XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

Segment Information | 3 Months Ended
--- | ---
Sep. 30, 2024
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, 2024, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments: •Vista - Consists of the operations of our VistaPrint branded websites in North America, Western Europe, Australia, New Zealand, India, and Singapore. This business also includes our 99designs by Vista business, which provides graphic design services, VistaCreate for do-it-yourself (DIY) design, our Vista x Wix partnership for small business websites, and our Vista Corporate Solutions business, which serves medium-sized businesses and large corporations. •PrintBrothers - Includes the results of druck.at, Printdeal, and WIRmachenDRUCK, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in Austria, Belgium, Germany, the Netherlands, and Switzerland. •The Print Group - Includes the results of Easyflyer, Exaprint, Packstyle, Pixartprinting, and Tradeprint, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in France, Italy, Spain, and the United Kingdom. •National Pen - Serves small businesses across geographies including North America, Europe, and Australia. The pens.com branded business sells through their ecommerce site and is supported by digital marketing methods as well as direct mail and telesales. National Pen focuses on customized writing instruments and promotional products, apparel, and gifts for small- and medium-sized businesses. •All Other Businesses - Includes two businesses grouped together based on materiality. ◦BuildASign is a provider of canvas-print wall décor, business signage and other large-format printed products. ◦Printi, a smaller business that is an online printing leader in Brazil. For purposes of measuring and reporting our segment financial performance, we implemented changes to the methodology used for inter-segment transactions during the first quarter of fiscal 2025. These transactions occur when one Cimpress business chooses to buy from or sell to another Cimpress business. Under the new approach, a merchant business (the buyer) is cross charged the actual cost of fulfillment that includes product (e.g., labor, materials and overhead allocation) and shipping costs. A fulfiller business (the seller) receives inter-segment revenue that includes the product costs plus a markup, as well as the shipping costs. The fulfiller profit is included in the fulfiller’s segment results, but eliminated from consolidated reporting through an inter-segment EBITDA elimination. The new approach allows our merchant businesses to access the ultimate Cimpress cost of fulfillment for a given product and therefore that ultimate Cimpress cost can be used to determine pricing, advertising spend, and other operational decisions. Prior to this change, inter-segment transactions were based on marked-up pricing that resulted in the merchant business recognizing inter-segment cost of goods sold that was equal to inter-segment revenue that were recognized by the fulfiller business, as such there was no inter-segment EBITDA elimination under our prior method. We have recast all prior periods presented for segment revenue and segment EBITDA to ensure comparability with the current fiscal year. These changes in methodology have no impact on our consolidated financial results. 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 this 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, |  |
| 2024 |  | 2023 (1) |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |
Vista | $ | 429,494 |  |  | $ | 396,850 |  |  |  |  |  |  |
PrintBrothers | 160,415 |  |  | 152,573 |  |  |  |  |  |  |
The Print Group | 84,072 |  |  | 79,437 |  |  |  |  |  |  |
National Pen | 93,404 |  |  | 86,796 |  |  |  |  |  |  |
All Other Businesses | 57,143 |  |  | 51,425 |  |  |  |  |  |  |
Total segment revenue | 824,528 |  |  | 767,081 |  |  |  |  |  |  |
Inter-segment eliminations (2) | (19,559) |  |  | (9,787) |  |  |  |  |  |  |
Total consolidated revenue | $ | 804,969 |  |  | $ | 757,294 |  |  |  |  |  |  |
_____________________ (1) The prior period segment results have been adjusted to ensure comparability with the new methodology used for inter-segment transactions. Refer to the discussion above for further details. (2) 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, 2024
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 309,175 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,287 |  |  | $ | 43,368 |  |  | $ | 404,830 |
Europe | 95,657 |  |  | 159,368 |  |  | 80,907 |  |  | 32,007 |  |  | — |  |  | 367,939 |
Other | 23,759 |  |  | — |  |  | — |  |  | 1,442 |  |  | 6,999 |  |  | 32,200 |
Inter-segment | 903 |  |  | 1,047 |  |  | 3,165 |  |  | 7,668 |  |  | 6,776 |  |  | 19,559 |
Total segment revenue | 429,494 |  |  | 160,415 |  |  | 84,072 |  |  | 93,404 |  |  | 57,143 |  |  | 824,528 |
Less: inter-segment elimination | (903) |  |  | (1,047) |  |  | (3,165) |  |  | (7,668) |  |  | (6,776) |  |  | (19,559) |
Total external revenue | $ | 428,591 |  |  | $ | 159,368 |  |  | $ | 80,907 |  |  | $ | 85,736 |  |  | $ | 50,367 |  |  | $ | 804,969 |
| Three Months Ended September 30, 2023
| Vista |  | PrintBrothers |  | The Print Group |  | National Pen |  | All Other |  | Total
Revenue by Geographic Region: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 289,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,735 |  |  | $ | 42,214 |  |  | $ | 384,004 |
Europe | 85,407 |  |  | 151,542 |  |  | 77,802 |  |  | 27,737 |  |  | — |  |  | 342,488 |
Other | 21,890 |  |  | — |  |  | — |  |  | 1,377 |  |  | 7,535 |  |  | 30,802 |
Inter-segment (1) | 498 |  |  | 1,031 |  |  | 1,635 |  |  | 4,947 |  |  | 1,676 |  |  | 9,787 |
Total segment revenue (1) | 396,850 |  |  | 152,573 |  |  | 79,437 |  |  | 86,796 |  |  | 51,425 |  |  | 767,081 |
Less: inter-segment elimination (1) | (498) |  |  | (1,031) |  |  | (1,635) |  |  | (4,947) |  |  | (1,676) |  |  | (9,787) |
Total external revenue | $ | 396,352 |  |  | $ | 151,542 |  |  | $ | 77,802 |  |  | $ | 81,849 |  |  | $ | 49,749 |  |  | $ | 757,294 |
_____________________ (1) The prior period segment results have been adjusted to ensure comparability with the new methodology used for inter-segment transactions. Refer to the discussion above for further details. The following table includes segment EBITDA by reportable segment, total income from operations and total (loss) income before income taxes:
| Three Months Ended September 30, |  |
| 2024 |  | 2023 (1) |  |  |  |  |  |
Segment EBITDA: |  |  |  |  |  |  |  |  |
Vista | $ | 76,847 |  |  | $ | 78,578 |  |  |  |  |  |  |
PrintBrothers | 20,156 |  |  | 20,210 |  |  |  |  |  |  |
The Print Group | 17,902 |  |  | 12,507 |  |  |  |  |  |  |
National Pen | (4,758) |  |  | (8,762) |  |  |  |  |  |  |
All Other Businesses | 6,735 |  |  | 6,018 |  |  |  |  |  |  |
Inter-segment elimination | (5,500) |  |  | (2,538) |  |  |  |  |  |  |
Total segment EBITDA | 111,382 |  |  | 106,013 |  |  |  |  |  |  |
Central and corporate costs | (37,012) |  |  | (31,780) |  |  |  |  |  |  |
Depreciation and amortization | (35,546) |  |  | (39,942) |  |  |  |  |  |  |
Restructuring-related charges | (99) |  |  | 334 |  |  |  |  |  |  |
Certain impairments and other adjustments | 614 |  |  | (525) |  |  |  |  |  |  |
Total income from operations | 39,339 |  |  | 34,100 |  |  |  |  |  |  |
Other (expense) income, net | (11,492) |  |  | 6,419 |  |  |  |  |  |  |
Interest expense, net | (31,415) |  |  | (29,200) |  |  |  |  |  |  |
Gain on early extinguishment of debt | 179 |  |  | 1,372 |  |  |  |  |  |  |
(Loss) income before income taxes | $ | (3,389) |  |  | $ | 12,691 |  |  |  |  |  |  |
_____________________ (1) The prior period segment results have been adjusted to ensure comparability with the new methodology used for inter-segment transactions. Refer to the discussion above for further details.
| Three Months Ended September 30, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Vista | $ | 13,055 |  |  | $ | 14,875 |  |  |  |  |  |  |
PrintBrothers | 3,475 |  |  | 3,889 |  |  |  |  |  |  |
The Print Group | 5,211 |  |  | 5,822 |  |  |  |  |  |  |
National Pen | 3,246 |  |  | 5,188 |  |  |  |  |  |  |
All Other Businesses | 4,647 |  |  | 4,547 |  |  |  |  |  |  |
Central and corporate costs | 5,912 |  |  | 5,621 |  |  |  |  |  |  |
Total depreciation and amortization | $ | 35,546 |  |  | $ | 39,942 |  |  |  |  |  |  |
| Three Months Ended September 30, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Purchases of property, plant and equipment: |  |  |  |  |  |  |  |  |
Vista | $ | 7,526 |  |  | $ | 3,611 |  |  |  |  |  |  |
PrintBrothers | 1,367 |  |  | 5,152 |  |  |  |  |  |  |
The Print Group | 3,767 |  |  | 8,496 |  |  |  |  |  |  |
National Pen | 1,363 |  |  | 2,669 |  |  |  |  |  |  |
All Other Businesses | 2,511 |  |  | 2,235 |  |  |  |  |  |  |
Central and corporate costs | 467 |  |  | 402 |  |  |  |  |  |  |
Total purchases of property, plant and equipment | $ | 17,001 |  |  | $ | 22,565 |  |  |  |  |  |  |
| Three Months Ended September 30, |  |
| 2024 |  | 2023 |  |  |  |  |  |
Capitalization of software and website development costs: |  |  |  |  |  |  |  |  |
Vista | $ | 6,057 |  |  | $ | 6,640 |  |  |  |  |  |  |
PrintBrothers | 602 |  |  | 457 |  |  |  |  |  |  |
The Print Group | 949 |  |  | 694 |  |  |  |  |  |  |
National Pen | 1,100 |  |  | 805 |  |  |  |  |  |  |
All Other Businesses | 1,499 |  |  | 1,187 |  |  |  |  |  |  |
Central and corporate costs | 4,364 |  |  | 4,614 |  |  |  |  |  |  |
Total capitalization of software and website development costs | $ | 14,571 |  |  | $ | 14,397 |  |  |  |  |  |  |
The following table sets forth long-lived assets by geographic area:
| September 30, 2024 |  | June 30, 2024
Long-lived assets (1): |  |  |
United States | $ | 72,106 |  |  | $ | 77,095 |
Switzerland | 70,876 |  |  | 67,201 |
Netherlands | 57,773 |  |  | 60,974 |
Canada | 57,455 |  |  | 54,848 |
Italy | 39,042 |  |  | 37,380 |
Germany | 32,088 |  |  | 31,656 |
France | 28,062 |  |  | 28,002 |
Australia | 22,710 |  |  | 22,131 |
Jamaica | 3,639 |  |  | 3,782 |
Other | 96,252 |  |  | 90,380 |
Total | $ | 480,003 |  |  | $ | 473,449 |
___________________ (1) Excludes goodwill of $804,806 and $787,138, intangible assets, net of $72,071 and $76,560, deferred tax assets of $97,003 and $95,059, and equity method investments of $2,128 and $1,904 as of September 30, 2024 and June 30, 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration