v3.22.4
Segment Information
 6 Months Ended
Dec. 31, 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 December 31, 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, Vista Corporate Solutions, and Depositphotos, 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.
•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.
◦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 results to reflect our updated segment reporting, which decreased both Vista segment EBITDA and Central and corporate costs by $1,923 and $3,042 for the three and six months ended December 31, 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 December 31, Six Months Ended December 31,
 2022202120222021
Revenue:
Vista$437,736 $448,114 $807,105 $797,594 
PrintBrothers148,598 137,694 281,297 263,051 
The Print Group89,336 90,130 166,159 162,950 
National Pen120,621 124,717 202,287 193,981 
All Other Businesses59,998 57,719 111,825 105,590 
Total segment revenue856,289 858,374 1,568,673 1,523,166 
Inter-segment eliminations (1)(11,087)(8,658)(20,056)(15,851)
Total consolidated revenue$845,202 $849,716 $1,548,617 $1,507,315 
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(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
Three Months Ended December 31, 2022
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$291,885 $— $— $62,208 $52,200 $406,293 
Europe110,143 148,089 86,291 50,799 — 395,322 
Other35,206 — — 2,130 6,251 43,587 
Inter-segment502 509 3,045 5,484 1,547 11,087 
   Total segment revenue437,736 148,598 89,336 120,621 59,998 856,289 
Less: inter-segment elimination(502)(509)(3,045)(5,484)(1,547)(11,087)
Total external revenue$437,234 $148,089 $86,291 $115,137 $58,451 $845,202 

Six Months Ended December 31, 2022
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$558,371 $— $— $111,655 $95,492 $765,518 
Europe180,639 280,471 161,282 75,744 — 698,136 
Other67,083 — — 4,682 13,198 84,963 
Inter-segment1,012 826 4,877 10,206 3,135 20,056 
   Total segment revenue807,105 281,297 166,159 202,287 111,825 1,568,673 
Less: inter-segment elimination(1,012)(826)(4,877)(10,206)(3,135)(20,056)
Total external revenue$806,093 $280,471 $161,282 $192,081 $108,690 $1,548,617 

Three Months Ended December 31, 2021
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$289,615 $— $— $57,976 $51,035 $398,626 
Europe117,627 137,173 87,596 53,797 — 396,193 
Other39,767 — — 9,229 5,901 54,897 
Inter-segment1,105 521 2,534 3,715 783 8,658 
   Total segment revenue448,114 137,694 90,130 124,717 57,719 858,374 
Less: inter-segment elimination(1,105)(521)(2,534)(3,715)(783)(8,658)
Total external revenue$447,009 $137,173 $87,596 $121,002 $56,936 $849,716 
Six Months Ended December 31, 2021
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$534,064 $— $— $99,014 $92,343 $725,421 
Europe189,160 262,301 158,751 74,648 — 684,860 
Other72,563 — — 12,762 11,709 97,034 
Inter-segment1,807 750 4,199 7,557 1,538 15,851 
   Total segment revenue797,594 263,051 162,950 193,981 105,590 1,523,166 
Less: inter-segment elimination(1,807)(750)(4,199)(7,557)(1,538)(15,851)
Total external revenue$795,787 $262,301 $158,751 $186,424 $104,052 $1,507,315 
The following table includes segment EBITDA by reportable segment, total income from operations and total (loss) income before income taxes:
 Three Months Ended December 31, Six Months Ended December 31,
 2022202120222021
Segment EBITDA:
Vista$55,157 $90,766 $85,894 $157,686 
PrintBrothers19,509 18,605 34,500 34,888 
The Print Group13,681 16,358 25,901 30,747 
National Pen24,783 31,599 23,486 23,551 
All Other Businesses5,406 6,264 11,584 11,155 
Total segment EBITDA118,536 163,592 181,365 258,027 
Central and corporate costs(33,802)(34,703)(68,380)(68,856)
Depreciation and amortization(40,874)(45,314)(81,816)(89,746)
Certain impairments and other adjustments 925 2,713 (2,531)3,493 
Restructuring-related charges(11,207)(307)(13,027)2 
Total income from operations33,578 85,981 15,611 102,920 
Other (expense) income, net(17,392)12,839 10,005 26,009 
Interest expense, net(28,597)(25,369)(53,403)(51,057)
(Loss) income before income taxes$(12,411)$73,451 $(27,787)$77,872 

 Three Months Ended December 31, Six Months Ended December 31,
 2022202120222021
Depreciation and amortization:
Vista$14,193 $17,563 $28,863 $33,966 
PrintBrothers5,149 5,106 9,922 10,340 
The Print Group5,799 6,612 11,661 13,196 
National Pen5,795 6,220 11,686 12,128 
All Other Businesses4,326 4,381 8,842 9,423 
Central and corporate costs5,612 5,432 10,842 10,693 
Total depreciation and amortization$40,874 $45,314 $81,816 $89,746 
Three Months Ended December 31, Six Months Ended December 31,
2022202120222021
Purchases of property, plant and equipment:
Vista$6,445 $7,881 $9,569 $10,359 
PrintBrothers1,053 1,204 1,761 2,716 
The Print Group5,270 5,249 10,089 6,677 
National Pen846 1,023 2,447 2,211 
All Other Businesses767 2,157 1,835 3,672 
Central and corporate costs351 401 789 904 
Total purchases of property, plant and equipment$14,732 $17,915 $26,490 $26,539 
Three Months Ended December 31, Six Months Ended December 31,
2022202120222021
Capitalization of software and website development costs:
Vista$5,139 $8,618 $11,774 $16,190 
PrintBrothers1,069 236 1,458 468 
The Print Group771 519 1,261 945 
National Pen512 1,053 1,100 1,731 
All Other Businesses899 1,083 1,823 2,267 
Central and corporate costs5,526 4,986 11,830 10,533 
Total capitalization of software and website development costs$13,916 $16,495 $29,246 $32,134 
The following table sets forth long-lived assets by geographic area:
 December 31, 2022June 30, 2022
Long-lived assets (1):  
United States (2)$83,937 $95,589 
Switzerland74,775 72,394 
Netherlands68,074 67,240 
Canada58,746 58,498 
Italy46,328 48,262 
France25,855 25,383 
Jamaica18,642 18,744 
Australia20,048 17,751 
Japan (3)— 11,392 
Other94,263 90,677 
Total$490,668 $505,930 
___________________
(1) Excludes goodwill of $776,788 and $766,600, intangible assets, net of $131,274 and $154,730, deferred tax assets of $9,519 and $113,088, and marketable securities, non-current of $17,107 and zero as of December 31, 2022 and June 30, 2022, respectively.
(2) The decrease of the United States long-lived assets is primarily driven by the termination of our Waltham, MA lease in August 2022 that resulted in a reduction to the operating lease asset and related leasehold improvements.
(3) The decrease in Japan's long-lived assets is due to the planned sale of the land and building, which resulted in the reclassification of the carrying value to prepaid expenses and other current assets because it meets held-for-sale criteria during the current quarter. Refer to Note 13 for additional details.