cmpr-20230331
March 31, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period endedMarch 31, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from               to               
Commission file number 000-51539
_________________________________
Cimpress plc

(Exact Name of Registrant as Specified in Its Charter)
_________________________________
Ireland98-0417483
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
First Floor Building 3, Finnabair Business and Technology Park A91 XR61,
Dundalk, Co. Louth,
Ireland
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: 353 42 938 8500
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s) Name of Exchange on Which Registered
Ordinary Shares, nominal value of €0.01 per shareCMPR NASDAQ Global Select Market
______________________________

    Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
  þ
Accelerated filerNon-accelerated filer
 Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2).  Yes      No þ
As of April 24, 2023, there were 26,322,666 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Nine Months Ended March 31, 2023

TABLE OF CONTENTS

Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of March 31, 2023 and June 30, 2022
Consolidated Statements of Operations for the three and nine months ended March 31, 2023 and 2022
Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended March 31, 2023 and 2022
Consolidated Statements of Shareholders' Deficit for the three and nine months ended March 31, 2023 and 2022
Consolidated Statements of Cash Flows for the nine months ended March 31, 2023 and 2022
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II OTHER INFORMATION
Item 6. Exhibits
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CIMPRESS PLC
CONSOLIDATED BALANCE SHEETS
(unaudited in thousands, except share and per share data)
March 31,
2023
June 30,
2022
Assets  
Current assets:  
Cash and cash equivalents$114,990 $277,053 
Marketable securities68,305 49,952 
Accounts receivable, net of allowances of $5,957 and $6,140, respectively
67,869 63,885 
Inventory116,379 126,728 
Prepaid expenses and other current assets102,582 108,697 
Total current assets470,125 626,315 
Property, plant and equipment, net284,128 286,826 
Operating lease assets, net75,406 80,694 
Software and website development costs, net95,511 90,474 
Deferred tax assets10,093 113,088 
Goodwill787,291 766,600 
Intangible assets, net119,931 154,730 
Marketable securities, non-current6,466  
Other assets44,486 48,945 
Total assets$1,893,437 $2,167,672 
Liabilities, noncontrolling interests and shareholders’ deficit 
Current liabilities: 
Accounts payable$263,980 $313,710 
Accrued expenses300,013 253,841 
Deferred revenue55,222 58,861 
Short-term debt10,696 10,386 
Operating lease liabilities, current23,855 27,706 
Other current liabilities21,824 28,035 
Total current liabilities675,590 692,539 
Deferred tax liabilities43,759 41,142 
Long-term debt1,682,658 1,675,562 
Operating lease liabilities, non-current53,404 57,474 
Other liabilities87,927 64,394 
Total liabilities2,543,338 2,531,111 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests11,974 131,483 
Shareholders’ deficit: 
Preferred shares, nominal value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding  
Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,285,490 and 44,083,569 shares issued, respectively; 26,314,243 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 capital528,983 501,003 
Retained earnings206,826 414,138 
Accumulated other comprehensive loss(35,291)(47,128)
Total shareholders’ deficit attributable to Cimpress plc(662,417)(494,922)
Noncontrolling interests (Note 10)542 — 
Total shareholders' deficit(661,875)(494,922)
Total liabilities, noncontrolling interests and shareholders’ deficit$1,893,437 $2,167,672 
See accompanying notes.
1


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited in thousands, except share and per share data)
 Three Months Ended March 31, Nine Months Ended March 31,
 2023202220232022
Revenue$742,164 $657,412 $2,290,781 $2,164,727 
Cost of revenue (1)394,908 347,452 1,228,036 1,110,378 
Technology and development expense (1)78,287 75,291 230,485 212,835 
Marketing and selling expense (1)187,234 194,618 593,312 577,931 
General and administrative expense (1)52,578 50,888 156,441 144,162 
Amortization of acquired intangible assets11,239 14,180 35,951 41,520 
Restructuring expense (1)30,115 3,420 43,142 3,418 
(Loss) income from operations(12,197)(28,437)3,414 74,483 
Other income, net1,377 12,321 11,382 38,330 
Interest expense, net(30,515)(24,247)(83,918)(75,304)
(Loss) income before income taxes(41,335)(40,363)(69,122)37,509 
Income tax expense8,475 29,529 143,969 56,208 
Net loss(49,810)(69,892)(213,091)(18,699)
Less: Net loss (income) attributable to noncontrolling interests484 (1,925)(1,676)(5,027)
Net loss attributable to Cimpress plc$(49,326)$(71,817)$(214,767)$(23,726)
Basic and diluted net loss per share attributable to Cimpress plc$(1.88)$(2.75)$(8.19)$(0.91)
Weighted average shares outstanding — basic and diluted26,268,301 26,102,610 26,226,989 26,090,460 
____________________________________________
(1) Share-based compensation is allocated as follows:
 Three Months Ended March 31, Nine Months Ended March 31,
 2023202220232022
Cost of revenue$42 $137 $411 $380 
Technology and development expense2,500 3,397 9,808 9,655 
Marketing and selling expense(323)2,961 3,888 8,436 
General and administrative expense5,023 6,209 15,157 17,744 
Restructuring expense1,492  2,141  

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(unaudited in thousands)
Three Months Ended March 31, Nine Months Ended March 31,
2023202220232022
Net loss$(49,810)$(69,892)$(213,091)$(18,699)
Other comprehensive income (loss), net of tax:
Foreign currency translation (losses) gains, net of hedges(1,526)(4,281)1,412 (922)
Net unrealized (losses) gains on derivative instruments designated and qualifying as cash flow hedges(4,667)7,222 6,444 2,799 
Amounts reclassified from accumulated other comprehensive loss to net loss for derivative instruments(969)4,401 (771)17,715 
Gain on pension benefit obligation, net   444 
Comprehensive (loss) income(56,972)(62,550)(206,006)1,337 
Add: Comprehensive loss (income) attributable to noncontrolling interests414 (1,563)3,076 (3,204)
Total comprehensive loss attributable to Cimpress plc$(56,558)$(64,113)$(202,930)$(1,867)
See accompanying notes.
3


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

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



4


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

Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at December 31, 202144,080 $615 25 $28 (17,980)$(1,364,336)$476,002 $562,214 $(57,327)$(382,804)
Restricted share units vested, net of shares withheld for taxes— — — — 4 380 (580)— — (200)
Purchase and cancellation of deferred ordinary shares— — (25)(28)— — — — — (28)
Share-based compensation expense— — — — — — 12,727 — — 12,727 
Net loss attributable to Cimpress plc— — — — — — — (71,817)— (71,817)
Redeemable noncontrolling interest accretion to redemption value— — — — — — — (29,034)— (29,034)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — 11,623 11,623 
Foreign currency translation, net of hedges— — — — — — — — (3,919)(3,919)
Balance at March 31, 202244,080 $615  $ (17,976)$(1,363,956)$488,149 $461,363 $(49,623)$(463,452)
See accompanying notes.




















5



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

Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at June 30, 202244,084 $615  $ (17,971)$(1,363,550)$501,003 $414,138 $(47,128)$(494,922)
Restricted share units vested, net of shares withheld for taxes112 — — — — — (2,212)— — (2,212)
Share-based compensation expense— — — — — — 10,653 — — 10,653 
Net loss attributable to Cimpress plc— — — — — — — (25,441)— (25,441)
Redeemable noncontrolling interest 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 
Foreign currency translation, net of hedges— — — — — — — — (6,835)(6,835)
Balance at September 30, 202244,196 $615  $ (17,971)$(1,363,550)$509,444 $385,972 $(40,141)$(507,660)
Restricted share units vested, net of shares withheld for taxes15 — — — — — (158)— — (158)
Share-based compensation expense— — — — — — 12,245 — — 12,245 
Net loss attributable to Cimpress plc— — — — — — — (140,000)— (140,000)
Redeemable noncontrolling interest accretion to redemption value— — — — — — — 10,180 — 10,180 
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — (2,513)(2,513)
Foreign currency translation, net of hedges— — — — — — — — 14,595 14,595 
Balance at December 31, 202244,211 $615  $ (17,971)$(1,363,550)$521,531 $256,152 $(28,059)$(613,311)
See accompanying notes.







6


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(unaudited in thousands)
Ordinary SharesDeferred Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber of
Shares
Issued
AmountNumber
of
Shares
AmountAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other
Comprehensive
Loss
Total
Shareholders’
Deficit
Balance at December 31, 202244,211 $615  $ (17,971)$(1,363,550)$521,531 $256,152 $(28,059)$(613,311)
Restricted share units vested, net of shares withheld for taxes74 — — — — — (1,439)— — (1,439)
Share-based compensation expense— — — — — — 8,891 — 8,891 
Net loss attributable to Cimpress plc— — — — — — — (49,326)— (49,326)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — — — (5,636)(5,636)
Foreign currency translation, net of hedges— — — — — — — — (1,596)(1,596)
Balance at March 31, 202344,285 $615 — $ (17,971)$(1,363,550)$528,983 $206,826 $(35,291)$(662,417)
See accompanying notes.
7


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


Nine Months Ended March 31,
 20232022
Operating activities
Net loss$(213,091)$(18,699)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization121,567 133,397 
Share-based compensation expense31,405 36,215 
Deferred taxes115,984 26,636 
Unrealized loss (gain) on derivatives not designated as hedging instruments included in net loss32,512 (25,639)
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency(6,972)(5,847)
Other non-cash items15,200 (8,204)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable(4,840)(17,764)
Inventory(2,595)(31,964)
Prepaid expenses and other assets(5,071)(18,776)
Accounts payable(44,994)35,860 
Accrued expenses and other liabilities29,369 26,501 
Net cash provided by operating activities68,474 131,716 
Investing activities
Purchases of property, plant and equipment(37,486)(42,142)
Proceeds from the sale of subsidiaries, net of transaction costs and cash divested(4,130)— 
Business acquisitions, net of cash acquired(498)(75,258)
Capitalization of software and website development costs(44,181)(49,875)
Proceeds from the sale of assets1,864 27,466 
Purchases of marketable securities(84,030) 
Proceeds from maturity of held-to-maturity investments60,110 93,679 
Payments for settlement of derivatives designated as hedging instruments (1,880)
Other investing activities (617)
Net cash used in investing activities(108,351)(48,627)
Financing activities
Proceeds from borrowings of debt 48,264  
Payments of debt(57,947)(11,149)
Payments of debt issuance costs(51)(1,440)
Payments of purchase consideration included in acquisition-date fair value(7,100)(43,647)
Payments of withholding taxes in connection with equity awards(3,809)(3,098)
Payments of finance lease obligations(6,017)(35,099)
Purchase of noncontrolling interests(95,567)(324)
Distributions to noncontrolling interests(3,652)(