three Months Ended September 30,
		2020	2019
Weighted average shares outstanding, basic		25,945,998	29,747,035
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants		—	782,437
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc		25,945,998	30,529,472
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)(2)		450,089	—

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(1) On May 1, 2020, we entered into a financing arrangement with Apollo Global Management, Inc., which included 7-year warrants with a strike price of $60 that have a potentially dilutive impact on our weighted average shares outstanding. For the three months ended September 30, 2020, the weighted average anti-dilutive effect of the warrants was 316,257 shares. Refer to Note 8 for additional details about the arrangement.

(2) In the periods in which a net loss is recognized, the impact of share options, RSUs and warrants is not included as they are anti-dilutive.