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

3 Months Ended

Sep. 30, 2021

The following is a summary of the net carrying amount, unrealized losses, and fair value of held-to-maturity securities by type and contractual maturity as of September 30, 2021 and June 30, 2021.


	September 30, 2021
	Amortized cost		Unrealized losses		Fair value
Due within one year or less
Commercial paper	$	64,478	$	(13)	$	64,465
Corporate debt securities	87,550		(45)		87,505
Total due within one year or less	152,028		(58)		151,970
Due between one and two years
Corporate debt securities	40,400		(61)		40,339
Total held-to-maturity securities	$	192,428	$	(119)	$	192,309


	June 30, 2021
	Amortized cost		Unrealized losses		Fair value
Due within one year or less
Commercial paper	$	74,463	$	(28)	$	74,435
Corporate debt securities	77,785		(57)		77,728
Total due within one year or less	152,248		(85)		152,163
Due between one and two years
Corporate debt securities	50,713		(90)		50,623
Total held-to-maturity securities	$	202,961	$	(175)	$	202,786

Interest and Other Income

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


	Three Months Ended September 30,
	2021		2020
Gains (losses) on derivatives not designated as hedging instruments (1)	$	13,327	$	(13,495)
Currency-related gains, net (2)	9,350		4,075
Other (losses) gains	(480)		666
Total other income (expense), net	$	22,197	$	(8,754)

_____________________

(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, net are primarily driven by this intercompany activity for the periods presented. In addition, we have certain cross-currency swaps designated as cash flow hedges which hedge the remeasurement of certain intercompany loans; both are presented in the same component above. Unrealized gains related to cross-currency swaps were $3,288 during the three months ended September 30, 2021 while there were unrealized losses of $5,437 during the three months ended September 30, 2020.

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,
		2021	2020
Weighted average shares outstanding, basic		26,072,249	25,945,998
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)		511,564	—
Shares used in computing diluted net income (loss) per share attributable to Cimpress plc		26,583,813	25,945,998
Weighted average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress plc (2)		18,447	450,089

_____________________

(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, 2021 and 2020, the weighted average dilutive effect of the warrants was 409,561 and 316,257 shares, respectively.

(2) For the three months ended September 30, 2020, we recognized a net loss in the period and therefore presented the impact of share options, RSUs and warrants as being anti-dilutive.