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Segment Information | 6 Months Ended
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Dec. 31, 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 December 31, 2021, 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 during the current quarter. •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. 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.
|  |  | Three Months Ended December 31, |  | Six Months Ended December 31, |  |
|  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |
Vista (1) |  |  |  |  | $ | 448,114 |  |  | $ | 431,076 |  |  | $ | 797,594 |  |  | $ | 760,367 |  |  |
PrintBrothers |  |  |  |  | 137,694 |  |  | 121,806 |  |  | 263,051 |  |  | 221,918 |  |  |
The Print Group |  |  |  |  | 90,130 |  |  | 76,204 |  |  | 162,950 |  |  | 142,641 |  |  |
National Pen |  |  |  |  | 124,717 |  |  | 114,692 |  |  | 193,981 |  |  | 182,341 |  |  |
All Other Businesses |  |  |  |  | 57,719 |  |  | 55,365 |  |  | 105,590 |  |  | 98,843 |  |  |
Total segment revenue |  |  |  |  | 858,374 |  |  | 799,143 |  |  | 1,523,166 |  |  | 1,406,110 |  |  |
Inter-segment eliminations (2) |  |  |  |  | (8,658) |  |  | (18,239) |  |  | (15,851) |  |  | (38,706) |  |  |
Total consolidated revenue |  |  |  |  | $ | 849,716 |  |  | $ | 780,904 |  |  | $ | 1,507,315 |  |  | $ | 1,367,404 |  |  |
_____________________ (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 $5,241 for the three and six months ended December 31, 2020. 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 six months ended December 31, 2021 associated with the fulfillment of masks in response to the pandemic. Demand for this product was far lower in the current periods.
| Three Months Ended December 31, 2021
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 289,615 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,976 |  |  | $ | 51,035 |  |  | $ | 398,626 |
Europe | 117,627 |  |  | 137,173 |  |  | 87,596 |  |  | 53,797 |  |  | — |  |  | 396,193 |
Other | 39,767 |  |  | — |  |  | — |  |  | 9,229 |  |  | 5,901 |  |  | 54,897 |
Inter-segment | 1,105 |  |  | 521 |  |  | 2,534 |  |  | 3,715 |  |  | 783 |  |  | 8,658 |
Total segment revenue | 448,114 |  |  | 137,694 |  |  | 90,130 |  |  | 124,717 |  |  | 57,719 |  |  | 858,374 |
Less: inter-segment elimination | (1,105) |  |  | (521) |  |  | (2,534) |  |  | (3,715) |  |  | (783) |  |  | (8,658) |
Total external revenue | $ | 447,009 |  |  | $ | 137,173 |  |  | $ | 87,596 |  |  | $ | 121,002 |  |  | $ | 56,936 |  |  | $ | 849,716 |
| Six Months Ended December 31, 2021
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 534,064 |  |  | $ | — |  |  | $ | — |  |  | $ | 99,014 |  |  | $ | 92,343 |  |  | $ | 725,421 |
Europe | 189,160 |  |  | 262,301 |  |  | 158,751 |  |  | 74,648 |  |  | — |  |  | 684,860 |
Other | 72,563 |  |  | — |  |  | — |  |  | 12,762 |  |  | 11,709 |  |  | 97,034 |
Inter-segment | 1,807 |  |  | 750 |  |  | 4,199 |  |  | 7,557 |  |  | 1,538 |  |  | 15,851 |
Total segment revenue | 797,594 |  |  | 263,051 |  |  | 162,950 |  |  | 193,981 |  |  | 105,590 |  |  | 1,523,166 |
Less: inter-segment elimination | (1,807) |  |  | (750) |  |  | (4,199) |  |  | (7,557) |  |  | (1,538) |  |  | (15,851) |
Total external revenue | $ | 795,787 |  |  | $ | 262,301 |  |  | $ | 158,751 |  |  | $ | 186,424 |  |  | $ | 104,052 |  |  | $ | 1,507,315 |
| Three Months Ended December 31, 2020
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 268,736 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,678 |  |  | $ | 49,662 |  |  | $ | 367,076 |
Europe | 126,877 |  |  | 121,564 |  |  | 69,343 |  |  | 47,578 |  |  | — |  |  | 365,362 |
Other | 34,792 |  |  | — |  |  | — |  |  | 8,699 |  |  | 4,975 |  |  | 48,466 |
Inter-segment | 671 |  |  | 242 |  |  | 6,861 |  |  | 9,737 |  |  | 728 |  |  | 18,239 |
Total segment revenue | 431,076 |  |  | 121,806 |  |  | 76,204 |  |  | 114,692 |  |  | 55,365 |  |  | 799,143 |
Less: inter-segment elimination | (671) |  |  | (242) |  |  | (6,861) |  |  | (9,737) |  |  | (728) |  |  | (18,239) |
Total external revenue | $ | 430,405 |  |  | $ | 121,564 |  |  | $ | 69,343 |  |  | $ | 104,955 |  |  | $ | 54,637 |  |  | $ | 780,904 |
| Six Months Ended December 31, 2020
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 500,831 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,999 |  |  | $ | 88,606 |  |  | $ | 668,436 |
Europe | 204,125 |  |  | 221,505 |  |  | 129,721 |  |  | 68,182 |  |  | — |  |  | 623,533 |
Other | 54,318 |  |  | — |  |  | — |  |  | 12,347 |  |  | 8,770 |  |  | 75,435 |
Inter-segment | 1,093 |  |  | 413 |  |  | 12,920 |  |  | 22,813 |  |  | 1,467 |  |  | 38,706 |
Total segment revenue | 760,367 |  |  | 221,918 |  |  | 142,641 |  |  | 182,341 |  |  | 98,843 |  |  | 1,406,110 |
Less: inter-segment elimination | (1,093) |  |  | (413) |  |  | (12,920) |  |  | (22,813) |  |  | (1,467) |  |  | (38,706) |
Total external revenue | $ | 759,274 |  |  | $ | 221,505 |  |  | $ | 129,721 |  |  | $ | 159,528 |  |  | $ | 97,376 |  |  | $ | 1,367,404 |
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,
|  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Segment EBITDA: |  |  |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 92,689 |  |  | $ | 112,331 |  |  | $ | 160,728 |  |  | $ | 202,488 |
PrintBrothers |  |  |  |  | 18,605 |  |  | 16,457 |  |  | 34,888 |  |  | 26,172 |
The Print Group |  |  |  |  | 16,358 |  |  | 12,569 |  |  | 30,747 |  |  | 24,752 |
National Pen |  |  |  |  | 31,599 |  |  | 18,728 |  |  | 23,551 |  |  | 8,057 |
All Other Businesses |  |  |  |  | 6,264 |  |  | 10,657 |  |  | 11,155 |  |  | 19,266 |
Total segment EBITDA |  |  |  |  | 165,515 |  |  | 170,742 |  |  | 261,069 |  |  | 280,735 |
Central and corporate costs |  |  |  |  | (36,626) |  |  | (30,984) |  |  | (71,898) |  |  | (62,004) |
Depreciation and amortization |  |  |  |  | (45,314) |  |  | (43,597) |  |  | (89,746) |  |  | (85,887) |
Certain impairments and other adjustments (1) |  |  |  |  | 2,713 |  |  | 215 |  |  | 3,493 |  |  | (568) |
Restructuring-related charges |  |  |  |  | (307) |  |  | (2,182) |  |  | 2 |  |  | (2,096) |
Total income from operations |  |  |  |  | 85,981 |  |  | 94,194 |  |  | 102,920 |  |  | 130,180 |
Other income (expense), net |  |  |  |  | 12,839 |  |  | (17,198) |  |  | 26,009 |  |  | (25,952) |
Interest expense, net |  |  |  |  | (25,369) |  |  | (30,141) |  |  | (51,057) |  |  | (60,657) |
Income before income taxes |  |  |  |  | $ | 73,451 |  |  | $ | 46,855 |  |  | $ | 77,872 |  |  | $ | 43,571 |
________________________ (1) During the three and six months ended December 31, 2021, we recognized a gain of $3,324 for the sale of a facility within general and administrative expense on our consolidated statement of operations. This gain is excluded from segment EBITDA and is therefore included as a positive adjustment to reconcile total segment EBITDA to income from operations. Refer to Note 2 for additional details about the sale of this facility.
|  |  | Three Months Ended December 31, |  | Six Months Ended December 31,
|  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 17,563 |  |  | $ | 14,952 |  |  | $ | 33,966 |  |  | $ | 28,539 |
PrintBrothers |  |  |  |  | 5,106 |  |  | 5,509 |  |  | 10,340 |  |  | 10,971 |
The Print Group |  |  |  |  | 6,612 |  |  | 6,641 |  |  | 13,196 |  |  | 13,222 |
National Pen |  |  |  |  | 6,220 |  |  | 6,255 |  |  | 12,128 |  |  | 12,322 |
All Other Businesses |  |  |  |  | 4,381 |  |  | 4,391 |  |  | 9,423 |  |  | 10,259 |
Central and corporate costs |  |  |  |  | 5,432 |  |  | 5,849 |  |  | 10,693 |  |  | 10,574 |
Total depreciation and amortization |  |  |  |  | $ | 45,314 |  |  | $ | 43,597 |  |  | $ | 89,746 |  |  | $ | 85,887 |
|  |  | Three Months Ended December 31, |  | Six Months Ended December 31, |
|  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Purchases of property, plant and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 7,881 |  |  | $ | 2,515 |  |  | $ | 10,359 |  |  | $ | 4,449 |  |
PrintBrothers |  |  |  |  | 1,204 |  |  | 213 |  |  | 2,716 |  |  | 1,138 |  |
The Print Group |  |  |  |  | 5,249 |  |  | 3,043 |  |  | 6,677 |  |  | 5,930 |  |
National Pen |  |  |  |  | 1,023 |  |  | 1,372 |  |  | 2,211 |  |  | 2,824 |  |
All Other Businesses |  |  |  |  | 2,157 |  |  | 1,014 |  |  | 3,672 |  |  | 1,968 |  |
Central and corporate costs |  |  |  |  | 401 |  |  | 250 |  |  | 904 |  |  | 481 |  |
Total purchases of property, plant and equipment |  |  |  |  | $ | 17,915 |  |  | $ | 8,407 |  |  | $ | 26,539 |  |  | $ | 16,790 |  |
|  |  | Three Months Ended December 31, |  | Six Months Ended December 31, |
|  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Capitalization of software and website development costs: |  |  |  |  |  |  |  |  |  |  |  |
Vista |  |  |  |  | $ | 8,618 |  |  | $ | 4,429 |  |  | $ | 16,190 |  |  | $ | 11,416 |  |
PrintBrothers |  |  |  |  | 236 |  |  | 185 |  |  | 468 |  |  | 591 |  |
The Print Group |  |  |  |  | 519 |  |  | 433 |  |  | 945 |  |  | 663 |  |
National Pen |  |  |  |  | 1,053 |  |  | 355 |  |  | 1,731 |  |  | 1,069 |  |
All Other Businesses |  |  |  |  | 1,083 |  |  | 681 |  |  | 2,267 |  |  | 1,742 |  |
Central and corporate costs |  |  |  |  | 4,986 |  |  | 5,558 |  |  | 10,533 |  |  | 10,964 |  |
Total capitalization of software and website development costs |  |  |  |  | $ | 16,495 |  |  | $ | 11,641 |  |  | $ | 32,134 |  |  | $ | 26,445 |  |
The following table sets forth long-lived assets by geographic area:
| December 31, 2021 |  | June 30, 2021
Long-lived assets (1): |  |  |
United States (2) | $ | 91,888 |  |  | $ | 107,868 |
Netherlands | 73,620 |  |  | 75,996 |
Canada | 63,020 |  |  | 60,779 |
Switzerland | 71,511 |  |  | 68,880 |
Italy | 46,010 |  |  | 47,776 |
France | 24,011 |  |  | 25,417 |
Jamaica | 19,611 |  |  | 20,550 |
Australia | 20,990 |  |  | 21,298 |
Japan | 13,928 |  |  | 14,891 |
Other | 88,657 |  |  | 96,063 |
Total | $ | 513,246 |  |  | $ | 539,518 |
___________________ (1) Excludes goodwill of $783,159 and $726,979, intangible assets, net of $180,960 and $186,744, deferred tax assets of $138,805 and $149,618, and marketable securities, non-current of $27,693 and $50,713 as of December 31, 2021 and June 30, 2021, respectively. (2) The decrease in long-lived assets located in the United States was largely due to the sale of a facility which had a net book value of $15,860 as of June 30, 2021. Refer to Note 2 for additional details about the sale of the facility.

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- 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
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