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Summary of Significant Accounting Policies | 3 Months Ended
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Sep. 30, 2022
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Basis of Presentation The consolidated financial statements include the accounts of Cimpress plc, its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Investments in entities in which we cannot exercise significant influence, and for which the related equity securities do not have a readily determinable fair value, are included in other assets on the consolidated balance sheets; otherwise the investments are recognized by applying equity method accounting. Our equity method investments are included in other assets on the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates. Revision of Prior Period Financial Statements Foreign Currency Gains Associated with Intercompany Loan Hedge During the quarter ended December 31, 2021, we identified an error related to the recognition of foreign currency gains that were included in other income (expense), net within our consolidated statements of operations, associated with a net investment hedge. In May 2021, we designated a €300,000 intercompany loan as a net investment hedge to hedge the risk of changes in the U.S. dollar equivalent value of a portion of our net investment in one of our consolidated subsidiaries that has the Euro as its functional currency. As this hedging instrument was designated as a net investment hedge, all foreign currency gains and losses should be recognized in accumulated other comprehensive loss as part of currency translation adjustment. For the three months ended September 30, 2021, we incorrectly recognized $9,027, respectively, of gains in other income (expense), net. This error overstated other income (expense), net; income (loss) before income taxes; and net income for both periods 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 September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Accumulated other comprehensive loss | $ | (83,732) |  |  | $ | 16,545 |  |  | $ | (67,187) |  |  |  |  |  |  |
Retained earnings | 532,414 |  |  | (16,545) |  |  | 515,869 |  |  |  |  |  |  |
Consolidated Statements of Operations | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Other income (expense), net | $ | 22,197 |  |  | $ | (9,027) |  |  | $ | 13,170 |  |  |  |  |  |  |
Income (loss) before income taxes | 13,448 |  |  | (9,027) |  |  | 4,421 |  |  |  |  |  |  |
Net income (loss) | 4,067 |  |  | (9,027) |  |  | (4,960) |  |  |  |  |  |  |
Net income (loss) attributable to Cimpress plc | 2,329 |  |  | (9,027) |  |  | (6,698) |  |  |  |  |  |  |
Net income (loss) per share attributable to Cimpress plc: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.09 |  |  | $ | (0.35) |  |  | $ | (0.26) |  |  |  |  |  |  |
Diluted | $ | 0.09 |  |  | $ | (0.35) |  |  | $ | (0.26) |  |  |  |  |  |  |
Consolidated Statements of Comprehensive Loss | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net income (loss) | $ | 4,067 |  |  | $ | (9,027) |  |  | $ | (4,960) |  |  |  |  |  |  |
Foreign currency translation losses, net of hedges | (9,210) |  |  | 9,027 |  |  | (183) |  |  |  |  |  |  |
Consolidated Statements of Shareholders' Deficit | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net income (loss) attributable to Cimpress plc | $ | 2,329 |  |  | $ | (9,027) |  |  | $ | (6,698) |  |  |  |  |  |  |
Foreign currency translation, net of hedges | (8,353) |  |  | 9,027 |  |  | 674 |  |  |  |  |  |  |
Consolidated Statements of Cash Flows | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net income (loss) | $ | 4,067 |  |  | $ | (9,027) |  |  | $ | (4,960) |  |  |  |  |  |  |
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (8,853) |  |  | 9,027 |  |  | 174 |  |  |  |  |  |  |
Marketable Securities We hold certain investments that are classified as held-to-maturity (HTM) as we have the intent and ability to hold them to their maturity dates. Our policy is to invest in the following permitted classes of assets: overnight money market funds invested in U.S. Treasury securities and U.S. government agency securities, U.S. Treasury securities, specifically U.S. Treasury bills, notes, and bonds, U.S. government agency securities, bank time deposits, commercial paper, corporate notes and bonds, and medium term notes. We generally invest in securities with a maturity of two years or less. As the investments are classified as held-to-maturity they are recorded at amortized cost and interest income is recorded as it is earned within interest expense, net. We will continue to assess our securities for impairment when the fair value is less than amortized cost to determine if any risk of credit loss exists. As our intent is to hold the securities to maturity, we must assess whether any credit losses related to our investments are recoverable and determine if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. We did not record an allowance for credit losses and we recognized no impairments for these marketable securities during the three months ended September 30, 2022 and 2021. 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 September 30, 2022 and June 30, 2022.
| September 30, 2022
| Amortized cost |  |  |  | Unrealized losses |  | Fair value
Due within one year or less: |  |  |  |  |  |  |
Commercial paper | $ | 50,608 |  |  |  |  | $ | (261) |  |  | $ | 50,347 |
Corporate debt securities | 51,118 |  |  |  |  | (518) |  |  | 50,600 |
Total due within one year or less | $ | 101,726 |  |  |  |  | $ | (779) |  |  | $ | 100,947 |
Due between one and two years: |  |  |  |  |  |  |
Corporate debt securities | $ | 13,239 |  |  |  |  | $ | (271) |  |  | $ | 12,968 |
U.S. government securities | 9,210 |  |  |  |  | (124) |  |  | 9,086 |
Total held-to-maturity securities | $ | 124,175 |  |  |  |  | $ | (1,174) |  |  | $ | 123,001 |
| 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 |
Other Income, Net The following table summarizes the components of other income, net:
| Three Months Ended September 30, |  |
| 2022 |  | 2021 |  |  |  |  |  |
Gains on derivatives not designated as hedging instruments (1) | $ | 28,645 |  |  | $ | 13,327 |  |  |  |  |  |  |
Currency-related (losses) gains, net (2) | (197) |  |  | 323 |  |  |  |  |  |  |
Other losses | (1,051) |  |  | (480) |  |  |  |  |  |  |
Total other income, net | $ | 27,397 |  |  | $ | 13,170 |  |  |  |  |  |  |
_____________________ (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 were de-designated from hedge accounting in the prior period. For contracts not designated as hedging instruments, we realized gains of $14,621 and losses of $3,672 for the three months ended September 30, 2022 and 2021, respectively. 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 a cross-currency swap designated as a cash flow hedge which hedges the remeasurement of an intercompany loan. Refer to Note 4 for additional details relating to this cash flow hedge. Net Loss Per Share Attributable to Cimpress plc Basic net loss per share attributable to Cimpress plc is computed by dividing net loss attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net loss per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), warrants, and performance share units ("PSUs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive. The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
| Three Months Ended September 30, |  |
| 2022 |  | 2021 |  |  |  |  |  |
Weighted average shares outstanding, basic and diluted | 26,178,818 |  |  | 26,072,249 |  |  |  |  |  |  |
Weighted average anti-dilutive shares excluded from diluted net loss per share attributable to Cimpress plc (1)(2) | 2,688,813 |  |  | 530,011 |  |  |  |  |  |  |
___________________ (1) In the periods in which a net loss is recognized, the impact of share options, RSUs 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 three months ended September 30, 2022 and 2021, the weighted average anti-dilutive effect of the warrants were 1,055,377 and 409,561 shares, respectively. Recently Issued or Adopted Accounting Pronouncements Adopted Accounting Standards In May 2021, the FASB issued Accounting Standards Update No. 2021-04 "Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)" (ASU 2021-04), which provides authoritative guidance for the accounting treatment of contracts in an entity's own equity when calculating earnings per share. We adopted the standard on July 1, 2022. We recognize freestanding equity-classified warrants on our consolidated balance sheet and as the standard is applied prospectively, there was no impact on our consolidated financial statements in the current period. Issued Accounting Standards to be Adopted In September 2022, the FASB issued Accounting Standards Update No. 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" (ASU 2022-04), which provides authoritative guidance for expanded disclosure requirements for supply chain finance programs. The standard is effective for us on July 1, 2023, and early adoption is permitted. Cimpress businesses have an active supply chain finance program which will require additional disclosure after adoption of this standard.
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Cimpress plc, its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Investments in entities in which we cannot exercise significant influence, and for which the related equity securities do not have a readily determinable fair value, are included in other assets on the consolidated balance sheets; otherwise the investments are recognized by applying equity method accounting. Our equity method investments are included in other assets on the consolidated balance sheets.
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates. Revision of Prior Period Financial Statements Foreign Currency Gains Associated with Intercompany Loan Hedge During the quarter ended December 31, 2021, we identified an error related to the recognition of foreign currency gains that were included in other income (expense), net within our consolidated statements of operations, associated with a net investment hedge. In May 2021, we designated a €300,000 intercompany loan as a net investment hedge to hedge the risk of changes in the U.S. dollar equivalent value of a portion of our net investment in one of our consolidated subsidiaries that has the Euro as its functional currency. As this hedging instrument was designated as a net investment hedge, all foreign currency gains and losses should be recognized in accumulated other comprehensive loss as part of currency translation adjustment. For the three months ended September 30, 2021, we incorrectly recognized $9,027, respectively, of gains in other income (expense), net. This error overstated other income (expense), net; income (loss) before income taxes; and net income for both periods 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 September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Accumulated other comprehensive loss | $ | (83,732) |  |  | $ | 16,545 |  |  | $ | (67,187) |  |  |  |  |  |  |
Retained earnings | 532,414 |  |  | (16,545) |  |  | 515,869 |  |  |  |  |  |  |
Consolidated Statements of Operations | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Other income (expense), net | $ | 22,197 |  |  | $ | (9,027) |  |  | $ | 13,170 |  |  |  |  |  |  |
Income (loss) before income taxes | 13,448 |  |  | (9,027) |  |  | 4,421 |  |  |  |  |  |  |
Net income (loss) | 4,067 |  |  | (9,027) |  |  | (4,960) |  |  |  |  |  |  |
Net income (loss) attributable to Cimpress plc | 2,329 |  |  | (9,027) |  |  | (6,698) |  |  |  |  |  |  |
Net income (loss) per share attributable to Cimpress plc: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.09 |  |  | $ | (0.35) |  |  | $ | (0.26) |  |  |  |  |  |  |
Diluted | $ | 0.09 |  |  | $ | (0.35) |  |  | $ | (0.26) |  |  |  |  |  |  |
Consolidated Statements of Comprehensive Loss | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net income (loss) | $ | 4,067 |  |  | $ | (9,027) |  |  | $ | (4,960) |  |  |  |  |  |  |
Foreign currency translation losses, net of hedges | (9,210) |  |  | 9,027 |  |  | (183) |  |  |  |  |  |  |
Consolidated Statements of Shareholders' Deficit | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net income (loss) attributable to Cimpress plc | $ | 2,329 |  |  | $ | (9,027) |  |  | $ | (6,698) |  |  |  |  |  |  |
Foreign currency translation, net of hedges | (8,353) |  |  | 9,027 |  |  | 674 |  |  |  |  |  |  |
Consolidated Statements of Cash Flows | Three months ended September 30, 2021 |  |  |  |  |  |
| Reported |  | Adjustments |  | Revised |  |  |  |  |  |
Net income (loss) | $ | 4,067 |  |  | $ | (9,027) |  |  | $ | (4,960) |  |  |  |  |  |  |
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (8,853) |  |  | 9,027 |  |  | 174 |  |  |  |  |  |  |
Marketable Securities, Policy | Marketable Securities We hold certain investments that are classified as held-to-maturity (HTM) as we have the intent and ability to hold them to their maturity dates. Our policy is to invest in the following permitted classes of assets: overnight money market funds invested in U.S. Treasury securities and U.S. government agency securities, U.S. Treasury securities, specifically U.S. Treasury bills, notes, and bonds, U.S. government agency securities, bank time deposits, commercial paper, corporate notes and bonds, and medium term notes. We generally invest in securities with a maturity of two years or less. As the investments are classified as held-to-maturity they are recorded at amortized cost and interest income is recorded as it is earned within interest expense, net. We will continue to assess our securities for impairment when the fair value is less than amortized cost to determine if any risk of credit loss exists. As our intent is to hold the securities to maturity, we must assess whether any credit losses related to our investments are recoverable and determine if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. We did not record an allowance for credit losses and we recognized no impairments for these marketable securities during the three months ended September 30, 2022 and 2021. 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 September 30, 2022 and June 30, 2022.
| September 30, 2022
| Amortized cost |  |  |  | Unrealized losses |  | Fair value
Due within one year or less: |  |  |  |  |  |  |
Commercial paper | $ | 50,608 |  |  |  |  | $ | (261) |  |  | $ | 50,347 |
Corporate debt securities | 51,118 |  |  |  |  | (518) |  |  | 50,600 |
Total due within one year or less | $ | 101,726 |  |  |  |  | $ | (779) |  |  | $ | 100,947 |
Due between one and two years: |  |  |  |  |  |  |
Corporate debt securities | $ | 13,239 |  |  |  |  | $ | (271) |  |  | $ | 12,968 |
U.S. government securities | 9,210 |  |  |  |  | (124) |  |  | 9,086 |
Total held-to-maturity securities | $ | 124,175 |  |  |  |  | $ | (1,174) |  |  | $ | 123,001 |
| 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 |
Other Income (expense), net | Other Income, Net The following table summarizes the components of other income, net:
| Three Months Ended September 30, |  |
| 2022 |  | 2021 |  |  |  |  |  |
Gains on derivatives not designated as hedging instruments (1) | $ | 28,645 |  |  | $ | 13,327 |  |  |  |  |  |  |
Currency-related (losses) gains, net (2) | (197) |  |  | 323 |  |  |  |  |  |  |
Other losses | (1,051) |  |  | (480) |  |  |  |  |  |  |
Total other income, net | $ | 27,397 |  |  | $ | 13,170 |  |  |  |  |  |  |
_____________________ (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 were de-designated from hedge accounting in the prior period. For contracts not designated as hedging instruments, we realized gains of $14,621 and losses of $3,672 for the three months ended September 30, 2022 and 2021, respectively. 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 a cross-currency swap designated as a cash flow hedge which hedges the remeasurement of an intercompany loan. Refer to Note 4 for additional details relating to this cash flow hedge.
Net (Loss) Income Per Share | Net Loss Per Share Attributable to Cimpress plc Basic net loss per share attributable to Cimpress plc is computed by dividing net loss attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net loss per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), warrants, and performance share units ("PSUs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive. The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
| Three Months Ended September 30, |  |
| 2022 |  | 2021 |  |  |  |  |  |
Weighted average shares outstanding, basic and diluted | 26,178,818 |  |  | 26,072,249 |  |  |  |  |  |  |
Weighted average anti-dilutive shares excluded from diluted net loss per share attributable to Cimpress plc (1)(2) | 2,688,813 |  |  | 530,011 |  |  |  |  |  |  |
___________________ (1) In the periods in which a net loss is recognized, the impact of share options, RSUs 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 three months ended September 30, 2022 and 2021, the weighted average anti-dilutive effect of the warrants were 1,055,377 and 409,561 shares, respectively.
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements Adopted Accounting Standards In May 2021, the FASB issued Accounting Standards Update No. 2021-04 "Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)" (ASU 2021-04), which provides authoritative guidance for the accounting treatment of contracts in an entity's own equity when calculating earnings per share. We adopted the standard on July 1, 2022. We recognize freestanding equity-classified warrants on our consolidated balance sheet and as the standard is applied prospectively, there was no impact on our consolidated financial statements in the current period. Issued Accounting Standards to be Adopted In September 2022, the FASB issued Accounting Standards Update No. 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" (ASU 2022-04), which provides authoritative guidance for expanded disclosure requirements for supply chain finance programs. The standard is effective for us on July 1, 2023, and early adoption is permitted. Cimpress businesses have an active supply chain finance program which will require additional disclosure after adoption of this standard.

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