0001262976-23-000007 | 10-Q | XBRL Viewer

Cover Page - € / shares	6 Months Ended
Cover Page - € / shares	Dec. 31, 2022	Jan. 23, 2023	Jun. 30, 2022
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 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 One	Building D
Entity Address, Address Line Two	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		26,242,142
Entity central index key	0001262976
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q2
Current fiscal year end date	--06-30
Document period end date	Dec. 31, 2022
Document Information [Line Items]
Entity common stock, shares outstanding		26,242,142
Document period end date	Dec. 31, 2022

Consolidated Balance Sheets - USD ($) $ in Thousands	6 Months Ended
Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Document period end date	Dec. 31, 2022
Current assets:
Cash and Cash Equivalents, at Carrying Value	$ 111,279	$ 277,053
Marketable Securities, Current	85,070	49,952
Accounts receivable, net of allowances of $6,473 and $6,140, respectively	70,433	63,885
Inventory	140,517	126,728
Prepaid expenses and other current assets	118,015	108,697
Total current assets	525,314	626,315
Property, plant and equipment, net	278,347	286,826
Operating lease assets, net	70,142	80,694
Software and website development costs, net	93,686	90,474
Deferred tax assets	9,519	113,088
Goodwill	776,788	766,600
Intangible assets, net	131,274	154,730
Marketable securities, non-current	17,107	0
Other assets	49,929	48,945
Total assets	1,952,106	2,167,672
Current liabilities:
Accounts payable	318,554	313,710
Accrued expenses	264,510	253,841
Deferred revenue	48,911	58,861
Short-term debt	10,218	10,386
Operating lease liabilities, current	22,857	27,706
Other current liabilities	31,685	28,035
Total current liabilities	696,735	692,539
Deferred tax liabilities	47,178	41,142
Long-term debt	1,679,059	1,675,562
Operating lease liabilities, non-current	50,218	57,474
Other liabilities	79,662	64,394
Total liabilities	2,552,852	2,531,111
Temporary equity
Redeemable noncontrolling interests	12,565	131,483
Shareholders’ deficit:
Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding	0	0
Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,211,416 and 44,083,569 shares issued, respectively; 26,240,169 and 26,112,322 shares outstanding, respectively	615	615
Treasury shares, at cost, 17,971,247 shares for both periods presented	(1,363,550)	(1,363,550)
Additional paid-in capital	521,531	501,003
Retained earnings	256,152	414,138
Accumulated other comprehensive loss	(28,059)	(47,128)
Total shareholders' deficit	(613,311)	(494,922)
Total liabilities, noncontrolling interests and shareholders’ deficit	$ 1,952,106	$ 2,167,672

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 € / shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 € / shares
Current Assets
Accounts Receivable, Allowance for Credit Loss, Current \| $	$ 6,473		$ 6,140
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	44,211,416		44,083,569
Common Stock, Shares, Outstanding	26,240,169		26,112,322
Treasury Stock, Shares	17,971,247		17,971,247

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue	$ 845,202	$ 849,716	$ 1,548,617	$ 1,507,315
Cost of revenue (1)	455,393	423,937	833,128	762,926
Technology and development expense (1)	77,723	70,267	152,198	137,544
Marketing and selling expense (1)	205,148	208,616	406,078	383,313
General and administrative expense (1)	49,791	46,726	103,863	93,274
Amortization of acquired intangible assets	12,362	13,882	24,712	27,340
Restructuring expense (1)	11,207	307	13,027	(2)
Income from operations	33,578	85,981	15,611	102,920
Other (expense) income, net	(17,392)	12,839	10,005	26,009
Interest expense, net	(28,597)	(25,369)	(53,403)	(51,057)
(Loss) income before income taxes	(12,411)	73,451	(27,787)	77,872
Income tax expense	126,129	17,298	135,494	26,679
Net (loss) income	(138,540)	56,153	(163,281)	51,193
Add: Net (income) attributable to noncontrolling interests	(1,460)	(1,364)	(2,160)	(3,102)
Net (loss) income attributable to Cimpress plc	$ (140,000)	$ 54,789	$ (165,441)	$ 48,091
Basic net (loss) income per share attributable to Cimpress plc	$ (5.34)	$ 2.10	$ (6.31)	$ 1.84
Diluted net (loss) income per share attributable to Cimpress plc	$ (5.34)	$ 2.08	$ (6.31)	$ 1.82
Weighted average shares outstanding — basic	26,234,747	26,096,786	26,206,782	26,084,518
Weighted average shares outstanding — diluted	26,234,747	26,402,703	26,206,782	26,493,258
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense			$ (22,671)	$ (23,511)
Cost of revenue
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	$ (176)	$ (127)	(369)	(243)
Technology and development expense
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	(4,267)	(3,355)	(7,308)	(6,258)
Marketing and selling expense
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	(1,752)	(2,798)	(4,211)	(5,475)
General and administrative expense
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	(5,352)	(6,225)	(10,134)	(11,535)
Restructuring Charges
Condensed Income Statements, Captions [Line Items]
Share-based compensation expense	$ (493)	$ 0	$ (649)	$ 0

Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive income (loss), net of tax:
Net (loss) income	$ (138,540)	$ 56,153	$ (163,281)	$ 51,193
Foreign currency translation gains, net of hedges	11,120	3,542	2,938	3,359
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges	(5,649)	(2,498)	11,111	(4,423)
Amounts reclassified from accumulated other comprehensive loss to net (loss) income on derivative instruments	3,136	7,768	198	13,314
Gain on pension benefit obligation, net	0	444	0	444
Comprehensive (loss) income	(129,933)	65,409	(149,034)	63,887
Add: Comprehensive loss (income) attributable to noncontrolling interests	2,015	(760)	2,662	(1,641)
Total comprehensive (loss) income attributable to Cimpress plc	$ (127,918)	$ 64,649	$ (146,372)	$ 62,246

- 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 ($) $ 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, 2021		(44,080,000)	(25,000)	(18,045,000)
Beginning balance, Value at Jun. 30, 2021	$ 449,371	$ (615)	$ (28)	$ 1,368,595	$ (459,904)	$ (530,159)	$ 71,482
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				54,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	2,579			$ (3,516)	(6,095)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	11,129				11,129
Net Income (Loss) Attributable to Parent	(6,698)					(6,698)
Temporary Equity, 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
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	674						674
Ending balance, Shares at Sep. 30, 2021		(44,080,000)	(25,000)	(17,991,000)
Ending balance, Value at Sep. 30, 2021	450,816	$ (615)	$ (28)	$ 1,365,079	(464,938)	(515,869)	67,187
Beginning balance, Shares at Jun. 30, 2021		(44,080,000)	(25,000)	(18,045,000)
Beginning balance, Value at Jun. 30, 2021	449,371	$ (615)	$ (28)	$ 1,368,595	(459,904)	(530,159)	71,482
Net Income (Loss) Attributable to Parent	48,091
Ending balance, Shares at Dec. 31, 2021		(44,080,000)	(25,000)	(17,980,000)
Ending balance, Value at Dec. 31, 2021	382,804	$ (615)	$ (28)	$ 1,364,336	(476,002)	(562,214)	57,327
Beginning balance, Shares at Sep. 30, 2021		(44,080,000)	(25,000)	(17,991,000)
Beginning balance, Value at Sep. 30, 2021	450,816	$ (615)	$ (28)	$ 1,365,079	(464,938)	(515,869)	67,187
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				11,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	319			$ (743)	(1,062)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	12,398				12,398
Net Income (Loss) Attributable to Parent	54,789					54,789
Temporary Equity, Accretion to Redemption Value	8,444					(8,444)
Purchase of noncontrolling interest (2)	(272)				(272)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges	5,270						5,270
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	4,146						4,146
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment, after Tax	444						444
Ending balance, Shares at Dec. 31, 2021		(44,080,000)	(25,000)	(17,980,000)
Ending balance, Value at Dec. 31, 2021	382,804	$ (615)	$ (28)	$ 1,364,336	(476,002)	(562,214)	57,327
Beginning balance, Shares at Jun. 30, 2022		(44,084,000)	0	(17,971,000)
Beginning balance, Value at Jun. 30, 2022	494,922	$ (615)	$ 0	$ 1,363,550	(501,003)	(414,138)	47,128
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		112,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	2,212				(2,212)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	10,653				10,653
Net Income (Loss) Attributable to Parent	(25,441)					(25,441)
Temporary Equity, Accretion to Redemption Value	2,725					(2,725)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges	13,822						13,822
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(6,835)						(6,835)
Ending balance, Shares at Sep. 30, 2022		(44,196,000)	0	(17,971,000)
Ending balance, Value at Sep. 30, 2022	507,660	$ (615)	$ 0	$ 1,363,550	(509,444)	(385,972)	40,141
Beginning balance, Shares at Jun. 30, 2022		(44,084,000)	0	(17,971,000)
Beginning balance, Value at Jun. 30, 2022	494,922	$ (615)	$ 0	$ 1,363,550	(501,003)	(414,138)	47,128
Net Income (Loss) Attributable to Parent	(165,441)
Purchase of noncontrolling interest (2)	(95,567)
Ending balance, Shares at Dec. 31, 2022		(44,211,000)	0	(17,971,000)
Ending balance, Value at Dec. 31, 2022	613,311	$ (615)	$ 0	$ 1,363,550	(521,531)	(256,152)	28,059
Beginning balance, Shares at Sep. 30, 2022		(44,196,000)	0	(17,971,000)
Beginning balance, Value at Sep. 30, 2022	507,660	$ (615)	$ 0	$ 1,363,550	(509,444)	(385,972)	40,141
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures		15,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	158				(158)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	12,245				12,245
Net Income (Loss) Attributable to Parent	(140,000)					(140,000)
Temporary Equity, Accretion to Redemption Value	10,180					10,180
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges	(2,513)						(2,513)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	14,595						14,595
Ending balance, Shares at Dec. 31, 2022		(44,211,000)	0	(17,971,000)
Ending balance, Value at Dec. 31, 2022	$ 613,311	$ (615)	$ 0	$ 1,363,550	$ (521,531)	$ (256,152)	$ 28,059

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net (loss) income	$ (163,281)	$ 51,193
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization	81,816	89,746
Share-based compensation expense	22,671	23,511
Deferred taxes	116,927	3,977
Unrealized loss (gain) on derivatives not designated as hedging instruments included in net (loss) income	25,897	(23,020)
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency	(4,982)	(6,302)
Other non-cash items	11,908	(1,699)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable	(5,465)	(13,102)
Inventory	(26,249)	(23,327)
Prepaid expenses and other assets	(13,176)	(9,969)
Accounts payable	10,960	69,318
Accrued expenses and other liabilities	(1,151)	19,585
Net cash provided by operating activities	55,875	179,911
Investing activities
Purchases of property, plant and equipment	(26,490)	(26,539)
Business acquisitions, net of cash acquired	498	68,946
Capitalization of software and website development costs	(29,246)	(32,134)
Proceeds from the sale of assets	1,365	25,835
Purchases of marketable securities	84,030
Proceeds from maturity of held-to-maturity investments	32,330	27,000
Payments for (Proceeds from) Hedge, Investing Activities	0	(1,880)
Other investing activities	0	(617)
Net cash used in investing activities	(106,569)	(77,281)
Financing activities
Proceeds from borrowings of debt	10,000
Payments of debt	(16,586)	(7,671)
Payments of debt issuance costs	(51)	(1,435)
Payments of purchase consideration included in acquisition-date fair value	225	0
Payments of withholding taxes in connection with equity awards	(2,370)	(2,898)
Payments of finance lease obligations	(4,264)	(33,107)
Purchase of noncontrolling interests	95,567	324
Distributions to noncontrolling interests	3,652	3,963
Other financing activities	0	41
Net cash used in financing activities	(112,715)	(49,357)
Effect of exchange rate changes on cash	1,765	(5,137)
Change in cash held for sale	(4,130)
Net (decrease) increase in cash and cash equivalents	(165,774)	48,136
Cash and cash equivalents at beginning of period	(277,053)	(183,023)
Cash and cash equivalents at end of period	(111,279)	(231,159)
Supplemental disclosures of cash flow information
Interest	50,820	49,687
Income taxes	11,166	15,825
Property and equipment acquired under finance leases	8,643	3,596
Amounts accrued related to property, plant and equipment	9,903	9,818
Amounts accrued related to capitalized software development costs	82	475
Amounts accrued related to business acquisitions	$ 6,838	$ 52,677

Description of the Business	6 Months Ended
Description of the Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Cimpress is a strategically focused group of more than a dozen businesses that specialize in mass customization of printing and related products, via which we deliver large volumes of individually small-sized customized orders. Our products include a broad range of marketing materials, business cards, signage, promotional products, logo apparel, packaging, books and magazines, wall decor, photo merchandise, invitations and announcements, and other categories. Mass customization is a core element of the business model of each Cimpress business and is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency.

Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2022

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 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.

Mandatorily Redeemable Noncontrolling Interests

Noncontrolling interests held by third parties in consolidated subsidiaries are considered mandatorily redeemable when they are subject to an unconditional obligation to be redeemed by both parties. The redeemable noncontrolling interest must be required to be repurchased on a specified date or on the occurrence of a specified event that is certain to occur and is to be redeemed via the transfer of assets. Mandatorily redeemable noncontrolling interests are presented as liability-based financial instruments and are re-measured on a recurring basis to the expected redemption value.

During the second quarter of fiscal 2023, the exercise of put options by the minority shareholders of three PrintBrothers businesses to redeem a portion of their equity interests triggered a mandatory redemption feature for the remaining minority interests after exercise. As such, we reclassified the remaining minority equity interests from redeemable noncontrolling interest to mandatorily redeemable noncontrolling interest, which is presented as part of other liabilities on the consolidated balance sheets. Refer to Note 10 for additional details.

Marketable Securities

We hold certain investments that are classified as held-to-maturity (HTM) as we have the intent and ability to hold them to their maturity dates. Our policy is to invest in the following permitted classes of assets: overnight money market funds invested in U.S. Treasury securities and U.S. government agency securities, U.S. Treasury securities, specifically U.S. Treasury bills, notes, and bonds, U.S. government agency securities, bank time deposits, commercial paper, corporate notes and bonds, and medium term notes. We invest in securities with a maturity of two years or less. As the investments are classified as held-to-maturity they are recorded at amortized cost and interest income is recorded as it is earned within interest expense, net.

We will continue to assess our securities for impairment when the fair value is less than amortized cost to determine if any risk of credit loss exists. As our intent is to hold the securities to maturity, we must assess whether any credit losses related to our investments are recoverable and determine if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. We did not record an allowance for credit losses and we recognized no impairments for these marketable securities during the three and six months ended December 31, 2022 and 2021.

The following is a summary of the net carrying amount, unrealized gains, unrealized losses, and fair value of held-to-maturity securities by type and contractual maturity as of December 31, 2022 and June 30, 2022.


	December 31, 2022
	Amortized cost		Unrealized losses		Fair value
Due within one year or less:
Commercial paper	$	40,985	$	(227)	$	40,758
Corporate debt securities	39,821		(304)		39,517
U.S. government securities	4,264		(66)		4,198
Total due within one year or less	85,070		(597)		84,473
Due between one and two years:
Corporate debt securities	12,144		(253)		11,891
U.S. government securities	4,963		(80)		4,883
Total due within between one and two years	17,107		(333)		16,774

Total held-to-maturity securities	$	102,177	$	(930)	$	101,247


	June 30, 2022
	Amortized cost		Unrealized losses		Fair value
Due within one year or less:
Corporate debt securities	$	49,952	$	(546)	$	49,406
Total held-to-maturity securities	$	49,952	$	(546)	$	49,406

Other (Expense) Income, Net

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
(Losses) gains on derivatives not designated as hedging instruments (1)	$	(24,196)	$	6,481	$	4,449	$	19,808
Currency-related gains, net (2)	6,227		5,551		6,030		5,874
Other gains (losses)	577		807		(474)		327
Total other (expense) income, net	$	(17,392)	$	12,839	$	10,005	$	26,009

_____________________

(1) Includes realized and unrealized gains and losses on derivative currency forward and option contracts not designated as hedging instruments, as well as the ineffective portion of certain interest rate swap contracts that were de-designated from hedge accounting in the prior periods. For contracts not designated as hedging instruments, we realized gains of $16,368 and $30,988 for the three and six months ended December 31, 2022, and losses of $746 and $4,418 for the three and six months ended December 31, 2021. Refer to Note 4 for additional details relating to our derivative contracts.

(2) Currency-related gains, net primarily relates to significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. In addition, we have a cross-currency swap designated as a cash flow hedge which hedges the remeasurement of an intercompany loan. Refer to Note 4 for additional details relating to this cash flow hedge.

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 December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Weighted average shares outstanding, basic	26,234,747	26,096,786	26,206,782	26,084,518
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)	—	305,917	—	408,740
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc	26,234,747	26,402,703	26,206,782	26,493,258
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)(2)	3,286,936	567,220	2,987,875	292,834

___________________

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

(2) 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 six months ended December 31, 2022, the weighted average anti-dilutive effect of the warrants was 1,055,377 shares in both periods, and 281,884 and 345,722 shares for the three and six months ended December 31, 2021, respectively.

Recently Issued or Adopted Accounting Pronouncements

Adopted Accounting Standards

In December 2022, the FASB issued Accounting Standards Update No. 2022-06 "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848" (ASU 2022-06), which extends the optional transition relief to ease the potential burden in accounting for reference rate reform on financial reporting. The transition relief is provided through December 30, 2024 based on the expectation that the London Interbank Offered Rate (LIBOR) will cease to be published as of June 30, 2023. We applied the transition guidance to our two Term SOFR interest rate swap contracts this quarter and will apply the guidance when updating existing interest rate swap contracts to index to a replacement rate. There was no material impact on our consolidated financial statements in the periods presented.

In May 2021, the FASB issued Accounting Standards Update No. 2021-04 "Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)" (ASU 2021-04), which provides authoritative guidance for the accounting treatment of contracts in an entity's own equity when calculating earnings per share. We adopted the standard on July 1, 2022. We recognize freestanding equity-classified warrants on our consolidated balance sheet and as the standard is applied prospectively, there was no impact on our consolidated financial statements in the current period.

Issued Accounting Standards to be Adopted

In September 2022, the FASB issued Accounting Standards Update No. 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50)" (ASU 2022-04), which provides authoritative guidance for expanded disclosure requirements for supply chain finance programs. The standard is effective on July 1, 2023. Cimpress

businesses have an active supply chain finance program which will require additional disclosure after adoption of this standard. We will include the expanded disclosure requirements starting in the first quarter of fiscal 2024.

Basis of Presentation

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Mandatorily Redeemable Noncontrolling Interests, Policy

Mandatorily Redeemable Noncontrolling Interests

Marketable Securities, Policy

Marketable Securities


	December 31, 2022
	Amortized cost		Unrealized losses		Fair value
Due within one year or less:
Commercial paper	$	40,985	$	(227)	$	40,758
Corporate debt securities	39,821		(304)		39,517
U.S. government securities	4,264		(66)		4,198
Total due within one year or less	85,070		(597)		84,473
Due between one and two years:
Corporate debt securities	12,144		(253)		11,891
U.S. government securities	4,963		(80)		4,883
Total due within between one and two years	17,107		(333)		16,774

Total held-to-maturity securities	$	102,177	$	(930)	$	101,247


	June 30, 2022
	Amortized cost		Unrealized losses		Fair value
Due within one year or less:
Corporate debt securities	$	49,952	$	(546)	$	49,406
Total held-to-maturity securities	$	49,952	$	(546)	$	49,406

Other Income (expense), net

Other (Expense) Income, Net

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
(Losses) gains on derivatives not designated as hedging instruments (1)	$	(24,196)	$	6,481	$	4,449	$	19,808
Currency-related gains, net (2)	6,227		5,551		6,030		5,874
Other gains (losses)	577		807		(474)		327
Total other (expense) income, net	$	(17,392)	$	12,839	$	10,005	$	26,009

_____________________

Net (Loss) 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 December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Weighted average shares outstanding, basic	26,234,747	26,096,786	26,206,782	26,084,518
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)	—	305,917	—	408,740
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc	26,234,747	26,402,703	26,206,782	26,493,258
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)(2)	3,286,936	567,220	2,987,875	292,834

___________________

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

Recently Issued or Adopted Accounting Pronouncements

Adopted Accounting Standards

Issued Accounting Standards to be Adopted

Fair Value Measurements

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:


	December 31, 2022
	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	$	23,550	$	—	$	23,550	$	—

Currency forward contracts	4,579		—		4,579		—
Currency option contracts	4,514		—		4,514		—
Total assets recorded at fair value	$	32,643	$	—	$	32,643	$	—

Liabilities

Cross-currency swap contracts	$	(1,313)	$	—	$	(1,313)	$	—
Currency forward contracts	(3,654)		—		(3,654)		—
Currency option contracts	(599)		—		(599)		—
Total liabilities recorded at fair value	$	(5,566)	$	—	$	(5,566)	$	—


	June 30, 2022
	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	$	14,336	$	—	$	14,336	$	—

Currency forward contracts	20,638		—		20,638		—
Currency option contracts	10,611		—		10,611		—
Total assets recorded at fair value	$	45,585	$	—	$	45,585	$	—

Liabilities

Cross-currency swap contracts	$	(446)	$	—	$	(446)	$	—
Currency forward contracts	(505)		—		(505)		—
Currency option contracts	(9)		—		(9)		—
Total liabilities recorded at fair value	$	(960)	$	—	$	(960)	$	—

During the six months ended December 31, 2022 and year ended June 30, 2022, there were no significant transfers in or out of Level 1, Level 2 and Level 3 classifications.

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

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of December 31, 2022, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

As of December 31, 2022 and June 30, 2022, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximated their estimated fair values. As of December 31, 2022 and June 30, 2022, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $1,706,972 and $1,705,365, respectively, and the fair value was $1,530,471 and $1,600,627, respectively. Our debt at December 31, 2022 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.

As of December 31, 2022 and June 30, 2022 our held-to-maturity marketable securities were held at an amortized cost of $102,177 and $49,952, respectively, while the fair value was $101,247 and $49,406, respectively. The securities were valued using quoted prices for identical assets in active markets, which fall into Level 1 under the fair value hierarchy.

The estimated fair value of assets and liabilities disclosed above may not be representative of actual values that could have been or will be realized in the future.

- Definition

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

+ References + Details

Derivative Financial Instruments

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

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 a 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. We have designated one intercompany loan as a net investment hedge, and any unrealized currency gains and losses on the loan are recorded in accumulated other comprehensive loss. 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 (expense) income, 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 December 31, 2022, we estimate that $8,207 will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending December 31, 2023. As of December 31, 2022, we had fourteen effective outstanding interest rate swap contracts. Twelve of our swaps are indexed to USD LIBOR, while the remaining two are indexed to Term SOFR. The transition relief guidance from ASC 848 was applied to designate the two Term SOFR swap contracts that we entered into during the current quarter for hedge accounting. After USD LIBOR sunsets on June 30, 2023, we may convert our contracts to index to Term SOFR, otherwise the contracts will be subject to the fallback language within our credit agreement.

Our interest rate swap contracts have varying start and maturity dates through April 2028.


Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of December 31, 2022	$	400,000
Contracts with a future start date	430,000
Total	$	830,000

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 hedged currency in exchange for our reporting currency based on a contracted exchange rate. Subsequently, we receive fixed rate payments in our reporting currency in exchange for fixed rate payments in the hedged currency over the life of the contract. At maturity, the final exchange involves the receipt of our reporting currency in exchange for the notional amount in the hedged currency.

Cross-currency swap contracts designated as cash flow hedges are executed to mitigate our currency exposure to the interest receipts as well as the principal remeasurement and repayment associated with certain intercompany loans denominated in a currency other than our reporting currency, the U.S. dollar. As of December 31, 2022, we had one outstanding cross-currency swap contract designated as a cash flow hedge with a total notional amount of $58,478, maturing during June 2024. We entered into the cross-currency swap contract 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 (expense) income, net as interest payments are accrued or paid and upon remeasuring the intercompany loan. As of December 31, 2022, we estimate that $1,794 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending December 31, 2023.

Other Currency Hedges

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. These contracts or intercompany loans may be designated as hedges to mitigate the risk of changes in the U.S. dollar equivalent value of a portion of our net investment in 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.

As of December 31, 2022, we have one intercompany loan designated as a net investment hedge with a total notional amount of $364,524 that matures in May 2028.

We have elected to not apply hedge accounting for all other currency forward and option contracts. During the three and six months ended December 31, 2022 and 2021, we experienced volatility within other (expense)

income, net, in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program.

As of December 31, 2022, 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

$534,594

March 2021 through December 2022

Various dates through Dec 2024

536

Various

Financial Instrument Presentation

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of December 31, 2022 and June 30, 2022. Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.


	December 31, 2022
	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 in cash flow hedging relationships
Interest rate swaps	Other assets	$	23,554	$	(4)	$	23,550	Other current liabilities / other liabilities	$	—	$	—	$	—
Cross-currency swaps	Other assets	—		—		—		Other liabilities	(1,313)		—		(1,313)



Total derivatives designated as hedging instruments		$	23,554	$	(4)	$	23,550		$	(1,313)	$	—	$	(1,313)

Derivatives not designated as hedging instruments


Currency forward contracts	Other current assets / other assets	$	5,920	$	(1,341)	$	4,579	Other current liabilities / other liabilities	$	(6,128)	$	2,474	$	(3,654)
Currency option contracts	Other current assets / other assets	4,537		(23)		4,514		Other liabilities	(1,243)		644		(599)
Total derivatives not designated as hedging instruments		$	10,457	$	(1,364)	$	9,093		$	(7,371)	$	3,118	$	(4,253)


	June 30, 2022
	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	$	14,336	$	—	$	14,336	Other current liabilities / other liabilities	$	—	$	—	$	—
Cross-currency swaps	Other assets	—		—		—		Other liabilities	(446)		—		$	(446)



Total derivatives designated as hedging instruments		$	14,336	$	—	$	14,336		$	(446)	$	—	$	(446)

Derivatives not designated as hedging instruments


Currency forward contracts	Other current assets / other assets	$	24,440	$	(3,802)	$	20,638	Other current liabilities / other liabilities	$	(505)	$	—	$	(505)
Currency option contracts	Other current assets / other assets	10,612		(1)		10,611		Other current liabilities / other liabilities	(9)		—		(9)
Total derivatives not designated as hedging instruments		$	35,052	$	(3,803)	$	31,249		$	(514)	$	—	$	(514)

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive (loss) income, net of tax, for the three and six months ended December 31, 2022 and 2021:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(1,266)	$	5,021	$	11,688	$	5,540
Cross-currency swaps	(4,383)		(7,519)		(577)		(9,963)
Derivatives in net investment hedging relationships

Intercompany loan	(18,636)		8,359		(5,684)		17,386
Currency forward contracts	—		2,922		—		6,414
Total	$	(24,285)	$	8,783	$	5,427	$	19,377

The following table presents reclassifications out of accumulated other comprehensive loss for the three and six months ended December 31, 2022 and 2021:


	Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income								Affected line item in the Statement of Operations
	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(1,089)	$	2,973	$	(692)	$	5,470		Interest expense, net
Cross-currency swaps	4,606		3,821		864		7,808			Other (expense) income, net
Total before income tax	3,517		6,794		172		13,278			(Loss) income before income taxes
Income tax	(381)		974		26		36			Income tax expense
Total	$	3,136	$	7,768	$	198	$	13,314

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and six months ended December 31, 2022 and 2021 for derivative instruments for which we did not elect hedge accounting and de-designated derivative financial instruments that did not qualify as hedging instruments.


	Amount of Gain (Loss) Recognized in Net (Loss) Income								Affected line item in the Statement of Operations
	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Currency contracts	$	(24,196)	$	7,161	$	4,449	$	20,024		Other (expense) income, net
Interest rate swaps	—		(680)		—		(216)			Other (expense) income, net
Total	$	(24,196)	$	6,481	$	4,449	$	19,808

Accumulated Other Comprehensive Loss

6 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Loss

The following table presents a roll forward of amounts recognized in accumulated other comprehensive income (loss) by component, net of tax of $3,888 for the six months ended December 31, 2022:


	Gains on cash flow hedges (1)		Losses on pension benefit obligation		Translation adjustments, net of hedges (2)		Total
Balance as of June 30, 2022	$	5,179	$	(86)	$	(52,221)	$	(47,128)
Other comprehensive income before reclassifications	11,111		—		7,760		18,871
Amounts reclassified from accumulated other comprehensive loss to net loss	198		—		—		198
Net current period other comprehensive income	11,309		—		7,760		19,069
Balance as of December 31, 2022	$	16,488	$	(86)	$	(44,461)	$	(28,059)

________________________

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

(2) As of December 31, 2022 and June 30, 2022, the translation adjustment is inclusive of both the unrealized and realized effects of our net investment hedges. Gains on currency forward and swap contracts, net of tax, of $15,079 have been included in accumulated other comprehensive loss as of December 31, 2022 and June 30, 2022. Intercompany loan hedge gains of $42,519 and $51,003 have been included in accumulated other comprehensive loss as of December 31, 2022 and June 30, 2022, respectively.

Goodwill and Acquired Intangibles

6 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure [Text Block]

The carrying amount of goodwill by reportable segment as of December 31, 2022 and June 30, 2022 was as follows:


	Vista		PrintBrothers		The Print Group		All Other Businesses		Total
Balance as of June 30, 2022	$	291,498	$	130,828	$	143,969	$	200,305	$	766,600



Adjustments	—		—		—		225		225
Effect of currency translation adjustments (1)	2,384		3,619		3,960		—		9,963
Balance as of December 31, 2022	$	293,882	$	134,447	$	147,929	$	200,530	$	776,788

________________________

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

Other Balance Sheet Components

6 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Other Balance Sheet Components

Accrued expenses included the following:


	December 31, 2022		June 30, 2022
Compensation costs	$	67,900	$	78,521
Income and indirect taxes	55,261		41,886
Advertising costs	20,887		25,925
Shipping costs	13,492		10,228
Third party manufacturing and digital content costs	17,961		15,790
Variable compensation incentives (1)	8,578		—
Sales returns	6,686		6,286
Restructuring costs (2)	5,239		13,449
Professional fees	3,998		2,394
Interest payable	2,901		2,477
Other	61,607		56,885
Total accrued expenses	$	264,510	$	253,841

______________________

(1) Includes cash-based employee long-term incentives, which are variable based on the performance of individual businesses and vest over four years.

(2) Includes accrued restructuring charges related to severance benefits primarily from our fiscal year 2022 actions. Refer to Note 13 for additional details.

Other current liabilities included the following:


	December 31, 2022		June 30, 2022
Current portion of finance lease obligations	$	7,198	$	6,684
Short-term derivative liabilities	7,593		4,299


Other	16,894		17,052
Total other current liabilities	$	31,685	$	28,035

Other liabilities included the following:


	December 31, 2022		June 30, 2022
Long-term finance lease obligations	$	19,935	$	14,699
Long-term derivative liabilities	2,460		463

Mandatorily redeemable noncontrolling interest (1)	11,724		—
Long-term compensation incentives	17,577		19,934
Other	27,966		29,298
Total other liabilities	$	79,662	$	64,394

______________________

(1) During the second quarter of fiscal year 2023, we reclassified the noncontrolling interest for three businesses in the PrintBrothers reportable segment to other liabilities, due to the exercise of a put option in the current quarter for a portion of the minority equity interests that triggered a mandatory redemption feature for the remaining minority equity interest. Subsequent to the option exercise, we recognized an accretion adjustment to increase the liability by $2,142 to the estimated redemption value due to the businesses' continued strong performance, which is recognized within interest expense, net in our consolidated statements of operations. Refer to Note 10 for additional details.

Debt

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]


	December 31, 2022		June 30, 2022
7.0% Senior Notes due 2026	$	600,000	$	600,000
Senior secured credit facility	1,100,238		1,097,302
Other	6,734		8,063
Debt issuance costs and debt premiums (discounts)	(17,695)		(19,417)
Total debt outstanding, net	1,689,277		1,685,948
Less: short-term debt (1)	10,218		10,386
Long-term debt	$	1,679,059	$	1,675,562

_____________________

(1) Balances as of December 31, 2022 and June 30, 2022 are inclusive of short-term debt issuance costs, debt premiums and discounts of $3,502 and $3,498, respectively.

Our various debt arrangements described below contain customary representations, warranties and events of default. As of December 31, 2022, we were in compliance with all covenants in our debt contracts, including those under our amended and restated senior secured credit agreement ("Restated Credit Agreement") and the indenture governing our 2026 Notes (as defined below).

Senior Secured Credit Facility

On May 17, 2021, we entered into a Restated Credit Agreement consisting of the following:

•A senior secured Term Loan B with a maturity date of May 17, 2028 (the “Term Loan B”), consisting of:

◦a $795,000 tranche that bears interest at LIBOR (with a LIBOR floor of 0.50%) plus 3.50%, and

◦a €300,000 tranche that bears interest at EURIBOR (with a EURIBOR floor of 0%) plus 3.50%; and

•A $250,000 senior secured revolving credit facility with a maturity date of May 17, 2026 (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility bear interest at LIBOR (with a LIBOR floor of 0%) plus 2.50% to 3.00% depending on the Company’s First Lien Leverage Ratio, a net leverage calculation, as defined in the Restated Credit Agreement.

LIBOR is expected to sunset on June 30, 2023, and under the terms of our Restated Credit Agreement our benchmark rate will automatically transition to Term SOFR.

The Restated Credit Agreement contains covenants that restrict or limit certain activities and transactions by Cimpress and our subsidiaries, including, but not limited to, the incurrence of additional indebtedness and liens; certain fundamental organizational changes; asset sales; certain intercompany activities; and certain investments and restricted payments, including purchases of Cimpress plc’s ordinary shares and payment of dividends. In addition, if any loans made under the Revolving Credit Facility are outstanding on the last day of any fiscal quarter, then we are subject to a financial maintenance covenant that the First Lien Leverage Ratio calculated as of the last day of such quarter does not exceed 3.25 to 1.00.

As of December 31, 2022, we have borrowings under the Restated Credit Agreement of $1,100,238 consisting of the Term Loan B, which amortizes over the loan period, with a final maturity date of May 17, 2028. We have no outstanding borrowings under our Revolving Credit Facility as of December 31, 2022.

As of December 31, 2022, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 6.52%, inclusive of interest rate swap rates. We are also required to pay a commitment fee for our Revolving Credit Facility on unused balances of 0.35% to 0.45% depending on our First Lien Leverage Ratio. We have pledged the assets and/or share capital of a number of our subsidiaries as collateral for our debt as of December 31, 2022.

Senior Unsecured Notes

We have issued $600,000 in aggregate principal of 7.0% Senior Notes due 2026 (the "2026 Notes"), which are unsecured. We can redeem some or all of the 2026 Notes at the redemption prices specified in the indenture that governs the 2026 Notes, plus accrued and unpaid interest to, but not including, the redemption date. As of December 31, 2022, we have not redeemed any of the 2026 Notes.

Other Debt

Other debt consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments. As of December 31, 2022 and June 30, 2022, we had $6,734 and $8,063, respectively, outstanding for those obligations that are payable through March 2027.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Our income tax expense was $126,129 and $135,494 for the three and six months ended December 31, 2022, respectively, as compared to $17,298 and $26,679 for the three and six months ended December 31, 2021, respectively. Tax expense increased year over year for both comparable periods due to the Swiss valuation allowance, discussed below, offset by lower tax expense on decreased profits. Excluding the effect of discrete tax adjustments, our estimated annual effective tax rate is lower for fiscal year 2023 as compared to fiscal year 2022 primarily due to a forecasted pre-tax loss. 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 second quarter of fiscal year 2023, we recorded a full valuation allowance on Swiss deferred tax assets of $116,694 primarily related to Swiss tax reform benefits recognized in fiscal year 2020 and tax loss carryforwards. Management concluded that based on the current period results, that objective and verifiable negative evidence of recent losses in Switzerland outweighed more subjective positive evidence of anticipated future income. As of December 31, 2022 we had unrecognized tax benefits of $15,852, including accrued interest and penalties of $1,658. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. If recognized, $7,777 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 in the range of $370 to $420 related to the lapse of applicable statutes of limitations. We believe we have appropriately provided for all tax uncertainties. We conduct business in a number of tax jurisdictions and, as such, are required to file income tax returns in multiple jurisdictions globally. The years 2014 through 2022 remain open for examination by the U.S. Internal Revenue Service and the years 2015 through 2022 remain open for examination in the various states and non-U.S. 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.

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+ Details

Noncontrolling interests

6 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

Redeemable Noncontrolling Interests

For some of our subsidiaries, we own a controlling equity stake, and a third party or key members of the business management team own a minority portion of the equity. The put options for several of our noncontrolling interests were exercised during the current quarter as summarized below. In addition to the noncontrolling interests described below, we also have several less significant minority interests that span multiple businesses and reportable segments.

PrintBrothers

Members of the PrintBrothers management team hold minority equity interests in several businesses within the reportable segment. During the second quarter of fiscal year 2023, put options were exercised by the minority interest holders for a portion of their equity interests that required us to purchase 10% to 11% in three of the respective businesses for a total of $90,841. The exercise of the put options triggered a mandatory redemption feature for the remaining minority equity interests, which requires the purchase of the remaining 1% equity interests on the third anniversary of the put option exercise, absent the earlier exercise of a call option on the first and second anniversaries by Cimpress. The remaining noncontrolling interests are mandatorily redeemable, which requires the reclassification of the remaining equity interests to a liability, which has been presented in other liabilities within our consolidated balance sheet.

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


	Redeemable Noncontrolling Interest
Balance as of June 30, 2022	$	131,483


Net income attributable to noncontrolling interests	2,160
Distribution to noncontrolling interests (1)	(3,652)
Purchase of noncontrolling interest (2)	(95,567)
Accretion to redemption value (3)	(7,455)
Reclassification to mandatorily redeemable noncontrolling interest (4)	(9,582)

Foreign currency translation	(4,822)
Balance as of December 31, 2022	$	12,565

_________________

(1) Distributions to noncontrolling interests include contractually required profit sharing payments made annually to the minority interest holders in one of the PrintBrothers businesses.

(2) As discussed above, we purchased an additional 10% to 11% of the equity interests in three PrintBrothers businesses during the second quarter of fiscal year 2023. We also purchased the 1% minority interest in our BuildASign business this quarter.

(3) Accretion of redeemable noncontrolling interests to redemption value recognized in retained earnings is the result of changes in the estimated redemption amount to the extent increases do not exceed the estimated fair value.

(4) During the second quarter of fiscal year 2023, the minority equity interest holders of three PrintBrothers businesses exercised a put option that triggered a mandatory redemption feature for the remaining minority equity interests. The remaining minority equity interests were reclassified to mandatorily redeemable noncontrolling interests, as part of other liabilities within the consolidated balance sheets. Refer above for additional information regarding the transaction and Note 7 for additional details about the reclassified liability balance.

Segment Information

6 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

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

As of December 31, 2022, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:

•Vista - Vista is the parent brand of multiple offerings including VistaPrint, VistaCreate, 99designs by Vista, Vista Corporate Solutions, and Depositphotos, which together represent a full-service design, digital and print solution, elevating small businesses’ presence in physical and digital spaces and empowering them to achieve success.

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

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

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

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

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

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

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

consolidation, internal audit and legal. These costs also include certain unallocated share-based compensation costs.

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

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

During the fourth quarter of fiscal 2022, we revised our internal reporting to reallocate certain third-party technology costs that were previously held within our Central and corporate costs to our Vista business and reportable segment. These include certain third-party costs that are variable in nature and the cost variability is primarily driven by decisions or volumes in the Vista business. We revised our presentation of the prior period results to reflect our updated segment reporting, which decreased both Vista segment EBITDA and Central and corporate costs by $1,923 and $3,042 for the three and six months ended December 31, 2021.

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

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Revenue:
Vista	$	437,736	$	448,114	$	807,105	$	797,594
PrintBrothers	148,598		137,694		281,297		263,051
The Print Group	89,336		90,130		166,159		162,950
National Pen	120,621		124,717		202,287		193,981
All Other Businesses	59,998		57,719		111,825		105,590
Total segment revenue	856,289		858,374		1,568,673		1,523,166
Inter-segment eliminations (1)	(11,087)		(8,658)		(20,056)		(15,851)
Total consolidated revenue	$	845,202	$	849,716	$	1,548,617	$	1,507,315

_____________________

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


	Three Months Ended December 31, 2022
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	291,885	$	—	$	—	$	62,208	$	52,200	$	406,293
Europe	110,143		148,089		86,291		50,799		—		395,322
Other	35,206		—		—		2,130		6,251		43,587
Inter-segment	502		509		3,045		5,484		1,547		11,087
Total segment revenue	437,736		148,598		89,336		120,621		59,998		856,289
Less: inter-segment elimination	(502)		(509)		(3,045)		(5,484)		(1,547)		(11,087)
Total external revenue	$	437,234	$	148,089	$	86,291	$	115,137	$	58,451	$	845,202


	Six Months Ended December 31, 2022
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	558,371	$	—	$	—	$	111,655	$	95,492	$	765,518
Europe	180,639		280,471		161,282		75,744		—		698,136
Other	67,083		—		—		4,682		13,198		84,963
Inter-segment	1,012		826		4,877		10,206		3,135		20,056
Total segment revenue	807,105		281,297		166,159		202,287		111,825		1,568,673
Less: inter-segment elimination	(1,012)		(826)		(4,877)		(10,206)		(3,135)		(20,056)
Total external revenue	$	806,093	$	280,471	$	161,282	$	192,081	$	108,690	$	1,548,617


	Three Months Ended December 31, 2021
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	289,615	$	—	$	—	$	57,976	$	51,035	$	398,626
Europe	117,627		137,173		87,596		53,797		—		396,193
Other	39,767		—		—		9,229		5,901		54,897
Inter-segment	1,105		521		2,534		3,715		783		8,658
Total segment revenue	448,114		137,694		90,130		124,717		57,719		858,374
Less: inter-segment elimination	(1,105)		(521)		(2,534)		(3,715)		(783)		(8,658)
Total external revenue	$	447,009	$	137,173	$	87,596	$	121,002	$	56,936	$	849,716


	Six Months Ended December 31, 2021
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	534,064	$	—	$	—	$	99,014	$	92,343	$	725,421
Europe	189,160		262,301		158,751		74,648		—		684,860
Other	72,563		—		—		12,762		11,709		97,034
Inter-segment	1,807		750		4,199		7,557		1,538		15,851
Total segment revenue	797,594		263,051		162,950		193,981		105,590		1,523,166
Less: inter-segment elimination	(1,807)		(750)		(4,199)		(7,557)		(1,538)		(15,851)
Total external revenue	$	795,787	$	262,301	$	158,751	$	186,424	$	104,052	$	1,507,315

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Segment EBITDA:
Vista	$	55,157	$	90,766	$	85,894	$	157,686
PrintBrothers	19,509		18,605		34,500		34,888
The Print Group	13,681		16,358		25,901		30,747
National Pen	24,783		31,599		23,486		23,551
All Other Businesses	5,406		6,264		11,584		11,155
Total segment EBITDA	118,536		163,592		181,365		258,027
Central and corporate costs	(33,802)		(34,703)		(68,380)		(68,856)
Depreciation and amortization	(40,874)		(45,314)		(81,816)		(89,746)




Certain impairments and other adjustments	925		2,713		(2,531)		3,493
Restructuring-related charges	(11,207)		(307)		(13,027)		2


Total income from operations	33,578		85,981		15,611		102,920
Other (expense) income, net	(17,392)		12,839		10,005		26,009
Interest expense, net	(28,597)		(25,369)		(53,403)		(51,057)

(Loss) income before income taxes	$	(12,411)	$	73,451	$	(27,787)	$	77,872


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Depreciation and amortization:
Vista	$	14,193	$	17,563	$	28,863	$	33,966
PrintBrothers	5,149		5,106		9,922		10,340
The Print Group	5,799		6,612		11,661		13,196
National Pen	5,795		6,220		11,686		12,128
All Other Businesses	4,326		4,381		8,842		9,423
Central and corporate costs	5,612		5,432		10,842		10,693
Total depreciation and amortization	$	40,874	$	45,314	$	81,816	$	89,746


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Purchases of property, plant and equipment:
Vista	$	6,445	$	7,881	$	9,569	$	10,359
PrintBrothers	1,053		1,204		1,761		2,716
The Print Group	5,270		5,249		10,089		6,677
National Pen	846		1,023		2,447		2,211
All Other Businesses	767		2,157		1,835		3,672
Central and corporate costs	351		401		789		904
Total purchases of property, plant and equipment	$	14,732	$	17,915	$	26,490	$	26,539


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Capitalization of software and website development costs:
Vista	$	5,139	$	8,618	$	11,774	$	16,190
PrintBrothers	1,069		236		1,458		468
The Print Group	771		519		1,261		945
National Pen	512		1,053		1,100		1,731
All Other Businesses	899		1,083		1,823		2,267
Central and corporate costs	5,526		4,986		11,830		10,533
Total capitalization of software and website development costs	$	13,916	$	16,495	$	29,246	$	32,134

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


	December 31, 2022		June 30, 2022
Long-lived assets (1):
United States (2)	$	83,937	$	95,589
Switzerland	74,775		72,394
Netherlands	68,074		67,240
Canada	58,746		58,498
Italy	46,328		48,262
France	25,855		25,383
Jamaica	18,642		18,744
Australia	20,048		17,751
Japan (3)	—		11,392
Other	94,263		90,677
Total	$	490,668	$	505,930

___________________

(1) Excludes goodwill of $776,788 and $766,600, intangible assets, net of $131,274 and $154,730, deferred tax assets of $9,519 and $113,088, and marketable securities, non-current of $17,107 and zero as of December 31, 2022 and June 30, 2022, respectively.

(2) The decrease of the United States long-lived assets is primarily driven by the termination of our Waltham, MA lease in August 2022 that resulted in a reduction to the operating lease asset and related leasehold improvements.

(3) The decrease in Japan's long-lived assets is due to the planned sale of the land and building, which resulted in the reclassification of the carrying value to prepaid expenses and other current assets because it meets held-for-sale criteria during the current quarter. Refer to Note 13 for additional details.

- 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=123359005&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=123359005&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=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&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=123359005&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)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Purchase Obligations At December 31, 2022, we had unrecorded commitments under contract of $235,619, including third-party cloud services of $87,452; inventory, third-party fulfillment and digital service purchase commitments of $69,588; software of $28,874; advertising of $20,862; production and computer equipment purchases of $5,798; professional and consulting fees of $4,206, and other unrecorded purchase commitments of $18,839. Other Obligations We deferred payments for several of our acquisitions, resulting in the recognition of a liability of $6,838 as of December 31, 2022, which primarily relates to a deferred payment for our acquisition of Depositphotos that is expected to be paid during the third quarter of fiscal 2023. 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

6 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring costs include one-time employee termination benefits, acceleration of share-based compensation, write-off of assets, costs to exit loss-making operations, and other related costs including third-party professional and outplacement services. All restructuring costs are excluded from segment and adjusted EBITDA.

During the three and six months ended December 31, 2022, we recognized restructuring charges of $11,207 and $13,027, respectively, and immaterial charges in the prior comparable periods. For the three and six months ended December 31, 2022, $7,265 and $8,722, respectively, were recognized in our Vista reportable segment primarily related to the impairment and write-off of assets associated with our previously announced plan to exit the Japanese market. In addition, we recognized $3,561 for the three and six months ended December 31, 2022 within our All Other Businesses reportable segment, which includes losses related to our planned sale of our Chinese business, which closed in January 2023. The remaining costs in the current periods include severance and related benefits associated with previously announced actions in our National Pen reportable segment and in our central and corporate costs.

The following table summarizes the restructuring activity during the six months ended December 31, 2022.


	Severance and Related Benefits		Other Restructuring Costs		Accrued restructuring liability
Balance as of June 30, 2022	$	13,449	$	—	$	13,449
Restructuring charges	2,335		10,692		13,027
Cash payments	(9,827)		—		(9,827)
Non-cash charges (1)	(649)		(10,692)		(11,341)
Foreign currency translation	(69)		—		(69)
Balance as of December 31, 2022	$	5,239	$	—	$	5,239

________________

(1) During the three and six months ended December 31, 2022, non-cash restructuring charges primarily includes the loss recorded on assets that are held-for-sale for our planned Japan and China exits as described above, and share-based compensation expense upon modification to accelerate the vesting of share-based compensation awards for the actions described above.

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

6 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Debt Securities, Held-to-maturity


	December 31, 2022
	Amortized cost		Unrealized losses		Fair value
Due within one year or less:
Commercial paper	$	40,985	$	(227)	$	40,758
Corporate debt securities	39,821		(304)		39,517
U.S. government securities	4,264		(66)		4,198
Total due within one year or less	85,070		(597)		84,473
Due between one and two years:
Corporate debt securities	12,144		(253)		11,891
U.S. government securities	4,963		(80)		4,883
Total due within between one and two years	17,107		(333)		16,774

Total held-to-maturity securities	$	102,177	$	(930)	$	101,247


	June 30, 2022
	Amortized cost		Unrealized losses		Fair value
Due within one year or less:
Corporate debt securities	$	49,952	$	(546)	$	49,406
Total held-to-maturity securities	$	49,952	$	(546)	$	49,406

Interest and Other Income

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
(Losses) gains on derivatives not designated as hedging instruments (1)	$	(24,196)	$	6,481	$	4,449	$	19,808
Currency-related gains, net (2)	6,227		5,551		6,030		5,874
Other gains (losses)	577		807		(474)		327
Total other (expense) income, net	$	(17,392)	$	12,839	$	10,005	$	26,009

_____________________

Schedule of Weighted Average Number of Shares

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


	Three Months Ended December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Weighted average shares outstanding, basic	26,234,747	26,096,786	26,206,782	26,084,518
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)	—	305,917	—	408,740
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc	26,234,747	26,402,703	26,206,782	26,493,258
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)(2)	3,286,936	567,220	2,987,875	292,834

___________________

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

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value of financial assets

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


	December 31, 2022
	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	$	23,550	$	—	$	23,550	$	—

Currency forward contracts	4,579		—		4,579		—
Currency option contracts	4,514		—		4,514		—
Total assets recorded at fair value	$	32,643	$	—	$	32,643	$	—

Liabilities

Cross-currency swap contracts	$	(1,313)	$	—	$	(1,313)	$	—
Currency forward contracts	(3,654)		—		(3,654)		—
Currency option contracts	(599)		—		(599)		—
Total liabilities recorded at fair value	$	(5,566)	$	—	$	(5,566)	$	—


	June 30, 2022
	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	$	14,336	$	—	$	14,336	$	—

Currency forward contracts	20,638		—		20,638		—
Currency option contracts	10,611		—		10,611		—
Total assets recorded at fair value	$	45,585	$	—	$	45,585	$	—

Liabilities

Cross-currency swap contracts	$	(446)	$	—	$	(446)	$	—
Currency forward contracts	(505)		—		(505)		—
Currency option contracts	(9)		—		(9)		—
Total liabilities recorded at fair value	$	(960)	$	—	$	(960)	$	—

Derivative Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

As of December 31, 2022, we had fourteen effective outstanding interest rate swap contracts. Twelve of our swaps are indexed to USD LIBOR, while the remaining two are indexed to Term SOFR. The transition relief guidance from ASC 848 was applied to designate the two Term SOFR swap contracts that we entered into during the current quarter for hedge accounting. After USD LIBOR sunsets on June 30, 2023, we may convert our contracts to index to Term SOFR, otherwise the contracts will be subject to the fallback language within our credit agreement.

Our interest rate swap contracts have varying start and maturity dates through April 2028.


Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of December 31, 2022	$	400,000
Contracts with a future start date	430,000
Total	$	830,000

Schedule of Notional Amounts of Outstanding Derivative Positions

Notional Amount

Effective Date

Maturity Date

Number of Instruments

Index

$534,594

March 2021 through December 2022

Various dates through Dec 2024

536

Various

Derivative Instruments in Statement of Financial Position, Fair Value


	December 31, 2022
	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 in cash flow hedging relationships
Interest rate swaps	Other assets	$	23,554	$	(4)	$	23,550	Other current liabilities / other liabilities	$	—	$	—	$	—
Cross-currency swaps	Other assets	—		—		—		Other liabilities	(1,313)		—		(1,313)



Total derivatives designated as hedging instruments		$	23,554	$	(4)	$	23,550		$	(1,313)	$	—	$	(1,313)

Derivatives not designated as hedging instruments


Currency forward contracts	Other current assets / other assets	$	5,920	$	(1,341)	$	4,579	Other current liabilities / other liabilities	$	(6,128)	$	2,474	$	(3,654)
Currency option contracts	Other current assets / other assets	4,537		(23)		4,514		Other liabilities	(1,243)		644		(599)
Total derivatives not designated as hedging instruments		$	10,457	$	(1,364)	$	9,093		$	(7,371)	$	3,118	$	(4,253)


	June 30, 2022
	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	$	14,336	$	—	$	14,336	Other current liabilities / other liabilities	$	—	$	—	$	—
Cross-currency swaps	Other assets	—		—		—		Other liabilities	(446)		—		$	(446)



Total derivatives designated as hedging instruments		$	14,336	$	—	$	14,336		$	(446)	$	—	$	(446)

Derivatives not designated as hedging instruments


Currency forward contracts	Other current assets / other assets	$	24,440	$	(3,802)	$	20,638	Other current liabilities / other liabilities	$	(505)	$	—	$	(505)
Currency option contracts	Other current assets / other assets	10,612		(1)		10,611		Other current liabilities / other liabilities	(9)		—		(9)
Total derivatives not designated as hedging instruments		$	35,052	$	(3,803)	$	31,249		$	(514)	$	—	$	(514)

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(1,266)	$	5,021	$	11,688	$	5,540
Cross-currency swaps	(4,383)		(7,519)		(577)		(9,963)
Derivatives in net investment hedging relationships

Intercompany loan	(18,636)		8,359		(5,684)		17,386
Currency forward contracts	—		2,922		—		6,414
Total	$	(24,285)	$	8,783	$	5,427	$	19,377

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss for the three and six months ended December 31, 2022 and 2021:


	Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income								Affected line item in the Statement of Operations
	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Derivatives in cash flow hedging relationships
Interest rate swaps	$	(1,089)	$	2,973	$	(692)	$	5,470		Interest expense, net
Cross-currency swaps	4,606		3,821		864		7,808			Other (expense) income, net
Total before income tax	3,517		6,794		172		13,278			(Loss) income before income taxes
Income tax	(381)		974		26		36			Income tax expense
Total	$	3,136	$	7,768	$	198	$	13,314

Derivatives Not Designated as Hedging Instruments


	Amount of Gain (Loss) Recognized in Net (Loss) Income								Affected line item in the Statement of Operations
	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Currency contracts	$	(24,196)	$	7,161	$	4,449	$	20,024		Other (expense) income, net
Interest rate swaps	—		(680)		—		(216)			Other (expense) income, net
Total	$	(24,196)	$	6,481	$	4,449	$	19,808

- 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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&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=125515794&loc=SL5579240-113959

+ Details

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Dec. 31, 2022

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 $3,888 for the six months ended December 31, 2022:


	Gains on cash flow hedges (1)		Losses on pension benefit obligation		Translation adjustments, net of hedges (2)		Total
Balance as of June 30, 2022	$	5,179	$	(86)	$	(52,221)	$	(47,128)
Other comprehensive income before reclassifications	11,111		—		7,760		18,871
Amounts reclassified from accumulated other comprehensive loss to net loss	198		—		—		198
Net current period other comprehensive income	11,309		—		7,760		19,069
Balance as of December 31, 2022	$	16,488	$	(86)	$	(44,461)	$	(28,059)

________________________

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

Goodwill (Tables)

6 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The carrying amount of goodwill by reportable segment as of December 31, 2022 and June 30, 2022 was as follows:


	Vista		PrintBrothers		The Print Group		All Other Businesses		Total
Balance as of June 30, 2022	$	291,498	$	130,828	$	143,969	$	200,305	$	766,600



Adjustments	—		—		—		225		225
Effect of currency translation adjustments (1)	2,384		3,619		3,960		—		9,963
Balance as of December 31, 2022	$	293,882	$	134,447	$	147,929	$	200,530	$	776,788

________________________

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

Other Balance Sheet Components (Tables)

6 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Accrued expenses

Accrued expenses included the following:


	December 31, 2022		June 30, 2022
Compensation costs	$	67,900	$	78,521
Income and indirect taxes	55,261		41,886
Advertising costs	20,887		25,925
Shipping costs	13,492		10,228
Third party manufacturing and digital content costs	17,961		15,790
Variable compensation incentives (1)	8,578		—
Sales returns	6,686		6,286
Restructuring costs (2)	5,239		13,449
Professional fees	3,998		2,394
Interest payable	2,901		2,477
Other	61,607		56,885
Total accrued expenses	$	264,510	$	253,841

______________________

(1) Includes cash-based employee long-term incentives, which are variable based on the performance of individual businesses and vest over four years.

(2) Includes accrued restructuring charges related to severance benefits primarily from our fiscal year 2022 actions. Refer to Note 13 for additional details.

Other Current Liabilities

Other current liabilities included the following:


	December 31, 2022		June 30, 2022
Current portion of finance lease obligations	$	7,198	$	6,684
Short-term derivative liabilities	7,593		4,299


Other	16,894		17,052
Total other current liabilities	$	31,685	$	28,035

Other Liabilities

Other liabilities included the following:


	December 31, 2022		June 30, 2022
Long-term finance lease obligations	$	19,935	$	14,699
Long-term derivative liabilities	2,460		463

Mandatorily redeemable noncontrolling interest (1)	11,724		—
Long-term compensation incentives	17,577		19,934
Other	27,966		29,298
Total other liabilities	$	79,662	$	64,394

______________________

Debt (Tables)

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt


	December 31, 2022		June 30, 2022
7.0% Senior Notes due 2026	$	600,000	$	600,000
Senior secured credit facility	1,100,238		1,097,302
Other	6,734		8,063
Debt issuance costs and debt premiums (discounts)	(17,695)		(19,417)
Total debt outstanding, net	1,689,277		1,685,948
Less: short-term debt (1)	10,218		10,386
Long-term debt	$	1,679,059	$	1,675,562

_____________________

(1) Balances as of December 31, 2022 and June 30, 2022 are inclusive of short-term debt issuance costs, debt premiums and discounts of $3,502 and $3,498, respectively.

Noncontrolling interests (Tables)

6 Months Ended

Dec. 31, 2022

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 Interest
Balance as of June 30, 2022	$	131,483


Net income attributable to noncontrolling interests	2,160
Distribution to noncontrolling interests (1)	(3,652)
Purchase of noncontrolling interest (2)	(95,567)
Accretion to redemption value (3)	(7,455)
Reclassification to mandatorily redeemable noncontrolling interest (4)	(9,582)

Foreign currency translation	(4,822)
Balance as of December 31, 2022	$	12,565

_________________

(1) Distributions to noncontrolling interests include contractually required profit sharing payments made annually to the minority interest holders in one of the PrintBrothers businesses.

Segment Information (Tables)

6 Months Ended

Dec. 31, 2022

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 December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Revenue:
Vista	$	437,736	$	448,114	$	807,105	$	797,594
PrintBrothers	148,598		137,694		281,297		263,051
The Print Group	89,336		90,130		166,159		162,950
National Pen	120,621		124,717		202,287		193,981
All Other Businesses	59,998		57,719		111,825		105,590
Total segment revenue	856,289		858,374		1,568,673		1,523,166
Inter-segment eliminations (1)	(11,087)		(8,658)		(20,056)		(15,851)
Total consolidated revenue	$	845,202	$	849,716	$	1,548,617	$	1,507,315

_____________________

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

Revenue from External Customers by Geographic Areas [Table Text Block]


	Three Months Ended December 31, 2022
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	291,885	$	—	$	—	$	62,208	$	52,200	$	406,293
Europe	110,143		148,089		86,291		50,799		—		395,322
Other	35,206		—		—		2,130		6,251		43,587
Inter-segment	502		509		3,045		5,484		1,547		11,087
Total segment revenue	437,736		148,598		89,336		120,621		59,998		856,289
Less: inter-segment elimination	(502)		(509)		(3,045)		(5,484)		(1,547)		(11,087)
Total external revenue	$	437,234	$	148,089	$	86,291	$	115,137	$	58,451	$	845,202


	Six Months Ended December 31, 2022
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	558,371	$	—	$	—	$	111,655	$	95,492	$	765,518
Europe	180,639		280,471		161,282		75,744		—		698,136
Other	67,083		—		—		4,682		13,198		84,963
Inter-segment	1,012		826		4,877		10,206		3,135		20,056
Total segment revenue	807,105		281,297		166,159		202,287		111,825		1,568,673
Less: inter-segment elimination	(1,012)		(826)		(4,877)		(10,206)		(3,135)		(20,056)
Total external revenue	$	806,093	$	280,471	$	161,282	$	192,081	$	108,690	$	1,548,617


	Three Months Ended December 31, 2021
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	289,615	$	—	$	—	$	57,976	$	51,035	$	398,626
Europe	117,627		137,173		87,596		53,797		—		396,193
Other	39,767		—		—		9,229		5,901		54,897
Inter-segment	1,105		521		2,534		3,715		783		8,658
Total segment revenue	448,114		137,694		90,130		124,717		57,719		858,374
Less: inter-segment elimination	(1,105)		(521)		(2,534)		(3,715)		(783)		(8,658)
Total external revenue	$	447,009	$	137,173	$	87,596	$	121,002	$	56,936	$	849,716


	Six Months Ended December 31, 2021
	Vista		PrintBrothers		The Print Group		National Pen		All Other		Total
Revenue by Geographic Region:
North America	$	534,064	$	—	$	—	$	99,014	$	92,343	$	725,421
Europe	189,160		262,301		158,751		74,648		—		684,860
Other	72,563		—		—		12,762		11,709		97,034
Inter-segment	1,807		750		4,199		7,557		1,538		15,851
Total segment revenue	797,594		263,051		162,950		193,981		105,590		1,523,166
Less: inter-segment elimination	(1,807)		(750)		(4,199)		(7,557)		(1,538)		(15,851)
Total external revenue	$	795,787	$	262,301	$	158,751	$	186,424	$	104,052	$	1,507,315

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Segment EBITDA:
Vista	$	55,157	$	90,766	$	85,894	$	157,686
PrintBrothers	19,509		18,605		34,500		34,888
The Print Group	13,681		16,358		25,901		30,747
National Pen	24,783		31,599		23,486		23,551
All Other Businesses	5,406		6,264		11,584		11,155
Total segment EBITDA	118,536		163,592		181,365		258,027
Central and corporate costs	(33,802)		(34,703)		(68,380)		(68,856)
Depreciation and amortization	(40,874)		(45,314)		(81,816)		(89,746)




Certain impairments and other adjustments	925		2,713		(2,531)		3,493
Restructuring-related charges	(11,207)		(307)		(13,027)		2


Total income from operations	33,578		85,981		15,611		102,920
Other (expense) income, net	(17,392)		12,839		10,005		26,009
Interest expense, net	(28,597)		(25,369)		(53,403)		(51,057)

(Loss) income before income taxes	$	(12,411)	$	73,451	$	(27,787)	$	77,872

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Depreciation and amortization:
Vista	$	14,193	$	17,563	$	28,863	$	33,966
PrintBrothers	5,149		5,106		9,922		10,340
The Print Group	5,799		6,612		11,661		13,196
National Pen	5,795		6,220		11,686		12,128
All Other Businesses	4,326		4,381		8,842		9,423
Central and corporate costs	5,612		5,432		10,842		10,693
Total depreciation and amortization	$	40,874	$	45,314	$	81,816	$	89,746


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Purchases of property, plant and equipment:
Vista	$	6,445	$	7,881	$	9,569	$	10,359
PrintBrothers	1,053		1,204		1,761		2,716
The Print Group	5,270		5,249		10,089		6,677
National Pen	846		1,023		2,447		2,211
All Other Businesses	767		2,157		1,835		3,672
Central and corporate costs	351		401		789		904
Total purchases of property, plant and equipment	$	14,732	$	17,915	$	26,490	$	26,539


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Capitalization of software and website development costs:
Vista	$	5,139	$	8,618	$	11,774	$	16,190
PrintBrothers	1,069		236		1,458		468
The Print Group	771		519		1,261		945
National Pen	512		1,053		1,100		1,731
All Other Businesses	899		1,083		1,823		2,267
Central and corporate costs	5,526		4,986		11,830		10,533
Total capitalization of software and website development costs	$	13,916	$	16,495	$	29,246	$	32,134

Long-lived assets by geographic area

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


	December 31, 2022		June 30, 2022
Long-lived assets (1):
United States (2)	$	83,937	$	95,589
Switzerland	74,775		72,394
Netherlands	68,074		67,240
Canada	58,746		58,498
Italy	46,328		48,262
France	25,855		25,383
Jamaica	18,642		18,744
Australia	20,048		17,751
Japan (3)	—		11,392
Other	94,263		90,677
Total	$	490,668	$	505,930

___________________

Restructuring Charges (Tables)

6 Months Ended

Dec. 31, 2022

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs

The following table summarizes the restructuring activity during the six months ended December 31, 2022.


	Severance and Related Benefits		Other Restructuring Costs		Accrued restructuring liability
Balance as of June 30, 2022	$	13,449	$	—	$	13,449
Restructuring charges	2,335		10,692		13,027
Cash payments	(9,827)		—		(9,827)
Non-cash charges (1)	(649)		(10,692)		(11,341)
Foreign currency translation	(69)		—		(69)
Balance as of December 31, 2022	$	5,239	$	—	$	5,239

________________

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	May 01, 2020
Accounting Policies [Line Items]
Marketable Securities, Current	$ 85,070		$ 85,070		$ 49,952
Marketable securities, non-current	17,107		17,107		0
Total Marketable Securities	102,177		102,177		49,952
Unrealized Loss on Securities			(930)		546
Investments, Fair Value Disclosure	101,247		101,247		49,406
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(24,196)	$ 6,481	4,449	$ 19,808
Foreign Currency Transaction Gain (Loss), Realized	6,227	5,551	6,030	5,874
Other Nonoperating Gains (Losses)	577	807	(474)	327
Other Nonoperating Income (Expense)	(17,392)	12,839	10,005	26,009
Realized gain (loss) on derivatives not designated as hedging instruments	$ 16,368	$ 746	$ 30,988	$ 4,418
Weighted average shares outstanding — basic	26,234,747	26,096,786	26,206,782	26,084,518
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)	0	305,917	0	408,740
Weighted average shares outstanding — diluted	26,234,747	26,402,703	26,206,782	26,493,258
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,286,936	567,220	2,987,875	292,834
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 60
Commercial Paper
Accounting Policies [Line Items]
Marketable Securities, Current	$ 40,985		$ 40,985
Unrealized Loss on Securities			(227)
Investments, Fair Value Disclosure	40,758		40,758
Corporate Debt Securities
Accounting Policies [Line Items]
Marketable Securities, Current	39,821		39,821		49,952
Marketable securities, non-current	12,144		12,144
US Government Debt Securities [Member]
Accounting Policies [Line Items]
Marketable securities, non-current	$ 4,963		4,963
Warrant [Member]
Accounting Policies [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	1,055,377	281,884		345,722
Foreign Exchange Forward [Member]
Accounting Policies [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (24,196)	$ 7,161	4,449	$ 20,024
Interest Rate Swap [Member]
Accounting Policies [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	0	$ (680)	0	$ (216)
Marketable securities, current [Member]
Accounting Policies [Line Items]
Unrealized Loss on Securities			597
Investments, Fair Value Disclosure	84,473		84,473
Marketable securities, current [Member] \| Corporate Debt Securities
Accounting Policies [Line Items]
Unrealized Loss on Securities			304		546
Investments, Fair Value Disclosure	39,517		39,517		$ 49,406
Marketable securities, current [Member] \| US Government Debt Securities [Member]
Accounting Policies [Line Items]
Marketable Securities, Current	4,264		4,264
Unrealized Loss on Securities			66
Investments, Fair Value Disclosure	4,198		4,198
Marketable securities, noncurrent [Member]
Accounting Policies [Line Items]
Unrealized Loss on Securities			333
Investments, Fair Value Disclosure	16,774		16,774
Marketable securities, noncurrent [Member] \| Corporate Debt Securities
Accounting Policies [Line Items]
Unrealized Loss on Securities			253
Investments, Fair Value Disclosure	11,891		11,891
Marketable securities, noncurrent [Member] \| US Government Debt Securities [Member]
Accounting Policies [Line Items]
Unrealized Loss on Securities			80
Investments, Fair Value Disclosure	$ 4,883		$ 4,883

Fair Value Measurements (Details) $ in Thousands	Dec. 31, 2022 USD ($) instrument	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		$ 45,585
Long-term Debt, Gross	$ 1,706,972	1,705,365
Debt Instrument, Fair Value Disclosure	1,530,471	1,600,627
Total Marketable Securities	102,177	49,952
Investments, Fair Value Disclosure	101,247	49,406
Fair value, recurring measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure	32,643
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,566	960
Foreign Exchange Forward [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,579	20,638
Derivative Liability	$ (3,654)	(505)
Derivative, Number of Instruments Held \| instrument	536
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 23,550	14,336
Derivative, Number of Instruments Held \| instrument	14
Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ (1,313)	(446)
Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,514	10,611
Derivative Liability	(599)
Financial and Nonfinancial Liabilities, Fair Value Disclosure		9
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	10,457	35,052
Derivative Liability	(4,253)	(514)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Option [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,537	10,612
Foreign Currency Contract, Asset, Fair Value Disclosure	4,514	10,611
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset		45,585
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	32,643
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,566	960
Fair Value, Inputs, Level 2 [Member] \| Foreign Exchange Forward [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,579	20,638
Derivative Liability	(3,654)	(505)
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	23,550	14,336
Fair Value, Inputs, Level 2 [Member] \| Cross Currency Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(1,313)	(446)
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	4,514	10,611
Derivative Liability	$ (599)
Financial and Nonfinancial Liabilities, Fair Value Disclosure		$ 9

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		6 Months Ended
Derivative Financial Instruments (Details) $ in Thousands	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) instrument	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset					$ 45,585
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges	$ (5,649)	$ (2,498)	$ 11,111	$ (4,423)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	19,069
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(24,196)	6,481	4,449	19,808
Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,514		4,514		10,611
Derivative Liability	$ (599)		(599)
Interest Rate Swap [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ (8,207)
Derivative, Number of Instruments Held \| instrument	14		14
Notional Amount of Interest Rate Derivatives	$ 400,000		$ 400,000
Notional value of contracts with future start date	430,000		430,000
Total current and future notional amount	830,000		830,000
Derivative Asset, Fair Value, Gross Asset	23,550		23,550		14,336
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges	(1,266)	5,021	11,688	5,540
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 0	(680)	$ 0	(216)
Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument	536		536
Derivative, Notional Amount	$ 534,594		$ 534,594
Derivative, Underlying Basis			Various
Derivative Asset, Fair Value, Gross Asset	4,579		$ 4,579		20,638
Derivative Liability	(3,654)		(3,654)		(505)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(24,196)	7,161	4,449	20,024
Currency Swap [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	1,794
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value	(1,313)		(1,313)		(446)
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges	$ (4,383)	(7,519)	$ (577)	(9,963)
Currency Swap [Member] \| Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Number of Instruments Held \| instrument	1		1
Derivative, Notional Amount	$ 58,478		$ 58,478
Forward Contracts [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax	0	2,922	0	6,414
Loans
Derivative [Line Items]
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax	(18,636)	8,359	(5,684)	17,386
Loans \| Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	364,524		364,524
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Derivative [Line Items]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	11,309
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	(1,089)	2,973	(692)	5,470
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	4,606	3,821	864	7,808
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	(3,136)	(7,768)	(198)	(13,314)
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	(3,517)	(6,794)	(172)	(13,278)
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	(381)	974	26	36
Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	23,554		23,554		14,336
Derivative Asset, Fair Value, Gross Liability	4		4		0
Interest Rate Cash Flow Hedge Asset at Fair Value	23,550		23,550		14,336
Derivative Liability, Fair Value, Gross Liability	(1,313)		(1,313)		(446)
Derivative Liability, Fair Value, Gross Asset	0		0		0
Derivative Liability	(1,313)		(1,313)		(446)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(24,285)	$ 8,783	5,427	$ 19,377
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	23,554		23,554		14,336
Derivative Asset, Fair Value, Gross Liability	4		4		0
Interest Rate Cash Flow Hedge Asset at Fair Value	23,550		23,550		14,336
Derivative Liability, Fair Value, Gross Liability					0
Derivative Liability, Fair Value, Gross Asset					0
Interest Rate Cash Flow Hedge Liability at Fair Value					0
Designated as Hedging Instrument [Member] \| Currency 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	(1,313)		(1,313)		(446)
Derivative Liability, Fair Value, Gross Asset	0		0		0
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	10,457		10,457		35,052
Derivative Asset, Fair Value, Gross Liability	1,364		1,364		3,803
Derivative Asset	9,093		9,093		31,249
Derivative Liability, Fair Value, Gross Liability	7,371		7,371		514
Derivative Liability, Fair Value, Gross Asset	3,118		3,118		0
Derivative Liability	(4,253)		(4,253)		(514)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	4,537		4,537		10,612
Derivative Asset, Fair Value, Gross Liability	23		23		1
Foreign Currency Contract, Asset, Fair Value Disclosure	4,514		4,514		10,611
Derivative Liability, Fair Value, Gross Liability	1,243		1,243		9
Derivative Liability, Fair Value, Gross Asset	644		644		0
Foreign Currency Contracts, Liability, Fair Value Disclosure	(599)		(599)		(9)
Not Designated as Hedging Instrument [Member] \| Forward Contracts [Member]
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	5,920		5,920		24,440
Derivative Asset, Fair Value, Gross Liability	1,341		1,341		3,802
Foreign Currency Contract, Asset, Fair Value Disclosure	4,579		4,579		20,638
Derivative Liability, Fair Value, Gross Liability	6,128		6,128		505
Derivative Liability, Fair Value, Gross Asset	2,474		2,474		0
Foreign Currency Contracts, Liability, Fair Value Disclosure	$ (3,654)		$ (3,654)		$ (505)
Minimum [Member] \| Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative, Maturity Date			Jan. 12, 2023
Minimum [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			May 31, 2023
Minimum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Maturity Date			Jan. 13, 2023
Minimum [Member] \| Currency Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			Jun. 19, 2024
Maximum [Member] \| Foreign Exchange Option [Member]
Derivative [Line Items]
Derivative, Maturity Date			Dec. 16, 2024
Maximum [Member] \| Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, Maturity Date			Apr. 30, 2028
Maximum [Member] \| Foreign Exchange Forward [Member]
Derivative [Line Items]
Derivative, Maturity Date			Sep. 17, 2024
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
	Dec. 31, 2022	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI Tax, Attributable to Parent	$ 3,888
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	(28,059)	$ (47,128)
Other comprehensive income before reclassifications	18,871
Amounts reclassified from accumulated other comprehensive loss to net loss	198
Net current period other comprehensive income	19,069
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	16,488	5,179
Other comprehensive income before reclassifications	11,111
Amounts reclassified from accumulated other comprehensive loss to net loss	198
Net current period other comprehensive income	11,309
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	(44,461)	(52,221)
Other comprehensive income before reclassifications	7,760
Net current period other comprehensive income	7,760
Net Investment Hedging [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	42,519	51,003
Currency Swap [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	15,079
Pension Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	(86)	$ (86)
Other comprehensive income before reclassifications	$ 0

Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Goodwill [Line Items]
Goodwill	$ 776,788		$ 776,788		$ 766,600
Goodwill, Purchase Accounting Adjustments			225
Goodwill, Foreign Currency Translation Gain (Loss)			9,963
Amortization of acquired intangible assets	12,362	$ 13,882	24,712	$ 27,340
Vista [Member]
Goodwill [Line Items]
Goodwill	293,882		293,882		291,498
Goodwill, Foreign Currency Translation Gain (Loss)			2,384
PrintBrothers [Member]
Goodwill [Line Items]
Goodwill	134,447		134,447		130,828
Goodwill, Foreign Currency Translation Gain (Loss)			3,619
The Print Group [Member]
Goodwill [Line Items]
Goodwill	147,929		147,929		143,969
Goodwill, Foreign Currency Translation Gain (Loss)			3,960
All Other Businesses [Member]
Goodwill [Line Items]
Goodwill	$ 200,530		200,530		$ 200,305
Goodwill, Purchase Accounting Adjustments			225
Goodwill, Foreign Currency Translation Gain (Loss)			$ 0

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Schedule of other current liabilities [Line Items]
Compensation costs	$ 67,900	$ 78,521
Income and indirect taxes	55,261	41,886
Accrued Advertising	20,887	25,925
Shipping costs	13,492	10,228
Variable compensation incentives	8,578
Interest Payable	2,901	2,477
Production costs	17,961	15,790
Sales returns	6,686	6,286
Restructuring Reserve	5,239	13,449
Professional costs	3,998	2,394
Other	61,607	56,885
Accrued Liabilities	$ 264,510	$ 253,841

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Schedule of other current liabilities [Line Items]
Finance Lease, Liability, Current	$ 7,198	$ 6,684
Derivative Liability, Current	7,593	4,299
Other current liabilities	$ 31,685	28,035
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Other Current Liabilities [Member]
Schedule of other current liabilities [Line Items]
Other current liabilities	$ 16,894	$ 17,052

Other Balance Sheet Components Other Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Separate Account, Liability [Line Items]
Finance Lease, Liability, Noncurrent	$ 19,935	$ 14,699
Redeemable Noncontrolling Interest, Liability, Carrying Value	11,724	0
Other liabilities	$ 79,662	64,394
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Other Noncurrent Liabilities [Member]
Separate Account, Liability [Line Items]
Derivative Liability, Noncurrent	$ 2,460	463
Deferred Compensation Liability, Classified, Noncurrent	17,577	19,934
Other liabilities	27,966	$ 29,298
Noncontrolling Interest, Change in Redemption Value	$ 2,142

Debt (Details) € in Thousands, $ in Thousands		3 Months Ended	6 Months Ended
Debt (Details) € in Thousands, $ in Thousands	Feb. 13, 2020 USD ($)	Dec. 31, 2022 USD ($) Rate	Dec. 31, 2022 USD ($) Rate	Dec. 31, 2022 EUR (€) Rate	Jun. 30, 2022 USD ($)
Line of Credit Facility [Line Items]
Senior Notes		$ 600,000	$ 600,000		$ 600,000
Debt, Long-term and Short-term, Combined Amount		1,689,277	1,689,277		1,685,948
Other Long-term Debt		6,734	6,734		8,063
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net		(17,695)	(17,695)		(19,417)
Short-term debt		10,218	10,218		10,386
Long-term debt		1,679,059	$ 1,679,059		1,675,562
Document period end date			Dec. 31, 2022
Short-term Debt [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Unamortized Discount		3,502	$ 3,502		3,498
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 250,000	$ 250,000
Description of variable rate basis			0
Weighted average interest rate \| Rate		6.52%	6.52%	6.52%
Debt Instrument, Covenant Description		the First Lien Leverage Ratio calculated as of the last day of such quarter does not exceed 3.25 to 1.00
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on LIBOR			2.50%
Commitment fee (percentage) \| Rate			0.35%
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on LIBOR			3.00%
Commitment fee (percentage) \| Rate			0.45%
Senior Notes
Line of Credit Facility [Line Items]
Proceeds from Issuance of Private Placement	$ 600,000
Term Loan B, Euro Tranche
Line of Credit Facility [Line Items]
Debt, Long-term and Short-term, Combined Amount \| €				€ 300,000
Description of variable rate basis			0
Basis spread on LIBOR			3.50%
Term Loan B, USD Tranche
Line of Credit Facility [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 795,000	$ 795,000
Description of variable rate basis			0.50
Basis spread on LIBOR			3.50%
Term Loan B
Line of Credit Facility [Line Items]
Debt, Long-term and Short-term, Combined Amount		$ 1,100,238	$ 1,100,238		$ 1,097,302

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 126,129	$ 17,298	$ 135,494	$ 26,679
Unrecognized Tax Benefits	15,852		15,852
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	7,777		7,777
Valuation Allowance [Line Items]
Income tax expense	126,129	$ 17,298	135,494	$ 26,679
Unrecognized Tax Benefits, Income Tax Penalties Expense	1,658
Minimum [Member]
Operating Loss Carryforwards [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	370		370
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$ 420		$ 420

- 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		6 Months Ended
Noncontrolling interests (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Stockholders' Equity Attributable to Noncontrolling Interest	$ 12,565		$ 12,565		$ 131,483
Net Income (Loss) Attributable to Noncontrolling Interest	$ 1,460	$ 1,364	2,160	$ 3,102
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			3,652
Purchase of noncontrolling interest (2)		$ (272)	(95,567)
Decrease to Temporary Equity for Noncontrolling Interest Redemption Feature Change			(9,582)
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest			(4,822)
Redeemable noncontrolling interest [Member]
Noncontrolling Interest [Line Items]
Temporary Equity, Accretion to Redemption Value, Adjustment			(7,455)
PrintBrothers [Member]
Noncontrolling Interest [Line Items]
Purchase of noncontrolling interest (2)			$ 90,841
Minimum [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease in Ownership Percentage			10.00%
Maximum [Member]
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease in Ownership Percentage			11.00%

Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments			5
Revenue	$ (845,202)	$ (849,716)	$ (1,548,617)	$ (1,507,315)
Other Operating Income	118,536	163,592	181,365	258,027
Depreciation and amortization	40,874	45,314	81,816	89,746
Certain impairments and other adjustments	925	2,713	2,531	3,493
Restructuring expense (1)	(11,207)	(307)	(13,027)	2
Total income from operations	33,578	85,981	15,611	102,920
Other (expense) income, net	(17,392)	12,839	10,005	26,009
Interest expense, net	(28,597)	(25,369)	(53,403)	(51,057)
(Loss) income before income taxes	(12,411)	73,451	(27,787)	77,872
Property, Plant and Equipment, Additions	14,732	17,915	26,490	26,539
Capitalization of software and website development costs	13,916	16,495	29,246	32,134
Long-lived assets	490,668		490,668		$ 505,930
Goodwill	776,788		776,788		766,600
Intangible assets, net	131,274		131,274		154,730
Deferred tax assets	9,519		9,519		113,088
Marketable securities, non-current	17,107		17,107		0
North America [Member]
Segment Reporting Information [Line Items]
Revenue	(406,293)	(398,626)	(765,518)	(725,421)
Europe [Member]
Segment Reporting Information [Line Items]
Revenue	(395,322)	(396,193)	(698,136)	(684,860)
Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	(43,587)	(54,897)	(84,963)	(97,034)
UNITED STATES
Segment Reporting Information [Line Items]
Long-lived assets	83,937		83,937		95,589
Netherlands [Member]
Segment Reporting Information [Line Items]
Long-lived assets	68,074		68,074		67,240
Canada [Member]
Segment Reporting Information [Line Items]
Long-lived assets	58,746		58,746		58,498
Switzerland
Segment Reporting Information [Line Items]
Long-lived assets	74,775		74,775		72,394
ITALY
Segment Reporting Information [Line Items]
Long-lived assets	46,328		46,328		48,262
FRANCE
Segment Reporting Information [Line Items]
Long-lived assets	25,855		25,855		25,383
Jamaica [Member]
Segment Reporting Information [Line Items]
Long-lived assets	18,642		18,642		18,744
Australia [Member]
Segment Reporting Information [Line Items]
Long-lived assets	20,048		20,048		17,751
JAPAN
Segment Reporting Information [Line Items]
Long-lived assets	0		0		11,392
Other Countries [Member]
Segment Reporting Information [Line Items]
Long-lived assets	94,263		94,263		90,677
Vista [Member]
Segment Reporting Information [Line Items]
Revenue	(437,234)	(447,009)	(806,093)	(795,787)
Other Operating Income	55,157	90,766	85,894	157,686
Depreciation and amortization	14,193	17,563	28,863	33,966
Restructuring expense (1)	(7,265)		(8,722)
Property, Plant and Equipment, Additions	6,445	7,881	9,569	10,359
Capitalization of software and website development costs	5,139	8,618	11,774	16,190
Goodwill	293,882		293,882		291,498
Revision of segment costs [Line Items]	1,923		3,042
Vista [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	(291,885)	(289,615)	(558,371)	(534,064)
Vista [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	(110,143)	(117,627)	(180,639)	(189,160)
Vista [Member] \| Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	(35,206)	(39,767)	(67,083)	(72,563)
PrintBrothers [Member]
Segment Reporting Information [Line Items]
Revenue	(148,089)	(137,173)	(280,471)	(262,301)
Other Operating Income	19,509	18,605	34,500	34,888
Depreciation and amortization	5,149	5,106	9,922	10,340
Property, Plant and Equipment, Additions	1,053	1,204	1,761	2,716
Capitalization of software and website development costs	1,069	236	1,458	468
Goodwill	134,447		134,447		130,828
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	(148,089)	(137,173)	(280,471)	(262,301)
The Print Group [Member]
Segment Reporting Information [Line Items]
Revenue	(86,291)	(87,596)	(161,282)	(158,751)
Other Operating Income	13,681	16,358	25,901	30,747
Depreciation and amortization	5,799	6,612	11,661	13,196
Property, Plant and Equipment, Additions	5,270	5,249	10,089	6,677
Capitalization of software and website development costs	771	519	1,261	945
Goodwill	147,929		147,929		143,969
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	(86,291)	(87,596)	(161,282)	(158,751)
National Pen [Member]
Segment Reporting Information [Line Items]
Revenue	(115,137)	(121,002)	(192,081)	(186,424)
Other Operating Income	24,783	31,599	23,486	23,551
Depreciation and amortization	5,795	6,220	11,686	12,128
Property, Plant and Equipment, Additions	846	1,023	2,447	2,211
Capitalization of software and website development costs	512	1,053	1,100	1,731
National Pen [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	(62,208)	(57,976)	(111,655)	(99,014)
National Pen [Member] \| Europe [Member]
Segment Reporting Information [Line Items]
Revenue	(50,799)	(53,797)	(75,744)	(74,648)
National Pen [Member] \| Other Continents [Member]
Segment Reporting Information [Line Items]
Revenue	(2,130)	(9,229)	(4,682)	(12,762)
All Other Businesses [Member]
Segment Reporting Information [Line Items]
Revenue	(58,451)	(56,936)	(108,690)	(104,052)
Other Operating Income	5,406	6,264	11,584	11,155
Depreciation and amortization	4,326	4,381	8,842	9,423
Restructuring expense (1)	(3,561)
Property, Plant and Equipment, Additions	767	2,157	1,835	3,672
Capitalization of software and website development costs	899	1,083	1,823	2,267
Goodwill	200,530		200,530		$ 200,305
All Other Businesses [Member] \| North America [Member]
Segment Reporting Information [Line Items]
Revenue	(52,200)	(51,035)	(95,492)	(92,343)
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	(6,251)	(5,901)	(13,198)	(11,709)
Corporate and Other
Segment Reporting Information [Line Items]
Other Operating Income	(33,802)	(34,703)	(68,380)	(68,856)
Depreciation and amortization	5,612	5,432	10,842	10,693
Property, Plant and Equipment, Additions	351	401	789	904
Capitalization of software and website development costs	5,526	4,986	11,830	10,533
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenue	(856,289)	(858,374)	(1,568,673)	(1,523,166)
Operating Segments [Member] \| Vista [Member]
Segment Reporting Information [Line Items]
Revenue	(437,736)	(448,114)	(807,105)	(797,594)
Operating Segments [Member] \| PrintBrothers [Member]
Segment Reporting Information [Line Items]
Revenue	(148,598)	(137,694)	(281,297)	(263,051)
Operating Segments [Member] \| The Print Group [Member]
Segment Reporting Information [Line Items]
Revenue	(89,336)	(90,130)	(166,159)	(162,950)
Operating Segments [Member] \| National Pen [Member]
Segment Reporting Information [Line Items]
Revenue	(120,621)	(124,717)	(202,287)	(193,981)
Operating Segments [Member] \| All Other Businesses [Member]
Segment Reporting Information [Line Items]
Revenue	(59,998)	(57,719)	(111,825)	(105,590)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenue	(11,087)	(8,658)	(20,056)	(15,851)
Intersegment Eliminations [Member] \| Vista [Member]
Segment Reporting Information [Line Items]
Revenue	(502)	(1,105)	(1,012)	(1,807)
Intersegment Eliminations [Member] \| PrintBrothers [Member]
Segment Reporting Information [Line Items]
Revenue	(509)	(521)	(826)	(750)
Intersegment Eliminations [Member] \| The Print Group [Member]
Segment Reporting Information [Line Items]
Revenue	(3,045)	(2,534)	(4,877)	(4,199)
Intersegment Eliminations [Member] \| National Pen [Member]
Segment Reporting Information [Line Items]
Revenue	(5,484)	(3,715)	(10,206)	(7,557)
Intersegment Eliminations [Member] \| All Other Businesses [Member]
Segment Reporting Information [Line Items]
Revenue	$ (1,547)	$ (783)	$ (3,135)	$ (1,538)

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	$ 235,619
Amounts accrued related to business acquisitions	6,838	$ 52,677
Third-party web services [Domain]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	87,452
Inventories [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	69,588
Software and Software Development Costs
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	28,874
Advertising Purchase Commitment [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	20,862
Production and Computer Equipment [Domain]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	5,798
Professional Fees [Domain]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	4,206
Other purchase commitments [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded unconditional purchase obligation	$ 18,839

Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Restructuring Charges (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 5,239		$ 5,239		$ 13,449
Restructuring Charges	11,207	$ 307	13,027	$ (2)
Payments for Restructuring			(9,827)
Restructuring Reserve, Settled without Cash			(11,341)
Restructuring Reserve, Foreign Currency Translation Gain (Loss)			69
Vista [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	7,265		8,722
All Other Businesses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	3,561
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 5,239		5,239		$ 13,449
Restructuring Charges			2,335
Payments for Restructuring			(9,827)
Restructuring Reserve, Settled without Cash			(649)
Restructuring Reserve, Foreign Currency Translation Gain (Loss)			69
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges			10,692
Restructuring Reserve, Settled without Cash			$ (10,692)

Label	Element	Value
Payments to Acquire Marketable Securities	us-gaap_PaymentsToAcquireMarketableSecurities	$ 0
Proceeds from Issuance of Debt	us-gaap_ProceedsFromIssuanceOfDebt	$ 0