XML 50 R23.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment Information | 12 Months Ended
--- | ---
Jun. 30, 2021
Segment Reporting [Abstract] |
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 June 30, 2021, 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, our 99designs business which was acquired on October 1, 2020, 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. With the exception of BuildASign, which is a larger and profitable business, the All Other Businesses reportable segment consists of two smaller businesses that we continue to manage at a relatively modest operating loss and the addition of a newly acquired company that provides supply chain expertise and sells into a growing product category. ◦BuildASign is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas. In the fourth quarter of fiscal year 2021, we closed a small acquisition under BuildASign in a new product category. ◦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. The expense value of our PSU awards 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. 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 include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results. 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.
|  |  | Year Ended June 30, |  |
|  |  |  |  | 2021 |  | 2020 |  | 2019 |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 1,444,807 |  |  | $ | 1,337,291 |  |  | $ | 1,508,322 |  |  |
PrintBrothers |  |  |  |  | 421,766 |  |  | 417,921 |  |  | 443,987 |  |  |
The Print Group |  |  |  |  | 275,534 |  |  | 275,214 |  |  | 325,872 |  |  |
National Pen |  |  |  |  | 313,528 |  |  | 299,474 |  |  | 348,409 |  |  |
All Other Businesses |  |  |  |  | 192,038 |  |  | 173,789 |  |  | 136,202 |  |  |
Total segment revenue |  |  |  |  | 2,647,673 |  |  | 2,503,689 |  |  | 2,762,792 |  |  |
Inter-segment eliminations (1) |  |  |  |  | (55,160) |  |  | (22,331) |  |  | (11,716) |  |  |
Total consolidated revenue |  |  |  |  | $ | 2,592,513 |  |  | $ | 2,481,358 |  |  | $ | 2,751,076 |  |  |
_____________________ (1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
| Year Ended June 30, 2021
| Vistaprint |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 955,280 |  |  | $ | — |  |  | $ | — |  |  | $ | 154,857 |  |  | $ | 171,398 |  |  | $ | 1,281,535 |
Europe | 350,270 |  |  | 420,946 |  |  | 258,230 |  |  | 106,004 |  |  | — |  |  | 1,135,450 |
Other | 136,919 |  |  | — |  |  | — |  |  | 20,762 |  |  | 17,847 |  |  | 175,528 |
Inter-segment | 2,338 |  |  | 820 |  |  | 17,304 |  |  | 31,905 |  |  | 2,793 |  |  | 55,160 |
Total segment revenue | 1,444,807 |  |  | 421,766 |  |  | 275,534 |  |  | 313,528 |  |  | 192,038 |  |  | 2,647,673 |
Less: inter-segment elimination | (2,338) |  |  | (820) |  |  | (17,304) |  |  | (31,905) |  |  | (2,793) |  |  | (55,160) |
Total external revenue | $ | 1,442,469 |  |  | $ | 420,946 |  |  | $ | 258,230 |  |  | $ | 281,623 |  |  | $ | 189,245 |  |  | $ | 2,592,513 |
| Year Ended June 30, 2020
| Vistaprint |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 928,668 |  |  | $ | — |  |  | $ | — |  |  | $ | 154,632 |  |  | $ | 153,795 |  |  | $ | 1,237,095 |
Europe | 325,239 |  |  | 416,987 |  |  | 269,220 |  |  | 112,046 |  |  | — |  |  | 1,123,492 |
Other | 77,204 |  |  | — |  |  | — |  |  | 24,990 |  |  | 18,577 |  |  | 120,771 |
Inter-segment | 6,180 |  |  | 934 |  |  | 5,994 |  |  | 7,806 |  |  | 1,417 |  |  | 22,331 |
Total segment revenue | 1,337,291 |  |  | 417,921 |  |  | 275,214 |  |  | 299,474 |  |  | 173,789 |  |  | 2,503,689 |
Less: inter-segment elimination | (6,180) |  |  | (934) |  |  | (5,994) |  |  | (7,806) |  |  | (1,417) |  |  | (22,331) |
Total external revenue | $ | 1,331,111 |  |  | $ | 416,987 |  |  | $ | 269,220 |  |  | $ | 291,668 |  |  | $ | 172,372 |  |  | $ | 2,481,358 |
| Year Ended June 30, 2019
| Vistaprint |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 1,040,928 |  |  | $ | — |  |  | $ | — |  |  | $ | 179,425 |  |  | $ | 112,216 |  |  | $ | 1,332,569 |
Europe | 373,768 |  |  | 442,760 |  |  | 325,076 |  |  | 134,381 |  |  | — |  |  | 1,275,985 |
Other | 87,775 |  |  | — |  |  | — |  |  | 30,874 |  |  | 23,873 |  |  | 142,522 |
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 |
The following table includes segment EBITDA by reportable segment, total income from operations and total (loss) income before income taxes:
|  |  | Year Ended June 30,
|  |  |  |  | 2021 |  | 2020 |  |  |  | 2019
Segment EBITDA: |  |  |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 324,715 |  |  | $ | 366,334 |  |  |  |  | $ | 349,697 |
PrintBrothers |  |  |  |  | 43,144 |  |  | 39,373 |  |  |  |  | 43,474 |
The Print Group |  |  |  |  | 43,126 |  |  | 51,606 |  |  |  |  | 63,997 |
National Pen |  |  |  |  | 11,644 |  |  | 7,605 |  |  |  |  | 17,299 |
All Other Businesses |  |  |  |  | 31,707 |  |  | 17,474 |  |  |  |  | (6,317) |
Total segment EBITDA |  |  |  |  | 454,336 |  |  | 482,392 |  |  |  |  | 468,150 |
Central and corporate costs |  |  |  |  | (135,398) |  |  | (140,398) |  |  |  |  | (117,295) |
Depreciation and amortization |  |  |  |  | (173,212) |  |  | (167,943) |  |  |  |  | (172,957) |
Waltham, MA lease depreciation adjustment (1) |  |  |  |  | — |  |  | — |  |  |  |  | 4,120 |
Proceeds from insurance |  |  |  |  | (122) |  |  | — |  |  |  |  | — |
Earn-out related charges |  |  |  |  | — |  |  | 54 |  |  |  |  | — |
Share-based compensation related to investment consideration |  |  |  |  | — |  |  | — |  |  |  |  | (2,893) |
Certain impairments and other adjustments (2) |  |  |  |  | (20,453) |  |  | (104,593) |  |  |  |  | (10,700) |
Restructuring-related charges |  |  |  |  | (1,641) |  |  | (13,543) |  |  |  |  | (12,054) |
Interest expense for Waltham, MA lease (1) |  |  |  |  | — |  |  | — |  |  |  |  | 7,236 |
Total income from operations |  |  |  |  | 123,510 |  |  | 55,969 |  |  |  |  | 163,607 |
Other (expense) income, net |  |  |  |  | (11,835) |  |  | 22,874 |  |  |  |  | 26,476 |
Interest expense, net |  |  |  |  | (119,368) |  |  | (75,840) |  |  |  |  | (63,171) |
Loss on early extinguishment of debt |  |  |  |  | (48,343) |  |  | — |  |  |  |  | — |
(Loss) income before income taxes |  |  |  |  | $ | (56,036) |  |  | $ | 3,003 |  |  |  |  | $ | 126,912 |
___________________ (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 are no longer made after such adoption as any impact from the Waltham lease is now reflected in operating income. (2) For the year ended June 30, 2021, certain impairments and other adjustments includes lease impairment and abandonment charges for two leased locations totaling $19,882. Refer to Note 16 for additional details. For the year ended June 30, 2020, certain impairments and other adjustments includes impairments of goodwill defined by ASC 350 - "Intangibles - Goodwill and Other" of $100,842, as well as losses of $1,520 recognized for fair value adjustments to the disposal group related to our VIDA sale. During the year ended June 30, 2019 we recognized reserves for loans as defined by ASC 326 - "Financial Instruments - Credit Losses".
|  |  | Year Ended June 30,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 58,513 |  |  | $ | 59,029 |  |  | $ | 67,317 |
PrintBrothers |  |  |  |  | 22,089 |  |  | 21,010 |  |  | 22,108 |
The Print Group |  |  |  |  | 27,066 |  |  | 24,769 |  |  | 29,437 |
National Pen |  |  |  |  | 25,123 |  |  | 23,654 |  |  | 21,642 |
All Other Businesses |  |  |  |  | 19,811 |  |  | 23,755 |  |  | 17,068 |
Central and corporate costs |  |  |  |  | 20,610 |  |  | 15,726 |  |  | 16,199 |
Total depreciation and amortization |  |  |  |  | $ | 173,212 |  |  | $ | 167,943 |  |  | $ | 173,771 |
|  |  | Year Ended June 30,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Purchases of property, plant and equipment: |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 12,332 |  |  | $ | 15,986 |  |  | $ | 32,820 |
PrintBrothers |  |  |  |  | 3,609 |  |  | 4,315 |  |  | 3,521 |
The Print Group |  |  |  |  | 11,847 |  |  | 17,136 |  |  | 7,908 |
National Pen |  |  |  |  | 3,603 |  |  | 5,016 |  |  | 8,346 |
All Other Businesses |  |  |  |  | 5,466 |  |  | 4,242 |  |  | 16,996 |
Central and corporate costs |  |  |  |  | 1,667 |  |  | 3,772 |  |  | 972 |
Total purchases of property, plant and equipment |  |  |  |  | $ | 38,524 |  |  | $ | 50,467 |  |  | $ | 70,563 |
|  |  | Year Ended June 30,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Capitalization of software and website development costs: |  |  |  |  |  |  |  |  |
Vistaprint |  |  |  |  | $ | 28,297 |  |  | $ | 18,381 |  |  | $ | 23,369 |
PrintBrothers |  |  |  |  | 1,465 |  |  | 990 |  |  | 1,787 |
The Print Group |  |  |  |  | 1,603 |  |  | 1,484 |  |  | 2,327 |
National Pen |  |  |  |  | 3,115 |  |  | 3,290 |  |  | 3,624 |
All Other Businesses |  |  |  |  | 3,746 |  |  | 3,684 |  |  | 2,948 |
Central and corporate costs |  |  |  |  | 22,711 |  |  | 16,163 |  |  | 14,597 |
Total capitalization of software and website development costs |  |  |  |  | $ | 60,937 |  |  | $ | 43,992 |  |  | $ | 48,652 |
Enterprise Wide Disclosures: The following tables set forth revenues by geographic area and groups of similar products and services:
|  |  | Year Ended June 30,
|  |  |  |  | 2021 |  | 2020 |  | 2019
United States |  |  |  |  | $ | 1,199,436 |  |  | $ | 1,251,531 |  |  | $ | 1,361,438 |
Germany (1) |  |  |  |  | 350,281 |  |  | 351,348 |  |  | 367,375 |
Other (2) |  |  |  |  | 1,042,796 |  |  | 878,479 |  |  | 1,022,263 |
Total revenue |  |  |  |  | $ | 2,592,513 |  |  | $ | 2,481,358 |  |  | $ | 2,751,076 |
|  |  | Year Ended June 30,
|  |  |  |  | 2021 |  | 2020 |  | 2019
Physical printed products and other (3) |  |  |  |  | $ | 2,477,158 |  |  | $ | 2,431,367 |  |  | $ | 2,700,167 |
Digital products/services (4) |  |  |  |  | 115,355 |  |  | 49,991 |  |  | 50,909 |
Total revenue |  |  |  |  | $ | 2,592,513 |  |  | $ | 2,481,358 |  |  | $ | 2,751,076 |
__________________ (1) Our revenues within the German market exceeded 10% of our total consolidated revenue. Therefore, we have presented Germany as a significant geographic area. (2) Our other revenue includes Ireland, our country of domicile. (3) Other revenue includes miscellaneous items which account for less than 1% of revenue. (4) Digital products/service revenue includes revenue associated with design services and for the year ended June 30, 2021 includes revenue from our 99designs business which was acquired on October 1, 2020. Refer to Note 7 for additional details. The following table sets forth long-lived assets by geographic area:
| June 30, 2021 |  | June 30, 2020
Long-lived assets (1): |  |  |
United States | $ | 107,868 |  |  | $ | 161,853 |
Netherlands | 75,996 |  |  | 82,897 |
Canada | 60,779 |  |  | 67,367 |
Switzerland | 68,880 |  |  | 58,013 |
Italy | 47,776 |  |  | 46,317 |
Jamaica | 20,550 |  |  | 21,563 |
Australia | 21,298 |  |  | 19,695 |
France | 25,417 |  |  | 23,917 |
Japan | 14,891 |  |  | 15,430 |
Other | 96,063 |  |  | 94,922 |
Total | $ | 539,518 |  |  | $ | 591,974 |
___________________ (1) Excludes goodwill of $726,979 and $621,904, intangible assets, net of $186,744 and $209,228, deferred tax assets of $149,618 and $143,496, and marketable securities, non-current of $50,713 and zero as of June 30, 2021 and June 30, 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration