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,
 202120202019
Revenue:
Vistaprint$1,444,807 $1,337,291 $1,508,322 
PrintBrothers421,766 417,921 443,987 
The Print Group275,534 275,214 325,872 
National Pen313,528 299,474 348,409 
All Other Businesses192,038 173,789 136,202 
Total segment revenue2,647,673 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
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$955,280 $— $— $154,857 $171,398 $1,281,535 
Europe350,270 420,946 258,230 106,004 — 1,135,450 
Other136,919 — — 20,762 17,847 175,528 
Inter-segment2,338 820 17,304 31,905 2,793 55,160 
   Total segment revenue1,444,807 421,766 275,534 313,528 192,038 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
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$928,668 $— $— $154,632 $153,795 $1,237,095 
Europe325,239 416,987 269,220 112,046 — 1,123,492 
Other77,204 — — 24,990 18,577 120,771 
Inter-segment6,180 934 5,994 7,806 1,417 22,331 
   Total segment revenue1,337,291 417,921 275,214 299,474 173,789 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
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$1,040,928 $— $— $179,425 $112,216 $1,332,569 
Europe373,768 442,760 325,076 134,381 — 1,275,985 
Other87,775 — — 30,874 23,873 142,522 
Inter-segment5,851 1,227 796 3,729 113 11,716 
   Total segment revenue1,508,322 443,987 325,872 348,409 136,202 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,
 202120202019
Segment EBITDA:
Vistaprint$324,715 $366,334 $349,697 
PrintBrothers43,144 39,373 43,474 
The Print Group43,126 51,606 63,997 
National Pen11,644 7,605 17,299 
All Other Businesses31,707 17,474 (6,317)
Total segment EBITDA454,336 482,392 468,150 
Central and corporate costs(135,398)(140,398)(117,295)
Depreciation and amortization(173,212)(167,943)(172,957)
Waltham, MA lease depreciation adjustment (1)— — 4,120 
Proceeds from insurance(122)— — 
Earn-out related charges— 54 — 
Share-based compensation related to investment consideration— — (2,893)
Certain impairments and other adjustments (2)(20,453)(104,593)(10,700)
Restructuring-related charges(1,641)(13,543)(12,054)
Interest expense for Waltham, MA lease (1)— — 7,236 
Total income from operations123,510 55,969 163,607 
Other (expense) income, net(11,835)22,874 26,476 
Interest expense, net(119,368)(75,840)(63,171)
Loss on early extinguishment of debt(48,343)— — 
(Loss) income before income taxes$(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,
 202120202019
Depreciation and amortization:
Vistaprint$58,513 $59,029 $67,317 
PrintBrothers22,089 21,010 22,108 
The Print Group27,066 24,769 29,437 
National Pen25,123 23,654 21,642 
All Other Businesses19,811 23,755 17,068 
Central and corporate costs20,610 15,726 16,199 
Total depreciation and amortization$173,212 $167,943 $173,771 
Year Ended June 30,
202120202019
Purchases of property, plant and equipment:
Vistaprint$12,332 $15,986 $32,820 
PrintBrothers3,609 4,315 3,521 
The Print Group11,847 17,136 7,908 
National Pen3,603 5,016 8,346 
All Other Businesses5,466 4,242 16,996 
Central and corporate costs1,667 3,772 972 
Total purchases of property, plant and equipment$38,524 $50,467 $70,563 

Year Ended June 30,
202120202019
Capitalization of software and website development costs:
Vistaprint$28,297 $18,381 $23,369 
PrintBrothers1,465 990 1,787 
The Print Group1,603 1,484 2,327 
National Pen3,115 3,290 3,624 
All Other Businesses3,746 3,684 2,948 
Central and corporate costs22,711 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,
 202120202019
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,
202120202019
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, 2021June 30, 2020
Long-lived assets (1):  
United States$107,868 $161,853 
Netherlands75,996 82,897 
Canada60,779 67,367 
Switzerland68,880 58,013 
Italy47,776 46,317 
Jamaica20,550 21,563 
Australia21,298 19,695 
France25,417 23,917 
Japan14,891 15,430 
Other96,063 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.