0001262976-21-000030 | 10-Q | XBRL Viewer

Cover Page - € / shares	9 Months Ended
Cover Page - € / shares	Mar. 31, 2021	Apr. 26, 2021	Jun. 30, 2020
Cover [Abstract]
Title of 12(b) Security	Ordinary Shares, nominal value of €0.01 per share
Document Type	10-Q
Document Quarterly Report	true
Document period end date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-51539
Entity registrant name	Cimpress plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-0417483
Entity Address, Address Line Two	Building D
Entity Address, Address Line One	Xerox Technology Park
Entity Address, Postal Zip Code	A91 H9N9
Entity Address, City or Town	Dundalk, Co. Louth
Entity Address, Country	IE
City Area Code	353
Local Phone Number	42 938 8500
Title of 12(b) Security	€ 0.01		€ 0.01
Trading Symbol	CMPR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity filer category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity common stock, shares outstanding		26,033,704
Entity central index key	0001262976
Amendment flag	false
Document fiscal year focus	2021
Document fiscal period focus	Q3
Current fiscal year end date	--06-30
Document Information [Line Items]
Document period end date	Mar. 31, 2021
Entity registrant name	Cimpress plc
Current fiscal year end date	--06-30

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 36,364	$ 45,021
Accounts receivable, net of allowances of $10,103 and $9,651, respectively	45,365	34,596
Inventory	76,104	80,179
Prepaid expenses and other current assets	75,717	88,608
Total current assets	233,550	248,404
Property, plant and equipment, net	312,560	338,659
Operating lease assets, net	84,581	156,258
Software and website development costs, net	81,677	71,465
Deferred tax assets	135,491	143,496
Goodwill	706,626	621,904
Intangible assets, net	194,502	209,228
Other assets	34,276	25,592
Total assets	1,783,263	1,815,006
Current liabilities:
Accounts payable	174,947	163,891
Accrued expenses	265,593	210,764
Deferred revenue	42,298	39,130
Short-term debt	9,012	17,933
Operating lease liabilities, current	29,508	41,772
Other current liabilities	77,669	13,268
Total current liabilities	599,027	486,758
Deferred tax liabilities	27,612	33,811
Long-term debt	1,332,234	1,415,657
Operating lease liabilities, non-current	72,142	128,963
Other liabilities	92,786	88,187
Total liabilities	2,123,801	2,153,376
Temporary equity
Redeemable noncontrolling interests	64,250	69,106
Shareholders’ deficit:
Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding	0	0
Common Stock, Value, Issued	615	615
Deferred ordinary shares, nominal value €1.00 per share, 25,000 shares authorized, issued and outstanding	28	28
Treasury shares, at cost, 18,076,951 and 18,194,952 shares, respectively	(1,368,721)	(1,376,496)
Additional paid-in capital	448,432	438,616
Retained earnings	599,833	618,437
Accumulated other comprehensive loss	(84,975)	(88,676)
Total shareholders' deficit	(404,788)	(407,476)
Total liabilities, noncontrolling interests and shareholders’ deficit	$ 1,783,263	$ 1,815,006

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Mar. 31, 2021 USD ($) shares	Mar. 31, 2021 € / shares	Jun. 30, 2020 USD ($) shares	Jun. 30, 2020 € / shares
Current Assets
Accounts Receivable, Allowance for Credit Loss, Current \| $	$ 10,103		$ 9,651
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred shares, par value \| € / shares		€ 0.01		€ 0.01
Preferred shares, shares authorized	100,000,000		100,000,000
Preferred shares, shares issued	0		0
Preferred shares, shares outstanding	0		0
Common Stock, Value per Share \| € / shares		€ 0.01		€ 0.01
Ordinary shares, shares authorized	100,000,000		100,000,000
Ordinary shares, shares issued	44,080,627		44,080,627
Common Stock, Shares, Outstanding	26,003,676		25,885,675
Treasury Stock, Shares	18,076,951		18,194,952

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 578,851	$ 597,960	$ 1,951,496	$ 2,052,252
Cost of revenue (1)	302,022	309,598	986,845	1,029,281
Technology and development expense (1)	62,572	67,693	186,097	195,287
Marketing and selling expense (1)	154,472	148,803	474,944	483,056
General and administrative expense (1)	62,358	45,148	147,149	140,681
Amortization of acquired intangible assets	13,506	12,693	40,264	38,861
Restructuring expense (1)	(382)	919	1,714	5,006
Impairment of goodwill		100,842	0	100,842
(Loss) income from operations	(15,697)	(87,736)	114,483	59,238
Other income (expense), net	9,785	22,537	(16,167)	29,171
Interest expense, net	(29,002)	(17,262)	(89,659)	(48,050)
(Loss) income before income taxes	(34,914)	(82,461)	8,657	40,359
Income tax expense (benefit)	3,927	1,039	23,675	(86,641)
Net (loss) income	(38,841)	(83,500)	(15,018)	127,000
Add: Net income attributable to noncontrolling interest	(209)	(1,384)	(2,500)	(1,630)
Net (loss) income attributable to Cimpress plc	$ (39,050)	$ (84,884)	$ (17,518)	$ 125,370
Basic net (loss) income per share attributable to Cimpress plc	$ (1.50)	$ (3.26)	$ (0.67)	$ 4.54
Diluted net (loss) income per share attributable to Cimpress plc	$ (1.50)	$ (3.26)	$ (0.67)	$ 4.43
Weighted average shares outstanding — basic	26,003,675	26,024,229	25,984,300	27,608,387
Weighted average shares outstanding — diluted	26,003,675	26,024,229	25,984,300	28,317,440
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense			$ (23,071)	$ (22,739)
Cost of revenue
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	$ (99)	$ (66)	(233)	(251)
Technology and development expense
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	(2,284)	(2,014)	(5,690)	(5,791)
Marketing and selling expense
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	(1,808)	(1,145)	(4,247)	(367)
General and administrative expense
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	(5,354)	(5,683)	(12,901)	(15,574)
Restructuring Charges
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	$ 0	$ (16)	$ 0	$ (756)

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Other comprehensive (loss) income, net of tax:
Net (loss) income	$ (38,841)	$ (83,500)	$ (15,018)	$ 127,000
Foreign currency translation (losses) gains, net of hedges	(14,571)	1,490	192	3,110
Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges	5,809	(21,201)	13,447	(22,258)
Amounts reclassified from accumulated other comprehensive (loss) income to net (loss) income on derivative instruments	(3,085)	2,531	(8,382)	5,537
Loss on pension benefit obligation, net			(336)	0
Comprehensive (loss) income	(50,688)	(100,680)	(10,097)	113,389
Add: Comprehensive loss (income) attributable to noncontrolling interests	1,260	(1,515)	(3,720)	(967)
Total comprehensive (loss) income attributable to Cimpress plc	$ (49,428)	$ (102,195)	$ (13,817)	$ 112,422

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

Consolidated Statement of Shareholders Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Ordinary Shares	Deferred ordinary shares [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance, Shares at Jun. 30, 2019		44,080	0	(13,635)
Beginning balance, Value at Jun. 30, 2019	$ 131,812	$ 615	$ 0	$ (737,447)	$ 411,079	$ 537,422	$ (79,857)
Stock Issued During Period, Value, Restricted Stock Award, Gross	(187)			$ (187)
Stock Issued During Period, Shares, Restricted Stock Award, Gross				(2)
Share-based compensation expense	5,164				5,164
Treasury Stock, Shares, Acquired				(1,964)
Treasury Stock, Value, Acquired, Cost Method	(232,286)			$ (232,286)
Net Income (Loss) Attributable to Parent	20,031					20,031
Effect of Adoption of New Accounting Principle	3,143					3,143
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges	(3,037)						(3,037)
Foreign currency translation, net of hedges	(70)						(70)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(172)			$ (87)	259
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				(4)
Ending balance, Shares at Sep. 30, 2019		44,080	0	(15,597)
Ending balance, Value at Sep. 30, 2019	(75,602)	$ 615	$ 0	$ (969,833)	415,984	560,596	(82,964)
Beginning balance, Shares at Jun. 30, 2019		44,080	0	(13,635)
Beginning balance, Value at Jun. 30, 2019	131,812	$ 615	$ 0	$ (737,447)	411,079	537,422	(79,857)
Net Income (Loss) Attributable to Parent	125,370
Ending balance, Shares at Mar. 31, 2020		44,080	25	(18,202)
Ending balance, Value at Mar. 31, 2020	(404,333)	$ 615	$ 28	$ (1,377,022)	404,409	660,442	(92,805)
Beginning balance, Shares at Sep. 30, 2019		44,080	0	(15,597)
Beginning balance, Value at Sep. 30, 2019	(75,602)	$ 615	$ 0	$ (969,833)	415,984	560,596	(82,964)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares				1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	(6)			$ (8)	2
Stock Issued During Period, Shares, Other			25
Stock Issued During Period, Value, New Issues			$ 28
Share-based compensation expense	8,228				8,228
Treasury Stock, Shares, Acquired				(2,280)
Treasury Stock, Value, Acquired, Cost Method	(305,287)			$ (305,287)
Net Income (Loss) Attributable to Parent	190,223					190,223
Temporary Equity, Accretion to Redemption Value						5,493
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges	4,986						4,986
Foreign currency translation, net of hedges	2,484						2,484
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(97)			$ (55)	152
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				(1)
Ending balance, Shares at Dec. 31, 2019		44,080	25	(17,875)
Ending balance, Value at Dec. 31, 2019	(180,524)	$ 615	$ 28	$ (1,275,057)	424,058	745,326	(75,494)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares				431
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	(40,912)			$ 12,526	28,386
Share-based compensation expense	$ 8,825				8,825
Treasury Stock, Shares, Acquired	(759)
Treasury Stock, Value, Acquired, Cost Method	$ (89,483)
Net Income (Loss) Attributable to Parent	(84,884)					(84,884)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges	(18,670)						(18,670)
Foreign currency translation, net of hedges	1,359						1,359
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(44)			$ (44)	88
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				(1)
Ending balance, Shares at Mar. 31, 2020		44,080	25	(18,202)
Ending balance, Value at Mar. 31, 2020	(404,333)	$ 615	$ 28	$ (1,377,022)	404,409	660,442	(92,805)
Beginning balance, Shares at Jun. 30, 2020		44,080	25	(18,195)
Beginning balance, Value at Jun. 30, 2020	(407,476)	$ 615	$ 28	$ (1,376,496)	438,616	618,437	(88,676)
Share-based compensation expense	8,577				8,577
Net Income (Loss) Attributable to Parent	(10,755)					(10,755)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges	1,765						1,765
Foreign currency translation, net of hedges	(609)						(609)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(5,593)			$ 7,773	(13,366)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				118
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax	(336)						(336)
Ending balance, Shares at Sep. 30, 2020		44,080	25	(18,077)
Ending balance, Value at Sep. 30, 2020	(414,427)	$ 615	$ 28	$ (1,368,723)	433,827	607,682	(87,856)
Beginning balance, Shares at Jun. 30, 2020		44,080	25	(18,195)
Beginning balance, Value at Jun. 30, 2020	(407,476)	$ 615	$ 28	$ (1,376,496)	438,616	618,437	(88,676)
Net Income (Loss) Attributable to Parent	(17,518)
Ending balance, Shares at Mar. 31, 2021		44,080	25	(18,077)
Ending balance, Value at Mar. 31, 2021	(404,788)	$ 615	$ 28	$ (1,368,721)	448,432	599,833	(84,975)
Beginning balance, Shares at Sep. 30, 2020		44,080	25	(18,077)
Beginning balance, Value at Sep. 30, 2020	(414,427)	$ 615	$ 28	$ (1,368,723)	433,827	607,682	(87,856)
Share-based compensation expense	5,036				5,036
Net Income (Loss) Attributable to Parent	32,287					32,287
Temporary Equity, Accretion to Redemption Value						1,086
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges							576
Foreign currency translation, net of hedges	576						12,683
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax	12,683
Ending balance, Shares at Dec. 31, 2020		44,080	25	(18,077)
Ending balance, Value at Dec. 31, 2020	(364,931)	$ 615	$ 28	$ (1,368,723)	438,863	638,883	(74,597)
Share-based compensation expense	9,572				9,572
Net Income (Loss) Attributable to Parent	(39,050)					(39,050)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges							(13,102)
Foreign currency translation, net of hedges	(13,102)						2,724
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(1)			$ 2	(3)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax	2,724
Ending balance, Shares at Mar. 31, 2021		44,080	25	(18,077)
Ending balance, Value at Mar. 31, 2021	$ (404,788)	$ 615	$ 28	$ (1,368,721)	$ 448,432	$ 599,833	$ (84,975)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net (loss) income	$ (15,018)	$ 127,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	128,696	126,731
Impairment of goodwill	0	100,842
Share-based compensation expense	23,071	22,739
Impairment of long-lived assets	19,882
Deferred taxes	2,513	(109,990)
Unrealized loss (gain) on derivatives not designated as hedging instruments included in net (loss) income	18,280	(4,604)
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency	2,537	(1,027)
Other non-cash items	2,149	4,936
Changes in operating assets and liabilities:
Accounts receivable	(9,651)	13,750
Inventory	4,982	(7,876)
Prepaid expenses and other assets	(5,242)	11,631
Accounts payable	10,590	5,590
Accrued expenses and other liabilities	36,159	(5,661)
Net cash provided by operating activities	218,948	284,061
Investing activities
Purchases of property, plant and equipment	(22,736)	(38,638)
Business acquisitions, net of cash acquired	(36,395)	(4,272)
Capitalization of software and website development costs	(45,321)	(35,824)
Proceeds from the sale of assets	3,574	1,633
Other investing activities	(269)	1,556
Net cash used in investing activities	(101,147)	(47,813)
Financing activities
Proceeds from borrowings of debt	534,051	1,043,600
Proceeds from issuance of senior notes	0	210,500
Payments of debt	(639,519)	(603,049)
Payments of debt issuance costs	(2,461)	(4,862)
Payments of purchase consideration included in acquisition-date fair value	1,205	358
Payments of purchase consideration included in acquisition-date fair value	(1,205)	(358)
Payments of withholding taxes in connection with equity awards	(5,593)	(41,417)
Payments of finance lease obligations	(5,486)	(8,354)
Payments for Repurchase of Redeemable Noncontrolling Interest	5,063
Purchase of noncontrolling interests	(5,063)
Purchase of ordinary shares	0	(627,056)
Proceeds from issuance of ordinary shares		6
Payments to Noncontrolling Interests	4,599	3,955
Distribution to noncontrolling interest	(4,599)	(3,955)
Cash and cash equivalents at end of period	(310)	(1,811)
Net cash used in financing activities	(130,185)	(36,756)
Effect of exchange rate changes on cash	3,727	(5,180)
Change in cash held for sale		(1,326)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	(8,657)	192,986
Cash and cash equivalents at beginning of period	45,021	35,279
Cash and cash equivalents at end of period	36,364	228,265
Supplemental disclosures of cash flow information
Interest	66,314	42,763
Income taxes	13,056	9,720
Property and equipment acquired under finance leases	5,630	1,591
Amounts accrued related to business acquisitions	$ 44,680	$ 2,369

Description of the Business	9 Months Ended
Description of the Business	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the BusinessCimpress 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.

Fair Value Measurements

9 Months Ended

Mar. 31, 2021

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:


	March 31, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets

Cross-currency swap contracts	$	145	$	—	$	145	$	—
Currency forward contracts	1,184		—		1,184		—
Currency option contracts	80		—		80		—
Total assets recorded at fair value	$	1,409	$	—	$	1,409	$	—

Liabilities
Interest rate swap contracts	$	(23,981)	$	—	$	(23,981)	$	—
Cross-currency swap contracts	(7,978)		—		(7,978)		—
Currency forward contracts	(21,482)		—		(21,482)		—
Currency option contracts	(2,798)		—		(2,798)		—
Total liabilities recorded at fair value	$	(56,239)	$	—	$	(56,239)	$	—


	June 30, 2020
	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	$	4,462	$	—	$	4,462	$	—
Currency forward contracts	7,949		—		7,949		—
Currency option contracts	1,429		—		1,429		—
Total assets recorded at fair value	$	13,840	$	—	$	13,840	$	—

Liabilities
Interest rate swap contracts	$	(39,520)	$	—	$	(39,520)	$	—
Cross-currency swap contracts	(4,746)		—		(4,746)		—
Currency forward contracts	(8,519)		—		(8,519)		—
Currency option contracts	(38)		—		(38)		—
Total liabilities recorded at fair value	$	(52,823)	$	—	$	(52,823)	$	—

During the quarter ended March 31, 2021 and year ended June 30, 2020, 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 March 31, 2021, 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 March 31, 2021 and June 30, 2020, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximated their estimated fair values. As of March 31, 2021 and June 30, 2020, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $1,384,129 and $1,482,177, respectively, and the fair value was $1,426,307 and $1,450,719, respectively. Our debt at March 31, 2021 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

9 Months Ended

Mar. 31, 2021

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 change in the fair value of the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. Additionally, any ineffectiveness associated with an effective and designated hedge is recognized within accumulated other comprehensive loss.

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.

Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense, net as interest payments are accrued or made on our variable-rate debt. As of March 31, 2021, we estimate that $10,439 will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending March 31, 2022. As of March 31, 2021, we had ten outstanding interest rate swap contracts indexed to USD LIBOR all of which are no longer highly effective and have therefore been de-designated. These hedges have varying start dates and maturity dates through December 2026.


Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of March 31, 2021	$	500,000
Contracts with a future start date	50,000
Total	$	550,000

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 March 31, 2021, we had two outstanding cross-currency swap contracts designated as cash flow hedges with a total notional amount of $120,874, both maturing during June 2024. 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 March 31, 2021, we estimate that $2,623 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending March 31, 2022.

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 March 31, 2021, we had five currency forward contracts designated as net investment hedges with a total notional amount of $149,604, maturing during various dates through April 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 the 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 nine months ended March 31, 2021 and 2020, 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 March 31, 2021, 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 or balances denominated in Australian Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Indian Rupee, Japanese Yen, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:

Notional Amount

Effective Date

Maturity Date

Number of Instruments

Index

$477,464

June 2019 through March 2021

Various dates through October 2024

608

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 March 31, 2021 and June 30, 2020. Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility.


	March 31, 2021
	Asset Derivatives							Liability Derivatives
	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 designated as hedging instruments
Derivatives in cash flow hedging relationships

Cross-currency swaps	Other assets	$	145	$	—	$	145	Other liabilities	$	(7,978)	$	—	$	(7,978)
Derivatives in net investment hedging relationships

Currency forward contracts	Other assets	—		—		—		Other current liabilities / other liabilities	(12,386)		—		(12,386)
Total derivatives designated as hedging instruments		$	145	$	—	$	145		$	(20,364)	$	—	$	(20,364)

Derivatives not designated as hedging instruments
Interest rate swaps	Other assets	$	—	$	—	$	—	Other liabilities	$	(24,632)	$	651	$	(23,981)
Currency forward contracts	Other current assets / other assets	1,344		(160)		1,184		Other current liabilities / other liabilities	(13,198)		4,102		(9,096)
Currency option contracts	Other current assets / other assets	385		(305)		80		Other current liabilities / other liabilities	(2,919)		121		(2,798)
Total derivatives not designated as hedging instruments		$	1,729	$	(465)	$	1,264		$	(40,749)	$	4,874	$	(35,875)


	June 30, 2020
	Asset Derivatives							Liability Derivatives
	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 designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swaps	Other current assets / other assets	$	—	$	—	$	—	Other liabilities	$	(31,161)	$	—	$	(31,161)
Cross-currency swaps	Other assets	4,462		—		4,462		Other liabilities	(4,746)		—		(4,746)
Derivatives in net investment hedging relationships
Currency forward contracts	Other assets	—		—		—		Other current liabilities / other liabilities	(6,829)		—		(6,829)
Total derivatives designated as hedging instruments		$	4,462	$	—	$	4,462		$	(42,736)	$	—	$	(42,736)

Derivatives not designated as hedging instruments
Interest rate swaps	Other assets	$	—	$	—	$	—	Other liabilities	$	(8,359)	$	—	$	(8,359)
Currency forward contracts	Other current assets / other assets	9,702		(1,753)		7,949		Other current liabilities / other liabilities	(2,136)		446		(1,690)
Currency option contracts	Other current assets / other assets	1,699		(270)		1,429		Other current liabilities / other liabilities	(38)		—		(38)
Total derivatives not designated as hedging instruments		$	11,401	$	(2,023)	$	9,378		$	(10,533)	$	446	$	(10,087)

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive (loss) income for the three and nine months ended March 31, 2021 and 2020:


	Amount of Net Gain (Loss) on Derivatives Recognized in Comprehensive Income
	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Derivatives in cash flow hedging relationships




Interest rate swaps	$	6,244	$	(24,645)	$	7,386	$	(24,841)
Cross-currency swaps	(435)		3,444		6,061		2,583
Derivatives in net investment hedging relationships

Currency forward contracts	8,064		14,284		(16,768)		22,849
Total	$	13,873	$	(6,917)	$	(3,321)	$	591

The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2021 and 2020:


	Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income								Affected line item in the Statement of Operations
	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(4,396)	$	691	$	227	$	1,146		Interest expense, net
Cross-currency swaps	661		2,665		(9,631)		6,203			Other income (expense), net
Total before income tax	(3,735)		3,356		(9,404)		7,349			(Loss) income before income taxes
Income tax	650		(825)		1,022		(1,812)			Income tax expense (benefit)
Total	$	(3,085)	$	2,531	$	(8,382)	$	5,537

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and nine months ended March 31, 2021 and 2020 for derivative instruments for which we did not elect hedge accounting and de-designated derivative financial instruments that no longer qualify as hedging instruments.


	Amount of Gain (Loss) Recognized in Net (Loss) Income									Affected line item in the Statement of Operations
		Three Months Ended March 31,				Nine Months Ended March 31,
		2021		2020		2021		2020
Currency contracts		$	12,329	$	18,039	$	(20,635)	$	25,730		Other income (expense), net
Interest rate swaps		6,395		—		6,844		—			Other income (expense), net
Total		$	18,724	$	18,039	$	(13,791)	$	25,730

Accumulated Other Comprehensive Loss

9 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss)

The following table presents a roll forward of amounts recognized in accumulated other comprehensive income (loss) by component, net of tax of $643 for the nine months ended March 31, 2021:


	Gains (losses) on cash flow hedges (1)		Losses on pension benefit obligation		Translation adjustments, net of hedges (2)		Total
Balance as of June 30, 2020	$	(30,078)	$	(1,399)	$	(57,199)	$	(88,676)
Other comprehensive income (loss) before reclassifications	13,447		(336)		(1,028)		12,083
Amounts reclassified from accumulated other comprehensive loss to net (loss) income	(8,382)		—		—		(8,382)
Net current period other comprehensive income (loss)	5,065		(336)		(1,028)		3,701
Balance as of March 31, 2021	$	(25,013)	$	(1,735)	$	(58,227)	$	(84,975)

________________________

(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 March 31, 2021 and June 30, 2020, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized gains of $3,741 and $20,509, respectively, net of tax, have been included in accumulated other comprehensive loss.

Goodwill

9 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The carrying amount of goodwill by reportable segment as of March 31, 2021 and June 30, 2020 was as follows:


	Vistaprint		PrintBrothers		The Print Group		All Other Businesses		Total
Balance as of June 30, 2020	$	150,846	$	129,764	$	155,197	$	186,097	$	621,904
Acquisitions (1)	71,401		—		—		—		71,401


Adjustments	(609)		—		—		—		(609)
Effect of currency translation adjustments (2)	1,862		5,495		6,573		—		13,930
Balance as of March 31, 2021	$	223,500	$	135,259	$	161,770	$	186,097	$	706,626

_________________

(1) On October 1, 2020, we acquired 99designs which is included in our Vistaprint reportable segment. Refer to Note 7 for additional details.

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

Goodwill Recoverability Assessment

During the third quarter of fiscal 2021, we evaluated whether any triggering events exist across each of our reporting units to determine whether an impairment analysis is necessary. We identified triggering events for our Druck, Easyflyer and Exaprint reporting units, due in part to the reemergence of new pandemic-related lockdowns and restrictions in certain European countries which has resulted in a more prolonged reduction to cash flows when compared to the cash flows forecasted in our most recent impairment analysis that was performed during the third quarter of fiscal 2020.

As required, prior to performing the quantitative goodwill impairment test, we first evaluated the recoverability of long-lived assets as the change in expected long-term cash flows is indicative of a potential impairment. We performed the recoverability test using undiscounted cash flows for the asset groups of all three reporting units and concluded that no impairment of long-lived assets exists.

After performing the long-lived assets recoverability test, we performed a quantitative assessment of goodwill of the three reporting units and compared the carrying value to the estimated fair value. For each reporting unit, the estimated fair value of the reporting unit exceeded the related carrying value and we concluded that no impairment exists. We used the income approach, specifically the discounted cash flow method, to derive the fair value. This approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. We selected this method as being the most meaningful in preparing our goodwill assessment as we believe the income approach most appropriately measures our income producing assets. We considered using the market approach but concluded it was not appropriate in valuing these particular reporting units given the lack of relevant market comparisons available.

The cash flow projections in the fair value analysis are considered Level 3 inputs, and consist of management's estimates of revenue growth rates and operating margins, taking into consideration historical results, as well as industry and market conditions. Our goodwill analysis requires significant judgment, including the identification of reporting units and the amount and timing of expected future cash flows. While we believe our assumptions are reasonable, actual results could differ from our projections.

Although some of our businesses are experiencing more prolonged impacts that we expect will have a negative impact on near-term cash flows, we believe that these negative impacts are temporary. We did not identify triggering events for the reporting units that are performing better than previously estimated or maintained significant headroom in our most recent analysis.

Fiscal 2020

During the third quarter of fiscal 2020, nearly all of our businesses had experienced significant declines in revenue during the month of March, due to the disruptions associated with the COVID-19 pandemic. As a result, we concluded that a triggering event existed for all ten reporting units with goodwill, which required us to perform an impairment test in the current quarter. We estimated the near-term financial impacts of this economic disruption and

utilized different scenarios that evaluate outcomes that would indicate more or less severe demand declines, as well as different time horizons for the post-pandemic recovery period.

For seven of our reporting units, a significant level of headroom existed between the estimated fair value and carrying value of the reporting units at our May 31, 2019 test date, and significant headroom remained after considering the deterioration in cash flow due to COVID-19 or the reporting unit was recently acquired, resulting in no indication of impairment. For three of our reporting units, we identified triggering events that extend beyond the near-term impacts of the pandemic, which include reductions to the long-term profitability outlooks for our Exaprint, National Pen and VIDA reporting units. As a result of the considerations noted, we concluded it was more likely than not that the fair value of each of these three reporting units are below each of their respective carrying amount.

Our goodwill impairment test resulted in impairment charges to our Exaprint reporting unit, included within The Print Group reportable segment, the National Pen reporting unit, and our VIDA reporting unit, included within our All Other Business reportable segment. Based on the goodwill impairment test performed, we recognized the following impairment charges during the three months ended March 31, 2020:

•A partial impairment of the goodwill of our Exaprint reporting unit of $40,391

•A full impairment of the goodwill of our National Pen reporting unit of $34,434

•A full impairment of the goodwill of our VIDA reporting unit of $26,017

Business Combinations

9 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Business Combination Disclosure

Business Combinations

On October 1, 2020, we acquired 99designs, Inc. and its subsidiaries ("99designs"), a global creative platform for graphic design. We acquired all outstanding shares of the company for a purchase price of $90,000, subject to a post-closing adjustment based on acquired cash, debt, and working capital as of the closing date. We paid $45,000 in cash at closing and will pay the remaining purchase consideration, including the post-closing adjustment, on February 15, 2022. The acquisition is managed within our Vistaprint business and provides a global platform that connects designers and clients, making it easier for small businesses to access both professional design services and marketing products in one place.

The table below details the consideration transferred to acquire 99designs:


Cash consideration (paid at closing)	$	45,000
Fair value of deferred payment	43,381
Final post closing adjustment	310
Total purchase price	$	88,691

We recognized the assets and liabilities 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, which is primarily attributable to the synergies that we expect to achieve through the acquisition. The goodwill balance has been attributed to the Vistaprint reportable segment and the portion of such goodwill balance that is deductible for tax purposes is $19,667. Additionally, we identified and valued 99designs intangible assets which include their trade name, designer network, and developed technology.

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

8,603

n/a

Accounts receivable, net

494

n/a

Prepaid expenses and other current assets

1,167

n/a

Property, plant and equipment, net

n/a

Other assets

142

n/a

Accounts payable

(220)

n/a

Accrued expenses

(6,679)

n/a

Deferred revenue

(5,806)

n/a

Other liabilities (1)

(625)

n/a

Identifiable intangible assets:

Trade name

1,550

2 years

Developed technology

13,400

3 years

Designer network

5,800

7 years

Goodwill (1)

70,792

n/a

Total purchase price

88,691

n/a

_________________

(1) During the third quarter of fiscal 2021 we recorded a measurement period adjustment totaling $609 to other liabilities which was offset against goodwill.

99designs has been included in our consolidated financial statements starting on its acquisition date. The revenue and earnings of 99designs included in our consolidated financial statements for the three and nine months ended March 31, 2021 are not material, and therefore no proforma financial information is presented. We used our credit facility to finance the acquisition. In connection with the acquisition, we incurred $1,183 in general and administrative expenses during the nine months ended March 31, 2021, primarily related to legal, financial, and other professional services.

Other Balance Sheet Components

9 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Other Balance Sheet Components

Accrued expenses included the following:


	March 31, 2021		June 30, 2020
Compensation costs	$	74,170	$	67,307
Income and indirect taxes	52,054		53,161
Advertising costs (1)	28,401		14,746
Interest payable (2)	26,700		8,359
Production costs	6,412		7,012
Sales returns	5,997		5,166
Shipping costs	7,541		5,080
Professional fees	3,286		3,452
Purchases of property, plant and equipment	1,292		1,685
Other	59,740		44,796
Total accrued expenses	$	265,593	$	210,764

_________________

(1) The increase in advertising costs is primarily due to expanded return thresholds for performance advertising channels in our Vistaprint business as compared to the fourth quarter of fiscal 2020, in addition to investment in upper-funnel advertising.

(2) The increase in interest payable as of March 31, 2021, is due to the interest on our 2026 Notes being payable semi-annually on June 15 and December 15 of each year. Refer to Note 9 for further detail.

Other current liabilities included the following:


	March 31, 2021		June 30, 2020
Current portion of finance lease obligations	$	9,336	$	8,055
Short-term derivative liabilities	19,417		3,521


Other (1)	48,916		1,692
Total other current liabilities	$	77,669	$	13,268

_____________________

(1) The increase in other current liabilities is driven by the deferred payment related to the 99designs acquisition totaling $43,691, which was included in other long-term liabilities as of December 31, 2020. Refer to Note 7 for additional details.

Other liabilities included the following:


	March 31, 2021		June 30, 2020
Long-term finance lease obligations	$	17,695	$	18,617
Long-term derivative liabilities	42,162		51,800


Other	32,929		17,770
Total other liabilities	$	92,786	$	88,187

Debt

9 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt


	March 31, 2021		June 30, 2020
7.0% Senior unsecured notes due 2026	$	600,000	$	600,000
Senior secured credit facility	471,500		570,483
12.0% Second lien notes due 2025	300,000		300,000
Other	12,629		11,694
Debt issuance costs and debt premiums (discounts)	(42,883)		(48,587)
Total debt outstanding, net	1,341,246		1,433,590
Less: short-term debt (1)	9,012		17,933
Long-term debt	$	1,332,234	$	1,415,657

_____________________

(1) Balances as of March 31, 2021 and June 30, 2020 are inclusive of short-term debt issuance costs, debt premiums and discounts of $10,932 and $10,362, respectively.

Our Debt

Our various debt arrangements described below contain customary representations, warranties and events of default. As of March 31, 2021, we were in compliance with all financial and other covenants under the amended credit agreement (which have been reinstated with modified terms, as described below), the indenture governing our 2026 Notes, and the indenture governing our Second Lien Notes.

Senior Secured Credit Facility

On April 28, 2020, we entered into an amendment to our senior secured credit agreement to suspend our pre-existing maintenance covenants, including the total and senior secured leverage covenants and interest coverage ratio covenant, until the earlier of the date on which we published our financial results for the quarter ending December 31, 2021 and the date on which we elected to exit the Covenant Suspension Period. On February 16, 2021, we elected to end the Covenant Suspension Period early, and amended our financial maintenance covenants through and including the quarter ending September 30, 2022. A summary of these changes are as follows:

•Maximum Leverage Ratio of Consolidated Total Indebtedness to Consolidated EBITDA for the four trailing fiscal quarters of 5.25 to 1.00 during the period from February 16, 2021 through and including September 30, 2022 (the “Covenant Adjustment Period”) and 4.75 to 1.00 following the Covenant Adjustment Period

•Maximum Senior Secured Leverage Ratio of Consolidated Senior Secured Indebtedness to Consolidated EBITDA for the four trailing fiscal quarters of 3.00 to 1.00 during the Covenant Adjustment Period and 3.25 to 1.00 following the Covenant Adjustment Period

•Minimum Interest Coverage Ratio of Consolidated EBITDA to Consolidated Interest Expense to the extent paid in cash, in each case for the four trailing fiscal quarters, of 3.00 to 1.00, but if Cimpress repays in full its 12.0% Senior Secured Notes Due 2025, then the calculation of Consolidated Interest Expense excludes all cash interest expense in respect of such Second Lien Notes incurred in the fiscal quarter during which the Second Lien Notes are repaid as well as the three preceding fiscal quarters

In addition, the February 2021 amendment modified several of the negative covenants that limit certain activities and actions of our business, including but not limited to removing most of the more restrictive limitations on investments, acquisitions, and restricted payments that were in place during the Covenant Suspension Period.

The maturity date was not changed as part of the February 2021 amendment and remains in November 2024, but will reset to February 2025 upon redemption of our senior secured notes. Additionally, the capacity of our senior secured credit facility was not changed and includes an $850,000 revolver and $142,500 term loan.

As of March 31, 2021, we have drawn commitments under the credit facility of $471,500 as follows:

•Revolving loans of $329,000 with a maturity date of November 15, 2024

•Term loans of $142,500 amortizing over the loan period, with a final maturity date of November 15, 2024

As of March 31, 2021, the weighted-average interest rate on outstanding borrowings was 5.41%, inclusive of interest rate swap rates. We are also required to pay a commitment fee on unused balances of 0.35% to 0.50% depending on our total 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 March 31, 2021.

Second Lien Notes

On May 1, 2020, we completed a private placement of $300,000 in aggregate principal of 12% second lien notes due 2025 (the "Second Lien Notes") and warrants to funds managed by affiliates of Apollo Global Management, Inc. (the "Apollo Funds"). These Second Lien Notes and warrants were issued at a discount of $6,000, resulting in net proceeds of $294,000. We used the proceeds to pay down a portion of the term loans under our senior secured credit facility and to pay fees and expenses incurred in connection with the financing and the above-described amendment.

The Second Lien Notes bear interest at 12% per annum, 50% of which can be paid-in-kind at our option, and mature on May 15, 2025. We may prepay the Second Lien Notes in whole or in part after the first anniversary with a 3% premium, after the second anniversary with a 1% premium, and after the third anniversary with no premium with proceeds from certain debt financings. We intend to prepay the Second Lien Notes on the first call date in May 2021.

Each of Cimpress subsidiaries that guarantees our obligations under our senior secured credit agreement guarantees the Second Lien Notes. The Second Lien Notes and the guarantees thereof rank equal in right of payment with existing and future senior indebtedness of Cimpress, including Cimpress' and the subsidiary guarantors' obligations under the senior secured credit agreement, and are secured by the same assets securing Cimpress' and the subsidiary guarantors' obligations under the senior secured credit agreement on a second lien basis subject to limited exceptions and the terms of the intercreditor agreement among Cimpress, the subsidiary guarantors, JPMorgan Chase Bank, N.A. as administrative agent under the senior secured credit agreement, and U.S. Bank National Association as collateral agent under the indenture for the Second Lien Notes.

The Apollo Funds also received 7-year warrants to purchase 1,055,377 ordinary shares of Cimpress, representing approximately 3.875% of our outstanding diluted ordinary shares at the time of issuance. Based on the terms of the purchase agreement, the two instruments exist separately and should be treated as separate securities; therefore the warrants are considered to be detachable.

The warrants have an exercise price of $60 per share, representing an approximately 17% premium to the 10-day volume weighted average price of our shares as of April 28, 2020. The warrants are classified as equity as they are strictly redeemable in our own shares, and they may be exercised by cash payment or through cashless exercise by the surrender of warrant shares having a value equal to the exercise price of the portion of the warrant being exercised.

Senior Unsecured Notes

We have issued $600,000 in aggregate principal of 7.0% senior unsecured notes due 2026 (the "2026 Notes"). 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 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 2026 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 or used to fund certain capital investments. As of March 31, 2021 and June 30, 2020, we had $12,629 and $11,694, respectively, outstanding for those obligations that are payable through January 2026.

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes Our income tax expense was $3,927 and $23,675 for the three and nine months ended March 31, 2021, respectively, compared to income tax expense of $1,039 for the three months ended March 31, 2020, and income tax benefit of $86,641 for the nine months ended March 31, 2020. For the period ended March 31, 2020, we calculated our year-to-date income tax on ordinary income based on the actual year-to-date effective tax rate rather than the estimated annual tax rate. The increased tax expense for the three months ended March 31, 2021 was primarily due to a higher forecasted effective tax rate as compared to the actual effective tax rate for the same prior year period. In the nine months ended March 31, 2020, we recognized a discrete tax benefit of $114,114 related to Swiss Tax Reform. Excluding this benefit, tax expense would have decreased, primarily attributable to decreased pre-tax income for the nine months ended March 31, 2021 as compared to the same prior year period. Excluding the effect of discrete tax adjustments, our estimated annual effective tax rate is higher for fiscal 2021 as compared to fiscal 2020, primarily due to increased non-deductible interest expense and a less favorable mix of earnings. Our effective tax rate continues to be negatively impacted by losses in certain jurisdictions where we are unable to recognize a tax benefit in the current period. During the nine months ended March 31, 2021, our unrecognized tax benefits increased by $8,264, primarily due to tax positions taken in prior periods for which we have determined it is more likely than not that they will not be sustained upon audit. As of March 31, 2021, we had unrecognized tax benefits of $14,495, including accrued interest and penalties of $914. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. If recognized, $8,051 of 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 related to the lapse of applicable statutes of limitations, but we expect any such reduction to be immaterial. 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 2014 through 2020 remain open for examination by the IRS and the years 2015 through 2020 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Noncontrolling interests

9 Months Ended

Mar. 31, 2021

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

Noncontrolling Interests

For some of our subsidiaries, we own a controlling equity stake, and a third party or key member of the business' management team 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 with the offset to retained earnings in the consolidated balance sheet. 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

PrintBrothers

Members of the PrintBrothers management team hold a minority equity interest ranging from 11% to 12% in each of the three businesses within the segment. The put options associated with the redeemable noncontrolling interest are exercisable beginning in 2021, while the associated call options become exercisable in 2026. As of March 31, 2021, the redemption value was less than the carrying value, and therefore no adjustment was required. During the second quarter of fiscal 2021, we repurchased equity interests ranging from 0.56% to 1.15% in each of the three businesses for a total of $5,063.

All Other Businesses

On October 1, 2018, we acquired approximately 99% of the outstanding equity interests of BuildASign 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. During the nine months ended March 31, 2021, the redemption value increased above the carrying value due to continued strong financial performance, resulting in an adjustment to the redeemable noncontrolling interest of $966, which was recognized as an adjustment to retained earnings.

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


	Redeemable noncontrolling interests
Balance as of June 30, 2020	$	69,106



Accretion to redemption value recognized in retained earnings	1,086
Net income attributable to noncontrolling interest	2,500
Distribution to noncontrolling interest	(4,599)
Purchase of noncontrolling interest	(5,063)

Foreign currency translation	1,220
Balance as of March 31, 2021	$	64,250

Segment Information

9 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”) for purposes of making decisions about how to allocate resources and assess performance.

As of March 31, 2021, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:

•Vistaprint - Includes the operations of our global Vistaprint websites and our Webs-branded business, which is managed with the Vistaprint-branded digital business. Also included is our Vistaprint Corporate Solutions business which serves medium-sized businesses and large corporations, our 99designs business which

was acquired on October 1, 2020, as well as a legacy revenue stream with retail partners and franchise businesses.

•PrintBrothers - Includes the results of our druck.at, Printdeal, and WIRmachenDRUCK businesses.

•The Print Group - Includes the results of our Easyflyer, Exaprint, Pixartprinting, and Tradeprint businesses.

•National Pen - Includes the global operations of our National Pen business, which manufactures and markets custom writing instruments and promotional products, apparel and gifts.

•All Other Businesses - Includes a collection of businesses grouped together based on materiality. With the exception of BuildASign, which is a larger and profitable business, the All Other Businesses reportable segment consists of two early-stage businesses that we continue to manage at a relatively modest operating loss.

◦BuildASign is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products, based in Austin, Texas.

◦Printi is an online printing leader in Brazil, which offers a superior customer experience with transparent and attractive pricing, reliable service and quality.

◦YSD is a startup operation that provides end-to-end mass customization solutions to brands and intellectual property owners in China, supporting multiple channels including retail stores, websites, WeChat and e-commerce platforms to enhance brand awareness and competitiveness and develop new markets.

Central and corporate costs consist primarily of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as hosting and security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our Board of Directors, CEO, and the team members necessary for managing corporate activities, such as treasury, tax, capital allocation, financial consolidation, internal audit and legal. These costs also include certain unallocated share-based compensation costs.

The expense value of our PSU awards is based on a Monte Carlo fair value analysis and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of the amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs.

Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.

Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.

Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue by reportable segment, as well as disaggregation of revenue by major geographic region and reportable segment.


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Revenue (1):
Vistaprint	$	327,454	$	316,310	$	1,093,062	$	1,092,786
PrintBrothers	93,997		109,496		315,915		345,403
The Print Group	59,945		68,537		202,586		228,494
National Pen	62,220		68,362		244,561		266,510
All Other Businesses	44,062		39,237		142,905		131,287
Total segment revenue	587,678		601,942		1,999,029		2,064,480
Inter-segment eliminations	(8,827)		(3,982)		(47,533)		(12,228)
Total consolidated revenue	$	578,851	$	597,960	$	1,951,496	$	2,052,252

_____________________

(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.


	Three Months Ended March 31, 2021
	Vistaprint		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	214,663	$	—	$	—	$	33,398	$	39,407	$	287,468
Europe	73,524		93,831		57,536		19,731		—		244,622
Other	38,656		—		—		4,012		4,093		46,761
Inter-segment	611		166		2,409		5,079		562		8,827
Total segment revenue	327,454		93,997		59,945		62,220		44,062		587,678
Less: inter-segment elimination	(611)		(166)		(2,409)		(5,079)		(562)		(8,827)
Total external revenue	$	326,843	$	93,831	$	57,536	$	57,141	$	43,500	$	578,851


	Nine Months Ended March 31, 2021
	Vistaprint		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	715,494	$	—	$	—	$	112,397	$	128,013	$	955,904
Europe	277,649		315,336		187,257		87,913		—		868,155
Other	98,215		—		—		16,359		12,863		127,437
Inter-segment	1,704		579		15,329		27,892		2,029		47,533
Total segment revenue	1,093,062		315,915		202,586		244,561		142,905		1,999,029
Less: inter-segment elimination	(1,704)		(579)		(15,329)		(27,892)		(2,029)		(47,533)
Total external revenue	$	1,091,358	$	315,336	$	187,257	$	216,669	$	140,876	$	1,951,496


	Three Months Ended March 31, 2020
	Vistaprint		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	222,294	$	—	$	—	$	41,093	$	35,040	$	298,427
Europe	74,335		109,246		67,617		21,146		—		272,344
Other	18,074		—		—		5,142		3,973		27,189
Inter-segment	1,607		250		920		981		224		3,982
Total segment revenue	316,310		109,496		68,537		68,362		39,237		601,942
Less: inter-segment elimination	(1,607)		(250)		(920)		(981)		(224)		(3,982)
Total external revenue	$	314,703	$	109,246	$	67,617	$	67,381	$	39,013	$	597,960


	Nine Months Ended March 31, 2020
	Vistaprint		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	753,724	$	—	$	—	$	137,035	$	114,667	$	1,005,426
Europe	269,936		344,581		226,156		104,346		—		945,019
Other	63,666		—		—		22,201		15,940		101,807
Inter-segment	5,460		822		2,338		2,928		680		12,228
Total segment revenue	1,092,786		345,403		228,494		266,510		131,287		2,064,480
Less: inter-segment elimination	(5,460)		(822)		(2,338)		(2,928)		(680)		(12,228)
Total external revenue	$	1,087,326	$	344,581	$	226,156	$	263,582	$	130,607	$	2,052,252

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Segment EBITDA:
Vistaprint	$	64,333	$	73,780	$	266,821	$	299,941
PrintBrothers	7,560		8,686		33,732		35,922
The Print Group	6,475		10,934		31,227		42,673
National Pen	(3,324)		(1,244)		4,733		17,005
All Other Businesses	6,515		3,187		25,781		8,572
Total segment EBITDA	81,559		95,343		362,294		404,113
Central and corporate costs	(34,144)		(38,344)		(96,148)		(110,402)
Depreciation and amortization	(42,809)		(41,840)		(128,696)		(126,731)

Proceeds from insurance	(122)		—		(122)		—


Certain impairments and other adjustments	(20,563)		(101,976)		(21,131)		(102,736)
Restructuring-related charges	382		(919)		(1,714)		(5,006)


Total (loss) income from operations	(15,697)		(87,736)		114,483		59,238
Other income (expense), net	9,785		22,537		(16,167)		29,171
Interest expense, net	(29,002)		(17,262)		(89,659)		(48,050)

(Loss) income before income taxes	$	(34,914)	$	(82,461)	$	8,657	$	40,359


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Depreciation and amortization:
Vistaprint	$	14,881	$	14,609	$	43,420	$	45,291
PrintBrothers	5,493		5,064		16,464		15,872
The Print Group	6,630		6,083		19,852		18,925
National Pen	6,304		6,294		18,626		17,398
All Other Businesses	4,524		6,049		14,783		17,910
Central and corporate costs	4,977		3,741		15,551		11,335
Total depreciation and amortization	$	42,809	$	41,840	$	128,696	$	126,731


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Purchases of property, plant and equipment:
Vistaprint	$	2,411	$	134	$	6,860	$	10,831
PrintBrothers	286		2,397		1,424		3,396
The Print Group	980		4,949		6,910		13,943
National Pen	679		728		3,503		3,505
All Other Businesses	744		1,523		2,712		3,893
Central and corporate costs	846		813		1,327		3,070
Total purchases of property, plant and equipment	$	5,946	$	10,544	$	22,736	$	38,638


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Capitalization of software and website development costs:
Vistaprint	$	10,414	$	5,895	$	21,830	$	15,674
PrintBrothers	379		90		970		712
The Print Group	398		374		1,061		1,249
National Pen	604		775		1,673		2,590
All Other Businesses	897		890		2,639		2,969
Central and corporate costs	6,184		4,383		17,148		12,630
Total capitalization of software and website development costs	$	18,876	$	12,407	$	45,321	$	35,824

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


	March 31, 2021		June 30, 2020
Long-lived assets (1):
United States	$	87,136	$	161,853
Netherlands	76,449		82,897
Canada	57,685		67,367
Switzerland	65,269		58,013
Italy	46,559		46,317
Jamaica	20,802		21,563
Australia	21,060		19,695
France	25,564		23,917
Japan	15,168		15,430
Other	96,964		94,922
Total	$	512,656	$	591,974

___________________

(1) Excludes goodwill of $706,626 and $621,904, intangible assets, net of $194,502 and $209,228, and deferred tax assets of $135,491 and $143,496 as of March 31, 2021 and June 30, 2020, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Obligations At March 31, 2021, we had unrecorded commitments under contract of $211,311, including third-party web services of $96,741, software of $54,548, inventory and third-party fulfillment purchase commitments of $18,976, advertising of $15,058, professional and consulting fees of $7,405, production and computer equipment purchases of $2,430 and other unrecorded purchase commitments of $16,153. Other Obligations We deferred payments for several of our acquisitions resulting in the recognition of a liability of $44,680 in aggregate as of March 31, 2021. This balance includes the deferred payment related to the 99designs acquisition totaling $43,691. Refer to Note 7 for additional details. Modification of Lease Obligations On January 6, 2021, we entered into an arrangement that modifies the lease agreement for our Waltham, Massachusetts office location, which results in us retaining a small portion of the previously leased office space in exchange for a reduction to our monthly rent payments for the space we no longer lease. As part of the agreement, we were required to pay a termination fee of $8,761 in two equal installments. The first payment was made on January 6, 2021, and the remaining amount was paid on April 1, 2021. The termination fee is inclusive of the rent that would have otherwise been paid on the leased space through June 2021 while it remained vacant. We separately entered into a lease agreement for a new office location in Waltham, Massachusetts which will commence on June 1, 2021. Prior to the amendment, the total remaining lease commitments through September 2026 were $64,811. Under the modified lease term, combined with the new lease arrangement, the total lease commitments through September 2026 will be $20,183, excluding the termination penalties included above. 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. For all legal matters, 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

9 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring costs include one-time employee termination benefits, acceleration of share-based compensation, write-off of assets and other related costs including third-party professional and outplacement services. During the three months ended March 31, 2021, we recognized restructuring benefits of $382 due to changes in prior estimates, while during the nine months ended March 31, 2021 we recognized costs of $1,714, due to organizational changes within The Print Group segment intended to streamline certain activities. During the three and nine months ended March 31, 2020, we recognized restructuring charges of $919 and $5,006, respectively, related primarily to charges within our Vistaprint reportable segment.

The following table summarizes the restructuring activity during the nine months ended March 31, 2021:


	Severance and Related Benefits		Other Restructuring Costs		Total
Accrued restructuring liability as of June 30, 2020	$	5,969	$	77	$	6,046
Restructuring charges	1,071		643		1,714
Cash payments	(4,105)		—		(4,105)
Non-cash charges (1)	—		(643)		(643)
Accrued restructuring liability as of March 31, 2021	$	2,935	$	77	$	3,012

(1) Non-cash charges primarily include the write-off of property, plant and equipment, net in The Print Group segment to streamline certain activities.

Subsequent Event	3 Months Ended
Subsequent Event	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventOn April 15, 2021, we announced plans to issue a senior secured Term Loan B to repay existing secured debt and bring additional liquidity onto our balance sheet. We expect this transaction to close in the fourth quarter of fiscal year 2021. The secured Term Loan B is expected to consist of a $795,000 tranche and a €300,000 tranche, both due 2028. We plan to use the new debt to redeem all of our 12% Second Lien Notes due 2025, repay amounts drawn under our revolving credit facility and repay all borrowings in respect of our Term Loan A under our secured credit facility. The transaction would be approximately net leverage neutral on a pro-forma basis. The Second Lien notes would be redeemed at the first call date in mid-May 2021. The Term Loan A would terminate and Cimpress would retain a $250,000 revolving credit facility maturing in 2026.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

9 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of Cimpress plc, 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.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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.

Given the current and expected impact of the COVID-19 pandemic on our business, we evaluated our liquidity position as of the date of the issuance of these consolidated financial statements. Based on this evaluation, management believes, despite the ongoing impact of COVID-19 on our business, that our financial position, net cash provided by operations combined with our cash and cash equivalents and borrowing availability under our revolving credit facility, will be sufficient to fund our current obligations, capital spending, debt service requirements and working capital requirements over at least the next twelve months.

Significant Accounting Policies

Our significant accounting policies are described in Note 2 in our consolidated financial statements included in the Form 10-K for our year ended June 30, 2020. There have been no material changes to our significant accounting policies during the three and nine months ended March 31, 2021.

Other Income (Expense), Net

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Gains (losses) on derivatives not designated as hedging instruments (1)	$	18,724	$	18,039	$	(13,791)	$	25,730
Currency-related (losses) gains, net (2)	(8,841)		3,950		(2,957)		3,183
Other (losses) gains	(98)		548		581		258
Total other income (expense), net	$	9,785	$	22,537	$	(16,167)	$	29,171

_____________________

(1) Primarily relates to both realized and unrealized gains and losses on derivative currency forward and option contracts and interest rate swaps not designated as hedging instruments, including gains of $6,394 and $6,759 for the three and nine months ended March 31, 2021, respectively, related to certain interest rate swap contracts that have been de-designated from hedge accounting due to their ineffectiveness, which had an immaterial impact in the comparative periods..

(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 (losses) gains, net are primarily driven by this intercompany activity for the periods presented. In addition, we have certain cross-currency swaps designated as cash flow hedges which hedge the remeasurement of certain intercompany loans; both are presented in the same component above. The unrealized gains related to cross-currency swaps for the three months ended March 31, 2021 were $6,288, and the unrealized losses were $5,233 for the nine months ended March 31, 2021, as compared to unrealized gains of $1,807 and $3,627 for the three and nine months ended March 31, 2020, respectively.

Net (Loss) Income Per Share Attributable to Cimpress plc

Basic net (loss) income per share attributable to Cimpress plc is computed by dividing net (loss) income attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net (loss) income per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), warrants, 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 March 31,		Nine Months Ended March 31,
	2021	2020	2021	2020
Weighted average shares outstanding, basic	26,003,675	26,024,229	25,984,300	27,608,387
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants	—	—	—	709,053
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc	26,003,675	26,024,229	25,984,300	28,317,440
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1) (2)	621,172	464,638	485,067	—

_____________________

(1) On May 1, 2020, we entered into a financing arrangement with Apollo Global Management, Inc., which included 7-year warrants with a strike price of $60 that have a potentially dilutive impact on our weighted average shares outstanding. For the three and nine months ended March 31, 2021, the weighted average anti-dilutive effect of the warrants was 412,473 and 348,973 shares, respectively. Refer to Note 9 for additional details about the arrangement.

(2) In the periods in which a net loss is recognized, the impact of share options, RSUs, RSAs and warrants is not included as they are anti-dilutive.

Lease Impairment and Abandonment Charges

During the three months ended March 31, 2021, we recorded lease impairment and abandonment charges related to two leased facilities that we will no longer occupy. The charges are described below. These changes will result in a substantial reduction in costs in future periods.

Waltham Lease Amendment

On January 6, 2021, we entered into an arrangement that modifies the lease agreement for our Waltham, Massachusetts office location, which results in us retaining a small portion of the previously leased office space in exchange for a reduction to our monthly rent payments for the space we will no longer lease. As part of the agreement, we are required to pay a total termination penalty of $8,761 in two equal installments. The first installment was paid in January 2021 and the remaining amount was paid in April 2021. This termination penalty is inclusive of the rent that would have otherwise been paid through June 2021 when the office was not expected to be occupied.

The amendment is accounted for as a lease modification under ASC 842 - Leases. Due to the partial termination of the lease, we recorded a decrease to the operating lease liabilities of $47,801 to reflect the reduced lease payments, including the termination penalties. We also recorded a decrease to the operating lease asset of $46,645 based on the proportionate decrease in the right-of-use asset, which resulted in a gain of $1,156, recognized in general and administrative expense on the consolidated statement of operations for the three months ended March 31, 2021.

Due to our plans to no longer occupy the remaining leased office space and instead market the space to be subleased, we identified a triggering event with regards to the modified right-of-use asset. Therefore, we performed a discounted cash flow analysis that considered market-based rent assumptions, which resulted in an impairment of the right-of-use asset of $7,489 which was recognized in general and administrative expense on the consolidated statement of operations for the three months ended March 31, 2021. Additionally, we recorded an impairment to general and administrative expense for abandoned assets related to the vacated space totaling $4,483, which included $2,787 in subtenant allowances, $1,312 in leasehold improvements, and $384 in furniture and fixtures.

Other Lease Impairment

During the quarter ended March 31, 2021, we identified a triggering event due to a change in our intended use of the right-of-use asset of another one of our leased facilities, as we have committed to plans to exit the space and instead market it to be subleased or sold. We assessed the lease for impairment and performed a discounted cash flow analysis using current market-based rent assumptions, which resulted in an impairment of $7,420 that was recognized in general and administrative expense on the consolidated statement of operations for the three months ended March 31, 2021. This impairment resulted in a decrease to the right of use asset totaling $5,280 and to the related leasehold improvements included within property, plant and equipment totaling $2,140. Additionally, we recorded an impairment for abandoned equipment in the amount of $1,680 that was recognized in general and administrative expense for the three months ended March 31, 2021.

Income Taxes

During the three months ended December 31, 2020, the tax on Global Intangible Low-Taxed Income (“GILTI”) provision of the Tax Cuts and Jobs Act became applicable to our operations. The FASB has provided that companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences, including outside basis differences, expected to reverse as GILTI. We elected to account for GILTI as a period cost, as incurred. We do not expect GILTI to have a material impact on our consolidated financial statements.

Recently Issued or Adopted Accounting Pronouncements

New Accounting Standards Adopted

In December 2019, the FASB issued Accounting Standards Update No. 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" (ASU 2019-12), which modifies certain aspects of income tax accounting. We early adopted the standard on July 1, 2020. For the nine months ended March 31, 2021, adopting ASU 2019-12 resulted in a $2,545 increased tax expense in our consolidated financial statements, related to the intraperiod allocation rules. Under the intraperiod allocation rules, an entity generally allocates total income tax expense or benefit by first determining the amount attributable to continuing operations and then allocating the remaining tax expense or benefit to items other than continuing operations. An exception existed that required an entity with a loss from continuing operations to consider all components when determining the benefit from

continuing operations. ASU 2019-12 removes this exception.

In June 2016, the FASB issued Accounting Standards Update No. 2016-13 "Financial Instruments—Credit Losses (Topic 326)" (ASU 2016-13), which introduces a new accounting model for recognizing credit losses on certain financial instruments based on an estimate of current expected credit losses. We adopted the standard on its effective date of July 1, 2020. The standard did not have a material impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04 "Reference Rate Reform ("ASC 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which contains optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. We adopted the standard on October 1, 2020. We elected to amend our hedge documentation, without dedesignating and redesignating, for all outstanding cash flow hedges by applying two practical expedients. We elected the expedient in ASC 848-50-25-2 to assert probability of the hedged interest payments regardless of any expected modification in terms related to reference rate reform. In addition, we elected to continue the method of assessing effectiveness as documented in the original hedge documentation and elected to apply the expedient in ASC 848-50-35-17, so that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. The standard did not have a material impact on our consolidated financial statements.

Basis of Presentation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Other Income (expense), net

Other Income (Expense), Net

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Gains (losses) on derivatives not designated as hedging instruments (1)	$	18,724	$	18,039	$	(13,791)	$	25,730
Currency-related (losses) gains, net (2)	(8,841)		3,950		(2,957)		3,183
Other (losses) gains	(98)		548		581		258
Total other income (expense), net	$	9,785	$	22,537	$	(16,167)	$	29,171

_____________________

Net Income Per Share

Net (Loss) Income Per Share Attributable to Cimpress plc

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


	Three Months Ended March 31,		Nine Months Ended March 31,
	2021	2020	2021	2020
Weighted average shares outstanding, basic	26,003,675	26,024,229	25,984,300	27,608,387
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants	—	—	—	709,053
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc	26,003,675	26,024,229	25,984,300	28,317,440
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1) (2)	621,172	464,638	485,067	—

_____________________

(2) In the periods in which a net loss is recognized, the impact of share options, RSUs, RSAs and warrants is not included as they are anti-dilutive.

Recently Issued or Adopted Accounting Pronouncements

New Accounting Standards Adopted

continuing operations. ASU 2019-12 removes this exception.

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

9 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Interest and Other Income

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Gains (losses) on derivatives not designated as hedging instruments (1)	$	18,724	$	18,039	$	(13,791)	$	25,730
Currency-related (losses) gains, net (2)	(8,841)		3,950		(2,957)		3,183
Other (losses) gains	(98)		548		581		258
Total other income (expense), net	$	9,785	$	22,537	$	(16,167)	$	29,171

_____________________

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 March 31,		Nine Months Ended March 31,
	2021	2020	2021	2020
Weighted average shares outstanding, basic	26,003,675	26,024,229	25,984,300	27,608,387
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants	—	—	—	709,053
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc	26,003,675	26,024,229	25,984,300	28,317,440
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1) (2)	621,172	464,638	485,067	—

_____________________

(2) In the periods in which a net loss is recognized, the impact of share options, RSUs, RSAs and warrants is not included as they are anti-dilutive.

Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2021

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:


	March 31, 2021
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets

Cross-currency swap contracts	$	145	$	—	$	145	$	—
Currency forward contracts	1,184		—		1,184		—
Currency option contracts	80		—		80		—
Total assets recorded at fair value	$	1,409	$	—	$	1,409	$	—

Liabilities
Interest rate swap contracts	$	(23,981)	$	—	$	(23,981)	$	—
Cross-currency swap contracts	(7,978)		—		(7,978)		—
Currency forward contracts	(21,482)		—		(21,482)		—
Currency option contracts	(2,798)		—		(2,798)		—
Total liabilities recorded at fair value	$	(56,239)	$	—	$	(56,239)	$	—


	June 30, 2020
	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	$	4,462	$	—	$	4,462	$	—
Currency forward contracts	7,949		—		7,949		—
Currency option contracts	1,429		—		1,429		—
Total assets recorded at fair value	$	13,840	$	—	$	13,840	$	—

Liabilities
Interest rate swap contracts	$	(39,520)	$	—	$	(39,520)	$	—
Cross-currency swap contracts	(4,746)		—		(4,746)		—
Currency forward contracts	(8,519)		—		(8,519)		—
Currency option contracts	(38)		—		(38)		—
Total liabilities recorded at fair value	$	(52,823)	$	—	$	(52,823)	$	—

Derivative Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

As of March 31, 2021, we had ten outstanding interest rate swap contracts indexed to USD LIBOR all of which are no longer highly effective and have therefore been de-designated. These hedges have varying start dates and maturity dates through December 2026.


Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of March 31, 2021	$	500,000
Contracts with a future start date	50,000
Total	$	550,000

Derivatives Not Designated as Hedging Instruments

Notional Amount

Effective Date

Maturity Date

Number of Instruments

Index

$477,464

June 2019 through March 2021

Various dates through October 2024

608

Various


	Amount of Gain (Loss) Recognized in Net (Loss) Income									Affected line item in the Statement of Operations
		Three Months Ended March 31,				Nine Months Ended March 31,
		2021		2020		2021		2020
Currency contracts		$	12,329	$	18,039	$	(20,635)	$	25,730		Other income (expense), net
Interest rate swaps		6,395		—		6,844		—			Other income (expense), net
Total		$	18,724	$	18,039	$	(13,791)	$	25,730

Derivative Instruments in Statement of Financial Position, Fair Value


	March 31, 2021
	Asset Derivatives							Liability Derivatives
	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 designated as hedging instruments
Derivatives in cash flow hedging relationships

Cross-currency swaps	Other assets	$	145	$	—	$	145	Other liabilities	$	(7,978)	$	—	$	(7,978)
Derivatives in net investment hedging relationships

Currency forward contracts	Other assets	—		—		—		Other current liabilities / other liabilities	(12,386)		—		(12,386)
Total derivatives designated as hedging instruments		$	145	$	—	$	145		$	(20,364)	$	—	$	(20,364)

Derivatives not designated as hedging instruments
Interest rate swaps	Other assets	$	—	$	—	$	—	Other liabilities	$	(24,632)	$	651	$	(23,981)
Currency forward contracts	Other current assets / other assets	1,344		(160)		1,184		Other current liabilities / other liabilities	(13,198)		4,102		(9,096)
Currency option contracts	Other current assets / other assets	385		(305)		80		Other current liabilities / other liabilities	(2,919)		121		(2,798)
Total derivatives not designated as hedging instruments		$	1,729	$	(465)	$	1,264		$	(40,749)	$	4,874	$	(35,875)


	June 30, 2020
	Asset Derivatives							Liability Derivatives
	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 designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swaps	Other current assets / other assets	$	—	$	—	$	—	Other liabilities	$	(31,161)	$	—	$	(31,161)
Cross-currency swaps	Other assets	4,462		—		4,462		Other liabilities	(4,746)		—		(4,746)
Derivatives in net investment hedging relationships
Currency forward contracts	Other assets	—		—		—		Other current liabilities / other liabilities	(6,829)		—		(6,829)
Total derivatives designated as hedging instruments		$	4,462	$	—	$	4,462		$	(42,736)	$	—	$	(42,736)

Derivatives not designated as hedging instruments
Interest rate swaps	Other assets	$	—	$	—	$	—	Other liabilities	$	(8,359)	$	—	$	(8,359)
Currency forward contracts	Other current assets / other assets	9,702		(1,753)		7,949		Other current liabilities / other liabilities	(2,136)		446		(1,690)
Currency option contracts	Other current assets / other assets	1,699		(270)		1,429		Other current liabilities / other liabilities	(38)		—		(38)
Total derivatives not designated as hedging instruments		$	11,401	$	(2,023)	$	9,378		$	(10,533)	$	446	$	(10,087)

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


	Amount of Net Gain (Loss) on Derivatives Recognized in Comprehensive Income
	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Derivatives in cash flow hedging relationships




Interest rate swaps	$	6,244	$	(24,645)	$	7,386	$	(24,841)
Cross-currency swaps	(435)		3,444		6,061		2,583
Derivatives in net investment hedging relationships

Currency forward contracts	8,064		14,284		(16,768)		22,849
Total	$	13,873	$	(6,917)	$	(3,321)	$	591

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2021 and 2020:


	Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income								Affected line item in the Statement of Operations
	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(4,396)	$	691	$	227	$	1,146		Interest expense, net
Cross-currency swaps	661		2,665		(9,631)		6,203			Other income (expense), net
Total before income tax	(3,735)		3,356		(9,404)		7,349			(Loss) income before income taxes
Income tax	650		(825)		1,022		(1,812)			Income tax expense (benefit)
Total	$	(3,085)	$	2,531	$	(8,382)	$	5,537

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&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=121590274&loc=SL5624171-113959

Reference 9: 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=121590274&loc=SL5579240-113959

+ Details

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following table presents a roll forward of amounts recognized in accumulated other comprehensive income (loss) by component, net of tax of $643 for the nine months ended March 31, 2021:


	Gains (losses) on cash flow hedges (1)		Losses on pension benefit obligation		Translation adjustments, net of hedges (2)		Total
Balance as of June 30, 2020	$	(30,078)	$	(1,399)	$	(57,199)	$	(88,676)
Other comprehensive income (loss) before reclassifications	13,447		(336)		(1,028)		12,083
Amounts reclassified from accumulated other comprehensive loss to net (loss) income	(8,382)		—		—		(8,382)
Net current period other comprehensive income (loss)	5,065		(336)		(1,028)		3,701
Balance as of March 31, 2021	$	(25,013)	$	(1,735)	$	(58,227)	$	(84,975)

________________________

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

Goodwill (Tables)

9 Months Ended

Mar. 31, 2021

Acquired Finite-Lived Intangible Assets [Line Items]

Schedule of goodwill

The carrying amount of goodwill by reportable segment as of March 31, 2021 and June 30, 2020 was as follows:


	Vistaprint		PrintBrothers		The Print Group		All Other Businesses		Total
Balance as of June 30, 2020	$	150,846	$	129,764	$	155,197	$	186,097	$	621,904
Acquisitions (1)	71,401		—		—		—		71,401


Adjustments	(609)		—		—		—		(609)
Effect of currency translation adjustments (2)	1,862		5,495		6,573		—		13,930
Balance as of March 31, 2021	$	223,500	$	135,259	$	161,770	$	186,097	$	706,626

_________________

(1) On October 1, 2020, we acquired 99designs which is included in our Vistaprint reportable segment. Refer to Note 7 for additional details.

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

Goodwill Recoverability Assessment

Fiscal 2020

utilized different scenarios that evaluate outcomes that would indicate more or less severe demand declines, as well as different time horizons for the post-pandemic recovery period.

•A partial impairment of the goodwill of our Exaprint reporting unit of $40,391

•A full impairment of the goodwill of our National Pen reporting unit of $34,434

•A full impairment of the goodwill of our VIDA reporting unit of $26,017

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The table below details the consideration transferred to acquire 99designs:


Cash consideration (paid at closing)	$	45,000
Fair value of deferred payment	43,381
Final post closing adjustment	310
Total purchase price	$	88,691

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

8,603

n/a

Accounts receivable, net

494

n/a

Prepaid expenses and other current assets

1,167

n/a

Property, plant and equipment, net

n/a

Other assets

142

n/a

Accounts payable

(220)

n/a

Accrued expenses

(6,679)

n/a

Deferred revenue

(5,806)

n/a

Other liabilities (1)

(625)

n/a

Identifiable intangible assets:

Trade name

1,550

2 years

Developed technology

13,400

3 years

Designer network

5,800

7 years

Goodwill (1)

70,792

n/a

Total purchase price

88,691

n/a

_________________

(1) During the third quarter of fiscal 2021 we recorded a measurement period adjustment totaling $609 to other liabilities which was offset against goodwill.

Other Balance Sheet Components (Tables)

9 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Accrued expenses

Accrued expenses included the following:


	March 31, 2021		June 30, 2020
Compensation costs	$	74,170	$	67,307
Income and indirect taxes	52,054		53,161
Advertising costs (1)	28,401		14,746
Interest payable (2)	26,700		8,359
Production costs	6,412		7,012
Sales returns	5,997		5,166
Shipping costs	7,541		5,080
Professional fees	3,286		3,452
Purchases of property, plant and equipment	1,292		1,685
Other	59,740		44,796
Total accrued expenses	$	265,593	$	210,764

_________________

Other Current Liabilities

Other current liabilities included the following:


	March 31, 2021		June 30, 2020
Current portion of finance lease obligations	$	9,336	$	8,055
Short-term derivative liabilities	19,417		3,521


Other (1)	48,916		1,692
Total other current liabilities	$	77,669	$	13,268

_____________________

Other Liabilities

Other liabilities included the following:


	March 31, 2021		June 30, 2020
Long-term finance lease obligations	$	17,695	$	18,617
Long-term derivative liabilities	42,162		51,800


Other	32,929		17,770
Total other liabilities	$	92,786	$	88,187

Debt (Tables)

9 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Debt


	March 31, 2021		June 30, 2020
7.0% Senior unsecured notes due 2026	$	600,000	$	600,000
Senior secured credit facility	471,500		570,483
12.0% Second lien notes due 2025	300,000		300,000
Other	12,629		11,694
Debt issuance costs and debt premiums (discounts)	(42,883)		(48,587)
Total debt outstanding, net	1,341,246		1,433,590
Less: short-term debt (1)	9,012		17,933
Long-term debt	$	1,332,234	$	1,415,657

_____________________

(1) Balances as of March 31, 2021 and June 30, 2020 are inclusive of short-term debt issuance costs, debt premiums and discounts of $10,932 and $10,362, respectively.

Noncontrolling interests (Tables)

9 Months Ended

Mar. 31, 2021

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 redeemable noncontrolling interests:


	Redeemable noncontrolling interests
Balance as of June 30, 2020	$	69,106



Accretion to redemption value recognized in retained earnings	1,086
Net income attributable to noncontrolling interest	2,500
Distribution to noncontrolling interest	(4,599)
Purchase of noncontrolling interest	(5,063)

Foreign currency translation	1,220
Balance as of March 31, 2021	$	64,250

Segment Information (Tables)

9 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Segment Reporting, Revenue Reconciling Item [Line Items]

Reconciliation of Revenue from Segments to Consolidated

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Revenue (1):
Vistaprint	$	327,454	$	316,310	$	1,093,062	$	1,092,786
PrintBrothers	93,997		109,496		315,915		345,403
The Print Group	59,945		68,537		202,586		228,494
National Pen	62,220		68,362		244,561		266,510
All Other Businesses	44,062		39,237		142,905		131,287
Total segment revenue	587,678		601,942		1,999,029		2,064,480
Inter-segment eliminations	(8,827)		(3,982)		(47,533)		(12,228)
Total consolidated revenue	$	578,851	$	597,960	$	1,951,496	$	2,052,252

_____________________

(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.

Disaggregation of Revenue


	Three Months Ended March 31, 2021
	Vistaprint		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	214,663	$	—	$	—	$	33,398	$	39,407	$	287,468
Europe	73,524		93,831		57,536		19,731		—		244,622
Other	38,656		—		—		4,012		4,093		46,761
Inter-segment	611		166		2,409		5,079		562		8,827
Total segment revenue	327,454		93,997		59,945		62,220		44,062		587,678
Less: inter-segment elimination	(611)		(166)		(2,409)		(5,079)		(562)		(8,827)
Total external revenue	$	326,843	$	93,831	$	57,536	$	57,141	$	43,500	$	578,851


	Three Months Ended March 31, 2020
	Vistaprint		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	222,294	$	—	$	—	$	41,093	$	35,040	$	298,427
Europe	74,335		109,246		67,617		21,146		—		272,344
Other	18,074		—		—		5,142		3,973		27,189
Inter-segment	1,607		250		920		981		224		3,982
Total segment revenue	316,310		109,496		68,537		68,362		39,237		601,942
Less: inter-segment elimination	(1,607)		(250)		(920)		(981)		(224)		(3,982)
Total external revenue	$	314,703	$	109,246	$	67,617	$	67,381	$	39,013	$	597,960

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Segment EBITDA:
Vistaprint	$	64,333	$	73,780	$	266,821	$	299,941
PrintBrothers	7,560		8,686		33,732		35,922
The Print Group	6,475		10,934		31,227		42,673
National Pen	(3,324)		(1,244)		4,733		17,005
All Other Businesses	6,515		3,187		25,781		8,572
Total segment EBITDA	81,559		95,343		362,294		404,113
Central and corporate costs	(34,144)		(38,344)		(96,148)		(110,402)
Depreciation and amortization	(42,809)		(41,840)		(128,696)		(126,731)

Proceeds from insurance	(122)		—		(122)		—


Certain impairments and other adjustments	(20,563)		(101,976)		(21,131)		(102,736)
Restructuring-related charges	382		(919)		(1,714)		(5,006)


Total (loss) income from operations	(15,697)		(87,736)		114,483		59,238
Other income (expense), net	9,785		22,537		(16,167)		29,171
Interest expense, net	(29,002)		(17,262)		(89,659)		(48,050)

(Loss) income before income taxes	$	(34,914)	$	(82,461)	$	8,657	$	40,359

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Depreciation and amortization:
Vistaprint	$	14,881	$	14,609	$	43,420	$	45,291
PrintBrothers	5,493		5,064		16,464		15,872
The Print Group	6,630		6,083		19,852		18,925
National Pen	6,304		6,294		18,626		17,398
All Other Businesses	4,524		6,049		14,783		17,910
Central and corporate costs	4,977		3,741		15,551		11,335
Total depreciation and amortization	$	42,809	$	41,840	$	128,696	$	126,731


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Purchases of property, plant and equipment:
Vistaprint	$	2,411	$	134	$	6,860	$	10,831
PrintBrothers	286		2,397		1,424		3,396
The Print Group	980		4,949		6,910		13,943
National Pen	679		728		3,503		3,505
All Other Businesses	744		1,523		2,712		3,893
Central and corporate costs	846		813		1,327		3,070
Total purchases of property, plant and equipment	$	5,946	$	10,544	$	22,736	$	38,638


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Capitalization of software and website development costs:
Vistaprint	$	10,414	$	5,895	$	21,830	$	15,674
PrintBrothers	379		90		970		712
The Print Group	398		374		1,061		1,249
National Pen	604		775		1,673		2,590
All Other Businesses	897		890		2,639		2,969
Central and corporate costs	6,184		4,383		17,148		12,630
Total capitalization of software and website development costs	$	18,876	$	12,407	$	45,321	$	35,824

Revenues and long-lived assets by geographic area

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


	March 31, 2021		June 30, 2020
Long-lived assets (1):
United States	$	87,136	$	161,853
Netherlands	76,449		82,897
Canada	57,685		67,367
Switzerland	65,269		58,013
Italy	46,559		46,317
Jamaica	20,802		21,563
Australia	21,060		19,695
France	25,564		23,917
Japan	15,168		15,430
Other	96,964		94,922
Total	$	512,656	$	591,974

___________________

(1) Excludes goodwill of $706,626 and $621,904, intangible assets, net of $194,502 and $209,228, and deferred tax assets of $135,491 and $143,496 as of March 31, 2021 and June 30, 2020, respectively.

Restructuring Charges (Tables)

9 Months Ended

Mar. 31, 2021

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs

The following table summarizes the restructuring activity during the nine months ended March 31, 2021:


	Severance and Related Benefits		Other Restructuring Costs		Total
Accrued restructuring liability as of June 30, 2020	$	5,969	$	77	$	6,046
Restructuring charges	1,071		643		1,714
Cash payments	(4,105)		—		(4,105)
Non-cash charges (1)	—		(643)		(643)
Accrued restructuring liability as of March 31, 2021	$	2,935	$	77	$	3,012

(1) Non-cash charges primarily include the write-off of property, plant and equipment, net in The Print Group segment to streamline certain activities.

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	May 01, 2020
Accounting Policies [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 18,724	$ 18,039	$ (13,791)	$ 25,730
Foreign Currency Transaction Gain (Loss), Realized	(8,841)	3,950	(2,957)	3,183
Other Nonoperating Gains (Losses)	(98)	548	581	258
Total other income (expense), net	9,785	22,537	(16,167)	29,171
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	$ 6,288	$ 1,807	$ 5,233	$ 3,627
Weighted average shares outstanding — basic	26,003,675	26,024,229	25,984,300	27,608,387
Weighted average shares outstanding — diluted	26,003,675	26,024,229	25,984,300	28,317,440
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)	621,172	464,638	485,067	0
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	0	709,053
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 60		$ 60		$ 60
Income tax expense (benefit)	$ 3,927	$ 1,039	$ 23,675	$ (86,641)
Lease termination penalty [Line Items]	8,761
Impairment of long-lived assets			19,882
Waltham Lease [Member]
Accounting Policies [Line Items]
Operating Lease, Impairment Loss	7,489
Impairment of long-lived assets	4,483
Dallas Lease [Member]
Accounting Policies [Line Items]
Operating Lease, Impairment Loss	7,420
Impairment of long-lived assets	5,280
General and administrative expense
Accounting Policies [Line Items]
Effect of Lease Modification [Line Items]	1,156
Operating Lease, Right-of-Use Asset
Accounting Policies [Line Items]
Effect of Lease Modification [Line Items]	46,645
Operating Lease, Liability
Accounting Policies [Line Items]
Effect of Lease Modification [Line Items]	47,801
Leaseholds and Leasehold Improvements [Member] \| Waltham Lease [Member]
Accounting Policies [Line Items]
Impairment of long-lived assets	1,312
Leaseholds and Leasehold Improvements [Member] \| Dallas Lease [Member]
Accounting Policies [Line Items]
Impairment of long-lived assets	2,140
Furniture and Fixtures [Member] \| Waltham Lease [Member]
Accounting Policies [Line Items]
Impairment of long-lived assets	384
Other Assets [Member] \| Waltham Lease [Member]
Accounting Policies [Line Items]
Impairment of long-lived assets	2,787
Equipment [Member] \| Dallas Lease [Member]
Accounting Policies [Line Items]
Impairment of long-lived assets	$ 1,680
Accounting Standards Update 2019-12 [Member]
Accounting Policies [Line Items]
Income tax expense (benefit)			$ 2,545
Warrant [Member]
Accounting Policies [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	412,473		348,973
Foreign Exchange Forward [Member]
Accounting Policies [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 12,329	18,039	$ (20,635)	25,730
Interest Rate Swap [Member]
Accounting Policies [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	6,395	$ 0	6,844	$ 0
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments	$ 6,394		$ 6,759

Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2021 USD ($) instrument	Jun. 30, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 1,341,246	$ 1,433,590
Debt Instrument, Fair Value Disclosure	1,426,307	1,450,719
Debt, Gross [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, Long-term and Short-term, Combined Amount	1,384,129	1,482,177
Fair value, recurring measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	1,409	13,840
Financial and Nonfinancial Liabilities, Fair Value Disclosure	$ 56,239	52,823
Foreign Exchange Forward [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Number of Instruments Held \| instrument	608
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		4,462
Derivative Liability	$ (23,981)	39,520
Derivative, Number of Instruments Held \| instrument	10
Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 145
Derivative Liability	(7,978)	(4,746)
Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,184	7,949
Derivative Liability	(21,482)
Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	80	1,429
Derivative Liability	$ (2,798)	(38)
Cash Flow Hedging [Member] \| Currency Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Number of Instruments Held \| instrument	2
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	$ 1,729	11,401
Derivative Liability	(35,875)	(10,087)
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	1,344	9,702
Foreign Currency Contract, Asset, Fair Value Disclosure	1,184	7,949
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	385	1,699
Foreign Currency Contract, Asset, Fair Value Disclosure	80	1,429
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	1,409	13,840
Financial and Nonfinancial Liabilities, Fair Value Disclosure	56,239	52,823
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		4,462
Derivative Liability	(23,981)	39,520
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 Asset, Fair Value, Gross Asset	145
Derivative Liability	(7,978)	(4,746)
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	1,184	7,949
Derivative Liability	(21,482)	8,519
Fair Value, Inputs, Level 2 [Member] \| Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		1,429
Derivative Liability	$ (2,798)	$ (38)

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
Derivative Financial Instruments (Details) $ in Thousands	Mar. 31, 2021 USD ($) instrument	Mar. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) instrument	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)
Derivative [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 18,724	$ 18,039	$ (13,791)	$ 25,730
Payments for (Proceeds from) Hedge, Investing Activities			0	27,732
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	13,873	(6,917)	(3,321)	591
Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	80		80		$ 1,429
Derivative Liability	(2,798)		(2,798)		(38)
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset					4,462
Derivative Liability	(23,981)		(23,981)		39,520
Notional Amount of Interest Rate Derivatives	500,000		500,000
Notional value of contracts with future start date	50,000		50,000
Total current and future notional amount	$ 550,000		$ 550,000
Derivative, Number of Instruments Held \| instrument	10		10
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 6,395	0	$ 6,844	0
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			10,439
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	$ 6,244	(24,645)	$ 7,386	(24,841)
Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument	608		608
Derivative, Notional Amount	$ 477,464		$ 477,464
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	12,329	18,039	$ (20,635)	25,730
Derivative, Underlying Basis			Various
Currency Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,184		$ 1,184		7,949
Derivative Liability	(21,482)		(21,482)
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value	(7,978)		(7,978)		(4,746)
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			2,623
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(435)	3,444	6,061	2,583
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Interest Expense [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(4,396)	691	227	1,146
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Other Income [Member] \| Currency Swap [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	661	2,665	(9,631)	6,203
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	3,085	(2,531)	8,382	(5,537)
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 [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	3,735	(3,356)	9,404	(7,349)
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 [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 650	(825)	$ 1,022	(1,812)
Cash Flow Hedging [Member] \| Currency Swap [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument	2		2
Derivative, Notional Amount	$ 120,874		$ 120,874
Net Investment Hedging [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument	5		5
Derivative, Notional Amount	$ 149,604		$ 149,604
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	8,064	$ 14,284	(16,768)	$ 22,849
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	145		145		4,462
Derivative Asset, Fair Value, Gross Liability	0		0		0
Derivative Liability, Fair Value, Gross Liability	(20,364)		(20,364)		(42,736)
Derivative Liability, Fair Value, Gross Asset	0		0		0
Derivative Liability	(20,364)		(20,364)		(42,736)
Derivative Asset					4,462
Interest Rate Cash Flow Hedge Asset at Fair Value	145		145
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset					0
Derivative Asset, Fair Value, Gross Liability					0
Derivative Liability, Fair Value, Gross Liability					(31,161)
Derivative Liability, Fair Value, Gross Asset					0
Interest Rate Cash Flow Hedge Liability at Fair Value					(31,161)
Interest Rate Cash Flow Hedge Asset at Fair Value					0
Designated as Hedging Instrument [Member] \| Currency Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	145		145		4,462
Derivative Asset, Fair Value, Gross Liability					0
Derivative Liability, Fair Value, Gross Liability	(7,978)		(7,978)		(4,746)
Derivative Liability, Fair Value, Gross Asset	0		0		0
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	0		0
Derivative Asset, Fair Value, Gross Liability	0		0
Derivative Liability, Fair Value, Gross Liability	(12,386)		(12,386)		(6,829)
Derivative Liability, Fair Value, Gross Asset	0		0		0
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value	(12,386)		(12,386)		(6,829)
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,729		1,729		11,401
Derivative Asset, Fair Value, Gross Liability	(465)		(465)		(2,023)
Derivative Liability, Fair Value, Gross Liability	(40,749)		(40,749)		(10,533)
Derivative Liability, Fair Value, Gross Asset	4,874		4,874		446
Derivative Liability	(35,875)		(35,875)		(10,087)
Derivative Asset	1,264		1,264		9,378
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	385		385		1,699
Derivative Asset, Fair Value, Gross Liability	305		305		270
Derivative Liability, Fair Value, Gross Liability	(2,919)		(2,919)		(38)
Derivative Liability, Fair Value, Gross Asset	121		121		0
Foreign Currency Contract, Asset, Fair Value Disclosure	80		80		1,429
Foreign Currency Contracts, Liability, Fair Value Disclosure	(2,798)		(2,798)		(38)
Not Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Liability, Fair Value, Gross Liability	(24,632)		(24,632)		(8,359)
Derivative Liability, Fair Value, Gross Asset	651		651		0
Interest Rate Cash Flow Hedge Liability at Fair Value	(23,981)		(23,981)		(8,359)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	1,344		1,344		9,702
Derivative Asset, Fair Value, Gross Liability	(160)		(160)		(1,753)
Derivative Liability, Fair Value, Gross Liability	(13,198)		(13,198)		(2,136)
Derivative Liability, Fair Value, Gross Asset	4,102		4,102		446
Foreign Currency Contract, Asset, Fair Value Disclosure	1,184		1,184		7,949
Foreign Currency Contracts, Liability, Fair Value Disclosure	$ (9,096)		$ (9,096)		$ (1,690)
Minimum [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			Mar. 31, 2022
Minimum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Maturity Date			Apr. 15, 2021
Minimum [Member] \| Currency Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			Jun. 19, 2024
Maximum [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			Dec. 31, 2026
Maximum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Maturity Date			Apr. 14, 2023
Maximum [Member] \| Currency Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			Jun. 19, 2024

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Mar. 31, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI Tax, Attributable to Parent		$ 643
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss		(84,975)	$ (88,676)
Other comprehensive income (loss) before reclassifications		12,083
Amounts reclassified from accumulated other comprehensive loss to net (loss) income		(8,382)
Net current period other comprehensive income (loss)		3,701
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease)	$ 20,509	3,741
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss		(25,013)	(30,078)
Other comprehensive income (loss) before reclassifications		13,447
Amounts reclassified from accumulated other comprehensive loss to net (loss) income		(8,382)
Net current period other comprehensive income (loss)		5,065
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss		(58,227)	(57,199)
Other comprehensive income (loss) before reclassifications		(1,028)
Net current period other comprehensive income (loss)		(1,028)
Pension Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss		(1,735)	$ (1,399)
Other comprehensive income (loss) before reclassifications		(336)
Net current period other comprehensive income (loss)		$ (336)

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2021	Jun. 30, 2020
Goodwill [Line Items]
Goodwill		$ 706,626	$ 621,904
Goodwill, Acquired During Period		71,401
Impairment of goodwill		0
Goodwill, Purchase Accounting Adjustments		(609)
Goodwill, Foreign Currency Translation Gain (Loss)		13,930
Vistaprint Business [Member]
Goodwill [Line Items]
Goodwill		223,500	150,846
Goodwill, Acquired During Period		71,401
Goodwill, Foreign Currency Translation Gain (Loss)		1,862
PrintBrothers [Member]
Goodwill [Line Items]
Goodwill		135,259	129,764
Goodwill, Acquired During Period		0
Goodwill, Foreign Currency Translation Gain (Loss)		5,495
The Print Group [Member]
Goodwill [Line Items]
Goodwill		161,770	155,197
Goodwill, Acquired During Period		0
Impairment of goodwill	$ (40,391)
Goodwill, Foreign Currency Translation Gain (Loss)		6,573
National Pen [Member]
Goodwill [Line Items]
Impairment of goodwill	(34,434)
All Other Businesses [Member]
Goodwill [Line Items]
Goodwill		186,097	$ 186,097
Goodwill, Acquired During Period		0
Impairment of goodwill	$ (26,017)
Goodwill, Foreign Currency Translation Gain (Loss)		$ 0

Business Combinations (Details) $ in Thousands	3 Months Ended	9 Months Ended
Business Combinations (Details) $ in Thousands	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Business Acquisition [Line Items]
Goodwill, Acquired During Period		$ 71,401
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities	$ 609
99designs acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred	43,381
Business Combination, Consideration Transferred	88,691
Business Combination, Consideration Transferred, Other	310
Business Acquisition, Goodwill, Expected Tax Deductible Amount	19,667	19,667
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	8,603	8,603
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	494	494
Other current assets (1)	1,167	1,167
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	73	73
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	142	142
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(220)	(220)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(6,679)	(6,679)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue	(5,806)	(5,806)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities	(625)	(625)
Goodwill, Acquired During Period	70,792
Business Combination, Acquisition Related Costs		1,183
99designs acquisition [Member] \| Trade Names [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	1,550	$ 1,550
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		2 years
99designs acquisition [Member] \| Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	13,400	$ 13,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		3 years
99designs acquisition [Member] \| Designer Relationships [Member]
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	5,800	$ 5,800
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life		7 years
Cash and Cash Equivalents [Member] \| 99designs acquisition [Member]
Business Acquisition [Line Items]
Other Payments to Acquire Businesses	45,000
Payments to Acquire Businesses, Gross	$ 90,000

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Schedule of other current liabilities [Line Items]
Compensation costs	$ 74,170	$ 67,307
Income and indirect taxes	52,054	53,161
Accrued Advertising	28,401	14,746
Shipping costs	7,541	5,080
Interest Payable	26,700	8,359
Production costs	6,412	7,012
Sales returns	5,997	5,166
Purchases of property, plant and equipment	1,292	1,685
Professional costs	3,286	3,452
Other	59,740	44,796
Accrued Liabilities	$ 265,593	$ 210,764

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Schedule of other current liabilities [Line Items]
Other current liabilities	$ 77,669	$ 13,268
Other Current Liabilities [Member]
Schedule of other current liabilities [Line Items]
Finance Lease, Liability, Current	9,336	8,055
Derivative Liability, Current	19,417	3,521
Other current liabilities	$ 48,916	$ 1,692

Other Balance Sheet Components Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Separate Account, Liability [Line Items]
Other liabilities	$ 92,786	$ 88,187
Other Noncurrent Liabilities [Member]
Separate Account, Liability [Line Items]
Finance Lease, Liability, Noncurrent	17,695	18,617
Derivative Liability, Noncurrent	42,162	51,800
Other liabilities	$ 32,929	$ 17,770

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	May 01, 2020	Feb. 13, 2020	Mar. 31, 2021	Mar. 31, 2021	Jun. 30, 2020	Apr. 28, 2020
Line of Credit Facility [Line Items]
Debt, Long-term and Short-term, Combined Amount			$ 1,341,246	$ 1,341,246	$ 1,433,590
Other Long-term Debt			12,629	12,629	11,694
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			(42,883)	(42,883)	(48,587)
Short-term debt			9,012	9,012	17,933
Long-term debt			$ 1,332,234	$ 1,332,234	1,415,657
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			1,055,377	1,055,377
Class of Warrant or Right, Percentage of Securities	3.875%
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 60		$ 60	$ 60
Class of right, percentage of premium-warrant issuance	17.00%
Debt Instrument, Unamortized Discount			$ 6,000	$ 6,000
Proceeds from Notes Payable	$ 300,000
Document period end date				Mar. 31, 2021
Line of Credit [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Unamortized Discount			10,932	$ 10,932	10,362
Second Lien Notes due 2025 [Member]
Line of Credit Facility [Line Items]
Senior Notes			300,000	300,000	300,000
May 2020 Placement [Member]
Line of Credit Facility [Line Items]
Proceeds from Issuance of Private Placement	$ 294,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt, Long-term and Short-term, Combined Amount			471,500	471,500	570,483
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity			$ 471,500	$ 471,500
Line of Credit [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Commitment fee (percentage)				0.35%
Line of Credit [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Commitment fee (percentage)				0.50%
Revolving Loan, Maturity June 14, 2023 [Member]
Line of Credit Facility [Line Items]
Weighted average interest rate			5.41%	5.41%
Senior Notes due 2022 [Member]
Line of Credit Facility [Line Items]
Senior Notes			$ 600,000	$ 600,000	$ 600,000
Senior Notes due 2026 [Member]
Line of Credit Facility [Line Items]
Proceeds from Issuance of Private Placement		$ 600,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 850,000
Term Loan [Domain]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 142,500
Term Loan [Domain] \| Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity			142,500	142,500
Revolving Loan, Maturity June 14, 2023 [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity after April 28, 2020 Amendment			$ 329,000	$ 329,000
Senior Secured Leverage Ratio \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description			1.00
Senior Secured Leverage Ratio \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description			3.00
Maximum Leverage Ratio \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description			1.00
Maximum Leverage Ratio \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description			5.25
Minimum Interest Coverage Ratio \| Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description			1.00
Minimum Interest Coverage Ratio \| Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Covenant Description			3.00
Redemption Any Time Prior to April 1, 2018 \| Senior Notes due 2026 [Member]
Line of Credit Facility [Line Items]
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]
Line of Credit Facility [Line Items]
Debt Instrument, Redemption Price, Percentage				100.00%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed				40.00%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 3,927	$ 1,039	$ 23,675	$ (86,641)
Unrecognized Tax Benefits	14,495		14,495
Unrecognized Tax Benefits, Period Increase (Decrease)			8,264
Unrecognized Tax Benefits, Income Tax Penalties Accrued	914		914
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 8,051		$ 8,051
Federal Act on Tax Reform and AHV Financing (TRAF) [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)		$ 114,114

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Noncontrolling interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Noncontrolling interests (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Nov. 25, 2020	Jun. 30, 2020	Jun. 06, 2019	Oct. 01, 2018
Noncontrolling Interest [Line Items]
Purchase of noncontrolling interests			$ (5,063)
Net Income (Loss) Attributable to Noncontrolling Interest	$ 209	$ 1,384	2,500	$ 1,630
Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Purchase of noncontrolling interests			(5,063)
Temporary Equity, Accretion to Redemption Value			1,086
Net Income (Loss) Attributable to Noncontrolling Interest			2,500
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			(4,599)
Redeemable noncontrolling interest [Member] \| Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	64,250		64,250			$ 69,106
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest			1,220
BuildASign LLC [Domain] \| Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners								1.00%
Temporary Equity, Accretion to Redemption Value	$ 966
BuildASign LLC [Domain] \| Cimpress plc [Member]
Noncontrolling Interest [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired								99.00%
Minimum [Member] \| Repurchased noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					0.56%
Purchase of noncontrolling interests			$ (5,063)
Minimum [Member] \| PrintBrothers [Member] \| Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners							11.00%
Maximum [Member] \| Repurchased noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners					1.15%
Maximum [Member] \| PrintBrothers [Member] \| Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners							12.00%

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)
Segment Reporting Information [Line Items]
Impairment of goodwill			$ 0
Number of Reportable Segments			5
Revenue	$ 578,851	$ 597,960	$ 1,951,496	$ 2,052,252
Other Operating Income	81,559	95,343	362,294	404,113
Capitalization of software and website development costs	18,876	12,407	45,321	35,824
Depreciation and amortization	42,809	41,840	128,696	126,731
Restructuring expense (1)	382	(919)	(1,714)	(5,006)
Operating Income (Loss)	(15,697)	(87,736)	114,483	59,238
Other income (expense), net	9,785	22,537	(16,167)	29,171
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(34,914)	(82,461)	8,657	40,359
Property, Plant and Equipment, Additions	5,946	10,544	22,736	38,638
Long-lived assets	512,656		512,656		$ 591,974
Goodwill	706,626		706,626		621,904
Intangible assets, net	194,502		194,502		209,228
Deferred tax assets	135,491		135,491		143,496
Marketing and selling expense	(154,472)	(148,803)	(474,944)	(483,056)
Share-based compensation expense			23,071	22,739
Interest expense, net	(29,002)	(17,262)	(89,659)	(48,050)
Property, plant and equipment, net	312,560		312,560		338,659
Insurance Recoveries	(122)	0	(122)	0
North America [Member]
Segment Reporting Information [Line Items]
Revenue	287,468	298,427	955,904	1,005,426
Canada [Member]
Segment Reporting Information [Line Items]
Long-lived assets	57,685		57,685		67,367
Netherlands [Member]
Segment Reporting Information [Line Items]
Long-lived assets	76,449		76,449		82,897
Switzerland
Segment Reporting Information [Line Items]
Long-lived assets	65,269		65,269		58,013
Australia [Member]
Segment Reporting Information [Line Items]
Long-lived assets	21,060		21,060		19,695
Jamaica [Member]
Segment Reporting Information [Line Items]
Long-lived assets	20,802		20,802		21,563
FRANCE
Segment Reporting Information [Line Items]
Long-lived assets	25,564		25,564		23,917
ITALY
Segment Reporting Information [Line Items]
Long-lived assets	46,559		46,559		46,317
JAPAN
Segment Reporting Information [Line Items]
Long-lived assets	15,168		15,168		15,430
UNITED STATES
Segment Reporting Information [Line Items]
Long-lived assets	87,136		87,136		161,853
Europe [Member]
Segment Reporting Information [Line Items]
Revenue	244,622	272,344	868,155	945,019
Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	46,761	27,189	127,437	101,807
Other Countries [Member]
Segment Reporting Information [Line Items]
Long-lived assets	96,964		96,964		94,922
Vistaprint Business [Member]
Segment Reporting Information [Line Items]
Revenue	326,843	314,703	1,091,358	1,087,326
Other Operating Income	64,333	73,780	266,821	299,941
Capitalization of software and website development costs	10,414	5,895	21,830	15,674
Depreciation and amortization	14,881	14,609	43,420	45,291
Property, Plant and Equipment, Additions	2,411	134	6,860	10,831
Goodwill	223,500		223,500		150,846
Vistaprint Business [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	214,663	222,294	715,494	753,724
Vistaprint Business [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	73,524	74,335	277,649	269,936
Vistaprint Business [Member] \| Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	38,656	18,074	98,215
The Print Group [Member]
Segment Reporting Information [Line Items]
Impairment of goodwill		40,391
Revenue	57,536	67,617	187,257	226,156
Other Operating Income	6,475	10,934	31,227	42,673
Capitalization of software and website development costs	398	374	1,061	1,249
Depreciation and amortization	6,630	6,083	19,852	18,925
Property, Plant and Equipment, Additions	980	4,949	6,910	13,943
Goodwill	161,770		161,770		155,197
The Print Group [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
The Print Group [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	57,536	67,617	187,257	226,156
PrintBrothers [Member]
Segment Reporting Information [Line Items]
Revenue	93,831	109,246	315,336	344,581
Other Operating Income	7,560	8,686	33,732	35,922
Capitalization of software and website development costs	379	90	970	712
Depreciation and amortization	5,493	5,064	16,464	15,872
Property, Plant and Equipment, Additions	286	2,397	1,424	3,396
Goodwill	135,259		135,259		129,764
PrintBrothers [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
PrintBrothers [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	93,831	109,246	315,336
National Pen [Member]
Segment Reporting Information [Line Items]
Impairment of goodwill		34,434
Revenue	57,141	67,381	216,669	263,582
Other Operating Income	(3,324)	(1,244)	4,733	17,005
Capitalization of software and website development costs	604	775	1,673	2,590
Depreciation and amortization	6,304	6,294	18,626	17,398
Property, Plant and Equipment, Additions	679	728	3,503	3,505
National Pen [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	33,398	41,093	112,397	137,035
National Pen [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	19,731	21,146	87,913	104,346
National Pen [Member] \| Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	4,012	5,142	16,359	22,201
All Other Businesses [Member]
Segment Reporting Information [Line Items]
Impairment of goodwill		26,017
Revenue	43,500	39,013	140,876	130,607
Other Operating Income	6,515	3,187	25,781	8,572
Capitalization of software and website development costs	897	890	2,639	2,969
Depreciation and amortization	4,524	6,049	14,783	17,910
Property, Plant and Equipment, Additions	744	1,523	2,712	3,893
Goodwill	186,097		186,097		$ 186,097
All Other Businesses [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	39,407	35,040	128,013	114,667
All Other Businesses [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
All Other Businesses [Member] \| Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	4,093	3,973	12,863	15,940
Corporate and Other
Segment Reporting Information [Line Items]
Other Operating Income	(34,144)	(38,344)	(96,148)	(110,402)
Capitalization of software and website development costs	6,184	4,383	17,148	12,630
Depreciation and amortization	4,977	3,741	15,551	11,335
Property, Plant and Equipment, Additions	846	813	1,327	3,070
Marketing and selling expense
Segment Reporting Information [Line Items]
Share-based compensation expense	1,808	1,145	4,247	367
Certain impairments [Domain]
Segment Reporting Information [Line Items]
Asset Impairment Charges	(20,563)	(101,976)	(21,131)	(102,736)
Restructuring Charges
Segment Reporting Information [Line Items]
Share-based compensation expense	0	16	0	756
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	587,678	601,942	1,999,029	2,064,480
Operating Segments [Member] \| Vistaprint Business [Member]
Segment Reporting Information [Line Items]
Revenue	327,454	316,310	1,093,062	1,092,786
Operating Segments [Member] \| The Print Group [Member]
Segment Reporting Information [Line Items]
Revenue	59,945	68,537	202,586	228,494
Operating Segments [Member] \| PrintBrothers [Member]
Segment Reporting Information [Line Items]
Revenue	93,997	109,496	315,915	345,403
Operating Segments [Member] \| National Pen [Member]
Segment Reporting Information [Line Items]
Revenue	62,220	68,362	244,561	266,510
Operating Segments [Member] \| All Other Businesses [Member]
Segment Reporting Information [Line Items]
Revenue	44,062	39,237	142,905	131,287
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	8,827	3,982	47,533	12,228
Intersegment Eliminations [Member] \| Vistaprint Business [Member]
Segment Reporting Information [Line Items]
Revenue	611	1,607	1,704	5,460
Intersegment Eliminations [Member] \| The Print Group [Member]
Segment Reporting Information [Line Items]
Revenue	2,409	920	15,329	2,338
Intersegment Eliminations [Member] \| PrintBrothers [Member]
Segment Reporting Information [Line Items]
Revenue	166	250	579	822
Intersegment Eliminations [Member] \| National Pen [Member]
Segment Reporting Information [Line Items]
Revenue	5,079	981	27,892	2,928
Intersegment Eliminations [Member] \| All Other Businesses [Member]
Segment Reporting Information [Line Items]
Revenue	$ 562	$ 224	$ 2,029	$ 680

Commitments and Contingencies (Details) - USD ($)
$ in Thousands

9 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Apr. 01, 2021

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

$ 211,311

Amounts accrued related to business acquisitions

44,680

$ 2,369

Lessee, Operating Lease, Liability, Payments, Due

64,811

Subsequent Event [Member]

Unrecorded Unconditional Purchase Obligation [Line Items]

Lessee, Operating Lease, Liability, Payments, Due

$ 20,183

99designs acquisition [Member]

Unrecorded Unconditional Purchase Obligation [Line Items]

Amounts accrued related to business acquisitions

^[1]

43,691

Third-party web services [Domain]

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

96,741

Professional Fees [Domain]

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

7,405

Production and Computer Equipment [Domain]

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

2,430

Inventories [Member]

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

18,976

Advertising Purchase Commitment [Member]

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

15,058

Other purchase commitments [Member]

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

16,153

Software and Software Development Costs

Unrecorded Unconditional Purchase Obligation [Line Items]

Unrecorded unconditional purchase obligation

$ 54,548

[1]	1) The increase in other current liabilities is driven by the deferred payment related to the 99designs acquisition totaling $43,691, which was included in other long-term liabilities as of December 31, 2020. Refer to Note 7 for additional details

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring Charges (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 382	$ (919)	$ (1,714)	$ (5,006)
Payments for Restructuring			(4,105)
Restructuring Reserve, Settled without Cash			(643)
Restructuring Reserve	3,012		3,012		$ 6,046
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			(1,071)
Payments for Restructuring			(4,105)
Restructuring Reserve	2,935		2,935		5,969
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			(643)
Restructuring Reserve, Settled without Cash			(643)
Restructuring Reserve	$ 77		$ 77		$ 77

Subsequent Event (Details) € in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
Subsequent Event (Details) € in Thousands, $ in Thousands	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Subsequent Event [Line Items]
Proceeds from borrowings of debt			$ 534,051	$ 1,043,600
Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 250,000
Subsequent Event [Member] \| Euro Member Countries, Euro
Subsequent Event [Line Items]
Proceeds from borrowings of debt	$ 795,000	€ 300,000