XML 32 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Segment Information
6 Months Ended
Dec. 31, 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 December 31, 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, 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 early-stage businesses that we continue to manage at a relatively modest operating loss.
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.
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. 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.
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 December 31, Six Months Ended December 31,
 2020201920202019
Revenue (1):
Vistaprint$436,317 $433,305 $765,608 $776,476 
PrintBrothers121,806 126,617 221,918 235,907 
The Print Group76,204 87,699 142,641 159,957 
National Pen114,692 127,985 182,341 198,148 
All Other Businesses55,365 49,774 98,843 92,050 
Total segment revenue804,384 825,380 1,411,351 1,462,538 
Inter-segment eliminations(18,239)(5,047)(38,706)(8,246)
Total consolidated revenue$786,145 $820,333 $1,372,645 $1,454,292 
_____________________
(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
Three Months Ended December 31, 2020
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$268,736 $— $— $48,678 $49,662 $367,076 
Europe126,877 121,564 69,343 47,578 — 365,362 
Other40,033 — — 8,699 4,975 53,707 
Inter-segment671 242 6,861 9,737 728 18,239 
   Total segment revenue436,317 121,806 76,204 114,692 55,365 804,384 
Less: inter-segment elimination(671)(242)(6,861)(9,737)(728)(18,239)
Total external revenue$435,646 $121,564 $69,343 $104,955 $54,637 $786,145 

Six Months Ended December 31, 2020
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$500,831 $— $— $78,999 $88,606 $668,436 
Europe204,125 221,505 129,721 68,182 — 623,533 
Other59,559 — — 12,347 8,770 80,676 
Inter-segment1,093 413 12,920 22,813 1,467 38,706 
   Total segment revenue765,608 221,918 142,641 182,341 98,843 1,411,351 
Less: inter-segment elimination(1,093)(413)(12,920)(22,813)(1,467)(38,706)
Total external revenue$764,515 $221,505 $129,721 $159,528 $97,376 $1,372,645 
Three Months Ended December 31, 2019
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$284,345 $— $— $54,400 $44,221 $382,966 
Europe121,143 126,288 86,713 60,887 — 395,031 
Other25,292 — — 11,732 5,312 42,336 
Inter-segment2,525 329 986 966 241 5,047 
   Total segment revenue433,305 126,617 87,699 127,985 49,774 825,380 
Less: inter-segment elimination(2,525)(329)(986)(966)(241)(5,047)
Total external revenue$430,780 $126,288 $86,713 $127,019 $49,533 $820,333 

Six Months Ended December 31, 2019
VistaprintPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$531,430 $— $— $95,942 $79,627 $706,999 
Europe195,601 235,335 158,539 83,200 — 672,675 
Other45,592 — — 17,059 11,967 74,618 
Inter-segment3,853 572 1,418 1,947 456 8,246 
   Total segment revenue776,476 235,907 159,957 198,148 92,050 1,462,538 
Less: inter-segment elimination(3,853)(572)(1,418)(1,947)(456)(8,246)
Total external revenue$772,623 $235,335 $158,539 $196,201 $91,594 $1,454,292 
The following table includes segment EBITDA by reportable segment, total income from operations and total income before income taxes.
 Three Months Ended December 31, Six Months Ended December 31,
 2020201920202019
Segment EBITDA:
Vistaprint$112,331 $138,858 $202,488 $226,161 
PrintBrothers16,457 16,459 26,172 27,236 
The Print Group12,569 18,105 24,752 31,739 
National Pen18,728 28,099 8,057 18,249 
All Other Businesses10,657 3,668 19,266 5,385 
Total segment EBITDA170,742 205,189 280,735 308,770 
Central and corporate costs(30,984)(38,405)(62,004)(72,058)
Depreciation and amortization(43,597)(42,356)(85,887)(84,891)
Certain impairments and other adjustments215 (936)(568)(760)
Restructuring-related charges(2,182)(1,897)(2,096)(4,087)
Total income from operations94,194 121,595 130,180 146,974 
Other (expense) income, net(17,198)(9,040)— (25,952)6,634 
Interest expense, net(30,141)(15,701)— (60,657)(30,788)
Income before income taxes$46,855 $96,854 $43,571 $122,820 
 Three Months Ended December 31, Six Months Ended December 31,
 2020201920202019
Depreciation and amortization:
Vistaprint$14,952 $15,042 $28,539 $30,682 
PrintBrothers5,509 5,553 10,971 10,808 
The Print Group6,641 6,609 13,222 12,842 
National Pen6,255 5,523 12,322 11,104 
All Other Businesses4,391 5,888 10,259 11,861 
Central and corporate costs5,849 3,741 10,574 7,594 
Total depreciation and amortization$43,597 $42,356 $85,887 $84,891 
Three Months Ended December 31, Six Months Ended December 31,
2020201920202019
Purchases of property, plant and equipment:
Vistaprint$2,515 $6,192 $4,449 $10,697 
PrintBrothers213 668 1,138 999 
The Print Group3,043 4,889 5,930 8,994 
National Pen1,372 761 2,824 2,777 
All Other Businesses1,014 595 1,968 2,370 
Central and corporate costs250 796 481 2,257 
Total purchases of property, plant and equipment$8,407 $13,901 $16,790 $28,094 
Three Months Ended December 31, Six Months Ended December 31,
2020201920202019
Capitalization of software and website development costs:
Vistaprint$4,429 $4,357 $11,416 $9,779 
PrintBrothers185 291 591 622 
The Print Group433 424 663 875 
National Pen355 979 1,069 1,815 
All Other Businesses681 1,116 1,742 2,079 
Central and corporate costs5,558 3,779 10,964 8,247 
Total capitalization of software and website development costs$11,641 $10,946 $26,445 $23,417 
The following table sets forth long-lived assets by geographic area:
 December 31, 2020June 30, 2020
Long-lived assets (1):  
United States$147,268 $161,853 
Netherlands81,187 82,897 
Canada61,080 67,367 
Switzerland65,197 58,013 
Italy48,326 46,317 
Jamaica21,309 21,563 
Australia21,809 19,695 
France24,933 23,917 
Japan16,399 15,430 
Other97,686 94,922 
Total$585,194 $591,974 
___________________
(1) Excludes goodwill of $726,813 and $621,904, intangible assets, net of $212,078 and $209,228, and deferred tax assets of $146,814 and $143,496 as of December 31, 2020 and June 30, 2020, respectively.