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.

During the fourth quarter of fiscal 2019, we revised our internal organizational and reporting structure resulting in changes to our Upload and Print reportable segment. Due to the organizational changes, our Upload and Print reportable segment have been split into two separate operating and reportable segments, PrintBrothers and The Print Group. These changes in reporting structure are intended to position leaders closer to operations of the businesses, to lower costs, and to drive culture, priorities and technologies that improve customer and financial outcomes. We have revised our presentation of all prior periods presented to reflect our revised segment reporting.

During the first quarter of fiscal 2020, we revised our internal organizational and reporting structure leading to changes in our Vistaprint and All Other Businesses reportable segments. Our Vistaprint Corporate Solutions, Vistaprint India, and Vistaprint Japan businesses, which were previously aggregated based on materiality in our All Other Businesses, are now directly managed within the Vistaprint business. These businesses are close derivatives or adjacencies of the Vistaprint business and leverage the Vistaprint brand, customers, technology, and/or other assets. This change in reporting structure will position them closer to the Vistaprint operations, capabilities, and resources. We have revised our presentation of all prior periods presented to reflect our revised segment reporting. Refer to Note 8 for details of the reclassification of goodwill based on the changes in our reportable segments.

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.

During the first quarter of fiscal 2020, we changed our segment profitability measure to an adjusted EBITDA metric, a non-GAAP measure. The financial metric that we use to hold our businesses accountable on an annual basis is unlevered free cash flow. Historically, we have reported segment profit based on adjusted net operating profit; however, this is not a direct input to unlevered free cash flow. We believe this change simplifies both our internal and external reporting, while also increasing the focus on a profitability metric that is a direct input into our internal operating measure, to our steady-state free cash flow analysis that we report annually and to our estimates of intrinsic value per share.

The primary difference between the segment profit we previously reported and the revised metric is depreciation and amortization. The prior adjusted NOP-based metric only removed amortization of acquired intangibles, and the new segment EBITDA metric removes all depreciation and amortization, except for depreciation expense related to our Waltham, Massachusetts lease, which we treat in our historical results as operating expense. The new segment EBITDA metric does include the cost of long-term incentive programs, including share-based compensation, just as the prior adjusted NOP-based metric.

Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization (with the exception of depreciation expense associated with our Waltham, Massachusetts lease for periods prior to our adoption of the new leasing standard on July 1, 2019), 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. For historical periods presented, a portion of the interest expense associated with our Waltham, Massachusetts lease is included as expense in segment EBITDA and allocated based on headcount to the appropriate business or corporate and global function. The interest expense represents a portion of the cash rent payment and is considered an operating expense for purposes of measuring our segment performance. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.

Our All Other Businesses reportable segment includes businesses that have operating losses as they are in the early stage of investment relative to the scale of the underlying businesses, which may limit its comparability to other segments regarding segment EBITDA.

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 segments, as well as disaggregation of revenue by major geographic regions and reportable segments.



	Year Ended June 30,
	2019			2018			2017
Revenue:
Vistaprint (1)	$	1,508,322		$	1,499,141		$	1,346,121
PrintBrothers (2)	443,987			410,776			318,188
The Print Group (3)	325,872			320,473			270,425
National Pen (4)	348,409			333,266			112,712
All Other Businesses (5)	136,202			40,230			93,649
Total segment revenue	2,762,792			2,603,886			2,141,095
Inter-segment eliminations	(11,716		)	(11,345		)	(5,690		)
Total consolidated revenue	$	2,751,076		$	2,592,541		$	2,135,405

(5) All Other Businesses segment revenues include inter-segment revenue of $113 for the year ended June 30, 2019. No inter-segment revenue was recognized for the years ended June 30, 2018 and 2017. Our All Other Businesses segment includes the revenue from our fiscal 2019 acquisitions, VIDA and BuildASign, from July 2, 2018 and October 1, 2018, respectively, as well as the Albumprinter business for a portion of the year ended June 30, 2018 (the sale completion date of August 31, 2017).



	Year Ended June 30, 2019
	Vistaprint			PrintBrothers			The Print Group			National Pen			All Other			Total
North America	$	1,040,928		$	—		$	—		$	179,425		$	112,215		$	1,332,568
Europe	373,767			442,760			325,076			134,381			—			1,275,984
Other	87,776			—			—			30,874			23,874			142,524
Inter-segment	5,851			1,227			796			3,729			113			11,716
Total segment revenue	1,508,322			443,987			325,872			348,409			136,202			2,762,792
Less: inter-segment elimination	(5,851		)	(1,227		)	(796		)	(3,729		)	(113		)	(11,716		)
Total external revenue	$	1,502,471		$	442,760		$	325,076		$	344,680		$	136,089		$	2,751,076



	Year Ended June 30, 2018
	Vistaprint			PrintBrothers			The Print Group			National Pen			All Other		Total
North America	$	1,013,775		$	—		$	2,136		$	170,745		$	1,717	$	1,188,373
Europe	386,142			408,708			317,647			132,352			12,677		1,257,526
Other	93,593			—			—			27,213			25,836		146,642
Inter-segment	5,631			2,068			690			2,956			—		11,345
Total segment revenue	1,499,141			410,776			320,473			333,266			40,230		2,603,886
Less: inter-segment elimination	(5,631		)	(2,068		)	(690		)	(2,956		)	—		(11,345		)
Total external revenue	$	1,493,510		$	408,708		$	319,783		$	330,310		$	40,230	$	2,592,541



	Year Ended June 30, 2017
	Vistaprint			PrintBrothers		The Print Group		National Pen		All Other		Total
North America	$	917,125		$	—	$	2,063	$	62,614	$	—	$	981,802
Europe	340,286			318,188		268,362		39,693		78,954		1,045,483
Other	83,020			—		—		10,405		14,695		108,120
Inter-segment	5,690			—		—		—		—		5,690
Total segment revenue	1,346,121			318,188		270,425		112,712		93,649		2,141,095
Less: inter-segment elimination	(5,690		)	—		—		—		—		(5,690		)
Total external revenue	$	1,340,431		$	318,188	$	270,425	$	112,712	$	93,649	$	2,135,405



	Year Ended June 30,
	2019			2018			2017
Segment EBITDA:
Vistaprint	$	327,509		$	291,271		$	212,602
PrintBrothers	43,474			41,129			32,869
The Print Group	63,997			63,529			51,014
National Pen (1)	17,299			29,438			933
All Other Businesses	(6,317		)	(10,603		)	1,016
Total segment EBITDA	445,962			414,764			298,434
Central and corporate costs	(95,107		)	(119,525		)	(109,242		)
Depreciation and amortization	(172,957		)	(169,005		)	(159,656		)
Waltham, MA lease depreciation adjustment	4,120			4,120			4,120
Proceeds from insurance	—			(676		)	(807		)
Earn-out related charges	—			(2,391		)	(40,384		)
Share-based compensation related to investment consideration	(2,893		)	(6,792		)	(9,638		)
Certain impairments and other adjustments (2)	(10,700		)	(2,893		)	(9,556		)
Restructuring-related charges	(12,054		)	(15,236		)	(26,700		)
Interest expense for Waltham, MA lease	7,236			7,489			7,727
Gain on purchase or sale of sale of subsidiary (3)	—			47,945			—
Total income from operations	163,607			157,800			(45,702		)
Other income (expense), net	26,476			(21,032		)	10,362
Interest expense, net	(63,171		)	(53,043		)	(43,977		)
Loss on early extinguishment of debt	—			(17,359		)	—
Income before income taxes	$	126,912		$	66,366		$	(79,317	)

(1) During the first quarter of fiscal 2019, we adopted ASC 606, Revenue from Contracts with Customers, which is the new revenue standard described in Note 2 of the accompanying consolidated financial statements. We applied the new standard under the modified retrospective method, in which we did not apply the new standard to the prior comparable period. The adoption of the new standard had a positive impact on operating income and adjusted EBITDA of $295 for the year ended June 30, 2019, as compared to the prior comparative period. Direct mail advertising costs were previously capitalized and amortized over the customer response period (typically 3-4 months) and now costs are recognized when the direct mail is sent to the customers.

(2) Includes the impact of certain impairments of goodwill and other long-lived assets as defined by ASC 350 - "Intangibles - Goodwill and Other", as well as reserves recognized for loans as defined by ASC 326 - "Financial Instruments - Credit Losses."



	Year Ended June 30,
	2019		2018		2017
Depreciation and amortization:
Vistaprint	$	69,001	$	70,991	$	69,715
PrintBrothers	22,108		25,005		22,159
The Print Group	29,437		34,594		33,914
National Pen	21,642		21,546		10,269
All Other Businesses	17,068		3,929		9,282
Central and corporate costs	14,515		12,940		13,061
Total depreciation and amortization	$	173,771	$	169,005	$	158,400



	Year Ended June 30,
	2019		2018		2017
Purchases of property, plant and equipment:
Vistaprint	$	32,820	$	35,998	$	40,544
PrintBrothers	3,521		6,469		3,312
The Print Group	7,908		9,743		11,563
National Pen	8,346		6,565		3,714
All Other Businesses	16,996		947		10,625
Central and corporate costs	972		1,208		4,399
Total purchases of property, plant and equipment	$	70,563	$	60,930	$	74,157



	Year Ended June 30,
	2019		2018		2017
Capitalization of software and website development costs:
Vistaprint	$	27,345	$	26,685	$	24,431
PrintBrothers	1,787		1,836		2,658
The Print Group	2,327		2,174		1,515
National Pen	3,624		1,482		—
All Other Businesses	2,948		445		761
Central and corporate costs	10,621		8,225		7,942
Total capitalization of software and website development costs	$	48,652	$	40,847	$	37,307



	Year Ended June 30,
	2019		2018		2017
United States	$	1,361,438	$	1,078,544	$	901,061
Germany (1)	367,375		340,881		256,069
Other (2)	1,022,263		1,173,116		978,275
Total revenue	$	2,751,076	$	2,592,541	$	2,135,405



	Year Ended June 30,
	2019		2018		2017
Physical printed products and other (3)	$	2,700,167	$	2,537,201	$	2,076,564
Digital products/services	50,909		55,340		58,841
Total revenue	$	2,751,076	$	2,592,541	$	2,135,405



	June 30, 2019		June 30, 2018
Long-lived assets (1):
Netherlands	$	73,601	$	109,556
Canada	73,447		81,334
United States	57,118		45,709
Switzerland	57,488		52,523
Italy	43,203		42,514
Jamaica	21,267		21,720
Australia	20,749		22,418
France	18,533		20,131
Japan	17,768		19,117
Other	79,006		67,842
Total	$	462,180	$	482,864

(1) Excludes goodwill of $718,880 and $520,843, intangible assets, net of $262,701 and $230,201, build-to-suit lease assets of $124,408 and $111,926, and deferred tax assets of $59,906 and $67,087 as of June 30, 2019 and June 30, 2018, respectively.