cmpr-20230930
September 30, 20230001262976FALSE10-Q2024Q106/307,0266,6300.010.01100,000,000100,000,0000.010.01100,000,000100,000,00044,554,05844,315,85526,582,81126,344,60817,971,24717,971,2472024-06-302028-04-302023-10-132025-06-172023-10-112025-09-152024-06-192024-06-19http://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#InterestIncomeExpenseNethttp://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrent00012629762023-07-012023-09-3000012629762023-10-23xbrli:shares00012629762023-09-30iso4217:USD00012629762023-06-30iso4217:EURxbrli:shares00012629762022-07-012022-09-30iso4217:USDxbrli:shares0001262976us-gaap:CostOfSalesMember2023-07-012023-09-300001262976us-gaap:CostOfSalesMember2022-07-012022-09-300001262976us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001262976us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300001262976us-gaap:SellingAndMarketingExpenseMember2023-07-012023-09-300001262976us-gaap:SellingAndMarketingExpenseMember2022-07-012022-09-300001262976us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001262976us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001262976us-gaap:RestructuringChargesMember2023-07-012023-09-300001262976us-gaap:RestructuringChargesMember2022-07-012022-09-300001262976us-gaap:CommonStockMember2022-06-300001262976us-gaap:TreasuryStockCommonMember2022-06-300001262976us-gaap:AdditionalPaidInCapitalMember2022-06-300001262976us-gaap:RetainedEarningsMember2022-06-300001262976us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-3000012629762022-06-300001262976us-gaap:CommonStockMember2022-07-012022-09-300001262976us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001262976us-gaap:RetainedEarningsMember2022-07-012022-09-300001262976us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001262976us-gaap:CommonStockMember2022-09-300001262976us-gaap:TreasuryStockCommonMember2022-09-300001262976us-gaap:AdditionalPaidInCapitalMember2022-09-300001262976us-gaap:RetainedEarningsMember2022-09-300001262976us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-3000012629762022-09-300001262976us-gaap:CommonStockMember2023-06-300001262976us-gaap:TreasuryStockCommonMember2023-06-300001262976us-gaap:AdditionalPaidInCapitalMember2023-06-300001262976us-gaap:RetainedEarningsMember2023-06-300001262976us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001262976us-gaap:CommonStockMember2023-07-012023-09-300001262976us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001262976us-gaap:RetainedEarningsMember2023-07-012023-09-300001262976us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001262976us-gaap:CommonStockMember2023-09-300001262976us-gaap:TreasuryStockCommonMember2023-09-300001262976us-gaap:AdditionalPaidInCapitalMember2023-09-300001262976us-gaap:RetainedEarningsMember2023-09-300001262976us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001262976us-gaap:CorporateDebtSecuritiesMember2023-09-300001262976cmpr:MarketableSecuritiesCurrentMemberus-gaap:CorporateDebtSecuritiesMember2023-07-012023-09-300001262976cmpr:MarketableSecuritiesCurrentMemberus-gaap:CorporateDebtSecuritiesMember2023-09-300001262976us-gaap:USGovernmentDebtSecuritiesMembercmpr:MarketableSecuritiesCurrentMember2023-09-300001262976us-gaap:USGovernmentDebtSecuritiesMembercmpr:MarketableSecuritiesCurrentMember2023-07-012023-09-300001262976us-gaap:CommercialPaperMember2023-06-300001262976us-gaap:CommercialPaperMember2022-07-012023-06-300001262976us-gaap:CorporateDebtSecuritiesMember2023-06-300001262976cmpr:MarketableSecuritiesCurrentMemberus-gaap:CorporateDebtSecuritiesMember2022-07-012023-06-300001262976cmpr:MarketableSecuritiesCurrentMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001262976us-gaap:USGovernmentDebtSecuritiesMembercmpr:MarketableSecuritiesCurrentMember2023-06-300001262976us-gaap:USGovernmentDebtSecuritiesMembercmpr:MarketableSecuritiesCurrentMember2022-07-012023-06-300001262976cmpr:MarketableSecuritiesCurrentMember2022-07-012023-06-300001262976cmpr:MarketableSecuritiesCurrentMember2023-06-300001262976cmpr:MarketableSecuritiesNoncurrentMemberus-gaap:CorporateDebtSecuritiesMember2022-07-012023-06-300001262976cmpr:MarketableSecuritiesNoncurrentMemberus-gaap:CorporateDebtSecuritiesMember2023-06-300001262976us-gaap:USGovernmentDebtSecuritiesMember2023-06-300001262976cmpr:MarketableSecuritiesNoncurrentMemberus-gaap:USGovernmentDebtSecuritiesMember2022-07-012023-06-300001262976cmpr:MarketableSecuritiesNoncurrentMemberus-gaap:USGovernmentDebtSecuritiesMember2023-06-300001262976cmpr:MarketableSecuritiesNoncurrentMember2022-07-012023-06-300001262976cmpr:MarketableSecuritiesNoncurrentMember2023-06-3000012629762022-07-012023-06-300001262976us-gaap:InterestRateSwapMember2023-09-300001262976us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2023-09-300001262976us-gaap:CrossCurrencyInterestRateContractMember2023-09-300001262976us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel2Member2023-09-300001262976us-gaap:ForeignExchangeForwardMember2023-09-300001262976us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2023-09-300001262976us-gaap:ForeignExchangeOptionMember2023-09-300001262976us-gaap:ForeignExchangeOptionMemberus-gaap:FairValueInputsLevel2Member2023-09-300001262976us-gaap:FairValueMeasurementsRecurringMember2023-09-300001262976us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300001262976us-gaap:InterestRateSwapMember2023-06-300001262976us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2023-06-300001262976us-gaap:ForeignExchangeForwardMember2023-06-300001262976us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Member2023-06-300001262976us-gaap:ForeignExchangeOptionMember2023-06-300001262976us-gaap:ForeignExchangeOptionMemberus-gaap:FairValueInputsLevel2Member2023-06-300001262976us-gaap:FairValueMeasurementsRecurringMember2023-06-300001262976us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-06-300001262976us-gaap:CrossCurrencyInterestRateContractMember2023-06-300001262976us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueInputsLevel2Member2023-06-300001262976us-gaap:InterestRateSwapMember2023-07-012023-09-30cmpr:instrument0001262976us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001262976us-gaap:CurrencySwapMember2023-07-012023-09-300001262976us-gaap:LoansMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001262976us-gaap:ForeignExchangeForwardMember2023-07-012023-09-300001262976us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001262976us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2023-09-300001262976us-gaap:CurrencySwapMember2023-09-300001262976us-gaap:DesignatedAsHedgingInstrumentMember2023-09-300001262976us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2023-09-300001262976us-gaap:NondesignatedMemberus-gaap:ForeignExchangeOptionMember2023-09-300001262976us-gaap:NondesignatedMember2023-09-300001262976us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001262976us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CurrencySwapMember2023-06-300001262976us-gaap:CurrencySwapMember2023-06-300001262976us-gaap:DesignatedAsHedgingInstrumentMember2023-06-300001262976us-gaap:NondesignatedMemberus-gaap:ForwardContractsMember2023-06-300001262976us-gaap:NondesignatedMemberus-gaap:ForeignExchangeOptionMember2023-06-300001262976us-gaap:NondesignatedMember2023-06-300001262976us-gaap:InterestRateSwapMember2022-07-012022-09-300001262976us-gaap:CurrencySwapMember2022-07-012022-09-300001262976us-gaap:LoansMember2023-07-012023-09-300001262976us-gaap:LoansMember2022-07-012022-09-300001262976us-gaap:ForwardContractsMember2023-07-012023-09-300001262976us-gaap:ForwardContractsMember2022-07-012022-09-300001262976us-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001262976us-gaap:DesignatedAsHedgingInstrumentMember2022-07-012022-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestRateSwapMember2023-07-012023-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:InterestRateSwapMember2022-07-012022-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:CurrencySwapMember2023-07-012023-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:CurrencySwapMember2022-07-012022-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001262976us-gaap:ForeignExchangeForwardMember2022-07-012022-09-300001262976us-gaap:InterestRateSwapMembersrt:MinimumMember2023-07-012023-09-300001262976us-gaap:InterestRateSwapMembersrt:MaximumMember2023-07-012023-09-300001262976us-gaap:ForeignExchangeForwardMembersrt:MinimumMember2023-07-012023-09-300001262976us-gaap:ForeignExchangeForwardMembersrt:MaximumMember2023-07-012023-09-300001262976us-gaap:ForeignExchangeOptionMembersrt:MinimumMember2023-07-012023-09-300001262976us-gaap:ForeignExchangeOptionMembersrt:MaximumMember2023-07-012023-09-300001262976us-gaap:CurrencySwapMembersrt:MinimumMember2023-07-012023-09-300001262976srt:MaximumMemberus-gaap:CurrencySwapMember2023-07-012023-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-06-300001262976us-gaap:PensionPlansDefinedBenefitMember2023-06-300001262976us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-07-012023-09-300001262976us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300001262976us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001262976us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-09-300001262976us-gaap:PensionPlansDefinedBenefitMember2023-09-300001262976us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001262976us-gaap:NetInvestmentHedgingMember2023-09-300001262976us-gaap:NetInvestmentHedgingMember2023-06-300001262976cmpr:VistaMember2023-06-300001262976cmpr:PrintBrothersMember2023-06-300001262976cmpr:ThePrintGroupMember2023-06-300001262976cmpr:AllOtherBusinessesMember2023-06-300001262976cmpr:VistaMember2023-07-012023-09-300001262976cmpr:PrintBrothersMember2023-07-012023-09-300001262976cmpr:ThePrintGroupMember2023-07-012023-09-300001262976cmpr:AllOtherBusinessesMember2023-07-012023-09-300001262976cmpr:VistaMember2023-09-300001262976cmpr:PrintBrothersMember2023-09-300001262976cmpr:ThePrintGroupMember2023-09-300001262976cmpr:AllOtherBusinessesMember2023-09-300001262976us-gaap:OtherCurrentLiabilitiesMember2023-09-300001262976us-gaap:OtherCurrentLiabilitiesMember2023-06-300001262976us-gaap:OtherNoncurrentLiabilitiesMember2023-09-300001262976us-gaap:OtherNoncurrentLiabilitiesMember2023-06-300001262976cmpr:TermLoanBMember2023-09-300001262976cmpr:TermLoanBMember2023-06-300001262976us-gaap:ShortTermDebtMember2023-09-300001262976us-gaap:ShortTermDebtMember2023-06-300001262976cmpr:TermLoanBUSDTrancheMember2023-09-300001262976cmpr:TermLoanBUSDTrancheMember2023-07-012023-09-30xbrli:pure0001262976cmpr:TermLoanBEuroTrancheMember2023-09-30iso4217:EUR0001262976cmpr:TermLoanBEuroTrancheMember2023-07-012023-09-300001262976us-gaap:RevolvingCreditFacilityMember2023-09-300001262976us-gaap:RevolvingCreditFacilityMember2023-07-012023-09-300001262976us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2023-07-012023-09-300001262976srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2023-07-012023-09-30utr:Rate0001262976srt:MinimumMember2023-09-300001262976srt:MaximumMember2023-09-300001262976cmpr:RedeemablenoncontrollinginterestMember2023-06-300001262976us-gaap:NoncontrollingInterestMember2023-06-300001262976cmpr:RedeemablenoncontrollinginterestMember2023-07-012023-09-300001262976us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001262976cmpr:RedeemablenoncontrollinginterestMember2023-09-300001262976us-gaap:NoncontrollingInterestMember2023-09-300001262976cmpr:VistaMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001262976cmpr:VistaMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001262976cmpr:PrintBrothersMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001262976cmpr:PrintBrothersMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001262976cmpr:ThePrintGroupMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001262976cmpr:ThePrintGroupMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001262976cmpr:NationalPenMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001262976cmpr:NationalPenMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001262976cmpr:AllOtherBusinessesMemberus-gaap:OperatingSegmentsMember2023-07-012023-09-300001262976cmpr:AllOtherBusinessesMemberus-gaap:OperatingSegmentsMember2022-07-012022-09-300001262976us-gaap:OperatingSegmentsMember2023-07-012023-09-300001262976us-gaap:OperatingSegmentsMember2022-07-012022-09-300001262976us-gaap:IntersegmentEliminationMember2023-07-012023-09-300001262976us-gaap:IntersegmentEliminationMember2022-07-012022-09-300001262976cmpr:VistaMembersrt:NorthAmericaMember2023-07-012023-09-300001262976cmpr:PrintBrothersMembersrt:NorthAmericaMember2023-07-012023-09-300001262976cmpr:ThePrintGroupMembersrt:NorthAmericaMember2023-07-012023-09-300001262976cmpr:NationalPenMembersrt:NorthAmericaMember2023-07-012023-09-300001262976cmpr:AllOtherBusinessesMembersrt:NorthAmericaMember2023-07-012023-09-300001262976srt:NorthAmericaMember2023-07-012023-09-300001262976cmpr:VistaMembersrt:EuropeMember2023-07-012023-09-300001262976cmpr:PrintBrothersMembersrt:EuropeMember2023-07-012023-09-300001262976cmpr:ThePrintGroupMembersrt:EuropeMember2023-07-012023-09-300001262976srt:EuropeMembercmpr:NationalPenMember2023-07-012023-09-300001262976cmpr:AllOtherBusinessesMembersrt:EuropeMember2023-07-012023-09-300001262976srt:EuropeMember2023-07-012023-09-300001262976cmpr:VistaMembercmpr:OtherContinentsMember2023-07-012023-09-300001262976cmpr:NationalPenMembercmpr:OtherContinentsMember2023-07-012023-09-300001262976cmpr:AllOtherBusinessesMembercmpr:OtherContinentsMember2023-07-012023-09-300001262976cmpr:OtherContinentsMember2023-07-012023-09-300001262976cmpr:VistaMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300001262976cmpr:PrintBrothersMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300001262976cmpr:ThePrintGroupMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300001262976cmpr:NationalPenMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300001262976cmpr:AllOtherBusinessesMemberus-gaap:IntersegmentEliminationMember2023-07-012023-09-300001262976cmpr:NationalPenMember2023-07-012023-09-300001262976cmpr:VistaMembersrt:NorthAmericaMember2022-07-012022-09-300001262976cmpr:PrintBrothersMembersrt:NorthAmericaMember2022-07-012022-09-300001262976cmpr:ThePrintGroupMembersrt:NorthAmericaMember2022-07-012022-09-300001262976cmpr:NationalPenMembersrt:NorthAmericaMember2022-07-012022-09-300001262976cmpr:AllOtherBusinessesMembersrt:NorthAmericaMember2022-07-012022-09-300001262976srt:NorthAmericaMember2022-07-012022-09-300001262976cmpr:VistaMembersrt:EuropeMember2022-07-012022-09-300001262976cmpr:PrintBrothersMembersrt:EuropeMember2022-07-012022-09-300001262976cmpr:ThePrintGroupMembersrt:EuropeMember2022-07-012022-09-300001262976srt:EuropeMembercmpr:NationalPenMember2022-07-012022-09-300001262976cmpr:AllOtherBusinessesMembersrt:EuropeMember2022-07-012022-09-300001262976srt:EuropeMember2022-07-012022-09-300001262976cmpr:VistaMembercmpr:OtherContinentsMember2022-07-012022-09-300001262976cmpr:NationalPenMembercmpr:OtherContinentsMember2022-07-012022-09-300001262976cmpr:AllOtherBusinessesMembercmpr:OtherContinentsMember2022-07-012022-09-300001262976cmpr:OtherContinentsMember2022-07-012022-09-300001262976cmpr:VistaMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001262976cmpr:PrintBrothersMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001262976cmpr:ThePrintGroupMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001262976cmpr:NationalPenMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001262976cmpr:AllOtherBusinessesMemberus-gaap:IntersegmentEliminationMember2022-07-012022-09-300001262976cmpr:VistaMember2022-07-012022-09-300001262976cmpr:PrintBrothersMember2022-07-012022-09-300001262976cmpr:ThePrintGroupMember2022-07-012022-09-300001262976cmpr:NationalPenMember2022-07-012022-09-300001262976cmpr:AllOtherBusinessesMember2022-07-012022-09-300001262976us-gaap:CorporateAndOtherMember2023-07-012023-09-300001262976us-gaap:CorporateAndOtherMember2022-07-012022-09-300001262976country:US2023-09-300001262976country:US2023-06-300001262976country:CH2023-09-300001262976country:CH2023-06-300001262976country:NL2023-09-300001262976country:NL2023-06-300001262976country:CA2023-09-300001262976country:CA2023-06-300001262976country:IT2023-09-300001262976country:IT2023-06-300001262976country:FR2023-09-300001262976country:FR2023-06-300001262976country:JP2023-09-300001262976country:JP2023-06-300001262976country:AU2023-09-300001262976country:AU2023-06-300001262976country:JM2023-09-300001262976country:JM2023-06-300001262976cmpr:OtherCountriesMember2023-09-300001262976cmpr:OtherCountriesMember2023-06-300001262976us-gaap:InventoriesMember2023-09-300001262976cmpr:ThirdPartyCloudServicesDomain2023-09-300001262976us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-09-300001262976cmpr:AdvertisingPurchaseCommitmentMember2023-09-300001262976cmpr:ProfessionalFeesDomain2023-09-300001262976cmpr:ProductionAndComputerEquipmentDomain2023-09-300001262976us-gaap:CommitmentsMember2023-09-300001262976cmpr:CentralAndCorporateCostsMember2022-07-012022-09-300001262976us-gaap:EmployeeSeveranceMember2023-06-300001262976us-gaap:EmployeeSeveranceMember2023-07-012023-09-300001262976us-gaap:OtherRestructuringMember2023-07-012023-09-30


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 endedSeptember 30, 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 October 23, 2023, there were 26,590,037 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three Months Ended September 30, 2023

TABLE OF CONTENTS
Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Consolidated Balance Sheets as of September 30, 2023 and June 30, 2023
Consolidated Statements of Operations for the three months ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income (Loss) for the three months ended September 30, 2023 and 2022
Consolidated Statements of Shareholders' Deficit for the three months ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows for the three months ended September 30, 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 1A. Risk Factors
Item 6. Exhibits
Signatures



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CIMPRESS PLC
CONSOLIDATED BALANCE SHEETS
(unaudited in thousands, except share and per share data)
September 30,
2023
June 30,
2023
Assets  
Current assets:  
Cash and cash equivalents$125,199 $130,313 
Marketable securities22,613 38,540 
Accounts receivable, net of allowances of $7,026 and $6,630, respectively
68,892 67,353 
Inventory113,985 107,835 
Prepaid expenses and other current assets113,230 96,986 
Total current assets443,919 441,027 
Property, plant and equipment, net271,507 287,574 
Operating lease assets, net74,519 76,776 
Software and website development costs, net92,620 95,315 
Deferred tax assets12,060 12,740 
Goodwill772,165 781,541 
Intangible assets, net98,836 109,196 
Marketable securities, non-current 4,497 
Other assets43,845 46,193 
Total assets$1,809,471 $1,854,859 
Liabilities, noncontrolling interests and shareholders’ deficit 
Current liabilities: 
Accounts payable$264,032 $285,784 
Accrued expenses272,819 257,109 
Deferred revenue49,490 44,698 
Short-term debt10,877 10,713 
Operating lease liabilities, current21,851 22,559 
Other current liabilities20,114 24,469 
Total current liabilities639,183 645,332 
Deferred tax liabilities49,407 47,351 
Long-term debt1,594,942 1,627,243 
Operating lease liabilities, non-current55,051 56,668 
Other liabilities73,668 90,058 
Total liabilities2,412,251 2,466,652 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 10)10,848 10,893 
Shareholders’ deficit: 
Ordinary shares, nominal value €0.01 per share, 100,000,000 shares authorized; 44,554,058 and 44,315,855 shares issued, respectively; 26,582,811 and 26,344,608 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 capital543,754 539,454 
Retained earnings239,620 235,396 
Accumulated other comprehensive loss(34,622)(35,060)
Total shareholders’ deficit attributable to Cimpress plc(614,183)(623,145)
Noncontrolling interests (Note 10)555 459 
Total shareholders' deficit(613,628)(622,686)
Total liabilities, noncontrolling interests and shareholders’ deficit$1,809,471 $1,854,859 
See accompanying notes.
1


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited in thousands, except share and per share data)
 Three Months Ended September 30,
 20232022
Revenue$757,294 $703,415 
Cost of revenue (1)398,783 377,735 
Technology and development expense (1)74,330 74,475 
Marketing and selling expense (1)192,188 200,930 
General and administrative expense (1)48,341 54,072 
Amortization of acquired intangible assets9,886 12,350 
Restructuring expense (1)(334)1,820 
Income (loss) from operations34,100 (17,967)
Other income, net6,419 27,397 
Interest expense, net(29,200)(24,806)
Gain on early extinguishment of debt1,372  
Income (loss) before income taxes12,691 (15,376)
Income tax expense8,122 9,365 
Net income (loss)4,569 (24,741)
Add: Net (income) attributable to noncontrolling interests(15)(700)
Net income (loss) attributable to Cimpress plc$4,554 $(25,441)
Basic net income (loss) per share attributable to Cimpress plc$0.17 $(0.97)
Diluted net income (loss) per share attributable to Cimpress plc$0.17 $(0.97)
Weighted average shares outstanding — basic26,468,769 26,178,818 
Weighted average shares outstanding — diluted27,079,455 26,178,818 
____________________________________________
(1) Share-based compensation expense is allocated as follows:
 Three Months Ended September 30,
 20232022
Cost of revenue$167 $193 
Technology and development expense4,209 3,041 
Marketing and selling expense2,218 2,459 
General and administrative expense5,859 4,782 
Restructuring expense 156 

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited in thousands)
Three Months Ended September 30,
20232022
Net income (loss)$4,569 $(24,741)
Other comprehensive income (loss), net of tax:
Foreign currency translation losses, net of hedges(3,787)(8,182)
Net unrealized gains on derivative instruments designated and qualifying as cash flow hedges7,679 16,760 
Amounts reclassified from accumulated other comprehensive loss to net income (loss) for derivative instruments(3,548)(2,938)
Comprehensive income (loss)4,913 (19,101)
Add: Comprehensive loss attributable to noncontrolling interests79 647 
Total comprehensive income (loss) attributable to Cimpress plc$4,992 $(18,454)
See accompanying notes.
3


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

Ordinary SharesTreasury Shares
Number of
Shares
Issued
AmountNumber
of
Shares Issued
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)
Balance at June 30, 202344,316 $615 (17,971)$(1,363,550)$539,454 $235,396 $(35,060)$(623,145)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes2 — — — 82 — — 82 
Restricted share units vested, net of shares withheld for taxes236 — — — (8,403)— — (8,403)
Share-based compensation expense— — — — 12,621 — — 12,621 
Net income attributable to Cimpress plc— — — — — 4,554 — 4,554 
Redeemable noncontrolling interest accretion to redemption value— — — — — (330)— (330)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — 4,131 4,131 
Foreign currency translation, net of hedges— — — — — — (3,693)(3,693)
Balance at September 30, 202344,554 $615 (17,971)$(1,363,550)$543,754 $239,620 $(34,622)$(614,183)
See accompanying notes.



4

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

Three Months Ended September 30,
 20232022
Operating activities
Net income (loss)$4,569 $(24,741)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization39,942 40,942 
Share-based compensation expense12,453 10,631 
Deferred taxes(1,118)(1,024)
Gain on early extinguishment of debt
(1,372) 
Unrealized gain on derivatives not designated as hedging instruments included in net income (loss)
(6,261)(14,024)
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency1,885 (749)
Other non-cash items(1,229)2,158 
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable(2,209)(9,460)
Inventory(401)(36,434)
Prepaid expenses and other assets4,214 3,151 
Accounts payable(22,209)(12,013)
Accrued expenses and other liabilities13,990 16,312 
Net cash provided by (used in) operating activities42,254 (25,251)
Investing activities
Purchases of property, plant and equipment(22,565)(11,758)
Capitalization of software and website development costs(14,397)(15,330)
Proceeds from the sale of assets5,636 122 
Purchases of marketable securities— (84,030)
Proceeds from maturity of held-to-maturity investments20,500 9,953 
Net cash used in investing activities(10,826)(101,043)
Financing activities
Proceeds from borrowings of debt 173 10,000 
Payments of debt(3,784)(13,256)
Payments for early redemption of 7% Senior Notes due 2026(19,815) 
Payments of debt issuance costs— (23)
Payments of purchase consideration included in acquisition-date fair value— (225)
Payments of withholding taxes in connection with equity awards(8,404)(2,212)
Payments of finance lease obligations(2,768)(2,412)
Proceeds from issuance of ordinary shares82  
Distributions to noncontrolling interests(549)(3,652)
Net cash used in financing activities
(35,065)(11,780)
Effect of exchange rate changes on cash(1,477)(6,879)
Net decrease in cash and cash equivalents(5,114)(144,953)
Cash and cash equivalents at beginning of period130,313 277,053 
Cash and cash equivalents at end of period$125,199 $132,100 
See accompanying notes.
5


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(unaudited in thousands)
Three Months Ended September 30,
20232022
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$24,239 $15,060 
Income taxes15,794 4,257 
Cash received during the period for:
Interest3,349 2,074 
Non-cash investing and financing activities
Property and equipment acquired under finance leases386 2,412 
Amounts accrued related to property, plant and equipment6,403 9,500 
Amounts accrued related to capitalized software development costs205 213 
Amounts accrued related to business acquisitions 8,463 
See accompanying notes.
6


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

1. Description of the Business
Cimpress is a strategically focused collection of 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 and services 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, design and digital marketing services, 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.
2. Summary of Significant Accounting Policies
Basis of Presentation

The consolidated financial statements include the accounts of Cimpress plc, its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Investments in entities in which we cannot exercise significant influence, and for which the related equity securities do not have a readily determinable fair value, are included in other assets on the consolidated balance sheets; otherwise the investments are recognized by applying equity method accounting. Our equity method investments are included in other assets on the consolidated balance sheets.
Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, 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.
Marketable Securities
We hold certain investments that are classified as held-to-maturity 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, U.S. government agency securities, bank time deposits, commercial paper, corporate notes and bonds, and medium term notes. We invest in securities with a remaining 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 months ended September 30, 2023 and 2022.

7


The following is a summary of the net carrying amount, unrealized losses, and fair value of held-to-maturity securities by type and contractual maturity as of September 30, 2023 and June 30, 2023.

September 30, 2023
Amortized costUnrealized lossesFair value
Due within one year or less:
Corporate debt securities$13,337 $(143)$13,194 
U.S. government securities9,276 (80)9,196 
Total held-to-maturity securities$22,613 $(223)$22,390 

June 30, 2023
Amortized costUnrealized lossesFair value
Due within one year or less:
Commercial paper$15,982 $(10)$15,972 
Corporate debt securities16,298 (190)16,108 
U.S. government securities6,260 (69)6,191 
Total due within one year or less38,540 (269)38,271 
Due between one and two years:
Corporate debt securities1,498 (35)1,463 
U.S. government securities2,999 (66)2,933 
Total due between one and two years4,497 (101)4,396 
Total held-to-maturity securities$43,037 $(370)$42,667 

Other Income, Net
The following table summarizes the components of other income, net:
 Three Months Ended September 30,
20232022
Gains on derivatives not designated as hedging instruments (1)
$8,312 $28,645 
Currency-related losses, net (2)
(2,699)(197)
Other gains (losses)
806 (1,051)
Total other income, net$6,419 $27,397 
_____________________
(1) Includes realized and unrealized gains and losses on derivative currency forward and option contracts not designated as hedging instruments. For contracts not designated as hedging instruments, we realized gains of $2,050 and $14,621 for the three months ended September 30, 2023 and 2022. Refer to Note 4 for additional details relating to our derivative contracts.
(2) Currency-related losses, 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 Income (Loss) Per Share Attributable to Cimpress plc
Basic net income (loss) per share attributable to Cimpress plc is computed by dividing net income (loss) attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net income (loss) 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.

8


The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
 Three Months Ended September 30,
 20232022
Weighted average shares outstanding, basic
26,468,769 26,178,818 
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)(2)
610,686  
Shares used in computing diluted net income (loss) per share attributable to Cimpress plc
27,079,455 26,178,818 
Weighted average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress plc (1)
187,649 2,688,813 
___________________
(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 to purchase 1,055,377 of our ordinary shares with a strike price of $60 that have a potentially dilutive impact on our weighted average shares outstanding. For the three months ended September 30, 2023, the average market price of our ordinary shares was higher than the strike price of the warrants, as such the weighted average dilutive effect of the warrants was 98,319. For the three months ended September 30, 2022, the average market price of our ordinary shares was lower than the strike price of the warrants; therefore, the total 1,055,377 outstanding warrants were considered anti-dilutive.

Share-based Compensation

Total share-based compensation costs were $12,453 and $10,631 for the three months ended September 30, 2023 and 2022, respectively.

During the first quarter of fiscal 2024, we issued PSUs (the "2024 PSUs") as part of our long-term incentive program for team members in our Vista business and central teams. The 2024 PSUs include both a service and performance condition, and the related expense is recognized using an accelerated expense attribution over the requisite service period for each separately vesting portion of the award. The performance condition for these awards is based on one-year financial targets for fiscal year 2024 revenue, adjusted EBITDA, and unlevered free cash flow for Cimpress (for grants to central team members) and Vista (for grants to Vista team members). Actual shares issued for each grant will range from 0% to 160% of the number of 2024 PSUs granted based on the attainment of the performance condition. Share-based compensation expense for these awards will be recognized on an accelerated basis using the grant date fair value and our estimated attainment percentage of the related performance condition. Until the performance condition is measured at the end of fiscal year 2024, changes in the estimated attainment percentages may cause expense volatility since a cumulative expense adjustment will be recognized in the period a change occurs.

Assets Held for Sale

During the first quarter of fiscal 2024, we began marketing our customer service facility located in Montego Bay, Jamaica for sale as part of the ongoing efforts to optimize our real estate footprint with many of our team members in Jamaica operating under a remote-first model. The building is available for immediate sale, and we believe a sale will occur within one year. The plan to sell the asset meets all held-for-sale criteria, which resulted in the reclassification of the building's carrying value of $16,446 from property, plant, and equipment, net to other current assets as of September 30, 2023. The estimated selling price less costs to sell exceeds carrying value as of September 30, 2023, and therefore no loss has been recorded on the asset held for sale.

Recently Issued or Adopted Accounting Pronouncements

Adopted Accounting Standards
Supply Chain Finance Programs
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 about expanded disclosure requirements for supply chain finance programs. The new standard requires disclosure of the key terms of outstanding supply chain finance programs and a rollforward of the related amounts due to suppliers participating in these programs. The adoption of the new disclosure requirements was effective for the current quarter, except for
9


a rollforward of activity within supply chain finance programs, which is effective as part of our annual disclosures for fiscal year 2025. The adoption of the new standard did not have an impact on our consolidated financial statements.

We facilitate a voluntary supply chain finance program through a financial intermediary, which provides certain suppliers the option to be paid by the financial intermediary earlier than the due date of the applicable invoice. The decision to sell receivables due from us is at the sole discretion of both the suppliers and the financial institution. Our responsibility is limited to making payment on the terms originally negotiated with each supplier, regardless of whether a supplier participates in the program. We are not a party to the agreements between the participating financial institution and the suppliers in connection with the program, we do not receive financial incentives from the suppliers or the financial institution, nor do we reimburse suppliers for any costs they incur for participating in the program. There are no assets pledged as security or other forms of guarantees provided for the committed payment to the financial institution.

All unpaid obligations to our supply chain finance provider are included in accounts payable in the consolidated balance sheets, and payments we make under the program are reflected as a reduction to net cash provided by operating activities in the consolidated statements of cash flows. The outstanding obligations with our supply chain finance provider that are included in accounts payable as of September 30, 2023 and June 30, 2023 were $49,025 and $44,522, respectively.

3. 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:
 September 30, 2023
TotalQuoted 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$23,949 $— $23,949 $— 
Cross-currency swap contracts13 — 13 — 
Currency forward contracts4,128 — 4,128 — 
Currency option contracts934 — 934 — 
Total assets recorded at fair value$29,024 $— $29,024 $— 
Liabilities
Currency forward contracts$(1,545)$— $(1,545)$— 
Currency option contracts(1,505)— (1,505)— 
Total liabilities recorded at fair value$(3,050)$— $(3,050)$— 
10


 June 30, 2023
TotalQuoted 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$19,218 $— $19,218 $— 
Currency forward contracts2,301 — 2,301 — 
Currency option contracts990 — 990 — 
Total assets recorded at fair value$22,509 $— $22,509 $— 
Liabilities
Cross-currency swap contracts$(1,777)$— $(1,777)$— 
Currency forward contracts(4,485)— (4,485)— 
Currency option contracts(3,055)— (3,055)— 
Total liabilities recorded at fair value$(9,317)$— $(9,317)$— 

During the three months ended September 30, 2023 and year ended June 30, 2023, 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 risks 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 September 30, 2023, 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 September 30, 2023 and June 30, 2023, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values. As of September 30, 2023 and June 30, 2023, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $1,621,001 and $1,653,989, respectively, and the fair value was $1,596,312 and $1,604,190, respectively. Our debt at September 30, 2023 includes variable-rate debt instruments indexed to Term SOFR and Euribor 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 September 30, 2023 and June 30, 2023, our held-to-maturity marketable securities were held at an amortized cost of $22,613 and $43,037, respectively, while the fair value was $22,390 and $42,667, 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.
11


4. Derivative Financial Instruments
We use derivative financial instruments, such as interest rate swap contracts, cross-currency swap contracts, and currency forward and option contracts, to manage interest rate and foreign currency exposures. Derivatives are recorded in the consolidated balance sheets at fair value. If 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 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 September 30, 2023, we estimate that $6,612 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending September 30, 2024. As of September 30, 2023, we had eleven effective outstanding interest rate swap contracts that were indexed to Term or Daily SOFR.
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 September 30, 2023 (1)
$245,000 
Contracts with a future start date430,000 
Total$675,000 
________________________
(1) Based on contracts outstanding as of September 30, 2023, the notional value of our contracted interest rate swaps accruing interest will fluctuate between $215,000 and $380,000 through April 2028 based on layered start dates and maturities.
Hedges of Currency Risk
Cross-Currency Swap Contracts
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 September 30, 2023, 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
12


hedge the risk of changes in one Euro-denominated intercompany loan entered into with one of our consolidated subsidiaries that has the Euro as its functional currency.
Amounts reported in accumulated other comprehensive loss will be reclassified to other income, net as interest payments are accrued or paid, and upon remeasuring the intercompany loan. As of September 30, 2023, we estimate that $1,353 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending September 30, 2024.
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 September 30, 2023, we have one intercompany loan designated as a net investment hedge with a total notional amount of $310,270 that matures in May 2028.
We have elected to not apply hedge accounting for all other currency forward and option contracts. During the three months ended September 30, 2023 and 2022, we experienced volatility within other 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.
In most cases, we enter into these currency derivative contracts, for which we do not apply hedge accounting, in order to address the risk for certain currencies where we have a net exposure to adjusted EBITDA, a non-GAAP financial metric. Adjusted EBITDA exposures are our focus for the majority of our mark-to-market currency forward and option contracts because a similar metric is referenced within the debt covenants of our amended and restated senior secured credit agreement (refer to Note 8 for additional information about this agreement). Our most significant net currency exposures by volume are the Euro and the British Pound (GBP). Our adjusted EBITDA hedging approach results in addressing nearly all of our forecasted Euro and GBP net exposures for the upcoming twelve months, with a declining hedged percentage out to twenty-four months. For certain other currencies with a smaller net impact, we hedge nearly all of our forecasted net exposures for the upcoming six months, with a declining hedge percentage out to fifteen months.
As of September 30, 2023, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were primarily used to hedge fluctuations in the U.S. dollar value of forecasted transactions or balances denominated in Australian Dollar, Canadian Dollar, Czech Koruna, Danish Krone, Euro, GBP, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:
Notional AmountEffective DateMaturity DateNumber of InstrumentsIndex
$651,202December 2021 through September 2023Various dates through September 2025595Various

13


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 September 30, 2023 and June 30, 2023. Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.
September 30, 2023
Asset DerivativesLiability Derivatives
Balance Sheet line itemGross amounts of recognized assetsGross amount offset in Consolidated Balance SheetNet amountBalance Sheet line itemGross amounts of recognized liabilitiesGross amount offset in Consolidated Balance SheetNet amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swapsOther current assets / other assets$23,949 $ $23,949 Other liabilities$ $ $ 
Cross-currency swapsOther current assets13  13 Other current liabilities   
Total derivatives designated as hedging instruments$23,962 $ $23,962 $ $ $ 
Derivatives not designated as hedging instruments
Currency forward contractsOther current assets / other assets$5,837 $(1,709)$4,128 Other current liabilities / other liabilities$(2,452)$907 $(1,545)
Currency option contractsOther current assets / other assets935 (1)934 Other current liabilities / other liabilities(2,186)681 (1,505)
Total derivatives not designated as hedging instruments$6,772 $(1,710)$5,062 $(4,638)$1,588 $(3,050)

14


June 30, 2023
Asset DerivativesLiability Derivatives
Balance Sheet line itemGross amounts of recognized assetsGross amount offset in Consolidated Balance SheetNet amountBalance Sheet line itemGross amounts of recognized liabilitiesGross amount offset in Consolidated Balance SheetNet amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swapsOther assets$19,341 $(123)$19,218 Other liabilities$ $ $ 
Cross-currency swapsOther assets   Other current liabilities(1,777) (1,777)
Total derivatives designated as hedging instruments$19,341 $(123)$19,218 $(1,777)$ $(1,777)
Derivatives not designated as hedging instruments
Currency forward contractsOther current assets / other assets$2,873 $(572)$2,301 Other current liabilities / other liabilities$(6,074)$1,589 $(4,485)
Currency option contractsOther current assets / other assets990  990 Other current liabilities / other liabilities(3,055) (3,055)
Total derivatives not designated as hedging instruments$3,863 $(572)$3,291 $(9,129)$1,589 $(7,540)
The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive loss, net of tax, for the three months ended September 30, 2023 and 2022:
Three Months Ended September 30,
20232022
Derivatives in cash flow hedging relationships
Interest rate swaps$6,131 $12,954 
Cross-currency swaps1,548 3,806 
Derivatives in net investment hedging relationships
Intercompany loan5,775 12,951 
Currency forward contracts(1,080) 
Total$12,374 $29,711 
15


The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2023 and 2022:
Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into IncomeAffected line item in the
Statement of Operations
Three Months Ended September 30,
20232022
Derivatives in cash flow hedging relationships
Interest rate swaps$(2,223)$397 Interest expense, net
Cross-currency swaps(1,936)(3,742)Other income, net
Total before income tax(4,159)(3,345)Income (loss) before income taxes
Income tax611 407 Income tax expense
Total$(3,548)$(2,938)

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three months ended September 30, 2023 and 2022 for derivative instruments for which we did not elect hedge accounting.
Amount of Gain (Loss) Recognized in Net Income (Loss)
Affected line item in the
Statement of Operations
Three Months Ended September 30,
20232022
Currency contracts$8,312 $28,645 Other income, net
Total$8,312 $28,645 
5. Accumulated Other Comprehensive Loss
The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $4,040 for the three months ended September 30, 2023:
Gains on cash flow hedges (1)Losses on pension benefit obligationTranslation adjustments, net of hedges (2)Total
Balance as of June 30, 2023
$12,297 $(356)$(47,001)$(35,060)
Other comprehensive income before reclassifications 7,679  (3,693)3,986 
Amounts reclassified from accumulated other comprehensive loss to net income (loss)
(3,548) — (3,548)
Net current period other comprehensive income4,131  (3,693)438 
Balance as of September 30, 2023
$16,428 $(356)$(50,694)$(34,622)
________________________
(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 September 30, 2023 and June 30, 2023, 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 September 30, 2023 and June 30, 2023. Intercompany loan hedge gains of $47,109 and $38,489 have been included in accumulated other comprehensive loss as of September 30, 2023 and June 30, 2023, respectively.
16


6. Goodwill
The carrying amount of goodwill by reportable segment as of September 30, 2023 and June 30, 2023 was as follows:
VistaPrintBrothersThe Print GroupAll Other BusinessesTotal
Balance as of June 30, 2023
$295,731 $141,092 $149,797 $194,921 $781,541 
Effect of currency translation adjustments (1)(1,750)(3,658)(3,968) (9,376)
Balance as of September 30, 2023
$293,981 $137,434 $145,829 $194,921 $772,165 
________________________
(1) Related to goodwill held by subsidiaries whose functional currency is not the U.S. dollar.

7. Other Balance Sheet Components
Accrued expenses included the following:
 September 30, 2023June 30, 2023
Compensation costs$67,519 $74,879 
Income and indirect taxes43,091 53,266 
Advertising costs (1)
35,207 16,548 
Third party manufacturing and digital content costs21,492 17,380 
Shipping costs10,726 11,146 
Variable compensation incentives11,473 9,413 
Restructuring costs1,486 7,567 
Sales returns
6,795 6,441 
Interest payable (2)
12,309 2,847 
Professional fees2,730 2,743 
Other59,991 54,879 
Total accrued expenses$272,819 $257,109 
______________________
(1) The increase to accrued advertising costs is largely driven by the timing of invoice processing from third-party vendors and, to a lesser extent, increased spend in preparation for our peak holiday season during the second quarter of our fiscal year.
(2) The increase in interest payable as of September 30, 2023, is due to the interest on our 7.0% Senior Notes Due 2026 being payable semi-annually on June 15 and December 15 of each year. Refer to Note 8 for further detail.
Other current liabilities included the following:
September 30, 2023June 30, 2023
Current portion of finance lease obligations$9,270 $9,938 
Short-term derivative liabilities6,041 9,865 
Other4,803 4,666 
Total other current liabilities$20,114 $24,469 
Other liabilities included the following:
September 30, 2023June 30, 2023
Long-term finance lease obligations$28,526 $29,822 
Long-term compensation incentives13,324 22,286 
Mandatorily redeemable noncontrolling interest (1)
9,488 12,018 
Long-term derivative liabilities307 1,737 
Other22,023 24,195 
Total other liabilities$73,668 $90,058 
______________________
(1) The decrease to mandatorily redeemable noncontrolling interest liabilities is primarily driven by an accretion adjustment of $1,864 recognized as a benefit within interest expense, net in the consolidated statements of operations.
17


8. Debt
September 30, 2023June 30, 2023
7.0% Senior Notes due 2026 $527,135 $548,300 
Senior secured credit facility1,087,383 1,098,613 
Other6,483 7,076 
Debt issuance costs and discounts, net of debt premiums(15,182)(16,033)
Total debt outstanding, net1,605,819 1,637,956 
Less: short-term debt (1)10,877 10,713 
Long-term debt$1,594,942 $1,627,243 
_____________________
(1) Balances as of September 30, 2023 and June 30, 2023 are inclusive of short-term debt issuance costs, debt premiums and discounts of $3,533 and $3,526, respectively.
Our various debt arrangements described below contain customary representations, warranties, and events of default. As of September 30, 2023, 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 7.0% Senior Notes due 2026 ("2026 Notes").
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 currently bears interest at Term SOFR (with a SOFR floor of 0.50%) plus 3.50%, and
a €300,000 tranche that currently 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 currently bear interest at Term SOFR (with a SOFR 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.
The LIBOR sunset occurred on June 30, 2023, and under the terms of our Restated Credit Agreement, our benchmark rate transitioned to Term SOFR in July 2023.
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 September 30, 2023, we have borrowings under the Restated Credit Agreement of $1,087,383 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 September 30, 2023.
As of September 30, 2023, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 7.91%, 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.
Senior Unsecured Notes
As of September 30, 2023, we have $527,135 in aggregate principal outstanding of our 2026 Notes, which are unsecured. We can redeem some or all of the 2026 Notes at the redemption prices specified in the indenture
18


that governs the 2026 Notes, plus accrued and unpaid interest to, but not including, the redemption date. During the three months ended September 30, 2023, we purchased an aggregate principal amount of $21,165 for a purchase price of $19,815, as well as the related settlement of unpaid interest, which resulted in the recognition of a gain on the extinguishment of debt of $1,372.
Other Debt
Other debt consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments. As of September 30, 2023 and June 30, 2023, we had $6,483 and $7,076, respectively, outstanding for those obligations that are payable through November 2027.
9. Income Taxes
Our income tax expense was $8,122 and $9,365 for the three months ended September 30, 2023 and 2022, respectively. Tax expense decreased year over year due to various immaterial discrete items in both periods, offset by increased tax on increased profits. Excluding the effect of discrete tax adjustments, our estimated annual effective tax rate is higher for fiscal 2024 as compared to fiscal 2023 primarily due to forecasted pre-tax profits in fiscal 2024 as compared to a pre-tax loss in fiscal 2023. 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. We continuously analyze our valuation allowance positions and the weight of objective and verifiable evidence of actual results against the more subjective evidence of anticipated future income.

As of September 30, 2023 we had unrecognized tax benefits of $16,276, including accrued interest and penalties of $1,835. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. If recognized, $7,585 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 $500 to $1,700 related to the lapse of applicable statutes of limitations or settlement. 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 2023 remain open for examination by the U.S. Internal Revenue Service and the years 2015 through 2023 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.

10. Noncontrolling Interests
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. These noncontrolling interests span multiple businesses and reportable segments.
The following table presents the reconciliation of changes in our noncontrolling interests:
Redeemable Noncontrolling InterestNoncontrolling Interest
Balance as of June 30, 2023$10,893 $459 
Accretion to redemption value (1)330  
Net (loss) income attributable to noncontrolling interests(96)111 
Distribution to noncontrolling interests(200) 
Foreign currency translation(79)(15)
Balance as of September 30, 2023$10,848 $555 
_________________
(1) 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.
19


11. 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 September 30, 2023, 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.
PrintBrothers - Includes the results of our druck.at, Printdeal, and WIRmachenDRUCK businesses.
The Print Group - Includes the results of our Easyflyer, Exaprint, Packstyle, 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.
BuildASign, a larger and profitable business, is an internet-based provider of canvas-print wall décor, business signage and other large-format printed products.
Printi, a smaller business that we continue to manage at a relatively modest operating loss, 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 fair value and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of the amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs.
Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.
Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.
Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue by reportable segment, as well as disaggregation of revenue by major geographic region and reportable segment.
20


 Three Months Ended September 30,
 20232022
Revenue:
Vista$396,647 $369,369 
PrintBrothers152,221 132,699 
The Print Group80,539 76,823 
National Pen87,255 81,666 
All Other Businesses51,800 51,827 
Total segment revenue768,462 712,384 
Inter-segment eliminations (1)(11,168)(8,969)
Total consolidated revenue$757,294 $703,415 
_____________________
(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
Three Months Ended September 30, 2023
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$289,055 $ $ $52,735 $42,214 $384,004 
Europe85,407 151,542 77,802 27,737  342,488 
Other21,890 — — 1,377 7,535 30,802 
Inter-segment295 679 2,737 5,406 2,051 11,168 
   Total segment revenue396,647 152,221 80,539 87,255 51,800 768,462 
Less: inter-segment elimination(295)(679)(2,737)(5,406)(2,051)(11,168)
Total external revenue$396,352 $151,542 $77,802 $81,849 $49,749 $757,294 

Three Months Ended September 30, 2022
Vista (1)PrintBrothersThe Print GroupNational PenAll Other
Total (1)
Revenue by Geographic Region:
North America$273,658 $ $ $49,447 $43,292 $366,397 
Europe72,795 132,382 74,991 24,945  305,113 
Other22,406 — — 2,552 6,947 31,905 
Inter-segment510 317 1,832 4,722 1,588 8,969 
   Total segment revenue369,369 132,699 76,823 81,666 51,827 712,384 
Less: inter-segment elimination(510)(317)(1,832)(4,722)(1,588)(8,969)
Total external revenue$368,859 $132,382 $74,991 $76,944 $50,239 $703,415 
___________________
(1) During fiscal year 2023, we identified an immaterial error in our previously disclosed revenue by geographic area for our Vista reportable segment for the quarter ended September 30, 2022, which understated revenue in North America and Europe, with an offsetting overstatement in the Other geographies. We have corrected the disclosed figures as included herein.

21


The following table includes segment EBITDA by reportable segment, total income (loss) from operations and total income (loss) before income taxes:
 Three Months Ended September 30,
 20232022
Segment EBITDA:
Vista$74,424 $30,737 
PrintBrothers19,826 14,991 
The Print Group13,608 12,220 
National Pen(8,303)(1,297)
All Other Businesses6,458 6,178