Technology and development expense (1)

$ 275,089

$ 251,416

Cost of revenue (1)

95,790

^[1]

88,027

^[1]

42,247

^[1]

37,657

^[1]

Marketing and selling expense (1)

102,433

^[1]

99,997

^[1]

General and administrative expense (1)

26,210

^[1]

25,501

^[1]

Income from operations

8,409

234

Other expense, net

(4,826)

(509)

Interest expense, net

(1,577)

(1,162)

Income (loss) before income taxes and loss in equity interests

2,006

(1,437)

Income tax provision

815

134

Loss in equity interests

779

125

Net income (loss)

412

(1,696)

Basic net income (loss) per share

$ 0.01

$ (0.05)

Diluted net income (loss) per share

$ 0.01

$ (0.05)

Weighted average shares outstanding — basic

32,659,375

33,674,293

Weighted average shares outstanding — diluted

34,373,818

33,674,293

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

8,385

8,267

Cost of revenue

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Technology and development expense

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

2,460

2,240

Marketing and selling expense

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

1,689

1,549

General and administrative expense

Summary of Significant Accounting Policies

$ 4,170

$ 4,380

[1]	Share-based compensation is allocated as follows:

Consolidated Statement of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss)	$ 412	$ (1,696)
Other comprehensive income (loss):
Foreign currency translation	6,126	4,088
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges	(101)	(288)
Total comprehensive income	$ 6,437	$ 2,104

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating activities
Net income (loss)	$ 412	$ (1,696)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	15,625	14,658
Share-based compensation expense	8,385	8,267
Excess tax benefits derived from share-based compensation awards	(1,494)	179
Deferred taxes	(2,224)	(1,055)
Loss in equity interest	779	125
Non-cash gain on equipment	0	(1,279)
Unrealized loss on derivative instruments included in net income	4,856	0
Other non-cash items	233	(92)
Changes in operating assets and liabilities:
Accounts receivable	(2,812)	(333)
Inventory	124	(863)
Prepaid expenses and other assets	(4,198)	0
Accounts payable	(2,879)	(3,538)
Accrued expenses and other liabilities	(16,930)	(7,723)
Net cash (used in) provided by operating activities	(123)	6,650
Investing activities
Purchases of property, plant and equipment	(17,577)	(27,759)
Proceeds from sale of assets	137	1,750
Purchases of intangible assets	(75)	(9)
Capitalization of software and website development costs	(1,814)	(1,301)
Investment in equity interest	(100)	(12,653)
Net cash used in investing activities	(19,429)	(39,972)
Financing activities
Proceeds from borrowings of long-term debt	43,500	39,212
Payments of long-term debt and debt issuance costs	(12,637)	(9,008)
Payments of withholding taxes in connection with vesting of restricted share units	(2,662)	(1,166)
Excess tax benefits derived from share-based compensation awards	1,494	(179)
Proceeds from issuance of shares	3,496	891
Net cash provided by financing activities	33,191	29,750
Effect of exchange rate changes on cash	947	688
Net increase (decrease) in cash and cash equivalents	14,586	(2,884)
Cash and cash equivalents at beginning of period	50,065	62,203
Cash and cash equivalents at end of period	$ 64,651	$ 59,319

Description of the Business (Notes)	3 Months Ended
Description of the Business (Notes)	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business The Vistaprint group of companies offers micro businesses the ability to market their businesses with a broad range of brand identity and promotional products, marketing services and digital solutions. Through the use of proprietary Internet-based graphic design software, localized websites, proprietary order receiving and processing technologies and advanced computer integrated production facilities, we offer a broad spectrum of products, such as business cards, website hosting, apparel, signage, promotional gifts, brochures, online marketing and creative services. We focus on serving the marketing, graphic design and printing needs of the micro business market, generally businesses or organizations with fewer than 10 employees and usually 2 or fewer. We also provide personalized products for home and family use.

Summary of Significant Accounting Policies (Notes)

3 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements include the accounts of Vistaprint N.V., its wholly owned subsidiaries, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Investments in entities in which we can exercise significant influence, but do not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting primarily of normal recurring accruals, considered necessary for a fair presentation of the results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014 or for any other period. The consolidated balance sheet at June 30, 2013 has been derived from our audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2013 included in the our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of our long-lived assets and goodwill, advertising expense and related accruals, share-based compensation, accounting for business combinations, income taxes, and litigation and contingencies, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates.

Net Income (Loss) Per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income (loss) per share gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”) and restricted share awards ("RSAs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive.

The following table sets forth the reconciliation of the weighted-average number of ordinary shares:



	Three Months Ended September 30,
	2013	2012
Weighted average shares outstanding, basic	32,659,375	33,674,293
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1)	1,714,443	—
Shares used in computing diluted net income (loss) per share	34,373,818	33,674,293
Weighted average anti-dilutive shares excluded from diluted net income (loss) per share	928,215	3,047,051

________________

(1) Due to the net loss for the three months ended September 30, 2012, the effect of share options, RSUs, and RSAs is anti-dilutive.

Share-Based Compensation

During the three months ended September 30, 2013 and 2012, we recorded share-based compensation expense of $8,385 and $8,267, respectively. As of September 30, 2013, there was $56,370 of total unrecognized compensation cost related to non-vested share-based compensation arrangements, net of estimated forfeitures. This cost is expected to be recognized over a weighted average period of 3.1 years.

Derivative Financial Instruments

We record all derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative as being a hedging relationship, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives designated and qualifying as hedges of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transaction in a cash flow hedge. We also enter into derivative contracts that are intended to economically hedge certain of our risks, even though we do not elect to apply hedge accounting. The changes in the fair value of derivatives not designated as being in hedging relationships are recorded directly in earnings as a component of other expense, net. In accordance with the fair value measurement guidance, our accounting policy is to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. We execute our derivative instruments with financial institutions that we judge to be credit-worthy, defined as institutions that hold an investment grade credit rating.

Recently Issued or Adopted Accounting Pronouncements

None.

Fair Value Measurements (Notes)

3 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:



	September 30, 2013
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap contracts	$	123		$	—	$	123		$	—
Currency forward contracts	291			—		291			—
Total assets recorded at fair value	$	414		$	—	$	414		$	—

Liabilities
Interest rate swap contracts	$	(142	)	$	—	$	(142	)	$	—
Currency forward contracts	(5,147		)	—		(5,147		)	—
Total liabilities recorded at fair value	$	(5,289	)	$	—	$	(5,289	)	$	—



	June 30, 2013
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap contracts	$	344		$	—	$	344		$	—
Currency forward contracts	70			—		70			—
Total assets recorded at fair value	$	414		$	—	$	414		$	—

Liabilities
Interest rate swap contracts	$	(70	)	$	—	$	(70	)	$	—
Currency forward contracts	(203		)	—		(203		)	—
Total liabilities recorded at fair value	$	(273	)	$	—	$	(273	)	$	—

During the three months ended September 30, 2013 and September 30, 2012 there were no significant transfers in or out of Level 1, Level 2 and Level 3 classifications.

The valuations of the derivatives intended to mitigate our interest rate and currency risk are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of September 30, 2013, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

As of September 30, 2013 and June 30, 2013, the carrying amounts of cash and cash equivalents, receivables, accounts payable, and other current liabilities approximated their estimated fair values. We performed an evaluation of the estimated fair value of our debt and determined that the fair value approximates the carrying value of the liability as of June 30, 2013. As of September 30, 2013 the carrying value of our debt is $270,000 and the fair value is $275,353. Our debt is a variable rate debt instrument indexed to LIBOR that resets monthly. The estimated fair value of our debt was determined using available market information based on recent trades or activity of debt instruments with substantially similar risks, terms and maturities, which fall within Level 2 under the fair value hierarchy. This estimated fair value may not be representative of actual values that could have been or will be realized in the future.

Derivative Financial Instruments (Notes)

3 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Financial Instruments

Hedges of Interest Rate Risk

We enter into interest rate swap contracts to manage differences in the amount, timing, and duration of our known or expected cash payments related to our debt. Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the derivative agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, the ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended September 30, 2013, we did not hold any interest rate derivative instruments that were determined to be ineffective.

Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense as interest payments are accrued or made on our variable-rate debt. Assuming these derivative instruments continue to qualify for hedge accounting, as of September 30, 2013, we estimate that $227 will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending September 30, 2014. As of September 30, 2013, we had 6 outstanding interest rate swap contracts indexed to one-month LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates from 2014 - 2017. As the start date of certain contracts has not yet commenced, the notional amount of our outstanding contracts is in excess of the variable-rate debt being hedged as of the balance sheet date.



Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of September 30, 2013	$	130,000
Contracts with a future start date	40,000
Total	$	170,000

Hedges of Currency Risk

We have executed currency forward contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. dollar. We use currency derivatives, specifically currency forward contracts, to manage this exposure. During the quarter ended September 30, 2013, we had both currency forward contract activity for which we elected hedge accounting and activity for which we did not elect hedge accounting.We did not designate certain currency forward contracts as hedges under hedge accounting as planned changes in our corporate entity operating structure, which became effective on October 1, 2013, would have resulted in these specific instruments no longer qualifying for hedge accounting.

The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period in which the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. As of September 30, 2013, we have no outstanding currency forward contracts that qualify for hedge accounting and, as such, there are no current balances to be reclassified into earnings over the next twelve months.

The changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings as a component of other expense, net.

As of September 30, 2013, we had the following outstanding currency forward contracts that were not designated for hedge accounting and used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Canadian Dollar, Danish Krone, The Euro, Great British Pound, Indian Rupee, New Zealand Dollar, Norwegian Krone, Singapore Dollar, Swedish Krona, and Swiss Franc:



Notional Amount	Effective Date	Maturity Date	Number of Instruments	Index	Hedge Designation
$147,228	Various	Various through June 2014	83	Various	Non-designated

Financial Instrument Presentation

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of September 30, 2013 and June 30, 2013:



	September 30, 2013
	Asset Derivatives								Liability Derivatives
Derivatives designated as hedging instruments	Balance Sheet Line Item	Gross amounts of recognized assets		Gross amount offset in consolidated balance sheet			Net amount		Balance Sheet Line Item	Gross amounts of recognized liabilities			Gross amount offset in consolidated balance sheet		Net amount
Interest rate swaps	Other non-current assets	$	210	$	(87	)	$	123	Other current liabilities/other liabilities	$	(142	)	$	—	$	(142	)
Currency forward contracts	Other current assets	—		—			—		Other current liabilities	—			—		—
Total derivatives designated as hedging instruments		$	210	$	(87	)	$	123		$	(142	)	$	—	$	(142	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets	$	842	$	(551	)	$	291	Other current liabilities	$	(5,412	)	$	265	$	(5,147	)
Total derivatives not designated as hedging instruments		$	842	$	(551	)	$	291		$	(5,412	)	$	265	$	(5,147	)



	June 30, 2013
	Asset Derivatives								Liability Derivatives
Derivatives designated as hedging instruments	Balance Sheet Line Item	Gross amounts of recognized assets		Gross amount offset in consolidated balance sheet			Net amount		Balance Sheet Line Item	Gross amounts of recognized liabilities			Gross amount offset in consolidated balance sheet		Net amount
Interest rate swaps	Other current assets	$	400	$	(56	)	$	344	Other current liabilities/other liabilities	$	(81	)	$	11	$	(70	)
Currency forward contracts	Other current assets	83		(13		)	70		Other current liabilities	(208		)	5		(203		)
Total derivatives designated as hedging instruments		$	483	$	(69	)	$	414		$	(289	)	$	16	$	(273	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets	$	—	$	—		$	—	Other current liabilities	$	—		$	—	$	—
Total derivatives not designated as hedging instruments		$	—	$	—		$	—		$	—		$	—	$	—

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income for the three months ended September 30, 2013 and 2012:



Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in Comprehensive Income on Derivatives (Effective Portion)
In thousands	Three months ended September 30, 2013			Three months ended September 30, 2012
Currency contracts that hedge revenue	$	(107	)	$	—
Currency contracts that hedge cost of revenue	59			—
Currency contracts that hedge technology and development expense	70			—
Currency contracts that hedge general and administrative expense	12			—
Interest Rate Swaps	(294		)	—
Total loss recognized in comprehensive income during the period	$	(260	)	$	—

The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2013 and 2012:



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss to Net Income Gain/(Loss)					Affected line item in the Statement of Operations
In thousands	Three months ended September 30, 2013			Three months ended September 30, 2012
Currency contracts that hedge revenue	$	(120	)	$	—	Revenue
Currency contracts that hedge cost of revenue	(112		)	—		Cost of revenue
Currency contracts that hedge technology and development expense	122			—		Technology and development expense
Currency contracts that hedge general and administrative expense	11			—		General and administrative expense
Interest Rate Swaps	(75		)	—		Interest expense
Total before income tax	(174		)	—		Income (loss) before income taxes and loss in equity interests
Income tax benefit	15			—		Income tax provision
Total	$	(159	)	$	—

The following table presents the mark-to-market effect of our derivative financial instruments for contracts that we did not designate as hedging instruments, as well as those which have been de-designated and no longer qualify as hedging instruments, recorded within the statement of operations:



Derivatives not classified as hedging instruments under ASC 815	Amount of Gain (Loss) Recognized in Income					Location of Gain (Loss) Recognized in Income (Ineffective Portion)
In thousands	Three months ended September 30, 2013			Three months ended September 30, 2012
Currency forward contracts	$	(5,209	)	$	—	Other expense

Accumulated Other Comprehensive Income (Notes)

3 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Loss [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Loss

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $4, for the three months ended September 30, 2013:



In thousands	Gains (Losses) on Cash Flow Hedges			Currency translation adjustments			Total
Balance as of June 30, 2013	$	86		$	(11,642	)	$	(11,556	)
Other comprehensive income (loss) before reclassifications	(260		)	6,126			5,866
Amounts reclassified from accumulated other comprehensive loss to net income	159			—			159
Net current period other comprehensive income	(101		)	6,126			6,025
Balance as of September 30, 2013	$	(15	)	$	(5,516	)	$	(5,531	)

Goodwill and Acquired Intangible Assets (Notes)

3 Months Ended

Sep. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The carrying amount of goodwill by segment as of June 30, 2013 and September 30, 2013 is as follows:



	North America		Europe		Most of World		Total
Balance as of June 30, 2013	$	95,790	$	44,895	$	208	$	140,893
Effect of currency translation adjustments (1)	—		1,641		—		1,641
Balance as of September 30, 2013	$	95,790	$	46,536	$	208	$	142,534

_________________

(1) Relates to goodwill attributable to the Albumprinter acquisition as amounts are denominated in Euro.

Acquired Intangible Assets

Acquired intangible assets amortization expense was $2,304 and $2,283 for the three months ended September 30, 2013 and 2012, respectively.

Accrued Expenses (Notes)

3 Months Ended

Sep. 30, 2013

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses included the following:



	September 30, 2013		June 30, 2013
Compensation costs (1)	$	27,023	$	43,879
Advertising costs	22,803		24,824
Income and indirect taxes	10,122		12,463
Shipping costs	5,887		4,632
Purchases of property, plant and equipment	3,193		1,582
Professional costs	2,229		2,470
Other	14,359		13,488
Total accrued expenses	$	85,616	$	103,338

_____________________

(1) The decrease in accrued compensation costs is principally a result of the payment of our fiscal 2013 annual incentive compensation plans in the three months ended September 30, 2013 offset by compensation costs accrued during fiscal 2014.

Debt (Notes)

3 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Long-Term Debt

Debt

As of September 30, 2013, we have aggregate borrowings of $497,500 available to us under our secured credit facility as follows:


•	Revolving loans of $400,000 with a maturity date of February 8, 2018;


•	Term loan of $97,500 amortizing over the loan period, with a final maturity date of February 8, 2018.

As of September 30, 2013 and June 30, 2013, our debt outstanding was $270,000 and $238,750, respectively.

Under the terms of our credit agreement, borrowings bear interest at a variable rate of interest based on LIBOR plus 1.50% to 2.00% depending on our leverage ratio, which is the ratio of our consolidated total indebtedness to our consolidated earnings before interest, taxes, depreciation and amortization (EBITDA). As of September 30, 2013, the weighted-average interest rate on outstanding borrowings was 1.93%, inclusive of interest rate swap activity. We must also pay a commitment fee on unused balances of 0.175% to 0.350% depending on our leverage ratio. We have pledged the assets and/or share capital of several of our subsidiaries as collateral for our outstanding debt as of September 30, 2013.

Our credit agreement contains financial and other covenants, including but not limited to (1) limitations on our incurrence of additional indebtedness and liens, the consummation of certain fundamental organizational changes or intercompany activities, investments and restricted payments including the purchases of our ordinary shares or payments of dividends, and the amount of consolidated capital expenditures that we may make in each of our fiscal years through June 30, 2018, and (2) financial covenants calculated on a trailing twelve month, or TTM, basis that:


•	our consolidated leverage ratio, which is the ratio of our consolidated indebtedness () to our TTM consolidated EBITDA (), will not exceed (i) 3.5 during the period from December 31, 2012 through December 31, 2013; (ii) 3.25 during the period from March 31, 2014 through December 31, 2014; and 3.0 after March 31, 2015; and


•	our interest coverage ratio, which is the ratio of our consolidated EBITDA to our consolidated interest expense, will be at least 3.0.

As of September 30, 2013, we were in compliance with all financial covenants under the credit agreement. Our agreement also contains customary representations, warranties and events of default.

(*) The definitions of EBITDA and consolidated indebtedness are maintained in our credit agreement included as an exhibit to Form 8-K filed on February 13, 2013.

Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $815 for the three months ended September 30, 2013, as compared to $134 for the same prior year period. The increase is primarily attributable to higher earnings in the current period as compared to the three months ended September 30, 2012, for which we reported a loss. Additionally, we recorded an increase in our liability for unrecognized tax benefits of $500 during the three months ended September 30, 2013 that did not occur in the same prior year period. On an annual basis, our income tax expense for the majority of our subsidiaries is a function of our operating expenses and cost-based transfer pricing methodologies and not a function of consolidated pre-tax income. As a result, our annual effective tax rate will typically vary inversely to changes in our consolidated pre-tax income. For fiscal 2014 we are forecasting a lower annual effective tax rate as compared to 2013, primarily as a result of higher pre-tax earnings as compared to 2013 and changes to our geographic mix of earnings. Additionally, our fiscal 2014 annual effective tax rate is expected to be further reduced by tax benefits recognized as a result of changes to our corporate entity operating structure. Effective October 1, 2013, we implemented changes to our corporate entity operating structure, the primary objective of which is to align our corporate entities with our evolving operations and business model. As part of these changes, we have transferred the majority of our intellectual property among certain of our subsidiaries in a transaction that we expect will be favorable to our income tax expense in fiscal 2014. As of September 30, 2013, we had a net liability for unrecognized tax benefits included in the balance sheet of approximately $6,069, including accrued interest of $484. During the three months ended September 30, 2013, we recorded an increase in our liability for unrecognized tax benefits related to a change in our tax positions reported in prior years. Of the total amount of unrecognized tax benefits, approximately $2,549 will reduce the effective tax rate if recognized. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. It is reasonably possible that a further change in the unrecognized tax benefits may occur within the next twelve months related to the settlement of one or more audits or the lapse of applicable statutes of limitations. However, an estimated range of the impact on the unrecognized tax benefits cannot be quantified at this time. We believe we have appropriately provided for all tax uncertainties. We conduct business in a number of tax jurisdictions and, as such, are required to file income tax returns in multiple jurisdictions globally. The years 2007 through 2012 remain open for examination by the Internal Revenue Service and the years 2006 through 2012 remain open for examination in the U.S. states and the various non-US tax jurisdictions in which we file tax returns. One of our subsidiaries Vistaprint Limited (domiciled in Bermuda) is currently under income tax audit by the United States Internal Revenue Service (“IRS”). In August 2012, we received a Revenue Agent's Report (“RAR”) from the IRS proposing tax assessments for the 2007 to 2009 tax years. The issue in dispute is the imposition of U.S. federal income tax on effectively connected income associated with the IRS' assertion that Vistaprint Limited has a U.S. Trade or Business. In September 2012, we submitted to the IRS Examination team a written protest stating our formal disagreement with the facts and technical conclusions presented in the RAR and requesting the case be heard by the IRS Office of Appeals. In August 2013, the case was officially transferred to the IRS Office of Appeals. We anticipate our hearing in Appeals to commence sometime during fiscal year 2014. Another subsidiary, Vistaprint USA, Incorporated is currently under income tax audit by the IRS for the 2011 tax year. This audit continues to progress in the field examination stage. One of our Canadian subsidiaries, Vistaprint North American Services Corp., is currently under income tax examination by the Canada Revenue Agency ("CRA") for the 2006 tax year. In December 2012, we received Notices of Reassessment for the tax year 2006 relating to transfer pricing for contract printing services provided to Vistaprint Limited. In February 2013, we filed Notices of Objection to formally request a hearing before the Appeals Division of the CRA. The hearing process with the Appeals Division officially began in October 2013. Vistaprint USA, Incorporated is currently under income tax audit by the Massachusetts Department of Revenue ("DOR"). The tax years under examination are 2006 to 2008. In June 2013, Vistaprint USA, Incorporated received Notices of Assessment from the DOR containing proposed adjustments to taxable income for the years 2006 to 2008. The issue in dispute is whether there was appropriate value received with respect to intangible property rights owned by Vistaprint USA Incorporated and licensed to Vistaprint Limited during these years. In August 2013, we submitted a written protest stating our formal disagreement with the technical analysis and conclusion by the DOR and requesting our case be heard by the Office of Appeals. A hearing with the Office of Appeals has been scheduled for the end of October 2013. We believe that our income tax reserves associated with these matters are adequate as the positions reported on our tax returns will be sustained on their technical merits. However, final resolution is uncertain and there is a possibility that the final resolution could have a material impact on our financial condition, results of operations or cash flows.

Investment in Equity Interests (Notes)	3 Months Ended
Investment in Equity Interests (Notes)	Sep. 30, 2013
Investments in Equity Interests [Abstract]
Investment in Equity Interests	Investment in Equity Interests On July 10, 2012, we acquired an equity interest in Namex Limited and its related companies ("Namex") for $12,653 in cash and $500 to be paid on an installment basis through December 31, 2016. Namex includes an established Chinese printing business and the investment provides us with access to this new market and an opportunity to participate in longer-term growth in China. Our proportionate ownership share as of September 30, 2013 is 34.5%, with additional call options to increase ownership incrementally over the coming eight years. We are contractually committed to invest approximately $5,000 during the second quarter of fiscal 2014 which will result in an ownership share of 45%. This investment is accounted for using the equity method. We record in net income a proportionate share of the earnings or losses of Namex, as well as amortization related to our proportionate share of the fair value of certain assets at our investment date, with a corresponding increase or decrease in the carrying value of the investment. For the three months ended September 30, 2013, we recorded a loss of $779 attributable to Namex in our consolidated statement of operations. As of September 30, 2013, the carrying value of our Namex investment, inclusive of our share of net assets and goodwill, was $10,560 in our consolidated balance sheet and we have a contractual loan arrangement with the majority shareholder of Namex, resulting in a loan receivable of $512 that is due with 6.5% per annum interest on or before December 31, 2016. We have determined that the level of equity investment at risk is not sufficient for the entity to finance its activities without additional financial support and, as a result, Namex represents a variable interest entity. However, through consideration of the most significant activities of the entity in conjunction with the collective shareholders' rights of Namex, we have concluded that we do not have the power to direct the activities that most significantly impact the entity's economic performance, and therefore we do not qualify as the primary beneficiary. Our exposure to loss is limited to our contributed capital and the standard risks of proportionate equity ownership associated with the entity's operating performance. We do not have any other material commercial arrangements with Namex as of September 30, 2013.

Segment Information (Notes)

3 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment Information

Operating segments are based upon our internal organization structure, the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who constitutes our Chief Operating Decision Maker (“CODM”) for purposes of making decision about how to allocate resources and assess performance. We have three geographically based operating segments: North America, Europe, and Most of World, which includes our historical Asia Pacific business and global emerging markets. The CODM measures and evaluates the performance of our operating segments based on revenue and income or loss from operations.

Consistent with our historical reporting, the costs associated with shared central functions are not allocated to the reporting segments and instead are reported and disclosed under the caption “Corporate and global functions,” which includes expenses related to corporate support functions, software and manufacturing engineering, and the global component of our IT operations and customer service, sales and design support. We do not allocate non-operating income to our segment results. There are no internal revenue transactions between our reporting segments and all intersegment transfers are recorded at cost for presentation to the CODM, for example, products manufactured by our Venlo, the Netherlands facility for the Most of World segment; therefore, there is no intercompany profit or loss recognized on these transactions. At this time, we do not fully allocate support costs across operating segments or corporate and global functions, which may limit the comparability of income from operations by segment. Our balance sheet information is not presented to the CODM on an allocated basis and therefore we do not present asset information by segment.

Revenue by segment and geography is based on the country-specific website through which the customer’s order was transacted. The following tables set forth revenue and income from operations by operating segment.



	Three Months Ended September 30,
	2013		2012
Revenue:
North America	$	164,774	$	144,237
Europe	94,704		89,714
Most of World	15,611		17,465
Total revenue	$	275,089	$	251,416



	Three Months Ended September 30,
	2013			2012
Income (loss) from operations:
North America	$	54,250		$	45,736
Europe	18,398			18,865
Most of World	(2,002		)	(753		)
Corporate and global functions	(62,237		)	(63,614		)
Total income from operations	$	8,409		$	234

Enterprise Wide Disclosures:

The following tables set forth revenues by geographic area and groups of similar products and services:



	Three Months Ended September 30,
	2013		2012
United States	$	154,900	$	136,715
Non-United States (1)	120,189		114,701
Total revenue	$	275,089	$	251,416



	Three Months Ended September 30,
	2013		2012
Physical printed products and other (2)	$	254,300	$	231,588
Digital products/services	20,789		19,828
Total revenue	$	275,089	$	251,416

___________________

(1) Our non-United States revenue includes the Netherlands, our country of domicile. Revenue earned in any individual country was not greater than 10% of consolidated revenue for the years presented.

(2) Other revenue includes miscellaneous items which account for less than 1% of revenue.

The following tables set forth long-lived assets by geographic area:



	September 30, 2013		June 30, 2013
Long-lived assets (3):
Netherlands	$	128,171	$	124,094
Canada	92,356		90,807
Australia	37,634		36,774
United States	35,977		35,943
Jamaica	26,770		26,730
Bermuda	21,836		20,430
Switzerland	10,307		4,522
India	5,133		4,429
Other	5,019		4,885
Total	$	363,203	$	348,614

___________________

(3) Excludes goodwill of $142,534 and $140,893 and deferred tax assets of $593 and $581 as of September 30, 2013 and June 30, 2013, respectively, and the investment in equity interests of $10,560 and $11,248 as of September 30, 2013 and June 30, 2013, respectively.

Commitments and Contingencies (Notes)	3 Months Ended
Commitments and Contingencies (Notes)	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Obligations At September 30, 2013, we had unrecorded commitments under contract of $32,748, which were principally composed of production and computer equipment purchases of approximately $12,319, inventory purchase commitments of approximately $11,912, and other unrecorded purchase commitments of $8,517. Other Obligations We have an outstanding installment obligation of $18,952 related to the fiscal 2012 intra-entity transfer of Webs' intellectual property, which results in tax being paid over a 7.5 year term and has been classified as a deferred tax liability in our consolidated balance sheet as of September 30, 2013. In addition, we have a $5,000 funding obligation associated with our investment in Namex that we expect to pay in our second fiscal quarter. Legal Proceedings We are not currently party to any material legal proceedings. Although we cannot predict with certainty the results of litigation and claims to which we may be subject from time to time, we do not expect the resolution of any of our current matters to have a material adverse impact on our consolidated results of operations, cash flows or financial position. In all cases, at each reporting period, we evaluate whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. We expense the costs relating to our legal proceedings as those costs are incurred.

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events In October 2013, we announced the closing of our Singapore location, an administrative office dedicated to our Most of World segment. We plan to transition these administrative functions to our Paris office to leverage core resources at that location. We expect to incur restructuring costs in the range of $3,000 - $4,000, primarily related to one-time employee termination benefits and costs to exit our leased premises.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Vistaprint N.V., its wholly owned subsidiaries, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Investments in entities in which we can exercise significant influence, but do not own a majority equity interest or otherwise control, are accounted for using the equity method and are included as investments in equity interests on the consolidated balance sheets. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting primarily of normal recurring accruals, considered necessary for a fair presentation of the results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014 or for any other period. The consolidated balance sheet at June 30, 2013 has been derived from our audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2013 included in the our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”).
Use of Estimates, Policy	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of our long-lived assets and goodwill, advertising expense and related accruals, share-based compensation, accounting for business combinations, income taxes, and litigation and contingencies, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates.
Net (Loss) income per share	Net Income (Loss) Per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income (loss) per share gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”) and restricted share awards ("RSAs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive.
Share-based Compensation	Share-Based Compensation During the three months ended September 30, 2013 and 2012, we recorded share-based compensation expense of $8,385 and $8,267, respectively. As of September 30, 2013, there was $56,370 of total unrecognized compensation cost related to non-vested share-based compensation arrangements, net of estimated forfeitures. This cost is expected to be recognized over a weighted average period of 3.1 years.
Derivative Financial Instruments	Derivative Financial Instruments We record all derivatives on the consolidated balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative as being a hedging relationship, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk are considered fair value hedges. Derivatives designated and qualifying as hedges of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transaction in a cash flow hedge. We also enter into derivative contracts that are intended to economically hedge certain of our risks, even though we do not elect to apply hedge accounting. The changes in the fair value of derivatives not designated as being in hedging relationships are recorded directly in earnings as a component of other expense, net. In accordance with the fair value measurement guidance, our accounting policy is to measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. We execute our derivative instruments with financial institutions that we judge to be credit-worthy, defined as institutions that hold an investment grade credit rating.
New Accounting Pronouncements	Recently Issued or Adopted Accounting Pronouncements None.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Schedule of weighted-average number of shares

The following table sets forth the reconciliation of the weighted-average number of ordinary shares:



	Three Months Ended September 30,
	2013	2012
Weighted average shares outstanding, basic	32,659,375	33,674,293
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1)	1,714,443	—
Shares used in computing diluted net income (loss) per share	34,373,818	33,674,293
Weighted average anti-dilutive shares excluded from diluted net income (loss) per share	928,215	3,047,051

________________

(1) Due to the net loss for the three months ended September 30, 2012, the effect of share options, RSUs, and RSAs is anti-dilutive.

Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair value of financial assets

The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:



	September 30, 2013
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap contracts	$	123		$	—	$	123		$	—
Currency forward contracts	291			—		291			—
Total assets recorded at fair value	$	414		$	—	$	414		$	—

Liabilities
Interest rate swap contracts	$	(142	)	$	—	$	(142	)	$	—
Currency forward contracts	(5,147		)	—		(5,147		)	—
Total liabilities recorded at fair value	$	(5,289	)	$	—	$	(5,289	)	$	—



	June 30, 2013
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap contracts	$	344		$	—	$	344		$	—
Currency forward contracts	70			—		70			—
Total assets recorded at fair value	$	414		$	—	$	414		$	—

Liabilities
Interest rate swap contracts	$	(70	)	$	—	$	(70	)	$	—
Currency forward contracts	(203		)	—		(203		)	—
Total liabilities recorded at fair value	$	(273	)	$	—	$	(273	)	$	—

Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments [Table Text Block]



Notional Amount	Effective Date	Maturity Date	Number of Instruments	Index	Hedge Designation
$147,228	Various	Various through June 2014	83	Various	Non-designated

As of September 30, 2013, we had 6 outstanding interest rate swap contracts indexed to one-month LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates from 2014 - 2017. As the start date of certain contracts has not yet commenced, the notional amount of our outstanding contracts is in excess of the variable-rate debt being hedged as of the balance sheet date.



Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of September 30, 2013	$	130,000
Contracts with a future start date	40,000
Total	$	170,000

Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of September 30, 2013 and June 30, 2013:



	September 30, 2013
	Asset Derivatives								Liability Derivatives
Derivatives designated as hedging instruments	Balance Sheet Line Item	Gross amounts of recognized assets		Gross amount offset in consolidated balance sheet			Net amount		Balance Sheet Line Item	Gross amounts of recognized liabilities			Gross amount offset in consolidated balance sheet		Net amount
Interest rate swaps	Other non-current assets	$	210	$	(87	)	$	123	Other current liabilities/other liabilities	$	(142	)	$	—	$	(142	)
Currency forward contracts	Other current assets	—		—			—		Other current liabilities	—			—		—
Total derivatives designated as hedging instruments		$	210	$	(87	)	$	123		$	(142	)	$	—	$	(142	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets	$	842	$	(551	)	$	291	Other current liabilities	$	(5,412	)	$	265	$	(5,147	)
Total derivatives not designated as hedging instruments		$	842	$	(551	)	$	291		$	(5,412	)	$	265	$	(5,147	)



	June 30, 2013
	Asset Derivatives								Liability Derivatives
Derivatives designated as hedging instruments	Balance Sheet Line Item	Gross amounts of recognized assets		Gross amount offset in consolidated balance sheet			Net amount		Balance Sheet Line Item	Gross amounts of recognized liabilities			Gross amount offset in consolidated balance sheet		Net amount
Interest rate swaps	Other current assets	$	400	$	(56	)	$	344	Other current liabilities/other liabilities	$	(81	)	$	11	$	(70	)
Currency forward contracts	Other current assets	83		(13		)	70		Other current liabilities	(208		)	5		(203		)
Total derivatives designated as hedging instruments		$	483	$	(69	)	$	414		$	(289	)	$	16	$	(273	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets	$	—	$	—		$	—	Other current liabilities	$	—		$	—	$	—
Total derivatives not designated as hedging instruments		$	—	$	—		$	—		$	—		$	—	$	—

Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net



Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in Comprehensive Income on Derivatives (Effective Portion)
In thousands	Three months ended September 30, 2013			Three months ended September 30, 2012
Currency contracts that hedge revenue	$	(107	)	$	—
Currency contracts that hedge cost of revenue	59			—
Currency contracts that hedge technology and development expense	70			—
Currency contracts that hedge general and administrative expense	12			—
Interest Rate Swaps	(294		)	—
Total loss recognized in comprehensive income during the period	$	(260	)	$	—

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2013 and 2012:



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Loss to Net Income Gain/(Loss)					Affected line item in the Statement of Operations
In thousands	Three months ended September 30, 2013			Three months ended September 30, 2012
Currency contracts that hedge revenue	$	(120	)	$	—	Revenue
Currency contracts that hedge cost of revenue	(112		)	—		Cost of revenue
Currency contracts that hedge technology and development expense	122			—		Technology and development expense
Currency contracts that hedge general and administrative expense	11			—		General and administrative expense
Interest Rate Swaps	(75		)	—		Interest expense
Total before income tax	(174		)	—		Income (loss) before income taxes and loss in equity interests
Income tax benefit	15			—		Income tax provision
Total	$	(159	)	$	—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]



Derivatives not classified as hedging instruments under ASC 815	Amount of Gain (Loss) Recognized in Income					Location of Gain (Loss) Recognized in Income (Ineffective Portion)
In thousands	Three months ended September 30, 2013			Three months ended September 30, 2012
Currency forward contracts	$	(5,209	)	$	—	Other expense

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Sep. 30, 2013

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $4, for the three months ended September 30, 2013:



In thousands	Gains (Losses) on Cash Flow Hedges			Currency translation adjustments			Total
Balance as of June 30, 2013	$	86		$	(11,642	)	$	(11,556	)
Other comprehensive income (loss) before reclassifications	(260		)	6,126			5,866
Amounts reclassified from accumulated other comprehensive loss to net income	159			—			159
Net current period other comprehensive income	(101		)	6,126			6,025
Balance as of September 30, 2013	$	(15	)	$	(5,516	)	$	(5,531	)

Goodwill and Acquired Intangible Assets Goodwill and Acquired Intangible Assets (Tables)

3 Months Ended

Sep. 30, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

he carrying amount of goodwill by segment as of June 30, 2013 and September 30, 2013 is as follows:



	North America		Europe		Most of World		Total
Balance as of June 30, 2013	$	95,790	$	44,895	$	208	$	140,893
Effect of currency translation adjustments (1)	—		1,641		—		1,641
Balance as of September 30, 2013	$	95,790	$	46,536	$	208	$	142,534

_________________

(1) Relates to goodwill attributable to the Albumprinter acquisition as amounts are denominated in Euro.

Accrued Expenses (Tables)

3 Months Ended

Sep. 30, 2013

Payables and Accruals [Abstract]

Accrued expenses

Accrued expenses included the following:



	September 30, 2013		June 30, 2013
Compensation costs (1)	$	27,023	$	43,879
Advertising costs	22,803		24,824
Income and indirect taxes	10,122		12,463
Shipping costs	5,887		4,632
Purchases of property, plant and equipment	3,193		1,582
Professional costs	2,229		2,470
Other	14,359		13,488
Total accrued expenses	$	85,616	$	103,338

_____________________

Segment Information (Tables)

3 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Revenue and income from operations by operating segment



	Three Months Ended September 30,
	2013		2012
Revenue:
North America	$	164,774	$	144,237
Europe	94,704		89,714
Most of World	15,611		17,465
Total revenue	$	275,089	$	251,416



	Three Months Ended September 30,
	2013			2012
Income (loss) from operations:
North America	$	54,250		$	45,736
Europe	18,398			18,865
Most of World	(2,002		)	(753		)
Corporate and global functions	(62,237		)	(63,614		)
Total income from operations	$	8,409		$	234

Revenues and long-lived assets by geographic area

The following tables set forth long-lived assets by geographic area:



	September 30, 2013		June 30, 2013
Long-lived assets (3):
Netherlands	$	128,171	$	124,094
Canada	92,356		90,807
Australia	37,634		36,774
United States	35,977		35,943
Jamaica	26,770		26,730
Bermuda	21,836		20,430
Switzerland	10,307		4,522
India	5,133		4,429
Other	5,019		4,885
Total	$	363,203	$	348,614

___________________

The following tables set forth revenues by geographic area and groups of similar products and services:



	Three Months Ended September 30,
	2013		2012
United States	$	154,900	$	136,715
Non-United States (1)	120,189		114,701
Total revenue	$	275,089	$	251,416

Revenue from External Customers by Products and Services [Table Text Block]



	Three Months Ended September 30,
	2013		2012
Physical printed products and other (2)	$	254,300	$	231,588
Digital products/services	20,789		19,828
Total revenue	$	275,089	$	251,416

Description of the Business (Details) (Maximum [Member])	3 Months Ended
	Sep. 30, 2013 Employees
Maximum [Member]
Description of the Business [Line Items]
Size of businesses served (number of employees)	10
Size of businesses generally served (number of employees)	2

Summary of Significant Accounting Policies (Details 1)

3 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Reconciliation of weighted-average number of ordinary shares

Weighted average shares outstanding, basic

32,659,375

33,674,293

Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs

1,714,443

^[1]

Shares used in computing diluted net income per share

34,373,818

33,674,293

Weighted average anti-dilutive shares excluded from diluted net income per share

928,215

3,047,051

[1]	Due to the net loss for the three months ended September 30, 2012, the effect of share options, RSUs, and RSAs is anti-dilutive.

Summary of Significant Accounting Policies (Details Textuals) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Accounting Policies [Abstract]
Unrecognized share based compensation	$ 56,370
Period for recognition	3 years 1 month 6 days
Share-based compensation expense	$ 8,385	$ 8,267

Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013
Fair value of financial assets
Long-term Debt	$ 270,000	$ 238,750
Long-term Debt, Fair Value	275,353
Total [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Assets, Fair Value Disclosure, Recurring	414	414
Liabilities, Fair Value Disclosure, Recurring	(5,289)	(273)
Quoted prices in active markets for identical assets (Level 1) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Assets, Fair Value Disclosure, Recurring
Liabilities, Fair Value Disclosure, Recurring
Significant other observable inputs (Level 2) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Assets, Fair Value Disclosure, Recurring	414	414
Liabilities, Fair Value Disclosure, Recurring	(5,289)	(273)
Significant unobservable inputs (Level 3) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Assets, Fair Value Disclosure, Recurring
Liabilities, Fair Value Disclosure, Recurring
Foreign Exchange Forward [Member] \| Total [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Foreign Currency Contract, Asset, Fair Value Disclosure	291	70
Foreign Currency Contracts, Liability, Fair Value Disclosure	(5,147)	(203)
Foreign Exchange Forward [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Foreign Currency Contract, Asset, Fair Value Disclosure
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Foreign Exchange Forward [Member] \| Significant unobservable inputs (Level 3) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Foreign Currency Contract, Asset, Fair Value Disclosure	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Interest Rate Swap [Member] \| Total [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Interest Rate Derivative Assets, at Fair Value	123	344
Interest Rate Derivative Liabilities, at Fair Value	(142)	(70)
Interest Rate Swap [Member] \| Quoted prices in active markets for identical assets (Level 1) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Interest Rate Derivative Assets, at Fair Value
Interest Rate Derivative Liabilities, at Fair Value
Interest Rate Swap [Member] \| Significant unobservable inputs (Level 3) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Interest Rate Derivative Assets, at Fair Value
Interest Rate Derivative Liabilities, at Fair Value
Interest Rate Swap [Member] \| Designated as Hedging Instrument [Member] \| Significant other observable inputs (Level 2) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Interest Rate Derivative Assets, at Fair Value	123	344
Interest Rate Derivative Liabilities, at Fair Value	(142)	(70)
Interest Rate Swap [Member] \| Not Designated as Hedging Instrument [Member] \| Significant other observable inputs (Level 2) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Foreign Currency Contract, Asset, Fair Value Disclosure	291
Foreign Currency Contracts, Liability, Fair Value Disclosure	(5,147)
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Significant other observable inputs (Level 2) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Foreign Currency Contract, Asset, Fair Value Disclosure	0	70
Foreign Currency Contracts, Liability, Fair Value Disclosure		(203)
Foreign Exchange Forward [Member] \| Not Designated as Hedging Instrument [Member] \| Significant other observable inputs (Level 2) [Member] \| Fair value, recurring measurements [Member]
Fair value of financial assets
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 291	$ 0

Fair Value Measurements (Details 1) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Sep. 30, 2013

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

$ 1,641

^[1]

[1]	Relates to goodwill attributable to the Albumprinter acquisition as amounts are denominated in Euro.

Derivative Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013
Derivative [Line Items]
Notional Amount of Foreign Currency Derivatives	$ 147,228
Total current and future notional amount	170,000
Derivative, Number of Instruments Held	83
Derivative, Underlying Basis	Various
Hedge Designations Used for Foreign Currency Derivatives	Non-designated
Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Foreign Currency Derivatives	130,000
Notional value of contracts with future start date	$ 40,000
Derivative, Number of Instruments Held	6
Derivative, Underlying Basis	one-month LIBOR

Derivative Financial Instruments (Details 1) (USD $) In Thousands, unless otherwise specified														3 Months Ended
	Sep. 30, 2013 Designated as Hedging Instrument [Member]	Jun. 30, 2013 Designated as Hedging Instrument [Member]	Sep. 30, 2013 Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Jun. 30, 2013 Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Sep. 30, 2013 Not Designated as Hedging Instrument [Member]	Jun. 30, 2013 Not Designated as Hedging Instrument [Member]	Sep. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Jun. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Sep. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Designated as Hedging Instrument [Member] Foreign Exchange Forward [Member]	Jun. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Designated as Hedging Instrument [Member] Foreign Exchange Forward [Member]	Sep. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Not Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Sep. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Not Designated as Hedging Instrument [Member] Foreign Exchange Forward [Member]	Jun. 30, 2013 Fair value, recurring measurements [Member] Significant other observable inputs (Level 2) [Member] Not Designated as Hedging Instrument [Member] Foreign Exchange Forward [Member]	Sep. 30, 2013 Minimum [Member] Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Sep. 30, 2013 Minimum [Member] Not Designated as Hedging Instrument [Member] Foreign Exchange Forward [Member]	Sep. 30, 2013 Maximum [Member] Designated as Hedging Instrument [Member] Interest Rate Swap [Member]	Sep. 30, 2013 Maximum [Member] Not Designated as Hedging Instrument [Member] Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Maturity Date														Jul. 31, 2014	Oct. 15, 2013	Mar. 31, 2017	Jun. 16, 2014
Interest Rate Cash Flow Hedge Asset at Fair Value			$ 123	$ 344
Derivative Liability	(142)	(273)			(5,147)	0
Interest Rate Derivative Liabilities, at Fair Value							(142)	(70)
Foreign Currency Contract, Asset, Fair Value Disclosure									0	70	291	291	0
Foreign Currency Contracts, Liability, Fair Value Disclosure									0	(203)		(5,147)	0
Derivative Asset, Fair Value, Gross Asset	210	483	210	400	842	0			0	83		842	0
Derivative Asset, Fair Value, Gross Liability	(87)	(69)	(87)	(56)	(551)	0			0	(13)		(551)	0
Derivative Assets	123	414			291	0
Derivative Liability, Fair Value, Gross Liability	(142)	(289)			(5,412)	0	(142)	(81)	0	(208)		(5,412)	0
Derivative Liability, Fair Value, Gross Asset	$ 0	$ 16			$ 265	$ 0	$ 0	$ 11	$ 0	$ 5		$ 265	$ 0

Derivative Financial Instruments (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (260)	$ 0
Sales Revenue, Goods, Net [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(107)	0
Cost of revenue \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	59	0
Technology and development expense \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	70	0
General and administrative expense \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	12	0
Interest Expense [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (294)	$ 0

Derivative Financial Instruments (Details 3) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Technology and development expense

$ 275,089

$ 251,416

Cost of revenue

(95,790)

^[1]

(88,027)

^[1]

42,247

^[1]

37,657

^[1]

General and Administrative Expense

26,210

^[1]

25,501

^[1]

Interest expense, net

(1,577)

(1,162)

Income (loss) before income taxes and loss in equity interests

2,006

(1,437)

Income tax provision

815

134

Net income (loss)

412

(1,696)

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Income (loss) before income taxes and loss in equity interests

(174)

Income tax provision

Net income (loss)

(159)

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Forward [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Technology and development expense

(120)

Cost of revenue

(112)

122

General and Administrative Expense

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Interest expense, net

$ (75)

$ 0

[1]	Share-based compensation is allocated as follows:

Derivative Financial Instruments (Details 4) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (5,209)	$ 0

Derivative Financial Instruments (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013
Derivative [Line Items]
Derivative, Number of Instruments Held	83
Derivative, Underlying Basis	Various
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held	6
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 227
Derivative, Underlying Basis	one-month LIBOR
Minimum [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date	Jul. 31, 2014
Maximum [Member] \| Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date	Mar. 31, 2017

Accumulated Other Comprehensive Income (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), tax	$ 4
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	(11,556)
Other comprehensive income (loss) before reclassifications	5,866
Amounts reclassified from accumulated other comprehensive loss to net income	159
Net current period other comprehensive income	6,025
Accumulated other comprehensive loss	(5,531)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	86
Other comprehensive income (loss) before reclassifications	(260)
Amounts reclassified from accumulated other comprehensive loss to net income	159
Net current period other comprehensive income	(101)
Accumulated other comprehensive loss	(15)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	(11,642)
Other comprehensive income (loss) before reclassifications	6,126
Amounts reclassified from accumulated other comprehensive loss to net income	0
Net current period other comprehensive income	6,126
Accumulated other comprehensive loss	$ (5,516)

Goodwill and Acquired Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Sep. 30, 2013

Sep. 30, 2012

$ 140,893

1,641

^[1]

Intangible assets amortization expense

142,534

2,304

2,283

North America [Member]

95,790

^[1]

95,790

Europe [Member]

44,895

1,641

^[1]

46,536

Most of World [Member]

208

^[1]

Income and indirect taxes

$ 208

[1]	Relates to goodwill attributable to the Albumprinter acquisition as amounts are denominated in Euro.

Accrued Expenses (Details) (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2013

Jun. 30, 2013

Payables and Accruals [Abstract]

Compensation costs

$ 27,023

^[1]

$ 43,879

^[1]

Accrued Advertising

22,803

24,824

10,122

12,463

Shipping costs

5,887

4,632

Purchases of property, plant and equipment

3,193

1,582

Professional costs

2,229

2,470

Other

14,359

13,488

Accrued Liabilities

$ 85,616

$ 103,338

[1]	The decrease in accrued compensation costs is principally a result of the payment of our fiscal 2013 annual incentive compensation plans in the three months ended September 30, 2013 offset by compensation costs accrued during fiscal 2014.

Debt (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013 Term Loan [Domain]	Sep. 30, 2013 Line of Credit [Member]	Sep. 30, 2013 Senior unsecured revolving credit facility [Member]	Sep. 30, 2013 Senior unsecured revolving credit facility [Member] Minimum [Member]	Sep. 30, 2013 Senior unsecured revolving credit facility [Member] Maximum [Member]	Feb. 08, 2013 Revolving Loan, Maturity Date of February 8, 2018 [Member] Line of Credit [Member]
Line of Credit Facility [Line Items]
Long-term Debt	$ 270,000	$ 238,750
Current borrowing capacity				497,500
Maximum borrowing capacity								400,000
Long-term Debt, Gross			97,500
Long-term debt	$ 262,500	$ 230,000
Description of variable rate basis	LIBOR
Basis spread on LIBOR						1.50%	2.00%
Weighted average interest rate					1.93%
Commitment fee (percentage)						0.175%	0.35%
Senior leverage ratio, current year					3.5
Senior leverage ratio, next calendar year					3.25
Senior leverage ratio, year three					3.0
Ratio of earnings before interest, taxes, depreciation and amortization to interest expense					3.0

Income Taxes (Details Textuals) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Income tax expense	$ 815	$ 134
Unrecognized tax benefits	6,069
Interest accrued in unrecognized tax benefits	484
Unrecognized tax benefits that will impact effective tax rate	2,549
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	$ 500

Investment in Equity Interests (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Schedule of Equity Method Investments [Line Items]
Payment to acquire investment	$ 12,653
Installment payment amount	500
Loss in equity interest	(779)	(125)
Ownership percentage	34.50%
Equity method investments	10,560		11,248
Loan receivable	512
Stated Interest rate (percentage)	6.50%
Funding commitment	$ 5,000
Equity method ownership percentage next 12 months	45.00%

Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Revenue:
Revenue	$ 275,089	$ 251,416
Income from Operations:
Income (loss) from operations	8,409	234
North America [Member]
Revenue:
Revenue	164,774	144,237
Income from Operations:
Income (loss) from operations	54,250	45,736
Europe [Member]
Revenue:
Revenue	94,704	89,714
Income from Operations:
Income (loss) from operations	18,398	18,865
Most of World [Member]
Revenue:
Revenue	15,611	17,465
Income from Operations:
Income (loss) from operations	(2,002)	(753)
Corporate and global functions [Member]
Income from Operations:
Income (loss) from operations	$ (62,237)	$ (63,614)

Segment Information (Details 1) (USD $)
In Thousands, unless otherwise specified

3 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Jun. 30, 2013

Revenues from External Customers and Long-Lived Assets [Line Items]

$ 275,089

$ 251,416

Segment Information (Textuals) [Abstract]

363,203

348,614

Goodwill

142,534

140,893

Deferred tax assets

593

581

Equity method investments

10,560

11,248

Digital products/services [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

Revenues from External Customers and Long-Lived Assets [Line Items]

20,789

19,828

Physical printed products and other [Member]

254,300

^[1]

231,588

^[1]

Netherlands [Member]

128,171

124,094

Canada [Member]

92,356

90,807

Australia [Member]

Revenues from External Customers and Long-Lived Assets [Line Items]

37,634

36,774

United States [Member]

154,900

136,715

35,977

35,943

Jamaica [Member]

26,770

26,730

Bermuda [Member]

21,836

20,430

Switzerland [Member]

10,307

4,522

India

Revenues from External Customers and Long-Lived Assets [Line Items]

5,133

4,429

Other [Member]

120,189

^[2]

114,701

^[2]