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Goodwill and Acquired Intangibles
 12 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Disclosure [Text Block]
The carrying amount of goodwill by reportable segment as of June 30, 2023 and 2022 was as follows:
VistaPrintBrothersThe Print GroupAll Other BusinessesTotal
Balance as of June 30, 2021$225,147 $137,307 $164,220 $200,305 $726,979 
Acquisitions (1)73,168 10,484 — — 83,652 
Adjustments(821)— — — (821)
Effect of currency translation adjustments (2)(5,996)(16,963)(20,251)— (43,210)
Balance as of June 30, 2022291,498 130,828 143,969 200,305 766,600 
Acquisitions (1)— 4,724 — — 4,724 
Impairment (3)— — — (5,609)(5,609)
Adjustments— — — 225 225 
Effect of currency translation adjustments (2)4,233 5,540 5,828 — 15,601 
Balance as of June 30, 2023$295,731 $141,092 $149,797 $194,921 $781,541 
________________________
(1) In fiscal year 2023, we acquired a small business that is included in our PrintBrothers reportable segment, which included cash consideration of $498 and the recognition of goodwill of $4,724. The consideration for this purchase included the effective settlement of the company's existing liabilities to a Cimpress business.
In fiscal year 2022, we acquired Depositphotos Inc., which is included in our Vista reportable segment and recognized goodwill related to an immaterial acquisition within our PrintBrothers reportable segment. In fiscal year 2021, we acquired 99designs, which is included in our Vista reportable segment, and a small business included within our All Other Businesses reportable segment. Refer to Note 7 for additional details.
(2) Related to goodwill held by subsidiaries whose functional currency is not the U.S. dollar.
(3) During the fourth quarter of fiscal year 2023, we recorded an impairment charge of $5,609, related to one of our small reporting units acquired in fiscal year 2021 that is part of our All Other Businesses reportable segment. See below for additional details.
Annual Impairment Review
Our goodwill accounting policy establishes an annual goodwill impairment test date of May 31. We identified ten reporting units with goodwill individually. We considered the timing of our most recent fiscal year 2022 fair value assessments, associated headroom, actual operating results as compared to the forecasts used to assess fair value, the current long-term forecasts for each reporting unit, and the general economic environment of each reporting unit. After performing this qualitative assessment, we determined that there was no indication the carrying values for seven of these reporting units exceeded their respective fair values.
For each of the three remaining reporting units, we performed a quantitative goodwill impairment test that compared the estimated fair value to carrying value. We used the income approach, specifically the discounted cash flow method, to derive the fair value. This approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. We selected this method as being the most meaningful in preparing our goodwill assessment as we believe the income approach most appropriately measures our income-producing assets. We considered using the market approach, but concluded it was not appropriate in valuing these particular reporting units given the lack of relevant market comparisons available. The cash flow projections in the fair value analysis are considered Level 3 inputs, and consist of management's estimates of revenue growth rates and operating margins, taking into consideration historical results, as well as industry and market conditions. The discount rate used in the fair value analysis is based on a weighted average cost of capital (“WACC”), which represents the average rate a business must pay its providers of debt and equity, plus a risk premium. As required, prior to performing the quantitative goodwill impairment test for the three reporting units mentioned above, we first evaluated the recoverability of long-lived assets and concluded that no impairment of long-lived assets existed.
The quantitative tests were performed for Exaprint, which is part of The Print Group reportable segment, one small reporting unit that is part of our The Print Group reportable segment, as well as a small reporting unit that was acquired by our BuildASign business and included in the All Other Businesses reportable segment. For the Exaprint reporting unit and the small reporting unit that is part of The Print Group reportable segment, we concluded that substantial headroom between the estimated fair value and carrying value existed and that no goodwill impairment was identified. For the one remaining reporting unit, which is a small reporting unit included in our All Other Businesses reportable segment, we concluded that an impairment existed, driven in part by recent declines in revenue growth rates and lower near-term cash flow forecasts. We recognized an impairment charge of $5,609, using a WACC of 17.0%, resulting in a post-impairment goodwill balance of $8,824 at June 30, 2023.
Acquired Intangible Assets
June 30, 2023June 30, 2022
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Trade name$147,096 $(77,501)$69,595 $144,916 $(65,203)$79,713 
Developed technology97,316 (87,872)9,444 96,120 (75,585)20,535 
Customer relationships199,932 (183,879)16,053 195,766 (160,247)35,519 
Customer network and other24,368 (14,470)9,898 23,946 (11,580)12,366 
Print network23,909 (19,703)4,206 22,982 (16,385)6,597 
Total intangible assets$492,621 $(383,425)$109,196 $483,730 $(329,000)$154,730 

    Acquired intangible assets amortization expense for the years ended June 30, 2023, 2022, and 2021 was $46,854, $54,497, and $53,818 respectively. Estimated intangible assets amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

2024$32,424 
202519,049 
202612,333 
202710,842 
20288,721 
Thereafter25,827 
$109,196