XML 47 R22.htm IDEA: XBRL DOCUMENT
v3.22.2

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, 2022, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments: •Vista - Vista is the parent brand of multiple offerings including VistaPrint, VistaCreate, 99designs by Vista, and Vista Corporate Solutions, which together represent a full-service design, digital and print solution, elevating small businesses’ presence in physical and digital spaces and empowering them to achieve success. This segment also includes our recently acquired Depositphotos business, whose subsidiary, Crello, was rebranded to VistaCreate soon after the acquisition. •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. In addition to 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 a recently acquired company that provides production 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. ◦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. During the fourth quarter of fiscal 2022, we decided to exit our YSD business, which we expect to complete at the beginning of fiscal 2023. 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. During the fourth quarter of fiscal 2022, we revised our internal reporting to reallocate certain third-party technology costs that were previously held within our Central and corporate costs to our Vista business and reportable segment. These include certain third-party costs that are variable in nature and the cost variability is primarily driven by decisions or volumes in the Vista business. We have revised our presentation of all prior periods presented to reflect our revised segment reporting, decreasing Vista EBITDA and Central and corporate costs by $7,044, $6,031, and $3,745 for the years ended June 30, 2022, 2021 and 2020, respectively. 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,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Revenue: |  |  |  |  |  |  |  |  |
Vista (1) |  |  |  |  | $ | 1,514,909 |  |  | $ | 1,428,255 |  |  | $ | 1,337,291 |
PrintBrothers |  |  |  |  | 526,952 |  |  | 421,766 |  |  | 417,921 |
The Print Group |  |  |  |  | 329,590 |  |  | 275,534 |  |  | 275,214 |
National Pen |  |  |  |  | 341,832 |  |  | 313,528 |  |  | 299,474 |
All Other Businesses |  |  |  |  | 205,862 |  |  | 192,038 |  |  | 173,789 |
Total segment revenue |  |  |  |  | 2,919,145 |  |  | 2,631,121 |  |  | 2,503,689 |
Inter-segment eliminations (2) |  |  |  |  | (31,590) |  |  | (55,160) |  |  | (22,331) |
Total consolidated revenue |  |  |  |  | $ | 2,887,555 |  |  | $ | 2,575,961 |  |  | $ | 2,481,358 |
_____________________ (1) During the first quarter of fiscal year 2022, we identified an immaterial error and revised our previously reported results to decrease Vista segment revenue by $16,552 for the year ended June 30, 2022. Refer to Note 2 for additional details. (2) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment. The decrease of inter-segment eliminations is the result of significant cross-business transactions during the three and nine months ended June 30, 2022 associated with the fulfillment of masks in response to the pandemic. Demand for this product was far lower in the current periods.
| Year Ended June 30, 2022
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 1,031,298 |  |  | $ | — |  |  | $ | — |  |  | $ | 193,056 |  |  | $ | 177,868 |  |  | $ | 1,402,222 |
Europe | 342,816 |  |  | 525,224 |  |  | 322,315 |  |  | 113,820 |  |  | — |  |  | 1,304,175 |
Other | 137,425 |  |  | — |  |  | — |  |  | 20,058 |  |  | 23,675 |  |  | 181,158 |
Inter-segment | 3,370 |  |  | 1,728 |  |  | 7,275 |  |  | 14,898 |  |  | 4,319 |  |  | 31,590 |
Total segment revenue | 1,514,909 |  |  | 526,952 |  |  | 329,590 |  |  | 341,832 |  |  | 205,862 |  |  | 2,919,145 |
Less: inter-segment elimination | (3,370) |  |  | (1,728) |  |  | (7,275) |  |  | (14,898) |  |  | (4,319) |  |  | (31,590) |
Total external revenue | $ | 1,511,539 |  |  | $ | 525,224 |  |  | $ | 322,315 |  |  | $ | 326,934 |  |  | $ | 201,543 |  |  | $ | 2,887,555 |
| Year Ended June 30, 2021
| Vista |  | 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 | 120,367 |  |  | — |  |  | — |  |  | 20,762 |  |  | 17,847 |  |  | 158,976 |
Inter-segment | 2,338 |  |  | 820 |  |  | 17,304 |  |  | 31,905 |  |  | 2,793 |  |  | 55,160 |
Total segment revenue | 1,428,255 |  |  | 421,766 |  |  | 275,534 |  |  | 313,528 |  |  | 192,038 |  |  | 2,631,121 |
Less: inter-segment elimination | (2,338) |  |  | (820) |  |  | (17,304) |  |  | (31,905) |  |  | (2,793) |  |  | (55,160) |
Total external revenue | $ | 1,425,917 |  |  | $ | 420,946 |  |  | $ | 258,230 |  |  | $ | 281,623 |  |  | $ | 189,245 |  |  | $ | 2,575,961 |
| Year Ended June 30, 2020
| Vista |  | 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 |
The following table includes segment EBITDA by reportable segment, total income from operations and total income (loss) before income taxes:
|  |  | Year Ended June 30,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Segment EBITDA: |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 195,321 |  |  | $ | 318,684 |  |  | $ | 362,589 |
PrintBrothers |  |  |  |  | 66,774 |  |  | 43,144 |  |  | 39,373 |
The Print Group |  |  |  |  | 58,664 |  |  | 43,126 |  |  | 51,606 |
National Pen |  |  |  |  | 26,845 |  |  | 11,644 |  |  | 7,605 |
All Other Businesses |  |  |  |  | 23,227 |  |  | 31,707 |  |  | 17,474 |
Total segment EBITDA |  |  |  |  | 370,831 |  |  | 448,305 |  |  | 478,647 |
Central and corporate costs |  |  |  |  | (143,958) |  |  | (129,367) |  |  | (136,653) |
Depreciation and amortization |  |  |  |  | (175,681) |  |  | (173,212) |  |  | (167,943) |
Proceeds from insurance |  |  |  |  | — |  |  | (122) |  |  | — |
Earn-out related charges |  |  |  |  | — |  |  | — |  |  | 54 |
Certain impairments and other adjustments |  |  |  |  | 9,709 |  |  | (20,453) |  |  | (104,593) |
Restructuring-related charges |  |  |  |  | (13,603) |  |  | (1,641) |  |  | (13,543) |
Total income from operations |  |  |  |  | 47,298 |  |  | 123,510 |  |  | 55,969 |
Other income (expense), net |  |  |  |  | 61,463 |  |  | (19,353) |  |  | 22,874 |
Interest expense, net |  |  |  |  | (99,430) |  |  | (119,368) |  |  | (75,840) |
Loss on early extinguishment of debt |  |  |  |  | — |  |  | (48,343) |  |  | — |
Income (loss) before income taxes |  |  |  |  | $ | 9,331 |  |  | $ | (63,554) |  |  | $ | 3,003 |
|  |  | Year Ended June 30,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 65,489 |  |  | $ | 58,513 |  |  | $ | 59,029 |
PrintBrothers |  |  |  |  | 20,790 |  |  | 22,089 |  |  | 21,010 |
The Print Group |  |  |  |  | 25,657 |  |  | 27,066 |  |  | 24,769 |
National Pen |  |  |  |  | 24,261 |  |  | 25,123 |  |  | 23,654 |
All Other Businesses |  |  |  |  | 18,536 |  |  | 19,811 |  |  | 23,755 |
Central and corporate costs |  |  |  |  | 20,948 |  |  | 20,610 |  |  | 15,726 |
Total depreciation and amortization |  |  |  |  | $ | 175,681 |  |  | $ | 173,212 |  |  | $ | 167,943 |
|  |  | Year Ended June 30,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Purchases of property, plant and equipment: |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 17,198 |  |  | $ | 12,332 |  |  | $ | 15,986 |
PrintBrothers |  |  |  |  | 3,788 |  |  | 3,609 |  |  | 4,315 |
The Print Group |  |  |  |  | 19,877 |  |  | 11,847 |  |  | 17,136 |
National Pen |  |  |  |  | 4,332 |  |  | 3,603 |  |  | 5,016 |
All Other Businesses |  |  |  |  | 7,027 |  |  | 5,466 |  |  | 4,242 |
Central and corporate costs |  |  |  |  | 1,818 |  |  | 1,667 |  |  | 3,772 |
Total purchases of property, plant and equipment |  |  |  |  | $ | 54,040 |  |  | $ | 38,524 |  |  | $ | 50,467 |
|  |  | Year Ended June 30,
|  |  |  |  | 2022 |  | 2021 |  | 2020
Capitalization of software and website development costs: |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 30,994 |  |  | $ | 28,297 |  |  | $ | 18,381 |
PrintBrothers |  |  |  |  | 1,139 |  |  | 1,465 |  |  | 990 |
The Print Group |  |  |  |  | 2,419 |  |  | 1,603 |  |  | 1,484 |
National Pen |  |  |  |  | 3,390 |  |  | 3,115 |  |  | 3,290 |
All Other Businesses |  |  |  |  | 4,097 |  |  | 3,746 |  |  | 3,684 |
Central and corporate costs |  |  |  |  | 23,258 |  |  | 22,711 |  |  | 16,163 |
Total capitalization of software and website development costs |  |  |  |  | $ | 65,297 |  |  | $ | 60,937 |  |  | $ | 43,992 |
Enterprise Wide Disclosures: The following tables set forth revenues by geographic area and groups of similar products and services:
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
United States | $ | 1,092,096 |  |  | $ | 1,199,436 |  |  | $ | 1,251,531 |
Germany (1) | 358,384 |  |  | 350,281 |  |  | 351,348 |
Other (2) | 1,437,075 |  |  | 1,026,244 |  |  | 878,479 |
Total revenue | $ | 2,887,555 |  |  | $ | 2,575,961 |  |  | $ | 2,481,358 |
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
Physical printed products and other (3) | $ | 2,789,600 |  |  | $ | 2,477,158 |  |  | $ | 2,431,367 |
Digital products/services (4) | 97,955 |  |  | 98,803 |  |  | 49,991 |
Total revenue | $ | 2,887,555 |  |  | $ | 2,575,961 |  |  | $ | 2,481,358 |
__________________ (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 includes revenue from our Depositphotos and 99designs businesses since their acquisition dates of October 1, 2021 and October 1, 2020, respectively. Refer to Note 7 for additional details. The following table sets forth long-lived assets by geographic area:
| June 30, 2022 |  | June 30, 2021
Long-lived assets (1): |  |  |
United States | $ | 95,589 |  |  | $ | 107,868 |
Netherlands | 67,240 |  |  | 75,996 |
Canada | 58,498 |  |  | 60,779 |
Switzerland | 72,394 |  |  | 68,880 |
Italy | 48,262 |  |  | 47,776 |
France | 25,383 |  |  | 20,550 |
Jamaica | 18,744 |  |  | 21,298 |
Australia | 17,751 |  |  | 25,417 |
Japan | 11,392 |  |  | 14,891 |
Other | 90,677 |  |  | 96,063 |
Total | $ | 505,930 |  |  | $ | 539,518 |
___________________ (1) Excludes goodwill of $766,600 and $726,979, intangible assets, net of $154,730 and $186,744, deferred tax assets of $113,088 and $149,618, and marketable securities, non-current of zero and $50,713 as of June 30, 2022 and June 30, 2021, 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration