View Filing Data

Technology and development expense (1)

$ 825,567

$ 762,054

$ 1,414,548

$ 1,325,338

Cost of revenue (1)

^[1]

411,496

360,285

713,967

644,040

^[1]

55,405

59,228

112,468

121,331

Marketing and selling expense (1)

^[1]

211,963

200,785

394,751

366,878

General and administrative expense (1)

^[1]

40,216

44,988

81,392

83,766

Amortization of acquired intangible assets

14,846

12,558

26,147

25,191

Restructuring expense (1)

^[1]

1,026

11,501

1,196

12,355

Gain on sale of subsidiaries

(47,545)

Income from operations

90,615

72,709

84,627

119,322

Other income (expense), net

9,629

(7,732)

19,881

(24,044)

Interest expense, net

(16,808)

(12,529)

(30,585)

(25,611)

Income before income taxes

83,436

52,448

73,923

69,667

Income tax expense

14,399

21,825

19,880

15,638

Net income

69,037

30,623

54,043

54,029

Add: Net (income) loss attributable to noncontrolling interest

(23)

(688)

332

(731)

Net income attributable to Cimpress N.V.

$ 69,014

$ 29,935

$ 54,375

$ 53,298

Basic net income per share attributable to Cimpress N.V.

$ 2.24

$ 0.96

$ 1.76

$ 1.71

Diluted net income per share attributable to Cimpress N.V.

$ 2.17

$ 0.93

$ 1.70

$ 1.65

Weighted average shares outstanding — basic

30,863,339

31,026,043

30,873,478

31,123,177

Weighted average shares outstanding — diluted

31,820,497

32,319,022

31,913,510

32,325,592

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

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

$ (2,720)

$ 13,314

$ 6,196

$ 20,226

Cost of revenue

Technology and development expense

163

278

135

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

(1,528)

2,818

680

4,674

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

General and administrative expense

(1,877)

1,858

(514)

2,843

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

522

8,037

5,752

11,965

Restructuring expense (1)

1,026

11,501

1,196

12,355

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

Summary of Significant Accounting Policies

$ 0

$ 506

$ 0

$ 609

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

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Other comprehensive income, net of tax:
Net income	$ 69,037	$ 30,623	$ 54,043	$ 54,029
Foreign currency translation gains (losses), net of hedges	2,463	11,827	(82)	39,134
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges	(6,807)	3,159	(6,197)	6,730
Amounts reclassified from accumulated other comprehensive loss to net income on derivative instruments	2,184	(1,370)	2,987	(4,134)
Comprehensive income	66,877	44,239	50,751	95,759
Add: Comprehensive loss (income) attributable to noncontrolling interests	3,401	(1,650)	4,116	(4,734)
Total comprehensive income attributable to Cimpress N.V.	$ 70,278	$ 42,589	$ 54,867	$ 91,025

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 810
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-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 54,043	$ 54,029
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85,220	83,683
Share-based compensation expense	6,196	20,226
Deferred taxes	8,244	(6,869)
Gain on sale of subsidiaries	0	(47,545)
Change in contingent earn-out liability	0	1,774
Unrealized (gain) loss on derivatives not designated as hedging instruments included in net income	(9,581)	4,541
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency	(2,663)	13,275
Other non-cash items	2,420	817
Changes in operating assets and liabilities:
Accounts receivable	(11,866)	(16,456)
Inventory	(9,454)	(7,357)
Prepaid expenses and other assets	(8,397)	(4,174)
Accounts payable	48,839	43,604
Accrued expenses and other liabilities	42,489	37,194
Net cash provided by operating activities	205,490	176,742
Investing activities
Purchases of property, plant and equipment	(38,767)	(38,674)
Proceeds from the sale of subsidiaries, net of transaction costs and cash divested	0	93,779
Business acquisitions, net of cash acquired	(289,269)	(110)
Purchases of intangible assets	(22)	(278)
Capitalization of software and website development costs	(21,921)	(18,114)
Proceeds from the sale of assets	523	334
Other investing activities	(52)	(1,003)
Net cash (used in) provided by investing activities	(349,508)	35,934
Financing activities
Proceeds from borrowings of debt	692,938	311,349
Payments of debt	(474,997)	(487,466)
Payments of debt issuance costs	(1,471)	(3,251)
Payments of withholding taxes in connection with equity awards	(2,125)	(2,098)
Payments of capital lease obligations	(8,780)	(9,462)
Purchase of ordinary shares	(14,043)	(55,139)
Purchase of noncontrolling interests	(41,177)	0
Distribution to noncontrolling interest	(3,375)	0
Proceeds from issuance of ordinary shares	2,891	9,019
Issuance of loans	0	(12,000)
Capital contribution from noncontrolling interest	0	35,390
Other financing activities	0	(83)
Net cash (used in) provided by financing activities	149,861	(213,741)
Effect of exchange rate changes on cash	(1,806)	3,390
Increase in cash held for sale	0	(12,042)
Net increase in cash and cash equivalents	4,037	14,367
Cash and cash equivalents at beginning of period	44,227	25,697
Cash and cash equivalents at end of period	48,264	40,064
Supplemental disclosures of cash flow information:
Interest	29,805	25,863
Income taxes	10,961	10,452
Capitalization of construction costs related to financing lease obligation	6,223	0
Property and equipment acquired under capital leases	7,225	112
Amounts accrued related to business acquisitions	$ 5,729	$ 52,472

Description of the Business	6 Months Ended
Description of the Business	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business Cimpress is a strategically focused group of more than a dozen businesses that specialize in mass customization, via which we deliver large volumes of individually small-sized customized orders for a broad spectrum of print, signage, photo merchandise, invitations and announcements, writing instruments, packaging, apparel and other categories. We invest in and build customer-focused, entrepreneurial mass customization businesses for the long term, which we manage in a decentralized, autonomous manner. Mass customization is a core element of the business model of each Cimpress business. We drive competitive advantage across Cimpress through a select few shared strategic capabilities that have the greatest potential to create Cimpress-wide value. We limit all other central activities to only those which absolutely must be performed centrally.

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

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 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.

The consolidated financial statements include the accounts of Cimpress N.V., its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, 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 cannot exercise significant influence, and the related equity securities do not have a readily determinable fair value, are accounted for using the cost method and are included in other assets on the consolidated balance sheets.

Operating results for the three and six months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending June 30, 2019 or for any other period. The consolidated balance sheet at June 30, 2018 has been derived from our audited consolidated financial statements at that date but does not include all of the information and notes 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, 2018 included in 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 the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition - Adoption of ASC 606

On July 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective transition approach. Under the modified retrospective approach, we applied the new standard for any contracts that were not complete as of the adoption date and recognized any cumulative impacts as of the adoption date within retained earnings on our consolidated balance sheet. We did not adjust the prior comparable period.

The following table summarizes the cumulative effect of adopting the new revenue standard as of the adoption date of July 1, 2018:



Consolidated Balance Sheet	As reported at June 30, 2018		ASC 606 adjustments			Adjusted balance at July 1, 2018
Assets
Prepaid expenses and other current assets	$	78,846	$	(3,738	)	$	75,108
Deferred tax assets	67,087		595			67,682
Liabilities and Shareholders' Equity
Deferred revenue	$	27,697	$	103		$	27,800
Retained earnings	452,756		(3,246		)	449,510

The following table summarizes the impact as of and for the three and six months ended December 31, 2018 from adopting the new revenue standard as compared to the previous revenue standard:



	As reported (current revenue standard)		Current period adjustments			As adjusted (previous revenue standard)
Consolidated Statement of Operations for the Three Months Ended December 31, 2018
Marketing and selling expense (1)	$	211,963	$	12,002		$	223,965
Income tax expense	14,399		(2,623		)	11,776
Net income	69,037		(9,379		)	59,658
Consolidated Statement of Operations for the Six Months Ended December 31, 2018
Marketing and selling expense (1)	$	394,751	$	(1,973	)	$	392,778
Income tax expense	19,880		169			20,049
Net income	54,043		1,804			55,847
Consolidated Balance Sheet as of December 31, 2018
Assets
Prepaid expenses and other current assets	$	95,903	$	5,711		$	101,614
Deferred tax assets	59,336		107			59,443
Liabilities and Shareholders' Equity
Accrued expenses	$	237,564	$	(275	)	$	237,289
Deferred revenue	32,132		(103		)	32,029
Retained earnings	496,745		6,196			502,941

_____________________

(1) During the three and six months ended December 31, 2018, the adjustment to marketing and selling expense was the impact from National Pen's direct mail costs that resulted in lower expense of $12,002 and higher expense of $1,973, respectively. The timing of the expense recognition would have been different under the previous revenue standard since they would have been capitalized within prepaid expense and other current assets and amortized over the customer response period to marketing and selling expense. These impacts were partially offset by the cumulative effect adjustment recognized within retained earnings of $3,738.

The material impact of our adoption of ASC 606 is related to the timing for recognizing direct-response advertising costs, which were costs previously capitalized and expensed based on the guidance outlined in ASC 340 - "Other Assets and Deferred Assets". The guidance included in ASC 340 is eliminated by ASC 606, and under the new revenue standard these costs are expensed as incurred because they do not meet the requirements for capitalization since they are not direct and incremental to obtaining a contract. Historically the direct mail costs were capitalized and amortized over the customer response period (typically 3-4 months) and now costs are recognized when the direct mail is sent to the customers. This creates volatility in our quarterly profitability but should not have a significant impact on an annual basis and has no impact on cash flow. By applying the modified retrospective approach for implementing the standard, we adjusted the cumulative impact of capitalized costs of $3,738, resulting in a decrease to prepaid expenses and other current assets and a decrease to retained earnings, as well as the related tax impact of $595, resulting in an increase to deferred tax assets and an increase to retained earnings on July 1, 2018.

We also identified an impact related to customer loyalty programs that are offered by several of our businesses. Under the new revenue standard, the rewards associated with these programs are recognized as an additional performance obligation, resulting in an allocation of the transaction price and deferral of revenue until the subsequent reward redemption. By applying the modified retrospective approach for implementing the standard, we adjusted the cumulative impact of $103, resulting in an increase to deferred revenue and a decrease to retained earnings on July 1, 2018. All other impacts during the current periods were not considered material.

Revenue Recognition Policy

We generate revenue primarily from the sale and shipment of customized manufactured products. To a much lesser extent (and only in our Vistaprint business) we provide digital services, website design and hosting, and email marketing services, as well as a small percentage from order referral fees and other third-party offerings. Revenues are recognized when control of the promised products or services is transferred to the customer in an amount that reflects the consideration we expect to be entitled to in exchange for those products or services. Shipping revenues are recognized when control of the related products are transferred to the customer.

We recognize revenue upon shipment of the fulfilled orders, which generally occurs upon delivery to the shipping carrier, but for certain revenues occurs upon delivery to the customer. If multiple products are ordered together, each product is considered a separate performance obligation, and the transaction price is allocated to each performance obligation based on the standalone selling price and revenue is recognized upon satisfaction of each performance obligation. We generally determine the standalone selling prices based on the prices charged to our customers.

We record deferred revenue when cash payments are received in advance of our satisfaction of the related performance obligation. The satisfaction of performance obligations generally occur shortly after cash payment and we expect to recognize our deferred revenue balance as revenue within three months subsequent to December 31, 2018.

We periodically provide marketing materials and promotional offers to new customers, as well as existing customers intended to improve customer retention. These incentive offers are generally available to all customers, and therefore these do not represent a performance obligation since customers are not required to enter into a contractual commitment to receive these offers. These discounts are recognized as a reduction to the transaction price when used by the customer. Costs related to free products are included within cost of revenue and sample products are included within marketing and selling expense.

We have elected to apply the practical expedient under ASC 340-40-25-4, to expense incremental direct costs as incurred, which primarily includes sales commissions, since our contract periods generally are less than one year and the related performance obligations are satisfied within a short period of time.

Additional revenue disaggregation disclosure requirements resulting from the adoption of ASC 606 are included in Note 13.

Share-based Compensation

During the three months ended December 31, 2018, we recognized a net benefit in our consolidated statement of operations for share-based compensation costs of $2,720 and expense of $6,196 during the six months ended December 31, 2018. For the three and six months ended December 31, 2017, we recognized $13,314 and $20,226 of share-based compensation expense, respectively.

During the first quarter of fiscal 2018, we issued supplemental performance share units ("supplemental PSUs") to certain members of management (excluding Robert Keane, our Chairman and CEO) that were incremental to our typical long-term incentive award grants. Since these awards are incremental to our typical long-term incentive awards, the supplemental PSUs are subject to a three-year cumulative financial performance condition intended to provide a stretch goal for participants in addition to service vesting and share price performance conditions. The evaluation of achievement of the performance condition is at the discretion of the Compensation Committee and, therefore, the awards are subject to mark-to-market accounting throughout the performance vesting period. Beginning in the second quarter of fiscal 2018, we concluded that the achievement of the performance condition was probable and recognized $15,397 of expense cumulatively through the first quarter of fiscal 2019. Based on our current quarter results (which are seasonally significant for several of our businesses), we concluded that the achievement of the three-year cumulative performance condition was no longer probable as of December 31, 2018, and we have reversed the previously recognized expense of $15,397. If in a future period we determine that it is probable that the financial performance condition will be achieved based on our financial performance, we will cumulatively catch-up the expense in that period.

Foreign Currency Translation

Our non-U.S. dollar functional currency subsidiaries translate their assets and liabilities denominated in their functional currency to U.S. dollars at current rates of exchange in effect at the balance sheet date, and revenues and expenses are translated at average rates prevailing throughout the period. The resulting gains and losses from translation are included as a component of accumulated other comprehensive loss. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other income (expense), net in our consolidated statements of operations.

Other Income (Expense), Net

The following table summarizes the components of other income (expense), net:



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018		2017
Gains (losses) on derivatives not designated as hedging instruments (1)	$	11,171		$	(1,752	)	$	18,544	$	(10,001	)
Currency-related (losses) gains, net (2)	(1,023		)	(6,449		)	1,074		(14,652		)
Other (losses) gains	(519		)	469			263		609
Total other income (expense), net	$	9,629		$	(7,732	)	$	19,881	$	(24,044	)

_____________________

(1) Primarily relates to both realized and unrealized gains (losses) on derivative currency forward and option contracts not designated as hedging instruments.

(2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the three and six months ended December 31, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized gains related to cross-currency swaps were $2,080 and $1,243 for the three and six months ended December 31, 2018, respectively, as compared to unrealized losses of $2,016 and $6,126 for the three and six months ended December 31, 2017, respectively.

Net Income Per Share Attributable to Cimpress N.V.

Basic net income per share attributable to Cimpress N.V. is computed by dividing net income attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), restricted share awards ("RSAs") and performance share units ("PSUs"), 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 December 31,		Six Months Ended December 31,
	2018	2017	2018	2017
Weighted average shares outstanding, basic	30,863,339	31,026,043	30,873,478	31,123,177
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs	957,158	1,292,979	1,040,032	1,202,415
Shares used in computing diluted net income per share attributable to Cimpress N.V.	31,820,497	32,319,022	31,913,510	32,325,592
Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress N.V.	—	—	—	4,582

Build-to-Suit Lease Arrangements

For accounting purposes, we were deemed to be the owner of two projects during their respective construction periods: the Waltham, Massachusetts office building lease and a lease executed during the first quarter of fiscal 2019 for a production facility in Dallas, Texas. For both build-to-suit leases, property, plant and equipment, net, was $116,089 and $111,926 as of December 31, 2018 and June 30, 2018, respectively, related to the buildings. The financing lease obligation and deferred rent credit related to the buildings on our consolidated balance sheets was $119,540 and $115,312 as of December 31, 2018 and June 30, 2018, respectively. All additions during the current period were capitalized construction costs related to the Dallas facility.

Treasury Shares

Treasury shares are accounted for using the cost method and are included as a component of shareholders' equity. During the six months ended December 31, 2018 and 2017, we repurchased 117,552 and 574,264, respectively, of our ordinary shares for a total cost of $14,043 and $55,139, respectively, inclusive of transaction costs, in connection with our publicly announced share repurchase programs.

Recently Issued or Adopted Accounting Pronouncements

New Accounting Standards Adopted

In May 2017, the FASB issued Accounting Standards Update No. 2017-09, "Compensation - Stock Compensation (Topic 718)," (ASU 2017-09), which clarifies the application of Topic 718 when accounting for changes in the terms and conditions of a share-based payment award. Under the new standard, changes to the terms or conditions of a share-based payment award are to be accounted for under modification accounting unless there is no change to the fair value, vesting conditions and classification of the award after modification. We adopted the amendment on its effective date of July 1, 2018. The amendment is applied prospectively, and the new standard did not have a material impact on our consolidated financial statements.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash" (ASU 2016-18), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted the new standard on July 1, 2018. The new standard did not have a material effect on our consolidated financial statements.

In March 2016, the FASB issued Accounting Standards Update No. 2016-04, "Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products" (ASU 2016-04), which requires an entity to recognize breakage for a liability resulting from the sale of a prepaid stored-value product in proportion to the pattern of rights expected to be exercised by the product holder only to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. The new standard is effective for us on July 1, 2018. The standard should be applied either retrospectively to each period presented or by means of a cumulative adjustment to retained earnings as of the beginning of the fiscal year adopted. We adopted the new standard on July 1, 2018. The new standard did not have a material effect on our consolidated financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance replaced most existing revenue recognition guidance in U.S. GAAP. The new standard is effective for us of July 1, 2018. The standard permits the use of either the retrospective or modified retrospective method. We adopted the new standard during the first quarter of fiscal 2019. Refer to the information above for additional details of the adoption.

Issued Accounting Standards to be Adopted

In August 2018, the FASB issued Accounting Standards Update No. 2018-15 "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40)" (ASU 2018-15), which requires a customer in a cloud computing arrangement that is a service contract to follow the internal use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The new standard is effective for us on July 1, 2020. We are currently evaluating the requirements of the standard, and we have not yet determined the impact of adoption on our consolidated financial statements.

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815)," (ASU 2017-12), which better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. The amendment is effective for us on July 1, 2019 and permits early adoption, including adoption in an interim period. The standard requires a modified retrospective transition approach, in which we will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We do not expect this standard to have material impact on our consolidated financial statements.

In March 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (ASU 2016-02), which requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. The standard also retains a distinction between finance leases and operating leases. The new standard is effective for us on July 1, 2019 and we expect to adopt the new standard using the modified retrospective approach. We also plan to use the transition relief package, in which we will not reassess the classification of our existing leases, whether any expired or existing contracts contain leases and if our existing leases have any initial direct costs. We are in the process of collecting our existing lease contracts and implementing changes to our systems and processes. While we expect the new standard to have a material impact on our consolidated balance sheet, we have not yet determined the full impact of adoption on our consolidated financial statements.

Fair Value Measurements

6 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

We use a three-level valuation hierarchy for measuring fair value and include detailed financial statement disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


•	Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.


•	Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.


•	Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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:



	December 31, 2018
	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	$	6,732		$	—	$	6,732		$	—
Currency forward contracts	16,691			—		16,691			—
Currency option contracts	4,035			—		4,035			—
Total assets recorded at fair value	$	27,458		$	—	$	27,458		$	—

Liabilities
Cross-currency swap contracts	$	(17,019	)	$	—	$	(17,019	)	$	—
Currency forward contracts	(5,527		)	—		(5,527		)	—
Total liabilities recorded at fair value	$	(22,546	)	$	—	$	(22,546	)	$	—



	June 30, 2018
	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	$	13,370		$	—	$	13,370		$	—
Currency forward contracts	9,202			—		9,202			—
Currency option contracts	1,782			—		1,782			—
Total assets recorded at fair value	$	24,354		$	—	$	24,354		$	—

Liabilities
Cross-currency swap contracts	$	(25,348	)	$	—	$	(25,348	)	$	—
Currency forward contracts	(14,201		)	—		(14,201		)	—
Currency option contracts	(85		)	—		(85		)	—
Total liabilities recorded at fair value	$	(39,634	)	$	—	$	(39,634	)	$	—

During the quarter ended December 31, 2018 and year ended June 30, 2018, 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 counterparties' 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 December 31, 2018, 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 December 31, 2018 and June 30, 2018, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values. As of December 31, 2018 and June 30, 2018 the carrying value of our debt, excluding debt issuance costs and debt discounts, was $1,060,321 and $839,429, respectively, and the fair value was $1,048,771 and $847,520, respectively. Our debt at December 31, 2018 includes variable-rate debt instruments indexed to LIBOR that resets periodically, as well as fixed-rate debt instruments. 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. The estimated fair value of assets and liabilities disclosed above may not be representative of actual values that could have been or will be realized in the future.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Instruments

6 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

Derivative Financial Instruments

We use derivative financial instruments, such as interest rate swap contracts, cross-currency swap contracts, and currency forward and option contracts, to manage interest rate and foreign currency exposures. Derivatives are recorded in the consolidated balance sheets at fair value. If the derivative is designated as a cash flow hedge or net investment hedge, then the effective portion of changes in the fair value of the derivative is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, then the ineffective portion of the change in fair value of the derivative is recognized directly in earnings. The change in the fair value of derivatives not designated as hedges is recognized directly in earnings, as a component of other income (expense), net.

Hedges of Interest Rate Risk

We enter into interest rate swap contracts to manage variability in the amount of our known or expected cash payments related to a portion of our debt. Our objective in using interest rate swaps is to add stability to interest expense and to manage our exposure to interest rate movements. We designate our interest rate swaps as cash flow hedges. 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 contract agreements without exchange of the underlying notional amount. Realized gains or losses from interest rate swaps are recorded in earnings, as a component of interest expense, net. A portion of seven of our interest rate swap contracts was deemed to be ineffective during the three and six months ended December 31, 2018 and during the three and six months ended December 31, 2017, a portion of seven of our interest rate swap contracts was deemed 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. As of December 31, 2018, we estimate that $1,446 of income will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending December 31, 2019. As of December 31, 2018, we had eight outstanding interest rate swap contracts indexed to USD LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through December 2025.



Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of December 31, 2018	$	210,000
Contracts with a future start date	170,000
Total	$	380,000

Hedges of Currency Risk

Cross-Currency Swap Contracts

From time to time, we execute cross-currency swap contracts designated as cash flow hedges or net investment hedges. Cross-currency swaps involve an initial receipt of the notional amount in the hedge currency in exchange for our reporting currency based on a contracted exchange rate. Subsequently, we receive fixed rate payments in our reporting currency in exchange for fixed rate payments in the hedged currency over the life of the contract. At maturity, the final exchange involves the receipt of our reporting currency in exchange for the notional amount in the hedged currency.

Cross-currency swap contracts designated as cash flow hedges are executed to mitigate our currency exposure to the interest receipts as well as the principal remeasurement and repayment associated with certain intercompany loans denominated in a currency other than our reporting currency, the U.S. Dollar. As of December 31, 2018, we had two outstanding cross-currency swap contracts designated as cash flow hedges with a total notional amount of $120,011, both maturing during June 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in one Euro denominated intercompany loan entered into with one of our consolidated subsidiaries that has the Euro as its functional currency.

Amounts reported in accumulated other comprehensive loss will be reclassified to other income (expense), net as interest payments are accrued or paid and upon remeasuring the intercompany loan. As of December 31, 2018, we estimate that $1,068 will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending December 31, 2019.

Cross-currency swap contracts designated as net investment hedges are executed to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than the U.S. Dollar. As of December 31, 2018, we had two outstanding cross-currency swap contracts designated as net investment hedges with a total notional amount of $122,969, both maturing during April 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated subsidiary that has the Euro as its functional currency. Amounts reported in accumulated other comprehensive loss are recognized as a component of our cumulative translation adjustment.

We did not hold any ineffective cross-currency swaps during the three and six months ended December 31, 2018 and 2017.

Other Currency Contracts

We execute currency forward and option contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. Dollar.

As of December 31, 2018, we had six currency forward contracts designated as net investment hedges with a total notional amount of $181,344, maturing during various dates through October 2023. We entered into these contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in two consolidated subsidiaries that have Euro as their functional currency. Amounts reported in accumulated other comprehensive loss are recognized as a component of our cumulative translation adjustment.

We have elected to not apply hedge accounting for all other currency forward and option contracts. During the three and six months ended December 31, 2018 and 2017, we have experienced volatility within other income (expense), net in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program.

As of December 31, 2018, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso and Swedish Krona:



Notional Amount	Effective Date	Maturity Date	Number of Instruments	Index
$614,831	September 2017 through December 2018	Various dates through December 2020	541	Various

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 December 31, 2018 and June 30, 2018. Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility.



	December 31, 2018
	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
Derivatives in cash flow hedging relationships
Interest rate swaps	Other current assets / other assets	$	6,732	$	—		$	6,732	Other current liabilities / other liabilities	$	—		$	—	$	—
Cross-currency swaps	Other current assets	—		—			—		Other current liabilities	(6,600		)	—		(6,600		)
Derivatives in net investment hedging relationships
Cross-currency swaps	Other current assets	—		—			—		Other current liabilities	(10,419		)	—		(10,419		)
Currency forward contracts	Other non-current assets	991		—			991		Other current liabilities / other liabilities	(5,458		)	—		(5,458		)
Total derivatives designated as hedging instruments		$	7,723	$	—		$	7,723		$	(22,477	)	$	—	$	(22,477	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets / other assets	$	17,216	$	(1,516	)	$	15,700	Other current liabilities / other liabilities	$	(177	)	$	108	$	(69	)
Currency option contracts	Other current assets / other assets	4,076		(41		)	4,035		Other current liabilities / other liabilities	—			—		—
Total derivatives not designated as hedging instruments		$	21,292	$	(1,557	)	$	19,735		$	(177	)	$	108	$	(69	)



	June 30, 2018
	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
Derivatives in cash flow hedging relationships
Interest rate swaps	Other non-current assets	$	13,374	$	(4	)	$	13,370	Other current liabilities / other liabilities	$	—		$	—	$	—
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(10,659		)	—		(10,659		)
Derivatives in net investment hedging relationships
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(14,689		)	—		(14,689		)
Currency forward contracts	Other non-current assets	—		—			—		Other liabilities	(13,387		)	—		(13,387		)
Total derivatives designated as hedging instruments		$	13,374	$	(4	)	$	13,370		$	(38,735	)	$	—	$	(38,735	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets / other assets	$	10,433	$	(1,231	)	$	9,202	Other current liabilities / other liabilities	$	(1,080	)	$	266	$	(814	)
Currency option contracts	Other current assets / other assets	1,782		—			1,782		Other current liabilities / other liabilities	(85		)	—		(85		)
Total derivatives not designated as hedging instruments		$	12,215	$	(1,231	)	$	10,984		$	(1,165	)	$	266	$	(899	)

The following table presents the effect of the effective portion of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income (loss) for the three and six months ended December 31, 2018 and 2017:



Derivatives designated as hedging instruments	Amount of Gain (Loss) Recognized in Comprehensive Income (Loss) on Derivatives (Effective Portion)
	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(5,686	)	$	1,593		$	(4,436	)	$	1,656
Cross-currency swaps	(1,121		)	1,566			(1,761		)	5,074
Derivatives in net investment hedging relationships
Cross-currency swaps	3,225			(2,222		)	5,015			(7,345		)
Currency forward contracts	5,433			(3,148		)	7,319			(9,542		)
Total	$	1,851		$	(2,211	)	$	6,137		$	(10,157	)

The following table presents reclassifications out of accumulated other comprehensive loss for the three and six months ended December 31, 2018 and 2017:



	Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income												Affected line item in the Statement of Operations
	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Derivatives in cash flow hedging relationships
Interest rate swaps	$	378		$	(164	)	$	209		$	(106	)	Interest expense, net
Cross-currency swaps	2,534			(1,688		)	3,774			(5,435		)	Other income (expense), net
Total before income tax	2,912			(1,852		)	3,983			(5,541		)	Income before income taxes
Income tax	(728		)	482			(996		)	1,407			Income tax expense (benefit)
Total	$	2,184		$	(1,370	)	$	2,987		$	(4,134	)

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of the ineffective portion and de-designated derivative financial instruments that no longer qualify as hedging instruments in the period:



	Amount of Gain (Loss) Recognized in Net Income												Affected line item in the Statement of Operations
	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Currency contracts	$	11,171		$	(1,999	)	$	18,544		$	(10,279	)	Other income (expense), net
Interest rate swaps	(418		)	247			(214		)	278			Other income (expense), net
Total	$	10,753		$	(1,752	)	$	18,330		$	(10,001	)

Accumulated Other Comprehensive Loss

6 Months Ended

Dec. 31, 2018

Equity [Abstract]

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 $3,069 for the six months ended December 31, 2018:



	Gains (losses) on cash flow hedges (1)			Translation adjustments, net of hedges (2)			Total
Balance as of June 30, 2018	$	8,195		$	(78,009	)	$	(69,814	)
Other comprehensive income (loss) before reclassifications	(6,197		)	3,702			(2,495		)
Amounts reclassified from accumulated other comprehensive loss to net income	2,987			—			2,987
Net current period other comprehensive income (loss)	(3,210		)	3,702			492
Balance as of December 31, 2018	$	4,985		$	(74,307	)	$	(69,322	)

________________________

(1) Gains (losses) on cash flow hedges include our interest rate swap and cross-currency swap contracts designated in cash flow hedging relationships.

(2) As of December 31, 2018 and June 30, 2018, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $9,681 and $22,014, respectively, net of tax, have been included in accumulated other comprehensive loss.

Business Combinations

6 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Business Combination Disclosure

Business Combinations

Acquisition of Build A Sign LLC

On October 1, 2018, we completed the acquisition of Build A Sign LLC ("BuildASign"), a vertically integrated U.S. web-to-print canvas wall dècor and signage company. We acquired approximately 99% of the outstanding equity interests of BuildASign for a purchase price of $275,079 in cash, which includes a post-closing adjustment paid during the second quarter of fiscal 2019 and was based on BuildASign's cash, debt and working capital position as of the acquisition date.

The acquisition supports our strategy of investing in and building customer-focused, entrepreneurial, mass customization businesses for the long term, which we manage in a decentralized and autonomous manner. BuildASign brings strong talent, a customer-centric culture, low-cost production operations and strong e-commerce capabilities that work seamlessly together to serve customers with market-leading prices, fast delivery and great customer service.

Noncontrolling Interest

At the closing, Build A Sign Management Pool, LLC (the "Management Pool"), one of the sellers, retained approximately 1% of the outstanding equity interests of BuildASign for the benefit of certain BuildASign employees who hold equity interests in the Management Pool. We entered into a put and call option agreement with respect to the retained BuildASign equity interests, which provides the holders of the Management Pool the right to sell to us all or any portion of their shares, beginning with our fiscal year ending June 30, 2022 and for each fiscal year thereafter. We have the right to buy all (but not less than all) of the retained equity interest of any holder that is no longer an active employee of the company, beginning with our fiscal year ending June 30, 2022. The put and call purchase price is based on BuildASign's revenue growth and EBITDA for the fiscal year as to which the option is exercised. Due to the presence of the put arrangement, the noncontrolling interest is presented as redeemable noncontrolling interest as redemption is not solely within our control. We initially recognized the noncontrolling interest at fair value of $3,356 and will adjust the balance for the pro rata impact of the BuildASign earnings or loss, as well as adjustments to increase the balance to the redemption value, if necessary.

The excess purchase price over the fair value of BuildASign's net assets was recorded as goodwill, which is primarily attributable to the value of its workforce, its manufacturing and marketing process and know-how, as well as synergies which include leveraging Cimpress' scale-based sourcing channels. Goodwill is deductible for tax purposes and has been attributed to the All Other Businesses reportable segment.

Our preliminary estimate of the fair value of specifically identifiable assets acquired and liabilities assumed as of the date of acquisition is subject to change upon finalizing our valuation analysis, including certain valuation assumptions and tax matters. The final determination may result in changes in the fair value of certain assets and liabilities as compared to our preliminary estimates, which are expected to be finalized prior to the end of fiscal 2019.

The fair value of the assets acquired and liabilities assumed was:



	Amount			Weighted Average Useful Life in Years
Tangible assets acquired and liabilities assumed:
Cash and cash equivalents	$	4,093		n/a
Accounts receivable, net	510			n/a
Inventory	1,107			n/a
Other current assets (1)	6,937			n/a
Property, plant and equipment, net	12,080			n/a
Deferred tax assets	1,023			n/a
Accounts payable	(3,369		)	n/a
Accrued expenses (1)	(12,839		)	n/a
Other current liabilities	(2,658		)	n/a
Long-term liabilities	(3,949		)	n/a
Identifiable intangible assets:
Trade name	47,600			15 years
Developed technology	28,900			3 - 7 years
Customer relationships	12,430			2 - 5 years
Noncontrolling interest	(3,356		)	n/a
Goodwill	186,570			n/a
Total purchase price	$	275,079

_________________

(1) In connection with the BuildASign acquisition, we recorded an indemnification asset of $5,500, which represents the seller's obligation under the merger agreement to indemnify us for a portion of their potential contingent liabilities related to certain tax matters. We also recognized a contingent liability of $10,106, which represents our estimate based on guidance within ASC 450 - "Contingencies," as of the acquisition date.

BuildASign Pro Forma Financial Information

BuildASign has been included in our consolidated financial statements starting on its acquisition date. The following unaudited pro forma financial information presents our results as if the BuildASign acquisition had occurred on July 1, 2017. The pro forma financial information for all periods presented adjusts for the effects of material business combination items, including estimated amortization of acquired intangible assets, interest associated with debt used to finance the acquisition, and transaction related costs.



	Six Months Ended December 31,
	2018		2017
Pro forma revenue	$	1,446,678	$	1,387,578
Pro forma net income attributable to Cimpress N.V.	48,806		46,440

We utilized proceeds from our credit facility in order to finance the acquisition. In connection with the acquisition, we incurred $1,047 and $1,140 in general and administrative expenses during the three and six months ended December 31, 2018, primarily related to legal, financial, and other professional services.

Acquisition of VIDA Group Co.

On July 2, 2018, we acquired approximately 73% of the shares of VIDA Group Co. ("VIDA"), a rapidly growing U.S.-based startup, with options to increase our ownership beginning in fiscal 2023. For the noncontrolling interest, we entered into put and call options with each employee who holds shares, which become exercisable starting in fiscal 2023, or earlier if the employee terminates their employment. The total consideration was $19,897, net of cash acquired. VIDA brings manufacturing access and an e-commerce marketplace to artists, thereby enabling artists to convert ideas in beautiful, original products for customers, ranging from fashion, jewelry and accessories to home accent pieces. This investment supports our strategy to build a competitively differentiated portfolio of focused brands by providing access to the textiles marketplace.

We recognized the assets, liabilities and noncontrolling interest on the basis of their fair values at the date of the acquisition, with any excess of the purchase price paid over the fair value of the net assets recorded as goodwill. The aggregate allocation to goodwill, net liabilities and noncontrolling interest was $26,198, $647, and $5,705, respectively.

The revenue and earnings included in our consolidated financial statements for the three and six months ended December 31, 2018 are not material. We utilized proceeds from our credit facility to finance the acquisition.

Goodwill and Acquired Intangible Assets

6 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The carrying amount of goodwill by reportable segment as of December 31, 2018 and June 30, 2018 was as follows:



	Vistaprint			Upload and Print			National Pen		All Other Businesses		Total
Balance as of June 30, 2018	$	146,207		$	328,771		$	34,434	$	11,431	$	520,843
Acquisitions (1)	—			2,024			—		212,768		214,792
Effect of currency translation adjustments (2)	(558		)	(7,500		)	—		—		(8,058		)
Balance as of December 31, 2018	$	145,649		$	323,295		$	34,434	$	224,199	$	727,577

_________________

(1) Refer to Note 7 for additional details related to our acquisitions of BuildASign and VIDA. We also recognized goodwill related to a small acquisition of a supplier by one of our businesses within our Upload and Print reportable segment.

(2) Related to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar.

Acquired Intangible Assets

Acquired intangible assets amortization expense for the three and six months ended December 31, 2018 was $14,846 and $26,147, respectively, compared to $12,558 and $25,191 for the prior comparative periods, respectively.

Other Balance Sheet Components

6 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Other Balance Sheet Components

Accrued expenses included the following:



	December 31, 2018		June 30, 2018
Compensation costs	$	54,779	$	57,024
Income and indirect taxes (1)	58,506		33,557
Advertising costs (1)	43,824		28,140
Production costs (1)	14,029		8,903
Shipping costs (1)	9,204		5,241
Sales returns	6,501		5,076
Purchases of property, plant and equipment	2,675		4,489
Professional fees	2,195		3,802
Interest payable	1,758		1,653
Other	44,093		38,776
Total accrued expenses	$	237,564	$	186,661

_______________________

(1) The increase in income and indirect taxes, advertising, production, and shipping costs is due to increased sales volumes during our peak holiday season in the second quarter of our fiscal year.

Other current liabilities included the following:



	December 31, 2018		June 30, 2018
Short-term derivative liabilities	$	20,069	$	31,054
Current portion of lease financing obligation	12,569		12,569
Current portion of capital lease obligations	10,837		10,747
Other	3,167		601
Total other current liabilities	$	46,642	$	54,971

Other liabilities included the following:



	December 31, 2018		June 30, 2018
Long-term capital lease obligations	$	17,490	$	16,883
Long-term derivative liabilities	4,143		10,080
Mandatorily redeemable noncontrolling interest (1)	5,178		4,366
Other (2)	40,636		38,195
Total other liabilities	$	67,447	$	69,524

_______________________

(1) Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. Refer to Note 12 for additional details.

(2) As of December 31, 2018 and June 30, 2018, other liabilities includes $18,371 and $15,464, respectively, of share-based compensation awards associated with our investment in Printi LLC. Refer to Note 12 for additional details.

Debt

6 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt



	December 31, 2018			June 30, 2018
Senior secured credit facility	$	650,107		$	432,414
7.0% Senior unsecured notes due 2026	400,000			400,000
Other	10,214			7,015
Debt issuance costs and debt discounts	(11,872		)	(12,585		)
Total debt outstanding, net	1,048,449			826,844
Less: short-term debt (1)	46,549			59,259
Long-term debt	$	1,001,900		$	767,585

_____________________

(1) Balances as of December 31, 2018 and June 30, 2018 are inclusive of short-term debt issuance costs and debt discounts of $2,047 and $2,012, respectively.

Our Debt

Our various debt arrangements described below contain customary representations, warranties and events of default. As of December 31, 2018, we were in compliance with all financial and other covenants related to our debt.

Senior Secured Credit Facility

As of December 31, 2018, we had a committed credit facility of $1,113,172 as follows:


•	Revolving loans of $839,422 with a maturity date of June 14, 2023


•	Term loans of $273,750 amortizing over the loan period, with a final maturity date of June 14, 2023

Under the terms of our credit agreement, borrowings bear interest at a variable rate of interest based on LIBOR plus 1.375% to 2.0%. Interest rates depend on our leverage ratio, which is the ratio of our consolidated total indebtedness to our consolidated EBITDA, as defined by the credit agreement. As of December 31, 2018, the weighted-average interest rate on outstanding borrowings was 3.91%, inclusive of interest rate swap rates. We are also required to pay a commitment fee on unused balances of 0.225% to 0.35% depending on our leverage ratio. We have pledged the assets and/or share capital of a number of our subsidiaries as collateral for our outstanding debt as of December 31, 2018.

On January 7, 2019, we amended the terms of our senior secured credit facility, resulting in an increase of loan commitments to $1,613,172 in the aggregate, which includes $1,087,257 of revolving loans and $525,915 of term loans. The terms and covenants of the senior secured credit facility remain unchanged.

Indenture and Senior Unsecured Notes

On June 15, 2018, we completed a private placement of $400,000 in aggregate principal amount of 7.0% senior unsecured notes due 2026 (the “2026 Notes”). We issued the 2026 Notes pursuant to a senior notes indenture dated as of June 15, 2018, among Cimpress N.V., our subsidiary guarantors, and MUFG Union Bank, N.A., as trustee (the "Indenture"). We used the net proceeds from the 2026 Notes during fiscal 2018 to redeem all of the outstanding 7.0% senior unsecured notes due 2022, repay a portion of the indebtedness outstanding under our revolving credit facility and pay all related fees and expenses.

The 2026 Notes bear interest at a rate of 7.0% per annum and mature on June 15, 2026. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2018, to the holders of record of the 2026 Notes at the close of business on June 1 and December 1, respectively, preceding such interest payment date.

The 2026 Notes are senior unsecured obligations and rank equally in right of payment to all our existing and future senior unsecured debt and senior in right of payment to all of our existing and future subordinated debt. The Notes are effectively subordinated to any of our existing and future secured debt to the extent of the value of the assets securing such debt. Subject to certain exceptions, each of our existing and future subsidiaries that is a borrower under or guarantees our senior secured credit facilities will guarantee the 2026 Notes.

The indenture under which the 2026 Notes are issued contains various covenants, including covenants that, subject to certain exceptions, limit our and our restricted subsidiaries’ ability to incur and/or guarantee additional debt; pay dividends, repurchase shares or make certain other restricted payments; enter into agreements limiting dividends and certain other restricted payments; prepay, redeem or repurchase subordinated debt; grant liens on assets; enter into sale and leaseback transactions; merge, consolidate or transfer or dispose of substantially all of our consolidated assets; sell, transfer or otherwise dispose of property and assets; and engage in transactions with affiliates.

We have the right to redeem, at any time prior to June 15, 2021, some or all of the 2026 Notes at a redemption price equal to 100% of the principal amount redeemed, plus a make-whole amount as set forth in the Indenture, plus, in each case, accrued and unpaid interest to, but not including, the redemption date. In addition, we have the right to redeem, at any time prior to June 15, 2021, up to 40% of the aggregate outstanding principal amount of the 2026 Notes at a redemption price equal to 107% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date, with the net proceeds of certain equity offerings by Cimpress. At any time on or after June 15, 2021, we may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to, but not including, the redemption date.

Other debt

Other debt consists primarily of term loans acquired through our various acquisitions. As of December 31, 2018 and June 30, 2018 we had $10,214 and $7,015, respectively, outstanding for those obligations that are payable through September 2024.

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax expense was $14,399 and $19,880 for the three and six months ended December 31, 2018, as compared to $21,825 and $15,638 for the prior comparable periods. The decrease in tax expense for the three months ended December 31, 2018 from the same prior year period is primarily due to "Patent Box" tax benefits of $3,547 granted to our Pixartprinting business in Italy and recognized as a discrete adjustment to our tax expense for the three months ended December 31, 2018 as well as increased tax expense of $4,701 related to the impacts of U.S. tax reform recognized in the same prior year period. The increase in tax expense for the six months ended December 31, 2018 from the same prior year period is primarily due to higher profits and a decrease in deferred tax assets of $5,574 recognized as a discrete adjustment during the three months ended September 30, 2018 related to guidance issued by the Internal Revenue Service regarding limitations on tax deductions for compensation granted to certain executives. Excluding the effect of these discrete tax adjustments, our estimated annual effective tax rate is lower for fiscal 2019 as compared to fiscal 2018 primarily due to an expectation of a more favorable geographical mix of consolidated earnings. Our effective tax rate continues to be negatively impacted by losses in certain jurisdictions where we are unable to recognize a full tax benefit in the current period. In response to the U.S. Tax Cuts and Jobs Act ("The Act") enacted in December 2017, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 ("SAB 118"), which allowed us to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The one-year measurement period has expired for us during this quarter and our analysis under SAB 118 is complete. There have been no changes to our tax balances in the three months ended December 31, 2018 as a result of changes to our interpretation of nor the issuance of new guidance on The Act. However, we will continue to evaluate our tax positions to the extent additional guidance relating to The Act is issued in the future. As of December 31, 2018, we had a liability for unrecognized tax benefits included in the balance sheet of $5,552, including accrued interest and penalties of $552. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. If recognized, the entire liability for unrecognized tax benefits would reduce our tax expense. It is reasonably possible that a reduction in unrecognized tax benefits may occur within the next twelve months in the range of $800 to $1,000 related to the lapse of applicable statutes of limitations. 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 2013 through 2018 remain open for examination by the IRS and the years 2013 through 2018 remain open for examination in the various states and non-US tax jurisdictions in which we file tax returns. We believe that our income tax reserves are adequately maintained taking into consideration both the technical merits of our tax return positions and ongoing developments in our income tax audits. However, the final determination of our tax return positions, if audited, is uncertain, and there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows.

Noncontrolling interests

6 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Abstract]

Noncontrolling Interests

In certain of our strategic investments we own a controlling equity stake, but a third party owns a minority portion of the equity. The balance sheet and operating activity of these entities are included in our consolidated financial statements and we adjust the net income in our consolidated statement of operations to exclude the noncontrolling interests' proportionate share of results. We present the proportionate share of equity attributable to the redeemable noncontrolling interests as temporary equity within our consolidated balance sheet and the proportionate share of noncontrolling interests not subject to a redemption provision that is outside of our control as equity. We recognize redeemable noncontrolling interests at fair value on the sale or acquisition date and adjust to the redemption value on a periodic basis, if that amount exceeds the fair value. If the formulaic redemption value exceeds the fair value of the noncontrolling interest, then the accretion to redemption value is offset to the net (income) loss attributable to noncontrolling interest in our consolidated statement of operations.

Redeemable noncontrolling interests

On December 20, 2018, we purchased the outstanding 12% equity interest of our WIRmachenDRUCK subsidiary for €36,173 ($41,177 based on the exchange rate as of the redemption date). During the six months ended December 31, 2018, we increased the carrying amount of the redeemable noncontrolling interest by $7,133, to reflect the change in the redemption value, offset to retained earnings, since the redemption value remained below the fair value.

On October 1, 2018, we acquired approximately 99% of the outstanding equity interests of Build A Sign LLC. The remaining 1% is considered a redeemable noncontrolling equity interest, as it is redeemable for cash based on future financial results through put and call rights and not solely within our control. On the acquisition date, we recognized the redeemable noncontrolling interest at fair value of $3,356. As of December 31, 2018, the redemption value was less than the carrying value, and therefore no adjustment was required. Refer to Note 7 for additional details.

On July 2, 2018, we acquired approximately 73% of the shares of VIDA Group Co. The remaining 27% is considered a redeemable noncontrolling equity interest, as it is redeemable in the future not solely within our control. The shares we hold include certain liquidation preferences to all other share classes, and therefore the noncontrolling interest will bear any losses until the recoverable value of our investment declines below the stated redemption value. As of December 31, 2018, the redemption value is less than the carrying value and therefore no adjustment has been made. Refer to Note 7 for additional details.

On April 15, 2015, we acquired 70% of the outstanding shares of Exagroup SAS. The remaining 30% is considered a redeemable noncontrolling equity interest, as it is redeemable in the future and not solely within our control. The first redemption date in which a put option can be exercised is April 15, 2019. The Exagroup noncontrolling interest is redeemable at a fixed amount of €39,000. As of December 31, 2018, the redemption value was less than the carrying value, and therefore no adjustment was required.

The following table presents the reconciliation of changes in our noncontrolling interests:



	Redeemable noncontrolling interests			Noncontrolling interest
Balance as of June 30, 2018	$	86,151		$	285
Acquisition of noncontrolling interest (1)	9,061			—
Reclassification to redeemable noncontrolling interest (2)	308			(308		)
Accretion to redemption value recognized in retained earnings (3)	7,133			—
Net loss attributable to noncontrolling interest	(326		)	(6		)
Distribution to noncontrolling interest	(3,375		)	—
Purchase of noncontrolling interests (4)	(41,177		)	—
Shares forfeited by noncontrolling interest	(591		)	—
Foreign currency translation	(3,813		)	29
Balance as of December 31, 2018	$	53,371		$	—

___________________

(1) Includes the noncontrolling interests related to our VIDA and BuildASign acquisitions. Refer to Note 7 for additional details.

(2) During the first quarter of fiscal 2019, we amended our agreement with one noncontrolling interest holder and agreed to put and call options related to their existing noncontrolling interest. As such, we reclassified the noncontrolling interest to redeemable noncontrolling interest since the exercise is not solely within our control.

(3) Accretion of redeemable noncontrolling interests to redemption value recognized in retained earnings is the result of the redemption amount estimated to be greater than carrying value but less than fair value.

(4) During the second quarter of fiscal 2019, we purchased the WIRmachenDRUCK noncontrolling interest for $41,177.

Variable Interest Entity	6 Months Ended
Variable Interest Entity	Dec. 31, 2018
Variable Interest Entity [Line Items]
Variable Interest Entity (VIE)	Variable Interest Entity ("VIE") Investment in Printi LLC On August 7, 2014, we made a capital investment in Printi LLC, which operates in Brazil. This investment provided us access to a new market and the opportunity to drive longer-term growth in Brazil and other geographies as Printi expands internationally in the future. The shareholders of Printi share profits and voting control on a pro-rata basis. While we do not manage the day-to-day operations of Printi, we do have the unilateral ability to exercise participating voting rights for specific transactions, and as such no one shareholder is considered to be the primary beneficiary. Based upon the level of equity investment at risk, Printi is considered a variable interest entity. Due to certain unilateral participating voting rights for certain transactions and the presence of a de facto agency relationship, we concluded that we were most exposed to the variability of the economics and therefore considered the primary beneficiary. As of December 31, 2018, we have a 53.69% equity interest in Printi. In addition, we will acquire the remaining equity interest in Printi through a reciprocal put and call structure, exercisable from March 31, 2021 through a mandatory redemption date of July 31, 2023. As the remaining equity interests are mandatorily redeemable by all parties no later than a specified future date, the noncontrolling interest is within the scope of ASC 480 - "Distinguishing Liabilities from Equity" and is required to be presented as a liability on our consolidated balance sheet. As of December 31, 2018 and June 30, 2018, we recognized a liability of $5,178 and $4,366, respectively, based on our current estimate of the redemption value. During the three and six months ended December 31, 2018, we recognized an adjustment within interest expense, net of $813. We did not recognize any adjustments within interest expense, net during the prior comparative periods. We will continue to adjust the liability to its estimated redemption value each reporting period and recognize any changes within interest expense, net in our consolidated statement of operations. We also have liability-based awards for Printi restricted stock held by Printi employees that are fully vested and marked to fair value each reporting period until cash settlement. As of December 31, 2018, our estimated redemption value was $18,371 and we have recognized $2,904 in general and administrative expense for the three and six months ended December 31, 2018, compared to $1,007 and $1,047 in the prior comparative periods. We also have an arrangement to lend two Printi equity holders up to $24,000 that is payable on the date the put or call option is exercised, which will occur no later than July 31, 2023. As of December 31, 2018 and June 30, 2018, the long-term loan receivable, including accrued interest, is $23,167 and $22,234, respectively, and is classified within other assets in our consolidated balance sheets. The loans carry 8.5% annual interest, and are not contingent upon continued employment. We expect that the loan proceeds will be used to offset our purchase of the remaining noncontrolling interest in the future.

Segment Information

6 Months Ended

Dec. 31, 2018

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, 2018, we have numerous operating segments under our management reporting structure which are reported in the following four reportable segments:


•	Vistaprint - Includes the operations of our Vistaprint websites focused on the North America, Europe, Australia and New Zealand markets, and our Webs-branded business, which is managed with the Vistaprint-branded digital business in the previously listed geographies.


•	Upload and Print - Includes the results of our druck.at, Easyflyer, Exagroup, Pixartprinting, Printdeal, Tradeprint, and WIRmachenDRUCK businesses.


•	National Pen - Includes the global operations of our National Pen businesses, which manufacture and market custom writing instruments and promotional products, apparel and gifts.


•	All Other Businesses - Includes a collection of businesses grouped together based on materiality:


◦	BuildASign, acquired October 1, 2018, is a fast-growing 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.


◦	VIDA, acquired on July 2, 2018, is an innovative startup that brings manufacturing access and an e-commerce marketplace to artists, thereby enabling artists to convert ideas into beautiful, original products for customers, ranging from custom fashion, jewelry and accessories to home accent pieces.


◦	Vistaprint Corporate Solutions serves medium-sized businesses and large corporations, as well as a legacy revenue stream with retail partners and franchise businesses.


◦	Vistaprint India operates a derivative of the Vistaprint business model, albeit with higher service levels and quality, fully domestic, Indian content, pricing that is a slight premium to many traditional offline alternatives, and almost no discounting.


◦	Vistaprint Japan operates a derivative of the Vistaprint business model with a differentiated position relative to competitors who tend to focus on upload and print, not the self-service, micro-business customer which Vistaprint Japan serves.


◦	Albumprinter through its divestiture date of August 31, 2017.

Central and corporate consists 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.

For awards granted under our 2016 Performance Equity Plan, the PSU expense value 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. All expense or benefit associated with our supplemental performance share units is recognized within Central and corporate costs.

Segment profit (loss) is the primary profitability metric by which our CODM measures segment financial performance and allocates resources. Certain items are excluded from segment profit (loss), such as acquisition-related amortization and depreciation, 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. A portion of the interest expense associated with our Waltham, Massachusetts lease is included as expense in segment profit (loss) and allocated based on headcount to the appropriate business or corporate and global function. The interest expense represents a portion of the cash rent payment and is considered an operating expense for purposes of measuring our segment performance. We do not allocate non-operating income to our segment results.

Our All Other Businesses reportable segment includes businesses that have operating losses as they are in the early stage of investment relative to the scale of the underlying businesses, which may limit its comparability to other segments regarding profit (loss).

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 segments, as well as disaggregation of revenue by major geographic regions and reportable segments.



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Revenue:
Vistaprint (1)	$	434,326		$	428,908		$	771,255		$	747,951
Upload and Print (2)	203,799			192,527			375,964			352,917
National Pen (3)	132,951			126,098			198,922			185,815
All Other Businesses (4)	61,827			20,994			80,715			49,048
Total segment revenue	832,903			768,527			1,426,856			1,335,731
Inter-segment eliminations	(7,336		)	(6,473		)	(12,308		)	(10,393		)
Total consolidated revenue	$	825,567		$	762,054		$	1,414,548		$	1,325,338

_____________________

(1) Vistaprint segment revenues include inter-segment revenue of $3,549 and $6,265 for the three and six months ended December 31, 2018, respectively, and $2,803 and $5,006 for the prior comparative periods, respectively.

(2) Upload and Print segment revenues include inter-segment revenue of $537 and $728 for the three and six months ended December 31, 2018, respectively and $480 and $808 for the prior comparative periods, respectively.

(3) National Pen segment revenues include inter-segment revenue of $754 and $1,504 for the three and six months ended December 31, 2018, respectively, and $1,024 and $1,470 for the prior comparative periods, respectively.

(4) All Other Businesses segment revenues include inter-segment revenue of $2,496 and $3,811 for the three and six months ended December 31, 2018, respectively, and $2,166 and $3,109 for the prior comparative periods, respectively. The All Other Businesses segment includes the revenue of the VIDA and BuildASign's businesses since its acquisition of July 2, 2018 and October 1, 2018, respectively, as well as the Albumprinter business during the six months ended September 30, 2017 until the sale completion date of August 31, 2017.



	Three Months Ended December 31, 2018
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	279,769		$	—		$	57,348		$	47,447		$	384,564
Europe	129,932			203,262			62,473			799			396,466
Other	21,076			—			12,376			11,085			44,537
Inter-segment	3,549			537			754			2,496			7,336
Total segment revenue	434,326			203,799			132,951			61,827			832,903
Less: inter-segment elimination	(3,549		)	(537		)	(754		)	(2,496		)	(7,336		)
Total external revenue	$	430,777		$	203,262		$	132,197		$	59,331		$	825,567



	Three Months Ended December 31, 2017
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	271,547		$	1,079		$	55,286		$	4,722		$	332,634
Europe	131,977			190,968			60,820			518			384,283
Other	22,581			—			8,968			13,588			45,137
Inter-segment	2,803			480			1,024			2,166			6,473
Total segment revenue	428,908			192,527			126,098			20,994			768,527
Less: inter-segment elimination	(2,803		)	(480		)	(1,024		)	(2,166		)	(6,473		)
Total external revenue	$	426,105		$	192,047		$	125,074		$	18,828		$	762,054



	Six Months Ended December 31, 2018
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	520,854		$	—		$	95,906		$	54,211		$	670,971
Europe	205,931			375,236			83,509			1,470			666,146
Other	38,205			—			18,003			21,223			77,431
Inter-segment	6,265			728			1,504			3,811			12,308
Total segment revenue	771,255			375,964			198,922			80,715			1,426,856
Less: inter-segment elimination	(6,265		)	(728		)	(1,504		)	(3,811		)	(12,308		)
Total external revenue	$	764,990		$	375,236		$	197,418		$	76,904		$	1,414,548



	Six Months Ended December 31, 2017
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	494,359		$	2,095		$	90,287		$	8,920		$	595,661
Europe	208,173			350,014			80,278			13,675			652,140
Other	40,413			—			13,780			23,344			77,537
Inter-segment	5,006			808			1,470			3,109			10,393
Total segment revenue	747,951			352,917			185,815			49,048			1,335,731
Less: inter-segment elimination	(5,006		)	(808		)	(1,470		)	(3,109		)	(10,393		)
Total external revenue	$	742,945		$	352,109		$	184,345		$	45,939		$	1,325,338

The following table includes segment profit (loss) by reportable segment, total income from operations and total income before income taxes.



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Segment profit (loss):
Vistaprint	$	83,788		$	99,049		$	131,052		$	129,944
Upload and Print	22,454			22,470			38,633			37,238
National Pen (1)	24,862			17,645			6,826			18,830
All Other Businesses	(7,582		)	(8,566		)	(17,153		)	(16,117		)
Total segment profit	123,522			130,598			159,358			169,895
Central and corporate costs	(15,908		)	(33,410		)	(48,041		)	(61,667		)
Acquisition-related amortization and depreciation	(14,913		)	(12,613		)	(26,283		)	(25,300		)
Earn-out related charges (2)	—			(1,254		)	—			(2,391		)
Share-based compensation related to investment consideration	(2,893		)	(1,007		)	(2,893		)	(1,047		)
Restructuring-related charges	(1,026		)	(11,501		)	(1,196		)	(12,355		)
Interest expense for Waltham, MA lease	1,833			1,896			3,682			3,807
Gain on the purchase or sale of subsidiaries (3)	—			—			—			48,380
Total income from operations	90,615			72,709			84,627			119,322
Other income (expense), net	9,629			(7,732		)	19,881			(24,044		)
Interest expense, net	(16,808		)	(12,529		)	(30,585		)	(25,611		)
Income before income taxes	$	83,436		$	52,448		$	73,923		$	69,667

___________________

(1) During the first quarter of fiscal 2019, we adopted ASC 606, Revenue from Contracts with Customers, which is the new revenue standard described in Note 2 of the accompanying consolidated financial statements. We applied the new standard under the modified retrospective method, in which we did not apply the new standard to the prior comparable period. The adoption of the new standard resulted in lower direct mail advertising costs within our National Pen business during the three months ended December 31, 2018 of $12,002, as compared to the prior comparative period, due to the earlier recognition of costs during the first quarter of fiscal 2019. During the six months ended December 31, 2018, the new standard had a negative impact on operating income and adjusted NOP of $1,973, as compared to the prior comparative period. Direct mail advertising costs were previously capitalized and amortized over the customer response period (typically 3-4 months) and now costs are recognized when the direct mail is sent to the customers.

(2) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment.

(3) Includes the impact of the gain on the sale of Albumprinter that was recognized in general and administrative expense in our consolidated statement of operations during the six months ended December 31, 2017.



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
Depreciation and amortization:
Vistaprint	$	16,134	$	15,709	$	31,868	$	32,483
Upload and Print	13,350		15,005		27,494		29,725
National Pen	5,319		5,275		10,443		10,370
All Other Businesses	6,482		2,156		8,652		4,443
Central and corporate costs	3,217		3,154		6,763		6,662
Total depreciation and amortization	$	44,502	$	41,299	$	85,220	$	83,683



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
Purchases of property, plant and equipment:
Vistaprint	$	9,322	$	10,835	$	21,232	$	24,499
Upload and Print	3,434		5,733		7,159		8,991
National Pen	2,308		1,219		7,035		3,708
All Other Businesses	2,418		308		2,849		979
Central and corporate costs	259		122		492		497
Total purchases of property, plant and equipment	$	17,741	$	18,217	$	38,767	$	38,674



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
Capitalization of software and website development costs:
Vistaprint	$	5,833	$	5,507	$	12,615	$	11,080
Upload and Print	1,220		1,016		2,002		1,790
National Pen	576		367		1,476		367
All Other Businesses	1,246		400		1,812		1,368
Central and corporate costs	1,813		1,890		4,016		3,509
Total capitalization of software and website development costs	$	10,688	$	9,180	$	21,921	$	18,114

The following table sets forth long-lived assets by geographic area:



	December 31, 2018		June 30, 2018
Long-lived assets (1):
Netherlands	$	101,428	$	109,556
Canada	78,171		81,334
United States	58,234		45,709
Switzerland	55,468		52,523
Italy	44,097		42,514
Jamaica	22,132		21,720
Australia	21,697		22,418
France	21,194		20,131
Japan	18,209		19,117
Other	70,859		67,842
Total	$	491,489	$	482,864

___________________

(1) Excludes goodwill of $727,577 and $520,843, intangible assets, net of $290,242 and $230,201, build-to-suit lease assets of $116,089 and $111,926, and deferred tax assets of $59,336 and $67,087 as of December 31, 2018 and June 30, 2018, respectively.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments We have commitments under operating leases for our facilities that expire on various dates through 2026. Total lease expense, net of sublease income, for the three and six months ended December 31, 2018 was $4,296 and $8,764, respectively, and $1,943 and $6,187 for the three and six months ended December 31, 2017, respectively. We lease certain machinery and plant equipment, as well as buildings, under both capital and operating lease agreements that expire at various dates through 2027. The aggregate carrying value of the leased buildings and equipment under capital leases included in property, plant and equipment, net in our consolidated balance sheet at December 31, 2018, is $33,069, net of accumulated depreciation of $37,997; the present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at December 31, 2018 amounts to $28,327. Purchase Obligations At December 31, 2018, we had unrecorded commitments under contract of $65,505, including inventory and third-party fulfillment purchase commitments of $22,848 and third-party web services of $13,184. In addition, we had purchase commitments for production and computer equipment purchases of approximately $7,100, commitments for advertising campaigns of $3,068, professional and consulting fees of $2,406, and other unrecorded purchase commitments of $16,899. Other Obligations We deferred payments for several of our acquisitions resulting in the recognition of a liability of $5,729 in aggregate. In addition, we have an outstanding installment obligation of $1,051 related to the fiscal 2012 intra-entity transfer of the intellectual property of our subsidiary Webs, Inc., 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 December 31, 2018. 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.

Restructuring Charges

6 Months Ended

Dec. 31, 2018

Restructuring and Related Activities [Abstract]

Revenue from Contract with Customer

Restructuring costs include one-time employee termination benefits, acceleration of share-based compensation, and other related costs including third-party professional and outplacement services. During the three and six months ended December 31, 2018, we recognized restructuring charges of $1,026 and $1,196, respectively, related primarily to two actions that are substantially complete as of December 31, 2018 and we do not expect any material charges in future periods related to these actions.

During the three and six months ended December 31, 2017, we recognized restructuring charges of $11,501 and $12,355, respectively, which primarily related to Vistaprint's November 2017 restructuring action. We do not expect any material charges to be incurred in future periods related to this initiative.

The following table summarizes the restructuring activity during the six months ended December 31, 2018:



	Severance and Related Benefits			Other Restructuring Costs			Total
Accrued restructuring liability as of June 30, 2018	$	1,385		$	2		$	1,387
Restructuring charges	1,196			—			1,196
Cash payments	(1,654		)	(2		)	(1,656		)
Accrued restructuring liability as of December 31, 2018	$	927		$	—		$	927

Subsequent Events	6 Months Ended
Subsequent Events	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 7, 2019, we entered into an amendment to our senior secured credit facility. Refer to Note 9 for additional details. On January 29, 2019, Cimpress' Board of Directors approved the separation of Katryn "Trynka" Shineman Blake, Executive Vice President and Chief Executive Officer of Vistaprint, whose employment with Cimpress will end on March 1, 2019, and effective January 29, 2019, she is no longer designated an executive officer of Cimpress, as defined under the rules of the Securities and Exchange Commission ("SEC"). Cimpress' Chief Executive Officer, Robert Keane, will be taking on the interim additional role of Chief Executive Officer of Vistaprint for the foreseeable future until a permanent successor is named. During the three months ended March 31, 2019, we estimate that we will incur an aggregate pre-tax restructuring charge of approximately $6,500, for expenses related to the employment separation summarized above and some limited workforce reductions within the Vistaprint business, as well as a smaller action in one of our other businesses. This is a preliminary estimate, and we estimate that the charge will include approximately $3,500 of non-cash charges related to the acceleration of share-based compensation, as well as approximately $3,000 of cash severance charges.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Revenue Recognition - Adoption of ASC 606

The following table summarizes the cumulative effect of adopting the new revenue standard as of the adoption date of July 1, 2018:



Consolidated Balance Sheet	As reported at June 30, 2018		ASC 606 adjustments			Adjusted balance at July 1, 2018
Assets
Prepaid expenses and other current assets	$	78,846	$	(3,738	)	$	75,108
Deferred tax assets	67,087		595			67,682
Liabilities and Shareholders' Equity
Deferred revenue	$	27,697	$	103		$	27,800
Retained earnings	452,756		(3,246		)	449,510

The following table summarizes the impact as of and for the three and six months ended December 31, 2018 from adopting the new revenue standard as compared to the previous revenue standard:



	As reported (current revenue standard)		Current period adjustments			As adjusted (previous revenue standard)
Consolidated Statement of Operations for the Three Months Ended December 31, 2018
Marketing and selling expense (1)	$	211,963	$	12,002		$	223,965
Income tax expense	14,399		(2,623		)	11,776
Net income	69,037		(9,379		)	59,658
Consolidated Statement of Operations for the Six Months Ended December 31, 2018
Marketing and selling expense (1)	$	394,751	$	(1,973	)	$	392,778
Income tax expense	19,880		169			20,049
Net income	54,043		1,804			55,847
Consolidated Balance Sheet as of December 31, 2018
Assets
Prepaid expenses and other current assets	$	95,903	$	5,711		$	101,614
Deferred tax assets	59,336		107			59,443
Liabilities and Shareholders' Equity
Accrued expenses	$	237,564	$	(275	)	$	237,289
Deferred revenue	32,132		(103		)	32,029
Retained earnings	496,745		6,196			502,941

_____________________

Revenue Recognition, Policy

Revenue Recognition Policy

Additional revenue disaggregation disclosure requirements resulting from the adoption of ASC 606 are included in Note 13.

Share-Based Compensation

Share-based Compensation

Foreign Currency Translation

Other Income (expense), net

Other Income (Expense), Net

The following table summarizes the components of other income (expense), net:



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018		2017
Gains (losses) on derivatives not designated as hedging instruments (1)	$	11,171		$	(1,752	)	$	18,544	$	(10,001	)
Currency-related (losses) gains, net (2)	(1,023		)	(6,449		)	1,074		(14,652		)
Other (losses) gains	(519		)	469			263		609
Total other income (expense), net	$	9,629		$	(7,732	)	$	19,881	$	(24,044	)

_____________________

(1) Primarily relates to both realized and unrealized gains (losses) on derivative currency forward and option contracts not designated as hedging instruments.

Net Income Per Share

Net Income Per Share Attributable to Cimpress N.V.

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



	Three Months Ended December 31,		Six Months Ended December 31,
	2018	2017	2018	2017
Weighted average shares outstanding, basic	30,863,339	31,026,043	30,873,478	31,123,177
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs	957,158	1,292,979	1,040,032	1,202,415
Shares used in computing diluted net income per share attributable to Cimpress N.V.	31,820,497	32,319,022	31,913,510	32,325,592
Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress N.V.	—	—	—	4,582

Build-to-Suit Lease Arrangements

Treasury Shares

Recently Issued or Adopted Accounting Pronouncements

The following table summarizes the cumulative effect of adopting the new revenue standard as of the adoption date of July 1, 2018:



Consolidated Balance Sheet	As reported at June 30, 2018		ASC 606 adjustments			Adjusted balance at July 1, 2018
Assets
Prepaid expenses and other current assets	$	78,846	$	(3,738	)	$	75,108
Deferred tax assets	67,087		595			67,682
Liabilities and Shareholders' Equity
Deferred revenue	$	27,697	$	103		$	27,800
Retained earnings	452,756		(3,246		)	449,510

The following table summarizes the impact as of and for the three and six months ended December 31, 2018 from adopting the new revenue standard as compared to the previous revenue standard:



	As reported (current revenue standard)		Current period adjustments			As adjusted (previous revenue standard)
Consolidated Statement of Operations for the Three Months Ended December 31, 2018
Marketing and selling expense (1)	$	211,963	$	12,002		$	223,965
Income tax expense	14,399		(2,623		)	11,776
Net income	69,037		(9,379		)	59,658
Consolidated Statement of Operations for the Six Months Ended December 31, 2018
Marketing and selling expense (1)	$	394,751	$	(1,973	)	$	392,778
Income tax expense	19,880		169			20,049
Net income	54,043		1,804			55,847
Consolidated Balance Sheet as of December 31, 2018
Assets
Prepaid expenses and other current assets	$	95,903	$	5,711		$	101,614
Deferred tax assets	59,336		107			59,443
Liabilities and Shareholders' Equity
Accrued expenses	$	237,564	$	(275	)	$	237,289
Deferred revenue	32,132		(103		)	32,029
Retained earnings	496,745		6,196			502,941

_____________________

Recently Issued or Adopted Accounting Pronouncements

New Accounting Standards Adopted

Issued Accounting Standards to be Adopted

Summary of Significant Accounting Policies Summary of Significant Accounting Principles (Tables)

6 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table summarizes the cumulative effect of adopting the new revenue standard as of the adoption date of July 1, 2018:



Consolidated Balance Sheet	As reported at June 30, 2018		ASC 606 adjustments			Adjusted balance at July 1, 2018
Assets
Prepaid expenses and other current assets	$	78,846	$	(3,738	)	$	75,108
Deferred tax assets	67,087		595			67,682
Liabilities and Shareholders' Equity
Deferred revenue	$	27,697	$	103		$	27,800
Retained earnings	452,756		(3,246		)	449,510

Interest and Other Income

The following table summarizes the components of other income (expense), net:



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018		2017
Gains (losses) on derivatives not designated as hedging instruments (1)	$	11,171		$	(1,752	)	$	18,544	$	(10,001	)
Currency-related (losses) gains, net (2)	(1,023		)	(6,449		)	1,074		(14,652		)
Other (losses) gains	(519		)	469			263		609
Total other income (expense), net	$	9,629		$	(7,732	)	$	19,881	$	(24,044	)

_____________________

(1) Primarily relates to both realized and unrealized gains (losses) on derivative currency forward and option contracts not designated as hedging instruments.

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 December 31,		Six Months Ended December 31,
	2018	2017	2018	2017
Weighted average shares outstanding, basic	30,863,339	31,026,043	30,873,478	31,123,177
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs	957,158	1,292,979	1,040,032	1,202,415
Shares used in computing diluted net income per share attributable to Cimpress N.V.	31,820,497	32,319,022	31,913,510	32,325,592
Weighted average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress N.V.	—	—	—	4,582

Schedule of Prospective Adoption of New Accounting Pronouncements

The following table summarizes the impact as of and for the three and six months ended December 31, 2018 from adopting the new revenue standard as compared to the previous revenue standard:



	As reported (current revenue standard)		Current period adjustments			As adjusted (previous revenue standard)
Consolidated Statement of Operations for the Three Months Ended December 31, 2018
Marketing and selling expense (1)	$	211,963	$	12,002		$	223,965
Income tax expense	14,399		(2,623		)	11,776
Net income	69,037		(9,379		)	59,658
Consolidated Statement of Operations for the Six Months Ended December 31, 2018
Marketing and selling expense (1)	$	394,751	$	(1,973	)	$	392,778
Income tax expense	19,880		169			20,049
Net income	54,043		1,804			55,847
Consolidated Balance Sheet as of December 31, 2018
Assets
Prepaid expenses and other current assets	$	95,903	$	5,711		$	101,614
Deferred tax assets	59,336		107			59,443
Liabilities and Shareholders' Equity
Accrued expenses	$	237,564	$	(275	)	$	237,289
Deferred revenue	32,132		(103		)	32,029
Retained earnings	496,745		6,196			502,941

_____________________

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2018

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:



	December 31, 2018
	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	$	6,732		$	—	$	6,732		$	—
Currency forward contracts	16,691			—		16,691			—
Currency option contracts	4,035			—		4,035			—
Total assets recorded at fair value	$	27,458		$	—	$	27,458		$	—

Liabilities
Cross-currency swap contracts	$	(17,019	)	$	—	$	(17,019	)	$	—
Currency forward contracts	(5,527		)	—		(5,527		)	—
Total liabilities recorded at fair value	$	(22,546	)	$	—	$	(22,546	)	$	—



	June 30, 2018
	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	$	13,370		$	—	$	13,370		$	—
Currency forward contracts	9,202			—		9,202			—
Currency option contracts	1,782			—		1,782			—
Total assets recorded at fair value	$	24,354		$	—	$	24,354		$	—

Liabilities
Cross-currency swap contracts	$	(25,348	)	$	—	$	(25,348	)	$	—
Currency forward contracts	(14,201		)	—		(14,201		)	—
Currency option contracts	(85		)	—		(85		)	—
Total liabilities recorded at fair value	$	(39,634	)	$	—	$	(39,634	)	$	—

Derivative Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments



Notional Amount	Effective Date	Maturity Date	Number of Instruments	Index
$614,831	September 2017 through December 2018	Various dates through December 2020	541	Various

As of December 31, 2018, we had eight outstanding interest rate swap contracts indexed to USD LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through December 2025.



Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of December 31, 2018	$	210,000
Contracts with a future start date	170,000
Total	$	380,000

Derivative Instruments in Statement of Financial Position, Fair Value



	December 31, 2018
	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
Derivatives in cash flow hedging relationships
Interest rate swaps	Other current assets / other assets	$	6,732	$	—		$	6,732	Other current liabilities / other liabilities	$	—		$	—	$	—
Cross-currency swaps	Other current assets	—		—			—		Other current liabilities	(6,600		)	—		(6,600		)
Derivatives in net investment hedging relationships
Cross-currency swaps	Other current assets	—		—			—		Other current liabilities	(10,419		)	—		(10,419		)
Currency forward contracts	Other non-current assets	991		—			991		Other current liabilities / other liabilities	(5,458		)	—		(5,458		)
Total derivatives designated as hedging instruments		$	7,723	$	—		$	7,723		$	(22,477	)	$	—	$	(22,477	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets / other assets	$	17,216	$	(1,516	)	$	15,700	Other current liabilities / other liabilities	$	(177	)	$	108	$	(69	)
Currency option contracts	Other current assets / other assets	4,076		(41		)	4,035		Other current liabilities / other liabilities	—			—		—
Total derivatives not designated as hedging instruments		$	21,292	$	(1,557	)	$	19,735		$	(177	)	$	108	$	(69	)



	June 30, 2018
	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
Derivatives in cash flow hedging relationships
Interest rate swaps	Other non-current assets	$	13,374	$	(4	)	$	13,370	Other current liabilities / other liabilities	$	—		$	—	$	—
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(10,659		)	—		(10,659		)
Derivatives in net investment hedging relationships
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(14,689		)	—		(14,689		)
Currency forward contracts	Other non-current assets	—		—			—		Other liabilities	(13,387		)	—		(13,387		)
Total derivatives designated as hedging instruments		$	13,374	$	(4	)	$	13,370		$	(38,735	)	$	—	$	(38,735	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets / other assets	$	10,433	$	(1,231	)	$	9,202	Other current liabilities / other liabilities	$	(1,080	)	$	266	$	(814	)
Currency option contracts	Other current assets / other assets	1,782		—			1,782		Other current liabilities / other liabilities	(85		)	—		(85		)
Total derivatives not designated as hedging instruments		$	12,215	$	(1,231	)	$	10,984		$	(1,165	)	$	266	$	(899	)

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



Derivatives designated as hedging instruments	Amount of Gain (Loss) Recognized in Comprehensive Income (Loss) on Derivatives (Effective Portion)
	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(5,686	)	$	1,593		$	(4,436	)	$	1,656
Cross-currency swaps	(1,121		)	1,566			(1,761		)	5,074
Derivatives in net investment hedging relationships
Cross-currency swaps	3,225			(2,222		)	5,015			(7,345		)
Currency forward contracts	5,433			(3,148		)	7,319			(9,542		)
Total	$	1,851		$	(2,211	)	$	6,137		$	(10,157	)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss for the three and six months ended December 31, 2018 and 2017:



	Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income												Affected line item in the Statement of Operations
	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Derivatives in cash flow hedging relationships
Interest rate swaps	$	378		$	(164	)	$	209		$	(106	)	Interest expense, net
Cross-currency swaps	2,534			(1,688		)	3,774			(5,435		)	Other income (expense), net
Total before income tax	2,912			(1,852		)	3,983			(5,541		)	Income before income taxes
Income tax	(728		)	482			(996		)	1,407			Income tax expense (benefit)
Total	$	2,184		$	(1,370	)	$	2,987		$	(4,134	)

Derivatives Not Designated as Hedging Instruments



	Amount of Gain (Loss) Recognized in Net Income												Affected line item in the Statement of Operations
	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Currency contracts	$	11,171		$	(1,999	)	$	18,544		$	(10,279	)	Other income (expense), net
Interest rate swaps	(418		)	247			(214		)	278			Other income (expense), net
Total	$	10,753		$	(1,752	)	$	18,330		$	(10,001	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 815
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $3,069 for the six months ended December 31, 2018:



	Gains (losses) on cash flow hedges (1)			Translation adjustments, net of hedges (2)			Total
Balance as of June 30, 2018	$	8,195		$	(78,009	)	$	(69,814	)
Other comprehensive income (loss) before reclassifications	(6,197		)	3,702			(2,495		)
Amounts reclassified from accumulated other comprehensive loss to net income	2,987			—			2,987
Net current period other comprehensive income (loss)	(3,210		)	3,702			492
Balance as of December 31, 2018	$	4,985		$	(74,307	)	$	(69,322	)

________________________

(1) Gains (losses) on cash flow hedges include our interest rate swap and cross-currency swap contracts designated in cash flow hedging relationships.

Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The carrying amount of goodwill by reportable segment as of December 31, 2018 and June 30, 2018 was as follows:



	Vistaprint			Upload and Print			National Pen		All Other Businesses		Total
Balance as of June 30, 2018	$	146,207		$	328,771		$	34,434	$	11,431	$	520,843
Acquisitions (1)	—			2,024			—		212,768		214,792
Effect of currency translation adjustments (2)	(558		)	(7,500		)	—		—		(8,058		)
Balance as of December 31, 2018	$	145,649		$	323,295		$	34,434	$	224,199	$	727,577

_________________

(2) Related to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar.

Other Balance Sheet Components (Tables)

6 Months Ended

Dec. 31, 2018

Payables and Accruals [Abstract]

Accrued expenses

Accrued expenses included the following:



	December 31, 2018		June 30, 2018
Compensation costs	$	54,779	$	57,024
Income and indirect taxes (1)	58,506		33,557
Advertising costs (1)	43,824		28,140
Production costs (1)	14,029		8,903
Shipping costs (1)	9,204		5,241
Sales returns	6,501		5,076
Purchases of property, plant and equipment	2,675		4,489
Professional fees	2,195		3,802
Interest payable	1,758		1,653
Other	44,093		38,776
Total accrued expenses	$	237,564	$	186,661

_______________________

(1) The increase in income and indirect taxes, advertising, production, and shipping costs is due to increased sales volumes during our peak holiday season in the second quarter of our fiscal year.

Other Current Liabilities

Other current liabilities included the following:



	December 31, 2018		June 30, 2018
Short-term derivative liabilities	$	20,069	$	31,054
Current portion of lease financing obligation	12,569		12,569
Current portion of capital lease obligations	10,837		10,747
Other	3,167		601
Total other current liabilities	$	46,642	$	54,971

Other Liabilities

Other liabilities included the following:



	December 31, 2018		June 30, 2018
Long-term capital lease obligations	$	17,490	$	16,883
Long-term derivative liabilities	4,143		10,080
Mandatorily redeemable noncontrolling interest (1)	5,178		4,366
Other (2)	40,636		38,195
Total other liabilities	$	67,447	$	69,524

_______________________

(1) Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. Refer to Note 12 for additional details.

Debt (Tables)

6 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Debt



	December 31, 2018			June 30, 2018
Senior secured credit facility	$	650,107		$	432,414
7.0% Senior unsecured notes due 2026	400,000			400,000
Other	10,214			7,015
Debt issuance costs and debt discounts	(11,872		)	(12,585		)
Total debt outstanding, net	1,048,449			826,844
Less: short-term debt (1)	46,549			59,259
Long-term debt	$	1,001,900		$	767,585

_____________________

(1) Balances as of December 31, 2018 and June 30, 2018 are inclusive of short-term debt issuance costs and debt discounts of $2,047 and $2,012, respectively.

Noncontrolling interests (Tables)

6 Months Ended

Dec. 31, 2018

Noncontrolling Interest [Line Items]

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block]

The following table presents the reconciliation of changes in our noncontrolling interests:



	Redeemable noncontrolling interests			Noncontrolling interest
Balance as of June 30, 2018	$	86,151		$	285
Acquisition of noncontrolling interest (1)	9,061			—
Reclassification to redeemable noncontrolling interest (2)	308			(308		)
Accretion to redemption value recognized in retained earnings (3)	7,133			—
Net loss attributable to noncontrolling interest	(326		)	(6		)
Distribution to noncontrolling interest	(3,375		)	—
Purchase of noncontrolling interests (4)	(41,177		)	—
Shares forfeited by noncontrolling interest	(591		)	—
Foreign currency translation	(3,813		)	29
Balance as of December 31, 2018	$	53,371		$	—

___________________

(1) Includes the noncontrolling interests related to our VIDA and BuildASign acquisitions. Refer to Note 7 for additional details.

(4) During the second quarter of fiscal 2019, we purchased the WIRmachenDRUCK noncontrolling interest for $41,177.

Segment Information (Tables)

6 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Segment Reporting, Revenue Reconciling Item [Line Items]

Reconciliation of Revenue from Segments to Consolidated

The following tables set forth revenue by reportable segments, as well as disaggregation of revenue by major geographic regions and reportable segments.



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Revenue:
Vistaprint (1)	$	434,326		$	428,908		$	771,255		$	747,951
Upload and Print (2)	203,799			192,527			375,964			352,917
National Pen (3)	132,951			126,098			198,922			185,815
All Other Businesses (4)	61,827			20,994			80,715			49,048
Total segment revenue	832,903			768,527			1,426,856			1,335,731
Inter-segment eliminations	(7,336		)	(6,473		)	(12,308		)	(10,393		)
Total consolidated revenue	$	825,567		$	762,054		$	1,414,548		$	1,325,338

_____________________

Disaggregation of Revenue



	Three Months Ended December 31, 2018
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	279,769		$	—		$	57,348		$	47,447		$	384,564
Europe	129,932			203,262			62,473			799			396,466
Other	21,076			—			12,376			11,085			44,537
Inter-segment	3,549			537			754			2,496			7,336
Total segment revenue	434,326			203,799			132,951			61,827			832,903
Less: inter-segment elimination	(3,549		)	(537		)	(754		)	(2,496		)	(7,336		)
Total external revenue	$	430,777		$	203,262		$	132,197		$	59,331		$	825,567



	Six Months Ended December 31, 2018
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	520,854		$	—		$	95,906		$	54,211		$	670,971
Europe	205,931			375,236			83,509			1,470			666,146
Other	38,205			—			18,003			21,223			77,431
Inter-segment	6,265			728			1,504			3,811			12,308
Total segment revenue	771,255			375,964			198,922			80,715			1,426,856
Less: inter-segment elimination	(6,265		)	(728		)	(1,504		)	(3,811		)	(12,308		)
Total external revenue	$	764,990		$	375,236		$	197,418		$	76,904		$	1,414,548



	Three Months Ended December 31, 2017
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	271,547		$	1,079		$	55,286		$	4,722		$	332,634
Europe	131,977			190,968			60,820			518			384,283
Other	22,581			—			8,968			13,588			45,137
Inter-segment	2,803			480			1,024			2,166			6,473
Total segment revenue	428,908			192,527			126,098			20,994			768,527
Less: inter-segment elimination	(2,803		)	(480		)	(1,024		)	(2,166		)	(6,473		)
Total external revenue	$	426,105		$	192,047		$	125,074		$	18,828		$	762,054



	Six Months Ended December 31, 2017
	Vistaprint			Upload and Print			National Pen			All Other			Total
North America	$	494,359		$	2,095		$	90,287		$	8,920		$	595,661
Europe	208,173			350,014			80,278			13,675			652,140
Other	40,413			—			13,780			23,344			77,537
Inter-segment	5,006			808			1,470			3,109			10,393
Total segment revenue	747,951			352,917			185,815			49,048			1,335,731
Less: inter-segment elimination	(5,006		)	(808		)	(1,470		)	(3,109		)	(10,393		)
Total external revenue	$	742,945		$	352,109		$	184,345		$	45,939		$	1,325,338

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table includes segment profit (loss) by reportable segment, total income from operations and total income before income taxes.



	Three Months Ended December 31,						Six Months Ended December 31,
	2018			2017			2018			2017
Segment profit (loss):
Vistaprint	$	83,788		$	99,049		$	131,052		$	129,944
Upload and Print	22,454			22,470			38,633			37,238
National Pen (1)	24,862			17,645			6,826			18,830
All Other Businesses	(7,582		)	(8,566		)	(17,153		)	(16,117		)
Total segment profit	123,522			130,598			159,358			169,895
Central and corporate costs	(15,908		)	(33,410		)	(48,041		)	(61,667		)
Acquisition-related amortization and depreciation	(14,913		)	(12,613		)	(26,283		)	(25,300		)
Earn-out related charges (2)	—			(1,254		)	—			(2,391		)
Share-based compensation related to investment consideration	(2,893		)	(1,007		)	(2,893		)	(1,047		)
Restructuring-related charges	(1,026		)	(11,501		)	(1,196		)	(12,355		)
Interest expense for Waltham, MA lease	1,833			1,896			3,682			3,807
Gain on the purchase or sale of subsidiaries (3)	—			—			—			48,380
Total income from operations	90,615			72,709			84,627			119,322
Other income (expense), net	9,629			(7,732		)	19,881			(24,044		)
Interest expense, net	(16,808		)	(12,529		)	(30,585		)	(25,611		)
Income before income taxes	$	83,436		$	52,448		$	73,923		$	69,667

___________________

(2) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment.

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
Depreciation and amortization:
Vistaprint	$	16,134	$	15,709	$	31,868	$	32,483
Upload and Print	13,350		15,005		27,494		29,725
National Pen	5,319		5,275		10,443		10,370
All Other Businesses	6,482		2,156		8,652		4,443
Central and corporate costs	3,217		3,154		6,763		6,662
Total depreciation and amortization	$	44,502	$	41,299	$	85,220	$	83,683



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
Purchases of property, plant and equipment:
Vistaprint	$	9,322	$	10,835	$	21,232	$	24,499
Upload and Print	3,434		5,733		7,159		8,991
National Pen	2,308		1,219		7,035		3,708
All Other Businesses	2,418		308		2,849		979
Central and corporate costs	259		122		492		497
Total purchases of property, plant and equipment	$	17,741	$	18,217	$	38,767	$	38,674



	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
Capitalization of software and website development costs:
Vistaprint	$	5,833	$	5,507	$	12,615	$	11,080
Upload and Print	1,220		1,016		2,002		1,790
National Pen	576		367		1,476		367
All Other Businesses	1,246		400		1,812		1,368
Central and corporate costs	1,813		1,890		4,016		3,509
Total capitalization of software and website development costs	$	10,688	$	9,180	$	21,921	$	18,114

Revenues and long-lived assets by geographic area

The following table sets forth long-lived assets by geographic area:



	December 31, 2018		June 30, 2018
Long-lived assets (1):
Netherlands	$	101,428	$	109,556
Canada	78,171		81,334
United States	58,234		45,709
Switzerland	55,468		52,523
Italy	44,097		42,514
Jamaica	22,132		21,720
Australia	21,697		22,418
France	21,194		20,131
Japan	18,209		19,117
Other	70,859		67,842
Total	$	491,489	$	482,864

___________________

Restructuring Charges (Tables)

6 Months Ended

Dec. 31, 2018

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs

The following table summarizes the restructuring activity during the six months ended December 31, 2018:



	Severance and Related Benefits			Other Restructuring Costs			Total
Accrued restructuring liability as of June 30, 2018	$	1,385		$	2		$	1,387
Restructuring charges	1,196			—			1,196
Cash payments	(1,654		)	(2		)	(1,656		)
Accrued restructuring liability as of December 31, 2018	$	927		$	—		$	927

Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Jul. 01, 2018

Jun. 30, 2018

Foreign Currency Transaction Gain (Loss), Realized

^[1]

$ (1,023)

$ (6,449)

$ 1,074

$ (14,652)

Other Nonoperating Gains (Losses)

(519)

469

263

609

Other (expense) income, net

$ 9,629

$ (7,732)

$ 19,881

$ (24,044)

Weighted average shares outstanding — basic

30,863,339

31,026,043

30,873,478

31,123,177

Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements

957,158

1,292,979

1,040,032

1,202,415

Weighted average shares outstanding — diluted

31,820,497

32,319,022

31,913,510

32,325,592

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount

4,582

Property, plant and equipment, net

$ 495,107

$ 483,664

Treasury Stock, Shares, Acquired

117,552

574,264

Payments for Repurchase of Common Stock

$ 14,043

$ 55,139

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

10,753

$ (1,752)

^[2]

18,330

(10,001)

^[2]

Build-to-Suit [Member]

Property, plant and equipment, net

116,089

111,926

Other Liabilities

119,540

$ 115,312

Deferred Tax Assets [Member]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

$ 595

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

107

Retained Earnings [Member]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

(3,246)

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

6,196

Prepaid Expenses and Other Current Assets [Member]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

3,738

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

5,711

Deferred Revenue [Member]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

$ 103

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

103

Foreign Exchange Forward [Member]

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

11,171

(1,999)

18,544

^[2]

(10,279)

Cross Currency Interest Rate Contract [Member]

Unrealized Gain (Loss) on Cash Flow Hedging Instruments

2,080

$ 2,016

1,243

$ 6,126

Income Taxes [Member]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

$ (2,623)

$ 169

[1]

We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the three and six months ended December 31, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized gains related to cross-currency swaps were $2,080 and $1,243 for the three and six months ended December 31, 2018, respectively, as compared to unrealized losses of $2,016 and $6,126 for the three and six months ended December 31, 2017, respectively.

[2]

Primarily relates to both realized and unrealized gains (losses) on derivative currency forward and option contracts not designated as hedging instruments.

Summary of Significant Accounting Policies Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		15 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Change in Accounting Estimate [Line Items]
Share-based compensation expense	$ (2,720)	$ 13,314	$ 6,196	$ 20,226
Supplemental Performance Share Units [Member]
Change in Accounting Estimate [Line Items]
Share-based compensation expense					$ 15,397

Summary of Significant Accounting Policies Revenue, initial Application Period Cumulative Effect Transition (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Jul. 01, 2018

Jun. 30, 2018

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Prepaid expenses and other current assets

^[1]

$ 211,963

$ 200,785

$ 394,751

$ 366,878

Income tax expense

14,399

21,825

19,880

15,638

Net income

69,037

$ 30,623

54,043

$ 54,029

95,903

$ 75,108

$ 78,846

Deferred tax assets

59,336

67,682

67,087

Accrued expenses

237,564

186,661

Deferred Revenue

27,800

27,697

Retained earnings

496,745

449,510

452,756

Deferred Revenue, Current

32,132

$ 27,697

Accounting Standards Update 2014-09 [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Prepaid expenses and other current assets

223,965

392,778

Income tax expense

11,776

20,049

Net income

59,658

55,847

101,614

59,443

237,289

32,029

502,941

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

(12,002)

1,973

Marketing and selling expense | Retained Earnings [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

(3,738)

Income Taxes [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

2,623

(169)

Net Loss [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

$ 9,379

(1,804)

Prepaid Expenses and Other Current Assets [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

(3,738)

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

(5,711)

Deferred Tax Assets [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

(595)

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

(107)

Deferred Revenue [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

(103)

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

(103)

Accrued Liabilities [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

275

Retained Earnings [Member]

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets

$ 3,246

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

$ (6,196)

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

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 1,048,449	$ 826,844
Debt Instrument, Fair Value Disclosure	1,048,771	847,520
Total debt, Gross [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, Long-term and Short-term, Combined Amount	1,060,321	839,429
Fair value, recurring measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	27,458	24,354
Financial and Nonfinancial Liabilities, Fair Value Disclosure	22,546	39,634
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	6,732	13,370
Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(17,019)	(25,348)
Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	16,691	9,202
Derivative Liability	(5,527)	(14,201)
Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,035	1,782
Derivative Liability		(85)
Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	21,292	12,215
Derivative Liability		(899)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	17,216	10,433
Foreign Currency Contract, Asset, Fair Value Disclosure	15,700	9,202
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,076	1,782
Derivative Liability	0	(85)
Foreign Currency Contract, Asset, Fair Value Disclosure	4,035	1,782
Fair Value, Inputs, Level 2 [Member] \| Fair value, recurring measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	27,458	24,354
Financial and Nonfinancial Liabilities, Fair Value Disclosure	22,546	39,634
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	6,732	13,370
Fair Value, Inputs, Level 2 [Member] \| Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(17,019)	(25,348)
Fair Value, Inputs, Level 2 [Member] \| Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	16,691
Derivative Liability	$ (5,527)	$ (14,201)

Derivative Financial Instruments (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2018

USD ($)

instrument

Dec. 31, 2017

USD ($)

Dec. 31, 2018

USD ($)

instrument

Dec. 31, 2017

USD ($)

instrument

Jun. 30, 2018

USD ($)

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

$ 10,753

$ (1,752)

^[1]

$ 18,330

$ (10,001)

^[1]

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

1,851

(2,211)

6,137

$ (10,157)

Foreign Exchange Option [Member]

4,035

$ 1,782

Interest Rate Swap [Member]

(85)

Derivative, Number of Ineffective Instruments Held | instrument

6,732

$ 6,732

13,370

Notional Amount of Interest Rate Derivatives

210,000

$ 210,000

Notional value of contracts with future start date

170,000

Total current and future notional amount

$ 380,000

Derivative, Number of Instruments Held | instrument

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

$ (418)

247

$ (214)

$ 278

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

1,446

Foreign Exchange Forward [Member]

Derivative, Number of Instruments Held | instrument

$ 614,831

541

Derivative, Underlying Basis

Various

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

$ 11,171

(1,999)

$ 18,544

^[1]

(10,279)

Currency Swap [Member]

16,691

9,202

Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value

(5,527)

(14,201)

$ (6,600)

Derivative, Number of Instruments Held | instrument

Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months

$ 1,068

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

$ (1,121)

1,566

(1,761)

5,074

Interest Expense [Member] | Interest Rate Swap [Member]

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

(5,686)

1,593

(4,436)

1,656

Fair value, recurring measurements [Member] | Foreign Exchange Forward [Member]

Foreign Currency Contracts, Liability, Fair Value Disclosure

(69)

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Expense [Member] | Interest Rate Swap [Member]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

378

(164)

209

(106)

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Other Income [Member] | Currency Swap [Member]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

2,534

1,688

3,774

(5,435)

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

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

(2,184)

1,370

(2,987)

4,134

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

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

2,912

(1,852)

3,983

(5,541)

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

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net

728

(482)

(996)

1,407

Cash Flow Hedging [Member] | Currency Swap [Member]

Net Investment Hedging [Member] | Currency Swap [Member]

120,011

Derivative, Number of Instruments Held | instrument

$ 122,969

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

$ 3,225

(2,222)

$ 5,015

(7,345)

Net Investment Hedging [Member] | Forward Contracts [Member]

Derivative, Number of Instruments Held | instrument

$ 181,344

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax

$ 5,433

$ (3,148)

$ 7,319

$ (9,542)

Designated as Hedging Instrument [Member]

7,723

13,374

(4)

(22,477)

(38,735)

Interest Rate Cash Flow Hedge Asset at Fair Value

(22,477)

(38,735)

7,723

13,370

Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]

6,732

13,374

(4)

Interest Rate Cash Flow Hedge Liability at Fair Value

Interest Rate Cash Flow Hedge Asset at Fair Value

6,732

13,370

Designated as Hedging Instrument [Member] | Currency Swap [Member]

(6,600)

(10,659)

Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value

(10,659)

Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Currency Swap [Member]

(10,419)

(14,689)

Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value

(10,419)

(14,689)

Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Forward Contracts [Member]

991

(5,458)

(13,387)

Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value

(5,458)

(13,387)

Not Designated as Hedging Instrument [Member]

21,292

12,215

(1,557)

1,231

(177)

(1,165)

108

266

Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member]

(899)

Derivative Asset

19,735

10,984

4,076

1,782

(85)

Foreign Currency Contract, Asset, Fair Value Disclosure

(85)

4,035

1,782

Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member]

17,216

10,433

(1,516)

1,231

(177)

(1,080)

Derivative, Net Liability Position, Aggregate Fair Value

108

266

(814)

Foreign Currency Contract, Asset, Fair Value Disclosure

15,700

$ 9,202

Foreign Currency Contracts, Liability, Fair Value Disclosure

$ (69)

Minimum [Member] | Interest Rate Swap [Member]

Minimum [Member] | Foreign Exchange Forward [Member]

Jun. 30, 2019

Minimum [Member] | Currency Swap [Member]

Jun. 28, 2019

Maximum [Member] | Interest Rate Swap [Member]

Apr. 01, 2019

Maximum [Member] | Foreign Exchange Forward [Member]

Dec. 31, 2025

Maximum [Member] | Currency Swap [Member]

Oct. 13, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

Jun. 30, 2019

[1]	Primarily relates to both realized and unrealized gains (losses) on derivative currency forward and option contracts not designated as hedging instruments.

Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

6 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Jun. 30, 2018

Accumulated other comprehensive income (loss), tax

$ (3,069)

Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)

9,681

$ (22,014)

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Accumulated other comprehensive loss

(69,322)

$ (69,814)

Other comprehensive income (loss) before reclassifications

(2,495)

Amounts reclassified from accumulated other comprehensive loss to net (loss) income

(2,987)

Net current period other comprehensive income (loss)

492

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Accumulated other comprehensive loss

4,985

8,195

Other comprehensive income (loss) before reclassifications

(6,197)

Amounts reclassified from accumulated other comprehensive loss to net (loss) income

(2,987)

Net current period other comprehensive income (loss)

(3,210)

Accumulated Translation Adjustment [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Accumulated other comprehensive loss

(74,307)

$ (78,009)

^[1]

Other comprehensive income (loss) before reclassifications

3,702

Amounts reclassified from accumulated other comprehensive loss to net (loss) income

Net current period other comprehensive income (loss)

$ 3,702

[1]	As of December 31, 2018 and June 30, 2018, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $9,681 and $22,014, respectively, net of tax, have been included in accumulated other comprehensive loss.

Business Combinations (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Oct. 01, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Jul. 02, 2018
Business Acquisition [Line Items]
Goodwill, Acquired During Period			$ 214,792
Business Combination, Indemnification Assets, Amount as of Acquisition Date	$ 5,500
BuildASign LLC [Domain]
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue			1,446,678	$ 1,387,578
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	4,093
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	$ 1,107
Business Acquisition, Percentage of Voting Interests Acquired	99.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	1.00%
Business Combination, Consideration Transferred	$ 275,079
Goodwill, Acquired During Period	186,570
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	(3,356)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability	10,106
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed		$ 1,047	1,140
Payments to Acquire Businesses, Gross	275,079
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(12,839)
Other current liabilities	(2,658)
Long-term liabilities	(3,949)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	510
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(3,369)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	12,080
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	6,937
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	1,023
Business Acquisition, Pro Forma Net Income (Loss)			48,806	$ 46,440
BuildASign LLC [Domain] \| Trade Names [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 47,600
BuildASign LLC [Domain] \| Trade Names [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
BuildASign LLC [Domain] \| Trade Names [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
BuildASign LLC [Domain] \| Developed Technology Rights [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 28,900
BuildASign LLC [Domain] \| Developed Technology Rights [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
BuildASign LLC [Domain] \| Developed Technology Rights [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years
BuildASign LLC [Domain] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 12,430
BuildASign LLC [Domain] \| Customer Relationships [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
BuildASign LLC [Domain] \| Customer Relationships [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
VIDA Group Co. [Domain]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired					73.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					27.00%
Business Combination, Consideration Transferred		$ 19,897
Goodwill, Acquired During Period			$ 26,198
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net					$ 647
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value					$ (5,705)

Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Goodwill, Beginning Balance			$ 520,843
Goodwill, Acquired During Period			214,792
Effect of Currency Translation Adjustments			(8,058)
Ending Balance	$ 727,577		727,577
Amortization of acquired intangible assets	14,846	$ 12,558	26,147	$ 25,191
Vistaprint Business Unit [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance			146,207
Goodwill, Acquired During Period			0
Effect of Currency Translation Adjustments			(558)
Ending Balance	145,649		145,649
Upload and Print Business Units [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance			328,771
Goodwill, Acquired During Period			2,024
Effect of Currency Translation Adjustments			(7,500)
Ending Balance	323,295		323,295
National Pen CO. LLC [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance			34,434
Goodwill, Acquired During Period			0
Effect of Currency Translation Adjustments			0
Ending Balance	34,434		34,434
All Other Business Units [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance			11,431
Goodwill, Acquired During Period			212,768
Effect of Currency Translation Adjustments			0
Ending Balance	$ 224,199		$ 224,199

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Schedule of other current liabilities [Line Items]
Compensation costs	$ 54,779	$ 57,024
Income and indirect taxes	58,506	33,557
Accrued Advertising	43,824	28,140
Shipping costs	9,204	5,241
Sales returns	6,501	5,076
Production costs	14,029	8,903
Interest Payable	1,758	1,653
Purchases of property, plant and equipment	2,675	4,489
Professional costs	2,195	3,802
Other	44,093	38,776
Accrued Liabilities	$ 237,564	$ 186,661

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jun. 30, 2018
Schedule of other current liabilities [Line Items]
Lease financing obligation, short-term portion	$ 12,569	$ 12,569
Derivative Liability, Current	20,069	31,054
Capital Lease Obligations, Current	10,837	10,747
Other Liabilities, Current	46,642	54,971
Other Current Liabilities [Member]
Schedule of other current liabilities [Line Items]
Other Liabilities, Current	$ 3,167	$ 601

Other Balance Sheet Components Other liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2018

Jun. 30, 2018

Dec. 31, 2017

Schedule of other liabilities [Line Items]

Derivative Liability, Noncurrent

$ 4,143

$ 10,080

Capital Lease Obligations, Noncurrent

17,490

16,883

Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Share Value, Amount, Noncurrent

^[1]

5,178

4,366

Other Liabilities, Noncurrent

67,447

69,524

Deferred Compensation Share-based Arrangements, Liability, Classified, Noncurrent

18,371

15,464

$ 1,007

Other Noncurrent Liabilities [Member]

Schedule of other liabilities [Line Items]

Other Liabilities, Noncurrent

^[2]

$ 40,636

$ 38,195

[1]	Relates to the mandatorily redeemable noncontrolling interest of Printi LLC. Refer to Note 12 for additional details.
[2]	As of December 31, 2018 and June 30, 2018, other liabilities includes $18,371 and $15,464, respectively, of share-based compensation awards associated with our investment in Printi LLC. Refer to Note 12 for additional details.

Debt (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 15, 2018

Dec. 31, 2018

Jan. 07, 2019

Jun. 30, 2018

Jun. 14, 2018

Debt, Long-term and Short-term, Combined Amount

$ 1,048,449

$ 826,844

Other Long-term Debt

10,214

7,015

Short-term debt

46,549

59,259

Long-term debt

$ 1,001,900

767,585

Description of variable rate basis

LIBOR

Debt Instrument, Unamortized Discount

$ (11,872)

(12,585)

^[1]

Line of Credit [Member]

Debt Instrument, Unamortized Discount

(2,047)

(2,012)

Revolving Credit Facility [Member]

Debt, Long-term and Short-term, Combined Amount

650,107

432,414

Line of Credit [Member]

Line of Credit Facility, Current Borrowing Capacity

$ 1,113,172

Line of Credit [Member] | Subsequent Event [Member]

Line of Credit Facility, Maximum Borrowing Capacity after Jan 7, 2019 Amendment

$ 1,613,172

Line of Credit [Member] | Minimum [Member]

Commitment fee (percentage)

Basis spread on LIBOR

1.375%

0.225%

Line of Credit [Member] | Maximum [Member]

Commitment fee (percentage)

Basis spread on LIBOR

2.00%

0.35%

Revolving Loan, Maturity June 14, 2023

Weighted average interest rate

3.91%

Senior Notes due 2022 [Member]

Senior Notes due 2026 [Member]

Senior Notes

$ 400,000

Proceeds from Issuance of Private Placement

Senior Notes

$ 400,000

$ 400,000

Debt Instrument, Interest Rate, Stated Percentage

7.00%

Term Loan [Domain] | Line of Credit [Member]

Line of Credit Facility, Current Borrowing Capacity

$ 273,750

Term Loan [Domain] | Line of Credit [Member] | Subsequent Event [Member]

Line of Credit Facility, Maximum Borrowing Capacity after Jan 7, 2019 Amendment

525,915

Revolving Loan, Maturity June 14, 2023

Line of Credit Facility, Maximum Borrowing Capacity after June 14, 2018 Amendment

$ 839,422

Revolving Loan, Maturity June 14, 2023 | Subsequent Event [Member]

Line of Credit Facility, Maximum Borrowing Capacity after Jan 7, 2019 Amendment

$ 1,087,257

Redemption Any Time Prior to April 1, 2018 | Senior Notes due 2026 [Member]

Debt Instrument, Redemption Price, Percentage

107.00%

Redemption Any Time Prior to April 1, 2018 - Percentage of Aggregate Outstanding Principal | Senior Notes due 2026 [Member]

Debt Instrument, Redemption Price, Percentage

100.00%

Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed

40.00%

[1]	Balances as of December 31, 2018 and June 30, 2018 are inclusive of short-term debt issuance costs and debt discounts of $2,047 and $2,012, respectively.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Income Tax Expense (benefit)	$ 14,399	$ 21,825	$ 19,880	$ 15,638
Unrecognized Tax Benefits	5,552		5,552
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	552		552
Tax Cuts and Jobs Act of 2017 [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Expense (benefit)	5,574	$ 4,701
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits	800		800
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits	1,000		$ 1,000
ITALY
Operating Loss Carryforwards [Line Items]
Income Tax Expense (benefit)	$ 3,547

Noncontrolling interests (Details) € in Thousands			3 Months Ended		6 Months Ended
Noncontrolling interests (Details) € in Thousands	Dec. 20, 2018 USD ($)	Dec. 20, 2018 EUR (€)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 EUR (€)	Jul. 02, 2018	Jun. 30, 2018 USD ($)	Apr. 15, 2015
Noncontrolling Interest [Line Items]
Proceeds from Noncontrolling Interests					$ 0	$ 35,390,000
Stockholders' Equity Attributable to Noncontrolling Interest			$ 0		0				$ 285,000
Net Income (Loss) Attributable to Noncontrolling Interest			23,000	$ 688,000	(332,000)	731,000
Distribution to noncontrolling interest					(3,375,000)	$ 0
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest					(3,813,000)
Temporary Equity, Accretion to Redemption Value					813
WIRmachenDRUCK GmbH [Member]
Noncontrolling Interest [Line Items]
Payments for Repurchase of Redeemable Noncontrolling Interest	$ (41,177,000)	€ (36,173)
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	12.00%	12.00%
Distribution to noncontrolling interest					(3,375,000)
Temporary Equity, Accretion to Redemption Value					7,133,000
Exagroup SAS [Member]
Noncontrolling Interest [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired										70.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners										30.00%
Redeemable Noncontrolling Interest, Equity, Other, Redemption Value \| €							€ 39,000
VIDA Group Co. [Domain]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Period Increase (Decrease)					(591,000)
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest			0		0				285,000
Net Income (Loss) Attributable to Noncontrolling Interest					(6,000)
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest					29,000
Reclassification to redeemable noncontrolling interest					(308,000)
Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest			$ 53,371,000		53,371,000				$ 86,151,000
Net Income (Loss) Attributable to Noncontrolling Interest					(326,000)
Proceeds from Contributions from Affiliates					9,061,000
Temporary Equity, Accretion to Redemption Value					$ 308,000
VIDA Group Co. [Domain]
Noncontrolling Interest [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired								73.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners								27.00%

Variable Interest Entity (Details) - USD ($) $ in Thousands	6 Months Ended
Variable Interest Entity (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
Variable Interest Entity [Line Items]
Liability equity award, fair value	$ 5,178		$ 4,366
Liability equity award, expense recognized during period	2,904	$ 1,047
Loans to employee	24,000
Due from Employees, Noncurrent	$ 23,167		$ 22,234
Interest rate on loan receivable	8.50%
Printi LLC [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Ownership Percentage	53.69%

Segment Information (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Jul. 01, 2018

USD ($)

Jun. 30, 2018

USD ($)

$ 90,615

$ 72,709

$ 84,627

$ 119,322

^[1]

(211,963)

(200,785)

(394,751)

(366,878)

Number of Reportable Segments

10,688

9,180

$ 21,921

18,114

Change in contingent earn-out liability

(825,567)

(762,054)

$ (1,414,548)

(1,325,338)

1,774

2,720

(13,314)

(6,196)

(20,226)

Equity Method Investment, Realized Gain (Loss) on Disposal

^[1]

(1,026)

(11,501)

(1,196)

(12,355)

^[2]

48,380

Other (expense) income, net

159,358

169,895

9,629

(7,732)

19,881

(24,044)

Interest expense, net

(16,808)

(12,529)

(30,585)

(25,611)

Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest

83,436

52,448

73,923

69,667

17,741

18,217

38,767

38,674

^[3]

491,489

$ 482,864

Deferred tax assets

59,336

$ 67,682

67,087

Property, plant and equipment, net

727,577

520,843

Intangible assets, net

290,242

230,201

495,107

483,664

44,502

41,299

85,220

83,683

North America [Member]

(384,564)

(332,634)

(670,971)

(595,661)

Canada [Member]

78,171

81,334

Netherlands [Member]

101,428

109,556

Switzerland

55,468

52,523

Australia [Member]

21,697

22,418

Jamaica [Member]

22,132

21,720

FRANCE

21,194

20,131

ITALY

44,097

42,514

JAPAN

18,209

19,117

Other

(44,537)

(45,137)

(77,431)

(77,537)

70,859

67,842

UNITED STATES

58,234

45,709

Europe [Member]

(396,466)

(384,283)

(666,146)

(652,140)

Waltham Lease [Member]

Vistaprint Business Unit [Member]

Interest Expense

3,682

3,807

5,833

5,507

12,615

11,080

(430,777)

(426,105)

(764,990)

(742,945)

131,052

129,944

9,322

10,835

21,232

24,499

145,649

146,207

Vistaprint Business Unit [Member] | North America [Member]

(16,134)

(15,709)

(31,868)

(32,483)

Vistaprint Business Unit [Member] | Other

(279,769)

(520,854)

(494,359)

Vistaprint Business Unit [Member] | Europe [Member]

(21,076)

(38,205)

(40,413)

Upload and Print Business Units [Member]

(129,932)

(205,931)

(208,173)

1,220

1,016

2,002

1,790

(203,262)

(192,047)

(375,236)

(352,109)

38,633

37,238

3,434

5,733

7,159

8,991

323,295

328,771

Upload and Print Business Units [Member] | North America [Member]

(13,350)

(15,005)

(27,494)

(29,725)

Upload and Print Business Units [Member] | Europe [Member]

(2,095)

National Pen CO. LLC [Member]

(203,262)

(375,236)

(350,014)

576

367

1,476

367

(132,197)

(125,074)

(197,418)

(184,345)

6,826

18,830

2,308

1,219

7,035

3,708

34,434

National Pen CO. LLC [Member] | North America [Member]

(5,319)

(5,275)

(10,443)

(10,370)

National Pen CO. LLC [Member] | Other

(57,348)

(95,906)

(90,287)

National Pen CO. LLC [Member] | Europe [Member]

(12,376)

(18,003)

(13,780)

All Other Business Units [Member]

(62,473)

(83,509)

(80,278)

1,246

400

1,812

1,368

(59,331)

(18,828)

(76,904)

(45,939)

(17,153)

(16,117)

2,418

308

2,849

979

224,199

$ 11,431

All Other Business Units [Member] | North America [Member]

(6,482)

(2,156)

(8,652)

(4,443)

All Other Business Units [Member] | Other

(47,447)

(54,211)

(8,920)

All Other Business Units [Member] | Europe [Member]

(11,085)

(21,223)

(23,344)

Corporate, Non-Segment [Member]

(799)

(1,470)

(13,675)

(15,908)

(33,410)

1,813

1,890

4,016

3,509

(48,041)

(61,667)

259

122

492

497

(3,217)

(3,154)

(6,763)

(6,662)

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

1,877

(1,858)

514

(2,843)

12,002

(1,973)

Marketing and selling expense | National Pen CO. LLC [Member]

New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification

(12,002)

1,973

Share-based compensation related to investment consideration [Member]

14,913

12,613

26,283

25,300

(2,893)

(1,007)

(2,893)

(1,047)

(506)

(609)

Change in fair value of contingent consideration [Member]

(1,026)

(11,501)

(1,196)

(12,355)

Change in contingent earn-out liability

(1,254)

(2,391)

Waltham Lease [Member]

Operating Segments [Member]

Interest Expense

1,833

1,896

123,522

130,598

Operating Segments [Member] | Vistaprint Business Unit [Member]

(832,903)

(768,527)

(1,426,856)

(1,335,731)

83,788

99,049

Operating Segments [Member] | Vistaprint Business Unit [Member] | North America [Member]

(434,326)

^[4]

(428,908)

^[4]

(771,255)

(747,951)

Operating Segments [Member] | Vistaprint Business Unit [Member] | Other

(271,547)

Operating Segments [Member] | Vistaprint Business Unit [Member] | Europe [Member]

(22,581)

Operating Segments [Member] | Upload and Print Business Units [Member]

(131,977)

22,454

22,470

Operating Segments [Member] | Upload and Print Business Units [Member] | North America [Member]

^[5]

(203,799)

(192,527)

(375,964)

(352,917)

Operating Segments [Member] | Upload and Print Business Units [Member] | Europe [Member]

(1,079)

Operating Segments [Member] | National Pen CO. LLC [Member]

(190,968)

24,862

17,645

Operating Segments [Member] | National Pen CO. LLC [Member] | North America [Member]

^[6]

(132,951)

(126,098)

(198,922)

(185,815)

Operating Segments [Member] | National Pen CO. LLC [Member] | Other

(55,286)

Operating Segments [Member] | National Pen CO. LLC [Member] | Europe [Member]

(8,968)

Operating Segments [Member] | All Other Business Units [Member]

(60,820)

(7,582)

(8,566)

Operating Segments [Member] | All Other Business Units [Member] | North America [Member]

^[7]

(61,827)

(20,994)

(80,715)

(49,048)

Operating Segments [Member] | All Other Business Units [Member] | Other

(4,722)

Operating Segments [Member] | All Other Business Units [Member] | Europe [Member]

(13,588)

Intersegment Eliminations [Member]

(518)

Intersegment Eliminations [Member] | Vistaprint Business Unit [Member]

(7,336)

(6,473)

(12,308)

(10,393)

Intersegment Eliminations [Member] | Upload and Print Business Units [Member]

(3,549)

(2,803)

(6,265)

(5,006)

Intersegment Eliminations [Member] | National Pen CO. LLC [Member]

(537)

(480)

(728)

(808)

Intersegment Eliminations [Member] | All Other Business Units [Member]

(754)

(1,024)

(1,504)

(1,470)