XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segment Information
3 Months Ended
Sep. 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 September 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 two 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 another, smaller business 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.
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.
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 revised our presentation of the prior period presented to reflect our updated segment reporting, which decreased both Vista segment EBITDA and Central and corporate costs by $1,119 for the three months ended September 30, 2021.
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 September 30,
 20222021
Revenue:
Vista$369,369 $349,480 
PrintBrothers132,699 125,357 
The Print Group76,823 72,820 
National Pen81,666 69,264 
All Other Businesses51,827 47,871 
Total segment revenue712,384 664,792 
Inter-segment eliminations (1)(8,969)(7,193)
Total consolidated revenue$703,415 $657,599 
_____________________
(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
Three Months Ended September 30, 2022
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$266,486 $— $— $49,447 $43,292 $359,225 
Europe70,496 132,382 74,991 24,945 — 302,814 
Other31,877 — — 2,552 6,947 41,376 
Inter-segment510 317 1,832 4,722 1,588 8,969 
   Total segment revenue369,369 132,699 76,823 81,666 51,827 712,384 
Less: inter-segment elimination(510)(317)(1,832)(4,722)(1,588)(8,969)
Total external revenue$368,859 $132,382 $74,991 $76,944 $50,239 $703,415 
Three Months Ended September 30, 2021
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$244,449 $— $— $41,038 $41,308 $326,795 
Europe71,533 125,128 71,155 20,851 — 288,667 
Other32,796 — — 3,533 5,808 42,137 
Inter-segment702 229 1,665 3,842 755 7,193 
   Total segment revenue349,480 125,357 72,820 69,264 47,871 664,792 
Less: inter-segment elimination(702)(229)(1,665)(3,842)(755)(7,193)
Total external revenue$348,778 $125,128 $71,155 $65,422 $47,116 $657,599 

The following table includes segment EBITDA by reportable segment, total income from operations and total income (loss) before income taxes:
 Three Months Ended September 30,
 20222021
Segment EBITDA:
Vista$30,737 $66,920 
PrintBrothers14,991 16,283 
The Print Group12,220 14,389 
National Pen(1,297)(8,048)
All Other Businesses6,178 4,891 
Total segment EBITDA62,829 94,435 
Central and corporate costs(34,578)(34,153)
Depreciation and amortization(40,942)(44,432)
Certain impairments and other adjustments (3,456)780 
Restructuring-related charges(1,820)309 
Total (loss) income from operations(17,967)16,939 
Other income, net27,397 13,170 
Interest expense, net(24,806)(25,688)
(Loss) income before income taxes$(15,376)$4,421 
 Three Months Ended September 30,
 20222021
Depreciation and amortization:
Vista$14,670 $16,403 
PrintBrothers4,773 5,234 
The Print Group5,862 6,584 
National Pen5,891 5,908 
All Other Businesses4,516 5,042 
Central and corporate costs5,230 5,261 
Total depreciation and amortization$40,942 $44,432 
Three Months Ended September 30,
20222021
Purchases of property, plant and equipment:
Vista$3,124 $2,478 
PrintBrothers708 1,512 
The Print Group4,819 1,428 
National Pen1,601 1,188 
All Other Businesses1,068 1,515 
Central and corporate costs438 503 
Total purchases of property, plant and equipment$11,758 $8,624 
Three Months Ended September 30,
20222021
Capitalization of software and website development costs:
Vista$6,635 $7,572 
PrintBrothers389 232 
The Print Group490 426 
National Pen588 678 
All Other Businesses924 1,184 
Central and corporate costs6,304 5,547 
Total capitalization of software and website development costs$15,330 $15,639 
The following table sets forth long-lived assets by geographic area:
 September 30, 2022June 30, 2022
Long-lived assets (1):  
United States$90,481 $95,589 
Switzerland71,901 72,394 
Netherlands69,353 67,240 
Canada57,730 58,498 
Italy45,239 48,262 
France23,431 25,383 
Jamaica18,341 18,744 
Australia17,838 17,751 
Japan10,489 11,392 
Other88,406 90,677 
Total$493,209 $505,930 
___________________
(1) Excludes goodwill of $748,055 and $766,600, intangible assets, net of $139,864 and $154,730, deferred tax assets of $114,020 and $113,088, and marketable securities, non-current of $22,449 and zero as of September 30, 2022 and June 30, 2022, respectively.