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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, 2024
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 29, 2024, there were 25,450,907 Cimpress plc ordinary shares outstanding.




CIMPRESS PLC
QUARTERLY REPORT ON FORM 10-Q
For the Three and Nine Months Ended March 31, 2024

TABLE OF CONTENTS

Page
Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023
1
Consolidated Statements of Operations for the three and nine months ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2024 and 2023
Consolidated Statements of Shareholders' Deficit for the three and nine months ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 and 2023





PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CIMPRESS PLC
CONSOLIDATED BALANCE SHEETS
(unaudited in thousands, except share and per share data)
March 31,
2024
June 30,
2023
Assets  
Current assets:  
Cash and cash equivalents$154,338 $130,313 
Marketable securities6,499 38,540 
Accounts receivable, net of allowances of $8,068 and $6,630, respectively
71,070 67,353 
Inventory96,319 107,835 
Prepaid expenses and other current assets113,952 96,986 
Total current assets442,178 441,027 
Property, plant and equipment, net270,040 287,574 
Operating lease assets, net70,459 76,776 
Software and website development costs, net92,701 95,315 
Deferred tax assets9,435 12,740 
Goodwill779,263 781,541 
Intangible assets, net83,235 109,196 
Marketable securities, non-current 4,497 
Other assets37,002 46,193 
Total assets$1,784,313 $1,854,859 
Liabilities, noncontrolling interests and shareholders’ deficit 
Current liabilities: 
Accounts payable$269,108 $285,784 
Accrued expenses271,093 257,109 
Deferred revenue49,838 44,698 
Short-term debt10,935 10,713 
Operating lease liabilities, current19,315 22,559 
Other current liabilities15,631 24,469 
Total current liabilities635,920 645,332 
Deferred tax liabilities47,221 47,351 
Long-term debt1,590,676 1,627,243 
Operating lease liabilities, non-current54,160 56,668 
Other liabilities79,591 90,058 
Total liabilities2,407,568 2,466,652 
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests (Note 10)12,140 10,893 
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; 43,611,795 and 44,315,855 shares issued, respectively; 25,640,548 and 26,344,608 shares outstanding, respectively
610 615 
Treasury shares, at cost, 17,971,247 shares for both periods presented
(1,363,550)(1,363,550)
Additional paid-in capital561,930 539,454 
Retained earnings206,295 235,396 
Accumulated other comprehensive loss(41,303)(35,060)
Total shareholders’ deficit attributable to Cimpress plc(636,018)(623,145)
Noncontrolling interests (Note 10)623 459 
Total shareholders' deficit(635,395)(622,686)
Total liabilities, noncontrolling interests and shareholders’ deficit$1,784,313 $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 March 31, Nine Months Ended March 31,
 2024202320242023
Revenue$780,588 $742,164 $2,459,245 $2,290,781 
Cost of revenue (1)404,668 394,908 1,266,874 1,228,036 
Technology and development expense (1)83,790 78,287 238,081 230,485 
Marketing and selling expense (1)191,591 187,234 595,622 593,312 
General and administrative expense (1)54,254 52,578 151,388 156,441 
Amortization of acquired intangible assets6,919 11,239 25,986 35,951 
Restructuring expense (1)128 30,115 277 43,142 
Income (loss) from operations39,238 (12,197)181,017 3,414 
Other (expense) income, net(3,651)1,377 2,377 11,382 
Interest expense, net(30,158)(30,515)(89,946)(83,918)
Gain on early extinguishment of debt — 1,721 — 
Income (loss) before income taxes5,429 (41,335)95,169 (69,122)
Income tax expense10,610 8,475 35,527 143,969 
Net (loss) income(5,181)(49,810)59,642 (213,091)
Add: Net loss (income) attributable to noncontrolling interests1,203 484 (961)(1,676)
Net (loss) income attributable to Cimpress plc$(3,978)$(49,326)$58,681 $(214,767)
Basic net (loss) income per share attributable to Cimpress plc$(0.15)$(1.88)$2.22 $(8.19)
Diluted net (loss) income per share attributable to Cimpress plc$(0.15)$(1.88)$2.16 $(8.19)
Weighted average shares outstanding — basic26,216,216 26,268,301 26,432,423 26,226,989 
Weighted average shares outstanding — diluted26,216,216 26,268,301 27,143,619 26,226,989 
____________________________________________
(1) Share-based compensation expense is allocated as follows:
 Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Cost of revenue$245 $42 $641 $411 
Technology and development expense5,692 2,500 15,601 9,808 
Marketing and selling expense3,318 (323)8,625 3,888 
General and administrative expense9,142 5,023 23,632 15,157 
Restructuring expense 1,492  2,141 

See accompanying notes.
2


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited in thousands)
Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Net (loss) income$(5,181)$(49,810)$59,642 $(213,091)
Other comprehensive income (loss), net of tax:
Foreign currency translation gains (losses), net of hedges1,394 (1,526)(4,446)1,412 
Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges7,051 (4,667)4,459 6,444 
Amounts reclassified from accumulated other comprehensive loss to net (loss) income for derivative instruments(2,772)(969)(6,265)(771)
Comprehensive income (loss)492 (56,972)53,390 (206,006)
Add: Comprehensive loss (income) attributable to noncontrolling interests1,450 414 (952)3,076 
Total comprehensive income (loss) attributable to Cimpress plc$1,942 $(56,558)$52,438 $(202,930)
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)
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)
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 loss 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.

4


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(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, 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)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes— — — — 6 — — 6 
Restricted share units vested, net of shares withheld for taxes50 6 — — (1,792)— — (1,786)
Share-based compensation expense— — — — 18,051 — — 18,051 
Net income attributable to Cimpress plc— — — — — 58,105 — 58,105 
Redeemable noncontrolling interest accretion to redemption value— — — — — (135)— (135)
Net unrealized loss on derivative instruments designated and qualifying as cash flow hedges— — — — — — (10,216)(10,216)
Foreign currency translation, net of hedges— — — — — — (2,385)(2,385)
Balance at December 31, 202344,604 $621 (17,971)$(1,363,550)$560,019 $297,590 $(47,223)$(552,543)
See accompanying notes.






5


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT (CONTINUED)
(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 December 31, 202344,604 $621 (17,971)$(1,363,550)$560,019 $297,590 $(47,223)$(552,543)
Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes15 — — — 687 — — 687 
Purchase and retirement of ordinary shares(1,086)(12)— — (13,659)(87,058)— (100,729)
Restricted share units vested, net of shares withheld for taxes79 1 — — (3,882)— — (3,881)
Share-based compensation expense— — — — 18,765 — — 18,765 
Net loss attributable to Cimpress plc— — — — — (3,978)— (3,978)
Redeemable noncontrolling interest accretion to redemption value— — — — — (259)— (259)
Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges— — — — — — 4,279 4,279 
Foreign currency translation, net of hedges— — — — — — 1,641 1,641 
Balance at March 31, 202443,612 $610 (17,971)$(1,363,550)$561,930 $206,295 $(41,303)$(636,018)
See accompanying notes.
6

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

Nine Months Ended March 31,
 20242023
Operating activities
Net income (loss)$59,642 $(213,091)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization116,103 121,567 
Share-based compensation expense48,499 31,405 
Deferred taxes1,070 115,984 
Gain on early extinguishment of debt
(1,721)— 
Unrealized (gain) loss on derivatives not designated as hedging instruments included in net income (loss)
(4,552)32,512 
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency378 (6,972)
Other non-cash items543 15,200 
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable(6,429)(4,840)
Inventory7,006 (2,595)
Prepaid expenses and other assets4,960 (5,071)
Accounts payable(11,464)(44,994)
Accrued expenses and other liabilities11,592 29,369 
Net cash provided by operating activities225,627 68,474 
Investing activities
Purchases of property, plant and equipment(44,425)(37,486)
Proceeds from the sale of subsidiaries, net of transaction costs and cash divested— (4,130)
Business acquisitions, net of cash acquired— (498)
Capitalization of software and website development costs(43,379)(44,181)
Proceeds from the sale of assets6,419 1,864 
Purchases of marketable securities (84,030)
Proceeds from maturity of held-to-maturity investments36,676 60,110 
Net cash used in investing activities(44,709)(108,351)
Financing activities
Proceeds from borrowings of debt 886 48,264 
Payments of debt(11,783)(57,947)
Payments for purchase of 7% Senior Notes due 2026(24,471)— 
Payments of debt issuance costs (51)
Payments of purchase consideration included in acquisition-date fair value (7,100)
Payments of withholding taxes in connection with equity awards(14,069)(3,809)
Payments of finance lease obligations(7,501)(6,017)
Purchase of noncontrolling interests(65)(95,567)
Purchase of ordinary shares(100,729)— 
Proceeds from issuance of ordinary shares775 — 
Distributions to noncontrolling interests(549)(3,652)
Other financing activities— 113 
Net cash used in financing activities
(157,506)(125,766)
Effect of exchange rate changes on cash613 3,580 
Net increase (decrease) in cash and cash equivalents24,025 (162,063)
Cash and cash equivalents at beginning of period130,313 277,053 
Cash and cash equivalents at end of period$154,338 $114,990 

See accompanying notes.
7


CIMPRESS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(unaudited in thousands)
Nine Months Ended March 31,
20242023
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest$90,556 $70,796 
Income taxes39,307 23,494 
Cash received during the period for:
Interest11,208 8,008 
Non-cash investing and financing activities
Property and equipment acquired under finance leases4,440 14,405 
Amounts accrued related to property, plant and equipment7,699 9,045 
Amounts accrued related to capitalized software development costs240 116 
See accompanying notes.
8


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 print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and related products. 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 and nine months ended March 31, 2024 and 2023.

9


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 March 31, 2024 and June 30, 2023.

March 31, 2024
Amortized costUnrealized lossesFair value
Due within one year:
Corporate debt securities$2,500 $(11)$2,489 
U.S. government securities3,999 (18)3,981 
Total held-to-maturity securities$6,499 $(29)$6,470 

June 30, 2023
Amortized costUnrealized lossesFair value
Due within one year:
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
38,540 (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 

Ordinary Shares

During the three months ended March 31, 2024, we repurchased 1,085,574 of our ordinary shares on the open market and through privately negotiated transactions for $100,729. The repurchased shares were immediately retired after repurchase and therefore have been classified as authorized and unissued shares as of March 31, 2024. The retirement of ordinary shares resulted in a reduction to the nominal value of our ordinary shares outstanding and additional paid in capital in proportion to the amount of total shares outstanding, with the remaining repurchase value recognized as a reduction to retained earnings.

Other (Expense) Income, Net
The following table summarizes the components of other (expense) income, net:
 Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Gains (losses) on derivatives not designated as hedging instruments (1)
$9,071 $(2,428)$3,715 $2,021 
Currency-related (losses) gains, net (2)
(12,434)4,187 (2,071)10,217 
Other (losses) gains
(288)(382)733 (856)
Total other (expense) income, net
$(3,651)$1,377 $2,377 $11,382 
_____________________
(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 losses of $349 and $838 for the three and nine months ended March 31, 2024, respectively, and realized gains of $4,876 and $35,864 for the three and nine months ended March 31, 2023, respectively. Refer to Note 4 for additional details relating to our derivative contracts.
(2) Currency-related (losses) gains, net primarily relates to significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. In addition, we have a cross-currency swap designated as a cash flow hedge which hedges the remeasurement of an intercompany loan. Refer to Note 4 for additional details relating to this cash flow hedge.
10


Net (Loss) Income Per Share Attributable to Cimpress plc
Basic net (loss) income per share attributable to Cimpress plc is computed by dividing net (loss) income attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net (loss) income per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), warrants, and performance share units ("PSUs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive.
The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
 Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Weighted average shares outstanding, basic
26,216,216 26,268,301 26,432,423 26,226,989 
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/warrants (1)(2)
  711,196  
Shares used in computing diluted net (loss) income per share attributable to Cimpress plc26,216,216 26,268,301 27,143,619 26,226,989 
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress plc (1)955,594 3,161,275 127,229 3,045,675 
___________________
(1) In the periods in which a net loss is recognized, the impact of share options, RSUs and warrants is excluded from shares used in computed diluted net (loss) income per share as it is anti-dilutive. Any equity awards that have a performance condition are not included in dilutive or anti-dilutive shares until the performance condition is met.
(2) On May 1, 2020, we entered into a financing arrangement 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 and nine months ended March 31, 2024, the average market price of our ordinary shares was higher than the strike price of the warrants. The weighted average anti-dilutive effect of the warrants was 309,000 for the three months ended March 31, 2024 (anti-dilutive due to our net loss position), and the weighted average dilutive effect of the warrants was 184,608 for the nine months ended March 31, 2024. For the three and nine months ended March 31, 2023, 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 $18,397 and $48,499 for the three and nine months ended March 31, 2024, respectively, as compared to $8,734 and $31,405 for the three and nine months ended March 31, 2023.

During the current fiscal year, we issued PSUs (the "2024 PSUs") as part of our long-term incentive program. 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. 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 is 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 during the first fiscal quarter following 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 year 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. We continue to classify the facility as held for sale, which has a carrying value of $16,595 recognized within prepaid expenses and other current assets in the consolidated balance sheet as of March 31, 2024. We have not recognized any losses on the planned sale of these
11


assets. The sale of this facility has subsequently closed during April 2024, resulting in net cash proceeds of $16,785 and an immaterial gain on the 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): Disclosure of Supplier Finance Program Obligations" (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 during the first quarter of fiscal year 2024, except for 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 in our consolidated balance sheets as of March 31, 2024 and June 30, 2023 were $52,555 and $44,522, respectively.

Accounting Standards to be Adopted
In December 2023, the FASB issued Accounting Standards Update No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" (ASU 2023-09), which provides authoritative guidance about expanded annual disclosure requirements for the income tax rate reconciliation and income taxes paid by jurisdiction. The expanded disclosure requirements will be effective starting with our annual report for the fiscal year ending June 30, 2026. Early adoption is permitted, but we do not intend to early adopt this standard.
In November 2023, the FASB issued Accounting Standards Update No. 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" (ASU 2023-07), which requires enhanced disclosures about significant segment expenses and introduces a reconciliation between segment revenue and segment profitability metrics. The expanded disclosure requirements will be effective starting with our annual report for the fiscal year ending June 30, 2025, as well as each interim period thereafter. Early adoption is permitted, but we do not intend to early adopt this standard.

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
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observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
 March 31, 2024
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$18,645 $— $18,645 $— 
Currency forward contracts4,120 — 4,120 — 
Currency option contracts45 — 45 — 
Total assets recorded at fair value$22,810 $— $22,810 $— 
Liabilities
Cross-currency swap contracts$(918)$— $(918)$— 
Currency forward contracts(497)— (497)— 
Currency option contracts(3,365)— (3,365)— 
Total liabilities recorded at fair value$(4,780)$— $(4,780)$— 
 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 nine months ended March 31, 2024 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.
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Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of March 31, 2024, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

As of March 31, 2024 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 March 31, 2024 and June 30, 2023, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $1,615,037 and $1,653,989, respectively, and the fair value was $1,621,136 and $1,604,190, respectively. Our debt at March 31, 2024 includes variable-rate debt instruments indexed to Term SOFR and Euribor that reset 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 March 31, 2024 and June 30, 2023, our held-to-maturity marketable securities were held at an amortized cost of $6,499 and $43,037, respectively, while the fair value was $6,470 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.
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 (expense) income, net.
Hedges of Interest Rate Risk
We enter into interest rate swap contracts to manage variability in the amount of our known or expected cash payments related to a portion of our debt. Our objective in using interest rate swaps is to add stability to interest expense and to manage our exposure to interest rate movements. We designate our interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Realized gains or losses from interest rate swaps are recorded in earnings as a component of interest expense, net. Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense, net as interest payments are accrued or made on our variable-rate debt.
As of March 31, 2024, we estimate that $4,671 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending March 31, 2025. As of March 31, 2024, we had eleven effective outstanding interest rate swap contracts that were indexed to Term or Daily SOFR.

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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 March 31, 2024 (1)
$245,000 
Contracts with a future start date430,000 
Total$675,000 
________________________
(1) Based on contracts outstanding as of March 31, 2024, 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 March 31, 2024, we had one outstanding cross-currency swap contract designated as a cash flow hedge with a total notional amount of $58,478, maturing during June 2024. We entered into the cross-currency swap contract to hedge the risk of changes in one Euro-denominated intercompany loan entered into with one of our consolidated subsidiaries that has the Euro as its functional currency.
Amounts reported in accumulated other comprehensive loss will be reclassified to other (expense) income, net as interest payments are accrued or paid, and upon remeasuring the intercompany loan. As of March 31, 2024, we estimate that $399 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending March 31, 2025.
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 March 31, 2024, we have one intercompany loan designated as a net investment hedge with a total notional amount of $315,002 that matures in May 2028.
We have elected to not apply hedge accounting for all other currency forward and option contracts. During the three and nine months ended March 31, 2024 and 2023, we experienced volatility within other (expense) income, net, in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program.
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
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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 March 31, 2024, 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
$671,510June 2022 through March 2024Various dates through March 2026642Various
Financial Instrument Presentation
The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2024 and June 30, 2023. Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.
March 31, 2024
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 in cash flow hedging relationships
Interest rate swapsOther current assets / other assets$18,645 $ $18,645 Other current liabilities / other liabilities$ $ $ 
Cross-currency swapsOther current assets   Other current liabilities(918) (918)
Total derivatives designated as hedging instruments$18,645 $ $18,645 $(918)$ $(918)
Derivatives not designated as hedging instruments
Currency forward contractsOther current assets / other assets$5,262 $(1,142)$4,120 Other current liabilities / other liabilities$(806)$309 $(497)
Currency option contractsOther current assets / other assets102 (57)45 Other current liabilities / other liabilities(3,431)66 (3,365)
Total derivatives not designated as hedging instruments$5,364 $(1,199)$4,165 $(4,237)$375 $(3,862)

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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
Interest rate swapsOther current assets / other assets$19,341 $(123)$19,218 Other current liabilities / other liabilities$ $ $ 
Cross-currency swapsOther current 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 and nine months ended March 31, 2024 and 2023:
Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Derivatives in cash flow hedging relationships
Interest rate swaps$5,623 $(4,007)$3,673 $7,681 
Cross-currency swaps1,428 (660)786 (1,237)
Derivatives in net investment hedging relationships
Intercompany loan4,985 (3,418)1,441 (9,102)
Currency forward contracts  (1,080) 
Total$12,036 $(8,085)$4,820 $(2,658)
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The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2024 and 2023:
Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into IncomeAffected line item in the
Statement of Operations
Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Derivatives in cash flow hedging relationships
Interest rate swaps$(1,630)$(1,939)$(6,126)$(2,632)Interest expense, net
Cross-currency swaps(1,748)595 (1,454)1,459 Other (expense) income, net
Total before income tax(3,378)(1,344)(7,580)(1,173)Income (loss) before income taxes
Income tax606 375 1,315 402 Income tax expense
Total$(2,772)$(969)$(6,265)$(771)

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and nine months ended March 31, 2024 and 2023 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 March 31, Nine Months Ended March 31,
2024202320242023
Currency contracts$9,071 $(2,428)$3,715 $2,021 Other (expense) income, net
Total$9,071 $(2,428)$3,715 $2,021 
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 $2,572 for the nine months ended March 31, 2024:
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 (loss) before reclassifications
4,459  (4,437)22 
Amounts reclassified from accumulated other comprehensive loss to net income (loss)
(6,265) — (6,265)
Net current period other comprehensive loss
(1,806) (4,437)(6,243)
Balance as of March 31, 2024
$10,491 $(356)$(51,438)$(41,303)
________________________
(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 March 31, 2024 and June 30, 2023, the translation adjustment is inclusive of both the realized and unrealized effects of our net investment hedges. Gains on currency forward and swap contracts designated as net investment hedges, net of tax, of $13,999 and $15,079 have been included in accumulated other comprehensive loss as of March 31, 2024 and June 30, 2023. Intercompany loan hedge gains, net of tax, of $38,184 and $32,516 have been included in accumulated other comprehensive loss as of March 31, 2024 and June 30, 2023, respectively.
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6. Goodwill
The carrying amount of goodwill by reportable segment as of March 31, 2024 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)(403)(896)(979) (2,278)
Balance as of March 31, 2024
$295,328 $140,196 $148,818 $194,921 $779,263 
________________________
(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:
 March 31, 2024June 30, 2023
Compensation costs$74,110 $74,879 
Income and indirect taxes46,373 53,266 
Advertising costs (1)
38,552 16,548 
Third party manufacturing and digital content costs18,911 17,380 
Interest payable (2)
12,985 2,847 
Shipping costs11,468 11,146 
Variable compensation incentives8,579 9,413 
Sales returns
5,774 6,441 
Professional fees2,662 2,743 
Restructuring costs (3)
415 7,567 
Other51,264 54,879 
Total accrued expenses$271,093 $257,109 
______________________
(1) The increase in advertising accrued expenses is due in part to the timing of invoice receipts which has resulted in higher accruals at March 31, 2024, as compared to accounts payable at June 30, 2023.
(2) The increase in interest payable as of March 31, 2024, 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 additional detail.
(3) The decrease in restructuring costs included in accrued expenses as of March 31, 2024 is primarily due to severance payments made as a result of the cost reduction actions implemented during fiscal year 2023. Refer to Note 13 for additional details.
Other current liabilities included the following:
March 31, 2024June 30, 2023
Current portion of finance lease obligations$8,397 $9,938 
Short-term derivative liabilities5,639 9,865 
Other1,595 4,666 
Total other current liabilities$15,631 $24,469 
Other liabilities included the following:
March 31, 2024June 30, 2023
Long-term finance lease obligations$29,139 $29,822 
Long-term compensation incentives16,220 22,286 
Mandatorily redeemable noncontrolling interest9,682 12,018 
Long-term derivative liabilities715 1,737 
Other23,835 24,195 
Total other liabilities$79,591 $90,058 
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8. Debt
March 31, 2024June 30, 2023
7.0% Senior Notes due 2026 $522,135 $548,300 
Senior secured credit facility1,088,140 1,098,613 
Other4,762 7,076 
Debt issuance costs and discounts, net of debt premiums(13,426)(16,033)
Total debt outstanding, net1,601,611 1,637,956 
Less: short-term debt (1)10,935 10,713 
Long-term debt$1,590,676 $1,627,243 
_____________________
(1) Balances as of March 31, 2024 and June 30, 2023 are inclusive of short-term debt issuance costs, debt premiums and discounts of $3,532 and $3,526, respectively.
Our various debt arrangements described below contain customary representations, warranties, and events of default. As of March 31, 2024, we were in compliance with all covenants in our debt contracts, including those under our amended and restated senior secured credit agreement dated as of May 17, 2021 ("Restated Credit Agreement") and the indenture governing our 7.0% Senior Notes due 2026 ("2026 Notes").
Senior Secured Credit Facility
Our Restated Credit Agreement consists of the following:
A senior secured Term Loan B with a maturity date of May 17, 2028 (the “Term Loan B”), consisting of the following outstanding borrowings at March 31, 2024:
a $773,138 tranche that bears interest at Term SOFR plus the Term SOFR Adjustment as defined by our Restated Credit Agreement (with an Adjusted Term SOFR rate floor of 0.50%) plus 3.50%, and
a €291,750 (U.S. dollar equivalent of $315,002) 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”), with no outstanding borrowings for any periods presented. Borrowings under the Revolving Credit Facility bear interest at Term SOFR plus the Term SOFR Adjustment as defined by our Restated Credit Agreement (with an Adjusted Term SOFR rate 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. We have no outstanding borrowings under our Revolving Credit Facility as of March 31, 2024.
The LIBOR sunset occurred on June 30, 2023, and under the terms of our Restated Credit Agreement, our benchmark rate transitioned to Term SOFR.
The Restated Credit Agreement contains covenants that restrict or limit certain activities and transactions by Cimpress and our subsidiaries, including, but not limited to, the incurrence of additional indebtedness and liens; certain fundamental organizational changes; asset sales; certain intercompany activities; and certain investments and restricted payments, including purchases of Cimpress plc’s ordinary shares and payment of dividends. In addition, if any loans made under the Revolving Credit Facility are outstanding on the last day of any fiscal quarter, then we are subject to a financial maintenance covenant that the First Lien Leverage Ratio calculated as of the last day of such quarter does not exceed 3.25 to 1.00.
As of March 31, 2024, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 7.89%, 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 March 31, 2024, we have $522,135 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 that governs the 2026 Notes, plus accrued and unpaid interest to, but not including, the redemption date.
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During the nine months ended March 31, 2024, we purchased an aggregate principal amount of $26,165 for a purchase price of $24,471, as well as the related settlement of unpaid interest, and we recognized gains on the extinguishment of debt of $1,721.
Other Debt
Other debt consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments. As of March 31, 2024 and June 30, 2023, we had $4,762 and $7,076, respectively, outstanding for those obligations that are payable through September 2027.
9. Income Taxes
Our income tax expense was $10,610 and $35,527 for the three and nine months ended March 31, 2024, respectively, as compared to $8,475 and $143,969 for the three and nine months ended March 31, 2023, respectively. Tax expense increased for the three months as compared to the prior period primarily due to increased profits. Tax expense decreased for the nine months as compared to the prior period due to the full valuation allowance that was recorded in the second quarter of fiscal year 2023 on Swiss deferred tax assets of $116,694 primarily related to Swiss tax reform benefits recognized in fiscal year 2020 and tax loss carryforwards. This was partially offset by increased tax on increased profits. Excluding the effect of discrete tax adjustments, our estimated annual effective tax rate is higher for fiscal year 2024 than for fiscal year 2023 primarily due to forecasted pre-tax profits in fiscal year 2024 as compared to a pre-tax loss in fiscal year 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.

Given our current earnings and anticipated future earnings, we believe there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of our valuation allowance will no longer be needed. A release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense in the period the release is recorded. However, the timing and amount of the valuation allowance release, if any, are unknown as this is subject to change on the basis of the level of profitability that we are able to actually achieve in future periods.

As of March 31, 2024 we had unrecognized tax benefits of $16,374, including accrued interest and penalties of $2,087. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. If recognized, $7,267 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 $1,300 to $1,400 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.
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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 recognized in retained earnings (1)724 — 
Accretion to redemption value recognized in net income attributable to noncontrolling interests (1)382 — 
Net income attributable to noncontrolling interests411 168 
Distribution to noncontrolling interests(200)— 
Purchase of noncontrolling interest(65) 
Foreign currency translation(5)(4)
Balance as of March 31, 2024
$12,140 $623 
_________________
(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. Any change in the estimated redemption amount which exceeds the estimated fair value is recognized within net income attributable to noncontrolling interests.
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 March 31, 2024, 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 druck.at, Printdeal, and WIRmachenDRUCK, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in Austria, Belgium, Germany, the Netherlands, and Switzerland.
The Print Group - Includes the results of Easyflyer, Exaprint, Packstyle, Pixartprinting, and Tradeprint, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in France, Italy, Spain, and the United Kingdom.
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 is a 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.
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 this amount as a result of the fair
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value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs.
Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.
Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.
Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue by reportable segment, as well as disaggregation of revenue by major geographic region and reportable segment.
 Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Revenue:
Vista$417,896 $396,642 $1,299,694 $1,203,747 
PrintBrothers150,304 139,569 467,673 420,866 
The Print Group88,049 85,504 261,856 251,663 
National Pen89,181 81,113 307,008 283,400 
All Other Businesses49,103 49,037 161,186 160,862 
Total segment revenue794,533 751,865 2,497,417 2,320,538 
Inter-segment eliminations (1)(13,945)(9,701)(38,172)(29,757)
Total consolidated revenue$780,588 $742,164 $2,459,245 $2,290,781 
_____________________
(1) Refer to the "Revenue by Geographic Region" tables below for detail of the inter-segment revenue within each respective segment.
Three Months Ended March 31, 2024
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$296,717 $ $ $51,932 $39,743 $388,392 
Europe99,381 149,552 85,532 28,928  363,393 
Other21,533 — — 1,183 6,087 28,803 
Inter-segment265 752 2,517 7,138 3,273 13,945 
   Total segment revenue417,896 150,304 88,049 89,181 49,103 794,533 
Less: inter-segment elimination(265)(752)(2,517)(7,138)(3,273)(13,945)
Total external revenue$417,631 $149,552 $85,532 $82,043 $45,830 $780,588 
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Nine Months Ended March 31, 2024
VistaPrintBrothersThe Print GroupNational PenAll OtherTotal
Revenue by Geographic Region:
North America$911,465 $ $ $163,896 $132,527 $1,207,888 
Europe315,926 465,472 253,360 120,147  1,154,905 
Other71,303 — — 4,591 20,558 96,452 
Inter-segment1,000 2,201 8,496 18,374 8,101 38,172 
   Total segment revenue1,299,694 467,673 261,856 307,008 161,186 2,497,417 
Less: inter-segment elimination(1,000)(2,201)(8,496)(18,374)(8,101)(38,172)
Total external revenue$1,298,694 $465,472 $253,360 $288,634 $153,085 $2,459,245 

Three Months Ended March 31, 2023
Vista (1)PrintBrothersThe Print GroupNational PenAll Other
Total (1)
Revenue by Geographic Region:
North America$284,457 $ $ $50,938 $41,524 $376,919 
Europe90,332 139,187 83,096 23,811  336,426 
Other21,583 — — 1,180 6,056 28,819 
Inter-segment270 382 2,408 5,184 1,457 9,701 
   Total segment revenue396,642 139,569 85,504 81,113 49,037 751,865 
Less: inter-segment elimination(270)(382)(2,408)(5,184)(1,457)(9,701)
Total external revenue$396,372 $139,187 $83,096 $75,929 $47,580 $742,164 

Nine Months Ended March 31, 2023
Vista (1)PrintBrothersThe Print GroupNational PenAll Other
Total (1)
Revenue by Geographic Region:
North America$856,812 $ $ $162,593 $137,016 $1,156,421 
Europe275,826 419,658 244,378 99,555  1,039,417 
Other69,827 — — 5,862 19,254 94,943 
Inter-segment1,282 1,208 7,285 15,390 4,592 29,757 
   Total segment revenue1,203,747 420,866 251,663 283,400 160,862 2,320,538 
Less: inter-segment elimination(1,282)(1,208)(7,285)(15,390)(4,592)(29,757)
Total external revenue$1,202,465 $419,658 $244,378 $268,010 $156,270 $2,290,781 
___________________
(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 three and nine months ended March 31, 2023, 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.
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The following table includes segment EBITDA by reportable segment, total income (loss) from operations and total income (loss) before income taxes:
 Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Segment EBITDA:
Vista$71,802 $60,392 $249,402 $146,286 
PrintBrothers16,809 15,886 64,976 50,386 
The Print Group18,190 13,589 50,240 39,490 
National Pen4,815 (3,336)22,377 20,150 
All Other Businesses3,966 5,036 18,407 16,620 
Total segment EBITDA115,582 91,567 405,402 272,932 
Central and corporate costs(39,472)(34,447)(107,219)(102,827)
Depreciation and amortization(37,072)(39,751)(116,103)(121,567)
Restructuring-related charges(128)(30,115)(277)(43,142)
Certain impairments and other adjustments 328 549 (786)(1,982)
Total income (loss) from operations
39,238 (12,197)181,017 3,414 
Other (expense) income, net(3,651)1,377 2,377 11,382 
Interest expense, net(30,158)(30,515)(89,946)(83,918)
Gain on early extinguishment of debt — 1,721 — 
Income (loss) before income taxes
$5,429 $(41,335)$95,169 $(69,122)

 Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Depreciation and amortization:
Vista$13,040 $14,480 $41,091 $43,343 
PrintBrothers3,789 4,175 11,702 14,097 
The Print Group6,184 5,269 18,006 16,930 
National Pen3,228 4,820 13,408 16,506 
All Other Businesses4,604 4,375 13,660 13,217 
Central and corporate costs6,227 6,632 18,236 17,474 
Total depreciation and amortization$37,072 $39,751 $116,103 $121,567 

Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Purchases of property, plant and equipment:
Vista$6,488 $3,006 $15,958 $12,575 
PrintBrothers(132)2,010 5,110 3,771 
The Print Group1,933 3,995 12,976 14,084 
National Pen313 889 4,468 3,336 
All Other Businesses1,455 815 4,871 2,650 
Central and corporate costs413 281 1,042 1,070 
Total purchases of property, plant and equipment$10,470 $10,996 $44,425 $37,486 
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Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Capitalization of software and website development costs:
Vista$6,231 $5,894 $18,921 $17,668 
PrintBrothers521 104 1,434 1,562 
The Print Group891 866 2,641 2,127 
National Pen1,111 778 3,087 1,878 
All Other Businesses1,582 1,008 3,879 2,831 
Central and corporate costs4,699 6,285 13,417 18,115 
Total capitalization of software and website development costs$15,035 $14,935 $43,379 $44,181 
The following table sets forth long-lived assets by geographic area:
 March 31, 2024June 30, 2023
Long-lived assets (1):  
United States (2)
$72,754 $83,956 
Switzerland67,939 73,857 
Netherlands60,787 65,547 
Canada56,533 57,328 
Italy38,557 42,377 
Germany32,443 27,813 
France29,476 29,302 
Australia21,070 19,664 
Jamaica (3)
1,021 17,834 
Other87,778 86,690 
Total$468,358 $504,368 
___________________
(1) Excludes goodwill of $779,263 and $781,541, intangible assets, net of $83,235 and $109,196, deferred tax assets of $9,435 and $12,740 as of March 31, 2024 and June 30, 2023, respectively, as well as marketable securities, non-current of $4,497 as of June 30, 2023.
(2) The decrease in the United States long-lived assets is due to the reclassification of a tax receivable from non-current to current during the current fiscal year.
(3) The decrease in Jamaica's long-lived assets is due to the planned sale of an owned customer service facility as we continue to optimize our real estate footprint with many of these team members operating under a remote-first model, which resulted in the classification of the related assets as held-for-sale as of March 31, 2024. The assets are now presented as part of prepaid expenses and other current assets in the consolidated balance sheet. Refer to Note 2 for additional details.
12. Commitments and Contingencies
Purchase Obligations
At March 31, 2024, we had unrecorded commitments under contract of $184,433, including inventory, third-party fulfillment and digital service purchase commitments of $85,846; third-party cloud services of $55,945; software of $14,243; advertising of $2,861; professional and consulting fees of $4,501; production and computer equipment purchases of $2,494; and other unrecorded purchase commitments of $18,543.
Legal Proceedings
We are not currently party to any material legal proceedings. Although we cannot predict with certainty the results of litigation and claims to which we may be subject from time to time, we do not expect the resolution of any of our current matters to have a material adverse impact on our consolidated results of operations, cash flows or financial position. For all legal matters, at each reporting period, we evaluate whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. We expense the costs relating to our legal proceedings as those costs are incurred.
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13. Restructuring Charges

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

During the three and nine months ended March 31, 2024, we recognized restructuring expense of $128 and $277, respectively. The restructuring charges recognized in the current period primarily include adjustments made to the previously estimated restructuring expense for actions taken in our Vista and National Pen reportable segments. We do not expect any additional material charges for these restructuring actions.

During the three and nine months ended March 31, 2023, we recognized restructuring expense of $30,115 and $43,142, respectively. For the three and nine months ended March 31, 2023, we recognized restructuring charges in our Vista business of $20,406 and $29,128, and in our central and corporate costs of $9,075 and $9,330, respectively. These charges were related to actions taken during March 2023 that were intended to reduce costs and support expanded profitability, reduced leverage, and increased speed, focus and accountability.

We also recognized restructuring charges in our National Pen business for the three and nine months ended March 31, 2023 in the amounts of $639 and $1,127, respectively, which included employee termination benefits for actions to exit the Japanese market and to migrate our European production operations from Ireland to the Czech Republic.

Additionally, we recognized restructuring costs of $3,556 for the nine months ended March 31, 2023 within our All Other Businesses reportable segment, which included losses related to the sale of our Chinese business.

The following table summarizes the restructuring activity during the nine months ended March 31, 2024.
Severance and Related BenefitsOther Restructuring Costs
Accrued Restructuring Liability
Balance as of June 30, 2023$7,567 $— $7,567 
Restructuring charges240 37 277 
Cash payments(7,397)— (7,397)
Non-cash charges— (37)(37)
Foreign currency translation5 — 5 
Balance as of March 31, 2024
$415 $— $415 
14. Related Party Transaction

On March 3, 2024, we repurchased 300,000 of our outstanding ordinary shares, par value €0.01 per share, from The Spruce House Partnership LLC (“Spruce House”) in a privately negotiated transaction at a price of $97.50 per share, representing a discount of $2.14 to the closing price of our ordinary shares on March 1, 2024 (the “Transaction”).

Zachary Sternberg, a Managing Member of Spruce House, serves as a member of Cimpress’ Board of Directors and Audit Committee. In light of the foregoing, the disinterested members of Cimpress’ Audit Committee reviewed the Transaction under our related person transaction policy and considered, among other things, Mr. Sternberg’s and Spruce House’s interest in the Transaction, the approximate dollar value of the Transaction, and the purpose and the potential benefits to Cimpress of entering into the Transaction. Based on these considerations, the disinterested members of the Audit Committee concluded that the Transaction was in our best interest. The Transaction was effected pursuant to the share repurchase program approved by Cimpress’ Board of Directors and announced on January 31, 2024.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Report contains forward-looking statements that involve risks and uncertainties. The statements contained in this Report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to our statements about the anticipated growth and development of our businesses and financial results, including liquidity, our expectations with respect to our leverage and capital allocation opportunities, future payment terms with suppliers, legal proceedings, our expectations with respect to our valuation allowance, and sufficiency of our tax reserves. Without limiting the foregoing, the words “may,” “should,” “could,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “designed,” “potential,” “continue,” “target,” “seek” and similar expressions are intended to identify forward-looking statements. All forward-looking statements included in this Report are based on information available to us up to, and including the date of this document, and we disclaim any obligation to update any such forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our forecasts and estimates are based; the development, severity, and duration of supply chain constraints and inflation; our inability to make the investments in our business that we plan to make or the failure of those investments to achieve the results we expect; our failure to execute on the transformation of the Vista business; loss of key personnel or our inability to recruit talented personnel to drive performance of our businesses; costs and disruptions caused by acquisitions and minority investments; the failure of businesses we acquire or invest in to perform as expected; our failure to develop and deploy our mass customization platform or the failure of the platform to drive the efficiencies and competitive advantages we expect; unanticipated changes in our markets, customers, or businesses; disruptions caused by political instability and war in Ukraine, Israel, or elsewhere; changes in the laws and regulations, or in the interpretation of laws and regulations, that affect our businesses; our failure to manage the growth and complexity of our business and expand our operations; our failure to maintain compliance with the covenants in our debt documents or to pay our debts when due; competitive pressures; general economic conditions; and other factors described in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and the documents that we periodically file with the SEC.
Overview
Cimpress is a strategically focused collection of businesses that specialize in print mass customization. We have five reportable segments: Vista, PrintBrothers, The Print Group, National Pen, and All Other Businesses. For further details on our reportable segments, refer to Note 11 in our accompanying consolidated financial statements.
Financial Summary
The primary financial metric by which we set quarterly and annual budgets both for individual businesses and Cimpress wide is our adjusted free cash flow before net cash interest payments; however, in evaluating the financial condition and operating performance of our business, management considers a number of metrics including revenue growth, organic constant-currency revenue growth, operating income, adjusted EBITDA, cash flow from operations, and adjusted free cash flow. Reconciliations of our non-GAAP financial measures are included within the "Consolidated Results of Operations" and "Additional Non-GAAP Financial Measures" sections of Management's Discussion and Analysis. A summary of these key financial metrics for the three and nine months ended March 31, 2024 as compared to the three and nine months ended March 31, 2023 follows:
Third Quarter Fiscal Year 2024
Revenue increased by 5% to $780.6 million.
Organic constant-currency revenue growth (a non-GAAP financial measure) was 4%.
Operating income increased by $51.4 million to $39.2 million.
Adjusted EBITDA (a non-GAAP financial measure) increased by $25.0 million to $94.2 million.
Diluted net loss per share attributable to Cimpress plc decreased to $0.15 from $1.88 in the prior comparable period.

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Year to Date Fiscal Year 2024
Revenue increased by 7% to $2,459.2 million.
Organic constant-currency revenue growth (a non-GAAP financial measure) was 5%.
Operating income increased by $177.6 million to $181.0 million.
Adjusted EBITDA (a non-GAAP financial measure) increased by $123.4 million to $349.3 million.
Diluted net income (loss) per share attributable to Cimpress plc increased to income of $2.16 from a loss of $8.19 in the prior fiscal year.
Cash provided by operating activities increased by $157.2 million to $225.6 million.
Adjusted free cash flow (a non-GAAP financial measure) increased by $155.6 million to $144.2 million.
For the three and nine months ended March 31, 2024, the increase in reported revenue was primarily due to growth across our Vista, PrintBrothers and National Pen reportable segments. The earlier timing of the Easter holiday dampened revenue growth for the current-year periods, as this holiday was in the fourth fiscal quarter last year but at the end of the current fiscal quarter this year. Currency exchange fluctuations had a positive effect on revenue growth during the current-year periods. Revenue growth in our Vista business was driven by increases to total customer count as well as revenue per customer. Vista revenue grew across all major markets, with the strongest physical product category growth rates coming from sales of signage and promotional products, apparel and gifts.
The increase to operating income during the three and nine months ended March 31, 2024 was driven by higher gross profit that benefited from the revenue growth described above as well as gross margin expansion. Operating income also benefited from year-over-year operating expense efficiencies, and lower restructuring costs of $30.0 million and $42.9 million, respectively, as a result of cost reduction actions that were completed during the prior year.
Adjusted EBITDA increased during the three and nine months ended March 31, 2024, primarily driven by the operating income growth described above, which was partially offset by $4.2 million and $15.7 million of year-over-year net unfavorable currency impacts, respectively. Adjusted EBITDA excludes restructuring charges, share-based compensation expense, certain impairments, and gains or losses on the sale of assets, and includes the realized gains or losses on our currency derivatives intended to hedge adjusted EBITDA.
Diluted net (loss) income per share attributable to Cimpress plc improved year over year for the three and nine months ended March 31, 2024, primarily due to the operating income increase described above. There was also $108.4 million lower income tax expense for the year-to-date period primarily due to the recognition of a full valuation allowance on Swiss deferred tax assets in the prior-year period. For the nine months ended March 31, 2024, these increases to income were partially offset by higher interest expense, net of $6.0 million, driven by an increased weighted-average interest rate. Net currency impacts on net income were negative year over year, primarily due to unrealized currency losses caused by exchange rate volatility and lower realized gains on our derivative contracts.
During the nine months ended March 31, 2024, cash from operations increased $157.2 million year over year due primarily to the increase in operating income as described above, as well as increased working capital inflows of $33.8 million, which were driven in part by the non-recurrence of the prior year's higher inventory levels that were intended to mitigate supply chain issues. This favorable impact was partially offset by higher cash taxes of $15.8 million, due in part to increased prior-year assessments in one jurisdiction driven by profitability growth, and higher net cash interest payments of $16.6 million.
Adjusted free cash flow increased by $155.6 million for the nine months ended March 31, 2024, due to the operating cash flow increase described above, as well as $4.6 million higher proceeds from the sale of assets, primarily driven by the sale of our previously owned manufacturing facility in Japan. These increases were partially offset by $6.9 million of higher capitalized expenditures.
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Consolidated Results of Operations
Consolidated Revenue
Our businesses generate revenue primarily from the sale and shipment of customized products. We also generate revenue, to a much lesser extent (and primarily in our Vista business), from digital services, graphic design services, website design and hosting, and social media marketing services, as well as a small percentage of revenue from order referral fees and other third-party offerings. For additional discussion relating to segment revenue results, refer to the "Reportable Segment Results" section included below.
Total revenue and revenue growth by reportable segment for the three and nine months ended March 31, 2024 and 2023 are shown in the following table:
In thousandsThree Months Ended March 31, Currency
Impact:
Constant-
Currency
Impact of Acquisitions/Divestitures:Constant- Currency Revenue Growth
20242023%
 Change
(Favorable)/UnfavorableRevenue Growth (1)(Favorable)/UnfavorableExcluding Acquisitions/Divestitures (2)
Vista$417,896 $396,642 5%0%5%—%5%
PrintBrothers150,304 139,569 8%(2)%6%—%6%
The Print Group88,049 85,504 3%(1)%2%—%2%
National Pen89,181 81,113 10%0%10%—%10%
All Other Businesses49,103 49,037 0%0%0%—%0%
Inter-segment eliminations(13,945)(9,701)
Total revenue$780,588 $742,164 5%(1)%4%—%4%
In thousandsNine Months Ended March 31, Currency
Impact:
Constant-
Currency
Impact of Acquisitions/Divestitures:Constant- Currency Revenue Growth
20242023%
 Change
(Favorable)/UnfavorableRevenue Growth (1)(Favorable)/UnfavorableExcluding Acquisitions/Divestitures (2)
Vista$1,299,694 $1,203,747 8%(1)%7%—%7%
PrintBrothers467,673 420,866 11%(5)%6%—%6%
The Print Group261,856 251,663 4%(5)%(1)%—%(1)%
National Pen307,008 283,400 8%(2)%6%—%6%
All Other Businesses161,186 160,862 0%(1)%(1)%—%(1)%
Inter-segment eliminations(38,172)(29,757)
Total revenue$2,459,245 $2,290,781 7%(2)%5%—%5%
_________________
(1) Constant-currency revenue growth, a non-GAAP financial measure, represents the change in total revenue between current and prior year periods at constant-currency exchange rates by translating all non-U.S. dollar denominated revenue generated in the current period using the prior year period’s average exchange rate for each currency to the U.S. dollar. Our reportable segments-related growth is inclusive of inter-segment revenues, which are eliminated in our consolidated results.
(2) Constant-currency revenue growth excluding acquisitions/divestitures, a non-GAAP financial measure, excludes revenue results for businesses in the period in which there is no comparable year-over-year revenue. Our reportable segments-related growth is inclusive of inter-segment revenues, which are eliminated in our consolidated results.
We have provided these non-GAAP financial measures because we believe they provide meaningful information regarding our results on a consistent and comparable basis for the periods presented. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to and not a substitute for our reported financial results prepared in accordance with GAAP.
Consolidated Cost of Revenue
Cost of revenue includes materials used by our businesses to manufacture their products, payroll and related expenses for production and design services personnel, depreciation of assets used in the production process and in support of digital marketing service offerings, shipping, handling and processing costs, third-party production and design costs, costs of free products, and other related costs of products our businesses sell.
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 In thousands
Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Cost of revenue$404,668 $394,908 $1,266,874 $1,228,036 
% of revenue51.8 %53.2 %51.5 %53.6 %
For the three and nine months ended March 31, 2024, cost of revenue increased by $9.8 million and $38.8 million, respectively, year over year, partially driven by unfavorable changes in currency exchange rates of $3.1 million and $31.4 million, respectively, as well as higher production and shipping costs due to volume growth and product mix shifts in some of our businesses. These cost increases were partially offset by lower input costs as well as savings that resulted from the March 2023 cost reduction actions. For the year-to-date period, cost of revenue benefited $3.0 million from a favorable indirect tax ruling.
Consolidated Operating Expenses
The following table summarizes our comparative operating expenses for the following periods:
In thousands 
Three Months Ended March 31, Nine Months Ended March 31,
 202420232024 vs. 2023202420232024 vs. 2023
Technology and development expense$83,790 $78,287 7%$238,081 $230,485 3%
% of revenue10.7 %10.5 %9.7 %10.1 %
Marketing and selling expense$191,591 $187,234 2%$595,622 $593,312 0%
% of revenue24.5 %25.2 %24.2 %25.9 %
General and administrative expense$54,254 $52,578 3%$151,388 $156,441 (3)%
% of revenue7.0 %7.1 %6.2 %6.8 %
Amortization of acquired intangible assets
$6,919 $11,239 (38)%$25,986 $35,951 (28)%
% of revenue0.9 %1.5 %1.1 %1.6 %
Restructuring expense (1)
$128 $30,115 (100)%$277 $43,142 (99)%
% of revenue0.0 %4.1 %0.0 %1.9 %
_____________________
(1) Refer to Note 13 in our accompanying consolidated financial statements for additional details relating to restructuring expense.
Technology and development expense
Technology and development expense consists primarily of payroll and related expenses for employees engaged in software and manufacturing engineering, information technology operations, and content development, as well as amortization of capitalized software and website development costs, including hosting of our websites, asset depreciation, patent amortization, and other technology infrastructure-related costs. Depreciation expense for information technology equipment that directly supports the delivery of our digital marketing services products is included in cost of revenue.
Technology and development expenses increased by $5.5 million and $7.6 million for the three and nine months ended March 31, 2024, respectively, as compared to the prior-year periods. The majority of the increases were driven by higher share-based compensation costs of $3.2 million and $5.8 million, respectively, due to a higher grant value and the impact from our 2024 PSU grants that have an accelerated expense profile as well as expense volatility from changes in the estimated attainment of the related performance condition. The expense increases were also impacted by higher amortization of capitalized software of $1.6 million and $5.5 million, respectively, as compared to the prior periods, driven by the higher capitalized asset base and fluctuations in currency exchange rates. Third-party technology costs also increased by $2.4 million and $4.2 million, respectively, year over year, driven in part by our businesses' further adoption of certain products offered through our mass customization platform, which has driven increased consumption of those services. These increases were partially offset by lower cash compensation costs of $1.2 million and $4.7 million, respectively, due primarily to cost savings resulting from the March 2023 restructuring actions that reduced headcount.
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Marketing and selling expense
Marketing and selling expense consists primarily of advertising and promotional costs; payroll and related expenses for our employees engaged in marketing, sales, customer support, and public relations activities; direct-mail advertising costs; and third-party payment processing fees. Our Vista, National Pen, and BuildASign businesses have higher marketing and selling costs as a percentage of revenue as compared to our PrintBrothers and The Print Group businesses due to differences in the customers that they serve.
For the three and nine months ended March 31, 2024, marketing and selling expenses increased by $4.4 million and $2.3 million, respectively, primarily due to higher advertising spend of $4.4 million and $10.1 million, as compared to the prior-year periods. Share-based compensation costs increased $3.6 million and $4.7 million, respectively, due to a higher grant value year over year and the impact from our 2024 PSU grants as described above. Payment processing fees also increased $0.8 million and $4.0 million, as compared to the prior-year periods, due to increased order volumes. These cost increases are offset in part by lower cash compensation costs of $2.7 million and $9.0 million during the three and nine months ended March 31, 2024, primarily due to the cost reduction actions that were implemented in March 2023. There was also lower third-party consulting spend of $1.5 million and $4.1 million, as compared to the year-ago periods, mainly in our Vista business, and lower building costs driven by actions taken over the past year to further optimize our real estate footprint for many of our team members operating under a remote-first model.
General and administrative expense
General and administrative expense consists primarily of transaction costs, including third-party professional fees, insurance, and payroll and related expenses of employees involved in executive management, finance, legal, strategy, human resources, and procurement.
For the three months ended March 31, 2024, general and administrative expenses increased $1.7 million year over year, largely driven by $4.1 million of higher share-based compensation costs due to a higher grant value year over year and the impact from our 2024 PSU grants as described above. This increase was partially offset by a $1.1 million reduction to third-party consulting spend as well as lower cash compensation costs of $0.9 million, primarily due to the cost reduction actions that were implemented in March 2023.
General and administrative expenses decreased by $5.1 million during the nine months ended March 31, 2024 as compared to the prior-year period. The year-to-date decrease was driven by a $4.2 million reduction to third-party consulting spend, $3.5 million of lower cash compensation largely driven by a reduction to long-term incentive compensation expense due to lower than previously estimated attainment levels in certain Cimpress businesses, and cost savings from the March 2023 cost reductions, which were partially offset by increased compensation costs from our annual merit cycle. Additionally, the cost decrease was impacted by nonrecurring expense of $2.4 million for the prior-year termination of one of our leased office locations, as well as the exit of our business in China during fiscal year 2023 that reduced our general and administrative expenses by $1.8 million versus the prior year. These decreases were partially offset by increases to share-based compensation costs of $8.5 million largely driven by the 2024 PSU grants as described above.
Other Consolidated Results
Other (expense) income, net
Other (expense) income, net generally consists of gains and losses from currency exchange rate fluctuations on transactions or balances denominated in currencies other than the functional currency of our subsidiaries, as well as the realized and unrealized gains and losses on some of our derivative instruments. In evaluating our currency hedging programs and ability to qualify for hedge accounting in light of our legal entity cash flows, we considered the benefits of hedge accounting relative to the additional economic cost of trade execution and administrative burden. Based on this analysis, we execute certain currency derivative contracts that do not qualify for hedge accounting.
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The following table summarizes the components of other (expense) income, net:
In thousands 
Three Months Ended March 31, Nine Months Ended March 31,
2024202320242023
Gains (losses) on derivatives not designated as hedging instruments
$9,071 $(2,428)$3,715 $2,021 
Currency-related (losses) gains, net
(12,434)4,187 (2,071)10,217 
Other (losses) gains
(288)(382)733 (856)
Total other (expense) income, net
$(3,651)$1,377 $2,377 $11,382 
The decrease in other (expense) income, net was primarily due to the currency exchange rate volatility impacting our derivatives that are not designated as hedging instruments, of which our Euro and British Pound contracts are the most significant exposures that we economically hedge. We expect volatility to continue in future periods, as we do not apply hedge accounting for most of our derivative currency contracts.
We experience currency-related net gains and losses due to currency exchange rate volatility on our non-functional currency intercompany relationships, which we may alter from time to time. Gains on the revaluation of non-functional currency debt and on a cross-currency swap contract designated as a cash flow hedge are included in our currency-related losses, net, offsetting the impact of certain non-functional currency intercompany relationships.
Interest expense, net
Interest expense, net primarily consists of interest paid on outstanding debt balances, amortization of debt issuance costs, debt discounts, interest related to finance lease obligations, accretion adjustments related to our mandatorily redeemable noncontrolling interests, and realized gains (losses) on effective interest rate swap contracts and certain cross-currency swap contracts.
Interest expense, net decreased $0.4 million during the three months ended March 31, 2024, primarily due to lower interest expense associated with our 2026 Notes driven by our previously disclosed purchase of a portion of those notes, as well as $1.3 million higher interest income earned on our cash and marketable securities. These interest expense, net reductions were partially offset by a year-over-year increase to our weighted average interest rate (net of interest rate swaps) on our senior secured Term Loan B.
For the nine months ended March 31, 2024, interest expense, net increased $6.0 million as compared to the prior-year period, primarily due to a higher weighted-average interest rate (net of interest rate swaps), which was partially offset by lower interest expense associated with our 2026 Notes for the same reason described above and a $3.2 million increase to interest income earned on our cash and marketable securities.
Gain on extinguishment of debt
During the nine months ended March 31, 2024, we recognized gains on the extinguishment of debt of $1.7 million, resulting from the purchase of 2026 Notes' principal of $26.2 million. Refer to Note 8 in our accompanying consolidated financial statements for additional details.
Income tax expense
In thousands Three Months Ended March 31, Nine Months Ended March 31,
 2024202320242023
Income tax expense$10,610 $8,475 $35,527 $143,969 
Effective tax rate195.4 %(20.5)%37.3 %(208.3)%

Tax expense increased for the three months ended March 31, 2024 versus the prior comparable period due to increased profits as we reported pre-tax income for the three months ended March 31, 2024 and pre-tax losses in the comparable period. Tax expense decreased for the nine months ended March 31, 2024 versus the prior comparable period due to the full valuation allowance on Swiss deferred tax assets of $116.7 million recorded during the nine months ended March 31, 2023.

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Given our current earnings and anticipated future earnings, we believe there is a reasonable possibility that within the next twelve months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of our valuation allowance will no longer be needed. A release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense in the period the release is recorded. However, the timing and amount of the valuation allowance release, if any, are unknown as this is subject to change on the basis of the level of profitability that we are able to actually achieve in future periods. Any future valuation allowance release will not have a cash tax impact.

We believe that our income tax reserves are adequately maintained by 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 therefore there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows. Refer to Note 9 in our accompanying consolidated financial statements for additional discussion.
Reportable Segment Results
Our segment financial performance is measured based on segment EBITDA, which is defined as operating income plus depreciation and amortization; plus proceeds from insurance not already included in operating income; plus share-based compensation expense related to investment consideration; plus earn-out related charges; plus certain impairments; plus restructuring related charges; less gain on purchase or sale of subsidiaries as well as the disposal of assets. The effects of currency exchange rate fluctuations impact segment EBITDA and we do not allocate to segment EBITDA any gains or losses that are realized by our currency hedging program.
Vista
In thousands 
Three Months Ended March 31, Nine Months Ended March 31,
 202420232024 vs. 2023202420232024 vs. 2023
Reported Revenue$417,896 $396,642 5%$1,299,694 $1,203,747 8%
Segment EBITDA71,802 60,392 19%249,402 146,286 70%
% of revenue17 %15 %19 %12 %

Segment Revenue
Vista's reported revenue growth for the three months ended March 31, 2024 was minimally affected by currency versus last year, while currency had a 1% favorable impact on the reported revenue growth during the nine months ended March 31, 2024. For these same periods, constant-currency revenue growth was 5% and 7%, respectively, and was driven by increases in total customer count as well as revenue per customer. Revenue was higher year over year across all major markets, with significant growth in sales of signage and promotional products, apparel and gifts. Vista continues to improve its customer experience, resulting in higher customer satisfaction and lower credit rates.
Segment Profitability
For the three and nine months ended March 31, 2024, segment EBITDA increased by $11.4 million and $103.1 million, respectively. Incremental gross profit was driven by the revenue growth described above, lower input costs, and efficiency gains as compared to the prior-year periods. Segment EBITDA growth was also driven by lower operating expenses, excluding the effect of restructuring costs which do not impact segment EBITDA, of $6.4 million and $26.6 million, respectively, for these same periods, primarily due to savings resulting from cost reduction actions implemented in March 2023. These operating expense savings were partially offset by inflationary cost increases, such as the annual merit cycle increases' effect on compensation costs. Advertising expenses were higher year over year for both periods presented and for the current quarter was higher as a percentage of revenue due to a slightly higher mix of spend in mid- and upper-funnel channels where there are additional opportunities to drive awareness. For the year-to-date period, advertising expenses as a percentage of revenue were lower year over year as efficiency gains more than offset the mix effect of higher mid- and upper-funnel spend.
Changes in currency exchange rates had a positive impact on segment EBITDA of $0.1 million and $4.5 million, respectively, as compared to the prior-year periods.
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PrintBrothers
In thousands
Three Months Ended March 31, Nine Months Ended March 31,
 202420232024 vs. 2023202420232024 vs. 2023
Reported Revenue$150,304 $139,569 8%$467,673 $420,866 11%
Segment EBITDA16,809 15,886 6%64,976 50,386 29%
% of revenue11 %11 %14 %12 %
Segment Revenue
PrintBrothers' reported revenue growth for the three and nine months ended March 31, 2024 was positively affected by currency impacts of 2% and 5%, respectively, with revenue increasing on a constant-currency basis by 6% in both periods. Constant-currency growth was driven primarily by continued order volume growth, partially offset by customers purchasing lower quantities in certain product categories.
Segment Profitability
PrintBrothers' segment EBITDA for the three and nine months ended March 31, 2024 grew year over year, driven by the constant-currency revenue growth described above, as well as gross margin expansion that benefited from lower input costs. Segment EBITDA also benefited from $1.5 million of government incentives during the nine months ended March 31, 2024. Currency exchange fluctuations positively impacted segment EBITDA year over year by $0.4 million and $3.4 million, respectively. The increase to PrintBrothers' segment EBITDA in the three and nine months ended March 31, 2024 was partially offset by $1.7 million of expense in our Printdeal business related to an unfavorable court ruling that is being appealed; we do not expect this matter to have a material impact on future periods.
The Print Group
In thousands
Three Months Ended March 31, Nine Months Ended March 31,
 202420232024 vs. 2023202420232024 vs. 2023
Reported Revenue$88,049 $85,504 3%$261,856 $251,663 4%
Segment EBITDA18,190 13,589 34%50,240 39,490 27%
% of revenue21 %16 %19 %16 %
Segment Revenue
The Print Group's reported revenue for the three and nine months ended March 31, 2024 was positively affected by currency impacts of 1% and 5%, respectively, with revenue increasing on a constant-currency basis by 2% during the current quarter and decreasing 1% on a year-to-date basis. This segment is continuing to see order growth, while revenue growth continues to be dampened by customers purchasing lower quantities in certain product categories and headwinds in the reseller channel.
Segment Profitability
The increase in The Print Group's segment EBITDA during the three and nine months ended March 31, 2024 as compared to the prior-year periods was largely driven by $3.2 million and $13.0 million of gross profit growth, respectively, as gross margins expanded materially, benefiting from a reduction in key input costs such as raw materials, energy and shipping. Segment EBITDA also benefited from a reduction in long-term incentive compensation expense of $1.7 million and $2.8 million for the three and nine months ended March 31, 2024, respectively, due to volatility in the estimated payouts. Currency exchange fluctuations positively impacted segment EBITDA year over year by $0.2 million and $2.2 million, respectively.
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National Pen
In thousandsThree Months Ended March 31, Nine Months Ended March 31,
 202420232024 vs. 2023202420232024 vs. 2023
Reported Revenue$89,181 $81,113 10%$307,008 $283,400 8%
Segment EBITDA4,815 (3,336)244%22,377 20,150 11%
% of revenue%(4)%%%
Segment Revenue
For the three months ended March 31, 2024, National Pen's revenue growth was minimally affected by currency versus last year, while currency positively impacted revenue by 2% for the nine months ended March 31, 2024, resulting in constant-currency revenue growth of 10% and 6%, respectively. National Pen continued to deliver strong growth within its e-commerce and telesales channels, as well as from fulfillment for other Cimpress businesses.
Segment Profitability
The increase in National Pen's segment EBITDA for the three months ended March 31, 2024 was driven by the revenue growth described above; $2.7 million less advertising spend year over year, primarily in its direct mail channel; and $0.9 million of less long-term incentive compensation expense, primarily due to changes in the estimated payouts. Currency exchange fluctuations had an immaterial effect on segment EBITDA during the current fiscal quarter.
The increase in National Pen's segment EBITDA for the nine months ended March 31, 2024 was driven by revenue growth described above as well as $1.7 million less long-term incentive compensation expense, primarily due to changes in the estimated payouts. These increases were partially offset by higher advertising spend of $4.6 million, primarily during the first half of the current fiscal year to support its e-commerce channel, as well as higher operating expenses year over year. Currency exchange fluctuations had a negative year-over-year impact of $1.4 million for the nine months ended March 31, 2024.
All Other Businesses
In thousands
Three Months Ended March 31, Nine Months Ended March 31,
 202420232024 vs. 2023202420232024 vs. 2023
Reported Revenue $49,103 $49,037 0%$161,186 $160,862 0%
Segment EBITDA3,966 5,036 (21)%18,407 16,620 11%
% of revenue%10 %11 %10 %
This segment includes BuildASign and Printi, an early-stage business that we have managed at a relatively modest operating loss.
Segment Revenue
All Other Businesses' constant-currency revenue was relatively flat during the three and nine months ended March 31, 2024. BuildASign generates the majority of revenue in this segment, and revenue was flat year over year as this business delivered stronger growth in their signage products and from fulfillment for other Cimpress businesses, while real estate-related and home-decor products continued to experience revenue headwinds.
Segment Profitability
The decrease in segment EBITDA for the three months ended March 31, 2024 was primarily due to the decline of profitability in our BuildASign business, partly due to flat revenue growth, less efficient advertising spend, and $1.0 million of increased long-term incentive compensation expense, primarily due to changes in the estimated payouts that benefited the prior-year period but did not recur this year. Partially offsetting the profitability decline, our Printi business reduced their operating losses as it continues to gain scale and deliver efficiencies.
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During the nine months ended March 31, 2024 segment EBITDA increased year over year, partially driven by $2.4 million of reduced long-term incentive compensation expense caused by lower forecasted payouts for business-specific long-term incentive awards when compared to the year-ago period. Segment EBITDA also benefited from the fiscal year 2023 exit of our business in China, which drove $1.8 million of losses in the year-ago period, and reduced operating losses in our Printi business.
Central and Corporate Costs
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 security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our tax, treasury, internal audit, legal, sustainability, corporate communications, remote first enablement, consolidated reporting and compliance, investor relations, and the functions of our CEO and CFO. These costs also include certain unallocated share-based compensation costs.
During the three and nine months ended March 31, 2024, central and corporate costs increased by $5.0 million and $4.4 million, as compared to the prior-year periods. The increases were largely driven by $8.7 million and $15.5 million of increased share-based compensation expense, respectively, due to a higher grant pool and the impact from our 2024 PSU grants that have an accelerated expense profile as well as expense volatility from changes in the estimated attainment of the related performance condition. This increase was partially offset by lower cash compensation expense of $0.9 million and $5.0 million due to savings from the March 2023 cost reductions, as well as lower third-party consulting spend of $0.9 million and $4.3 million, respectively, as compared to the prior-year periods.
Liquidity and Capital Resources
Consolidated Statements of Cash Flows Data
In thousands 
Nine Months Ended March 31,
 20242023
Net cash provided by operating activities$225,627 $68,474 
Net cash used in investing activities(44,709)(108,351)
Net cash used in financing activities(157,506)(125,766)
The cash flows during the nine months ended March 31, 2024 related primarily to the following items:
Cash inflows:
Net income of $59.6 million
Adjustments for non-cash items of $160.3 million primarily related to adjustments for depreciation and amortization of $116.1 million, share-based compensation costs of $48.5 million, and deferred taxes of $1.1 million partially offset by unrealized currency-related gains of $4.2 million, and the gain on extinguishment of debt of $1.7 million
Proceeds from the maturity of held-to-maturity securities of $36.7 million
Proceeds from the sale of assets of $6.4 million, which primarily included proceeds from the sale of our Japanese manufacturing facility following our prior year exit from the Japanese market
Net working capital inflow of $5.7 million, primarily due to further reductions to inventory following the prior-year build up of safety stock to mitigate the risk of supply chain disruptions as well as timing impacts from favorable changes to accounts payable and accrued liabilities
Cash outflows:
Purchases of our ordinary shares for $100.7 million
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Capital expenditures of $44.4 million, of which the majority related to the purchase of manufacturing and automation equipment for our production facilities
Internal and external costs of $43.4 million for software and website development that we have capitalized
Payments for the purchase of a portion of our 2026 Notes for $24.5 million
Payment of withholding taxes in connection with share awards of $14.1 million, primarily driven by the annual vesting of share grants during August 2023
Repayments of debt, net of proceeds from borrowings, of $10.9 million
Payments for finance lease arrangements of $7.5 million
Additional Liquidity and Capital Resources Information. At March 31, 2024, we had $154.3 million of cash and cash equivalents, $6.5 million of marketable securities, and $1,615.0 million of debt, excluding debt issuance costs and debt premiums and discounts. During the nine months ended March 31, 2024, we financed our operations and strategic investments through internally generated cash flows from operations and cash on hand. We expect to finance our future operations through our cash, investments, operating cash flow, and borrowings under our debt arrangements.
We have historically used excess cash and cash equivalents for organic investments, share repurchases, acquisitions and equity investments, and debt reduction. During the three months ended March 31, 2024, we purchased and retired 1,085,574 of our ordinary shares for $100.7 million. In April 2024 we repurchased an additional 202,452 shares for $19.3 million. We evaluate share repurchases, as any other use of capital, relative to our view of the impact on our intrinsic value per share compared against other opportunities; therefore, any additional repurchases will be price dependent.
During the nine months ended March 31, 2024, we also allocated $24.5 million of capital toward the purchase of a portion of our 2026 Notes, and we will continue to consider using excess liquidity to repurchase our debt. We have significantly reduced our net leverage over the last year primarily through increased profitability driven by the combination of returns from past investments, the focusing of our growth investments, restrained growth of operating expenses, and the easing of inflationary pressure on our input costs. This increased profitability and resultant cash flow generation should provide the opportunity to continue to delever our balance sheet while also opportunistically allocating capital that enhances our intrinsic value per share.
Supply Chain Financing Program. As part of our ongoing efforts to manage our liquidity, we work with our suppliers to optimize our terms and conditions, which include the extension of payment terms. We facilitate a voluntary supply chain finance program through a financial intermediary to enable the extension of our payment terms with certain suppliers. We do not believe there is a substantial risk that our payment terms will be shortened in the near future. Refer to Note 2 of the accompanying consolidated financial statements for additional information.
Indefinitely Reinvested Earnings. As of March 31, 2024, a portion of our cash and cash equivalents were held by our subsidiaries, and undistributed earnings of our subsidiaries that are considered to be indefinitely reinvested were $77.0 million. We do not intend to repatriate these funds as the cash and cash equivalent balances are generally used and available, without legal restrictions, to fund ordinary business operations and investments of the respective subsidiaries. If there is a change in the future, the repatriation of undistributed earnings from certain subsidiaries, in the form of dividends or otherwise, could have tax consequences that could result in material cash outflows.
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Contractual Obligations
Contractual obligations at March 31, 2024 are as follows:
In thousands Payments Due by Period
TotalLess
than 1
year
1-3
years
3-5
years
More
than 5
years
Operating leases, net of subleases (1)$82,147 $21,342 $26,428 $13,794 $20,583 
Purchase commitments184,433 132,008 33,092 19,333 — 
2026 Notes and interest payments613,508 36,549 576,959 — — 
Senior secured credit facility and interest payments (2)1,425,789 96,931 185,757 1,143,101 — 
Other debt4,762 3,278 1,409 75 — 
Finance leases, net of subleases (1)35,536 9,368 8,662 4,832 12,674 
Total (3)$2,346,175 $299,476 $832,307 $1,181,135 $33,257 
___________________
(1) Operating and finance lease payments above include only amounts which are fixed under lease agreements. Our leases may also incur variable expenses which are not reflected in the contractual obligations above.
(2) Senior secured credit facility and interest payments include the effects of interest rate swaps, whether they are expected to be payments or receipts of cash.
(3) We may be required to make cash outlays related to our uncertain tax positions. However, due to the uncertainty of the timing of future cash flows associated with our uncertain tax positions, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, uncertain tax positions of $9.3 million as of March 31, 2024 have been excluded from the contractual obligations table above. See Note 9 in our accompanying consolidated financial statements for additional information on uncertain tax positions.
Operating Leases. We rent manufacturing facilities and office space under operating leases expiring on various dates through 2028. The terms of certain lease agreements require security deposits in the form of bank guarantees and letters of credit, with $2.9 million in the aggregate outstanding as of March 31, 2024.
Purchase Commitments. At March 31, 2024, we had unrecorded commitments under contract of $184.4 million. Purchase commitments consisted of third-party fulfillment and digital services of $85.8 million; third-party cloud services of $55.9 million; software of $14.2 million; advertising of $2.9 million; commitments for professional and consulting fees of $4.5 million; production and computer equipment purchases of $2.5 million; and other commitments of $18.5 million.
Senior Secured Credit Facility and Interest Payments. As of March 31, 2024, we have borrowings under our Restated Credit Agreement of $1,088.1 million, consisting of the Term Loan B, which amortizes over the loan period, with a final maturity date of May 17, 2028. Our $250.0 million Revolving Credit Facility with a maturity date of May 17, 2026, under our Restated Credit Agreement, has $238.0 million unused as of March 31, 2024. There are no drawn amounts on the Revolving Credit Facility, but our outstanding letters of credit reduce our unused balance. Our unused balance can be drawn at any time so long as we are in compliance with our debt covenants, and 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 (as defined in the Restated Credit Agreement) calculated as of the last day of such quarter shall not exceed 3.25 to 1.00. Any amounts drawn under the Revolving Credit Facility will be due on May 17, 2026. Interest payable included in the above table is based on the interest rate as of March 31, 2024 and assumes all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule.
2026 Notes and Interest Payments. Our $522.1 million 2026 Notes bear interest at a rate of 7.0% per annum and mature on June 15, 2026. Interest on the notes is payable semi-annually on June 15 and December 15 of each year. During the nine months ended March 31, 2024, we purchased an aggregate principal amount of $26.2 million for a purchase price of $24.5 million, as well as the related settlement of unpaid interest, which resulted in the recognition of a gain on the extinguishment of debt of $1.7 million.
Debt Covenants. The Restated Credit Agreement and the indenture that governs our 2026 Notes contain covenants that restrict or limit certain activities and transactions by Cimpress and our subsidiaries. As of March 31,
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2024, we were in compliance with all covenants under our Restated Credit Agreement and the indenture governing our 2026 Notes. Refer to Note 8 in our accompanying consolidated financial statements for additional information.
Other Debt. In addition, we have other debt which consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments. As of March 31, 2024, we had $4.8 million outstanding for those obligations that have repayments due on various dates through September 2027.
Finance Leases. We lease certain facilities, machinery, and plant equipment under finance lease agreements that expire at various dates through 2037. The aggregate carrying value of the leased assets under finance leases included in property, plant and equipment, net in our consolidated balance sheet at March 31, 2024 is $27.8 million, net of accumulated depreciation of $31.7 million. The present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at March 31, 2024 amounts to $37.5 million.
Additional Non-GAAP Financial Measures
Adjusted EBITDA and adjusted free cash flow presented below, and constant-currency revenue growth and constant-currency revenue growth excluding acquisitions/divestitures presented in the consolidated results of operations section above, are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. Adjusted EBITDA is defined as GAAP operating income plus depreciation and amortization plus share-based compensation expense plus proceeds from insurance not already included in operating income plus earn-out related charges plus certain impairments plus restructuring related charges plus realized gains or losses on currency derivatives less the gain or loss on purchase or sale of subsidiaries as well as the disposal of assets.
Adjusted EBITDA is the primary profitability metric by which we measure our consolidated financial performance and is provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons it is used by management. For example, for acquisitions, we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP operating income. As another example, as we do not apply hedge accounting for certain derivative contracts, we believe inclusion of realized gains and losses on these contracts that are intended to be matched against operational currency fluctuations provides further insight into our operating performance in addition to that provided by our GAAP operating income. We do not, nor do we suggest, that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
Adjusted free cash flow is the primary financial metric by which we set quarterly and annual budgets both for individual businesses and Cimpress-wide. During the current fiscal year, we revised our adjusted free cash flow definition to include proceeds from the sale of assets, which we believe provides useful information regarding the net cash deployed for the purchase of capital assets by incorporating any cash that is recovered from the subsequent sale of any assets. We have revised all periods presented to incorporate this change.
Adjusted free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs that are included in net cash used in investing activities, plus the proceeds from sale of assets, payment of contingent consideration in excess of acquisition-date fair value, and gains on proceeds from insurance that are included in net cash provided by operating activities, if any. We use this cash flow metric because we believe that this methodology can provide useful supplemental information to help investors better understand our ability to generate cash flow after considering certain investments required to maintain or grow our business, as well as eliminate the impact of certain cash flow items presented as operating cash flows that we do not believe reflect the cash flow generated by the underlying business.
Our adjusted free cash flow measure has limitations as it may omit certain components of the overall cash flow statement and does not represent the residual cash flow available for discretionary expenditures. For example, adjusted free cash flow does not incorporate our cash payments to reduce the principal portion of our debt or cash payments for business acquisitions. Additionally, the mix of property, plant and equipment purchases that we choose to finance may change over time. We believe it is important to view our adjusted free cash flow measure only as a complement to our entire consolidated statement of cash flows.
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The table below sets forth operating income and adjusted EBITDA for the three and nine months ended March 31, 2024 and 2023:
In thousandsThree Months Ended March 31, Nine Months Ended March 31,
2024202320242023
GAAP operating income (loss)
$39,238 $(12,197)$181,017 $3,414 
Exclude expense (benefit) impact of:
Depreciation and amortization37,072 39,751 116,103 121,567 
Share-based compensation expense18,397 7,242 48,499 29,264 
Certain impairments and other adjustments(328)(549)786 1,982 
Restructuring-related charges128 30,115 277 43,142 
Realized (losses) gains on currency derivatives not included in operating income (loss) (1)
(349)4,783 2,646 26,553 
Adjusted EBITDA$94,158 $69,145 $349,328 $225,922 
_________________
(1) These realized gains include only the impacts of certain currency derivative contracts that are intended to hedge our adjusted EBITDA exposure to foreign currencies for which we do not apply hedge accounting. Refer to Note 4 in our accompanying consolidated financial statements for further information.

The table below sets forth net cash provided by operating activities and adjusted free cash flow for the nine months ended March 31, 2024 and 2023:
In thousandsNine Months Ended March 31,
20242023
Net cash provided by operating activities$225,627 $68,474 
Purchases of property, plant and equipment(44,425)(37,486)
Capitalization of software and website development costs(43,379)(44,181)
Proceeds from the sale of assets (1)6,419 1,864 
Adjusted free cash flow (1)
$144,242 $(11,329)
_________________
(1) During the first quarter of fiscal year 2024, we revised our adjusted free cash flow definition to include proceeds from the sale of assets. We have revised all periods presented to incorporate this change.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk. Our exposure to interest rate risk relates primarily to our cash, cash equivalents, and debt.
As of March 31, 2024, our cash and cash equivalents consisted of standard depository accounts, which are held for working capital purposes, money market funds, and marketable securities with an original maturity of less than 90 days. We do not believe we have a material exposure to interest rate fluctuations related to our cash and cash equivalents.
As of March 31, 2024, we had $1,088.1 million of variable-rate debt. As a result, we have exposure to market risk for changes in interest rates related to these obligations. In order to mitigate our exposure to interest rate changes related to our variable-rate debt, we execute interest rate swap contracts to fix the interest rate on a portion of our outstanding or forecasted long-term debt with varying maturities. As of March 31, 2024, a hypothetical 100 basis point increase in rates, inclusive of the impact of our outstanding interest rate swaps that are accruing interest as of March 31, 2024, would result in a $8.7 million impact to interest expense over the next 12 months. This does not include any yield from cash and marketable securities.
Currency Exchange Rate Risk. We conduct business in multiple currencies through our worldwide operations but report our financial results in U.S. dollars. We manage these currency risks through normal operating activities and, when deemed appropriate, through the use of derivative financial instruments. We have policies governing the use of derivative instruments and do not enter into financial instruments for trading or speculative purposes. The use of derivatives is intended to reduce, but does not entirely eliminate, the impact of adverse currency exchange rate movements. A summary of our currency risk is as follows:
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Translation of our non-U.S. dollar revenues and expenses: Revenue and related expenses generated in currencies other than the U.S. dollar could result in higher or lower net loss when, upon consolidation, those transactions are translated to U.S. dollars. When the value or timing of revenue and expenses in a given currency are materially different, we may be exposed to significant impacts on our net loss and non-GAAP financial metrics, such as adjusted EBITDA.
Our currency hedging objectives are targeted at reducing volatility in our forecasted U.S. dollar-equivalent adjusted EBITDA in order to maintain stability on our incurrence-based debt covenants. Since adjusted EBITDA excludes non-cash items such as depreciation and amortization that are included in net loss, we may experience increased, not decreased, volatility in our GAAP results due to our hedging approach. Our most significant net currency exposures by volume are in the Euro and British Pound.
In addition, we elect to execute currency derivatives contracts that do not qualify for hedge accounting. As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other (expense) income, net, on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other (expense) income, net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.
Translation of our non-U.S. dollar assets and liabilities: Each of our subsidiaries translates its assets and liabilities to U.S. dollars at current rates of exchange in effect at the balance sheet date. The resulting gains and losses from translation are included as a component of accumulated other comprehensive loss on the consolidated balance sheet. Fluctuations in exchange rates can materially impact the carrying value of our assets and liabilities. We have currency exposure arising from our net investments in foreign operations. We enter into currency derivatives to mitigate the impact of currency rate changes on certain net investments.
Remeasurement of monetary assets and liabilities: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other (expense) income, net, on the consolidated statements of operations. Certain of our subsidiaries hold intercompany loans denominated in a currency other than their functional currency. Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other (expense) income, net. We expect these impacts may be volatile in the future, although our largest intercompany loans do not have a U.S. dollar cash impact for the consolidated group because they are either: 1) U.S. dollar loans or 2) we elect to hedge certain non-U.S. dollar loans with cross-currency swaps and forward contracts. A hypothetical 10% change in currency exchange rates was applied to total net monetary assets denominated in currencies other than the functional currencies at the balance sheet dates to compute the impact these changes would have had on our (loss) income before income taxes in the near term. The balances are inclusive of the notional value of any cross-currency swaps designated as cash flow hedges. A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would have resulted in a change of $0.9 million on our income before income taxes for the nine months ended March 31, 2024.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of
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March 31, 2024, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There were no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION
Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

    On January 31, 2024, we announced that our Board had authorized us to repurchase up to $150.0 million aggregate purchase price (excluding any fees, commissions, or other expenses of such purchases) of Cimpress' issued and outstanding ordinary shares on the open market, through privately negotiated transactions, or in one or more self tender offers. The Board did not set an expiration date for this repurchase program, and we may suspend or discontinue our share repurchases at any time.

The following table outlines the repurchase of our ordinary shares during the three months ended March 31, 2024 under the program described above:

Total Number of Shares PurchasedAverage Price Paid Per Share (1)Total Number of Shares Purchased as Part of a Publicly Announced ProgramApproximate Dollar Value of Shares that May Yet be Purchased Under the Program
(in millions)
January 1, 2024 through January 31, 2024— $— — $150.0 
February 1, 2024 through February 29, 2024726,734 90.29 726,734 84.4 
March 1, 2024 through March 31, 2024358,840 97.81 358,840 49.3 
Total1,085,574 $92.78 1,085,574 $49.3 
_________________
(1) Average price paid per share excludes an immaterial amount of broker commissions paid.

Item 6. Exhibits and Financial Statement Schedules
Exhibit No.Description
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Rule 13a-14(a)/15d-14(a), by Chief Executive Officer
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Rule 13a-14(a)/15d-14(a), by Chief Financial Officer
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Chief Executive Officer and Chief Financial Officer

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
May 2, 2024                         Cimpress plc                                                    
 By: /s/ Sean E. Quinn
Sean E. Quinn
Chief Financial Officer
(Principal Financial and Accounting Officer)

45
Document


Exhibit 31.1
CERTIFICATION

I, Robert S. Keane, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Cimpress plc;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2024

/s/ Robert S. Keane
Robert S. Keane
Chief Executive Officer


Document

Exhibit 31.2
CERTIFICATION
I, Sean E. Quinn, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Cimpress plc;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2024
/s/ Sean E. Quinn
Sean E. Quinn
Chief Financial Officer

Document

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Cimpress plc (the “Company”) for the quarter ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Robert S. Keane, Chief Executive Officer, and Sean E. Quinn, Chief Financial Officer, of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, that, to his knowledge on the date hereof:
a.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
b.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 2, 2024
/s/ Robert S. Keane
Robert S. Keane
Chief Executive Officer

Date: May 2, 2024
/s/ Sean E. Quinn
Sean E. Quinn
Chief Financial Officer