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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period endedDecember 31, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from               to               
Commission file number 000-51539
_________________________________
Cimpress plc

(Exact Name of Registrant as Specified in Its Charter)
_________________________________
Ireland98-0417483
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
Building D, Xerox Technology Park A91 H9N9,
Dundalk, Co. Louth
Ireland
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: 353 42 938 8500
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Exchange on Which Registered
Ordinary Shares, nominal value of €0.01 per shareCMPR NASDAQ Global Select Market
______________________________
    Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange     Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  þ
Accelerated filerNon-accelerated filer
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).  Yes      No þ
As of January 24, 2022, there were 26,101,248 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Six Months Ended December 31, 2021

TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of December 31, 2021 and June 30, 2021
Consolidated Statements of Operations for the three and six months ended December 31, 2021 and 2020
Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2021 and 2020
Consolidated Statements of Shareholders' Deficit for the three and six months ended December 31, 2021 and 2020
Consolidated Statements of Cash Flows for the six months ended December 31, 2021 and 2020
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II OTHER INFORMATION
Item 1A. Risk Factors
Item 6. Exhibits
Signatures




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CIMPRESS PLC
CONSOLIDATED BALANCE SHEETS
(unaudited in thousands, except share and per share data)
December 31,
2021
June 30,
2021
Assets  
Current assets:  
Cash and cash equivalents$231,159 $183,023 
Marketable securities147,199 152,248 
Accounts receivable, net of allowances of $7,055 and $9,404, respectively
61,537 50,679 
Inventory96,656 70,044 
Prepaid expenses and other current assets94,000 72,504 
Total current assets630,551 528,498 
Property, plant and equipment, net301,909 328,679 
Operating lease assets, net82,413 87,626 
Software and website development costs, net90,431 87,690 
Deferred tax assets138,805 149,618 
Goodwill783,159 726,979 
Intangible assets, net180,960 186,744 
Marketable securities, non-current27,693 50,713 
Other assets39,456 35,951 
Total assets$2,275,377 $2,182,498 
Liabilities, noncontrolling interests and shareholders’ deficit 
Current liabilities: 
Accounts payable$271,430 $199,831 
Accrued expenses260,930 247,513 
Deferred revenue57,521 50,868 
Short-term debt11,217 9,895 
Operating lease liabilities, current28,522 26,551 
Other current liabilities75,599 103,515 
Total current liabilities705,219 638,173 
Deferred tax liabilities23,161 27,433 
Long-term debt1,707,052 1,732,511 
Operating lease liabilities, non-current59,444 66,222 
Other liabilities78,522 96,410 
Total liabilities2,573,398 2,560,749 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests84,783 71,120 
Shareholders’ deficit: 
Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding  
Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,080,627 shares issued; 26,100,345 and 26,035,910 shares outstanding, respectively
615 615 
Deferred ordinary shares, nominal value €1.00 per share, 25,000 shares authorized, issued and outstanding28 28 
Treasury shares, at cost, 17,980,282 and 18,044,717 shares, respectively
(1,364,336)(1,368,595)
Additional paid-in capital476,002 459,904 
Retained earnings562,214 530,159 
Accumulated other comprehensive loss(57,327)(71,482)
Total shareholders' deficit(382,804)(449,371)
Total liabilities, noncontrolling interests and shareholders’ deficit$2,275,377 $2,182,498 
See accompanying notes.
1


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited in thousands, except share and per share data)
 Three Months Ended December 31, Six Months Ended December 31,
 2021202020212020
Revenue$849,716 $780,904 $1,507,315 $1,367,404 
Cost of revenue (1)423,937 380,738 762,926 679,582 
Technology and development expense (1)70,267 65,036 137,544 123,525 
Marketing and selling expense (1)208,616 182,322 383,313 320,472 
General and administrative expense (1)46,726 42,979 93,274 84,791 
Amortization of acquired intangible assets13,882 13,453 27,340 26,758 
Restructuring expense307 2,182 (2)2,096 
Income from operations85,981 94,194 102,920 130,180 
Other income (expense), net12,839 (17,198)26,009 (25,952)
Interest expense, net(25,369)(30,141)(51,057)(60,657)
Income before income taxes73,451 46,855 77,872 43,571 
Income tax expense17,298 12,954 26,679 19,748 
Net income 56,153 33,901 51,193 23,823 
Add: Net (income) attributable to noncontrolling interest(1,364)(1,614)(3,102)(2,291)
Net income attributable to Cimpress plc$54,789 $32,287 $48,091 $21,532 
Basic net income per share attributable to Cimpress plc$2.10 $1.24 $1.84 $0.83 
Diluted net income per share attributable to Cimpress plc$2.08 $1.22 $1.82 $0.82 
Weighted average shares outstanding — basic26,096,786 26,003,649 26,084,518 25,974,823 
Weighted average shares outstanding — diluted26,402,703 26,384,460 26,493,258 26,390,273 
____________________________________________
(1) Share-based compensation is allocated as follows:
 Three Months Ended December 31, Six Months Ended December 31,
 2021202020212020
Cost of revenue$127 $34 $243 $134 
Technology and development expense3,355 1,215 6,258 3,406 
Marketing and selling expense2,798 754 5,475 2,439 
General and administrative expense6,225 3,240 11,535 7,547 

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited in thousands)
Three Months Ended December 31, Six Months Ended December 31,
2021202020212020
Net income $56,153 $33,901 $51,193 $23,823 
Other comprehensive income, net of tax:
Foreign currency translation gains, net of hedges3,542 13,946 3,359 14,763 
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges(2,498)3,802 (4,423)7,638 
Amounts reclassified from accumulated other comprehensive loss to net income on derivative instruments7,768 (3,226)13,314 (5,297)
Gain (loss) on pension benefit obligation, net444  444 (336)
Comprehensive income65,409 48,423 63,887 40,591 
Add: Comprehensive income attributable to noncontrolling interests(760)(2,877)(1,641)(4,980)
Total comprehensive income attributable to Cimpress plc$64,649 $45,546 $62,246 $35,611 
See accompanying notes.
3


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at June 30, 202044,080 $615 25 $28 (18,195)$(1,376,496)$438,616 $618,437 $(88,676)$(407,476)
Restricted share units vested, net of shares withheld for taxes— — — — 118 7,773 (13,366)— — (5,593)
Share-based compensation expense— — — — — — 8,577 — — 8,577 
Net loss attributable to Cimpress plc— — — — — — — (10,755)— (10,755)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 1,765 1,765 
Foreign currency translation, net of hedges— — — — — — — — (609)(609)
Unrealized loss on pension benefit obligation, net of tax— — — — — — — — (336)(336)
Balance at September 30, 202044,080 $615 25 $28 (18,077)$(1,368,723)$433,827 $607,682 $(87,856)$(414,427)
Share-based compensation expense— — — — — — 5,036 — — 5,036 
Net income attributable to Cimpress plc— — — — — — — 32,287 — 32,287 
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (1,086)— (1,086)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 576 576 
Foreign currency translation, net of hedges— — — — — — — — 12,683 12,683 
Balance at December 31, 202044,080 $615 25 $28 (18,077)$(1,368,723)$438,863 $638,883 $(74,597)$(364,931)
See accompanying notes.





4



CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(unaudited in thousands)

Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at June 30, 202144,080 $615 25 $28 (18,045)$(1,368,595)$459,904 $530,159 $(71,482)$(449,371)
Restricted share units vested, net of shares withheld for taxes— — — — 54 3,516 (6,095)— — (2,579)
Share-based compensation expense— — — — — — 11,129 — — 11,129 
Net income attributable to Cimpress plc— — — — — — — (6,698)— (6,698)
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (7,592)— (7,592)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 3,621 3,621 
Foreign currency translation, net of hedges— — — — — — — — 674 674 
Balance at September 30, 202144,080 $615 25 $28 (17,991)$(1,365,079)$464,938 $515,869 $(67,187)$(450,816)
Restricted share units vested, net of shares withheld for taxes— — — — 11 743 (1,062)— — (319)
Share-based compensation expense— — — — — — 12,398 — — 12,398 
Net income attributable to Cimpress plc— — — — — — — 54,789 — 54,789 
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (8,444)— (8,444)
Purchase of noncontrolling interest— — — — — — (272)— — (272)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 5,270 5,270 
Foreign currency translation, net of hedges— — — — — — — — 4,146 4,146 
Unrealized gain on pension benefit obligation, net of tax— — — — — — — — 444 444 
Balance at December 31, 202144,080 $615 25 $28 (17,980)$(1,364,336)$476,002 $562,214 $(57,327)$(382,804)
See accompanying notes.
5


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited in thousands)

Six Months Ended December 31,
 20212020
Operating activities  
Net income $51,193 $23,823 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization89,746 85,887 
Share-based compensation expense23,511 13,526 
Deferred taxes3,977 2,681 
Unrealized (gain) loss on derivatives not designated as hedging instruments included in net income(23,020)32,545 
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency(6,302)(3,132)
Other non-cash items(1,699)4,829 
Changes in operating assets and liabilities:
Accounts receivable(13,102)(14,259)
Inventory(23,327)510 
Prepaid expenses and other assets(9,969)78 
Accounts payable69,318 60,800 
Accrued expenses and other liabilities19,585 48,880 
Net cash provided by operating activities179,911 256,168 
Investing activities  
Purchases of property, plant and equipment(26,539)(16,790)
Business acquisitions, net of cash acquired(68,946)(36,395)
Capitalization of software and website development costs(32,134)(26,445)
Proceeds from the sale of assets25,835 3,372 
Proceeds from maturity of held-to-maturity investments27,000 — 
Payments for settlement of derivatives designated as hedging instruments(1,880) 
Other investing activities(617)(419)
Net cash used in investing activities(77,281)(76,677)
Financing activities
Proceeds from borrowings of debt  301,000 
Payments of debt(7,671)(472,469)
Payments of debt issuance costs(1,435)(1,051)
Payments of purchase consideration included in acquisition-date fair value (648)
Payments of withholding taxes in connection with equity awards(2,898)(5,592)
Payments of finance lease obligations(33,107)(3,275)
Purchase of noncontrolling interests(324)(5,063)
Distribution to noncontrolling interest(3,963)(4,599)
Other financing activities41 (57)
Net cash used in financing activities(49,357)(191,754)
Effect of exchange rate changes on cash(5,137)4,125 
Net increase (decrease) in cash and cash equivalents48,136 (8,138)
Cash and cash equivalents at beginning of period183,023 45,021 
Cash and cash equivalents at end of period$231,159 $36,883 
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$49,687 $58,299 
Income taxes15,825 4,991 
Non-cash investing and financing activities
Property and equipment acquired under finance leases3,596 150 
Amounts accrued related to property, plant and equipment9,818 7,990 
Amounts accrued related to capitalized software development costs475 2,719 
Amounts accrued related to business acquisitions52,677 45,369 
See accompanying notes.
6


CIMPRESS PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited in thousands, except share and per share data)

1. Description of the Business
Cimpress is a strategically focused group of more than a dozen businesses that specialize in mass customization, via which we deliver large volumes of individually small-sized customized orders for a broad spectrum of print, signage, photo merchandise, invitations and announcements, writing instruments, packaging, apparel and other categories. We invest in and build customer-focused, entrepreneurial mass customization businesses for the long term, which we manage in a decentralized, autonomous manner. Mass customization is a core element of the business model of each Cimpress business. We drive competitive advantage across Cimpress through a select few shared strategic capabilities that have the greatest potential to create Cimpress-wide value. We limit all other central activities to only those which absolutely must be performed centrally.
In October 2021 our Vistaprint business and reportable segment began evolving its brand architecture to "Vista". Brands like "VistaPrint", "VistaCreate", "99designs by Vista", and "Vista Corporate Solutions" now operate within the "Vista" architecture. This move should help open customers' minds to allow us to serve a broader set of their needs across a wide range of products and solutions that includes design, social media and web presence as well as print. No changes were made to our internal organizational or reporting structure as a result of this rebranding, but we we now refer to this reportable segment as "Vista".
2. 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 for which the related equity securities do not have a readily determinable fair value, are included in other assets on the consolidated balance sheets; otherwise the investments are recognized by applying equity method accounting. Our equity method investments 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.
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, 2021.


7


Revision of Prior Period Financial Statements
Foreign Currency Gains Associated with Intercompany Loan Hedge
During the quarter ended December 31, 2021, we identified an error related to the recognition of foreign currency gains that were included in other income (expense), net within our consolidated statements of operations, associated with a net investment hedge. In May 2021, we designated a €300,000 intercompany loan as a net investment hedge to hedge the risk of changes in the U.S. dollar equivalent value of a portion of our net investment in one of our consolidated subsidiaries that has the Euro as its functional currency. As this hedging instrument was designated as a net investment hedge, all foreign currency gains and losses should be recognized in accumulated other comprehensive loss as part of currency translation adjustment. For the year ended June 30, 2021 and three months ended September 30, 2021, we incorrectly recognized $7,518 and $9,027, respectively, of gains in other income (expense), net. This error overstated other income (expense), net; income (loss) before income taxes; and net income for both periods but did not have an impact on cash provided by operating activities, since it is a non-cash currency item. Included below are the revisions made for each period presented.
Consolidated Balance SheetsAs of September 30, 2021
ReportedAdjustmentsRevised
Accumulated other comprehensive loss$(83,732)$16,545 $(67,187)
Retained earnings532,414 (16,545)515,869 
As of June 30, 2021
ReportedAdjustmentsRevised
Accumulated other comprehensive loss$(79,000)$7,518 $(71,482)
Retained earnings537,677 (7,518)530,159 
Consolidated Statements of OperationsThree months ended
September 30, 2021
ReportedAdjustmentsRevised
Other income (expense), net$22,197 $(9,027)$13,170 
Income (loss) before income taxes13,448 (9,027)4,421 
Net income (loss)4,067 (9,027)(4,960)
Net income (loss) attributable to Cimpress plc2,329 (9,027)(6,698)
Net income (loss) per share attributable to Cimpress plc:
Basic$0.09 $(0.35)$(0.26)
Diluted$0.09 $(0.35)$(0.26)
Consolidated Statements of Comprehensive LossThree months ended
September 30, 2021
ReportedAdjustmentsRevised
Net income (loss)$4,067 $(9,027)$(4,960)
Foreign currency translation losses, net of hedges(9,210)9,027 (183)
Consolidated Statements of Shareholders' DeficitThree months ended
September 30, 2021
ReportedAdjustmentsRevised
Net income (loss) attributable to Cimpress plc$2,329 $(9,027)$(6,698)
Foreign currency translation, net of hedges(8,353)9,027 674 
Consolidated Statements of Cash FlowsThree months ended
September 30, 2021
ReportedAdjustmentsRevised
Net income (loss)$4,067 $(9,027)$(4,960)
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency(8,853)9,027 174 

8


Consolidated Statements of OperationsYear ended
June 30, 2021
ReportedAdjustmentsRevised
Other income (expense), net$(11,835)$(7,518)$(19,353)
Loss before income taxes(56,036)(7,518)(63,554)
Net loss(74,939)(7,518)(82,457)
Net loss attributable to Cimpress plc(77,711)(7,518)(85,229)
Net loss per share attributable to Cimpress plc:
Basic$(2.99)$(0.29)$(3.28)
Diluted$(2.99)$(0.29)$(3.28)
Consolidated Statements of Comprehensive (Loss) IncomeYear ended
June 30, 2021
ReportedAdjustmentsRevised
Net loss$(74,939)$(7,518)$(82,457)
Foreign currency translation losses, net of hedges5,397 7,518 12,915 
Consolidated Statements of Shareholders' Equity (Deficit)Year ended
June 30, 2021
ReportedAdjustmentsRevised
Net loss attributable to Cimpress plc$(