XML 28 R17.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information
3 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information 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, 2023, 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, Vista Corporate Solutions, and Depositphotos, which together represent a full-service design, digital, and print solution.
PrintBrothers - Includes the results of our druck.at, Printdeal, and WIRmachenDRUCK businesses.
The Print Group - Includes the results of our Easyflyer, Exaprint, Packstyle, 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.
BuildASign, a larger and profitable business, is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products.
Printi, a smaller business that we continue to manage at a relatively modest operating loss, 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 fair value 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 September 30,
 20232022
Revenue:
Vista$396,647 $369,369 
PrintBrothers152,221 132,699 
The Print Group80,539 76,823 
National Pen87,255 81,666 
All Other Businesses51,800 51,827 
Total segment revenue768,462 712,384 
Inter-segment eliminations (1)(11,168)(8,969)
Total consolidated revenue$757,294 $703,415 
_____________________
(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, 2023
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$289,055 $— $— $52,735 $42,214 $384,004 
Europe85,407 151,542 77,802 27,737 — 342,488 
Other21,890 — — 1,377 7,535 30,802 
Inter-segment295 679 2,737 5,406 2,051 11,168 
   Total segment revenue396,647 152,221 80,539 87,255 51,800 768,462 
Less: inter-segment elimination(295)(679)(2,737)(5,406)(2,051)(11,168)
Total external revenue$396,352 $151,542 $77,802 $81,849 $49,749 $757,294 

Three Months Ended September 30, 2022
Vista (1)PrintBrothersThe Print GroupNational PenAll Other
Total (1)
Revenue by Geographic Region:
North America$273,658 $— $— $49,447 $43,292 $366,397 
Europe72,795 132,382 74,991 24,945 — 305,113 
Other22,406 — — 2,552 6,947 31,905 
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 
___________________
(1) During fiscal year 2023, we identified an immaterial error in our previously disclosed revenue by geographic area for our Vista reportable segment for the quarter ended September 30, 2022, which understated revenue in North America and Europe, with an offsetting overstatement in the Other geographies. We have corrected the disclosed figures as included herein.
The following table includes segment EBITDA by reportable segment, total income (loss) from operations and total income (loss) before income taxes:
 Three Months Ended September 30,
 20232022
Segment EBITDA:
Vista$74,424 $30,737 
PrintBrothers19,826 14,991 
The Print Group13,608 12,220 
National Pen(8,303)(1,297)
All Other Businesses6,458 6,178 
Total segment EBITDA106,013 62,829 
Central and corporate costs(31,780)(34,578)
Depreciation and amortization(39,942)(40,942)
Restructuring-related charges334 (1,820)
Certain impairments and other adjustments (525)(3,456)
Total income (loss) from operations
34,100 (17,967)
Other income, net
6,419 27,397 
Interest expense, net(29,200)(24,806)
Gain on early extinguishment of debt
1,372 — 
Income (loss) before income taxes
$12,691 $(15,376)

 Three Months Ended September 30,
 20232022
Depreciation and amortization:
Vista$14,875 $14,670 
PrintBrothers3,889 4,773 
The Print Group5,822 5,862 
National Pen5,188 5,891 
All Other Businesses4,547 4,516 
Central and corporate costs5,621 5,230 
Total depreciation and amortization$39,942 $40,942 
Three Months Ended September 30,
20232022
Purchases of property, plant and equipment:
Vista$3,611 $3,124 
PrintBrothers5,152 708 
The Print Group8,496 4,819 
National Pen2,669 1,601 
All Other Businesses2,235 1,068 
Central and corporate costs402 438 
Total purchases of property, plant and equipment$22,565 $11,758 
Three Months Ended September 30,
20232022
Capitalization of software and website development costs:
Vista$6,640 $6,635 
PrintBrothers457 389 
The Print Group694 490 
National Pen805 588 
All Other Businesses1,187 924 
Central and corporate costs4,614 6,304 
Total capitalization of software and website development costs$14,397 $15,330 
The following table sets forth long-lived assets by geographic area:
 September 30, 2023June 30, 2023
Long-lived assets (1):  
United States$79,768 $83,956 
Switzerland71,417 73,857 
Netherlands62,013 65,547 
Canada55,732 57,328 
Italy39,848 42,377 
France30,361 29,302 
Germany29,553 27,813 
Australia18,642 19,664 
Jamaica (2)
1,186 17,834 
Other92,232 86,690 
Total$480,752 $504,368 
___________________
(1) Excludes goodwill of $772,165 and $781,541, intangible assets, net of $98,836 and $109,196, deferred tax assets of $12,060 and $12,740 as of September 30, 2023 and June 30, 2023, respectively, as well as marketable securities, non-current of $4,497 as of June 30, 2023.
(2) The decrease in Jamaica's long-lived assets is due to the planned sale of an owned customer service facility as we continue to optimize our real estate footprint with many of these team members operating under a remote-first model, which resulted in the classification of the related assets as held-for-sale as of September 30, 2023, which is presented as part of prepaid expenses and other current assets in the consolidated balance sheets. Refer to Note 2 for additional details.