XML 52 R27.htm IDEA: XBRL DOCUMENT
v3.22.2

Summary of Significant Accounting Policies Summary of Significant Accounting Principles (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2022
Accounting Policies [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | For the year ended June 30, 2021, we incorrectly recognized $7,518 of gains in other income (expense), net. This error overstated other income (expense), net; income (loss) before income taxes; and net loss for the period but did not have an impact on cash provided by operating activities, since it is a non-cash currency item. Included below are the revisions made for each period presented.
Consolidated Balance Sheets | As of June 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Accumulated other comprehensive loss | $ | (79,000) |  |  | $ | 7,518 |  |  | $ | (71,482) |  |  |  |  |  |  |
Retained earnings | 537,677 |  |  | (7,518) |  |  | 530,159 |  |  |  |  |  |  |
Consolidated Statements of Operations | Year ended June 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Other income (expense), net | $ | (11,835) |  |  | $ | (7,518) |  |  | $ | (19,353) |  |  |  |  |  |  |
Loss before income taxes | (56,036) |  |  | (7,518) |  |  | (63,554) |  |  |  |  |  |  |
Net loss | (74,939) |  |  | (7,518) |  |  | (82,457) |  |  |  |  |  |  |
Net loss attributable to Cimpress plc | (77,711) |  |  | (7,518) |  |  | (85,229) |  |  |  |  |  |  |
Net loss per share attributable to Cimpress plc: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | (2.99) |  |  | $ | (0.29) |  |  | $ | (3.28) |  |  |  |  |  |  |
Diluted | $ | (2.99) |  |  | $ | (0.29) |  |  | $ | (3.28) |  |  |  |  |  |  |
Consolidated Statements of Comprehensive (Loss) Income | Year ended June 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net loss | $ | (74,939) |  |  | $ | (7,518) |  |  | $ | (82,457) |  |  |  |  |  |  |
Foreign currency translation losses, net of hedges | 5,397 |  |  | 7,518 |  |  | 12,915 |  |  |  |  |  |  |
Consolidated Statements of Shareholders' Deficit | Year ended June 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net loss attributable to Cimpress plc | $ | (77,711) |  |  | $ | (7,518) |  |  | $ | (85,229) |  |  |  |  |  |  |
Foreign currency translation, net of hedges | 3,765 |  |  | 7,518 |  |  | 11,283 |  |  |  |  |  |  |
Consolidated Statements of Cash Flows | Year ended June 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net loss | $ | (74,939) |  |  | $ | (7,518) |  |  | $ | (82,457) |  |  |  |  |  |  |
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (7,278) |  |  | 7,518 |  |  | 240 |  |  |  |  |  |  |
Presentation of Revenue and Cost of Revenue During the first quarter of fiscal 2022, we identified an immaterial error related to the presentation of revenue for one-to-one design service arrangements that overstated revenue and cost of revenue for the period from October 1, 2020 through June 30, 2021. On October 1, 2020 we acquired the 99designs business, which is presented as part of our Vista reportable segment, and after acquisition we recognized revenue on a gross basis as if we were the principal to the transactions. During the first quarter of fiscal 2022, we reconsidered the guidance of ASC 606-10-55-39 and confirmed we are the principal for contest arrangements; however, the one-to-one design service portion of 99designs revenue is governed by different terms and conditions. We evaluated whether we have control over these services before the design is transferred to the customer, as we leverage a network of third-party designers to fulfill this offering. The pricing and fulfillment responsibility aspects of the one-to-one design arrangements led us to conclude we are an agent to these specific transactions. The revision for the year ended June 30, 2021 is summarized in the table below.
Consolidated Statements of Operations | Year ended June 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Revenue | $ | 2,592,513 |  |  | $ | (16,552) |  |  | $ | 2,575,961 |  |  |  |  |  |  |
Cost of revenue | 1,316,441 |  |  | (16,552) |  |  | 1,299,889 |  |  |  |  |  |  |
Debt Securities, Held-to-maturity | The following is a summary of the net carrying amount, unrealized gains, unrealized losses, and fair value of held-to-maturity securities by type and contractual maturity as of June 30, 2022 and June 30, 2021.
| June 30, 2022
| Amortized cost |  |  |  | Unrealized losses |  | Fair value
Due within one year or less: |  |  |  |  |  |  |
Corporate debt securities | $ | 49,952 |  |  |  |  | $ | (546) |  |  | $ | 49,406 |
Total held-to-maturity securities | $ | 49,952 |  |  |  |  | $ | (546) |  |  | $ | 49,406 |
| June 30, 2021
| Amortized cost |  | Unrealized gains |  |  |  | Fair value
Due within one year or less: |  |  |  |  |  |  |
Commercial paper | $ | 74,463 |  |  | $ | (28) |  |  |  |  | $ | 74,407 |
Corporate debt securities | 77,785 |  |  | (57) |  |  |  |  | 77,638 |
Total due within one year or less | 152,248 |  |  | (85) |  |  |  |  | 152,045 |
Due after one year through two years: |  |  |  |  |  |  |
Corporate debt securities | 50,713 |  |  | (90) |  |  |  |  | 50,721 |
Total held-to-maturity securities | $ | 202,961 |  |  | $ | (175) |  |  |  |  | $ | 202,766 |
Interest and Other Income | The following table summarizes the components of other income (expense), net:
|  |  | Year Ended June 30,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Gains (losses) on derivatives not designated as hedging instruments (1) |  |  |  |  | $ | 58,148 |  |  | $ | (20,728) |  |  | $ | 20,564 |
Currency-related gains, net (2) |  |  |  |  | 244 |  |  | 1,005 |  |  | 2,309 |
Other gains |  |  |  |  | 3,071 |  |  | 370 |  |  | 1 |
Total other income (expense), net (3) |  |  |  |  | $ | 61,463 |  |  | $ | (19,353) |  |  | $ | 22,874 |
_____________________ (1) Includes realized and unrealized gains and losses on derivative currency forward and option contracts not designated as hedging instruments,as well as the ineffective portion of certain interest rate swap contracts that have been de-designated from hedge accounting. For contracts not designated as hedging instruments, we realized gains of $9,955 and $28,902, respectively, for the years ended June 30, 2022 and 2020, and losses of $6,854 for the year ended June 30, 2021. Refer to Note 4 for additional details relating to our derivative contracts. (2) Currency-related (losses) gains, net primarily relates to significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. In addition, we have certain cross-currency swaps designated as cash flow hedges which hedge the remeasurement of certain intercompany loans; refer to Note 4 for additional details relating to these cash flow hedges. (3) During fiscal year 2022, we identified an immaterial error and revised our previously reported results to reduce the gain presented above by $7,518 for the year ended June 30, 2021. Refer to the "Revision of Prior Period Financial Statements" section above for additional details.
Schedule of Weighted Average Number of Shares | The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
|  |  | Year Ended June 30,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Weighted average shares outstanding, basic |  |  |  |  | 26,094,842 |  |  | 25,996,572 |  |  | 27,180,744 |
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1) |  |  |  |  | — |  |  | — |  |  | 592,542 |
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc |  |  |  |  | 26,094,842 |  |  | 25,996,572 |  |  | 27,773,286 |
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)(2) |  |  |  |  | 762,086 |  |  | 494,329 |  |  | 1,325 |
___________________ (1) In the periods in which a net loss is recognized, the impact of share options, RSUs, RSAs and warrants is not included as they are anti-dilutive. (2) 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 years ended June 30, 2022 and 2021, the weighted average anti-dilutive effect of the warrants were 138,088 and 368,933 shares, respectively. For the year ended June 30, 2020, the weighted average dilutive effect of the warrants was 73,719 shares, respectively.

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

X
- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=123581744&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27232-111563 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and income classified as other. + References No definition available. + Details
Name: | us-gaap_InterestAndOtherIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration